Senhores.
Ladies and gentlemen, good afternoon and welcome to our earnings release.
Do primeiro trimestre de 2025.
First quarter 2023 of Boa Safra Sementes. This conference will be recorded and it will be available at boasafrasementes.com.br. The presentation is also available for download. We would like to let you know that after the presentation, we have a Q&A session. Further down, we're going to give you the instructions. All right, to proceed, I would like to say that those are just information based on the administration of the company. Everything might involve risks and uncertainties due to future events. Therefore, we depend on circumstances, and things may or may not appear. Reporters and analysts have to consider that we should take into account macroeconomic effects, and the results might be different from what is going to be expressed today. We count on the presence of Felipe Marques, CFO, and RI, and also a team of experts.
Now, I would like to pass the floor to Felipe Marques, who will proceed with the presentation. Felipe, you may proceed.
Good afternoon. It is a pleasure to be able to disclose our earnings release, first quarter 2025, starting 2025. We'd like to show you that in such a short time, we managed to have a good delivery of good results. Now, as per the presentation, first of all, I would like to share with you our main figures. Our net revenue, BRL 131 million, was a growth of 90% compared to 2024. We can see that we're going to be talking about our diversification strategy and also soil seed sales. Actually, we had some area planted in the north of the country, so there was a good batch of seeds sold by January, BRL 30 million equivalent, and that would be for the first quarter 2025.
We know that we have this window and also other crops. We're going to give you details further down. Therefore, we managed to turn our results to BRL 12 million in this first quarter, as compared to the negative values of 2024 because of the sale of soil, and that's why we have such a different result considering gross values and margin. There is a change on the trend. We got a seal at the stock market because it is because of our seasonality. Perhaps we might just drop this stamp that we got of the company that varies the most because of the diversification of our portfolio recently in the last few years with regards to the appetite of the company. The results were negative in BRL 5 million, but there was a very good improvement compared to the first quarter 2024.
Therefore, when we analyze it just adapted, we can see the derivatives. We understand that this is part of our operation. The results were negative in going to BRL 28 million. As a matter of fact, when you analyze the adjusted appetite compared to BRL 29 million that were marked last year, so many of those derivatives are actually linked to the new crop. Actually, we're going to be cashing in on the third and fourth quarter. That is why there is this discompass. I am just anticipating it here, but it is according to our budget, and we still have to buy raw material. Along with that, we have the results from the derivatives. Let us check our net results: BRL 16 million, almost BRL 17 million, 13% in net margin. That is for the first quarter.
When we analyze the adjusted net profit because of the effects, we can see that we moved from BRL 6 million negative to BRL 718,000 in 2025. It is clear that the profile of the company has changed, principally in the wake of this diversification and the project that we have. You can see that LTM 2024-2025, if we analyze the entire year 2024 and now just with one quarter, you can see that everything is smoothing down from what we had in 2024 compared to 2023. Now, when we go to the net revenue, we have a drop of 6% at the end of the day. We see that we are starting 2025 in a new area and a new momentum for the company without the weather impacts and credit restrictions that we had to face in 2024.
Of course, that would eventually affect those results on the LTM 2025. Now, I would like to talk a little bit about what we've been doing. We have 280,000 big bags. This is our productive capacity growth of 70% compared to the previous year. We had 240,000 big bags as capacity. We increased 50,000 hectares, 227, we jumped to 274,000 hectares. That means there is more area. There is even superior expansion if you look at the productive capacity. For us to have much more area and make sure that we are ready to produce our raw material, historically, we are always able or we've been always able to fulfill our productive capacity with seeds. Our balance is already showing all those results. When you analyze our stock seeds, BRL 488 million for the first quarter.
When we analyze the year before, first quarter 2024, when we had a lot of weather issues and planting was late, and also there was a drop in our seed production in 2024, we can see that now we have almost a threefold result. It's a triple amount of seeds in our warehouses. We can see and it can show that we had a normal first quarter and quite aligned to what we had been historically doing, which is fulfill our productive capacity. Unfortunately, it did not happen in the previous year because of the weather conditions. Now, with regards to our company and the way we celebrate the good situation, we have 8% of market share in last year and now 8% in market share. Almost no, there was no presence in the South.
