Slide 1: Adecoagro 1st Quarter 2025 Earnings Webcast
ADECOAGRO 1 ST 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 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: Opening Remarks from Our Executive Chairman
OPENING REMARKS FROM OUR EXECUTIVE CHAIRMAN Tether = creator of the largest, most transparent and liquid stablecoin. Improving financial inclusion + fostering economic growth in EM. Adecoagro = Real assets + sustainable production models. Some of the best agricultural and energy assets in the world.
Slide 4: Adecoagro 1Q25 Key Takeaways
ADECOAGRO 1Q25 KEY TAKEAWAYS Rice: New record in productivity = investments in seed genetics, land leveling and machinery paid off. Lower global rice prices. Dairy: Commercial flexibility to switch across markets. Maximizing the production of fluid milk. Crops: Challenging year ahead but overall pro
Slide 5: Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS Gross Revenues Adjusted EBITDA 1Q25 1Q25 $324 million Dairy $36 million 23% Dairy 28%(1) (60%)(1) 15% Sugar, Ethanol & Sugar, Energy Ethanol & 39% Energy 64% Rice Rice 21% 24% Crops 14% (1) Comparisons are made versus the same period of last year. 5
Slide 6: Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS Gross Revenues (US$ million) Adjusted EBITDA (US$ million) $ 1,442 $ 1,476 $ 1,352 $477 $437 $433 $444 $ 1,098 $342 $ 892 $305 $ 822 708 631 722 335 396 364 374 562 28% 254 (60%) 411 253 532 721 720 768 $324 $90 $254 536 126 $36 360 411 107 107 124 103 103 52 198 72
Slide 7: Sugar, Ethanol & Energy Business
SUGAR, ETHANOL & ENERGY BUSINESS
Slide 8: 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) (31%) 2,167 (24%) 70 (7%) 117 1,489 53 109 1Q24 1Q25 1Q24 1Q25 1Q24 1Q25 Sugar production Ethanol production(1) Production Mix(1) (Tons) (M3) (%) (47%) (30%) 119,431 87,2
Slide 9: Sugar, Ethanol and Energy Business Net Sales by Product
SUGAR, ETHANOL AND ENERGY BUSINESS NET SALES BY PRODUCT Sugar Sales Volume Ethanol Sales Volume (Tons) (M3) (1) Does not consider Other Operating Income 23.8 $ 464 (11%) 21.2 11% $ 417 161,609 Total Net Sales by product (36%) 106% 120,128 77,004 78,511 Hydrous Anhydrous Ethanol Ethanol 1Q24 1Q25 1Q2
Slide 10: Sugar, Ethanol and Energy Business Adjusted EBITDA
SUGAR, ETHANOL AND ENERGY BUSINESS ADJUSTED EBITDA Adjusted EBITDA Quarterly (US$ Thousand) 50% (50%) 25% (42%) $ 51,855 $ 29,851 1Q24 1Q25 Adjusted EBITDA Margin 10
Slide 11: Sugar, Ethanol and Energy Business Outlook
SUGAR, ETHANOL AND ENERGY BUSINESS OUTLOOK Precipitations received in April aid in yield recovery. Crushing pace to accelerate in 2H25. 2025 Crushing to be in line-to-slightly-higher YoY depending on weather evolution going forward. Global sugar market: all eyes on Brazil’s production. 48% of our 20
Slide 12: Farming Business
FARMING BUSINESS 12
Slide 13: Farming Business 2024/25 Harvest Season & Dairy Performance
FARMING BUSINESS 2024/25 HARVEST SEASON(1) & DAIRY PERFORMANCE 2024/25 Harvesting progress as of April 30, 2025. Unharvested area 11% 23% 23% Harvested area 21,666 ha 11,008 ha 47,820 ha 11,237 ha harvested harvested harvested harvested 77% 77% 100% 89% 159,125 ha Soybean Corn Wheat Sunflower harves
Slide 14: Farming Business Financial Performance
FARMING BUSINESS FINANCIAL PERFORMANCE Farming (US$ Thousand) $ 44,014 (62%) $ 16,647 1Q24 1Q25 Crops Rice Dairy (US$ Thousand) (US$ Thousand) (US$ Thousand) $ 32,785 (70%) (98%) 6% $ 9,723 $ 6,840 $ 4,782 $ 6,447 $ 84 1Q24 1Q25 1Q24 1Q25 1Q24 1Q25 14
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 (US$ millions) $ 160.9 40% Minimum to comply with the Policy $ 19.1 1.1% AGRO’
Slide 17: Capital Allocation: Net Debt Evolution
CAPITAL ALLOCATION Net Debt Evolution (US$ millions) 6% 900 $ 830 $ 852 3.0x 800 DEBT $ 707 $ 679 2.5x 700 $ 639 $ 632 $ 646 600 $ 522 2.0x $ 503 500 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 1Q24 2Q24 3Q24 4Q24 1Q25 Net Debt Net Debt/Adj.
Slide 18: Capital Allocation: Expansion CAPEX
CAPITAL ALLOCATION EXPANSION CAPEX Sugarcane Expansion planting Acquisition of two-row in Mato Grosso do Sul harvesters and grunner trucks New warehouse for our dairy Expansion of the drying and storage Rice land development products capacity of Paso Dragon rice mill (Uruguay) 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