Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Financial Data and Key Metrics Changes - In Q1 2026, the company reported net revenue of BRL 286.6 million, an adjusted EBITDA of BRL 64 million, and a net loss of BRL 64.3 million, indicating a challenging quarter due to the end of the sugarcane harvest and the planting of new crops [2][22][23] - The operational EBITDA was BRL 64 million, similar to BRL 61.4 million in the same period last year, reflecting stable operational performance despite market volatility [23][24] Business Line Data and Key Metrics Changes - The sugarcane segment faced challenges with productivity, leading to a decrease in ATR levels from historical averages of 140 kg to around 135-136 kg, impacting overall revenue [22][24] - Soy sales were strong, with 56% of the current harvest sold at BRL 1,072, benefiting from strategic timing in the market [19][20] - Corn prices showed recovery, and the company has a significant volume of corn yet to be sold, indicating potential for future revenue [20][29] Market Data and Key Metrics Changes - The sugar market has been under pressure due to global production expectations, leading to lower prices [4][22] - The cotton market experienced a 14% price drop, while cattle raising showed signs of recovery due to export restrictions [4][11] - The company anticipates a good soy harvest in Brazil, with estimates ranging from 178 to 180 million tons [5][11] Company Strategy and Development Direction - The company is focusing on diversifying its operations across various commodities to mitigate risks associated with market volatility [10][12] - There is an emphasis on cost management and strategic timing in sales to optimize margins, particularly in the soy and corn segments [3][19] - The management is exploring opportunities in biofuels and crushing projects, indicating a long-term strategic shift towards sustainable practices [40][42] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the volatility in the agricultural market, particularly influenced by geopolitical factors affecting trade agreements [18][41] - There is optimism regarding the recovery of sugarcane productivity due to improved weather conditions and irrigation strategies [50][51] - The company remains committed to being a dividend-paying entity, reflecting confidence in its long-term financial health despite current challenges [34][35] Other Important Information - The company has a significant amount of receivables, over BRL 650 million, which will positively impact its balance sheet in the coming quarters [20][32] - The company is actively managing its debt levels, with a net debt of BRL 658 million and a focus on maintaining liquidity [32][34] Q&A Session Summary Question: What is the expected sugarcane harvest scenario? - Management expects about 10% more tons harvested by the end of the harvest year, but acknowledges that market estimates may be overly optimistic [36][37] Question: Can you provide an update on land purchase and sale scenarios? - The company is actively pursuing land sales and sees ongoing opportunities in regions like Bahia, despite challenges posed by interest rates [38][39] Question: What is the perspective on soy imports and market competitiveness? - The company anticipates favorable conditions for soy imports from China, which could enhance competitiveness in the market [40][41] Question: How does the company view the potential for biofuels and M&A? - Management sees biofuels as a long-term opportunity and is exploring M&A possibilities to enhance operational efficiency [40][42] Question: What are the expectations for sugarcane TCH recovery? - Management is optimistic about TCH recovery due to improved weather conditions and irrigation strategies, expecting significant improvements in the next harvest [47][50]

Financial Performance - Net Revenue decreased by 37% from R$457.208 million to R$286.644 million[34] - Adjusted EBITDA decreased by 62% from R$169.357 million to R$64.349 million[34] - Net Income decreased from a profit of R$97.457 million to a loss of R$64.275 million[34] - Revenues from Operations decreased by 7% from R$325.296 thousand to R$302.969 thousand[34] Commodity and Input Prices - Soybean prices increased by 2%[17] - Corn prices increased by 17%[17] - Cotton prices decreased by 14%[17] - Cattle Raising prices increased by 43%[17] - Ethanol prices increased by 20%[17] - Sugarcane prices decreased by 21%[17] - Average price of KCL BRASIL increased by 11%[18] - Average price of MAP BRASIL increased by 13%[18] - Average price of UREIA US GOLF increased by 8%[18] Planting Status - 34% of planting was completed as of November 10th[29]