As a matter of fact, more than a third, actually 1% of shares in those states. Now, we understood that we would have to strengthen our operation in the south of the country. The first quarter is really the moment to say, yes, we are starting new units under our management, Tamarana in Paraná and Faxinal in Paraná. This is a very important hub to meet the demand of our operations. Under our management, we lease the area, so we are not immobilizing our capital. We are showing our diligence as managers of the company. It is with great joy that we disclose this information. Now, checking out the map, we can see that we are present and we are producing seeds in main areas that produce grains in Brazil.
This is a national company fully consolidated in our territory, and we are mitigating operational risks that we might incur if we did not have a unit under our management. We are quite diligent in mobilizing capital. Of course, we are talking about this housekeeping capital maybe or also aspects of a loan. Now, we have a unit in São Paulo. We have a unit in São Paulo with our joint venture, SBS Dream Seeds, with regenerative agriculture. We have our 16th unit right now. This is to mark our presence in two more states in just one quarter. Using capital with diligence, using assets with diligence. Now, with regards to our backlog order, more than 1,436, that is figures from March. That shows how much we grew as a company. We expanded our install capacity, as I mentioned, in big bags.
We are growing even compared to 2023. We did not produce 214, 214 in 2024. Actually, the results in 2024 were basically the same as we had produced in 2023. There was some sort of feeling that we are stuck. The figures were very similar. 2023, 2024, we kept growing. As a matter of fact, we jumped to 200 to 280,000 big bags in the end of the day. In sum, our backlog order is simply reflecting this 40% growth. Of course, with better price conditions, growers making decisions with anticipation because there will be a regular, normal crop with good levels of productivity of yield, principally because of the fluctuation of dollars. The growers are making decisions, and according to our portfolio, and we were ready, we started selling.
You see that if you compare the first quarter of 2024 to our first quarter 2025, we show this growth, principally considering our installed capacity. Net revenue, as I mentioned before, there is a first quarter that is a record in terms of invoicing, BRL 131 million. More than the figure, we have to consider the breakdown of this number. BRL 131 million, BRL 97 million are from seeds, either soil or the other businesses with seeds and not grains, as we had in the company historically. There is a major change. This is what we are showing now in results. Grains. Margin is very tiny, almost zero. When we are selling our main asset, which is seeds, we can see the margin in the first quarter, which is far from what we had in the past. As a matter of fact, this is what came to stay.
Now, let me show you a little bit of our diversification. Yes, we are a company that trades seeds. You can see the evolution on the graph. In 2022, what we had was BRL 29 million. That was other businesses. In 2023, three times more, almost twice folded in 2024. LTM, compared 2024 to 2025, there was also a jump from BRL 111 million to BRL 179 million. Check the share, 6% of other businesses. Almost twice as much now. It is 11% of share. It is soil and new cultures. We can see that our other businesses in the company are growing so much more or so much faster than our main business, which is soybeans. We are focusing efforts, energy, time, and money to really be able to give more strength to our other businesses, our cultures. Other cultures have a wide avenue.
There was a very small market share, and of course, they are consolidating now. We understand that there should be a great opportunity to grow even more. As a matter of fact, this is how we are working. With that in mind, now let us check out our finance performance. Since I mentioned, there was a little drop. LTM, 6%. Now, the quarter, 90% jump, as I mentioned before. Adjusted EBITDA. Still, when you analyze the LTM in 2025, there was still the impact from 2024 because of the weather, 32% drop. Of course, we are expecting to grow. We had expected to grow 20% past year, but it did not happen. Of course, that impacts somehow our capacity. Of course, we have to dilute costs and so on and so forth. There was a major impact, principally if you analyze the EBITDA.
