6-K

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 November 2023

Commission File Number: 001-35052 

Adecoagro S.A.

(Translation of registrant’s name into English)

Vertigo Naos Building 6,

Rue Eugène Ruppert,

L-2453, 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 X Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes No X

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes No X

TABLE OF CONTENTS

ITEM
99.1.	Press release dated November 13, 2023 related to the registrant’s results of operations for the nine-month period ended September 30, 2023.
99.2	Unaudited condensed consolidated interim financial statements of the registrant as of and for the nine-month period ended September 30, 2023.

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: November 13, 2023

EX-99.1

	Adjusted EBITDA reached $155.3 million in 3Q23, 27.0% higher year-over-year. Crushing volume at an all-time record. Second installment of the $35 million cash dividend to be paid in November.
3Q23 Earning Release Conference Call
English Conference Call		Luxembourg, November 13, 2023 - 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, 2023. The financial information contained in this press release is based on consolidated 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 26 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release.
November 14, 2023
10 a.m. (US EST)
12 p.m. (Buenos Aires/Sao Paulo time)
4 p.m. (Luxembourg)
		Financial Performance - Highlights
Zoom ID: 895 5751 4872		$ thousands	3Q23	3Q22	Chg %	9M23	9M22	Chg %
Passcode: 995202		Gross Sales (1)	387,947	381,949	1.6%	1,042,302	969,691	7.5%
	Adj EBITDA (2)
Investor Relations		Farming & Land Transformation	46,651	17,055	173.5%	89,519	72,623	23.3%
Emilio Gnecco		Sugar, Ethanol & Energy	114,630	111,002	3.3%	308,161	272,638	13.0%
CFO		Corporate Expenses	(5,982)	(5,807)	3.0%	(16,873)	(18,192)	(7.3)%
Victoria Cabello		Total Adj EBITDA	155,299	122,250	27.0%	380,807	327,069	16.4%
IR Officer		Adj EBITDA Margin (2)	40.7%	32.3%	25.9%	37.0%	34.4%	7.5%
		Net Income	75,387	22,590	233.7%	144,512	105,874	36.5%
Email		Adj Net Income (2)	88,559	47,213	87.6%	169,865	105,953	60.3%
ir@adecoagro.com		Adjusted Net Income per Share	0.83	0.43	92.5%	1.59	0.97	64.5%
		Net Debt(2) / LTM Adj EBITDA (x)	1.5x	2.1x	(29.4)%	1.5x	2.1x	(29.4)%
		Operating Performance - Highlights
		Sugarcane milled (thousand tons)	4,492	3,755	19.6%	9,570	7,329	30.6%
Website:		Farming Planted Area (Hectares)	265,294	291,843	(9.1)%	265,294	291,843	(9.1)%
www.adecoagro.com		Milk Produced (million liters)	51.7	47.4	9.0%	148.3	137.9	7.5%
	•Gross sales were 1.6% higher in 3Q23 and 7.5% higher in 9M23 driven by greater productivity indicators in our Sugar, Ethanol & Energy division, which enabled us to increase our sugar production and execute sales at solid prices; coupled with an increase in average selling prices captured for rice and dairy. •Adjusted EBITDA presented a year-over-year increase of 27.0% in 3Q23 and 16.4% in 9M23. This was explained by (i) an outperformance of the Sugar, Ethanol & Energy and Rice divisions, coupled with (ii) a farm sale conducted in Argentina. This, in turn, fully offset the decline reported in the Crops division driven by a record drought and higher costs. •Adjusted net income in 3Q23 was $88.6 million, 87.6% higher than the previous year, while year-to-date it stood at $169.9 million, presenting a 60.3% year-over-year increase. •Net debt/LTM Adjusted EBITDA of 1.5x, down 29.4% compared to 3Q22 on greater cash generation. Liquidity ratio(3) stood at 1.8x.
	(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 26 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) Liquidity ratio is equal to Cash & Equivalents plus Marketable Inventories divided by Short Term Debt.

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Sugar, Ethanol & Energy business

◦During 3Q23 we crushed 4.5 million tons of sugarcane, 19.6% higher year-over-year, and an all-time record for our operations. This increase was driven by a 31.1% improvement in TRS per hectare as a consequence of enhancing the productivity of our sugarcane plantation by implementing innovative agricultural techniques, and better weather conditions. During the quarter we leveraged on our industrial flexibility and diverted as much as 49% of TRS to produce sugar, which traded at attractive levels and commanded an average premium of 55% to hydrous ethanol in Mato Grosso do Sul. By solving minor bottlenecks in our sugar kitchen, we were able to operate above nominal capacity and produced a record quarterly volume of 320 thousand tons of sugar. In terms of ethanol, we took advantage of our storage capacity to carry over 250 thousand m3 into the following quarters, to profit from higher expected prices. This strategy minimized our exposure to the weak prices observed during the quarter (prices reached levels 10% below current market). Stored production can eventually be sold as hydrous ethanol; or dehydrated at any time (using our own bagasse) and turned into anhydrous ethanol demanded in the domestic and export market. Having the necessary certifications and industrial capacity to meet product specifications to export ethanol to Europe is one of our competitive advantages. Regarding energy, we focused on producing only the volume contracted, capturing a premium over spot prices. Results during the quarter were further positively impacted by lower unitary cost of production (3.1%) driven by better yields and higher TRS production, which is the only variable that can dilute both fixed and variable costs. All of the above, contributed to our Adjusted EBITDA, which in 3Q23 reached $114.6 million, 3.3% higher year-over-year. Year-to-date crushing volume reached 9.6 million tons, and Adjusted EBITDA amounted to $308.2 million, 13.0% higher compared to 9M22.

◦Assuming normal weather, we maintain our expectation to increase 2023's crushing volume by 15% compared to 2022, as we have sufficient sugarcane availability to use our industrial capacity. This, in turn, would result in a further reduction in unitary cash cost, due to better dilution of fixed costs. In terms of prices, sugar continues to be supported by strong fundamentals and is trading, on average, above 27 cts/lb. We are in an excellent position to profit from this scenario as we remain unhedged in 11% of our expected 2023 sugar production and in 82% of 2024's production (hedged volume at 23.5 cts/lb and 23.8 cts/lb, respectively). In terms of ethanol, parity at the pump currently stands at 62%, pressured by the quick progress of the Brazilian harvest (despite a scenario of sugar maximization) and a lack of storage capacity nation-wide. We expect prices to recover towards the end of the harvest season, when the storage pressure is over and demand is greater - demand for hydrous ethanol has grown by 30% since 2Q23, reaching the highest levels of 2023. In the meantime, we are profiting from opportunities in the export market - 25 thousand m3 exported to Europe post 3Q23. In the case of energy, we expect a recovery in prices in the following quarters as consumption is increasing driven by high temperatures in the Southeast and lack of rains in the North region.

Crops, Rice, Dairy & Land Transformation businesses

◦Adjusted EBITDA totaled $46.7 million in 3Q23, marking a $29.6 million increase compared to the same period of last year. This was mainly explained by the sale of a 6,302 hectare farm in Argentina, which generated an Adjusted EBITDA of $29.8 million during the period, reflected in our Land Transformation business. Positive results were also generated by our Rice business which booked an $8.6 million year-

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over-year gain in Adjusted EBITDA thanks to our production and commercial flexibility which enabled us to capture higher average selling prices. As expected, results were partially offset by our Crops business which broke even, as we continue to see the final impacts of the 30%-40% reduction in yields of our main crops for 22/23 campaign. Lower crop output, in particular corn silage which is our main cow feed, also drove a year-over-year decline in Adjusted EBITDA for our Dairy business. However, cow productivity reached an all-time high, and we leveraged on our flexibility to shift processing production to fluid milk for domestic consumption, which continued to offer a higher marginal contribution. During 9M23, Adjusted EBITDA for our segments in Argentina and Uruguay was $89.5 million, 23.3% higher than the previous year driven by the above mentioned farm sale, coupled with strong results from our Rice business (150% year-over-year increase in Adjusted EBITDA on higher volume, a better mix of higher value added products and higher global prices). Again, results were partially offset by the underperformance of our Crops business, mainly impacted by the reduction in crops yields caused by the record drought, and flat results from our Dairy business.

◦Planting activities for our 23/24 campaign have concluded for our winter crops, and are underway for summer crops and rice. Recent rains registered in all of the productive regions of Argentina and Uruguay allowed for an improvement in soil moisture and a recovery of water reservoirs, favoring the outlook of our Crops and Rice segments. We expect a full recovery in Adjusted EBITDA generation for 2024, as there is no long term impact in our earnings potential from the past dry weather.

Remarks

2023 Shareholder Distribution Policy Update

◦During the first ten months of the year, we repurchased 2.6 million shares (2.4% of the company's equity) under our existing share buyback program at an average price of $9.45 per share, totaling $24.3 million.

◦On November 24th, we will make our second cash dividend payment of $17.5 million (approximately $0.1649 per share) to shareholders of the Company of record at close of business on November 9th. The first installment was paid on May 24th in an equal cash amount (approximately $0.1626 per share), resulting in an annual cash dividend of $35 million.

◦Dividend distribution and share repurchases are part of the company's distribution policy, which consists of a minimum distribution of 40% of the Adjusted Free Cash Flow from Operations (NCFO) generated during the previous year. In 2022, we generated $141.3 million of NCFO.

Farmland Sale at Premium to Independent Appraisal

◦In September 2023, we completed the sale of El Meridiano farm located in the Province of Buenos Aires, Argentina, for a selling price of $48.4 million ($7,681/hectare) fully collected at the closing date. The selling price represents a 29% premium to Cushman & Wakefield's independent appraisal dated September 30, 2022. The transaction generated an Adjusted EBITDA of $29.8 million.

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Independent Farmland Appraisal Report

◦As of September 30th, 2023, Cushman & Wakefield (C&W) updated its independent appraisal of Adecoagro's farmland which consists of 213,548 hectares valued at $695.3 million. On a comparable basis, current valuation of our land portfolio represents a year-over-year increase of 0.8%.

ESG Update

◦In an effort to enhance our ESG communication to stakeholders and expand our investor base, we continue improving our information disclosure and communication. Through the publication of company-wide policies, programmes, a more robust report and a KPI tracker, among others, we achieved score improvements in all three of the most relevant ESG rating agencies.

▪Sustainalytics (Morningstar): Adecoagro ranks as the top #1 company in the Agriculture subindustry in Latin America and #9 in the world, out of 112 companies. (Score date: October 2nd, 2023).

▪MSCI: Adecoagro ranks in the "AA" category, and is a top #23 company in the Food Products industry. (Score date: June 15th, 2023).

▪Corporate Sustainability Assessment (S&P Global): Adecoagro ranks as a top #13 company in the Food Products industry. (Score date: February 17th, 2023). We are currently participating in CSA's 2023 assessment; new score should be available in 1Q24.

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Sugar, Ethanol & Energy Segment - Operational Performance

SUGAR, ETHANOL & ENERGY - SELECTED INFORMATION
Operating Data	Metric	3Q23	3Q22	Chg %	9M23	9M22	Chg %
Milling
Sugarcane Milled	tons	4,491,938	3,754,674	19.6%	9,569,836	7,328,643	30.6%
Own Cane	tons	4,021,209	3,481,593	15.5%	8,993,678	6,992,352	28.6%
Third Party Cane	tons	470,729	273,082	72.4%	576,158	336,291	71.3%
Production
TRS Equivalent Produced	tons	676,070	559,874	20.8%	1,333,817	1,001,752	33.1%
Sugar	tons	319,959	212,955	50.2%	619,165	297,537	108.1%
Ethanol	M3	203,503	196,337	3.6%	403,194	402,217	0.2%
Hydrous Ethanol	M3	196,324	84,270	133.0%	255,312	175,388	45.6%
Anhydrous Ethanol (1)	M3	7,179	112,067	(93.6)%	147,882	226,829	(34.8)%
Sugar mix in production	%	49%	40%	23.0%	48%	31%	55.4%
Ethanol mix in production	%	51%	60%	(15.2)%	52%	69%	(24.9)%
Energy Exported (sold to grid)	MWh	254,851	233,518	9.1%	495,364	439,206	12.8%
Cogen efficiency (KWh sold/ton crushed)	KWh/ton	56.7	62.2	(8.8)%	51.8	59.9	(13.6)%
Agricultural Metrics
Harvested area	Hectares	48,800	53,735	(9.2)%	113,915	113,506	0.4%
Yield	tons/hectare	82	65	27.2%	79	62	28.2%
TRS content	kg/ton	145	141	3.1%	132	129	2.6%
Area
Sugarcane Plantation	hectares	196,827	189,889	3.7%	196,827	189,889	3.7%
Expansion Area	hectares	1,202	1,330	(9.6)%	3,841	4,083	(5.9)%
Renewal Area	hectares	7,061	6,828	3.4%	21,722	21,536	0.9%

(1) Does not include 53,371 cubic meters of anhydrous ethanol that were converted by dehydrating our hydrous ethanol stocks during 9M23.

Strong productivity indicators were observed throughout the quarter as weather continued to develop normally in Mato Grosso do Sul. Consequently, in 3Q23 we marked a new record in crushing volume of 4.5 million tons, 19.6% higher compared to the same period of last year. Moreover, TRS per hectare increased 31.1% versus the prior year on account of a 27.2% year-over-year increase in yield to 82 tons per hectare and higher TRS content, which presented a 3.1% improvement to 145 kg/ton. This achievement was also possible thanks to the implementation of agricultural techniques such as pre-sprouted seedling (MPB), which enable us to reproduce varieties better adapted to our region at a much faster pace.

Year-to-date crushing volume reached 9.6 million tons, marking a 30.6% increase compared to last year. This is mainly explained by the greater sugarcane availability, which enabled us to resume our continuous harvest model during the first quarter of 2023, coupled with a significant improvement in agricultural productivity indicators, including a 28.2% year-over-year increase in yields to 79 tons per hectare.

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During 3Q23, average sugar price traded at a significant premium to both hydrous and anhydrous ethanol in Mato Grosso do Sul (55% and 33%, respectively). Consequently, we diverted as much as 49% of our TRS to sugar, in line with our strategy to maximize production of the product with the highest marginal contribution. In fact, throughout the quarter we were able to produce more sugar than our nominal industrial capacity (3,550 tons per day), and benefit from the high TRS content obtained per every ton of cane crushed, thanks to small adjustments made in our sugar kitchen to reduce bottlenecks in order to profit from this price scenario. Thus, sugar production reached 320 thousand tons in 3Q23, marking a new record for our mills. Within our ethanol production, 96% was hydrous ethanol, compared to 43% in 3Q22. It is worth pointing out that hydrous ethanol can be dehydrated at any time and turned 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, production mix stood at 48% sugar and 52% ethanol, compared to 31%-69% reported during the same period of last year. While we maximized sugar production throughout the first nine months of the year to profit from the rally in global sugar prices, last year we maximized ethanol production during the first semester and switched to sugar in 3Q22 as ethanol prices decreased. 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.

Exported energy during the quarter totaled 255 thousand MWh, 9.1% higher compared to 3Q22 on greater crushing. Nevertheless, our cogeneration efficiency ratio was down 8.8% compared to the previous year due to our commercial decision to store our bagasse for alternative uses rather than sell energy at low spot prices.

Year-to-date, exported energy increased only 12.8% year-over-year to 495 thousand MWh, despite a 30.6% increase in crushing volume. Again, this was explained by our commercial strategy to use our bagasse for more profitable alternatives.

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Sugar, Ethanol & Energy Segment - Financial Performance

NET SALES BREAKDOWN	$ thousands			Units			($/unit)
	3Q23	3Q22	Chg %	3Q23	3Q22	Chg %	3Q23	3Q22	Chg %
Sugar (tons)	123,415	67,273	83.5%	229,335	161,205	42.3%	538	417	29.0%
Ethanol (cubic meters)	50,905	83,464	(39.0)%	110,082	127,263	(13.5)%	462	656	(29.5)%
Hydrous Ethanol (cubic meters)	29,655	7,130	315.9%	68,193	12,330	453.1%	435	578	(24.8)%
Anhydrous Ethanol (cubic meters)	21,250	76,334	(72.2)%	41,889	114,933	(63.6)%	507	664	(23.6)%
Energy (Mwh) (2)	11,677	11,036	5.8%	289,485	251,518	15.1%	40	44	(8.1)%
CBios	1,556	1,171	32.9%	67,696	70,083	(3.4)%	23	17	37.6%
Others (5)	20	—	n.a.	22	—	n.a.	909	—	n.a.
TOTAL (3)	187,573	162,944	15.1%
Cover Crops (tons) (4)	2,695	—	—%	5,663	—	—%	476	—	—%
TOTAL NET SALES (1)	190,268	162,944	16.8%
NET SALES BREAKDOWN	9M23	9M22	Chg %	9M23	9M22	Chg %	9M23	9M22	Chg %
Sugar (tons)	277,709	95,311	191.4%	546,045	224,198	143.6%	509	425	19.6%
Ethanol (cubic meters)	154,365	269,344	(42.7)%	278,746	385,191	(27.6)%	554	699	(20.8)%
Hydrous Ethanol (cubic meters)	49,588	88,006	(43.7)%	105,244	129,035	(18.4)%	471	682	(30.9)%
Anhydrous Ethanol (cubic meters)	104,777	181,338	(42.2)%	173,502	256,156	(32.3)%	604	708	(14.7)%
Energy (Mwh) (2)	23,166	22,288	3.9%	593,720	520,459	14.1%	39	43	(8.9)%
CBios	6,071	8,264	(26.5)%	323,877	456,863	(29.1)%	19	18	3.6%
Others (5)	184	—	n.a.	202	—	n.a.	911	—	n.a.
TOTAL (3)	461,495	395,207	16.8%
Cover Crops (tons) (4)	9,906	10,530	(5.9)%	22,762	18,864	20.7%	435	558	(22.0)%
TOTAL NET SALES (1)	471,401	405,737	16.2%

HIGHLIGHTS - $ thousand	3Q23	3Q22	Chg %	9M23	9M22	Chg %
Net Sales (1)	190,268	162,944	16.8%	471,401	405,737	16.2%
Margin on Manufacturing and Agricultural Act. Before Opex	93,865	76,327	23.0%	256,948	205,180	25.2%
Adjusted EBITDA	114,630	111,002	3.3%	308,161	272,638	13.0%
Adjusted EBITDA Margin	60.2%	68.1%	(11.6)%	65.4%	67.2%	(2.7)%

(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 does 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 3Q23 was $114.6 million, 3.3% higher year-over-year, fully driven by a $27.3 million year-over-year increase in net sales. Results were partially offset mainly by a $14.1 million year-over-year loss in the mark-to-market of our commodity hedge position driven by higher sugar prices.

Year-to-date, Adjusted EBITDA amounted to $308.2 million, presenting a 13.0% increase compared to the same period of last year. This was driven by (i) a $65.7 million year-over-year increase in net revenues; together with (ii) a $20.2 million year-over-year increase mainly explained by the mark-to-market of our harvested cane on greater volume crushed and higher Consecana prices. Again, results were partially

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offset by a $20.7 million loss in the mark-to-market of our commodity hedge position on higher sugar prices.

Net sales reached $190.3 million during 3Q23 and $471.4 million during 9M23, marking a 16.8% and 16.2% increase compared to the same period of last year, respectively. In both cases, the growth was driven by higher selling volume and higher average selling prices of sugar. Results were partially offset by the year-over-year reduction in ethanol sales.

