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Disclaimer & Non-GAAP Financial Measures and Reconciliation
2
This presentation may contain certain forward-looking statements and information relating to Adecoagro S.A. and its subsidiaries (collectively, “Adecoagro” or the “Company”) that reflect the
current views and/or expectations of the Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation,
any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like “believe”, “anticipate”, “expect”, “envisages”, “will likely
result”, or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important
factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. In no event, shall the Company or any
of its subsidiaries, affiliates, directors, officers, agents or employees be liable before any third party (including investors) for any investment or business decision made or action taken in
reliance on the information and statements contained in this presentation or for any consequential, special or similar damages.
No reliance may be placed for any purpose whatsoever on the information contained in this presentation or on its completeness. No representation or warranty, express or implied, is or
will be made or given by the Company or any of its affiliates or directors or any other person as to the accuracy or completeness of the information or opinions contained in this
presentation and no responsibility or liability is or will be accepted for any such information or opinions.
This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without the prior written consent of the Company.
This presentation does not constitute or form any part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or
other securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore.
For further information regarding risks, uncertainties and assumptions which may affect our expectations of future performance, please see the registration statement we have filed with the
United States Securities and Exchange Commission on Form F-3, including, without limitation, the sections titled "Risk Factors" and "Forward-Looking Statements" included within such
registration statement.
Disclaimer
Non-GAAP Financial Measures and Reconciliation
This presentation contains unaudited non-GAAP financial information. We present Adjusted Consolidated EBITDA, Adjusted Segment EBITDA, Adjusted Consolidated EBIT and
Adjusted Segment EBIT as supplemental measures of performance of the Company and of each operating segment, respectively, that are not required by, or presented in accordance
with IFRS.
Our Adjusted Consolidated EBITDA equals the sum of our Adjusted Segment EBITDAs for each of our operating segments. We define Adjusted Consolidated EBITDA as consolidated net
profit or loss for the year or period, as applicable, before interest expense, income taxes, depreciation and amortization, foreign exchange gains or losses, other net financial expenses and
unrealized changes in fair value of our long-term biological assets, primarily our sugarcane and coffee plantations, and cattle stocks. We define Adjusted Segment EBITDA for each of our
operating segments as the segment’s share of consolidated profit from operations before financing and taxation for the year or period, as applicable, before depreciation and amortization
and unrealized changes in fair value of our long-term biological assets. We believe that Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are for the Company and each
operating segment, respectively important measures of operating performance because they allow
3
investors and others 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), unrealized changes in fair value of biological assets (a significant non-cash gain or loss to our consolidated
statements of income following IAS 41 accounting), foreign exchange gains or losses and other financial expenses. Othercompanies 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 similarly
titled 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’s profit from operations before financing and taxation 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 operating performance of
the Company, and of each of our operating segments, respectively. We also believe Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are useful for securities analysts,
investors and others to evaluate 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 consolidated net profit or
loss for the year or period, as applicable, before interest expense, income taxes, foreign exchange gains or losses, other net financial expenses and unrealized changes in fair value of our
long-term biological assets, primarily our sugarcane and coffee plantations, and cattle stocks. We define Adjusted Segment EBIT for each of our operating segments as the segment’s share
of consolidated profit from operations before financing and taxation for the year or period, as applicable, before unrealized changes in fair value of our long-term biological assets. We
believe that Adjusted Consolidated EBIT and Adjusted Segment EBIT are for the Company and each operating segment, respectively important measures of operating performance because
they allow investors and others 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),
unrealized changes in fair value of biological assets (a significant non-cash gain or loss to our consolidated statements of income following IAS 41 accounting), foreign exchange gains or
losses and other financial expenses. 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 similarly titled 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’s profit from
operations before financing and taxation 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 our operating performance of the Company, and of each of our operating segments, respectively.
We believe Adjusted Consolidated EBIT and EBITDA and Adjusted Segment EBIT and EBITDA are useful for securities analysts, investors and others to evaluate the financial
performance of our company and other companies in the agricultural industry.
