Q2 Financial Statements

Condensed Consolidated Interim Statements of Income

for the six-month and three-month periods ended June 30, 2026 and 2025

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

Six-months ended June 30, Three-months ended June 30,

Note 2026 2025 2026 2025

(unaudited)

Condensed Consolidated Interim Statements of Comprehensive Income for the six-month and three-month periods ended June 30, 2026 and 2025

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

Six-months ended June 30, Three-months ended June 30, 2026 2025 2026 2025

(unaudited)

Condensed Consolidated Interim Statements of Financial Position as of June 30, 2026 and December 31, 2025

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

for the six-month periods ended June 30, 2026 and 2025

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

Attributable to equity holders of the parent

1,605

-

(1,605)

-

-

-

-

Granted

4,362

-

4,362

-

-

-

-

3,595

(19,496)

-

20,263

-

• Employee share options (Note 22)

• Restricted shares and restricted units (Note 22):

Vested

29,334

18

29,316

-

-

1,225

-

-

Revaluation of surplus (*) - - - - - - (1,545) - - (1,545) 470 (1,075)

Total comprehensive income for the period - - 28,091 - - - 1,225 - 520 29,836 1,162 30,998

Balance at June 30, 2025 (unaudited) 158,073 636,091 (385,666) 11,207 153,253 (7,965) 246,486 41,574 518,584 1,371,637 40,113 1,411,750

(35,000)

-

(35,000)

-

-

-

-

-

-

-

(35,000)

-

- Dividends to shareholders (Note 21)

-

-

-

-

-

-

Reserve from the sale of

Cumulative Translation Adjustment

Share Capital Share

(Note 21) Premium

30,409

(452)

30,861

-

-

2,770

-

-

-

28,091

-

Equity-settled Other Compensation reserves

Reduction of issued share capital of the company (Note 20):

(9,000)

-

-

-

-

9,000

-

-

-

-

-

-

-

-

28,091

-

-

- Items that will not be reclassified to profit or loss:

Other comprehensive income for the period

- Items that may be reclassified subsequently to profit or loss:

1,664

1,144

520

520

-

-

-

Exchange differences on translating foreign operations

-

-

-

-

Profit for the period

subsidiaries

Non- Total

Controlling Shareholders' Interest Equity

terests

Subtotal

Retained Earnings

non-

co ing

ntroll

in in

Treasury Revaluation

shares surplus

(*) Net of 417 of Income tax.

for the six-month periods ended June 30, 2026 and 2025 (continued)

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

Attributable to equity holders of the parent

Subtotal

Reserve

Share Capital (Note 21)

Share Premium

Cumulative Translation Adjustment

Equity-settled Compensati on

Other reserves

Treasury shares

Revaluation surplus

from the sale of non-controlling interests in subsidiaries

Retained Earnings

Non-Controlling Interest

Total Shareholder s' Equity

Balance at January 1, 2026 221,808 876,091 (426,225) 11,358 153,237 (7,940) 275,709 41,574 509,730 1,655,342 136,949 1,792,291

Other comprehensive income / (loss):

Exchange differences on translating foreign operations - - 83,081 - - - 36,409 - - 119,490 5,807 125,297

Revaluation surplus (*) - - - - - - (61,016) - - (61,016) (4,960) (65,976)

Other comprehensive income for the period - - 83,081 - - - (24,607) - - 58,474 847 59,321

Total comprehensive income for the period - - 83,081 - - - (24,607) - 58,349 116,823 11,556 128,379

(

for the six-month periods ended June 30, 2026 and 2025

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

Six-months ended June 30,

Note 2026 2025

(unaudited)

for the six-month periods ended June 30, 2026 and 2025 (continued)

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

Six-months ended June 30,

Note 2026 2025

(unaudited)

For non-cash transactions, see Note 11 and 12 for property, plant and equipment and right of use assets, respectively.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

1. General information

   Adecoagro S.A. (the "Company" or "Adecoagro") is the Group's ultimate parent company and is a société anonyme (stock corporation) organized under the laws of the Grand Duchy of Luxembourg. 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." The Group's activities are carried out through three major lines of business, namely, Sugar, Ethanol and Energy, Fertilizers and Food and Agriculture.

   As further described in Note 20, on December 18, 2025, the Group completed the acquisition of Profertil S.A. Accordingly, Profertil S.A. has been consolidated from the acquisition date. The condensed consolidated statement of income for the three and six-month periods ended June 30, 2026 and the condensed consolidated statement of cash flows for the six-month period ended June 30, 2026 include Profertil S.A. for the full interim period, while the comparative information for the six-month period ended June 30, 2025 does not include Profertil S.A. As a result, the condensed consolidated statement of income for three and six-month periods ended June 30, 2026 and the condensed consolidated statement of cash flows for the six-month period ended June 30, 2026 are not directly comparable with the corresponding 2025 periods. These condensed consolidated interim financial statements should be read in light of these circumstances and the related disclosure in Note 20.

   Adecoagro is a public company listed in the New York Stock Exchange (NYSE) as a foreign registered company under the ticker symbol of AGRO.

   These Interim Financial Statements have been approved for issue by the Board of Directors on August 7, 2026.

2. Financial risk management

Risk management principles and processes

The Group is exposed to several risks arising from financial instruments including price risk, exchange rate risk, interest rate risk, liquidity risk and credit risk. A thorough explanation of the Group's risks and the Group's approach to the identification, assessment and mitigation of risks is included in the annual consolidated financial statements. There have been no significant changes to the Group's exposure and risk management principles and processes since December 31, 2025. See Note 2 to the annual consolidated financial statements for more information.

However, the Group considers that the following tables below provide useful information to understand the Group's interim results for the six-month period ended June 30, 2026. These disclosures do not appear in any particular order of potential materiality or probability of occurrence.

