Adecoagro S.a. · NYSE:AGRO
Adecoagro — Q1 2023 Earnings Presentation
17 slides from Adecoagro's earnings presentation, May 2023
Slide 1: Adecoagro 1st Quarter 2023 Earnings Webcast
ADECOAGRO TST QUARTER 2023 EARNINGS WEBCAST
Slide 2: Disclaimer
DISCLAIMER This press release contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about us and our industry. These forward-looking statements can be identified by words or phrases such as “anticipate,” “forecast”, “believe,” “continu
Slide 3: Adecoagro 1Q23 Key Takeaways
ADECOAGRO 1Q23 KEY TAKEAWAYS Distribution Update: $35mm dividend approval coupled with 1.1mm shares repurchased. Adjusted EBITDA slightly higher despite the drought. Importance of diversification. Crops business suffered the drought, whereas Rice & Dairy were less affected. Sugar, Ethanol & Energy d
Slide 4: Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS . Others 1% Gross Revenues Adjusted EBITDA Crops 6% 1Q23 1Q23 Rice 4% $247 million Dairy $89 million 24% 20%(1) 3%(1) Sugar, Dairy 6% Ethanol & Land Transformation Energy 1% 40% Sugar, Ethanol & Energy Corporate -5% 78% Rice 22% Crops 13% (1) Comparisons are made ve
Slide 5: Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS Gross Revenues (US$ million) Adjusted EBITDA (US$ million) $433 $437 $ 1,352 $ 1,098 $342 $305 $ 892 335 $ 822 374 631 254 562 253 411 20% 3% 532 $86 $89 721 $ 247 $ 205 536 99 107 124 57 77 360 411 77 72 83 149 36 19 128 -20 -19 -22 -24 -6 -6 2019 2020 2021 2022 1Q
Slide 6: Sugar, Ethanol & Energy Business
SUGAR, ETHANOL & ENERGY BUSINESS
Slide 7: Sugar, Ethanol and Energy Business Operational Performance
SUGAR, ETHANOL AND ENERGY BUSINESS OPERATIONAL PERFORMANCE Sugarcane milled Yield TRS per ton (‘000 Tons) (Tons/Hectare) (Kg/Ton) 65% 12% 440% 73 111 1,472 44 100 272 1Q22 1Q23 1Q22 1Q23 1Q22 1Q23 Sugar production Ethanol production Production Mix(1) (Tons) (M3) (%) n.m. 268% 76,137 54,225 3% 38,621
Slide 8: Sugar, Ethanol and Energy Business Net Sales by Product
SUGAR, ETHANOL AND ENERGY BUSINESS NET SALES BY PRODUCT Sugar Sales Volume Ethanol Sales Volume (Tons) (M3) 20.5 20.3 (1%) 21.6 19.2 106,249 85,594 Total Net Sales by product 70,948 Hyrdrous Cbios Energy Ethanol 2% 3% (1) Sugar Equivalent (1) Sugar Equivalent 17,248 5% 1Q22 1Q23 1Q22 1Q23 Average Re
Slide 9: Sugar, Ethanol and Energy Business Adjusted EBITDA
SUGAR, ETHANOL AND ENERGY BUSINESS ADJUSTED EBITDA Adjusted EBITDA Quarterly (US$ Thousand) 79% 79% 1% 76,688 57,278 1Q22 1Q23 Adjusted EBITDA Margin 9
Slide 10: Sugar, Ethanol and Energy Business Outlook 2023
SUGAR, ETHANOL AND ENERGY BUSINESS OUTLOOK 2023 Good sugarcane availability with high productivity levels = Crushing volumes +15% YoY in 2023 Lower cash cost on better dilution of fixed costs Sugar contracts trading on average at 25 cts/lb Positive developments for ethanol (return of PIS/COFINS and
Slide 11: Farming Business
FARMING BUSINESS 11
Slide 12: Farming Business 2022/23 Harvest Season
FARMING BUSINESS 2022/23 HARVEST SEASON As of April 28, 2023. 11% Unharvested area Harvested area 33% 51,942 ha 41,510 ha 35,789 ha Planted Planted Harvested 67% 89% 100% 268,385 ha Planted Soybean 1st Corn 1st Wheat 49% 2.0 tn/ha 4.9 tn/ha 2.3 tn/ha 51% 537,278 tons (46%)(2) (28%)(2) (21%)(2) produ
Slide 13: Farming & Land Transformation Business Financial Performance
FARMING & LAND TRANSFORMATION BUSINESS FINANCIAL PERFORMANCE Crops Rice Dairy (US$ Thousand) (US$ Thousand) (US$ Thousand) (13%) (99%) 18,490 54% 6,999 6,122 12,668 8,250 196 1Q22 1Q23 1Q22 1Q23 1Q22 1Q23 Others Land Transformation Farming & Land Transformation (US$ Thousand) (US$ Thousand) (US$ Tho
Slide 14: Capital Allocation
CAPITAL ALLOCATION 14
Slide 15: Capital Allocation
CAPITAL ALLOCATION SHAREHOLDER DEBT EXPANSION DISTRIBUTION CAPEX ✓ Net debt $830 million, ✓ Sugarcane Expansion BUYBACK 2023: repurchased $8.7 million worth in shares (1% of AGRO’s up 5.3% YoY Planting (SE&E) equity). ✓ Net leverage 1.9x ✓ Generator and turbo-reducer ✓ 71% USD, 21% BRL & 8% ARS in A
Slide 16: Q&A Session
Q&A SESSION 16
Slide 17: Thank You!
THANK YOU! Website: ir.adecoagro.com Emilio Gnecco - CFO Victoria Cabello - IRO Investor Relations Department [email protected] [email protected] [email protected]