# EDGAR Filing Document

**Accession Number:** 0001499505
**File Stem:** 0001499505-25-000032
**Filing Date:** 2025-8
**Character Count:** 275790
**Document Hash:** 0141fe12abfc01fe68d97c512329b765
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001499505-25-000032.hdr.sgml**: 20250818

**ACCESSION NUMBER**: 0001499505-25-000032

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250818

**DATE AS OF CHANGE**: 20250818

**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
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35052
- **FILM NUMBER:** 251227992

**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

    

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

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

For the month of August 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 

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

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| **ITEM** | |
| 99.1 | Press release dated August 18, 2025 related to the registrant's results of operations for the six-month period ended June 30, 2025. |
| 99.2 | Unaudited condensed consolidated interim financial statements of the registrant as of and for the six-month period ended June 30, 2025. |

---

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

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**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: August 18, 2025

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

## Exhibit 99.1

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| ![coverpage.jpg](coverpage.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;![coverpageer.jpg](coverpageer.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;![coverpageer.jpg](coverpageer.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;![coverpageer.jpg](coverpageer.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;![coverpageer.jpg](coverpageer.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;![coverpageer.jpg](coverpageer.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;![coverpageer.jpg](coverpageer.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;![coverpageer.jpg](coverpageer.jpg) |
|  | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** |
|  | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** |
|  | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** |
| **2Q25 Earning Release Conference Call** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** |
|  | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** | **Adjusted EBITDA reached $55.4 million in 2Q25. Leveraging on our production and commercial flexibility to mitigate lower global prices across our businesses.** |
| **English Conference Call** | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. |
| August 19, 2025 | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. |
| 10 a.m. (US EST) | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. |
| 11 a.m. (Buenos Aires/Sao Paulo time) | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. | Luxembourg, August 18, 2025 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2025. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 24 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. |
| 4 p.m. (Luxembourg) |  |  |  |  |  |  |  |
|  | **Consolidated Financial Performance - Highlights** | **Consolidated Financial Performance - Highlights** | **Consolidated Financial Performance - Highlights** | **Consolidated Financial Performance - Highlights** | **Consolidated Financial Performance - Highlights** |  |  |
| Zoom ID: 882 7158 1502 | ***$ thousands*** | **2Q25** | **2Q24** | **Chg %** | **6M25** | **6M24** | **Chg %** |
| Passcode: 930207 | Gross Sales <sup>(1)</sup> | 391977 | 397547 | (1.4)% | 715633 | 651346 | 9.9% |
|  | Adjusted EBITDA <sup>(2)</sup> | 55367 | 139995 | (60.5)% | 91313 | 230111 | (60.3)% |
| **Investor Relations** | *Adjusted EBITDA Margin* <sup>(2)</sup> | *14%* | *36%* | *(60.0)%* | *13%* | *36%* | *(63.9)%* |
| Emilio Gnecco | Adjusted Net Income <sup>(2)</sup> | (14019) | 105454 | (113.3)% | (27498) | 128759 | (121.4)% |
| CFO | *Adjusted Net Income per Share* | *(0.14)* | *1.03* | *(113.6)%* | *(0.27)* | *1.26* | *(121.9)%* |
| Victoria Cabello | Distribution to Shareholders <sup>(3)</sup> | 17500 | 37863 | (53.8)% | 27710 | 59195 | (53.2)% |
| IR Officer | Expansion Capex | 23253 | 16778 | 38.6% | 53381 | 45455 | 17.4% |
|  | Net Debt <sup>(2)</sup> | 699235 | 631744 | 10.7% | 699235 | 631744 | 10.7% |
|  | *Net Debt*<sup>(2)</sup> */ LTM Adj EBITDA (x)* | *2.3x* | *1.3x* | *74.4%* | *2.3x* | *1.3x* | *74.4%* |
| **Email** | **Breakdown by Operating Segment - Adjusted EBITDA** | **Breakdown by Operating Segment - Adjusted EBITDA** | **Breakdown by Operating Segment - Adjusted EBITDA** | **Breakdown by Operating Segment - Adjusted EBITDA** | **Breakdown by Operating Segment - Adjusted EBITDA** | **Breakdown by Operating Segment - Adjusted EBITDA** | **Breakdown by Operating Segment - Adjusted EBITDA** |
| ir@adecoagro.com | ***$ thousands*** | **2Q25** | **2Q24** | **Chg %** | **6M25** | **6M24** | **Chg %** |
|  | Sugar, Ethanol & Energy | 68100 | 106886 | (36.3)% | 97951 | 158741 | (38.3)% |
|  | Crops | (11425) | 15481<sup>(\*)</sup> | (173.8)% | (11341) | 20263<sup>(\*)</sup> | (156.0)% |
|  | Rice | 2913 | 11184 | (74.0)% | 12636 | 43969 | (71.3)% |
|  | Dairy | 9593 | 11127 | (13.8)% | 16433 | 17574 | (6.5)% |
| **Website:** | Corporate Expenses | (13814)<sup>(\*\*)</sup> | (4683) | 195.0% | (24366)<sup>(\*\*)</sup> | (10436) | 133.5% |
| www.adecoagro.com | **Total Adjusted EBITDA** | **55367** | **139995** | **(60.5)%** | **91313** | **230111** | **(60.3)%** |
|  | <sup>(\*)</sup> *Includes $15.0 million related to the sale of La Pecuaria farm in April 2024;* <sup>(\*\*)</sup> *Includes one-off expenses related to Tether's tender offer for our common shares ($5.7 million and $9.2 million booked in 2Q25 and 6M25, respectively).*  | <sup>(\*)</sup> *Includes $15.0 million related to the sale of La Pecuaria farm in April 2024;* <sup>(\*\*)</sup> *Includes one-off expenses related to Tether's tender offer for our common shares ($5.7 million and $9.2 million booked in 2Q25 and 6M25, respectively).*  | <sup>(\*)</sup> *Includes $15.0 million related to the sale of La Pecuaria farm in April 2024;* <sup>(\*\*)</sup> *Includes one-off expenses related to Tether's tender offer for our common shares ($5.7 million and $9.2 million booked in 2Q25 and 6M25, respectively).*  | <sup>(\*)</sup> *Includes $15.0 million related to the sale of La Pecuaria farm in April 2024;* <sup>(\*\*)</sup> *Includes one-off expenses related to Tether's tender offer for our common shares ($5.7 million and $9.2 million booked in 2Q25 and 6M25, respectively).*  | <sup>(\*)</sup> *Includes $15.0 million related to the sale of La Pecuaria farm in April 2024;* <sup>(\*\*)</sup> *Includes one-off expenses related to Tether's tender offer for our common shares ($5.7 million and $9.2 million booked in 2Q25 and 6M25, respectively).*  | <sup>(\*)</sup> *Includes $15.0 million related to the sale of La Pecuaria farm in April 2024;* <sup>(\*\*)</sup> *Includes one-off expenses related to Tether's tender offer for our common shares ($5.7 million and $9.2 million booked in 2Q25 and 6M25, respectively).*  | <sup>(\*)</sup> *Includes $15.0 million related to the sale of La Pecuaria farm in April 2024;* <sup>(\*\*)</sup> *Includes one-off expenses related to Tether's tender offer for our common shares ($5.7 million and $9.2 million booked in 2Q25 and 6M25, respectively).*  |
| ![argoa07.jpg](argoa07.jpg) | • During 2Q25, gross sales were down 1.4% year-over-year on lower prices for most of our products. On an accumulated basis, sales were 9.9% higher versus the same period last year driven by higher volumes sold across all segments - particularly ethanol, reflecting the success of our commercial strategy to clear out inventories at favorable prices. <br>• Adjusted EBITDA was 60.5% and 60.3% lower year-over-year during 2Q25 and 6M25, respectively. The decline was driven by year-over-year losses in the mark-to-market of our biological assets in our Sugar, Ethanol & Energy business mainly due to lower quantity of harvested cane, as well as in our Rice operations on lower prices and in Crops on pressured margins. Furthermore, results were also negatively impacted by higher costs in U.S. dollar terms across our Farming operations, together with higher corporate expenses due to one-off expenses related to Tether's tender offer for our common shares.<br>• Net Debt/LTM Adj. EBITDA stood at 2.3x on lower consolidated results. | • During 2Q25, gross sales were down 1.4% year-over-year on lower prices for most of our products. On an accumulated basis, sales were 9.9% higher versus the same period last year driven by higher volumes sold across all segments - particularly ethanol, reflecting the success of our commercial strategy to clear out inventories at favorable prices. <br>• Adjusted EBITDA was 60.5% and 60.3% lower year-over-year during 2Q25 and 6M25, respectively. The decline was driven by year-over-year losses in the mark-to-market of our biological assets in our Sugar, Ethanol & Energy business mainly due to lower quantity of harvested cane, as well as in our Rice operations on lower prices and in Crops on pressured margins. Furthermore, results were also negatively impacted by higher costs in U.S. dollar terms across our Farming operations, together with higher corporate expenses due to one-off expenses related to Tether's tender offer for our common shares.<br>• Net Debt/LTM Adj. EBITDA stood at 2.3x on lower consolidated results. | • During 2Q25, gross sales were down 1.4% year-over-year on lower prices for most of our products. On an accumulated basis, sales were 9.9% higher versus the same period last year driven by higher volumes sold across all segments - particularly ethanol, reflecting the success of our commercial strategy to clear out inventories at favorable prices. <br>• Adjusted EBITDA was 60.5% and 60.3% lower year-over-year during 2Q25 and 6M25, respectively. The decline was driven by year-over-year losses in the mark-to-market of our biological assets in our Sugar, Ethanol & Energy business mainly due to lower quantity of harvested cane, as well as in our Rice operations on lower prices and in Crops on pressured margins. Furthermore, results were also negatively impacted by higher costs in U.S. dollar terms across our Farming operations, together with higher corporate expenses due to one-off expenses related to Tether's tender offer for our common shares.<br>• Net Debt/LTM Adj. EBITDA stood at 2.3x on lower consolidated results. | • During 2Q25, gross sales were down 1.4% year-over-year on lower prices for most of our products. On an accumulated basis, sales were 9.9% higher versus the same period last year driven by higher volumes sold across all segments - particularly ethanol, reflecting the success of our commercial strategy to clear out inventories at favorable prices. <br>• Adjusted EBITDA was 60.5% and 60.3% lower year-over-year during 2Q25 and 6M25, respectively. The decline was driven by year-over-year losses in the mark-to-market of our biological assets in our Sugar, Ethanol & Energy business mainly due to lower quantity of harvested cane, as well as in our Rice operations on lower prices and in Crops on pressured margins. Furthermore, results were also negatively impacted by higher costs in U.S. dollar terms across our Farming operations, together with higher corporate expenses due to one-off expenses related to Tether's tender offer for our common shares.<br>• Net Debt/LTM Adj. EBITDA stood at 2.3x on lower consolidated results. | • During 2Q25, gross sales were down 1.4% year-over-year on lower prices for most of our products. On an accumulated basis, sales were 9.9% higher versus the same period last year driven by higher volumes sold across all segments - particularly ethanol, reflecting the success of our commercial strategy to clear out inventories at favorable prices. <br>• Adjusted EBITDA was 60.5% and 60.3% lower year-over-year during 2Q25 and 6M25, respectively. The decline was driven by year-over-year losses in the mark-to-market of our biological assets in our Sugar, Ethanol & Energy business mainly due to lower quantity of harvested cane, as well as in our Rice operations on lower prices and in Crops on pressured margins. Furthermore, results were also negatively impacted by higher costs in U.S. dollar terms across our Farming operations, together with higher corporate expenses due to one-off expenses related to Tether's tender offer for our common shares.<br>• Net Debt/LTM Adj. EBITDA stood at 2.3x on lower consolidated results. | • During 2Q25, gross sales were down 1.4% year-over-year on lower prices for most of our products. On an accumulated basis, sales were 9.9% higher versus the same period last year driven by higher volumes sold across all segments - particularly ethanol, reflecting the success of our commercial strategy to clear out inventories at favorable prices. <br>• Adjusted EBITDA was 60.5% and 60.3% lower year-over-year during 2Q25 and 6M25, respectively. The decline was driven by year-over-year losses in the mark-to-market of our biological assets in our Sugar, Ethanol & Energy business mainly due to lower quantity of harvested cane, as well as in our Rice operations on lower prices and in Crops on pressured margins. Furthermore, results were also negatively impacted by higher costs in U.S. dollar terms across our Farming operations, together with higher corporate expenses due to one-off expenses related to Tether's tender offer for our common shares.<br>• Net Debt/LTM Adj. EBITDA stood at 2.3x on lower consolidated results. | • During 2Q25, gross sales were down 1.4% year-over-year on lower prices for most of our products. On an accumulated basis, sales were 9.9% higher versus the same period last year driven by higher volumes sold across all segments - particularly ethanol, reflecting the success of our commercial strategy to clear out inventories at favorable prices. <br>• Adjusted EBITDA was 60.5% and 60.3% lower year-over-year during 2Q25 and 6M25, respectively. The decline was driven by year-over-year losses in the mark-to-market of our biological assets in our Sugar, Ethanol & Energy business mainly due to lower quantity of harvested cane, as well as in our Rice operations on lower prices and in Crops on pressured margins. Furthermore, results were also negatively impacted by higher costs in U.S. dollar terms across our Farming operations, together with higher corporate expenses due to one-off expenses related to Tether's tender offer for our common shares.<br>• Net Debt/LTM Adj. EBITDA stood at 2.3x on lower consolidated results. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross Sales are equal to Net Sales plus sales taxes related to sugar, ethanol and energy.<br>(2) Please see "Reconciliation of Non-IFRS measures" starting on page 24 for a reconciliation of Adjusted EBITDA, Adjusted Net Income and Net Debt for the period. Adjusted EBITDA margin is calculated as a percentage of net sales. <br>(3) Includes cash dividends and share repurchases as of June 30th. For more information on distribution as of the date of this report, please refer to the Remarks section on page 3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross Sales are equal to Net Sales plus sales taxes related to sugar, ethanol and energy.<br>(2) Please see "Reconciliation of Non-IFRS measures" starting on page 24 for a reconciliation of Adjusted EBITDA, Adjusted Net Income and Net Debt for the period. Adjusted EBITDA margin is calculated as a percentage of net sales. <br>(3) Includes cash dividends and share repurchases as of June 30th. For more information on distribution as of the date of this report, please refer to the Remarks section on page 3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross Sales are equal to Net Sales plus sales taxes related to sugar, ethanol and energy.<br>(2) Please see "Reconciliation of Non-IFRS measures" starting on page 24 for a reconciliation of Adjusted EBITDA, Adjusted Net Income and Net Debt for the period. Adjusted EBITDA margin is calculated as a percentage of net sales. <br>(3) Includes cash dividends and share repurchases as of June 30th. For more information on distribution as of the date of this report, please refer to the Remarks section on page 3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross Sales are equal to Net Sales plus sales taxes related to sugar, ethanol and energy.<br>(2) Please see "Reconciliation of Non-IFRS measures" starting on page 24 for a reconciliation of Adjusted EBITDA, Adjusted Net Income and Net Debt for the period. Adjusted EBITDA margin is calculated as a percentage of net sales. <br>(3) Includes cash dividends and share repurchases as of June 30th. For more information on distribution as of the date of this report, please refer to the Remarks section on page 3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross Sales are equal to Net Sales plus sales taxes related to sugar, ethanol and energy.<br>(2) Please see "Reconciliation of Non-IFRS measures" starting on page 24 for a reconciliation of Adjusted EBITDA, Adjusted Net Income and Net Debt for the period. Adjusted EBITDA margin is calculated as a percentage of net sales. <br>(3) Includes cash dividends and share repurchases as of June 30th. For more information on distribution as of the date of this report, please refer to the Remarks section on page 3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross Sales are equal to Net Sales plus sales taxes related to sugar, ethanol and energy.<br>(2) Please see "Reconciliation of Non-IFRS measures" starting on page 24 for a reconciliation of Adjusted EBITDA, Adjusted Net Income and Net Debt for the period. Adjusted EBITDA margin is calculated as a percentage of net sales. <br>(3) Includes cash dividends and share repurchases as of June 30th. For more information on distribution as of the date of this report, please refer to the Remarks section on page 3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross Sales are equal to Net Sales plus sales taxes related to sugar, ethanol and energy.<br>(2) Please see "Reconciliation of Non-IFRS measures" starting on page 24 for a reconciliation of Adjusted EBITDA, Adjusted Net Income and Net Debt for the period. Adjusted EBITDA margin is calculated as a percentage of net sales. <br>(3) Includes cash dividends and share repurchases as of June 30th. For more information on distribution as of the date of this report, please refer to the Remarks section on page 3. |

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**Sugar, Ethanol & Energy business** 

Performance Highlights

◦ Adjusted EBITDA in the SE&E business reached $68.1 million and $98.0 million during 2Q25 and 6M25, 36.3% and 38.3% lower year-over-year respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **(+)** Higher net sales driven by (i) higher volumes of ethanol sold thanks to our efficient carry-over strategy and (ii) higher average selling prices for both ethanol and energy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪ (+)** Sugar max scenario (50% in 2Q25 / 48% in 6M25) as prices traded above hydrous ethanol in MS. Within ethanol, we prefer hydrous over anhydrous due to better prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪ (-)** Lower crushing during 2Q25 and 6M25 (13.5% and 19.8% down, respectively) explained by less effective milling days during 2Q25 (75% higher rains in April versus the 15-year average), coupled with selective cane crushing done in 1Q25 (focused on cane with limited growth potential).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **(-)** Year-to-date cost of production at 9.0 cts/lb (versus 7.9 cts/lb in 6M24) driven by lower dilution of fixed and variable costs on lower TRS equivalent produced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **(-)** Year-over-year loss in biological assets due to lower quantity of harvested cane versus 2Q24 and 6M24, coupled with lower year-over-year gains in our commodity hedge position.

Outlook

◦ **(-)** We foresee a recovery in our productivity indicators for 2H25 versus 1H25, but below initial expectations given a cold front experienced during the end of June that impacted yields. Despite this, we expect our annual crushing volume to be in line with 2024.

◦ **(+)** Global sugar demand continues to rely on Brazil's production. Concerns on how Brazil's 2025/26 harvest season will evolve in terms of crushing, prices and flexibility to produce both sugar and ethanol. We still have a portion of our 2025 sugar production open (69% hedged at 20.2 cts/lb) and no commitments for our 2026 production.

◦ **(+)** Tight supply & demand scenario for ethanol. Consumer preference continues to favor ethanol but supply will also depend on Brazil's overall production. Moreover, the E30 mandate (increasing the ethanol blend in gasoline to 30%) became effective on August 1st, increasing demand by approximately ∼100 thousand m3 of anhydrous ethanol monthly. We have the flexibility to switch our maximization strategy to produce the product that offers the highest marginal contribution.

**Farming business**

Performance Highlights

◦ Adjusted EBITDA for the Farming business reached $1.1 million in 2Q25 and $17.7 million in 6M25, $36.7 million and $64.1 million lower year-over-year, respectively. Excluding the sale of La Pecuaria farm in April 2024, Adjusted EBITDA was down $21.7 million and $49.1 million during each period, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **(+)** Higher volumes sold of our Dairy value-added products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **(+)** Record production in our Rice operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **(-)** Lower prices for crops, rice and dairy products.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ **(-)** Year-over-year losses in the mark-to-market of our biological asset and agricultural produce for our Crops and Rice operations on lower prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**▪ (-)** Higher costs in U.S. dollar terms.

Outlook

◦ **(-) Crops:** Margins will remain pressured on lower prices and higher costs in U.S. dollars terms, coupled with in line-to-below historical yields for the 2024/25 harvest season.

◦ **(-) Rice:** Although we had a record production in terms of yields and higher planted area, global prices continue their downward trend on greater global supply. Our diversified product portfolio and market flexibility will partially mitigate this decline but we foresee lower results than the previous year.

◦ **(-/+) Dairy:** Lower prices in some of our value-added products due to a weaker demand in the domestic market, coupled with a decline in international prices.

**Remarks**

Issuance of US$500 million Senior Notes due 2032 & Cash Tender Offer for Senior Notes due 2027

◦ On July 29, 2025, we completed the issuance of a 7-year $500 million bond with a 7.50% coupon. The notes are due on July 29, 2032, and are guaranteed on a senior unsecured basis by certain of the Company's subsidiaries. The Company has used the proceeds of the transaction to primarily fund the cash tender offer for its 6.00% Senior Notes due 2027, which expired on July 24, 2025, with approximately $150.9 million aggregate principal of notes tendered out of the $415.6 million outstanding. Other uses of the proceeds include general corporate purposes, such as capital expenditures and liability management.

◦ This transaction marks another milestone in Adecoagro's history. Not only have we improved our debt maturity profile, but also this liability management reflects our disciplined and constant search for opportunities to better finance our operations while adding financial flexibility. For more information on the aforementioned transactions, please refer to our 6-K releases, available in our IR website (https://ir.adecoagro.com/).

Adecoagro & Tether to Power Bitcoin Mining with Renewable Energy in Brazil

◦ On July 3, 2025, we signed a Memorandum of Understanding with Tether to explore a strategic collaboration focused on bitcoin mining in our Sugar, Ethanol & Energy operations in Brazil. This project will allow us to monetize 10 MW of surplus energy generally sold in the spot market. It supports our strategy to diversify energy demand and unlock new sources of long-term value. The pilot project, approved by our Independent Committee in accordance with our Bylaws, aligns with our commitment to innovation, sustainability, and efficient use of our renewable energy assets.

