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  4. [6-K] Adecoagro S.A. Current Report (Foreign Issuer)

Adecoagro 9M pro forma adjusted net income falls 56.6%

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Filing Sentiment

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Form Type
6-K

Rhea-AI Filing Summary

Adecoagro S.A. reported nine-month 2026 adjusted EBITDA of $471.8 million, up 24.8% on a pro forma basis that assumes Profertil was acquired on January 1, 2025. Pro forma gross sales were $1.52 billion, up 2.2%. Adjusted net income fell 56.6% to $32.6 million, mainly reflecting higher interest expense and income taxes.

Fertilizers generated $283.1 million of adjusted EBITDA, up 64.9% pro forma, on higher urea production and sales. Sugar, Ethanol & Energy generated $195.0 million, down 10.7%, while Food & Agriculture generated $18.9 million, down 1.8%. Adecoagro completed its Caarapó mill acquisition from Raízen Group on September 1, 2026, for R$705 million (approximately US$136 million), paid in cash at closing.

Net debt was $1.81 billion as of September 30, up 107.5% year over year; pro forma net debt/LTM adjusted EBITDA was 3.2x. Nine-month operating cash flow was $232.6 million, up 67.7%. Adecoagro redeemed $234.9 million of 6.000% Senior Notes due 2027 on October 28, 2026, at par plus accrued and unpaid interest. It will pay the second $17.5 million installment of its $35.0 million annual cash dividend on November 19, 2026.

2 points · 0 major

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1 major · 2 points

How the balance works

Positive

  • Moderate pointNine-month adjusted EBITDA rose 24.8% to $471.8 million pro forma.
  • Moderate pointNine-month operating cash flow increased 67.7% to $232.6 million.

Negative

  • Major pointNet debt increased 107.5% year over year to $1.81 billion.
  • Moderate pointNine-month adjusted net income fell 56.6% to $32.6 million pro forma.
Nine-month adjusted EBITDA $471.8 million 9M26; up 24.8% on a pro forma basis
Nine-month adjusted net income $32.6 million 9M26; down 56.6% on a pro forma basis
Net debt $1.81 billion As of September 30, 2026; up 107.5% year over year
Operating cash flow $232.6 million Nine months ended September 30, 2026; up 67.7% year over year
Caarapó mill acquisition price R$705 million (approximately US$136 million) Completed September 1, 2026; paid in cash at closing
6.000% Senior Notes redemption $234.9 million aggregate principal amount Redeemed October 28, 2026, at par plus accrued and unpaid interest
Annual cash dividend $35.0 million 2026 distribution; second $17.5 million installment payable November 19, 2026
Adjusted EBITDA financial
"Adjusted EBITDA reached $471.8 million in 9M26"
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.
pro forma financial
"On a pro forma basis to give effect to Profertil's acquisition"
Pro forma refers to financial information that is prepared based on estimates or adjustments to show what a company's results might look like under certain scenarios, such as new projects or acquisitions. It helps investors understand the potential impact of future events by providing a clear, hypothetical view of financial performance, much like a weather forecast shows possible future conditions.
Net Debt/LTM Adj. EBITDA financial
"Net Debt/LTM Adj. EBITDA stood at 3.2x"
A leverage ratio that divides a company’s net debt (total interest‑bearing debt minus cash and cash equivalents) by its last twelve months (LTM) adjusted EBITDA (earnings before interest, taxes, depreciation and amortization with one‑time or unusual items removed). It measures how many years of the company’s adjusted operating profit would be needed to pay off its net debt, like estimating how many annual paychecks would cover a mortgage after subtracting savings. Investors use it to compare debt burden and cash‑generation capacity across companies and time.
mark-to-market financial
"losses in the mark-to-market of our biological assets"
"Mark-to-market" is a method of valuing assets or investments based on their current market price, rather than their original cost or value. It helps investors see the most up-to-date worth of their holdings, much like checking the latest price of a stock before deciding to buy or sell. This approach ensures that financial statements reflect real-time value, providing a clearer picture of overall financial health.
TRS content technical
"TRS content per hectare up 31.0% year-over-year"

FAQ

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

How much adjusted EBITDA did AGRO report for the first nine months of 2026?
AGRO reported adjusted EBITDA of $471.8 million, up 24.8% from $378.0 million on a pro forma basis. The comparison assumes Profertil's acquisition occurred on January 1, 2025. Adjusted EBITDA is a non-IFRS measure.

Why did AGRO's adjusted net income fall in 9M26?
Adjusted net income fell 56.6% to $32.6 million on a pro forma basis. Adecoagro attributed the decrease mainly to higher interest expense, reflecting additional debt to finance the Fertilizers business acquisition, and higher income taxes on higher pre-tax income.

How much did AGRO pay for the Caarapó mill?
Adecoagro completed the Caarapó mill acquisition from Raízen Group on September 1, 2026, for R$705 million (approximately US$136 million), paid in cash at closing. The mill crushed 3.5 million tons in the 2025/26 season.

When will AGRO pay the second installment of its 2026 dividend?
Adecoagro will pay the second $17.5 million installment on November 19, 2026, to shareholders of record as of November 5, 2026. The installment is equivalent to $0.12129154 per share and completes the $35.0 million annual cash dividend.

What were AGRO's net debt and leverage at September 30, 2026?
Net debt was $1.81 billion as of September 30, 2026, and pro forma net debt/LTM adjusted EBITDA was 3.2x. Adecoagro stated that excluding the Caarapó acquisition, the pro forma leverage ratio would have been 3.0x.

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

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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 November 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-FXForm 40-F
  
 
 
 

    

 
TABLE OF CONTENTS
 
ITEM
99.1Press release dated November 12, 2026 related to the registrant’s results of operations for the nine-month period ended September 30, 2026.
99.2Unaudited condensed consolidated interim financial statements of the registrant as of and for the three and nine-month period ended September 30, 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: November 12, 2026
 
 


    

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3Q26 Earning Release Conference Call
Adjusted EBITDA reached $471.8 million in 9M26, reaching an all-time high for a nine-month period. Monthly records set for urea and ammonia production and strong cane productivity.
November 12, 2026
12 p.m. (US EST)
2 p.m. (Buenos Aires/São Paulo time)
6 p.m. (Luxembourg)
Luxembourg, November 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 third quarter ended September 30, 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 11 for a definition and reconciliation to IFRS of the Non-IFRS measures used in this earnings release.
Zoom ID: 817 0799 3881
Passcode: 283274
Consolidated Financial Performance - Highlights
$ thousands3Q26
Pro forma(1) 3Q25
Chg %9M26
Pro forma(1)
9M25
Chg %
3Q25(2)
9M25(2)
Investor Relations
Gross Sales(3)
590,866550,3277.4%1,519,0971,486,1052.2%323,3461,038,979
Emilio Gnecco
Adjusted EBITDA(4)
213,437216,796(1.5)%471,781378,03524.8%115,058206,371
CFO
Adj. EBITDA Margin(4)
36.5%39.9%(8.4)%31.6%25.8%22.3%36.3%20.3%
Victoria Cabello
Adjusted Net Income(4)
37,93272,558(47.7)%32,64159,126(56.6)%25,681(1,817)
IR Officer
Net Debt(4)
1,808,153n.m.n.a.1,808,153n.m.n.a.871,509871,509
Breakdown by Operating Segment - Adjusted EBITDA
$ thousands3Q26
Pro forma(1)
3Q25
Chg %9M26
Pro forma(1)
9M25
Chg %
3Q25(2)
9M25(2)
Email:Sugar, Ethanol & Energy101,139120,467(16.0)%194,967218,418(10.7)%120,467218,418
ir@adecoagro.comFertilizers109,307101,7387.4%283,069171,66464.9%——
Food & Agriculture(5)
12,6281,464762.6%18,85519,192(1.8)%1,46419,192
Website:Corporate(9,637)(6,873)40.2%(25,110)
(31,239)(*)
(19.6)%(6,873)
(31,239)(*)
www.adecoagro.comTotal213,437216,796(1.5)%471,781378,03524.8%115,058206,371
(*) Includes $9.2 million of one-offs from Tether's tender offer for our common shares. Excluding this, Corporate Expenses were $22.0 million.
      agronyse.jpg
•Strong urea sales drove the year-over-year outperformance of our Fertilizers business. A better performance of our dairy operations in the domestic market, mainly on higher UHT milk prices, led to a significant rebound in Food & Agriculture results. In Sugar, Ethanol & Energy, sugarcane productivity continued to strengthen despite lower quarterly crushing on above-average rainfall.
•Adjusted Net Income decreased year-over-year in both 3Q26 and 9M26, mainly due to higher interest expenses, reflecting the additional debt incurred to finance the acquisition of the Fertilizers business, coupled with higher income taxes on higher pre-tax income.
•On a pro forma basis, Net Debt/LTM Adj. EBITDA(4) stood at 3.2x. Excluding the acquisition of Caarapó mill, net leverage ratio would have remained in line with 2Q26 at 3.0x, and below those levels when excluding seasonal working capital needs and the quarter-over-quarter increase in readily marketable inventories. Going forward, we expect higher results to support further deleveraging.
(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) As per reported in our 3Q25 Earnings Release, published on November 11, 2025, prior to the acquisition of the Fertilizers business.
(3) Gross Sales are equal to Net Sales plus sales taxes related to sugar, ethanol and energy.
(4) Please see “Reconciliation of Non-IFRS measures” starting on page 11.
(5) 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.


