SLC Agrícola, a Brazilian grower of soybeans, cotton and corn, reported a net profit of R$192.4 million (about US$34.6 million) for the third quarter, in results published on Wednesday 11 November 2026. A year earlier it had lost R$14.5 million (about US$2.6 million), and a record soybean harvest drove the swing.
Key Facts
•Profit. Net income R$192.4 million (about US$34.6 million), against a R$14.5 million loss in 2025.
•Revenue. R$1.81 billion (about US$326 million), down 13.1% on weaker cotton and corn billings.
•Operating earnings (adjusted EBITDA). R$463.5 million (about US$83.4 million), down 12.8%; margin 25.6%.
•Debt. Adjusted net debt R$7.1 billion (about US$1.28 billion), 3.00 times EBITDA.
•Next crop. Planted area for 2026/27 is forecast at 860,800 hectares, up 3.2%.
What Happened
The company’s results release, dated 11 November 2026, covers July to September. Gross profit rose 30.2% to R$810.9 million (about US$145.8 million), and the gross margin (profit after direct costs, as a share of sales) reached 44.7%, up 14.9 percentage points.
Net revenue fell to R$1.81 billion (about US$326 million) from R$2.09 billion (about US$375 million) a year earlier. The company blames smaller billings of cotton lint, down 50.3% by volume, and of second-crop corn, planted after the soy harvest, down 37.7%.
Soybeans did the heavy lifting, with sales up 81.6% by volume and gross profit per tonne rising from R$103 to R$588 (about US$18.5 to US$105.7). Adjusted EBITDA, which is earnings before interest, tax, depreciation and amortisation with company adjustments, slipped to R$463.5 million (about US$83.4 million) from R$531.4 million (about US$95.6 million).
A land sale added R$11.2 million (about US$2.0 million) to net income, so farming operations alone earned R$181.2 million (about US$32.6 million). The company sold 305.2 hectares of its Palmares farm in Bahia state for about R$16.6 million (about US$3.0 million), payable largely in soybeans.
Over nine months, net income rose 5.9% to R$673.6 million (about US$121.1 million), while adjusted EBITDA fell 14.4% to R$1.74 billion (about US$312.8 million). All dollar figures here use the Central Bank of Brazil’s official dollar rate (PTAX) for 11 November, R$5.5606 per US$1.
Why It Matters
The harvest set records, with soybeans at 4,125 kilograms per hectare and cotton lint at 2,127 kilograms per hectare, according to the release. That lifted margins even as sales volumes fell, and the company says 93% of its cotton and 48% of its corn are still to be billed, which should convert into cash in the fourth quarter.
Debt is the pressure point, since adjusted net debt reached R$7.1 billion (about US$1.28 billion), up R$1.9 billion (about US$342 million) from end-2025. That lifts net debt to 3.00 times adjusted EBITDA from 1.97 times, as the company paid for land purchases and farm infrastructure, including a first instalment for land bought from Grupo Radar, a farmland seller.
Cash stood at R$1.53 billion (about US$275 million), and 89% of debt now falls due in the long term, the highest share the company has recorded. The average rate on its real-denominated debt fell to 14.0% a year from 15.3% at end-2025.
The company’s American depositary receipts, US-traded certificates that represent its shares, trade under the ticker SLCJY, according to the release. US investors in them hold a farm business that sells commodities priced in dollars while paying many costs in reais.
What to Watch Next
The company holds a results videoconference on Thursday 12 November at 10:00 Brasília time (08:00 in New York), in Portuguese with English translation. The release gives no further dated checkpoint, though it points to cash conversion in the fourth quarter.
Soybean planting began in September, and rain has been slightly below the historical average but well spread, the company says. Nearly all inputs for 2026/27 are contracted, and average production cost per hectare is budgeted up only 2.2%.
What Is Not Known
The release does not say when net debt will fall back below three times EBITDA. It also gives no profit guidance for the full year.
Frequently Asked Questions
How much did SLC Agrícola earn in the third quarter of 2026?
Net income was R$192.4 million (about US$34.6 million), against a R$14.5 million loss a year earlier. The company reported it on 11 November 2026.
Why did SLC Agrícola’s revenue fall?
Net revenue fell 13.1% to R$1.81 billion (about US$326 million). The company cites lower billed volumes of cotton lint and second-crop corn.
Sources: SLC Agrícola 3Q26 results release, 11 November 2026; SLC Agrícola investor relations results centre, 11 November 2026; Banco Central do Brasil PTAX dollar rate, 11 November 2026.
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