Core Viewpoint - Adecoagro S.A. has announced the expiration and results of its cash tender offer for its outstanding 6.000% Notes due 2027, with approximately 36.31% of the principal amount validly tendered [1][3]. Group 1: Tender Offer Details - The tender offer was made for all outstanding 6.000% Notes due 2027, which are guaranteed by several subsidiaries of Adecoagro [2]. - As of the expiration date, US$150,927,000 of the US$415,644,000 principal amount of Notes was validly tendered and not withdrawn [3][4]. - The total consideration for the validly tendered Notes is US$1,000.00 per US$1,000.00 principal amount, plus accrued interest [6]. Group 2: Settlement and Payment - The settlement date for the tender offer is expected to occur on July 29, 2025, or as soon as practicable thereafter [7]. - Holders of validly tendered Notes will receive the total consideration along with accrued interest from the last interest payment date to the settlement date [8]. Group 3: Financing and Future Plans - The company plans to use proceeds from a new notes offering to pay for the consideration and accrued interest related to the tender offer [10]. - Adecoagro reserves the right to use any remaining proceeds to redeem or purchase any outstanding Notes after the expiration date [11]. Group 4: Company Overview - Adecoagro is a leading sustainable production company in South America, owning 210.4 thousand hectares of farmland and producing over 2.8 million tons of agricultural products and over 1 million MWh of renewable electricity [14].

Core Viewpoint - Adecoagro S.A. has announced the pricing of $500 million aggregate principal amount of 7.500% Senior Notes due 2032, which will be used primarily to fund a tender offer for its existing 6.000% Notes due 2027 and for general corporate purposes [1][2] Group 1 - The Senior Notes will be issued at a price of 100.00% and will mature on July 29, 2032 [1] - The Notes will be guaranteed on a senior unsecured basis by certain subsidiaries of the Company [1] - The offering is conducted under Rule 144A and Regulation S of the Securities Act, targeting qualified institutional buyers and non-U.S. persons [1][3] Group 2 - The net proceeds from the Notes will be allocated to a tender offer for the Company's existing 6.000% Notes due 2027 and for general corporate purposes, including capital expenditures and liability management [2] - Adecoagro operates on 210.4 thousand hectares of farmland and produces over 2.8 million tons of agricultural products and over 1 million MWh of renewable electricity [4]

Core Viewpoint - Adecoagro S.A. plans to offer senior unsecured notes to qualified institutional buyers and non-U.S. persons, with proceeds aimed at funding a tender offer for existing notes and general corporate purposes [1][2]. Group 1: Notes Offering - The company intends to offer senior unsecured notes in a private placement under Rule 144A and Regulation S of the Securities Act [1]. - The pricing and terms of the notes are contingent on market conditions [2]. - Proceeds will be used to fund a tender offer for its 6.000% Notes due 2027 and for general corporate purposes, including capital expenditures [2]. Group 2: Company Overview - Adecoagro is a leading sustainable production company in South America, owning 210.4 thousand hectares of farmland [4]. - The company produces over 2.8 million tons of agricultural products and over 1 million MWh of renewable electricity [4].

Core Viewpoint - Adecoagro S.A. has initiated a cash tender offer for its outstanding 6.000% Notes due 2027, with a total principal amount of approximately US$415.644 million, offering US$1,000.00 per US$1,000.00 principal amount of the Notes validly tendered and accepted for purchase [1][2][4]. Group 1: Tender Offer Details - The Tender Offer is set to expire on July 24, 2025, at 5:00 p.m. New York City time, unless extended or terminated earlier [3]. - Holders of the Notes must validly tender their Notes or deliver a Notice of Guaranteed Delivery by the Expiration Date to receive the Consideration plus Accrued Interest [3][5]. - Validly tendered Notes can be withdrawn at any time before the Expiration Date, but not thereafter [6]. Group 2: Financial Considerations - The total consideration for each US$1,000.00 principal amount of the Notes validly tendered will be US$1,000.00, plus accrued interest from the last interest payment date [4][5]. - The expected Settlement Date for payments to holders of accepted Notes is July 29, 2025, or as soon as practicable thereafter [6]. Group 3: New Notes Offering - Adecoagro plans to use proceeds from a concurrent offering of New Notes to pay for the Consideration, Accrued Interest, and related costs of the Tender Offer [10]. - The New Notes will be offered to qualified institutional buyers and will not be registered under the U.S. Securities Act [7]. Group 4: Company Overview - Adecoagro is a leading sustainable production company in South America, owning 210.4 thousand hectares of farmland and producing over 2.8 million tons of agricultural products and over 1 million MWh of renewable electricity [19].

