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Adecoagro S A : Q1 Earnings Presentation
Adecoagro S A : Q1 Earnings
About this update from Adecoagro S.a.
ADECOAGRO 1 ADECOAGRO 1Q26 KEY TAKEAWAYS Mariano Bosch - CEO 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 & Agriculture: Harvesting activities are underway. Margins to improve with the new crop. Stronger earnings and cash generation = faster deleveraging. 3 CONSOLIDATED FINANCIAL HIGHLIGHTS Gross Revenues 1Q26 $394 million 22% (1) Sugar, Food & Ethanol & Agriculture Energy 41% 31% Fertilizers 28% Adjusted EBITDA 1Q26 $86 million 139% (1) Sugar, Ethanol & Energy 43% Fertilizers 56% 4 (1) Comparisons are made versus the same period of last year. SUGAR, ETHANOL & ENERGY SEGMENT SUGAR, ETHANOL AND ENERGY SEGMENT OPERATIONAL & FINANCIAL PERFORMANCE 1Q26 1Q25 1,489 2,220 +49% 5,771 +79% 10,355 Sugarcane milled ('000 Tons) TRS per hectare (kg/hectare) Sugar Production Mix (1) (%) Ethanol 4% 42% 96% 58% 1Q25 1Q26 First-quarter crushing record. Strong TRS per hectare performance driven by yield recovery. 96% ethanol mix achieved = Profiting from strong ethanol prices. Adjusted EBITDA (US$ millions) +36% $ 41 $ 30 1Q25 1Q26 Net Sales (US$ millions) (6%) $ 119 $ 112 1Q25 1Q26 Higher cost of production due to the appreciation of the Brazilian Real and the anticipation of agricultural costs. Higher prices for ethanol and energy. Maximizing sales at the peak of prices. Weaker sugar performance on lower global prices and lower sugar mix. 6 (1) Does not include 8,444 cubic meters of anhydrous ethanol that were converted by dehydrating our hydrous ethanol stocks during 1Q25. FERTILIZERS SEGMENT 7 FERTILIZERS SEGMENT OPERATIONAL & FINANCIAL PERFORMANCE Higher utilization rate year-over-year: 88% 1Q26 vs. 79% 1Q25 Urea Sales (thousand tons) Average Realized Price ($/Ton) +16% $ 516 $ 444 +50% 174 116 1Q25 Pro forma (1) 1Q26 Urea Production (thousand tons) +10% 278 254 1Q25 Pro forma (1) 1Q26 Higher urea production on higher operational days. Increase in sales driven by higher volumes and slightly higher average prices. Adjusted EBITDA (2) (US$ millions) +4.3x $ 53 $ 12 1Q25 Pro forma (1) 1Q26 Net Sales (2) (US$ millions) +68% $ 110 $ 66 1Q25 Pro forma (1) 1Q26 Lower production cost on higher cost dilution and efficient gas sourcing. CAPTURING THE UPSIDE IN UREA PRICES AS SALES ARE EXECUTED. (1) Pro forma basis to give effect to Profertil's acquisition, as if such event had occurred on January 1, 2025. (2) Includes the sale of urea, ammonia, other fertilizers, among other products and services offered. 8 FOOD & AGRICULTURE SEGMENT 9 FOOD & AGRICULTURE SEGMENT OPERATIONAL & FINANCIAL PERFORMANCE Gross Sales (US$ Million) (18%) $198 $162 1Q25 1Q26 Lower prices for most of our product portfolio (between 4% to 46% depending on the product). Higher volumes sold for most of our products. Adjusted EBITDA (US$ Million) (92%) $17 $1 1Q25 1Q26 Higher costs in U.S. dollar terms. 25/26 Harvesting activities are underway. Good productivity indicators. ( 10 CAPITAL ALLOCATION 11 $434 MILLION INVESTED IN INORGANIC & ORGANIC GROWTH PROYECTS DURING 1Q26 EXPANSION CAPEX SETTLEMENT OF THE OUTSTANDING BALANCE FOR PROFERTIL'S ACQUISITION FINAL PAYMENT FOR PROFERTIL $396 million balance paid in 1Q26 $676 million canceled in 2025 $1.1 BILLION TOTAL INVESTMENT FOR A 90% EQUITY INTEREST Financing structure: Cash $400 million Long-term debt $400 million Equity issuance $300 million 12 INDEBTEDNESS Net Debt Net Debt/Adj. EBITDA LTM Net Debt Evolution (US$ millions) +7% $ 1,628 $ 1,520 Deleveraging is underway, with seasonal WK temporarily offsetting the reduction $ 639 $ 632 $ 646 $ 522 2.3x $ 679 $ 699 1.7x 2.8x $ 872 3.3x 3.2x 1.3x 1.3x 1.5x 1.2x 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 Pro forma (1) Pro forma (1) Debt Structure Short term debt Long term debt 18% 82% Average life of 3.9 years Debt Currency Breakdown BRL 18% OTHERS 1% USD 81% 13 (1) Pro forma figure includes Profertil's last-twelve-months results. Pro forma (1) Pro forma (1) Pro forma (1) 1Q26 1Q25 2025 2024 2023 2022 2021 2020 $ 394 $ 389 +1% $ 822 $ 1,098 $ 1,442 $ 1,352 $ 2,016 $ 2,143 Gross Revenues (US$ millions) FINAL REMARKS 1Q26 Gross Revenues Breakdown by Product (%) Rice 14% Dairy 17% Urea 23% Energy 2% Soybean 1% Corn 3% Peanut 3% Others 10% Sugar 3% Ethanol 24% 1Q26 1Q25 Pro forma (1) 2025 Pro forma (1) 2024 Pro forma (1) 2023 2022 2021 2020 $ 48 $ 86 +78% $ 342 $ 467 $ 433 $ 477 $ 437 Adjusted EBITDA (US$ millions) $ 724 14 (1) Pro forma basis to give effect to Profertil's acquisition, as if such event had occurred on January 1, 2024.. Q&A SESSION 15 THANK YOU! Website : ir.adecoagro.com Emilio Gnecco - CFO [email protected] Victoria Cabello - IRO [email protected] Investor Relations Department [email protected] Attention : This is an excerpt of the original content. To continue reading it, access the original document here .