Adecoagro S.a. · NYSE:AGRO
Adecoagro — Investor Presentation (January 2026)
52 slides from Adecoagro's investor presentation, January 2026
Slide 1: Adecoagro: A Sustainable Development Model
ADECOAGRO A S U S T A I N A B L E DEVELOPMENT MODEL
Slide 2: Index
INDEX 1 WHO WE ARE 2 OUR BUSINESS SEGMENTS 3 OUR FINANCIAL PERFORMANCE 4 OUR SUSTAINABLE BUSINESS MODEL 2
Slide 3: Who We Are
GS adecoagro
Slide 4: A Diversified Agro-Industrial Platform
A DIVERSIFIED AGRO-INDUSTRIAL PLATFORM SUGAR, ETHANOL SUGAR, ETHANOL & ENERGY TOTAL SALES LTM3Q25 & ENERGY BUSINESS • 3 Sugar & Ethanol Mills • +220 thousand hectares of sugarcane US$2,027 MILLION1 • +12.8 million tons of sugarcane crushed per year • +1 million MWh renewable energy produced per year
Slide 5: Founded 23 Years Ago
FOUNDED 23 YEARS AGO • Expansion of our crops business into Uruguay and Brazil • Consolidation of our • Acquisition of a 90% Foundation of Adecoagro • Beginning of operations Listing in the New sugar, ethanol and stake in Profertil, the in Argentina with the idea energy cluster largest producer of o
Slide 6: With a Strong Operational Track Record
WITH A STRONG OPERATIONAL TRACK RECORD +10,500 EMPLOYEES ADECOAGRO’S PERFORMANCE EVOLUTION 4,306 Total Production (‘000 tons) Total TRS Equivalent Produced (‘000 tons) $ 2,027 Farming Production (‘000 tons) 3,079 3,098 Urea Production (‘000 tons) Area under management (‘000 ha) 2,814 2,776 2,744 2,6
Slide 7: AGRO's Equity
AGRO’S EQUITY SHARE PRICE PERFORMANCE AGRO OWNERSHIP (%) (*) Top 10 Shareholders $ 14 Max Holder Name % O/S Tether 74.3% $ 12 Management & Directors 3.5% AGRO Price ($/share) $ 10 PGGM Investments 2.8% Tether Investments S.A. de Futura Holding 1.9% C.V. became Adecoagro’s $8 major shareholder follow
Slide 8: Our Team
OUR TEAM +10,500EMPLOYEES IN THE ADECOAGRO FAMILY WE ARE PASSIONATE FOR WHAT WE DO. WE CONTINUOUSLY WORK TOWARDS IMPROVING AND OUTPERFORMING OURSELVES 8
Slide 9: Our Business Segments
OUR BUSINESS SEGMENTS €& & adecoagro
Slide 10: Our Business Segments
OUR BUSINESS SEGMENTS BRAZIL ARGENTINA ARGENTINA & URUGUAY SUGAR, ETHANOL & FERTILIZERS CROPS RICE DAIRY ENERGY 10
Slide 11: Sugar, Ethanol & Energy Business
SUGAR, ETHANOL & ENERGY BUSINESS 11
Slide 12: +210K Ha Sugarcane Plantation
+210K Ha Sugarcane Plantation ▪ ~91% own sugarcane ▪ High productivity ratios ▪ Own biofactory ▪ 100% mechanized harvest (MS) ▪ State-of-the-art ag equipment ▪ Use of drones ▪ Biofertilizers replace 50% of fertilizer needs 12
Slide 13: 3 Mills
3 MILLS 14mm installed capacity • 1 mill in Minas Gerais • 2 mills in Mato Grosso do Sul • Large production flexibility • Large storage capacity 13
Slide 14: Cluster
CLUSTER In Mato Grosso do Sul • 2 mills; 45km apart • Low competition for land • High TRS/Ha potential • Continuous harvest model • Production flexibility • Co-generation capacity • State tax incentive 14
Slide 15: Sugar, Ethanol & Energy Business
SUGAR, ETHANOL & ENERGY BUSINESS 7,000+ employees 550 Nm3/hour of biomethane 246 MW Biofertilizers and 210,000+ hectares SUGARCANE power generation biomethane of sugarcane in Mato Harvest Grosso do Sul and Minas Gerais Soil carbon Vinasse sequestration 925,000 tons Crushing ETHANOL 670+ tractors and
Slide 16: Fertilizers Business
@ adecoagro FERTILIZERS BUSINESS
Slide 17: Snapshot
SNAPSHOT • Largest producer of granular urea in South America • Located in the port of Bahia Blanca • Competitive access to natural gas (main input) • Leveraging on Vaca Muerta’s growth potential • Positioned in a net urea-importing country and region 17
Slide 18: Industrial Assets
