Adecoagro S.A. (AGRO): Business Model Canvas [Dec-2025 Updated]

You're trying to map out the business of Adecoagro S.A. (AGRO), and frankly, it's more complex than just farming; this is a vertically integrated South American powerhouse that juggles sugar, ethanol, branded dairy, and even selling over 1 million MWh of renewable power annually. Honestly, the model hinges on being a low-cost producer across these segments, leveraging a massive 210,371 hectares land base to generate a Trailing Twelve-Month Revenue of approximately $1.55 Billion USD in 2025, all while managing significant costs like the $276.2 million in Q1 2025 cost of revenue. If you want the precise breakdown of how Adecoagro S.A. (AGRO) connects its resources to its diverse customers and revenue streams, you need to see the full Business Model Canvas below.

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

You're looking at the critical relationships Adecoagro S.A. relies on to execute its South American agro-industrial strategy as of late 2025. These partnerships are key to everything from capital structure to commodity off-take.

Tether Investments, S.A. De C.V. as the major shareholder as of May 2025.

Tether Investments S.A. de C.V. secured a controlling interest in Adecoagro S.A. in April 2025. This followed an initial investment in September 2024 of $100 million for a 9.8% stake. The final majority acquisition was valued at $620 million, with a tender offer price of $12.41 per Common Share to achieve approximately 70% ownership, contingent on reaching at least 51% of outstanding Common Shares on a fully diluted basis. This new ownership structure aligns with Adecoagro's focus on technology adoption.

Asociacion de Cooperativas Argentinas (ACA) for joint ventures like Profertil.

Adecoagro S.A. entered an agreement in September 2025 to acquire Nutrien Ltd.'s 50% interest in Profertil S.A., South America's largest granular urea producer. The total purchase price for Nutrien's shares is approximately $600 million. Adecoagro will execute this acquisition through a partnership structure with Asociación de Cooperativas Argentinas ('ACA').

Here's the quick math on the Profertil acquisition structure:

Partner	Stake in Acquisition Vehicle	Contribution to Down Payment
Adecoagro S.A.	80%	$96 million
Asociacion de Cooperativas Argentinas (ACA)	20%	Not specified

Profertil generated an average annual EBITDA of approximately US$390 million over the 2020-2024 period. Adecoagro contributed $96 million of the $120 million initial Down Payment made upon signing.

Local electricity distributors and commercialization companies.

Adecoagro generates electricity by burning biogas extracted from effluents produced by its dairy cattle in two biodigesters located in Argentina. This power is sold directly to the local grid in Argentina. The Sugar, Ethanol & Energy business achieved an Adjusted EBITDA of $120.5 million in 3Q25.

Global and regional commodity traders and industrial buyers.

Adecoagro produces a wide range of commodities sold globally. The company's grains activities cover over 200,000 hectares across Argentina and Uruguay, yielding over 800,000 ton of grains annually, which are exported to selective global markets. The company also sells value-added dairy products, such as UHT milk and cheese, to the export market.

The scale of Adecoagro's operations that feed these partnerships includes:

• 200,000+ hectares for grains production.
• Over 800,000 tons of grains produced yearly.
• Sugarcane plantation of over 200,000 hectares in Brazil.
• Crushing capacity of 14.2 million tons of sugarcane across three mills.
• Over 14,500 milking cows managed in Argentine facilities.

Technology and seed providers for agricultural innovation.

Adecoagro maintains a seed unit to develop proprietary seeds tailored to client needs for its rice operations. These seeds are planted across 60,000 hectares of own and leased farms in Argentina and Uruguay. The company's farmland, appraised by Cushman & Wakefield at $714.8 million as of September 30, 2025, benefits from this focus on productivity indicators. The overall company reported an Adjusted EBITDA of $115.1 million for 3Q25.

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

You're looking at the core engine of Adecoagro S.A. (AGRO), the day-to-day work that turns land and resources into revenue across South America. It's a complex, integrated operation, so let's break down the actual numbers driving these activities.

Integrated Sugarcane Cultivation and Processing

Adecoagro S.A. (AGRO) runs an integrated system where they cultivate sugarcane and process it into sugar, ethanol, and electricity at their own mills. This operational flexibility is key; for instance, in the third quarter of 2025, the company strategically switched production to an ethanol maximization scenario, with 58% of output going to ethanol because margins were better than sugar for that period. Year-to-date through the first nine months of 2025, 55% of production was ethanol. The company achieved an all-time quarterly crushing record in Q3 2025, processing 4.9 million tons of sugarcane, which brought the year-to-date crushed volume to 9.8 million tons. The cost of production year-to-date for the sugar, ethanol, and energy segment stood at 8.3 cts/lb.

