Adecoagro S.A 6-K, filed May 11, 2026
Adecoagro S.A. (AGRO)
6-K
2026-05-11
For: 2026-03-31
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Added on
May 11, 2026
About this 6-K
Adecoagro S.A filed this 6-K on May 11, 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May 2026
Commission File Number: 001-35052
Adecoagro S.A.
(Translation of registrant’s name into English)
28, Boulevard F.W. Raiffeisen,
L-2411, Luxembourg
Grand Duchy of Luxembourg
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
| Form 20-F | X | Form 40-F | ||||||||||||
TABLE OF CONTENTS
| ITEM | |||||
| 99.1 | Press release dated May 11, 2025 related to the registrant’s results of operations for the three-month period ended March 31, 2026. | ||||
| 99.2 | Unaudited condensed consolidated interim financial statements of the registrant as of and for the three-month period ended March 31, 2026. | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Adecoagro S.A. | |||||||||||||||||
| By: | /s/ Emilio Federico Gnecco | ||||||||||||||||
| Name: | Emilio Federico Gnecco | ||||||||||||||||
| Title: | Chief Financial Officer | ||||||||||||||||
Date: May 11, 2026
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Adjusted EBITDA reached $85.8 million in 1Q26 driven by first quarter crushing record & full ethanol mix. The Fertilizers segment adds earnings momentum and future upside supported by higher urea prices. | ||||||||||||||||||||||||||||||||||||||
| 1Q26 Earning Release Conference Call | ||||||||||||||||||||||||||||||||||||||
| English Conference Call | Luxembourg, May 11, 2026 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the first quarter ended March 31, 2026. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non-IFRS measures. Please refer to page 10 for a definition and reconciliation to IFRS of the Non-IFRS measures used in this earnings release. | |||||||||||||||||||||||||||||||||||||
| May 12, 2026 | ||||||||||||||||||||||||||||||||||||||
| 9 a.m. (US EST) | ||||||||||||||||||||||||||||||||||||||
| 10 a.m. (Buenos Aires/Sao Paulo time) | ||||||||||||||||||||||||||||||||||||||
| 3 p.m. (Luxembourg) | ||||||||||||||||||||||||||||||||||||||
| Consolidated Financial Performance - Highlights | Pro forma | |||||||||||||||||||||||||||||||||||||
| Zoom ID: 860 2912 1718 | $ thousands | 1Q26 | 1Q25 | Chg % | 1Q25(1) | Chg % | ||||||||||||||||||||||||||||||||
| Passcode: 650331 | Gross Sales(2) | 393,503 | 323,656 | 21.6% | 389,399 | 1.1% | ||||||||||||||||||||||||||||||||
Adjusted EBITDA(3) | 85,803 | 35,946 | 138.7% | 48,057 | 78.5% | |||||||||||||||||||||||||||||||||
| Investor Relations | Adjusted EBITDA Margin(3) | 22.3% | 11.3% | 96.8% | 12.6% | 77.8% | ||||||||||||||||||||||||||||||||
| Emilio Gnecco | Adjusted Net Income(3) | (34,425) | (13,479) | n.a | (4,439) | n.a | ||||||||||||||||||||||||||||||||
| CFO | Adjusted Net Income per Share | (0.24) | (0.13) | n.a | (0.04) | n.a | ||||||||||||||||||||||||||||||||
| Victoria Cabello | Net Debt(3) | 1,627,673 | 679,479 | 139.5% | n.m. | n.m. | ||||||||||||||||||||||||||||||||
| IR Officer | ||||||||||||||||||||||||||||||||||||||
| Breakdown by Operating Segment - Adjusted EBITDA | Pro forma | |||||||||||||||||||||||||||||||||||||
| $ thousands | 1Q26 | 1Q25 | Chg % | 1Q25(1) | Chg % | |||||||||||||||||||||||||||||||||
| Sugar, Ethanol & Energy | 40,602 | 29,851 | 36.0% | 29,851 | 36.0% | |||||||||||||||||||||||||||||||||
| Fertilizers | 52,547 | — | n.m. | 12,111 | 333.9% | |||||||||||||||||||||||||||||||||
Food & Agriculture(4) | 1,352 | 16,647 | (91.9)% | 16,647 | (91.9)% | |||||||||||||||||||||||||||||||||
| ir@adecoagro.com | Corporate Expenses | (8,698) | (10,552)(*) | n.a | (10,552)(*) | n.a | ||||||||||||||||||||||||||||||||
| Total Adjusted EBITDA | 85,803 | 35,946 | 138.7% | 48,057 | 78.5% | |||||||||||||||||||||||||||||||||
(*) Includes $3.5 million of one-off expenses from Tether's tender offer for our common shares. Excluding this, Corporate Expenses were $7.1 million | ||||||||||||||||||||||||||||||||||||||
| Website: | ||||||||||||||||||||||||||||||||||||||
| www.adecoagro.com | •Strong year-over-year performance in our Fertilizers operations on higher production and prices. First-quarter crushing record in our Sugar, Ethanol & Energy operations and almost 100% ethanol mix. •Higher urea, ethanol and energy prices more than offset the decline in prices across the rest of our product portfolio, including sugar, peanut and rice. •On a pro forma basis, Net Debt/LTM Adj. EBITDA stood at 3.2x, reflecting the full payment of the purchase price for our acquisition of Profertil, and working capital seasonality. Going forward, we intend to continue reducing our leverage ratio driven by higher expected Adjusted EBITDA generation, mainly from our Fertilizers operations. | |||||||||||||||||||||||||||||||||||||
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| (1) On a pro forma basis to give effect to our acquisition of Profertil on December 18, 2025, as if such event had occurred on January 1, 2025. The unaudited pro forma consolidated financial information contained in this release is presented for illustrative purposes only and may not be an indication of what our financial position or results of operations would have been had the transaction been completed on the dates indicated. The unaudited pro forma consolidated financial information has been derived from the historical consolidated financial statements of Profertil and Adecoagro, and certain adjustments and assumptions have been made regarding the business combination under IFRS. The assumptions used in preparing the unaudited pro forma consolidated financial information may not prove to be accurate, and other factors may affect our financial condition or results of operations. (2) Gross Sales are equal to Net Sales plus sales taxes related to sugar, ethanol and energy. (3) Please see “Reconciliation of Non-IFRS measures” starting on page 10. (4) Our former Farming activities are now presented as the Food and Agriculture segment. The Food and Agriculture segment reflects the production and sale of food in various forms, including both raw agricultural outputs and manufactured food products. Comparative information will be recast to conform to the current presentation. | ||||||||||||||||||||||||||||||||||||||
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Business Segment Redefinition
◦As stated in our 2025 year-end Earnings Release, the Company reassessed and updated the Group’s internal organizational structure following the acquisition of Profertil S.A. Effective January 1, 2026, the Company operates three reportable segments: the Sugar, Ethanol and Energy segment, the Fertilizers segment (which captures Profertil's results), and the Food & Agriculture segment. The latter includes the agricultural and related food activities that were previously managed and presented through separate verticals, including Crops, Rice and Dairy. These activities are now managed as one integrated value chain and evaluated based on overall segment operating performance. Comparative information will be recast to conform to the current presentation.
Sugar, Ethanol & Energy segment (SE&E)
Performance Highlights
◦Adjusted EBITDA amounted to $40.6 million in 1Q26, 36.0% higher year-over-year.
▪(+) First-quarter crushing record of 2.2 million tons (49.1% increase versus 1Q25). Strong recovery in productivity leading to 79.5% higher TRS per hectare year-over-year.
▪(+) Full ethanol maximization (96% mix) to capture greater margins compared to sugar.
▪(-) Lower net sales on lower selling volumes and prices of sugar, partially offset by higher ethanol prices.
▪(-) Despite greater crushing, our cost of production stood at 12.9 cts/lb (versus 11.1 cts/lb in 1Q25) driven by (i) the appreciation of the Brazilian Real; (ii) the anticipation of certain agricultural expenses that are typically concentrated later in the year; and (iii) lower cost dilution given lower TRS content per ton of cane crushed.
Outlook
◦(+) Crushing pace remains on track to meet our full-year crushing target. Assuming normal weather, we foresee low-double-digit growth in 2026's crushing volume versus 2025.
◦(+/-) As of this date, we have 65% of our sugar production hedged at an average price of 15.7 cts/lb.
Fertilizers segment
Performance Highlights
◦Adjusted EBITDA amounted to $52.5 million in 1Q26. On a pro forma basis, this represents a 4.3x increase versus 1Q25, assuming that the Profertil acquisition occurred on January 1, 2025.
▪(+) Higher urea production (9.6% increase versus 1Q25) because of a higher number of operational days.
▪(+) Sales up by 67.8% year-over-year on higher prices (urea average selling price of $517/ton versus $444/ton in 1Q25) and volumes sold (+69.5 thousand tons year-over-year).
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▪(+) Lower cost of production driven by (i) higher cost dilution due to the increase in production; coupled with (ii) lower gas costs as we conducted spot purchases to benefit from a more competitive price.
Outlook
◦(+) Since the start of the conflict in the Middle East on February 28, 2026, international urea prices have increased by ∼55%. CFR Brazil is currently trading at ∼$725/ton on average.
◦(+) We capture the upside in prices progressively as sales are executed. Given that most of our cost base—primarily natural gas—remains fixed, incremental revenues flow through EBITDA, driving margin expansion. As a result, we expect stronger-than-anticipated Adjusted EBITDA in 2026, with performance exceeding prior years.
Food & Agriculture segment (F&A)
Performance Highlights
◦Adjusted EBITDA reached $1.4 million in 1Q26 compared to $16.6 million in 1Q25.
▪(-) Lower commodity prices (between 4% and 46% depending on the product).
▪(-) Higher costs in U.S. dollar terms, mostly related to carry-over stocks from the previous campaign.
▪(+/-) Harvesting activities are in progress (55% completed). Higher volumes of milk processed at our industrial facilities.
Outlook
◦(+) We foresee grains productivity to be in line with historical average, whereas we expect an increase in processed milk volume, as we launch new products under our retail brands. Margins should improve throughout the year as we harvest the new crop and conduct its sale.
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| Capital Allocation & Uses of Cash | ||
Capital Expenditures
| Pro forma | |||||||||||||||||
| $ thousands | 1Q26 | 1Q25 | Chg % | 1Q25(1) | Chg % | ||||||||||||
| Maintenance | 51,467 | 54,474 | (5.5)% | 63,250 | (18.6)% | ||||||||||||
| Expansion | 433,578 | 30,128 | n.m | 30,128 | n.m | ||||||||||||
| Total | 485,045 | 84,602 | 473.3% | 93,377 | 419.4% | ||||||||||||
Maintenance capex amounted to $51.5 million during 1Q26, marking a 5.5% decline compared to the same period of last year and 18.6% lower on a pro forma basis. Investments on this front were mainly related to the renewal of our agricultural and industrial machinery in our Sugar, Ethanol & Energy operations, as well as the renewal planting of 5,862 hectares of sugarcane.
Expansion capex totaled $433.6 million during the quarter, of which $396.3 million was related to the remaining payment for the acquisition of the 90% stake in Profertil.
Indebtedness
| NET DEBT BREAKDOWN | |||||||||||||||||
| $ thousands | 1Q26 | 4Q25 | Chg % | 1Q25 | Chg % | ||||||||||||
| Short-Term Debt | 341,331 | 213,088 | 60.2% | 232,868 | 46.6% | ||||||||||||
| Long-Term Debt | 1,515,727 | 1,379,921 | 9.8% | 685,581 | 121.1% | ||||||||||||
| Gross Debt | 1,857,058 | 1,593,009 | 16.6% | 918,449 | 102.2% | ||||||||||||
| Cash & Equivalents | 172,381 | 383,150 | (55.0)% | 179,530 | (4.0)% | ||||||||||||
| Short-Term Investments | 57,004 | 89,826 | (36.5)% | 59,440 | (4.1)% | ||||||||||||
| Net Debt | 1,627,673 | 1,120,033 | 45.3% | 679,479 | 139.5% | ||||||||||||
As of March 31, 2026, Adecoagro's net debt totaled $1.6 billion, marking a 45.3% quarter-over-quarter increase. This was mainly driven by the ~$400 million balance payment related to Profertil's acquisition, as well as by the typical seasonality of our operations, which reflects the higher working capital requirements associated with planting and harvesting activities in our Food & Agriculture segment during the first half of the year.
