Adecoagro S.a. · NYSE:AGRO
Adecoagro — Investor Presentation (April 2025)
44 slides from Adecoagro's investor presentation, April 2025
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 WHO 1 WE ARE 2 OUR BUSINESS SEGMENTS 3 OUR SUSTAINABLE MODEL 2
Slide 3: Who We Are
GS adecoagro
Slide 4: Who We Are
WHO WE ARE We are an We produce AGRIBUSINESS SUGAR, ETHANOL, ENERGY, GRAINS, RICE, PEANUTS AND COMPANY DAIRY PRODUCTS OF THE producing FOOD AND RENEWABLE ENERGIES HIGHEST QUALITY We operate We develop IN DIFFERENT REGIONS OF EFFICIENT AND BRAZIL, ARGENTINA SUSTAINABLE AND URUGUAY PROJECTS Y 4
Slide 5: Leveraging on Natural Conditions to Produce Food & Energy
LEVERAGING ON NATURAL CONDITIONS TO PRODUCE FOOD & ENERGY SUGAR, ETHANOL & ENERGY • 3 Sugar & Ethanol Mills • ~210 thousand hectares of sugarcane • +12.8 million tons of sugarcane crushed per year • +1 million MWh of renewable energy generated per year • 1 biodigester (biogas-biomethane) CROPS • ~24
Slide 6: Our History
OUR HISTORY • Expansion of our crops business into Uruguay and Brazil • Consolidation of our Foundation of Adecoagro • Beginning of operations Listing in the New sugar, ethanol and in Argentina with the idea energy cluster of adopting a sustainable in the sugar, ethanol and York Stock energy busines
Slide 7: Our Evolution
OUR EVOLUTION 3,079 3,000 2,814 2,776 Total Production (‘000 Tn) 2,744 2,680 Sugar Equivalent Production (‘000 Tn) 2,516 2,500 Farming Production (‘000 Tn) 2,329 2,292 2,344 Area under Management (‘000 Ha) 1,975 2,000 1,849 Gross Sales (‘USD mm) $ 1,442$ 1,476 1,564 $ 1,352 1,500 1,389 $ 1,098 1,194
Slide 8: Financial Overview - Adjusted EBITDA
FINANCIAL OVERVIEW - ADJUSTED EBITDA $ USD MM CAGR 2010-2024: 11.6% 477 437 433 444 342 314 305 298 276 216 215 181 150 142 96 29 3 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (*) IN JANUARY 2011 ADECOAGRO WAS LISTED IN NYSE UNDER THE TICKER AGRO 8
Slide 9: Performance Overview
PERFORMANCE OVERVIEW GROSS SALES (US$ MILLION) ADJUSTED FREE CASH FLOW FROM OPERATIONS (US$ MILLION) 1,476 176 1,442 161 1,352 152 141 1,098 892 106 811 822 79 67 2018 2019 2020 2021 2022 2023 2024 2018 2019 2020 2021 2022 2023 2024 GROSS SALES BREAKDOWN (%) DEBT MATURITIES (US$ MILLION) Dairy 19% 4
Slide 10: Capital Allocation
CAPITAL ALLOCATION EXPANSION SHAREHOLDER DEBT CAPEX DISTRIBUTION ✓ Net debt $522 million, ✓ Sugarcane Expansion ✓ Policy: At least 40% of previous up 4% YoY Planting (SE&E) year’s NCFO via dividend and ✓ Net leverage 1.2x ✓ Rice land development buyback ✓ 70% USD, 29% BRL & 1% ARS ✓ Rice industry ✓
Slide 11: Capital Allocation
CAPITAL ALLOCATION DISTRIBUTION (US$ MM) 102 EXPANSION 66 72 CAPEX 35 64 61 38 35 Sugarcane Expansion ✓ 35 16 66 67 5 38 4 4 37 Planting (SE&E) 16 26 5 4 4 ✓ Capacity to concentrate 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F vinasse (SE&E) Buyback Dividend Total ✓ Second Biodigester (Dairy)
Slide 12: AGRO's Share
AGRO’S SHARE Holder Name Top Public Shareholders % O/S AGRO’S IPO 01/27/2011 AT 11 $/SH Tether Holdings Ltd 20.4% PGGM Investments 15.5% $ 14 Max Helikon Investments Ltd 12.0% Route One Investment Co LP 8.9% $ 12 Banco Santander SA 7.8% AGRO Price ($/share) $ 10 Management & Directors 6.9% Jennison
Slide 13: Our Team
OUR TEAM +10,200EMPLOYEES IN THE ADECOAGRO FAMILY WE ARE PASSIONATE FOR WHAT WE DO. WE CONTINUOUSLY WORK TOWARDS IMPROVING AND OUTPERFORMING OURSELVES 13
