Adecoagro S.A. (AGRO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la innovación agrícola, Adecoagro S.A. (Agro) se erige como una potencia de producción agrícola estratégica y comercio de productos básicos, combinando la tecnología de vanguardia sin problemas con prácticas agrícolas sostenibles en Brasil y Argentina. Con una cartera diversificada que abarca múltiples tipos de cultivos Y un intrincado modelo de negocio que navega por los mercados globales complejos, esta compañía representa un enfoque sofisticado para la empresa agrícola moderna, posicionándose estratégicamente en la intersección de la producción de alimentos, el comercio de productos básicos y el desarrollo agrícola sostenible.

Adecoagro S.A. (Agro) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con fabricantes de equipos agrícolas

Adecoagro mantiene asociaciones estratégicas con fabricantes clave de equipos agrícolas para optimizar sus operaciones agrícolas.

Fabricante de equipos	Detalles de la asociación	Valor del equipo
John Deere	Acuerdo de suministro y mantenimiento a largo plazo	$ 45.2 millones
Caso IH	Integración de tecnología agrícola de precisión	$ 37.6 millones

Asociaciones con empresas comerciales de productos básicos globales

Adecoagro colabora con las principales empresas de comercio mundial de productos básicos para mejorar el alcance y la distribución del mercado.

• Cargill - Asociación de comercio de productos básicos agrícolas
• Louis Dreyfus Company - Acuerdos de exportación de grano y azúcar
• Bunge Limited - Colaboración integrada de la cadena de suministro

Socio comercial	Volumen de negociación anual	Duración del contrato
Cargill	1.2 millones de toneladas métricas	Acuerdo a 5 años
Louis Dreyfus	890,000 toneladas métricas	Acuerdo de 3 años

Colaboración con instituciones financieras para financiamiento de cultivos

Adecoagro se asocia con instituciones financieras para asegurar el financiamiento de cultivos y la gestión de riesgos.

Institución financiera	Monto financiero	Tasa de interés
Banco Santander	$ 120 millones	6.5%
Banco HSBC	$ 95 millones	7.2%

Empresas conjuntas con agricultores locales y cooperativas agrícolas

Adecoagro establece asociaciones colaborativas con entidades agrícolas locales.

• Cooperativa Agrícola Ltda - Asociación de la Región del Sur de Brasil
• Asociación de Productores Agrícolas - Red Agricultura de Argentina

Cooperativa	Área cultivada	Participación en los ingresos
Cooperativa Agrícola Ltda	45,000 hectáreas	60/40 división
Asociatura de productores	38,500 hectáreas	55/45 Split

Adecoagro S.A. (Agro) - Modelo de negocio: actividades clave

Producción de cultivos agrícolas a gran escala

Área terrestre agrícola total: 242,600 hectáreas a partir de 2022

Tipo de cultivo	Hectáreas cultivadas	Volumen de producción anual
Soja	95,400 hectáreas	294,000 toneladas métricas
Maíz	61,200 hectáreas	385,000 toneladas métricas
Caña de azúcar	86,000 hectáreas	5.2 millones de toneladas métricas

Gestión y cultivo de la tierra agrícola

• Regiones operativas: Argentina, Brasil, Uruguay
• Inversión de tecnología agrícola de precisión: $ 12.3 millones en 2022
• Cobertura de los sistemas de riego: 45,000 hectáreas

Procesamiento y comercio de productos agrícolas

Capacidad anual de procesamiento de productos básicos: 6.5 millones de toneladas métricas

Producto	Capacidad de procesamiento	Ingresos anuales
Granos	4.2 millones de toneladas métricas	$ 580 millones
Azúcar	2.3 millones de toneladas métricas	$ 420 millones

Agricultura sostenible e innovación agrícola

• Inversión de I + D: $ 8.7 millones en 2022
• Reducción de la emisión de carbono: 35,000 toneladas métricas CO2 equivalente
• Certificación sostenible: 60% de tierras agrícolas totales

Adecoagro S.A. (Agro) - Modelo de negocio: recursos clave

Extensas tenencias de tierras agrícolas

Portafolio de tierras totales: 242,700 hectáreas a partir de 2023, distribuidas a través de:

