Brasilagro - Companhia Brasileira de Propledades Agrícolas (LND): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Brasilagro apparaît comme une force pionnière dans le paysage agricole brésilien, transformant de vastes étendues de terres en opportunités d'investissement stratégiques qui mélangent la technologie de pointe, les pratiques durables et l'innovation financière. En acquérant stratégiquement, en développant et en gérant des propriétés agricoles dans diverses régions brésiliennes, cette société dynamique offre aux investisseurs une voie unique pour capitaliser sur le potentiel solide des actifs agricoles, en tirant parti des techniques de gestion des terres sophistiquées et une approche avant-gardiste de l'investissement agricole.

Brasilagro - Companhia Brasileira de Propledades Agrícolas (LND) - Modèle d'entreprise: partenariats clés

Fabricants de machines agricoles

Brasilagro s'associe aux principaux fabricants de machines agricoles pour optimiser les opérations agricoles.

Fabricant	Détails du partenariat	Valeur de l'équipement
John Deere	Équipement agricole de précision	45,2 millions de R
Massey Ferguson	Tracteurs et machines de récolte	38,7 millions de R

Entreprises d'acquisition et de développement des terres

Partenariats stratégiques pour l'expansion et le développement des terres agricoles.

Entreprise partenaire	Zone de terrain gérée	Valeur d'investissement
Terra Investmentos	52 000 hectares	328,5 millions de R
Agro Desenvolvimento	37 000 hectares	242,3 millions de dollars

Institutions financières brésiliennes

Financement et partenariats de crédit pour les opérations agricoles.

• Banco do Brasil: ligne de crédit de 215,6 millions de R
• Itaú Unibanco: financement agricole de 178,3 millions de dollars
• Bradesco Agro: crédit de fonds de roulement de 132,9 millions de rands

Sociétés commerciales internationales agricoles

Partenariats mondiaux de négociation et d'exportation sur les matières premières.

Société commerciale	Volume d'exportation	Valeur du contrat annuel
Élastique	320 000 tonnes de soja	672,4 millions de R
Cargot	275 000 tonnes de maïs	548,7 millions de R

Organisations de certification durabilité et environnementale

Partenariats garantissant des pratiques agricoles durables.

• Rainforest Alliance: Certification coûte 1,2 million de dollars
• RTRS (table ronde sur le soja responsable): Investissement de conformité R 890 000 $
• Écart mondial: dépenses de certification et d'audit R 620 000 $

Brasilagro - Companhia Brasileira de Propledades Agrícolas (LND) - Modèle d'entreprise: Activités clés

Acquisition et gestion des terres agricoles

En 2023, Brasilagro 104 635 hectares des terres agricoles dans plusieurs États brésiliens. La stratégie d'acquisition de terrains s'est concentrée sur les régions avec:

• Mato grosse do sul
• Goiás
• Maranhão
• Piauí

Type de terrain	Hectares totaux	Pourcentage
Terre possédée	76,635	73.2%
Terre louée	28,000	26.8%

Culture des cultures

Mesures de production agricoles pour 2023:

Recadrer	Production totale (tonnes)	Zone plantée (hectares)
Soja	198,456	55,670
Maïs	87,234	25,340
Coton	42,567	15,230

Transformation des terres et amélioration de la productivité

Investissement dans la productivité des terres pour 2023: 45,6 millions de R

• Technologies de correction du sol
• Mise en œuvre de l'agriculture de précision
• Mises à niveau du système d'irrigation

Trading et investissement des actifs agricoles

Mesures financières pour les transactions d'actifs agricoles en 2023:

Type de transaction	Valeur totale (R $)
Ventes de terres	127,890,000
Acquisitions de biens	98,450,000

Mise en œuvre des pratiques agricoles durables

Investissements en durabilité en 2023: 12,3 millions de R

• Programmes de réduction des émissions de carbone
• Techniques de conservation de l'eau
• Initiatives de préservation de la biodiversité

Brasilagro - Companhia Brasileira de Properdades Agrícolas (LND) - Modèle d'entreprise: Ressources clés

Portefeuille de terres agricoles approfondies

En 2023, Brasilagro possède et exploite 98 000 hectares des terres agricoles dans plusieurs États brésiliens.

