Q3 FY2026
Filed Nov 12, 2026Adecoagro 3Q26: Fertilizers and 9M26 Adjusted EBITDA at records, but quarterly Adjusted EBITDA slipped 1.5%, Adjusted Net Income fell 47.7% and net debt rose to $1.81 billion after the Caarapó acquisition
9M26 Adjusted EBITDA rose 24.8% (pro forma prior year) to $471.8 million, driven by Fertilizers (+64.9% pro forma). However 3Q26 Adjusted EBITDA declined 1.5% (pro forma), Sugar, Ethanol & Energy Adjusted EBITDA fell 16.0% in the quarter, Adjusted Net Income fell 47.7% in the quarter, and net debt rose 7.2% quarter over quarter to $1,808,153 thousand. The company's pro forma Net Debt/LTM Adj. EBITDA is 3.2x.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Gross Sales, 3Q26 (prior year is pro forma 3Q25)other | $590.9M | – | 7.4% |
| Gross Sales, 9M26 (prior year is pro forma 9M25)other | $1.52B | – | 2.2% |
| Adjusted EBITDA, 3Q26 (prior year is pro forma 3Q25)non-GAAP | $213.4M | – | (1.5)% |
| Adjusted EBITDA, 9M26 (prior year is pro forma 9M25)non-GAAP | $471.8M | – | 24.8% |
| Adjusted EBITDA margin, 3Q26 (prior year is pro forma 3Q25)non-GAAP | 36.5% | – | (8.4)% |
| Adjusted EBITDA margin, 9M26 (prior year is pro forma 9M25)non-GAAP | 31.6% | – | – |
| Adjusted EBIT, 3Q26 (prior year is pro forma 3Q25)non-GAAP | $123.8M | – | – |
| Adjusted EBIT, 9M26 (prior year is pro forma 9M25)non-GAAP | $242.9M | – | – |
| Adjusted Net Income, 3Q26 (prior year is pro forma 3Q25)non-GAAP | $37.93M | – | (47.7)% |
| Adjusted Net Income, 9M26 (prior year is pro forma 9M25)non-GAAP | $32.64M | – | (56.6)% |
| Revenue (IFRS), 3Q26GAAP | $598.4M | – | 96.7% |
| Revenue (IFRS), 9M26GAAP | $1.53B | – | 51.0% |
| Cost of revenue (IFRS), 3Q26GAAP | −$408.2M | – | 65.4% |
| Cost of revenue (IFRS), 9M26GAAP | −$1.07B | – | 27.5% |
| Margin on Manufacturing and Agricultural Activities Before Operating Expenses, 3Q26 (IFRS)GAAP | $237.6M | – | 122.5% |
| Margin on Manufacturing and Agricultural Activities Before Operating Expenses, 9M26 (IFRS)GAAP | $531.0M | – | 107.9% |
| General and administrative expenses, 3Q26 (IFRS)GAAP | −$40.78M | – | 114.1% |
| General and administrative expenses, 9M26 (IFRS)GAAP | −$115.7M | – | 28.6% |
| Selling expenses, 3Q26 (IFRS)GAAP | −$68.65M | – | 98.6% |
| Selling expenses, 9M26 (IFRS)GAAP | −$180.4M | – | 62.1% |
| Other operating income, net, 3Q26 (IFRS)GAAP | −$54.43M | – | (1,584.0)% |
| Other operating income, net, 9M26 (IFRS)GAAP | −$46.53M | – | (485.8)% |
| Bargain purchase gain, 3Q26 (IFRS)GAAP | $52.62M | – | – |
| Profit from operations, 3Q26 (IFRS)GAAP | $126.4M | – | 122.3% |
| Profit from operations, 9M26 (IFRS)GAAP | $240.9M | – | 264.0% |
| Finance costs, 3Q26 (IFRS)GAAP | −$58.27M | – | 85.3% |
| Finance costs, 9M26 (IFRS)GAAP | −$164.0M | – | 107.4% |
| Financial results, net, 3Q26 (IFRS)GAAP | −$40.65M | – | (19.5)% |
| Financial results, net, 9M26 (IFRS)GAAP | −$48.65M | – | (19.0)% |
| Income tax, 3Q26 (IFRS)GAAP | −$34.05M | – | (54,152.4)% |
| Income tax, 9M26 (IFRS)GAAP | −$71.54M | – | (3,673.3)% |
