Business Segment Redefinition

◦As stated in our 2025 year-end Earnings Release, the Company reassessed and updated the Group’s internal organizational structure following the acquisition of Profertil S.A. Effective January 1, 2026, the Company operates three reportable segments: the Sugar, Ethanol and Energy segment, the Fertilizers segment (which captures Profertil's results), and the Food & Agriculture segment. The latter includes the agricultural and related food activities that were previously managed and presented through separate verticals, including Crops, Rice and Dairy. These activities are now managed as one integrated value chain and evaluated based on overall segment operating performance. Comparative information will be recast to conform to the current presentation.

◦Adjusted EBITDA amounted to $40.6 million in 1Q26, 36.0% higher year-over-year.

▪(+) First-quarter crushing record of 2.2 million tons (49.1% increase versus 1Q25). Strong recovery in productivity leading to 79.5% higher TRS per hectare year-over-year.

▪(+) Full ethanol maximization (96% mix) to capture greater margins compared to sugar.

▪(-) Lower net sales on lower selling volumes and prices of sugar, partially offset by higher ethanol prices.

▪(-) Despite greater crushing, our cost of production stood at 12.9 cts/lb (versus 11.1 cts/lb in 1Q25) driven by (i) the appreciation of the Brazilian Real; (ii) the anticipation of certain agricultural expenses that are typically concentrated later in the year; and (iii) lower cost dilution given lower TRS content per ton of cane crushed.

Outlook

◦(+) Crushing pace remains on track to meet our full-year crushing target. Assuming normal weather, we foresee low-double-digit growth in 2026's crushing volume versus 2025.

◦(+/-) As of this date, we have 65% of our sugar production hedged at an average price of 15.7 cts/lb.

◦Adjusted EBITDA amounted to $52.5 million in 1Q26. On a pro forma basis, this represents a 4.3x increase versus 1Q25, assuming that the Profertil acquisition occurred on January 1, 2025.

▪(+) Higher urea production (9.6% increase versus 1Q25) because of a higher number of operational days.

▪(+) Sales up by 67.8% year-over-year on higher prices (urea average selling price of $517/ton versus $444/ton in 1Q25) and volumes sold (+69.5 thousand tons year-over-year).

▪(+) Lower cost of production driven by (i) higher cost dilution due to the increase in production; coupled with (ii) lower gas costs as we conducted spot purchases to benefit from a more competitive price.

Outlook

◦(+) Since the start of the conflict in the Middle East on February 28, 2026, international urea prices have increased by ∼55%. CFR Brazil is currently trading at ∼$725/ton on average.

◦(+) We capture the upside in prices progressively as sales are executed. Given that most of our cost base—primarily natural gas—remains fixed, incremental revenues flow through EBITDA, driving margin expansion. As a result, we expect stronger-than-anticipated Adjusted EBITDA in 2026, with performance exceeding prior years.

◦Adjusted EBITDA reached $1.4 million in 1Q26 compared to $16.6 million in 1Q25.

▪(-) Lower commodity prices (between 4% and 46% depending on the product).

▪(-) Higher costs in U.S. dollar terms, mostly related to carry-over stocks from the previous campaign.

▪(+/-) Harvesting activities are in progress (55% completed). Higher volumes of milk processed at our industrial facilities.

Outlook

◦(+) We foresee grains productivity to be in line with historical average, whereas we expect an increase in processed milk volume, as we launch new products under our retail brands. Margins should improve throughout the year as we harvest the new crop and conduct its sale.

Capital Expenditures

												Pro forma
$ thousands			1Q26			1Q25			Chg %			1Q25(1)			Chg %
Maintenance			51,467			54,474			(5.5)%			63,250			(18.6)%
Expansion			433,578			30,128			n.m			30,128			n.m
Total			485,045			84,602			473.3%			93,377			419.4%

(1) Pro forma basis to give effect to Profertil's acquisition, as if such event had occurred on January 1, 2025.

