EX-99.1 2 er09302025.htm EX-99.1

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												Adjusted EBITDA reached $115.1 million in 3Q25. All-time crushing record and switch to ethanol maximization. Challenging global price scenario continues.
			3Q25 Earning Release Conference Call
			English Conference Call																																	Luxembourg, November 11, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the third quarter ended September 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 22 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release.
			November 12, 2025
			10 a.m. (US EST)
			12 p.m. (Buenos Aires/Sao Paulo time)
			4 p.m. (Luxembourg)
															Consolidated Financial Performance - Highlights
			Zoom ID: 846 0311 9062												$ thousands			3Q25			3Q24			Chg %			9M25			9M24			Chg %
			Passcode: 930207												Gross Sales (1)			323,346			456,653			(29.2)%			1,038,979			1,107,999			(6.2)%
															Adjusted EBITDA (2)			115,058			110,900			3.7%			206,371			341,011			(39.5)%
			Investor Relations												Adjusted EBITDA Margin (2)			37%			25%			49.0%			20%			31%			(35.1)%
			Emilio Gnecco												Adjusted Net Income (2)			25,681			27,894			(7.9)%			(1,817)			156,653			(101.2)%
			CFO												Adjusted Net Income per Share			0.26			0.28			(7.2)%			(0.02)			1.55			(101.2)%
			Victoria Cabello												Distribution to Shareholders (3)			—			16,583			(100.0)%			27,710			75,779			(63.4)%
			IR Officer												Expansion Capex			31,813			26,132			21.7%			85,194			71,587			19.0%
															Expansion Capex (with Profertil)			127,813			26,132			389.1%			181,194			71,587			153.1%
															Net Debt (2)			871,509			645,818			34.9%			871,509			645,818			34.9%
															Net Debt(2) / LTM Adj EBITDA (x)			2.8x			1.5x			90.4%			2.8x			1.5x			90.4%
			Email												Breakdown by Operating Segment - Adjusted EBITDA
			ir@adecoagro.com												$ thousands			3Q25			3Q24			Chg %			9M25			9M24			Chg %
															Sugar, Ethanol & Energy			120,467			100,130			20.3%			218,418			258,871			(15.6)%
															Crops			(6,798)			2,025			(435.7)%			(18,139)			22,288(*)			(181.4)%
															Rice			1,112			7,430			(85.0)%			13,748			51,399			(73.3)%
															Dairy			7,150			7,930			(9.8)%			23,583			25,504			(7.5)%
			Website:												Corporate Expenses			(6,873)			(6,615)			3.9%			(31,239)(**)			(17,051)			83.2%
			www.adecoagro.com												Total Adjusted EBITDA			115,058			110,900			3.7%			206,371			341,011			(39.5)%
															(*) Includes $15.0 million related to the sale of La Pecuaria farm in April 2024. Net of this one-off, Adjusted EBITDA for Crops was $7.3 million. (**) Includes $9.2 million of one-offs from Tether's tender offer for our common shares. Excluding this, Corporate Expenses were $22.0 million.
												•Higher Adjusted EBITDA in 3Q25 was led by the Sugar, Ethanol & Energy business. In 9M25, the decline was explained by lower prices, higher costs and a mixed performance in yields. •Higher expansion capex was driven by the $96.0 million advance payment to purchase Nutrien's stake in Profertil. Excluding this, expansion capex increased by $5.7 million in 3Q25 and $13.6 million in 9M25. •Net Debt/LTM Adj. EBITDA stood at 2.8x on lower consolidated results and the aforementioned payment for Profertil. We are currently working on an Action Plan to reduce our cost structure while reviewing our capital allocation strategy.
												(1) Gross Sales are equal to Net Sales plus sales taxes related to sugar, ethanol and energy. (2) Please see “Reconciliation of Non-IFRS measures” starting on page 22 for a reconciliation of Adjusted EBITDA, Adjusted Net Income and Net Debt for the period. Adjusted EBITDA margin is calculated as a percentage of net sales. (3) Includes cash dividends and share repurchases as of September 30th. Distribution as of the date of this report is presented on page 3.

1

Sugar, Ethanol & Energy business

Performance Highlights

◦Adjusted EBITDA amounted to $120.5 million in 3Q25, 20.3% higher year-over-year, whereas year-to-date it reached $218.4 million, 15.6% lower compared to 9M24.

▪(+) Switched to ethanol max scenario (58% in 3Q25 / 55% in 9M25) on greater margins than sugar.

▪(+) Year-over-year gains in biological assets on greater expected productivity and lower costs.

▪(+/-) All-time crushing record in 3Q25 (4.9 million tons; 20.4% increase versus 3Q24). Catching up our harvesting pace with 9.8 million tons crushed year-to-date.

▪(+/-) In-line production cost in 3Q25 thanks to higher dilution on record crushing. Year-to-date, cost of production stood at 8.3 cts/lb (versus 7.8 cts/lb in 9M24) on lower TRS equivalent produced, and therefore lower cost dilution.

▪(-) Lower net sales in both 3Q25 and 9M25 due to lower selling volumes and prices of sugar, despite the recovery in ethanol prices.

Outlook

◦(+) Annual crushing forecast in line with 2024. Productivity recovery following the completion of harvest from frost and drought-impacted areas.

◦(+/-) As of this date, we had 91% of our 2025 sugar production hedged at an average price of 19.3 cts/lb, whereas for next year we have 20% committed at 16.4 cts/lb (assuming an ethanol max scenario).

Farming business

Performance Highlights

◦Adjusted EBITDA reached $1.5 million in 3Q25 and $19.2 million in 9M25, $15.9 million and $80.0 million lower year-over-year, respectively. Excluding the sale of La Pecuaria farm in April 2024, Adjusted EBITDA was down $65.0 million on a year-to-date basis.

▪(+) Higher volumes sold of our Dairy products and Crops.

▪(+/-) Record production in our Rice operations but selling at a slower pace.

▪(-) Lower prices for crops, rice and dairy products.

▪(-) Year-over-year losses in the mark-to-market of our biological asset for the 2024/25 harvest season.

▪(-) Higher costs in U.S. dollar terms for the 2024/25 harvest season.

Outlook

◦(+) Crops: Planting activities are underway, 25% area reduction to maximize margin per hectare.

◦(+) Rice: 10% area reduction to maximize margins. Increasing the mix of varieties vs. long grain rice.

◦(+) Dairy: Working on product development for both the export and domestic markets.

2

Remarks

Adecoagro to Acquire Best in Class Urea Producer

◦In September 2025, Adecoagro announced an agreement to acquire Nutrien Ltd.’s 50% interest in Profertil S.A., South America’s largest producer of granular urea. The remaining 50% stake is held by YPF S.A., Argentina’s largest oil and gas producer. The acquisition will be executed through a 80%-20% partnership between Adecoagro and Asociación de Cooperativas Argentinas (“ACA”). The total purchase price for Nutrien’s shares is ∼$600 million. An initial Down Payment of $120 million was made upon signing the agreement, out of which the Company contributed $96 million. Closing is expected before year-end, subject to customary conditions and YPF’s 90-day right of first refusal.

◦This acquisition represents a transformational step in Adecoagro’s strategy to expand its agro-industrial platform and further diversify its revenue base. Profertil is one of the lowest cost producers of urea and ammonia globally, with access to competitively priced natural gas and located in a net importing region. The company is led by an experienced management with a proven track record, has fully dollarized revenues and consistent cash generation—averaging $390 million in EBITDA per year between 2020 and 2024—.

2025 Shareholder Distribution Update

◦On November 19, we will pay the second $17.5 million cash dividend ($0.17484886 per share) to shareholders of record as of November 3, completing a total annual cash dividend of $35.0 million. During the year we also invested $10.2 million in repurchasing 1.1% of the company's equity (1.1 million shares at an average price of $9.65 per share). With a total of $45.2 million distributed, the Company concludes its 2025 Shareholder Distribution Program.

Independent Farmland Appraisal Report

◦As of September 30, 2025, Cushman & Wakefield updated its independent appraisal of Adecoagro's farmland which consists of 210,371 hectares valued at $714.8 million (4.7% higher year-over-year). The Company's equity book value, net of non-controlling interests, is $13.7 per share.

Resignation of Mr. Daniel González as Board Member

◦Mr. Daniel González has resigned from the Company’s Board of Directors, effective November 3, 2025. He has been a member of the Company’s Board since 2014, and during his tenure contributed meaningfully to the Company’s growth and development. We thank Daniel for his commitment and valuable service, which have helped make Adecoagro a better company.

