# EDGAR Filing Document

**Accession Number:** 0001499505
**File Stem:** 0001499505-25-000045
**Filing Date:** 2025-12
**Character Count:** 147665
**Document Hash:** b5bb93b07e843b8b2db93c5ce6b92fdf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001499505-25-000045.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0001499505-25-000045

**CONFORMED SUBMISSION TYPE**: 6-K/A

**PUBLIC DOCUMENT COUNT**: 133

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Adecoagro S.A.
- **CENTRAL INDEX KEY:** 0001499505
- **STANDARD INDUSTRIAL CLASSIFICATION:** AGRICULTURE PRODUCTION - CROPS [0100]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35052
- **FILM NUMBER:** 251540103

**BUSINESS ADDRESS:**
- **STREET 1:** 28, BOULEVARD F.W. RAIFFEEISEN
- **CITY:** N/A
- **STATE:** N4
- **ZIP:** L-2411
- **BUSINESS PHONE:** 352 2689-8213

**MAIL ADDRESS:**
- **STREET 1:** 28, BOULEVARD F.W. RAIFFEEISEN
- **CITY:** N/A
- **STATE:** N4
- **ZIP:** L-2411

?xml version='1.0' encoding='ASCII'? agro-20250930

    

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K/A**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the month of December 2025

**Commission File Number: 001-35052** 

**Adecoagro S.A.**

**(Translation of registrant's name into English)**

**28, Boulevard F.W. Raiffeisen, L-2411, Luxembourg**

**Grand Duchy of Luxembourg**

**(Address of principal executive office)**

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

Form 20-F <u>X</u> Form 40-F 

**EXPLANATORY NOTE**

This current report on Form 6-K/A is being furnished by Adecoagro S.A. (the "Company") to amend its previously filed report on Form 6-K dated November 12, 2025 (the "Form 6-K"), which Form 6-K contains as Exhibit 99.2 the Company's unaudited condensed consolidated interim financial statements as of and for the nine-month period ended September 30, 2025 and 2024. The purpose of this Form 6-K/A is to furnish the Company's unaudited condensed consolidated interim financial statements as of and for the three-month and nine-month period ended September 30, 2025 and 2024 prepared in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board and in eXtensible Business Reporting Language (XBRL). Other than the substitution of Exhibit 99.2, the Form 6-K is not being amended or modified in any way.

&nbsp;&nbsp;&nbsp;&nbsp;

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **ITEM** | |
| 99.2 | [Unaudited condensed consolidated interim financial statements of the registrant as of and for the nine-month period ended September 30, 2025 and 2024.](agro-20250930_d2.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;

------

**SIGNATURE**

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

---

| | | |
|:---|:---|:---|
| **Adecoagro S.A.** | **Adecoagro S.A.** | **Adecoagro S.A.** |
| By: | /s/ Emilio Federico Gnecco | /s/ Emilio Federico Gnecco |
|  | Name: | Emilio Federico Gnecco |
|  | Title: | Chief Financial Officer |

---

Date: December 1, 2025

&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 99.2

?xml version='1.0' encoding='ASCII'? agro-20250930_d2

**Adecoagro S.A.**

**Condensed Consolidated Interim Financial Statements as of September 30, 2025 and for the nine-month periods ended September 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**: 100,086,440 common shares

**Treasury Shares**: 5,295,375 common shares

F - 1

------

**Adecoagro S.A.**

**Condensed Consolidated Interim Statements of Income**

**for the nine-month and three-month periods ended September 30, 2025 and 2024** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Nine-months ended September 30,** | **Nine-months ended September 30,** | **Three-months ended September 30,** | **Three-months ended September 30,** |
| | Note | **2025** | **2024** | **2025** | **2024** |
| | | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
| Revenue | 4 | 1011798 | 1144687 | 304212 | 471495 |
| Cost of revenue | 5 | (841418) | (900810) | (246836) | (361003) |
| Initial recognition and changes in fair value of biological assets and agricultural produce  | 15 | 77479 | 121302 | 44386 | 13602 |
| Changes in net realizable value of agricultural produce after harvest  |  | 7594 | (19453) | 5034 | (5874) |
| **Margin on manufacturing and agricultural activities before operating expenses** |  | **255453** | **345726** | **106796** | **118220** |
| General and administrative expenses | 6 | (90014) | (78958) | (19047) | (24111) |
| Selling expenses | 6 | (111316) | (115511) | (34564) | (46790) |
| Other operating income/(expense), net | 8 | 12063 | (16505) | 3668 | (17640) |
| **Profit from operations** |  | **66186** | **134752** | **56853** | **29679** |
| Finance income  | 9 | 25036 | 9164 | (18321) | 4139 |
| Finance costs  | 9 | (79104) | (106062) | (31456) | (3035) |
| Other financial results - Net (loss) / gain of inflation effects on the monetary items | 9 | (6029) | (1911) | (712) | (7528) |
| Financial results, net | 9 | (60097) | (98809) | (50489) | (6424) |
| **Profit before income tax** |  | **6089** | **35943** | **6364** | **23255** |
| Income tax benefit / (expense) | 10 | 2002 | 39980 | 63 | (4544) |
| **Profit for the period** |  | **8091** | **75923** | **6427** | **18711** |
| **Attributable to:** |  |  |  |  |  |
| Equity holders of the parent |  | 7037 | 75974 | 6517 | 19061 |
| Non-controlling interest |  | 1054 | (51) | (90) | (350) |
| **Earnings per share attributable to the equity holders of the parent during the period:** |  |  |  |  |  |
| Basic earnings per share |  | 0.070 | 0.735 | 0.065 | 0.189 |
| Diluted earnings per share |  | 0.070 | 0.732 | 0.065 | 0.189 |

---

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

F- 2

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**Adecoagro S.A.**

**Condensed Consolidated Interim Statements of Comprehensive Income**

**for the nine-month and three-month periods ended September 30, 2025 and 2024** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine-months ended September 30,** | **Nine-months ended September 30,** | **Three-months ended September 30,** | **Three-months ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
| Profit for the period | 8091 | 75923 | 6427 | 18711 |
| **Other comprehensive income:** |  |  |  |  |
| **Items that may be reclassified subsequently to profit or loss:** |  |  |  |  |
| Exchange differences on translating foreign operations  | (24867) | 428407 | (55276) | 64355 |
| Cash flow hedge, net of tax (Note 2)  |  | 17124 |  | 217 |
| **Items that will not be reclassified to profit or loss:** |  |  |  |  |
| Revaluation surplus net of tax  | 48437 | (264129) | 49512 | (33456) |
| Other comprehensive income / (loss) for the period | 23570 | 181402 | (5764) | 31116 |
| **Total comprehensive income for the period** | **31661** | **257325** | **663** | **49827** |
| **Attributable to:** |  |  |  |  |
| Equity holders of the parent | 30047 | 254119 | 211 | 49518 |
| Non-controlling interest | 1614 | 3206 | 452 | 309 |

---

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 September 30, 2025 and December 31, 2024** 

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

---

| | | | |
|:---|:---|:---|:---|
| | Note | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| | | (unaudited) | |
| **ASSETS** |  |  |  |
| **Non-Current Assets** | **Non-Current Assets** |  |  |
| Property, plant and equipment, net | 11 | 1681601 | 1548589 |
| Right of use assets | 12 | 400871 | 373846 |
| Investment property | 13 | 34208 | 33542 |
| Intangible assets, net | 14 | 35423 | 37231 |
| Biological assets | 15 | 41331 | 43418 |
| Deferred income tax assets | 10 | 20968 | 15507 |
| Trade and other receivables, net | 17 | 56968 | 38510 |
| Derivative financial instruments | 16 | 9219 | 5482 |
| Other Assets | Other Assets | 3426 | 3761 |
| **Total Non-Current Assets** | **Total Non-Current Assets** | **2284015** | **2099886** |
| **Current Assets** | **Current Assets** |  |  |
| Biological assets | 15 | 193376 | 250527 |
| Inventories | 18 | 407286 | 289664 |
| Trade and other receivables, net | 17 | 389085 | 213356 |
| Derivative financial instruments | 16 | 5823 | 4114 |
| Short-term investments |  | 25464 | 46097 |
| Cash and cash equivalents | 19 | 339998 | 211244 |
| **Total Current Assets** | **Total Current Assets** | **1361032** | **1015002** |
| **TOTAL ASSETS** | **TOTAL ASSETS** | **3645047** | **3114888** |
| **SHAREHOLDERS EQUITY** |  |  |  |
| **Capital and reserves attributable to equity holders of the parent** |  |  |  |
| Share capital | 21 | 158073 | 167073 |
| Share premium | 21 | 636139 | 659399 |
| Cumulative translation adjustment |  | (424636) | (413757) |
| Equity-settled compensation |  | 11291 | 17264 |
| Other reserves |  | 153237 | 151261 |
| Treasury shares |  | (7940) | (16989) |
| Revaluation surplus |  | 279150 | 245261 |
| Reserve from the sale of non-controlling interests in subsidiaries |  | 41574 | 41574 |
| Retained earnings |  | 525101 | 518064 |
| **Equity attributable to equity holders of the parent** |  | **1371989** | **1369150** |
| Non-controlling interest |  | 64569 | 38951 |
| **TOTAL SHAREHOLDERS EQUITY** |  | **1436558** | **1408101** |
| **LIABILITIES** |  |  |  |
| **Non-Current Liabilities** |  |  |  |
| Trade and other payables | 23 | 990 | 767 |
| Borrowings | 24 | 1054192 | 680005 |
| Lease liabilities | 25 | 317869 | 287679 |
| Deferred income tax liabilities | 10 | 344906 | 330336 |
| Payroll and social security liabilities | 26 | 560 | 1454 |
| Derivatives financial instruments | 16 | 1206 | 3983 |
| Provisions for other liabilities | 27 | 2668 | 2244 |
| **Total Non-Current Liabilities** |  | **1722391** | **1306468** |
| **Current Liabilities** |  |  |  |
| Trade and other payables | 23 | 210065 | 206907 |
| Current income tax liabilities | 10 | 828 | 3471 |
| Payroll and social security liabilities | 26 | 37582 | 32735 |
| Borrowings | 24 | 182779 | 99551 |
| Lease liabilities | 25 | 50206 | 54351 |
| Derivative financial instruments | 16 | 3871 | 1796 |
| Provisions for other liabilities | 27 | 767 | 1508 |
| **Total Current Liabilities** |  | **486098** | **400319** |
| **TOTAL LIABILITIES** |  | **2208489** | **1706787** |
| **TOTAL SHAREHOLDERS EQUITY AND LIABILITIES** |  | **3645047** | **3114888** |

