6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2022

Commission File Number: 001-35052 

Adecoagro S.A.

(Translation of registrant’s name into English)

Vertigo Naos Building 6,

Rue Eugène Ruppert,

L-2453, Luxembourg

Grand Duchy of Luxembourg

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F X Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes No X

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes No X

TABLE OF CONTENTS

ITEM
99.1.	Press release dated May 12, 2022 related to the registrant’s results of operations for the three month period ended March 31, 2022.
99.2	Unaudited condensed consolidated interim financial statements of the registrant as of and for the three month period ended March 31, 2022.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Adecoagro S.A.
By:	/s/ Carlos Boero Hughes
	Name:	Carlos Boero Hughes
	Title:	Chief Financial Officer

Date: May 12, 2022

EX-99.1

	Adecoagro approved a cash dividend of $35 million. Net sales in 1Q22 of $201 million, 18.1% higher year-over-year.
1Q22 Earning Release Conference Call
English Conference Call	Luxembourg, May 12, 2022 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading sustainable production company in South America, announced today its results for the first quarter ended March 31, 2022. The financial information contained in this press release is based on unaudited condensed consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 27 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release.
May 13, 2022
9 a.m. (US EST)
10 a.m. (Buenos Aires and Sao Paulo time)
3 p.m. (Luxembourg)
		HIGHLIGHTS
Tel: +1 (412) 317-6366
Participants calling from other countries outside the US		FINANCIAL & OPERATING PERFORMANCE
		$ thousands	1Q22	1Q21	Chg %
Tel: +1 (844) 435-0324		Gross Sales	205,403	174,646	17.6%
Participants calling from the US		Net Sales (1)	201,172	170,319	18.1%
		Adjusted EBITDA (2)
Investor Relations		Farming & Land Transformation	35,573	56,152	(36.6)%
Charlie Boero Hughes		Sugar, Ethanol & Energy	57,278	58,154	(1.5)%
CFO		Corporate Expenses	(6,380)	(5,165)	23.5%
Victoria Cabello		Total Adjusted EBITDA	86,471	109,141	(20.8)%
IR Manager		Adjusted EBITDA Margin (2)	43.0%	64.1%	(32.9)%
		Net Income	65,173	19,335	237.1%
		Adjusted Net Income (4)	14,695	54,497	(73.0)%
Email		Farming Planted Area (Hectares)	281,500	262,145	7.4%
ir@adecoagro.com		Sugarcane Plantation Area (Hectares)	187,757	179,472	4.6%
		Adjusted Net Income per Share	0.13	0.47	(72.2)%
	• Adjusted EBITDA(3) reached $86.5 million in 1Q22, 20.8% lower year-over-year driven by lower yields and prices in the Rice business. Adjusted EBITDA in the Sugar, Ethanol & Energy business was flattish year-over-year despite lower crushing, on account of strong sales. • Net income reached $65.2 million during 1Q22, 3.4x higher year-over-year.
Website:
www.adecoagro.com
	(1) Net Sales are equal to Gross Sales minus sales taxes related to sugar, ethanol and energy. (2) Please see “Reconciliation of Non-IFRS measures” starting on page 27 for a reconciliation of Adjusted EBITDA and Adjusted EBIT to Profit/(Loss). Adjusted EBITDA is defined as consolidated profit from operations before financing and taxation, depreciation of PP&E, and amortization of intangible assets plus the gains or losses from disposals of non-controlling interests in subsidiaries. Adjusted EBIT is defined as consolidated profit from operations before financing and taxation plus the gains or losses from disposals of non-controlling interests in subsidiaries. Adjusted EBITDA margin and Adjusted EBIT margin are calculated as a percentage of net sales. (3) Adjusted EBITDA margin excluding third party commercialization activities is defined as the consolidated Adjusted EBITDA net of the Adjusted EBITDA generated by the commercialization of third party sugar, grains and energy, divided by consolidated gross sales net of those generated by the commercialization of third party sugar, grains and energy. We net third party commercialization results to highlight the margin generated by our own production. (4) Please see “Reconciliation of Non-IFRS measures” starting on page 27 for a reconciliation of Adjusted Net Income. We define Adjusted Net Income as (i) Profit/(Loss) of the period year, plus (ii) any non cash finance costs resulting from foreign exchange losses for such period, which breakdown composed both Exchange Differences and Cash Flow Hedge Transfer from Equity, net of the related income tax effects plus (iii) gains or losses from disposals of non controlling interests in subsidiaries whose main underlying asset is farmland, which are relieved in our Shareholders Equity under the line item. "Reserve from the sale of non-controlling interests in subsidiaries plus (iv) the reversal of the aforementioned income tax effect, plus (v) the inflation accounting effects, plus (vi) the revaluation results from the hectares held as investment property.

1

Sugar, Ethanol & Energy business

◦Adjusted EBITDA in our Sugar, Ethanol & Energy business reached $57.3 million in 1Q22, only 1.5% lower compared to 1Q21. Crushing volume during 1Q22 amounted to 0.3 million tons as we resumed harvesting activities in our Cluster in mid-March, following a short interharvest period. Despite the lower production volume, our commercial strategy to carry-over 153 thousand m3 of ethanol and 23 thousand tons of sugar from 4Q21 into 1Q22 enabled us to benefit from attractive prices of ethanol and sugar. Strong ethanol prices continued during April, supported by the delay in the Center-South's beginning of harvest, and we were able to capture them by selling our remaining ethanol stocks in addition to our monthly production. During April we made a monthly record sale of 125 thousand cubic meters comprised of 70% hydrous ethanol and 30% anhydrous at an average price of 26.4 cts/lb sugar equivalent (6.7 cts/lb higher than the average price for sugar).

◦Operational results achieved are not an indication of our expectation for the full year. As anticipated in past releases, we expect crushing volume during 2022 to be in line with 2021 but concentrated towards the second semester, as our plantation continues to recover from 2021’s adverse weather. In line with this strategy, during 1Q22 we focused on harvesting reform areas mainly related to 5th cut and above, with limited growth potential. This enabled us to (i) maximize ethanol (97% mix) and capture attractive prices; (ii) allow sugarcane areas with greater potential to continue to grow; and (iii) liberate area to plant new cane that will be harvested next season. The improvement in cane availability and the positive outlook in terms of productivity favored by above average rainfalls during March and April, will allow us to continue to take advantage of the constructive price scenario. We believe we are in a solid position to benefit from this due to our low sugar commitments (38% hedged) which grants us the flexibility to continuously maximize the product with the highest marginal contribution.

Farming & Land Transformation business

◦Adjusted EBITDA in the Farming and Land Transformation business amounted to $35.6 million in 1Q22, marking a 36.6% or $20.6 million decrease compared to 1Q21. Despite the good performance of the Crops and Dairy businesses, the decline was mainly explained by a lower contribution from our Rice business. Lower rice prices at the time of harvest coupled with lower yields as a consequence of La Niña weather effect, resulted in a $16.3 million year-over-year loss in the valuation of our biological asset and agricultural produce.

◦In May, we closed the acquisition of Viterra's rice operations in Uruguay and Argentina, as reported in our past release. We believe this transaction will enhance the performance of our Rice business, as it will contribute Uruguayan branded rice and a better mitigation of weather risk, in addition to providing further commercial and logistics advantages.

2

Net Income & Adjusted Net Income

◦Net Income amounted to $65.2 million during 1Q22, marking a year-over-year gain of $45.8 million. This was mostly explained by the effect of foreign exchange. In the case of Brazil, the domestic currency appreciated 15.1% during 1Q22, compared to a 9.6% depreciation during 1Q21.

◦Adjusted Net Income in 1Q22 reached $14.7 million, $39.8 million lower than in 1Q21. Adjusted Net Income excludes, (i) any non-cash result derived from bilateral exchange variations; (ii) any revaluation resulting from the hectares held as investment property; (iii) any inflation accounting result; and includes (iv) any gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland (the latter is already included in Adj. EBITDA). We believe Adjusted Net Income is a more appropriate metric to reflect the Company´s performance.

ADJUSTED NET INCOME
$ thousands	1Q22	1Q21	Chg %
Net Income/(Loss)	65,173	19,335	237.1%
Foreign exchange losses/(gains), net	(54,184)	20,840	(360.0)%
Cash flow hedge - transfer from equity	8,594	10,560	(18.6)%
Inflation Accounting Effects	(7,266)	2,945	(346.7)%
Revaluation Result - Investment Property	2,378	817	191.1%
Revaluation surplus of farmland sold	—	—	n.a.
Adjusted Net Income	14,695	54,497	(73.0)%

(1)Pleasesee“ReconciliationofNon-IFRSmeasures”startingonpage 27forareconciliationofAdjustedNet Income.

3

Remarks

Distribution Update

◦Our Annual Shareholder Meeting held on April 20th approved a cash dividend distribution of $35 million to be paid in two installments of $17.5 million each. The first installment represents approximately $0.1571 per share and will be paid on May 17th, 2022 to shareholders of the Company of record at close of business of May 2nd, 2022. The second installment shall be payable in or about November 2022 in an equal cash amount. A Luxembourg withholding tax of 15% will be applied to each installment of the gross cash dividend distribution amount.

◦In addition, year-to-date we have repurchased 1.5 million shares under our existing share buyback program, totaling $11.6 million.

◦Dividend distribution and share repurchases are part of the company's distribution policy, which consists of a minimum distribution of 40% of the Adjusted Free Cash Flow from Operations (NCFO) generated during the previous year. In 2021, we generated $152.1 million of NCFO.

Pioneers in the commercialization of renewable natural gas certificates

◦In early April, Adecoagro officially became the first company in Brazil to commercialize renewable natural gas certificates. Gas-recs, as they referred to in the market, attest to the production of renewable natural gas (non-fossil). In this line, industries in Brazil can voluntarily purchase these credits to decarbonize the gas consumed in their operations. The sale involved 25 thousand certificates to Metso Outotec, at a unit price of 1.80 BRL.

◦In 2022 our biogas unit in Ivinhema (Mato Grosso do Sul) will be generating 1 gas-rec for every 1 million Btu produced (approximately 30m3 of methane), used both in our industrial process to generate steam, or in its conversion to biomethane.

◦We are proud to be the first movers in a market that rewards sustainable operations, as was the case in 2020 when we kickstarted the commercialization of carbon credits under the RenovaBio program.

4

Operational Performance

2021/22 Harvest Year

FARMING PRODUCTION DATA
Planting & Production	Planted Area (hectares)			2021/22 Harvested Area			Yields (Tons per hectare)
	2021/22	2020/21	Chg %	Hectares	% Harvested	Production	2021/22	2020/21	Chg %
Soybean	43,515	36,975	17.7%	16,652	38.3%	62,219	3.7	2.7	38.1%
Soybean 2nd Crop	27,635	31,344	(11.8)%	200	0.7%	300	1.5	1.9	(22.2)%
Corn (1)	48,184	46,935	2.7%	12,258	25.4%	83,267	6.8	7.4	(8.7)%
Corn 2nd Crop	9,192	9,663	(4.9)%	—	—%	—	—	—	n.a.
Wheat (2)	46,509	44,392	4.8%	46,509	100.0%	137,749	3.0	2.8	7.5%
Sunflower	23,092	16,164	42.9%	22,232	96.3%	39,129	1.8	1.8	(0.6)%
Cotton	7,427	3,519	111.1%	150	2.0%	45	0.3	—	n.a.
Peanut	23,658	26,123	(9.4)%	10	—%	40	4.0	3.0	32.1%
Other (3)	3,245	2,747	18.1%	113	3.5%	718	6.4	1.0	511.1%
Total Crops	232,456	217,863	6.7%	98,122	42.2%	323,468
Rice	49,044	44,282	10.8%	48,169	98.2%	326,019	6.8	7.5	(10.3)%
Total Farming	281,500	262,145	7.4%	146,292	52.0%	649,487
Owned Croppable Area	112,187	110,891	1.2%
Leased Area	132,486	109,327	21.2%
Second Crop Area	36,826	41,927	(12.2)%
Total Farming Area	281,500	262,145	7.4%
	Milking Cows (Average Heads)			Milk Production (MM liters)			Productivity (Liters per cow per day)
Dairy	1Q22	1Q21	Chg %	1Q22	1Q21	Chg %	1Q22	1Q21	Chg %
Milk Production	14,334	11,947	20.0%	45.0	39.3	14.6%	34.9	36.6	(4.5)%

(1) Includes sorghum.

(2) Includes barley.

(3) Includes chia, sesame, potatoes and beans.

During the second half of 2021, we began our planting activities for the 2021/22 harvest year, which continued throughout early 2022. We have planted a total of 281,500 hectares, which represents a 7.4% increase in area compared to the previous season. We are currently undergoing harvesting activities for most of our grains. As of the end of April 2022, we harvested 146,292 hectares, or 52.0% of total area, and produced 649,487 tons of aggregate grains.

5

Crops Update

Soybean 1st crop: As of the end of April, we harvested 38% (16,652 hectares) of the planted area obtaining an average yield of 3.7 Tn/Ha. Rains were limited during the months of November and December, but good rainfall observed during the second half of January, February and March, favored crop development and enabled us to reach yields above our expectations.

Corn: As of the end of April, we harvested 70% (13,800 hectares) of the area planted with early corn, reaching good yields in the west and northern region of Argentina where humidity conditions were good. Yields in the north of Buenos Aires and Entre Ríos province were below our expectations, as they were more exposed to dry weather during spring. At the same time, we have planted 35,500 hectares of late corn which are still going through their development cycle. Conditions are good, favored by abundant rainfall registered during January and increased precipitation observed towards the end of summer.

Peanut: We had good conditions during the growing period for this crop, and as of the end of April we have already pulled up 55% (13,060 hectares) of the planted area and started harvesting activities with very good results. We expect to achieve yields in line with our forecast.

6

Farming & Land Transformation Financial Performance

FARMING & LAND TRANSFORMATION BUSINESS - FINANCIAL HIGHLIGHTS
$ thousands	1Q22	1Q21	Chg %
Gross Sales
Farming	128,347	95,565	34.3%
Total Sales	128,347	95,565	34.3%
Adjusted EBITDA (1)
Farming	34,414	51,026	(32.6)%
Land Transformation	1,159	5,126	(77.4)%
Total Adjusted EBITDA (1)	35,573	56,152	(36.6)%
Adjusted EBIT (1)
Farming	28,133	45,952	(38.8)%
Land Transformation	1,159	5,126	(77.4)%
Total Adjusted EBIT (1)	29,292	51,078	(42.7)%

(1) Please see “Reconciliation of Non-IFRS measures” starting on page 27for a reconciliation of Adjusted EBITDA and Adjusted EBIT to Profit/Loss. Adjusted EBITDA is defined as consolidated profit from operations before financing and taxation, depreciation and amortization plus the gains or losses from disposals of non-controlling interests in subsidiaries. Adjusted EBIT is defined as consolidated profit from operations before financing and taxation plus the gains or losses from disposals of non-controlling interests in subsidiaries. Adjusted EBITDA margin and Adjusted EBIT margin are calculated as a percentage of net sales.

Adjusted EBITDA in the Farming and Land Transformation business amounted to $35.6 million in 1Q22, marking a 36.6% or $20.6 million decrease compared to 1Q21. The decline is fully explained by a lower contribution from our Rice business into the overall results due to lower yields and prices at the time of harvest. Thus, this lower Adjusted EBITDA generation fully offset a 3.2% and 48.0% growth reported by Crops and Dairy, respectively. On the other hand, the Land Transformation business had little gain as no farm sales were conducted during the quarter.

For a more detailed explanation, please refer to the performance description of each business line starting next page.

7

Crops Segment

CROPS
Highlights	metric	1Q22	1Q21	Chg %
Gross Sales	$ thousands	39,431	31,578	24.9%
	tons	77,536	83,702	(7.4)%
	$ per ton	508.5	377.3	34.8%
Adjusted EBITDA	$ thousands	18,490	17,913	3.2%
Adjusted EBIT	$ thousands	16,680	16,468	1.3%
Planted Area	hectares	232,456	217,863	6.7%

In 1Q22, gross sales in our Crops segment reached $39.4 million, marking a 24.9% or $7.8 million year-over-year increase compared to 1Q21. Higher revenues are explained by a 34.8% increase in average selling prices, driven by higher commodity prices. This increase came as result of (i) the conflict in Europe, which started in late February, and led to a hike mainly in the price of wheat and corn, and to a lesser extent on soybean, due to Russia and Ukraine's role in world exports; and (ii) a pressure in prices related to a potential negative impact in South America's 2021/22 campaign given a new "La Niña" year. Thus, this enabled us to capture an additional $155/Mt in the case of corn, $145/Mt for soybean and $52/Mt for wheat. Results were partially offset by a 7.4% year-over-year decrease in overall volumes sold as part of our commercial strategy to carry-over stock and benefit from higher expected prices.

Adjusted EBITDA in our Crops segment was $18.5 million, 3.2% higher compared to the same period of last year. Adjusted EBITDA generation was benefited by an increase in gross sales, along with a year-over-year gain of $11.5 million in the mark-to-market of our biological assets due to higher planted area and better prices. Results were partially offset by (i) a net loss of $8 million in the mark-to-market of our commodity hedge position; (ii) an increase in selling expenses of $2.6 million due to higher logistics costs; and (iii) inflation in Argentina in U.S. dollar terms which drove costs and expenses.

CROPS - GROSS SALES BREAKDOWN
	Amount ($ '000)			Volume			$ per unit
Crop	1Q22	1Q21	Chg %	1Q22	1Q21	Chg %	1Q22	1Q21	Chg %
Soybean	2,389	3,517	(32.1)%	5,047	10,722	(52.9)%	473	328	44.3%
Corn (1)	3,596	4,936	(27.1)%	10,057	24,322	(58.7)%	358	203	76.2%
Wheat (2)	10,799	6,608	63.4%	41,836	32,124	30.2%	258	206	25.5%
Sunflower	3,838	2,763	38.9%	4,704	5,221	(9.9)%	816	529	54.2%
Cotton Lint	816	—	n.a.	807	—	n.a.	1,011	—	n.a.
Peanut	15,995	12,570	27.2%	12,532	10,008	25.2%	1,276	1,256	1.6%
Others	1,998	1,184	68.8%	2,554	1,305	95.7%
Total	39,431	31,578	24.9%	77,536	83,702	(7.4)%

(1) Includes sorghum. (2) Includes barley.

8

The table below shows the gains and losses from crop production generated during the first three months of 2022. A total of 232,299 hectares were planted in the 2021/22 crop season, out of which 79,559 hectares have been already harvested. As of March 31, 2022, total Changes in Fair Value, which reflect the margin of both the crops that have already been harvested and the expected margin of those that are still on the ground with significant biological growth, was $29.4 million, compared to $17.8 million generated during the same period of last year. The main driver for the increase in margins was the increase in commodity prices, especially soybean and corn, partially offset by higher costs in U.S. dollar terms.

CROPS - CHANGES IN FAIR VALUE BREAKDOWN - AS OF MARCH 31, 2022 (1)
3M22	metric	Soy	Soy 2nd Crop	Corn	Corn 2nd Crop	Wheat	Sunflower	Cotton	Peanut	Total
2021/22 Harvest Year
Total Planted Area	Hectares	49,219	27,635	47,911	9,192	44,160	23,092	7,427	23,664	232,299
Area planted in initial growth stages	Hectares	3,237	51	143	—	—	—	—	760	4,191
Area planted with significant biological growth	Hectares	39,068	27,414	39,371	9,192	—	3,246	7,354	22,904	148,549
Changes in Fair Value 3M22 from planted area 2021/22	$ thousands	4,971	3,141	14,319	3,627	—	426	1,108	(2,647)	24,945
Total Harvested area	Hectares	6,913	170	8,396	—	44,160	19,846	73	—	79,559
Area harvested in previous periods	Hectares	141	—	—	—	44,160	—	—	—	44,300
Area harvested in current period	Hectares	6,773	170	8,396	—	—	19,846	73	—	35,258
Changes in Fair Value 3M22 from harvested area 2021/22	$ thousands	1,225	41	1,141	—	—	2,009	—	—	4,417
Total Changes in Fair Value in 3M22	$ thousands	6,197	3,182	15,460	3,627	—	2,435	1,108	(2,647)	29,362

(1) Planted and harvested area figures as of March 31st, 2022. Moreover, soybean includes other crops, such as beans, sesame, chia and sorghum.