If you just check on the 6% impact in our net operational revenue, you can analyze our adjusted EBITDA in 2%, principally because of the derivatives. The derivatives are actually connected to the new year, but eventually, those impacts are somehow anticipated in our balance. With regards to our adjusted net profit, as I mentioned, we have to consider the minor shareholders. Of course, we have EBITDA and adjusted net profit. This is just to, this is the correct thing to show to all. Of course, for us to understand our performance. As a company, we show here BRL 100 million in the adjusted EBITDA. You can see the LTM 2024 analyzing the quarter. There was a positive result compared to the negative results that we had in the previous year.
In other words, we start in 2025 on a very different note if you compare to any other first quarter of the history of this company, Boa Safra Sementes. Historically, we invested more than BRL 100 million since the IPO, and because of the cost, we are much more diligent in terms of mobilizing assets. Only BRL 5 million were invested in the first quarter, and now we are just thinking everything, how we're going to make investments just analyzing 2026 and what we expect to happen. With a great deal of criteria, with a great deal of attention, we had an increase of working capital, and of course, we had to allocate capital in other lines. We had to optimize, and one of the optimizations that we had to do was actually connected to the use of Capex.
We went to 1,475, so get money from equity, from, yeah, mobilize it. We understand that the cost would be too high, and this would be too much for us to be setting these resources. We're actually waging this on this bet. We are changing the tone when we mobilize our Capex. Something that is very important to us, we take pride on having done this. We have a new profile of our BRL 500 million in our debt. We have the consolidated values of the company. We're moving from 2 to 3.4 times. Showing how solid we are. 91.5% of our debt is long-term, BRL 72 million in the short term. A challenging scenario, and the agribusiness just catching up, recovering from a very difficult year and having this level of liquidity.
You see that with this level of our standing point that we are at, that makes us very sure that we are ready to go across the tempest of 2024 with a very adequate situation in a very difficult and rough time, which was 2024. Now, about our financial health, the adjusted net debt is, of course, without considering removing the effects from Free Agro, which was a small part, because in the end of the day, we sell our receivables. So excluded that, we show that we are in fact in a situation, according to our understanding, and according to the point of view from the controller of the company, we have only BRL 151 million as adjusted net debt.
I think this is extremely positive because at the level of the growth and in terms of the stock that we have in the company, three times, or it is superior three times. It is a triple value. We have the same levels of net debt, just like in 2024. This is a good indicator that we are starting 2025 with this positiveness. We are much more diligent on where we are allocating our capital, principally our working capital. When we analyze the controller liquidity, we move from 1.85 to 3.2 in our index. Financial result, BRL 4 million at a company. We show that there is, yes, this variation from throughout the year, principally in the working capital. Just for you to understand our leveraging service of the loan, of the debt.
If you analyze the financial result of the company on the entire year, principally from the controller's point of view, you can see the entire picture. This is what we really insist all the time. We always want to see the entire picture and not just snapshots of each quarter, because there is this variation of working capital throughout the year because of the type of business we are in. Now, I want to show you a little bit of the cash flow of the company. We always get this question, what about the cash flow of the company? I know that the entire market always checks on our cash flow instead of the financial reports. Now, let us show you once again that our operational flow is much better. Even if you check on the first quarter of 2024, we had BRL 143 million.
Now, this year, 2025, our operational cash flow was only BRL 90 million. You see, we are increasing our stock. In the end of the day, we go to another level of growth of the company. Of course, if you're growing, you need more working capital. Even at this level of growth, starting this year, you can already see an improvement of 37% in our operational cash flow. That shows how much we are getting ready from the Capex and the working capital point of view. There were some decisions, yes, in the house so that we can optimize our assets. What I'm saying again, there is higher cost. We need more diligence on where we are putting our money in. That's what we are doing as a company.
