The sharp swing to a net loss and the collapse in farm sale gains signal a weak operating year, though the post-period Rio do Meio sale (R$51.5M pre-tax gain expected in 1Q27) provides a near-term catalyst. Monitor the company's ability to execute further farm sales and manage its elevated debt load (R$1.02B) in a high-interest-rate environment (SELIC 14.25%). The Supreme Court ruling on land acquisition adds structural risk to the business model.
Price Chart
Executive Summary
BrasilAgro filed its annual 20-F for the fiscal year ended June 30, 2026, reporting a net loss of R$90.0 million, a sharp reversal from net income of R$138.0 million in the prior year. The loss was driven by a collapse in gains on farm sales (R$2.1 million vs R$180.1 million) and a R$90.6 million decline in the fair value change of biological assets, particularly sugarcane. Net revenue rose modestly to R$891.7 million (up 1.6%), but higher financial expenses (R$590.6 million vs R$417.9 million) and a net financial expense of R$94.4 million weighed on results. The company also disclosed the termination of a sale contract for part of the Rio do Meio Farm following buyer default, resulting in the derecognition of R$47.1 million in receivables.
Key Facts
- Net loss of R$90.0 million for FY2026, compared to net income of R$138.0 million in FY2025.
- Net revenue increased 1.6% to R$891.7 million from R$877.4 million.
- Gain on sale of farms collapsed to R$2.1 million from R$180.1 million.
- Changes in fair value of biological assets fell to a gain of R$32.1 million from R$122.7 million.
- Financial expenses rose to R$590.6 million from R$417.9 million, driven by higher average indebtedness and CDI rates.
- Total consolidated indebtedness was R$1,024.3 million as of June 30, 2026, up from R$885.5 million.
- The company derecognized R$47.1 million in receivables from the Rio do Meio Farm sale after buyer default.
- A post-period sale of 1,752.7 arable hectares of Rio do Meio Farm for R$96.4 million (present value R$78.8 million) is expected to generate a pre-tax gain of R$51.5 million in 1Q27.
- Brazilian Supreme Court upheld restrictions on rural land acquisition by foreign-controlled companies, creating regulatory uncertainty.
- Cash and cash equivalents were R$184.9 million, up from R$159.8 million.
Financial Impact
Net loss of R$90.0 million vs net income of R$138.0 million; gain on farm sales fell by R$178.0 million; financial expenses increased by R$172.7 million.
Risk Factors
- Elevated debt of R$1,024.3 million with 46.4% short-term, exposing the company to high interest rates (CDI 14.78%).
- Regulatory risk from Brazilian Supreme Court ruling upholding restrictions on foreign-controlled companies' land acquisitions.
- Customer concentration: three customers accounted for 45.1% of revenue.
- Adverse weather (El Nino) expected to impact the 2026/2027 crop year, with planted area reduced by ~1%.
- U.S. Section 301 tariffs on Brazilian products (25% effective July 2026) may affect commodity prices and trade flows.
- Ongoing illegal occupation of the Acres del Sud farm in Bolivia remains unresolved.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 17 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001213900-26-114187 |
| Document: ea030949701ex12-2.htm | 0001213900-26-114187 |
| Document: ea030949701ex12-1.htm | 0001213900-26-114187 |
| Document: ea030949701ex13-2.htm | 0001213900-26-114187 |
| Document: ea030949701ex13-1.htm | 0001213900-26-114187 |
| Document: ea030949701ex8-1.htm | 0001213900-26-114187 |
| Document: ea030949701ex4-63.htm | 0001213900-26-114187 |
| Document: ea030949701ex4-62.htm | 0001213900-26-114187 |
| Document: ea030949701ex4-57.htm | 0001213900-26-114187 |
| Document: ea030949701ex4-60.htm | 0001213900-26-114187 |
| Document: ea030949701ex4-61.htm | 0001213900-26-114187 |
| Document: ea030949701ex4-56.htm | 0001213900-26-114187 |
| Document: ea030949701ex4-58.htm | 0001213900-26-114187 |
| Document: ea030949701ex4-59.htm | 0001213900-26-114187 |
| Document: 0001213900-26-114187-index-headers.html | 0001213900-26-114187 |
| Document: 0001213900-26-114187-index.html | 0001213900-26-114187 |
| Document: 0001213900-26-114187.txt | 0001213900-26-114187 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 2d ago | 20-F | $3.22 | awaiting T+20 | awaiting T+20 | $3.18 (+1.12%) |
Oct 22, 2026 10d ago | 6-K | $3.60 | awaiting T+20 | awaiting T+20 | $3.18 (−11.67%) |
Oct 21, 2026 11d ago | 6-K | $3.60 | awaiting T+20 | awaiting T+20 | $3.18 (−11.67%) |
Sep 30, 2026 4w ago | 6-K | $3.41 $3.26 | ▼ −4.51% | ▼ −5.78% | $3.18 (−6.86%) |
Sep 18, 2026 6w ago | 6-K | $3.61 $3.68 | ▼ −1.94% | ▼ −2.85% | $3.18 (+11.91%) |
Sep 18, 2026 6w ago | 6-K | $3.61 $3.68 | ▲ +1.94% | ▲ +2.85% | $3.18 (−11.91%) |
Sep 4, 2026 8w ago | 6-K | $3.79 $3.70 | ▼ −2.37% | ▼ −2.98% | $3.18 (−16.09%) |
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