To take into consideration that events related to the macroeconomic events and the other factors can make that the results will be materially different from those expressed on the declarations. We are present here on this conference, Wilson Romanini, CEO, Alexandre del Nero Frizzo, CFO, Director of IR, and Edgar Zanotto, Director of Innovations and New Businesses. I would like now for Mr. Romanini to start the presentation. Wilson, you can begin now.
Thank you, Luiz. Good morning to all. We're going to show to you guys the new quarter. It's important data. Vittia is completing 55 years. We always mention that it's half a century working and towards to contribution of agribusiness. It's a bit that highlights that it doesn't really make us happy in a way, but we need to give explanations. We have the revenue was a little lower on the first quarter.
We're still firm. We understand that this recovery has the tendency to happen, and we're out there. And what we've been working as a company, rationalized company at this moment, this hard moment of the agribusiness in Brazil. Important points to mention, even with all the matter, that we have a reduction of almost 20% of our debt on the first quarter shows the organization and this control, cash control. We have EBITDA a bit negative. The leverage in line with what we had on the first quarter of 2025, and we did now for the shareholders a payment of BRL 16.5 million. When we talk about risks and opportunities, seeing this current scenario, the agribusiness still challenging. Everyone is noticing that the results from the companies exists. A high interest rates credit, restrict credit.
And of course, the farmer inside this scenario, he's very selective when he buys what he needs. He needs to make it viable, his activity. Now we count with a new conflict we had in the past, the war of Russia and Ukraine. Now we have Iran. Now it works in a very complex way, the market as a whole. But we understand that the companies that are organizing themselves, they can benefit from this complex scenario that we're living at the current moment. We have a very solid position financially speaking. We've been speaking since the end of 2023. We did our homework. We're still doing our homework. And we know that when the market will come back, we're going to return fortified, stronger. We have expectation to launching of these products.
We have evaluation done by an entity that was very well-respected in a technology that we developed, that we're going to be harvesting these results already in 2026. We have a drop on revenue because of the apart from the farmers of the uncertainties. We have a good news now, the reduction of our debt liquid, almost 20% of our debt. We kept this balance because debt and EBITDA and the parts in the SG&A , this is it, the compromise of rationality, rationalization of the company for us to create positive numbers inside the agribusiness in 2026. We speak again, with the financial robustness that we're having, understanding at this moment, it's a moment where we have to work in a very intense way internally, so we're able to harvest or collect our results and to be inside the company.
We have a still company, we're a company profitable, we're a company that we're verticalized a lot of our productive process. That will give us a condition of a lot more competitive cost compared to our competitors. Our strategy is still with the financial solidity, and I've mentioned, like I've mentioned before, even to do analogy, I think everyone likes to, everyone likes soccer. We're in a hard game right now, you know. That we have ahead of us a goalkeeper that's really taking care of everything. You know, it's hard for us to score, but it's harder for them to score a goal. What we need to, the goal we need have to have now a very efficient defense line to reach the, to get the results that we need.
We know that we're living now in a period, a hard period in agro, but things they turn eventually. Of course, I have no doubts that in a short period of time, short term, we're going to be scoring the goals necessary for our company to win this game. Vittia completes 55 years. It's very interesting to speak in this time, this anniversary, company helping directly the Brazilian agriculture to promoting technology, generating productivity for the Brazilian farmer, and this is our work thesis. Thank you very much. Now I just, the floor is yours, Alexandre.
Thank you very much, Wilson. Good morning to all. Going back to the detail of performance from the trimester. We had three lines that we've been through from this crop 2025 to 2026. The only big difference is the fertilizing line for soil, that there was a very expressive growth last year, like the last quarter. But at the beginning of the year, it's a period of a low seasonality for the fertilizer buying for the soil on the farmers' parts, and this line suffered a bit with the beginning of the year. This tumultuous year.
We were already with the farmer already very cautious, and the war that was declared at February 28th, getting one month on the trimester, it made that everyone would stop eventually doing what they were doing. Slow down a bit. Even today, we still have this sensation where the price is going up and the farmer, the producer, he's slowing down towards buying. He's just buying the minimum necessary to keep up the demand. We had a drop on these three lines.
But as I mentioned before, when it comes to leaves and biological solution, it was a tendency that we saw in the last quarter under the crops, 2025, 2026. And the fertilizing line, the soil one, had the trimester more not so normal. We can go for the next slide. Now there's a tendency similar in the lines of the biological solutions natural. In the last quarter, we had a drop in 10%, and on the leaf fertilizers and industrial products was a rise of 3%. 10% drop, and it had a margin growth and a soil fertilizer, like I mentioned. It was a quarter that was not so typical. Low seasonality. We had a result and a margin neutral, basically. In the fertilizer now and leaf, it's a tendency that we wait for the year to happen.
