PR Newswire · Press release
Adecoagro S.A.: Adjusted EBITDA reached $471.8 million in 9M26, reaching an all-time high for a nine-month period. Monthly records set for urea and ammonia production and strong cane productivity.
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LUXEMBOURG, Nov. 11, 2026 /PRNewswire/ -- 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 third quarter ended September 30, 2026. 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 11 for a definition and reconciliation to IFRS of the Non-IFRS measures used in this earnings release.
Main highlights for the period:
- Strong urea sales drove the year-over-year outperformance of our Fertilizers business. A better performance of our dairy operations in the domestic market, mainly on higher UHT milk prices, led to a significant rebound in Food & Agriculture results. In Sugar, Ethanol & Energy, sugarcane productivity continued to strengthen despite lower quarterly crushing on above-average rainfall.
- Adjusted Net Income decreased year-over-year in both 3Q26 and 9M26, mainly due to higher interest expenses, reflecting the additional debt incurred to finance the acquisition of the Fertilizers business, coupled with higher income taxes on higher pre-tax income.
- On a pro forma basis, Net Debt/LTM Adj. EBITDA stood at 3.2x. Excluding the acquisition of Caarapó mill, net leverage ratio would have remained in line with 2Q26 at 3.0x, and below those levels when excluding seasonal working capital needs and the quarter-over-quarter increase in readily marketable inventories. Going forward, we expect higher results to support further deleveraging.
Sugar, Ethanol & Energy segment:
- Adjusted EBITDA amounted to $101.1 million in 3Q26 and $195.0 million in 9M26, 16.0% and 10.7% lower year-over-year, respectively. Effective September 1, 2026, operational and financial metrics for the SE&E business include Caarapó mill.
(+/-) Year-to-date crushing reached 10.4 million tons, up 5.9% year-over-year, although 3Q26 saw a 5.1% decline due to above-average rainfall in September. TRS per hectare increased 24.0% year-over-year in 9M26 and 31.0% in 3Q26.
(+) Quarterly mix of 47% sugar - 53% ethanol; year-to-date 35% - 65%.
(-/+) Lower net sales on lower sugar prices and volumes, partially offset by higher ethanol volumes as we accelerated sales to capture a favorable pricing window (all-in avg net selling price of $503/m³).
(-) Year-over-year losses in biological assets on lower Consecana prices.
(-) Cost of production stood at 9.2 cts/lb (versus 8.3 cts/lb in 9M25) despite higher crushing volume, driven by the appreciation of the Brazilian real. Excluding FX, costs in local currency remained broadly flat year-over-year.
Outlook
(+) We expect record crushing in 2026, with mid-double-digit growth versus 2025 on greater cane productivity (including Caarapó from September 1 and assuming normal weather through year-end). Our continuous harvest model ensures any cane left unharvested at year-end will be crushed from January onwards.
(+) As of this date, 100% of our 2026 sugar production is hedged at an average of 16.5 cts/lb, and 41% of 2027 production at 18.3 cts/lb. Unhedged volumes provide upside exposure in 1H27.
(+) We are accelerating ethanol sales to capture stronger prices, supported by a higher demand due to the low parity at the pump.
Fertilizers segment:
- Adjusted EBITDA amounted to $109.3 million in 3Q26 and $283.1 million in 9M26. On a pro forma basis, these represent a 7.4% and 64.9% increase versus 3Q25 and 9M25, assuming that the Profertil acquisition had occurred on January 1, 2025.
(+) Higher urea production (up 4.1% in 3Q26 and 11.4% in 9M26 year-over-year) driven by monthly production records and higher plant utilization rate on a year-to-date basis.
(+) Sales up 16.0% in 3Q26 as urea volumes rose 30.8% on accelerating demand ahead of South America's 2026/27 planting season. Year-to-date sales up 25.0% supported by higher prices ($561/ton 9M26 average; up 16.9% versus 9M25) coupled with higher volumes sold.
(+) Cost dilution on higher production and efficiencies achieved.
Outlook
(+) We expect Adjusted EBITDA to outperform prior years, supported by better-than-expected prices, continued production strength, including another monthly record for urea and ammonia in October, and enhanced cost efficiencies, driving margin expansion.
Food & Agriculture segment:
- Adjusted EBITDA reached $12.6 million in 3Q26, compared to $1.5 million in 3Q25. On a year-to-date basis, Adjusted EBITDA reached $18.9 million, in line with 9M25.
(+) Higher quarterly sales driven by a strong performance of our consumer brands in the domestic market, mainly in UHT milk, coupled with higher white rice volumes as prices gradually recovered.
(+) Strong operational performance: higher grain and rice yields during 2025/26 harvest season, record quarterly cow productivity and higher rice and dairy processing volumes.
(+) Year-over-year gains in biological assets on better corn and peanut yields during the 2025/26 harvest.
(-) Higher costs in U.S. dollar terms.
Outlook
(+) 2026/27 planting activities are underway, with a forecasted planting plan of 245.4 thousand hectares, 2.9% higher than the previous campaign. We forecast yields in line to slightly above historical average, supported by above-average rainfall expected due to "El Niño" weather event. We expect continued strong dairy performance, supported by higher raw milk production, with cow productivity reaching an all-time high in October (41 liters/cow/day), along with higher processing volumes and prices.
Non-Gaap Financial Measures: For a full reconciliation of non-gaap financial measures please refer to page 11 of our 3Q26 Earnings Release found on Adecoagro's website (ir.adecoagro.com)
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. For a full definition of our Forward-Looking Statements, please refer to page 10 of our 3Q26 Earnings release.
To read the full 3Q26 earnings release, please access ir.adecoagro.com. A conference call to discuss 3Q26 results will be held on November 12, 2026, with a live webcast through the internet:
Conference Call
November 12, 2026
12 p.m. US EST
2 p.m. Buenos Aires
2 p.m. São Paulo
6 p.m. Luxembourg
To participate, please register at the link
Investor Relations Department
Emilio Gnecco
CFO
Victoria Cabello
IRO
Email: ir@adecoagro.com
About Adecoagro:
Adecoagro is a leading sustainable production company in South America. Adecoagro owns 228 thousand hectares of farmland and several industrial facilities spread across the most productive regions of Argentina, Brazil and Uruguay, where it produces 1.3 million tons of fertilizers, 3.1 million tons of agricultural products and over 1 million MWh of renewable electricity.
View original content:SOURCE Adecoagro S.A.