Here are some specifics from the Q2 2025 results for context on volume and pricing:

Metric	Value	Period/Context
Ethanol Sold Volume	320,000 cubic meters	Q2 2025
Average Ethanol Price	2,700 Brazilian real per cubic meter	Q2 2025
Sugar, Ethanol & Energy Adjusted EBITDA	$120.5 million	Q3 2025

Production of Grains, Oilseeds, Rice, and Dairy

The Farming line of business is highly diversified, covering crops, rice, and dairy. Total production in this segment saw a 12% year-over-year increase as of Q2 2025. The rice operation, which is fully integrated with four mills in Argentina and two in Uruguay, hit a record average yield of 8 tons per hectare in Q2 2025. For the 2024/2025 harvest-year, Adecoagro S.A. (AGRO) planted 64,477 hectares of rice. On the dairy side, the company produced 199.1 million liters of raw milk in 2024, supported by a daily average of 14,478 dairy cows delivering an average of 37.6 liters of milk per cow per day.

The financial performance for this segment shows pressure from market prices:

• Farming Business Adjusted EBITDA (Q3 2025): $1.5 million.
• Farming Business Adjusted EBITDA (Year-to-Date 9M25): $19.2 million.

Cogenerating and Selling Renewable Electricity

Adecoagro S.A. (AGRO) is a significant player in renewable energy generation, cogenerating and selling over 1 million MWh of renewable electricity annually from its industrial facilities. This activity is a core part of the Sugar, Ethanol, and Energy segment. Furthermore, the company has been exploring ways to maximize the value of this asset base, which includes a total renewable energy capacity of 230 MW across South America.

Disciplined Capital Allocation and Land Transformation

The capital allocation strategy focuses on shareholder returns and growth investments while managing debt. The distribution policy commits to a minimum distribution of 40% of the cash generated the previous year via dividends and share repurchases. Based on 2024 net cash from operations, the minimum distribution for 2025 was $64 million, out of which $45 million was already committed as of Q1 2025. The company's net debt stood at $872 million as of Q3 2025, resulting in a Net Leverage Ratio of 2.8 times.

Land transformation and crop planning are managed to maintain sustainability and improve margins. For the 2025-2026 campaign, the company reduced its planting plan by 22%. As of September 30, 2025, the company's 210,371 hectares of farmland were valued at $714.8 million in an independent appraisal.

Key capital metrics as of late 2025:

• Net Debt (Q3 2025): $872 million.
• Net Leverage Ratio (Q3 2025): 2.8 times.
• Expansion CapEx (Q2 2025 YTD): $53 million.
• Annual Dividend Per Share: $0.35.

Exploring Energy Use for High-Potential Ventures

Adecoagro S.A. (AGRO) is actively exploring using its surplus renewable energy for high-potential ventures, specifically Bitcoin mining. In July 2025, the company signed a Memorandum of Understanding (MoU) with Tether Holdings to explore this. This initiative aims to monetize surplus energy from their 230 MW of renewable generation capacity, which is currently sold at spot market prices. The goal is to stabilize energy revenue, lock in pricing, and gain strategic exposure to Bitcoin on the balance sheet.

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

When you look at Adecoagro S.A. (AGRO)'s foundation, it's all about scale and integration, which are the bedrock of their competitive advantage in South America. These aren't just assets; they are the physical capacity to execute their strategy, which is defintely a key differentiator.

The core of Adecoagro S.A. (AGRO)'s Key Resources centers on its massive land holdings and the industrial infrastructure built upon them. This physical footprint allows for the high-volume, low-cost production you're looking for in an agro-industrial player.

• Vast land base: 210,371 hectares of owned and leased farmland as of September 30, 2025.
• Farmland portfolio valued at $714.8 million as of September 30, 2025, according to the Cushman & Wakefield appraisal.
• Vertically integrated industrial assets, including mills and dairy plants, supporting production of over 3.1 million tons of agricultural products and over 1 million MWh of renewable electricity annually.
• Operational flexibility demonstrated by switching to an ethanol maximization scenario, which accounted for 58% of production in 3Q25.
• Proprietary seed unit for rice and other crop genetic development, supporting record productivity in rice operations.

Here's a quick look at the scale of the operational assets as of the third quarter of 2025:

Resource Metric	Value	Context/Date
Total Farmland Area	210,371 hectares	As of September 30, 2025
Farmland Portfolio Value	$714.8 million	As of September 30, 2025
3Q25 Sugarcane Crushing Volume	4.9 million tons	All-time quarterly record
9M25 Crushed Volume Year-to-Date	9.8 million tons	Year-to-date as of September 30, 2025
Ethanol Production Mix (3Q25)	58%	Switched to ethanol max scenario

The company's ability to generate this output relies on these tangible assets, which are continuously managed for productivity, such as the year-to-date crushing pace of 9.8 million tons.

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.