3

Sugar, Ethanol & Energy Segment - Operational Performance

SUGAR, ETHANOL & ENERGY - SELECTED INFORMATION
Operating Data			Metric			3Q25			3Q24			Chg %			9M25			9M24			Chg %
Milling
Sugarcane Milled			tons			4,863,699			4,038,787			20.4%			9,796,837			10,186,956			(3.8)%
Own Cane			tons			4,157,547			3,299,059			26.0%			8,857,085			9,226,947			(4.0)%
Third Party Cane			tons			706,152			739,728			(4.5)%			939,752			960,009			(2.1)%
Production
TRS Equivalent Produced			tons			685,432			612,820			11.8%			1,295,762			1,418,778			(8.7)%
Sugar			tons			255,563			303,167			(15.7)%			518,381			656,479			(21.0)%
Ethanol			M3			248,165			174,809			42.0%			445,553			433,760			2.7%
Hydrous Ethanol			M3			216,113			134,847			60.3%			348,333			358,038			(2.7)%
Anhydrous Ethanol (1)			M3			32,052			39,962			(19.8)%			97,220			75,722			28.4%
Sugar mix in production			%			42%			55%			(23.7)%			45%			51%			(12.9)%
Ethanol mix in production			%			58%			45%			28.9%			55%			49%			13.6%
Energy Exported (sold to grid)			MWh			252,187			242,757			3.9%			508,451			563,947			(9.8)%
Cogen efficiency (KWh sold/ton crushed)			KWh/ton			51.9			60.1			(13.7)%			51.9			55.4			(6.3)%
Agricultural Metrics
Harvested area			Hectares			66,060			48,280			36.8%			138,456			127,903			8.3%
Yield			tons/hectare			63			68			(7.5)%			64			72			(11.0)%
TRS content			kg/ton			136			146			(7.1)%			127			133			(4.5)%
Area
Sugarcane Plantation			hectares			227,833			208,241			9.4%			227,833			208,241			9.4%
Expansion Area			hectares			5,449			4,147			31.4%			14,837			9,493			56.3%
Renewal Area			hectares			4,634			2,561			80.9%			15,868			17,790			(10.8)%

(1) Does not include 11,204 cubic meters of anhydrous ethanol that were converted by dehydrating our hydrous ethanol stocks during 9M25 (no dehydration during 3Q25). During 3Q24 and 9M24, we dehydrated 2,988 and 8,954 cubic meters of hydrous ethanol, respectively.

During 3Q25, crushing volumes amounted to 4.9 million tons, marking a new quarterly record for our operations and a 20.4% increase compared to the same period of last year. Weather evolution throughout the period enabled the acceleration of our harvesting activities, which, in turn, allowed us to harvest all the cane that was hit by the frost event that occurred by end of 2Q25, as anticipated in our previous release. Thus, productivity indicators experienced a decline versus the prior year, as average yield and TRS content reached 63 tons per hectare and 136 kg/ton, respectively, 7.5% and 7.1% lower year-over-year.

On an accumulated basis, total crushing stood at 9.8 million tons, marking a 3.8% decrease compared to last year. Despite the strong performance observed in 3Q25, the year-to-date decline was mainly driven by the selective crushing done in 1Q25 (mostly focused on cane with 5th cuts and above given the extensive dry weather experienced) followed by a rainy 2Q25 which reduced effective milling days. As a consequence of these weather events and the aforementioned frost, our average yield stood at 64 tons per hectare while TRS content amounted to 127 kg/ton.

4

During the quarter, ethanol prices traded at a premium to sugar in Mato Grosso do Sul (5% in the case of hydrous and 23% for anhydrous). Therefore, we switched our strategy to maximize ethanol's production throughout the period, reaching a mix of 58% ethanol. Within our production, we continued to prioritize hydrous ethanol over anhydrous as this type of fuel continues to be preferred by consumers over gasoline and consequently, gaining market share in the Otto cycle.

On a year-to-date basis, our production mix stood at 45%/55% sugar/ethanol as we maximized the production of sugar during the first semester and then switched to ethanol as global sugar prices started to decline while ethanol remained strong. This reflects the high degree of flexibility of our mills, since it allows us to make a more efficient use of our fixed assets and profit from higher relative prices. Consequently, total volume produced for sugar saw a 21.0% year-over-year decline, whereas ethanol production was 2.7% higher year-over-year, despite the 8.7% drop in total TRS equivalent produced.

Exported energy during the quarter totaled 252 thousand MWh, 3.9% higher compared to 3Q24. Despite the increase in crushing volume, our decision throughout the period was to store our bagasse to profit from better expected prices rather than to sell at current spot. Therefore, our cogeneration efficiency stood at 51.9 KWh sold per ton of cane, marking a 13.7% year-over-year decline. On a year-to-date basis, we have already exported 508 thousand MWh to the grid.

5

Sugar, Ethanol & Energy Segment - Financial Performance

NET SALES BREAKDOWN			$ thousands												Units												($/unit)
			3Q25			3Q24			Chg %						3Q25			3Q24			Chg %						3Q25			3Q24			Chg %
Sugar (tons)			76,229			135,623			(43.8)%						194,624			310,233			(37.3)%						392			437			(10.4)%
Ethanol (cubic meters)			39,973			78,862			(49.3)%						83,167			177,869			(53.2)%						481			443			8.4%
Hydrous Ethanol (cubic meters)			26,101			57,705			(54.8)%						56,728			134,886			(57.9)%						460			428			7.6%
Anhydrous Ethanol (cubic meters)			13,872			21,157			(34.4)%						26,439			42,982			(38.5)%						525			492			6.6%
Energy (Mwh) (2)			11,294			9,505			18.8%						271,997			256,454			6.1%						42			37			12.0%
CBios			1,331			2,039			(34.7)%						173,690			164,021			5.9%						8			12			(38.4)%
Others (5)			141			72			95.8%						142			74			91.9%						993			973			2.1%
TOTAL (3)			128,968			226,101			(43.0)%
Cover Crops (tons) (4)			2,193			501			337.7%						5,959			1,368			335.8%						368			366			0.5%
TOTAL NET SALES (1)			131,161			226,602			(42.1)%
NET SALES BREAKDOWN			9M25			9M24			Chg %						9M25			9M24			Chg %						9M25			9M24			Chg %
Sugar (tons)			202,985			289,127			(29.8)%						484,732			631,728			(23.3)%						419			458			(8.5)%
Ethanol (cubic meters)			192,868			179,169			7.6%						411,293			403,311			2.0%						469			444			5.6%
Hydrous Ethanol (cubic meters)			139,864			120,994			15.6%						308,951			281,036			9.9%						453			431			5.2%
Anhydrous Ethanol (cubic meters)			53,004			58,175			(8.9)%						102,341			122,275			(16.3)%						518			476			8.9%
Energy (Mwh) (2)			22,851			20,390			12.1%						578,330			608,729			(5.0)%						40			33			18.0%
CBios			5,358			6,048			(11.4)%						566,422			404,672			40.0%						9			15			(36.7)%
Others (5)			342			557			(38.6)%						360			560			(35.7)%						950			995			(4.5)%
TOTAL (3)			424,404			495,291			(14.3)%
Cover Crops (tons) (4)			8,436			6,447			30.9%						24,385			16,698			46.0%						346			386			(10.4)%
TOTAL NET SALES (1)			432,840			501,738			(13.7)%

HIGHLIGHTS - $ thousand			3Q25			3Q24			Chg %			9M25			9M24			Chg %
Net Sales (1)			131,161			226,602			(42.1)%			432,840			501,738			(13.7)%
Margin on Manufacturing and Agricultural Act. Before Opex			86,585			80,498			7.6%			162,522			188,578			(13.8)%
Adjusted EBITDA			120,467			100,130			20.3%			218,418			258,871			(15.6)%
Adjusted EBITDA Margin			91.8%			44.2%			107.9%			50.5%			51.6%			(2.2)%

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

Adjusted EBITDA during 3Q25 amounted to $120.5 million, 20.3% higher than the same period of last year. This was mainly explained by a $36.3 million year-over-year gain in the mark-to-market of our biological assets. In this case, the increase was driven by greater expected productivity for the sugarcane that will be harvested in the upcoming 12 months, coupled with lower costs on higher efficiencies per hectare harvested. Furthermore, results were positively impacted by (i) a $5.3 million year-over-year gain in the mark-to-market of our commodity hedge position; together with (ii) a $6.5 million year-over-year decline in selling expenses on lower volumes sold.

6

On a year-to-date basis, Adjusted EBITDA reached $218.4 million, presenting a 15.6% decrease versus the previous year. Despite the year-over-year gains presented in the mark-to-market of our biological assets as well as in our commodity hedge position, higher results were more than offset by the decline in sales.

Net sales reached $131.2 million during 3Q25, marking a 42.1% decrease compared to 3Q24 on lower volumes sold of both sugar and ethanol, coupled with lower sugar prices. On an accumulated basis, net sales amounted to $432.8 million, 13.7% lower than the same period of last year. Despite the increase in ethanol sales, lower results are fully explained by the decline in volumes sold of sugar given the lower production, combined with a decline prices.

The decrease in sugar sales during the quarter as well as on an accumulated basis is fully explained by the decline in global prices, together with the decrease in sugar production driven by the (i) the lower year-over-year crushing and TRS content; together with (ii) our switch to ethanol maximization given the premium commanded over sugar.

In the case of ethanol, the decline in sales during the quarter was driven by lower selling volumes, which in turn fully offset the year-over-year recovery in prices. Although the production was higher than in the previous year due to the crushing record and the increase in production mix, we strategically conducted our sales throughout the period, compared to 3Q24 when our tanks were full and we had to sell our daily production. Consequently, we ended the quarter with 44% of our year-to-date production stored in our tanks. On a year-to-date basis, higher ethanol sales were explained by our commercial decision in 1H25 to clear out our tanks to profit from the recovery in prices.

During the quarter, we sold over 170 thousand CBios, amounting to $1.3 million, whereas year-to-date we generated $5.4 million in CBios sales.

Net sales of energy presented a year-over-year increase during both 3Q25 and 9M25. This was fully explained by a 12.0% and 18.0% year-over-year increase in the average selling price, as we complied with our long-term contracts as well as profit from the peaks in spot prices, whenever these occurred.