On a pro forma basis, assuming the acquisition of Profertil had occurred on January 1, 2025, our Net Debt/EBITDA ratio stood at 3.2x, compared to 3.3x in 4Q25. Going forward, we intend to continue reducing our leverage ratio through higher expected Adjusted EBITDA generation, mainly from our Fertilizers operations.
2025 Shareholder Distribution
On April 15, 2026, our Annual General Meeting approved a total annual cash dividend of $35 million. The first installment of $17.5 million (∼$0.1213 per share) will be paid on May 19, 2026 to shareholders of the Company of record on May 4. The second installment shall be payable in November 2026 in an equal cash amount.
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| Sugar, Ethanol & Energy | ||
| PRODUCTION DATA | Metric | 1Q26 | 1Q25 | Chg % | ||||||||||
| Sugarcane Milled | tons | 2,219,576 | 1,488,929 | 49.1% | ||||||||||
| Yield | tons/hectare | 105 | 53 | 97.1% | ||||||||||
| TRS Content | kilogram/ton | 99 | 109 | (9.0)% | ||||||||||
| Harvested Area | Hectares | 20,451 | 27,782 | (26.4)% | ||||||||||
| TRS Equivalent Produced | tons | 238,646 | 170,886 | 39.7% | ||||||||||
| Sugar / Ethanol Mix | % | 4% - 96% | 42% - 58% | (90.7)% - 66.3% | ||||||||||
| Sugar | tons | 6,809 | 63,644 | (89.3)% | ||||||||||
Ethanol(1) | cubic meters | 137,195 | 61,060 | 124.7% | ||||||||||
| Energy Exported | MWh | 120,010 | 56,248 | 113.4% | ||||||||||
PRODUCTION COSTS(2) | Total Cost ($'000) | Total Cost per Pound (cts/lbs) | |||||||||||||||||||||
| 1Q26 | 1Q25 | Chg % | 1Q26 | 1Q25 | Chg % | ||||||||||||||||||
| Agricultural Costs | 71,525 | 51,262 | 39.5% | 15.4 | 15.0 | 2.8% | |||||||||||||||||
| Industrial Costs | 17,549 | 7,741 | 126.7% | 3.8 | 2.3 | 67.0% | |||||||||||||||||
| Total Production Costs | 89,074 | 59,003 | 51.0% | 19.2 | 17.3 | 11.2% | |||||||||||||||||
| Depreciation & Amortization PP&E | (29,281) | (21,089) | 38.8% | (6.3) | (6.2) | 2.3% | |||||||||||||||||
| Total Production Costs (excl D&A) | 59,793 | 37,914 | 57.7% | 12.9 | 11.1 | 16.2% | |||||||||||||||||
(1) Does not include 8,444 cubic meters of anhydrous ethanol that were converted by dehydrating our hydrous ethanol stocks during 1Q25. (2)Total production cost may differ from our COGS figure as the former refers to the cost of our goods produced, whereas the latter refers to the cost of our goods sold.
In 1Q26, crushing volumes totaled 2.2 million tons, up 49.1% year-over-year and setting a new first-quarter record. As explained in our prior earnings release, above-average rainfall in 4Q25 enabled the recovery of sugarcane productivity, while the cane left unharvested was collected during the first quarter under our continuous harvest model—one of our key competitive advantages. As a result, average yields increased to 105 tons per hectare, compared to 53 tons per hectare in 1Q25 (which reflected cane from the 5th cut and above). Conversely, TRS content declined 9.0% year-over-year. This strong TRS per hectare performance allowed us to achieve strong crushing volumes while entering into a smaller area.
During the quarter, ethanol prices traded at a premium to sugar in Mato Grosso do Sul (32% for hydrous and 50% for anhydrous ethanol). Thus, we maximized ethanol production, reaching a 96% mix, reflecting the high operational flexibility of our industrial assets, even as we carried out maintenance work. Within our ethanol production, 84% was hydrous ethanol due to the strong demand for this type of fuel.
Exported energy totaled 120.0 thousand MWh, 113.4% higher than in 1Q25. This increase was explained by higher crushing volumes, together with the use of our stored bagasse to produce energy to comply with our contracts and benefit from higher spot prices.
Our production costs excluding depreciation and amortization totaled 12.9 cts/lb, 16.2% higher year-over-year. This was mostly driven by (i) the appreciation of the Brazilian Real versus 1Q25; (ii) the anticipation of certain agricultural expenses that are typically concentrated later in the year; (iii) the aforementioned decline in TRS content, which negatively impacted our capacity to dilute both our fixed and variable costs throughout the period; and (iv) higher sourcing of third-party cane (+51 thousand tons versus 1Q25).
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| NET SALES BREAKDOWN | $ thousands | Units | ($/unit) | ||||||||||||||||||||||||||||||||
| 1Q26 | 1Q25 | Chg % | 1Q26 | 1Q25 | Chg % | 1Q26 | 1Q25 | Chg % | |||||||||||||||||||||||||||
| Sugar (tons) | 13,748 | 36,064 | (61.9)% | 40,193 | 77,004 | (47.8)% | 342 | 468 | (27.0)% | ||||||||||||||||||||||||||
| Ethanol (cubic meters) | 87,657 | 74,909 | 17.0% | 160,550 | 161,609 | (0.7)% | 546 | 464 | 17.8% | ||||||||||||||||||||||||||
Energy (Mwh) (2) | 6,135 | 2,227 | 175.5% | 142,115 | 73,744 | 92.7% | 43 | 30 | 42.9% | ||||||||||||||||||||||||||
Others (3) | 4,117 | 5,673 | (27.4)% | ||||||||||||||||||||||||||||||||
Total Net Sales(1) | 111,657 | 118,873 | (6.1)% | ||||||||||||||||||||||||||||||||
| HIGHLIGHTS - $ thousand | 1Q26 | 1Q25 | Chg % | |||||||||||||||||
Net Sales (1) | 111,657 | 118,873 | (6.1)% | |||||||||||||||||
| Adjusted EBITDA | 40,602 | 29,851 | 36.0% | |||||||||||||||||
(1) Net Sales are calculated as Gross Sales net of ICMS, PIS COFINS, INSS and IPI taxes.(2) Includes commercialization of energy from third parties; (3) Includes the commercialization of (i) CBios; (ii) the sale of soybean, corn and beans planted as cover crop during the implementation of meiosis, and (iii) diesel sold by Monte Alegre Distribuidora (MAC), our own fuel distributor located in UMA mill.
Net sales reached $111.7 million in 1Q26, down 6.1% year-over-year. While ethanol and energy revenues increased during the quarter, this was more than offset by lower sugar sales, reflecting both weaker global prices and lower volumes sold.
As previously explained, the decline in sugar sales was primarily driven by our strategy to maximize ethanol production throughout the quarter given its better margin (versus a higher sugar mix during 1Q25), coupled with the decline in global sugar prices.
In the case of ethanol, we sold our carry-over inventories and daily production to profit from the peak in prices. During the quarter, domestic demand remained strong while supply was limited, allowing us to capture 17.8% higher prices. On the other hand, volumes sold were in line with 1Q25, when we cleared out our tanks as prices started to recover.
Higher energy sales were driven by a combination of higher volumes and higher prices. The increase in volume was explained by higher crushing and the use of stored bagasse to generate additional energy. On pricing, we benefited from spot sales at attractive prices, also favored by the appreciation of the Brazilian real.
Overall, Adjusted EBITDA amounted to $40.6 million during 1Q26, 36.0% higher than the same period of last year. This was driven by higher crushing volumes and ethanol prices, together with lower unitary COGS reflecting higher capacity utilization versus the prior year, resulting in stronger sales margins. In turn, these gains were partially offset by (i) year-over-year losses in the mark-to-market of our commodity hedge position; (ii) lower year-over-year gains presented in the mark-to-market of our biological assets; and (iii) higher selling expenses on higher taxes associated with greater ethanol sales.
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| Fertilizers | ||
| HIGHLIGHTS | Pro forma | |||||||||||||||||||
| metric | 1Q26 | 1Q25 | Chg % | 1Q25(1) | Chg % | |||||||||||||||
| Total Sales | $ thousands | 110,302 | — | n.a. | 65,743 | 67.8% | ||||||||||||||
| Sales of Urea | thousand tons | 174 | — | n.a. | 116 | 50.4% | ||||||||||||||
| $ per ton | 516 | — | n.a. | 444 | 16.2% | |||||||||||||||
| $ thousands | 89,937 | — | n.a. | 51,474 | 74.7% | |||||||||||||||
| Other Sales | $ thousands | 20,365 | — | n.a. | 14,269 | 42.7% | ||||||||||||||
| Adjusted EBITDA | $ thousands | 52,547 | — | n.a. | 12,111 | 333.9% | ||||||||||||||
| Production Data | ||||||||||||||||||||
Urea Production | thousand tons | 278 | — | n.a. | 254 | 9.6% | ||||||||||||||
(1) Pro forma basis to give effect to Profertil's acquisition, as if such event had occurred on January 1, 2025.
For comparison, we provide pro forma 1Q25 operational and financial figures for our Fertilizers operations.
During 1Q26, urea production amounted to 277.8 thousand tons, marking a 9.6% year-over-year increase. This growth was mainly driven by a higher number of operational days compared to 1Q25, during which a one-off event halted operations for 19 days. The disruption was caused by a major flood in the city of Bahia Blanca—where our fertilizer plant is located—which affected the gas transportation to the plant. During 1Q26 the fertilizer plant experienced 10 days of downtime as we ramped up operations following the major maintenance turnaround completed in 4Q25. As of the date of this report, the plant is operating non-stop at full capacity.
In terms of sales, the 67.8% year-over-year increase was driven by a combination of higher prices and volumes sold. Our average selling price stood at $516/ton, 16.2% higher compared to the same period of last year, mainly reflecting stronger international urea prices. Following the escalation of the conflict in the Middle East —a region that accounts for approximately 30% of global urea trade—prices began rising sharply in early March, with only partial impact captured in 1Q26 results.
As a result, Adjusted EBITDA totaled $52.5 million during 1Q26 compared to $12.1 million presented in the same period of last year. In addition to the year-over-year increase in sales, results benefited from greater cost dilution due to the aforementioned increase in production; together with an efficient gas sourcing conducted throughout the period.
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| Food & Agriculture | ||
HIGHLIGHTS (1) | metric | 1Q26 | 1Q25 | Chg % | |||||||||||||
| Sales | $ thousands | 162,420 | 198,069 | (18.0)% | |||||||||||||
| Adjusted EBITDA | $ thousands | 1,352 | 16,647 | (91.9)% | |||||||||||||
(1) Financial & Operational data available in our Results Spreadsheet on Adecoagro's IR website.
From an operational standpoint, we are currently undergoing harvesting activities, which we expect to conclude during 2Q26. As of this date, 55% of the 239 thousand planted hectares has already been harvested and produced over 803 thousand tons of agricultural products. Despite an uneven distribution of rain throughout the grains development cycle across different regions, we foresee yields to be in line with the historical average. In the case of our rice production, our average yield of 8.7 tons per hectare (expressed as long grain rice) reflects a higher mix of varieties within our planted area, aimed at reducing our exposure to long grain white rice prices. In addition, during the quarter we processed 92.2 million liters of milk, 49% of which was sourced from our free-stalls.
Total sales amounted to $162.4 million during 1Q26, 18.0% lower than the same period of last year. Despite presenting selling volumes in line with 1Q25, these were more than offset by lower prices across most of our products, particularly peanut (down 45.8% year-over-year), rice (down 23.4%) and cheese (down 20.1%).
