EX-99.2 3 fs06302025.htm EX-99.2

Document

Adecoagro S.A.

Condensed Consolidated Interim Financial Statements as of June 30, 2025 and for the six-month periods ended June 30, 2025 and 2024

Legal information

Denomination: Adecoagro S.A.

Legal address: 28, Boulevard Raiffeisen, L-2411, Luxembourg

Company activity: Agricultural and agro-industrial

Date of registration: June 11, 2010

Expiration of company charter: No term defined

Number of register (RCS Luxembourg): B153.681

Issued Capital Stock: 105,381,815 common shares (Note 21)

Outstanding Capital Stock: 100,069,440 common shares

Treasury Shares: 5,312,375 common shares

F - 1

Adecoagro S.A.

Condensed Consolidated Interim Statements of Income

for the six-month and three-month periods ended June 30, 2025 and 2024

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

						Six-months ended June 30,												Three-months ended June 30,
			Note			2025						2024						2025						2024
						(unaudited)
Revenue			4			707,586						673,192						382,080						411,417
Cost of revenue			5			(594,582)						(539,807)						(318,346)						(334,466)
Initial recognition and changes in fair value of biological assets and agricultural produce			15			33,093						107,700						9,531						44,595
Changes in net realizable value of agricultural produce after harvest						2,560						(13,579)						1,337						(4,561)
Margin on manufacturing and agricultural activities before operating expenses						148,657						227,506						74,602						116,985
General and administrative expenses			6			(70,967)						(54,847)						(38,686)						(33,163)
Selling expenses			6			(76,752)						(68,721)						(39,606)						(40,136)
Other operating income, net			8			8,395						1,135						9,385						21,609
Profit from operations						9,333						105,073						5,695						65,295
Finance income			9			43,357						5,025						6,957						(4,479)
Finance costs			9			(47,648)						(103,027)						(22,674)						(81,293)
Other financial results - Net (loss) / gain of inflation effects on the monetary items			9			(5,317)						5,617						(5,727)						(27,100)
Financial results, net			9			(9,608)						(92,385)						(21,444)						(112,872)
(Loss) / profit before income tax						(275)						12,688						(15,749)						(47,577)
Income tax benefit / (expense)			10			1,939						44,524						(1,294)						57,445
Profit / (loss) for the period						1,664						57,212						(17,043)						9,868
Attributable to:
Equity holders of the parent						520						56,913						(17,558)						9,526
Non-controlling interest						1,144						299						515						342
Earnings per share attributable to the equity holders of the parent during the period:
Basic earnings/(loss) per share						0.005						0.546						(0.176)						0.094
Diluted earnings/(loss) per share						0.005						0.543						(0.176)						0.093

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 2

Adecoagro S.A.

Condensed Consolidated Interim Statements of Comprehensive Income

for the six-month and three-month periods ended June 30, 2025 and 2024

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

			Six-months ended June 30,												Three-months ended June 30,
			2025						2024						2025						2024
			(unaudited)
Profit / (Loss) for the period			1,664						57,212						(17,043)						9,868
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations			30,409						364,052						(48,393)						72,168
Cash flow hedge, net of tax (Note 2)			—						16,907						—						16,963
Items that will not be reclassified to profit or loss:
Revaluation surplus net of tax			(1,075)						(230,673)						20,406						(60,229)
Other comprehensive income / (loss) for the period			29,334						150,286						(27,987)						28,902
Total comprehensive income / (loss) for the period			30,998						207,498						(45,030)						38,770
Attributable to:
Equity holders of the parent			29,836						204,601						(45,379)						37,695
Non-controlling interest			1,162						2,897						349						1,075

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 3

Adecoagro S.A.

Condensed Consolidated Interim Statements of Financial Position

as of June 30, 2025 and December 31, 2024

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

						June 30,						December 31,
			Note			2025						2024
						(unaudited)
ASSETS
Non-Current Assets
Property, plant and equipment, net			11			1,661,565						1,548,589
Right of use assets			12			404,571						373,846
Investment property			13			33,542						33,542
Intangible assets, net			14			37,415						37,231
Biological assets			15			44,036						43,418
Deferred income tax assets			10			17,065						15,507
Trade and other receivables, net			17			56,262						38,510
Derivative financial instruments			16			8,348						5,482
Other Assets						3,646						3,761
Total Non-Current Assets						2,266,450						2,099,886
Current Assets
Biological assets			15			149,630						250,527
Inventories			18			355,856						289,664
Trade and other receivables, net			17			293,378						213,356
Derivative financial instruments			16			6,897						4,114
Short-term investments						25,065						46,097
Cash and cash equivalents			19			180,607						211,244
Total Current Assets						1,011,433						1,015,002
TOTAL ASSETS						3,277,883						3,114,888
SHAREHOLDERS EQUITY
Capital and reserves attributable to equity holders of the parent
Share capital			20			158,073						167,073
Share premium			20			636,091						659,399
Cumulative translation adjustment						(385,666)						(413,757)
Equity-settled compensation						11,207						17,264
Other reserves						153,253						151,261
Treasury shares						(7,965)						(16,989)
Revaluation surplus						246,486						245,261
Reserve from the sale of non-controlling interests in subsidiaries						41,574						41,574
Retained earnings						518,584						518,064
Equity attributable to equity holders of the parent						1,371,637						1,369,150
Non-controlling interest						40,113						38,951
TOTAL SHAREHOLDERS EQUITY						1,411,750						1,408,101
LIABILITIES
Non-Current Liabilities
Trade and other payables			22			978						767
Borrowings			23			682,995						680,005
Lease liabilities			24			316,244						287,679
Deferred income tax liabilities			10			330,367						330,336
Payroll and social security liabilities			25			544						1,454
Derivatives financial instruments			16			1,105						3,983
Provisions for other liabilities			26			2,792						2,244
Total Non-Current Liabilities						1,335,025						1,306,468
Current Liabilities
Trade and other payables			22			223,449						206,907
Current income tax liabilities			10			955						3,471
Payroll and social security liabilities			25			32,999						32,735
Borrowings			23			221,912						99,551
Lease liabilities			24			47,464						54,351
Derivative financial instruments			16			3,521						1,796
Provisions for other liabilities			26			808						1,508
Total Current Liabilities						531,108						400,319
TOTAL LIABILITIES						1,866,133						1,706,787
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES						3,277,883						3,114,888

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 4

Adecoagro S.A.

Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity

for the six-month periods ended June 30, 2025 and 2024

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

						Attributable to equity holders of the parent
						Share Capital (Note 21)			Share Premium			Cumulative Translation Adjustment			Equity-settled Compensation			Cash flow hedge			Other reserves			Treasury shares			Revaluation surplus			Reserve from the sale of non-controlling interests in subsidiaries			Retained Earnings			Subtotal			Non-Controlling Interest			Total Shareholders’ Equity
Balance at January 1, 2024						167,073			743,810			(603,861)			18,654			(17,124)			150,677			(8,062)			317,598			41,574			418,789			1,229,128			36,520						1,265,648
Profit for the period						—			—			—			—			—			—			—			—			—			56,913			56,913			299						57,212
Other comprehensive income:
- Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations						—			—			187,729			—			—			—			—			154,339			—			—			342,068			21,984						364,052
Cash flow hedge (*)						—			—			—			—			16,907			—			—			—			—			—			16,907			—						16,907
Revaluation of surplus (**)						—			—			—			—			—			—			—			(211,287)			—			—			(211,287)			(19,386)						(230,673)
Transfer of the revaluation surplus derived from the disposals of assets (**)						—			—			—			—			—			—			—			(6,935)			—			6,935			—			—						—
Other comprehensive income for the period						—			—			187,729			—			16,907			—			—			(63,883)			—			6,935			147,688			2,598						150,286
Total comprehensive income for the period						—			—			187,729			—			16,907			—			—			(63,883)			—			63,848			204,601			2,897						207,498
- Employee share options (Note 22)
Exercised						—			115			—			(38)			—			—			22			—			—			—			99			—						99
- Restricted shares and restricted units (Note 22):
Value of employee services						—			—			—			2,479			—			—			—			—			—			—			2,479			—						2,479
Vested						—			7,540			—			(6,111)			—			1,456			—			—			—			—			2,885			—						2,885
Forfeited						—			—			—			—			—			23			(23)			—			—			—			—			—						—
Granted						—			—			—			—			—			(906)			906			—			—			—			—			—						—
-Purchase of own shares (Note 21)						—			(35,475)			—			—			—			—			(6,220)			—			—			—			(41,695)			—						(41,695)
- Dividends to shareholders (Note 21)						—			(35,000)			—			—			—			—			—			—			—			—			(35,000)			—						(35,000)
Balance at June 30, 2024 (unaudited)						167,073			680,990			(416,132)			14,984			(217)			151,250			(13,377)			253,715			41,574			482,637			1,362,497			39,417						1,401,914

(*) Net of 9,335 of Income tax.

(**) Net of 126,591 of Income tax.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 5

Adecoagro S.A.

Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity

for the six-month periods ended June 30, 2025 and 2024 (continued)

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

						Attributable to equity holders of the parent
						Share Capital (Note 21)						Share Premium			Cumulative Translation Adjustment			Equity-settled Compensation						Other reserves			Treasury shares			Revaluation surplus			Reserve from the sale of non-controlling interests in subsidiaries			Retained Earnings			Subtotal			Non-Controlling Interest			Total Shareholders’ Equity
Balance at January 1, 2025						167,073						659,399			(413,757)			17,264						151,261			(16,989)			245,261			41,574			518,064			1,369,150			38,951			1,408,101
Profit for the period						—						—			—			—									—			—			—			520			520			1,144			1,664
Other comprehensive loss:
- Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations						—						—			28,091			—						—			—			2,770			—			—			30,861			(452)			30,409
- Items that will not be reclassified to profit or loss:
Revaluation surplus (*)						—						—			—			—						—			—			(1,545)			—			—			(1,545)			470			(1,075)
Other comprehensive income for the period						—						—			28,091			—						—			—			1,225			—			—			29,316			18			29,334
Total comprehensive income for the period						—						—			28,091			—						—			—			1,225			—			520			29,836			1,162			30,998
- Reduction of issued share capital of the company (Note 21):						(9,000)						—			—			—						—			9,000			—			—			—			—			—			—
- Employee share options (Note 22):
Exercised						—						52			—			(15)						—			8			—			—			—			45			—			45
- Restricted shares and restricted units (Note 22):
Value of employee services						—						—			—			13,454						—			—			—			—			—			13,454			—			13,454
Vested						—						20,263			—			(19,496)						3,595			—			—			—			—			4,362			—			4,362
Forfeited						—						—			—			—						2			(2)			—			—			—			—			—			—
Granted						—						—			—			—						(1,605)			1,605			—			—			—			—			—			—
- Purchase of own shares (Note 21)						—						(8,623)			—			—						—			(1,587)			—			—			—			(10,210)			—			(10,210)
- Dividends to shareholders (Note 21)						—						(35,000)			—			—						—			—			—			—			—			(35,000)			—			(35,000)
Balance at June 30, 2025 (unaudited)						158,073						636,091			(385,666)			11,207						153,253			(7,965)			246,486			41,574			518,584			1,371,637			40,113			1,411,750

(*) Net of 417 of Income tax.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 6

Adecoagro S.A.