Maintenance capex amounted to $51.5 million during 1Q26, marking a 5.5% decline compared to the same period of last year and 18.6% lower on a pro forma basis. Investments on this front were mainly related to the renewal of our agricultural and industrial machinery in our Sugar, Ethanol & Energy operations, as well as the renewal planting of 5,862 hectares of sugarcane.

Expansion capex totaled $433.6 million during the quarter, of which $396.3 million was related to the remaining payment for the acquisition of the 90% stake in Profertil.

Indebtedness

As of March 31, 2026, Adecoagro's net debt totaled $1.6 billion, marking a 45.3% quarter-over-quarter increase. This was mainly driven by the ~$400 million balance payment related to Profertil's acquisition, as well as by the typical seasonality of our operations, which reflects the higher working capital requirements associated with planting and harvesting activities in our Food & Agriculture segment during the first half of the year.

On a pro forma basis, assuming the acquisition of Profertil had occurred on January 1, 2025, our Net Debt/EBITDA ratio stood at 3.2x, compared to 3.3x in 4Q25. Going forward, we intend to continue reducing our leverage ratio through higher expected Adjusted EBITDA generation, mainly from our Fertilizers operations.

2025 Shareholder Distribution

On April 15, 2026, our Annual General Meeting approved a total annual cash dividend of $35 million. The first installment of $17.5 million (∼$0.1213 per share) will be paid on May 19, 2026 to shareholders of the Company of record on May 4. The second installment shall be payable in November 2026 in an equal cash amount.

(1) Does not include 8,444 cubic meters of anhydrous ethanol that were converted by dehydrating our hydrous ethanol stocks during 1Q25. (2)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 1Q26, crushing volumes totaled 2.2 million tons, up 49.1% year-over-year and setting a new first-quarter record. As explained in our prior earnings release, above-average rainfall in 4Q25 enabled the recovery of sugarcane productivity, while the cane left unharvested was collected during the first quarter under our continuous harvest model—one of our key competitive advantages. As a result, average yields increased to 105 tons per hectare, compared to 53 tons per hectare in 1Q25 (which reflected cane from the 5th cut and above). Conversely, TRS content declined 9.0% year-over-year. This strong TRS per hectare performance allowed us to achieve strong crushing volumes while entering into a smaller area.

During the quarter, ethanol prices traded at a premium to sugar in Mato Grosso do Sul (32% for hydrous and 50% for anhydrous ethanol). Thus, we maximized ethanol production, reaching a 96% mix, reflecting the high operational flexibility of our industrial assets, even as we carried out maintenance work. Within our ethanol production, 84% was hydrous ethanol due to the strong demand for this type of fuel.

Exported energy totaled 120.0 thousand MWh, 113.4% higher than in 1Q25. This increase was explained by higher crushing volumes, together with the use of our stored bagasse to produce energy to comply with our contracts and benefit from higher spot prices.

Our production costs excluding depreciation and amortization totaled 12.9 cts/lb, 16.2% higher year-over-year. This was mostly driven by (i) the appreciation of the Brazilian Real versus 1Q25; (ii) the anticipation of certain agricultural expenses that are typically concentrated later in the year; (iii) the aforementioned decline in TRS content, which negatively impacted our capacity to dilute both our fixed and variable costs throughout the period; and (iv) higher sourcing of third-party cane (+51 thousand tons versus 1Q25).