Because of the beginning of the war and the scarcity of raw materials, we wait this recoup. With all the fertilizer and industrial products, because they are imported, so inside this logic of the rise of cost since the beginning of the war, because of the closing of the Hormuz Strait . Although we are not seeing directly a recovery of margin, we realize that at least in a short term, it is going to show a certain stability. And with logic that we need to have to recoup the margin this year to recover. Given to the fertilizers, they are with a higher cost now under the chemical defensives also. So the biological part, there is a space with a certain recovery of a margin throughout the year. Now going to the next slide.
Point of view from what we control and what we have total power, it is the management of our whatever is spent. Taking this recovery part that a darkness of the revenue last year, we had the head of our assessment part as having as a debt. So we have adjusted to our goal, generating material growth, nominal growth of zero and inflation growth. We were able to reduce our debts and our expenses. So it is worth mentioning that even though we had a smaller provision, we have a reversion of the first quarter 2026, and the last one from 2025. We have a smaller reversion, but we see that as something that is very positive. To put the performance into the April 30 when we did the close of the quarter that are receiving, and they had a history of debts.
Now we are dealing with, as a resume of the quarter, summary of the quarter, we have a drop of EBITDA on the first quarter 2025 for less than BRL -1 million. Yes, it is in the first quarter of the 2026. It is to do with our performance of profit and a drop of revenue and margin. And I reinforce that it is a reflex of the last year's crop and this first quarter, so there was not a lot of expectancy. And this quarter, it is certainly lower. This is a point of view from all over.
Given the revenue, that is why it is not so representative. Now going to the next slide. We, at a point of view of the variables. Control, we are still with our CapEx product. This year, it is two projects, bigger projects. We are going to be very close to the last year's point of view of the total investment.
We are at BRL 30 million. So this growth of 16%, it is more seasonal inside the seasonality that we have of investments, and they are divided by two main products that they represent a half of the CapEx from the year. And investments to better of our biological plants, that we reach close to BRL 10 million. And investments for a greater capacity of inoculants that will reach close to BRL 6 million. So the point of view of cash flow and debt, we were able to giving a very good performance within the environments that we live in, agriculture. There are a lot of people with debts and scarcity credit. Vittia in this trimester, this quarter, that we consume a lot because it is a bridge between what we sell to the crop and until the receivables that it is post-harvest. It is the end of May.
We consume cash at this point, and the consumption was slightly less, BRL 15 million against BRL 40 million on the same quarter of last year. As a result of this management, sufficient management, financially speaking, we're controlling the debts and the expenses, and our cash flow, we were able even. We paid over BRL 40 million for these shareholders in the last 12 months. We're able to reduce our debt, liquid debt, in 20% quarter-against-quarter. It's a very important result. Like Wilson mentioned, it's going through hard times now globally, pretty much, but we're on defensive side. It's like we mentioned on the soccer team, that you need to know the moment, the right moment to attack, but now it's the moment to defend, in order to win the match at the end. We're not going to attack.
We're not going to get no receive like they're going to score against us like five, 10 goals. We're just going to keep ourselves into the defense line, make sure we're up there, and wait until the scenario to change and to eventually won this match, win this match, and do the right strategy. We're following a strategy. It's a robust cash flow, keeping the investment, keeping our projects, our internal projects, mainly P&D, but of efficiency, better efficiency in a position that we think that it's completely differentiated in the market towards our competitors. We can now can give ourselves to keep all the investments, to keep the discipline on credit, and to be very flexible in this moment that we have a certain supply chain. It's a little messy right now.
We have this flexibility to buy with different prices given that complicated for the agriculture due to war. This position, it's an advantage, substantial advantage this moment, this given moment. Going to the next slide. Because of this better administration of cash, we had a better performance, financial performance on the quarter. We had a credit because of due to the loss we had. That's why we had a. The creditors, the accounts, the social contribution as the liquid profit adjusted, and we had a drop of around BRL 4 million quarter-against-quarter. Now it's Edgar's time.
Thank you, Frizzo. Good morning. Good morning, all. We'll continue here with good hopes, with the triumph, Triunfe, with our launching of 2025, and clients are really having good acceptance with this product. That was a big launch that we did that's already giving a good result for the company at the first year already, and then we have a growth expectancy that will help us bring results and the launching of products we've started already.
We have a launching that we did already, and then next month, at least two more products we're going to be launching. From these two are defensive to biological, and the other two are our products that are class from specialized class, let's say. One is biological also, and the other one is for the part of nutrition, [Max Nutrition]. So we're continuing with Frizzo.
