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 August, 2013

Commission File Number 001-35052

Adecoagro S.A.

(Translation of registrant’s name into English)

13-15 Avenue de la Liberté

L-1931 Luxembourg

R.C.S. Luxembourg B 153 681

(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):  ¨

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):  ¨

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ¨             No  x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-            .

ANNOUNCEMENT OF RESULTS OF OPERATIONS FOR THE THREE MONTH PERIOD ENDED JUNE 30, 2013

On August 14, 2013, the registrant issued a press release pertaining to its results of operations for the three month period ended June 30, 2013. Attached hereto is a copy of the press release. The financial and operational information contained in the press release is based on unaudited condensed consolidated financial statements presented in U.S. Dollars and prepared in accordance with International Financial Reporting Standards.

The attachment contains forward-looking statements. The registrant desires to qualify for the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995, and consequently is hereby filing cautionary statements identifying important factors that could cause the registrant’s actual results to differ materially from those set forth in the attachment.

The registrant’s forward-looking statements are based on the registrant’s current expectations, assumptions, estimates and projections about the registrant and its industry. These forward-looking statements can be identified by words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “is/are likely to,” “may,” “plan,” “should,” “would,” or other similar expressions.

The forward-looking statements included in the attached relate to, among others: (i) the registrant’s business prospects and future results of operations; (ii) weather and other natural phenomena; (iii) developments in, or changes to, the laws, regulations and governmental policies governing the registrant’s business, including limitations on ownership of farmland by foreign entities in certain jurisdictions in which the registrant operate, environmental laws and regulations; (iv) the implementation of the registrant’s business strategy, including its development of the Ivinhema mill and other current projects; (v) the registrant’s plans relating to acquisitions, joint ventures, strategic alliances or divestitures; (vi) the implementation of the registrant’s financing strategy and capital expenditure plan; (vii) the maintenance of the registrant’s relationships with customers; (viii) the competitive nature of the industries in which the registrant operates; (ix) the cost and availability of financing; (x) future demand for the commodities the registrant produces; (xi) international prices for commodities; (xii) the condition of the registrant’s land holdings; (xiii) the development of the logistics and infrastructure for transportation of the registrant’s products in the countries where it operates; (xiv) the performance of the South American and world economies; and (xv) the relative value of the Brazilian Real, the Argentine Peso, and the Uruguayan Peso compared to other currencies; as well as other risks included in the registrant’s other filings and submissions with the United States Securities and Exchange Commission.

These forward-looking statements involve various risks and uncertainties. Although the registrant believes that its expectations expressed in these forward-looking statements are reasonable, its expectations may turn out to be incorrect. The registrant’s actual results could be materially different from its expectations. In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in the attached might not occur, and the registrant’s future results and its 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 the attached relate only to events or information as of the date on which the statements are made in the attached. The registrant undertakes 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.

2Q13

2Q13

Earnings Release

Conference Call

Aug 15th, 2013 11 a.m. (US EST)

12 p.m. (Buenos Aires and São Paulo time) 5 p.m. (Luxembourg time)

Tel: (877) 317-6776

Participants calling from the US

Tel: +1 (412) 317-6776 Participants calling from other countries

Access Code: Adecoagro

Investor Relations Charlie Boero Hughes

CFO

Hernan Walker IR Manager

Email ir@adecoagro.com

Website www.adecoagro.com

Adecoagro recorded Adjusted EBITDA of $41.4 million in 2Q13

Luxembourg, August 14, 2013 – Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), one of the leading agricultural companies in South America, announced today its results for the second quarter of 2013. The financial information contained in this press release is based on unaudited condensed consolidated interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards (IFRS).

Highlights

Financial & Operating Performance

$ thousands 2Q13 2Q12 Chg % 6M13 6M12 Chg %

Gross Sales 192,646 155,121 24.2% 298,359 261,445 14.1%

Adjusted EBITDA (1)

Farming & Land Transformation 21,209 22,548 (5.9%) 39,971 35,221 13.5%

Sugar, Ethanol & Energy 25,841 13,524 91.1% 40,708 8,778 363.8%

Corporate Expenses (5,601) (6,320) (11.4%) (10,217) (12,433) (17.8%)

Total Adjusted EBITDA 41,449 29,752 39.3% 70,462 31,566 123.2%

Net Income (26,857) (14,878) 80.5% (24,347) (13,620) 78.8%

Farming Planted Area (Hectares) 218,510 232,547 (6.0%) 218,510 232,547 (6.0%)

Sugarcane Plantation Area (Hectares) 94,214 87,971 7.1% 94,214 87,971 7.1%

In 2Q13, Adecoagro recorded Adjusted EBITDA(1) of $41.4 million, 39.3% higher than 2Q12. Adjusted EBITDA margin(1) was 22.0% in 2Q13 compared to 19.5% in 2Q12.

6M13 Adjusted EBITDA was $70.5 million, 123.2% higher than 6M12. Adjusted EBITDA margin grew to 24.2% in 6M13 from 12.3% in 6M12.

Gross Sales in 2Q13 reached $192.6 million, while 6M13 gross sales were $298.4 million, showing a 24.2% and 14.1% increase, respectively.

(1) Please see “Reconciliation of Non-IFRS measures” starting on page 25 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, amortization and unrealized changes in fair value of long-term biological assets (sugarcane, coffee and cattle). Adjusted EBIT is defined as consolidated profit from operations before financing and taxation, and unrealized changes in fair value of long-term biological assets (sugarcane, coffee and cattle). Adjusted EBITDA margin and Adjusted EBIT margin are calculated as a percentage of net sales.

2Q13

Financial & Operational Performance

The Farming and Land Transformation businesses’ Adjusted EBITDA in 2Q13 was $21.2 million, 6.0% lower than 2Q12. Operational and financial performance during 2Q13 was negatively affected by a lack of rainfall in our production regions, which reduced our soybean and corn yields. Performance was enhanced by the sale of our coffee farms in Brazil and the sale of the Santa Regina farm in Argentina (see Strategy Execution below), which generated in aggregate Adjusted EBITDA of $6.9 million.

The 2012/13 harvest year was completed during the first six months of the year. 6M13 Adjusted EBITDA totaled $40.0 million, 13.5% higher than 6M12. Results were negatively affected by below average crop yields as a result of dry weather during the growth season, and positively affected by favorable commodity prices and farm sales. During the second half of 2013, we will be focused on crop planting activities for the 2013/14 harvest year. Earnings will be driven mainly by the biological growth of our crops as of year end and the mark-to-market of our hedge positions.

In the Sugar, Ethanol and Energy business, despite a challenging start to the harvest due to above average rains, our mills crushed 1.8 million tons of sugarcane in 2Q13, 78.1% higher than 2Q12.

Sugar, ethanol and energy production volumes grew by 60.7%, 85.5% and 71.4% respectively. As a result, Adjusted EBITDA increased by 91.1% from $13.5 million in 2Q12 to $25.8 million in 2Q13. Adjusted EBITDA margin grew from 25.0% in 2Q12 to 33.1% in 2Q13. Year-to-date, Adjusted EBITDA stands at $40.7 million, compared to $8.8 million the same period of last year.

The sugarcane harvest will reach its peak during the third quarter and continue throughout the fourth quarter. Earnings for the second half of 2013 will be mainly driven sugar content (TRS), ethanol prices and our ability to mill at full capacity.

Net income in 2Q13 totaled a loss of $26.9 million, $12.0 million greater than 2Q12. The loss for the period is primarily the result of: (i) a $27.2 million foreign exchange loss, mainly non-cash, generated by the impact of the depreciation of the Brazilian Real and the Argentine Peso on our outstanding dollar-denominated debt and the mark-to-market effect of non-deliverable forward currency hedges, and (ii) a $16.3 million non-cash loss resulting from the mark-to-market of our sugarcane and coffee biological assets.

Strategy Execution

Sugar, Ethanol & Energy Expansion

On April 25, 2013, the Ivinhema mill successfully began the 2013/14 sugarcane harvest, with 2.0 million tons of nominal sugarcane crushing capacity and the flexibility to produce both sugar and ethanol.

Adecoagro has begun the construction of the second phase of this greenfield project which will expand nominal capacity to 4.0 million tons by early 2015. Total capital expenditure including the mill facility, agricultural machinery and sugarcane plantations for the second phase is estimated at $222 million. This expansion will be fully financed by the 10-year loan granted by Banco Nacional de Desenvolvimiento Econômico e Social (BNDES), on December 27, 2012, at an average interest rate of 4.65% in Reais.

2

2Q13

Land Transformation – Santa Regina Farm Sale

On June 14, 2013, Adecoagro sold its remaining 49% interest in Santa Regina S.A., a company whose sole asset is the Santa Regina farm located in Buenos Aires, Argentina. The farm was sold for $13.1 million (equivalent to $7,370 per hectare), 16% above Cushman and Wakefield’s independent appraisal dated September 2012.

La Lacteo Sale

During 2Q13, Adecoagro disposed of its interest in “La Lacteo”, a milk processing facility located in Cordoba, Argentina. The transaction generated $2.9 million of Adjusted EBITDA during the quarter.

Adecoagro will continue operating and producing raw milk in its state-of-the-art free-stall dairy facilities, where vegetable protein produced on its farms is transformed into value-added animal protein.

Market Overview

An overall bearish outlook for agricultural commodity prices ruled the market during the quarter, with further downside price expected for the grains and oilseeds markets. Supply is expected to become more available in coming months as weather remains favorable in the northern hemisphere. On the demand side, consumers are expected to delay purchases to capture the inverted price curve. The transition from record tight old crop inventories to potentially the largest positive change in grain and oilseed stocks since 2009 is anticipated to result in elevated short-term volatility and multi-year low prices at harvest time.

