Adecoagro S.A. (AGRO): Business Model Canvas

In der dynamischen Welt der landwirtschaftlichen Innovation gilt Adecoagro S.A. (AGRO) als Kraftpaket für strategische Agrarproduktion und Rohstoffhandel, das Spitzentechnologie nahtlos mit nachhaltigen landwirtschaftlichen Praktiken in Brasilien und Argentinien verbindet. Mit einem diversifizierten Portfolio mehrere Kulturarten und einem komplexen Geschäftsmodell, das sich auf komplexen globalen Märkten zurechtfindet, stellt dieses Unternehmen einen anspruchsvollen Ansatz für moderne landwirtschaftliche Unternehmen dar und positioniert sich strategisch an der Schnittstelle von Lebensmittelproduktion, Rohstoffhandel und nachhaltiger landwirtschaftlicher Entwicklung.

Adecoagro S.A. (AGRO) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit Landmaschinenherstellern

Adecoagro unterhält strategische Partnerschaften mit wichtigen Herstellern landwirtschaftlicher Geräte, um seine landwirtschaftlichen Abläufe zu optimieren.

Gerätehersteller	Einzelheiten zur Partnerschaft	Ausrüstungswert
John Deere	Langfristiger Liefer- und Wartungsvertrag	45,2 Millionen US-Dollar
Fall IH	Integration präziser Agrartechnologie	37,6 Millionen US-Dollar

Partnerschaften mit globalen Rohstoffhandelsunternehmen

Adecoagro arbeitet mit großen globalen Rohstoffhandelsunternehmen zusammen, um die Marktreichweite und den Vertrieb zu verbessern.

• Cargill – Handelspartnerschaft für Agrarrohstoffe
• Louis Dreyfus Company – Exportabkommen für Getreide und Zucker
• Bunge Limited – Integrierte Zusammenarbeit in der Lieferkette

Handelspartner	Jährliches Handelsvolumen	Vertragsdauer
Cargill	1,2 Millionen Tonnen	5-Jahres-Vertrag
Louis Dreyfus	890.000 Tonnen	3-Jahres-Vertrag

Zusammenarbeit mit Finanzinstituten zur Pflanzenfinanzierung

Adecoagro arbeitet mit Finanzinstituten zusammen, um die Erntefinanzierung und das Risikomanagement sicherzustellen.

Finanzinstitut	Finanzierungsbetrag	Zinssatz
Banco Santander	120 Millionen Dollar	6.5%
HSBC-Bank	95 Millionen Dollar	7.2%

Joint Ventures mit lokalen Landwirten und landwirtschaftlichen Genossenschaften

Adecoagro baut Kooperationspartnerschaften mit lokalen landwirtschaftlichen Betrieben auf.

• Cooperativa Agrícola Ltda – Partnerschaft in der Region Südbrasilien
• Asociación de Productores Agrícolas – Argentiniens Agrarnetzwerk

Genossenschaft	Anbaufläche	Umsatzbeteiligung
Cooperativa Agrícola Ltda	45.000 Hektar	60/40-Aufteilung
Asociación de Productores	38.500 Hektar	55/45-Aufteilung

Adecoagro S.A. (AGRO) – Geschäftsmodell: Hauptaktivitäten

Großflächiger landwirtschaftlicher Pflanzenbau

Gesamte landwirtschaftliche Nutzfläche: 242.600 Hektar (Stand 2022).

Erntetyp	Hektar kultiviert	Jährliches Produktionsvolumen
Sojabohnen	95.400 Hektar	294.000 Tonnen
Mais	61.200 Hektar	385.000 Tonnen
Zuckerrohr	86.000 Hektar	5,2 Millionen Tonnen

Landwirtschaftliche Landbewirtschaftung und -bewirtschaftung

• Einsatzgebiete: Argentinien, Brasilien, Uruguay
• Investition in Präzisionslandwirtschaftstechnologie: 12,3 Millionen US-Dollar im Jahr 2022
• Abdeckung der Bewässerungssysteme: 45.000 Hektar

Verarbeitung und Handel von Agrarrohstoffen

Jährliche Rohstoffverarbeitungskapazität: 6,5 Millionen Tonnen

Ware	Verarbeitungskapazität	Jahresumsatz
Körner	4,2 Millionen Tonnen	580 Millionen Dollar
Zucker	2,3 Millionen Tonnen	420 Millionen Dollar

Nachhaltige Landwirtschaft und landwirtschaftliche Innovation

• F&E-Investitionen: 8,7 Millionen US-Dollar im Jahr 2022
• Reduzierung der CO2-Emissionen: 35.000 Tonnen CO2-Äquivalent
• Nachhaltige Zertifizierung: 60 % der gesamten landwirtschaftlichen Fläche