Condensed Consolidated Interim Statements of Cash Flows

for the six-month periods ended June 30, 2025 and 2024

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

						Six-months ended June 30,
			Note			2025						2024
						(unaudited)
Cash flows from operating activities:
Profit for the period						1,664						57,212
Adjustments for:
Income tax (benefit)			10			(1,939)						(44,524)
Depreciation of property, plant and equipment			11			81,752						104,721
Depreciation of right of use assets			12			38,372						47,366
Net (gain) / loss from the fair value adjustment of investment properties			13			(479)						19,805
Amortization of intangible assets			14			1,075						1,145
Gain from the sale of farmland and other assets			8			—						(6,050)
(Gain) / loss from disposal of other property items			8			(408)						332
Equity settled share-based compensation granted			7			11,894						3,466
(Gain) from derivative financial instruments			8, 9			(7,193)						(9,344)
Interest, finance cost related to lease liabilities and other financial expense, net			9			39,787						44,787
Initial recognition and changes in fair value of non-harvested biological assets (unrealized)						(6,159)						(41,123)
Changes in net realizable value of agricultural produce after harvest (unrealized)						(2,137)						5,088
Provision and allowances						36						12
Tax credit recognized			8			(3,419)						—
Net loss / (gain) of inflation effects on the monetary items			9			5,317						(5,617)
Foreign exchange (gains) / losses, net			9			(34,000)						22,023
Cash flow hedge – transfer from equity			9			—						26,312
Subtotal						124,163						225,611
Changes in operating assets and liabilities:
Increase in trade and other receivables						(100,002)						(37,751)
Increase in inventories						(52,824)						(167,073)
Decrease in biological assets						113,599						121,876
Decrease / (increase) in other assets						205						(391)
(Increase) / decrease in derivative financial instruments						(1,843)						20,759
Decrease / (increase) in trade and other payables						28,343						(40,966)
Decrease / (increase) in payroll and social security liabilities						1,101						(4,173)
Increase in provisions for other liabilities						90						468
Net cash provided by operating activities before taxes paid						112,832						118,360
Income tax paid						(1,795)						(2,559)
Net cash provided by operating activities			(a)			111,037						115,801

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 7

Adecoagro S.A.

Condensed Consolidated Interim Statements of Cash Flows

for the six-month periods ended June 30, 2025 and 2024 (continued)

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

						Six-months ended June 30,
			Note			2025						2024
						(unaudited)
Cash flows from investing activities:
Acquisition of a business, net of cash and cash equivalents acquired						—						(15,265)
Purchases of property, plant and equipment			11			(137,681)						(154,097)
Purchases of cattle and non-current biological assets						(2,542)						(1,184)
Purchases of intangible assets			14			(818)						(557)
Interest received and others						4,000						4,473
Proceeds from sale of property, plant and equipment						615						620
Proceeds from sale of farmlands and other assets						1,601						20,044
Acquisition of short-term investment			16 (b)			(72,767)						(33,711)
Disposal of short-term investment			16			84,868						36,576
Net cash used in investing activities			(c)			(122,724)						(143,101)
Cash flows from financing activities:
Proceeds from equity settled share-based compensation exercise						45						—
Proceeds from long-term borrowings						27,547						20,369
Payments of long-term borrowings						(42,602)						(11,740)
Proceeds from short-term borrowings						166,725						49,871
Payment of short-term borrowings						(64,153)						(117,043)
Payments of derivative financial instruments						33						(79)
Lease payments						(60,285)						(55,450)
Interest paid			(d)			(26,520)						(8,071)
Purchase of own shares						(10,210)						(41,695)
Dividends paid to non-controlling interest						—						(124)
Dividends to shareholders			21			(17,500)						(17,500)
Net cash used in financing activities			(e)			(26,920)						(181,462)
Net decrease in cash and cash equivalents						(38,607)						(208,762)
Cash and cash equivalents at beginning of period			19			211,244						339,781
Effect of exchange rate changes and inflation on cash and cash equivalents			(f)			7,970						9,292
Cash and cash equivalents at end of period			19			180,607						140,311

Combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries over:

						Six-months ended June 30,
						2025						2024
Operating activities			(a)			2,228						(18,719)
Acquisition of short term investment			(b)			(444)						—
Investing activities			(c)			758						(4,003)
Interest paid			(d)			(2,338)						4,152
Financing activities			(e)			(4,654)						33,313
Exchange rate changes and inflation on cash and cash equivalents			(f)			1,668						(10,591)

For non-cash transactions, see Note 12 for right of use assets.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 8

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

1.    General information

Adecoagro S.A. (the “Company” or “Adecoagro”) is the Group’s ultimate parent company and is a société anonyme (stock corporation) organized under the laws of the Grand Duchy of Luxembourg. Adecoagro is a holding company primarily engaged through its operating subsidiaries in agricultural and agro-industrial activities. The Company and its operating subsidiaries are collectively referred to hereinafter as the “Group.” The Group’s activities are carried out through two major lines of business, namely, Farming and Sugar, Ethanol and Energy. The Farming line of business is further comprised of three reportable segments, which are described in detail in Note 3 to these condensed consolidated interim financial statements (hereinafter referred to as the “Interim Financial Statements”).

Adecoagro is a public company listed in the New York Stock Exchange (NYSE) as a foreign registered company under the ticker symbol of AGRO.

These Interim Financial Statements have been approved for issue by the Board of Directors on August 14, 2025.

2.    Financial risk management

Risk management principles and processes

The Group is exposed to several risks arising from financial instruments including price risk, exchange rate risk, interest rate risk, liquidity risk and credit risk. A thorough explanation of the Group’s risks and the Group’s approach to the identification, assessment and mitigation of risks is included in the annual consolidated financial statements. There have been no significant changes to the Group’s exposure and risk management principles and processes since December 31, 2024. See Note 2 to the annual consolidated financial statements for more information.

However, the Group considers that the following tables below provide useful information to understand the Group’s interim results for the six-month period ended June 30, 2025. These disclosures do not appear in any particular order of potential materiality or probability of occurrence.

Argentina status:

The Argentine subsidiaries of the Group operate in an economic context in which main variables have a strong volatility as a consequence of political and economic uncertainties, both in national and international environments. Argentina’s inflation rate for the six-month period ended June 30, 2025 and 2024 were 15.1% and 79.8%, respectively. The Group uses Argentina’s official exchange rate to account for transactions in Argentina, mainly affecting the farming business segment, which as of June 30, 2025 and 2024, respectively, was 1,205 and 912, respectively, against the U.S. dollar.

On December 10, 2023, a new government took office with the aim to boost a deregulation of the Argentine economy and other regulations. Certain regulations and/or restrictions have been eased and others remain in force, although it is expected that they will be lifted gradually. However, the scope and timing of the measures, including but not limited to the existing foreign exchange regulations remains uncertain as of the date of these Consolidated Financial Statements.

The Argentine Central Bank under prior administration, had implemented certain measures that control and restrict the ability of companies and individuals to access the foreign exchange market known as MULC (for its acronym in Spanish) for certain transactions. However, the performance of blue-chip swap transactions known as “Contado con Liquidación” or CCL (for its acronym in Spanish) was an alternative lawful mechanism. The blue-chip swap transactions are capital markets transactions that could be implemented in different ways, both for the inflow and outflow of funds. The implicit exchange rate applicable to this type of transactions is higher with respect to the official foreign exchange rate.

Since Javier Milei’s was elected to office, his administration has made progress in lifting exchange controls for individuals, as well as in easing other aspects of the foreign exchange controls regime that remains in place. While the current administration is not expected to impose further foreign exchange controls, but rather to eventually eliminate those still in effect,

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 9

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

2.    Financial risk management (continued)

there are no guarantees that new foreign exchange controls will not be implemented in the future by this or any subsequent government.

Argentina has significantly eased its exchange controls as of April 14, 2025. These changes, implemented through Central Bank Communication “A” 8226 and Decree 269/2025, mark a substantial step in the government's economic liberalization program. A summary of the key changes are the following:

•Access to Foreign Currency: Argentine residents can now freely purchase and hold US dollars for savings or deposits without needing prior authorization from the Central Bank.

•Repatriation of Dividends: Financial institutions can now process transfers abroad for profits and dividends to non-resident shareholders based on audited financial statements from the fiscal year 2025 onwards.  

•Import Flexibility: The SIRA/SIRASE system (a previous mandatory request for imports) for import payments has been eliminated.Payments for imported goods can be made once the goods are cleared for domestic use, without previous minimum waiting periods (which were typically 30 days). Advance payments for capital goods are allowed up to 30% of the FOB value, with a total limit of 80% including other payment methods.

•Service Payments: Payments for services from unrelated foreign parties can be made immediately as they accrue. Payments to related foreign parties now have a reduced minimum waiting period of 90 days from the date the service was provided or accrued (down from 180 days).

•Market Transactions: Restrictions on buying and selling securities in foreign currency have been relaxed. Simplified Documentation: Declarations for foreign exchange transactions that occurred before April 11, 2025, are no longer required to access the FX market.

•Exchange Rate Regime: A new managed floating exchange rate regime has been introduced, with a band between 1,000 and 1,400 pesos per US dollar, which will expand by 1% monthly. The “dólar blend” system for exporters has been eliminated, requiring all export revenue to be settled through the official market.

•Exchange rate risk

The following tables show the Group’s net monetary position broken down by various currencies for each functional currency in which the Group operates at June 30, 2025. All amounts are shown in US dollars.

			June 30, 2025
			(unaudited)
			Functional currency
Net monetary position (Liability)/ Asset			Argentine Peso			Brazilian Reais			Chilean Peso			US Dollar			Total
Argentine Peso			29,898			—			—			—			29,898
Brazilian Reais			—			(647,704)			—			—			(647,704)
US Dollar			(294,298)			(201,794)			2,170			27,592			(466,330)
Uruguayan Peso			—			—			—			(7,625)			(7,625)
Total			(264,400)			(849,498)			2,170			19,967			(1,091,761)

The Group’s analysis shown on the tables below is carried out based on the exposure of each functional currency subsidiary against the U.S. Dollar. The Group estimated that, other factors being constant, a hypothetical 10% appreciation/(depreciation) of the U.S. Dollar against the Brazilian real respective functional currencies for the period ended June 30, 2025 or the Uruguayan peso, or a 25% appreciation/(depreciation) of the U.S. Dollar against the Argentine peso.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 10

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

2.    Financial risk management (continued)

			June 30, 2025
			(unaudited)
			Functional currency
Net monetary position			Argentine Peso			Brazilian Reais			Chilean Peso						Total
US Dollar			(73,575)			(20,179)			217						(93,537)
(Decrease) or increase in Profit before income tax			(73,575)			(20,179)			217						(93,537)

Hedge Accounting - Cash flow hedge

As part of the exchange rate risk, the Group may document and designate cash flow hedging relationships to hedge the foreign exchange rate risk of all or part of its highly probable future sales in U.S. Dollars using either all or a portion of its US dollar-denominated borrowings and/or derivative instruments including but not limited to currency forwards and foreign currency floating-to-fixed interest rate swaps, as needed.

The Group had formally hedged a portion of its highly probable future US dollar-denominated sales using a portion of its US dollar-denominated borrowings. For the six-month period ended June 30, 2024, a loss before income tax of US$ 531 was recognized in other comprehensive income and US$ 26,550 was reclassified from equity to profit or loss within “Financial results, net.” In 2025, both items are zero.

