Financial Performance - Adecoagro S.A. reported an Adjusted EBITDA of $68.1 million for the Sugar, Ethanol & Energy business in 2Q25, which is a decrease of 36.3% year-over-year [3] - The Farming business saw an Adjusted EBITDA of $1.1 million in 2Q25, down $36.7 million year-over-year [6] - Overall, Adjusted EBITDA for the company was down 60.5% in 2Q25 compared to the previous year, primarily due to losses in biological assets and higher costs [9] Sales and Production - Gross sales decreased by 1.4% year-over-year in 2Q25, attributed to lower prices for most products, while accumulated sales increased by 9.9% due to higher volumes sold, especially in ethanol [9] - The company achieved record production in its Rice operations, contributing positively to the Farming business [6] Cost and Pricing - The cost of production for the year-to-date was reported at 9.0 cents per pound, an increase from 7.9 cents per pound in the same period last year [5] - There were year-over-year losses in the mark-to-market of biological assets and agricultural produce due to lower prices [7] Debt Management - Adecoagro issued $500 million in Senior Notes due 2032 with a 7.50% coupon, using proceeds to fund a cash tender offer for its Senior Notes due 2027 [8][10] - The company improved its debt maturity profile and financial flexibility through this transaction [10] Shareholder Distribution - As of the report date, Adecoagro committed $45.2 million to shareholder distributions, including $10.2 million for share repurchases and $35.0 million for cash dividends [11]

Core Viewpoint - FirstFarms' Q1 results were below expectations due to low pig prices, reduced value adjustments, and an outbreak of foot and mouth disease (FMD) affecting operations, with ongoing impacts expected into 2026 [1][6]. Group 1: Financial Performance - In Q1 2024, FirstFarms reported a turnover of 102 million DKK, down from 104 million DKK in 2023 [8]. - EBITDA for Q1 2024 was 12 million DKK, significantly lower than 36 million DKK in Q1 2023 [8]. - EBIT for Q1 2024 was -4 million DKK, compared to 22 million DKK in Q1 2023 [8]. - The pre-tax result for Q1 2024 was -14 million DKK, a decline from a profit of 13 million DKK in Q1 2023 [8]. - The decrease in results was attributed to low pig prices at the start of the year and a one-off cost of 5 million DKK [2]. Group 2: Market Conditions - Initially low pig prices at the beginning of Q1 were later replaced by higher prices, which are expected to stabilize [3]. - Milk prices remained favorable, and crop prices were reasonable, with crop sales increasing by 12 million DKK in Q1 2025 compared to Q1 2024 [2]. Group 3: Foot and Mouth Disease Impact - An outbreak of FMD was confirmed on March 30, 2025, leading to the culling of 3,521 animals at the affected farm [4]. - The company anticipates a complex recovery process, with the first animals expected to be introduced around November 1, 2025, and full milk production capacity not expected for up to two years [4]. - Other cattle stables in Slovakia remain free from infection, and there have been no new outbreaks since April 17, 2025 [5]. Group 4: Future Expectations - FirstFarms has adjusted its 2025 expectations downwards by 45 million DKK, projecting an EBITDA of 70-110 million DKK and EBIT of 0-40 million DKK [6]. - The company expects satisfactory performance in pig and crop production for the year, with stable crop prices anticipated [7].