Institutional Presentation

Disclaimer & Non-GAAP Financial Measures and Reconciliation

2

This presentation may contain certain forward-looking statements and information relating to Adecoagro S.A. and its subsidiaries (collectively, “Adecoagro” or the “Company”) that reflect the

current views and/or expectations of the Company and its management with respect to its performance, business and future events. Forward looking statements include, without limitation,

any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like “believe”, “anticipate”, “expect”, “envisages”, “will likely

result”, or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important

factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. In no event, shall the Company or any

of its subsidiaries, affiliates, directors, officers, agents or employees be liable before any third party (including investors) for any investment or business decision made or action taken in

reliance on the information and statements contained in this presentation or for any consequential, special or similar damages.

No reliance may be placed for any purpose whatsoever on the information contained in this presentation or on its completeness. No representation or warranty, express or implied, is or

will be made or given by the Company or any of its affiliates or directors or any other person as to the accuracy or completeness of the information or opinions contained in this

presentation and no responsibility or liability is or will be accepted for any such information or opinions.

This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without the prior written consent of the Company.

This presentation does not constitute or form any part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or

other securities of the Company, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore.

For further information regarding risks, uncertainties and assumptions which may affect our expectations of future performance, please see the registration statement we have filed with the

United States Securities and Exchange Commission on Form F-3, including, without limitation, the sections titled "Risk Factors" and "Forward-Looking Statements" included within such

registration statement.

Disclaimer

Non-GAAP Financial Measures and Reconciliation

This presentation contains unaudited non-GAAP financial information. We present Adjusted Consolidated EBITDA, Adjusted Segment EBITDA, Adjusted Consolidated EBIT and

Adjusted Segment EBIT as supplemental measures of performance of the Company and of each operating segment, respectively, that are not required by, or presented in accordance

with IFRS.

Our Adjusted Consolidated EBITDA equals the sum of our Adjusted Segment EBITDAs for each of our operating segments. We define Adjusted Consolidated EBITDA as consolidated net

profit or loss for the year or period, as applicable, before interest expense, income taxes, depreciation and amortization, foreign exchange gains or losses, other net financial expenses and

unrealized changes in fair value of our long-term biological assets, primarily our sugarcane and coffee plantations, and cattle stocks. We define Adjusted Segment EBITDA for each of our

operating segments as the segment’s share of consolidated profit from operations before financing and taxation for the year or period, as applicable, before depreciation and amortization

and unrealized changes in fair value of our long-term biological assets. We believe that Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are for the Company and each

operating segment, respectively important measures of operating performance because they allow

3

investors and others to evaluate and compare our consolidated operating results and to evaluate and compare the operating performance of our segments, respectively, including our

return on capital and operating efficiencies, from period to period by removing the impact of our capital structure (interest expense from our outstanding debt), asset base

(depreciation and amortization), tax consequences (income taxes), unrealized changes in fair value of biological assets (a significant non-cash gain or loss to our consolidated

statements of income following IAS 41 accounting), foreign exchange gains or losses and other financial expenses. Othercompanies may calculate Adjusted

Consolidated EBITDA and Adjusted Segment EBITDA differently, and therefore our Adjusted Consolidated EBITDA and Adjusted Segment EBITDA may not be comparable to similarly

titled measures used by other companies. Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are not measures of financial performance under IFRS, and should not be

considered in isolation or as an alternative to consolidated net profit (loss), cash flows from operating activities, segment’s profit from operations before financing and taxation and other

measures determined in accordance with IFRS. Items excluded from Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are significant and necessary components to the

operations of our business, and, therefore, Adjusted Consolidated EBITDA and Adjusted Segment EBITDA should only be used as a supplemental measure of our operating performance of

the Company, and of each of our operating segments, respectively. We also believe Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are useful for securities analysts,

investors and others to evaluate the financial performance of our company and other companies in the agricultural industry. These non-IFRS measures should be considered in addition to,

but not as a substitute for or superior to, the information contained in either our statements of income or segment information.