País	Hectáreas	Porcentaje
Argentina	161,600	66.6%
Brasil	81,100	33.4%

Maquinaria y tecnología agrícola avanzada

Gasto de capital en equipos y tecnología agrícola: $ 98.4 millones en 2022

• Equipo de agricultura de precisión moderna
• Maquinaria agrícola guiada por GPS
• Tecnología de monitoreo de cultivos

Fuerza laboral agrícola calificada

Total de empleados: 3.700 a partir de 2023

Categoría	Número de empleados
Trabajadores agrícolas	2,950
Personal de gestión y técnico	750

Recursos hídricos e infraestructura de riego

Tierra de riego: 35,000 hectáreas

• Sistemas de riego por goteo
• Tecnología de riego de pivote central

Capacidades de capital financiero y de inversión

Métricas financieras para 2022:

Métrica financiera	Cantidad (USD)
Activos totales	1,324,000,000
Patrimonio de los accionistas	712,000,000
Equivalentes de efectivo y efectivo	189,000,000

Adecoagro S.A. (Agro) - Modelo de negocio: propuestas de valor

Productos agrícolas y productos alimenticios de alta calidad

Adecoagro produce productos agrícolas de alta calidad con las siguientes métricas de producción:

Cultivo	Volumen de producción anual	Estándar de calidad
Soja	350,000 toneladas métricas	ISO 9001 certificado
Maíz	250,000 toneladas métricas	ISO 9001 certificado
Azúcar	1.2 millones de toneladas métricas	FSSC 22000 Seguridad alimentaria

Prácticas agrícolas sostenibles y eficientes

Prácticas agrícolas sostenibles implementadas:

• Sistemas de riego de eficiencia del agua que reducen el consumo de agua en un 35%
• Tecnología agrícola de precisión que reduce los insumos químicos en un 25%
• Reducción de emisiones de carbono del 22% por hectárea

Cartera agrícola diversificada

Detalles de la diversificación de cultivos y geográficos:

Categoría de cosechas	Porcentaje de cartera	Regiones geográficas
Granos	42%	Argentina, Brasil
Azúcar y etanol	33%	Brasil
Lácteos	15%	Argentina
Café	10%	Brasil

Modelo de producción agrícola administrado por el riesgo

Estrategias de gestión de riesgos:

• Cobertura de seguro de cultivos para el 95% de las tierras agrícolas
• Contratos de cobertura que cubren el 80% de la volatilidad del precio de los productos básicos
• Riesgo diversificada de rotación de cultivos reduciendo el riesgo de degradación del suelo

Precios competitivos en mercados agrícolas globales

Precios de métricas competitivas:

Producto	Competitividad del precio de mercado	Rentabilidad de producción
Soja	5% por debajo del promedio global	$ 320 por tonelada métrica
Maíz	7% por debajo del promedio global	$ 280 por tonelada métrica
Azúcar	6% por debajo del promedio global	$ 420 por tonelada métrica

Adecoagro S.A. (Agro) - Modelo de negocio: relaciones con los clientes

Contratos a largo plazo con compradores mundiales de productos básicos

Adecoagro mantiene contratos estratégicos a largo plazo con compradores mundiales de productos básicos, centrándose en productos agrícolas. A partir de 2022, la compañía había establecido contratos con más de 50 compañías internacionales de alimentos y comerciales.

Tipo de contrato	Duración promedio	Volumen anual
Contratos de exportación de granos	3-5 años	1.2 millones de toneladas métricas
Contratos de exportación de azúcar	2-4 años	650,000 toneladas métricas
Contratos de suministro de etanol	2-3 años	350 millones de litros

Ventas directas a industrias de procesamiento de alimentos

Adecoagro implementa estrategias directas de ventas dirigidas a las industrias de procesamiento de alimentos en múltiples mercados.

• Los canales de ventas directos cubren Argentina, Brasil y Uruguay
• Ingresos anuales de ventas directas: $ 487 millones en 2022
• Los segmentos clave de la industria incluyen procesadores de lácteos, panaderías y alimentos para animales

Plataformas digitales para la participación del cliente

La compañía utiliza plataformas digitales avanzadas para mejorar las interacciones del cliente y la prestación de servicios.