INDUSTRIAL ASSETS • 1.3 million tons of urea production capacity • 790k tons of ammonia production capacity • Co-generation capacity • 4 dispatch and logistic centers spread across the most productive regions of Argentina 18
Slide 19: Commercialization
COMMERCIALIZATION • Commercial flexibility to sell domestically and to export markets • Responsible for ~60% of Argentina’s demand for urea • Logistic flexibility (ships, trucks and trains) • Access to wholesale and retail customers • Own brands 19
Slide 20: Fertilizers Business
FERTILIZERS BUSINESS PUERTO GRAL. SAN MARTÍN ▪ 2 silos ▪ 200 KMT of Storage capacity ▪ 7 KMT / day of port unloading capacity ▪ 4 dispatch lines with dispatch capacity of 650 KMT / year ▪ Parking capacity of 150 trucks NECOCHEA SAN NICOLAS ▪ 70 KMT of storage capacity ▪ 3 semispherical silos, 1 addi
Slide 21: Our Brand Portfolio
OUR BRAND PORTFOLIO PROFERTIL 21
Slide 22: Crops Business
CROPS BUSINESS 22
Slide 23: Diversification
DIVERSIFICATION Crops & Geography 23
Slide 24: Best Practices
BEST PRACTICES • No till • Crop rotation • Cover crops • Balanced fertilization • Integrated pest management • Water management 24
Slide 25: Industrial Assets
INDUSTRIAL ASSETS • 2 grain storage & handling facilities • 1 Peanut processing facility • 1 Sunflower processing facility • Vertically integrated where it makes sense 25
Slide 26: Crops
CROPS Traceability +240,000 planted focused on quality hectares and safety In 9 provinces of Argentina and Uruguay 1 plant for peanut processing with 80,000 tons 25,000 hectares capacity of cover crops Dalmacio Vélez, Córdoba Good Farming Sustainable Practices Production Soil carbon Sustainable soy
Slide 27: Rice Business
RICE BUSINESS 27
Slide 28: 65K Ha of Irrigated Rice
65K HA of Irrigated Rice • Largest producer of rough rice in Argentina • Zero level technology • Own seed unit - Agreements with BASF, FLAR, etc • Own harvesters and seeders • Heavy use of technology 28
Slide 29: Industrial Assets
INDUSTRIAL ASSETS • Largest processor and exporter in Argentina • +500k tons of processing capacity • Certifications and high-quality standards • Parboil production • Rice snack facility 29
Slide 30: Commercialization
COMMERCIALIZATION • Commercial flexibility • Full traceability • Logistic flexibility • Own brands • Customized varieties • Quick speed of reaction to respond to market opportunities 30
Slide 31: Rice
RICE Domestic and In-house production export market of seeds Traceability focused on quality +64,000 hectares and safety under irrigation (NE Argentina) Sustainable Advanced Indica & Japonica use of water technology in the field +450,000 tons Varieties include: produced in our farms Long grain + thi
Slide 32: Our Brand Portfolio
OUR BRAND PORTFOLIO MOLINOS ALA 32
Slide 33: Dairy Business
DAIRY BUSINESS \8 @ adecoagro
Slide 34: +14,400 Milking Cows
+14,400 Milking Cows • Largest producer of raw milk in Argentina • ~38 liters/cow/day • Milking 3 times per day; 365 days 34
Slide 35: 4 Freestalls
4 FREESTALLS Fully populated • Focus on cow comfort • Clean and dry spaces • Sand beds • Refrigeration systems • Low-cost staple – Humid Pampas • Biodigesters process cow manure • Renewable energy • Biofertilizer 35
Slide 36: Industrial Assets
INDUSTRIAL ASSETS • High quality milk • Full product traceability • 2 processing facilities • Morteros: export market • Chivilcoy: domestic market • Production flexibility • Diversified product portfolio 36
Slide 37: Dairy
DAIRY Domestic and Cow feed export market production +14,400 High quality milking cows in 4 high efficiency products Animal free stalls welfare ~38 liters per cow per day 4 brands 38 3.4 MW Total installed capacity of our biodigesters 2 plants Clean sand beds, cooling and hydration Energy and biofer
Slide 38: Our Brand Portfolio
