Slide 1: Adecoagro 1st Quarter 2024 Earnings Webcast
ADECOAGRO TST QUARTER 2024 EARNINGS WEBCAST
Slide 2: Disclaimer
DISCLAIMER This press release contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about us and our industry. These forward-looking statements can be identified by words or phrases such as “anticipate,” “forecast”, “believe,” “continu
Slide 3: Adecoagro 1Q24 Key Takeaways
ADECOAGRO 1Q24 KEY TAKEAWAYS SE&E: Crushing record 1Q + cost dilution due to higher milling Crops: Yield normalization; harvesting activities underway Rice: Commercial flexibility led to an important YoY increase in the average selling price Dairy: Higher productivity + lower feed costs Mariano Bosc
Slide 4: Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS Gross Revenues Adjusted EBITDA 1Q24 Dairy 1Q24 7% Dairy $90 million $254 million 22% 3%(1) 1%(1) Sugar, Ethanol & Rice Energy Sugar, 34% Rice 42% Ethanol & 23% Energy 54% Crops Crops 5% 13% (1) Comparisons are made versus the same period of last year. 4
Slide 5: Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS Gross Revenues (US$ million) Adjusted EBITDA (US$ million) $ 1,442 $ 1,352 $477 $437 $433 $ 1,098 $ 892 $342 $ 822 $305 631 722 335 396 374 562 254 1% 411 3% 253 532 $ 254 $89 $90 721 720 $ 247 536 360 411 99 107 107 124 83 103 77 52 149 147 72 44 -20 -19 -22 -24 -2
Slide 6: Sugar, Ethanol & Energy Business
SUGAR, ETHANOL & ENERGY BUSINESS
Slide 7: Sugar, Ethanol and Energy Business Operational Performance
SUGAR, ETHANOL AND ENERGY BUSINESS OPERATIONAL PERFORMANCE Sugarcane milled Yield TRS per ton (‘000 Tons) (Tons/Hectare) (Kg/Ton) 47% (4%) 5% 2,167 73 117 70 1,472 112 1Q23 1Q24 1Q23 1Q24 1Q23 1Q24 Sugar production Ethanol production(1) Production Mix(1) (Tons) (M3) (%) 57% 61% 119,431 87,296 7,505
Slide 8: Sugar, Ethanol and Energy Business Net Sales by Product
SUGAR, ETHANOL AND ENERGY BUSINESS NET SALES BY PRODUCT Sugar Sales Volume Ethanol Sales Volume (Tons) (M3) 23.8 18% 599 (30%) 20.3 417 13% 120,128 11% 78,511 Total Net Sales by product 106,249 70,702 (1) Sugar Equivalent Anhydrous Ethanol 1Q23 1Q24 1Q23 1Q24 13% Average Realized Price(1) (cts/lb) A
Slide 9: Sugar, Ethanol and Energy Business Adjusted EBITDA
SUGAR, ETHANOL AND ENERGY BUSINESS ADJUSTED EBITDA Adjusted EBITDA Quarterly (US$ Thousand) 79% (37%) 50% 76,688 (32%) 51,855 1Q23 1Q24 Adjusted EBITDA Margin 9
Slide 10: Sugar, Ethanol and Energy Business Outlook
SUGAR, ETHANOL AND ENERGY BUSINESS OUTLOOK Good sugarcane availability = Higher expected crushing volume Higher crushing = better dilution of fixed costs 57% of our annual sugar production hedged at 23.6 cts/lb Ethanol prices have already recovered +30% vs. lowest level YTD Parity at the pump contin
Slide 11: Farming Business
FARMING BUSINESS 11
Slide 12: Farming Business 2023/24 Harvest Season
FARMING BUSINESS 2023/24 HARVEST SEASON(1) As of May 2, 2024. Unharvested area 25% Harvested area 37% 24,241 ha 14,141 ha 28,142 ha Harvested Harvested Harvested 63% 75% 100% 131,071 ha Harvested Soybean 1st Corn 1st Wheat 47% 3.3 tn/ha 7.8 tn/ha 3.1 tn/ha 53% 638,545 tons 65%(3) 60%(3) 35%(3) produ
Slide 13: Farming Business Financial Performance
FARMING BUSINESS FINANCIAL PERFORMANCE Farming (US$ Thousand) 138% 44,014 18,522 1Q23 1Q24 Crops(*) Rice(*) Dairy (US$ Thousand) (US$ Thousand) (US$ Thousand) 145% 32,785 4,782 5% 6,447 13,401 6,122 1Q23 1Q24 1Q23 1Q24 (1,001) 1Q23 1Q24 (*) Figures for 1Q23 differ from the ones previously reported t
Slide 14: Capital Allocation
CAPITAL ALLOCATION 14
Slide 15: Capital Allocation: Shareholder Distribution
CAPITAL ALLOCATION SHAREHOLDER Distribution Policy(1): Minimum distribution of 40% of the cash generated during DISTRIBUTION the previous year, via a combination of cash dividends and share repurchase. Distribution Update (US$ millions) $ 175.9 40% Minimum to comply with the Policy 2.4% AGRO’s equit
Slide 16: Capital Allocation: Net Debt Evolution
CAPITAL ALLOCATION Net Debt Evolution (US$ millions) (23%) 900 830 852 3.0x DEBT 800 707 679 27% 2.5x 700 639 600 503 2.0x 500 1.9x 1.9x 1.5x 400 1.6x 1.5x 300 1.3x 1.0x 1.1x 200 0.5x 100 0 0.0x 4Q22 1Q23 2Q23 3Q23 4Q23 1Q23 Net Debt Net Debt/Adj. EBITDA LTM Debt Structure Debt Currency Breakdown Sh
Slide 17: Capital Allocation: Expansion CAPEX
CAPITAL ALLOCATION EXPANSION Final Installment CAPEX of rice mills acquired in Argentina & Uruguay Sugarcane Expansion planting Investments in our Biogas unit in Mato Grosso do Sul in Ivinhema mill 17
Slide 18: Q&A Session
Q&A SESSION 18
Slide 19: Thank You!
THANK YOU! Website: ir.adecoagro.com Emilio Gnecco - CFO Victoria Cabello - IRO Investor Relations Department egnecco@adecoagro.com vcabello@adecoagro.com ir@adecoagro.com