6-K 1 d438816d6k.htm FORM 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the month of November, 2012

Commission File Number 001-35052

Adecoagro S.A.

(Translation of registrant’s name into English)

13-15 Avenue de la Liberté

L-1931 Luxembourg

R.C.S. Luxembourg B 153 681

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40 F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ¨ No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-.

ANNOUNCEMENT OF RESULTS OF OPERATIONS FOR THE THREE MONTH PERIOD ENDED SEPTEMBER 30, 2012

On November 13, 2012, the registrant issued a press release pertaining to its results of operations for the three month period ended September 30, 2012. Attached hereto is a copy of the press release. The financial and operational information contained in the press release is based on unaudited condensed consolidated financial statements presented in U.S. Dollars and prepared in accordance with International Financial Reporting Standards.

The attachment contains forward-looking statements. The registrant desires to qualify for the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995, and consequently is hereby filing cautionary statements identifying important factors that could cause the registrant’s actual results to differ materially from those set forth in the attachment.

The registrant’s forward-looking statements are based on the registrant’s current expectations, assumptions, estimates and projections about the registrant and its industry. These forward-looking statements can be identified by words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “is/are likely to,” “may,” “plan,” “should,” “would,” or other similar expressions.

The forward-looking statements included in the attached relate to, among others: (i) the registrant’s business prospects and future results of operations; (ii) weather and other natural phenomena; (iii) developments in, or changes to, the laws, regulations and governmental policies governing the registrant’s business, including limitations on ownership of farmland by foreign entities in certain jurisdictions in which the registrant operate, environmental laws and regulations; (iv) the implementation of the registrant’s business strategy, including its development of the Ivinhema mill and other current projects; (v) the registrant’s plans relating to acquisitions, joint ventures, strategic alliances or divestitures; (vi) the implementation of the registrant’s financing strategy and capital expenditure plan; (vii) the maintenance of the registrant’s relationships with customers; (viii) the competitive nature of the industries in which the registrant operates; (ix) the cost and availability of financing; (x) future demand for the commodities the registrant produces; (xi) international prices for commodities; (xii) the condition of the registrant’s land holdings; (xiii) the development of the logistics and infrastructure for transportation of the registrant’s products in the countries where it operates; (xiv) the performance of the South American and world economies; and (xv) the relative value of the Brazilian Real, the Argentine Peso, and the Uruguayan Peso compared to other currencies; as well as other risks included in the registrant’s other filings and submissions with the United States Securities and Exchange Commission.

These forward-looking statements involve various risks and uncertainties. Although the registrant believes that its expectations expressed in these forward-looking statements are reasonable, its expectations may turn out to be incorrect. The registrant’s actual results could be materially different from its expectations. In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in the attached might not occur, and the registrant’s future results and its performance may differ materially from those expressed in these forward-looking statements due to, inclusive, but not limited to, the factors mentioned above. Because of these uncertainties, you should not make any investment decision based on these estimates and forward-looking statements.

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The forward-looking statements made in the attached relate only to events or information as of the date on which the statements are made in the attached. The registrant undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Adecoagro S.A.
By |  | /s/ Carlos A. Boero Hughes
|  | Name: |  | Carlos A. Boero Hughes
|  | Title: |  | Chief Financial Officer and Chief Accounting Officer

Date: November 13, 2012

adecoagro

3Q12

3Q12

Earnings Release

Conference Call

November 14, 2012 11 a.m. (US EST) 1 p.m. (Buenos Aires) 2 p.m. (Sao Paulo) 5 p.m. (Luxembourg time)

Tel: (877) 317-6776

Participants calling from the US

Tel: +1 (412) 317-6776 Participants calling from other countries

Access Code: Adecoagro

Investor Relations

Charlie Boero Hughes

CFO

Hernan Walker

IR Manager

Email ir@adecoagro.com

Website www.adecoagro.com

AGRO

LISTED

NYSE

Adecoagro recorded Adjusted EBITDA of $40.7 million in 3Q12

Luxembourg, November 13, 2012 – Adecoagro S.A. (NYSE:

AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), one of the leading agricultural companies in South America, announced today its results for the third quarter of 2012. The financial information contained in this press release is based on unaudited condensed consolidated interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards (IFRS).

Highlights

Financial & Operating Performance

$ thousands 3Q12 3Q11 Chg % 9M12 9M11 Chg %

Gross Sales 167,580 161,529 3.7% 433,216 396,400 9.3%

Adjusted EBITDA (1)

Farming & Land Transformation 698 15,585 (95.5%) 35,919 59,294 (39.4%)

Sugar, Ethanol & Energy 46,443 42,885 8.3% 55,221 86,886 (36.4%)

Corporate Expenses (6,459) (8,367) (22.8%) (18,892) (20,213) (6.5%)

Total Adjusted EBITDA 40,682 50,103 (18.8%) 72,248 125,967 (42.6%)

Net Income (2,785) 30,080 —% (16,405) 58,177 —%

Farming Planted Area (hectares) 232,547 192,207 21.0% 232,547 192,207 21.0%

Sugarcane Plantation Area (hectares) 76,517 59,647 28.3% 76,517 59,647 28.3%

In 3Q12, Adecoagro recorded Adjusted EBITDA(1) of $40.7 million and an Adjusted EBITDA margin(1) of 24.7%.

9M12 Adjusted EBITDA was $72.2 million and Adjusted EBITDA margin was 17.2%.

Gross Sales in 3Q12 reached $167.6 million, while on an accumulated basis, 9M12 gross sales reached $433.2 million, respectively 3.7% and 9.3% higher period-over-period.

(1) Please see “Reconciliation of Non-IFRS measures” starting on page 28 for a reconciliation of Adjusted EBITDA and Adjusted EBIT to Profit/Loss. Adjusted EBITDA is defined as consolidated profit from operations before financing and taxation, depreciation, amortization and unrealized changes in fair value of long-term biological assets (sugarcane, coffee and cattle). Adjusted EBIT is defined as consolidated profit from operations before financing and taxation, and unrealized changes in fair value of long-term biological assets (sugarcane, coffee and cattle). Adjusted EBITDA margin and Adjusted EBIT margin are calculated as a percentage of net sales.

3Q12

Adecoagro

The Farming and Land Transformation businesses’ Adjusted EBITDA in 3Q12 was $0.7 million, $14.9 million below 3Q11. Most of our crops are harvested during the first and second quarter. Adjusted EBITDA for the Farming business in the third quarter is almost always lower than in other quarters and is primarily derived from the mark-to-market of grain inventories and commodity hedge positions.

Unrealized hedge results account for $13.9 million of the lower year-over-year underperformance. Adecoagro has successfully begun the 2012/13 crop season. Crop planting is advancing on schedule. Assuming normal weather during the growth season and current-level commodity prices, we expect to obtain attractive margins per hectare, resulting in a profitable 2012/13 harvest year.

Adecoagro’s Sugar, Ethanol and Energy business Adjusted EBITDA in 3Q12 was $46.4 million, 8.3% higher than 3Q11. Adjusted EBITDA margin reached a record high of 60.6%. Good weather conditions allowed the company to increase the pace of its harvest activities and crush 19.9% more sugarcane than in 3Q11. Dry weather also had a positive impact on sugar content in cane (TRS), which was 3.5% higher in 3Q12 than in 3Q11. If normal weather conditions persist during the fourth quarter, we expect to compensate for the lower year-to-date sugarcane crushing, production volumes and financial performance, resulting from the delayed start of milling due to challenging weather conditions in 2Q12. Net income in 3Q12 was $(2.8) million, $32.9 million less than in 3Q11, which is mainly explained by: (i) a $14.0 million non-cash loss generated by the mark-to-market of our long term biological assets, compared to a $34.0 million gain generated in 3Q11; and (ii) a $3.1 million unrealized loss generated by the mark-to-market of our commodity hedge position in 3Q12, compared to a $12.5 million gain generated in 3Q11. These negative effects were partially offset by a $2.5 million foreign exchange loss in 3Q12 compared to a $22.8 million loss in 3Q11.

Strategy Execution

Value Creation through Land Transformation and Appreciation

As of September 30, 2012, Cushman & Wakefield updated its independent appraisal of Adecoagro’s farmland. Adecoagro’s 285,787 hectares were valued at $938.0 million.(1) Adjusted by the sale of La Alegría and San José farms in November 2011 and June 2012 respectively, and the acquisition of La Cañada farm in November 2011, the appraised value of our farmland portfolio increased $49.3 million or 5.6%, since September 30, 2011.

This value creation is driven mainly by: (i) the transformation of underutilized or undermanaged cattle land into high yielding crop and rice land; (ii) the ongoing transformation and productivity improvement of all our farmland through our sustainable farming model focused on cutting edge technology and best practices, such as, no-till farming, crop rotations, balanced fertilization, integrated pest management and water use efficiency; and (iii) the increase/decrease in farm margins driven by changes in commodity and input prices.

These gains are not reflected in Adecoagro’s financial statements since the Company does not mark-to-market the value of farmland assets on its balance sheet. However, land transformation and appreciation are an important part of Adecoagro’s business strategy, and a component of the Company’s total return on invested capital.

(1) Please refer to page 66 of our Annual Report on Form 20-F for the year-ended December 31, 2011 for a description of the methodology employed in the appraisals of our farmland by Cushman & Wakefield. The appraisals of our farmland are only intended to provide an indicative approximation of the market value of our farmland property as of the date of such appraisal based on current market conditions. Accordingly, these appraisals are subject to change based on a host of variables and market conditions.

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3Q12

Adecoagro

Sugar, Ethanol & Energy Expansion

The construction of the first phase of the Ivinhema mill in Mato Grosso do Sul is progressing on schedule. The assembly of the boiler, mill, powerhouse with generator and ethanol distillery have been completed. Interconnections and assembly of pending mill parts and equipment are expected to be completed mid-November. Ivinhema is expected to undergo test runs as of the end of November and start commercial milling operations at the beginning of the 2013 harvest, with a nominal crushing capacity of 2 million tons of sugarcane. Capacity will increase to 4 million tons in 2015 (phase II) and reach full capacity of 6.3 million tons in 2017 (phase III).

Market Overview

Adverse weather conditions in the US persisted during the beginning of 3Q12. During August, US corn and soybean yields where further reduced. Front month grain prices rose to historical highs in an effort to ration demand in light of the reduced supply. After the considerable spike, a record fast harvest pace in the US, together with speculative selling, pressured prices below fundamental support levels. Global demand continues to be very strong, not showing rationing signals and stock-to-use ratios remain tight.

Forecast of a record crop for the South American harvest, reaching 148-150 million tons, has put additional downward pressure on forward prices. However, uncertainty is still high and any deviations from forecast will have a significant impact on stock-to-use ratios, adding volatility to prices.

In Brazil, weather patterns in the quarter were significantly drier than forecasted. Average rains were 25% lower than the historical average, allowing a record cane crush to be achieved. Sugarcane yields were positively impacted by the “non-seasonal” rains of the May through June period, which increased final harvest volume estimates. Sugar and ethanol prices suffered downward pressure caused by higher product availability in Brazil and another expected sugar world surplus in 2012/13.

Environmental Sustainability

Sustainable Soybean Production

After becoming the first public company to certify its soybean production by the Round Table on Responsible Soybean (RTRS) in 2011, Adecoagro has added a new “sustainability-label” to its soybean production. During July 2012, 52 of Adecoagro’s owned and leased farms were certified under the 2BSvs (Biomass biofuel, sustainability voluntary scheme).

2BSvs is a voluntary scheme developed by a consortium of French operators involved in grain production and biofuel supply. 2BSvs aims to demonstrate through independent audit, compliance with sustainability criteria set by the European Renewable Fuels Directive 2009/28/EC which aims at achieving by 2020 a 20% share of energy from renewable sources in the EU’s energy consumption. The voluntary scheme defines its requirements using several criteria to be verified throughout the value chain, including: (i) reduction of greenhouse gas emissions; (ii) restriction on biomass derived from lands with high biodiversity values or land with high carbon stock; (iii) emphasis on biomass production under agricultural and environmental best practices; (iv) implementation of mass balance system for each logistical site; (v) implementation of control systems for each economic operator.