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Sugar, Ethanol & Energy segment (SE&E)
Performance Highlights
◦Adjusted EBITDA amounted to $101.1 million in 3Q26 and $195.0 million in 9M26, 16.0% and 10.7% lower year-over-year, respectively. Effective September 1, 2026, operational and financial metrics for the SE&E business include Caarapó mill.
▪(+/-) Year-to-date crushing reached 10.4 million tons, up 5.9% year-over-year, although 3Q26 saw a 5.1% decline due to above-average rainfall in September. TRS per hectare increased 24.0% year-over-year in 9M26 and 31.0% in 3Q26.
▪(+) Quarterly mix of 47% sugar - 53% ethanol; year-to-date 35% - 65%.
▪(-/+) Lower net sales on lower sugar prices and volumes, partially offset by higher ethanol volumes as we accelerated sales to capture a favorable pricing window (all-in avg net selling price of $503/m³).
▪(-) Year-over-year losses in biological assets on lower Consecana prices.
▪(-) Cost of production stood at 9.2 cts/lb (versus 8.3 cts/lb in 9M25) despite higher crushing volume, driven by the appreciation of the Brazilian real. Excluding FX, costs in local currency remained broadly flat year-over-year.
Outlook
◦(+) We expect record crushing in 2026, with mid-double-digit growth versus 2025 on greater cane productivity (including Caarapó from September 1 and assuming normal weather through year-end). Our continuous harvest model ensures any cane left unharvested at year-end will be crushed from January onwards.
◦(+) As of this date, 100% of our 2026 sugar production is hedged at an average of 16.5 cts/lb, and 41% of 2027 production at 18.3 cts/lb. Unhedged volumes provide upside exposure in 1H27.
◦(+) We are accelerating ethanol sales to capture stronger prices, supported by a higher demand due to the low parity at the pump.
Fertilizers segment
Performance Highlights
◦Adjusted EBITDA amounted to $109.3 million in 3Q26 and $283.1 million in 9M26. On a pro forma basis, these represent a 7.4% and 64.9% increase versus 3Q25 and 9M25, assuming that the Profertil acquisition had occurred on January 1, 2025.
▪(+) Higher urea production (up 4.1% in 3Q26 and 11.4% in 9M26 year-over-year) driven by monthly production records and higher plant utilization rate on a year-to-date basis.
▪(+) Sales up 16.0% in 3Q26 as urea volumes rose 30.8% on accelerating demand ahead of South America's 2026/27 planting season. Year-to-date sales up 25.0% supported by higher prices ($561/ton 9M26 average; up 16.9% versus 9M25) coupled with higher volumes sold.
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▪(+) Cost dilution on higher production and efficiencies achieved.
Outlook
◦(+) We expect Adjusted EBITDA to outperform prior years, supported by better-than-expected prices, continued production strength, including another monthly record for urea and ammonia in October, and enhanced cost efficiencies, driving margin expansion.
Food & Agriculture segment (F&A)
Performance Highlights
◦Adjusted EBITDA reached $12.6 million in 3Q26, compared to $1.5 million in 3Q25. On a year-to-date basis, Adjusted EBITDA reached $18.9 million, in line with 9M25.
▪(+) Higher quarterly sales driven by a strong performance of our consumer brands in the domestic market, mainly in UHT milk, coupled with higher white rice volumes as prices gradually recovered.
▪(+) Strong operational performance: higher grain and rice yields during 2025/26 harvest season, record quarterly cow productivity and higher rice and dairy processing volumes.
▪(+) Year-over-year gains in biological assets on better corn and peanut yields during the 2025/26 harvest.
▪(-) Higher costs in U.S. dollar terms.
Outlook
◦(+) 2026/27 planting activities are underway, with a forecasted planting plan of 245.4 thousand hectares, 2.9% higher than the previous campaign. We forecast yields in line to slightly above historical average, supported by above-average rainfall expected due to "El Niño" weather event. We expect continued strong dairy performance, supported by higher raw milk production, with cow productivity reaching an all-time high in October (41 liters/cow/day), along with higher processing volumes and prices.
Remarks
Caarapó Acquisition and Integration into our SE&E Cluster
◦On September 1, 2026, we completed the acquisition of Caarapó Mill in Mato Grosso do Sul from Raízen Group for R$705 million (∼US$136 million), paid in cash at closing. Based on Caarapó’s 3.5 million tons crushed in the 2025/26 season, the acquisition implies a purchase price of approximately US$39 per ton of cane crushed.
◦Similar in scale to our existing mills in Mato Grosso do Sul, Caarapó has an installed capacity of approximately 6 to 7 million tons of cane per year. By redirecting excess cane from our Cluster to Caarapó, we will increase crushing volumes from the outset, estimating reaching 4.5 million tons in
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2027, initially by extending the harvest season and ultimately migrating toward a continuous harvest model.
◦We see significant room to improve Caarapó’s performance by applying the same operating model and know-how that have made our Cluster one of the lowest-cost producers of sugar, ethanol and energy in the world. In 2027, our Angelica, Ivinhema and Caarapó mills will conform a new Cluster which is expected to crush approximately 17 million tons of sugarcane, making it one of the largest in Brazil.
Strengthening Our Balance Sheet for the Long Term
◦As part of our commitment to maintaining a healthy balance sheet and a well-balanced capital structure, we continue to proactively manage our liabilities, with a focus on extending our debt maturity profile, optimizing funding costs and preserving financial flexibility. Our diversified access to funding sources, including attractive local financing opportunities available through our operating subsidiaries, supports these efforts.
◦In line with this strategy, on October 28, 2026, we fully redeemed our outstanding 6.000% Senior Notes due 2027, for an aggregate principal amount of US$234.9 million, at par plus accrued and unpaid interest.
◦Following these actions, long-term debt accounts for 78% of total pro forma debt, up from 64%, extending our average debt life to 4.2 years and further strengthening our maturity profile.
Independent Farmland Appraisal Report
◦As of September 30, 2026, Cushman & Wakefield updated its independent appraisal of Adecoagro's farmland which consists of 228,171 hectares valued at $771.1 million.
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Capital Allocation & Uses of Cash
Capital Expenditures
Pro forma(1)
Pro forma(1)
$ thousands3Q263Q25Chg %9M269M25Chg %
3Q25(2)
9M25(2)
Maintenance29,01641,303(29.7)%116,004149,944(22.6)%23,383108,587
Expansion146,26731,813359.8%602,392181,194232.5%127,813181,194
Total175,28373,116139.7%718,396331,138116.9%151,196289,781
(1) Pro forma basis to give effect to Profertil's acquisition, as if such event had occurred on January 1, 2025. (2) As per reported in our 3Q25 Earnings Release, published on November 11, 2025, prior to the acquisition.
Maintenance capex totaled $29.0 million in 3Q26 and $116.0 million in 9M26, down 29.7% and 22.6% year-over-year on a pro forma basis, respectively. The decline mainly reflects the inclusion of $13.1 million in 3Q25 pro forma related to the scheduled turnaround carried out at the Fertilizers plant in late 2025. Throughout 2026, maintenance investments were mainly related to the renewal of our sugarcane plantation.
Expansion capex totaled $146.3 million in 3Q26, mainly related to the acquisition of Caarapó Mill. On a year-to-date basis, expansion capex also included the final payment for our 90% stake in Profertil during 1Q26, as well as investments in organic growth projects like the expansion of our biomethane production in Brazil.
Indebtedness
NET DEBT BREAKDOWN
$ thousands
3Q26(1)
2Q26Chg %3Q25Chg %
Short-Term Debt893,967440,039103.2%182,779389.1%
Long-Term Debt1,577,8891,577,679—%1,054,19249.7%
Gross Debt2,471,8562,017,71822.5%1,236,97199.8%
Cash & Equivalents657,892302,463117.5%339,99893.5%
Short-Term Investments5,81128,044(79.3)%25,464(77.2)%
Net Debt1,808,1531,687,2117.2%871,509107.5%
(1) Includes $11.8 million of cash & cash equivalents and $33.9 million of short-term debt from UMA mill, reclassified as "Assets & Liabilities from assets held for sale".
As of September 30, 2026, Adecoagro's net debt totaled $1.8 billion, up 7.2% quarter-over-quarter, due to the debt incurred to fund the acquisition of the Caarapó Mill. Excluding such acquisition, our pro forma Net Debt/EBITDA ratio would have remained in line with 2Q26 at 3.0x, compared to the reported pro forma ratio of 3.2x. Subsequent to the finalization of this 3Q26, and during October 2026, we also secured several long-term financings to refinance short-term maturities, including the redemption of the $235 million outstanding of our global notes due 2027.
Going forward and in line with the seasonality of our operations, we expect working capital to reverse as sales proceeds are collected in 4Q. Stronger cash generation along with higher expected Adjusted EBITDA, should support deleveraging by bringing our leverage ratio down toward our year-end target (~2.5x).
2026 Shareholder Distribution
On November 19, we will pay the second $17.5 million installment of our annual cash dividend, equivalent to $0.12129154 per share, to shareholders of record as of November 5. This payment will complete our annual dividend distribution of $35.0 million, equivalent to ~$0.2426 per share.
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Sugar, Ethanol & Energy
PRODUCTION DATAMetric3Q263Q25Chg %9M269M25Chg %
Sugarcane Milledtons4,616,1844,863,699(5.1)%10,376,4329,796,8375.9%
Yieldtons/hectare826329.8%826428.3%
TRS Contentkilogram/ton1371361.0%122127(3.3)%
Harvested Areahectares48,02366,060(27.3)%114,111138,456(17.6)%
TRS Equivalent Producedtons647,635685,432(5.5)%1,332,9071,295,7622.9%
Sugar / Ethanol Mix%47% - 53%42% - 58%13.3% - (9.6%)35% - 65%45% - 55%(22.7%) - 18.4%
Sugartons274,640255,5637.5%408,632518,381(21.2)%
Ethanol(1)
cubic meters214,974248,165(13.4)%538,002445,55320.7%
Energy ExportedMWh253,331252,1870.5%582,255508,45114.5%
PRODUCTION COSTS(2)
Total Cost ($'000)Total Cost per Pound (cts/lbs)
9M269M25Chg %9M269M25Chg %
Agricultural Costs298,525258,39615.5%11.19.912.8%
Industrial Costs91,40979,54614.9%3.43.012.2%
Total Production Costs389,934337,94215.4%14.612.912.7%
Depreciation & Amortization PP&E(144,568)(120,001)20.5%(5.4)(4.6)17.6%
Total Production Costs (excl D&A)245,366217,94112.6%9.28.39.9%
(1) Does not include 11,204 cubic meters of anhydrous ethanol that were converted by dehydrating our hydrous ethanol stocks during 9M25. (2)Total production cost may differ from our Cost Of Goods Sold figure as the former refers to the cost of our goods produced, whereas the latter refers to the cost of our goods sold.
Effective September 1, 2026, all operational and financial metrics include Caarapó mill.
Significantly higher rainfall in September (141% above the 10-year average in Angelica/Ivinhema region and 179% above average in Caarapó) reduced effective milling days during the quarter, resulting in a 5.1% year-over-year decline in 3Q26 crushing volumes to 4.6 million tons. Nevertheless, sugarcane productivity continued to improve, with TRS content per hectare up 31.0% year-over-year. On a year-to-date basis, crushing increased 5.9% year-over-year to 10.4 million tons, supported by strong yields of 82 tons per hectare which offset a smaller harvested area. Higher rainfall, however, weighed on TRS content, which declined 3.3% year-over-year despite improving versus previous quarters.
During the quarter, we dynamically adjusted our production mix to consistently maximize the product offering the most attractive margins, resulting in a sugar-ethanol mix of 47% - 53%. Within our ethanol production, we continued to favor the production of hydrous ethanol.
Despite the lower quarterly crushing, exported energy was in line with 3Q25. On a year-to-date basis, energy exported was 14.5% higher than 9M25, driven by the aforementioned 5.9% year-over-year increase in crushing and the use of our stored bagasse to produce energy to comply with our contracts.
Year-to-date, our production costs excluding depreciation and amortization totaled 9.2 cts/lb, 9.9% higher year-over-year. This was primarily driven by the appreciation of the Brazilian real versus 9M25, coupled with higher harvesting costs due to higher diesel prices. Excluding the impact of FX appreciation, our production costs in Brazilian reals remained broadly in line with the prior year.
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NET SALES BREAKDOWN$ thousandsUnits($/unit)
3Q263Q25Chg %3Q263Q25Chg %3Q263Q25Chg %
Sugar (tons)(2)
57,12781,937(30.3)%164,711210,613(21.8)%347389(10.8)%
Ethanol (cubic meters)59,02339,97347.7%139,58183,16767.8%423481(12.0)%
Energy (Mwh) (2)
11,06611,294(2.0)%265,096271,997(2.5)%42420.5%
Others (3)
9613,665(73.8)%
Total Net Sales(1)
128,177136,869(6.4)%
NET SALES BREAKDOWN9M269M25Chg %9M269M25Chg %9M269M25Chg %
Sugar (tons)(2)
109,287208,693(47.6)%320,824500,721(35.9)%341417(18.3)%
Ethanol (cubic meters)215,189192,86811.6%437,212411,2936.3%4924695.0%
Energy (MWh) (2)
26,38822,85115.5%624,279578,3307.9%42407.0%
Others (3)
16,30814,13615.4%
Total Net Sales(1)
367,172438,548(16.3)%
HIGHLIGHTS - $ thousand3Q263Q25Chg %9M269M25Chg %
Net Sales (1)
128,177136,869(6.4)%367,172438,548(16.3)%
Adjusted EBITDA101,139120,467(16.0)%194,967218,418(10.7)%
(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 planted as cover crop during the implementation of meiosis, and (iii) diesel sold by Monte Alegre Distribuidora (MAC).

Net sales reached $128.2 million in 3Q26 and $367.2 million in 9M26, down 6.4% and 16.3% year-over-year, respectively. Despite the increase in ethanol selling volumes, particularly during 3Q26, the decrease in revenues was mainly explained by lower sugar sales, reflecting both lower prices and volumes sold.
Sugar sales declined both on a quarterly and year-to-date basis, fully explained by lower volumes sold and lower global prices. We maximized ethanol production until mid-August 2026 given its better margin (versus a higher sugar mix during 1H25), before shifting towards sugar as global prices rebounded by the end of 3Q26 on a tighter global S&D balance driven by lower-than-expected production across key exporting countries.
Higher ethanol sales during both periods was mainly explained by higher volumes sold. By mid-3Q26, we accelerated ethanol sales to capture higher prices, driven by tighter domestic supply following weather-related disruptions in Brazil’s Center-South region, as well as government measures supporting ethanol’s competitiveness versus gasoline (recorded under Other Operating Income). Thereby, our all-in average net selling price reached $503/m³ during 3Q26. On a year-to-date basis, our top-line also benefited from the sale of our carry-over inventories and daily production during 1Q26, when we capitalized on peak prices ahead of the harvest season, as well as from a stronger Brazilian real.
Quarterly energy sales were broadly in line with 3Q25, as the appreciation of the Brazilian real offset lower volumes sold. On an accumulated basis, the increase in sales was driven by higher volumes due to higher crushing and the use of stored bagasse, coupled with higher prices reflecting attractive spot market opportunities during 1H26 and a stronger Brazilian real.
Adjusted EBITDA reached $101.1 million in 3Q26 and $195.0 million in 9M26, 16.0% and 10.7% lower than in 3Q25 and 9M25, respectively. This was mainly driven by the aforementioned decline in sales; coupled with year-over-year losses in the mark-to-market of our biological assets on lower Consecana prices.
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Fertilizers
HIGHLIGHTS
Pro forma(1)
Pro forma(1)
metric3Q263Q25Chg %9M269M25Chg %
3Q25(2)
9M25(2)
Total Sales$ thousands263,237226,98116.0%559,010447,12625.0%——
      Sales of Ureathousand tons47035930.8%87379210.2%——
$ per ton511524(2.4)%56148016.9%——
$ thousands239,946188,06227.6%490,247380,34428.9%——
      Other Sales$ thousands23,29138,919(40.2)%68,76366,7823.0%——
Adjusted EBITDA$ thousands109,307101,7387.4%283,069171,66464.9%——
Production Data
Urea Production
thousand tons3423294.1%96086211.4%——
(1) Pro forma basis to give effect to Profertil's acquisition, as if such event had occurred on January 1, 2025. (2) As per reported in our 3Q25 Earnings Release, published on November 11, 2025, prior to the acquisition.

For comparison, we provide pro forma 3Q25 & 9M25 operational and financial figures for our Fertilizers operations.
Following the scheduled turnaround maintenance completed at the end of 2025 (prior to the acquisition), and leveraging more than 25 years of operating experience, we set a new monthly urea production record in August, while ammonia production reached new monthly highs in both August and September. As a result, urea production reached 342 thousand tons in 3Q26, up 4.1% year-over-year, and 960 thousand tons in 9M26, 11.4% higher than the same period of last year, mainly driven by a higher plant utilization rate.
Sales reached $263.2 million in 3Q26 and $559.0 million in 9M26, up 16.0% and 25.0% year-over-year, respectively. After the hike in prices in 1H26 amid the escalation of the conflict in the Middle East, a region that accounts for approximately 30% of global urea trade, international urea prices declined sharply in June, supporting a recovery in demand. As the South American summer crop planting season approached, demand continued to strengthen, setting a floor for prices which gradually rose in the following weeks. Consequently, urea selling volumes amounted to 470 thousand tons during 3Q26, up 30.8% year-over-year and more than double 2Q26 volumes - mainly reflecting the typical seasonality of the business. Our average selling price stood at $511/ton in 3Q26, while on a year-to-date basis it reached $561/ton, 16.9% higher year-over-year, reflecting our ability to maximize sales during the peak prices.
As a result, Adjusted EBITDA totaled $109.3 million during 3Q26, 7.4% higher than the same period of last year, fully explained by the year-over-year increase in sales. On an accumulated basis, Adjusted EBITDA amounted to $283.1 million in 9M26, marking a 64.9% year-over-year increase. Along with higher sales, results also benefited from greater cost dilution due to the aforementioned increase in production coupled with other costs efficiencies achieved, driving margin expansion.
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Food & Agriculture
HIGHLIGHTS (1)
metric3Q263Q25Chg %9M269M25Chg %
Sales
$ thousands
193,225179,8457.4%568,954579,087(1.7)%
Adjusted EBITDA$ thousands12,6281,464762.6%18,85519,192(1.8)%
(1) Financial & Operational data available in our Results Spreadsheet on Adecoagro's IR website.
Harvesting activities for the 2025/26 season have concluded, with total production exceeding 1.2 million tons on greater yields versus the prior campaign. Planting for the 2026/27 season is underway, with 57.4% of the area seeded as of the date of this report. We expect to plant 245.4 thousand hectares, up 2.9% year-over-year, mainly explained by larger rice and peanut areas, while marginally reducing hectares from other traditional grains, such as soybean and corn. We forecast yields in line with or slightly above historical averages, supported by above-average rainfall during crop development as El Niño conditions are expected to persist through the end of 1Q27. In addition, we processed 303.9 million liters of milk during 9M26, 2.2% higher year-over-year, driven by greater cow productivity, which reached a new quarterly record of 39.8 liters/cow/day.
Adjusted EBITDA reached $12.6 million in 3Q26, up $11.2 million year-over-year. Stronger results were mainly driven by higher sales, reflecting a strong performance of our dairy consumer brand in the domestic market on higher UHT milk prices, coupled with an acceleration in rice sales as prices gradually recovered. Results also benefited from year-over-year gains in biological assets on better corn and peanut yields during the 2025/26 harvest. The strong third quarter offset weaker results in 1H26, bringing 9M26 sales and Adjusted EBITDA to $569.0 million and $18.9 million, respectively, in line with 9M25.
SALES BREAKDOWN$ thousands
Units(1)
($/unit)
3Q263Q25Chg %3Q263Q25Chg %3Q263Q25Chg %
Soybean16,27519,214(15.3)%40,41567,864(40.4)%40328342.2%
Corn(2)
20,93918,97010.4%112,104108,7623.1%1871747.1%
Peanut14,37913,0799.9%14,80512,84615.2%9711,018(4.6)%
White Rice41,31931,19132.5%74,36253,52238.9%556583(4.7)%
UHT Milk39,62533,65917.7%47,735,28349,703,023(4.0)%0.830.6822.6%
Powdered Milk11,98314,207(15.7)%3,1463,858(18.4)%3,8093,6833.4%
Cheese11,34210,4768.3%2,1662,222(2.5)%5,2364,71511.0%
Others (3)
37,36339,049(4.3)%
Total Net Sales193,225179,8457.4%
SALES BREAKDOWN9M269M25Chg %9M269M25Chg %9M269M25Chg %
Soybean54,50154,3200.3%146,959187,426(21.6)%37129028.0%
Corn(2)
44,60341,9906.2%239,796232,3053.2%1861812.9%
Peanut39,69045,655(13.1)%41,52332,36928.3%9561,410(32.2)%
White Rice135,982149,166(8.8)%258,750233,94210.6%526638(17.6)%
UHT Milk108,27094,97214.0%140,747,520126,836,80411.0%0.770.752.7%
Powdered Milk36,54335,2653.6%9,8539,4374.4%3,7093,737(0.8)%
Cheese29,63829,3341.0%6,2515,8227.4%4,7415,039(5.9)%
Others (3)
119,727128,385(6.7)%
Total Net Sales568,954579,087(1.7)%
(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.
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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, including El Niño; (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 real, 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.



