Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

Share Name	Share Symbol	Market	Type
Adecoagro SA	NYSE:AGRO	NYSE	Common Stock

	Price Change	% Change	Share Price	High Price	Low Price	Open Price	Shares Traded	Last Trade
	-0.38	-3.76%	9.73	10.1426	9.695	10.1335	480,749	21:06:52

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 2024

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

Form 40-F

TABLE OF CONTENTS


ITEM
99.1			Press release dated August 12, 2024 related to the registrant’s results of operations for the six-month period ended June 30, 2024.
99.2			Unaudited condensed consolidated interim financial statements of the registrant as of and for the six-month period ended June 30, 2024.

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.

By:

/s/ Emilio Federico Gnecco

Name:

Emilio Federico Gnecco

Title:

Chief Financial Officer

Date: August 12, 2024




		Adjusted EBITDA increased to $140.0 million in 2Q24. Strong crushing pace and volume recovery in Farming. Shareholder distribution YTD above policy minimum.


2Q24 Earning Release Conference Call

English Conference Call		Luxembourg, August 12, 2024 - 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, 2024. 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 23 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release.
August 13, 2024
10 a.m. (US EST)
11 a.m. (Buenos Aires/Sao Paulo time)
4 p.m. (Luxembourg)

		Consolidated Financial Performance - Highlights
Zoom ID: 850 3594 0619		$ thousands	2Q24	2Q23	Chg %	6M24	6M23	Chg %
Passcode: 995202		Gross Sales (1)	397,547	407,082	(2.3)%	651,346	654,355	(0.5)%
		Adjusted EBITDA (2)	139,995	136,346	2.7%	230,111	225,508	2.0%
Investor Relations		Adjusted EBITDA Margin (2)	36%	34%	6.7%	36%	35%	3.7%
Emilio Gnecco		Adjusted Net Income (2)	105,454	42,428	148.5%	128,759	81,305	58.4%
CFO		Adjusted Net Income per Share	1.03	0.40	160.4%	1.26	0.76	65.9%
Victoria Cabello		Distribution to Shareholders (3)	37,863	21,072	79.7%	59,195	28,970	104.3%
IR Officer		Expansion Capex	16,778	16,570	1.3%	45,455	38,641	17.6%
		Net Debt	631,744	852,368	(25.9)%	631,744	852,368	(25.9)%
		Net Debt(2) / LTM Adj EBITDA (x)	1.3x	1.9x	(30.1)%	1.3x	1.9x	(30.1)%

Email		Breakdown by Operating Segment - Adjusted EBITDA
ir@adecoagro.com		$ thousands	2Q24	2Q23	Chg %	6M24	6M23	Chg %
		Sugar, Ethanol & Energy	106,886	116,843	(8.5)%	158,741	193,531	(18.0)%
		Crops	15,481	197	n.m	20,263	(1,510)	n.a
		Rice	11,184	13,971	(19.9)%	43,969	28,078	56.6%
		Dairy	11,127	10,178	9.3%	17,574	16,300	7.8%
Website:		Corporate Expenses	(4,683)	(4,843)	(3.3)%	(10,436)	(10,891)	(4.2)%
www.adecoagro.com		Total Adjusted EBITDA	139,995	136,346	2.7%	230,111	225,508	2.0%

	•Gross sales were down 2.3% and 0.5% year-over-year during 2Q24 and 6M24, respectively. Higher volumes sold given the year-over-year increase in production were fully offset by lower prices of our main commodities. •Adjusted EBITDA was up 2.7% and 2.0% year-over-year during 2Q24 and 6M24. This was explained by an outperformance of our Crops segment on the sale of La Pecuaria farm, and better results of our Dairy operations. •Year-to-date we have already committed to distribution $16.1 million more than the annual minimum figure required by our policy ($86.4 million vs $70.3 million - via dividend and share repurchase). During the rest of the year we expect to continue returning cash to shareholders.
	(1) Gross Sales are equal to Net Sales plus sales taxes related to sugar, ethanol and energy. (2) Please see “Reconciliation of Non-IFRS measures” starting on page 23 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. (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.

Sugar, Ethanol & Energy business

Performance Highlights

◦Adjusted EBITDA in the SE&E business reached $106.9 million and $158.7 million during 2Q24 and 6M24, 8.5% and 18.0% lower year-over-year respectively.

▪(+) Higher year-over-year crushing during 2Q24 and 6M24 (4.0 million tons and 6.1 million tons, respectively) on greater sugarcane availability and higher effective milling days.

▪(+) Sugar max scenario (49% production mix) as prices traded above hydrous ethanol in MS. Ethanol carry-over (84% of year-to-date production) to profit from higher expected prices.

▪(+) Low cost producers: unitary cost of production in line versus prior year on better cost dilution.

▪(-) Decline in net sales on lower prices compared to the prior year.

▪(-) Year-over-year loss in biological asset due to lower expected yields versus 2023, on lower-than-average rains.

Outlook

◦(+) Expectation to increase crushing YoY assuming weather going normal, given good harvest pace and cane availability.

◦(+) 69% of sugar hedged at an average price of 23.1 cts/lb. Expected upside in prices versus spot level.

◦(+) Ethanol price recovery and expectation to continue increasing to restore technical parity at the pump (70%) given strong demand and lower expected production.

Farming business

Performance Highlights

◦Adjusted EBITDA for the Farming business amounted to $37.8 million during 2Q24 and $81.8 million during 6M24, 55.2% and 90.8% higher year-over-year, respectively.

▪(+) Farm sale conducted in April 2024 (La Pecuaria farm in Uruguay), which generated an Adjusted EBITDA of $15.3 million, reflected in our Crops segment.

▪(+) Year-over-year gains in the mark-to-market of our biological asset and agricultural produce for our Crops (better yields and area) and Rice operations (better prices and area).

▪(+) Higher prices for Rice and Dairy's higher value-added products.

▪(-) Lower prices for soybean, corn and wheat.

▪(-) Higher costs in U.S. dollar terms.

Outlook

◦(-/+) Crops: Lower international prices for our main grains, coupled with higher costs in U.S. dollars terms will pressure margins during 2024. Planting activities for our winter crops are underway, good weather conditions led to higher planted area (2024/25 harvest season).

◦(+) Rice: Solid prices captured thanks to our commercial strategy and production flexibility. Working on our farms to initiate planting activities (2024/25 harvest season).

◦(+) Dairy: High productivity indicators; prices for our higher value-added products continue at attractive levels.


Remarks

2024 Shareholder Distribution Update

◦As of the date of this report, we have already committed $86.4 million to distribution, equivalent to 49% of the Adjusted Free Cash Flow from Operations (NCFO) generated in 2023. This represents $16.1 million above the annual minimum stated in our distribution policy.

▪Cash dividends: $35.0 million approved. First installment of $17.5 million paid on May 29th (approximately $0.1682 per share); second installment of $17.5 million shall be payable in or about November 2024.

▪Share repurchase: $51.4 million invested year-to-date in repurchasing 4.9% of the company's equity (5.2 million shares at an average price of $9.98 per share).

◦Going forward we expect to continue returning cash to our shareholders via share repurchase. To execute this, in July 2024 the Company's Board of Directors approved the renewal of our existing buyback program until December 31, 2024 to repurchase up to an additional 5% of the company's equity - in addition to the 4.9% equity that we have already repurchased year-to-date, as noted above.

Cash Tender of AGRO'27s 6.00% Senior Notes

◦As an example of our disciplined and constant search for Liability Management opportunities to better finance our operations at attractive rates and add value to shareholders, the Company announced a cash tender offer for up to US$100.0 million of AGRO's 6.00% Senior Notes due 2027. On August 6, 2024, we repurchased approximately $83.6 million aggregate principal amount of our outstanding senior bonds in our ongoing tender offer. The offer expires on August 19, 2024. For more information, please refer to our 6-K releases, available in our IR website (https://ir.adecoagro.com/).


ESG Update

2023 Integrated Report

We believe we have a key role in supplying food and renewable energy to a growing population in a way that preserves natural resources and the environment. On May 20th, we published our third-party verified Integrated Report where we disclosed our decarbonization target, described our sustainable production model and our ESG strategy and practices, among others.

The report was prepared following the Integrated Reporting Framework, GRI and SASB standards, and showing our contribution to the United Nations' 2030 Agenda.

Below are some of 2023's main highlights:

◦Commitment to a 20% reduction in our carbon intensity by 2030 vs. 2021 base year.

◦88% of the company's total energy consumption is self-generated and renewable; 1.1+ million MWh of renewable energy produced.

◦Inauguration of the second biodigester (2 MW) in our dairy free stalls which injects electricity into the grid.

◦Strengthening the role of women in our company through 4 strategic pillars: Women in Agribusiness, Maternity, Leadership and Communication.

◦10% of cash bonus linked to ESG variables (carbon intensity and gender diversity).


Sugar, Ethanol & Energy Segment - Operational Performance


SUGAR, ETHANOL & ENERGY - SELECTED INFORMATION
Operating Data	Metric	2Q24	2Q23	Chg %	6M24	6M23	Chg %
Milling
Sugarcane Milled	tons	3,980,924	3,606,177	10.4%	6,148,169	5,077,898	21.1%
Own Cane	tons	3,820,389	3,537,549	8.0%	5,927,888	4,972,469	19.2%
Third Party Cane	tons	160,535	68,628	133.9%	220,281	105,428	108.9%
Production
TRS Equivalent Produced	tons	534,251	484,452	10.3%	805,958	657,747	22.5%
Sugar	tons	233,881	223,069	4.8%	353,312	299,206	18.1%
Ethanol	M3	171,654	145,466	18.0%	258,951	199,691	29.7%
Hydrous Ethanol	M3	143,401	43,383	230.5%	223,192	58,987	278.4%
Anhydrous Ethanol (1)	M3	28,254	102,083	(72.3)%	35,759	140,704	(74.6)%
Sugar mix in production	%	49%	51%	(4.8)%	49%	51%	(3.5)%
Ethanol mix in production	%	51%	49%	5.1%	51%	49%	3.6%
Energy Exported (sold to grid)	MWh	249,076	182,291	36.6%	321,190	240,513	33.5%
Cogen efficiency (KWh sold/ton crushed)	KWh/ton	62.6	50.5	23.8%	52.2	47.4	10.3%
Agricultural Metrics
Harvested area	Hectares	49,495	45,479	8.8%	79,623	65,115	22.3%
Yield	tons/hectare	77	78	(0.8)%	74	76	(2.5)%
TRS content	kg/ton	127	126	0.9%	124	122	1.4%
Area
Sugarcane Plantation	hectares	204,094	195,625	4.3%	204,094	195,625	4.3%
Expansion Area	hectares	2,652	1,113	138.2%	5,347	2,639	102.6%
Renewal Area	hectares	6,583	10,078	(34.7)%	15,229	14,661	3.9%

(1) Does not include 5,965 cubic meters of anhydrous ethanol that were converted by dehydrating our hydrous ethanol stocks during 6M24 (no dehydration during 2Q24). During 2Q23 and 6M23, we dehydrated 22,931 and 53,374 cubic meters of hydrous ethanol, respectively.

Crushing volume during 2Q24 amounted to 4.0 million tons, 10.4% higher than the same period of last year. This was explained by (i) greater sugarcane availability thanks to the expansion planting activities conducted in the last years; coupled with (ii) higher effective milling days. The latter was possible due to the dry weather experienced throughout the last months in Mato Grosso do Sul, which in turn, enabled us to accelerate our harvesting pace. In terms of productivity, both yields and TRS content remained in line versus the prior year at 77 tons per hectare and 127 kg/ton, respectively.

Year-to-date, total crushing volume reached 6.1 million tons, marking a 21.1% increase compared to last year on higher crushing during both 1Q and 2Q24, while TRS equivalent produced increased by 22.5% year-over-year.

During 2Q24, average sugar prices traded at a premium to both hydrous and anhydrous ethanol in Mato Grosso do Sul (23% and 8%, respectively). Consequently, we maximized the production of sugar. Within our ethanol production, 84% was hydrous ethanol, compared to 30% in 2Q23, as demand for this type of fuel

significantly increased and gained market share in the Otto cycle. This high degree of flexibility constitutes one of our most important competitive advantages, since it allows us to make a more efficient use of our fixed assets and profit from higher relative prices. 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 6M23. Nevertheless, total volume produced for both sugar and ethanol in 6M24 saw an increase (18.1% and 29.7% higher, respectively) driven by the increase in total TRS equivalent produced.

Exported energy during the quarter totaled 249 thousand MWh, 36.6% higher compared to 2Q23, whereas year-to-date it reached 321 thousand MWh, marking a 33.5% year-over-year increase. Higher energy exported in both periods was fully driven by the use of our stored bagasse to produce energy in order to comply with our long-term contracts. Consequently, our cogeneration efficiency ratio was up 23.8% and 10.3%, respectively, compared to the previous year.


Sugar, Ethanol & Energy Segment - Financial Performance


NET SALES BREAKDOWN	$ thousands			Units			($/unit)
	2Q24	2Q23	Chg %	2Q24	2Q23	Chg %	2Q24	2Q23	Chg %
Sugar (tons)	90,363	106,801	(15.4)%	201,367	210,461	(4.3)%	449	507	(11.6)%
Ethanol (cubic meters)	67,601	61,143	10.6%	146,932	97,926	50.0%	460	624	(26.3)%
Hydrous Ethanol (cubic meters)	43,946	15,306	187.1%	98,097	27,584	255.6%	448	555	(19.3)%
Anhydrous Ethanol (cubic meters)	23,655	45,837	(48.4)%	48,835	70,342	(30.6)%	484	652	(25.7)%
Energy (Mwh) (2)	8,633	8,954	(3.6)%	261,326	199,707	30.9%	33	45	(26.3)%
CBios	2,353	2,170	8.4%	151,890	109,780	38.4%	15	20	(21.6)%
Others (5)	418	138	202.9%	421	155	171.6%	993	890	11.5%
TOTAL (3)	169,368	179,206	(5.5)%
Cover Crops (tons) (4)	2,375	5,242	(54.7)%	6,240	13,200	(52.7)%	381	397	(4.2)%
TOTAL NET SALES (1)	171,743	184,448	(6.9)%

NET SALES BREAKDOWN	6M24	6M23	Chg %	6M24	6M23	Chg %	6M24	6M23	Chg %
Sugar (tons)	153,504	154,295	(0.5)%	321,495	316,711	1.5%	477	487	(2.0)%
Ethanol (cubic meters)	100,306	103,460	(3.0)%	225,443	168,664	33.7%	445	613	(27.5)%
Hydrous Ethanol (cubic meters)	63,288	19,933	217.5%	146,150	37,050	294.5%	433	538	(19.5)%
Anhydrous Ethanol (cubic meters)	37,018	83,527	(55.7)%	79,293	131,614	(39.8)%	467	635	(26.4)%
Energy (Mwh) (2)	10,885	11,490	(5.3)%	352,276	304,235	15.8%	31	38	(18.2)%
CBios	4,009	4,515	(11.2)%	240,651	256,181	(6.1)%	17	18	(5.5)%
Others (5)	485	164	195.7%	486	180	170.0%	998	911	9.5%
TOTAL (3)	269,189	273,924	(1.7)%
Cover Crops (tons) (4)	5,947	7,210	(17.5)%	15,330	17,100	(10.3)%	388	422	(8.0)%
TOTAL NET SALES (1)	275,136	281,134	(2.1)%


HIGHLIGHTS - $ thousand	2Q24	2Q23	Chg %	6M24	6M23	Chg %
Net Sales (1)	171,743	184,448	(6.9)%	275,136	281,134	(2.1)%
Margin on Manufacturing and Agricultural Act. Before Opex	59,539	87,823	(32.2)%	108,080	163,083	(33.7)%
Adjusted EBITDA	106,886	116,843	(8.5)%	158,741	193,531	(18.0)%
Adjusted EBITDA Margin	62.2%	63.3%	(1.8)%	57.7%	68.8%	(16.2)%

(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) 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; (4) Corresponding to the sale of soybean, corn and beans planted as cover crop during the implementation of meiosis. (5) Diesel sold by Monte Alegre Distribuidora (MAC), our own fuel distributor located in UMA mill.

Adjusted EBITDA during 2Q24 was $106.9 million, 8.5% lower than the same period of last year. Despite presenting a $15.6 million year-over-year gain in the mark-to-market of our commodity hedge position, lower EBITDA generation was mainly driven by (i) a $12.7 million year-over-year decrease in net sales; coupled with (ii) a $10.4 million year-over-year loss in the mark-to-market of our biological assets. As explained in prior releases, the biological assets line captures the present value of the sugarcane that is going to be harvested in the following 12 months (in addition to the one already harvested). In this case, the year-over-year decline is explained by lower expected productivity compared to the previous year given the

different weather scenarios. Furthermore, results were also affected by a $3.4 million year-over-year increase in selling expenses on higher PIS/COFINS due to higher volumes of ethanol sold, as well as to a higher tax burden since PIS/COFINS was below current levels during the same period of last year. On a year-to-date basis, Adjusted EBITDA amounted to $158.7 million, presenting an 18.0% decrease versus last year explained by the same aforementioned drivers.

Net sales reached $171.7 million during 2Q24, marking a 6.9% decrease compared to the previous year due to lower prices in US dollars in all our products, partially offset by higher ethanol volumes. During the first semester, net sales amounted to $275.1 million, marking a 2.1% year-over-year decline mainly on lower selling prices of ethanol.

