Adecoagro S.A. (AGRO): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'innovation agricole, Adecoagro S.A. (AGRO) est une puissance de production agricole stratégique et de négociation de matières premières, mélangeant parfaitement une technologie de pointe avec des pratiques agricoles durables à travers le Brésil et l'Argentine. Avec un portefeuille diversifié couvrant plusieurs types de cultures et un modèle commercial complexe qui navigue sur les marchés mondiaux complexes, cette entreprise représente une approche sophistiquée de l'entreprise agricole moderne, se positionnant stratégiquement à l'intersection de la production alimentaire, du commerce des matières premières et du développement agricole durable.

Adecoagro S.A. (AGRO) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les fabricants d'équipements agricoles

Adecoagro maintient des partenariats stratégiques avec les principaux fabricants d'équipements agricoles pour optimiser ses opérations agricoles.

Fabricant d'équipements	Détails du partenariat	Valeur de l'équipement
John Deere	Contrat d'offre et de maintenance à long terme	45,2 millions de dollars
Cas ih	Intégration de la technologie de l'agriculture de précision	37,6 millions de dollars

Partenariats avec les sociétés mondiales de commerce de matières premières

Adecoagro collabore avec les grandes sociétés mondiales de trading de produits de base pour améliorer la portée et la distribution du marché.

• Cargill - Partenariat de trading de produits agricoles
• Louis Dreyfus Company - Accords d'exportation de céréales et de sucre
• Bunge Limited - Collaboration intégrée de la chaîne d'approvisionnement

Partenaire commercial	Volume de trading annuel	Durée du contrat
Cargot	1,2 million de tonnes métriques	Accord sur 5 ans
Louis Dreyfus	890 000 tonnes métriques	Accord de 3 ans

Collaboration avec les institutions financières pour le financement des cultures

Adecoagro s'associe à des institutions financières pour garantir le financement des cultures et la gestion des risques.

Institution financière	Montant du financement	Taux d'intérêt
Banco Santander	120 millions de dollars	6.5%
Banque HSBC	95 millions de dollars	7.2%

Coentreprises avec des agriculteurs locaux et des coopératives agricoles

Adecoagro établit des partenariats collaboratifs avec des entités agricoles locales.

• Cooperativa Agrícola Ltda - Southern Brazil Region Partnership
• Asociación de Productore Agrícolas - Argentine Agricultural Network

Coopérative	Zone cultivée	Partage des revenus
Cooperativa agrícola ltda	45 000 hectares	60/40 Split
Asociación de productores	38 500 hectares	55/45 Split

Adecoagro S.A. (AGRO) - Modèle d'entreprise: activités clés

Production agricole à grande échelle

Zone terrestre agricole totale: 242 600 hectares à partir de 2022

Type de culture	Hectares cultivés	Volume de production annuel
Soja	95 400 hectares	294 000 tonnes métriques
Maïs	61 200 hectares	385 000 tonnes métriques
Canne à sucre	86 000 hectares	5,2 millions de tonnes métriques

Gestion et culture des terres agricoles

• Régions opérationnelles: Argentine, Brésil, Uruguay
• Précision Agriculture Technology Investment: 12,3 millions de dollars en 2022
• Couverture des systèmes d'irrigation: 45 000 hectares

Traitement et trading des produits agricoles

Capacité annuelle de traitement des produits de base: 6,5 millions de tonnes métriques

Marchandise	Capacité de traitement	Revenus annuels
Grains	4,2 millions de tonnes métriques	580 millions de dollars
Sucre	2,3 millions de tonnes métriques	420 millions de dollars

Agriculture durable et innovation agricole

• Investissement en R&D: 8,7 millions de dollars en 2022
• Réduction des émissions de carbone: 35 000 tonnes métriques CO2 équivalent
• Certification durable: 60% du total des terres agricoles

Adecoagro S.A. (AGRO) - Modèle d'entreprise: Ressources clés

Extension des terres agricoles

Portfolio total des terres: 242 700 hectares en 2023, distribué à travers:

