ADECOAGRO
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ADECOAGRO 2025 KEY TAKEAWAYS
Mariano Bosch - CEO
ADECOAGRO: alarger, more diversified andresilient company…
… with further production capability, higher cash generationand less earnings volatility.
Fertilizers: Growth coming fromhigher gas supply at competitive prices
and regional demand. Ability to capture the upside in urea prices.
AGRO's return to NYSE: $300 million in new shares issued.
2026 Key drivers: efficiency, low-cost strategy & normalized urea operations.
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CONSOLIDATED FINANCIAL HIGHLIGHTS
Gross Revenues (US$ millions) +45% +39% | |||||||
$ 2,143 | |||||||
$ 2,016 | |||||||
$ 1,352 | $ 1,442 | $ 1,476 | $ 1,446 | ||||
$ 1,098 | |||||||
$ 822 | |||||||
2020 | 2021 | 2022 | 2023 | 2024 | 2024 | 2025 | 2025 |
Proforma(1) | Proforma(1) | ||||||
Gross Revenues Breakdown by Product (%) - 2025 Proforma | |||
Fertilizers 30% | Rice 11% | Sugar 13% | Dairy 15% Energy 2% Soybean 4% Corn 2% Peanut 3% Others 3% Ethanol 17% |
Adjusted EBITDA(US$ millions) | |
+63% $ 724 +69% $ 477 $ 467 $ 437 $ 433 $ 444 $ 342 $ 277 2020 2021 2022 2023 2024 2024 2025 2025 Proforma(1)Proforma(1) | |
Adjusted Net Cash from Operations (US$ millions) | |
+87% $ 301 $ 176 $ 161 +269% $ 152 $ 141 $ 106 $ 116 $ 32 2020 2021 2022 2023 2024 2024 2025 2025 Proforma(1) Proforma(1) | |
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(1) Pro forma basis to give effect to Profertil's acquisition, as if such event had occurred on January 1st, 2024..
CONSOLIDATED FINANCIAL HIGHLIGHTS
Gross Revenues | ||
12M25 | ||
$1,446 million | ||
|
(2%)(1) | ||
Sugar, | ||
Ethanol & | ||
Energy | ||
Farming | 46% | |
52% | ||
|
Fertilizers 2% | ||
Adjusted EBITDA | |
12M25 $277 million (38%)(1)(2)Sugar, Farming 6% Ethanol & Energy Fertilizers 2% 92% | |
Gross Revenues | |
12M25 - Proforma(3) $2,016 million Sugar, (6%)(1) Ethanol &Farming Energy 38% 32% Fertilizers 30% | |
Adjusted EBITDA | ||
12M25 - Proforma(3) | ||
$467 million | ||
|
(35%) (1)(2) | ||
Sugar, | ||
Farming 3% | Ethanol & | |
Energy | ||
58% | ||
Fertilizers | ||
39% | ||
(1) Comparisons are made versus the same period of last year; (2) 12M25 Adjusted EBITDA includes $9.2 million of one-off expenses from Tether's tender offer, while the 12M24 figure includes gains of $15.0 million from the sale of La Pecuaria farm; (3) Pro forma basis to 5
give effect to Profertil's acquisition, as if such event had occurred on January 1st, 2024..
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EXPANSION CAPEX
~$300 million raised through the issuance of 42 million shares. Anchored by Tether ($220 million) and AGRO's Management and Friends & Family ($26 million). Book oversubscribed.
Equity issuance
Financing structure:
Available cash
New long-term debt (7Y maturity; 2Y grace; attractive rate)
$1.1 billion investment for a 90% equity interest
$676 million paid in 2025 - balance in 1H26
$676 MILLION IN PROFERTIL'S ACQUISITION
$113 MILLION IN ORGANIC GROWTH PROJECTS | ||
Agricultural | ||
Machinery for our | ||
Rice production | ||
Sugarcane | ||
expansi | ||
planti | ||
ORGANIC | ||
GROWTH | ||
Development | ||
of croppable | ||
land for Rice | ||
production | ||
Industrial | ||
improvements in our milk | Expansion of our | |
biomethane | ||
processing | production | |
facilities | ||
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