---

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 nine-month periods ended September 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** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **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** |<br>**Non-Controlling Interest** |<br>**Total Shareholders' Equity** |
| **Balance at January 1, 2024** | 167073 | 743810 | (603861) | 18654 | (17124) | 150677 | (8062) | 317598 | 41574 | 418789 | **1229128** | 36520 | **1265648** |
| Profit for the period |  |  |  |  |  |  |  |  |  | 75974 | **75974** | (51) | **75923** |
| Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| *- Items that may be reclassified subsequently to profit or loss:* |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange differences on translating foreign operations |  |  | 224985 |  |  |  |  | 178277 |  |  | **403262** | 25145 | **428407** |
| &nbsp;&nbsp;Cash flow hedge (\*)  |  |  |  |  | 17124 |  |  |  |  |  | **17124** |  | **17124** |
| &nbsp;&nbsp;&nbsp;Revaluation of surplus (\*\*) |  |  |  |  |  |  |  | (242241) |  |  | **(242241)** | (21888) | **(264129)** |
| &nbsp;&nbsp;&nbsp;Transfer of the revaluation surplus derived from the disposals of assets (\*\*) |  |  |  |  |  |  |  | (6935) |  | 6935 | **—** |  | **—** |
| Other comprehensive income for the period |  |  | 224985 |  | 17124 |  |  | (70899) |  | 6935 | **178145** | 3257 | **181402** |
| Total comprehensive income for the period |  |  | 224985 |  | 17124 |  |  | (70899) |  | 82909 | **254119** | 3206 | **257325** |
| *- Employee share options (Note 22)* |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exercised |  | 115 |  | (38) |  |  | 22 |  |  |  | **99** |  | **99** |
| *- Restricted shares and restricted units (Note 22):* |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value of employee services |  |  |  | 3623 |  |  |  |  |  |  | **3623** |  | **3623** |
| &nbsp;&nbsp;&nbsp;Vested |  | 7540 |  | (6111) |  | 1456 |  |  |  |  | **2885** |  | **2885** |
| &nbsp;&nbsp;Forfeited |  |  |  |  |  | 27 | (27) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Granted |  |  |  |  |  | (906) | 906 |  |  |  |  |  |  |
| *-Purchase of own shares (Note 21)* |  | (49626) |  |  |  |  | (8653) |  |  |  | **(58279)** |  | **(58279)** |
| *- Dividends to shareholders (Note 21)* |  | (35000) |  |  |  |  |  |  |  |  | **(35000)** |  | **(35000)** |
| *- Dividends to non-controlling interest* |  |  |  |  |  |  |  |  |  |  | **—** | (256) | **(256)** |
| **Balance at September 30, 2024 (unaudited)** | **167073** | **666839** | **(378876)** | **16128** | **—** | **151254** | **(15814)** | **246699** | **41574** | **501698** | **1396575** | **39470** | **1436045** |

---

(\*) Net of (7,973) of Income tax.

(\*\*) Net of 144,594 of Income tax.

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

F- 5

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**Adecoagro S.A.**

**Condensed Consolidated Interim Statements of Changes in Shareholders' Equity**

**for the nine-month periods ended September 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** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **Attributable to equity holders of the parent** | **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** |<br>**Non-Controlling Interest** |<br>**Total Shareholders' Equity** |
| **Balance at January 1, 2025** | **167073** | **659399** | **(413757)** | **17264** | **151261** | **(16989)** | **245261** | **41574** | **518064** | **1369150** | **38951** | **1408101** |
| Profit for the period |  |  |  |  |  |  |  |  | 7037 | **7037** | 1054 | **8091** |
| Other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |  |  |
| *- Items that may be reclassified subsequently to profit or loss:* |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange differences on translating foreign operations |  |  | (10879) |  |  |  | (10905) |  |  | **(21784)** | (3083) | **(24867)** |
| *- Items that will not be reclassified to profit or loss:* |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Revaluation surplus (\*) |  |  |  |  |  |  | 44794 |  |  | **44794** | 3643 | **48437** |
| Other comprehensive income for the period |  |  | (10879) |  |  |  | 33889 |  |  | **23010** | 560 | **23570** |
| Total comprehensive income for the period |  |  | (10879) |  |  |  | 33889 |  | 7037 | **30047** | 1614 | **31661** |
| *- Reduction of issued share capital of the company (Note 21):* | (9000) |  |  |  |  | 9000 |  |  |  | **—** |  | **—** |
| *- Employee share options (Note 22):* |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exercised |  | 52 |  | (15) |  | 8 |  |  |  | **45** |  | **45** |
| *- Restricted shares and restricted units (Note 22):* |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Value of employee services |  |  |  | 13595 |  |  |  |  |  | **13595** |  | **13595** |
| &nbsp;&nbsp;&nbsp;Vested |  | 20311 |  | (19553) | 3604 |  |  |  |  | **4362** |  | **4362** |
| &nbsp;&nbsp;&nbsp;Forfeited |  |  |  |  | 2 | (2) |  |  |  | **—** |  | **—** |
| &nbsp;&nbsp;&nbsp;Granted |  |  |  |  | (1630) | 1630 |  |  |  | **—** |  | **—** |
| *- Purchase of own shares (Note 21)* |  | (8623) |  |  |  | (1587) |  |  |  | **(10210)** |  | **(10210)** |
| *- Dividends to shareholders (Note 21)* |  | (35000) |  |  |  |  |  |  |  | **(35000)** |  | **(35000)** |
| *- Contribution from non-controlling interest* |  |  |  |  |  |  |  |  |  | **—** | 24004 | **24004** |
| **Balance at September 30, 2025 (unaudited)** | **158073** | **636139** | **(424636)** | **11291** | **153237** | **(7940)** | **279150** | **41574** | **525101** | **1371989** | **64569** | **1436558** |

---

(\*) Net of (26,127) of Income tax.

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

F- 6

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**Adecoagro S.A.**

**Condensed Consolidated Interim Statements of Cash Flows**

**for the nine-month periods ended September 30, 2025 and 2024**

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

---

| | | | |
|:---|:---|:---|:---|
| | | **Nine-months ended September 30,** | **Nine-months ended September 30,** |
| | Note | **2025** | **2024** |
| | | (unaudited) | (unaudited) |
| **Cash flows from operating activities:** |  |  |  |
| Profit for the period |  | 8091 | 75923 |
| *Adjustments for*: |  |  |  |
| Income tax (benefit) | 10 | (2002) | (39980) |
| Depreciation of property, plant and equipment | 11 | 144232 | 168845 |
| Depreciation of right of use assets | 12 | 58847 | 64127 |
| Net (gain) / loss from the fair value adjustment of investment properties | 13 | (3614) | 22484 |
| Amortization of intangible assets | 14 | 1480 | 1769 |
| Gain from the sale of farmland and other assets | 8 |  | (6050) |
| Gain from disposal of other property items | 8 | (1623) | (478) |
| Impairment due to fire | 8 |  | 14036 |
| Equity settled share-based compensation granted | 7 | 11580 | 5081 |
| (Gain) from derivative financial instruments | 8, 9 | (4827) | (3118) |
| Interest, finance cost related to lease liabilities and other financial expense, net | 9 | 64563 | 58885 |
| Initial recognition and changes in fair value of non-harvested biological assets (unrealized) |  | (21642) | (5904) |
| Changes in net realizable value of agricultural produce after harvest (unrealized) |  | (8372) | 1834 |
| Provision and allowances |  | (171) | (1993) |
| Tax credit recognized | 8 | (4132) |  |
| Net loss of inflation effects on the monetary items | 9 | 6029 | 1911 |
| Foreign exchange (gains) / losses, net | 9 | (12323) | 5051 |
| Cash flow hedge – transfer from equity | 9 |  | 28224 |
| **Subtotal** |  | **236116** | **390647** |
| **Changes in operating assets and liabilities:** |  |  |  |
| Increase in trade and other receivables |  | (75879) | (150992) |
| Increase in inventories |  | (103725) | (111079) |
| Decrease in biological assets |  | 70253 | 64349 |
| Decrease / (increase) in other assets |  | 262 | (374) |
| (Increase) / decrease in derivative financial instruments |  | (4598) | 20471 |
| Decrease / (increase) in trade and other payables |  | 12502 | (49063) |
| Increase in payroll and social security liabilities |  | 6697 | 4970 |
| (Decrease) / increase in provisions for other liabilities |  | (85) | 901 |
| **Net cash provided by operating activities before taxes paid** |  | **141543** | **169830** |
| Income tax paid |  | (2852) | (4963) |
| **Net cash provided by operating activities** | **(a)** | **138691** | **164867** |

---

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 nine-month periods ended September 30, 2025 and 2024 (continued)**

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

---

| | | | |
|:---|:---|:---|:---|
| | | **Nine-months ended September 30,** | **Nine-months ended September 30,** |
| | Note | **2025** | **2024** |
| | | (unaudited) | (unaudited) |
| **Cash flows from investing activities:** |  |  |  |
| Acquisition of a business, net of cash and cash equivalents acquired |  |  | (15923) |
| Purchases of property, plant and equipment | 11 | (189891) | (203153) |
| Purchases of cattle and non-current biological assets |  | (138) | (1445) |
| Purchases of intangible assets | 14 | (1244) | (1019) |
| Interest received and others |  | 12931 | 6496 |
| Proceeds from sale of property, plant and equipment |  | 1316 | 890 |
| Advance payments for acquisition of joint venture |  | (96000) |  |
| Proceeds from sale of farmlands and other assets |  | 3292 | 23259 |
| Acquisition of short-term investment | 16 **(b)** | (103775) | (33711) |
| Disposal of short-term investment | 16 | 110980 | 77551 |
| **Net cash used in investing activities** | **(c)** | **(262529)** | **(147055)** |
| **Cash flows from financing activities:** |  |  |  |
| Proceeds from equity settled share-based compensation exercise |  | 45 | 98 |
| Proceeds from long-term borrowings | 24 | 552622 | 94594 |
| Payments of long-term borrowings |  | (200271) | (96727) |
| Proceeds from short-term borrowings |  | 212922 | 89936 |
| Payment of short-term borrowings |  | (154699) | (121660) |
| Payments of derivative financial instruments |  | (137) | (581) |
| Lease payments |  | (85102) | (80756) |
| Interest paid | **(d)** | (44930) | (19064) |
| Purchase of own shares |  | (10210) | (58279) |
| Dividends paid to non-controlling interest |  |  | (376) |
| Dividends to shareholders | 21 | (17500) | (17500) |
| **Net cash generated / used in financing activities** | **(e)** | **252740** | **(210315)** |
| **Net decrease in cash and cash equivalents** |  | **128902** | **(192503)** |
| Cash and cash equivalents at beginning of period | 19 | 211244 | 339781 |
| Effect of exchange rate changes and inflation on cash and cash equivalents | **(f)** | (148) | 50977 |
| **Cash and cash equivalents at end of period** | 19 | **339998** | **198255** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| | | **2025** | **2024** |
| Operating activities | (a) | 10969 | (67244) |
| Acquisition of short term investment | (b) | (1643) |  |
| Investing activities | (c) | (212) | (7889) |
| Interest paid | (d) | (6386) | 7429 |
| Financing activities | (e) | (8389) | 42457 |
| Exchange rate changes and inflation on cash and cash equivalents | (f) | (2368) | 32676 |

---

For non-cash transactions, see Note 12 for right of use assets and Note 31.