These certifications evidence Adecoagro’s strong commitment to the highest environmental standards, ensuring long term sustainability and profitability. Year-to-date, Adecoagro has sold over 35,000 tons of certified soybean obtaining an average price premium of $4 usd per ton.

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3Q12

Adecoagro

Operating Performance

Farming Business

Farming Production Data

Planting & Production Planted Area (hectares) Production (tons) Yields (Tons per hectare)

2011/12 2010/11 Chg % 2011/12 2010/11 Chg % 2011/12 2010/11 Chg %

Soybean 50,720 57,815 (12.3%) 125,457 147,722 (15.1%) 2.5 2.6 (3.2%)

Soybean 2nd Crop 42,069 32,311 30.2% 63,554 51,811 22.7% 1.5 1.6 (5.8%)

Corn (1) 41,193 28,178 46.2% 211,039 159,123 32.6% 5.1 5.6 (9.3%)

Corn 2nd Crop 6,217 3,516 76.8% 24,683 10,587 133.1% 4.0 3.0 31.9%

Wheat (2) 43,235 28,029 54.3% 113,121 92,908 21.8% 2.6 3.3 (21.1%)

Sunflower 9,596 9,943 (3.5%) 18,667 20,916 (10.7%) 1.9 2.1 (7.5%)

Cotton Fiber 6,389 3,242 97.1% 6,704 3,498 91.6% 1.0 1.1 (2.8%)

Total Crops 199,418 163,033 22.3% 563,226 491,813 14.5% — — —%

Rice 31,497 27,542 14.4% 171,137 172,034 (0.5%) 5.4 6.2 (13.0%)

Coffee (perennial)(3) 1,632 1,632 —% 2,873 2,742 4.8% 1.9 2.0 (5.0%)

Total Farming 232,547 192,207 21.0% 737,236 666,589 10.6% — — —%

Owned Croppable Area 122,998 118,686 3.6%

Leased Area 61,263 37,694 62.5%

Second Crop Area 48,286 35,827 34.8%

Total Farming Area 232,547 192,207 21.0%

Milking Cows (Average Heads) Milk Production (MM liters) Productivity (Liters per cow per day)

Dairy 3Q12 3Q11 Chg % 3Q12 3Q11 Chg % 3Q12 3Q11 Chg %

Milk Production 5,086 4,766 6.7% 13.9 13.9 (0.5%) 29.6 31.8 (6.8%)

Processed Rice (thousand tons)

Rice 3Q12 3Q11 Chg %

Processed Rice 57.4 65.0 (11.6%)

(1) Includes sorghum (2,078 planted hectares in the 2011/12 harvest year and 1,414 hectares planted in the 2010/11 harvest year)

(2) Includes barley (4,615 planted hectares in the 2011/12 harvest year and 6,689 planted hectares in the 2010/11 harvest year)

(3) Coffee yields are calculated over a total of 1,570 hectares for the 2011/12 harvest year and 1,405 for the 2010/11 harvest year

Note: Some planted areas may reflect immaterial adjustments compared to previous reports due to a more accurate area measurement, which occurred during current the period.

2011/12 Harvest Year

As of September 30, 2012, the 2011/12 harvest year was completed. Despite the climatic difficulties that affected the normal development of the soybean, corn and rice crops, total tons produced of crops, rice and coffee were 10.6% higher compared to the 2010/11 harvest year, reaching a total volume of 737,236 tons. Wheat & Sunflower: The harvest was completed and reported in the 1Q12 earnings report.

Soybean: During 3Q12, 315 hectares of soybean were harvested, completing the 2011/12 harvest year. Total production reached 125,457 tons. The 15.1% decrease in production was the result of a 12.3% reduction in planted area, coupled with a 3.2% reduction in yields.

Soybean Second Crop: During 3Q12, the remaining 869 hectares of soybean double crop were harvested, completing the 2011/12 harvest year. Final yields were 5.8% below the previous year as a result of (i) the late planting of the crop due to the lack of rain in November and December 2011, and (ii) a drought suffered in the Northwest of Argentina during March and April 2012. As a result of the 30.2% increase in planted area, total production reached 63,554 tons, 22.7% higher than the previous harvest year.

Corn: The 46.2% increase in planted area resulted in a 32.6% increase in total production, reaching 211,039 tons. The average yield obtained was of 5.1 tons/ha, 9.3% lower than the previous harvest year. The lower yield was the result of the lack of rain during the November 2011 through January 2012 period.

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3Q12

Adecoagro

Corn Second Crop: As a result of the 76.8% increase in planted area and the 31.9% yield improvement, total production reached 24,683 tons, more than doubling the previous harvest year production.

Cotton: Cotton production was 91.6% higher than the previous harvest year as a result of the 97.1% expansion in planted area. Yields were negatively affected by dry weather conditions in Argentina, which were partially offset by good yields at our Brazilian cotton farms.

Rice: The harvest was completed and reported in the 2Q12 earnings report.

Coffee: The harvest of our coffee plantation was finished as of September 30, 2012. Total production was 4.8% higher than the previous harvest year, primarily as a result of an increase in harvested area.

2012/13 Harvest Year

As of September 30, 2012, we completed the planting of wheat, are well advanced in the rice planting, and have begun planting corn and sunflower in the northern Argentine farms. A total of 68,053 hectares have been successfully planted.

We currently estimate a total planted area of 224 thousand hectares for the 2012/13 harvest year versus 232 for the 2011/12 year. Following the trend of the past five harvest years, we expect owned planted area to increase by 9% or 11 thousand hectares to a total of 133 thousand hectares. This growth is mainly driven by our land transformation activities and farm acquisitions completed in 2011. On the other hand, we expect the second crop area to decrease from 48 to 33 thousand hectares. This decrease is the result of higher expected margins per hectare for soybean first crop and corn first crop vis-à-vis the expected margin from wheat plus soybean double crop.

Lastly, we expect leased area to decrease slightly compared to the previous harvest year, primarily as a result of higher return hurdle rates that the company has set for leasing farms.

Therefore, although overall planted area is expected to decrease, we believe this planting will allow us to maximize our returns and margins.

Wheat: As of September 30, 2012, a total of 28,398 hectares were planted, representing a 34.3% or 14,837 hectare reduction compared to the previous harvest year. Wheat and soybean double crop planted area was reduced in favor of an increase in soybean first crop area in order to maximize returns per hectare. The crop was planted with good soil moisture conditions and climate has been adequate for the normal development of the crop.

Corn: During 3Q12, we began with the planting of corn in the Argentine and Uruguayan farms, reaching a total of 13,383 hectares. Weather has been suitable for the initiation of planting and the crop is developing normally.

Sunflower: As of September 30, 2012, 6,050 hectares of sunflower were planted, mostly in farms located in northern Argentina. The crop is in good shape given the optimal temperatures during the initial growth stage of the crop.

Rice: The rice planted area was 20,425 hectares by the end of September 2012, and expect to continue planting until the end of November. Abundant rainfalls during October have allowed us to fill the water reservoirs at our farms, ensuring water supply to irrigate the rice fields, which is critical to secure good yields. In addition, temperatures have been good for the normal development of the crop.

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3Q12

Adecoagro

Sugar, Ethanol & Energy Business

Sugar, Ethanol & Energy - Selected Production Data

3Q12 3Q11% Chg 9M12 9M11% Chg

Sugarcane Crushed (tons) 2,128,266 1,775,681 19.9% 3,125,302 3,449,536 (9.4%)

Own Sugarcane 1,980,535 1,668,416 18.7% 2,954,760 3,251,843 (9.1%)

Third Party Sugarcane 147,731 107,265 37.7% 170,542 197,693 (13.7%)

Sugar (tons) 151,850 117,353 29.4% 201,246 194,394 3.5%

Ethanol (cubic meters) 81,299 65,901 23.4% 122,585 135,167 (9.3%)

Hydrous Ethanol 18,609 18,039 3.2% 34,900 63,078 (44.7%)

Anhydrous Ethanol 62,690 47,862 31.0% 87,685 72,089 21.6%

Exported Energy (MWh) 114,338 107,697 6.2% 161,066 197,595 (18.5%)

Expansion & Renewal Area (hectares) 5,745 3,076 86.8% 17,380 9,061 91.8%

Harvested Area (hectares) 28,591 23,773 20.3% 44,053 41,563 6.0%

Sugarcane Plantation (hectares) 82,262 63,104 30.4% 82,262 63,104 30.4%

Weather during 3Q12 was optimal for sugarcane harvesting and crushing. Below-average rainfalls throughout the quarter, especially in Mato Grosso do Sul, allowed our mills to increase the pace of crushing. As reflected in the chart above, sugarcane crushing during the quarter reached 2.1 million tons of cane, 19.9% higher than 3Q11 and 113.5% higher than 2Q12. Consequently, sugar, ethanol and energy production increased by 29.4%, 23.4%. and 6.2% respectively.

Good operational results have allowed Adecoagro to partially compensate for the poor operational performance reported in 2Q12, driven by challenging weather conditions. Accumulated milling during the season stands at 3.1 million tons, 9.4% below the previous year, showing a significant improvement compared to the 40.4% deviation versus the previous year reported as of June 30, 2012. With normal weather going forward, we expect to crush all the sugarcane left on our fields.

Planting, growing and harvesting sugarcane to supply our mills with quality raw material is a key strategy to become an efficient and low cost producer of sugar, ethanol and electricity. Complementing the construction of the Ivinhema greenfield mill, Adecoagro has been focused on expanding its sugarcane plantation in Mato Grosso do Sul and renewing its plantations in Minas Gerais. Year-to-date, Adecoagro has planted 17,380 thousand hectares of sugarcane, 91.8% more than the previous year, and reaching a total plantation of 82,262 thousand hectares. This will allow Adecoagro to crush next season at full capacity in the Angelica mill and begin crushing at the Ivinhema mill, which will have 2 million tons of nominal capacity.

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adecoagro

Financial Performance

Farming & Land Transformation Businesses

Farming & Land transformation businesses - Financial highlights

$ thousands 3Q12 3Q11 Chg % 9M12 9M11 Chg %

Gross Sales

Farming 87,951 76,710 14.7% 249,014 202,521 23.0%

Total Sales 87,951 76,710 14.7% 249,014 202,521 23.0%

Adjusted EBITDA (1)

Farming 566 15,585(96.4%) 27,824 59,294 (53.1%)

Land Transformation 132 — —% 8,095 — —%

Total Adjusted EBITDA(1) 698 15,585 (95.5%) 35,919 59,294 (39.4%)

Adjusted EBIT (1)

Farming (1,248) 14,080 —% 22,291 55,147 (59.6%)

Land Transformation 132 — —% 8,095 — —%

Total Adjusted EBIT(1) (1,116) 14,080 —% 30,386 55,147 (44.9%)

During the third quarter, Adjusted EBIT generation of our Farming business is primarily constituted by the results generated by the mark-to-market of inventories and commodity derivative instruments, because: (i) due to the natural growth cycle of production (crops, rice and coffee), most of the harvest takes place during the first and second quarters; and (ii) a significant portion of the profit attributable to the area harvested in the third quarter is recognized in the previous quarter through the fair value measurement of biological assets. Farming and Land Transformation Adjusted EBIT in 3Q12 was $15.2 million lower than 3Q11. Unrealized hedge results in 3Q12 versus 3Q11 account for $13.8 million of the lower quarter-over-quarter underperformance. On an accumulated basis, Adjusted EBIT for 9M12 was $30.4 million, 44.9% or $24.8 million lower than 9M11. Lower EBIT generation was primarily caused by: (i) the climatic difficulties experienced during the 2011/12 harvest year, which affected our corn, soybean and rice yields, and (ii) $14.4 million lower hedge results in 9M12 compared to 9M11.

During 2Q12 and 3Q12, we began our planting activities for the 2012/13 harvest year. Climatic conditions for the planting and development of our wheat crop have been very good. In addition, we have started the planting of sunflower, corn and rice, which have also been planted in adequate conditions. With normal weather during the summer months and stable commodity prices, we expect a profitable 2012/13 harvest.

Adecoagro uses the Adjusted EBIT performance measure rather than Adjusted EBITDA to compare its different farming businesses. Different farming businesses or production models may have more or less depreciation or amortization based on the ownership of fixed assets employed in production. Consequently, similar types of costs may be expensed or capitalized. For example, Adecoagro’s farming business in Argentina is based on a “contractor” production model, wherein Adecoagro hires planting, harvesting and spraying services from specialized third-party machine operators. This model minimizes the ownership of fixed assets, thus reducing depreciation and amortization. On the other hand, operating fees are expensed increasing production costs. The Adjusted EBIT performance measure controls for such differences in business models and we believe is a more adequate metric to compare the performance of the company relative to its peers.

