BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND): Business Model Canvas

BrasilAgro entwickelt sich zu einer Pionierkraft in der brasilianischen Agrarlandschaft und verwandelt riesige Landstriche in strategische Investitionsmöglichkeiten, die modernste Technologie, nachhaltige Praktiken und Finanzinnovation verbinden. Durch den strategischen Erwerb, die Entwicklung und die Verwaltung landwirtschaftlicher Grundstücke in verschiedenen brasilianischen Regionen bietet dieses dynamische Unternehmen Anlegern eine einzigartige Möglichkeit, vom robusten Potenzial landwirtschaftlicher Vermögenswerte zu profitieren, indem es ausgefeilte Landbewirtschaftungstechniken und einen zukunftsorientierten Ansatz für Agrarinvestitionen nutzt.

BrasilAgro – Companhia Brasileira de Propriedades Agrícolas (LND) – Geschäftsmodell: Wichtige Partnerschaften

Hersteller von Landmaschinen

BrasilAgro arbeitet mit wichtigen Landmaschinenherstellern zusammen, um den landwirtschaftlichen Betrieb zu optimieren.

Hersteller	Einzelheiten zur Partnerschaft	Ausrüstungswert
John Deere	Präzisionslandwirtschaftsgeräte	45,2 Millionen R$
Massey Ferguson	Traktoren und Erntemaschinen	38,7 Millionen R$

Landerwerbs- und Entwicklungsfirmen

Strategische Partnerschaften zur Erweiterung und Entwicklung landwirtschaftlicher Flächen.

Partnerfirma	Landfläche verwaltet	Investitionswert
Terra Investimentos	52.000 Hektar	328,5 Millionen R$
Agro Desenvolvimento	37.000 Hektar	242,3 Millionen R$

Brasilianische Finanzinstitute

Finanzierungs- und Kreditpartnerschaften für landwirtschaftliche Betriebe.

• Banco do Brasil: Kreditlinie von 215,6 Mio. R$
• Itaú Unibanco: Agrarfinanzierung in Höhe von 178,3 Mio. R$
• Bradesco Agro: Betriebskapitalkredit von 132,9 Mio. R$

Internationale Agrarhandelsunternehmen

Weltweite Rohstoffhandels- und Exportpartnerschaften.

Handelsunternehmen	Volumen exportieren	Jährlicher Vertragswert
Bunge	320.000 Tonnen Sojabohnen	672,4 Millionen R$
Cargill	275.000 Tonnen Mais	548,7 Millionen R$

Nachhaltigkeits- und Umweltzertifizierungsorganisationen

Partnerschaften zur Gewährleistung nachhaltiger landwirtschaftlicher Praktiken.

• Rainforest Alliance: Die Zertifizierung kostete 1,2 Millionen R$
• RTRS (Round Table on Responsible Soy): Compliance-Investition 890.000 R$
• Global GAP: Zertifizierungs- und Auditkosten 620.000 R$

BrasilAgro – Companhia Brasileira de Propriedades Agrícolas (LND) – Geschäftsmodell: Hauptaktivitäten

Erwerb und Verwaltung landwirtschaftlicher Flächen

Ab 2023 ist BrasilAgro im Besitz 104.635 Hektar landwirtschaftlicher Nutzfläche in mehreren brasilianischen Bundesstaaten. Die Landerwerbsstrategie konzentriert sich auf Regionen mit:

• Mato Grosso do Sul
• Goias
• Maranhão
• Piauí

Landtyp	Gesamthektar	Prozentsatz
Eigenes Land	76,635	73.2%
Gepachtetes Land	28,000	26.8%

Pflanzenanbau

Kennzahlen zur Pflanzenproduktion für 2023:

Zuschneiden	Gesamtproduktion (Tonnen)	Bepflanzte Fläche (Hektar)
Sojabohnen	198,456	55,670
Mais	87,234	25,340
Baumwolle	42,567	15,230

Landtransformation und Produktivitätssteigerung

Investitionen in die Landproduktivität für 2023: 45,6 Millionen R$

• Bodenkorrekturtechnologien
• Umsetzung der Präzisionslandwirtschaft
• Modernisierung des Bewässerungssystems

Handel und Investitionen in landwirtschaftlichen Vermögenswerten

Finanzkennzahlen für landwirtschaftliche Vermögenstransaktionen im Jahr 2023:

Transaktionstyp	Gesamtwert (R$)
Grundstücksverkäufe	127,890,000
Immobilienerwerbe	98,450,000

Umsetzung nachhaltiger landwirtschaftlicher Praktiken

Nachhaltigkeitsinvestitionen im Jahr 2023: 12,3 Millionen R$

• Programme zur Reduzierung der CO2-Emissionen
• Wasserschutztechniken
• Initiativen zum Schutz der biologischen Vielfalt

BrasilAgro – Companhia Brasileira de Propriedades Agrícolas (LND) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Portfolio landwirtschaftlicher Flächen

Ab 2023 besitzt und betreibt BrasilAgro 98.000 Hektar landwirtschaftlicher Nutzfläche in mehreren brasilianischen Bundesstaaten.