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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp;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 November 7, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2.&nbsp;&nbsp;&nbsp;&nbsp;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 nine-month period ended September 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 nine-month period ended September 30, 2025 and 2024 were 22.0% and 101.6%, respectively. The Group uses Argentina's official exchange rate to account for transactions in Argentina, mainly affecting the farming business segment, which as of September 30, 2025 and 2024, respectively, was 1,380 and 970.5, 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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** *Exchange Rate Regime:* A new managed floating exchange rate regime has been introduced, with a band between 951 and 1,471 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• 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 September 30, 2025. All amounts are shown in US dollars.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
| | **Functional currency** | **Functional currency** | **Functional currency** | **Functional currency** | **Functional currency** |
|<br><br>**Net monetary position (Liability)/ Asset** | **Argentine <br>Peso** | **Brazilian <br>Reais** | **Chilean<br>Peso** | **US Dollar** | **Total** |
| Argentine Peso | 22113 |  |  |  | **22113** |
| Brazilian Reais |  | (656303) |  |  | **(656303)** |
| US Dollar | (193210) | (251934) | 590 | (39451) | **(484005)** |
| Uruguayan Peso |  |  |  | (2606) | **(2606)** |
| Euro | **—** | **—** | **—** | (28500) | **(28500)** |
| **Total** | **(171097)** | **(908237)** | **590** | **(70557)** | **(1149301)** |

---

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 September 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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;Financial risk management (continued)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
| | **Functional currency** | **Functional currency** | **Functional currency** | **Functional currency** |
|<br><br>**Net monetary position** | **Argentine <br>Peso** | **Brazilian <br>Reais** | **Chilean<br>Peso** | **Total** |
| US Dollar  | (48303) | (25193) | 59 | **(73437)** |
| **(Decrease) or increase in Profit before income tax**  | **(48303)** | **(25193)** | **59** | **(73437)** |

---

**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 nine-month period ended September 30, 2024, a loss before income tax of US$601 was recognized in other comprehensive income and US$28,224 was reclassified from equity to profit or loss within "Financial results, net." In 2025, both items are zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• 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 September 30, 2025 (all amounts are shown in US dollars):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
| | **Functional currency** | **Functional currency** | **Functional currency** | **Functional currency** |
|<br><br>**Rate per currency denomination** | **Argentine <br>Peso** | **Brazilian <br>Reais** | **US Dollar** | **Total** |
| **Fixed rate:** |  |  |  |  |
| Argentine Peso | 12 |  |  | 12 |
| Brazilian Reais |  | 66767 |  | 66767 |
| US Dollar | 102966 | 289228 | 536323 | 928517 |
| **Subtotal fixed-rate borrowings** | **102978** | **355995** | **536323** | **995296** |
| **Variable rate:** |  |  |  |  |
| Brazilian Reais |  | 212332 | **—** | 212332 |
| Euro |  |  | 29343 | 29343 |
| **Subtotal variable-rate borrowings** | **—** | **212332** | **29343** | **241675** |
| **Total borrowings as per analysis** | **102978** | **568327** | **565666** | **1236971** |

---

At September 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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;Financial risk management (continued)**

---

| | | | |
|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | (unaudited) | (unaudited) | (unaudited) |
| | **Functional currency** | **Functional currency** | **Functional currency** |
|<br><br>**Rate per currency denomination** | **US Dollar** | **Brazilian <br>Reais** | **Total** |
| **Variable rate:** |  |  |  |
| Brazilian Reais |  | (2123) | (2123) |
| Euro | (293) |  | (293) |
| **Decrease in profit before income tax** | **(293)** | **(2123)** | **(2416)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Credit risk**

As of September 30, 2025, three banks accounted for approximately 80% of the total cash deposited (Max capital, Credit Agricole and Bladex).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Derivative financial instruments**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪&nbsp;&nbsp;&nbsp;&nbsp;**Futures / Options**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **Quantities (thousands)<br>(\*\*)** | | | **Profit / (Loss)**<br>(\*) |
|<br>**Type of**<br>**derivative contract** | **Quantities (thousands)<br>(\*\*)** | **Notional**<br>**amount** | **Market**<br>**Value Asset/ (Liability)** | **Profit / (Loss)**<br>(\*) |
|  |  |  | (unaudited) | (unaudited) |
| **Futures:** |  |  |  |  |
| ***Sale*** |  |  |  |  |
| Soybean | 16 | 5713 | 151 | 151 |
| Sugar | 47 | (16380) | 901 | 2511 |
| Ethanol | 15 | 41957 | (197) | 197 |
| **OTC:** |  |  |  |  |
| ***Buy put*** |  |  |  |  |
| Ethanol | 14 | (1259) | (232) | 232 |
| **Total** | **92** | **30031** | **623** | **3091** |

---

(\*) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪ 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.

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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp;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 loss of US$1.9 million for the nine-month period ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **Currency forward**

No significant currency forward is in place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp;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".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The 'Farming' business is further comprised of three reportable segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• '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.&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 'Rice' Segment which consists of planting, harvesting, processing and marketing of rice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 'Dairy' Segment which consists of the production and sale of raw milk and industrialized products, including UHT, cheese and powder milk among others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• '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.&nbsp;&nbsp;&nbsp;&nbsp;Segment information (continued)**

Segment reconciliation for the nine-month period ended

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Crops** | **Crops** | **Crops** | **Rice** | **Rice** | **Rice** | **Dairy** | **Dairy** | **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 | 180839 | (9273) | 171566 | 174654 | (4060) | 170594 | 223594 | (13848) | 209746 |
| Cost of revenue | (175834) | 9323 | (166511) | (149854) | 3401 | (146453) | (194199) | 12122 | (182077) |
| Initial recognition and changes in fair value of biological assets and agricultural produce | (6561) | 284 | (6277) | 15602 | (1025) | 14577 | 21400 | (1837) | 19563 |
| Changes in net realizable value of agricultural produce after harvest | 8726 | (523) | 8203 | (16) | 16 |  | (2) | 2 |  |
| **Margin on manufacturing and agricultural activities before operating expenses** | **7170** | **(189)** | **6981** | **40386** | **(1668)** | **38718** | **50793** | **(3561)** | **47232** |
| General and administrative expenses | (16257) | 1364 | (14893) | (14544) | 1162 | (13382) | (11314) | 798 | (10516) |
| Selling expenses | (14447) | 968 | (13479) | (25703) | 1529 | (24174) | (26032) | 1691 | (24341) |
| Other operating (expense) / income, net | 1143 | (73) | 1070 | 4673 | 376 | 5049 | (49) | (4) | (53) |
| **Profit / (loss) from operations** | **(22391)** | **2070** | **(20321)** | **4812** | **1399** | **6211** | **13398** | **(1076)** | **12322** |
| Depreciation of Property, plant and equipment and amortization of Intangible assets | (4252) | 315 | (3937) | (12058) | 835 | (11223) | (10185) | 798 | (9387) |
| Net gain from Fair value adjustment of Investment property |  |  |  | 3122 | 492 | 3614 |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **September 30, 2025 (unaudited)** | **Corporate** | **Corporate** | **Corporate** | **Total** | **Total** | **Total** |
| | **Total segment reporting** | **Adjustment** | **Total as per statement of income** | **Total segment reporting** | **Adjustment** | **Total as per statement of income** |
| Revenue |  |  |  | **1038979** | (27181) | **1011798** |
| Cost of revenue |  |  |  | **(866264)** | 24846 | **(841418)** |
| Initial recognition and changes in fair value of biological assets and agricultural produce |  |  |  | **80057** | (2578) | **77479** |
| Changes in net realizable value of agricultural produce after harvest |  |  |  | **8099** | (505) | **7594** |
| **Margin on manufacturing and agricultural activities before operating expenses** | **—** | **—** | **—** | **260871** | **(5418)** | **255453** |
| General and administrative expenses | (31901) | 2033 | (29868) | **(95371)** | 5357 | **(90014)** |
| Selling expenses | (362) | 18 | (344) | **(115522)** | 4206 | **(111316)** |
| Other operating (expense) / income, net | (238) | 7 | (231) | **11757** | 306 | **12063** |
| **Profit / (loss) from operations** | **(32501)** | **2058** | **(30443)** | **61735** | **4451** | **66186** |
| Depreciation of Property, plant and equipment and amortization of Intangible assets | (1262) | 98 | (1164) | **(147758)** | 2046 | **(145712)** |
| Net gain from Fair value adjustment of Investment property |  |  |  | **3122** | 492 | **3614** |

---

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.&nbsp;&nbsp;&nbsp;&nbsp;Segment information (continued)**

Segment reconciliation for the nine-month period ended

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **September 30, 2024 (unaudited)** | **Crops** | **Crops** | **Crops** | **Rice** | **Rice** | **Rice** | **Dairy** | **Dairy** | **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 | 175065 | 11050 | 186115 | 199035 | 10904 | 209939 | 209248 | 14734 | 223982 |
| Cost of revenue | (159224) | (10566) | (169790) | (157478) | (9038) | (166516) | (174854) | (11506) | (186360) |
| Initial recognition and changes in fair value of biological assets and agricultural produce | 28954 | 4230 | 33184 | 31927 | 7187 | 39114 | 6661 | 812 | 7473 |
| Changes in net realizable value of agricultural produce after harvest | (17583) | (2410) | (19993) |  |  |  |  |  |  |
| **Margin on manufacturing and agricultural activities before operating expenses** | **27212** | **2304** | **29516** | **73484** | **9053** | **82537** | **41055** | **4040** | **45095** |
| General and administrative expenses | (16195) | (1185) | (17380) | (11391) | (1183) | (12574) | (8271) | (784) | (9055) |
| Selling expenses | (13206) | (871) | (14077) | (24506) | (1493) | (25999) | (19188) | (1646) | (20834) |
| Other operating (expense) / income, net | (5358) | 386 | (4972) | (14327) | (3963) | (18290) | 3450 | 469 | 3919 |
| **Profit / (loss) from operations** | **(7547)** | **634** | **(6913)** | **23260** | **2414** | **25674** | **17046** | **2079** | **19125** |
| Depreciation of Property, plant and equipment and amortization of Intangible assets | (6061) | (474) | (6535) | (10539) | (994) | (11533) | (8458) | (883) | (9341) |
| Net loss from Fair value adjustment of Investment property | (588) | (40) | (628) | (17600) | (4256) | (21856) |  |  |  |
| Impairment of assets destroyed by fire | (14162) | (126) | (14036) |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **September 30, 2024 (unaudited)** | **Corporate** | **Corporate** | **Corporate** | **Total** | **Total** | **Total** |
| | **Total segment reporting** | **Adjustment** | **Total as per statement of income** | **Total segment reporting** | **Adjustment** | **Total as per statement of income** |
| Revenue |  |  |  | **1107999** | 36688 | **1144687** |
| Cost of revenue |  |  |  | **(869700)** | (31110) | **(900810)** |
| Initial recognition and changes in fair value of biological assets and agricultural produce |  |  |  | **109073** | 12229 | **121302** |
| Changes in net realizable value of agricultural produce after harvest |  |  |  | **(17043)** | (2410) | **(19453)** |
| **Margin on manufacturing and agricultural activities before operating expenses** | **—** | **—** | **—** | **330329** | **15397** | **345726** |
| General and administrative expenses | (19754) | (1831) | (21585) | **(73975)** | (4983) | **(78958)** |
| Selling expenses | 1314 | (31) | 1283 | **(111470)** | (4041) | **(115511)** |
| Other operating (expense) / income, net | 272 | 6 | 278 | **(13403)** | (3102) | **(16505)** |
| **Profit / (loss) from operations** | **(18168)** | **(1856)** | **(20024)** | **131481** | **3271** | **134752** |
| Depreciation of Property, plant and equipment and amortization of Intangible assets | (1117) | (107) | (1224) | **(168156)** | (2458) | **(170614)** |
| Net loss from Fair value adjustment of Investment property |  |  |  | **(18188)** | (4296) | **(22484)** |
| Imperment of assets destroyed by fire |  |  |  | **(14162)** | 126 | **(14036)** |

---

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.&nbsp;&nbsp;&nbsp;&nbsp;Segment information (continued)**

