Adecoagro S A : Q1 Financial Statements

Published: 2026-05-11 17:23:11 ET AGRO

Published on 05/11/2026 at 05:23 pm EDT

Condensed Consolidated Interim Statements of Income for the three-month periods ended March 31, 2026 and 2025

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

Three-months ended March 31,

Note 2026 2025

(unaudited)

Revenue

398,680

325,506

Cost of revenue

(300,878)

(276,236)

Initial recognition and changes in fair value of biological assets and agricultural produce

23,903

23,562

Changes in net realizable value of agricultural produce after harvest

(3,138)

1,223

Margin on manufacturing and agricultural activities before operating expenses

118,567

74,055

General and administrative expenses

(35,825)

(32,281)

Selling expenses

(52,978)

(37,146)

Other operating expense, net

(7,174)

(990)

Profit from operations

22,590

3,638

Finance income

102,180

36,400

Finance costs

(46,218)

(24,974)

Other financial results - Net (loss) / gain of inflation effects on the monetary items

(6,674)

410

Financial results, net

49,288

11,836

Profit before income tax

71,878

15,474

Income tax (expense) / benefit

(28,066)

3,233

Profit for the period

43,812

18,707

Attributable to:

Equity holders of the parent

40,139

18,078

Non-controlling interest

3,673

629

Earnings per share attributable to the equity holders of the parent during the period:

Basic earnings per share

0.281

0.181

Diluted earnings per share

0.280

0.180

Condensed Consolidated Interim Statements of Comprehensive Income for the three-month periods ended March 31, 2026 and 2025

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

Three-months ended March 31, 2026 2025

(unaudited)

Profit for the period

43,812

18,707

Other comprehensive income:

Items that may be reclassified subsequently to profit or loss:

Exchange differences on translating foreign operations

127,219

78,802

Items that will not be reclassified to profit or loss:

Revaluation surplus net of tax

(67,626)

(21,481)

Other comprehensive income for the period

59,593

57,321

Total comprehensive income for the period

103,405

76,028

Attributable to:

Equity holders of the parent

98,921

75,215

Non-controlling interest

4,484

813

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

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

Note

March 31,

2026

December 31,

2025

(unaudited)

ASSETS

Non-Current Assets

Property, plant and equipment, net

3,108,385

3,010,351

Right of use assets

385,520

388,993

Investment property

24,037

Intangible assets, net

257,789

253,875

Biological assets

46,491

40,488

Deferred income tax assets

24,783

23,722

Trade and other receivables, net

89,980

82,889

Derivative financial instruments

3,070

1,888

Other Assets

3,690

3,459

Total Non-Current Assets

3,943,745

3,829,702

Current Assets

Biological assets

250,360

274,256

Inventories

379,234

306,271

Trade and other receivables, net

382,595

364,350

Derivative financial instruments

1,243

Short-term investments

57,004

89,826

Cash and cash equivalents

172,531

383,150

Total Current Assets

1,241,777

1,419,096

TOTAL ASSETS

5,185,522

5,248,798

SHAREHOLDERS EQUITY

Capital and reserves attributable to equity holders of the parent

Share capital

221,808

Share premium

876,453

876,091

Cumulative translation adjustment

(342,095)

(426,225)

Equity-settled compensation

12,551

11,358

Other reserves

150,759

153,237

Treasury shares

(5,396)

(7,940)

Revaluation surplus

250,361

275,709

Reserve from the sale of non-controlling interests in subsidiaries

41,574

Retained earnings

549,869

509,730

Equity attributable to equity holders of the parent

1,755,884

1,655,342

Non-controlling interest

141,433

136,949

TOTAL SHAREHOLDERS EQUITY

1,897,317

1,792,291

LIABILITIES

Non-Current Liabilities

Trade and other payables

620

700

Borrowings

1,515,727

1,379,921

Lease liabilities

289,820

296,643

Deferred income tax liabilities

742,317

728,634

Payroll and social security liabilities

631

567

Derivatives financial instruments

2,075

1,271

Provisions for other liabilities

21,651

22,269

Total Non-Current Liabilities

2,572,841

2,430,005

Current Liabilities

Trade and other payables

213,007

673,160

Current income tax liabilities

51,558

31,921

Payroll and social security liabilities

38,917

38,782

Borrowings

341,331

213,088

Lease liabilities

59,090

59,959

Derivative financial instruments

5,812

4,123

Provisions for other liabilities

5,649

5,469

Total Current Liabilities

715,364

1,026,502

TOTAL LIABILITIES

3,288,205

3,456,507

TOTAL SHAREHOLDERS EQUITY AND LIABILITIES

5,185,522

5,248,798

for the three-month periods ended March 31, 2026 and 2025

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

Subtotal

Attributable to equity holders of the parent

Share Capital (Note 21)

Share Premium

Cumulative Translation Adjustment

Equity-settled Compensation

Other reserves

Treasury shares

Revaluation surplus

Reserve from the sale of non-controlling interests in subsidiaries

Retained Earnings

Non-Controlling Interest

Total Shareholders' Equity

Balance at January 1, 2025

167,073

659,399

(413,757)

17,264

151,261

(16,989)

245,261

41,574

518,064

1,369,150

38,951

1,408,101

Profit for the period

18,078

629

18,707

Other comprehensive income:

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

Exchange differences on translating foreign operations

65,047

12,146

77,193

1,609

78,802

Revaluation of surplus (*)

(20,056)

(1,425)

(21,481)

Other comprehensive income for the period

65,047

(7,910)

57,137

184

57,321

Total comprehensive income for the period

65,047

(7,910)

18,078

75,215

813

76,028

- Restricted shares and restricted units (Note 22):

Value of employee services

3,374

Forfeited

(2)

Granted

(1,498)

1,498

-Purchase of own shares (Note 21)

(8,623)

(1,587)

(10,210)

- Dividends to shareholders (Note 21)

(17,500)

Balance at March 31, 2025 (unaudited)

167,073

633,276

(348,710)

20,638

149,765

(17,080)

237,351

41,574

536,142

1,420,029

39,764

1,459,793

*) Net of 11,471 of Income tax.

