Perfeito — para Reuters, o lead deve ser lucro líquido, não EBIT. Eu faria assim:
Cerradinho Bioenergia Nearly Doubles Annual Profit as Sugar Shift Lifts Margins
By Brazil Stock Guide — Cerradinho Bioenergia nearly doubled net profit in the 2025/26 crop year, as a sharp increase in sugar production and stronger corn ethanol revenue helped offset lower cane ethanol volumes and a weaker contribution from decarbonization credits.
The Brazilian bioenergy company posted net income of R$ 373 million for the crop year ended in March, up 90% from R$ 197 million a year earlier. In the fourth quarter, net profit jumped to R$ 60.2 million from R$ 13.7 million, a 340% increase, according to the company’s earnings release.
Cerradinho said the improvement reflected a 3-percentage-point expansion in net margin, driven by better realized prices, a more profitable production mix and higher volumes in key product lines.
The result marks a shift in the company’s earnings profile. Cerradinho’s sugar VHP revenue rose 176% to R$ 898 million after the company completed the second phase of its sugar factory and directed 62% of its cane mix to sugar, compared with 23% in the previous crop year.
That decision reduced cane ethanol output, but improved profitability. Cane ethanol production fell 47% to 178,000 cubic meters, as more recoverable sugar was allocated to sugar production. Total ethanol equivalent production declined 13% to 865,000 cubic meters.
Corn ethanol also supported the bottom line. Revenue from corn ethanol rose 19% to R$ 2.14 billion, making it the company’s largest revenue line. Revenue from corn oil increased 35%, while DDG and WDG revenue rose 7%, helping reinforce the margin contribution from co-products.
Cerradinho’s net revenue increased 16% to R$ 4.29 billion, while gross profit rose 43% to R$ 1.39 billion. Gross margin expanded to 33% from 26%, showing that the company converted the change in mix into stronger profitability, not only higher sales.
The profit gain came despite a heavier financial burden. Excluding IFRS 16 effects, Cerradinho’s net financial expense rose to R$ 512 million from R$ 409 million a year earlier, mainly because of a higher average CDI rate, higher taxes related to interest on equity and present-value adjustments on land purchases, the company said.
After IFRS 16 impacts, profit for the crop year was R$ 372.7 million, compared with R$ 393.2 million before those effects. In the fourth quarter, net income was R$ 60.2 million after IFRS 16, compared with R$ 70.3 million before the accounting adjustment.
Cerradinho also reduced leverage. Net debt fell 6% to R$ 2.16 billion, while net debt-to-adjusted EBITDA declined to 1.40 times from 2.01 times a year earlier. The company said all its debt is denominated in local currency and that 90% of gross debt is long term.
The weaker line was CBIOs. Revenue from the decarbonization credits fell 77% to R$ 6.2 million, while sales volume dropped 52%, pressured by high supply in the market. That, however, was not enough to prevent the company from delivering a much stronger bottom line.
The core message from the earnings release is that Cerradinho did not merely grow revenue. It turned a more flexible industrial base — sugar, corn ethanol, energy and co-products — into higher profit, even with a larger financial expense and lower cane ethanol production.