BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the true engine behind BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND), and after years of deep dives, I can tell you their model is uniquely compelling: it's a dual play on land appreciation plus cash flow from massive-scale farming. This isn't just about selling soy; it's about transforming raw assets. For instance, as of early 2025, they control over 1.2 million hectares, which feeds both their commodity revenue stream and their high-value real estate segment. If you want to see exactly how they structure their key activities and manage the associated costs, including the R$ 885.0 million in financial costs as of March 31, 2025, the full Business Model Canvas is laid out for you below.

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

You're looking at the partners that help BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) execute its strategy of acquiring, developing, and selling high-potential rural properties. The relationships here are about capital access, moving product, and staying ahead on the farm. Honestly, the data we have for late 2025 points to a few key areas where these partnerships are most visible.

For financing, the relationship with debt providers is clear from the balance sheet. As of the first quarter of fiscal year 2026 (reported in November 2025), the total debt stood at BRL895 million, with a net debt position of BRL650 million. This level of leverage requires solid, ongoing relationships with financial institutions capable of structuring debt and project financing, especially in an environment where high interest rates pressure financial results. The company also reported over BRL650 million in receivables from farm sales, suggesting financing partners are also involved in managing this significant working capital component.

The table below summarizes the most concrete financial metrics related to the capital structure, which directly reflects the nature of their financing partnerships:

Financial Metric	Amount (as of Q1 FY2026)	Context/Note
Total Debt	BRL895 million	Reflects reliance on debt financing from financial institutions.
Net Debt	BRL650 million	Indicates the net leverage position after cash on hand.
Cash on Hand	BRL36 million	Impacts debt servicing capacity and liquidity management.
Receivables from Farm Sales	Over BRL650 million	Suggests partnerships for managing large, deferred payment assets.

When it comes to moving product, BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) relies on global commodity traders. The company cultivates soybeans, corn, and cotton, and its operational strategy involves timing sales to market peaks. For instance, the company strategically shifted soy sales to the second semester to benefit from perceived favorable market conditions. While specific trader names aren't public in the latest reports, the scale of operation implies partnerships with major global commodity traders and processors for large-volume sales of their output.

For technology and inputs, the focus is on productivity gains. BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) is actively managing input costs, securing better prices for key agricultural inputs like chloride and nitrogen products compared to the previous year. This points to strong procurement partnerships. Furthermore, the company has been investing in innovation, having committed $Z million in research and development in 2024 to explore precision agriculture techniques, suggesting partnerships with technology providers for precision farming tools, even if the specific vendor names aren't detailed in the latest filings. The general market trend shows a projection for AI adoption in Brazil's agriculture to increase crop yields by up to 20% by 2025, which BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND) must be leveraging through its partners.

On the ESG front, partnerships with governmental and non-governmental organizations are becoming non-negotiable for capital access. In 2025, global lenders prioritize ESG compliance when structuring trade deals. This means BrasilAgro - Companhia Brasileira de Propriedades Agrícolas (LND)'s financing partners are definitely using ESG scoring in their risk assessment. The company's proactive management of its land portfolio and focus on sustainability aligns with the broader market demand for ESG disclosures, which is key to maintaining favorable terms with lenders.

• The company approved a BRL75 million dividend payment starting November 28, 2025, which signals confidence to equity partners.
• Operational EBITDA for Q1 was BRL64 million, showing the efficiency derived from operational and technological partnerships.
• The company reported a net loss of BRL64.3 million for the first quarter, partly due to mark-to-market adjustments, which financial partners must navigate.

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine of BrasilAgro - Companhia Brasileira de Propriedades Agrícolas, which is all about land value creation and commodity output. Here are the hard numbers defining those key activities as of late 2025.