Disclaimer & Non-GAAP Financial Measures and Reconciliation
Agenda
4
1
3
2
4
Adecoagro Overview
High Quality & Diversified Asset Base
Sugar, Ethanol & Energy Business
Farming & Land Transformation Businesses
5Growth Strategy
6 Financial Strategy
Adecoagro Overview
Farming
Land Transformation
Sugar, Ethanol & Energy
Diversified farming business:
Crops (soybean, corn, wheat, peanut, sunflower, cotton, among others)
Rice (white, brown & parboiled rice; rice snacks; flour and by-products)
Dairy (raw milk, fluid milk, milk powder, cheese, yogurt, among others)
120k hectares of owned, croppable land spread across
the most productive regions of Argentina & Uruguay.
Own handling, storage and processing facilities.
Acquisition of under-utilized and under-managed
farmland.
Transforming land into its highest productive capabilities,
thus increasing its value.
Strategic sales of mature land in order to recycle capital
for new investment.
Fully-integrated producer of sugar, ethanol and energy in Brazil.
14.2 million tons of sugarcane crushing capacity.
Focus on enhancing farm and industrial efficiency to drive returns: Full co-generation capacity
Owned sugarcane plantations
Mechanized farming operations
Producing each crop in the
right location driving low
cost production
Positive track record of
consistent land sales
generating strong
returns
Focus on building a
unique business model
extracting higher value
per ton
6
1,0081,149
1,457
1,497
2,464
2,646
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Sugar Equivalent ('000 Tn)
Farming Production ('000 Tn)
Area Under Management (Ha)
Land purchases in Uruguay and
Brazil
Entry into the SE&E business
Initiation in the dairy business
7
Company Timeline
First steps Regional expansion
and entry into S&E
Second
growth wave
Regional Expansion
Foundation
75,000 ha of ag.
production
NYSE listing
Consolidation of SE&E cluster
Vertical integration in Farming operations
Consolidation
pre- IPO
ERP implementation
Agenda
1
3
2
4
Adecoagro Overview
High Quality & Diversified Asset Base
Sugar, Ethanol & Energy Business
Farming & Land Transformation Businesses
5Growth Strategy
6 Financial Strategy
High Quality and Diversified Asset Base
t
e
Asset Breakdown by Region
Brazil
47%
Argentina
& Uruguay
53%
Land Bank Breakdown by
Region
Argentina 93%Uruguay
1%
Brazil
6%
Total Industrial Assets3 Sugar & Ethanol mills
3 Rice mills
3 Free-Stalls
2 Grain conditioning & storage plants
2 Dairy processing facilities
1 Peanut processing facility
1 Sunflower processing facility
1 Rice snack facility
Total Farms
27 farms
220k hectares of owned land(1)
Mato Grosso do Sul
13k owned ha
13 MT of Sugarcane crushing
177k ha Sugarcane planted
9
Northeast Argentina
127k owned ha; 40k irrigated
3 rice mills
Northwest Argentina
36k owned ha(1)
Humid Pampas
29k owned ha
3 Free-Stall Dairy Facilities
2 Grain handling and
storage facilities
Minas Gerais
1.2 MT of Sugarcane crushing
Uruguay
3k owned ha
(1) Does not include minority interests
North of Santa Fe
12k owned ha (1)
Agenda
1
3
2
4
Adecoagro Overview
High Quality & Diversified Asset Base
Sugar, Ethanol & Energy Business
Farming & Land Transformation Businesses
5Growth Strategy
6 Financial Strategy
Sugar and Ethanol Business Overview
110kTons of Sugar storage
240km3 of Ethanolstorage
DIVERSIFIED PRODUCTION
Organic Sugar
Bulk VHP sugar
Bagged VHP sugar
White sugar
Anhydrous ethanol
Hydrous ethanol
Energy
PRODUCTION
FLEXIBILITY
176kHa owned cane
13kHa own land
94%Own caneprocessed
99%Mechanical harvest
32kmAverage distance
