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]

Core Industry Insights - The Zacks Agriculture – Operations industry is benefiting from ongoing innovation and increasing consumer demand for health-focused products, particularly alternative proteins [1][2] - Advancements in food processing technologies, improved grain-handling methods, and expanded storage capacity are supporting industry momentum [2] - The U.S. Department of Agriculture projects agricultural exports of $170.5 billion for fiscal 2025, driven by stronger grain and feed exports [6] Company Highlights Mission Produce - Engaged in sourcing, farming, packaging, marketing, and distribution of avocados, mangoes, and blueberries, Mission Produce has optimized per-unit margins through effective integration of sales and sourcing operations [19][20] - The Zacks Consensus Estimate for Mission Produce's fiscal 2025 earnings has increased by 19% in the past 30 days, although sales and earnings are expected to decline by 6.6% and 32.4% respectively from the previous year [21] Corteva - Corteva is positioned for above-market growth through its innovative product pipeline and strong market demand for naturally derived products [22] - The Zacks Consensus Estimate for Corteva's 2025 earnings suggests growth of 1.7% and 15.2% respectively from the year-ago period [23] Dole - Dole is expected to benefit from improved logistical efficiencies and a healthier supply-demand balance, which has led to better pricing conditions in Europe [24] - The Zacks Consensus Estimate for Dole's 2025 earnings suggests a growth of 4.7% from the previous year [25] Adecoagro - Adecoagro operates in farming, dairy, sugar, ethanol, and energy production, benefiting from high asset flexibility in a volatile market [26] - The Zacks Consensus Estimate for Adecoagro's 2025 earnings suggests declines of 3.2% and 41.1% respectively from the previous year [27] Industry Challenges - The industry faces challenges such as fluctuating commodity prices, rising input costs, trade uncertainties, and increasing operational expenses, which impact productivity and profitability [3][11] - Companies are managing higher selling, general and administrative expenses due to performance-related compensation and technology investments [12] Market Performance - The Zacks Agriculture – Operations industry has underperformed the broader Zacks Consumer Staples sector and the S&P 500, with a collective decline of 12.2% over the past year [16] - The industry is currently trading at a forward P/E ratio of 13.34X, compared to the S&P 500's 20.05X and the sector's 17.18X [17]

The Zacks Agriculture – Operations industry stands to gain from ongoing innovation and the growing demand for health-focused products. As consumers increasingly prioritize healthy eating, alternative protein consumption is projected to climb. Growth is also being fueled by investments in acquisitions, joint ventures and expansion initiatives. Advancements in food processing technologies, improved grain-handling methods, expanded storage capacity and robust demand from emerging markets are supporting industr ...

Major U.S. indexes, such as the Nasdaq Composite, the S&P 500 and the Dow Jones Industrial Average, have lost their ground by 14.3%, 8.3%, and 4.7%, respectively, year to date. From the beginning of 2025, volatility remains exceptionally high due to President Donald Trump's aggressive fiscal, trade and immigration policies. Reciprocal foreign tariff policy with major trading partners has stoked fears of rising inflation, sluggish economic growth, and a near-term recession among market participants.The Feder ...

President Donald Trump’s hefty tariffs on several trading partners of the United States have raised fears of a trade war that could push the nation’s economy into recession. A rise in inflation over the past few months has already sparked market volatility, which could last for a longer period or till investors get clarity over the impact of the tariffs.Given the ongoing market turmoil, cautious investors looking for a steady income and ways to protect their capital may want to hold or buy dividend-paying s ...