In the sugar market, despite a third consecutive year of world surplus, any adverse climate event in the main producing regions may alleviate the downward pressure seen on prices over the last few months.

Recent Developments

On July 24 and 25, 2013, a frost hit the main sugarcane production regions throughout the states of Parana, Mato Grosso do Sul and Sao Paulo in Brazil.

Certain areas of Adecoagro’s sugarcane plantations in Mato Gross do Sul, which supply cane to the Angelica and Ivinhema cluster, have been affected by this meteorological event. The Company’s preliminary damage assessment reflects an approximate loss of between 1% and 2% of sugarcane crushing volume in the 2013/14 harvest and up to 4% loss in the 2014/15 harvest.

3

2Q13

Operating Performance

Farming Business

Farming Production Data

Planting & Production Planted Area (hectares) 2012/2013 Harvested Area Yields (Tons per hectare)

2012/2013 2011/2012 Chg % Hectares % Harvested Production 2012/2013 2011/2012 Chg %

Soybean 62,184 50,720 22.6% 62,168 100.0% 137,607 2.2 2.5 (10.5%)

Soybean 2nd Crop 29,563 42,069 (29.7%) 29,509 99.8% 38,012 1.3 1.5 (14.7%)

Corn (1) 41,205 41,193 0.0% 29,968 72.7% 169,086 5.6 5.2 9.3%

Corn 2nd Crop 4,528 6,217 (27.2%) 876 19.3% 3,350 3.8 4.0 (3.7%)

Wheat (2) 28,574 43,235 (33.9%) 28,574 100.0% 52,219 1.8 2.6 (30.2%)

Sunflower 12,478 9,596 30.0% 12,478 100.0% 24,047 1.9 1.9 (0.9%)

Cotton lint 3,098 6,389 (51.5%) 2,950 95.2% 2,511 0.9 1.0 (18.9%)

Total Crops 181,629 199,418 (8.9%) 166,523 91.7% 426,833 ———%

Rice 35,249 31,497 11.9% 35,249 100.0% 200,367 5.7 5.4 4.6%

Total Farming 216,878 232,547 (6.7%) 201,772 93.0% ——

Owned Croppable Area 128,591 122,998 4.5% —————

Leased Area 54,197 61,263 (11.5%) —————

Second Crop Area 34,091 48,286 (29.4%) —————

Total Farming Area 216,878 232,547 (6.7%) —————

Milking Cows (Average Heads) Milk Production (MM liters) Productivity (Liters per cow per day)

Dairy 2Q13 2Q12 Chg % 2Q13 2Q12 Chg % 2Q13 2Q12 Chg %

Milk Production 6,127 4,627 32.4% 17.5 12.1 44.6% 31.4 28.8 9.2%

Processed Rice (thousand tons)

Rice 2Q13 2Q12 Chg %

Processed Rice 64.6 70.3 (8.2%)

(1) Includes sorghum.

(2) Includes barley.

Note: Some planted areas may reflect immaterial adjustments compared to previous reports due to a more accurate area measurement, which occurred during the current period.

2012/13 Harvest Year

As of June 30, 2012, 201,772 hectares were successfully harvested. The harvest of the remaining 15,106 hectares will be concluded during 3Q13.

Wheat: The harvest was completed and reported in the 1Q13 earnings report. Sunflower: The harvest was completed and reported in the 1Q13 earnings report.

Soybean: As of June 30, 2013, the harvest of soybean first crop was virtually completed. Average yield was 2.2 tons/ha, 10% lower than the previous harvest year, and significantly below our initial expectation and historical average. Yields were primarily affected by the drought experienced in the Humid Pampas during January and February and the north of Argentina throughout January to April. The drought affected the crop during the critical periods of its growth cycle, which led to a significant yield reduction compared to our initial estimates.

Soybean Second Crop: The harvest of soybean second crop was practically completed by the end of June 2013. As in the case of soybean first crop, yield performance was primarily affected by the drought that took place in northern Argentina. Average yields reached 1.3 tons/ha, 15% below the previous harvest year.

4

2Q13

Corn: As of June 30, 2013, the harvested area for corn totaled 29,968 hectares, 72.7% of the total planted area. The average yield obtained by the end of 2Q13 was 5.6 tons/ha, 9.3% higher than the previous harvest year.

Corn Second Crop: As of the end of 2Q13, the harvest was in its initial stage with only 19.3% of the area harvested. The crop also suffered from the drought in north Argentina and we expect final yields to be below the previous harvest year.

Cotton: As of the end of 2Q13, 95.2% of the planted hectares had been harvested. Approximately 50% of the cotton was planted in Western Bahia, Brazil and the remaining 50% was planted in north Argentina. As a result of this geographic diversification, average harvested yield was only mildly affected by the Argentine drought. We expect final yields to remain slightly below the previous harvest year.

Rice: The harvest of 35,249 hectares of rice was completed by the end of the 2Q13. The average yield of our rice farms was 5.7 tons/ha, 4.6% higher than the previous harvest year. As mentioned in the 1Q13 report, we expect yields to continue improving as we continue with the transformation process and zero-leveling of our rice farms.

2013/14 Harvest Year

At the end of 2Q13, Adecoagro began its planting activities for the 2013/14 harvest year. During the end of June through early July, Adecoagro planted 26,915 thousand hectares of wheat in normal conditions.

Sugar, Ethanol & Energy Business

Sugar, Ethanol & Energy—Selected Production Data

2Q13 2Q12 Chg % 6M13 6M12 Chg %

Crushed Cane (Tons) 1,775,827 997,036 78.1% 1,841,198 997,036 84.7%

Own Cane 1,746,727 974,226 79.3% 1,812,099 974,226 86.0%

Third Party Cane 29,100 22,811 27.6% 29,100 22,811 27.6%

Sugar (Tons) 79,356 49,396 60.7% 81,367 49,396 64.7%

Ethanol (M3) 76,581 41,287 85.5% 77,982 41,287 88.9%

Hydrous Ethanol 36,004 16,291 121.0% 37,189 16,291 128.3%

Anhydrous Ethanol 40,577 24,996 62.3% 40,793 24,996 63.2%

Exported Energy (MWh) 80,087 46,728 71.4% 82,246 46,728 76.0%

Expansion & Renewal Area (Hectares) 5,353 5,235 2.3% 11,724 11,705 0.2%

Expansion 4,471 5,115 (12.6%) 8,518 10,663 (20.1%)

Renewal 882 119 638.2% 3,206 1,041 207.8%

Harvested Area (Hectares) 23,149 15,462 49.7% 23,927 15,462 54.7%

Sugarcane Plantation (Hectares) 94,214 76,517 23.1% 94,214 76,517 23.1%

Despite above average rainfall during the start of the harvest that disrupted harvest activities, our mills harvested and crushed a total of 1.8 million tons of cane during 2Q13, 78.1% higher than the same quarter of last year. This was driven by an earlier start of the harvest year, a larger sugarcane plantation and the ramp up of the first phase of the Ivinhema mill, which will contribute an additional 2.0 million tons of nominal capacity this year.

As a result of the higher milling, sugar, ethanol and energy production increased by 60.7%, 85.5% and 71.4%, respectively.

5

2Q13

The planting of sugarcane in connection with the expansion and renewal of our plantation has proceeded according to plan. Adecoagro has been able to grow its sugarcane plantation from 76,517 hectares as of the end of 2Q12, to a total of 94,214 hectares as of June 30, 2013, a 23.1% growth year-over-year.

Financial Performance

Farming & Land Transformation Businesses

Farming & Land transformation business—Financial highlights

$ thousands 2Q13 2Q12 Chg % 6M13 6M12 Chg %

Gross Sales

Farming 110,041 98,385 11.8% 173,311 161,063 7.6%

Total Sales 110,041 98,385 11.8% 173,311 161,063 7.6%

Adjusted EBITDA (1)

Farming 14,290 14,585 (2.0%) 33,052 27,258 21.3%

Land Transformation 6,919 7,963 (13.1%) 6,919 7,963 (13.1%)

Total Adjusted EBITDA(1) 21,209 22,548 (5.9%) 39,971 35,221 13.5%

Adjusted EBIT (1)

Farming 12,175 12,702 (4.1%) 28,674 23,539 21.8%

Land Transformation 6,919 7,963 (13.1%) 6,919 7,963 (13.1%)

Total Adjusted EBIT(1) 19,094 20,665 (7.6%) 35,593 31,502 13.0%

Adjusted EBIT(1) for the Farming and Land Transformation businesses in 2Q13 was $19.1 million, 7.6% below 2Q12. This decrease is primarily explained by: (i) lower soybean yields primarily as a result of the drought that affected our farms in Argentina; (ii) lower Adjusted EBIT generated by our coffee segment; (iii) lower gains from our land transformation segment. These negative factors were partially offset by a $4.1 million increase in the Adjusted EBIT of our dairy segment.

On a cumulative basis, 6M13 Adjusted EBIT was $35.6 million, 13.0% higher than the same period of the previous year. This is primarily as a result of better yields for our corn and rice crops, which positively affected our 1Q13 results.

Adecoagro uses the Adjusted EBIT performance measure rather than Adjusted EBITDA to compare its different farming businesses. Different farming businesses or production models may have more or less depreciation or amortization based on the ownership of fixed assets employed in production. Consequently, similar type costs may be expensed or capitalized. For example, Adecoagro’s farming business in Argentina is based on a “contractor” production model, wherein Adecoagro hires planting, harvesting and spraying services from specialized third party machine operators. This model minimizes the ownership of fixed assets, thus, reducing depreciation and amortization. On the other hand, operating fees are expensed increasing production costs. The Adjusted EBIT performance measure controls for such differences in business models and we believe is a more appropiate metric to compare the performance of the company relative to its peers.