Argentina status:

The Argentine subsidiaries of the Group operate in an economic context in which main variables have a strong volatility as a consequence of political and economic uncertainties, both in national and international environments. Argentina's inflation rate for the six-month period ended June 30, 2026 and 2025 were 16.8% and 15.1%, respectively. The Group uses Argentina's official exchange rate to account for transactions in Argentina, mainly affecting the food and agricultural business segment, which as of June 30, 2026 and 2025, respectively, was 1,482 and 1,205, respectively, against the U.S. dollar.

On December 10, 2023, a new government took office with the aim to boost a deregulation of the Argentine economy and other regulations. Certain regulations and/or restrictions have been eased and others remain in force, although it is expected that they will be lifted gradually. However, the scope and timing of the measures, including but not limited to the existing foreign exchange regulations, remains uncertain as of the date of these Consolidated Financial Statements.

The Argentine Central Bank, under the prior administration, had implemented certain measures that controlled and restricted the ability of companies and individuals to access the foreign exchange market known as MULC (for its acronym in Spanish) for certain transactions. However, the performance of blue-chip swap transactions known as "Contado con Liquidación" or CCL (for its acronym in Spanish) was an alternative lawful mechanism. The blue-chip swap transactions are capital markets

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

1. Financial risk management (continued)

   transactions that could be implemented in different ways, both for the inflow and outflow of funds. The implicit exchange rate applicable to this type of transactions is higher with respect to the official foreign exchange rate.

   Through Central Bank Communication "A" 8226 and Decree 269/2025, implemented in April 2025, Argentina introduced certain measures aimed at liberalizing its foreign exchange market. These measures included allowing individuals to purchase U.S. dollars for savings purposes without prior authorization, provided that transactions are made through bank debit, enabling the repatriation of dividends related to financial statements from 2025 onwards, and allowing payments for services to unrelated foreign parties to be made immediately, with a reduced 90-day waiting period for related parties.

   However, as of July 31, 2026, the complete removal of exchange controls has not yet materialized and several restrictions remain in force. The monetary policy framework has shifted to a managed floating exchange rate regime, under which the exchange rate bands are adjusted by the Central Bank based on recent monthly inflation data published by INDEC, rather than being expanded by a fixed 1% monthly rate. Despite the initial flexibilizations, legal entities remain prohibited from purchasing foreign currency for hoarding purposes. In addition, mandatory settlement requirements for foreign trade revenues within specific timeframes remain applicable, cross-restrictions continue to limit access to the official foreign exchange market for those operating in financial exchange markets such as MEP or CCL, and payments of financial debt between local subsidiaries and their foreign parent companies continue to be subject to limitations.

   • Exchange rate risk

The following tables show the Group's net monetary position broken down by various currencies for each functional currency in which the Group operates at June 30, 2026. All amounts are shown in US dollars.

June 30, 2026

(unaudited)

Functional currency

Peso

Net monetary position (Liability)/ Asset Argentine

Brazilian Reais

US Dollar Total

The Group's analysis shown on the tables below is carried out based on the exposure of each functional currency subsidiary against the U.S. Dollar. The Group estimated that, other factors being constant, a hypothetical 10% appreciation/ (depreciation) of the U.S. Dollar against the Brazilian real respective functional currencies for the period ended June 30, 2026 or the Uruguayan peso, or a 25% appreciation/(depreciation) of the U.S. Dollar against the Argentine peso.

June 30, 2026

(unaudited)

Functional currency

Peso

Net monetary position Argentine

Brazilian Reais

Chilean Peso

Total

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

1. Financial risk management (continued)

   • Interest rate risk

     The following table shows a breakdown of the Group's fixed-rate and floating-rate borrowings per currency denomination and functional currency of the subsidiary issuing the loans at June 30, 2026 (all amounts are shown in US dollars):

     June 30, 2026

     (unaudited)

     Functional currency

     Peso

     Rate per currency denomination Argentine

     Brazilian Reais

     US

     Dollar

     Total

     Fixed rate:
     Brazilian Reais	-	131,042	-	131,042
     US Dollar	214,228	339,073	1,081,605	1,634,906
     Subtotal fixed-rate borrowings	214,228	470,115	1,081,605	1,765,948
     Variable rate:
     Brazilian Reais	-	223,215	-	223,215
     Euro	-	-	28,553	28,553
     Subtotal variable-rate borrowings	-	223,215	28,553	251,768
     Total borrowings as per analysis	214,228	693,330	1,110,158	2,017,716

     At June 30, 2026, if interest rates on floating-rate borrowings had been 1% higher (or lower) with all other variables held constant, Profit before income tax for the period would decrease as follows:

     June 30, 2026

     (unaudited)

     Functional currency

     Reais

     Rate per currency denomination Brazilian US Dollar Total

     Variable rate:
     Brazilian Reais	(2,232)	-	(2,232)
     Euro	-	(286)	(286)

     Decrease in profit before income tax (2,232) (286) (2,518)

   • Credit risk

     As of June 30, 2026, six banks accounted for approximately 70% of the total cash deposited (Credit Agricole, Itau, Rabobank, Santander, Max Capital and Banco do brasil).

   • Derivative financial instruments

     The following table shows the outstanding positions for each type of derivative contract as of June 30, 2026:

     Notes to the Condensed Consolidated Interim Financial Statements

     (All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

     1. Financial risk management (continued)

        • Futures / Options

          June 30, 2026

          Type of derivative contract		Quantities (thousands) (**)		Notional amount		Market Value Asset/		Profit / (Loss) (*)
          						(unaudited)		(unaudited)
          Futures:
          Sale
          Soybean		3		1,021		30		30
          Sugar		26		9,785		369		(1,263)
          Options:
          Buy put
          Sugar		24		75		75		(682)
          Sell call
          Sugar		69		(99)		(99)		(1,365)
          Total		122		10,782		375		(3,280)

          (Liability)

          (*) Included in line "Gain / (Loss) from commodity derivative financial instruments" Note 8. (**) All quantities expressed in tons except otherwise indicated.

