Slide 1: Adecoagro 1st Quarter 2026 Earnings Webcast
ADECOAGRO 1 ST Q U A R T E R 2 0 2 6 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 1Q26 Key Takeaways
ADECOAGRO 1Q26 KEY TAKEAWAYS NEW ADECOAGRO: Adjusted EBITDA reflects new scale and earnings potential. Fertilizers: Higher urea prices & plant running non-stop. Progressively capturing the upside in prices. SE&E: Greater cane availability = 1Q crushing record. Almost 100% ethanol mix in 1Q26. Food &
Slide 4: Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS Gross Revenues Adjusted EBITDA 1Q26 Food & Agriculture 1% 1Q26 $394 million $86 million 22%(1) 139%(1) Sugar, Food & Ethanol & Sugar, Agriculture Energy Ethanol & 41% 31% Energy 43% Fertilizers 56% Fertilizers 28% 4 (1) Comparisons are made versus the same period of
Slide 5: Sugar, Ethanol & Energy Segment
SUGAR, ETHANOL & ENERGY SEGMENT
Slide 6: Sugar, Ethanol and Energy Segment Operational & Financial Performance
SUGAR, ETHANOL AND ENERGY SEGMENT OPERATIONAL & FINANCIAL PERFORMANCE Sugarcane milled Production Mix(1) (‘000 Tons) (%) TRS per hectare (kg/hectare) Sugar Ethanol First-quarter crushing record. Strong TRS per 10,355 hectare performance driven by yield recovery. +79% 5,771 4% +49% 42% 2,220 96% etha
Slide 7: Fertilizers Segment
FERTILIZERS SEGMENT 7
Slide 8: Fertilizers Segment Operational & Financial Performance
FERTILIZERS SEGMENT OPERATIONAL & FINANCIAL PERFORMANCE Higher utilization rate year-over-year: Urea Production Urea Sales 88% 1Q26 vs. 79% (thousand tons) (thousand tons) 1Q25 Average Realized Price ($/Ton) +16% $ 516 +10% 278 $ 444 254 +50% 174 Higher urea production on higher operational days. 11
Slide 9: Food & Agriculture Segment
FOOD & AGRICULTURE SEGMENT 9
Slide 10: Food & Agriculture Segment Operational & Financial Performance
FOOD & AGRICULTURE SEGMENT OPERATIONAL & FINANCIAL PERFORMANCE Gross Sales (US$ Million) (18%) $198 $162 Lower prices for most of our product portfolio - (between 4% to 46% depending on the product). Higher volumes sold for most of our products. 1Q25 1Q26 Adjusted EBITDA (US$ Million) Higher costs i
Slide 11: Capital Allocation
CAPITAL ALLOCATION 11
Slide 12: Expansion Capex
EXPANSION CAPEX $434 MILLION INVESTED IN INORGANIC & ORGANIC GROWTH PROYECTS DURING 1Q26 SETTLEMENT OF THE OUTSTANDING BALANCE FOR PROFERTIL’S ACQUISITION FINAL PAYMENT FOR PROFERTIL Financing structure: $396 million balance paid in 1Q26 Cash $400 million $676 million canceled in 2025 Long-term debt
Slide 13: Indebtedness
INDEBTEDNESS Deleveraging is underway, with +7% seasonal WK Net Debt Evolution (US$ millions) temporarily offsetting 1800 the reduction 4.5x Net Debt Net Debt/Adj. EBITDA LTM $ 1,628 1600 $ 1,520 4.0x 1400 3.5x 2.8x 1200 3.3x 3.0x 2.3x 3.2x 1000 $ 872 2.5x 800 $ 646 $ 679 $ 699 2.0x $ 639 $ 632 600
Slide 14: Final Remarks
FINAL REMARKS Gross Revenues (US$ millions) 1Q26 Gross Revenues Breakdown by Product (%) Rice 14% $ 2,143 $ 2,016 Dairy 17% $ 1,352 $ 1,442 Energy 2% Urea 23% Soybean 1% $ 1,098 Corn 3% +1% $ 822 Peanut 3% $ 389 $ 394 Others 10% Sugar 3% 2020 2021 2022 2023 2024 2025 1Q25 1Q26 Pro forma(1) Pro forma
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