Consequently, Adjusted EBITDA reached $1.4 million during the quarter compared to $16.6 million in 1Q25. In addition to the decline in revenues, results were negatively impacted by higher costs in U.S. dollar terms.
| SALES BREAKDOWN | $ thousands | Units(1) | ($/unit) | ||||||||||||||||||||||||||||||||
| 1Q26 | 1Q25 | Chg % | 1Q26 | 1Q25 | Chg % | 1Q26 | 1Q25 | Chg % | |||||||||||||||||||||||||||
| Soybean | 2,037 | 1,761 | 15.7% | 5,784 | 6,515 | (11.2)% | 352 | 270 | 30.3% | ||||||||||||||||||||||||||
Corn(2) | 11,807 | 7,545 | 56.5% | 64,698 | 39,794 | 62.6% | 182 | 190 | (3.7)% | ||||||||||||||||||||||||||
| Peanut | 11,896 | 21,041 | (43.5)% | 12,582 | 12,053 | 4.4% | 945 | 1,746 | (45.8)% | ||||||||||||||||||||||||||
| White Rice | 39,895 | 68,859 | (42.1)% | 80,564 | 106,550 | (24.4)% | 495 | 646 | (23.4)% | ||||||||||||||||||||||||||
| UHT Milk | 29,485 | 30,349 | (2.8)% | 44,493,777 | 37,253,875 | 19.4% | 0.66 | 0.81 | (18.7)% | ||||||||||||||||||||||||||
| Powdered Milk | 13,032 | 12,465 | 4.5% | 3,665 | 3,236 | 13.3% | 3,556 | 3,852 | (7.7)% | ||||||||||||||||||||||||||
| Cheese | 9,142 | 10,378 | (11.9)% | 2,267 | 2,056 | 10.3% | 4,032 | 5,049 | (20.1)% | ||||||||||||||||||||||||||
Others (3) | 45,126 | 45,671 | (1.2)% | ||||||||||||||||||||||||||||||||
| Total Net Sales | 162,420 | 198,069 | (18.0)% | ||||||||||||||||||||||||||||||||
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| Forward-looking Statements | ||
This press release contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about us and our industry. These forward-looking statements can be identified by words or phrases such as “anticipate,” “forecast”, “believe,” “continue,” “estimate,” “expect,” “intend,” “is/are likely to,” “may,” “plan,” “should,” “would,” or other similar expressions.
The forward-looking statements included in this press release relate to, among others: (i) our business prospects and future results of operations; (ii) weather and other natural phenomena; (iii) developments in, or changes to, the laws, regulations and governmental policies governing our business, including limitations on ownership of farmland by foreign entities in certain jurisdictions in which we operate, environmental laws and regulations; (iv) the implementation of our business strategy; (v) the correlation between petroleum, ethanol and sugar prices; (vi) our plans relating to acquisitions, joint ventures, strategic alliances or divestitures, and to consolidate our position in different businesses; (vii) the efficiencies, cost savings and competitive advantages resulting from acquisitions; (viii) the implementation of our financing strategy, capital expenditure plan and expected shareholder distributions; (ix) the maintenance of our relationships with customers; (x) the competitive nature of the industries in which we operate; (xi) the cost and availability of financing; (xii) future demand for the commodities we produce; (xiii) international prices for commodities; (xiv) the condition of our land holdings; (xv) the development of the logistics and infrastructure for transportation of our products in the countries where we operate; (xvi) the performance of the South American and world economies; and (xvii) the relative value of the Brazilian Reais, the Argentine Peso, and the Uruguayan Peso compared to other currencies.
These forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable, our expectations may turn out to be incorrect. Our actual results could be materially different from our expectations. In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in this press release might not occur, and our future results and our performance may differ materially from those expressed in these forward-looking statements due to, inclusive, but not limited to, the factors mentioned above. Because of these uncertainties, you should not make any investment decision based on these estimates and forward-looking statements.
The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.
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| Reconciliation of Non-IFRS measures | ||
To supplement our consolidated financial statements, which are prepared and presented in accordance with IFRS, we use the following non-IFRS financial measures in this press release:
•Adjusted EBITDA
•Adjusted EBIT
•Adjusted EBITDA margin
•Net Debt
•Net Debt to Adjusted EBITDA
•Adjusted Net Income
In this section, we provide an explanation and a reconciliation of each of our non-IFRS financial measures to their most directly comparable IFRS measures. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS.
We believe these non-IFRS financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management for financial and operational decision making.
There are limitations associated with the use of non-IFRS financial measures as an analytical tool. In particular, many of the adjustments to our IFRS financial measures reflect the exclusion of items, such as depreciation and amortization, changes in fair value, the related income tax effects of the aforementioned exclusions and exchange differences generated by the net liability monetary position in USD in the countries where the functional currency is the local currency, that are recurring and will be reflected in our financial results for the foreseeable future. In addition, these measures may be different from non-IFRS financial measures used by other companies, limiting their usefulness for comparison purposes.
Adjusted EBITDA & Adjusted EBIT
Adjusted Consolidated EBITDA equals the sum of our Adjusted Segment EBITDA for each of our operating segments.
We define “Adjusted Consolidated EBITDA” as (i) consolidated net profit (loss) for the year, as applicable, before interest expense, income taxes, depreciation of property, plant and equipment and amortization of intangible assets, net gain or loss from fair value adjustments of investment property land, foreign exchange gains or losses, other net financial results and bargain purchase gain on acquisition and any charges related to impairments (ii) adjusted by those items, that do not impact profit and loss, but are recorded directly in shareholders’ equity, including (a) the gains or losses from disposals of noncontrolling interests in subsidiaries whose main underlying asset is farmland, reflected under the line item: "Reserve from the sale of noncontrolling interests in subsidiaries” and (b) the net increase in value of sold farmland, which has been recognized in either revaluation surplus or retained earnings; and (iii) net of the combined effect of the application of IAS 29 and IAS 21 from the Argentine operations included in profit from operations.
We believe that Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are important measures of operating performance for our company and each operating segment, respectively, because they allow investors to evaluate and compare our consolidated operating results and to evaluate and compare the operating performance of our segments, respectively, including our return on capital and operating efficiencies, from period to period by removing the impact of our capital structure (interest expense from our outstanding debt), asset base (depreciation and amortization), tax consequences (income taxes), bargain purchase gain, any charges related to impairments, foreign exchange gains or losses and other financial results. In addition, by including the gains or losses from disposals of noncontrolling interests in subsidiaries whose main underlying asset is farmland, investors can also evaluate and compare the full value and returns generated by our land transformation activities. Other companies may calculate Adjusted Consolidated EBITDA and Adjusted Segment EBITDA differently, and therefore our Adjusted Consolidated EBITDA and Adjusted Segment EBITDA may not be comparable to similar measures used by other companies. Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are not measures of financial performance under IFRS, and should not be considered in isolation or as an alternative to consolidated net profit (loss), cash flows from operating activities, segment profit from operations and other measures determined in accordance with IFRS. Items excluded from Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are significant and necessary components to the operations of our business, and, therefore, Adjusted Consolidated EBITDA and Adjusted Segment EBITDA should only be used as a supplemental measure of our company’s operating performance, and of each of our operating segments, respectively. We also believe Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are useful for securities analysts, investors and others to evaluate and compare the financial performance of our company and other companies in the agricultural industry.
These non-IFRS measures should be considered in addition to, but not as a substitute for or superior to, the information contained in either our statements of income or segment information.
Our Adjusted Consolidated EBIT equals the sum of our Adjusted Segment EBITs for each of our operating segments.
We define “Adjusted Consolidated EBIT” as (i) consolidated net profit (loss) for the year, as applicable, before interest expense, income taxes, net gain from fair value adjustments of investment property land, foreign exchange gains or losses, other net financial results, bargain purchase gain on acquisition and any charges related to impairments (ii) adjusted by those items, that do not impact profit and loss, but are recorded directly in shareholders’ equity, including (a) the gains or losses from disposals of noncontrolling interests in subsidiaries whose main underlying asset is farmland, reflected under the line item: "Reserve from the sale of noncontrolling interests in subsidiaries” and (b) the net increase in value of sold farmland, which has been recognized in either revaluation surplus or retained earnings; and (iii) net of the combined effect of the application of IAS 29 and IAS 21 from the Argentine operations included in profit from operations.
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We believe that Adjusted Consolidated EBIT and Adjusted Segment EBIT are important measures of operating performance, for our company and each operating segment, respectively, because they allow investors to evaluate and compare our consolidated operating results and to evaluate and compare the operating performance of our segments, from period to period by including the impact of depreciable fixed assets and removing the impact of our capital structure (interest expense from our outstanding debt), tax consequences (income taxes), foreign exchange gains or losses and other financial results. In addition, by including the gains or losses from disposals of noncontrolling interests in subsidiaries whose main underlying asset is farmland and also the sale of farmlands, and impairments, investors can evaluate the full value and returns generated by our land transformation activities. Other companies may calculate Adjusted Consolidated EBIT and Adjusted Segment EBIT differently, and therefore our Adjusted Consolidated EBIT and Adjusted Segment EBIT may not be comparable to similar measures used by other companies. Adjusted Consolidated EBIT and Adjusted Segment EBIT are not measures of financial performance under IFRS, and should not be considered in isolation or as an alternative to consolidated net profit (loss), cash flows from operating activities, segment profit from operations and other measures determined in accordance with IFRS. Items excluded from Adjusted Consolidated EBIT and Adjusted Segment EBIT are significant and necessary components to the operations of our business, and, therefore, Adjusted Consolidated EBIT and Adjusted Segment EBIT should only be used as a supplemental measure of the operating performance of our company, and of each of our operating segments, respectively.
Reconciliation of both Adjusted EBITDA and Adjusted EBIT starts on page 12.
Net Debt & Net Debt to Adjusted EBITDA
Net debt is defined as the sum of non-current and current borrowings less cash and cash equivalents and short-term investments. This measure is widely used by management. Management is consistently tracking our leverage position and our ability to repay and service our debt obligations over time. We have therefore set a leverage ratio target that is measured by net debt divided by Adjusted Consolidated EBITDA.
We believe that the ratio net debt to Adjusted Consolidated EBITDA provides useful information to investors because management uses it to manage our debt-equity ratio in order to promote access to capital markets and our ability to meet scheduled debt service obligations.
Adjusted Net Income
We define Adjusted Net Income as (i) profit/(loss) of the period/year before net gain/(losses) from fair value adjustments of investment property land, bargain purchase gain on acquisition and any impairment; plus (ii) any non-cash finance costs resulting from foreign exchange gain/losses for such period, which are composed by both exchange differences and cash flow hedge transfer from equity, included in Financial Results, net, in our statement of income; net of the related income tax effects, plus (iii) gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland, which are reflected in our shareholders’ equity under the line item “Reserve from the sale of non-controlling interests in subsidiaries” if any, plus (iv) the reversal of the aforementioned income tax effect, plus (v) inflation accounting effect; plus (vi) the net increase in value of sold farmland, which has been recognized in either revaluation surplus or retained earnings, if any.
We believe that Adjusted Net Income is an important measure of performance for our company allowing investors to properly assess the impact of the results of our operations in our equity. In fact, results arising from the revaluation effect of our net monetary position held in foreign currency in the countries where our functional currency is the local currency do not affect the equity of the Company, when measured in foreign / reporting currency. Conversely, the tax effect resulting from the aforementioned revaluation effect does impact the equity of the Company, since it reduces/increases the income tax to be paid in each country. Accordingly we have added back the income tax effect to Adjusted Net Income.
In addition, by including the gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland, investors can also include the full value and returns generated by our land transformation activities.