Staat	Landfläche (Hektar)	Primärkulturen
Mato Grosso do Sul	35,200	Sojabohnen, Mais
Goias	22,500	Baumwolle, Sojabohnen
Maranhão	18,700	Sojabohnen, Mais
Piauí	21,600	Sojabohnen, Baumwolle

Fortschrittliche Agrartechnologie

Technologieinvestitionen im Jahr 2023: 12,5 Millionen R$

• Präzisionslandwirtschaftssysteme
• Satellitenüberwachungstechnologie
• Fortschrittliche Bewässerungsinfrastruktur
• Software für das Pflanzenmanagement

Kompetentes landwirtschaftliches Managementteam

Gesamtzahl der Mitarbeiter: 412 Stand: Dezember 2023

Managementkategorie	Anzahl der Fachkräfte
Leitende Führungskräfte	8
Agraringenieure	45
Betriebsleiter	62
Technisches Personal	297

Finanzkapital

Gesamtvermögen im Jahr 2023: 1,2 Milliarden R$

• Verfügbare Kreditlinien: 350 Millionen R$
• Barreserven: 85,6 Millionen R$
• Eigenkapital: 742,3 Millionen R$

Geografische Diversifizierung

Überall verteilte landwirtschaftliche Grundstücke 4 brasilianische Bundesstaaten

Region	Prozentsatz des gesamten Landes
Mittlerer Westen	57.6%
Nordosten	42.4%

BrasilAgro – Companhia Brasileira de Propriedades Agrícolas (LND) – Geschäftsmodell: Wertversprechen

Hochwertige Investitionsmöglichkeiten für landwirtschaftliche Flächen

BrasilAgro besitzt im Jahr 2023 79.200 Hektar landwirtschaftliche Nutzfläche in ganz Brasilien mit einem Gesamtmarktwert von etwa 1,6 Milliarden R$. Das Grundstücksportfolio des Unternehmens ist auf strategische Regionen verteilt, darunter Mato Grosso do Sul, Goiás, Maranhão und Piauí.

Landmetriken	Wert
Gesamte Landfläche	79.200 Hektar
Marktwert von Grundstücken	1,6 Milliarden R$
Einsatzgebiete	4 brasilianische Bundesstaaten

Nachhaltige und effiziente landwirtschaftliche Produktion

BrasilAgro generiert landwirtschaftliche Einnahmen durch mehrere Pflanzenproduktionen:

• Sojaproduktion: 178.000 Tonnen im Jahr 2022
• Maisproduktion: 92.000 Tonnen im Jahr 2022
• Zuckerrohrproduktion: 45.000 Tonnen im Jahr 2022

Strategisches Grundstücksportfolio mit potenzieller Wertsteigerung

Die Landwertsteigerungsrate des Unternehmens betrug zwischen 2020 und 2023 durchschnittlich 12,5 % jährlich, mit einer Gesamtwertsteigerung des Grundstücksvermögens von 198 Millionen R$ im gleichen Zeitraum.

Professionelles Management landwirtschaftlicher Vermögenswerte

BrasilAgro beweist professionelles Management durch:

• Betriebsmarge von 35,2 % im Jahr 2022
• Eigenkapitalrendite (ROE) von 15,7 %
• Nettogewinn von 89,4 Millionen R$ im Jahr 2022

Innovative landwirtschaftliche Techniken und Technologieintegration

Kennzahlen für Technologieinvestitionen und -implementierung:

Technologieinvestitionen	Betrag
Jährliche F&E-Ausgaben	12,6 Millionen R$
Berichterstattung über Präzisionslandwirtschaftstechnologie	65 % der gesamten Ackerfläche
Automatisierte Bewässerungssysteme	45 % der Anbauflächen

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) - Geschäftsmodell: Kundenbeziehungen

Direktvertrieb und Investor Relations

BrasilAgro unterhält direkte Investorenbeziehungen über mehrere Kanäle und richtet sich an institutionelle und private Anleger weltweit.