9

Rice Segment

RICE
Highlights	metric	1Q22	1Q21	Chg %
Gross Sales	$ thousands	33,669	27,422	22.8%
Sales of white rice	thousand tons	59.2	44.8	31.9%
	$ per ton	479.3	528.3	(9.3)%
	$ thousands	28,351	23,684	19.7%
Sales of By-products	$ thousands	5,318	3,738	42.3%
Adjusted EBITDA	$ thousands	8,250	28,337	(70.9)%
Adjusted EBIT	$ thousands	6,116	26,533	(76.9)%
Area under production	hectares	49,044	44,282	10.8%
Rice Mills
Total Processed Rough Rice(1)	thousand tons	60	52	17.1%
Ending stock - White Rice	thousand tons	7	37	(80.6)%

(1) Expressed in white rice equivalent.

In 1Q22, gross sales for our Rice business amounted to $33.7 million, 22.8% or $6.2 million higher compared to the same period of last year. This increase was mainly driven by a 31.9% increase in selling volumes on higher exports, partially offset by a 9.3% decrease in average selling prices as export prices did not copy the increase experienced by other commodities.

Adjusted EBITDA for the quarter amounted to $8.3 million, marking a 70.9% or $20.1 million year-over-year decrease. Results were mainly impacted by (i) a $16.3 million year-over-year loss in our biological asset and agricultural produce; (ii) higher costs due to inflation in Argentina in U.S. dollar terms; and (iii) a $2.0 million year-over-year increase in selling expenses related to higher logistics costs. Despite a 10.8% increase in our planted area compared to the previous campaign, lower yields and an 8% year-over-year decline in prices at the moment of harvest were the main contributors towards the loss in the mark-to-market of our biological asset. Regarding yields, water shortage during summertime caused by the effect of "La Niña" in the Northeast region of Argentina where our Rice operations are based, impacted some of our farms. It is worth highlighting that the 10.3% year-over-year decrease in yields to 6.8 Tn/Ha is also related to last year's record high. All in all, our current figure is in line with our historical average.

Entering into Uruguay through the acquisition of Viterra’s rice operations, will contribute to our geographic diversification and hence mitigate weather risk. Additional advantages of the deal include (i) international recognition of Uruguayan rice as being of the highest quality; (ii) expansion of our product portfolio and access to new markets; (iii) logistics synergies; and (iv) 230 thousand tons increase in our processing capacity (150 thousand in Uruguay and 80 thousand in Argentina) totalizing 580 thousand tons.

10

Dairy Segment

DAIRY
Highlights	metric	1Q22	1Q21	Chg %
Gross Sales	$ thousands (1)	54,805	36,164	51.5%
	million liters (2) (3)	100.1	93.2	7.4%
Adjusted EBITDA	$ thousands	6,999	4,729	48.0%
Adjusted EBIT	$ thousands	4,718	2,984	58.1%
Milking Cows	average heads	14,334	11,947	20.0%
Cow Productivity	liter/cow/day	34.9	36.6	(4.5)%
Total Milk Produced	million liters	45.0	39.3	14.6%
(1) Includes sales of processed dairy products, electricity and culled cows.
(2) Includes sales of fluid milk, powder milk and cheese.
(3) The difference between volume processed and volume sold is explained by the sale of raw milk to third parties.

In 1Q22, milk production at the farm level amounted to 45.0 million liters, an increase of 14.6% or 5.7 million liters, compared to the same period of last year. This was mainly explained by a 20.0% increase in our dairy cow herd, which reached an average of 14,334 milking cows during the quarter. Cow productivity stood at 34.9 liters per cow per day, leading to a daily production of 0.5 million liters of milk. Although there was a slight decrease in our cow productivity, this indicator remains at high levels even as we continue to increase our dairy cow herd to reach full capacity in our four free-stalls.

At the industry level, we processed 90.3 million liters of raw milk during the first three months of the year, marking a 19.2% increase compared to 1Q21. Out of this volume, approximately 41% came from our dairy farm operations whereas the balance was sourced from local producers in nearby areas or supplied by partners to whom we provide tolling service.We continue working on product developments to cater both to the domestic and export market.

Gross sales for the quarter amounted $54.8 million, a 51.5% year-over-year increase compared to 1Q21. Higher revenues in the segment were driven by (i) both an increase in volumes sold and in average prices, mostly export prices, as we increased the mix of higher value added products; (ii) our continuous focus on achieving efficiencies in our vertically integrated operations and increasing our productivity levels in every stage of the value chain; (iii) our flexibility to divert milk to the production of a variety of dairy products, as well as to shift sales across markets. Thus, Adjusted EBITDA expanded 48.0% in the quarter versus 1Q21 to $7.0 million. Nevertheless, Adjusted EBITDA growth was partially offset by (i) the higher cost of feed (corn silage and soy pellets) on account of higher commodity prices; (ii) higher costs related to health and reproduction, accentuated by an inflation in Argentina in U.S. dollar terms; in addition to (iii) higher logistics costs.

Adjusted EBIT amounted to $4.7 million in 1Q22. However, once interest expense and the foreign exchange loss related to the financial debt are taken into account, the three-months result of the business decreases to negative $5.9 million.

11

All Other Segments

ALL OTHER SEGMENTS
Highlights	metric	1Q22	1Q21	Chg %
Gross Sales	$ thousands	442	401	10.2%
Adjusted EBITDA	$ thousands	675	47	n.m.
Adjusted EBIT	$ thousands	619	(33)	n.m.

All Other Segments primarily encompass our cattle business. Our cattle segment consists of pasture land that is not suitable for crop production due to soil quality and is leased to third parties for cattle grazing activities.

Adjusted EBITDA for All Other Segments during 1Q22 was $675 thousands, compared to the $47 thousands in the same period of last year.

Land transformation business

LAND TRANSFORMATION
Highlights	metric	1Q22	1Q21	Chg %
Adjusted EBITDA	$ thousands	1,159	5,126	(77.4)%
Adjusted EBIT	$ thousands	1,159	5,126	(77.4)%
Land sold	Hectares	—	—	n.a

Although no farm sales were conducted during 1Q22 nor during 1Q21, adjusted EBITDA for our Land Transformation business amounted to $1.2 million and $5.1 million, respectively. This is so as it reflects a gain in the mark-to-market of an account receivable corresponding to the latest sale of farms in Brazil, which tracks the evolution of soybean prices. Despite higher soybean prices, the year-over-year reduction in Adjusted EBITDA is explained by the impact of the appreciation of the Brazilian currency. From an accounting perspective, this figure is captured in Other Operating Income line of the Land Transformation segment.

12

Operational Performance

SUGAR, ETHANOL & ENERGY - SELECTED INFORMATION
Operating Data	Metric	1Q22	1Q21	Chg %
Milling
Sugarcane Milled	tons	272,413	2,087,188	(86.9)%
Own Cane	tons	272,413	2,079,363	(86.9)%
Third Party Cane	tons	—	7,825	(100.0)%
Production
TRS Equivalent Produced	tons	26,102	246,132	(89.4)%
Sugar	tons	864	94,118	(99.1)%
Ethanol	M3	14,722	87,722	(83.2)%
Hydrous Ethanol	M3	7,558	77,891	(90.3)%
Anhydrous Ethanol	M3	7,164	9,832	(27.1)%
Sugar mix in production	%	3%	40%	(91.3)%
Ethanol mix in production	%	97%	60%	60.8%
Energy Exported (sold to grid)	MWh	18,054	79,232	(77.2)%
Cogen efficiency (KWh sold per ton crushed)	KWh/ton	66.3	38.0	74.6%
Agricultural Metrics
Harvested own sugarcane	tons	272,413	2,079,363	(86.9)%
Harvested area	Hectares	6,158	27,783	(77.8)%
Yield	tons/hectare	44.2	74.8	(40.9)%
TRS content	kg/ton	100.0	111.9	(11.0)%
TRS per hectare	kg/hectare	4,404	8,375	(47.4)%
Mechanized harvest	%	100%	100%	—%
Area
Sugarcane Plantation	hectares	187,757	179,472	4.6%
Expansion & Renewal Area	hectares	6,970	7,141	(2.4)%

Our cluster in Mato Grosso do Sul normally operates based on a continuous harvest model. This means that subject to weather going normal, we can harvest and crush cane year-round even during the first quarter of the year which is the traditional interharvest period for Brazil’s Sugar & Ethanol industry. As already noted in the 4Q21 Earnings Release, the adverse weather conditions observed in 2021 caused a reduction in sugarcane availability towards year-end and beginning of 2022. As a result, in December 2021 we entered into an interharvest period until mid-March 2022, when we resumed activities. Compared to most players which stopped operations for a 6-7 month window, ours was a short interharvest period. However, the year-over-year comparison presents a significant drop in our production variables, which we expect to compensate in the following quarters. In this regard, it is important to highlight that results

13

observed during 1Q22 should be analyzed being mindful that year-over-year comparisons can be misleading and are not a reflection of our expectations for the full year.

The improvement in cane availability and the positive outlook in terms of productivity due to above average rainfalls during March and April, have allowed us to increase our crushing pace and continue to take advantage of the constructive price scenario. Our commercial strategy to carry-over stock from 2021 enabled us to capture attractive prices, in particular the hike in ethanol prices towards the end of the quarter. Moreover, during April we marked a new record high for ethanol sales, amounting to 125 thousand cubic meters at an average price of 26.4 cts/lb in sugar equivalent (6.7 cts/lb higher than the average price for sugar during April), including 10 thousand cubic meters exported.

Going into the operating data of the quarter, during 1Q22 crushing volume amounted to 0.3 million tons of sugarcane, compared to 2.1 million during the same period of last year. Harvesting activities during the quarter were concentrated on reform areas mainly related to 5th cut and above, with limited growth potential. This enabled us to maximize ethanol and capture attractive prices; (ii) allow areas with greater potential to continue to grow; and (iii) liberate area to plant new high-yielding cane available for next harvest season. In this regard, sugarcane yields in 1Q22 reached 44.2 tons per hectare while TRS content reached 100 kg/ton, marking an year-over-year reduction of 40.9% and 11.0% respectively.

In terms of mix, in line with our strategy to maximize production of the product with the highest marginal contribution, we diverted as much as 97% of our TRS to ethanol to profit from higher relative prices. During the quarter hydrous and anhydrous ethanol traded at 19.1 cts/lb and 20.8 cts/lb, 3.2% and 12.5% premium to sugar, respectively (we captured above market prices, as we will see in the next section). To further take advantage of price premiums, 49% of our total ethanol production was anhydrous ethanol, compared to 11% during 1Q21. This high degree in flexibility constitutes one of our most important competitive advantages, since it allows us to make a more efficient use of our fixed assets and profit from higher relative prices. Although production of both ethanol and sugar was lower as a consequence of the reduction in crushing volume, this was offset by higher average prices which we were able to capture thanks to our high inventories at the start of this year which were 56% higher than in 1Q21 in the case of ethanol and 75% in the case of sugar.

Exported energy during the quarter totaled 18.1 thousand MWh, 77.2% lower compared to the same period of 2021, as a consequence of the reduction in crushing volume. Cogeneration efficiency ratio, however, stood at 66.3 KWh/ton, 74.6% higher year-over-year.

As of March 31, 2022, our sugarcane plantation consisted of 187,757 hectares, 4.6% higher compared to the same period of last year. Sugarcane planting continues to be a key strategy to supply our mills with quality raw material at low cost. During 1Q22, we planted a total of 6,970 hectares of sugarcane. Of this total planted area, 28% or 1,950 hectares were expansion areas planted to supply our growing crushing capacity and 72% or 5,020 hectares were areas planted to renew old plantations with newer and high-yielding sugarcane, thus allowing us to maintain the productivity of our plantation.

14

Financial Performance

SUGAR, ETHANOL & ENERGY - HIGHLIGHTS
$ thousands	1Q22	1Q21	Chg %
Net Sales (1)(2)	72,825	74,754	(2.6)%
Margin on Manufacturing and Agricultural Act. Before Opex	56,498	58,245	(3.0)%
Adjusted EBITDA	57,278	58,154	(1.5)%
Adjusted EBITDA Margin (3)	78.7%	77.8%	1.1%
(1) Net Sales are calculated as Gross Sales net of sales taxes. Please see “Reconciliation of Non-IFRS measures” starting on page 27 for a reconciliation of Adjusted EBITDA and Adjusted EBIT to Profit/Loss.
(2) Net Sales in 1Q22 include $4.6 million and in 1Q21 include $2.5 million corresponding to the sale of 9.0 thousand and 8.2 thousand tons of soybean, respectively, planted as cover crop during the implementation of the agricultural technique known as meiosis. Meiosis is based on planting 2 lines called “mother lines” for every 8 lines left unplanted. Once the sugarcane in the mother lines grow and the cut is made, it is used as muda for the remaining 8 lines. As 20% of the sugarcane is planted first, it is 1 year older than the 80% balance, allowing for cover crops to be planted in the meantime. Planting harvestable cover crops results in lower sugarcane production costs, greater planting efficiency and the potential to monetize additional sales.

Net sales in 1Q22 reached $72.8 million, 2.6% lower compared to 1Q21. The decrease was driven by the lower selling volumes of sugar, ethanol and energy, as a consequence of the lower crushing volume. However, this was almost fully offset by higher average selling prices of ethanol and sugar (measured both in BRL as well as in U.S. dollars). Our commercial strategy to carry-over stock from 2021 enabled us to benefit from the constructive price scenario, in particular to capture the hike in ethanol prices towards the end of the quarter. We continued to profit from high prices after the end of the quarter, by selling our remaining ethanol stocks during April in addition to our monthly production. By doing so we marked a record of 125 thousand cubic meters of ethanol sold in one month, at an average price of 26.4 cts/lb sugar equivalent.

Despite the late start of harvesting activities and thus, the lower production, Adjusted EBITDA during 1Q22 was $57.3 million, in line compared to the same period of last year. Year-over-year we registered (i) a $9.6 million gain in the mark-to-market of our sugarcane coupled with (ii) a $6.2 million gain in the mark-to-market of our commodity hedge position despite the increase in prices, due to a loss observed in 1Q21. Results were offset by an increase in costs mostly driven by fertilizers, fuels, lubricants and an appreciation of the Brazilian currency, in addition to the slight reduction in sales.

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The table below reflects the breakdown of net sales for the Sugar, Ethanol & Energy business.

SUGAR, ETHANOL & ENERGY - NET SALES BREAKDOWN (1)
	$ thousands				Units			($/unit)
	1Q22	1Q21	Chg %	1Q22	1Q21	Chg %	1Q22	1Q21	Chg %
Sugar (tons)	7,798	25,236	(69.1)%	17,248	62,724	(72.5)%	452	402	12.4%
Ethanol (cubic meters)	56,843	43,362	31.1%	85,594	97,111	(11.9)%	664	447	48.7%
Energy (Mwh) (2)	1,680	3,619	(53.6)%	64,854	119,512	(45.7)%	26	30	(14.5)%
CBios (4)	1,941	433	348.7%	134,223	102,096	31.5%	14	4	241.3%
TOTAL (3)	68,262	72,217	(5.5)%
(1) Net Sales are calculated as Gross Sales net of ICMS, PIS COFINS, INSS and IPI taxes.
(2) Includes commercialization of energy from third parties.
(3) Total Net Sales does not include the results generated from the sale of soybean planted as cover crop during the implementation of meiosis.
(4) During 2021 Cbios were booked under the Other Operating Income line. For presentation and comparison purposes we are including 1Q21's figures in the sales line although they are not included in the actual calculation of sales during that year.

Prices for sugar and ethanol continued to be constructive as the market factored in (i) the late start of harvesting activities in Center-South Brazil due to the lagging impact of 2021's adverse weather; (ii) the hike in international oil prices which drove ethanol prices and, in turn, sugar; and (iii) greater than expected rebound in hydrous ethanol consumption in March marking a 32% increase versus February. Despite the lower production of sugar and ethanol during 1Q22, we were able to capture high prices as we had carry-over stock (153 thousand cubic meters of ethanol and 23 thousand tons of sugar). We believe we are in a good position to continue to capture the increase in prices as we still have unhedged 62% of sugar and 95% of ethanol production related to the 22/23 campaign.

Sugar sales during 1Q22 reached $7.8 million, 69.1% lower than during the same period of last year. This decrease was driven by a 72.5% decrease in selling volumes due to lower production, partially offset by a 12.4% increase in average prices which reached 20.5 ct/lb.

Ethanol sales during 1Q22 amounted to $56.8 million, 31.1% higher year-over-year. This was explained by a 48.7% increase in average selling prices measured in U.S. dollars, led by anhydrous ethanol (20.6 cts/lb and 22.0 cts/lb sugar equivalent). Despite a year-over-year reduction in ethanol production, we were able to benefit from the price scenario due to our inventory level. At the end of 2021 we carried over 93 thousand m3 of anhydrous ethanol and 61 thousand m3 of hydrous ethanol (55.6% higher than in 1Q21) to benefit from higher expected prices. Half of these inventories was sold in 1Q22, while the other 50% was sold during April at levels of 26.4 cts/lb sugar equivalent.

Due to the efficiency and sustainability in our operations, ranked among the highest in the industry, we have the right to issue carbon credits (CBio) every time we sell ethanol. During 1Q22 we sold $1.9 million worth of carbon credits at an average price of 86 BRL/CBio (16 $/CBio) - net price of 14 $/CBio-, 3.4x higher than during 1Q21.

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In the case of energy, net sales in 1Q22 were $1.7 million, 53.6% lower compared to 1Q21 driven by a 45.7% year-over-year decrease in selling volumes and a 14.5% decrease in average selling prices due to the high levels of water in the reservoirs.

As shown in the table below, during the last twelve months of 2022 total production costs excluding depreciation and amortization reached 7.5 cents per pound, compared to 4.6 in the same period of last year. This increase was driven by a lower dilution of fixed costs caused by a year-over-year reduction in crushing volume of 22.9% (9.1 million tons crushed in LTM 2022 and 11.8 million tons in LTM 2021), explained by the first quarter dynamics. The increase in costs of inputs, fertilizers, diesel and salaries, among others, coupled with the appreciation of the Brazilian currency further contributed to the increase in costs. On a full year basis, we expect costs to be in line or slightly above 2021.

SUGAR, ETHANOL & ENERGY - PRODUCTION COSTS
	Total Cost ($'000)			Total Cost per Pound (cts/lbs)
LAST TWELVE MONTHS	LTM 21/22	LTM 20/21	Chg %	LTM 21/22	LTM 20/21	Chg %
Industrial costs	77,321	66,974	15.4%	3.2	2.1	52.4%
Industrial costs	62,084	53,244	16.6%	2.5	1.7	53.9%
Cane from 3rd parties	15,237	13,729	11.0%	0.6	0.4	46.5%
Agricultural costs	241,002	206,631	16.6%	9.9	6.4	54.0%
Harvest costs	82,329	73,447	12.1%	3.4	2.3	48.0%
Cane depreciation	57,699	54,989	4.9%	2.4	1.7	38.5%
Agricultural Partnership Costs	38,691	27,955	38.4%	1.6	0.9	82.7%
Maintenance costs	62,283	50,239	24.0%	2.6	1.6	63.7%
Total Production Costs	318,323	273,604	16.3%	13.0	8.5	53.6%
Depreciation & Amortization PP&E	(136,451)	(125,772)	8.5%	(5.6)	(3.9)	43.2%
Total Production Costs (excl D&A)	181,872	147,832	23.0%	7.5	4.6	62.4%

SUGAR, ETHANOL & ENERGY - CHANGES IN FAIR VALUE
$ thousands	1Q22	1Q21	Chg %
Sugarcane Valuation Model current period	123,486	78,203	57.9%
Sugarcane Valuation Model previous period	64,364	71,506	(10.0)%
Total Changes in Fair Value	59,122	6,696	782.9%

Total Changes in Fair Value of Unharvested Biological Assets (what is currently growing on the fields and will be harvested during the next 12 months) represented a gain of $59.1 million during 1Q22 mostly driven by higher expected yields favored by good rains during March and April. Year-over-year it represented a gain of $52.4 million mainly attributed to higher expected prices. These effects were partially offset by a strengthening of the Brazilian currency.

17

Corporate Expenses

CORPORATE EXPENSES
$ thousands	1Q22	1Q21	Chg %
Corporate Expenses	(6,380)	(5,165)	23.5%

Adecoagro’s corporate expenses include items that have not been allocated to a specific business segment, such as the remuneration of executive officers and headquarters staff, certain professional fees, office lease expenses, among others. As shown in the table above, corporate expenses for 1Q22 were $6.4 million, 23.5% higher than in 1Q21 mainly explained by an increase in costs impacted by an inflation in U.S. dollar terms.