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SUGAR, ETHANOL & ENERGY - PRODUCTION COSTS(1)
			Total Cost ($'000)												Total Cost per Pound (cts/lbs)
			3Q25			3Q24			Chg %						3Q25			3Q24			Chg %
Industrial costs			46,661			48,849			(4.5)%						3.4			3.9			(14.6)%
Industrial costs			24,115			21,007			14.8%						1.7			1.7			2.6%
Cane from 3rd parties			22,546			27,842			(19.0)%						1.6			2.2			(27.6)%
Agricultural costs			117,323			102,562			14.4%						8.4			8.3			2.2%
Harvest costs			40,086			40,019			0.2%						2.9			3.2			(10.5)%
Cane depreciation			35,360			28,212			25.3%						2.5			2.3			12.0%
Agricultural Partnership Costs			12,605			12,801			(1.5)%						0.9			1.0			(12.0)%
Maintenance costs			29,272			21,530			36.0%						2.1			1.7			21.5%
Total Production Costs			163,984			151,411			8.3%						11.8			12.2			(3.2)%
Depreciation & Amortization PP&E			(55,543)			(54,338)			2.2%						(4.0)			(4.4)			(8.6)%
Total Production Costs (excl D&A)			108,441			97,073			11.7%						7.8			7.8			(0.2)%

SUGAR, ETHANOL & ENERGY - PRODUCTION COSTS(1)
			Total Cost ($'000)												Total Cost per Pound (cts/lbs)
			9M25			9M24			Chg %						9M25			9M24			Chg %
Industrial costs			79,546			91,755			(13.3)%						3.0			3.2			(5.6)%
Industrial costs			49,948			56,240			(11.2)%						1.9			2.0			(3.3)%
Cane from 3rd parties			29,598			35,515			(16.7)%						1.1			1.2			(9.2)%
Agricultural costs			258,396			273,763			(5.6)%						9.9			9.6			2.8%
Harvest costs			89,799			103,105			(12.9)%						3.4			3.6			(5.1)%
Cane depreciation			70,279			74,475			(5.6)%						2.7			2.6			2.8%
Agricultural Partnership Costs			29,699			38,479			(22.8)%						1.1			1.4			(15.9)%
Maintenance costs			68,619			57,704			18.9%						2.6			2.0			29.5%
Total Production Costs			337,942			365,518			(7.5)%						12.9			12.8			0.7%
Depreciation & Amortization PP&E			(120,001)			(141,982)			(15.5)%						(4.6)			(5.0)			(7.9)%
Total Production Costs (excl D&A)			217,941			223,536			(2.5)%						8.3			7.8			6.2%

(1)Total production cost may differ from our COGS figure as the former refers to the cost of our goods produced, whereas the latter refers to the cost of our goods sold.

Despite the increase in harvested area and the lower productivity presented during the period, total production costs excluding depreciation and amortization totaled 7.8 cts/lb in 3Q25, in line with the previous year. This was explained by (i) the record crushing which enabled us to better dilute our fixed costs, together with (ii) a decline in harvests costs due to higher efficiencies within our operations thanks to the implementation of two-row harvesters and grunners, as well as to lower diesel costs. On a year-to-date basis, our production cost amounted to 8.3 cts/lb, 6.2% higher than the same period of last year, mostly explained by a less efficient dilution of both our fixed and variable costs given the 8.7% decrease in total TRS equivalent produced.

8

Crops Segment

GROSS SALES BREAKDOWN						Amount ($ '000)												Volume												$ per unit
Crops						3Q25						3Q24						Chg %						3Q25						3Q24						Chg %						3Q25						3Q24						Chg %
Soybean						19,214						15,923						20.7%						67,864						52,262						29.9%						283						305						(7.1)%
Corn (1)						18,970						13,977						35.7%						108,762						80,269						35.5%						174						174						0.2%
Wheat (2)						4,029						4,978						(19.1)%						20,798						21,199						(1.9)%						194						235						(17.5)%
Sunflower						2,413						2,505						(3.7)%						2,983						3,920						(23.9)%						809						639						26.6%
Cotton Lint						553						1,352						(59.1)%						471						862						(45.3)%						1,174						1,569						(25.2)%
Peanut						13,079						21,583						(39.4)%						12,846						11,752						9.3%						1,018						1,836						(44.6)%
Others (3)						5,817						6,281						(7.4)%						1,085						2,010						(46.0)%
Total						64,075						66,600						(3.8)%						214,809						172,275						24.7%
GROSS SALES BREAKDOWN						9M25						9M24						Chg %						9M25						9M24						Chg %						9M25						9M24						Chg %
Soybean						54,320						55,232						(1.7)%						187,426						177,998						5.3%						290						310						(6.6)%
Corn (1)						41,990						40,744						3.1%						232,305						232,801						(0.2)%						181						175						3.3%
Wheat (2)						12,861						14,299						(10.1)%						64,580						64,225						0.6%						199						223						(10.6)%
Sunflower						9,686						7,988						21.3%						16,219						13,395						21.1%						597						596						0.1%
Cotton Lint						2,941						3,154						(6.8)%						2,141						2,153						(0.6)%						1,374						1,465						(6.2)%
Peanut						45,655						39,782						14.8%						32,369						22,549						43.5%						1,410						1,764						(20.1)%
Others (3)						13,386						13,866						(3.5)%						2,383						2,828						(15.7)%
Total						180,839						175,065						3.3%						537,423						515,949						4.2%

HIGHLIGHTS - $ thousand			3Q25			3Q24			Chg %			9M25			9M24			Chg %
Gross Sales			64,075			66,600			(3.8)%			180,839			175,065			3.3%
Adjusted EBITDA			(6,798)			2,025			(435.7)%			(18,139)			22,288			(181.4)%

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

During 3Q25, the decline in sales was mainly driven by the sharp decline in peanut prices compared to 3Q24. As explained in our previous release, Argentina is a relevant exporter of peanut to the European Union. During the 2024/25 harvest season, planted area for this crop increased as farmers aimed to profit from the attractive prices seen during the prior year. Given the greater area and strong yields, thus greater production, the market was oversupplied and prices reacted accordingly. Despite this, we were able to partially mitigate the drop with higher selling volumes from the other crops, mainly late corn which saw a year-over-year recovery in productivity. On a year-to-date basis, sales were 3.3% higher year-over-year on greater volumes sold of peanut, which in turn, fully offset the mixed price performance.

Adjusted EBITDA for 3Q25 was $8.8 million lower than the same period of last year. On a year-to-date basis it reported a $25.4 million year-over-year decline (already net of the $15.0 million booked in 9M24 related to the sale of La Pecuaria farm in April 2024). During both periods, results were negatively impacted by higher costs in U.S. dollar terms, lower prices for most of our grains and an uneven performance in yields.

9

Rice Segment

RICE
Highlights			metric			3Q25			3Q24			Chg %			9M25			9M24			Chg %
Gross Sales			$ thousands			37,259			70,124			(46.9)%			174,654			199,035			(12.2)%
Sales of white rice			thousand tons (1)			54			76			(29.1)%			234			205			13.9%
			$ per ton			537			814			(34.0)%			627			841			(25.4)%
			$ thousands			28,744			61,494			(53.3)%			146,719			172,801			(15.1)%
Sales of By-products			$ thousands			8,515			8,630			(1.3)%			27,935			26,234			6.5%
Adjusted EBITDA			$ thousands			1,112			7,430			(85.0)%			13,748			51,399			(73.3)%
Rice Mills
Total Processed Rough Rice(2)			thousand tons			56			84			(32.8)%			235			214			9.5%
Ending stock - White Rice			thousand tons			72			67			7.1%			72			67			7.1%

(1) Includes the sale of 1k tons of white rice sourced from third parties during 9M24 (no sourcing made during 3Q25, 9M25 & 3Q24). (2) Expressed in white rice equivalent.

As mentioned in prior releases, the downward trend in global prices of long grain white rice continued throughout 3Q25, pressured by ample supply worldwide. Consequently, our average price for the quarter experienced a drop of $277/ton compared to 3Q24 - partially explained by the outlier prices seen in the prior year - and of $128/ton compared to 2Q25. In terms of volumes, the 46.9% reduction versus 3Q24 is explained by a slower selling pace in response to weaker market sentiment. On a year-to-date basis, selling volumes marked a 13.9% year-over-year increase driven by the record production achieved during the 2024/25 campaign, coupled with more hectares being diverted towards the production of premium rice varieties. This, in turn, enabled us to conduct sales at premium over long grain white rice, partially mitigating the aforementioned decline in prices.

Adjusted EBITDA amounted to $1.1 million in 3Q25 and $13.7 million in 9M25, 85.0% and 73.3% lower year-over-year, respectively. In both cases, results were negatively impacted by (i) the aforementioned decline in revenues given the uneven year-over-year comparison due to outlier prices in 2024; together with (ii) higher costs in U.S. dollar terms. Moreover, lower EBITDA generation year-to-date was also explained by year-over-year losses reported in our biological assets line on lower prices at the moment of harvest ($89/ton less than the prior year).