Now, let me highlight another important aspect, which is more than BRL 44 million from clients' advancements compared to BRL 21 million that we had last year. Basically, our backlog order, part of it has been paid already. That is what it means, this client's advancement. That means that we saw there was advanced payments. That shows how solid our portfolio is. Basically, part of the orders have been already paid, which gives us a good result in terms of operational results.
Now, I'd like to open the possibility of cash questions that you may have. I'm going to start our Q&A session. If you wish to raise a question, please raise your hand. If your answer is answered, you can just remove the icon and unraise the hand. Please do not forget to mention your name, your company, and your question.
Our first question comes from Gustavo Fabris, BTG Pactual. You may proceed.
Good afternoon, Felipe, and thank you very much for accepting my question. I'd like to hear from you, if possible, a little bit more about this expansion in the south of the country, principally because you leased two units. What are the main difficulties? What is the difference that you see in the market now in the south compared to what you had in the center and the west of the country in terms of profile, in terms of competitiveness, and also the mix of products for your sales? What do you think you can expect from the region to the company compared to the rest of the country? Thank you.
Thank you very much for your question. As I said, the south of Brazil takes one-third of our crop area compared to the rest of the country.
It's just one-third. We understood that we should be present. Why is this just left as the last one? That was a region that we did not have much. We were much more prone to growth where we already had our cycles, our materials, and our clients were from other regions. Yes, sometimes our clients had operations in other regions, principally in the region of Cerrado. As a matter of fact, that was the region where we are growing fast, which is the Cerrado. The center of the country was growing so much faster. It was obvious to us that a natural growth would be easier for us to grow in the center of the country because we were ready to grow there. There were more positive aspects. This is why we left the south to last.
Now, we understand that now we have 8% market share, even not taking part in that region. Considering the speed of our growth, we thought it is time for us to move to the south. Of course, it is totally different from the rest of the country. We know that. Principally, if you compare the size of the properties, the areas are much smaller and also clients are many that are with cooperatives and with dealers. There are many dealers, not all dealers that are present in the south are present in Cerrado, some of them only. We are trying to entail good relations with them. Last year, we had this experience. We had an experience with many clients of improving good relationship with many clients so that they could have a taste of Boa Safra.
Boa Safra has a very important and strong name, and doors were open to us. We started in the south last year. That was just like an inaugural moment. Now we are consolidating our presence, and with the operation that we have now, we are going to have relevant results and volume. I cannot share how much at this point in time, but hear me, it is already relevant considering the total volume of sales. We are quite positive with our participation in the south. We met many people who want to be with us, who want to be with Boa Safra, and that is a consolidated market. Of course, they had difficult years. It was good for us not to be present during those bad negative years, and there were many, and they were one after the other.
It was somehow positive to us not to be present at that bad time when they were living difficulties. We are positive now with the South. I am sure that in the end of the year, we are going to be sharing, of course, all the results and our levels of market share that we are going to have delivered. This is a model of a company. We are focusing on resell. We are focusing on that type of style of working with our clients in the South.
Next question comes from Pedro Gama, Citi. You may now proceed, Pedro Gama.
Hi, good afternoon. Thank you very much for taking my questions. There are actually two. First, I would like to hear from you about these last events that we were taking part of. I would like to hear how you feel.
You feel about how the grower is feeling, what is their mood, if you think that there is a positiveness in terms of views of technology, and if that would improve your mix of sales. What about everyone? How receptive the market is? Now, with regards to the perspective of seed production, you were talking about capacity. Perhaps with this area that you are increasing, the area you are going to be increasing the capacity of the company. I would like to hear about the quality of the grains and the quality of the seeds that you are producing and also what the seeds that you are receiving for distribution?
Okay, thank you very much for the question. When you analyze the scenario in the agribusiness, we can see that there is an increase in 10-20% productivity, yield price also 10%. There is this high peak because of the dollar.
