The National Supply Company (Conab) recorded total ethanol output of 37.5 billion liters for the period, a historical record. Within that total, sugarcane-based ethanol fell 6.9% to 27.33 billion liters, while corn-derived ethanol surged 29.8% to 10.17 billion liters. Corn now accounts for more than a quarter of Brazilian ethanol production, up from less than 1% a decade earlier.
Inpasa Agroindustrial, the bioenergie sector leader in the Valor 1000 yearbook, processed 11.6 million tons of grains in Brazil during 2025, a 45% increase over the previous year. The company reported net revenue of R$22.8 billion, up 67%, with adjusted EBITDA climbing 80% to R$7.3 billion and net profit nearly doubling to R$4.9 billion. The expansion was driven by a new unit in Balsas, Maranhão, which began operations in March 2025 and reached full processing capacity in September.
The company’s Sinop facility in Mato Grosso operates as the world’s largest single-site ethanol biorefinery, processing corn into ethanol, protein meal (DDGS), and vegetable oil. Inpasa produced 5.4 billion liters of ethanol in the period, alongside 2.7 million tons of DDGS and 284,900 tons of vegetable oil. Revenue from co-products DDGS and corn oil totaled R$4.2 billion, covering approximately 40% of raw material costs.
The company generated R$5 billion in operating cash flow, an increase of 113%, funding R$3.8 billion in capital expenditures. Net debt rose to R$9.3 billion, but leverage improved from 1.7 to 1.3 times EBITDA. Inpasa also generated 2,080 GWh of electricity by burning biomass in multi-fuel boilers, exporting 1.58 million gigajoules to the grid after meeting internal demand.
Four additional facilities are under construction or recently completed. A unit in Luís Eduardo Magalhães, Bahia, costing R$1.3 billion and producing 470 million liters annually, began operations in April. A R$2.5 billion facility in Rio Verde, Goiás, with 1 billion liters of annual capacity, is scheduled for late 2026.
This article was curated and published as part of our South American energy market coverage.