10

Dairy Segment

DAIRY
Highlights						metric			3Q25			3Q24			Chg %			9M25			9M24			Chg %
Gross Sales						$ thousands (1)			78,511			83,414			(5.9)%			223,594			209,248			6.9%
						million liters (2) (3)			111.3			98.9			12.5%			296.5			273.7			8.3%
Adjusted EBITDA						$ thousands			7,150			7,930			(9.8)%			23,583			25,504			(7.5)%
Dairy - Farm
Milking Cows			average heads			14,533			14,494			0.3%			14,457			14,490			(0.2)%
Cow Productivity						liter/cow/day			39.1			38.1			2.7%			36.9			37.4			(1.5)%
Total Milk Produced			million liters			52.3			50.8			3.0%			145.5			148.7			(2.1)%
Dairy - Industry
Total Milk Processed			million liters			113.3			93.1			21.7%			297.4			260.3			14.2%

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

In 3Q25, raw milk production was 52.3 million liters, marking a 3.0% year-over-year increase. As anticipated, cow productivity recovered throughout the period and even achieved an all-time record at 39.1 liters per cow per day. Year-to-date, total raw milk production amounted to 145.5 million liters, marking a 2.1% year-over-year decrease compared to the previous year, as milk production stood at an average of 36.9 liters per cow per day given the lower productivity presented during the first semester.

At the industry level, we marked a new record of 113.3 million liters of raw milk processed during the quarter. Out of this volume, approximately 41% came from our dairy farm operations whereas the balance was sourced from local producers in nearby areas or supplied by partners to whom we provide tolling services. During the first semester, total processed milk amounted to 297.4 million liters of raw milk, 14.2% higher versus the previous year. We continue working on product development for the domestic and export market, offering higher value added products as well as commoditized products, and being present across different price tiers with our consumer product brands.

Adjusted EBITDA amounted to $7.2 million in 3Q25 and $23.6 million in 9M25, marking a 9.8% and 7.5% decrease respectively compared to the same period of last year. Despite higher volumes sold, mainly from UHT milk, results were negatively impacted by higher costs in U.S. dollar terms and mixed price performance. We continue working towards achieving efficiencies in our vertically integrated operations and increasing our productivity levels in every stage of the value chain, as well as in the development of new markets for our wide portfolio of value added products.

11

Corporate expenses

CORPORATE EXPENSES
$ thousands			3Q25			3Q24			Chg %			9M25			9M24			Chg %
Corporate Expenses			(6,873)			(6,615)			3.9%			(31,239)			(17,051)			83.2%

Adecoagro’s corporate expenses include items that are not allocated to a specific business segment, such as the remuneration of executive officers and headquarters staff, certain professional services, office lease expenses, among others. Corporate expenses during 3Q25 amounted to $6.9 million, in line with the prior year, whereas on an accumulated basis they amounted to $31.2 million, $14.2 million higher year-over-year. Higher expenses were mainly explained by one-off expenses incurred by the Company during 1H25, such as financial & legal advisory fees and other related costs in connection with Tether's tender offer to acquire our common shares.

Net Income & Adjusted Net Income

Net income amounted to $6.4 million during 3Q25, whereas on a year-to-date basis it reached $8.1 million, marking a $12.3 million and $67.8 million year-over-year decrease, respectively.

Nevertheless, once we exclude the impact of foreign exchange variation, as well as inflation accounting effects (all non-cash impacts), adjusted net income reached $25.7 million during the quarter, whereas on an accumulated basis it amounted to negative $1.8 million. The main drivers behind the year-over-year loss reported on an accumulated basis were (i) the lower results at a consolidated level as explained throughout this earnings release; together with (ii) higher interest expenses on higher debt levels, (iii) lower income tax expenses; and (iii) lower year-over-year gains recorded within the income tax line.

ADJUSTED NET INCOME (1)
$ thousands			3Q25			3Q24			Chg %			9M25			9M24			Chg %
Profit for the period			6,427			18,711			(65.7)%			8,091			75,923			(89.3)%
Foreign exchange losses/(gains), net			21,677			(16,972)			n.a			(12,323)			5,051			(344.0)%
Cash flow hedge - transfer from equity			—			1,912			(100.0)%			—			28,224			(100.0)%
Inflation accounting effects			712			7,528			(90.5)%			6,029			1,911			215.5%
Net results from Fair Value adjustment of Investment Property			(3,135)			2,679			(217.0)%			(3,614)			22,484			(116.1)%
Impairment of assets destroyed by fire			—			14,036			(100.0)%			—			14,036			(100.0)%
Revaluation surplus of farmland sold			—			—			n.a.			—			9,024			(100.0)%
Adjusted Net Income			25,681			27,894			(7.9)%			(1,817)			156,653			(101.2)%

(1) Please see “Reconciliation of Non-IFRS measures” starting on page 22 for a reconciliation of Adjusted Net Income.

12

Indebtedness

NET DEBT BREAKDOWN
$ thousands			3Q25			2Q25			Chg %			3Q24			Chg %
Bank Loans			470,084			483,228			(2.7)%			444,254			5.8%
Short term Debt			176,028			215,054			(18.1)%			170,173			3.4%
Long term Debt			294,056			268,174			9.7%			274,081			7.3%
Senior Notes			766,887			421,679			81.9%			415,170			84.7%
Short term Debt			6,751			6,858			(1.6)%			623			983.6%
Long term Debt			760,136			414,821			83.2%			414,547			83.4%
Total Short term Debt			182,779			221,912			(17.6)%			170,796			7.0%
Total Long term Debt			1,054,192			682,995			54.3%			688,628			53.1%
Gross Debt			1,236,971			904,907			36.7%			859,424			43.9%
Cash & Equivalents			339,998			180,607			88.3%			198,255			71.5%
Short-Term Investments			25,464			25,065			1.6%			15,351			65.9%
Net Debt			871,509			699,235			24.6%			645,818			34.9%
EOP Net Debt / Adj. EBITDA LTM			2.8x			2.3x			23.0%			1.5x			90.4%

On July 29, 2025, the Company completed the issuance of a 7-Year $500 million bond with a 7.50% coupon. Proceeds from this transaction were mainly intended to repurchase the $416 million outstanding of our 2027 bond through a cash tender offer and therefore improve the maturity profile of our debt, among other general corporate purposes. Out of this transaction, only $151 million in bonds were tendered and repurchased. This resulted in the higher gross debt levels presented throughout the period.

As of September 30, 2025, Adecoagro's net debt position amounted to $871.5 million, marking a 34.9% year-over-year increase. Despite the liability management exercise conducted, higher net debt levels are explained by (i) the lower consolidated results on a last-twelve-month basis, which reduced our cash generation throughout the period, together with (ii) an advance payment related to the acquisition of Nutrien's 50% stake in Profertil (subject to closing), which took place upon signing the agreement.

Consequently, our net leverage ratio (Net Debt/EBITDA) as of 3Q25 stood at 2.8x, 90.4% higher than the previous year. Going forward, and once we conclude the acquisition of Profertil, we intend to reduce our leverage ratio as we implement cost saving initiatives across our operations, together with a revision of our capital allocation strategy. In terms of liquidity, our ratio stood at 3.2x, compared to 1.6x during 2Q25 and 2.6x in 3Q24, reflecting the Company's full capacity to repay short term debt with its cash balance.

13

Capital Expenditures

CAPITAL EXPENDITURES
$ thousands			3Q25			3Q24			Chg %			9M25			9M24			Chg %
Farming			7,502			9,196			(18.4)%			32,538			37,758			(13.8)%
Maintenance			843			1,162			(27.4)%			10,750			10,301			4.4%
Expansion			6,659			8,035			(17.1)%			21,788			27,457			(20.6)%
Sugar, Ethanol & Energy			47,694			39,750			20.0%			161,243			178,282			(9.6)%
Maintenance			22,540			21,653			4.1%			97,837			134,152			(27.1)%
Planting			18,727			18,570			0.8%			52,904			63,045			(16.1)%
Industrial & Agricultural Machinery			3,813			3,083			23.7%			44,933			71,107			(36.8)%
Expansion			25,154			18,097			39.0%			63,406			44,130			43.7%
Planting			16,405			16,231			1.1%			43,595			38,174			14.2%
Industrial & Agricultural Machinery			8,749			1,866			368.9%			19,811			5,956			232.6%
Profertil			96,000			—			n.a.			96,000			—			n.a.
Total			151,196			48,947			208.9%			289,781			216,040			34.1%
Total Maintenance Capex			23,383			22,815			2.5%			108,587			144,453			(24.8)%
Total Expansion Capex			31,813			26,132			21.7%			85,194			71,587			19.0%
Total Expansion Capex (With Profertil)			127,813			26,132			389.1%			181,194			71,587			153.1%

Adecoagro's capital expenditures amounted to $151.2 million in 3Q25, $102.2 million higher compared to the previous year, while year-to-date they reached $289.8 million, marking a 34.1% year-over-year increase. Excluding the capex related to the agreement signed to acquire Nutrien's 50% stake in Profertil, capital expenditures were $55.2 million during 3Q25, 12.8% higher than 3Q24, whereas on an accumulated basis they amounted to $193.8 million, 10.3% lower than the same period of last year.

The Sugar, Ethanol and Energy business accounted for $47.7 million of total capex during the quarter. The year-over-year increase is fully explained by higher growth capex, which was mostly allocated to expansion planting activities, as well as to the expansion of our biomethane production. Year-to-date, capital expenditures amounted to $161.2 million. Investments include 30,705 hectares of sugarcane planted (both renewal and expansion planting) and the addition of two-row harvesters and grunner trucks to our agricultural machinery fleet to improve efficiencies while reducing the average cost per hectare harvested.

The Farming businesses accounted for $7.5 million of total capex in 3Q25, out of which $6.7 million were related to expansion projects. Investments on this front were mostly related to the acquisition of agricultural machinery for our Rice operations, mainly harvesters and seeders. Moreover, we continued investing in our industrial assets, such as the Morteros milk processing facility, where we are enhancing efficiencies in order to develop new products for the export market. On a year-to-date basis, total capex amounted to $32.5 million, 13.8% lower year-over-year.