Now, 10-20%, yeah, there is more money, right? Growers are actually into the system. If there is more money, if the growers have more money and there is more money in the system, the restrictions come actually when that is done because corn recovered quite well. Basically, we are improving. At the end of the day, we're just getting the house ready. In a nutshell, everything is so much better. The grower is looking for more technology because of the situation. The situation is so much more positive. Growers have it clear. Those growers that make more money are those who have better yields and less cost. That is obvious to all of them. Growers are getting high tech. Of course, when they do not have money, they have to make a choice.
They make a choice according to what they do believe that is what they need. Eventually, they would just drop certain things behind just to make so that everything makes more sense to them. In our sector and to us, Boa Safra, we want to deliver high-tech seeds with more treatment. We did this last year. We increased our treatment levels, but we did not grow in a ticket in the end of the day, yes. Now we are ready. We have conditions when we analyze the seed treatment because growers want a complete package to be ready as a company. We are going to have those units such as we have our TSI machinery in all our units, but in Brasília. We are getting ready, basically. We want to treat seeds in all the regions where we are present. We are going to have conditions.
Of course, this is something that is going to happen throughout the year. Nevertheless, hear me, we have the best conditions in 2025. With regards to Avra, Avra is something that really makes us feel very positive. Good results, good demand interaction. Growers are checking on that product. They are having good results. They are all certified results. They are very good quality, good quality product that we have with Avra. That is going to be part of our portfolio. We are extremely positive with this new strategy with Avra. Obviously, I cannot be sharing here too much of detail with the figures, but you're going to be checking on the results soon. We're just generating demand with a new cultivar. Something that we do kind of solo. It demands more time. It demands more effort. We gave good conditions for our team.
We have a good team. They're going to be able to be doing this. Growers will be checking on our seeds. We're going to see the results soon, soon with Avra. Of course, we want to expand the portfolio with those varieties and new varieties to really combine and be part of our portfolio with Avra. As a matter of fact, with regards to the seeds. Oh, yeah, forgive me. I forgot about the seeds. Yes. We're talking about first quarter, right? I show you that we have really we had a lot of seeds, three times more compared to what we had in 2024. Quality. I have volume of seeds, three times more. That is a fact. You can see on the balance sheet. Quality. What can I tell you? Quality is not at stake to us.
I'm not going to get in seeds that have no standards according to our standards. This is what happened last year. What did we do? We just discharged it. We didn't even get the seeds. If the seed comes into our warehouses, it's because it is quality seeds. So we still have some work on the second quarter from the little remainder of the seeds that we are getting in. But we are already saying that there's three times more than last year. If the seeds are here, it's because they are good quality. Otherwise, it wouldn't have happened.
Okay, great. I understand perfectly. Thank you.
Our next question comes from Pedro Fonseca, SP. You may now proceed, Pedro.
Hello? Good morning, Felipe. Thank you for watching. Good talking to you, Felipe. Thanks for taking my question. I'd like to just work on what you have already mentioned.
Can you just give more details about your backlog order? I know that it is something that we always talk about, price and volume, based on what we see in the market and based on the chats that we hear. This 40% growth is much more volume in the scenario of a drop of price. Does that make sense what I'm saying? What is embedded in this 40% growth with regards to the market share? Do you think that we can already have an estimate of market share growth for 2025-2026? What about the profile? Is it more technology, less technology? I would like to hear more details of whatever you can share with us. A second thing that I would like to repeat, I know that you already mentioned, but I want to hear follow-up. What do you see?
What do you feel about cash collection in our chain? Is it good, bad, neutral? Can you just give me a kind of sort that out with regards to cash collection? It would be good to us to hear a little bit of that. Thank you so much, Felipe.
Thanks, Pedro. I cannot give you so many details as you asked me to. Let us give chap by chap. Backlog orders. More than 90 different varieties of seeds. So difficulty is that when we're searching for information of price and type of seeds, that is very complex because there are so many varieties that we already have, and each variety has a very different dynamic and a component. To know what it is, the average price and the average price to each company, that might change a lot from company to company, I mean. Perhaps you have this.