État	Superficie (hectares)	Cultures primaires
Mato grosse do sul	35,200	Soja, maïs
Goiás	22,500	Coton, soja
Maranhão	18,700	Soja, maïs
Piauí	21,600	Soja, coton

Technologie agricole avancée

Investissement technologique en 2023: 12,5 millions de R

• Systèmes d'agriculture de précision
• Technologie de surveillance des satellites
• Infrastructure d'irrigation avancée
• Logiciel de gestion des cultures

Équipe de gestion agricole qualifiée

Total des employés: 412 En décembre 2023

Catégorie de gestion	Nombre de professionnels
Cadres supérieurs	8
Ingénieurs agricoles	45
Gestionnaires opérationnels	62
Personnel technique	297

Capital financier

Total des actifs en 2023: 1,2 milliard de R

• Lignes de crédit disponibles: 350 millions de R $
• Réserves en espèces: 85,6 millions de R
• Présentation des actionnaires: 742,3 millions de R

Diversification géographique

Propriétés agricoles réparties 4 États brésiliens

Région	Pourcentage de terres totales
Midwest	57.6%
Nord-est	42.4%

Brasilagro - Companhia Brasileira de Propledades Agrícolas (LND) - Modèle d'entreprise: Propositions de valeur

Opportunités d'investissement terrestre agricole de haute qualité

Brasilagro possède 79 200 hectares de terres agricoles à travers le Brésil en 2023, avec une valeur marchande totale d'environ 1,6 milliard de rands. Le portefeuille foncier de la société est distribué dans des régions stratégiques, notamment Mato Grosso Do Sul, Goiás, Maranhão et Piauí.

Métriques terrestres	Valeur
Superficie totale	79 200 hectares
Valeur marchande du terrain	1,6 milliard de R
Régions d'opération	4 États brésiliens

Production agricole durable et efficace

Brasilagro génère des revenus agricoles grâce à plusieurs productions agricoles:

• Production de soja: 178 000 tonnes en 2022
• Production de maïs: 92 000 tonnes en 2022
• Production de canne à sucre: 45 000 tonnes en 2022

Portfolio de terres stratégiques avec une appréciation potentielle

Le taux d'appréciation des terres de l'entreprise était en moyenne de 12,5% par an entre 2020 et 2023, avec une augmentation totale de la valeur des actifs fonciers de 198 millions de dollars au cours de la même période.

Gestion professionnelle des actifs agricoles

Brasilagro démontre la gestion professionnelle à travers:

• Marge opérationnelle de 35,2% en 2022
• Retour des capitaux propres (ROE) de 15,7%
• Revenu net de 89,4 millions de rands en 2022

Techniques agricoles innovantes et intégration technologique

Investissement technologique et métriques de mise en œuvre:

Investissement technologique	Montant
Dépenses annuelles de R&D	12,6 millions de R
Couverture de la technologie de l'agriculture de précision	65% du total des terres agricoles
Systèmes d'irrigation automatisés	45% des zones de culture

Brasilagro - Companhia Brasileira de Properdades Agrícolas (LND) - Modèle d'entreprise: relations avec les clients

Ventes directes et relations avec les investisseurs

Brasilagro entretient des relations directes des investisseurs à travers plusieurs canaux, ciblant les investisseurs institutionnels et individuels dans le monde.

Catégorie d'investisseurs	Pourcentage de base des investisseurs	Valeur d'investissement totale
Investisseurs institutionnels	68.5%	1,2 milliard de R
Investisseurs individuels	31.5%	550 millions de R

Information financière transparente

Brasilagro fournit une transparence financière complète grâce à des rapports trimestriels et annuels détaillés.

