SLC Agrícola (SLCE3) reported consolidated net income of R$ 245.1 million in the second quarter of 2026 (2Q26), an increase of 75.3% compared to the R$ 139.8 million in 2Q25, with a net margin of 11.3%. Net revenue reached R$ 2.2 billion in the period, growth of 16.8% versus the same quarter of 2025, driven mainly by higher billed volumes of cotton, soybeans, corn and cattle herd and by better prices for cotton, soybeans and cattle.
In 2Q26, gross profit totaled R$ 941.2 million, an increase of 43.5% compared to 2Q25, with gross margin expanding from 35.2% to 43.3%, driven mainly by lint cotton, soybeans and cattle herd. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reached R$ 580.6 million, up 4.3% from the same quarter of the previous year, with an adjusted EBITDA margin of 26.7%.
In the first half of 2026 (1H26), the company recorded net income of R$ 481.1 million, a drop of 26.0% compared to the R$ 650.5 million in 1H25, influenced by higher operating expenses and a negative financial result, even though gross profit grew 8.8% to R$ 1.9 billion. Net revenue for the half-year totaled R$ 4.4 billion, up 6.0% year over year, while adjusted EBITDA was R$ 1.3 billion, down 15.0%.
Adjusted net debt ended June 2026 at R$ 7.5 billion, versus R$ 5.2 billion at the end of 2025, raising the adjusted net debt/adjusted EBITDA ratio for the last 12 months from 1.97x to 3.09x. The average interest rate on the debt fell from 15.1% per year on December 31, 2025 to 14.4% per year on June 30, 2026, and 78% of adjusted gross indebtedness remains long term.
On the operational front, the company completed the harvest of soybeans from the 2025/26 crop with record yield of 4,146 kg per hectare, 4.7% above the 2024/25 crop, and projects lint cotton yield 12.2% higher than the previous crop, while the expectation for second-crop corn is 6,798 kg per hectare, 12.1% below projected. The company also highlighted investments of R$ 259.3 million in CAPEX in 2Q26, of which R$ 81.7 million in irrigation projects, and reported that its own land and land associated with FIPs were valued at R$ 13.5 billion, resulting in Net Asset Value (NAV) of R$ 27.12 per share at the end of June 2026.