Our Adjusted Consolidated EBIT equals the sum of our Adjusted Segment EBITs for each of our operating segments. We define Adjusted Consolidated EBIT as consolidated net profit or

loss for the year or period, as applicable, before interest expense, income taxes, foreign exchange gains or losses, other net financial expenses and unrealized changes in fair value of our

long-term biological assets, primarily our sugarcane and coffee plantations, and cattle stocks. We define Adjusted Segment EBIT for each of our operating segments as the segment’s share

of consolidated profit from operations before financing and taxation for the year or period, as applicable, before unrealized changes in fair value of our long-term biological assets. We

believe that Adjusted Consolidated EBIT and Adjusted Segment EBIT are for the Company and each operating segment, respectively important measures of operating performance because

they allow investors and others to evaluate and compare our consolidated operating results and to evaluate and compare the operating performance of our segments, from period to period

by including the impact of depreciable fixed assets and removing the impact of our capital structure (interest expense from our outstanding debt), tax consequences (income taxes),

unrealized changes in fair value of biological assets (a significant non-cash gain or loss to our consolidated statements of income following IAS 41 accounting), foreign exchange gains or

losses and other financial expenses. Other companies may calculate Adjusted Consolidated EBIT and Adjusted Segment EBIT differently, and therefore our Adjusted Consolidated EBIT and

Adjusted Segment EBIT may not be comparable to similarly titled measures used by other companies. Adjusted Consolidated EBIT and Adjusted Segment EBIT are not measures of

financial performance under IFRS, and should not be considered in isolation or as an alternative to consolidated net profit (loss), cash flows from operating activities, segment’s profit from

operations before financing and taxation and other measures determined in accordance with IFRS. Items excluded from Adjusted Consolidated EBIT and Adjusted Segment EBIT are

significant and necessary components to the operations of our business, and, therefore, Adjusted Consolidated EBIT and Adjusted Segment EBIT should only be used as a supplemental

measure of our operating performance of the Company, and of each of our operating segments, respectively.

We believe Adjusted Consolidated EBIT and EBITDA and Adjusted Segment EBIT and EBITDA are useful for securities analysts, investors and others to evaluate the financial

performance of our company and other companies in the agricultural industry.

Disclaimer & Non-GAAP Financial Measures and Reconciliation

Agenda

4

1

3

2

4

Adecoagro Overview

High Quality & Diversified Asset Base

Sugar, Ethanol & Energy Business

Farming & Land Transformation Businesses

5Growth Strategy

6 Financial Strategy

Adecoagro Overview

5

Adecoagro Overview

Farming

Land Transformation

Sugar, Ethanol & Energy

Diversified farming business:

Crops (soybean, corn, wheat, peanut, sunflower, cotton, among others)

Rice (white, brown & parboiled rice; rice snacks; flour and by-products)

Dairy (raw milk, fluid milk, milk powder, cheese, yogurt, among others)

120k hectares of owned, croppable land spread across

the most productive regions of Argentina & Uruguay.

Own handling, storage and processing facilities.

Acquisition of under-utilized and under-managed

farmland.

Transforming land into its highest productive capabilities,

thus increasing its value.

Strategic sales of mature land in order to recycle capital

for new investment.

Fully-integrated producer of sugar, ethanol and energy in Brazil.

14.2 million tons of sugarcane crushing capacity.

Focus on enhancing farm and industrial efficiency to drive returns: Full co-generation capacity

Owned sugarcane plantations

Mechanized farming operations

Producing each crop in the

right location driving low

cost production

Positive track record of

consistent land sales

generating strong

returns

Focus on building a

unique business model

extracting higher value

per ton

6

1,0081,149

1,457

1,497

2,464

2,646

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Sugar Equivalent ('000 Tn)

Farming Production ('000 Tn)

Area Under Management (Ha)

Land purchases in Uruguay and

Brazil

Entry into the SE&E business

Initiation in the dairy business

7

Company Timeline

First steps Regional expansion

and entry into S&E

Second

growth wave

Regional Expansion

Foundation

75,000 ha of ag.

production

NYSE listing

Consolidation of SE&E cluster

Vertical integration in Farming operations

Consolidation

pre- IPO

ERP implementation

Agenda

1

3

2

4

Adecoagro Overview




5Growth Strategy


High Quality and Diversified Asset Base

t

e

Asset Breakdown by Region

Brazil

47%

Argentina

& Uruguay

53%

Land Bank Breakdown by

Region

Argentina 93%Uruguay

1%

Brazil

6%

Total Industrial Assets3 Sugar & Ethanol mills

3 Rice mills

3 Free-Stalls

2 Grain conditioning & storage plants

2 Dairy processing facilities

1 Peanut processing facility

1 Sunflower processing facility

1 Rice snack facility

Total Farms

27 farms

220k hectares of owned land(1)

