SLC Agrícola (SLCE3) reported net income of R$ 192.4 million in 3Q26, compared with a net loss of R$ 14.5 million in 3Q25. Net revenue totaled R$ 1.8 billion (R$ 1,814.1 million), down 13.1%, mainly due to lower billed volume of cotton lint and corn. The lower cotton output in the 2024/25 crop reduced the volume available for billing in 2026.
Gross profit rose 30.2% to R$ 810.9 million, and gross margin reached 44.7%, up 14.9 p.p. The company attributes the increase to better soybean performance and the positive effect of biological assets. Unit gross profit for cotton lint rose 23.9%.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 463.5 million in the quarter, down 12.8%, with a margin of 25.6%. In 9M26, net income was R$ 673.6 million (up 5.9%), net revenue was R$ 6.3 billion (R$ 6,257.2 million, down 0.4%) and adjusted EBITDA was R$ 1.7 billion (R$ 1,739.3 million, down 14.4%).
Adjusted free cash flow was positive at R$ 346.1 million in 3Q26. Adjusted net debt ended the quarter at R$ 7.1 billion, equivalent to 3.00 times adjusted EBITDA, versus 1.97 times at the end of 2025. In the quarter, there was an advance payment of R$ 255.7 million for the land acquisition from Grupo Radar, completed on October 30, 2026, approved by CADE and valued at R$ 669.6 million.
On September 28, 2026, the company issued its first public CPR-F (Financial Rural Product Note) of R$ 515.5 million, with a yield of 95.5% of the DI Rate and final maturity in 2033. At the end of 3Q26, 89% of the debt was long-term. The estimated planted area for the 2026/27 crop is 860.8 thousand hectares, up 3.2% from the 2025/26 crop.
Is SLCE3 worth investing in?
- Price
- R$ 17.09
- as of 11/10/2026
- Dividend yield
- 4.71 %
- P/L
- 21.95
- P/VPA
- 1.57