NET SALES BREAKDOWN			$ thousands												Units												($/unit)
			1Q26			1Q25			Chg %						1Q26			1Q25			Chg %						1Q26			1Q25			Chg %
Sugar (tons)			13,748			36,064			(61.9)%						40,193			77,004			(47.8)%						342			468			(27.0)%
Ethanol (cubic meters)			87,657			74,909			17.0%						160,550			161,609			(0.7)%						546			464			17.8%
Energy (Mwh) (2)			6,135			2,227			175.5%						142,115			73,744			92.7%						43			30			42.9%
Others (3)			4,117			5,673			(27.4)%
Total Net Sales(1)			111,657			118,873			(6.1)%

HIGHLIGHTS - $ thousand			1Q26						1Q25						Chg %
Net Sales (1)			111,657						118,873						(6.1)%
Adjusted EBITDA			40,602						29,851						36.0%

(1) Net Sales are calculated as Gross Sales net of ICMS, PIS COFINS, INSS and IPI taxes.(2) Includes commercialization of energy from third parties; (3) Includes the commercialization of (i) CBios; (ii) the sale of soybean, corn and beans planted as cover crop during the implementation of meiosis, and (iii) diesel sold by Monte Alegre Distribuidora (MAC), our own fuel distributor located in UMA mill.

Net sales reached $111.7 million in 1Q26, down 6.1% year-over-year. While ethanol and energy revenues increased during the quarter, this was more than offset by lower sugar sales, reflecting both weaker global prices and lower volumes sold.

As previously explained, the decline in sugar sales was primarily driven by our strategy to maximize ethanol production throughout the quarter given its better margin (versus a higher sugar mix during 1Q25), coupled with the decline in global sugar prices.

In the case of ethanol, we sold our carry-over inventories and daily production to profit from the peak in prices. During the quarter, domestic demand remained strong while supply was limited, allowing us to capture 17.8% higher prices. On the other hand, volumes sold were in line with 1Q25, when we cleared out our tanks as prices started to recover.

Higher energy sales were driven by a combination of higher volumes and higher prices. The increase in volume was explained by higher crushing and the use of stored bagasse to generate additional energy. On pricing, we benefited from spot sales at attractive prices, also favored by the appreciation of the Brazilian real.

Overall, Adjusted EBITDA amounted to $40.6 million during 1Q26, 36.0% higher than the same period of last year. This was driven by higher crushing volumes and ethanol prices, together with lower unitary COGS reflecting higher capacity utilization versus the prior year, resulting in stronger sales margins. In turn, these gains were partially offset by (i) year-over-year losses in the mark-to-market of our commodity hedge position; (ii) lower year-over-year gains presented in the mark-to-market of our biological assets; and (iii) higher selling expenses on higher taxes associated with greater ethanol sales.

(1) Pro forma basis to give effect to Profertil's acquisition, as if such event had occurred on January 1, 2025.

During 1Q26, urea production amounted to 277.8 thousand tons, marking a 9.6% year-over-year increase. This growth was mainly driven by a higher number of operational days compared to 1Q25, during which a one-off event halted operations for 19 days. The disruption was caused by a major flood in the city of Bahia Blanca—where our fertilizer plant is located—which affected the gas transportation to the plant. During 1Q26 the fertilizer plant experienced 10 days of downtime as we ramped up operations following the major maintenance turnaround completed in 4Q25. As of the date of this report, the plant is operating non-stop at full capacity.

In terms of sales, the 67.8% year-over-year increase was driven by a combination of higher prices and volumes sold. Our average selling price stood at $516/ton, 16.2% higher compared to the same period of last year, mainly reflecting stronger international urea prices. Following the escalation of the conflict in the Middle East —a region that accounts for approximately 30% of global urea trade—prices began rising sharply in early March, with only partial impact captured in 1Q26 results.

As a result, Adjusted EBITDA totaled $52.5 million during 1Q26 compared to $12.1 million presented in the same period of last year. In addition to the year-over-year increase in sales, results benefited from greater cost dilution due to the aforementioned increase in production; together with an efficient gas sourcing conducted throughout the period.

(1) Financial & Operational data available in our Results Spreadsheet on Adecoagro's IR website.

From an operational standpoint, we are currently undergoing harvesting activities, which we expect to conclude during 2Q26. As of this date, 55% of the 239 thousand planted hectares has already been harvested and produced over 803 thousand tons of agricultural products. Despite an uneven distribution of rain throughout the grains development cycle across different regions, we foresee yields to be in line with the historical average. In the case of our rice production, our average yield of 8.7 tons per hectare (expressed as long grain rice) reflects a higher mix of varieties within our planted area, aimed at reducing our exposure to long grain white rice prices. In addition, during the quarter we processed 92.2 million liters of milk, 49% of which was sourced from our free-stalls.

