Adecoagro completes R$705m Brazil sugar mill buy

Adecoagro plans Caarapó to reach 4.5m tons in 2027, lifting its Mato Grosso do Sul cluster to 17m and improving KPIs and Adjusted EBITDA.

Rhea-AI Filing Summary

Adecoagro S.A. (AGRO) has completed the acquisition of the Caarapó sugar and ethanol mill in Brazil’s Mato Grosso do Sul state from Raízen Group, after all conditions in the July 20, 2026 purchase agreement were satisfied. The mill is now operating under Adecoagro’s ownership and management.

The final purchase price was R$705 million (about US$136 million), paid in cash at closing, implying roughly US$39 per ton of crushing capacity based on Caarapó’s 3.5 million tons crushed in the 2025/26 harvest. Caarapó has installed capacity to crush about 6–7 million tons per year. Adecoagro plans to increase Caarapó’s crushing to 4.5 million tons in 2027 by processing excess cane from its existing operations and to apply its established efficiency and commercial practices to improve operating KPIs and Adjusted EBITDA. With this acquisition, Adecoagro expects its Mato Grosso do Sul cluster to crush 17 million tons in 2027, positioning it among the largest clusters in Brazil.

Positive

• Completed acquisition of Caarapó Mill at R$705 million cash price, securing a sizable sugar and ethanol asset with installed capacity of 6–7 million tons of cane per year and integrating it into Adecoagro’s Mato Grosso do Sul cluster.
• Attractive acquisition metric of about US$39 per ton of crushing capacity based on 3.5 million tons crushed in 2025/26, suggesting a relatively low entry cost for a scalable industrial asset.
• Expected increase in cluster scale to 17 million tons crushed in 2027, which would make Adecoagro’s Mato Grosso do Sul cluster one of the largest in Brazil and may enhance operating efficiencies and Adjusted EBITDA generation.

Negative

• None.

Key Figures

Purchase price for Caarapó Mill: R$705 million (approximately US$136 million) Implied price per ton of crushing capacity: Approximately US$39 per ton Caarapó crushing volume 2025/26: 3.5 million tons +5 more

8 metrics

Purchase price for Caarapó Mill R$705 million (approximately US$136 million) Cash consideration paid at closing for the acquisition

Implied price per ton of crushing capacity Approximately US$39 per ton Based on 3.5 million tons crushed at Caarapó in the 2025/26 harvest

Caarapó crushing volume 2025/26 3.5 million tons Cane crushed during the 2025/26 harvest season

Expected Caarapó crushing volume 2027 4.5 million tons Projected cane crushed in 2027 by processing excess cane

Installed crushing capacity at Caarapó 6–7 million tons per year Approximate annual cane crushing capacity of the mill

Expected cluster crushing volume 2027 17 million tons Projected crushing at Adecoagro’s Mato Grosso do Sul cluster including Caarapó

Farmland owned 210,400 hectares Total farmland owned across Argentina, Brazil and Uruguay

Annual renewable electricity production Over 1 million MWh Electricity generated from Adecoagro’s operations per year

Key Terms

Adjusted EBITDA, crushing capacity, cogeneration, continuous harvest model, +1 more

5 terms

Adjusted EBITDA financial

"increase Adjusted EBITDA generation, bringing the asset’s profitability"

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.

crushing capacity technical

"purchase price of approximately US$39 per ton of crushing capacity"

cogeneration technical

"a strong cogeneration base"

Cogeneration, also called combined heat and power (CHP), is a way to produce electricity and useful heat at the same time from a single fuel source. Like getting both a hot shower and a charged phone from one power outlet, it uses energy more efficiently than producing power and heat separately, cutting fuel costs, emissions, and reliance on external utilities—factors that can improve operating margins, cash flow stability, and regulatory incentives for investors.

continuous harvest model technical

"ultimately migrating toward a continuous harvest model"

cluster technical

"expects its Cluster in Mato Grosso do Sul to crush 17 million tons"

FAQ

What transaction did Adecoagro S.A. (AGRO) announce in this 6-K?

Adecoagro announced that it completed the acquisition of the Caarapó sugar and ethanol mill in Mato Grosso do Sul, Brazil, from Raízen Group. The mill is now operating under Adecoagro’s ownership and integrated into its existing Sugar, Ethanol & Energy cluster.

How much did Adecoagro (AGRO) pay for the Caarapó Mill and in what form?

Adecoagro paid a final purchase price of R$705 million (approximately US$136 million) for the Caarapó Mill. The consideration was paid in cash at closing after all conditions precedent under the purchase agreement were satisfied.

What crushing capacity and volumes are associated with the Caarapó Mill acquired by AGRO?