(

for the three-month periods ended March 31, 2026 and 2025 (continued)

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

Subtotal

Attributable to equity holders of the parent

Share Capital (Note 21)

Share Premium

Cumulative Translation Adjustment

Equity-settled Compensati on

Other reserves

Treasury shares

Revaluation surplus

Reserve 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

Profit for the period - - - - - - - 40,139 40,139 3,673 43,812

Other comprehensive loss:

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

Exchange differences on translating foreign operations - - 84,130 - - - 37,148 - - 121,278 5,941 127,219

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

Revaluation surplus (*) - - - - - - (62,496) - - (62,496) (5,130) (67,626)

Other comprehensive income for the period - - 84,130 - - - (25,348) - - 58,782 811 59,593

Total comprehensive income for the period - - 84,130 - - - (25,348) - 40,139 98,921 4,484 103,405

- Employee share options (Note 22):

Exercised

362

(116)

312

- Restricted shares and restricted units (Note 22):

Value of employee services

1,309

Granted

(2,478)

2,478

Balance at March 31, 2026 (unaudited)

221,808

876,453

(342,095)

12,551

150,759

(5,396)

250,361

41,574

549,869

1,755,884

141,433

1,897,317

(*) Net of (36,340) of Income tax.

for the three-month periods ended March 31, 2026 and 2025

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

Three-months ended March 31,

Note 2026 2025

(unaudited)

Cash flows from operating activities:

Profit for the period

43,812

18,707

Adjustments for:

Income tax expense / (benefit)

28,066

(3,233)

Depreciation of property, plant and equipment

57,637

30,163

Depreciation of right of use assets

14,089

15,811

Net loss from the fair value adjustment of investment properties

3,659

1,450

Amortization of intangible assets

1,169

623

(Gain) / loss from disposal of other property items

(921)

Equity settled share-based compensation granted

1,872

1,512

Loss from derivative financial instruments

8, 9

7,113

2,209

Interest, finance cost related to lease liabilities and other financial expense, net

28,321

22,831

Initial recognition and changes in fair value of non-harvested biological assets (unrealized)

(5,242)

(13,385)

Changes in net realizable value of agricultural produce after harvest (unrealized)

1,521

1,875

Provision and allowances

(229)

Tax credit recognized

(3,701)

(4,595)

Net loss / (gain) of inflation effects on the monetary items

6,674

(410)

Foreign exchange gains, net

(88,570)

(33,226)

Subtotal

95,270

40,404

Changes in operating assets and liabilities:

Increase in trade and other receivables

(11,658)

(119,563)

Increase in inventories

(43,844)

(14,460)

Decrease in biological assets

57,405

72,785

Decrease in other assets

159

133

Increase in derivative financial instruments

(2,321)

(4,494)

(Decrease) / increase in trade and other payables

(95,160)

4,489

(Decrease) / increase in payroll and social security liabilities

(1,342)

1,581

(Decrease) / increase in provisions for other liabilities

(835)

225

Net cash provided by operating activities before taxes paid

(2,326)

(18,900)

Income tax paid

(255)

(170)

Net cash provided by operating activities

(a)

(2,581)

(19,070)

for the three-month periods ended March 31, 2026 and 2025 (continued)

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

Three-months ended March 31,

Note 2026 2025

(unaudited)

Cash flows from investing activities:

Acquisition of a business, net of cash and cash equivalents acquired

(396,282)

Purchases of property, plant and equipment

(86,753)

(84,323)

Purchases of cattle and non-current biological assets

(4)

(141)

Purchases of intangible assets

(569)

(309)

Interest received and others

8,577

1,814

Proceeds from sale of property, plant and equipment

389

208

Acquisition of short-term investment

16 (b)

(340,495)

(44,244)

Disposal of short-term investment

389,084

28,097

Net cash used in investing activities

(c)

(426,053)

(98,898)

Cash flows from financing activities:

Proceeds from equity settled share-based compensation exercise

312

Proceeds from long-term borrowings

230,707

12,522

Payments of long-term borrowings

(19,815)

(21,433)

Proceeds from short-term borrowings

137,162

142,034

Payment of short-term borrowings

(69,479)

(8,733)

Payments of derivative financial instruments

(215)

(78)

Lease payments

(20,463)

(19,881)

Interest paid

(d)

(41,628)

(15,684)

Purchase of own shares

(10,210)

Net cash generated in financing activities

(e)

216,581

78,537

Net decrease in cash and cash equivalents

(212,053)

(39,431)

Cash and cash equivalents at beginning of period

383,150

211,244

Effect of exchange rate changes and inflation on cash and cash equivalents

(f)

1,434

7,717

Cash and cash equivalents at end of period

172,531

179,530

Combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries over:

2026

2025

Operating activities

(a)

(24,376)

(17,342)

Acquisition of short term investment

(b)

8,040

(551)

Investing activities

(c)

9,912

15,155

Interest paid

(d)

(90)

1,233

Financing activities

(e)

18,892

2,820

Exchange rate changes and inflation on cash and cash equivalents

For non-cash transactions, see Note 12 for right of use assets.

(f)

(4,428)

(633)

Notes to the Condensed Consolidated Interim Financial Statements

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

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 and the condensed consolidated statement of cash flows for the three-month period ended March 31, 2026 include Profertil S.A. for the full interim period, while the comparative information for the three-month period ended March 31, 2025 does not include Profertil S.A. As a result, the condensed consolidated statement of income and the condensed consolidated statement of cash flows for the three-month period ended March 31, 2026 are not directly comparable with the corresponding 2025 period. 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 May 8, 2026.

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 nine-month period ended March 31, 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 three-month period ended March 31, 2026 and 2025 were 9.4% and 8.6%, respectively. The Group uses Argentina's official exchange rate to account for transactions in Argentina, mainly affecting the farming business segment, which as of March 31, 2026 and 2025, respectively, was 1,382 and 1,074, 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 prior administration, had implemented certain measures that control and restrict 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 transactions

Notes to the Condensed Consolidated Interim Financial Statements

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

Financial risk management (continued)

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 key measures to liberalize its exchange market. Individuals are now allowed to freely purchase US dollars for savings without prior authorization, provided the transactions are made via bank debit. Additionally, the repatriation of dividends was enabled for financial statements from 2025 onwards, and payments for services to unrelated foreign parties can now be made immediately, with a reduced 90-day wait for related entities.