Even with a hard year, we still kept with investments very rated with good. We haven't stopped the matter of investment, and this brings with the security that when the market will circulate, we're going to be able to grow in a faster, more consistent way. Let's go to the next slide. The matters of investments on P&D that we've been showing. Research and development, R&D, and then biological. We didn't reduce anything, investments, because we understand that everything that we're going to be a growth in the future, where we come out of here and we're able to keep these operations very stable. Recently we had four more RET that we asked for, and then it was approved with microorganisms, the different ones. We have one of those that are microorganism that we even heard of the first mention of this microorganism.
First, we were kind of specialized at this analysis that no one is even working on the market yet and having results that's highly differentiated from everything that we've seen so far. So we start to bring these new technologies that we started a while ago from our collection of microorganism, which is robust and it's very well-studied, and from now on, it will be something common for us to see these innovations. They're very differentiated from now on. So that's it for the given topic.
Okay, talking about the point of view of the market and capital. We've suffered a bit on a performance level for our shares. We understand it's a moment Brazil and a moment agricultural moment, not our company, but we don't understand much the evaluation, financial evaluation that it's getting to Vittia.
We did a little bit of the rebuying program, BRL 5 million on the first quarter. On the fifth program, we're still the interest over our own capital with a tributary part. The point of view of capital, we're, like I mentioned before, we're still very solid and now more and more looking to the point of view to accelerate the rebuying program. We had a strategy to do that in a gradual way, not to interfere on the market. But in a point of view of the shareholder, that to deal with and to maximize and discount 20% of the liquid of book value was discounted generating 6x the amount of EBITDA on the last 12 months. We were talking about of results, historic, the lowest one and at this margin related to Vittia. I did a comment on that on our Vittia Day.
Rentability are lower, historic, one of the lowest on the last 10 years, even the company have a portfolio of much more differentiated with much more added value than we had 10 years ago. Even though we're still with EBITDA 6x and with discount on what we have here make us to accelerate our programs with a responsibility, always with responsibility. The idea is not to come up with prices on the market pressure and to allocate the best way possible the company's capital to maximize the return for the shareholders. So this is. We'll continue the rebuying program and evaluating how can we accelerate. Wilson spoke previously that this will, t his agricultural market situation now that will flip. It's a cycle.
The longest cycle in history, we are going to the fourth year already of this bad cycle and going in effect to external factor, very important, which is the war, and internal one, which is the election. In these moments, like Wilson mentioned, a turning point so that the markets will go back to the full activity. A company like Vittia is not going, not returning any level of rentability, a minimum for its capital. I reinforce, like I said on Vittia Day, if we are like this, our competitors are even worse than us. Some of them are not even able to have any return whatsoever. They are having loss and they are having more financial problems, and this will normalize at some point. At this moment, we are going to be very focused on this program, rebuying program.
We are going to start the Q&A session for analysts and shareholders. Anyone like to ask anything, just click on the button to raise your hands or the button Q&A on the lower part to put your answer on the chat next. First question come from you, Matsuyama, analyst, your side from Itaú BBA.
Good morning, Wilson, Frizzo, all the team. Two questions here on my side. First one is related to the margin of the farmer, the producer, to get your feeling related to the market, especially in the context that it is very globally. You guys explained on the presentation, but inside this context, you guys are able to give a little bit more color of the specification of this more expensive chemicals. What do you guys think of the adoption of technology for the part of the farmer throughout the year? How we can deal with the top line and margin with you guys?
My second question is related to the expectancy for the mix of the year. micro soil got more revenue last year. Then explain well what happened, and then foliar fertilizer dropped, leafy foliars. To normalize, to get a little bit of the hook on discussion of margin, how will it work, this trajectory between the segments throughout the year? That is all my side.
Okay, I will start. If Edgar wants to compliments, the important thing is that we are seeing real, the markets, the margin for the producer, the farmer, it is very narrow. It has been very many years in the market, agricultural Brazilian market. There are phases and phases. It is the same thing. Sometimes everything is very good, very well, and sometimes are very hard, very difficult. We see the main cultures here that we have in Brazil, which is soy, corn, cotton, sugarcane. It is the agriculture, it is a margin, sacrifice margin. The guy is having to a very hard management, internal management work for him to have some result.
If you manage to balance his bills, there's a matter that it's logical. I was talking with our competitor that we have a lot of solutions to leave the farmer, to leave him a little bit of some margin. It's his costs, and it's a work that we need to do, and it demands time. I feel that a lot when we talk about in this world on defensive chemical, defensives that we think that the world that it's in Brazil. No, that's something that's happening here in Brazil for 70 years and it's giving results. When we go to the world of the, they were not talking about 70 years on the parts of these offensives of biological on the agro part.