In the case of sugar, the lower revenues reported during 2Q24 were mainly explained by a decline in global sugar prices due to a stronger pace of milling in Brazil during 1H24, increasing the year-over-year sugar production. On an year-to-date basis, sugar sales were in line with the previous year on greater volume sold despite the slight decrease in selling prices.

Ethanol sales presented a 10.6% year-over-year increase on higher volume sold of hydrous ethanol (71 thousand cubic meters more than the prior year), which in turn fully offset the year-over-year decrease in selling prices. As explained in prior releases, the decline in prices was mainly driven by an overall increase in ethanol production on greater cane crushing in Brazil. Nevertheless, demand for this type of fuel has significantly increased throughout the last months, consequently absorbing all the new production and leading to a price recovery (+30% in Brazilian reais versus the lowest level seen in early 2024). In terms of volume, we strategically conducted our sales throughout the quarter in order to profit from peaks in prices, capturing a 10% quarter-over-quarter increase.

On a year-to-date basis, lower ethanol revenues were driven by the decline in selling prices due to the above mentioned drivers, despite presenting a 33.7% year-over-year increase in volumes sold given the strong demand. We continue to hold on to our ethanol inventories (84% of our year-to-date production) in order to capture higher expected prices.

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 $2.4 million worth of CBios, marking a 8.4% year-over-year increase. Year-to-date, we have already sold 241 thousand CBios, amounting to $4.0 million.

Net sales of energy presented a year-over-year reduction for both 2Q24 and 6M24. Despite the higher volume sold related to our long-term energy contracts, the decline in revenues is fully explained by (i) lower energy prices; as well as to (ii) a weaker Brazilian Real compared to the previous year.


SUGAR, ETHANOL & ENERGY - PRODUCTION COSTS(1)
	Total Cost ($'000)			Total Cost per Pound (cts/lbs)
	2Q24	2Q23	Chg %	2Q24	2Q23	Chg %
Industrial costs	28,671	24,055	19.2%	2.7	2.5	7.0%
Industrial costs	22,825	21,608	5.6%	2.1	2.2	(5.2)%
Cane from 3rd parties	5,846	2,447	138.9%	0.5	0.3	114.5%
Agricultural costs	107,249	96,381	11.3%	10.0	10.0	(0.1)%
Harvest costs	42,197	37,920	11.3%	3.9	3.9	(0.1)%
Cane depreciation	30,418	22,010	38.2%	2.8	2.3	24.1%
Agricultural Partnership Costs	15,897	17,467	(9.0)%	1.5	1.8	(18.3)%
Maintenance costs	18,737	18,984	(1.3)%	1.8	2.0	(11.4)%
Total Production Costs	135,920	120,436	12.9%	12.7	12.5	1.3%
Depreciation & Amortization PP&E	(55,328)	(48,701)	13.6%	(5.2)	(5.1)	2.0%
Total Production Costs (excl D&A)	80,592	71,735	12.3%	7.5	7.5	0.8%


SUGAR, ETHANOL & ENERGY - PRODUCTION COSTS(1)
	Total Cost ($'000)			Total Cost per Pound (cts/lbs)
	6M24	6M23	Chg %	6M24	6M23	Chg %
Industrial costs	43,161	33,240	29.8%	2.7	2.5	5.7%
Industrial costs	35,488	29,571	20.0%	2.2	2.3	(2.3)%
Cane from 3rd parties	7,673	3,669	109.1%	0.5	0.3	70.3%
Agricultural costs	171,202	143,416	19.4%	10.7	11.0	(2.8)%
Harvest costs	63,086	53,100	18.8%	3.9	4.1	(3.3)%
Cane depreciation	46,263	31,344	47.6%	2.9	2.4	20.2%
Agricultural Partnership Costs	25,678	22,690	13.2%	1.6	1.7	(7.9)%
Maintenance costs	36,175	36,282	(0.3)%	2.3	2.8	(18.8)%
Total Production Costs	214,363	176,656	21.3%	13.4	13.5	(1.2)%
Depreciation & Amortization PP&E	(87,643)	(72,033)	21.7%	(5.5)	(5.5)	(0.9)%
Total Production Costs (excl D&A)	126,720	104,623	21.1%	7.9	8.0	(1.4)%

(1)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 2Q24, total production costs excluding depreciation and amortization totaled 7.5 cts/lb, in line versus the prior year. Although production costs in nominal terms experienced a 12.3% year-over-year increase due to (i) higher third party cane purchases, and (ii) higher harvest costs on higher harvested area, it was fully offset by the 10.4% year-over-year increase in volume. This is so, because the higher the milling, the better we are diluting fixed costs, especially agricultural costs which represent roughly 80% of our cost structure. The same trend was observed in our production cost structure for the first half of the year, which amounted to 7.9 cts/lb. As always, we continue to use concentrated vinasse and filter cake to replace 100% of our potash fertilizer requirements and 48% of total agricultural inputs needs, reducing our sourcing needs.


Farming - Financial Performance


FARMING - FINANCIAL HIGHLIGHTS(2)
$ thousands	2Q24	2Q23	Chg %	6M24	6M23	Chg %
Gross Sales
Crops	76,506	75,462	1.4%	108,465	109,715	(1.1)%
Rice	70,972	80,069	(11.4)%	128,911	135,735	(5.0)%
Dairy	69,140	63,704	8.5%	125,834	122,312	2.9%
Total Sales	216,618	219,235	(1.2)%	363,210	367,762	(1.2)%
Adjusted EBITDA (1)
Crops	15,481	197	n.m	20,263	(1,510)	n.a
Rice	11,184	13,971	(19.9)%	43,969	28,078	56.6%
Dairy	11,127	10,178	9.3%	17,574	16,300	7.8%
Total Adjusted EBITDA (1)	37,792	24,346	55.2%	81,806	42,868	90.8%

(1) Please see “Reconciliation of Non-IFRS measures” starting on page 23 for a reconciliation of Adjusted EBITDA; (2) Figures for 2Q23 & 6M23 differ from the ones previously reported in order to reflect the reclassification in reporting segments communicated in 4Q23's Earnings Release. Any profit derived from the disposition of farmland or a bargain purchase gain, which was previously reported under the Land Transformation segment is now reported within the operating segment where such farmland belongs. The same applies to results derived from our minor cattle activities, which were previously reported under the "All Other" segment.

Adjusted EBITDA in our Farming business totaled $37.8 million in 2Q24, marking a 55.2% increase compared to the same period of last year. This was mostly explained by (i) the sale of La Pecuaria farm, which generated an Adjusted EBITDA of $15.3 million, coupled with (ii) higher results on our Dairy operations on higher prices of our higher value added products, especially in the domestic market. Results were partially offset by higher costs in U.S. dollar terms, lower prices of most of our crops and lower rice volumes sold.

Year-to-date, Adjusted EBITDA was $81.8 million, 90.8% higher than the previous year. Higher results were mainly driven by (i) the aforementioned farm sale, together with (ii) year-over-year gains in the mark-to-market of our biological assets for both our Crops and Rice operations. In the case of Rice, higher rice prices at the moment of harvest and higher planted area were the main growth drivers; whereas in Crops, the recovery in yields drove the increase in results. Lastly, higher EBITDA generation from our Dairy segment was explained by better prices captured.

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


Crops Segment



GROSS SALES BREAKDOWN	Amount ($ '000)		Volume		$ per unit
Crops	2Q24	2Q23	Chg %	2Q24	2Q23	Chg %	2Q24	2Q23	Chg %
Soybean	39,509	28,891	36.8%	114,158	61,753	84.9%	346	468	(26.0)%
Corn (1)	23,375	7,657	205.3%	133,559	34,319	289.2%	175	223	(21.6)%
Wheat (2)	592	4,697	(87.4)%	2,801	17,037	(83.6)%	211	276	(23.3)%
Sunflower	2,693	9,513	(71.7)%	4,191	18,689	(77.6)%	643	509	26.3%
Cotton Lint	740	2,521	(70.6)%	519	1,306	(60.2)%	1,425	1,930	(26.2)%
Peanut	8,824	16,878	(47.7)%	5,130	14,184	(63.8)%	1,720	1,190	44.6%
Others (3)	773	5,305	(85.4)%	127	2,542	(95.0)%
Total	76,506	75,462	1.4%	260,486	149,830	73.9%

GROSS SALES BREAKDOWN	6M24	6M23	Chg %	6M24	6M23	Chg %	6M24	6M23	Chg %
Soybean	41,683	29,160	42.9%	121,136	62,359	94.3%	344	468	(26.4)%
Corn (1)	26,767	10,091	165.3%	152,532	43,757	248.6%	175	231	(23.9)%
Wheat (2)	9,321	12,011	(22.4)%	43,026	42,523	1.2%	217	282	(23.3)%
Sunflower	5,483	13,969	(60.7)%	9,475	25,639	(63.0)%	579	545	6.2%
Cotton Lint	1,802	4,549	(60.4)%	1,291	2,182	(40.8)%	1,396	2,085	(33.0)%
Peanut	18,199	31,963	(43.1)%	10,797	25,371	(57.4)%	1,686	1,260	33.8%
Others (3)	5,210	7,972	(34.7)%	818	3,689	(77.8)%
Total	108,465	109,715	(1.1)%	339,075	205,520	65.0%


HIGHLIGHTS - $ thousand(4)	2Q24	2Q23	Chg %	6M24	6M23	Chg %
Gross Sales	76,506	75,462	1.4%	108,465	109,715	(1.1)%
Adjusted EBITDA	15,481	197	n.m	20,263	(1,510)	n.a

(1) Includes sorghum; (2) Includes barley; (3) Includes sale of certifications related to RTRS soybean (Round Table on Responsible Soy Association) and sales related to our cattle activities; (4) Figures for 2Q23 & 6M23 differ from the ones previously reported in order to reflect the reclassification in reporting segments communicated in 4Q23's Earnings Release. Any profit derived from the disposition of farmland or a bargain purchase gain, which was previously reported under the Land Transformation segment is now reported within the operating segment where such farmland belongs. The same applies to results derived from our minor cattle activities, which were previously reported under the "All Other" segment.

During 2Q24, Adjusted EBITDA amounted to $15.5 million, reflecting the sale of La Pecuaria farm (Uruguay) which was completed in April 2024. As reported in our previous release, this farm was sold - and fully collected - at $20.7 million ($6,500/hectare) and generated an Adjusted EBITDA of $15.3 million. On a year-to-date basis, Adjusted EBITDA was $20.3 million, compared to negative $1.5 million in 6M23. The growth in Adjusted EBITDA was mainly explained by the aforementioned farm sale as well as to greater yields in the 23/24 campaign compared to the prior harvest season which was severely affected by La Niña weather event.

Focusing solely on our Crops results, although we saw a significant year-over-year recovery in production (mainly soybean, wheat and peanut) due to normal weather conditions, results were negatively impacted by (i) lower international prices for our main products on higher global supply; (ii) higher costs in U.S. dollar terms; and (iii) lower-than-expected corn production due to the impact of spiroplasma.


Rice Segment


RICE(3)
Highlights	metric	2Q24	2Q23	Chg %	6M24	6M23	Chg %
Gross Sales	$ thousands	70,972	80,069	(11.4)%	128,911	135,735	(5.0)%
Sales of white rice	thousand tons (1)	78	89	(12.9)%	130	183	(29.0)%
	$ per ton	792	767	3.3%	857	640	33.9%
	$ thousands	61,465	68,337	(10.1)%	111,307	117,120	(5.0)%
Sales of By-products	$ thousands	9,507	11,732	(19.0)%	17,604	18,615	(5.4)%
Adjusted EBITDA	$ thousands	11,184	13,971	(19.9)%	43,969	28,078	56.6%

Rice Mills
Total Processed Rough Rice(2)	thousand tons	71	87	(18.6)%	149	160	(6.8)%
Ending stock - White Rice	thousand tons	39	43	(9.6)%	39	43	(9.6)%

(1) Includes the sale of 30k tons of white rice sourced from third-parties during 2Q23 (no sourcing during 2Q24). During 6M23 and 6M24, 1k and 36k tons were sourced from third-parties, respectively; (2) Expressed in white rice equivalent; (3) Figures for 2Q23 & 6M23 differ from the ones previously reported in order to reflect the reclassification in reporting segments communicated in 4Q23's Earnings Release. Any profit derived from the disposition of farmland or a bargain purchase gain, which was previously reported under the Land Transformation segment is now reported within the operating segment where such farmland belongs. The same applies to results derived from our minor cattle activities, which were previously reported under the "All Other" segment.

Rice sales were down year-over-year during 2Q24 due to a reduction in volumes sold, while average price stood at $792/ton during the quarter, in line with 2Q23. Prices continued to be high compared to historical levels, but presented a reduction compared to 1Q24, as expected, mainly driven by new rice supply (23/24 harvest season) putting pressure on domestic prices. On a year-to-date basis, the reduction in sales was also affected by the aforementioned drivers, although during 1Q24 we were able to capture record prices given low rice availability in the market.

Adjusted EBITDA amounted to $11.2 million in 2Q24, marking a 19.9% year-over-year decrease due to a decline in sales and higher costs in U.S. dollar terms. Results were partially offset by a $11.6 million year-over-year gain in our biological asset and agricultural produce on higher rice prices and higher planted area. During the first semester, Adjusted EBITDA reached $44.0 million, marking a 56.6% increase versus the previous year, mostly explained by year-over-year gains reported in our biological assets line on higher prices.


Dairy Segment


DAIRY
Highlights		metric	2Q24	2Q23	Chg %	6M24	6M23	Chg %
Gross Sales		$ thousands (1)	69,140	63,704	8.5%	125,834	122,312	2.9%
		million liters (2) (3)	87.0	87.7	(0.8)%	175.9	184.0	(4.4)%
Adjusted EBITDA		$ thousands	11,127	10,178	9.3%	17,574	16,300	7.8%

Dairy - Farm
Milking Cows	average heads	14,568	14,531	0.3%	14,488	14,501	(0.1)%
Cow Productivity		liter/cow/day	36.9	37.7	(2.2)%	37.1	36.8	0.8%
Total Milk Produced	million liters	48.9	49.9	(2.0)%	97.8	96.6	1.3%

Dairy - Industry
Total Milk Processed	million liters	87.2	81.9	6.5%	168.4	158.9	6.0%

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

In 2Q24, raw milk production was 48.9 million liters, 2.0% lower compared to the same period of last year. This was explained by a slight decline in productivity compared to 2Q23, although levels are still strong at 36.9 liters per cow per day. Year-to-date, total raw milk production amounted to 97.8 million liters, marking a 1.3% year-over-year increase compared to the previous year. This was mostly driven by a 0.8% increase in cow productivity to 37.1 liters per cow per day, as we continue enhancing efficiencies in our free-stalls, which are already at full capacity.

At the industry level, we processed 87.2 million liters of raw milk during the quarter, 6.5% higher than last year. Out of this volume, approximately 51% 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 168.4 million liters of raw milk, marking a 6.0% 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 $11.1 million and $17.6 million in 2Q24 and 6M24, respectively, marking a 9.3% and 7.8% increase compared to the same period of last year. Results were positively impacted by (i) an increase in sales due to higher average selling prices, as we improved the mix of higher value added products; (ii) our continuous focus on achieving efficiencies in our vertically integrated operations and increasing our productivity levels in every stage of the value chain; and (iii) our flexibility to divert milk to the production of a variety of dairy products, as well as to shift sales across markets.

Adjusted EBIT was $8.1 million and $12.0 million during 2Q24 and 6M24, 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 $3.7 million.


Corporate expenses


CORPORATE EXPENSES
$ thousands	2Q24	2Q23	Chg %	6M24	6M23	Chg %
Corporate Expenses	(4,683)	(4,843)	(3.3)%	(10,436)	(10,891)	(4.2)%

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 2Q24 were $4.7 million, 3.3% lower than the previous year, while year-to-date it amounted to $10.4 million, down 4.2% year-over-year. Despite experiencing an impact in costs from inflation in U.S. dollar terms, the year-over-year reduction is explained by our focus on reducing expenses and generate savings.

Net Income & Adjusted Net Income

Net income amounted to $9.9 million and $57.2 million during 2Q24 and 6M24, respectively, marking a $36.3 million and $11.9 million year-over-year reduction.

Nevertheless, once we exclude the impact of foreign exchange variation, as well as inflation accounting effects (all non-cash impacts), Adjusted net income reached $105.5 million during the quarter, whereas on an accumulated basis it reached $128.8 million. Higher year-over-year results were mainly explained by tax gains recorded throughout 2024 ($57.4 million and $44.5 million in 2Q24 & 6M24, respectively) versus tax expenses booked during the previous year. These gains recorded within the income tax line are fully related to the effects of inflation in the income tax calculation in Argentina.


ADJUSTED NET INCOME (1)
$ thousands	2Q24	2Q23	Chg %	6M24	6M23	Chg %
Profit for the period	9,868	46,119	(78.6)%	57,212	69,125	(17.2)%
Foreign exchange losses/(gains), net	27,647	(29,570)	n.a	22,023	(35,350)	n.a
Cash flow hedge - transfer from equity	26,312	25,003	5.2%	26,312	33,864	(22.3)%
Inflation accounting effects	27,100	607	n.a.	(5,617)	12,336	n.a.
Net results from Fair Value adjustment of Investment Property	5,503	269	n.m	19,805	1,330	n.m
Revaluation surplus of farmland sold	9,024	—	n.m.	9,024	—	n.m.

Adjusted Net Income	105,454	42,428	148.5%	128,759	81,305	58.4%

(1) Please see “Reconciliation of Non-IFRS measures” starting on page 23 for a reconciliation of Adjusted Net Income.