•Interest rate risk

The following table shows a breakdown of the Group’s fixed-rate and floating-rate borrowings per currency denomination and functional currency of the subsidiary issuing the loans at June 30, 2025 (all amounts are shown in US dollars):

			June 30, 2025
			(unaudited)
			Functional currency
Rate per currency denomination			Argentine Peso						Brazilian Reais												US Dollar						Total
Fixed rate:
Argentine Peso			12						—												—						12
Brazilian Reais			—						66,029												—						66,029
US Dollar			128,202						298,879												207,228						634,309
Subtotal fixed-rate borrowings			128,214						364,908												207,228						700,350
Variable rate:
Brazilian Reais			—						204,557												—						204,557
Subtotal variable-rate borrowings			—						204,557												—						204,557
Total borrowings as per analysis			128,214						569,465												207,228						904,907

At June 30, 2025, if interest rates on floating-rate borrowings had been 1% higher (or lower) with all other variables held constant, Profit before income tax for the period would decrease as follows:

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 11

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

2.    Financial risk management (continued)

						June 30, 2025
						(unaudited)
						Functional currency
Rate per currency denomination						Brazilian Reais			Total
Variable rate:
Brazilian Reais						(2,046)			(2,046)
Decrease in profit before income tax						(2,046)			(2,046)

•Credit risk

As of June 30, 2025, six banks accounted for approximately 70% of the total cash deposited (Santander, Banco do Brasil, Max capital, Credit Agricole, Galicia and Itaú).

•Derivative financial instruments

The following table shows the outstanding positions for each type of derivative contract as of June 30, 2025:

§ Futures / Options

						June 30, 2025
Type of						Quantities (thousands) (**)						Notional						Market						Profit / (Loss) (*)
derivative contract												amount						Value Asset/ (Liability)
																		(unaudited)						(unaudited)
Futures:
Sale
Soybean						2						442						13						13
Sugar						19						8,139						1,353						1,175
Ethanol						13						37,652						(142)						(140)
OTC:
Buy put
Ethanol						9						2,509						(130)						(128)
Total						43						48,742						1,094						920

(*) Included in line “Gain / (Loss) from commodity derivative financial instruments” Note 8.

(**) All quantities expressed in tons except otherwise indicated.

Commodity future contract fair values are computed with reference to quoted market prices on future exchanges.

▪Other derivative financial instruments

Floating-to-fixed interest rate swaps

In December 2020 the Group’s subsidiary in Brazil, Adecoagro Vale do Ivinhema entered into a interest rate swap operation with Itaú BBA in an aggregate amount of R$ 400 million. In these operation Adecoagro Vale do Ivinhema receives IPCA (Extended National Consumer Price Index) plus 4,24% per year, and pays CDI (an interbank floating interest rate in Reais) plus 1,85% per year. This swap expires semiannually until December, 2026. This swap expires semiannually until December, 2026.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 12

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

2.    Financial risk management (continued)

In July 2024, the Group’s subsidiary in Brazil, Adecoagro Vale do Ivinhema, entered an interest rate swap transaction with Itaú BBA in an aggregate amount of R$ 76 million. In this operation Adecoagro Vale do Ivinhema receives IPCA (Extended National Consumer Price Index) plus 6.80% per year and pays CDI (an interbank floating interest rate in Reais) plus 0.49% per year. This swap expires in July 2034.

Also, Adecoagro Vale do Ivinhema, entered an interest rate swap transaction with BR Partners in an aggregate amount of R$ 115 million. In this operation Adecoagro Vale do Ivinhema receives IPCA (Extended National Consumer Price Index) plus 6.76% per year and pays CDI (an interbank floating interest rate in Reais) plus 0.41% per year. This swap expires in July 2031.

Finally, Adecoagro Vale do Ivinhema, entered an interest rate swap transaction with XP Investimentos in an aggregate amount of R$ 209 million. In this operation Adecoagro Vale do Ivinhema receives pre-fixed rate 12.61% per year and pays CDI (an interbank floating interest rate in Reais) plus 0.48% per year. This swap expires in July 2031.

The swap agreements resulted in a recognition of a gain of US$ 3.8 million for the six-month period ended June 30, 2025.

▪Currency forward

No significant currency forward is in place.

3.    Segment information

We are engaged in agricultural, manufacturing and land transformation activities.

Our agricultural activities consist of (i) harvesting certain agricultural products, including crops, rough rice, and sugarcane, either for sale to third parties or for our own internal use as inputs in manufacturing processes, and (ii) producing fluid milk.

Our manufacturing activities consist of (i) selling manufactured products, including processed peanuts, sunflower rice, sugar, ethanol and energy, among others, (ii) producing UHT and UP milk, powder milk and semi-hard cheese, among others; and (iii) providing services, such as grain warehousing and conditioning and handling and drying services, among others.

Our land transformation activities relate to the acquisition of farmlands or businesses with underdeveloped or underutilized agricultural land and the implementation of production technology and agricultural best practices on these farmlands to enhance yields and increase their value for potential realization through sale.

According to IFRS 8, operating segments are identified based on the ‘management approach’. Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. Our CODM is the Management Committee. IFRS 8 stipulates external segment reporting based on our internal organizational and management structure and on internal financial reporting to the chief operating decision maker.

Based on the foregoing, we operate in two major lines of business, namely, “Farming” and “Sugar, Ethanol and Energy”.

•The ‘Farming’ business is further comprised of three reportable segments:

•‘Crops’ Segment which consists of planting, harvesting and sale of grains, oilseeds and fibers (including wheat, corn, soybeans, peanuts, cotton and sunflowers, among others), and to a lesser extent the provision of grain warehousing/conditioning and handling and drying services to third parties. Each underlying crop in this segment does not represent a separate operating segment. Management seeks to maximize the use of the land through the cultivation of one or more type of crops. Types and surface amount of crops cultivated may vary

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 13

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

3.    Segment information (continued)

from harvest year to harvest year depending on several factors, some of them out of our control. Management is focused on the long-term performance of the productive land, and to that extent, the performance is assessed considering the aggregated combination, if any, of crops planted in the land. A single manager is responsible for the management of operating activity of all crops rather than for each individual crop.

•‘Rice’ Segment which consists of planting, harvesting, processing and marketing of rice.

•‘Dairy’ Segment which consists of the production and sale of raw milk and industrialized products, including UHT, cheese and powder milk among others.

•‘Sugar, Ethanol and Energy’ Segment which consists of cultivating sugarcane which is processed in owned sugar mills, transformed into ethanol, sugar and electricity and then marketed;

Total segment assets and liabilities are measured in a manner consistent with that of the Interim Financial Statements. These assets and liabilities are allocated based on the operations of the segment and the physical location of the asset.

As further discussed in Note 32 to our consolidated financial statements for the year ended December 31, 2024, we apply IAS 29 to our operations in Argentina. According to IAS 29, all Argentine Peso-denominated non-monetary items in the statement of financial position are adjusted by applying a general price index from the date they were initially recognized to the end of the reporting period. Likewise, all Argentine Peso-denominated items in the statement of income are expressed in terms of the measuring unit current at the end of the reporting period, consequently, income statement items are adjusted by applying a general price index on a monthly basis from the dates they were initially recognized in the financial statements to the end of the reporting period. This process is called “re-measurement”. Once the re-measurement process is completed, all Argentine Peso denominated accounts are translated into U.S. Dollars, which is our reporting currency, applying the guidelines in IAS 21 “The Effects of Changes in Foreign Exchange Rates” (“IAS 21”). IAS 21 requires that amounts be translated at the closing rate at the date of the most recent statement of financial position. This process is called “translation”. The re-measurement and translation processes are applied on a monthly basis until year-end. Due to these processes, the re-measured and translated results of operations for a given month are subject to change until year-end, affecting comparison and analysis.

However, the internal reporting reviewed by our CODM departs from the application of IAS 29 and IAS 21 re-measurement and translation processes discussed above. For segment reporting purposes, the segment results of Argentine operations for each reporting period were adjusted for inflation and translated into the reporting currency using the reporting period average exchange rate. The translated amounts were not subsequently re-measured and translated in accordance with the IAS 29 and IAS 21 guidelines. In order to evaluate the segment’s performance, results of operations in Argentina are based on monthly data adjusted for inflation and converted into the monthly US dollar average exchange rate. These converted amounts are not subsequently readjusted and reconverted as described under IAS 29 and IAS 21. It should be noted that this translation methodology for evaluating segment information is the same that we use to translate results of operations from our subsidiaries from countries that have not been designated hyperinflationary economies because it allows for a more accurate analysis of the economic performance of its business as a whole. Our CODM believes that the exclusion of the re-measurement and translation processes from the segment reporting structure allows for a more useful presentation and facilitates period-to-period comparison and performance analysis.

The primary operating performance measure for all of our segments is “Profit or Loss from Operations” which we measure in accordance with the procedure outlined above.

The following tables show a reconciliation of the reportable segments information reviewed by our CODM with the reportable segment information measured in accordance with IAS 29 and IAS 21 as per the Interim Financial Statements for the periods presented. These tables do not include information for the Sugar, Ethanol and Energy reportable segment since this information is not affected by the application of IAS 29 and therefore there is no difference between the information reviewed by our CODM and the information included in the Interim Financial Statements:

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 14

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

3.    Segment information (continued)

Segment reconciliation for the six-month period ended

June 30, 2025 (unaudited)			Crops																		Rice																		Dairy
			Total segment reporting						Adjustment						Total as per statement of income						Total segment reporting						Adjustment						Total as per statement of income						Total segment reporting						Adjustment						Total as per statement of income
Revenue			116,764						(2,628)						114,136						137,395						(1,267)						136,128						145,083						(4,152)						140,931
Cost of revenue			(113,238)						2,647						(110,591)						(111,797)						1,089						(110,708)						(128,582)						3,691						(124,891)
Initial recognition and changes in fair value of biological assets and agricultural produce			(266)						(93)						(359)						9,151						(404)						8,747						16,641						(648)						15,993
Changes in net realizable value of agricultural produce after harvest			3,560						(133)						3,427						(53)						(31)						(84)						(9)						—						(9)
Margin on manufacturing and agricultural activities before operating expenses			6,820						(207)						6,613						34,696						(613)						34,083						33,133						(1,109)						32,024
General and administrative expenses			(12,751)						394						(12,357)						(11,142)						404						(10,738)						(7,361)						243						(7,118)
Selling expenses			(9,352)						307						(9,045)						(20,256)						472						(19,784)						(16,404)						510						(15,894)
Other operating (expense) / income, net			1,107						10						1,117						1,531						(48)						1,483						61						—						61
Profit / (loss) from operations			(14,176)						504						(13,672)						4,829						215						5,044						9,429						(356)						9,073
Depreciation of Property, plant and equipment and amortization of Intangible assets			(2,835)						96						(2,739)						(8,286)						256						(8,030)						(7,004)						244						(6,760)
Net gain from Fair value adjustment of Investment property			—						—						—						479						—						479						—						—						—