Segment analysis for the nine-month period ended September 30, 2025 (unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | ***Farming*** | ***Farming*** | ***Farming*** | ***Farming*** | ***Sugar, Ethanol and Energy*** | ***Corporate*** | ***Total*** |
| | **Crops** | **Rice** | **Dairy** | ***Farming subtotal*** | ***Sugar, Ethanol and Energy*** | ***Corporate*** | ***Total*** |
| Revenue | 180839 | 174654 | 223594 | 579087 | 459892 |  | **1038979** |
| Cost of revenue | (175834) | (149854) | (194199) | (519887) | (346377) |  | **(866264)** |
| Initial recognition and changes in fair value of biological assets and agricultural produce | (6561) | 15602 | 21400 | 30441 | 49616 |  | **80057** |
| Changes in net realizable value of agricultural produce after harvest | 8726 | (16) | (2) | 8708 | (609) |  | **8099** |
| **Margin on manufacturing and agricultural activities before operating expenses** | **7170** | **40386** | **50793** | **98349** | **162522** | **—** | **260871** |
| General and administrative expenses | (16257) | (14544) | (11314) | (42115) | (21355) | (31901) | **(95371)** |
| Selling expenses | (14447) | (25703) | (26032) | (66182) | (48978) | (362) | **(115522)** |
| Other operating (expense) / income, net | 1143 | 4673 | (49) | 5767 | 6228 | (238) | **11757** |
| **Profit / (loss) from operations** | **(22391)** | **4812** | **13398** | **(4181)** | **98417** | **(32501)** | **61735** |
| Depreciation of Property, plant and equipment and amortization of Intangible assets | (4252) | (12058) | (10185) | (26495) | (120001) | (1262) | **(147758)** |
| Net gain from Fair value adjustment of Investment property |  | 3122 |  | 3122 |  |  | **3122** |
| Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) | (1529) | 7868 | (14540) | (8201) | 25863 |  | **17662** |
| Initial recognition and changes in fair value of biological assets and agricultural produce (realized) | (5032) | 7734 | 35940 | 38642 | 23753 |  | **62395** |
| Changes in net realizable value of agricultural produce after harvest (unrealized) | 8372 |  |  | 8372 |  |  | **8372** |
| Changes in net realizable value of agricultural produce after harvest (realized) | 354 | (16) | (2) | 336 | (609) |  | **(273)** |
| **As of September 30, 2025:** |  |  |  |  |  |  |  |
| Farmlands and farmland improvements, net | 446887 | 182251 | 2534 | 631672 | 88896 |  | **720568** |
| Machinery, equipment, building and facilities, and other fixed assets, net | 36906 | 100148 | 126746 | 263800 | 235182 |  | **498982** |
| Bearer plants, net | 1204 |  |  | 1204 | 410473 |  | **411677** |
| Work in progress | 2551 | 15976 | 8781 | 27308 | 23066 |  | **50374** |
| Right of use asset | 15585 | 9967 | 647 | 26199 | 374083 | 589 | **400871** |
| Investment property |  | 34208 |  | 34208 |  |  | **34208** |
| Goodwill | 9483 | 5763 |  | 15246 | 4106 |  | **19352** |
| Biological assets | 39161 | 47031 | 41493 | 127685 | 107022 |  | **234707** |
| Finished goods | 60252 | 22680 | 18431 | 101363 | 119360 |  | **220723** |
| Raw materials, Stocks held by third parties and others | 63897 | 79087 | 16828 | 159812 | 26751 |  | **186563** |
| **Total segment assets** | **675926** | **497111** | **215460** | **1388497** | **1388939** | **589** | **2778025** |
| Borrowings | 35605 | 77710 | 67370 | 180685 | 554047 | 502239 | **1236971** |
| Lease liabilities | 17515 | 5695 | 642 | 23852 | 343444 | 779 | **368075** |
| **Total segment liabilities** | **53120** | **83405** | **68012** | **204537** | **897491** | **503018** | **1605046** |

---

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.&nbsp;&nbsp;&nbsp;&nbsp;Segment information (continued)**

Segment analysis for the nine-month period ended September 30, 2024 (unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | ***Farming*** | ***Farming*** | ***Farming*** | ***Farming*** | ***Sugar, Ethanol and Energy*** | ***Corporate*** | ***Total*** |
| | **Crops** | **Rice** | **Dairy** | ***Farming subtotal*** | ***Sugar, Ethanol and Energy*** | ***Corporate*** | ***Total*** |
| Revenue | 175065 | 199035 | 209248 | **583348** | 524651 |  | **1107999** |
| Cost of revenue | (159224) | (157478) | (174854) | **(491556)** | (378144) |  | **(869700)** |
| Initial recognition and changes in fair value of biological assets and agricultural produce | 28954 | 31927 | 6661 | **67542** | 41531 |  | **109073** |
| Changes in net realizable value of agricultural produce after harvest | (17583) |  |  | **(17583)** | 540 |  | **(17043)** |
| **Margin on manufacturing and agricultural activities before operating expenses** | **27212** | **73484** | **41055** | **141751** | **188578** | **—** | **330329** |
| General and administrative expenses | (16195) | (11391) | (8271) | **(35857)** | (18364) | (19754) | **(73975)** |
| Selling expenses | (13206) | (24506) | (19188) | **(56900)** | (55884) | 1314 | **(111470)** |
| Other operating (expense) / income, net | (5358) | (14327) | 3450 | **(16235)** | 2560 | 272 | **(13403)** |
| **Profit / (loss) from operations** | **(7547)** | **23260** | **17046** | **32759** | **116890** | **(18168)** | **131481** |
| Depreciation of Property, plant and equipment and amortization of Intangible assets | (6061) | (10539) | (8458) | **(25058)** | (141981) | (1117) | **(168156)** |
| Net loss from Fair value adjustment of Investment property | (588) | (17600) |  | **(18188)** |  |  | **(18188)** |
| Transfer of revaluation surplus derived from the disposals of assets before taxes | 9024 |  |  | **9024** |  |  | **9024** |
| Impairment of assets destroyed by fire | (14162) |  |  | **(14162)** |  |  | **(14162)** |
| Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) | 18544 | 11934 | (23488) | **6990** | (5444) |  | **1546** |
| Initial recognition and changes in fair value of biological assets and agricultural produce (realized) | 10410 | 19993 | 30149 | **60552** | 46975 |  | **107527** |
| Changes in net realizable value of agricultural produce after harvest (unrealized) | (1834) |  |  | **(1834)** |  |  | **(1834)** |
| Changes in net realizable value of agricultural produce after harvest (realized) | (15749) |  |  | **(15749)** | 540 |  | **(15209)** |
| **As of December 31, 2024:** |  |  |  |  |  |  |  |
| Farmlands and farmland improvements, net | 432826 | 176516 | 2454 | **611796** | 80357 |  | **692153** |
| Machinery, equipment, building and facilities, and other fixed assets, net | 41770 | 112849 | 143640 | **298259** | 203679 |  | **501938** |
| Bearer plants, net | 1292 |  |  | **1292** | 326278 |  | **327570** |
| Work in progress | 468 | 6276 | 4009 | **10753** | 16175 |  | **26928** |
| Right of use assets | 20850 | 15234 | 474 | **36558** | 336521 | 767 | **373846** |
| Investment property | 28193 | 5349 |  | **33542** |  |  | **33542** |
| Goodwill | 10397 | 6319 |  | **16716** | 3526 |  | **20242** |
| Biological assets | 79363 | 102098 | 42864 | **224325** | 69620 |  | **293945** |
| Finished goods | 40345 | 32623 | 20553 | **93521** | 94633 |  | **188154** |
| Raw materials, Stocks held by third parties and others | 44809 | 18446 | 16390 | **79645** | 21865 |  | **101510** |
| Total segment assets | **700313** | **475710** | **230384** | **1406407** | **1152654** | **767** | **2559828** |
| Borrowings | 36573 | 15270 | 69199 | 121042 | 532230 | 126284 | 779556 |
| Lease liabilities | 17385 | 12549 | 538 | 30472 | 310769 | 789 | 342030 |
| Total segment liabilities | **53958** | **27819** | **69737** | **151514** | **842999** | **127073** | **1121586** |

---

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.&nbsp;&nbsp;&nbsp;&nbsp;Revenue**

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

---

| | | |
|:---|:---|:---|
| | **Nine-months ended September 30,** | **Nine-months ended September 30,** |
| | **2025** | **2024** |
| | (unaudited) | (unaudited) |
| **Revenue of manufactured products and services rendered:** |  |  |
| Ethanol | 209600 | 195820 |
| Sugar (\*) | 209907 | 291891 |
| Energy (\*) | 27839 | 25028 |
| Peanut | 45094 | 39965 |
| Sunflower | 5035 | 5588 |
| Cotton | 2775 | 3455 |
| Rice | 146494 | 181064 |
| Fluid milk (UHT) | 87983 | 103843 |
| Powder milk (\*) | 34457 | 41039 |
| Other dairy products | 63286 | 56899 |
| Services | 7799 | 8423 |
| Rental income | 1151 | 2543 |
| Others | 33061 | 35974 |
| **Subtotal manufactured products and services rendered** | **874481** | **991532** |
| **Agricultural produce and biological assets:** |  |  |
| Soybean | 59540 | 65032 |
| Corn | 38359 | 42685 |
| Wheat | 9955 | 14299 |
| Rice | 1662 |  |
| Sunflower | 4117 | 2910 |
| Barley | 2010 | 2057 |
| Seeds |  | 3741 |
| Milk | 3487 | 6968 |
| Cattle | 5341 | 4205 |
| Cattle for dairy | 11745 | 9122 |
| Others | 1101 | 2136 |
| **Subtotal agricultural produce and biological assets** | **137317** | **153155** |
| **Total revenue** | **1011798** | **1144687** |

---

(\*) Includes revenue of mwh of energy produced by third parties for an amount of US$1.55 million, tons of power milk for an amount of US$0.3 million and tons of sugar for an amount of US$5.71 million (September 30, 2024: revenue of mwh of energy and tons rice produced by third parties for an amount of US$0.7 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 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.&nbsp;&nbsp;&nbsp;&nbsp;Revenue (continued)**

The notional amount of these contracts is US$132.0 million as of September 30, 2025 (September 30, 2024: US$87.2 million) comprised primarily of 22,649 liters of ethanol (US$13.82 million), 203,826 mwh of energy (US$10.35 million), 143,839 tons of sugar (US$54.50 million), 133,877 tons of soybean (US$45.09 million), 20,002 tons of corn (US$3.59 million), and 21,350 tons of wheat (US$4.25 million) which expire between December 2025 and August 2026.

