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), versus a loss of R$ 64.3 million in 1Q26. The result was influenced by the R$ 50.8 million gain from the sale of part of Fazenda Rio do Meio, in Correntina (BA), and by the R$ 76.0 million appreciation of farm sale receivables. Operating net income, which excludes the gain from the farm sale, was R$ 30.5 million, versus a loss of R$ 64.3 million in 1Q26.
The sale took place in September and covered 2,593 hectares, of which 1,753 were usable hectares, at around R$ 45 thousand per usable hectare. The recorded amount was R$ 94.2 million; after a present value adjustment of R$ 17.2 million, the recognized revenue was R$ 77.0 million, about 2.9 times the book value of the area (R$ 26.2 million). 24% of the amount was received, and the balance will be paid in 4 annual installments. 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 28% margin. Excluding the gain from the farm sale, adjusted EBITDA from operations was R$ 43.8 million, down 32%, with a 15% margin, versus 21% a year earlier, mainly due to the derivatives result, which swung from a gain of R$ 9.6 million to a loss of R$ 3.4 million, concentrated in soybeans. Net sales revenue totaled R$ 351.7 million (up 16%), of which R$ 300.9 million was operating revenue, stable 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 to receive 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 soybeans at US$ 12.26 per bushel, purchased 94% of fertilizers below budget and planted 68% of the soybean area, 17 days ahead of the previous crop. The total projected 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.