Other Operating Income

OTHER OPERATING INCOME
$ thousands	1Q22	1Q21	Chg %
Gain / (Loss) from commodity derivative financial instruments	(6,727)	(10,134)	(33.6)%
(Loss) from forward contracts	(5,291)	—	n.m.
Gain from disposal of other property items	(71)	234	(130.3)%
Net Gain from FV Adjustment in Investment Property	(2,353)	(825)	185.2%
Other	1,343	4,937	(72.8)%
Total	(13,099)	(5,788)	126.3%

In 1Q22, Other Operating Income amounted to a loss of $13.1 million, compared to a $5.8 million loss registered in the same quarter of the previous year. The negative results are mainly attributable to a loss in the mark-to-market of our commodity hedge position caused by an increase in commodity prices, such as soybean, corn and sugar, among others.

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Commodity Hedging

Adecoagro’s financial performance is affected by the volatile price environment inherent in agricultural commodities. The company uses forward and derivative markets to mitigate swings in commodity prices by locking-in margins and stabilizing cash flows.

The table below shows the average selling price of our hedged production volumes, including volumes that have already been invoiced and delivered, forward contracts with fixed-price and volumes hedged through derivative instruments.

COMMODITY HEDGE POSITION - As of March 31,2022
	Consolidated Hedge Position
Farming		Avg. FAS Price	CBOT FOB	Results Booked in FY2022
	Volume	USD/Ton	USD/Bu	$ thousand
2021/2022 Harvest season
Soybeans	106,440	392.0	1,460.0	(3,860.0)
Corn	140,900	199.0	633.0	399.0
2022/2023 Harvest season
Soybeans	19,000	371.0	1,388.0	176.0
Corn	—	n.a	n.a	—
	Consolidated Hedge Position
Sugar, Ethanol & Energy		Avg. FOB Price	ICE FOB	Results Booked in FY2022
	Volume	USD/Unit	Cents/Lb	$ thousand
2022/2023 Harvest season
Sugar (tons)	126,801	426.0	19.3	(3.0)
Ethanol (m3)	—	—	—	—
Energy (MW/h) (1)	513,002	57.5	n.a	—
2023/2024 Harvest season
Sugar (tons)	—	—	—	—
Ethanol (m3)	—	—	—	—
Energy (MW/h) (1)	470,100	55.5	n.a	—

(1) Energy prices 2022 and 2023 were converted to USD at an exchange rate of BRL/USD 5.14 and BRL/USD 5.40, respectively.

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Financial Results

FINANCIAL RESULTS
$ thousands	1Q22	1Q21	Chg %
Interest Expenses, net	(12,399)	(13,103)	(5.4)%
Cash Flow Hedge - Transfer from Equity	(8,594)	(10,560)	(18.6%)
FX Gain / (Losses), net	54,184	(20,840)	(360.0)%
Gain/loss from derivative financial Instruments	1,563	377	314.6%
Taxes	(858)	(921)	(6.8)%
Finance Cost - Right-of-use Assets	(6,582)	(3,869)	70.1%
Inflation accounting effects	7,266	(2,945)	(346.7)%
Other Expenses, net	(2,654)	(1,226)	116.5%
Total Financial Results	31,926	(53,087)	n.a

Net financial results in 1Q22 totaled a gain of $31.9 million compared to a loss of $53.1 million in 1Q21. The year-over-year variation is mostly explained by the effect of foreign exchange.

The lines "Fx Net" and "Cash Flow Hedge - Transfer from Equity" reflect the impact of foreign exchange variations on our dollar-denominated monetary assets and liabilities. Year-over-year it presents a gain of $77.0 million explained by a reduction in the nominal depreciation of the Brazilian Real from 9.6% during 1Q21 to an appreciation of 15.1% during 1Q22, and by a reduction in the nominal depreciation of the Argentine Peso from 9.3% in 1Q21 to a depreciation of 8.1% during 1Q22. These results are non-cash in nature and do not affect the net worth of the Company in U.S. dollars.

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Indebtedness

NET DEBT BREAKDOWN
$ thousands	1Q22	4Q21	Chg %	1Q21	Chg %
Farming	199,378	128,019	55.7%	183,369	8.7%
Short term Debt	135,304	86,263	56.9%	100,631	34.5%
Long term Debt	64,074	41,756	53.4%	82,738	(22.6)%
Sugar, Ethanol & Energy	731,500	689,632	6.1%	757,287	(3.4)%
Short term Debt	36,103	25,901	39.4%	52,712	(31.5)%
Long term Debt	695,397	663,731	4.8%	704,574	(1.3)%
Total Short term Debt	171,407	112,164	52.8%	153,343	11.8%
Total Long term Debt	759,471	705,487	7.7%	787,313	(3.5)%
Gross Debt	930,878	817,651	13.8%	940,656	(1.0)%
Cash & Equivalents	142,920	199,766	(28.5)%	208,584	(31.5)%
Net Debt	787,958	617,885	27.5%	732,072	7.6%
EOP Net Debt / Adj. EBITDA LTM	1.90x	1.41x	34.5%	1.88x	1.3%

As of March 31, 2022, Adecoagro's net debt position was $788.0 million, $170.1 million or 27.5% higher compared to 4Q21. This was fully explained by a 13.8% increase in gross debt, along with a 28.5% reduction in our cash position. It is worth highlighting that cash generation is concentrated in the second semester of the year, whereas the first has the highest working capital requirements. From a seasonality point of view, we incur most of our costs during the first quarter as our crops are planted and there is only a small portion that is harvested and sold. Thus, we expect to reduce the working capital requirements and our indebtedness as we continue with our harvesting activities throughout the second and third quarter.

On a year-over-year basis, net debt in 1Q22 increased by 7.6% compared to the same period of last year. The slight decrease of 1.0% in gross debt was fully offset by the 31.5% decrease in our cash position. The reduction in our cash levels was mostly explained by an increase in marketable inventories of $44.8 million compared to 1Q21, led by higher prices and higher carry-over stock, especially soybean and corn.

Our Net Debt ratio (Net Debt / EBITDA) as of March 31, 2022 was 1.90x, flattish versus 1Q21 but 34.5% above 4Q21. A higher leverage ratio was mainly driven by the increase in our net debt position as explained above, along with a slight reduction in our EBITDA generation LTM compared to the previous quarter. Nevertheless, we believe that our balance sheet is in a healthy position based not only on the adequate overall debt levels but also on the terms of our indebtedness, most of which is long-run debt.

The Company has full capacity to repay short term debt with its cash balances, as shown by our Liquidity ratio above 1.0x. As of March 31, 2022, our Liquidity ratio (Cash & Equivalents + Marketable Inventories / Short Term Debt) reached 1.53x.

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Capital Expenditures & Investments

CAPITAL EXPENDITURES
$ thousands	1Q22	1Q21	Chg %
Farming & Land Transformation	14,128	11,153	26.7%
Expansion	5,270	7,930	(33.5)%
Maintenance	8,858	3,223	174.8%
Sugar, Ethanol & Energy	66,143	46,184	43.2%
Maintenance	55,796	38,612	44.5%
Planting	12,207	7,531	62.1%
Industrial & Agricultural Machinery	43,589	31,081	40.2%
Expansion	10,347	7,572	36.7%
Planting	6,912	6,217	11.2%
Industrial & Agricultural Machinery	3,435	1,355	153.6%
Total	80,271	57,338	40.0%

Adecoagro's capital expenditures totaled $80.3 million in 1Q22, 40.0% higher compared to the same period of last year.

The Sugar, Ethanol and Energy business accounted for 82% or $66.1 million of total capex in 1Q22, representing an increase of 43.2% compared to 1Q21. Maintenance capex stood at $55.8 million, 44.5% higher year-over-year mostly related to (i) higher planted and soil preparation area coupled with the increase in fertilizer costs and overall inflation over fixed costs; and (ii) higher capitalization of interharvest costs due to the late start of crushing activities (mid-March 2022 versus January 2021, and hence longer interharvest period). Expansion capex, in turn, increased by 36.7% compared to 1Q21, reaching $10.3 million. The increase is mostly explained by investments to increase vinasse concentration. Concentrated vinasse is used as a biofertilizer in our sugarcane plantation (replacing 100% of our potash fertilizer requirements) and as input in our biodigestor to produce biogas which can in turn be used to generate energy and/or biomethane.

Farming & Land Transformation businesses accounted for 18%, or $14.1 million of total capex in 1Q22, presenting a year-over-year increase of 26.7%. This is explained by a $6.0 million increase in maintenance capex mainly related to the replacement of vehicles and machinery and to the replacement of part of our dairy cows, to maintain the productivity of our herd.

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Inventories

END OF PERIOD INVENTORIES
		Volume			thousand $
Product	Metric	1Q22	1Q21	% Chg	1Q22	1Q21	% Chg
Soybean	tons	27,417	8,245	232.5%	11,942	3,473	243.8%
Corn (1)	tons	47,814	10,877	339.6%	10,612	1,732	512.5%
Wheat (2)	tons	35,937	55,115	(34.8)%	9,897	10,735	(7.8)%
Sunflower	tons	14,114	4,739	197.9%	7,735	1,928	301.2%
Cotton	tons	393	—	n.m.	643	—	n.m.
Rice (3)	tons	14,655	37,358	(60.8)%	3,744	8,226	(54.5)%
Peanut	tons	10,265	4,460	130.2%	9,546	3,424	178.8%
Organic Sugar	tons	3,219	3,381	(4.8)%	1,365	751	81.8%
Sugar	tons	4,885	42,338	(88.5)%	1,720	10,001	(82.8)%
Ethanol	m3	80,832	87,535	(7.7)%	46,531	27,821	67.2%
Fluid Milk	Th Lts	7,726	6,318	22.3%	4,131	2,725	51.6%
Powder Milk	tons	1,814	419	333.3%	5,937	1,102	438.8%
Cheese	tons	133	198	(32.9)%	601	684	(12.1)%
Cbios (4)	units	76,793	42,899	n.m.	832	13	n.m.
Others	tons	5,931	2,563	131.4%	3,454	1,294	167.0%
Total		331,930	263,547	25.9%	118,690	73,896	60.6%

(1) Includes sorghum

(2) Includes barley

(3) Expressed in white rice equivalent

(4) For presentation and comparison purposes we are including 1Q21's figures in the table although they are not included in the actual calculation.

Variations in inventory levels between 1Q22 and 1Q21 are attributable to changes in (i) production volumes resulting from changes in planted area, (ii) production mix between different crops and in yields obtained; (iii) different percentage of area harvested during the period; and (iv) commercial strategy or selling pace for each product.

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1Q22 Market Highlights

◦Sugar price traded in a limited range during 1Q22. The market was influenced by steadily rising estimates of sugar production in India, but also showed a considerable volatility after the conflict in Europe started. During 1Q22, sugar prices were, on average, 5% lower than 4Q21 and 15% higher than 1Q21, according to ICE futures (Sugar #11). Global sugar demand was strong in the period, but an additional production of 2 million MT from India drove 2021/22 crop S&D to a surplus for most analysts. Nevertheless, Sugar/Ethanol parity should play a major role in the global S&D and therefore in prices. Supply could be substantially affected if Brazilian mills decided to switch the mix towards ethanol on the back of strong oil prices. Price upside include: (i) extreme weather affecting global production (ii) shortage of fertilizers, (iii) lower sugar mix in Brazil and (iv) soaring grain prices turning other crops more competitive than cane. On the other hand, the main downside risk is a sharp decline in oil prices that could lead to a higher sugar mix from Brazil.

◦Due to high pump ratio and unfavorable parity, ethanol demand in the first two months of the year was low and market expectation until March was for a higher than usual closing stocks on March 31st. However, in March 2022, ethanol prices started to rebound after a combination of (i) 19% hike in gasoline price, (ii) recovery of overall fuel demand and (iii) late beginning of the new harvest in Brazil. Ethanol domestic sales reported by UNICA showed an increase of 32% in March 2022 versus February 2022. Moreover, according to ESALQ index, hydrous and anhydrous prices increased by 10% and 7%, respectively, in March 2022 versus February 2022, and improving even further in April. The 2022/23 campaign is expected to start with a full maximization of ethanol due to a strong Brazilian currency, higher gasoline price and higher ethanol profitability versus sugar (at least) in the short term. Looking beyond this year, higher global energy prices should be key for prices and production in Brazil.

◦Brazil's carbon credit market under the RenovaBio program continued to develop, reaching an average price of 86.0 BRL/CBio (approximately 18.1 USD/CBio) in 1Q22 compared to 30.8 BRL/CBio (5.5 USD/CBio) in the same period of last year. During January, February and March 2022, average prices were 64.6, 87.4 and 97.9 BRL/CBio, respectively (11.7, 16,5 and 19.7 USD/CBio).

◦In 1Q22, energy spot prices in the southeast region of Brazil were 66% lower than during the same period of last year. During January, February and March, energy prices were 62.9 BRL/MWh, 55.7 BRL/MWh and 55.7 BRL/MWh, respectively. In April, the PLD (Preço de Liquidaçao das Diferenças or settlement price for differences) stayed at levels of 55.7 BRL/MWh as a result of the recent rains and increased levels in water reservoirs. Consumption showed an increase of 2.2% when compared to last year, according to CCEE. The level of the southeast reservoirs was 61% by March, marking a 27% increase compared to the same period of last year.

◦During 1Q22, soybean traded 16% higher at CBOT compared to 4Q21, while corn prices traded 23% higher. The increase in prices was driven by (i) La Niña event affecting South American production, (ii) the conflict in Europe (increase in production costs and uncertainty regarding Russia's export

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execution and Ukraine's production execution), and (iii) slow demand from China for soybean and corn. Over this period, funds' net position remained net long on corn and soybean. Prices at the local market traded 21% higher on soybean and 17% higher on corn, compared to 4Q21. The market was supported by a bottleneck on harvest (trucks, gasoil, gas and fuel oil) and farmer selling's delay in Brazil and Argentina regarding 21/22 campaign.

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Forward-looking Statements

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,” “continue,” “estimate,” “expect,” “intend,” “is/are likely to,” “may,” “plan,” “should,” “would,” or other similar expressions.

The forward-looking statements included in this press release relate to, among others: (i) our business prospects and future results of operations, including our expectations for crushing and other volumes; (ii) the impact of weather and other natural phenomena; (iii) developments in, or changes to, the laws, regulations and governmental policies governing our business, including limitations on ownership of farmland by foreign entities in certain jurisdictions in which we operate, environmental laws and regulations; (iv) the implementation of our business strategy, including the expansion of our sugarcane cluster in Mato Grosso do Sul and other current projects; (v) our plans relating to acquisitions, joint ventures, strategic alliances or divestitures; (vi) the implementation of our financing strategy, capital expenditure plan and distribution policy; (vii) the maintenance of our relationships with customers; (viii) the competitive nature of the industries in which we operate; (ix) the cost and availability of financing; (x) future demand for the commodities we produce; (xi) international prices for commodities; (xii) the condition of our land holdings; (xiii) the development of the logistics and infrastructure for transportation of our products in the countries where we operate; (xiv) the performance of the South American and world economies; and (xv) the relative value of the Brazilian Reais, the Argentine Peso, and the Uruguayan Peso compared to other currencies.

These forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward-looking statements are reasonable, our expectations may turn out to be incorrect. Our actual results could be materially different from our expectations. In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in this press release might not occur, and our future results and our performance may differ materially from those expressed in these forward-looking statements due to, inclusive, but not limited to, the factors mentioned above. Because of these uncertainties, you should not make any investment decision based on these estimates and forward-looking statements.

The forward-looking statements made in this press release related only to events or information as of the date on which the statements are made in this press release. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.

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Reconciliation of Non-IFRS measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with IFRS, we use the following non-IFRS financial measures in this press release:

•Adjusted EBITDA

•Adjusted EBIT

•Adjusted EBITDA margin

•Net Debt

•Net Debt to Adjusted EBITDA

•Adjusted Net Income

In this section, we provide an explanation and a reconciliation of each of our non-IFRS financial measures to their most directly comparable IFRS measures. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS.

We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management for financial and operational decision making and as a means to evaluate period-to-period.

There are limitations associated with the use of non-IFRS financial measures as an analytical tool. In particular, many of the adjustments to our IFRS financial measures reflect the exclusion of items, such as depreciation and amortization, changes in fair value and the related income tax effects of the aforementioned exclusions and exchange differences generated by the net liability monetary position in USD in the countries where the functional currency is the local currency, that are recurring and will be reflected in our financial results for the foreseeable future. In addition, these measures may be different from non-IFRS financial measures used by other companies, limiting their usefulness for comparison purposes.

Adjusted EBITDA, Adjusted EBIT & Adjusted EBITDA margin

Our Adjusted Consolidated EBITDA equals the sum of our Adjusted Segment EBITDA for each of our operating segments. We define “Adjusted Consolidated EBITDA” as (i) consolidated net profit (loss) for the year, as applicable, before interest expense, income taxes, depreciation of property, plant and equipment, and amortization of intangible assets, net gain from fair value adjustments of investment property land, foreign exchange gains or losses, other net financial results; (ii) adjusted by those items, that do not impact profit and loss, but are recorded directly in shareholders' equity, including (a) the gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland, reflected under the line item: "Reserve from the sale of non-controlling interests in subsidiaries” and (b) the net increase in value of sold farmland, which has been recognized in either revaluation surplus of retained earnings which is reflected in the Shareholders’ equity under the line item “Reverse of revaluation

27

surplus derived from the disposals of assets; and (iv) net of the combined effect of the application of IAS 29 and IAS 21 from the Argentine operations included in profit from operations. (See Item 5. “Operating and Financial Review and Prospects - A. Operating Results - Critical Accounting Policies and Estimates" in our Annual Report on Form 20-F for the year ended December 31, 2018)

We define “Adjusted Segment EBITDA” for each of our operating segments as (i) the segment’s share of consolidated profit (loss) from operations before financing and taxation as per segment information for the year, as applicable, before depreciation of property, plant and equipment and amortization of intangible assets; and (ii) adjusted by those items, that do not impact profit and loss, but are recorded directly in shareholders' equity, including (a) the gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland, reflected under the line item: "Reserve from the sale of non-controlling interests in subsidiaries” and (b) the net increase in value of sold farmland, which has been recognized in either revaluation surplus of retained earnings which is reflected in the Shareholders’ equity under the line item “Reverse of revaluation surplus derived from the disposals of assets;. and (iv) net of the combined effect of the application of IAS 29 and IAS 21 from the Argentine operations included in profit from operations.

We believe that Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are important measures of operating performance for our company and each operating segment, respectively, because they allow investors and others to evaluate and compare our consolidated operating results and to evaluate and compare the operating performance of our segments, respectively, including our return on capital and operating efficiencies, from period to period by removing the impact of our capital structure (interest expense from our outstanding debt), asset base (depreciation of property plan and equipment and amortization of intangible assets), tax consequences (income taxes), foreign exchange gains or losses and other financial results. In addition, by including the gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland, investors can also evaluate the full value and returns generated by our land transformation activities. Other companies may calculate Adjusted Consolidated EBITDA and Adjusted Segment EBITDA differently, and therefore our Adjusted Consolidated EBITDA and Adjusted Segment EBITDA may not be comparable to similarly titled measures used by other companies. Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are not measures of financial performance under IFRS, and should not be considered in isolation or as an alternative to consolidated net profit (loss), cash flows from operating activities, segment’s profit from operations before financing and taxation and other measures determined in accordance with IFRS. Items excluded from Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are significant and necessary components to the operations of our business, and, therefore, Adjusted Consolidated EBITDA and Adjusted Segment EBITDA should only be used as a supplemental measure of our company’s operating performance, and of each of our operating segments, respectively. We also believe Adjusted Consolidated EBITDA and Adjusted Segment EBITDA are useful for securities analysts, investors and others to evaluate the financial performance of our company and other companies in the agricultural industry. These non-IFRS measures should be considered in addition to, but not as a substitute for or superior to, the information contained in either our statements of income or segment information.

Reconciliation of both Adjusted EBITDA and Adjusted EBIT starts on page 31.

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Net Debt & Net Debt to Adjusted EBITDA

Net debt is defined as the sum of long- and short-term debt less cash and cash equivalents. This measure is widely used by management and investment analysts and we believe it shows the financial strength of the Company

Management is consistently tracking our leverage position and our ability to repay and service our debt obligations over time. We have therefore set a leverage ratio target that is measured by net debt divided by Adjusted EBITDA.

We believe that this metric provides useful information to investors because management uses it to manage our debt-equity ratio in order to promote access to debt financing instruments in the capital markets and our ability to meet scheduled debt service obligations.

