Adecoagro S A : 2025 Annual Report and Annual Accounts and Consolidated Financial Statements

About this update from Adecoagro S.a.

ADECOAGRO S.A. ANNUAL REPORT DECEMBER 31, 2025 CONSOLIDATED MANAGEMENT REPORT COMPANY PROFILE Adecoagro S.A. (the "Company" or "Adecoagro") is a holding company primarily engaged through its operating subsidiaries in agricultural and agro-industrial activities. The Company and its operating subsidiaries are collectively referred to hereinafter as the "Group". These activities are carried out through three major lines of business, namely, Farming, Fertilizers and Sugar, Ethanol and Energy. Farming is further comprised of three reportable segments, which are described in detail in Note 3 to these consolidated financial statements. The Group was established in 2002 and has subsequently grown significantly both organically and through acquisitions. The Group currently has operations in Argentina, Brazil and Uruguay. See Note 30 for a description of the Group companies. The Company is a Societe Anonyme corporation incorporated and domiciled in the Grand Duchy of Luxembourg. The address of its registered office is 28, Boulevard Raiffeisen, L-2411, Luxembourg. The Company has no branches for years 2025 and 2024. As of December 31, 2024, our issued share capital amounted to $221,808,241.50, represented by 147,872,161 shares in issue (of which 5,295,375 were treasury shares) with a nominal value of $1.50 each. All issued shares are fully paid up. Consequently, there were 142,576,786 common shares outstanding. On October 29, 2025 the extraordinary general meeting of the shareholders of the Company resolved to amend, renew and increase the authorized share capital of the Company to USD 3,000 million, including the issued share capital, represented by 2,000,000,000 shares, each with a nominal value of USD 1.5. RECENT DEVELOPMENTS Acquisition by Tether Investment S.A. de C.V. of more than 70% of our common shares On March 28, 2025, pursuant to the terms of a Transaction Agreement (the "Transaction Agreement"), Tether Investments S.A. de C.V., a corporation organized under the laws of El Salvador ("Tether" or our "controlling shareholder") commenced an Offer to Purchase (the "Offer") to acquire up to 49,596,510 common shares of the Company at a price in cash of U.S.$12.41 per common share (representing, when added to the common shares already owned by Tether, approximately 70% of the outstanding common shares of the Company), upon the terms and subject to the conditions set forth in the Offer to Purchase, dated March 28, 2025. The Offer closed on April 25, 2025, with Tether acquiring approximately 70% of the outstanding common shares of the Company. Subsequently to the closing of the Offer, Tether purchased additional common shares of the Company in the open market (4,756,273 shares) and in December 2025, it also participates in the Public offering purchasing 30,344,827 shares (Note 22). As of December 16, 2025, Tether owns 105,880,368 common shares of the Company, representing approximately 74.3% of the outstanding common shares of the Company. Acquisition of Profertil S.A. On December 10, 2025, the Group acquired from Nutrien Ltd. ("Nutrien") its 50% interest in Profertil S.A. ("Profertil"). The acquisition was executed through a holding subsidiary formed together with a third-party, Asociación de Cooperativas Argentinas ("ACA"), with an 80%-20% ownership structure, respectively. The remaining 50% in Profertil was held by YPF S.A. ("YPF"). The total consideration for the transaction was US$596.3 million which were paid in cash by us and ACA on a proportionate basis. The Company incurred $3.2 million in transaction-related costs. The acquisition was accounted for under the equity method in accordance with IAS 28. Transaction costs were considered part of the cost of the investment at acquisition date. On December 18, 2025, the Group acquired from YPF the remaining 50% interest it held in Profertil for a total consideration of US$596.3 million. The acquisition was carried out without the participation of ACA. As of December 31, 2025, US$200.0 million were paid. During January and February 2026, the Company cancelled additional US$351.8 million. The balance will be paid befor June 30, 2026. The acquisition of the initial 50% in Profertil and the subsequent acquisition of the remaining 50% collectively herein is referred as the "Acquisition". Therefore, after completion of these two transactions, the Group hold a 90% interest in Profertil while ACA retains the remaining 10%. The Acquisition is part of the Group's strategy to expand its agro-industrial platform and further diversify our revenue base. The Group believes that Profertil is one of the most cost-efficient producers of urea and ammonia globally, with access to competitively priced natural gas and located in a net importing region. BUSINESS OVERVIEW We are a leading agro-industrial company in South America, with operations in Argentina, Brazil and Uruguay. We produce a wide range of agricultural products, including various crops, rice, raw milk and sugarcane, many of which we then industrialize and transform into value-added products, such as sugar, ethanol and dairy products, among others. We are also involved in the production of fertilizers, energy and their commercialization. Our sustainable business model is focused on (i) a low-cost production model that leverages growing or producing each product in regions where we believe we have competitive advantages, (ii) reducing the volatility of our returns through product and geographic diversification and use of advanced technology, (iii) benefiting from vertical integration in key segments of the agro-industrial chain, (iv) acquiring and transforming land to improve its productivity and realizing land appreciation through strategic dispositions, and (v) implementing sustainable production practices and technologies focused on long-term profitability. Farming Business Our Farming business is subdivided into three main businesses: Crops business : We produce a wide range of agricultural commodities, including soybean, corn, wheat, peanut, sunflower and cotton, among others. In Argentina, our farming activities are primarily conducted in the Argentine Humid Pampas region, where agro-ecological conditions are optimal for low-cost production, as well as in the northern region of the country and in the center-west region of Uruguay. We own two grain handling and conditioning facilities, in addition to one processing facility for peanuts and one for sunflower, where we process our production as well as third-party production, and turn them into higher value-added products which are later exported. Our crop production is closely integrated with our dairy operations, as we utilize a portion of our harvested grains and dedicated forage crops to supply feed for our cow herd, supporting both efficiency and sustainability across our value chain. During the 2024/2025 harvest-year, we planted approximately 240,542 hectares of crops, including second harvests, and produced 732,340 tons of grains. Rice business: We own a fully integrated rice operation. We produce irrigated rice in the northeastern provinces of Argentina and in Uruguay, where the availability of water, sunlight, and fertile soil results in a coveted region for the low-cost production of rice. We believe that we are one of the largest producers of rough (unprocessed) rice in South America, producing 513,885 tons during the 2024/2025 harvest-year. We own one seed unit to develop seed genetics, four rice mills and one rice snack facility in Argentina and two rice mills in Uruguay that process our own production, as well as rice purchased from third parties. Over the years, we have expanded our product portfolio to include different rice varieties-such as Carnaroli, Yamaní, Parboiled, and others-as well as healthy rice snacks which we sell both in the domestic Argentine retail market under our own brands and abroad. Dairy business: Through the production of raw milk, we are able to transform forage and grains into value-added animal protein. We operate four free-stall dairies in Argentina which allow us to optimize our use of resources (land, cows and capital), increase our productivity and maximize the conversion of forage and grain into raw milk. We produced 197.4 million liters of raw milk in 2025, with a daily average of 14,424 dairy cows, delivering an average of 37.5 liters of milk per cow per day. We also own two milk processing facilities where we produce ultra-high temperature ("UHT") milk, powder milk, semi-hard cheese, cream and chocolate milk, among other products, with the flexibility to sell to both the domestic under our own brands and private label and to the export market, based on relative profitability. In 2025, our facilities processed 414.8 million liters of milk. Moreover, we have constructed two biodigesters with a total installed capacity of 3.4 MW that generate and deliver electricity to the local power grid by burning