Adecoagro S.a. · NYSE:AGRO
Adecoagro — Investor Presentation (December 2024)
35 slides from Adecoagro's investor presentation, December 2024
Slide 1: Adecoagro: A Sustainable Development Model
ADECOAGRO A SUSTAINABLE DEVELOPMENT MODEL
Slide 2: Our Project
OUR PROJECT ADECOAGRO WAS FOUNDED SINCE INCEPTION THE BY A GROUP OF GOAL WAS TO CREATE A ENTREPRENEURS WITH SUSTAINABLE EXPERIENCE IN THE SECTOR PRODUCTION MODEL
Slide 3: Index
INDEX WHO 1 WE ARE 2 OUR BUSINESS SEGMENTS 3 OUR SUSTAINABLE MODEL 3
Slide 4: Who We Are
GS adecoagro
Slide 5: 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 5
Slide 6: Where We Are
WHERE WE ARE BRAZIL • 3 Sugar & Ethanol Mills • ~200 thousand hectares of sugarcane • +12.5 million tons of sugarcane crushed per year • +1 million MWh of renewable energy generated per year • 1 biodigester (biogas-biomethane) NORTH OF ARGENTINA • 56 thousand hectares of special crops planted • Agri
Slide 7: 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 8: Our Evolution
OUR EVOLUTION Total Production (‘000 Tn) 2.814 2.776 Sugar Equivalent Production (‘000 Tn) 2.744 2.680 2.516 Farming Production (‘000 Tn) 2.329 2.292 2.344 Area under Management (‘000 Ha) $ 1.442 1.975 Gross Sales (‘USD mm) $ 1.352 1.849 $ 1.098 1.564 1.389 $ 933 $ 869 $ 892 $ 823 1.194 1.236 $ 811
Slide 9: Financial Overview - Adjusted EBITDA
FINANCIAL OVERVIEW - ADJUSTED EBITDA $ USD MM CAGR 2010-2023: 13.1% 477 437 433 342 314 305 298 276 216 215 181 150 142 96 29 3 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 (*) IN JANUARY 2011 ADECOAGRO WAS LISTED IN NYSE UNDER THE TICKER AGRO 9
Slide 10: Performance Overview
PERFORMANCE OVERVIEW 1.442 1.352 176 1.098 152 141 892 811 822 106 79 67 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 Dairy 17% 557 Rice 18% Peanut 5% Soybean 4% Energy 2% 207 Corn 2% 97 Others 6% 44 Sugar 29% Ethanol 17% 2024 2025 2026 2027+ 10 As of December 31st, 2023.
Slide 11: Capital Allocation
CAPITAL ALLOCATION EXPANSION SHAREHOLDER DEBT CAPEX DISTRIBUTION ✓ Net debt $503 million, ✓ Sugarcane Expansion ✓ Policy: At least 40% of previous down 26% YoY Planting (SE&E) year’s NCFO via dividend and ✓ Net leverage 1.1x ✓ Capacity to concentrate buyback ✓ 65% USD, 25% BRL & 10% ARS vinasse (SE&
Slide 12: Capital Allocation
CAPITAL ALLOCATION DISTRIBUTION (US$ MM) EXPANSION 96 66 72 CAPEX 61 35 38 ✓ Sugarcane Expansion 35 35 16 66 Planting (SE&E) 61 5 38 4 4 37 16 26 ✓ Capacity to concentrate 2016 2017 2018 2019 2020 2021 2022 2023 2024F vinasse (SE&E) Buyback Dividend Total ✓ Second Biodigester (Dairy) ✓ Upgrade Chees
Slide 13: AGRO's Share
AGRO’S SHARE Name Tether Holdings Limited % O/S 19.4% AGRO’S IPO 01/27/2011 AT 11 $/SH PGGM Investments 15.3% Route One Investment Co LP 9.0% $ 14 Max Helikon Investments Ltd 6.9% Management & Directors 6.8% $ 12 Jennison Associates LLC 5.8% Herr Investment Group LLC 2.6% AGRO Price ($/share) $ 10 M
Slide 14: Our Team
OUR TEAM +9,900EMPLOYEES IN THE ADECOAGRO FAMILY WE ARE PASSIONATE FOR WHAT WE DO. WE CONTINUOUSLY WORK TOWARDS IMPROVING AND OUTPERFORMING OURSELVES 14
Slide 15: Our Business Segments
OUR BUSINESS SEGMENTS €& & adecoagro
Slide 16: Our Business Segments
OUR BUSINESS SEGMENTS BRAZIL ARGENTINA & URUGUAY SUGAR, ETHANOL & RICE CROPS DAIRY ENERGY 16
Slide 17: Our Business Segments
OUR BUSINESS SEGMENTS 2023: $1,442 million 2023: $477 million Dairy 17% Crops 5% Sugar, Ethanol Rice & Energy 10% Rice 79% Sugar, Ethanol 18% Dairy & Energy 50% 6% Crops 15% 17
Slide 18: Sugar, Ethanol and Energy Activity
