Slide 1: Adecoagro 3rd Quarter 2025 Earnings Webcast
ADECOAGRO 3 RD Q U A R T E R 2 0 2 5 E A R N I N G S W E B C A S T 1
Slide 2: Disclaimer
DISCLAIMER This presentation 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,” “continue
Slide 3: Adecoagro 3Q25 Key Takeaways
ADECOAGRO 3Q25 KEY TAKEAWAYS SE&E: All-time quarterly crushing record & switch to ethanol. Greater cane availability going forward. Crops: Reducing area & improving crops mix for better future margins. Rice: Global prices for long-grain white rice continue to decline. Reducing area & increasing our
Slide 4: Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS Gross Revenues Adjusted EBITDA 3Q25 3Q25 $323 million Dairy $115 million 24% 4% (1) (29%)(1) Sugar, Sugar, Ethanol & Ethanol & Energy Dairy 5% Energy 44% 94% Rice 12% Rice 1% Crops 20% Gross Revenues Adjusted EBITDA 9M25 9M25 $1,039 million Dairy $206 million 22% (6
Slide 5: Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS Gross Sales (US$ million) Adjusted EBITDA (US$ million)(1) $ 1,442 $ 1,476 $477 $ 1,352 (6%) $437 $444 $433 $ 1,098 $ 1,108 (39%) $ 1,039 $342 $341 $ 892 $305 $ 822 $ 708 $ 396 $ 631 $ 722 $ 335 $ 364 $ 374 $206 $ 562 $ 525 $ 460 $ 254 $ 259 $ 253 $ 532 $ 411 $ 721
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) (4%) (7%) 10,187 9,797 (11%) (8%) 20% 72 146 (5%) 68 136 4,864 133 4,039 63 64 127 3Q24 3Q25 9M24 9M25 3Q24 3Q25 9M24 9M25 3Q24 3Q25 9M24 9M25 Sugar production Ethanol pr
Slide 8: Sugar, Ethanol and Energy Business Net Sales by Product
SUGAR, ETHANOL AND ENERGY BUSINESS NET SALES BY PRODUCT 3Q25 Net Revenues Breakdown Sugar Sales Volume Ethanol Sales Volume (Tons) Anhydrous (M3) Ethanol 20.8 (9%) 8% 6% 10% Hydrous 19.8 (10%) 17.8 481 469 (*)Does not consider Ohter Operating Income 19.0 443 444 Ethanol 20% (23%) 2% $131 (37%) 631,7
Slide 9: Sugar, Ethanol and Energy Business Adjusted EBITDA
SUGAR, ETHANOL AND ENERGY BUSINESS ADJUSTED EBITDA Adjusted EBITDA Quarterly Adjusted EBITDA Annual (US$ Thousand) (US$ Thousand) 92% 108% 52% (2%) 50% 44% (16%) 258,871 218,418 20% 120,467 100,130 3Q24 3Q25 9M24 9M25 Adjusted EBITDA Margin Adjusted EBITDA Margin 9
Slide 10: Farming Business
FARMING BUSINESS 10
Slide 11: Farming Business 2025/26 Planting Plan Progress & Dairy Performance
FARMING BUSINESS 2025/26 PLANTING PLAN PROGRESS & DAIRY PERFORMANCE 2025/26 Planting Plan progress as of October 20, 2025. Still pending to plant 9% Planted area 36% 60% 61,228 ha 55,838 ha 27,408 ha 15,211 ha 40% 64% 91% 52% 100% 124,518 ha Wheat Sunflower Soybean Corn planted (34%)(1) 19%(1) (43%)
Slide 12: Farming Business Financial Performance
FARMING BUSINESS FINANCIAL PERFORMANCE Farming(1) (US$ Thousand) 99,191 (81%) (92%) 19,192 17,385 1,464 3Q24 3Q25 9M24 9M25 Crops(1) Rice Dairy (US$ Thousand) (US$ Thousand) (US$ Thousand) 51,399 (73%) (8%) 25,504 23,583 (181%) 22,288 (10%) (85%) (436%) 13,748 7,430 7,930 7,150 2,025 1,112 3Q24 3Q25
Slide 13: Capital Allocation
CAPITAL ALLOCATION 13
Slide 14: Capital Allocation: Expansion Capex
CAPITAL ALLOCATION EXPANSION CAPEX Sugarcane Expansion planting in Mato Grosso do Sul Expansion of our biomethane production Industrial improvements in Agricultural Machinery for our Rice Operations Morteros milk processing facility 14
Slide 15: Capital Allocation: Profertil Acquisition
CAPITAL ALLOCATION AGREEMENT TO ACQUIRE NUTRIEN’S 50% STAKE IN PROFERTIL VIA A 80%-20% PARTNERSHIP WITH EXPANSION ASOCIACIÓN DE COOPERATIVAS ARGENTINA (“ACA”). TRANSACTION VALUED AT ~$600 MILLION. CAPEX PROFERTIL IN NUMBERS ~1.3 MM Tons ~790 k Tons Nominal Ammonia Urea Capacity Capacity ~$760 MM USD
Slide 16: Capital Allocation: Debt and Liquidity
CAPITAL ALLOCATION Net Debt Evolution (US$ millions) 35% 1000 Net Debt Net Debt/Adj. EBITDA LTM $ 852 $ 872 3.0x 900 $ 830 DEBT 800 2.8x 2.5x $ 707 $ 679 $ 699 700 $ 639 $ 632 $ 646 2.3x 2.0x 600 $ 522 $ 503 500 1.9x 1.9x 1.7x 1.5x 400 1.5x 1.5x 1.3x 1.3x 1.0x 300 1.2x 1.1x 200 0.5x 100 0 0.0x 1Q23
Slide 17: Capital Allocation: Shareholder Distribution
CAPITAL ALLOCATION Shareholder Distribution Evolution (US$ millions) Dividends Buyback Total Distribution SHAREHOLDER $ 102 DISTRIBUTION $ 72 $ 66 $ 61 $ 67 $ 37 $ 45 $ 26 $ 10 $ 66 $ 35 $ 35 $ 35 $ 35 2021 2022 2023 2024 2025 2025 $35 MILLION IN CASH DIVIDENDS = $0.35 PER SHARE $17.5 million paid i
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