          Commodity future contract fair values are computed with reference to quoted market prices on future exchanges.

          • Other derivative financial instruments

            Floating-to-fixed interest rate swaps

            The Group's subsidiary Adecoagro Vale do Ivinhema entered into interest rate swap operations:

            1. In December 2020, with Itaú BBA in an aggregate amount of R$ 400 million. In these operations the company receives IPCA (Extended National Consumer Price Index) plus 4.24% per year, and pays CDI (an interbank floating interest rate in Reais) plus 1.85% per year. This swap was early terminated in December, 2025 and the subsidiary entered into a new interest rate swap operation with Itaú BBA in an aggregate amount of R$ 365 million. In this transaction, Adecoagro Vale do Ivinhema receives a fixed rate of 13.47% per annum and pays CDI (a floating interbank interest rate in Brazilian Reais) plus 0.05% per annum. This swap expires semiannually until December, 2034.

            2. In July 2024 with:

          • Itaú BBA in an aggregate amount of R$ 76 million. In this operation the company receives IPCA (Extended National Consumer Price Index) plus 6.80% per year and pays CDI (an interbank floating interest rate in Reais) plus 0.49% per year. This swap expires in July 2034.

            - BR Partners in an aggregate amount of R$ 115 million. In this operation the company receives IPCA (Extended National Consumer Price Index) plus 6.76% per year and pays CDI (an interbank floating interest rate in Reais) plus 0.41% per year. This swap expires in July 2031.

          • XP Investimentos in an aggregate amount of R$ 209 million. In this operation the Company receives pre-fixed rate 12.61% per year and pays CDI (an interbank floating interest rate in Reais) plus 0.48% per year. This swap expires in July 2031.

          These interest rate swap agreements resulted in a recognition of a loss of US$ 4.2 million for the six-month period ended June 30, 2026.

          Notes to the Condensed Consolidated Interim Financial Statements

          (All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

          1. Financial risk management (continued)

             • Currency forward

               No significant currency forward is in place.

          2. Segment information

          We are an agro-industrial company in South America, with operations in Argentina, Brazil and Uruguay. Our businesses encompass agricultural production, industrial processing and the production of critical agricultural inputs. In agriculture, we produce a diversified portfolio of products-including various crops, rice, sugarcane and dairy-supplying both our own industrial operations and third-party clients. Our manufacturing activities include the processing and commercialization of value-added products, such as sugar, ethanol, energy, processed peanuts, rice and dairy products, like UHT milk and powdered milk, among others. In addition, we produce nitrogen-based fertilizers, supporting agricultural productivity in Argentina and South America. We also provide ancillary services such as grain warehousing, conditioning, handling and drying. Furthermore, we opportunistically conduct land sales and/or acquisitions.

          According to IFRS 8, operating segments are identified based on the 'management approach'. Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance. Our CODM is the Management Committee. IFRS 8 stipulates external segment reporting based on our internal organizational and management structure and on internal financial reporting to the chief operating decision maker.

          Following the completion of the acquisition of Profertil S.A. on December 18, 2025 (see Note 20), and effective January 1, 2026, the Group's chief operating decision maker reassessed the Group's internal reporting structure and the manner in which operating performance is reviewed and resources are allocated. This reassessment resulted in the identification of a new Fertilizers segment, which comprises primarily the manufacturing and commercialization of nitrogen-based fertilizers.

          In addition, effective January 1, 2026, we revised our segment reporting to reflect changes in the way we review operating performance and evaluate our business. As a result, our former farming activities are now presented as a single Food and Agriculture segment. The Food and Agriculture segment reflects an integrated business focused on the production and sale of food in various forms, including both raw agricultural outputs and manufactured food products. The Food and Agriculture segment includes the agricultural and related food activities that were previously managed and presented through separate verticals, including crops, rice and dairy. Beginning January 1, 2026, these activities are managed as one integrated value chain and evaluated based on overall segment operating performance. Accordingly, we evaluate results, make resource allocation decisions and assess profitability for the Food and Agriculture segment as a whole rather than based on separate operating results for the historical crops, rice or dairy verticals.

          Consequently, comparative information has been recasted in the six-month period ended June 30, 2026, to conform the current presentation. Profertil has been consolidated since the acquisition date. Accordingly, the Group's consolidated statement of income for the six-month period ended June 30, 2026 includes Profertil's results of operations for the full interim period, while the consolidated statement of income for the six-month period ended June 30, 2025 does not include Profertil's results of operations. The Group reports the results of operations of the acquired business in the Fertilizers segment. Accordingly, the consolidated financial statements should be read in light of these circumstances.

          Based on the foregoing, we operate in three reportable segments, namely, "Sugar, Ethanol and Energy", "Fertilizers" and , "Food and Agriculture".

          • 'Sugar, Ethanol and Energy' segment which consists of cultivating sugarcane which is processed in owned sugar mills, transformed into ethanol, sugar and electricity and then marketed;

     2. Segment information (continued)

     • The 'Fertilizers' segment consists of the production of nitrogen-based fertilizers, primarily urea, at our own industrial facility in Argentina, together with the commercialization of these products through a network of storage facilities spread across the country;

     • The 'Food and Agriculture' segment encompasses the Group's integrated agricultural operations, managed centrally as a single operating segment to maximize the overall use of land and resources. The segment's primary production activities consist of the planting, harvesting, and sale of crops-such as grains, oilseeds, and fibers (including soybeans, corn, wheat, peanuts, cotton, and sunflowers)-alongside the genetic development of seeds and cultivation of rice, and the production of raw milk in our own free-stalls. Following this primary phase, the segment's industrialization and service activities include the processing and commercialization of rice and other value-added products, the manufacturing of industrialized dairy goods (such as fluid milk, cheese, and powdered milk) within our own industrial facilities, and the provision of grain warehousing, conditioning, and drying services to third parties.