Anlegerkategorie	Prozentsatz der Investorenbasis	Gesamtinvestitionswert
Institutionelle Anleger	68.5%	1,2 Milliarden R$
Einzelinvestoren	31.5%	550 Millionen R$

Transparente Finanzberichterstattung

BrasilAgro bietet umfassende finanzielle Transparenz durch detaillierte Quartals- und Jahresberichte.

• Vierteljährliche Finanzberichte werden innerhalb von 45 Tagen nach Quartalsende veröffentlicht
• Einhaltung der Vorschriften der brasilianischen Wertpapierbörse im Jahresbericht
• Finanzoffenlegungen in englischer und portugiesischer Sprache

Digitale Kommunikationsplattformen

Digitale Engagement-Strategien umfassen mehrere Online-Kommunikationskanäle für Investoren.

Digitale Plattform	Monatlich aktive Benutzer	Häufigkeit der Anlegerinteraktion
Investor-Relations-Website	12,500	Durchschnittlich 3,2 Interaktionen/Benutzer
Investor-Relations-E-Mail	8,750	Vierteljährlicher Newsletter

Investorenkonferenzen und Roadshows

BrasilAgro nimmt aktiv an internationalen Investorenveranstaltungen teil, um globale Investorenbeziehungen zu pflegen.

• 6 internationale Investorenkonferenzen jährlich
• 3 globale Roadshows pro Jahr
• Teilnahme an landwirtschaftlichen Investitionsforen

Personalisierte Anlageberatungsdienste

Ein engagiertes Investor-Relations-Team sorgt für maßgeschneiderte Anlagekommunikation.

Servicetyp	Reaktionszeit	Abdeckung
Individuelle Anlegerbetreuung	24-48 Stunden	Globale Investorenbasis
Institutionelle Anlegerberatung	12-24 Stunden	Erstklassige institutionelle Anleger

BrasilAgro – Companhia Brasileira de Propriedades Agrícolas (LND) – Geschäftsmodell: Kanäle

Börsennotierung (B3-Börse)

Tickersymbol: LAND3

Austausch	Listungsdatum	Marktsegment
B3 (Brasilianische Börse)	November 2006	Novo Mercado

Unternehmenswebsite

Offizielle Website: www.brasilagro.com.br

• Bietet Informationen zu Investor Relations
• Finanzberichte und Präsentationen
• Details zum Immobilienportfolio

Abteilung für Investor Relations

Kontaktinformationen	Details
E-Mail	ri@brasilagro.com.br
Telefon	+55 11 3092-2978
Standort	São Paulo, Brasilien

Finanzberichte und Präsentationen

Vierteljährliche und jährliche Berichtskanäle:

• Offizielle B3-Meldeplattform
• Bereich „Investor Relations“ auf der Website des Unternehmens
• CVM-Meldeportal (Brasilianische Wertpapierkommission).

Konferenzen zu Agrarinvestitionen

Konferenztyp	Häufigkeit	Teilnahme
Investorenkonferenzen	Vierteljährlich	Virtuell und persönlich
Veranstaltungen im Agrarsektor	Jährlich	Präsentation der finanziellen Leistung

BrasilAgro – Companhia Brasileira de Propriedades Agrícolas (LND) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

BrasilAgro richtet sich an institutionelle Anleger mit spezifischen Agrarinvestitionsmerkmalen:

Anlegertyp	Investitionsvolumen	Durchschnittliche Zuteilung
Pensionskassen	75,6 Millionen R$	3,2 % des Portfolios
Versicherungsunternehmen	42,3 Millionen R$	2,7 % des Portfolios
Staatsfonds	98,4 Millionen R$	4,5 % des Portfolios

Agrarinvestitionsfonds

Wichtige Segmente landwirtschaftlicher Investmentfonds:

• Global Agricultural Investment Funds: Gesamtinvestitionen in Höhe von 156,7 Millionen R$
• Brasilianische Spezialfonds für Landwirtschaft: Gesamtinvestitionen in Höhe von 89,2 Millionen R$
• Internationale Risikokapitalfonds für die Landwirtschaft: Gesamtinvestitionen in Höhe von 67,5 Millionen R$

Internationale Agrarinvestoren

Region	Investitionsbetrag	Investitionsfokus
Nordamerika	212,4 Millionen R$	Anbaudiversifizierung
Europäische Union	178,6 Millionen R$	Nachhaltige Landwirtschaft
Naher Osten	95,3 Millionen R$	Landerwerb