It is very difficult to read that information in detail, but we cannot come to that level of nitty-gritty detail comparing our average price with the past. There are several strategic aspects that might hinder our negotiations. Unfortunately, I cannot answer that to that level of detail. There is a very peculiar mechanism there. I can tell you, though, that when we have our portfolio of seeds, seeds that have been produced, when you check out the stock, I see that we have a much more adherent portfolio, adherent to the demand that you have in the market. Our portfolio is much better compared to the portfolio last year because we produced so much last year, and there is some material that were different from what we understood would be the demand from the market.
Basically, what we have in our stock, we can see that it is quite along with what we understand that the market needs. In terms of technology, we have to remember two things. We have new cultivars with the new biotechnology. They are gaining terrain. You will see there will be a growth that will be really relevant. The biotechnology will be present in our portfolio this year. You will see that on the fields. You will see that in the seeds. Seeds that get benefit with this new technology paradigm with the change of technology, the use of biotechnology. Treated seeds. That is too early for us to talk about the treatment of seeds. That happens after we sell the seeds. Now, actually, what we are doing, we're just assembling our seed portfolio.
What we see is that there is a great deal of hope and expectation from the grower's point of view to have a package that has much more technology and much better seed. We already anticipate, but of course, we're talking about a starting moment. Seeds are treated further down and not right now when we are still discussing our backlog order. Now, with the other side of your question about the cash collector, 30 April and 20 May are our dates for invoicing. There is still a lot missing there. When you analyze our portfolio, as a matter of fact, I shared here the figures. If I had to do any kind of or make any statement or something that we're not receiving or non-receivables, that would be contemplated there. There is none, as you saw it.
Now, I understand that this 2025 is very similar, in my understanding, to 2024 in terms of growth. Of course, our backlog order, the receivables are much larger if you compare both years, but there is a level of normality. Our worries of having issues, serious issues with the receivables of the company, none, because otherwise I would be getting ready to that. Actually, we feel there is a normal movement. Many people who have to pay are already anticipating something for the future. There is a good solid relationship with our clients. That shows that all our credit structure here in our company, we have our insurance, we have the guarantees, we have the credit. They are robust, and they are really being responsible for our good results in the receivables.
The finer figures, yes, I can tell you about what we have as receivables from 2024, and this is going to be wrapped in June. As a matter of fact, this does not happen as yet. Otherwise, it would be showing on the tables that we shared with you. Was I ready to answer everything that you asked?
He says, yes.
Our next question comes from Henrique Brustolin, Bradesco BBI. You may now proceed.
Good afternoon, Felipe. Thank you very much for taking my question. Two things I would like to talk about. First, this year, you seem to have a big challenge growing the company, opening different channels. How do you consider this capillarity, the growth of the company, the portfolio? How sure you are in terms of being able to deliver according to what you are expecting to deliver because you are growing fast?
This is the first one. The second one, you even mentioned that in the beginning of your presentation, we can see that an increase in the backlog order. How is that divided? Basically, this light in the end of the tunnel with this improvement in the cash conversion cycle in the end of the year. Let me hear from you about the terms and if anything changed from last year to this, from last crop to this crop, the crop 2025?
Once again, thank you very much. Yes. There are insights right in the end of the day. We are growing fast, yes, from the point of view of just DNA. 2023, BRL 60 million. 2024, BRL 90 million. Now, we are getting ready, yes, as a company. To be able to improve our access to the market, we are going to new regions. The complexity has skyrocketed.
We're talking about we have 16 units thinking about IPO. There was like about three, four units. Now it's 16. Of course, much more competitiveness to give us good grounds. FG&A has to be together so that we get good management, get good sales to this new profile. We're investing a lot. Why? To be able to produce seeds. Producing seeds, we always joke about it. So this is just a cost, right? It's a cost maker. What generates results is what? When we sell the seeds. If our portfolio is growing 40%, that shows that we are selling accordingly. We're selling what we have in the warehouse. That gives us this good certainty that we are doing things at the right pace and producing, selling good crops.