(1) Please see “Reconciliation of Non-IFRS measures” starting on page 28 for a reconciliation of Adjusted EBITDA and Adjusted EBIT to Profit/Loss. Adjusted EBITDA is defined as consolidated profit from operations before financing and taxation, depreciation, amortization and unrealized changes in fair value of long-term biological assets (sugarcane, coffee and cattle). Adjusted EBIT is defined as consolidated profit from operations before financing and taxation, and unrealized changes in fair value of long-term biological assets (sugarcane, coffee and cattle). Adjusted EBITDA margin and Adjusted EBIT margin are calculated as a percentage of net sales.

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adecoagro

Crops

Crops - Highlights

metric 3Q12 3Q11 Chg % 9M12 9M11 Chg %

Gross Sales $ thousands 49,164 42,895 14.6% 156,877 119,044 31.8%

thousand tons 179.9 139.1 29.3% 564.2 442.5 27.5%

$ per ton 273 308(11.4%) 278 269 3.3%

Gross Profit $ thousands 9,206 5,909 55.8% 40,898 48,771 (16.1%)

Hedge Results $ thousands (5,718) 6,218(192.0%) (12,036) 2,392(603.1%)

Adjusted EBITDA $ thousands 1,555 10,241(84.8%) 24,772 45,271(45.3%)

Adjusted EBIT $ thousands 1,073 9,959 (89.2%) 23,406 44,331 (47.2%)

Area under production (1) hectares 151,132 127,206 18.8% 151,132 127,206 18.8%

(1) Does not include second crop planted area. Areas correspond to 2011/12 and 2010/11 harvest years.

Most of the gains and losses related to our crops segment during the third quarter are originated by the mark-to-market of inventories and derivative hedge positions, since only a small portion of the crops are harvested during the quarter. Gross profit before operating expenses during 3Q12 reached $9.3 million compared to $6.0 million in 3Q11, explained by a higher proportion of late corn harvested in 3Q12. However, this year-over-year performance was offset by the impact of our crop hedge position. As a result of the increase in crop prices during 3Q12 driven by the US drought and tight inventories, our soybean and corn hedge position generated an unrealized loss of $5.7 million. In 3Q11, our hedge positions had generated a positive gain of $6.2 million, as prices fell during the quarter on concerns of a global recession. As a result of this $11.9 million differential in hedge results, Adjusted EBIT for our crops segment during 3Q12 reached $1.1 million, $8.9 million lower than for 3Q11.

Adjusted EBIT for 9M12 was $23.4 million, 47.2% lower than in 9M11. The lower year-to-date performance is primarily explained by the drought during the 2011/12 harvest year, which negatively affected our soybean, corn and rice yields. In addition, as a result of the rally in grain and oilseed prices since the beginning of the year, the mark-to-market of our derivative hedge positions generated a $12.0 million loss, compared to a $2.4 million gain in 9M11.

Crops - Gross Sales Breakdown

3Q12 3Q11 Chg % 3Q12 3Q11 Chg % 3Q12 3Q11 Chg %

Crop thousand $ tons $ per unit

Soybean 11,181 12,051 (7.2%) 31,311 37,599(16.7%) 357 321 11.4%

Corn (1) 23,903 18,396 29.9% 112,005 68,594 63.3% 213 268 (20.4%)

Wheat (2) 8,897 8,154 9.1% 33,307 29,216 14.0% 267 279(4.3%)

Sunflower 497 579 (14.1%) 1,332 2,060(35.4%) 373 281 32.9%

Cotton lint 3,387 3,533 (4.1%) 1,906 1,636 16.5% 1,777 2,159(17.7%)

Others 1,299 182 614.5% — —

Total 49,164 42,895 14.6% — — —% — — —%

9M12 9M11 Chg % 9M12 9M11 Chg % 9M12 9M11 Chg %

Crop thousand $ tons $ per unit

Soybean 59,061 51,288 15.2% 169,875 175,277 (3.1%) 348 293 18.8%

Corn (1) 49,903 38,071 31.1% 239,080 173,929 37.5% 209 219 (4.6%)

Wheat (2) 31,757 18,221 74.3% 134,704 72,075 86.9% 236 253(6.7%)

Sunflower 6,666 6,634 0.5% 16,806 19,260(12.7%) 397 344 15.2%

Cotton lint 6,979 4,320 61.6% 3,758 1,912 96.5% 1,857 2,259(17.8%)

Others 2,510 509 392.7% — — —% —%

Total 156,877 119,044 31.8% — — —% — — —%

(1) Includes sorghum. (2) Includes barley.

Note: Prices per unit are a result of averaging different local market prices such as FAS Rosario (Arg), FOB Nueva Palmira (Uru) and FOT Luis Eduardo Magalhaes (BR).

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Gross sales of crops during 3Q12 and 9M12 were 14.6% and 31.8% higher, respectively, than in 3Q11 and 9M11. Higher sales are primarily explained by higher realized prices for soybean, coupled with higher sales volumes for wheat and corn. The increase in sales volumes for wheat and corn was the result of a 54.3% and 50.0% growth in planted area respectively, resulting in higher production volumes available for sale.

Crops - Changes in Fair Value of Biological Assets and Agricultural Produce

Soybean Corn

3Q12 metric Soybean Corn Wheat Sunflower Cotton Total

2nd Crop 2nd Crop

2011/12 harvest year

Total harvested area hectares 50,720 42,069 41,193 6,217 43,235 9,596 6,389 199,418

Harvested area in 3Q12 hectares 315 869 16,741 4,622 — — 2,898 25,444

Harvested area in previous quarters hectares 50,406 41,201 24,451 1,595 43,235 9,596 3,491 173,974

Changes in Fair Value 3Q12 from harvested area

$ thousands 34 294 2,486 437 — — 627 3,878

2011/12 (i)

2012/13 harvest year

Total planted area hectares — — 13,383 — 27,589 6,050 — 47,022

Planted area in initial growing stages hectares — — 13,383 — 7,632 6,050 — 27,065

Planted area with significant biological growth hectares — — — — 19,957 — — 19,957

Changes in Fair Value 3Q12 from planted area 2012/13

with significant biological growth (ii) $ thousands — — — — 1,089 — — 1,089

Total Changes in Fair Value 3Q12 (i+ii) $ thousands 34 294 2,486 437 1,089 — 627 4,967

The table above shows the gains or losses from crop production generated in 3Q12. During 3Q12, the 2011/12 harvest year came to its end. The 25,444 hectares of crops harvested during the quarter generated Changes in Fair Value of Biological Assets and Agricultural Produce (“Changes in Fair Value”) of $3.9 million. Regarding the 2012/13 harvest year, by the end of 3Q12, 19,957 hectares of the wheat crop had attained significant biological growth, generating Changes in Fair Value (or present value of expected margin) of $1.1 million. As a result, Total Changes in Fair Value for the 3Q12 period reached $5.0 million.

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Rice

Rice - Highlights

metric 3Q12 3Q11 Chg % 9M12 9M11 Chg %

Gross Sales $ thousands 28,849 23,177 24.5% 69,370 57,096 21.5%

thousand tons (1) 65.9 54.3 21.4% 166.8 134.9 23.6%

$ per ton 438 427 2.6% 416 423(1.7%)

Adjusted EBITDA $ thousands 818 63 1,198.4% (369) 4,345 —%

Adjusted EBIT $ thousands (88) (819)(89.3%) (3,270) 2,112 —%

Area under production (2) hectares 31,497 27,542 14.4% 31,497 27,542 14.4%

Rice Mills

Own rough rice transferred to mills(3) thousand tons (1) 4.0 — —% 163.1 163.0 —%

Third-party rough rice purchases thousand tons (1) 15.8 21.0 (24.6%) 80.8 58.2 38.9%

Sales of Processed Rice thousand tons (1) 65.9 54.3 21.4% 166.8 134.9 23.6%

Ending stock thousand tons (1) 91.5 67.6 35.4% 91.5 67.6 35.4%

(1) Of rough rice equivalent.

(2) Areas under production correspond to the 2010/11 and 2011/12 harvest years

(3) Rice transferred to the mill is lower than rice production on the farm because a portion of the production is stored to be used as seed.

Adjusted EBIT corresponding to Adecoagro’s rice segment is primarily explained by the results generated by the biological growth and harvest of the crop. Since the rice crop is planted during the end of the third quarter, grows mainly throughout the fourth quarter, and is mostly harvested during the first quarter of the year, most of the rice segment’s Adjusted EBIT will be generated between 4Q12 and 1Q13.

As a result of lower selling prices and the climatic difficulties experienced during the 2011/12 harvest year, Adjusted EBIT for the rice segment in 9M12 was $(3.3) million, $5.4 million lower than in 9M11.

Rice - Changes in Fair Value of Biological Assets

3Q12 metric Rice

2012/13 harvest year

Total Planted Area hectares 20,425

Planted area in initial growing stages hectares 19,464

Planted area with significant biological growth hectares 961

Changes in Fair Value 3Q12 from planted area 2012/13 with

significant biological growth $ thousands 95

Total Changes in Fair Value in 3Q12 $ thousands 95

During 3Q12 we began planting rice for the 2012/13 harvest year. As of September 30, 2012, 20,425 hectares of rice were successfully planted. Only 961 hectares (4.7%) had attained significant biological growth by the end of the quarter. Hardly any gains were generated by this area, since the probability of success factor that we apply to our target yield to calculate the net present margin, considering productive risks until harvest time, is still high at this point of the growth cycle. As mentioned above, Changes in Fair Value generated by the 2012/13 rice crop will be mostly recognized between 4Q12 and 1Q13.

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Dairy

Dairy - Highlights

metric 3Q12 3Q11 Chg % 9M12 9M11 Chg %

Gross Sales $ thousands 4,933 5,210(5.3%) 14,252 14,173 0.6%

million liters 13.9 13.9(0.5%) 38.8 36.7 5.7%

$ per liter 0.36 0.37(4.8%) 0.37 0.39(4.8%)

Adjusted EBITDA $ thousands (513) 1,819 —% (997) 2,654 —%

Adjusted EBIT $ thousands (751) 1,650 —% (1,663) 2,253 —%

Milking Cows Average Heads 5,086 4,766 6.7% 4,802 4,517 6.3%

During August 2012, Adecoagro started operations at the second free-stall dairy. As of September 30, 2012, over 750 cows were incorporated to the module. This new facility holds a capacity for 3,500 cows and will be gradually populated throughout 2012 and 2013. As a result of the natural adaptation of cows to the new environment, cow productivity tends to remain low during the first phase of the process. As observed in the table above, despite the 6.7% increase in our average herd from 3Q11 to 3Q12, liters produced remained in line with the same period of last year.

In addition to the start-up costs mentioned above, 3Q12 Adjusted EBIT was also affected by the following reasons: (i) domestic milk prices have been lower in 3Q12 than in 3Q11 as a result of lower international powdered milk prices, (ii) corn silage costs have increased driven by lower yields as a result of the summer drought and the rally in corn prices during 2012, which is the most important component of cow feed, and (iii) labor costs have increased due to inflation. As a result of these factors, the milk-to-corn price ratio has deteriorated impacting our profitability.

Coffee

Coffee - Highlights

metric 3Q12 3Q11 Chg % 9M12 9M11 Chg %

Gross Sales $ thousands 3,816 4,300(11.3%) 4,643 8,217(43.5%)

tons 1,213 1,177 3.1% 1,466 2,240(34.6%)

$ per ton 3,146 3,653(13.9%) 3,167 3,668(13.7%)

Adjusted EBITDA $ thousands (2,184) 2,702 —% 1,293 3,830 (66.2%)

Adjusted EBIT $ thousands (2,326) 2,572 —% 845 3,419 (75.3%)

Harvested Area hectares 1,551 1,367 13.4% 1,551 1,367 13.4%

Adjusted EBIT for Adecoagro’s coffee operations during 3Q12 was $(2.3) million, $4.9 below 3Q11. This decrease is explained by: (i) a $2.0 million gain generated by the mark-to-market of our derivative hedge position in 3Q11 compared to a $0.02 million gain in 3Q12 (ii) a lower amount of coffee beans harvested during 3Q12 compared to 3Q11, since most of the 2011/12 harvest was completed during the first six months of 2012, leaving less area for harvest in 3Q12, and (iii) lower selling prices in 3Q12 compared to 3Q11.

