Brasilagro Cia Brasileira De Propriedades Agricolas Q4 2026 Earnings Call Transcript

Key Takeaways

  • Negative Sentiment: FY2025/26 ended with a BRL 90 million net loss, despite BRL 926 million in revenue and BRL 100 million in adjusted EBITDA. Sugarcane production shortfalls from frost, rain and fires, along with weak cotton performance, were the main drags.
  • Positive Sentiment: Management reported strong productivity gains in soy, corn and cotton, including a 30% increase in corn production and nearly 50% higher cotton productivity after reducing less-profitable planted areas. Better crop selection, AI-supported area analysis and tighter capital allocation are expected to support future margins.
  • Positive Sentiment: The company expects improved results in the next harvest, supported by higher soybean prices already locked in above the prior year, recovering cotton and sugar prices, improved sugarcane harvesting and carryover effects from delayed production.
  • Neutral Sentiment: BrasilAgro’s land portfolio value rose to approximately BRL 3.34 billion, driven by land appreciation, area maturation and the return of a property after a customer default. Management expects to continue buying, transforming and selling farms, with potential sales in the next period.
  • Negative Sentiment: Debt and financing costs remain a constraint, with roughly BRL 1.2 billion of debt and elevated interest expenses. Management plans to use receivables and future proceeds to deleverage, while proposing a relatively modest dividend of about BRL 0.30 per share.
AI Generated. May Contain Errors.
Earnings Conference Call
Brasilagro Cia Brasileira De Propriedades Agricolas Q4 2026
00:00 / 00:00

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Ana Paula Zerbinati
Ana Paula Zerbinati
Head of Investor Relations, Communications and Capital Markets at BrasilAgro

Good morning, everyone. Once again, we're gathered here at the earnings call for BrasilAgro. We're disclosing our earnings for the harvest year 2025, 2026 ended on June 30th, 2026. If you've been listening in English, we have the presentation available on chat as well. Welcome everyone, and I'll pass the floor on to André.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

Thank you, Ana Paula. Thank you everyone once again for being with us. I think before we start getting into the numbers, it's always great to remember a bit of the rituals that took place in this year. We had so much geopolitical volatility. We had so much volatility from an economic perspective. It's worth mentioning that in the past when we were confirming the budget for this year, we had $1 at BRL 6, and throughout the year we saw this below five, then it went up a bit.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

I think in this year of a lot of volatility, we really want to focus on this. We're going to discuss what happened in our earnings, but it's a year where despite the numbers are really tough, we've been having a lot of achievements and we really want to share this with you and show how important this was. We had an important turnaround when it comes to productivity and really using resources and proceeds for more profitable crops. We're going to use all of this to give you a perspective of the great work the company's been working on, as well as on telemetrics and everything we consider to perform real time management through AI and other features.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

Not only the numbers, but when we talk about agribusiness, when we talk about agricultural companies, the photograph is very important. Here we're going to show you this photograph. What's most important in the agricultural market is the video. The video that has many years go by, and we're sure that in the film the company has been delivering and has been a great actor. Maybe in the photograph we weren't such good photographer. Here we're going to show you how we're very hopeful in our next cycle of earnings and everything we have ahead of us. Let's get into the numbers. We closed up with BRL 926 million of net revenue, BRL 100 million in adjusted EBITDA accumulated or accrued profit, BRL 90 million loss in losses negative. We're going to discuss the detracting factors for some crops that were

André Guillaumon
André Guillaumon
CEO at BrasilAgro

Gustavo will get into details of what took place last year. We've been talking about the sugarcane fires and also the ice phenomenons we've been having with climate conditions and the production of grains and cotton. That was a real all-time high harvest, 167,000 hectares planted and the portfolio value of BRL 3.1 billion. This is something the company really values and we're going to be sharing how this is made up. I always talk about how this is where we really have a difference in the game, a game changer. This is what we know how to do and what we've been doing with a lot of skill.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

What we bring here is an evolution of our portfolio and how it has been behaving and what we consider took place during the last period and how we are not passive in this process. If we were just passive landlords, we were just going to be worried about valuing our land due to commodity prices. Here, what we are bringing as details is we really want to show you that when we look at year-over-year, we are going to be explaining basically that we had this assessment of BRL 3.1 billion. Now we are going to get to BRL 3.34 billion now, right? How did this appear on our portfolio? We have appreciation of our land value, and this has been due to some regions.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

We always say that we have been. I have been actually using this phrase, initially the company diversified regions thinking about productivity, volatility, and commercial marketing. We have been very fortunate in reaping these real estate results with this volatility. There are different liquidity hubs in Brazil, and since we are positioned in different regions, we have been really taking advantage of this. Area maturity, this is where we really have the game changer, where we generate value for shareholders. We have almost BRL 95 million. If we were a company that was just passive buying mature land, that would be a different scenario.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

Here we are really driving the wheel here and really working to have the maturity of this area, right? If we were considering this when we consider the area maturity, we are talking about like an area with three years of crops is worth more than four, and an area with four is worth more than an area with five. The maturity of this portfolio is so important. This is really a factor where even in years where the market went sideways when it comes to land prices, if you consider this to be a real engine or booster in your business, we can still generate value for shareholders. The other effect is the soy price more recently now at the end, and we are going to get into details about this.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

A third point that is also important to highlight, which is the efficient way the company has been selling and if we have any default in customers, and this was one of these cases, then we brought in the cancellation, right? The part that they paid, we are going to consider, and the part that was not paid was going to be given back to BrasilAgro. Soon we will also be announcing new business opportunities as well. You are going to see it is almost as if we were to buy back land that we sold three or four years ago and we are going to sell now. This was a business that was very good for the company, and this gives us a portfolio assessment of 3.2.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