Reduction of Export Taxes in Argentina

◦ On July 26, 2025, the Argentine government announced a permanent reduction in export taxes on agricultural commodities, including three of our products that remain subject to these levies. The export tax on soybean was reduced from 33% to 26%, while corn and wheat were lowered from 12% to

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9.5%. Although this change is not expected to materially impact our financial results (soybean, corn and wheat represent ~10% of our consolidated sales), it is a positive development. The measure is expected to enhance the competitiveness of our Crops segment and support margin expansion.

2025 Shareholder Distribution Update

◦ As of the date of this report, we have already committed $45.2 million to shareholder distributions. $10.2 million were expended in repurchasing 1.1% of the company's equity (1.1 million shares at an average price of $9.65 per share), and $35.0 million correspond to cash dividends (the first installment of $17.5 million was already paid on May 16, 2025 and the second installment will be paid in November 2025).

**Sustainability Highlights**

2024 Integrated Report

◦ We believe that the more efficient and responsible we are in managing critical resources, such as land, soil, water and energy, the more profitable and sustainable we are. This, in turn, enables us to continue delivering long-term results and generating value for our stakeholders. Our sustainable food and renewable energy production models have the potential to fix carbon, conserve water, and deliver real benefits to people, the planet and the Company.

◦ On May 21, 2025, we published our third-party verified 2024 Integrated Report where we describe how our sustainability strategy and best practices enhance profitability and efficiency, while presenting our key highlights from 2024.

◦ The report was prepared following the International Framework Integrated Reporting, GRI and SASB standards, and shows our contribution to the United Nations' 2030 Agenda, as well as our commitment with the Paris Agreement and our goal of achieving carbon neutrality by 2050.

◦ Below are some of our 2024 main highlights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1.4 billion in Net Sales; 20% from green products (ethanol, bioelectricity and carbon credits).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Progress made towards our goal to reduce by 20% our carbon intensity by 2030 (vs. 2021 base year). Moreover, we disclosed our low-carbon intensity businesses and their circular approach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We generated 14 million GJ of renewable energy (ethanol, bioelectricity and biomethane). 87% of the company's total energy consumption was self-generated and renewable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of our light vehicle fleet in our Ivinhema mill is powered with biomethane, which is produced in our own biodigester using vinasse (a by-product of the ethanol production process).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 90% of our planted area is rain fed only. For the balance, we have implemented efficient irrigation techniques that helps us to reduce water consumption by up to 30%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commitment to achieve 25% female participation in leadership positions by 2030. By 2024, women in leadership positions represented 17% of our total workforce in these roles.

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**Sugar, Ethanol & Energy Segment - Operational Performance**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **SUGAR, ETHANOL & ENERGY - SELECTED INFORMATION** | **SUGAR, ETHANOL & ENERGY - SELECTED INFORMATION** | **SUGAR, ETHANOL & ENERGY - SELECTED INFORMATION** | **SUGAR, ETHANOL & ENERGY - SELECTED INFORMATION** | **SUGAR, ETHANOL & ENERGY - SELECTED INFORMATION** | | | |
| Operating Data | **Metric** | **2Q25** | **2Q24** | **Chg %** |<br>**6M25** |<br>**6M24** |<br>**Chg %** |
| **Milling** |  |  |  |  |  |  |  |
| **Sugarcane Milled** | **tons** | **3444209** | **3980924** | **(13.5)%** | **4933138** | **6148169** | **(19.8)%** |
| *Own Cane* | *tons* | *3242353* | *3820389* | *(15.1)%* | *4699538* | *5927888* | *(20.7)%* |
| *Third Party Cane* | *tons* | *201856* | *160535* | *25.7%* | *233600* | *220281* | *6.0%* |
| **Production** |  |  |  |  |  |  |  |
| TRS Equivalent Produced | tons | 439443 | 534251 | (17.7)% | 610330 | 805958 | (24.3)% |
| Sugar | tons | 199175 | 233881 | (14.8)% | 262818 | 353312 | (25.6)% |
| Ethanol | M3 | 136328 | 171654 | (20.6)% | 197388 | 258951 | (23.8)% |
| *Hydrous Ethanol* | *M3* | *98756* | *143401* | *(31.1)%* | *132220* | *223192* | *(40.8)%* |
| *Anhydrous Ethanol* <sup>(1)</sup> | *M3* | *37572* | *28254* | *33.0%* | *65168* | *35759* | *82.2%* |
| Sugar mix in production | % | 50% | 49% | 3.1% | 48% | 49% | (1.7)% |
| Ethanol mix in production | % | 50% | 51% | (3.0)% | 52% | 51% | 1.6% |
| Energy Exported (sold to grid) | MWh | 200016 | 249076 | (19.7)% | 256264 | 321190 | (20.2)% |
| *Cogen efficiency (KWh sold/ton crushed)* | *KWh/ton* | *58.1* | *62.6* | *(7.2)%* | *51.9* | *52.2* | *(0.6)%* |
| **Agricultural Metrics** |  |  |  |  |  |  |  |
| Harvested area | Hectares | 44614 | 49495 | (9.9)% | 72396 | 79623 | (9.1)% |
| Yield | tons/hectare | 73 | 77 | (5.8)% | 65 | 74 | (12.5)% |
| TRS content | kg/ton | 123 | 127 | (3.8)% | 118 | 124 | (5.0)% |
| **Area** |  |  |  |  |  |  |  |
| Sugarcane Plantation | hectares | 222383 | 204094 | 9.0% | 222383 | 204094 | 9.0% |
| Expansion Area | hectares | 3256 | 2652 | 22.8% | 9387 | 5347 | 75.6% |
| Renewal Area | hectares | 6244 | 6583 | (5.1)% | 11234 | 15229 | (26.2)% |

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<sup>(1)</sup> Does not include 2,761 and 11,204 cubic meters of anhydrous ethanol that were converted by dehydrating our hydrous ethanol stocks during 2Q25 and 6M25, respectively. During 6M24, we dehydrated 5,965 cubic meters of hydrous ethanol (no dehydration during 2Q24).

Despite the dry weather conditions experienced throughout 2024 and early 2025, rainfalls received during 2Q25, mainly in the month of April (75% above the 15-year average), enabled our sugarcane plantation to continue its growth cycle. Therefore, we harvested cane with much greater productivity indicators than the prior quarters. Nevertheless, the distribution of rains resulted in a reduction in effective milling days of 13.9% year-over- year, from 74 days in 2Q24 to 63 days in 2Q25. Consequently, crushing volume during the quarter amounted to 3.4 million tons, 13.5% lower than the same period of last year. In terms of productivity, yield and TRS content reached 73 tons per hectare and 123 kg/ton, respectively, marking a 5.8% and 3.8% year-over-year decline, whereas on a quarter-over-quarter basis, they saw a 37.1% and 12.5% improvement. This recovery was mainly explained by (i) the aforementioned rains received; coupled with (ii) our decision made not to enter into certain areas during 1Q25 in order to allow cane with greater growth potential to benefit from future rainfalls.

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Year-to-date, total crushing volume reached 4.9 million tons, marking a 19.8% decrease compared to last year driven by the selective crushing done in 1Q25 (mostly cane with 5th cuts and above) and a rainy 2Q25, as previously explained. Therefore, our average yield stood at 65 tons per hectare, 12.5% lower year-over-year, whereas TRS content was down to 118 kg/ton compared to 124 kg/ton during 6M24.

In line with our strategy to maximize production of the product with the highest marginal contribution, we prioritized the production of sugar throughout the quarter. Within our ethanol production, we continued to maximize the production of hydrous ethanol as this type of fuel was preferred by consumers over gasoline given its better pricing at the pump, thus gaining market share in the Otto cycle. Moreover, we can dehydrate hydrous ethanol at any time and turn it into anhydrous ethanol, which can be sold either to the domestic or export market, wherever the price premium is better.

On a year-to-date basis, we maximized the production of sugar throughout the year given its attractive premium over ethanol, as was the case in 6M24. Nevertheless, the total volume produced for both sugar and ethanol saw a 25.6% and 23.8% reduction throughout the period, respectively, in line with the aforementioned decline in total TRS equivalent produced.

Exported energy during the quarter totaled 200 thousand MWh, 19.7% lower compared to 2Q24, whereas year-to-date it reached 256 thousand MWh, marking a 20.2% year-over-year decrease. This was explained by (i) the decline in crushing volume reported in both periods, together with (ii) our decision to store some of our bagasse during 2Q25 to profit from better expected spot prices during the dry season. Thus, our cogeneration efficiency stood at 58.1 and 51.9 KWh sold per ton of cane crushed during 2Q25 and 6M25, respectively.

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**Sugar, Ethanol & Energy Segment - Financial Performance**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **$ thousands** | **$ thousands** | **$ thousands** | **Units** | **Units** | **Units** | **($/unit)** | **($/unit)** | **($/unit)** |
| **NET SALES BREAKDOWN** | **2Q25** | **2Q24** | **Chg %** | **2Q25** | **2Q24** | **Chg %** | **2Q25** | **2Q24** | **Chg %** |
| Sugar (tons) | 90692 | 90363 | 0.4% | 213103 | 201367 | 5.8% | 426 | 449 | (5.2)% |
| Ethanol (cubic meters) | 77986 | 67601 | 15.4% | 166517 | 146932 | 13.3% | 468 | 460 | 1.8% |
| &nbsp;&nbsp;*Hydrous Ethanol (cubic meters)* | *52406* | *43946* | *19.3%* | *117019* | *98097* | *19.3%* | *448* | *448* | *—%* |
| &nbsp;&nbsp;*Anhydrous Ethanol (cubic meters)* | *25580* | *23655* | *8.1%* | *49498* | *48835* | *1.4%* | *517* | *484* | *6.7%* |
| Energy (Mwh) <sup>(2)</sup> | 9331 | 8633 | 8.1% | 232589 | 261326 | (11.0)% | 40 | 33 | 21.4% |
| CBios | 2712 | 2353 | 15.3% | 278698 | 151890 | 83.5% | 10 | 15 | (37.2)% |
| Others <sup>(5)</sup> | 197 | 418 | (52.9)% | 213 | 421 | (49.4)% | 925 | 993 | (6.8)% |
| **TOTAL** <sup>(3)</sup> | **180918** | **169368** | **6.8%** |  |  |  |  |  |  |
| Cover Crops (tons) <sup>(4)</sup> | 1890 | 2375 | (20.4)% | 5511 | 6240 | (11.7)% | 343 | 381 | (9.9)% |
| **TOTAL NET SALES** <sup>(1)</sup> | **182808** | **171743** | **6.4%** |  |  |  |  |  |  |
| ***NET SALES BREAKDOWN*** | **6M25** | **6M24** | **Chg %** | **6M25** | **6M24** | **Chg %** | **6M25** | **6M24** | **Chg %** |
| Sugar (tons) | 126756 | 153504 | (17.4)% | 290107 | 321495 | (9.8)% | 437 | 477 | (8.5)% |
| Ethanol (cubic meters) | 152895 | 100306 | 52.4% | 328126 | 225443 | 45.5% | 466 | 445 | 4.7% |
| &nbsp;&nbsp;*Hydrous Ethanol (cubic meters)* | *113763* | *63288* | *79.8%* | *252223* | *146150* | *72.6%* | *451* | *433* | *4.2%* |
| &nbsp;&nbsp;*Anhydrous Ethanol (cubic meters)* | *39132* | *37018* | *5.7%* | *75903* | *79293* | *(4.3)%* | *516* | *467* | *10.4%* |
| Energy (Mwh) <sup>(2)</sup> | 11557 | 10885 | 6.2% | 306334 | 352276 | (13.0)% | 38 | 31 | 22.1% |
| CBios | 4027 | 4009 | 0.4% | 392732 | 240651 | 63.2% | 10 | 17 | (38.4)% |
| Others <sup>(5)</sup> | 202 | 485 | (58.4)% | 218 | 486 | (55.1)% | 927 | 998 | (7.1)% |
| **TOTAL** <sup>(3)</sup> | **295437** | **269189** | **9.8%** |  |  |  |  |  |  |
| Cover Crops (tons) <sup>(4)</sup> | 6243 | 5947 | 5.0% | 18426 | 15330 | 20.2% | 339 | 388 | (12.7)% |
| **TOTAL NET SALES (1)** | **301680** | **275136** | **9.6%** |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***HIGHLIGHTS - $ thousand*** | **2Q25** | **2Q24** | **Chg %** | **6M25** | **6M24** | **Chg %** |
| Net Sales <sup>(1)</sup> | 182808 | 171743 | 6.4% | 301680 | 275136 | 9.6% |
| Margin on Manufacturing and Agricultural Act. Before Opex | 50135 | 59539 | (15.8)% | 75937 | 108080 | (29.7)% |
| **Adjusted EBITDA** | **68100** | **106886** | **(36.3)%** | **97951** | **158741** | **(38.3)%** |
| *Adjusted EBITDA Margin* | *37.3%* | *62.2%* | *(40.1)%* | *32.5%* | *57.7%* | *(43.7)%* |

---

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

Adjusted EBITDA during 2Q25 was $68.1 million, 36.3% lower than the same period of last year. Despite a year-over-year increase in net sales, lower EBITDA generation was mainly driven by (i) a $13.1 million year-over-year loss in the mark-to-market of our commodity hedge position on lower gains presented versus 2Q24; coupled with (ii) a $12.7 million year-over-year loss in the mark-to-market of our biological assets. In this case, the year-over-year decline is mainly explained by the lower quantity of harvested cane. Furthermore, results were also affected by a $1.1 million year-over-year increase in selling expenses on higher PIS/COFINS and INSS due to higher volumes of ethanol sold. On a year-to-date basis, Adjusted

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![bannerer.jpg](bannerer.jpg)<br>

EBITDA amounted to $98.0 million, presenting an 38.3% decrease versus last year explained by the same aforementioned drivers.

Net sales reached $182.8 million during 2Q25, marking a 6.4% increase compared to the previous year on higher selling volumes and prices of ethanol, coupled with greater energy prices and sugar volumes sold, which in turn fully offset the decline in sugar prices in US dollar terms. During the first semester, net sales amounted to $301.7 million, 9.6% higher year-over-year mostly explained by higher volumes and prices for our ethanol sales.

In the case of sugar, revenues remained unchanged versus 2Q24 due to higher volumes sold, which in turn fully offset the decline in sugar prices in US dollar terms. Due to our constructive view on sugar prices for the upcoming months, volumes sold during the period were mostly related to the delivery of contracts, coupled with the sale of bagged VHP, which commanded a premium over spot prices. On an year-to-date basis, sugar sales were 17.4% down year-over-year, explained by the aforementioned decrease in prices as well as to a decline in selling volumes as sugar production during the period was down 25.6% year-over-year given the lower crushing volume and TRS content.

Ethanol sales presented a 15.4% year-over-year increase during 2Q25 on higher volume sold and prices. As anticipated, ethanol prices throughout the period remained strong, despite the beginning of Brazil's 2025/26 harvest season as mills were maximizing the production of sugar and consumer's preference continued to favor hydrous ethanol over gasoline given its attractiveness at the pump. Therefore, we sold what we produced over the period to profit from this scenario and free up storage capacity, if needed. On a year-to-date basis, higher ethanol revenues were mostly driven by our strategic decision to clear out our tanks and sell our daily production to profit from the recovery in prices (our average net selling price during 6M25 was ∼R$2,700/m3, 17.6% higher than the same period of last year). This shows our commercial flexibility to decide when to conduct our sales and consequently, maximize profits.

Due to the efficiency and sustainability in our operations, ranked among the highest in the industry, we have the right to issue carbon credits (CBio) every time we sell ethanol. During the quarter, we sold $2.7 million worth of CBios, marking a 15.3% year-over-year increase. Year-to-date, we have already sold 393 thousand CBios, amounting to $4.0 million.

Net sales of energy presented a year-over-year increase for both 2Q25 and 6M25. This was fully explained by a 21.4% and 22.1% year-over-year increase in the average selling price, which, in turn, fully offset the year-over-year decline in volume exported given the year-over-year decrease in crushing volume.

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![bannerer.jpg](bannerer.jpg)<br>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SUGAR, ETHANOL & ENERGY - PRODUCTION COSTS**<sup>(1)</sup>  | **SUGAR, ETHANOL & ENERGY - PRODUCTION COSTS**<sup>(1)</sup>  | | | | | |
| | **Total Cost ($'000)** | **Total Cost ($'000)** | **Total Cost ($'000)** | **Total Cost per Pound (cts/lbs)** | **Total Cost per Pound (cts/lbs)** | **Total Cost per Pound (cts/lbs)** |
| | **2Q25** | **2Q24** | **Chg %** | **2Q25** | **2Q24** | **Chg %** |
| **Industrial costs** | **25148** | **28671** | **(12.3)%** | **2.8** | **2.7** | **5.4%** |
| Industrial costs | 18587 | 22825 | (18.6)% | 2.1 | 2.1 | (2.2)% |
| Cane from 3rd parties | 6561 | 5846 | 12.2% | 0.7 | 0.5 | 34.9% |
| **Agricultural costs** | **90201** | **107249** | **(15.9)%** | **10.1** | **10.0** | **1.1%** |
| Harvest costs | 32733 | 42197 | (22.4)% | 3.7 | 3.9 | (6.8)% |
| Cane depreciation | 24728 | 30418 | (18.7)% | 2.8 | 2.8 | (2.3)% |
| Agricultural Partnership Costs | 11005 | 15897 | (30.8)% | 1.2 | 1.5 | (16.8)% |
| Maintenance costs | 21735 | 18737 | 16.0% | 2.4 | 1.8 | 39.4% |
| **Total Production Costs** | **115349** | **135920** | **(15.1)%** | **13.0** | **12.7** | **2.0%** |
| Depreciation & Amortization PP&E | (43369) | (55328) | (21.6)% | (4.9) | (5.2) | (5.8)% |
| **Total Production Costs (excl D&A)** | **71980** | **80592** | **(10.7)%** | **8.1** | **7.5** | **7.3%** |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SUGAR, ETHANOL & ENERGY - PRODUCTION COSTS**<sup>(1)</sup>  | **SUGAR, ETHANOL & ENERGY - PRODUCTION COSTS**<sup>(1)</sup>  | | | | | |
| | **Total Cost ($'000)** | **Total Cost ($'000)** | **Total Cost ($'000)** | **Total Cost per Pound (cts/lbs)** | **Total Cost per Pound (cts/lbs)** | **Total Cost per Pound (cts/lbs)** |
| | **6M25** | **6M24** | **Chg %** | **6M25** | **6M24** | **Chg %** |
| **Industrial costs** | **32885** | **43161** | **(23.8)%** | **2.7** | **2.7** | **(0.1)%** |
| Industrial costs | 25833 | 35488 | (27.2)% | 2.1 | 2.2 | (4.5)% |
| Cane from 3rd parties | 7052 | 7673 | (8.1)% | 0.6 | 0.5 | 20.6% |
| **Agricultural costs** | **141463** | **171202** | **(17.4)%** | **11.6** | **10.7** | **8.4%** |
| Harvest costs | 49713 | 63086 | (21.2)% | 4.1 | 3.9 | 3.4% |
| Cane depreciation | 34919 | 46263 | (24.5)% | 2.9 | 2.9 | (1.0)% |
| Agricultural Partnership Costs | 17094 | 25678 | (33.4)% | 1.4 | 1.6 | (12.7)% |
| Maintenance costs | 39737 | 36175 | 9.8% | 3.2 | 2.3 | 44.1% |
| **Total Production Costs** | **174348** | **214363** | **(18.7)%** | **14.3** | **13.4** | **6.7%** |
| Depreciation & Amortization PP&E | (64456) | (87643) | (26.5)% | (5.3) | (5.5) | (3.5)% |
| **Total Production Costs (excl D&A)** | **109891** | **126720** | **(13.3)%** | **9.0** | **7.9** | **13.7%** |

---

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

In 2Q25, total production costs excluding depreciation and amortization totaled 8.1 cts/lb, marking a 7.3% year-over-year increase. Although production costs in nominal terms experienced a 10.7% year-over-year decrease, in line with the decline in crushing throughout the period, the increase in unitary costs was mainly explained by (i) higher maintenance costs on higher agricultural inputs usage, such as fertilizers; coupled with (ii) higher cane sourcing from third parties. On a year-to-date basis, our production cost amounted to 9.0 cts/lb, 13.7% higher than the same period of last year, mostly explained by a less efficient dilution of both our fixed and variable costs given the 24.3% decrease in total TRS equivalent produced, partially offset by the depreciation of the Brazilian Real versus the same period of last year.