Mato Grosso do Sul

13k owned ha

13 MT of Sugarcane crushing

177k ha Sugarcane planted

9

Northeast Argentina

127k owned ha; 40k irrigated

3 rice mills

Northwest Argentina

36k owned ha(1)

Humid Pampas

29k owned ha

3 Free-Stall Dairy Facilities

2 Grain handling and

storage facilities

Minas Gerais

1.2 MT of Sugarcane crushing

Uruguay

3k owned ha

(1) Does not include minority interests

North of Santa Fe

12k owned ha (1)

Agenda

1

3

2

4

Adecoagro Overview




5Growth Strategy


Sugar and Ethanol Business Overview

110kTons of Sugar storage

240km3 of Ethanolstorage

DIVERSIFIED PRODUCTION

Organic Sugar

Bulk VHP sugar

Bagged VHP sugar

White sugar

Anhydrous ethanol

Hydrous ethanol

Energy

PRODUCTION

FLEXIBILITY

176kHa owned cane

13kHa own land

94%Own caneprocessed

99%Mechanical harvest

32kmAverage distance

AGRICULTURE

OVERVIEW

3State of the art mills

14.2MMTons of crushing capacity

803kTons of sugar capacity

730km3 of Ethanolcapacity

241MW installed cogen capacity

Mix (Sugar/Ethanol)

756Tractors and trucks

60%/75%

5,236Agricultural employees

857Industrial employees

INDUSTRIAL

OVERVIEW

11

PRODUCTION

FLEXIBILITY

AGRICULTURE

OVERVIEW

Cluster Model Resulted in Synergies and Economies of Scale

Adecoagro’s cluster in MS

One large plantation supplying more than one mill

Centralized management team

Efficient internal logistics

Commercial flexibility

Harvest efficiencies and flexibility

Synergies / Economies of Scale

Two mills, 45km apart

Extensive room for organic growth

Possibility to crush sugarcane year round

Own sugarcane plantation

Both mills connected to the local power grid

High sugarcane yield and TRS potential

12

Main Competitive Advantages

Low competition

High TRS/ha potential

Continuous Harvest

13

High cogeneration efficiency

ICMS Tax incentive

Production flexibility

Summary of Main Competitive Advantages: Cost Savings vs Traditional Areas (US$ cts/lb) Country Competitiveness Comparison

2020 Total cash cost build-up (US$ cts/lb)

Fixed Cost: 90% / Variable Cost: 10%

75% cost: 90% / 25% cost: 10%

Source: Company’s fillings; Green Pool.

(1) Tax incentive (ICMS) is offset by extra freight cost to port.

(2) Includes maintenance capex for planting area and interharvest and ag. equipment. 14

+40%

(2)

High Quality Assets, Operational Efficiency and Competitive Advantages Have Allowed us to Become a Low

Cost Producer

BRL/USD FX: 5.2

2.3

1.6

1.70.8

6.4

1.7 0.4

(0.6)

1.6

8.0

1.3

9.3 (4.0)

5.4

3.4

(0.9)

7.9

11.1

Harvest Cane

Depreciation

Crop

Maintenance

Leasing Total

Agricultural

Cost

Industrial

Costs

Third party

cane

ICMS rebate Total

Industrial

Costs

Total

Producion

Cost

SG&A Total

Producion

Cost + Exp

Depreciation Cash Cost Maintenance

CAPEX

Energy

Revenues

Total Cash

Cost

Industry

Harvest CropMaintenance

LeasingCaneDepreciation

Total Agricultural

Cost

Third PartyCane

ICMS TaxRebate (1)

Industrial Cost

Total Industrial

Cost

SG&A Total ProductionCost + Exp.