Core Insights - Adecoagro S.A. and Tether Holdings have signed a Memorandum of Understanding to explore a strategic collaboration focused on bitcoin mining [1] - The project aims to leverage renewable energy assets to support the digital economy and enhance grid stability [2] Company Overview - Adecoagro is a leading sustainable production company in South America, owning 210.4 thousand hectares of farmland and producing over 3.1 million tons of agricultural products and over 1 million MWh of renewable electricity [6] - Tether is a pioneer in stablecoin technology, aiming to revolutionize the global financial landscape and promote financial inclusion [7] Project Details - The collaboration will explore the potential of bitcoin mining as an alternative demand for Adecoagro's renewable energy, which has over 230 MW of electrical generation capacity [4] - The project will utilize Tether's Mining OS for site management, which will be open-sourced in the coming months [5] - The initiative is expected to stabilize energy sales on the spot market while providing exposure to bitcoin's upside potential [3] Strategic Goals - The partnership aims to unlock efficiencies at the intersection of agriculture, energy, and technology, diversifying Adecoagro's energy strategy [3][4] - Both companies plan to provide further updates as the project evolves, indicating a commitment to transparency and collaboration [5]

Group 1 - Adecoagro S.A. (AGRO) is an agro-industrial company with a current year earnings estimate revised downward by 12.5% over the last 60 days [1] - Barings BDC, Inc. (BBDC) is an investment company with a current year earnings estimate revised downward by 4.6% over the last 60 days [1] - Core Natural Resources, Inc. (CNR) is a metallurgical and thermal coal company with a current year earnings estimate revised downward by 44.4% over the last 60 days [2]

Company Performance - Adecoagro (AGRO) closed at $9.17, with a +1.44% change from the previous day, outperforming the S&P 500's daily gain of 0.8% [1] - Over the previous month, Adecoagro's shares experienced a loss of 4.94%, underperforming the Consumer Staples sector's loss of 1.96% and the S&P 500's gain of 5.12% [1] Earnings Estimates - The Zacks Consensus Estimates project earnings of $0.84 per share and revenue of $1.39 billion for the fiscal year, reflecting declines of -58.42% and -8.47% from the prior year, respectively [2] Analyst Forecasts - Recent revisions to analyst forecasts for Adecoagro are important as they indicate short-term business trends, with positive revisions suggesting optimism about the business outlook [3] Zacks Rank and Valuation - Adecoagro currently holds a Zacks Rank of 4 (Sell), with the Zacks Consensus EPS estimate remaining stagnant over the past month [5] - The company has a Forward P/E ratio of 10.83, which is a discount compared to the industry average Forward P/E of 14.24 [5] Industry Context - The Agriculture - Operations industry, part of the Consumer Staples sector, has a Zacks Industry Rank of 223, placing it in the bottom 10% of over 250 industries [6] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [6]

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA reached $36 million, marking a 60% year-over-year decrease [18][19] - Net sales totaled $324 million, an 8% increase year-over-year, driven by higher volumes sold, mainly ethanol [18] - Net debt amounted to $679 million, a 6% increase year-over-year, attributed to an increase in short-term debt [32] Business Line Data and Key Metrics Changes - In the Sugar, Ethanol, and Energy business, crushing volume was down 31% year-over-year due to a slower milling pace [19][20] - Farming division production reported a 25% year-over-year increase, driven by higher planted area and record productivity in rice operations [19] - Adjusted EBITDA for the Farming business totaled $17 million, a $27 million year-over-year decrease, primarily due to lower international prices and higher costs [28] Market Data and Key Metrics Changes - Ethanol sales increased by 15% year-over-year, attributed to a commercial strategy that capitalized on significant price recovery [21] - Sugar prices are expected to depend on Brazil's production, with some upside anticipated due to current market conditions [24] Company Strategy and Development Direction - The company aims to leverage cutting-edge technologies to transform traditional agribusiness and explore new projects [6][10] - Tether's investment is focused on supporting sustainable developments and maximizing long-term value through disciplined capital allocation [12] - The company is exploring organic and inorganic growth opportunities in Latin America, particularly in energy and agricultural inputs [11][45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the recovery of sugarcane yields due to recent rainfall, expecting a 5-10% increase compared to last year [48] - The economic environment in Argentina is perceived as improving, with a more favorable export dollar situation [82][84] - The management team emphasized a careful approach to project execution, prioritizing thorough analysis over speed [86] Other Important Information - Tether has become the largest shareholder, holding 70% of the company's equity, marking a new era for the company [5][10] - The company is committed to maintaining a minimum distribution policy of 40% of cash generated from operations [30] Q&A Session Summary Question: Expectations for sugarcane crushing volumes - Management expects to meet last year's sugarcane crushing volumes through improved yields and potentially increased harvested area [37][46] Question: Unit economics for different crops - The management explained that crop economics should be analyzed over a campaign rather than a single quarter, with corn currently prioritized [38][50] Question: Opportunities for growth in Latin America - Tether's strategic direction includes exploring both organic and inorganic growth opportunities across all business segments [39][45] Question: Transparency and governance under new control - The new control group is committed to maintaining high standards of transparency and corporate governance, with additional protections for minority shareholders [56][61] Question: Use of cash flow and dividend policy - The company plans to continue its dividend policy while also considering share repurchases and acquisitions to improve return on equity [62][63] Question: Plans for land monetization - Management acknowledged the challenge of undervalued land assets and is exploring mechanisms to unlock value [72][75] Question: Liquidity of the stock - The management believes that liquidity will not be adversely affected by the recent changes in ownership and is focused on maximizing stock price [73][78] Question: Timeline for new investment projects - Projects will be carefully analyzed and executed without haste, with results expected over the next twelve months [80][89] Question: Size and capital requirements for future growth - The company is open to significant capital deployment for growth, supported by Tether's financial capabilities [94][97]