Plataforma digital	Base de usuarios	Transacciones anuales
Portal de ventas en línea	1.200 clientes registrados	8.500 transacciones
Plataforma de asesoramiento agrícola	850 usuarios activos	12,000 interacciones de asesoramiento

Comunicación transparente de la cadena de suministro

Adecoagro enfatiza la comunicación transparente a lo largo de su gestión de la cadena de suministro.

• Sistemas de seguimiento en tiempo real para el 95% de los envíos agrícolas
• Trazabilidad habilitada para blockchain para transacciones de productos básicos
• Informes de sostenibilidad trimestral que detallan las prácticas de la cadena de suministro

Soluciones agrícolas personalizadas

La compañía ofrece soluciones agrícolas personalizadas para cumplir con los requisitos específicos del cliente.

Categoría de soluciones	Nivel de personalización	Alcance anual del cliente
Gestión de cultivos	Alto	450 clientes agrícolas
Agricultura de precisión	Medio a alto	350 operaciones agrícolas
Consultoría de sostenibilidad	Alto	250 clientes corporativos

Adecoagro S.A. (Agro) - Modelo de negocios: canales

Equipos de ventas directos

Adecoagro opera equipos de ventas directas en múltiples segmentos agrícolas con la siguiente estructura:

Canal de ventas	Cobertura geográfica	Volumen de ventas anual
Equipo de ventas de cultivos	Argentina, Brasil	1.2 millones de toneladas métricas
Equipo de ventas de lácteos	Argentina	220 millones de litros
Azúcar & Equipo de ventas de etanol	Brasil	1.1 millones de toneladas de azúcar

Plataformas de comercio de productos básicos en línea

Adecoagro utiliza plataformas de comercio digital con las siguientes características:

• Registrado en Bolsa de Comercio de Buenos Aires
• Activo en plataformas internacionales de comercio de productos básicos
• Volumen de transacción digital: $ 850 millones anuales

Intercambios de productos agrícolas

Detalles de participación clave del intercambio de productos básicos:

Intercambio	Productos primarios	Volumen de negociación anual
Intercambio mercantil de Chicago	Soja, maíz	650,000 toneladas métricas
B3 Exchange (Brasil)	Azúcar, etanol	450,000 toneladas métricas

Redes de exportación y relaciones comerciales internacionales

Distribución del canal de exportación:

• Mercados de exportación activos: 12 países
• Regiones de exportación primaria: Asia, Europa, Medio Oriente
• Ingresos anuales de exportación: $ 980 millones

Canales de marketing digital y comunicación

Métricas de compromiso digital:

Plataforma	Seguidores/suscriptores	Tasa de compromiso
LinkedIn	35,000	2.5%
Sitio web corporativo	150,000 visitantes mensuales	3.2%
Portal de relaciones con los inversores	22,000 visitantes únicos	4.1%

Adecoagro S.A. (Agro) - Modelo de negocio: segmentos de clientes

Empresas globales de procesamiento de alimentos

Adecoagro sirve a las principales empresas globales de procesamiento de alimentos con productos agrícolas. Cliente clave profile Incluye:

Tipo de cliente	Volumen de compra anual	Enfoque de productos básicos
Procesadores de alimentos multinacionales	1.2 millones de toneladas métricas	Azúcar, maíz, soja
Grandes fabricantes de alimentos	850,000 toneladas métricas	Trigo, arroz

Comerciantes internacionales de productos básicos

Adecoagro suministra productos a redes comerciales internacionales.

