Adecoagro S A : Conference Call (2025/03/4Q24 Presentation)

Published: 2025-03-14 06:48:05 ET AGRO

ADECOAGRO 4Q24 KEY TAKEAWAYS

Mariano Bosch - CEO

Rice & Dairy: Record results achieved. Vertical integration & commercial flexibility as key growth drivers.

Crops: Delivering results despite challenging year.

Undergoing harvesting activities for our 2024/25 campaign.

SE&E: Crushing, mix and sugar production records. Crushing and

supplying the market during 1Q25.

Shareholder Distribution: $102 million in 2024. Minimum of $64 million to be distributed during 2025.

ESG: Training our communities by implementing different actions across our business units.

CONSOLIDATED FINANCIAL HIGHLIGHTS

Gross Revenues

4Q24

Dairy

$368 million

20%

(8%) (1)

Sugar,

Rice

Ethanol &

Energy

13%

50%

Crops

17%

Gross Revenues

12M24

Dairy

$1,476 million

19%

2%(1)

Sugar,

Ethanol &

Rice

Energy

48%

17%

Crops

16%

(1) Comparisons are made versus the same period of last year.

Adjusted EBITDA 4Q24

$103 million

8%(1)

Dairy

Sugar,

Ethanol &

Energy

93%

Adjusted EBITDA 12M24

$444 million

(7%)(1)

Dairy

Rice

Sugar,

Ethanol &

11%

Energy

78%

Crops

CONSOLIDATED FINANCIAL HIGHLIGHTS

Adjusted EBITDA (US$ million)

$433

$477

(7%)

$437

$444

$342

$315

$305

396

254

335

374

364

238

253

107

124

103

-20

-19

-22

-24

-22

-23

2018

2019

2020

2021

2022

2023

2024

Farming

Sugar, Ethanol & Energy

Corporate

Adjusted Free Cash Flow (US$ million)

(9%) NCFO

(48%) FCF

$ 152

$ 176

$ 161

$ 141

$ 109

$ 79

$ 106

$ 94

$ 67

$ 71

$ 49

$ 57

$ 19

$ 62

2018

2019

2020

2021

2022

2023

2024

Adjusted FCF from Operations

Adjusted FCF

Total Area ('000)

485

464

492

448

391

414

386

193

213

186

199

177

154

166

262

292

265

279

238

233

225

2018

2019

2020

2021

2022

2023

2024

Farming Planted Area ('000 ha)

Sugarcane Planted Area ('000 ha)

1,400

Production

1,186

31% 1,101

1,200

998

1,080

18.0

1,000

892

838

814

800

600

13.0

400

12.5

12.8

11.4

10.8

11.1

10.9

200

10.5

8.0

2018

2019

2020

2021

2022

2023

2024

Farming Production ('000 tons)

Sugarcane Crushing (MM tons)

SUGAR, ETHANOL & ENERGY BUSINESS

SUGAR, ETHANOL AND ENERGY BUSINESS OPERATIONAL PERFORMANCE

Sugarcane milled

('000 Tons)

12,497

12,763

(12%)

2,928

2,576

4Q23

4Q24

12M23

12M24

Sugar production

(Tons)

805,608

832,389

(6%)

186,443

175,910

4Q23

4Q24

12M23

12M24

Yield

(Tons/Hectare)

(24%)

(12%)

4Q23

4Q24

12M23

12M24

Ethanol production(1)

(M3)

522,508

532,715

181,238

116,568

(17%)

119,314

98,955

416,147

33,356

341,270

40,846

85,959

58,109

4Q23

4Q24

12M23

12M24

Anhydrous ethanol

Hydrous ethanol

TRS per ton

(Kg/Ton)

132

127

4Q23

4Q24

12M23

12M24

Production Mix(1)

(%)

52.3%

55.2%

51.8%

52.2%

47.7%

44.8%

48.2%

47.8%

4Q23

4Q24

12M23

12M24

Sugar Ethanol

(1) Does not include 4,360 and 13,313 cubic meters of anhydrous ethanol that were converted by dehydrating our hydrous ethanol stocks during 4Q24 and 12M24, respectively. During 4Q23 an 12M23, we dehydrated 28,773 and 81,689 cubic meters of hydrous ethanol.

SUGAR, ETHANOL AND ENERGY BUSINESS

NET SALES BY PRODUCT

4Q24 Net Revenues Breakdown

Sugar Sales Volume

(Tons)

Income

25.1

(14%)

21.5

23.7

(12%)

21.0

Operating

796,298

845,807

(14%)

Ohter

250,252

214,079

not consider

4Q23

4Q24

12M23

12M24

(*)Does

Average Realized Price (cts/lb)(*)

Energy Sales Volume

(MWh)

(6%)

17%

834,371

844,686

(2%)

240,650

235,957

4Q23

4Q24

12M23

12M24

Average Realized Price ($/MWh)

Ethanol Sales Volume

(M3)

(13%)

434

433

506

441

19%

550,322

460,721

(19%)

181,975

147,011

4Q23

4Q24

12M23

12M24

Average Realized Price (US$/m3)

Cbios Sales

(Units)

(26%)

(37%)

36%

601,426

65%

443,111

119,234

196,754

4Q23

4Q24

12M23

12M24

Average Realized Price ($/unit)

Anhydrous

Ethanol

13%

Hydrous

$178 Ethanol 23%

million

(22%)(1)

Sugar

Energy

57%

.Cbios 1%

12M24 Net Revenues Breakdown

Anhydrous

Ethanol

12%

Hydrous

$680 Ethanol 24%

million

(3%) (1)

Energy

Sugar4%

58%

.. Cbios 1%

Others 1%

(1) Comparisons are made versus the same period of last year.

SUGAR, ETHANOL AND ENERGY BUSINESS

CASH COST

2023 Cash Cost construction (cts/lb)

(0.8)

(0.7)

2.1

0.9

2.4

3.3

(5.1)

5.1

2.3

1.5

13.2

13.9

2.3

10.0

8.2

3.9

Harvest Costs

Cane

Agricultural

Maintenance

Agricultural

Industrial

Cane from 3rd

Industrial

Total

Depreciation

Total

Maintenance

SG&A

Cogeneration Tax Recovery Total Cash

Depreciation

Partnership

Costs

parties

Costs

Production

Capex

Cost

Costs

Cost

Amortization

Cost (excl.

D&A)

(8%)

2024 Cash Cost construction (cts/lb)

(0.8)

(1.0)

2.0

1.1

3.2

2.1

(5.3)

4.4

2.2

1.3

13.4

12.7

2.7

10.2

8.1

3.9

Harvest Costs

Cane

Agricultural

Maintenance

Agricultural

Industrial

Cane from 3rd

Industrial

Total

Depreciation

Total

Maintenance

SG&A

Cogeneration Tax Recovery Total Cash

Depreciation

Partnership

Costs

parties

Costs

Production

Capex

Cost

Costs

Cost

Amortization

Cost (excl.

D&A)

SUGAR, ETHANOL AND ENERGY BUSINESS ADJUSTED EBITDA

Adjusted EBITDA Quarterly

(US$ Thousand)

55% 59%

38%

20%

105,289

87,476

4Q23

4Q24

Adjusted EBITDA Annual

(US$ Thousand)

56%

(5%)

54%

395,637

364,160

12M23

12M24

Adjusted EBITDA Margin

Disclaimer

Adecoagro SA published this content on March 14, 2025, and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on March 14, 2025 at 10:47:05.057.