Other companies may calculate Adjusted Net Income differently, and therefore our Adjusted Net Income may not be comparable to similar measures used by other companies. Adjusted Net Income is not a measure of financial performance under IFRS, and should not be considered in isolation or as an alternative to consolidated net profit (loss). This non-IFRS measure should be considered in addition to, but not as a substitute for or superior to, the information contained in our financial statements.
| ADJUSTED NET INCOME | Pro forma(1) | ||||||||||||||||
| $ thousands | 1Q26 | 1Q25 | Chg % | 1Q25 | Chg % | ||||||||||||
| Profit for the period | 43,812 | 18,707 | 134.2% | 22,387 | 95.7% | ||||||||||||
| Foreign exchange losses/(gains), net | (88,570) | (33,226) | n.a | (27,866) | n.a | ||||||||||||
| Inflation accounting effects | 6,674 | (410) | n.a | (410) | n.a | ||||||||||||
| Net results from Fair Value adjustment of Investment Property | 3,659 | 1,450 | 152.3% | 1,450 | 152.3% | ||||||||||||
| Adjusted Net Income | (34,425) | (13,479) | n.a | (4,439) | n.a | ||||||||||||
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| RECONCILIATION TO ADJUSTED EBITDA & PROFIT/LOSS | 1Q26 | 1Q25 | ||||||||||||||||||||||||||||||
| $ thousands | Sugar, Ethanol & Energy | Fertilizers | Food & Agriculture | Corp Exp | Total | Sugar, Ethanol & Energy | Fertilizers | Food & Agriculture | Corp Exp | Total | ||||||||||||||||||||||
| Sales of goods and services rendered | 120,781 | 110,302 | 162,420 | — | 393,503 | 125,587 | — | 198,069 | — | 323,656 | ||||||||||||||||||||||
| Cost of goods sold and services rendered | (86,049) | (59,127) | (150,828) | — | (296,004) | (107,183) | — | (167,660) | — | (274,843) | ||||||||||||||||||||||
| Initial recog. and changes in FV of BA and agricultural produce | 2,856 | — | 20,474 | — | 23,330 | 7,577 | — | 16,062 | — | 23,639 | ||||||||||||||||||||||
| Gain from changes in NRV of agricultural produce after harvest | (90) | — | (3,009) | — | (3,099) | (179) | — | 1,405 | — | 1,226 | ||||||||||||||||||||||
| Margin on Manufacturing and Agricultural Act. Before Opex | 37,498 | 51,175 | 29,057 | — | 117,730 | 25,802 | — | 47,876 | — | 73,678 | ||||||||||||||||||||||
| General and administrative expenses | (6,886) | (5,411) | (13,461) | (8,998) | (34,756) | (6,820) | — | (14,718) | (10,434) | (31,972) | ||||||||||||||||||||||
| Selling expenses | (15,053) | (12,057) | (24,671) | (38) | (51,819) | (11,816) | — | (24,826) | (192) | (36,834) | ||||||||||||||||||||||
| Other operating income, net | (4,238) | 389 | (3,088) | (48) | (6,985) | 1,596 | — | (2,239) | (366) | (1,009) | ||||||||||||||||||||||
| Profit from Operations Before Financing and Taxation | 11,321 | 34,096 | (12,163) | (9,084) | 24,170 | 8,762 | — | 6,093 | (10,992) | 3,863 | ||||||||||||||||||||||
| Net results from Fair value adjustment of Investment property | — | — | 3,469 | — | 3,469 | — | — | 1,443 | — | 1,443 | ||||||||||||||||||||||
| Adjusted EBIT | 11,321 | 34,096 | (8,694) | (9,084) | 27,639 | 8,762 | — | 7,536 | (10,992) | 5,306 | ||||||||||||||||||||||
| (-) Depreciation and Amortization | 29,281 | 18,451 | 10,046 | 386 | 58,164 | 21,089 | — | 9,111 | 440 | 30,640 | ||||||||||||||||||||||
| Adjusted EBITDA | 40,602 | 52,547 | 1,352 | (8,698) | 85,803 | 29,851 | — | 16,647 | (10,552) | 35,946 | ||||||||||||||||||||||
| Reconciliation to Profit/(Loss) | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | 85,803 | 35,946 | ||||||||||||||||||||||||||||||
| (+) Depreciation and Amortization | (58,164) | (30,640) | ||||||||||||||||||||||||||||||
| (+) Financial result, net | 49,288 | 11,836 | ||||||||||||||||||||||||||||||
| (+) Net results from Fair value adjustment of Investment property | (3,469) | (1,443) | ||||||||||||||||||||||||||||||
| (+) Income Tax (Charge)/Benefit | (28,066) | 3,233 | ||||||||||||||||||||||||||||||
| (+) Translation Effect (IAS 21) | (1,580) | (225) | ||||||||||||||||||||||||||||||
| Profit/(Loss) for the Period | 43,812 | 18,707 | ||||||||||||||||||||||||||||||
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Pro forma basis to give effect to Profertil's acquisition, as if such event had occurred on January 1, 2025.
| RECONCILIATION TO ADJUSTED EBITDA & PROFIT/LOSS | 1Q26 | 1Q25 | ||||||||||||||||||||||||||||||
| $ thousands | Sugar, Ethanol & Energy | Fertilizers | Food & Agriculture | Corp Exp | Total | Sugar, Ethanol & Energy | Fertilizers | Food & Agriculture | Corp Exp | Total | ||||||||||||||||||||||
| Sales of goods and services rendered | 120,781 | 110,302 | 162,420 | — | 393,503 | 125,587 | 65,743 | 198,069 | — | 389,399 | ||||||||||||||||||||||
| Cost of goods sold and services rendered | (86,049) | (59,127) | (150,828) | — | (296,004) | (107,183) | (42,928) | (167,660) | — | (317,771) | ||||||||||||||||||||||
| Initial recog. and changes in FV of BA and agricultural produce | 2,856 | — | 20,474 | — | 23,330 | 7,577 | — | 16,062 | — | 23,639 | ||||||||||||||||||||||
| Gain from changes in NRV of agricultural produce after harvest | (90) | — | (3,009) | — | (3,099) | (179) | — | 1,405 | — | 1,226 | ||||||||||||||||||||||
| Margin on Manufacturing and Agricultural Act. Before Opex | 37,498 | 51,175 | 29,057 | — | 117,730 | 25,802 | 22,815 | 47,876 | — | 96,493 | ||||||||||||||||||||||
| General and administrative expenses | (6,886) | (5,411) | (13,461) | (8,998) | (34,756) | (6,820) | (8,430) | (14,718) | (10,434) | (40,402) | ||||||||||||||||||||||
| Selling expenses | (15,053) | (12,057) | (24,671) | (38) | (51,819) | (11,816) | (10,947) | (24,826) | (192) | (47,781) | ||||||||||||||||||||||
| Other operating income, net | (4,238) | 389 | (3,088) | (48) | (6,985) | 1,596 | 198 | (2,239) | (366) | (811) | ||||||||||||||||||||||
| Profit from Operations Before Financing and Taxation | 11,321 | 34,096 | (12,163) | (9,084) | 24,170 | 8,762 | 3,636 | 6,093 | (10,992) | 7,499 | ||||||||||||||||||||||
| Net results from Fair value adjustment of Investment property | — | — | 3,469 | — | 3,469 | — | — | 1,443 | — | 1,443 | ||||||||||||||||||||||
| Adjusted EBIT | 11,321 | 34,096 | (8,694) | (9,084) | 27,639 | 8,762 | 3,636 | 7,536 | (10,992) | 8,942 | ||||||||||||||||||||||
| (-) Depreciation and Amortization | 29,281 | 18,451 | 10,046 | 386 | 58,164 | 21,089 | 8,475 | 9,111 | 440 | 39,115 | ||||||||||||||||||||||
| Adjusted EBITDA | 40,602 | 52,547 | 1,352 | (8,698) | 85,803 | 29,851 | 12,111 | 16,647 | (10,552) | 48,057 | ||||||||||||||||||||||
| Reconciliation to Profit/(Loss) | ||||||||||||||||||||||||||||||||
| Adjusted EBITDA | 85,803 | 48,057 | ||||||||||||||||||||||||||||||
| (+) Depreciation and Amortization | (58,164) | (39,115) | ||||||||||||||||||||||||||||||
| (+) Financial result, net | 49,288 | 10,409 | ||||||||||||||||||||||||||||||
| (+) Net results from Fair value adjustment of Investment property | (3,469) | (1,443) | ||||||||||||||||||||||||||||||
| (+) Income Tax (Charge)/Benefit | (28,066) | 4,704 | ||||||||||||||||||||||||||||||
| (+) Translation Effect (IAS 21) | (1,580) | (225) | ||||||||||||||||||||||||||||||
| Profit/(Loss) for the Period | 43,812 | 22,387 | ||||||||||||||||||||||||||||||
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| Condensed Consolidated Interim Financial Statments | ||
| Statement of Income | ||||||||||||||||||||
| $ thousands | 3M26 | 3M25 | Chg % | |||||||||||||||||
| Revenue | 398,680 | 325,506 | 22.5% | |||||||||||||||||
| Cost of revenue | (300,878) | (276,236) | 8.9% | |||||||||||||||||
| Initial recognition and Changes in fair value of biological assets and agricultural produce | 23,903 | 23,562 | 1.4% | |||||||||||||||||
| Changes in net realizable value of agricultural produce after harvest | (3,138) | 1,223 | (356.6)% | |||||||||||||||||
| Margin on Manufacturing and Agricultural Activities Before Operating Expenses | 118,567 | 74,055 | 60.1% | |||||||||||||||||
| General and administrative expenses | (35,825) | (32,281) | 11.0% | |||||||||||||||||
| Selling expenses | (52,978) | (37,146) | 42.6% | |||||||||||||||||
| Other operating income, net | (7,174) | (990) | 624.6% | |||||||||||||||||
| Profit from operations | 22,590 | 3,638 | 520.9% | |||||||||||||||||
| Finance income | 102,180 | 36,400 | 180.7% | |||||||||||||||||
| Finance costs | (46,218) | (24,974) | 85.1% | |||||||||||||||||
| Other financial results - Net gain / (loss) of inflation effects on the monetary items | (6,674) | 410 | (1,727.8)% | |||||||||||||||||
| Financial results, net | 49,288 | 11,836 | 316.4% | |||||||||||||||||
Profit / (loss) before income tax | 71,878 | 15,474 | 364.5% | |||||||||||||||||
| Income tax | (28,066) | 3,233 | (968.1)% | |||||||||||||||||
| Profit for the period | 43,812 | 18,707 | 134.2% | |||||||||||||||||
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| Statement of Cashflows | ||||||||||||||||||||
| $ thousands | 3M26 | 3M25 | Chg % | |||||||||||||||||
| Cash flows from operating activities: | ||||||||||||||||||||
| Profit from operations | 43,812 | 18,707 | 134.2% | |||||||||||||||||
| Adjustments for: | ||||||||||||||||||||
| Income tax (benefit) / expense | 28,066 | (3,233) | (968.1)% | |||||||||||||||||
| Depreciation | 57,637 | 30,163 | 91.1% | |||||||||||||||||
| Amortization | 1,169 | 623 | 87.6% | |||||||||||||||||
| Depreciation of right of use assets | 14,089 | 15,811 | (10.9)% | |||||||||||||||||
| Loss / (gain) from disposal of other property items | (921) | 50 | (1,942.0)% | |||||||||||||||||
| Equity settled shared-based compensation granted | 1,872 | 1,512 | 23.8% | |||||||||||||||||
| Loss / (gain) from derivative financial instruments and forwards | 7,113 | 2,209 | 222.0% | |||||||||||||||||
| Interest and other expense , net | 28,321 | 22,831 | 24.0% | |||||||||||||||||
| Initial recognition and changes in fair value of non harvested biological assets (unrealized) | (5,242) | (13,385) | (60.8)% | |||||||||||||||||
