EX-99.1 2 er12312024.htm EX-99.1

Document

												Adjusted EBITDA in 2024 was $444 million and NCFO $161 million. Crushing volume and sugar production at all-time record. $102 million in shareholder distribution.
			4Q24 Earning Release Conference Call
			English Conference Call																																	Luxembourg, March 13, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the fourth quarter ended December 31, 2024. The financial information contained in this press release is based on consolidated financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 27 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release.
			March 14, 2025
			8 a.m. (US EST)
			9 a.m. (Buenos Aires/Sao Paulo time)
			1 p.m. (Luxembourg)
															Consolidated Financial Performance - Highlights
			Zoom ID: 868 1551 9589												$ thousands			4Q24			4Q23			Chg %			12M24			12M23			Chg %
			Passcode: 995202												Gross Sales (1)			368,379			400,139			(7.9)%			1,476,378			1,442,441			2.4%
															Adjusted EBITDA (2)			103,250			95,763			7.8%			444,261			476,570			(6.8)%
			Investor Relations												Adjusted EBITDA Margin			28.4%			24.6%			15.8%			30.7%			33.6%			(8.6)%
			Emilio Gnecco												Adjusted Net Income(2)			45,904			(16,402)			n.a			202,557			153,463			32.0%
			CFO												Adjusted Net Income per Share			0.46			(0.15)			n.a			2.02			1.45			39.8%
			Victoria Cabello												Distribution to Shareholders (3)			26,108			24,729			5.6%			101,887			61,241			66.4%
			IR Officer												Expansion Capex			32,480			15,223			113.4%			104,067			67,119			55.0%
															Net Debt(2)			522,215			502,531			3.9%			522,215			502,531			3.9%
			Email												Net Debt/LTM Adj EBITDA (x)			1.2x			1.1x			11.5%			1.2x			1.1x			11.5%
			ir@adecoagro.com												LTM Adj FCF from Operations (NCFO)(2)			160,883			175,874			(8.5)%			160,883			175,874			(8.5)%
															LTM Adj Free Cash Flow(2)			56,816			108,756			(47.8)%			56,816			108,756			(47.8)%
															Breakdown by Operating Segment - Adjusted EBITDA
															$ thousands			4Q24			4Q23			Chg %			12M24			12M23			Chg %
															Sugar, Ethanol & Energy			105,289			87,476			20.4%			364,160			395,637			(8.0)%
															Crops			(3,196)			(304)			n.a			19,092			26,979			(29.2)%
			Website:												Rice			(1,214)			8,188			n.a.			50,185			47,869			4.8%
			www.adecoagro.com												Dairy			8,219			5,930			38.6%			33,723			28,485			18.4%
															Corporate Expenses			(5,848)			(5,527)			5.8%			(22,899)			(22,400)			2.2%
															Total Adjusted EBITDA			103,250			95,763			7.8%			444,261			476,570			(6.8)%
												•Adjusted EBITDA amounted to $444.3 million in 2024, 6.8% lower than the previous year. We achieved record results in our Rice and Dairy businesses, and marked operational records in our Sugar, Ethanol & Energy business. However, results were negatively impacted by a year-over-year loss in the mark-to-market of our biological assets in our Sugar, Ethanol & Energy business, coupled with an uneven year-over-year comparison in our Crops business due to farm sales conducted throughout both periods. •NCFO in 2024 stood at $160.9 million, marking an 8.5% year-over-year decrease, resulting in a minimum of $64.4 million to be distributed in 2025 via dividend and share repurchase. Net debt amounted to $522.2 million, in line with the previous year (Net debt/Adjusted EBITDA at 1.2x), while expansion capex reached $104.1 million as we continued to invest in attractive projects across all our operations.
												(1) Gross Sales are equal to Net Sales plus sales taxes related to sugar, ethanol and energy. (2) Please see “Reconciliation of Non-IFRS measures” starting on page 27 for a reconciliation of Adjusted EBITDA, Adjusted Net Income, LTM Adj Free Cash Flow from Operations (NCFO), LTM Adj Free Cash Flow and Net Debt for the period. Adjusted EBITDA margin is calculated as a percentage of net sales. (3) Includes cash dividends and share repurchases as of December 31st. For more information on distribution as of the date of this report, please refer to the Remarks section on page 4.

1

Full Year Results Overview

◦In 2024, we delivered solid results, in spite of the challenging price scenario for most of our products and the adverse weather conditions that impacted some of our operations. This was possible thanks to the investments we have made throughout the years and our continuous focus on enhancing efficiencies in every stage of the value chain, while focusing on being the lowest cost producer. The commercial strategy in each of our operations enabled us to profit from opportunities that arose in both the export and domestic markets, as well as to leverage our storage capacity to build stocks. For example: (i) we conducted rice sales when both global and domestic supply was limited; (ii) we maximized production of fluid milk for our consumer brand in Argentina given its attractive marginal contribution and our growing presence in the local market; and (iii) we carried over ethanol stocks to profit from better prices in the next quarters.

◦Consequently, Adecoagro's Adjusted EBITDA amounted to $444.3 million, whereas Adjusted Free Cash Flow from Operations (NCFO) reached $160.9 million. Shareholder distribution (cash dividend and share repurchase) totaled $101.9 million, $31.5 million above the minimum stated in our policy and marking a 9.4% distribution yield. Expansion capex amounted to $104.1 million as we continued to invest in organic projects with attractive returns across all our operations and to consolidate our assets, while keeping our sustainable and innovative footprint. This was accomplished without compromising our balance sheet structure, as our net debt stood at $522.2 million, reaching 1.2x Net Debt/EBITDA.

Sugar, Ethanol & Energy business

Performance Highlights

◦Adjusted EBITDA reached $105.3 million during 4Q24, marking a 20.4% year-over-year increase, whereas in 2024 it amounted to $364.2 million, 8.0% lower than the previous year.

▪(+/-) Annual crushing record of 12.8 million tons despite dry weather. Quarterly crushing down 12.0% year-over-year on lower yields.

▪(+) Record sugar production and mix (55% in 4Q24 / 52% in 2024). Despite a recovery in domestic ethanol prices, we are carrying over 31% of our 2024 production to profit from higher expected prices.

▪(+) Cash cost down 8.4% year-over-year to 12.7 cts/lb due to better cost dilution, higher tax recovery on higher ethanol sales and weaker FX, among others.

▪(-/+) Lower net sales in 4Q24 on lower volumes sold and lower sugar prices in US dollar terms. Annual sales in line with 2023 on higher selling volumes due to higher production.

▪(-) Year-over-year loss in biological assets (harvested cane) due to lower Consecana prices versus 2023.

Outlook

◦(+) Despite challenging weather, we are currently crushing and producing sugar and ethanol thanks to our continuous harvest model.

2

◦(-/+) Although we foresee a slower crushing pace in 1H25 due to lower productivity, we expect to compensate this during 2H25. Thus, we forecast a slight year-over-year increase in crushing volume.

◦(+) Global sugar market dependent on Brazil's output. Potential upside to spot prices. 2025 sugar production remains open (31% hedged at 20.7 cts/lb). 2024 production sold at 22.5 cts/lb.

◦(+) Tight supply & demand scenario for ethanol. Prices expected to converge to the 70% parity at the pump. Commercial strategy paid off as we are clearing out our ethanol tanks at higher prices (+32.5% net price increase in Brazilian Real versus the lowest level seen in January 2024).

Farming business

Performance Highlights

◦Adjusted EBITDA amounted to $3.8 million during 4Q24, representing a 72.4% year-over-year decline, whereas for 2024 it reached $103.0 million, in line with the previous year. Excluding the results of the farm sales conducted during 2024 and 2023, Adjusted EBITDA in 2024 was 19.5% higher year-over-year, totaling $87.9 million, reflecting record results for our Rice and Dairy segments.

▪(+) Year-over-year gains in the mark-to-market of our biological asset and agricultural produce for our Rice operations (higher prices and area) and Crops (higher yields and area).

▪(+/-) Higher prices for Dairy and Rice's higher value-added products, despite the latter presenting a downward trend by year-end, as expected.

▪(+/-) One-off events: Sale of La Pecuaria farm ($15.0 million in Adjusted EBITDA) conducted in 2Q24 and El Meridiano in 3Q23 ($29.8 million in Adjusted EBITDA).

▪(-) Lower prices for soybean, corn and wheat.

▪(-) Higher costs in US dollar terms.

Outlook

◦(-/+) Crops: International prices for our main grains continue to be pressured on greater global supply, while costs are higher in US dollar terms. Crops productivity expected to be in line with historical production due to precipitation throughout the summertime.

◦(+/-) Rice: Higher expected production on greater productivity and higher planted area. As anticipated, global rice prices declined, but our diversified product portfolio and market flexibility act as a mitigant.

◦(+) Dairy: Maximizing production for the domestic market. Expected increase in the amount of milk processed by our facilities, as well as new products being launched throughout the year.

3

Remarks

2024 Shareholder Distribution

◦During 2024, we distributed a total of $101.9 million, equivalent to 58% of the Adjusted Free Cash Flow from Operations (NCFO) generated in 2023. This represents a distribution yield of 9.4%, and $31.5 million above the annual minimum stated in our policy. This was executed via:

▪Cash dividends: $35 million paid in two installments of $17.5 million each in May and November 2024, representing a dividend per share of approximately $0.34.

▪Share repurchases: 6.5 million shares repurchased (6.2% of the company's equity) at an average price of $10.22 per share, totaling $66.9 million.

2025 Announced Shareholder Distribution

◦In 2024, we generated $160.9 million of NCFO, which implies a minimum distribution of $64.4 million to be distributed via a combination of cash dividends and share buybacks throughout 2025. Cash dividends will amount to $35.0 million, to be paid in two installments of $17.5 million each, in or about May and November 2025. The balance will be distributed via stock buybacks and/or cash dividends, as the case may be.

◦During the first two months of the year, we repurchased 1.1 million shares (1.1% of the company's equity) under our existing share buyback program at an average price of $9.65 per share, totaling $10.2 million.

Unsolicited non-binding proposal from Tether Investments S.A. de C.V.

◦On February 18, 2025, the Company announced that its Board of Directors received an unsolicited non-binding proposal from Tether Investments S.A. de C.V. (“Tether”) dated February 14, 2025, to acquire outstanding Common Shares of the Company at a price of $12.41 per Common Share through a tender offer that would result in Tether collectively holding 51% of the outstanding Common Shares of the Company. The Company decided to engage legal counsel and a financial advisor to negotiate and further assist the Board in its evaluation of the proposal.

◦On February 25, 2025, the Company issued a press release announcing that it is engaging in discussions with Tether on the terms and conditions of the proposal received on February 14th, 2025. The Company has entered into an Exclusivity Letter to facilitate further negotiations with Tether. No assurances can be given that a definitive agreement will be entered into, that any transaction will be consummated, or the timing, terms or conditions of any such transaction.

◦For more information, please refer to our 6-K Press Releases available on our Investor Relations' website (www.ir.adecoagro.com).

4

ESG Update

Commitment to reach 25% female participation in leadership positions by 2030

◦As a food and renewable energy producer, we have a key role in meeting the needs of a growing population. Our continuous focus on increasing production while consolidating our business units and growth projects has resulted in a demand for new talent across our operations. We strongly believe that developing actions that promote respect, equal opportunities and career development will make us a better company.

◦Therefore, we are proud to announce our 2030 commitment to reach at least 25% female participation in leadership positions. By setting this target, we aim to not only meet our business needs but also create a more balanced and inclusive workforce that reflects diverse perspectives and strengthens our organizational culture. As of December 31, 2023, female leaders represented 16% of the Company's workforce.

◦To achieve this, we have implemented various actions across our business units to contribute toward female inclusion in the workplace:

▪Women in Agribusiness: we train women from our communities with the goal of offering them employment opportunities.

▪Leadership: we identify women with potential and provide them training, mentoring and overall support to prepare them for leadership positions.

▪Communication: we raise awareness on biases that prevent us from including women in our workforce.

▪Maternity: we accompany women in navigating maternity through mentorship by fellow mothers.

◦ESG is a cornerstone of our business models and is embedded in our day-to-day decisions. The implementation of a gender diversity target, along with our carbon intensity target announced in March 2024, reinforce our commitment to promote economic and social growth in the communities in which we have a presence, while taking care of the environment and its natural resources.

