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- **Q1 Results**: BRL 286.6M revenue, BRL 64M EBITDA, BRL 64.3M net loss driven by mark-to-market adjustments.
- **Soy Strategy Win**: 56% of soy sold at BRL 1,072/ton, capturing post-U.S.-China trade rally gains.
- **Sugarcane Struggles**: TCH decline in key regions, ethanol prices down 14%, ATR costs up 5%.
- **Liquidity from Diversification**: Annual farm asset sales exceed BRL 350M, offsetting sugarcane underperformance.
- **Debt Discipline**: BRL 650M net debt, 90.8% CDI cost, with BRL 75M dividend approved.

**【CEO Summary Section】**
- **Q1 Financial Highlights**: Net revenue of BRL 286.6 million, adjusted EBITDA of BRL 64 million, and net loss of BRL 64.3 million due to mark-to-market adjustments for sugarcane and soy receivables.
- **Soy Strategy Success**: Delayed soy sales to the second semester captured higher prices, with 56% of soy sold at BRL 1,072/ton, outperforming market expectations amid U.S.-China trade volatility.
- **Sugarcane Challenges**: Productivity decline (TCH) in key regions (São Paulo, Maranhão) due to weather, leading to lower ethanol prices and ATR (alcohol-to-sugar ratio) impacts.
- **Diversification Strength**: Farm asset sales (e.g., cattle, land) generated BRL 350+ million annually, offsetting sugarcane underperformance and enhancing liquidity.

**【CFO Financial Commentary】**
- **Debt Management**: Net debt of BRL 650 million with 90.8% CDI cost, balanced against BRL 651 million in receivables (soy, corn). Dividend approval of BRL 75 million reflects commitment to shareholder returns.
- **Cost Efficiency**: 4-5% cost reductions in fertilizers and seeds, partially offsetting sugarcane underperformance. Currency hedging gains (BRL 4.5 million) mitigated FX risks.
- **Mark-to-Market Impact**: BRL 40 million loss from soy price volatility and BRL 54 million lease remeasurement highlighted non-cash accounting effects.

**【Q&A Key Highlights】**
- **Sugarcane Recovery Outlook**: Expect TCH rebound in Q2/2026 with improved rainfall in Maranhão and São Paulo; irrigation extension in Maranhão to mitigate October dry spell.
- **Soy Market Dynamics**: China import volumes (12M/2025, 25M/2026) support basis trading; 150-200bps price differential for second-half sales.
- **Cotton Quality Issues**: Off-season Bahia cotton (380-430kg/ha) faced quality discounts, but 2026 strategy focuses on irrigated cotton (420-430kg/ha) to improve margins.
- **Biofuels Expansion**: Corn ethanol projects in Piauí/Bahia leverage logistics, but biomass constraints limit scale; 30M+ ton corn harvest supports sector stability.

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