Adecoagro S.A.: Adjusted EBITDA reached $471.8 million in 9M26, reaching an all-time high for a nine-month period. Monthly records set for urea and ammonia production and strong cane productivity.

Higher acquisition-related interest expenses and income taxes weighed on adjusted net income despite record nine-month adjusted EBITDA.

Rhea-AI Summary

Adecoagro (NYSE: AGRO) reported record adjusted EBITDA of $471.8 million for the first nine months of 2026, led by fertilizers.

Fertilizers adjusted EBITDA reached $283.1 million, up 64.9% on a pro forma basis assuming Profertil was acquired January 1, 2025. Sugar, Ethanol & Energy adjusted EBITDA fell 10.7% to $195.0 million. Food & Agriculture quarterly adjusted EBITDA rose to $12.6 million from $1.5 million; nine-month results were unchanged at $18.9 million.

Adjusted net income declined in both periods, mainly reflecting higher acquisition-related interest expenses and income taxes. Pro forma net debt to trailing-12-month adjusted EBITDA was 3.2x. Caarapó mill entered segment metrics September 1, 2026. The company expects record 2026 crushing, including Caarapó, with mid-double-digit growth versus 2025, assuming normal weather through year-end.

22 points · 1 major

PositiveiHow this balance works

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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How the balance worksHow Sentiment works

0 major · 10 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointNine-month adjusted EBITDA reached an all-time nine-month high of $471.8 million.
• Moderate pointFertilizers nine-month adjusted EBITDA reached $283.1 million, up 64.9% pro forma assuming Profertil acquisition January 1, 2025.
• Moderate pointFertilizers nine-month sales rose 25.0%, supported by higher volumes and average prices of $561/ton, up 16.9% year-over-year.
• Moderate pointUrea production increased 4.1% in 3Q26 and 11.4% in 9M26 year-over-year.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Fertilizers outlook anticipates adjusted EBITDA above prior years, supported by prices, production and cost efficiencies.
• Moderate pointFood & Agriculture quarterly adjusted EBITDA rose to $12.6 million from $1.5 million in 3Q25.
• Moderate pointSugarcane nine-month crushing rose 5.9% year-over-year to 10.4 million tons.
• Moderate pointRecoverable sugar per hectare increased 24.0% in 9M26 and 31.0% in 3Q26 year-over-year.

14 minor points

• Minor pointFertilizers adjusted EBITDA reached $109.3 million in 3Q26, up 7.4% on a pro forma year-over-year basis.
• Minor pointFertilizers sales rose 16.0% in 3Q26, with urea volumes up 30.8%.
• Minor pointFertilizers production efficiencies and higher output supported cost dilution.
• Minor pointUrea and ammonia production each set another monthly record in October.
• Minor pointFood & Agriculture quarterly sales increased, supported by UHT milk performance and higher white rice volumes.
• Minor pointGrain and rice yields increased during the 2025/26 harvest, alongside higher rice and dairy processing volumes.
• Minor pointFood & Agriculture recorded year-over-year biological asset gains from better corn and peanut yields.
• Minor pointHigher ethanol sales volumes partly offset weaker sugar sales, capturing an all-in average net price of $503/m³.
• Minor pointSugar hedges cover 100% of 2026 production at 16.5 cts/lb and 41% of 2027 production at 18.3 cts/lb.
• Minor point. Forward-looking: it has not happened yet and may not happen.Ethanol sales are being accelerated to capture stronger prices supported by higher demand.
• Minor point. Forward-looking: it has not happened yet and may not happen.The 2026/27 planting plan forecasts 245.4 thousand hectares, 2.9% above the previous campaign.
• Minor point. Forward-looking: it has not happened yet and may not happen.Crop yield forecasts are in line to slightly above historical averages, supported by expected above-average rainfall.
• Minor point. Forward-looking: it has not happened yet and may not happen.Dairy outlook anticipates continued performance gains; October cow productivity reached a record 41 liters/cow/day.
• Minor point. Forward-looking: it has not happened yet and may not happen.The company expects higher results to support further deleveraging.

Negative

• Moderate pointAdjusted net income declined year-over-year in 3Q26 and 9M26, mainly from higher interest expenses and income taxes.
• Moderate pointPro forma net debt to trailing-12-month adjusted EBITDA stood at 3.2x following acquisition-related borrowing.
• Moderate pointSugar, Ethanol & Energy nine-month adjusted EBITDA fell 10.7% year-over-year to $195.0 million.
• Moderate pointThird-quarter crushing declined 5.1% following above-average September rainfall.
• Moderate pointSugar, Ethanol & Energy net sales declined on lower sugar prices and volumes.
• Moderate pointNine-month sugar production costs rose to 9.2 cts/lb from 8.3 cts/lb; local-currency costs remained broadly flat.

4 minor points

• Minor pointSugar, Ethanol & Energy quarterly adjusted EBITDA fell 16.0% year-over-year to $101.1 million.
• Minor pointSugar, Ethanol & Energy recorded year-over-year biological asset losses on lower Consecana prices.
• Minor point. Forward-looking: it has not happened yet and may not happen.Record 2026 crushing and mid-double-digit growth expectations depend on normal weather through year-end and include Caarapó.
• Minor pointFood & Agriculture faced higher costs in U.S. dollar terms.