5

Sugar, Ethanol & Energy Segment - Operational Performance

SUGAR, ETHANOL & ENERGY - SELECTED INFORMATION
Operating Data			Metric			4Q24			4Q23			Chg %			12M24			12M23			Chg %
Milling
Sugarcane Milled			tons			2,575,641			2,927,587			(12.0)%			12,762,597			12,497,423			2.1%
Own Cane			tons			2,441,170			2,692,136			(9.3)%			11,668,117			11,685,815			(0.2)%
Third Party Cane			tons			134,471			235,450			(42.9)%			1,094,480			811,608			34.9%
Production
TRS Equivalent Produced			tons			352,722			397,310			(11.2)%			1,771,500			1,731,127			2.3%
Sugar			tons			175,910			186,443			(5.6)%			832,389			805,608			3.3%
Ethanol			M3			98,955			119,314			(17.1)%			532,715			522,508			2.0%
Hydrous Ethanol			M3			58,109			85,959			(32.4)%			416,147			341,270			21.9%
Anhydrous Ethanol (1)			M3			40,846			33,356			22.5%			116,568			181,238			(35.7)%
Sugar mix in production			%			55%			52%			5.6%			52%			52%			0.7%
Ethanol mix in production			%			45%			48%			(6.1)%			48%			48%			(0.7)%
Energy Exported (sold to grid)			MWh			179,541			198,895			(9.7)%			743,488			694,259			7.1%
Cogen efficiency (KWh sold/ton crushed)			KWh/ton			69.7			67.9			2.6%			58.3			55.6			4.9%
Agricultural Metrics
Harvested area			Hectares			39,343			32,793			20.0%			167,246			146,707			14.0%
Yield			tons/hectare			62			82			(24.2)%			70			80			(12.4)%
TRS content			kg/ton			132			127			3.5%			132			132			0.6%
Area
Sugarcane Plantation			hectares			212,996			198,747			7.2%			212,996			198,747			7.2%
Expansion Area			hectares			4,755			1,920			147.7%			14,249			5,761			147.3%
Renewal Area			hectares			3,940			6,360			(38.1)%			21,730			28,083			(22.6)%

(1) Does not include 4,360 and 13,313 cubic meters of anhydrous ethanol that were converted by dehydrating our hydrous ethanol stocks during 4Q24 and 12M24, respectively. During 4Q23 and 2023, we dehydrated 28,773 and 81,689 cubic meters of hydrous ethanol.     

On a full year basis, crushing volume reached 12.8 million tons, marking a 2.1% increase compared to the previous year and an all-time record for our mills. Although Brazil's sugarcane production areas experienced lower-than-average rainfalls throughout the year, we saw an increase in our annual crushing figure due to (i) greater sugarcane availability driven by the expansion planting activities conducted in the last years; and (ii) higher crushing of third-party cane. The 34.9% year-over-year increase in sourcing of third-party cane enabled us to mitigate the reduction in crushing volume from own cane, allowing it to be harvested in the upcoming months with better expected productivity. In terms of productivity, our average yield stood at 70 tons per hectare, 12.4% lower than the previous year as a consequence of the decline in precipitation levels, whereas TRS content remained in line at 132 kg/ton.

Focusing on the quarterly figures, crushing volume amounted to 2.6 million tons, 12.0% lower than the same period of last year. The aforementioned dry weather, coupled with our strategic decision to harvest cane with limited growth potential (and thus allow areas with greater potential to continue to grow), were

6

the main drivers toward the 24.2% year-over-year decline in yields to 62 tons per hectare. However, this was partially offset by higher TRS content, which stood at 132 kg/ton.

During 4Q24, average sugar prices traded at a significant premium to both hydrous and anhydrous ethanol in Mato Grosso do Sul (42% and 27%, respectively). Consequently, we maximized sugar production, achieving a 55% mix. Within our ethanol production, 59% was hydrous ethanol, as demand for this type of fuel had been significantly increasing and gaining market share in the Otto cycle. This high degree of flexibility constitutes one of our most important competitive advantages, since it allows us to make more efficient use of our fixed assets and profit from higher relative prices. Moreover, we can dehydrate hydrous ethanol at any time and turn it into anhydrous ethanol, which can be sold either to the domestic or export market, wherever the price premium is better.

On an annual basis, we maximized the production of sugar given its attractive pricing premium over ethanol, as was the case in 2023. Therefore, our production mix stood at 52% sugar (above the mix achieved by Brazil's Center-South region) and 48% ethanol. This resulted in a sugar production of 832 thousand tons, marking a new record for our mills, as well as a 2.0% year-over-year increase in ethanol production due to the increase in total TRS equivalent produced.

Exported energy during the quarter totaled 179,541 MWh, 9.7% lower compared to 4Q23 driven by the decline in crushing. However, we used our stored bagasse to produce energy and profit from the hike in spot prices seen during the period. On a full year basis, exported energy reached 743,488 MWh, marking a 7.1% year-over-year increase. This was mainly explained by (i) the increase in our annual crushing volume, coupled with (ii) the use of stored bagasse to profit from better prices. Consequently, our cogeneration efficiency ratio was up 2.6% year-over-year in 4Q24 and 4.9% in 12M24.

7

Sugar, Ethanol & Energy Segment - Financial Performance

NET SALES BREAKDOWN			$ thousands												Units												($/unit)
			4Q24			4Q23			Chg %						4Q24			4Q23			Chg %						4Q24			4Q23			Chg %
Sugar (tons)			101,624			138,456			(26.6)%						214,079			250,252			(14.5)%						475			553			(14.2)%
Ethanol (cubic meters)			63,686			78,929			(19.3)%						147,011			181,975			(19.2)%						433			434			(0.1)%
Hydrous Ethanol (cubic meters)			41,473			49,287			(15.9)%						100,946			123,698			(18.4)%						411			398			3.1%
Anhydrous Ethanol (cubic meters)			22,213			29,642			(25.1)%						46,065			58,277			(21.0)%						482			509			(5.2)%
Energy (Mwh) (2)			10,094			8,788			14.9%						235,957			240,650			(2.0)%						43			37			17.1%
CBios			2,465			2,364			4.3%						196,754			119,234			65.0%						13			20			(36.8)%
Others (5)			2			293			(99.3)%						2			271			(99.3)%						1,000			1,081			(7.5)%
TOTAL (3)			177,871			228,830			(22.3)%
Cover Crops (tons) (4)			—			53			—%						—			274			—%						—			193			—%
TOTAL NET SALES (1)			177,871			228,883			(22.3)%
NET SALES BREAKDOWN			12M24			12M23			Chg %						12M24			12M23			Chg %						12M24			12M23			Chg %
Sugar (tons)			390,751			416,165			(6.1)%						845,807			796,298			6.2%						462			523			(11.6)%
Ethanol (cubic meters)			242,854			233,294			4.1%						550,322			460,721			19.4%						441			506			(12.9)%
Hydrous Ethanol (cubic meters)			162,466			98,875			64.3%						381,982			228,941			66.8%						425			432			(1.5)%
Anhydrous Ethanol (cubic meters)			80,388			134,419			(40.2)%						168,340			231,780			(27.4)%						478			580			(17.7)%
Energy (Mwh) (2)			30,485			31,954			(4.6)%						844,686			834,371			1.2%						36			38			(5.8)%
CBios			8,513			8,435			0.9%						601,426			443,111			35.7%						14			19			(25.6)%
Others (5)			558			477			17.0%						562			473			18.8%						993			1,008			(1.5)%
TOTAL (3)			673,161			690,325			(2.5)%
Cover Crops (tons) (4)			6,447			9,959			(35.3)%						16,698			23,036			(27.5)%						386			432			(10.7)%
TOTAL NET SALES (1)			679,608			700,284			(3.0)%

HIGHLIGHTS - $ thousand			4Q24			4Q23			Chg %			12M24			12M23			Chg %
Net Sales (1)			177,871			228,883			(22.3)%			679,608			700,284			(3.0)%
Margin on Manufacturing and Agricultural Act. Before Opex			62,256			55,069			13.1%			250,834			312,017			(19.6)%
Adjusted EBITDA			105,289			87,476			20.4%			364,160			395,637			(8.0)%
Adjusted EBITDA Margin			59.2%			38.2%			54.9%			53.6%			56.5%			(5.2)%

(1) Net Sales are calculated as Gross Sales net of ICMS, PIS COFINS, INSS and IPI taxes; (2) Includes commercialization of energy from third parties; (3) Total Net Sales does not include the sale of soybean, corn and beans planted as cover crop during the implementation of the agricultural technique known as meiosis; (4) Corresponding to the sale of soybean, corn and beans planted as cover crop during the implementation of meiosis. (5) Diesel sold by Monte Alegre Distribuidora (MAC), our own fuel distributor located in UMA mill.

Adjusted EBITDA during 4Q24 was $105.3 million, 20.4% higher than the same period of last year. This was explained by (i) a year-over-year reduction in selling expenses on lower freight costs and lower sugar and ethanol volumes sold; coupled with (ii) an improvement in our sales margin on lower costs. This, in turn, more than offset the year-over-year decline in net sales.

On a full year basis, Adjusted EBITDA amounted to $364.2 million, presenting an 8.0% decrease versus last year. Despite year-over-year gains in the mark-to-market of our commodity hedge position, lower EBITDA generation was mainly driven by a $53.3 million year-over-year loss in the mark-to-market of our biological

8

assets. As explained in prior releases, the biological assets line captures the present value of the sugarcane that is going to be harvested in the following 12 months, in addition to the one already harvested. In this case, the year-over-year decrease is mainly explained by a decline in Consecana prices on harvested cane. Results were also negatively impacted by a $4.6 million year-over-year increase in selling expenses on higher taxes due to higher volumes of ethanol sold, coupled with an increase in freight costs on higher volumes of sugar invoiced versus the prior year given the higher production.

Net sales reached $177.9 million during 4Q24, marking a 22.3% year-over-year reduction on lower selling volumes in all our products and lower sugar prices in US dollar terms. On the other hand, annual net sales amounted to $679.6 million, in line with the previous year, mainly explained by higher selling volumes of all our products, which in turn, offset the decline in prices.

In the case of sugar, lower average selling prices throughout the quarter and the year were the main drivers towards the decline in net sales - in 2023 global sugar prices reached record levels. Nevertheless, our average selling price (as seen in the net sales breakdown table) only reflects the average price of the respective Sugar #11 contract as the Company does not perform hedge accounting. Once we incorporated the gain/losses from our commodity derivative financial instruments reported within our Other Operating Income line, our average selling price for the year stood at 22.6 cts/lb versus 23.2 cts/lb in 2023.

Ethanol sales presented a 19.3% year-over-year decline during the quarter due to lower selling volumes on lower quarterly production given the decrease in crushing and our focus on maximizing sugar production. As explained in prior releases, ethanol prices have been recovering month-over-month on strong domestic consumption due to the low parity at the pump versus gasoline. Therefore, our average net selling price expressed in local currency stood at ∼R$2,500/m3 in 4Q24, 17.9% higher than 4Q23, even though in US dollar terms it experienced a slight decline given the depreciation of the Brazilian Real throughout the period. In addition, the average selling price in 4Q23 includes the export of 25.8 thousand cubic meters at an average price of $572/m3 (R$2,844/m3), compared to no exports in 4Q24, adding to an uneven year-over-year comparison.

On a full year basis, ethanol sales were 4.1% higher compared to the same period of last year. This was explained by higher volumes sold of hydrous ethanol which, in turn, fully offset the year-over-year decrease in selling prices in US dollars. During the year, we strategically sold our production in order to profit from peaks in prices, while our tanks remained full as we continue to hold on to our ethanol inventories (31% of our annual production) in order to capture higher expected prices.

Due to the efficiency and sustainability in our operations, ranked among the highest in the industry, we have the right to issue carbon credits (CBio) every time we sell ethanol. During the quarter, we sold $2.5 million worth of CBios, marking a 4.3% year-over-year increase. During 2024, we sold 601,426 CBios, amounting to $8.5 million.

Net sales of energy presented a 14.9% year-over-year increase in 4Q24, as we used our stored bagasse to produce energy to profit from the hike in spot prices explained by the lower reservoir levels. This, in turn, enabled us to book sales at R$480/MWh during the peak of demand. On an annual basis, energy sales experienced a decline versus 2023 due to a combination of lower energy prices and a weaker Brazilian Real, which in turn offset the increase in selling volumes.