Once again, this places us as a very unique company that is searching for ways to generate value to shareholders through a land transformation. The graph on the right is just this evolution of what we have been showing here, and this is not a year where we are assessing with Deloitte. We do this every two more years, but this is our internal assessment. We are also going to have the Deloitte assessment supporting all of this maturity and development of the areas here. This is where the company really plays a different game, and we bring value to our shareholders even in a year of challenges in agribusiness with geopolitical issues, interest rates are high, currency scarcity in fertilizers, the wars, and all of this going on. But the company is still generating value for shareholders with this business model.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

It is really important to keep this clear in this conversation. We will talk about more details about what happened. We have been actually seeing this rush in the last few days. We consider this mainly due to the funds coming in, especially in the last three or four weeks or months. We have seen significant expression. For corn, we also see a bit of recovery. No doubt we have had some surprises in the last few days, especially when it comes to cotton recovering a lot in the prices and our cotton was at about 65, 68. We saw cotton reach almost 90 in the last few days.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

Once again, cattle raising is an activity that we consider as transitional, but we have been intensifying it in certain regions, sorry, and considering areas that are maybe contributing negatively with soy and also taking advantage of this moment with cattle raising. We are very optimistic. For ethanol, we are portraying a bit of the frustration of the entire sector. Why am I talking about this? I do not remember times where petroleum went over $100 a bbl and ethanol did not really keep up with the good price wave. We know that here we have a policy of parity that is sometimes not respected due to political influences, and that has really hindered the whole sector. But we hope this is equalized and corrected over time. For sugarcane, this is here a photograph for the year.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

We reached almost 14.5 and we have also seen significant recovery now. I always say that sugarcane, if someone asks you what is the recovery factor for the sugar prices now, we have multiple factors. We have El Niño in India. We have a reduction in our production in Thailand. We have beetroot sugar due to the margins there that worked not well. We had an excessive Brazilian harvest due to the rain. Everyone knows that if you have a more humid harvest, there is less chances of having sugar. It is more profitable to produce alcohol. Anyways, it is really a sum of different factors here. We saw this rush in sugar prices also, and I hope that now this sugar price impact will help us create this buffer and recover the ethanol prices, as we have already seen some positive signs for this.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

This is an overview of the commodities we operate with over the years. Next, please. The next slide here reflects a bunch of different information and details of what has been going on and some things I have already discussed from a geopolitical perspective. It is a year with a lot of volatility, but what we have really tried to demonstrate is how the company has been trying. I always want to reinforce here that we are considering the contribution margin and profitability of those activities, searching for ways to do this in the best manner. Here in the first photograph, we show you the MAP and the purchases last harvest, this harvest where we operated with about BRL 580, BRL 600 and now we can see that it is around BRL 800, BRL 850 per ton.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

All of this is due to the low availability of sulfur which impacts the production of phosphoric acid, and that has really been keeping prices at levels that are very firm. Our decision process is really considering the exchange ratio that we can have in that operation. Then chloride, which I think maybe didn't go up as much as phosphorus fertilizers in the last few months with chloride. We have been trying to position ourselves to capture the best value. The last graph is on urea. With the war in Ukraine, there has been an area that is really affected with the fertilizers affecting the production of natural gas, which is the base industry. You have a lot of volatility and the company kind of take on new positions, and now we resume this position again after this drop.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

We really just want to demonstrate that producing in a country where we are a major importer of fertilizers has some adversities. I think the company has been able to learn how to navigate this cost ratio. What we see on the right side is this close percentage, 70%, 70%, 70%, and that is basically because the summer harvest was already all purchased and some things that we wait on and expect a bit more is for the second harvest. If conditions are like the price is keeping up as they are, then we should wait and we are going to be gaining cost of capital. That is another topic that I think is really important. We are talking about the cost of capital at about 14%. We need to be very careful with how we buy or anticipate purchases.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

If we consider that the prices are very much discounted, we are going to anticipate the prices, no doubt. If we understand that prices are moving sideways at a moment like we are experiencing now, it really doesn't make sense to anticipate purchases. We are really keeping our eyes open on this point. The last one is to show you this exchange ratio now in the last recent race for prices. Basically, we saw this adjustment in the exchange due to the prices of commodities and how they were impacted. As I mentioned, it has been a year of difficulties and adversities where numbers are tough and they give us a bitter taste. There are things that are really nice to show, and I think the company has done its homework with the entire team that is very qualified, as well as major changes we had to our teams.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

We have a qualified team, but we are quick and we have the austerity we need to shift the moving pieces in our team. We have been reflecting a bit about these changes over the year. Our soy has about 19% productivity. Sorry, productivity, no, but increase of production. A lot of this is due to more productivity, not too much from reduction in area. We have also had corn with a lot of productivity and maybe a little less area, but 30% increase in production of corn. Beans also have a slight reduction. This is worth looking at. I actually asked the girls to give us a little more details on this number. We can see we produce less beans because we understood it did not make sense to allocate capital in such a risky crop.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

We reduced 70% of our area, and we were still capable of increasing the productivity by almost 40%. Once again, it is about the right decision-making process. In cotton it has been the same thing. We had a reduction in the total production harvest to harvest. I think here we had two major decisive factors, especially the harvest frustration that we are going to show you now in these results, and Gustavo will show you everything that happened in the next result. The cotton last year is not the cotton this year. This cotton is what we are seeing here. This is the cotton where we had a significant area reduction. We reduced the off-season harvest, and we have a productivity increase of almost 50% year-over-year.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