On a year-to-date basis, Adjusted EBIT for 9M12 was $2.6 million lower than in 9M11, primarily as a result of lower international prices.

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Cattle

Cattle - Highlights

metric 3Q12 3Q11 Chg % 9M12 9M11 Chg %

Gross Sales $ thousands 1,189 1,128 5.4% 3,872 3,991(3.0%)

Adjusted EBITDA $ thousands 890 760 17.1% 3,125 3,194(2.2%)

Adjusted EBIT $ thousands 844 718 17.5% 2,973 3,032(1.9%)

Area Leased hectares 70,583 78,711 (10.3%) 75,297 79,165(4.9%)

Our cattle business consists mainly of leasing land not suitable for crop production to a third-party for cattle grazing activities. The payments received under this 10-year lease agreement are fixed in kilograms of beef per hectare and tied to the market price of beef. Adjusted EBIT for 3Q12 was $0.8 million, 17.5% higher than in 3Q12, as a result of the increase in the market price of beef.

Land transformation business

Land transformation - Highlights

metric 3Q12 3Q11 Chg % 9M12 9M11 Chg %

Adjusted EBITDA $ thousands 132 - - % 8,095 - - %

Adjusted EBIT $ thousands 132 - - % 8,095 - - %

Land sold hectares - - - % 7,630 - - %

During 3Q12, Adjusted EBIT was $0.1 million as a result of lower than provisioned costs related to the San José farm sale. No land sales were completed during the quarter.

Land transformation is an ongoing process in our farms. This process consists of transforming undervalued or undermanaged land into its highest production capabilities. All of our farmland is managed under a sustainable production model that is focused on cutting edge technologies such as no-till farming, crop rotations, balanced fertilization, integrated pest management, among others, which enhances soil productivity and reduces the use of fertilizers and agrochemicals.

Adecoagro continuously seeks to redeploy its capital by disposing of a portion of its fully developed farmland. This allows Adecoagro to monetize the capital gains generated by land transformation and better allocate its capital to acquire land with higher transformation potential.

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Sugar, Ethanol & Energy business

Sugar, Ethanol & Energy - Highlights

$ thousands 3Q12 3Q11% Chg 9M12 9M11% Chg

Net Sales Angelica (1) 61,152 49,781 22.8% 130,760 129,639 0.9%

Net Sales UMA (1) 15,487 21,765 (28.8%) 40,702 37,506 8.5%

Total Sales 76,639 71,546 7.1% 171,462 167,145 2.6%

Gross Profit Manufacturing Activities - Angelica 26,963 32,853 (17.9%) 43,649 71,115 (38.6%)

Gross Profit Manufacturing Activities - UMA 5,596 7,789 (28.2%) 13,238 13,042 1.5%

Gross Profit Manufacturing Activities 32,559 40,642 (19.9%) 56,887 84,156 (32.4%)

Adjusted EBITDA Angelica 38,227 31,599 21.0% 46,858 73,940 (36.6%)

Adjusted EBITDA UMA 8,217 11,285 (27.2%) 8,363 12,946 (35.4%)

Total Adjusted EBITDA 46,443 42,885 8.3% 55,221 86,886 (36.4%)

Adjusted EBITDA Margin Angelica 62.5% 63.5% (1.5%) 35.8% 57.0% (37.2%)

Adjusted EBITDA Margin UMA 53.1% 51.9% 2.3% 20.5% 34.5% (40.5%)

Adjusted EBITDA Margin Total 60.6% 59.9% 1.1% 32.2% 52.0% (38.0%)

1) Net Sales are calculated as Gross Sales net of sales taxes.

3Q12 Adjusted EBITDA was $46.4 million, 8.3% higher than in 3Q11, mainly explained by a 19.9% increase in sugarcane crushed, coupled with a 3.5% increase in TRS (total recoverable sugar) content. Dry weather at our Angelica mill enabled our harvesters and mill to operate at full capacity, which allowed excellent use of our fixed cost structure, and therefore minimize unitary costs. These positive factors allowed Angelica to increase its Adjusted EBITDA to $38.2 million, 21.0% higher than in 3Q11. The improvement in operational efficiency was partially offset by lower selling prices and a $2.6 million lower gain generated from the mark-to-market of derivative instruments (see page 19). The UMA mill’s 3Q12 Adjusted EBITDA was 27.2% lower than in 3Q11, primarily due to lower sugar and ethanol selling prices compared to the same period of last year. As a result, Adjusted EBITDA margin during the quarter reached a record-high of 60.6%.

On an accumulated basis, 9M12 Adjusted EBITDA was 36.4% lower than in 9M11. The decrease is mainly explained by the lower amount of sugarcane crushed in 2Q12 as a result of excess rain, coupled with lower selling prices. Adecoagro expects to extend the harvest year until mid-December in order to compensate for the deficit in sugarcane crushed during the first six months of 2012.

Sugar, Ethanol & Energy - Gross Sales Breakdown

$ thousands Units($/ unit)

3Q12 3Q11 Chg % 3Q12 3Q11 Chg % 3Q12 3Q11 Chg %

Sugar (tons) 45,981 53,147 (13.5%) 89,219 99,807 (10.6%) 515 532 (3.2%)

Ethanol (cubic meters) 23,094 20,428 13.1% 33,481 26,189 27.8% 690 780 (11.6%)

Energy (MWh) 10,555 11,241 (6.1%) 118,053 109,359 7.9% 89 103 (13.0%)

Other - - % - - - - - -

TOTAL 79,629 84,819 (6.1%) - - - - -

$ thousands Units($/ unit)

9M12 9M11 Chg % 9M12 9M11 Chg % 9M12 9M11 Chg %

Sugar (tons) 83,213 96,047 (13.4%) 153,890 171,654(10.3%) 541 560 (3.4%)

Ethanol (cubic meters) 82,525 73,416 12.4% 112,061 76,644 46.2% 736 958 (23.1%)

Energy (MWh) 18,275 24,252 (24.6%) 234,652 256,456(8.5%) 78 95(17.6%)

Other 189 164 15.5% - - - - - -

TOTAL 184,202 193,879 (5.0%) - - - -

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Despite the sharp increase in sugar production from 3Q11 to 3Q12 (see page 6), sugar sales volumes were 10.6% lower in 3Q12 compared to 3Q11, primarily due to congestion and logistical bottlenecks at the ports. On the contrary, physical sales of ethanol increased by 27.8%, following the increase in production year-over-year. Adecoagro was able to capture the benefits of its production flexibility by selling over 85% of its ethanol physical sales as anhydrous ethanol, which offered more attractive margins during the quarter compared to hydrous ethanol. In addition, 71% of total ethanol physical sales were exported at price premiums over local prices. This is primarily due to the sustainability certifications obtained by Adecoagro, which have allowed the company to enter new markets and sell at better prices. Regarding energy, kilowatt hours (kWh) sold increased by 7.9%, as a result of the increase in sugarcane crushed.

On an accumulated basis, 9M12 physical sales were lower for sugar and energy, primarily as a result of the 9.4% lesser amount of sugarcane crushed compared to 9M11. On the other hand, 9M12 ethanol sales were higher, mainly due to the carry of ethanol inventories from the previous harvest year production, which were sold in 1Q12 and 2Q12.

Average selling prices throughout 2012 have been lower than the previous year. Sugar and ethanol market prices have decreased, but, in addition, the depreciation of the Brazilian currency has also decreased the US dollar denominated prices of ethanol (sold domestically) and energy, two commodities which trade in Brazilian Reals.

Sugar, Ethanol & Energy - Industrial indicators

metric 3Q12 3Q11% Chg 9M12 9M11% Chg

Milling Angelica thousand tons 1,664 1,307 27.3% 2,426 2,632(7.8%)

Milling UMA thousand tons 464 468(0.7%) 699 817(14.4%)

Milling Total thousand tons 2,128 1,775 19.9% 3,125 3,449(9.4%)

Owned sugarcane% 93.1% 94.0%(1.0%) 94.5% 94.3% 0.3%

Sugar mix in production% 55.2% 54.5% 1.3% 56.1% 48.9% 14.8%

Ethanol mix in production% 44.8% 45.5%(1.6%) 43.9% 51.1%(14.1%)

Energy per milled ton kWh/ton 54 61(11.4%) 52 57(10.0%)

A total of 2.1 million tons of sugarcane have been crushed by our two mills during 3Q12, 19.9% higher than 3Q11. Total sugarcane crushed at the Angelica mill increased 27.3% compared to 3Q11, primarily due to the good weather conditions that allowed the mill to crush at full capacity during most of the quarter. The UMA mill had normal weather, and therefore, 3Q12 sugarcane crushing was in line with 3Q11.

Year-to-date, sugarcane crushed is still 9.4% below 9M11, primarily as a result of the climatic difficulties experienced during the first six months of 2012. As mentioned above, optimal weather conditions for harvesting and crushing at Angelica has allowed the mill to partially compensate for the poor milling and production performance reported in 2Q12. If normal weather conditions persist during 4Q12, we expect to crush all the sugarcane left on our fields. Owned sugarcane supply accounted for 93.1% of total cane milled during 3Q12. In terms of production mix, 55.2% of the TRS was shifted towards sugar production and 44.8% towards ethanol. The mix favored sugar, given the more attractive margins the product had compared to ethanol during the quarter. Regarding energy, cogeneration exports measured by kWh per ton milled decreased by 11.4%. This reduction is mainly explained by the production mix, since anhydrous ethanol production consumes a higher amount of steam than both hydrous ethanol and sugar, resulting in less excess steam available to power the turbo-generators and produce electricity.

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Sugar, Ethanol & Energy - Changes in Fair Value

3Q12 3Q11

Biological Asset

thousand $ Hectares $ hectare $ Hectares $ hectare

(+) Sugarcane plantations at end of period 191,349 82,262 2,326 153,083 63,104 2,426

(-) Sugarcane plantations at beginning of period (187,011) 76,517 2,444 (132,209) 59,647 2,217

(-) Planting Investments (18,697) 5,745 3,254 (14,243) 3,076 4,630

(-) Exchange difference 859 24,237

Changes in Fair Value of Biological Assets (13,500) 30,868

Agricultural produce

thousand $ Tons $ ton $ Tons $ ton

(+) Harvested own sugarcane transferred to mill 66,308 1,980,535 33 65,011 1,668,416 39

(-) Costs incurred in Maintenance (11,926) (14,751)

(-) Leasing Costs (13,470) (8,941)

(-) Harvest and Transportation Costs (29,807) (35,747)

Changes in Fair Value of Agricultural Produce 11,105 5,571

Total Changes in Fair Value (2,395) 36,439

In 3Q12, Total Changes in Fair Value of the Sugar, Ethanol and Energy business reached $(2.4) million, primarily as a result of a decrease in the fair value of our sugarcane plantations, from an average of $ 2,444 per hectare at the beginning of the period to $2,326 hectare at the end of the period, generating unrealized Changes in Fair Value of Biological Assets of negative $13.5 million. The decrease in the value of a hectare of sugarcane was explained by the loss in value of the sugarcane plantation as a result of the harvest. Assuming flat prices and costs, the value of a hectare of sugarcane should increase during the first quarter as sugarcane grows and then decrease during the next three quarters as the harvest advances.

Due to the good performance of our harvest operations and the higher amount of harvested cane, gains derived from cane production (“Changes in Fair Value of Agricultural Produce”) reached $11.1 million in 3Q12, compared to a $5.6 million gain in 3Q11.