**5.&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Nine-month ended September 30, 2025 (unaudited)** | **Nine-month ended September 30, 2025 (unaudited)** | **Nine-month ended September 30, 2025 (unaudited)** | **Nine-month ended September 30, 2025 (unaudited)** | **Nine-month ended September 30, 2025 (unaudited)** |
| | **Crops** | **Rice** | **Dairy** | **Sugar, Ethanol and Energy** | **Total** |
| **Finished goods at the beginning of 2025 (Note 18)**  | 40345 | 32623 | 20553 | 94633 | 188154 |
| Cost of production of manufactured products (Note 6)  | 51708 | 143857 | 161054 | 360023 | 716642 |
| Purchases  | 23045 | 3178 | 4401 | 9284 | 39908 |
| Agricultural produce  | 147590 | 43 | 15232 | 8413 | 171278 |
| Transfer to raw material  | (56300) | (9173) |  |  | (65473) |
| Direct agricultural selling expenses  | 15667 |  |  |  | 15667 |
| Tax recoveries (i)  |  |  |  | (33722) | (33722) |
| Changes in net realizable value of agricultural produce after harvest  | 8203 |  |  | (609) | 7594 |
| Loss of idle productive capacity |  |  |  | 17912 | 17912 |
| Finished goods as of September 30, 2025 (Note 18) | (60252) | (22680) | (18431) | (119360) | (220723) |
| Exchange differences  | (3495) | (1395) | (732) | 9803 | 4181 |
| **Cost of revenue for the period** | **166511** | **146453** | **182077** | **346377** | **841418** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Nine-month ended September 30, 2024 (unaudited)** | **Nine-month ended September 30, 2024 (unaudited)** | **Nine-month ended September 30, 2024 (unaudited)** | **Nine-month ended September 30, 2024 (unaudited)** | **Nine-month ended September 30, 2024 (unaudited)** |
| | **Crops** | **Rice** | **Dairy** | **Sugar, Ethanol and Energy** | **Total** |
| **Finished goods at the beginning of 2024** | 33407 | 9306 | 9927 | 126971 | 179611 |
| Cost of production of manufactured products (Note 6)  | 49640 | 189461 | 169715 | 423226 | 832042 |
| Purchases  | 15241 | 1939 | 6624 | 654 | 24458 |
| Agricultural produce  | 194297 |  | 16091 | 6067 | 216455 |
| Transfer to raw material  | (82716) | (4740) |  |  | (87456) |
| Direct agricultural selling expenses  | 21403 |  |  |  | 21403 |
| Tax recoveries (i)  |  |  |  | (34016) | (34016) |
| Changes in net realizable value of agricultural produce after harvest  | (19993) |  |  | 540 | (19453) |
| Finished goods as of September 30, 2024 | (59475) | (30193) | (10804) | (131270) | (231742) |
| Exchange differences  | 17986 | 743 | (5193) | (14028) | (492) |
| **Cost of revenue for the period** | **169790** | **166516** | **186360** | **378144** | **900810** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.&nbsp;&nbsp;&nbsp;&nbsp;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:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine-month ended September 30, 2025 (unaudited)** | **Nine-month ended September 30, 2025 (unaudited)** | **Nine-month ended September 30, 2025 (unaudited)** | **Nine-month ended September 30, 2025 (unaudited)** | **Nine-month ended September 30, 2025 (unaudited)** | **Nine-month ended September 30, 2025 (unaudited)** | **Nine-month ended September 30, 2025 (unaudited)** | **Nine-month ended September 30, 2025 (unaudited)** |
| | **Cost of production of manufactured products (Note 5)** | **Cost of production of manufactured products (Note 5)** | **Cost of production of manufactured products (Note 5)** | **Cost of production of manufactured products (Note 5)** | **Cost of production of manufactured products (Note 5)** | **General and Administrative Expenses** | **Selling Expenses** | **Total** |
| | **Crops** | **Rice** | **Dairy** | **Sugar, Ethanol and Energy** | **Total** | **General and Administrative Expenses** | **Selling Expenses** | **Total** |
| Salaries, social security expenses and employee benefits  | 4198 | 12436 | 11603 | 33959 | **62196** | 34588 | 9853 | **106637** |
| Raw materials and consumables  |  | 1815 | 19493 | 4953 | **26261** |  |  | **26261** |
| Depreciation and amortization  | 478 | 3681 | 3947 | 95959 | **104065** | 18281 | 1129 | **123475** |
| Depreciation of right-of-use assets |  | 37 | 48 | 7956 | **8041** | 11932 | 51 | **20024** |
| Fuel, lubricants and others  | 402 | 1474 | 1181 | 23664 | **26721** | 621 | 207 | **27549** |
| Maintenance and repairs  | 1057 | 3595 | 3662 | 25191 | **33505** | 4526 | 574 | **38605** |
| Freights  | 516 | 6457 | 2644 | 258 | **9875** |  | 49801 | **59676** |
| Export taxes / selling taxes  |  |  |  |  | **—** |  | 25627 | **25627** |
| Export expenses  |  |  |  |  | **—** |  | 9395 | **9395** |
| Contractors and services  | 2041 | 696 | 685 | 8014 | **11436** |  |  | **11436** |
| Energy transmission  |  |  |  |  | **—** |  | 1684 | **1684** |
| Energy power  | 1165 | 2986 | 2539 | 637 | **7327** | 517 | 200 | **8044** |
| Professional fees  | 92 | 92 | 81 | 632 | **897** | 12088 | 502 | **13487** |
| Other taxes  | 28 | 148 | 133 | 6693 | **7002** | 844 | 140 | **7986** |
| Contingencies  |  |  |  |  | **—** | 232 |  | **232** |
| Lease expense and similar arrangements  | 168 | 885 | 127 |  | **1180** | 1421 | 641 | **3242** |
| Third parties raw materials  | 12547 | 19628 | 59169 | 29598 | **120942** |  |  | **120942** |
| Tax recoveries  |  |  |  | (3826) | **(3826)** |  |  | **(3826)** |
| Others  | 1014 | 2391 | 2125 | 7125 | **12655** | 4964 | 11512 | **29131** |
| **Subtotal**  | **23706** | **56321** | **107437** | **240813** | **428277** | **90014** | **111316** | **629607** |
| Own agricultural produce consumed  | 28002 | 87536 | 53617 | 119210 | **288365** |  |  | **288365** |
| **Total**  | **51708** | **143857** | **161054** | **360023** | **716642** | **90014** | **111316** | **917972** |

---

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.&nbsp;&nbsp;&nbsp;&nbsp;Expenses by nature (continued)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine-month ended September 30, 2024 (unaudited)** | **Nine-month ended September 30, 2024 (unaudited)** | **Nine-month ended September 30, 2024 (unaudited)** | **Nine-month ended September 30, 2024 (unaudited)** | **Nine-month ended September 30, 2024 (unaudited)** | **Nine-month ended September 30, 2024 (unaudited)** | **Nine-month ended September 30, 2024 (unaudited)** | **Nine-month ended September 30, 2024 (unaudited)** |
| | **Cost of production of manufactured products (Note 5)** | **Cost of production of manufactured products (Note 5)** | **Cost of production of manufactured products (Note 5)** | **Cost of production of manufactured products (Note 5)** | **Cost of production of manufactured products (Note 5)** | **General and Administrative Expenses** | **Selling Expenses** | **Total** |
| | **Crops** | **Rice** | **Dairy** | **Sugar, Ethanol and Energy** | **Total** | **General and Administrative Expenses** | **Selling Expenses** | **Total** |
| Salaries, social security expenses and employee benefits  | 3941 | 11935 | 10222 | 34870 | **60968** | 27417 | 7670 | **96055** |
| Raw materials and consumables |  | 742 | 19131 | 5132 | **25005** |  |  | **25005** |
| Depreciation and amortization  | 3445 | 3809 | 4042 | 111520 | **122816** | 18172 | 1137 | **142125** |
| Depreciation of right-of-use assets |  | 40 |  | 6607 | **6647** | 13563 | 578 | **20788** |
| Fuel, lubricants and others  | 233 | 1362 | 1298 | 27881 | **30774** | 848 | 342 | **31964** |
| Maintenance and repairs  | 1396 | 3892 | 4156 | 28011 | **37455** | 3656 | 655 | **41766** |
| Freights  | 179 | 10143 | 2576 | 375 | **13273** |  | 53783 | **67056** |
| Export taxes / selling taxes  |  |  |  |  | **—** |  | 26792 | **26792** |
| Export expenses  |  |  |  |  | **—** |  | 11334 | **11334** |
| Contractors and services  | 2316 | 1098 | 376 | 10207 | **13997** |  |  | **13997** |
| Energy transmission  |  |  |  |  | **—** |  | 1769 | **1769** |
| Energy power  | 1015 | 2931 | 2296 | 534 | **6776** | 502 | 166 | **7444** |
| Professional fees  | 67 | 271 | 84 | 864 | **1286** | 8448 | 610 | **10344** |
| Other taxes  | 56 | 367 | 165 | 7729 | **8317** | 577 | 23 | **8917** |
| Contingencies  |  |  |  |  | **—** | 621 |  | **621** |
| Lease expense and similar arrangements  | 182 | 865 | 153 |  | **1200** | 1211 | 525 | **2936** |
| Third parties raw materials  | 4014 | 27278 | 63351 | 35515 | **130158** |  |  | **130158** |
| Tax recoveries  |  |  |  | (4975) | **(4975)** |  |  | **(4975)** |
| Others  | 601 | 2348 | 2276 | 6856 | **12081** | 3943 | 10127 | **26151** |
| **Subtotal**  | **17445** | **67081** | **110126** | **271126** | **465778** | **78958** | **115511** | **660247** |
| Own agricultural produce consumed  | 32195 | 122380 | 59589 | 152100 | **366264** |  |  | **366264** |
| **Total**  | **49640** | **189461** | **169715** | **423226** | **832042** | **78958** | **115511** | **1026511** |

---

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.&nbsp;&nbsp;&nbsp;&nbsp;Salaries and social security expenses**

---

| | | |
|:---|:---|:---|
| | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| | **2025** | **2024** |
| | (unaudited) | (unaudited) |
| Wages and salaries | 120092 | 118508 |
| Social security costs | 30138 | 35502 |
| Equity-settled share-based compensation | 11580 | 5081 |
|  | **161810** | **159091** |

---

**8.&nbsp;&nbsp;&nbsp;&nbsp;Other operating income expense, net**

---

| | | |
|:---|:---|:---|
| | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| | **2025** | **2024** |
| | (unaudited) | (unaudited) |
| Gain from disposals of farmland and other assets (Note 20) |  | 6050 |
| Gain from commodity derivative financial instruments | 2756 | 5757 |
| Gain from disposal of other property items | 1623 | 478 |
| Net gain /(loss) from fair value adjustment of investment property | 3614 | (22484) |
| Impairment of assets destroyed by fire (**\***) |  | (14036) |
| Tax credits recognized (\*\*) | 4132 |  |
| Others | (62) | 7730 |
|  | **12063** | **(16505)** |

---

(\*) In September 2024, a fire in our Peanut facility located in the Province of Cordoba damaged a warehouse cell and inventory stored therein. As a result, the Company recognized an impairment loss of approximately US$12.0 million and US$2.0 million for inventories and property, plant and equipment, respectively. The appraisal of damages is currently being evaluated by insurance experts. The Company has insurance coverage that we estimate will cover all damages caused by the event suffered. Any insurance proceeds will be recognized as other income when received.

(\*\*) 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$1.9 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.&nbsp;&nbsp;&nbsp;&nbsp;Financial results, net** 

---

| | | |
|:---|:---|:---|
| | **Nine-month period ended September 30,** | **Nine-month period ended September 30,** |
| | **2025** | **2024** |
| | (unaudited) | (unaudited) |
| Finance income: |  |  |
| - Interest income | 9238 | 8610 |
| - Foreign exchange gain, net | 12323 |  |
| - Gain from interest rate/foreign exchange rate derivative financial instruments | 2459 |  |
| - Other income | 1016 | 554 |
| **Finance income** | **25036** | **9164** |
| Finance costs: |  |  |
| - Interest expense | (37251) | (28581) |
| - Finance cost related to lease liabilities | (33459) | (29317) |
| - Cash flow hedge – transfer from equity |  | (28224) |
| - Foreign exchange losses, net |  | (5051) |
| - Taxes | (4458) | (5860) |
| - Loss from interest rate/foreign exchange rate derivative financial instruments |  | (871) |
| - Other expenses | (3936) | (8158) |
| **Finance costs** | **(79104)** | **(106062)** |
| Other financial results - Net (loss) of inflation effects on the monetary items | (6029) | (1911) |
| **Total financial results, net** | **(60097)** | **(98809)** |

---

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.&nbsp;&nbsp;&nbsp;&nbsp;Taxation** 

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

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **September 30,<br>2024** |
| | (unaudited) | (unaudited) |
| Current income tax | (4184) | (8013) |
| Deferred income tax | 6186 | 47993 |
| **Income tax benefit** | **2002** | **39980** |

---

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

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **September 30,<br>2024** |
| | (unaudited) | (unaudited) |
| Beginning of period | (314829) | (366554) |
| Exchange differences | 7784 | (165352) |
| Effect of fair value valuation for farmlands | (26127) | 142514 |
| Disposal of farmland (Note 20) |  | 2080 |
| Tax charge relating to cash flow hedge (i) |  | (7973) |
| Others | 3048 | 1574 |
| Income tax benefit | 6186 | 47993 |
| **End of period** | **(323938)** | **(345718)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i)It relates to the amount reclassified of US$28,224 loss from equity to profit and loss for the nine-month period ended September 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:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **September 30,<br>2024** |
| | (unaudited) | (unaudited) |
| Tax calculated at the tax rates applicable to profits in the respective countries | (1104) | (8887) |
| Non-deductible items | (358) | (94) |
| Non-taxable income | 6746 | 10447 |
| Tax losses where no deferred tax asset was recognized | (23) | (27) |
| Previously unrecognized tax losses now recouped to reduce tax expenses <sup>(1)</sup> | 6019 | 9326 |
| Effect of IAS 29 on Argentina's shareholder's equity and deferred income tax. | (11217) | 32134 |
| Others | 1939 | (2919) |
| **Income tax profit** | **2002** | **39980** |

---

(1) 2025 includes 3,453 of adjustment by inflation of tax loss carryforwards in Argentina (8,594 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.&nbsp;&nbsp;&nbsp;&nbsp;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 1<sup>st</sup>, 2024.