| Changes in net realizable value of agricultural produce after harvest (unrealized) | 1,521 | 1,875 | (18.9)% | |||||||||||||||||
| Provision and allowances | (229) | 22 | (1,140.9)% | |||||||||||||||||
| Net gain from fair value adjustment of Investment property | 3,659 | 1,450 | 152.3% | |||||||||||||||||
| Tax credit recognized | (3,701) | (4,595) | (19.5)% | |||||||||||||||||
| Net gain of inflation effects on the monetary items of the effect of inflation on monetary items | 6,674 | (410) | (1,727.8)% | |||||||||||||||||
| Foreign exchange gains, net | (88,570) | (33,226) | 166.6% | |||||||||||||||||
| Subtotal | 95,270 | 40,404 | 135.8% | |||||||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||||||
| Increase in trade and other receivables | (11,658) | (119,563) | (90.2)% | |||||||||||||||||
| Increase in inventories | (43,844) | (14,460) | 203.2% | |||||||||||||||||
| Decrease in biological assets | 57,405 | 72,785 | (21.1)% | |||||||||||||||||
| Decrease in other assets | 159 | 133 | 19.5% | |||||||||||||||||
| Increase in derivative financial instruments | (2,321) | (4,494) | (48.4)% | |||||||||||||||||
| (Decrease) / increase in trade and other payables | (95,160) | 4,489 | (2,219.8)% | |||||||||||||||||
| (Decrease) / increase in payroll and social security liabilities | (1,342) | 1,581 | (184.9)% | |||||||||||||||||
| (Decrease) / increase in provisions for other liabilities | (835) | 225 | (471.1)% | |||||||||||||||||
| Cash generated in operations | (2,326) | (18,900) | (87.7)% | |||||||||||||||||
| Income taxes paid | (255) | (170) | 50.0% | |||||||||||||||||
| Net cash generated from operating activities (a) | (2,581) | (19,070) | (86.5)% | |||||||||||||||||
15
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| Statement of Cashflows | ||||||||||||||||||||
| $ thousands | 3M26 | 3M25 | Chg % | |||||||||||||||||
| Cash flows from investing activities | ||||||||||||||||||||
| Acquisition of business, net of cash acquired | (396,282) | — | n . a | |||||||||||||||||
| Purchases of property, plant and equipment | (86,753) | (84,323) | 2.9% | |||||||||||||||||
| Purchase of cattle and non current biological assets planting cost | (4) | (141) | (97.2)% | |||||||||||||||||
| Purchases of intangible assets | (569) | (309) | 84.1% | |||||||||||||||||
| Interest received | 8,577 | 1,814 | 372.8% | |||||||||||||||||
| Proceeds from sale of property, plant and equipment | 389 | 208 | 87.0% | |||||||||||||||||
| Acquisition of short term | (340,495) | (44,244) | 669.6% | |||||||||||||||||
| Dispositions of short term investment | 389,084 | 28,097 | 1284.8% | |||||||||||||||||
| Net cash used in investing activities (b) | (426,053) | (98,898) | 330.8% | |||||||||||||||||
| Cash flows from financing activities | ||||||||||||||||||||
| Proceeds from EQ settled share-based compensation exercise | 312 | — | n . a | |||||||||||||||||
Interest paid (c) | (41,628) | (15,684) | 165.4% | |||||||||||||||||
| Proceeds from long-term borrowings | 230,707 | 12,522 | 1742.4% | |||||||||||||||||
| Payment of long-term borrowings | (19,815) | (21,433) | (7.5)% | |||||||||||||||||
| Proceeds from short-term borrowings | 137,162 | 142,034 | (3.4)% | |||||||||||||||||
| Payment of short-term borrowings | (69,479) | (8,733) | 695.6% | |||||||||||||||||
| Payment of derivatives financial instruments | (215) | (78) | 175.6% | |||||||||||||||||
| Lease Payments | (20,463) | (19,881) | 2.9% | |||||||||||||||||
| Purchase of own shares | — | (10,210) | (100.0)% | |||||||||||||||||
| Net cash used in financing activities (d) | 216,581 | 78,537 | 175.8% | |||||||||||||||||
| Net increase / (decrease) in cash and cash equivalents | (212,053) | (39,431) | 437.8% | |||||||||||||||||
| Cash and cash equivalents at beginning of year | 383,150 | 211,244 | 81.4% | |||||||||||||||||
Exchange gains on cash and cash equivalents (e) | 1,434 | 7,717 | (81.4)% | |||||||||||||||||
| Cash and cash equivalents at end of year | 172,531 | 179,530 | (3.9)% | |||||||||||||||||
| Combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries over: | 3M26 | 3M25 | |||||||||||||||||||||
| 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 | (f) | (4,428) | (633) | ||||||||||||||||||||
16
| ||
| Statement of Financial position | |||||||||||
| $ thousands | 3M26 | 12M25 | Chg % | ||||||||
| ASSETS | |||||||||||
| Non-Current Assets | |||||||||||
| Property, plant and equipment | 3,108,385 | 3,010,351 | 3.3% | ||||||||
| Right of use assets | 385,520 | 388,993 | (0.9)% | ||||||||
| Investment property | 24,037 | 24,037 | —% | ||||||||
| Intangible assets, net | 257,789 | 253,875 | 1.5% | ||||||||
| Biological assets | 46,491 | 40,488 | 14.8% | ||||||||
| Deferred income tax assets | 24,783 | 23,722 | 4.5% | ||||||||
| Trade and other receivables, net | 89,980 | 82,889 | 8.6% | ||||||||
| Derivative financial instruments | 3,070 | 1,888 | 62.6% | ||||||||
| Other Assets | 3,690 | 3,459 | 6.7% | ||||||||
| Total Non-Current Assets | 3,943,745 | 3,829,702 | 3.0% | ||||||||
| Current Assets | |||||||||||
| Biological assets | 250,360 | 274,256 | (8.7)% | ||||||||
| Inventories | 379,234 | 306,271 | 23.8% | ||||||||
| Trade and other receivables, net | 382,595 | 364,350 | 5.0% | ||||||||
| Derivative financial instruments | 53 | 1,243 | (95.7)% | ||||||||
| Short-term investment | 57,004 | 89,826 | (36.5)% | ||||||||
| Cash and cash equivalents | 172,531 | 383,150 | (55.0)% | ||||||||
| Total Current Assets | 1,241,777 | 1,419,096 | (12.5)% | ||||||||
| TOTAL ASSETS | 5,185,522 | 5,248,798 | (1.2)% | ||||||||
| SHAREHOLDERS EQUITY | |||||||||||
| Capital and reserves attributable to equity holders of the parent | |||||||||||
| Share capital | 221,808 | 221,808 | —% | ||||||||
| Share premium | 876,453 | 876,091 | —% | ||||||||
| Cumulative translation adjustment | (342,095) | (426,225) | (19.7)% | ||||||||
| Equity-settled compensation | 12,551 | 11,358 | 10.5% | ||||||||
| Other reserves | 150,759 | 153,237 | (1.6)% | ||||||||
| Treasury shares | (5,396) | (7,940) | (32.0)% | ||||||||
| Revaluation surplus | 250,361 | 275,709 | (9.2)% | ||||||||
| Reserve from the sale of minority interests in subsidiaries | 41,574 | 41,574 | —% | ||||||||
| Retained earnings | 549,869 | 509,730 | 7.9% | ||||||||
| Equity attributable to equity holders of the parent | 1,755,884 | 1,655,342 | 6.1% | ||||||||
| Non controlling interest | 141,433 | 136,949 | 3.3% | ||||||||
| TOTAL SHAREHOLDERS EQUITY | 1,897,317 | 1,792,291 | 5.9% | ||||||||
| LIABILITIES | |||||||||||
| Non-Current Liabilities | |||||||||||
| Trade and other payables | 620 | 700 | (11.4)% | ||||||||
| Borrowings | 1,515,727 | 1,379,921 | 9.8% | ||||||||
| Lease liabilities | 289,820 | 296,643 | (2.3)% | ||||||||
| Deferred income tax liabilities | 742,317 | 728,634 | 1.9% | ||||||||
| Payrroll and Social liabilities | 631 | 567 | 11.3% | ||||||||
| Derivatives financial instruments | 2,075 | 1,271 | 63.3% | ||||||||
| Provisions for other liabilities | 21,651 | 22,269 | (2.8)% | ||||||||
| Total Non-Current Liabilities | 2,572,841 | 2,430,005 | 5.9% | ||||||||
| Current Liabilities | |||||||||||
| Trade and other payables | 213,007 | 673,160 | (68.4)% | ||||||||
| Current income tax liabilities | 51,558 | 31,921 | 61.5% | ||||||||
| Payrroll and Social liabilities | 38,917 | 38,782 | 0.3% | ||||||||
| Borrowings | 341,331 | 213,088 | 60.2% | ||||||||
| Lease liabilities | 59,090 | 59,959 | (1.4)% | ||||||||
| Derivative financial instruments | 5,812 | 4,123 | 41.0% | ||||||||
| Provisions for other liabilities | 5,649 | 5,469 | 3.3% | ||||||||
| Total Current Liabilities | 715,364 | 1,026,502 | (30.3)% | ||||||||
| TOTAL LIABILITIES | 3,288,205 | 3,456,507 | (4.9)% | ||||||||
| TOTAL SHAREHOLDERS EQUITY AND LIABILITIES | 5,185,522 | 5,248,798 | (1.2)% | ||||||||
17
Adecoagro S.A.
Condensed Consolidated Interim Financial Statements as of March 31, 2026 and for the three-month periods ended March 31, 2026 and 2025
Legal information
Denomination: Adecoagro S.A.
Legal address: 28, Boulevard Raiffeisen, L-2411, Luxembourg
Company activity: Agricultural and agro-industrial
Date of registration: June 11, 2010
Expiration of company charter: No term defined
Number of register (RCS Luxembourg): B153.681
Issued Capital Stock: 147,872,161 common shares (Note 21)
Outstanding Capital Stock: 144,273,082 common shares
Treasury Shares: 3,599,079 common shares
F - 1
Adecoagro S.A.
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 | 4 | 398,680 | 325,506 | |||||||||||||||||||||||||||||||||||
Cost of revenue | 5 | (300,878) | (276,236) | |||||||||||||||||||||||||||||||||||
Initial recognition and changes in fair value of biological assets and agricultural produce | 15 | 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 | 6 | (35,825) | (32,281) | |||||||||||||||||||||||||||||||||||
| Selling expenses | 6 | (52,978) | (37,146) | |||||||||||||||||||||||||||||||||||
| Other operating expense, net | 8 | (7,174) | (990) | |||||||||||||||||||||||||||||||||||
| Profit from operations | 22,590 | 3,638 | ||||||||||||||||||||||||||||||||||||
Finance income | 9 | 102,180 | 36,400 | |||||||||||||||||||||||||||||||||||
Finance costs | 9 | (46,218) | (24,974) | |||||||||||||||||||||||||||||||||||
| Other financial results - Net (loss) / gain of inflation effects on the monetary items | 9 | (6,674) | 410 | |||||||||||||||||||||||||||||||||||
| Financial results, net | 9 | 49,288 | 11,836 | |||||||||||||||||||||||||||||||||||
| Profit before income tax | 71,878 | 15,474 | ||||||||||||||||||||||||||||||||||||
| Income tax (expense) / benefit | 10 | (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 | ||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 2
Adecoagro S.A.
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 | |||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 3
Adecoagro S.A.