biogas extracted from effluents produced by our dairy cattle, supporting our commitment to circular production and sustainability in our dairy operations. Fertilizers Business In December 2025, we became the controlling shareholder of Profertil S.A through the acquisition of a 90% equity interest in the company, paying approximately $1.1 billion. Profertil S.A. is the largest producer of urea in South America, one of the most widely used nitrogen fertilizers, with access to competitively priced natural gas and located in a net importing region. Upon closing, we established a new business unit named "Fertilizers" in which we incorporate the results of Profertil. Through Profertil we operate a fertilizer plant in Bahia Blanca, Province of Buenos Aires, where, through the combination of natural gas, water and nitrogen, we produce ammonia, which is later converted into urea. Our plant has the capacity to produce up to 1.3 million tons of urea and 790 thousand tons of ammonia per year. For the year ended December 31, 2025, the plant produced 960 thousand tons and 586 thousand tons of urea and ammonia, respectively. In addition, we operate four storage and dispatch centers strategically located throughout Argentina, with a total storage capacity of 369 thousand tons of solid fertilizer and 35.5 thousand tons of liquid fertilizer. Since natural gas represents a significant portion of the production cost of urea, our plant secures its supply through medium-term contracts with local Oil & Gas companies. Leveraging on Argentina's growing natural gas production positions us among the lowest cost producers of urea in the world. Our assets are strategically located, enabling us to efficiently serve the different markets. At present, our urea is sold locally, since Argentina -and South America as a whole- are net importers of nitrogen fertilizers. As a result, we supply about 60% of Argentina's urea needs. In addition, the plant's proximity to the port of Bahía Blanca provides valuable export optionality for both urea and ammonia. Sugar , Ethanol and Energy Business We cultivate and harvest sugarcane, which is then processed in our own mills to produce sugar, ethanol and energy. As of December 31, 2025, we had 228,640 hectares of sugarcane plantations in the Brazilian states of Mato Grosso do Sul and Minas Gerais, of which 10,024 hectares were planted on our own land and 202,972 hectares were planted on land leased by us under long-term agreements. We use different techniques to maximize sugarcane production. We own and operate three sugar and ethanol mills-UMA, Angélica and Ivinhema-with a total crushing capacity of 14.2 million tons of sugarcane per year. Our mills produce both sugar and ethanol, and accordingly, we have some flexibility to adjust our production (within certain capacity limits that generally vary between 40% and 80%) between sugar and ethanol, to take advantage of more favorable market demand and prices at given points in time. By using a by-product of the milling process which is the bagasse (the fiber of the sugarcane), we cogenerate renewable electricity which is used to power our mills, and we then sell the balance to the local grid via long-term contracts and spot transactions. For the year ended December 31, 2025, we crushed 12.1 million tons of sugarcane, and produced 600,383 tons of sugar, 588,004 cubic meters of ethanol and exported 676,389 MWh of renewable electricity to the local grid. Since 2020, we have been selling carbon credits or "CBios" under the RenovaBio program. The RenovaBio program was designed by the Brazilian government to cut carbon emissions by discouraging fossil fuel consumption while encouraging the production of renewable energy. In 2025, we sold 712,190 CBios at an average unit price of R$48.6 (average net price of US$8.6). In addition, we use vinasse, a byproduct of the ethanol production process, as potassium biofertilizer in our sugarcane plantation and as an input to produce biogas in our biodigester. Biogas can be used in the production of renewable energy or converted into biomethane to replace diesel consumption. Once cleaned and compressed, biogas is converted into biomethane which can be used as biofuel in adapted vehicles, such as trucks and cars. FINANCIAL RISK AND UNCERTAINTIES The Group manages exposures to financial and commodity risks using hedging instruments that provide the appropriate economic outcome. The principal hedging instruments used may include commodity future contracts, put and call options, foreign exchange forward contracts and interest rate swaps. The Group does not use derivative financial instruments for speculative purposes. For a detailed analysis of financial risk and uncertainties of the Company, see Note 2 to the Company´s consolidated financial statements as of December 31, 2025. ROUNDING We have made rounding adjustments to reach some of the figures included in this management report. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them. OPERATING AND FINANCIAL REVIEW AND PROSPECTS The following tables present selected historical consolidated financial data of Adecoagro S.A. for the years indicated below. We have derived the selected historical statement of income, cash flow and balance sheet data as of and for the years ended December 31, 2025, and 2024 from the consolidated financial statements. The consolidated financial statements are prepared in accordance with IFRS as issued by the IASB and the interpretations of the IFRIC and in accordance with IFRS adopted by the European Union. You should read the information contained in these tables in conjunction with the consolidated financial statements. STATEMENT OF INCOME $ thousands 12M25 12M24 Chg % Sales of goods and services rendered 1,427,734 1,518,907 (6)% Cost of goods sold and services rendered (1,178,507) (1,198,715) (2)% Initial recognition and changes in fair value of biological assets and agricultural produce 95,610 143,081 (33)% Changes in net realizable value of agricultural produce after harvest 6,439 (28,437) na Margin on manufacturing and agricultural activities before operating expenses 351,276 434,836 (19)% General and administrative expenses (122,122) (103,880) 18% Selling expenses (161,134) (153,482) 5% Other operating income, net 26,285 4,824 445% Profit from operations before financing and taxation 94,305 182,298 (48)% Finance income 35,105 16,808 109% Finance costs (127,134) (166,441) (24)% Other financial results - Net gain of inflation effects on the monetary items (9,209) 2,421 na Financial results, net (101,238) (147,212) (31)% (Loss) /profit before income tax (6,933) 35,086 na Income tax expense 174 57,015 (100)% (Loss) / profit for the period (6,759) 92,101 na The Group´s Profit from operations before financing and taxation for the year ended December 31, 2025 totaled $94 million, compared to a gain of $182 million in 2024. The variation was mainly explained by initial: Lower margins on manufacturing and agricultural activities before operating expenses. This was caused by lower results of Initial recognition and changes in Fair Value of biological assets and agricultural produce, mainly due to lower yields and lower prices in all our business segment. In addition, we have higher general and administrative expenses, mainly driven by inflation in Argentina, and the effects of the acceleration of vesting due to the Tender made by Tether Investments S.A. de C.V., as well as selling expenses, mainly driven by the inflation over costs in Argentina. Partially offsetting the abovementioned effects, other operating income generated gains of 26.2 million, compare to 4.8 million of last year, mainly because in 2024 we recognize an impairment loss due to a fire occurred in one of our peanuts facility, while in 2025, we recognized the recovery the insurance over that incident. Net financial results in 2024 totaled a loss of $147.2 million compared to a loss of $101.2 million in 2025. This is mainly explained by the appreciation of the real in 2025, compared to a depreciation in 2024. Finally, the line income tax reflected a benefit in 2024 due to (1) tax effects on the monetary position in 2024 ($36.5 million gain), together with the restatement by inflation of tax loss carryforwards in Argentina, while in 2025, it represented a benefit of USd 174 thousands. Due to the above explanations, the net loss for the year totaled $6.7 million, compared to $92.1 million gain the previous year. BUSINESS SEGMENT HIGHLIGHTS Sugar, Ethanol & Energy business SUGAR, ETHANOL & ENERGY - SELECTED Operating Data Metric 12M25 12M24 Chg % Milling Sugarcane Milled tons 12,145,212 12,762,597 (4.8)% Own Cane tons 10,970,267 11,668,117 (6.0)% Third Party Cane tons 1,174,945 1,094,480 7.4% Production TRS Equivalent Produced tons 1,622,478 1,771,500 (8.4)% Sugar tons 600,383 832,389 (27.9)% Ethanol M3 588,004 532,715 10.4% Hydrous Ethanol M3 460,168 416,147 10.6% Anhydrous Ethanol (1) M3 127,835 116,568 9.7% Sugar mix in production % 42% 52% (20.3)% Ethanol mix in production % 58% 48% 