Business Description
Adecoagro S.A. is a South American agricultural and agro-industrial company with operations primarily in Argentina, Brazil, and Uruguay. The company cultivates a variety of crops, including soybeans, corn, wheat, and rice, alongside operating dairy farms and producing fertilizers. Additionally, Adecoagro manages large-scale sugarcane plantations in Brazil, which it processes into sugar, ethanol, and renewable electricity.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 1,529,783 | 1,633,551 | 1,388,567 | 1,541,372 |
| Cost of Sales | 1,178,507 | 1,198,715 | 973,180 | 1,075,747 |
| Gross Profit | 351,276 | 434,836 | 415,387 | 465,625 |
| Selling, General & Administrative Expenses | 283,256 | 257,362 | 199,412 | 227,802 |
| Other Operating Expenses | (26,285) | (4,824) | (25,590) | (11,977) |
| Operating Profit | 94,305 | 182,298 | 241,565 | 249,800 |
| Interest and Investment Income | 35,105 | 16,808 | 157,100 | 25,308 |
| Interest Expense | (127,134) | (166,441) | (122,087) | (137,600) |
| Non-Operating Income | (9,209) | 2,421 | 28,816 | (2,144) |
| Total Non-Operating Income | (101,238) | (147,212) | 63,829 | (114,436) |
| Income Before Provision for Income Taxes | (6,933) | 35,086 | 305,394 | 135,364 |
| Provision for Income Taxes | (174) | (57,015) | 78,673 | 26,758 |
| Consolidated Net Income | (6,759) | 92,101 | 226,721 | 108,606 |
| Net Income Attributable to Minority Interests and Other | — | — | — | 468 |
| Net Income Attributable to Common Shareholders | (6,759) | 92,101 | 226,721 | 108,138 |
| Basic EPS | -0.08 | 0.90 | 2.11 | 0.98 |
| Diluted EPS | -0.08 | 0.90 | 2.10 | 0.98 |
| Basic Weighted Average Shares Outstanding | 102,094 | 102,604 | 107,092 | 110,079 |
| Diluted Weighted Average Shares Outstanding | 102,435 | 103,069 | 107,493 | 110,440 |
| Shares Outstanding | 142,577 | 100,054 | 106,006 | 108,191 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 383,150 | 211,244 | 339,781 | 230,653 |
| Short-Term Investments | 89,826 | 46,097 | 62,637 | 98,571 |
| Total Cash and Cash Equivalents | 472,976 | 257,341 | 402,418 | 329,224 |
| Accounts Receivable | 364,350 | 213,356 | 179,055 | 183,820 |
| Total Trade Receivables | 364,350 | 213,356 | 179,055 | 183,820 |
| Inventories | 580,527 | 540,191 | 460,382 | 509,844 |
| Other Current Assets | 1,243 | 4,114 | 13,819 | 134 |
| Total Current Assets | 1,419,096 | 1,015,002 | 1,055,674 | 1,023,022 |
| Net Property, Plant & Equipment | 3,399,344 | 1,922,435 | 1,956,278 | 1,925,536 |
| Net Intangible Assets | 253,875 | 37,231 | 27,519 | 36,120 |
| Other Long-Term Assets | 176,483 | 140,220 | 125,423 | 124,177 |
| Total Assets | 5,248,798 | 3,114,888 | 3,164,894 | 3,108,855 |
| Accounts Payable | 673,160 | 206,907 | 190,730 | 242,397 |
| Accrued Expenses | 38,782 | 32,735 | 37,357 | 29,964 |
| Current Portion of Long-Term Debt | 213,088 | 99,551 | 207,106 | 279,769 |
| Current Portion of Leases | 59,959 | 54,351 | 52,941 | 54,431 |
| Other Current Liabilities | 41,513 | 6,775 | 5,920 | 4,292 |
| Total Current Liabilities | 1,026,502 | 400,319 | 494,054 | 610,853 |
| Long-Term Debt | 1,379,921 | 680,005 | 697,843 | 727,983 |
| Leases | 296,643 | 287,679 | 325,569 | 283,549 |