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)
| March 31, | December 31, | |||||||||||||||||||
| Note | 2026 | 2025 | ||||||||||||||||||
| (unaudited) | ||||||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Non-Current Assets | ||||||||||||||||||||
| Property, plant and equipment, net | 11 | 3,108,385 | 3,010,351 | |||||||||||||||||
| Right of use assets | 12 | 385,520 | 388,993 | |||||||||||||||||
| Investment property | 13 | 24,037 | 24,037 | |||||||||||||||||
| Intangible assets, net | 14 | 257,789 | 253,875 | |||||||||||||||||
| Biological assets | 15 | 46,491 | 40,488 | |||||||||||||||||
| Deferred income tax assets | 10 | 24,783 | 23,722 | |||||||||||||||||
| Trade and other receivables, net | 17 | 89,980 | 82,889 | |||||||||||||||||
| Derivative financial instruments | 16 | 3,070 | 1,888 | |||||||||||||||||
| Other Assets | 3,690 | 3,459 | ||||||||||||||||||
| Total Non-Current Assets | 3,943,745 | 3,829,702 | ||||||||||||||||||
| Current Assets | ||||||||||||||||||||
| Biological assets | 15 | 250,360 | 274,256 | |||||||||||||||||
| Inventories | 18 | 379,234 | 306,271 | |||||||||||||||||
| Trade and other receivables, net | 17 | 382,595 | 364,350 | |||||||||||||||||
| Derivative financial instruments | 16 | 53 | 1,243 | |||||||||||||||||
| Short-term investments | 57,004 | 89,826 | ||||||||||||||||||
| Cash and cash equivalents | 19 | 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 | 21 | 221,808 | 221,808 | |||||||||||||||||
| Share premium | 21 | 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 | 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 | 23 | 620 | 700 | |||||||||||||||||
| Borrowings | 24 | 1,515,727 | 1,379,921 | |||||||||||||||||
| Lease liabilities | 25 | 289,820 | 296,643 | |||||||||||||||||
| Deferred income tax liabilities | 10 | 742,317 | 728,634 | |||||||||||||||||
| Payroll and social security liabilities | 26 | 631 | 567 | |||||||||||||||||
| Derivatives financial instruments | 16 | 2,075 | 1,271 | |||||||||||||||||
| Provisions for other liabilities | 27 | 21,651 | 22,269 | |||||||||||||||||
| Total Non-Current Liabilities | 2,572,841 | 2,430,005 | ||||||||||||||||||
| Current Liabilities | ||||||||||||||||||||
| Trade and other payables | 23 | 213,007 | 673,160 | |||||||||||||||||
| Current income tax liabilities | 10 | 51,558 | 31,921 | |||||||||||||||||
| Payroll and social security liabilities | 26 | 38,917 | 38,782 | |||||||||||||||||
| Borrowings | 24 | 341,331 | 213,088 | |||||||||||||||||
| Lease liabilities | 25 | 59,090 | 59,959 | |||||||||||||||||
| Derivative financial instruments | 16 | 5,812 | 4,123 | |||||||||||||||||
| Provisions for other liabilities | 27 | 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 | ||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 4
Adecoagro S.A.
Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity
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)
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 | Subtotal | 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 | 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) | — | — | (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 | — | — | — | — | — | 3,374 | — | 3,374 | ||||||||||||||||||||||||||||||||||||||
Forfeited | — | — | — | — | 2 | (2) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| Granted | — | — | — | — | (1,498) | 1,498 | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
| -Purchase of own shares (Note 21) | — | (8,623) | — | — | — | (1,587) | — | — | — | (10,210) | — | (10,210) | ||||||||||||||||||||||||||||||||||||||
| - Dividends to shareholders (Note 21) | — | (17,500) | — | — | — | — | — | — | — | (17,500) | — | (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.
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 5
Adecoagro S.A.
Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity
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)
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 | Subtotal | Non-Controlling Interest | Total Shareholders’ 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) | — | 66 | — | — | — | 312 | — | 312 | |||||||||||||||||||||||||||||||||||
| - Restricted shares and restricted units (Note 22): | |||||||||||||||||||||||||||||||||||||||||||||||
| Value of employee services | — | — | — | 1,309 | — | — | — | — | — | 1,309 | — | 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.
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 6
Adecoagro S.A.
Condensed Consolidated Interim Statements of Cash Flows
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) | 10 | 28,066 | (3,233) | |||||||||||||||||||||||
| Depreciation of property, plant and equipment | 11 | 57,637 | 30,163 | |||||||||||||||||||||||
| Depreciation of right of use assets | 12 | 14,089 | 15,811 | |||||||||||||||||||||||
| Net loss from the fair value adjustment of investment properties | 13 | 3,659 | 1,450 | |||||||||||||||||||||||
| Amortization of intangible assets | 14 | 1,169 | 623 | |||||||||||||||||||||||
| (Gain) / loss from disposal of other property items | 8 | (921) | 50 | |||||||||||||||||||||||
| Equity settled share-based compensation granted | 7 | 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 | 9 | 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) | 22 | ||||||||||||||||||||||||
| Tax credit recognized | 8 | (3,701) | (4,595) | |||||||||||||||||||||||
| Net loss / (gain) of inflation effects on the monetary items | 9 | 6,674 | (410) | |||||||||||||||||||||||
| Foreign exchange gains, net | 9 | (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) | |||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 7
Adecoagro S.A.
Condensed Consolidated Interim Statements of Cash Flows
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 | 11 | (86,753) | (84,323) | |||||||||||||||||||||||
| Purchases of cattle and non-current biological assets | (4) | (141) | ||||||||||||||||||||||||
| Purchases of intangible assets | 14 | (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 | 16 | 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 | 24 | 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 | 19 | 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 | 19 | 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 | (f) | (4,428) | (633) | |||||||||||
For non-cash transactions, see Note 12 for right of use assets.
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 8
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)
1. 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.
2. 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
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 9
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)
2. 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 | |||||||||||||||||
| Net monetary position (Liability)/ Asset | Argentine Peso | Brazilian Reais | Chilean Peso | US Dollar | Total | ||||||||||||
| Argentine Peso | 35,527 | — | — | 22,488 | 58,015 | ||||||||||||
| Brazilian Reais | — | (659,043) | — | — | (659,043) | ||||||||||||
| US Dollar | (844,219) | (269,241) | 1,923 | (210,849) | (1,322,386) | ||||||||||||
| Uruguayan Peso | — | — | — | (1,378) | (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 | |||||||||||||||||
Net monetary position | Argentine Peso | 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) | |||||||||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 10
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)
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 | |||||||||||||||||||||||||||||
| Rate per currency denomination | Argentine Peso | Brazilian Reais | US Dollar | Total | |||||||||||||||||||||||||
| Fixed rate: | |||||||||||||||||||||||||||||
| Brazilian Reais | — | 111,361 | — | 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 | — | 218,721 | |||||||||||||||||||||||||
| Euro | — | — | 28,863 | 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 | |||||||||||
| Rate per currency denomination | Brazilian Reais | US Dollar | Total | ||||||||
| Variable rate: | |||||||||||
| Brazilian Reais | (2,187) | — | (2,187) | ||||||||
| Euro | — | (289) | (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:
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 11
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)
2. Financial risk management (continued)
§ Futures / Options
| March 31, 2026 | ||||||||||||||||||||||||||
| Type of | Quantities (thousands) (**) | Notional | Market | Profit / (Loss) (*) | ||||||||||||||||||||||
| derivative contract | amount | Value Asset/ (Liability) | ||||||||||||||||||||||||
| (unaudited) | (unaudited) | |||||||||||||||||||||||||
| Futures: | ||||||||||||||||||||||||||
| Sale | ||||||||||||||||||||||||||
| Soybean | 6 | 1,944 | (17) | (18) | ||||||||||||||||||||||
| Wheat | 1 | 205 | (9) | (9) | ||||||||||||||||||||||
| Sugar | 26 | 8,835 | (134) | (1,774) | ||||||||||||||||||||||
| Options: | ||||||||||||||||||||||||||
| Buy put | ||||||||||||||||||||||||||
| Sugar | 24 | 361 | (610) | (403) | ||||||||||||||||||||||
| Sell call | ||||||||||||||||||||||||||
| Sugar | 69 | (1,683) | (680) | (1,141) | ||||||||||||||||||||||
| Total | 126 | 9,662 | (1,450) | (3,345) | ||||||||||||||||||||||
(*) 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:
a) 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.
b) 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.
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 12
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)
2. 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.
3. 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”.
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 13
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)
3. 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
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 14
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)
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:
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 15
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)
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) | — | (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) | 21 | (2,218) | (366) | (2) | (368) | (1,009) | 19 | (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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 16
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)
3. Segment information (continued)
Segment analysis for the three-month period ended March 31, 2026 (unaudited)
| Sugar, Ethanol and Energy | Fertilizers | 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) | — | (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) | — | (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 | — | 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 | ||||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 17
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)
3. Segment information (continued)
Segment analysis for the three-month period ended March 31, 2025 (unaudited)
| Sugar, Ethanol and Energy | Fertilizers | 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) | — | (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) | — | (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 | — | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 18
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)
4. 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 | 38 | 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 | 22 | ||||||||||||
| 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.
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 19
Adecoagro S.A.
Notes to the Condensed Consolidated Interim Financial Statements (continued)
(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)
4. 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.
5. Cost of revenue
The following tables show our cost of revenue for the periods indicated:
| Three-month ended March 31, 2026 (unaudited) | |||||||||||||||||||||||
Sugar, Ethanol and Energy | Fertilizers | Food and Agriculture | Total | ||||||||||||||||||||
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) | (16,473) | |||||||||||||||||||
Direct agricultural selling expenses | — | — | 3,349 | 3,349 | |||||||||||||||||||
Tax recoveries (i) | (11,695) | — | — | (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) | (19,157) | ||||||||||||||||||||||||||||||||||||||
Direct agricultural selling expenses | — | 2,041 | 2,041 | ||||||||||||||||||||||||||||||||||||||
Tax recoveries (i) | (10,389) | — | (10,389) | ||||||||||||||||||||||||||||||||||||||
Changes in net realizable value of agricultural produce after harvest | (179) | 1,402 | 1,223 | ||||||||||||||||||||||||||||||||||||||
| Loss of idle productive capacity | 9,488 | — | 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.
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 20
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)
6. 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) | |||||||||||||||||||||||||||||||||||||||||
| Cost of production of manufactured products (Note 5) | General and Administrative Expenses | Selling Expenses | Total | ||||||||||||||||||||||||||||||||||||||
| Sugar, Ethanol and Energy | Fertilizers | Food and Agriculture | Total | ||||||||||||||||||||||||||||||||||||||
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 | — | — | 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 | 83 | 57 | 3,250 | 3,630 | 40 | 6,920 | ||||||||||||||||||||||||||||||||||
Fuel, lubricants and others | 6,223 | — | 1,404 | 7,627 | 367 | 58 | 8,052 | ||||||||||||||||||||||||||||||||||
Maintenance and repairs | 6,538 | 3,205 | 3,158 | 12,901 | 1,696 | 703 | 15,300 | ||||||||||||||||||||||||||||||||||
Freights | 78 | 5,479 | 3,505 | 9,062 | — | 18,996 | 28,058 | ||||||||||||||||||||||||||||||||||
Export taxes / selling taxes | — | 158 | — | 158 | — | 14,675 | 14,833 | ||||||||||||||||||||||||||||||||||
Export expenses | — | — | — | — | — | 5,691 | 5,691 | ||||||||||||||||||||||||||||||||||
Contractors and services | 2,707 | 860 | 630 | 4,197 | 1,383 | 845 | 6,425 | ||||||||||||||||||||||||||||||||||
Energy transmission | — | — | — | — | — | 584 | 584 | ||||||||||||||||||||||||||||||||||
Energy power | 367 | — | 2,597 | 2,964 | 328 | 47 | 3,339 | ||||||||||||||||||||||||||||||||||
Professional fees | 140 | — | 84 | 224 | 2,812 | 224 | 3,260 | ||||||||||||||||||||||||||||||||||
Other taxes | 1,202 | — | 132 | 1,334 | 92 | 46 | 1,472 | ||||||||||||||||||||||||||||||||||
Contingencies | — | — | — | — | 563 | — | 563 | ||||||||||||||||||||||||||||||||||
Lease expense and similar arrangements | — | — | 411 | 411 | 670 | 202 | 1,283 | ||||||||||||||||||||||||||||||||||
Third parties raw materials | 2,536 | — | 23,536 | 26,072 | — | — | 26,072 | ||||||||||||||||||||||||||||||||||
Tax recoveries | (469) | — | — | (469) | — | — | (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 | — | — | 80,854 | ||||||||||||||||||||||||||||||||||
Total | 74,595 | 66,484 | 128,805 | 269,884 | 35,825 | 52,978 | 358,687 | ||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 21
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)
6. Expenses by nature (continued)
| Three-month ended March 31, 2025 (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of production of manufactured products (Note 5) | General and Administrative Expenses | Selling Expenses | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Sugar, Ethanol and Energy | Food and Agriculture | 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 | 16 | 6,553 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fuel, lubricants and others | 5,286 | 1,121 | 6,407 | 378 | 74 | 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 | 8,315 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Export expenses | — | — | — | — | 6,971 | 6,971 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractors and services | 1,297 | 589 | 1,886 | — | — | 1,886 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy transmission | — | — | — | — | 300 | 300 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Energy power | 185 | 2,600 | 2,785 | 186 | 50 | 3,021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Professional fees | 127 | 74 | 201 | 5,937 | 138 | 6,276 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other taxes | 1,178 | 131 | 1,309 | 517 | 89 | 1,915 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Contingencies | — | — | — | 410 | — | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 22
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)
7. 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 | ||||||||||
8. 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) | ||||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 23
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)
9. 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 | |||||||||||||||||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 24
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)
10. 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.