AGRICULTURE
OVERVIEW
3State of the art mills
14.2MMTons of crushing capacity
803kTons of sugar capacity
730km3 of Ethanolcapacity
241MW installed cogen capacity
Mix (Sugar/Ethanol)
756Tractors and trucks
60%/75%
5,236Agricultural employees
857Industrial employees
INDUSTRIAL
OVERVIEW
11
PRODUCTION
FLEXIBILITY
AGRICULTURE
OVERVIEW
Cluster Model Resulted in Synergies and Economies of Scale
Adecoagro’s cluster in MS
One large plantation supplying more than one mill
Centralized management team
Efficient internal logistics
Commercial flexibility
Harvest efficiencies and flexibility
Synergies / Economies of Scale
Two mills, 45km apart
Extensive room for organic growth
Possibility to crush sugarcane year round
Own sugarcane plantation
Both mills connected to the local power grid
High sugarcane yield and TRS potential
12
Main Competitive Advantages
Low competition
High TRS/ha potential
Continuous Harvest
13
High cogeneration efficiency
ICMS Tax incentive
Production flexibility
Summary of Main Competitive Advantages: Cost Savings vs Traditional Areas (US$ cts/lb) Country Competitiveness Comparison
2020 Total cash cost build-up (US$ cts/lb)
Fixed Cost: 90% / Variable Cost: 10%
75% cost: 90% / 25% cost: 10%
Source: Company’s fillings; Green Pool.
(1) Tax incentive (ICMS) is offset by extra freight cost to port.
(2) Includes maintenance capex for planting area and interharvest and ag. equipment. 14
+40%
(2)
High Quality Assets, Operational Efficiency and Competitive Advantages Have Allowed us to Become a Low
Cost Producer
BRL/USD FX: 5.2
2.3
1.6
1.70.8
6.4
1.7 0.4
(0.6)
1.6
8.0
1.3
9.3 (4.0)
5.4
3.4
(0.9)
7.9
11.1
Harvest Cane
Depreciation
Crop
Maintenance
Leasing Total
Agricultural
Cost
Industrial
Costs
Third party
cane
ICMS rebate Total
Industrial
Costs
Total
Producion
Cost
SG&A Total
Producion
Cost + Exp
Depreciation Cash Cost Maintenance
CAPEX
Energy
Revenues
Total Cash
Cost
Industry
Harvest CropMaintenance
LeasingCaneDepreciation
Total Agricultural
Cost
Third PartyCane
ICMS TaxRebate (1)
Industrial Cost
Total Industrial
Cost
SG&A Total ProductionCost + Exp.
TotalProduction
Cost
Depreciation MaintenanceCapex (2)
EnergyRevenues
Cash Cost
IndustryTotal Cash Cost
↑ 0.3
↑ 0.5
↑ 0.4 ↓ 0.1 ↓ 0.4 ↑ 0.5
↑ 1.2
ContinuousHarvest
Leasing Energy EthanolFlexibility
Freight Tax Incentive Total
7.9
11.1
14.3
17.0
22.4
BRAZIL
AUSTRALIA
THAILAND
INDIA
Competition Results
Low competition for land fromnearby mills Average Lease Cost (tons/ha/year)
Mato Grosso do Sul, BRAZIL100km radius: 12 mills
Ribeirão Preto, BRAZIL100km radius: 40 mills
Farmer Margins: Cattle vs. Sugarcane1
(R$/ha)
The main opportunity cost of
land is cattle ranching, which
has significantly lower margins
than sugarcane
Leasing land for sugarcane
production is significantly more
profitable for the landowner than
raising cattle
Source: Company’s fillings.
¹Consecana price (2020) – 0.73 BRL/kg TRS
Source: Company’s fillings.2BRL/USD Fx: 5.2
Traditional AreasAdecoagro
15
Cost Advantage(2):
+ 0.5 US Cts/lb
+69%
673
1041
Cattle Sugarcane
55%
11.7 11.9 11.8 11.7 11.7
2016 2017 2018 2019 2020
19.8
TraditionalAreas
245 239300
446
553
751712 705
853
718
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Extracting the Most from Our Asset Base
CAGR ‘11-’20: 13%
Energy Exported per ton crushed
(KWh/ton)
High energy export per ton crushed
Efficient equipment: Low energy consumption
High margin and predictable cash flow
Annual contracts due to the continuous harvest
Cost Advantage :
+ 0.4 U$S Cts/lbSource: Company’s fillings.¹ Source:CTC.