22.1% Energy Exported (sold to grid) MWh 676,389 743,488 (9.0)% Cogen efficiency (KWh sold/ton crushed) KWh/ton 55.7 58.3 (4.4)% Agricultural Metrics Harvested area Hectares 161,521 167,246 (3.4)% Yield tons/ 68 70 (2.5)% TRS content kg/ton 127 132 (3.7)% Area Sugarcane Plantation hectares 228,640 212,996 7.3% Expansion Area hectares 15,644 14,249 9.8% Renewal Area hectares 20,268 21,730 (6.7)% INFORMATION hectare (1) Does not include 8,057 and 19,262 cubic meters of anhydrous ethanol that were converted by dehydrating our hydrous ethanol stocks during 12M25. Nor 13,313 cubic meters of hydrous ethanol that were dehydrated during 12M24. Despite good cane availability, crushing volume totaled 12.1 million tons in 2025, marking a 4.8% decrease versus the previous year. This was explained by (i) a slower crushing pace during 1H25 -as expected-, together with (ii) a reduction in effective milling days during 4Q25 due to above average rainfall (33% higher than the 16-year average). Due to the latter, our quarterly crushing volume was down 8.8% year-over-year, negatively impacting our expectations for a strong 2H25 crushing. In terms of productivity, annual yields and TRS content were down 2.5% and 3.7% year-over-year, respectively, impacted by unfavorable weather events. On a full-year basis, our production mix stood at 42%/58% sugar/ethanol as we maximized the production of sugar during the first semester and then switched to ethanol as global sugar prices started to decline while ethanol prices saw an upward trend. Consequently, total volume produced for sugar was 27.9% below year-over-year, whereas ethanol production was 10.4% higher year-over-year, despite the 8.4% drop in total TRS equivalent produced. On an annual basis, we exported a total of 676 thousand MWh to the grid. NET SALES BREAKDOWN $ thousands Units ($/unit) 12M25 12M24 Chg % 12M25 12M24 Chg % 12M25 12M24 Chg % Sugar (tons) (6) 266,087 390,751 (31.9)% 655,227 845,807 (22.5)% 406 462 (12.1)% Ethanol (cubic meters) 309,543 242,854 27.5% 642,025 550,322 16.7% 482 441 9.3% Hydrous Ethanol (cubic meters) 233,116 162,466 43.5% 498,624 381,982 30.5% 468 425 9.9% Anhydrous Ethanol (cubic meters) 76,427 80,388 (4.9)% 143,401 168,340 (14.8)% 533 478 11.6% Energy (Mwh) (2) 33,982 30,485 11.5% 819,658 844,686 (3.0)% 41 36 14.9% CBios 6,156 8,513 (27.7)% 712,190 601,426 18.4% 9 14 (38.9)% Others (5) 348 558 (37.6)% 366 562 (34.9)% 951 993 (4.2)% TOTAL (3) 616,116 673,161 (8.5)% Cover Crops (tons) (4) 8,483 6,447 31.6% 24,638 16,698 47.6% 344 386 (10.8)% TOTAL NET SALES (1) 624,599 679,608 (8.1)% HIGHLIGHTS - $ Ēhousand 12M25 12M24 Chg % Net Sales (1) 624,599 679,608 (8.1)% Adjusted EBITDA 291,538 364,160 (19.9)% Adjusted EBITDA Margin 46.7% 53.6% (12.9)% (1) Net Sales are calculated as Gross Sales net of ICMS, PIS COFINS, INSS and IPI taxes; (2) Includes commercialization of energy from third parties; (3) Does not include the sale of soybean, corn and beans planted as cover crop; (4) Correspond to the sale of soybean and corn planted as cover crop during the implementation of meiosis. (5) Diesel sold by Monte Alegre Distribuidora (MAC), our own fuel distributor located in UMA mill. (6) Includes $7.5 million (21,376 tons) and $13.2 million (37,365 tons) of sugar sales from third parties. On a full year basis, Adjusted EBITDA amounted to $291.5 million, presenting an 19.9% decrease versus last year. Despite year-over-year gains in the mark-to-market of our biological assets on greater expected cane productivity, lower EBITDA generation was explained by the aforementioned negative drivers, combined with lower revenues given a year-over-year decline in sugar sales. The year-over-year increase in ethanol sales, was fully offset by a decrease in sugar sales. Lower sugar sales were fully explained by a decline in global prices, together with a decrease in sugar production due to (i) lower year-over-year crushing and TRS content; together with (ii) our strategy to switch to ethanol maximization during 2H25 given better margin. Ethanol sales presented a 27.5% increase 2025, respectively. This was driven by the combination of higher volume due to the switch in our production mix and our commercial strategy. Throughout the year, we strategically sold our production and carry-over stocks from the previous year (equivalent to 31% of 2024's production) in order to profit from peaks in prices, while taking advantage of our large storage capacity to store our production when prices were low. During 2025, we sold 712,190 CBios, amounting to $6.2 million. Net sales of energy presented an increase during 2025. This was fully explained by a 7.8% and 14.9% year-over-year increase in the average selling price, as we complied with our long-term contracts as well as profit from the peaks in spot prices. PRODUCTION COSTS (1) Total Cost ($'000) 12M25 12M24 Chg % Total Cost per Pound (cts/lbs) 12M25 12M24 Chg % IndusĒrial cosĒs 103,869 113,893 (8.8)% 3.2 3.2 (0.5)% Industrial costs 65,454 74,258 (11.9)% 2.0 2.1 (3.8)% Cane from 3rd parties 38,415 39,635 (3.1)% 1.2 1.1 5.8% AgriculĒural cosĒs 331,940 362,754 (8.5)% 10.2 10.2 (0.2)% Harvest costs 112,004 138,066 (18.9)% 3.4 3.9 (11.5)% Cane depreciation 81,818 97,890 (16.4)% 2.5 2.7 (8.8)% Agricultural Partnership Costs 37,720 46,746 (19.3)% 1.2 1.3 (12.0)% Maintenance costs 100,398 80,052 25.4% 3.1 2.2 36.8% Total Production Costs 435,809 476,647 (8.6)% 13.3 13.4 (0.2)% Depreciation & Amortization PP&E (148,710) (189,007) (21.3)% (4.6) (5.3) (14.2)% Total Production Costs (excl D&A) (2) 287,100 287,640 (0.2)% 8.8 8.1 8.9% (1) Total production cost may differ from our COGS figure as the former refers to the cost of our goods produced, whereas the latter refers to the cost of our goods sold. (2) Excludes the recognition of PIS/COFINS tax credits generated during 2025 and 4Q24. Total production costs excluding depreciation and amortization reached 8.8 cts/lb in 2025, marking an increase versus the prior periods. Despite a decline in harvests costs on higher efficiencies within our operations, overall increase was driven by (i) a decline in total TRS equivalent produced on lower crushing and TRS content, together with (ii) higher maintenance costs due to additional crop treatment in some areas to improve productivity given the dry weather and frost event experienced in 2025; (iii) higher sourcing from third-party cane and (iv) the appreciation of the Brazilian Real. TOTAL COST OF PRODUCTION Total Cost ($'000) Total Cost per Pound (cts/lbs) 12M25 12M24 Chg % 12M25 12M24 Chg % Total Production Cost (excl. D&A) 287,100 287,640 (0.2)% 8.8 8.1 8.9% Maintenance Capex 133,191 157,573 (15.5)% 4.1 4.4 (7.3)% SG&A 66,225 69,493 (4.7)% 2.0 2.0 2.6% Cogeneration (26,540) (26,748) (0.8)% (0.8) (0.8) 6.6% Tax Recovery (42,178) (36,992) 14.0% (1.3) (1.0) 25.2% Total Cash Cost (1) 417,798 450,967 (7.4)% 12.8 12.7 1.1% (1) Excludes the recognition of PIS/COFINS tax credits generated during 2025 and 4Q24. Total cash cost reflects, on a cash basis, how much it costs us to produce one pound of sugar and ethanol (in sugar equivalent). Maintenance capex is included in the calculation since it is a recurring investment, necessary to maintain the productivity of the sugarcane plantation. Energy is deemed as a by-product and thus deducted from total costs, while the tax recovery line item includes the ICMS tax incentive that the state of Mato Grosso do Sul granted us until 2032. Total cash cost on a per pound basis stood at 12.8 cts/lb, in line with the prior year. This is explained by lower maintenance capex incurred during 2025 due to a more efficient upgrade of our machinery (such as two-line harvesters replacing one-line harvesters), coupled with an increase in tax recovery on higher ethanol sales. These, in turn, fully offset the lower cost dilution given the lower production. All of our efforts are devoted to further enhance efficiencies to continue reducing total cash cost. As we continue ramping up operations in our cluster, cash cost will continue its downward trend as more fixed costs will be diluted. Farming HIGHLIGHTS - $ Ēhousand 12M25 12M24 Chg % Crops 247,516 236,128 4.8% Rice 217,084 248,198 (12.5)% Dairy 293,289 284,098 3.2% Gross Sales 757,889 768,424 (1.4)% Crops (17,960) 19,092 (194.1)% Rice 10,173 50,185 (79.7)% Dairy 25,604 33,723 (24.1)% Adjusted EBITDA 17,817 103,000 (82.7)% Adjusted EBITDA Margin 2.4% 13.4% (82.5)% Gross sales totaled $757.9 million in 2025, in line with the previous year. Despite higher volumes sold of most of our products, these were more than offset by lower commodity prices across our portfolio. In addition, lower Adjusted EBITDA generation was also explained by higher costs in U.S. dollar terms and mixed productivity. Excluding the sale of La Pecuaria Farm conducted during 2Q24, Adjusted EBITDA was down $70.1 million during 2025 compared to the previous year. In Crops, the negative performance reported in 2025 was fully driven by a combination of (i) lower prices for most of our grains, (ii) below average productivity during the 