However, as of April 30, 2026, the complete removal of exchange controls has not yet materialized, and several restrictions remain in place to prevent capital flight. The monetary policy has shifted to a managed floating exchange rate regime where the bands are no longer expanded by a fixed 1% monthly; instead, the Central Bank now adjusts the floor and ceiling based on the latest monthly inflation data from INDEC. Despite the initial flexibilizations, legal entities are still strictly prohibited from purchasing foreign currency for hoarding purposes. Furthermore, the mandatory liquidation of foreign trade revenues within specific timeframes remains enforced, cross-restrictions persist preventing those who operate in financial exchange markets (like MEP or CCL) from accessing the official market, and financial debt payments between local subsidiaries and their foreign parent companies continue to face strict 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 March 31, 2026. All amounts are shown in US dollars.

March 31, 2026

(unaudited)

Functional currency

Peso

Net monetary position (Liability)/ Asset Argentine

Brazilian Reais

Chilean Peso

US Dollar Total

Argentine Peso

35,527

22,488

58,015

Brazilian Reais

(659,043)

US Dollar

(844,219)

(269,241)

1,923

(210,849)

(1,322,386)

Uruguayan Peso

(1,378)

Euro

(929)

(27,130)

(28,059)

Total

(809,621)

(928,284)

1,923

(216,869)

(1,952,851)

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 March 31, 2026 or the Uruguayan peso, or a 25% appreciation/(depreciation) of the U.S. Dollar against the Argentine peso.

March 31, 2026 (unaudited) Functional currency

Peso

Net monetary position Argentine

Brazilian Reais

Chilean Peso

Total

US Dollar

(211,055)

(26,924)

192

(237,787)

(Decrease) or increase in Profit before income tax

(211,055)

(26,924)

192

(237,787)

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 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 March 31, 2026 (all amounts are shown in US dollars):

March 31, 2026 (unaudited) Functional currency

Peso

Rate per currency denomination Argentine

Brazilian Reais

Dollar

Total

Fixed rate:

Brazilian Reais

111,361

US Dollar

291,716

292,301

914,096

1,498,113

Subtotal fixed-rate borrowings

291,716

403,662

914,096

1,609,474

Variable rate:

Brazilian Reais

218,721

Euro

28,863

Subtotal variable-rate borrowings

218,721

28,863

247,584

Total borrowings as per analysis

291,716

622,383

942,959

1,857,058

At March 31, 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:

March 31, 2026

(unaudited)

Functional currency

Reais

Rate per currency denomination Brazilian US Dollar Total

Variable rate:

Brazilian Reais

(2,187)

Euro

(289)

Decrease in profit before income tax (2,187) (289) (2,476)

Credit risk

As of March 31, 2026, three banks accounted for approximately 72% of the total cash deposited (Credit Agricole, Itau and SBS).

Derivative financial instruments

The following table shows the outstanding positions for each type of derivative contract as of March 31, 2026:

Notes to the Condensed Consolidated Interim Financial Statements

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

Financial risk management (continued)

Futures / Options

March 31, 2026

Type of

derivative contract

Quantities (thousands) (**)

Notional

amount

Market

Value Asset/

Profit / (Loss)

(*)

(unaudited)

Futures:

Sale

Soybean

1,944

(17)

(18)

Wheat

205

(9)

Sugar

8,835

(134)

(1,774)

Options:

Buy put

Sugar

361

(610)

(403)

Sell call

Sugar

(1,683)

(680)

(1,141)

Total

126

9,662

(1,450)

(3,345)

(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:

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.

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.

Notes to the Condensed Consolidated Interim Financial Statements

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

Financial risk management (continued)

These interest rate swap agreements resulted in a recognition of a loss of US$ 1.8 million for the three-month period ended March 31, 2026.

Currency forward

No significant currency forward is in place.

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 beginning in the three-month period ended March 31, 2026, to conform the current presentation. Profertil has been consolidated since the acquisition date. Accordingly, the Group's consolidated statement of income for the three-month period ended March 31, 2026 includes Profertil's results of operations for the full interim period, while the consolidated statement of income for the three-month period ended March 31, 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".

Notes to the Condensed Consolidated Interim Financial Statements

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

Segment information (continued)

'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;

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

Notes to the Condensed Consolidated Interim Financial Statements

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

3. Segment information (continued)

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:

Notes to the Condensed Consolidated Interim Financial Statements

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

3. Segment information (continued)

Segment reconciliation for the three-month period ended:

March 31, 2026 (unaudited) Food and Agriculture Corporate Total

Total segment reporting

Adjustment

Total as per statement of income

Total segment reporting

Adjustment

Total as per statement of income

Total segment reporting

Adjustment

Total as per statement of income

Revenue

162,420

5,177

167,597

393,503

5,177

398,680

Cost of revenue

(150,828)

(4,874)

(155,702)

(296,004)

(4,874)

(300,878)

Initial recognition and changes in fair value of biological assets and agricultural produce

20,474

573

21,047

23,330

573

23,903

Changes in net realizable value of agricultural produce after harvest

(3,009)

(39)

(3,048)

(3,099)

(39)

(3,138)

Margin on manufacturing and agricultural activities before operating expenses

29,057

837

29,894

117,730

837

118,567

General and administrative expenses

(13,461)

(690)

(14,151)

(8,998)

(379)

(9,377)

(34,756)

(1,069)

(35,825)

Selling expenses

(24,671)

(1,153)

(25,824)

(38)

(6)

(44)

(51,819)

(1,159)

(52,978)

Other operating (expense) / income, net

(3,617)

340

(3,277)

(48)

(7,514)

340

(7,174)

Profit / (loss) from operations

(12,692)

(666)

(13,358)

(9,084)

(385)

(9,469)

23,641

(1,051)

22,590

Depreciation of Property, plant and equipment and amortization of Intangible assets

(10,046)

(616)

(10,662)

(386)

(26)

(412)

(58,164)

(642)

(58,806)

Net gain from Fair value adjustment of Investment property

(3,469)

(190)

(3,659)

(3,469)

(190)

(3,659)

Segment reconciliation for the three-month period ended:

