BrasilAgro (AGRO3) reported net income of R$ 81.3 million in the first quarter of the 2026/27 crop year (1Q27, ended September 30, 2026), compared with a net loss of R$ 64.3 million in 1Q26. The result was influenced by a R$ 50.8 million gain from the sale of part of the Rio do Meio Farm, in Correntina (BA), and by a R$ 76.0 million appreciation in receivables from farm sales.
The sale took place in September and covered 2,593 hectares, of which 1,753 were usable hectares, at about R$ 45 thousand per usable hectare. The amount recorded was R$ 94.2 million; after a present value adjustment of R$ 17.2 million, the revenue recognized was R$ 77.0 million, about 2.9 times the book value of the area (R$ 26.2 million). The expected internal rate of return is 26.2% in reais and 20.9% in dollars.
Total adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 94.6 million, up 47% from 1Q26, with a margin of 28%. Excluding the gain from the farm sale, adjusted EBITDA from operations was R$ 43.8 million, down 32%, mainly due to the result from derivatives, which swung from a R$ 9.6 million gain to a R$ 3.4 million loss, concentrated in soybeans. Net sales revenue totaled R$ 351.7 million (up 16%), of which R$ 300.9 million was operating revenue, flat versus 1Q26.
Net debt adjusted for farm sale receivables fell 51% in the quarter to R$ 136.3 million, equivalent to 1.05 times adjusted EBITDA for the last 12 months, versus 2.82 times on June 30, 2026. The company has R$ 626 million receivable from farm sales, of which R$ 218 million within 12 months. The General Meeting approved on October 21 dividends of R$ 30.0 million, or R$ 0.3012 per share, payable starting November 16.
For the 2026/27 crop, the company locked in 57% of its soybeans at US$ 12.26 per bushel, purchased 94% of its fertilizers below budget and planted 68% of its soybean area, 17 days ahead of the previous crop. The projected total area is 164,664 hectares and estimated grain and cotton production is 439.3 thousand tons. According to the company, the estimates are hypothetical and do not constitute a promise of performance.