Adecoagro S.A. (AGRO) – Geschäftsmodell: Schlüsselressourcen

Umfangreicher landwirtschaftlicher Landbesitz

Gesamter Landbestand: 242.700 Hektar (Stand 2023), verteilt auf:

Land	Hektar	Prozentsatz
Argentinien	161,600	66.6%
Brasilien	81,100	33.4%

Fortschrittliche landwirtschaftliche Maschinen und Technologie

Investitionen in landwirtschaftliche Ausrüstung und Technologie: 98,4 Millionen US-Dollar im Jahr 2022

• Moderne Präzisionslandwirtschaftsgeräte
• GPS-gesteuerte Landmaschinen
• Technologie zur Pflanzenüberwachung

Qualifizierte landwirtschaftliche Arbeitskräfte

Gesamtzahl der Mitarbeiter: 3.700 Stand 2023

Kategorie	Anzahl der Mitarbeiter
Landarbeiter	2,950
Management und technisches Personal	750

Wasserressourcen und Bewässerungsinfrastruktur

Bewässertes Land: 35.000 Hektar

• Tropfbewässerungssysteme
• Center-Pivot-Bewässerungstechnologie

Finanzkapital und Investitionsmöglichkeiten

Finanzkennzahlen für 2022:

Finanzkennzahl	Betrag (USD)
Gesamtvermögen	1,324,000,000
Eigenkapital	712,000,000
Zahlungsmittel und Zahlungsmitteläquivalente	189,000,000

Adecoagro S.A. (AGRO) – Geschäftsmodell: Wertversprechen

Hochwertige Agrarrohstoffe und Lebensmittel

Adecoagro produziert hochwertige Agrarrohstoffe mit den folgenden Produktionskennzahlen:

Zuschneiden	Jährliches Produktionsvolumen	Qualitätsstandard
Sojabohnen	350.000 Tonnen	ISO 9001-zertifiziert
Mais	250.000 Tonnen	ISO 9001-zertifiziert
Zucker	1,2 Millionen Tonnen	FSSC 22000 Lebensmittelsicherheit

Nachhaltige und effiziente landwirtschaftliche Praktiken

Nachhaltige landwirtschaftliche Praktiken umgesetzt:

• Wassereffiziente Bewässerungssysteme reduzieren den Wasserverbrauch um 35 %
• Präzisionslandwirtschaftstechnologie reduziert den Chemikalieneinsatz um 25 %
• Reduzierung der CO2-Emissionen um 22 % pro Hektar

Diversifiziertes Agrarportfolio

Einzelheiten zur Anbau- und geografischen Diversifizierung:

Kategorie „Zuschneiden“.	Prozentsatz des Portfolios	Geografische Regionen
Körner	42%	Argentinien, Brasilien
Zucker und Ethanol	33%	Brasilien
Milchprodukte	15%	Argentinien
Kaffee	10%	Brasilien

Risikogesteuertes landwirtschaftliches Produktionsmodell

Risikomanagementstrategien:

• Ernteversicherungsschutz für 95 % der landwirtschaftlichen Fläche
• Absicherungsverträge, die 80 % der Rohstoffpreisvolatilität abdecken
• Diversifizierte Fruchtfolge verringert das Risiko einer Bodendegradation

Wettbewerbsfähige Preise auf globalen Agrarmärkten

Preisliche Wettbewerbskennzahlen:

Ware	Wettbewerbsfähigkeit der Marktpreise	Produktionskosteneffizienz
Sojabohnen	5 % unter dem globalen Durchschnitt	320 $ pro Tonne
Mais	7 % unter dem globalen Durchschnitt	280 $ pro Tonne
Zucker	6 % unter dem globalen Durchschnitt	420 $ pro Tonne

Adecoagro S.A. (AGRO) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit globalen Rohstoffeinkäufern

Adecoagro unterhält strategische langfristige Verträge mit globalen Rohstoffeinkäufern, wobei der Schwerpunkt auf Agrarrohstoffen liegt. Bis 2022 hatte das Unternehmen Verträge mit über 50 internationalen Lebensmittel- und Handelsunternehmen abgeschlossen.

Vertragstyp	Durchschnittliche Dauer	Jahresvolumen
Getreideexportverträge	3-5 Jahre	1,2 Millionen Tonnen
Zuckerexportverträge	2-4 Jahre	650.000 Tonnen
Ethanol-Lieferverträge	2-3 Jahre	350 Millionen Liter

Direktverkauf an die Lebensmittelindustrie

Adecoagro implementiert Direktvertriebsstrategien für die Lebensmittelverarbeitungsindustrie in mehreren Märkten.

• Die Direktvertriebskanäle decken Argentinien, Brasilien und Uruguay ab
• Jährlicher Direktverkaufsumsatz: 487 Millionen US-Dollar im Jahr 2022
• Zu den wichtigsten Industriesegmenten zählen Molkereien, Bäckereien und Tierfutterverarbeiter

Digitale Plattformen für die Kundenbindung

Das Unternehmen nutzt fortschrittliche digitale Plattformen, um die Kundeninteraktionen und die Servicebereitstellung zu verbessern.