March 31,2025 (unaudited) Food and Agriculture Corporate Total

Total segment reporting

Adjustment

Total as per statement of income

Total segment reporting

Adjustment

Total as per statement of income

Total segment reporting

Adjustment

Total as per statement of income

Revenue

198,069

1,850

199,919

323,656

1,850

325,506

Cost of revenue

(167,660)

(1,393)

(169,053)

(274,843)

(1,393)

(276,236)

Initial recognition and changes in fair value of biological assets and agricultural produce

16,062

(77)

15,985

23,639

(77)

23,562

Changes in net realizable value of agricultural produce after harvest

1,405

(3)

1,402

1,226

(3)

1,223

Margin on manufacturing and agricultural activities before operating expenses

47,876

377

48,253

73,678

377

74,055

General and administrative expenses

(14,718)

(208)

(14,926)

(10,434)

(101)

(10,535)

(31,972)

(309)

(32,281)

Selling expenses

(24,826)

(310)

(25,136)

(192)

(2)

(194)

(36,834)

(312)

(37,146)

Other operating (expense) / income, net

(2,239)

(2,218)

(366)

(2)

(368)

(1,009)

(990)

Profit / (loss) from operations

6,093

(120)

5,973

(10,992)

(105)

(11,097)

3,863

(225)

3,638

Depreciation of Property, plant and equipment and amortization of Intangible assets

(9,111)

(139)

(9,250)

(440)

(7)

(447)

(30,640)

(146)

(30,786)

Net loss from Fair value adjustment of Investment property

(1,443)

(7)

(1,450)

(1,443)

(7)

(1,450)

Notes to the Condensed Consolidated Interim Financial Statements

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

3. Segment information (continued)

Fertilizers

Segment analysis for the three-month period ended March 31, 2026 (unaudited)

Sugar, Ethanol and Energy

Food and Agriculture

Corporate Total

Revenue

120,781

110,302

162,420

393,503

Cost of revenue

(86,049)

(59,127)

(150,828)

(296,004)

Initial recognition and changes in fair value of biological assets and agricultural produce

2,856

20,474

23,330

Changes in net realizable value of agricultural produce after harvest

(90)

(3,009)

(3,099)

Margin on manufacturing and agricultural activities before operating expenses

37,498

51,175

29,057

117,730

General and administrative expenses

(6,886)

(5,411)

(13,461)

(8,998)

(34,756)

Selling expenses

(15,053)

(12,057)

(24,671)

(38)

(51,819)

Other operating (expense) / income, net

(4,238)

389

(3,617)

(48)

(7,514)

Profit / (loss) from operations

11,321

34,096

(12,692)

(9,084)

23,641

Depreciation of Property, plant and equipment and amortization of Intangible assets

(29,281)

(18,451)

(10,046)

(386)

(58,164)

Net gain from Fair value adjustment of Investment property

(3,469)

Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)

(1,927)

6,857

4,930

Initial recognition and changes in fair value of biological assets and agricultural produce (realized)

4,783

13,617

18,400

Changes in net realizable value of agricultural produce after harvest (unrealized)

(1,521)

Changes in net realizable value of agricultural produce after harvest (realized)

(90)

(1,488)

(1,578)

As of March 31, 2026:

Farmlands and farmland improvements, net

88,896

4,214

644,833

737,943

Machinery, equipment, building and facilities, and other fixed assets, net

269,398

553,143

931,230

1,753,771

Bearer plants, net

450,776

1,419

452,195

Work in progress

45,905

73,255

45,316

164,476

Right of use asset

348,062

10,345

26,608

505

385,520

Investment property

24,037

Goodwill

4,185

208,203

17,972

230,360

Biological assets

144,116

152,735

296,851

Finished goods

51,296

52,465

70,766

174,527

Raw materials, Stocks held by third parties and others

27,002

5,854

171,851

204,707

Total segment assets

1,429,636 907,479

2,086,767 505

4,424,387

Borrowings

588,399

524,881

241,585

502,193

1,857,058

Lease liabilities

317,996

11,214

19,083

617

348,910

Total segment liabilities

906,395 536,095

260,668 502,810

2,205,968

Notes to the Condensed Consolidated Interim Financial Statements

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

Segment information (continued)

Fertilizers

Segment analysis for the three-month period ended March 31, 2025 (unaudited)

Sugar, Ethanol and Energy

Food and Agriculture

Corporate Total

Revenue

125,587

198,069

323,656

Cost of revenue

(107,183)

(167,660)

(274,843)

Initial recognition and changes in fair value of biological assets and agricultural produce

7,577

16,062

23,639

Changes in net realizable value of agricultural produce after harvest

(179)

1,405

1,226

Margin on manufacturing and agricultural activities before operating expenses

25,802

47,876

73,678

General and administrative expenses

(6,820)

(14,718)

(10,434)

(31,972)

Selling expenses

(11,816)

(24,826)

(192)

(36,834)

Other operating (expense) / income, net

1,596

(2,239)

(366)

(1,009)

Profit / (loss) from operations

8,762

6,093

(10,992)

3,863

Depreciation of Property, plant and equipment and amortization of Intangible assets

(21,089)

(9,111)

(440)

(30,640)

Net loss from Fair value adjustment of Investment property

(1,443)

Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)

11,916

465

12,381

Initial recognition and changes in fair value of biological assets and agricultural produce (realized)

(4,339)

15,597

11,258

Changes in net realizable value of agricultural produce after harvest (unrealized)

(1,875)

Changes in net realizable value of agricultural produce after harvest (realized)

(179)

3,280

3,101

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

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

305,100

205,771

511,401

1,593,009

Lease liabilities

324,888

9,895

21,118

701

356,602

Total segment liabilities

895,625 314,995

226,889

512,102

1,949,611

Notes to the Condensed Consolidated Interim Financial Statements

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

Revenue

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

Three-months ended March 31,

2026

2025

(unaudited)

Revenue of manufactured products and services rendered:

Ethanol

95,900

80,866

Sugar

13,835

36,252

Energy (*)

7,558

3,298

Urea

89,937

Ammonia

10,285

Peanut

11,935

21,072

Sunflower

2,050

1,530

Cotton

1,863

Rice

40,340

69,089

Fluid milk (UHT)

31,061

30,899

Powder milk

13,072

12,576

Other dairy products

20,358

23,861

Services

2,055

1,699

Rental income

478

432

Others

20,731

10,659

Subtotal manufactured products and services rendered

359,633

294,096

Agricultural produce and biological assets:

