Analysis: agribusiness's third quarter in 5 numbers, and the thread linking them
Defaults at BB, debt at JBS and Minerva, cash at Suzano and margins at Bunge. Earnings season told a single story.
To save you time3
- What's the story of the season?
- Expensive credit and rising leverage on one side; cash and processing margins on the other.
- Who did well?
- Suzano (profit +6%, deleveraging promise) and Bunge (profit +91.6% from crushing).
- Who did badly?
- BB (profit -66.5% on farm defaults), JBS (profit -71.7%) and Minerva (R$717m loss).
Tickers in this story
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If you didn't have time to read every report, here's the summary that matters. Five numbers, one story.
1. 6.92%
Banco do Brasil's agri delinquency. The biggest farm lender saw profit fall 66.5% and cut dividends. That's the starting point: leveraged growers are struggling to pay.
2. 3.54x
JBS's leverage, up from 2.39x a year earlier. Profit down 71.7% and cash stuck in inventory.
3. R$717 million
Minerva's loss, driven by hedges and FX. Recurring profit was positive, but leverage rose to 3.2x.
4. R$2.1 billion
Suzano's profit, +6%, with a promise of more cash and less debt.
5. +91.6%
Bunge's profit jump, with soybean crushing delivering margins.
The thread linking it all
High rates (Selic at 13.75%) and more selective credit punish those who depend on borrowed money and thin margins. Cash-rich exporters and processors with good margins get through the cycle. On the stock market, that's the line dividing agri names in 2026.
Analysis by the NeoSeed Newsroom. Not investment advice.
