Lavoro is a retailer and distributor of agricultural inputs in Latin America, primarily in Brazil, with additional operations in Colombia and Ecuador. Lavoro sells crop protection products (herbicides, insecticides, fungicides), seeds, fertilizers, and specialty products such as biologicals and adjuvants to small and medium-sized farmers, primarily those growing soybeans and corn. Lavoro operates through 169 physical retail stores and a field sales force of technical representatives called RTVs, who visit farmers throughout the crop cycle to advise on input selection and crop planning. Lavoro's business model is built on buying inputs from manufacturers and reselling them to farmers at a markup, with gross margins driven by product mix, supplier pricing, and farmer demand. Higher-margin specialty and private-label products, distributed through its Crop Care segment under the Perterra brand, are a key margin lever. A significant portion of Brazil revenue is settled through barter, where farmers pledge future grain deliveries as payment; Lavoro hedges this commodity exposure through forward sales and derivatives. Lavoro's cost base is largely fixed, creating significant operating leverage. The company recently completed an out-of-court restructuring covering approximately R$2.5B in trade payables to suppliers, following severe input price deflation, drought-driven demand weakness, and an industry-wide tightening of supplier financing terms. As part of the restructuring, Lavoro reduced its store count from 223 to 169 and cut RTV headcount from 1,101 to 935. In December 2025, Lavoro also sold a 53.3% stake in several Crop Care specialty subsidiaries to Patria Investments for approximately R$400M, retaining a minority interest and full ownership of Perterra.