2024/25 harvest season; and (iii) higher costs in in U.S. dollar terms. Despite record productivity in Rice, results were more than offset by a sharp decline in prices throughout the year, compared to outlier prices captured during 2024 (from $953/ton in 1Q24 to $527/ton in 4Q25; down 44.7%); together with higher costs in U.S. dollar terms. In Dairy, we achieved a new record in milk processing, which in turn enabled us to significantly increase the amount of liters sold (mainly fluid milk). Nevertheless, the mixed performance in prices and higher costs in U.S. dollar terms were the main drivers towards the year-over-year decline in results. Research & Development, Patents and Licenses, etc In our Sugar, Ethanol and Energy segment, we have effectively implemented state-of-the-art technologies such as high-pressure boilers for high cogeneration capacity, full mechanization of agricultural operations with online GPS tracking systems on all vehicles (trucks, combines, planters), and concentrated vinasse system among others. To optimize the fertilization of sugarcane, we are currently enriching the vinasse with different nutrient concentrations, such as nitrogen, phosphorus, sulfur, boron and zinc. We are also using drones in our plantations to improve operational efficiencies such as planting quality, biological control, weed monitor and phytosanitary products spraying, among others. In recent years, we have been developing a seedling production method called "MPB" ( Muda Pre Brotada or Pre-Sprout Seedling). This method consists of making the seedling sprout in a greenhouse and planting it directly on the fields, instead of the traditional planting of billets (sugarcane stalk pieces). Two main goals are pursued through this technique: the quick introduction of new promising and healthy varieties of seeds and the reduction of planting cost, by using much less volume of planting seedling per hectare. In addition, and because of this, more land can be used for sugarcane milling, instead of using sugarcane for seedling purposes. In 2023, we produced 24 million MPB inputs, enough to plant 2,062 hectares of sugarcane. In 2024, we reached 26 million MPB inputs, used to plant 1,992 hectares of sugarcane. The number increased in 2025 to 27 million MPB inputs, used to plant 2,150 hectares of sugarcane. We are also developing vinasse-to-biogas technology in our cluster in Mato Grosso do Sul. In 2017, we obtained a patent to produce biogas from sugarcane vinasse. After years of successful trials, we are scaling biomethane production, which could be used as an alternative source of fuel for adapted vehicles. We are also doing some tests in our sugar freights and exploring the possibility of producing biodiesel. In the industry, we have recently implemented artificial intelligence ("AI") alongside an automation process, which is based on real-time optimization. By assessing mass balance and measuring key performance indicators every 10 seconds, the system helps us enhance our efficiency all along the industrial processes. We use data analysis tools powered by internet-of-things ("IoT") devices, with information stored in the cloud to build a database that leverages AI to identify operational optimization points with the purpose of increasing productivity and reducing costs. Regarding our Rice business in Argentina, we are involved in the breeding and development of new traits. We seek to improve all processes related to the selection of better rice materials. Our objective is to obtain superior cultivars with better yields, industrial performance, commercial quality, and culinary parameters as driven by the market demand. To that end, we engage in crossbreeding with multiple varieties to achieve new seeds with superior features. We do so for different types of rice, such as long-grain, short-grain and round-grain rice. At the field level, we seek to breed new varieties and rice hybrids adapted to local conditions and production parameters. At the lab level, we are working with molecular markers that help us identify specific DNA details and improve quality parameters of the seed, such as purity. In connection with these efforts, we have entered into agreements with selected research and development institutions such as Instituto Nacional de Tecnología Agropecuaria in Argentina, Instituto Riograndense do Arroz in Brazil, Híbridos de Arroz para América Latina in Colombia, Fondo Latinoamericano para Arroz de Riego in Colombia, Empresa de pesquisa Agropecuária e Extensão Rural de Santa Catarina in Brazil, and companies such as BASF in Germany. In addition, we are working with the National University of the Northeast of Argentina to develop double-haploid seeds, which will help us to reduce the selection process from five years to one. Since 2008, we have developed and commercialized new rice varieties. SCS121 CL, developed in collaboration with BASF, incorporates Clearfield® technology, which makes it tolerant to herbicides used to control problematic weeds. In 2020, we registered a new variety, ITA CAABO 109, specifically adapted to the center-south rice-growing region of Argentina. In 2022, we registered the variety ITA CAABO 111 FL. This cultivar offers excellent grain quality for demanding markets and very strong yield potential across Argentina's rice-producing regions. In 2025, we registered two additional cultivars: ITA CAABO 360 CL, a long-grain rice variety with Clearfield® technology, characterized by high yield potential and excellent culinary quality; and ITA CAABO 754 FL, the first long-wide grain rice cultivar registered by our seed company. With regard to the intellectual property of our seeds, we operate in accordance with the standards established by the Argentine Association of Plant Variety Protection. As it relates to pest management, we are testing the use of biological treatments that enable us to control diseases and replace chemical products. We have extended the use of Trichoderma and Bacillus, examples of these biological solutions, to over 40 thousand hectares during the 2025/26 harvest season. In the field, we have developed zero grade level technology in most of our farms, which helps us reduce water and energy consumption. For hilly farms, we are implementing a Polypipe irrigation system which also helps us save on water and energy. Additionally, for all of our farms, we are developing an irrigation surveillance system using drones, water sensors connected through the IoT and digital platforms, all of which are improving water management efficiencies and enhancing our rice yields. Finally, since 2018 we have been increasing the number of harvesters with stripper heads, a device jointly developed in apartnership with Green Footprint Agricultural Solutions (G-FAS). This allowed us to double the speed and capacity of our harvesters and reduce the use of diesel fuel by 40%. In our Crops segment, we are also developing special digital features for each crop to enhance efficiencies in our operations. Currently, we are building precision agricultural solutions, such as crop yield estimation and soil quality classification, to improve our farming accuracy. We are also we are running tests on selective spraying applications based on AI in partnership with several companies. We believe that these applications could result in cost savings of up to 70% regarding our use of certain chemicals. Regarding our peanuts crops, we have created a new blanched peanut processing line, entirely made with local engineering and purchased a self-driving oven. Additionally, we have added laser technology to our peanut plant to perform the electronic selection and to continue optimizing the quality and safety of our products. We developed our own traceability app, through which peanut customers can scan a QR code on each bag of peanuts to access information regarding the traceability and data of our goods. In addition, we are working on digital platforms for both our Rice and Crops businesses, to create data centers and visualize the information in real-time dashboards including indicators such as seeding, planting date, fertilizers, irrigation, farm works, harvest, and monitoring of all grain stored in silo bags, among others. All this information is available online through computers and mobile phones. In our Dairy segment in Argentina, we have successfully adapted and implemented a sustainable free-stall model that prioritizes both operational efficiency and animal welfare. Additionally, manure is converted into renewable energy through two diary biodigesters. In terms of R&D, we continuously explore and test new technologies aimed at enhancing health, feeding and other operational practices. Our core objective is to improve animal welfare, milk quality, and overall productivity, supporting the continued growth of our Dairy operations. As part of this effort, we are constantly evaluating genetic technologies to refine the cow-selection process and strengthen herd development. In addition, we are evaluating advanced solutions such