Even in the face of a challenging scenario for the 2025/26 crop, Itaú BBA concludes that the sugar and ethanol sector's mills are financially better prepared to face market fluctuations than they were a decade ago. According to the study, which evaluated 48 groups responsible for 53% of the milling in the Center-South, the sector enters the 2026/27 crop with an average liquidity index of 2.7x, double that of the 2015/16 crop, and leverage 51% lower, at 1.8x. This solidity reflects advances in governance, risk management, and access to more competitive credit.