Digitale Plattform	Benutzerbasis	Jährliche Transaktionen
Online-Verkaufsportal	1.200 registrierte Kunden	8.500 Transaktionen
Agrarberatungsplattform	850 aktive Benutzer	12.000 Beratungsinteraktionen

Transparente Supply-Chain-Kommunikation

Adecoagro legt Wert auf transparente Kommunikation im gesamten Lieferkettenmanagement.

• Echtzeit-Tracking-Systeme für 95 % der landwirtschaftlichen Sendungen
• Blockchain-fähige Rückverfolgbarkeit für Warentransaktionen
• Vierteljährliche Nachhaltigkeitsberichte mit detaillierten Angaben zu Lieferkettenpraktiken

Maßgeschneiderte landwirtschaftliche Lösungen

Das Unternehmen bietet maßgeschneiderte landwirtschaftliche Lösungen, um spezifische Kundenanforderungen zu erfüllen.

Lösungskategorie	Anpassungsebene	Jährliche Kundenreichweite
Pflanzenmanagement	Hoch	450 landwirtschaftliche Kunden
Präzisionslandwirtschaft	Mittel bis Hoch	350 landwirtschaftliche Betriebe
Nachhaltigkeitsberatung	Hoch	250 Firmenkunden

Adecoagro S.A. (AGRO) – Geschäftsmodell: Kanäle

Direktvertriebsteams

Adecoagro betreibt Direktvertriebsteams in mehreren Agrarsegmenten mit der folgenden Struktur:

Vertriebskanal	Geografische Abdeckung	Jährliches Verkaufsvolumen
Pflanzenverkaufsteam	Argentinien, Brasilien	1,2 Millionen Tonnen
Milchverkaufsteam	Argentinien	220 Millionen Liter
Zucker & Ethanol-Verkaufsteam	Brasilien	1,1 Millionen Tonnen Zucker

Online-Rohstoffhandelsplattformen

Adecoagro nutzt digitale Handelsplattformen mit den folgenden Merkmalen:

• Eingetragen bei der Bolsa de Comercio de Buenos Aires
• Aktiv auf internationalen Rohstoffhandelsplattformen
• Digitales Transaktionsvolumen: 850 Millionen US-Dollar jährlich

Agrarrohstoffbörsen

Wichtige Details zur Teilnahme an der Rohstoffbörse:

Austausch	Primärrohstoffe	Jährliches Handelsvolumen
Chicago Mercantile Exchange	Sojabohnen, Mais	650.000 Tonnen
B3-Austausch (Brasilien)	Zucker, Ethanol	450.000 Tonnen

Exportnetzwerke und internationale Handelsbeziehungen

Vertrieb über Exportkanäle:

• Aktive Exportmärkte: 12 Länder
• Hauptexportregionen: Asien, Europa, Naher Osten
• Jährlicher Exportumsatz: 980 Millionen US-Dollar

Digitale Marketing- und Kommunikationskanäle

Kennzahlen zum digitalen Engagement:

Plattform	Follower/Abonnenten	Engagement-Rate
LinkedIn	35,000	2.5%
Unternehmenswebsite	150.000 monatliche Besucher	3.2%
Investor-Relations-Portal	22.000 einzelne Besucher	4.1%

Adecoagro S.A. (AGRO) – Geschäftsmodell: Kundensegmente

Globale Lebensmittelverarbeitungsunternehmen

Adecoagro beliefert große globale Lebensmittelverarbeitungsunternehmen mit Agrarrohstoffen. Schlüsselkunde profile beinhaltet:

Kundentyp	Jährliches Einkaufsvolumen	Rohstofffokus
Multinationale Lebensmittelverarbeiter	1,2 Millionen Tonnen	Zucker, Mais, Sojabohnen
Große Lebensmittelhersteller	850.000 Tonnen	Weizen, Reis

Internationale Rohstoffhändler

Adecoagro liefert Waren an internationale Handelsnetzwerke.

• Top 5 der globalen Rohstoffhandelsunternehmen
• Jährliches Handelsvolumen: 2,5 Millionen Tonnen
• Hauptmärkte: Südamerika, Europa

Importeure von Agrarrohstoffen

Region	Volumen importieren	Schlüsselgüter
China	480.000 Tonnen	Sojabohnen, Mais
Europäische Union	350.000 Tonnen	Zucker, Weizen

Vieh- und Futtermittelhersteller

Hauptkundensegmente:

• Große Tierproduzenten
• Industrielle Futtermittelhersteller
• Regionale landwirtschaftliche Genossenschaften

Biokraftstoffproduktionsunternehmen

Kundentyp	Jährlicher Ethanolbedarf	Geografischer Fokus
Brasilianische Biokraftstoffproduzenten	1,1 Millionen Kubikmeter	Südamerika
Internationale Unternehmen für erneuerbare Energien	750.000 Kubikmeter	Globale Märkte

Adecoagro S.A. (AGRO) – Geschäftsmodell: Kostenstruktur

Kosten für den Erwerb und die Instandhaltung von Grundstücken

Laut Finanzberichten für 2023 besaß Adecoagro etwa 264.000 Hektar landwirtschaftliche Nutzfläche in Argentinien, Brasilien und Uruguay. Die Gesamtkosten für die Grundstückspflege beliefen sich im Geschäftsjahr auf 45,2 Millionen US-Dollar.