June 30, 2025 (unaudited)			Corporate																		Total
			Total segment reporting						Adjustment						Total as per statement of income						Total segment reporting						Adjustment						Total as per statement of income
Revenue			—						—						—						715,633						(8,047)						707,586
Cost of revenue			—						—						—						(602,009)						7,427						(594,582)
Initial recognition and changes in fair value of biological assets and agricultural produce			—						—						—						34,238						(1,145)						33,093
Changes in net realizable value of agricultural produce after harvest			—						—						—						2,724						(164)						2,560
Margin on manufacturing and agricultural activities before operating expenses			—						—						—						150,586						(1,929)						148,657
General and administrative expenses			(24,957)						620						(24,337)						(72,628)						1,661						(70,967)
Selling expenses			(136)						6						(130)						(78,047)						1,295						(76,752)
Other operating (expense) / income, net			(143)						5						(138)						8,428						(33)						8,395
Profit / (loss) from operations			(25,236)						631						(24,605)						8,339						994						9,333
Depreciation of Property, plant and equipment and amortization of Intangible assets			(870)						30						(840)						(83,453)						626						(82,827)
Net gain from Fair value adjustment of Investment property			—						—						—						479						—						479

.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 15

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

3.    Segment information (continued)

Segment reconciliation for the six-month period ended

June 30,2024 (unaudited)			Crops																		Rice																		Dairy
			Total segment reporting						Adjustment						Total as per statement of income						Total segment reporting						Adjustment						Total as per statement of income						Total segment reporting						Adjustment						Total as per statement of income
Revenue			108,465						5,911						114,376						128,911						7,251						136,162						125,834						8,684						134,518
Cost of revenue			(102,589)						(5,615)						(108,204)						(100,321)						(3,901)						(104,222)						(103,153)						(6,701)						(109,854)
Initial recognition and changes in fair value of biological assets and agricultural produce			26,808						2,872						29,680						31,343						5,232						36,575						4,012						479						4,491
Changes in net realizable value of agricultural produce after harvest			(12,394)						(1,695)						(14,089)						(1)						(6)						(7)						—						—						—
Margin on manufacturing and agricultural activities before operating expenses			20,290						1,473						21,763						59,932						8,576						68,508						26,693						2,462						29,155
General and administrative expenses			(14,289)						(534)						(14,823)						(8,955)						(608)						(9,563)						(5,239)						(462)						(5,701)
Selling expenses			(6,949)						(475)						(7,424)						(15,541)						(899)						(16,440)						(11,554)						(991)						(12,545)
Other operating (expense) / income, net			7,962						(3,719)						4,243						(14,242)						827						(13,415)						2,051						331						2,382
Profit / (loss) from operations			7,014						(3,255)						3,759						21,194						7,896						29,090						11,951						1,340						13,291
Depreciation of Property, plant and equipment and amortization of Intangible assets			(3,659)						(361)						(4,020)						(6,752)						(526)						(7,278)						(5,623)						(526)						(6,149)
Net loss from Fair value adjustment of Investment property			(566)						(3,868)						(4,434)						(16,023)						652						(15,371)						—						—						—

June 30,2024 (unaudited)															Corporate																		Total
																																							Total segment reporting						Adjustment						Total as per statement of income						Total segment reporting						Adjustment						Total as per statement of income
Revenue																																							—						—						—						651,346						21,846						673,192
Cost of revenue																																							—						—						—						(523,590)						(16,217)						(539,807)
Initial recognition and changes in fair value of biological assets and agricultural produce																																							—						—						—						99,117						8,583						107,700
Changes in net realizable value of agricultural produce after harvest																																							—						—						—						(11,878)						(1,701)						(13,579)
Margin on manufacturing and agricultural activities before operating expenses																																							—						—						—						214,995						12,511						227,506
General and administrative expenses																																							(11,527)						(1,004)						(12,531)						(52,239)						(2,608)						(54,847)
Selling expenses																																							(27)						(15)						(42)						(66,341)						(2,380)						(68,721)
Other operating (expense) / income, net																																							406						3						409						3,693						(2,558)						1,135
Profit / (loss) from operations																																							(11,148)						(1,016)						(12,164)						100,108						4,965						105,073
Depreciation of Property, plant and equipment and amortization of Intangible assets																																							(712)						(63)						(775)						(104,390)						(1,476)						(105,866)
Net loss from Fair value adjustment of Investment property																																							—						—						—						(16,589)						(3,216)						(19,805)

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 16

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

3.    Segment information (continued)

Segment analysis for the six-month period ended June 30, 2025 (unaudited)

			Farming																								Sugar, Ethanol and Energy						Corporate						Total
			Crops						Rice						Dairy						Farming subtotal
Revenue			116,764						137,395						145,083						399,242						316,391						—						715,633
Cost of revenue			(113,238)						(111,797)						(128,582)						(353,617)						(248,392)						—						(602,009)
Initial recognition and changes in fair value of biological assets and agricultural produce			(266)						9,151						16,641						25,526						8,712						—						34,238
Changes in net realizable value of agricultural produce after harvest			3,560						(53)						(9)						3,498						(774)						—						2,724
Margin on manufacturing and agricultural activities before operating expenses			6,820						34,696						33,133						74,649						75,937						—						150,586
General and administrative expenses			(12,751)						(11,142)						(7,361)						(31,254)						(16,417)						(24,957)						(72,628)
Selling expenses			(9,352)						(20,256)						(16,404)						(46,012)						(31,899)						(136)						(78,047)
Other operating (expense) / income, net			1,107						1,531						61						2,699						5,872						(143)						8,428
Profit / (loss) from operations			(14,176)						4,829						9,429						82						33,493						(25,236)						8,339
Depreciation of Property, plant and equipment and amortization of Intangible assets			(2,835)						(8,286)						(7,004)						(18,125)						(64,458)						(870)						(83,453)
Net gain from Fair value adjustment of Investment property			—						479						—						479						—						—						479
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)			4,451						5,505						(10,058)						(102)						3,962						—						3,860
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)			(4,717)						3,646						26,699						25,628						4,750						—						30,378
Changes in net realizable value of agricultural produce after harvest (unrealized)			2,137						—						—						2,137						—						—						2,137
Changes in net realizable value of agricultural produce after harvest (realized)			1,423						(53)						(9)						1,361						(774)						—						587
As of June 30, 2025:
Farmlands and farmland improvements, net			431,519						175,983						2,446						609,948						79,181						—						689,129
Machinery, equipment, building and facilities, and other fixed assets, net			39,961						107,766						137,445						285,172						242,953						—						528,125
Bearer plants, net			1,282						—						—						1,282						398,954						—						400,236
Work in progress			2,618						15,828						9,009						27,455						16,620						—						44,075
Right of use asset			11,888						11,390						830						24,108						379,767						696						404,571
Investment property			1,206						32,336						—						33,542						—						—						33,542
Goodwill			10,248						6,229						—						16,477						4,001						—						20,478
Biological assets			40,059						24,458						43,971						108,488						85,178						—						193,666
Finished goods			80,219						22,931						21,482						124,632						29,588						—						154,220
Raw materials, Stocks held by third parties and others			51,836						101,031						21,477						174,344						27,292						—						201,636
Total segment assets			670,836						497,952						236,660						1,405,448						1,263,534						696						2,669,678
Borrowings			44,332						70,062						83,881						198,275						580,693						125,939						904,907
Lease liabilities			11,253						6,721						778						18,752						344,102						854						363,708
Total segment liabilities			55,585						76,783						84,659						217,027						924,795						126,793						1,268,615

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 17

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

3.    Segment information (continued)

Segment analysis for the six-month period ended June 30, 2024 (unaudited)

			Farming																								Sugar, Ethanol and Energy												Corporate						Total
			Crops						Rice						Dairy															Farming subtotal
Revenue			108,465						128,911						125,834												363,210						288,136												—						651,346
Cost of revenue			(102,589)						(100,321)						(103,153)												(306,063)						(217,527)												—						(523,590)
Initial recognition and changes in fair value of biological assets and agricultural produce			26,808						31,343						4,012												62,163						36,954												—						99,117
Changes in net realizable value of agricultural produce after harvest			(12,394)						(1)						—												(12,395)						517												—						(11,878)
Margin on manufacturing and agricultural activities before operating expenses			20,290						59,932						26,693												106,915						108,080												—						214,995
General and administrative expenses			(14,289)						(8,955)						(5,239)												(28,483)						(12,229)												(11,527)						(52,239)
Selling expenses			(6,949)						(15,541)						(11,554)												(34,044)						(32,270)												(27)						(66,341)
Other operating (expense) / income, net			7,962						(14,242)						2,051												(4,229)						7,516												406						3,693
Profit / (loss) from operations			7,014						21,194						11,951												40,159						71,097												(11,148)						100,108
Depreciation of Property, plant and equipment and amortization of Intangible assets			(3,659)						(6,752)						(5,623)												(16,034)						(87,644)												(712)						(104,390)
Net loss from Fair value adjustment of Investment property			(566)						(16,023)						—												(16,589)						—												—						(16,589)
Transfer of revaluation surplus derived from the disposals of assets before taxes			(9,024)						—						—												(9,024)						—												—						(9,024)
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)			25,682						22,080						(14,629)												33,133						4,749												—						37,882
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)			1,126						9,263						18,641												29,030						32,205												—						61,235
Changes in net realizable value of agricultural produce after harvest (unrealized)			(5,088)						—						—												(5,088)						—												—						(5,088)
Changes in net realizable value of agricultural produce after harvest (realized)			(7,306)						(1)						—												(7,307)						517												—						(6,790)
As of December 31, 2024:
Farmlands and farmland improvements, net			432,826						176,516						2,454												611,796						80,357												—						692,153
Machinery, equipment, building and facilities, and other fixed assets, net			41,770						112,849						143,640												298,259						203,679												—						501,938
Bearer plants, net			1,292						—						—												1,292						326,278												—						327,570
Work in progress			468						6,276						4,009												10,753						16,175												—						26,928
Right of use assets			20,850						15,234						474												36,558						336,521												767						373,846
Investment property			28,193						5,349						—												33,542						—												—						33,542
Goodwill			10,397						6,319						—												16,716						3,526												—						20,242
Biological assets			79,363						102,098						42,864												224,325						69,620												—						293,945
Finished goods			40,345						32,623						20,553												93,521						94,633												—						188,154
Raw materials, Stocks held by third parties and others			44,809						18,446						16,390												79,645						21,865												—						101,510
Total segment assets			700,313						475,710						230,384												1,406,407						1,152,654												767						2,559,828
Borrowings			36,573						15,270						69,199												121,042						532,230												126,284						779,556
Lease liabilities			17,385						12,549						538												30,472						310,769												789						342,030
Total segment liabilities			53,958						27,819						69,737												151,514						842,999												127,073						1,121,586

.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 18

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

4.    Revenue

The following tables show our various sources of revenue for the periods indicated:

						Six-months ended June 30,
						2025						2024
						(unaudited)
Revenue of manufactured products and services rendered:
Ethanol						165,647						109,870
Sugar						126,730						155,005
Energy (*)						14,539						13,804
Peanut						32,387						18,313
Sunflower						2,924						3,389
Cotton						2,339						1,986
Rice (*)						116,107						117,014
Fluid milk (UHT)						59,249						63,495
Powder milk						20,815						23,904
Other dairy products						42,953						33,529
Services						4,725						5,329
Rental income						461						2,134
Others						26,975						22,379
Subtotal manufactured products and services rendered						615,851						570,151
Agricultural produce and biological assets:
Soybean						40,549						46,315
Corn						22,167						27,211
Wheat						6,583						9,163
Sunflower						4,190						2,439
Barley						1,977						1,733
Milk						1,919						3,983
Cattle						3,265						2,059
Cattle for dairy						10,212						5,832
Others						873						4,306
Subtotal agricultural produce and biological assets						91,735						103,041
Total revenue						707,586						673,192

(*) Includes revenue of mwh of energy produced by third parties for an amount of US$ 1.76 million and tons of power milk for an amount of US$ 0.3 million (June 30, 2024: revenue of mwh of energy and tons rice produced by third parties for an amount of US$ 0.6 million and US$ 0.7 million, respectively).