| Profit for the period (net income), 3Q26 (IFRS)GAAP | $51.70M | – | 704.3% |
| Profit for the period (net income), 9M26 (IFRS)GAAP | $120.8M | – | 1,392.4% |
| Net cash generated from operating activities, 3Q26GAAP | $110.2M | – | 298.6% |
| Net cash generated from operating activities, 9M26GAAP | $232.6M | – | 67.7% |
| Purchases of property, plant and equipment, 3Q26GAAP | −$47.64M | – | (8.8)% |
| Purchases of property, plant and equipment, 9M26GAAP | −$189.1M | – | (0.4)% |
| Acquisition of business, net of cash acquired, 3Q26GAAP | −$126.9M | – | – |
| Acquisition of business, net of cash acquired, 9M26GAAP | −$528.7M | – | – |
| Net cash used in investing activities, 3Q26GAAP | −$146.5M | – | 4.8% |
| Net cash used in investing activities, 9M26GAAP | −$597.7M | – | 127.7% |
| Net cash from financing activities, 3Q26GAAP | $387.0M | – | 38.4% |
| Net cash from financing activities, 9M26GAAP | $634.6M | – | 151.1% |
| Total capital expenditures, 3Q26 (prior year is pro forma 3Q25)other | $175.3M | – | 139.7% |
| Total capital expenditures, 9M26 (prior year is pro forma 9M25)other | $718.4M | – | 116.9% |
| Maintenance capex, 3Q26 (prior year is pro forma 3Q25)other | $29.02M | – | (29.7)% |
| Maintenance capex, 9M26 (prior year is pro forma 9M25)other | $116.0M | – | (22.6)% |
| Expansion capex, 3Q26 (prior year is pro forma 3Q25)other | $146.3M | – | 359.8% |
| Expansion capex, 9M26 (prior year is pro forma 9M25)other | $602.4M | – | 232.5% |
| Net Debt, 3Q26 (end of period)non-GAAP | $1.81B | 7.2% | 107.5% |
| Gross Debt, 3Q26 (end of period)other | $2.47B | 22.5% | 99.8% |
| Cash & Equivalents, 3Q26 (end of period)other | $657.9M | 117.5% | 93.5% |
| Net Debt/LTM Adj. EBITDA, 3Q26 (pro forma)non-GAAP | 3.2x | – | – |
| Adjusted EBITDA, Sugar, Ethanol & Energy, 3Q26 (prior year 3Q25)non-GAAP | $101.1M | – | (16.0)% |
| Adjusted EBITDA, Sugar, Ethanol & Energy, 9M26 (prior year 9M25)non-GAAP | $195.0M | – | (10.7)% |
| Adjusted EBITDA, Fertilizers, 3Q26 (prior year is pro forma 3Q25)non-GAAP | $109.3M | – | 7.4% |
| Adjusted EBITDA, Fertilizers, 9M26 (prior year is pro forma 9M25)non-GAAP | $283.1M | – | 64.9% |
| Adjusted EBITDA, Food & Agriculture, 3Q26 (prior year 3Q25)non-GAAP | $12.63M | – | 762.6% |
| Adjusted EBITDA, Food & Agriculture, 9M26 (prior year 9M25)non-GAAP | $18.86M | – | (1.8)% |
| Adjusted EBITDA, Corporate expenses, 3Q26 (prior year 3Q25)non-GAAP | −$9.64M | – | 40.2% |
| Adjusted EBITDA, Corporate expenses, 9M26 (prior year 9M25)non-GAAP | −$25.11M | – | (19.6)% |
| Sales of Urea (Fertilizers), 3Q26 (prior year is pro forma 3Q25)other | $239.9M | – | 27.6% |
| Sales of Urea (Fertilizers), 9M26 (prior year is pro forma 9M25)other | $490.2M | – | 28.9% |
| Total Sales (Fertilizers), 3Q26 (prior year is pro forma 3Q25)other | $263.2M | – | 16.0% |
| Total Sales (Fertilizers), 9M26 (prior year is pro forma 9M25)other | $559.0M | – | 25.0% |
| Urea production, 3Q26other | 342 thousand tons | – | 4.1% |
| Urea production, 9M26other | 960 thousand tons | – | 11.4% |
| Urea sales volume, 3Q26other | 470 thousand tons | – | 30.8% |