TotalProduction

Cost

Depreciation MaintenanceCapex (2)

EnergyRevenues

Cash Cost

IndustryTotal Cash Cost

↑ 0.3

↑ 0.5

↑ 0.4 ↓ 0.1 ↓ 0.4 ↑ 0.5

↑ 1.2

ContinuousHarvest

Leasing Energy EthanolFlexibility

Freight Tax Incentive Total

7.9

11.1

14.3

17.0

22.4

BRAZIL

AUSTRALIA

THAILAND

INDIA

Competition Results

Low competition for land fromnearby mills Average Lease Cost (tons/ha/year)

Mato Grosso do Sul, BRAZIL100km radius: 12 mills

Ribeirão Preto, BRAZIL100km radius: 40 mills

Farmer Margins: Cattle vs. Sugarcane1

(R$/ha)

The main opportunity cost of

land is cattle ranching, which

has significantly lower margins

than sugarcane

Leasing land for sugarcane

production is significantly more

profitable for the landowner than

raising cattle

Source: Company’s fillings.

¹Consecana price (2020) – 0.73 BRL/kg TRS

Source: Company’s fillings.2BRL/USD Fx: 5.2

Traditional AreasAdecoagro

15

Cost Advantage(2):

+ 0.5 US Cts/lb

+69%

673

1041

Cattle Sugarcane

55%

11.7 11.9 11.8 11.7 11.7

2016 2017 2018 2019 2020

19.8

TraditionalAreas

245 239300

446

553

751712 705

853

718

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Extracting the Most from Our Asset Base

CAGR ‘11-’20: 13%

Energy Exported per ton crushed

(KWh/ton)

High energy export per ton crushed

Efficient equipment: Low energy consumption

High margin and predictable cash flow

Annual contracts due to the continuous harvest

Cost Advantage :

+ 0.4 U$S Cts/lbSource: Company’s fillings.¹ Source:CTC.

Energy Exported (‘000 MWh)

Enough energy

for 1.2 million people

16

+73%

39

68

Sao Pablo State (1) Adecoagro

Adecoagro Benefits from Significant Tax Incentives in the MS Cluster

Commercial Benchmark:

Adecoagro’s MS Cluster vs. Sao Paulo (US$ Cts/lb)1

Sugar freight

to the port

Ethanol freight

to Paulinia-SP

ICMS Ethanol

Tax benefit

Logistics and Tax

differential of SP

state

ICMS tax benefit more than

compensates the higher logistics cost

Cost Advantage:+ 0.5 U$S Cts/lb

Logistics Overview

l

MG

Maringá rail

transboarding

MS

Cluster Mills

UMAMills

Paulínia

Paranaguá port

Santos port

Mills located nearby main rail and

road Infrastructure

Distance to terminal

Cluster Mills: 858km

(Railroad and highway)

UMA Mill:422km

(Railroad)

Sugar Freight Cost:

Cluster: R$ 151/ton

UMA: R$ 92/ton

Ethanol Basis:

R$ 70/m³ discount over

Paulínia-SP price

9.0% of ICMS tax rebate in Mato Grosso do Sul on

ethanol sales

Adecoagro has storage capacity equivalent to 48%

of 2020’s ethanol production, providing flexibility to

the commercial strategy

Source: Company’s fillings; CEPEA Medium Ethanol Prices

¹Average Freight from Ribeirão-SP (R$90/ton)

BRL/USD FX rate of 5.2

ICMS tax benefit on ethanol interstate sales (enacted as a Mato Grosso do Sul state law until 2032)

17

Tax Incentives Improve Ethanol Parity in MS

MGS-RPHydrous Premium (%)

4.0% 4.0% 4.0%

2018 2019 2020

-0.24

-0.18

+0.45 +0.02

Source: Company’s fillings.1 BRL/USD FX rate of 5.2.Estimated based on the simulation of the

fixed cost dilution when the effective milling hours goes from 4,700

hours (average effective milling)

Extracting the Most from Our Asset Base

Use of time (Continuous Harvest vs.Traditional)

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Center South Season

MS Season

Continuous Harvest

Cluster Continuous Harvest

Center South Season

Fixed Cost dilution

Savings in industrial

maintenance expenses

Regional characteristics

270

220

170

120

70

20

Avera

ge R

ain

(mm

)

Center South

Cluster

Jan Feb Mar Apr May Jun Jul

More rain in the traditional season and less rain in the offseason

Strategy is a perfect fit to our region

Aug Sep Oct Nov Dec

Turning disadvantage to advantage

Project implemented and tested gradually

Average Rain - Center South vs Mato Grosso do Sul (MS)

Effective Miling Hours

Employees / million ton of milledcane

Cost Advantage1:

+ 0.3 US Cts/lb

18

5,6914,944 5,373

6,055 5,606

2016 2017 2018 2019 2020

604624

539

565

596

2016 2017 2018 2019 2020

Renovabio: Strong Support for S&E Business

Direct Effects

Carbon credit sale will increase revenue/decrease cost for biofuel producers equal to R$30/m3 (0.2 cts/lb sugar equivalent)*

Indirect Effects

Demand shift towards hydrous ethanol due to higher gasoline prices. Consequently, increase in ethanol parity.