(1) Please see “Reconciliation of Non-IFRS measures” starting on page 25 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, amortization and unrealized changes in fair value of long-term biological assets (sugarcane, coffee and cattle). Adjusted EBIT is defined as consolidated profit from operations before financing and taxation, and unrealized changes in fair value of long-term biological assets (sugarcane, coffee and cattle). Adjusted EBITDA margin and Adjusted EBIT margin are calculated as a percentage of net sales.

6

2Q13

Crops

Crops—Highlights

metric 2Q13 2Q12 Chg % 6M13 6M12 Chg %

Gross Sales $ thousands 75,194 71,719 4.8% 102,937 107,713 (4.4%)

thousand tons 242.3 241.7 0.2% 339.8 384.4 (11.6%)

$ per ton 310 297 4.6% 303 280 8.1%

Adjusted EBITDA $ thousands 8,173 11,260 (27.4%) 22,871 23,217 (1.5%)

Adjusted EBIT $ thousands 7,619 10,810 (29.5%) 21,753 22,333 (2.6%)

Planted Area hectares 147,538 151,132 (2.4%) 147,538 151,132 (2.4%)

(1) Does not include second crop planted area.

Adjusted EBIT for our crops segment during 2Q13 reached $7.6 million; $3.2 million lower than in 2Q12. The lower year-over-year performance is primarily related to the drought suffered in our farms located in the Humid Pampas and north regions of Argentina, which primarily affected our soybean first and second crop yields. On a cumulative basis, Adjusted EBIT for 6M13 reached $21.8 million, 2.6% below the same period of the previous year.

Crops—Gross Sales Breakdown

2Q13 2Q12 Chg % 2Q13 2Q12 Chg % 2Q13 2Q12 Chg %

Crop thousand $ tons $ per unit

Soybean 49,560 43,751 13.3% 134,516 127,205 5.7% 368 344 7.1%

Corn (1) 20,336 14,154 43.7% 95,248 70,680 34.8% 214 200 6.6%

Wheat (2) 678 8,838 (92.3%) 2,856 36,332 (92.1%) 237 243 (2.4%)

Sunflower 3,950 2,743 44.0% 9,541 6,798 40.4% 414 404 2.6%

Cotton lint 274 1,279 (78.6%) 132 730 (81.9%) 2,070 1,751 18.2%

Others 396 953 (58.4%) ———% — ——%

Total 75,194 71,719 4.8% ———% — ——%

Crops—Gross Sales Breakdown

6M13 6M12 Chg % 6M13 6M12 Chg % 6M13 6M12 Chg %

Crop thousand $ tons $ per unit

Soybean 55,788 47,880 16.5% 151,310 138,564 9.2% 369 346 6.7%

Corn (1) 28,457 26,001 9.4% 132,303 127,075 4.1% 215 205 5.1%

Wheat (2) 8,834 22,861 (61.4%) 36,226 101,397 (64.3%) 244 225 8.2%

Sunflower 8,083 6,169 31.0% 19,450 15,474 25.7% 416 399 4.2%

Cotton lint 932 3,592 (74.1%) 523 1,852 (71.8%) 1,781 1,940 (8.2%)

Others 843 1,210 (30.4%) ———% — ——%

Total 102,937 107,713 (4.4%) ———% — ——%

(1) Includes sorghum (2) Includes barley

Note: Prices per unit are a result of the averaging of different local market prices such as FAS Rosario (Arg), FOB Nueva Palmira (Uru) and FOT Luis Eduardo Magalhaes (BR)

Gross sales for our crop segment during 2Q13 and 6M13 were in line with that of the previous year. On a year-to-date basis, the most significant variation was the decrease in the physical amount of tons of wheat sold, primarily as a result of the decrease in wheat production compared to the previous harvest year. The decrease in wheat sales was partially offset by higher volumes of soybean and corn sold.

7

2Q13

Crops—Changes in Fair Value Breakdown

Soy 2nd Corn 2nd

6M13 metric Soy Crop Corn Crop Wheat Sunflower Cotton Total

2012/13 harvest year

Planting plan (a+b+c+d+e) Hectares 62,184 29,563 41,205 4,528 28,574 12,478 3,098 181,629

Area remaining to be planted (a) Hectares ——————— -

Planted area in initial growing stages (b) Hectares ——————— -

Planted area with significant biological growth (c) Hectares 16 54 11,237 3,652 —— 148 15,106

Changes in Fair Value 2012 from planted area 2012/2013

with significant biological growth (i) $ thousands (1) (0) 416 267 —— 7 688

Area harvested in previous period (d) Hectares 7,061 206 11,688 — 28,574 12,360 — 59,889

Area harvested in current period (e) Hectares 55,107 29,303 18,280 876 — 118 2,950 106,634

Changes in Fair Value 2012 from harvested area 2012/13

(ii) $ thousands 9,941 1,763 3,553 32 46 1,445 282 17,064

Total Changes in Fair Value in 6M13 (i+ii) $ thousands 9,940 1,763 3,969 299 46 1,445 290 17,754

The table above shows the gains and losses from crop production generated in 6M13. Biological growth of the 2012/13 summer crops that had not been harvested as of June 30, 2013, generated initial recognition and changes in fair value of biological assets (“Changes in Fair Value”) of $0.7 million. Crops harvested during 6M13 generated Changes in Fair Value of agricultural produce of $17.1 million. As a result, Total Changes in Fair Value for the 6M13 period reached $17.8 million, of which $12.1 million had been recognized in 1Q13 and $5.7 million was recognized in 2Q13.

Rice

Rice—Highlights

metric 2Q13 2Q12 Chg % 6M13 6M12 Chg %

Gross Sales $ thousands 25,877 20,264 27.7% 53,410 40,521 31.8%

thousand tons (1) 52.0 48.5 7.3% 107.4 100.8 6.5%

$ per ton 497 418 19.0% 497 402 23.7%

Adjusted EBITDA $ thousands 28 (2,022) —% 4,595 (1,187) —%

Adjusted EBIT $ thousands (1,212) (3,042) (60.2%) 2,061 (3,182) —%

Area under production hectares 35,249 31,497 11.9% 35,249 31,497 11.9%

Rice Mills

Sales of Processed Rice thousand tons (1) 52.0 48.5 7.3% 107.4 100.8 6.5%

Ending stock thousand tons (1) 135.1 160.2 (15.6%) 135.1 160.2 (15.6%)

(1) Of rough rice equivalent.

Due to the seasonality and growth cycle of the rice crop, most of the margin generated in 2012/13 harvest was recognized throughout the fourth quarter of 2012 and the first quarter of 2013 and only a nominal portion of the crop margin was recognized in 2Q13.

Sales for the six months ended on June 30, 2013, rose 31.8% to $53.4 million from $40.5 million in 6M12. This growth was driven by an 11.9% increase in planted area and a 4.6% increase in rice yields, which resulted in a 17.1% increase in total rough rice output. In addition, white rice selling prices increased by 23.7%. As a result of the above, Adjusted EBIT for 6M13 was $2.1 million, $5.2 million higher than in 6M12.

8

2Q13

Rice—Changes in Fair Value Breakdown

6M13 metric Rice

2012/13 harvest year

Planting plan (a+b+c+d+e) Hectares 35,249

Area remaining to be planted (a) Hectares -

Planted area in initial growing stages (b) Hectares -

Planted area with significant biological growth (c) Hectares -

Changes in Fair Value 6M13 from planted area 2012/2013 with

$ thousands -

significant biological growth (i)

Area harvested in previous period (d) Hectares 29,689

Area harvested in current period (e) Hectares 5,561

Changes in Fair Value 6M13 from harvested area 2012/13 (ii) $ thousands 5,473

During 2Q13, we harvested 5,561 hectares, completing the total planted area of 35,249. Changes in Fair Value during 6M13 totaled $5.5 million, compared to $1.4 million in 6M12. As explained above, higher yields and an increase in planted area enhanced the performance of the segment. As we continue the transformation and zero-leveling of our rice farms, we expect yields and margins to significantly improve each year.

Dairy

Dairy—Highlights

metric 2Q13 2Q12 Chg % 6M13 6M12 Chg %

Gross Sales $ thousands 7,860 4,604 70.7% 14,244 9,319 52.8%

million liters 17.5 12.1 44.6% 33.1 24.9 32.9%

$ per liter 0.45 0.38 18.0% 0.431 0.37 15.0%

Adjusted EBITDA $ thousands 4,197 (696) —% 4,427 (484) —%

Adjusted EBIT $ thousands 3,936 (912) —% 3,892 (912) —%

Milking Cows Average Heads 6,127 4,627 32.4% 5,917 4,659 27.0%

Milk production reached 17.5 million liters in 2Q13 and 33.1 million liters in 6M13, 44.6% and 32.9% higher, respectively, than in the same periods of the previous year. This production growth is the result of an increase in our milking cow herd, coupled with improved cow productivity. Average productivity during 2Q13 was 31.4 liters per cow per day, compared to 28.8 liters in 2Q12. As we anticipated in our previous earnings reports, as cows adapt to the new free-stall dairy, we expect that cow productivity will continue to increase gradually to 35 liters per cow per day.

During 2Q13 we disposed of our interest in “La Lacteo”, a milk processing facility, generating $2.9 million of Adjusted EBIT.

As a result of the above, coupled with a 18.0% increase in the average sale price of milk, Adjusted EBIT for 2Q13 was $3.9 million, $4.8 million higher than in 2Q12.

