Fertilizers drive Adecoagro (NYSE: AGRO) Q1 2026 profit and EBITDA surge

Rhea-AI Filing Summary

Adecoagro S.A. reported sharply stronger results for the first quarter ended March 31, 2026. Revenue rose to $398.7M, up 22.5% year-over-year, while profit for the period increased to $43.8M from $18.7M. Adjusted EBITDA more than doubled to $85.8M, with margin improving to 22.3% from 11.3%, mainly driven by the newly created Fertilizers segment and record crushing and ethanol mix in Sugar, Ethanol & Energy.

The Fertilizers unit delivered Adjusted EBITDA of $52.5M versus $12.1M on a pro forma basis, helped by higher urea production, volumes and prices. Food & Agriculture weakened, with Adjusted EBITDA falling to $1.4M from $16.6M on lower commodity and dairy prices. Net debt rose to $1.63B, largely due to a $396.3M payment for the 90% Profertil acquisition, leaving pro forma Net Debt/LTM Adjusted EBITDA at 3.2x. The company approved a $35M annual cash dividend for 2025, to be paid in two equal installments.

Insights

Equity analyst

Strong Q1 growth led by fertilizers, offset by higher leverage and weaker food operations.

Adecoagro delivered broad-based top-line and earnings expansion in Q1 2026. Revenue grew 22.5% to $398.7M, while Adjusted EBITDA rose 138.7% to $85.8M. The Fertilizers segment, incorporating Profertil, contributed $52.5M of Adjusted EBITDA on higher urea volumes and prices, and Sugar, Ethanol & Energy benefited from record crushing and a 96% ethanol mix.

However, Food & Agriculture Adjusted EBITDA fell to $1.4M from $16.6M, pressured by lower prices for peanut, rice and cheese and higher dollar-based costs. Net debt increased to $1.63B, up 45.3% quarter-on-quarter, mainly from the remaining Profertil payment and seasonal working capital, though pro forma Net Debt/LTM Adjusted EBITDA was 3.2x, slightly better than 3.3x in Q4 2025.

Capital expenditures surged to $485.0M, dominated by Profertil-related expansion, while maintenance capex declined modestly. The board approved a $35M annual cash dividend, including a first installment of $17.5M (about $0.1213 per share) in May 2026, signaling continued cash returns alongside growth investment.

Key Figures

Revenue: $398.7M Adjusted EBITDA: $85.8M Profit for the period: $43.8M +5 more

8 metrics

Revenue $398.7M Q1 2026, up 22.5% from $325.5M in Q1 2025

Adjusted EBITDA $85.8M Q1 2026, up 138.7% from $35.9M in Q1 2025

Profit for the period $43.8M Q1 2026, up 134.2% from $18.7M in Q1 2025

Net debt $1.63B As of March 31, 2026, 45.3% higher quarter-over-quarter

Fertilizers Adjusted EBITDA $52.5M Q1 2026, vs $12.1M pro forma in Q1 2025 (333.9% increase)

Food & Agriculture Adjusted EBITDA $1.4M Q1 2026, down from $16.6M in Q1 2025 (91.9% decline)

Total capex $485.0M Q1 2026, including $433.6M expansion capex and $51.5M maintenance

Annual cash dividend $35M 2025 dividend approved; first $17.5M installment on May 19, 2026

Key Terms

Adjusted EBITDA, Net Debt, International Financial Reporting Standards (IFRS), hyperinflationary economies, +1 more

5 terms

Adjusted EBITDA financial

"Adjusted EBITDA reached $85.8 million in 1Q26 driven by first quarter crushing record & full ethanol mix."

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.

Net Debt financial

"Net Debt (3) | 1,627,673 | 679,479 | 139.5% | n.m. | n.m."

Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.

International Financial Reporting Standards (IFRS) financial

"prepared in accordance with International Financial Reporting Standards (IFRS) except for Non-IFRS measures."

A set of globally accepted accounting rules companies use to prepare financial statements so their numbers speak the same language across borders. For investors, IFRS matters because it makes it easier to compare profitability, assets and liabilities between companies the way a common recipe or measuring tape lets you judge two cakes or two rooms fairly, which helps assess value and risk more reliably.

hyperinflationary economies financial

"we apply IAS 29 to our operations in Argentina for those subsidiaries with the peso as its functional currency."