Soybean

5,296

6,278

Corn

12,240

7,610

Wheat

6,146

5,008

Rice

6,125

Sunflower

1,218

1,446

Barley

1,920

1,667

Milk

503

1,071

Cattle

1,846

1,231

Cattle for dairy

3,366

7,077

Others

387

Subtotal agricultural produce and biological assets

39,047

31,410

Total revenue

398,680

325,506

(*) Includes revenue of mwh of energy produced by third parties for an amount of US$ 0.90 million (March 31, 2025: revenue of mwh of energy produced by third parties for an amount of US$ 0.17 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)

Revenue (continued)

The notional amount of these contracts is US$ 191.6 million as of March 31, 2026 (March 31, 2025: US$ 141.0 million) comprised primarily of 23,689 liters of ethanol (US$ 15.75 million), 549,069 mwh of energy (US$ 25.00 million), 260,999 tons of sugar (US$ 89.04 million), 133,582 tons of soybean (US$ 35.96 million), 115,361 tons of corn (US$ 23.27 million), and 9,342 tons of wheat (US$ 1.89 million) which expire between April 2026 and May 2027.

Cost of revenue

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

Total

Three-month ended March 31, 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)

74,595

66,484

128,805

269,884

Purchases

736

11,692

2,296

14,724

Agricultural produce

10,777

30,665

41,442

Transfer to raw material

(16,473)

Direct agricultural selling expenses

3,349

Tax recoveries (i)

(11,695)

Changes in net realizable value of agricultural produce after harvest

(90)

(3,048)

(3,138)

Finished goods as of March 31, 2026 (Note 18)

(51,296)

(52,465)

(70,766)

(174,527)

Exchange differences

1,565

5,502

7,067

Cost of revenue for the period

86,049

59,127

155,702

300,878

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

Three-month ended March 31, 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)

50,385

133,817

184,202

Purchases

656

6,440

7,096

Agricultural produce

7,010

24,227

31,237

Transfer to raw material

(19,157)

Direct agricultural selling expenses

2,041

Tax recoveries (i)

(10,389)

Changes in net realizable value of agricultural produce after harvest

(179)

1,402

1,223

Loss of idle productive capacity

9,488

Finished goods as of March 31, 2025

(50,554)

(80,945)

(131,499)

Exchange differences

6,133

7,707

13,840

Cost of revenue for the period 107,183 169,053 276,236

(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)

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:

Three-month ended March 31, 2026 (unaudited)

Total

Cost of production of manufactured products (Note 5)

Sugar, Ethanol and Energy

Fertilizers

Food and Agriculture

General and Administrative Expenses

Selling Expenses

Salaries, social security expenses and employee benefits

7,443

5,244

14,169

26,856

14,017

4,712

45,585

Raw materials and consumables

1,288

32,485

9,622

43,395

Depreciation and amortization

24,505

17,149

4,021

45,675

7,629

1,338

54,642

Depreciation of right-of-use assets

3,110

3,250

3,630

6,920

Fuel, lubricants and others

6,223

1,404

7,627

367

8,052

Maintenance and repairs

6,538

3,205

3,158

12,901

1,696

703

15,300

Freights

5,479

3,505

9,062

18,996

28,058

Export taxes / selling taxes

158

14,675

14,833

Export expenses

5,691

Contractors and services

2,707

860

630

4,197

1,383

845

6,425

Energy transmission

584

Energy power

367

2,597

2,964

328

3,339

Professional fees

140

224

2,812

224

3,260

Other taxes

1,202

132

1,334

1,472

Contingencies

563

Lease expense and similar arrangements

411

670

202

1,283

Third parties raw materials

2,536

23,536

26,072

Tax recoveries

(469)

Others

1,778

1,821

1,774

5,373

2,638

4,817

12,828

Subtotal

57,446

66,484

65,100

189,030

35,825

52,978

277,833

Own agricultural produce consumed

17,149

63,705

80,854

Total

74,595

66,484

128,805

269,884

35,825

52,978

358,687

Notes to the Condensed Consolidated Interim Financial Statements

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

Expenses by nature (continued)

Three-month ended March 31, 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

6,220

10,598 16,818

9,254

5,015

31,087

Raw materials and consumables

610

7,554 8,164

8,164

Depreciation and amortization

13,204

3,000 16,204

7,012

383

23,599

Depreciation of right-of-use assets

2,242

14 2,256

4,281

6,553

Fuel, lubricants and others

5,286

1,121 6,407

378

6,859

Maintenance and repairs

3,578

2,746 6,324

2,146

243

8,713

Freights

130

3,252 3,382

12,600

15,982

Export taxes / selling taxes

- -

8,315

Export expenses

- -

6,971

Contractors and services

1,297

589 1,886

1,886

Energy transmission

- -

300

Energy power

185

2,600 2,785

186

3,021

Professional fees

127

74 201

5,937

138

6,276

Other taxes

1,178

131 1,309

517

1,915

Contingencies

- -

410

Lease expense and similar arrangements

598 598

387

250

1,235

Third parties raw materials

491

30,622 31,113

31,113

Tax recoveries

(724)

- (724)

(724)

Others

1,750

1,794 3,544

1,773

2,702

8,019

Subtotal

35,574

64,693 100,267

32,281

37,146

169,694

Own agricultural produce consumed

14,811

69,124 83,935

83,935

Total

50,385

133,817 184,202

32,281

37,146

253,629

Notes to the Condensed Consolidated Interim Financial Statements

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

Salaries and social security expenses

Three-month period ended March 31,

2026

2025

(unaudited)

Wages and salaries

52,731

39,480

Social security costs

12,029

11,664

Equity-settled share-based compensation

1,872

1,512

66,632 52,656

Other operating income expense, net

Three-month period ended March 31, 2026 2025

(unaudited)

Loss from commodity derivative financial instruments

(4,982)

(1,961)

Gain /(loss) from disposal of other property items

921

(50)

Net loss from fair value adjustment of investment property

(3,659)

(1,450)

Tax credits recognized

3,701

4,595

Others

(3,155)

(2,124)

(7,174)

(990)

