Business
Adecoagro S A : Q4 Earnings Presentation
Adecoagro S A : Q4 Earnings
About this update from Adecoagro S.a.
ADECOAGRO 1 ADECOAGRO 2025 KEY TAKEAWAYS Mariano Bosch - CEO ADECOAGRO: a larger, more diversified and resilient company… … with further production capability, higher cash generation and less earnings volatility. Fertilizers: Growth coming from higher gas supply at competitive prices and regional demand. Ability to capture the upside in urea prices. AGRO's return to NYSE: $300 million in new shares issued. 2026 Key drivers: efficiency, low-cost strategy & normalized urea operations. 3 CONSOLIDATED FINANCIAL HIGHLIGHTS Gross Revenues (US$ 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) 4 (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.. on ng 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 6