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2Q13

Cattle

Cattle—Highlights

metric 2Q13 2Q12 Chg % 6M13 6M12 Chg %

Gross Sales $ thousands 1,110 1,432 (22.5%) 2,281 2,683 (15.0%)

Adjusted EBITDA $ thousands 1,021 1,159 (11.9%) 1,862 2,235 (16.7%)

Adjusted EBIT $ thousands 998 1,112 (10.3%) 1,814 2,129 (14.8%)

Area under production hectares 69,021 77,654 (11.1%) 69,137 77,654 (11.0%)

Our cattle business consists mainly of leasing land which is not suitable for crop production to a third party for cattle grazing activities. The payments received under this 10-year lease agreement are fixed in kilograms of beef per hectare and tied to the market price of beef. Leased area has decreased 11.1% as a result of our land transformation activities and farm sales. As a result, Adjusted EBIT for 2Q13 was 10.3% lower than in 2Q12.

Land transformation business

Land transformation—Highlights

metric 2Q13 2Q12 Chg % 6M13 6M12 Chg %

Adjusted EBITDA $ thousands 6,919 7,963 (13.1%) 6,919 7,963 (13.1%)

Adjusted EBIT $ thousands 6,919 7,963 (13.1%) 6,919 7,963 (13.1%)

Land sold Hectares 5,607 7,630 (26.5%) 5,607 7,630 (26.5%)

Adjusted EBIT for our Land Transformation business during 2Q13 totaled $6.9 million as a result of the sale of the Lagoa de Oeste and Mimoso coffee farms and the sale of the remaining 49% interest in the Santa Regina farm.

Santa Regina Farm Sale

On December 27, 2012, Adecoagro had sold 51% of the outstanding shares of Santa Regina S.A. for a total consideration of $13.0 million (equivalent to $7,058 per hectare). The buyer of the 51% interest of the farm decided to exercise the purchase option to acquire the remaining 49% for $13.1 million (equivalent to $7,370 per hectare), 16% above Cushman and Wakefield’s independent appraisal dated September 2012.

According to IFRS accounting rules, Adecoagro had already recognized a $10.5 million non-cash gain in 4Q12 corresponding to the fair valuation of the remaining 49% interest in Santa Regina S.A. (by adjusting its book value to $7,058 per hectare). With the exercise of the purchase option, Adecoagro was able to realize the $10.4 million gain recognized in 4Q12 and generate an additional $1.2 million of Adjusted EBITDA as a result of the difference between the book value ($7,058 per hectare) and the selling price

($7,370 per hectare) corresponding to the 49% remaining interest in Santa Regina S.A.

Coffee Farm Sale

On May 2, 2013, Adecoagro entered into an agreement to sell the Lagoa do Oeste and Mimoso farms located in Luis Eduardo Magalhaes, Bahia, Brazil. The farms have a total area of 3,834 hectares of which 904 hectares are planted with coffee trees. In addition, Adecoagro entered into an agreement whereby the buyer will operate and manage 728 hectares of existing coffee trees in Adecoagro’s Rio de Janeiro farm

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2Q13

during an 8-year period. Adecoagro will receive a total of $20.8 million in cash proceeds for the farm sales and $3.8 million for the Rio de Janeiro farm agreement. The sale price represents a 7% premium to the aggregate value of the Cushman & Wakefield farm appraisal dated September 2012 and the fair value of the coffee plantation. In aggregate, these transactions generated a $7.2 million gain in 2Q13.

During the last seven years, Adecoagro has been able to generate gains of approximately $139 million by strategically selling at least one of its fully mature farms per year. Monetizing a portion of its land transformation gains each year allows Adecoagro to redeploy its capital efficiently and continue expanding its operations by acquiring land with high transformation potential. The proceeds generated by the sale of Santa Regina, Lagoa de Oeste and Mimoso have been allocated to be reinvested in projects with higher expected risk-adjusted returns, which should allow the company to continue growing and enhancing shareholder value.

Sugar, Ethanol & Energy business

Sugar, Ethanol & Energy—Highlights

$ thousands 2Q13 2Q12 Chg % 6M13 6M12 Chg %

Net Sales 78,059 54,181 44.1% 117,730 94,823 24.2%

Gross Profit Manufacturing Activities 34,398 11,456 200.3% 51,007 20,136 153.3%

Total Adjusted EBITDA 25,841 13,524 91.1% 40,708 8,778 363.7%

Adjusted EBITDA Margin Total 33.1% 25.0% 32.6% 34.6% 9.3% 273.5%

Adecoagro’s Sugar, Ethanol and Energy mills began the 2013 sugarcane harvest and milling operations during the beginning of 2Q13, with the exception of Angelica, which began crushing in late March. Operational and financial performance during the quarter was considerably better than in the previous harvest year, as a result of: (i) the expansion of our sugarcane plantation; (ii) the ramp-up of the Ivinhema mill, which has 2.0 million tons of nominal crushing capacity; (iii) improved weather compared to 2Q12. As a result, our mills crushed 1.8 million tons of sugarcane in 2Q13, 78.1% higher than the same quarter of the previous year. Consequently, Adjusted EBITDA for the 2Q13 quarter was $25.8 million, $12.3 million or 91.1% higher than for 2Q12. Adjusted EBITDA margins have also increased from 25.0% in 2Q12 to 33.1% in 2Q13 as a result of the dilution of fixed costs. Despite the year-over-year improvement, sugarcane crushed was slightly lower than expected, primarily as a result of above average rainfall during June 2013. Accordingly, Adecoagro expects operational and financial performance to continue improving as the harvest advances throughout the third and fourth quarter of 2013.

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2Q13

Sugar, Ethanol & Energy—Net Sales Breakdown

$ thousands Units ($ / unit)

2Q13 2Q12 Chg % 2Q13 2Q12 Chg % 2Q13 2Q12 Chg %

Sugar (tons) 34,386 23,840 44.2% 77,126 47,163 63.5% 446 505 (11.8%)

Ethanol (cubic meters) 36,249 24,806 46.1% 59,562 37,684 58.1% 609 658 (7.5%)

Energy (Mwh) 7,424 5,535 34.1% 83,824 74,498 12.5% 89 74 19.2%

TOTAL 78,059 54,181 44.1% ———— — -

$ thousands Units ($ / unit)

6M13 6M12 Chg % 6M13 6M12 Chg % 6M13 6M12 Chg %

Sugar (tons) 44,309 35,282 25.6% 100,422 64,670 55.3% 441 546 (19.1%)

Ethanol (cubic meters) 65,722 52,802 24.5% 106,392 78,579 35.4% 618 672 (8.1%)

Energy (Mwh) 7,698 6,739 14.2% 85,952 116,600 (26.3%) 90 58 55.0%

TOTAL 117,730 94,823 24.2% ———— — -

1) Net Sales are calculated as Gross Sales net of ICMS, PIS, CONFINS, INSS and IPI taxes.

In 2Q13, total net sales for the business were 44.1% above that of 2Q12, driven mainly by sales volumes. Sugar, ethanol and energy volumes sold were 63.5%, 58.1% and 12.5% higher than that of 2Q12, respectively. The increase in sales volumes was partially offset by lower average selling prices for sugar and ethanol in dollar terms. As a result of the depreciation of the Brazilian Real, sugar prices in local currency remained at similar levels. Since most of the costs of production are Real denominated, margins are expected to remain relatively stable compared to last year.

Sugar, Ethanol & Energy—Industrial indicators

metric 2Q13 2Q12 Chg % 6M13 6M12 Chg %

Crushed Cane thousand tons 1,776 997 78.1% 1,841 997 84.7%

Owned sugarcane % 98.4% 97.7% 0.7% 98.4% 97.7% 0.7%

Sugar mix in production(1) % 38.7% 42.1% (8.0%) 38.9% 42.1% (7.6%)

Ethanol mix in production(1) % 61.3% 57.9% 5.8% 61.1% 57.9% 5.5%

Exported energy per ton crushed KWh/ton 45 47 (3.8%) 45 47 (4.7%)

(1) The criteria used to determine production mix has changed from total reduced sugar to total recoverable sugar

A total of 1.8 million tons of sugarcane were milled since the beginning of the harvest year, 84.7% above 6M12.

Owned sugarcane supply accounted for 98.4% of total cane milled during 2Q13. In terms of production mix, 61.3% of the sugar content (TRS) was shifted towards ethanol production and 38.7% towards sugar. The mix favored ethanol, given the more attractive margins compared to sugar during the quarter. In addition, as a result of our ethanol production flexibility at the Angelica mill, we focused on producing anhydrous ethanol, which offered better margins than hydrous ethanol during the quarter. On the energy front, cogeneration measured by kilowatt hours (Kwh) per ton remained in line with last year. On an absolute basis, as a result of the higher amount of sugarcane crushed, exported energy increased 76.0% from 6M12 to 6M13.