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![bannerer.jpg](bannerer.jpg)<br>

**Farming - Financial Performance**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **FARMING - FINANCIAL HIGHLIGHTS** | **FARMING - FINANCIAL HIGHLIGHTS** | **FARMING - FINANCIAL HIGHLIGHTS** | **FARMING - FINANCIAL HIGHLIGHTS** | **FARMING - FINANCIAL HIGHLIGHTS** | | |
| ***$ thousands*** | **2Q25** | **2Q24** | **Chg %** | **6M25** |<br>**6M24** |<br>**Chg %** |
| **Gross Sales** | | | | | | |
| &nbsp;&nbsp;&nbsp;Crops | 72665 | 76506 | (5.0)% | 116764 | 108465 | 7.7% |
| &nbsp;&nbsp;&nbsp;Rice | 59750 | 70972 | (15.8)% | 137395 | 128911 | 6.6% |
| &nbsp;&nbsp;&nbsp;Dairy | 68758 | 69140 | (0.6)% | 145083 | 125834 | 15.3% |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total Sales** | **201173** | **216618** | **(7.1)%** | **399242** | **363210** | **9.9%** |
| **Adjusted EBITDA** <sup>(1)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Crops | (11425) | 15481 | (173.8)% | (11341) | 20263 | (156.0)% |
| &nbsp;&nbsp;&nbsp;Rice | 2913 | 11184 | (74.0)% | 12636 | 43969 | (71.3)% |
| &nbsp;&nbsp;&nbsp;Dairy | 9593 | 11127 | (13.8)% | 16433 | 17574 | (6.5)% |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total Adjusted EBITDA** <sup>(1)</sup> | **1081** | **37792** | **(97.1)%** | **17728** | **81806** | **(78.3)%** |

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<sup>(1)</sup> Please see "Reconciliation of Non-IFRS measures" starting on page 24 for a reconciliation of Adjusted EBITDA.

Adjusted EBITDA in our Farming business totaled $1.1 million in 2Q25, marking a $36.7 million decrease compared to the same period of last year. Excluding the sale of La Pecuaria Farm during 2Q24 ($15.0 million in Adjusted EBITDA generation for Crops), Adjusted EBITDA was down $21.7 million year-over-year. This was mostly explained by (i) year-over-year losses in the mark-to-market of our biological assets for both our Crops and Rice operations; coupled with (ii) higher costs in U.S. dollar terms across all the segments. In the case of Crops, lower peanut margins compared to the prior harvest were the main driver towards the lower results. In Rice, lower prices at the moment of harvest fully offset the record production explained by record yields and higher planted area. In Dairy, higher costs in U.S. dollar terms, mainly from raw milk purchases, was the main contributor towards the decline in Adjusted EBITDA generation.

Year-to-date, Adjusted EBITDA was $17.7 million, $64.1 million lower than the previous year. Excluding the $15.0 million Adjusted EBITDA booked in our Crops operations due to the aforesaid farm sale, the year-over-year decline is reduced to $49.1 million. Again, results were negatively impacted by the underperformance of the three business units due to the previously explained drivers.

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

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![bannerer.jpg](bannerer.jpg)<br>

**Crops Segment**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Amount ($'000)** | **Amount ($'000)** | **Amount ($'000)** | **Volume** | **Volume** | **Volume** | **$ per unit** | **$ per unit** | **$ per unit** |
| **GROSS SALES BREAKDOWN**<br>**Crops** | **2Q25** | **2Q24** | **Chg %** | **2Q25** | **2Q24** | **Chg %** | **2Q25** | **2Q24** | **Chg %** |
| Soybean | 33345 | 37134 | (10.2)% | 113046 | 118758 | (4.8)% | 295 | 313 | (5.7)% |
| Corn <sup>(1)</sup> | 15475 | 23375 | (33.8)% | 83749 | 133559 | (37.3)% | 185 | 175 | 5.6% |
| Wheat <sup>(2)</sup> | 2325 | 592 | 292.7% | 11653 | 2801 | 316.0% | 200 | 211 | (5.6)% |
| Sunflower | 4343 | 2693 | 61.2% | 8735 | 4191 | 108.4% | 497 | 643 | (22.6)% |
| Cotton Lint | 559 | 740 | (24.5)% | 269 | 519 | (48.3)% | 2082 | 1425 | 46.1% |
| Peanut | 11535 | 8824 | 30.7% | 7470 | 5130 | 45.6% | 1544 | 1720 | (10.2)% |
| Others <sup>(3)</sup> | 5083 | 3148 | 61.5% | 893 | 128 | 596.6% |  |  |  |
| **Total** | **72665** | **76506** | **(5.0)%** | **225816** | **265086** | **(14.8)%** |  |  |  |
| **GROSS SALES BREAKDOWN** | **6M25** | **6M24** | **Chg %** | **6M25** | **6M24** | **Chg %** | **6M25** | **6M24** | **Chg %** |
| Soybean | 35106 | 39308 | (10.7)% | 119562 | 125736 | (4.9)% | 294 | 313 | (6.1)% |
| Corn <sup>(1)</sup> | 23020 | 26767 | (14.0)% | 123543 | 152532 | (19.0)% | 186 | 175 | 6.2% |
| Wheat <sup>(2)</sup> | 8832 | 9321 | (5.2)% | 43782 | 43026 | 1.8% | 202 | 217 | (6.9)% |
| Sunflower | 7273 | 5483 | 32.7% | 13237 | 9475 | 39.7% | 549 | 579 | (5.0)% |
| Cotton Lint | 2388 | 1802 | 32.5% | 1520 | 1291 | 17.7% | 1572 | 1396 | 12.6% |
| Peanut | 32576 | 18199 | 79.0% | 19523 | 10797 | 80.8% | 1669 | 1686 | (1.0)% |
| Others <sup>(3)</sup> | 7569 | 7585 | (0.2)% | 1298 | 818 | 58.8% |  |  |  |
| **Total** | **116764** | **108465** | **7.7%** | **322464** | **343674** | **(6.2)%** |  |  |  |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **HIGHLIGHTS - $ thousand** | **2Q25** | **2Q24** | **Chg %** | **6M25** | **6M24** | **Chg %** |
| Gross Sales | 72665 | 76506 | (5.0)% | 116764 | 108465 | 7.7% |
| **Adjusted EBITDA** | **(11425)** | **15481** | **(173.8)%** | **(11341)** | **20263** | **(156.0)%** |

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

In 2Q25, sales were down year-over-year on lower volumes sold, mainly corn, whereas prices had a mixed performance. Focusing on volumes, the decline in corn was mainly explained by a lower early corn production given the dry weather experienced during summer, which negatively impacted yields. Despite this, we are seeing a significant recovery in our late corn production (currently being harvested). In terms of pricing, international prices for the main commodities continue to be pressured due to greater global supply. On a year-to-date basis, sales were 7.7% higher year-over-year on greater volumes sold of peanut, which in turn, fully offset the lower volumes of soybean and corn and the mixed price performance.

Adjusted EBITDA for 2Q25 was $26.9 million lower than 2Q24 due to an uneven year-over-year comparison as the latter reflects the sale of La Pecuaria Farm completed in April 2024 ($15.0 million booked in Adjusted EBITDA), whereas no farm sales were conducted during 2Q25. Excluding this effect in both 2Q24 & 6M24, Adjusted EBITDA was down by $11.9 million and $16.6 million during 2Q25 and 6M25, respectively. Results were negatively impacted by year-over-year losses in the mark-to-market of our biological assets line mainly due to lower peanut margins versus the prior season. Moreover, overall results were also pressured by an uneven performance in yields, mixed prices and higher costs in U.S. dollar terms.

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![bannerer.jpg](bannerer.jpg)<br>

**Rice Segment**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **RICE**<br>Highlights |<br>**metric** |<br>**2Q25** |<br>**2Q24** |<br>**Chg %** |<br>**6M25** |<br>**6M24** |<br>**Chg %** |
| Gross Sales | *$ thousands* | 59750 | 70972 | (15.8)% | 137395 | 128911 | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of white rice | *thousand tons* <sup>(1)</sup> | 74 | 78 | (4.8)% | 180 | 130 | 38.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of white rice | *$ per ton* | 665 | 792 | (16.0)% | 654 | 857 | (23.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of white rice | *$ thousands* | 49116 | 61465 | (20.1)% | 117975 | 111307 | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of By-products | *$ thousands* | 10634 | 9507 | 11.9% | 19420 | 17604 | 10.3% |
| **Adjusted EBITDA** | ***$ thousands*** | **2913** | **11184** | **(74.0)%** | **12636** | **43969** | **(71.3)%** |
| **Rice Mills** |  |  |  |  |  |  |  |
| Total Processed Rough Rice<sup>(2)</sup> | *thousand tons* | 81 | 64 | 26.2% | 178 | 130 | 36.6% |
| Ending stock - White Rice | *thousand tons* | 69 | 39 | 79.8% | 69 | 39 | 79.8% |

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<sup>(1)</sup> Includes the sale of 1k tons of white rice sourced from third-parties during 6M24 (no sourcing made during 2Q25, 6M25 & 2Q24). <sup>(2)</sup> Expressed in white rice equivalent.

During 2Q25, rice sales decreased 15.8% year-over-year due to a reduction in volumes sold, coupled with a $127/ton drop in the average selling price. As explained in prior releases, global prices of long grain white rice have significantly come down from the high levels seen during 2024, on the back of (i) higher global supply given the return of India to the market, as well as due to (ii) a solid 2024/25 campaign in South America. On that regard, we were able to partially mitigate the aforementioned decline thanks to the development and production of different rice varieties that command a price premium over long grain white rice. Therefore, our average selling price remained unchanged quarter-over-quarter due to a better product mix, mainly from double grain rice variety. On a year-to-date basis, the increase in sales was driven by higher volumes sold due to (i) greater rice availability on record production achieved during the 2024/25 harvest season, together with (ii) the sale of the inventories that we carried-over from 4Q24 into 1Q25 given a delayed departure of a maritime cargo. This, in turn, fully offset the 23.7% year-over-year decline in prices driven by the aforementioned drivers.

Adjusted EBITDA amounted to $2.9 million and $12.6 million in 2Q25 and 6M25, respectively, 74.0% and 71.3% lower year-over-year. Despite a record production on better productivity and higher planted area, lower EBITDA generation was fully explained by (i) an uneven year-over-year comparison due to outlier prices; (ii) higher costs in U.S. dollar terms; coupled with (iii) year-over-year losses reported in our biological assets line on lower prices at the moment of harvest ($89/ton less than the prior year).

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![bannerer.jpg](bannerer.jpg)<br>

**Dairy Segment**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **DAIRY**<br>Highlights |<br>**metric** |<br>**2Q25** |<br>**2Q24** |<br>**Chg %** |<br>**6M25** |<br>**6M24** |<br>**Chg %** |
| Gross Sales | *$ thousands* <sup>(1)</sup> | 68758 | 69140 | (0.6)% | 145083 | 125834 | 15.3% |
|  | *million liters* <sup>(2) (3)</sup> | 95.9 | 85.9 | 11.7% | 185.1 | 174.8 | 5.9% |
| **Adjusted EBITDA** | ***$ thousands*** | **9593** | **11127** | **(13.8)%** | **16433** | **17574** | **(6.5)%** |
| **Dairy - Farm** |  |  |  |  |  |  |  |
| Milking Cows | *average heads* | 14445 | 14568 | (0.8)% | 14419 | 14488 | (0.5)% |
| Cow Productivity | *liter/cow/day* | 35.8 | 36.9 | (3.0)% | 35.7 | 37.1 | (3.8)% |
| Total Milk Produced | million liters | 47.1 | 48.9 | (3.8)% | 93.2 | 97.8 | (4.8)% |
| **Dairy - Industry** |  |  |  |  |  |  |  |
| Total Milk Processed | million liters | 98.3 | 86.0 | 14.3% | 184.1 | 167.2 | 10.1% |

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

In 2Q25, raw milk production was 47.1 million liters, marking a 3.8% year-over-year decline. This was explained by lower cow productivity versus the same period of last year, although levels are still strong at 35.8 liters per cow per day. Year-to-date, total raw milk production amounted to 93.2 million liters, marking a 4.8% year-over-year decrease compared to the previous year, as milk production stood at 35.7 liters per cow per day. We expect cow productivity to normalize during the upcoming quarters.

At the industry level, we processed 98.3 million liters of raw milk during the quarter, 14.3% higher than last year. Out of this volume, approximately 35% came from our dairy farm operations whereas the balance was sourced from local producers in nearby areas or supplied by partners to whom we provide tolling services. During the first semester, total processed milk amounted to 184.1 million liters of raw milk, marking a 10.1% year-over-year increase. We continue working on product development for the domestic and export market, offering higher value added products as well as commoditized products, and being present across different price tiers with our consumer product brands.

Adjusted EBITDA amounted to $9.6 million and $16.4 million in 2Q25 and 6M25, respectively, marking a 13.8% and 6.5% decrease compared to the same period of last year. Despite higher volumes sold of our value added products, results were negatively impacted by higher costs in U.S. dollar terms. We continue working towards achieving efficiencies in our vertically integrated operations and increasing our productivity levels in every stage of the value chain, as well as in the development of new markets for our wide portfolio of value added products.

Adjusted EBIT was $6.1 million and $9.4 million during 2Q25 and 6M25, respectively. However, once interest expense and the foreign exchange loss related to the financial debt are considered, the year-to-date results decrease to negative $7.2 million.

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**Corporate expenses**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CORPORATE EXPENSES**<br>***$ thousands*** |<br>**2Q25** |<br>**2Q24** |<br>**Chg %** |<br>**6M25** |<br>**6M24** |<br>**Chg %** |
| Corporate Expenses | (13814) | (4683) | 195.0% | (24366) | (10436) | 133.5% |

---

Adecoagro's corporate expenses include items that are not allocated to a specific business segment, such as the remuneration of executive officers and headquarters staff, certain professional services, office lease expenses, among others. Corporate expenses for 2Q25 amounted to $13.8 million, $9.1 million higher than the previous year, while year-to-date they amounted to $24.4 million, marking a $13.9 million year-over-year increase. Excluding one-off expenses, such as the financial & legal advisory fees and other related costs incurred in connection with Tether's tender offer for our common shares, corporate expenses were $8.1 million and $15.2 million during the 2Q25 and 6M25, respectively, $3.4 million and $4.7 million higher year-over-year due to higher costs in U.S. dollar terms.

**Net Income & Adjusted Net Income**

Net income amounted to negative $17.0 million during 2Q25, whereas on a year-to-date basis it reached $1.7 million, marking a $26.9 million and $55.5 million year-over-year decrease, respectively.

Nevertheless, once we exclude the impact of foreign exchange variation, as well as inflation accounting effects (all non-cash impacts), adjusted net income reached negative $14.0 million during the quarter, whereas on an accumulated basis it amounted to negative $27.5 million. The main drivers behind the year-over-year losses were (i) the lower results at a consolidated level as explained throughout this earnings release; together with (ii) lower income tax gains throughout both periods; and (iii) higher interest expenses on higher debt levels.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ADJUSTED NET INCOME** <sup>(1)</sup><br>***$ thousands*** |<br>**2Q25** |<br>**2Q24** |<br>**Chg %** |<br>**6M25** |<br>**6M24** |<br>**Chg %** |
| Profit for the period | (17043) | 9868 | (272.7)% | 1664 | 57212 | (97.1)% |
| Foreign exchange losses/(gains), net | (774) | 27647 | (102.8)% | (34000) | 22023 | (254.4)% |
| Cash flow hedge - transfer from equity |  | 26312 | (100.0)% |  | 26312 | (100.0)% |
| Inflation accounting effects | 5727 | 27100 | (78.9)% | 5317 | (5617) | n.a |
| Net results from Fair Value adjustment of Investment Property | (1929) | 5503 | (135.1)% | (479) | 19805 | (102.4)% |
| Revaluation surplus of farmland sold |  | 9024 | (100.0)% |  | 9024 | (100.0)% |
| **Adjusted Net Income** | **(14019)** | **105454** | **(113.3)%** | **(27498)** | **128759** | **(121.4)%** |

---

<sup>(1)</sup> Please see "Reconciliation of Non-IFRS measures" starting on page 24 for a reconciliation of Adjusted Net Income.

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**Indebtedness**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **NET DEBT BREAKDOWN**<br>***$ thousands*** |<br>**2Q25** |<br>**1Q25** |<br>**Chg %** |<br>**2Q24** |<br>**Chg %** |
| **Farming** | **198277** | **242191** | **(18.1)%** | **119791** | **65.5%** |
| Short term Debt | 167910 | 189638 | (11.5)% | 105843 | 58.6% |
| Long term Debt | 30367 | 52552 | (42.2)% | 13948 | 117.7% |
| **Sugar, Ethanol & Energy** | **706630** | **676259** | **4.5%** | **710880** | **(0.6)%** |
| Short term Debt | 54002 | 43230 | 24.9% | 46023 | 17.3% |
| Long term Debt | 652628 | 633029 | 3.1% | 664857 | (1.8)% |
| **Total Short term Debt** | **221912** | **232868** | **(4.7)%** | **151866** | **46.1%** |
| **Total Long term Debt** | **682995** | **685581** | **(0.4)%** | **678805** | **0.6%** |
| **Gross Debt** | **904907** | **918449** | **(1.5)%** | **830671** | **8.9%** |
| Cash & Equivalents | 180607 | 179530 | 0.6% | 140311 | 28.7% |
| Short-Term Investments | 25065 | 59440 | (57.8)% | 58616 | (57.2)% |
| **Net Debt** | **699235** | **679479** | **2.9%** | **631744** | **10.7%** |
| **EOP Net Debt / Adj. EBITDA LTM** | **2.3x** | **1.7x** | **31.4%** | **1.3x** | **74.4%** |

---

As of June 30, 2025, Adecoagro's net debt position amounted to $699.2 million, marking a 10.7% year-over-year increase. Due to the seasonality of our operations, the first half of the year is when we have the highest working capital requirements, mainly in our Farming operations, as it is the moment when we undergo planting/harvesting activities for most of our crops. The year-over-year increase in our net debt is mainly explained by a 46.1% increase in our short-term borrowings, as we were able to secure short-term financing for our working capital needs in our Farming businesses at attractive rates given the overall decline in consolidated results on a last-twelve-months basis. In terms of liquidity, our ratio stood at 1.6x, showing the Company's full capacity to repay short term debt with its cash balance.

Our Net Debt ratio (Net Debt/EBITDA) as of 2Q25 was 2.3x, 74.4% higher than the previous year mainly explained by the lower EBITDA generation during the last twelve months given the challenging price scenario for most of the commodities and value-added products that we produce. We continue with our disciplined capital allocation strategy, which includes investing in growth projects with attractive returns across our operations as well as distributing cash to shareholders; while keeping financial flexibility and diligently reducing our gross debt and cash as efficiently as possible.

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

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**Capital Expenditures**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CAPITAL EXPENDITURES**<br>***$ thousands*** |<br>**2Q25** |<br>**2Q24** |<br>**Chg %** |<br>**6M25** |<br>**6M24** |<br>**Chg %** |
| **Farming** | **15107** | **7110** | **112.5%** | **28418** | **28562** | **(0.5)%** |
| Expansion | 8598 | 3857 | 122.9% | 15129 | 19422 | (22.1)% |
| Maintenance | 6509 | 3254 | 100.1% | 13289 | 9139 | 45.4% |
| **Sugar, Ethanol & Energy** | **42258** | **52838** | **(20.0)%** | **113549** | **138532** | **(18.0)%** |
| Maintenance | 27603 | 39917 | (30.8)% | 75297 | 112499 | (33.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planting | 20181 | 24853 | (18.8)% | 34177 | 44475 | (23.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial & Agricultural Machinery | 7422 | 15064 | (50.7)% | 41120 | 68024 | (39.5)% |
| Expansion | 14655 | 12921 | 13.4% | 38252 | 26033 | 46.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Planting | 12256 | 10916 | 12.3% | 27190 | 21943 | 23.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial & Agricultural Machinery | 2399 | 2005 | 19.7% | 11062 | 4090 | 170.5% |
| **Total** | **57366** | **59948** | **(4.3)%** | **141967** | **167093** | **(15.0)%** |
| &nbsp;&nbsp;*Total Maintenance Capex* | *34112* | *43171* | *(21.0)%* | *88586* | *121638* | *(27.2)%* |
| &nbsp;&nbsp;*Total Expansion Capex* | *23253* | *16778* | *38.6%* | *53381* | *45455* | *17.4%* |

---

Adecoagro's capital expenditures amounted to $57.4 million in 2Q24, 4.3% lower compared to the previous year, while on an accumulated basis it reached $142.0 million, marking a 15.0% year-over-year decrease.

The Sugar, Ethanol and Energy business accounted for 74% or $42.3 million of total capex during the quarter. The total year-over-year reduction in maintenance capex is explained by (i) a more equal distribution of the maintenance activities done at the mills throughout the year, together with (ii) lower renewal planting costs given the use of pre-sprouted seedling (MPB), which is produced in our own biofactory and therefore helps us to reduce our seedling costs. On the other hand, expansion capex was 13.4% higher year-over-year due to greater sugarcane expansion planting and the acquisition of two-row harvesters and grunner trucks, which reduce soil compaction and diesel consumption. Year-to-date, capital expenditures amounted to $113.5 million for this business unit.

The Farming businesses accounted for 26%, or $15.1 million of total capex in 2Q25. The renewal of our agricultural equipment, as well as of our light fleet vehicles, were the main drivers towards the year-over-year increase in maintenance capex. Regarding expansion capex, investments in this front were mostly related to (i) the development of croppable land for our Rice operations; (ii) the expansion of our Parboil production capacity at San Salvador rice mill; coupled with (iii) industrial improvements in our Morteros milk processing facility to enhance efficiencies and expand our product portfolio. On a year-to-date basis, total capex amounted to $28.4 million, in line with the previous year.