Floor to sugar prices.

Incentive for biofuel producers to invest in making their operations even more sustainable and therefore improve their score

Ethanol Producer

Fuel Distributor

Producers sell

Ethanol to:Sell to final

consumer

Gasoline

CBio

Distributors are

obliged to buy Cbios

in order to compen-

sate pollution from

fossil fuels

Determines the annual credit of Cbio

Authorized

producers to

issueCbios

Otto Cycle

Ethanol

*considering a CBIO price of BRL 30 per CBIO contract19

In June 2020 Adecoagro officially became the first company to kickstart the commercialization of CBio under the RenovaBio

program

High Flexibility in Production Mix Allowing Us to Profit from Higher Relative Prices

Historical Price Evolution in Sugar Equivalent (cts/lb) SE&E EBITDA distribution

Production Mix (in %)

High flexibility to switch from maximizing

ethanol to sugar and vice versa

20

48.6%

59.2%

78.1%

54.0%

34.5%

27.0%

8.3%

36.9%

16.9% 13.8% 13.6%9.1%

2017 2018 2019 2020

Energy

Sugar

Ethanol

53%

74%85%

56%

47%

26%15%

44%

2017 2018 2019 2020

Sugar

Ethanol

4Q204Q19

Agenda

1

3

2

4

Adecoagro Overview




5Growth Strategy


Farming & Land Transformation Overview

22

Cutting-edge technology and

best practices

Solid track record, with

around 100k ha sold

Capital gains for over US$250mm

Cash generation over US$300mm

Market leader in the sector

Total production over 720,000 tons per year

Production of soybean, corn, wheat, peanut, sunflower and

cotton, among others

~200,000 hectares of planted area per year, 55% in own land

Farms concentrated in Argentina’s Humid Pampas, one of

the world’s most fertile regions

Dairy

Crops

Land Transformation

Integrated business model

Over 40,000 fully irrigated hectares

3 state-of-the-art rice mills

Export and domestic market flexibility

Rice

Capacity to accommodate ~11,000 cows and

potential to continue growing our herd

Productivity of 36.5 Liter/Cow/Day,

66% above Argentina’s average

Low cost producer

2 milk processing facilities

Export and domestic market flexibility

Farming Business Segments

One of the Lowest Cost Producers in the World

Soybean Cost (USD per ton) Rice Cost (USD per ton)Corn Cost (USD per ton)

Production costs

Fobbing costs

Production costs

Fobbing costs

Sellingcosts

Export Tax

23

Sellingcosts

Export Tax

Adecoagro is one of the lowest cost producers, in the world’s most competitive region for grain production

Source: Agrianual, Margenes Agropecuarios magazine, CONAB, University of Illinois, Company data.

,

88 97

167141

26

52

443

13

13

1010

84

84

212

247

181194

Adecoagro Humid Pampas Illinois Mato Grosso

52 44

95 101

30 53

4

54

13

13 10

10

91

91

185

200

110

165

Adecoagro Humid Pampas Illinois Mato Grosso

120 114

23

5

Adecoagro Rio Grande do Sul

143

119

Production costs Sellingcosts

Land Transformation - Business Overview

Highlights since inception Land Transformation Process

Over 10mm ha

evaluated

Over 170k ha put into

production

Cash generation

over US$300 million

Capital gains for

over US$250 million

Strong Track Record of Capitalizing Gains from LandTransformation

Full Rotation

& High Yields

* Reaching its highest

production capabilities

Natural Grasses*Identify underman-

aged land

*Design specific

production model

*Acquire land

Medium

Low-Yield Crops

* Adecoagro applies a

careful process to

develop the land and

achieve its highest

production potential

POTENTIAL TO ADD VALUE

PR

OD

UC

TIV

ITY

24

7.6

33.1

15.2

18.8 20.0

8.8

27.5 28.225.6

24.0

0.0 0.0

36.3

9.4

1.5

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

3,507 8,714 4,857 5,005 5,086 2,439 9,425 14,176 12,887 10,905 - - 9,300 6,082 5,444