| Other Long-Term Liabilities | 753,441 | 338,784 | 381,780 | 322,827 |
| Total Long-Term Liabilities | 2,430,005 | 1,306,468 | 1,405,192 | 1,334,359 |
| Total Liabilities | 3,456,507 | 1,706,787 | 1,899,246 | 1,945,212 |
| Common Stock | 221,808 | 167,073 | 167,073 | 167,073 |
| Treasury Stock | (7,940) | (16,989) | (8,062) | (4,792) |
| Additional Paid-in Capital | 929,023 | 718,237 | 804,038 | 853,535 |
| Accumulated Other Comprehensive Income | 2,721 | (17,235) | (152,710) | (92,067) |
| Retained Earnings | 509,730 | 518,064 | 418,789 | 202,342 |
| Total Common Shareholders' Equity | 1,655,342 | 1,369,150 | 1,229,128 | 1,126,091 |
| Minority Interests and Other | 136,949 | 38,951 | 36,520 | 37,552 |
| Total Shareholders' Equity | 1,792,291 | 1,408,101 | 1,265,648 | 1,163,643 |
| Total Liabilities and Shareholders' Equity | 5,248,798 | 3,114,888 | 3,164,894 | 3,108,855 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| (Loss) / Profit for the Year | (6,759) | 92,101 | 226,721 | 108,606 |
| Income Tax Expense / (Benefit) | (174) | (57,015) | 78,673 | 26,758 |
| Depreciation | 195,755 | 223,843 | 198,288 | 188,775 |
| Amortization | 2,816 | 2,314 | 1,730 | 2,265 |
| Depreciation of Right-of-Use Assets | 72,897 | 77,867 | 74,085 | 63,339 |
| (Gain) / Loss from Disposal of Other Property Items | (4,254) | 2,408 | (4,747) | (3,718) |
| Gain from Sale of Farmland and Other Assets | 0 | (6,050) | (6,334) | 0 |
| Bargain Purchase Gain on Acquisition | 0 | 0 | 0 | (10,107) |
| (Insurance Recovery) / Impairment Due to Fire | (4,395) | 14,259 | 0 | 0 |
| Net (Gain) / Loss from FV Adjustment of Investment Properties | (3,312) | 23,375 | (10,620) | 2,961 |
| Equity-Settled Share-Based Compensation | 11,896 | 6,680 | 8,581 | 10,227 |
| (Gain) / Loss from Derivative Financial Instruments and Forwards | (2,857) | (1,153) | (8,605) | 13,685 |
| Interest, Finance Cost on Leases and Other Financial Expense, net | 89,757 | 68,315 | 16,428 | 83,130 |
| Initial Recognition & Changes in FV of Non-Harvested Biological Assets (Unrealized) | (13,427) | 18,301 | 17,663 | (44,935) |
| Changes in Net Realizable Value of Agricultural Produce After Harvest (Unrealized) | (876) | 7,327 | (2,599) | (72) |
| Provision and Allowances | 3,827 | (1,820) | 654 | 999 |
| Tax Credits Recognized | (6,144) | (19,486) | 0 | 0 |
| Net Loss / (Gain) of Inflation Effects on Monetary Items | 9,209 | (2,421) | (28,816) | 2,144 |
| Foreign Exchange (Gain) / Loss, net | (5,826) | 37,569 | (90,930) | (19,278) |
| Cash Flow Hedge - Transfer from Equity | 0 | 28,650 | 36,863 | 40,195 |
| (Increase) / Decrease in Trade and Other Receivables | (57,221) | (68,299) | 3,683 | (60,753) |
| Decrease / (Increase) in Inventories | 43,615 | 3,089 | (12,410) | 45,437 |
| (Increase) / Decrease in Biological Assets | (17,783) | (38,861) | (23,393) | (3,686) |
| (Increase) / Decrease in Other Assets | 240 | (2,054) | (37) | (1,056) |
| Decrease / (Increase) in Derivative Financial Instruments | 3,779 | 21,820 | (11,181) | (9,661) |
| Decrease in Trade and Other Payables | (3,053) | (100,346) | (43,925) | (64,502) |
| Increase in Payroll and Social Security Liabilities | 2,137 | 4,093 | 15,674 | 7,681 |
