Adecoagro (AGRO) Q2 2026 earnings summary

Executive summary

• Record adjusted EBITDA of $258.3 million in 6M26 and $173 million in 2Q26, up over 60% and 52% year-over-year, driven by strong fertilizer performance, operational scale, and diversification.

• Fertilizer segment outperformed with higher production, prices, and cost efficiencies, leading to margin expansion and results above initial guidance.

• Sugarcane operations benefited from improved weather, productivity, and cane availability, supporting volume growth and the accretive acquisition of Caarapó Mill.

• Food and agriculture segment saw improved productivity and cost dilution, with higher raw milk production and expectations for margin improvement as new crops are commercialized.

• Profertil acquisition completed, expanding fertilizer platform and scale.

Financial highlights

• Gross sales totaled $535 million in 2Q26 and $928 million in 6M26, down slightly year-over-year due to mixed price and volume dynamics.

• Adjusted EBITDA margin improved to 32.8% in 2Q26 from 21.0% in 2Q25.

• Sugar, ethanol, and energy segment: 3.5 million tons of cane crushed in Q2 (up 3% YoY); adjusted EBITDA at $53 million for Q2 and $94 million YTD, down YoY due to lower sales and prices.

• Urea production up 22% YoY; adjusted EBITDA for fertilizers more than doubled both quarterly and YTD, driven by higher prices and operational efficiencies.

• Food and agriculture: 92% of planted area harvested by July, yields above prior campaign, over 1.1 million tons of crops produced; dairy processing volumes increased.

Outlook and guidance

• Fertilizer segment full-year EBITDA expected above original projections, supported by strong H1 pricing and fixed cost structure.

• Sugar, ethanol, and energy: On track for low double-digit growth in crushing volumes for the year, with continued operational improvements.

• Food and agriculture margins expected to improve in coming quarters as cost reduction initiatives take effect and new harvest sales begin.

• Building ethanol inventories to capitalize on anticipated better future prices.