Notes to the Condensed Consolidated Interim Financial Statements

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

Financial results, net

Three-month period ended March 31, 2026 2025

(unaudited)

Finance income:

- Interest income

9,088

337

- Foreign exchange gain, net

88,570

33,226

- Gain from interest rate/foreign exchange rate derivative financial instruments

2,618

- Other income

4,522

219

Finance income

102,180

36,400

Finance costs:

- Interest expense

(30,595)

(12,608)

- Finance cost related to lease liabilities

(6,020)

(8,863)

- Taxes

(2,447)

(1,565)

- Loss from interest rate/foreign exchange rate derivative financial instruments

(2,069)

- Other expenses

(5,087)

(1,938)

Finance costs

(46,218)

(24,974)

Other financial results - Net (loss)/gain of inflation effects on the monetary items

(6,674)

410

Total financial results, net

49,288

11,836

Notes to the Condensed Consolidated Interim Financial Statements

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

Taxation

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

March 31,

2026

March 31,

2025

(unaudited)

Current income tax

(19,174)

(507)

Deferred income tax

(8,892)

3,740

Income tax (expense) / benefit

(28,066)

3,233

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

March 31,

2026

March 31,

2025

(unaudited)

Beginning of period

(704,912)

(314,829)

Exchange differences

(39,507)

(16,825)

Effect of fair value valuation for farmlands

36,340

11,471

Others

(563)

(406)

Income tax (expense) / benefit

(8,892)

3,740

End of period

(717,534)

(316,849)

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:

March 31,

2026

March 31,

2025

(unaudited)

Tax calculated at the tax rates applicable to profits in the respective countries

(25,057)

(5,063)

Non-deductible items

(3,157)

(115)

Non-taxable income

1,796

3,306

Previously unrecognized tax losses now recouped to reduce tax expenses (1)

10,998

Effect of IAS 29 on Argentina's shareholder's equity and deferred income tax.

6,012

(6,604)

Impact of different functional and tax currencies

(5,546)

Others

(2,114)

711

Income tax (expense) / profit

(28,066)

3,233

(1) 2025 includes 8,482 of adjustment by inflation of tax loss carryforwards in Argentina.

Tax Inflation Adjustment in Argentina

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)

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 March 31, 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)

Property, plant and equipment, net

progress

Changes in the Group's property, plant and equipment for the three-month periods ended March 31, 2026 and 2025 were as follows:

Farmlands

Farmland improvements

Buildings and facilities

Machinery, equipment, furniture and Fittings

Bearer plants Others Work in

Total

Three-month period ended March 31 2025

Opening net book amount.

676,760

15,393

303,755

181,115

327,570

17,068

26,928

1,548,589

Exchange differences

31,099

405

15,059

14,506

25,952

570

1,313

88,904

Additions

3,303

15,242

30,765

1,146

14,885

65,341

Revaluation surplus

(32,951)

Transfers

3,342

2,376

(1)

(5,717)

Disposals

(466)

(191)

(21)

(678)

Reclassification to non-income tax credits (*)

(56)

Depreciation

(1,026)

(6,060)

(10,717)

(11,699)

(661)

(30,163)

Closing net book amount

674,908

14,772

318,933

202,275

372,588

18,101

37,409

1,638,986

At March 31, 2025 (unaudited)

Cost

674,908

51,516

644,146

1,177,316

1,078,583

46,181

37,409

3,710,059

Accumulated depreciation

(36,744)

(325,213)

(975,041)

(705,995)

(28,080)

(2,071,073)

Net book amount

674,908

14,772

318,933

202,275

372,588

18,101

37,409

1,638,986

Three-month period ended March 31 2026

Opening net book amount

724,879

15,680

1,498,712

194,557

414,836

25,342

136,345

3,010,351

Exchange differences

101,592

2,441

30,742

17,150

22,688

2,212

4,783

181,608

Additions

3,061

20,005

30,801

158

26,201

80,226

Revaluation surplus

(103,966)

Transfers

2,340

513

(2,853)

Disposals

(1,876)

(290)

(11)

(2,177)

Reclassification to non-income tax credits (*)

(20)

Depreciation

(2,683)

(23,915)

(13,873)

(16,130)

(1,036)

(57,637)

Closing net book amount

722,505

15,438

1,509,064

218,042

452,195

26,665

164,476

3,108,385

At March 31, 2026 (unaudited)

Cost

722,505

57,070

1,890,047

1,260,396

1,249,395

58,792

164,476

5,402,681

Accumulated depreciation

(41,632)

(380,983)

(1,042,354)

(797,200)

(32,127)

(2,294,296)

Net book amount

722,505

15,438

1,509,064

218,042

452,195

26,665

164,476

3,108,385

(*) Brazilian federal tax law allows entities to take a percentage of the total cost of the assets purchased as a tax credit. As of March 31, 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- 27

Notes to the Condensed Consolidated Interim Financial Statements (continued)

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

Property, plant and equipment, net (continued)

The Group determined the valuation of farmlands (US$ 723 million as of March 31, 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 March 31, 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 three-month periods ended March 31, 2026 and 2025.

As of March 31, 2026, borrowing costs of US$ 1,334 (March 31, 2025: US$ 1,107) were capitalized as components of the cost of acquisition or construction of qualifying assets.

Certain of the Group's assets have been pledged as collateral to secure the Group's borrowings and other payables. The net book value of the pledged assets amounts to US$ 205.1 million as of March 31, 2026 (March 31, 2025: US$ 217.8 million). As of March 31, 2025, all borrowings that had assets as guaranty were canceled. We are in the process of lifting the pledges.