RECONCILIATION - NET DEBT
$ thousands	1Q22	4Q21	Chg %	1Q21	Chg %
Total Borrowings	930,878	817,651	13.8%	940,656	(1.0)%
Cash and Cash equivalents	142,920	199,766	(28.5)%	208,584	(31.5)%
Net Debt	787,958	617,885	27.5%	732,072	7.6%

Adjusted Net Income

We define Adjusted Net Income as (i) Profit/ (Loss) of the period/year before net gain from fair value adjustments of investment property land; plus (ii) any non-cash finance costs resulting from foreign exchange gain/losses for such period, which are composed by both Exchange Differences and Cash Flow Hedge Transfer from Equity, included in Financial Results, net, in our statement of income; net of the related income tax effects, plus (iii) gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland, which are reflected in our Shareholders Equity under the line item. “Reserve from the sale of non-controlling interests in subsidiaries”, plus (iv) the reversal of the aforementioned income tax effect, plus (v) any inflation accounting effect; plus (vi) the net increase in value of sold farmland, which has been recognized in either Revaluation surplus or Retained earnings.

We believe that Adjusted Net Income is an important measure of performance for our company allowing investors to properly assess the impact of the results of our operations in our Equity. In effect, results arising from the revaluation effect of our net monetary position held in foreign currency in the countries where our functional currency is the local currency do not affect the Equity of the Company, when measured in foreign / reporting currency. Conversely, the tax effect resulting from the aforementioned revaluation effect does impact the Equity of the Company, since it reduces/increases the income tax to be paid in each country; which is why we decided to add back the income tax effect to the Adjusted Net Income considering this tax effect.

29

In addition, by including the gains or losses from disposals of non-controlling interests in subsidiaries whose main underlying asset is farmland, investors can also include the full value and returns generated by our land transformation activities.

Other companies may calculate Adjusted Net Income differently, and therefore our Adjusted Net Income may not be comparable to similarly titled measures used by other companies. Adjusted Net Income is not a measures of financial performance under IFRS, and should not be considered in isolation or as an alternative to consolidated net profit (loss). This non-IFRS measure should be considered in addition to, but not as a substitute for or superior to, the information contained in our financial statements.

ADJUSTED NET INCOME
$ thousands	1Q22	1Q21	Chg %
Net Income/(Loss)	65,173	19,335	237.1%
Foreign exchange losses, net	(54,184)	20,840	(360.0)%
Cash flow hedge - transfer from equity	8,594	10,560	(18.6)%
Inflation Accounting Effects	(7,266)	2,945	(346.7)%
Revaluation Result - Investment Property	2,378	817	191.1%
Adjusted Net Income	14,695	54,497	(73.0)%

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ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 1Q22
$ thousands	Crops	Rice	Dairy	Others	Farming	Sugar, Ethanol & Energy	Land Transformation	Corporate	Total
Sales of goods and services rendered	39,431	33,669	54,805	442	128,347	77,056	—	—	205,403
Cost of goods sold and services rendered	(33,854)	(29,634)	(48,434)	(252)	(112,174)	(57,297)	—	—	(169,471)
Initial recog. and changes in FV of BA and agricultural produce	29,362	10,303	6,253	514	46,432	37,438	—	—	83,870
Gain from changes in NRV of agricultural produce after harvest	(195)	—	—	—	(195)	(699)	—	—	(894)
Margin on Manufacturing and Agricultural Act. Before Opex	34,744	14,338	12,624	704	62,410	56,498	—	—	118,908
General and administrative expenses	(3,413)	(2,488)	(1,623)	(55)	(7,579)	(4,297)	—	(6,681)	(18,557)
Selling expenses	(6,014)	(5,582)	(6,166)	(23)	(17,785)	(6,284)	—	(89)	(24,158)
Other operating income, net	(8,637)	(152)	(117)	(2,360)	(11,266)	(3,193)	1,159	201	(13,099)
Profit from Operations Before Financing and Taxation	16,680	6,116	4,718	(1,734)	25,780	42,724	1,159	(6,569)	63,094
Net loss from Fair value adjustment of Investment property	—	—	—	2,353	2,353	—	—	—	2,353
Adjusted EBIT	16,680	6,116	4,718	619	28,133	42,724	1,159	(6,569)	65,447
(-) Depreciation and Amortization	1,810	2,134	2,281	56	6,281	14,554	—	189	21,024
Adjusted EBITDA	18,490	8,250	6,999	675	34,414	57,278	1,159	(6,380)	86,471
Reconciliation to Profit/(Loss)
Adjusted EBITDA									86,471
(+) Depreciation and Amortization									(21,024)
(+) Financial result, net									31,926
(+) Revaluation Result - Investment Property									(2,353)
(+) Income Tax (Charge)/Benefit									(29,544)
(+) Translation Effect (IAS 21)									(303)
Profit/(Loss) for the Period									65,173

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ADJUSTED EBITDA & ADJUSTED EBITDA RECONCILIATION TO PROFIT/LOSS - 1Q21
$ thousands	Crops	Rice	Dairy	Others	Farming	Sugar, Ethanol & Energy	Land Transformation	Corporate	Total
Sales of goods and services rendered	31,578	27,422	36,164	401	95,565	79,081	—	—	174,646
Cost of goods sold and services rendered	(24,588)	(22,121)	(30,767)	(261)	(77,737)	(47,406)	—	—	(125,143)
Initial recog. and changes in FV of BA and agricultural produce	17,842	26,649	2,680	43	47,214	27,749	—	—	74,963
Gain from changes in NRV of agricultural produce after harvest	(2,481)	—	—	—	(2,481)	(1,179)	—	—	(3,660)
Margin on Manufacturing and Agricultural Act. Before Opex	22,351	31,950	8,077	183	62,561	58,245	—	—	120,806
General and administrative expenses	(1,892)	(1,969)	(1,287)	(78)	(5,226)	(4,313)	—	(5,169)	(14,708)
Selling expenses	(3,396)	(3,610)	(3,718)	(31)	(10,755)	(8,423)	—	(51)	(19,229)
Other operating income, net	(595)	162	(88)	(932)	(1,453)	(9,398)	5,126	(63)	(5,788)
Profit from Operations Before Financing and Taxation	16,468	26,533	2,984	(858)	45,127	36,111	5,126	(5,283)	81,081
Net gain from Fair value adjustment of Investment property	—	—	—	825	825	—	—	—	825
Adjusted EBIT	16,468	26,533	2,984	(33)	45,952	36,111	5,126	(5,283)	81,906
(-) Depreciation and Amortization	1,445	1,804	1,745	80	5,074	22,043	—	118	27,235
Reverse of revaluation surplus derived from the disposals of assets	—	—	—	—	—	—	—	—	—
Adjusted EBITDA	17,913	28,337	4,729	47	51,026	58,154	5,126	(5,165)	109,141
Reconciliation to Profit/(Loss)
Adjusted EBITDA									109,141
(+) Depreciation and Amortization									(27,235)
(+) Financial result, net									(53,087)
(+) Revaluation Result - Investment Property									(825)
(+) Income Tax (Charge)/Benefit									(8,938)
(+) Translation Effect (IAS 21)									279
Profit/(Loss) for the Period									19,335

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STATEMENT OF INCOME
$ thousands	3M22	3M21	Chg %
Sales of goods and services rendered	206,364	174,792	18.1%
Cost of goods sold and services rendered	(170,304)	(125,182)	36.0%
Initial recognition and changes in fair value of biological assets and agricultural produce	84,053	75,278	11.7%
Changes in net realizable value of agricultural produce after harvest	(825)	(3,671)	(77.5)%
Margin on manufacturing and agricultural activities before operating expenses	119,288	121,217	(1.6)%
General and administrative expenses	(18,735)	(14,757)	27.0%
Selling expenses	(24,386)	(19,316)	26.2%
Other operating income, net	(13,376)	(5,784)	131.3%
Profit from operations before financing and taxation	62,791	81,360	(22.8)%
Finance income	56,306	1,062	5,201.9%
Finance costs	(31,646)	(51,204)	(38.2)%
Other financial results - Net gain of inflation effects on the monetary items	7,266	(2,945)	(346.7)%
Financial results, net	31,926	(53,087)	(160.1)%
Profit before income tax	94,717	28,273	235.0%
Income tax expense	(29,544)	(8,938)	230.5%
Profit for the period	65,173	19,335	237.1%

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Condensed Consolidated Statement of Cash Flow

STATEMENT OF CASHFLOWS
$ thousands	3M22	3M21	Chg %
Cash flows from operating activities:
(Loss) / Profit for the year	65,173	19,335	237.1%
Adjustments for:
Income tax expense	29,544	8,938	230.5%
Depreciation	20,683	26,906	(23.1)%
Amortization	461	355	29.9%
Depreciation of right of use assets	7,083	10,564	(33.0)%
Gain from the disposal of other property items	63	(234)	(126.9)%
Net loss / (gain) from the Fair value adjustment of Investment properties	2,378	817	191.1%
Equity settled share-based compensation granted	1,614	1,386	16.5%
Loss / (gain) from derivative financial instruments	10,721	9,625	11.4%
Interest, finance cost related to lease liabilities and other financial expense, net	21,196	17,703	19.7%
Initial recognition and changes in fair value of non harvested biological assets (unrealized)	(74,682)	(44,873)	66.4%
Changes in net realizable value of agricultural produce after harvest (unrealized)	10,654	2,403	343.4%
Provision and allowances	439	495	(11.3)%
Net gain of inflation effects on the monetary items	(7,266)	2,945	(346.7)%
Foreign exchange losses, net	(54,184)	20,840	(360.0)%
Cash flow hedge – transfer from equity	8,594	10,560	(18.6)%
Subtotal	42,471	87,765	(51.6)%
Changes in operating assets and liabilities:
(Increase) in trade and other receivables	(58,855)	(49,950)	17.8%
(Increase) in inventories	(26,316)	(48,958)	(46.2)%
Decrease / (Increase) in biological assets	48,659	38,030	27.9%
(Increase) / Decrease in other assets	(477)	4	(12,025.0)%
Decrease / (Increase) in derivative financial instruments	(3,211)	(20,456)	(84.3)%
Decrease in trade and other payables	(22,378)	(28,316)	(21.0)%
Increase in payroll and social security liabilities	(2,195)	(850)	158%
(Decrease) / Increase in provisions for other liabilities	(244)	(34)	617.6%
Net cash generated from operating activities before taxes paid	(22,546)	(22,765)	(1.0)%
Income tax paid	(202)	(118)	71.2%
Net cash generated from operating activities (a)	(22,748)	(22,883)	(0.6)%

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Condensed Consolidated Statement of Cash Flow
STATEMENT OF CASHFLOWS
$ thousands	3M22	3M21	Chg %
Cash flows from investing activities:
Purchases of property, plant and equipment	(74,353)	(57,022)	30.4%
Purchase of cattle and non current biological assets	(3,974)	(2,284)	74.0%
Purchases of intangible assets	(569)	(598)	(4.8)%
Interest received and others	498	601	(17.1)%
Proceeds from sale of property, plant and equipment	350	708	(50.6)%
Net cash used in investing activities (b)	(78,048)	(58,595)	33.2%
Cash flows from financing activities:
Proceeds from long-term borrowings	21,324	—	n . a
Payments of long-term borrowings	(3,090)	(2,408)	28.3%
Proceeds from short-term borrowings	68,508	78,920	(13.2)%
Payments of short-term borrowings	(3,773)	(78,830)	(95.2)%
Interest paid (c)	(13,557)	(17,181)	(21.1)%
Proceeds from derivatives financial instruments	—	288	(100.0)%
Lease Payments	(17,171)	(11,663)	47.2%
Purchase of own shares	(10,639)	(9,475)	12.3%
Dividends paid to non-controlling interest	—	(12)	(100.0)%
Net cash generated / (used) from financing activities (d)	41,602	(40,361)	(203.1)%
Net increase / (decrease) in cash and cash equivalents	(59,194)	(121,839)	(51.4)%
Cash and cash equivalents at beginning of period	199,766	336,282	(40.6)%
Effect of exchange rate changes and inflation on cash and cash equivalents (e)	2,348	(5,859)	(140.1)%
Cash and cash equivalents at end of year	142,920	208,584	(31.5)%

(a) Includes (4,299) and (11,805) of the combine effect of IAS 29 and IAS 21 of the Argentine subsidiaries for March 31, 2022 and 2021, respectively.

(b) Includes (418) and (315) of the combine effect of IAS 29 and IAS 21 of the Argentine subsidiaries for March 31, 2022 and 2021, respectively.

(c) Includes (16) and 124 of the combine effect of IAS 29 and IAS 21 of the Argentine subsidiaries for March 31, 2022 and 2021, respectively.

(d) Includes 4,602 and 12,051 of the combine effect of IAS 29 and IAS 21 of the Argentine subsidiaries for March 31, 2022 and 2021, respectively.

(e) Includes 115 and 69 of the combine effect of IAS 29 and IAS 21 of the Argentine subsidiaries for March 31, 2022 and 2021, respectively.

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Condensed Consolidated Statement of Financial Position

STATEMENT OF FINANCIAL POSITION
$ thousands	March 31, 2022	December 31, 2021	Chg %
ASSETS
Non-Current Assets
Property, plant and equipment, net	1,579,592	1,422,623	11.0%
Right of use assets	388,106	260,776	48.8%
Investment property	32,132	32,132	—%
Intangible assets, net	34,379	31,337	9.7%
Biological assets	22,339	19,355	15.4%
Deferred income tax assets	22,775	10,321	120.7%
Trade and other receivables, net	51,086	42,231	21.0%
Derivative financial instruments	2,472	757	226.6%
Other assets	1,655	1,071	54.5%
Total Non-Current Assets	2,134,536	1,820,603	17.2%
Current Assets
Biological assets	226,936	175,823	29.1%
Inventories	282,580	239,524	18.0%
Trade and other receivables, net	208,661	145,849	43.1%
Derivative financial instruments	248	828	(70.0)%
Other assets	2	8	(75.0)%
Cash and cash equivalents	142,920	199,766	(28.5)%
Total Current Assets	861,347	761,798	13.1%
TOTAL ASSETS	2,995,883	2,582,401	16.0%
SHAREHOLDERS EQUITY
Capital and reserves attributable to equity holders of the parent
Share capital	183,573	183,573	—%
Share premium	842,969	851,060	(1.0)%
Cumulative translation adjustment	(438,137)	(514,609)	(14.9)%
Equity-settled compensation	17,012	16,073	5.8%
Cash flow hedge	(56,205)	(60,932)	(7.8)%
Other reserves	109,587	106,172	3.2%
Treasury shares	(18,960)	(16,909)	12.1%
Revaluation surplus	277,807	289,982	(4.2)%
Reserve from the sale of non-controlling interests in subsidiaries	41,574	41,574	—%
Retained earnings	175,633	115,735	51.8%
Equity attributable to equity holders of the parent	1,134,853	1,011,719	12.2%
Non-controlling interest	38,350	36,111	6.2%
TOTAL SHAREHOLDERS EQUITY	1,173,203	1,047,830	12.0%
LIABILITIES
Non-Current Liabilities
Trade and other payables	354	284	24.6%
Borrowings	759,471	705,487	7.7%
Lease liabilities	306,335	201,718	51.9%
Deferred income tax liabilities	310,273	265,848	16.7%
Payroll and social liabilities	1,361	1,243	9.5%
Provisions for other liabilities	3,096	2,565	20.7%
Total Non-Current Liabilities	1,380,890	1,177,145	17.3%
Current Liabilities
Trade and other payables	173,471	168,746	2.8%
Current income tax liabilities	2,263	1,625	39.3%
Payroll and social liabilities	24,805	25,051	(1.0)%
Borrowings	171,407	112,164	52.8%
Lease liabilities	57,753	45,136	28.0%
Derivative financial instruments	4,060	1,283	216.4%
Provisions for other liabilities	8,031	3,421	134.8%
Total Current Liabilities	441,790	357,426	23.6%
TOTAL LIABILITIES	1,822,680	1,534,571	18.8%
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES	2,995,883	2,582,401	16.0%

36

EX-99.2

Adecoagro S.A.

Condensed Consolidated Interim Financial Statements as of March 31, 2022 and for the three-month periods ended March 31, 2022 and 2021

Legal information

Denomination: Adecoagro S.A.

Legal address: Vertigo Naos Building, 6, Rue Eugène Ruppert, L-2453, Luxembourg

Company activity: Agricultural and agro-industrial

Date of registration: June 11, 2010

Expiration of company charter: No term defined

Number of register (RCS Luxembourg): B153.681

Issued Capital Stock: 122,381,815 common shares (Note 21)

Outstanding Capital Stock: 109,744,637 common shares

Treasury Shares: 12,637,178 common shares

F - 1

Adecoagro S.A.

Condensed Consolidated Interim Statements of Income

for the three-month periods ended March 31, 2022 and 2021

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

		Three-months ended March 31,
	Note	2022	2021
		(unaudited)
Sales of goods and services rendered	4	206,364	174,792
Cost of goods sold and services rendered	5	(170,304)	(125,182)
Initial recognition and changes in fair value of biological assets and agricultural produce	15	84,053	75,278
Changes in net realizable value of agricultural produce after harvest		(825)	(3,671)
Margin on manufacturing and agricultural activities before operating expenses		119,288	121,217
General and administrative expenses	6	(18,735)	(14,757)
Selling expenses	6	(24,386)	(19,316)
Other operating (loss), net	8	(13,376)	(5,784)
Profit from operations		62,791	81,360
Finance income	9	56,306	1,062
Finance costs	9	(31,646)	(51,204)
Other financial results - Net gain / (loss) of inflation effects on the monetary items	9	7,266	(2,945)
Financial results, net	9	31,926	(53,087)
Profit before income tax		94,717	28,273
Income tax (expense)	10	(29,544)	(8,938)
Profit for the period		65,173	19,335
Attributable to:
Equity holders of the parent		63,257	18,214
Non-controlling interest		1,916	1,121
Earnings per share from operations attributable to the equity holders of the parent during the period:
Basic earnings per share		0.575	0.156
Diluted earnings per share		0.573	0.156

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 2

Adecoagro S.A.

Condensed Consolidated Interim Statements of Comprehensive Income

for the three-month periods ended March 31, 2022 and 2021

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

	Three-months ended March 31,
	2022	2021
	(unaudited)
Profit for the Period	65,173	19,335
Other comprehensive loss:
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations	104,324	(4,806)
Cash flow hedge, net of tax (Note 2)	4,727	(63)
Items that will not be reclassified to profit or loss:
Revaluation surplus net of tax	(39,704)	(10,970)
Other comprehensive income / (loss) for the period	69,347	(15,839)
Total comprehensive income for the period	134,520	3,496
Attributable to:
Equity holders of the parent	132,281	2,353
Non-controlling interest	2,239	1,143

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 3

Adecoagro S.A.

Condensed Consolidated Interim Statements of Financial Position

as of March 31, 2022 and December 31, 2021

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

		March 31,	December 31,
	Note	2022	2021
		(unaudited)
ASSETS
Non-Current Assets
Property, plant and equipment	11	1,579,592	1,422,623
Right of use assets	12	388,106	260,776
Investment property	13	32,132	32,132
Intangible assets	14	34,379	31,337
Biological assets	15	22,339	19,355
Deferred income tax assets	10	22,775	10,321
Trade and other receivables, net	17	51,086	42,231
Derivative financial instruments	16	2,472	757
Other assets		1,655	1,071
Total Non-Current Assets		2,134,536	1,820,603
Current Assets
Biological assets	15	226,936	175,823
Inventories	18	282,580	239,524
Trade and other receivables, net	17	208,661	145,849
Derivative financial instruments	16	248	828
Other assets		2	8
Cash and cash equivalents	19	142,920	199,766
Total Current Assets		861,347	761,798
TOTAL ASSETS		2,995,883	2,582,401
SHAREHOLDERS EQUITY
Capital and reserves attributable to equity holders of the parent
Share capital	21	183,573	183,573
Share premium	21	842,969	851,060
Cumulative translation adjustment		(438,137)	(514,609)
Equity-settled compensation		17,012	16,073
Cash flow hedge		(56,205)	(60,932)
Other reserves		109,587	106,172
Treasury shares		(18,960)	(16,909)
Revaluation surplus		277,807	289,982
Reserve from the sale of non-controlling interests in subsidiaries		41,574	41,574
Retained earnings		175,633	115,735
Equity attributable to equity holders of the parent		1,134,853	1,011,719
Non-controlling interest		38,350	36,111
TOTAL SHAREHOLDERS EQUITY		1,173,203	1,047,830
LIABILITIES
Non-Current Liabilities
Trade and other payables	23	354	284
Borrowings	24	759,471	705,487
Lease liabilities	25	306,335	201,718
Deferred income tax liabilities	10	310,273	265,848
Payroll and social security liabilities	26	1,361	1,243
Provisions for other liabilities	27	3,096	2,565
Total Non-Current Liabilities		1,380,890	1,177,145
Current Liabilities
Trade and other payables	23	173,471	168,746
Current income tax liabilities		2,263	1,625
Payroll and social security liabilities	26	24,805	25,051
Borrowings	24	171,407	112,164
Lease liabilities	25	57,753	45,136
Derivative financial instruments	16	4,060	1,283
Provisions for other liabilities	27	8,031	3,421
Total Current Liabilities		441,790	357,426
TOTAL LIABILITIES		1,822,680	1,534,571
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES		2,995,883	2,582,401

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 4

Adecoagro S.A.

Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity

for the three-month periods ended March 31, 2022 and 2021

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

	Attributable to equity holders of the parent
	Share Capital (Note 21)	Share Premium	Cumulative Translation Adjustment	Equity-settled Compensation	Cash flow hedge	Other reserves	Treasury shares	Revaluation surplus	Reserve from the sale of non-controlling interests in subsidiaries	Retained Earnings	Subtotal	Non-Controlling Interest	Total Shareholders’ Equity
Balance at January 1, 2021	183,573	902,815	(555,044)	14,795	(90,689)	83,406	(7,630)	343,570	41,574	8,671	925,041	38,683	963,724
Loss for the period	—	—	—	—	—	—	—	—	—	18,214	18,214	1,121	19,335
Other comprehensive income:
- Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations	—	—	(13,957)	—	—	—	—	7,889	—	—	(6,068)	1,262	(4,806)
Cash flow hedge (*)	—	—	—	—	(63)	—	—	—	—	—	(63)	—	(63)
Revaluation of surplus (**)	—	—	—	—	—	—	—	(9,730)	—	—	(9,730)	(1,240)	(10,970)
Other comprehensive income for the period	—	—	(13,957)	—	(63)	—	—	(1,841)	—	—	(15,861)	22	(15,839)
Total comprehensive income for the period	—	—	(13,957)	—	(63)	—	—	(1,841)	—	18,214	2,353	1,143	3,496
Reserves for the benefit of government grants (1)	—	—	—	—	—	4,424	—	—	—	(4,424)	—	—	—
- Restricted shares and restricted units (Note 21):
Value of employee services	—	—	—	986	—	—	—	—	—	—	986	—	986
-Purchase of own shares (Note 21)	—	(7,685)	—	—	—	—	(1,791)	—	—	—	(9,476)	—	(9,476)
Balance at March 31, 2021 (unaudited)	183,573	895,130	(569,001)	15,781	(90,752)	87,830	(9,421)	341,729	41,574	22,461	918,904	39,826	958,730

(*) Net of 684 of Income tax.

(**) Net of (2,804) of Income tax.

(1) Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values in our Sugar, ethanol and energy business).

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 5

Adecoagro S.A.

Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity

for the three-month periods ended March 31, 2022 and 2021 (continued)

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

	Attributable to equity holders of the parent
	Share Capital (Note 21)	Share Premium	Cumulative Translation Adjustment	Equity-settled Compensation	Cash flow hedge	Other reserves	Treasury shares	Revaluation surplus	Reserve from the sale of non-controlling interests in subsidiaries	Retained Earnings	Subtotal	Non-Controlling Interest	Total Shareholders’ Equity
Balance at January 1, 2022	183,573	851,060	(514,609)	16,073	(60,932)	106,172	(16,909)	289,982	41,574	115,735	1,011,719	36,111	1,047,830
Profit for the period	—	—	—	—	—		—	—	—	63,257	63,257	1,916	65,173
Other comprehensive loss:
- Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations	—	—	76,472	—	—	—	—	25,170	—	—	101,642	2,682	104,324
Cash flow hedge (*)	—	—	—	—	4,727	—	—	—	—	—	4,727	—	4,727
- Items that will not be reclassified to profit or loss:
Revaluation surplus (**)	—	—	—	—	—	—	—	(37,345)	—	—	(37,345)	(2,359)	(39,704)
Other comprehensive income for the period	—	—	76,472	—	4,727	—	—	(12,175)	—	—	69,024	323	69,347
Total comprehensive income for the period	—	—	76,472	—	4,727	—	—	(12,175)	—	63,257	132,281	2,239	134,520
- Reserves for the benefit of government grants (1)	—	—	—	—	—	3,359	—	—	—	(3,359)	—	—	—
- Employee share options (Note 21):
Exercised	—	394	—	(125)	—	—	71	—	—	—	340	—	340
- Restricted shares and restricted units (Note 22):
Value of employee services	—	—	—	1,152	—	—	—	—	—	—	1,152	—	1,152
Vested	—	69	—	(88)	—	19	—	—	—	—	—	—	—
Forfeited	—	—	—	—	—	39	(39)	—	—	—	—	—	—
Granted	—	—	—	—	—	(2)	2	—	—	—	—	—	—
- Purchase of own shares (Note 21)	—	(8,554)	—	—	—	—	(2,085)	—	—	—	(10,639)	—	(10,639)
Balance at March 31, 2022 (unaudited)	183,573	842,969	(438,137)	17,012	(56,205)	109,587	(18,960)	277,807	41,574	175,633	1,134,853	38,350	1,173,203

(*) Net of 2,446 of Income tax.

(**) Net of 21,784 of Income tax.

(1) Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values in our Sugar, ethanol and energy

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 6

Adecoagro S.A.

Condensed Consolidated Interim Statements of Cash Flows

for the three-month periods ended March 31, 2022 and 2021

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

	Note	March 31, 2022	March 31, 2021
		(unaudited)
Cash flows from operating activities:
Profit for the period		65,173	19,335
Adjustments for:
Income tax expense	10	29,544	8,938
Depreciation of property, plant and equipment	11	20,683	26,906
Amortization of intangible assets	14	461	355
Depreciation of right of use assets	12	7,083	10,564
Loss / (gain) from disposal of other property items	8	63	(234)
Net loss from the Fair value adjustment of Investment properties	13	2,378	817
Equity settled share-based compensation granted	7	1,614	1,386
Loss from derivative financial instruments	8, 9	10,721	9,625
Interest, finance cost related to lease liabilities and other financial expense, net	9	21,196	17,703
Initial recognition and changes in fair value of non harvested biological assets (unrealized)		(74,682)	(44,873)
Changes in net realizable value of agricultural produce after harvest (unrealized)		10,654	2,403
Provision and allowances		439	495
Net (gain) / loss of inflation effects on the monetary items	9	(7,266)	2,945
Foreign exchange (gains)/losses, net	9	(54,184)	20,840
Cash flow hedge – transfer from equity	9	8,594	10,560
Subtotal		42,471	87,765
Changes in operating assets and liabilities:
Increase in trade and other receivables		(58,855)	(49,950)
Increase in inventories		(26,316)	(48,958)
Decrease in biological assets		48,659	38,030
(Increase) / decrease in other assets		(477)	4
(Increase) in derivative financial instruments		(3,211)	(20,456)
Decrease in trade and other payables		(22,378)	(28,316)
Decrease in payroll and social security liabilities		(2,195)	(850)
(Decrease) in provisions for other liabilities		(244)	(34)
Net cash generated from operating activities before taxes paid		(22,546)	(22,765)
Income tax paid		(202)	(118)
Net cash generated from operating activities	(a)	(22,748)	(22,883)

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 7

Adecoagro S.A.

Condensed Consolidated Interim Statements of Cash Flows

for the three-month periods ended March 31, 2022 and 2021 (continued)

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

	Note	March 31, 2022	March 31, 2021
		(unaudited)
Cash flows from investing activities:
Purchases of property, plant and equipment	11	(74,353)	(57,022)
Purchases of cattle and non current biological assets		(3,974)	(2,284)
Purchases of intangible assets	14	(569)	(598)
Interest received and others		498	601
Proceeds from sale of property, plant and equipment		350	708
Net cash used in investing activities	(b)	(78,048)	(58,595)
Cash flows from financing activities:
Proceeds from long-term borrowings		21,324	—
Payments of long-term borrowings		(3,090)	(2,408)
Proceeds from short-term borrowings		68,508	78,920
Payment of short-term borrowings		(3,773)	(78,830)
Proceeds of derivatives financial instruments		—	288
Lease payments		(17,171)	(11,663)
Interest paid	(c)	(13,557)	(17,181)
Purchase of own shares		(10,639)	(9,475)
Dividends paid to non-controlling interest		—	(12)
Net cash used in financing activities	(d)	41,602	(40,361)
Net decrease in cash and cash equivalents		(59,194)	(121,839)
Cash and cash equivalents at beginning of period	19	199,766	336,282
Effect of exchange rate changes and inflation on cash and cash equivalents	(e)	2,348	(5,859)
Cash and cash equivalents at end of period	19	142,920	208,584

(a) Includes (4,299) and (11,805) of the combine effect of IAS 29 and IAS 21 of the Argentine subsidiaries for March 31, 2022 and 2021, respectively.

(b) Includes (418) and (315) of the combine effect of IAS 29 and IAS 21 of the Argentine subsidiaries for March 31, 2022 and 2021, respectively.

(c) Includes (16) and 124 of the combine effect of IAS 29 and IAS 21 of the Argentine subsidiaries for March 31, 2022 and 2021, respectively.

(d) Includes 4,602 and 12,051 of the combine effect of IAS 29 and IAS 21 of the Argentine subsidiaries for March 31, 2022 and 2021, respectively.

(e) Includes 115 and 69of the combine effect of IAS 29 and IAS 21 of the Argentine subsidiaries for March 31, 2022 and 2021, respectively.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 8

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

1.    General information

Adecoagro S.A. (the "Company" or "Adecoagro") is the Group’s ultimate parent company and is a société anonyme (stock corporation) organized under the laws of the Grand Duchy of Luxembourg. Adecoagro is a holding company primarily engaged through its operating subsidiaries in agricultural and agro-industrial activities. The Company and its operating subsidiaries are collectively referred to hereinafter as the "Group". These activities are carried out through three major lines of business, namely, Farming; Sugar, Ethanol and Energy and Land Transformation. Farming is further comprised of three reportable segments, which are described in detail in Note 3 to these condensed consolidated interim financial statements.

Adecoagro is a public company listed in the New York Stock Exchange as a foreign registered company under the symbol of AGRO.

These condensed consolidated interim financial statements have been approved for issue by the Board of Directors on May 10, 2022.

2.    Financial risk management

Risk management principles and processes

The Group is exposed to several risks arising from financial instruments including price risk, exchange rate risk, interest rate risk, liquidity risk and credit risk. A thorough explanation of the Group´s risks and the Group´s approach to the identification, assessment and mitigation of risks is included in Note 2 to the annual financial statements. There have been no significant changes to the Group's exposure and risk management principles and processes since December 31, 2021 and refers readers to the annual financial statements for information.

However, the Group considers that the following tables below provide useful information to understand the Group´s interim results for the three month period ended March 31, 2022. These disclosures do not appear in any particular order of potential materiality or probability of occurrence.

In Argentina, past economic events forced the government to impose certain restrictions in the exchange markets, such as:

–Dividends payments to non residents.

–Set specific deadlines to enter and settle exports

–Prior authorization of the BCRA for the formation of external assets for companies

–Prior authorization of the BCRA for the payment of debts related to companies abroad

–Deferral of payment of certain public debt instruments.

–Fuel price control

–Some restrictions to exports

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 9

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

2.    Financial risk management (continued)

•Exchange rate risk

The following tables show the Group’s net monetary position broken down by various currencies for each functional currency in which the Group operates at March 31, 2022. All amounts are shown in US dollars.

	March 31, 2022
	(unaudited)
	Functional currency
Net monetary position (Liability)/ Asset	Argentine Peso	Brazilian Reais	Uruguayan Peso	US Dollar	Total
Argentine Peso	(66,608)	—	—	—	(66,608)
Brazilian Reais	—	(558,609)	—	—	(558,609)
US Dollar	(285,759)	(325,183)	26,160	43,664	(541,118)
Uruguayan Peso	—	—	(96)	—	(96)
Total	(352,367)	(883,792)	26,064	43,664	(1,166,431)

The Group’s analysis shown on the tables below is carried out based on the exposure of each functional currency subsidiary against the US dollar. The Group estimated that, other factors being constant, a 10% appreciation of the US dollar against the respective functional currencies for the period ended March 31, 2022 would have decreased the Group’s Profit before income tax for the period. A 10% depreciation of the US dollar against the functional currencies would have an equal and opposite effect on the income statement.

A portion of this effect would be recognized as other comprehensive income since a portion of the Company’s borrowings was used as cash flow hedge of the foreign exchange rate risk of a portion of its highly probable future sales in US dollars (see Hedge Accounting - Cash Flow Hedge below for details).

	March 31, 2022
	(unaudited)
	Functional currency
Net monetary position	Argentine Peso	Brazilian Reais	Uruguayan Peso	US Dollar	Total
US Dollar	(28,576)	(32,518)	2,616	4,389	(54,089)
(Decrease) or increase in Profit before income tax	(28,576)	(32,518)	2,616	4,389	(54,089)

Hedge Accounting - Cash flow hedge

Effective July 1, 2013, the Group formally documented and designated cash flow hedging relationships to hedge the foreign exchange rate risk of a portion of its highly probable future sales in US dollars using a portion of its borrowings denominated in US dollars, currency forwards and foreign currency floating-to-fixed interest rate swaps.

The Group expects that the cash flows will occur and affect profit or loss between 2022 and 2024.

For the period ended March 31, 2022, a loss before income tax of US$ 1,472 was recognized in other comprehensive income and a gain of US$ 8,645 was reclassified from equity to profit or loss within “Financial results, net”.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 10

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

2.    Financial risk management (continued)

•Interest rate risk

The following table shows a breakdown of the Group’s fixed-rate and floating-rate borrowings per currency denomination and functional currency of the subsidiary issuing the loans at March 31, 2022 (all amounts are shown in US dollars):

	March 31, 2022
	(unaudited)
	Functional currency
Rate per currency denomination	Argentine Peso	Brazilian Reais	Uruguayan Peso	US Dollar	Total
Fixed rate:
Argentine Peso	40,668	—	—	—	40,668
Brazilian Reais	—	8,726	—	—	8,726
US Dollar	119,043	369,690	19,324	143,656	651,713
Subtotal Fixed-rate borrowings	159,711	378,416	19,324	143,656	701,107
Variable rate:
Brazilian Reais	—	208,334	—	—	208,334
US Dollar	20,346	1,091	—	—	21,437
Subtotal Variable-rate borrowings	20,346	209,425	—	—	229,771
Total borrowings as per analysis	180,057	587,841	19,324	143,656	930,878

At March 31, 2022, if interest rates on floating-rate borrowings had been 1% higher (or lower) with all other variables held constant, Profit before income tax for the period would decrease as follows:

	March 31, 2022
	(unaudited)
	Functional currency
Rate per currency denomination	Argentine Peso	Brazilian Reais	Total
Variable rate:
Brazilian Reais	—	(2,083)	(2,083)
US Dollar	(203)	(11)	(214)
Decrease in profit before income tax	(203)	(2,094)	(2,297)

•Credit risk

As of March 31, 2022, four banks accounted for more than 81% of the total cash deposited (Credit Suisse, J.P. Morgan, FCI Option Securities and Banco Itaú).

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 11

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

2.    Financial risk management (continued)

•Derivative financial instruments

The following table shows the outstanding positions for each type of derivative contract as of March 31, 2022:

§Futures / Options

	March 31, 2022
Type of	Quantities (thousands) (**)	Notional	Market	Profit / (Loss) (*)
derivative contract		amount	Value Asset/ (Liability)
			(unaudited)	(unaudited)
Futures:
Sale
Corn	(16)	(3,329)	221	221
Soybean	38	13,241	(1,703)	(1,264)
Wheat	7	1,950	(74)	(74)
Sugar	116	47,487	(1,969)	(2,821)
Options:
Buy put
Sugar	10	193	(314)	(319)
Total	155	59,542	(3,839)	(4,257)

(*)Included in line "Gain / (Loss) from commodity derivative financial instruments" Note 8.

(**) All quantities expressed in tons except otherwise indicated.

Commodity future contract fair values are computed with reference to quoted market prices on future exchanges.

▪Other derivative financial instruments

As of March 31, 2022, the Group has foreign currency agreements.

During the period ended on March 31, 2022, the Group entered into several currency forward contracts in order to hedge the fluctuation of the U.S. Dollar against Euro for a total notional amount of US$ 0.9 millions. The currency forward contracts maturity date is August 2022. The outstanding contracts resulted in the recognition of a gain amounting to US$ 0.03 million in 2022.

Gain and losses on currency forward contracts are included within “Financial results, net” in the statement of income.

3.    Segment information    

IFRS 8 “Operating Segments” requires an entity to report financial and descriptive information about its reportable segments, which are operating segments or aggregations of operating segments that meet specified criteria. Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The CODM evaluates the business based on the differences in the nature of its operations, products and services. The amount reported for each segment item is the measure reported to the CODM for these purposes.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 12

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

3.    Segment information (continued)

The Group operates in three major lines of business, namely, Farming; Sugar, Ethanol and Energy; and Land Transformation.

•The Group’s ‘Farming’ line of business is further comprised of three reportable segments:

§    The Group’s ‘Crops’ Segment consists of planting, harvesting, sale and processing grains, oilseeds and fibers (including wheat, corn, soybeans, cotton, sunflowers and peanuts, among others), and to a lesser extent the provision of grain warehousing/conditioning, handling and drying services to third parties, and the purchase and sale of crops produced by third parties. Each underlying crop in the Crops segment does not represent a separate operating segment. Management seeks to maximize the use of the land through the cultivation of one or more type of crops. Types and surface amount of crops cultivated may vary from harvest year to harvest year depending on several factors, some of them out of the Group´s control. Management is focused on the long-term performance of the productive land, and to that extent, the performance is assessed considering the aggregated combination, if any, of crops planted in the land. A single manager is responsible for the management of operating activity of all crops rather than for each individual crop.

§    The Group’s ‘Rice’ Segment consists of planting, harvesting, processing and marketing rice;

§    The Group’s ‘Dairy’ Segment consists of producing, processing and marketing raw milk and industrialized products, including UHT, cheese and powder milk among others;;

§    The Group’s ‘All Other Segments’ column consists of the aggregation of the remaining non-reportable operating segments, which do not meet the quantitative thresholds for disclosure and for which the Group's management does not consider them to be significance Coffee and Cattle.

•The Group’s ‘Sugar, Ethanol and Energy’ Segment consists of cultivating sugarcane which is processed in owned sugar mills, transformed into ethanol, sugar and electricity and marketed;

•The Group’s ‘Land Transformation’ Segment comprises the (i) identification and acquisition of underdeveloped and undermanaged farmland businesses; and (ii) realization of value through the strategic disposition of assets (generating profits).

Certain other activities of a holding function nature not allocable to the segments are disclosed ‘Corporate’ segment.

Total segment assets and liabilities are measured in a manner consistent with that of the consolidated financial statements. These assets and liabilities are allocated based on the operations of the segment and the physical location of the asset.

Effective July 1, 2018, the Group applied IAS 29 “Financial Reporting in Hyperinflationary Economies” (“IAS 29”) to its operations in Argentina. IAS 29 “Financial Reporting in Hyperinflationary Economies” requires that the financial statements of entities whose functional currency is that of a hyperinflationary economy be adjusted for the effects of changes in the general price index and be expressed in terms of the current unit of measurement at the closing date of the reporting period (“inflation accounting”). In order to determine whether an economy is classified as hyperinflationary, IAS 29 sets forth a series of factors to be considered, including whether the amount of cumulative inflation nears or exceeds a threshold of 100 %. Accordingly, Argentina has been classified as a hyperinflationary economy under the terms of IAS 29 from July 1, 2018.

According to IAS 29, all Argentine Peso-denominated non-monetary items in the statement of financial position are adjusted by applying a general price index from the date they were initially recognized to the end of the reporting period. Likewise, all Argentine Peso-denominated items in the statement of income should be expressed in terms of the measuring unit current at the end of the reporting period, consequently, income statement items are adjusted by applying a general price index on a monthly basis from the dates they were initially recognized in the financial statements to the end of the reporting period. This process is called “re-measurement”.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 13

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

3.    Segment information (continued)

Once the re-measurement process is completed, all Argentine Peso denominated accounts are translated into U.S. Dollars, the Group’s reporting currency, applying the guidelines in IAS 21 “The Effects of Changes in Foreign Exchange Rates”(“IAS 21”). IAS 21 requires that amounts be translated at the closing rate at the date of the most recent statement of financial position. This process is called “translation”.

The re-measurement and translation processes are applied on a monthly basis until year-end. Due to this process, the re-measured and translated results of operations for a given month are subject to change until year-end, affecting comparison and analysis.

