LUXEMBOURG, Aug. 11, 2026 /PRNewswire/ -- Adecoagro S.A. (NYSE:AGRO, Bloomberg: AGRO US, Reuters: AGRO.K)), a leading sustainable production company in South America, announced today its results for the second quarter

LUXEMBOURG, Aug. 11, 2026 /PRNewswire/ -- Adecoagro S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/AGRO">AGRO</a>, Bloomberg: AGRO US, Reuters: AGRO.K)), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2026. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non-IFRS measures.Main highlights for the period:<ul xmlns="http://www.w3.org/1999/xhtml" type="disc"><li xmlns="http://www.w3.org/1999/xhtml">Outperformance of our Fertilizers segment driven by higher production and stronger urea prices. In our Sugar, Ethanol and Energy segment, higher cane availability supported the increase in crushing volumes, while we continued to maximize ethanol production given the better margin and build inventories to profit from higher expected prices.</li><li xmlns="http://www.w3.org/1999/xhtml">Gross sales remained in-line with the previous year during both 2Q26 and 6M26, explained by a mixed performance in prices and volumes across our product portfolio.</li><li xmlns="http://www.w3.org/1999/xhtml">On a pro forma basis, Net Debt/LTM Adj. EBITDA was down to 3.0x, compared to 3.2x in 1Q26. Despite working capital seasonality, the growth in Adjusted EBITDA enabled us to continue with our deleveraging process, as expected. Going forward, we intend to continue reducing our leverage ratio driven by higher expected results.</li></ul>Fertilizers segment:<ul xmlns="http://www.w3.org/1999/xhtml" type="disc"><li xmlns="http://www.w3.org/1999/xhtml">Adjusted EBITDA amounted to $121.2 million in 2Q26 and $173.8 million in 6M26. On a pro forma basis, these represent a 109.7% and 148.5% increase versus 2Q25 and 6M25, assuming that the Profertil acquisition had occurred on January 1, 2025. (+) Greater urea production (21.6% higher than 2Q25) on higher number of operational days. Year-to-date production at 617 thousand tons of urea (15.9% more versus 6M25). (+) Higher sales on greater urea prices ($699/ton in 2Q26 and $620/ton year-to-date, versus $444/ton in 2025). (+) Lower cost of production supported by cost efficiencies and higher production, driving further margin expansion.</li></ul>Outlook (+/-) After reaching its peak during the month of April (~$800/ton), driven by the conflict in Middle East, urea prices returned to mid-cycle levels. As of the date of this press release, CFR Brazil is trading at ~$480/ton on average. (+) Due to better-than-expected prices captured in 6M26, we expect a strong Adjusted EBITDA in 2026, exceeding prior years.Sugar, Ethanol &amp; Energy segment:<ul xmlns="http://www.w3.org/1999/xhtml" type="disc"><li xmlns="http://www.w3.org/1999/xhtml">Adjusted EBITDA amounted to $53.2 million in 2Q26 and $93.8 million in 6M26, 21.8% and 4.2% lower year-over-year, respectively. (+) Crushing totaled 3.5 million tons in 2Q26 and 5.8 million tons in 6M26 (up 2.8% and 16.8% year-over-year, respectively) driven by greater cane availability on better yields (83 tn/ha in 6M26). (+) Ethanol maximization (78% mix in 6M26) to capture better margins compared to sugar. (-/+) Lower net sales on lower selling volumes and prices of sugar, coupled with lower ethanol volumes sold as we built-up inventories. (-) Year-over-year losses in biological assets on lower Consecana prices, despite higher crushing. (-/+) Cost of production stood at 10.4 cts/lb (versus 9.0 cts/lb in 6M25) despite higher crushing volume, driven by the appreciation of the Brazilian Real. Excluding FX impact, production cost expressed in local currency remained in line compared to 6M25.</li></ul>Outlook (+) Crushing pace remains on track to meet our full-year crushing target. Assuming normal weather, we foresee low-double-digit growth in 2026 crushing volume versus 2025. (+/-) We have 75% of our sugar production hedged at 15.7 cts/lb and 16% of next year&#39;s at 17.4 cts/lb. (+) We have 41% of our year-to-date ethanol production stored in our tanks to profit from higher expected price.Food &amp; Agriculture segment:<ul xmlns="http://www.w3.org/1999/xhtml" type="disc"><li xmlns="http://www.w3.org/1999/xhtml">Adjusted EBITDA reached $4.9 million in 2Q26, compared to $1.1 million in 2Q25. On a year-to-date basis, Adjusted EBITDA reached $6.2 million, 64.9% lower year-over-year. (+) Higher grain production on better yields as we conclude the 2025/26 harvest season. Greater milk processing volume driven by higher cow productivity. (-) Lower commodity prices (between 3% and 43% depending on the product), excluding soybean, as local prices benefited from the suspension of export taxes. (-) Higher costs in U.S. dollar terms.</li></ul>Outlook (+) We expect margins to improve in the coming quarters as we commercialize the new crop.Non-Gaap Financial Measures: For a full reconciliation of non-gaap financial measures please refer to page 10 of our 2Q26 Earnings Release found on Adecoagro&#39;s website (ir.adecoagro.com)Forward-Looking Statements: This press release contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about us and our industry. For a full definition of our Forward-Looking Statements, please refer to page 9 of our 2Q26 Earnings release.To read the full 2Q26 earnings release, please access ir.adecoagro.com. A conference call to discuss 2Q26 results will be held on August 12, 2026, with a live webcast through the internet: Conference Call August 12, 2026 10 a.m. US EST 11 a.m. Buenos Aires 11 a.m. São Paulo 4 p.m. Luxembourg To participate, please register at the <a xmlns="http://www.w3.org/1999/xhtml" href="https://mzgroup.zoom.us/webinar/register/WN_avYbXYUpSMukZxqW6s0UEw#/registration" target="_blank" rel="nofollow">link</a>Investor Relations Department Emilio Gnecco CFO Victoria Cabello IRO Email: <a xmlns="http://www.w3.org/1999/xhtml" href="mailto:ir@adecoagro.com" rel="nofollow" xmlns="http://www.w3.org/1999/xhtml">ir@adecoagro.com</a>About Adecoagro: Adecoagro is a leading sustainable production company in South America. Adecoagro owns 210.4 thousand hectares of farmland and several industrial facilities spread across the most productive regions of Argentina, Brazil and Uruguay, where it produces 1.3 million tons of fertilizers, 3.1 million tons of agricultural products and over 1 million MWh of renewable electricity.