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**Other Operational & Financial Metrics**

2024/25 Harvest Season

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FARMING PRODUCTION DATA** | **FARMING PRODUCTION DATA** | **FARMING PRODUCTION DATA** | **FARMING PRODUCTION DATA** | | | | | | |
| **Planting & Production** | **Planted Area (hectares)** | **Planted Area (hectares)** | **Planted Area (hectares)** | **2024/25 Harvested Area** | **2024/25 Harvested Area** | **2024/25 Harvested Area** | **Yields (Tons per hectare)** | **Yields (Tons per hectare)** | **Yields (Tons per hectare)** |
| | **2024/25** | **2023/24** | **Chg %** | **Hectares** | **% Harvested** | **Production** | **2024/25** | **2023/24** | **Chg %** |
| Soybean | 50972 | 64753 | (21.3)% | 50443 | 99.0% | 141941 | 2.8 | 2.8 | 0.3% |
| Soybean 2nd Crop | 41474 | 23927 | 73.3% | 41359 | 99.7% | 87613 | 2.1 | 2.2 | (3.2)% |
| Corn <sup>(1)</sup> | 44378 | 57043 | (22.2)% | 40001 | 90.1% | 231370 | 5.8 | 5.2 | 10.4% |
| Corn 2nd Crop | 2505 | 2548 | (1.7)% | 1733 | 69.2% | 7776 | 4.5 | 4.5 | (0.8)% |
| Wheat <sup>(2)</sup> | 47820 | 28142 | 69.9% | 47820 | 100.0% | 118384 | 2.5 | 3.1 | (21.0)% |
| Sunflower | 12609 | 10832 | 16.4% | 12609 | 100.0% | 26882 | 2.1 | 1.7 | 24.8% |
| Cotton | 4890 | 5199 | (5.9)% | 4890 | 100.0% | 2231 | 0.5 | 0.4 | 7.5% |
| Peanut | 25352 | 24282 | 4.4% | 22490 | 88.7% | 75192 | 3.3 | 3.6 | (7.3)% |
| Other <sup>(3)</sup> | 10542 | 3698 | 185.1% | 10274 | 97.5% | 5849 |  |  |  |
| **Total Crops** | **240542** | **220425** | **9.1%** | **231619** | **96.3%** | **697238** |  |  |  |
| Rice <sup>(4)</sup> | 64438 | 58452 | 10.2% | 64438 | 100.0% | 513885 | 8.0 | 6.1 | 30.2% |
| **Total Farming** | **304980** | **278877** | **9.4%** | **296057** | **97.1%** | **1211122** |  |  |  |
| Owned Croppable Area | 99056 | 99357 | (0.3)% |  |  |  |  |  |  |
| Leased Area | 161945 | 153044 | 5.8% |  |  |  |  |  |  |
| Second Crop Area | 43978 | 26476 | 66.1% |  |  |  |  |  |  |
| **Total Farming Area** | **304980** | **278877** | **9.4%** |  |  |  |  |  |  |

---

<sup>(1)</sup> Includes sorghum; <sup>(2)</sup> Includes barley and peas; <sup>(3)</sup> Includes chia, sesame, potatoes and beans; <sup>(4)</sup> Production volume does not include 142,202 tons of rough rice sourced from third-parties.

As of beginning of August 2025, we harvested 296,057 hectares, or 97.1% of total area, and produced 1,211,122 tons of aggregate grains. The remaining hectares are expected to be fully harvested during the rest of the month. Due to the uneven weather patterns experienced across the regions where our crops are produced, average yields for the 2024/25 harvest season ended up below our initial expectations, and in-line-to-below historical average. On the other hand, our rice production reached a new record driven by record yields and planted area, as well as by our work on seed genetics and the implementation of new technologies.

**Soybean 1st crop:** Harvesting activities of our soybean production are almost concluded. During this campaign, the average yield stood at 2.8 Tn/Ha, in line with the previous year and historical average. Throughout the first half of the year, rainfall distribution varied across the different regions where our soybean production was located, resulting in solid yields in Argentina's Center-South region, but below historical average in the Northern and Western regions due to a lack of precipitations.

**Corn:** As of the date of this report, we are still undergoing harvesting activities for our late corn, whereas early corn harvest has been completed. As explained in our prior release, the production of our early corn was negatively impacted by the dry weather and high temperatures experienced throughout December and January, moment when yields were being defined. Nevertheless, in the case of late corn we are seeing

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a significant recovery in our production due to the normal weather conditions experienced throughout its development stage*.* Overall, we foresee better yields than in the 2023/24 harvest season, but in line with historical average.

**Peanut:** Harvesting activities are still underway, with approximately 10% of our area left to be harvested. So far, we have reached a yield of 3.3 Tn/ha, slightly above historical average but below the record achieved during the previous campaign. Throughout this year, our peanut production received the necessary rainfalls during summertime to undergo a normal crop development, despite low temperatures registered during the month of April, which slightly reduced the full potential of the crop. We expect to conclude this harvest season with an average yield in line with historical.

**Winter Crops:** We are undergoing planting activities related to the 2025/26 harvest season for our winter crops (mainly wheat), with a total planting area expectation of approximately 27,000 hectares. The year-over-year decline in planted area is mostly explained by (i) our decision to reduce our exposure in the Northern region, which last year amounted to ∼15,000 hectares, together with (ii) a decrease in leased hectares, in order to improve crops margins. In terms of soil moisture, rainfalls received during the first half of the year favored the progress of planting activities across the country and therefore a solid campaign from Argentina at a national level is expected so far (∼21 million tons for wheat). Weather evolution throughout the second semester will be key for yield definition.

**Rice:** We concluded harvesting activities for our rice by mid 2Q25, reaching a record yield of 8.0 Tn/ha. As stated in the previous releases, our work on seed genetics, team's consolidation and the implementation of new technologies throughout the years, together with good weather conditions experienced during summertime, resulted in record productivity levels in our rice farms.

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Inventories

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Volume** | **Volume** | **Volume** | **thousand $** | **thousand $** | **thousand $** |
| **END OF PERIOD INVENTORIES**<br>**Product** |<br>***Metric*** | **2Q25** | **2Q24** | **% Chg** | **2Q25** | **2Q24** | **% Chg** |
| Soybean | *tons* | 169109 | 115712 | 46.1% | 38961 | 33296 | 17.0% |
| Corn <sup>(1)</sup> | *tons* | 109553 | 114963 | (4.7)% | 16908 | 17366 | (2.6)% |
| Wheat <sup>(2)</sup> | *tons* | 41584 | 30843 | 34.8% | 7661 | 6890 | 11.2% |
| Sunflower | *tons* | 4208 | 1171 | 259.5% | 1457 | 615 | 137.1% |
| Cotton | *tons* | 428 | 1498 | (71.5)% | 446 | 1272 | (64.9)% |
| Rice <sup>(3)</sup> | *tons* | 69317 | 38560 | 79.8% | 22932 | 20104 | 14.1% |
| Peanut | *tons* | 12523 | 9974 | 25.6% | 13102 | 13845 | (5.4)% |
| Organic Sugar | *tons* |  | 30 | (100.0)% |  | 13 | (100.0)% |
| Sugar | *tons* | 34253 | 109221 | (68.6)% | 10605 | 32874 | (67.7)% |
| Ethanol | *m3* | 33302 | 218438 | (84.8)% | 15070 | 97181 | (84.5)% |
| &nbsp;&nbsp;*Hydrous Ethanol* | *m3* | *26924* | *205707* | *(86.9)%* | *12142* | *91187* | *(86.7)%* |
| &nbsp;&nbsp;*Anhydrous Ethanol* | *m3* | *6379* | *12732* | *(49.9)%* | *2928* | *5994* | *(51.2)%* |
| Fluid Milk | *Th Lts* | 14228 | 5925 | 140.1% | 9497 | 4207 | 125.7% |
| Powder Milk | *tons* | 2220 | 951 | 133.4% | 7615 | 3859 | 97.4% |
| Cheese | *tons* | 770 | 764 | 0.7% | 3130 | 3485 | (10.2)% |
| Butter | *tons* | 190 | 80 | 137.3% | 1083 | 478 | 126.8% |
| Cbios | *units* | 162701 | 69199 | 135.1% | 1567 | 822 | 90.6% |
| Fuel | *m3* | 52 | 198 | (73.8)% | 55 | 199 | (72.4)% |
| Others | *tons* | 4882 | 1832 | 166.5% | 4129 | 1237 | 233.8% |
| **Total** |  |  |  |  | **154220** | **237740** | **(35.1)%** |

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<sup>(1)</sup> Includes sorghum; <sup>(2)</sup> Includes barley: <sup>(3)</sup> Expressed in white rice equivalent

Variations in inventory levels between 2Q25 and 2Q24 are attributable to changes in (i) production volumes

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

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

for each product.

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Commodity Hedging

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **COMMODITY HEDGE POSITION - As of June 30, 2025** | **COMMODITY HEDGE POSITION - As of June 30, 2025** | **COMMODITY HEDGE POSITION - As of June 30, 2025** | **COMMODITY HEDGE POSITION - As of June 30, 2025** | **COMMODITY HEDGE POSITION - As of June 30, 2025** |
| | **Consolidated Hedge Position** | **Consolidated Hedge Position** | **Consolidated Hedge Position** | **Consolidated Hedge Position** |
| **Crops** | | **Avg. FAS Price** | **CBOT FOB** | |
| | **Volume** | **USD/Ton** | **USD/Bu** | **Hedge (%)** |
| **2024/2025 Harvest season** | | | | |
| Soybeans (tons) | 140704 | 296.7 | 1188.9 | 71% |
| Corn (tons) | 147466 | 187.5 | 599.3 | 70% |
| Wheat (tons) | 62256 | 217.5 | 705.7 | 74% |
| **2025/2026 Harvest season** |  |  |  |  |
| Soybeans (tons) |  |  |  | —% |
| Corn (tons) |  |  |  | —% |
| Wheat (tons) |  |  |  | —% |
|  | **Consolidated Hedge Position** | **Consolidated Hedge Position** | **Consolidated Hedge Position** | **Consolidated Hedge Position** |
| **Sugar, Ethanol & Energy** |  | **Avg. FOB Price** | **ICE FOB** |  |
|  | **Volume** | **USD/Unit** | **Cents/Lb** | **Hedge (%)** |
| **2025 FY** |  |  |  |  |
| Sugar (tons) | 410566 | 445.2 | 20.2 | 61% |
| Ethanol (m3) |  |  |  | —% |
| Energy (MW/h) <sup>(1)</sup> | 662616 | 42.8 | n.a. | 82% |
| **2026 FY** |  |  |  |  |
| Sugar (tons) |  |  |  | —% |
| Ethanol (m3) |  |  |  |  |
| Energy (MW/h) <sup>(1)</sup> | 616752 | 37.8 | n.a | 72% |

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<sup>(1)</sup> Energy prices in 2025 were converted to USD at an exchange rate of BRL/USD 5.67. Energy prices in 2026 were converted to USD at an exchange rate of BRL/USD 5.80.

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**2Q25 Market Highlights**

◦ During 2Q25, global sugar prices declined steadily, dropping below 16 cts/lb by end of June, the lowest level seen since April 2021. This weakness was driven by (i) optimism given the beginning of season in Brazil's Center-South region, (ii) a better outlook for India's and Thailand's harvests, coupled with (iii) growing speculative fund activity. Despite a solid start in Brazil, May data showed lower TRS and total output year-over-year, while macroeconomic concerns such as U.S. tariff announcements and recession fears, added pressure to the bearish sentiment. Although the 2025/26 forecasted global surplus has been cut down significantly due to lower expected output coming from Brazil's Center-South region in 4Q, sugar prices have fallen close to ethanol parity and to Brazil's cost of production for the first time since 2020, raising doubts over expected supply. Going forward, the market remains sensitive to supply signals, paying special focus on Brazil's production pace during 3Q, rainfall evolution in Europe, and India's cane area and yield updates. Overall, funds have a significant net short position in the commodity, therefore any shortfall in current supply expectations could lead to a hike in prices.

◦ Ethanol prices softened during 2Q25, pressured by seasonal supply and a decline in gasoline prices. Despite this, prices showed some resilience due to temporary supply constraints as mills continued to maximize sugar production under a scenario of weaker productivity indicators. According to ESALQ, hydrous and anhydrous ethanol prices decreased by 5% and 4% quarter-over-quarter, even though they remained up 13% and 14% year-over-year. In terms of sales, consumer preference continues to favor hydrous ethanol over gasoline. Furthermore, Brazil's national government confirmed the E30 mandate (which states an increase in the average ethanol blended into gasoline from 27% to 30%), starting on August 1st, potentially boosting annual demand and offering price support. This policy shift, together with a strong demand and the evolution of Brazil's Center-South harvest may further support ethanol prices during the second half of the year.

◦ Brazil's carbon credit market under the RenovaBio program presented a 30% year-over-year decrease in 2Q25, reaching an average price of 63 BRL/CBio (approximately 11 USD/CBio), compared to 90 BRL/CBio (17 USD/CBio) in 2Q24.

◦ In 2Q25, energy spot prices in the southeast region of Brazil were 244% higher year-over-year and 35% higher compared to 1Q25. The peak in prices was recorded in June, explained by the lower precipitations observed during the month. Southeast reservoir levels stood at 66% during June, marking a 2% decrease versus the previous month.

◦ During 2Q25, soybean prices traded 1% lower at CBOT compared to 1Q25, while corn prices declined by 5%. The decrease was mainly explained by the market expectations of ample global supply, coupled with favorable weather conditions for the ongoing harvest season in the U.S. In the Argentine local market, soybean and corn prices decreased by 9% and 11%, respectively, compared to 1Q25. This was primarily driven by greater soybean and corn supply as the harvest pace for both crops advanced.

◦ In 2Q25, global rices prices continued their downward trend due to strong supply from most origins in Asia and America, combined with slower sales in key destination markets. In America, current prices are discouraging planting intentions for the 2025/26 harvest season. For example, the U.S. is reducing its planted area of long grain rice by 11%, whereas in South America, a reduction of 10-15% is being estimated for the new crop, whose planting window begins in September.

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◦ During 2Q25, international dairy prices, such as semi hard cheese, butter, UHT milk, among others continued trading at high prices due to the low season in the Southern Hemisphere. Nevertheless, the export market started to show some regression due to (i) growth in Argentina's and Brazil's raw milk production during 1H25; (ii) Algeria denying licenses to exporters; coupled with (iii) Russia applying (once again) a 15% tax to Argentina's butter and Anhydrous Milk Fat (AMF) products. Focusing solely on Argentina's domestic market, there has been a decline in domestic prices due to an oversupply scenario.

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**Forward-looking Statements**

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

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

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

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

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**Reconciliation of Non-IFRS measures**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBIT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA margin

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net Debt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net Debt to Adjusted EBITDA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted Net Income

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

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

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

**Adjusted EBITDA & Adjusted EBIT** 

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

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

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

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

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

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

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

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

Reconciliation of both Adjusted EBITDA and Adjusted EBIT starts on page 27.

**Net Debt & Net Debt to Adjusted EBITDA** 

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

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **RECONCILIATION - NET DEBT**<br>***$ thousands*** |<br>**2Q25** |<br>**1Q25** |<br>**Chg %** |<br>**2Q24** |<br>**Chg %** |
| Total Borrowings | 904907 | 918449 | (1.5)% | 830671 | 8.9% |
| Cash and Cash equivalents | 180607 | 179530 | 0.6% | 140311 | 28.7% |
| Short-term investments | 25065 | 59440 | (57.8)% | 58616 | (57.2)% |
| **Net Debt** | **699235** | **679479** | **2.9%** | **631744** | **10.7%** |