Important part is that now it's very clear, even that the own companies, chemical companies, they are seeing the biological part as a big solution on the efficacy for the farmer. The rise of the price from the chemical progress reflects in a big way on the farmer's market, and he has alternatives to that. He can now today work in a way very calmly in the way for this substitution. We believe in that now. It's hard work ahead. We don't have the capacity to do this reversion, this reversal in an absurd way. It's a work that we're doing in the long term. A lot of products that they understood about our products. Now, today we have a lot of farmers, producers, and medium ones that they understood already, is able to control the problem with his crops with the biological products.
We have a hope, expectancy that the solutions, not just hope, expectancy that these biological solutions will occupy a bigger role this year in our company. Automatically we will have a better mix proposal based on our micro and as a soil still that's very, this area is very heated. We have a small retraction on the first quarter. On the second quarter, we have a very strong position upon the soil fertilizers and then the high rise of the NPKs that we have for solutions for leaf and foil, some substitution to leaf. Our expectancy or what we hope, what we foresee is that we have an increment in all our lines. That's our belief. It's work, daily work, and it's what we're doing inside the company already. In all our presentations, I mentioned that a lot inside we have a total dominance.
Out there, we need to work out in the field. We need to be more active. That's what we're trying to do now, this moment, where we're going towards this moment to spread all this and to have a better give, the farmer a better comfort. Now Frizzo will speak, but from our side, it's matter of launching of products that we're working some things that are to help the producer, the farmer, to have a lower cost and take better advantage of the nutrients.
See, last year we spoke a lot about the phosphorus, talk about some technologies for others, mainly something with nitrogen and some other cultures. There's nothing much to complement in matters of the mix. It's also mentioned. It's a very positive micro soil. We wait a year for strong, for micro soil. We'll do the same growth compared to last year.
We hope to keep the volume, not to have a drop on the soil part, and to start having growth again on the line of mainly on the line of biological solutions and natural ones were the greatest focus. We also await to grow in the foliar and in leaf. That is the objective for the year to grow in all lines and in soil part, normalizing and the biological aspect to go back and to be the greatest growth that we have with the greatest potential.
Perfect. Thank you very much.
Our next question from, on their part is from, Investor from [Private Sites].
Good morning. Can you give more details of the project expansion international for Mexico?
Okay. It is under my responsibility. Mexico is following well the part of commercialization of the fertilizers that we have already registered there. We have 13 products registered. We have a programming for the year, a very good, and it is happening. It is happening as we expected. What can change a bit from now until the end of the year, we have, for example, in June, depends on governmental bodies, we cannot guarantee to get all the certification and registry for the biological defensives. I can have a better result, which is an operation this year that we had a budget to have a positive year already. So it is basically that is what I am able to state.
Just to complement Edgar, we have nine professionals there. It is a project that where, sites expectancy, but for more towards medium term. We have a very interesting representative in Vittia, but we are still this initial phase, complementation of portfolio to formation of the crew there, of the staff.
This year, next year, expectancy is to have some kind of return, results that are contributing, but still shy when you think about the representativeness as a whole. Just to complement a bit also, this is a project that let us say they are very upfront, we are happy for it. We are excited over it. It is a very important point. The matter of choice is also the place, the people that are with us, the partnership that we have with Mexico, a very good company towards distribution, very good reputation. We believe in that. We started to think about in the medium and long term, the matter of Mexico. There is a point that is very interesting, which is the expansion to the Latin America. We are starting to work on the development of registry in companies like Guatemala, Panama, and others. We believe a lot in that.
It is something assertive, and in his projects that is going in three years, and it is very interesting that in this year, 2026, they will find a balance and will generate a certain result for the company. We understand that it will make a difference, a big difference in a very near future.
Thank you to all the Q&A. It is ended now. I like to, the final considerations from Mr. Wilson Roman ini.
Thank you to all that are watching us, so that we may, w hat we always speak is that we would like to be here to be showing something better, to be honest. That is always the wish of those that are hardworking throughout the year, and even for ourselves to feel better about it. A very important point, it is the responsibility that they have the executives from the company they have also, and everyone that we know. We are aware that the market, it is hurt in a way when you talk about when we mention our competitors, the situation. It is not a very interesting situation in Vittia. We are very strong in this way, and we are ready for this turn of the game now.
We are not going to be able to turn the game ourselves, by ourselves, but the market will. Even you guys that are in the financial aspect of the market, you know that the game changes at any moment, and Vittia is ready, but very well-structured by when the time the game changes. We are on top of our game, and we are going to work hard to have a 2026 very interesting for all of us. Thank you very much.
The conference, video conference, it is over, and investor areas, it is available to answer more questions, and we will thank to participation of all and good morning.