The group has not recognized Pillar Two current tax for the period ended September 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.&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net**

Changes in the Group's property, plant and equipment for the nine-month periods ended September 30, 2025 and 2024 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Farmlands** | **Farmland improvements** | **Buildings and facilities** | **Machinery, equipment, furniture and<br>Fittings** | **Bearer plants** | **Others** | **Work in progress** | **Total** |
| **Nine-month period ended September 30 2024** | | | | | | | | |
| Opening net book amount. | 694202 | 11645 | 241156 | 196995 | 375842 | 8914 | 20811 | 1549565 |
| Exchange differences | 403590 | 4612 | 66987 | 8010 | (42780) | 5024 | 2766 | 448209 |
| Additions |  |  | 10510 | 46525 | 108930 | 5200 | 24281 | 195446 |
| Revaluation surplus | (407056) |  |  |  |  |  |  | (407056) |
| Transfers |  |  | 7591 | 5966 |  | 86 | (13643) |  |
| Disposals | (13732) | (8) | (3039) | (2539) |  | (59) |  | (19377) |
| Reclassification to non-income tax credits (\*) |  |  |  | (224) |  |  |  | (224) |
| Depreciation |  | (2905) | (24829) | (60022) | (79236) | (1853) |  | (168845) |
| **Closing net book amount** | **677004** | **13344** | **298376** | **194711** | **362756** | **17312** | **34215** | **1597718** |
| **At September 30, 2024 (**unaudited) |  |  |  |  |  |  |  |  |
| Cost | 677004 | 48030 | 610026 | 1138156 | 1032317 | 43882 | 34215 | 3583630 |
| Accumulated depreciation |  | (34686) | (311650) | (943445) | (669561) | (26570) |  | (1985912) |
| Net book amount | **677004** | **13344** | **298376** | **194711** | **362756** | **17312** | **34215** | **1597718** |
| **Nine-month period ended September 30 2025** |  |  |  |  |  |  |  |  |
| Opening net book amount | 683133 | 9020 | 303755 | 181115 | 327570 | 17068 | 26928 | 1548589 |
| Exchange differences | (40300) | (824) | (9292) | 20869 | 56054 | (1052) | 941 | 26396 |
| Additions |  |  | 5356 | 28585 | 102887 | 2511 | 40811 | 180150 |
| Revaluation surplus | 74572 |  |  |  |  |  |  | 74572 |
| Transfers | (2345) |  | 16861 | 4019 |  | (229) | (18306) |  |
| Disposals |  |  | (921) | (2664) |  | (24) |  | (3609) |
| Reclassification to non-income tax credits (\*) |  |  |  | (265) |  |  |  | (265) |
| Depreciation |  | (2688) | (19944) | (44962) | (74834) | (1804) |  | (144232) |
| **Closing net book amount** | **715060** | **5508** | **295815** | **186697** | **411677** | **16470** | **50374** | **1681601** |
| **At September 30, 2025 (**unaudited) |  |  |  |  |  |  |  |  |
| Cost | 715060 | 43914 | 634912 | 1195983 | 1180807 | 45688 | 50374 | 3866738 |
| Accumulated depreciation | **—** | (38406) | (339097) | (1009286) | (769130) | (29218) |  | (2185137) |
| Net book amount | **715060** | **5508** | **295815** | **186697** | **411677** | **16470** | **50374** | **1681601** |

---

(\*) Brazilian federal tax law allows entities to take a percentage of the total cost of the assets purchased as a tax credit. As of September 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.&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net (continued)**

The Group determined the valuation of farmlands (US$715 million as of September 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 September 30, 2025 would have reduced the value of the farmlands by US$71.5 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 nine-month periods ended September 30, 2025 and 2024.

As of September 30, 2025, borrowing costs of US$3,112 (September 30, 2024: US$3,782) 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$205.1 million as of September 30, 2025 (September 30, 2024: US$218.0 million). As of September 30, 2025, all borrowings that had assets as guaranty were canceled. We are in the process of lifting the pledges.

**12.&nbsp;&nbsp;&nbsp;&nbsp;Right of use assets**

Changes in the Group's right of use assets for the nine-month periods ended September 30, 2025 and 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Agricultural partnership (\*)** | **Others** | **Total** |
| | (unaudited) | (unaudited) | (unaudited) |
| **As of September 30, 2024** |  |  |  |
| Opening net book amount | 384848 | 21865 | 406713 |
| Exchange differences | (29488) | 1357 | (28131) |
| Additions and re-measurement | 63038 | 9882 | 72920 |
| Depreciation | (56597) | (7530) | (64127) |
| **Closing net book amount** | **361801** | **25574** | **387375** |
| **As of September 30, 2025** |  |  |  |
| Opening net book amount | 352678 | 21168 | 373846 |
| Exchange differences | 47075 | 5117 | 52192 |
| Additions and re-measurement | 23290 | 10390 | 33680 |
| Depreciation | (50257) | (8590) | (58847) |
| **Closing net book amount** | **372786** | **28085** | **400871** |

---

**(\*)** 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.&nbsp;&nbsp;&nbsp;&nbsp;Investment property**

Changes in the Group's investment property for the nine-month periods ended September 30, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **September 30,<br>2024** |
| | (unaudited) | (unaudited) |
| **Beginning of period** | 33542 | 33364 |
| Gain / (loss) from fair value adjustment (Note 8) | 3614 | (22484) |
| Exchange differences | (2948) | 22662 |
| **End of period** | **34208** | **33542** |
| Fair value | 34208 | 33542 |
| Net book amount | **34208** | **33542** |

---

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 September 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.&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net**

Changes in the Group's intangible assets in the nine-month periods ended September 30, 2025 and 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Goodwill** | **Software** | **Trademarks** | **Others** | **Total** |
| **As of September 30, 2024** | | | | | |
| Opening net book amount | 14309 | 6042 | 6431 | 737 | 27519 |
| Exchange differences | 6154 | 2135 | 3246 | (80) | 11455 |
| Additions |  | 1019 |  |  | 1019 |
| Amortization charge (i) |  | (1387) | (377) | (5) | (1769) |
| **Closing net book amount** | **20463** | **7809** | **9300** | **652** | **38224** |
| **At September 30, 2024** (unaudited) |  |  |  |  |  |
| Cost | 20463 | 20062 | 12740 | 1264 | 54529 |
| Accumulated amortization |  | (12253) | (3440) | (612) | (16305) |
| **Net book amount** | **20463** | **7809** | **9300** | **652** | **38224** |
| **As of September 30, 2025** |  |  |  |  |  |
| Opening net book amount | 20242 | 7162 | 9256 | 571 | 37231 |
| Exchange differences | (890) | (125) | (637) | 80 | (1572) |
| Additions |  | 1244 |  |  | 1244 |
| Amortization charge (i) |  | (1126) | (350) | (4) | (1480) |
| **Closing net book amount** | **19352** | **7155** | **8269** | **647** | **35423** |
| **At September 30, 2025** (unaudited) |  |  |  |  |  |
| Cost | 19352 | 20947 | 12189 | 1265 | 53753 |
| Accumulated amortization |  | (13792) | (3920) | (618) | (18330) |
| **Net book amount** | **19352** | **7155** | **8269** | **647** | **35423** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i) Amortization charges are included in "General and administrative expenses" and "Selling expenses" for the period ended September 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 (See note 30).

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.&nbsp;&nbsp;&nbsp;&nbsp;Biological assets**

Changes in the Group's biological assets in the nine-month periods ended September 30, 2025 and 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025 (unaudited)** | **September 30, 2025 (unaudited)** | **September 30, 2025 (unaudited)** | **September 30, 2025 (unaudited)** | **September 30, 2025 (unaudited)** |
| | **Crops (i)** | **Rice (i)** | **Dairy (ii)** | **Sugarcane (i)** | **Total** |
| **Beginning of year**  | **79363** | **102098** | **42864** | **69620** | **293945** |
| Increase due to purchases | 2507 | 962 |  |  | **3469** |
| Initial recognition and changes in fair value of biological assets  | (6277) | 14577 | 19563 | 49616 | **77479** |
| Decrease due to harvest / disposals  | (147851) | (125069) | (69741) | (132180) | **(474841)** |
| Costs incurred during the period | 118416 | 62951 | 52575 | 107660 | **341602** |
| Exchange differences  | (6997) | (8488) | (3768) | 12306 | **(6947)** |
| **End of period** | **39161** | **47031** | **41493** | **107022** | **234707** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2024 (unaudited)** | **September 30, 2024 (unaudited)** | **September 30, 2024 (unaudited)** | **September 30, 2024 (unaudited)** | **September 30, 2024 (unaudited)** |
| | **Crops (i)** | **Rice (i)** | **Dairy (ii)** | **Sugarcane (i)** | **Total** |
| **Beginning of year**  | **55545** | **32843** | **23191** | **116458** | **228037** |
| Increase due to purchases | 802 | 643 |  |  | **1445** |
| Initial recognition and changes in fair value of biological assets  | 33184 | 39114 | 7473 | 41531 | **121302** |
| Decrease due to harvest / disposals  | (194622) | (148827) | (77560) | (163719) | **(584728)** |
| Costs incurred during the period | 118324 | 104617 | 73334 | 104695 | **400970** |
| Exchange differences  | 36060 | 20087 | 15755 | (13818) | **58084** |
| **End of period** | **49293** | **48477** | **42193** | **85147** | **225110** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.&nbsp;&nbsp;&nbsp;&nbsp;Biological assets (continued)**

Cost of production for the nine-month period ended September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| | **Crops** | **Rice** | **Dairy** | **Sugar, Ethanol and Energy** | **Total** |
| Salaries, social security expenses and employee benefits  | 3687 | 11180 | 8588 | 11981 | **35436** |
| Depreciation and amortization  |  |  |  | 2848 | **2848** |
| Depreciation of right-of-use assets |  |  |  | 28794 | **28794** |
| Fertilizers, agrochemicals and seeds  | 27008 | 5645 | 3902 | 39107 | **75662** |
| Fuel, lubricants and others  | 481 | 1437 | 1072 | 5106 | **8096** |
| Maintenance and repairs  | 970 | 10955 | 3912 | 4075 | **19912** |
| Freights  | 3986 | 1438 | 106 |  | **5530** |
| Contractors and services  | 34982 | 23271 |  | 9876 | **68129** |
| Feeding expenses  | 339 | 127 | 16966 |  | **17432** |
| Veterinary expenses  | 182 | 50 | 2854 |  | **3086** |
| Energy power  | 44 | 2959 | 1249 |  | **4252** |
| Professional fees  | 165 | 221 | 505 | 448 | **1339** |
| Other taxes  | 522 | 81 | 167 | 34 | **804** |
| Lease expense and similar arrangements  | 44580 | 4016 |  | 3731 | **52327** |
| Others  | 824 | 1546 | 512 | 1660 | **4542** |
| **Subtotal**  | **117770** | **62926** | **39833** | **107660** | **328189** |
| Own agricultural produce consumed  | 646 | 25 | 12742 |  | **13413** |
| **Total**  | **118416** | **62951** | **52575** | **107660** | **341602** |

