Adecoagro S.A. (NYSE: AGRO)

Adecoagro S. A. is a leading agro industrial company with operations in Argentina Brazil and Uruguay. The company engages in agricultural production, industrial processing and the production of critical agricultural inputs. Its activities span the cultivation of sugarcane, grains, rice and dairy cattle as well as the processing of sugar, ethanol, energy, fertilizers and value added food products.

Adecoagro S. A. generates revenue primarily from the sale of sugar, ethanol and electricity from its sugarcane operations; from granular urea and ammonia in its fertilizer business; and from a diverse range of crops, rice, dairy products and related by products. The company sells these commodities to domestic processors, exporters, industrial users and retail consumers across South America and internationally.

Adecoagro S. A. operates through three main business segments: Sugar, Ethanol and Energy; Fertilizers; and Farming.

• Sugar, Ethanol and Energy: This segment cultivates sugarcane on owned and leased land in Brazil, processes it in three mills to produce sugar, ethanol and bioelectricity, and sells the output to domestic and international markets under brands such as Açúcar Monte Alegre.

• Fertilizers: This segment produces granular urea and ammonia at a plant in Bahía Blanca, Argentina, supplying approximately half of the country’s urea demand and selling primarily to local agricultural customers.

• Farming: This segment comprises the Crops, Rice and Dairy operations in Argentina and Uruguay, producing soybeans, corn, wheat, peanut, sunflower, cotton, rice and dairy products, and includes processing facilities for peanuts, sunflower and milk, as well as grain storage and conditioning assets.

Adecoagro S. A. ranks among the largest owners of productive farmland in South America and is a leading low cost producer of sugarcane, grains and dairy in the region. It holds the top position for granular urea production in South America and is one of the world’s largest integrated rice producers. Competitors include sugar and ethanol producers such as Raizen, Biosev and Tereos; fertilizer firms like CF Industries, Nutrien and Yara International; and agricultural peers such as SLC Agrícola, BrasilAgro and Cresud. The company’s advantages stem from its strategically located assets, access to low cost natural gas, integrated operations and a technology driven approach that enhances yields and sustainability.

Adecoagro S. A. serves a broad base that includes international traders such as Louis Dreyfus Commodities Suisse S. A., Viterra B. V. and BTG Pactual for sugar sales; domestic Argentine and Brazilian processors for ethanol and fertilizer; and retail consumers of dairy brands like Las Tres Niñas, Apóstoles and Angelita and rice brands Molinos Ala, Apóstoles and Mucho Gusto. The company also supplies grains and oilseeds to export markets in Europe, Asia and the Americas, and sells dairy products to customers in Brazil, Algeria and Chile.