Agricultural Produce - Productive Indicators

metric 3Q12 3Q11% Chg 9M12 9M11% Chg

Harvested own sugarcane thousand tons 1,981 1,668 18.7% 2,955 3,252(9.1%)

Harvested area hectares 28,591 23,774 20.3% 44,053 41,563 6.0%

Yield tons hectare 69.3 70.2(1.3%) 67.1 78.2(14.3%)

TRS content kg ton 137.9 133.3 3.5% 132.9 126.3 5.2%

Mechanized harvest % 87.1% 82.7% 5.3% 88.1% 85.6% 2.9%

The table above shows productive indicators related to the sugarcane produced in our owned plantations (“Agricultural Produce”), which is planted, harvested, and then transferred to our mills for processing. Sugarcane yields were 69.3 tons per hectare, 1.3% lower than 3Q11. The lower cane yield was the result of the drought experienced during January to March 2012, which was detrimental to sugarcane growth. TRS content reached 137.9 kg ton, slightly higher than 3Q11, as a result of the dry weather, which favors sucrose concentration in the sugarcane. Harvested sugarcane and harvested area in 3Q12 were 18.7% and 20.3% higher than the same period of last year, primarily as a result of the lack of rains, which allowed our harvesters to work almost non-stop. The percentage of mechanized harvest has increased to 87.1%, increasing the efficiency of our harvesting operations.

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On an accumulated basis, despite the 6.0% increase in harvested area compared to 9M11, owned sugarcane crushed during 9M12 was 9.1% lower than in 9M11, primarily due to lower milling in 2Q12 and to the 14.3% decrease in sugarcane yields, as a result of the drought mentioned above.

Commodity Hedging

Adecoagro’s performance is affected by the volatile price environment inherent to agricultural commodities. The company uses both forward contracts and derivatives markets to mitigate swings in prices by locking in margins and stabilizing profits.

The table below shows the average selling prices for Adecoagro’s sales volumes, including volumes delivered and invoiced, as well as hedged volumes through fixed-price forwards and futures contracts.

Total Sales Volumes and Weighted-Average Prices (Physical + Hedged)

Volume Local Sale price FOB Equivalent

Farming Country

(thousand tons) FAS $ ton cts bushel (1)

2011 12 Harvest Year

Argentina 130.8 325 1,410

Soybean Uruguay 14.6 495 1,396

Brazil 17.5 431 1,417

Argentina 207 191 626

Corn Uruguay 7.6 227 621

Brazil 8.8 173 618

Wheat Argentina 83.0 184 671

Uruguay 22.9 235 689

Cotton Brazil 4.4 2,013 100

Argentina 0.7 1,792 85

Coffee Brazil 1.8 4,192 179

2012 13 Harvest Year

Argentina 64.5 320 1,394

Soybean Uruguay 3.0 476 1,349

Brazil 6.0 438 1,438

Corn Argentina 93.8 158 527

Wheat Argentina 32.6 183 676

Uruguay 3.0 257 753

Volume Local Sale price Local Sale price

Sugar, Ethanol & Energy Country

(thousand tons) FCA $ ton FOB cts lb (1)

2012 13 Harvest Year

VHP Sugar Brazil 153.7 562 25.0

Ethanol Brazil 76.7 718 -

2013 14 Harvest Year

VHP Sugar Brazil 185.6 492 22.0

(1) Equivalent FOB price - includes freight, export taxes and fobbing costs (elevation, surveyor, quality certifications and customs). Cotton and Coffee prices are expresed in cents per pound (cts lb).

In order to compare with the Chicago Board of Trade (CBOT) or the International Exchange (ICE) prices, the respective basis (premium or discount) should be considered.

The table below summarizes the results generated by Adecoagros derivative positions in 3Q12 and in previous periods. Realized gains and losses correspond to results generated by derivative contracts that were closed. Unrealized gains and losses correspond to results generated by derivative positions that were

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still open at the end of the period, and therefore, may generate additional gains and losses in future periods.

Gain/Loss from derivative instruments

Open hedge

(1) 9M12 Gains/(Losses) Gains/(Losses) Booked Total

Farming positions

in 2011 Gains/Losses

(thousand tons) Unrealized Realized Total 9M12

2011/12 Harvest Year

Soybean - - (3,020) (3,020) 1,728 (1,292)

Corn - - (1,233) (1,233) 2,655 1,422

Wheat - - 30 30 353 383

Coffee 0.2 27 2,203 2,230 (206) 2,024

Cotton 1.7 (84) 1,423 1,339 (16) 1,323

2011/12 Total -(57) (597) (654) 4,513 3,859

2012/13 Harvest Year

Soybean 17.0 (129) (1,084) (1,213) - (1,213)

Corn 46.9 (3,111) (1,510) (4,621) - (4,621)

Wheat 8.2 (679) (615) (1,294) - (1,294)

2012/13 Total -(3,919) (3,208) (7,128) - (7,128)

Subtotal Farming - (3,976) (3,806) (7,781) 4,513 (3,269)

Open hedge

(1) 9M12 Gains/(Losses) Gains/(Losses) Booked Total

Sugar, Ethanol & Energy positions

in 2011 Gains/Losses

(thousand tons) Unrealized Realized Total 9M12

2012/13 Harvest Year

Sugar 10.2(87) (2) (89) 7,285 7,196

Ethanol 3.5 46 645 691 5 696

2012/13 Total =(41) 643 602 7,290 7,892

2013/14 Harvest Year

Sugar 185.6 1,861 3,743 5,604 433 6,037

2013/14 Total -1,861 3,743 5,604 433 6,037

Subtotal Sugar, Ethanol and Energy -1,820 4,385 6,205 7,723 13,928

Total gains from commodity derivatives instruments (2,156) 580 (1,577) 12,236 10,660

Note: soybean, corn and wheat futures are traded on the CBOT and on the “Mercado a Término de Buenos Aires” (MATBA for the spanish initials).

Sugar, coffee and cotton futures contracts are traded on the ICE.

(1) Tons hedged by options contracts are determined by the ratio that compares the change in the price of the underlying asset to the corresponding change in the price of the derivate (delta).

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Corporate Expenses

Corporate Expenses

$ thousands 3Q12 3Q11 Chg % 9M12 9M11 Chg %

Corporate Expenses (6,459) (8,367) (22.8%) (18,892) (20,213) (6.5%)

Adecoagro’s Corporate expenses include items that cannot be allocated to a specific business segment, such as executive officers and headquarters staff, and certain professional fees, travel expenses, and office lease expenses, among others. Due to the seasonal nature of these expenses and non-recurring items that may be incurred in one specific quarter, we focus our analysis on the yearly or accumulated variations. As shown on the table above, year-to-date corporate expenses were 6.5% below the previous year, primarily as a result of IPO-related professional fees which impacted 2011.

Other Operating Income

Other Operating Income

$ thousands 3Q12 3Q11 Chg % 9M12 9M11 Chg %

Gain from the sale of subsidiaries 132 - - % 8,095 - - %

Gain/(Loss) from commodity derivative financial instruments (2,839) 12,531 - % (1,577) 16,180 -%

Loss from forward contracts (294) 92 -% (2,025) (5,540) (63.4%)

Gain/(Loss) from disposal of other property items 1,014 (132) - % 629 203 209.9%

Others (741) 639 - % 511 1,983 (74.2%)

Total (2,728) 13,130 - % 5,633 12,826 (56.1%)

Other Operating Income for 3Q12 was $(2.7) million, compared to $13.1 million in 3Q11. This decrease is primarily explained by a $12.5 million gain booked in 3Q11 originated by the mark-to-market of commodity derivative financial instruments, primarily sugar, soybean, corn and coffee. During 3Q12, the increase in crop prices, mainly soybean, corn and wheat, generated a $5.4 million loss, partially offset by a $2.6 million gain generated by the mark-to-market of sugar and ethanol derivative financial instruments.

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Financial Results

Financial Results

$ thousands 3Q12 3Q11 Chg % 9M12 9M11 Chg %

Interest Income/(Expense), net (4,763) (7,862) (39.4%) (10,398) (22,529) (53.8%)

FX Gains/(Losses) (5,905) (9,312) (36.6%) (19,176) (8,599) 123.0%

Gain/(Loss) from derivative financial Instruments 3,449 (13,516) - % (5,764) (3,704) 55.6%

Taxes (760) (1,908) (60.2%) (3,230) (4,200) (23.1%)

Other Income/(Expenses) (263) (39) 574.4% (1,304) (4,648) (71.9%)

Total Financial Results (8,242) (32,637) (74.7%) (39,872) (43,680) (8.7%)

Our net financial results in 3Q12 show a loss of $8.2 million, compared to a loss of $32.6 million in 3Q11. This difference is primarily explained by the impact of foreign exchange fluctuations on the mark-to-market of our currency derivatives and the impact on the outstanding dollar-denominated debt in our Brazilian and Argentine subsidiaries. During 3Q11 the Brazilian Real and the Argentine Peso depreciated by 18.5% and 2.0%, respectively, generating an unrealized loss of $22.8 million. During 3Q12, currency depreciation was significantly lower, 0.5% and 3.6% respectively, resulting in a unrealized loss of $2.5 million.

Net interest expense was 39.4% lower than 3Q11 as a result of two factors: (i) As a result of the depreciation of the Brazilian Real and the Argentine Peso, the interest expense corresponding to debt denominated in local currency held by our Brazilian and Argentine subsidiaries decreased in US dollar terms, (ii) Interest income increased as a result of a higher amount of excess cash invested in fixed term deposits during the period.

Indebtedness

Net Debt Breakdown

$ thousands 3Q12 2Q12 Chg %

Short Term Debt 204,078 230,469 (11.5%)

Farming 94,106 98,908 (4.9%)

Sugar, Ethanol & Energy 109,972 131,561 (16.4%)

Long Term Debt 304,953 205,823 48.2%

Farming 66,784 66,760 0.0%

Sugar, Ethanol & Energy 238,169 139,063 71.3%

Total Debt 509,031 436,292 16.7%

Cash & Equivalents 223,368 233,743 (4.4%)

Net Debt 285,663 202,549 41.0%

Adecoagro’s gross indebtedness at the end of 3Q12 was $509.0 million, 16.7% higher than the previous quarter. Short-term debt corresponding to the Farming and Sugar, Ethanol and Energy businesses decreased by 4.9% and 16.4% respectively, as a result of debt coming due.

The farming business long-term debt remained almost unchanged during the quarter. The Sugar, Ethanol and Energy business long-term debt grew by $99.1 million. During July 2012, Adecoagro’s Brazilian subsidiary entered into a $113.3 million syndicated loan facility led by Rabobank. The loan has a 3-year

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tenor and bears a 7.7% interest rate. The proceeds of the loan will be used mainly for working capital investments at our Ivinhema mill, which will commence milling in 2013.

Despite the increase in outstanding debt, cash and equivalents as of September 30, 2012 totaled $223.4 million, $10.4 million below 2Q12. The decrease in cash was primarily a consequence of the high capital expenditures during the quarter, primarily as a result of the construction of the Ivinhema mill. See capex breakdown in page 20.

As a result of the increase in outstanding debt and the reduction in cash explained above, net debt during 3Q12 increased by $83.1 million, reaching a total amount of $285.7 million.

Debt Currency Breakdown

Argentine Peso 1%

US Dollar Brazilian 45% Reals 54%

Short and Long term Debt

Short Term 40%

Long Term 60%

Capital Expenditures & Investments

Capital Expenditures & Investments

$ thousands 3Q12 3Q11 Chg % 9M12 9M11 Chg %

Farming & Land Transformation 7,456 48,170(84.5%) 23,811 54,773 (56.5%)

Land Acquisitions - 40,522 -% - 40,522 -%

Land Transformation 2,173 1,048 107.2% 6,806 2,459 176.8%

Rice Mill Construction 1,663 5,754 (71.1%) 6,179 9,568 (35.4%)

Dairy Free Stall Unit 3,165 356 788.2% 8,344 502 1,563.4%

Others 455 490 (7.2%) 2,482 1,723 44.1%

Sugar, Ethanol & Energy 69,057 23,699 191.4% 223,606 62,062 260.3%

Sugar & Ethanol Mills 50,360 9,456 432.6% 163,646 19,664 732.2%

Sugarcane Planting 18,697 14,243 31.3% 59,960 42,398 41.4%

Total 76,513 71,869 6.5% 247,417 116,835 111.8%

Adecoagro’s capital expenditures during 3Q12 totaled $76.5 million, slightly higher than 3Q11. The Sugar, Ethanol and Energy business accounted for $69.1 million primarily due to the construction of the Ivinhema mill and the expansion of our sugarcane plantations.