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2Q13

Sugar, Ethanol & Energy—Changes in Fair Value

2Q13 2Q12

Biological Asset

$ Hectares $/hectare $ Hectares $/hectare

(+) Sugarcane plantations at end of period 208,151 94,214 2,209 187,011 76,517 2,444

(-) Sugarcane plantations at begining of period (223,784) 87,971 2,544 (204,519) 71,005 2,880

(-) Planting Investments (23,372) 5,353 4,366 (14,561) 5,235 2,782

(-) Exchange difference 20,686 —— 23,448 — -

Changes in Fair Value of Biological Assets (18,319) —— (8,621) — -

Agricultural produce

$ Tons $/ton $ Tons $/ton

(+) Harvested own sugarcane transferred to mill 47,731 1,746,727 27 31,757 974,226 33

(-) Costs incurred in maintenance (10,602) —— (6,459) — -

(-) Leasing Costs (11,094) —— (8,819) — -

(-) Harvest Costs (36,928) —— (24,833) — -

Changes in Fair Value of Agricultural Produce (10,891) —— (8,357) — -

Total Changes in Fair Value (29,210) —— (16,978) — -

In 2Q13, Total Changes in Fair Value of the Sugar, Ethanol and Energy business reached negative $29.2 million, primarily as a result of a decrease in the fair value of our sugarcane plantations, from an average of $2,544 per hectare at the beginning of the period to $2,209 per hectare at the end of the period, generating unrealized Changes in Fair Value of Biological Assets of negative $18.3 million. The decrease in the value of a hectare of sugarcane is explained by: (i) the loss in value of the sugarcane plantation as a result of the harvest; (ii) lower sugar prices included in the DCF model used to estimate the fair value of our sugarcane plantation; and (iii) the depreciation of the Brazilian Real.

Due to below-optimum utilization of our agricultural fixed cost structure at the start of the harvest and the lower price of sugarcane year-over-year, Changes in Fair Value of Agricultural Produce generated a loss of $10.9 million in 2Q13, compared to a $8.4 million loss in 2Q12. Given the high operational leverage of this business, as the pace of harvest speeds up during the third quarter, changes in fair value of agricultural produce should turn positive.

Agricultural Produce—Productive Indicators

metric 2Q13 2Q12 Chg % 6M13 6M12 Chg %

Harvested own sugarcane tons 1,746,727 974,226 86.0% 1,812,099 974,226 86.0%

Harvested area Hectares 23,149 12,816 86.7% 23,927 12,816 86.7%

Yield tons/hectare 75.5 76.0 (0.4%) 75.7 76.0 (0.4%)

TRS content kg/ton 119.7 122.6 (2.4%) 119.3 122.6 (2.7%)

Mechanized harvest % 92.7% 90.1% 2.9% 93.0% 90.1% 3.2%

The table above shows productive indicators related to our owned sugarcane production (“Agricultural Produce”) which is planted, harvested, and then transferred to our mills for processing. Sugarcane yields were 75.5 tons per hectare, in line with average yields in 2Q12. Dryer than normal weather conditions during January through mid February of 2013 were detrimental for sugarcane growth and negatively affected our yields. As our plantations become more mature, we expect yields to continue improving. Sugar content (TRS) reached 119.7 kg/ton, slightly lower than 2Q12, primarily as a result of abundant rainfalls during the month of June. Harvested sugarcane and harvested area in 2Q13 were 86.0% and 54.5% higher than the same period of last year, mainly due to the Angelica mill operating at full capacity, and the

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2Q13

Ivinhema mill, which started operating at 2.0 million tons of nominal capacity in 2Q13. The percentage of mechanized harvest has increased to 92.7%, increasing the efficiency of our harvesting operations.

Commodity Hedging

Adecoagro’s performance is affected by the volatile price environment inherent to agricultural commodities. The company uses both forward contracts and derivative markets to mitigate swings in prices by locking in margins and stabilizing profits and cash flow.

The table below shows the average selling prices for Adecoagro’s physical sales (i.e., volumes and average prices including both sales invoiced/delivered and fixed-price forward and futures contracts).

Total Volume and Average Prices

Volume Local Sale price Local Sale price

Farming Country

(thousand tons) FAS $/ton FOB cts/bushel (1)

2012/13 Harvest Year

Argentina 124.0 326 1,411 Soybean Uruguay 18.9 501 1,412

Brazil 21.5 444 1,452 Corn Argentina 210.5 180 593

Uruguay 6.5 203 560

Brazil 0.6 177 677 Wheat Argentina 46.5 167 612

Uruguay 4.9 244 713 Cotton Brazil 1.5 1,870 93

Argentina 0.1 2,077 94

2013/14 Harvest Year

Soybean Argentina 60.7 301 1,316

Brazil 3.0 380 1,293

Corn Argentina 115.9 209 693

Wheat Argentina 6.1 212 781

Cotton Brazil 1.0 1,671 84

Volume Local Sale price Local Sale price

Sugar, Ethanol & Energy Country

(thousands) FCA $/unit FOB cts/lb (1)

2013/14 Harvest Year

VHP Sugar (tons) Brazil 234.9 462 20.7

Ethanol (m3) Brazil 64.1 653 -

Energy (MWh)(2) Brazil 314.0 82 -

2014/15 Harvest Year

VHP Sugar (tons) Brazil 61.0 383 17.2

1) Equivalent FOB price—includes freight, export taxes and fobbing costs (elevation, surveyor, quality certifications and customs costs).

Cotton prices are expresed in cents per pound (cts/lb).

In order to compare with CBOT or ICE prices, the respective basis (premium or discount) should be considered.

The table below summarizes the results generated by Adecoagro’s derivative positions in 2Q13 and in previous periods. Realized gains and losses correspond to results generated by derivative contracts that were closed. Unrealized gains and losses correspond to results generated by derivative positions that were still open at the end of the period, and therefore, may generate additional gains and losses in future periods.

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2Q13

Gain/Loss from derivative instruments

Open hedge positions (1) 6M13 Gains/(Losses) Gains/(Losses) Booked Harvest Year

Farming (thousands $) in 2012 Gains/Losses

(thousand tons) Unrealized Realized Total 6M13 (thousands $) (thousands $)

2012/13 Harvest Year

Soybean 8.1 (3) 143 140 (1,540) (1,401)

Corn —— 273 273 (4,182) (3,910)

Wheat 3.0 (686) (356) (1,042) (1,376) (2,418)

Cotton —— (99) (99) — (99)

Coffee —— 192 192 — 192

2012/13 Total — (688) 152 (536) (7,099) (7,635)

2013/14 Harvest Year

Soybean 55.7 533 (58) 476 — 476

Corn 115.9 3,248 539 3,787 1,082 4,869

Wheat 6.1 95 — 95 — 95

2013/14 Total — 3,877 481 4,358 1,082 5,440

Subtotal Farming — 3,189 634 3,822 (6,017) (2,195)

Open hedge positions (1) 6M13 Gains/(Losses) Gains/(Losses) Booked Harvest Year

Sugar, Ethanol & Energy (thousands $) in 2012 Gains/Losses

(thousand tons) Unrealized Realized Total 6M13 (thousands $) (thousands $)

2013/14 Harvest Year Sugar 46.0 3,361 4,687 8,048 6,837 14,885

Ethanol 1.0 3 171 175 (40) 134

2013/14 Total — 3,365 4,858 8,223 6,796 6,796

2014/15 Harvest Year Sugar 61.0 (413) 9 (404) — (404)

2014/15 Total — (413) 9 (404) — (404)

Subtotal Sugar, Ethanol and Energy — 2,952 4,867 7,819 6,796 14,615

Total — 6,140 5,500 11,641 780 12,420

Note: soybean, corn and wheat futures are traded on the Chicago Board of Trade (CBOT) and on the “Mercado a Término de Buenos Aires” (MATBA). Sugar, coffee and cotton futures contracts are traded on the Intercontinental Exchange (ICE).

1) Tons hedged by options contacts are determined by the ratio that compares the change in the price of the underlying asset to the corresponding change in the price of the derivate (delta).

Corporate Expenses

Corporate Expenses

$ thousands 2Q13 2Q12 Chg % 6M13 6M12 Chg %

Corporate Expenses (5,601) (6,320) (11.4%) (10,217) (12,433) (17.8%)

Adecoagro’s Corporate expenses include items that have not been allocated to a specific business segment, such as executive officers and headquarters staff, and certain professional fees, travel expenses, and office lease expenses, among others.

Due to the seasonal nature of these expenses and non-recurring items that may be incurred in one specific quarter, we focus our analysis on the yearly or accumulated variations. Year-to-date corporate expenses for the first half of 2013 were 17.8% lower than in 6M12. This difference is primarily explained by the reduction in total variable compensation.

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2Q13

Other Operating Income

Other Operating Income

2Q13 2Q12 Chg % 6M13 6M12 Chg %

Gain/(Loss) from commodity derivative financial instruments (806) 7,457 —% 11,641 1,262 822.4%

Loss from forward contracts 194 (160) —% (34) (1,731) (98.0%)

Gain from disposal of subsidiary 779 7,963 (90.2%) 779 7,963 (90.2%)

Gain from disposal of farmland and other assets 5,082 ——% 5,082 ——%

Gain/(Loss) from disposal of other property items 127 (946) —% 495 (385) —%

Gain from disposal of financial assets 1,188 ——% 1,188 ——%

Others 373 1,742 (78.6%) 903 1,252 (27.8%)

Total 6,937 16,056 (56.8%) 20,054 8,361 139.9%

Other Operating Income in 2Q13 was $6.9 million, compared to $16.1 million in 2Q12. Results in 2Q13 were positively affected by the sale of the 49% remaining interest of the Santa Regina farm and the sale of the Lagoa do Oeste and Mimoso coffee farms. The positive results were offset by a $0.8 million unrealized loss resulting from the mark-to-market of derivative financial instruments used to hedge our production.

Other Operating Income in 2Q12 had been positively affected by the sale of the San Jose farm and an $8.3 million gain from the mark-to-market of sugar futures and options contracts.

On an accumulated basis, Other Operating Income for 6M13 totaled $20.1 million, 139.9% higher than that of 6M12. The increase is primarily related to the items identified above and an $11.6 million gain from the mark-to-market of sugar and corn hedge position which was recorded in 1Q13.