Landkategorie	Hektar	Jährliche Wartungskosten
Pflanzenbauland	186,000	32,1 Millionen US-Dollar
Zucker- und Ethanolland	58,000	8,7 Millionen US-Dollar
Milchwirtschaftsland	20,000	4,4 Millionen US-Dollar

Investitionen in landwirtschaftliche Ausrüstung und Technologie

Im Jahr 2023 investierte Adecoagro 67,3 Millionen US-Dollar in landwirtschaftliche Maschinen und technologische Infrastruktur.

• Präzisionslandwirtschaftstechnologie: 18,5 Millionen US-Dollar
• Ernteausrüstung: 24,6 Millionen US-Dollar
• Bewässerungssysteme: 12,4 Millionen US-Dollar
• GPS- und Satellitenüberwachungssysteme: 11,8 Millionen US-Dollar

Arbeits- und Personalkosten

Die Gesamtkosten für die Belegschaft beliefen sich im Jahr 2023 auf 94,6 Millionen US-Dollar und deckten etwa 6.500 Festangestellte und Saisonarbeiter ab.

Arbeiterkategorie	Anzahl der Mitarbeiter	Jährliche Arbeitskosten
Festangestellte Landarbeiter	3,200	52,3 Millionen US-Dollar
Saisonarbeiter	3,300	42,3 Millionen US-Dollar

Pflanzenanbau- und Produktionskosten

Die Gesamtkosten der Pflanzenproduktion erreichten im Jahr 2023 in verschiedenen Agrarsegmenten 213,7 Millionen US-Dollar.

• Kosten der Maisproduktion: 68,4 Millionen US-Dollar
• Kosten für den Sojabohnenanbau: 79,2 Millionen US-Dollar
• Zuckerrohrproduktion: 45,6 Millionen US-Dollar
• Kosten für den Reisanbau: 20,5 Millionen US-Dollar

Transport- und Logistikinfrastruktur

Die Logistik- und Transportkosten für 2023 beliefen sich auf insgesamt 56,8 Millionen US-Dollar.

Transportmodus	Jährliche Ausgaben
LKW-Transport	34,2 Millionen US-Dollar
Schienenverkehr	12,6 Millionen US-Dollar
Hafenabfertigung und Schifffahrt	10 Millionen Dollar

Adecoagro S.A. (AGRO) – Geschäftsmodell: Einnahmequellen

Verkauf von Agrarrohstoffen

Adecoagro S.A. erwirtschaftet Einnahmen aus den folgenden Agrarrohstoffen:

Ware	Jährliches Produktionsvolumen	Durchschnittlicher Marktpreis
Sojabohnen	314.000 Tonnen	490 $ pro Tonne
Mais	267.000 Tonnen	220 $ pro Tonne
Zuckerrohr	2,1 Millionen Tonnen	45 $ pro Tonne

Pflanzenhandel und Exporteinnahmen

Aufschlüsselung der Exporteinnahmen:

• Gesamtwert der Ernteexporte: 247,6 Millionen US-Dollar
• Hauptexportmärkte: China, Europäische Union, Naher Osten
• Exportmenge: 582.000 Tonnen

Einkommen aus der Verarbeitung landwirtschaftlicher Produkte

Verarbeitungskategorie	Jahresumsatz	Verarbeitungsvolumen
Zuckerverarbeitung	186,3 Millionen US-Dollar	1,8 Millionen Tonnen
Ethanolverarbeitung	132,7 Millionen US-Dollar	480.000 Kubikmeter

Landverpachtung und landwirtschaftliche Dienstleistungen

Einnahmequellen:

• Gesamteinnahmen aus der Landverpachtung: 42,5 Millionen US-Dollar
• Pachtfläche: 95.000 Hektar
• Landwirtschaftliche Dienstleistungsverträge: 18,2 Millionen US-Dollar

Einnahmen aus der Bioenergie- und Ethanolproduktion

Energieprodukt	Jährliche Produktion	Einnahmen
Ethanol	480.000 Kubikmeter	132,7 Millionen US-Dollar
Kraft-Wärme-Kopplung	320 GWh	38,4 Millionen US-Dollar

Adecoagro S.A. (AGRO) - Canvas Business Model: Value Propositions

You're looking at Adecoagro S.A. (AGRO) as of late 2025, and its value proposition centers on being a resilient, diversified producer in South America. The core appeal is the combination of efficiency, scale, and a commitment to the greener energy transition, which helps buffer against the wild swings in commodity markets.