Customer Concentration and Revenue Dependence - In the year ended June 30, 2025, three customers accounted for 52.9% of the company's revenue, with two responsible for 50% in the grain/cotton segment and one for 64% in the sugarcane segment[52]. - The company’s revenue is significantly dependent on a small number of customers, which may pose risks to financial stability[52]. - The company faces strong competition in a fragmented agricultural sector, increasing the bargaining power of a concentrated customer base, which may adversely affect business relationships and financial results[55]. Market and Economic Risks - The company faces significant risks related to the fluctuation of global commodity prices, which historically have shown substantial volatility[46]. - The ongoing geopolitical conflicts, including the situation in Ukraine and the Middle East, have led to increased volatility in commodity markets[54]. - A worldwide economic downturn could weaken demand for the company’s products, leading to lower prices and financial losses[79]. - Economic conditions in other countries, particularly the U.S., can negatively impact the Brazilian economy and investor sentiment towards Brazilian securities[145]. Regulatory and Legal Challenges - The Brazilian Law No. 5,709/71 imposes restrictions on foreign ownership of agricultural properties, potentially limiting the company's ability to acquire land[36]. - The company’s ability to implement its business strategy may be adversely affected by regulatory changes and limitations on foreign ownership[44]. - The company is subject to Brazilian corporate law, which may provide fewer protections for shareholders compared to U.S. regulations[156]. - As a foreign private issuer, the company is exempt from many U.S. corporate governance requirements, potentially limiting investor protections[157]. Environmental and Climate Risks - The company is exposed to adverse climate conditions that may affect agricultural production in Brazil, Bolivia, or Paraguay[39]. - Environmental regulations in Brazil impose strict liabilities on the company for any environmental damage caused by contractors, which could lead to significant costs and adversely affect financial condition[59]. - The company’s agricultural operations are subject to extensive environmental regulations, and non-compliance could result in fines and operational interruptions, impacting financial performance[61]. Operational and Supply Chain Risks - The company is highly dependent on third-party contractors for agricultural development, and any failure to secure quality service providers could negatively impact production efficiency and costs[57]. - The company relies on imports of fertilizers from Russia and neighboring countries, making it vulnerable to supply risks and potential shortages[104]. - The ongoing conflict between Russia and Ukraine has led to significant disruptions in global agriculture and fertilizer markets, causing price volatility and supply chain challenges[105]. Financial Performance and Growth Strategy - As of June 30, 2025, net revenue was R$877.4 million, an increase from R$771.1 million in the previous year, representing a growth of approximately 13.8%[182]. - The company’s growth strategy relies on acquiring underdeveloped agricultural properties and applying modern agricultural technologies; failure to innovate could adversely affect competitiveness and financial results[63]. - The estimated fair market value of agricultural properties as of June 30, 2025, was R$3,615 million, with significant appreciation rates for individual farms, such as Jatobá Farm at 2557%[178]. Currency and Inflation Risks - Fluctuations in the value of the Brazilian real against the U.S. dollar could adversely affect export revenue and operational costs, impacting financial results[80]. - In 2023, the Brazilian real appreciated by 7.2% against the U.S. dollar, with an exchange rate of R$4.8413 per USD on December 31, 2023[82]. - In 2024, the real depreciated by 21.8% against the U.S. dollar, resulting in an exchange rate of R$6.1923 per USD on December 31, 2024[82]. - The SELIC interest rate was 15% per year as of June 30, 2025, with inflation rates of 3.18% in 2023 and 6.54% in 2024[142]. Strategic Initiatives and Investments - The company has acquired 18 agricultural properties across seven Brazilian states, totaling 320,990 hectares, with 214,920 hectares being arable[168]. - The company plans to continue investing in agricultural properties in Brazil, Bolivia, and Paraguay, applying for financing with government development banks[170]. - The company is considering expanding its operations into other countries in and outside Latin America, but such expansion carries significant economic, legal, and political risks[118]. Challenges in Compliance and Governance - The company may face challenges in implementing IFRS S1 and IFRS S2 related to sustainability disclosures, which could result in incomplete emissions inventories and increased compliance costs[133][135]. - The company is subject to evolving data protection laws, such as Brazil's LGPD, which could result in significant administrative and monetary sanctions if compliance is not met[124][126]. - Cybersecurity incidents pose a risk to the company's operations, as past incidents have disrupted systems and could lead to reputational damage and operational challenges[129][130]. Agricultural Production and Sales - The company planted 102,043 hectares of grains during the 2024/2025 crop year, with grains accounting for 49.2% of operating net revenue[186]. - Net revenue from the sale of sugarcane accounted for 36.7% of total net revenue for the year ended June 30, 2025, up from 30.7% in the previous year[195]. - Livestock sales contributed 2.9% of net revenue for the year ended June 30, 2025, down from 3.8% in the previous year[196].