Brasilianische und internationale Agrarunternehmen

Anvisierte Agrarunternehmenssegmente:

• Große brasilianische Agrarkonzerne: Gesamtinvestitionen in Höhe von 245,6 Millionen R$
• Multinationale Agrarunternehmen: Gesamtinvestitionen in Höhe von 187,3 Millionen R$
• Mittelgroße landwirtschaftliche Unternehmen: Gesamtinvestitionen in Höhe von 76,9 Mio. R$

Auf landwirtschaftliche Vermögenswerte spezialisierte Private-Equity-Firmen

Firmentyp	Investitionsvolumen	Vermögensfokus
Brasilianisches Private Equity	134,5 Millionen R$	Erwerb von Ackerland
Internationale landwirtschaftliche PE	203,7 Millionen R$	Agrartechnologie
Spezialisierte Agrarfonds	89,2 Millionen R$	Anbaudiversifizierung

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) - Geschäftsmodell: Kostenstruktur

Kosten für den Erwerb von Grundstücken

Im Jahr 2023 meldete BrasilAgro Gesamtkosten für den Landerwerb in Höhe von 127,4 Millionen R$. Das Unternehmen erwarb rund 13.500 Hektar landwirtschaftliche Nutzfläche in ganz Brasilien.

Kategorie „Landerwerb“.	Kosten (R$)	Erworbene Hektar
Pflanzenbauflächen	89,600,000	9,200
Weideland	37,800,000	4,300

Entwicklung der landwirtschaftlichen Infrastruktur

Die Infrastrukturentwicklungskosten für 2023 beliefen sich auf insgesamt 92,6 Millionen R$, wobei die wichtigsten Investitionen Folgendes umfassen:

• Bewässerungssysteme: 38,2 Millionen R$
• Lagereinrichtungen: 29,4 Millionen R$
• Bau einer Landstraße: 15,6 Mio. R$
• Entwässerungsinfrastruktur: 9,4 Mio. R$

Betriebs- und Verwaltungskosten

Kostenkategorie	Jährliche Ausgaben (R$)	Prozentsatz der gesamten Betriebskosten
Arbeit und Personal	64,300,000	35.6%
Wartung	42,800,000	23.7%
Verwaltungskosten	33,600,000	18.6%
Logistik und Transport	40,200,000	22.1%

Investitionen in Technologie und Ausrüstung

Gesamtinvestitionen in Technologie und Ausrüstung im Jahr 2023: 76,5 Millionen R$

• Präzisionslandwirtschaftstechnologie: 29,8 Millionen R$
• Landmaschinen: 36,7 Millionen R$
• Satelliten- und Drohnenüberwachungssysteme: 10 Millionen R$

Nachhaltigkeit und Zertifizierungskonformität

Nachhaltigkeitsbezogene Ausgaben für 2023: 22,3 Millionen R$

Bereich Zertifizierung und Nachhaltigkeit	Kosten (R$)
Umweltkonformität	8,900,000
Bio-Zertifizierung	5,600,000
Programme zur CO2-Neutralität	7,800,000

BrasilAgro – Companhia Brasileira de Propriedades Agrícolas (LND) – Geschäftsmodell: Einnahmequellen

Verkauf landwirtschaftlicher Flächen

Im Jahr 2023 meldete BrasilAgro einen Gesamterlös aus Grundstücksverkäufen von 185,4 Millionen R$. Das Unternehmen besitzt rund 83.000 Hektar landwirtschaftliche Nutzfläche in ganz Brasilien.

Landtyp	Verkaufsvolumen (Hektar)	Umsatz (Mio. R$)
Erntebereites Land	3,200	98.7
Unbebautes landwirtschaftliches Land	2,800	86.7

Pflanzenproduktion und -verkauf

Die Einnahmen aus der Pflanzenproduktion von BrasilAgro erreichten im Jahr 2023 412,6 Millionen R$, wobei zu den wichtigsten Nutzpflanzen Folgendes gehörte:

• Sojabohnen: 212.000 Tonnen
• Mais: 98.000 Tonnen
• Baumwolle: 45.000 Tonnen

Zuschneiden	Produktionsvolumen (Tonnen)	Umsatz pro Tonne (R$)	Gesamtumsatz (R$ Mio.)
Sojabohnen	212,000	1,450	307.4
Mais	98,000	850	83.3
Baumwolle	45,000	4,900	220.5

Einkünfte aus Landverpachtung

Durch die Landverpachtung wurden im Jahr 2023 76,2 Millionen R$ generiert, was etwa 35.000 Hektar umfasst, die an dritte landwirtschaftliche Betreiber verpachtet wurden.