     As further discussed in Note 32 to our consolidated financial statements for the year ended December 31, 2025, we apply IAS 29 to our operations in Argentina for those subsidiaries with the peso as its functional currency. According to IAS 29, all Argentine Peso-denominated non-monetary items in the statement of financial position are adjusted by applying a general price index from the date they were initially recognized to the end of the reporting period. Likewise, all Argentine Peso-denominated items in the statement of income are expressed in terms of the measuring unit current at the end of the reporting period, consequently, income statement items are adjusted by applying a general price index on a monthly basis from the dates they were initially recognized in the financial statements to the end of the reporting period. This process is called "re-measurement". Once the re-measurement process is completed, all Argentine Peso denominated accounts are translated into U.S. Dollars, which is our reporting currency, applying the guidelines in IAS 21 "The Effects of Changes in Foreign Exchange Rates" ("IAS 21"). IAS 21 requires that amounts be translated at the closing rate at the date of the most recent statement of financial position. This process is called "translation". The re-measurement and translation processes are applied on a monthly basis until year-end. Due to these processes, the re-measured and translated results of operations for a given month are subject to change until year-end, affecting comparison and analysis.

     However, the internal reporting reviewed by the CODM departs from the application of IAS 29 and IAS 21 re-measurement and translation processes discussed above. For segment reporting purposes, the segment results of Argentine subsidiaries with the peso as its functional currency for each reporting period were adjusted for inflation and translated into the reporting currency using the reporting period average exchange rate. The translated amounts were not subsequently re-measured and translated in accordance with the IAS 29 and IAS 21 guidelines. In order to evaluate the segment's performance, results of operations in Argentina are based on monthly data adjusted for inflation and converted into the monthly US dollar average exchange rate. These converted amounts are not subsequently readjusted and reconverted as described under IAS 29 and IAS 21. It should be noted that this translation methodology for evaluating segment information is the same that the Group uses to translate results of operations from its other subsidiaries from other countries that have not been designated hyperinflationary economies because it allows for a more accurate analysis of the economic performance of its business as a whole. The CODM believes that the exclusion of the re-measurement and translation processes from the segment reporting structure allows for a more useful presentation and facilitates period-to-period comparison and performance analysis.

     For all the Group's segments, the primary operating performance measure is "Profit or Loss from Operations" measured in accordance with the procedure outlined above. Total segment assets and liabilities are measured in a manner consistent with that of the Consolidated Financial Statements. These assets and liabilities are allocated based on the operations of the segment and the physical location of the asset.

     The following tables show a reconciliation of the reportable segments information reviewed by our CODM with the reportable segment information measured in accordance with IAS 29 and IAS 21 as per the Consolidated Financial Statements for all periods presented. These tables do not include information for the Sugar, Ethanol and Energy nor Fertilizer reportable segments since this information is not affected by the application of IAS 29 and therefore there is no difference between the information reviewed by our CODM and the information included in the Consolidated Financial Statements:

2. Segment information (continued)

Segment reconciliation for the six-month period ended:

June 30, 2026 (unaudited) Food and Agriculture Corporate Total

Segment reconciliation for the six-month period ended:

June 30,2025 (unaudited) Food and Agriculture Corporate Total

3. Segment information (continued)

Fertilizers

Segment analysis for the six-month period ended June 30, 2026 (unaudited)

Sugar, Ethanol and Energy

Food and Agriculture

Corporate Total

1. Segment information (continued)

   Fertilizers

   Segment analysis for the six-month period ended June 30, 2025 (unaudited)

   Sugar, Ethanol and Energy

   Food and Agriculture

   Corporate Total

   Revenue	316,391	-	399,242	-	715,633
   Cost of revenue	(248,392)	-	(353,617)	-	(602,009)
   Initial recognition and changes in fair value of biological assets and agricultural produce	8,712	-	25,526	-	34,238
   Changes in net realizable value of agricultural produce after harvest	(774)	-	3,498	-	2,724
   Margin on manufacturing and agricultural activities before operating expenses	75,937	-	74,649	-	150,586
   General and administrative expenses	(16,417)	-	(31,254)	(24,957)	(72,628)
   Selling expenses	(31,899)	-	(46,012)	(136)	(78,047)
   Other operating (expense) / income, net	5,872	-	2,699	(143)	8,428
   Profit / (loss) from operations	33,493	-	82	(25,236)	8,339
   Depreciation of Property, plant and equipment and amortization of Intangible assets	(64,458)	-	(18,125)	(870)	(83,453)
   Net loss from Fair value adjustment of Investment property	-	-	479	-	479
   Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	3,962	-	(102)	-	3,860
   Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	4,750	-	25,628	-	30,378
   Changes in net realizable value of agricultural produce after harvest (unrealized)	-	-	2,137	-	2,137
   Changes in net realizable value of agricultural produce after harvest (realized)	(774)	-	1,361	-	587
   As of December 31, 2025:
   Farmlands and farmland improvements, net	88,896	-	651,663	-	740,559
   Machinery, equipment, building and facilities, and other fixed assets, net	245,119	1,218,881	254,611	-	1,718,611
   Bearer plants, net	413,604	-	1,232	-	414,836
   Work in progress	25,622	83,717	27,006	-	136,345
   Right of use assets	352,466	9,208	26,788	531	388,993
   Investment property	-	-	24,037	-	24,037
   Goodwill	3,969	208,204	15,597	-	227,770
   Biological assets	127,347	-	187,397	-	314,744
   Finished goods	61,457	33,416	75,372	-	170,245
   Raw materials, Stocks held by third parties and others	24,120	5,983	105,923	-	136,026
   Total segment assets	1,342,600 1,559,409		1,369,626	531	4,272,166
   Borrowings	570,737	711,099	205,771	105,402	1,593,009
   Lease liabilities	324,888	9,895	21,118	701	356,602
   Total segment liabilities	895,625 720,994		226,889	106,103	1,949,611

2. Revenue

The following tables show our various sources of revenue for the periods indicated:

Six-months ended June 30,

(*) Includes revenue of mwh of energy and peanut produced by third parties for an amount of US$ 1.13 million and US$

0.24 million, respectively (June 30, 2025: revenue of mwh of energy produced by third parties for an amount of US$ 1.76 million).