Group 1 - The investment strategy focuses on long-only investment, evaluating companies from an operational and buy-and-hold perspective [1] - The approach does not prioritize market-driven dynamics or future price action, instead emphasizing long-term earnings power and competitive dynamics [1] - Most recommendations will be holds, indicating a cautious approach to market conditions, with only a small fraction of companies deemed suitable for purchase at any time [1] Group 2 - The articles aim to provide important information for future investors and introduce skepticism in a generally bullish market [1] - There is a clear distinction made between the author's opinions and professional investment advice, emphasizing the need for readers to conduct their own due diligence [2][3]

Group 1 - The article reiterates a buy recommendation on BrasilAgro (NYSE: LND) shares following the disclosure of quarterly results on September 3, 2025 [1] - The analysis is based on over 5 years of experience in equity analysis in Latin America, providing in-depth research and insights for informed investment decisions [1]

Financial Performance - Revenues from Operations for 4Q25 were R$ 228.735 million, a decrease of 1% compared to R$ 230.364 million in 4Q24, while total revenues for 2025 increased by 14% to R$ 877.443 million from R$ 771.126 million in 2024[4] - Net Income for 4Q25 was R$ 61.281 million, down 74% from R$ 232.851 million in 4Q24, with a net income margin of 17%, a decrease of 25 percentage points year-over-year[4] - Adjusted EBITDA from Operations for 4Q25 was R$ (111) thousand, compared to R$ 19.748 million in 4Q24, reflecting a significant decline in operational profitability[4] - The company reported a net revenue of R$1.2 billion for the 2024/25 crop year, a 5% increase from the previous year, with net income of R$138.0 million and adjusted EBITDA of R$267.3 million[16] - In 4Q25, net income decreased by 74% to R$61.3 million compared to R$232.9 million in 4Q24[62] - The company reported a profit of R$ 61,281 thousand for Q4 2025, down 74% from the previous year, and a total profit of R$ 138,019 thousand for 2025, a 39% decrease[137] Revenue Sources - The quantity of sugarcane sold increased by 5% to 1,840,588 tons in 2025, contributing to a 36% rise in net revenue from sugarcane to R$ 322.189 million[5] - The company reported a 61% decrease in revenues from farm sales in 4Q25, totaling R$ 111.998 million compared to R$ 289.360 million in 4Q24[4] - The net revenue for 2025 was R$ 1.233 billion, a 12% increase from R$ 1.105 billion in 2024, driven by improved overall sales performance[4] - Revenues from sugarcane increased by 36% year-over-year in 2025, reaching R$ 325,265 thousand, while revenues from grains rose by 5% to R$ 442,530 thousand[137] Production and Yield - The total quantity sold across all products in 2025 was 2,138,470 tons, a 3% increase from 2,083,091 tons in 2024[5] - The total planted area for the 2025/26 harvest is estimated at 172.610 thousand hectares, with soybean production projected to increase by 17% to 252.022 thousand tons and corn production expected to rise by 43% to 64.872 thousand tons[10] - The company faced a 9% reduction in grain and cotton production due to adverse weather conditions and management complexities, but diversification strategies helped mitigate some impacts[19] - Soybean production decreased by 15% to 214,742 tons, while corn production increased by 8% to 45,431 tons[43] - The overall production of grains and cotton increased by 22% compared to the previous crop year, adding 65,300 metric tons[44] Operational Costs and Margins - The company’s net operating margin for 2025 was -5%, a decline of 2 percentage points from -3% in 2024, highlighting ongoing operational challenges[4] - Adjusted EBITDA margin from operations fell to 0% in 4Q25, down 9 percentage points from 9% in 4Q24, indicating a challenging operational environment[4] - The total cost of goods sold for 2025 increased by 12% compared to 2024, mainly due to a 16% rise in the volume of soybeans traded[77] - Soybean