A VERDADE ESCONDIDA NO RESULTADO DA JALLES | A Ação Está No Fundo Do Poço

VAROS Academy 👉 https://varos.com.br/varos-academy?ut... Jalles Machado went from a loss of 56 million reais to a profit of 9.5 million reais. On paper, it's a recovery. However, the company's operations resulted in a loss of 128 million reais for the year. How can a company have an operating loss and a profit on its balance sheet? While the headline announced a profit, the stock plummeted 41% in the last 12 months. In the same period, the Ibovespa rose 23%. A difference of 65 percentage points. Those who bought a year ago and held on saw 40% of their money melt away while the stock market rose. In this video, I break down Jalles' 2025/26 harvest results using the same presentation the CEO used in the earnings live stream, and I'll show you four things that completely change the interpretation of the numbers. Where did this profit come from that isn't in operations? Why did the margin plummet even though the company did almost everything right? What did the company decide to change in the production mix for next year? And, in the middle of the slides, a number that practically nobody talks about and that alone explains why the stock is at rock bottom. We go through the global sugar scenario, the operational numbers where the damage lies, the commercial and financial aspects with the detail of the hedge that turned a loss into profit, and the guidance for the next harvest. In the end, the question that's worth money remains: is this a good company being punished by the weather and an entry point before the cycle turns, or is the market realizing that cheap sugar will last longer than the company wants to admit? 00:00 - Introduction 02:18 - The global sugar market scenario 03:50 - Downturn cycles and the bet that the worst is over 05:18 - Operational numbers: milling and productivity 06:00 - Why the cost per ton increased 06:57 - TCH per unit and the bet on Santa Vitória 08:07 - The commercial aspect: sugar and ethanol prices 09:20 - Organic sugar and the risk of US tariffs 10:13 - Where the profit came from: hedging 11:50 - The tax trap on expenses 13:43 - Guidance and the mix change to 26/27 15:40 - The protected balance sheet and the locked hedge 17:21 - Value trap or opportunity? ► Follow VAROS on X: https://x.com/varosbr #JALL3 #JallesMachado #Sugar #Ethanol #OrganicSugar #Commodities #SugarAndAlcoholIndustry #Ethanol2026 #StockMarket #B3 #FundamentalAnalysis #InvestingInStocks #Hedge #MarkToMarket #EBIT #QuarterlyResults #Dividends #VariableIncome #VAROS #VAROSAcademy #lukasmonken #FinancialMarket #StockAnalysis #SmallCaps #Investments