What we wanted to make sure to have, and as a matter of fact, were several aspects and ways in our diversification with our trade teams that are exclusively dedicated to each of the seeds. We are making this investment so that we can really make sure that there is no bottleneck to us. We wanted to be sure we are happy with the results when we see our orders. Because of our activity and our sales are now spread out, we were really considering, are we really going to be able to grow and have this wide variety of portfolio components? This shows us that it is a reality. The company, of course, there is a lot to happen. There are so many things before us. It is BRL 1.2 billion. This is our backlog order, which is far from our installed capacity, considering our history as a company.
Of course, there's a lot to be done, no shade of the doubt, but shows that we're starting at a good standing point. At the end of the day, that gives us this certainty that we have an adequate portfolio. We have good clients. They have demand for what we have. That makes us feel sure that we have a good position in the market and we're doing well. This year is a very good positive year. 2025 is going to be good. Your other question is, can recall about terms and sale conditions. In terms about terms, you can analyze our cash flow. There are some clients that paid with anticipation. That shows that I have a very good profile. If you compare to 2024, there is a totally different profile. The rest of the backlog orders, yeah, sometimes there are some variations.
Growers have their crops. They sell, and then they pay. They were kind of in dire straits. Now they're paying because you had a safrinha, a second crop. Of course, that impacts the entire supply chain. Those who were, for example, before, they wanted to pay before IPAC. Perhaps they may say, "Oh, I didn't receive. Can you just push this down the line?" I will have to get the second crop so that I can pay you. There is some sort of dynamic or we have to be flexible, basically, to change the due dates. Of course, that has to happen because of the type of business. When we see what is happening in our portfolio, and when you see right now, I can see that there are some people paying before.
If you compare last year to last year, I'm talking about percentage, not because in the end of the day, what we have here is a different size company in 2025. We see improvements in terms of working capital. Now, you check on the portfolio, there'll be better results. If that is going to reflect in the end of the year, what it is going to be sold. If something is going to be pushed down to the next crop, of course, there will be eventually a change in the profile. Anyhow, I think it is very difficult to have this situation. Now, checking last year, the %, we have a credit portfolio that in terms of %, it is even to what we had in 2024. There is a big change because we started a different standing point. We are already receiving some payments.
Very difficult to happen. Of course, things might happen in the future. We never know. There is no crystal ball here. How we started this year, that shows how strong we are. Our working capital is solid, and we are open to discuss, and we are open to have good negotiations, and we are able to mitigate the working capital issues that we might have.
Great, Felipe. Thank you very much.
Our Q&A session is now closed. I would like to pass the floor to Felipe Marques so they can draw our last comments.
Thank you very much for taking part in this session and our earnings release. Thank you very much for your questions. I would like to thank my entire team at Boa Safra. 2024 was very difficult in the entire sector, as a matter of fact.
We were really sad with the results, and of course, they were far away from what we expected to have had. That is so frustrating, principally considering our dedication and our work. Anyhow, we are a company that deals with seeds. We plant seeds. Even in 2024, such a difficult year, we planted our seeds. We are working on our strategic plan, and we always look ahead. We always think about five years ahead of us. We are always doing and making our adjustments. Of course, there are certain circumstances that force us to go left or right, but we keep adjusting, and we want to make sure that despite the difficulties of this past year, we are getting even stronger. We are a much better company now.
We have the best people in our teams so that we're going to have a normal year, and we're getting back to our normality to deliver and to meet all our expectations. I thank you all, investors, that even during moments of volatility and difficulties, thank you for sticking to us and believing that our work is well done. We do not focus on the result, but of course, the result is important for us in the future, what we can do today, and we're going to be reaping the result further down the line. Thank you very much for believing in us. I am sure that 2024 will be excellent. Agro business starts just after carnival. Carnival's done.
We want to be sharing all the positiveness that we have, and the entire team will be more than able and available to all of you this conference now. We thank you for your participation. You may now disconnect. Have a good afternoon.