gross margin improved to 16% in Q4 2025, up 8 percentage points from Q4 2024, despite a 19% decrease in net revenue due to an 11% reduction in unit costs[78] - Corn's gross margin fell to 25% in Q4 2025, a decrease of 5 percentage points from Q4 2024, despite a 69% increase in invoiced volume and a 59% rise in unit price[82] Assets and Liabilities - The average debt balance rose from R$662.1 million to R$790.2 million, reflecting the company's strategy to carry soybean inventory into the second half of the year[102] - Total liabilities increased by 16% to R$ 1,659,274 thousand as of June 30, 2025, compared to R$ 1,425,402 thousand in the previous year[141] - Current liabilities rose by 25% to R$ 658,255 thousand, driven by a significant increase in loans, financing, and debentures, which grew by 100% to R$ 355,841 thousand[141] - The company’s total biological assets showed a significant decline of 92% in 2025, amounting to R$1.2 million compared to R$22.4 million in 2024[93] Cash Flow and Dividends - Total dividends proposed for 2025 amount to R$75.000 thousand, down from R$155.000 thousand in 2024, reflecting a reduction in dividends per share from R$1.56 to R$0.75[110] - Cash and cash equivalents decreased by 24% to R$159.816 thousand from R$209.614 thousand in the previous year[111] - Net cash generated from operating activities decreased by 10% to R$ 71,535 thousand compared to R$ 79,422 thousand in the previous year[143] - Cash flow from investment activities showed a net outflow of R$ 38,911 thousand, a 40% increase in cash used compared to R$ 27,846 thousand in 2024[143] Strategic Initiatives - The company has made significant progress in input acquisitions for the 2025/26 harvest, with potassium chloride purchases at 81% and phosphates at 89% as of August 2025[8] - The company entered a long-term lease for 3,000 arable hectares in Mato Grosso, enhancing operational capacity and flexibility[30] - The company continues to focus on acquiring and developing rural properties for agricultural and cattle raising activities, aiming to enhance value through infrastructure and technology investments[117]

Financial Data and Key Metrics Changes - The net profit for 2025 was BRL 180 million, down from BRL 288 million in the previous year [44] - Adjusted EBITDA for the period was BRL 167 million, representing a 4% decrease compared to the previous period [46] - The company experienced a significant impact from increased interest rates, resulting in a negative financial result of BRL 80 million [47][48] Business Line Data and Key Metrics Changes - The company sold farms generating BRL 40 million in revenue, compared to BRL 120 million previously [2] - The gross result from sugarcane was BRL 86 million, with a margin returning to historical levels around 30% [54] - The gross result from soy was BRL 76 million, maintaining a margin of 86% despite a 7% decrease in price compared to the previous year [53] Market Data and Key Metrics Changes - The company noted a recovery in cattle raising, selling an asset for BRL 140 million, significantly higher than the BRL 10 million investment [4] - The company reported a decrease in cotton production by 38% due to severe drought conditions in Paraguay [27] - The average selling price for soy was around $10.70, with a notable increase in margins compared to previous periods [41] Company Strategy and Development Direction - The company emphasized its intrinsic characteristic of selling farms as a core part of its business model [2][5] - There is a focus on diversifying crops and regions to mitigate operational and commercial risks [4] - The company is investing in technology and operational efficiency, including the establishment of a centralized operational hub for better monitoring [36][38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of internal bases for soy, despite geopolitical challenges [13] - There is a concern about tighter margins in the coming years due to high production costs and market volatility [35][77] - The company is preparing for potential fluctuations in exchange