Regarding Profertil, a $96.0 million advance payment was made upon signing the agreement, which took place at the beginning of September. For more details about the transaction, size and timing, please refer to the Remarks section of this Earnings Release (page 3).

14

Other Operational & Financial Metrics

2024/25 Harvest Season

FARMING PRODUCTION DATA
Planting & Production			Planted Area (hectares)												2024/25 Harvested Area												Yields (Tons per hectare)
			2024/25			2023/24			Chg %						Hectares			% Harvested			Production						2024/25			2023/24			Chg %
Soybean			50,972			64,753			(21.3)%						50,972			100.0%			143,079						2.8			2.8			—%
Soybean 2nd Crop			41,474			23,927			73.3%						41,474			100.0%			87,360						2.1			2.2			(3.7)%
Corn (1)			44,378			57,043			(22.2)%						44,378			100.0%			252,378						5.7			5.2			8.5%
Corn 2nd Crop			2,505			2,548			(1.7)%						2,505			100.0%			13,133						5.2			4.5			15.9%
Wheat (2)			47,820			28,142			69.9%						47,820			100.0%			118,371						2.5			3.1			(21.0)%
Sunflower			12,609			10,832			16.4%						12,609			100.0%			26,480						2.1			1.7			23.0%
Cotton			4,890			5,199			(5.9)%						4,890			100.0%			2,238						0.5			0.4			7.8%
Peanut			25,352			24,282			4.4%						25,352			100.0%			83,406						3.3			3.6			(8.8)%
Other (3)			10,542			3,698			185.1%						10,542			100.0%			5,895
Total Crops			240,542			220,425			9.1%						240,542			100.0%			732,340
Rice (4)			64,438			58,452			10.2%						64,438			100.0%			513,885						8.0			6.1			30.2%
Total Farming			304,980			278,877			9.4%						304,980			100.0%			1,246,225
Owned Croppable Area			99,056			99,357			(0.3)%
Leased Area			161,945			153,044			5.8%
Second Crop Area			43,978			26,476			66.1%
Total Farming Area			304,980			278,877			9.4%

(1) Includes sorghum; (2) Includes barley and peas; (3) Includes chia, sesame, potatoes and beans; (4) Production volume does not include 142,329 tons of rough rice sourced from third-parties.

As of the end of October 2025, we concluded harvesting activities related to the 2024/25 harvest season and produced 1,246,225 tons of aggregate grains. Due to the uneven weather patterns, our average yields for the season ended up below our initial expectations and in-line-to-below historical average. On the other hand, our rice production reached a new record driven by all-time high yields and planted area.

15

2025/26 Planting Plan

FARMING PLANTING PLAN
Planting			Planting Plan (hectares)												2025/26 Planting Progress
			2025/26			2024/25			Chg %						Hectares			% Planted
Soybean			40,329			50,972			(20.9)%						5,632			14.0%
Soybean 2nd Crop			20,899			41,474			(49.6)%						148			0.7%
Corn (1)			54,644			44,378			23.1%						19,940			36.5%
Corn 2nd Crop			1,194			2,505			(52.3)%						—			—%
Wheat (2)			27,408			47,820			(42.7)%						27,408			100.0%
Sunflower			15,211			12,609			20.6%						9,203			60.5%
Cotton			4,143			4,890			(15.3)%						—			—%
Peanut			13,883			25,352			(45.2)%						8,453			60.9%
Other (3)			2,879			10,542			(72.7)%						—			—%
Total Crops			180,590			240,542			(24.9)%						70,783			39.2%
Rice			57,799			64,438			(10.3)%						53,735			93.0%
Total Farming			238,389			304,980			(21.8)%						124,518			52.2%
Owned Croppable Area			91,039			99,056			(8.1)%
Leased Area			125,257			161,945			(22.7)%
Second Crop Area			22,093			43,978			(49.8)%
Total Farming Area			238,389			304,980			(21.8)%

Planting activities for the 2025/26 season are underway and we expect to plant 238,389 hectares, marking a 21.8% year-over-year decline. Out of this area, 124,518 hectares were already seeded, representing 52% of our planting plan. The year-over-year decline in area is explained by our decision to maximize the margin per hectare in each of our crops given the lower prices presented for most of the commodities. Therefore, we reduced by 22.7% our leased area as we prioritized the farms with higher productivity potential and renegotiated our lease agreements to adjust the cost structure accordingly with the global price scenario. Furthermore, we changed our crop mix compared to the previous season to increase our exposure to the crops that offered the greater margins, which in this case was corn.

16

Inventories

END OF PERIOD INVENTORIES
						Volume												thousand $
Product			Metric			3Q25			3Q24			% Chg						3Q25			3Q24			% Chg
Soybean			tons			79,895			62,489			27.9%						25,895			19,056			35.9%
Corn (1)			tons			71,445			97,739			(26.9)%						11,692			15,764			(25.8)%
Wheat (2)			tons			20,414			9,495			115.0%						3,776			1,757			114.9%
Sunflower			tons			1,051			965			8.9%						572			692			(17.3)%
Cotton			tons			691			2,071			(66.6)%						669			4,209			(84.1)%
Rice (3)			tons			72,028			67,274			7.1%						22,972			30,193			(23.9)%
Peanut			tons			16,502			16,352			0.9%						13,092			17,288			(24.3)%
Sugar			tons			93,670			100,131			(6.5)%						30,066			31,681			(5.1)%
Ethanol			m3			197,339			214,683			(8.1)%						88,554			97,967			(9.6)%
Hydrous Ethanol			m3			185,862			202,090			(8.0)%						83,331			91,929			(9.4)%
Anhydrous Ethanol			m3			11,476			12,594			(8.9)%						5,223			6,038			(13.5)%
Fluid Milk			Th Lts			6,770			6,819			(0.7)%						5,822			4,548			28.0%
Powder Milk			tons			2,806			1,172			139.5%						9,536			4,069			134.4%
Cheese			tons			725			458			58.2%						2,663			2,152			23.7%
Butter			tons			52			—			n.a.						280			—			n.a.
Cbios			units			94,459			125,647			(24.8)%						636			1,567			(59.4)%
Fuel			m3			47			51			(8.1)%						47			45			4.4%
Others			tons			3,980			982			305.2%						4,451			755			489.4%
Total																		220,723			231,742			(4.8)%

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

Variations in inventory levels between 3Q25 and 3Q24 are attributable to changes in (i) production volumes

resulting from changes in planted area, (ii) production mix between different crops and in yields obtained,

(iii) different percentage of area harvested during the period, and (iv) commercial strategy or selling pace

for each product.

17

Commodity Hedging

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

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

COMMODITY HEDGE POSITION - As of September 30, 2025
						Consolidated Hedge Position
Crops									Avg. FAS Price			CBOT FOB
						Volume			USD/Ton			USD/Bu			Hedge (%)
2024/2025 Harvest season
Soybeans (tons)						179,129			300.7			1,212.2			92%
Corn (tons)						200,560			186.9			597.8			99%
Wheat (tons)						87,709			213.0			692.3			98%
2025/2026 Harvest season
Soybeans (tons)(1)						22,500			300.7			1,238.3			19%
Corn (tons)						6,000			178.9			574.6			2%
Wheat (tons)						14,300			198.9			650.6			28%
						Consolidated Hedge Position
Sugar, Ethanol & Energy						Avg. FOB Price			ICE FOB
						Volume			USD/Unit			Cents/Lb			Hedge (%)
2025 FY
Sugar (tons)						552,501			423.7			19.2			80%
Ethanol (m3)						—			—			—			—%
Energy (MW/h) (2)			691,289			43.7			n.a.			88%
2026 FY
Sugar (tons)						45,110			381.1			17.3			8%
Ethanol (m3)						—			—			—
Energy (MW/h) (2)			592,930			40.1			n.a			69%

(1) Does not include 80k tons declared with zero export tax, price still to be fixed. (2) Energy prices in 2025 were converted to USD at an exchange rate of BRL/USD 5.67. Energy prices in 2026 were converted to USD at an exchange rate of BRL/USD 5.80.

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3Q25 Market Highlights

◦During 3Q25, global sugar prices traded in a range of 15–17 cts/lb due to (i) stronger output in Brazil's Center-South region, (ii) a softer macro environment, and (iii) persistent speculative fund activity. Brazil's harvest pace advanced rapidly under dry weather, achieving a record-high sugar mix, despite the TRS level at historical lows, keeping overall sentiment defensive through the quarter. Still, global inventories remain low, and the 2024/25 deficit continues to offset the modest 2025/26 surplus projected after recent production upgrades. India remains the key swing factor, as higher output expected for 2025/26 raises the prospect of potential exports in early 2026, depending on the Indian government's policy decisions. Meanwhile, the EU and Russia benefited from favorable weather despite the lower output versus last year, and Thailand's recovery progressed regardless of localized disease concerns. Any potential disruption in supply due to weather risks (likelihood of la Niña weather event increasing in Brazil) or policy developments, such as no exports from India, could reduce worldwide supply and therefore unfold the short positions that the funds currently have on the commodity.

