Core Insights - Adecoagro S.A. reported its third-quarter results for 2025, highlighting a mixed performance across its business segments, with a notable increase in Adjusted EBITDA for the Sugar, Ethanol & Energy business but a decline in the Farming business [1][2]. Sugar, Ethanol & Energy Business - Adjusted EBITDA reached $120.5 million in 3Q25, a 20.3% increase year-over-year, while year-to-date it totaled $218.4 million, down 15.6% compared to 9M24 [3]. - The company shifted to an ethanol-max scenario, achieving 58% in 3Q25 and 55% in 9M25 due to better margins compared to sugar [3]. - Crushing volumes hit an all-time record of 4.9 million tons in 3Q25, a 20.4% increase from 3Q24, with year-to-date crushing at 9.8 million tons [3]. - Production costs remained stable in 3Q25, but year-to-date costs increased to 8.3 cents per pound from 7.8 cents per pound in 9M24 due to lower TRS equivalent produced [3]. - Net sales declined in both 3Q25 and 9M25 due to lower selling volumes and prices of sugar, despite a recovery in ethanol prices [3]. Farming Business - Adjusted EBITDA for the Farming business was $1.5 million in 3Q25 and $19.2 million in 9M25, down $15.9 million and $80.0 million year-over-year, respectively [4]. - Excluding the sale of La Pecuaria farm, Adjusted EBITDA decreased by $65.0 million year-to-date [4]. - Higher volumes of dairy products and crops were sold, but lower prices for crops, rice, and dairy products negatively impacted results [4]. - The company experienced year-over-year losses in the mark-to-market of biological assets for the 2024/25 harvest season and faced higher costs in U.S. dollar terms for the same period [4]. Acquisition Strategy - Adecoagro announced an agreement to acquire Nutrien Ltd.'s 50% interest in Profertil S.A. for approximately $600 million, with an initial down payment of $120 million [7]. - This acquisition is expected to enhance Adecoagro's agro-industrial platform and diversify its revenue base, as Profertil is one of the lowest-cost producers of urea globally [7]. - The acquisition is structured as an 80%-20% partnership between Adecoagro and Asociación de Cooperativas Argentinas, with closing expected before year-end [7]. Shareholder Distribution - The company will pay a second cash dividend of $17.5 million on November 19, 2025, completing a total annual cash dividend of $35.0 million [8]. - In 2025, Adecoagro also repurchased 1.1% of its equity, totaling $10.2 million [8]. Farmland Valuation - As of September 30, 2025, Adecoagro's farmland, consisting of 210,371 hectares, was valued at $714.8 million, reflecting a 4.7% year-over-year increase [9].

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]

Core Insights - EnWave Corporation has signed an amendment to its royalty-bearing license agreement with Procescir S.A. de C.V., expanding the range of fruit and vegetable products covered under the license [1] - The amendment allows Procescir to capitalize on current commercial opportunities and explore new projects, with the delivery of a 120kW Radiant Energy Vacuum (REV™) machine scheduled for July 2025 [1] - Procescir will commence commercial production of fruit snack products for a prominent American snack brand immediately after the machine's delivery [1] Group 1: Company Developments - The Equipment Purchase Agreement (EPA) signed by Procescir involves the acquisition of auxiliary support equipment for the 120kW REV™ machine, with a transaction amount of approximately CA$170k [2] - Procescir has been operating in Northwest Mexico since 1960 and began commercializing frozen vegetables in 2022 at its processing plant in Hermosillo, Sonora [3] - EnWave is recognized as a leader in vacuum microwave dehydration technology, with a strong intellectual property portfolio and a focus on providing efficient drying solutions across various industries [4][6] Group 2: Market Position and Strategy - EnWave's strategy includes signing royalty-bearing commercial licenses with food producers to enhance drying efficiency compared to traditional methods, enabling faster production and improved product quality [6] - The company has established partnerships with over fifty partners across twenty-four countries, facilitating the creation of innovative snacks and ingredients [5] - EnWave's technology allows producers to achieve optimal moisture levels up to seven times faster, enhancing taste, texture, color, and nutritional value of the products [6]