Regarding Farming and Land Transformation, total investments during 3Q12 reached $7.5 million. Our most significant ongoing projects in this segment are the construction of our second free-stall dairy module, the completion of the Franck rice mill, and the transformation of farmland for the production of rice and crops.

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Inventories

End of Period Inventories

Volume thousand $

Product Metric 3Q12 3Q11% Chg 3Q12 3Q11% Chg

Soybean tons 34,187 43,145(20.8%) 12,165 11,589 5.0%

Corn (1) tons 44,541 30,699 45.1% 6,512 4,631 40.6%

Wheat (2) tons 3,795 9,976 (62.0%) 504 1,842 (72.6%)

Sunflower tons 47 357(86.8%) 20 110 (82.0%)

Cotton lint tons 5,913 7,754(23.7%) 7,582 7,615 (0.4%)

Rough Rice(3) tons 90,378 67,551 33.8% 21,305 16,932 25.8%

Coffee tons 1,474 1,357 8.6% 4,402 5,614 (21.6%)

Sugar tons 68,272 32,778 108.3% 14,591 9,328 56.4%

Ethanol m3 58,500 62,743(6.8%) 29,489 43,076 (31.5%)

(1) Includes sorghum.

(2) Includes barley.

(3) Expressed in rough rice equivalent

Variations in inventory levels between 3Q12 and 3Q11 are attributable to (i) changes in production volumes resulting from changes in planted area, production mix between different crops and yields obtained, (ii) different percentage of area harvested during the period, and (iii) changes in commercial strategy or selling pace for each product.

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Forward-looking Statements

This press release contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about us and our industry. These forward-looking statements can be identified by words or phrases such as “anticipate,” “forecast”, “believe,” “continue,” “estimate,” “expect,” “intend,” “is/are likely to,” “may,” “plan,” “should,” “would,” or other similar expressions.

The forward-looking statements included in this press release relate to, among others: (i) our business prospects and future results of operations; (ii) weather and other natural phenomena; (iii) developments in, or changes to, the laws, regulations and governmental policies governing our business, including limitations on ownership of farmland by foreign entities in certain jurisdictions in which we operate, environmental laws and regulations; (iv) the implementation of our business strategy, including our development of the Ivinhema mill and other current projects; (v) our plans relating to acquisitions, joint ventures, strategic alliances or divestitures; (vi) the implementation of our financing strategy and capital expenditure plan; (vii) the maintenance of our relationships with customers; (viii) the competitive nature of the industries in which we operate; (ix) the cost and availability of financing; (x) future demand for the commodities we produce; (xi) international prices for commodities; (xii) the condition of our land holdings; (xiii) the development of the logistics and infrastructure for transportation of our products in the countries where we operate; (xiv) the performance of the South American and world economies; and (xv) the relative value of the Brazilian Real, the Argentine Peso, and the Uruguayan Peso compared to other currencies; as well as other risks included in our other filings and submissions with the United States Securities and Exchange Commission.

These forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable, our expectations may turn out to be incorrect. Our actual results could be materially different from our expectations. In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in this press release might not occur, and our future results and our performance may differ materially from those expressed in these forward-looking statements due to, inclusive, but not limited to, the factors mentioned above. Because of these uncertainties, you should not make any investment decision based on these estimates and forward-looking statements.

The forward-looking statements made in this press release related only to events or information as of the date on which the statements are made in this press release. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.

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Appendix

Market Outlook

Soft Commodity Prices

(30-06-2012=100)

140

130

120

110

100

90

02/07/2012

09/07/2012

16/07/2012

23/07/2012

06/08/2012

13/08/2012

20/08/2012

27/08/2012

03/09/2012

10/09/2012

17/09/2012

24/09/2012

Sugar

Corn

Soybean

Wheat

Cotton

Coffee

Source: Thomson Reuthers

Corn:

- The average price of the December 2012 corn futures contract on the Chicago Board of Trade (CBOT) was $7.41 per bushel in 3Q12, representing a 20.3% increase compared to the average price of the July 2012 futures contract in 2Q12 and a 6.61% increase compared to the average price of the December 2011 futures contract in 3Q11.

- Based on the USDA report published on October 11, 2012, the estimated corn planted area in the U.S. increased by 0.4 million quarter-over-quarter, to 96.9 million acres or 5 million acres higher than the 2011/12 harvest year. As a result of the drought experienced during the growing season, U.S. average yield estimates have been revised downwards to 122 bushels per acre.

- As of October 17, 2012, 79% of the corn was harvested, compared to a 5-year average harvest pace of 38%. U.S. overall production is now estimated at 10,706 million bushels, slightly below the 10,779 million bushels estimated in the USDA report published in August 2012. As a result of the adjustment to supply and demand, U.S. stock-to-use ratio is forecasted at 5.6% by the end of the year.

- In South America, the 2011/12 harvest year was completed. Production estimates are 11% higher than the 2010/11 harvest as a result of an increase in the production of the Brazilian second crop 23

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(safrinha), which now accounts for more than 50% of total production. Regarding the 2012/13 harvest year, late planting pace was registered in both Argentina and Brazil: as of October 17, 2012, Argentina planted 28% of total estimated planted area, compared to 33% in the previous harvest year, while Brazil planted 10% of total estimated area, compared to 14% in the previous harvest year.

- For the week ending on October 19, 2012, corn export sales increased to 166,700 tons for the 2012/13 marketing year, compared to 4,200 tons export sales for the previous week. According to USDA estimates, as of October 19, 2012, 10.4% of total estimated export sales were completed, in line with the previous year’s selling pace. Between September 2012 and October 2012, the USDA lowered its 2012/13 total export forecast from 1,250 million bushels to 1,150 million bushels.

- US weekly ethanol production for the week ended on October 19, 2012, was 797 thousand barrels per day, 3 thousand barrels per day below the previous week’s production. US corn usage for ethanol is estimated at 4,500 million bushels for the 2012/2013 harvest year, 500 million bushels lower than the 2011/12 cycle.

- During 3Q12, according to the Commodity Futures Trading Commission (CFTC), managed money increased its net long position by 151,924 contracts to a net long position of 260,466 contracts at the end of the quarter, compared to 108,542 contracts by the end of 2Q12.

Soybean:

- The average price for the November 2012 soybean futures contract on CBOT was $16.51 per bushel in 3Q12, representing a 16% increase compared to the average price of the July 2012 futures contract in 2Q12 and a 21.8% increase compared to the average price of the November 2011 futures contract in 3Q11.

- Based on the USDA report published on October 11, 2012, US soybean planted area is estimated at 76.7 million acres, 2.2 million acres higher compared to the 2011/12 harvest year and 1.1 million acres higher compared to the September USDA report. Like the corn crop, soybeans are being harvested at a record-high pace. As of October 17, 2012, 71% of the soybeans were harvested compared to a 5-year harvest pace average of 58%. However, unlike corn crops, U.S. national average yield improved between the September and October reports. Current yield is estimated at 37.8 bushels per acre, compared to 35.3 bushels per acre in the September report, which results in a total estimated production for the 2012/13 harvest year of 2,860 million bushels.

- On the demand side, U.S. export sales are estimated at 1,250 million bushels of which a record-high of 70% has already been sold. Chinese stocks stand officially at 7 million tons. China is expected to import more than 61 million tons during the 2012/13 cycle, a 9% increase compared to the previous year.

- According to USDA estimates as of October 17, 2012, Brazil is expected to plant 27 million hectares and Argentina 20 million hectares, respectively 8% and 7% higher compared to the previous harvest year. Brazil started its planting activities at slightly slower pace than the previous harvest year. The market is expecting a record high production from South America, reaching a total of 148-150 million tons or 10% increase year-over-year.

- During 3Q12, according to the Commodity Futures Trading Commission, managed money decreased its net long position by 55,682 contracts to a net long position of 176,907 contracts at the end of the quarter, compared to 232,589 contracts by the end of 2Q12. 24

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Wheat:

- The average price of the December 2012 wheat futures contract on CBOT was $8.70 per bushel in 3Q12, a 35.7% increase compared to the average price of the July 2012 future contract in 2Q12 and a 28.1% increase compared to the average price of the December 2011 future contract in 3Q11.

- Based on the USDA report published on October 17, 2012, 2012/13 planted wheat area in the U.S. stands at 56 million acres, compared to 54.4 million acres in the 2011/12 crop year. Abandonment rate stands at 12.5% compared to a 2011 abandonment rate of 16%. The planting pace of winter wheat is 71%, in line with the 5-year average.

- As of October 17, 2012, weekly U.S. export sales totaled 131,000 tons compared to 382,200 week-over-week. USDA official export projections stand at 31.3 million tons, while accumulated exports since the beginning of the marketing year are at 13.77 million tons, in line with historical pace.

- The Black Sea region did not recover from the recent drought, which led to significant export volume reductions. Total exports from the region for the 2012/13 crop year are estimated at 20 million tons, 50% lower year-over-year. In addition, Australia’s crop is facing climatic difficulties in the western part of the country. As a result, between the September and October USDA reports, production estimates were lowered from 26 million tons to 23 million tons, representing a 30% reduction compared to the 2011/12 crop year.

- In South America, the Argentine crop suffered some climatic difficulties during August, with some flooded areas in the Center West of the province of Buenos Aires and the province of Entre Rios. As of October 17, 2012, production estimates were slightly above 10 million tons, 28.6% lower than the previous harvest year, according to the Buenos Aires Grain Exchange. A 6 million ton export quota was opened in August but the market expects Argentina to export around 5 million tons due to shorter supplies. In Brazil, recent rains in the main productive regions may threaten wheat quality and could imply stronger imports of quality wheat in the coming months.

- During 3Q12, according to the Commodity Futures Trading Commission, managed money increased its net long position by 7,584 contracts to a net long position of 47,778 contracts at the end of the quarter, compared to a short position of 40,194 contracts by the end of 2Q12.

Cotton:

- The average price of the December 2012 cotton future contract traded on ICE Futures U.S. (ICE) was $0.727 per pound in 3Q12. This represents a 10% decrease compared to the July 2012 future contract in 1Q12 and a 32.8% decrease compared to the December 2011 future contract in 3Q11.

- According to the USDA’s latest report, global production for the 2011/12 harvest year is estimated at 27.0 million tons while the 2012/13 harvest year production is forecasted at 24.8 million tons. The fundamental figures forecast a bearish trend for the next quarters as global stock-to-use ratios keep on increasing. The 2011/12 global stock-to-use ratio is now estimated at 67.4% (compared to 64.3% quarter-over-quarter) and the 2012/13 global stock-to-use ratio is forecasted at 74.0% (compared to 69.0% quarter-over-quarter).

- Quarter-over-quarter, 2011/12 U.S. estimated production remained at 3.39 million tons. However, from September to October, the 2012/13 production estimate was increased from 3.72 millions tons to 3.76 million tons given the optimistic climate forecasts that could likely improve the average yield.

- US final exports for the 2011/12 harvest year totaled 2.55 million tons, 25% below the previous harvest year. U.S. exports for the 2012/13 stand at 2.53 million tons.

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- In South America, planted area is expected to decrease in the 2012/13 harvest year. Brazil and Argentina are expected to reduce the crop’s planted area by 35% and 30%, respectively, compared to the previous harvest year given the unattractive margins compared to other crops.

- During 3Q12, according to the Commodity Futures Trading Commission, managed money increased its net short position by 4,830 contracts to a net short position of 6,699 contracts at the end of the quarter, compared to a short position of 1,869 contracts by the end of 2Q12.

Rice:

- The FOB average price for high-quality milled rice in the South American market was $550 per ton during 3Q12, compared to an average of $550 in 3Q11 and $540 in 2Q12.

- The budget for the Thai government’s rice mortgage scheme was approved and intervention started for the main season crop. This will likely bring rough rice stocks up to about 25 million tons by the end of the year. This could certainly pressure storage more than ever before, in spite of the massive buildup of new facilities. Prices remain relatively high compared to other countries in the region, but well below intervention equivalents.

- India is expected to continue with its aggressive export campaign as local stocks are abundant. The monsoon season progresses with good rainfalls and India will have a reasonable crop. There should be no export ban imposed on non-basmati rice.

- The intra-block Mercosur trading has gained firmness due to the shortage of rice in Brazil. Rough rice prices in Brazil have allowed imports from Uruguay, Argentina and Asia. The Brazilian Government is consuming some of its stock to hold auctions and try to arrest inflation in the market. Uruguayan and Argentine production is almost committed up to the end of November and there is limited rough rice available.