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**Adjusted Net Income**

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

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

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

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **ADJUSTED NET INCOME**<br>***$ thousands*** |<br>**2Q25** |<br>**2Q24** |<br>**Chg %** |<br>**6M25** |<br>**6M24** |<br>**Chg %** |
| Profit for the period | (17043) | 9868 | (272.7)% | 1664 | 57212 | (97.1)% |
| Foreign exchange losses/(gains), net | (774) | 27647 | (102.8)% | (34000) | 22023 | (254.4)% |
| Cash flow hedge - transfer from equity |  | 26312 | (100.0)% |  | 26312 | (100.0)% |
| Inflation accounting effects | 5727 | 27100 | (78.9)% | 5317 | (5617) | n.a |
| Net results from Fair Value adjustment of Investment Property | (1929) | 5503 | (135.1)% | (479) | 19805 | (102.4)% |
| Revaluation surplus of farmland sold |  | 9024 | (100.0)% |  | 9024 | (100.0)% |
| **Adjusted Net Income** | **(14019)** | **105454** | **(113.3)%** | **(27498)** | **128759** | **(121.4)%** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 2Q25** | **ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 2Q25** | **ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 2Q25** | **ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 2Q25** | **ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 2Q25** | | | | |
| ***$ thousands*** | Crops | Rice | Dairy | **Farming** | **Sugar, Ethanol & Energy** |  | **Corporate** | **Total** |
| Sales of goods and services rendered | 72665 | 59750 | 68758 | 201173 | 190804 |  |  | 391977 |
| Cost of goods sold and services rendered | (74841) | (52674) | (58442) | (185957) | (141209) |  |  | (327166) |
| Initial recog. and changes in FV of BA and agricultural produce | (2579) | 4193 | 7850 | 9464 | 1135 |  |  | 10599 |
| Gain from changes in NRV of agricultural produce after harvest | 2124 | (22) | (9) | 2093 | (595) |  |  | 1498 |
| **Margin on Manufacturing and Agricultural Act. Before Opex** | **(2631)** | **11247** | **18157** | **26773** | **50135** |  | **—** | **76908** |
| General and administrative expenses | (8957) | (3848) | (3731) | (16536) | (9597) |  | (14523) | (40656) |
| Selling expenses | (4304) | (8727) | (8155) | (21186) | (20083) |  | 56 | (41213) |
| Other operating income, net | 2969 | 2114 | (145) | 4938 | 4276 |  | 223 | 9437 |
| **Profit from Operations Before Financing and Taxation** | **(12923)** | **786** | **6126** | **(6011)** | **24731** |  | **(14244)** | **4476** |
| Net results from Fair value adjustment of Investment property |  | (1922) |  | (1922) |  |  |  | (1922) |
| **Adjusted EBIT** | **(12923)** | **(1136)** | **6126** | **(7933)** | **24731** | 0 | **(14244)** | **2554** |
| (-) Depreciation and Amortization | 1498 | 4049 | 3467 | 9014 | 43369 |  | 430 | 52813 |
| **Adjusted EBITDA** | **(11425)** | **2913** | **9593** | **1081** | **68100** | 0 | **(13814)** | **55367** |
| **Reconciliation to Profit/(Loss)** |  |  |  |  |  |  |  |  |
| Adjusted EBITDA |  |  |  |  |  |  |  | 55367 |
| (+) Depreciation and Amortization |  |  |  |  |  |  |  | (52813) |
| (+) Financial result, net |  |  |  |  |  |  |  | (21444) |
| (+) Net results from Fair value adjustment of Investment property |  |  |  |  |  |  |  | 1922 |
| (+) Income Tax (Charge)/Benefit |  |  |  |  |  |  |  | (1294) |
| (+) Translation Effect (IAS 21) |  |  |  |  |  |  |  | 1219 |
| **Profit/(Loss) for the Period** |  |  |  |  |  |  |  | **(17.043)** |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 2Q24** | **ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 2Q24** | **ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 2Q24** | **ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 2Q24** | **ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 2Q24** | **ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 2Q24** | | | | |
| ***$ thousands*** | Crops | Rice | Dairy | **Farming** | **Sugar, Ethanol & Energy** |  | **Corporate** |  | **Total** |
| Sales of goods and services rendered | 76506 | 70972 | 69140 | 216618 | 180929 |  |  |  | 397547 |
| Cost of goods sold and services rendered | (72315) | (59876) | (56254) | (188445) | (135354) |  |  |  | (323799) |
| Initial recog. and changes in FV of BA and agricultural produce | 12707 | 9641 | 3655 | 26003 | 13802 |  |  |  | 39805 |
| Gain from changes in NRV of agricultural produce after harvest | (3895) | (18) |  | (3913) | 162 |  |  |  | (3751) |
| **Margin on Manufacturing and Agricultural Act. Before Opex** | **13003** | **20719** | **16541** | **50263** | **59539** |  | **—** |  | **109802** |
| General and administrative expenses | (11916) | (5199) | (2845) | (19960) | (6326) |  | (4994) |  | (31280) |
| Selling expenses | (4416) | (8815) | (6373) | (19604) | (18985) |  | 53 |  | (38536) |
| Other operating income, net | 18558 | (13644) | 784 | 5698 | 17329 |  | (135) |  | 22892 |
| **Profit from Operations Before Financing and Taxation** | **15229** | **(6939)** | **8107** | **16397** | **51557** |  | **(5076)** |  | **62878** |
| Net results from Fair value adjustment of Investment property | (10708) | 14474 |  | 3766 |  |  |  |  | 3766 |
| Transfer of revaluation surplus derived from the disposals of assets | 9024 |  |  | 9024 |  |  |  |  | 9024 |
| **Adjusted EBIT** | **13545** | **7535** | **8107** | **29187** | **51557** | 0 | **(5076)** | 0 | **75668** |
| (-) Depreciation and Amortization | 1936 | 3649 | 3020 | 8605 | 55329 |  | 393 |  | 64327 |
| **Adjusted EBITDA** | **15481** | **11184** | **11127** | **37792** | **106886** |  | **(4683)** |  | **139995** |
| **Reconciliation to Profit/(Loss)** |  |  |  |  |  |  |  |  |  |
| Adjusted EBITDA |  |  |  |  |  |  |  |  | 139995 |
| (+) Depreciation and Amortization |  |  |  |  |  |  |  |  | (64327) |
| (+) Financial result, net |  |  |  |  |  |  |  |  | (112872) |
| (+) Net results from Fair value adjustment of Investment property |  |  |  |  |  |  |  |  | (3766) |
| (+) Income Tax (Charge)/Benefit |  |  |  |  |  |  |  |  | 57445 |
| (-) Transfer of revaluation surplus derived from the disposals of assets |  |  |  |  |  |  |  |  | (9024) |
| (+) Translation Effect (IAS 21) |  |  |  |  |  |  |  |  | 2417 |
| **Profit/(Loss) for the Period** |  |  |  |  |  |  |  |  | **9.868** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 6M25** | **ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 6M25** | **ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 6M25** | **ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 6M25** | **ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 6M25** | **ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 6M25** | | |
| ***$ thousands*** | Crops | Rice | Dairy | **Farming** | **Sugar, Ethanol & Energy** | **Corporate** | **Total** |
| Sales of goods and services rendered | 116764 | 137395 | 145083 | 399242 | 316391 |  | 715633 |
| Cost of goods sold and services rendered | (113238) | (111797) | (128582) | (353617) | (248392) |  | (602009) |
| Initial recog. and changes in FV of BA and agricultural produce | (266) | 9151 | 16641 | 25526 | 8712 |  | 34238 |
| Gain from changes in NRV of agricultural produce after harvest | 3560 | (53) | (9) | 3498 | (774) |  | 2724 |
| **Margin on Manufacturing and Agricultural Act. Before Opex** | **6820** | **34696** | **33133** | **74649** | **75937** | **—** | **150586** |
| General and administrative expenses | (12751) | (11142) | (7361) | (31254) | (16417) | (24957) | (72628) |
| Selling expenses | (9352) | (20256) | (16404) | (46012) | (31899) | (136) | (78047) |
| Other operating income, net | 1107 | 1531 | 61 | 2699 | 5872 | (143) | 8428 |
| **Profit from Operations Before Financing and Taxation** | **(14176)** | **4829** | **9429** | **82** | **33493** | **(25236)** | **8339** |
| Net results from Fair value adjustment of Investment property |  | (479) |  | (479) |  |  | (479) |
| **Adjusted EBIT** | **(14176)** | **4350** | **9429** | **(397)** | **33493** | **(25236)** | **7860** |
| (-) Depreciation and Amortization | 2835 | 8286 | 7004 | 18125 | 64458 | 870 | 83453 |
| **Adjusted EBITDA** | **(11341)** | **12636** | **16433** | **17728** | **97951** | **(24366)** | **91313** |
| **Reconciliation to Profit/(Loss)** |  |  |  |  |  |  |  |
| Adjusted EBITDA |  |  |  |  |  |  | 91313 |
| (+) Depreciation and Amortization |  |  |  |  |  |  | (83453) |
| (+) Financial result, net |  |  |  |  |  |  | (9608) |
| (+) Net results from Fair value adjustment of Investment property |  |  |  |  |  |  | 479 |
| (+) Income Tax (Charge)/Benefit |  |  |  |  |  |  | 1939 |
| (+) Translation Effect (IAS 21) |  |  |  |  |  |  | 994 |
| **Profit/(Loss) for the Period** |  |  |  |  |  |  | **1.664** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 6M24** | **ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 6M24** | **ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 6M24** | **ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 6M24** | **ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 6M24** | **ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 6M24** | | |
| ***$ thousands*** | Crops | Rice | Dairy | **Farming** | **Sugar, Ethanol & Energy** | **Corporate** | **Total** |
| Sales of goods and services rendered | 108465 | 128911 | 125834 | 363210 | 288136 |  | 651346 |
| Cost of goods sold and services rendered | (102589) | (100321) | (103153) | (306063) | (217527) |  | (523590) |
| Initial recog. and changes in FV of BA and agricultural produce | 26808 | 31343 | 4012 | 62163 | 36954 |  | 99117 |
| Gain from changes in NRV of agricultural produce after harvest | (12394) | (1) |  | (12395) | 517 |  | (11878) |
| **Margin on Manufacturing and Agricultural Act. Before Opex** | **20290** | **59932** | **26693** | **106915** | **108080** | **—** | **214995** |
| General and administrative expenses | (14289) | (8955) | (5239) | (28483) | (12229) | (11527) | (52239) |
| Selling expenses | (6949) | (15541) | (11554) | (34044) | (32270) | (27) | (66341) |
| Other operating income, net | 7962 | (14242) | 2051 | (4229) | 7516 | 406 | 3693 |
| **Profit from Operations Before Financing and Taxation** | **7014** | **21194** | **11951** | **40159** | **71097** | **(11148)** | **100108** |
| Net results from Fair value adjustment of Investment property | 566 | 16023 |  | 16589 |  |  | 16589 |
| Transfer of revaluation surplus derived from the disposals of assets | 9024 |  |  | 9024 |  |  | 9024 |
| **Adjusted EBIT** | **16604** | **37217** | **11951** | **65772** | **71097** | **(11148)** | **125721** |
| (-) Depreciation and Amortization | 3659 | 6752 | 5623 | 16034 | 87644 | 712 | 104390 |
| **Adjusted EBITDA** | **20263** | **43969** | **17574** | **81806** | **158741** | **(10436)** | **230111** |
| **Reconciliation to Profit/(Loss)** |  |  |  |  |  |  |  |
| Adjusted EBITDA |  |  |  |  |  |  | 230111 |
| (+) Depreciation and Amortization |  |  |  |  |  |  | (104390) |
| (+) Financial result, net |  |  |  |  |  |  | (92385) |
| (+) Net results from Fair value adjustment of Investment property |  |  |  |  |  |  | (16589) |
| (+) Income Tax (Charge)/Benefit |  |  |  |  |  |  | 44524 |
| (-) Transfer of revaluation surplus derived from the disposals of assets |  |  |  |  |  |  | (9024) |
| (+) Translation Effect (IAS 21) |  |  |  |  |  |  | 4965 |
| **Profit/(Loss) for the Period** |  |  |  |  |  |  | **57212** |

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**Condensed Consolidated Interim Financial Statments**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Statement of Income** | | | | | | |
| ***$ thousands*** | **2Q25** | **2Q24** |<br>**Chg %** | **6M25** | **6M24** |<br>**Chg %** |
| Revenue | 382080 | 411417 | (7.1)% | 707586 | 673192 | 5.1% |
| Cost of revenue | (318346) | (334466) | (4.8)% | (594582) | (539807) | 10.1% |
| Initial recognition and Changes in fair value of biological assets and agricultural produce | 9531 | 44595 | (78.6)% | 33093 | 107700 | (69.3)% |
| Changes in net realizable value of agricultural produce after harvest | 1337 | (4561) | n . a | 2560 | (13579) | n . a |
| **Margin on Manufacturing and Agricultural Activities Before Operating Expenses** | **74602** | **116985** | **(36.2)%** | **148657** | **227506** | **(34.7)%** |
| General and administrative expenses | (38686) | (33163) | 16.7% | (70967) | (54847) | 29.4% |
| Selling expenses | (39606) | (40136) | (1.3)% | (76752) | (68721) | 11.7% |
| Other operating income, net | 9385 | 21609 | (56.6)% | 8395 | 1135 | 639.6% |
| **Profit from operations** | **5695** | **65295** | **(91.3)%** | **9333** | **105073** | **(91.1)%** |
| Finance income | 6957 | (4479) | (255.3)% | 43357 | 5025 | 762.8% |
| Finance costs | (22674) | (81293) | (72.1)% | (47648) | (103027) | (53.8)% |
| Other financial results - Net gain / (loss) of inflation effects on the monetary items | (5727) | (27100) | n .a | (5317) | 5617 | n .a |
| Financial results, net | (21444) | (112872) | (81.0)% | (9608) | (92385) | (89.6)% |
| **Profit / (loss) before income tax** | **(15749)** | **(47577)** | **(66.9)%** | **(275)** | **12688** | **(102.2)%** |
| Income tax | (1294) | 57445 | (102.3)% | 1939 | 44524 | (95.6)% |
| **Profit for the period** | **(17043)** | **9868** | **(272.7)%** | **1664** | **57212** | **(97.1)%** |

---

------

![bannerer.jpg](bannerer.jpg)<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Statement of Cashflows** | | | | | | |
| ***$ thousands*** | **2Q25** | **2Q24** |<br>**Chg %** | **6M25** | **6M24** |<br>**Chg %** |
| **Cash flows from operating activities:** | | | | | | |
| **Profit from operations** | **(17043)** | **9868** | **(272.7)%** | **1664** | **57212** | **(97.1)%** |
| Adjustments for: |  |  |  |  |  |  |
| Income tax (benefit) / expense | 1294 | (57445) | (102.3)% | (1939) | (44524) | (95.6)% |
| Depreciation | 51589 | 64763 | (20.3)% | 81752 | 104721 | (21.9)% |
| Amortization | 452 | 581 | (22.2)% | 1075 | 1145 | (6.1)% |
| Depreciation of right of use assets | 22561 | 30843 | (26.9)% | 38372 | 47366 | (19.0)% |
| Gain from disposal of farmland and other assets |  | (6050) | n . a |  | (6050) | n . a |
| Loss / (gain) from disposal of other property items | (458) | 1050 | (143.6)% | (408) | 332 | (222.9)% |
| Equity settled shared-based compensation granted | 10382 | 1622 | 540.1% | 11894 | 3466 | 243.2% |
| Loss / (gain) from derivative financial instruments and forwards | (9402) | (18666) | (49.6)% | (7193) | (9344) | (23.0)% |
| Interest and other expense , net | 16956 | 27984 | (39.4)% | 39787 | 44787 | (11.2)% |
| Initial recognition and changes in fair value of non harvested biological assets (unrealized) | 7226 | 653 | n . a | (6159) | (41123) | (85.0)% |
| Changes in net realizable value of agricultural produce after harvest (unrealized) | (4012) | 1824 | n . a | (2137) | 5088 | n . a |
| Provision and allowances | 14 | 269 | (94.8)% | 36 | 12 | 200.0% |
| Net gain from fair value adjustment of Investment property | (1929) | 5503 | n . a | (479) | 19805 | n . a |
| Tax credit recognized | 1176 |  | n . a | (3419) |  | n . a |
| Net gain of inflation effects on the monetary items of the effect of inflation on monetary items | 5727 | 27100 | n . a | 5317 | (5617) | (194.7)% |
| Foreign exchange gains, net | (774) | 27647 | (102.8)% | (34000) | 22023 | (254.4)% |
| Cash flow hedge – transfer from equity |  | 26312 | (100.0)% |  | 26312 | (100.0)% |
| **Subtotal** | **83759** | **143858** | **(41.8)%** | **124163** | **225611** | **(45.0)%** |
| **Changes in operating assets and liabilities:** |  |  |  |  |  |  |
| (Increase)/Decrease in trade and other receivables | 19561 | (5393) | (462.7)% | (100002) | (37751) | 164.9% |
| (Increase)/Decrease in inventories | (38364) | (102847) | (62.7)% | (52824) | (167073) | (68.4)% |
| (Increase)/Decrease in biological assets | 40814 | 90553 | (54.9)% | 113599 | 121876 | (6.8)% |
| (Increase)/Decrease in other assets | 72 | (10) | (820.0)% | 205 | (391) | (152.4)% |
| (Increase)/Decrease in derivatives financial instruments | 2651 | 20641 | (87.2)% | (1843) | 20759 | (108.9)% |
| (Increase)/Decrease in trade and other payables | 23854 | 10666 | 123.6% | 28343 | (40966) | (169.2)% |
| (Increase)/Decrease in payroll and social securities liabilities | (480) | (1472) | (67.4)% | 1101 | (4173) | (126.4)% |
| (Increase)/Decrease in provisions for other liabilities | (135) | 197 | (168.5)% | 90 | 468 | (80.8)% |
| **Cash generated in operations** | **131732** | **156193** | **(15.7)%** | **112832** | **118360** | **(4.7)%** |
| Income taxes paid | (1625) | (1691) | (3.9)% | (1795) | (2559) | (29.9)% |
| **Net cash generated from operating activities (a)** | **130107** | **154502** | **(15.8)%** | **111037** | **115801** | **(4.1)%** |

---

------

![bannerer.jpg](bannerer.jpg)<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Statement of Cashflows** | | | | | | |
| ***$ thousands*** | **2Q25** | **2Q24** |<br>**Chg %** | **6M25** | **6M24** |<br>**Chg %** |
| **Cash flows from investing activities** | | | | | | |
| Acquisition of business, net of cash acquired |  | (2529) | n . a |  | (15265) | (100.0)% |
| Purchases of property, plant and equipment | (53358) | (60143) | (11.3)% | (137681) | (154097) | (10.7)% |
| Purchase of cattle and non current biological assets planting cost | (2401) | (1000) | n . a | (2542) | (1184) | 114.7% |
| Purchases of intangible assets | (509) | 39 | (1405.1)% | (818) | (557) | 46.9% |
| Interest received | 2186 | 2167 | 0.9% | 4000 | 4473 | (10.6)% |
| Proceeds from sale of property, plant and equipment | 407 | 261 | 55.9% | 615 | 620 | (0.8)% |
| Proceeds from sale of farmlands | 1601 | 20044 | n . a | 1601 | 20044 | (92.0)% |
| Acquisition of short term | (28523) | (30102) | (5.2)% | (72767) | (33711) | 115.9% |
| Dispositions of short term investment | 56771 | 15606 | 263.8% | 84868 | 36576 | 132.0% |
| **Net cash used in investing activities (b)** | **(23826)** | **(55657)** | **(57.2)%** | **(122724)** | **(143101)** | **(14.2)%** |
| **Cash flows from financing activities** |  |  |  |  |  |  |
| Proceeds from EQ settled share-based compensation exercise | 45 |  | n . a | 45 |  | n . a |
| Interest paid **(c)** | (10836) | 4013 | (370.0)% | (26520) | (8071) | 228.6% |
| Proceeds from long-term borrowings | 15025 | 17381 | (13.6)% | 27547 | 20369 | 35.2% |
| Payment of long-term borrowings | (21169) | (11740) | n . a | (42602) | (11740) | n . a |
| Proceeds from short-term borrowings | 24691 | 40141 | (38.5)% | 166725 | 49871 | 234.3% |
| Payment of short-term borrowings | (55420) | (46814) | 18.4% | (64153) | (117043) | (45.2)% |
| Payment of derivatives financial instruments | 111 | (139) | (179.9)% | 33 | (79) | n . a |
| Lease Payments | (40404) | (37156) | 8.7% | (60285) | (55450) | 8.7% |
| Purchase of own shares |  | (20362) | (100.0)% | (10210) | (41695) | (75.5)% |
| Dividends paid to non-controlling interest |  |  | n . a |  | (124) | n . a |
| Dividends to shareholders | (17500) | (17500) | —% | (17500) | (17500) | —% |
| **Net cash used in financing activities (d)** | **(105457)** | **(72176)** | **46.1%** | **(26920)** | **(181462)** | **(85.2)%** |
| **Net increase / (decrease) in cash and cash equivalents** | **824** | **26669** | **(96.9)%** | **(38607)** | **(208762)** | **(81.5)%** |
| Cash and cash equivalents at beginning of year | 179530 | 135511 | n . a | 211244 | 339781 | (37.8)% |
| Exchange gains on cash and cash equivalents **(e)** | 253 | (21869) | (101.2)% | 7970 | 9292 | (14.2)% |
| **Cash and cash equivalents at end of year** | **180607** | **140311** | **28.7%** | **180607** | **140311** | **28.7%** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries over:** | **Combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries over:** | **2Q25** | **2Q24** | **6M25** | **6M24** |
| Operating activities | **(a)** | 19570 | 34384 | 2228 | (18719) |
| Acquisition of short term investment | **(b)** | 107 |  | (444) |  |
| Investing activities | **(c)** | (14397) | (4334) | 758 | (4003) |
| Interest paid | **(d)** | (3571) | 4635 | (2338) | 4152 |
| Financing activities | **(e)** | (7474) | (10565) | (4654) | 33313 |
| Exchange rate changes and inflation on cash and cash equivalents | **(f)** | 2301 | (19485) | 1668 | (10591) |

---

------

![bannerer.jpg](bannerer.jpg)<br>

---

| | | | |
|:---|:---|:---|:---|
| **Statement of Financial position** | | | |
| ***$ thousands*** | **6M25** | **12M24** |<br>**Chg %** |
| **ASSETS** | | | |
| **Non-Current Assets** | | | |
| Property, plant and equipment | 1661565 | 1548589 | 7.3% |
| Right of use assets | 404571 | 373846 | 8.2% |
| Investment property | 33542 | 33542 | —% |
| Intangible assets, net | 37415 | 37231 | 0.5% |
| Biological assets | 44036 | 43418 | 1.4% |
| Deferred income tax assets | 17065 | 15507 | 10.0% |
| Trade and other receivables, net | 56262 | 38510 | 46.1% |
| Derivative financial instruments | 8348 | 5482 | 52.3% |
| Other Assets | 3646 | 3761 | (3.1)% |
| **Total Non-Current Assets** | **2266450** | **2099886** | **7.9%** |
| Current Assets |  |  |  |
| Biological assets | 149630 | 250527 | (40.3)% |
| Inventories | 355856 | 289664 | 22.9% |
| Trade and other receivables, net | 293378 | 213356 | 37.5% |
| Derivative financial instruments | 6897 | 4114 | 67.6% |
| Short-term investment | 25065 | 46097 | (45.6)% |
| Cash and cash equivalents | 180607 | 211244 | (14.5)% |
| **Total Current Assets** | **1011433** | **1015002** | **(0.4)%** |
| **TOTAL ASSETS** | **3277883** | **3114888** | **5.2%** |
| **SHAREHOLDERS EQUITY** |  |  |  |
| **Capital and reserves attributable to equity holders of the parent** |  |  |  |
| Share capital | 158073 | 167073 | (5.4)% |
| Share premium | 636091 | 659399 | (3.5)% |
| Cumulative translation adjustment | (385666) | (413757) | (6.8)% |
| Equity-settled compensation | 11207 | 17264 | (35.1)% |
| Cash Flow Hedge |  |  | #DIV/0! |
| Other reserves | 153253 | 151261 | 1.3% |
| Treasury shares | (7965) | (16989) | (53.1)% |
| Revaluation surplus | 246486 | 245261 | 0.5% |
| Reserve from the sale of minority interests in subsidiaries | 41574 | 41574 | —% |
| Retained earnings | 518584 | 518064 | 0.1% |
| **Equity attributable to equity holders of the parent** | **1371637** | **1369150** | **0.2%** |
| Non controlling interest | 40113 | 38951 | 3.0% |
| **TOTAL SHAREHOLDERS EQUITY** | **1411750** | **1408101** | **0.3%** |
| **LIABILITIES** |  |  |  |
| **Non-Current Liabilities** |  |  |  |
| Trade and other payables | 978 | 767 | 27.5% |
| Borrowings | 682995 | 680005 | 0.4% |
| Lease liabilities | 316244 | 287679 | 9.9% |
| Deferred income tax liabilities | 330367 | 330336 | —% |
| Payrroll and Social liabilities | 544 | 1454 | (62.6)% |
| Provisions for other liabilities | 2792 | 2244 | 24.4% |
| **Total Non-Current Liabilities** | **1335025** | **1306468** | **2.2%** |
| **Current Liabilities** |  |  |  |
| Trade and other payables | 223449 | 206907 | 8.0% |
| Current income tax liabilities | 955 | 3471 | (72.5)% |
| Payrroll and Social liabilities | 32999 | 32735 | 0.8% |
| Borrowings | 221912 | 99551 | 122.9% |
| Lease liabilities | 47464 | 54351 | (12.7)% |
| Derivative financial instruments | 3521 | 1796 | 96.0% |
| Provisions for other liabilities | 808 | 1508 | (46.4)% |
| **Total Current Liabilities** | **531108** | **400319** | **32.7%** |
| **TOTAL LIABILITIES** | **1866133** | **1706787** | **9.3%** |
| **TOTAL SHAREHOLDERS EQUITY AND LIABILITIES** | **3277883** | **3114888** | **5.2%** |