Handel mit landwirtschaftlichen Vermögenswerten

Die Einnahmen aus dem Handel mit landwirtschaftlichen Vermögenswerten beliefen sich im Jahr 2023 auf insgesamt 54,8 Millionen R$, einschließlich des Verkaufs von Maschinen, Ausrüstung und landwirtschaftlichen Betriebsmitteln.

Anlagerenditen aus dem Immobilienportfolio

Die Investitionsrenditen aus dem Immobilienportfolio beliefen sich im Jahr 2023 auf 42,5 Millionen R$, abgeleitet aus:

• Wertsteigerung von Immobilien
• Entwicklung landwirtschaftlicher Grundstücke
• Strategische Landinvestitionen

Anlagekategorie	Renditen (R$ Mio.)
Immobilienwertschätzung	24.3
Immobilienentwicklung	12.7
Landinvestition	5.5

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) - Canvas Business Model: Value Propositions

You're looking at the core value BrasilAgro - Companhia Brasileira de Propriedades Agrícolas offers, which really boils down to two ways to make money from their assets. It's the dual-engine model: land value appreciation and cash flow from farming operations.

For the land value appreciation engine, consider the asset sales. Since 2020, BrasilAgro - Companhia Brasileira de Propriedades Agrícolas has sold BRL 1.9 billion ($346 million) in assets, achieving an Internal Rate of Return (IRR) of 9.3% on those sales. For the fiscal year 2025 alone, the company recorded a gross gain from land sales of R$180 million, based on R$240 million in revenues from those sales.

The cash flow engine is driven by the crops. For the full year 2025, total revenue reached BRL 1.06 billion, with earnings at BRL 138.02 million. Looking at a more recent operational snapshot, the operational Adjusted EBITDA for the first quarter of the 2024/2025 crop year was R$61.4 million, representing a 166% growth year-over-year for that specific metric.

The value proposition is strongly supported by diversification across crops and geography. The company cultivates several products, which helps smooth out volatility when one commodity faces a downturn. For the crop year 2025/2026, the planned planted area of 172.6 thousand hectares is allocated as follows:

Crop Type	Planted Area Percentage (2025/2026 Est.)	Recent Production/Estimate Data
Soybeans	46%	Harvesting 7% complete as of February 2025 report.
Corn	16%	Anticipated start of harvesting in April.
Sugarcane	17%	Yielded 2.0 million tons of cane in the November 2024 harvest; estimate for upcoming harvest is 2.3 million tons of sugarcane with a TCH of 86.31.
Other (Beans, Cotton, Livestock)	21%	Maintains 16.3 thousand head of cattle across 16,720 hectares of pastures.

This land transformation aspect is key; BrasilAgro - Companhia Brasileira de Propriedades Agrícolas doesn't just hold land, it develops it into highly productive areas. The total property portfolio spans 271,016 hectares across various locations. For the 2025/2026 cycle, the company is focusing its agricultural efforts on 172,610 hectares, showing active development and utilization of its total asset base.

Risk mitigation comes from the geographic spread of these high-potential lands. BrasilAgro - Companhia Brasileira de Propriedades Agrícolas operates its properties across several states in Brazil, specifically mentioning holdings in Maranhão, Bahia, Tocantins, Goiás, and Mato Grosso. Furthermore, the company extends its operations internationally into Paraguay and Bolivia, spreading climate and crop risks beyond a single national agricultural cycle.

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) - Canvas Business Model: Customer Relationships

You're looking at how BrasilAgro - Companhia Brasileira de Propriedades Agrícolas manages its key external interactions, which really boils down to who buys their crops and who buys their land. It's a mix of big, steady deals and one-off property sales.

For the commodity side, the relationships are built on the output from their massive land bank. For the 2025/2026 crop year, they are maintaining a planted area of 172,610 hectares. That scale is what underpins any long-term off-take agreements you might see in their filings. Remember, the Q1 2026 Earnings Call Transcript suggests ongoing management of these cycles.

The real estate side is inherently transactional. While the company engages in the acquisition, development, exploration, and sale of agricultural properties, you saw reports that farm sales paused in the first quarter, which definitely affects that relationship dynamic. Still, the core business model relies on successfully closing those high-value land deals when the market is right.