OUR BRAND PORTFOLIO LAS TRES NIÑAS 38
Slide 39: Our Product Portfolio
OUR PRODUCT PORTFOLIO Granular Urea 39
Slide 40: Our Financial Performance
OUR FINANCIAL PERFORMANCE 40
Slide 41: Financial Highlights
FINANCIAL HIGHLIGHTS GROSS SALES (US$ MILLIONS) TOTAL SALES BREAKDOWN BY PRODUCT (%) 50% 51% 47% 50% 48% 46% 32% Rice 11% 50% 49% 53% 50% 52% 54% 38% 31% Dairy 15% $ 2,027 Fertilizers 30% $ 1,442 $ 1,476 $ 1,407 Energy 2% $ 1,352 $ 1,098 Soybean 3% As of LTM3Q25 Proforma. $ 822 Corn 3% Wheat 1% Pean
Slide 42: Conservative Leverage Profile and Strong Liquidity
CONSERVATIVE LEVERAGE PROFILE AND STRONG LIQUIDITY EXPANSION CAPEX (US$ MILLIONS) SHAREHOLDER DISTRIBUTION (US$ MILLIONS) $1,191 SE&E Farming Fertilizers Total $ 102 $ 72 $ 35 $1,073 $ 66 $ 61 $ 214 $ 54 $ 54 $ 35 $ 96 $ 35 $ 104 $ 35 $ 35 $ 66 $ 67 $ 58 $ 71 $ 67 $ 33 $ 33 $ 57 $ 39 $ 25 $ 15 $ 37
Slide 43: Our Sustainable Business Model
OUR SUSTAINABLE BUSINESS MODEL 43
Slide 44: Our Approach to Sustainability
OUR APPROACH TO SUSTAINABILITY ENVIRONMENTAL A better use of resources helps us to reduce costs and to enhance productivity Caring about our people makes our teams more committed and highly motivated GOVERNANCE Profitability is present in all our analysis and decision-making processes All supported
Slide 45: Sustainability Governance & Structure
SUSTAINABILITY GOVERNANCE & STRUCTURE We have 8 main policies that frame our sustainable production Our team structure model – the 8 policies are signed by our CEO Board Level ❖ ESG Committee Human Diversity and Occupational Environmental Management & Directors Rights Policy Inclusion Health & Polic
Slide 46: Environmental Management
ENVIRONMENTAL MANAGEMENT Environmental Management focused on four main pillars CARBON ENERGY WATER SOIL 16 million tCO2e captured 14 million GJ of renewable Regenerative agriculture: 90% of our planted area per year through energy generated per year No-till, Cover Crops, Crops is rainfed only photos
Slide 47: Social: Our Employees
SOCIAL: OUR EMPLOYEES We build strong and committed teams through a flexible workplace that supports both personal growth and professional development Our Employees Our teams are driven by an entrepreneurial spirit Occupational Health & Safety and a deep passion for what they do. Considering Safety
Slide 48: Social: Our Communities & Stakeholders
SOCIAL: OUR COMMUNITIES & STAKEHOLDERS We actively engage with the communities of the regions where we operate, aiming to contribute and create value through our presence and actions Local job creation Stakeholder Engagement Providing equal opportunities & Community Training We have the following co
Slide 49: Innovation
INNOVATION Rice seed Hybrid seeds development development Pre-sprouted seedlings biofactory Biological solutions Renewable electricity from biomass Green Mobility Precision Start-ups Agriculture INNOVATIVE Drone technology MINDSET Entrepreneurs Connectivity & Research Sensoring (IoT) associations Te
Slide 50: Governance
GOVERNANCE Our governance model is built on the core principles of Independence, Transparency and Accountability. One class of common shares Highly qualified Director & Majority of our Board Equal rights Management teams Members are independent 100% Board of Directors, Senior Management and 5 Board-
Slide 51: Senior Management & Board of Directors
SENIOR MANAGEMENT & BOARD OF DIRECTORS EXECUTIVE MANAGEMENT BOARD OF DIRECTORS Name Name Years at AGRO Experience Position Years at AGRO Experience Position Mariano Bosch Agribusiness Juan Sartori Chairman and founder of Union Group International Holdings CEO & Co-Founder Since inception Executive C
Slide 52: Thank You!
& adecoagro THANK YOU!