N.A. N.A. 33% 20% 19% 23% 23% 17% 28% 55% - - 37% 34% 56%

Sold Ha

% over

appraisal

Agenda

1

3

2

4

Adecoagro Overview




5Growth Strategy


In 2017 we announced our 5-Year-Plan which consisted in investing in attractive business opportunities to enhnace EBITDA and

cash generation across all our segments

5-Year-Plan

Crops SE & E Dairy Rice

2 grains conditioning &

storage facilities with

potential for expansion.

1 peanut processing facility

and 1 sunflower processing

facility

Increase in leased area.

Land Transformation

Average sale of 2 farms to

rotate our portfolio

triggering capital gains and

EBITDA.

Acquisition of 8 planters

and5 harvesters to reduce

harvesting and planting

costs and also irrigation

and labor costs.

Installation of facilities and

silos for drying thus

enhancing rice quality and

lowering logistic costs.

Increase in zero level

hectares.

Parboil & packaging

faclilities and installation of

a white rice warehouse

facility.

Construction of 2 free-

stalls to reach a total of 4,

and a 1.4MW

biodigestor.

Acquisition of 2 milk

processing facilities with a

production capacity of

+1.5MM Lts/day.

From 2023 on, we will be

able to grow one freestall

per year with our own

cows.

Planting expansion of

51,000 has.

Industrial expansion

capacity of Ivinhema and

Angelica. 30% increase

in nominal crushing

capacity.

Steam generation

improvement, cane

reception, juice treatment

and sugar factory.

Acquisition of agricultural

equipment in planting,

harvest and treatment.

26

We are currently in the final stages of our plan, having invested ~$350 MM in projects that are generating ROICs of over 25%.

These investments have improved the efficiency and sustainability of our operations, enhanced our competitive advantages and

allowed us to be better positioned to face all different scenarios.

Solid Debt Profile

Stable Adjusted EBTIDA despite volatile commodity price environment

Expansion CAPEX decreasing and FCF increasing with most of the debt structured in the long term

Debt Amortization Schedule (in MM USD) Debt Currency Structure

27

216 298 276 314 305 342

2015 2016 2017 2018 2019 2020

29%

52%

19%

Brazilian Reals US Dollars Argentine Pesos

BRL 6.6%

USD 5.9%

ARS 5.3%

(1) As of December 31, 2020

Average Interest

158

85 46

18 28

99

538

2021 2022 2023 2024 2025 2026 2027

020406080

100120140160

SoybeanWheatCornSugar

Base index: December 2014

Agenda

1

3

2

4

Adecoagro Overview




5Growth Strategy


Financial Summary - Revenues

Net Sales1 Evolution ($ MM) Sales Breakdown (2020FY)

29

Notes(1) Net Sales is calculated as Sales less sugar and ethanol sales taxes

273323 299

360411

569

576

470

488 385

841

899

769

848

796

2016 2017 2018 2019 2020


Farming & Land TransformationSoybean

5.6%Corn

5.7%

Wheat

1.9%

Peanut

5.9%Sunflower

1.4%

Rice

13.0%

Dairy

17.1%

Others

1.0%

Sugar

21.1%

Ethanol

22.7%

Energy

4.6%

Financial Summary – Adjusted EBITDA

30

Adj. EBITDA Evolution ($ MM)

59 5266 67 69

89 8570

54 51

9672

108

-7-27

52

110 98

115154

167

265247

238253

253

-23

-22

-22 -27 -25 -23 -23 -22 -21 -22 -19 -20 -19

29 3

96

150142

181

216 215

298

276

314305

342

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Corporate


Farming & Land Transformation

Thank

you!

Charlie Boero Hughes - CFO

Email: [email protected]

TEL: +5411 4836 8804

Juan Ignacio Galleano - IRO

Email: [email protected]

TEL: +5411 4836 8624

ir.adecoagro.com

mailto:[email protected]

mailto:[email protected]

Institutional Presentation - Adecoagro

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