Adecoagro (AGRO) investor relations material

Executive summary

• Acquisition of Profertil for $1.1 billion transformed the company into South America's largest urea producer, significantly expanding scale, diversification, and cash generation while reducing earnings volatility.

• Business reorganized into three segments: Sugar, Ethanol & Energy; Fertilizers; and Food & Agriculture.

• 2025 was challenging due to low commodity prices, higher costs, and plant downtime, but efficiency and low-cost production helped mitigate impacts.

• Return to NYSE with $300 million equity issuance, supporting growth initiatives and anchored by Tether.

• Focus remains on expanding earnings potential through cost leadership, diversification, and disciplined capital allocation.

Financial highlights

• 2025 gross sales were $1.45B, down 2.1% year-over-year; pro forma $2.02B, down 5.9%.

• Adjusted EBITDA was $276.7M, down 37.7% year-over-year; pro forma $467.2M, down 35.5%.

• Adjusted net cash from operations for 2025 pro forma was $301M, up 87% year-over-year.

• Segment revenue breakdown for 2025: Fertilizers 30%, Ethanol 17%, Dairy 15%, Sugar 13%, Rice 11%.

• Net debt reached $1.12B, up 114.5% year-over-year, mainly due to Profertil acquisition.

Outlook and guidance

• Expecting full recovery in fertilizer segment EBITDA in 2026 as operations normalize and market prices remain strong.

• Projecting low double-digit growth in sugarcane crushing volumes and continued ethanol maximization in 2026.

• Cost initiatives in food & agriculture, including a 22% reduction in planted area and increased rice production, aim to improve margins.

• Fertilizer segment positioned for margin expansion due to fixed gas prices and rising urea prices.

• Optimism for improved results in Argentina and Uruguay due to better productivity and reduced export taxes.