Slide 1: Adecoagro 4th Quarter 2023 Earnings Webcast
ADECOAGRO 4TH 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 4Q23 Key Takeaways
ADECOAGRO 4Q23 KEY TAKEAWAYS All-time records in our main financial and operational metrics. Net debt reduction by more than $150mn YoY; 1.1x net leverage. Minimum distribution of $70mn in 2024 via dividends and buyback ESG: Carbon Targets announced + CORSIA certificate (SAF) + 2nd Biodigester opera
Slide 4: Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS Gross Revenues Adjusted EBITDA 4Q23 4Q23 Dairy $400 million 14% $96 million Crops (9%)(1) 0% 5% (1) Rice Rice Sugar, Ethanol 9% 15% & Energy Dairy 91% 6% Sugar, Ethanol & Energy Crops . Corporate 11% 60% (6%) Gross Revenues Adjusted EBITDA 12M23 12M23 Dairy $477 mil
Slide 5: Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS Adjusted EBITDA (US$ million) Adjusted Free Cash Flow (US$ million) 24% NCFO 10% 54% FCF $477 $437 $433 $ 176 $ 152 $ 141 $342 $315 $305 $ 106 $ 109 $ 94 396 $ 79 $ 67 $ 71 335 $ 49 374 238 254 253 $ 19 107 124 103 96 72 83 $ 62 -20 -20 -19 -22 -24 -22 2018 2019 202
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) 19% (5%) 1% 12,497 1% 20% 134 131 132 10,485 81 82 80 127 67 (7%) 3,156 2,928 4Q22 4Q23 12M22 12M23 4Q22 4Q23 12M22 12M23 4Q22 4Q23 12M22 12M23 Sugar production Ethanol p
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 Anhydrous (Tons) (M3) Ethanol 23.7 20.7 13% 25.1 24% (14%) 19.0 32% 19.2 17.8 18.9 Net Hydrous 16.1 (17%) Ethanol 85% Revenues 22% 552,171 4Q23 796,298 460,721 $229 million 21%
Slide 9: Sugar, Ethanol and Energy Business Cash Cost
SUGAR, ETHANOL AND ENERGY BUSINESS CASH COST 2022 Cash Cost construction (cts/lb) (0.9) (0.7) 0.5 1.7 2.7 3.2 (5.6) 4.9 2.5 1.8 13.7 13.1 2.3 10.5 8.1 3.9 Harvest Costs Cane Agricultural Maintenance Agricultural Industrial Cane from 3rd Industrial Total Depreciation Total Maintenance SG&A Cogenerati
Slide 10: Sugar, Ethanol and Energy Business Adjusted EBITDA
SUGAR, ETHANOL AND ENERGY BUSINESS ADJUSTED EBITDA Adjusted EBITDA Quarterly Adjusted EBITDA Annual (US$ Thousand) (US$ Thousand) 51% 38% 62% (9%) (25%) 56% 101,132 (14%) 395,637 6% 373,770 87,476 4Q22 4Q23 12M22 12M23 Adjusted EBITDA Margin Adjusted EBITDA Margin 10
Slide 11: Sugar, Ethanol and Energy Business Outlook
SUGAR, ETHANOL AND ENERGY BUSINESS OUTLOOK Continuous harvest model = one of the few players crushing and producing sugar in 1Q24 Good sugarcane availability = Higher expected crushing volume Higher crushing = better dilution of fixed costs Attractive S&D fundamentals - 53% of our sugar production s
Slide 12: Farming Business
FARMING BUSINESS 12
Slide 13: Farming Business 2023/24 Planting Plan
FARMING BUSINESS 2023/24 PLANTING PLAN As of March 1, 2024. Still pending to plant Planted area 64,755 ha 57,160 ha 28,142 ha Planted Planted Planted 100% 100% 100% 279,265 ha Soybean 1st Corn 1st Wheat Planted 24% (1) 48% (1) (21%)(1) 100% 10,832 ha 24,282 ha 58,452 ha Planted Planted Planted Crops
Slide 14: Farming Business Financial Performance
FARMING BUSINESS FINANCIAL PERFORMANCE Farming (US$ Thousand) 25% 103,333 82,911 34% 10,288 13,814 4Q22 4Q23 12M22 12M23 Crops Rice Dairy (US$ Thousand) (US$ Thousand) (US$ Thousand) (9%) (7%) 28,934 113% 47,869 31,460 26,979 28,485 41% 22,517 (25%) 8,188 7,861 5,806 5,930 (304) (3,379) 4Q22 4Q23 12
Slide 15: Capital Allocation
CAPITAL ALLOCATION 15
Slide 16: Capital Allocation: Shareholder Distribution
CAPITAL ALLOCATION SHAREHOLDER Distribution Policy(1): Minimum distribution of 40% of the cash generated during DISTRIBUTION the previous year, via a combination of cash dividends and share repurchase. 2023 Total Distribution NCFO (t-1) USD mm 141.3 Total Distribution USD mm 61.2 Dividend USD mm 35.
Slide 17: Capital Allocation: Net Debt Evolution
CAPITAL ALLOCATION Net Debt Evolution (US$ millions) 900 830 852 2.5x DEBT 800 2.3x 707 (29%) 679 2.1x 700 1.9x 1.9x 600 1.9x 1.6x 503 1.5x 1.7x 500 1.5x 400 1.1x 1.3x 300 1.1x 200 0.9x 100 0.7x 0 0.5x 4Q22 1Q23 2Q23 3Q23 4Q23 Net Debt Net Debt/Adj. EBITDA LTM Debt Structure Debt Currency Breakdown
Slide 18: Capital Allocation: Expansion and Capex
CAPITAL ALLOCATION EXPANSION 2nd biodigester CAPEX in our free-stalls Upgrade Cheese Equipment in Sugarcane Expansion planting Construction 2nd biodigester Morteros facility in Mato Grosso do Sul in Ivinhema mill 18
Slide 19: Q&A Session
Q&A SESSION 19
Slide 20: 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