Adecoagro S.A. (AGRO) Form 6-K — Aug 11, 2026
Adecoagro reported strong second-quarter 2026 results, with pro forma Adjusted EBITDA of $172.5 million, up 52.4% year-over-year, and an IFRS profit of $25.2 million that swung from a $17.0 million loss in 2Q25. Gross sales were roughly flat at $534.7 million on a pro forma basis. The newly created Fertilizers segment, added through the Profertil acquisition completed December 18, 2025, drove the beat with $121.2 million of Adjusted EBITDA in 2Q26 (+109.7% pro forma) as urea prices averaged $699/ton versus $444/ton in 2025. Sugar, Ethanol & Energy EBITDA fell 21.8% to $53.2 million on weaker sugar prices and higher costs from Brazilian real appreciation.
Key figures
- Eps
- 0.125 (2Q26 basic); 0.406 (6M26 basic)
- Revenue
- 531011000
- Net Income
- $25.2 million 2Q26 (vs -$17.0 million 2Q25); $69.1 million 6M26
- Total Debt
- 2017718000
- Revenue Yoy
- 39.0% (2Q26 IFRS revenue, boosted by Profertil consolidation); pro forma gross sales -2.1% YoY
- Cash Position
- 302463000
- Deal Value Usd
- approximately US$148 million (R$760 million) for the Caarapo mill acquisition from Raizen Group
- Shares Outstanding
- 144307966
- Net Debt
- 1687211000
- Capex 6 M26
- 543113000
- Sugar Hedge
- 75% of 2026 sugar hedged at 15.7 cts/lb; 16% of 2027 at 17.4 cts/lb
- Ethanol Stored
- 41% of YTD production
- Production Cost
- 10.4 cts/lb (vs 9.0 cts/lb in 6M25)
- Urea Price 2 Q26
- $699/ton (vs $444/ton in 2025); CFR Brazil ~$480/ton at release date
- Dividend Per Share
- ~$0.1213 per installment
- Cane Crushing 2 Q26
- 3.5 million tons (+2.8% YoY); 5.8 million tons 6M26 (+16.8%)
- Adjusted EBITDA 2 Q26
- 172541000
- Adjusted EBITDA 6 M26
- 258344000
- Annual Dividend 2026
- 35000000
- Adjusted Net Income 2 Q26
- 29134000
- Adjusted EBITDA 2 Q26 yoy
- 52.4%
- Adjusted EBITDA 6 M26 yoy
- 60.2%
- Net Debt to LTM adj EBITDA
- 3.0x pro forma (vs 3.2x in 1Q26, 3.3x in 4Q25)
- Fertilizers adj EBITDA 2 Q26
- 121215000
- Profertil Acquisition Payment 6 M26
- 401832000
- Fertilizers adj EBITDA yoy proforma
- 109.7% (2Q26); 148.5% (6M26)
AI analysis
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