Coffee:

- The average of the December 2012 coffee future contract traded on ICE was of $0.172 per pound in 3Q12, a 1.7% decrease compared to the average price of the July 2012 future contract in 2Q12 and a 33% decrease compared to the average price of the December 2011 future contract in 3Q11.

- The latest International Coffee Organization (ICO) report adjusted 2011/12 global production upwards to 134.4 million bags, compared to 131.3 million bags quarter-over-quarter. Regarding the 2012/13 harvest year, production estimates stand at 146.75 million bags, 6% above the previous harvest year. Global accumulated exports during the 2011/12 harvest year totaled 99.6 million bags, 2.7% above the 2010/11 harvest year.

- In Vietnam, the market is estimating a record-high production for the 2011/12 crop year reaching 27 million bags, while ICO estimates stand at 22.5 million bags, compared to 19.5 million bags produced the previous year. Production estimates for the 2012/13 harvest stand at 26 million bag production. In Brazil, 2012/13 production is estimated at 50.5 million bags by ICO, compared to a 2011/12 production of 43.4 million bags.

- According to the ICO, Colombia is expected to produce 7.8 million bags in the 2011/12 harvest year, 8.3% below the 2010/11 harvest year.

- During 3Q12, according to CFTC, managed money decreased its net short position by 6,801 contracts to a net short position of 5,066 contracts by the end of the quarter.

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Sugar and Ethanol:

- 3Q12 was much drier than forecasted, which increased the pace of the sugarcane harvest in the Center-South region of Brazil, achieving crushing record of 2.9 million tons per day, narrowing the harvest lag generated by the early-season rains. However, TRS content continued to lag year-over-year, resulting in less sugar and ethanol. By the end of September, 381 million tons of sugarcane were crushed (8% below year-over-year), resulting in 24 million tons of sugar (8% below year-over-year) and 15 million cubic meters of ethanol (11% below year-over-year)

- During the period and according to Secex, Brazilian sugar exports were 17% lower year-over-year, however, ethanol exports grew by 64%, in response to strong prices in the United States, a stronger dollar this year and mandated volumes for sustainable ethanol.

- UNICA released its crop revision in August, increasing the estimated annual sugarcane crushing to 518.5 million tons (higher than the 509 million tons published at the beginning of the harvest year) but final production estimates are lower due to a reduction in TRS content from 140 kg per ton to 135.4 kg per ton with sugar production estimated at 33.7 million tons and ethanol at 21.05 million cubic meters. The most important revision was on the anhydrous output, which was increased to 8.3 million cubic meters (20% increase), enough to cover domestic market needs and international demand.

- Officially, the world sugar crop for the 2012/13 harvest started on October 1. Up to October 1, 2012, 13.950 million tons of sugar beet were harvested in Russia, 7.8% higher year-over-year, resulting in 1.36 million tons of sugar, 2% higher year-over-year. In Germany, dry weather in August and the beginning of September increased the sucrose content but reduced the sugar beets weight. The September 10, 2012, sugar beet tests showed that the sugar recovery per hectare should be 2% less than last year, but still above the historical average, according to RVV. In France, downward revisions to the harvest output (with sugar beet yields of approximately 90 tons per hectare compared to 97 tons per hectare in 2011) led the industry to delay the start of operations by 8 days. In India, monsoons’ deficit closed at 7% below historical average and current ISMA estimates are that production will reach 24 million tons sugar.

- Expectations of a sugar surplus have put downward pressure on prices, which caused the Sugar #11 nearby contract on NY ICE to drop by 10% in the quarter. Ethanol prices have also fallen in Brazil due to lower consumption rates of hydrous ethanol. The ESALQ index (with taxes) dropped by 3.4% for hydrous ethanol and by 12% for anhydrous ethanol, meaning that the spread between the two products fell below historical levels.

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Segment Information - Reconciliation of Non-IFRS measures (Adjusted EBITDA & Adjusted EBIT) to Profit/(Loss)

We define Adjusted EBITDA for each of our operating segments as the segment’s share of consolidated profit from operations before financing and taxation for the year or period, as applicable, before depreciation and amortization and unrealized changes in fair value of long-term biological assets.

We define Adjusted EBIT for each of our operating segments as the segment’s share of consolidated profit from operations before financing and taxation for the year or period, as applicable, before unrealized changes in fair value of long-term biological assets.

We believe that Adjusted EBITDA and Adjusted EBIT are for the Company and each operating segment, respectively important measures of operating performance because they allow investors and others to evaluate and compare our consolidated operating results and to evaluate and compare the operating performance of our segments, respectively, including our return on capital and operating efficiencies, from period to period by removing the impact of our capital structure (interest expense from our outstanding debt), asset base (depreciation and amortization), tax consequences (income taxes), unrealized changes in fair value of long term biological assets (a significant non-cash gain or loss to our consolidated statements of income following IAS 41 accounting), foreign exchange gains or losses and other financial expenses. Other companies may calculate Adjusted EBITDA and Adjusted EBIT differently, and therefore Adjusted EBITDA and Adjusted EBIT may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA and Adjusted EBIT are not a measures of financial performance under IFRS, and should not be considered in isolation or as an alternative to consolidated net profit (loss), cash flows from operating activities, profit from operations before financing and taxation and other measures determined in accordance with IFRS.

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Adjusted EBIT & Adjusted EBITDA Reconciliation to Profit/Loss - 3Q12

Sugar,

Ethanol & Land

$ thousands Crops Rice Dairy Coffee Cattle Farming Energy Transformation Corporate Total

Sales of manufactured products and services rendered 75 27,746 - - 1,049 28,870 79,629 - - 108,499

Cost of manufactured products sold and services rendered (22,101) - - (51) (22,152) (47,070) - - (69,222)

Gross Profit from Manufacturing Activities 75 5,645 - - 998 6,718 32,559 - - 39,277

Sales of Agricultural Produce (AP) and Biological Assets (BA) 49,089 1,103 4,933 3,816 140 59,081 - - - 59,081

Cost of Agricultural Produce (AP) and Biological Assets (BA) (49,089) (1,103) (4,933) (3,816) (140) (59,081) - - -(59,081)

Initial recog. and changes in Fair Value (FV) of BA and AP 4,967 95 76 (2,436) (128) 2,574 (2,395) - - 179

Changes in NRV of AP after harvest 4,239 298 - 4,537 - - - 4,537

Gross Profit from Agricultural Activities 9,206 95 76 (2,138) (128) 7,111 (2,395) - - 4,716

Margin Before Operating Expenses 9,281 5,740 76 (2,138) 870 13,829 30,164 - - 43,993

General and administrative expenses (1,064) (949) (240) (330) (7) (2,590) (5,919) - (6,472) (14,981)

Selling expenses (1,400) (5,049) (63) (97) (19) (6,628) (10,601) - (27) (17,256)

Other operating income, net (5,744) 170 23 30 - (5,521) 2,621 132 40 (2,728)

Share of gain/(loss) of joint ventures - - (819) - - (819) - - - (819)

Profit from Operations Before Financing and Taxation 1,073 (88) (1,023) (2,535) 844 (1,729) 16,265 132 (6,459) 8,209

(+) Initial recog. and Changes in FV of long term BA (unrealized) - - 272 209 - 481 13,500 - - 13,981

Adjusted EBIT 1,073 (88) (751) (2,326) 844 (1,248) 29,765 132 (6,459) 22,190

(+) Depreciation and Amortizations 482 906 238 142 46 1,814 16,678 - - 18,492

Adjusted EBITDA 1,555 818 (513) (2,184) 890 566 46,443 132 (6,459) 40,682

Reconciliation to Profit/(Loss)

Adjusted EBITDA 40,682

(+) Initial recog. and Changes in Fair Value of BA (unrealized) (13,981)

(+) Depreciation PPE (18,492)

(+) Financial result, net (8,242)

(+) Income Tax (Charge)/Benefit (2,752)

Profit/(Loss) for the Period (2,785)

Adjusted EBIT & Adjusted EBITDA Reconciliation to Profit/Loss - 3Q11

Sugar,

Ethanol & Land

$ thousands Crops Rice Dairy Coffee Cattle Farming Energy Transformation Corporate Total

Sales of manufactured products and services rendered 111 22,547 - - 1,128 23,786 84,819 - - 108,605

Cost of manufactured products sold and services rendered - (18,226) - - (179) (18,405) (44,177) - - (62,582)

Gross Profit from Manufacturing Activities 111 4,321 - - 949 5,381 40,642 - - 46,023

Sales of Agricultural Produce (AP) and Biological Assets (BA) 42,784 630 5,210 4,300 - 52,924 - - - 52,924

Cost of Agricultural Produce (AP) and Biological Assets (BA) (42,784) (630) (5,210) (4,300) -(52,924) - -(52,924)

Initial recog. and changes in Fair Value (FV) of BA and AP 1,702 (45) 1,970 2,840 (137) 6,330 36,439 - - 42,769

Changes in NRV of AP after harvest 4,207 - - 1,128 -5,335 - -5,335

Gross Profit from Agricultural Activities 5,909 (45) 1,970 3,968 (137) 11,665 36,439 - - 48,104

Margin Before Operating Expenses 6,020 4,276 1,970 3,968 812 17,046 77,081 - - 94,127

General and administrative expenses (1,427) (1,280) (170) (254) (78) (3,209) (5,188) -(8,710) (17,107)

Selling expenses (782) (3,940) (127) (77) (14) (4,940) (13,358) - - (18,298)

Other operating income, net 6,148 125 -1,990 (2) 8,261 4,526 -343 13,130

Share of gain/(loss) of joint ventures - - 13 - - 13 - -13

Profit from Operations Before Financing and Taxation 9,959 (819) 1,686 5,627 718 17,171 63,061 -(8,367) 71,865

(+) Initial recog. and Changes in FV of long term BA (unrealized) - - (36) (3,055) -(3,091) (30,868) - - (33,959)

Adjusted EBIT 9,959 (819) 1,650 2,572 718 14,080 32,193 -(8,367) 37,906

(+) Depreciation and Amortizations 282 882 169 130 42 1,505 10,692 - - 12,197

Adjusted EBITDA 10,241 63 1,819 2,702 760 15,585 42,885 -(8,367) 50,103

Reconciliation to Profit/(Loss)

Adjusted EBITDA 50,103

(+) Initial recog. and Changes in Fair Value of BA (unrealized) 33,959

(+) Depreciation PPE (12,197)

(+) Financial result, net (32,637)

(+) Income Tax (Charge)/Benefit (9,148)

Profit/(Loss) for the Period 30,080

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Adjusted EBIT & Adjusted EBITDA Reconciliation to Profit/Loss - 9M12

Sugar,

Ethanol & Land

$ thousands Crops Rice Dairy Coffee Cattle Farming Energy Transformation Corporate Total

Sales of manufactured products and services rendered 492 68,191 - - 3,455 72,138 184,013 - - 256,151

Cost of manufactured products sold and services rendered - (57,755) - - (185) (57,940) (127,127) - - (185,067)

Gross Profit from Manufacturing Activities 492 10,436 - - 3,270 14,198 56,886 - - 71,084

Sales of Agricultural Produce (AP) and Biological Assets (BA) 156,385 1,179 14,252 4,643 417 176,876 189 - - 177,065

Cost of Agricultural Produce (AP) and Biological Assets (BA) (156,385) (1,179) (14,252) (4,643) (417) (176,876) (189) - - (177,065)

Initial recog. and changes in Fair Value (FV) of BA and AP 26,971 1,534 (2) (3,123) (217) 25,163 (6,667) - - 18,496

Changes in NRV of AP after harvest 13,927 - - 503 - 14,430 - - - 14,430

Gross Profit from Agricultural Activities 40,898 1,534 (2) (2,620) (217) 39,593 (6,667) - - 32,926

Margin Before Operating Expenses 41,390 11,970 (2) (2,620) 3,053 53,791 50,219 - - 104,010

General and administrative expenses (3,194) (3,062) (674) (814) (31) (7,775) (16,752) - (18,625) (43,152)

Selling expenses (4,380) (12,815) (182) (236) (38) (17,651) (27,530) - (63) (45,244)