Indebtedness


NET DEBT BREAKDOWN
$ thousands	2Q24	1Q24	Chg %	2Q23	Chg %
Farming	119,791	100,579	19.1%	356,821	(66.4)%
Short term Debt	105,843	86,696	22.1%	310,308	(65.9)%
Long term Debt	13,948	13,884	0.5%	46,513	(70.0)%
Sugar, Ethanol & Energy	710,880	720,231	(1.3)%	731,890	(2.9)%
Short term Debt	46,023	40,035	15.0%	20,321	126.5%
Long term Debt	664,857	680,196	(2.3)%	711,569	(6.6)%
Total Short term Debt	151,866	126,731	19.8%	330,628	(54.1)%
Total Long term Debt	678,805	694,079	(2.2)%	758,082	(10.5)%
Gross Debt	830,671	820,810	1.2%	1,088,710	(23.7)%
Cash & Equivalents	140,311	135,511	3.5%	196,609	(28.6)%
Short-Term Investments(1)	58,616	46,109	27.1%	39,733	47.5%
Net Debt	631,744	639,190	(1.2)%	852,368	(25.9)%
EOP Net Debt / Adj. EBITDA LTM	1.3x	1.3x	(1.9)%	1.9x	(30.1)%

(1) It includes US T-Bills with maturity from the date of acquisition longer than 90 days for US$25,589 thousand, US$ 31,747 thousand of promissory notes and US$ 1,280 thousand of BOPREAL (Bonos para la Reconstrucción de una Argentina Libre). As of June 30, 2024, nil (US$ 59,475 thousand as of December 31, 2023) of these US T-bills are used as collateral for short-term borrowings and are not available for use by other entities of the Group.

As of June 30, 2024, Adecoagro's net debt position amounted to $631.7 million, marking a 25.9% year-over-year reduction. This was mainly explained by our financial decision to take debt in Argentine Peso during 2023 against dollarized assets, and benefit from the sharp depreciation of the currency that occurred by year-end (255% in 2Q24 LTM). Furthermore, the year-over-year increase in our net cash from operations, which includes the latest two farm sales (El Meridiano and La Pecuaria), enabled us to reduce our net debt position, as well as to invest in growth projects across all our operating segments; and distribute profits with shareholders via cash dividend and share repurchase.

Consequently, our Net Debt ratio (Net Debt/EBITDA) as of 2Q24 was 1.3x, 0.6x lower than the previous year. Furthermore, our Liquidity ratio (Cash & Equivalents + Marketable Inventories / Short Term Debt), reached 2.9x, showing the Company's full capacity to repay short term debt with its cash balances.

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.

Capital Expenditures


CAPITAL EXPENDITURES
$ thousands	2Q24	2Q23	Chg %	6M24	6M23	Chg %
Farming	7,110	1,728	311.6%	28,562	13,468	112.1%
Expansion	3,857	1,673	130.5%	19,422	10,470	85.5%
Maintenance	3,254	55	n.a.	9,139	2,998	204.8%
Sugar, Ethanol & Energy	52,838	56,079	(5.8)%	138,532	129,073	7.3%
Maintenance	39,917	41,181	(3.1)%	112,499	100,902	11.5%
Planting	24,853	28,915	(14.0)%	44,475	44,628	(0.3)%
Industrial & Agricultural Machinery	15,064	12,266	22.8%	68,024	56,274	20.9%
Expansion	12,921	14,897	(13.3)%	26,033	28,171	(7.6)%
Planting	10,916	5,426	101.2%	21,943	12,939	69.6%
Industrial & Agricultural Machinery	2,005	9,471	(78.8)%	4,090	15,232	(73.1)%
Total	59,948	57,806	3.7%	167,093	142,541	17.2%
Total Maintenance Capex	43,171	41,236	4.7%	121,638	103,900	17.1%
Total Expansion Capex	16,778	16,570	1.3%	45,455	38,641	17.6%

Adecoagro's capital expenditures amounted to $59.9 million in 2Q24, 3.7% higher compared to last year, while on an accumulated basis it reached $167.1 million, marking a 17.2% year-over-year increase.

The Sugar, Ethanol and Energy business accounted for 88% or $52.8 million of total capex during the quarter. The total year-over-year reduction in capex is mainly explained by (i) lower hectares of renewal planting versus the prior year; coupled with (ii) lower investments related to the expansion of our equipment (mostly small projects such as our biogas unit in Ivinhema). This, in turn, fully mitigated the increase in expansion planting activities and in the renewal of our fleet and industrial equipment. Year-to-date, capital expenditures amounted to $138.5 million for this business unit.

The Farming businesses accounted for 12%, or $7.1 million of total capex in 2Q24. The renewal of our agricultural equipment (seeders, harvesters and tractors) were the main drivers towards the year-over-year increase in maintenance capex. Regarding expansion capex, investments in this front were mostly related to minor industrial improvements within our two dairy processing facilities, and the acquisition of new harvesters for our Rice operations. On a year-to-date basis, total capex amounted to $28.6 million.


Other Operational & Financial Metrics

2023/24 Harvest Season


FARMING PRODUCTION DATA
Planting & Production	Planted Area (hectares)			2023/24 Harvested Area			Yields (Tons per hectare)
	2023/24	2022/23	Chg %	Hectares	% Harvested	Production	2023/24	2022/23	Chg %
Soybean	64,753	51,907	24.7%	64,753	100.0%	181,649	2.8	1.8	58.6%
Soybean 2nd Crop	23,927	29,818	(19.8)%	23,927	100.0%	52,377	2.2	1.0	108.6%
Corn (1)	57,043	41,753	36.6%	53,261	93.4%	278,865	5.2	4.8	9.2%
Corn 2nd Crop	2,548	2,836	(10.1)%	2,269	89.1%	10,546	4.6	1.5	201.8%
Wheat (2)	28,142	35,789	(21.4)%	28,142	100.0%	88,207	3.1	2.3	34.7%
Sunflower	10,832	18,131	(40.3)%	10,832	100.0%	18,658	1.7	1.8	(4.1)%
Cotton	5,199	10,075	(48.4)%	5,078	97.7%	2,158	0.4	0.7	(34.7)%
Peanut	24,282	19,813	22.6%	23,700	97.6%	88,798	3.7	2.0	92.0%
Other (3)	3,698	2,658	39.1%	3,489	94.3%	2,312
Total Crops	220,425	212,779	3.6%	215,452	97.7%	723,571
Rice	58,452	55,648	5.0%	58,452	100.0%	357,980	6.1	6.4	(3.6)%
Total Farming	278,877	268,427	3.9%	273,905	98.2%	1,081,551
Owned Croppable Area	99,357	102,122	(2.7)%
Leased Area	153,044	133,650	14.5%
Second Crop Area	26,476	32,654	(18.9)%
Total Farming Area	278,877	268,427	3.9%

(1) Includes sorghum; (2) Includes barley and peas; (3) Includes chia, sesame, potatoes and beans

As of beginning of August 2024, we harvested 273,905 hectares, or 98.2% of total area, and produced 1,081,551 tons of aggregate grains. The remaining hectares are expected to be fully harvested during the rest of the month. As anticipated, most of our crops presented a significant year-over-year increase in productivity given the normal weather conditions experienced, as opposed to last year which was affected by La Niña weather event.

Soybean 1st crop: As of the end of July, we concluded the harvest of our soybean production, reaching an average yield of 2.8 Tn/Ha. Precipitations received throughout the year favored crop development, consequently leading to volume recovery compared to the prior campaign. Some regions received rainfalls during the harvest window, leading to a slight impact on yields and lower quality. However, due to our geographic diversification, average yields stood at historical levels.

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. In the case of the latter, yields were in line with historical as the crop received good precipitations throughout its yield definition stage, consequently recovering the volume lost in the prior year. On the other hand, our late corn production was negatively impacted by spiroplasma, mainly in the Northern region of the country, consequently affecting the total crop yield

versus our initial expectations. In this regard, our teams are being trained on how to treat this type of bacteria during the upcoming campaigns. Moreover, we are planning on reducing corn area during the 2024/25 season to lower our exposure and switch to other more suitable crops.

Peanut: Harvesting activities are still on its way for our peanut production, with less than 10% of our area left to be harvested. So far, we have reached a yield of 3.7 Tn/ha, doubling the productivity of the previous year. This increase was mainly driven by (i) good amount of rainfalls received throughout summertime; coupled with (ii) fine-tuning on where to plant our peanut, taking into consideration the different types of soil and weather dynamics.

Winter Crops: We are undergoing planting activities related to the 2024/25 season for our winter crops (mainly wheat), with a total planting size expectation of over 40,000 hectares. Due to normal weather conditions experienced during the first half of 2024, the soil recovered its moisture, enabling us to conduct our planting activities within the optimal window. What is more, planting activities spread to the Northern region, an area which wasn't included in prior harvest seasons given the low soil moisture levels presented. Weather evolution throughout the second semester will be key for yield definition.

Rice: We concluded harvesting activities for our rice by mid 2Q24, reaching an average yield of 6.1 Tn/ha. The year-over-year decline in productivity was mostly explained by (i) low water levels in the reservoirs and low soil moisture during the beginning of planting activities given the dry weather experienced; together with (ii) excessive rainfalls received by the end of the planting window, leading to a portion of our rice hectares being planted outside the optimal period. Furthermore, during summertime we received excessive rainfalls in the regions where our rice farms are located, negatively impacting yield potential.

Inventories


END OF PERIOD INVENTORIES
		Volume			thousand $
Product	Metric	2Q24	2Q23	% Chg	2Q24	2Q23	% Chg
Soybean	tons	115,712	66,083	75.1%	33,296	23,689	40.6%
Corn (1)	tons	114,963	56,429	103.7%	17,366	13,119	32.4%
Wheat (2)	tons	30,843	9,851	213.1%	6,890	2,220	210.4%
Sunflower	tons	1,171	4,517	(74.1)%	615	2,417	(74.6)%
Cotton	tons	1,498	1,581	(5.2)%	1,272	2,684	(52.6)%
Rice (3)	tons	38,560	42,639	(9.6)%	20,104	17,864	12.5%
Peanut	tons	9,974	9,156	8.9%	13,845	8,710	59.0%
Organic Sugar	tons	30	369	(91.9)%	13	176	(92.6)%
Sugar	tons	109,221	54,984	98.6%	32,874	18,704	75.8%
Ethanol	m3	218,438	159,707	36.8%	97,181	79,561	22.1%
Hydrous Ethanol	m3	205,707	74,398	176.5%	91,187	36,314	151.1%
Anhydrous Ethanol	m3	12,732	85,308	(85.1)%	5,994	43,247	(86.1)%
Fluid Milk	Th Lts	5,925	4,904	20.8%	4,207	3,014	39.6%
Powder Milk	tons	951	1,953	(51.3)%	3,859	7,461	(48.3)%
Cheese	tons	764	436	75.4%	3,485	1,937	79.9%
Butter	tons	80	100	(19.7)%	478	455	5.0%
Cbios	units	69,199	17,038	306.1%	822	374	119.8%
Fuel	m3	198	199	(0.4)%	199	184	8.2%
Others	tons	1,832	6,719	(72.7)%	1,237	2,694	(54.1)%
Total		719,358	436,663	64.7%	237,740	185,261	28.3%

(1) Includes sorghum; (2) Includes barley: (3) Expressed in white rice equivalent

Variations in inventory levels between 2Q24 and 2Q23 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.

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.


COMMODITY HEDGE POSITION - As of June 30, 2024
		Consolidated Hedge Position
Crops			Avg. FAS Price	CBOT FOB
		Volume	USD/Ton	USD/Bu	Hedge (%)
2023/2024 Harvest season
Soybeans (tons)		148,345	316.1	1,278.3	72%
Corn (tons)		151,139	181.0	580.5	62%
Wheat (tons)		41,042	222.3	707.9	62%
2024/2025Harvest season
Soybeans (tons)		—	—	—	—%
Corn (tons)		—	—	—	—%
Wheat (tons)		23,300	234.2	759.9	20%
		Consolidated Hedge Position
Sugar, Ethanol & Energy		Avg. FOB Price	ICE FOB
		Volume	USD/Unit	Cents/Lb	Hedge (%)
2024 FY
Sugar (tons)		486,282	513.9	23.3	64%
Ethanol (m3)		—	—	—	—%
Energy (MW/h) (1)	726,920	40.2	n.a.	83%
2025 FY
Sugar (tons)		—	—	—	—%
Ethanol (m3)		—	—	—
Energy (MW/h) (1)	463,536	46.2	n.a	56%

(1) Energy prices in 2024 were converted to USD at an exchange rate of BRL/USD 5.26. Energy prices in 2025 were converted to USD at an exchange rate of BRL/USD 5.50.


2Q24 Market Highlights

◦Sugar prices ranged between 22.7 cts/lb and 18.1 cts/lb during 2Q24. The main drivers towards the decline in prices were (i) funds selling their position on the commodity; coupled with (ii) good precipitations received during April in Brazil (even though dry conditions returned by the end of 2Q24). Furthermore, higher-than-expected production from other key producing countries from the Northern Hemisphere improved the global supply expectations.

◦Ethanol prices presented another significant rally during 2Q24, mainly supported by strong demand and concerns over a potential crop failure coming from Brazil's Center-South. According to ESALQ index, both hydrous and anhydrous ethanol prices decreased on average 12% and 14%, respectively, compared to 2Q23. On a quarter-over-quarter basis, prices for hydrous and anhydrous ethanol were up 13% and 16%, respectively. Additionally, UNICA (Brazil's sugarcane association) reported that hydrous sales achieved impressive results during the quarter, marking a 47% year-over-year increase.

◦Brazil's carbon credit market under the RenovaBio program presented a 21% year-over-year decrease in 2Q24, reaching an average price of 90 BRL/CBio (approximately 17 USD/CBio).

◦In 2Q24, energy spot prices in the southeast region of Brazil were 9% lower than 2Q23, but 10% higher compared to 1Q24. Despite the low prices seen during the first semester, there was an increase at the end of June due to lower reservoirs levels (68% versus 71% in May), coupled with the potential scenario of drier weather ("La Niña"). Market agents believe that the event will impact the rain frequency, but the intensity is still unknown. Therefore, energy price forecast is unclear but has a bullish perspective.

◦During 2Q24, soybean traded 5% lower at CBOT compared to 1Q24, while corn traded 12% lower. The decrease was driven by (i) good weather conditions in the USA, higher production and consequently higher expected stocks; (ii) solid harvests in Argentina and Brazil; together with (iii) no major changes in global demand. Moreover, macroeconomic indicators in the USA (inflation, FX and interest rates), put some pressure in the commodities market in Chicago. Thus, funds increased their short position on wheat, corn and all soybean complex during 2Q24, reaching record levels. On the local market, prices traded 5% lower for soybean and 4% lower for corn compared to 1Q24. Despite a larger price reduction at CBOT, local prices for corn were more resilient due to (i) lower-than-expected quality (mainly in the Northern region), and (ii) government interventions in the market ("agri dollar" scheme).

◦During 2Q24, global rice market remained firm, with Asian origins continuing to benefit from an increase in demand due to India's export ban on long grain white rice. In the South American region, despite the arrival of the new crop into the market, prices remained at high levels due to lower-than-historical carry-over and delays in harvesting activities caused by rains. Furthermore, floods in Río Grande do Sul helped to sustain prices in Brazil. In the case of Argentina, local market was also impacted by the lower stocks and harvest delays, thus prices continued strong (even higher than in the region), but below 1Q24 in anticipation of a potential supply and demand balance by mid 2024.

◦During 2Q24, prices of raw milk reached the highest level in the last 3 years (excluding the price of November 2023 which was prior to the sharp devaluation of the Argentine peso). The main drivers behind the increase in prices were (i) the decline in milk production, down 14% year-over-year, explained by the dry weather experienced during 2023; and (ii) less milking cows. In the case of powder milk, lower demand coming from China (15% lower imports compared to 2023) caused pressure on global prices. Cheese prices remain in line with historical levels.


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; (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.


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:

•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 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 from fair value adjustments of investment property land foreign exchange gains or losses, other net financial results and bargain purchase gain on acquisition (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 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 from fair value adjustments of investment property land foreign, exchange gains or losses, other net financial results and bargain purchase gain on acquisition (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, 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 and bargain purchase gain on acquisition (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, 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 26.

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 (namely US-Treasury Bills use as collateral of short-term borrowings). 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.


RECONCILIATION - NET DEBT
$ thousands	2Q24	1Q24	Chg %	2Q23	Chg %
Total Borrowings	830,671	820,810	1.2%	1,088,710	(23.7)%
Cash and Cash equivalents	140,311	135,511	3.5%	196,609	(28.6)%
Short-term investments	58,616	46,109	27.1%	39,733	47.5%
Net Debt	631,744	639,190	(1.2)%	852,368	(25.9)%

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 and bargain purchase gain on acquisition; 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.


ADJUSTED NET INCOME
$ thousands	2Q24	2Q23	Chg %	6M24	6M23	Chg %
Profit for the period	9,868	46,119	(78.6)%	57,212	69,125	(17.2)%
Foreign exchange losses/(gains), net	27,647	(29,570)	n.a	22,023	(35,350)	n.a
Cash flow hedge - transfer from equity	26,312	25,003	5.2%	26,312	33,864	(22.3)%
Inflation accounting effects	27,100	607	n.m	(5,617)	12,336	n.a.
Net results from Fair Value adjustment of Investment Property	5,503	269	n.m	19,805	1,330	n.m
Revaluation surplus of farmland sold	9,024	—	n.m.	9,024	—	n.m.

