Terra Santa Propriedades Agrícolas (LAND3) posted net income of R$ 11.1 mn in 3Q26, versus a net loss of R$ 18.3 mn in 3Q25. The swing mainly reflects the 3Q25 base, which was affected by other operating expenses of R$ 38.3 mn. Net revenue was R$ 21.9 mn, down 0.7%.
Gross revenue totaled R$ 23.5 mn (+2.9%). Deductions rose from R$ 0.8 mn to R$ 1.6 mn, due to the merger of Fazenda São José S.A., which was taxed under the cumulative regime. The average billed price was R$ 113.45 per bag, versus R$ 107.26 in 3Q25. EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 15.8 mn, compared with a negative figure of R$ 24.1 mn in 3Q25. Adjusted EBITDA totaled R$ 15.6 mn (+23.9%), with a margin of 71.3%.
In 9M26, net income was R$ 6.8 mn, versus a net loss of R$ 3.6 mn in 9M25, already taking into account the impairment (an accounting loss with no cash effect) recognized in 2Q26. Cumulative net revenue was R$ 67.9 mn (−8.1%). Cumulative Adjusted EBITDA was R$ 49.7 mn (−4.3%), and for the last 12 months, R$ 64.3 mn (+7.6%).
Net debt ended September at R$ 6.6 mn, equivalent to 0.10x Adjusted EBITDA for the last 12 months, versus R$ 57.2 mn (0.86x) in December 2025. Cash totaled R$ 59.6 mn, an increase of R$ 48.0 mn in the period, and the company paid down R$ 21.0 mn in 3Q26. The two current contracts mature in May and June 2027.
NAV (net asset value) was R$ 28.60 per share, or R$ 2.75 bn, based on an S&P Global appraisal report. The LAND3 share closed September at R$ 9.20, a 68% discount to NAV. In October, a fire hit about 1,500 hectares of Fazenda Iporanga, which is not leased; the fire was brought under control during the month, and expenses of R$ 80 thousand will be recorded in 4Q26.
