Record Adjusted EBITDA at $172.5 million in 2Q26 and $258.3 million in 6M26. Higher urea production, stronger cane availability and ethanol maximization.
Rhea-AI Summary
Adecoagro (NYSE: AGRO) reported record Adjusted EBITDA of $172.5 million in 2Q26 and $258.3 million in 6M26, based on IFRS financials and non-IFRS measures. Gross sales were broadly in line with the prior year in both periods.
The Fertilizers segment led performance, with Adjusted EBITDA of $121.2 million in 2Q26 and $173.8 million in 6M26, up 109.7% and 148.5% pro forma, supported by 21.6% higher urea production and urea prices of $699/ton in 2Q26.
In Sugar, Ethanol & Energy, Adjusted EBITDA reached $53.2 million in 2Q26 and $93.8 million in 6M26, down 21.8% and 4.2% year-over-year despite higher cane crushing and an ethanol mix of 78%. The Food & Agriculture segment delivered Adjusted EBITDA of $4.9 million in 2Q26 and $6.2 million in 6M26.
On a pro forma basis, Net Debt/LTM Adjusted EBITDA improved to 3.0x from 3.2x in 1Q26, as higher Adjusted EBITDA supported ongoing deleveraging.
Positive
- Record Adjusted EBITDA of $172.5m in 2Q26 and $258.3m in 6M26
- Fertilizers Adjusted EBITDA up 109.7% YoY in 2Q26 and 148.5% in 6M26 (pro forma)
- Urea production +21.6% vs 2Q25; 617k tons year-to-date (+15.9% vs 6M25)
- Higher urea prices at $699/ton in 2Q26 and $620/ton YTD vs $444/ton in 2025
- Net Debt/LTM Adjusted EBITDA reduced to 3.0x from 3.2x in 1Q26
- Crushing volumes +2.8% in 2Q26 and +16.8% in 6M26 with 83 tn/ha yields
Negative
- Sugar, Ethanol & Energy Adjusted EBITDA down 21.8% in 2Q26 and 4.2% in 6M26 YoY
- Production cost in Sugar, Ethanol & Energy rose to 10.4 cts/lb vs 9.0 cts/lb in 6M25
- Food & Agriculture 6M26 Adjusted EBITDA $6.2m, 64.9% lower year-over-year
- Commodity prices down 3%–43% across products, excluding soybean
- Year-over-year losses in biological assets on lower Consecana prices despite higher crushing
- Higher costs in Food & Agriculture when expressed in U.S. dollars
News Explained
As of June 30, 41% of year-to-date ethanol production remained stored, making later ethanol prices important to the disclosed benefit.
In results for the quarter ended
The fertilizer update separates the reported quarter's realized pricing from its current market reference: 2Q26 urea sales averaged
For the remainder of 2026, management says crushing remains on track for its full-year target, with low-double-digit volume growth versus 2025 conditional on normal weather.
The specific forward items to monitor are the weather-dependent crushing target and whether stored ethanol can be sold at the higher prices described in the release.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 20 | Acquisition agreement | Positive | +5.4% | Agreed to acquire Caarapó mill for estimated R$760 million, payable in cash. |
| May 11 | 1Q26 earnings | Positive | -3.1% | Reported 1Q26 Adjusted EBITDA of $85.8 million, driven by fertilizer and crushing performance. |
| Apr 29 | Annual filing | Neutral | -2.3% | Filed 2025 Form 20-F with audited financial statements and risk disclosures. |
| Apr 23 | Dividend declaration | Positive | -3.7% | Declared a $17.5 million cash distribution in two equal installments. |
| Mar 16 | 2025 earnings | Positive | +14.2% | Reported 2025 Adjusted EBITDA and Profertil acquisition with financing and equity raise. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent reactions were mixed: positive or neutral announcements diverged three times and aligned once.
Key Terms
ifrs financial
non-ifrs financial
pro forma financial
net debt/ltm adj. ebitda financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Main highlights for the period:
- Outperformance of our Fertilizers segment driven by higher production and stronger urea prices. In our Sugar, Ethanol and Energy segment, higher cane availability supported the increase in crushing volumes, while we continued to maximize ethanol production given the better margin and build inventories to profit from higher expected prices.
- Gross sales remained in-line with the previous year during both 2Q26 and 6M26, explained by a mixed performance in prices and volumes across our product portfolio.
- On a pro forma basis, Net Debt/LTM Adj. EBITDA was down to 3.0x, compared to 3.2x in 1Q26. Despite working capital seasonality, the growth in Adjusted EBITDA enabled us to continue with our deleveraging process, as expected. Going forward, we intend to continue reducing our leverage ratio driven by higher expected results.
Fertilizers segment:
- Adjusted EBITDA amounted to
$121.2 million $173.8 million 109.7% and148.5% increase versus 2Q25 and 6M25, assuming that the Profertil acquisition had occurred on January 1, 2025.
(+) Greater urea production (21.6% higher than 2Q25) on higher number of operational days. Year-to-date production at 617 thousand tons of urea (15.9% more versus 6M25).
(+) Higher sales on greater urea prices ($699 $620 $444
(+) Lower cost of production supported by cost efficiencies and higher production, driving further margin expansion.
Outlook
(+/-) After reaching its peak during the month of April (
(+) Due to better-than-expected prices captured in 6M26, we expect a strong Adjusted EBITDA in 2026, exceeding prior years.
Sugar, Ethanol & Energy segment:
- Adjusted EBITDA amounted to
$53.2 million $93.8 million 21.8% and4.2% lower year-over-year, respectively.
(+) Crushing totaled 3.5 million tons in 2Q26 and 5.8 million tons in 6M26 (up2.8% and16.8% year-over-year, respectively) driven by greater cane availability on better yields (83 tn/ha in 6M26).
(+) Ethanol maximization (78% mix in 6M26) to capture better margins compared to sugar.
(-/+) Lower net sales on lower selling volumes and prices of sugar, coupled with lower ethanol volumes sold as we built-up inventories.
(-) Year-over-year losses in biological assets on lower Consecana prices, despite higher crushing.
(-/+) Cost of production stood at 10.4 cts/lb (versus 9.0 cts/lb in 6M25) despite higher crushing volume, driven by the appreciation of the Brazilian Real. Excluding FX impact, production cost expressed in local currency remained in line compared to 6M25.
Outlook
(+) Crushing pace remains on track to meet our full-year crushing target. Assuming normal weather, we foresee low-double-digit growth in 2026 crushing volume versus 2025.
(+/-) We have
(+) We have
Food & Agriculture segment:
- Adjusted EBITDA reached
$4.9 million $1.1 million $6.2 million 64.9% lower year-over-year.
(+) Higher grain production on better yields as we conclude the 2025/26 harvest season. Greater milk processing volume driven by higher cow productivity.
(-) Lower commodity prices (between3% and43% depending on the product), excluding soybean, as local prices benefited from the suspension of export taxes.
(-) Higher costs inU.S . dollar terms.
Outlook
(+) We expect margins to improve in the coming quarters as we commercialize the new crop.
Non-Gaap Financial Measures: For a full reconciliation of non-gaap financial measures please refer to page 10 of our 2Q26 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 9 of our 2Q26 Earnings release.
To read the full 2Q26 earnings release, please access ir.adecoagro.com. A conference call to discuss 2Q26 results will be held on August 12, 2026, with a live webcast through the internet:
Conference Call
August 12, 2026
10 a.m. US EST
11 a.m. Buenos Aires
11 a.m. São Paulo
4 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 210.4 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.
View original content:SOURCE Adecoagro S.A.