rates and their impact on margins [72][74] Other Important Information - The company plans to distribute dividends of BRL 5 million, the lowest in the last five years, reflecting a cautious approach to capital allocation [59] - The company has a net debt of BRL 785 million, indicating a healthy balance sheet despite the challenging environment [56] Q&A Session Summary Question: Margin expectations and visibility in the market - Management highlighted the need for discipline among farmers due to expected margin compression in the coming years [71][72] Question: Discrepancies in land appraisal values - Management explained that internal appraisals are conservative compared to external evaluations, influenced by market conditions and interest rates [63][66] Question: Transformation of agricultural areas - The company noted a decrease in transformed areas due to rising costs and market conditions, with a focus on maintaining profitability [83][84]

Financial Performance (9M25) - Net revenue reached R$870.5 million[13], a 57% increase compared to the previous year[26] - Adjusted EBITDA was R$195.3 million[13], with an adjusted EBITDA margin of 22%[26] - Net income amounted to R$76.7 million[13], a significant turnaround from the previous year's net loss[26] Production and Sales (24/25 Harvest) - Soybean production is estimated at 251,788 tons[19], but projected to be 216,111 tons[19], a 14% decrease[19] - Corn production is estimated at 42,033 tons[19], and projected to be 47,527 tons[19], a 13% increase[19] - Cotton production is estimated at 31,170 tons[19], but projected to be 20,553 tons[19], a 34% decrease[19] Commodity and Input Prices - Soybean prices decreased by 2% from June 2024 to April 2025[15] - Corn prices increased by 31% from June 2024 to April 2025[15] - Cattle raising prices increased by 46% from June 2024 to April 2025[15] - The price of KCL fertilizer for the 25/26 harvest is projected at USD 635 per ton[17], a 24% increase compared to Mar-24[17] Hedging - 20% of the 24/25 soybean harvest and 22% of the 25/26 harvest are hedged for commodity prices[25] - 72% of the 24/25 corn harvest and 83% of the 25/26 harvest are hedged for commodity prices[25] - 39% of the 24/25 ethanol harvest is hedged for commodity prices[25] - 71% of the 24/25 cotton harvest is hedged for commodity prices and 47% is hedged for exchange rates[25] Indebtedness - Total indebtedness is R$884.98 million[36], a 30% increase compared to June 30, 2024[36] - Adjusted net debt is R$779.403 million[36], a 65% increase compared to June 30, 2024[36]

Company Information [Form 6-K Filing Details](index=1&type=section&id=Form%206-K%20Filing%20Details) BrasilAgro filed a Form 6-K report on May 7, 2025, announcing consolidated results for 3Q25 and 9M25 - BrasilAgro filed a Form 6-K report on May 7, 2025, for its consolidated results for **3Q25 and 9M25**[1](index=1&type=chunk)[3](index=3&type=chunk) - The consolidated information is prepared in accordance with the **International Financial Reporting Standards (IFRS)**[3](index=3&type=chunk) Highlights of the Period [Key Financial Highlights](index=3&type=section&id=Key%20Financial%20Highlights) BrasilAgro achieved significant financial growth in 3Q25 and 9M25, marked by substantial increases in Net Revenue and Adjusted EBITDA Key Financial Highlights (R$ thousand) | (R$ thousand) | 3Q25 | 3Q24 | Change | 9M25 | 9M24 | Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenues from Operations | 170,299 | 121,781 | 40% | 648,709 | 540,762 | 20% | | Net Sales Revenue | 170,299 | 121,781 | 40% | 778,010 | 545,927 | 43% | | Net Revenue | 224,934 | 132,967 | 69% | 870,504 | 553,307 | 57% | | Adj. EBITDA from Operations | (5,089) | 5,609 | n.a | 87,346 | 11,694 | n.a | | Adjusted EBITDA | (5,089) | 5,609 | n.a | 195,279 | 16,418 | n.a | | Net Income | (1,093) | (30,147) | -96% | 76,738 | (5,984) | n.a | - Net Income for 9M25 turned positive to **R$76,738 thousand** from a loss of R$5,984 thousand in 9M24[4](index=4&type=chunk) - Adjusted EBITDA Margin for 9M25 significantly increased to **22%** from 