Adecoagro S.A.: Strategic acquisition of Profertil drives pro forma results. Adjusted EBITDA stood at $276.7 million in 2025, $467.2 million pro forma.
Rhea-AI Summary
Adecoagro (NYSE: AGRO) reported 2025 results reflecting lower commodity prices, mixed productivity and higher US dollar costs. Adjusted EBITDA was $276.7M in 2025 and $467.2M pro forma. In December 2025 Adecoagro acquired 90% of Profertil for ~$1.1B, financed with cash, debt, seller financing and a $300M equity raise.
The company now reports three segments: Sugar, Ethanol & Energy, Fertilizers and Food & Agriculture, and expects Fertilizers recovery in 2026 after 91 downtime days in 2025.
Positive
- Adjusted EBITDA pro forma of $467.2M
- Acquisition of Profertil for ~$1.1B expands scale
- Equity raise of $300M (42M shares at $7.25)
- Profertil supplies ~60% of Argentine urea demand
Negative
- 2025 Adjusted EBITDA fell to $276.7M
- Fertilizer plant had 91 days without operations in 2025
- Farming Adjusted EBITDA declined 82.7% year-over-year
- Sugar crushing down 4.8% in 2025
News Market Reaction – AGRO
In the Mar 17 session, AGRO gained 14.22%, reflecting a significant positive market reaction. Argus tracked a peak move of +11.6% during that session. Our momentum scanner triggered 35 alerts that day, indicating elevated trading interest and price volatility. Trading volume was elevated at 2.9x the daily average, suggesting notable buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Acquisition Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Dec 15 | Acquisition completion | Positive | +6.5% | Closed purchase of YPF’s 50% stake, taking 90% control of Profertil. |
| Dec 01 | Binding offer | Positive | +0.8% | Submitted binding offer to acquire YPF’s remaining 50% stake in Profertil. |
| Sep 08 | Acquisition announcement | Positive | -3.1% | Announced deal to buy Nutrien’s 50% in Profertil, expanding fertilizer footprint. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Acquisition-related headlines for AGRO have typically produced modest single-day moves, with an average reaction of 1.35% and a mix of positive and negative responses.
Over the last six months, Adecoagro has focused on acquiring Profertil, a major urea producer. Initial announcements in Sep 2025 and a binding offer in Dec 2025 outlined purchase terms near $600 million per 50% stake. Completion of the 90% acquisition on Dec 15, 2025 coincided with a 6.45% gain, contrasting with a prior -3.14% reaction to the earlier deal announcement. Today’s earnings and pro forma figures extend that acquisition narrative into reported results.
Key Terms
adjusted EBITDA financial
IFRS regulatory
hedged financial
non-gaap financial measures financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Main highlights for the period:
- Full year results were pressured by lower commodities prices, mixed productivity and higher costs in
U.S. dollar terms. - In mid-December we completed the acquisition of Profertil, a transformational step that significantly increases our scale and explains the year-over-year rise in expansion capex and leverage.
- Adjusted EBITDA amounted to
$276.7 million $467.2 million
Profertil's acquisition: A transformational investment driving long-term value
- In December 2025, we acquired Profertil S.A., paying approximately
$1.1 billion 90% equity stake (the10% balance is held by Asociación de Cooperativas Argentinas - "ACA"). We believe Profertil is a best-in-class, low-cost producer of granular urea, uniquely positioned as the sole producer inArgentina and one of the largest and most efficient inSouth America . With 1.3 million tons of installed capacity, the company supplies ~60% of domestic demand and benefits from access to competitively priced natural gas, the main input in urea production, resulting in consistent cash generation over the years. - The acquisition was financed through a combination of existing cash, new long-term debt, equity issuance and seller financing. Adecoagro returned to the public market for the first time since its IPO (2011) with an issuance of 42 million shares (equivalent to
42% of the outstanding shares at that time) at a price of$7.25 $300 million $220 million $26 million - Following the completion of the acquisition of Profertil S.A., the consolidated interim financial statements of the Company incorporate Profertil's income statement for a 13-day period under a new business unit named "Fertilizers", which mainly includes the manufacturing and commercialization of fertilizers. Furthermore, we provide a pro forma comparison to reflect Profertil's acquisition on a yearly basis, as if such event had occurred on January 1, 2024.
- Profertil's fertilizer plant underwent 91 days without operations in 2025, including a 60-day scheduled maintenance which concluded in mid-December, when the Company assumed control of the operations. We expect in 2026 a recovery in results driven by a full year of operations versus 2025.
- As a result of the acquisition, the Company reassessed and updated the Group's internal organizational and management structure and beginning in January 2026, the Company operates in three reportable segments: 'Sugar, Ethanol and Energy,' 'Fertilizers', and 'Food & Agriculture'. The latter now reflects an integrated business focused on agricultural and food production that were previously managed and presented through separate verticals, including Crops, Rice and Dairy. Accounting rules will require us to restate our historical financial statements as well to reflect the new segments.
Sugar, Ethanol & Energy business:
- Adjusted EBITDA reached
$73.1 million 30.6% year-over-year decrease, while in 2025 it amounted to$291.5 million 19.9% lower than the previous year.
(-) Annual crushing was down by
(+) Greater expected productivity favored by rainfall.
(+) Ethanol maximization (
(+/-) Higher net sales in 4Q25 on higher ethanol revenues. In 2025, despite the outperformance of ethanol, annual sales were down due to the decline in sugar prices and volumes sold.
(+) Cash cost totaled 12.8 cts/lb, in line with 2024, despite lower cost dilution on lower production.
Outlook
(+) Cane productivity has significantly recovered and thanks to our continuous harvest model, we are currently crushing cane -during
(+) Assuming normal weather, we foresee low-double-digit growth in 2026's crushing volume.
(-/+) As of this date, we have
Fertilizers business:
- Since the acquisition of Profertil on December 18, 2025, Adjusted EBITDA totaled
$6.1 million $196.5 million $279.6 million
Outlook
(+) Adjusted EBITDA recovery driven by normalized operations due to a full year of activity in 2026.
(+) Sharp increase in urea prices due to the ongoing conflict in the
Farming business:
- Adjusted EBITDA was negative
$1.4 million 136.1% versus the same period of last year, whereas on a full year basis it reached$17.8 million 82.7% year-over-year decline. Excluding the sale of La Pecuaria farm in April 2024, annual Adjusted EBITDA was down$70.1 million
(-) Mixed productivity. Record rice yields but below-average crop production.
(-) Lower commodity prices (between
(-) Higher costs in US dollar terms.
(+) Higher volumes sold (
Outlook
(-/+) We implemented cost initiatives to improve margins, including a
Non-Gaap Financial Measures: For a full reconciliation of non-gaap financial measures please refer to page 13 of our 2025 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. 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.
To read the full 2025 earnings release, please access ir.adecoagro.com. A conference call to discuss 2025 results will be held on March 17, 2026, with a live webcast through the internet:
Conference Call
March 17, 2026
10 a.m. US EST
11 a.m.
11 a.m. São Paulo
3 p.m.
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
View original content:SOURCE Adecoagro S.A.