Commitments to sell commodities at a future date

The Group entered into contracts to sell non-financial instruments, mainly, sugar, soybean and corn through sales forward contracts. Those contracts are held for purposes of delivery the non-financial instrument in accordance with the Group's expected sales. Accordingly, as the own use exception criteria are met, those contracts are not recorded as derivatives.

Notes to the Condensed Consolidated Interim Financial Statements (continued)

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

1. Revenue (continued)

   The notional amount of these contracts is US$ 113.8 million as of June 30, 2026 (June 30, 2025: US$ 113.2 million) comprised primarily of 6,782 liters of ethanol (US$ 3.65 million), 382,200 mwh of energy (US$ 17.92 million), 176,866 tons of sugar (US$ 61.07 million), 39,992 tons of soybean (US$ 15.71 million), 66,341 tons of corn (US$ 12.21 million), and 14,000 tons of wheat (US$ 3.08 million) which expire between December 2026 and May 2027.

2. Cost of revenue

   The following tables show our cost of revenue for the periods indicated:

   Total

   Six-month ended June 30, 2026 (unaudited)

   Sugar, Ethanol and Energy

   Fertilizers

   Food and Agriculture

   Finished goods at the beginning of 2026 (Note 18)	61,457	33,416	75,372	170,245
   Cost of production of manufactured products (Note 6)	192,675	154,203	260,981	607,859
   Purchases	921	25,054	4,010	29,985
   Agricultural produce	11,840	-	116,480	128,320
   Transfer to raw material	-	-	(47,599)	(47,599)
   Direct agricultural selling expenses	-	-	10,180	10,180
   Tax recoveries (i)	(24,131)	-	-	(24,131)
   Changes in net realizable value of agricultural produce after harvest	636	-	2,128	2,764
   Loss of idle productive capacity	7,203	-	-	7,203
   Finished goods as of June 30, 2026 (Note 18)	(60,874)	(85,441)	(85,861)	(232,176)
   Exchange differences	2,857	-	9,087	11,944
   Cost of revenue for the period	192,584	127,232	344,778	664,594

   (i): Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values.

   Six-month ended June 30, 2025 (unaudited)

   Sugar, Ethanol and Energy

   Food and Agriculture

   Total

   Finished goods at the beginning of 2025	94,633	93,521	188,154
   Cost of production of manufactured products (Note 6)	172,825	258,284	431,109
   Purchases	1,999	22,627	24,626
   Agricultural produce	8,356	141,253	149,609
   Transfer to raw material	-	(60,128)	(60,128)
   Direct agricultural selling expenses	-	10,062	10,062
   Tax recoveries (i)	(23,892)	-	(23,892)
   Changes in net realizable value of agricultural produce after harvest	(774)	3,334	2,560
   Loss of idle productive capacity	17,912	-	17,912
   Finished goods as of June 30, 2025	(29,588)	(124,632)	(154,220)
   Exchange differences	6,921	1,869	8,790

   Cost of revenue for the period 248,392 346,190 594,582

   (i): Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values.

   Notes to the Condensed Consolidated Interim Financial Statements

   (All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

3. Expenses by nature

The following table provides the additional disclosure required on the nature of expenses and their relationship to the function within the Group:

Six-month ended June 30, 2026 (unaudited)

Total

Total

Cost of production of manufactured products (Note 5)

Sugar, Ethanol and Energy

Fertilizers

Food and Agriculture

General and Administrative Expenses

Selling Expenses

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

1. Expenses by nature (continued)

   Six-month ended June 30, 2025 (unaudited)

   Cost of production of manufactured

   Total

   products (Note 5) General and

   Selling

   Sugar, Ethanol and Energy

   Food and Agriculture

   Administrati ve Expenses

   Expenses Total

   Salaries, social security expenses and employee benefits	19,061	20,432 39,493	28,254	7,131	74,878
   Raw materials and consumables	2,118	22,865 24,983	-	-	24,983
   Depreciation and amortization	48,754	5,732 54,486	13,094	763	68,343
   Depreciation of right-of-use assets	5,145	39 5,184	10,553	36	15,773
   Fuel, lubricants and others	13,256	1,922 15,178	481	132	15,791
   Maintenance and repairs	12,488	5,684 18,172	3,773	470	22,415
   Freights	242	7,974 8,216	(13)	33,669	41,872
   Export taxes / selling taxes	-	- -	-	18,423	18,423
   Export expenses	-	- -	-	7,049	7,049
   Contractors and services	4,379	1,822 6,201	-	-	6,201
   Energy transmission	-	- -	-	982	982
   Energy power	451	4,703 5,154	336	124	5,614
   Professional fees	457	160 617	9,162	320	10,099
   Other taxes	3,922	248 4,170	664	100	4,934
   Contingencies	-	- -	394	-	394
   Lease expense and similar arrangements	-	947 947	852	442	2,241
   Third parties raw materials	7,052	46,346 53,398	-	-	53,398
   Tax recoveries	(2,270)	- (2,270)	-	-	(2,270)
   Others	4,331	4,019 8,350	3,417	7,111	18,878
   Subtotal	119,386	122,893 242,279	70,967	76,752	389,998
   Own agricultural produce consumed	53,439	135,391 188,830	-	-	188,830
   Total	172,825	258,284 431,109	70,967	76,752	578,828

   Notes to the Condensed Consolidated Interim Financial Statements

   (All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

2. Salaries and social security expenses

Six-month period ended June 30, 2026 2025

7,899 8,395

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

1. Financial results, net

   Six-month period ended June 30, 2026 2025

   (unaudited)