Adjusted Net Income	105,454	42,428	148.5%	128,759	81,305	58.4%


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	76,506	70,972	69,140	216,618	180,929	—	397,547
Cost of goods sold and services rendered	(72,315)	(59,876)	(56,254)	(188,445)	(135,354)	—	(323,799)
Initial recog. and changes in FV of BA and agricultural produce	12,707	9,641	3,655	26,003	13,802	—	39,805
Gain from changes in NRV of agricultural produce after harvest	(3,895)	(18)	—	(3,913)	162	—	(3,751)
Margin on Manufacturing and Agricultural Act. Before Opex	13,003	20,719	16,541	50,263	59,539	—	109,802
General and administrative expenses	(11,916)	(5,199)	(2,845)	(19,960)	(6,326)	(4,994)	(31,280)
Selling expenses	(4,416)	(8,815)	(6,373)	(19,604)	(18,985)	53	(38,536)
Other operating income, net	18,558	(13,644)	784	5,698	17,329	(135)	22,892

Profit from Operations Before Financing and Taxation	15,229	(6,939)	8,107	16,397	51,557	(5,076)	62,878
Net results from Fair value adjustment of Investment property	(10,708)	14,474	—	3,766	—	—	3,766
Transfer of revaluation surplus derived from the disposals of assets	9,024	—	—	9,024	—	—	9,024
Adjusted EBIT	13,545	7,535	8,107	29,187	51,557	(5,076)	75,668
(-) Depreciation and Amortization	1,936	3,649	3,020	8,605	55,329	393	64,327
Adjusted EBITDA	15,481	11,184	11,127	37,792	106,886	(4,683)	139,995
Reconciliation to Profit/(Loss)
Adjusted EBITDA							139,995
(+) Depreciation and Amortization							(64,327)
(+) Financial result, net							(112,872)
(+) Net results from Fair value adjustment of Investment property							(3,766)
(+) Income Tax (Charge)/Benefit							57,445
(+) Revaluation surplus of farmland sold							(9,024)
(+) Translation Effect (IAS 21)							2,417
Profit/(Loss) for the Period							9,868


ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 2Q23
$ thousands	Crops	Rice	Dairy	Farming	Sugar, Ethanol & Energy	Corporate	Total
Sales of goods and services rendered	75,462	80,069	63,704	219,235	187,847	—	407,082
Cost of goods sold and services rendered	(66,500)	(54,121)	(51,896)	(172,517)	(123,666)	—	(296,183)
Initial recog. and changes in FV of BA and agricultural produce	2,614	(1,927)	4,634	5,321	24,182	—	29,503
Gain from changes in NRV of agricultural produce after harvest	500	—	—	500	(540)	—	(40)
Margin on Manufacturing and Agricultural Act. Before Opex	12,076	24,021	16,442	52,539	87,823	—	140,362
General and administrative expenses	(7,992)	(3,802)	(2,325)	(14,119)	(5,848)	(5,097)	(25,064)
Selling expenses	(6,648)	(9,416)	(6,468)	(22,532)	(15,598)	(12)	(38,142)
Other operating income, net	138	235	(160)	213	1,764	(57)	1,920
Bargain purchase gain	—	—	—	—	—	—	—
Profit from Operations Before Financing and Taxation	(2,426)	11,038	7,489	16,101	68,141	(5,166)	79,076
Net results from Fair value adjustment of Investment property	469	(194)	—	275	—	—	275
Bargain purchase gain	—	—	—	—	—	—	—
Adjusted EBIT	(1,957)	10,844	7,489	16,376	68,141	(5,166)	79,351
(-) Depreciation and Amortization	2,154	3,127	2,689	7,970	48,702	323	56,995
Adjusted EBITDA	197	13,971	10,178	24,346	116,843	(4,843)	136,346
Reconciliation to Profit/(Loss)
Adjusted EBITDA							136,346
(+) Depreciation and Amortization							(56,995)
(+) Financial result, net							(10,891)
(+) Net results from Fair value adjustment of Investment property							(275)
(+) Income Tax (Charge)/Benefit							(21,912)
(-) Bargain purchase gain							—
(+) Translation Effect (IAS 21)							(154)
Profit/(Loss) for the Period							46,119


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	108,465	128,911	125,834	363,210	288,136	—	651,346
Cost of goods sold and services rendered	(102,589)	(100,321)	(103,153)	(306,063)	(217,527)	—	(523,590)
Initial recog. and changes in FV of BA and agricultural produce	26,808	31,343	4,012	62,163	36,954	—	99,117
Gain from changes in NRV of agricultural produce after harvest	(12,394)	(1)	—	(12,395)	517	—	(11,878)
Margin on Manufacturing and Agricultural Act. Before Opex	20,290	59,932	26,693	106,915	108,080	—	214,995
General and administrative expenses	(14,289)	(8,955)	(5,239)	(28,483)	(12,229)	(11,527)	(52,239)
Selling expenses	(6,949)	(15,541)	(11,554)	(34,044)	(32,270)	(27)	(66,341)
Other operating income, net	7,962	(14,242)	2,051	(4,229)	7,516	406	3,693

Profit from Operations Before Financing and Taxation	7,014	21,194	11,951	40,159	71,097	(11,148)	100,108
Net results from Fair value adjustment of Investment property	566	16,023	—	16,589	—	—	16,589
Transfer of revaluation surplus derived from the disposals of assets	9,024	—	—	9,024	—	—	9,024
Adjusted EBIT	16,604	37,217	11,951	65,772	71,097	(11,148)	125,721
(-) Depreciation and Amortization	3,659	6,752	5,623	16,034	87,644	712	104,390
Adjusted EBITDA	20,263	43,969	17,574	81,806	158,741	(10,436)	230,111
Reconciliation to Profit/(Loss)
Adjusted EBITDA							230,111
(+) Depreciation and Amortization							(104,390)
(+) Financial result, net							(92,385)
(+) Net results from Fair value adjustment of Investment property							(16,589)
(+) Income Tax (Charge)/Benefit							44,524
(+) Revaluation surplus of farmland sold							(9,024)
(+) Translation Effect (IAS 21)							4,965
Profit/(Loss) for the Period							57,212


ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 6M23
$ thousands	Crops	Rice	Dairy	Farming	Sugar, Ethanol & Energy	Corporate	Total
Sales of goods and services rendered	109,715	135,735	122,312	367,762	286,593	—	654,355
Cost of goods sold and services rendered	(96,858)	(96,392)	(102,998)	(296,248)	(195,533)	—	(491,781)
Initial recog. and changes in FV of BA and agricultural produce	968	7,687	10,114	18,769	72,438	—	91,207
Gain from changes in NRV of agricultural produce after harvest	231	—	—	231	(415)	—	(184)
Margin on Manufacturing and Agricultural Act. Before Opex	14,056	47,030	29,428	90,514	163,083	—	253,597
General and administrative expenses	(9,283)	(8,443)	(5,326)	(23,052)	(12,299)	(11,375)	(46,726)
Selling expenses	(12,248)	(17,152)	(12,885)	(42,285)	(23,787)	(26)	(66,098)
Other operating income, net	646	171	(204)	613	(5,499)	(105)	(4,991)
Bargain purchase gain	—	—	—	—	—	—	—
Profit from Operations Before Financing and Taxation	(6,829)	21,606	11,013	25,790	121,498	(11,506)	135,782
Net results from Fair value adjustment of Investment property	1,103	252	—	1,355	—	—	1,355
Bargain purchase gain	—	—	—	—	—	—	—
Adjusted EBIT	(5,726)	21,858	11,013	27,145	121,498	(11,506)	137,137
(-) Depreciation and Amortization	4,216	6,220	5,287	15,723	72,033	615	88,371
Adjusted EBITDA	(1,510)	28,078	16,300	42,868	193,531	(10,891)	225,508
Reconciliation to Profit/(Loss)
Adjusted EBITDA							225,508
(+) Depreciation and Amortization							(88,371)
(+) Financial result, net							(27,682)
(+) Net results from Fair value adjustment of Investment property							(1,355)
(+) Income Tax (Charge)/Benefit							(38,129)
(-) Bargain purchase gain							—
(+) Translation Effect (IAS 21)							(846)
Profit/(Loss) for the Period							69,125


Condensed Consolidated Interim Financial Statments


Statement of Income
$ thousands	2Q24	2Q23	Chg %	6M24	6M23	Chg %
Revenue	411,417	402,873	2.1%	673,192	649,131	3.7%
Cost of revenue	(334,466)	(293,123)	14.1%	(539,807)	(488,011)	10.6%
Initial recognition and Changes in fair value of biological assets and agricultural produce	44,595	29,441	51.5%	107,700	90,365	19.2%
Changes in net realizable value of agricultural produce after harvest	(4,561)	(33)	n . a	(13,579)	(184)	n . a
Margin on Manufacturing and Agricultural Activities Before Operating Expenses	116,985	139,158	(15.9)%	227,506	251,301	(9.5)%
General and administrative expenses	(33,163)	(24,561)	35.0%	(54,847)	(46,037)	19.1%
Selling expenses	(40,136)	(37,583)	6.8%	(68,721)	(65,327)	5.2%
Other operating income, net	21,609	1,908	1,032.5%	1,135	(5,001)	(122.7)%

Profit from operations	65,295	78,922	(17.3)%	105,073	134,936	(22.1)%
Finance income	(4,479)	54,330	(108.2)%	5,025	75,849	(93.4)%
Finance costs	(81,293)	(64,614)	25.8%	(103,027)	(91,195)	13.0%
Other financial results - Net gain / (loss) of inflation effects on the monetary items	(27,100)	(607)	n .a	5,617	(12,336)	n .a
Financial results, net	(112,872)	(10,891)	936.4%	(92,385)	(27,682)	233.7%
Profit / (loss) before income tax	(47,577)	68,031	(169.9)%	12,688	107,254	(88.2)%
Income tax	57,445	(21,912)	(362.2)%	44,524	(38,129)	(216.8)%
Profit for the period	9,868	46,119	(78.6)%	57,212	69,125	(17.2)%


Statement of Cashflows
$ thousands	2Q24	2Q23	Chg %	6M24	6M23	Chg %
Cash flows from operating activities:
Profit from operations	9,868	46,119	(78.6)%	57,212	69,125	(17.2)%
Adjustments for:
Income tax (benefit) / expense	(57,445)	21,912	(362.2)%	(44,524)	38,129	(216.8)%
Depreciation	64,763	56,158	15.3%	104,721	86,802	20.6%
Amortization	581	533	9.0%	1,145	1,074	6.6%
Depreciation of right of use assets	30,843	26,778	15.2%	47,366	37,729	25.5%
Gain from disposal of farmland and other assets	(6,050)	—	n . a	(6,050)	—	n . a
Loss / (gain) from disposal of other property items	1,050	651	61.3%	332	(1,162)	(128.6)%




Equity settled shared-based compensation granted	1,622	1,888	(14.1)%	3,466	4,865	(28.8)%
Loss / (gain) from derivative financial instruments and forwards	(18,666)	(2,405)	676.1%	(9,344)	2,580	(462.2)%
Interest and other expense , net	27,984	12,132	130.7%	44,787	13,875	222.8%
Initial recognition and changes in fair value of non harvested biological assets (unrealized)	653	3,189	n . a	(41,123)	(37,542)	9.5%
Changes in net realizable value of agricultural produce after harvest (unrealized)	1,824	(456)	n . a	5,088	(107)	n . a
Provision and allowances	269	(129)	(308.5)%	12	136	(91.2)%
Net gain from fair value adjustment of Investment property	5,503	269	n . a	19,805	1,330	n . a
Net gain of inflation effects on the monetary items of the effect of inflation on monetary items	27,100	607	n . a	(5,617)	12,336	(145.5)%
Foreign exchange gains, net	27,647	(29,570)	(193.5)%	22,023	(35,350)	(162.3)%
Cash flow hedge – transfer from equity	26,312	25,003	5.2%	26,312	33,864	(22.3)%
Subtotal	143,858	162,679	(11.6)%	225,611	227,684	(0.9)%

Changes in operating assets and liabilities:
(Increase)/Decrease in trade and other receivables	(5,393)	(34,659)	(84.4)%	(37,751)	(72,737)	(48.1)%
(Increase)/Decrease in inventories	(102,847)	(69,282)	48.4%	(167,073)	(78,413)	113.1%

(Increase)/Decrease in biological assets	90,553	43,935	106.1%	121,876	84,689	43.9%
(Increase)/Decrease in other assets	(10)	(182)	(94.5)%	(391)	(349)	12.0%
(Increase)/Decrease in derivatives financial instruments	20,641	2,177	848.1%	20,759	(7,592)	(373.4)%
(Increase)/Decrease in trade and other payables	10,666	(16,899)	(163.1)%	(40,966)	(114,898)	(64.3)%
(Increase)/Decrease in payroll and social securities liabilities	(1,472)	5,124	(128.7)%	(4,173)	2,049	(303.7)%
(Increase)/Decrease in provisions for other liabilities	197	107	84.1%	468	740	(36.8)%
Cash generated in operations	156,193	93,000	67.9%	118,360	41,173	187.5%
Income taxes paid	(1,691)	(593)	185.2%	(2,559)	(1,489)	71.9%
Net cash generated from operating activities (a)	154,502	92,407	67.2%	115,801	39,684	191.8%


Statement of Cashflows
$ thousands	2Q24	2Q23	Chg %	6M24	6M23	Chg %
Cash flows from investing activities
Acquisition of business, net of cash acquired	(2,529)	(401)	n . a	(15,265)	(3,193)	378.1%
Purchases of property, plant and equipment	(60,143)	(57,528)	4.5%	(154,097)	(137,586)	12.0%
Purchase of cattle and non current biological assets planting cost	(1,000)	(37)	n . a	(1,184)	(779)	52.0%
Purchases of intangible assets	39	(468)	(108.3)%	(557)	(762)	(26.9)%
Interest received	2,167	28,757	(92.5)%	4,473	39,144	(88.6)%
Proceeds from sale of property, plant and equipment	261	384	(32.0)%	620	1,790	(65.4)%
Proceeds from sale of farmlands	20,044	1,108	n . a	20,044	1,108	1709.0%





Acquisition of short term	(30,102)	(29,500)	2.0%	(33,711)	(34,500)	(2.3)%
Dispositions of short term investment	15,606	55,713	(72.0)%	36,576	93,009	(60.7)%
Net cash used in investing activities (b)	(55,657)	(1,972)	2722.4%	(143,101)	(41,769)	242.6%

Cash flows from financing activities


Interest paid (c)	4,013	(11,738)	(134.2)%	(8,071)	(24,636)	(67.2)%
Proceeds from long-term borrowings	17,381	4,748	266.1%	20,369	24,713	(17.6)%
Payment of long-term borrowings	(11,740)	—	n . a	(11,740)	—	n . a
Proceeds from short-term borrowings	40,141	201,575	(80.1)%	49,871	396,160	(87.4)%
Payment of short-term borrowings	(46,814)	(103,994)	(55.0)%	(117,043)	(326,244)	(64.1)%
Payment of derivatives financial instruments	(139)	104	(233.7)%	(79)	—	n . a
Lease Payments	(37,156)	(39,647)	(6.3)%	(55,450)	(58,869)	(5.8)%
Purchase of own shares	(20,362)	(3,572)	470.0%	(41,695)	(11,470)	263.5%
Dividends paid to non-controlling interest	—	—	n . a	(124)	—	n . a
Dividends to shareholders	(17,500)	(17,500)	—%	(17,500)	(17,500)	—%
Net cash used in financing activities (d)	(72,176)	29,976	(340.8)%	(181,462)	(17,846)	916.8%
Net increase / (decrease) in cash and cash equivalents	26,669	120,411	(77.9)%	(208,762)	(19,931)	947.4%
Cash and cash equivalents at beginning of year	135,511	85,867	n . a	339,781	230,653	47.3%
Exchange gains on cash and cash equivalents (e)	(21,869)	(9,669)	126.2%	9,292	(14,113)	(165.8)%
Cash and cash equivalents at end of year	140,311	196,609	(28.6)%	140,311	196,609	(28.6)%


Combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries over:		2Q24	2Q23	6M24	6M23
Operating activities	(a)	34,384	(21,431)	(18,719)	(45,106)
Investing activities	(b)	(4,334)	(1,505)	(4,003)	(764)
Interest paid	(c)	4,635	(743)	4,152	(654)
Financing activities	(d)	(10,565)	24,843	33,313	50,001
Exchange rate changes and inflation on cash and cash equivalents	(e)	(19,485)	(1,907)	(10,591)	(4,131)


Statement of Financial position
$ thousands	6M24	12M23	Chg %
ASSETS
Non-Current Assets
Property, plant and equipment	1,582,210	1,549,565	2.1%
Right of use assets	368,205	406,713	(9.5)%
Investment property	33,364	33,364	—%
Intangible assets, net	36,674	27,519	33.3%
Biological assets	37,387	23,706	57.7%
Deferred income tax assets	10,164	9,777	4.0%
Trade and other receivables, net	37,209	39,060	(4.7)%
Derivative financial instruments	17,081	18,001	(5.1)%
Other Assets	2,103	1,515	38.8%
Total Non-Current Assets	2,124,397	2,109,220	0.7%
Current Assets
Biological assets	155,477	204,331	(23.9)%
Inventories	455,387	256,051	77.9%
Trade and other receivables, net	212,007	179,055	18.4%
Derivative financial instruments	2,177	13,819	(84.2)%

Short-term investment	58,616	62,637	(6.4)%
Cash and cash equivalents	140,311	339,781	(58.7)%
Total Current Assets	1,023,975	1,055,674	(3.0)%
TOTAL ASSETS	3,148,372	3,164,894	(0.5)%
SHAREHOLDERS EQUITY
Capital and reserves attributable to equity holders of the parent
Share capital	167,073	167,073	—%
Share premium	680,990	743,810	(8.4)%
Cumulative translation adjustment	(416,132)	(603,861)	(31.1)%
Equity-settled compensation	14,984	18,654	(19.7)%
Cash Flow Hedge	(217)	(17,124)	(98.7)%
Other reserves	151,250	150,677	0.4%
Treasury shares	(13,377)	(8,062)	65.9%
Revaluation surplus	253,715	317,598	(20.1)%
Reserve from the sale of minority interests in subsidiaries	41,574	41,574	—%
Retained earnings	482,637	418,789	15.2%
Equity attributable to equity holders of the parent	1,362,497	1,229,128	10.9%
Non controlling interest	39,417	36,520	7.9%
TOTAL SHAREHOLDERS EQUITY	1,401,914	1,265,648	10.8%
LIABILITIES
Non-Current Liabilities
Trade and other payables	478	1,008	(52.6)%
Borrowings	678,805	697,843	(2.7)%
Lease liabilities	289,818	325,569	(11.0)%
Deferred income tax liabilities	351,002	376,331	(6.7)%
Payrroll and Social liabilities	1,099	1,570	(30.0)%

Provisions for other liabilities	2,734	2,871	(4.8)%
Total Non-Current Liabilities	1,323,936	1,405,192	(5.8)%
Current Liabilities
Trade and other payables	183,142	190,730	(4.0)%
Current income tax liabilities	2,093	5,023	(58.3)%
Payrroll and Social liabilities	28,985	37,357	(22.4)%
Borrowings	151,866	207,106	(26.7)%
Lease liabilities	55,749	52,941	5.3%
Derivative financial instruments	48	169	(71.6)%
Provisions for other liabilities	639	728	(12.2)%
Total Current Liabilities	422,522	494,054	(14.5)%
TOTAL LIABILITIES	1,746,458	1,899,246	(8.0)%
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES	3,148,372	3,164,894	(0.5)%

Adecoagro S.A.