as precision cow monitoring systems, innovative health treatments, and new feeding possibilities. In addition to traditional R&D activities, we are constantly fostering creativity and ongoing improvement across teams, businesses and regions. We seek to adopt and develop innovative solutions that we can introduce into our day-to-day operations, changing the way we perform our work and boosting both efficiency and profitability. We have teams in Brazil and Argentina involved in the adoption of new technology, while we also engage other companies, start-ups and entrepreneurs to explore, run, test, enhance and jointly develop technologies. We constantly research and analyze all available technologies that could be applied to our operations. While we strive to select the best technologies and techniques, we are also strongly involved in their adoption process, and we provide feedback and suggestions to enhance such technologies. There are also R&D initiatives to explore ideas, unlock value potential and develop new business units. Our internal research group is composed of interdisciplinary teams (agronomists, veterinarians, industrial engineers, technicians and finance and commercial personnel). The group offers support to all business lines and through different levels, from the optimization of current operations, evaluation of new technologies, development of new products, to the assessment of a whole new production system. In addition, we are actively involved in a network with start-ups, funds, research associations and other key players in the agtech (agricultural, digital-based technology) ecosystems to find, develop and engage in strategic opportunities. Particularly for startups, we identify high-potential companies that could provide alternative solutions for our operations and for the market as a whole, and evaluate potential investments if their business models fit our business. We do not own any registered patents, industrial models or designs, apart from those described in this section. Forward-looking Statements 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," "continue," "estimate," "expect," "intend," "is/are likely to," "may," "plan," "should," "would," or other similar expressions. The forward-looking statements included in this press release relate to, among others: (i) our business prospects and future results of operations; (ii) weather and other natural phenomena; (iii) developments in, or changes to, the laws, regulations and governmental policies governing our business, including limitations on ownership of farmland by foreign entities in certain jurisdictions in which we operate, environmental laws and regulations; (iv) the implementation of our business strategy; (v) the correlation between petroleum, ethanol and sugar prices; (vi) our plans relating to acquisitions, joint ventures, strategic alliances or divestitures, and to consolidate our position in different businesses; (vii) the efficiencies, cost savings and competitive advantages resulting from acquisitions; (viii) the implementation of our financing strategy, capital expenditure plan and expected shareholder distributions; (ix) the maintenance of our relationships with customers; (x) the competitive nature of the industries in which we operate; (xi) the cost and availability of financing; (xii) future demand for the commodities we produce; (xiii) international prices for commodities; (xiv) the condition of our land holdings; (xv) the development of the logistics and infrastructure for transportation of our products in the countries where we operate; (xvi) the performance of the South American and world economies; and (xvii) the relative value of the Brazilian Reais, the Argentine Peso, and the Uruguayan Peso compared to other currencies. These forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable, our expectations may turn out to be incorrect. Our actual results could be materially different from our expectations. In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in this press release might not occur, and our future results and our performance may differ materially from those expressed in these forward-looking statements due to, inclusive, but not limited to, the factors mentioned above. Because of these uncertainties, you should not make any investment decision based on these estimates and forward-looking statements. The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events. OPERATING PERFORMANCE Sugar, Ethanol & Energy business Performance Highlights Adjusted EBITDA reached $73.1 million during 4Q25, marking a 30.6% year-over-year decrease, while in 2025 it amounted to $291.5 million, 19.9% lower than the previous year. (-) Annual crushing was down by 4.8%, totaling 12.1 million tons, driven by a lower quarterly crushing (2.3 million tons; 8.8% below 4Q24) due to less effective milling days given rainy weather. (+) Greater expected productivity favored by rainfall. (+) Ethanol maximization (72% in 4Q25 / 58% in 2025) on greater margins compared to sugar. (+/-) Higher net sales in 4Q25 on higher ethanol revenues. In 2025, despite the outperformance of ethanol, annual sales were down due to the decline in sugar prices and volumes sold. (+) Cash cost totaled 12.8 cts/lb, in line with 2024, despite lower cost dilution on lower production. Outlook (+) Cane productivity has significantly recovered and thanks to our continuous harvest model, we are currently crushing cane -during Brazil's interharvest period- and maximizing ethanol production. (+) Assuming normal weather, we foresee low-double-digit growth in 2026's crushing volume. (-/+) As of this date, we have 49% of our 2026 sugar production hedged at an average price of 15.7 cts/lb. In terms of ethanol, we are selling our daily production and carry-over stocks to profit from the current price scenario while clearing out our tanks to have the optionality to store production, when needed. Fertilizers business Performance Highlights Since the acquisition of Profertil on December 18, 2025, Adjusted EBITDA totaled $6.1 million. On an annual pro forma basis, 2025 Adjusted EBITDA reached $196.5 million compared to $279.6 million in 2024, primarily reflecting fewer operating days during the year, mainly impacted by planned downtime. Outlook (+) Adjusted EBITDA recovery driven by normalized operations due to a full year of activity in 2026. (+) Sharp increase in urea prices due to the ongoing conflict in the Middle East region (CFR Brazil prices spiked by ~50% YTD), ~90% of our estimated sale volume remains open to market prices. Gas supply is secured while prices, which represent 60% of production costs, are fixed through medium-term contracts, positioning the business for margin expansion. Farming business Performance Highlights Adjusted EBITDA was negative $1.4 million in 4Q25, down 136.1% versus the same period of last year, whereas on a full year basis it reached $17.8 million, marking a 82.7% year-over-year decline. Excluding the sale of La Pecuaria farm in April 2024, annual Adjusted EBITDA was down $70.1 million versus 2024. (-) Mixed productivity. Record rice yields but below-average crop production. (-) Lower commodity prices (between 15% to 45% depending on the product). (-) Higher costs in US dollar terms. (+) Higher volumes sold (8% above the prior year). Outlook (-/+) We implemented cost initiatives to improve margins, including a 22% year-over-year reduction in total planted area by not renewing leases on farms that did not meet the required return thresholds. In addition, we increased the share of rice specialties vs. commodities due to better margins; and continue to leverage our production flexibility to produce dairy products for domestic and export markets. RECONCILIATION OF NON-IFRS MEASURES To supplement our consolidated financial statements, which are prepared and presented in accordance with IFRS, we use the following non-IFRS financial measures in this press release: Adjusted EBITDA Adjusted EBIT Adjusted EBITDA margin Net Debt Net Debt to Adjusted EBITDA Adjusted Net Income Adjusted Free Cash Flow from Operations Adjusted Free Cash Flow In this section, we provide an explanation and a reconciliation of each of our non-IFRS financial measures to their most directly comparable IFRS measures. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. We believe these non-IFRS financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management for financial and operational decision making. There are limitations associated with the use of non-IFRS financial measures as an analytical tool. In particular, many of the adjustments to our IFRS financial measures reflect the exclusion of items, such as depreciation and amortization, changes in fair value, the related income tax effects of the aforementioned exclusions and exchange differences generated by the net liability monetary position in USD in the countries where the functional currency is the local currency, that are recurring and will be reflected in our financial results for the foreseeable future. In addition, these measures may be different from non-IFRS financial measures used by other companies, limiting their usefulness for comparison purposes. Adjusted EBITDA & Adjusted EBIT Adjusted Consolidated EBITDA equals the sum of our Adjusted Segment EBITDA for each of our operating segments. Effective for the third quarter ended September 30, 2024, we changed our definition of Adjusted Consolidated EBITDA and Adjusted Segment EBITDA to exclude any charges related to impairments. We did not have any impairment or disposal charges for any of the previous periods presented. We define "Adjusted Consolidated EBITDA" as (i) consolidated net profit (loss) for the year, as applicable, before interest expense, income taxes, depreciation of property, plant and equipment and amortization of intangible assets, net gain or loss from fair value adjustments of investment property land, foreign exchange gains or losses, other net financial results and bargain purchase gain on acquisition and any charges related to impairments (ii) adjusted by those items, that do not impact profit and loss, but are recorded directly in shareholders' equity, including (a) the gains or losses from disposals of noncontrolling interests in subsidiaries whose main underlying asset is farmland, reflected under the line item: "Reserve from the sale of noncontrolling interests in subsidiaries" and (b) the net increase in value of sold farmland, which has been recognized in either revaluation surplus or retained earnings; and (iii) net of the combined effect of the application of IAS 29 and IAS 21 from the Argentine operations included in profit from operations. We believe that Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are important measures of operating performance for our company and each operating segment, respectively, because they allow investors to evaluate and compare our consolidated operating results and to evaluate and compare the operating performance of our segments, respectively, including our return on capital and operating efficiencies, from period to period by removing the impact of our capital structure (interest expense from our outstanding debt), asset base (depreciation and amortization), tax consequences (income taxes), bargain purchase gain, any charges related to impairments, foreign exchange gains or losses and other financial results. In addition, by including the gains or losses from disposals of noncontrolling interests in subsidiaries whose main underlying asset is farmland, investors can also evaluate and compare the full value and returns generated by our land transformation activities. Other companies may calculate Adjusted Consolidated EBITDA and Adjusted Segment EBITDA differently, and therefore our Adjusted Consolidated EBITDA and Adjusted Segment EBITDA may not be comparable to similar measures used by other companies. Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are not measures of financial performance under IFRS, and should not be considered in isolation or as an alternative to consolidated net profit (loss), cash flows from operating activities, segment profit from operations and other measures determined in accordance with IFRS. Items excluded from Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are significant and necessary components to the operations of our business, and, therefore, Adjusted Consolidated EBITDA and Adjusted Segment EBITDA should only be used as a supplemental measure of our company's operating performance, and of each of our operating segments, respectively. We also believe Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are useful for securities analysts, investors and others to evaluate and compare the financial performance of our company and other companies in the agricultural industry. These non-IFRS measures should be considered in addition to, but not as a substitute for or superior to, the information contained in either our statements of income or segment information. Our Adjusted Consolidated EBIT equals the sum of our Adjusted Segment EBITs for each of our operating segments. Effective for the third quarter ended September 30, 2024, we changed our definition of Adjusted Consolidated EBIT and Adjusted Segment EBIT to exclude any charges related to impairments. We did not have any impairment or disposal charges for any of the previous periods presented. We define "Adjusted Consolidated EBIT" as (i) consolidated net profit (loss) for the year, as applicable, before interest expense, income taxes, net gain from fair value adjustments of investment property land, foreign exchange gains or losses, other net financial results, bargain purchase gain on acquisition and any charges related to impairments (ii) adjusted by those items, that do not impact profit and loss, but are recorded directly in shareholders' equity, including (a) the gains or losses from disposals of noncontrolling interests in subsidiaries whose main underlying asset is farmland, reflected under the line item: "Reserve from the sale of noncontrolling interests in subsidiaries" and (b) the net increase in value of sold farmland, which has been recognized in either revaluation surplus or retained earnings; and (iii) net of the combined effect of the application of IAS 29 and IAS 21 from the Argentine operations included in profit from operations. We believe that Adjusted Consolidated EBIT and Adjusted Segment EBIT are important measures of operating performance, for our company and each operating segment, respectively, because they allow investors to evaluate and compare our consolidated operating results and to evaluate and compare the operating performance of our segments, from period to period by including the impact of depreciable fixed assets and removing the impact of our capital structure (interest expense from our outstanding debt), tax consequences (income taxes), foreign exchange gains or losses and other financial results. In addition, by including the gains or losses from disposals of noncontrolling interests in subsidiaries whose main underlying asset is farmland and also the sale of farmlands, and impairments, investors can evaluate the full value and returns generated by our land transformation activities. Other companies may calculate Adjusted Consolidated EBIT and Adjusted Segment EBIT differently, and therefore our Adjusted Consolidated EBIT and Adjusted Segment EBIT may not be comparable to similar measures used by other companies. Adjusted Consolidated EBIT and Adjusted Segment EBIT are not measures of financial performance under IFRS, and should not be considered in isolation or as an alternative to consolidated net profit (loss), cash flows from operating activities, segment profit from operations and other measures determined in accordance with IFRS. Items excluded from Adjusted Consolidated EBIT and Adjusted Segment EBIT are significant and necessary components to the operations of our business, and, therefore, Adjusted Consolidated EBIT and Adjusted Segment EBIT should only be used as a supplemental measure of the operating performance of our company, and of each of our operating segments, respectively. Net Debt & Net Debt to Adjusted EBITDA Net debt is defined as the sum of non-current and current borrowings less cash and cash equivalents and short-term investments (namely US-Treasury Bills use as collateral of short-term borrowings). This measure is widely used by management. Management is consistently tracking our leverage position and our ability to repay and service our debt obligations over time. We have therefore set a leverage ratio target that is measured by net debt divided by Adjusted Consolidated EBITDA. We believe that the ratio net debt to Adjusted Consolidated EBITDA provides useful information to investors because management uses it to manage our debt-equity ratio in order to promote access to capital markets and our ability to meet scheduled debt service obligations. $ Ēhousand 12M25 12M24 Chg % Short-term debt 213,088 99,551 114.0% Long-term debt 1,379,921 680,005 102.9% Gross Debt 1,593,009 779,556 104.3% Cash & Equivalents 383,150 211,244 81.4% Short-term Investments 89,826 46,097 94.9% Net Debt 1,120,033 522,215 114.5% Adjusted Net Income We define Adjusted Net Income as (i) profit / (loss) of the period/year before net gain / (losses) from fair value adjustments of investment property land, bargain purchase gain on acquisition and any impairment; plus (ii) any non-cash finance costs resulting from foreign exchange gain/losses for such period, which are composed by both exchange differences and cash flow hedge transfer from equity, included in Financial Results, net, in our statement of income; net of the related income tax effects, plus (iii) gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland, which are reflected in our shareholders' equity under the line item "Reserve from the sale of non-controlling interests in subsidiaries" if any, plus (iv) the reversal of the aforementioned income tax effect, plus (v) inflation accounting effect; plus (vi) the net increase in value of sold farmland, which has been recognized in either revaluation surplus or retained earnings, if any. We believe that Adjusted Net Income is an important measure of performance for our company allowing investors to properly assess the impact of the results of our operations in our equity. In fact, results arising from the revaluation effect of our net monetary position held in foreign currency in the countries where our functional currency is the local currency do not affect the equity of the Company, when measured in foreign / reporting currency. Conversely, the tax effect resulting from the aforementioned revaluation effect does impact the equity of the Company, since it reduces/ increases the income tax to be paid in each country. Accordingly we have added back the income tax effect to Adjusted Net Income. In addition, by including the gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland, investors can also include the full value and returns generated by our land transformation activities. Other companies may calculate Adjusted Net Income differently, and therefore our Adjusted Net Income may not be comparable to similar measures used by other companies. Adjusted Net Income is not a measure of financial performance under IFRS, and should not be considered in isolation or as an alternative to consolidated net profit (loss). This non-IFRS measure should be considered in addition to, but not as a substitute for or superior to, the information contained in our financial statements. ADJUSTED NET INCOME $ Ēhousands 12M25 12M24 Chg % Profit for the period (6,759) 92,101 (107.3)% Foreign exchange losses/(gains), net (5,826) 37,569 (115.5)% Cash flow hedge - transfer from equity - 28,650 (100.0)% Inflation accounting effects 9,209 (2,421) n.a (3,312) 23,375 (114.2)% (11,295) 14,259 (179.2)% Net results from Fair Value adjustment of Investment Property (Insurance recovery)/Impairment of assets destroyed by fire Revaluation surplus of farmland sold - 9,024 (100.0)% Adjusted Net Income (17,983) 202,557 (108.9)% Adjusted Free Cash Flow and Adjusted Free Cash Flow from Operations We believe that the measures of Adjusted Free Cash Flow and Adjusted Free Cash Flow from Operations are important measures of liquidity that enable investors to draw important comparisons year to year of the amount of cash generated by the Company's principal business and financing activities, which includes the cash generated from our land transformation activities, after paying for recurrent items, including interest, taxes and maintenance capital expenditures. We define Adjusted Free Cash Flow as the aggregate of (i) net cash generated from operating activities net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine operations, (ii) net cash used in investing activities net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine operations -excluding the net of the combined effect in other financial income-, less (iii) interest paid net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine operations, plus (iv) proceeds from the sale of non-controlling interest in farming subsidiaries; less (v) lease payments; less (vi) dividends paid to noncontrolling interest, plus (vii) the net of acquisition/disposal of short-term investments net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine operations, and less (viii) other financial income derived from gains on bond arbitrage transactions. We define Adjusted Free Cash Flow from Operations as the aggregate of (i) net cash generated from operating activities net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine operations, (ii) net cash used in investing activities net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine operations -excluding the net of the combined effect in other financial income-, less (iii) interest paid net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine operations, plus (iv) proceeds from the sale of noncontrolling interest in subsidiaries; less (v) lease payments; less (vi) dividends paid to noncontrolling interest, plus (vii) the net acquisition/disposal of short-term investment net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine operations, plus (viii) expansion capital expenditures, less (ix) other financial income derived from gains on bond arbitrage transactions. Expansion capex is defined as the required investment to expand current production capacity including organic growth, joint ventures and acquisitions. We define maintenance capital expenditures ("maintenance capex") as the necessary investments in order to maintain the current level of productivity both at an agricultural and at an industrial level. Proceeds from the sale of non-controlling interest in farming subsidiaries is a measure of the cash generated from our land transformation activities that is included under cash from financing activities pursuant to IFRS. We believe Adjusted Free Cash Flow is an important liquidity measure for the Company because it allows investors and others to evaluate and compare the amount of cash generated by the Company business and financing activities to undertake growth investments, to fund acquisitions, to reduce outstanding financial debt and to provide a return to shareholders in the form of dividends and/or share repurchases, among other things. We believe Adjusted Free Cash Flow from Operations is an additional important liquidity metric for the Company because it allows investors and others to evaluate and compare the total amount of cash generated by the Company's business and financing activities after paying for recurrent items including interest, taxes and maintenance capex. We believed this metric is relevant in evaluating the overall performance of our business. Other companies may calculate Adjusted Free Cash Flow and Adjusted Free Cash Flow from Operations differently, and therefore our formulation may not be comparable to similarly titled measures used by other companies. Adjusted Free Cash Flow and Adjusted Free Cash Flow from Operations are not measures of liquidity under IFRS, and should not be considered in isolation or as an alternative to consolidated cash flows from operating activities, net increase (decrease) in cash and cash equivalents and other measures determined in accordance with IFRS. ADJUSTED FREE CASH FLOW SUMMARY $ Ēhousands 2025 2024 Chg % Net cash generated from operating activities (1) 299,889 431,128 (30.4)% Net cash used in investing activities (1) (919,486) (224,292) n.a. Interest paid (1) (47,279) (34,024) n.a. Expansion capex reversal 789,071 104,067 658.2% Lease payments (103,945) (98,478) n.a. Dividends paid to non-controlling interest (95) (736) n.a. Other financial income (1) (5,890) (238) n.a. Short-term investments Adjusted Free Cash Flow from Operations 19,246 (16,544) n.a. (NCFO) (2) Expansion Capex 31,511 (789,071) 160,883 (104,067) (80.4)% n.a. Adjusted Free Cash Flow (2) (757,560) 56,816 (1433.3)% (1) Net of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries; RECONCILIATION - ADJUSTED FREE CASH $ Ēhousands 2025 2024 Chg % Net increase/(decrease) in cash and cash 171,348 (177,234) n.a. Interest paid (48,712) (24,629) n.a. Lease payments (103,945) (98,478) n.a. Dividends paid to non-controlling interest (95) (736) n.a. Restricted short-term investments 17,419 (14,510) n.a. Cash flow from financing activities (785,774) 274,000 (386.8)% Other financial income (5,890) (238) n.a. IAS 29 & IAS 21 Effect for Investing Activities 3,458 7,273 (52.5)% IAS 29 & IAS 21 Effect for Operating Activities (8,629) 102,797 (108.4)% IAS 29 & IAS 21 Effect for Acquisition of Short- 1,827 (2,034) n.a. IAS 29 & IAS 21 Effect for Interest Paid 1,433 (9,395) n.a. Adjusted Free Cash Flow (757,560) 56,816 (1433.3)% FLOW equivalents term Investments RECONCILIATION - ADJUSTED FREE CASH FLOW FROM OPERATIONS $ Ēhousands 2025 2024 Chg % Net increase/(decrease) in cash and cash 171,348 (177,234) n.a. Expansion Capex 789,071 104,067 658.2% Interest Paid (48,712) (24,629) n.a. Lease Payments (103,945) (98,478) n.a. Dividends paid to non-controlling interest (95) (736) n.a. Restricted short-term investments 17,419 (14,510) n.a. Cash flow from financing activities (785,774) 274,000 (386.8)% Other financial income (5,890) (238) n.a. IAS 29 & IAS 21 Effect for Investing Activities 3,458 7,273 (52.5)% IAS 29 & IAS 21 Effect for Operating Activities (8,629) 102,797 (108.4)% IAS 29 & IAS 21 Effect for Acquisition of Short- 1,827 (2,034) n.a. IAS 29 & IAS 21 Effect for Interest Paid 1,433 (9,395) n.a. equivalents term Investments Adjusted Free Cash Flow from operations (NCFO) 31,511 160,883 (80.4)% RECONCILIATION TO ADJUSTED EBITDA & PROFIT/LOSS 12M25 12M24 $ Ēhousands Sugar, Ethanol & Energy Fertilizers Farming Corp Exp Total Sugar, Ethanol & Energy Fertilizers Farming Corp Exp Total Sales of goods and services rendered 656,868 31,147 757,889 - 1,445,904 707,954 - 768,424 - 1,476,378 Cost of goods sold and services rendered (482,747) (22,184) (690,368) - (1,195,299) (498,840) - (663,945) - (1,162,785) Initial