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 25
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)
10. 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.
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 26
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)
11. Property, plant and equipment, net
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 progress | 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) | — | — | — | — | — | — | (32,951) | |||||||||||||||||||||||||||||||||||||||
| Transfers | — | — | 3,342 | 2,376 | — | (1) | (5,717) | — | |||||||||||||||||||||||||||||||||||||||
| Disposals | — | — | (466) | (191) | — | (21) | — | (678) | |||||||||||||||||||||||||||||||||||||||
| Reclassification to non-income tax credits (*) | — | — | — | (56) | — | — | — | (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) | — | — | — | — | — | — | (103,966) | |||||||||||||||||||||||||||||||||||||||
| Transfers | — | — | 2,340 | 513 | — | — | (2,853) | — | |||||||||||||||||||||||||||||||||||||||
| Disposals | — | — | (1,876) | (290) | — | (11) | — | (2,177) | |||||||||||||||||||||||||||||||||||||||
| Reclassification to non-income tax credits (*) | — | — | — | (20) | — | — | — | (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
Adecoagro S.A.
Notes to the Condensed Consolidated Interim Financial Statements (continued)
(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)
11. 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.
12. 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 | 90 | 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.
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 28
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)
13. 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.”
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 29
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)
14. 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 | 44 | 1,800 | |||||||||||||||||||||||||||
| Additions | — | 309 | — | — | 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 | |||||||||||||||||||||||||||
(i) 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.
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 30
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)
15. 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) | |||||||||||||||||
Sugarcane (i) | Food and 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 | 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 | ||||||||||||||||||||||||||||||||
(i)Biological assets that are measured at fair value within level 3 of the hierarchy.
(ii)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.
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 31
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)
15. Biological assets (continued)
Cost of production for the three-month period ended March 31, 2026:
| March 31, 2026 | |||||||||||||||||
| (unaudited) | |||||||||||||||||
| Sugar, Ethanol and Energy | Food and Agriculture | Total | |||||||||||||||
Salaries, social security expenses and employee benefits | 4,373 | 5,138 | 9,511 | ||||||||||||||
Depreciation and amortization | 1,395 | — | 1,395 | ||||||||||||||
Depreciation of right-of-use assets | 4,903 | — | 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 | 790 | ||||||||||||||
Contractors and services | 5,518 | 26,251 | 31,769 | ||||||||||||||
Feeding expenses | — | 6,102 | 6,102 | ||||||||||||||
Veterinary expenses | — | 866 | 866 | ||||||||||||||
Energy power | — | 3,012 | 3,012 | ||||||||||||||
Professional fees | 81 | 157 | 238 | ||||||||||||||
Other taxes | — | 316 | 316 | ||||||||||||||
Lease expense and similar arrangements | 86 | 5,073 | 5,159 | ||||||||||||||
Others | 590 | 1,409 | 1,999 | ||||||||||||||
Subtotal | 35,716 | 61,818 | 97,534 | ||||||||||||||
Own agricultural produce consumed | — | 5,084 | 5,084 | ||||||||||||||
Total | 35,716 | 66,902 | 102,618 | ||||||||||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 32
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)
15. Biological assets (continued)
Cost of production for the three-month period ended March 31, 2025:
| March 31, 2025 | |||||||||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||||||||
| Sugar, Ethanol and Energy | Food and Agriculture | Total | |||||||||||||||||||||||||||||||||
Salaries, social security expenses and employee benefits | 2,982 | 9,855 | 12,837 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 588 | — | 588 | ||||||||||||||||||||||||||||||||
| Depreciation of right-of-use assets | 6,089 | — | 6,089 | ||||||||||||||||||||||||||||||||
Fertilizers, agrochemicals and seeds | 11,216 | 25,259 | 36,475 | ||||||||||||||||||||||||||||||||
Fuel, lubricants and others | 1,471 | 1,518 | 2,989 | ||||||||||||||||||||||||||||||||
Maintenance and repairs | 842 | 3,754 | 4,596 | ||||||||||||||||||||||||||||||||
Freights | — | 800 | 800 | ||||||||||||||||||||||||||||||||
Contractors and services | 3,761 | 27,734 | 31,495 | ||||||||||||||||||||||||||||||||
Feeding expenses | — | 6,186 | 6,186 | ||||||||||||||||||||||||||||||||
Veterinary expenses | — | 1,069 | 1,069 | ||||||||||||||||||||||||||||||||
Energy power | — | 3,179 | 3,179 | ||||||||||||||||||||||||||||||||
Professional fees | 62 | 346 | 408 | ||||||||||||||||||||||||||||||||
Other taxes | 10 | 331 | 341 | ||||||||||||||||||||||||||||||||
Lease expense and similar arrangements | 72 | 2,242 | 2,314 | ||||||||||||||||||||||||||||||||
Others | 195 | 1,506 | 1,701 | ||||||||||||||||||||||||||||||||
Subtotal | 27,288 | 83,779 | 111,067 | ||||||||||||||||||||||||||||||||
Own agricultural produce consumed | — | 4,759 | 4,759 | ||||||||||||||||||||||||||||||||
Total | 27,288 | 88,538 | 115,826 | ||||||||||||||||||||||||||||||||
Biological assets as of March 31, 2026 and December 31, 2025 were as follows:
| March 31, 2026 | December 31, 2025 | ||||||||||
(unaudited) | |||||||||||
Non-current | |||||||||||
Cattle for dairy production | 45,698 | 39,810 | |||||||||
Breeding cattle | 293 | 271 | |||||||||
Other cattle | 500 | 407 | |||||||||
| 46,491 | 40,488 | ||||||||||
Current | |||||||||||
Breeding cattle | 20,629 | 14,325 | |||||||||
Other cattle | 1,002 | 937 | |||||||||
Sown land – crops | 73,386 | 51,384 | |||||||||
Sown land – rice | 11,227 | 80,263 | |||||||||
Sown land – sugarcane | 144,116 | 127,347 | |||||||||
| 250,360 | 274,256 | ||||||||||
Total biological assets | 296,851 | 314,744 | |||||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 33
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)
16. 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 | 78 | 3,045 | 3,123 | ||||||||||||||
| Short-term investment | 57,004 | — | 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 | ||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 34
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)
16. 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 | - | - | 1 | (160) | |||||||||||||||||||||||||||
| Options | Quoted price | - | - | 1 | (1,290) | |||||||||||||||||||||||||||
| NDF | Quoted price | Foreign-exchange curve | Present value method | 1 | (85) | |||||||||||||||||||||||||||
| Interest-rate swaps | Theoretical price | Money market interest-rate curve. | Present value method | 2 | (3,229) | |||||||||||||||||||||||||||
| Public securities | Quoted price | - | - | 1 | 57,004 | |||||||||||||||||||||||||||
17. Trade and other receivables, net
| March 31, 2026 | December 31, 2025 | ||||||||||
| (unaudited) | |||||||||||
| 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).
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 35
Adecoagro S.A.
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 | ||||||||||
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 36
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:
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 37
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)
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.
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 38
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)
20. 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.
21. 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$9.0 million through the cancellation of 6,000,000 treasury shares with a nominal value of
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 39
Adecoagro S.A.
Notes to the Condensed Consolidated Interim Financial Statements
(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)
21. Shareholder’s contribution (continued)
US$1.50 each. As a result, as from June 6, 2025, the Company’s issued share capital amounted to US$158,072,722.50, represented by 105,381,815 shares in issue with a nominal value of US$1.50 each.
Share Repurchase Program
On September 24, 2013, the Board of Directors of the Company has authorized a share repurchase program for up to 5% of its outstanding shares. The repurchase program has commenced on September 24, 2013 and is reviewed by the Board of Directors after each 12-month period. On December 11, 2024, the Board of Directors approved the renewal of the program, and also its extension for an additional twelve-month period, ending December 31, 2025. No further extension was approved.
As of March 31, 2026, the Company repurchased an aggregate of 32,299,783 shares under the program, of which 11,838,504 have been utilized to cover the exercise of the Company’s employee stock option plan and the granted of the restricted stock plan and 11 million shares were reduced from capital. During the three-month periods ended March 31, 2026 and 2025 the Company repurchased shares for an amount of nil and 1,057,858 respectively.
Annual dividends
On April 16, 2026, the Company’s general shareholders’ meeting approved the payment of an annual dividend of $35 million payable in two installments that will be paid on May, 2026 and November, 2026, respectively.Because the dividend was approved after March 31, 2026, no liability has been recognized in these condensed consolidated interim financial statements.
On June 17, 2025, the Company’s general shareholders’ meeting approved the payment of an annual dividend of $35 million payable in two installments in May 16, 2025 and November 19, 2025, respectively.
22. Equity-settled share-based payments
In 2004, the Group established the “2004 Incentive Option Plan” (“Option Schemes”) under which the Group granted equity-settled options to senior managers and selected employees of the Group’s subsidiaries.
Further, in 2010, the Group established the “Adecoagro Restricted Share and Restricted Stock Unit Plan” (the “Restricted Share Plan”) under which the Group grants restricted shares, or restricted stock units to directors of the Board, senior and medium management and key employees of the Group.
(a)Option Schemes
No expense was accrued for both periods under the Options Schemes.
As of March 31, 2026, 44,256 options (March 31, 2025: nil) were exercised. No options were forfeited or expired for any of the periods presented.
(b)Restricted Share and Restricted Stock Unit Plan
On April 1, 2025, and as a consequence of the Possible acquisition as of that date, from Tether Investment S.A. de C.V. of the controlling interest of the Company, it was decided, as specified in the plan for a circumstance like this, an acceleration of the vesting of all granted restricted shares. As of March 31, 2026, the Group recognized compensation expense of US$ 1.9 million related to the restricted shares granted under the Restricted Share Plan (March 31, 2025: US$ 1.5 million). For the three-month period ended March 31, 2026, 1,652,040 Restricted Shares were granted (March 31, 2025: 998,778), nil were vested (March 31, 2025: nil), and nil Restricted shares were forfeited (March 31, 2025: 1,541).
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 40
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)
23. Trade and other payables
| March 31, 2026 | December 31, 2025 | ||||||||||
| (unaudited) | |||||||||||
| Non-current | |||||||||||
| Other payables | 620 | 700 | |||||||||
| 620 | 700 | ||||||||||
| Current | |||||||||||
| Trade payables | 179,620 | 226,568 | |||||||||
| Advances from customers | 12,162 | 21,892 | |||||||||
| Amounts due to related parties (Note 28) | 11 | 705 | |||||||||
| Taxes payable | 18,129 | 14,467 | |||||||||
| Dividends payables | 525 | 499 | |||||||||
| Payables from acquisition of subsidiaries | — | 405,999 | |||||||||
| Other payables | 2,560 | 3,030 | |||||||||
| 213,007 | 673,160 | ||||||||||
| Total trade and other payables | 213,627 | 673,860 | |||||||||
The fair values of current trade and other payables approximate their respective carrying amounts due to their short-term nature. The fair values of non-current trade and other payables approximate their carrying amount, as the impact of discounting is not significant.