9

SUGAR, ETHANOL & ENERGY - PRODUCTION COSTS(1)
			Total Cost ($'000)												Total Cost per Pound (cts/lbs)
			4Q24			4Q23			Chg %						4Q24			4Q23			Chg %
Industrial costs			22,138			32,105			(31.0)%						3.1			4.1			(24.3)%
Industrial costs			18,018			22,568			(20.2)%						2.5			2.9			(12.3)%
Cane from 3rd parties			4,120			9,537			(56.8)%						0.6			1.2			(52.5)%
Agricultural costs			88,991			90,339			(1.5)%						12.5			11.5			8.2%
Harvest costs			34,961			37,137			(5.9)%						4.9			4.7			3.4%
Cane depreciation			23,415			18,506			26.5%						3.3			2.4			39.0%
Agricultural Partnership Costs			8,267			13,046			(36.6)%						1.2			1.7			(30.4)%
Maintenance costs			22,348			21,650			3.2%						3.1			2.8			13.4%
Total Production Costs			111,129			122,444			(9.2)%						15.6			15.6			(0.3)%
Depreciation & Amortization PP&E			(47,025)			(45,829)			2.6%						(6.6)			(5.8)			12.7%
Total Production Costs (excl D&A)(2)			64,104			76,615			(16.3)%						9.0			9.8			(8.1)%

SUGAR, ETHANOL & ENERGY - PRODUCTION COSTS(1)
			Total Cost ($'000)												Total Cost per Pound (cts/lbs)
			12M24			12M23			Chg %						12M24			12M23			Chg %
Industrial costs			113,893			113,652			0.2%						3.2			3.3			(2.4)%
Industrial costs			74,258			81,683			(9.1)%						2.1			2.4			(11.5)%
Cane from 3rd parties			39,635			31,969			24.0%						1.1			0.9			20.7%
Agricultural costs			362,754			345,684			4.9%						10.2			10.0			2.2%
Harvest costs			138,066			134,907			2.3%						3.9			3.9			(0.3)%
Cane depreciation			97,890			79,069			23.8%						2.7			2.3			20.6%
Agricultural Partnership Costs			46,746			52,347			(10.7)%						1.3			1.5			(13.0)%
Maintenance costs			80,052			79,361			0.9%						2.2			2.3			(1.8)%
Total Production Costs			476,647			459,336			3.8%						13.4			13.2			1.0%
Depreciation & Amortization PP&E			(189,007)			(175,903)			7.4%						(5.3)			(5.1)			4.6%
Total Production Costs (excl D&A)(2)			287,640			283,433			1.5%						8.1			8.2			(1.2)%

(1)Total production cost may differ from our COGS figure as the former refers to the cost of our goods produced, whereas the latter refers to the cost of our goods sold. (2) Excludes the recognition of PIS/COFINS tax credits generated during 4Q24.

Total production costs excluding depreciation and amortization reached 9.0 cts/lb in 4Q24, marking an 8.1% decrease compared to 4Q23. This was mainly explained by (i) a year-over-year decline in the cost of cane from third-parties on lower sourcing; (ii) a year-over-year decrease in leasing costs due to lower Consecana prices; as well as to (iii) a weaker Brazilian Real. On a full year basis, total production costs excluding depreciation and amortization amounted to 8.1 cts/lb, 1.2% lower than the previous year. This was driven by the aforementioned decline in leasing costs, which in turn, offset the increase in cane from third parties on higher sourcing versus 2023. Furthermore, our production cost was positively impacted by a 2.3% year-over-year increase in total TRS equivalent produced due to the increase in crushing volume which enabled us to better dilute our fixed costs, especially agricultural costs that represent roughly 80% of our cost structure. As always, we continue to use concentrated vinasse and filter cake to replace 100% of our potash fertilizer requirements and 48% of total agricultural inputs needs, reducing our sourcing needs.

10

SUGAR, ETHANOL & ENERGY - TOTAL COST OF PRODUCTION
			Total Cost ($'000)												Total Cost per Pound (cts/lbs)
			12M24			12M23			Chg %						12M24			12M23			Chg %
Total Production Cost (excl. D&A)			287,640			283,433			1.5%						8.1			8.2			(1.2)%
Maintenance Capex			157,573			175,541			(10.2)%						4.4			5.1			(13.0)%
SG&A			69,493			73,721			(5.7)%						2.0			2.1			(5.9)%
Cogeneration			(26,748)			(29,040)			(7.9)%						(0.8)			(0.8)			(4.4)%
Tax Recovery			(36,992)			(22,626)			63.5%						(1.0)			(0.7)			53.4%
Total Cash Cost(1)			450,967			481,029			(6.2)%						12.7			13.9			(8.4)%

(1) Excludes the recognition of PIS/COFINS tax credits generated during 4Q24.

Total cash cost reflects, on a cash basis, how much it costs us to produce one pound of sugar and ethanol (in sugar equivalent). Maintenance capex is included in the calculation since it is a recurring investment, necessary to maintain the productivity of the sugarcane plantation. As we are calculating sugar and ethanol costs, energy is deemed a by-product and thus deducted from total costs. As for the tax recovery line item, it includes the ICMS tax incentive that the state of Mato Grosso do Sul granted us until 2032.

As shown in the table above, on a yearly basis, total cash cost on a per pound basis reached 12.7 cts/lb, 8.4% lower compared to the previous year. This decline is mainly explained by (i) a 53.4% year-over-year increase in tax recovery due to higher ethanol sales; (ii) lower maintenance capex on lower renewal area; along with (iii) the depreciation of the Brazilian Real which positively impacted our cost structure. Cash cost was also benefited by the 2.3% year-over-year increase in TRS equivalent produced, which in turn, enabled us to better dilute our costs.

All of our efforts are devoted to further enhance efficiencies to continue reducing total cash cost. As we continue ramping up operations in our cluster, cash cost will continue its downward trend as more fixed costs will be diluted.

11

Farming - Financial Performance

FARMING - FINANCIAL HIGHLIGHTS
$ thousands			4Q24			4Q23			Chg %			12M24			12M23			Chg %
Gross Sales
Crops			61,063			46,071			32.5%			236,128			216,912			8.9%
Rice			49,163			60,231			(18.4)%			248,198			256,347			(3.2)%
Dairy			74,850			54,791			36.6%			284,098			246,875			15.1%
Total Sales			185,076			161,093			14.9%			768,424			720,134			6.7%
Adjusted EBITDA (1)
Crops			(3,196)			(304)			n.a			19,092			26,979			(29.2)%
Rice			(1,214)			8,188			n.a.			50,185			47,869			4.8%
Dairy			8,219			5,930			38.6%			33,723			28,485			18.4%
Total Adjusted EBITDA (1)			3,809			13,814			(72.4)%			103,000			103,333			(0.3)%

(1) Please see “Reconciliation of Non-IFRS measures” starting on page 27 for a reconciliation of Adjusted EBITDA and Adjusted EBIT to Profit/Loss. Adjusted EBITDA margin and Adjusted EBIT margin are calculated as a percentage of net sales.

Adjusted EBITDA in our Farming business totaled $3.8 million in 4Q24, marking a 72.4% decrease compared to the same period of last year. Despite an outperformance of our Dairy segment on higher prices of our value added products (mainly in the domestic market), results were fully offset by higher costs in US dollar terms and lower prices for our Crops and Rice businesses. In addition, our Crops business was also negatively impacted by a slight reduction in wheat production due to the dry weather experienced by year-end.

On an annual basis, Adjusted EBITDA amounted to $103.0 million, in line with the previous year. Excluding the farm sales conducted during 2024 and 2023 (La Pecuaria farm which booked $15.0 million in 2024 and El Meridiano farm which booked $29.8 million in 2023), Adjusted EBITDA in our Farming business in 2024 marked a 19.5% increase versus the prior year, amounting to $87.9 million. Both our Rice and Dairy businesses achieved record results driven by higher average selling prices, as well as to year-over-year gains in the mark-to-market of our biological assets in the case of our Rice operations. Focusing on Crops, the recovery in yields drove the increase in results, although these were partially offset by higher costs in US dollar terms, lower commodity prices and lower-than-expected productivity for some of our grains.

For a more detailed explanation, please refer to the performance description of each business line starting on the next page.

12

Crops Segment

GROSS SALES BREAKDOWN						Amount ($ '000)												Volume												$ per unit
Crops						4Q24						4Q23						Chg %						4Q24						4Q23						Chg %						4Q24						4Q23						Chg %
Soybean						13,559						9,161						48.0%						47,727						18,604						156.5%						284						492						(42.3)%
Corn (1)						12,812						5,980						114.2%						69,658						28,523						144.2%						184						210						(12.3)%
Wheat (2)						9,006						2,357						282.1%						42,418						10,221						315.0%						212						231						(7.9)%
Sunflower						2,214						1,679						31.9%						2,212						2,309						(4.2)%						1,001						727						37.7%
Cotton Lint						388						5,561						(93.0)%						233						2,579						(90.9)%						1,662						2,156						(22.9)%
Peanut						19,820						17,399						13.9%						13,808						10,571						30.6%						1,435						1,646						(12.8)%
Others (3)						3,263						3,934						(17.1)%						1,066						1,150						(7.4)%
Total						61,063						46,071						32.5%						177,123						73,957						139.5%
GROSS SALES BREAKDOWN						12M24						12M23						Chg %						12M24						12M23						Chg %						12M24						12M23						Chg %
Soybean						68,791						51,096						34.6%						225,725						108,942						107.2%						305						469						(35.0)%
Corn (1)						53,556						35,464						51.0%						302,459						160,522						88.4%						177						221						(19.9)%
Wheat (2)						23,305						15,968						45.9%						106,643						60,019						77.7%						219						266						(17.9)%
Sunflower						10,203						19,812						(48.5)%						15,608						34,649						(55.0)%						654						572						14.3%
Cotton Lint						3,542						12,122						(70.8)%						2,386						5,767						(58.6)%						1,484						2,102						(29.4)%
Peanut						59,602						67,072						(11.1)%						36,357						49,725						(26.9)%						1,639						1,349						21.5%
Others (3)						17,129						15,378						11.4%						3,893						8,024						(51.5)%
Total						236,128						216,912						8.9%						693,072						427,649						62.1%

HIGHLIGHTS - $ thousand			4Q24			4Q23			Chg %			12M24			12M23			Chg %
Gross Sales			61,063			46,071			32.5%			236,128			216,912			8.9%
Adjusted EBITDA			(3,196)			(304)			n.a			19,092			26,979			(29.2)%

(1) Includes sorghum; (2) Includes barley; (3) Includes sale of certifications related to RTRS soybean (Round Table on Responsible Soy Association) and sales related to our cattle activities.

In 2024, Adjusted EBITDA reached $19.1 million, marking a 29.2% year-over-year reduction. Excluding the Adjusted EBITDA figure generated by the farm sale conducted in 2024 (La Pecuaria farm: $15.0 million) and 2023 (El Meridiano farm: $29.8 million), Adjusted EBITDA amounted to $4.0 million in 2024 compared to negative $2.8 million in 2023. Despite a significant year-over-year recovery in production (mainly soybean, wheat and peanut), results were negatively impacted by (i) lower international commodity prices on higher global supply; (ii) higher costs in US dollar terms; and (iii) lower-than-expected corn production due to the impact of spiroplasma (bacteria transmitted by leafhoppers).

Focusing solely on the quarterly figures, the year-over-year reduction in Adjusted EBITDA is explained by the aforementioned drivers, coupled with lower-than-expected productivity of our winter crops (mainly wheat) due to the dry weather experienced by year-end.

13

Rice Segment

RICE
Highlights			metric			4Q24			4Q23			Chg %			12M24			12M23			Chg %
Gross Sales			$ thousands			49,163			60,231			(18.4)%			248,198			256,347			(3.2)%
Sales of white rice			thousand tons (1)			63			64			(1.5)%			269			320			(15.8)%
			$ per ton			663			786			(15.6)%			799			679			17.7%
			$ thousands			42,101			50,667			(16.9)%			214,901			217,052			(1.0)%
Sales of By-products			$ thousands			7,062			9,564			(26.2)%			33,297			39,295			(15.3)%
Adjusted EBITDA			$ thousands			(1,214)			8,188			n.a.			50,185			47,869			4.8%
Rice Mills
Total Processed Rough Rice(2)			thousand tons			63			62			0.9%			277			280			(1.0)%
Ending stock - White Rice			thousand tons			77			32			144.2%			77			32			144.2%

(1) Includes the sale of 1k and 36k tons of white rice sourced from third-parties during 2024 & 2023, respectively (no sourcing during 4Q24 and 4Q23); (2) Expressed in white rice equivalent

Rice sales in 4Q24 marked a 18.4% year-over-year decrease, mainly explained by a reduction in our average selling price to $663/ton. Throughout the quarter, global rice prices experienced a decline as India, the world's largest producer and exporter of rice, came back to the market after the government lifted the export ban on long grain white rice. During 2024, rice sales were 3.2% lower than the previous year. Despite capturing a $120/ton year-over-year increase in our average selling price given the record prices captured during 1Q24, this was partially offset by lower volumes sold due to a delay in the departure of a maritime cargo. Consequently, we are carrying over 45 thousand tons more than the prior year, as the aforementioned sale will be booked during 1Q25 instead.