| Urea sales volume, 9M26other | 873 thousand tons | – | 10.2% |
| Urea average selling price, 3Q26other | $511/ton | – | (2.4)% |
| Urea average selling price, 9M26other | $561/ton | – | 16.9% |
| Sales (Food & Agriculture), 3Q26other | $193.2M | – | 7.4% |
| Sales (Food & Agriculture), 9M26other | $569.0M | – | (1.7)% |
| Sugarcane milled, 3Q26other | 4,616,184 tons | – | (5.1)% |
| Sugarcane milled, 9M26other | 10,376,432 tons | – | 5.9% |
| Sugar production, 3Q26other | 274,640 tons | – | 7.5% |
| Sugar production, 9M26other | 408,632 tons | – | (21.2)% |
| Ethanol production, 3Q26other | 214,974 cubic meters | – | (13.4)% |
| Ethanol production, 9M26other | 538,002 cubic meters | – | 20.7% |
| Total production cost excluding D&A (cts/lb), 9M26other | 9.2 cts/lb | – | 9.9% |
| Milk processed, 9M26other | 303.9 million liters | – | 2.2% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Sugar, Ethanol & EnergyAdjusted EBITDA was $101,139 thousand in 3Q26 (16.0% lower) and $194,967 thousand in 9M26 (10.7% lower). The company attributes lower sugar sales to lower prices and volumes, partly offset by higher ethanol volumes sold to capture a favorable pricing window at an all-in average net selling price of $503/m3. It also cites year-over-year losses in biological asset mark-to-market on lower Consecana prices and cost of production of 9.2 cts/lb in 9M26 (8.3 cts/lb in 9M25), driven by Brazilian real appreciation. Crushing fell 5.1% in 3Q26 on above-average September rainfall, while 9M26 crushing rose 5.9%. Caarapó mill is included from September 1, 2026. | $128,177 thousand (net sales), 3Q26 | – | (6.4)% |
| FertilizersAdjusted EBITDA was $109,307 thousand in 3Q26 (7.4% higher pro forma) and $283,069 thousand in 9M26 (64.9% higher pro forma). The company states that the 3Q26 increase was fully explained by higher sales. Urea sales volume rose 30.8% to 470 thousand tons, while the average price was $511/ton (2.4% lower). The company cites a new monthly urea production record in August, higher plant utilization, and cost dilution. The company's comparison uses pro forma figures for the Profertil acquisition. | $263,237 thousand (total sales), 3Q26 | – | 16.0% |
| Food & AgricultureAdjusted EBITDA was $12,628 thousand in 3Q26 versus $1,464 thousand in 3Q25, up $11.2 million. The company attributes the quarter to a strong performance of its dairy consumer brand in the domestic market on higher UHT milk prices, faster rice sales as prices recovered, and year-over-year gains in biological assets on better corn and peanut yields. 9M26 Adjusted EBITDA was $18,855 thousand, in line with 9M25. The company cites higher costs in U.S. dollar terms as a negative. | $193,225 thousand (sales), 3Q26 | – | 7.4% |
2026 and 2027 outlook as stated in the release (qualitative, no numeric range given) outlook
- NoteSugar, Ethanol & Energy: expects record crushing in 2026 with mid-double-digit growth versus 2025, including Caarapó from September 1 and assuming normal weather through year-end.