---

## Exhibit 99.2

**Adecoagro S.A.**

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

------

**Legal information**

**Denomination:** Adecoagro S.A.

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

**Company activity:** Agricultural and agro-industrial

**Date of registration:** June 11, 2010

**Expiration of company charter:** No term defined

**Number of register (RCS Luxembourg):** B153.681

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

**Outstanding Capital Stock**: 100,069,440 common shares

**Treasury Shares**: 5,312,375 common shares

F - 1

------

**Adecoagro S.A.**

**Condensed Consolidated Interim Statements of Income**

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Six-months ended June 30,** | **Six-months ended June 30,** | **Three-months ended June 30,** | **Three-months ended June 30,** |
| | Note | **2025** | **2024** | **2025** | **2024** |
| | | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
| Revenue | 4 | 707586 | 673192 | 382080 | 411417 |
| Cost of revenue | 5 | (594582) | (539807) | (318346) | (334466) |
| Initial recognition and changes in fair value of biological assets and agricultural produce  | 15 | 33093 | 107700 | 9531 | 44595 |
| Changes in net realizable value of agricultural produce after harvest  |  | 2560 | (13579) | 1337 | (4561) |
| **Margin on manufacturing and agricultural activities before operating expenses** |  | **148657** | **227506** | **74602** | **116985** |
| General and administrative expenses | 6 | (70967) | (54847) | (38686) | (33163) |
| Selling expenses | 6 | (76752) | (68721) | (39606) | (40136) |
| Other operating income, net | 8 | 8395 | 1135 | 9385 | 21609 |
| **Profit from operations** |  | **9333** | **105073** | **5695** | **65295** |
| Finance income  | 9 | 43357 | 5025 | 6957 | (4479) |
| Finance costs  | 9 | (47648) | (103027) | (22674) | (81293) |
| Other financial results - Net (loss) / gain of inflation effects on the monetary items | 9 | (5317) | 5617 | (5727) | (27100) |
| Financial results, net | 9 | (9608) | (92385) | (21444) | (112872) |
| **(Loss) / profit before income tax** |  | **(275)** | **12688** | **(15749)** | **(47577)** |
| Income tax benefit / (expense) | 10 | 1939 | 44524 | (1294) | 57445 |
| **Profit / (loss) for the period** |  | **1664** | **57212** | **(17043)** | **9868** |
| **Attributable to:** |  |  |  |  |  |
| Equity holders of the parent |  | 520 | 56913 | (17558) | 9526 |
| Non-controlling interest |  | 1144 | 299 | 515 | 342 |
| **Earnings per share attributable to the equity holders of the parent during the period:** |  |  |  |  |  |
| Basic earnings/(loss) per share |  | 0.005 | 0.546 | (0.176) | 0.094 |
| Diluted earnings/(loss) per share |  | 0.005 | 0.543 | (0.176) | 0.093 |

---

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

F- 2

------

**Adecoagro S.A.**

**Condensed Consolidated Interim Statements of Comprehensive Income**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six-months ended June 30,** | **Six-months ended June 30,** | **Three-months ended June 30,** | **Three-months ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
| Profit / (Loss) for the period | 1664 | 57212 | (17043) | 9868 |
| **Other comprehensive income:** |  |  |  |  |
| **Items that may be reclassified subsequently to profit or loss:** |  |  |  |  |
| Exchange differences on translating foreign operations  | 30409 | 364052 | (48393) | 72168 |
| Cash flow hedge, net of tax (Note 2)  |  | 16907 |  | 16963 |
| **Items that will not be reclassified to profit or loss:** |  |  |  |  |
| Revaluation surplus net of tax  | (1075) | (230673) | 20406 | (60229) |
| Other comprehensive income / (loss) for the period | 29334 | 150286 | (27987) | 28902 |
| **Total comprehensive income / (loss) for the period** | **30998** | **207498** | **(45030)** | **38770** |
| **Attributable to:** |  |  |  |  |
| Equity holders of the parent | 29836 | 204601 | (45379) | 37695 |
| Non-controlling interest | 1162 | 2897 | 349 | 1075 |

---

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

F- 3

------

**Adecoagro S.A.**

**Condensed Consolidated Interim Statements of Financial Position** 

**as of June 30, 2025 and December 31, 2024** 

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

---

| | | | |
|:---|:---|:---|:---|
| | Note | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| | | (unaudited) | |
| **ASSETS** |  |  |  |
| **Non-Current Assets** | **Non-Current Assets** |  |  |
| Property, plant and equipment, net | 11 | 1661565 | 1548589 |
| Right of use assets | 12 | 404571 | 373846 |
| Investment property | 13 | 33542 | 33542 |
| Intangible assets, net | 14 | 37415 | 37231 |
| Biological assets | 15 | 44036 | 43418 |
| Deferred income tax assets | 10 | 17065 | 15507 |
| Trade and other receivables, net | 17 | 56262 | 38510 |
| Derivative financial instruments | 16 | 8348 | 5482 |
| Other Assets | Other Assets | 3646 | 3761 |
| **Total Non-Current Assets** | **Total Non-Current Assets** | **2266450** | **2099886** |
| **Current Assets** | **Current Assets** |  |  |
| Biological assets | 15 | 149630 | 250527 |
| Inventories | 18 | 355856 | 289664 |
| Trade and other receivables, net | 17 | 293378 | 213356 |
| Derivative financial instruments | 16 | 6897 | 4114 |
| Short-term investments |  | 25065 | 46097 |
| Cash and cash equivalents | 19 | 180607 | 211244 |
| **Total Current Assets** | **Total Current Assets** | **1011433** | **1015002** |
| **TOTAL ASSETS** | **TOTAL ASSETS** | **3277883** | **3114888** |
| **SHAREHOLDERS EQUITY** |  |  |  |
| **Capital and reserves attributable to equity holders of the parent** |  |  |  |
| Share capital | 20 | 158073 | 167073 |
| Share premium | 20 | 636091 | 659399 |
| Cumulative translation adjustment |  | (385666) | (413757) |
| Equity-settled compensation |  | 11207 | 17264 |
| Other reserves |  | 153253 | 151261 |
| Treasury shares |  | (7965) | (16989) |
| Revaluation surplus |  | 246486 | 245261 |
| Reserve from the sale of non-controlling interests in subsidiaries |  | 41574 | 41574 |
| Retained earnings |  | 518584 | 518064 |
| **Equity attributable to equity holders of the parent** |  | **1371637** | **1369150** |
| Non-controlling interest |  | 40113 | 38951 |
| **TOTAL SHAREHOLDERS EQUITY** |  | **1411750** | **1408101** |
| **LIABILITIES** |  |  |  |
| **Non-Current Liabilities** |  |  |  |
| Trade and other payables | 22 | 978 | 767 |
| Borrowings | 23 | 682995 | 680005 |
| Lease liabilities | 24 | 316244 | 287679 |
| Deferred income tax liabilities | 10 | 330367 | 330336 |
| Payroll and social security liabilities | 25 | 544 | 1454 |
| Derivatives financial instruments | 16 | 1105 | 3983 |
| Provisions for other liabilities | 26 | 2792 | 2244 |
| **Total Non-Current Liabilities** |  | **1335025** | **1306468** |
| **Current Liabilities** |  |  |  |
| Trade and other payables | 22 | 223449 | 206907 |
| Current income tax liabilities | 10 | 955 | 3471 |
| Payroll and social security liabilities | 25 | 32999 | 32735 |
| Borrowings | 23 | 221912 | 99551 |
| Lease liabilities | 24 | 47464 | 54351 |
| Derivative financial instruments | 16 | 3521 | 1796 |
| Provisions for other liabilities | 26 | 808 | 1508 |
| **Total Current Liabilities** |  | **531108** | **400319** |
| **TOTAL LIABILITIES** |  | **1866133** | **1706787** |
| **TOTAL SHAREHOLDERS EQUITY AND LIABILITIES** |  | **3277883** | **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 six-month periods ended June 30, 2025 and 2024**

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

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Attributable to equity holders of the parent** | **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 |  |  |  |  |  |  |  |  |  | 56913 | **56913** | 299 | **57212** |
| Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| *- Items that may be reclassified subsequently to profit or loss:* |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange differences on translating foreign operations |  |  | 187729 |  |  |  |  | 154339 |  |  | **342068** | 21984 | **364052** |
| &nbsp;&nbsp;&nbsp;Cash flow hedge (\*)  |  |  |  |  | 16907 |  |  |  |  |  | **16907** |  | **16907** |
| &nbsp;&nbsp;&nbsp;&nbsp;Revaluation of surplus (\*\*) |  |  |  |  |  |  |  | (211287) |  |  | **(211287)** | (19386) | **(230673)** |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer of the revaluation surplus derived from the disposals of assets (\*\*) |  |  |  |  |  |  |  | (6935) |  | 6935 | **—** |  | **—** |
| Other comprehensive income for the period |  |  | 187729 |  | 16907 |  |  | (63883) |  | 6935 | **147688** | 2598 | **150286** |
| Total comprehensive income for the period |  |  | 187729 |  | 16907 |  |  | (63883) |  | 63848 | **204601** | 2897 | **207498** |
| *- Employee share options (Note 22)* |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercised |  | 115 |  | (38) |  |  | 22 |  |  |  | **99** |  | **99** |
| *- Restricted shares and restricted units (Note 22):* |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Value of employee services |  |  |  | 2479 |  |  |  |  |  |  | **2479** |  | **2479** |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested |  | 7540 |  | (6111) |  | 1456 |  |  |  |  | **2885** |  | **2885** |
| &nbsp;&nbsp;&nbsp;Forfeited |  |  |  |  |  | 23 | (23) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted |  |  |  |  |  | (906) | 906 |  |  |  |  |  |  |
| *-Purchase of own shares (Note 21)* |  | (35475) |  |  |  |  | (6220) |  |  |  | **(41695)** |  | **(41695)** |
| *- Dividends to shareholders (Note 21)* |  | (35000) |  |  |  |  |  |  |  |  | **(35000)** |  | **(35000)** |
| **Balance at June 30, 2024 (unaudited)** | **167073** | **680990** | **(416132)** | **14984** | **(217)** | **151250** | **(13377)** | **253715** | **41574** | **482637** | **1362497** | **39417** | **1401914** |

---

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

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

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

F- 5

------

**Adecoagro S.A.**

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

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

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Attributable to equity holders of the parent** | **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 |  |  |  |  |  |  |  |  | 520 | **520** | 1144 | **1664** |
| Other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |  |  |
| *- Items that may be reclassified subsequently to profit or loss:* |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange differences on translating foreign operations |  |  | 28091 |  |  |  | 2770 |  |  | **30861** | (452) | **30409** |
| *- Items that will not be reclassified to profit or loss:* |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Revaluation surplus (\*) |  |  |  |  |  |  | (1545) |  |  | **(1545)** | 470 | **(1075)** |
| Other comprehensive income for the period |  |  | 28091 |  |  |  | 1225 |  |  | **29316** | 18 | **29334** |
| Total comprehensive income for the period |  |  | 28091 |  |  |  | 1225 |  | 520 | **29836** | 1162 | **30998** |
| *- Reduction of issued share capital of the company (Note 21):* | (9000) |  |  |  |  | 9000 |  |  |  | **—** |  | **—** |
| *- Employee share options (Note 22):* |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercised |  | 52 |  | (15) |  | 8 |  |  |  | **45** |  | **45** |
| *- Restricted shares and restricted units (Note 22):* |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Value of employee services |  |  |  | 13454 |  |  |  |  |  | **13454** |  | **13454** |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested |  | 20263 |  | (19496) | 3595 |  |  |  |  | **4362** |  | **4362** |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited |  |  |  |  | 2 | (2) |  |  |  | **—** |  | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted |  |  |  |  | (1605) | 1605 |  |  |  | **—** |  | **—** |
| *- Purchase of own shares (Note 21)* |  | (8623) |  |  |  | (1587) |  |  |  | **(10210)** |  | **(10210)** |
| *- Dividends to shareholders (Note 21)* |  | (35000) |  |  |  |  |  |  |  | **(35000)** |  | **(35000)** |
| **Balance at June 30, 2025 (unaudited)** | **158073** | **636091** | **(385666)** | **11207** | **153253** | **(7965)** | **246486** | **41574** | **518584** | **1371637** | **40113** | **1411750** |

---

(\*) Net of 417 of Income tax.

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

F- 6

------

**Adecoagro S.A.**

**Condensed Consolidated Interim Statements of Cash Flows**

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

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

---

| | | | |
|:---|:---|:---|:---|
| | | **Six-months ended June 30,** | **Six-months ended June 30,** |
| | Note | **2025** | **2024** |
| | | (unaudited) | (unaudited) |
| **Cash flows from operating activities:** |  |  |  |
| Profit for the period |  | 1664 | 57212 |
| *Adjustments for*: |  |  |  |
| Income tax (benefit) | 10 | (1939) | (44524) |
| Depreciation of property, plant and equipment | 11 | 81752 | 104721 |
| Depreciation of right of use assets | 12 | 38372 | 47366 |
| Net (gain) / loss from the fair value adjustment of investment properties | 13 | (479) | 19805 |
| Amortization of intangible assets | 14 | 1075 | 1145 |
| Gain from the sale of farmland and other assets | 8 |  | (6050) |
| (Gain) / loss from disposal of other property items | 8 | (408) | 332 |
| Equity settled share-based compensation granted | 7 | 11894 | 3466 |
| (Gain) from derivative financial instruments | 8, 9 | (7193) | (9344) |
| Interest, finance cost related to lease liabilities and other financial expense, net | 9 | 39787 | 44787 |
| Initial recognition and changes in fair value of non-harvested biological assets (unrealized) |  | (6159) | (41123) |
| Changes in net realizable value of agricultural produce after harvest (unrealized) |  | (2137) | 5088 |
| Provision and allowances |  | 36 | 12 |
| Tax credit recognized | 8 | (3419) |  |
| Net loss / (gain) of inflation effects on the monetary items | 9 | 5317 | (5617) |
| Foreign exchange (gains) / losses, net | 9 | (34000) | 22023 |
| Cash flow hedge – transfer from equity | 9 |  | 26312 |
| **Subtotal** |  | **124163** | **225611** |
| **Changes in operating assets and liabilities:** |  |  |  |
| Increase in trade and other receivables |  | (100002) | (37751) |
| Increase in inventories |  | (52824) | (167073) |
| Decrease in biological assets |  | 113599 | 121876 |
| Decrease / (increase) in other assets |  | 205 | (391) |
| (Increase) / decrease in derivative financial instruments |  | (1843) | 20759 |
| Decrease / (increase) in trade and other payables |  | 28343 | (40966) |
| Decrease / (increase) in payroll and social security liabilities |  | 1101 | (4173) |
| Increase in provisions for other liabilities |  | 90 | 468 |
| **Net cash provided by operating activities before taxes paid** |  | **112832** | **118360** |
| Income tax paid |  | (1795) | (2559) |
| **Net cash provided by operating activities** | **(a)** | **111037** | **115801** |

---

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

F- 7

------

**Adecoagro S.A.**

**Condensed Consolidated Interim Statements of Cash Flows** 

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

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

---

| | | | |
|:---|:---|:---|:---|
| | | **Six-months ended June 30,** | **Six-months ended June 30,** |
| | Note | **2025** | **2024** |
| | | (unaudited) | (unaudited) |
| **Cash flows from investing activities:** |  |  |  |
| Acquisition of a business, net of cash and cash equivalents acquired |  |  | (15265) |
| Purchases of property, plant and equipment | 11 | (137681) | (154097) |
| Purchases of cattle and non-current biological assets |  | (2542) | (1184) |
| Purchases of intangible assets | 14 | (818) | (557) |
| Interest received and others |  | 4000 | 4473 |
| Proceeds from sale of property, plant and equipment |  | 615 | 620 |
| Proceeds from sale of farmlands and other assets |  | 1601 | 20044 |
| Acquisition of short-term investment | 16 **(b)** | (72767) | (33711) |
| Disposal of short-term investment | 16 | 84868 | 36576 |
| **Net cash used in investing activities** | **(c)** | **(122724)** | **(143101)** |
| **Cash flows from financing activities:** |  |  |  |
| Proceeds from equity settled share-based compensation exercise |  | 45 |  |
| Proceeds from long-term borrowings |  | 27547 | 20369 |
| Payments of long-term borrowings |  | (42602) | (11740) |
| Proceeds from short-term borrowings |  | 166725 | 49871 |
| Payment of short-term borrowings |  | (64153) | (117043) |
| Payments of derivative financial instruments |  | 33 | (79) |
| Lease payments |  | (60285) | (55450) |
| Interest paid | **(d)** | (26520) | (8071) |
| Purchase of own shares |  | (10210) | (41695) |
| Dividends paid to non-controlling interest |  |  | (124) |
| Dividends to shareholders | 21 | (17500) | (17500) |
| **Net cash used in financing activities** | **(e)** | **(26920)** | **(181462)** |
| **Net decrease in cash and cash equivalents** |  | **(38607)** | **(208762)** |
| Cash and cash equivalents at beginning of period | 19 | 211244 | 339781 |
| Effect of exchange rate changes and inflation on cash and cash equivalents | **(f)** | 7970 | 9292 |
| **Cash and cash equivalents at end of period** | 19 | **180607** | **140311** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| | | **Six-months ended June 30,** | **Six-months ended June 30,** |
| | | **2025** | **2024** |
| Operating activities | (a) | 2228 | (18719) |
| Acquisition of short term investment | (b) | (444) |  |
| Investing activities | (c) | 758 | (4003) |
| Interest paid | (d) | (2338) | 4152 |
| Financing activities | (e) | (4654) | 33313 |
| Exchange rate changes and inflation on cash and cash equivalents | (f) | 1668 | (10591) |

---

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

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

F- 8

------

**Adecoagro S.A.**

**Notes to the Condensed Consolidated Interim Financial Statements**

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

&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 August 14, 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 six-month period ended June 30, 2025. These disclosures do not appear in any particular order of potential materiality or probability of occurrence.

*Argentina status:*

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

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

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

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

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

F- 9

------

**Adecoagro S.A.**

**Notes to the Condensed Consolidated Interim Financial Statements**

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

&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 1,000 and 1,400 pesos per US dollar, which will expand by 1% monthly. The "*dólar blend*" system for exporters has been eliminated, requiring all export revenue to be settled through the official market.

&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 June 30, 2025. All amounts are shown in US dollars.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 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 | 29898 |  |  |  | **29898** |
| Brazilian Reais |  | (647704) |  |  | **(647704)** |
| US Dollar | (294298) | (201794) | 2170 | 27592 | **(466330)** |
| Uruguayan Peso |  |  |  | (7625) | **(7625)** |
| **Total** | **(264400)** | **(849498)** | **2170** | **19967** | **(1091761)** |

---

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

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

F- 10

------

**Adecoagro S.A.**

**Notes to the Condensed Consolidated Interim Financial Statements**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 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  | (73575) | (20179) | 217 | **(93537)** |
| **(Decrease) or increase in Profit before income tax**  | **(73575)** | **(20179)** | **217** | **(93537)** |

---

**Hedge Accounting - Cash flow hedge** 

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

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

&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 June 30, 2025 (all amounts are shown in US dollars):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 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 |  | 66029 |  | 66029 |
| US Dollar | 128202 | 298879 | 207228 | 634309 |
| **Subtotal fixed-rate borrowings** | **128214** | **364908** | **207228** | **700350** |
| **Variable rate:** |  |  |  |  |
| Brazilian Reais |  | 204557 | **—** | 204557 |
| **Subtotal variable-rate borrowings** | **—** | **204557** | **—** | **204557** |
| **Total borrowings as per analysis** | **128214** | **569465** | **207228** | **904907** |

---

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

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

F- 11

------

**Adecoagro S.A.**

**Notes to the Condensed Consolidated Interim Financial Statements**

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

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

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** |
| | (unaudited) | (unaudited) |
| | **Functional currency** | **Functional currency** |
|<br><br>**Rate per currency denomination** | **Brazilian <br>Reais** | **Total** |
| **Variable rate:** |  |  |
| Brazilian Reais | (2046) | (2046) |
| **Decrease in profit before income tax** | **(2046)** | **(2046)** |

---

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

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

&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 June 30, 2025:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 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 | 2 | 442 | 13 | 13 |
| Sugar | 19 | 8139 | 1353 | 1175 |
| Ethanol | 13 | 37652 | (142) | (140) |
| **OTC:** |  |  |  |  |
| ***Buy put*** |  |  |  |  |
| Ethanol | 9 | 2509 | (130) | (128) |
| **Total** | **43** | **48742** | **1094** | **920** |

---

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

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

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

&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. 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 gain of US$3.8 million for the six-month period ended June 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 six-month period ended

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **June 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 | 116764 | (2628) | 114136 | 137395 | (1267) | 136128 | 145083 | (4152) | 140931 |
| Cost of revenue | (113238) | 2647 | (110591) | (111797) | 1089 | (110708) | (128582) | 3691 | (124891) |
| Initial recognition and changes in fair value of biological assets and agricultural produce | (266) | (93) | (359) | 9151 | (404) | 8747 | 16641 | (648) | 15993 |
| Changes in net realizable value of agricultural produce after harvest | 3560 | (133) | 3427 | (53) | (31) | (84) | (9) |  | (9) |
| **Margin on manufacturing and agricultural activities before operating expenses** | **6820** | **(207)** | **6613** | **34696** | **(613)** | **34083** | **33133** | **(1109)** | **32024** |
| General and administrative expenses | (12751) | 394 | (12357) | (11142) | 404 | (10738) | (7361) | 243 | (7118) |
| Selling expenses | (9352) | 307 | (9045) | (20256) | 472 | (19784) | (16404) | 510 | (15894) |
| Other operating (expense) / income, net | 1107 | 10 | 1117 | 1531 | (48) | 1483 | 61 |  | 61 |
| **Profit / (loss) from operations** | **(14176)** | **504** | **(13672)** | **4829** | **215** | **5044** | **9429** | **(356)** | **9073** |
| Depreciation of Property, plant and equipment and amortization of Intangible assets | (2835) | 96 | (2739) | (8286) | 256 | (8030) | (7004) | 244 | (6760) |
| Net gain from Fair value adjustment of Investment property |  |  |  | 479 |  | 479 |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **June 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 |  |  |  | **715633** | (8047) | **707586** |
| Cost of revenue |  |  |  | **(602009)** | 7427 | **(594582)** |
| Initial recognition and changes in fair value of biological assets and agricultural produce |  |  |  | **34238** | (1145) | **33093** |
| Changes in net realizable value of agricultural produce after harvest |  |  |  | **2724** | (164) | **2560** |
| **Margin on manufacturing and agricultural activities before operating expenses** | **—** | **—** | **—** | **150586** | **(1929)** | **148657** |
| General and administrative expenses | (24957) | 620 | (24337) | **(72628)** | 1661 | **(70967)** |
| Selling expenses | (136) | 6 | (130) | **(78047)** | 1295 | **(76752)** |
| Other operating (expense) / income, net | (143) | 5 | (138) | **8428** | (33) | **8395** |
| **Profit / (loss) from operations** | **(25236)** | **631** | **(24605)** | **8339** | **994** | **9333** |
| Depreciation of Property, plant and equipment and amortization of Intangible assets | (870) | 30 | (840) | **(83453)** | 626 | **(82827)** |
| Net gain from Fair value adjustment of Investment property |  |  |  | **479** |  | **479** |

---

.