In the case of sugar, sales amounted to $123.4 million during 3Q23, presenting an 83.5% increase compared to the same period of last year. This was driven by a 42.3% year-over-year increase in selling volumes as our mix decision favored the production of sugar to capture the price premium over ethanol; coupled with a 29.0% year-over-year increase in the average selling price as we captured the rally in global sugar prices caused by limited global supply. On a year-to-date basis, sugar sales reached $277.7 million, 191.4% higher than the previous year due to a year-over-year increase in volumes sold of 322 thousand tons, together with a 19.6% year-over-year increase in the average selling price.

Ethanol sales amounted to $50.9 million during 3Q23, down 39.0% compared to 3Q22. This is explained by a 29.5% decrease in the average selling price on account of (i) solid supply levels as cane productivity in the Center-South region was solid and storage capacity was limited, thus resulting in lower prices in the domestic market; coupled with (ii) lower exported volume and prices compared to 3Q22 (6.5 thousand m3 versus 61.6 thousand m3 in 3Q22). The reduction in sales was also explained by a year-over-year decline of 13.5% in selling volumes due to (i) our sugar mix strategy; and (ii) our commercial strategy to build up ethanol inventories until prices recover. It is worth highlighting that our ethanol stocks can either be sold as hydrous ethanol or be dehydrated and turned into anhydrous ethanol to be sold in the domestic or export market, wherever the price is greater. This represents a competitive advantage as we have the necessary certifications and industrial capacity to meet product specifications to export ethanol to Europe.

Year-to-date, ethanol sales amounted to $154.4 million, marking a 42.7% reduction compared to the same period of last year. Lower revenues were driven by the aforementioned drivers, coupled with an uneven year-over-year comparison as we took advantage of a peak in ethanol prices during April 2022 and sold ethanol at over 26 cts/lb sugar equivalent, as explained in prior releases. Within our volume sold year-to-date, we exported 28.8 thousand cubic meters at an average price of 19.6 cts/lb.

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 $1.6 million worth of CBios, marking a 32.9% year-over-year increase. This was driven by a 37.6% increase in the average selling price to 112 BRL/CBio ($23/CBio), which fully offset the lower volume of CBios issued, in line with the lower ethanol sales. Year-to-date, we sold 323,877 CBios, amounting to $6.1 million.

Net sales of energy reached $11.7 million during 3Q23, 5.8% higher than last year on account of higher selling volumes, despite presenting a 8.1% year-over-year reduction in the average selling price due to lower energy spot prices. Year-to-date, energy sales amounted to $23.2 million, 3.9% higher compared to the same period of last year, driven by a 14.1% increase in selling volumes which fully offset the 8.9% decline in the average selling price.

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SUGAR, ETHANOL & ENERGY - PRODUCTION COSTS(1)
	Total Cost ($'000)			Total Cost per Pound (cts/lbs)
	3Q23	3Q22	Chg %	3Q23	3Q22	Chg %
Industrial costs	48,305	36,254	33.2%	3.5	3.2	8.0%
Industrial costs	29,542	26,146	13.0%	2.1	2.3	(8.4)%
Cane from 3rd parties	18,763	10,108	85.6%	1.4	0.9	50.5%
Agricultural costs	112,413	100,391	12.0%	8.2	9.0	(9.2)%
Harvest costs	44,670	40,469	21.1%	3.2	3.6	(10.5)%
Cane depreciation	29,219	24,124	21.1%	2.1	2.2	(1.8)%
Agricultural Partnership Costs	17,095	17,267	(1.0)%	1.2	1.5	(19.7)%
Maintenance costs	21,429	18,531	15.6%	1.6	1.7	(6.3)%
Total Production Costs	160,718	136,645	17.6%	11.7	12.2	(4.6)%
Depreciation & Amortization PP&E	(58,043)	(50,728)	14.4%	(4.2)	(4.5)	(7.2)%
Total Production Costs (excl D&A)	102,675	85,917	19.5%	7.5	7.7	(3.1)%

SUGAR, ETHANOL & ENERGY - PRODUCTION COSTS(1)
	Total Cost ($'000)			Total Cost per Pound (cts/lbs)
	9M23	9M22	Chg %	9M23	9M22	Chg %
Industrial costs	81,547	69,435	17.4%	3.1	3.5	(12.3)%
Industrial costs	59,115	57,197	3.4%	2.2	2.9	(22.8)%
Cane from 3rd parties	22,432	12,238	83.3%	0.8	0.6	36.9%
Agricultural costs	255,345	213,284	19.7%	9.6	10.7	(10.6)%
Harvest costs	97,770	81,745	19.6%	3.7	4.1	(10.7)%
Cane depreciation	60,563	48,368	25.2%	2.3	2.4	(6.5)%
Agricultural Partnership Costs	39,301	37,660	4.4%	1.5	1.9	(22.1)%
Maintenance costs	57,711	45,511	26.8%	2.2	2.3	(5.3)%
Total Production Costs	336,892	282,720	19.2%	12.6	14.2	(11.0)%
Depreciation & Amortization PP&E	(130,076)	(114,951)	13.2%	(4.9)	(5.8)	(15.5)%
Total Production Costs (excl D&A)	206,816	167,769	23.3%	7.7	8.4	(7.9)%

(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.

Total production costs excluding depreciation and amortization reached 7.5 cts/lb in 3Q23 and 7.7 cts/lb in 9M23, marking a 3.1% and 7.9% year-over-year reduction, respectively. This is explained by a 20.8% and 33.1% increase in total TRS equivalent produced, respectively, on account of more crushing and higher TRS content. This enabled us to better dilute both our fixed and variable costs, especially agricultural costs which represent roughly 80% of our cost structure. 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.

9

SUGAR, ETHANOL & ENERGY - CHANGES IN FAIR VALUE
$ thousands	3Q23	3Q22	Chg %	9M23	9M22	Chg %
Sugarcane Valuation Model current period	135,055	91,145	48.2%	135,055	91,145	48.2%
Sugarcane Valuation Model previous period	160,316	96,683	65.8%	104,586	64,364	62.5%
Total Changes in Fair Value	(25,261)	(5,538)	356.2%	30,469	26,781	13.8%

Total Changes in Fair Value of Unharvested Biological Assets (what is currently growing on the fields and will be harvested during the next 12 months) booked a year-over-year increase of $3.7 million in 9M23. This is explained by an improvement in the productivity outlook of our sugarcane plantation, driven by better yield and TRS content, coupled with higher expected sugar prices.

10

Crops, Rice, Dairy & Land Transformation Financial Performance

CROPS, RICE, DAIRY & LAND TRANSFORMATION - FINANCIAL HIGHLIGHTS
$ thousands	3Q23	3Q22	Chg %	9M23	9M22	Chg %
Gross Sales
Farming	191,279	215,195	(11.1)%	559,041	545,505	2.5%
Total Sales	191,279	215,195	(11.1)%	559,041	545,505	2.5%
Adjusted EBITDA (1)
Farming	17,238	16,892	2.0%	61,612	69,278	(11.1)%
Land Transformation	29,413	163	n.m	27,907	3,345	734.3%
Total Adjusted EBITDA (1)	46,651	17,055	173.5%	89,519	72,623	23.3%

(1) Please see “Reconciliation of Non-IFRS measures” starting on page 26 for a reconciliation of Adjusted EBITDA and Adjusted EBIT to Profit/Loss. Adjusted EBITDA margin and Adjusted EBIT margin are calculated as a percentage of net sales.

Adjusted EBITDA totaled $46.7 million in 3Q23, marking a $29.6 million increase compared to the same period of last year. This is mostly explained by the sale of El Meridiano farm, which generated an Adjusted EBITDA of $29.8 million during the period, reflected in our Land Transformation business. Besides, Adjusted EBITDA in our Rice business expanded $8.6 million year-over-year driven by higher average selling prices and the disposal of a non-strategic asset. However, results were partially offset by the lower performance of our Crops business, as expected, on (i) lower yields as a consequence of La Niña weather event; (ii) higher costs due to a global inflationary environment; and (iii) lower sales. Our Dairy business reported a 33.4% year-over-year decline driven by higher costs in U.S. dollar terms.

On a year-to-date basis, Adjusted EBITDA was $89.5 million, 23.3% higher than the previous year driven the aforementioned farm sale, coupled with strong results from our Rice business. Again, results were partially offset by the underperformance of our Crops and Dairy businesses due to the aforementioned drivers.

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

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Crops Segment

GROSS SALES BREAKDOWN	Amount ($ '000)			Volume			$ per unit
Crops	3Q23	3Q22	Chg %	3Q23	3Q22	Chg %	3Q23	3Q22	Chg %
Soybean	12,775	26,256	(51.3)%	27,978	57,058	(51.0)%	457	460	(0.8)%
Corn (1)	19,393	29,178	(33.5)%	88,242	131,965	(33.1)%	220	221	(0.6)%
Wheat (2)	1,600	4,299	(62.8)%	7,275	13,095	(44.4)%	220	328	(33.0)%
Sunflower	4,164	7,433	(44.0)%	6,701	10,475	(36.0)%	621	710	(12.4)%
Cotton Lint	2,012	3,666	(45.1)%	1,006	2,483	(59.5)%	2,000	1,476	35.5%
Peanut	17,710	15,282	15.9%	13,784	10,512	31.1%	1,285	1,454	(11.6)%
Others (3)	2,027	3,247	(37.6)%	6,432	1,909	236.9%
Total	59,681	89,361	(33.2)%	151,417	227,497	(33.4)%
GROSS SALES BREAKDOWN	9M23	9M22	Chg %	9M23	9M22	Chg %	9M23	9M22	Chg %
Soybean	41,935	66,123	(36.6)%	90,338	154,683	(41.6)%	464	427	8.6%
Corn (1)	29,484	60,627	(51.4)%	131,999	255,664	(48.4)%	223	237	(5.8)%
Wheat (2)	13,611	18,151	(25.0)%	49,798	64,967	(23.3)%	273	279	(2.2)%
Sunflower	18,133	18,869	(3.9)%	32,340	23,902	35.3%	561	789	(29.0)%
Cotton Lint	6,561	4,868	34.8%	3,188	3,621	(12.0)%	2,058	1,344	53.1%
Peanut	49,673	44,499	11.6%	39,154	37,306	5.0%	1,269	1,193	6.4%
Others (3)	7,800	7,856	(0.7)%	8,189	9,025	(9.3)%
Total	167,197	220,993	(24.3)%	355,006	549,169	(35.4)%

HIGHLIGHTS - $ thousand	3Q23	3Q22	Chg %	9M23	9M22	Chg %
Gross Sales	59,681	89,361	(33.2)%	167,197	220,993	(24.3)%
Adjusted EBITDA	98	5,818	(98.3)%	607	30,256	(98.0)%

(1) Includes sorghum; (2) Includes barley; (3) Includes sale of certifications related to RTRS soybean (Round Table on Responsible Soy Association).

Gross sales amounted to $59.7 million during 3Q23, marking a 33.2% year-over-year reduction. This was explained by a 33.4% decrease in selling volumes versus the previous year, coupled with a mixed performance in prices. As explained in prior releases, our Crops segment experienced a significant decline in yields driven by the extreme drought caused by La Niña weather event in Argentina and Uruguay. Nevertheless, we were able to profit from opportunities that arose in Argentina's local market during the quarter. Once again, the government updated the preferential FX rate for the export of certain agricultural products (also known as "agri dollar"), including corn and soybean. Consequently, we sold what was left of our soybean production, whereas in the case of corn, we sold our harvested volume. It is worth highlighting that by the moment of the announcement we were still undergoing harvesting activities for our late corn.

Adjusted EBITDA for the quarter broke even, marking a 98.3% reduction compared to the same period of last year. In addition to the decrease in net sales, lower results were driven by a (i) $3.5 million year-over-year loss in the mark-to-market of our biological assets and net realizable value of our agricultural produce after harvest, explained by the reduction in yields, coupled with higher costs and lower planted area versus the previous campaign; together with (ii) a $3.1 million year-over-year loss in the mark-to-market of

12

our commodity hedge position. Results were partially offset by a $4.8 million year-over-year decrease in selling expenses due to the lower volume.

On a year-to-date basis, gross sales were $167.2 million, 24.3% down compared to the same period of last year, fully explained by a 35.4% reduction in selling volumes, whereas Adjusted EBITDA stood at $607 thousand, marking a 98.0% year-over-year reduction. Harvesting activities for 22/23 campaign have concluded and, as expected, presented a 30%-40% reduction in yields of our main crops, compared to the previous campaign. As previously explained, margins were pressured by an increase in costs of agricultural inputs in U.S. dollars, including diesel and agrochemicals, as well as higher logistic costs, among others.

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Rice Segment

RICE
Highlights	metric	3Q23	3Q22	Chg %	9M23	9M22	Chg %
Gross Sales	$ thousands	60,226	59,018	2.0%	195,652	138,974	40.8%
Sales of white rice	thousand tons	81	84	(3.7)%	276	222	24.4%
	$ per ton	630	602	4.7%	618	536	15.4%
	$ thousands	50,795	50,401	0.8%	170,642	118,918	43.5%
Sales of By-products	$ thousands	9,431	8,619	9.4%	25,010	20,057	24.7%
Adjusted EBITDA	$ thousands	10,757	2,144	401.7%	38,129	15,253	150.0%
Rice Mills
Total Processed Rough Rice(1)	thousand tons	57	90	(37.2)%	190	240	(20.7)%
Ending stock - White Rice	thousand tons	35	50	(29.7)%	35	50	(29.7)%

(1) Expressed in white rice equivalent

Gross sales amounted to $60.2 million in 3Q23, marking a 2.0% increase compared to 3Q22. This was fully explained by higher average selling prices, which stood at $630/ton during the quarter, whereas selling volumes remained in line with last year. As previously anticipated, our average selling price has been increasing due to a better mix of higher added value products and higher global prices as a consequence of (i) stronger demand; (ii) adverse weather conditions in key producing countries and (iii) India (the world's largest rice exporter) banning long grain rice exports to secure domestic supply. We expect to continue capturing these higher prices in the short to mid term as demand shifts to South American rice due to limited supply from Asian countries.

On a year-to-date basis, gross sales reached $195.7 million, 40.8% higher versus the same period of last year. Higher revenues were driven by a 24.4% year-over-year increase in selling volumes, coupled with 15.4% increase in average selling prices. In the case of prices, this was explained by the aforementioned drivers, as well as due to an opportunity that arose in the Argentina's local market to use a preferential exchange rate ("agri dollar" price scheme) for our rice exports mainly throughout 2Q23.

Adjusted EBITDA amounted to $10.8 million in 3Q23, marking an $8.6 million year-over-year increase. This is mainly explained by (i) the increase in gross sales; (ii) a $2.1 million year-over-year decrease in selling expenses due to lower volume, coupled with (iii) a $2.4 million year-over-year gain related to the disposal of a non-strategic asset. On a year-to-date basis, Adjusted EBITDA was $38.1 million, $22.9 million higher than last year, driven by the 40.8% year-over-year increase in gross sales. This fully offset the lower results reported at the operational level – yield reduction due to the impact of La Niña weather event in some of our rice farms which contributed to a $9.3 million year-over-year loss in our biological asset and agricultural produce during the period – and higher costs in U.S. dollar terms.

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Dairy Segment

DAIRY
Highlights	metric	3Q23	3Q22	Chg %	9M23	9M22	Chg %
Gross Sales	$ thousands (1)	69,772	64,657	7.9%	192,084	181,504	5.8%
	million liters (2) (3)	112.2	109.5	2.4%	296.2	305.9	(3.2)%
Adjusted EBITDA	$ thousands	6,255	9,394	(33.4)%	22,555	23,599	(4.4)%
Dairy - Farm
Milking Cows	average heads	14,487	14,437	0.3%	14,496	14,418	0.5%
Cow Productivity	liter/cow/day	38.8	35.7	8.7%	37.5	35.0	6.9%
Total Milk Produced	million liters	51.7	47.4	9.0%	148.3	137.9	7.5%
Dairy - Industry
Total Milk Processed	million liters	96.4	92.2	4.6%	255.0	268.3	(5.0)%

(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 3Q23, milk production at the farm level was 51.7 million liters, 9.0% higher compared to the same period of last year. This is explained by an 8.7% increase in productivity which reached an all-time record level of 38.8 liters per cow per day. On a year-to-date basis, total milk production amounted to 148.3 million liters, marking a 7.5% year-over-year increase compared to 9M22, driven by a 6.9% increase in cow productivity, while our dairy cow herd remained in line with last year as we reached full capacity in our four free-stalls.

At the industry level, we processed 96.4 million liters of raw milk during 3Q23, 4.6% higher than last year. Out of this volume, approximately 37% 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. Year-to-date, total processed milk amounted to 255.0 million liters of raw milk, 5.0% lower than the previous year. We continue working on product developments to cater both to the domestic and export market.

Adjusted EBITDA amounted to $6.3 million and $22.6 million in 3Q23 and 9M23, respectively, marking a 33.4% and 4.4% reduction compared to the same period of last year. On the one hand, results were positively impacted by (i) an increase in sales due to higher average selling prices, as we increased the mix of higher value added products and produced more fluid milk for the domestic market which offered the highest marginal contribution during these periods; (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. Nevertheless, results were partially offset by (i) higher costs in U.S. dollar terms and (ii) higher cost of feed (mostly corn silage).

Adjusted EBIT was $3.5 million and $14.5 million during 3Q23 and 9M23, 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 $81.4 million.

15

All Other Segments

ALL OTHER SEGMENTS
Highlights	metric	3Q23	3Q22	Chg %	9M23	9M22	Chg %
Gross Sales	$ thousands	1,600	2,159	(25.9)%	4,108	4,034	1.8%
Adjusted EBITDA	$ thousands	128	(464)	n.a	321	170	88.8%

All Other Segments primarily encompasses our cattle business which consists of pasture land that is not suitable for crop production due to soil quality and is leased to third parties for cattle grazing activities. Adjusted EBITDA during 3Q23 amounted to $128 thousand, versus negative $464 thousand in 3Q22. Year-to-date, Adjusted EBITDA reached $321 thousand compared to $170 thousand in 9M22.

Land transformation business

LAND TRANSFORMATION
Highlights	metric	3Q23	3Q22	Chg %	9M23	9M22	Chg %
Adjusted EBITDA	$ thousands	29,413	163	n.m	27,907	3,345	734.3%
Land sold	Hectares	6,302	—	n.a.	6,302	—	n.a.

During September 2023, we completed the sale of El Meridiano farm, located in the Province of Buenos Aires, Argentina, for a selling price of $48.4 million ($7,681/hectare) fully collected at the closing date. The transaction generated an Adjusted EBITDA of $29.8 million, reflected in our Land Transformation business. Results were minimally offset by the mark-to-market of an account receivable of an older farm sale in Brazil, which tracks the evolution of soybean prices. This account is also responsible for Adjusted EBITDA generation in the previous quarters. In this line, Adjusted EBITDA was $29.4 million and $27.9 million during 3Q23 and 9M23, respectively, compared to $163 thousand and $3.3 million reported during the prior year.

From an accounting perspective, these figures are captured in Other Operating Income line of the Land Transformation segment.