Commitments to sell commodities at a future date

The Group entered into contracts to sell non-financial instruments, mainly, sugar, soybean and corn through sales forward contracts. Those contracts are held for purposes of delivery the non-financial instrument in accordance with the Group’s expected sales. Accordingly, as the own use exception criteria are met, those contracts are not recorded as derivatives.

The notional amount of these contracts is US$ 113.2 million as of June 30, 2025 (June 30, 2024: US$ 116.2 million) comprised primarily of 9,711 liters of ethanol (US$ 5.67 million), 394,888 mwh of energy (US$ 18.18 million), 165,771 tons of

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 19

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements (continued)

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

4.    Revenue (continued)

sugar (US$ 65.57 million), 40,630 tons of soybean (US$ 11.81 million), 54,301 tons of corn (US$ 9.88 million), 1,169 tons of sorghum (US$ 0.22 million) and 7,687 tons of wheat (US$ 1.59 million) which expire between July 2025 and December 2025.

5.    Cost of revenue

The following tables show our cost of revenue for the periods indicated:

			Six-month ended June 30, 2025 (unaudited)
			Crops						Rice						Dairy						Sugar, Ethanol and Energy						Total
Finished goods at the beginning of 2025 (Note 18)			40,345						32,623						20,553						94,633						188,154
Cost of production of manufactured products (Note 6)			34,156						111,771						112,357						172,825						431,109
Purchases			22,627						—						—						1,999						24,626
Agricultural produce			129,122						—						12,131						8,356						149,609
Transfer to raw material			(49,625)						(10,503)						—						—						(60,128)
Direct agricultural selling expenses			10,062						—						—						—						10,062
Tax recoveries (i)			—						—						—						(23,892)						(23,892)
Changes in net realizable value of agricultural produce after harvest			3,427						(84)						(9)						(774)						2,560
Loss of idle productive capacity			—						—						—						17,912						17,912
Finished goods as of June 30, 2025 (Note 18)			(80,219)						(22,931)						(21,482)						(29,588)						(154,220)
Exchange differences			696						(168)						1,341						6,921						8,790
Cost of revenue for the period			110,591						110,708						124,891						248,392						594,582

(i): Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values.

			Six-month ended June 30, 2024 (unaudited)
			Crops						Rice						Dairy						Sugar, Ethanol and Energy						Total
Finished goods at the beginning of 2024			33,407						9,306						9,927						126,971						179,611
Cost of production of manufactured products (Note 6)			20,651						119,491						102,265						249,158						491,565
Purchases			14,125						1,931						6,250						356						22,662
Agricultural produce			164,471						—						9,815						6,007						180,293
Transfer to raw material			(67,602)						(6,773)						—						—						(74,375)
Direct agricultural selling expenses			14,742						—						—						—						14,742
Tax recoveries (i)			—						—						—						(17,297)						(17,297)
Changes in net realizable value of agricultural produce after harvest			(14,089)						(7)						—						517						(13,579)
Finished goods as of June 30, 2024			(74,031)						(20,106)						(12,027)						(131,576)						(237,740)
Exchange differences			16,530						380						(6,376)						(16,609)						(6,075)
Cost of revenue for the period			108,204						104,222						109,854						217,527						539,807

(i): Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 20

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

6.    Expenses by nature

The following table provides the additional disclosure required on the nature of expenses and their relationship to the function within the Group:

			Six-month ended June 30, 2025 (unaudited)
			Cost of production of manufactured products (Note 5)																														General and Administrative Expenses						Selling Expenses						Total
			Crops						Rice						Dairy						Sugar, Ethanol and Energy						Total
Salaries, social security expenses and employee benefits			2,973						9,444						8,015						19,061						39,493						28,254						7,131						74,878
Raw materials and consumables			—						806						11,381						2,118						14,305						—						—						14,305
Depreciation and amortization			340						2,551						2,841						48,754						54,486						13,094						763						68,343
Depreciation of right-of-use assets			—						26						13						5,145						5,184						10,553						36						15,773
Fuel, lubricants and others			230						1,001						691						13,256						15,178						481						132						15,791
Maintenance and repairs			824						2,343						2,517						12,488						18,172						3,773						470						22,415
Freights			455						5,682						1,837						242						8,216						(13)						33,669						41,872
Export taxes / selling taxes			—						—						—						—						—						—						18,423						18,423
Export expenses			—						—						—						—						—						—						7,049						7,049
Contractors and services			1,030						481						311						4,379						6,201						—						—						6,201
Energy transmission			—						—						—						—						—						—						982						982
Energy power			755						2,234						1,714						451						5,154						336						124						5,614
Professional fees			43						62						55						457						617						9,162						320						10,099
Other taxes			29						118						101						3,922						4,170						664						100						4,934
Contingencies			—						—						—						—						—						394						—						394
Lease expense and similar arrangements			118						741						88						—						947						852						442						2,241
Third parties raw materials			2,971						12,423						41,630						7,052						64,076						—						—						64,076
Tax recoveries			—						—						—						(2,270)						(2,270)						—						—						(2,270)
Others			707						1,818						1,494						4,331						8,350						3,417						7,111						18,878
Subtotal			10,475						39,730						72,688						119,386						242,279						70,967						76,752						389,998
Own agricultural produce consumed			23,681						72,041						39,669						53,439						188,830						—						—						188,830
Total			34,156						111,771						112,357						172,825						431,109						70,967						76,752						578,828

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 21

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

6.    Expenses by nature (continued)

			Six-month ended June 30, 2024 (unaudited)
			Cost of production of manufactured products (Note 5)																														General and Administrative Expenses						Selling Expenses						Total
			Crops						Rice						Dairy												Sugar, Ethanol and Energy									Total
Salaries, social security expenses and employee benefits			2,402						7,981						6,127												20,248						36,758						16,920						5,782						59,460
Raw materials and consumables			—						640						12,728												2,767						16,135						—						—						16,135
Depreciation and amortization			2,034						2,448						2,562												68,010						75,054						11,691						730						87,475
Depreciation of right-of-use assets			—						25						—												4,282						4,307						13,886						113						18,306
Fuel, lubricants and others			126						1,128						787												18,466						20,507						630						202						21,339
Maintenance and repairs			978						2,642						2,477												16,186						22,283						2,000						461						24,744
Freights			63						8,916						1,629												301						10,909						—						30,568						41,477
Export taxes / selling taxes			—						—						—												—						—						—						15,744						15,744
Export expenses			—						—						—												—						—						—						7,125						7,125
Contractors and services			835						585						190												6,929						8,539						—						—						8,539
Energy transmission			—						—						—												—						—						—						1,135						1,135
Energy power			474						1,928						1,338												384						4,124						327						81						4,532
Professional fees			39						178						52												400						669						5,347						395						6,411
Other taxes			11						157						101												1,938						2,207						351						15						2,573
Contingencies			—						—						—												—						—						714						—						714
Lease expense and similar arrangements			112						572						77												—						761						772						288						1,821
Third parties raw materials			3,809						15,260						36,767												7,673						63,509						—						—						63,509
Tax recoveries			—						—						—												(97)						(97)						—						—						(97)
Others			356						1,468						1,348												4,186						7,358						2,209						6,082						15,649
Subtotal			11,239						43,928						66,183												151,673						273,023						54,847						68,721						396,591
Own agricultural produce consumed			9,412						75,563						36,082												97,485						218,542						—						—						218,542
Total			20,651						119,491						102,265												249,158						491,565						54,847						68,721						615,133

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 22

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

7.    Salaries and social security expenses

			Six-month period ended June 30,
			2025						2024
			(unaudited)
Wages and salaries			79,725						76,057
Social security costs			21,488						23,955
Equity-settled share-based compensation			11,894						3,466
			113,107						103,478

8.    Other operating income expense, net

			Six-month period ended June 30,
			2025						2024
			(unaudited)
Gain from disposals of farmland and other assets (Note 20)			—						6,050
Gain from commodity derivative financial instruments			3,014						9,746
Gain /(loss) from disposal of other property items			408						(332)
Net gain /(loss) from fair value adjustment of investment property			479						(19,805)
Tax credits recognized (*)			3,419						—
Others			1,075						5,476
			8,395						1,135

(*) This amount includes US$ 2.2 million related to non-income tax credits resulting from a judicial decision regarding the exclusion of ICMS from the calculation base for PIS and COFINS, as well as US$ 1.2 million related to federal grant credits.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 23

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

9.    Financial results, net

			Six-month period ended June 30,
			2025						2024
			(unaudited)
Finance income:
- Interest income			4,121						4,566
- Foreign exchange gain, net			34,000						—
- Gain from interest rate/foreign exchange rate derivative financial instruments			4,731						—
- Other income			505						459
Finance income			43,357						5,025
Finance costs:
- Interest expense			(23,222)						(16,516)
- Finance cost related to lease liabilities			(19,999)						(28,013)
- Cash flow hedge – transfer from equity			—						(26,312)
- Foreign exchange losses, net			—						(22,023)
- Taxes			(3,199)						(4,159)
- Loss from interest rate/foreign exchange rate derivative financial instruments			—						(709)
- Other expenses			(1,228)						(5,295)
Finance costs			(47,648)						(103,027)
Other financial results - Net (loss)/gain of inflation effects on the monetary items			(5,317)						5,617
Total financial results, net			(9,608)						(92,385)

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 24

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

10.    Taxation

Taxes on income in the interim periods are recognized using the tax rate that would be applicable to expected total annual earnings.

			June 30, 2025						June 30, 2024
			(unaudited)
Current income tax			(3,433)						(2,011)
Deferred income tax			5,372						46,535
Income tax benefit			1,939						44,524

The gross movement on the deferred income tax liability is as follows:

			June 30, 2025						June 30, 2024
			(unaudited)
Beginning of period			(314,829)						(366,554)
Exchange differences			(7,400)						(140,242)
Effect of fair value valuation for farmlands			417						124,511
Disposal of farmland (Note 20)			—						2,080
Tax charge relating to cash flow hedge (i)			—						(9,335)
Others			3,138						2,167
Income tax benefit			5,372						46,535
End of period			(313,302)						(340,838)

(i)It relates to the amount reclassified of US$ 26,019 loss from profit and loss to equity for the six-month period ended June 30, 2024.

The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows:

			June 30, 2025						June 30, 2024
			(unaudited)
Tax calculated at the tax rates applicable to profits in the respective countries			1,445						(2,061)
Non-deductible items			(345)						(195)
Non-taxable income			4,547						6,006
Tax losses where no deferred tax asset was recognized			—						(18)
Previously unrecognized tax losses now recouped to reduce tax expenses (1)			4,638						9,873
Effect of IAS 29 on Argentina’s shareholder’s equity and deferred income tax.			(5,993)						27,202
Others			(2,353)						3,717
Income tax profit			1,939						44,524

(1) 2025 includes 2,270 of adjustment by inflation of tax loss carryforwards in Argentina (9,873 in 2024).

