Highlights 

  • 3Q25 Adjusted EBITDA reached 115.1M USD, driven by Sugar, Ethanol & Energy segment. 
  • Record sugar crushing of 4.9M tons in 3Q25, up 20.4% year-over-year. 
  • Adecoagro to acquire Nutrien’s 50% stake in Profertil for approximately 600M USD. 

Adecoagro S.A. (NYSE:AGRO) released financial results for the third quarter ending September 30, 2025. The company reported Adjusted EBITDA of 115.1M USD in 3Q25, marking a record for the period. This increase was primarily driven by the Sugar, Ethanol & Energy business, while year-to-date 9M25 results reflected a decline due to lower prices, higher costs, and mixed performance in yields. 

Sugar, Ethanol & Energy Segment 

The segment recorded 120.5M USD in Adjusted EBITDA for 3Q25, a 20.3% increase compared to 3Q24. Year-to-date Adjusted EBITDA was 218.4M USD, down 15.6% versus 9M24. Key factors included: 

  • Switching to an ethanol maximization scenario (58% in 3Q25 / 55% in 9M25) due to higher margins relative to sugar. 
  • Gains in biological assets from increased productivity and reduced costs. 
  • Record crushing of 4.9M tons in 3Q25, a 20.4% rise year-over-year, with year-to-date crushing at 9.8M tons. 
  • In-line production costs in 3Q25 due to higher dilution from record crushing; year-to-date cost per pound was 8.3 cts/lb versus 7.8 cts/lb in 9M24. 
  • Lower net sales in both 3Q25 and 9M25 due to reduced sugar volumes and prices, despite improved ethanol prices. 

Farming Segment 

Adjusted EBITDA for the Farming segment was 1.5M USD in 3Q25 and 19.2M USD year-to-date, down 15.9M USD and 80.0M USD year-over-year, respectively. Excluding the sale of La Pecuaria farm in April 2024, year-to-date Adjusted EBITDA decreased by 65.0M USD. Highlights include: 

  • Higher sales volumes of dairy products and crops. 
  • Record rice production sold at a slower pace. 
  • Lower prices for crops, rice, and dairy, with year-over-year losses on biological assets. 
  • Increased costs for the 2024/25 harvest season in USD terms. 

Acquisition of Profertil 

In September 2025, Adecoagro signed an agreement to acquire Nutrien Ltd.’s 50% interest in Profertil S.A., South America’s largest granular urea producer, for approximately 600M USD. Adecoagro contributed 96M USD of an initial down payment of 120M USD. The acquisition will be executed through an 80%-20% partnership with Asociación de Cooperativas Argentinas.  

Shareholder Distribution and Farmland Appraisal 

Adecoagro will pay the second 17.5M USD cash dividend on November 19, completing an annual payout of 35.0M USD. The company also repurchased 1.1% of equity for 10.2M USD. Cushman & Wakefield updated its independent appraisal of Adecoagro’s 210,371-hectare farmland at 714.8M USD, up 4.7% year-over-year. The company’s net equity book value per share is 13.7 USD. 

Board Update 

Daniel González resigned from Adecoagro’s Board of Directors, effective November 3, 2025.