Adecoagro released its results for the third quarter of 2025, which showed that it had a good overall performance, but its agricultural business recorded losses and the company decided to reduce the area it will cultivate in the 2025/26 campaign. As detailed, The company will cultivate 238,389 hectares, 21.8% less than last year. This is mainly due to a decrease in leasable area of 22.7%. The company indicated in the report that the goal of this course will be: “Maximizing the margin per hectare in each crop, given the low price scenario.” The CEO of Adecoagro is Mariano Bosch.
At the same time, the company compensated for part of this decline with very good performance in its business Sugar, ethanol and energywhich generated EBITDA of $120,467 million, a 20.3% year-over-year jump driven by a “historic milling record” of 4.9 million tons of sugarcane. This sector allowed the consolidated result to be sustained even with a decline in agricultural business.
In agricultural activity, the impact of this negative context was clearly reflected in the crop sector numbers, which showed losses again. in a quarter, EBITDA, The company’s operating profit was without taxes or unusual effects -6,798 million dollarsCompared to a positive result a year ago. In the first nine months of the year the accumulated red color reached – $18,139 millionfar from US$22.288 million in the same period in 2024.
The company attributed this decrease to: Declining prices for rice and dairy crops, coupled with rising costs. Peanuts are considered one of the most important crops in the agricultural portfolio. Adecoagro explained that prices suffered a “sharp decline” due to “excess supply” in the market.
Sources close to the company indicated Nation That situationThis happens to everyone“, referring to a scenario characterized by very low global prices and high costs and profit margins.”This year was complicated“They explained that they interpreted it as a temporary phenomenon, although they acknowledged that it forced them to reconsider the strategy, especially with regard to rents.”With these numbers, fewer hectares will be rentedThey pointed out that the company owns a large percentage of its own land, which allows it to modify the surface area without compromising the production structure. In any case, they confirmed that Adecoagro’Keep thinking about the future“It maintains its development plans.
This change in emphasis is also evident in the rotation. For the 2025/26 campaign, Adecoagro will significantly reduce the acreage allocated to soybeans, grade II soybeans, groundnuts, wheat and other variants, while increasing the acreage for maize by 23.1%.
Aside from the poor agricultural quarter, as mentioned earlier, Adecoagro did not end with a negative balance overall: its sugar, ethanol and energy businesses contributed to very strong results and allowed it to maintain a consolidated performance, which Adjusted EBITDA Until I fell asleep 3.7% on an annual basis In the quarter.
Strictly speaking, this part has arrived Adjusted EBITDA to $120,467 millionincrease in 20.3% compared to the previous year, driven by what the company described as “Historical grinding record“L 4.9 million tons of caneA 20.4% More than in the same quarter of 2024.
The report also noted that the company has deepened its ethanol-first strategy – reaching… Blend 58% In the period-“Because the margins were better than in sugar“.
Financially, the company also showed a tougher outlook. The company’s net debt amounted to $871,509 millionincrease in 34.9% Compared to last year. The document specified that this jump was linked, among other factors, to the down payment $96 million This corresponds to the acquisition of Nutrien’s 50% stake in Profertil, a transaction that raised the debt ratio to 2.8 times EBITDA.
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