SLC Agrícola Profit Jumps 75% to US$47.5 Million as Crop Prices Climb

Brazil · Business

After a lean start to the year, the fields paid off. Higher prices for cotton, soybeans and corn met a record run of sales, and the harvest’s value swelled.

SLC Agrícola, one of Brazil’s largest farmland operators, earned R$245.1 million (about US$47.5 million) in the second quarter of 2026. That was up 75.3% from a year earlier, as higher prices for its cotton.

Soybean and corn crops lifted the value of the harvest.

What SLC Agrícola reported

SLC Agrícola posted net income of R$245.1 million, about US$45 million, for the second quarter of 2026. That was up 75.3% from the same period a year earlier.

Net revenue rose 16.8% to R$2.176 billion, about US$403 million, a record for the company. More crops were sold, and each was worth more.

It was a firm rebound after a soft start to the year, when profit had roughly halved on an unfavorable crop mix.

A record run of farm sales

The quarter’s standout was volume. The company sold a record 806.1 thousand tons of farm produce, up 14.4% from a year earlier.

That covers its main crops, chiefly cotton, soybeans and corn, shipped to buyers at home and abroad. A larger harvest kept the trucks and warehouses busy.

A ton is a thousand kilograms. So this is a great deal of grain and fiber moving through the company’s silos and gins in a single quarter.

Selling more, and selling it for more, is the simple arithmetic behind the jump in profit.

Why profit climbed so sharply

Two forces pulled in the same direction this quarter. Prices firmed across every crop, and the volume sold rose at the same time.

The company pointed to higher prices for cotton, soybeans and corn alike, a welcome change from softer markets earlier in the year. When better prices meet bigger volumes, the gain lands squarely on the bottom line.

The cotton story

Cotton is central to how SLC Agrícola earns its money, and it did much of the heavy lifting here. Firmer global cotton prices and a larger billed volume both helped.

The company is one of the biggest cotton growers in Brazil, a country that has become a leading exporter of the fiber. Its fortunes rise and fall with the world price.

Cotton is more valuable per ton than grain, so a strong cotton quarter carries extra weight in the accounts. When the fiber sells well, the whole result tends to shine.

Soybeans added to the story too, with a higher volume sold alongside the cotton.

Reading the EBITDA

Adjusted EBITDA, a rough gauge of cash profit from the farming itself, came in at R$580.6 million, about US$108 million. Set against revenue, that points to a margin near 26.7%.

In plain terms, close to 27 cents of every real of sales was operating profit. EBITDA strips out interest, tax and the wear on machinery.

So it shows how the fields and the harvest performed on their own.

The role of exports and the real

Much of what SLC Agrícola grows is sold abroad, priced in US dollars. A weaker Brazilian real therefore tends to flatter its earnings when the money comes home.

Cotton, soybeans and corn are all global commodities, so world prices and the exchange rate matter as much as the weather. It is a business with little control over the price it gets.

Which is why volume and cost discipline count for so much. For this quarter, both prices and volumes moved the company’s way at once.

How this compares with a soft first quarter

The second quarter reads very differently from the first. Early in the year, profit had roughly halved as an unfavorable soybean mix weighed on the accounts.

This time the crop mix and prices worked in the company’s favor, and the record sales volume did the rest. It is a reminder that farming results swing with the seasons and the markets, quarter to quarter.

What the market makes of it

SLCE3 shares traded near R$13.3 around the reporting date, well below where analysts think the company is worth. Analysts covering the stock carry an average price target of roughly R$19.33, a sign many see room for the shares to rise.

A quarter this strong can shift that mood, though farm stocks are judged over full seasons rather than three-month windows. As ever, prices depend on the next harvest and the next turn in world crop markets, not on any single quarter.

What SLC Agrícola actually does

SLC Agrícola is one of Brazil’s largest farmland and agribusiness operators, listed on the São Paulo exchange as SLCE3. It grows cotton, soybeans and corn on a vast scale.

The company farms across Brazil’s central savanna belt, where much of the country’s grain and fiber is now produced. It both owns land and leases it.

Owning farmland outright is unusual at this scale. And it means the value of the land itself sits alongside the crops as part of the story.

That makes its results a useful read on Brazil’s harvests and on the health of its farm exports.

What to watch next

Three things will shape the coming quarters. Watch world prices for cotton, soybeans and corn, the size of the next harvest, and the exchange rate on exports.

If prices hold and the crop comes in well, the strong run can continue. If any of them slip, the swing can go the other way.

For now, SLC Agrícola sold more of its harvest, for more money, and the profit followed.

More: Brazil news in English, every day from The Rio Times.

Frequently Asked Questions

How much did SLC Agrícola earn in Q2 2026?

SLC Agrícola reported net income of R$245.1 million (about US$47.5 million), up 75.3% from a year earlier.

Why did profit rise so much?

Prices firmed across cotton, soybeans and corn. And the company sold a record volume of farm produce, so higher prices met bigger volumes.

How large was the revenue?

Net revenue rose 16.8% to R$2.176 billion (about US$421 million), a quarterly record for the company.

What does SLC Agrícola do?

It is one of Brazil’s largest farmland operators, growing cotton. Soybeans and corn on a vast scale and exporting much of the harvest.

Sources: SLC Agrícola IR (2T26 release), InfoMoney, Genial Investimentos, Estadão, MarketScreener.