| Increase / (Decrease) in Provisions for Other Liabilities | 1,085 | 1,110 | 803 | (290) |
| Income Tax Paid | (2,414) | (7,285) | (1,342) | (8,118) |
| Cash from Operating Activities | 308,518 | 328,331 | 434,907 | 370,026 |
| Acquisition of Subsidiaries / Business, net of Cash Acquired | (676,018) | (16,184) | (3,193) | 1,120 |
| Purchases of Property, Plant and Equipment | (264,120) | (260,211) | (241,623) | (217,776) |
| Purchase of Cattle and Non-Current Biological Assets | (139) | (1,928) | (511) | (9,096) |
| Purchases of Intangible Assets | (2,043) | (1,190) | (1,291) | (3,350) |
| Interest Received and Others | 28,829 | 7,847 | 62,120 | 5,199 |
| Proceeds from Disposal of Other Property Items | 4,674 | 2,332 | 4,094 | 2,770 |
| Proceeds from Sale of Farmland and Other Assets | 3,292 | 23,259 | 33,242 | 9,879 |
| Proceeds from Sale of Subsidiary | 0 | 0 | 0 | 10,000 |
| Acquisition of Short-Term Investments | (312,996) | (47,886) | (106,897) | (98,010) |
| Disposals of Short-Term Investments | 295,577 | 62,396 | 142,507 | 0 |
| Cash from Investing Activities | (922,944) | (231,565) | (111,552) | (299,264) |
| Proceeds from Issuance of Shares, net of Transaction Costs | 303,687 | 0 | 0 | 0 |
| Proceeds from Long-Term Borrowings | 870,606 | 126,757 | 7,739 | 41,082 |
| Payments of Long-Term Borrowings | (213,936) | (105,749) | (24,105) | (14,012) |
| Proceeds from Short-Term Borrowings | 279,900 | 169,901 | 448,532 | 347,928 |
| Payments of Short-Term Borrowings | (256,340) | (239,947) | (420,276) | (192,648) |
| Interest Paid | (48,712) | (24,629) | (55,476) | (44,788) |
| Borrowings Prepayment Related Expenses | 0 | 0 | 0 | 0 |
| Proceeds from Exercise of Employee Share Options | 45 | 99 | 214 | 2,124 |
| (Payments) / Collections of Derivative Financial Instruments | (226) | 669 | (32) | 118 |
| Lease Payments | (103,945) | (98,478) | (104,097) | (91,175) |
| Purchase of Own Shares | (10,210) | (66,887) | (26,242) | (36,844) |
| Dividends Paid to Non-Controlling Interest | (95) | (736) | 0 | (358) |
| Dividends Paid to Shareholders | (35,000) | (35,000) | (35,000) | (35,000) |
| Cash from Financing Activities | 785,774 | (274,000) | (208,743) | (23,573) |
| Effect of Exchange Rate Changes on Cash | 558 | 48,697 | (5,484) | (16,302) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 171,906 | (128,537) | 109,128 | 30,887 |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $1.13B |
| P/E | -96.71x |
| P/S | 0.74x |
| EV/EBITDA | 7.50x |
| Return on Equity | -0.4% |
| Return on Invested Capital | 2.7% |
| Current Ratio | 1.38x |
| Dividend Yield | 4.3% |
| Free Cash Flow Margin | 2.9% |
Margins
Gross margin
23.0%
Operating margin
6.2%
Net margin
-0.4%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $419M | +19.7% | 5.4% | $23M |
| Q4 2025 | $433M | +11.9% | 6.5% | $28M |
| Q3 2025 | $354M | -26.2% | 16.1% | $57M |
| Q2 2025 | $393M | -13.0% | 1.4% | $6M |
| Q1 2025 | $350M | — | 1.0% | $4M |
| Q4 2024 | $387M | — | 12.3% | $48M |
| Q3 2024 | $479M | — | 6.2% | $30M |
| Q2 2024 | $451M | — | 14.5% | $65M |
More on Adecoagro S.A.
Figures compiled from public company filings.
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