1st Quarter 2020Earnings Webcast

May 15, 2020

Disclaimer

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) the implementation of our

business strategy, including our development of the Ivinhema project; (iii) our plans relating to acquisitions, joint ventures, strategic alliances or divestitures; (iv) the

implementation of our financing strategy and capital expenditure plan; (v) the maintenance of our relationships with customers; (vi) the competitive nature of the industries in

which we operate; (vii) the cost and availability of financing; (viii) future demand for the commodities we produce; (ix) international prices for commodities; (x) the condition of

our land holdings; (xi) the development of the logistics and infrastructure for transportation of our productions in the countries where we operate; (xii) the performance of the

South American and world economies; (xiii) weather and other natural phenomena; (xiv) the relative value of the Brazilian Real, the Argentine Peso, and the Uruguayan Peso

compared to other currencies; and (xv) developments in, or changes to, the laws, regulations and governmental policies governing our business, including environmental laws

and regulations.

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 related 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.

Safety Measures

Develop an intense capacitation and communication program

Body temperature controls upon arrival

Mandatory social distancing in the workplace

Reduction of maximum capacity at lunch rooms, transportation and cars

Increased sanitary barriers

Main measures adopted across our facilities include but are not limited to:

Set aside risk groups

Home office for corporate office employees

Mandatory quarantine for travelers and those who have close contact with travelers and/or symptomatic persons

418

46

155127

83

283

157

219

161183 182

34

Oct-18 Oct-19 Nov-18 Nov-19 Dec-18 Dec-19 Jan-19 Jan-20 Feb-19 Feb-20 Mar-19 Mar-20

Sugar, Ethanol & Energy Business – Rainfalls & Sugarcane Crushing

1,352 1,318

1Q19 1Q20

Sugarcane crushing(In Thousands Tons)

Mato Grosso do Sul Rains (In mm)

(2.5%)

201190 198 207

230

173

3M19 500 3M20 436

∆ % (12.7%)

10 Y. Avg 6103M20 436

∆ % (28.4%)

10 y. Avg

Operational Metrics - 1Q19 vs. 1Q20 Operational Metrics - 9M19 vs. 9M18Operational Metrics 1Q19 1Q20 % Change

Total Days 90 46 (48.9%)Effective Milling Days 41 32 (21.5%)Total Crushing (k tons) 1,352 1,318 (2.5%)

Milling per Day (k tons) 32,688 40,609 24.2%

Harvested area (ha) 14,610 20,353 39.3%

92

65

1Q19 1Q20

10798

1Q19 1Q20

9,871

6,351

1Q19 1Q20

Yield per Hectare(tons/hectare)

TRS per Ton(kg/ton)

TRS per Hectare(kg/hectare)

(29.6%) (8.7%) (35.7%)

Sugar, Ethanol & Energy Business – Productivity

48.6%59.2%

78.1%86.6%

62.4%

34.5%27.0%

8.3%3.0%

35.8%

16.9% 13.8% 13.6% 10.4%1.9%

2 0 1 7 2 0 1 8 2 0 1 9 1 Q1 9 1 Q2 0

Energy

Sugar

Ethanol

9

11

13

15

17

19

21

Anhydrous MS (cts/lb) Hydrous MS (cts/lb) Sugar (cts/lb)

53%74% 85%

98% 95%

47%26% 15%

2% 5%

12M17 12M18 12M19 1Q19 1Q20

Sugar

Ethanol

86,66677,431

1Q19 1Q20

Ethanol Production(M3)

(27.9%)

Price Evolution(in cts/lb)

Ethanol Production Mix Evolution(in %)

SE&E EBITDA Distribution (1)

(in %)

1Q201Q19

(10.7%)

(2.5%)

Sugar, Ethanol & Energy Business – Production Mix

(1)Includes Other Operating Income

138,978

106,409

1Q19 1Q20

8,3424,194

10,674

2,834

62,795

52,246

1Q19 1Q20

Ethanol

Sugar

Energy

31,996

8,908

1Q19 1Q20

139,297113,026

1Q19 1Q20

Ethanol Sales Volume (m3)

Sugar Sales Volume (Tons)

Energy Sales Volume (MWh)

AverageRealizedPrice (1)cts/lbs

AverageRealizedPrice (1)cts/lbs

(27.5%)

Net Sales 1Q19 vs 1Q20($´000)

15.7 16.3

15.113.6

(9.9%)

60.039.0

(34.3%)

3.8%

AverageRealizedPrice

(1) Sugar equivalent

81,81159,275

(23.4%)

(72.2%)

(18.9%)

(16.8%)

(73.4%)

(49.7%)

Sugar, Ethanol & Energy Business – Sales

Adjusted EBITDA 1Q19 vs. 1Q20($´000)

31,197

40,917

1Q19 1Q20

31.2%

Adjusted EBITDA Margin

38.1%

69.0%

Sugar, Ethanol & Energy Business – Adjusted EBITDA

Farming Business– 2019/20 Planting Plan

Farming Production Data

Planting & Production

2019/20 2018/19 Chg % Hectares % Harvested Production 2019/20 2018/19 Chg %

Soybean 47,530 47,690 (0.3%) 42,548 89.5% 118,356 2.8 3.5 (21.4%)