News Explained

Adecoagro reports pro forma net debt to trailing-12-month adjusted EBITDA of 3.2x, compared with 3.0x excluding Caarapó; this company-stated comparison shows the reported leverage measure with the mill included is higher than the exclusion case.

Key Figures

Adjusted EBITDA: $471.8 million Net Debt/LTM Adjusted EBITDA: 3.2x Fertilizers Adjusted EBITDA: $283.1 million +4 more

Adjusted EBITDA

$471.8 million

9M26; all-time high for a nine-month period

Net Debt/LTM Adjusted EBITDA

3.2x

Pro forma basis

Fertilizers Adjusted EBITDA

$283.1 million

9M26

Fertilizers Adjusted EBITDA growth

64.9%

9M26 versus 9M25, pro forma

Sugar, Ethanol & Energy Adjusted EBITDA

$195.0 million

9M26; 10.7% lower year-over-year

2026 sugar production hedged

100% at 16.5 cts/lb

As of the article date

2027 sugar production hedged

41% at 18.3 cts/lb

As of the article date

Historical Context

1 past event · Latest: Aug 11

1 event

1. Aug 11

   Quarterly earnings

   24h Move

   -1.3%

   Reported 6M26 record Adjusted EBITDA, led by fertilizer growth, with pro forma leverage at 3.0x.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

ifrs, non-ifrs measures, adjusted ebitda, uht

4 terms

ifrs financial

"prepared in accordance with International Financial Reporting Standards (IFRS)"

International Financial Reporting Standards (IFRS) are a set of common accounting rules used by many companies worldwide to prepare financial statements, so numbers like revenue, profit and assets are measured in the same way across borders. For investors, IFRS matters because it makes it easier to compare the financial health and performance of different companies—like using the same ruler to measure different objects—reducing surprises and helping informed investment decisions.

non-ifrs measures financial

"except for Non-IFRS measures"

Non-IFRS measures are financial figures that companies create on their own to show aspects of their performance, beyond what standard accounting rules require. They can help investors better understand how a company is really doing by highlighting information that might be more relevant or easier to interpret, much like a sports coach emphasizes certain stats to showcase team strengths not captured by official scores.

adjusted ebitda financial

"Adjusted EBITDA amounted to $101.1 million in 3Q26"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

uht technical

"mainly in UHT milk"

Ultra-high temperature (UHT) processing is a food sterilization method that heats liquid products, typically milk and juices, to very high temperatures (commonly above 135°C or 275°F) for a very short time (seconds) to kill microorganisms and spores. The treated product is then sealed in sterile, airtight packaging so it can remain shelf-stable for weeks or months without refrigeration until opened. UHT is distinct from pasteurization because it uses higher temperatures for shorter times to achieve commercial sterility, which can change flavor and nutrients differently than lower-temperature treatments.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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LUXEMBOURG, Nov. 11, 2026 /PRNewswire/ -- 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 third quarter ended September 30, 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 11 for a definition and reconciliation to IFRS of the Non-IFRS measures used in this earnings release.

Main highlights for the period:

• Strong urea sales drove the year-over-year outperformance of our Fertilizers business. A better performance of our dairy operations in the domestic market, mainly on higher UHT milk prices, led to a significant rebound in Food & Agriculture results. In Sugar, Ethanol & Energy, sugarcane productivity continued to strengthen despite lower quarterly crushing on above-average rainfall.
• Adjusted Net Income decreased year-over-year in both 3Q26 and 9M26, mainly due to higher interest expenses, reflecting the additional debt incurred to finance the acquisition of the Fertilizers business, coupled with higher income taxes on higher pre-tax income.
• On a pro forma basis, Net Debt/LTM Adj. EBITDA stood at 3.2x. Excluding the acquisition of Caarapó mill, net leverage ratio would have remained in line with 2Q26 at 3.0x, and below those levels when excluding seasonal working capital needs and the quarter-over-quarter increase in readily marketable inventories. Going forward, we expect higher results to support further deleveraging.

Sugar, Ethanol & Energy segment:

• Adjusted EBITDA amounted to $101.1 million in 3Q26 and $195.0 million in 9M26, 16.0% and 10.7% lower year-over-year, respectively. Effective September 1, 2026, operational and financial metrics for the SE&E business include Caarapó mill.
  (+/-) Year-to-date crushing reached 10.4 million tons, up 5.9% year-over-year, although 3Q26 saw a 5.1% decline due to above-average rainfall in September. TRS per hectare increased 24.0% year-over-year in 9M26 and 31.0% in 3Q26.
  (+) Quarterly mix of 47% sugar - 53% ethanol; year-to-date 35% - 65%.
  (-/+) Lower net sales on lower sugar prices and volumes, partially offset by higher ethanol volumes as we accelerated sales to capture a favorable pricing window (all-in avg net selling price of $503/m³).
  (-) Year-over-year losses in biological assets on lower Consecana prices.
  (-) Cost of production stood at 9.2 cts/lb (versus 8.3 cts/lb in 9M25) despite higher crushing volume, driven by the appreciation of the Brazilian real. Excluding FX, costs in local currency remained broadly flat year-over-year.