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AGRO

Record Adjusted EBITDA at $172.5 million in 2Q26 and $258.3 million in 6M26. Higher urea production, stronger cane availability and ethanol maximization.

Adecoagro Q2 2026: Fertilizers Drive EBITDA; Leverage Declines on Urea Strength

<section class="insight" data-version="1">
 <section data-block="information">
 <h3>Information</h3>
 LUXEMBOURG, Aug. 11, 2026 /PRNewswire/ -- Adecoagro S.A. (NYSE:AGRO, Bloomberg: AGRO US, Reuters: AGRO.K)), a leading sustainable production company in South America, announced today its results for the second quarter
 </section>

 <section data-block="ai-summary-paragraph">
 <h3>AI Summary</h3>
 Adecoagro reported solid Q2 2026 results led by its Fertilizers segment, with adjusted EBITDA rising on higher urea production and prices. Urea averaged $699/ton in 2Q26 and $620/ton year-to-date, while annual urea production reached 617k tons, supporting deleveraging to a Net Debt/EBITDA of 3.0x on a pro forma basis. The company sees 2026 EBITDA outperforming prior years as margins improve and pricing remains favorable.
 </section>

 <section data-block="ai-summary-bullets">
 <h3>Key Points</h3>
 <ul><li>Fertilizers outperformed via higher urea production and stronger prices. 2Q EBITDA: $121.2m.</li><li>Urea price: $699/ton in 2Q26; YTD $620/ton, peak ~$800/ton in April.</li><li>Debt deleveraging: Net Debt/LTM Adj. EBITDA at 3.0x vs 3.2x in 1Q26.</li><li>Crushing volumes rise in Sugar/Ethanol; ethanol mix at 78% in 6M26.</li><li>Outlook: 2026 EBITDA expected to exceed prior years amid better prices and margins.</li></ul>
 </section>

 <section data-block="companies-mentioned">
 <h3>Companies Mentioned</h3>
 <ul><li>Adecoagro S.A. (AGRO): Reported Q2 results; Fertilizers EBITDA strength and leverage improvement.</li><li>Profertil: Acquisition integrated into pro forma EBITDA; boosts urea capacity (assumed Jan 1, 2025).</li></ul>
 </section>