Following the adoption of IAS 29 to the Argentine operations of the Group, management revised the information reviewed by the CODM. Accordingly, as from July 1, 2018, (commencement of hyper-inflation accounting in Argentina), the information provided to the CODM departs from the application of IAS 29 and IAS 21 re-measurement and translation processes as follows. The segment results of the Argentinean operations for each reporting period were adjusted for inflation and translated into the Group’s reporting currency using the reporting period average exchange rate. The translated amounts were not subsequently re-measured and translated in accordance with the IAS 29 and IAS 21 procedures outlined above. From January 1, 2018 through June 30, 2018, the Group’s segment results were still based on the IFRS measurement principles adopted until June 30, 2018.

In order to evaluate the economic performance of businesses on a monthly basis, results of operations in Argentina are based on monthly data that have been adjusted for inflation and converted into the average exchange rate of the U.S. Dollar each month. These already converted figures are subsequently not readjusted and reconverted as described above under IAS 29 and IAS 21. It should be noted that this translation methodology for evaluating segment information is the same that the company uses to translate results of operation from its other subsidiaries from other countries that have not been designated hyperinflationary economies because it allows for a more accurate analysis of the economic performance of its business as a whole.

The Group’s CODM believes that the exclusion of the re-measurement and translation processes from the segment reporting structure allows for a more useful presentation and facilitates period-to-period comparison and performance analysis.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 14

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

3.    Segment information (continued)

The following tables show a reconciliation of each reportable segment for the three-month period ended March 31, 2022 and 2021, as per the information reviewed by the CODM and the reportable segment measured in accordance with IAS 29 and IAS 21 as per the consolidated financial statements.

	March 31, 2022
	Crops			Rice			Dairy
	Total segment reporting	Adjustment	Total as per statement of income	Total segment reporting	Adjustment	Total as per statement of income	Total segment reporting	Adjustment	Total as per statement of income
Sales of goods sold and services rendered	39,431	305	39,736	33,669	171	33,840	54,805	473	55,278
Cost of goods and services rendered	(33,854)	(258)	(34,112)	(29,634)	(225)	(29,859)	(48,434)	(341)	(48,775)
Initial recognition and changes in fair value of biological assets and agricultural produce	29,362	154	29,516	10,303	55	10,358	6,253	(18)	6,235
Gain from changes in net realizable value of agricultural produce after harvest	(195)	69	(126)	—	—	—	—	—	—
Margin on Manufacturing and Agricultural Activities Before Operating Expenses	34,744	270	35,014	14,338	1	14,339	12,624	114	12,738
General and administrative expenses	(3,413)	(58)	(3,471)	(2,488)	(39)	(2,527)	(1,623)	(27)	(1,650)
Selling expenses	(6,014)	(64)	(6,078)	(5,582)	(45)	(5,627)	(6,166)	(118)	(6,284)
Other operating income, net	(8,637)	(258)	(8,895)	(152)	(3)	(155)	(117)	4	(113)
Profit from Operations Before Financing and Taxation	16,680	(110)	16,570	6,116	(86)	6,030	4,718	(27)	4,691
Depreciation of Property, plant and equipment and amortization of Intangible assets	(1,810)	(32)	(1,842)	(2,134)	(38)	(2,172)	(2,281)	(40)	(2,321)

	March 31, 2022
	All other segments			Corporate			Total
	Total segment reporting	Adjustment	Total as per statement of income	Total segment reporting	Adjustment	Total as per statement of income	Total segment reporting	Adjustment	Total as per statement of income
Sales of goods sold and services rendered	442	12	454	—	—	—	205,403	961	206,364
Cost of goods and services rendered	(252)	(9)	(261)	—	—	—	(169,471)	(833)	(170,304)
Initial recognition and changes in fair value of biological assets and agricultural produce	514	(8)	506	—	—	—	83,870	183	84,053
Gain from changes in net realizable value of agricultural produce after harvest	—	—	—	—	—	—	(894)	69	(825)
Margin on Manufacturing and Agricultural Activities Before Operating Expenses	704	(5)	699	—	—	—	118,908	380	119,288
General and administrative expenses	(55)	(1)	(56)	(6,681)	(53)	(6,734)	(18,557)	(178)	(18,735)
Selling expenses	(23)	(1)	(24)	(89)	—	(89)	(24,158)	(228)	(24,386)
Other operating income, net	(2,360)	(26)	(2,386)	201	6	207	(13,099)	(277)	(13,376)
Profit from Operations Before Financing and Taxation	(1,734)	(33)	(1,767)	(6,569)	(47)	(6,616)	63,094	(303)	62,791
Depreciation of Property, plant and equipment and amortization of Intangible assets	(56)	(1)	(57)	(189)	(9)	(198)	(21,024)	(120)	(21,144)
Net loss from Fair value adjustment of Investment property	(2,353)	(25)	(2,378)	—	—	—	(2,353)	(25)	(2,378)

Sugar, Ethanol and Energy and Land Transformation segments have not been reconciled due to the lack of differences.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 15

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

3.    Segment information (continued)

	March 31, 2021
	Crops			Rice			Dairy
	Total segment reporting	Adjustment	Total as per statement of income	Total segment reporting	Adjustment	Total as per statement of income	Total segment reporting	Adjustment	Total as per statement of income
Sales of goods sold and services rendered	31,578	67	31,645	27,422	28	27,450	36,164	50	36,214
Cost of goods and services rendered	(24,588)	(55)	(24,643)	(22,121)	(20)	(22,141)	(30,767)	37	(30,730)
Initial recognition and changes in fair value of biological assets and agricultural produce	17,842	238	18,080	26,649	75	26,724	2,680	2	2,682
Gain from changes in net realizable value of agricultural produce after harvest	(2,481)	(11)	(2,492)	—	—	—	—	—	—
Margin on Manufacturing and Agricultural Activities Before Operating Expenses	22,351	239	22,590	31,950	83	32,033	8,077	89	8,166
General and administrative expenses	(1,892)	(6)	(1,898)	(1,969)	(8)	(1,977)	(1,287)	(5)	(1,292)
Selling expenses	(3,395)	(5)	(3,400)	(3,610)	5	(3,605)	(3,718)	(87)	(3,805)
Other operating income, net	(595)	(2)	(597)	162	2	164	(88)	—	(88)
Profit from Operations Before Financing and Taxation	16,469	226	16,695	26,533	82	26,615	2,984	(3)	2,981
Depreciation of Property, plant and equipment and amortization of Intangible assets	(1,444)	(8)	(1,452)	(1,804)	(10)	(1,814)	(1,745)	(8)	(1,753)

	March 31, 2021
	All other segments			Land transformation			Corporate			Total
	Total segment reporting	Adjustment	Total as per statement of income	Total segment reporting	Adjustment	Total as per statement of income	Total segment reporting	Adjustment	Total as per statement of income	Total segment reporting	Adjustment	Total as per statement of income
Sales of goods sold and services rendered	401	1	402	—	—	—	—	—	—	174,646	146	174,792
Cost of goods and services rendered	(261)	(1)	(262)	—	—	—	—	—	—	(125,143)	(39)	(125,182)
Initial recognition and changes in fair value of biological assets and agricultural produce	43	—	43	—	—	—	—	—	—	74,963	315	75,278
Gain from changes in net realizable value of agricultural produce after harvest	—	—	—	—	—	—	—	—	—	(3,660)	(11)	(3,671)
Margin on Manufacturing and Agricultural Activities Before Operating Expenses	183	—	183	—	—	—	—	—	—	120,806	411	121,217
General and administrative expenses	(78)	—	(78)	—	—	—	(5,169)	(30)	(5,199)	(14,708)	(49)	(14,757)
Selling expenses	(31)	—	(31)	—	—	—	(51)	—	(51)	(19,229)	(87)	(19,316)
Other operating income, net	(932)	6	(926)	5,126	—	5,126	(63)	(2)	(65)	(5,788)	4	(5,784)
Profit from Operations Before Financing and Taxation	(858)	6	(852)	5,126	—	5,126	(5,283)	(32)	(5,315)	81,081	279	81,360
Depreciation of Property, plant and equipment and amortization of Intangible assets	(80)	—	(80)	—	—	—	(118)	—	(118)	(27,235)	(26)	(27,261)
Net gain from Fair value adjustment of Investment property	(825)	8	(817)	—	—	—	—	—	—	(825)	8	(817)

Sugar, Ethanol and Energy and Land Transformation segment have not been reconciled due to the lack of differences.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 16

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

3.    Segment information (continued)

Segment analysis for the three-month period ended March 31, 2022 (unaudited)

	Farming					Sugar, Ethanol and Energy	Land Transformation	Corporate	Total
	Crops	Rice	Dairy	All Other Segments	Farming subtotal
Sales of goods and services rendered	39,431	33,669	54,805	442	128,347	77,056	—	—	205,403
Cost of goods sold and services rendered	(33,854)	(29,634)	(48,434)	(252)	(112,174)	(57,297)	—	—	(169,471)
Initial recognition and changes in fair value of biological assets and agricultural produce	29,362	10,303	6,253	514	46,432	37,438	—	—	83,870
Changes in net realizable value of agricultural produce after harvest	(195)	—	—	—	(195)	(699)	—	—	(894)
Margin on manufacturing and agricultural activities before operating expenses	34,744	14,338	12,624	704	62,410	56,498	—	—	118,908
General and administrative expenses	(3,413)	(2,488)	(1,623)	(55)	(7,579)	(4,297)	—	(6,681)	(18,557)
Selling expenses	(6,014)	(5,582)	(6,166)	(23)	(17,785)	(6,284)	—	(89)	(24,158)
Other operating income / (loss), net	(8,637)	(152)	(117)	(2,360)	(11,266)	(3,193)	1,159	201	(13,099)
Profit / (loss) from operations before financing and taxation	16,680	6,116	4,718	(1,734)	25,780	42,724	1,159	(6,569)	63,094
Depreciation of Property, plant and equipment and amortization of Intangible assets	(1,810)	(2,134)	(2,281)	(56)	(6,281)	(14,554)	—	(189)	(21,024)
Net loss from Fair value adjustment of Investment property	—	—	—	(2,353)	(2,353)	—	—	—	(2,353)
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	28,335	9,536	(310)	833	38,394	36,288	—	—	74,682
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	1,027	767	6,563	(319)	8,038	1,150	—	—	9,188
Changes in net realizable value of agricultural produce after harvest (unrealized)	(10,654)	—	—	—	(10,654)	—	—	—	(10,654)
Changes in net realizable value of agricultural produce after harvest (realized)	10,459	—	—	—	10,459	(699)	—	—	9,760
Farmlands and farmland improvements, net	448,167	147,492	2,249	56,298	654,206	73,369	—	—	727,575
Machinery, equipment, building and facilities, and other fixed assets, net	49,445	29,685	85,283	1,704	166,117	277,013	—	—	443,130
Bearer plants, net	973	—	—	—	973	308,723	—	—	309,696
Work in progress	4,487	37,056	32,424	1,629	75,596	23,595	—	—	99,191
Right of use asset	11,977	3,430	1,172	—	16,579	371,527	—	—	388,106
Investment property	—	—	—	32,132	32,132	—	—	—	32,132
Goodwill	7,597	1,052	5,005	—	13,654	4,609	—	—	18,263
Biological assets	83,979	8,457	22,356	9,828	124,620	124,655	—	—	249,275
Finished goods	48,517	3,889	10,670	—	63,076	55,614	—	—	118,690
Raw materials, Stocks held by third parties and others	43,059	67,017	9,223	1,072	120,371	43,519	—	—	163,890
Total segment assets	698,201	298,078	168,382	102,663	1,267,324	1,282,624	—	—	2,549,948
Borrowings	43,336	44,386	111,959	—	199,681	587,838	—	143,359	930,878
Lease liabilities	15,326	3,631	801	—	19,758	344,312	—	18	364,088
Total segment liabilities	58,662	48,017	112,760	—	219,439	932,150	—	143,377	1,294,966

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 17

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

3.    Segment information (continued)

Segment analysis for the three-month period ended March 31, 2021 (unaudited)

	Farming					Sugar, Ethanol and Energy	Land Transformation	Corporate	Total
	Crops	Rice	Dairy	All Other Segments	Farming subtotal
Sales of goods and services rendered	31,578	27,422	36,164	401	95,565	79,081	—	—	174,646
Cost of goods sold and services rendered	(24,588)	(22,121)	(30,767)	(261)	(77,737)	(47,406)	—	—	(125,143)
Initial recognition and changes in fair value of biological assets and agricultural produce	17,842	26,649	2,680	43	47,214	27,749	—	—	74,963
Changes in net realizable value of agricultural produce after harvest	(2,481)	—	—	—	(2,481)	(1,179)	—	—	(3,660)
Margin on manufacturing and agricultural activities before operating expenses	22,351	31,950	8,077	183	62,561	58,245	—	—	120,806
General and administrative expenses	(1,892)	(1,969)	(1,287)	(78)	(5,226)	(4,313)	—	(5,169)	(14,708)
Selling expenses	(3,396)	(3,610)	(3,718)	(31)	(10,755)	(8,423)	—	(51)	(19,229)
Other operating income / (loss), net	(595)	162	(88)	(932)	(1,453)	(9,398)	5,126	(63)	(5,788)
Profit / (loss) from operations before financing and taxation	16,468	26,533	2,984	(858)	45,127	36,111	5,126	(5,283)	81,081
Depreciation of Property, plant and equipment and amortization of Intangible assets	(1,445)	(1,804)	(1,745)	(80)	(5,074)	(22,043)	—	(118)	(27,235)
Net gain from Fair value adjustment of Investment property	—	—	—	(825)	(825)	—	—	—	(825)
Reverse of revaluation surplus derived from the disposals of assets before taxes	—	—	—	—	—	—	—	—	—
Initial recognition and changes in fair value of biological assets and agricultural produce (unrealized)	13,448	22,584	(1,715)	85	34,402	10,471	—	—	44,873
Initial recognition and changes in fair value of biological assets and agricultural produce (realized)	4,394	4,065	4,395	(42)	12,812	17,278	—	—	30,090
Changes in net realizable value of agricultural produce after harvest (unrealized)	(2,403)	—	—	—	(2,403)	—	—	—	(2,403)
Changes in net realizable value of agricultural produce after harvest (realized)	(78)	—	—	—	(78)	(1,179)	—	—	(1,257)
As of December 31, 2021:
Farmlands and farmland improvements, net	448,608	146,795	2,143	56,315	653,861	73,979	—	—	727,840
Machinery, equipment, building and facilities, and other fixed assets, net	47,122	29,543	81,516	1,641	159,822	158,611	—	—	318,433
Bearer plants, net	892	—	—	—	892	294,090	—	—	294,982
Work in progress	3,444	33,200	27,341	1,496	65,481	15,887	—	—	81,368
Right of use assets	13,005	3,361	930	—	17,296	243,469	—	11	260,776
Investment property	—	—	—	32,132	32,132	—	—	—	32,132
Goodwill	7,074	979	4,660	—	12,713	3,913	—	—	16,626
Biological assets	54,886	42,729	18,979	7,257	123,851	71,327	—	—	195,178
Finished goods	37,225	5,015	15,157	—	57,397	80,857	—	—	138,254
Raw materials, Stocks held by third parties and others	42,253	14,797	10,416	579	68,045	33,225	—	—	101,270
Total segment assets	654,509	276,419	161,142	99,420	1,191,490	975,358	—	11	2,166,859
Borrowings	31,755	34,230	62,061	—	128,046	524,461	—	165,144	817,651
Lease liabilities	14,106	4,157	924	—	19,187	227,585	—	82	246,854
Total segment liabilities	45,861	38,387	62,985	—	147,233	752,046	—	165,226	1,064,505

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 18

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

4.    Sales

	March 31, 2022	March 31, 2021
	(unaudited)
Sales of manufactured products and services rendered:
Ethanol	60,344	47,094
Sugar (*)	7,866	25,335
Energy	2,396	4,596
Peanut	16,014	12,298
Sunflower	2,583	1,367
Rice	31,603	26,115
Fluid milk (UHT)	15,653	9,139
Powder milk	26,038	15,950
Other dairy products	7,559	5,759
Services	1,930	1,223
Rental income	203	149
Others	6,038	1,826
	178,227	150,851
Sales of agricultural produce and biological assets:
Soybean	7,097	6,136
Corn	3,614	4,948
Wheat	8,483	5,822
Sunflower	1,240	1,658
Barley	2,572	826
Milk	2,749	2,949
Cattle	261	262
Cattle for dairy	1,680	796
Others	441	544
	28,137	23,941
Total sales	206,364	174,792

(*) Includes sales tons of sugar produced by third parties for an amount of US$ 3.2 million, respectively.

Commitments to sell commodities at a future date

The Group entered into contracts to sell non-financial instruments, mainly, sugar, soybean and corn through sales forward contracts. Those contracts are held for purposes of delivery the non-financial instrument in accordance with the Group’s expected sales. Accordingly, as the own use exception criteria are met, those contracts are not recorded as derivatives.

The notional amount of these contracts is US$ 101.8 million as of March 31, 2022 (March 31, 2021: US$ 66.2 million) comprised primarily of 14,418 lts of ethanol (US$ 12.53 million), 480,544 mwh of energy (US$ 30.24 million), 245 tons of sugar (US$ 0.1 million), 77,324 tons of soybean (US$ 28.7 million), 120,590 tons of corn (US$ 24.83 million) and 4,002 tons of wheat (US$ 1,07 million) which expire between April 2022 and December 2022.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 19

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

5.    Cost of goods sold and services rendered

As of March 31, 2022:

	March 31, 2022
	Crops	Rice	Dairy	All other segments	Sugar, Ethanol and Energy	Total
Finished goods at the beginning of 2022 (Note 18)	37,225	5,015	15,157	—	80,857	138,254
Cost of production of manufactured products (Note 6)	14,126	33,972	42,104	—	14,250	104,452
Purchases	1,653	40	—	—	686	2,379
Agricultural produce	35,449	—	2,772	261	10,186	48,668
Transfer to raw material	(9,930)	(4,173)	—	—	—	(14,103)
Direct agricultural selling expenses	2,223	—	—	—	—	2,223
Tax recoveries (i)	—	—	—	—	(2,799)	(2,799)
Changes in net realizable value of agricultural produce after harvest	(126)	—	—	—	(699)	(825)
Finished goods as of March 31, 2022 (Note 18)	(48,517)	(3,889)	(10,670)	—	(55,614)	(118,690)
Exchange differences	2,009	(1,106)	(588)	—	10,430	10,745
Cost of goods sold and services rendered, and direct agricultural selling expenses period	34,112	29,859	48,775	261	57,297	170,304

(i): Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values.