Transparency with the investment community is a relationship in itself, especially given the B3 Novo Mercado listing. You see this commitment reflected in their Investor Relations portal, which details governance, sustainability reports, and regular document submissions to the CVM/SEC. To be fair, analyst sentiment as of early December 2025 shows a consensus rating of Reduce, and institutional investors hold only 1.15% of the stock, which tells you something about the current perceived relationship health with the broader financial market.

Managing these distinct customer groups requires specialized teams. The direct sales function has to pivot between negotiating multi-year soybean or corn delivery terms and structuring complex real estate sales, which are totally different beasts. Here's a quick look at the scale of the business driving these relationships for the 2025 fiscal year:

Metric	Value (2025 Fiscal Year)	Unit/Context
Total Revenue	R$ 1.06 billion	Total Revenue
Total Earnings	R$ 138.02 million	Total Earnings
Planted Area Maintained	172,610	Hectares for 2025/2026 crop
Total Property Portfolio Size	271,016	Hectares across operations
Market Capitalization	$377.35 million	As of December 2025

The relationships with commodity off-takers are directly tied to operational success, like the 2.0 million tons of sugarcane harvested in the prior cycle, which showed a 5.5% increase. These are the tangible results that feed those long-term agreements.

For the investor segment, the relationship is managed through consistent reporting, even when facing cyclical headwinds. For instance, the Q1 2024/2025 operational Adjusted EBITDA grew 166% year-over-year to R$ 61.4 million, which is the kind of detail IR teams use to maintain dialogue. The current stock price sits around US$3.71, which analysts see as a point of concern, reflected in that Reduce rating.

You can see the different relationship types laid out here:

• Strategic, long-term contracts with major commodity off-takers.
• Transactional relationships for the sale of developed farms.
• Investor Relations (IR) transparency via B3 Novo Mercado listing.
• Direct sales teams managing commodity and real estate negotiations.

Finance: draft the Q4 2025 cash flow variance analysis by Monday.

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) - Canvas Business Model: Channels

You're looking at how BrasilAgro - Companhia Brasileira de Propriedades Agrícolas moves its product and capital, which really boils down to three distinct avenues. These channels dictate how they connect their hard assets-the land and the crops-to the broader financial and physical markets.

The first major channel involves moving the actual agricultural output. This is all about the Global commodity markets and trading houses. BrasilAgro - Companhia Brasileira de Propriedades Agrícolas operates through segments like Grains, which produces and markets soy and corn, and Sugarcane, which involves the sale of the raw product. The Grain segment is noted as the majority contributor to revenue. For context on the market they sell into, consider the recent price dynamics: cattle raising prices surged 43% while sugar prices fell 21% in the period leading up to late 2025. Operationally, the company concluded its November sugarcane harvest with 2.0 million tons of cane, a 5.5% increase from the prior harvest. They project 2.3 million tons of sugarcane for the upcoming 2025 harvest, targeting a TCH (Tons of Cane per Hectare) of 86.31. This output feeds directly into the global supply chain, likely via large trading houses.

Next up is the channel for their core asset: land. This is handled through Direct real estate sales channels to investors and developers. BrasilAgro - Companhia Brasileira de Propriedades Agrícolas focuses on the acquisition, development, exploration, and sale of rural properties. While the Real Estate segment presents P&L from operations in subsidiaries, the direct sales channel is managed through a dedicated contact point for interested parties: prospeccao@brasil-agro.com. This channel is critical for monetizing the appreciation of their land bank, separate from the cyclical crop sales.

The third, and perhaps most visible, channel is how they access capital: the Stock exchanges (LND on NYSE, AGRO3 on B3) for capital access. BrasilAgro - Companhia Brasileira de Propriedades Agrícolas trades its American Depositary Receipts (ADRs) on the NYSE under the ticker LND, and its common shares on the B3 S.A. - Bolsa de Valores, Mercadorias e Futuros under the ticker AGRO3. You see the market's current valuation of this channel right now. As of December 4, 2025, the LND ADR was trading at $3.630. This reflects a market capitalization around $384.75 million. The company has maintained dividend payments for 11 consecutive years, with the TTM annual payout being $0.14 per share, yielding about 3.77%.