Soybean 2nd Crop 27,169 25,620 6.0% 27,169 100.0% 54,612 2.0 1.4 47.2%

Corn (1) 53,914 43,396 24.2% 20,393 37.8% 149,536 7.3 8.1 (9.0%)

Corn 2nd Crop 7,319 4,272 71.3% - 0.0% - - 0.0 (100.0%)

Wheat (2) 32,925 40,210 (18.1%) 32,799 99.6% 104,225 3.2 2.9 11.4%

Sunflower 6,818 3,825 78.2% 6,818 100.0% 12,815 1.9 1.6 20.6%

Cotton 4,461 5,316 (16.1%) 283.0 6.3% 67.1 0.2 0.0 n.a

Peanut 16,814 15,479 8.6% 1,379 8.2% 4,267 3.1 3.2 (2.7%)

Total Crops 196,950 185,807 6.0% 131,388 66.7% 443,877 n.a

Rice 41,544 39,308 5.7% 37,925 91.3% 255,707 6.7 6.1 11.0%

Total Farming 238,494 225,115 5.9% 169,313 71.0% 699,584

Owned Croppable Area 106,513 107,681 (1.1%)

Leased Area 97,493 86,307 13.0%

Second Crop Area 34,488 31,127 10.8%

Total Farming Area 238,494 225,115 5.9%

Dairy 1Q20 1Q19 Chg % 1Q20 1Q19 Chg % 1Q20 1Q19 Chg %

Milk Production 9,954 8,338 19.4% 31.7 26.9 18.0% 35.0 35.8 (2.2%)

(1) Includes chia

(2) Includes barley.

(3) Yields for 2019/20 season are partial yields related to the harvested area as of April 30, 2020. Yields for 2018/19 reflect the full harvest season.

Note: Some planted areas may reflect minor adjustments compared to previous reports due to a more accurate area measurement, which occurred during the current period

Productivity (Liters per cow per day) Milk Production (MM liters)(1) Milking Cows (Average Heads)

2019/20 Harvested Area Yields (Tons per hectare) (3)Planted Area (hectares)

5,466

14,029

2,777

294

9,376

31,942

6,318

15,177

3,179

6

-

24,680

Crops Rice Dairy Others Land Transformation Farming & LT

1Q19 1Q20

Farming & Land Transformation Businesses – Financial Performance

Farming & Land Transformation Adjusted EBITDA 1Q19 vs. 1Q20($ ´000)

15.6%

8.2%

14.5%

(22.7%)

849 808 804877

814892

550441

-100

100

300

500

700

900

1,100

2014 2015 2016 2017 2018 2019 1Q19 1Q20

Production

7.28.3

10.2 10.211.4 10.8

1.4 1.3

(2.5%)

(19.8%)

224 211 225 230 233 238 232 238

124 129 135 138 154 166 158 169349 340 359 368 386 405 390 408

2014 2015 2016 2017 2018 2019 1Q19 1Q20

Area(‘000 ha)

Farming Planted Area (ha) Sugarcane Planted Area (ha)

Financial Performance – Consolidated Main Figures

4.6%

4.7%(1.6%)

85 70 54 51 96 72 32 25

154 167265 247

238 253

31 41-23 -22 -21 -22 -20 -20 -5 -5

216 216

298 276315 305

58 61

2014 2015 2016 2017 2018 2019 1Q19 1Q20

Adjusted EBITDA(MM USD)

Farming & Land Transformation Sugar, Ethanol & Energy Corporate

316 274 273 323 300 36072 92

379 375 569 576 470 488

82 59

694 649841 899

770 848

154 151

2014 2015 2016 2017 2018 2019 1Q19 1Q20

Net Sales(MM USD)

Farming & Land Transformation Sugar, Ethanol & Energy Total

Farming Production (´000 tons) Sugarcane crushing (MM tons)

(1.5%)

17%

83%

Brazilian Reals US Dollars203

711 678729

743

235

Debt Cash Net debt Net debt 4Q19 Net Debet 1Q19

Financial Performance – Net Debt

1Q20 Debt Term Structure

1Q20 Debt Currency Breakdown1Q20 Net Debt

($ million)

Average life of 6.0 years

22%

78%

Short term Long Term

BRL 5.8%USD 6.1%(1) As of March 31, 2020

Average Interest (1)

392277

188

205

4Q19 1Q20

Liquidity Ratio

Cash and Eq. + Marketable Inventories Short Term Debt

2.0x 1.3x

S&E

Farming

Net debt/EBITDA LTM

2.31x2.22x

2.34x

Charlie Boero Hughes - CFO Email: chboero@adecoagro.com

TEL: +5411 4836 8804

Juan Ignacio Galleano - IRO Email: jgalleano@adecoagro.com TEL:

+5411 4836 8624