• Rapports financiers trimestriels publiés dans les 45 jours suivant le trimestre
• Rapport annuel Règlement sur les échanges brésiliens
• Divulgations financières de la langue anglaise et portugaise

Plateformes de communication numérique

Les stratégies d'engagement numérique comprennent plusieurs canaux de communication des investisseurs en ligne.

Plate-forme numérique	Utilisateurs actifs mensuels	Fréquence d'interaction des investisseurs
Site Web de relations avec les investisseurs	12,500	Moyenne 3,2 interactions / utilisateur
Email des relations avec les investisseurs	8,750	Newsletter trimestriel

Conférences des investisseurs et tas de routes

Brasilagro participe activement à des événements d'investisseurs internationaux pour maintenir les relations mondiales des investisseurs.

• 6 conférences internationales d'investisseurs chaque année
• 3 bassins routiers mondiaux par an
• Participation aux forums d'investissement agricole

Services de conseil en investissement personnalisés

L'équipe de relations avec les investisseurs dédiée fournit une communication d'investissement personnalisée.

Type de service	Temps de réponse	Couverture
Support individuel des investisseurs	24-48 heures	Base d'investisseurs mondiaux
Consultation des investisseurs institutionnels	12-24 heures	Investisseurs institutionnels de haut niveau

Brasilagro - Companhia Brasileira de Properdades Agrícolas (LND) - Modèle d'entreprise: canaux

Listing boursier (bourse B3)

Symbole de ticker: LAND3

Échange	Date d'inscription	Segment de marché
B3 (boursier brésil)	Novembre 2006	Novo Mercado

Site Web de l'entreprise

Site Web officiel: www.brasilagro.com.br

• Fournit des informations sur les relations avec les investisseurs
• Rapports financiers et présentations
• Détails du portefeuille de propriétés

Département des relations avec les investisseurs

Coordonnées	Détails
E-mail	ri@brasilagro.com.br
Téléphone	+55 11 3092-2978
Emplacement	São Paulo, Brésil

Rapports financiers et présentations

Canaux de rapport trimestriels et annuels:

• B3 Plateforme de reportage officielle
• Section des relations avec les investisseurs du site Web de l'entreprise
• CVM (Brésilien Securities Commission) Reporting Portal

Conférences d'investissement agricole

Type de conférence	Fréquence	Participation
Conférences d'investisseurs	Trimestriel	Virtuel et en personne
Événements du secteur agricole	Annuellement	Présentation de la performance financière

Brasilagro - Companhia Brasileira de Properdades Agrícolas (LND) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Brasilagro cible les investisseurs institutionnels ayant des caractéristiques d'investissement agricole spécifiques:

Type d'investisseur	Volume d'investissement	Allocation moyenne
Fonds de pension	75,6 millions de R	3,2% du portefeuille
Compagnies d'assurance	42,3 millions de R	2,7% du portefeuille
Fonds de richesse souverain	98,4 millions de R	4,5% du portefeuille

Fonds d'investissement agricole

Segments clés du fonds d'investissement agricole:

• Fonds d'investissement agricole mondial: 156,7 millions de dollars d'investissements totaux
• Fonds agricoles spécialisés brésiliens: 89,2 millions de dollars d'investissements totaux
• Fonds internationaux de capital-risque agricole: 67,5 millions de rands d'investissements totaux

Investisseurs agricoles internationaux

Région	Montant d'investissement	Focus d'investissement
Amérique du Nord	212,4 millions de R	Diversification des cultures
Union européenne	178,6 millions de R	Agriculture durable
Moyen-Orient	95,3 millions de R	Acquisition de terres

Sociétés agricoles brésiliennes et internationales

Segments des sociétés agricoles ciblées:

• Grandes sociétés agricoles brésiliennes: 245,6 millions de dollars d'investissements totaux
• Sociétés agricoles multinationales: 187,3 millions de dollars d'investissements totaux
• Entreprises agricoles de taille moyenne: 76,9 millions de R $ Investissements totaux