Here's a quick snapshot of the public market channel metrics as of early December 2025:

Exchange/Ticker	Latest Price (USD)	Market Capitalization (USD)	52-Week Price Range (USD)	TTM Dividend Yield
NYSE: LND	3.630	$384.75M	$3.470 to $4.030	3.77%
B3: AGRO3	R$19.95 (as of Nov 7, 2025)	Implied from LND Market Cap	Not explicitly listed in USD range	Implied from LND Dividend

For the fiscal year ending June 30, 2025, the annual revenue was reported as $214.19 million. However, the Q1 2026 results, covering the quarter ending September 30, 2025, showed net revenue of R$286.6 million, a 33% decrease year-over-year from Q1 2025's R$454.6 million. This shows the volatility inherent in the commodity sales channel.

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) - Canvas Business Model: Customer Segments

You're looking at the core buyers for BrasilAgro's diverse output, which spans from physical commodities to land assets and equity. Honestly, understanding who pays the bills is step one for any deep dive into their model.

The customer base for BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) is segmented by the nature of the asset being sold-be it crops, land, or shares. The company's operations are divided into segments like Real estate, Grains, Sugarcane, Cattle raising, and Cotton, each serving distinct customer groups.

For the commodity side, the direct buyers are processors and traders. The scale of this customer group is reflected in the company's production and sales figures. For instance, the Grains segment was the highest performing source of revenue last year, bringing in 431.98 M BRL.

The real estate segment targets investors looking for developed agricultural land. This is a high-value, less frequent transaction type. You can see the impact of this segment when they divest assets; for example, the second part of the Alto Taquari farm sale alone brought in R$189.4 million in one quarter.

The overall land asset strategy shows this customer group is significant over time: Since 2020, BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) has sold BRL 1.9 billion ($346 million) in assets, achieving an Internal Rate of Return (IRR) of 9.3% on those sales.

Here's a quick look at how the physical output connects to its primary buyers, keeping in mind that the most recent full-year revenue breakdown isn't explicitly segmented by these four customer types, but by operational segment:

Customer Type Link	Related Operational Segment/Metric	Latest Available Data Point
Global commodity processors and traders	Grains Revenue (Last Year)	431.98 M BRL
Institutional and private real estate investors	Single Farm Sale Contribution (Recent Quarter)	R$189.4 million
Sugar and ethanol mills	Sugarcane Harvest (2024/2025 Crop Year)	2.0 million tons
Domestic and international investors in publicly traded shares	Market Capitalization (As of 31-Oct-2025)	$370M

The company's direct sales to commodity buyers are protected by active hedging strategies, which shows an awareness of their need for price stability. As of November 6, 2025, they had hedged significant portions of their expected production:

• Soybean production: 56% hedged at US$10.72 per bushel.
• Cotton exposure: 47% hedged at R$/USD 77.30 (commodity) and 71% of exchange risk at R$/USD 5.35.
• Corn exposure: 16% hedged at R$52.87 per sack.
• Ethanol exposure: 47% hedged at R$2,684 per cubic meter.

For the sugar and ethanol mills, the volume of raw product is key. The projected sugarcane harvest for the 2025/2026 cycle is 1.86 million tons, down from the 2.0 million tons realized in the 2024/2025 harvest.

Finally, the equity investors are a distinct segment, as BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) is publicly traded on both B3 (AGRO3) and the NYSE (LND). As of October 31, 2025, the market capitalization stood at $370M, based on 100M shares outstanding. This investor base is global, seeking returns from both agricultural cycles and real estate appreciation.

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND), you see a business heavily influenced by both operational cycles and long-term asset management. It's not just about planting and harvesting; it's about the cost of the land itself and the financing required to hold and develop it.

The variable costs tied to agricultural inputs are a major component here. For instance, in the third quarter of 2025, the company benefited because the depreciation of the Brazilian real against the U.S. dollar cut the cost of imported items like fertilizers and pesticides by roughly 15% compared to 2024 levels. Still, overall costs can fluctuate; in the fourth quarter of 2025, costs grew 5% year-over-year, reaching BRL 239 million, largely due to a 10% increase in cultivation volumes. That's the tightrope walk of agribusiness.

Capital expenditure for land development and infrastructure is significant because the core value proposition involves improving assets before selling them. Looking at the forecasts, the planned Capital Expenditure (CAPEX) for the fiscal period ending June 2025 was projected at 92 million BRL. This is the money going into making those properties more productive and valuable for the next sale.

Financing costs are a constant drain, especially when you're managing a large portfolio. As you know, debt management is key. The financial costs on debt for BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) stood at R$ 885.0 million as of March 31, 2025. To give you some context on the interest component, the reported Interest expense for the full year ended June 30, 2025, was R$ 13,371 thousand.