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 25

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

10.    Taxation (continued)

Tax Inflation Adjustment in Argentina

The information of Tax Inflation Adjustment in Argentina which is described in detail in Note 10 to annual consolidated financial statements.

OECD Pillar Two model rules

The group is within the scope of the OECD Pillar Two model rules. Pillar Two legislation was enacted in Luxembourg, the jurisdiction in which Adecoagro S.A. is incorporated, and came into effect for the fiscal year starting on January 1st, 2024.

The group has not recognized Pillar Two current tax for the period ended June 30, 2025.

The group applies the IAS 12 exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 26

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

11.    Property, plant and equipment, net

Changes in the Group’s property, plant and equipment for the six-month periods ended June 30, 2025 and 2024 were as follows:

			Farmlands						Farmland improvements						Buildings and facilities						Machinery, equipment, furniture and Fittings						Bearer plants						Others						Work in progress						Total
Six-month period ended June 30 2024
Opening net book amount.			694,202						11,645						241,156						196,995						375,842						8,914						20,811						1,549,565
Exchange differences			350,046						4,031						57,247						1,549						(50,029)						4,304						160						367,308
Additions			—						—						9,528						42,051						71,726						3,812						14,739						141,856
Revaluation surplus			(355,597)						—						—						—						—						—						—						(355,597)
Transfers			—						51						3,900						4,187						—						96						(8,234)						—
Disposals			(13,732)						(8)						(924)						(1,390)						—						(3)						—						(16,057)
Reclassification to non-income tax credits (*)			—						—						—						(144)						—						—						—						(144)
Depreciation			—						(1,880)						(15,451)						(36,403)						(49,900)						(1,087)						—						(104,721)
Closing net book amount			674,919						13,839						295,456						206,845						347,639						16,036						27,476						1,582,210
At June 30, 2024 (unaudited)
Cost			674,919						47,500						597,728						1,126,671						987,864						41,840						27,476						3,503,998
Accumulated depreciation			—						(33,661)						(302,272)						(919,826)						(640,225)						(25,804)						—						(1,921,788)
Net book amount			674,919						13,839						295,456						206,845						347,639						16,036						27,476						1,582,210
Six-month period ended June 30, 2025
Opening net book amount			676,760						15,393						303,755						181,115						327,570						17,068						26,928						1,548,589
Exchange differences			533						(134)						6,067						20,488						45,647						(143)						1,377						73,835
Additions			—						—						4,878						24,721						65,056						2,352						27,405						124,412
Revaluation surplus			(1,485)						—						—						—						—						—						—						(1,485)
Transfers			—						—						9,033						2,769						—						(167)						(11,635)						—
Disposals			—						—						(796)						(1,048)						—						(50)						—						(1,894)
Reclassification to non-income tax credits (*)			—						—						—						(140)						—						—						—						(140)
Depreciation			—						(1,938)						(13,148)						(27,342)						(38,037)						(1,287)						—						(81,752)
Closing net book amount			675,808						13,321						309,789						200,563						400,236						17,773						44,075						1,661,565
At June 30, 2025 (unaudited)
Cost			675,808						50,977						642,090						1,192,229						1,132,569						46,479						44,075						3,784,227
Accumulated depreciation			—						(37,656)						(332,301)						(991,666)						(732,333)						(28,706)						—						(2,122,662)
Net book amount			675,808						13,321						309,789						200,563						400,236						17,773						44,075						1,661,565

(*) Brazilian federal tax law allows entities to take a percentage of the total cost of the assets purchased as a tax credit. As of June 30, 2025, ICMS tax credits were reclassified to trade and other receivables.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 27

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements (continued)

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

11.    Property, plant and equipment, net (continued)

The Group determined the valuation of farmlands (US$ 676 million as of June 30, 2025) using, a “Sales Comparison Approach” prepared by an independent expert. Under the Sales Comparison Approach, the Group uses sale prices of comparable properties further adjusted considering the specific aspects of each property, the most relevant premise being the price per hectare (Level 3). The Group estimated that, other factors being constant, a 10% reduction on the sales price as of June 30, 2025 would have reduced the value of the farmlands by US$ 68.1 million, which would impact, net of its tax effect, the “Revaluation surplus” item in the statement of Changes in Shareholders’ Equity.

Depreciation charges are included in “Cost of production of Biological Assets”, “Cost of production of manufactured products”, “General and administrative expenses”, “Selling expenses”, as appropriate, and/or capitalized in “Property, plant and equipment” for the six-month periods ended June 30, 2025 and 2024.

As of June 30, 2025, borrowing costs of US$ 2,007 (June 30, 2024: US$ 2,384) were capitalized as components of the cost of acquisition or construction of qualifying assets.

Certain of the Group’s assets have been pledged as collateral to secure the Group’s borrowings and other payables. The net book value of the pledged assets amounts to US$217.8 million as of June 30, 2025 (June 30, 2024: US$ 217.8 million). As of June 30, 2025, all borrowings that had assets as guaranty were canceled. We are in the process of lifting the pledges.

12.    Right of use assets

Changes in the Group’s right of use assets for the six-month periods ended June 30, 2025 and 2024 were as follows:

			Agricultural partnership (*)						Others						Total
			(unaudited)
As of June 30, 2024
Opening net book amount			384,844						21,869						406,713
Exchange differences			(37,758)						844						(36,914)
Additions and re-measurement			37,681						8,091						45,772
Depreciation			(42,465)						(4,901)						(47,366)
Closing net book amount			342,302						25,903						368,205
As of June 30, 2025
Opening net book amount			352,678						21,168						373,846
Exchange differences			41,012						3,834						44,846
Additions and re-measurement			16,832						7,419						24,251
Depreciation			(32,910)						(5,462)						(38,372)
Closing net book amount			377,612						26,959						404,571

(*) Agricultural partnerships have an average term of 6 years.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 28

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

13.    Investment property

Changes in the Group’s investment property for the six-month periods ended June 30, 2025 and 2024 were as follows:

						June 30, 2025						June 30, 2024
						(unaudited)
Beginning of period						33,542						33,364
Gain / (loss) from fair value adjustment (Note 8)						479						(19,805)
Exchange differences						(479)						19,805
End of period						33,542						33,364
Fair value						33,542						33,364
Net book amount						33,542						33,364

The Group determined the valuation of investment properties using a “Sales Comparison Approach” prepared by an independent expert. Sale prices of comparable properties are adjusted considering the specific aspects of each property, the most relevant premise being the price per hectare. (Level 3). The increase /decrease in the fair value is recognized in the Statement of income under the line item “Other operating income, net”. There were no changes to the valuation techniques for any of the periods presented. The Group estimated that, other factors being constant, a 10% reduction on the Sales price as of June 30, 2025 would have reduced the value of the Investment properties on US$ 3.4 million, which would impact the line item “Net gain / (loss) from fair value adjustment.”

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 29

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

14.    Intangible assets, net

Changes in the Group’s intangible assets in the six-month periods ended June 30, 2025 and 2024 were as follows:

						Goodwill						Software						Trademarks						Others						Total
As of June 30, 2024
Opening net book amount						14,309						6,042						6,431						737						27,519
Exchange differences						5,236						1,775						2,825						(93)						9,743
Additions						—						557						—						—						557
Amortization charge (i)						—						(901)						(241)						(3)						(1,145)
Closing net book amount						19,545						7,473						9,015						641						36,674
At June 30, 2024 (unaudited)
Cost						19,545						19,240						12,319						1,251						52,355
Accumulated amortization						—						(11,767)						(3,304)						(610)						(15,681)
Net book amount						19,545						7,473						9,015						641						36,674
As of June 30, 2025
Opening net book amount						20,242						7,162						9,256						571						37,231
Exchange differences						236						201						(72)						76						441
Additions						—						816						2						—						818
Amortization charge (i)						—						(822)						(251)						(2)						(1,075)
Closing net book amount						20,478						7,357						8,935						645						37,415
At June 30, 2025 (unaudited)
Cost						20,478						20,845						12,756						1,261						55,340
Accumulated amortization						—						(13,488)						(3,821)						(616)						(17,925)
Net book amount						20,478						7,357						8,935						645						37,415

(i) Amortization charges are included in “General and administrative expenses” and “Selling expenses” for the period ended June 30, 2025 and 2024, respectively.

The Group conducts an impairment test annually or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. The last impairment test of goodwill was performed as of September 30, 2024.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 30

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

15.    Biological assets

Changes in the Group’s biological assets in the six-month periods ended June 30, 2025 and 2024 were as follows:

			June 30, 2025 (unaudited)
			Crops (i)						Rice (i)						Dairy (ii)						Sugarcane (i)						Total
Beginning of year			79,363						102,098						42,864						69,620						293,945
Increase due to purchases			1,854						688						—						—						2,542
Initial recognition and changes in fair value of biological assets			(359)						8,747						15,993						8,712						33,093
Decrease due to harvest / disposals			(132,385)						(132,850)						(51,800)						(64,369)						(381,404)
Costs incurred during the period			92,690						47,176						37,526						61,375						238,767
Exchange differences			(1,104)						(1,401)						(612)						9,840						6,723
End of period			40,059						24,458						43,971						85,178						193,666

			June 30, 2024 (unaudited)
			Crops (i)						Rice (i)						Dairy (ii)						Sugarcane (i)						Total
Beginning of year			55,545						32,843						23,191						116,458						228,037
Increase due to purchases			625						559						—						—						1,184
Initial recognition and changes in fair value of biological assets			29,680						36,575						4,491						36,954						107,700
Decrease due to harvest / disposals			(164,779)						(141,582)						(48,628)						(107,564)						(462,553)
Costs incurred during the period			89,521						68,618						45,999						66,910						271,048
Exchange differences			31,581						17,648						13,768						(15,549)						47,448
End of period			42,173						14,661						38,821						97,209						192,864

(i)Biological assets that are measured at fair value within level 3 of the hierarchy.