- NoteSugar, Ethanol & Energy: 100% of 2026 sugar production hedged at an average of 16.5 cts/lb; 41% of 2027 production hedged at 18.3 cts/lb.
- NoteSugar, Ethanol & Energy: accelerating ethanol sales to capture stronger prices, supported by demand from low parity at the pump.
- NoteFertilizers: expects Adjusted EBITDA to outperform prior years, supported by better-than-expected prices, production strength including another monthly urea and ammonia record in October, and cost efficiencies, driving margin expansion.
- NoteFood & Agriculture: 2026/27 planting plan of 245.4 thousand hectares, 2.9% higher year-over-year; yields expected in line to slightly above historical average; continued strong dairy performance expected.
- NoteCaarapó: expects crushing of 4.5 million tons in 2027; Angelica, Ivinhema and Caarapó expected to form a cluster crushing approximately 17 million tons in 2027.
- NoteLeverage: expects working capital to reverse in 4Q26 as sales proceeds are collected; expects deleveraging toward the year-end target of approximately 2.5x.
Capital returns
- On November 19, 2026, the company will pay the second $17.5 million installment of its annual cash dividend, equivalent to $0.12129154 per share, to shareholders of record as of November 5, 2026.
- This payment completes the annual dividend distribution of $35.0 million, equivalent to approximately $0.2426 per share.
- 9M26 dividends paid to shareholders: $(17,500) thousand (9M25: $(17,500) thousand).
- 9M26 purchase of own shares: nil (9M25: $(10,210) thousand).
- 9M26 dividends paid to non-controlling interest: $(21,766) thousand; 3Q26: $(11,611) thousand.
What drove it
- The company attributes the strong 9M26 Fertilizers result to higher urea production (up 11.4% year-to-date), higher plant utilization, higher volumes sold and higher average prices ($561/ton, up 16.9%).
- The company attributes the Food & Agriculture quarterly rebound to its domestic dairy consumer brand, higher UHT milk prices, faster rice sales and biological asset gains on better corn and peanut yields.
- The company says Adjusted Net Income decreased in 3Q26 and 9M26 mainly due to higher interest expenses from debt incurred to finance the Fertilizers acquisition, together with higher income taxes on higher pre-tax income.
- The company says Sugar, Ethanol & Energy net sales declined mainly because of lower sugar sales from lower prices and volumes, partly offset by higher ethanol volumes.
- The company attributes 3Q26 crushing decline to above-average September rainfall (141% above the 10-year average in the Angelica/Ivinhema region and 179% above average in Caarapó).
- Corporate expenses in 3Q26 included $9.2 million of one-offs from Tether's tender offer for the company's common shares. Excluding this, Corporate Expenses were $22.0 million per the company.
Concerns
- Adjusted Net Income fell 47.7% in 3Q26 (pro forma) to $37,932 thousand and 56.6% in 9M26 to $32,641 thousand; the company links this to higher interest expense and taxes.
- Sugar, Ethanol & Energy Adjusted EBITDA fell 16.0% in 3Q26 and 10.7% in 9M26; 9M26 cost of production rose to 9.2 cts/lb from 8.3 cts/lb.
- Net Debt rose to $1,808,153 thousand (up 107.5% year over year and 7.2% quarter over quarter); pro forma Net Debt/LTM Adj. EBITDA is 3.2x versus the year-end target of approximately 2.5x.
- Gross debt rose 22.5% quarter over quarter to $2,471,856 thousand, with short-term debt up 103.2% to $893,967 thousand before the October refinancing the company describes.
- Impairment of assets of $48,846 thousand and a bargain purchase gain of $52,620 thousand are recorded in 3Q26 (IFRS) with no detail on drivers in the release beyond the reconciliation lines.
- Other operating income, net was $(54,433) thousand in 3Q26 versus $3,668 thousand in 3Q25 (IFRS); the release does not explain this line in detail beyond noting that government measures supporting ethanol competitiveness were recorded under Other Operating Income.