24. Borrowings
| March 31, 2026 | December 31, 2025 | ||||||||||
| (unaudited) | |||||||||||
| Non-current | |||||||||||
| Senior Notes (*) | 794,742 | 814,306 | |||||||||
| Bank borrowings (*) | 720,985 | 565,615 | |||||||||
| 1,515,727 | 1,379.921 | ||||||||||
| Current | |||||||||||
| Senior Notes (*) | 7,552 | 21,942 | |||||||||
| Bank overdrafts | — | 82 | |||||||||
| Bank borrowings (*) | 333,779 | 191,064 | |||||||||
| 341,331 | 213.088 | ||||||||||
| Total borrowings | 1,857,058 | 1,593.009 | |||||||||
(*) As of March 31, 2026, the Group was in compliance with the related financial covenants under the respective loan agreements.
As of March 31, 2026, total bank borrowings include collateralized liabilities of US$488,359 (December 31, 2025: US$274,087). These loans were mainly collateralized by property, plant and equipment, long term purchases agreement and shares of certain subsidiaries of the group.
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 41
Adecoagro S.A.
Notes to the Condensed Consolidated Interim Financial Statements
(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)
24. Borrowings (continued)
Notes 2032
On July 29, 2025, the Company issued senior notes (the “Notes”) for US$ 500 million, at an annual nominal rate of 7.5%. The Notes will mature on July 29, 2032. Interest on the Notes is payable semi-annually in arrears on January 29 and July 29 of each year. The total proceeds nets of expenses was US$ 496.8 million.
The Notes are fully and unconditionally guaranteed on a senior unsecured basis by certain of our current and future subsidiaries, currently: Adeco Agropecuaria S.A., L3N S.A., Pilagá S.A., Adecoagro Vale do Ivinhema S.A., Adecoagro Uruguay S.A. and Profertil S.A. are the only Subsidiary Guarantors.
Notes 2027
On September 21, 2017, the Company issued senior notes (the “Notes”) for US$ 500 million, at an annual nominal rate of 6%. The Notes will mature on September 21, 2027. Interest on the Notes is payable semi-annually in arrears on March 21 and September 21 of each year. Total proceeds nets of expenses was US$ 495.2 million.
The Notes are fully and unconditionally guaranteed on a senior unsecured basis by certain of our current and future subsidiaries, currently: Adeco Agropecuaria S.A., Adecoagro Brasil Participações S.A., Adecoagro Vale do Ivinhema S.A., Pilagá S.A., Usina Monte Alegre Ltda. and Profertil S.A. are the only Subsidiary Guarantors.
The Company carried out two tender offers for its Notes due 2027, cancelling US$84.4 million in August 2024 and US$150.9 million in July 2025. During 2026, an additional US$19.8 million were cancelled, leaving US$244.9 million outstanding as of March 31, 2026.
The Notes 2027 and 2032 contain customary financial covenants and restrictions which require us to meet pre-defined financial ratios, among other restrictions.
ON Class II 2027
On July 14, 2025, the Company subsidiary Profertil S.A issued its second series of Simple Negotiable Obligations (non-convertible into shares), Class 2, with a nominal value of US$54.3 million, at a fixed annual nominal interest rate of 7.25%, with a term of 2 years. These obligations will be amortized in a single payment at maturity, with semi-annual interest payments.These notes were issued before the Group obtained control of Profertil S.A. and are included in the Group’s borrowings following the consolidation of Profertil S.A.
On May 6, 2026, Profertil S.A. issued USD 70 million in Corporate Bonds (third series). The notes feature a 5.75% fixed annual interest rate, maturing in 3.5 years with a bullet principal repayment and semi-annual interest payments (November and May).
New credit facility with Rabobank
In January 2026, the company, through its subsidiary Kadesh Hispania S.L.U., entered into a credit facility with Rabobank totaling USD 200 million, maturing in 2033 at an annual interest rate of 6.95%; this debt is secured with shares of Agro Inversora S.A. It contains customary financial covenants, which all are in compliance.
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 42
Adecoagro S.A.
Notes to the Condensed Consolidated Interim Financial Statements
(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)
24. Borrowings (continued)
The maturity of the Group’s borrowings and the Group’s exposure to fixed and variable interest rates is as follows:
| March 31, 2026 | December 31, 2025 | ||||||||||
| (unaudited) | |||||||||||
| Fixed rate: | |||||||||||
Less than 1 year | 284,996 | 163,558 | |||||||||
Between 1 and 2 years | 404,946 | 461,985 | |||||||||
Between 2 and 3 years | 79,179 | 42,641 | |||||||||
Between 3 and 4 years | 74,668 | 37,013 | |||||||||
Between 4 and 5 years | 91,560 | 37,442 | |||||||||
More than 5 years | 674,125 | 616,852 | |||||||||
| 1,609,474 | 1,359,491 | ||||||||||
Variable rate: | |||||||||||
Less than 1 year | 56,335 | 49,530 | |||||||||
Between 1 and 2 years | 85,244 | 83,053 | |||||||||
Between 4 and 5 years | 23,925 | 12,069 | |||||||||
More than 5 years | 82,080 | 88,866 | |||||||||
| 247,584 | 233,518 | ||||||||||
| 1,857,058 | 1,593,009 | ||||||||||
The breakdown of the Group’s borrowing by currency is included in Note 2 - Interest rate risk.
The carrying amount of short-term borrowings is approximate its fair value due to the short-term maturity. Long term borrowings subject to variable rate approximate their fair value. The fair value of long-term subject to fix rate do not significant differ from their fair value. The fair value (level 2) of the senior notes 2027, notes 2032 and ON Class II 2027 equal US$ 242.1 million, US$ 491.7 million and US$ 55.2 million, respectively, representing 98.84%, 98.33% and 101.56% of the nominal amount, respectively.
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 43
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)
25. Lease liabilities
| March 31, 2026 | December 31, 2025 | ||||||||||
| (unaudited) | |||||||||||
| Non-current | 289,820 | 296,643 | |||||||||
| Current | 59,090 | 59,959 | |||||||||
| 348,910 | 356,602 | ||||||||||
The maturity of the Group's lease liabilities is as follows:
| March 31, 2026 | December 31, 2025 | ||||||||||
| (unaudited) | |||||||||||
| Less than 1 year | 59,090 | 59,959 | |||||||||
| Between 1 and 2 years | 59,030 | 58,175 | |||||||||
| Between 2 and 3 years | 47,337 | 49,902 | |||||||||
| Between 3 and 4 years | 39,629 | 40,325 | |||||||||
| Between 4 and 5 years | 35,120 | 35,393 | |||||||||
| More than 5 years | 108,704 | 112,848 | |||||||||
| 348,910 | 356,602 | ||||||||||
26. Payroll and social security liabilities
| March 31, 2026 | December 31, 2025 | ||||||||||
| (unaudited) | |||||||||||
| Non-current | |||||||||||
| Social security payable | 631 | 567 | |||||||||
| 631 | 567 | ||||||||||
| Current | |||||||||||
| Salaries payable | 9,972 | 8,353 | |||||||||
| Social security payable | 7,531 | 8,060 | |||||||||
| Provision for vacations | 13,472 | 15,707 | |||||||||
| Provision for bonuses | 7,942 | 6,662 | |||||||||
| 38,917 | 38,782 | ||||||||||
| Total payroll and social security liabilities | 39,548 | 39,349 | |||||||||
27. Provisions for other liabilities
The Group is subject to several laws, regulations and business practices of the countries where it operates. In the ordinary course of business, the Group is subject to certain contingent liabilities with respect to existing or potential claims, lawsuits and other proceedings, including those involving tax, labor and social security, administrative and civil and other matters. The Group accrues liabilities when it is probable that future costs will be incurred and it can reasonably estimate them. The Group bases its accruals on up-to-date developments, estimates of the outcomes of the matters and legal counsel experience in contesting, litigating and settling matters. As the scope of the liabilities becomes better defined or more information is available, the Group may be required to change its estimates of future costs, which could have a material effect on its results of operations and financial condition or liquidity. There have been no material changes to claimed amounts and current proceedings since December 31, 2025.
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 44
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)
28. Related-party transactions
The following is a summary of the balances and transactions with related parties:
| Related party | Relationship | Description of transaction | Income / (expense) included in the statement of income | Balance receivable / (payable) | Acquisition | ||||||||||||||||||||||||||||||||||||
| March 31, 2026 | March 31, 2025 | March 31, 2026 | December 31, 2025 | March 31, 2026 | |||||||||||||||||||||||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||||||||||||||||
| Directors and senior management | Employment | Compensation selected employees | (2,478) | (1,642) | (12,650) | (11,457) | — | ||||||||||||||||||||||||||||||||||
| Consultant | Payables | (105) | — | — | — | — | |||||||||||||||||||||||||||||||||||
| Employment | Receivables | 53 | — | 15,761 | 16,359 | ||||||||||||||||||||||||||||||||||||
Zettahash, S.A. de C.V. | Affiliate | Acquisition of property plant and equipment | — | — | — | — | 11,471 | ||||||||||||||||||||||||||||||||||
| Rio Porá S.A. | Affiliate | Leases / Payables | (27) | — | (796) | (1,602) | — | ||||||||||||||||||||||||||||||||||
29. Basis of preparation and presentation
The information presented in the accompanying condensed consolidated interim financial statements (“interim financial statements”) as of March 31, 2026 and for the three-month periods ended March 31, 2026 and 2025 is unaudited and in the opinion of management reflect all adjustments necessary to present fairly the financial position of the Group as of March 31, 2026, results of operations and cash flows for the three-month periods ended March 31, 2026 and 2025. All such adjustments are of a normal recurring nature. In preparing these accompanying interim financial statements, management has made certain estimates and assumptions that affect reported amounts in the financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results.
These interim financial statements have been prepared in accordance with International Accounting Standard 34 (IAS 34), ‘Interim financial reporting’ as issued by the International Accounting Standards Board (IASB) and they should be read in conjunction with the annual financial statements for the year ended December 31, 2025, which have been prepared in accordance with IFRS Accounting Standards as issued by the IASB.
The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the Group’s consolidated financial statements for the year ended December 31, 2025.
Seasonality of operations
The Group’s business activities are inherently seasonal. The Group generally harvest and sell its grains (corn, soybean, rice and sunflower) between February and August, with the exception of wheat, which is harvested from December to January. Peanut is harvested from April to May, and revenue are executed with higher intensity during the third quarter of the year. Cotton is a unique in that while it is typically harvested from June to August, it requires processing which takes about two to three months to complete. Revenue in our Dairy business segment tend to be more stable. However, milk production is generally higher during the fourth quarter, when the weather is more suitable for production. Although our Sugar, Ethanol and Electricity cluster is currently operating under a “non-stop” or “continuous” harvest and without stopping during traditional off-season, the rest of the sector in Brazil is still primarily operating with large off-season periods from December/January to March/April. The result of large off-season periods is fluctuations in our sugar and ethanol revenue and in our inventories, usually peaking in December to take advantage of higher prices during the traditional off-season period (i.e., January through April). In the case of fertilizers, sales are typically concentrated from May to August, reflecting demand for spring planting of major summer crops in Argentina. As a result of the above factors, there may be significant variations in our financial results from one quarter to another. In
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 45
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)
29. Basis of preparation and presentation (continued)
addition, our quarterly results may vary as a result of the effects of fluctuations in commodities prices, production yields and costs on the determination of initial recognition and changes in fair value of biological assets and agricultural produce.
The accompanying notes are an integral part of these condensed consolidated interim financial statements
F- 46