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

F- 15

------

**Adecoagro S.A.**

**Notes to the Condensed Consolidated Interim Financial Statements**

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

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

Segment reconciliation for the six-month period ended

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **June 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 | 108465 | 5911 | 114376 | 128911 | 7251 | 136162 | 125834 | 8684 | 134518 |
| Cost of revenue | (102589) | (5615) | (108204) | (100321) | (3901) | (104222) | (103153) | (6701) | (109854) |
| Initial recognition and changes in fair value of biological assets and agricultural produce | 26808 | 2872 | 29680 | 31343 | 5232 | 36575 | 4012 | 479 | 4491 |
| Changes in net realizable value of agricultural produce after harvest | (12394) | (1695) | (14089) | (1) | (6) | (7) |  |  |  |
| **Margin on manufacturing and agricultural activities before operating expenses** | **20290** | **1473** | **21763** | **59932** | **8576** | **68508** | **26693** | **2462** | **29155** |
| General and administrative expenses | (14289) | (534) | (14823) | (8955) | (608) | (9563) | (5239) | (462) | (5701) |
| Selling expenses | (6949) | (475) | (7424) | (15541) | (899) | (16440) | (11554) | (991) | (12545) |
| Other operating (expense) / income, net | 7962 | (3719) | 4243 | (14242) | 827 | (13415) | 2051 | 331 | 2382 |
| **Profit / (loss) from operations** | **7014** | **(3255)** | **3759** | **21194** | **7896** | **29090** | **11951** | **1340** | **13291** |
| Depreciation of Property, plant and equipment and amortization of Intangible assets | (3659) | (361) | (4020) | (6752) | (526) | (7278) | (5623) | (526) | (6149) |
| Net loss from Fair value adjustment of Investment property | (566) | (3868) | (4434) | (16023) | 652 | (15371) |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **June 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 |  |  |  | **651346** | 21846 | **673192** |
| Cost of revenue |  |  |  | **(523590)** | (16217) | **(539807)** |
| Initial recognition and changes in fair value of biological assets and agricultural produce |  |  |  | **99117** | 8583 | **107700** |
| Changes in net realizable value of agricultural produce after harvest |  |  |  | **(11878)** | (1701) | **(13579)** |
| **Margin on manufacturing and agricultural activities before operating expenses** | **—** | **—** | **—** | **214995** | **12511** | **227506** |
| General and administrative expenses | (11527) | (1004) | (12531) | **(52239)** | (2608) | **(54847)** |
| Selling expenses | (27) | (15) | (42) | **(66341)** | (2380) | **(68721)** |
| Other operating (expense) / income, net | 406 | 3 | 409 | **3693** | (2558) | **1135** |
| **Profit / (loss) from operations** | **(11148)** | **(1016)** | **(12164)** | **100108** | **4965** | **105073** |
| Depreciation of Property, plant and equipment and amortization of Intangible assets | (712) | (63) | (775) | **(104390)** | (1476) | **(105866)** |
| Net loss from Fair value adjustment of Investment property |  |  |  | **(16589)** | (3216) | **(19805)** |

---

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 six-month period ended June 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 | 116764 | 137395 | 145083 | 399242 | 316391 |  | **715633** |
| Cost of revenue | (113238) | (111797) | (128582) | (353617) | (248392) |  | **(602009)** |
| Initial recognition and changes in fair value of biological assets and agricultural produce | (266) | 9151 | 16641 | 25526 | 8712 |  | **34238** |
| Changes in net realizable value of agricultural produce after harvest | 3560 | (53) | (9) | 3498 | (774) |  | **2724** |
| **Margin on manufacturing and agricultural activities before operating expenses** | **6820** | **34696** | **33133** | **74649** | **75937** | **—** | **150586** |
| General and administrative expenses | (12751) | (11142) | (7361) | (31254) | (16417) | (24957) | **(72628)** |
| Selling expenses | (9352) | (20256) | (16404) | (46012) | (31899) | (136) | **(78047)** |
| Other operating (expense) / income, net | 1107 | 1531 | 61 | 2699 | 5872 | (143) | **8428** |
| **Profit / (loss) from operations** | **(14176)** | **4829** | **9429** | **82** | **33493** | **(25236)** | **8339** |
| Depreciation of Property, plant and equipment and amortization of Intangible assets | (2835) | (8286) | (7004) | (18125) | (64458) | (870) | **(83453)** |
| Net gain from Fair value adjustment of Investment property |  | 479 |  | 479 |  |  | **479** |
| Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) | 4451 | 5505 | (10058) | (102) | 3962 |  | **3860** |
| Initial recognition and changes in fair value of biological assets and agricultural produce (realized) | (4717) | 3646 | 26699 | 25628 | 4750 |  | **30378** |
| Changes in net realizable value of agricultural produce after harvest (unrealized) | 2137 |  |  | 2137 |  |  | **2137** |
| Changes in net realizable value of agricultural produce after harvest (realized) | 1423 | (53) | (9) | 1361 | (774) |  | **587** |
| **As of June 30, 2025:** |  |  |  |  |  |  |  |
| Farmlands and farmland improvements, net | 431519 | 175983 | 2446 | 609948 | 79181 |  | **689129** |
| Machinery, equipment, building and facilities, and other fixed assets, net | 39961 | 107766 | 137445 | 285172 | 242953 |  | **528125** |
| Bearer plants, net | 1282 |  |  | 1282 | 398954 |  | **400236** |
| Work in progress | 2618 | 15828 | 9009 | 27455 | 16620 |  | **44075** |
| Right of use asset | 11888 | 11390 | 830 | 24108 | 379767 | 696 | **404571** |
| Investment property | 1206 | 32336 |  | 33542 |  |  | **33542** |
| Goodwill | 10248 | 6229 |  | 16477 | 4001 |  | **20478** |
| Biological assets | 40059 | 24458 | 43971 | 108488 | 85178 |  | **193666** |
| Finished goods | 80219 | 22931 | 21482 | 124632 | 29588 |  | **154220** |
| Raw materials, Stocks held by third parties and others | 51836 | 101031 | 21477 | 174344 | 27292 |  | **201636** |
| **Total segment assets** | **670836** | **497952** | **236660** | **1405448** | **1263534** | **696** | **2669678** |
| Borrowings | 44332 | 70062 | 83881 | 198275 | 580693 | 125939 | **904907** |
| Lease liabilities | 11253 | 6721 | 778 | 18752 | 344102 | 854 | **363708** |
| **Total segment liabilities** | **55585** | **76783** | **84659** | **217027** | **924795** | **126793** | **1268615** |

---

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 six-month period ended June 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 | 108465 | 128911 | 125834 | **363210** | 288136 |  | **651346** |
| Cost of revenue | (102589) | (100321) | (103153) | **(306063)** | (217527) |  | **(523590)** |
| Initial recognition and changes in fair value of biological assets and agricultural produce | 26808 | 31343 | 4012 | **62163** | 36954 |  | **99117** |
| Changes in net realizable value of agricultural produce after harvest | (12394) | (1) |  | **(12395)** | 517 |  | **(11878)** |
| **Margin on manufacturing and agricultural activities before operating expenses** | **20290** | **59932** | **26693** | **106915** | **108080** | **—** | **214995** |
| General and administrative expenses | (14289) | (8955) | (5239) | **(28483)** | (12229) | (11527) | **(52239)** |
| Selling expenses | (6949) | (15541) | (11554) | **(34044)** | (32270) | (27) | **(66341)** |
| Other operating (expense) / income, net | 7962 | (14242) | 2051 | **(4229)** | 7516 | 406 | **3693** |
| **Profit / (loss) from operations** | **7014** | **21194** | **11951** | **40159** | **71097** | **(11148)** | **100108** |
| Depreciation of Property, plant and equipment and amortization of Intangible assets | (3659) | (6752) | (5623) | **(16034)** | (87644) | (712) | **(104390)** |
| Net loss from Fair value adjustment of Investment property | (566) | (16023) |  | **(16589)** |  |  | **(16589)** |
| Transfer of revaluation surplus derived from the disposals of assets before taxes | (9024) |  |  | **(9024)** |  |  | **(9024)** |
| Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized) | 25682 | 22080 | (14629) | **33133** | 4749 |  | **37882** |
| Initial recognition and changes in fair value of biological assets and agricultural produce (realized) | 1126 | 9263 | 18641 | **29030** | 32205 |  | **61235** |
| Changes in net realizable value of agricultural produce after harvest (unrealized) | (5088) |  |  | **(5088)** |  |  | **(5088)** |
| Changes in net realizable value of agricultural produce after harvest (realized) | (7306) | (1) |  | **(7307)** | 517 |  | **(6790)** |
| **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:

---

| | | |
|:---|:---|:---|
| | **Six-months ended June 30,** | **Six-months ended June 30,** |
| | **2025** | **2024** |
| | (unaudited) | (unaudited) |
| **Revenue of manufactured products and services rendered:** |  |  |
| Ethanol | 165647 | 109870 |
| Sugar | 126730 | 155005 |
| Energy (\*) | 14539 | 13804 |
| Peanut | 32387 | 18313 |
| Sunflower | 2924 | 3389 |
| Cotton | 2339 | 1986 |
| Rice (\*) | 116107 | 117014 |
| Fluid milk (UHT) | 59249 | 63495 |
| Powder milk | 20815 | 23904 |
| Other dairy products | 42953 | 33529 |
| Services | 4725 | 5329 |
| Rental income | 461 | 2134 |
| Others | 26975 | 22379 |
| **Subtotal manufactured products and services rendered** | **615851** | **570151** |
| **Agricultural produce and biological assets:** |  |  |
| Soybean | 40549 | 46315 |
| Corn | 22167 | 27211 |
| Wheat | 6583 | 9163 |
| Sunflower | 4190 | 2439 |
| Barley | 1977 | 1733 |
| Milk | 1919 | 3983 |
| Cattle | 3265 | 2059 |
| Cattle for dairy | 10212 | 5832 |
| Others | 873 | 4306 |
| **Subtotal agricultural produce and biological assets** | **91735** | **103041** |
| **Total revenue** | **707586** | **673192** |

---

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

***Commitments to sell commodities at a future date***

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

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

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

F- 19

------

**Adecoagro S.A.**

**Notes to the Condensed Consolidated Interim Financial Statements (continued)**

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

**4.&nbsp;&nbsp;&nbsp;&nbsp;Revenue (continued)**

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six-month ended June 30, 2025 (unaudited)** | **Six-month ended June 30, 2025 (unaudited)** | **Six-month ended June 30, 2025 (unaudited)** | **Six-month ended June 30, 2025 (unaudited)** | **Six-month ended June 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)  | 34156 | 111771 | 112357 | 172825 | 431109 |
| Purchases  | 22627 |  |  | 1999 | 24626 |
| Agricultural produce  | 129122 |  | 12131 | 8356 | 149609 |
| Transfer to raw material  | (49625) | (10503) |  |  | (60128) |
| Direct agricultural selling expenses  | 10062 |  |  |  | 10062 |
| Tax recoveries (i)  |  |  |  | (23892) | (23892) |
| Changes in net realizable value of agricultural produce after harvest  | 3427 | (84) | (9) | (774) | 2560 |
| Loss of idle productive capacity |  |  |  | 17912 | 17912 |
| Finished goods as of June 30, 2025 (Note 18) | (80219) | (22931) | (21482) | (29588) | (154220) |
| Exchange differences  | 696 | (168) | 1341 | 6921 | 8790 |
| **Cost of revenue for the period** | **110591** | **110708** | **124891** | **248392** | **594582** |

---

&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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six-month ended June 30, 2024 (unaudited)** | **Six-month ended June 30, 2024 (unaudited)** | **Six-month ended June 30, 2024 (unaudited)** | **Six-month ended June 30, 2024 (unaudited)** | **Six-month ended June 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)  | 20651 | 119491 | 102265 | 249158 | 491565 |
| Purchases  | 14125 | 1931 | 6250 | 356 | 22662 |
| Agricultural produce  | 164471 |  | 9815 | 6007 | 180293 |
| Transfer to raw material  | (67602) | (6773) |  |  | (74375) |
| Direct agricultural selling expenses  | 14742 |  |  |  | 14742 |
| Tax recoveries (i)  |  |  |  | (17297) | (17297) |
| Changes in net realizable value of agricultural produce after harvest  | (14089) | (7) |  | 517 | (13579) |
| Finished goods as of June 30, 2024 | (74031) | (20106) | (12027) | (131576) | (237740) |
| Exchange differences  | 16530 | 380 | (6376) | (16609) | (6075) |
| **Cost of revenue for the period** | **108204** | **104222** | **109854** | **217527** | **539807** |

---

&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:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six-month ended June 30, 2025 (unaudited)** | **Six-month ended June 30, 2025 (unaudited)** | **Six-month ended June 30, 2025 (unaudited)** | **Six-month ended June 30, 2025 (unaudited)** | **Six-month ended June 30, 2025 (unaudited)** | **Six-month ended June 30, 2025 (unaudited)** | **Six-month ended June 30, 2025 (unaudited)** | **Six-month ended June 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  | 2973 | 9444 | 8015 | 19061 | **39493** | 28254 | 7131 | **74878** |
| Raw materials and consumables  |  | 806 | 11381 | 2118 | **14305** |  |  | **14305** |
| Depreciation and amortization  | 340 | 2551 | 2841 | 48754 | **54486** | 13094 | 763 | **68343** |
| Depreciation of right-of-use assets |  | 26 | 13 | 5145 | **5184** | 10553 | 36 | **15773** |
| Fuel, lubricants and others  | 230 | 1001 | 691 | 13256 | **15178** | 481 | 132 | **15791** |
| Maintenance and repairs  | 824 | 2343 | 2517 | 12488 | **18172** | 3773 | 470 | **22415** |
| Freights  | 455 | 5682 | 1837 | 242 | **8216** | (13) | 33669 | **41872** |
| Export taxes / selling taxes  |  |  |  |  | **—** |  | 18423 | **18423** |
| Export expenses  |  |  |  |  | **—** |  | 7049 | **7049** |
| Contractors and services  | 1030 | 481 | 311 | 4379 | **6201** |  |  | **6201** |
| Energy transmission  |  |  |  |  | **—** |  | 982 | **982** |
| Energy power  | 755 | 2234 | 1714 | 451 | **5154** | 336 | 124 | **5614** |
| Professional fees  | 43 | 62 | 55 | 457 | **617** | 9162 | 320 | **10099** |
| Other taxes  | 29 | 118 | 101 | 3922 | **4170** | 664 | 100 | **4934** |
| Contingencies  |  |  |  |  | **—** | 394 |  | **394** |
| Lease expense and similar arrangements  | 118 | 741 | 88 |  | **947** | 852 | 442 | **2241** |
| Third parties raw materials  | 2971 | 12423 | 41630 | 7052 | **64076** |  |  | **64076** |
| Tax recoveries  |  |  |  | (2270) | **(2270)** |  |  | **(2270)** |
| Others  | 707 | 1818 | 1494 | 4331 | **8350** | 3417 | 7111 | **18878** |
| **Subtotal**  | **10475** | **39730** | **72688** | **119386** | **242279** | **70967** | **76752** | **389998** |
| Own agricultural produce consumed  | 23681 | 72041 | 39669 | 53439 | **188830** |  |  | **188830** |
| **Total**  | **34156** | **111771** | **112357** | **172825** | **431109** | **70967** | **76752** | **578828** |

---

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)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Six-month ended June 30, 2024 (unaudited)** | **Six-month ended June 30, 2024 (unaudited)** | **Six-month ended June 30, 2024 (unaudited)** | **Six-month ended June 30, 2024 (unaudited)** | **Six-month ended June 30, 2024 (unaudited)** | **Six-month ended June 30, 2024 (unaudited)** | **Six-month ended June 30, 2024 (unaudited)** | **Six-month ended June 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  | 2402 | 7981 | 6127 | 20248 | **36758** | 16920 | 5782 | **59460** |
| Raw materials and consumables |  | 640 | 12728 | 2767 | **16135** |  |  | **16135** |
| Depreciation and amortization  | 2034 | 2448 | 2562 | 68010 | **75054** | 11691 | 730 | **87475** |
| Depreciation of right-of-use assets |  | 25 |  | 4282 | **4307** | 13886 | 113 | **18306** |
| Fuel, lubricants and others  | 126 | 1128 | 787 | 18466 | **20507** | 630 | 202 | **21339** |
| Maintenance and repairs  | 978 | 2642 | 2477 | 16186 | **22283** | 2000 | 461 | **24744** |
| Freights  | 63 | 8916 | 1629 | 301 | **10909** |  | 30568 | **41477** |
| Export taxes / selling taxes  |  |  |  |  | **—** |  | 15744 | **15744** |
| Export expenses  |  |  |  |  | **—** |  | 7125 | **7125** |
| Contractors and services  | 835 | 585 | 190 | 6929 | **8539** |  |  | **8539** |
| Energy transmission  |  |  |  |  | **—** |  | 1135 | **1135** |
| Energy power  | 474 | 1928 | 1338 | 384 | **4124** | 327 | 81 | **4532** |
| Professional fees  | 39 | 178 | 52 | 400 | **669** | 5347 | 395 | **6411** |
| Other taxes  | 11 | 157 | 101 | 1938 | **2207** | 351 | 15 | **2573** |
| Contingencies  |  |  |  |  | **—** | 714 |  | **714** |
| Lease expense and similar arrangements  | 112 | 572 | 77 |  | **761** | 772 | 288 | **1821** |
| Third parties raw materials  | 3809 | 15260 | 36767 | 7673 | **63509** |  |  | **63509** |
| Tax recoveries  |  |  |  | (97) | **(97)** |  |  | **(97)** |
| Others  | 356 | 1468 | 1348 | 4186 | **7358** | 2209 | 6082 | **15649** |
| **Subtotal**  | **11239** | **43928** | **66183** | **151673** | **273023** | **54847** | **68721** | **396591** |
| Own agricultural produce consumed  | 9412 | 75563 | 36082 | 97485 | **218542** |  |  | **218542** |
| **Total**  | **20651** | **119491** | **102265** | **249158** | **491565** | **54847** | **68721** | **615133** |

---

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**

---

| | | |
|:---|:---|:---|
| | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
| | **2025** | **2024** |
| | (unaudited) | (unaudited) |
| Wages and salaries | 79725 | 76057 |
| Social security costs | 21488 | 23955 |
| Equity-settled share-based compensation | 11894 | 3466 |
|  | **113107** | **103478** |

---

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

---

| | | |
|:---|:---|:---|
| | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
| | **2025** | **2024** |
| | (unaudited) | (unaudited) |
| Gain from disposals of farmland and other assets (Note 20) |  | 6050 |
| Gain from commodity derivative financial instruments | 3014 | 9746 |
| Gain /(loss) from disposal of other property items | 408 | (332) |
| Net gain /(loss) from fair value adjustment of investment property | 479 | (19805) |
| Tax credits recognized (\*) | 3419 |  |
| Others | 1075 | 5476 |
|  | **8395** | **1135** |

---

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

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

F- 23

------

**Adecoagro S.A.**

**Notes to the Condensed Consolidated Interim Financial Statements**

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

**9.&nbsp;&nbsp;&nbsp;&nbsp;Financial results, net** 

---

| | | |
|:---|:---|:---|
| | **Six-month period ended June 30,** | **Six-month period ended June 30,** |
| | **2025** | **2024** |
| | (unaudited) | (unaudited) |
| Finance income: |  |  |
| - Interest income | 4121 | 4566 |
| - Foreign exchange gain, net | 34000 |  |
| - Gain from interest rate/foreign exchange rate derivative financial instruments | 4731 |  |
| - Other income | 505 | 459 |
| **Finance income** | **43357** | **5025** |
| Finance costs: |  |  |
| - Interest expense | (23222) | (16516) |
| - Finance cost related to lease liabilities | (19999) | (28013) |
| - Cash flow hedge – transfer from equity |  | (26312) |
| - Foreign exchange losses, net |  | (22023) |
| - Taxes | (3199) | (4159) |
| - Loss from interest rate/foreign exchange rate derivative financial instruments |  | (709) |
| - Other expenses | (1228) | (5295) |
| **Finance costs** | **(47648)** | **(103027)** |
| Other financial results - Net (loss)/gain of inflation effects on the monetary items | (5317) | 5617 |
| **Total financial results, net** | **(9608)** | **(92385)** |

---

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.