Adjusted EBITDA reached $50.2 million in 2024, an annual record for the business and 4.8% higher than the previous year. Results were positively impacted by year-over-year gains reported in our biological assets line on higher prices and higher planted area, which in turn, fully offset the increase in costs in US dollar terms and the aforementioned decline in gross sales. Focusing on the quarter, Adjusted EBITDA amounted to negative $1.2 million, compared to $8.2 million in 4Q23, explained by higher costs in US dollar terms, coupled with a decline in the price of our carry over stocks which negatively impacted results during the period.

14

Dairy Segment

DAIRY
Highlights						metric			4Q24			4Q23			Chg %			12M24			12M23			Chg %
Gross Sales						$ thousands (1)			74,850			54,791			36.6%			284,098			246,875			15.1%
						million liters (2) (3)			92.9			108.0			(14.1)%			366.5			404.2			(9.3)%
Adjusted EBITDA						$ thousands			8,219			5,930			38.6%			33,723			28,485			18.4%
Dairy - Farm
Milking Cows			average heads			14,443			14,547			(0.7)%			14,478			14,509			(0.2)%
Cow Productivity						liter/cow/day			38.0			38.6			(1.5)%			37.6			37.7			(0.5)%
Total Milk Produced			million liters			50.4			51.6			(2.2)%			199.1			199.9			(0.4)%
Dairy - Industry
Total Milk Processed			million liters			94.2			96.7			(2.7)%			354.5			351.8			0.8%

(1) Includes sales of raw milk, processed dairy products, electricity and culled cows; (2) Includes sales of raw milk, fluid milk, powder milk and cheese, among others; (3) The difference between volume processed and volume sold is explained by the sale of raw milk to third parties.

In 4Q24, raw milk production was 50.4 million liters, 2.2% lower compared to the same period of last year. This was explained by a 1.5% decrease in productivity compared to 4Q23, although levels are still strong at 38.0 liters per cow per day. On a full-year basis, total raw milk production amounted to 199.1 million liters, in line with the previous year. We continue enhancing efficiencies in our free-stalls, which are already at full capacity.

At the industry level, we processed 94.2 million liters of raw milk during 4Q24, 2.7% lower than the same period of last year. Out of this volume, approximately 41% came from our dairy farm operations whereas the balance was sourced from local producers in nearby areas or supplied by partners to whom we provide tolling services. In 2024, total processed milk amounted to 354.5 million liters of raw milk, slightly higher than the previous year. We continue working on product development for the domestic and export markets, offering higher value added products as well as commoditized products, and being present across different price tiers with our consumer product brands.

Adjusted EBITDA amounted to $8.2 million in 4Q24, 38.6% higher compared to the same period of last year, whereas on a full-year basis it reached $33.7 million, marking a 18.4% year-over-year increase and a new record for the business. Results were positively impacted by (i) an increase in sales due to higher average selling prices, as we improved the mix of higher value added products and produced more fluid milk for the domestic market which offered the highest marginal contribution; (ii) our continuous focus on achieving efficiencies in our vertically integrated operations and increasing our productivity levels in every stage of the value chain; and (iii) our flexibility to divert milk to the production of a variety of dairy products, as well as to shift sales across markets.

Adjusted EBIT was $4.5 million and $21.5 million during 4Q24 and 2024, respectively. However, once interest expense and the foreign exchange loss related to the financial debt are considered, the full year results decrease to negative $10.5 million.

15

Corporate expenses

CORPORATE EXPENSES
$ thousands			4Q24			4Q23			Chg %			12M24			12M23			Chg %
Corporate Expenses			(5,848)			(5,527)			5.8%			(22,899)			(22,400)			2.2%

Adecoagro’s corporate expenses include items that are not allocated to a specific business segment, such as the remuneration of executive officers and headquarters staff, certain professional services and office lease expenses, among others. Corporate expenses for 4Q24 were $5.8 million, 5.8% higher than the previous year, while in 2024 they amounted to $22.9 million, 2.2% higher year-over-year. In both cases, this reflects the impact in costs from inflation in US dollar terms.

Net Income & Adjusted Net Income

Net income reached $16.2 million and $92.1 million during 4Q24 and 2024, respectively, marking an 80.3% and 59.4% year-over-year reduction.

Nevertheless, once we exclude the impact of foreign exchange variation, as well as inflation accounting effects (all non-cash impacts), Adjusted net income amounted to $45.9 million during the quarter, whereas on an annual basis it reached $202.6 million, $62.3 million and $49.1 million higher year-over-year, respectively. Higher results were mainly explained by tax gains recorded throughout the year ($43.9 million and $135.7 thousand during 4Q24 and 2024, respectively) due to effects of inflation in the income tax calculation in Argentina. This, in turn, fully offset the year-over-year loss in financial results due to a one-time event as 2023 figures reflect financial gains from opportunities that the Argentine financial market offered.

ADJUSTED NET INCOME (1)
$ thousands			4Q24			4Q23			Chg %			12M24			12M23			Chg %
Profit for the period			16,178			82,209			(80.3)%			92,101			226,721			(59.4)%
Foreign exchange losses/(gains), net			32,518			(56,976)			n.a.			37,569			(90,930)			n.a
Cash flow hedge - transfer from equity			426			(6,358)			n.a			28,650			36,863			(22.3)%
Inflation accounting effects			(4,332)			(23,744)			n.a			(2,421)			(28,816)			n.a
Net results from Fair Value adjustment of Investment Property			891			(11,533)			n.a			23,375			(10,620)			n.a
Impairment of assets destroyed by fire			223			—			n.m.			14,259			—			n.m.
Revaluation surplus of farmland sold			—			—			n.m.			9,024			20,245			(55.4)%
Adjusted Net Income			45,904			(16,402)			n.a			202,557			153,463			32.0%

(1) Please see “Reconciliation of Non-IFRS measures” starting on page 27 for a reconciliation of Adjusted Net Income.

16

Indebtedness

NET DEBT BREAKDOWN
$ thousands			4Q24			3Q24			Chg %			4Q23			Chg %
Farming			121,042			156,203			(22.5)%			171,501			(29.4)%
Short term Debt			55,401			123,744			(55.2)%			157,629			(64.9)%
Long term Debt			65,641			32,459			n.m			13,873			373.2%
Sugar, Ethanol & Energy			658,514			703,221			(6.4)%			733,447			(10.2)%
Short term Debt			44,150			47,052			(6.2)%			49,477			(10.8)%
Long term Debt			614,364			656,169			(6.4)%			683,970			(10.2)%
Total Short term Debt			99,551			170,796			(41.7)%			207,106			(51.9)%
Total Long term Debt			680,005			688,628			(1.3)%			697,843			(2.6)%
Gross Debt			779,556			859,424			(9.3)%			904,949			(13.9)%
Cash & Equivalents			211,244			198,255			6.6%			339,781			(37.8)%
Short-Term Investments			46,097			15,351			200.3%			62,637			(26.4)%
Net Debt			522,215			645,818			(19.1)%			502,531			3.9%
EOP Net Debt / Adj. EBITDA LTM			1.2x			1.5x			(20.5)%			1.1x			11.5%

As of December 31, 2024, Adecoagro's net debt amounted to $522.2 million, in line with the previous year. Throughout the year, we have diligently reduced our gross debt and cash as efficiently as possible while looking to finance our operations at the lowest cost. A clear example of this was the improvement in our Liquidity ratio (Cash & Equivalents + Marketable Inventories / Short Term Debt), which stood at 4.5x versus 2.8x reported in 4Q23, as short-term maturities were reduced by 51.9% year-over-year. Furthermore, we were able to finance our operations at attractive rates, which resulted in a significant decline in the amount of interest paid throughout the year ($24.6 million compared to $55.5 million in 2023).

All this was possible thanks to the solid operating results achieved during 2024, which also enabled us to continue investing in growth projects across all our operating segments as well as distributing profits to shareholders, via cash dividend and share repurchases.

Our Net Debt ratio (Net Debt/EBITDA) as of 4Q24 was 1.2x, 20.5% lower than the previous quarter, but 11.5% higher year-over-year due to the lower Adjusted EBITDA generated during the last twelve months.

We believe that our balance sheet is in a healthy position based not only on the adequate overall debt levels but also in terms of our indebtedness, most of which is long-term debt.

17

Capital Expenditures

CAPITAL EXPENDITURES
$ thousands			4Q24			4Q23			Chg %			12M24			12M23			Chg %
Farming			13,599			4,884			178.4%			51,357			22,809			125.2%
Expansion			11,370			1,172			870.4%			38,827			15,229			154.9%
Maintenance			2,229			3,713			(40.0)%			12,530			7,579			65.3%
Sugar, Ethanol & Energy			44,531			54,878			(18.9)%			222,813			227,430			(2.0)%
Maintenance			23,422			40,827			(42.6)%			157,573			175,541			(10.2)%
Planting			12,604			26,969			(53.3)%			75,649			101,157			(25.2)%
Industrial & Agricultural Machinery			10,818			13,858			(21.9)%			81,924			74,384			10.1%
Expansion			21,110			14,051			50.2%			65,240			51,889			25.7%
Planting			19,106			11,360			68.2%			57,280			32,117			78.3%
Industrial & Agricultural Machinery			2,004			2,691			(25.5)%			7,960			19,772			(59.7)%
Total			58,130			59,763			(2.7)%			274,170			250,239			9.6%
Total Maintenance Capex			25,650			44,540			(42.4)%			170,103			183,120			(7.1)%
Total Expansion Capex			32,480			15,223			113.4%			104,067			67,119			55.0%

Adecoagro's capital expenditures amounted to $58.1 million in 4Q24, 2.7% lower compared to last year, while in 2024 it reached $274.2 million, marking a 9.6% year-over-year increase.

The Sugar, Ethanol and Energy business accounted for 77% or $44.5 million of total capex in 4Q24, marking a 18.9% year-over-year reduction, whereas on an annual basis it reached $222.8 million, in line with the previous year. Focusing on the annual figures, the 10.2% year-over-year decline in maintenance capex is mainly explained by a reduction in our renewal planting activities on 21,730 hectares being renewed versus 28,083 hectares in 2023. On the other hand, this was partially offset by a 10.1% year-over-year increase in the renewal of our industrial & agricultural machinery as we continue to update our harvesting machinery with two-line harvesters and grunners. Expansion capex, in turn, was 25.7% higher compared to the previous year, reaching $65.2 million. This was mainly explained by the expansion planting activities conducted throughout the year (14,249 hectares planted) as we were able to secure more area at attractive lease rates.

The Farming businesses accounted for 23%, or $13.6 million of total capex in 4Q24, presenting a year-over-year increase of $8.7 million, while on a full-year basis it amounted to $51.4 million, $28.5 million more than the previous year. Higher investments during both periods were mainly driven by growth capex projects including (i) the development of croppable land for our Rice operations; (ii) the third (and final) installment of Viterra's rice mills in Argentina and Uruguay; (iii) the expansion of the drying and storage capacity of our Paso Dragon rice mill; coupled with (iv) the construction of a new warehouse for our dairy products at our Chivilcoy facility.

18

Other Operational & Financial Metrics

2023/24 Harvest Season

FARMING PRODUCTION DATA
Planting & Production			Planted Area (hectares)												2022/23 Harvested Area												Yields (Tons per hectare)
			2023/24			2022/23			Chg %						Hectares			% Harvested			Production						2023/24			2022/23			Chg %
Soybean			64,753			51,944			24.7%						64,753			100.0%			181,702						2.8			1.8			57.3%
Soybean 2nd Crop			23,927			29,827			(19.8)%						23,927			100.0%			52,362						2.2			1.0			109.3%
Corn (1)			57,043			38,575			47.9%						57,043			100.0%			298,969						5.2			4.9			7.7%
Corn 2nd Crop			2,548			2,836			(10.1)%						2,548			100.0%			11,528						4.5			1.7			160.2%
Wheat (2)			28,142			35,789			(21.4)%						28,142			100.0%			88,207						3.1			2.3			34.7%
Sunflower			10,832			18,131			(40.3)%						10,832			100.0%			18,500						1.7			1.8			(4.9)%
Cotton			5,199			10,075			(48.4)%						5,199			100.0%			2,207						0.4			0.6			(31.3)%
Peanut			24,282			19,813			22.6%						24,282			100.0%			87,586						3.6			2.0			81.8%
Other (3)			3,698			2,658			39.1%						3,698			100.0%			2,452
Total Crops			220,425			209,646			5.1%						220,425			100.0%			743,514
Rice			58,452			55,648			5.0%						58,452			100.0%			357,980						6.1			6.4			(3.8)%
Total Farming			278,877			265,294			5.1%						278,877			100.0%			1,101,494
Owned Croppable Area			99,357			97,812			1.6%
Leased Area			153,044			134,820			13.5%
Second Crop Area			26,476			32,662			(18.9)%
Total Farming Area			278,877			265,294			5.1%

(1) Includes sorghum; (2) Includes barley and peas; (3) Includes chia, sesame, potatoes and beans

Our 2023/24 campaign concluded in October 2024, with a total harvested area of 278,877 hectares and a production of over 1.1 million tons of aggregate grains. As previously stated, most of our crops significantly recovered in productivity given the normal weather conditions experienced, as opposed to last year which was affected by La Niña weather event. Nevertheless, we experienced lower-than-expected yields for our late corn production as it was negatively impacted by spiroplasma.