Right of use assets

Changes in the Group's right of use assets for the three-month periods ended March 31, 2026 and 2025 were as follows:

Agricultural partnership (*)

Others Total

(unaudited)

As of March 31, 2025

Opening net book amount

352,678

21,168

373,846

Exchange differences

26,104

1,573

27,677

Additions and re-measurement

2,413

2,503

Depreciation

(13,412)

(2,399)

(15,811)

Closing net book amount

367,783

20,432

388,215

As of March 31, 2026

Opening net book amount

355,187

33,806

388,993

Exchange differences

9,875

12,592

22,467

Additions and re-measurement

(11,444)

(407)

(11,851)

Depreciation

(10,646)

(3,443)

(14,089)

Closing net book amount

342,972

42,548

385,520

(*) 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)

Investment property

Changes in the Group's investment property for the three-month periods ended March 31, 2026 and 2025 were as

follows:

March 31,

2026

March 31,

2025

(unaudited)

Beginning of period

24,037

33,542

Loss from fair value adjustment (Note 8)

(3,659)

(1,450)

Exchange differences

3,659

1,450

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 March 31, 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)

Intangible assets, net

Changes in the Group's intangible assets in the three-month periods ended March 31, 2026 and 2025 were as follows:

Goodwill

Software

Trademarks

Others

Total

As of March 31, 2025

Opening net book amount

20,242

7,162

9,256

571

37,231

Exchange differences

999

396

361

1,800

Additions

309

Amortization charge (i)

(500)

(122)

(1)

(623)

Closing net book amount

21,241

7,367

9,495

614

38,717

At March 31, 2025 (unaudited)

Cost

21,241

20,533

13,187

1,229

56,190

Accumulated amortization

(13,166)

(3,692)

(615)

(17,473)

Net book amount

21,241

7,367

9,495

614

38,717

As of March 31, 2026

Opening net book amount

227,770

17,179

8,295

631

253,875

Exchange differences

2,590

322

1,053

549

4,514

Additions

112

457

569

Amortization charge (i)

(1,006)

(162)

(1)

(1,169)

Closing net book amount

230,360

16,607

9,186

1,636

257,789

At March 31, 2026 (unaudited)

Cost

230,360

32,612

13,395

2,257

278,624

Accumulated amortization

(16,005)

(4,209)

(621)

(20,835)

Net book amount

230,360

16,607

9,186

1,636

257,789

Amortization charges are included in "General and administrative expenses" and "Selling expenses" for the period ended March 31, 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)

Biological assets

Changes in the Group's biological assets in the three-month periods ended March 31, 2026 and 2025 were as follows:

March 31, 2026 (unaudited) Food and

Sugarcane (i)

Agriculture (i) (ii)

Total

Beginning of year

127,347

187,397 314,744

Increase due to purchases

4,287 4,287

Initial recognition and changes in fair value of biological assets

2,856

21,047 23,903

Decrease due to harvest / disposals

(28,609)

(154,672) (183,281)

Costs incurred during the period

35,716

66,902 102,618

Exchange differences

6,806

27,774 34,580

End of period

144,116

152,735 296,851

March 31,

2025 (unaudited)

Sugarcane (i)

Food and Agriculture (i) (ii)

Total

Beginning of year

69,620

224,325

293,945

Increase due to purchases

141

Initial recognition and changes in fair value of biological assets

7,577

15,985

23,562

Decrease due to harvest / disposals

(23,086)

(176,766)

(199,852)

Costs incurred during the period

27,288

88,538

115,826

Exchange differences

5,487

9,494

14,981

End of period

86,886

161,717

248,603

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

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 three-month period ended March 31, 2026:

Sugar, Ethanol and Energy

March 31, 2026 (unaudited)

Food and Agriculture

Total

Salaries, social security expenses and employee benefits

4,373

5,138

9,511

Depreciation and amortization

1,395

Depreciation of right-of-use assets

4,903

Fertilizers, agrochemicals and seeds

15,676

8,723

24,399

Fuel, lubricants and others

1,715

1,177

2,892

Maintenance and repairs

1,379

2,804

4,183

Freights

790

Contractors and services

5,518

26,251

31,769

Feeding expenses

6,102

Veterinary expenses

866

Energy power

3,012

Professional fees

157

238

Other taxes

316

Lease expense and similar arrangements

5,073

5,159

Others

590

1,409

1,999

Subtotal

35,716

61,818

97,534

Own agricultural produce consumed

5,084

Total

35,716

66,902

102,618

Notes to the Condensed Consolidated Interim Financial Statements

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

Biological assets (continued)

Cost of production for the three-month period ended March 31, 2025:

Salaries, social security expenses and employee benefits 2,982 9,855 12,837

Sugar, Ethanol and Energy

March 31, 2025 (unaudited)

Total

Food and Agriculture

Depreciation of right-of-use assets 6,089 - 6,089

Depreciation and amortization 588 - 588

Fuel, lubricants and others 1,471 1,518 2,989

Fertilizers, agrochemicals and seeds 11,216 25,259 36,475

Freights - 800 800

Maintenance and repairs 842 3,754 4,596

Feeding expenses - 6,186 6,186

Contractors and services 3,761 27,734 31,495

Energy power - 3,179 3,179

Veterinary expenses - 1,069 1,069

Other taxes 10 331 341

Professional fees 62 346 408

Subtotal

27,288

83,779 111,067

Own agricultural produce consumed - 4,759 4,759

Others 195 1,506 1,701

Lease expense and similar arrangements 72 2,242 2,314

Total 27,288 88,538 115,826

Biological assets as of March 31, 2026 and December 31, 2025 were as follows:

March 31,

2026

(unaudited)

December 31,

2025

Non-current

Breeding cattle 293 271

Cattle for dairy production 45,698 39,810

Other cattle 500 407

46,491 40,488

Breeding cattle 20,629 14,325

Current

Sown land - crops 73,386 51,384

Other cattle 1,002 937

Sown land - rice 11,227 80,263

250,360

274,256

Total biological assets 296,851 314,744

Sown land - sugarcane 144,116 127,347

Notes to the Condensed Consolidated Interim Financial Statements

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

Financial instruments

As of March 31, 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 March 31, 2026 and their allocation to the fair value hierarchy:

2026

Level 1

Level 2

Total

Assets

Derivative financial instruments

3,045

3,123

Short-term investment

57,004

Total assets

57,082

3,045

60,127

Liabilities

Derivative financial instruments

(1,613)

(6,274)

(7,887)

Total liabilities

(1,613)

(6,274)

(7,887)

The following table presents the Group's short term investment that are measured at fair value at March 31, 2026:

2026

Corporate bonds

21,389

Government securities

1,752

Mutual funds

33,863

Short-term investment

57,004

Notes to the Condensed Consolidated Interim Financial Statements

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

Financial instruments (continued)

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:

Class

Pricing Method

Parameters Pricing Model Level Total

Futures

Quoted price

(160)

Options

Quoted price

(1,290)

NDF

Quoted price

Foreign-exchange curve

Present value method

(85)

Interest-rate swaps

Theoretical price

Money market interest-rate curve.