Energy Exported (‘000 MWh)
Enough energy
for 1.2 million people
16
+73%
39
68
Sao Pablo State (1) Adecoagro
Adecoagro Benefits from Significant Tax Incentives in the MS Cluster
Commercial Benchmark:
Adecoagro’s MS Cluster vs. Sao Paulo (US$ Cts/lb)1
Sugar freight
to the port
Ethanol freight
to Paulinia-SP
ICMS Ethanol
Tax benefit
Logistics and Tax
differential of SP
state
ICMS tax benefit more than
compensates the higher logistics cost
Cost Advantage:+ 0.5 U$S Cts/lb
Logistics Overview
l
MG
Maringá rail
transboarding
MS
Cluster Mills
UMAMills
Paulínia
Paranaguá port
Santos port
Mills located nearby main rail and
road Infrastructure
Distance to terminal
Cluster Mills: 858km
(Railroad and highway)
UMA Mill:422km
(Railroad)
Sugar Freight Cost:
Cluster: R$ 151/ton
UMA: R$ 92/ton
Ethanol Basis:
R$ 70/m³ discount over
Paulínia-SP price
9.0% of ICMS tax rebate in Mato Grosso do Sul on
ethanol sales
Adecoagro has storage capacity equivalent to 48%
of 2020’s ethanol production, providing flexibility to
the commercial strategy
Source: Company’s fillings; CEPEA Medium Ethanol Prices
¹Average Freight from Ribeirão-SP (R$90/ton)
BRL/USD FX rate of 5.2
ICMS tax benefit on ethanol interstate sales (enacted as a Mato Grosso do Sul state law until 2032)
17
Tax Incentives Improve Ethanol Parity in MS
MGS-RPHydrous Premium (%)
4.0% 4.0% 4.0%
2018 2019 2020
-0.24
-0.18
+0.45 +0.02
Source: Company’s fillings.1 BRL/USD FX rate of 5.2.Estimated based on the simulation of the
fixed cost dilution when the effective milling hours goes from 4,700
hours (average effective milling)
Extracting the Most from Our Asset Base
Use of time (Continuous Harvest vs.Traditional)
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Center South Season
MS Season
Continuous Harvest
Cluster Continuous Harvest
Center South Season
Fixed Cost dilution
Savings in industrial
maintenance expenses
Regional characteristics
270
220
170
120
70
20
Avera
ge R
ain
(mm
)
Center South
Cluster
Jan Feb Mar Apr May Jun Jul
More rain in the traditional season and less rain in the offseason
Strategy is a perfect fit to our region
Aug Sep Oct Nov Dec
Turning disadvantage to advantage
Project implemented and tested gradually
Average Rain - Center South vs Mato Grosso do Sul (MS)
Effective Miling Hours
Employees / million ton of milledcane
Cost Advantage1:
+ 0.3 US Cts/lb
18
5,6914,944 5,373
6,055 5,606
2016 2017 2018 2019 2020
604624
539
565
596
2016 2017 2018 2019 2020
Renovabio: Strong Support for S&E Business
Direct Effects
Carbon credit sale will increase revenue/decrease cost for biofuel producers equal to R$30/m3 (0.2 cts/lb sugar equivalent)*
Indirect Effects
Demand shift towards hydrous ethanol due to higher gasoline prices. Consequently, increase in ethanol parity.
Floor to sugar prices.