Condensed Consolidated Interim Financial Statements as of June 30, 2024 and for the six-month periods ended June 30, 2024 and 2023

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: 111,381,815 common shares (Note 21)

Outstanding Capital Stock: 102,461,382 common shares

Treasury Shares: 8,920,433 common shares

F - 1

Adecoagro S.A.

Condensed Consolidated Interim Statements of Income

for the six-month and three-month periods ended June 30, 2024 and 2023

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


		Six-months ended June 30,		Three-months ended June 30,

	Note	2024	2023	2024	2023

		(unaudited)
Revenue	4	673,192	649,131	411,417	402,873
Cost of revenue	5	(539,807)	(488,011)	(334,466)	(293,123)
Initial recognition and changes in fair value of biological assets and agricultural produce	15	107,700	90,365	44,595	29,441
Changes in net realizable value of agricultural produce after harvest		(13,579)	(184)	(4,561)	(33)
Margin on manufacturing and agricultural activities before operating expenses		227,506	251,301	116,985	139,158
General and administrative expenses	6	(54,847)	(46,037)	(33,163)	(24,561)
Selling expenses	6	(68,721)	(65,327)	(40,136)	(37,583)
Other operating income/(expense), net	8	1,135	(5,001)	21,609	1,908

Profit from operations		105,073	134,936	65,295	78,922
Finance income	9	5,025	75,849	(4,479)	54,330
Finance costs	9	(103,027)	(91,195)	(81,293)	(64,614)
Other financial results - Net gain / (loss) of inflation effects on the monetary items	9	5,617	(12,336)	(27,100)	(607)
Financial results, net	9	(92,385)	(27,682)	(112,872)	(10,891)
Profit / (loss) before income tax		12,688	107,254	(47,577)	68,031
Income tax benefit / (expense)	10	44,524	(38,129)	57,445	(21,912)
Profit for the period		57,212	69,125	9,868	46,119
Attributable to:
Equity holders of the parent		56,913	67,837	9,526	46,268
Non-controlling interest		299	1,288	342	(149)

Earnings per share attributable to the equity holders of the parent during the period:
Basic earnings per share		0.546	0.630	0.094	0.430
Diluted earnings per share		0.543	0.629	0.093	0.429

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, 2024 and 2023

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


	Six-months ended June 30,		Three-months ended June 30,

	2024	2023	2024	2023

	(unaudited)

Profit for the period	57,212	69,125	9,868	46,119
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations	364,052	59,531	72,168	27,794
Cash flow hedge, net of tax (Note 2)	16,907	18,529	16,963	15,287
Items that will not be reclassified to profit or loss:
Revaluation surplus net of tax	(230,673)	(21,708)	(60,229)	(6,541)
Other comprehensive income	150,286	56,352	28,902	36,540
Total comprehensive income for the period	207,498	125,477	38,770	82,659

Attributable to:
Equity holders of the parent	204,601	123,941	37,695	82,741
Non-controlling interest	2,897	1,536	1,075	(82)

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, 2024 and December 31, 2023

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


		June 30,	December 31,
	Note	2024	2023
		(unaudited)
ASSETS
Non-Current Assets
Property, plant and equipment, net	11	1,582,210	1,549,565
Right of use assets	12	368,205	406,713
Investment property	13	33,364	33,364
Intangible assets, net	14	36,674	27,519
Biological assets	15	37,387	23,706
Deferred income tax assets	10	10,164	9,777
Trade and other receivables, net	17	37,209	39,060
Derivative financial instruments	16	17,081	18,001
Other Assets		2,103	1,515
Total Non-Current Assets		2,124,397	2,109,220
Current Assets
Biological assets	15	155,477	204,331
Inventories	18	455,387	256,051
Trade and other receivables, net	17	212,007	179,055
Derivative financial instruments	16	2,177	13,819

Short-term investments		58,616	62,637
Cash and cash equivalents	19	140,311	339,781
Total Current Assets		1,023,975	1,055,674
TOTAL ASSETS		3,148,372	3,164,894
SHAREHOLDERS EQUITY
Capital and reserves attributable to equity holders of the parent
Share capital	21	167,073	167,073
Share premium	21	680,990	743,810
Cumulative translation adjustment		(416,132)	(603,861)
Equity-settled compensation		14,984	18,654
Cash flow hedge		(217)	(17,124)
Other reserves		151,250	150,677
Treasury shares		(13,377)	(8,062)
Revaluation surplus		253,715	317,598
Reserve from the sale of non-controlling interests in subsidiaries		41,574	41,574
Retained earnings		482,637	418,789
Equity attributable to equity holders of the parent		1,362,497	1,229,128
Non-controlling interest		39,417	36,520
TOTAL SHAREHOLDERS EQUITY		1,401,914	1,265,648
LIABILITIES
Non-Current Liabilities
Trade and other payables	23	478	1,008
Borrowings	24	678,805	697,843
Lease liabilities	25	289,818	325,569
Deferred income tax liabilities	10	351,002	376,331
Payroll and social security liabilities	26	1,099	1,570

Provisions for other liabilities	27	2,734	2,871
Total Non-Current Liabilities		1,323,936	1,405,192
Current Liabilities
Trade and other payables	23	183,142	190,730
Current income tax liabilities	10	2,093	5,023
Payroll and social security liabilities	26	28,985	37,357
Borrowings	24	151,866	207,106
Lease liabilities	25	55,749	52,941
Derivative financial instruments	16	48	169
Provisions for other liabilities	27	639	728
Total Current Liabilities		422,522	494,054
TOTAL LIABILITIES		1,746,458	1,899,246
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES		3,148,372	3,164,894

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, 2024 and 2023

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


	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	Non-Controlling Interest	Total Shareholders’ Equity

Balance at January 1, 2023	167,073	793,169	(456,029)	18,792	(44,872)	126,925	(4,792)	281,909	41,574	202,342	1,126,091	37,552		1,163,643


Profit for the period	—	—	—	—	—	—	—	—	—	67,837	67,837	1,288		69,125
Other comprehensive income:
- Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations	—	—	44,892	—	—	—	—	13,091	—	—	57,983	1,548		59,531
Cash flow hedge (*)	—	—	—	—	18,529	—	—	—	—	—	18,529	—		18,529
Revaluation of surplus (**)	—	—	—	—	—	—	—	(20,408)	—	—	(20,408)	(1,300)		(21,708)

Other comprehensive income for the period	—	—	44,892	—	18,529	—	—	(7,317)	—	—	56,104	248		56,352
Total comprehensive income for the period	—	—	44,892	—	18,529	—	—	(7,317)	—	67,837	123,941	1,536		125,477


Reserves for the benefit of government grants (1)	—	—	—	—	—	6,266	—	—	—	(6,266)	—	—		—



- Restricted shares and restricted units (Note 22):
Value of employee services	—	—	—	3,458	—	—	—	—	—	—	3,458	—		3,458
Vested	—	7,528	—	(6,145)	—	1,554	—	—	—	—	2,937	—		2,937
Forfeited	—	—	—	—	—	18	(18)	—	—	—	—	—		—
Granted	—	—	—	—	—	(822)	822	—	—	—	—	—		—
-Purchase of own shares (Note 21)	—	(9,374)	—	—	—	—	(2,096)	—	—	—	(11,470)	—		(11,470)

- Dividends to shareholders (Note 22)	—	(35,000)	—	—	—	—	—	—	—	—	(35,000)	—		(35,000)
Balance at June 30, 2023 (unaudited)	167,073	756,323	(411,137)	16,105	(26,343)	133,941	(6,084)	274,592	41,574	263,913	1,209,957	39,088		1,249,045

(*) Net of 9,739 of Income tax.

(**) Net of 11,455 of Income tax.

(1) Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values in our Sugar, ethanol and energy business.

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, 2024 and 2023 (continued)

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


	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	Non-Controlling Interest	Total Shareholders’ Equity

Balance at January 1, 2024	167,073	743,810	(603,861)	18,654	(17,124)	150,677	(8,062)	317,598	41,574	418,789	1,229,128	36,520	1,265,648
Profit for the period	—	—	—	—	—		—	—	—	56,913	56,913	299	57,212
Other comprehensive loss:
- Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations	—	—	187,729	—	—	—	—	154,339	—	—	342,068	21,984	364,052
Cash flow hedge (*)	—	—	—	—	16,907	—	—	—	—	—	16,907	—	16,907
- Items that will not be reclassified to profit or loss:
Revaluation surplus (**)	—	—	—	—	—	—	—	(211,287)	—	—	(211,287)	(19,386)	(230,673)
Transfer of the revaluation surplus derived from the disposals of assets (**)	—	—	—	—	—	—	—	(6,935)	—	6,935	—	—	—
Other comprehensive income for the period	—	—	187,729	—	16,907	—	—	(63,883)	—	6,935	147,688	2,598	150,286
Total comprehensive income for the period	—	—	187,729	—	16,907	—	—	(63,883)	—	63,848	204,601	2,897	207,498



- Employee share options (Note 22):
Exercised	—	115	—	(38)	—	—	22	—	—	—	99	—	99

- Restricted shares and restricted units (Note 22):
Value of employee services	—	—	—	2,479	—	—	—	—	—	—	2,479	—	2,479
Vested	—	7,540	—	(6,111)	—	1,456	—	—	—	—	2,885	—	2,885
Forfeited	—	—	—	—	—	23	(23)	—	—	—	—	—	—
Granted	—	—	—	—	—	(906)	906	—	—	—	—	—	—
- Purchase of own shares (Note 21)	—	(35,475)	—	—	—	—	(6,220)	—	—	—	(41,695)	—	(41,695)
- Dividends to shareholders (Note 22)	—	(35,000)	—	—	—	—	—	—	—	—	(35,000)	—	(35,000)

Balance at June 30, 2024 (unaudited)	167,073	680,990	(416,132)	14,984	(217)	151,250	(13,377)	253,715	41,574	482,637	1,362,497	39,417	1,401,914

(*) 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- 6

Adecoagro S.A.

Condensed Consolidated Interim Statements of Cash Flows

for the six-month periods ended June 30, 2024 and 2023

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


		Six-months ended June 30,
	Note	2024	2023
		(unaudited)
Cash flows from operating activities:
Profit for the period		57,212	69,125
Adjustments for:
Income tax (benefit) / expense	10	(44,524)	38,129
Depreciation of property, plant and equipment	11	104,721	86,802
Depreciation of right of use assets	12	47,366	37,729
Net loss from the fair value adjustment of investment properties	13	19,805	1,330
Amortization of intangible assets	14	1,145	1,074
Gain from the sale of farmland and other assets	8	(6,050)	—
Loss /(gain) from disposal of other property items	8	332	(1,162)



Equity settled share-based compensation granted	7	3,466	4,865
(Gain) / loss from derivative financial instruments	8, 9	(9,344)	2,580
Interest, finance cost related to lease liabilities and other financial expense, net	9	44,787	13,875
Initial recognition and changes in fair value of non-harvested biological assets (unrealized)		(41,123)	(37,542)
Changes in net realizable value of agricultural produce after harvest (unrealized)		5,088	(107)
Provision and allowances		12	136
Net (gain) / loss of inflation effects on the monetary items	9	(5,617)	12,336
Foreign exchange loss / (gains), net	9	22,023	(35,350)
Cash flow hedge – transfer from equity	9	26,312	33,864
Subtotal		225,611	227,684
Changes in operating assets and liabilities:
Increase in trade and other receivables		(37,751)	(72,737)
Increase in inventories		(167,073)	(78,413)
Decrease in biological assets		121,876	84,689
Increase in other assets		(391)	(349)
Decrease / (increase) in derivative financial instruments		20,759	(7,592)
Decrease in trade and other payables		(40,966)	(114,898)
(Increase) / Decrease in payroll and social security liabilities		(4,173)	2,049
Increase in provisions for other liabilities		468	740
Net cash provided by operating activities before taxes paid		118,360	41,173
Income tax paid		(2,559)	(1,489)
Net cash provided by operating activities	(a)	115,801	39,684

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, 2024 and 2023 (continued)

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


		Six-months ended June 30,
	Note	2024	2023
		(unaudited)
Cash flows from investing activities:
Acquisition of a business, net of cash and cash equivalents acquired		(15,265)	(3,193)
Purchases of property, plant and equipment	11	(154,097)	(137,586)
Purchases of cattle and non-current biological assets		(1,184)	(779)
Purchases of intangible assets	14	(557)	(762)
Interest received and others		4,473	39,144
Proceeds from sale of property, plant and equipment		620	1,790
Proceeds from sale of farmlands and other assets	27	20,044	1,108
Acquisition of short-term investment	16	(33,711)	(34,500)
Disposal of short-term investment	16	36,576	93,009
Net cash used in investing activities	(b)	(143,101)	(41,769)

Cash flows from financing activities:


Proceeds from long-term borrowings		20,369	24,713
Payments of long-term borrowings		(11,740)	—
Proceeds from short-term borrowings		49,871	396,160
Payment of short-term borrowings		(117,043)	(326,244)
Payments of derivative financial instruments		(79)	—
Lease payments		(55,450)	(58,869)
Interest paid	(c)	(8,071)	(24,636)

Purchase of own shares		(41,695)	(11,470)
Dividends paid to non-controlling interest		(124)	—
Dividends to shareholders	21	(17,500)	(17,500)
Net cash used in financing activities	(d)	(181,462)	(17,846)
Net decrease in cash and cash equivalents		(208,762)	(19,931)
Cash and cash equivalents at beginning of period	19	339,781	230,653
Effect of exchange rate changes and inflation on cash and cash equivalents	(e)	9,292	(14,113)
Cash and cash equivalents at end of period	19	140,311	196,609

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


		Six-months ended June 30,
		2024	2023
Operating activities	(a)	(18,719)	(45,106)
Investing activities	(b)	(4,003)	(764)
Interest paid	(c)	4,152	(654)
Financing activities	(d)	33,313	50,001
Exchange rate changes and inflation on cash and cash equivalents	(e)	(10,591)	(4,131)

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)

1. 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 9, 2024.

2. 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, 2023. 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, 2024. 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, 2024 and 2023 were 79.8% and 50.7%, respectively. December 31, 2023, 2022 and 2021 was 211.4%, 94.8% and 50.9%, 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, 2024 and 2023, respectively, was 912 and 268, 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.

The Company is permanently monitoring the evolution of the program to determine the possible impacts that these new measures could have on the Company’s business and financial position.

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)

2. Financial risk management (continued)

•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, 2024. All amounts are shown in US dollars.


	June 30, 2024
	(unaudited)
	Functional currency
Net monetary position (Liability)/ Asset	Argentine Peso	Brazilian Reais	Uruguayan Peso	US Dollar	Total
Argentine Peso	(23,807)	—	—	—	(23,807)
Brazilian Reais	—	(510,160)	—	—	(510,160)
US Dollar	(125,558)	(327,623)	42,087	(21,687)	(432,781)
Uruguayan Peso	—	—	(11,040)	—	(11,040)
Total	(149,365)	(837,783)	31,047	(21,687)	(977,788)

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, 2024 or the Uruguayan peso, or a 25% appreciation/(depreciation) of the U.S. Dollar against the Argentine peso. A portion of this effect would have been recognized as other comprehensive income since a portion of the Company’s borrowings was used as cash flow hedge of the foreign exchange rate risk of a portion of its highly probable future revenue in U.S. Dollars (see Hedge Accounting - Cash Flow Hedge below for details).