   Finance income:
   - Interest income	14,925	4,121
   - Foreign exchange gain, net	91,082	34,000
   - Gain from interest rate/foreign exchange rate derivative financial instruments	-	4,731
   - Other income	4,950	505
   Finance income	110,957	43,357
   Finance costs:
   - Interest expense	(72,220)	(23,222)
   - Finance cost related to lease liabilities	(18,410)	(19,999)
   - Taxes	(5,691)	(3,199)
   - Loss from interest rate/foreign exchange rate derivative financial instruments	(4,605)	-
   - Other expenses	(4,838)	(1,228)
   Finance costs	(105,764)	(47,648)
   Other financial results - Net (loss) of inflation effects on the monetary items	(13,195)	(5,317)
   Total financial results, net	(8,002)	(9,608)

   Notes to the Condensed Consolidated Interim Financial Statements

   (All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

2. Taxation

Taxes on income in the interim periods are recognized using the tax rate that would be applicable to expected total annual earnings.

June 30, June 30,

2026 2025

(unaudited)

The gross movement on the deferred income tax liability is as follows:

June 30,

2026

(unaudited)

June 30,

2025

The tax on the Group's profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows:

June 30, June 30,

2026 2025

(unaudited)

The information of Tax Inflation Adjustment in Argentina which is described in detail in Note 10 to annual consolidated financial statements.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

1. Taxation (continued)

   OECD Pillar Two model rules

   The group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in Luxembourg, the jurisdiction in which Adecoagro S.A. is incorporated, and came into effect for the fiscal year starting on January 1st, 2024.

   The group has not recognized Pillar Two current tax for the period ended June 30, 2026.

   The group applies the IAS 12 exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

   Adecoagro S.A.

   Notes to the Condensed Consolidated Interim Financial Statements

   (All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

2. Property, plant and equipment, net

progress

Changes in the Group's property, plant and equipment for the six-month periods ended June 30, 2026 and 2025 were as follows:

Farmlands

Farmland improvements

Buildings and facilities

Machinery, equipment, furniture and Fittings

Bearer plants Others Work in

Total

(*) Brazilian federal tax law allows entities to take a percentage of the total cost of the assets purchased as a tax credit. As of June 30, 2026, ICMS tax credits were reclassified to trade and other receivables.

The accompanying notes are an integral part of these condensed consolidated interim financial statements F- 26

Notes to the Condensed Consolidated Interim Financial Statements (continued)

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

1. Property, plant and equipment, net (continued)

   The Group determined the valuation of farmlands (US$ 723 million as of June 30, 2026) using, a "Sales Comparison Approach" prepared by an independent expert. Under the Sales Comparison Approach, the Group uses sale prices of comparable properties further adjusted considering the specific aspects of each property, the most relevant premise being the price per hectare (Level 3). The Group estimated that, other factors being constant, a 10% reduction on the sales price as of June 30, 2026 would have reduced the value of the farmlands by US$ 72.3 million, which would impact, net of its tax effect, the "Revaluation surplus" item in the statement of Changes in Shareholders' Equity.

   Depreciation charges are included in "Cost of production of Biological Assets", "Cost of production of manufactured products", "General and administrative expenses", "Selling expenses", as appropriate, and/or capitalized in "Property, plant and equipment" for the six-month periods ended June 30, 2026 and 2025.

   As of June 30, 2026, borrowing costs of US$ 3,032 (June 30, 2025: US$ 2,007) were capitalized as components of the cost of acquisition or construction of qualifying assets.

2. Right of use assets

   Changes in the Group's right of use assets for the six-month periods ended June 30, 2026 and 2025 were as follows:

   Agricultural partnership (*)

   Others Total

   (unaudited)

   As of June 30, 2025
   Opening net book amount	352,678	21,168	373,846
   Exchange differences	41,012	3,834	44,846
   Additions and re-measurement	16,832	7,419	24,251
   Depreciation	(32,910)	(5,462)	(38,372)
   Closing net book amount	377,612	26,959	404,571
   As of June 30, 2026
   Opening net book amount	355,187	33,806	388,993
   Exchange differences	16,559	9,551	26,110
   Additions and re-measurement	(21,596)	559	(21,037)
   Depreciation	(32,179)	(7,084)	(39,263)
   Closing net book amount	317,971	36,832	354,803

   (*) Agricultural partnerships have an average term of 6 years.

   Notes to the Condensed Consolidated Interim Financial Statements

   (All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

3. Investment property

   Changes in the Group's investment property for the six-month periods ended June 30, 2026 and 2025 were as follows:

   June 30, June 30,

   2026 2025

   (unaudited)

   Beginning of period	24,037	33,542
   (Loss) / gain from fair value adjustment (Note 8)	(3,538)	479
   Exchange differences	3,538	(479)
   End of period	24,037	33,542
   Fair value	24,037	33,542
   Net book amount	24,037	33,542

   The Group determined the valuation of investment properties using a "Sales Comparison Approach" prepared by an independent expert. Sale prices of comparable properties are adjusted considering the specific aspects of each property, the most relevant premise being the price per hectare. (Level 3). The increase /decrease in the fair value is recognized in the Statement of income under the line item "Other operating income, net". There were no changes to the valuation techniques for any of the periods presented. The Group estimated that, other factors being constant, a 10% reduction on the Sales price as of June 30, 2026 would have reduced the value of the Investment properties on US$ 2.4 million, which would impact the line item "Net gain / (loss) from fair value adjustment."