As of March 31, 2021:

	March 31, 2021
	Crops	Rice	Dairy	All other segments	Sugar, Ethanol and Energy	Total
Finished goods at the beginning of 2021	30,267	5,970	6,489	—	34,315	77,041
Cost of production of manufactured products (Note 6)	7,462	27,733	25,699	—	55,698	116,592
Purchases	—	—	—	—	1,010	1,010
Agricultural produce	18,162	—	3,745	262	6,623	28,792
Transfer to raw material	(11,476)	(2,493)	—	—	—	(13,969)
Direct agricultural selling expenses	1,908	—	—	—	—	1,908
Tax recoveries (i)	—	—	—	—	(3,391)	(3,391)
Changes in net realizable value of agricultural produce after harvest	(2,492)	—	—	—	(1,179)	(3,671)
Finished goods as of March 31, 2021	(19,424)	(8,513)	(4,511)	—	(41,448)	(73,896)
Exchange differences	236	(556)	(692)	—	(4,222)	(5,234)
Cost of goods sold and services rendered, and direct agricultural selling expenses period	24,643	22,141	30,730	262	47,406	125,182

(i): Correspond to the presumed credit of ICMS (Imposto sobre Circulação de Mercadorias e Prestação de Serviços) over the sale values.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 20

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

6.    Expenses by nature

The following table provides the additional disclosure required on the nature of expenses and their relationship to the function within the Group:

Expenses by nature for the three-months period ended March 31, 2022:

	Cost of production of manufactured products (Note 5)						General and Administrative Expenses	Selling Expenses	Total
	Crops	Rice	Dairy	All other segments	Sugar, Ethanol and Energy	Total
Salaries, social security expenses and employee benefits	335	2,411	2,734	—	857	6,337	8,174	1,864	16,375
Raw materials and consumables	107	823	11,373	—	1,608	13,911	—	—	13,911
Depreciation and amortization	1,056	666	983	—	3,518	6,223	3,823	315	10,361
Depreciation of right-of-use assets	—	26	156	—	1,558	1,740	2,541	10	4,291
Fuel, lubricants and others	40	20	395	—	1,462	1,917	189	54	2,160
Maintenance and repairs	476	416	454	—	666	2,012	592	284	2,888
Freights	31	6,711	626	—	35	7,403	—	8,745	16,148
Export taxes / selling taxes	—	—	—	—	—	—	—	8,517	8,517
Export expenses	—	—	—	—	—	—	—	3,099	3,099
Contractors and services	153	554	184	—	230	1,121	—	—	1,121
Energy transmission	—	—	—	—	—	—	—	159	159
Energy power	330	686	757	—	162	1,935	57	18	2,010
Professional fees	7	15	33	—	43	98	1,746	111	1,955
Other taxes	8	25	24	—	91	148	100	28	276
Contingencies	—	—	—	—	—	—	102	—	102
Lease expense and similar arrangements	33	133	44	—	—	210	566	65	841
Third parties raw materials	223	8,104	15,863	—	—	24,190	—	—	24,190
Tax recoveries	—	—	—	—	—	—	—	—	—
Others	306	1,026	570	—	67	1,969	845	1,117	3,931
Subtotal	3,105	21,616	34,196	—	10,297	69,214	18,735	24,386	112,335
Own agricultural produce consumed	11,021	12,356	7,908	—	3,953	35,238	—	—	35,238
Total	14,126	33,972	42,104	—	14,250	104,452	18,735	24,386	147,573

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 21

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

6.    Expenses by nature (continued)

Expenses by nature for three-month period ended March 31, 2021:

	Cost of production of manufactured products (Note 5)						General and Administrative Expenses	Selling Expenses	Total
	Crops	Rice	Dairy	All other segments	Sugar, Ethanol and Energy	Total
Salaries, social security expenses and employee benefits	560	1,631	1,724	—	2,821	6,736	7,200	1,453	15,389
Raw materials and consumables	125	198	3,269	—	1,930	5,522	—	—	5,522
Depreciation and amortization	813	531	739	—	14,210	16,293	3,313	298	19,904
Depreciation of right-of-use assets	—	21	130	—	1,615	1,766	1,026	11	2,803
	—	—	—	—	—		—	—
Fuel, lubricants and others	18	22	143	—	4,492	4,675	136	41	4,852
Maintenance and repairs	194	483	272	—	1,348	2,297	376	177	2,850
Freights	58	2,532	446	—	140	3,176	—	5,893	9,069
Export taxes / selling taxes	—	—	—	—	—	—	—	7,639	7,639
Export expenses	—	—	—	—	—	—	—	1,987	1,987
Contractors and services	197	96	19	—	953	1,265	—	—	1,265
Energy transmission	—	—	—	—	—	—	—	487	487
Feeding expenses	5	—	21	—	—	26	—	—	26
Veterinary expenses	—	—	—	—	—	—	—	—	—
Energy power	148	335	399	—	208	1,090	58	12	1,160
Professional fees	13	12	27	—	88	140	1,657	315	2,112
Other taxes	5	24	17	—	633	679	100	9	788
Contingencies	—	—	—	—	—	—	321	—	321
Lease expense and similar arrangements	17	60	151	—	—	228	122	47	397
Third parties raw materials	44	1,546	10,142	—	182	11,914	—	—	11,914
Tax recoveries	—	—	—	—	(136)	(136)	—	—	(136)
Others	199	1,194	421	—	78	1,892	448	947	3,287
Subtotal	2,396	8,685	17,920	—	28,562	57,563	14,757	19,316	91,636
Own agricultural produce consumed	5,066	19,048	7,779	—	27,136	59,029	—	—	59,029
Total	7,462	27,733	25,699	—	55,698	116,592	14,757	19,316	150,665

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 22

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

7.    Salaries and social security expenses

	March 31, 2022	March 31, 2021
	(unaudited)
Wages and salaries	26,855	23,105
Social security costs	6,979	7,105
Equity-settled share-based compensation	1,614	1,386
	35,448	31,596

8.    Other operating loss, net

	March 31, 2022	March 31, 2021
	(unaudited)
(Loss) from commodity derivative financial instruments	(6,803)	(10,138)
(Loss) / gain from disposal of other property items	(63)	234
Net (loss) from fair value adjustment of Investment property	(2,378)	(817)
Others	(4,132)	4,937
	(13,376)	(5,784)

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 23

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

9.    Financial results, net

	March 31, 2022	March 31, 2021
	(unaudited)
Finance income:
- Interest income	523	614
- Foreign exchange gain,net	54,184	—
- Gain from interest rate/foreign exchange rate derivative financial instruments	1,563	377
- Other income	36	71
Finance income	56,306	1,062
Finance costs:
- Interest expense	(12,922)	(13,717)
- Finance cost related to lease liabilities	(6,582)	(3,869)
- Cash flow hedge – transfer from equity	(8,594)	(10,560)
- Foreign exchange losses, net	—	(20,840)
- Taxes	(858)	(921)
- Other expenses	(2,690)	(1,297)
Finance costs	(31,646)	(51,204)
Other financial results - Net gain/(loss) of inflation effects on the monetary items	7,266	(2,945)
Total financial results, net	31,926	(53,087)

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 24

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

10.    Taxation

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.

	March 31, 2022	March 31, 2021
	(unaudited)
Current income tax	(1,356)	(356)
Deferred income tax	(28,188)	(8,582)
Income tax (expense)	(29,544)	(8,938)

In June, 2021, the Argentine Government introduced new changes in the income tax, establishing increasing rates, which starts in 25% and reach 35% for income tax gains over Pesos 50 million (0.5 million USD). This new scheme is applicable for the year 2021 onwards.

The gross movement on the deferred income tax account is as follows:

	March 31, 2022	March 31, 2021
	(unaudited)
Beginning of period liability	(255,527)	(162,556)
Exchange differences	(21,921)	(7,184)
Effect of fair value valuation for farmlands	21,048	2,804
Tax charge relating to cash flow hedge (i)	(2,446)	684
Others	(464)	(400)
Income tax (expense)	(28,188)	(8,582)
End of period liability	(287,498)	(175,234)

(i)It relates to the amount reclassified of US$8,645 gain and US$740 gain from equity to profit and loss for the three-month period ended March 31, 2022 and 2021, respectively.

Tax Inflation Adjustment in Argentina

Laws 27,430, 27,468 and 27,541 introduced several amendments to the income tax inflation adjustments provided by the Income Tax Law. According to these provisions, and effective as from fiscal years beginning on or after January 1, 2018, the inflation adjustment procedure set out in Title VI of the Income Tax Law shall be applicable in fiscal years in which the variation of IPC price index, accumulated in the 36 months immediately preceding the end of the relevant fiscal year, is higher than 100%. As from its effectiveness, this procedure is applicable because the variation of the IPC reached the prescribed limits.

However, Section 39 of Law No. 24,073 suspended the application of the provisions of Title VI of the Income Tax Law relating to the income tax inflation adjustment since April 1, 1992 to certain items, such as, fixed assets, inventory, and tax loss carryforwards, among others.

After the economic crisis of 2002, many taxpayers began to question the legality of the provisions suspending the income tax inflation adjustment. Also, the Argentine Supreme Court of Justice issued its verdict in the "Candy" case July 3, 2009 in which it stated that particularly for fiscal year 2002 and considering the serious state of disturbance of that year, the taxpayer could demonstrate that not applying the income tax inflation adjustment resulted in confiscatory income tax rates.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 25

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

10.    Taxation (continued)

More recently, the Argentine Supreme Court of Justice applied a similar criterion to the 2010, 2011, 2012 and 2014 fiscal years in the cases brought by “Distribuidora Gas del Centro” (10/14/14, 06/02/15, 10/04/16 and 06/25/19), among others, enabling the application of income tax inflation adjustment for periods not affected by a severe economic crisis such as 2002.

The Company believes that the lack of application of the income tax inflation adjustment is confiscatory. Accordingly, based on the precedents and the opinion of external and internal tax advisors, the Company has adjusted all items for inflation including those suspended by Section 39 of Law 24, 073 as described above. The net effect of the inflation adjustment resulted in a deferred tax asset of US$ 39.2 million.

The application of local tax laws require interpretation, and accordingly involves the application of judgement and is open to challenge by the relevant tax authorities. This gives rise to a level of uncertainty. Provisions for uncertain tax positions are established in accordance with IFRIC 23 based on an assessment of the range of likely tax outcomes in open years and reflecting the strength of technical arguments. Amounts are provided for individual tax uncertainties based on management’s assessment of whether the most likely amount or an expected amount based on a probability weighted methodology is the more appropriate predicter of amounts that the Company is ultimately expected to settle. When making this assessment, the Company utilizes specialist in-house tax knowledge and experience and takes into consideration specialist tax advice from third party advisers on specific items. The Company has not provided any amount in this case based on its belief that it has solid arguments to support its position.

The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the consolidated entities as follows:

	March 31, 2022	March 31, 2021
	(unaudited)
Tax calculated at the tax rates applicable to profits in the respective countries	(31,948)	(7,016)
Non-deductible items	(446)	(210)
Effect of the changes in the statutory income tax rate in Argentina	—	(158)
Non-taxable income	2,562	2,990
Tax losses where no deferred tax asset was recognized	(24)	(260)
Effect of IAS 29 on Argentina´s Shareholder´s equity and deferred income tax.	(5,535)	(3,318)
Utilization of previously unrecognized tax	5,123	—
Others	724	(966)
Income tax (expense)	(29,544)	(8,938)

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 26

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

11.    Property, plant and equipment

Changes in the Group’s property, plant and equipment for the three-month periods ended March 31, 2022 and 2021 were as follows:

	Farmlands	Farmland improvements	Buildings and facilities	Machinery, equipment, furniture and Fittings	Bearer plants	Others	Work in progress	Total
Three-month period ended March 31, 2021
Opening net book amount.	694,166	21,585	177,604	95,905	304,829	6,463	57,740	1,358,292
Exchange differences	13,204	386	(13,791)	(32,715)	574	2,429	8,657	(21,256)
Additions	—	—	4,785	22,078	14,307	159	11,046	52,375
Revaluation surplus	(13,774)	—	—	—	—	—	—	(13,774)
Transfers	—	149	87	865	—	—	(1,101)	—
Disposals	—	—	—	(525)	—	(25)	(5)	(555)
Reclassification to non-income tax credits (*)	—	—	—	(91)	—	—	—	(91)
Depreciation	—	(809)	(4,196)	(10,473)	(11,041)	(387)	—	(26,906)
Closing net book amount	693,596	21,311	164,489	75,044	308,669	8,639	76,337	1,348,085
At March 31, 2021 (unaudited)
Cost	693,596	44,813	370,747	733,056	691,397	27,752	76,337	2,637,698
Accumulated depreciation	—	(23,502)	(206,258)	(658,012)	(382,728)	(19,113)	—	(1,289,613)
Net book amount	693,596	21,311	164,489	75,044	308,669	8,639	76,337	1,348,085
Three-month period ended March 31, 2022
Opening net book amount	711,261	16,579	207,679	83,183	294,982	27,571	81,368	1,422,623
Exchange differences	60,219	869	52,616	44,451	(2,284)	3,631	7,014	166,516
Additions	—	—	7,174	32,478	19,806	270	12,685	72,413
Revaluation surplus	(60,771)	—	—	—	—	—	—	(60,771)
Transfers	—	—	1,285	769	—	(178)	(1,876)	—
Disposals	—	—	(1)	(469)	—	(27)	—	(497)
Reclassification to non-income tax credits (*)	—	—	—	(9)	—	—	—	(9)
Depreciation	—	(582)	(5,182)	(11,571)	(2,808)	(540)	—	(20,683)
Closing net book amount	710,709	16,866	263,571	148,832	309,696	30,727	99,191	1,579,592
At March 31, 2022 (unaudited)
Cost	710,709	43,307	496,267	880,413	748,284	52,108	99,191	3,030,279
Accumulated depreciation	—	(26,441)	(232,696)	(731,581)	(438,588)	(21,381)	—	(1,450,687)
Net book amount	710,709	16,866	263,571	148,832	309,696	30,727	99,191	1,579,592

(*) Brazilian federal tax law allows entities to take a percentage of the total cost of the assets purchased as a tax credit. As of March 31, 2022, ICMS tax credits were reclassified to trade and other receivables.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 27

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements (continued)

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

11.    Property, plant and equipment (continued)

For all Farmlands with a total valuation of US$ 710 million as of March 31, 2022, the valuation was determined using sales Comparison Approach prepared by an independent expert. Sale prices of comparable properties are adjusted considering the specific aspects of each property, the most relevant premise being the price per hectare. (Level 3).The Group estimated that, other factors being constant, a 10% reduction on the Sales price for the period ended March 31, 2022 would have reduced the value of the Farmlands on US$ 71 million, which would impact, net of its tax effect on the "Revaluation surplus" item in the statement of Changes in Shareholders' Equity.

Depreciation charges are included in “Cost of production of Biological Assets”, “Cost of production of manufactures products”, “General and administrative expenses”, “Selling expenses” and capitalized in “Property, plant and equipment” for the three-month periods ended March 31, 2022 and 2021.

As of March 31, 2022, borrowing costs of US$ 746 (March 31, 2021: US$ 397) were capitalized as components of the cost of acquisition or construction of qualifying assets.

Certain of the Group’s assets have been pledged as collateral to secure the Group’s borrowings and other payables. The net book value of the pledged assets amounts to US$ 121,405 as of March 31, 2022 (March 31, 2021: U$S 118,591)

12.    Right of use assets

Changes in the Group’s right of use assets for the three-month periods ended March 31, 2022 and 2021 were as follows:

	Agricultural partnership (*)	Others	Total
	(unaudited)
Three-months period ended March 31, 2021
Opening net book amount	192,271	17,423	209,694
Exchange differences	(18,586)	(2,030)	(20,616)
Additions and Re-measurement	36,218	2,015	38,233
Depreciation	(8,652)	(1,912)	(10,564)
Closing net book amount	201,251	15,496	216,747
Three-months period ended March 31, 2022
Opening net book amount	235,970	24,806	260,776
Exchange differences	44,797	4,238	49,035
Additions and Re-measurement	83,570	1,808	85,378
Depreciation	(4,995)	(2,088)	(7,083)
Closing net book amount	359,342	28,764	388,106

(*) Agricultural partnership has an average of 6 years duration.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 28

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

13.    Investment property

Changes in the Group’s investment property for the three-month periods ended March 31, 2022 and 2021 were as follows:

	March 31, 2022	March 31, 2021
	(unaudited)
Beginning of the period	32,132	31,179
(Loss) from fair value adjustment (Note 8)	(2,378)	(817)
Exchange differences	2,378	1,033
End of the period	32,132	31,395
Cost	32,132	31,395
Net book amount	32,132	31,395

For all Investment properties with a total valuation of US$ 32.1 million as of March 31, 2022, the valuation was determined using Sales Comparison Approach prepared by an independent expert. Sale prices of comparable properties are adjusted considering the specific aspects of each property, the most relevant premise being the price per hectare. (Level 3). The increase /decrease in the fair value is recognized in the Statement of income under the line item "Other operating income, net". There were no changes of the valuation techniques during March 31, 2022 and 2020.The Group estimated that, other factors being constant, a 10% reduction on the Sales price for the period ended March 31, 2022 would have reduced the value of the Investment properties on US$ 3.2 million, which would impact the line item "Net loss from fair value adjustment ".

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 29

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

14.    Intangible assets

Changes in the Group’s intangible assets in the three-month periods ended March 31, 2022 and 2021 were as follows:

	Goodwill	Software	Trademarks	Others	Total
Three-month period ended March 31, 2021
Opening net book amount	14,482	5,264	7,150	34	26,930
Exchange differences	(28)	(254)	198	(3)	(87)
Additions	—	685	—	18	703
Amortization charge (i)	—	(265)	(76)	(14)	(355)
Closing net book amount	14,454	5,430	7,272	35	27,191
At March 31, 2021 (unaudited)
Cost	14,454	12,230	9,316	456	36,456
Accumulated amortization	—	(6,800)	(2,044)	(421)	(9,265)
Net book amount	14,454	5,430	7,272	35	27,191
Three-month period ended March 31, 2022
Opening net book amount	16,626	6,485	8,191	35	31,337
Exchange differences	1,637	440	520	357	2,954
Additions	—	308	—	241	549
Amortization charge (i)	—	(164)	(103)	(194)	(461)
Closing net book amount	18,263	7,069	8,608	439	34,379
At March 31, 2022 (unaudited)
Cost	18,263	14,965	11,045	1,097	45,370
Accumulated amortization	—	(7,896)	(2,437)	(658)	(10,991)
Net book amount	18,263	7,069	8,608	439	34,379

(i) Amortization charges are included in “General and administrative expenses” and “Selling expenses” for the period ended March 31, 2022 and 2021, respectively.

The Group conducts an impairment test annually or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. The last impairment test of goodwill was performed as of September 30, 2021.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 30

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

15.    Biological assets

Changes in the Group’s biological assets in the three-month periods ended March 31, 2022 and 2021 were as follows:

	March 31, 2022
	Crops (i)	Rice (i)	Dairy	All other segments	Sugarcane (i)	Total
Beginning of the year	54,886	42,729	18,979	7,257	71,327	195,178
Increase due to purchases	—	—	—	1,528	—	1,528
Initial recognition and changes in fair value of biological assets	29,516	10,358	6,235	506	37,438	84,053
Decrease due to harvest / disposals	(35,449)	(62,560)	(18,296)	(606)	(15,895)	(132,806)
Costs incurred during the period	30,887	14,768	14,035	607	16,922	77,219
Exchange differences	4,139	3,162	1,403	536	14,863	24,103
End of the period (unaudited)	83,979	8,457	22,356	9,828	124,655	249,275

	March 31, 2021
	Crops (i)	Rice (i)	Dairy	All other segments	Sugarcane (i)	Total
Beginning of the year	43,787	29,062	12,933	4,703	75,208	165,693
Increase due to purchases	—	—	—	196	—	196
Initial recognition and changes in fair value of biological assets	18,080	26,724	2,682	43	27,749	75,278
Decrease due to harvest / disposals	(18,162)	(68,018)	(12,034)	(265)	(34,591)	(133,070)
Costs incurred during the period	16,657	18,657	9,632	320	21,464	66,730
Exchange differences	1,336	963	429	155	(7,119)	(4,236)
End of the period (unaudited)	61,698	7,388	13,642	5,152	82,711	170,591

(i)Biological assets that are measured at fair value within level 3 of the hierarchy.

The discounted cash flow valuation technique and the significant unobservable inputs used to calculate the fair value of these biological assets are consistent with those of the audited annual financial statements for the year ended December 31, 2021 described in Note 16. Please see Level 3 definition in Note 16 of these condensed consolidated interim financial statements.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 31

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

15.    Biological assets (continued)

Cost of production as of March 31, 2022:

	March 31, 2022
	(unaudited)
	Crops	Rice	Dairy	All other segments	Sugar, Ethanol and Energy	Total
Salaries, social security expenses and employee benefits	872	2,262	1,627	201	1,919	6,881
Depreciation and amortization	—	—	—	—	356	356
Depreciation of right-of-use assets	—	—	—	—	1,798	1,798
Fertilizers, agrochemicals and seeds	14,285	740	—	—	8,330	23,355
Fuel, lubricants and others	141	333	296	10	846	1,626
Maintenance and repairs	473	985	815	72	295	2,640
Freights	581	97	33	39	—	750
Contractors and services	7,462	8,582	—	—	3,066	19,110
Feeding expenses	—	—	5,824	63	—	5,887
Veterinary expenses	—	—	830	61	—	891
Energy power	7	1,471	378	2	—	1,858
Professional fees	48	12	24	1	95	180
Other taxes	321	34	4	25	79	463
Lease expense and similar arrangements	6,252	—	—	1	—	6,253
Others	445	252	289	31	138	1,155
Subtotal	30,887	14,768	10,120	506	16,922	73,203
Own agricultural produce consumed	—	—	3,915	101	—	4,016
Total	30,887	14,768	14,035	607	16,922	77,219

Cost of production as of March 31, 2021:

	March 31, 2021
	(unaudited)
	Crops	Rice	Dairy	All other segments	Sugar, Ethanol and Energy	Total
Salaries, social security expenses and employee benefits	743	2,177	1,138	159	1,695	5,912
Depreciation and amortization	—	—	—	—	386	386
Depreciation of right-of-use assets	—	—	—	—	7,073	7,073
Fertilizers, agrochemicals and seeds	8,522	1,001	—	—	9,067	18,590
Fuel, lubricants and others	143	411	192	9	594	1,349
Maintenance and repairs	230	1,084	566	63	205	2,148
Freights	350	138	26	10	—	524
Contractors and services	3,863	12,186	—	—	2,163	18,212
Feeding expenses	—	—	3,860	15	—	3,875
Veterinary expenses	—	—	806	30	—	836
Energy power	8	755	379	1	—	1,143
Professional fees	28	38	6	1	77	150
Other taxes	287	24	2	22	17	352
Lease expense and similar arrangements	2,427	292	—	—	—	2,719
Others	56	551	84	10	187	888
Subtotal	16,657	18,657	7,059	320	21,464	64,157
Own agricultural produce consumed	—	—	2,573	—	—	2,573
Total	16,657	18,657	9,632	320	21,464	66,730

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 32

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

15.    Biological assets (continued)

Biological assets as of March 31, 2022 and December 31, 2021 were as follows:

	March 31, 2022	December 31, 2021
	(unaudited)
Non-current
Cattle for dairy production	21,632	18,428
Breeding cattle	504	707
Other cattle	203	220
	22,339	19,355
Current
Breeding cattle	9,121	6,330
Other cattle	724	551
Sown land – crops	83,979	54,886
Sown land – rice	8,457	42,729
Sown land – sugarcane	124,655	71,327
	226,936	175,823
Total biological assets	249,275	195,178

16.    Financial instruments

As of March 31, 2022, the financial instruments recognized at fair value on the statement of financial position comprise derivative financial instruments.

