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Borrowings
 12 Months Ended
Dec. 31, 2024
Financial Instruments [Abstract]  
Borrowings Borrowings
 20242023
Non-current  
Senior Notes414,638 498,347 
Bank borrowings265,367 199,496 
 680,005 697,843 
Current  
Senior Notes6,858 8,250 
Bank overdrafts— 4,386 
Bank borrowings92,693 194,470 
 99,551 207,106 
Total borrowings779,556 904,949 
 
As of December 31, 2024, total bank borrowings include collateralized liabilities of US$3,842 (2023: US$77,055). These loans are mainly collateralized by property, plant and equipment, sugarcane plantations, sugar export contracts, shares of certain subsidiaries of the Group and U.S. Treasury Bills.

Notes 2027

On September 21, 2017, the Company issued senior notes (the “Notes”) for a total amount of US$500 million, at an annual fixed rate of 6%. The Notes will mature on September 21, 2027. Interest on the Notes are payable semi-annually in arrears on March 21 and September 21 of each year. The total proceeds net of expenses was US$495.2 million.
The Notes are fully and unconditionally guaranteed on a senior unsecured basis by certain of our current and future subsidiaries. As of December 31, 2024, Adeco Agropecuaria S.A., Adecoagro Brasil Participações S.A., Adecoagro Vale do Ivinhema S.A., Pilagá S.A. and Usina Monte Alegre Ltda. are the only Subsidiary Guarantors.

The Notes contain customary financial covenants and restrictions which require us to meet pre-defined financial ratios, among other restrictions. As of December 31, 2024 and 2023 the Group was in compliance with these financial covenants.

On July 22, 2024, the Company announced a cash tender offer for up to US$100.0 million of the Notes due 2027. As of the closing date of the Tender (August 19, 2024) US$84.36 million in aggregate principal amount of Notes had been validly tendered by Holders and fully cancelled. The total consideration, including the Early Tender Premium, was US$ 980 for each US$1,000 principal amount of Notes.

Debt maturity breakdown

The maturity of the Group's borrowings and the Group's exposure to fixed and variable interest rates is as follows:
 20242023
Fixed rate:  
Less than 1 year69,178 117,105 
Between 1 and 2 years55,952 6,010 
Between 2 and 3 years414,994 5,508 
Between 3 and 4 years356 498,347 
Between 4 and 5 years356 — 
More than 5 years35,936 — 
 576,772 626,970 
Variable rate:  
Less than 1 year30,373 90,001 
Between 1 and 2 years83,142 37,712 
Between 2 and 3 years46,593 91,878 
Between 3 and 4 years2,932 56,605 
Between 4 and 5 years441 1,783 
More than 5 years39,303 — 
 202,784 277,979 
 779,556 904,949 
 
Borrowings incurred by the Group’s subsidiaries in Brazil are repayable at various dates between January 2025 and November 2040 and bear either fixed interest rates ranging from 5.64% to 12.65% per annum or variable rates based on base-rates plus spreads ranging from 4.42% to 13.83% per annum.
 
Borrowings incurred by the Group’s subsidiaries in Argentina are repayable at various dates between March 2025 and December 2028 and bear either no interest rate or variable rates based on specific base-rates plus spreads of 3.1% for those borrowings denominated in U.S. Dollar, and a fixed interest rates ranging from 43.0% to 45% per annum for those borrowings denominated in Argentine pesos.
Brazilian Subsidiaries
 
The main loans of the Group’s Brazilian Subsidiaries are:
BankGrant date
Nominal
amount
Capital outstanding as of December 31Maturity dateAnnual interest rate
20242023
(In millions)Millions of
Brazilian Real
Millions of
equivalent
Dollars
Millions of
equivalent
Dollars
Certificados Recebíveis do Agronegócio (CRA) (2)December, 2019R$400.0 R$400.0 64.6 82.6 November-27
3.80% + IPCA
Debênture (1)December, 2020R$400.0 R$400.0 64.6 82.6 December-26
4.24% + IPCA
Certificados Recebíveis do Agronegócio (CRA) (2)July, 2024R$400.0 R$400.0 64.6 — Jul-31 / Jul-34
IPCA + 6.80% /12.65%
 
(1) Collateralized by long term power purchase agreement (PPA).  

(2) This debt was issued with no guarantee.

The Debenture contains certain customary financial covenants and restrictions which require the Brazilian subsidiaries to meet pre-defined financial ratios, among other restrictions, as well as restrictions on the payment of dividends. These financial ratios are measured considering the statutory financial statements of the Brazilian Subsidiaries.
 
As of December 31, 2024 and 2023 the Group was in compliance with all financial covenants.

Argentinian Subsidiaries

The main loans of the Group’s Argentinian Subsidiaries are:
BankGrant dateNominal
amount		Capital outstanding as of
December 31		Maturity dateAnnual interest rate
20242023
(In millions)(In millions)(In millions)
IFC (1) June, 2020US$20.0—16.33June, 2028
4% plus SOFR
Rabobank June, 2024US$13.613.60—December, 2028
3.1% + SOFR
 (1) During 2024, the Group settled the outstanding amount of US$16.4 million under the loan agreement entered into with the International Finance Corporation (IFC).

The above mentioned loans contain certain customary financial covenants which require us to meet pre-defined financial ratios. These financial ratios are measured considering the statutory financial statements of the Argentinian Subsidiaries.
 
As of December 31, 2024 and 2023 the Group was in compliance with all financial covenants.

The carrying amount of short-term borrowings is approximate its fair value due to the short-term maturity. Long term borrowings subject to variable rate approximate their fair value. The fair value of long-term subject to fix rate do not significantly differ from their fair value. The fair value (level 2) of the notes as of December 31, 2024 and 2023 equals US$403.6 million and US$485.3 million, 97.24% and 97.06% of the nominal amount, respectively.
 
The breakdown of the Group’s borrowing by currency is included in Note 2 - Interest rate risk.
Evolution of the Group's borrowings as December 31, 2024 and 2023 is as follow:

 20242023
Amount at the beginning of the year904,949 1,007,752 
Proceeds from long term borrowings126,757 7,739 
Payments of long term borrowings(105,749)(24,105)
Proceeds from short term borrowings169,901 448,532 
Payments of short term borrowings(239,947)(420,276)
Payments of interest (1)
(741)(43,457)
Accrued interest23,489 33,495 
Exchange differences, inflation and translation, net(99,800)(105,465)
Others 697 734 
Amount at the end of the year779,556 904,949 
(1) Excludes payment of interest related to trade and other payables.