Incentive for biofuel producers to invest in making their operations even more sustainable and therefore improve their score
Ethanol Producer
Fuel Distributor
Producers sell
Ethanol to:Sell to final
consumer
Gasoline
CBio
Distributors are
obliged to buy Cbios
in order to compen-
sate pollution from
fossil fuels
Determines the annual credit of Cbio
Authorized
producers to
issueCbios
Otto Cycle
Ethanol
*considering a CBIO price of BRL 30 per CBIO contract19
In June 2020 Adecoagro officially became the first company to kickstart the commercialization of CBio under the RenovaBio
program
High Flexibility in Production Mix Allowing Us to Profit from Higher Relative Prices
Historical Price Evolution in Sugar Equivalent (cts/lb) SE&E EBITDA distribution
Production Mix (in %)
High flexibility to switch from maximizing
ethanol to sugar and vice versa
20
48.6%
59.2%
78.1%
54.0%
34.5%
27.0%
8.3%
36.9%
16.9% 13.8% 13.6%9.1%
2017 2018 2019 2020
Energy
Sugar
Ethanol
53%
74%85%
56%
47%
26%15%
44%
2017 2018 2019 2020
Sugar
Ethanol
4Q204Q19
Agenda
1
3
2
4
Adecoagro Overview
High Quality & Diversified Asset Base
Sugar, Ethanol & Energy Business
Farming & Land Transformation Businesses
5Growth Strategy
6 Financial Strategy
Farming & Land Transformation Overview
22
Cutting-edge technology and
best practices
Solid track record, with
around 100k ha sold
Capital gains for over US$250mm
Cash generation over US$300mm
Market leader in the sector
Total production over 720,000 tons per year
Production of soybean, corn, wheat, peanut, sunflower and
cotton, among others
~200,000 hectares of planted area per year, 55% in own land
Farms concentrated in Argentina’s Humid Pampas, one of
the world’s most fertile regions
Dairy
Crops
Land Transformation
Integrated business model
Over 40,000 fully irrigated hectares
3 state-of-the-art rice mills
Export and domestic market flexibility
Rice
Capacity to accommodate ~11,000 cows and
potential to continue growing our herd
Productivity of 36.5 Liter/Cow/Day,
66% above Argentina’s average
Low cost producer
2 milk processing facilities
Export and domestic market flexibility
Farming Business Segments
One of the Lowest Cost Producers in the World
Soybean Cost (USD per ton) Rice Cost (USD per ton)Corn Cost (USD per ton)
Production costs
Fobbing costs
Production costs
Fobbing costs
Sellingcosts
Export Tax
23
Sellingcosts
Export Tax
Adecoagro is one of the lowest cost producers, in the world’s most competitive region for grain production
Source: Agrianual, Margenes Agropecuarios magazine, CONAB, University of Illinois, Company data.
,
88 97
167141
26
52
443
13
13
1010
84
84
212
247
181194
Adecoagro Humid Pampas Illinois Mato Grosso
52 44
95 101
30 53
4
54
13
13 10
10
91
91
185
200
110
165
Adecoagro Humid Pampas Illinois Mato Grosso
120 114
23
5
Adecoagro Rio Grande do Sul
143
119
Production costs Sellingcosts
Land Transformation - Business Overview
Highlights since inception Land Transformation Process
Over 10mm ha
evaluated
Over 170k ha put into
production
Cash generation
over US$300 million
Capital gains for
over US$250 million
Strong Track Record of Capitalizing Gains from LandTransformation
Full Rotation
& High Yields
* Reaching its highest
production capabilities
Natural Grasses*Identify underman-
aged land
*Design specific
production model
*Acquire land
Medium
Low-Yield Crops
* Adecoagro applies a
careful process to
develop the land and
achieve its highest
production potential
POTENTIAL TO ADD VALUE
PR
OD
UC
TIV
ITY
24
7.6
33.1
15.2
18.8 20.0
8.8
27.5 28.225.6
24.0
0.0 0.0
36.3
9.4
1.5
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
3,507 8,714 4,857 5,005 5,086 2,439 9,425 14,176 12,887 10,905 - - 9,300 6,082 5,444
N.A. N.A. 33% 20% 19% 23% 23% 17% 28% 55% - - 37% 34% 56%
Sold Ha
% over
appraisal
Agenda
1
3
2
4
Adecoagro Overview
High Quality & Diversified Asset Base
Sugar, Ethanol & Energy Business
Farming & Land Transformation Businesses
5Growth Strategy
6 Financial Strategy
In 2017 we announced our 5-Year-Plan which consisted in investing in attractive business opportunities to enhnace EBITDA and
cash generation across all our segments
5-Year-Plan
Crops SE & E Dairy Rice
2 grains conditioning &
storage facilities with
potential for expansion.