- Maintenance capex fell 29.7% in 3Q26 (pro forma), with the company citing the 2025 Fertilizers turnaround in the prior-year base.
What to watch
- Whether 4Q26 working capital reverses as the company expects and whether net leverage moves toward the approximately 2.5x year-end target.
- Caarapó ramp-up toward 4.5 million tons of crushing in 2027 and the operating cost performance of the new cluster of approximately 17 million tons.
- Realization of the record 2026 crushing target (mid-double-digit growth) given the 3Q26 crushing decline and the company's assumption of normal weather through year-end.
- Fertilizers margins as the company guides to outperformance, including another October urea and ammonia monthly record and the sustainability of prices.
- Sugar hedge positions: 100% of 2026 production at 16.5 cts/lb and 41% of 2027 production at 18.3 cts/lb, and the value of unhedged 1H27 volumes as stated by the company.
- Interest expense trajectory after the October 2026 refinancing and redemption of the 6.000% Senior Notes due 2027, and its effect on Adjusted Net Income.
- Cost of production in Brazilian real terms versus the appreciated real, and diesel-driven harvesting costs.
Balance sheet and cash flow
- Net Debt was $1,808,153 thousand at 3Q26, up 7.2% quarter over quarter from $1,687,211 thousand. The company attributes the increase to debt incurred to fund the Caarapó Mill acquisition.
- Excluding the Caarapó acquisition, the company says its pro forma Net Debt/EBITDA would have remained in line with 2Q26 at 3.0x, compared with the reported pro forma ratio of 3.2x.
- Short-term debt was $893,967 thousand at 3Q26 (2Q26: $440,039 thousand). Long-term debt was $1,577,889 thousand (2Q26: $1,577,679 thousand).
- Long-term debt is 78% of total pro forma debt, up from 64%. The company states average debt life is 4.2 years.
- On October 28, 2026, the company fully redeemed its 6.000% Senior Notes due 2027 for an aggregate principal amount of US$234.9 million, at par plus accrued interest.
- Caarapó Mill was acquired from Raízen Group on September 1, 2026 for R$705 million (approximately US$136 million), paid in cash at closing, implying approximately US$39 per ton of cane crushed based on 3.5 million tons crushed in the 2025/26 season.
- 9M26 acquisition of business, net of cash acquired: $(528,722) thousand, including the final payment for the 90% stake in Profertil during 1Q26 according to the company.
- Independent farmland appraisal by Cushman & Wakefield as of September 30, 2026: 228,171 hectares valued at $771.1 million.
- Total assets were $5,980,188 thousand at 9M26 versus $5,248,798 thousand at 12M25 (13.9% higher). Total shareholders' equity was $1,958,345 thousand (9.3% higher).
- Borrowings: non-current $1,577,889 thousand (14.3% higher than $1,379,921 thousand at 12M25); current $860,061 thousand (303.6% higher than $213,088 thousand at 12M25).
Analysis
Adecoagro reported 3Q26 Adjusted EBITDA of $213.4 million, 1.5% below the pro forma 3Q25 figure of $216.8 million, while 9M26 Adjusted EBITDA reached $471.8 million, the company's stated all-time high for a nine-month period and 24.8% above pro forma 9M25. The mix shifted sharply. Fertilizers Adjusted EBITDA rose 7.4% in the quarter and 64.9% year to date on a pro forma basis, with urea sales volume up 30.8% in 3Q26 and urea production up 4.1%. Sugar, Ethanol & Energy Adjusted EBITDA fell 16.0% in the quarter on lower sugar sales, 5.1% lower crushing from September rainfall, and a 9.2 cts/lb year-to-date production cost after Brazilian real appreciation. Food & Agriculture Adjusted EBITDA rose to $12.6 million from $1.5 million, driven by dairy and rice according to the company.