It is really worth celebrating and we really need to have this increase of productivity combined with the increase in prices. All of this is designed considering the rally of commodity prices. We are going to have an adjusted harvest again when it comes to productivity as we are showing you here. No doubt, we can definitely benefit from these prices. We have been looking at this even yesterday in our company board meeting, and we have already seen soy prices 3% or 4% higher than what we had defined as a target for the year, an important recovery of different prices. Although we have experienced a slight increase in our cost base year-over-year, not very significant. In the soy case, we are just discussing all of the fertilizer rush, and that is going to represent about 2% in the cost per hectare.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

We had an increase of costs at about BRL 100, BRL 100 and some reals per hectare. The graph on the side is just an evolution in tons, and that demonstrates our capacity as a company to go from 360,000 tons-416,000 tons, demonstrating or translating a little bit of what we had showed you on this chart here on the right side. Here we have this other chapter that I think illustrates what Gustavo will discuss in sequence, and which is all about the numbers we presented in this annual balance. Especially sugarcane. As we had mentioned last year, we were hindered twice with the frost in the state of São Paulo, and that also reflects the delays in the past harvests as well.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

This year we have been having over 50%, almost, of harvesting advances, and we have a lot of adherence between what was projected and what was actually harvested. Before I joined, I was actually talking to my team from the sugarcane crop team, and what was harvested versus what was estimated is super adherent, and we are really optimistic to finish this year with a very positive sugarcane harvest. Let us cheer for the price of ethanol to recover. I think the buffer with the sugar is going to help. It is worth mentioning also that we have this new factor in the ethanol production, which is the sugarcane ethanol, and that has really been impacting this displacement in the price curve. In the bottom you can see cattle raising, and we have been bringing in numbers basically of reduction especially considering the right-of-preference sale.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

We reduced a major volume in cattle raising. When you look at the GMD year-over-year whenever you have a big stock shift, you sometimes sell calves that are not ready because you have to release the space on the farm, so we are kind of hindered. We have a GMD of about 420 grams, and that is pretty much 9% or 8% below what we had in the last harvest. I am assured that. Shareholders are also really happy about this regardless. This basically happened because of this significant displacement of calves to the market, to the farms with the sale of Fazenda Preferência, this farm. This is all part of the game. This is the game we like playing, and it is just part of life.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

In sequence, we also bring in the maintenance of our planted area with a slight reduction, and this happens mainly due to productivity efficiency considering areas that have maybe marginal contributions and give them other purposes. When you look at absolute numbers, it may seem like not too much, but when you look at this in soy, you have a reduction of 6%-7%, because some of the soy areas were sent out to different crops that had maybe a cost that was a little bit lower or maybe some are going to have vegetation coverage really because if there is not a good productivity history in a year where you have an El Niño risk, there is really no point allocating capital if you are not going to sell.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

The graph on the right side I just shared here, there is this variation in soy basically considering this displacement of areas that we consider historically have been having recurring low earnings. When you look at some farms, and everyone here has probably already experienced this, you say, "Oh, the farm closed maybe 60 sacks on average." For that, you also signed off for areas that were 50 and 40 or 70. What we are considering here with the use of AI and these analysis take place a lot quicker, we can cross in a lot of details and we said, well why is this area always producing below expectations? My agribusiness team likes a word which is resetting the area. What does that mean?

André Guillaumon
André Guillaumon
CEO at BrasilAgro

Well, it means having good coverage and this is what we need to take advantage of in the year where we have low soy prices, right. Of course, we are always going to be reassessing this. If we were to consider this from a commercial perspective, we would be reassessing our numbers now, but it is still really early to discuss this in a year where you have an El Niño risk that is so strong, right. So in the next 50 days or 60 days, we are going to be assessing this in greater details.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

Sugarcane with an increase in area as well and then we have this displacement of marginal areas of soy where we consider a level with lower technology and corn with maybe a lower technology is a little more profitable, but also considering the possibilities of that increasing or improving physical soil conditions, right. Soy you just plant, plant, but you cannot necessarily improve soil conditions when it comes to organic materials. But part of this area that I show on the top line was displaced for some crops of corn. Cotton once again, we restructured and so here maybe we need to take a closer look and understand how it is going to behave in the El Niño phenomenon over the next months. Sorry, in the next months, not years.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

Here we are talking about cotton in Bahia and the cotton that is planted in the last half of November and the first half of December. So we have some time to reassess this. As we have been seeing for the expectations or if that is going to weaken and show maybe a trend of improvements, right. So we can maybe reassess this. This was basically considering two segments. Productive risk, so most of the volume is irrigated cotton and we reduced a bit of the cotton. But another point which is inherent to the agricultural sector and all of the Brazilian sectors is the cost of capital, which is really high considering a crop that is capital intensive, and we need to have austerity in this process, right, and understand where we can allocate capital in a more efficient way.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

All of this contributes to a little bit of what we expect for the next year. We have seen a year with a recovery in sugarcane, stabilization also in these productivity rates for soy, for example, and everything else that has been discussed so far, right? For the next page, we are going to just reach the final comments here, and then Gustavo will get into the numbers. But we have been very careful to mention two realities. The harvest in 2025, 2026 that took place, which is that wonderful harvest with $1 at BRL 6 and $1 almost BRL 5, so major volatility, but the company was very efficient in this process. We were able to have $1 locked in at BRL 5.72, so I think Treasury led by Ana Paula and Jorge really did excellent work analyzing the currency.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

We were able to close off at a currency rate that was way above this. It is worth mentioning that the harvest took place two or three months ago when $1 were already at BRL 5.30 or so. We are very efficient in this process. We closed a soy rate for Chicago at 1094. Cotton was a little bit better. You kept up with this. We were locking in a while back, and we had a BRL that was really good in cotton as well. In the middle of this process, we reduced a bit of the cotton area, that kind of kept us at that $1 of about BRL 6 considering CTZ for December, that would capture a big forwarding view, and we are selling the U.S. dollar to be able to have better price composition.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

