Adjusted EBITDA of $90.1 million. Solid crushing pace and Farming yield normalization. $35 million cash dividend during 2024.

Core Insights - Adecoagro S.A. reported a 2.6% increase in gross sales for Q1 2024, attributed to higher sugarcane crushing and increased average selling prices in the Rice segment [2] - Adjusted EBITDA for Q1 2024 was $90.1 million, a 1.1% increase from Q1 2023, driven by strong performance in the Farming business, which offset declines in the Sugar, Ethanol & Energy segment [2] - Adjusted net income for Q1 2024 was $23.3 million, reflecting a 40.1% decrease year-over-year [2] Sugar, Ethanol & Energy Business - Crushing volumes reached 2.2 million tons, a 47% year-over-year increase, marking a record for Q1 [3] - 49% of the crushed sugarcane was diverted to sugar production, with sugar prices averaging 48% higher than hydrous ethanol [3] - Adjusted EBITDA for this segment was $51.9 million, down 32% from Q1 2023, impacted by lower sugar prices and higher freight costs [3] Farming Business - Adjusted EBITDA for the Farming business was $44.0 million, an increase of $25.5 million compared to Q1 2023 [4] - The Rice segment saw a year-over-year increase of $19.4 million, driven by improved area, productivity, and prices, with sales prices $433 per ton higher than in Q1 2023 [4] - The Crops segment benefited from a full recovery in yields, contributing to a $5.8 million increase in results [4] Shareholder Distribution - The company announced a cash dividend distribution of $35 million, to be paid in two installments of $17.5 million each [5] - Year-to-date, the company invested $26.6 million in repurchasing 2.6 million shares, representing 2.4% of its equity [5] Farmland Sale - In April 2024, the company completed the sale of La Pecuaria farm for $20.7 million, generating an Adjusted EBITDA of $15.3 million to be recorded in Q2 2024 [6]