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **June 30,<br>2024** |
| | (unaudited) | (unaudited) |
| Current income tax | (3433) | (2011) |
| Deferred income tax | 5372 | 46535 |
| **Income tax benefit** | **1939** | **44524** |

---

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

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **June 30,<br>2024** |
| | (unaudited) | (unaudited) |
| Beginning of period | (314829) | (366554) |
| Exchange differences | (7400) | (140242) |
| Effect of fair value valuation for farmlands | 417 | 124511 |
| Disposal of farmland (Note 20) |  | 2080 |
| Tax charge relating to cash flow hedge (i) |  | (9335) |
| Others | 3138 | 2167 |
| Income tax benefit | 5372 | 46535 |
| **End of period** | **(313302)** | **(340838)** |

---

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

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

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **June 30,<br>2024** |
| | (unaudited) | (unaudited) |
| Tax calculated at the tax rates applicable to profits in the respective countries | 1445 | (2061) |
| Non-deductible items | (345) | (195) |
| Non-taxable income | 4547 | 6006 |
| Tax losses where no deferred tax asset was recognized |  | (18) |
| Previously unrecognized tax losses now recouped to reduce tax expenses <sup>(1)</sup> | 4638 | 9873 |
| Effect of IAS 29 on Argentina's shareholder's equity and deferred income tax. | (5993) | 27202 |
| Others | (2353) | 3717 |
| **Income tax profit** | **1939** | **44524** |

---

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

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

F- 25

------

**Adecoagro S.A.**

**Notes to the Condensed Consolidated Interim Financial Statements**

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

**10.&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 June 30, 2025.

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

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

F- 26

------

**Adecoagro S.A.**

**Notes to the Condensed Consolidated Interim Financial Statements**

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

**11.&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Farmlands** | **Farmland improvements** | **Buildings and facilities** | **Machinery, equipment, furniture and<br>Fittings** | **Bearer plants** | **Others** | **Work in progress** | **Total** |
| **Six-month period ended June 30 2024** | | | | | | | | |
| Opening net book amount. | 694202 | 11645 | 241156 | 196995 | 375842 | 8914 | 20811 | 1549565 |
| Exchange differences | 350046 | 4031 | 57247 | 1549 | (50029) | 4304 | 160 | 367308 |
| Additions |  |  | 9528 | 42051 | 71726 | 3812 | 14739 | 141856 |
| Revaluation surplus | (355597) |  |  |  |  |  |  | (355597) |
| Transfers |  | 51 | 3900 | 4187 |  | 96 | (8234) |  |
| Disposals | (13732) | (8) | (924) | (1390) |  | (3) |  | (16057) |
| Reclassification to non-income tax credits (\*) |  |  |  | (144) |  |  |  | (144) |
| Depreciation |  | (1880) | (15451) | (36403) | (49900) | (1087) |  | (104721) |
| **Closing net book amount** | **674919** | **13839** | **295456** | **206845** | **347639** | **16036** | **27476** | **1582210** |
| **At June 30, 2024 (**unaudited) |  |  |  |  |  |  |  |  |
| Cost | 674919 | 47500 | 597728 | 1126671 | 987864 | 41840 | 27476 | 3503998 |
| Accumulated depreciation |  | (33661) | (302272) | (919826) | (640225) | (25804) |  | (1921788) |
| Net book amount | **674919** | **13839** | **295456** | **206845** | **347639** | **16036** | **27476** | **1582210** |
| **Six-month period ended June 30, 2025** |  |  |  |  |  |  |  |  |
| Opening net book amount | 676760 | 15393 | 303755 | 181115 | 327570 | 17068 | 26928 | 1548589 |
| Exchange differences | 533 | (134) | 6067 | 20488 | 45647 | (143) | 1377 | 73835 |
| Additions |  |  | 4878 | 24721 | 65056 | 2352 | 27405 | 124412 |
| Revaluation surplus | (1485) |  |  |  |  |  |  | (1485) |
| Transfers |  |  | 9033 | 2769 |  | (167) | (11635) |  |
| Disposals |  |  | (796) | (1048) |  | (50) |  | (1894) |
| Reclassification to non-income tax credits (\*) |  |  |  | (140) |  |  |  | (140) |
| Depreciation |  | (1938) | (13148) | (27342) | (38037) | (1287) |  | (81752) |
| **Closing net book amount** | **675808** | **13321** | **309789** | **200563** | **400236** | **17773** | **44075** | **1661565** |
| **At June 30, 2025 (**unaudited) |  |  |  |  |  |  |  |  |
| Cost | 675808 | 50977 | 642090 | 1192229 | 1132569 | 46479 | 44075 | 3784227 |
| Accumulated depreciation | **—** | (37656) | (332301) | (991666) | (732333) | (28706) |  | (2122662) |
| Net book amount | **675808** | **13321** | **309789** | **200563** | **400236** | **17773** | **44075** | **1661565** |

---

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

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

F- 27

------

**Adecoagro S.A.**

**Notes to the Condensed Consolidated Interim Financial Statements (continued)**

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

**11.&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment, net (continued)**

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **Agricultural partnership (\*)** | **Others** | **Total** |
| | (unaudited) | (unaudited) | (unaudited) |
| **As of June 30, 2024** |  |  |  |
| Opening net book amount | 384844 | 21869 | 406713 |
| Exchange differences | (37758) | 844 | (36914) |
| Additions and re-measurement | 37681 | 8091 | 45772 |
| Depreciation | (42465) | (4901) | (47366) |
| **Closing net book amount** | **342302** | **25903** | **368205** |
| **As of June 30, 2025** |  |  |  |
| Opening net book amount | 352678 | 21168 | 373846 |
| Exchange differences | 41012 | 3834 | 44846 |
| Additions and re-measurement | 16832 | 7419 | 24251 |
| Depreciation | (32910) | (5462) | (38372) |
| **Closing net book amount** | **377612** | **26959** | **404571** |

---

**(\*)** 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 six-month periods ended June 30, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **June 30,<br>2024** |
| | (unaudited) | (unaudited) |
| **Beginning of period** | 33542 | 33364 |
| Gain / (loss) from fair value adjustment (Note 8) | 479 | (19805) |
| Exchange differences | (479) | 19805 |
| **End of period** | **33542** | **33364** |
| Fair value | 33542 | 33364 |
| Net book amount | **33542** | **33364** |

---

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

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

F- 29

------

**Adecoagro S.A.**

**Notes to the Condensed Consolidated Interim Financial Statements**

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Goodwill** | **Software** | **Trademarks** | **Others** | **Total** |
| **As of June 30, 2024** | | | | | |
| Opening net book amount | 14309 | 6042 | 6431 | 737 | 27519 |
| Exchange differences | 5236 | 1775 | 2825 | (93) | 9743 |
| Additions |  | 557 |  |  | 557 |
| Amortization charge (i) |  | (901) | (241) | (3) | (1145) |
| **Closing net book amount** | **19545** | **7473** | **9015** | **641** | **36674** |
| **At June 30, 2024** (unaudited) |  |  |  |  |  |
| Cost | 19545 | 19240 | 12319 | 1251 | 52355 |
| Accumulated amortization |  | (11767) | (3304) | (610) | (15681) |
| **Net book amount** | **19545** | **7473** | **9015** | **641** | **36674** |
| **As of June 30, 2025** |  |  |  |  |  |
| Opening net book amount | 20242 | 7162 | 9256 | 571 | 37231 |
| Exchange differences | 236 | 201 | (72) | 76 | 441 |
| Additions |  | 816 | 2 |  | 818 |
| Amortization charge (i) |  | (822) | (251) | (2) | (1075) |
| **Closing net book amount** | **20478** | **7357** | **8935** | **645** | **37415** |
| **At June 30, 2025** (unaudited) |  |  |  |  |  |
| Cost | 20478 | 20845 | 12756 | 1261 | 55340 |
| Accumulated amortization |  | (13488) | (3821) | (616) | (17925) |
| **Net book amount** | **20478** | **7357** | **8935** | **645** | **37415** |

---

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

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

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

F- 30

------

**Adecoagro S.A.**

**Notes to the Condensed Consolidated Interim Financial Statements**

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025 (unaudited)** | **June 30, 2025 (unaudited)** | **June 30, 2025 (unaudited)** | **June 30, 2025 (unaudited)** | **June 30, 2025 (unaudited)** |
| | **Crops (i)** | **Rice (i)** | **Dairy (ii)** | **Sugarcane (i)** | **Total** |
| **Beginning of year**  | **79363** | **102098** | **42864** | **69620** | **293945** |
| Increase due to purchases | 1854 | 688 |  |  | **2542** |
| Initial recognition and changes in fair value of biological assets  | (359) | 8747 | 15993 | 8712 | **33093** |
| Decrease due to harvest / disposals  | (132385) | (132850) | (51800) | (64369) | **(381404)** |
| Costs incurred during the period | 92690 | 47176 | 37526 | 61375 | **238767** |
| Exchange differences  | (1104) | (1401) | (612) | 9840 | **6723** |
| **End of period** | **40059** | **24458** | **43971** | **85178** | **193666** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **June 30, 2024 (unaudited)** | **June 30, 2024 (unaudited)** | **June 30, 2024 (unaudited)** | **June 30, 2024 (unaudited)** | **June 30, 2024 (unaudited)** |
| | **Crops (i)** | **Rice (i)** | **Dairy (ii)** | **Sugarcane (i)** | **Total** |
| **Beginning of year**  | **55545** | **32843** | **23191** | **116458** | **228037** |
| Increase due to purchases | 625 | 559 |  |  | **1184** |
| Initial recognition and changes in fair value of biological assets  | 29680 | 36575 | 4491 | 36954 | **107700** |
| Decrease due to harvest / disposals  | (164779) | (141582) | (48628) | (107564) | **(462553)** |
| Costs incurred during the period | 89521 | 68618 | 45999 | 66910 | **271048** |
| Exchange differences  | 31581 | 17648 | 13768 | (15549) | **47448** |
| **End of period** | **42173** | **14661** | **38821** | **97209** | **192864** |

---

&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 six-month period ended June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
| | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| | **Crops** | **Rice** | **Dairy** | **Sugar, Ethanol and Energy** | **Total** |
| Salaries, social security expenses and employee benefits  | 2371 | 7858 | 6210 | 7400 | **23839** |
| Depreciation and amortization  |  |  |  | 1615 | **1615** |
| Depreciation of right-of-use assets |  |  |  | 16637 | **16637** |
| Fertilizers, agrochemicals and seeds  | 22217 | 2533 | 3096 | 21774 | **49620** |
| Fuel, lubricants and others  | 356 | 1235 | 779 | 3018 | **5388** |
| Maintenance and repairs  | 694 | 6249 | 2692 | 2195 | **11830** |
| Freights  | 2618 | 1135 | 80 |  | **3833** |
| Contractors and services  | 14806 | 19080 |  | 6724 | **40610** |
| Feeding expenses  | 223 | 94 | 12115 |  | **12432** |
| Veterinary expenses  | 146 | 54 | 1996 |  | **2196** |
| Energy power  | 30 | 2766 | 986 |  | **3782** |
| Professional fees  | 102 | 206 | 414 | 188 | **910** |
| Other taxes  | 430 | 56 | 149 | 34 | **669** |
| Lease expense and similar arrangements  | 47903 | 4959 | 1 | 874 | **53737** |
| Others  | 421 | 945 | 426 | 916 | **2708** |
| **Subtotal**  | **92317** | **47170** | **28944** | **61375** | **229806** |
| Own agricultural produce consumed  | 373 | 6 | 8582 |  | **8961** |
| **Total**  | **92690** | **47176** | **37526** | **61375** | **238767** |

---

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 six-month period ended June 30, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
| | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| | **Crops** | **Rice** | **Dairy** | **Sugar, Ethanol and Energy** | **Total** |
| Salaries, social security expenses and employee benefits  | 3050 | 7238 | 5085 | 6112 | **21485** |
| Depreciation and amortization  |  |  |  | 2019 | **2019** |
| Depreciation of right-of-use assets |  |  |  | 25144 | **25144** |
| Fertilizers, agrochemicals and seeds  | 33066 | 15334 | 47 | 21460 | **69907** |
| Fuel, lubricants and others  | 530 | 1251 | 746 | 1993 | **4520** |
| Maintenance and repairs  | 1479 | 6702 | 2271 | 1754 | **12206** |
| Freights  | 3837 | 1239 | 105 |  | **5181** |
| Contractors and services  | 10486 | 28506 |  | 6296 | **45288** |
| Feeding expenses  | 96 | 73 | 23463 |  | **23632** |
| Veterinary expenses  | 142 | 43 | 2694 |  | **2879** |
| Energy power  | 30 | 2199 | 1088 |  | **3317** |
| Professional fees  | 278 | 120 | 81 | 164 | **643** |
| Other taxes  | 540 | 60 | 6 | 19 | **625** |
| Lease expense and similar arrangements  | 35544 | 4825 |  |  | **40369** |
| Others  | 252 | 968 | 389 | 1949 | **3558** |
| **Subtotal**  | **89330** | **68558** | **35975** | **66910** | **260773** |
| Own agricultural produce consumed  | **191** | **60** | **10024** | **—** | **10275** |
| **Total**  | **89521** | **68618** | **45999** | **66910** | **271048** |

---

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

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31, 2024** |
| | (unaudited) | |
| **Non-current** |  |  |
| Cattle for dairy production  | 43416 | 42449 |
| Breeding cattle  | 274 | 607 |
| Other cattle  | 346 | 362 |
|  | **44036** | **43418** |
| **Current** |  |  |
| Breeding cattle  | 13063 | 11433 |
| Other cattle  | 555 | 415 |
| Sown land – crops  | 29303 | 69339 |
| Sown land – rice  | 21533 | 99720 |
| Sown land – sugarcane  | 85176 | 69620 |
|  | **149630** | **250527** |
| **Total biological assets**  | **193666** | **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 June 30, 2025, the financial instruments recognized at fair value on the statement of financial position comprise derivative financial instruments.

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2025** | **2025** |
| | **Level 1** | **Level 2** | **Total** |
| **Assets** |  |  |  |
| Derivative financial instruments  | 1263 | 13982 | 15245 |
| Short-term investment <sup>(1)</sup> | 25065 |  | 25065 |
| **Total assets**  | **26328** | **13982** | **40310** |
| **Liabilities** |  |  |  |
| Derivative financial instruments  | (272) | (4354) | (4626) |
| **Total liabilities**  | **(272)** | **(4354)** | **(4626)** |

---

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

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

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

F- 34

------

**Adecoagro S.A.**

**Notes to the Condensed Consolidated Interim Financial Statements**

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

**16.&nbsp;&nbsp;&nbsp;&nbsp;Financial instruments (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **Pricing Method** | **Parameters** | **Pricing Model** | **Level** | **Total** |
| Futures | Quoted price | - | - | 1 | 1094 |
| NDF | Quoted price | Foreign-exchange curve | Present value method | 1 | (103) |
| Interest-rate swaps | Theoretical price | Money market interest-rate curve. | Present value method | 2 | 9628 |
| Public securities | Quoted price | - | - | 1 | 25065 |

---

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

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| | (unaudited) | |
| **Non-current** |  |  |
| Advances to suppliers | 5200 | 3316 |
| Income tax credits | 8654 | 4639 |
| Non-income tax credits (i) | 39784 | 26240 |
| Judicial deposits | 2103 | 1816 |
| Other receivables | 521 | 2499 |
| **Non-current portion** | **56262** | **38510** |
| **Current** |  |  |
| Trade receivables | 121086 | 87645 |
| Less: Allowance for trade receivables | (1222) | (1114) |
| **Trade receivables – net** | **119864** | **86531** |
| Prepaid expenses | 19126 | 18038 |
| Advance to suppliers | 63756 | 35996 |
| Income tax credits | 6293 | 5680 |
| Non-income tax credits (i) | 57577 | 53522 |
| Receivable from disposal of subsidiary | 1688 | 2900 |
| Receivables from related parties (Note 28) | 16243 |  |
| Other receivables | 8831 | 10689 |
| **Subtotal** | **173514** | **126825** |
| **Current portion** | **293378** | **213356** |
| **Total trade and other receivables, net** | **349640** | **251866** |

---

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

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

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

F- 35

------

**Adecoagro S.A.**

**Notes to the Condensed Consolidated Interim Financial Statements (continued)**

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

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

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

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| | (unaudited) | |
| **Currency** |  |  |
| US Dollar | 121635 | 84477 |
| Argentine Peso | 105501 | 70837 |
| Uruguayan Peso | 1575 | 2478 |
| Brazilian Reais | 120929 | 94074 |
|  | **349640** | **251866** |

---

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

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

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

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

**18.&nbsp;&nbsp;&nbsp;&nbsp;Inventories**

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| | (unaudited) | |
| Raw materials | 201,636 | 101,510 |
| Finished goods (Note 5) | 154,220 | 188,154 |
| | **355,856** | **289,664** |

---

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

---

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

---

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

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

F- 36

------

**Adecoagro S.A.**

**Notes to the Condensed Consolidated Interim Financial Statements**

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

**21.&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 |  | (35475) |
| Dividends to shareholders | **—** | (35000) |
| **At June 30, 2024 (unaudited)** | **111382** | **848063** |
| **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 |  | 20263 |
| Purchase of own shares |  | (8623) |
| Dividends to shareholders |  | (35000) |
| **At June 30, 2025 (unaudited)** | **105382** | **794164** |

---

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

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

**Share Repurchase Program**

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

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

**Annual dividends**

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

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

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

F- 37

------

**Adecoagro S.A.**

**Notes to the Condensed Consolidated Interim Financial Statements**

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

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

**Net assets**

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

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

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

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

F- 38

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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)

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

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| | (unaudited) | |
| **Non-current** |  |  |
| Trade payables | 288 | 384 |
| Other payables | 690 | 383 |
|  | **978** | **767** |
| **Current** |  |  |
| Trade payables | 183920 | 173157 |
| Advances from customers | 10503 | 22609 |
| Amounts due to related parties (Note 28) | 749 |  |
| Taxes payable | 9238 | 9499 |
| Dividends payables | 18102 | 703 |
| Other payables | 937 | 939 |
|  | **223449** | **206907** |
| **Total trade and other payables** | **224427** | **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**

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| | (unaudited) | |
| **Non-current** |  |  |
| Senior Notes (\*) | 414821 | 414638 |
| Bank borrowings (\*) | 268174 | 265367 |
|  | **682995** | **680005** |
| **Current** |  |  |
| Senior Notes (\*) | 6858 | 6858 |
| Bank borrowings (\*) | 215054 | 92693 |
|  | **221912** | **99551** |
| **Total borrowings** | **904907** | **779556** |

---

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

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

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

F- 39

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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)

**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

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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)

**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:

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| | (unaudited) | |
| **Fixed rate:** |  |  |
| Less than 1 year  | 192572 | 69178 |
| Between 1 and 2 years  | 34259 | 55952 |
| Between 2 and 3 years  | 421462 | 414994 |
| Between 3 and 4 years  | 966 | 356 |
| Between 4 and 5 years  | 1398 | 356 |
| More than 5 years  | 49693 | 35936 |
|  | **700350** | **576772** |
| **Variable rate:** |  |  |
| Less than 1 year  | 29340 | 30373 |
| Between 1 and 2 years  | 89080 | 83142 |
| Between 2 and 3 years  | 49862 | 46593 |
| Between 3 and 4 years  |  | 2932 |
| Between 4 and 5 years  |  | 441 |
| More than 5 years  | 36275 | 39303 |
|  | **204557** | **202784** |
|  | **904907** | **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 equals US$414.7 million, 99.77% of the nominal amount.

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

F- 41

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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)

**25.&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities**

---

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

---

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

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| | (unaudited) | |
| Less than 1 year | 47464 | 54351 |
| Between 1 and 2 years | 22079 | 65697 |
| Between 2 and 3 years | 48742 | 51325 |
| Between 3 and 4 years | 44427 | 43571 |
| Between 4 and 5 years | 38481 | 35764 |
| More than 5 years | 162515 | 91322 |
|  | **363708** | **342030** |

---

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

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| | (unaudited) | |
| **Non-current** |  |  |
| Social security payable | 544 | 1454 |
|  | **544** | **1454** |
| **Current** |  |  |
| Salaries payable | 8649 | 4077 |
| Social security payable | 5887 | 4821 |
| Provision for vacations | 13626 | 13314 |
| Provision for bonuses | 4837 | 10523 |
|  | **32999** | **32735** |
| **Total payroll and social security liabilities** | **33543** | **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** | **June 30,<br>2025** | **June 30,<br>2024** | **June 30,<br>2025** | **December 31,<br>2024** |
|  |  |  | (unaudited) | (unaudited) | (unaudited) |  |
| Directors and senior management | Employment | Compensation selected employees | (265) | (3103) | (11327) | (17409) |
| Directors and senior management | Consultant | Payables | (88) |  | (54) |  |
| Directors and senior management | Employment | Receivables | 159 |  | 16243 |  |
| Rio Porá S.A. | Affiliate | Payables |  |  | (695) |  |
| Rio Porá S.A. | Affiliate | Leases | (742) |  |  |  |

---

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

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

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

**Seasonality of operations**

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

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

F- 43

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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;Recent developments**

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

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

F- 44