Slide 1: Adecoagro 4th Quarter 2024 Earnings Webcast
ADECOAGRO 4 TH Q U A R T E R 2 0 2 4 E A R N I N G S W E B C A S T 1
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 4Q24 Key Takeaways
ADECOAGRO 4Q24 KEY TAKEAWAYS Rice & Dairy: Record results achieved. Vertical integration & commercial flexibility as key growth drivers. Crops: Delivering results despite challenging year. Undergoing harvesting activities for our 2024/25 campaign. SE&E: Crushing, mix and sugar production records. Cr
Slide 4: Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS Adjusted EBITDA Gross Revenues 4Q24 4Q24 Dairy $368 million $103 million 20% (8%) (1) 8%(1) Sugar, Dairy Sugar, Ethanol & 7% Ethanol & Rice Energy Energy 13% 50% 93% Crops 17% Gross Revenues Adjusted EBITDA 12M24 12M24 Dairy $444 million $1,476 million 19% 2%(1) (7%
Slide 5: Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS Adjusted EBITDA (US$ million) (7%) Adjusted Free Cash Flow (US$ million) (9%) NCFO $477 (48%) FCF $433 $444 $437 $ 176 $342 $ 152 $ 161 $ 141 $315 $305 $ 106 $ 109 $ 94 396 $ 79 $ 67 $ 71 335 364 $ 49 $ 57 374 238 254 253 124 $ 19 96 72 107 83 103 103 $ 62 -20 -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) 2% (24%) (12%) 12,497 12,763 82 80 -% 70 3% 62 132 132 132 (12%) 127 2,928 2,576 4Q23 4Q24 12M23 12M24 4Q23 4Q24 12M23 12M24 4Q23 4Q24 12M23 12M24 Sugar production Ethano
Slide 8: Sugar, Ethanol and Energy Business Net Sales by Product
SUGAR, ETHANOL AND ENERGY BUSINESS NET SALES BY PRODUCT 4Q24 Net Revenues Breakdown Sugar Sales Volume Ethanol Sales Volume Anhydrous (Tons) (M3) Ethanol 25.1 (13%) 13% (14%) 21.5 23.7 (12%) 434 -% 441 (*)Does not consider Ohter Operating Income 21.0 433 506 Hydrous Ethanol 6% 19% $178 23% 550,322 7
Slide 9: Sugar, Ethanol and Energy Business Cash Cost
SUGAR, ETHANOL AND ENERGY BUSINESS CASH COST 2023 Cash Cost construction (cts/lb) (0.8) (0.7) 2.1 0.9 2.4 3.3 (5.1) 5.1 2.3 1.5 13.2 13.9 2.3 10.0 8.2 3.9 Harvest Costs Cane Agricultural Maintenance Agricultural Industrial Cane from 3rd Industrial Total Depreciation Total Maintenance SG&A Cogenerati
Slide 10: Sugar, Ethanol and Energy Business Adjusted EBITDA
SUGAR, ETHANOL AND ENERGY BUSINESS ADJUSTED EBITDA Adjusted EBITDA Quarterly Adjusted EBITDA Annual (US$ Thousand) (US$ Thousand) 56% (5%) 54% 55% 59% 38% 395,637 8% 364,160 20% 105,289 87,476 4Q23 4Q24 12M23 12M24 Adjusted EBITDA Margin Adjusted EBITDA Margin 10
Slide 11: Sugar, Ethanol and Energy Business Outlook
SUGAR, ETHANOL AND ENERGY BUSINESS OUTLOOK Continuous harvest model in place. Non-stop operations. Slow start in 1H25, but a greater 2H25 ahead = Slight increase in crushing versus 2024. Sugar: All eyes on Brazil. 2025’s sugar production still open (31% hedged at 20.7 cts/lb). Ethanol: Price recover
Slide 12: Farming Business
FARMING BUSINESS 12
Slide 13: Farming Business 2024/25 Planting Progress & Dairy Performance
FARMING BUSINESS 2024/25 PLANTING PROGRESS & DAIRY PERFORMANCE 2024/25 Planting progress as of February 27, 2025. Still pending to plant Planted area 92,419 ha 46,836 ha 47,818 ha 12,614 ha 0% 100% 100% 100% 100% 304,780 ha planted Soybean Corn Wheat Sunflower 4% (1) (21%) (1) 70% (1) 16%(1) 479 ha
Slide 14: Farming Business Financial Performance
FARMING BUSINESS FINANCIAL PERFORMANCE Farming (US$ Thousand) -% 103,333 103,000 (72%) 13,814 3,809 4Q23 4Q24 12M23 12M24 Crops(*) Rice Dairy (US$ Thousand) (US$ Thousand) (US$ Thousand) 5% 47,869 50,185 18% (29%) 33,723 28,485 26,979 19,092 39% 8,188 8,219 5,930 (1,214) 4Q23 4Q24 12M23 12M24 (304)
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. Distribution Update 9.4% (US$ Millions) distribution yield 6.2% AGRO’s equity $ 175.9 40% Minimum
Slide 17: Capital Allocation: Net Debt Evolution
CAPITAL ALLOCATION Net Debt Evolution (US$ millions) 900 852 4% 2.5x 830 800 2.3x DEBT 707 700 639 646 2.1x 632 1.9x 600 522 1.9x 1.9x 503 1.7x 500 1.5x 400 1.5x 1.5x 1.3x 300 1.3x 1.3x 1.1x 200 1.2x 1.1x 0.9x 100 0.7x 0 0.5x 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Net Debt Net Debt/Adj. EBITDA LTM
Slide 18: Capital Allocation: Expansion Capex
CAPITAL ALLOCATION EXPANSION Sugarcane Expansion planting CAPEX in Mato Grosso do Sul New warehouse for our dairy Final Installment of rice mills acquired Rice land development in Argentina & Uruguay products 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