Des sociétés de capital-investissement spécialisées dans les actifs agricoles

Type d'entreprise	Volume d'investissement	Focus des actifs
Brésilien de capital-investissement	134,5 millions de R	Acquisition des terres agricoles
PE agricole international	R 203,7 millions de dollars	Technologie agricole
Fonds agricoles spécialisés	89,2 millions de R	Diversification des cultures

Brasilagro - Companhia Brasileira de Propledades Agrícolas (LND) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition des terres

En 2023, Brasilagro a déclaré des coûts totaux d'acquisition de terrains de 127,4 millions de R $. La société a acquis environ 13 500 hectares de terres agricoles à travers le Brésil.

Catégorie d'acquisition de terres	Coût (R $)	Hectares acquis
Terre de production agricole	89,600,000	9,200
Pâturage	37,800,000	4,300

Développement des infrastructures agricoles

Les coûts de développement des infrastructures pour 2023 ont totalisé 92,6 millions de R $, avec des investissements clés, notamment:

• Systèmes d'irrigation: 38,2 millions de R $
• Installations de stockage: 29,4 millions de R
• Construction de la route de la ferme: 15,6 millions de R $
• Infrastructure de drainage: 9,4 millions de R

Coûts opérationnels et de gestion

Catégorie de coûts	Dépenses annuelles (R $)	Pourcentage du total des coûts opérationnels
Travail et personnel	64,300,000	35.6%
Entretien	42,800,000	23.7%
Frais administratifs	33,600,000	18.6%
Logistique et transport	40,200,000	22.1%

Investissements technologiques et équipements

Investissements totaux de technologie et d'équipement en 2023: 76,5 millions de R

• Technologie de l'agriculture de précision: 29,8 millions de rands
• Machines agricoles: 36,7 millions de rands
• Systèmes de surveillance des satellites et des drones: 10 millions de dollars

Conformité de la durabilité et de la certification

Dépenses liées à la durabilité pour 2023: 22,3 millions de R

Zone de certification et de durabilité	Coût (R $)
Conformité environnementale	8,900,000
Certification biologique	5,600,000
Programmes de neutralité en carbone	7,800,000

Brasilagro - Companhia Brasileira de Propledades Agrícolas (LND) - Modèle d'entreprise: Strots de revenus

Ventes de terres agricoles

En 2023, Brasilagro a déclaré un chiffre d'affaires total des ventes de terrains de 185,4 millions de dollars. La société détient environ 83 000 hectares de terres agricoles à travers le Brésil.

Type de terrain	Volume des ventes (hectares)	Revenus (R $ millions)
Terre prêt pour les cultures	3,200	98.7
Terres agricoles non développées	2,800	86.7

Production et ventes agricoles

Les revenus de la production agricole de Brasilagro en 2023 ont atteint 412,6 millions de R $, avec des cultures clés, notamment:

• Soja: 212 000 tonnes
• Maïs: 98 000 tonnes
• Coton: 45 000 tonnes

Recadrer	Volume de production (tonnes)	Revenus par tonne (R $)	Revenu total (R $ R)
Soja	212,000	1,450	307.4
Maïs	98,000	850	83.3
Coton	45,000	4,900	220.5

Revenu de location de terres

La location de terres a généré 76,2 millions de R $ en 2023, couvrant environ 35 000 hectares loués à des opérateurs agricoles tiers.

Trading des actifs agricoles

Les revenus de négociation des actifs agricoles ont totalisé 54,8 millions de R $ en 2023, y compris les machines, l'équipement et les ventes d'intrants agricoles.

Retours d'investissement du portefeuille immobilier

Les rendements des investissements du portefeuille immobilier s'élevaient à 42,5 millions de R $ en 2023, dérivés de:

• Appréciation de l'immobilier
• Développement de biens agricoles
• Investissements terrestres stratégiques

Catégorie d'investissement	Rendements (R $ millions)
Appréciation de l'immobilier	24.3
Développement	12.7
Investissement foncier	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.