Brasilagro - Cia Bras de Prop Agricolas
(FRA:52BA)
€
3.22
+0.080 (+2.55%)
Market Cap: 320.78 Mil
Enterprise Value: 530.62 Mil
PE Ratio: 0
PB Ratio: 0.92
GF Score: 62/100 
Q4 2026 BrasilAgro - Companhia Brasileira de Propriedades Agricolas Earnings Call Transcript
Sep 04, 2026 / 01:00PM GMT
Release Date Price:
€3.1
(-7.19%)
Key Points
Positve
- Brasilagro - Cia Bras de Prop Agricolas (LND) reported a significant increase in productivity for key crops, with soy production up 19% and corn production up 30% year-over-year, driven by efficiency gains rather than area expansion.
- The company successfully reduced its soybean area by 6-7% and cotton area, reallocating capital away from marginal, low-yield areas to more profitable crops, demonstrating disciplined capital allocation.
- Brasilagro - Cia Bras de Prop Agricolas (LND) achieved a portfolio value of BRL3.34 billion, driven by land appreciation and area maturity, which generated nearly BRL95 million in value for shareholders despite a challenging agricultural year.
- The company has locked in favorable prices for the upcoming harvest, with soy prices secured at over $12 per bushel (more than 10% higher than last year) and a strong dollar hedge at BRL5.57, positioning it for improved EBITDA.
- Management highlighted a strong recovery in sugarcane harvesting, with over 50% of the harvest advanced and high adherence to projections, alongside a significant rebound in cotton productivity of almost 50% year-over-year.
- Brasilagro - Cia Bras de Prop Agricolas (LND) has a robust business model focused on land transformation and sales, having sold over BRL2 billion in land over the last five years and paid over BRL1 billion in dividends since its IPO, demonstrating a track record of shareholder returns.
Negative
- Brasilagro - Cia Bras de Prop Agricolas (LND) reported a net loss of BRL90 million for the fiscal year, a sharp decline from the BRL138 million profit in the prior year, primarily due to adverse weather events like frost and wildfires impacting sugarcane and cotton yields.
- The sugarcane segment suffered a significant setback, with approximately 650,000 tonnes less commercialized than the previous year, leading to a nearly BRL60 million reduction in EBITDA due to lower volume and an inability to dilute fixed costs.
- The company faced high input costs, particularly for fertilizers like MAP, which surged from BRL580 to BRL840 per ton due to global supply disruptions, squeezing margins despite efforts to mitigate through strategic purchasing.
- Cotton production was negatively impacted by quality and productivity issues from the previous harvest, leading to a strategic reduction in planted area and contributing to the overall weak financial performance.
- Brasilagro - Cia Bras de Prop Agricolas (LND) is grappling with a high cost of capital (around 14%), which has increased the company's debt burden to BRL1.2 billion and reduced net earnings, prompting a focus on deleveraging rather than aggressive expansion.
- The company experienced operational challenges, including a delay in sugarcane harvesting in the Northeast due to plant issues and a reduction in cattle raising GMD by 8-9% year-over-year, partly due to the sale of Fazenda Preferência, which disrupted operational metrics.
Ana Paula Zerbinati
BrasilAgro - Companhia Brasileira de Propriedades Agricolas - Head of Investor Relations, Communications, and Capital Markets
(spoken in foreign language)
Andre Guillaumon
BrasilAgro - Companhia Brasileira de Propriedades Agricolas - Chief Executive Officer, Chief Operating Officer
Thank you, Ana Paula. Thank you, everyone, once again, for being with us. I think before we start getting into the numbers, it's always great to remember a bit of the rituals that took place in this year, where we had so much geopolitical volatility. We had so much volatility from an economic perspective. So it's worth mentioning that in the past, when we were confirming the budget for this year, we had $1 at about BRL6, and throughout the year, we saw this below BRL5, then it went up a bit.
So I think in this year of a lot of volatility, we really want to focus on this. We're going to discuss what happened in our earnings, but it's a year where despite the numbers are really tough, we've been having a lot of achievements, and we really want to share
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