A portion of this effect would be recognized as other comprehensive income since a portion of the Company’s borrowings was used as cash flow hedge of the foreign exchange rate risk of a portion of its highly probable future revenue in US dollars (see Hedge Accounting - Cash Flow Hedge below for details).


	June 30, 2024
	(unaudited)
	Functional currency
Net monetary position	Argentine Peso	Brazilian Reais	Uruguayan Peso	Total
US Dollar	(31,390)	(32,762)	4,209	(59,943)
(Decrease) or increase in Profit before income tax	(31,390)	(32,762)	4,209	(59,943)

Hedge Accounting - Cash flow hedge

The Group formally documents and designates cash flow hedging relationships to hedge the foreign exchange rate risk of a portion of its highly probable future revenue in U.S. Dollars using a portion of its borrowings denominated in U.S. Dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps, as needed.

Generally, the principal amounts of long-term borrowings (non-derivative financial instruments) and notional values of foreign currency forward contracts (derivative financial instruments) are designated as hedging instruments. These instruments are exposed to foreign currency risks, mainly Brazilian Reais/ U.S. Dollar related to operations in Brazil and Argentine Peso/U.S. Dollar in Argentina related to operations in Argentina. As of June 2024 and 2023, approximately 10% of projected revenue within those countries qualify as highly probable forecast transactions for hedge accounting purposes and are designated as hedged items

The Group prepares formal documentation to support hedge designation, including an explanation of how the designation of the hedging relationship is aligned with the Group’s Risk Management Policy, identification of the hedging

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)

2. Financial risk management (continued)

instrument, the hedged transactions, the nature of the risk being hedged and an analysis which demonstrates that the hedge is expected to be highly effective. The Group reassesses the prospective and retrospective effectiveness of the hedge on an ongoing basis comparing the foreign currency component of the carrying amount of the hedging instruments and of the highly probable future revenue.

Under cash flow hedge accounting, the effect of changes in foreign currency exchange rates on derivative and non-derivative hedging instruments are not immediately recognized in profit or loss but are reclassified from equity to profit or loss in the periods when the future revenue occur, thus allowing for a more appropriate presentation of the results for the period reflecting the strategy in the Group’s Risk Management Policy.

The Group expects that the cash flows will occur and affect profit or loss between 2024 and 2025.

For the six-month period ended June 30, 2024, a loss before income tax of US$ 531 was recognized in other comprehensive income (June 30, 2023: US$7,313) and US$ 26,550 (June 30, 2023: US$ 35,735) was reclassified from equity to profit or loss within “Financial results, net”.

•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, 2024 (all amounts are shown in US dollars):


	June 30, 2024
	(unaudited)
	Functional currency
Rate per currency denomination	Argentine Peso	Brazilian Reais	US Dollar	Total
Fixed rate:
Argentine Peso	19,176	—	—	19,176
Brazilian Reais	—	12,480	—	12,480
US Dollar	34,136	366,268	197,647	598,051
Subtotal fixed-rate borrowings	53,312	378,748	197,647	629,707
Variable rate:
Brazilian Reais	—	187,508	—	187,508
US Dollar	13,456	—	—	13,456
Subtotal variable-rate borrowings	13,456	187,508	—	200,964
Total borrowings as per analysis	66,768	566,256	197,647	830,671

At June 30, 2024, 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:


	June 30, 2024
	(unaudited)
	Functional currency
Rate per currency denomination	Argentine Peso	Brazilian Reais	Total
Variable rate:
Brazilian Reais	—	(1,875)	(1,875)
US Dollar	(135)	—	(135)
Decrease in profit before income tax	(135)	(1,875)	(2,010)

•Credit risk

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)

2. Financial risk management (continued)

As of June 30, 2024, six banks accounted for more than 75% of the total cash deposited (J.P. Morgan, Portfolio Personal Inversiones, Banco do Brasil, Credit Agricole, Galicia and Itaú).

•Derivative financial instruments

The following table shows the outstanding positions for each type of derivative contract as of June 30, 2024:

§ Futures / Options


	June 30, 2024
Type of	Quantities (thousands) (**)	Notional	Market	Profit / (Loss) (*)
derivative contract		amount	Value Asset/ (Liability)
			(unaudited)	(unaudited)
Futures:
Sale
Corn	(10)	(1,784)	(26)	(26)
Soybean	(1)	(261)	(13)	(13)
Wheat	3	703	(9)	(9)
Sugar	61	29,399	1,913	2,417











Total	53	28,057	1,865	2,369

(*) 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.

▪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 an interest rate swap agreement with Itaú BBA for an aggregate amount of US$ 400 million. According to the swap instrument, Adecoagro Vale do Ivinhema receives IPCA (Extended National Consumer Price Index) plus 4.24% per year and pays CDI (an interbank floating interest rate in Reais) plus 1,85% per year. This swap expires semiannually until December 2026. The swap agreement resulted in a recognition of a loss of US$ 1.3 million for the six-month period ended June 30, 2024.

▪Currency forward

During the six months period ended on June 30, 2024, the Group entered into several currency forward contracts with some Brazilian banks, in order to hedge the fluctuation of the Brazilian Reais against the U.S. Dollar, for an aggregate amount of US$ 5 million. These financial instruments resulted in the recognition of a gain amounting to US$ 0.09 million for the six months period ended June 30, 2024. The currency forward contracts are due in September 2024.

Also, during the six months period ended on June 30, 2024, the Group entered into several currency forward contracts with some Argentine banks, in order to hedge the fluctuation of the Argentine Peso against the U.S. Dollar, for an aggregate amount of US$ 14 million. These financial instruments resulted in a non-significant loss for the six months period ended June 30, 2024. The currency forward contracts are due in December 2024.

Gain and losses on currency forward contracts are included within “Financial results, net” in the statement of income.

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)

3. 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.

Effective for our year ended December 31, 2023, our CODM changed its internal reporting mainly to refine the way it views our farming business and its interaction with our overarching land transformation activities embedded within such farming business. Previously, our CODM reviewed the results of our land transformation strategy as a separate activity upon disposition of transformed farmlands and/or other rural properties, or the acquisition of an under-utilized land. As from the fourth quarter of 2023, our CODM started allocating any profit from disposition of a farmland or, a bargain purchase gain, as part of the farming activity where such farmland belongs. Our CODM believes that this allocation better aligns the activities which were conducted to achieve the full growth potential of the land through the years with its ultimate realization of incremental value. Therefore, any profit on the realization of land transformation activities is now included in the respective farming business operating segment to which the disposed/acquired land belongs.

Also, our CODM started allocating the results of our minor cattle activities – which were previously reported as part of “all other segments” since they did not meet the quantitative thresholds for disclosure – to the farmland where the cattle is assigned. We maintain cattle as a complementary activity to the farming activities rather than as a separate business itself. Cattle helps preserve the value and productive capacity of the farmlands, avoiding the growth of undesired weed.

These changes resulted in revisions to the financial information provided to our CODM on a recurring basis in their evaluation of our financial performance and the decision-making process. Our CODM believes these changes better reflect the performance of our reportable segments. Accordingly, we changed the segment reporting under IFRS 8 as further described below. Previously reported segment financial information was recast for the six-month period ended June 30, 2023 to reflect the new reportable segments’ structure.

Based on the foregoing, we operate in two major lines of business, namely, “Farming” and “Sugar, Ethanol and Energy”.

•The ‘Farming’ business is further comprised of three reportable segments:

•‘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 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

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. Segment information (continued)

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.

•‘Rice’ Segment which consists of planting, harvesting, processing and marketing of rice.

•‘Dairy’ Segment which consists of the production and sale of raw milk and industrialized products, including UHT, cheese and powder milk among others.

•‘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, 2023, 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. Segment information (continued)

Segment reconciliation for the six-month period ended


June 30,2024 (unaudited)	Crops			Rice			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	108,465	5,911	114,376	128,911	7,251	136,162	125,834	8,684	134,518
Cost of revenue	(102,589)	(5,615)	(108,204)	(100,321)	(3,901)	(104,222)	(103,153)	(6,701)	(109,854)
Initial recognition and changes in fair value of biological assets and agricultural produce	26,808	2,872	29,680	31,343	5,232	36,575	4,012	479	4,491
Changes in net realizable value of agricultural produce after harvest	(12,394)	(1,695)	(14,089)	(1)	(6)	(7)	—	—	—
Margin on Manufacturing and Agricultural Activities Before Operating Expenses	20,290	1,473	21,763	59,932	8,576	68,508	26,693	2,462	29,155
General and administrative expenses	(14,289)	(534)	(14,823)	(8,955)	(608)	(9,563)	(5,239)	(462)	(5,701)
Selling expenses	(6,949)	(475)	(7,424)	(15,541)	(899)	(16,440)	(11,554)	(991)	(12,545)
Other operating income, net	7,962	(3,719)	4,243	(14,242)	827	(13,415)	2,051	331	2,382

Profit / (loss) from Operations	7,014	(3,255)	3,759	21,194	7,896	29,090	11,951	1,340	13,291

Depreciation of Property, plant and equipment and amortization of Intangible assets	(3,659)	(361)	(4,020)	(6,752)	(526)	(7,278)	(5,623)	(526)	(6,149)
Net loss from Fair value adjustment of Investment property	(566)	(3,868)	(4,434)	(16,023)	652	(15,371)	—	—	—


June 30,2024 (unaudited)	Corporate			Total
	Total segment reporting	Adjustment	Total as per statement of income	Total segment reporting	Adjustment	Total as per statement of income
Revenue	—	—	—	651,346	21,846	673,192
Cost of revenue	—	—	—	(523,590)	(16,217)	(539,807)
Initial recognition and changes in fair value of biological assets and agricultural produce	—	—	—	99,117	8,583	107,700
Changes in net realizable value of agricultural produce after harvest	—	—	—	(11,878)	(1,701)	(13,579)
Margin on Manufacturing and Agricultural Activities Before Operating Expenses	—	—	—	214,995	12,511	227,506
General and administrative expenses	(11,527)	(1,004)	(12,531)	(52,239)	(2,608)	(54,847)
Selling expenses	(27)	(15)	(42)	(66,341)	(2,380)	(68,721)
Other operating income, net	406	3	409	3,693	(2,558)	1,135

Profit / (loss) from Operations	(11,148)	(1,016)	(12,164)	100,108	4,965	105,073

Depreciation of Property, plant and equipment and amortization of Intangible assets	(712)	(63)	(775)	(104,390)	(1,476)	(105,866)
Net loss from Fair value adjustment of Investment property	—	—	—	(16,589)	(3,216)	(19,805)

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. Segment information (continued)

Segment reconciliation for the six-month period ended


June 30,2023 (unaudited)	Crops			Rice			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	109,715	(2,249)	107,466	135,735	(698)	135,037	122,312	(2,277)	120,035
Cost of revenue	(96,858)	2,021	(94,837)	(96,392)	(75)	(96,467)	(102,998)	1,824	(101,174)
Initial recognition and changes in fair value of biological assets and agricultural produce	968	(413)	555	7,687	(86)	7,601	10,114	(343)	9,771
Changes in net realizable value of agricultural produce after harvest	231	—	231	—	—	—	—	—	—
Margin on Manufacturing and Agricultural Activities Before Operating Expenses	14,056	(641)	13,415	47,030	(859)	46,171	29,428	(796)	28,632
General and administrative expenses	(9,283)	278	(9,005)	(8,443)	168	(8,275)	(5,326)	133	(5,193)
Selling expenses	(12,248)	226	(12,022)	(17,152)	278	(16,874)	(12,885)	267	(12,618)
Other operating income, net	646	(20)	626	171	7	178	(204)	3	(201)

(Loss) / profit from Operations	(6,829)	(157)	(6,986)	21,606	(406)	21,200	11,013	(393)	10,620

Depreciation of Property, plant and equipment and amortization of Intangible assets	(4,216)	171	(4,045)	(6,220)	159	(6,061)	(5,287)	147	(5,140)
Net loss from Fair value adjustment of Investment property	(1,103)	21	(1,082)	(252)	4	(248)	—	—	—


June 30,2023 (unaudited)	Corporate	Total
			Total segment reporting	Adjustment	Total as per statement of income	Total segment reporting	Adjustment	Total as per statement of income
Revenue			—	—	—	654,355	(5,224)	649,131
Cost of revenue			—	—	—	(491,781)	3,770	(488,011)
Initial recognition and changes in fair value of biological assets and agricultural produce			—	—	—	91,207	(842)	90,365
Changes in net realizable value of agricultural produce after harvest			—	—	—	(184)	—	(184)
Margin on Manufacturing and Agricultural Activities Before Operating Expenses			—	—	—	253,597	(2,296)	251,301
General and administrative expenses			(11,375)	110	(11,265)	(46,726)	689	(46,037)
Selling expenses			(26)	—	(26)	(66,098)	771	(65,327)
Other operating income, net			(105)	—	(105)	(4,991)	(10)	(5,001)

(Loss) / profit from Operations			(11,506)	110	(11,396)	135,782	(846)	134,936

Depreciation of Property, plant and equipment and amortization of Intangible assets			(615)	18	(597)	(88,371)	495	(87,876)
Net loss from Fair value adjustment of Investment property			—	—	—	(1,355)	25	(1,330)

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. Segment information (continued)

Segment analysis for the six-month period ended June 30, 2024 (unaudited)


	Farming			Sugar, Ethanol and Energy			Corporate	Total
	Crops	Rice	Dairy		Farming subtotal
Revenue	108,465	128,911	125,834	363,210		288,136		—	651,346
Cost of revenue	(102,589)	(100,321)	(103,153)	(306,063)		(217,527)		—	(523,590)
Initial recognition and changes in fair value of biological assets and agricultural produce	26,808	31,343	4,012	62,163		36,954		—	99,117
Changes in net realizable value of agricultural produce after harvest	(12,394)	(1)	—	(12,395)		517		—	(11,878)
Margin on manufacturing and agricultural activities before operating expenses	20,290	59,932	26,693	106,915		108,080		—	214,995
General and administrative expenses	(14,289)	(8,955)	(5,239)	(28,483)		(12,229)		(11,527)	(52,239)
Selling expenses	(6,949)	(15,541)	(11,554)	(34,044)		(32,270)		(27)	(66,341)
Other operating (loss) / income, net	7,962	(14,242)	2,051	(4,229)		7,516		406	3,693

(Loss) / profit from Operations	7,014	21,194	11,951	40,159		71,097		(11,148)	100,108

Depreciation of Property, plant and equipment and amortization of Intangible assets	(3,659)	(6,752)	(5,623)	(16,034)		(87,644)		(712)	(104,390)
Net loss from Fair value adjustment of Investment property	(566)	(16,023)	—	(16,589)		—		—	(16,589)
Transfer of revaluation surplus derived from disposals of assets before taxes	9.024	—	—	9.024		—		—	9.024
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	25,682	22,080	(14,629)	33,133		4,749		—	37,882
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	1,126	9,263	18,641	29,030		32,205		—	61,235
Changes in net realizable value of agricultural produce after harvest (unrealized)	(5,088)	—	—	(5,088)		—		—	(5,088)
Changes in net realizable value of agricultural produce after harvest (realized)	(7,306)	(1)	—	(7,307)		517		—	(6,790)

As of June 30, 2024:
Farmlands and farmland improvements, net	424,009	184,099	2,327	610,435		78,323		—	688,758
Machinery, equipment, building and facilities, and other fixed assets, net	38,168	102,005	130,866	271,039		247,298		—	518,337
Bearer plants, net	1,200	—	—	1,200		346,439		—	347,639
Work in progress	445	1,144	13,674	15,263		12,213		—	27,476
Right of use asset	9,563	18,626	640	28,829		338,915		461	368,205
Investment property	28,044	5,320	—	33,364		—		—	33,364
Goodwill	9,713	5,903	—	15,616		3,929		—	19,545
Biological assets	42,173	14,661	38,821	95,655		97,209		—	192,864
Finished goods	74,031	20,106	12,027	106,164		131,576		—	237,740
Raw materials, Stocks held by third parties and others	79,030	99,360	19,802	198,192		19,455		—	217,647
Total segment assets	706,376	451,224	218,157	1,375,757		1,275,357		461	2,651,575
Borrowings	23,087	53,025	43,680	119,792		577,419		133,460	830,671
Lease liabilities	12,084	20,312	678	33,074		312,234		259	345,567
Total segment liabilities	35,171	73,337	44,358	152,866		889,653		133,719	1,176,238

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. Segment information (continued)

Segment analysis for the six-month period ended June 30, 2023 (unaudited)


	Farming			Sugar, Ethanol and Energy			Corporate	Total
	Crops	Rice	Dairy		Farming subtotal
Revenue	109,715	135,735	122,312	367,762		286,593		—	654,355
Cost of revenue	(96,858)	(96,392)	(102,998)	(296,248)		(195,533)		—	(491,781)
Initial recognition and changes in fair value of biological assets and agricultural produce	968	7,687	10,114	18,769		72,438		—	91,207
Changes in net realizable value of agricultural produce after harvest	231	—	—	231		(415)		—	(184)
Margin on manufacturing and agricultural activities before operating expenses	14,056	47,030	29,428	90,514		163,083		—	253,597
General and administrative expenses	(9,283)	(8,443)	(5,326)	(23,052)		(12,299)		(11,375)	(46,726)
Selling expenses	(12,248)	(17,152)	(12,885)	(42,285)		(23,787)		(26)	(66,098)
Other operating income / (loss), net	646	171	(204)	613		(5,499)		(105)	(4,991)