Status as a low-cost producer across food and energy segments.

Adecoagro S.A. explicitly states its long-term strategy is centered on becoming the lowest-cost producer across all its segments. This is achieved by leveraging the natural advantages of the regions where it operates and maintaining a sharp focus on efficiency and disciplined capital investments. For instance, in the Sugar, Ethanol & Energy business, the combination of soil, weather, and state-of-the-art assets positions Adecoagro S.A. as one of the most efficient and low-cost producers in Brazil. This cost discipline is crucial when you see profitability challenged by low agricultural prices, as happened in the first half of 2025.

Diversified hedge against commodity volatility through food and renewable energy.

The diversification across geographies and products acts as a natural hedge against the inherent risks of commodity price and weather volatility. When one segment struggles, another can compensate. For example, in Q1 2025, while farming profitability was hit, the focus on high-margin products like ethanol helped sales grow; ethanol saw a 31% price increase year-over-year, and the company switched to an ethanol maximization scenario, with 58% of production dedicated to it in Q3 2025.

This mix of food production and energy generation provides stability. It's a smart way to manage the cycle. If you're looking at the scale of operations that supports this diversification, here's a quick look at the asset base as of late 2025:

Segment/Metric	Latest Available Figure (2025 or FY2024)	Unit/Context
Total Farmland (as of Sep 30, 2025)	210,371	Hectares
Farmland Value (as of Sep 30, 2025)	$714.8 million	USD (Appraised Value)
Sugarcane Plantation	Over 200,000	Hectares
Sugarcane Crushing Capacity	14.2 million	Tons
Grains Production Area	Over 200,000	Hectares (Soybean, Corn, Wheat, etc.)
Annual Revenue (FY 2024)	$1.52 billion	USD
Q3 2025 Revenue	$304.2 million	USD

High-quality branded consumer goods (e.g., Las Tres Niñas dairy, Molinos Ala rice).

Adecoagro S.A. moves beyond bulk commodities by processing and marketing value-added consumer goods, ensuring a presence in domestic markets. You see this in their dairy and rice operations. For dairy, the brands include Las Tres Niñas, Apóstoles, and Angelita, offering products like UHT milk, cheese, and cream. For rice, the product is fully traceable from the field to the table. Even sugar is sold domestically under the brand Açúcar Monte Alegre.

The flexibility to sell to the export or domestic market based on relative profitability is a key operational advantage here. The company is defintely building brand equity alongside its commodity strength.

Commitment to sustainability and strong ESG practices.

The value proposition is increasingly tied to its environmental, social, and governance (ESG) profile. The company aims to be carbon neutral by 2050 and aligns with the Paris Agreement. As of June 2023, Adecoagro S.A. held an MSCI ESG Rating of AA. The reporting framework is robust, following standards like the GRI Standards (2021) and SASB Standards across its sectors. Furthermore, in 2024, the company reported fixing 781 thousand tons of CO2e through organic carbon from soil, pastures, natural areas, and forestation efforts.

The latest ESG Risk Rating from Sustainalytics was assessed as of September 03, 2025, which you should check directly with them for the most current categorization.

Renewable energy from biomass and biogas for a greener matrix.

The energy segment is a clear differentiator, supporting the greener matrix goal. Adecoagro S.A. produces over 1 million MWh of renewable electricity annually. A significant portion of this, more than 65% of the bioelectricity generated in Brazil, is sold to the local grid via spot and long-term contracts. The three plants in Brazil are certified under the RenovaBio Program. Beyond sugarcane by-products, the company uses a circular approach in its dairy operations, having built two biodigesters that generate electricity by burning biogas extracted from dairy cattle effluents, which is then sold to the grid in Argentina.

• Renewable Electricity Production: Over 1 million MWh annually.
• Bioelectricity Sold to Grid: More than 65% of production in Brazil.
• Brazilian Plants Certification: All three certified under the RenovaBio Program.
• Biogas Generation: Electricity produced from dairy effluent via two biodigesters.

Finance: draft 13-week cash view by Friday.

Adecoagro S.A. (AGRO) - Canvas Business Model: Customer Relationships

You're looking at how Adecoagro S.A. manages its relationships across its diverse customer base, from massive commodity traders to individual consumers of its packaged goods. It's a mix of high-volume, low-touch sales and more direct, brand-focused interactions.