 <section data-block="category">
 <h3>Earnings</h3>
 Category: Earnings. The release centers on quarterly segment performance and leverage dynamics, typical of earnings-focused updates; the Fertilizers segment is the key driver, with material implications for AGRO&#039;s valuation and leverage trajectory.
 </section>

 <section data-block="market-moving">
 <h3>Market-Moving</h3>
 <ul><li>Fertilizers EBITDA strength could lift AGRO near-term stock performance.</li><li>Pro forma debt ratio improvement supports higher valuation multiples.</li><li>Urea price volatility and macro FX remain key risk factors.</li></ul>
 </section>

 <section data-block="key-facts">
 <h3>Key Facts</h3>
 <ul><li>2Q26 Adj. EBITDA Fertilizers: $121.2m; 6M26: $173.8m.</li><li>Net Debt/LTM Adj. EBITDA: 3.0x vs 3.2x in 1Q26 (pro forma).</li><li>Urea production: 617 thousand tons YTD; up 15.9% vs 6M25.</li><li>Urea price: $699/ton in 2Q26; $620/ton YTD; peak ~$800/ton in April.</li><li>Sugar/Ethanol &amp; Energy: Crushing 5.8m tons in 6M26; ethanol 78% mix in 6M26.</li></ul>
 </section>

 <section data-block="trading-thesis">
 <h3>Trading Thesis</h3>
 AGRO likely moves higher in the next 1–3 quarters driven by stronger fertilizer EBITDA and continued deleveraging.
 </section>
</section>


