Adecoagro SA
F:ACD

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Adecoagro SA Logo
Adecoagro SA
F:ACD
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Price: 6.84 EUR 1.03% Market Closed
Market Cap: 712.3m EUR

Adecoagro SA
Investor Relations

Adecoagro SA is a distinctive player operating within the dynamic sphere of agricultural and renewable energy sectors in South America. Founded in 2002, the company has established a significant presence across Argentina, Brazil, and Uruguay, leveraging the rich soils and favorable climates of these regions to flourish. Adecoagro thrives on a diversified business model that includes farming activities—such as crop production, dairy operations, and cattle farming—as well as sugar, ethanol, and energy production. This diversity allows the company to mitigate risks commonly associated with agriculture, such as climatic volatility and market price fluctuations, while capitalizing on the synergy between food production and bioenergy, reflecting a strategic alignment with sustainable development trends.

The company's core operations are centered around its extensive farmland, where it grows a variety of crops including rice, corn, soybeans, and wheat. Adecoagro captures value from the entire agricultural cycle, from cultivation to the sale of its products both domestically and globally. In addition to crops, the company manages a substantial dairy farm operation. Yet, perhaps its most progressive venture lies in its sugar and ethanol segment in Brazil. Here, Adecoagro processes sugarcane into sugar, ethanol, and energy, demonstrating the ability to adapt to the world's increasing demand for renewable energy sources. By integrating these processes, Adecoagro not only maximizes the utility of its agricultural outputs but also generates electricity, contributing both to its bottom line and to regional energy needs. This strategic blend of agriculture with renewable energy production positions Adecoagro as an influential force driving both economic and sustainable growth in South America.

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Last Earnings Call
Fiscal Period
Q3 2025
Call Date
Nov 12, 2025
AI Summary
Q3 2025

Sales Decline: Gross sales for the quarter dropped 29% year-over-year to $323 million, mainly due to lower volumes and prices across operations.

EBITDA Growth: Adjusted EBITDA improved to $115 million in the quarter, up from the prior year thanks to strong performance in the Sugar, Ethanol and Energy business.

Brazil Crushing Record: Achieved a record quarterly crushing of 4.9 million tons in Brazil, with a 40% surge in ethanol production as the company shifted focus from sugar.

Profertil Acquisition: Signed an agreement to acquire a 50% stake in Profertil, the largest granular urea producer in South America, with closing expected by year-end pending YPF’s right of refusal.

CapEx and Leverage Actions: Management is sharply reducing growth CapEx and reviewing expenses in response to weaker earnings and elevated net leverage, which rose to 2.8x.

Crops and Rice Adjustments: Significant cuts to leased crop area and long grain rice production are under way to improve margins amid falling commodity prices.

Cost Outlook: Expecting a 15-20% cost reduction in sugarcane operations in 2026 due to higher yields, increased volume, and operational efficiencies.

Shareholder Returns: Shareholder distributions for 2025 amounted to $45 million, including $10 million in buybacks and $35 million in dividends.

Key Financials
Gross Sales
$323 million
Adjusted EBITDA
$115 million
Adjusted EBITDA (Year-to-date)
$206 million
Sugarcane Crushing Volume (Quarter)
4.9 million tons
Ethanol Mix
58%
Net Sales (Sugar, Ethanol & Energy)
$131 million
Net Sales (Year-to-date, Sugar, Ethanol & Energy)
$433 million
CBios Sold
560,000
CBios Revenue
$5 million
CBios Average Price
$9 per CBio
Adjusted EBITDA (Sugar, Ethanol & Energy, Quarter)
$120 million
Adjusted EBITDA (Sugar, Ethanol & Energy, Year-to-date)
$218 million
Agriculture Production (Harvested)
1.2 million tons
Planted Area Reduction
22% reduction compared to prior season
Dairy Productivity Record
39.1 liters of milk per cow per day
Adjusted EBITDA (Farming, Quarter)
$1 million
Adjusted EBITDA (Farming, Year-to-date)
$19 million
Expansion CapEx (Quarter)
$32 million
Expansion CapEx (Year-to-date)
$85 million
Profertil Acquisition Value
$600 million
Profertil Advance Payment
$96 million
Net Debt
$872 million
Net Leverage Ratio
2.8x
Liquidity Ratio
3.2x
Shareholder Distributions (2025)
$45 million
Share Buybacks
$10 million (1.1% of equity)
Cash Dividends
$35 million
Annual Dividend Per Share
$0.35
Dividend Yield
4%
Earnings Call Recording
Other Earnings Calls

Management

Mr. Mariano Bosch
Co-Founder, CEO & Director
No Bio Available
Mr. Ezequiel Garbers
Co-Founder and Country Manager of Argentina & Uruguay
No Bio Available
Mr. Emilio Federico Gnecco
Chief Financial Officer
No Bio Available
Mr. Alejandro López Moriena
Chief Sustainability Officer
No Bio Available
Mr. Renato Junqueira-Santos Pereira
Vice President of Sugar, Ethanol & Energy Business
No Bio Available

Contacts

Address
Luxembourg
Vertigo Naos Building, 6, Rue Eugene Ruppert
Contacts