Corporate expenses

CORPORATE EXPENSES
$ thousands	3Q23	3Q22	Chg %	9M23	9M22	Chg %
Corporate Expenses	(5,982)	(5,807)	3.0%	(16,873)	(18,192)	(7.3)%

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. As shown in the table above, corporate expenses for 3Q23 were $6.0 million, in line with the previous year, while year-to-date it amounted to $16.9 million, 7.3% down compared to the same period of last year. Despite experiencing an impact in costs from inflation in U.S. dollar terms, the year-over-year reduction is explained by an action plan set by the company which aims to reduce expenses and generate savings, among other initiatives.

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Net Income & Adjusted Net Income

Net Income amounted to $75.4 million during 3Q23, marking a $52.8 million increase compared to the same period of last year. This was mainly explained by (i) the variation of foreign exchange rate, which presented a year-over-year gain of $10.8 million due to a faster depreciation of the Argentine peso (36.3% versus 17.6% in 3Q22) and of the Brazilian Real (3.9% compared to 3.2% in 3Q22); coupled with (ii) an $20 million year-over-year gain in inflation accounting driven by the net exposure of our monetary position; and (iii) financial gains that arose from opportunities that the Argentine financial market offered. This was partially offset by an $8.8 million year-over-year increase in income tax expenses.

Year-to-date, net income was $144.5 million, 36.5% higher than the same period of last year. This was due to (i) a $13.7 million year-over-year gain on foreign exchange rate variation due to a 97.5% year-to-date depreciation of the Argentine Peso (versus 43.4% during 9M22) and (ii) gains related to the company's financial strategy that enabled us to take advantage of opportunities in Argentina's financial market. It is worth highlighting that inflation results, as well as foreign exchange rate results, are both non-cash in nature.

Adjusted Net Income reached $88.6 million during 3Q23, $41.3 million higher than in 3Q22, whereas year-to-date it stood at $169.9 million, marking a 60.3% year-over-year increase. We believe Adjusted Net Income is a more appropriate metric to reflect the Company's performance.

ADJUSTED NET INCOME (1)
$ thousands	3Q23	3Q22	Chg %	9M23	9M22	Chg %
Profit for the period	75,387	22,590	233.7%	144,512	105,874	36.5%
Foreign exchange losses/(gains), net	1,396	12,377	(88.7)%	(33,954)	(12,642)	168.6%
Cash flow hedge - transfer from equity	9,357	9,212	1.6%	43,221	35,575	21.5%
Inflation accounting effects	(17,409)	2,599	(769.9)%	(5,072)	(14,677)	(65.4)%
Net results from Fair Value adjustment of Investment Property	(417)	125	(433.6)%	913	3,878	(76.5)%
Revaluation surplus of farmland sold	20,245	—	n.a.	20,245	—	n.a.
Bargain purchase gain on acquisition (2)	—	310	(100.0)%	—	(12,055)	(100.0)%
Adjusted Net Income	88,559	47,213	87.6%	169,865	105,953	60.3%

(1)Please see “Reconciliation of Non-IFRS measures” starting on page 26 for a reconciliation of Adjusted Net Income; (2) Non-cash item related to our recent acquisition of Viterra's rice operations, representing the difference between acquisition cost and fair value of net assets acquired

17

Indebtedness

NET DEBT BREAKDOWN
$ thousands	3Q23	2Q23	Chg %	3Q22	Chg %
Farming	375,916	356,821	5.4%	349,921	7.4%
Short term Debt	329,240	310,308	6.1%	285,868	15.2%
Long term Debt	46,676	46,513	0.3%	64,053	(27.1)%
Sugar, Ethanol & Energy	720,574	731,890	(1.5)%	704,828	2.2%
Short term Debt	14,984	20,321	(26.3)%	26,244	(42.9)%
Long term Debt	705,590	711,569	(0.8)%	678,584	4.0%
Total Short term Debt	344,224	330,628	4.1%	312,112	10.3%
Total Long term Debt	752,266	758,082	(0.8)%	742,637	1.3%
Gross Debt	1,096,490	1,088,710	0.7%	1,054,749	4.0%
Cash & Equivalents	349,812	196,609	77.9%	159,362	119.5%
Restricted Short-Term Investments	39,926	39,733	0.5%	79,365	(49.7)%
Net Debt	706,752	852,368	(17.1)%	816,022	(13.4)%
EOP Net Debt / Adj. EBITDA LTM	1.5x	1.9x	(22.7)%	2.1x	(29.4)%

As of September 30, 2023, Adecoagro's net debt amounted to $706.8 million, 17.1% lower compared to the previous quarter. This is fully explained by a 64.9% quarter-over-quarter increase in our cashflow from operations as we entered into the second semester of the year, which is when we start collecting income from most of our products sold.

On a year-over-year basis, net debt was 13.4% lower compared to the same period of last year. This was driven by our net cash from operations generated during the last twelve months, which, in turn, enabled us to (i) reduce our net debt position; (ii) invest in growth projects, such as the expansion of our sugarcane plantation in Mato Grosso do Sul; and (iii) distribute profits with shareholders, as stated in our distribution policy. As of September 30, 2023, our Liquidity ratio (Cash & Equivalents + Marketable Inventories / Short Term Debt) reached 1.81x, showing the Company's full capacity to repay short term debt with its cash balances.

Our Net Debt ratio (Net Debt/EBITDA) as of 3Q23 was 1.5x, 22.7% lower than the previous quarter and 29.4% lower than in 3Q22. We believe that our balance sheet is in a healthy position based not only on the adequate overall debt levels but also on the terms of our indebtedness, most of which is long-term debt.

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Capital Expenditures

CAPITAL EXPENDITURES
$ thousands	3Q23	3Q22	Chg %	9M23	9M22	Chg %
Farming & Land Transformation	4,456	8,728	(48.9)%	17,924	32,016	(44.0)%
Expansion	3,587	4,650	(22.8)%	14,058	14,298	(1.7)%
Maintenance	869	4,078	(78.7)%	3,867	17,719	(78.2)%
Sugar, Ethanol & Energy	43,479	39,939	8.9%	172,552	148,110	16.5%
Maintenance	33,812	33,780	0.1%	134,714	123,932	8.7%
Planting	29,560	25,055	18.0%	74,188	60,687	22.2%
Industrial & Agricultural Machinery	4,252	8,725	(51.3)%	60,526	63,246	(4.3)%
Expansion	9,667	6,159	57.0%	37,838	24,177	56.5%
Planting	7,818	3,907	100.1%	20,757	13,592	52.7%
Industrial & Agricultural Machinery	1,849	2,251	(17.9)%	17,081	10,585	61.4%
Total	47,935	48,666	(1.5)%	190,476	180,126	5.7%
Total Maintenance Capex	34,681	37,858	(8.4)%	138,580	141,651	(2.2)%
Total Expansion Capex	13,254	10,808	22.6%	51,896	38,475	34.9%

Adecoagro's capital expenditures were $47.9 million in 3Q23, 1.5% lower compared to last year, while in 9M23 it amounted to $190.5 million, marking a 5.7% year-over-year increase.

The Sugar, Ethanol and Energy business accounted for 91% or $43.5 million of total capex in 3Q23, marking an 8.9% increase compared to the same period of last year. Within this figure, maintenance capex was $33.8 million, in line with the previous year. Despite presenting an 18.0% year-over-year increase in Renewal Planting due to higher costs related to soil preparation, Industrial & Agricultural Machinery decreased by 51.3% versus the prior year. Expansion capex, in turn, increased 57.0% compared to the previous year, reaching $9.7 million. Investments on this front were related to (i) expansion planting; as well as to (ii) small projects including the construction of our second biodigestor in order to increase our biogas production, which later is converted into biomethane and is used to replace our diesel consumption. Year-to-date, capital expenditures amounted to $172.6 million, 16.5% higher compared to the same period of last year.

Farming & Land Transformation businesses accounted for 9%, or $4.5 million of total capex in 3Q23, presenting a year-over-year decrease of 48.9%. Expansion capex reached $3.6 million and was focused on the construction of our second biodigestor in our Dairy business (to generate renewable energy from cow manure), coupled with the upgrade of our cheese factory to enhance our product portfolio offering. Year-to-date, capital expenditures amounted to $17.9 million, 44.0% lower compared to the same period of last year due to lower maintenance capex requirements.

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3Q23 Market Highlights

◦Despite a weak initial performance, sugar prices recovered during the quarter and reached the highest levels since 2011. During this period, sugar traded within a range of 23.2 cts/lb and 27.5 cts/lb, in line with the previous quarter. Nevertheless, a new price range was established above 26.0 cts/lb since September, driven by key countries like India and Thailand reducing even further production estimates and leading projected trade flows to a deficit. On the other hand, the Brazilian crop is progressing well, reaching record high levels, but still not enough to offset the cuts in other producing countries. Consequently, tight global supply and demand balance, as well as limited increase in supply, will be key drivers for prices for the upcoming months.

◦According to ESALQ index, hydrous and anhydrous ethanol prices decreased on average 7% and 5% year-over-year, respectively, and 14% and 10% compared to the previous quarter, respectively. The advance pace of Brazil's Center-South harvest and strong production levels were the main drivers towards the decline in prices. Consequently, parity at the pump reached the lowest level since 2019, positively impacting demand. As reported by UNICA (Brazil's sugarcane association), total ethanol sales in 3Q23 were 5% higher compared to the previous quarter. However, it is worth pointing out that since August, hydrous demand has increased 17% versus the same period of last year and 34% compared to the prior month. Growing demand coupled with the continuous maximization of sugar production should contribute to a more constructive scenario for ethanol prices.

◦Brazil's carbon credit market under the RenovaBio program presented a 14% increase in prices in 3Q23 versus the previous quarter, reaching an average price of 130 BRL/CBio (approximately 27 USD/CBio).

◦In 3Q23, energy spot prices in the southeast region of Brazil were 10% higher than during the same period of last year. During July, August and September, energy prices were on average 72.82 BRL/MWh. Despite the increase in the PLD (Preço de Liquidação das Diferenças or settlement price for differences), prices continued to be impacted by the level of water in the southeast reservoirs (72%), which marked a 15% increase compared to last year. As of September 30th, 2023, consumption showed a 6% year-over-year increase, according to CCEE (Electric Energy Trading Chamber).

◦During 3Q23, soybean traded 1% higher at CBOT compared to 2Q23, while corn traded 3% lower. In the case of soybean, flat prices were driven by (i) product flow from Brazil and the Black Sea region, coupled with (ii) dry weather in Argentina, despite an upcoming "El Niño" weather forecast. Support to prices could derive from (i) a stable macro scenario and (ii) lower inflation. During 3Q23, funds maintained a long position in soybean and soybean meal and a short position in corn and soybean oil. Prices at Argentina's local market remained unchanged for soybean compared to 2Q23, whereas corn was 2% higher. This was driven by (i) political and economic uncertainty; and (ii) government interventions in the market (agri dollar scheme).

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Other Operational & Financial Metrics

2022/23 Harvest Season

FARMING PRODUCTION DATA
Planting & Production	Planted Area (hectares)			2022/23 Harvested Area			Yields (Tons per hectare)
	2022/23	2021/22	Chg %	Hectares	% Harvested	Production	2022/23	2021/22	Chg %
Soybean	51,944	43,515	19.4%	51,944	100.0%	92,639	1.8	3.0	(39.7)%
Soybean 2nd Crop	29,827	27,559	8.2%	29,827	100.0%	31,188	1.0	1.8	(41.6)%
Corn (1)	38,575	48,344	(20.2)%	38,575	100.0%	187,684	4.9	6.2	(20.9)%
Corn 2nd Crop	2,836	9,192	(69.1)%	2,836	100.0%	4,931	1.7	4.9	(64.6)%
Wheat (2)	35,789	46,509	(23.0)%	35,789	100.0%	83,290	2.3	3.0	(21.5)%
Sunflower	18,131	23,092	(21.5)%	18,131	100.0%	32,565	1.8	1.7	6.2%
Cotton	10,075	7,427	35.7%	10,075	100.0%	6,224	0.6	0.6	7.7%
Peanut	19,813	22,102	(10.4)%	19,813	100.0%	39,306	2.0	2.8	(29.8)%
Other (3)	2,658	3,246	(18.1)%	2,658	100.0%	6,029	2.3	1.6	40.6%
Total Crops	209,646	230,986	(9.2)%	209,646	100.0%	483,855
Rice	55,648	60,857	(8.6)%	55,648	100.0%	354,128	6.4	6.8	(7.1)%
Total Farming	265,294	291,843	(9.1)%	265,294	100.0%	837,983
Owned Croppable Area	97,812	112,361	(12.9)%
Leased Area	134,820	142,732	(5.5)%
Second Crop Area	32,662	36,750	(11.1)%
Total Farming Area	265,294	291,843	(9.1)%

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

As of end of October 2023, we concluded harvesting activities related to our 2022/23 harvest season and produced 837,983 tons of aggregate grains. As previously stated, yields for most of our summer crops presented a significant decline compared to the prior campaign due to "La Niña" weather event that Argentina and Uruguay experienced throughout summertime.

Planting activities for our 2023/24 campaign are currently underway, in which we expect to plant 274,289 hectares, in line with the previous season. We have already planted 28,064 hectares of winter crops, which marked a decline of 7,999 ha versus the prior year. We reduced wheat area in the Northern region of Argentina on low soil moisture registered by the time of planting in mid-2023. However, such hectares will be switched to first crop soybean and corn, which also explains the reduction in second crop area since those hectares were primarily planned for two crops cycles, but will end up with just one.

It is worth highlighting that there is a moderate "El Niño" weather forecast (which means more rains than on a normal year) for the upcoming season. Recent rains registered in all of the productive regions of Argentina and Uruguay has allowed for an improvement in soil moisture and a recovery of water reservoirs, and will favor planting activities for our summer crops. Consequently, we see a potential upside in planting area for rice.

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2023/24 Planting Plan

FARMING PLANTING PLAN
Planting	Planted Plan (hectares)			2023/24 Planting Progress
	2023/24	2022/23	Chg %	Hectares	% Planted
Soybean	63,119	44,044	43.3%	1,110	1.8%
Soybean 2nd Crop	24,911	35,104	(29.0)%	—	—%
Corn (1)	58,664	43,526	34.8%	18,519	31.6%
Corn 2nd Crop	2,084	1,752	18.9%	—	—%
Wheat (2)	28,064	36,063	(22.2)%	28,064	100.0%
Sunflower	12,941	18,516	(30.1)%	4,810	37.2%
Cotton	5,856	18,366	(68.1)%	—	—%
Peanut	23,317	21,472	8.6%	7,453	32.0%
Other (3)	3,653	1,639	122.8%	—	—%
Total Crops	222,607	220,482	1.0%	59,955	26.9%
Rice	51,682	58,716	(12.0)%	41,518	80.3%
Total Farming	274,289	279,198	(1.8)%	101,473	37.0%
Owned Croppable Area	94,581	106,135	(10.9)%
Leased Area	152,713	136,207	12.1%
Second Crop Area	26,995	36,856	(26.8)%
Total Farming Area	274,289	279,198	(1.8)%

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

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END OF PERIOD INVENTORIES
		Volume			thousand $
Product	Metric	3Q23	3Q22	% Chg	3Q23	3Q22	% Chg
Soybean	tons	32,637	22,745	43.5%	14,694	7,977	84.2%
Corn (1)	tons	55,712	67,876	(17.9)%	10,645	13,534	(21.3)%
Wheat (2)	tons	5,146	9,517	(45.9)%	1,118	2,665	(58.1)%
Sunflower	tons	2,763	3,562	(22.4)%	1,781	2,668	(33.2)%
Cotton	tons	4,320	2,754	56.8%	3,908	4,141	(5.6)%
Rice (3)	tons	35,390	50,358	(29.7)%	13,103	15,593	(16.0)%
Peanut	tons	11,161	12,059	(7.4)%	12,445	11,197	11.1%
Organic Sugar	tons	3,402	3,612	(5.8)%	1,542	1,520	1.5%
Sugar	tons	140,682	94,637	48.7%	45,104	30,081	49.9%
Ethanol	m3	251,816	169,295	48.7%	116,506	78,548	48.3%
Hydrous Ethanol	m3	204,294	134,286	52.1%	93,513	61,539	52.0%
Anhydrous Ethanol	m3	47,522	35,009	35.7%	22,993	17,009	35.2%
Fluid Milk	Th Lts	6,037	5,291	14.1%	3,349	3,559	(5.9)%
Powder Milk	tons	1,298	976	33.1%	4,098	3,806	7.7%
Cheese	tons	383	135	184.4%	1,806	602	200.0%
Butter	tons	110	—	n.a.	495	—	n.a.
Cbios	units	37,847	34,114	10.9%	788	484	62.9%
Others	tons	3,747	3,914	(4.3)%	2,914	2,960	(1.5)%
Total		592,451	480,844	23.2%	234,297	179,335	30.6%

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

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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 September 30,2023
	Consolidated Hedge Position
Farming		Avg. FAS Price	CBOT FOB
	Volume	USD/Ton	USD/Bu	Hedge (%)
2022/2023 Harvest season
Soybeans	93,520	476.2	1,869.2	100%
Corn	123,095	229.4	685.4	84%
Wheat	53,614	329.0	1,043.2	100%
2023/2024 Harvest season
Soybeans	39,823	344.6	1,389.3	13%
Corn	—	—	—	—%
Wheat	15,500	247.8	792.5	26%
	Consolidated Hedge Position
Sugar, Ethanol & Energy		Avg. FOB Price	ICE FOB
	Volume	USD/Unit	Cents/Lb	Hedge (%)
2023 FY
Sugar (tons)	634,767	487.1	23.0	81%
Ethanol (m3)	—	—	—	—%
Energy (MW/h) (1)	595,832	52.7	n.a	86%
2024 FY
Sugar (tons)	109,220	497.4	23.5	14%
Ethanol (m3)	—	—	—	—%
Energy (MW/h) (1)	467,280	53.9	n.a	66%

(1) Energy prices in 2023 and 2024 were converted to USD at an exchange rate of BRL/USD 5.00 and BRL/USD 5.25, respectively.

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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, including our expectations for crushing and other volumes; (ii) the impact of 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) our plans relating to acquisitions, joint ventures, strategic alliances or divestitures; (vi) the implementation of our financing strategy, capital expenditure plan and distribution policy; (vii) the maintenance of our relationships with customers; (viii) the competitive nature of the industries in which we operate; (ix) the cost and availability of financing; (x) future demand for the commodities we produce; (xi) international prices for commodities; (xii) the condition of our land holdings; (xiii) the development of the logistics and infrastructure for transportation of our products in the countries where we operate; (xiv) the performance of the South American and world economies; and (xv) 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 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.

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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-GAAP 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 and as a means to evaluate period-to-period.

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 and 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 Segment EBITDA” for each of our operating segments as (i) the segment’s share of consolidated profit (loss) from operations per segment information for the year, as applicable, before depreciation of property, plant and equipment and amortization of intangible assets 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, which is reflected in shareholder equity under the line item “Reverse of revaluation surplus derived from disposals of assets;” and (iii) net of the combined effect resulting from the application of IAS 29 and IAS 21 to our 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

26

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’s 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, foreign exchange gains or losses and other net financial results; (ii) adjusted by gains or losses from disposals of noncontrolling interests in subsidiaries whose main underlying asset farmland; (iii) the net increase in value of sold farmland, which has been recognized in either revaluation surplus or retained earnings; (iv) net gain/loss from fair value adjustments of investment property land; (v) bargain purchase gain on acquisition and (vi) net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine operations included in profit from operations. We define “Adjusted Segment EBIT” for each of our operating segments as the segment’s share of (i) consolidated profit (loss) from operations before financing and taxation as per segment information for the year, as applicable; and (ii) net gain/loss from fair value adjustments of investment property land; (iii) bargain purchase gain on acquisition; and (iv) 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”; (b) the net increase in value of sold farmland, which has been recognized in either revaluation surplus of retained earnings.