Financial Results

Financial Results

2Q13 2Q12 Chg % 6M13 6M12 Chg %

Interest Income/(Expense), net (13,192) (4,127) 219.6% (20,007) (5,635) 255.0%

FX Gains/(Losses) (12,480) (11,518) 8.4% (16,713) (13,271) 25.9%

Gain/(Loss) from derivative financial Instruments (14,754) (9,866) 49.5% (12,769) (9,213) 38.6%

Taxes (1,328) (1,856) (28.4%) (1,978) (2,470) (19.9%)

Other Income/(Expenses) (575) (44) 1,206.8% (1,400) (1,041) 34.5%

Total Financial Results (42,329) (27,411) 54.4% (52,867) (31,630) 67.1%

Our net financial results in 2Q13 show a loss of $42.3 million, compared to a loss of $27.4 million in 2Q12. This loss is primarily explained by:

(i) a $14.8 million loss resulting primarily from the mark-to-market of our currency derivatives used to hedge the future US dollar inflows generated by our forward sugar sales. As of June 30, 2013 we held non-deliverable forwards for $137.5 million maturing during the second half of 2013 at an average exchange rate of 2.13 BRL/USD and $7.5 million maturing in 2014 at an average exchange rate of 2.27 BRL/USD.

(ii) a $12.5 million mostly non-cash loss due to the depreciation of the Brazilian Real and the Argentine Peso, which negatively affected the dollar-denominated portion of our outstanding debt in our Brazilian

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2Q13

and Argentine subsidiaries. During 2Q13, the Brazilian Real and the Argentine Peso depreciated by 9.1% and 4.9%, respectively.

Indebtedness

Net Debt Breakdown

$ thousands 2Q13 1Q13 Chg %

Farming 164,269 172,196 (4.6%)

Short term Debt 87,450 85,465 2.3%

Long term Debt 76,819 86,731 (11.4%)

Sugar, Ethanol & Energy 441,501 420,964 4.9%

Short term Debt 113,119 115,831 (2.3%)

Long term Debt 328,382 305,133 7.6%

Total Short term Debt 200,569 201,296 (0.4%)

Total Long term Debt 405,201 391,864 3.4%

Gross Debt 605,770 593,160 2.1%

Cash & Equivalents 204,020 210,437 (3.0%)

Net Debt 401,750 382,723 5.0%

Adecoagro’s gross indebtedness at the end of 2Q13 was $605.8 million, 2.1% higher than the previous quarter.

Debt corresponding to the Farming business totaled $164.3 million, slightly below the previous quarter.The long term debt of the Sugar, Ethanol and Energy business increased by $23.2 million during 2Q13, primarily to finance the construction of the second phase of the Ivinhema mill. Short term debt remained essentially unchanged.

Cash and equivalents as of June 30, 2013 was $204.0 million, 3.0% lower than as of March 31, 2013.

As a result of the increase in outstanding debt and the reduction in cash, net debt during 2Q13 increased by 5.0% compared to 1Q13 reaching a total amount of $401.8 million.

Debt Currency Breakdown Short and Long term Debt

Argentine Peso

7% Short Term 33%

US Dollar 31% Brazilian

Reals Long

62% Term 67%

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2Q13

Capital Expenditures & Investments

Capital Expenditures & Investments

$ thousands 2Q13 2Q12 Chg % 6M13 6M12 Chg %

Farming & Land Transformation 2,050 6,971 (70.6%) 4,370 16,355 (73.3%)

Land Acquisitions ———% ———%

Land Transformation 525 2,596 (79.8%) 965 4,633 (79.2%)

Rice Mill Construction 157 2,557 (93.9%) 564 4,516 (87.5%)

Dairy Free Stall Unit 929 3,029 (69.3%) 2,133 5,179 (58.8%)

Others 439 1,016 (56.8%) 708 2,028 (65.1%)

Sugar, Ethanol & Energy 46,473 55,720 (16.6%) 132,310 154,549 (14.4%)

Sugar & Ethanol Mills 23,101 41,159 (43.9%) 84,316 113,286 (25.6%)

Sugarcane Planting 23,372 14,561 60.5% 47,994 41,263 16.3%

Total 48,523 62,691 (22.6%) 136,680 170,904 (20.0%)

Adecoagro’s capital expenditures during 2Q13 totaled $48.5 million, $14.2 million lower than 2Q12. The majority of our capital expenditures was for the construction of the Ivinhema mill and the expansion of our sugarcane plantation in Mato Grosso do Sul. We expect to continue deploying capital in the Ivinhema mill and plantations throughout 2013 and 2014 in order to complete the construction of the second phase of the greenfield project, expanding Ivinhema to 4.0 million tons of nominal crushing capacity by the end of 2014. The third and final phase will be completed by 2017, when Ivinhema is expected to reach a nominal crushing capacity of 6.3 million tons per year.

Regarding Farming and Land Transformation, capital expenditures during 2Q13 reached $2.1 million. Capital expenditures were mostly related to (i) the acquisition of heifers to populate the second free stall dairy, and (ii) land transformation. No farm acquisitions were completed during the period.

Inventories

End of Period Inventories

Product Metric 2Q13 thousands $ 2Q12 thousands $ Chg %

Soybean tons 42,415 12,929 57,135 21,101 (25.8%)

Corn (1) tons 75,809 14,362 40,219 6,315 88.5%

Wheat (2) tons 12,410 4,242 17,603 3,289 (29.5%)

Sunflower tons 96 40 1,480 546 (93.5%)

Cotton lint tons 1,049 1,913 4,194 4,116 (75.0%)

Rough Rice tons 135,116 32,409 160,152 35,111 (15.6%)

Sugar tons 10,912 2,972 5,992 1,326 82.1%

Ethanol m3 23,884 12,620 11,157 6,346 114.1%

(1) Includes sorghum.

(2) Includes barley.

Variations in inventory levels between 2Q13 and 2Q12 are attributable to (i) changes in production volumes resulting from changes in planted area, production mix between different crops and yields obtained, (ii)

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2Q13

different percentage of area harvested during the period, and (iii) changes in commercial strategy or selling pace for each product.

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; (ii) 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 our development of the Ivinhema mill and other current projects; (v) our plans relating to acquisitions, joint ventures, strategic alliances or divestitures; (vi) the implementation of our financing strategy and capital expenditure plan; (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 Real, the Argentine Peso, and the Uruguayan Peso compared to other currencies; as well as other risks included in our other filings and submissions with the United States Securities and Exchange Commission.

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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2Q13

Appendix

Market Outlook

Soft Commodity Prices

(31-03-2013=100)

120

110 100 90 80

Sugar Corn Soybean Wheat Cotton Coffee Source: Thomson Reuthers

Corn:

The closing price of corn nearby futures traded on the Chicago Board of Trade (CBOT) averaged US$/bu 6.60 in 2Q13, 7% higher than 2Q12, when the closing price averaged US$/bu 6.18. In addition, the 1Q13 prices averaged USD/bu 7.16, 8% higher than 2Q13. Finally, during 6M13 prices averaged US$/bu 6.88, 9% higher than in 6M12, when the closing price averaged US$/bu 6.29. For the new crop, the closing price of corn December futures traded on the Chicago Board of Trade (CBOT) averaged US$/bu 5.42 in 2Q13, 12% lower than 2Q12, when the closing price averaged US$/bu 6.09.

Despite the 10% expected increase in production of Argentina and Brazil in the 2012/13 crop year, we expect total world production to decrease 3% from the prior year to 855 MMT, mainly as a result of the 14% decrease in production in the United States, which represents 32% of the world production. In South America, the Brazilian safrinha (corn second crop) production was 44 MMT, reaching a total corn production of 78.5 MMT. Argentinean production is estimated at 25 MMT, with the harvest almost completed.

20

2Q13

USDA’s quarterly stocks and plantings report sheet and far greater than expected plantings. Old crop ending stocks at 2.76 billion bushels were 20% lower than previous quarterly report and down 12% from June 2012, the lowest in 16 years. Of the total stocks, 1.26 billion bushels are stored on farms, down 15 percent from a year earlier. Off-farm stocks, at 1.50 billion bushels, are down 10 percent from a year ago. The March-May 2013 stock use was 2.64 billion bushels, compared with 2.88 billion bushels during the same period last year. Planted area for all purposes in 2013 was estimated at 97.4 million acres, up slightly from last year. With a yield estimated at 156.5 bushels per acre, stock to use ratio will be 15.4%, compared to 6.5% for the 2012/2013 season. If realized, this will represent the highest planted acreage in the United States since 1936 when an estimated 102 million acres were planted. Weather development during July and August will define the price direction.

Soybean:

The closing price of soybean nearby futures traded on the Chicago Board of Trade (CBOT) averaged US$/bu 14.68 in 2Q13, 3% higher than 2Q12, when the closing price averaged US$/bu 12.26. In addition, the 1Q13 prices averaged USD/bu 14.50, 1% lower than the current quarter. Finally, during 6M13 prices averaged US$/bu 14.59, 8% higher than 6M12, when the closing price averaged US$/bu 13.50. For the new crop, the closing price of soybeans November futures traded on the Chicago Board of Trade (CBOT) averaged US$/bu 12.49 in 2Q13, 7% lower than 2Q12, when the closing price averaged US$/bu 13.42.

Despite the 24% expected increase in production of South America in the 2012/13 crop year, total world production increased only 11% from the prior year to 268 MMT, mainly as a result of the 3% decrease in production in the United States, which represents 30% of the world production. In South America, Brazilian production stands at 82 MMT; harvest in Argentina is done with a production of 48.5 MMT, based on the “Bolsa de Cereales” data.

