Fitch Ratings Initiates Coverage of Adecoagro with a BB Corporate Credit Rating and Stable Outlook

Fitch’s BB rating with Stable Outlook underscores Adecoagro’s post-Profertil growth and expected ongoing deleveraging.

Rhea-AI Summary

Adecoagro (AGRO) received initial coverage from Fitch Ratings, which assigned BB Long-Term Local and Foreign Currency IDRs with a Stable Outlook.

The rating is based on Adecoagro's strong financial profile, disciplined capital allocation and broader business diversification. The company nearly doubled consolidated EBITDA and cash flow in recent months through the acquisition of Profertil, adding a leading fertilizers business that broadened its earnings base and stabilized cash flows. Fitch expects net leverage to keep declining, supported by higher EBITDA and ongoing debt reduction, while diversified funding sources and shareholder support enhance Adecoagro's financial flexibility.

Positive

• Fitch ‘BB’ IDRs assigned for local and foreign currency with Stable Outlook
• Consolidated EBITDA and cash flow nearly doubled after Profertil acquisition
• Net leverage expected by Fitch to continue declining with higher EBITDA and debt reduction
• Diversified funding from capital markets, banks and shareholder support enhances flexibility

Negative

• None.

Market Context

On Aug 11, 2026, AGRO posted a -1.17% 24-hour reaction after reporting record EBITDA and improved le...

Analysis

On Aug 11, 2026, AGRO posted a -1.17% 24-hour reaction after reporting record EBITDA and improved leverage; the current Fitch rating similarly recognized stronger cash generation and expected net-leverage decline.

Key Figures

Corporate credit rating: BB Rating outlook: Stable Outlook Consolidated EBITDA and cash flow generation: Nearly doubled

Corporate credit rating

BB

Long-Term Local Currency and Foreign Currency Issuer Default Ratings

Rating outlook

Stable Outlook

Fitch Ratings initiation of coverage

Consolidated EBITDA and cash flow generation

Nearly doubled

Following the acquisition of Profertil

Historical Context

2 past events · Latest: Aug 11

2 events

1. Aug 11

   Operating results

   24h Move

   -1.2%

   Record EBITDA and improved pro forma net debt-to-EBITDA leverage

2. May 11

   Quarterly results

   24h Move

   -3.1%

   Adjusted EBITDA more than doubled following the Profertil acquisition

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

Key Terms

issuer default ratings, stable outlook, net leverage, ebitda

4 terms

issuer default ratings financial

"assigned 'BB' Long-Term Local Currency and Foreign Currency Issuer Default Ratings"

A rating that expresses a borrower's likelihood of failing to meet its debt obligations, assigned by a credit rating agency. Like a single-number credit grade or report card for a company or government, it helps investors compare credit risk across issuers because the rating signals the chance of default and typically affects borrowing costs and market prices for that issuer’s bonds.

stable outlook financial

"with a Stable Outlook"

A stable outlook is a credit-rating agency’s view that a company’s credit rating is unlikely to change over the medium term, indicating expected steadiness in its financial condition and ability to meet obligations. For investors it matters because a stable outlook signals lower likelihood of sudden changes to borrowing costs, dividend capacity or default risk—like a calm weather forecast, it helps set expectations about near-term risk and return.

net leverage financial

"Fitch expects net leverage to continue declining"

Net leverage measures how many years it would take for a company to pay off its outstanding debt using its annual operating cash flow, after subtracting cash on hand from total debt. Think of it like a household’s mortgage balance minus savings divided by yearly income; a lower number means the company is in a safer position to handle debt, while a higher number signals greater financial risk and potential pressure on profits or growth.

ebitda financial

"nearly doubled its consolidated EBITDA and cash flow generation"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

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

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LUXEMBOURG, September 18, 2026 /PRNewswire/ -- Adecoagro S.A. (NYSE: AGRO) ("Adecoagro" or the "Company"), a leading sustainable production company in South America, announced today that Fitch Ratings ("Fitch") has initiated coverage of the Company and assigned 'BB' Long-Term Local Currency and Foreign Currency Issuer Default Ratings (IDRs), with a Stable Outlook.

The BB rating reflects Adecoagro's strong financial profile, disciplined capital allocation strategy, and enhanced business diversification. Over the past several months, the Company has nearly doubled its consolidated EBITDA and cash flow generation through the acquisition of Profertil, which added a leading fertilizers business to its portfolio. This transaction has broadened Adecoagro's earnings base, increased the stability of its cashflows, and further strengthened the Company's ability to navigate commodity cycles.

The rating also recognizes Adecoagro's commitment to maintaining prudent leverage levels. Fitch expects net leverage to continue declining, supported by higher EBITDA generation and ongoing debt reduction. In addition, Adecoagro's diversified funding sources, continued access to both capital markets and bank financing, and the strong support of its shareholders, enhance its financial flexibility and support the ongoing strengthening of its balance sheet.

Fitch's full rating report is available on the Fitch Ratings website.

About Adecoagro:

Adecoagro is a leading sustainable production company in South America. Adecoagro owns 210.4 thousand hectares of farmland and several industrial facilities spread across the most productive regions of Argentina, Brazil and Uruguay, where it produces 3.1 million tons of agricultural products, 1.3 million tons of fertilizers and over 1 million MWh of renewable electricity.

For questions, please contact:

Adecoagro
Victoria Cabello - IR Officer
Email: ir@adecoagro.com 

View original content:https://www.prnewswire.com/news-releases/fitch-ratings-initiates-coverage-of-adecoagro-with-a-bb-corporate-credit-rating-and-stable-outlook-302883537.html

SOURCE Adecoagro S.A.

FAQ

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

What role did the Profertil acquisition play in Adecoagro’s new rating?

The acquisition of Profertil added a leading fertilizers business to Adecoagro's portfolio and nearly doubled consolidated EBITDA and cash flow generation over the past several months. This broadened the company's earnings base, increased the stability of its cash flows and strengthened its ability to navigate commodity cycles, which Fitch incorporated into the BB rating and Stable Outlook.