During the second half of 2024, we began our planting activities for the 2024/25 season, which continued throughout early 2025. Our planting plan consists of 305,258 hectares, which represents a 9.5% increase in area compared to the previous season. As of the date of this report, 99.8% of the area has already been seeded.

19

2024/25 Planting Plan

FARMING PLANTING PLAN
Planting			Planted Plan (hectares)												2023/24 Planting Progress
			2024/2025			2023/2024			Chg %						Hectares			% Planted
Soybean			50,920			64,753			(21.4)%						50,920			100.0%
Soybean 2nd Crop			41,499			23,927			73.4%						41,499			100.0%
Corn (1)			44,331			57,043			(22.3)%						44,331			100.0%
Corn 2nd Crop			2,505			2,548			(1.7)%						2,505			100.0%
Wheat (2)			47,818			28,142			69.9%						47,818			100.0%
Sunflower			12,614			10,832			16.5%						12,614			100.0%
Cotton			4,890			5,199			(5.9)%						4,890			100.0%
Peanut			25,353			24,282			4.4%						25,353			100.0%
Other (3)			10,850			3,698			193.4%						10,371			95.6%
Total Crops			240,781			220,425			9.2%						240,302			99.8%
Rice			64,477			58,452			10.3%						64,477			100.0%
Total Farming			305,258			278,877			9.5%						304,780			99.8%
Owned Croppable Area			99,036			99,357			(0.3)%
Leased Area			162,218			153,044			6.0%
Second Crop Area			44,004			26,476			66.2%
Total Farming Area			305,258			278,877			9.5%

(1) Includes sorghum; (2) Includes barley and peas; (3) Includes chia, sesame, potatoes and beans

Planting Plan Update

Due to normal weather experienced during the first half of 2024, we saw an improvement in soil moisture conditions in Argentina, which in turn, enabled us to increase our wheat area in the Northern region of the country. Planting activities for our summer crops were conducted under good conditions. However, weather in South America shifted to a moderate-to-weak "La Niña" (below average precipitations) by 2024 year-end, which continued during January 2025. In anticipation for this, we designed our planting plan in order to increase our exposure to crops that are more resilient to low rainfalls, such as soybean, while we reduced our late corn production given the spiroplasma event in the prior campaign. Despite the combination of high temperatures and lower-than-average rainfalls experienced during this period, precipitations received by the end of January and throughout February enabled our crop production to continue with its normal course of development. The evolution of weather in the upcoming weeks will be key as most of our crops are undergoing their yield definition phase.

Soybean 1st crop: We successfully planted 50,920 hectares of soybean. Although planting activities were carried out under normal soil moisture conditions in all areas, weather evolved differently across regions. By late January, the center area of Argentina received good precipitation, while the high temperatures registered and the reduction in precipitation in the Northern region led to a slight reduction in yields versus budget. Rainfall in the upcoming weeks will be necessary as yields are currently being defined. Overall, we

20

expect yields to be in line with historical.

Corn: 44,331 hectares of corn have been successfully planted, marking a 22.3% decrease compared to the 2023/24 harvest season. The reduction in corn area was mainly explained by (i) our agronomic decision to reduce our late corn production due to the spiroplasma event experienced the prior year; coupled with (ii) our strategy of switching to crops that are more resilient to dry weather, such as soybean. Despite this, yields for our early corn saw a slight decline versus our initial expectations as these are defined in December-January, when the weather was the driest. We are entering into the critical period of yield definition for our late corn, reason why rains will be necessary in the upcoming weeks. On a consolidated basis, we expect a year-over-year improvement in our corn yields.

Peanut: We have completed planting activities for all 25,353 hectares planned. The farms where our peanut production is concentrated received enough precipitation since the beginning of the season, allowing for a normal crop development. Despite the high temperatures registered, we are forecasting yields to be in line with historical average. Rains will be necessary during the next weeks as yields are being defined.

Sunflower: We concluded planting activities for sunflower, which represents 12,614 hectares of our total planting plan. We are forecasting yields to be in line with historical average due to a normal development of the crop.

Wheat: Planting activities for wheat are carried out during the South American winter and harvesting activities are completed during the summertime. In this line, 47,818 hectares of wheat, which also includes other winter crops such as barley and peas, have been planted and harvested. Despite presenting a year-over-year increase in planted area, our average yield was down to 2.5 ton/ha (versus 3.1 ton/ha during the prior campaign) driven by the aforementioned dry weather, which negatively impacted crop productivity.

Rice: All 64,477 hectares of the 2024/25 campaign have been seeded, while our water reservoirs remained full as a consequence of the rainfalls received throughout the year. In the case of Rice, as long as water availability is enough to conduct irrigation activities, dry and sunny weather is excellent for its development. Harvesting activities are on its way, and we are forecasting a significant improvement in yields versus the prior campaigns.

21

Inventories

END OF PERIOD INVENTORIES
						Volume												thousand $
Product			Metric			4Q24			4Q23			% Chg						4Q24			4Q23			% Chg
Soybean			tons			9,430			8,897			6.0%						2,393			2,902			(17.6)%
Corn (1)			tons			21,807			16,183			34.8%						3,448			3,034			13.6%
Wheat (2)			tons			86,354			60,934			41.7%						15,400			13,097			17.6%
Sunflower			tons			1,920			2,540			(24.4)%						1,047			1,048			(0.1)%
Cotton			tons			1,832			2,289			(20.0)%						2,401			863			178.3%
Rice (3)			tons			76,965			31,517			144.2%						32,624			9,314			250.3%
Peanut			tons			14,122			11,096			27.3%						14,543			10,563			37.7%
Organic Sugar			tons			—			1,834			(100.0)%						—			852			(100.0)%
Sugar			tons			61,514			76,691			(19.8)%						20,581			29,337			(29.8)%
Ethanol			m3			165,736			186,699			(11.2)%						72,795			95,918			(24.1)%
Hydrous Ethanol			m3			154,093			135,790			13.5%						67,442			68,502			(1.5)%
Anhydrous Ethanol			m3			11,643			50,910			(77.1)%						5,353			27,416			(80.5)%
Fluid Milk			Th Lts			9,342			5,215			79.1%						6,309			2,381			165.0%
Powder Milk			tons			2,413			2,258			6.9%						8,929			6,459			38.2%
Cheese			tons			679			370			83.4%						3,114			1,260			147.2%
Butter			tons			345			140			147.3%						2,179			370			488.9%
Cbios			units			123,633			37,232			232.1%						1,211			746			62.3%
Fuel			m3			48			262			(81.6)%						37			278			(86.7)%
Others			tons			1,664			2,755			(39.6)%						1,142			1,901			(39.9)%
Total						577,804			446,913			29.3%						188,154			180,322			4.3%

(1) Includes sorghum; (2) Includes barley: (3) Expressed in white rice equivalent

22

Adecoagro’s financial performance is affected by the volatile price environment inherent in agricultural commodities. The company uses forward and derivative markets to mitigate swings in commodity prices and stabilize cash flows.

The table below shows the average selling price of our hedged production volumes, including volumes that have already been invoiced and delivered, forward contracts with fixed-price and volumes hedged through derivative instruments.

COMMODITY HEDGE POSITION - As of December 31, 2024
						Consolidated Hedge Position
Crops									Avg. FAS Price			CBOT FOB
						Volume			USD/Ton			USD/Bu			Hedge (%)
2023/2024 Harvest season
Soybeans (tons)						199,224			316.7			1,275.6			97%
Corn (tons)						248,299			178.0			572.1			99%
Wheat (tons)						66,433			228.3			732.2			100%
2024/2025 Harvest season
Soybeans (tons)						62,600			295.5			1,199.0			28%
Corn (tons)						57,500			179.1			575.1			23%
Wheat (tons)						52,964			222.5			720.7			61%
						Consolidated Hedge Position
Sugar, Ethanol & Energy						Avg. FOB Price			ICE FOB
						Volume			USD/Unit			Cents/Lb			Hedge (%)
2024 FY
Sugar (tons)						710,259			503.3			22.8			85%
Ethanol (m3)						—			—			—			—%
Energy (MW/h) (1)			811,721			40.6			n.a.			100%
2025 FY
Sugar (tons)						96,825			456.1			20.7			12%
Ethanol (m3)						—			—			—
Energy (MW/h) (1)			574,979			43.5			n.a			72%

(1) Energy prices in 2024 and 2025 were converted to USD at an exchange rate of BRL/USD 5.39 and BRL/USD 5.80, respectively.

23

4Q24 Market Highlights

◦Sugar prices experienced a downward trend during 4Q24 mainly due to a larger-than-expected production from Brazil's Center-South region, together with India resuming sugar exports. As a result, funds increased their short position reaching its biggest one since 2019, adding to more volatility in prices. Nevertheless, the global trade balance continues to show a deficit, while the stock-to-use ratio in many importing countries remains low. Future prices will largely depend on the production size of the upcoming season, and therefore how weather evolves in Brazil during summertime. It is expected that Brazil's harvest season will start later than usual in order to allow for the cane to recover, which means production will lag behind last year, creating uncertainty in the near term about the crop size.

◦The Brazilian ethanol market experienced significant growth during 4Q24. According to the ESALQ index, both hydrous and anhydrous ethanol prices increased by 24% and 22%, respectively, compared to 4Q23. As reported by UNICA (Brazil’s sugarcane industry association), total ethanol sales in 4Q24 were 3% higher year-over-year, driven by greater competitiveness against gasoline at the pump and a larger market share in the Otto Cycle. Consequently, domestic hydrous ethanol sales saw a remarkable 28% increase during 2024 versus the previous year. In terms of outlook, the recovery in ethanol prices continues to be supported by (i) a low stock-to-use ratio; (ii) no new supply of cane ethanol until March-April, when most mills resume operations; coupled with (iii) the change in ICMS tax on gasoline during February.

◦Brazil's carbon credit market under the RenovaBio program presented a 30% year-over-year decrease in prices during 4Q24, reaching an average of 80 BRL/CBio (approximately 14 USD/CBio) versus 114 BRL/CBio in 4Q23.

◦In 4Q24, energy spot prices in the southeast region of Brazil were almost three times higher year-over-year and 79% higher compared to 3Q24. The peak in prices was mainly seen in October due to the high temperatures which led to more energy being consumed, while the southeast reservoirs levels remained mostly unchanged (from 46% to 51% in December).

◦During 4Q24, soybean traded 3% lower at CBOT compared to 3Q24, while corn traded 1% down. The quarter-over-quarter decrease was mainly driven by (i) USA increasing stocks after a solid harvest; (ii) higher production expected in Argentina and Brazil; and (iii) no major changes in global demand. At the local market, prices traded 10% lower for soybean and 4% lower for corn compared to 3Q24. Local prices were less resilient due to good precipitations received during November. By beginning of 2025, prices significantly increased due to the dry weather experienced throughout January, coupled with the reduction of export taxes announced by the national government.

◦During 4Q24, all rice varieties and origins experienced a decline in prices as India (largest rice producer and exporter in the world) lifted the export ban for long grain white rice and started to divert its stocks to the market. Consequently, other Asian origins had to revise its prices in order to compete with Indian supply (which was offered at ∼$450/ton). In South America, planted area for the 2024/25 harvest season increased by 10% compared to the prior year. Planting pace was favorable and weather forecasts called for a "La Niña" event, which normally favors rice development. Thus, prices experienced a downward pressure.

◦International dairy prices continued its recovery trend throughout the period due to (i) more demand from Asia and China; and (ii) less supply available from South America (mainly Argentina and Uruguay).

24

Moreover, raw milk prices in Argentina remained firm at $0,42/liter driven by (i) lower milk production in 2024 compared to the previous year, and (ii) drier and warmer weather in Argentina and Uruguay during summertime. Thus, competition for raw milk sourcing during the high season of production remained strong.

25

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; (v) the correlation between petroleum, ethanol and sugar prices; (vi) our plans relating to acquisitions, joint ventures, strategic alliances or divestitures, and to consolidate our position in different businesses; (vii) the efficiencies, cost savings and competitive advantages resulting from acquisitions; (viii) the implementation of our financing strategy, capital expenditure plan and expected shareholder distributions; (ix) the maintenance of our relationships with customers; (x) the competitive nature of the industries in which we operate; (xi) the cost and availability of financing; (xii) future demand for the commodities we produce; (xiii) international prices for commodities; (xiv) the condition of our land holdings; (xv) the development of the logistics and infrastructure for transportation of our products in the countries where we operate; (xvi) the performance of the South American and world economies; (xvii) the relative value of the Brazilian Reais, the Argentine Peso, and the Uruguayan Peso compared to other currencies; and (xviii) the proposed tender offer by Tether.

