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]

Financial Performance - Revenue for Q1 2025 increased to $325,506 thousand, up 24.3% from $261,775 thousand in Q1 2024[5] - Profit for the period decreased to $18,707 thousand, down 60.5% from $47,344 thousand in Q1 2024[7] - Basic earnings per share for Q1 2025 was $0.181, a decrease of 59.9% compared to $0.452 in Q1 2024[5] - Total comprehensive income for Q1 2025 was $76,028 thousand, down 55.0% from $168,728 thousand in Q1 2024[7] - The company reported a profit from operations of $3.9 million for Q1 2025, compared to a profit of $37.2 million in Q1 2024, indicating a decrease in operational profitability[66] Assets and Liabilities - Total assets as of March 31, 2025, were $3,350,293 thousand, an increase of 7.6% from $3,114,888 thousand at the end of 2024[8] - Non-current assets rose to $2,248,865 thousand, up 7.1% from $2,099,886 thousand at the end of 2024[8] - Current liabilities increased to $555,400 thousand, up 38.7% from $400,319 thousand at the end of 2024[8] - The company’s borrowings totaled $918.4 million as of March 31, 2025, compared to $779.6 million at the end of 2024, reflecting an increase in debt levels[66] - The company’s total liabilities increased to $1.28 billion as of March 31, 2025, from $1.12 billion at the end of 2024[66] Cash Flow and Investments - Cash flows from operating activities for the first quarter of 2025 were negative at $(19,070) thousand, compared to $(38,701) thousand in the first quarter of 2024[20] - The company reported a net cash used in investing activities of $(98,898) thousand for the first quarter of 2025, compared to $(87,444) thousand in the same period of 2024[20] - Adecoagro's cash and cash equivalents at the end of the period were $179,530 thousand, a decrease from $211,244 thousand at the beginning of the period[20] Segment Performance - For the three-month period ended March 31, 2025, the total revenue for the Crops segment was $44,099 thousand, while the Rice segment generated $77,645 thousand, and the Dairy segment reported $76,325 thousand[63] - The profit from operations for the Crops segment was a loss of $1,426 thousand, while the Rice segment achieved a profit of $4,112 thousand, and the Dairy segment reported a profit of $3,287 thousand[63] - The total revenue for the corporate segment for the same period was $325,506 thousand, with a cost of revenue of $276,236 thousand, resulting in a gross margin of $49,270 thousand[63] Costs and Expenses - For the three-month period ended March 31, 2025, the total cost of revenue was $276,236 thousand, an increase from $205,341 thousand in the same period of 2024, representing a 34.4% increase year-over-year[72][73] - The total expenses for the three-month period ended March 31, 2025, amounted to $253,629 thousand, compared to $244,467 thousand in the same period of 2024, reflecting a 3.8% increase[75][76] - The cost of production for the three-month period ended March 31, 2025, totaled $115,826 thousand, compared to $138,254 thousand for the same period in 2024, indicating a reduction of approximately 16.5%[106] Financial Instruments and Risks - The Group's total net monetary position is a liability of $998,456 thousand, with significant liabilities in Brazilian Reais ($584,052 thousand) and US Dollars ($471,406 thousand) [34] - The Group's derivative financial instruments include futures and options with a total notional value of $71,130 thousand and a profit of $2,843 thousand [42] - The Group's analysis of exchange rate risk indicates that a 25% depreciation of the US Dollar against the Argentine peso would significantly impact financial results [33] Shareholder Information - The total amount of dividends payable as of March 31, 2025, was $18,176 thousand, compared to $703 thousand as of December 31, 2024[135] - The company repurchased shares for an amount of $1,057,858 thousand during the three-month period ended March 31, 2025[126] Inflation and Economic Environment - The Argentine inflation rate for the three-month period ended March 31, 2025, was 8.6%, significantly lower than 51.6% in the same period of 2024[27] - The new managed floating exchange rate regime allows for a band between 1,000 and 1,400 pesos per US dollar, expanding by 1% monthly [35]

Company Performance - Adecoagro's stock closed at $8.61, reflecting a -0.69% change from the previous day, underperforming the S&P 500's gain of 0.44% [1] - Over the past month, Adecoagro's shares have decreased by 17.11%, while the Consumer Staples sector and S&P 500 have increased by 2.41% and 10.62%, respectively [1] Earnings Estimates - The Zacks Consensus Estimates predict Adecoagro will report earnings of $0.96 per share and revenue of $1.39 billion for the annual period, representing declines of -52.48% and -8.47% from the previous year [2] Analyst Revisions - Recent changes in analyst estimates for Adecoagro indicate short-term business trends, with positive revisions suggesting a favorable business outlook [3] Zacks Rank and Performance - The Zacks Rank system, which assesses estimated changes, currently ranks Adecoagro at 3 (Hold), with the consensus EPS estimate having decreased by 19.41% in the past month [5] - Historically, stocks ranked 1 (Strong Buy) have returned an average of +25% annually since 1988 [5] Valuation Metrics - Adecoagro's Forward P/E ratio is 9.08, which is lower than the industry's average Forward P/E of 14.21, indicating a valuation discount [6] - The Agriculture - Operations industry, part of the Consumer Staples sector, holds a Zacks Industry Rank of 85, placing it in the top 35% of over 250 industries [6]

Core Viewpoint - Adecoagro S.A. has filed its Form 20-F for the fiscal year ended December 31, 2024, with the SEC, highlighting its commitment to transparency and regulatory compliance [1]. Company Overview - Adecoagro is a leading sustainable production company in South America, owning 210.4 thousand hectares of farmland and several industrial facilities in Argentina, Brazil, and Uruguay [3]. - The company produces over 2.8 million tons of agricultural products and more than 1 million MWh of renewable electricity [3]. Access to Financial Information - The Form 20-F can be accessed on the SEC's website or the "Investors" section of Adecoagro's website, and shareholders can request a hard copy of the audited financial statements free of charge [2].

Table of contents | UNITED STATES SECURITIES AND EXCHANGE COMMISSION | | --- | | Washington, D.C. 20549 | | FORM 20-F | | ¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 | | OR | | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL | | þ YEAR ENDED ON DECEMBER 31, 2024 | | OR | | ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | | FOR THE TRANSITION PERIOD FROM TO ____ ...

Group 1 - Adecoagro's stock closed at $11.59, with a daily increase of 1.58%, underperforming compared to the S&P 500's gain of 2.51% [1] - Over the past month, Adecoagro's stock has risen by 3.35%, outperforming the Consumer Staples sector's gain of 2.1% and the S&P 500's loss of 8.86% [1] - The Zacks Consensus Estimates project earnings of $1.19 per share and revenue of $1.47 billion for the fiscal year, reflecting declines of 41.09% and 3.18% from the previous year [2] Group 2 - Investors should monitor shifts in analyst projections for Adecoagro, as positive revisions indicate confidence in the company's performance [3] - The Zacks Rank system, which incorporates estimate changes, has a strong track record, with 1 stocks averaging a 25% annual return since 1988 [4][5] - Adecoagro currently holds a Zacks Rank of 3 (Hold), with the consensus EPS estimate remaining unchanged over the past month [5] Group 3 - Adecoagro's Forward P/E ratio is 9.63, which is lower than the industry average of 12.84, indicating a valuation discount [6] - The Agriculture - Operations industry, part of the Consumer Staples sector, has a Zacks Industry Rank of 75, placing it in the top 31% of over 250 industries [6] - Research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]