Hyperinflationary economies are countries where prices and the cost of goods and services rise extremely fast and the local currency loses value rapidly, so money buys much less over short periods. For investors this matters because company earnings, cash balances and investment returns can be wiped out by falling currency value and volatile prices, forcing special accounting adjustments and protective strategies—like needing a fast drain plug when a boat springs a leak.

Net Debt to Adjusted EBITDA financial

"On a pro forma basis, Net Debt/LTM Adj. EBITDA stood at 3.2x, reflecting the full payment of the purchase price"

Net debt to adjusted EBITDA is a leverage ratio that compares a company’s net debt (total interest-bearing debt minus cash) to its recurring operating earnings after removing one-off items. Think of it like how many years of steady take-home pay the business would need to pay off its outstanding debt; investors use it to gauge debt burden, financial risk and relative creditworthiness, with lower ratios generally indicating a safer balance sheet.

Earnings Snapshot

Revenue: $398.7M

Q1 2026

Revenue $398.7M +22.5% YoY

Adjusted EBITDA $85.8M +138.7% YoY

Profit for the period $43.8M +134.2% YoY

Form 6-K: How Foreign Companies Report to the SEC →

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

												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%
			Email												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.
																																				(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.

1

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).

2

▪(+) 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.

3

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%

(1) Pro forma basis to give effect to Profertil's acquisition, as if such event had occurred on January 1, 2025.

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.

4

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).

5

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.

6

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.

7

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)%

(1) All products are expressed in tons except for UHT milk which unit of measure is liters. (2) Includes sorghum. (3) Includes wheat, sunflower, cotton, other dairy products, rice snacks and by-products, among other sales.

8

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.

9

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.

10

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

11

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

12

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

13

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%

14

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

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

FAQ

How did Adecoagro (AGRO) perform financially in Q1 2026?

Adecoagro’s Q1 2026 revenue reached $398.7 million, up 22.5% year-over-year, while profit for the period rose to $43.8 million. Adjusted EBITDA more than doubled to $85.8 million, with margin expanding to 22.3%, reflecting strong fertilizer and ethanol-driven contributions.

What drove Adecoagro’s Adjusted EBITDA growth in Q1 2026?

Adjusted EBITDA climbed to $85.8 million, a 138.7% increase versus Q1 2025. The new Fertilizers segment contributed $52.5 million, while Sugar, Ethanol & Energy delivered $40.6 million, supported by record crushing, a 96% ethanol mix, higher urea volumes, and stronger fertilizer pricing.

How did Adecoagro’s Fertilizers segment perform after the Profertil acquisition?

In Q1 2026, Fertilizers generated Adjusted EBITDA of $52.5 million, versus $12.1 million on a pro forma basis a year earlier. Urea production increased 9.6% to 277.8 thousand tons, while the average selling price rose to $516 per ton, aided by stronger international urea markets.

What happened to Adecoagro’s Food & Agriculture profitability in Q1 2026?

Food & Agriculture Adjusted EBITDA fell to $1.4 million from $16.6 million in Q1 2025. The decline stemmed from lower prices across several products, notably peanut, rice, and cheese, combined with higher costs in U.S. dollar terms despite broadly stable sales volumes.

What is Adecoagro’s net debt and leverage after acquiring Profertil?

As of March 31, 2026, Adecoagro’s net debt was $1.63 billion, a 45.3% quarter-over-quarter increase, mainly from a roughly $396.3 million payment for Profertil. On a pro forma basis, Net Debt/LTM Adjusted EBITDA stood at 3.2x, slightly below 3.3x in Q4 2025.

What capital expenditures did Adecoagro make in Q1 2026?

Total capex in Q1 2026 reached $485.0 million. Maintenance capex was $51.5 million, focused on machinery renewal and sugarcane replanting. Expansion capex totaled $433.6 million, including $396.3 million for the remaining purchase price of the 90% stake in Profertil.

What dividend did Adecoagro approve for 2025?

Adecoagro’s Annual General Meeting approved a $35 million total annual cash dividend for 2025. The first installment of $17.5 million (around $0.1213 per share) will be paid on May 19, 2026, with a second equal cash installment planned for November 2026.

Filing Exhibits & Attachments

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