(Loss) / profit from Operations	(6,829)	21,606	11,013	25,790		121,498		(11,506)	135,782

Depreciation of Property, plant and equipment and amortization of Intangible assets	(4,216)	(6,220)	(5,287)	(15,723)		(72,033)		(615)	(88,371)
Net loss from Fair value adjustment of Investment property	(1,103)	(252)	—	(1,355)		—		—	(1,355)

Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	(851)	3,837	(5,725)	(2,739)		36,857		—	34,118
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	1,819	3,850	15,839	21,508		35,581		—	57,089
Changes in net realizable value of agricultural produce after harvest (unrealized)	107	—	—	107		—		—	107
Changes in net realizable value of agricultural produce after harvest (realized)	124	—	—	124		(415)		—	(291)

As of December 31, 2023:
Farmlands and farmland improvements, net	447,772	178,291	1,462	627,525		78,322		—	705,847
Machinery, equipment, building and facilities, and other fixed assets, net	24,250	71,584	86,670	182,504		264,561		—	447,065
Bearer plants, net	753	—	—	753		375,089		—	375,842
Work in progress	10	291	5,584	5,885		14,926		—	20,811
Right of use assets	13,608	15,076	29	28,713		377,420		580	406,713
Investment property	29,192	4,172	—	33,364		—		—	33,364
Goodwill	6,095	3,704	—	9,799		4,510		—	14,309
Biological assets	55,545	32,843	23,191	111,579		116,458		—	228,037
Finished goods	33,407	9,306	9,927	52,640		126,971		—	179,611
Raw materials, Stocks held by third parties and others	26,779	16,577	11,230	54,586		21,854		—	76,440
Total segment assets	637,411	331,844	138,093	1,107,348		1,380,111		580	2,488,039
Borrowings	44,692	(9,207)	84,557	120,042		604,827		180,080	904,949
Lease liabilities	12,341	13,475	57	25,873		352,238		399	378,510
Total segment liabilities	57,033	4,268	84,614	145,915		957,065		180,479	1,283,459

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. Revenue

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


	Six-months ended June 30,
	2024	2023
	(unaudited)
Revenue of manufactured products and services rendered:
Ethanol	109,870	106,622
Sugar	155,005	154,545
Energy (*)	13,804	13,310
Peanut	18,313	31,559
Sunflower	3,389	5,054
Cotton	1,986	4,435
Rice (*)	117,014	119,414
Fluid milk (UHT)	63,495	54,251
Powder milk	23,904	22,490
Other dairy products	33,529	23,260

Services	5,329	4,233
Rental income	2,134	1,263
Others	22,379	22,856
Subtotal manufactured products and services rendered	570,151	563,292
Agricultural produce and biological assets:
Soybean	46,315	35,309
Corn	27,211	9,597
Wheat	9,163	8,000


Sunflower	2,439	8,594
Barley	1,733	3,805

Milk	3,983	11,428

Cattle	2,059	2,145
Cattle for dairy	5,832	4,760
Others	4,306	2,201
Subtotal agricultural produce and biological assets	103,041	85,839
Total revenue	673,192	649,131

(*) Includes revenue of mwh of energy and tons of rice produced by third parties for an amount of US$ 0.6 million and US$ 0.7 million, respectively (June 30, 2023: revenue of mwh of energy and tons of rice produced by third parties for an amount of US$ 23.5 million).

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$ 116.2 million as of June 30, 2024 (June 30, 2023: US$ 113.1 million) comprised primarily of 29,098 liters of ethanol (US$ 15 million), 376,797 mwh of energy (US$ 16 million), 141,063 tons of sugar

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. Revenue (continued)

(US$ 63 million), 34,068 tons of soybean (US$ 10 million), 33,797 tons of corn (US$ 6 million) and 20,088 tons of wheat (US$ 5 million) which expire between July 2024 and December 2024.

5. Cost of revenue

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


	Six-month ended June 30, 2024 (unaudited)
	Crops	Rice	Dairy	Sugar, Ethanol and Energy	Total
Finished goods at the beginning of 2024 (Note 18)	33,407	9,306	9,927	126,971	179,611
Cost of production of manufactured products (Note 6)	20,651	119,491	102,265	249,158	491,565
Purchases	14,125	1,931	6,250	356	22,662

Agricultural produce	164,471	—	9,815	6,007	180,293
Transfer to raw material	(67,602)	(6,773)	—	—	(74,375)
Direct agricultural selling expenses	14,742	—	—	—	14,742
Tax recoveries (i)	—	—	—	(17,297)	(17,297)
Changes in net realizable value of agricultural produce after harvest	(14,089)	(7)	—	517	(13,579)




Finished goods as of June 30, 2024 (Note 18)	(74,031)	(20,106)	(12,027)	(131,576)	(237,740)
Exchange differences	16,530	380	(6,376)	(16,609)	(6,075)
Cost of revenues and direct agricultural selling expenses period	108,204	104,222	109,854	217,527	539,807

(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, 2023 (unaudited)
	Crops	Rice	Dairy	Sugar, Ethanol and Energy	Total
Finished goods at the beginning of 2023	37,539	13,659	12,825	88,693	152,716
Cost of production of manufactured products (Note 6)	31,170	87,129	89,361	200,945	408,605
Purchases	10,409	14,942	—	615	25,966

Agricultural produce	121,012	3,582	11,428	9,502	145,524
Transfer to raw material	(59,172)	(4,296)	(137)	—	(63,605)
Direct agricultural selling expenses	7,238	—	—	—	7,238
Tax recoveries (i)	—	—	—	(7,174)	(7,174)
Changes in net realizable value of agricultural produce after harvest	231	—	—	(415)	(184)
Finished goods as of June 30, 2023	(53,377)	(18,085)	(12,610)	(101,189)	(185,261)
Exchange differences	(213)	(464)	307	4,556	4,186
Cost of revenues and direct agricultural selling expenses period	94,837	96,467	101,174	195,533	488,011

(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. 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, 2024 (unaudited)
	Cost of production of manufactured products (Note 5)					General and Administrative Expenses	Selling Expenses	Total
	Crops	Rice	Dairy	Sugar, Ethanol and Energy	Total
Salaries, social security expenses and employee benefits	2,402	7,981	6,127	20,248	36,758	16,920	5,782	59,460
Raw materials and consumables	—	640	12,728	2,767	16,135	—	—	16,135
Depreciation and amortization	2,034	2,448	2,562	68,010	75,054	11,691	730	87,475
Depreciation of right-of-use assets	—	25	—	4,282	4,307	13,886	113	18,306

Fuel, lubricants and others	126	1,128	787	18,466	20,507	630	202	21,339
Maintenance and repairs	978	2,642	2,477	16,186	22,283	2,000	461	24,744
Freights	63	8,916	1,629	301	10,909	—	30,568	41,477
Export taxes / selling taxes	—	—	—	—	—	—	15,744	15,744
Export expenses	—	—	—	—	—	—	7,125	7,125
Contractors and services	835	585	190	6,929	8,539	—	—	8,539
Energy transmission	—	—	—	—	—	—	1,135	1,135


Energy power	474	1,928	1,338	384	4,124	327	81	4,532
Professional fees	39	178	52	400	669	5,347	395	6,411
Other taxes	11	157	101	1,938	2,207	351	15	2,573
Contingencies	—	—	—	—	—	714	—	714
Lease expense and similar arrangements	112	572	77	—	761	772	288	1,821
Third parties raw materials	3,809	15,260	36,767	7,673	63,509	—	—	63,509
Tax recoveries	—	—	—	(97)	(97)	—	—	(97)
Others	356	1,468	1,348	4,186	7,358	2,209	6,082	15,649
Subtotal	11,239	43,928	66,183	151,673	273,023	54,847	68,721	396,591
Own agricultural produce consumed	9,412	75,563	36,082	97,485	218,542	—	—	218,542
Total	20,651	119,491	102,265	249,158	491,565	54,847	68,721	615,133

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. Expenses by nature (continued)


	Six-month ended June 30, 2023 (unaudited)
	Cost of production of manufactured products (Note 5)				General and Administrative Expenses		Selling Expenses	Total
	Crops	Rice	Dairy	Sugar, Ethanol and Energy		Total
Salaries, social security expenses and employee benefits	2,177	6,934	5,877	18,098	33,086		17,973	4,750	55,809
Raw materials and consumables	242	1,408	15,859	3,528	21,037		—	—	21,037
Depreciation and amortization	2,327	2,109	2,162	51,358	57,956		9,918	671	68,545
Depreciation of right-of-use assets	—	24	457	4,635	5,116		8,051	301	13,468

Fuel, lubricants and others	110	558	783	16,263	17,714		318	154	18,186
Maintenance and repairs	640	1,486	960	11,233	14,319		788	355	15,462
Freights	60	8,152	1,368	27	9,607		—	29,883	39,490
Export taxes / selling taxes	—	—	—	—	—		—	14,396	14,396
Export expenses	—	—	—	—	—		—	7,672	7,672
Contractors and services	961	1,450	54	4,508	6,973		—	—	6,973
Energy transmission	—	—	—	—	—		—	1,232	1,232


Energy power	743	1,766	1,365	407	4,281		226	40	4,547
Professional fees	33	60	45	352	490		4,869	439	5,798
Other taxes	11	108	79	1,972	2,170		378	23	2,571
Contingencies	—	—	—	—	—		820	—	820
Lease expense and similar arrangements	64	410	114	—	588		508	197	1,293
Third parties raw materials	2,209	13,689	32,902	3,669	52,469		—	—	52,469
Tax recoveries	—	—	—	(220)	(220)		—	—	(220)
Others	446	1,146	838	1,508	3,938		2,188	5,214	11,340
Subtotal	10,023	39,300	62,863	117,338	229,524		46,037	65,327	340,888
Own agricultural produce consumed	21,147	47,829	26,498	83,607	179,081		—	—	179,081
Total	31,170	87,129	89,361	200,945	408,605		46,037	65,327	519,969

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. Salaries and social security expenses


	Six-month period ended June 30,
	2024	2023
	(unaudited)
Wages and salaries	76,057	71,328
Social security costs	23,955	19,874
Equity-settled share-based compensation	3,466	4,865
	103,478	96,067

8. Other operating income / (expense), net


	Six-month period ended June 30,
	2024	2023
	(unaudited)
Gain from disposals of farmland and other assets (Note 20)	6,050	—
Gain /(loss) from commodity derivative financial instruments	9,746	(3,470)

(Loss) / gain from disposal of other property items	(332)	1,162
Net loss from fair value adjustment of investment property	(19,805)	(1,330)
Others	5,476	(1,363)
	1,135	(5,001)

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. Financial results, net


	Six-month period ended June 30,
	2024	2023
	(unaudited)
Finance income:
- Interest income	4,566	3,151
- Foreign exchange gain, net	—	35,350
- Gain from interest rate/foreign exchange rate derivative financial instruments	—	744
- Other income	459	36,604
Finance income	5,025	75,849

Finance costs:
- Interest expense	(16,516)	(33,440)
- Finance cost related to lease liabilities	(28,013)	(16,025)
- Cash flow hedge – transfer from equity	(26,312)	(33,864)
- Foreign exchange losses, net	(22,023)	—
- Taxes	(4,159)	(3,565)
- Loss from interest rate/foreign exchange rate derivative financial instruments	(709)	—

- Other expenses	(5,295)	(4,301)
Finance costs	(103,027)	(91,195)
Other financial results - Net gain/(loss) of inflation effects on the monetary items	5,617	(12,336)
Total financial results, net	(92,385)	(27,682)

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. 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, 2024	June 30, 2023
	(unaudited)
Current income tax	(2,011)	(2,985)
Deferred income tax	46,535	(35,144)
Income tax benefit / (expense)	44,524	(38,129)

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


	June 30, 2024	June 30, 2023
	(unaudited)
Beginning of period	(366,554)	(292,656)
Exchange differences	(140,242)	(15,256)
Effect of fair value valuation for farmlands	124,511	11,455

Disposal of farmland (Note 20)	2,080	—
Tax charge relating to cash flow hedge (i)	(9,335)	(9,739)
Others	2,167	1,542
Income tax benefit / (expense)	46,535	(35,144)
End of period	(340,838)	(339,798)

(i)It relates to the amount reclassified of US$ 26,019 loss and US$ 8,861 loss from equity to profit and loss for the six-month period ended June 30, 2024 and 2023, respectively.

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.

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. Taxation (continued)

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, 2024	June 30, 2023
	(unaudited)
Tax calculated at the tax rates applicable to profits in the respective countries	(2,061)	(35,488)
Non-deductible items	324	(967)
Effect of the changes in the statutory income tax rate in Argentina	—	3,664
Non-taxable income	6,006	6,696
Tax losses where no deferred tax asset was recognized	(18)	(6,390)
Previously unrecognized tax losses now recouped to reduce tax expenses (1)	9,873	19,028
Effect of IAS 29 on Argentina’s shareholder’s equity and deferred income tax.	27,202	(23,683)


Others	3,198	(989)
Income tax benefit / (expense)	44,524	(38,129)

(1) 2024 includes 9,873 of adjustment by inflation of tax loss carryforwards in Argentina (18,567 in 2023).

OECD Pillar Two model rules

The Group is within the scope of the OECD (Organization for Economic Cooperation and Development) Pillar Two model rules (the Global Anti-base Erosion rules or GloBE). Pillar Two legislation was enacted in Luxembourg, the jurisdiction in which the company is incorporated, and came into effect as from January 1, 2024.

As of June 30, 2024, we did not have any significant impact as a consequence of Pillar Two rules.

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. Property, plant and equipment, net

Changes in the Group’s property, plant and equipment for the six-month periods ended June 30, 2024 and 2023 were as follows:


	Farmlands	Farmland improvements	Buildings and facilities	Machinery, equipment, furniture and Fittings	Bearer plants	Others	Work in progress	Total
Six-month period ended June 30, 2023
Opening net book amount.	727,591	16,742	268,380	91,212	352,727	29,614	79,089	1,565,355
Exchange differences	32,790	475	11,417	19,153	24,825	666	3,171	92,497

Additions	—	—	9,651	43,384	62,682	339	21,704	137,760
Revaluation surplus	(33,155)	—	—	—	—	—	—	(33,155)


Transfers	—	594	6,052	11,920	—	20	(18,586)	—
Disposals	—	—	(61)	(2,052)	—	(17)	(1)	(2,131)

Reclassification to non-income tax credits (*)	—	—	—	(118)	—	—	—	(118)
Depreciation	—	(1,810)	(14,406)	(35,483)	(33,807)	(1,296)	—	(86,802)
Closing net book amount	727,226	16,001	281,033	128,016	406,427	29,326	85,377	1,673,406
At June 30, 2023 (unaudited)
Cost	727,226	47,217	553,523	965,459	946,330	53,870	85,377	3,379,002
Accumulated depreciation	—	(31,216)	(272,490)	(837,443)	(539,903)	(24,544)	—	(1,705,596)
Net book amount	727,226	16,001	281,033	128,016	406,427	29,326	85,377	1,673,406
Six-month period ended June 30, 2024
Opening net book amount	694,202	11,645	241,156	196,995	375,842	8,914	20,811	1,549,565
Exchange differences	350,046	4,031	57,247	1,549	(50,029)	4,304	160	367,308
Additions	—	—	9,528	42,051	71,726	3,812	14,739	141,856
Revaluation surplus	(355,597)	—	—	—	—	—	—	(355,597)


Transfers	—	51	3,900	4,187	—	96	(8,234)	—
Disposals	(13,732)	(8)	(924)	(1,390)	—	(3)	—	(16,057)

Reclassification to non-income tax credits (*)	—	—	—	(144)	—	—	—	(144)
Depreciation	—	(1,880)	(15,451)	(36,403)	(49,900)	(1,087)	—	(104,721)
Closing net book amount	674,919	13,839	295,456	206,845	347,639	16,036	27,476	1,582,210
At June 30, 2024 (unaudited)
Cost	674,919	47,500	597,728	1,126,671	987,864	41,840	27,476	3,503,998
Accumulated depreciation	—	(33,661)	(302,272)	(919,826)	(640,225)	(25,804)	—	(1,921,788)
Net book amount	674,919	13,839	295,456	206,845	347,639	16,036	27,476	1,582,210

(*) 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, 2024, 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. Property, plant and equipment, net (continued)

The Group determined the valuation of farmlands (US$ 683 million as of June 30, 2024) 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, 2024 would have reduced the value of the farmlands by US$ 68.3 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, 2024 and 2023.

As of June 30, 2024, borrowing costs of US$ 2,384 (June 30, 2023: US$ 1,600) 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$ 217,831 as of June 30, 2024 (June 30, 2023: U$S 349,231).