---

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.&nbsp;&nbsp;&nbsp;&nbsp;Biological assets (continued)**

Cost of production for the nine-month period ended September 30, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
| | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| | **Crops** | **Rice** | **Dairy** | **Sugar, Ethanol and Energy** | **Total** |
| Salaries, social security expenses and employee benefits  | 4397 | 11081 | 10307 | 10224 | **36009** |
| Depreciation and amortization  |  |  |  | 3585 | **3585** |
| Depreciation of right-of-use assets |  |  |  | 36796 | **36796** |
| Fertilizers, agrochemicals and seeds  | 46406 | 27006 | 49 | 33367 | **106828** |
| Fuel, lubricants and others  | 759 | 1623 | 1244 | 3163 | **6789** |
| Maintenance and repairs  | 1834 | 14383 | 3812 | 3112 | **23141** |
| Freights  | 5341 | 1747 | 149 |  | **7237** |
| Contractors and services  | 11411 | 37916 |  | 7876 | **57203** |
| Feeding expenses  | 254 | 117 | 35866 |  | **36237** |
| Veterinary expenses  | 214 | 56 | 4020 |  | **4290** |
| Energy power  | 50 | 3020 | 1607 |  | **4677** |
| Professional fees  | 646 | 276 | 140 | 252 | **1314** |
| Other taxes  | 714 | 82 | 211 | 33 | **1040** |
| Lease expense and similar arrangements  | 45094 | 5153 | 2 |  | **50249** |
| Others  | 736 | 2088 | 675 | 6287 | **9786** |
| **Subtotal**  | **117856** | **104548** | **58082** | **104695** | **385181** |
| Own agricultural produce consumed  | **468** | **69** | **15252** | **—** | **15789** |
| **Total**  | **118324** | **104617** | **73334** | **104695** | **400970** |

---

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

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31, 2024** |
| | (unaudited) | |
| **Non-current** |  |  |
| Cattle for dairy production  | 40806 | 42449 |
| Breeding cattle  | 207 | 607 |
| Other cattle  | 318 | 362 |
|  | **41331** | **43418** |
| **Current** |  |  |
| Breeding cattle  | 13626 | 11433 |
| Other cattle  | 687 | 415 |
| Sown land – crops  | 28487 | 69339 |
| Sown land – rice  | 43554 | 99720 |
| Sown land – sugarcane  | 107022 | 69620 |
|  | **193376** | **250527** |
| **Total biological assets**  | **234707** | **293945** |

---

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.&nbsp;&nbsp;&nbsp;&nbsp;Financial instruments**

As of September 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 September 30, 2025 and their allocation to the fair value hierarchy:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** |
| | **Level 1** | **Level 2** | **Total** |
| **Assets** |  |  |  |
| Derivative financial instruments  | 1052 | 13990 | 15042 |
| Short-term investment <sup>(1)</sup> | 25464 |  | 25464 |
| **Total assets**  | **26516** | **13990** | **40506** |
| **Liabilities** |  |  |  |
| Derivative financial instruments  | (495) | (4582) | (5077) |
| **Total liabilities**  | **(495)** | **(4582)** | **(5077)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) It includes US$1,442 of BOPREAL (*Bonos para la Reconstrucción de una Argentina Libre*), US$8,522 LELINK (*Letras Dollar Linked*), US$4,575 BONCAP (*Bono Capitalizable en Pesos*) and US$6,236 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.&nbsp;&nbsp;&nbsp;&nbsp;Financial instruments (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **Pricing Method** | **Parameters** | **Pricing Model** | **Level** | **Total** |
| Futures | Quoted price | - | - | 1 | 855 |
| OTC | Quoted price | - | - | 1 | (232) |
| NDF | Quoted price | Foreign-exchange curve | Present value method | 1 | (66) |
| Interest-rate swaps | Theoretical price | Money market interest-rate curve. | Present value method | 2 | 9408 |
| Public securities | Quoted price | - | - | 1 | 25464 |

---

**17.&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables, net**

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| | (unaudited) | |
| **Non-current** |  |  |
| Advances to suppliers | 4511 | 3316 |
| Income tax credits | 8390 | 4639 |
| Non-income tax credits (i) | 39995 | 26240 |
| Judicial deposits | 2180 | 1816 |
| Other receivables (ii) | 1892 | 2499 |
| **Non-current portion** | **56968** | **38510** |
| **Current** |  |  |
| Trade receivables | 106771 | 87645 |
| Less: Allowance for trade receivables | (1389) | (1114) |
| **Trade receivables – net** | **105382** | **86531** |
| Prepaid expenses | 19928 | 18038 |
| Advance to suppliers | 46470 | 35996 |
| Income tax credits | 8237 | 5680 |
| Non-income tax credits (i) | 62236 | 53522 |
| Receivable from disposal of subsidiary |  | 2900 |
| Receivables from related parties (Note 28) | 16773 |  |
| Advance payments for acquisition of joint venture (ii) | 120000 |  |
| Other receivables | 10059 | 10689 |
| **Subtotal** | **283703** | **126825** |
| **Current portion** | **389085** | **213356** |
| **Total trade and other receivables, net** | **446053** | **251866** |

---

(i) Includes US$224 for the nine-month period ended September 30, 2025 reclassified from property, plant and equipment (for the year ended December 31, 2024: US$307).

(ii) 2025 includes US$96 million of advance payment for the acquisition of Profertil (See Note 31).

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.&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables, net (continued)**

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

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| | (unaudited) | |
| **Currency** |  |  |
| US Dollar | 202573 | 84477 |
| Argentine Peso | 94935 | 70837 |
| Uruguayan Peso | 2385 | 2478 |
| Brazilian Reais | 146160 | 94074 |
|  | **446053** | **251866** |

---

As of September 30, 2025 trade receivables of US$71,714 (December 31, 2024: US$29,123) were past due but not impaired. The ageing analysis of these receivables indicates that US$1,114 and US$289 are over 6 months in September 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.&nbsp;&nbsp;&nbsp;&nbsp;Inventories**

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| | (unaudited) | |
| Raw materials | 186,563 | 101,510 |
| Finished goods (Note 5) | 220,723 | 188,154 |
| | **407,286** | **289,664** |

---

**19.&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents**

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| | (unaudited) | |
| Cash at bank and on hand | 56,635 | 137,294 |
| Short-term bank deposits | 283,363 | 73,950 |
| | **339,998** | **211,244** |

---

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)

**20.&nbsp;&nbsp;&nbsp;&nbsp;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 nine-month period ended September 30, 2024. Also, an amount of US$6.9 million was reclassified to retained earnings out of the revaluation surplus reserve.

**21.&nbsp;&nbsp;&nbsp;&nbsp;Shareholder's contribution**

---

| | | |
|:---|:---|:---|
| | **Number of shares (thousands)** | **Share capital and share premium** |
| **At January 1, 2024** | **111382** | **910883** |
| Employee share options exercised (Note 22) |  | 115 |
| Restricted shares vested |  | 7540 |
| Purchase of own shares |  | (49626) |
| Dividends to shareholders | **—** | (35000) |
| **At September 30, 2024 (unaudited)** | **111382** | **833912** |
| **At January 1, 2025** | **111382** | **826472** |
| Reduction of issued share capital of the Company | (6000) | (9000) |
| Employee share options exercised (Note 22) |  | 52 |
| Restricted share vested |  | 20311 |
| Purchase of own shares |  | (8623) |
| Dividends to shareholders |  | (35000) |
| **At September 30, 2025 (unaudited)** | **105382** | **794212** |

---

**Decision of the Extraordinary General Shareholders' meetings**

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.

On October 29, 2025 the extraordinary general meeting of the shareholders of the Company resolved to amend, renew and increase the authorized share capital of the Company to USD 3,000,000,000, including the issued share capital, represented by 2,000,000,000 shares, each with a nominal value of USD 1.5.

The issued share capital as of November 7, 2025 is $158,072,718 .

**Share Repurchase Program**

On July 11, 2024, the Group's share repurchase program was renewed to purchase up to five percent (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 September 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

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.&nbsp;&nbsp;&nbsp;&nbsp;Shareholder's contribution (continued)**

stock plan and 11 million shares were reduced from capital. During the nine-month periods ended September 30, 2025 and 2024 the Company repurchased shares for an amount of 1,057,858 and 5,768,614 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 19, 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.

**Net assets**

The carrying amount of the net assets of the Company as of September 30, 2025 was USD 1.44 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 September 30, 2025.

**22.&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)Option Schemes**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(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 Investment S.A. de C.V. 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 September 30, 2025, the Group recognized compensation expense of US$14.9 million related to the restricted shares granted under the Restricted Share Plan (September 30, 2024: US$4.6 million). For the nine-month period ended September 30, 2025, 1,086,913 Restricted Shares were granted (September 30, 2024: 603,799), 2,406,118 were vested (September 30, 2024: 970,511), and 1,541 Restricted shares were forfeited (September 30, 2024: 18,280).

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.&nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables**

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| | (unaudited) | |
| **Non-current** |  |  |
| Trade payables | 262 | 384 |
| Other payables | 728 | 383 |
|  | **990** | **767** |
| **Current** |  |  |
| Trade payables | 169036 | 173157 |
| Advances from customers | 9162 | 22609 |
| Amounts due to related parties (Note 28) | 682 |  |
| Taxes payable | 10117 | 9499 |
| Dividends payables | 18026 | 703 |
| Other payables | 3042 | 939 |
|  | **210065** | **206907** |
| **Total trade and other payables** | **211055** | **207674** |

---

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.&nbsp;&nbsp;&nbsp;&nbsp;Borrowings**

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| | (unaudited) | |
| **Non-current** |  |  |
| Senior Notes (\*) | 760136 | 414638 |
| Bank borrowings (\*) | 294056 | 265367 |
|  | **1054192** | **680005** |
| **Current** |  |  |
| Senior Notes (\*) | 6751 | 6858 |
| Bank borrowings (\*) | 176028 | 92693 |
|  | **182779** | **99551** |
| **Total borrowings** | **1236971** | **779556** |

---

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

As of September 30, 2025, total bank borrowings include collateralized liabilities of US$78,413 (December 31, 2024: US$70,000). These loans were mainly collateralized by sugarcane plantations and sugar export contracts.