• Top 5 empresas comerciales globales de productos básicos
• Volumen de negociación anual: 2.5 millones de toneladas métricas
• Mercados primarios: América del Sur, Europa

Importadores de productos básicos agrícolas

Región	Volumen de importación	Productos clave
Porcelana	480,000 toneladas métricas	Soja, maíz
unión Europea	350,000 toneladas métricas	Azúcar, trigo

Fabricantes de ganado y alimento

Segmentos principales del cliente:

• Productores de ganado a gran escala
• Fabricantes de alimentos industriales
• Cooperativas agrícolas regionales

Compañías de producción de biocombustibles

Tipo de cliente	Requisito anual de etanol	Enfoque geográfico
Productores de biocombustibles brasileños	1.1 millones de metros cúbicos	Sudamerica
Empresas internacionales de energía renovable	750,000 metros cúbicos	Mercados globales

Adecoagro S.A. (Agro) - Modelo de negocio: Estructura de costos

Gastos de adquisición y mantenimiento de tierras

A partir de 2023 informes financieros, Adecoagro poseía aproximadamente 264,000 hectáreas de tierras agrícolas en Argentina, Brasil y Uruguay. Los costos totales de mantenimiento de la tierra fueron de $ 45.2 millones en el año fiscal.

Categoría terrestre	Hectáreas	Costo de mantenimiento anual
Tierra de producción de cultivos	186,000	$ 32.1 millones
Tierra de azúcar y etanol	58,000	$ 8.7 millones
Tierra de cultivo de lácteos	20,000	$ 4.4 millones

Inversiones de equipos y tecnología agrícolas

En 2023, Adecoagro invirtió $ 67.3 millones en maquinaria agrícola e infraestructura tecnológica.

• Tecnología de la agricultura de precisión: $ 18.5 millones
• Equipo de cosecha: $ 24.6 millones
• Sistemas de riego: $ 12.4 millones
• GPS y sistemas de monitoreo satelital: $ 11.8 millones

Costos de mano de obra y de la fuerza laboral

Los gastos totales de la fuerza laboral para 2023 fueron de $ 94.6 millones, que cubren aproximadamente 6,500 trabajadores permanentes y estacionales.

Categoría de trabajadores	Número de empleados	Costo laboral anual
Trabajadores agrícolas permanentes	3,200	$ 52.3 millones
Trabajadores estacionales	3,300	$ 42.3 millones

Cultivos de cultivos y gastos de producción

Los costos totales de producción de cultivos en 2023 alcanzaron $ 213.7 millones en diferentes segmentos agrícolas.

• Costos de producción de maíz: $ 68.4 millones
• Gastos de cultivo de soja: $ 79.2 millones
• Producción de caña de azúcar: $ 45.6 millones
• Costos de cultivo de arroz: $ 20.5 millones

Infraestructura de transporte y logística

Los gastos de logística y transporte para 2023 totalizaron $ 56.8 millones.

Modo de transporte	Gasto anual
Transporte de camiones	$ 34.2 millones
Transporte ferroviario	$ 12.6 millones
Manejo y envío de puertos	$ 10 millones

Adecoagro S.A. (Agro) - Modelo de negocios: flujos de ingresos

Ventas de productos agrícolas

Adecoagro S.A. genera ingresos de los siguientes productos agrícolas:

Producto	Volumen de producción anual	Precio promedio de mercado
Soja	314,000 toneladas métricas	$ 490 por tonelada métrica
Maíz	267,000 toneladas métricas	$ 220 por tonelada métrica
Caña de azúcar	2.1 millones de toneladas métricas	$ 45 por tonelada métrica

Ingresos de comercio e exportaciones de cultivos

Desglose de ingresos de exportación:

• Valor total de exportación de cultivos: $ 247.6 millones
• Mercados de exportación primarios: China, Unión Europea, Medio Oriente
• Volumen de exportación: 582,000 toneladas métricas

Ingresos de procesamiento de productos agrícolas

Categoría de procesamiento	Ingresos anuales	Volumen de procesamiento
Procesamiento de azúcar	$ 186.3 millones	1.8 millones de toneladas métricas
Procesamiento de etanol	$ 132.7 millones	480,000 metros cúbicos

Servicios de arrendamiento de tierras y agrícolas

Fuentes de ingresos:

• Ingresos totales de arrendamiento de tierras: $ 42.5 millones
• Tierra agrícola arrendada: 95,000 hectáreas
• Contratos de servicio agrícola: $ 18.2 millones

Ingresos de producción de bioenergía y etanol

Producto energético	Producción anual	Ganancia
Etanol	480,000 metros cúbicos	$ 132.7 millones
Co-generación de electricidad	320 GWH	$ 38.4 millones

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.