Brazil · Delayed Price · Currency is BRL SLC Agrícola Earnings Call Transcripts
Fiscal Year 2026
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Net revenue declined 2.7% year-over-year to BRL 2.3 billion, with record soybean yields and strong hedging positions offset by higher working capital needs and increased leverage. Fertilizer procurement is advanced for phosphorus and potassium, while nitrogen remains exposed to market volatility.
Fiscal Year 2025
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Record revenue and exports were achieved, with strong operational and financial performance. Expansion in planted area, robust hedging, and disciplined capital allocation position the company for continued growth despite input cost volatility and geopolitical risks.
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3Q2025 featured record revenue and EBITDA, strong soybean and corn yields, and a strategic farmland monetization and irrigation partnership with BTG Pactual-managed funds. Net debt rose due to investments, while a new share buyback program was approved.
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Q2 2025 saw record revenues and crop yields, with net revenue up 37.8% year-over-year and strong operational performance across soybeans, corn, and cotton. Net debt increased due to strategic land acquisitions, but gradual deleveraging is expected. Expansion in acreage and irrigation is planned for 2025-2026.
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Q1 2025 saw strong revenue and profit growth driven by higher planted area and yields, despite negative cash flow from land acquisitions. Leverage rose to 2.27x EBITDA but is expected to decline as cash generation resumes. Input costs are projected to remain stable, and planted area will expand 13.6% after acquisitions.
Fiscal Year 2024
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Net revenue declined 4% year-over-year to nearly BRL 7 billion, with adjusted EBITDA at BRL 2 billion and a 29.4% margin. Planted area expanded 10.6%, and a major acquisition will add 96,000 hectares. Dividend payout remains at 50% of adjusted net income.
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Q3 2024 featured stable revenue, strong operational performance, and record cotton yields, with significant expansion in planted area and strategic hedging for future crops. Input costs are declining, leverage remains controlled, and growth is supported by new joint ventures and asset acquisitions.
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Q2 2024 saw lower net revenue due to weak soybean prices and volumes, but cotton revenue surged 73%. Land expansion added 60,000 hectares for 2024/25, and cost per hectare is expected to decline. Ongoing share buybacks reflect undervaluation versus land assets.