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’s 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 29.

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 restricted 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.

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RECONCILIATION - NET DEBT
$ thousands	3Q23	2Q23	Chg %	3Q22	Chg %
Total Borrowings	1,096,490	1,088,710	0.7%	1,054,749	4.0%
Cash and Cash equivalents	349,812	196,609	77.9%	159,362	119.5%
Restricted short-term investments	39,926	39,733	0.5%	79,365	(49.7)%
Net Debt	706,752	852,368	(17.1)%	816,022	(13.4)%

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	3Q23	3Q22	Chg %	9M23	9M22	Chg %
Profit for the period	75,387	22,590	233.7%	144,512	105,874	36.5%
Foreign exchange losses/(gains), net	1,396	12,377	(88.7)%	(33,954)	(12,642)	168.6%
Cash flow hedge - transfer from equity	9,357	9,212	1.6%	43,221	35,575	21.5%
Inflation accounting effects	(17,409)	2,599	(769.9)%	(5,072)	(14,677)	(65.4)%
Net results from Fair Value adjustment of Investment Property	(417)	125	(433.6)%	913	3,878	(76.5)%
Revaluation surplus of farmland sold	20,245	—	n.a.	20,245	—	n.a.
Bargain purchase gain on acquisition	—	310	(100.0)%	—	(12,055)	(100.0)%
Adjusted Net Income	88,559	47,213	87.6%	169,865	105,953	60.3%

Adjusted Free Cash Flow from Operations

We define Adjusted Free Cash Flow from Operations as (i) net cash generated from operating activities net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine operations, less (ii) net cash used in investing activities net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine Operations, less (iii) interest paid net of the combined effect of the application of IAS 29 and IAS 21 to the Argentine operations, plus (iv) proceeds from the sale of noncontrolling interest in subsidiaries; less (v) lease payments, less (vi) dividends paid to noncontrolling interest plus (vii) the net of acquisition/disposal of restricted short-term investments, namely US-Treasury Bills used as collateral of short term borrowings plus (viii) expansion capital expenditures.

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ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 3Q23
$ thousands	Crops	Rice	Dairy	Others	Farming	Sugar, Ethanol & Energy	Land Transformation	Corporate	Total
Sales of goods and services rendered	59,681	60,226	69,772	1,600	191,279	196,668	—	—	387,947
Cost of goods sold and services rendered	(52,125)	(43,799)	(57,351)	(1,448)	(154,723)	(128,570)	—	—	(283,293)
Initial recog. and changes in FV of BA and agricultural produce	1,797	(1,411)	(212)	121	295	25,519	—	—	25,814
Gain from changes in NRV of agricultural produce after harvest	(568)	—	—	—	(568)	248	—	—	(320)
Margin on Manufacturing and Agricultural Act. Before Opex	8,785	15,016	12,209	273	36,283	93,865	—	—	130,148
General and administrative expenses	(3,286)	(2,654)	(2,056)	(45)	(8,041)	(5,929)	—	(6,275)	(20,245)
Selling expenses	(5,025)	(8,288)	(6,603)	(123)	(20,039)	(19,805)	—	(82)	(39,926)
Other operating income, net	(2,382)	2,484	(22)	233	313	(11,544)	9,168	41	(2,022)
Profit from Operations Before Financing and Taxation	(1,908)	6,558	3,528	338	8,516	56,587	9,168	(6,316)	67,955
Net results from Fair value adjustment of Investment property	—	—	—	(255)	(255)	—	—	—	(255)
Transfer of revaluation surplus derived from the disposals of assets	—	—	—	—	—	—	20,245	—	20,245
Adjusted EBIT	(1,908)	6,558	3,528	83	8,261	56,587	29,413	(6,316)	87,945
(-) Depreciation and Amortization	2,006	4,199	2,727	45	8,977	58,043	—	334	67,354
Adjusted EBITDA	98	10,757	6,255	128	17,238	114,630	29,413	(5,982)	155,299
Reconciliation to Profit/(Loss)
Adjusted EBITDA									155,299
(+) Depreciation and Amortization									(67,354)
(+) Financial result, net									20,897
(+) Net results from Fair value adjustment of Investment property									255
(+) Income Tax (Charge)/Benefit									(13,645)
(+) Revaluation surplus of farmland sold									(20,245)
(+) Translation Effect (IAS 21)									180
Profit/(Loss) for the Period									75,387

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ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 3Q22
$ thousands	Crops	Rice	Dairy	Others	Farming	Sugar, Ethanol & Energy	Land Transformation	Corporate	Total
Sales of goods and services rendered	89,361	59,018	64,657	2,159	215,195	166,754	—	—	381,949
Cost of goods sold and services rendered	(78,212)	(45,542)	(53,331)	(2,011)	(179,096)	(120,239)	—	—	(299,335)
Initial recog. and changes in FV of BA and agricultural produce	9,215	133	7,077	(470)	15,955	29,812	—	—	45,767
Gain from changes in NRV of agricultural produce after harvest	(4,469)	2	—	—	(4,467)	—	—	—	(4,467)
Margin on Manufacturing and Agricultural Act. Before Opex	15,895	13,611	18,403	(322)	47,587	76,327	—	—	123,914
General and administrative expenses	(2,982)	(3,931)	(4,233)	(64)	(11,210)	(5,629)	—	(5,944)	(22,783)
Selling expenses	(9,872)	(10,342)	(7,413)	(115)	(27,742)	(12,957)	—	(56)	(40,755)
Other operating income, net	748	92	2	3	845	2,534	163	(52)	3,490
Bargain purchase gain	—	(467)	—	—	(467)	—	—	—	(467)
Profit from Operations Before Financing and Taxation	3,789	(1,037)	6,759	(498)	9,013	60,275	163	(6,052)	63,399
Net results from Fair value adjustment of Investment property	—	—	—	(26)	(26)	—	—	—	(26)
Bargain purchase gain	—	467	—	—	467	—	—	—	467
Adjusted EBIT	3,789	(570)	6,759	(524)	9,454	60,275	163	(6,052)	63,840
(-) Depreciation and Amortization	2,029	2,714	2,635	60	7,438	50,727	—	245	58,410
Adjusted EBITDA	5,818	2,144	9,394	(464)	16,892	111,002	163	(5,807)	122,250
Reconciliation to Profit/(Loss)
Adjusted EBITDA									122,250
(+) Depreciation and Amortization									(58,410)
(+) Financial result, net									(36,439)
(+) Net results from Fair value adjustment of Investment property									26
(+) Income Tax (Charge)/Benefit									(4,834)
(-) Bargain purchase gain									(467)
(+) Translation Effect (IAS 21)									464
Profit/(Loss) for the Period									22,590

30

ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 9M23
$ thousands	Crops	Rice	Dairy	Others	Farming	Sugar, Ethanol & Energy	Land Transformation	Corporate	Total
Sales of goods and services rendered	167,197	195,652	192,084	4,108	559,041	483,261	—	—	1,042,302
Cost of goods sold and services rendered	(146,816)	(140,163)	(160,349)	(3,643)	(450,971)	(324,103)	—	—	(775,074)
Initial recog. and changes in FV of BA and agricultural produce	3,328	5,645	9,902	189	19,064	97,957	—	—	117,021
Gain from changes in NRV of agricultural produce after harvest	(337)	—	—	—	(337)	(167)	—	—	(504)
Margin on Manufacturing and Agricultural Act. Before Opex	23,372	61,134	41,637	654	126,797	256,948	—	—	383,745
General and administrative expenses	(12,690)	(10,875)	(7,382)	(146)	(31,093)	(18,228)	—	(17,650)	(66,971)
Selling expenses	(17,131)	(25,409)	(19,488)	(296)	(62,324)	(43,592)	—	(108)	(106,024)
Other operating income, net	875	2,919	(226)	(1,136)	2,432	(17,043)	7,662	(64)	(7,013)
Profit from Operations Before Financing and Taxation	(5,574)	27,769	14,541	(924)	35,812	178,085	7,662	(17,822)	203,737
Net results from Fair value adjustment of Investment property	—	—	—	1,100	1,100	—	—	—	1,100
Transfer of revaluation surplus derived from the disposals of assets	—	—	—	—	—	—	20,245	—	20,245
Adjusted EBIT	(5,574)	27,769	14,541	176	36,912	178,085	27,907	(17,822)	225,082
(-) Depreciation and Amortization	6,181	10,360	8,014	145	24,700	130,076	—	949	155,725
Adjusted EBITDA	607	38,129	22,555	321	61,612	308,161	27,907	(16,873)	380,807
Reconciliation to Profit/(Loss)
Adjusted EBITDA									380,807
(+) Depreciation and Amortization									(155,725)
(+) Financial result, net									(6,786)
(+) Net results from Fair value adjustment of Investment property									(1,100)
(+) Income Tax (Charge)/Benefit									(51,774)
(+) Revaluation surplus of farmland sold									(20,245)
(+) Translation Effect (IAS 21)									(665)
Profit/(Loss) for the Period									144,512

31

ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 9M22
$ thousands	Crops	Rice	Dairy	Others	Farming	Sugar, Ethanol & Energy	Land Transformation	Corporate	Total
Sales of goods and services rendered	220,993	138,974	181,504	4,034	545,505	424,186	—	—	969,691
Cost of goods sold and services rendered	(205,228)	(114,034)	(156,210)	(3,494)	(478,966)	(295,789)	—	—	(774,755)
Initial recog. and changes in FV of BA and agricultural produce	64,948	14,952	19,634	(122)	99,412	77,717	—	—	177,129
Gain from changes in NRV of agricultural produce after harvest	(22,506)	—	—	—	(22,506)	(934)	—	—	(23,440)
Margin on Manufacturing and Agricultural Act. Before Opex	58,207	39,892	44,928	418	143,445	205,180	—	—	348,625
General and administrative expenses	(11,100)	(9,440)	(7,986)	(184)	(28,710)	(16,134)	—	(18,719)	(63,563)
Selling expenses	(23,257)	(23,318)	(20,727)	(210)	(67,512)	(35,031)	—	(115)	(102,658)
Other operating income, net	637	649	(110)	(3,645)	(2,469)	3,672	3,345	(35)	4,513
Bargain purchase gain	—	11,976	—	—	11,976	—	—	—	11,976
Profit from Operations Before Financing and Taxation	24,487	19,759	16,105	(3,621)	56,730	157,687	3,345	(18,869)	198,893
Net results from Fair value adjustment of Investment property	—	—	—	3,615	3,615	—	—	—	3,615
Bargain purchase gain	—	(11,976)	—	—	(11,976)	—	—	—	(11,976)
Adjusted EBIT	24,487	7,783	16,105	(6)	48,369	157,687	3,345	(18,869)	190,532
(-) Depreciation and Amortization	5,769	7,470	7,494	176	20,909	114,951	—	677	136,537
Adjusted EBITDA	30,256	15,253	23,599	170	69,278	272,638	3,345	(18,192)	327,069
Reconciliation to Profit/(Loss)
Adjusted EBITDA									327,069
(+) Depreciation and Amortization									(136,537)
(+) Financial result, net									(69,701)
(+) Net results from Fair value adjustment of Investment property									(3,615)
(+) Income Tax (Charge)/Benefit									(23,865)
(-) Bargain purchase gain									11,976
(+) Translation Effect (IAS 21)									547
Profit/(Loss) for the Period									105,874

Please refer to our Financial Statements published at www.ir.adecoagro.com for our Income Statement, Balance Sheet and Cash Flow Statement as of September 30th, 2023.

32

EX-99.2

Adecoagro S.A.

Condensed Consolidated Interim Financial Statements as of September 30, 2023 and for the nine-month and three-month periods ended September 30, 2023 and 2022

Legal information

Denomination: Adecoagro S.A.

Legal address: Vertigo Naos Building, 6, Rue Eugène Ruppert, L-2453, 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: 106,638,065 common shares

Treasury Shares: 4,743,750 common shares

F - 1

Adecoagro S.A.

Condensed Consolidated Interim Statements of Income

for the nine-month and three-month periods ended September 30, 2023 and 2022

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

		Nine-months ended September 30,		Three-months ended September 30,
	Note	2023	2022	2023	2022
		(unaudited)
Sales of goods and services rendered	4	1,034,925	976,100	385,794	386,063
Cost of goods sold and services rendered	5	(769,671)	(780,878)	(281,660)	(303,497)
Initial recognition and changes in fair value of biological assets and agricultural produce	15	116,008	181,367	25,643	48,503
Changes in net realizable value of agricultural produce after harvest		(399)	(23,791)	(215)	(5,075)
Margin on manufacturing and agricultural activities before operating expenses		380,863	352,798	129,562	125,994
General and administrative expenses	6	(65,994)	(64,981)	(19,957)	(23,700)
Selling expenses	6	(104,870)	(103,969)	(39,543)	(41,446)
Other operating (expense)/ income, net	8	(6,927)	3,537	(1,926)	3,325
Bargain purchase gain	20	—	12,055	—	(310)
Profit from operations		203,072	199,440	68,136	63,863
Finance income	9	105,783	17,167	29,934	(11,296)
Finance costs	9	(117,641)	(101,545)	(26,446)	(22,544)
Other financial results - Net (loss) / gain of inflation effects on the monetary items	9	5,072	14,677	17,408	(2,599)
Financial results, net	9	(6,786)	(69,701)	20,896	(36,439)
Profit before income tax		196,286	129,739	89,032	27,424
Income tax expense	10	(51,774)	(23,865)	(13,645)	(4,834)
Profit for the period		144,512	105,874	75,387	22,590
Attributable to:
Equity holders of the parent		143,747	104,892	75,910	22,548
Non-controlling interest		765	982	(523)	42
Earnings per share attributable to the equity holders of the parent during the period:
Basic earnings per share		1.338	0.949	0.708	0.205
Diluted earnings per share		1.334	0.946	0.705	0.205

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 nine-month and three-month periods ended September 30, 2023 and 2022

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

	Nine-months ended September 30,		Three-months ended September 30,
	2023	2022	2023	2022
	(unaudited)
Profit for the period	144,512	105,874	75,387	22,590
Other comprehensive loss:
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations	23,378	104,772	(36,153)	12,693
Cash flow hedge, net of tax (Note 2)	24,235	15,211	5,706	2,385
Items that will not be reclassified to profit or loss:
Revaluation surplus net of tax	(9,518)	(56,310)	12,190	(3,345)
Other comprehensive income	38,095	63,673	(18,257)	11,733
Total comprehensive income for the period	182,607	169,547	57,130	34,323
Attributable to:
Equity holders of the parent	181,531	167,118	57,590	33,360
Non-controlling interest	1,076	2,429	(460)	963

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 September 30, 2023 and December 31, 2022

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

		September 30,	December 31,
	Note	2023	2022
		(unaudited)
ASSETS
Non-Current Assets
Property, plant and equipment	11	1,597,279	1,565,355
Right of use assets	12	396,091	360,181
Investment property	13	33,364	33,330
Intangible assets	14	39,435	36,120
Biological assets	15	30,366	30,622
Deferred income tax assets	10	10,647	8,758
Trade and other receivables, net	17	36,351	44,558
Derivative financial instruments	16	11,454	5,208
Other assets		1,682	1,701
Total Non-Current Assets		2,156,669	2,085,833
Current Assets
Biological assets	15	192,800	235,822
Inventories	18	375,384	274,022
Trade and other receivables, net	17	245,736	183,820
Derivative financial instruments	16	—	134
Short-term investment	16	39,926	98,571
Cash and cash equivalents	19	349,812	230,653
Total Current Assets		1,203,658	1,023,022
TOTAL ASSETS		3,360,327	3,108,855
SHAREHOLDERS EQUITY
Capital and reserves attributable to equity holders of the parent
Share capital	21	167,073	167,073
Share premium	21	749,851	793,169
Cumulative translation adjustment		(442,440)	(456,029)
Equity-settled compensation		17,377	18,792
Cash flow hedge		(20,637)	(44,872)
Other reserves		141,319	126,925
Treasury shares		(7,112)	(4,792)
Revaluation surplus		268,721	281,909
Reserve from the sale of non-controlling interests in subsidiaries		41,574	41,574
Retained earnings		345,603	202,342
Equity attributable to equity holders of the parent		1,261,329	1,126,091
Non-controlling interest		38,628	37,552
TOTAL SHAREHOLDERS EQUITY		1,299,957	1,163,643
LIABILITIES
Non-Current Liabilities
Trade and other payables	23	946	17,210
Borrowings	24	752,266	727,983
Lease liabilities	25	310,730	283,549
Deferred income tax liabilities	10	355,486	301,414
Payroll and social security liabilities	26	1,378	1,581
Derivatives financial instruments	16	—	96
Provisions for other liabilities	27	3,002	2,526
Total Non-Current Liabilities		1,423,808	1,334,359
Current Liabilities
Trade and other payables	23	188,993	242,397
Current income tax liabilities		2,354	422
Payroll and social security liabilities	26	35,673	29,964
Borrowings	24	344,224	279,769
Lease liabilities	25	57,399	54,431
Derivative financial instruments	16	4,946	2,961
Provisions for other liabilities	27	2,973	909
Total Current Liabilities		636,562	610,853
TOTAL LIABILITIES		2,060,370	1,945,212
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES		3,360,327	3,108,855

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 nine-month periods ended September 30, 2023 and 2022

(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, 2022	183,573	851,060	(514,609)	16,073	(60,932)	106,172	(16,909)	289,982	41,574	115,735	1,011,719	36,111	1,047,830
Profit for the period	—	—	—	—	—	—	—	—	—	104,892	104,892	982	105,874
Other comprehensive income:
- Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations	—	—	58,383	—	—	—	—	40,618	—	—	99,001	5,771	104,772
Cash flow hedge (*)	—	—	—	—	15,210	—	—	—	—	—	15,210	1	15,211
Revaluation of surplus (**)	—	—	—	—	—	—	—	(51,985)	—	—	(51,985)	(4,325)	(56,310)
Other comprehensive income for the period	—	—	58,383	—	15,210	—	—	(11,367)	—	—	62,226	1,447	63,673
Total comprehensive income for the period	—	—	58,383	—	15,210	—	—	(11,367)	—	104,892	167,118	2,429	169,547
Reduction of issued share capital of the company (Note 21):	(16,500)	—	—	—	—	—	16,500	—	—	—	—	—	—
Reserves for the benefit of government grants (1)	—	—	—	—	—	16,794	—	—	—	(16,794)	—	—	—
- Employee share options (Note 21)
Exercised	—	2,432	—	(778)	—	—	470	—	—	—	2,124	—	2,124
- Restricted shares and restricted units (Note 22):
Value of employee services	—	—	—	5,465	—	—	—	—	—	—	5,465	—	5,465
Vested	—	4,647	—	(4,066)	—	1,243	—	—	—	—	1,824	—	1,824
Forfeited	—	—	—	—	—	71	(71)	—	—	—	—	—	—
Granted	—	—	—	—	—	(2,106)	2,106	—	—	—	—	—	—
-Purchase of own shares (Note 21)	—	(21,813)	—	—	—	—	(4,998)	—	—	—	(26,811)	—	(26,811)
-Dividends	—	(35,000)	—	—	—	—	—	—	—	—	(35,000)	—	(35,000)
Balance at September 30, 2022 (unaudited)	167,073	801,326	(456,226)	16,694	(45,722)	122,174	(2,902)	278,615	41,574	203,833	1,126,439	38,540	1,164,979

(*) Net of (7,512) of Income tax.