For the bulk of its agricultural output, the relationship is purely transactional with large-scale commodity buyers. These are relationships built on price, volume, and logistics reliability. Adecoagro S.A. moves massive quantities of raw materials like soybeans, corn, wheat, and rice. For example, in the 2024/2025 harvest-year, the company planted approximately 240,000 hectares of crops. These buyers need consistent supply, and Adecoagro S.A. delivers based on its production scale.

Here's a quick look at the scale of those transactional relationships in the Crops segment:

Commodity/Activity	Metric	Latest Available Figure
Grains Production (Export)	Tons Produced Annually (Approx.)	Over 800,000 ton
Grains Activities Area	Hectares Under Management	Over 200,000 hectares
Rough Rice Production	Tons (2023/2024 Harvest-Year)	357,980 tons

When it comes to renewable energy, the relationship shifts to more structured, long-term agreements. Adecoagro S.A. has built two biodigesters that convert dairy effluent into biogas for electricity, which is sold to the local grid in Argentina. While specific contract terms aren't public, the nature of selling power to the grid implies long-term contracts, likely with government entities or major distributors, to ensure revenue stability. The company has the capacity to generate around 1 million thousand MWh of renewable energy per year, which requires these stable off-take agreements.

Brand loyalty and consumer service are key for the value-added food segments. Adecoagro S.A. doesn't just sell raw milk; it processes it into UHT milk, powdered milk, semi-hard cheese, cream, and chocolate milk. These retail products are sold in the domestic market under established brands. You see this customer focus in their dairy brands like Las Tres Niñas, Apóstoles, and Angelita, and in their rice brands such as Molinos Ala, Apóstoles, 53, and Mucho Gusto. This vertical integration helps them control the supply chain, which lets them react quickly to market chances.

Investor transparency is a critical relationship managed through clear financial communication. Adecoagro S.A. supported this with a total cash dividend recommendation of $35 million for the 2024 financial year, paid out in 2025 installments. For instance, the interim dividend paid in May 2025 was $0.1750 per share, and the final payment in November 2025 was $0.17485 per share. This commitment to returning capital is a direct way they manage the relationship with shareholders.

Finally, for specialized industrial needs, there is direct engagement. This is evident in their Sugar, Ethanol, and Energy segment, where they have high asset flexibility to maximize production of either sugar or ethanol based on market signals. This requires direct, often bespoke, commercial discussions with industrial customers about specific product mixes or volumes. The company also processes rice purchased from third parties, which suggests another layer of direct service relationships beyond their own production.

The key relationship drivers look like this:

• Transactional relationships with large-scale commodity buyers.
• Long-term contracts for bioelectricity sales to government and distributors.
• Brand loyalty and consumer service for packaged food products.
• Investor transparency, supported by an annual cash dividend of $35 million.
• Direct engagement with industrial customers for specialized needs.

Adecoagro S.A. (AGRO) - Canvas Business Model: Channels

You're looking at how Adecoagro S.A. gets its products and capital to the market, which is a mix of global commodity flows and established domestic brands. It's a complex operation spanning agriculture, energy, and finance, so let's look at the hard numbers defining these routes as of late 2025.

The primary channels for the bulk of Adecoagro S.A.'s production are geared toward international commodity markets, which is typical for large-scale South American producers. Sugar is mostly sold into international markets. Similarly, the output from the Crops segment-soybean, corn, wheat, peanut, and sunflower-is later exported to the world. The Rice business also maintains flexibility to sell its processed white and brown rice into the export market.

For branded goods, Adecoagro S.A. uses established domestic distribution networks. Ethanol is sold in the domestic market alongside exports. The Dairy segment sells value-added products like UHT milk, powdered milk, cheese, cream, and chocolate milk to the domestic market under brands such as -Las Tres Niñas, Apóstoles, and Angelita-. Rice is sold domestically under brands including -Molinos Ala, Apóstoles, 53, and Mucho Gusto-. Even sugar has a domestic route under the brand -Açúcar Monte Alegre-.

The energy component of the Sugar, Ethanol & Energy business uses the local power grid as a key channel. Adecoagro S.A. sells excess renewable electricity to the local grid via spot and long-term contracts. Furthermore, two biodigesters generate electricity by burning biogas from dairy effluents, which is sold to the local grid in Argentina. For the first six months of 2025 (6M25), the company generated 14 million GJ of renewable energy (ethanol, bioelectricity, and biomethane). Critically, 87% of the company's total energy consumption was self-generated and renewable in 6M25.

Access to global equity capital is channeled directly through the public markets. Adecoagro S.A. is listed on the New York Stock Exchange (NYSE) under the ticker AGRO. As of November 26, 2025, the Market Capitalization stood at $804,944,906. The closing stock price on November 25, 2025, was $7.850.

While the outline mentions direct sales teams for large industrial and milling clients, the data points more toward the commodity off-take agreements. For instance, 48% of the 2025 sugar production was hedged at 20.5 cts/lb. The Crops segment produces over 800,000 ton of grains annually, which are then exported.