Financial Data and Key Metrics Changes - Consolidated adjusted EBITDA reached $36 million, marking a 60% year-over-year decrease [17][18] - Net sales totaled $324 million, an 8% increase year-over-year, driven by higher volumes sold, mainly ethanol [17][18] - Net debt amounted to $679 million, a 6% increase year-over-year, attributed to an increase in short-term debt [31] Business Line Data and Key Metrics Changes - Rice operations achieved record productivity, but rice prices are declining [14] - Sugar, Ethanol, and Energy business saw a 31% year-over-year decrease in crushing volume due to dry weather [18][19] - Farming division reported a 25% year-over-year increase in total production, driven by higher planted area and record productivity in rice [18] Market Data and Key Metrics Changes - Ethanol sales increased by 15% year-over-year, attributed to a commercial strategy that capitalized on last year's carry of ethanol [20] - Sugar production mix stood at 42% with lower sugar content due to previous weather conditions affecting yields [19] Company Strategy and Development Direction - The company aims to leverage cutting-edge technologies to transform traditional agribusiness and explore new projects [6][12] - Tether's investment is focused on supporting sustainable developments and maximizing long-term value through disciplined capital allocation [12] - The company is exploring organic and inorganic growth opportunities in Latin America [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of yields due to recent rainfall and expects to accelerate crushing in the second half of the year [23][48] - The macroeconomic environment in Argentina is perceived positively, with improved export conditions and a more realistic dollar system [84] Other Important Information - The company has committed to a minimum distribution of 40% of cash generated from operations, with $64 million to be distributed this year [30] - The new board has been formed to support the company's strategic direction and ensure high standards of governance and transparency [60] Q&A Session Summary Question: Expectations for sugarcane crushing volumes - Management expects to meet last year's sugarcane crushing volumes through improved yields and potentially higher harvested area [37][46][48] Question: Unit economics for different crops - The economic performance of crops is analyzed over a campaign, with corn being prioritized for better economic results [38][50] Question: Opportunities for growth in Latin America - Tether sees potential for both organic and inorganic growth opportunities across all business segments, particularly in energy and agricultural inputs [39][44] Question: Transparency and governance with new control group - The new control group is committed to maintaining high standards of transparency and governance, with protections for minority shareholders [57][60] Question: Plans for land monetization and stock liquidity - The company is exploring mechanisms to unlock value from land holdings and aims to maintain liquidity despite changes in shareholder structure [71][76] Question: Timeline for new investment projects - Projects will be carefully analyzed and executed without haste, with results expected over the next twelve months [80][89] Question: Size and capital requirements for future growth - The company is open to significant growth opportunities, with access to financing supported by Tether's substantial profits [92][95]

Financial Highlights - Gross Revenues for Q1 2025 were $324 million, a 28% increase compared to Q1 2024[20, 23] - Adjusted EBITDA for Q1 2025 was $36 million, a 60% decrease compared to Q1 2024[21, 25] Sugar, Ethanol & Energy Business - Adjusted EBITDA decreased by 42%, from $51855 thousand in Q1 2024 to $29851 thousand in Q1 2025[45] - Sugarcane milled decreased by 31%, from 2167 thousand tons in Q1 2024 to 1489 thousand tons in Q1 2025[30] - Sugar production decreased by 47%, from 119431 tons in Q1 2024 to 63644 tons in Q1 2025[33] - Ethanol sales volume increased by 106%, from 78511 cubic meters in Q1 2024 to 161609 cubic meters in Q1 2025[40] Farming Business - Farming revenues decreased by 62%, from $44014 thousand in Q1 2024 to $16647 thousand in Q1 2025[56] - Rice revenues decreased by 70%, from $6447 thousand in Q1 2024 to $1943 thousand in Q1 2025[56] Capital Allocation - The company has a distribution policy of a minimum of 40% of the cash generated during the previous year to shareholders[59] - $175 million is planned for distribution as dividends, with a DPS of $01750[60] - Net debt increased by 6%[63]