We have a $1 in cotton closed off at BRL 6.75 and a great currency. We know another factor that is on our P&L that we monitor month after month is our receivables. Due to the fact that this is connected to the soy prices where we locked in at a receivable BRL 5.57. This is a bit of the photograph and the receivables out of the sales and the farms with the soy in Chicago at $11. These are the numbers that are going to be contributing strongly to the numbers Gustavo will show us. On the right side, we can see how the harvest has already been designing itself. This is where I get the optimism I mentioned. We have a situation that is very different.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

Soy has already been locked in over $12, when we had $11 last harvest, so more than 10% in the price, and that is just pure EBITDA. Cotton, it is still early to get this definition. We were closing cotton back then, and that was reflecting the prices still from back then. For corn, we have already take on some positions about 10%, let us say, and receivables from farms, we have already achieved about 30-some percent. This year, we are really walking hand-in-hand with production. When you look at the lines in the bottom, you already start seeing the composition of the type of currency we have been closing off at. We have this sold at $12.02 and the $1 below at BRL 5.57. For cotton, I just mentioned the number on the top, 74.23, and we already have $1 sold at BRL 5.92 for cotton.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

We always have this slight difference between the U.S. dollar for the soy and the U.S. dollar for cotton because for the U.S. dollar for the cotton, you are always selling in the second half of the year with the positions we sell off in October, November, December. The receivables are also a very significant line for us, BRL 5.54 already sold, and the U.S. dollar in Chicago is also very similar. All of this brings a very positive conclusion, which is the company has been working once again, and I want to remind you that the biggest value creator for shareholders with the transformation of land and that first slide we showed you, the recovery of the productive indexes in the company, big focus on this.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

Keeping this recovery of productive indexes and contributing also to a scenario that's a little better, we would expect us to have a positive harvest situation. I think Gustavo also mentioned that some of the things that hindered our balance sheet in this period will contribute to the next balance sheet. It's like the carryover effect for soy and some other things that happened. They're going to then contribute. The delays in the sugarcane harvests and all of this will contribute a bit to the period ahead, and so we should expect a recovery in these numbers. You can be sure that we'll have the year where we're really going to set some significant sale impacts, and this is in our DNA.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

This year was a year where we weren't able to achieve this due to many factors, but next year, I think we're really setting the scene for some sales that will once again bring stability to our operational results from a recurring manner. Gustavo, the floor is all yours.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

Thank you so much, André, and good morning, everyone. Thank you so much for your presence and watching the earnings. The results and this fiscal loss of BRL 90 million when comparing with the same period. He just closed his mic. Oh, it seems we had a connection issue. Just a second. Hello. Sorry about that, guys. We had a technical issue here with the connection. Anyways, the results in the period. We start off with the BRL 90 million, BRL 138 million were for the same period last year.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

Here we must also consider in summary that there's an impact in the sugarcane. That was an activity that historically the company always had deviations of 2%- 3% with a crop that we really believed would be stable. But last year, we suffered with the frost that we've already mentioned in the previous quarters in the state of São Paulo, as well as some other issues with fires, wildfires in the north of the country in Maranhão. All of this affected our company results. On September 31st, we knew we were reaching an excellent soy harvest and corn period. Then after, we'll get into this in the results also when we consider the behavior of these two crops. But we normally have these two pillars.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

These two activities in grains added onto the sugarcane, which normally contribute to the production about BRL 150 million-BRL 100 million of EBITDA, considering stability in the productivity historically in the company and margins historically in the company. But we always have some kind of volatility related to prices, and we try to mitigate this through derivatives. We're going to show this also with how these company policies have been able to mitigate and deliver margins that are in line with our budgets. But here specifically, we can see that the operational EBITDA in the company behaved in a very similar way compared to the same period last year.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

In the graph at the center with the adjusted EBITDA, you can see that just as soy and corn have this very positive behavior, especially considering a quantity per ton and margin and also costs that were considering prices that were very similar with an increment in productivity contributing very positively. Sugarcane, as well as cotton, as André just mentioned with the previous harvest, suffered some quality issues, and that impacted prices a lot. We also had some operational issues right in Mato Grosso where that was a factor also to reduce these surfaces and start taking on a bit more of a conservative strategy in regards to this crop. Understanding that it is a crop that has high deployment costs and with the cost of capital at the moment, we understood that the profitability was not doing well.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

We see these two activities that are very positive and other two activities that are very negative and that generate this suggested EBITDA impact. Let's say that is about BRL 10 million more than last year. The sale of the farm, which in our model is we always have this objective as a company and also as managers of the company. We have the objective of selling farms, and we understood also that it was a moment to have some kind of credit analysis and some opportunities that we had also for sale. We have an expectation because the market has a lot of liquidity in some regions where we have farms that are ready for sale. When we see this period, we understood that with sugarcane having similar behaviors to what we have historically, we would have a pretty good year in our results.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

When you look at the financial results as well, I think it is worth mentioning because more and more of the cost of capital has reduced the company's earnings. Here, when you see this from one year to another, we can see that these financial expenses have been growing. The financial results have been growing like BRL 14 million. The first-line revenue for financial investments, we really have a minimum cash position of BRL 100 million, BRL 140 million, BRL 160 million. That is applied invested, and that has been generating BRL 23 million in the cost of capital for the loans and the interest we should be paying annually were about BRL 100 million. When we look at this, we are talking about almost BRL 80 million of net interest.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

Now, there is this last line with the other revenues and financial expenses last year, the company. Just as you had this volatility in the real, that has also generated some impacts in our results, but sorry, in the revenue. When we get into the costs, we had a lot of fertilizers and chemicals we had bought. We had understood that there was an opportunity for the real to gain value and appreciate, and that is something we had considered with this commitment also for the payment in September, October. We were able to have some of these purchases with a real that was below BRL 5, and that generated a result considering the currency variation that was also very important within the company. The other points are mark-to-market lines or the company's balance sheet has a lot of effects.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

