Adecoagro S A : Q1 Earnings Presentation
AGRO
Published on 05/12/2026 at 09:14 am EDT
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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.
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Gross Revenues
1Q26
$394 million
Sugar,
Food &
Ethanol &
Agriculture
Energy
41%
31%
Fertilizers
28%
Adjusted EBITDA
1Q26
$86 million
Sugar,
Ethanol &
Energy
43%
Fertilizers
56%
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(1) Comparisons are made versus the same period of last year.
SUGAR, ETHANOL AND ENERGY SEGMENT
1Q26
1Q25
1,489
2,220
+49%
5,771
+79%
10,355
Sugarcane milled
('000 Tons)
TRS per hectare (kg/hectare)
Sugar
Production Mix(1) (%)
Ethanol
4%
42%
96%
58%
1Q25
1Q26
First-quarter crushing record. Strong TRS per hectare performance driven by yield recovery.
96% ethanol mix achieved = Profiting from strong ethanol prices.
Adjusted EBITDA (US$ 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.
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(1) Does not include 8,444 cubic meters of anhydrous ethanol that were converted by dehydrating our hydrous ethanol stocks during 1Q25.
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FERTILIZERS SEGMENT
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
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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.
(
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$434 MILLION INVESTED IN INORGANIC & ORGANIC GROWTH PROYECTS DURING 1Q26
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 $300 million
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Net Debt Net Debt/Adj. EBITDA LTM
Net Debt Evolution (US$ 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%
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(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)
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
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(1) Pro forma basis to give effect to Profertil's acquisition, as if such event had occurred on January 1, 2024..
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THANK YOU!
Emilio Gnecco - CFO [email protected]
Victoria Cabello - IRO
Investor Relations Department
Disclaimer
Adecoagro SA published this content on May 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 13:13 UTC.