1 peanut processing facility
and 1 sunflower processing
facility
Increase in leased area.
Land Transformation
Average sale of 2 farms to
rotate our portfolio
triggering capital gains and
EBITDA.
Acquisition of 8 planters
and5 harvesters to reduce
harvesting and planting
costs and also irrigation
and labor costs.
Installation of facilities and
silos for drying thus
enhancing rice quality and
lowering logistic costs.
Increase in zero level
hectares.
Parboil & packaging
faclilities and installation of
a white rice warehouse
facility.
Construction of 2 free-
stalls to reach a total of 4,
and a 1.4MW
biodigestor.
Acquisition of 2 milk
processing facilities with a
production capacity of
+1.5MM Lts/day.
From 2023 on, we will be
able to grow one freestall
per year with our own
cows.
Planting expansion of
51,000 has.
Industrial expansion
capacity of Ivinhema and
Angelica. 30% increase
in nominal crushing
capacity.
Steam generation
improvement, cane
reception, juice treatment
and sugar factory.
Acquisition of agricultural
equipment in planting,
harvest and treatment.
26
We are currently in the final stages of our plan, having invested ~$350 MM in projects that are generating ROICs of over 25%.
These investments have improved the efficiency and sustainability of our operations, enhanced our competitive advantages and
allowed us to be better positioned to face all different scenarios.
Solid Debt Profile
Stable Adjusted EBTIDA despite volatile commodity price environment
Expansion CAPEX decreasing and FCF increasing with most of the debt structured in the long term
Debt Amortization Schedule (in MM USD) Debt Currency Structure
27
216 298 276 314 305 342
2015 2016 2017 2018 2019 2020
29%
52%
19%
Brazilian Reals US Dollars Argentine Pesos
BRL 6.6%
USD 5.9%
ARS 5.3%
(1) As of December 31, 2020
Average Interest
158
85 46
18 28
99
538
2021 2022 2023 2024 2025 2026 2027
020406080
100120140160
SoybeanWheatCornSugar
Base index: December 2014
Agenda
1
3
2
4
Adecoagro Overview
High Quality & Diversified Asset Base
Sugar, Ethanol & Energy Business
Farming & Land Transformation Businesses
5Growth Strategy
6 Financial Strategy
Financial Summary - Revenues
Net Sales1 Evolution ($ MM) Sales Breakdown (2020FY)
29
Notes(1) Net Sales is calculated as Sales less sugar and ethanol sales taxes
273323 299
360411
569
576
470
488 385
841
899
769
848
796
2016 2017 2018 2019 2020
Sugar, Ethanol & Energy
Farming & Land TransformationSoybean
5.6%Corn
5.7%
Wheat
1.9%
Peanut
5.9%Sunflower
1.4%
Rice
13.0%
Dairy
17.1%
Others
1.0%
Sugar
21.1%
Ethanol
22.7%
Energy
4.6%
Financial Summary – Adjusted EBITDA
30
Adj. EBITDA Evolution ($ MM)
59 5266 67 69
89 8570
54 51
9672
108
-7-27
52
110 98
115154
167
265247
238253
253
-23
-22
-22 -27 -25 -23 -23 -22 -21 -22 -19 -20 -19
29 3
96
150142
181
216 215
298
276
314305
342
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Corporate
Sugar, Ethanol & Energy
Farming & Land Transformation
Thank
you!
Charlie Boero Hughes - CFO
Email: [email protected]
TEL: +5411 4836 8804
Juan Ignacio Galleano - IRO
Email: [email protected]
TEL: +5411 4836 8624
ir.adecoagro.com