AGRONYSEAgricultural Production-CropsUS GAAP · USD

Adecoagro S.A.

Adecoagro S.A. is a Luxembourg-incorporated agricultural and agro-industrial holding company with operating subsidiaries across South America. Its business combines farmland-based crop production with sugar, ethanol and energy operations, plus fertilizers and food and agriculture activities.

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Revenue1,519m USD
+16.9 %y/y
Operating profit (EBIT)109m USD
−71.2 %y/y
EBIT margin7.2%
−21.9 ppy/y
Net income92.3m USD
−59.2 %y/y
Free cash flow65.0m USD
−66.1 %y/y

Fiscal year 2024 · change from previous year

Development 2021–2024

05001,0001,5002,000m USD2021: 1,124 m USD2021: EBIT 257 m USD20212022: 1,348 m USD2022: EBIT 217 m USD20222023: 1,299 m USD2023: EBIT 378 m USD20232024: 1,519 m USD2024: EBIT 109 m USD2024TTM 2025: 1,386 m USDTTM 2025: EBIT 67 m USDTTM1,38667
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year

Business

Share of revenue
Sugar, Ethanol and Energy45 %

Sugarcane-based industrial operations producing sugar, ethanol and electricity.

Fertilizers25 %

Industrial fertilizer production and sales through the Profertil business.

Food and Agriculture25 %

Crop production and related agricultural activities across owned farmland.

Other and Corporate5 %

Residual activities, intercompany eliminations and corporate items.

Customers

Adecoagro sells into industrial, agricultural and energy markets rather than directly to households. Its customer base includes buyers of agricultural commodities, fuel and power, fertilizer distributors and end users, with demand tied to crop cycles, commodity prices and regional energy needs. The business also relies on counterparties in the physical commodities and local market infrastructure around Argentina, Brazil and Uruguay.

Sugar and ethanol buyers

Buy processed sugar and fuel ethanol for industrial, food and fuel uses.

Electricity counterparties

Buy renewable power generated from the sugar and energy platform.

Fertilizer customers

Purchase fertilizers for crop nutrition and agricultural productivity.

Agricultural commodity buyers

Buy crops and other food and agriculture output from owned farmland.

Strategy

Adecoagro’s strategy centers on building an integrated South American agro-industrial platform that combines farming, processing and energy generation. The company emphasizes diversification across crops, sugarcane, fertilizers and renewable electricity, while using scale and operational discipline to improve resilience through commodity cycles.

Diversify earnings across businessesMedium term

Broader exposure reduces reliance on one commodity or crop cycle.

Increase industrial scale and capacityMedium term

Larger processing capacity improves operating leverage and market reach.

Maintain prudent leverageShort term

Lower leverage preserves flexibility in a cyclical commodity business.

Geography

Adecoagro’s operating base is concentrated in South America, with farmland and industrial facilities in Argentina, Brazil and Uruguay. The company’s production footprint in these countries ties revenue to regional harvest conditions, local logistics, currency movements and domestic commodity markets. Although the parent company is based in Luxembourg and listed in New York, the economic exposure is overwhelmingly South American.

Risks

Adecoagro is exposed to weather, crop yields, commodity price swings and regional political or regulatory changes because its revenue comes from agricultural production and processing in South America. The fertilizer and energy businesses add diversification, but they also bring exposure to input prices, power-market conditions, foreign exchange and integration risk from acquisitions.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Commodity price volatility1Weather and agronomic risk2Country and FX risk3Acquisition and integration risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Commodity price volatilityImpact: HighLikelihood: High

    Sugar, ethanol, crops and fertilizers all depend on market prices.

    Exposure: Industrial and agricultural revenue

  2. Weather and agronomic riskImpact: HighLikelihood: High

    Harvest volumes and biological assets depend on rainfall and crop conditions.

    Exposure: Sugarcane and crop production

  3. Country and FX riskImpact: HighLikelihood: High

    Operations are in South America while reporting is in U.S. dollars.

    ExposureArgentinaBrazilUruguay
  4. Acquisition and integration riskImpact: MediumLikelihood: Medium

    New businesses must be integrated into an agricultural platform.

    Exposure: Profertil and other acquisitions

Accounting

Judgemental items
Biological assets fair value

Sugarcane and crop inventories are marked using market and yield assumptions.

Impact: Can create large non-cash gains or losses period to period

Goodwill impairment

Acquisitions such as Profertil create goodwill that must be tested for recoverability.

Impact: Potential impairment charges if expected synergies underperform

Acquisition valuation

Purchase accounting requires fair value estimates for assets and liabilities acquired.

Impact: Can change goodwill, depreciation and future earnings

Derivative accounting

Interest-rate and FX swaps are used to manage financing exposure.

Impact: Can create gains or losses in finance results

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Last updated: 28/09/2026