◦Ethanol prices remained broadly stable during the quarter, supported by strong domestic demand, persistently high sugar mix levels, and low inventory levels. Parity at the pump continued to favor hydrous ethanol, sustaining its competitiveness against gasoline. According to ESALQ, hydrous and anhydrous ethanol prices were flat quarter-over-quarter, but experienced an increase of 4% and 5% year-over-year, respectively. UNICA (Brazil's sugarcane industry association) reported that hydrous demand declined by 5% versus the previous year, while anhydrous ethanol rose 6%, supported by the transition to the new 30% blend mandate (E30) and steady Otto Cycle fuel demand growth of around 2% year-over-year. With inventories at multi-year lows and a favorable demand outlook, market fundamentals continue to point to resilient price support towards the end of the crop year.

◦Brazil's carbon credit market under the RenovaBio program presented a 32% year-over-year decrease in 3Q25, reaching an average price of 52 BRL/CBio (approximately 9 USD/CBio), compared to 76 BRL/CBio (14 USD/CBio) in 3Q24.

◦In 3Q25, energy spot prices in the southeast region of Brazil were 48% higher year-over-year and 17% higher compared to 2Q25. The peak in prices was recorded in August, explained by the lower precipitations observed during the month. Southeast reservoir levels stood at 45% during October, marking a 5% decrease versus the previous month.

◦During 3Q25, both soybean and corn prices traded below CBOT compared to 2Q25. The decline was primarily driven by expectations of abundant global supply, supported by strong U.S. crop prospects and persistent trade tensions between the United States and China. In the Argentine local market, soybean and corn prices increased by 23% and 4%, respectively, versus 2Q25. This was mainly explained by the temporary removal of export taxes, which was announced until October 31st or up to a total export quota of $7 billion, whichever occurred first. This led to a sharp rally in soybean prices, which jumped by nearly 30% shortly after the announcement. As the export quota was reached within three days, the export tax scheme returned and prices partially corrected.

◦The global rice market continued to be weak during 3Q25 as destinations are well-supplied and buyers are not willing to take long positions since the general view is flat to weaker prices for the upcoming months. On the other side, stocks are increasing at origins due to the lower exported volume versus available stock, in addition to new production entering the Asian Northern Hemisphere countries.

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Consequently, the lower prices in Asia are impacting worldwide rice prices. In South America, the new crop is being planted but its behind its normal pace. In terms of planted area, a 10%-15% reduction in Argentina, Uruguay and Paraguay is forecasted, whereas in Brazil a 5% cut is expected .

◦During 3Q25, raw milk production in Argentina grew by 12% compared to the the same period of last year. Furthermore, global raw milk production was up by 1% year-to-date versus 9M24. This led to a decline in prices in both the export and domestic market. Moreover, domestic prices in Argentina were also pressured by (i) stable-to-lower consumption in some categories; and (ii) strong competition which shrunk dairy industries' margins. On the other hand, a more favorable FX rate improved competitiveness for the export market, partially compensating the lower margins seen at the local level. Nevertheless, the international market showed a downward tendency during the quarter, with butter prices decreasing by 20%, while powder milk was down by 10%.

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Forward-looking Statements

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

The forward-looking statements included in this press release relate to, among others: (i) our business prospects and future results of operations; (ii) weather and other natural phenomena; (iii) developments in, or changes to, the laws, regulations and governmental policies governing our business, including limitations on ownership of farmland by foreign entities in certain jurisdictions in which we operate, environmental laws and regulations; (iv) the implementation of our business strategy; (v) the correlation between petroleum, ethanol and sugar prices; (vi) our plans relating to acquisitions (including our potential purchase of Profertil), joint ventures, strategic alliances or divestitures, and to consolidate our position in different businesses; (vii) the efficiencies, cost savings and competitive advantages resulting from acquisitions; (viii) the implementation of our financing strategy, capital expenditure plan and expected shareholder distributions; (ix) the maintenance of our relationships with customers; (x) the competitive nature of the industries in which we operate; (xi) the cost and availability of financing; (xii) future demand for the commodities we produce; (xiii) international prices for commodities; (xiv) the condition of our land holdings; (xv) the development of the logistics and infrastructure for transportation of our products in the countries where we operate; (xvi) the performance of the South American and world economies; and (xvii) the relative value of the Brazilian Reais, the Argentine Peso, and the Uruguayan Peso compared to other currencies.

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

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

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Reconciliation of Non-IFRS measures

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

•Adjusted EBITDA

•Adjusted EBIT

•Adjusted EBITDA margin

•Net Debt

•Net Debt to Adjusted EBITDA

•Adjusted Net Income

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

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

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

Adjusted EBITDA & Adjusted EBIT

Adjusted Consolidated EBITDA equals the sum of our Adjusted Segment EBITDA for each of our operating segments.

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

We believe that Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are important measures of operating performance for our company and each operating segment, respectively, because they allow investors to evaluate and compare our consolidated operating results and to evaluate and compare the operating performance of our segments, respectively, including our return on capital and operating efficiencies, from period to period by removing the impact of our capital structure (interest expense from our outstanding debt), asset base (depreciation and amortization), tax consequences (income taxes), bargain purchase gain, any charges related to impairments, foreign exchange gains or losses and other financial results. In addition, by including the gains or losses from disposals of noncontrolling interests in subsidiaries whose main underlying asset is farmland, investors can also evaluate and compare the full value and returns generated by our land transformation activities. Other companies may calculate Adjusted Consolidated EBITDA and Adjusted Segment EBITDA differently, and therefore our Adjusted Consolidated EBITDA and Adjusted Segment EBITDA may not be comparable to similar measures used by other companies. Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are not measures of financial performance under IFRS, and should not be considered in isolation or as an alternative to consolidated net profit (loss), cash flows from operating activities, segment profit from operations and other measures determined in accordance with IFRS. Items excluded from Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are significant and necessary components to the operations of our business, and, therefore, Adjusted Consolidated EBITDA and Adjusted Segment EBITDA should only be used as a supplemental measure of our company’s operating performance, and of each of our operating segments,

22

respectively. We also believe Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are useful for securities analysts, investors and others to evaluate and compare the financial performance of our company and other companies in the agricultural industry.

These non-IFRS measures should be considered in addition to, but not as a substitute for or superior to, the information contained in either our statements of income or segment information.

Our Adjusted Consolidated EBIT equals the sum of our Adjusted Segment EBITs for each of our operating segments.

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

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

Reconciliation of both Adjusted EBITDA and Adjusted EBIT starts on page 25.

Net Debt & Net Debt to Adjusted EBITDA

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

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

RECONCILIATION - NET DEBT
$ thousands			3Q25			2Q25			Chg %			3Q24			Chg %
Total Borrowings			1,236,971			904,907			36.7%			859,424			43.9%
Cash and Cash equivalents			339,998			180,607			88.3%			198,255			71.5%
Short-term investments			25,464			25,065			1.6%			15,351			65.9%
Net Debt			871,509			699,235			24.6%			645,818			34.9%

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Adjusted Net Income

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

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

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

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

ADJUSTED NET INCOME
$ thousands			3Q25			3Q24			Chg %			9M25			9M24			Chg %
Profit for the period			6,427			18,711			(65.7)%			8,091			75,923			(89.3)%
Foreign exchange losses/(gains), net			21,677			(16,972)			n.a			(12,323)			5,051			(344.0)%
Cash flow hedge - transfer from equity			—			1,912			(100.0)%			—			28,224			(100.0)%
Inflation accounting effects			712			7,528			(90.5)%			6,029			1,911			215.5%
Net results from Fair Value adjustment of Investment Property			(3,135)			2,679			(217.0)%			(3,614)			22,484			(116.1)%
Impairment of assets destroyed by fire			—			14,036			(100.0)%			—			14,036			(100.0)%
Revaluation surplus of farmland sold			—			—			n.a.			—			9,024			n.a.
Adjusted Net Income			25,681			27,894			(7.9)%			(1,817)			156,653			(101.2)%

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ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 3Q25
$ thousands						Crops			Rice			Dairy						Farming						Sugar, Ethanol & Energy												Corporate						Total
Sales of goods and services rendered						64,075			37,259			78,511						179,845						143,501												—						323,346
Cost of goods sold and services rendered						(62,596)			(38,057)			(65,617)						(166,270)						(97,985)												—						(264,255)
Initial recog. and changes in FV of BA and agricultural produce						(6,295)			6,451			4,759						4,915						40,904												—						45,819
Gain from changes in NRV of agricultural produce after harvest						5,166			37			7						5,210						165												—						5,375
Margin on Manufacturing and Agricultural Act. Before Opex						350			5,690			17,660						23,700						86,585												—						110,285
General and administrative expenses						(3,506)			(3,402)			(3,953)						(10,861)						(4,938)												(6,944)						(22,743)
Selling expenses						(5,095)			(5,447)			(9,628)						(20,170)						(17,079)												(226)						(37,475)
Other operating income, net						36			3,142			(110)						3,068						356												(95)						3,329
Profit from Operations Before Financing and Taxation						(8,215)			(17)			3,969						(4,263)						64,924												(7,265)						53,396
Net results from Fair value adjustment of Investment property						—			(2,643)			—						(2,643)						—												—						(2,643)
Adjusted EBIT						(8,215)			(2,660)			3,969						(6,906)						64,924									0			(7,265)						50,753
(-) Depreciation and Amortization						1,417			3,772			3,181						8,370						55,543												392						64,305
Adjusted EBITDA						(6,798)			1,112			7,150						1,464						120,467									0			(6,873)						115,058
Reconciliation to Profit/(Loss)
Adjusted EBITDA																																										115,058
(+) Depreciation and Amortization																																										(64,305)
(+) Financial result, net																																										(50,489)
(+) Net results from Fair value adjustment of Investment property																																										2,643
(+) Income Tax (Charge)/Benefit																																										63
(+) Translation Effect (IAS 21)																																										3,457
Profit/(Loss) for the Period																																										6,427