Total sales amounted to $162.4 million during 1Q26, 18.0% lower than the same period of last year. Despite presenting selling volumes in line with 1Q25, these were more than offset by lower prices across most of our products, particularly peanut (down 45.8% year-over-year), rice (down 23.4%) and cheese (down 20.1%).

Consequently, Adjusted EBITDA reached $1.4 million during the quarter compared to $16.6 million in 1Q25. In addition to the decline in revenues, results were negatively impacted by higher costs in U.S. dollar terms.

SALES BREAKDOWN			$ thousands												Units(1)												($/unit)
			1Q26			1Q25			Chg %						1Q26			1Q25			Chg %						1Q26			1Q25			Chg %
Soybean			2,037			1,761			15.7%						5,784			6,515			(11.2)%						352			270			30.3%
Corn(2)			11,807			7,545			56.5%						64,698			39,794			62.6%						182			190			(3.7)%
Peanut			11,896			21,041			(43.5)%						12,582			12,053			4.4%						945			1,746			(45.8)%
White Rice			39,895			68,859			(42.1)%						80,564			106,550			(24.4)%						495			646			(23.4)%
UHT Milk			29,485			30,349			(2.8)%						44,493,777			37,253,875			19.4%						0.66			0.81			(18.7)%
Powdered Milk			13,032			12,465			4.5%						3,665			3,236			13.3%						3,556			3,852			(7.7)%
Cheese			9,142			10,378			(11.9)%						2,267			2,056			10.3%						4,032			5,049			(20.1)%
Others (3)			45,126			45,671			(1.2)%
Total Net Sales			162,420			198,069			(18.0)%

(1) All products are expressed in tons except for UHT milk which unit of measure is liters. (2) Includes sorghum. (3) Includes wheat, sunflower, cotton, other dairy products, rice snacks and by-products, among other sales.

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.

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

•Adjusted EBITDA

•Adjusted EBIT

•Adjusted EBITDA margin

•Net Debt

•Net Debt to Adjusted EBITDA

•Adjusted Net Income

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

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

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

Adjusted 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, 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 12.

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.     

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.

Pro forma basis to give effect to Profertil's acquisition, as if such event had occurred on January 1, 2025.

Condensed Consolidated Interim Financial Statments

    

Statement of Income
$ thousands												3M26			3M25			Chg %
Revenue												398,680			325,506			22.5%
Cost of revenue												(300,878)			(276,236)			8.9%
Initial recognition and Changes in fair value of biological assets and agricultural produce												23,903			23,562			1.4%
Changes in net realizable value of agricultural produce after harvest												(3,138)			1,223			(356.6)%
Margin on Manufacturing and Agricultural Activities Before Operating Expenses												118,567			74,055			60.1%
General and administrative expenses												(35,825)			(32,281)			11.0%
Selling expenses												(52,978)			(37,146)			42.6%
Other operating income, net												(7,174)			(990)			624.6%
Profit from operations												22,590			3,638			520.9%
Finance income												102,180			36,400			180.7%
Finance costs												(46,218)			(24,974)			85.1%
Other financial results - Net gain / (loss) of inflation effects on the monetary items												(6,674)			410			(1,727.8)%
Financial results, net												49,288			11,836			316.4%
Profit / (loss) before income tax												71,878			15,474			364.5%
Income tax												(28,066)			3,233			(968.1)%
Profit for the period												43,812			18,707			134.2%

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: 147,872,161 common shares (Note 21)

Outstanding Capital Stock: 144,273,082 common shares

Treasury Shares: 3,599,079 common shares

(*) Net of 11,471 of Income tax.

(*) Net of (36,340) of Income tax.