BrasilAgro is a Brazilian agricultural company that buys underdeveloped land in Brazil, Bolivia, and Paraguay, converts it into productive farmland, and sells it at a premium — while also farming the land it holds to generate ongoing crop revenue. The core land model is straightforward: BrasilAgro acquires raw or underutilized properties cheaply (often with less than 15% of arable land under cultivation), invests in clearing, soil improvement, and infrastructure, then sells at significantly higher prices per arable hectare. As of June 2025, BrasilAgro's owned properties had a fair market value of R$3.6B against a historical cost of R$1.2B. On the farming side, BrasilAgro grows grains (primarily soybean, corn, and cotton), sugarcane, and cattle on both owned and leased land. Soybeans are the largest single crop and are priced against the Chicago Board of Trade. Sugarcane is sold under long-term exclusive supply contracts to Brenco and Raízen. BrasilAgro is a pure price-taker on all crops, with no pricing power, and hedges commodity risk through futures and options. BrasilAgro also leases portions of its portfolio to third parties for rent paid in cash or crop shares, and farms third-party land under agricultural partnership agreements to add productive scale without buying additional land outright. Three customers account for roughly half of crop revenue, reflecting the concentrated buyer base of large commodity traders.