(ii)Biological assets that are measured at fair value within level 2 of the hierarchy

For those biological assets measured at fair value within level 3 of the fair value hierarchy, the Group uses valuation techniques based on unobservable inputs. This is only permissible insofar as no observable market data are available. The inputs used reflect the Group’s assumptions regarding the factors, which market players would consider in their pricing. The Group uses the best available information for this, including internal company data

The discounted cash flow valuation technique and the significant unobservable inputs used to calculate the fair value of these biological assets are consistent with those described in Note 16 to of the consolidated financial statements for the year ended December 31, 2024.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 31

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

15.    Biological assets (continued)

Cost of production for the six-month period ended June 30, 2025:

			June 30, 2025
			(unaudited)
			Crops						Rice						Dairy						Sugar, Ethanol and Energy						Total
Salaries, social security expenses and employee benefits			2,371						7,858						6,210						7,400						23,839
Depreciation and amortization			—						—						—						1,615						1,615
Depreciation of right-of-use assets			—						—						—						16,637						16,637
Fertilizers, agrochemicals and seeds			22,217						2,533						3,096						21,774						49,620
Fuel, lubricants and others			356						1,235						779						3,018						5,388
Maintenance and repairs			694						6,249						2,692						2,195						11,830
Freights			2,618						1,135						80						—						3,833
Contractors and services			14,806						19,080						—						6,724						40,610
Feeding expenses			223						94						12,115						—						12,432
Veterinary expenses			146						54						1,996						—						2,196
Energy power			30						2,766						986						—						3,782
Professional fees			102						206						414						188						910
Other taxes			430						56						149						34						669
Lease expense and similar arrangements			47,903						4,959						1						874						53,737
Others			421						945						426						916						2,708
Subtotal			92,317						47,170						28,944						61,375						229,806
Own agricultural produce consumed			373						6						8,582						—						8,961
Total			92,690						47,176						37,526						61,375						238,767

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 32

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

15.    Biological assets (continued)

Cost of production for the six-month period ended June 30, 2024:

			June 30, 2024
			(unaudited)
			Crops						Rice						Dairy						Sugar, Ethanol and Energy						Total
Salaries, social security expenses and employee benefits			3,050						7,238						5,085						6,112						21,485
Depreciation and amortization			—						—						—						2,019						2,019
Depreciation of right-of-use assets			—						—						—						25,144						25,144
Fertilizers, agrochemicals and seeds			33,066						15,334						47						21,460						69,907
Fuel, lubricants and others			530						1,251						746						1,993						4,520
Maintenance and repairs			1,479						6,702						2,271						1,754						12,206
Freights			3,837						1,239						105						—						5,181
Contractors and services			10,486						28,506						—						6,296						45,288
Feeding expenses			96						73						23,463						—						23,632
Veterinary expenses			142						43						2,694						—						2,879
Energy power			30						2,199						1,088						—						3,317
Professional fees			278						120						81						164						643
Other taxes			540						60						6						19						625
Lease expense and similar arrangements			35,544						4,825						—						—						40,369
Others			252						968						389						1,949						3,558
Subtotal			89,330						68,558						35,975						66,910						260,773
Own agricultural produce consumed			191						60						10,024						—						10,275
Total			89,521						68,618						45,999						66,910						271,048

Biological assets as of June 30, 2025 and December 31, 2024 were as follows:

			June 30, 2025						December 31, 2024
			(unaudited)
Non-current
Cattle for dairy production			43,416						42,449
Breeding cattle			274						607
Other cattle			346						362
			44,036						43,418
Current
Breeding cattle			13,063						11,433
Other cattle			555						415
Sown land – crops			29,303						69,339
Sown land – rice			21,533						99,720
Sown land – sugarcane			85,176						69,620
			149,630						250,527
Total biological assets			193,666						293,945

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 33

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

16.    Financial instruments

As of June 30, 2025, the financial instruments recognized at fair value on the statement of financial position comprise derivative financial instruments.

For Level 1 instruments, valuation is based on the unadjusted quoted prices in active markets for identical financial assets that the Group can refer to at the date of the statement of financial position. A market is deemed active if transactions take place with sufficient frequency and in sufficient quantity for price information to be available on an ongoing basis. Since a quoted price in an active market is the most reliable indicator of fair value, this should always be used if available. Level 1 financial instruments mainly consist of crop futures and options traded on the stock market. In the case of securities, the Group allocates them to this level when either a stock market price is available or prices are provided by a price quotation on the basis of actual market transactions.

Derivatives not traded on the stock market are categorized as Level 2 instruments and are valued using models based on observable market data. The Group uses inputs directly or indirectly observable in the market, other than quoted prices. If the derivative financial instrument has a fixed contract period, the inputs used for valuation must be observable for the whole of this period. Level 2 financial instruments mainly consist of interest-rate swaps and foreign-currency interest-rate swaps.

For Level 3 instruments, the Group uses valuation techniques not based on inputs observable in the market. This is only permissible insofar as no observable market data are available. The inputs used reflect the Group’s assumptions regarding the factors, which market players would consider in their pricing. The Group uses the best available information for this, including internal company data. The Group does not have any Level 3 financial instruments for any of the periods presented.

There were no transfers between any levels during any of the periods presented.

The following tables present the Group’s financial assets and financial liabilities that are measured at fair value as of June 30, 2025 and their allocation to the fair value hierarchy:

			2025
			Level 1						Level 2						Total
Assets
Derivative financial instruments			1,263						13,982						15,245
Short-term investment (1)			25,065						—						25,065
Total assets			26,328						13,982						40,310
Liabilities
Derivative financial instruments			(272)						(4,354)						(4,626)
Total liabilities			(272)						(4,354)						(4,626)

(1) It includes US$ 1,565 of BOPREAL (Bonos para la Reconstrucción de una Argentina Libre), US$ 5,265 LELINK (Letras Dollar Linked), 4,977 BONCAP (Bono Capitalizable en Pesos) and US$ 13,258 of LECAPs (Letras del Tesoro Nacional Capitalizables en Pesos).

When no quoted prices in an active market are available, fair values (particularly with derivatives) are based on recognized valuation methods. The Group uses a range of valuation models for this purpose, details of which may be obtained from the following table:

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 34

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

16.    Financial instruments (continued)

Class						Pricing Method						Parameters						Pricing Model						Level						Total
Futures						Quoted price						-						-						1						1,094
NDF						Quoted price						Foreign-exchange curve						Present value method						1						(103)
Interest-rate swaps						Theoretical price						Money market interest-rate curve.						Present value method						2						9,628
Public securities						Quoted price						-						-						1						25,065

17.    Trade and other receivables, net

			June 30, 2025						December 31, 2024
			(unaudited)
Non-current
Advances to suppliers			5,200						3,316
Income tax credits			8,654						4,639
Non-income tax credits (i)			39,784						26,240
Judicial deposits			2,103						1,816
Other receivables			521						2,499
Non-current portion			56,262						38,510
Current
Trade receivables			121,086						87,645
Less: Allowance for trade receivables			(1,222)						(1,114)
Trade receivables – net			119,864						86,531
Prepaid expenses			19,126						18,038
Advance to suppliers			63,756						35,996
Income tax credits			6,293						5,680
Non-income tax credits (i)			57,577						53,522
Receivable from disposal of subsidiary			1,688						2,900
Receivables from related parties (Note 28)			16,243						—
Other receivables			8,831						10,689
Subtotal			173,514						126,825
Current portion			293,378						213,356
Total trade and other receivables, net			349,640						251,866

(i) Includes US$ 140 for the six-month period ended June 30, 2025 reclassified from property, plant and equipment (for the year ended December 31, 2024: US$ 307).

The fair values of current trade and other receivables approximate their respective carrying amounts due to their short-term nature. The fair values of non-current trade and other receivables approximate their carrying amount, as the impact of discounting is not significant.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 35

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements (continued)

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

17.    Trade and other receivables, net (continued)

The carrying amounts of the Group’s trade and other receivables are denominated in the following currencies (expressed in US dollars):

			June 30, 2025						December 31, 2024
			(unaudited)
Currency
US Dollar			121,635						84,477
Argentine Peso			105,501						70,837
Uruguayan Peso			1,575						2,478
Brazilian Reais			120,929						94,074
			349,640						251,866

As of June 30, 2025 trade receivables of US$ 26,887 (December 31, 2024: US$ 29.123) were past due but not impaired. The ageing analysis of these receivables indicates that US$ 3,732 and US$ 289 are over 6 months in June 30, 2025 and December 31, 2024, respectively.

The creation and release of allowance for trade receivables have been included in ‘Selling expenses’ in the statement of income. Amounts charged to the allowance account are generally written off, when there is no expectation of recovering additional cash.

The other classes within other receivables do not contain impaired assets.

The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above.

18.    Inventories

			June 30, 2025						December 31, 2024
			(unaudited)
Raw materials			201,636						101,510
Finished goods (Note 5)			154,220						188,154
			355,856						289,664

19.    Cash and cash equivalents

			June 30, 2025						December 31, 2024
			(unaudited)
Cash at bank and on hand			81,243						137,294
Short-term bank deposits			99,364						73,950
			180,607						211,244

20.    Disposals

In April 2024, the Company sold “La Pecuaria” farm, a 3,177 hectares farm located in Uruguay for an aggregate amount of US$ 20.7 million, collected in full at closing. This transaction resulted in a pre-tax gain of US$ 6.1 million included in the line item “Other operating income” in the statement of income for the six-month period ended June 30, 2024. Also, an amount of US$ 6.9 million was reclassified to retained earnings out of the revaluation surplus reserve.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 36

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

21.    Shareholder’s contribution

						Number of shares (thousands)						Share capital and share premium
At January 1, 2024						111,382						910,883
Employee share options exercised (Note 22)						—						115
Restricted shares vested						—						7,540
Purchase of own shares						—						(35,475)
Dividends to shareholders						—						(35,000)
At June 30,2024 (unaudited)						111,382						848,063
At January 1, 2025						111,382						826,472
Reduction of issued share capital of the Company						(6,000)						(9,000)
Employee share options exercised (Note 22)						—						52
Restricted share vested						—						20,263
Purchase of own shares						—						(8,623)
Dividends to shareholders						—						(35,000)
At June 30,2025 (unaudited)						105,382						794,164

Decision of the Extraordinary General Shareholders’ meeting

On June 6, 2025 the extraordinary general meeting of the shareholders of the Company resolved to reduce the issued share capital of the Company by an amount of $9,000,000 by the cancellation of 6,000,000 shares with a nominal value of $1.50 each held in treasury by the Company so that, as from June 6, 2025, our issued share capital amounts to $158,072,722.50, represented by 105,381,815 shares in issue (of which 5,312,375 are treasury shares) with a nominal value of $1.50 each.

Share Repurchase Program

On July 11, 2024, the Group’s share repurchase program was renewed to purchase up to five per cent (5%) of the Company’s total outstanding share capital until December 31, 2024 or reaching the maximum number of shares authorized for purchase under the program, whichever occurs first.

As of June 30, 2025, the Company repurchased an aggregate of 32,299,783 shares under the program, of which 11,139,445 have been utilized to cover the exercise of the Company’s employee stock option plan and the granted of the restricted stock plan and 11 million shares were reduced from capital. During the six-month periods ended June 30, 2025 and 2024 the Company repurchased shares for an amount of 1,057,858 and 4,146,651 respectively.

Annual dividends

On June 17, 2025, the Company’s general shareholders’ meeting approved the payment of an annual dividend of $35 million payable in two installments in May 16, 2025 and November, 2025, respectively. First installment was already paid.

On April 17, 2024, the Company’s general shareholders’ meeting approved the payment of an annual dividend of $35 million payable in two installments made on May 29, 2024 and November 27, 2024, respectively.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 37

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

21.    Shareholder’s contribution (continued)

Net assets

The carrying amount of the net assets of the Company as of June 30, 2025 was USD 1.42 billions, which exceeds the Market Capitalization as of that date. This situation could mean that there is an impairment indicator as referred in IAS 36. A calculation of the value in use of net assets of the Company was made, through a discounted cash flow projections of the two major lines of business, Farming and Sugar, Ethanol and Energy, based on financial forecast approved by the management covering a five-year period. The Company reached to the conclusion that no impairment should be recognized given the value in use of the Company determined is higher that its net assets book value as of June 30, 2025.

22.    Equity-settled share-based payments

In 2004, the Group established the “2004 Incentive Option Plan” (“Option Schemes”) under which the Group granted equity-settled options to senior managers and selected employees of the Group’s subsidiaries.