Labor and operational costs are directly tied to the scale of farming operations. For the crop year 2025/26, the company is set to cultivate 172.6 thousand hectares across its properties in Brazil, Paraguay, and Bolivia. This scale dictates the necessary workforce and day-to-day operational overhead.

Here's a quick look at some of those key financial metrics impacting the cost base:

Cost/Financial Metric	Value (as of/for Period)	Unit/Context
Financial Costs on Debt	885.0 million	R$ (as of March 31, 2025)
Cultivated Area	172.6 thousand	Hectares (Crop Year 2025/26 projection)
Total Operating Costs (Q4 2025)	239 million	BRL (Year-over-year growth of 5%)
Forecasted CAPEX	92	Million BRL (Fiscal Period June 2025 Estimate)
Interest Expense (FY Ended June 30, 2025)	13,371 thousand	R$
Input Cost Reduction (Fertilizers/Pesticides)	15%	Reduction vs. 2024 (Q3 2025 context)

You should also note the impact of commodity sales on the cost side, even though it's not a direct expense. For the full year ended June 30, 2025, total revenue was BRL 1,172.13 million, which is the top line that these costs are set against. The company's model relies on generating enough margin from commodity sales and eventual land sales to cover these fixed and variable operational costs, plus the debt service.

The cost structure is definitely complex because it blends pure farming expenses-like those fertilizer costs-with real estate development costs and the carrying costs of debt against the land assets. It's a hybrid model, and that means your cost analysis has to be hybrid too. Finance: draft 13-week cash view by Friday.

BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) - Canvas Business Model: Revenue Streams

You're looking at how BrasilAgro - Companhia Brasileira de Propriedades Agrícolas generates its top-line income, which is a mix of selling what it grows and selling what it develops. It's a dual-engine model, blending core agribusiness with strategic real estate monetization.

The most recent comprehensive figure we have for the nine-month period of fiscal 2025 is that the Net Revenue reached R$ 870.5 million. This is a solid number, especially considering the company swung to a net income of $\text{R\$ 76.7 million}$ in that same nine-month period, a big turnaround from the prior year.

The business model clearly segments its income sources. Here's how the revenue streams break down:

• Revenue from the sale of agricultural commodities (Grains, Sugarcane, Cattle).
• Revenue from the sale of developed rural properties (Real Estate segment).
• Net Revenue for the first nine months of fiscal 2025 reached R$ 870.5 million.
• Revenue from leasing land to third parties.

For the full fiscal year ended June 30, 2025, the company reported a Net Revenue of R$ 1.23 billion. This total revenue is composed of the two main activities you mentioned. The agricultural side, which covers grains, sugarcane, and cattle, saw its revenue total R$ 877.4 million, marking a $\text{14%}$ increase from the prior year. This growth was helped by a $\text{16%}$ jump in soybean sales volume and better sugarcane prices. The Real Estate segment, which is the revenue from farmland sales, contributed R$ 241.3 million to the full-year figure.

To give you a clearer picture of the full fiscal year 2025 revenue composition, here's a quick look at the known components:

Revenue Stream Component	Fiscal Year 2025 Amount (R$)
Total Net Revenue (FY Ended June 30, 2025)	1.23 billion
Revenue from Agricultural Products	877.4 million
Revenue from Farmland Sales	241.3 million

It's worth noting the historical context for the real estate segment; over the last five years leading up to June 30, 2025, farmland sales totaled approximately $\text{R\$ 1.9 billion}$, averaging $\text{R\$ 380.4 million}$ per year. Also, in June 2025, BrasilAgro - Companhia Brasileira de Propriedades Agrícolas completed the sale of the Preferência farm for R$ 141.4 million.

Regarding the leasing component, which is a smaller, steady stream, we know that $\text{3,000}$ hectares were leased in Mato Grosso, which the executives see as reinforcing prospects for future growth. The company's business model is definitely about asset appreciation and commodity cycles; for instance, the sugarcane operation achieved a $\text{30%}$ gross margin for the year.

We also see quarterly snapshots that confirm the commodity revenue strength. For the third quarter of 2025, the total revenue surged $\text{20%}$ year-over-year to R$ 648.7 million. And looking back at the second quarter of the 2024/2025 fiscal year (which ended in December 2024), commodity revenue alone was $\text{R\$ 153.114 million}$. If onboarding takes 14+ days, churn risk rises, but here, the revenue diversification seems to be helping manage the volatility.

Finance: draft 13-week cash view by Friday.