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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.
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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 13.
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)
Pro forma(1)
$ thousands3Q263Q25Chg %9M269M25Chg %
3Q25(2)
9M25(2)
Profit for the period51,69548,0277.6%120,75353,312(87.9)%6,4278,091
Foreign exchange losses/(gains), net(16,921)26,954(162.8)%(108,003)3,399537.7%21,677(12,323)
Inflation accounting effects6,715712843.1%19,9106,029(88.2)%7126,029
Net results from Fair Value adjustment of Investment Property217(3,135)n.a3,755(3,614)n.a(3,135)(3,614)
Bargain purchase gain(52,620)—n.a.(52,620)—n.a.——
Impairment of assets48,846—n.a.48,846—n.a.——
Adjusted Net Income37,93272,558(47.7)%32,64159,126(56.6)%25,681 (1,817)
(1) Pro forma basis to give effect to Profertil's acquisition, as if such event had occurred on January 1, 2025. (2) As per reported in our 3Q25 Earnings Release, published on November 11, 2025, prior to the acquisition.
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RECONCILIATION TO ADJUSTED EBITDA & PROFIT/LOSS3Q263Q25
$ thousandsSugar, Ethanol & EnergyFertilizersFood & AgricultureCorp ExpTotalSugar, Ethanol & EnergyFertilizersFood & AgricultureCorp ExpTotal
Sales of goods and services rendered134,404263,237193,225—590,866143,501—179,845—323,346
Cost of goods sold and services rendered(103,299)(133,170)(164,966)—(401,435)(97,985)—(166,270)—(264,255)
Initial recog. and changes in FV of BA and agricultural produce 32,817—11,846—44,66340,904—4,915—45,819
Gain from changes in NRV of agricultural produce after harvest 51—1,559—1,610165—5,210—5,375
Margin on Manufacturing and Agricultural Act. Before Opex63,973130,06741,664—235,70486,585—23,700—110,285
General and administrative expenses (7,489)(6,831)(15,433)(9,586)(39,339)(4,938)—(10,861)(6,944)(22,743)
Selling expenses (19,582)(22,787)(24,613)(158)(67,140)(17,079)—(20,170)(226)(37,475)
Other operating income, net (31,123)(9,593)(13,329)(314)(54,359)356—3,068(95)3,329
Bargain purchase gain52,620———52,620—————
Profit from Operations Before Financing and Taxation 58,39990,856(11,711)(10,058)127,48664,924—(4,263)(7,265)53,396
Net results from Fair value adjustment of Investment property——90—90——(2,643)—(2,643)
Bargain purchase gain(52,620)———(52,620)—————
Impairment of assets 35,538—13,324—48,862—————
Adjusted EBIT41,31790,8561,703(10,058)123,81864,924—(6,906)(7,265)50,753
(-) Depreciation and Amortization59,82218,45110,92542189,61955,543—8,37039264,305
Adjusted EBITDA101,139109,30712,628(9,637)213,437120,467—1,464(6,873)115,058
Reconciliation to Profit/(Loss)
Adjusted EBITDA213,437115,058
(+) Depreciation and Amortization(89,619)(64,305)
(+) Financial result, net(40,651)(50,489)
(+) Net results from Fair value adjustment of Investment property(90)2,643
(+) Bargain purchase gain52,620—
(-) Impairment of assets (48,862)—
(+) Income Tax (Charge)/Benefit(34,053)63
(+) Translation Effect (IAS 21)(1,087)3,457
Profit/(Loss) for the Period51,6956,427



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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/LOSS3Q263Q25
$ thousandsSugar, Ethanol & EnergyFertilizersFood & AgricultureCorp ExpTotalSugar, Ethanol & EnergyFertilizersFood & AgricultureCorp ExpTotal
Sales of goods and services rendered134,404263,237193,225—590,866143,501226,981179,845—550,327
Cost of goods sold and services rendered(103,299)(133,170)(164,966)—(401,435)(97,985)(117,733)(166,270)—(381,988)
Initial recog. and changes in FV of BA and agricultural produce 32,817—11,846—44,66340,904—4,915—45,819
Gain from changes in NRV of agricultural produce after harvest 51—1,559—1,610165—5,210—5,375
Margin on Manufacturing and Agricultural Act. Before Opex63,973130,06741,664—235,70486,585109,24823,700—219,533
General and administrative expenses (7,489)(6,831)(15,433)(9,586)(39,339)(4,938)(7,100)(10,861)(6,944)(29,843)
Selling expenses (19,582)(22,787)(24,613)(158)(67,140)(17,079)(18,511)(20,170)(226)(55,986)
Other operating income, net (31,123)(9,593)(13,329)(314)(54,359)356(333)3,068(95)2,996
Bargain purchase gain52,620———52,620—————
Profit from Operations Before Financing and Taxation 58,39990,856(11,711)(10,058)127,48664,92483,304(4,263)(7,265)136,700
Net results from Fair value adjustment of Investment property——90—90——(2,643)—(2,643)
Bargain purchase gain(52,620)———(52,620)—————
Impairment of assets 35,538—13,324—48,862—————
Adjusted EBIT41,31790,8561,703(10,058)123,81864,92483,304(6,906)(7,265)134,057
(-) Depreciation and Amortization59,82218,45110,92542189,61955,54318,4348,37039282,739
Adjusted EBITDA101,139109,30712,628(9,637)213,437120,467101,7381,464(6,873)216,796
Reconciliation to Profit/(Loss)
Adjusted EBITDA213,437216,796
(+) Depreciation and Amortization(89,619)(82,739)
(+) Financial result, net(40,651)(55,719)
(+) Net results from Fair value adjustment of Investment property(90)2,643
(+) Bargain purchase gain52,620—
(-) Impairment of assets(48,862)—
(+) Income Tax (Charge)/Benefit(34,053)(36,411)
(+) Translation Effect (IAS 21)(1,087)3,457
Profit/(Loss) for the Period51,69548,027


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RECONCILIATION TO ADJUSTED EBITDA & PROFIT/LOSS9M269M25
$ thousandsSugar, Ethanol & EnergyFertilizersFood & AgricultureCorp ExpTotalSugar, Ethanol & EnergyFertilizersFood & AgricultureCorp ExpTotal
Sales of goods and services rendered391,133559,010568,954—1,519,097459,892—579,087—1,038,979
Cost of goods sold and services rendered(295,883)(260,402)(508,182)—(1,064,467)(346,377)—(519,887)—(866,264)
Initial recog. and changes in FV of BA and agricultural produce 24,885—45,106—69,99149,616—30,441—80,057
Gain from changes in NRV of agricultural produce after harvest 687—3,856—4,543(609)—8,708—8,099
Margin on Manufacturing and Agricultural Act. Before Opex120,822298,608109,734—529,164162,522—98,349—260,871
General and administrative expenses (22,058)(19,512)(46,538)(25,802)(113,910)(21,355)—(42,115)(31,901)(95,371)
Selling expenses (52,562)(47,981)(77,558)(368)(178,469)(48,978)—(66,182)(362)(115,522)
Other operating income, net (27,130)(3,398)(15,532)(178)(46,238)6,228—5,767(238)11,757
Bargain purchase gain52,620———52,620—————
Profit from Operations Before Financing and Taxation 71,692227,717(29,894)(26,348)243,16798,417—(4,181)(32,501)61,735
Net results from Fair value adjustment of Investment property——3,459—3,459——(3,122)—(3,122)
Bargain purchase gain(52,620)———(52,620)—————
Impairment of assets35,538—13,324—48,862—————
Adjusted EBIT54,610227,717(13,111)(26,348)242,86898,417—(7,303)(32,501)58,613
(-) Depreciation and Amortization140,35755,35231,9661,238228,913120,001—26,4951,262147,758
Adjusted EBITDA194,967283,06918,855(25,110)471,781218,418—19,192(31,239)206,371
Reconciliation to Profit/(Loss)
Adjusted EBITDA471,781206,371
(+) Depreciation and Amortization(228,913)(147,758)
(+) Financial result, net(48,653)(60,097)
(+) Net results from Fair value adjustment of Investment property(3,459)3,122
(+) Bargain purchase gain52,620—
(-) Impairment of assets(48,862)—
(+) Income Tax (Charge)/Benefit(71,537)2,002
(+) Translation Effect (IAS 21)(2,224)4,451
Profit/(Loss) for the Period120.7538,091

15
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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/LOSS9M269M25
$ thousandsSugar, Ethanol & EnergyFertilizersFood & AgricultureCorp ExpTotalSugar, Ethanol & EnergyFertilizersFood & AgricultureCorp ExpTotal
Sales of goods and services rendered391,133559,010568,954—1,519,097459,892447,126579,087—1,486,105
Cost of goods sold and services rendered(295,883)(260,402)(508,182)—(1,064,467)(346,377)(260,285)(519,887)—(1,126,549)
Initial recog. and changes in FV of BA and agricultural produce 24,885—45,106—69,99149,616—30,441—80,057
Gain from changes in NRV of agricultural produce after harvest 687—3,856—4,543(609)—8,708—8,099
Margin on Manufacturing and Agricultural Act. Before Opex120,822298,608109,734—529,164162,522186,84198,349—447,712
General and administrative expenses (22,058)(19,512)(46,538)(25,802)(113,910)(21,355)(23,315)(42,115)(31,901)(118,686)
Selling expenses (52,562)(47,981)(77,558)(368)(178,469)(48,978)(46,644)(66,182)(362)(162,166)
Other operating income, net (27,130)(3,398)(15,532)(178)(46,238)6,228(367)5,767(238)11,390
Bargain purchase gain52,620———52,620—————
Profit from Operations Before Financing and Taxation 71,692227,717(29,894)(26,348)243,16798,417116,515(4,181)(32,501)178,250
Net results from Fair value adjustment of Investment property——3,459—3,459——(3,122)—(3,122)
Bargain purchase gain(52,620)———(52,620)—————
Impairment of assets35,538—13,324—48,862—————
Adjusted EBIT54,610227,717(13,111)(26,348)242,86898,417116,515(7,303)(32,501)175,128
(-) Depreciation and Amortization140,35755,35231,9661,238228,913120,00155,14926,4951,262202,907
Adjusted EBITDA194,967283,06918,855(25,110)471,781218,418171,66419,192(31,239)378,035
Reconciliation to Profit/(Loss)
Adjusted EBITDA471,781378,035
(+) Depreciation and Amortization(228,913)(202,907)
(+) Financial result, net(48,653)(82,029)
(+) Net results from Fair value adjustment of Investment property(3,459)3,122
(+) Bargain purchase gain52,620—
(-) Impairment of assets(48,862)—
(+) Income Tax (Charge)/Benefit(71,537)(47,360)
(+) Translation Effect (IAS 21)(2,224)4,451
Profit/(Loss) for the Period120.75353,312
16
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Condensed Consolidated Interim Financial Statments
    
Statement of Income
$ thousands3Q263Q259M269M25
Revenue598,436 304,212 96.7%1,528,127 1,011,798 51.0%
Cost of revenue(408,159)(246,836)65.4%(1,072,753)(841,418)27.5%
Initial recognition and Changes in fair value of biological assets and agricultural produce45,713 44,386 3.0%71,204 77,479 (8.1)%
Changes in net realizable value of agricultural produce after harvest1,651 5,034 (67.2)%4,415 7,594 (41.9)%
Margin on Manufacturing and Agricultural Activities Before Operating Expenses237,641 106,796 122.5%530,993 255,453 107.9%
General and administrative expenses(40,781)(19,047)114.1%(115,725)(90,014)28.6%
Selling expenses(68,648)(34,564)98.6%(180,411)(111,316)62.1%
Other operating income, net(54,433)3,668 (1,584.0)%(46,534)12,063 (485.8)%
bargain purchase gain52,620 — n . a52,620 — n . a
Profit from operations 126,399 56,853 122.3%240,943 66,186 264.0%
Finance income24,337 (18,321)(232.8)%135,294 25,036 440.4%
Finance costs(58,273)(31,456)85.3%(164,037)(79,104)107.4%
Other financial results - Net gain / (loss) of inflation effects on the monetary items(6,715)(712)843.1%(19,910)(6,029)230.2%
Financial results, net(40,651)(50,489)(19.5)%(48,653)(60,097)(19.0)%
Profit / (loss) before income tax
85,748 6,364 1,247.4%192,290 6,089 3,058.0%
Income tax(34,053)63 (54,152.4)%(71,537)2,002 (3,673.3)%
Profit for the period51,695 6,427 704.3%120,753 8,091 1,392.4%


17
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Statement of Cashflows
$ thousands3Q263Q259M269M25
Cash flows from operating activities:
Profit from operations51,695 6,427 704.3%120,753 8,091 1,392.4%
Adjustments for:
Income tax (benefit) / expense34,053 (63)(54,152.4)%71,537 (2,002)(3,673.3)%
Depreciation89,289 62,480 42.9%226,649 144,232 57.1%
Amortization1,112 405 174.6%3,318 1,480 124.2%
Depreciation of right of use assets23,259 20,475 13.6%62,522 58,847 6.2%
(Gain) from disposal of other property items182 (1,215)(115.0)%(1,748)(1,623)7.7%
Bargain purchase gain on acquisition(52,620)— n . a(52,620)— n . a
Impairment of assets48,846 — n . a48,846 — n . a
Equity settled shared-based compensation granted1,880 (314)(698.7)%6,034 11,580 (47.9)%
Loss / (gain) from derivative financial instruments and forwards3,907 2,366 65.1%8,630 (4,827)(278.8)%
Interest and other expense , net47,144 24,776 90.3%123,144 64,563 90.7%
Initial recognition and changes in fair value of non harvested biological assets (unrealized)(41,314)(15,483)166.8%(60,438)(21,642)179.3%
Changes in net realizable value of agricultural produce after harvest (unrealized)(772)(6,235)(87.6)%(1,652)(8,372)(80.3)%
Provision and allowances1,595 (207)(870.5)%1,188 (171)(794.7)%
Net gain from fair value adjustment of Investment property217 (3,135)(106.9)%3,755 (3,614)(203.9)%
Tax credit recognized(9,361)— n . a(17,119)(4,132)314.3%
Net gain of inflation effects on the monetary items of the effect of inflation on monetary items6,715 712 843.1%19,910 6,029 230.2%
Foreign exchange gains, net(16,921)21,677 (178.1)%(108,003)(12,323)776.4%
Subtotal188,906 111,953 68.7%454,706 236,116 92.6%
Changes in operating assets and liabilities:
Increase in trade and other receivables(73,702)24,123 (405.5)%(102,991)(75,879)35.7%
Increase in inventories(47,719)(50,901)(6.3)%(133,198)(103,725)28.4%
Decrease in biological assets(20,655)(43,346)(52.3)%71,323 70,253 1.5%
Decrease in other assets(4,801)57 (8,522.8)%(4,577)262 (1,846.9)%
Increase in derivative financial instruments(3,293)(2,755)19.5%(3,288)(4,598)(28.5)%
(Decrease) / increase in trade and other payables49,489 (15,841)(412.4)%(49,655)12,502 (497.2)%
(Decrease) / increase in payroll and social security liabilities15,173 5,596 171.1%16,947 6,697 153.1%
(Decrease) / increase in provisions for other liabilities2,454 (175)(1,502.3)%3,511 (85)(4,230.6)%
Cash generated in operations105,852 28,711 268.7%252,778 141,543 78.6%
Income taxes paid4,382 (1,057)(514.6)%(20,172)(2,852)607.3%
Net cash generated from operating activities (a)110,234 27,654 298.6%232,606 138,691 67.7%



18
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Statement of Cashflows
$ thousands3Q263Q259M269M25
Cash flows from investing activities
Acquisition of business, net of cash acquired(126,890)— n . a(528,722)— n . a
Purchases of property, plant and equipment(47,638)(52,210)(8.8)%(189,148)(189,891)(0.4)%
Purchase of cattle and non current biological assets planting cost(51)2,404 (102.1)%(78)(138)(43.5)%
Purchases of intangible assets(668)(426)56.8%(1,391)(1,244)11.8%
Interest received5,329 8,931 (40.3)%21,683 12,931 67.7%
Proceeds from sale of property, plant and equipment431 701 (38.5)%2,429 1,316 84.6%
Proceeds from sale of farmlands— 1,691 (100.0)%— 3,292 (100.0)%
Advance payments for acquisition of joint venture— (96,000)(100.0)%— (96,000)(100.0)%
Acquisition of short term(114,267)(31,008)n . a(219,017)(103,775)111.0%
Dispositions of short term investment137,283 26,112 425.7%316,533 110,980 185.2%
Net cash used in investing activities (b)(146,471)(139,805)4.8%(597,711)(262,529)127.7%
Cash flows from financing activities
Proceeds from EQ settled share-based compensation exercise— 45 (100.0)%312 45 n . a
Interest paid (c)
(38,656)(18,410)110.0%(88,301)(44,930)96.5%
Proceeds from long-term borrowings515,605 525,075 (1.8)%882,883 552,622 59.8%
Payment of long-term borrowings(658)(157,669)(99.6)%(49,954)(200,271)(75.1)%
Proceeds from short-term borrowings50,586 46,197 9.5%198,550 212,922 (6.7)%
Payment of short-term borrowings(113,035)(90,546)24.8%(195,725)(154,699)26.5%
Payment of derivatives financial instruments(49)(170)(71.2)%(472)(137)244.5%
Lease Payments(15,211)(24,817)(38.7)%(73,402)(85,102)(13.7)%
Purchase of own shares— — n . a— (10,210)(100.0)%
Dividends paid to non-controlling interest(11,611)— n . a(21,766)— n . a
Dividends to shareholders— — n . a(17,500)(17,500)—%
Net cash used in financing activities (d)386,971 279,660 38.4%634,625 252,740 151.1%
Net increase / (decrease) in cash and cash equivalents350,734 167,509 109.4%269,520 128,902 109.1%
Cash and cash equivalents at beginning of year302,463 180,607 67.5%383,150 211,244 81.4%
Exchange gains on cash and cash equivalents (e)
4,695 (8,118)(157.8)%5,222 (148)(3628.4)%
Cash and cash equivalents at end of year657,892 339,998 93.5%657,892 339,998 93.5%
Reconciliation of cash and cash equivalents between the consolidated statement of financial position and the consolidated statement of cash flows:
Cash and cash equivalents presented in the consolidated statement of financial position646,081 339,998 90.0%646,081 339,998 90.0%
Cash and cash equivalents included in assets held for sale11,811 — n . a11,811 — n . a
Cash and cash equivalents presented in the consolidated statement of cash flows657,892 339,998 93.5%657,892 339,998 93.5%

19
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Combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries over:3Q263Q259M269M25
Operating activities(a)(3,887)8,741 (10,962)10,969 
Acquisition of short term investment(b)4,280 (1,199)14,558 (1,643)
Investing activities(c)4,581 (970)14,360 (212)
Interest paid(d)(90)(4,048)74 (6,386)
Financing activities(e)381 (3,735)(149)(8,389)
Exchange rate changes and inflation on cash and cash equivalents(f)(1,075)(4,036)(3,249)(2,368)
20
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Statement of Financial position
$ thousands9M2612M25Chg %
ASSETS
Non-Current Assets
Property, plant and equipment3,229,001 3,010,351 7.3%
Right of use assets374,023 388,993 (3.8)%
Investment property24,750 24,037 3.0%
Intangible assets, net249,292 253,875 (1.8)%
Biological assets49,311 40,488 21.8%
Deferred income tax assets15,714 23,722 (33.8)%
Trade and other receivables, net111,029 82,889 33.9%
Derivative financial instruments3,524 1,888 86.7%
Other Assets8,538 3,459 146.8%
Total Non-Current Assets4,065,182 3,829,702 6.1%
Current Assets
Biological assets310,011 274,256 13.0%
Inventories464,133 306,271 51.5%
Trade and other receivables, net413,216 364,350 13.4%
Derivative financial instruments116 1,243 (90.7)%
Short-term investment5,811 89,826 (93.5)%
Cash and cash equivalents646,081 383,150 68.6%
Current assets excluding assets classified as held for sale1,839,368 1,419,096 29.6%
Assets classified as held for sale75,638 — n . a
Total Current Assets1,915,006 1,419,096 34.9%
TOTAL ASSETS5,980,188 5,248,798 13.9%
SHAREHOLDERS EQUITY
Capital and reserves attributable to equity holders of the parent
Share capital221,808 221,808 —%
Share premium841,643 876,091 (3.9)%
Cumulative translation adjustment(325,082)(426,225)(23.7)%
Equity-settled compensation15,269 11,358 34.4%
Other reserves150,791 153,237 (1.6)%
Treasury shares(5,382)(7,940)(32.2)%
Revaluation surplus265,389 275,709 (3.7)%
Reserve from the sale of minority interests in subsidiaries41,574 41,574 —%
Retained earnings614,668 509,730 20.6%
Equity attributable to equity holders of the parent1,820,678 1,655,342 10.0%
Non controlling interest137,667 136,949 0.5%
TOTAL SHAREHOLDERS EQUITY1,958,345 1,792,291 9.3%
LIABILITIES
Non-Current Liabilities
Trade and other payables226 700 (67.7)%
Borrowings1,577,889 1,379,921 14.3%
Lease liabilities278,977 296,643 (6.0)%
Deferred income tax liabilities752,736 728,634 3.3%
Payrroll and Social liabilities998 567 76.0%
Derivatives financial instruments2,439 1,271 91.9%
Provisions for other liabilities24,864 22,269 11.7%
Total Non-Current Liabilities2,638,129 2,430,005 8.6%
Current Liabilities
Trade and other payables273,115 673,160 (59.4)%
Current income tax liabilities54,880 31,921 71.9%
Payrroll and Social liabilities57,418 38,782 48.1%
Borrowings860,061 213,088 303.6%
Lease liabilities65,573 59,959 9.4%
Derivative financial instruments4,441 4,123 7.7%
Provisions for other liabilities5,797 5,469 6.0%
Current liabilities excluding liabilities relating to assets held for sale1,321,285 1,026,502 28.7%
Liabilities relating to assets classified as held for sale62,429 — n . a
Total Current Liabilities1,383,714 1,026,502 34.8%
TOTAL LIABILITIES4,021,843 3,456,507 16.4%
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES5,980,188 5,248,798 13.9%
21




Adecoagro S.A.

Condensed Consolidated Interim Financial Statements as of September 30, 2026 and for the nine-month periods ended September 30, 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 22)
Outstanding Capital Stock: 144,282,466 common shares
Treasury Shares: 3,589,695 common shares

F - 1

Adecoagro S.A.
Condensed Consolidated Interim Statements of Income
for the nine-month and three-month periods ended September 30, 2026 and 2025
(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

Nine-months ended September 30,Three-months ended September 30,
Note2026202520262025
(unaudited)
Revenue
41,528,127 1,011,798 598,436 304,212 
Cost of revenue
5(1,072,753)(841,418)(408,159)(246,836)
Initial recognition and changes in fair value of biological assets and agricultural produce
1571,204 77,479 45,713 44,386 
Changes in net realizable value of agricultural produce after harvest
4,415 7,594 1,651 5,034 
Margin on manufacturing and agricultural activities before operating expenses 530,993 255,453 237,641 106,796 
General and administrative expenses 6(115,725)(90,014)(40,781)(19,047)
Selling expenses 6(180,411)(111,316)(68,648)(34,564)
Other operating (expense)/ income, net8(46,534)12,063 (54,433)3,668 
Bargain purchase gain2052,620 — 52,620 — 
Profit from operations 240,943 66,186 126,399 56,853 
Finance income
9135,294 25,036 24,337 (18,321)
Finance costs
9(164,037)(79,104)(58,273)(31,456)
Other financial results - Net loss of inflation effects on the monetary items9(19,910)(6,029)(6,715)(712)
Financial results, net 9(48,653)(60,097)(40,651)(50,489)
Profit before income tax 192,290 6,089 85,748 6,364 
Income tax (expense) / benefit 10(71,537)2,002 (34,053)63 
Profit for the period120,753 8,091 51,695 6,427 
Attributable to:
Equity holders of the parent 104,938 7,037 46,589 6,517 
Non-controlling interest 15,815 1,054 5,106 (90)
Earnings per share attributable to the equity holders of the parent during the period:
Basic earnings per share0.730 0.070 0.324 0.065 
Diluted earnings per share0.727 0.070 0.322 0.065 





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 nine-month and three-month periods ended September 30, 2026 and 2025
(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)


Nine-months ended September 30,Three-months ended September 30,
2026202520262025
(unaudited)
Profit for the period120,753 8,091 51,695 6,427 
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations
153,574 (24,867)28,277 (55,276)
Items that will not be reclassified to profit or loss:
Revaluation surplus net of tax
(56,429)48,437 9,547 49,512 
Other comprehensive income / (loss) for the period97,145 23,570 37,824 (5,764)
Total comprehensive income for the period 217,898 31,661 89,519 663 
Attributable to:
Equity holders of the parent 195,761 30,047 78,938 211 
Non-controlling interest 22,137 1,614 10,581 452 



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 September 30, 2026 and December 31, 2025
(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)
September 30,December 31,
Note20262025
(unaudited)
ASSETS
Non-Current Assets
Property, plant and equipment, net113,229,001 3,010,351 
Right of use assets12374,023 388,993 
Investment property1324,750 24,037 
Intangible assets, net 14249,292 253,875 
Biological assets1549,311 40,488 
Deferred income tax assets1015,714 23,722 
Trade and other receivables, net17111,029 82,889 
Derivative financial instruments163,524 1,888 
Other Assets8,538 3,459 
Total Non-Current Assets4,065,182 3,829,702 
Current Assets
Biological assets15310,011 274,256 
Inventories18464,133 306,271 
Trade and other receivables, net17413,216 364,350 
Derivative financial instruments16116 1,243 
Short-term investments5,811 89,826 
Cash and cash equivalents19646,081 383,150 
Current assets excluding assets classified as held for sale1,839,368 1,419,096 
Assets classified as held for sale2175,638 — 
Total Current Assets 1,915,006 1,419,096 
TOTAL ASSETS5,980,188 5,248,798 
SHAREHOLDERS EQUITY
Capital and reserves attributable to equity holders of the parent
Share capital 22221,808 221,808 
Share premium 22841,643 876,091 
Cumulative translation adjustment (325,082)(426,225)
Equity-settled compensation 15,269 11,358 
Other reserves150,791 153,237 
Treasury shares (5,382)(7,940)
Revaluation surplus265,389 275,709 
Reserve from the sale of non-controlling interests in subsidiaries 41,574 41,574 
Retained earnings 614,668 509,730 
Equity attributable to equity holders of the parent 1,820,678 1,655,342 
Non-controlling interest 137,667 136,949 
TOTAL SHAREHOLDERS EQUITY 1,958,345 1,792,291 
LIABILITIES
Non-Current Liabilities
Trade and other payables 24226 700 
Borrowings 251,577,889 1,379,921 
Lease liabilities26278,977 296,643 
Deferred income tax liabilities 10752,736 728,634 
Payroll and social security liabilities 27998 567 
Derivatives financial instruments 162,439 1,271 
Provisions for other liabilities 2824,864 22,269 
Total Non-Current Liabilities 2,638,129 2,430,005 
Current Liabilities
Trade and other payables 24273,115 673,160 
Current income tax liabilities 1054,880 31,921 
Payroll and social security liabilities 2757,418 38,782 
Borrowings 25860,061 213,088 
Lease liabilities2665,573 59,959 
Derivative financial instruments 164,441 4,123 
Provisions for other liabilities 285,797 5,469 
Current liabilities excluding liabilities relating to assets held for sale 1,321,285 1,026,502 
Liabilities relating to assets classified as held for sale2162,429 — 
Total Current Liabilities 1,383,714 1,026,502 
TOTAL LIABILITIES 4,021,843 3,456,507 
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES 5,980,188 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 nine-month periods ended September 30, 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 22)Share PremiumCumulative Translation AdjustmentEquity-settled CompensationOther reservesTreasury sharesRevaluation surplusReserve from the sale of non-controlling interests in subsidiariesRetained EarningsSubtotalNon-Controlling InterestTotal Shareholders’ Equity
Balance at January 1, 2025167,073659,399(413,757)17,264151,261(16,989)245,26141,574518,0641,369,15038,9511,408,101
Profit for the period— — — — — — — — 7,037 7,0371,054 8,091
Other comprehensive income:
 - Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations ——(10,879)———(10,905)——(21,784)(3,083)(24,867)
- Items that will not be reclassified to profit or loss:
Revaluation of surplus (*)——————44,794——44,7943,64348,437
Other comprehensive income for the period ——(10,879)———33,889——23,01056023,570
Total comprehensive income for the period ——(10,879)———33,889—7,03730,0471,61431,661
Reduction of issued share capital of the company (Note 20):(9,000)— — — — 9,000 — — — — — — 
- Employee share options (Note 23)
Exercised— 52 — (15)— 8 — — — 45— 45
- Restricted shares and restricted units (Note 23):
Value of employee services — — — 13,595 — — — — — 13,595— 13,595
Vested— 20,311 — (19,553)3,604 — — — — 4,362— 4,362
Forfeited
— — — — 2 (2)— — — —— —
Granted— — — — (1,630)1,630 — — — —— —
-Purchase of own shares (Note 22)— (8,623)— — — (1,587)— — — (10,210)— (10,210)
- Dividends to shareholders (Note 22)— (35,000)— — — — — — — (35,000)— (35,000)
Contribution from non-controlling interest— — — — — — — — — — 24,004 24,004
Balance at September 30, 2025 (unaudited)158,073636,139(424,636)11,291153,237(7,940)279,15041,574525,1011,371,98964,5691,436,558

(*) Net of 26,127 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 nine-month periods ended September 30, 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 PremiumCumulative Translation AdjustmentEquity-settled Compensation
Other reserves
Treasury sharesRevaluation surplusReserve from the sale of non-controlling interests in subsidiariesRetained EarningsSubtotalNon-Controlling InterestTotal Shareholders’ Equity
Balance at January 1, 2026221,808 876,091 (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— — — — — — — 104,938 104,938 15,815 120,753 
Other comprehensive income / (loss):
- Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations — — 101,143 — — — 45,113 — — 146,256 7,318 153,574 
- Items that will not be reclassified to profit or loss:
Revaluation surplus (*)
— — — — — — (55,433)— — (55,433)(996)(56,429)
Other comprehensive income for the period — — 101,143 — — — (10,320)— — 90,823 6,322 97,145 
Total comprehensive income for the period — — 101,143 — — — (10,320)— 104,938 195,761 22,137 217,898 
- Employee share options (Note 23):
Exercised — 362 — (116)— 66 — — — 312 — 312 
- Restricted shares and restricted units (Note 23):
Value of employee services— — — 4,241 — — — — — 4,241 — 4,241 
Vested— 190 — (214)46 — — — — 22 — 22 
Forfeited— — — — 40 (40)— — — — — — 
Granted— — — — (2,532)2,532 — — — — — — 
- Dividends to shareholders (Note 22)— (35,000)— — — — — — — (35,000)— (35,000)
- Dividends to non-controlling interest— — — — — — — — — — (21,419)(21,419)
Balance at September 30, 2026 (unaudited)221,808 841,643 (325,082)15,269 150,791 (5,382)265,389 41,574 614,668 1,820,678 137,667 1,958,345 

(*) Net of 30,379 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 nine-month periods ended September 30, 2026 and 2025
(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

Nine-months ended September 30,
Note20262025
(unaudited)
Cash flows from operating activities:
Profit for the period
 
120,753 8,091 
Adjustments for:
Income tax expense / (benefit)1071,537 (2,002)
Depreciation of property, plant and equipment11226,649 144,232 
Depreciation of right of use assets1262,522 58,847 
Net loss from the fair value adjustment of investment properties133,755 (3,614)
Amortization of intangible assets143,318 1,480 
Gain from disposal of other property items8(1,748)(1,623)
Bargain purchase gain on acquisition20(52,620)— 
Impairment of assets848,846 — 
Equity settled share-based compensation granted 76,034 11,580 
Loss / (gain) from derivative financial instruments8, 98,630 (4,827)
Interest, finance cost related to lease liabilities and other financial expense, net9123,144 64,563 
Initial recognition and changes in fair value of non-harvested biological assets (unrealized) (60,438)(21,642)
Changes in net realizable value of agricultural produce after harvest (unrealized) (1,652)(8,372)
Provision and allowances
1,188 (171)
Tax credit recognized8(17,119)(4,132)
Net loss of inflation effects on the monetary items919,910 6,029 
Foreign exchange gains, net9(108,003)(12,323)
Subtotal 454,706 236,116 
Changes in operating assets and liabilities:
Increase in trade and other receivables(102,991)(75,879)
Increase in inventories(133,198)(103,725)
Decrease in biological assets71,323 70,253 
(Increase) / decrease in other assets(4,577)262 
Increase in derivative financial instruments(3,288)(4,598)
(Decrease) / increase in trade and other payables(49,655)12,502 
Increase in payroll and social security liabilities16,947 6,697 
Increase / (decrease) in provisions for other liabilities3,511 (85)
Net cash provided by operating activities before taxes paid 252,778 141,543 
Income tax paid (20,172)(2,852)
Net cash provided by operating activities (a)232,606 138,691 


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 nine-month periods ended September 30, 2026 and 2025 (continued)
(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)
Nine-months ended September 30,
Note20262025
(unaudited)
Cash flows from investing activities:
 Acquisition of a business, net of cash and cash equivalents acquired20(528,722)— 
 Purchases of property, plant and equipment 11(189,148)(189,891)
 Purchases of cattle and non-current biological assets (78)(138)
 Purchases of intangible assets 14(1,391)(1,244)
 Interest received and others21,683 12,931 
 Proceeds from sale of property, plant and equipment 2,429 1,316 
 Advance payments for acquisition of joint venture20— (96,000)
 Proceeds from sale of farmlands and other assets— 3,292 
 Acquisition of short-term investment
16 (b)
(219,017)(103,775)
 Disposal of short-term investment16316,533 110,980 
Net cash used in investing activities (c)(597,711)(262,529)
Cash flows from financing activities:
Proceeds from equity settled share-based compensation exercise 312 45 
Proceeds from long-term borrowings 25882,883 552,622 
Payments of long-term borrowings (49,954)(200,271)
Proceeds from short-term borrowings 198,550 212,922 
Payment of short-term borrowings (195,725)(154,699)
Payments of derivative financial instruments(472)(137)
Lease payments(73,402)(85,102)
Interest paid (d)(88,301)(44,930)
Purchase of own shares — (10,210)
Dividends paid to non-controlling interest (21,766)— 
Dividends to shareholders22(17,500)(17,500)
Net cash generated in financing activities(e)634,625 252,740 
Net decrease in cash and cash equivalents269,520 128,902 
Cash and cash equivalents at beginning of period 19383,150 211,244 
Effect of exchange rate changes and inflation on cash and cash equivalents (f)5,222 (148)
Cash and cash equivalents at end of period 19657,892 339,998 

Reconciliation of cash and cash equivalents between the consolidated statement of financial position and the consolidated statement of cash flows:

September 30, 2026
Cash and cash equivalents presented in the consolidated statement of financial position646,081 
Cash and cash equivalents included in assets held for sale11,811 
Cash and cash equivalents presented in the consolidated statement of cash flows657,892 

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 8

Combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries over:
20262025
Operating activities(a)(10,962)10,969 
Acquisition of short term investment(b)14,558 (1,643)
Investing activities(c)14,360 (212)
Interest paid(d)74 (6,386)
Financing activities(e)(149)(8,389)
Exchange rate changes and inflation on cash and cash equivalents(f)(3,249)(2,368)
For non-cash transactions, see Note 11, 12, 20 and 21 for property, plant and equipment, right of use assets, acquisition of subsidiaries and assets and liabilities reclassified as held for sale, respectively.
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)






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, the Group completed the acquisition of Profertil S.A. in December 2025 and “Caarapó Mill” in September 2026. Accordingly, Profertil S.A. and “Caarapó Mill” have been consolidated from their respective acquisition dates. The condensed consolidated statement of income for the three- and nine-month periods ended September 30, 2026 and the condensed consolidated statement of cash flows for the nine-month period ended September 30, 2026 include the results and cash flows of Profertil S.A. for the full interim periods presented, as applicable, and those of “Caarapó Mill” for aproximately one month, respectively, while the comparative information for the corresponding periods in 2025 does not include either acquisition. As a result, the condensed consolidated statement of income for the three- and nine-month periods ended September 30, 2026 and the condensed consolidated statement of cash flows for the nine-month period ended September 30, 2026 are not directly comparable to the corresponding 2025 periods. These condensed consolidated interim financial statements should be read in light of these circumstances and the related disclosures 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 November 10, 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 September 30, 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 nine-month period ended September 30, 2026 and 2025 were 23.6% and 22.0%, respectively. The Group uses Argentina’s official exchange rate to account for transactions in Argentina, mainly affecting the food and agricultural business segment, which as of September 30, 2026 and 2025, respectively, was 1,517 and 1,380, 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 the prior administration, had implemented certain measures that controlled and restricted the ability of companies and individuals to access the foreign exchange market known as MULC (for its acronym in
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)
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 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 certain measures aimed at liberalizing its foreign exchange market. These measures included allowing individuals to purchase U.S. dollars for savings purposes without prior authorization, provided that transactions are made through bank debit, enabling the repatriation of dividends related to financial statements from 2025 onwards, and allowing payments for services to unrelated foreign parties to be made immediately, with a reduced 90-day waiting period for related parties.

However, as of July 31, 2026, the complete removal of exchange controls has not yet materialized and several restrictions remain in force. The monetary policy framework has shifted to a managed floating exchange rate regime, under which the exchange rate bands are adjusted by the Central Bank based on recent monthly inflation data published by INDEC, rather than being expanded by a fixed 1% monthly rate. Despite the initial flexibilizations, legal entities remain prohibited from purchasing foreign currency for hoarding purposes. In addition, mandatory settlement requirements for foreign trade revenues within specific timeframes remain applicable, cross-restrictions continue to limit access to the official foreign exchange market for those operating in financial exchange markets such as MEP or CCL, and payments of financial debt between local subsidiaries and their foreign parent companies continue to be subject to 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 September 30, 2026. All amounts are shown in US dollars.
September 30, 2026
(unaudited)
Functional currency
Net monetary position (Liability)/ AssetArgentine
Peso		Brazilian
Reais		US DollarTotal
Argentine Peso 61,569 — 10,174 71,743 
Brazilian Reais — (535,173)— (535,173)
US Dollar (775,641)(626,087)(218,722)(1,620,450)
Uruguayan Peso — — (3,333)(3,333)
Euro(1,108)— 2,422 1,314 
Total (715,180)(1,161,260)(209,459)(2,085,899)

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 September 30, 2026 or the Uruguayan peso, or a 25% appreciation/(depreciation) of the U.S. Dollar against the Argentine peso.

September 30, 2026
(unaudited)
Functional currency
Net monetary position
Argentine
Peso		Brazilian
Reais		Chilean
Peso		Total
US Dollar
(193,910)(62,609)221 (256,298)
(Decrease) or increase in Profit before income tax
(193,910)(62,609)221 (256,298)

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)


•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 September 30, 2026 (all amounts are shown in US dollars):
September 30, 2026
(unaudited)
Functional currency
Rate per currency denominationArgentine
Peso		Brazilian
Reais		US DollarTotal
Fixed rate:
Argentine Peso — — 1,827 1,827 
Brazilian Reais — 164,523 — 164,523 
US Dollar 136,249 347,841 1,232,256 1,716,346 
Subtotal fixed-rate borrowings 136,249 512,364 1,234,083 1,882,696 
Variable rate:
Brazilian Reais — 275,543 — 275,543 
US Dollar— 251,384 — 251,384 
Euro— — 28,327 28,327 
Subtotal variable-rate borrowings — 526,927 28,327 555,254 
Total borrowings as per analysis 136,249 1,039,291 1,262,410 2,437,950 

At September 30, 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:
September 30, 2026
(unaudited)
Functional currency
Rate per currency denominationBrazilian
Reais		US DollarTotal
Variable rate:
Brazilian Reais (2,755)— (2,755)
US Dollar(2,514)— (2,514)
Euro— (283)(283)
Decrease in profit before income tax (5,269)(283)(5,552)

•Credit risk

As of September 30, 2026, four banks accounted for approximately 70% of the total cash deposited (Credit Agricole, Itau, Banco Bradesco and BTG Pactual).

•Derivative financial instruments

The following table shows the outstanding positions for each type of derivative contract as of September 30, 2026:



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)
§    Futures / Options
September 30, 2026
Type ofQuantities (thousands)
(**)		NotionalMarket
Profit / (Loss)
(*)
derivative contractamountValue Asset/ (Liability)
(unaudited)(unaudited)
Futures:
Sale
Soybean 6 2,046 (140)(140)
Sugar 108 32,444 (414)(2,017)
Options:
Buy put
Sugar33856856 (1,997)
Sell call
Sugar66 (1,608)(1,608)(3,993)
Total 213 33,738 (1,306)(8,147)

(*) 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.

These interest rate swap agreements resulted in a recognition of a loss of US$ 2.8 million for the nine-month period ended September 30, 2026.
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)

2.    Financial risk management (continued)

▪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 in the nine-month period ended September 30, 2026, to conform the current presentation. Profertil has been consolidated since the acquisition date. Accordingly, the Group’s consolidated statement of income for the nine-month period ended September 30, 2026 includes Profertil’s results of operations for the full interim period, while the consolidated statement of income for the nine-month period ended September 30, 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”.

•‘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 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)

•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 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 nine-month period ended:

September 30, 2026 (unaudited)Food and AgricultureCorporateTotal
Total segment reportingAdjustmentTotal as per statement of incomeTotal segment reportingAdjustmentTotal as per statement of incomeTotal segment reportingAdjustmentTotal as per statement of income
Revenue568,954 9,030 577,984 — — — 1,519,097 9,030 1,528,127 
Cost of revenue(508,182)(8,286)(516,468)— — — (1,064,467)(8,286)(1,072,753)
Initial recognition and changes in fair value of biological assets and agricultural produce 45,106 1,213 46,319 — — — 69,991 1,213 71,204 
Changes in net realizable value of agricultural produce after harvest 3,856 (128)3,728 — — — 4,543 (128)4,415 
Margin on manufacturing and agricultural activities before operating expenses 109,734 1,829 111,563 — — — 529,164 1,829 530,993 
General and administrative expenses (46,538)(1,185)(47,723)(25,802)(630)(26,432)(113,910)(1,815)(115,725)
Selling expenses (77,558)(1,934)(79,492)(368)(8)(376)(178,469)(1,942)(180,411)
Other operating (expense) / income, net(15,532)(293)(15,825)(178)(3)(181)(46,238)(296)(46,534)
Bargain purchase gain— — — — — 52,620 — 52,620 
Profit / (loss) from operations(29,894)(1,583)(31,477)(26,348)(641)(26,989)243,167 (2,224)240,943 
Depreciation of Property, plant and equipment and amortization of Intangible assets(31,966)(1,012)(32,978)(1,238)(42)(1,280)(228,913)(1,054)(229,967)
Net gain from Fair value adjustment of Investment property(3,459)(296)(3,755)— — — (3,459)(296)(3,755)
Impairment of assets(13,324)16 (13,308)— — — (48,862)16 (48,846)


Segment reconciliation for the nine-month period ended:
September 30,2025 (unaudited)Food and AgricultureCorporateTotal
Total segment reportingAdjustmentTotal as per statement of incomeTotal segment reportingAdjustmentTotal as per statement of incomeTotal segment reportingAdjustmentTotal as per statement of income
Revenue579,087 (27,181)551,906 — — — 1,038,979 (27,181)1,011,798 
Cost of revenue(519,887)24,846 (495,041)— — — (866,264)24,846 (841,418)
Initial recognition and changes in fair value of biological assets and agricultural produce30,441 (2,578)27,863 — — — 80,057 (2,578)77,479 
Changes in net realizable value of agricultural produce after harvest8,708 (505)8,203 — — — 8,099 (505)7,594 
Margin on manufacturing and agricultural activities before operating expenses 98,349 (5,418)92,931 — — — 260,871 (5,418)255,453 
General and administrative expenses(42,115)3,324 (38,791)(31,901)2,033 (29,868)(95,371)5,357 (90,014)
Selling expenses(66,182)4,188 (61,994)(362)18 (344)(115,522)4,206 (111,316)
Other operating (expense) / income, net5,767 299 6,066 (238)7 (231)11,757 306 12,063 
Profit / (loss) from operations(4,181)2,393 (1,788)(32,501)2,058 (30,443)61,735 4,451 66,186 
Depreciation of Property, plant and equipment and amortization of Intangible assets(26,495)1,948 (24,547)(1,262)98 (1,164)(147,758)2,046 (145,712)
Net loss from Fair value adjustment of Investment property3,122 492 3,614 — — — 3,122 492 3,614 
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 nine-month period ended September 30, 2026 (unaudited)
Sugar, Ethanol and EnergyFertilizersFood and AgricultureCorporateTotal
Revenue391,133 559,010 568,954 — 1,519,097 
Cost of revenue(295,883)(260,402)(508,182)— (1,064,467)
Initial recognition and changes in fair value of biological assets and agricultural produce 24,885 — 45,106 — 69,991 
Changes in net realizable value of agricultural produce after harvest 687 — 3,856 — 4,543 
Margin on manufacturing and agricultural activities before operating expenses 120,822 298,608 109,734 — 529,164 
General and administrative expenses (22,058)(19,512)(46,538)(25,802)(113,910)
Selling expenses (52,562)(47,981)(77,558)(368)(178,469)
Other operating (expense) / income, net(27,130)(3,398)(15,532)(178)(46,238)
Bargain purchase gain52,620 — — — 52,620 
Profit / (loss) from operations71,692 227,717 (29,894)(26,348)243,167 
Depreciation of Property, plant and equipment and amortization of Intangible assets(140,357)(55,352)(31,966)(1,238)(228,913)
Net gain from Fair value adjustment of Investment property— — (3,459)— (3,459)
Impairment of assets(35,538)— (13,324)— (48,862)
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 54,126 — 5,672 — 59,798 
Initial recognition and changes in fair value of biological assets and agricultural produce (realized) (29,241)— 39,434 — 10,193 
Changes in net realizable value of agricultural produce after harvest (unrealized) — — 1,652 — 1,652 
Changes in net realizable value of agricultural produce after harvest (realized) 687 — 2,204 — 2,891 
As of September 30, 2026:
Farmlands and farmland improvements, net 94,310 — 687,885 — 782,195 
Machinery, equipment, building and facilities, and other fixed assets, net 373,432 1,199,955 296,470 — 1,869,857 
Bearer plants, net 452,255 — 1,431 — 453,686 
Work in progress 39,530 58,042 25,691 — 123,263 
Right of use asset340,459 10,980 22,500 84 374,023 
Investment property — — 24,750 — 24,750 
Goodwill — 208,204 12,776 — 220,980 
Biological assets 209,114 — 150,208 — 359,322 
Finished goods 113,459 62,738 100,927 — 277,124 
Raw materials, Stocks held by third parties and others 32,791 6,164 148,054 — 187,009 
Total segment assets 1,655,350 1,546,083 1,470,692 84 4,672,209 
Borrowings 1,040,570 1,089,261 308,119 — 2,437,950 
Lease liabilities310,823 11,880 21,732 115 344,550 
Total segment liabilities 1,351,393 1,101,141 329,851 115 2,782,500 
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 nine-month period ended September 30, 2025 (unaudited)
Sugar, Ethanol and EnergyFertilizersFood and AgricultureCorporateTotal
Revenue459,892 — 579,087 — 1,038,979 
Cost of revenue(346,377)— (519,887)— (866,264)
Initial recognition and changes in fair value of biological assets and agricultural produce 49,616 — 30,441 — 80,057 
Changes in net realizable value of agricultural produce after harvest (609)— 8,708 — 8,099 
Margin on manufacturing and agricultural activities before operating expenses 162,522 — 98,349 — 260,871 
General and administrative expenses (21,355)— (42,115)(31,901)(95,371)
Selling expenses (48,978)— (66,182)(362)(115,522)
Other operating (expense) / income, net6,228 — 5,767 (238)11,757 
Profit / (loss) from operations98,417 — (4,181)(32,501)61,735 
Depreciation of Property, plant and equipment and amortization of Intangible assets(120,001)— (26,495)(1,262)(147,758)
Net loss from Fair value adjustment of Investment property— — 3,122 — 3,122 
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) 25,863 — (8,201)— 17,662 
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)23,753 — 38,642 — 62,395 
Changes in net realizable value of agricultural produce after harvest (unrealized) — — 8,372 — 8,372 
Changes in net realizable value of agricultural produce after harvest (realized) (609)— 336 — (273)
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 assets352,466 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 570,737 711,099 205,771 105,402 1,593,009 
Lease liabilities324,888 9,895 21,118 701 356,602 
Total segment liabilities 895,625 720,994 226,889 106,103 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:
Nine-months ended September 30,
20262025
(unaudited)
Revenue of manufactured products and services rendered:
Ethanol235,414 209,600 
Sugar
109,717 209,907 
Energy (*)31,961 27,839 
Urea
490,247 — 
Ammonia
23,858 — 
Peanut (*)39,782 45,094 
Sunflower8,623 5,035 
Cotton565 2,775 
Rice136,757 146,494 
Fluid milk (UHT)111,106 87,983 
Powder milk
36,621 34,457 
Other dairy products65,077 63,286 
Services10,443 7,799 
Rental income888 1,151 
Others76,273 33,061 
Subtotal manufactured products and services rendered1,377,332 874,481 
Agricultural produce and biological assets:
Soybean67,744 59,540 
Corn45,543 38,359 
Wheat8,875 9,955 
Rice7,260 1,662 
Sunflower2,385 4,117 
Barley1,991 2,010 
Milk691 3,487 
Cattle5,730 5,341 
Cattle for dairy9,928 11,745 
Others648 1,101 
Subtotal agricultural produce and biological assets150,795 137,317 
Total revenue1,528,127 1,011,798 
(*) Includes revenue of mwh of energy produced by third parties for an amount of US$ 1.45 million (September 30, 2025: revenue of mwh of energy produced by third parties for an amount of US$ 1.55 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$ 166.8 million as of September 30, 2026 (September 30, 2025: US$ 132.0 million) comprised primarily of 35,983 liters of ethanol (US$ 19.87 million), 205,521 mwh of energy (US$ 9.60 million), 279,980 tons of sugar (US$ 102.99 million), 42,306 tons of soybean (US$ 14.84 million), 42,676 tons of corn (US$ 8.49 million), and 47,610 tons of wheat (US$ 10.84 million) which expire between December 2026 and August 2027.

5.    Cost of revenue
The following tables show our cost of revenue for the periods indicated:
Nine-month ended September 30, 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)
352,435 245,107 396,853 994,395 
Purchases
983 44,617 — 45,600 
Agricultural produce
10,986 — 173,107 184,093 
Transfer to raw material
— — (64,907)(64,907)
Direct agricultural selling expenses
— — 20,365 20,365 
Tax recoveries (i)
(32,884)— — (32,884)
Changes in net realizable value of agricultural produce after harvest
687 — 3,728 4,415 
Loss of idle productive capacity14,899 — — 14,899 
Transfer to assets held for sale (Note 21)(3,875)— — (3,875)
Finished goods as of September 30, 2026 (Note 18)
(113,459)(62,738)(100,927)(277,124)
Exchange differences
4,654 — 12,877 17,531 
Cost of revenue for the period
295,883 260,402 516,468 1,072,753 
(i): Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values.
Nine-month ended September 30, 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)
360,023 356,619 716,642 
Purchases
9,284 30,624 39,908 
Agricultural produce
8,413 162,865 171,278 
Transfer to raw material
— (65,473)(65,473)
Direct agricultural selling expenses
— 15,667 15,667 
Tax recoveries (i)
(33,722)— (33,722)
Changes in net realizable value of agricultural produce after harvest
(609)8,203 7,594 
Loss of idle productive capacity17,912 — 17,912 
Finished goods as of September 30, 2025
(119,360)(101,363)(220,723)
Exchange differences
9,803 (5,622)4,181 
Cost of revenue for the period
346,377 495,041 841,418 
(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:

Nine-month ended September 30, 2026 (unaudited)
Cost of production of manufactured products (Note 5)General and Administrative ExpensesSelling ExpensesTotal
Sugar, Ethanol and EnergyFertilizersFood and AgricultureTotal
Salaries, social security expenses and employee benefits
42,290 18,141 32,648 93,079 46,477 14,985 154,541
Raw materials and consumables
6,287 136,147 34,207 176,641 13 — 176,654
Depreciation and amortization
118,149 53,052 12,693 183,894 22,206 3,458 209,558
Depreciation of right-of-use assets
9,918 274 175 10,367 13,538 136 24,041
Fuel, lubricants and others
31,163 — 4,176 35,339 998 281 36,618
Maintenance and repairs
27,071 9,307 8,338 44,716 4,674 2,414 51,804
Freights
187 19,133 12,389 31,709 — 71,390 103,099
Export taxes / selling taxes
— — — — 360 46,693 47,053
Export expenses
— 421 — 421 — 14,656 15,077
Contractors and services
10,439 6,363 1,565 18,367 6,158 3,463 27,988
Energy transmission
— — — — — 2,169 2,169 
Energy power
887 — 8,729 9,616 1,148 262 11,026
Professional fees
745 — 285 1,030 8,401 614 10,045
Other taxes
6,008 — 431 6,439 418 70 6,927
Contingencies
— — — — 749 — 749
Lease expense and similar arrangements
— — 1,120 1,120 2,058 583 3,761
Third parties raw materials
25,915 — 73,673 99,588 — — 99,588
Tax recoveries
(2,629)— — (2,629)— — (2,629)
Others
6,544 2,269 4,559 13,372 8,527 19,237 41,136
Subtotal
282,974 245,107 194,988 723,069 115,725 180,411 1,019,205
Own agricultural produce consumed
69,461 — 201,865 271,326 — — 271,326
Total
352,435 245,107 396,853 994,395 115,725 180,411 1,290,531


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)

Nine-month ended September 30, 2025 (unaudited)
Cost of production of manufactured products (Note 5)General and Administrative ExpensesSelling ExpensesTotal
Sugar, Ethanol and EnergyFood and AgricultureTotal
Salaries, social security expenses and employee benefits
33,959 28,237 62,196 34,588 9,853 106,637 
Raw materials and consumables 4,953 21,308 26,261 — — 26,261 
Depreciation and amortization
95,959 8,106 104,065 18,281 1,129 123,475 
Depreciation of right-of-use assets7,956 85 8,041 11,932 51 20,024 
Fuel, lubricants and others
23,664 3,057 26,721 621 207 27,549 
Maintenance and repairs
25,191 8,314 33,505 4,526 574 38,605 
Freights
258 9,617 9,875 — 49,801 59,676 
Export taxes / selling taxes
— — — — 25,627 25,627 
Export expenses
— — — — 9,395 9,395 
Contractors and services
8,014 3,422 11,436 — — 11,436 
Energy transmission
— — — — 1,684 1,684 
Energy power
637 6,690 7,327 517 200 8,044 
Professional fees
632 265 897 12,088 502 13,487 
Other taxes
6,693 309 7,002 844 140 7,986 
Contingencies
— — — 232 — 232 
Lease expense and similar arrangements
— 1,180 1,180 1,421 641 3,242 
Third parties raw materials
29,598 91,344 120,942 — — 120,942 
Tax recoveries
(3,826)— (3,826)— — (3,826)
Others
7,125 5,530 12,655 4,964 11,512 29,131 
Subtotal
240,813 187,464 428,277 90,014 111,316 629,607 
Own agricultural produce consumed
119,210 169,155 288,365 — — 288,365 
Total
360,023 356,619 716,642 90,014 111,316 917,972 

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

Nine-month period ended September 30,
20262025
(unaudited)
Wages and salaries 167,596 120,092 
Social security costs 43,101 30,138 
Equity-settled share-based compensation 6,034 11,580 
216,731 161,810 

8.    Other operating income expense, net
Nine-month period ended September 30,
20262025
(unaudited)
(Loss) / gain from commodity derivative financial instruments(5,549)2,756 
Gain from disposal of other property items1,748 1,623 
Net (loss) / gain from fair value adjustment of Investment property(3,755)3,614 
Impairment of assets (*)
(48,846)— 
Tax credits recognized17,119 4,132 
Others (7,251)(62)
(46,534)12,063 

(*) Includes impairment losses of US$35.5 million recognized in connection with the classification of Usina Monte Alegre Ltda. (“UMA”) as held for sale and impairment losses of US$13.3 million recognized in connection with certain farm cash-generating units within the Food and Agriculture segment, comprising US$7.6 million related to property, plant and equipment and US$5.7 million related to goodwill (see Notes 11, 14 and 31).




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
Nine-month period ended September 30,
20262025
(unaudited)
Finance income:
- Interest income 21,852 9,238 
- Foreign exchange gain, net108,003 12,323 
- Gain from interest rate/foreign exchange rate derivative financial instruments— 2,459 
- Other income 5,439 1,016 
Finance income 135,294 25,036 
Finance costs:
- Interest expense (110,983)(37,251)
- Finance cost related to lease liabilities(30,909)(33,459)
- Taxes (9,097)(4,458)
- Loss from interest rate/foreign exchange rate derivative financial instruments(3,317)— 
- Other expenses (9,731)(3,936)
Finance costs (164,037)(79,104)
Other financial results - Net (loss) of inflation effects on the monetary items(19,910)(6,029)
Total financial results, net (48,653)(60,097)

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.

September 30,
2026		September 30,
2025
(unaudited)
Current income tax (92,045)(4,184)
Deferred income tax 20,508 6,186 
Income tax (expense) / benefit(71,537)2,002 

The gross movement on the deferred income tax liability is as follows:
September 30,
2026		September 30,
2025
(unaudited)
Beginning of period (704,912)(314,829)
Exchange differences (47,853)7,784 
Effect of fair value valuation for farmlands25,177 (26,127)
Acquisition of subsidiary (Note 20)(24,180)— 
Transfer to assets held for sale (Note 21)(3,991)— 
Income tax benefit20,508 6,186 
Others(1,771)3,048 
End of period (737,022)(323,938)

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:

September 30,
2026		September 30,
2025
(unaudited)
Tax calculated at the tax rates applicable to profits in the respective countries (70,410)(1,104)
Non-deductible items (1)
(11,128)(358)
Non-taxable income10,129 6,746 
Tax losses where no deferred tax asset was recognized (4,671)(23)
Previously unrecognized tax losses now recouped to reduce tax expenses (2)
3,504 6,019 
Effect of IAS 29 on Argentina’s shareholder’s equity and deferred income tax.
14,848 (11,217)
Impact of different functional and tax currencies3,580 — 
Unused tax losses(15,963)— 
Others (1,426)1,939 
Income tax (expense) / profit(71,537)2,002 
(1) Includes 10,584 related to impairment of assets.
(2) 2026 includes 984 of adjustment by inflation of tax loss carryforwards in Argentina (3,453 in 2025).



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)
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.



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 September 30, 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 nine-month periods ended September 30, 2026 and 2025 were as follows:
FarmlandsFarmland improvementsBuildings and facilitiesMachinery, equipment, furniture and
Fittings		Bearer plantsOthersWork in progressTotal
Nine-month period ended September 30 2025
Opening net book amount. 683,133 9,020 303,755 181,115 327,570 17,068 26,928 1,548,589 
Exchange differences (40,300)(824)(9,292)20,869 56,054 (1,052)941 26,396 
Additions — — 5,356 28,585 102,887 2,511 40,811 180,150 
Revaluation surplus74,572 — — — — — — 74,572 
Transfers (2,345)— 16,861 4,019 — (229)(18,306)— 
Disposals — — (921)(2,664)— (24)— (3,609)
Reclassification to non-income tax credits (*) — — — (265)— — — (265)
Depreciation— (2,688)(19,944)(44,962)(74,834)(1,804)— (144,232)
Closing net book amount 715,060 5,508 295,815 186,697 411,677 16,470 50,374 1,681,601 
At September 30, 2025 (unaudited)
Cost 715,060 43,914 634,912 1,195,983 1,180,807 45,688 50,374 3,866,738 
Accumulated depreciation — (38,406)(339,097)(1,009,286)(769,130)(29,218)— (2,185,137)
Net book amount 715,060 5,508 295,815 186,697 411,677 16,470 50,374 1,681,601 
Nine-month period ended September 30 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 123,612 2,835 36,229 21,332 25,701 2,721 5,839 218,269 
Additions 20,558 — 7,792 32,235 85,874 1,294 68,970 216,723 
Revaluation surplus(86,808)— — — — — — (86,808)
Acquisition of subsidiaries (Note 20)— — 54,686 62,596 40,700 170 13,277 171,429 
Transfers — (2,632)44,538 43,915 — 15,165 (100,986)— 
Transfer to assets held for sale (Note 21)— — (4,639)(12,076)(38,648)(143)(182)(55,688)
Disposals— — (2,899)(7,875)— (62)— (10,836)
Impairment (Note 8)(7,604)— — — — — — (7,604)
Reclassification to non-income tax credits (*) — — — (186)— — — (186)
Depreciation— (8,325)(77,206)(63,081)(74,777)(3,260)— (226,649)
Closing net book amount 774,637 7,558 1,557,213 271,417 453,686 41,227 123,263 3,229,001 
At September 30, 2026 (unaudited)
Cost 774,637 54,832 1,991,487 1,362,979 1,309,533 75,587 123,263 5,692,318 
Accumulated depreciation — (47,274)(434,274)(1,091,562)(855,847)(34,360)— (2,463,317)
Net book amount 774,637 7,558 1,557,213 271,417 453,686 41,227 123,263 3,229,001 
(*) Brazilian federal tax law allows entities to take a percentage of the total cost of the assets purchased as a tax credit. As of September 30, 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$ 775 million as of September 30, 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 September 30, 2026 would have reduced the value of the farmlands by US$ 77.5 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 nine-month periods ended September 30, 2026 and 2025.

As of September 30, 2026, borrowing costs of US$ 4,220 (September 30, 2025: US$ 3,112) were capitalized as components of the cost of acquisition or construction of qualifying assets.


12.    Right of use assets

Changes in the Group’s right of use assets for the nine-month periods ended September 30, 2026 and 2025 were as follows:

Agricultural partnership (*)OthersTotal
(unaudited)
As of September 30, 2025
Opening net book amount352,678 21,168 373,846 
Exchange differences47,075 5,117 52,192 
Additions and re-measurement23,290 10,390 33,680 
Depreciation(50,257)(8,590)(58,847)
Closing net book amount372,786 28,085 400,871 
As of September 30, 2026
Opening net book amount355,187 33,806 388,993 
Exchange differences 4,048 9,656 13,704 
Acquisition of subsidiaries (Note 20)37,934 7,690 45,624 
Additions and re-measurement(4,014)10,848 6,834 
Transfer to assets held for sale (Note 21)(14,892)(3,718)(18,610)
Depreciation (51,557)(10,965)(62,522)
Closing net book amount 326,706 47,317 374,023 

(*) 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 nine-month periods ended September 30, 2026 and 2025 were as follows:
September 30,
2026		September 30,
2025
(unaudited)
Beginning of period 24,037 33,542 
(Loss) / gain from fair value adjustment (Note 8)(3,755)3,614 
Exchange differences 4,468 (2,948)
End of period 24,750 34,208 
Fair value24,750 34,208 
Net book amount24,750 34,208 


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 September 30, 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 nine-month periods ended September 30, 2026 and 2025 were as follows:

Goodwill
Software
Trademarks
Others
Total
As of September 30, 2025
Opening net book amount 20,242 7,162 9,256 571 37,231 
Exchange differences (890)(125)(637)80 (1,572)
Additions— 1,244 — — 1,244 
Amortization charge (i)— (1,126)(350)(4)(1,480)
Closing net book amount 19,352 7,155 8,269 647 35,423 
At September 30, 2025 (unaudited)
Cost 19,352 20,947 12,189 1,265 53,753 
Accumulated amortization — (13,792)(3,920)(618)(18,330)
Net book amount 19,352 7,155 8,269 647 35,423 
As of September 30, 2026
Opening net book amount 227,770 17,179 8,295 631 253,875 
Exchange differences3,145 (94)1,278 1,136 5,465 
Additions
— 1,389 2 — 1,391 
Acquisition of subsidiary (Note 20)— 1,824 — — 1,824 
Transfer to assets held for sale (Note 21)(4,215)(10)— — (4,225)
Impairment (Note 8)(5,720)— — — (5,720)
Amortization charge (i)— (2,892)(422)(4)(3,318)
Closing net book amount 220,980 17,396 9,153 1,763 249,292 
At September 30, 2026 (unaudited)
Cost 220,980 35,287 13,622 2,387 272,276 
Accumulated amortization — (17,891)(4,469)(624)(22,984)
Net book amount 220,980 17,396 9,153 1,763 249,292 

(i) Amortization charges are included in “General and administrative expenses” and “Selling expenses” for the period ended September 30, 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 (See note 31).



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 nine-month periods ended September 30, 2026 and 2025 were as follows:

September 30, 2026 (unaudited)
Sugarcane (i)
Food and Agriculture (i) (ii)
Total
Beginning of year
127,347 187,397 314,744 
Increase due to purchases
— 7,396 7,396 
Acquisition of subsidiaries (Note 20)15,879 — 15,879 
Initial recognition and changes in fair value of biological assets
24,885 46,319 71,204 
Decrease due to harvest / disposals
(82,764)(345,518)(428,282)
Costs incurred during the period
117,519 220,718 338,237 
Transfer to assets held for sale (Note 21)(1,795)— (1,795)
Exchange differences
8,043 33,896 41,939 
End of period
209,114 150,208 359,322 

September 30, 2025 (unaudited)
Sugarcane (i)
Food and Agriculture (i) (ii)
Total
Beginning of year
69,620 224,325 293,945 
Increase due to purchases— 3,469 3,469 
Initial recognition and changes in fair value of biological assets
49,616 27,863 77,479 
Decrease due to harvest / disposals
(132,180)(342,661)(474,841)
Costs incurred during the period
107,660 233,942 341,602 
Exchange differences
12,306 (19,253)(6,947)
End of period
107,022 127,685 234,707 

(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 nine-month period ended September 30, 2026:
September 30, 2026
(unaudited)
Sugar, Ethanol and EnergyFood and AgricultureTotal
Salaries, social security expenses and employee benefits
15,659 23,705 39,364 
Depreciation and amortization
5,073 — 5,073 
Depreciation of right-of-use assets
32,259 — 32,259 
Fertilizers, agrochemicals and seeds
38,259 34,322 72,581 
Fuel, lubricants and others
5,772 3,340 9,112 
Maintenance and repairs
4,459 10,263 14,722 
Freights
— 5,698 5,698 
Contractors and services
11,466 60,994 72,460 
Feeding expenses
— 17,643 17,643 
Veterinary expenses
— 3,633 3,633 
Energy power
— 5,330 5,330 
Professional fees
322 609 931 
Other taxes
29 946 975 
Lease expense and similar arrangements
1,626 34,777 36,403 
Others
2,595 3,013 5,608 
Subtotal
117,519 204,273 321,792 
Own agricultural produce consumed
— 16,445 16,445 
Total
117,519 220,718 338,237 


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 nine-month period ended September 30, 2025:
September 30, 2025
(unaudited)
Sugar, Ethanol and EnergyFood and AgricultureTotal
Salaries, social security expenses and employee benefits
11,981 23,455 35,436 
Depreciation and amortization
2,848 — 2,848 
Depreciation of right-of-use assets28,794 — 28,794 
Fertilizers, agrochemicals and seeds
39,107 36,555 75,662 
Fuel, lubricants and others
5,106 2,990 8,096 
Maintenance and repairs
4,075 15,837 19,912 
Freights
— 5,530 5,530 
Contractors and services
9,876 58,253 68,129 
Feeding expenses
— 17,432 17,432 
Veterinary expenses
— 3,086 3,086 
Energy power
— 4,252 4,252 
Professional fees
448 891 1,339 
Other taxes
34 770 804 
Lease expense and similar arrangements
3,731 48,596 52,327 
Others
1,660 2,882 4,542 
Subtotal
107,660 220,529 328,189 
Own agricultural produce consumed
— 13,413 13,413 
Total
107,660 233,942 341,602 

Biological assets as of September 30, 2026 and December 31, 2025 were as follows:

September 30,
2026		December 31, 2025
(unaudited)
Non-current
Cattle for dairy production
48,311 39,810 
Breeding cattle
485 271 
Other cattle
515 407 
49,311 40,488 
Current
Breeding cattle
22,514 14,325 
Other cattle
1,169 937 
Sown land – crops
33,511 51,384 
Sown land – rice
43,703 80,263 
Sown land – sugarcane
209,114 127,347 
310,011 274,256 
Total biological assets
359,322 314,744 


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 September 30, 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 September 30, 2026 and their allocation to the fair value hierarchy:

2026
Level 1
Level 2
Total
Assets
Derivative financial instruments
28 3,612 3,640 
Short-term investment5,811 — 5,811 
Total assets
5,839 3,612 9,451 
Liabilities
Derivative financial instruments
(1,285)(5,595)(6,880)
Total liabilities
(1,285)(5,595)(6,880)

The following table presents the Group’s short term investment that are measured at fair value at September 30, 2026:

2026
Corporate bonds4,075
Government securities1,736
Short-term investment
5,811

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:
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)
ClassPricing MethodParametersPricing ModelLevelTotal
FuturesQuoted price--1(554)
OptionsQuoted price--1(752)
NDFQuoted priceForeign-exchange curvePresent value method149 
Interest-rate swapsTheoretical priceMoney market interest-rate curve.Present value method2(1,983)
Public securitiesQuoted price--15,811 

17.    Trade and other receivables, net
September 30,
2026		December 31,
2025
(unaudited)
Non-current
Advances to suppliers 48,404 37,183 
Income tax credits 7,199 8,516 
Non-income tax credits (i) 50,675 33,645 
Judicial deposits 2,122 2,070 
Other receivables (ii)2,629 1,475 
Non-current portion 111,029 82,889 
Current
Trade receivables 237,804 191,635 
Less: Allowance for trade receivables (5,732)(4,782)
Trade receivables – net 232,072 186,853 
Prepaid expenses 31,875 21,014 
Advance to suppliers 53,565 43,994 
Income tax credits 21,322 11,847 
Non-income tax credits (i) 48,766 66,961 
Receivables from related parties (Note 29) — 16,359 
Other receivables 25,616 17,322 
Subtotal 181,144 177,497 
Current portion 413,216 364,350 
Total trade and other receivables, net 524,245 447,239 

(i) Includes US$ 265 for the nine-month period ended September 30, 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):
September 30,
2026		December 31,
2025
(unaudited)
Currency
US Dollar 222,609 216,969 
Argentine Peso 100,024 110,097 
Uruguayan Peso 826 2,289 
Brazilian Reais 200,786 117,884 
524,245 447,239 

As of September 30, 2026 trade receivables of US$ 23,582 (December 31, 2025: US$ 36,576) were past due but not impaired. The ageing analysis of these receivables indicates that US$ 7,251 and US$ 3,985 are over 6 months in September 30, 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
September 30,
2026		December 31,
2025
(unaudited)
Raw materials 187,009 136,026 
Finished goods (Note 5)
277,124 170,245 
464,133 306,271 


19.    Cash and cash equivalents

September 30,
2026		December 31,
2025
(unaudited)
Cash at bank and on hand 179,069 202,506 
Short-term bank deposits 467,012 180,644 
646,081 383,150 

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 36

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

Business combinations are accounted for using the acquisition method in accordance with IFRS 3 (Business Combination). In determining whether an acquired set of activities and assets constitutes a business, the Group assesses whether the acquired set includes, at a minimum, an input and a substantive process that, together, significantly contribute to the ability to create outputs. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date.
The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If the consideration is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the statement of income under the line item “Bargain purchase gain on acquisition”.

Acquisition of Caarapó Mill in Brazil
On September 1, 2026, (the “Closing Date”) the Group, through certain its subsidiary Adecoagro Vale do Ivinhema S.A., acquired to Raizen Group the 100% of Raízen Sobá Agroindustrial Ltda., Raízen Sobá Agroindustrial Ltda., Bioenergia Caarapó Ltda., after changing the name of the companies to Adecoagro Caarapó Industria Ltda., Adecoagro Caarapó Ltda. and Adecoagro Caarapó Energía Ltda., respectively, the three together “Caarapó mill,”, located in Mato Grosso do Sul. All of the acquired subsidiaries form part of the Sugar, Ethanol and Energy Business Segment.

The terms and conditions of the agreement contemplate the payment, subject to adjustments, of a purchase price of US$ 129.6 million paid at closing in a single payment.

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; and (4) other assets and liabilities.

Any measurement period adjustments will be recognized retrospectively, which may result in a material change to the carrying amounts of assets acquired, liabilities assumed, and the resulting bargain purchase gain. We expect to finalize the purchase price allocation by June 30, 2027.

The Company has made a preliminary allocation of the purchase price to the identifiable assets acquired and liabilities assumed based on their fair values at acquisition date. The purchase price allocation was based on a valuation report prepared with the assistance of independent valuation specialists.

The fair value of the identifiable net assets acquired exceeded the total consideration paid, resulting in a bargain purchase gain, which was recognized in the income statement for the nine-month period ended September 30, 2026 within “Bargain purchase gain on acquisition”. The bargain purchase gain primarily reflects the opportunity to acquire part of the sugar operation, the one with synergies with our operations in Mato Grosso do Sul, from an outgoing market player of Brazil.

The following table summarizes the purchase price:
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 (continued)
Purchase consideration:
Amount paid in cash129,596 
Total purchase consideration129,596 
Fair value of net assets acquired(182,216)
Bargain purchase on acquisition over the total purchase consideration(52,620)

The assets and liabilities recognized at the date of acquisition are as follows:
Cash and cash equivalents2,508 
Trade and other receivables33,229 
Inventories5,716 
Biological assets15,879 
Property, plant and equipment171,429 
Intangible assets1,824 
Deferred income tax assets3,193 
Right of use assets45,624 
Total Assets279,402 
Trade and other payables(30,912)
Payroll and other liabilities(5,216)
Lease liabilities(33,174)
Current income tax liabilities(42)
Deferred income tax liabilities(27,373)
Provision for other liabilities(469)
Total Liabilities(97,186)
Fair value of Net Assets Acquired182,216 

The Company used a replacement cost method or a market approach, as appropriate, to measure the fair value of property, plant and equipment. Land was valued using the market approach based on comparable market approach adjusted for the specific characteristics of each property, including agronomic factors and location. Buildings, improvements, machinery and equipment were valued primarily using the depreciated replacement cost method, which estimates the current replacement cost of assets of comparable utility, adjusted for physical deterioration and functional and economic obsolescence. Replacement costs for industrial buildings and infrastructure were determined using industry construction cost indices and market benchmarks. Physical depreciation considered the assets' apparent age, condition and remaining useful lives. Machinery and equipment values were updated using sector-specific inflation indices and validated against market quotations for comparable assets.

Among the intangible assets analyzed, the sugar and electricity sales contracts were valued using the With and Without method, which estimates the economic benefit attributable to the contracts by comparing projected cash flows under scenarios with and without their existence.

Biological assets were valued at its fair value, calculated under discounted cash flow method. The measurement considered observable market prices, when available, and/or valuation models supported by operating assumptions, including yield/ATR, stage of development, planted area, estimated harvesting costs and costs to sell, reflecting market conditions as of the acquisition date.

Right-of-use assets and lease liabilities were valued at its fair value, calculated as the present value of the remaining lease payments.

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)
In connection with the acquisition, the Group recognized certain contingent liabilities arising from events existing prior to the Acquisition Date at their acquisition-date fair values in accordance with IFRS 3, notwithstanding that an outflow of resources was not considered probable, included in “Provisions for other liabilities”. The amounts recognized are provisional and may be adjusted during the measurement period. Pursuant to the purchase agreement, the former shareholders agreed to indemnify the Group for certain losses that may arise in connection with specified pre-acquisition matters. Accordingly, the Group recognized an indemnification asset at the acquisition date on the same basis as the related indemnified liabilities, taking into account the contractual terms of the arrangement and the collectibility of the asset.

Cash and cash equivalents, trade and other receivables, except for non-income tax credits, inventories, trade and other payables and payroll and other liabilities were valued at their respective carrying amounts, as the Company believes that these amounts approximate their current fair values. Non-income tax credits were measured based on the amounts expected to be recovered from the tax authorities, considering the nature of each credit, the estimated timeframe for offset or refund, the historical realization pattern and compliance with prevailing tax regulations. Where relevant, long-term non-income tax credits were adjusted to present value.

A decrease in the fair value of assets acquired, or an increase in the fair value of liabilities assumed, from those preliminary valuations would result in a dollar-for-dollar corresponding decrease in the “Bargain purchase on acquisition”.

Acquisition-related costs of US$ 241 thousands are included in General and administrative expenses in the Consolidated Statement of Income. These costs primarily comprise consulting fees associated with the preparation of the technical appraisal and valuation reports.

The following table summarizes the revenue and profit for the period (including purchase accounting depreciation) contributed by the acquired business and included in the consolidated statements of income for the period ended September 30, 2026 since September 1, 2026, the date of acquisition:
Period from the date of acquisition to September 30, 2026
Revenue10,630 
Profit for the period6,477 

The information regarding the consolidated pro-forma Revenue, profit from operations and profit for the period as if the acquisition had occurred on January 1, 2026 has not been disclosed because its preparation is impracticable. One of the acquired entities resulted from a carve-out from a legal entity through which the seller operated several sugar mills. Separate historical financial information for the Caarapó Mill was not maintained and cannot be obtained without the use of assumptions and allocations that the Company considers would not provide a reliable basis for preparing the pro forma information required by IFRS 3.

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 September 30, 2026, it was fully paid.

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)

20.    Acquisitions (continued)
The Company has made an allocation of the purchase price to the identifiable assets acquired and liabilities assumed based on their fair values at acquisition date. The Company has made significant assumptions and estimates in determining the purchase price, including the allocation of the purchase price in these consolidated financial statements.
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 combination476,847 
Non-controlling interest
95,829 
Total
1,168,958 

The following table reflects the fair value of the net assets acquired:

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
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)

20.    Acquisitions (continued)
involvesdpon 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.

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 nine-month period ended September 30, 2026 includes Profertil’s results of operations for the full interim period, while the consolidated statement of income for the nine-month period ended September 30, 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.    Assets and liabilities held for sale

In March 2026, the Company's Board of Directors approved a portfolio restructuring plan aimed at concentrating its future operations and investments in the Mato Grosso do Sul region. On September 28, 2026, the Company signed an agreement for the sale of Usina Monte Alegre Ltda. (“UMA”), a wholly owned subsidiary operating within the Sugar, Ethanol and Energy segment. The agreement is subject to customary closing conditions. Considering the price at which the Company is prepared to sell the subsidiary, the Company recognized the corresponding impairment loss in the results for the period.

Management determined that UMA was available for immediate sale in its present condition and that completion of the sale was highly probable. The transaction is expected to be completed within twelve months of its classification as held for sale, subject to customary closing conditions and applicable regulatory approvals. Accordingly, the assets and liabilities comprising UMA were classified as held for sale as of September 30, 2026.

The assets and liabilities held for sale was measured at the lower of its carrying amount and fair value less costs to sell. Fair value less costs to sell was determined by reference to the consideration specified in the binding offer, adjusted for the contractual debt, cash and working-capital mechanisms and the incremental costs directly attributable to the disposal. As a result, the Company recognized an impairment loss of US$ 35.5 million, which was recorded in “Other operating income, net” in the consolidated statement of income (See Note 8). Depreciation and amortization of the non-current assets included in the disposal group ceased upon classification as held for sale.