Pays	Hectares	Pourcentage
Argentine	161,600	66.6%
Brésil	81,100	33.4%

Machines et technologies agricoles avancées

Dépenses en capital dans l'équipement et la technologie agricoles: 98,4 millions de dollars en 2022

• Équipement d'agriculture de précision moderne
• Machines agricoles guidées par GPS
• Technologie de surveillance des cultures

Main-d'œuvre agricole qualifiée

Total des employés: 3 700 en 2023

Catégorie	Nombre d'employés
Travailleurs agricoles	2,950
Personnel de gestion et technique	750

Ressources en eau et infrastructure d'irrigation

Terre irriguée: 35 000 hectares

• Systèmes d'irrigation goutte à goutte
• Technologie d'irrigation au pivot central

Capacités de capital financier et d'investissement

Mesures financières pour 2022:

Métrique financière	Montant (USD)
Actif total	1,324,000,000
Capitaux propres des actionnaires	712,000,000
Equivalents en espèces et en espèces	189,000,000

Adecoagro S.A. (AGRO) - Modèle d'entreprise: propositions de valeur

Produits agricoles de haute qualité et produits alimentaires

Adecoagro produit des produits agricoles de haute qualité avec les mesures de production suivantes:

Recadrer	Volume de production annuel	Norme de qualité
Soja	350 000 tonnes métriques	Certifié ISO 9001
Maïs	250 000 tonnes métriques	Certifié ISO 9001
Sucre	1,2 million de tonnes métriques	FSSC 22000 Sécurité alimentaire

Pratiques agricoles durables et efficaces

Pratiques agricoles durables mises en œuvre:

• Systèmes d'irrigation de l'efficacité de l'eau réduisant la consommation d'eau de 35%
• La technologie de l'agriculture de précision réduisant les intrants chimiques de 25%
• Réduction des émissions de carbone de 22% par hectare

Portefeuille agricole diversifié

Détails de diversification des cultures et géographiques:

Catégorie de récolte	Pourcentage de portefeuille	Régions géographiques
Grains	42%	Argentine, Brésil
Sucre et éthanol	33%	Brésil
Laitier	15%	Argentine
Café	10%	Brésil

Modèle de production agricole géré par le risque

Stratégies de gestion des risques:

• Couverture d'assurance-récolte pour 95% des terres agricoles
• Contrats de couverture couvrant 80% de la volatilité des prix des matières premières
• Rotation diversifiée des cultures réduisant le risque de dégradation du sol

Prix ​​compétitifs sur les marchés agricoles mondiaux

Tarification des mesures compétitives:

Marchandise	Compétitivité des prix du marché	Généficiaire de la production
Soja	5% en dessous de la moyenne mondiale	320 $ par tonne métrique
Maïs	7% en dessous de la moyenne mondiale	280 $ par tonne métrique
Sucre	6% inférieur à la moyenne mondiale	420 $ par tonne métrique

Adecoagro S.A. (AGRO) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec les acheteurs mondiaux de matières premières

Adecoagro maintient des contrats stratégiques à long terme avec les acheteurs mondiaux de matières premières, en se concentrant sur les produits agricoles. Depuis 2022, la société avait établi des contrats avec plus de 50 sociétés internationales de nourriture et de commerce.

Type de contrat	Durée moyenne	Volume annuel
Contrats d'exportation de céréales	3-5 ans	1,2 million de tonnes métriques
Contrats d'exportation de sucre	2-4 ans	650 000 tonnes métriques
Contrats d'approvisionnement en éthanol	2-3 ans	350 millions de litres

Ventes directes aux industries de la transformation des aliments

Adecoagro met en œuvre des stratégies de vente directes ciblant les industries de transformation des aliments sur plusieurs marchés.

• Les canaux de vente directs couvrent l'Argentine, le Brésil et l'Uruguay
• Revenus de ventes directes annuels: 487 millions de dollars en 2022
• Les segments clés de l'industrie comprennent les produits laitiers, la boulangerie et les processeurs d'alimentation animale

Plateformes numériques pour l'engagement des clients

L'entreprise utilise des plates-formes numériques avancées pour améliorer les interactions des clients et la prestation de services.

Plate-forme numérique	Base d'utilisateurs	Transactions annuelles
Portail de vente en ligne	1 200 clients enregistrés	8 500 transactions
Plateforme de conseil agricole	850 utilisateurs actifs	12 000 interactions consultatives

Communication transparente de la chaîne d'approvisionnement

Adecoagro met l'accent sur la communication transparente tout au long de sa gestion de la chaîne d'approvisionnement.

• Systèmes de suivi en temps réel pour 95% des expéditions agricoles
• Tracabilité compatible en blockchain pour les transactions de produits
• Rapports trimestriels de durabilité détaillant les pratiques de la chaîne d'approvisionnement

Solutions agricoles personnalisées

L'entreprise fournit des solutions agricoles sur mesure pour répondre aux exigences spécifiques des clients.

Catégorie de solution	Niveau de personnalisation	Reach du client annuel
Gestion des cultures	Haut	450 clients agricoles
Agriculture de précision	Moyen à élevé	350 opérations agricoles
Conseil en durabilité	Haut	250 clients d'entreprise

Adecoagro S.A. (AGRO) - Modèle d'entreprise: canaux

Équipes de vente directes

Adecoagro exploite des équipes de vente directes sur plusieurs segments agricoles avec la structure suivante:

Canal de vente	Couverture géographique	Volume des ventes annuelles
Équipe de vente de cultures	Argentine, Brésil	1,2 million de tonnes métriques
Équipe de vente laitière	Argentine	220 millions de litres
Sucre & Équipe de vente d'éthanol	Brésil	1,1 million de tonnes de sucre

Plateformes de trading de produits de base en ligne

Adecoagro utilise des plateformes de trading numérique avec les caractéristiques suivantes:

• Enregistré sur Bolsa de Comercio de Buenos Aires
• Actif sur les plateformes internationales de trading de produits de base
• Volume de transaction numérique: 850 millions de dollars par an

Échanges de produits agricoles

Détails de la participation d'échange de produits de base:

Échange	Produits principaux	Volume de trading annuel
Chicago Mercantile Exchange	Soja, maïs	650 000 tonnes métriques
B3 Exchange (Brésil)	Sucre, éthanol	450 000 tonnes métriques

Réseaux d'exportation et relations commerciales internationales

Distribution des canaux d'exportation:

• Marchés d'exportation actifs: 12 pays
• Régions d'exportation primaires: Asie, Europe, Moyen-Orient
• Revenus d'exportation annuels: 980 millions de dollars

Canaux de marketing numérique et de communication

Métriques d'engagement numérique:

Plate-forme	Adeptes / abonnés	Taux d'engagement
Liendin	35,000	2.5%
Site Web de l'entreprise	150 000 visiteurs mensuels	3.2%
Portail des relations avec les investisseurs	22 000 visiteurs uniques	4.1%

Adecoagro S.A. (AGRO) - Modèle d'entreprise: segments de clientèle

Entreprises mondiales de transformation des aliments

Adecoagro dessert les grandes entreprises mondiales de transformation des aliments avec des produits agricoles. Client clé profile Comprend:

Type de client	Volume d'achat annuel	Focus des marchandises
Transformateurs alimentaires multinationaux	1,2 million de tonnes métriques	Sucre, maïs, soja
Grands fabricants d'aliments	850 000 tonnes métriques	Blé, riz

Commerçants internationaux de matières premières

Adecoagro fournit des matières premières aux réseaux commerciaux internationaux.

• Top 5 des sociétés mondiales de commerce des matières premières
• Volume de trading annuel: 2,5 millions de tonnes métriques
• Marchés primaires: Amérique du Sud, Europe

Importateurs de produits agricoles

Région	Volume d'importation	Produits clés
Chine	480 000 tonnes métriques	Soja, maïs
Union européenne	350 000 tonnes métriques	Sucre, blé

Fabricants d'élevage et d'alimentation

Segments de clientèle principaux:

• Producteurs d'élevage à grande échelle
• Fabricants d'aliments industriels
• Coopératives agricoles régionales

Biofuel Production Companies

Type de client	Exigence annuelle d'éthanol	Focus géographique
Producteurs de biocarburants brésiliens	1,1 million de mètres cubes	Amérique du Sud
Entreprises internationales d'énergie renouvelable	750 000 mètres cubes	Marchés mondiaux

Adecoagro S.A. (AGRO) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et d'entretien des terres

En 2023 rapports financiers, Adecoagro possédait environ 264 000 hectares de terres agricoles à travers l'Argentine, le Brésil et l'Uruguay. Les coûts totaux de maintenance des terres étaient de 45,2 millions de dollars au cours de l'exercice.

Catégorie de terrain	Hectares	Coût de maintenance annuel
Terre de production agricole	186,000	32,1 millions de dollars
Sucre et éthanol	58,000	8,7 millions de dollars
Terre de l'agriculture laitière	20,000	4,4 millions de dollars

Équipements agricoles et investissements technologiques

En 2023, Adecoagro a investi 67,3 millions de dollars dans les machines agricoles et les infrastructures technologiques.

• Technologie d'agriculture de précision: 18,5 millions de dollars
• Équipement de récolte: 24,6 millions de dollars
• Systèmes d'irrigation: 12,4 millions de dollars
• Systèmes de surveillance des médecins généralistes et des satellites: 11,8 millions de dollars

Coûts de main-d'œuvre et de main-d'œuvre

Les dépenses totales de la main-d'œuvre pour 2023 étaient de 94,6 millions de dollars, couvrant environ 6 500 travailleurs permanents et saisonniers.

Catégorie des travailleurs	Nombre d'employés	Coût annuel de la main-d'œuvre
Travailleurs agricoles permanents	3,200	52,3 millions de dollars
Travailleurs saisonniers	3,300	42,3 millions de dollars

Cultivation des cultures et dépenses de production

Les coûts totaux de production des cultures en 2023 ont atteint 213,7 millions de dollars dans différents segments agricoles.

• Coûts de production de maïs: 68,4 millions de dollars
• Frais de culture du soja: 79,2 millions de dollars
• Production de canne à sucre: 45,6 millions de dollars
• Coûts de riz: 20,5 millions de dollars

Infrastructure de transport et de logistique

Les frais de logistique et de transport pour 2023 ont totalisé 56,8 millions de dollars.

Mode de transport	Dépenses annuelles
Transport de camions	34,2 millions de dollars
Transport ferroviaire	12,6 millions de dollars
Manipulation des ports et expédition	10 millions de dollars

Adecoagro S.A. (AGRO) - Modèle d'entreprise: Strots de revenus

Ventes de produits agricoles

Adecoagro S.A. génère des revenus à partir des produits agricoles suivants:

Marchandise	Volume de production annuel	Prix ​​du marché moyen
Soja	314 000 tonnes métriques	490 $ par tonne métrique
Maïs	267 000 tonnes métriques	220 $ par tonne métrique
Canne à sucre	2,1 millions de tonnes métriques	45 $ par tonne métrique

Revenus de négociation et d'exportation des cultures

Dépression des revenus d'exportation:

• Valeur d'exportation totale des cultures: 247,6 millions de dollars
• Marchés d'exportation primaires: Chine, Union européenne, Moyen-Orient
• Volume d'exportation: 582 000 tonnes métriques

Revenu de traitement des produits agricoles

Catégorie de traitement	Revenus annuels	Volume de traitement
Traitement du sucre	186,3 millions de dollars	1,8 million de tonnes métriques
Traitement de l'éthanol	132,7 millions de dollars	480 000 mètres cubes

Services de location de terres et d'agriculture

Sources de revenus:

• Revenu total de location de terres: 42,5 millions de dollars
• Terre agricole louée: 95 000 hectares
• Contrats de services agricoles: 18,2 millions de dollars

Revenus de production de bioénergie et d'éthanol

Produit énergétique	Production annuelle	Revenu
Éthanol	480 000 mètres cubes	132,7 millions de dollars
Co-génération d'électricité	320 GWH	38,4 millions de dollars

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.