(**) Net of (30,495) 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 nine-month periods ended September 30, 2023 and 2022 (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, 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	—	—	—	—	—		—	—	—	143,747	143,747	765	144,512
Other comprehensive loss:
- Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations	—	—	13,589	—	—	—	—	8,639	—	—	22,228	1,150	23,378
Cash flow hedge (*)	—	—	—	—	24,235	—	—	—	—	—	24,235	—	24,235
- Items that will not be reclassified to profit or loss:
Revaluation surplus (**)	—	—	—	—	—	—	—	(8,679)	—	—	(8,679)	(839)	(9,518)
Transfer of the revaluation surplus derived from the disposals of assets (**)	—	—	—	—	—	—	—	(13,148)	—	13,148	—	—	—
Other comprehensive income for the period	—	—	13,589	—	24,235	—	—	(13,188)	—	13,148	37,784	311	38,095
Total comprehensive income for the period	—	—	13,589	—	24,235	—	—	(13,188)	—	156,895	181,531	1,076	182,607
- Reserves for the benefit of government grants (1)	—	—	—	—	—	13,634	—	—	—	(13,634)	—	—	—
- Employee share options (Note 21):
Exercised	—	42	—	(14)	—	—	10	—	—	—	38	—	38
- Restricted shares and restricted units (Note 22):
Value of employee services	—	—	—	4,744	—	—	—	—	—	—	4,744	—	4,744
Vested	—	7,528	—	(6,145)	—	1,554	—	—	—	—	2,937	—	2,937
Forfeited	—	—	—	—	—	30	(30)	—	—	—	—	—	—
Granted	—	—	—	—	—	(824)	824	—	—	—	—	—	—
- Purchase of own shares (Note 21)	—	(15,888)	—	—	—	—	(3,124)	—	—	—	(19,012)	—	(19,012)
- Dividends to shareholders (Note 21)	—	(35,000)	—	—	—	—	—	—	—	—	(35,000)	—	(35,000)
Balance at September 30, 2023 (unaudited)	167,073	749,851	(442,440)	17,377	(20,637)	141,319	(7,112)	268,721	41,574	345,603	1,261,329	38,628	1,299,957

(*) Net of 9,893 of Income tax.

(**) Net of 12,317 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

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 nine-month periods ended September 30, 2023 and 2022

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

	Note	September 30, 2023	September 30, 2022
		(unaudited)
Cash flows from operating activities:
Profit for the period		144,512	105,874
Adjustments for:
Income tax expense	10	51,774	23,865
Depreciation of property, plant and equipment	11	153,533	135,741
Depreciation of right of use assets	12	59,859	47,867
Net loss from the Fair value adjustment of Investment properties	13	913	3,878
Amortization of intangible assets	14	1,585	1,461
Gain from the sale of farmland and other assets	8	(9,526)	—
Gain from disposal of other property items	8	(1,828)	(2,962)
Bargain purchase gain	20	—	(12,055)
Equity settled share-based compensation granted	7	6,684	7,422
Loss from derivative financial instruments	8, 9	13,053	6,183
Interest, finance cost related to lease liabilities and other financial expense, net	9	(1,222)	56,339
Initial recognition and changes in fair value of non harvested biological assets (unrealized)		(15,320)	(56,886)
Changes in net realizable value of agricultural produce after harvest (unrealized)		1,622	3,572
Provision and allowances		(121)	282
Net loss / (gain) of inflation effects on the monetary items	9	(5,072)	(14,677)
Foreign exchange gains, net	9	(33,954)	(12,642)
Cash flow hedge – transfer from equity	9	43,221	35,575
Subtotal		409,713	328,837
Changes in operating assets and liabilities:
Increase in trade and other receivables		(67,473)	(103,135)
Increase in inventories		(94,969)	(59,106)
Decrease in biological assets		65,192	87,248
Increase in other assets		(655)	(865)
Increase in derivative financial instruments		(10,790)	(9,387)
Decrease in trade and other payables		(54,040)	(109,947)
Increase in payroll and social security liabilities		10,133	8,253
Increase / (decrease) in provisions for other liabilities		828	(175)
Net cash generated from operating activities before taxes paid		257,939	141,723
Income tax paid		(740)	(5,547)
Net cash provided by operating activities	(a)	257,199	136,176

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 nine-month periods ended September 30, 2023 and 2022 (continued)

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

	Note	September 30, 2023	September 30, 2022
		(unaudited)
Cash flows from investing activities:
Acquisition of a business, net of cash and cash equivalents acquired	20	(3,193)	1,603
Purchases of property, plant and equipment	11	(184,870)	(173,529)
Purchases of cattle and non-current biological assets		(770)	(8,214)
Purchases of intangible assets	14	(1,356)	(2,034)
Interest received and others		69,681	4,343
Proceeds from sale of property, plant and equipment		2,728	1,103
Proceeds from sale of farmlands and other assets	27	48,097	14,879
Acquisition of short-term investment	16	(34,500)	(79,365)
Disposal of short-term investment	16	93,009	—
Net cash used in investing activities	(b)	(11,174)	(241,214)
Cash flows from financing activities:
Proceeds from equity settled share-based compensation exercise		38	2,124
Proceeds from long-term borrowings		19,900	42,528
Payments of long-term borrowings		(11,797)	(14,364)
Proceeds from short-term borrowings		480,297	310,061
Payment of short-term borrowings		(365,810)	(117,444)
Payments of derivative financial instruments		—	115
Lease payments		(81,651)	(72,081)
Interest paid	(c)	(32,816)	(28,982)
Purchase of own shares		(19,012)	(26,810)
Dividends to shareholders	21	(17,500)	(17,500)
Net cash (used in) / generated from financing activities	(d)	(28,351)	77,647
Net increase / (decrease) in cash and cash equivalents		217,674	(27,391)
Cash and cash equivalents at beginning of period	19	230,653	199,766
Effect of exchange rate changes and inflation on cash and cash equivalents	(e)	(98,515)	(13,013)
Cash and cash equivalents at end of period	19	349,812	159,362

(a) Includes 25,113 and (17,218) of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for September 30, 2023 and 2022, respectively.

(b) Includes (1,370) and (2,787) of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for September 30, 2023 and 2022, respectively.

(c) Includes 1,655 and 21 of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for September 30, 2023 and 2022, respectively.

(d) Includes 55,229 and 23,983 of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for September 30, 2023 and 2022, respectively.

(e) Includes (78,972) and (3,978)of the combined effect of IAS 29 and IAS 21 of the Argentine subsidiaries for September 30, 2023 and 2022, respectively.

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". These activities are carried out through three major lines of business, namely, “Farming”; “Sugar, Ethanol and Energy” and “Land Transformation”. Farming is further comprised of three reportable segments, which are described in detail in Note 3 to these condensed consolidated 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 condensed consolidated interim financial statements have been approved for issue by the Board of Directors on November 10, 2023.

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 Note 2 to 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, 2022. 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 nine-month period ended September 30, 2023. These disclosures do not appear in any particular order of potential materiality or probability of occurrence.

Argentina status:

Since the second half of 2019, the Argentine government instituted certain foreign currency exchange controls, which may restrict or partially restrict access to foreign currency, like the U.S. dollars, to make payments abroad, either for foreign debt or the importation of goods or services, dividend payments and others, without prior authorization. Other restrictions also comprise the deferral of payment of certain public debt instruments and fuel price controls. Those regulations have continued to evolve, sometimes making them more or less stringent depending on the Argentine government’s perception of availability of sufficient national foreign currency reserves. The above has led to the existence of an informal foreign currency market where foreign currencies quote at levels significantly higher than the official exchange rate. However, the only exchange rate available for external commerce is the official exchange rate, which as of September 30, 2023 was Pesos 350 per dollar.

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 September 30, 2023. All amounts are shown in US dollars.

	September 30, 2023
	(unaudited)
	Functional currency
Net monetary position (Liability)/ Asset	Argentine Peso	Brazilian Reais	Uruguayan Peso	US Dollar	Total
Argentine Peso	79,279	—	—	—	79,279
Brazilian Reais	—	(559,950)	—	—	(559,950)
US Dollar	(305,894)	(294,697)	18,241	(1,736)	(584,086)
Uruguayan Peso	—	—	(96)	—	(96)
Total	(226,615)	(854,647)	18,145	(1,736)	(1,064,853)

The Group’s analysis shown on the tables below is carried out based on the exposure of each functional currency subsidiary against the US dollar. The Group estimated that, other factors being constant, a 10% appreciation of the US dollar against the respective functional currencies for the period ended September 30, 2023 would have decreased the Group’s Profit before income tax for the period. A 10% depreciation of the US dollar against the functional currencies would have an equal and opposite effect on the income statement.

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 sales in US dollars (see Hedge Accounting - Cash Flow Hedge below for details).

	September 30, 2023
	(unaudited)
	Functional currency
Net monetary position	Argentine Peso	Brazilian Reais	Uruguayan Peso	Total
US Dollar	(30,589)	(29,470)	1,824	(58,235)
(Decrease) or increase in Profit before income tax	(30,589)	(29,470)	1,824	(58,235)

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 sales 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 September 2023 and 2022, approximately 10% of projected sales 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 sales.

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 sales 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 2023 and 2024.

For the nine months period ended September 30, 2023, a loss before income tax of US$ 7,389 was recognized in other comprehensive income (September 30,2022: US$11,598) and a loss of US$ 44,512 (September 30,2022: US$ 35,145) 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 September 30, 2023 (all amounts are shown in US dollars):

	September 30, 2023
	(unaudited)
	Functional currency
Rate per currency denomination	Argentine Peso	Brazilian Reais	Uruguayan Peso	US Dollar	Total
Fixed rate:
Argentine Peso	106,159	—	—	—	106,159
Brazilian Reais	—	14,208	—	—	14,208
US Dollar	191,625	317,077	25,004	220,242	753,948
Subtotal Fixed-rate borrowings	297,784	331,285	25,004	220,242	874,315
Variable rate:
Brazilian Reais	—	205,355	—	—	205,355
US Dollar	16,820	—	—	—	16,820
Subtotal Variable-rate borrowings	16,820	205,355	—	—	222,175
Total borrowings as per analysis	314,604	536,640	25,004	220,242	1,096,490

At September 30, 2023, 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:

	September 30, 2023
	(unaudited)
	Functional currency
Rate per currency denomination	Argentine Peso	Brazilian Reais	Total
Variable rate:
Brazilian Reais	—	(2,054)	(2,054)
US Dollar	(168)	—	(168)
Decrease in profit before income tax	(168)	(2,054)	(2,222)

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

•Credit risk

As of September 30, 2023, six banks accounted for more than 80% of the total cash deposited (J.P. Morgan, Macro, Portfolio Personal Inversiones, Galicia, FCI and Credit Agricole).

•Derivative financial instruments

The following table shows the outstanding positions for each type of derivative contract as of September 30, 2023:

§Futures / Options

	September 30, 2023
Type of	Quantities (thousands) (**)	Notional	Market	Profit / (Loss) (*)
derivative contract		amount	Value Asset/ (Liability)
			(unaudited)	(unaudited)
Futures:
Sale
Soybean	20	7,172	(358)	(358)
Sugar	28	15,032	(556)	(571)
OTC:
Sugar	81	39,305	(3,908)	(4,173)
Total	129	61,509	(4,822)	(5,102)

(*)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 April 2022 the Group's subsidiary in Brazil, Usina Monte Alegre entered into a R$ 20 million loan with Itaú BBA. The loan bears interest at a fixed rate of 13.23% p.a. At the same moment and with the same bank, the Company entered into a swap operation, with the intention to effectively convert the fixed interest rate into a variable interest rate denominated in CDI (an interbank floating interest rate in Reais), plus a fixed rate of 1.29% a.a. The swap matures according to the due date of the loan, on March 24, 2024 and resulted in a recognition of a gain of US$ 6 thousand in 2023.

In December 2020 the Group's subsidiary in Brazil, Adecoagro Vale do Ivinhema entered into an interest rate swap operation 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. This contract resulted in a recognition of a gain of US$ 2 million in the three month ended September 30, 2023 (loss of US$ 1.3 million in the nine month ended September 30,2022).

▪Currency forward

During the nine months period ended on September 30, 2023, 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 a total aggregate amount of US$ 4 million. These instruments resulted in the recognition of a loss amounting to US$ 0.02 million for the nine

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)

2.    Financial risk management (continued

months period ended September 30, 2023. The currency forward contracts maturity dates range between October and November 2023.

Also, the Group entered into several currency forward contracts to hedge the fluctuation of the U.S. Dollar against the Euro for a total notional amount of US$ 0.23 million. The currency forward contracts maturity date is December 2023. The outstanding contracts resulted in the recognition of a non-significant loss for the nine-months period ended September 30, 2023.

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

3.    Segment information

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. The Group’s CODM is the Management Committee. IFRS 8 stipulates external segment reporting based on the Group’s internal organizational and management structure and on internal financial reporting to the chief operating decision maker.

The Group operates in three major lines of business, namely, Farming; Sugar, Ethanol and Energy; and Land Transformation.

•The ‘Farming’ 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 the Group’s control. Management is focused on the long-term performance of the productive land, and to that extent, the performance is assessed 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.

•All Other Segments’ which consists of the aggregation of the remaining non-reportable operating segments, which do not meet the quantitative thresholds for disclosure, namely, Coffee and Cattle.

•‘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;

•‘Land Transformation’ Segment comprises the (i) identification and acquisition of underdeveloped and undermanaged farmland businesses; and (ii) realization of value through the strategic disposition of assets (generating profits).

Total segment assets and liabilities are measured in a manner consistent with that of the Consolidated Financial Statements. These assets and liabilities are allocated based on the operations of the segment and the physical location of the asset.

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)

Effective July 1, 2018, the Group applied IAS 29 “Financial Reporting in Hyperinflationary Economies” (“IAS 29”) to its operations in Argentina. IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of entities whose functional currency is that of a hyperinflationary economy be adjusted for the effects of changes in the general price index and be expressed in terms of the current unit of measurement at the closing date of the reporting period (“inflation accounting”). In order to determine whether an economy is classified as hyperinflationary, IAS 29 sets forth a series of factors to be considered, including whether the amount of cumulative inflation nears or exceeds a threshold of 100 % accumulated in three years. Argentina has been classified as a hyperinflationary economy under the terms of IAS 29. 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 should be 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, the Group’s 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.

Following the adoption of IAS 29 to the Argentine operations of the Group, management changed the information reviewed by the CODM. Accordingly, as from July 1, 2018, (commencement of hyper-inflation accounting in Argentina), the information provided to the CODM departs from the application of IAS 29 and IAS 21 re-measurement and translation processes. For segment reporting purposes, the segment results of the Argentine operations for each reporting period were adjusted for inflation and translated into the Group’s 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 procedures outlined above.

In order to evaluate the segment’s performance on a monthly basis, results of operations in Argentina are based on monthly data adjusted for inflation and converted into the average exchange rate of the U.S. Dollar each month. These already converted figures are subsequently not readjusted and reconverted as described above under IAS 29 and IAS 21. It should be noted that this translation methodology for evaluating segment information is the same that the Group uses to translate results of operation from its other subsidiaries from other 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.

The Group’s 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 following tables show a reconciliation of the reportable segments where the information reviewed by the CODM differs from the reportable segment information measured in accordance with IAS 29 and IAS 21 as per the Consolidated Financial Statements for all years 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 the CODM and the information included in the Consolidated 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 nine-month period ended

September 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
Sales of goods sold and services rendered	167,197	(3,007)	164,190	195,652	(1,006)	194,646	192,084	(3,288)	188,796
Cost of goods and services rendered	(146,816)	2,712	(144,104)	(140,163)	(42)	(140,205)	(160,349)	2,668	(157,681)
Initial recognition and changes in fair value of biological assets and agricultural produce	3,328	(457)	2,871	5,645	(156)	5,489	9,902	(509)	9,393
Gain from changes in net realizable value of agricultural produce after harvest	(337)	105	(232)	—	—	—	—	—	—
Margin on Manufacturing and Agricultural Activities Before Operating Expenses	23,372	(647)	22,725	61,134	(1,204)	59,930	41,637	(1,129)	40,508
General and administrative expenses	(12,690)	393	(12,297)	(10,875)	232	(10,643)	(7,382)	189	(7,193)
Selling expenses	(17,131)	315	(16,816)	(25,409)	446	(24,963)	(19,488)	384	(19,104)
Other operating income, net	875	(105)	770	2,919	1	2,920	(226)	5	(221)
Profit from Operations	(5,574)	(44)	(5,618)	27,769	(525)	27,244	14,541	(551)	13,990
Depreciation of Property, plant and equipment and amortization of Intangible assets	(6,181)	159	(6,022)	(10,360)	217	(10,143)	(8,014)	203	(7,811)

September 30,2023 (unaudited)	All other segments			Corporate			Total
	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
Sales of goods sold and services rendered	4,108	(76)	4,032	—	—	—	1,042,302	(7,377)	1,034,925
Cost of goods and services rendered	(3,643)	65	(3,578)	—	—	—	(775,074)	5,403	(769,671)
Initial recognition and changes in fair value of biological assets and agricultural produce	189	109	298	—	—	—	117,021	(1,013)	116,008
Gain from changes in net realizable value of agricultural produce after harvest	—	—	—	—	—	—	(504)	105	(399)
Margin on Manufacturing and Agricultural Activities Before Operating Expenses	654	98	752	—	—	—	383,745	(2,882)	380,863
General and administrative expenses	(146)	3	(143)	(17,650)	160	(17,490)	(66,971)	977	(65,994)
Selling expenses	(296)	9	(287)	(108)	—	(108)	(106,024)	1,154	(104,870)
Other operating income, net	(1,136)	187	(949)	(64)	(3)	(67)	(7,013)	86	(6,927)
Profit from Operations	(924)	297	(627)	(17,822)	157	(17,665)	203,737	(665)	203,072
Depreciation of Property, plant and equipment and amortization of Intangible assets	(145)	4	(141)	(949)	24	(925)	(155,725)	607	(155,118)
Net loss from Fair value adjustment of Investment property	(1,100)	187	(913)	—	—	—	(1,100)	187	(913)

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 nine-month period ended

September 30,2022 (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
Sales of goods sold and services rendered	220,993	2,344	223,337	138,974	1,124	140,098	181,504	2,893	184,397
Cost of goods and services rendered	(205,228)	(2,422)	(207,650)	(114,034)	(1,246)	(115,280)	(156,210)	(2,428)	(158,638)
Initial recognition and changes in fair value of biological assets and agricultural produce	64,948	2,821	67,769	14,952	954	15,906	19,634	442	20,076
Gain from changes in net realizable value of agricultural produce after harvest	(22,506)	(351)	(22,857)	—	—	—	—	—	—
Margin on Manufacturing and Agricultural Activities Before Operating Expenses	58,207	2,392	60,599	39,892	832	40,724	44,928	907	45,835
General and administrative expenses	(11,100)	(361)	(11,461)	(9,440)	(223)	(9,663)	(7,986)	(113)	(8,099)
Selling expenses	(23,257)	(334)	(23,591)	(23,318)	(367)	(23,685)	(20,727)	(599)	(21,326)
Other operating income, net	637	(736)	(99)	649	—	649	(110)	(5)	(115)
Bargain purchase gain	—	—	—	11,976	79	12,055	—	—	—
Profit from Operations	24,487	961	25,448	19,759	321	20,080	16,105	190	16,295
Depreciation of Property, plant and equipment and amortization of Intangible assets	(5,769)	(178)	(5,947)	(7,470)	(225)	(7,695)	(7,494)	(238)	(7,732)