USDA’s quarterly stocks, 2013, indicated report stocks stood on at 435 June million 28 bushels as of June

1, 2013, 35% below that of June 1, 2012, and the lowest level in 9 years. On-farm stocks totaled 171 million bushels, down 4% from a year ago. Off-farm stocks, at 263 million bushels, are down 46% from a year ago. Stocks use for the March-May 2013 quarter totaled 564 million bushels, down 20% from the same period a year earlier. Considering strong internal demand we would also expect the USDA to continue to reduce exports and increase crush expectations.

US planted area for 2013 was estimated at a record high 77.7 million acres, up 1% from last year, but lower than expected plantings. Area for harvest, at 76.9 million acres, is up 1% from 2012 and will be a record high, if realized. Record high planted acreage is estimated in New York, Pennsylvania, and South Dakota.

Wheat:

The closing price of wheat nearby futures traded on the Chicago Board of Trade (CBOT) averaged US$/bu 6.95 in 2Q13, 8% higher than 2Q12, when the closing price averaged US$/bu 5.41. In addition, the 1Q13 prices averaged USD/bu 7.39, 6% higher than current Q. Finally, during 6M13 prices averaged US$/bu 7.16, 11% higher than 6M12, when the closing price averaged US$/bu 6.42.

21

Global wheat supplies were lowered by 3.2 MMT to 697.8 MMT since the initial estimate in May reflecting lower production for Ukraine, Russia and EU-27 due to dry weather in key growing areas. Final stocks were reduced by 14 MMT to 172.4 MMT due to lower initial stocks and higher demand from China.

Demand for wheat in the US animal feeding sector has been strong in recent months, especially as the 2013/2014 US wheat harvest has gotten underway, supported by the tightness in the 2012/2013 US corn balance. Ending stocks at 15.68 MMT are expected to be the lowest since 2007/2008.

USDA’s quarterly report published stocks on June 28, 2013 showed stocks slightly below expectations. Old crop wheat stored in all positions on June 1, 2013 totaled 718 million bushels, down 3% from a year ago. On-farm stocks are estimated at 120 million bushels, up 7% from last year. Off-farm stocks, at 598 million bushels, are down 5% from a year ago. The March-May 2013 stock use was 516 million bushels, up 13% from the same period a year earlier.

Argentina planted area is expected to increase up to 3.9 MM hectares, 8.3% higher year-over-year, suggesting an estimated production of 11-12 MMT. Brazil is expecting to plant 2 million hectares or 6% higher year-over-year. Despite the planted area increase Brazil is expected to import 6.8 MMT. Argentina and Uruguay could supply 5.5 MMT, with Brazil needing to import at least 1 MMT from outside the Mercosur region, supporting regional prices.

Cotton:

The closing price of cotton nearby futures traded on the Chicago Board of Trade (CBOT) averaged US$/lb 0.85 in 2Q13, 5% higher than 2Q12, when the closing price averaged US$/lb 0.81. In addition, the 1Q13 prices averaged USD/lb 0.83, 3% lower than current Q. Finally, during 6M13 prices averaged US$/lb 0.84, 4% lower than 6M12, when the closing price averaged US$/lb 0.87.

USDA’s quarterlystocks and plantings report published on June 28th, 2013 showed cotton planted area for 2013 estimated at 10.3 million acres, 17% below last year. Upland area is estimated at 10.0 million acres, down 17% from 2012. American Pima area is estimated at 226,000 acres, down 5% from 2012.

The dry weather forecast could continue damaging crops in the US. Hot temperatures and the Texas crop remains in bad condition, reflected in the 38% of the crop that was rated fair or poor up to July 8, 2012.

Global ending stocks continue to increase to 94.34 million 480-bales vs 85.58 million 480-bales for 2012-2013 season. Stock to use ratio is estimated at 86.4% base on USDA figures. 62.3% of final stocks continue to be in the hands of the major importer, China.

Rice:

The FOB average price for high-quality milled rice in the South American market was $600 per ton during 2Q13, compared to an average of $540 in 2Q12 and $600 in 1Q13.

Thai price stands at USD 470/ton FOB 5% broken. Even though these prices have decreased by more then $100 compared to the prior year, they are still $60 over present Vietnamese prices and $30 above Indian

22

2Q13

prices. The Thai Commerce Department has now lowered the intervention price from Baht 15,000/ton (USD 490/ton) to Baht 13,500/ton (USD 440/ton). In the meantime, the Thai Government will begin to hold monthly auctions for the sale of their stocks locally and abroad in order to accelerate the release of its stockpiles.

In India the positive progress of the monsoon continues, as the rainfall has come early and has been bountiful for the planting season. USDA now projects a Kharif crop of around 87 MMT (paddy basis) which should support an annual crop of 100 MM tons and perhaps even higher. So far during the first half of 2013, exports have totaled around 5 MM tons, which should come close to matching the record exports during 2012. There is no reason to believe 2014 will be any different.

In Vietnam the market is in a stage that we would refer to as a bridge crop. There are still plentiful old crop stock remaining, as sources tell that the Vietnamese Food Association (“VFA”) figure of 3.5 MM tons of exports during the first half of 2013 is at least slightly overstated. However the VFA contends that annual exports will reach their projection of 7.5 MM tons. Price stands at USD 410/ton and has recently firmed primarily due to large scale border trading with China. However Vietnam has maintained its position as the cheapest of the three biggest Asian sellers.

Sugar and Ethanol:

The 2013/2014 harvest in Brazil started slower than anticipated and was disrupted in June by above average rainfall. According to UNICA, by the end of June, accumulated crushing lagged behind the 2010/2011 harvest (when Brazil crushed a record 556 MM tons) by 35 MM tons. However, when compared to last year’s figures, crushing is 52 MM tonsyear-on-year occurred in TRS diverted to sugar, which dropped from almost 47% to close to 42%, highlighting the fact that ethanol prices were more profitable than sugar. The #11 contract fell 7.2% in Q213 at ICE as a result of the increase in sugar stocks after three consecutive world surplus years. The Real currency devaluation of about 10% in the quarter was not enough to shift the mills production mix from ethanol to sugar yet.

In order to improve the sector’s profitability waived the 120 BRL/m³ PIS/COFINS tax on ethanol on May 8th. In the quarter, ESALQ net ethanol prices fell 3.3% for hydrous and 1.6% for anhydrous, but due to the slower production pace in June caused by excess rains, hydrous prices found support at the end of May at a minimum level of 1,235 BRL/m³ and rebounded throughout the month of June/July to 1,320 BRL/m³. Hydrous ethanol consumption is increasing month-on-month with the parity against gasoline falling below the 70% threshold in SP since the middle of May. Despite the economic advantage of hydrous in São Paulo, Mato Grosso, Goiás and Paraná States, anhydrous sales grew faster than hydrous largely as a result of the increase in the blending ratio in May 1st from 20% to 25% as well as large volumes being transferred to cover the North-Northeast of Brazil during their off-season. The window for Brazilian ethanol exports to the US and Asia opened during Q2 and has resulted in a total of 1.1 MM m³ exported during the 1st half of 2013, according to Secex.

Regarding other countries, the 2nd quarter was marked by above expected sugar production in Mexico and United States. Monsoons are developing well in India, above historical average, reducing the weather risk for their 2013/2014 sugar production. The same is true in Europe and Russia, where weather is helping

23

2Q13

beet development, but lower international sugar prices caused farmers to switch part of the area to other crops. The next months will be marked by the peak of harvest in Brazil, which will depend on dry weather to reach the numbers forecasted by the UNICA of 589.6 MM tons of cane. Any wetter-than-normal winter in Brazil or a disruption in the tail of the monsoons precipitation in Asia may lead to a reduction surplus and allow for some relief in the market.

Segment Information—Reconciliation of Non-IFRS measures (Adjusted EBITDA & Adjusted EBIT) to Profit/(Loss)

We define Adjusted EBITDA for each of our profit from operations before financing and taxation for the year or period, as applicable, before depreciation and amortization and unrealized changes in fair value of long-term biological assets and adjusted by profit from discontinued operations.

We define Adjusted EBIT for each of our operating from operations before financing and taxation for the year or period, as applicable, before unrealized changes in fair value of long-term biological assets and adjusted by profit from discontinued operations. We believe that Adjusted EBITDA and Adjusted EBIT are for the Company and each operating segment, respectively important measures of operating performance 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 and amortization), tax consequences (income taxes), unrealized changes in fair value of long term biological assets (a significant non-cash gain or loss to our consolidated statements of income following IAS 41 accounting), foreign exchange gains or losses and other financial expenses. Other companies may calculate Adjusted EBITDA and Adjusted EBIT differently, and therefore Adjusted EBITDA and Adjusted EBIT may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA and Adjusted EBIT are not a 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, profit from operations before financing and taxation and other measures determined in accordance with IFRS.