Caarapó crushed 3.5 million tons of cane in the 2025/26 harvest and has installed capacity to crush about 6–7 million tons per year. Adecoagro expects Caarapó to crush 4.5 million tons in 2027 by processing excess cane from its existing operations.

What does the Caarapó acquisition imply about Adecoagro’s cluster size in 2027?

With the Caarapó acquisition, Adecoagro expects its Mato Grosso do Sul cluster to crush 17 million tons in 2027, which would make it one of the largest sugar and ethanol clusters in Brazil according to the company’s statement.

How does Adecoagro (AGRO) expect to create value from the Caarapó Mill acquisition?

Adecoagro plans to apply its management practices, efficiency initiatives, agricultural best practices, and commercial optimization, using existing G&A and integrated logistics, to improve Caarapó’s operating KPIs and substantially increase Adjusted EBITDA generation over time.

What is Adecoagro’s broader production footprint mentioned in the filing?

Adecoagro owns 210.4 thousand hectares of farmland and several industrial facilities across Argentina, Brazil and Uruguay. It produces 3.1 million tons of agricultural products, 1.3 million tons of fertilizers and over 1 million MWh of renewable electricity annually.

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

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Available on EDGAR 09/02/2026 - 06:03 AM Accepted by SEC EDGAR 09/01/2026 - 06:17 PM Learn about SEC filing dates

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 September 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
1.			Press Release dated September 1, 2026 titled “Adecoagro Completes Acquisition of Caarapó Mill and Integrates It Into Its Cluster in Mato Grosso do Sul”

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: September 1, 2026

Adecoagro Completes Acquisition of Caarapó Mill and Integrates It Into Its Cluster in Mato Grosso do Sul

LUXEMBOURG, September 1, 2026 /PRNewswire/ -- Adecoagro S.A. (NYSE: AGRO) (“Adecoagro” or the “Company”), a leading sustainable production company in South America, announced today that it has completed the acquisition of the Caarapó Mill from Raízen Group, following the satisfaction of all conditions precedent set forth in the purchase agreement previously announced on July 20, 2026.

As of today, the mill is operating under Adecoagro’s ownership and management.

The final purchase price was R$705 million (approximately US$136 million), paid in cash at closing. Based on Caarapó’s crushing volume of 3.5 million tons during the 2025/26 harvest season, the acquisition implies a purchase price of approximately US$39 per ton of crushing capacity.

The Company sees significant opportunities to enhance operational performance through the implementation of its management practices, efficiency initiatives, and commercial optimization strategies. Over time, Adecoagro expects these improvements to substantially increase Adjusted EBITDA generation, bringing the asset’s profitability in line with the performance levels achieved across its existing Sugar, Ethanol & Energy operations. During 2027 Adecoagro expects to crush 4.5 million tons at Caarapó, by processing excess sugarcane from its existing operations.

Renato Junqueira Santos Pereira, Adecoagro’s VP of the Sugar, Ethanol and Energy business, commented: “Over the years, we have built a very competitive platform in Mato Grosso do Sul, benefiting from land availability at a competitive cost, the ability to extend the harvest season and crush year-round, significant production flexibility and a strong cogeneration base. We see Caarapó as a natural extension of this platform, as we will apply the same operating model and know-how.” He added: “Caarapó is similar in scale to our existing mills in Mato Grosso do Sul, with installed capacity to crush approximately 6 to 7 million tons of cane per year, well above the 3.5 million tons processed in the past harvest seasons. By redirecting excess cane from our Cluster to Caarapó, we will increase crushing volumes from the outset, initially by extending the harvest season and ultimately migrating toward a continuous harvest model.”

Mr. Junqueira remarked: “We see significant opportunities to improve Caarapó’s operating KPIs and bring them closer to the levels achieved across our Cluster. These include industrial efficiency, asset utilization, energy exported per ton of cane, and the application of our agricultural best practices. We will use our existing G&A structure to manage the mill, and we will benefit from the scale of our integrated platform, including additional storage capacity and greater commercial flexibility. Together, these initiatives will drive further cash cost dilution, allowing Caarapó’s production costs to gradually converge toward the Company’s levels.”

Mariano Bosch, Co-Founder and Chief Executive Officer of Adecoagro, said: “We are growing in crushing capacity at a very attractive price, and we see significant potential to improve Caarapó’s performance by applying the same practices that have made our Sugar & Ethanol platform one of the most sustainable and lowest-cost producers of sugar, ethanol and energy in the world. We believe this gives us a clear path to create significant value for our shareholders.”

With the acquisition, Adecoagro expects its Cluster in Mato Grosso do Sul to crush 17 million tons in 2027, becoming one of the largest Clusters in Brazil.

About Adecoagro:

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

For questions, please contact:

Adecoagro

Victoria Cabello - IR Officer

Email: ir@adecoagro.com