   Notes to the Condensed Consolidated Interim Financial Statements

   (All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

4. Intangible assets, net

   Changes in the Group's intangible assets in the six-month periods ended June 30, 2026 and 2025 were as follows:

   	Goodwill		Software		Trademarks		Others	Total
   As of June 30, 2025
   Opening net book amount	20,242		7,162		9,256		571	37,231
   Exchange differences	236		201		(72)		76	441
   Additions	-		816		2		-	818
   Amortization charge (i)	-		(822)		(251)		(2)	(1,075)
   Closing net book amount	20,478		7,357		8,935		645	37,415
   At June 30, 2025 (unaudited)
   Cost	20,478		20,845		12,756		1,261	55,340
   Accumulated amortization	-		(13,488)		(3,821)		(616)	(17,925)
   Net book amount	20,478		7,357		8,935		645	37,415
   As of June 30, 2026
   Opening net book amount	227,770		17,179		8,295		631	253,875
   Exchange differences	2,545		851		1,023		29	4,448
   Additions	-		723		-		-	723
   Amortization charge (i)	-		(1,930)		(274)		(2)	(2,206)
   Closing net book amount	230,315		16,823		9,044		658	256,840
   At June 30, 2026 (unaudited)
   Cost	230,315		33,752		13,365		1,280	278,712
   Accumulated amortization	-		(16,929)		(4,321)		(622)	(21,872)
   Net book amount	230,315		16,823		9,044		658	256,840

   1. Amortization charges are included in "General and administrative expenses" and "Selling expenses" for the period ended June 30, 2026 and 2025, respectively.

      The Group conducts an impairment test annually or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. The last impairment test of goodwill was performed as of September 30, 2025.

      Notes to the Condensed Consolidated Interim Financial Statements

      (All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

5. Biological assets

   Changes in the Group's biological assets in the six-month periods ended June 30, 2026 and 2025 were as follows:

   Sugarcane (i)

   June 30, 2026 (unaudited) Food and

   Agriculture (i) (ii)

   Total

   Beginning of year	127,347		187,397 314,744
   Increase due to purchases	-		5,978 5,978
   Initial recognition and changes in fair value of biological assets	(7,932)		33,423 25,491
   Decrease due to harvest / disposals	(49,757)		(263,184) (312,941)
   Costs incurred during the period	70,871		137,365 208,236
   Exchange differences	8,577		26,848 35,425
   End of period	149,106		127,827 276,933
   	June 30,		2025 (unaudited)
   	Sugarcane (i)	Food and Agriculture (i) (ii)	Total
   Beginning of year	69,620	224,325	293,945
   Increase due to purchases	-	2,542	2,542
   Initial recognition and changes in fair value of biological assets	8,712	24,381	33,093
   Decrease due to harvest / disposals	(64,369)	(317,035)	(381,404)
   Costs incurred during the period	61,375	177,392	238,767
   Exchange differences	9,840	(3,117)	6,723
   End of period	85,178	108,488	193,666

   1. Biological assets that are measured at fair value within level 3 of the hierarchy.

   2. Biological assets that are measured at fair value within level 2 of the hierarchy

For those biological assets measured at fair value within level 3 of the fair value hierarchy, the Group uses valuation techniques based on unobservable inputs. This is only permissible insofar as no observable market data are available. The inputs used reflect the Group's assumptions regarding the factors, which market players would consider in their pricing. The Group uses the best available information for this, including internal company data

The discounted cash flow valuation technique and the significant unobservable inputs used to calculate the fair value of these biological assets are consistent with those described in Note 16 to of the consolidated financial statements for the year ended December 31, 2025.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

15. Biological assets (continued)

Cost of production for the six-month period ended June 30, 2026:

Sugar, Ethanol and Energy

June 30, 2026

(unaudited)

Food and Agriculture

Total

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

1. Biological assets (continued)

   Cost of production for the six-month period ended June 30, 2025:

   Sugar, Ethanol and Energy

   June 30, 2025

   (unaudited)

   Total

   Food and Agriculture

   Salaries, social security expenses and employee benefits	7,400	16,439	23,839
   Depreciation and amortization	1,615	-	1,615
   Depreciation of right-of-use assets	16,637	-	16,637
   Fertilizers, agrochemicals and seeds	21,774	27,846	49,620
   Fuel, lubricants and others	3,018	2,370	5,388
   Maintenance and repairs	2,195	9,635	11,830
   Freights	-	3,833	3,833
   Contractors and services	6,724	33,886	40,610
   Feeding expenses	-	12,432	12,432
   Veterinary expenses	-	2,196	2,196
   Energy power	-	3,782	3,782
   Professional fees	188	722	910
   Other taxes	34	635	669
   Lease expense and similar arrangements	874	52,863	53,737
   Others	916	1,792	2,708
   Subtotal	61,375	168,431	229,806
   Own agricultural produce consumed	-	8,961	8,961
   Total	61,375	177,392	238,767
   Biological assets as of June 30, 2026 and December 31, 2025 were as follows:
   		June 30, 2026		December 31, 2025
   		(unaudited)
   Non-current
   Cattle for dairy production		43,999		39,810
   Breeding cattle		461		271
   Other cattle		520		407
   		44,980		40,488
   Current
   Breeding cattle		20,987		14,325
   Other cattle		1,258		937
   Sown land - crops		43,776		51,384
   Sown land - rice		16,826		80,263
   Sown land - sugarcane		149,106		127,347
   		231,953		274,256
   Total biological assets		276,933		314,744

   Notes to the Condensed Consolidated Interim Financial Statements

   (All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

2. Financial instruments

As of June 30, 2026, the financial instruments recognized at fair value on the statement of financial position comprise derivative financial instruments.

For Level 1 instruments, valuation is based on the unadjusted quoted prices in active markets for identical financial assets that the Group can refer to at the date of the statement of financial position. A market is deemed active if transactions take place with sufficient frequency and in sufficient quantity for price information to be available on an ongoing basis. Since a quoted price in an active market is the most reliable indicator of fair value, this should always be used if available. Level 1 financial instruments mainly consist of crop futures and options traded on the stock market. In the case of securities, the Group allocates them to this level when either a stock market price is available or prices are provided by a price quotation on the basis of actual market transactions.