12. Right of use assets

Changes in the Group’s right of use assets for the six-month periods ended June 30, 2024 and 2023 were as follows:


	Agricultural partnership (*)	Others	Total
	(unaudited)
As of June 30, 2023
Opening net book amount	333,562	26,619	360,181
Exchange differences	27,272	1,862	29,134
Additions and re-measurement	45,644	1,452	47,096

Depreciation	(32,023)	(5,706)	(37,729)
Closing net book amount	374,455	24,227	398,682

As of June 30, 2024
Opening net book amount	384,844	21,869	406,713
Exchange differences	(37,758)	844	(36,914)
Additions and re-measurement	37,681	8,091	45,772

Depreciation	(42,465)	(4,901)	(47,366)
Closing net book amount	342,302	25,903	368,205

(*) 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. Investment property

Changes in the Group’s investment property for the six-month periods ended June 30, 2024 and 2023 were as follows:


	June 30, 2024	June 30, 2023
	(unaudited)
Beginning of period	33,364	33,330
Loss from fair value adjustment (Note 8)	(19,805)	(1,330)

Exchange differences	19,805	1,330

End of period	33,364	33,330
Fair value	33,364	33,330
Net book amount	33,364	33,330

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, 2024 would have reduced the value of the Investment properties on US$ 3.3 million, which would impact the line item “Net 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. Intangible assets, net

Changes in the Group’s intangible assets in the six-month periods ended June 30, 2024 and 2023 were as follows:


	Goodwill	Software	Trademarks	Others	Total
As of June 30, 2023
Opening net book amount	18,544	7,742	9,101	733	36,120

Exchange differences	919	427	334	62	1,742
Additions	—	752	2	8	762


Amortization charge (i)	—	(800)	(231)	(43)	(1,074)
Closing net book amount	19,463	8,121	9,206	760	37,550
At June 30, 2023 (unaudited)
Cost	19,463	18,437	12,184	1,347	51,431
Accumulated amortization	—	(10,316)	(2,978)	(587)	(13,881)
Net book amount	19,463	8,121	9,206	760	37,550

As of June 30, 2024
Opening net book amount	14,309	6,042	6,431	737	27,519
Exchange differences	5,236	1,775	2,825	(93)	9,743
Additions	—	557	—	—	557


Amortization charge (i)	—	(901)	(241)	(3)	(1,145)
Closing net book amount	19,545	7,473	9,015	641	36,674
At June 30, 2024 (unaudited)
Cost	19,545	19,240	12,319	1,251	52,355
Accumulated amortization	—	(11,767)	(3,304)	(610)	(15,681)
Net book amount	19,545	7,473	9,015	641	36,674

(i) Amortization charges are included in “General and administrative expenses” and “Selling expenses” for the period ended June 30, 2024 and 2023, 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, 2023 and no goodwill impairment was recognized.

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. Biological assets

Changes in the Group’s biological assets in the six-month periods ended June 30, 2024 and 2023 were as follows:


	June 30, 2024 (unaudited)
	Crops (i)	Rice (i)	Dairy (ii)	Sugarcane (i)	Total
Beginning of year	55,545	32,843	23,191	116,458	228,037
Increase due to purchases	625	560	—	—	1,185

Initial recognition and changes in fair value of biological assets	29,680	36,575	4,491	36,954	107,700
Decrease due to harvest / disposals	(164,779)	(141,582)	(48,628)	(107,564)	(462,553)

Costs incurred during the period	89,521	68,618	45,999	66,910	271,048
Exchange differences	31,581	17,647	13,768	(15,549)	47,447
End of period	42,173	14,661	38,821	97,209	192,864


	June 30, 2023 (unaudited)
	Crops (i)	Rice (i)	Dairy (ii)	Sugarcane (i)	Total
Beginning of year	72,843	54,125	30,045	109,431	266,444
Increase due to purchases	562	217	—	—	779

Initial recognition and changes in fair value of biological assets	555	7,601	9,771	72,438	90,365
Decrease due to harvest / disposals	(121,121)	(84,939)	(43,386)	(97,247)	(346,693)

Costs incurred during the period	76,281	31,354	34,979	63,302	205,916
Exchange differences	2,971	1,935	1,198	12,546	18,650
End of period	32,091	10,293	32,607	160,470	235,461

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

(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, 2023.

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. Biological assets (continued)

Cost of production for the six-month period ended June 30, 2024:


	June 30, 2024
	(unaudited)
	Crops	Rice	Dairy	Sugar, Ethanol and Energy	Total
Salaries, social security expenses and employee benefits	3,050	7,238	5,085	6,112	21,485
Depreciation and amortization	—	—	—	2,019	2,019
Depreciation of right-of-use assets	—	—	—	25,144	25,144
Fertilizers, agrochemicals and seeds	33,066	15,334	47	21,460	69,907
Fuel, lubricants and others	530	1,251	746	1,993	4,520
Maintenance and repairs	1,479	6,702	2,271	1,754	12,206
Freights	3,837	1,239	105	—	5,181


Contractors and services	10,486	28,506	—	6,296	45,288

Feeding expenses	96	73	23,463	—	23,632
Veterinary expenses	142	43	2,694	—	2,879
Energy power	30	2,199	1,088	—	3,317
Professional fees	278	120	81	164	643
Other taxes	540	60	6	19	625

Lease expense and similar arrangements	35,544	4,825	—	—	40,369


Others	252	968	389	1,949	3,558
Subtotal	89,330	68,558	35,975	66,910	260,773
Own agricultural produce consumed	191	60	10,024	—	10,275
Total	89,521	68,618	45,999	66,910	271,048

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. Biological assets (continued)

Cost of production for the six-month period ended June 30, 2023:


	June 30, 2023
	(unaudited)
	Crops	Rice	Dairy	Sugar, Ethanol and Energy	Total
Salaries, social security expenses and employee benefits	2,329	5,056	5,106	5,818	18,309
Depreciation and amortization	—	—	—	1,849	1,849
Depreciation of right-of-use assets	—	—	—	23,253	23,253
Fertilizers, agrochemicals and seeds	12,151	3,422	—	22,446	38,019
Fuel, lubricants and others	495	985	657	1,685	3,822
Maintenance and repairs	1,638	3,291	1,955	1,270	8,154
Freights	1,601	286	66	—	1,953
Contractors and services	28,815	14,167	—	5,850	48,832
Feeding expenses	1,058	39	16,806	—	17,903
Veterinary expenses	96	36	1,709	—	1,841
Energy power	23	1,337	1,178	—	2,538
Professional fees	111	237	65	185	598
Other taxes	445	151	84	33	713
Lease expense and similar arrangements	26,766	1,729	—	—	28,495
Others	419	571	271	913	2,174
Subtotal	75,947	31,307	27,897	63,302	198,453
Own agricultural produce consumed	334	47	7,082	—	7,463
Total	76,281	31,354	34,979	63,302	205,916

Biological assets as of June 30, 2024 and December 31, 2023 were as follows:


	June 30, 2024	December 31, 2023
	(unaudited)
Non-current
Cattle for dairy production	36,774	23,191
Breeding cattle	352	371
Other cattle	261	144
	37,387	23,706
Current
Breeding cattle	7,838	6,037
Other cattle	2,047	—
Sown land – crops	33,722	49,813
Sown land – rice	14,661	32,023
Sown land – sugarcane	97,209	116,458
	155,477	204,331
Total biological assets	192,864	228,037

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)

15. Biological assets (continued)

“La Niña” weather event in 2023

“La Niña” is a weather phenomenon caused by the fluctuation of the ocean temperatures in the central and eastern equatorial Pacific due to changes in the atmosphere, which affects the climate of several regions worldwide. When the temperature of the ocean decreases by 0.5°C below the five-quarter average, a so called “La Niña” weather pattern begins. This whether phenomenon is characterized by below average precipitations during spring and summertime in South America. We have experienced this weather pattern in Argentina and Uruguay, where most of our Farming operations are based, throughout the last three consecutive years and it has extended its effects during 2023, resulting in a severe drought in almost all productive regions in Argentina and Uruguay. Our diversification in terms of geographic footprint and crops planted (soybean, peanut, corn, wheat, sunflower, among others), acts as a natural hedge against weather risk, and enables us to adopt defensive strategies such as delaying planting activities and switching between crops which are either more resilient to dry weather or have a later development stage. However, and despite our ability to partially mitigate this effect, during 2023, as a consequence of the La Niña weather event, yields of our different crops had a reduction ranging from 18% to 60%, depending on the crop, thus significantly affecting our results of operations for the year ended December 31,2023.

16. Financial instruments

As of June 30, 2024, 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, 2024 and their allocation to the fair value hierarchy:

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. Financial instruments (continued)


	2024
	Level 1	Level 2	Total

Assets
Derivative financial instruments	2,177	17,081	19,258
Short-term investment (1)	26,869	—	26,869
Total assets	29,046	17,081	46,127
Liabilities
Derivative financial instruments	(48)	—	(48)
Total liabilities	(48)	—	(48)

(1) It includes US T-Bills with maturity from the date of acquisition longer than 90 days for US$ 25,589 and US$ 1,280 of BOPREAL (Bonos para la Reconstrucción de una Argentina Libre). As of June 30, 2024, nil (US$ 59,475 as of December 31, 2023) of these US T-bills are used as collateral for short-term borrowings and are not available for use by other entities of the Group. See Note 23.

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:


Class	Pricing Method	Parameters	Pricing Model	Level	Total

Futures	Quoted price	-	-	1	1,865







NDF	Quoted price	Foreign-exchange curve	Present value method	1	264

Interest-rate swaps	Theoretical price	Money market interest-rate curve.	Present value method	2	17,081
US T-Bills	Quoted price	—	—	1	25,589

Bopreal	Quoted price	—	—	1	1,280

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

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

17. Trade and other receivables, net


	June 30, 2024	December 31, 2023
	(unaudited)
Non-current



Advances to suppliers	4,314	3,266
Income tax credits	4,492	2,332
Non-income tax credits (i)	23,332	24,860
Judicial deposits	1,915	2,187
Receivable from disposal of subsidiary	—	3,899

Other receivables	3,156	2,516
Non-current portion	37,209	39,060
Current
Trade receivables	110,374	90,526

Less: Allowance for trade receivables	(943)	(2,888)
Trade receivables – net	109,431	87,638
Prepaid expenses	11,033	6,953
Advance to suppliers	51,743	42,808
Income tax credits	769	1,253
Non-income tax credits (i)	20,752	22,812
Receivable from disposal of subsidiary	6,416	3,971
Cash collateral	—	11

Other receivables	11,863	13,609
Subtotal	102,576	91,417
Current portion	212,007	179,055
Total trade and other receivables, net	249,216	218,115

(i) Includes US$ 144 for the six-month period ended June 30, 2024 reclassified from property, plant and equipment (for the year ended December 31, 2023: US$ 293).

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

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


	June 30, 2024	December 31, 2023
	(unaudited)
Currency
US Dollar	95,187	88,811
Argentine Peso	64,523	24,304
Uruguayan Peso	2,605	6,570
Brazilian Reais	86,901	98,430

	249,216	218,115

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 (continued)

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

17. Trade and other receivables, net (continued)

As of June 30, 2024 trade receivables of US$ 18,165 (December 31, 2023: US$ 22.989) were past due but not impaired. The ageing analysis of these receivables indicates that US$ 298 and US$ 449 are over 6 months in June 30, 2024 and December 31, 2023, 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. Inventories


	June 30, 2024	December 31, 2023
	(unaudited)
Raw materials	217,647	76,440
Finished goods (Note 5)	237,740	179,611

	455,387	256,051

19. Cash and cash equivalents


	June 30, 2024	December 31, 2023
	(unaudited)
Cash at bank and on hand	70,594	179,068
Short-term bank deposits	69,717	160,713
	140,311	339,781

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)

20. 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.

21. Shareholder’s contribution


	Number of shares (thousands)	Share capital and share premium
At January 1, 2023	111,382	960,242


Restricted shares vested	—	7,528
Purchase of own shares	—	(9,374)
Dividends to shareholders	—	(35,000)
At June 30,2023 (unaudited)	111,382	923,396

At January 1, 2024	111,382	910,883

Employee share options exercised (Note 22)	—	115
Restricted share vested	—	7,540
Purchase of own shares	—	(35,475)
Dividends to shareholders	—	(35,000)
At June 30,2024 (unaudited)	111,382	848,063

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, 2024, the Company repurchased an aggregate of 28,841,056 shares under the program, of which 9,067,146 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, 2024 and 2023 the Company repurchased shares for an amount of 4,146,651 and 1,397,415 respectively.

Annual dividends

On April 17, 2024, the Company’s general shareholders’ meeting approved the payment of an annual dividend of $35 million payable in two installments in May and November of 2024. On May 29, 2024, the first installment of US$ 17.5 million (0.1682 per share) was paid.

On April 19, 2023, the Company’s general shareholders’ meeting approved the payment of an annual dividend of $35 million payable in two installments made on May 17, 2023 and November 16, 2023, respectively

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

F- 38

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

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

22. 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.

(a)Option Schemes

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

As of June 30, 2024, 14,396 options (June 30, 2023: nil) were exercised. No options were forfeited or expired for any of the periods presented. On August 15, 2023, the plan was extended for an additional 10 years, whereas the expiration to exercise the options was extended.

(b)Restricted Share and Restricted Stock Unit Plan

As of June 30, 2024, the Group recognized compensation expense of US$ 3.4 million related to the restricted shares granted under the Restricted Share Plan (June 30, 2023: US$ 4.9 million). For the six-month period ended June 30, 2024, 603,799 Restricted Shares were granted (June 30, 2023: 548,233), 970,511 were vested (June 30, 2023: 1,035,765), and 15,662 Restricted shares were forfeited (June 30, 2023: nil).

23. Trade and other payables


	June 30, 2024	December 31, 2023
	(unaudited)
Non-current
Trade payables	54	514



Other payables	424	494
	478	1,008
Current
Trade payables	135,953	140,949
Advances from customers	6,448	16,351

Taxes payable	8,323	9,482
Dividends payables	18,296	1,024

Payables from acquisition of subsidiaries	—	13,404

Other payables	14,122	9,520
	183,142	190,730
Total trade and other payables	183,620	191,738

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.

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

F- 39

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

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

24. Borrowings


	June 30, 2024	December 31, 2023
	(unaudited)
Non-current
Senior Notes (*)	498,570	498,347
Bank borrowings (*)	180,235	199,496

	678,805	697,843
Current
Senior Notes (*)	8,250	8,250
Bank overdrafts	—	4,386
Bank borrowings (*)	143,616	194,470

	151,866	207,106
Total borrowings	830,671	904,949

(*) As of June 30, 2024, the Group was in compliance with the related financial covenants under the respective loan agreements.

As of June 30, 2024, total bank borrowings do not include any collateralized liabilities (December 31, 2023: US$ 77,055). These loans were mainly collateralized by property, plant and equipment, sugarcane plantations, sugar export contracts, shares of certain subsidiaries of the Group and restricted short-term investment, see Note 16.

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$ 496.5 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.

The Notes contain customary financial covenants and restrictions which require us to meet pre-defined financial ratios, among other restrictions.

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 Early Tender Date, on August 2, 2024, US$83.65 million in aggregate principal amount of Notes had been validly tendered by Holders and fully cancelled. The total consideration, including the Early Tender Premium, was US$ 980 for each US$ 1,000 principal amount of Notes.

Loan with International Finance Corporation (IFC)

During 2024, the Group settled the outstanding amount of US$16.4 million under the loan agreement entered into with the International Finance Corporation (IFC), a member of the World Bank Group, in June 2020.

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

F- 40

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

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

24. 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, 2024	December 31, 2023
	(unaudited)
Fixed rate:
Less than 1 year	118,971	117,105
Between 1 and 2 years	5,946	6,010
Between 2 and 3 years	2,823	5,508
Between 3 and 4 years	498,995	—
Between 4 and 5 years	425	498,347
More than 5 years	2,547	—
	629,707	626,970
Variable rate:
Less than 1 year	32,895	90,001
Between 1 and 2 years	33,885	37,712
Between 2 and 3 years	81,651	91,878
Between 3 and 4 years	50,859	56,605
Between 4 and 5 years	1,674	1,783

	200,964	277,979
	830,671	904,949

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$ 464 million, 92.77% of the nominal amount.

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

F- 41

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

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

25. Lease liabilities


	June 30, 2024	December 31, 2023
	(unaudited)

Non-current	289,818	325,569
Current	55,749	52,941
	345,567	378,510

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


	June 30, 2024	December 31, 2023
	(unaudited)
Less than 1 year	55,749	52,941
Between 1 and 2 years	23,936	66,474
Between 2 and 3 years	59,334	61,398
Between 3 and 4 years	49,537	47,677
Between 4 and 5 years	40,805	39,254
More than 5 years	116,206	110,766
	345,567	378,510

26. Payroll and social security liabilities


	June 30, 2024	December 31, 2023
	(unaudited)
Non-current
Social security payable	1,099	1,570
	1,099	1,570
Current
Salaries payable	7,580	4,498
Social security payable	4,738	4,062
Provision for vacations	11,126	12,783
Provision for bonuses	5,541	16,014
	28,985	37,357
Total payroll and social security liabilities	30,084	38,927

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

F- 42

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)

27. 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, 2023.

28. Related-party transactions

The following is a summary of the balances and transactions with related parties:

Related party

Relationship

Description of transaction

Expense included in the statement of income

Balance payable

June 30,
2024

June 30,
2023

June 30,
2024

December 31,
2023

(unaudited)

Directors and senior management

Employment

Compensation selected employees

(3,103)

(4,225)

(15,129)

(18,781)

29. Basis of preparation and presentation

The information presented in the accompanying condensed consolidated interim financial statements (“interim financial statements”) as of June 30, 2024 and for the six-month and the three-month periods ended June 30, 2024 and 2023 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, 2024, results of operations for the six-month and three months periods ended June 30, 2024 and 2023 and cash flows for the six-month periods ended June 30, 2024 and 2023. 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, 2023, 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, 2023.

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

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

F- 43

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)

29. Basis of preparation and presentation (continued)

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- 44

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