Slide 1: Adecoagro 3rd Quarter 2023 Earnings Webcast
ADECOAGRO 3®>2 QUARTER 2023 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 3Q23 Key Takeaways
ADECOAGRO 3Q23 KEY TAKEAWAYS Strong operational and financial results; Adj EBITDA +27% YoY. SE&E: crushing and sugar production record; hedges open to capture high prices. Crops: planting activities for the 23/24 campaign under excellent conditions. Rice: strong results on better mix of higher value
Slide 4: Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS Gross Revenues Adjusted EBITDA Crops 3Q23 3Q23 0% $388 million Dairy $155 million Rice 18% 7% Dairy 27%(1) 4% 2% (1) Sugar, Ethanol & Land Sugar, Rice Energy Transformation Ethanol & 16% 51% 19% Energy 74% Crops . 15% Corporate (4%) Others 0% Adjusted EBITDA Gross R
Slide 5: Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS Gross Revenues (US$ million) Adjusted EBITDA (US$ million) $ 1,352 $437 $433 16% 7% $ 1,098 $381 $ 1,042 $342 $ 970 $305 $327 $ 892 $ 822 335 631 374 254 308 562 424 483 253 273 411 532 721 536 546 559 107 124 411 72 83 73 90 360 -20 -19 -22 -24 -18 -17 2019 2020 20
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) 31% 28% 20% 27% 9,570 3% 82 145 79 7,329 65 141 3% 62 4,492 132 3,755 129 3Q22 3Q23 9M22 9M23 3Q22 3Q23 9M22 9M23 3Q22 3Q23 9M22 9M23 Sugar production Ethanol production(
Slide 8: Sugar, Ethanol and Energy Business Net Sales by Product
SUGAR, ETHANOL AND ENERGY BUSINESS NET SALES BY PRODUCT Total Net Sales by product Sugar Sales Volume Ethanol Sales Volume (Tons) Anhydrous (M3) Ethanol 23.1 21.2 11% 29% 24.4 19.3 20% 19.3 (14%) 18.2 18.9 16.5 Net Hydrous 546,045 (28%) Revenues Ethanol 144% 385,191 16% 3Q23 42% (14%) 278,746 $190 m
Slide 9: Sugar, Ethanol and Energy Business Adjusted EBITDA
SUGAR, ETHANOL AND ENERGY BUSINESS ADJUSTED EBITDA Adjusted EBITDA Quarterly Adjusted EBITDA YTD (US$ Thousand) (US$ Thousand) 68% 60% 67% (3%) 65% (12%) 3% 114,630 13% 308,161 111,002 272,638 3Q22 3Q23 9M22 9M23 Adjusted EBITDA Margin Adjusted EBITDA Margin 9
Slide 10: Sugar, Ethanol and Energy Business Outlook
SUGAR, ETHANOL AND ENERGY BUSINESS OUTLOOK Good sugarcane availability with high productivity levels = Crushing volumes +15% YoY in 2023 Lower cash cost on better dilution of fixed costs Closest sugar contract trading on average at over 27 cts/lb – sugar hedges still open Expectation of ethanol to r
Slide 11: Farming Business
FARMING BUSINESS 11
Slide 12: Farming Business 2023/24 Planting Plan
FARMING BUSINESS 2023/24 PLANTING PLAN As of November 1, 2023. Still pending to plant 2% Planted area 32% 1,110 ha 18,519 ha 28,064 ha Planted Planted Planted 68% 98% 100% 37% 101,473 ha Planted Soybean 1st Corn 1st Wheat 172,816 ha 43% (1) 35% (1) (22%)(1) pending to 63% plant 20% 32% 37% 4,810 ha
Slide 13: Farming & Land Transformation Business Financial Performance
FARMING & LAND TRANSFORMATION BUSINESS FINANCIAL PERFORMANCE Crops Rice (US$ Thousand) (US$ Thousand) 150% 38,129 30,256 (98%) 402% (98%) 15,253 10,757 5,818 2,144 98 607 3Q22 3Q23 9M22 9M23 3Q22 3Q23 9M22 9M23 Dairy Farming & Land Transformation (US$ Thousand) (US$ Thousand) (4%) Land Transformatio
Slide 14: Capital Allocation
CAPITAL ALLOCATION 14
Slide 15: Capital Allocation
CAPITAL ALLOCATION SHAREHOLDER DEBT EXPANSION DISTRIBUTION CAPEX ✓ Net debt $707 million, DIVIDENDS 2023: 2nd installment of ✓ Sugarcane Expansion $17.5 million (16 cents per share) to down 13.4% YoY and 17.1% QoQ Planting (SE&E) be paid on November 24th, resulting in ✓ Net leverage 1.5x an annual c
Slide 16: Q&A Session
Q&A SESSION 16
Slide 17: 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