September 30,2022 (unaudited)	All other segments			Corporate			Total
	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
Sales of goods sold and services rendered	4,034	48	4,082	—	—	—	969,691	6,409	976,100
Cost of goods and services rendered	(3,494)	(27)	(3,521)	—	—	—	(774,755)	(6,123)	(780,878)
Initial recognition and changes in fair value of biological assets and agricultural produce	(122)	21	(101)	—	—	—	177,129	4,238	181,367
Gain from changes in net realizable value of agricultural produce after harvest	—	—	—	—	—	—	(23,440)	(351)	(23,791)
Margin on Manufacturing and Agricultural Activities Before Operating Expenses	418	42	460	—	—	—	348,625	4,173	352,798
General and administrative expenses	(184)	(5)	(189)	(18,719)	(710)	(19,429)	(63,563)	(1,418)	(64,981)
Selling expenses	(210)	(3)	(213)	(115)	(8)	(123)	(102,658)	(1,311)	(103,969)
Other operating income, net	(3,645)	(264)	(3,909)	(35)	23	(12)	4,513	(976)	3,537
Bargain purchase gain	—	—	—	—	—	—	11,976	79	12,055
Profit from Operations Before Financing and Taxation	(3,621)	(230)	(3,851)	(18,869)	(695)	(19,564)	198,893	547	199,440
Depreciation of Property, plant and equipment and amortization of Intangible assets	(176)	(6)	(182)	(677)	(18)	(695)	(136,537)	(665)	(137,202)
Net gain from Fair value adjustment of Investment property	(3,615)	(263)	(3,878)	—	—	—	(3,615)	(263)	(3,878)

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 nine-month period ended September 30, 2023 (unaudited)

	Farming					Sugar, Ethanol and Energy	Land Transformation	Corporate	Total
	Crops	Rice	Dairy	All Other Segments	Farming subtotal
Sales of goods and services rendered	167,197	195,652	192,084	4,108	559,041	483,261	—	—	1,042,302
Cost of goods sold and services rendered	(146,816)	(140,163)	(160,349)	(3,643)	(450,971)	(324,103)	—	—	(775,074)
Initial recognition and changes in fair value of biological assets and agricultural produce	3,328	5,645	9,902	189	19,064	97,957	—	—	117,021
Changes in net realizable value of agricultural produce after harvest	(337)	—	—	—	(337)	(167)	—	—	(504)
Margin on manufacturing and agricultural activities before operating expenses	23,372	61,134	41,637	654	126,797	256,948	—	—	383,745
General and administrative expenses	(12,690)	(10,875)	(7,382)	(146)	(31,093)	(18,228)	—	(17,650)	(66,971)
Selling expenses	(17,131)	(25,409)	(19,488)	(296)	(62,324)	(43,592)	—	(108)	(106,024)
Other operating income / (loss), net	875	2,919	(226)	(1,136)	2,432	(17,043)	7,662	(64)	(7,013)
Profit / (loss) from operations	(5,574)	27,769	14,541	(924)	35,812	178,085	7,662	(17,822)	203,737
Depreciation of Property, plant and equipment and amortization of Intangible assets	(6,181)	(10,360)	(8,014)	(145)	(24,700)	(130,076)	—	(949)	(155,725)
Net loss from Fair value adjustment of Investment property	—	—	—	(1,100)	(1,100)	—	—	—	(1,100)
Transfer of revaluation surplus derived from disposals of assets before taxes	—	—	—	—	—	—	20,245	—	20,245
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	2,034	1,539	(12,668)	46	(9,049)	18,854	—	—	9,805
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	1,294	4,106	22,570	143	28,113	79,103	—	—	107,216
Changes in net realizable value of agricultural produce after harvest (unrealized)	(1,622)	—	—	—	(1,622)	—	—	—	(1,622)
Changes in net realizable value of agricultural produce after harvest (realized)	1,285	—	—	—	1,285	(167)	—	—	1,118
As of September 30, 2023:
Farmlands and farmland improvements, net	427,571	141,151	7,160	56,935	632,817	79,331	—	—	712,148
Machinery, equipment, building and facilities, and other fixed assets, net	44,650	71,233	103,689	3,319	222,891	181,110	—	—	404,001
Bearer plants, net	1,087	—	—	—	1,087	411,380	—	—	412,467
Work in progress	6,966	24,334	19,567	2,431	53,298	14,986	—	379	68,663
Right of use asset	18,277	15,132	55	825	34,289	360,944	—	858	396,091
Investment property	—	—	—	33,364	33,364	—	—	—	33,364
Goodwill	8,217	5,413	—	1,138	14,768	4,360	—	—	19,128
Biological assets	23,816	25,385	29,882	9,035	88,118	135,048	—	—	223,166
Finished goods	46,597	13,104	9,411	—	69,112	165,186	—	—	234,298
Raw materials, Stocks held by third parties and others	62,084	43,010	15,180	277	120,551	20,535	—	—	141,086
Total segment assets	639,265	338,762	184,944	107,324	1,270,295	1,372,880	—	1,237	2,644,412
Borrowings	137,187	103,750	134,979	—	375,916	524,367	—	196,207	1,096,490
Lease liabilities	17,861	15,549	414	660	34,484	333,415	—	230	368,129
Total segment liabilities	155,048	119,299	135,393	660	410,400	857,782	—	196,437	1,464,619

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 nine-month period ended September 30, 2022 (unaudited)

	Farming					Sugar, Ethanol and Energy	Land Transformation	Corporate	Total
	Crops	Rice	Dairy	All Other Segments	Farming subtotal
Sales of goods and services rendered	220,993	138,974	181,504	4,034	545,505	424,186	—	—	969,691
Cost of goods sold and services rendered	(205,228)	(114,034)	(156,210)	(3,494)	(478,966)	(295,789)	—	—	(774,755)
Initial recognition and changes in fair value of biological assets and agricultural produce	64,948	14,952	19,634	(122)	99,412	77,717	—	—	177,129
Changes in net realizable value of agricultural produce after harvest	(22,506)	—	—	—	(22,506)	(934)	—	—	(23,440)
Margin on manufacturing and agricultural activities before operating expenses	58,207	39,892	44,928	418	143,445	205,180	—	—	348,625
General and administrative expenses	(11,100)	(9,440)	(7,986)	(184)	(28,710)	(16,134)	—	(18,719)	(63,563)
Selling expenses	(23,257)	(23,318)	(20,727)	(210)	(67,512)	(35,031)	—	(115)	(102,658)
Other operating income / (loss), net	637	649	(110)	(3,645)	(2,469)	3,672	3,345	(35)	4,513
Bargain purchase gain	—	11,976	—	—	11,976	—	—	—	11,976
Profit from Operations	24,487	19,759	16,105	(3,621)	56,730	157,687	3,345	(18,869)	198,893
Depreciation of Property, plant and equipment and amortization of Intangible assets	(5,769)	(7,470)	(7,494)	(176)	(20,909)	(114,951)	—	(677)	(136,537)
Net gain from Fair value adjustment of Investment property	—	—	—	(3,615)	(3,615)	—	—	—	(3,615)
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	12,136	6,964	(774)	(522)	17,804	33,949	—	—	51,753
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	52,812	7,988	20,408	400	81,608	43,768	—	—	125,376
Changes in net realizable value of agricultural produce after harvest (unrealized)	(3,572)	—	—	—	(3,572)	—	—	—	(3,572)
Changes in net realizable value of agricultural produce after harvest (realized)	(18,934)	—	—	—	(18,934)	(934)	—	—	(19,868)
As of December 31, 2022:
Farmlands and farmland improvements, net	457,286	149,251	2,221	56,928	665,686	78,647	—	—	744,333
Machinery, equipment, building and facilities, and other fixed assets, net	48,691	58,827	108,589	1,792	217,899	171,307	—	—	389,206
Bearer plants, net	1,057	—	—	—	1,057	351,670	—	—	352,727
Work in progress	7,021	29,061	22,325	2,399	60,806	18,283	—	—	79,089
Right of use assets	18,952	8,594	711	—	28,257	330,681	—	1,243	360,181
Investment property	—	—	—	33,330	33,330	—	—	—	33,330
Goodwill	7,990	1,106	5,263	—	14,359	4,185	—	—	18,544
Biological assets	66,002	52,752	30,045	8,214	157,013	109,431	—	—	266,444
Finished goods	37,539	13,659	12,825	—	64,023	88,693	—	—	152,716
Raw materials, Stocks held by third parties and others	62,911	22,129	8,700	291	94,031	27,275	—	—	121,306
Total segment assets	707,449	335,379	190,679	102,954	1,336,461	1,180,172	—	1,243	2,517,876
Borrowings	41,493	113,133	138,241	—	292,867	587,865	—	127,020	1,007,752
Lease liabilities	18,234	8,281	623	—	27,138	310,162	—	680	337,980
Total segment liabilities	59,727	121,414	138,864	—	320,005	898,027	—	127,700	1,345,732

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.    Sales

	September 30, 2023	September 30, 2022
	(unaudited)
Sales of manufactured products and services rendered:
Ethanol	161,482	282,377
Sugar	279,195	96,695
Energy (*)	26,622	26,451
Peanut	48,647	44,621
Sunflower	7,194	11,888
Cotton	6,405	4,872
Rice (*)	170,006	119,679
Fluid milk (UHT)	84,081	58,115
Powder milk	36,354	72,038
Other dairy products	36,871	28,929
Services	6,268	7,488
Rental income	1,530	586
Others	34,181	29,853
	898,836	783,592
Sales of agricultural produce and biological assets:
Soybean	50,108	77,397
Corn	28,534	60,935
Wheat	9,309	15,104
Rice	—	3,352
Sunflower	10,460	7,124
Barley	3,983	4,181
Milk	17,852	13,538
Cattle	3,578	3,521
Cattle for dairy	8,035	6,183
Others	4,230	1,173
	136,089	192,508
Total sales	1,034,925	976,100

(*) Includes sales of mwh of energy and tons rice produced by third parties for an amount of US$ 1.7 million and US$ 22.3 million, respectively (September 30, 2022: sales of mwh of energy, tons rice and power milk US$ 1.8 million, US$ 0.9 million and US$ 0.4 million, respectively).

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$ 127.1 million as of September 30, 2023 (September 30, 2022: US$ 112.8 million) comprised primarily of 28,071 liters of ethanol (US$ 16.12 million), 358,120 mwh of energy (US$ 21.16 million),

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)

148,753 tons of sugar (US$ 79.21 million), 18,029 tons of soybean (US$ 6.19 million) and 14,673 tons of wheat (US$ 3.59 million) which expire between December 2023 and May 2024.

5.    Cost of goods sold and services rendered

For the nine-month period ended September 30, 2023:

	September 30, 2023 (unaudited)
	Crops	Rice	Dairy	All other segments	Sugar, Ethanol and Energy	Total
Finished goods at the beginning of 2023 (Note 18)	37,539	13,659	12,825	—	88,693	152,716
Cost of production of manufactured products (Note 6)	52,557	127,443	137,833	—	404,039	721,872
Purchases	9,513	27,270	360	—	2,449	39,592
Agricultural produce	140,146	—	17,852	3,578	9,736	171,312
Transfer to raw material	(60,727)	(7,321)	—	—	—	(68,048)
Direct agricultural selling expenses	12,537	—	—	—	—	12,537
Tax recoveries (i)	—	—	—	—	(15,187)	(15,187)
Changes in net realizable value of agricultural produce after harvest	(232)	—	—	—	(167)	(399)
Finished goods as of September 30, 2023 (Note 18)	(46,597)	(13,104)	(9,411)	—	(165,186)	(234,298)
Exchange differences	(632)	(7,742)	(1,778)	—	(274)	(10,426)
Cost of goods sold and services rendered, and direct agricultural selling expenses period	144,104	140,205	157,681	3,578	324,103	769,671

(i): Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values.

For the nine-month period ended September 30, 2022:

	September 30, 2022 (unaudited)
	Crops	Rice	Dairy	All other segments	Sugar, Ethanol and Energy	Total
Finished goods at the beginning of 2022	37,225	5,015	15,157	—	80,857	138,254
Cost of production of manufactured products (Note 6)	51,761	126,378	140,882	—	325,918	644,939
Purchases	22,907	624	606	—	787	24,924
Acquisition of subsidiaries	—	7,964	—	—	—	7,964
Agricultural produce	221,787	2,207	13,562	3,521	11,571	252,648
Transfer to raw material	(70,099)	(7,326)	—	—	—	(77,425)
Direct agricultural selling expenses	22,043	—	—	—	—	22,043
Tax recoveries (i)	—	—	—	—	(14,350)	(14,350)
Changes in net realizable value of agricultural produce after harvest	(22,857)	—	—	—	(934)	(23,791)
Finished goods as of September 30, 2022	(44,805)	(15,913)	(7,968)	—	(110,649)	(179,335)
Exchange differences	(10,312)	(3,669)	(3,601)	—	2,589	(14,993)
Cost of goods sold and services rendered, and direct agricultural selling expenses period	207,650	115,280	158,638	3,521	295,789	780,878

(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:

Expenses by nature for the nine-months period ended September 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	2,895	9,873	8,761	34,042	55,571	26,833	7,919	90,323
Raw materials and consumables	276	629	22,393	6,652	29,950	—	—	29,950
Depreciation and amortization	3,519	4,319	3,401	97,635	108,874	14,638	1,010	124,522
Depreciation of right-of-use assets	—	36	527	7,005	7,568	10,084	278	17,930
Fuel, lubricants and others	181	604	1,491	27,717	29,993	482	251	30,726
Maintenance and repairs	804	2,136	1,687	23,199	27,826	1,115	492	29,433
Freights	112	8,340	2,124	72	10,648	—	46,021	56,669
Export taxes / selling taxes	—	—	—	—	—	—	23,926	23,926
Export expenses	—	—	—	—	—	—	11,964	11,964
Contractors and services	2,857	2,255	87	7,861	13,060	—	(90)	12,970
Energy transmission	—	—	—	—	—	—	1,945	1,945
Energy power	1,016	2,360	2,007	584	5,967	339	87	6,393
Professional fees	43	80	71	736	930	7,071	1,116	9,117
Other taxes	15	141	118	3,391	3,665	550	25	4,240
Contingencies	—	—	—	—	—	857	—	857
Lease expense and similar arrangements	98	571	163	—	832	780	307	1,919
Third parties raw materials	2,913	29,634	54,581	22,432	109,560	—	—	109,560
Others	616	1,210	1,529	4,713	8,068	3,245	9,619	20,932
Subtotal	15,345	62,188	98,940	236,039	412,512	65,994	104,870	583,376
Own agricultural produce consumed	37,212	65,255	38,893	168,000	309,360	—	—	309,360
Total	52,557	127,443	137,833	404,039	721,872	65,994	104,870	892,736

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)

Expenses by nature for nine-month period ended September 30, 2022 (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	3,237	9,015	8,904	26,893	48,049	29,283	6,966	84,298
Raw materials and consumables	249	647	24,181	11,460	36,537	—	—	36,537
Depreciation and amortization	3,415	2,850	3,438	88,554	98,257	12,763	736	111,756
Depreciation of right-of-use assets	—	89	503	5,332	5,924	7,480	66	13,470
Fuel, lubricants and others	208	192	1,566	27,848	29,814	522	248	30,584
Maintenance and repairs	1,158	2,000	1,523	16,640	21,321	1,432	654	23,407
Freights	356	9,172	2,107	71	11,706	—	39,331	51,037
Export taxes / selling taxes	—	—	—	—	—	—	13,434	13,434
Export expenses	—	—	—	—	—	—	31,059	31,059
Contractors and services	2,241	295	404	4,881	7,821	—	—	7,821
Energy transmission	—	—	—	—	—	—	2,056	2,056
Energy power	1,297	2,580	2,520	612	7,009	301	76	7,386
Professional fees	41	64	90	566	761	6,234	550	7,545
Other taxes	21	91	85	1,559	1,756	761	50	2,567
Contingencies	—	—	—	—	—	457	—	457
Lease expense and similar arrangements	160	516	149	—	825	891	196	1,912
Third parties raw materials	1,934	16,846	54,817	12,239	85,836	—	—	85,836
Others	1,038	2,414	1,029	2,847	7,328	4,857	8,547	20,732
Subtotal	15,355	46,771	101,316	199,502	362,944	64,981	103,969	531,894
Own agricultural produce consumed	36,406	79,607	39,566	126,416	281,995	—	—	281,995
Total	51,761	126,378	140,882	325,918	644,939	64,981	103,969	813,889

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

	September 30, 2023	September 30, 2022
	(unaudited)
Wages and salaries	106,440	97,027
Social security costs	32,719	29,608
Equity-settled share-based compensation	6,684	7,422
	145,843	134,057

8.    Other operating (expense) / income, net

	September 30, 2023	September 30, 2022
	(unaudited)
Gain from disposals of farmland and other assets (Note 20)	9,526	—
Loss from commodity derivative financial instruments	(12,464)	(2,683)
Gain from disposal of other property items	1,828	2,962
Net loss from fair value adjustment of Investment property	(913)	(3,878)
Others	(4,904)	7,136
	(6,927)	3,537

9.    Financial results, net

	September 30, 2023	September 30, 2022
	(unaudited)
Finance income:
- Interest income	3,334	4,360
- Foreign exchange gain, net	33,954	12,642
- Gain from interest rate/foreign exchange rate derivative financial instruments	1,736	—
- Other income	66,759	165
Finance income	105,783	17,167
Finance costs:
- Interest expense	(34,660)	(32,368)
- Finance cost related to lease liabilities	(28,812)	(22,657)
- Cash flow hedge – transfer from equity	(43,221)	(35,575)
- Taxes	(5,670)	(3,632)
- Loss from interest rate/foreign exchange rate derivative financial instruments	—	(1,192)
- Other expenses	(5,278)	(6,121)
Finance costs	(117,641)	(101,545)
Other financial results - Net gain of inflation effects on the monetary items	5,072	14,677
Total financial results, net	(6,786)	(69,701)

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)

10.    Taxation

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.

	September 30, 2023	September 30, 2022
	(unaudited)
Current income tax	(6,485)	(4,364)
Deferred income tax	(45,289)	(19,501)
Income tax (expense)	(51,774)	(23,865)

Argentine has a income tax scheme which establish increasing rates, which starts in 25% and reach 35% for income tax gains over Pesos 143 million (U$D 0.7 million).