Slide 14: Our Business Segments
OUR BUSINESS SEGMENTS €& & adecoagro
Slide 15: Our Business Segments
OUR BUSINESS SEGMENTS BRAZIL ARGENTINA & URUGUAY SUGAR, ETHANOL & CROPS RICE DAIRY ENERGY 15
Slide 16: Our Business Segments
OUR BUSINESS SEGMENTS GROSS SALES (US$ MILLION) ADJUSTED EBITDA (US$ MILLION) 2024: $1,476 million 2024: $444 million Dairy 19% Dairy 7% Sugar, Sugar, Ethanol & Rice Ethanol & Rice Energy 11% Energy 17% 48% 78% Crops 4% Crops 16% 16
Slide 17: Sugar, Ethanol & Energy Business
SUGAR, ETHANOL & ENERGY BUSINESS 17
Slide 18: +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 18
Slide 19: 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 19
Slide 20: 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 20
Slide 21: Sugar, Ethanol and Energy
SUGAR, ETHANOL AND ENERGY BRAZIL 6,600 Nm3/day +7,000 of biomethane employees +1 million +210,000 MWh/year Biofertilizers and SUGARCANE hectares biomethane Harvest of sugarcane in Mato Grosso do Sul Soil carbon and Minas Gerais Vinasse sequestration Crushing +900,000 tons + 670 ETHANOL tractors and
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
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 ARGENTINA & URUGUAY 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 car
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
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: Own Brands
Melina Mal AcaaBé
Slide 32: Rice
RICE ARGENTINA & URUGUAY 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 fa
Slide 33: Dairy Business
DAIRY BUSINESS 33
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
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: L3N Brand
Flavored Milk Yogurt L3N BRAND UHT Milk UHT Milk Portfolio UHT Cream Semi-hard Cheese 37
Slide 38: Dairy
DAIRY ARGENTINA 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
Slide 39: Our Sustainable Model
G adecoagro OUR SUSTAINABLE MODEL
Slide 40: Environmental Management
ENVIRONMENTAL MANAGEMENT ▪ Regenerative Agriculture: No-Till, Crop Rotation, Cover Crops; Land-levelling ▪ 30% of water savings in rice with precision levelling technology CARBON ▪ 88% of energy consumed is self-generated and renewable INTENSITY TARGET -20% BY 2030 ▪ Biodigesters producing biomethan
Slide 41: Innovation
INNOVATION ▪ Data Management, Precision Agriculture, Connectivity & Sensoring (IoT) ▪ Drone technology to map lots and apply phytosanitary products ▪ Green Mobility. Adapting our logistics by replacing fossil fuels through innovative developments ▪ Renewable electricity from biomass. Biodigesters co
Slide 42: Social Development
SOCIAL DEVELOPMENT ▪ Local job creation - Providing equal opportunities & Community Training ▪ Food Safety & Quality - GFSI, FSSC 22000, RTRS, Bonsucro, OIA certifications among others 25% FEMALE ▪ Health & Safety at work - Protocols and training PARTICIPATION IN LEADERSHIP POSITIONS ▪ Commitment to
Slide 43: Governance
GOVERNANCE ▪ One class of common shares – Equal rights ▪ No controlling shareholder ▪ High degree of independence of the Board ▪ Highly qualified Director & Management teams HIGHEST STANDARD OF CORPORATE ▪ Management & Consulting Committees 43 GOVERNANCE
Slide 44: Thank You!
THANK YOU! Victoria Cabello - IRO Investor Relations Department vcabello@adecoagro.com ir@adecoagro.com