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.&nbsp;&nbsp;&nbsp;&nbsp;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.&nbsp;&nbsp;&nbsp;&nbsp;Borrowings (continued)**

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

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| | (unaudited) | |
| **Fixed rate:** |  |  |
| Less than 1 year  | 151252 | 69178 |
| Between 1 and 2 years  | 287574 | 55952 |
| Between 2 and 3 years  | 6814 | 414994 |
| Between 3 and 4 years  | 991 | 356 |
| Between 4 and 5 years  | 1435 | 356 |
| More than 5 years  | 547230 | 35936 |
|  | **995296** | **576772** |
| **Variable rate:** |  |  |
| Less than 1 year  | 31527 | 30373 |
| Between 1 and 2 years  | 121113 | 83142 |
| Between 2 and 3 years  | 51525 | 46593 |
| Between 3 and 4 years  |  | 2932 |
| Between 4 and 5 years  |  | 441 |
| More than 5 years  | 37510 | 39303 |
|  | **241675** | **202784** |
|  | **1236971** | **779556** |

---

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 2027 and 2032 equal US$263.6 million and US$489.0 million, respectively, representing 99.58% and 97.80% 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.&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities**

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| | (unaudited) | |
| Non-current | 317,869 | 287,679 |
| Current | 50,206 | 54,351 |
| | **368,075** | **342,030** |

---

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

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| | (unaudited) | |
| Less than 1 year | 50206 | 54351 |
| Between 1 and 2 years | 54117 | 65697 |
| Between 2 and 3 years | 51307 | 51325 |
| Between 3 and 4 years | 41233 | 43571 |
| Between 4 and 5 years | 34466 | 35764 |
| More than 5 years | 136746 | 91322 |
|  | **368075** | **342030** |

---

**26.&nbsp;&nbsp;&nbsp;&nbsp;Payroll and social security liabilities**

---

| | | |
|:---|:---|:---|
| | **September 30,<br>2025** | **December 31,<br>2024** |
| | (unaudited) | |
| **Non-current** |  |  |
| Social security payable | 560 | 1454 |
|  | **560** | **1454** |
| **Current** |  |  |
| Salaries payable | 12136 | 4077 |
| Social security payable | 4891 | 4821 |
| Provision for vacations | 14395 | 13314 |
| Provision for bonuses | 6160 | 10523 |
|  | **37582** | **32735** |
| **Total payroll and social security liabilities** | **38142** | **34189** |

---

**27.&nbsp;&nbsp;&nbsp;&nbsp;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

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**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.&nbsp;&nbsp;&nbsp;&nbsp;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** | **Income / (expense) included in the statement of income** | **Balance receivable / (payable)** | **Balance receivable / (payable)** |
| **Related party** | **Relationship** | **Description of transaction** | **September 30,<br>2025** | **September 30,<br>2024** | **September 30,<br>2025** | **December 31,<br>2024** |
|  |  |  | (unaudited) | (unaudited) | (unaudited) |  |
| Directors and senior management | Employment | Compensation selected employees | (385) | (5698) | (11410) | (17409) |
| Directors and senior management | Consultant | Payables | (193) |  |  |  |
| Directors and senior management | Employment | Receivables | 268 |  | 16773 |  |
| Rio Porá S.A. | Affiliate | Payables |  |  | (682) |  |
| Rio Porá S.A. | Affiliate | Leases | (687) |  |  |  |
| Rio Porá S.A. | Affiliate |  |  |  |  |  |

---

**29.&nbsp;&nbsp;&nbsp;&nbsp;Basis of preparation and presentation** 

The information presented in the accompanying condensed consolidated interim financial statements ("interim financial statements") as of September 30, 2025 and for the nine-month and three-month periods ended September 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 September 30, 2025, results of operations for the nine-month and three-month periods ended September 30, 2025 and 2024 and cash flows for the nine-month periods ended September 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

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**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.&nbsp;&nbsp;&nbsp;&nbsp;Critical accounting estimates and judgments**

The Group's critical accounting policies are also consistent with those of the annual financial statements for the year ended December 31, 2024 described in Note 32.

***Impairment of non-financial assets***

At the date of each statement of financial position, the Group reviews the carrying amounts of its property, plant and equipment and finite lived intangible assets to determine whether there is any indication that those assets could have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where the asset does not generate cash flows that are independently, assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The Group's property, plant and equipment items generally do not generate independent cash flows.

In the case of goodwill, any goodwill acquired is allocated to the cash-generating unit ('CGU') expected to benefit from the business combination. CGU to which goodwill is allocated is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying amount of the CGU may be impaired. The carrying amount of the CGU is compared to its recoverable amount, which is the higher of fair value less costs to sell and the value in use. An impairment loss is recognized for the amount by which the carrying amount exceeds its recoverable amount. The impairment review requires management to undertake certain significant judgments, including estimating the recoverable value of the CGU to which goodwill is allocated, based on either fair value less costs-to-sell or the value-in-use, as appropriate, in order to reach a conclusion on whether it deems the goodwill is impaired or not.

For purposes of the impairment testing, each CGU represents the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or group of assets.

Each farmland in Argentina represents one CGU (see Note 3). For its properties in Brazil, management identified a farmland together with its related mill as separate CGUs. Most of the farmlands in Argentina are treated as single CGUs.

Based on these criteria, management identified a total amount of 29 CGUs as of September 30, 2025 and 29 CGUs as of September 30, 2024.

As of September 30, 2025 and 2024, due to the fact that there were no impairment indicators, the Group only tested those CGUs with allocated goodwill in Argentina and Brazil.

***CGUs tested based on a fair-value-less-costs-to-sell model at September 30, 2025 and 2024***: &nbsp;&nbsp;&nbsp;&nbsp;

As of September 30, 2025, the Group identified 6 CGUs in Argentina (2024: 6 CGUs) to be tested based on this model (all CGUs with allocated goodwill). Estimating the fair value less costs-to-sell is based on the best information available, and refers to the amount at which the CGU could be bought or sold in a current transaction between willing parties. Management may be assisted by the work of external advisors. When using this model, the Group applies the "sales comparison approach" as its method of valuing most properties, which relies on results of sales of similar agricultural properties to estimate the value of the CGU. This approach is based on the theory that the fair value of a property is directly related to the selling prices of similar properties.

Fair values are determined by extensive analysis which includes current and potential soil productivity of the land (the ability to produce crops and maintain livestock) projected margins derived from soil use, rental value obtained for soil use, if applicable, and other factors such as climate and location. Farmland ratings are established by considering such factors as soil texture and quality, yields, topography, drainage and rain levels. Farmland may contain farm outbuildings. A farm outbuilding is any improvement or structure that is used for farming operations. Outbuildings are valued based on their size, age and design.

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

F- 44

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**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.&nbsp;&nbsp;&nbsp;&nbsp;Critical accounting estimates and judgments (continued)**

Based on the factors described above, each farm property is assigned different soil classifications for the purposes of establishing a value, Soil classifications quantify the factors that contribute to the agricultural capability of the soil. Soil classifications range from the most productive to the least productive.

The first step to establishing an assessment for a farm property is a sales investigation that identifies the valid farm sales in the area where the farm is located. A price per hectare is assigned for each soil class within each farm property. This price per hectare is determined based on the quantitative and qualitative analysis mainly described above.

The results are then tested against actual sales, if any, and current market conditions to ensure the values produced are accurate, consistent and fair.

The following table shows only the 6 CGUs (2024: 6 CGUs) where goodwill was allocated at each period end and the corresponding amount of goodwill allocated to each one:

---

| | | |
|:---|:---|:---|
| **CGU / Operating segment / Country** | **September 30, 2025** | **September 30, 2024** |
| La Carolina / Crops / Argentina | 291 | 314 |
| El Orden / Crops / Argentina | 279 | 301 |
| La Guarida / Crops / Argentina | 2708 | 2923 |
| Los Guayacanes / Crops / Argentina | 3310 | 3573 |
| Doña Marina / Rice / Argentina | 5763 | 6220 |
| El Colorado / Crops / Argentina | 2895 | 3124 |
| **Closing net book value of goodwill allocated to CGUs tested (Note 14)** | **15246** | **16455** |
| Closing net book value of PPE items and other assets allocated to CGUs tested | 163096 | 159918 |
| **Total assets allocated to CGUs tested** | **178342** | **176373** |

---

Based on the testing above, the Group determined that none of the CGUs, with allocated goodwill, were impaired at September 30, 2025 and 2024.

***CGUs tested based on a value-in-use model at September 30, 2025 and 2024:***

As of September 30, 2025, the Group identified 2 CGUs (2024: 2 CGUs) in Brazil to be tested based on this model (all CGUs with allocated goodwill). The determination of the value-in-use calculation required the use of significant estimates and assumptions related to management's cash flow projections In performing the value-in-use calculation, the Group applied pre-tax rates to discount the future pre-tax cash flows. In each case, these key assumptions have been made by management reflecting past experience and are consistent with relevant external sources of information, such as appropriate market data. In calculating value-in-use, management may be assisted by the work of external advisors.

The key assumptions used by management in the value-in-use calculations which are considered to be most sensitive to the calculation are:

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

F- 45

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**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.&nbsp;&nbsp;&nbsp;&nbsp;Critical accounting estimates and judgments (continued)**

---

| | | |
|:---|:---|:---|
| **Key Assumptions** | **September 30, 2025** | **September 30, 2024** |
| Financial projections | Covers 5 years for UMA (\*) | Covers 5 years for UMA (\*) |
|  | Covers 5 years for AVI (\*\*) | Covers 5 years for AVI (\*\*) |
| Yield average growth rates | 0-2% | 0-2% |
| Future pricing increases | 2.15% per annum | 0.80% per annum |
| Future cost decrease | 0.79% per annum | 0.63% per annum |
| Discount rates | 4.0% | 5.0% |
| Perpetuity growth rate | 0.5% | 1.0% |

---

(\*) UMA stands for Usina Monte Alegre LTDA.

(\*\*) AVI stands for Adecoagro Vale Do Ivinhema S.A.

Discount rates are based on the risk-free rate for U. S. government bonds, adjusted for a risk premium to reflect the increased risk of investing in South America and Brazil in particular. The risk premium adjustment is assessed for factors specific to the respective CGUs and reflects the countries that the CGUs operate in.

The following table shows only the 2 CGUs where goodwill was allocated at each period end and the corresponding amount of goodwill allocated to each one:

---

| | | |
|:---|:---|:---|
| **CGU/ Operating segment** | **September 30, 2025** | **September 30, 2024** |
| AVI / Sugar, Ethanol and Energy | 2986 | 2915 |
| UMA / Sugar, Ethanol and Energy | 1120 | 1093 |
| **Closing net book value of goodwill allocated to CGUs tested (Note 14)** | **4106** | **4008** |
| **Closing net book value of PPE items allocated to CGUs tested** | **663211** | **599509** |
| **Total assets allocated to 2 CGUs tested** | **667317** | **603517** |

---

Based on the testing above, the Group determined that none of the CGUs, with allocated goodwill, were impaired at September 30, 2025 and 2024.

Management views these assumptions are conservative and does not believe that any reasonable change in the assumptions would cause the carrying value of these CGU's to exceed the recoverable amount.

**31. &nbsp;&nbsp;&nbsp;&nbsp;Recent developments**

**Acquisition by Tether Investment S.A. de C.V. of more than 70% of our common shares**

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 August 28, 2025, Tether owns 74,751,482 common shares of the Company, representing approximately 74.7% of the outstanding common shares of the Company.

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

F- 46

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**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)

**31. &nbsp;&nbsp;&nbsp;&nbsp;Recent developments (continued)**

**The Company to acquire Urea Producer**

The Company has entered into an agreement to acquire Nutrien Ltd.'s 50% equity interest in Profertil S.A., the leading producer of granular urea in South America. The remaining 50% stake in Profertil is held by YPF S.A., Argentina's largest oil and gas producer.

Under the terms of the Profertil shareholders' agreement, YPF S.A. holds a 90-day right of first refusal to acquire Nutrien's equity interest under the same terms and conditions.

The total purchase price for Nutrien's shares in Profertil is expected to be approximately USD 600 million.

On the execution date of the agreement, an initial down payment of USD 120 million was made through affiliated companies and subsequently contributed to Avaldi S.A. as capital, in accordance with its ownership structure. Consequently, the Company contributed USD 96 million, while ACA contributed USD 24 million.

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

F- 47