SUGAR, ETHANOL AND ENERGY ACTIVITY BRAZIL 6,000 Nm3/day +7,000 of biomethane employees +1 million 200,000 MWh/year Biofertilizers and SUGARCANE hectares biomethane Harvest of sugarcane in Mato Grosso do Sul Soil carbon and Minas Gerais Vinasse sequestration Crushing 800,000 tons + 670 ETHANOL tracto
Slide 19: Mato Grosso do Sul
MATO GROSSO DO SUL A COMPLETELY NEW DEVELOPMENT FOR THE REGION COMPETITIVE ADVANTAGES MS LOW HIGH TRS/HA CONTINUOUS COMPETITION FOR POTENTIAL HARVEST LAND MODEL 1 MILL IN MINAS GERAIS + 2 MILLS IN MATO GROSS DO SUL OPERATING AS A CLUSTER Ethanol Energy Sugar (m3) (MWh) (tons) HIGH ICMS TAX PRODUCTIO
Slide 20: Sugar, Ethanol and Energy Activity - Mato Grosso do Sul
SUGAR, ETHANOL AND ENERGY ACTIVITY MATO GROSSO DO SUL, BRAZIL Ivinhema Ivinhema Ivinhema mill Ivinhema mill 20
Slide 21: Crops
CROPS ARGENTINA & URUGUAY Traceability 220,000 planted focused on quality hectares and safety In 9 provinces of Argentina and Uruguay 1 plant for peanut processing with 80,000 tons 50,000 hectares capacity of cover crops Dalmacio Vélez, Córdoba Good Farming Sustainable Practices Production Soil carb
Slide 22: Crops - Carmen Farm
CROPS ARGENTINA & URUGUAY Carmen farm Las Horquetas Carmen farm 22
Slide 23: Rice Activity
RICE ACTIVITY ARGENTINA & URUGUAY Domestic and In-house production export market of seeds Traceability focused on quality 58,000 hectares and safety under irrigation (NE Argentina) Sustainable Advanced Indica & Japonica use of water technology in the field +450,000 tons Varieties include: produced b
Slide 24: Rice Activity
RICE ACTIVITY ARGENTINA & URUGUAY Itá Caabó farm San Salvador mill 24
Slide 25: Dairy Activity
DAIRY ACTIVITY ARGENTINA Domestic and Cow feed export market production +14,500 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
Slide 26: Dairy Activity - Chivilcoy Dairy Plant
DAIRY ACTIVITY ARGENTINA Carmen farm Carmen farm Chivilcoy Dairy Plant
Slide 27: Our Products
OUR PRODUCTS Flavored Milk Cheese
Slide 28: Our Sustainable Model
G adecoagro OUR SUSTAINABLE MODEL
Slide 29: Efficiency
EFFICIENCY LOW COST DIVERSIFICATION We produce each product where the combination of Our diversification is a natural hedge from climate risk and climate and soil enables us to be the lowest cost producer commodity price volatility INTEGRATION FLEXIBILITY We are present at each stage of the chain ad
Slide 30: Innovation
INNOVATION WE LEVERAGE ON THE USE OF DATA MANAGEMENT, PRECISION AGRICULTURE, CONNECTIVITY & SENSORING (IOT) AMONG OTHER 30
Slide 31: Environmental Management
ENVIRONMENTAL MANAGEMENT C I R C U L A R economy initiatives RENEWABLE ENERGY and R E G E N E R A T I V E agriculture projects Good practices: no till, cover crops, biological Pioneers in the sale of Cbios (Renovabio) pesticides, etc Zero level technology results in 30% of water Our biodigesters pro
Slide 32: Already Sequestering Carbon
CO2 ALREADY SEQUESTERING CARBON Crops and Plantations Food and Renewable Energy Nutrients and Sustainability is key Biofertilizers to sequester Carbon Organic Carbon Carbon Credits Carbon Sink 32
Slide 33: Social Development
SOCIAL DEVELOPMENT FOOD SAFETY AND QUALITY LOCAL JOB CREATION GFSI certifications among others Providing equal opportunities H E A L T H A N D S A F E T Y at work CO M M I T M E N T to the community Protocols and training Education, Nutrition and Local Development 33
Slide 34: Governance
GOVERNANCE ONE CLASS OF COMMON SHARES – EQUAL RIGHTS NO CONTROLLING SHAREHOLDER HIGH DEGREE OF INDEPENDENCE OF THE BOARD HIGHEST STANDARD OF CORPORATE HIGHLY QUALIFIED DIRECTOR & MANAGEMENT TEAMS GOVERNANCE MANAGEMENT & CONSULTING COMMITTEES 100% TRAINED IN ANTICORRUPTION POLICIES 34
Slide 35: Thank You!
THANK YOU! Victoria Cabello - IRO Investor Relations Department vcabello@adecoagro.com ir@adecoagro.com