Consolidated adjusted EBITDA during the quarter reached $115 million, while year-to-date it amounted to $206 million. In Brazil, we achieved an all-time quarterly crushing record of 4.9 million tons and even produced 40% more ethanol than the previous year as we switched our production maximization, giving premium commanded over sugar. Therefore, our decision is to reduce the long grain rice and to increase the mix of varieties. In dairy, cow productivity and processing volumes have achieved a new record.
Despite this, adjusted EBITDA improved versus the prior year to $115 million on greater results from our sugar, ethanol, and energy business. On a year-to-date basis, sales and adjusted EBITDA stood at $1 billion and $206 million, respectively. The year-over-year gap reported in the previous release has decreased by the crushing record achieved during the third quarter, which we will get into more detail shortly. In the case of the farming business, total production saw a 13% year-over-year increase explained by higher planted area, as well as record productivity in our rice operations.
During the period, we achieved a new quarterly crushing record of 4.9 million tons and a 20% year-over-year increase. Despite the increase in ethanol production, lower sales during the quarter were explained by a decline in volume sold. In the case of energy, the increase in sales was driven by higher selling prices year-over-year as we complied with our long-term contracts as well as profit from the peaks in spot prices. Adjusted EBITDA amounted to $120 million during the third quarter, making a 20% year-over-year increase.
| Metric | Period | Current guidance |
|---|---|---|
| Profertil acquisition | closing | Closing targeted by mid-December 2025, subject to YPF's right of first refusal (expiring early December) |
| Sugarcane crushing | FY2026 | Potential 5-6% increase versus 2025 on better cane conditions, assuming normal weather |
| SE&E cash costs | FY2026 | Expected 15-20% reduction on higher volume/yield dilution, lower Consecana raw-material prices and efficiency gains |
| Growth capex | FY2026 | Significant reduction expected across all four business segments given compressed EBITDA and the Profertil purchase |
| Net leverage | post-close | Intend to reduce leverage via cost savings, capital-allocation revision and exploring capitalization structures with the controlling shareholder |
| Metric | YoY | Note |
|---|---|---|
| Consolidated adjusted EBITDA | US$115M quarter / US$206M YTD | Improved SE&E results outweighed weak farming; sales down on lower prices/volumes. |
| Gross sales | US$323M quarter (-29%) / ~US$1.0B YTD | Lower global prices and volumes across products. |
| SE&E adjusted EBITDA | US$120M quarter (+20%) / US$218M YTD (-16%) | Record crushing plus mark-to-market gains on yield and hedges. |
| Farming adjusted EBITDA | US$1M quarter / US$19M YTD | Low peanut/rice prices and higher USD costs; dairy record productivity. |
| Net debt / leverage | US$872M (+35%); 2.8x (vs 1.5x) | Weaker results plus the US$96M Profertil advance payment. |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Profertil acquisition | Not owned | Signed Sept 8 for ~US$600M (Nutrien's 50%); diversifies into fertilizers, targeting mid-December close pending YPF ROFR | — |
| SE&E recovery & flexibility | Weather-hit H1 | Record quarterly crushing (+20%), 58% ethanol mix, segment EBITDA +20% YoY | — |
| Deleveraging & capital allocation | 2.3x at Q2 | 2.8x after advance payment; capex cuts, cost savings and capitalization talks planned to bring leverage down | — |