With estimates and IFRS standards we have to follow, and sometimes that kind of pollutes our balance sheet a little bit. We understand that these are the three lines that have this cash effect, and this is something that we've been managing in a very efficient manner. On the next page, we can see here a bit of the details of what we were mentioning. With the soy, we have a volume that is a lot higher than last year. The price with the BRL 20 million of earnings for the results, that's completely connected to what André was mentioning, especially the currency that we had achieved, or we were able to lock in. The results of BRL 109 million, and that also contributed considering the costs of the crops.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

This was a crop where we had some initial issues that we had with opportunities also to reduce their weight, let's say, through this currency variation, but also contributing with an increment in the tons and a possibility of having a cost per ton that was really low and that would help our margins. We always talk about 30% would be a good margin for this crop. Corn also, in the previous year, we had reduced that a lot because our margins weren't that great, and we can see this through the gross results. It was a year where we didn't have that many expectations.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

In this harvest, 2025, 2026, we incremented this surface a lot more, and we saw opportunities to perform some sales with ethanol companies, and we were also able to get some possibilities for setting margins that would be a lot more interesting. That's of course considering a company that normally plans on surfaces where the cost of opportunity is the coverage. We understood that this was a very good year from a result perspective. In exchange, we have sugarcane, and we've seen approximately 650,000 tons less in regards to what was commercialized in the previous year. Now here we have two effects. One that I would say is transitional, about 300,000 tons. You can see the results of the previous harvests, and these 300,000 tons were an important impact due to the rain and other issues.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

We've also been reducing this supply, and we consider that's really going to impact the results for the next year, which is really something that should have been mitigated. I don't know if significantly, but it could maybe have contributed to a reduction in the fiscal losses in this period. We also have those 300,000 tons or 350,000 tons, which were really this frost effect and operational and wildfire issues as well. Anyways, it was an activity that normally contributed to this, because about 27%, we understand, is a very much normal margin or historical margin in the company. We've also seen that this year, this contribution margin dropped a lot due to this reduction in our tons.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

But when we consider the costs of the sugarcane, the cost of fertilizing and making the sugarcane really ready for a new cycle while you have less tonnes, you cannot really dilute this. The company does not have a deviation when it comes to the cost per hectare. But with lower production, you do have a significant impact. But here you can see almost BRL 60 million less in EBITDA for the company's results. Finally, cotton here. The previous harvest, we ended the harvest in September last year, and we finished commercializing it till about June this year. We had many quality issues and productivity issues as well. That is what helped us reduce the surfaces.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

Although we have also maybe reduced these negative impacts due to the results, I consider that this is a crop today that is really being used for irrigated areas that we consider to be mature. We normally have surfaces or areas that are not 100% mature, right? That considers an investment in area and that also generates a difficulty at a moment where we consider interests are really expensive or high, and also where you have a potential of climate issues with El Niño. We consider that we should also be a little more cautious, right? Here, all of the cotton, that we have been harvesting at this moment, it is really positive. We can see that this is also going to be a result that will be benefited from the next period.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

We also have the company's debt with BRL 1 billion, BRL 200 million, and receivables BRL 500 million. The receivables have been dropping also due to this area that was returned or given back in Bahia. We understand that this situation with the debt upon EBITDA is really considered when we project this in the results. When you consider these receivables this year, we are going to be using to reduce debt and we also have a strategy to extend this. Especially at moments when we consider all of the history of what has been going on. The cost, consider this is pretty high, but our idea is to pay this CRA financial instrument. We do not want to renew this kind of debt instrument, but we want to make the company a little more leveraged, right? Here we also have another decision that we have also considered.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

We have seen management also accompany this. We understand that we have been building and contributing over the years to accrued earnings that has been in the company. We have also been receiving this with the sale of the farm at over BRL 500 million. We also have an expectation to continue with this business model, right? That has been successful and has an expectation for prices. It has been very positive for soy, for corn, and the sugarcane also, ethanol that is starting to be recovered. With all of this work, we have been projecting all of this, right, due to the good harvests for soy, corn, and sugarcane that we have been having. We understand that it is also a year where part of our results or earnings will be intended to reduce our debt and we are working on a reduction or better allocation of our CapEx.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

During the last five years, we had about BRL 150 million per year as CapEx to perform all of the area transformations and implement the irrigation projects and improve technological aspects, and bring in new leases in the region in Mato Grosso that have been contributing to mitigate climate issues with the portfolio we had. The company is preparing for a moment or a future with good productivity and that the business model can really make feasible. Sometimes the photograph is not good, but when we look at the full film, and we look ahead, our expectations. We continue to follow this business model. We've been talking to investors, over 100,000 individuals. It's important to mention that they perform the payment of dividends.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

We can see this in the sale of the farm and the accrued results. We've made the decision to pay. Not that we would like this. But it would be not the amount where we would like, it would be an amount lower, about $0.30 per share. But what we see and what we would like to demonstrate is our commitment to shareholders. Next. Well, here just to wrap up, this year we've been completing about 20 years at BrasilAgro, so it's our anniversary. This is a story that began back in 2005, then in 2016 it became concrete as we became the first company performing an IPO through a business plan, and all of this started off with about BRL 500 million. We really believed in this business model that was innovative and through the company we already have over 320,000 hectares.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

