The 63% drop in total adjusted EBITDA and swing to net loss are negative, but the 11% growth in operational EBITDA shows underlying farming improvement. The 26/27 harvest guidance of 6% production growth is modestly positive, but El Niño risk is real. Net debt/EBITDA of 2.82x is elevated vs 0x last year, signaling higher leverage. Monitor commodity prices, weather, and ability to execute farm sales to reduce debt. The portfolio revaluation (+8.2%) supports NAV but requires monetization.
Price Chart
Executive Summary
BrasilAgro reported FY2026 (June 30) results with a net loss of R$90.0 million, swinging from a R$138.0 million profit in FY2025, driven by a 98% decline in farm sales revenue and higher debt costs. However, core agricultural operations improved: adjusted EBITDA from operations rose 11% to R$97.3 million on 2% higher crop revenue. The company also released initial 2026/2027 harvest estimates with a 1% area reduction and 6% production growth, but flagged El Niño risks. The portfolio market value increased 8.2% to R$3.34 billion.
Key Facts
- FY2026 net loss of R$90.0 million vs profit of R$138.0 million in FY2025
- Adjusted EBITDA from operations rose 11% to R$97.3 million
- Farm sales revenue plunged 98% to R$4.1 million from R$241.3 million
- Net debt increased 13% to R$821.1 million; adjusted net debt turned positive at R$280.5 million
- Dividend proposed at R$0.3012 per share, down from R$1.56 last year
- 2026/2027 harvest area estimated at 165,208 hectares (-1% YoY); production estimated at 452,900 tons (+6%)
- Portfolio market value rose 8.2% to R$3.34 billion; NAV per share (ex-treasury) R$38.17
- Soybean gross margin improved to 20% (from 17%); corn to 21% (from 1%)
- Adjusted net debt/EBITDA at 2.82x vs -0.12x last year due to lower EBITDA and higher debt
Financial Impact
Net loss of R$90.0 million, down from R$138.0 million profit. Core ops EBITDA up 11%. Portfolio appreciation R$252.2 million, with R$143.2 million same-land gain.
Risk Factors
- El Niño weather impact on 2026/2027 harvest
- Elevated debt levels and rising interest costs (CDI 14.72%)
- Low farm sales activity vs prior year
- Commodity price and BRL volatility
- Dependence on real estate sales for consolidated profitability
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (LND) — Batch item 1 | 0001213900-26-097431 |
| Document: 0001213900-26-097431-index-headers.html | 0001213900-26-097429 |
| Document: 0001213900-26-097431-index.html | 0001213900-26-097431 |
| Document: 0001213900-26-097431.txt | 0001213900-26-097429 |
| 6-K Filing (LND) — Batch item 5 | 0001213900-26-097429 |
| 6-K Filing (LND) — Batch item 6 | 0001213900-26-097431 |
| 6-K Filing (LND) — Batch item 7 | 0001213900-26-097429 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 6-K | $3.60 | awaiting T+5 | — | $3.21 (−10.83%) |
Oct 21, 2026 5d ago | 6-K | $3.60 | awaiting T+5 | — | $3.21 (−10.83%) |
Sep 30, 2026 27d ago | 6-K | $3.41 $3.73 | ▲ +9.22% | ▲ +7.31% | $3.21 (−5.98%) |
Sep 18, 2026 5w ago | 6-K | $3.61 $3.51 | ▲ +2.77% | ▲ +1.75% | $3.21 (+11.08%) |
Sep 18, 2026 5w ago | 6-K | $3.61 $3.51 | ▼ −2.77% | ▼ −1.75% | $3.21 (−11.08%) |
Sep 4, 2026 7w ago | 6-K | $3.79 $3.61 | ▼ −4.75% | ▼ −3.54% | $3.21 (−15.30%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers