Adecoagro SA Q4 FY2025 earnings call

• Mariano Bosch stated acquiring Profertil made Adecoagro the largest urea producer in S. America, broadened capabilities, more than doubled cash generation. - Emilio Gnecco detailed financials, acquisition of Profertil including $1.1 billion consideration, debt profile, and business unit performances. - Renato Junqueira Pereira spoke on Sugar and Ethanol cost reduction opportunities and ethanol market outlook with favorable gasoline price impact. - Mariano Bosch discussed fertilizers pricing tied to international prices and domestic sales strategy, and capital allocation including dividends and growth projects analysis.

Sugar, Ethanol, and Energy business: In 2025, weather with above-average rainfall reduced effective milling days, adjusted EBITDA ended at $292 million, below 2024; 2026 foresees low double-digit growth in crushing volumes. Fertilizers business: Acquired in mid-December 2025, financial statements include 13-day income statement; 2025 had two major stoppages causing 90 days downtime, net sales and adjusted EBITDA down year over year; 2026 expects full recovery in adjusted EBITDA. Food and Agriculture business: 2025 results pressured by lower commodity prices, uneven yields, and higher costs; implemented cost initiatives like 22% reduction in planted area and increased rice varieties.

• Expect full recovery in Fertilizers business’ adjusted EBITDA as operations normalize. - Anticipate low double-digit growth in Sugar, Ethanol, and Energy business crushing volumes in 2026. - Board approved $35 million cash dividends for 2026, subject to Annual General Shareholders' Meeting approval. - Aim to reduce leverage ratio through higher adjusted EBITDA generation from Fertilizers business and capital allocation strategy revision.

• Commodity price cycles pose risk to agribusiness segment. - Adverse weather events can impact production and results. - Ongoing international conflict affects urea prices and global fertilizer supply chain. - Currency risk due to net debt and leverage ratio changes affecting financial results.

Q: On Fertilizers market outlook and impact on margins, and Sugar and Ethanol unitary cost going forward.

A: Mariano Bosch and Renato Junqueira Pereira responded.

Q: On Fertilizers commercialization strategy and Ethanol commercialization strategy.

A: Mariano Bosch and Renato Junqueira Pereira answered.

Q: On use of capital, CapEx for 2026 and cash return to shareholders.

A: Mariano Bosch answered.

Q: On deleveraging plan and next growth avenues, Food and Agriculture segment role.

A: Mariano Bosch answered.

Q: On Fertilizers production cost, long-term business model, and Farming business outlook with Argentina export taxes.

A: Mariano Bosch answered.

Q: On global fertilizer supply dynamics and sugar price pressure.

A: Mariano Bosch and Renato Junqueira Pereira answered