Slide 1: Adecoagro 2025 Results Earnings Webcast
ADECOAGRO 2025 RESULTS 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 2025 Key Takeaways
ADECOAGRO 2025 KEY TAKEAWAYS ADECOAGRO: a larger, more diversified and resilient company… … with further production capability, higher cash generation and less earnings volatility. Fertilizers: Growth coming from higher gas supply at competitive prices and regional demand. Ability to capture the ups
Slide 4: Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS Gross Revenues (US$ millions) Gross Revenues Breakdown by Product (%) – 2025 Proforma +45% +39% $ 2,143 Rice 11% Dairy 15% $ 2,016 Energy 2% $ 1,442 Soybean 4% $ 1,476 $ 1,446 $ 1,352 Corn 2% $ 1,098 Peanut 3% $ 822 Others 3% Fertilizers 30% Ethanol 17% 2020 2021 20
Slide 5: Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS Gross Revenues Adjusted EBITDA 12M25 12M25 $1,446 million $277 million (2%)(1) (38%)(1)(2) Sugar, Ethanol & Sugar, Energy Ethanol & Farming 6% Energy Farming 46% 52% 92% Fertilizers 2% Fertilizers 2% Gross Revenues Adjusted EBITDA 12M25 - Proforma(3) 12M25 - Proform
Slide 6: Expansion Capex
EXPANSION CAPEX $676 MILLION IN PROFERTIL’S ACQUISITION $113 MILLION IN ORGANIC GROWTH PROJECTS Agricultural $1.1 billion investment for a Machinery for our Rice production 90% equity interest $676 million paid in 2025 - balance in 1H26 Sugarcane expansion planting Financing structure: ORGANIC Avail
Slide 7: Indebtedness
INDEBTEDNESS Net Debt Evolution (US$ millions) 190% 1600 Net Debt Net Debt/Adj. EBITDA LTM 4.0x $ 1,520 4.2x 1400 2.8x 1200 2.3x $ 1,120 $ 1,120 3.3x 1.7x 2.2x 1000 1.5x $ 872 2.4x 1.3x 1.3x 1.2x 800 $ 679 $ 699 $ 639 $ 632 $ 646 600 $ 522 0.2x 400 200 0 -1.8x (1) (2) 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3
Slide 8: Sugar, Ethanol & Energy Business
SUGAR, ETHANOL & ENERGY BUSINESS
Slide 9: Sugar, Ethanol and Energy Business Operational & Financial Performance
SUGAR, ETHANOL AND ENERGY BUSINESS OPERATIONAL & FINANCIAL PERFORMANCE Sugarcane milled Production Mix(1) (‘000 Tons) (%) TRS per hectare (kg/hectare) Sugar Ethanol Annual crushing below expectations due to a rainy 4Q25. Carry-over cane to crush in 1Q26. 12,023 47% 9,236 (6%) 8,672 8,187 12,763 (5%)
Slide 10: Fertilizers Business
FERTILIZERS BUSINESS 10
Slide 11: Fertilizers Business Operational & Financial Performance - Proforma
FERTILIZERS BUSINESS OPERATIONAL & FINANCIAL PERFORMANCE - PROFORMA 77 less operational days than in Ammonia Urea 2024 Production (tons) Sales (tons) Production (tons) Sales (tons) 4% $ 486 $ 416 $ 466 $ 414 (27%) (27%) (13%) 798,403 1,318,359 1,251,160 1,091,679 585,710 959,562 Less operating days.
Slide 12: Farming Business
FARMING BUSINESS 12
Slide 13: Farming Business Operational & Financial Performance
FARMING BUSINESS OPERATIONAL & FINANCIAL PERFORMANCE Gross Sales (US$ Million) (1%) $768 $758 Lower prices for most of our product portfolio - (between 20% to 45% depending on the product). (3%) $185 $179 Mixed productivity. Record rice yields but below-average crop production. 4Q24 4Q25 12M24 12M25
Slide 14: Final Remarks
FINAL REMARKS Historical track record in delivering results and cash generation. NEW ADECOAGRO = 2X size + less volatility + stronger cash generation. Profertil’s investment = An already cash generating business with low execution risk. + Diversification + Results + Cash = +++ Value to stakeholders
Slide 15: Q&A Session
Q&A SESSION 15
Slide 16: 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