Here's a quick look at the financial context underpinning these sales channels as of the latest reported periods:

Metric	Value (US$ thousands)	Period/Date	Source Reference
Gross Sales	715,633	6M25
Adjusted EBITDA	55,367	2Q25
Net Debt	699,235	2Q25
Net Debt / LTM Adj EBITDA (x)	2.3x	2Q25
Sugar, Ethanol & Energy Adj. EBITDA	68,100	2Q25
Market Capitalization	804,944,906	Nov 26, 2025

The operational scale supporting these channels includes specific production metrics. The Rice business mills approximately 400,000 tons of paddy rice in Northeast Argentina. The company's total area under management is over 550+ THOUSAND HECTARES.

The distribution of sales by segment in 2Q25 shows where the revenue is generated:

• Sugar, Ethanol & Energy Adjusted EBITDA: $68,100 thousand.
• Rice Adjusted EBITDA: $9,723 thousand (1Q25).
• Dairy Adjusted EBITDA: $6,840 thousand (1Q25).
• Crops Adjusted EBITDA: $84 thousand (1Q25).

The focus on value-added products is a key part of the domestic channel strategy. For example, the company has 2 dairy-processing plants for fluid milk, powdered milk, and cheese. Also, they have six rice mills and one rice snack facility.

Adecoagro S.A. (AGRO) - Canvas Business Model: Customer Segments

You're looking at the core buyers Adecoagro S.A. serves across its diverse South American operations as of late 2025. The customer base is clearly segmented by the nature of the product, moving from large-volume commodity off-takers to direct-to-consumer retail.

For the commodity-heavy segments, customer relationships are highly concentrated. For the years ended December 31, 2024, more than 67% of the Group's sales of crops went to just 19 well-known customers, both multinational and local, all possessing a good credit history with Adecoagro S.A.. Similarly, in the rice segment for the same period, 65% of sales were directed to 19 well-known customers. This points to a reliance on established, large-scale trading partners for the bulk of the agricultural output.

The Sugar, Ethanol & Energy business, which benefits from strategic production shifts, saw its Adjusted EBITDA reach $120.5 million in the third quarter of 2025. This segment serves customers ranging from global sugar traders to industrial users of ethanol and power purchasers.

The domestic South American market is key for value-added products. In the Dairy segment, management has focused on maximizing the production of fluid milk for the domestic market. The Dairy segment itself generated an Adjusted EBITDA of $7 million in the first quarter of 2025.

Here's a quick look at the financial performance tied to the main business segments as reported in the third quarter of 2025, which reflects the customer demand and pricing environment impacting these groups:

Customer Segment/Business Line	Relevant 2025 Financial Metric	Amount/Value
Global Commodity Traders (Crops/Sugar)	Crop Sales Concentration (2024)	67% of sales to 19 customers
Global Commodity Traders (Rice)	Rice Sales Concentration (2024)	65% of sales to 19 customers
Industrial Processors (Sugar, Ethanol & Energy)	Q3 2025 Adjusted EBITDA	$120.5 million
South American Mass-Market Consumers (Dairy)	Q1 2025 Adjusted EBITDA	$7 million
Institutional and Individual Investors (NYSE)	Market Capitalization (as of Sep 30, 2025)	$785M
All Farming Segments (Crops, Rice, Dairy)	Q3 2025 Adjusted EBITDA	$1.5 million

The company's overall TTM revenue as of September 30, 2025, stood at $1.39B. The Sugar, Ethanol & Energy business, which saw an all-time quarterly crushing record of 4.9 million tons in Brazil in Q3 2025, is clearly a major revenue driver, with its Q3 2025 Adjusted EBITDA of $120.5 million significantly outweighing the Farming business's Q3 2025 Adjusted EBITDA of $1.5 million.

For the investors, Adecoagro S.A. completed its 2025 Shareholder Distribution Program by distributing a total of $45.2 million through dividends and share repurchases.

The Dairy segment's operations involve producing raw milk, which is then transformed into value-added products like UHT milk and cheese. While the exact volume sold to external dairy producers is not specified, the internal transformation process is a key part of serving the domestic market. In 2024, the company produced 199.1 million liters of raw milk, supported by an average of 14,478 dairy cows delivering 37.6 liters per cow per day.

You should note the strategic focus on certain buyers. The company is actively pursuing diversification, evidenced by the agreement to acquire a 50% stake in Profertil, the largest producer of granular urea in South America, aiming to reduce result volatility.

• Global commodity traders are key for Crops, Rice, and Sugar volumes.
• The domestic Argentine retail market buys branded rice products.
• The company is committed to a minimum cash distribution of 40% of the previous year's cash generated to its shareholders.
• The Q3 2025 Gross Sales figure was $323.3 million.

Finance: draft 13-week cash view by Friday.