Derivatives not traded on the stock market are categorized as Level 2 instruments and are valued using models based on observable market data. The Group uses inputs directly or indirectly observable in the market, other than quoted prices. If the derivative financial instrument has a fixed contract period, the inputs used for valuation must be observable for the whole of this period. Level 2 financial instruments mainly consist of interest-rate swaps and foreign-currency interest-rate swaps.

For Level 3 instruments, the Group uses valuation techniques not based on inputs observable in the market. This is only permissible insofar as no observable market data are available. The inputs used reflect the Group's assumptions regarding the factors, which market players would consider in their pricing. The Group uses the best available information for this, including internal company data. The Group does not have any Level 3 financial instruments for any of the periods presented.

There were no transfers between any levels during any of the periods presented.

The following tables present the Group's financial assets and financial liabilities that are measured at fair value as of June 30, 2026 and their allocation to the fair value hierarchy:

The following table presents the Group's short term investment that are measured at fair value at June 30, 2026:

When no quoted prices in an active market are available, fair values (particularly with derivatives) are based on recognized valuation methods. The Group uses a range of valuation models for this purpose, details of which may be obtained from the following table:

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

1. Financial instruments (continued)

   Class	Pricing Method	Parameters	Pricing Model	Level	Total
   Futures	Quoted price	-	-	1	399
   Options	Quoted price	-	-	1	(24)
   NDF	Quoted price	Foreign-exchange curve	Present value method	1	26

   Interest-rate swaps	Theoretical price	Money market interest-rate curve.	Present value method	2	(5,198)
   Public securities	Quoted price	-	-	1	28,044

2. Trade and other receivables, net

June 30,

2026

(unaudited)

December 31,

2025

(i) Includes US$ 88 for the six-month period ended June 30, 2026 reclassified from property, plant and equipment (for the year ended December 31, 2025: US$ 326).

Notes to the Condensed Consolidated Interim Financial Statements (continued)

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

17. Trade and other receivables, net (continued)

The fair values of current trade and other receivables approximate their respective carrying amounts due to their short-term nature. The fair values of non-current trade and other receivables approximate their carrying amount, as the impact of discounting is not significant.

The carrying amounts of the Group's trade and other receivables are denominated in the following currencies (expressed in US dollars):

As of June 30, 2026 trade receivables of US$ 34,876 (December 31, 2025: US$ 36,576) were past due but not impaired. The ageing analysis of these receivables indicates that US$ 7,468 and US$ 3,985 are over 6 months in June 30, 2026 and December 31, 2025, respectively.

The creation and release of allowance for trade receivables have been included in 'Selling expenses' in the statement of income. Amounts charged to the allowance account are generally written off, when there is no expectation of recovering additional cash.

The other classes within other receivables do not contain impaired assets.

The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

20. Acquisitions (continued)

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 June 30, 2026, it was fully paid.

The Group has accounted for the Acquisition under the purchase method of accounting in accordance with IFRS 3. Accordingly, the Group has made the allocation of the purchase price to the assets acquired and liabilities assumed based on their fair values at acquisition date. Goodwill is measured as the excess of the aggregate of consideration transferred, non controlling interest and fair value of previously held interest over the net identifiable assets acquired and liabilities assumed measured at fair value.

The approval of the Argentine Antitrust Authority is still pending.

The Company has made an allocation of the purchase price to the identifiable assets acquired and liabilities assumed based on their fair values at acquisition date. The Company has made significant assumptions and estimates in determining the purchase price, including the allocation of the purchase price in these consolidated financial statements.

The following table summarizes the fair value of purchase consideration, fair value of the previously held interest in Profertil and non controlling interest in Profertil:

Purchase consideration:

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

20. Acquisitions (continued)

The following table reflects the fair value of the net assets acquired:

The Group used a depreciated replacement cost approach to measure the fair value of property, plant and equipment, including the fertilizer plant complex. Under the cost approach, the value is based on the cost of a market participant to reconstruct a substitute asset of comparable utility, adjusted for any obsolescence. The key judgment and assumptions used include the current replacement cost and physical deterioration factors, including economic useful life and effective age. As a corroborative procedure, an income approach was also performed to assess the reasonableness of the results obtained under the cost approach. Determining the fair value of property, plant and equipment requires significant management judgment and involves the use of significant estimates and assumptions. The valuation was performed with the assistance of an independent valuation specialist.

The fair value of inventory was determined based on the estimated selling price in the ordinary course of business less the estimated costs of completion and sale, and an appropriate profit margin based on the effort required to complete and sell the inventories.

The fair value of long-term debt was estimated using a discounted cash flow analysis based on current market interest rates for debt instruments with similar terms, maturity and credit risk.

All other net tangible assets were valued at their respective carrying amounts, as management believes that these amounts approximate their current fair values.

The non-controlling interest was measured at its proportionate value the NCI's proportionate share of the acquiree's identifiable net assets.

A decrease in the fair value of assets acquired, or an increase in the fair value of liabilities assumed, compared to the preliminary valuations would result in a corresponding increase in the amount of goodwill. Conversely, an increase in the fair

1. Acquisitions (continued)

   value of identifiable assets acquired would reduce goodwill. To the extent that adjustments relate to depreciable or amortizable assets, such changes would also affect future depreciation or amortization expense.

   Goodwill is primarily attributable to expected synergies from expanding our agro-industrial platform and further diversify our revenue base. The goodwill is not deductible for tax purposes.

   Profertil has been consolidated since the acquisition date. Accordingly, the Group's consolidated statement of income for the six-month period ended June 30, 2026 includes Profertil's results of operations for the full interim period, while the consolidated statement of income for the six-month period ended June 30, 2025 does not include Profertil's results of operations. The Group reports the results of operations of the acquired business in the Fertilizers segment. See Note 3 - "Segment information" for details.

2. Shareholder's contribution

Number of shares (thousands)

Share capital and share premium