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ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 3Q24
$ thousands						Crops			Rice			Dairy						Farming						Sugar, Ethanol & Energy												Corporate						Total
Sales of goods and services rendered						66,600			70,124			83,414						220,138						236,515												—						456,653
Cost of goods sold and services rendered						(56,635)			(57,157)			(71,701)						(185,493)						(160,617)												—						(346,110)
Initial recog. and changes in FV of BA and agricultural produce						2,146			584			2,649						5,379						4,577												—						9,956
Gain from changes in NRV of agricultural produce after harvest						(5,189)			1			—						(5,188)						23												—						(5,165)
Margin on Manufacturing and Agricultural Act. Before Opex						6,922			13,552			14,362						34,836						80,498												—						115,334
General and administrative expenses						(1,906)			(2,436)			(3,032)						(7,374)						(6,135)												(8,227)						(21,736)
Selling expenses						(6,257)			(8,965)			(7,634)						(22,856)						(23,614)												1,341						(45,129)
Other operating income, net						(13,320)			(85)			1,399						(12,006)						(4,956)												(134)						(17,096)
Profit from Operations Before Financing and Taxation						(14,561)			2,066			5,095						(7,400)						45,793												(7,020)						31,373
Net results from Fair value adjustment of Investment property						22			1,577			—						1,599						—												—						1,599
Impairment of assets destroyed by fire						14,162			—			—						14,162						—												—						14,162
Adjusted EBIT						(377)			3,643			5,095						8,361						45,793									0			(7,020)			0			47,134
(-) Depreciation and Amortization						2,402			3,787			2,835						9,024						54,337												405						63,766
Adjusted EBITDA						2,025			7,430			7,930						17,385						100,130												(6,615)						110,900
Reconciliation to Profit/(Loss)
Adjusted EBITDA																																										110,900
(+) Depreciation and Amortization																																										(63,766)
(+) Financial result, net																																										(6,424)
(+) Net results from Fair value adjustment of Investment property																																										(1,599)
(+) Income Tax (Charge)/Benefit																																										(4,544)
(+) Impairments of assets destroyed by fire																																										(14,162)
(+) Translation Effect (IAS 21)																																										(1,694)
Profit/(Loss) for the Period																																										18,711

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ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 9M25
$ thousands						Crops			Rice			Dairy						Farming						Sugar, Ethanol & Energy												Corporate						Total
Sales of goods and services rendered						180,839			174,654			223,594						579,087						459,892												—						1,038,979
Cost of goods sold and services rendered						(175,834)			(149,854)			(194,199)						(519,887)						(346,377)												—						(866,264)
Initial recog. and changes in FV of BA and agricultural produce						(6,561)			15,602			21,400						30,441						49,616												—						80,057
Gain from changes in NRV of agricultural produce after harvest						8,726			(16)			(2)						8,708						(609)												—						8,099
Margin on Manufacturing and Agricultural Act. Before Opex						7,170			40,386			50,793						98,349						162,522												—						260,871
General and administrative expenses						(16,257)			(14,544)			(11,314)						(42,115)						(21,355)												(31,901)						(95,371)
Selling expenses						(14,447)			(25,703)			(26,032)						(66,182)						(48,978)												(362)						(115,522)
Other operating income, net						1,143			4,673			(49)						5,767						6,228												(238)						11,757
Profit from Operations Before Financing and Taxation						(22,391)			4,812			13,398						(4,181)						98,417												(32,501)						61,735
Net results from Fair value adjustment of Investment property						—			(3,122)			—						(3,122)						—												—						(3,122)
Adjusted EBIT						(22,391)			1,690			13,398						(7,303)						98,417												(32,501)						58,613
(-) Depreciation and Amortization						4,252			12,058			10,185						26,495						120,001												1,262						147,758
Adjusted EBITDA						(18,139)			13,748			23,583						19,192						218,418												(31,239)						206,371
Reconciliation to Profit/(Loss)
Adjusted EBITDA																																										206,371
(+) Depreciation and Amortization																																										(147,758)
(+) Financial result, net																																										(60,097)
(+) Net results from Fair value adjustment of Investment property																																										3,122
(+) Income Tax (Charge)/Benefit																																										2,002
(+) Translation Effect (IAS 21)																																										4,451
Profit/(Loss) for the Period																																										8,091

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ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 9M24
$ thousands						Crops			Rice			Dairy						Farming						Sugar, Ethanol & Energy												Corporate						Total
Sales of goods and services rendered						175,065			199,035			209,248						583,348						524,651												—						1,107,999
Cost of goods sold and services rendered						(159,224)			(157,478)			(174,854)						(491,556)						(378,144)												—						(869,700)
Initial recog. and changes in FV of BA and agricultural produce						28,954			31,927			6,661						67,542						41,531												—						109,073
Gain from changes in NRV of agricultural produce after harvest						(17,583)			—			—						(17,583)						540												—						(17,043)
Margin on Manufacturing and Agricultural Act. Before Opex						27,212			73,484			41,055						141,751						188,578												—						330,329
General and administrative expenses						(16,195)			(11,391)			(8,271)						(35,857)						(18,364)												(19,754)						(73,975)
Selling expenses						(13,206)			(24,506)			(19,188)						(56,900)						(55,884)												1,314						(111,470)
Other operating income, net						(5,358)			(14,327)			3,450						(16,235)						2,560												272						(13,403)
Profit from Operations Before Financing and Taxation						(7,547)			23,260			17,046						32,759						116,890												(18,168)						131,481
Net results from Fair value adjustment of Investment property						588			17,600			—						18,188						—												—						18,188
Transfer of revaluation surplus derived from the disposals of assets						9,024			—			—						9,024						—												—						9,024
Impairment of assets destroyed by fire						14,162			—			—						14,162						—												—						14,162
Adjusted EBIT						16,227			40,860			17,046						74,133						116,890												(18,168)						172,855
(-) Depreciation and Amortization						6,061			10,539			8,458						25,058						141,981												1,117						168,156
Adjusted EBITDA						22,288			51,399			25,504						99,191						258,871												(17,051)						341,011
Reconciliation to Profit/(Loss)
Adjusted EBITDA																																										341,011
(+) Depreciation and Amortization																																										(168,156)
(+) Financial result, net																																										(98,809)
(+) Net results from Fair value adjustment of Investment property																																										(18,188)
(+) Income Tax (Charge)/Benefit																																										39,980
(-) Transfer of revaluation surplus derived from the disposals of assets																																										(9,024)
(+) Impairments of assets destroyed by fire																																										(14,162)
(+) Translation Effect (IAS 21)																																										3,271
Profit/(Loss) for the Period																																										75,923

28

Condensed Consolidated Interim Financial Statments

Statement of Income
$ thousands			3Q25			3Q24			Chg %			9M25			9M24			Chg %
Revenue			304,212			471,495			(35.5)%			1,011,798			1,144,687			(11.6)%
Cost of revenue			(246,836)			(361,003)			(31.6)%			(841,418)			(900,810)			(6.6)%
Initial recognition and Changes in fair value of biological assets and agricultural produce			44,386			13,602			226.3%			77,479			121,302			(36.1)%
Changes in net realizable value of agricultural produce after harvest			5,034			(5,874)			(185.7)%			7,594			(19,453)			(139.0)%
Margin on Manufacturing and Agricultural Activities Before Operating Expenses			106,796			118,220			(9.7)%			255,453			345,726			(26.1)%
General and administrative expenses			(19,047)			(24,111)			(21.0)%			(90,014)			(78,958)			14.0%
Selling expenses			(34,564)			(46,790)			(26.1)%			(111,316)			(115,511)			(3.6)%
Other operating income, net			3,668			(17,640)			(120.8)%			12,063			(16,505)			(173.1)%
Profit from operations			56,853			29,679			91.6%			66,186			134,752			(50.9)%
Finance income			(18,321)			4,139			(542.6)%			25,036			9,164			173.2%
Finance costs			(31,456)			(3,035)			936.4%			(79,104)			(106,062)			(25.4)%
Other financial results - Net gain / (loss) of inflation effects on the monetary items			(712)			(7,528)			(90.5)%			(6,029)			(1,911)			215.5%
Financial results, net			(50,489)			(6,424)			685.9%			(60,097)			(98,809)			(39.2)%
Profit / (loss) before income tax			6,364			23,255			(72.6)%			6,089			35,943			(83.1)%
Income tax			63			(4,544)			(101.4)%			2,002			39,980			(95.0)%
Profit for the period			6,427			18,711			(65.7)%			8,091			75,923			(89.3)%

