Adecoagro S.a. · NYSE:AGRO
Adecoagro — Investor Presentation (June 2025)
48 slides from Adecoagro's investor presentation, June 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 OUR 3 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 ADECOAGRO’S PERFORMANCE EVOLUTION 2,814 2,776 2,744 2,680 Total Production (‘000 tons) 2,516 Total TRS Equivalent Produced (‘000 tons) 2,329 2,344 2,292 Farming Production (‘000 tons) Area under management (‘000 ha) 1,975 Gross Sales (US$ million) 1,849 $ 1,442 $ 1,476 $ 1,352 1,
Slide 8: Financial Overview – Adjusted EBITDA
FINANCIAL OVERVIEW – ADJUSTED EBITDA ADJUSTED EBITDA (US$ MILLION) CAGR 2010-2024: 11.6% $ 477 $ 437 $ 433 $ 444 $ 342 $ 314 $ 305 $ 298 $ 276 $ 216 $ 215 $ 181 $ 150 $ 142 $ 96 $ 29 $3 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (*) IN JANUARY 2011 ADECOAGRO
Slide 9: Performance Overview
PERFORMANCE OVERVIEW GROSS SALES (US$ MILLION) GROSS SALES BREAKDOWN (%) $ 1,442 $ 1,476 $ 1,352 $ 1,098 $ 811 $ 892 $ 822 Dairy 19% Energy 2% 2018 2019 2020 2021 2022 2023 2024 Soybean 5% ADJUSTED FREE CASH FLOW FROM OPERATIONS (US$ MILLION) Corn 4% $ 176 $ 152 $ 161 Rice 17% $ 141 Wheat 2% $ 106 $
Slide 10: Capital Allocation
CAPITAL ALLOCATION SHAREHOLDER INDEBTEDNESS DISTRIBUTION EXPANSION CAPEX ✓ Net debt $522 million, up 4% YoY ✓ Sugarcane Expansion Planting ✓ Policy: At least 40% of previous year’s ✓ Net leverage 1.2x (SE&E) NCFO via dividend and buyback ✓ 70% USD, 29% BRL & 1% ARS ✓ Rice land development ✓ 2024: 58
Slide 11: Capital Allocation
CAPITAL ALLOCATION SHAREHOLDER DISTRIBUTION (US$ MILLION) Buyback Dividend Total (*) Minimum to distribute according to our Policy. $ 102 $ 72 $ 35 $ 66 $ 64 $ 61 $ 35 $ 38 $ 35 $ 66 $ 67 $ 16 $5 $ 38 $4 $4 $ 37 $ 26 $ 16 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F (*) NET DEBT (US$ MILLION)
Slide 12: AGRO's Share Performance
AGRO’S SHARE PERFORMANCE AGRO’S IPO 01/27/2011 AT 11 $/SH MAIN SHAREHOLDERS $ 14 Max Top Public Shareholders $ 12 Holder Name % O/S Tether 71.2% AGRO Price ($/share) $ 10 Management & Directors 4.0% Helikon Investments Ltd 2.9% $8 Route One Investment Co LP 1.5% $6 Others 20.5% Total 100.0% $4 Min A
Slide 13: Our Team
OUR TEAM +10,100 EMPLOYEES IN THE ADECOAGRO FAMILY WE ARE PASSIONATE FOR WHAT WE DO. WE CONTINUOUSLY WORK TOWARDS IMPROVING AND OUTPERFORMING OURSELVES 13
Slide 14: Our Business Segments
OUR BUSINESS SEGMENTS €& & adecoagro
Slide 15: Our Business Segments
OUR BUSINESS SEGMENTS BRAZIL ARGENTINA & URUGUAY SUGAR, ETHANOL & CROPS RICE DAIRY ENERGY 15
Slide 16: Our Business Segments
OUR BUSINESS SEGMENTS GROSS SALES (US$ 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
1 a DE eee { : Molines Ala Molinos ACN CARBO i. aaR\ nos Ala ings AgaNY *elidabl’ apie Ppaer Seas } W — > lotinas Ata) (Motinos = [veoaie] jacitas de TOSTAD ‘GARBANZOS ARROZ=0REANZOS
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
L3N BRAND UHT Milk UHT Milk Portfolio Flavored Milk Yogurt 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: Our Approach to Sustainability
OUR APPROACH TO SUSTAINABILITY A better use of resources helps us to reduce costs and to enhance productivity Caring about our people makes our teams more ENVIRONMENTAL committed and highly motivated Profitability is present in all our analysis and decision-making processes SOCIAL ECONOMIC 40
Slide 41: Our Commitment to Environmental Care
OUR COMMITMENT TO ENVIRONMENTAL CARE Sustainability is at the core of our business driving our processes and being reflected in the final products that we deliver 41
Slide 42: 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 43: Our Low-Carbon Intensity Businesses
OUR LOW-CARBON INTENSITY BUSINESSES 2024 2024 43
Slide 44: Our Low-Carbon Intensity Businesses
OUR LOW-CARBON INTENSITY BUSINESSES 2024 2024 44
Slide 45: 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 46: Social Development
SOCIAL DEVELOPMENT 87% of our industrial food Health & Safety at work Local job creation production processes have 100% of our employees reached by Providing equal opportunities & certifications recognized by the our Occupational Health and Safety Community Training Global Food Safety Initiative (GF
Slide 47: 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 48: Thank You!
THANK YOU! Victoria Cabello - IRO Investor Relations Department vcabello@adecoagro.com ir@adecoagro.com