Slide 1: Adecoagro 2nd Quarter 2025 Earnings Webcast
ADECOAGRO 2 ND 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 2Q25 Key Takeaways
ADECOAGRO 2Q25 KEY TAKEAWAYS Being low-cost producers = natural hedge against price volatility. SE&E: Leveraging on our production and commercial flexibility. Crushing secured thanks to the ongoing investments in expansion planting. Rice: Mitigating the lower global prices = rice varieties from our
Slide 4: Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS Gross Revenues Adjusted EBITDA 2Q25 Dairy 2Q25 18% $55 million $392 million (1%)(1) (60%)(1) Sugar, Dairy Sugar, Ethanol & 12% Ethanol & Rice 15% Energy Energy 49% Rice 84% 4% Crops 18% Gross Revenues Adjusted EBITDA 6M25 6M25 Dairy $91 million $716 million 20% 10%(
Slide 5: Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS Gross Sales (US$ million) Adjusted EBITDA (US$ million) $ 1,476 $ 1,352 $ 1,442 $477 $437 $444 $433 $ 1,098 $ 892 10% $342 (60%) $ 822 $305 $ 631 $ 722 $ 708 $ 716 $ 396 $ 651 $ 335 $ 364 $ 374 $230 $ 562 $ 254 $ 411 $ 316 $ 253 $ 532 $ 288 $ 159 $91 $ 721 $ 720 $ 7
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) (20%) 6,148 (4%) (6%) 127 (13%) 4,933 77 (12%) (5%) 74 124 3,981 73 123 3,444 65 118 2Q24 2Q25 6M24 6M25 2Q24 2Q25 6M24 6M25 2Q24 2Q25 6M24 6M25 Sugar production Ethanol
Slide 8: Sugar, Ethanol and Energy Business Net Sales by Product
SUGAR, ETHANOL AND ENERGY BUSINESS NET SALES BY PRODUCT 2Q25 Net Revenues Breakdown Sugar Sales Volume Ethanol Sales Volume (Tons) (M3) Anhydrous Ethanol Hydrous 20.4 460 2% 468 466 (5%) 21.7 (8%) 19.8 5% 14% (*)Does not consider Ohter Operating Income 19.3 445 Ethanol 29% (10%) 46% $183 328,126 6%
Slide 9: Sugar, Ethanol and Energy Business Adjusted EBITDA
SUGAR, ETHANOL AND ENERGY BUSINESS ADJUSTED EBITDA Adjusted EBITDA Quarterly Adjusted EBITDA Annual (US$ Thousand) (US$ Thousand) 62% (40%) 58% (44%) 37% 32% (38%) 158,741 (36%) 106,886 97,951 68,100 2Q24 2Q25 6M24 6M25 Adjusted EBITDA Margin Adjusted EBITDA Margin 9
Slide 10: Sugar, Ethanol and Energy Business Outlook
SUGAR, ETHANOL AND ENERGY BUSINESS OUTLOOK Recovery in productivity indicators in 2H25 versus 1H25 – but below initial forecast due to weather evolution Annual crushing target remains unchanged = to be in line with 2024 milling figure Flexibility to switch our maximization strategy to profit from th
Slide 11: Farming Business
FARMING BUSINESS 11
Slide 12: Farming Business 2024/25 Harvest Progress & Dairy Performance
FARMING BUSINESS 2024/25 HARVEST PROGRESS & DAIRY PERFORMANCE 2024/25 Harvest progress as of August 4, 2025. 1% 11% Unharvested area Harvested area 91,802 ha 41,734 ha 47,820 ha 12,609 ha harvested harvested harvested harvested 3% 99% 89% 100% 100% 296,057 ha Soybean Corn Wheat Sunflower harvested 2
Slide 13: Farming Business Financial Performance
FARMING BUSINESS FINANCIAL PERFORMANCE Farming(1) (US$ Thousand) (78%) 81,806 37,792 (97%) 17,728 1,081 2Q24 2Q25 6M24 6M25 Crops(1) Rice Dairy (US$ Thousand) (US$ Thousand) (US$ Thousand) 43,969 (71%) (174%) (156%) (6%) 20,263 (14%) 15,481 (74%) 17,574 16,433 12,636 11,127 9,593 11,184 2,913 2Q24 2
Slide 14: Capital Allocation
CAPITAL ALLOCATION 14
Slide 15: Capital Allocation: Net Debt Evolution
CAPITAL ALLOCATION Net Debt Evolution (US$ millions) 11% 900 $ 830 $ 852 Net Debt Net Debt/Adj. EBITDA LTM 3.0x DEBT 800 $ 707 $ 699 2.5x $ 679 700 $ 639 $ 632 $ 646 600 2.3x 2.0x $ 503 $ 522 500 1.9x 1.9x 1.7x 1.5x 400 1.5x 1.5x 300 1.3x 1.3x 1.0x 1.1x 1.2x 200 0.5x 100 0 0.0x 1Q23 2Q23 3Q23 4Q23 1
Slide 16: Capital Allocation: Expansion Capex
CAPITAL ALLOCATION EXPANSION CAPEX Sugarcane Expansion planting in Mato Grosso do Sul Acquisition of two-row harvesters and grunner trucks Expansion of our Parboil production capacity in Industrial improvements in Rice land development Morteros milk processing facility San Salvador rice mill 16
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 YTD 2025 $35 MILLION APPROVED IN 2025 AGM CASH DIVIDEND $17.5 million pai
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