Adecoagro S.A. (AGRO) - Canvas Business Model: Cost Structure

You're looking at the expense side of Adecoagro S.A. (AGRO) operations, which are heavily weighted toward the direct costs of running massive agricultural and processing facilities. Honestly, for a company this size, you expect the cost of revenue to dominate the picture.

• High cost of revenue, totaling $276.236 million in Q1 2025.
• Finance costs were $24.974 million in Q1 2025, reflecting the debt load.
• General and administrative expenses hit $32.281 million in Q1 2025.
• Operations are capital-intensive, shown by the 3Q25 expansion CapEx driven by a $96.0 million advance payment for the Profertil stake.
• Costs related to land leasing and maintenance are a constant factor, with production costs in 2Q25 at 8.1 cts/lb (excluding depreciation and amortization).

The direct costs of production are clearly the largest component. For instance, the Cost of Revenue for the three months ended March 31, 2025, was $276,236 thousand. Compare that to the General and Administrative Expenses for the same period, which were $32,281 thousand. It's a different scale of spending entirely.

Here's a quick look at the key expense line items from the first quarter of 2025, all in US$ thousands:

Expense Category	Q1 2025 Amount (US$ thousands)	Q1 2024 Amount (US$ thousands)
Cost of revenue	276,236	205,341
General and administrative expenses	32,281	21,684
Selling expenses	37,146	28,585
Finance costs	24,974	21,734

The capital intensity isn't just about day-to-day spending; it's about long-term asset deployment. The company is actively investing in its asset base, which translates to future depreciation and amortization costs, even if those aren't always in the immediate Cost of Revenue line. For example, the expansion CapEx in 9M25, excluding the Profertil down payment, still increased by $13.6 million.

When you look specifically at the farmland component, you see assumptions baked into the 2025 plan that drive future costs. These are the inputs you need to watch for cost control efforts, especially since the company is working on an Action Plan to reduce its cost structure.

2025 Operational Cost Drivers/Assumptions	Metric	Value
Total Planted Area	('000 Has.)	224
Sugar, Ethanol & Energy Production Cost	(usd/ha)	1,583
Rice Yield	(tons/hect)	6.7
Sugar Cane Crushing Volume	(MM Tons)	13.1

Also, remember that higher maintenance costs and increased usage of agricultural inputs, like fertilizers, directly push up unit costs, as seen in the 2Q25 commentary. Also, sourcing cane from third parties adds variable costs compared to using your own land base.

Adecoagro S.A. (AGRO) - Canvas Business Model: Revenue Streams

You're looking at the core ways Adecoagro S.A. brings in money, which is critical for understanding its valuation, especially given the recent commodity price swings you've seen in the market.

The Trailing Twelve-Month Revenue for Adecoagro S.A. was approximately $1.55 Billion USD in 2025. This top-line number is a blend of its agricultural production and energy sales.

Here's a look at the major components driving that revenue, based on the latest available data around the third quarter of 2025:

Revenue Stream Component	Latest Financial Metric/Figure	Context/Period
Farming Segment (Crops, Rice, Dairy)	$768.42 Million USD	Revenue for the last year (highest performing source)
Sugar, Ethanol, and Energy Segment	Adjusted EBITDA: $120.5 million	Q3 2025 performance
Sugar, Ethanol, and Energy Segment	Adjusted EBITDA: $218.4 million	Year-to-date (9M25) performance
Farming Segment (Crops, Rice, Dairy)	Adjusted EBITDA: $1.5 million	Q3 2025 performance

The Sugar, Ethanol, and Energy business showed operational strength in the third quarter of 2025, even with lower global prices. The company actively managed this by switching its focus.

• Switched to ethanol max scenario, representing 58% of production in 3Q25.
• Achieved an all-time quarterly crushing record of 4.9 million tons in 3Q25.
• Year-to-date crushing volume reached 9.8 million tons.

The Farming segment, which includes Crops, Rice, and Dairy, is Adecoagro S.A.'s largest revenue generator by source, but it faced margin pressure from lower international prices and higher dollar-denominated costs for the 2024/25 harvest season. Honestly, you see the EBITDA drop reflecting this pressure.

• Leased area for crops was reduced by approximately 30% to focus on higher-margin specialties.
• Dairy products saw higher volumes sold, but lower prices in value-added products due to weaker domestic demand.
• Rice operations saw record production but sold at a slower pace due to a downward price trend.

Regarding the sale of bio-electricity and cogenerated power, this revenue is bundled within the Sugar, Ethanol, and Energy segment's results, which saw its Adjusted EBITDA increase by 20.3% year-over-year in 3Q25.

For gains from land transformation and sales of carbon credits, specific revenue figures weren't explicitly detailed in the latest public releases, though the company's farmland assets were appraised at $714.8 million as of September 30, 2025. That's a big asset base to draw from, if they decide to transact.

Finance: draft 13-week cash view by Friday.