# LND earnings call intelligence LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/LND) · [Earnings tab](https://www.lopjlb.com/stock/LND?tab=earnings) Updated: 2026-09-07T01:26:36 Quarters analyzed: 8 ## Cross-quarter narrative Across the series of earnings calls, LND’s narrative shifted from early pandemic‑driven resilience to a focus on cost pressures, commodity volatility and climate exposure. 2020‑2021 emphasized strong demand, land‑bank growth and capital raises to fund acquisitions, while noting logistics and rainfall delays. 2021‑2022 highlighted record profitability, aggressive dividend payouts and debt refinancing, yet warned of rising fertilizer costs and potential dividend tax reforms. 2023 saw margin compression from higher input prices and softer sugarcane and soybean markets, prompting a pivot toward farm divestitures, selective land purchases and investments in irrigation, seed‑production and digital connectivity. Climate risks intensified with droughts, frost and fire events affecting yields, while input‑cost inflation and debt servicing remained persistent concerns. Throughout, the company maintained a diversified crop portfolio and continued to pursue ESG initiatives, evidenced by the first GHG inventory. The overall trajectory reflects a transition from growth‑driven expansion to managing operational headwinds and preserving liquidity. ## Latest CallCard · Q3 BrasilAgro reports Q3 revenue down to R$663M, EBITDA margin fell to 23% amid lower soybean sales, fertilizer cost pressure and ongoing farm sales, while highlighting seed plant, irrigation and connectivity projects. **Guidance:** vague — Management discussed targeting 30‑35% EBITDA margin and aggressive buying when margins recover, but gave no firm numbers. **Tone:** mgmt 0.6 · Q&A pressure 0.5 · divergence 0.4 Prepared remarks emphasized farm sales, cost reductions, seed plant and irrigation projects, and expressed optimism about future EBITDA margins. ### Demand visibility Moderate visibility; soybean harvest near complete, corn early, cotton pending. 97% of soybean harvested, 6% of corn, cotton to start late May/June, but soybean sales slower and basis negative. ### Margins / costs Margins pressured by lower soybean prices and high fertilizer costs. EBITDA margin dropped to 23% from 45%; fertilizer dosage unchanged despite price drop, especially for sugarcane, corn and cotton. ### Capital allocation Capital directed to farm divestitures, seed plant, irrigation and connectivity upgrades. Sale of Araucária Farm, building seed production plant for internal use, expanding irrigation in Bahia, implementing ERP and connectivity projects. ### Milestones - **Araucária Farm sale** [on_track]: Remaining part sold in April, to be recorded next quarter - **Connectivity projects** [on_track]: Implemented in several units to improve data flow - **ERP SAP implementation** [on_track]: New ERP supporting agricultural operations across units - **Seed production plant** [new]: Started small, aims to supply 60% of internal seed needs - **Irrigation expansion in Bahia** [on_track]: Additional pivots and water capacity to boost sugarcane yields - **Panamby Farm area transformation** [on_track]: Small area planted this year, full operation planned for next harvest - **Fazenda Sao Domingos expansion** [on_track]: Half of 3,000 ha planned this year, remainder next harvest - **EBITDA margin target** [new]: Goal of 30‑35% EBITDA margin guiding future buying decisions ### Fears / risks - **price risk**: Declining soybean, corn and sugarcane prices pressure revenue and margins. - **basis risk**: Current negative basis for soybean reduces realized prices. - **cost risk**: High fertilizer prices and unchanged dosage increase production costs. - **weather risk**: Drought in Bahia lowered soybean yields and affected productivity. - **operational risk**: Fire damage to sugarcane required early harvest and diverted irrigation resources. - **capacity risk**: Sale of farms reduced planted area, impacting total production volumes. - **sales execution risk**: Slower soybean sales and limited demand for corn create uncertainty on cash flow. - **land market risk**: Uncertainty over land prices may affect future acquisition or divestiture decisions. ### Key quotes > “we did an important sale of farms, the remaining part of Araucária Farm and this when we show the numbers, you will see this in the annual numbers and this will certainly place the company having expressive excellent results.” > “We will be aggressive when we believe margins will recover, 30%, 35% EBITDA margin.” ## Quarter one-liners - **2023 Q3:** BrasilAgro reports Q3 revenue down to R$663M, EBITDA margin fell to 23% amid lower soybean sales, fertilizer cost pressure and ongoing farm sales, while highlighting seed plant, irrigation and connectivity projects. - **2023 Q2:** LND reported lower sugarcane volume and higher input costs in Q2 2023, offset by a small farm sale, ongoing land acquisitions and irrigation investments, and expects margin recovery as fertilizer and diesel prices ease. - **2023 Q1:** LND reported lower Q1 profit due to higher input costs and softer sugarcane prices, while emphasizing land‑sale liquidity, fertilizer procurement, diversified crops and a cautious but optimistic outlook for the rest of 2023. - **2022 Q1:** BrasilAgro reported strong Q1 results with record dividend, higher commodity prices and farm sales, while flagging fertilizer cost pressures and potential dividend tax reforms. - **2021 Q4:** LND posted record Q4 2021 results with BRL722 M revenue, BRL318 M profit and a BRL260 M dividend, boosted liquidity and Bolivia expansion, while flagging higher input costs and climate risks. - **2021 Q3:** — - **2021 Q2:** BrasilAgro reported Q2 2021 net revenue of BRL348 million and net income of BRL52.2 million, highlighted a recent capital raise that improves liquidity, outlined land‑acquisition plans and technology use, and noted positive commodity price impacts while acknowledging execution and derivative risks. - **2020 Q3:** BrasilAgro posted Q3 2020 net revenue of BRL353M and net profit of BRL85.6M, highlighted resilience and risk management amid the pandemic, completed its second corn crop planting and expanded soybean area, while noting logistics, rainfall and supplier challenges. ## Theme arcs - **Input cost pressure** (deteriorating): Fertilizer, diesel and seed costs rose sharply from 2020 through 2023, pressuring margins - **Commodity price environment** (deteriorating): Prices for sugarcane, soybean and corn fell in 2023 after earlier strength ## Guidance path 2020 Q3:vague → 2021 Q2:maintained → 2021 Q3:vague → 2021 Q4:vague → 2022 Q1:maintained → 2023 Q1:vague → 2023 Q2:vague → 2023 Q3:vague --- Research context only. Not personalized investment advice. API: `GET /bff/api/bigfive/earnings-intel/LND`