We've already sold over BRL 2 billion. This story started off with BRL 500 million, and we've already paid over BRL 1 billion in dividends. We have over 500 employees working farms. I think we've always mentioned that we have three pillars. The strategic side, the processes because it's a company that every quarter basically needs to be here showing shareholders how we take care of the proceeds we manage, and another pillar are the people. A lot of people here have been contributing. We have people that are not around anymore, people that are still around, we have service providers and contractors, and people that have really been contributing to continue to design this new story.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

Then here you have a link where you can also check out a bit of what's been going on in this last year. I don't know if André wants to add on. The first 20 years are just 20 years. We can't only look at the photograph. It was great because the investor relations area and communication area has been really working on excellent efforts here. Actually, the other day we had a book and each person's been writing a message in this book to talk about these 20 years.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

I think they were years of many mistakes but also many rights. I think we had more measures that we got right than wrong. No doubt the company created in these 20 years and was capable of building a resilient platform with an efficient management team and everything you guys have been experiencing with us for so many years. I think we prepared the company not for the next 20 years, but for the next 100 years. That is how we have been building it and how we have been working with people and how we have been taking care of processes from Dzero, a company that already went public and had to then build in an ERP and everything. We started off in a very organized manner, and this is of course preparing the company for the next 50 years or 100 years.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

I just want to take advantage of this and I also want to thank and say I am really grateful to everyone that contributed in the last 20 years, whether they are internal or external, our supporters, our investors, our shareholders, our creditors, banks that trust in our word and what we presented as individuals as well. It is great to see that we are finally seeing this contribution, right? That is something that excites us. A lot of people came in here when they were young. We say Gustavo, he spent 20 years here. I spent 19 years, Ana also about 19 years or so. No doubt we were able to really build this company that makes us very proud and no doubt for shareholders as well. Agribusiness is all about this.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

The other day I was joking about this and someone was asking me, "Hey, what about this crisis in agribusinesses?" If you do not know the crises in agribusiness, you have no idea about what agribusiness is. We have already had over 35 years and you have great moments and bad moments, but what is important is to have a company that can be resilient to capture the good moments and survive in the bad moments and that is what we have built over the past 20 years in our history. Once again, thank you so much for trusting us during these 20 years.

Ana Paula Zerbinati
Ana Paula Zerbinati
Head of Investor Relations, Communications and Capital Markets at BrasilAgro

Thank you, André. Thank you, Gustavo. André already said this, then after Gustavo I was going to add on to thank you all and thank my team as well, Camila and Deise, they have planned and worked on this and one of our skills here is to really be creative and make things happen and they really brought this into this moment of 20 years and I think people that are here that are almost fixed assets here in the company for so long, but we are really excited with this and happy to be completing this journey.

Ana Paula Zerbinati
Ana Paula Zerbinati
Head of Investor Relations, Communications and Capital Markets at BrasilAgro

If you have not been with social media, I would like to invite you guys to keep up with us on social media besides our earnings and other bureaucratic issues. We also post content and things about our day-to-day and what is going on in the business and in the background. Great to keep up with this. We have already gone over time. I am going to go in through question-and-answer. We have two people which have already raised their hands, and we are going to open up Guilherme's mic for BTG Pactual.

Guilherme Salgueiro
Guilherme Salgueiro
Analyst at BTG Pactual

Hi guys. How is it going? Good morning, André, Gustavo, Ana. I hope you guys are doing well here. On our side, we have two questions. The first is about the guidance, right? We wanted your help to understand the assumptions behind this improvement of the cost per hectare that you are estimating for some crops. We understand that for corn and the off-season, there could be a base effect since the costs were higher than what you guys had budgeted in the beginning. But considering the current scenario that you guys mentioned in the presentation as the price of fertilizers being higher, what is backing this improvement in the cost, right, per hectare?

Guilherme Salgueiro
Guilherme Salgueiro
Analyst at BTG Pactual

It would be great if you guys could help us understand this a little better. The second question is about the sugarcane guidance, right? Are you guys estimating a slight reduction and a harvesting area that is pretty much stable? When we talk to other players in the sector, a lot of people have mentioned that this excessive rain period has also gotten in the way of the sugarcane harvesting, right? I want to understand if this scenario is in some way already being estimated by you guys, or do you think this could be a risk. How do you see this scenario in the sugarcane sector, please?

André Guillaumon
André Guillaumon
CEO at BrasilAgro

Guilherme, as always, your questions. You and Thiago are always very surgical on these questions, right? Very intelligent. But I am going to start off with the second one, and I am going to let Gustavo help with this one also. Sugarcane, you are right in stating this. When we look at the big volumes in the company, we have sugarcane in the Midwest and in the Northeast, and believe it or not, at a moment where we talk about this is interfering a lot more in the Central South region. For example, in São Paulo we have sugarcane, but we have 300,000 tons in São Paulo.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

Most of our sugarcane concentration is in Monte Cristo in the northeast. Then there we had in the northeast a delay due to the operational issues there at the plant. But we have already resumed normally. We understand the harvest should take a little bit longer there, and I think the idea would be if we could wrap up by November 30th or even a little bit before. Then in the Midwest things are doing well. We have been having an operational capacity that is doing really well there. We also have good capacity. We are limited to this area.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

We have about 7,000 tons that we have delivered, right? In the state of São Paulo, your question is correct, and there the state is more delayed in conversations with our landlords in the production plants. We understood they are going to perform the grinding and crushing a little more up ahead. But the biggest challenge is you always have the plant kind of. There is always leftover sugarcane from the plant, especially in a year where it is really tight and suppliers are going to really have to make a big effort to deliver. Right? We could expect leftovers in the system, but I would expect more coming from suppliers.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