Present value method

(3,229)

Public securities

Quoted price

57,004

Trade and other receivables, net

March 31,

2026

(unaudited)

December 31,

2025

Non-current

Advances to suppliers

37,417

37,183

Income tax credits

14,273

8,516

Non-income tax credits (i)

34,642

33,645

Judicial deposits

2,223

2,070

Other receivables (ii)

1,425

1,475

Non-current portion

89,980

82,889

Current

Trade receivables

180,806

191,635

Less: Allowance for trade receivables

(4,624)

(4,782)

Trade receivables - net

176,182

186,853

Prepaid expenses

37,891

21,014

Advance to suppliers

52,068

43,994

Income tax credits

15,700

11,847

Non-income tax credits (i)

67,204

66,961

Receivables from related parties (Note 28)

15,761

16,359

Other receivables

17,789

17,322

Subtotal

206,413

177,497

Current portion

382,595

364,350

Total trade and other receivables, net

472,575

447,239

(i) Includes US$ 20 for the three-month period ended March 31, 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):

March 31,

2026

December 31,

2025

(unaudited)

Currency

US Dollar

202,297

216,969

Argentine Peso

134,649

110,097

Uruguayan Peso

1,664

2,289

Brazilian Reais

133,965

117,884

472,575

447,239

As of March 31, 2026 trade receivables of US$ 29,379 (December 31, 2025: US$ 36,576) were past due but not impaired. The ageing analysis of these receivables indicates that US$ 3,943 and US$ 3,985 are over 6 months in March 31, 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

above.

18. Inventories

March 31,

2026

December 31,

2025

(unaudited)

Raw materials

204,707

136,026

Finished goods (Note 5)

174,527

170,245

379,234

306,271

19. Cash and cash equivalents

March 31,

2026

December 31,

2025

(unaudited)

Cash at bank and on hand

81,040

202,506

Short-term bank deposits

91,491

180,644

172,531

383,150

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 March 31, 2026, it was fully paid. During 2026 the Company paid outstanding balance of the acquisition, which was US$396.3 million.

The Group has accounted for the Acquisition under the purchase method of accounting in accordance with IFRS 3. Accordingly, the Group has made a preliminary allocation of the estimated 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.

Management made significant assumptions and estimates in determining the preliminary fair values of the assets acquired and liabilities assumed in connection with the business combination. The initial accounting for this acquisition is provisional, as certain valuations and other analysis have not yet been finalized. Accordingly, the amounts recognized in these financial statements are subject to adjustments during the measurement period as additional information becomes available regarding facts and circumstances that existed at the acquisition date. Areas subject to refinement include: (1) the fair values of property, plant and equipment; (2) the valuations of off-market components of certain contracts; (3) the recognition and measurement of contingencies and liabilities for unrecognized tax benefits; and (4) other assets and liabilities. We expect to finalize the purchase price allocation by June 30, 2026.

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:

Amount paid in cash

200,000

Amounts to be paid in installments

396,282

Total purchase consideration

596,282

Fair value of previously held interest in Profertil before the business combination

476,847

Non-controlling interest

95,829

Total

1,168,958

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

20. Acquisitions

Cash and cash equivalents

1,007

Trade and other receivables

159,010

Short-term investments

38,688

Inventories

50,286

Right of use assets

9,221

Property, plant and equipment (*)

1,303,071

Intangible assets

10,419

Total Assets

1,571,702

Trade and other payables

(63,304)

Payroll and other liabilities

(7,039)

Borrowings

(80,151)

Lease liabilities

(9,904)

Deferred income tax liabilities

(386,344)

Current income tax liabilities

(41,462)

Provision for other liabilities

(22,744)

Total Liabilities

(610,948)

Net identifiable Assets Acquired

960,754

Add: goodwill

208,204

Net assets acquired

1,168,958

(*) Includes US$1,107 million related to the fertilizer plant complex of Bahia Blanca (Fertilizer Complex).

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.

Management has conducted a preliminary assessment of provisions arising from the business operations of Profertil, including but not limited to site restoration provisions and has recognized a provisional amount. The management will continue to review these matters during the measurement period. If new information obtained during the measurement period about facts and circumstances that existed at the date of acquisition identifies adjustments to the provisional amounts, or any additional provisions that existed at the date of acquisition, then the accounting for the acquisition will be revised.

As of the date these condensed consolidated interim financial statements were authorized for issue, , we did not identify any measurement adjustment. Management expects to finalize the purchase price allocation by June 30, 2026.

Acquisitions (continued)

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 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 three-month period ended March 31, 2026 includes Profertil's results of operations for the full interim period, while the consolidated statement of income for the three-month period ended March 31, 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.

Shareholder's contribution

Number of shares (thousands)

Share capital and share premium

At January 1, 2025

111,382

826,472

Purchase of own shares

(8,623)

Dividends to shareholders

(17,500)

At March 31,2025 (unaudited)

111,382

800,349

At January 1, 2026

147,872

1,097,899

Employee share options exercised (Note 22)

362

At March 31,2026 (unaudited)

147,872

1,098,261

Share capital issuance

On December 11, 2025, the Company completed a public offering of its common shares on the New York Stock Exchange. The Company issued 41,379,311 shares at a price of US$7.25 per share. In addition, on December 17, 2025, the Company issued 1,111,035 additional shares at a price of US$7.25 per share following the exercise by the underwriters of their over-allotment option. The offering resulted in aggregate gross proceeds of approximately US$308.0 million. Issuance costs related to the offering amounted to US$4.37 million.

As of March 31, 2026, the Company's issued share capital amounted to $221,808,241.50, represented by 147,872,161 shares in issue with a nominal value of US$1.50 each. Of these shares, 3,599,079 were held in treasury and 144,273,082 were outstanding as of March 31, 2026.

Decision of the Extraordinary General Shareholders' meetings

On June 6, 2025, the extraordinary general meeting of the shareholders of the Company resolved to reduce the issued share capital of the Company by US$9.0 million through the cancellation of 6,000,000 treasury shares with a nominal value of

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 11, 2026 at 21:22 UTC.