LUXEMBOURG, Aug. 11, 2026 /PRNewswire/ -- Adecoagro S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/AGRO">AGRO</a>, Bloomberg: AGRO US, Reuters: AGRO.K)), a leading sustainable production company in South America, announced today its results for the second quarter ended June 30, 2026. The financial information contained in this press release is based on consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non-IFRS measures.Main highlights for the period:<ul xmlns="http://www.w3.org/1999/xhtml" type="disc"><li xmlns="http://www.w3.org/1999/xhtml">Outperformance of our Fertilizers segment driven by higher production and stronger urea prices. In our Sugar, Ethanol and Energy segment, higher cane availability supported the increase in crushing volumes, while we continued to maximize ethanol production given the better margin and build inventories to profit from higher expected prices.</li><li xmlns="http://www.w3.org/1999/xhtml">Gross sales remained in-line with the previous year during both 2Q26 and 6M26, explained by a mixed performance in prices and volumes across our product portfolio.</li><li xmlns="http://www.w3.org/1999/xhtml">On a pro forma basis, Net Debt/LTM Adj. EBITDA was down to 3.0x, compared to 3.2x in 1Q26. Despite working capital seasonality, the growth in Adjusted EBITDA enabled us to continue with our deleveraging process, as expected. Going forward, we intend to continue reducing our leverage ratio driven by higher expected results.</li></ul>Fertilizers segment:<ul xmlns="http://www.w3.org/1999/xhtml" type="disc"><li xmlns="http://www.w3.org/1999/xhtml">Adjusted EBITDA amounted to $121.2 million in 2Q26 and $173.8 million in 6M26. On a pro forma basis, these represent a 109.7% and 148.5% increase versus 2Q25 and 6M25, assuming that the Profertil acquisition had occurred on January 1, 2025. (+) Greater urea production (21.6% higher than 2Q25) on higher number of operational days. Year-to-date production at 617 thousand tons of urea (15.9% more versus 6M25). (+) Higher sales on greater urea prices ($699/ton in 2Q26 and $620/ton year-to-date, versus $444/ton in 2025). (+) Lower cost of production supported by cost efficiencies and higher production, driving further margin expansion.</li></ul>Outlook (+/-) After reaching its peak during the month of April (~$800/ton), driven by the conflict in Middle East, urea prices returned to mid-cycle levels. As of the date of this press release, CFR Brazil is trading at ~$480/ton on average. (+) Due to better-than-expected prices captured in 6M26, we expect a strong Adjusted EBITDA in 2026, exceeding prior years.Sugar, Ethanol &amp; Energy segment:<ul xmlns="http://www.w3.org/1999/xhtml" type="disc"><li xmlns="http://www.w3.org/1999/xhtml">Adjusted EBITDA amounted to $53.2 million in 2Q26 and $93.8 million in 6M26, 21.8% and 4.2% lower year-over-year, respectively. (+) Crushing totaled 3.5 million tons in 2Q26 and 5.8 million tons in 6M26 (up 2.8% and 16.8% year-over-year, respectively) driven by greater cane availability on better yields (83 tn/ha in 6M26). (+) Ethanol maximization (78% mix in 6M26) to capture better margins compared to sugar. (-/+) Lower net sales on lower selling volumes and prices of sugar, coupled with lower ethanol volumes sold as we built-up inventories. (-) Year-over-year losses in biological assets on lower Consecana prices, despite higher crushing. (-/+) Cost of production stood at 10.4 cts/lb (versus 9.0 cts/lb in 6M25) despite higher crushing volume, driven by the appreciation of the Brazilian Real. Excluding FX impact, production cost expressed in local currency remained in line compared to 6M25.</li></ul>Outlook (+) Crushing pace remains on track to meet our full-year crushing target. Assuming normal weather, we foresee low-double-digit growth in 2026 crushing volume versus 2025. (+/-) We have 75% of our sugar production hedged at 15.7 cts/lb and 16% of next year&#39;s at 17.4 cts/lb. (+) We have 41% of our year-to-date ethanol production stored in our tanks to profit from higher expected price.Food &amp; Agriculture segment:<ul xmlns="http://www.w3.org/1999/xhtml" type="disc"><li xmlns="http://www.w3.org/1999/xhtml">Adjusted EBITDA reached $4.9 million in 2Q26, compared to $1.1 million in 2Q25. On a year-to-date basis, Adjusted EBITDA reached $6.2 million, 64.9% lower year-over-year. (+) Higher grain production on better yields as we conclude the 2025/26 harvest season. Greater milk processing volume driven by higher cow productivity. (-) Lower commodity prices (between 3% and 43% depending on the product), excluding soybean, as local prices benefited from the suspension of export taxes. (-) Higher costs in U.S. dollar terms.</li></ul>Outlook (+) We expect margins to improve in the coming quarters as we commercialize the new crop.Non-Gaap Financial Measures: For a full reconciliation of non-gaap financial measures please refer to page 10 of our 2Q26 Earnings Release found on Adecoagro&#39;s website (ir.adecoagro.com)Forward-Looking Statements: This press release contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about us and our industry. For a full definition of our Forward-Looking Statements, please refer to page 9 of our 2Q26 Earnings release.To read the full 2Q26 earnings release, please access ir.adecoagro.com. A conference call to discuss 2Q26 results will be held on August 12, 2026, with a live webcast through the internet: Conference Call August 12, 2026 10 a.m. US EST 11 a.m. Buenos Aires 11 a.m. São Paulo 4 p.m. Luxembourg To participate, please register at the <a xmlns="http://www.w3.org/1999/xhtml" href="https://mzgroup.zoom.us/webinar/register/WN_avYbXYUpSMukZxqW6s0UEw#/registration" target="_blank" rel="nofollow">link</a>Investor Relations Department Emilio Gnecco CFO Victoria Cabello IRO Email: <a xmlns="http://www.w3.org/1999/xhtml" href="mailto:ir@adecoagro.com" rel="nofollow" xmlns="http://www.w3.org/1999/xhtml">ir@adecoagro.com</a>About Adecoagro: Adecoagro is a leading sustainable production company in South America. Adecoagro owns 210.4 thousand hectares of farmland and several industrial facilities spread across the most productive regions of Argentina, Brazil and Uruguay, where it produces 1.3 million tons of fertilizers, 3.1 million tons of agricultural products and over 1 million MWh of renewable electricity.



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Adecoagro reported solid Q2 2026 results led by its Fertilizers segment, with adjusted EBITDA rising on higher urea production and prices. Urea averaged $699/ton in 2Q26 and $620/ton year-to-date, while annual urea production reached 617k tons, supporting deleveraging to a Net Debt/EBITDA of 3.0x on a pro forma basis. The company sees 2026 EBITDA outperforming prior years as margins improve and pricing remains favorable.

News insight

Record Adjusted EBITDA at $172.5 million in 2Q26 and $258.3 million in 6M26. Higher urea production, stronger cane availability and ethanol maximization.

AI summary

Sentiment rationale

Key facts

Earnings