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 relate 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.

No Offer or Solicitation; Additional Information and Where to Find It

The tender offer referenced in this press release has not yet commenced. This announcement is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell securities. The solicitation and offer to buy the Company’s securities will only be made pursuant to an Offer to Purchase and related tender offer materials. At the time the tender offer is commenced, Tether will be required to file a tender offer statement on Schedule TO and thereafter the Company will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. THE TENDER OFFER MATERIALS (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 WILL CONTAIN IMPORTANT INFORMATION. THE COMPANY’S STOCKHOLDERS ARE URGED TO READ THESE DOCUMENTS CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION THAT HOLDERS OF THE COMPANY’S SECURITIES SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING TENDERING THEIR SECURITIES. These materials will be made available to the Company’s stockholders at no expense to them. The tender offer materials and the Solicitation/Recommendation Statement will be made available for free at the SEC's website at www.sec.gov. Copies of the documents filed by the Company with the SEC by will be available free of charge on the Company’s internet website at www.adecoagro.com or by contacting the Company’s investor relations department at ir@adecoagro.com.

26

Reconciliation of Non-IFRS measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with IFRS, we use the following non-IFRS financial measures in this press release:

•Adjusted EBITDA

•Adjusted EBIT

•Adjusted EBITDA margin

•Net Debt

•Net Debt to Adjusted EBITDA

•Adjusted Net Income

•Adjusted Free Cash Flow from Operations

•Adjusted Free Cash Flow

In this section, we provide an explanation and a reconciliation of each of our non-IFRS financial measures to their most directly comparable IFRS measures. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS.

We believe these non-IFRS financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management for financial and operational decision making.

There are limitations associated with the use of non-IFRS financial measures as an analytical tool. In particular, many of the adjustments to our IFRS financial measures reflect the exclusion of items, such as depreciation and amortization, changes in fair value, the related income tax effects of the aforementioned exclusions and exchange differences generated by the net liability monetary position in USD in the countries where the functional currency is the local currency, that are recurring and will be reflected in our financial results for the foreseeable future. In addition, these measures may be different from non-IFRS financial measures used by other companies, limiting their usefulness for comparison purposes.

Adjusted EBITDA & Adjusted EBIT

Adjusted Consolidated EBITDA equals the sum of our Adjusted Segment EBITDA for each of our operating segments. Effective for the third quarter ended September 30, 2024, we changed our definition of Adjusted Consolidated EBITDA and Adjusted Segment EBITDA to exclude any charges related to impairments. We did not have any impairment or disposal charges for any of the previous periods presented.

We define “Adjusted Consolidated EBITDA” as (i) consolidated net profit (loss) for the year, as applicable, before interest expense, income taxes, depreciation of property, plant and equipment and amortization of intangible assets, net gain or loss from fair value adjustments of investment property land, foreign exchange gains or losses, other net financial results and bargain purchase gain on acquisition and any charges related to impairments (ii) adjusted by those items, that do not impact profit and loss, but are recorded directly in shareholders’ equity, including (a) the gains or losses from disposals of noncontrolling interests in subsidiaries whose main underlying asset is farmland, reflected under the line item: "Reserve from the sale of noncontrolling interests in subsidiaries” and (b) the net increase in value of sold farmland, which has been recognized in either revaluation surplus or retained earnings; and (iii) net of the combined effect of the application of IAS 29 and IAS 21 from the Argentine operations included in profit from operations.

We believe that Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are important measures of operating performance for our company and each operating segment, respectively, because they allow investors 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), bargain purchase gain, any charges related to impairments, foreign exchange gains or losses and other financial results. In addition, by including the gains or losses from disposals of noncontrolling interests in subsidiaries whose main underlying asset is farmland, investors can also evaluate and compare the full value and returns generated by our land transformation activities. Other companies may calculate Adjusted Consolidated EBITDA and Adjusted Segment EBITDA differently, and therefore our Adjusted Consolidated EBITDA and Adjusted Segment EBITDA may not be comparable to similar measures used by other companies. Adjusted Consolidated EBITDA and Adjusted Segment EBITDA

27

are not 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, segment profit from operations and other measures determined in accordance with IFRS. Items excluded from Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are significant and necessary components to the operations of our business, and, therefore, Adjusted Consolidated EBITDA and Adjusted Segment EBITDA should only be used as a supplemental measure of our company’s operating performance, and of each of our operating segments, respectively. We also believe Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are useful for securities analysts, investors and others to evaluate and compare the financial performance of our company and other companies in the agricultural industry. These non-IFRS measures should be considered in addition to, but not as a substitute for or superior to, the information contained in either our statements of income or segment information.

Our Adjusted Consolidated EBIT equals the sum of our Adjusted Segment EBITs for each of our operating segments. Effective for the third quarter ended September 30, 2024, we changed our definition of Adjusted Consolidated EBIT and Adjusted Segment EBIT to exclude any charges related to impairments. We did not have any impairment or disposal charges for any of the previous periods presented.

We define “Adjusted Consolidated EBIT” as (i) consolidated net profit (loss) for the year, as applicable, before interest expense, income taxes, net gain from fair value adjustments of investment property land, foreign exchange gains or losses, other net financial results, bargain purchase gain on acquisition and any charges related to impairments (ii) adjusted by those items, that do not impact profit and loss, but are recorded directly in shareholders’ equity, including (a) the gains or losses from disposals of noncontrolling interests in subsidiaries whose main underlying asset is farmland, reflected under the line item: "Reserve from the sale of noncontrolling interests in subsidiaries” and (b) the net increase in value of sold farmland, which has been recognized in either revaluation surplus or retained earnings; and (iii) net of the combined effect of the application of IAS 29 and IAS 21 from the Argentine operations included in profit from operations.

We believe that Adjusted Consolidated EBIT and Adjusted Segment EBIT are important measures of operating performance, for our company and each operating segment, respectively, because they allow investors to evaluate and compare our consolidated operating results and to evaluate and compare the operating performance of our segments, from period to period by including the impact of depreciable fixed assets and removing the impact of our capital structure (interest expense from our outstanding debt), tax consequences (income taxes), foreign exchange gains or losses and other financial results. In addition, by including the gains or losses from disposals of noncontrolling interests in subsidiaries whose main underlying asset is farmland and also the sale of farmlands, and impairments, investors can evaluate the full value and returns generated by our land transformation activities. Other companies may calculate Adjusted Consolidated EBIT and Adjusted Segment EBIT differently, and therefore our Adjusted Consolidated EBIT and Adjusted Segment EBIT may not be comparable to similar measures used by other companies. Adjusted Consolidated EBIT and Adjusted Segment EBIT are not 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, segment profit from operations and other measures determined in accordance with IFRS. Items excluded from Adjusted Consolidated EBIT and Adjusted Segment EBIT are significant and necessary components to the operations of our business, and, therefore, Adjusted Consolidated EBIT and Adjusted Segment EBIT should only be used as a supplemental measure of the operating performance of our company, and of each of our operating segments, respectively.

Reconciliation of both Adjusted EBITDA and Adjusted EBIT starts on page 32.

Net Debt & Net Debt to Adjusted EBITDA

Net debt is defined as the sum of non-current and current borrowings less cash and cash equivalents and short-term investments (namely US-Treasury Bills use as collateral of short-term borrowings). This measure is widely used by management. Management is consistently tracking our leverage position and our ability to repay and service our debt obligations over time. We have therefore set a leverage ratio target that is measured by net debt divided by Adjusted Consolidated EBITDA.

We believe that the ratio net debt to Adjusted Consolidated EBITDA provides useful information to investors because management uses it to manage our debt-equity ratio in order to promote access to capital markets and our ability to meet scheduled debt service obligations.

28

RECONCILIATION - NET DEBT
$ thousands			4Q24			3Q24			Chg %			4Q23			Chg %
Total Borrowings			779,556			859,424			(9.3)%			904,949			(13.9)%
Cash and Cash equivalents			211,244			198,255			6.6%			339,781			(37.8)%
Short-term investments			46,097			15,351			200.3%			62,637			(26.4)%
Net Debt			522,215			645,818			(19.1)%			502,531			3.9%

Adjusted Net Income

Effective for the third quarter ended September 30, 2024, we changed our definition of Adjusted Net Income to exclude any charges related to impairments. We did not have any impairment or disposal charges for any of the previous periods presented.

We define Adjusted Net Income as (i) profit / (loss) of the period/year before net gain / (losses) from fair value adjustments of investment property land, bargain purchase gain on acquisition and any impairment; plus (ii) any non-cash finance costs resulting from foreign exchange gain/losses for such period, which are composed by both exchange differences and cash flow hedge transfer from equity, included in Financial Results, net, in our statement of income; net of the related income tax effects, plus (iii) gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland, which are reflected in our shareholders’ equity under the line item “Reserve from the sale of non-controlling interests in subsidiaries” if any, plus (iv) the reversal of the aforementioned income tax effect, plus (v) inflation accounting effect; plus (vi) the net increase in value of sold farmland, which has been recognized in either revaluation surplus or retained earnings, if any.

We believe that Adjusted Net Income is an important measure of performance for our company allowing investors to properly assess the impact of the results of our operations in our equity. In fact, results arising from the revaluation effect of our net monetary position held in foreign currency in the countries where our functional currency is the local currency do not affect the equity of the Company, when measured in foreign / reporting currency. Conversely, the tax effect resulting from the aforementioned revaluation effect does impact the equity of the Company, since it reduces/increases the income tax to be paid in each country. Accordingly we have added back the income tax effect to Adjusted Net Income.

In addition, by including the gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland, investors can also include the full value and returns generated by our land transformation activities.

Other companies may calculate Adjusted Net Income differently, and therefore our Adjusted Net Income may not be comparable to similar measures used by other companies. Adjusted Net Income is not a measure of financial performance under IFRS, and should not be considered in isolation or as an alternative to consolidated net profit (loss). This non-IFRS measure should be considered in addition to, but not as a substitute for or superior to, the information contained in our financial statements.

ADJUSTED NET INCOME
$ thousands			4Q24			4Q23			Chg %			12M24			12M23			Chg %
Profit for the period			16,178			82,209			(80.3)%			92,101			226,721			(59.4)%
Foreign exchange losses/(gains), net			32,518			(56,976)			n.a.			37,569			(90,930)			n.a
Cash flow hedge - transfer from equity			426			(6,358)			n.a			28,650			36,863			(22.3)%
Inflation accounting effects			(4,332)			(23,744)			n.a			(2,421)			(28,816)			n.a
Net results from Fair Value adjustment of Investment Property			891			(11,533)			n.a			23,375			(10,620)			n.a
Impairments of assets destroyed by fire			223			—			n.m.			14,259			—			n.m.
Revaluation surplus of farmland sold			—			—			n.m.			9,024			20,245			(55.4)%
Adjusted Net Income			45,904			(16,402)			n.a			202,557			153,463			32.0%

Adjusted Free Cash Flow and Adjusted Free Cash Flow from Operations

We believe that the measures of Adjusted Free Cash Flow and Adjusted Free Cash Flow from Operations are important measures of liquidity that enable investors to draw important comparisons year to year of the amount of cash generated by the Company’s

29

principal business and financing activities, which includes the cash generated from our land transformation activities, after paying for recurrent items, including interest, taxes and maintenance capital expenditures.

We define Adjusted Free Cash Flow as the aggregate of (i) net cash generated from operating activities net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine operations, (ii) net cash used in investing activities net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine operations -excluding the net of the combined effect in other financial income-, less (iii) interest paid net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine operations, plus (iv) proceeds from the sale of non-controlling interest in farming subsidiaries; less (v) lease payments; less (vi) dividends paid to noncontrolling interest, plus (vii) the net of acquisition/disposal of short-term investments net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine operations, and less (viii) other financial income derived from gains on bond arbitrage transactions. We define Adjusted Free Cash Flow from Operations as the aggregate of (i) net cash generated from operating activities net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine operations, (ii) net cash used in investing activities net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine operations -excluding the net of the combined effect in other financial income-, less (iii) interest paid net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine operations, plus (iv) proceeds from the sale of noncontrolling interest in subsidiaries; less (v) lease payments; less (vi) dividends paid to noncontrolling interest, plus (vii) the net acquisition/disposal of short-term investment net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine operations, plus (viii) expansion capital expenditures, less (ix) other financial income derived from gains on bond arbitrage transactions.

