The earnings call reveals several negative factors: high debt levels, operational challenges in cattle raising, and technological implementation issues. While there are improvements in net loss and corn revenue, the decline in sugarcane productivity and weak sector outlooks for sugarcane and ethanol are concerning. The Q&A highlights uncertainties in cotton productivity and external pressures on land prices, with management providing vague responses. These factors, combined with high-interest rates and geopolitical instability, suggest a negative stock price reaction.