Further, in 2010, the Group established the “Adecoagro Restricted Share and Restricted Stock Unit Plan” (the “Restricted Share Plan”) under which the Group grants restricted shares, or restricted stock units to directors of the Board, senior and medium management and key employees of the Group.

(a)Option Schemes

No expense was accrued for both periods under the Options Schemes.

As of June 30, 2025, 5,149 options (June 30, 2024: 14,396) were exercised. No options were forfeited or expired for any of the periods presented.

(b)Restricted Share and Restricted Stock Unit Plan

On April 1, 2025, and as a consequence of the Possible acquisition as of that date, from Tether of the controlling interest of the Company, it was decided, as specified in the plan for a circumstance like this, an acceleration of the vesting of all granted restricted shares. As of June 30, 2025, the Group recognized compensation expense of US$ 14.7 million related to the restricted shares granted under the Restricted Share Plan (June 30, 2024: US$ 3.4 million). For the six-month period ended June 30, 2025, 1,069,913 Restricted Shares were granted (June 30, 2024: 603,799), 2,396,797 were vested (June 30, 2024: 970,511), and 1,541 Restricted shares were forfeited (June 30, 2024: 15,662).

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 38

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

23.    Trade and other payables

			June 30, 2025						December 31, 2024
			(unaudited)
Non-current
Trade payables			288						384
Other payables			690						383
			978						767
Current
Trade payables			183,920						173,157
Advances from customers			10,503						22,609
Amounts due to related parties (Note 28)			749						—
Taxes payable			9,238						9,499
Dividends payables			18,102						703
Other payables			937						939
			223,449						206,907
Total trade and other payables			224,427						207,674

The fair values of current trade and other payables approximate their respective carrying amounts due to their short-term nature. The fair values of non-current trade and other payables approximate their carrying amount, as the impact of discounting is not significant.

24.    Borrowings

			June 30, 2025						December 31, 2024
			(unaudited)
Non-current
Senior Notes (*)			414,821						414,638
Bank borrowings (*)			268,174						265,367
			682,995						680,005
Current
Senior Notes (*)			6,858						6,858
Bank borrowings (*)			215,054						92,693
			221,912						99,551
Total borrowings			904,907						779,556

(*) As of June 30, 2025, the Group was in compliance with the related financial covenants under the respective loan agreements.

As of June 30, 2025, total bank borrowings include collateralized liabilities of US$75,488 (December 31, 2024: US$70,000). These loans were mainly collateralized by energy contracts and bank guarantee.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 39

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

24.    Borrowings (continued)

Notes 2032

On July 29, 2025, the Company issued senior notes (the “Notes”) for US$ 500 million, at an annual nominal rate of 7.5%. The Notes will mature on July 29, 2032. Interest on the Notes are payable semi-annually in arrears on January 29 and July 29 of each year. The total proceeds nets of expenses was US$ 496.8 million.

The Notes are fully and unconditionally guaranteed on a senior unsecured basis by certain of our current and future subsidiaries, currently: Adeco Agropecuaria S.A., L3N S.A., Pilagá S.A., Adecoagro Vale do Ivinhema S.A. and Adecoagro Uruguay S.A. are the only Subsidiary Guarantors.

Notes 2027

On September 21, 2017, the Company issued senior notes (the “Notes”) for US$ 500 million, at an annual nominal rate of 6%. The Notes will mature on September 21, 2027. Interest on the Notes are payable semi-annually in arrears on March 21 and September 21 of each year. The total proceeds nets of expenses was US$ 495.2 million.

The Notes are fully and unconditionally guaranteed on a senior unsecured basis by certain of our current and future subsidiaries, currently: Adeco Agropecuaria S.A., Adecoagro Brasil Participações S.A., Adecoagro Vale do Ivinhema S.A., Pilagá S.A. and Usina Monte Alegre Ltda. are the only Subsidiary Guarantors.

On July 22, 2024, the Company announced a cash tender offer for up to US$100.0 million of the Notes due 2027. As of the closing date of the Tender, (August 19, 2024) US$84.4 million in aggregate principal amount of Notes had been validly tendered by Holders and fully cancelled. The total consideration, including the Early Tender Premium, was US$ 980 for each US$ 1,000 principal amount of Notes. In addition, on July 18, 2025, the Company announced a new cash tender offer for any and all of its outstanding Notes due 2027, for a consideration of US$1,000 for each US$1,000 principal amount of Notes. As of the closing date of the Tender, (July 24, 2025) US$150.9 million in aggregate principal amount of Notes had been validly tendered by Holders and fully cancelled on July 29, 2025. .

The Notes 2027 and 2032 contain customary financial covenants and restrictions which require us to meet pre-defined financial ratios, among other restrictions.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 40

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

24.    Borrowings (continued)

The maturity of the Group’s borrowings and the Group’s exposure to fixed and variable interest rates is as follows:

			June 30, 2025						December 31, 2024
			(unaudited)
Fixed rate:
Less than 1 year			192,572						69,178
Between 1 and 2 years			34,259						55,952
Between 2 and 3 years			421,462						414,994
Between 3 and 4 years			966						356
Between 4 and 5 years			1,398						356
More than 5 years			49,693						35,936
			700,350						576,772
Variable rate:
Less than 1 year			29,340						30,373
Between 1 and 2 years			89,080						83,142
Between 2 and 3 years			49,862						46,593
Between 3 and 4 years			—						2,932
Between 4 and 5 years			—						441
More than 5 years			36,275						39,303
			204,557						202,784
			904,907						779,556

The breakdown of the Group’s borrowing by currency is included in Note 2 - Interest rate risk.

The carrying amount of short-term borrowings is approximate its fair value due to the short-term maturity. Long term borrowings subject to variable rate approximate their fair value. The fair value of long-term subject to fix rate do not significant differ from their fair value. The fair value (level 2) of the senior notes equals US$ 414.7 million, 99.77% of the nominal amount.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 41

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

25.    Lease liabilities

			June 30, 2025						December 31, 2024
			(unaudited)
Non-current			316,244						287,679
Current			47,464						54,351
			363,708						342,030

The maturity of the Group's lease liabilities is as follows:

			June 30, 2025						December 31, 2024
			(unaudited)
Less than 1 year			47,464						54,351
Between 1 and 2 years			22,079						65,697
Between 2 and 3 years			48,742						51,325
Between 3 and 4 years			44,427						43,571
Between 4 and 5 years			38,481						35,764
More than 5 years			162,515						91,322
			363,708						342,030

26.    Payroll and social security liabilities

			June 30, 2025						December 31, 2024
			(unaudited)
Non-current
Social security payable			544						1,454
			544						1,454
Current
Salaries payable			8,649						4,077
Social security payable			5,887						4,821
Provision for vacations			13,626						13,314
Provision for bonuses			4,837						10,523
			32,999						32,735
Total payroll and social security liabilities			33,543						34,189

27.    Provisions for other liabilities

The Group is subject to several laws, regulations and business practices of the countries where it operates. In the ordinary course of business, the Group is subject to certain contingent liabilities with respect to existing or potential claims, lawsuits and other proceedings, including those involving tax, labor and social security, administrative and civil and other matters. The Group accrues liabilities when it is probable that future costs will be incurred and it can reasonably estimate them. The Group bases its accruals on up-to-date developments, estimates of the outcomes of the matters and legal counsel experience in contesting, litigating and settling matters. As the scope of the liabilities becomes better defined or more information is available, the Group may be required to change its estimates of future costs, which could have a material effect on its results of operations and financial condition or liquidity. There have been no material changes to claimed amounts and current proceedings since December 31, 2024.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 42

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

28.    Related-party transactions

The following is a summary of the balances and transactions with related parties:

Related party			Relationship						Description of transaction						Income / (expense) included in the statement of income												Balance receivable / (payable)
															June 30, 2025						June 30, 2024						June 30, 2025						December 31, 2024
															(unaudited)						(unaudited)						(unaudited)
Directors and senior management			Employment						Compensation selected employees						(265)						(3,103)						(11,327)						(17,409)
			Consultant						Payables						(88)						—						(54)						—
			Employment						Receivables						159						—						16,243						—
Rio Porá S.A.			Affiliate						Payables						—						—						(695)						—
									Leases						(742)						—						—						—

29.    Basis of preparation and presentation

The information presented in the accompanying condensed consolidated interim financial statements (“interim financial statements”) as of June 30, 2025 and for the six-month and three-month periods ended June 30, 2025 and 2024 is unaudited and in the opinion of management reflect all adjustments necessary to present fairly the financial position of the Group as of June 30, 2025, results of operations for the six-month and three-month periods ended June 30, 2025 and 2024 and cash flows for the six-month periods ended June 30, 2025 and 2024. All such adjustments are of a normal recurring nature. In preparing these accompanying interim financial statements, management has made certain estimates and assumptions that affect reported amounts in the financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results.

These interim financial statements have been prepared in accordance with International Accounting Standard 34 (IAS 34), ‘Interim financial reporting’ as issued by the International Accounting Standards Board (IASB) and they should be read in conjunction with the annual financial statements for the year ended December 31, 2024, which have been prepared in accordance with IFRS Accounting Standards as issued by the IASB.

The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the Group’s consolidated financial statements for the year ended December 31, 2024.

Seasonality of operations

The Group’s business activities are inherently seasonal. The Group generally harvest and sell its grains (corn, soybean, rice and sunflower) between February and August, with the exception of wheat, which is harvested from December to January. Peanut is harvested from April to May, and revenue are executed with higher intensity during the third quarter of the year. Cotton is a unique in that while it is typically harvested from June to August, it requires processing which takes about two to three months to complete. Revenue in our Dairy business segment tend to be more stable. However, milk production is generally higher during the fourth quarter, when the weather is more suitable for production. Although our Sugar, Ethanol and Electricity cluster is currently operating under a “non-stop” or “continuous” harvest and without stopping during traditional off-season, the rest of the sector in Brazil is still primarily operating with large off-season periods from December/January to March/April. The result of large off-season periods is fluctuations in our sugar and ethanol revenue and in our inventories, usually peaking in December to take advantage of higher prices during the traditional off-season period (i.e., January through April). As a result of the above factors, there may be significant variations in our financial results from one quarter to another. In addition, our quarterly results may vary as a result of the effects of fluctuations in commodities prices, production yields and costs on the determination of initial recognition and changes in fair value of biological assets and agricultural produce.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 43

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

30.     Recent developments

On March 28, 2025, pursuant to the terms of a Transaction Agreement (the “Transaction Agreement”), Tether Investments S.A. de C.V., a corporation organized under the laws of El Salvador (“Tether” or our “controlling shareholder”) commenced an Offer to Purchase (the “Offer”) to acquire up to 49,596,510 common shares of the Company at a price in cash of U.S.$12.41 per common share (representing, when added to the common shares already owned by Tether, approximately 70% of the outstanding common shares of the Company), upon the terms and subject to the conditions set forth in the Offer to Purchase, dated March 28, 2025. The Offer closed on April 25, 2025, with Tether acquiring approximately 70% of the outstanding common shares of the Company. Subsequently to the closing of the Offer, Tether purchased additional common shares of the Company in the open market. As of July 10, 2025, Tether owns 72,402,171 common shares of the Company, representing approximately 72.4% of the outstanding common shares of the Company.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 44