Outlook 
(+) We expect record crushing in 2026, with mid-double-digit growth versus 2025 on greater cane productivity (including Caarapó from September 1 and assuming normal weather through year-end). Our continuous harvest model ensures any cane left unharvested at year-end will be crushed from January onwards. 
(+) As of this date, 100% of our 2026 sugar production is hedged at an average of 16.5 cts/lb, and 41% of 2027 production at 18.3 cts/lb. Unhedged volumes provide upside exposure in 1H27.   
(+) We are accelerating ethanol sales to capture stronger prices, supported by a higher demand due to the low parity at the pump.

Fertilizers segment:

• Adjusted EBITDA amounted to $109.3 million in 3Q26 and $283.1 million in 9M26. On a pro forma basis, these represent a 7.4% and 64.9% increase versus 3Q25 and 9M25, assuming that the Profertil acquisition had occurred on January 1, 2025.
  (+) Higher urea production (up 4.1% in 3Q26 and 11.4% in 9M26 year-over-year) driven by monthly production records and higher plant utilization rate on a year-to-date basis.
  (+) Sales up 16.0% in 3Q26 as urea volumes rose 30.8% on accelerating demand ahead of South America's 2026/27 planting season. Year-to-date sales up 25.0% supported by higher prices ($561/ton 9M26 average; up 16.9% versus 9M25) coupled with higher volumes sold.
  (+) Cost dilution on higher production and efficiencies achieved.

Outlook   
(+) We expect Adjusted EBITDA to outperform prior years, supported by better-than-expected prices, continued production strength, including another monthly record for urea and ammonia in October, and enhanced cost efficiencies, driving margin expansion.

Food & Agriculture segment:

• Adjusted EBITDA reached $12.6 million in 3Q26, compared to $1.5 million in 3Q25. On a year-to-date basis, Adjusted EBITDA reached $18.9 million, in line with 9M25.
  (+) Higher quarterly sales driven by a strong performance of our consumer brands in the domestic market, mainly in UHT milk, coupled with higher white rice volumes as prices gradually recovered.
  (+) Strong operational performance: higher grain and rice yields during 2025/26 harvest season, record quarterly cow productivity and higher rice and dairy processing volumes.
  (+) Year-over-year gains in biological assets on better corn and peanut yields during the 2025/26 harvest.
  (-) Higher costs in U.S. dollar terms.

Outlook   
(+) 2026/27 planting activities are underway, with a forecasted planting plan of 245.4 thousand hectares, 2.9% higher than the previous campaign. We forecast yields in line to slightly above historical average, supported by above-average rainfall expected due to "El Niño" weather event. We expect continued strong dairy performance, supported by higher raw milk production, with cow productivity reaching an all-time high in October (41 liters/cow/day), along with higher processing volumes and prices.

Non-Gaap Financial Measures: For a full reconciliation of non-gaap financial measures please refer to page 11 of our 3Q26 Earnings Release found on Adecoagro's website (ir.adecoagro.com)

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. For a full definition of our Forward-Looking Statements, please refer to page 10 of our 3Q26 Earnings release.

To read the full 3Q26 earnings release, please access ir.adecoagro.com. A conference call to discuss 3Q26 results will be held on November 12, 2026, with a live webcast through the internet:

Conference Call
November 12, 2026
12 p.m. US EST
2 p.m. Buenos Aires
2 p.m. São Paulo
6 p.m. Luxembourg
To participate, please register at the link

Investor Relations Department
Emilio Gnecco
CFO
Victoria Cabello
IRO
Email: ir@adecoagro.com 

About Adecoagro:
Adecoagro is a leading sustainable production company in South America. Adecoagro owns 228 thousand hectares of farmland and several industrial facilities spread across the most productive regions of Argentina, Brazil and Uruguay, where it produces 1.3 million tons of fertilizers, 3.1 million tons of agricultural products and over 1 million MWh of renewable electricity.

 

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SOURCE Adecoagro S.A.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much adjusted EBITDA did Adecoagro report for the first nine months of 2026?

Adecoagro reported $471.8 million in adjusted EBITDA, an all-time high for a nine-month period. Fertilizers contributed $283.1 million, Sugar, Ethanol & Energy contributed $195.0 million, and Food & Agriculture contributed $18.9 million.

Why did Adecoagro's adjusted net income fall in 3Q26 and 9M26?

Adjusted net income declined mainly because of higher interest expenses and income taxes. Interest expenses reflected additional debt incurred to finance the Fertilizers acquisition, while higher income taxes reflected higher pre-tax income.

What would Adecoagro's leverage have been without the Caarapó acquisition?

Excluding the Caarapó mill acquisition, net leverage would have remained at 3.0x, in line with 2Q26. It would have been below those levels when also excluding seasonal working capital needs and the quarter-over-quarter increase in readily marketable inventories.

What happens to Adecoagro sugarcane left unharvested at year-end?

Cane left unharvested at year-end will be crushed from January onwards under Adecoagro's continuous harvest model.