Below the EBITDA line, the quarter was weaker for earnings to shareholders. Adjusted Net Income fell 47.7% to $37.9 million in 3Q26 and 56.6% to $32.6 million in 9M26 on a pro forma basis. The company attributes this to higher interest expense from debt raised for the Fertilizers acquisition and higher income taxes on higher pre-tax income. IFRS profit for the period was $51.7 million in 3Q26 against $6.4 million in 3Q25 (reported), and $120.8 million in 9M26 against $8.1 million, but this uplift includes a $52.6 million bargain purchase gain and a $48.8 million impairment of assets in 3Q26, both shown in the reconciliation, and the company does not explain the impairment in the release. IFRS income tax was a charge of $34.1 million in 3Q26 against a small credit in 3Q25.
Leverage and funding are the central financial points. Net debt rose 7.2% quarter over quarter to $1.81 billion, which the company ties to debt used to fund the September 1 acquisition of Caarapó Mill for R$705 million (approximately US$136 million). Pro forma Net Debt/LTM Adj. EBITDA stood at 3.2x, against 3.0x in 2Q26 and a year-end target of approximately 2.5x. Gross debt rose to $2.47 billion. Short-term debt climbed to $894 million, and the company says that in October it redeemed the $234.9 million 6.000% Senior Notes due 2027 and secured long-term financings. Long-term debt is now 78% of pro forma debt, up from 64%, with average debt life of 4.2 years. Operating cash flow was $110.2 million in 3Q26 and $232.6 million in 9M26, while investing outflows of $597.7 million in 9M26 were dominated by acquisitions and expansion capex of $602.4 million year to date.
Capital allocation shifted toward growth. Total capex was $175.3 million in 3Q26 (pro forma comparison $73.1 million), with expansion capex of $146.3 million mainly for Caarapó. Maintenance capex fell 29.7% in the quarter to $29.0 million, which the company links to the prior year's Fertilizers turnaround. The 2026 dividend totals $35.0 million, or approximately $0.2426 per share, with the final $17.5 million installment payable November 19. The company gave no numeric 2026 or 2027 guidance beyond the qualitative outlook and hedge positions, so no guidance comparison is possible from this filing.
The outlook points to a stronger 4Q and 2027, with record crushing targeted for 2026, another October urea and ammonia monthly record, and Caarapó expected to lift the combined cluster to around 17 million tons in 2027. The 3Q26 figures, read on their own, show the cost of the Fertilizers acquisition in higher interest and taxes and a quarter where Sugar, Ethanol & Energy declined. Investors will need the 4Q26 working-capital reversal and the deleveraging path to confirm the company's expectation that higher results will support further reduction of net debt.
Not in the filing
stated, not guessed- EPS (GAAP and non-GAAP) for 3Q26 and 9M26 is not printed in the release.
- Numeric 2026 or 2027 guidance for revenue, Adjusted EBITDA, capex or leverage: the outlook is qualitative only, and no previous outlook was provided.
- 2Q26 Adjusted EBITDA, Adjusted Net Income, revenue and margin figures are not printed, so quarter-over-quarter changes for these lines are null.
- Year-over-year change for the 9M26 Adjusted EBITDA margin is not printed.
- Year-over-year change for Adjusted EBIT (3Q26 and 9M26) is not printed.
- Reported (non-pro forma) 3Q25 and 9M25 Adjusted EBITDA margin values are printed in the release but the column labels for the margin row are not clearly aligned, so they are not used.
- Prior-year values for the bargain purchase gain, acquisition of business and the 3Q26 Net Debt/EBITDA ratio are not printed.
- Free cash flow is not printed as a line item and is not computed.
- Total equity and total assets are given only against 12M25, not against 3Q25 or 2Q26.
- Consensus estimates, analyst expectations, price targets and share price reaction are not in the documents.
- Executive quotes in the release are not present; the header names IR and CFO contacts only.
- Net Debt/LTM Adj. EBITDA prior-quarter value is described in the text as in line with 2Q26 at 3.0x, but the 2Q26 ratio itself is not printed as a table line.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.