We should say that in the first part we considered BRL 625 million, about 40 something. This is mainly due to two effects: the rain effect that has been causing this increase in TCH, but also a harvest that is a little poorer when it comes to ATR. More TCH definitely. We also had a cost of capital. That is another effect. In the last year there was a major reduction in sugarcane harvests. When you renew sugarcane, normally Brazil plants sugarcane in about 18 months and then it comes back in the next one. When you do not renew sugarcane, although you have low quantities, you have sugarcane in the system in the next year. This really contributed to this increment. We have been forcing this and we actually consider this announcement that is postponing milling a bit more.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

We should impact sugarcane as we have always mentioned. In the second question about costs, there are two things we should highlight. One is scale and the size of the company, and also performing a critical analysis and making a decision. We bought MAP at about BRL 580; now it costs BRL 840. When you look at a call spreadsheet by Ideal or whoever else, they are going to be considering the Ideal prices. I think we are very precise in buying at the right moments, and we are even more precise with the model where we structured this purchase. We understood that there were chances to have this drop. It would not be different. If we consider an average currency in sales that was higher than what they operated with, we would also operate with using this in our favor.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

When we used to sell the currency well, we were using this to generate revenue. When we were buying the currency well, we were using this to reduce costs. Over the years, we were able to go buy with a pretty good volume of things we bought, and we bought it with $1.55, $5.70. When it reached $5.10, and we were skillful in buying with longer terms, we were able to pay off these positions, and we had a significant reduction in our cost. This is also kind of a scenario factor, but we did not stop there. We had structural issues also. For a few years, you have been mentioning how we have been increasing the production of our own seeds, and this year, once again, we were capable of increasing our own volume of seeds.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

Basically, we have the Chaparral unit there where we invested in a seed processing unit, and they were achieving about 1.5 million. This year, they had almost 3 million. When we considered this increase in cost, we said, "Look, the company needs to have its own seeds this year," and that also contributed. The decision-making processes balanced management of the currency reality and the FX and this. Gustavo or Guilherme.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

Simply, the currency part has a big influence, because when we compare, for example, with dollars, this cost for the company has been incremental. What we have also been demonstrating here is that we were capable in the last few periods.

Ana Paula Zerbinati
Ana Paula Zerbinati
Head of Investor Relations, Communications and Capital Markets at BrasilAgro

Sorry, we are losing Gustavo. He is having some issues. We cannot hear Gustavo. It is great that we know how to plant soy and sugarcane. We're not the best with IT, but we're going to do better guys. Just a second, we're trying to figure out what's going on here with the connection.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

Sorry about that, Guilherme. Let's go back to your question. No issues. Sorry about that. You can hear us, yeah? Just to wrap up, Guilherme, I think that from a cost per hectare perspective, we've been demonstrating that the expectations with the costs have been incrementing marginally. Another aspect that I think is really important for the company is we've also been selecting the surfaces we've been planting a lot better. In the past, we used to implement surfaces because we were just in this process of maturing the lands, and the fertilizers or products we were using had contributed to cost incrementing.

Gustavo Javier Lopez
Gustavo Javier Lopez
CFO and Investor Relations Officer at BrasilAgro

I think lately, with this cost of capital, we've been reducing these investments, and we've been able to stabilize these costs a lot more. To summarize, what I think is the points that André mentioned are really the main ones here that have been contributing to these costs.

Guilherme Salgueiro
Guilherme Salgueiro
Analyst at BTG Pactual

Yeah, that's very clear. Thank you so much, André, Gustavo, Ana. Thank you for all of that as well,

Ana Paula Zerbinati
Ana Paula Zerbinati
Head of Investor Relations, Communications and Capital Markets at BrasilAgro

André. Hey, we have truthful compliments there. Now we're going to move on to Gustavo Troyano at Itaú BBA.

Gustavo Troyano
Analyst at Itaú BBA

Hi, guys. Good morning. Thanks for taking my questions here. There's two points I wanted to bring out, and both of them are related to the purchase and sale of farms. What we noticed this year is you closed with a land mix that's pretty much developed beyond what we're used to seeing, right? Close to 55%. That would suggest that you would have a relevant stock of land to sell, and André actually mentioned during the presentation that's kind of your expectation for the next year.

Gustavo Troyano
Analyst at Itaú BBA

So my question here is more about how we expect this land mix to develop, and if you could already expect like the 1/3 you're already considering throughout 2027. But just to understand what the pace is for the sale of this land, André has mentioned during the presentation. The second question, which is maybe deriving from the first one, is what's the next step after the sale of this land?

Gustavo Troyano
Analyst at Itaú BBA

Because 2027 is going to be here with a lot of volatility due to El Niño, and so there should be a lot of disparity within the performance and between the companies and different regions, and that could lead to some opportunity to buy land. So when you consider capital allocation of the possible sales of farms, been prioritizing de-leveraging since the cost of capital is a bit higher, as Gustavo mentioned, and also take advantage of opportunities to purchase land that could appear. How have you been managing this? Considering this allocation.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

Well, Gustavo, how's it going? Thank you for being with us here. That's someone else that really loves agribusiness, and so I'm going to ask you to visit as well. Last time you came, you were looking into sugarcane right at the farm. Basically, the first question is yes, we have been dislocated due to everything we have already mentioned. We have liquidity concentrations in certain regions, but no doubt we are going to perform sales in the next period. If we are going to be more of a seller or more of a buyer, I think we should be more of a buyer, right?