• Strategic acquisition and development of rural properties. The company's property portfolio as of June 30, 2025, comprised 252,796 hectares across Brazil, Paraguay, and Bolivia. The internal valuation for this portfolio stood at R$3.1 billion, with an independent appraisal by Deloitte placing the value at R$3.5 billion. In June 2025, BrasilAgro - Companhia Brasileira de Propriedades Agrícolas completed the sale of the Preferência farm in Bahia for R$141.4 million, which generated an accounting gain of R$65.9 million. Over the last five years, farmland sales have totaled approximately R$1.9 billion, averaging R$380.4 million per year. The company is still active in development, with a new lease in Mato Grosso offsetting some sales, allowing the total planted area for 2025/2026 to be maintained at 172,610 hectares.
• Large-scale agricultural production (soy, corn, sugarcane, cotton). The operational focus for the 2025/2026 crop year is projected to utilize 172,610 hectares. The company projects total grain and cotton production for 2025/2026 at 442,587 tons, which is a 21% increase from the estimated 366,059 tons for 2024/2025. The 2024/2025 production was 9% below initial projections. The gross margin for sugarcane for the fiscal year ended June 30, 2025, was 30%. Revenue from agricultural products for the fiscal year ended June 30, 2025, totaled R$877.4 million, marking a 14% increase from the prior year.

Here's a quick look at the commodity production breakdown for the 2025/2026 cycle estimates:

Commodity	Projected Output (2025/2026)	Estimated Cost per Hectare (2025/2026)
Soybean	64,872 tons	R$5,247
Corn	99,230 tons	R$4,698
Cotton	9,808 tons	R$12,303
Sugarcane	1.86 million tons (with a yield of 71.53 tons per hectare)	N/A

• Strategic sale of developed land assets (Real Estate segment). For the fiscal year ended June 30, 2025, revenues from farmland sales amounted to R$241.3 million. This represented a 61% drop in net revenue contribution from farm sales compared to the previous period, though the five-year average remains high at R$380.4 million per year. The company's overall net revenue for the fiscal year ended June 30, 2025, was R$1.23 billion, up 5% year-over-year. The trailing twelve months revenue ending June 30, 2025, was $219.37 million.
• Financial risk management, including commodity and currency hedging. The company experienced losses in financial hedging, totaling R$35.1 million in the period analyzed in one report. Despite this, strategic hedging and efficient cost management contributed to improved margins in the 2024/2025 crop year. The company ended the fiscal year June 30, 2025, with R$142.9 million in cash and cash equivalents against total debt of R$885.5 million. Net debt increased annually by 54%, leading to a net debt/EBITDA leverage measurement of 2.71x. The current market capitalization as of September 2025 was $379.7M.

Finance: review the R$885.5 million total debt structure against the R$142.9 million cash balance by Monday.

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

You're looking at the core assets that let BrasilAgro - Companhia Brasileira de Propriedades Agrícolas operate and generate value. These aren't just line items; they are the physical and intellectual foundations of the business.

• - Extensive land portfolio, controlling 252,796 hectares across Brazil, Paraguay, and Bolivia as of June 30, 2025. The planted area maintained for the 2025/2026 crop year is 172,610 hectares.
• - Developed agricultural infrastructure and modern machinery. The company's strategy relies on placing land to its highest and best use, which necessitates ongoing investment in development and technology, supported by financing options that cover machinery purchases and infrastructure improvements.
• - Human capital with expertise in land development and agribusiness. As of October 31, 2025, BrasilAgro - Companhia Brasileira de Propriedades Agrícolas had 457 total employees.
• - Financial capital and access to credit for expansion. The company's financial standing as of the fiscal year-end June 30, 2025, provides the liquidity for operations and strategic moves.

Here's the quick math on the financial capital position at the end of the last reported fiscal year:

Financial Metric	Amount (as of June 30, 2025)
Cash and Cash Equivalents	R$142.9 million
Total Debt	R$885.5 million
Market Capitalization	$370M (as of October 31, 2025)
Proposed Dividend Distribution (FY2025)	R$75 million

The land asset base is substantial, underpinning the company's valuation, which was internally valued at R$3.1 billion, with an independent appraisal by Deloitte placing the value at R$3.5 billion as of June 30, 2025. The company also completed the sale of the Preferência farm in June 2025 for R$141.4 million.

The operational scale is further evidenced by production estimates for the 2025/2026 cycle, which project total grain and cotton production at 442,587 tons. Also, the sugarcane harvest is projected at 1.86 million tons.

For context on the financial performance driving capital maintenance, the net revenue for the fiscal year ended June 30, 2025, reached R$1.23 billion, with a net income of R$138 million.

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.