The impairment recognized upon classification of the disposal group as held for sale does not represent a revision of the conclusions reached in the Company’s previous impairment assessments under IAS 36. Those assessments reflected the
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)

21.    Assets and liabilities held for sale (continued)
circumstances existing at the respective measurement dates and were based on the recoverable amount of the CGU, including its value in use derived from the expected cash flows from continuing use. The subsequent decision to dispose of the business, together with the acceptance of a proposal from a prospective purchaser, represented a change in circumstances and provided new observable market evidence regarding the amount expected to be recovered through sale. This also resulted in a change in the expected manner of recovery of the disposal group, from continuing use to recovery through sale. Upon meeting the held-for-sale classification criteria, the disposal group became subject to the measurement requirements of IFRS 5 and was therefore measured at the lower of its carrying amount and fair value less costs to sell. The resulting reduction in carrying amount was recognized as an impairment loss in accordance with IFRS 5.

The major classes of assets and liabilities comprising the disposal group were as follows:

Cash and cash equivalents11,811 
Trade and other receivables8,921 
Inventories6,107 
Biological assets1,795 
Property, plant and equipment24,365 
Intangible assets10 
Other assets28 
Deferred income tax assets3,991 
Right of use assets18,610 
Total Assets75,638 
Trade and other payables(6,610)
Payroll and other liabilities(4,049)
Borrowings(33,905)
Lease liabilities(17,053)
Provision for other liabilities(812)
Total Liabilities(62,429)
Fair value of Net Assets classified as held for sale13,209 

The disposal of UMA does not meet the criteria for classification as a discontinued operation because UMA does not represent a separate major line of business, nor is its disposal part of a single coordinated plan to dispose of such a line of business. Following completion of the transaction, the Company will continue to conduct its sugar and ethanol activities through its other wholly owned mills. Accordingly, UMA’s results continue to be presented within continuing operations and within the Sugar, Ethanol and Energy segment.














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)

22.    Shareholder’s contribution
Number of shares (thousands)Share capital and share premium
At January 1, 2025111,382 826,472 
Reduction of issued share capital of the company(6,000)(9,000)
Employee share options exercised (Note 23)— 52 
Restricted shares vested— 20,311 
Purchase of own shares
— (8,623)
Dividends to shareholders— (35,000)
At September 30,2025 (unaudited)105.382 794,212 
At January 1, 2026147,872 1,097,899 
Employee share options exercised (Note 23)— 362 
Restricted share vested
— 190 
Dividends to shareholders— (35,000)
At September 30,2026 (unaudited)147,872 1,063,451 

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 September 30, 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, 3,589,695 were held in treasury and 144,282,466 were outstanding as of September 30, 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 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 September 30, 2026, the Company repurchased an aggregate of 32,299,783 shares under the program, of which 11,873,388 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 nine-month periods ended September 30, 2026 and 2025 the Company repurchased shares for an amount of nil and 1,057,858 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)

22.    Shareholder’s contribution (continued)
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 on May, 2026 and November, 2026, respectively. First installment was already paid.

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.

Net assets

The carrying amount of the net assets of the Company as of September 30, 2026 was USD 1.81 billions, which exceeds the Market Capitalization as of that date. This situation could mean that there is an impairment indicator as referred in IAS 36. A calculation of the value in use of net assets of the Company was made, through a discounted cash flow projections of the three major lines of business, Sugar, Ethanol and Energy, Fertilizers and Food and Agriculture based on financial forecast approved by the management covering a five-year period. The Company reached to the conclusion that no impairment should be recognized given the value in use of the Company determined is higher that its net assets book value as of September 30, 2026.

23.    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 September 30, 2026, 44,256 options (September 30, 2025: 5,149) 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 September 30, 2026, the Group recognized compensation expense of US$ 5.7 million related to the restricted shares granted under the Restricted Share Plan (September 30, 2025: US$ 14.9 million). For the nine-month period ended September 30, 2026, 1,687,924 Restricted Shares were granted (September 30, 2025: 1,086,913), 24,874 were vested (September 30, 2025: 2,406,118), and 26,500 Restricted shares were forfeited (September 30, 2025: 1,541).


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)



24.    Trade and other payables
September 30,
2026		December 31,
2025
(unaudited)
Non-current
Other payables 226 700 
226 700 
Current
Trade payables 208,819 226,568 
Advances from customers 28,977 21,892 
Amounts due to related parties (Note 29)— 705 
Taxes payable 13,833 14,467 
Dividends payables18,164 499 
Payables from acquisition of subsidiaries (Note 20)— 405,999 
Other payables 3,322 3,030 
273,115 673,160 
Total trade and other payables 273,341 673,860 

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.

25.    Borrowings

September 30,
2026		December 31,
2025
(unaudited)
Non-current
Senior Notes (*) 656,339 759,981 
Bank borrowings (*) 921,550 619,940 
1,577,889 1,379,921 
Current
Senior Notes (*) 298,880 20,097 
Bank overdrafts — 82 
Bank borrowings (*) 561,181 192,909 
860,061 213,088 
Total borrowings 2,437,950 1,593,009 

(*) As of September 30, 2026, the Group was in compliance with the related financial covenants under the respective loan agreements.

As of September 30, 2026, total bank borrowings include collateralized liabilities of US$489,730 (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- 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)

25.    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.

After two tender offers, US$234.9 million outstanding as of September 30, 2026. 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$29.8 million were cancelled, leaving US$234.9 million outstanding as of September 30, 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 September 28, 2026, the Company delivered a notice of redemption for all of its outstanding 6.00% Senior Notes 2027, in an aggregate principal amount of US$234 million, with the redemption scheduled for October 28, 2026. The Notes were fully paid on October 28, 2026, at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest.

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 tverm 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 Class III 2029

On May 6, 2026, the Company subsidiary 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).

ON Class IV 2030

On August 28, 2026, the Company subsidiary Profertil S.A. issued USD 90.4 million in Corporate Bonds (fourth series). The notes feature a 5.5% fixed annual interest rate, maturing in 3.5 years with a bullet principal repayment and semi-annual interest payments (February and August).


The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 46

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.    Borrowings (continued)



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 Argentina S.A. It contains customary financial covenants, which all are in compliance.

Export Prepayment Financing

On September 9, 2026, the company, through its subsidiary Adecoagro Vale do Ivinhema S.A. entered into a US$255 million syndicated export prepayment financing facility, arranged by BTG Pactual Europe S.A. and Coöperatieve Rabobank U.A. The facility bears interest at Term SOFR plus 2.75% per annum, matures on September 11, 2031, and its proceeds are intended primarily to finance sugarcane production, processing and storage expenditures related to products intended for export. It contains customary financial covenants, which all are in compliance.

The maturity of the Group’s borrowings and the Group’s exposure to fixed and variable interest rates is as follows:


September 30,
2026		December 31,
2025
(unaudited)
Fixed rate:
Less than 1 year
672,919 163,558 
Between 1 and 2 years
91,064 461,985 
Between 2 and 3 years
142,524 42,641 
Between 3 and 4 years
161,306 37,013 
Between 4 and 5 years
103,482 37,442 
More than 5 years
711,401 616,852 
1,882,696 1,359,491 
Variable rate:
Less than 1 year
187,142 49,530 
Between 1 and 2 years
72,234 83,053 
Between 2 and 3 years
165,185 — 
Between 4 and 5 years
86,345 12,069 
More than 5 years
44,348 88,866 
555,254 233,518 
2,437,950 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 followings table shows the fair value (level 2) of our corporate bonds:

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 47

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.    Borrowings (continued)

Corporate bondFair value%
Senior Notes 2027US$233.2 99.66 %
Senior Notes 2032US$476.2 95.24 %
ON Class II 2027
US$55.6 102.39 %
ON Class III 2029
US$69.5 99.29 %
ON Class III 2029
US$87.5 96.47 %

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 48
.
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)





26.    Lease liabilities
September 30,
2026		December 31,
2025
(unaudited)
Non-current278,977 296,643 
Current65,573 59,959 
344,550 356,602 

The maturity of the Group's lease liabilities is as follows:
September 30,
2026		December 31,
2025
(unaudited)
Less than 1 year65,573 59,959 
Between 1 and 2 years61,611 58,175 
Between 2 and 3 years48,713 49,902 
Between 3 and 4 years39,606 40,325 
Between 4 and 5 years33,758 35,393 
More than 5 years95,289 112,848 
344,550 356,602 

27.    Payroll and social security liabilities
September 30,
2026		December 31,
2025
(unaudited)
Non-current
Social security payable 998 567 
998 567 
Current
Salaries payable 19,104 8,353 
Social security payable 8,248 8,060 
Provision for vacations 19,351 15,707 
Provision for bonuses 10,715 6,662 
57,418 38,782 
Total payroll and social security liabilities58,416 39,349 

28.    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- 49

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.    Related-party transactions

The following is a summary of the balances and transactions with related parties:

Related partyRelationshipDescription of transactionIncome / (expense) included in the statement of incomeBalance receivable / (payable)Acquisition
September 30,
2026		September 30,
2025		September 30,
2026		December 31,
2025		September 30,
2026
(unaudited)(unaudited)(unaudited)
Directors and senior managementEmploymentCompensation selected employees(7,074)(8,552)(14,067)(11,457)— 
ConsultantPayables(334)(88)— — — 
EmploymentReceivables256 159 — 16,359 — 
Zettahash, S.A. de C.V.
AffiliateAcquisition of property plant and equipment— — — — 11,249
Rio Porá S.A.AffiliateLeases / Payables142 (742)— (1,602)— 

30.    Basis of preparation and presentation

The information presented in the accompanying condensed consolidated interim financial statements (“interim financial statements”) as of September 30, 2026 and for the nine-month and three-month periods ended September 30, 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 September 30, 2026, results of operations for the nine-month and three-month periods ended September 30, 2026 and 2025 and cash flows for the nine-month periods ended September 30, 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- 50

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)

30.    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.

31.    Critical accounting estimates and judgments

The Group's critical accounting policies are also consistent with those of the annual financial statements for the year ended December 31, 2025 described in Note 32.

Impairment of non-financial assets

At the date of each statement of financial position, the Group reviews the carrying amounts of its property, plant and equipment and finite lived intangible assets to determine whether there is any indication that those assets could have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where an asset does not generate cash flows that are largely independent of those from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The Group’s property, plant and equipment items generally do not generate independent cash flows.

In the case of goodwill, any goodwill acquired is allocated to the cash-generating unit (‘CGU’) expected to benefit from the business combination. A CGU to which goodwill has been allocated is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying amount of the CGU may be impaired. The carrying amount of the CGU is compared to its recoverable amount, which is the higher of fair value less costs to sell and the value in use. An impairment loss is recognized for the amount by which the carrying amount exceeds its recoverable amount. The impairment review requires management to undertake certain significant judgments, including estimating the recoverable value of the CGU to which goodwill is allocated, based on either fair value less costs-to-sell or the value-in-use, as appropriate, in order to reach a conclusion on whether it deems the goodwill is impaired or not.

For purposes of the impairment testing, each CGU represents the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or group of assets.

Each farmland in Argentina represents one CGU (see Note 3). For its properties in Brazil, management identified a farmland together with its related mill as separate CGUs. As of September 2026, assets related to UMA were classified as assets held for sale and impairment of US$35.5 million was recorded US$ 4.2 million of goodwill and US$31.3 million of property, plant and equipment (see Note 21).

Based on these criteria, management identified a total amount of 31 CGUs as of September 30, 2026 and 29 CGUs as of September 30, 2025.

As of September 30, 2026 and 2025, the Group performed impairment testing for those CGUs to which goodwill had been allocated.

CGUs tested based on a fair-value-less-costs-to-sell model at September 30, 2026 and 2025:     

As of September 30, 2026, the Group identified 4 CGUs in Argentina (2025: 6 CGUs) to be tested based on this model (all CGUs with allocated goodwill). Estimating the fair value less costs-to-sell is based on the best information available, and refers to the amount at which the CGU could be bought or sold in a current transaction between willing parties. Management may be assisted by the work of external advisors. When using this model, the Group applies the “sales comparison approach” as its method of valuing most properties, which relies on results of sales of similar agricultural properties to estimate the value of the CGU. This approach is based on the theory that the fair value of a property is directly related to the selling prices of similar properties.

Fair values are determined by extensive analysis which includes current and potential soil productivity of the land (the ability to produce crops and maintain livestock) projected margins derived from soil use, rental value obtained for soil use, if
The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 51

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)

31.    Critical accounting estimates and judgments (continued)
applicable, and other factors such as climate and location. Farmland ratings are established by considering such factors as soil texture and quality, yields, topography, drainage and rain levels. Farmland may contain farm outbuildings. A farm outbuilding is any improvement or structure that is used for farming operations. Outbuildings are valued based on their size, age and design.

Based on the factors described above, each farm property is assigned a soil classification that reflects its agricultural productivity and is used in determining its value. Soil classifications range from the most productive to the least productive.

The first step to establishing an assessment for a farm property is a sales investigation that identifies the valid farm sales in the area where the farm is located. A price per hectare is assigned for each soil class within each farm property. This price per hectare is determined based on the quantitative and qualitative analysis mainly described above.

The results are then tested against actual sales, if any, and current market conditions to ensure the values produced are accurate, consistent and fair.

The following table shows only the 4 CGUs (2025: 6 CGUs) where goodwill was allocated at each period end and the corresponding amount of goodwill allocated to each one:


CGU / Operating segment / CountrySeptember 30, 2026September 30, 2025
La Carolina / Food and Agriculture / Argentina— 291 
El Orden / Food and Agriculture / Argentina236 279 
La Guarida / Food and Agriculture / Argentina3,405 2,708 
Los Guayacanes / Food and Agriculture / Argentina— 3,310 
Doña Marina / Food and Agriculture / Argentina6,992 5,763 
El Colorado / Food and Agriculture / Argentina2,143 2,895 
Closing net book value of goodwill allocated to CGUs tested (Note 14)12,776 15,246 
Closing net book value of PPE items and other assets allocated to CGUs tested156,068 163,096 
Total assets allocated to CGUs tested168,844 178,342 

Based on the impairment testing described above, the Group determined that certain farm CGUs to which goodwill had been allocated were impaired as of September 30, 2026. Accordingly, an impairment loss of US$ 5.7 million was recognized in respect of the goodwill allocated to the affected CGUs and recorded within “Other operating income/(expense), net” in the statement of income (Note 8).

CGUs tested based on a value-in-use model at September 30, 2026:

As of September 30, 2026, the Group identified Profertil as the Fertilizers CGU and tested it for impairment using a value-in-use model. The value-in-use calculation is based on cash flow projections prepared by Management and requires the use of significant estimates and assumptions. The projected pre-tax cash flows were discounted using a pre-tax discount rate. The key assumptions reflect Management's past experience, expectations regarding future market conditions and, where available, relevant external market data.

The key assumptions used by management in the value-in-use calculations which are considered to be most sensitive to the calculation are:



The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 52

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)

31.    Critical accounting estimates and judgments (continued)
Key Assumptions2027 to perpetuity
Urea production per year (kiloton)1,314 kt
Average urea selling price (USD/ton)US$422.0
Natural gas price (USD/MMBtu)US$3.57
Discount rates12.7%
Perpetuity growth rate2.0%

Discount rates are based on the risk-free rate for U.S. government bonds, adjusted for a risk premium to reflect the increased risk of investing in South America. The risk premium adjustment is assessed for factors specific to the respective CGU and reflects the countries that the CGUs operate in.

The following table show the carrying amounts of goodwill and property, plant and equipment allocated to the Fertilizers CGU as of September 30, 2026:

CGU/ Operating segmentSeptember 30, 2026
Closing net book value of goodwill allocated to Fertilizers CGU tested (Note 14)208,204 
Closing net book value of PPE items allocated to Fertilizers CGU tested1,257,997 
Total assets allocated to the CGU tested1,466,201 

Based on the impairment testing described above, the recoverable amount of the Fertilizers CGU exceeded its carrying amount as of September 30, 2026. Accordingly, no impairment loss was recognized.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 53

Source: View Original Filing on SEC EDGAR

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