André Guillaumon
André Guillaumon
CEO at BrasilAgro

If we consider a link to your second question, we have been very active, and with you guys at Itaú and BTG Pactual, and with other financial groups as well. We had this proactive time. Quite frequently we were reactive only, and now we have an agenda that is very close to you guys for origination of possible business opportunities we could have providing liquidity and solvency to some creditors. If I consider that in the mid to long term, we should search for that means to get back.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

There is another factor that is very important. Gustavo, I think kind of displaced this into 1/3. Why is that? Because initially when we used to buy, 100% of the portfolio coming in was to transform. Then you have this maturity curve. So if they would spend four or five years for this to happen. But then more recently for the purchases in Maranhão, Santa Susana, Agrifirma, we bought portfolios kind of in between this maturity process. So you accelerated this portfolio a little more and the portfolio is finished more. Could we accelerate sales? Well, that is a decision that we always look at from a profitability perspective. When we understand that asset is generating this, and so it is not because of an operational problem. That is where we are going to really gear and focus our canyons let us say to generate sales liquidity.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

That is good news. Because you have some farms where you have a good ROA, and then we would say, "Look, I would like to keep it operating with this kind of ROA." Then areas where we understand we have already reached the maturity curve, we can bring in what we always mention, 20%, 25% results for that present value. So there is no change in strategy. I think the company will be a company that is going to continue to buy and sell land. In the last five years, we sold over BRL 2 billion.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

We are not going to sell BRL 2 billion in the next five unless we have a major acquisition. But that is expectable and we always joke about how we need to have the bar open every day buying, selling, and that is how we make money. Buying and selling and transforming, and so strategic changes do not exist. What exists is a rebalancing of what came in with the portfolio. That is where you have this discussion that we have had in the recent past of transforming or not transforming the area with restrictions concerning the tradings. But we consider that this is balancing out to respect the agribusiness reality that really generates value for society as a whole.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

So it is not like a big change where it is going to be a company, that is going to be an operator. No. In our DNA, we do not believe that a pure operation just will bring the profitability that our shareholders hope for. We need to have this real estate factor as well.

Gustavo Troyano
Analyst at Itaú BBA

Okay, that is very clear, André. Thank you for the answers and I will wait for the next invitation.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

Yeah, for sure you can come with us. We will be together as well.

Ana Paula Zerbinati
Ana Paula Zerbinati
Head of Investor Relations, Communications and Capital Markets at BrasilAgro

All right, we have a last question that was sent in writing. We actually have multiple questions from Mateus Pauline who is an individual investor, and some we answered throughout the call here. I am just going to ask about the last question here, and that is related to the share price BRL 19 considering NAV of BRL 38.17 because the company plans to distribute BRL 30 million dividends in reserves. How does the board compare the returns to sell land versus internal value than just buying its own assets at 50% discount? That is a surgical question there again.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

This question could start off by answer saying, "If you just have one little bird won't ensure the shift in seasons." When you have a strategic effort and this comes from productive efforts, generating trust, generating traction among investors, generating recurrence in results and earnings on a shareholder base that is really active as we have been working on, then we have to look at this from different perspectives. For all of the decisions made maximizing returns for shareholders disregarding the different shareholder bases, right? How sometimes this, like a dividend paid like this, as is proposed this year, is more of a symbol than an actual big event or major event, and that demonstrates a recurrence of results and the concern to generate value of shareholders in different lines. I will give you an example.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

When we took over management in the company 10 years ago, we had 5,000 shareholders in our base of individuals, and now we reached 138,000. Now we have 150,000 in our individual base. There is a qualitative value in this that is huge, and it is very difficult, and there is a bit of an intangibility level, but I am going to translate this to you. Today, I am sure that any shareholder in the company that wants to sell off their stake in the shareholding base where regardless of the percentage, is not capable of modifying the price of the shares because this space has a recurrence phenomenon, and it has a strong presence, and these are intangible values. How are we able to achieve this? By working with individuals and that came into the base, right?

André Guillaumon
André Guillaumon
CEO at BrasilAgro

Maybe an institutional investor is going to say, "Oh well isn't it better to buy back BRL 30 million in a portfolio of BRL 3.3 billion?" We would be buying about 0.9%. As we have already done this, we have bought back 10% of the company's shares, right? At this moment, where you have to weigh in like oh I am going to buy 0.9% of the company. The profitability and trust that is going to generate tangibility as well, that is kind of the decision we made, right?

André Guillaumon
André Guillaumon
CEO at BrasilAgro

When we performed a cash analysis we could say, well if the question could have been more surgical in saying, "Well André, maybe it's better to pay the debt than dividends." If we look at the proposal we set and what we're presenting for the next period we're reducing, and in the short term we have an investment of about BRL 300 million, BRL 400 million and we're resuming about BRL 200 million and some. We're going to finish with BRL 160 million, BRL 150 million less in debt in the company because that is hindering the pockets of any sector in Brazil, right? With the interest rates we have. I would say that this decision has no right or wrong.

André Guillaumon
André Guillaumon
CEO at BrasilAgro

If we had a cash availability to buyback 10% or 15% of the company I think your provocation would be correct and we should do this, right? Today better than just buying back is reducing debt level and that's kind of what we're focusing on and that's what we believe will bring more value to shareholders. There's no right or wrong. I think there's a decision that's well thought of and well taken care of and sometimes you just have to bring in the tangible results and the intangible results and this sign for the market brings a lot more of that intangible return that becomes tangible when we need it too.

Gustavo Troyano
Analyst at Itaú BBA

Okay thank you.

Ana Paula Zerbinati
Ana Paula Zerbinati
Head of Investor Relations, Communications and Capital Markets at BrasilAgro

Well, thank you everyone for participating. We're officially wrapping up our call now and have a great weekend and Friday everyone and we'll be together in the next call.

Analysts
    • Ana Paula Zerbinati
      Head of Investor Relations, Communications and Capital Markets at BrasilAgro
    • André Guillaumon
      CEO at BrasilAgro
    • Gustavo Javier Lopez
      CFO and Investor Relations Officer at BrasilAgro
    • Guilherme Salgueiro
      Analyst at BTG Pactual
    • Gustavo Troyano
      Analyst at Itaú BBA