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

	September 30, 2023	September 30, 2022
	(unaudited)
Beginning of period	(292,656)	(255,527)
Exchange differences	(9,580)	(35,779)
Effect of fair value valuation for farmlands	5,236	30,495
Acquisition of subsidiary (Note 20)	—	(1,662)
Disposal of farmland (Note 20)	7,081	—
Tax charge relating to cash flow hedge (i)	(10,639)	(7,512)
Others	1,008	(376)
Income tax (expense)	(45,289)	(19,501)
End of period	(344,839)	(289,862)

(i)It relates to the amount reclassified of US$ 8,861 loss and US$ 35,145 gain from equity to profit and loss for the nine-month period ended September 30, 2023 and 2022, respectively.

Tax Inflation Adjustment in Argentina

Laws 27,430, 27,468 and 27,541 introduced several amendments to the provisions allowing the application of adjustments for inflation provided by the Income Tax Law. Effective as from fiscal years beginning on or after January 1, 2018, the inflation adjustment procedure set out in Title VI of the Income Tax Law (the “Title VI Procedure”) shall be applicable in such fiscal years in which the accumulated variation of the CPI (“Consumer Price Index”) measured within the 36 months immediately preceding the end of the relevant fiscal year, is higher than 100%.The Title VI Procedure would be applicable as from the effective date because the CPI variation reached the prescribed limits.

However, Section 39 of Law No. 24,073 suspended the application of Title VI relating to the income tax inflation adjustment since April 1, 1992 to certain items, such as, fixed assets, inventory, and tax loss carryforwards, among others.

After the economic crisis of 2002, many taxpayers began to question the legality of the provisions suspending the income tax inflation adjustment. The Argentine Supreme Court of Justice issued a verdict in the “Candy” case dated July 3, 2009 in which the court stated that, in particular for fiscal year 2002, and considering the state of disarray of the economic variables, the taxpayer could apply the tax inflation adjustment if it could demonstrate that its non-application would result in confiscatory income tax rates.

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 (continued)

More recently, the Argentine Supreme Court of Justice applied a similar criterion to the 2010, 2011, 2012 and 2014 fiscal years in the cases brought by “Distribuidora Gas del Centro” (10/14/14, 06/02/15, 10/04/16 and 06/25/19), among others, enabling the application of income tax inflation adjustment for periods not affected by a severe economic crisis such as the 2002 crisis in Argentina.

Management believes that the non-application of the income tax inflation adjustment would result in confiscatory income tax rates. Accordingly, based on the judicial precedents and on the opinion of external and internal tax advisors, the Company has adjusted all items for inflation including those suspended by Section 39 of Law 24,073 as described above.

The application of tax laws requires interpretation, and accordingly involves the application of judgement and is open to challenge by the relevant tax authorities. This gives rise to a level of uncertainty. Provisions for uncertain tax positions are established in accordance with IFRIC 23 based on an assessment of the range of likely tax outcomes in open years and reflecting the strength of technical arguments. Amounts are provided for individual tax uncertainties based on management’s assessment of whether the most likely amount or an expected amount based on a probability weighted methodology is the more appropriate predicter of amounts that the Company is ultimately expected to settle. When making this assessment, the Company utilizes specialist in-house tax knowledge and experience and takes into consideration specialist tax advice from third party advisers on specific items. The Company has not provided any amount in this case based on its belief that it has solid arguments to support its position.

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:

	September 30, 2023	September 30, 2022
	(unaudited)
Tax calculated at the tax rates applicable to profits in the respective countries	(65,968)	(41,354)
Non-deductible items	(1,121)	(386)
Effect of the changes in the statutory income tax rate in Argentina	2,933	118
Non-taxable income	14,023	14,342
Tax losses where no deferred tax asset was recognized	(794)	(97)
Previously unrecognized tax losses now recouped to reduce tax expenses (1)	33,913	16,830
Effect of IAS 29 on Argentina´s Shareholder´s equity and deferred income tax.	(32,933)	(16,704)
Others	(1,827)	3,386
Income tax (expense)	(51,774)	(23,865)

(1) 2023 includes 31,823 of adjustment by inflation of tax loss carryforwards in Argentina (16,830 in 2022).

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)

11.    Property, plant and equipment

Changes in the Group’s property, plant and equipment for the nine-month periods ended September 30, 2023 and 2022 (unaudited) were as follows:

	Farmlands	Farmland improvements	Buildings and facilities	Machinery, equipment, furniture and Fittings	Bearer plants	Others	Work in progress	Total
Nine-month period ended September 30, 2022
Opening net book amount.	711,261	16,579	207,679	83,183	294,982	27,571	81,368	1,422,623
Exchange differences	103,250	1,850	15,780	15,465	5,948	1,514	10,513	154,320
Additions	—	—	10,983	51,193	81,584	2,296	32,900	178,956
Revaluation surplus	(86,817)	—	—	—	—	—	—	(86,817)
Acquisition of subsidiaries	552	—	21,174	—	—	—	—	21,726
Transfers	—	—	19,662	8,019	—	(187)	(27,494)	—
Disposals	—	—	—	(1,346)	—	(127)	—	(1,473)
Reclassification to non-income tax credits (*)	—	—	—	(77)	—	—	—	(77)
Depreciation	—	(1,870)	(22,355)	(59,613)	(50,024)	(1,879)	—	(135,741)
Closing net book amount	728,246	16,559	252,923	96,824	332,490	29,188	97,287	1,553,517
At September 30, 2022 (unaudited)
Cost	728,246	44,288	502,792	876,447	818,294	51,908	97,287	3,119,262
Accumulated depreciation	—	(27,729)	(249,869)	(779,623)	(485,804)	(22,720)	—	(1,565,745)
Net book amount	728,246	16,559	252,923	96,824	332,490	29,188	97,287	1,553,517
Nine-month period ended September 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	22,036	427	4,301	13,514	11,773	475	2,241	54,767
Additions	—	—	10,348	46,190	103,325	510	28,248	188,621
Revaluation surplus	(14,760)	—	—	—	—	—	—	(14,760)
Transfers	—	436	17,842	13,680	8,939	18	(40,915)	—
Disposals	(37,432)	—	(3,061)	(2,437)	—	(40)	—	(42,970)
Reclassification to non-income tax credits (*)	—	—	—	(201)	—	—	—	(201)
Depreciation	—	(2,892)	(24,603)	(60,145)	(64,297)	(1,596)	—	(153,533)
Closing net book amount	697,435	14,713	273,207	101,813	412,467	28,981	68,663	1,597,279
At September 30, 2023 (unaudited)
Cost	697,435	47,011	555,894	963,918	982,860	53,809	68,663	3,369,590
Accumulated depreciation	—	(32,298)	(282,687)	(862,105)	(570,393)	(24,828)	—	(1,772,311)
Net book amount	697,435	14,713	273,207	101,813	412,467	28,981	68,663	1,597,279

(*) Brazilian federal tax law allows entities to take a percentage of the total cost of the assets purchased as a tax credit. As of September 30, 2023, 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- 26

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 (continued)

The Group determined the valuation of farmlands (US$ 697 million as of September 30, 2023) 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 September 30, 2023 would have reduced the value of the farmlands US$ 69.7 million, which would impact, net of its tax effect on 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” and capitalized in “Property, plant and equipment” for the nine-month periods ended September 30, 2023 and 2022.

As of September 30, 2023, borrowing costs of US$ 2,993 (September 30, 2022: US$ 2,447) 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$ 140,542 as of September 30, 2023 (September 30, 2022: U$S 124,554).

12.    Right of use assets

Changes in the Group’s right of use assets for the nine-month periods ended September 30, 2023 and 2022 were as follows:

	Agricultural partnership (*)	Others	Total
	(unaudited)
As of September 30, 2022
Opening net book amount	235,971	24,805	260,776
Exchange differences	3,215	744	3,959
Additions and re-measurement	110,436	5,335	115,771
Depreciation	(43,700)	(4,167)	(47,867)
Closing net book amount	305,922	26,717	332,639
As of September 30, 2023
Opening net book amount	333,562	26,619	360,181
Exchange differences	13,594	1,046	14,640
Additions and re-measurement	78,512	2,617	81,129
Depreciation	(51,297)	(8,562)	(59,859)
Closing net book amount	374,371	21,720	396,091

(*) Agricultural partnerships have an average term of 6 years.

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

(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 nine-month periods ended September 30, 2023 and 2022 were as follows:

	September 30, 2023	September 30, 2022
	(unaudited)
Beginning of period	33,330	32,132
Loss from fair value adjustment (Note 8)	(913)	(3,878)
Exchange differences	947	5,076
End of period	33,364	33,330
Cost	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 of the valuation techniques during September 30, 2023 and 2022.The Group estimated that, other factors being constant, a 10% reduction on the Sales price as of September 30, 2023 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- 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)

14.    Intangible assets

Changes in the Group’s intangible assets in the nine-month periods ended September 30, 2023 and 2022 (unaudited) were as follows:

	Goodwill	Software	Trademarks	Others	Total
As of September 30, 2022
Opening net book amount	16,626	6,485	8,191	35	31,337
Exchange differences	2,134	757	1,093	(2)	3,982
Additions	—	1,024	422	722	2,168
Amortization charge (i)	—	(1,077)	(333)	(51)	(1,461)
Closing net book amount	18,760	7,189	9,373	704	36,026
At September 30, 2022 (unaudited)
Cost	18,760	15,998	12,040	1,230	48,028
Accumulated amortization	—	(8,809)	(2,667)	(526)	(12,002)
Net book amount	18,760	7,189	9,373	704	36,026
As of September 30, 2023
Opening net book amount	18,544	7,742	9,101	733	36,120
Exchange differences	584	1,311	1,615	34	3,544
Additions	—	1,349	—	7	1,356
Amortization charge (i)	—	(1,185)	(343)	(57)	(1,585)
Closing net book amount	19,128	9,217	10,373	717	39,435
At September 30, 2023 (unaudited)
Cost	19,128	19,918	13,463	1,318	53,827
Accumulated amortization	—	(10,701)	(3,090)	(601)	(14,392)
Net book amount	19,128	9,217	10,373	717	39,435

(i) Amortization charges are included in “General and administrative expenses” and “Selling expenses” for the period ended September 30, 2023 and 2022, 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 (see Note 30).

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)

15.    Biological assets

Changes in the Group’s biological assets in the nine-month periods ended September 30, 2023 and 2022 were as follows:

	September 30, 2023 (unaudited)
	Crops (i)	Rice (i)	Dairy	All other segments	Sugarcane (i)	Total
Beginning of year	66,002	52,752	30,045	8,214	109,431	266,444
Increase due to purchases	—	—	—	770	—	770
Initial recognition and changes in fair value of biological assets	2,871	5,489	9,393	298	97,957	116,008
Decrease due to harvest / disposals	(140,146)	(83,573)	(65,417)	(4,836)	(184,162)	(478,134)
Costs incurred during the period	93,189	49,544	55,008	4,356	104,943	307,040
Exchange differences	1,900	1,173	853	233	6,879	11,038
End of period	23,816	25,385	29,882	9,035	135,048	223,166

	September 30, 2022 (unaudited)
	Crops (i)	Rice (i)	Dairy	All other segments	Sugarcane (i)	Total
Beginning of year	54,886	42,729	18,979	7,257	71,327	195,178
Increase due to purchases	—	—	—	2,850	—	2,850
Acquisition of subsidiaries (Note 20)	—	1,676	—	—	—	1,676
Initial recognition and changes in fair value of biological assets	67,769	15,906	20,076	(101)	77,717	181,367
Decrease due to harvest / disposals	(221,787)	(81,801)	(61,419)	(4,560)	(143,671)	(513,238)
Costs incurred during the period	125,590	41,055	45,369	3,002	85,159	300,175
Exchange differences	8,575	6,750	2,998	1,145	625	20,093
End of period	35,033	26,315	26,003	9,593	91,157	188,101

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

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 of the audited annual financial statements for the year ended December 31, 2022 described in Note 16. Please see Level 3 definition in Note 16 of these condensed consolidated interim financial statements.

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 (continued)

Cost of production for the nine-month period ended September 30, 2023:

	September 30, 2023
	(unaudited)
	Crops	Rice	Dairy	All other segments	Sugar, Ethanol and Energy	Total
Salaries, social security expenses and employee benefits	2,988	7,999	7,346	701	9,997	29,031
Depreciation and amortization	—	—	—	—	3,707	3,707
Depreciation of right-of-use assets	—	—	—	—	41,764	41,764
Fertilizers, agrochemicals and seeds	27,263	9,112	1	1	33,235	69,612
Fuel, lubricants and others	835	1,034	993	67	2,731	5,660
Maintenance and repairs	1,852	5,773	3,128	353	2,663	13,769
Freights	2,278	390	103	211	—	2,982
Contractors and services	27,092	19,832	—	11	7,567	54,502
Feeding expenses	—	—	26,255	1,755	—	28,010
Veterinary expenses	—	—	2,536	221	—	2,757
Energy power	28	1,663	1,590	6	—	3,287
Professional fees	354	371	216	11	316	1,268
Other taxes	625	107	153	74	45	1,004
Lease expense and similar arrangements	29,088	2,174	1	4	1,451	32,718
Others	786	1,089	437	247	1,467	4,026
Subtotal	93,189	49,544	42,759	3,662	104,943	294,097
Own agricultural produce consumed	—	—	12,249	694	—	12,943
Total	93,189	49,544	55,008	4,356	104,943	307,040

Cost of production for the nine-month period ended September 30, 2022:

	September 30, 2022
	(unaudited)
	Crops	Rice	Dairy	All other segments	Sugar, Ethanol and Energy	Total
Salaries, social security expenses and employee benefits	3,691	7,807	5,625	710	8,659	26,492
Depreciation and amortization	—	—	—	—	3,417	3,417
Depreciation of right-of-use assets	—	—	—	—	30,807	30,807
Fertilizers, agrochemicals and seeds	39,833	5,730	—	—	25,327	70,890
Fuel, lubricants and others	586	839	1,093	57	3,161	5,736
Maintenance and repairs	1,243	4,985	2,896	354	2,338	11,816
Freights	3,987	420	159	180	—	4,746
Contractors and services	35,218	16,201	—	7	5,822	57,248
Feeding expenses	—	—	18,030	527	—	18,557
Veterinary expenses	—	—	2,782	217	—	2,999
Energy power	28	3,353	940	6	—	4,327
Professional fees	211	259	103	2	380	955
Other taxes	1,054	117	11	83	105	1,370
Lease expense and similar arrangements	36,672	502	—	3	4,236	41,413
Others	3,067	842	298	67	907	5,181
Subtotal	125,590	41,055	31,937	2,213	85,159	285,954
Own agricultural produce consumed	—	—	13,432	789	—	14,221
Total	125,590	41,055	45,369	3,002	85,159	300,175

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)

Biological assets as of September 30, 2023 and December 31, 2022 were as follows:

	September 30, 2023	December 31, 2022
	(unaudited)
Non-current
Cattle for dairy production	29,611	29,483
Breeding cattle	479	821
Other cattle	276	318
	30,366	30,622
Current
Breeding cattle	8,280	7,075
Other cattle	271	562
Sown land – crops	23,816	66,002
Sown land – rice	25,385	52,752
Sown land – sugarcane	135,048	109,431
	192,800	235,822
Total biological assets	223,166	266,444

“La Niña” weather event

“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 the beginning of 2023 and continue affecting production as of today, 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, this year, as a consequence of the La Niña weather event, we foresee that the yields of our different crops will see a reduction ranging from 18% to 60%, depending on the crop, thus significantly affecting our results of operations.

16.    Financial instruments

As of September 30, 2023, 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

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)

16.    Financial instruments(continued)

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 September 30, 2023 and their allocation to the fair value hierarchy:

	2023
	Level 1	Level 2	Total
Assets
Derivative financial instruments	—	11,454	11,454
Short-term investment (1)	39,926	—	39,926
Total assets	39,926	11,454	51,380
Liabilities
Derivative financial instruments	(4,852)	(94)	(4,946)
Total liabilities	(4,852)	(94)	(4,946)

(1) US T-Bills with maturity from the date of acquisition longer than 90 days. As of September 30, 2023, US$ 39,733 (US$ 98,571 as of December 31, 2022) 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 24.

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	(914)
OTC	Quoted price	-	-	1	(3,908)
NDF	Quoted price	Foreign-exchange curve	Present value method	1	(30)
Interest-rate swaps	Theoretical price	Money market interest-rate curve.	Present value method	2	11,360
US T-Bills	Quoted price	-	-	1	39,926

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)

17.    Trade and other receivables, net

	September 30, 2023	December 31, 2022
	(unaudited)
Non-current
Advances to suppliers	3,114	3,680
Income tax credits	4,802	9,119
Non-income tax credits (i)	20,686	18,688
Judicial deposits	2,019	1,831
Receivable from disposal of subsidiary	3,942	8,478
Other receivables	1,788	2,762
Non-current portion	36,351	44,558
Current
Trade receivables	132,252	81,707
Less: Allowance for trade receivables	(3,362)	(4,266)
Trade receivables – net	128,890	77,441
Prepaid expenses	9,127	6,875
Advance to suppliers	59,583	42,966
Income tax credits	830	1,089
Non-income tax credits (i)	28,059	37,936
Receivable from disposal of subsidiary	8,170	4,664
Cash collateral	—	1,365
Other receivables	11,077	11,484
Subtotal	116,846	106,379
Current portion	245,736	183,820
Total trade and other receivables, net	282,087	228,378

(i) Includes US$ 201 for the nine-month period ended September 30, 2023 reclassified from property, plant and equipment (for the year ended December 31, 2022: US$ 158).

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 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 (continued)

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

17.    Trade and other receivables, net (continued)

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

	September 30, 2023	December 31, 2022
	(unaudited)
Currency
US Dollar	142,220	89,760
Argentine Peso	45,373	54,801
Uruguayan Peso	5,430	2,229
Brazilian Reais	89,064	81,588
	282,087	228,378

As of September 30, 2023 trade receivables of US$ 20,590 (December 31, 2022: US$ 22.933) were past due but not impaired. The ageing analysis of these receivables indicates that US$ 954 and US$ 741 are over 6 months in September 30, 2023 and December 31, 2022, 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

	September 30, 2023	December 31, 2022
	(unaudited)
Raw materials	141,086	121,306
Finished goods (Note 5)	234,298	152,716
	375,384	274,022

19.    Cash and cash equivalents

	September 30, 2023	December 31, 2022
	(unaudited)
Cash at bank and on hand	191,403	146,242
Short-term bank deposits	158,409	84,411
	349,812	230,653

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)

20.    Acquisition and disposals

Disposals

In September 2023, the Company sold “El Meridiano”, a 6,302 hectares farm located in the Province of Buenos Aires, Argentina for an aggregate amount of US$ 48 million, collected in full. This transaction resulted in a gain before tax of US$ 9.5 million included in the line item “Other operating income”.

Acquisition

Acquisition of subsidiaries of Viterra Group in Argentina and Uruguay

On May 3, 2022, (the “Closing Date”) the Group, through certain subsidiaries consummated the acquisition of the rice operations in Uruguay and Argentina of the Viterra Group, comprising a 100% ownership of Molinos Libres S.A. (Argentina), Viterra Uruguay S.A. (Uruguay) and Paso Dragón S.A. (Uruguay). The transaction also included the acquisition of certain leasing agreements. All of the acquired subsidiaries form part of the Rice Business Segment.

The terms and conditions of the agreement contemplate the payment, subject to adjustments, of a purchase price of approximately US$ 17.7 million payable in three annual installments and the assumption of the existing financial debt for an amount of US$ 17.9 million. At Closing Date, the Group paid the first installments of US$ 2 million and US$ 8 million of the assumed debt.

