BrasilAgro returned to profit by selling land. Farming margins fell
Net income of R$81.3m in the first quarter of the 2026/27 crop year, versus a R$64.3m loss. A partial farm sale in Bahia made the difference.
To save you time3
- How much did BrasilAgro earn?
- R$81.3 million in the quarter to September, reversing a R$64.3 million loss a year earlier.
- Where did profit come from?
- The partial sale (2,600 hectares) of Fazenda Rio do Meio in Correntina, Bahia, and revaluation of land-sale receivables.
- And farming?
- Gross margin fell from 30% to 27%: average prices rose 7% but cost per tonne rose 13%.
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BrasilAgro returned to profit: R$81.3 million in Q1 of the 2026/27 crop year (July and September), versus a R$64.3 million loss a year earlier.
Where it came from
- Partial sale of 2,600 hectares of Fazenda Rio do Meio in Correntina, Bahia.
- Revaluation of receivables from land sales.
And farming?
Worse: 27% gross margin (from 30%). Average prices rose 7%, but cost per tonne rose 13%.
Cash and dividends
- Adjusted net debt: R$136.3 million, -51% since June.
- Dividends: R$30 million announced (per ADVFN).
- 2026/27 crop: estimated 439,300 tonnes of grains and cotton (+3%), with 94% of fertilizer already contracted.
What I would watch
It's the AGRO3 model working: buy land, develop it and sell at the right time. When grain tightens, land pays the bill. The risk is the rural credit cycle hurting farmland buyers' appetite.
