On Thursday, September 3, 2026, BrasilAgro (AGRO3) released its results for the 2026 fiscal year, ended June 30, 2026. The company reported a net loss of R$ 90.0 million, compared with a profit of R$ 138.0 million in 2025, with total net revenue of R$ 926.7 million, a 25% drop from the previous year, and net sales revenue of R$ 895.7 million, down 20%.
In the period, total adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) came to R$ 99.3 million, a 63% decrease from the R$ 267.3 million recorded in 2025, while adjusted EBITDA from operations, which excludes gains from farm sales, was R$ 97.3 million, up 11% on the same basis of comparison. Total adjusted EBITDA margin fell from 22% to 11%, and total net margin went from 11% to -10%.
Net operating revenue reached R$ 891.7 million in 2026, an increase of 2% over 2025, driven by soybeans and corn. Soybean revenue rose 22% to R$ 444.8 million, and corn revenue advanced 52% to R$ 91.7 million, while sugarcane revenue fell 39% to R$ 197.5 million. Farm sales generated revenue of R$ 4.1 million and a gain of R$ 2.1 million, well below the R$ 241.3 million in revenue and R$ 180.1 million in gains recorded in 2025.
In 2026, financial result was a negative R$ 94.4 million, versus a negative R$ 80.4 million in 2025, influenced by interest expenses of R$ 97.2 million, 17% higher than in the previous year, and by a negative impact of R$ 54.1 million from fair value adjustment, partially offset by a positive effect of R$ 23.6 million from foreign exchange variations and a positive result of R$ 14.5 million from derivative transactions. Selling expenses totaled R$ 72.5 million, up 22%, and general and administrative expenses were R$ 68.0 million, an increase of 1%.
At the end of June 2026, cash and cash equivalents totaled R$ 203.2 million, up 27% in 12 months, while gross debt stood at R$ 1.0 billion, an increase of 16%. Net debt reached R$ 821.1 million and adjusted net debt, which includes farm sale receivables, was R$ 280.5 million, equivalent to 2.82 times adjusted EBITDA for the last 12 months. Over the same period, management proposed the distribution of R$ 30.0 million in dividends, equivalent to R$ 0.3012 per share, to be paid from the investment and expansion reserve, subject to approval at a shareholders’ meeting.