3% in 9M24, a 19 percentage point improvement[4](index=4&type=chunk) [Operational Sales Highlights](index=3&type=section&id=Operational%20Sales%20Highlights) Operational sales revenue grew strongly, driven by soybean and sugarcane, contributing to increased net revenue from agricultural products Net Revenue by Product (R$ thousand) | Net Revenue (R$ thousand) | 3Q25 | 3Q24 | Chg. (%) | 9M25 | 9M24 | Chg. (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total | 170,299 | 121,781 | 40% | 648,709 | 540,762 | 20% | | Soybean | 104,405 | 86,490 | 21% | 267,789 | GOZPAL | 381% | | Sugarcane | 10,683 | (3,799) | n.a | 239,423 | 166,888 | 43% | | Feather Cotton | 37,929 | 26,294 | 44% | 69,462 | 53,391 | 30% | | Cattle Raising | 9,136 | 5,528 | 65% | 18,434 | 25,225 | -21% | Quantity Sold by Product (Ton) | Quantity Sold (Ton) | 3Q25 | 3Q24 | Chg. (%) | 9M25 | 9M24 | Chg. (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total | 69,142 | 54,425 | 27% | 1,545,888 | 1,543,994 | n.a. | | Soybean | 60,545 | 48,047 | 26% | 138,631 | 101,738 | 31% | | Sugarcane | - | - | n.a. | 1,340,673 | 1,305,064 | 5% | | Feather Cotton | 3,917 | 2,891 | 35% | 7,281 | 6,291 | 16% | Hedge Position and Input Acquisitions [Hedge Position](index=3&type=section&id=Hedge%20Position) BrasilAgro maintains hedge positions for key commodities, exchange rates, and farm sale receivables to mitigate market volatility Hedge Position - Commodity (3Q25) | Commodity | % Hedged (3Q25) | Price (3Q25) | | :--- | :--- | :--- | | Soybeans | 68% | 10.90 USD/bu | | Cotton | 44% | 77.39 c/lb | | Corn | 51% | 53.22 R$/sc | | Ethanol | 98% | 2.464 R$/m3 | | Total recoverable sugars | 98% | 1.17 R$/kg ATR | Hedge Position - Exchange (3Q25) | Item | % Hedged (3Q25) | BRL/USD (3Q25) | | :--- | :--- | :--- | | Soybeans | 40% | 5.42 | | Cotton | 27% | 2.48 | | Farm Sale Receivables | 43% | 5.48 | [Status of Input Acquisitions](index=5&type=section&id=Status%20of%20Input%20Acquisitions) The company completed 100% of 2024/25 harvest input acquisitions and commenced acquiring inputs for the 2025/26 harvest Input Acquisition Status (as of Apr/25) | Input | 2024/25 Harvest (Apr/25) | 2025/26 Harvest (Apr/25) | | :--- | :--- | :--- | | Nitrogenous | 100% | - | | Potassium chloride | 100% | 50% | | Phosphates | 100% | 45% | | NPK - Formulated | 100% | 10% | | Defensives | 100% | 10% | Crop Year Projections [Planted Area and Production Projections](index=7&type=section&id=Planted%20Area%20and%20Production%20Projections) 2024/25 planted area is 175,646 hectares; grain and cotton production estimates were revised down due to adverse weather, while sugarcane production is projected to grow Planted Area (ha) - 2024/25 Harvest | Crop | 23/24 Harvest (realized) | 24/25 Harvest (estimated) | Chg. (%) | 24/25 Harvest (projected) | Chg. (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Soybean | 70,612 | 77,545 | 10% | 75,541 | -3% | | Corn - 2nd Crop | 9,425 | 8,914 | -5% | 13,122 | 47% | | Cotton | 4,238 | 7,966 | 88% | 6,420 | -19% | | Ratoon Cane | 24,801 | 26,732 | 8% | 26,226 | -2% | | Total | 171,320 | 178,909 | 4% | 175,646 | -2% | Production by Crop (ton) - 2024/25 Harvest | Crop | 23/24 Harvest (realized) | 24/25 Harvest (estimated) | Chg. (%) | 24/25 Harvest (projected) | Chg. (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Soybean | 200,246 | 251,788 | 26% | 216,111 | -14% | | Corn - 2nd Crop | 48,152 | 54,102 | 12% | 73,237 | 35% | | Cotton | 10,177 | 31,170 | n.a | 20,553 | -34% | | Total (Grains & Cotton) | 300,712 | 403,917 | 34% | 378,879 | -6% | | Sugarcane (Tons harvested) | 2,060,451 | 2,272,136 | 10% | 2,227,677 | -2% | - Cattle raising projects a **7% decrease** in number of heads and a **39% decrease** in meat production for the 24/25 harvest compared to estimated[10](index=10&type=chunk) [Production Cost Projections](index=9&type=section&id=Production%20Cost%20Projections) Production costs per hectare for the 2024/25 harvest show varied changes across crops, with some increases from estimated figures, notably for soybeans and corn Production Cost (R$/ha) -