Expansion capex is defined as the required investment to expand current production capacity including organic growth, joint ventures and acquisitions. We define maintenance capital expenditures ("maintenance capex") as the necessary investments in order to maintain the current level of productivity both at an agricultural and at an industrial level. Proceeds from the sale of non-controlling interest in farming subsidiaries is a measure of the cash generated from our land transformation activities that is included under cash from financing activities pursuant to IFRS.

We believe Adjusted Free Cash Flow is an important liquidity measure for the Company because it allows investors and others to evaluate and compare the amount of cash generated by the Company business and financing activities to undertake growth investments, to fund acquisitions, to reduce outstanding financial debt and to provide a return to shareholders in the form of dividends and/or share repurchases, among other things.

We believe Adjusted Free Cash Flow from Operations is an additional important liquidity metric for the Company because it allows investors and others to evaluate and compare the total amount of cash generated by the Company's business and financing activities after paying for recurrent items including interest, taxes and maintenance capex. We believed this metric is relevant in evaluating the overall performance of our business.

Other companies may calculate Adjusted Free Cash Flow and Adjusted Free Cash Flow from Operations differently, and therefore our formulation may not be comparable to similarly titled measures used by other companies. Adjusted Free Cash Flow and Adjusted Free Cash Flow from Operations are not measures of liquidity under IFRS, and should not be considered in isolation or as an alternative to consolidated cash flows from operating activities, net increase (decrease) in cash and cash equivalents and other measures determined in accordance with IFRS.

ADJUSTED FREE CASH FLOW SUMMARY
$ thousands			2024						2023						Chg %
Net cash generated from operating activities (1)			431,128						451,290						(4.5)%
Net cash used in investing activities(1)			(224,292)						(100,917)						n.a.
Interest paid(1)			(34,024)						(47,223)						n.a.
Expansion capex reversal			104,067						67,119						55.0%
Lease payments			(98,478)						(104,097)						n.a.
Dividends paid to non-controlling interest			(736)						—						n.a
Other financial income(1)			(238)						(54,687)						n.a.
Short-term investments			(16,544)						(35,610)						n.a.
Adjusted Free Cash Flow from Operations (NCFO)(2)			160,883						175,874						(8.5)%
Expansion Capex			(104,067)						(67,119)						n.a.
Adjusted Free Cash Flow(2)			56,816						108,756						(47.8)%

(1) Net of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries; (2) Please refer to "Reconciliation of Non-IFRS measures" starting on page 27 for a definition of Adjusted Free Cash Flow from Operations and Adjusted Free Cash Flow.

30

RECONCILIATION - ADJUSTED FREE CASH FLOW
$ thousands			2024						2023						Chg %
Net increase/(decrease) in cash and cash equivalents			(177,234)						114,612						n.a.
Interest paid			(24,629)						(55,476)						n.a.
Lease payments			(98,478)						(104,097)						n.a.
Dividends paid to non-controlling interest			(736)						—						n.a.
Restricted short-term investments			(14,510)						(35,610)						n.a.
Cash flow from financing activities			274,000						208,743						31.3%
Other financial income			(238)						(54,687)						n.a.
IAS 29 & IAS 21 Effect for Investing Activities			7,273						10,635						(31.6)%
IAS 29 & IAS 21 Effect for Operating Activities			102,797						16,383						527.5%
IAS 29 & IAS 21 Effect for Acquisition of Short-term Investments			(2,034)						—						n.a.
IAS 29 & IAS 21 Effect for Interest Paid			(9,395)						8,253						n.a.
Adjusted Free Cash Flow			56,816						108,756						(47.8)%

RECONCILIATION - ADJUSTED FREE CASH FLOW FROM OPERATIONS
$ thousands			2024						2023						Chg %
Net increase/(decrease) in cash and cash equivalents			(177,234)						114,612						n.a.
Expansion Capex			104,067						67,119						55.0%
Interest Paid			(24,629)						(55,476)						n.a.
Lease Payments			(98,478)						(104,097)						n.a.
Dividends paid to non-controlling interest			(736)						—						n.a.
Restricted short-term investments			(14,510)						(35,610)						n.a.
Cash flow from financing activities			274,000						208,743						31.3%
Other financial income			(238)						(54,687)						n.a.
IAS 29 & IAS 21 Effect for Investing Activities			7,273						10,635						(31.6)%
IAS 29 & IAS 21 Effect for Operating Activities			102,797						16,383						527.5%
IAS 29 & IAS 21 Effect for Acquisition of Short-term Investments			(2,034)						—						n.a.
IAS 29 & IAS 21 Effect for Interest Paid			(9,395)						8,253						n.a.
Adjusted Free Cash Flow from operations (NCFO)			160,883						175,874						(8.5)%

31

ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 4Q24
$ thousands						Crops			Rice			Dairy						Farming						Sugar, Ethanol & Energy												Corporate						Total
Sales of goods and services rendered						61,063			49,163			74,850						185,076						183,303												—						368,379
Cost of goods sold and services rendered						(54,685)			(50,788)			(66,916)						(172,389)						(120,696)												—						(293,085)
Initial recog. and changes in FV of BA and agricultural produce						(607)			13,853			7,878						21,124						(365)												—						20,759
Gain from changes in NRV of agricultural produce after harvest						(2,197)			(6,614)			—						(8,811)						14												—						(8,797)
Margin on Manufacturing and Agricultural Act. Before Opex						3,574			5,614			15,812						25,000						62,256												—						87,256
General and administrative expenses						(2,427)			(5,634)			(3,498)						(11,559)						(6,815)												(5,698)						(24,072)
Selling expenses						(4,034)			(6,265)			(8,490)						(18,789)						(17,920)												(578)						(37,287)
Other operating income, net						54			275			634						963						20,743												22						21,728
Profit from Operations Before Financing and Taxation						(2,833)			(6,010)			4,458						(4,385)						58,264												(6,254)						47,625
Net results from Fair value adjustment of Investment property						—			537			—						537						—												—						537
Adjusted EBIT						(2,833)			(5,473)			4,458						(3,848)						58,264												(6,254)						48,162
(-) Depreciation and Amortization						(363)			4,259			3,761						7,657						47,025												406						55,088
Adjusted EBITDA						(3,196)			(1,214)			8,219						3,809						105,289												(5,848)						103,250
Reconciliation to Profit/(Loss)
Adjusted EBITDA																																										103,250
(+) Depreciation and Amortization																																										(55,088)
(+) Financial result, net																																										(48,403)
(+) Net results from Fair value adjustment of Investment property																																										(537)
(+) Income Tax (Charge)/Benefit																																										17,035
(+) Translation Effect (IAS 21)																																										(79)
Profit/(Loss) for the Period																																										16,178

32

ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 4Q23
$ thousands						Crops			Rice			Dairy						Farming						Sugar, Ethanol & Energy												Corporate						Total
Sales of goods and services rendered						46,071			60,231			54,791						161,093						239,046												—						400,139
Cost of goods sold and services rendered						(38,523)			(38,131)			(49,013)						(125,667)						(180,467)												—						(306,134)
Initial recog. and changes in FV of BA and agricultural produce						(7,036)			(9,476)			4,184						(12,328)						(3,521)												—						(15,849)
Gain from changes in NRV of agricultural produce after harvest						3,067			—			—						3,067						11												—						3,078
Margin on Manufacturing and Agricultural Act. Before Opex						3,579			12,624			9,962						26,165						55,069												—						81,234
General and administrative expenses						(2,194)			(4,583)			(3,029)						(9,806)						(7,363)												(5,411)						(22,580)
Selling expenses						(5,073)			(7,948)			(6,000)						(19,021)						(25,563)												(197)						(44,781)
Other operating income, net						12,482			4,674			2,098						19,254						19,506												(245)						38,515
Profit from Operations Before Financing and Taxation						8,794			4,767			3,031						16,592						41,649												(5,853)						52,388
Net results from Fair value adjustment of Investment property						(11,192)			(1,283)			—						(12,475)						—												—						(12,475)
Adjusted EBIT						(2,398)			3,484			3,031						4,117						41,649												(5,853)						39,913
(-) Depreciation and Amortization						2,094			4,704			2,899						9,697						45,827												326						55,850
Adjusted EBITDA						(304)			8,188			5,930						13,814						87,476												(5,527)						95,763
Reconciliation to Profit/(Loss)
Adjusted EBITDA																																										95,763
(+) Depreciation and Amortization																																										(55,850)
(+) Financial result, net																																										70,616
(+) Net results from Fair value adjustment of Investment property																																										12,475
(+) Income Tax (Charge)/Benefit																																										(26,899)
(+) Translation Effect (IAS 21)																																										(13,896)
Profit/(Loss) for the Period																																										82,209

33

ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 12M24
$ thousands						Crops			Rice			Dairy						Farming						Sugar, Ethanol & Energy												Corporate						Total
Sales of goods and services rendered						236,128			248,198			284,098						768,424						707,954												—						1,476,378
Cost of goods sold and services rendered						(213,909)			(208,266)			(241,770)						(663,945)						(498,840)												—						(1,162,785)
Initial recog. and changes in FV of BA and agricultural produce						28,347			45,780			14,539						88,666						41,166												—						129,832
Gain from changes in NRV of agricultural produce after harvest						(19,780)			(6,614)			—						(26,394)						554												—						(25,840)
Margin on Manufacturing and Agricultural Act. Before Opex						30,786			79,098			56,867						166,751						250,834												—						417,585
General and administrative expenses						(18,622)			(17,025)			(11,769)						(47,416)						(25,179)												(25,452)						(98,047)
Selling expenses						(17,240)			(30,771)			(27,678)						(75,689)						(73,804)												736						(148,757)
Other operating income, net						(5,304)			(14,052)			4,084						(15,272)						23,303												294						8,325
Profit from Operations Before Financing and Taxation						(10,380)			17,250			21,504						28,374						175,154												(24,422)						179,106
Net results from Fair value adjustment of Investment property						588			18,137			—						18,725						—												—						18,725
Transfer of revaluation surplus derived from the disposals of assets						9,024			—			—						9,024						—												—						9,024
Impairment of assets destroyed by fire						14,162			—			—						14,162						—												—						14,162
Adjusted EBIT						13,394			35,387			21,504						70,285						175,154												(24,422)						221,017
(-) Depreciation and Amortization						5,698			14,798			12,219						32,715						189,006												1,523						223,244
Adjusted EBITDA						19,092			50,185			33,723						103,000						364,160												(22,899)						444,261
Reconciliation to Profit/(Loss)
Adjusted EBITDA																																										444,261
(+) Depreciation and Amortization																																										(223,244)
(+) Financial result, net																																										(147,212)
(+) Net results from Fair value adjustment of Investment property																																										(18,725)
(+) Income Tax (Charge)/Benefit																																										57,015
(+) Revaluation surplus of farmland sold																																										(9,024)
(+) Impairment of assets destroyed by fire																																										(14,162)
(+) Translation Effect (IAS 21)																																										3,192
Profit/(Loss) for the Period																																										92,101

34

ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 12M23
$ thousands						Crops			Rice			Dairy						Farming						Sugar, Ethanol & Energy												Corporate						Total
Sales of goods and services rendered						216,912			256,347			246,875						720,134						722,307												—						1,442,441
Cost of goods sold and services rendered						(188,954)			(178,322)			(209,362)						(576,638)						(504,570)												—						(1,081,208)
Initial recog. and changes in FV of BA and agricultural produce						(4,862)			(2,488)			14,086						6,736						94,436												—						101,172
Gain from changes in NRV of agricultural produce after harvest						2,730			—			—						2,730						(156)												—						2,574
Margin on Manufacturing and Agricultural Act. Before Opex						25,826			75,537			51,599						152,962						312,017												—						464,979
General and administrative expenses						(14,779)			(15,709)			(10,411)						(40,899)						(25,591)												(23,061)						(89,551)
Selling expenses						(22,450)			(33,407)			(25,488)						(81,345)						(69,155)												(305)						(150,805)
Other operating income, net						20,006			7,470			1,872						29,348						2,463												(309)						31,502
Profit from Operations Before Financing and Taxation						8,603			33,891			17,572						60,066						219,734												(23,675)						256,125
Net results from Fair value adjustment of Investment property						(10,199)			(1,176)			—						(11,375)						—												—						(11,375)
Transfer of revaluation surplus derived from the disposals of assets						20,245			—			—						20,245						—												—						20,245
Adjusted EBIT						18,649			32,715			17,572						68,936						219,734												(23,675)						264,995
(-) Depreciation and Amortization						8,330			15,154			10,913						34,397						175,903												1,275						211,575
Adjusted EBITDA						26,979			47,869			28,485						103,333						395,637												(22,400)						476,570
Reconciliation to Profit/(Loss)
Adjusted EBITDA																																										476,570
(+) Depreciation and Amortization																																										(211,575)
(+) Financial result, net																																										63,829
(+) Net results from Fair value adjustment of Investment property																																										11,375
(+) Income Tax (Charge)/Benefit																																										(78,673)
(+) Transfer of revaluation surplus derived from the disposals of assets																																										(20,245)
(+) Translation Effect (IAS 21)																																										(14,560)
Profit/(Loss) for the Period																																										226,721