29

Statement of Cashflows
$ thousands			3Q25			3Q24			Chg %			9M25			9M24			Chg %
Cash flows from operating activities:
Profit from operations			6,427			18,711			(65.7)%			8,091			75,923			(89.3)%
Adjustments for:
Income tax (benefit) / expense			(63)			4,544			(101.4)%			(2,002)			(39,980)			(95.0)%
Depreciation			62,480			64,124			(2.6)%			144,232			168,845			(14.6)%
Amortization			405			624			(35.1)%			1,480			1,769			(16.3)%
Depreciation of right of use assets			20,475			16,761			22.2%			58,847			64,127			(8.2)%
Gain from disposal of farmland and other assets			—			—			n . a			—			(6,050)			(100.0)%
Loss / (gain) from disposal of other property items			(1,215)			(810)			50.0%			(1,623)			(478)			239.5%
Impairment due to fire			—			14,036			(100.0)%			—			14,036			(100.0)%
Equity settled shared-based compensation granted			(314)			1,615			(119.4)%			11,580			5,081			127.9%
Loss / (gain) from derivative financial instruments and forwards			2,366			6,226			(62.0)%			(4,827)			(3,118)			54.8%
Interest and other expense , net			24,776			14,098			75.7%			64,563			58,885			9.6%
Initial recognition and changes in fair value of non harvested biological assets (unrealized)			(15,483)			35,219			(144.0)%			(21,642)			(5,904)			266.6%
Changes in net realizable value of agricultural produce after harvest (unrealized)			(6,235)			(3,254)			91.6%			(8,372)			1,834			(556.5)%
Provision and allowances			(207)			(2,005)			(89.7)%			(171)			(1,993)			(91.4)%
Net gain from fair value adjustment of Investment property			(3,135)			2,679			(217.0)%			(3,614)			22,484			(116.1)%
Tax credit recognized			(713)			—			n . a			(4,132)			—			n . a
Net gain of inflation effects on the monetary items of the effect of inflation on monetary items			712			7,528			(90.5)%			6,029			1,911			215.5%
Foreign exchange gains, net			21,677			(16,972)			(227.7)%			(12,323)			5,051			(344.0)%
Cash flow hedge – transfer from equity			—			1,912			(100.0)%			—			28,224			(100.0)%
Subtotal			111,953			165,036			(32.2)%			236,116			390,647			(39.6)%
Changes in operating assets and liabilities:
(Increase)/Decrease in trade and other receivables			24,123			(113,241)			(121.3)%			(75,879)			(150,992)			(49.7)%
(Increase)/Decrease in inventories			(50,901)			55,994			(190.9)%			(103,725)			(111,079)			(6.6)%
(Increase)/Decrease in biological assets			(40,899)			(57,527)			(28.9)%			70,253			64,349			9.2%
(Increase)/Decrease in other assets			57			17			235.3%			262			(374)			(170.1)%
(Increase)/Decrease in derivatives financial instruments			(2,755)			(288)			856.6%			(4,598)			20,471			(122.5)%
(Increase)/Decrease in trade and other payables			(15,841)			(8,097)			95.6%			12,502			(49,063)			(125.5)%
(Increase)/Decrease in payroll and social securities liabilities			5,596			9,143			(38.8)%			6,697			4,970			34.7%
(Increase)/Decrease in provisions for other liabilities			(175)			433			(140.4)%			(85)			901			(109.4)%
Cash generated in operations			31,158			51,470			(39.5)%			141,543			169,830			(16.7)%
Income taxes paid			(1,057)			(2,404)			(56.0)%			(2,852)			(4,963)			(42.5)%
Net cash generated from operating activities (a)			30,101			49,066			(38.7)%			138,691			164,867			(15.9)%

30

Statement of Cashflows
$ thousands			3Q25			3Q24			Chg %			9M25			9M24			Chg %
Cash flows from investing activities
Acquisition of business, net of cash acquired			—			(658)			(100.0)%			—			(15,923)			(100.0)%
Purchases of property, plant and equipment			(52,210)			(49,056)			6.4%			(189,891)			(203,153)			(6.5)%
Purchase of cattle and non current biological assets planting cost			(43)			(261)			(83.5)%			(138)			(1,445)			(90.4)%
Purchases of intangible assets			(426)			(462)			(7.8)%			(1,244)			(1,019)			22.1%
Interest received			8,931			2,023			341.5%			12,931			6,496			99.1%
Proceeds from sale of property, plant and equipment			701			270			159.6%			1,316			890			47.9%
Proceeds from sale of farmlands			1,691			3,215			(47.4)%			3,292			23,259			(85.8)%
Advance payments for acquisition of joint venture			(96,000)			—			n . a			(96,000)			—			n . a
Acquisition of short term			(31,008)			—			n . a			(103,775)			(33,711)			207.8%
Dispositions of short term investment			26,112			40,975			(36.3)%			110,980			77,551			43.1%
Net cash used in investing activities (b)			(142,252)			(3,954)			3497.7%			(262,529)			(147,055)			78.5%
Cash flows from financing activities
Proceeds from EQ settled share-based compensation exercise			—			98			(100.0)%			45			98			(54.1)%
Interest paid (c)			(18,410)			(10,993)			67.5%			(44,930)			(19,064)			135.7%
Proceeds from long-term borrowings			525,075			74,225			607.4%			552,622			94,594			484.2%
Payment of long-term borrowings			(157,669)			(84,987)			85.5%			(200,271)			(96,727)			107.0%
Proceeds from short-term borrowings			46,197			40,065			15.3%			212,922			89,936			136.7%
Payment of short-term borrowings			(90,546)			(4,617)			1861.1%			(154,699)			(121,660)			27.2%
Payment of derivatives financial instruments			(170)			(502)			(66.1)%			(137)			(581)			(76.4)%
Lease Payments			(24,817)			(25,306)			(1.9)%			(85,102)			(80,756)			5.4%
Purchase of own shares			—			(16,584)			(100.0)%			(10,210)			(58,279)			(82.5)%
Dividends paid to non-controlling interest			—			(252)			(100.0)%			—			(376)			(100.0)%
Dividends to shareholders			—			—			n . a			(17,500)			(17,500)			—%
Net cash used in financing activities (d)			279,660			(28,853)			(1069.3)%			252,740			(210,315)			(220.2)%
Net increase / (decrease) in cash and cash equivalents			167,509			16,259			930.3%			128,902			(192,503)			(167.0)%
Cash and cash equivalents at beginning of year			180,607			140,311			28.7%			211,244			339,781			(37.8)%
Exchange gains on cash and cash equivalents (e)			(8,118)			41,685			(119.5)%			(148)			50,977			(100.3)%
Cash and cash equivalents at end of year			339,998			198,255			71.5%			339,998			198,255			71.5%

31

Combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries over:						3Q25			3Q24						9M25			9M24
Operating activities			(a)			8,741			(48,525)						10,969			(67,244)
Acquisition of short term investment			(b)			(1,199)			—						(1,643)			—
Investing activities			(c)			(970)			(3,886)						(212)			(7,889)
Interest paid			(d)			(4,048)			3,277						(6,386)			7,429
Financing activities			(e)			(3,735)			9,144						(8,389)			42,457
Exchange rate changes and inflation on cash and cash equivalents			(f)			(4,036)			43,267						(2,368)			32,676

32

Statement of Financial position
$ thousands			9M25			12M24			Chg %
ASSETS
Non-Current Assets
Property, plant and equipment			1,681,601			1,548,589			8.6%
Right of use assets			400,871			373,846			7.2%
Investment property			34,208			33,542			2.0%
Intangible assets, net			35,423			37,231			(4.9)%
Biological assets			41,331			43,418			(4.8)%
Deferred income tax assets			20,968			15,507			35.2%
Trade and other receivables, net			56,968			38,510			47.9%
Derivative financial instruments			9,219			5,482			68.2%
Other Assets			3,426			3,761			(8.9)%
Total Non-Current Assets			2,284,015			2,099,886			8.8%
Current Assets
Biological assets			193,376			250,527			(22.8)%
Inventories			407,286			289,664			40.6%
Trade and other receivables, net			389,085			213,356			82.4%
Derivative financial instruments			5,823			4,114			41.5%
Short-term investment			25,464			46,097			(44.8)%
Cash and cash equivalents			339,998			211,244			61.0%
Total Current Assets			1,361,032			1,015,002			34.1%
TOTAL ASSETS			3,645,047			3,114,888			17.0%
SHAREHOLDERS EQUITY
Capital and reserves attributable to equity holders of the parent
Share capital			158,073			167,073			(5.4)%
Share premium			636,139			659,399			(3.5)%
Cumulative translation adjustment			(424,636)			(413,757)			2.6%
Equity-settled compensation			11,291			17,264			(34.6)%
Other reserves			153,237			151,261			1.3%
Treasury shares			(7,940)			(16,989)			(53.3)%
Revaluation surplus			279,150			245,261			13.8%
Reserve from the sale of minority interests in subsidiaries			41,574			41,574			—%
Retained earnings			525,101			518,064			1.4%
Equity attributable to equity holders of the parent			1,371,989			1,369,150			0.2%
Non controlling interest			64,569			38,951			65.8%
TOTAL SHAREHOLDERS EQUITY			1,436,558			1,408,101			2.0%
LIABILITIES
Non-Current Liabilities
Trade and other payables			990			767			29.1%
Borrowings			1,054,192			680,005			55.0%
Lease liabilities			317,869			287,679			10.5%
Deferred income tax liabilities			344,906			330,336			4.4%
Payrroll and Social liabilities			560			1,454			(61.5)%
Derivatives financial instruments			1,206			3,983			(69.7)%
Provisions for other liabilities			2,668			2,244			18.9%
Total Non-Current Liabilities			1,722,391			1,306,468			31.8%
Current Liabilities
Trade and other payables			210,065			206,907			1.5%
Current income tax liabilities			828			3,471			(76.1)%
Payrroll and Social liabilities			37,582			32,735			14.8%
Borrowings			182,779			99,551			83.6%
Lease liabilities			50,206			54,351			(7.6)%
Derivative financial instruments			3,871			1,796			115.5%
Provisions for other liabilities			767			1,508			(49.1)%
Total Current Liabilities			486,098			400,319			21.4%
TOTAL LIABILITIES			2,208,489			1,706,787			29.4%
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES			3,645,047			3,114,888			17.0%

33