In the case of Level 1, valuation is based on unadjusted quoted prices in active markets for identical financial assets that the Group can refer to at the date of the statement of financial position. A market is deemed active if transactions take place with sufficient frequency and in sufficient quantity for price information to be available on an ongoing basis. Since a quoted price in an active market is the most reliable indicator of fair value, this should always be used if available. The financial instruments the Group has allocated to this level mainly comprise crop futures and options traded on the stock market. In the case of securities, the Group allocates them to this level when either a stock market price is available or prices are provided by a price quotation on the basis of actual market transactions.

Derivatives not traded on the stock market allocated to Level 2 are valued using models based on observable market data. For this, the Group uses inputs directly or indirectly observable in the market, other than quoted prices. If the financial instrument concerned has a fixed contract period, the inputs used for valuation must be observable for the whole of this period. The financial instruments the Group has allocated to this level mainly comprise interest-rate swaps and foreign-currency interest-rate swaps.

In the case of Level 3, the Group uses valuation techniques not based on inputs observable in the market. This is only permissible insofar as no observable market data are available. The inputs used reflect the Group’s assumptions regarding the factors, which market players would consider in their pricing. The Group uses the best available information for this, including internal company data. The Group does not have financial instruments allocated to this level for any of the periods presented.

There were no transfer between any levels during the period.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 33

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

16.    Financial instruments(continued)

The following tables present the Group’s financial assets and financial liabilities that are measured at fair value as of March 31, 2022 and their allocation to the fair value hierarchy:

	2022
	Level 1	Level 2	Total
Assets
Derivative financial instruments	221	2,499	2,720
Total assets	221	2,499	2,720
Liabilities
Derivative financial instruments	(4,060)	—	(4,060)
Total liabilities	(4,060)	—	(4,060)

When no quoted prices in an active market are available, fair values (particularly with derivatives) are based on recognized valuation methods. The Group uses a range of valuation models for this purpose, details of which may be obtained from the following table:

Class	Pricing Method	Parameters	Pricing Model	Level	Total
Futures	Quoted price	-	-	1	(3,525)
Options	Quoted price	-	-	1	(314)
NDF	Quoted price	Swap curve	Present value method	2	28
Interest-rate swaps	Theoretical price	Money market interest-rate curve.	Present value method	2	2,471
					(1,340)

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 34

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

17.    Trade and other receivables, net

	March 31, 2022	December 31, 2021
	(unaudited)
Non current
Advances to suppliers	3,694	952
Income tax credits	6,929	6,862
Non-income tax credits (i)	22,536	19,156
Judicial deposits	1,938	1,674
Receivable from disposal of subsidiary	12,195	9,830
Other receivables	3,794	3,757
Non current portion	51,086	42,231
Current
Trade receivables	97,266	63,726
Less: Allowance for trade receivables	(3,246)	(3,023)
Trade receivables – net	94,020	60,703
Prepaid expenses	10,326	9,405
Advance to suppliers	33,265	19,074
Income tax credits	2,036	1,846
Non-income tax credits (i)	37,545	29,414
Receivable from disposal of subsidiary	19,446	17,259
Cash collateral	36	21
Other receivables	11,987	8,127
Subtotal	114,641	85,146
Current portion	208,661	145,849
Total trade and other receivables, net	259,747	188,080

(i) Includes US$ 9 for the three-month period ended March 31, 2022 reclassified from property, plant and equipment (for the year ended December 31, 2021: US$ 303).

The fair values of current trade and other receivables approximate their respective carrying amounts due to their short-term nature. The fair values of non-current trade and other receivables approximate their carrying amount, as the impact of discounting is not significant.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 35

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements (continued)

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

17.    Trade and other receivables, net (continued)

The carrying amounts of the Group’s trade and other receivables are denominated in the following currencies (expressed in US dollars):

	March 31, 2022	December 31, 2021
	(unaudited)
Currency
US Dollar	84,903	62,604
Argentine Peso	66,763	55,260
Uruguayan Peso	617	460
Brazilian Reais	107,464	69,756
	259,747	188,080

As of March 31, 2022 trade receivables of US$ 11,686 (December 31, 2021: US$ 11.224) were past due but not impaired. The ageing analysis of these receivables indicates that US$ 173 and US$ 717 are over 6 months in March 31, 2022 and December 31, 2021, respectively.

The creation and release of allowance for trade receivables have been included in ‘Selling expenses’ in the statement of income. Amounts charged to the allowance account are generally written off, when there is no expectation of recovering additional cash.

The other classes within other receivables do not contain impaired assets.

The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above.

18.    Inventories

	March 31, 2022	December 31, 2021
	(unaudited)
Raw materials	163,890	101,270
Finished goods (Note 5) (i)	118,690	138,254
	282,580	239,524

(i) Finished goods of Crops reportable segment are valued at fair value.

19.    Cash and cash equivalents

	March 31, 2022	December 31, 2021
	(unaudited)
Cash at bank and on hand	77,287	152,721
Short-term bank deposits	65,633	47,045
	142,920	199,766

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 36

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

20.    Acquisition

On May 3, 2022, the Group, through certain subsidiaries, acquired the rice production operations in Uruguay and Argentina from Viterra Limited, a third-party company.

The terms and conditions of the contract contemplate the payment, subject to adjustments, of an amount of approximately $17 million in three annual installments and the assumption of the existing financial debt for an amount of approximately $18 million. At the date of the closing of the transaction a total payment of $1.5 million was made to the seller as payment the first installment and $8 million of the financing debt was cancelled. The assets acquired include, mainly, the stocks of rice and rough rice existing to date, and also four rice processing and storage plants in Uruguay and a rice processing plant and storage plant in Argentina.

21.    Shareholder´s contribution

	Number of shares (thousands)	Share capital and share premium
At January 1, 2021	122,382	1,086,388
Purchase of own shares	—	(7,685)
At March 31, 2021	122,382	1,078,703
At January 1, 2022	122,382	1,034,633
Employee share options exercised (Note 22)	—	394
Restricted share vested	—	69
Purchase of own shares	—	(8,554)
At March 31, 2022	122,382	1,026,542

Decision of the Extraordinary General Shareholders’ meeting

On April 20, 2022 the extraordinary general meeting of the shareholders of the Company resolved to reduce the issued share capital of the Company by an amount of $16,500,000 by the cancellation of 11,000,000 shares with a nominal value of $1.50 each held in treasury by the Company so that, as from April 20, 2022, our issued share capital amounts to $167,072,722.50, represented by 111,381,815 shares in issue (of which 52,254 are treasury shares) with a nominal value of $1.50 each.

Share Repurchase Program

On September 12, 2013, the Board of Directors of the Company authorized a share repurchase program for up to 5% of its outstanding shares. The repurchase program has been renewed by the Board of Directors after each 12-month period. On August 10, 2021, the Board of Directors approved the renewal of the Program and extension of the term for an additional twelve-month period ending on September 23, 2022.

Repurchases of shares under the program may be made from time to time (i) in open market transactions in compliance with the trading conditions of Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, and applicable rules and regulations; and (ii) through privately negotiated transactions. The share repurchase program does not require Adecoagro to acquire any specific number or amount of shares and may be modified, suspended, reinstated or terminated at any time in the Company’s discretion and without prior notice. The size and the timing of repurchases will depend upon market conditions, applicable legal requirements and other factors.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 37

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

21.    Shareholder´s contribution (continued)

As of March 31, 2022, the Company repurchased an aggregate of 18,755,805 shares under the program, of which 6,192,498 have been utilized to cover the exercise and granted of the Company’s employee stock option plan and restricted stock plan. During the three-month periods ended March 31, 2022 and 2021 the Company repurchased shares for an amount of 1,389,725 and 1,193,751 respectively. The outstanding treasury shares as of March 31, 2022 totaled 12,637,178.

Annual Dividend Proposal

On March 11, 2022 the Company’s Board of Directors proposed, for the approval of the Annual General Shareholders' meeting to be held on April 20, 2022, the payment of an annual dividend of $35 million to be paid to outstanding shares in two installments in May and November. This proposal was approved by the Shareholders’ meeting These Consolidated Financial Statements do not reflect this dividend payable.

22.    Equity-settled share-based payments

The Group has set a “2004 Incentive Option Plan” (“Option Schemes”) under which the Group grants equity-settled options to senior managers and selected employees of the Group´s subsidiaries. Additionally, in 2010 the Group has set a “Adecoagro Restricted Share and Restricted Stock Unit Plan” (referred to as “Restricted Share Plan”) under which the Group grants restricted shares, or restricted stock units to senior and medium management and key employees of the Group’s subsidiaries.

(a)Option Schemes

No expense was accrued for both periods under the Options Schemes.

As of March 31, 2022, 47,549 options (March 31, 2021: nil) were exercised, and nil options (March 31, 2021: nil) were forfeited, and nil options were expired (March 31, 2021: nil).

(b)Restricted Share and Restricted Stock Unit Plan

As of March 31, 2022, the Group recognized compensation expense US$ 1.6 million related to the restricted shares granted under the Restricted Share Plan (March 31, 2021: US$ 1.4 million). For the three-month period ended March 31, 2022, 1,600 Restricted Shares were granted (March 31, 2021: nil), 12,606 were vested (March 31, 2021: nil), and 11,559 Restricted shares were forfeited (March 31, 2021: nil).

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 38

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

23.    Trade and other payables

	March 31, 2022	December 31, 2021
	(unaudited)
Non-current
Other payables	354	284
	354	284
Current
Trade payables	155,479	151,979
Advances from customers	8,201	8,705
Taxes payable	9,163	6,866
Other payables	628	1,196
	173,471	168,746
Total trade and other payables	173,825	169,030

The fair values of current trade and other payables approximate their respective carrying amounts due to their short-term nature. The fair values of non-current trade and other payables approximate their carrying amount, as the impact of discounting is not significant.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 39

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

24.    Borrowings

	March 31, 2022	December 31, 2021
	(unaudited)
Non-current
Senior Notes (*)	497,567	497,455
Bank borrowings (*)	261,904	208,032
	759,471	705,487
Current
Senior Notes (*)	750	8,250
Bank overdrafts	40,668	11,768
Bank borrowings (*)	129,989	92,146
	171,407	112,164
Total borrowings	930,878	817,651

(*) As of March 31, 2022, the Group was in compliance with the related covenants under the respective loan agreements.

As of March 31, 2022, total bank borrowings include collateralized liabilities of US$ 69,407 (December 31, 2021: US$ 70,221). These loans are mainly collateralized by property, plant and equipment, sugarcane plantations, sugar export contracts and shares of certain subsidiaries of the Group.

Notes 2027

On September 21, 2017, the Company issued senior notes (the “Notes”) for US$ 500 million, at an annual nominal rate of 6%. The Notes will mature on September 21, 2027. Interest on the Notes are payable semi-annually in arrears on March 21 and September 21 of each year. The total proceeds nets of expenses was US$ 496.5 million.

The Notes are fully and unconditionally guaranteed on a senior unsecured basis by certain of our current and future subsidiaries, currently: Adeco Agropecuaria S.A., Adecoagro Brasil Participações S.A., Adecoagro Vale do Ivinhema S.A., Pilagá S.A. and Usina Monte Alegre Ltda. are the only Subsidiary Guarantors.

The Notes contain customary financial covenants and restrictions which require us to meet pre-defined financial ratios, among other restrictions.

Loan with International Finance Corporation (IFC)

In June 2020, our Argentine subsidiaries, Adeco Agropecuaria , Pilaga and L3N S.A. entered into a US$100 million loan agreement with International Finance Corporation (IFC), member of the World Bank Group. The loan's tenor is eight years, including a two-year grace period, with a rate of LIBOR + 4%. In October 2020, US$ 22 million has been received.

The loan contains customary financial covenants and restrictions which require us to meet pre-defined financial ratios, among other restrictions.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 40

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

24.    Borrowings (continued)

The maturity of the Group's borrowings and the Group's exposure to fixed and variable interest rates is as follows:

	March 31, 2022	December 31, 2021
	(unaudited)
Fixed rate:
Less than 1 year	156,380	104,349
Between 1 and 2 years	34,660	12,503
Between 2 and 3 years	12,500	12,500
Between 3 and 4 years	—	—
Between 4 and 5 years	—	—
More than 5 years	497,567	497,455
	701,107	626,807
Variable rate:
Less than 1 year	15,027	7,815
Between 1 and 2 years	3,863	5,075
Between 2 and 3 years	36,117	31,754
Between 3 and 4 years	34,743	29,255
Between 4 and 5 years	85,311	71,045
More than 5 years	54,710	45,900
	229,771	190,844
	930,878	817,651

The breakdown of the Group´s borrowing by currency is included in Note 2 - Interest rate risk.

The carrying amount of short-term borrowings is approximate its fair value due to the short-term maturity. Long term borrowings subject to variable rate approximate their fair value. The fair value of long-term subject to fix rate do not significant differ from their fair value. The fair value (level 2) of the senior notes equals US$ 502 million, 100.41% of the nominal amount.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 41

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

25.    Lease liabilities

	March 31, 2022	December 31, 2021
	(unaudited)
Lease liabilities
Non-current	306,335	201,718
Current	57,753	45,136
	364,088	246,854

The maturity of the Group's lease liabilities is as follows:

	March 31, 2022	December 31, 2021
	(unaudited)
Less than 1 year	57,753	45,136
Between 1 and 2 years	59,366	44,847
Between 2 and 3 years	57,240	38,745
Between 3 and 4 years	45,833	30,085
Between 4 and 5 years	36,814	24,072
More than 5 years	107,082	63,969
	364,088	246,854

26.    Payroll and social security liabilities

	March 31, 2022	December 31, 2021
	(unaudited)
Non-current
Social security payable	1,361	1,243
	1,361	1,243
Current
Salaries payable	5,888	2,617
Social security payable	4,074	3,499
Provision for vacations	8,738	8,136
Provision for bonuses	6,105	10,799
	24,805	25,051
Total payroll and social security liabilities	26,166	26,294

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 42

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

27.    Provisions for other liabilities

The Group is subject to several laws, regulations and business practices of the countries where it operates. In the ordinary course of business, the Group is subject to certain contingent liabilities with respect to existing or potential claims, lawsuits and other proceedings, including those involving tax, labor and social security, administrative and civil and other matters. The Group accrues liabilities when it is probable that future costs will be incurred and it can reasonably estimate them. The Group bases its accruals on up-to-date developments, estimates of the outcomes of the matters and legal counsel experience in contesting, litigating and settling matters. As the scope of the liabilities becomes better defined or more information is available, the Group may be required to change its estimates of future costs, which could have a material effect on its results of operations and financial condition or liquidity. There have been no material changes to claimed amounts and current proceedings since December 31, 2021.

28.    Related-party transactions

The following is a summary of the balances and transactions with related parties:

Related party	Relationship	Description of transaction	Loss included in the statement of income		Balance payable
			March 31, 2022	March 31, 2021	March 31, 2022	December 31, 2021
			(unaudited)	(unaudited)	(unaudited)
Directors and senior management	Employment	Compensation selected employees	(2,704)	(2,180)	(17,137)	(16,198)

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 43

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

29.    Basis of preparation and presentation

The information presented in the accompanying condensed consolidated interim financial statements (“interim financial statements”) as of March 31, 2022 and for the three-months ended March 31, 2022 and 2021 is unaudited and in the opinion of management reflect all adjustments necessary to present fairly the financial position of the Group as of March 31, 2022, results of operations and cash flows for the three-month periods ended March 31, 2022 and 2021. All such adjustments are of a normal recurring nature. In preparing these accompanying interim financial statements, management has made certain estimates and assumptions that affect reported amounts in the financial statements and disclosures of contingencies. Actual results may differ from those estimates. The results for interim periods are not necessarily indicative of annual results.

These interim financial statements have been prepared in accordance with International Accounting Standard 34 (IAS 34), ‘Interim financial reporting’ as issued by the International Accounting Standards Board (IASB) and they should be read in conjunction with the annual financial statements for the year ended December 31, 2021, which have been prepared in accordance with IFRSs.

Certain new accounting standards and interpretations are mandatory since January 1, 2022. These standards did not have any material impact on the Company's consolidated financial statements.

The accounting policies adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended December 31, 2021.

Seasonality of operations

The Group’s business activities are inherently seasonal. The Group generally harvest and sell its grains (corn, soybean, rice and sunflower) between February and August, with the exception of wheat, which is harvested from December to January. Peanut is harvested from April to May, and sales are executed with higher intensity during the third quarter of the year. Cotton is a unique in that while it is typically harvested from June to August, it requires processing which takes about two to three months to complete. Sales in our Dairy business segment tend to be more stable. However, milk production is generally higher during the fourth quarter, when the weather is more suitable for production. Although our Sugar, Ethanol and Electricity cluster is currently operating under a "non-stop" or "continuous" harvest and without stopping during traditional off-season, the rest of the sector in Brazil is still primarily operating with large off-season periods from December/January to March/April. The result of large off-season periods is fluctuations in our sugar and ethanol sales and in our inventories, usually peaking in December to take advantage of higher prices during the traditional off-season period (i.e., January through April). As a result of the above factors, there may be significant variations in our financial results from one quarter to another. In addition, our quarterly results may vary as a result of the effects of fluctuations in commodities prices, production yields and costs on the determination of initial recognition and changes in fair value of biological assets and agricultural produce.

30.    Critical accounting estimates and judgments

The Group's critical accounting policies are also consistent with those of the audited annual financial statements for the year ended December 31, 2021 described in Note 32.

31.    Information related to COVID-19 pandemic

In December 2019, a novel strain of coronavirus (“COVID-19”) was reported to have surfaced in China and started spreading to the rest of the world in early 2020. The COVID-19 virus has impacted economic activity worldwide and has posed the risk that Adecoagro or its employees, contractors, suppliers, customers and other business partners may be prevented from conducting certain business activities for an indefinite period of time, including due to shutdowns mandated by governmental authorities or otherwise adopted by companies as a preventive measure.

Both in Argentine and Brazil, governments adopted social distancing measures, and shutdowns, that affected economic activities. In our case, activities pursued by our Argentine subsidiaries, related to agricultural production, distribution and

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 44

Adecoagro S.A.

Notes to the Condensed Consolidated Interim Financial Statements

(All amounts in US$ thousands, except shares and per share data and as otherwise indicated)

31.    Information related to COVID-19 pandemic (continued)

commercialization, were exempted from the Mandatory Isolation Regime for being considered “essential” activities. Also our activities in Brazil have no restrictions. Thus, the activity of the Company has not suffered any severe effect.

As of the date of this report, impulsed by the vaccination path, almost all restrictions were lifted.

The Company is closely monitoring the situation and taking all necessary measures at its disposal to preserve human life and its operation.

The Company has enacted prevention and action protocols tailored for each facility and activity, in addition to constituting crises committees to monitor the Company’s response to the pandemic.

Measures taken include but are not limited to: (i) body temperature controls at entrances of each facility and other critical check points, (ii) mandatory distancing in the workplace, (iii) maximum limit of people in the conferences rooms, lunch room and vehicles (iv) sanitary barriers, (v) special protective attire and masks, (vi) mandatory quarantines for those who have been in contact with travelers or with symptomatic persons, (vii) training programs and information about how to prevent the risks of transmission of COVID-19, (viii) hired an infectious disease specialist to further assess on site. Additionally, remote work has been guaranteed for the duration of the pandemic for employees based in central offices, and a rotation scheme has been implemented for administrative employees based in the farms or industrial facilities.

The accompanying notes are an integral part of these condensed consolidated interim financial statements

F- 45