35

Condensed Consolidated Interim Financial Statments

Statement of Income
$ thousands			4Q24			4Q23			Chg %			12M24			12M23			Chg %
Revenue			374,220			263,946			41.8%			1,518,907			1,298,871			16.9%
Cost of revenue			(297,905)			(203,509)			46.4%			(1,198,715)			(973,180)			23.2%
Initial recognition and Changes in fair value of biological assets and agricultural produce			21,779			(28,150)			(177.4)%			143,081			87,858			62.9%
Changes in net realizable value of agricultural produce after harvest			(8,984)			2,237			n . a			(28,437)			1,838			n . a
Margin on Manufacturing and Agricultural Activities Before Operating Expenses			89,110			34,524			158.1%			434,836			415,387			4.7%
General and administrative expenses			(24,922)			(4,326)			476.1%			(103,880)			(70,320)			47.7%
Selling expenses			(37,971)			(24,222)			56.8%			(153,482)			(129,092)			18.9%
Other operating income, net			21,329			32,517			(34.4)%			4,824			25,590			(81.1)%
Profit from operations			47,546			38,493			23.5%			182,298			241,565			(24.5)%
Finance income			7,644			51,317			(85.1)%			16,808			157,100			(89.3)%
Finance costs			(60,379)			(4,446)			1,258.1%			(166,441)			(122,087)			36.3%
Other financial results - Net gain / (loss) of inflation effects on the monetary items			4,332			23,744			n .a			2,421			28,816			n .a
Financial results, net			(48,403)			70,615			(168.5)%			(147,212)			63,829			(330.6)%
Profit before income tax			(857)			109,108			(100.8)%			35,086			305,394			(88.5)%
Income tax			17,035			(26,899)			(163.3)%			57,015			(78,673)			(172.5)%
Profit for the period			16,178			82,209			(80.3)%			92,101			226,721			(59.4)%

36

Statement of Cashflows
$ thousands						4Q24			4Q23			Chg %			12M24			12M23			Chg %
Cash flows from operating activities:
Profit from operations						16,178			82,209			(80.3)%			92,101			226,721			(59.4)%
Adjustments for:
Income tax (benefit) / expense						(17,035)			26,899			(163.3)%			(57,015)			78,673			(172.5)%
Depreciation						54,998			44,755			22.9%			223,843			198,288			12.9%
Amortization						545			145			275.9%			2,314			1,730			33.8%
Depreciation of right of use assets						13,740			14,226			(3.4)%			77,867			74,085			5.1%
Gain from disposal of farmland and other assets						—			3,192			n . a			(6,050)			(6,334)			(4.5)%
Loss / (gain) from disposal of other property items						2,886			(2,919)			(198.9)%			2,408			(4,747)			n . a
Impairment due to fire						223			—			n . a			14,259			—			n . a
Equity settled shared-based compensation granted						1,599			1,897			(15.7)%			6,680			8,581			(22.2)%
Loss / (gain) from derivative financial instruments and forwards						1,965			(21,658)			(109.1)%			(1,153)			(8,605)			(86.6)%
Interest and other expense , net						9,430			17,650			(46.6)%			68,315			16,428			315.8%
Initial recognition and changes in fair value of non harvested biological assets (unrealized)						24,205			32,983			(26.6)%			18,301			17,663			3.6%
Changes in net realizable value of agricultural produce after harvest (unrealized)						5,493			(4,221)			(230.1)%			7,327			(2,599)			n . a
Provision and allowances						173			775			(77.7)%			(1,820)			654			n . a
Net gain from fair value adjustment of Investment property						891			(11,533)			n . a			23,375			(10,620)			n . a
Tax credit recognized						(19,486)			—			n . a			(19,486)			—			n . a
Net gain of inflation effects on the monetary items of the effect of inflation on monetary items						(4,332)			(23,744)			(81.8)%			(2,421)			(28,816)			(91.6)%
Foreign exchange gains, net						32,518			(56,976)			(157.1)%			37,569			(90,930)			n . a
Cash flow hedge – transfer from equity						426			(6,358)			(106.7)%			28,650			36,863			(22.3)%
Subtotal						124,417			97,322			27.8%			515,064			507,035			1.6%
Changes in operating assets and liabilities:
(Increase)/Decrease in trade and other receivables						82,693			71,156			16.2%			(68,299)			3,683			n . a
(Increase)/Decrease in inventories						114,168			82,559			38.3%			3,089			(12,410)			n . a
(Increase)/Decrease in biological assets						(103,210)			(88,585)			16.5%			(38,861)			(23,393)			66.1%
(Increase)/Decrease in other assets						(1,680)			618			(371.8)%			(2,054)			(37)			5,451.4%
(Increase)/Decrease in derivatives financial instruments						1,349			(391)			(445.0)%			21,820			(11,181)			n . a
(Increase)/Decrease in trade and other payables						(51,283)			10,115			(607.0)%			(100,346)			(43,925)			128.4%
(Increase)/Decrease in payroll and social securities liabilities						(877)			5,541			(115.8)%			4,093			15,674			(73.9)%
(Increase)/Decrease in provisions for other liabilities						209			(25)			(936.0)%			1,110			803			38.2%
Cash generated in operations						165,786			178,310			(7.0)%			335,616			436,249			(23.1)%
Income taxes paid						(2,322)			(602)			285.7%			(7,285)			(1,342)			442.8%
Net cash generated from operating activities			(a)			163,464			177,708			(8.0)%			328,331			434,907			(24.5)%

37

Statement of Cashflows
$ thousands						4Q24			4Q23			Chg %			12M24			12M23			Chg %
Cash flows from investing activities
Acquisition of business, net of cash acquired						(261)			—			n . a			(16,184)			(3,193)			406.9%
Purchases of property, plant and equipment						(57,058)			(56,753)			0.5%			(260,211)			(241,623)			7.7%
Purchase of cattle and non current biological assets planting cost						(483)			259			n . a			(1,928)			(511)			277.3%
Purchases of intangible assets						(171)			65			n . a			(1,190)			(1,291)			(7.8)%
Interest received						1,351			(7,561)			n . a			7,847			62,120			(87.4)%
Proceeds from sale of property, plant and equipment						1,442			1,366			5.6%			2,332			4,094			(43.0)%
Proceeds from sale of farmlands						—			(14,855)			n . a			23,259			33,242			(30.0)%
Acquisition of short term			(b)			(14,175)			(72,397)			(80.4)%			(47,886)			(106,897)			(55.2)%
Dispositions of short term investment						(15,155)			49,498			(130.6)%			62,396			142,507			(56.2)%
Net cash used in investing activities			(c)			(84,510)			(100,378)			(15.8)%			(231,565)			(111,552)			107.6%
Cash flows from financing activities
Proceeds from EQ settled share-based compensation exercise						1			176			(99.4)%			99			214			(53.7)%
Interest paid			(d)			(5,565)			(22,660)			(75.4)%			(24,629)			(55,476)			(55.6)%
Proceeds from long-term borrowings						32,163			(12,161)			(364.5)%			126,757			7,739			1537.9%
Payment of long-term borrowings						(9,022)			(12,308)			(26.7)%			(105,749)			(24,105)			338.7%
Proceeds from short-term borrowings						79,965			(31,765)			(351.7)%			169,901			448,532			(62.1)%
Payment of short-term borrowings						(118,287)			(54,466)			117.2%			(239,947)			(420,276)			(42.9)%
Payment of derivatives financial instruments						1,250			(32)			n . a			669			(32)			n . a
Lease Payments						(17,722)			(22,446)			(21.0)%			(98,478)			(104,097)			(5.4)%
Purchase of own shares						(8,608)			(7,230)			19.1%			(66,887)			(26,242)			154.9%
Dividends paid to non-controlling interest						(360)			—			n . a			(736)			—			n . a
Dividends to shareholders						(17,500)			(17,500)			—%			(35,000)			(35,000)			—%
Net cash used in financing activities			(e)			(63,685)			(180,392)			(64.7)%			(274,000)			(208,743)			31.3%
Net increase / (decrease) in cash and cash equivalents						15,269			(103,062)			(114.8)%			(177,234)			114,612			(254.6)%
Cash and cash equivalents at beginning of year						198,255			349,812			(43.3)%			339,781			230,653			47.3%
Exchange gains on cash and cash equivalents			(f)			(2,280)			93,031			(102.5)%			48,697			(5,484)			(988.0)%
Cash and cash equivalents at end of year						211,244			339,781			(37.8)%			211,244			339,781			(37.8)%

Combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries over:						4Q24			4Q23						12M24			12M23
Operating activities			(a)			(35,553)			(41,496)						(102,797)			(16,383)
Acquisition of short term investment			(b)			(2,034)			—						(2,034)			—
Investing activities			(c)			721			(39,809)						(7,168)			(41,179)
Interest paid			(d)			1,966			(9,908)						9,395			(8,253)
Financing activities			(e)			28,929			(9,296)						71,386			45,933
Exchange rate changes and inflation on cash and cash equivalents			(f)			5,903			90,601						38,579			11,629

(*) Includes 238 in 2024 related to gains on bond arbitrage transactions (54,687 in 2023) of which the combined effect of IAS 29 and 21 of the Argentine subsidiaries is (105) for 2024 and 30,544 in 2023.

38

Statement of Financial position
$ thousands			12M24			12M23			Chg %
ASSETS
Non-Current Assets
Property, plant and equipment			1,548,589			1,549,565			(0.1)%
Right of use assets			373,846			406,713			(8.1)%
Investment property			33,542			33,364			0.5%
Intangible assets, net			37,231			27,519			35.3%
Biological assets			43,418			23,706			83.2%
Deferred income tax assets			15,507			9,777			58.6%
Trade and other receivables, net			38,510			39,060			(1.4)%
Derivative financial instruments			5,482			18,001			(69.5)%
Other Assets			3,761			1,515			148.3%
Total Non-Current Assets			2,099,886			2,109,220			(0.4)%
Current Assets
Biological assets			250,527			204,331			22.6%
Inventories			289,664			256,051			13.1%
Trade and other receivables, net			213,356			179,055			19.2%
Derivative financial instruments			4,114			13,819			(70.2)%
Short-term investment			46,097			62,637			(26.4)%
Cash and cash equivalents			211,244			339,781			(37.8)%
Total Current Assets			1,015,002			1,055,674			(3.9)%
TOTAL ASSETS			3,114,888			3,164,894			(1.6)%
SHAREHOLDERS EQUITY
Capital and reserves attributable to equity holders of the parent
Share capital			167,073			167,073			—%
Share premium			659,399			743,810			(11.3)%
Cumulative translation adjustment			(413,757)			(603,861)			(31.5)%
Equity-settled compensation			17,264			18,654			(7.5)%
Cash Flow Hedge			—			(17,124)			(100.0)%
Other reserves			151,261			150,677			0.4%
Treasury shares			(16,989)			(8,062)			110.7%
Revaluation surplus			245,261			317,598			(22.8)%
Reserve from the sale of minority interests in subsidiaries			41,574			41,574			—%
Retained earnings			518,064			418,789			23.7%
Equity attributable to equity holders of the parent			1,369,150			1,229,128			11.4%
Non controlling interest			38,951			36,520			6.7%
TOTAL SHAREHOLDERS EQUITY			1,408,101			1,265,648			11.3%
LIABILITIES
Non-Current Liabilities
Trade and other payables			767			1,008			(23.9)%
Borrowings			680,005			697,843			(2.6)%
Lease liabilities			287,679			325,569			(11.6)%
Deferred income tax liabilities			330,336			376,331			(12.2)%
Payrroll and Social liabilities			1,454			1,570			(7.4)%
Derivatives financial instruments			3,983			—			n. a
Provisions for other liabilities			2,244			2,871			(21.8)%
Total Non-Current Liabilities			1,306,468			1,405,192			(7.0)%
Current Liabilities
Trade and other payables			206,907			190,730			8.5%
Current income tax liabilities			3,471			5,023			(30.9)%
Payrroll and Social liabilities			32,735			37,357			(12.4)%
Borrowings			99,551			207,106			(51.9)%
Lease liabilities			54,351			52,941			2.7%
Derivative financial instruments			1,796			169			962.7%
Provisions for other liabilities			1,508			728			107.1%
Total Current Liabilities			400,319			494,054			(19.0)%
TOTAL LIABILITIES			1,706,787			1,899,246			(10.1)%
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES			3,114,888			3,164,894			(1.6)%

39