Other operating income, net (10,410) 637 23 2,209 (11) (7,552) 5,294 8,095 (204) 5,633

Share of gain/(loss) of joint ventures - - (1,903) - - (1,903) - - - (1,903)

Profit from Operations Before Financing and Taxation 23,406 (3,270) (2,738) (1,461) 2,973 18,910 11,231 8,095 (18,892) 19,344

(+) Initial recog. and Changes in FV of long term BA (unrealized) - - 1,075 2,306 - 3,381 9,627 - - 13,008

Adjusted EBIT 23,406 (3,270) (1,663) 845 2,973 22,291 20,858 8,095 (18,892) 32,352

(+) Depreciation and Amortizations 1,366 2,901 666 448 152 5,533 34,363 - - 39,896

Adjusted EBITDA 24,772 (369) (997) 1,293 3,125 27,824 55,221 8,095 (18,892) 72,248

Reconciliation to Profit/(Loss)

Adjusted EBITDA 72,248

(+) Initial recog. and Changes in Fair Value of BA (unrealized) (13,008)

(+) Depreciation PPE (39,896)

(+) Financial result, net (39,872)

(+) Income Tax (Charge)/Benefit 4,123

Profit/(Loss) for the Period (16,405)

Adjusted EBIT & Adjusted EBITDA Reconciliation to Profit/Loss - 9M11

Sugar,

Ethanol & Land

$ thousands Crops Rice Dairy Coffee Cattle Farming Energy Transformation Corporate Total

Sales of manufactured products and services rendered 287 56,431 - 713 3,473 60,904 193,879 - - 254,783

Cost of manufactured products sold and services rendered - (47,946) - (629) (370) (48,945) (109,723) - - (158,668)

Gross Profit from Manufacturing Activities 287 8,485 -84 3,103 11,959 84,156 - - 96,115

Sales of Agricultural Produce (AP) and Biological Assets (BA) 118,757 665 14,173 7,504 518 141,617 - - -141,617

Cost of Agricultural Produce (AP) and Biological Assets (BA) (118,757) (665) (14,173) (7,504) (518) (141,617) - - -(141,617)

Initial recog. and changes in Fair Value (FV) of BA and AP 38,732 8,230 5,394 5,178 214 57,748 40,990 - - 98,738

Changes in NRV of AP after harvest 10,039 - - (635) - 9,404 - - - 9,404

Gross Profit from Agricultural Activities 48,771 8,230 5,394 4,543 214 67,152 40,990 - - 108,142

Margin Before Operating Expenses 49,058 16,715 5,394 4,627 3,317 79,111 125,146 - -204,257

General and administrative expenses (6,233) (5,296) (968) (889) (242) (13,628) (16,453) - (20,534) (50,615)

Selling expenses (1,595) (9,545) (315) (312) (41) (11,808) (30,564) -- (42,372)

Other operating income, net 3,101 238 - 2,231 (2) 5,568 6,937 - 321 12,826

Share of gain/(loss) of joint ventures - - (337) - - (337) - - - (337)

Profit from Operations Before Financing and Taxation 44,331 2,112 3,774 5,657 3,032 58,906 85,066 - (20,213) 123,759

(+) Initial recog. and Changes in FV of long term BA (unrealized) - - (1,521) (2,238) - (3,759) (20,218) - - (23,977)

Adjusted EBIT 44,331 2,112 2,253 3,419 3,032 55,147 64,848 - (20,213) 99,782

(+) Depreciation and Amortizations 940 2,233 401 411 162 4,147 22,038 - - 26,185

Adjusted EBITDA 45,271 4,345 2,654 3,830 3,194 59,294 86,886 - (20,213) 125,967

Reconciliation to Profit/(Loss)

Adjusted EBITDA 125,967

(+) Initial recog. and Changes in Fair Value of BA (unrealized) 23,977

(+) Depreciation PPE (26,185)

(+) Financial result, net (43,680)

(+) Income Tax (Charge)/Benefit (21,902)

Profit/(Loss) for the Period 58,177

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Condensed Consolidated Interim Financial Statements

Condensed Consolidated Interim Statement of Income

Statement of Income

$ thousands 3Q12 3Q11 Chg % 9M12 9M11 Chg %

Sales of manufactured products and services rendered 108,499 108,605 (0.1%) 256,151 254,783 0.5%

Cost of manufactured products sold and services rendered (69,222) (62,582) 10.6% (185,067) (158,668) 16.6%

Gross Profit from Manufacturing Activities 39,277 46,023 (14.7%) 71,084 96,115 (26.0%)

Sales of agricultural produce and biological assets 59,081 52,924 11.6% 177,065 141,617 25.0%

Cost of agricultural produce sold and direct agricultural

selling expenses (59,081) (52,924) 11.6% (177,065) (141,617) 25.0%

Initial recognition and changes in fair value of biological

assets and agricultural produce 179 42,769 (99.6%) 18,496 98,738 (81.3%)

Changes in net realizable value of agricultural produce after

harvest 4,537 5,335 (15.0%) 14,430 9,404 53.4%

Gross Profit/(Loss) from Agricultural Activities 4,716 48,104 (90.2%) 32,926 108,142 (69.6%)

Margin on Manufacturing and Agricultural Activities Before

Operating Expenses 43,993 94,127 (53.3%) 104,010 204,257 (49.1%)

General and administrative expenses (14,981) (17,107) (12.4%) (43,152) (50,615) (14.7%)

Selling expenses (17,256) (18,298) (5.7%) (45,244) (42,372) 6.8%

Other operating income/(loss), net (2,728) 13,130 - % 5,633 12,826 (56.1%)

Share of (loss)/benefit of joint ventures (819) 13 - % (1,903) (337) 464.7%

Gain/(Loss) from Operations Before Financing and Taxation 8,209 71,865 (88.6%) 19,344 123,759 (84.4%)

Finance income 2,266 5,874 (61.4%) 9,236 5,969 54.7%

Finance costs (10,508) (38,511) (72.7%) (49,108) (49,649) (1.1%)

Financial results, net (8,242) (32,637) (74.7%) (39,872) (43,680) (8.7%)

Gain/(Loss) Before Income Tax (33) 39,228 - % (20,528) 80,079 - %

Income tax (charge)/benefit (2,752) (9,148) (69.9%) 4,123 (21,902) - %

Gain/(Loss) for the Period (2,785) 30,080 - % (16,405) 58,177 - %

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Condensed Consolidated Interim Statement of Cash Flow Statement of Cash Flows $ thousands 9M12 9M11 Chg % Cash flows from operating activities: Gain/(Loss) for the period (16,405) 58,177 - % Adjustments for : Income tax (benefit)/charge (4,123) 21,902 - % Depreciation 39,639 25,902 53.0% Amortization 257 283 (9.2%) (Loss)/Gain from disposal of other property items (629) (203) - % Gain from disposal of subsidiary (8,095) - - % Equity settled share-based compensation granted 3,006 2,784 8.0% Loss/(gain) from derivative financial instruments and forwards 9,366 (6,936) - % Interest and other financial expense, net 11,702 27,177 (56.9%) Initial recognition and changes in fair value of non harvested biological assets (unrealized) 6,896 (40,788) - % Changes in net realizable value of agricultural produce after harvest (unrealized) (4,564) (150) 2,942.7% Provision and allowances 1,677 (3,802) - % Share of loss from joint venture 1,903 337 464.7% Foreign exchange gains, net 19,176 8,599 123.0% Subtotal 59,806 93,282 (35.9%) Changes in operating assets and liabilities: Increase in trade and other receivables (34,050) (20,015) 70.1% Increase in inventories (38,702) (87,547) (55.8%) Decrease in biological assets 30,309 41,461 (26.9%) Decrease in other assets 67 (26) - % Decrease/(increase) in derivative financial instruments 1,372 569 141.1% Increase in trade and other payables 8,157 11,687 (30.2%) Increase in payroll and social security liabilities 7,407 4,950 49.6% Decrease in provisions for other liabilities (1,559) (2) 77,850.0% Net cash generated from operating activities before interest and taxes paid 32,807 44,359 (26.0%) Income tax paid (5,317) (13,763) (61.4%) Net cash generated from/(used in) in operating activities 27,490 30,596 (10.2%) Cash flows from investing activities: Purchases of property, plant and equipment (174,128) (34,453) 405.4% Purchases of intangible assets (192) (135) 42.2% Purchase of cattle and non current biological assets planting cost (61,625) (43,000) 43.3% Interest received 8,945 4,423 102.2% Proceeds from sale of property, plant and equipment 718 681 5.4% Short-term investments - (48,000) - % Payment of seller financing arising on subsidiaries acquired (33,485) (17,964) 86.4% Investments in joint ventures (3,000) - - % Proceeds from disposal of subsidiaries 5,006 - - % Proceeds from sale of farmlands 9,485 7,460 27.1% Net cash used in investing activities (248,276) (130,988) 89.5% Cash flows from financing activities: Net proceeds from IPO and Private Placement - 421,778 - % Proceeds from equity settled share-based compensation exercised 218 - - % Proceeds from long-term borrowings 159,854 6,474 2,369.2% Payments of long-term borrowings (17,356) (72,145) (75.9%) Interest Paid (19,145) (25,556) (25.1%) Net increase in short-term borrowings (2,504) 14,537 - % Net cash generated from financing activities 121,067 345,088 (64.9%) Net increase/(decrease) in cash and cash equivalents (99,719) 244,696 - % Cash and cash equivalents at beginning of period 330,546 70,269 370.4% Effect of exchange rate changes on cash and cash equivalents (7,459) (22,535) (66.9%) Cash and cash equivalents at end of period 223,368 292,430 (23.6%) 32

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Condensed Consolidated Interim Balance sheet

Statement of Financial Position

$ thousands September 30, 2012 December 31, 2011 Chg %

ASSETS

Non-Current Assets

Property, plant and equipment 850,656 759,696 12.0%

Investment property 16,273 27,883(41.6%)

Intangible assets 33,780 36,755(8.1%)

Biological assets 218,048 187,973 16.0%

Investments in joint ventures 4,930 4,299 14.7%

Deferred income tax assets 35,714 37,081(3.7%)

Trade and other receivables, net 38,044 15,746 141.6%

Other assets 1,343 1,408 (4.6%)

Total Non-Current Assets 1,198,788 1,070,841 11.9%

Current Assets

Biological assets 28,731 51,627(44.3%)

Inventories 135,544 96,147 41.0%

Trade and other receivables 139,245 141,181(1.4%)

Derivative financial instruments 3,314 10,353(68.0%)

Cash and cash equivalents 223,368 330,546 (32.4%)

Total Current Assets 530,202 629,854 (15.8%)

TOTAL ASSETS 1,728,990 1,700,695 1.7%

SHAREHOLDERS’ EQUITY

Capital and reserves attributable to equity holders

of the parent

Share capital 183,331 180,800 1.4%

Share premium 940,332 926,005 1.5%

Cumulative translation adjustment (173,515) (99,202) 74.9%

Equity-settled compensation 16,820 15,306 9.9%

Other reserves (350) (526)(33.5%)

Treasury shares (5) (4) 25.0%

Retained earnings 41,962 57,497 (27.0%)

Equity attributable to equity holders of the parent 1,008,575 1,079,876 (6.6%)

Non controlling interest 69 14,993 (99.5%)

TOTAL SHAREHOLDERS’ EQUITY 1,008,644 1,094,869 (7.9%)

LIABILITIES

Non-Current Liabilities

Trade and other payables 6,705 8,418(20.3%)

Borrowings 304,953 203,409 49.9%

Deferred income tax liabilities 82,697 92,989(11.1%)

Payroll and social liabilities 1,446 1,431 1.0%

Provisions for other liabilities 3,871 3,358 15.3%

Total Non-Current Liabilities 399,672 309,605 29.1%

Current Liabilities

Trade and other payables 81,013 114,020(28.9%)

Current income tax liabilities 358 872(58.9%)

Payroll and social liabilities 24,636 17,010 44.8%

Borrowings 204,078 157,296 29.7%

Derivative financial instruments 9,754 6,054 61.1%

Provisions for other liabilities 835 969 (13.8%)

Total Current Liabilities 320,674 296,221 8.3%

TOTAL LIABILITIES 720,346 605,826 18.9%

TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 1,728,990 1,700,695 1.7%

33