In addition, the agreement provides for a cash contingent payment of US$ 1,215, which will be payable only if certain conditions are met.

The Company has made an allocation of the purchase price to the identifiable assets acquired and liabilities assumed based on their fair values at acquisition date. The Company has made significant assumptions and estimates in determining the purchase price, including the contingent payment and the allocation of the estimated purchase price in these consolidated financial statements.

As the fair value of the identifiable net assets acquired was greater than the total consideration paid, negative goodwill arises on the acquisition. The negative goodwill is recognized as “Bargain purchase gain on acquisition” in the income statement for the year end December 31, 2022 reflecting the opportunity to acquire the rice operations in Argentina and Uruguay from an outgoing market player.

The following table summarizes the purchase price:

Purchase consideration:
Amount paid in cash	1,512
Amounts to be paid in installments (*)	16,242
Total purchase consideration	17,754
Fair value of net assets acquired	27,507
Bargain purchase on acquisition over the total purchase consideration	9,753

During the nine-month ended September 30, 2023, an amount of US$3.2 million of the installments was paid.

(*) Amounts to be paid in installments were discounted at present value as of the date of acquisition at a 6.5% discount rate.

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

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

20.    Acquisition and disposals (continued)

The assets and liabilities at the date of acquisition are as follows:

Cash and cash equivalents	3,266
Trade and other receivables	21,068
Inventories	50,891
Biological assets	1,676
Property, plant and equipment	21,479
Total Assets	98,380
Trade and other payables	(50,062)
Payroll and other liabilities	(961)
Borrowings	(17,738)
Deferred income tax liabilities	(1,812)
Provision for other liabilities	(300)
Total Liabilities	(70,873)
Fair value of Net Assets Acquired	27,507

The Company used a replacement cost method or a market approach, as appropriate, to measure the fair value of property, plant and equipment.

All other net tangible assets were valued at their respective carrying amounts, as the Company believes that these amounts approximate their current fair values.

A decrease in the fair value of assets acquired, or an increase in the fair value of liabilities assumed, from those preliminary valuations would result in a dollar-for-dollar corresponding decrease in the “Bargain purchase gain”.

Acquisition-related costs of US$ 193 thousands are included in General and administrative expenses in the Consolidated Statement of Income.

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)

21.    Shareholder’s contribution

	Number of shares (thousands)	Share capital and share premium
At January 1, 2022	122,382	1,034,633
Reduction of issued share capital of the company	(11,000)	(16,500)
Employee share options exercised (Note 22)	—	2,432
Restricted shares vested	—	4,647
Purchase of treasury shares	—	(21,813)
Dividends to shareholders		(35,000)
At September 30,2022 (unaudited)	111,382	968,399
At January 1, 2023	111,382	960,242
Employee share options exercised (Note 22)	—	42
Restricted share vested	—	7,528
Purchase of treasury shares	—	(15,888)
Dividends to shareholders	—	(35,000)
At September 30,2023 (unaudited)	111,382	916,924

Decision of the Extraordinary General Shareholders’ meeting

On April 20, 2022 the extraordinary general meeting of the shareholders of the Company decided to reduce the issued share capital of the Company by an amount of $16,500,000 by the cancellation of 11,000,000 shares with a nominal value of $1.50 each held in treasury by the Company so that, as from April 20, 2022, the issued share capital amounts to $167,072,722.50, represented by 111,381,815 shares in issue (of which 4,743,750 are treasury shares) with a nominal value of $1.50 each.

Share Repurchase Program

On September 12, 2013, the Company’s Board of Directors authorized a share repurchase program for up to 5% of the Company’s outstanding shares. The repurchase program has been renewed by the Board of Directors on an annual basis since inception. On August 15, 2023, the Board of Directors renewed the program for an additional twelve-month period ending on September 23, 2024.

Repurchases of shares under the program may be made from time to time (i) in open market transactions in compliance with the trading conditions of Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, and applicable rules and regulations; and (ii) through privately negotiated transactions. The share repurchase program does not require Adecoagro to acquire any specific number or amount of shares and may be modified, suspended, reinstated or terminated at any time in the Company’s discretion and without prior notice. The size and the timing of repurchases will depend upon market conditions, applicable legal requirements and other factors.

As of September 30, 2023, the Company repurchased an aggregate of 24,031,544 shares under the program, of which 8,418,655 have been utilized to cover the exercise and granted of the Company’s employee stock option plan and restricted stock plan and 11 million shares were reduced from capital. During the nine-month periods ended September 30, 2023 and 2022 the Company repurchased shares for an amount of 2,082,837 and 3,331,749 respectively. The outstanding treasury shares as of September 30, 2023 totaled 4,743,750.

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)

21.    Shareholder’s contribution (continued)

Annual dividends

On April 19, 2023 the general meeting of the shareholders of the Company resolved the payment of an annual dividend of $35 million to be paid to outstanding shares in two installments. The first payment of the year 2023, of US$ 17.5 million (0.1626 per share) was made on May 24, 2023 and the second installment will be made in November 24, 2023.

On April 20, 2022 the general meeting of the shareholders of the Company resolved the payment of an annual dividend of US$ 35 million to be paid to outstanding shares in two installments in May and November. The first payment, of US$ 17.5 million (0.1572 per share) was made on May 17, 2022 and the second also US$ 17.5 million (0.1602 per share) installment was made on November 17, 2022.

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 September 30, 2023, 6,500 options (September 30, 2022: 313,582) 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 September 30, 2023, the Group recognized compensation expense of US$ 4.9 million related to the restricted shares granted under the Restricted Share Plan (September 30, 2022: US$ 5.4 million). For the nine-month period ended September 30, 2023, 549,233 Restricted Shares were granted (September 30, 2022: 1,402,391), 828,690 were vested (September 30, 2022: 828,690), and 26,049 Restricted shares were forfeited (September 30, 2022: 33,409).

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)

23.    Trade and other payables

	September 30, 2023	December 31, 2022
	(unaudited)
Non-current
Trade payables	443	4,175
Payable from acquisition of subsidiary (Note 20)	—	12,646
Other payables	503	389
	946	17,210
Current
Trade payables	135,258	193,127
Advances from customers	13,434	35,749
Taxes payable	6,642	8,868
Dividends to shareholders (Note 21)	17,500	—
Payables from acquisition of subsidiaries (Note 20)	10,509	3,575
Other payables	5,650	1,078
	188,993	242,397
Total trade and other payables	189,939	259,607

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- 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

	September 30, 2023	December 31, 2022
	(unaudited)
Non-current
Senior Notes (*)	498,235	497,901
Bank borrowings (*)	254,031	230,082
	752,266	727,983
Current
Senior Notes (*)	750	8,250
Bank overdrafts	10,060	48,058
Bank borrowings (*)	333,414	223,461
	344,224	279,769
Total borrowings	1,096,490	1,007,752

(*) As of September 30, 2023, the Group was in compliance with the related financial covenants under the respective loan agreements.

As of September 30, 2023, total bank borrowings include collateralized liabilities of US$ 17,205 (December 31, 2022: US$ 188,058). These loans are 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.

Loan with International Finance Corporation (IFC)

In June 2020, our Argentine subsidiaries, Adeco Agropecuaria , Pilaga and L3N S.A. entered into a US$100 million loan agreement with the International Finance Corporation (IFC), a member of the World Bank Group. The loan's tenure is eight years, including a two-year grace period, with an originally set rate of LIBOR + 4%. In October 2020, an amount of US$ 22 million out of the total agreement was received. Publication of LIBOR was ceased at the end of June 2023. During April 2023, the Company agreed with the IFC to use a Secured Overnight Financing Rate (SOFR) to replace LIBOR since July 1, 2023. All the other provisions of the loan agreement continued unchanged.

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

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)

24.    Borrowings (continued)

The maturity of the Group’s borrowings and the Group’s exposure to fixed and variable interest rates is as follows:

	September 30, 2023	December 31, 2022
	(unaudited)
Fixed rate:
Less than 1 year	333,537	272,900
Between 1 and 2 years	35,014	27,720
Between 2 and 3 years	7,529	2,222
Between 4 and 5 years	498,235	—
More than 5 years	—	497,901
	874,315	800,743
Variable rate:
Less than 1 year	10,687	6,869
Between 1 and 2 years	35,199	35,355
Between 2 and 3 years	35,434	32,851
Between 3 and 4 years	86,632	80,115
Between 4 and 5 years	54,223	50,211
More than 5 years	—	1,608
	222,175	207,009
	1,096,490	1,007,752

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$ 466 million, 93.22% of the nominal amount.

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)

25.    Lease liabilities

	September 30, 2023	December 31, 2022
	(unaudited)
Non-current	310,730	283,549
Current	57,399	54,431
	368,129	337,980

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

	September 30, 2023	December 31, 2022
	(unaudited)
Less than 1 year	57,399	54,431
Between 1 and 2 years	15,645	61,931
Between 2 and 3 years	63,471	50,839
Between 3 and 4 years	52,008	41,781
Between 4 and 5 years	42,719	31,231
More than 5 years	136,887	97,767
	368,129	337,980

26.    Payroll and social security liabilities

	September 30, 2023	December 31, 2022
	(unaudited)
Non-current
Social security payable	1,378	1,581
	1,378	1,581
Current
Salaries payable	10,332	4,050
Social security payable	3,609	4,693
Provision for vacations	12,064	11,487
Provision for bonuses	9,668	9,734
	35,673	29,964
Total payroll and social security liabilities	37,051	31,545

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)

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, 2022.

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
			September 30, 2023	September 30, 2022	September 30, 2023	December 31, 2022
			(unaudited)	(unaudited)	(unaudited)
Directors and senior management	Employment	Compensation selected employees	(6,200)	(5,679)	(17,502)	(18,917)

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

F- 44

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

The information presented in the accompanying condensed consolidated interim financial statements (“interim financial statements”) as of September 30, 2023 and for the nine-months ended September 30, 2023 and 2022 is unaudited and in the opinion of management reflect all adjustments necessary to present fairly the financial position of the Group as of September 30, 2023, results of operations and cash flows for the nine-month periods ended September 30, 2023 and 2022. 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, 2022, which have been prepared in accordance with IFRS.

Certain new accounting standards and interpretations are mandatory since January 1, 2023. These standards did not have any material impact on the Group’s consolidated financial statements.

The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2022.

The following standards and amendments have been issued by the IASB. Below we outline the standards and amendments that may potentially have an impact on the Group at the time of application.

Standards and amendments not yet adopted by the Group:

International Tax Reform – “Pillar Two”:

Pillar Two will generally apply to any entity that is a member of a multinational group (i.e., a group that contains a taxable presence in at least one jurisdiction other than the parent entity’s jurisdiction) with consolidated annual revenue of €750 million or more in at least two of the preceding four fiscal years. The annual revenue is based upon the ultimate parent entity’s consolidated financial statements.

The Group has applied the “International Tax Reform - Pillar Two Model Rules (Amendments to IAS 12) ” issued on May 23, 2023, from fiscal year 2023. This amendment provides an exception rule that temporarily exempts the recognition and disclosure of deferred taxes related to taxes arising from the taxation system on the pillar two model rules published by the Organization for Economic Co-operation and Development (OECD) (hereinafter, the “Pillar Two Income Taxes”). The Group has applied the said exception rule retroactively from fiscal year 2023 and has not recognized and disclosed the deferred taxes related to the Pillar Two Income Taxes.

On July 28, 2023, Luxembourg’s government council approved a new bill aiming to implement into Luxembourg law the “Pillar Two Directive”. It is expected that the Pillar Two Directive be effective as from January 1, 2024. Management is currently assessing the jurisdictions that could give rise to additional taxation and potential impact as a result of the implementation of the Pillar Two Model Rules in national laws.

Lack of interchangeability of currencies - amendments to IAS 21

The amendments to IAS 21, issued in August 2023, have been prepared to respond to concerns about diversity in practice when accounting for the lack of interchangeability between currencies. The amendments will assist businesses and investors by addressing an issue that was not previously covered in the accounting requirements for the effects of changes in exchange rates. The adoption of the amendment is mandatory from January 1, 2025. Early adoption is permitted.

Management is evaluating the impact that these new standards and amendments will have for the Group.

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

F- 45

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)

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 sales 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. Sales 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 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 sales 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.

30.    Critical accounting estimates and judgments

The Group's critical accounting policies are also consistent with those of the annual financial statements for the year ended December 31, 2022 described in Note 32.

Impairment of non-financial assets

At the date of each statement of financial position, the Group reviews the carrying amounts of its property, plant and equipment and finite lived intangible assets to determine whether there is any indication that those assets could have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent, if any, of the impairment loss. Where the asset does not generate cash flows that are independently, assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The Group’s property, plant and equipment items generally do not generate independent cash flows.

In the case of goodwill, any goodwill acquired is allocated to the cash-generating unit (‘CGU’) expected to benefit from the business combination. CGU to which goodwill is allocated is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the carrying amount of the CGU may be impaired. The carrying amount of the CGU is compared to its recoverable amount, which is the higher of fair value less costs to sell and the value in use. An impairment loss is recognized for the amount by which the carrying amount exceeds its recoverable amount. The impairment review requires management to undertake certain significant judgments, including estimating the recoverable value of the CGU to which goodwill is allocated, based on either fair value less costs-to-sell or the value-in-use, as appropriate, in order to reach a conclusion on whether it deems the goodwill is impaired or not.

For purposes of the impairment testing, each CGU represents the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or group of assets.

Farmlands may be used for different activities that may generate independent cash flows. Those farmlands that are used for more than one segment activity (i.e. crops and cattle or rental income), the farmland is further subdivided into two or more CGUs, as appropriate, for purposes of impairment testing. For its properties in Brazil, management identified a farmland together with its related mill as separate CGUs. Most of the farmlands in Argentina and Uruguay are treated as single CGUs.

Based on these criteria, management identified a total amount of 41 CGUs as of September 30, 2023 and 42 CGUs as of September 30, 2022.

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

F- 46

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)

30.    Critical accounting estimates and judgments (continued)

As of September 30, 2023 and 2022, due to the fact that there were no impairment indicators, the Group only tested those CGUs with allocated goodwill in Argentina and Brazil.

CGUs tested based on a fair-value-less-costs-to-sell model at September 30, 2023 and 2022:     

As of September 30, 2023, the Group identified 10 CGUs in Argentina (2022: 10 CGUs) to be tested based on this model (all CGUs with allocated goodwill). Estimating the fair value less costs-to-sell is based on the best information available, and refers to the amount at which the CGU could be bought or sold in a current transaction between willing parties. Management may be assisted by the work of external advisors. When using this model, the Group applies the “sales comparison approach” as its method of valuing most properties, which relies on results of sales of similar agricultural properties to estimate the value of the CGU. This approach is based on the theory that the fair value of a property is directly related to the selling prices of similar properties.

Fair values are determined by extensive analysis which includes current and potential soil productivity of the land (the ability to produce crops and maintain livestock) projected margins derived from soil use, rental value obtained for soil use, if applicable, and other factors such as climate and location. Farmland ratings are established by considering such factors as soil texture and quality, yields, topography, drainage and rain levels. Farmland may contain farm outbuildings. A farm outbuilding is any improvement or structure that is used for farming operations. Outbuildings are valued based on their size, age and design.

Based on the factors described above, each farm property is assigned different soil classifications for the purposes of establishing a value, Soil classifications quantify the factors that contribute to the agricultural capability of the soil. Soil classifications range from the most productive to the least productive.

The first step to establishing an assessment for a farm property is a sales investigation that identifies the valid farm sales in the area where the farm is located. A price per hectare is assigned for each soil class within each farm property. This price per hectare is determined based on the quantitative and qualitative analysis mainly described above.

The results are then tested against actual sales, if any, and current market conditions to ensure the values produced are accurate, consistent and fair.

The following table shows only the 10 CGUs (2022: 10 CGUs) where goodwill was allocated at each period end and the corresponding amount of goodwill allocated to each one:

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

F- 47

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)

30.    Critical accounting estimates and judgments (continued)

CGU / Operating segment / Country	September 30, 2023	September 30, 2022
La Carolina / Crops / Argentina	242	242
La Carolina / Cattle / Argentina	39	39
El Orden / Crops / Argentina	261	260
El Orden / Cattle / Argentina	10	9
La Guarida / Crops / Argentina	1,731	1,726
La Guarida / Cattle / Argentina	892	889
Los Guayacanes / Crops / Argentina	3,206	3,196
Doña Marina / Rice / Argentina	5,582	5,565
El Colorado / Crops / Argentina	2,776	2,768
El Colorado / Cattle / Argentina	28	27
Closing net book value of goodwill allocated to CGUs tested (Note 13)	14,767	14,721
Closing net book value of PPE items and other assets allocated to CGUs tested	158,744	158,307
Total assets allocated to CGUs tested	173,511	173,028

Based on the testing above, the Group determined that none of the CGUs, with allocated goodwill, were impaired at September 30, 2023 and 2022.

CGUs tested based on a value-in-use model at September 30, 2023 and 2022:

As of September 30, 2023, the Group identified 2 CGUs (2022: 2 CGUs) in Brazil to be tested based on this model (all CGUs with allocated goodwill). The determination of the value-in-use calculation required the use of significant estimates and assumptions related to management’s cash flow projections In performing the value-in-use calculation, the Group applied pre-tax rates to discount the future pre-tax cash flows. In each case, these key assumptions have been made by management reflecting past experience and are consistent with relevant external sources of information, such as appropriate market data. In calculating value-in-use, management may be assisted by the work of external advisors.

The key assumptions used by management in the value-in-use calculations which are considered to be most sensitive to the calculation are:

Key Assumptions	September 30, 2023	September 30, 2022
Financial projections	Covers 5 years for UMA (*)	Covers 5 years for UMA (*)
	Covers 5 years for AVI (**)	Covers 5 years for AVI (**)
Yield average growth rates	0-2%	0-1%
Future pricing increases	0.46% per annum	1.21% per annum
Future cost decrease	0.96% per annum	0.25% per annum
Discount rates	5.2%	5.2%
Perpetuity growth rate	1%	1%

(*) UMA stands for Usina Monte Alegre LTDA.

(**) AVI stands for Adecoagro Vale Do Ivinhema S.A.

Discount rates are based on the risk-free rate for U. S. government bonds, adjusted for a risk premium to reflect the increased risk of investing in South America and Brazil in particular. The risk premium adjustment is assessed for factors specific to the respective CGUs and reflects the countries that the CGUs operate in.

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

F- 48

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)

30.    Critical accounting estimates and judgments (continued)

The following table shows only the 2 CGUs where goodwill was allocated at each period end and the corresponding amount of goodwill allocated to each one:

CGU/ Operating segment	September 30, 2023	September 30, 2022
AVI / Sugar, Ethanol and Energy	2,937	2,937
UMA / Sugar, Ethanol and Energy	1,102	1,102
Closing net book value of goodwill allocated to CGUs tested (Note 14)	4,039	4,039
Closing net book value of PPE items and other assets allocated to CGUs tested	600,764	518,814
Total assets allocated to 2 CGUs tested	604,803	522,853

Based on the testing above, the Group determined that none of the CGUs, with allocated goodwill, were impaired at September 30, 2023 and 2022.

Management views these assumptions are conservative and does not believe that any reasonable change in the assumptions would cause the carrying value of these CGU’s to exceed the recoverable amount.

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

F- 49