recog. and changes in FV of BA and agricultural produce 59,024 - 38,497 - 97,521 41,166 - 88,666 - 129,832 Gain from changes in NRV of agricultural produce after harvest (609) - 7,342 - 6,733 554 - (26,394) - (25,840) Margin on Manufacturing and Agricultural Act. Before Opex 232,536 8,963 113,360 - 354,859 250,834 - 166,751 - 417,585 General and administrative expenses (27,152) (1,766) (56,933) (40,149) (126,000) (25,179) - (47,416) (25,452) (98,047) Selling expenses (71,988) (3,506) (88,109) (380) (163,983) (73,804) - (75,689) 736 (148,757) Other operating income, net 9,432 (519) 17,884 (256) 26,541 23,303 - (15,272) 294 8,325 Share of gain/(loss) of joint ventures - - - - - - - - - - Profit from Operations Before Financing and Taxation 142,828 3,172 (13,798) (40,785) 91,417 175,154 - 28,374 (24,422) 179,106 Net results from Fair value adjustment of Investment property - - (3,366) - (3,366) - - 18,725 - 18,725 Transfer of revaluation surplus derived from the disposals of assets - - - - - - - 9,024 - 9,024 (Insurance recovery)/Impairment of assets destroyed by fire - - (11,353) - (11,353) - - 14,162 - 14,162 Adjusted EBIT 142,828 3,172 (28,517) (40,785) 76,698 175,154 - 70,285 (24,422) 221,017 (-) Depreciation and Amortization 148,710 2,922 46,334 2,043 200,009 189,006 - 32,715 1,523 223,244 Adjusted EBITDA 291,538 6,094 17,817 (38,742) 276,707 364,160 - 103,000 (22,899) 444,261 Reconciliation to Profit/(Loss) Adjusted EBITDA 276,707 444,261 (+) Depreciation and Amortization (200,009) (223,244) (+) Financial result, net (101,238) (147,212) (+) Net results from Fair value adjustment of Investment property 3,366 (18,725) (+) (Insurance recovery)/Impairment of assets destroyed by fire 11,353 (14,162) (+) Revaluation surplus of farmland sold - (9,024) (+) Income Tax (Charge)/Benefit 174 57,015 (+) Translation Effect (IAS 21) 2,888 3,192 Profit/(Loss) for the Period (6,759) 92,101 Share Repurchase Program On September 24, 2013, the Board of Directors of the Company has authorized a share repurchase program for up to 5% of its outstanding shares. The repurchase program has commenced on September 24, 2013 and is reviewed by the Board of Directors after each 12-month period. On December 11, 2024, the Board of Directors approved the renewal of the program, and also its extension for an additional twelve-month period, ending December 31, 2025. Repurchases of shares under the program may be made from time to time (i) in open market transactions in compliance with the trading conditions of Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, and applicable rules and regulations; and (ii) through privately negotiated transactions. The share repurchase program does not require Adecoagro to acquire any specific number or amount of shares and may be modified, suspended, reinstated or terminated at any time in the Company's discretion and without prior notice. The size and the timing of repurchases will depend upon market conditions, applicable legal requirements and other factors. As of December 31, 2025, the Company had repurchased 32,299,783 shares (2024: 31,241,925 shares) under the program, of which 10,154,059 (2024: 9,067,146) have been utilized to cover the exercise of the Company's employee stock option plan, restricted stock units plan and the grant of restricted shares. As of December 31, 2024, the Company held 5,295,375 own shares. Dividends distribution On June 17, 2025, the general meeting of the the shareholders of the Company resolved the payment of an annual dividend of $35 million to be paid to outstanding shares in two installments. The first payment of the year 2025, of US$17.5 million (0.1750 per share) was made on May 16, 2025 and the second installment was made in November 19, 2025 (0.1749 per share). On April 17, 2024 the general meeting of the shareholders of the Company resolved the payment of an annual dividend of $35 million to be paid to outstanding shares in two installments. The first payment of the year 2024, of US$17.5 million (0.1682 per share) was made on May 29, 2024 and the second installment was made in November 27, 2024 (0.1740 per share). Adecoagro S.A. Consolidated Financial Statements as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023 Legal information Name as specified in charter: Adecoagro S.A. Legal address: 28, Boulevard F.W. Raiffeisen, L-2411, Luxembourg Company activity: Agricultural and agro-industrial Date of registration: June 11, 2010 Expiration of company charter: No term defined Number of register (RCS Luxembourg): B153.681 Issued Capital Stock : 147,872,161 common shares Outstanding Capital stock: 142,576,786 common shares Treasury shares: 5,295,375 common shares - @WC Audit report To the Shareholders of Adecoagro S.A. Report on the audit of the consolidated financial statements Our opinion In our opinion, the accompanying consolidated financial statements givea true and fair view of the consolidated financial position of Adecoagro S.A. (the "Company") and its subsidiaries (the 'Gtoup") as at 3 1 December ooz s. and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the European Union. What ne have audited The Group's consolidated financial statements comprise: the consolidated statement of financial position as at 3JDecember s •si the consolidated statement of income for the year then ended; the consolidated statement of comprehensive income for the year then ended; the consolidated statement of changes in shareholders' equity for the year then ended; the consolidated statement of cash fiows for the year then ended; and the notes to the consolidated financial statements, including material accounting policy information and other explanatory information. https://www.pwc.lu PricewatcrhouseCoopers Assurance, Socictt coopératix-e, 2 rue €lerhard I4ercator, Ozlflz Luxembourg T : *35a 494848 *, * : *35a 494848 °9<< w , ww.pwr.lu Cehinet de Revision eaéP. Espen-comptehle (auoneeuon minisenelle n*10181669) R.C.S. Lvxemoou+g B294273 • TVA LU 36559370 Basis for opinion We conducted our audit in accordance with the Law of 23 July 2o16 on the audit profession (Law of >3 J uly zoi6) and with International Standards on Auditing (ISAs) as adopted for Luxembourg by the "Commission de Surveillance du Secteur Financier" (CSSF). Our responsibilities under the Law of 2 3 July aoi6 and ISAs as adopted for Luxembourg by the CSSF are further described in the "Responsibilities of the "Réviseur d'entreprises agréé" for the audit of the consolidated financial statements" section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We are independent of the Group in accordance with the International Code of Ethics for Professional Accountants, including International Independence Standards, issued by the International Ethics Standards Board for Accountants (IESBA Gode) as adopted for Luxembourg by the CSSF together with the ethical requirements that are relevant to our audit of the consolidated financial statements. We have fulfilled our other ethical responsibilities under those ethical requirements. Other information The Board of Directors is responsible for the other information. The other information comprises the information stated in the consolidated management report but does not include the consolidated financial statements and our audit report thereon. Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit ofthe consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. - @WC Responsibilities of the Board of Directors and those charged with governance for the consolidated financial statements be hoard oI C irector.s is responsible for the ;›reparation and fair presentation of the consolidated financial statements in accordance with IFRS Accounting Standards as adopted by the European Union, and for such internal control as the Board of Directors determines is necessary to enable the preparation of consoli‹1ate‹1 financial statements that are free frum material misstatement, whether due tu fraud or error. In preparing the crinsolidated financial statements, the Briard of Directrirs is resprinsible for assessing the Gruiip's abili9 to continue as a going concern, disclosing, as applicable, matters relateil to goinb concern and using the going concern basis of accounting unless the Soard of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to flu so. Yhose charged w ith governance are responsible fnr overseeing the €iroup's financial reporting process. Responsibilities of the "Réviseur d'entreprises agréé" for the audit of the consolidated financial statements The objectives of our audit are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material mis.statement, whether due to fraud Or errr›r, and to issue an audit report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accnrdance with the Law of 2 .Inly 2oi6 and with ISAs as adopted for I.uxerubourg by the CSSF will ulways detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions nf users taken on the basis of these consolidated financial statements.

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