24

2Q13 Adjusted EBIT & Adjusted EBITDA Reconciliation to Profit/Loss—2Q13

Sugar, Ethanol & Land $ thousands Crops Rice Dairy Coffee Cattle Farming Energy Transformation Corporate Total

Sales of manufactured products and services rendered 157 25,660 —— 968 26,785 82,605 —— 109,390

Cost of manufactured products sold and services rendered — (21,396) —— (23) (21,419) (48,207) —— (69,626)

Gross Profit from Manufacturing Activities 157 4,264 —— 945 5,366 34,398 —— 39,764

Sales of agricultural produce and biological assets 75,037 217 7,860 — 142 83,256 ——— 83,256

Cost of agricultural produce and biological assets (75,037) (217) (7,860) — (142) (83,256) ——— (83,256)

Initial recog. and changes in FV of BA and agricultural produce 5,703 (244) 1,772 3,964 91 11,286 (29,210) —— (17,924) Gain from changes in NRV of agricultural produce after harvest 3,037 —— 102 — 3,139 ——— 3,139

Gross Profit from Agricultural Activities 8,740 (244) 1,772 4,066 91 14,425 (29,210) —— (14,785)

Margin Before Operating Expenses 8,897 4,020 1,772 4,066 1,036 19,791 5,188 —— 24,979

General and administrative expenses (1,120) (1,181) (261) (275) (2,837) (6,312) — (5,573) (14,722)

Selling expenses (1,554) (4,147) (124) (357) (28) (6,210) (11,515) — (141) (17,866)

Other operating income, net 1,432 96 (3) (491) (10) 1,024 (1,119) 6,919 113 6,937

Share of gain/(loss) of joint ventures (36) ———— (36) ——— (36)

Profit from Operations Before Financing and Taxation 7,619 (1,212) 1,384 2,943 998 11,732 (13,758) 6,919 (5,601) (708)

Profit from discontinued operations —— 2,469 —— 2,469 ——— 2,469

(-) Initial recog. and changes in F.V. of long term BA (unrealized) —— 83 (2,109) — (2,026) 18,319 —— 16,293

Adjusted EBIT 7,619 (1,212) 3,936 834 998 12,175 4,561 6,919 (5,601) 18,054

(-) Depreciation PPE 554 1,240 261 37 23 2,115 21,280 —— 23,395

Adjusted EBITDA 8,173 28 4,197 871 1,021 14,290 25,841 6,919 (5,601) 41,449

Reconciliation to Profit/(Loss) Adjusted EBITDA 41,449

(+) Initial recog. and changes in F.V. of BA (unrealized) (16,293) (+) Depreciation PPE (23,395) (+) Financial result, net (42,329) (+) Income Tax (Charge)/Benefit 13,711 Profit/(Loss) for the Period (26,857) Adjusted EBIT & Adjusted EBITDA Reconciliation to Profit/Loss—2Q12 Sugar, Ethanol & Land $ thousands Crops Rice Dairy Coffee Cattle Farming Energy Transformation Corporate Total Sales of manufactured products and services rendered 177 20,193 —— 1,235 21,605 56,736 —— 78,341 Cost of manufactured products sold and services rendered — (16,671) —— (92) (16,763) (45,280) —— (62,043) Gross Profit from Manufacturing Activities 177 3,522 —— 1,143 4,842 11,456 —— 16,298 Sales of agricultural produce and biological assets 71,542 71 4,604 366 197 76,780 ——— 76,780 Cost of agricultural produce and biological assets (71,542) (71) (4,604) (366) (197) (76,780) ——— (76,780) Initial recog. and changes in FV of BA and agricultural produce 7,235 (2,150) (431) 3,547 (15) 8,186 (16,978) —— (8,792) Gain from changes in NRV of agricultural produce after harvest 6,712 —— 232 — 6,944 ——— 6,944

Gross Profit from Agricultural Activities 13,947 (2,150) (431) 3,779 (15) 15,130 (16,978) —— (1,848)

Margin Before Operating Expenses 14,124 1,372 (431) 3,779 1,128 19,972 (5,522) —— 14,450

General and administrative expenses (1,047) (1,081) (219) (253) (7) (2,607) (6,173) — (6,185) (14,965)

Selling expenses (1,739) (3,518) (55) (62) (10) (5,384) (7,307) — (26) (12,717)

Other operating income, net (528) 185 — 261 1 (81) 8,283 7,963 (109) 16,056

Share of gain/(loss) of joint ventures ————————— -

Profit from Operations Before Financing and Taxation 10,810 (3,042) (705) 3,725 1,112 11,900 (10,719) 7,963 (6,320) 2,824 Profit from discontinued operations —— (851) —— (851) ——— (851)

(-) Initial recog. and changes in F.V. of long term BA (unrealized) —— 644 1,009 — 1,653 8,621 —— 10,274

Adjusted EBIT 10,810 (3,042) (912) 4,734 1,112 12,702 (2,098) 7,963 (6,320) 12,247

(-) Depreciation PPE 450 1,020 216 150 47 1,883 15,622 —— 17,505

Adjusted EBITDA 11,260 (2,022) (696) 4,884 1,159 14,585 13,524 7,963 (6,320) 29,752

Reconciliation to Profit/(Loss)

Adjusted EBITDA 29,752

(+) Initial recog. and changes in F.V. of BA (unrealized) (10,274)

(+) Depreciation PPE (17,505)

(+) Financial result, net (27,411)

(+) Income Tax (Charge)/Benefit 10,560

Profit/(Loss) for the Period (14,878)

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2Q13

Adjusted EBIT & Adjusted EBITDA Reconciliation to Profit/Loss—6M13

Sugar,

Ethanol & Land

$ thousands Crops Rice Dairy Coffee Cattle Farming Energy Transformation Corporate Total

Sales of manufactured products and services rendered 342 52,167 —— 1,864 54,373 125,048 —— 179,421

Cost of manufactured products sold and services rendered — (45,217) —— (48) (45,265) (74,041) —— (119,306)

Gross Profit from Manufacturing Activities 342 6,950 —— 1,816 9,108 51,007 —— 60,115

Sales of agricultural produce and biological assets 102,595 1,243 14,244 439 417 118,938 ——— 118,938

Cost of agricultural produce and biological assets (102,595) (1,243) (14,244) (439) (417) (118,938) ——— (118,938)

Initial recog. and changes in FV of BA and agricultural produce 17,754 5,473 2,730 (6,983) 46 19,020 (34,908) —— (15,888)

Gain from changes in NRV of agricultural produce after harvest 4,417 —— 121 — 4,538 ——— 4,538

Gross Profit from Agricultural Activities 22,171 5,473 2,730 (6,862) 46 23,558 (34,908) —— (11,350)

Margin Before Operating Expenses 22,513 12,423 2,730 (6,862) 1,862 32,666 16,099 —— 48,765

General and administrative expenses (2,106) (2,390) (536) (556) — (5,588) (10,358) — (10,114) (26,060)

Selling expenses (2,646) (8,246) (206) (402) (38) (11,538) (16,612) — (159) (28,309)

Other operating income, net 4,028 274 39 (303) (10) 4,028 9,051 6,919 56 20,054

Share of gain/(loss) of joint ventures (36) — —— (36) ——— (36)

Profit from Operations Before Financing and Taxation 21,753 2,061 2,027 (8,123) 1,814 19,532 (1,820) 6,919 (10,217) 14,414

Profit from discontinued operations —— 1,767 —— 1,767 ——— 1,767

(-) Initial recog. and changes in F.V. of long term BA (unrealized) —— 98 7,277 — 7,375 17,827 —— 25,202

Adjusted EBIT 21,753 2,061 3,892 (846) 1,814 28,674 16,007 6,919 (10,217) 41,383

(-) Depreciation PPE 1,118 2,534 535 143 48 4,378 24,701 —— 29,079

Adjusted EBITDA 22,871 4,595 4,427 (703) 1,862 33,052 40,708 6,919 (10,217) 70,462

Reconciliation to Profit/(Loss)

Adjusted EBITDA 70,462

(+) Initial recog. and changes in F.V. of BA (unrealized) (25,202)

(+) Depreciation PPE (29,079)

(+) Financial result, net (52,867)

(+) Income Tax (Charge)/Benefit 12,339

Profit/(Loss) for the Period (24,347)

Adjusted EBIT & Adjusted EBITDA Reconciliation to Profit/Loss—6M12

Sugar,

Ethanol & Land

$ thousands Crops Rice Dairy Coffee Cattle Farming Energy Transformation Corporate Total

Sales of manufactured products and services rendered 417 40,445 —— 2,406 43,268 100,193 —— 143,461

Cost of manufactured products sold and services rendered — (35,654) —— (134) (35,788) (80,057) —— (115,845)

Gross Profit from Manufacturing Activities 417 4,791 —— 2,272 7,480 20,136 —— 27,616

Sales of agricultural produce and biological assets 107,296 76 9,319 827 277 117,795 189 —— 117,984

Cost of agricultural produce and biological assets (107,296) (76) (9,319) (827) (277) (117,795) (189) —— (117,984)

Initial recog. and changes in FV of BA and agricultural produce 22,004 1,439 (78) (687) (89) 22,589 (4,272) —— 18,317

Gain from changes in NRV of agricultural produce after harvest 9,688 —— 205 — 9,893 ——— 9,893

Gross Profit from Agricultural Activities 31,692 1,439 (78) (482) (89) 32,482 (4,272) —— 28,210

Margin Before Operating Expenses 32,109 6,230 (78) (482) 2,183 39,962 15,864 —— 55,826

General and administrative expenses (2,130) (2,113) (434) (484) (24) (5,185) (10,833) — (12,153) (28,171)

Selling expenses (2,980) (7,766) (119) (139) (19) (11,023) (12,738) — (36) (23,797)

Other operating income, net (4,666) 467 — 2,179 (11) (2,031) 2,673 7,963 (244) 8,361

Share of gain/(loss) of joint ventures ————————— -

Profit from Operations Before Financing and Taxation 22,333 (3,182) (631) 1,074 2,129 21,723 (5,034) 7,963 (12,433) 12,219

Profit from discontinued operations —— (1,084) —— (1,084) ——— (1,084)

(-) Initial recog. and changes in F.V. of long term BA (unrealized) —— 803 2,097 — 2,900 (3,873) —— (973)

Adjusted EBIT 22,333 (3,182) (912) 3,171 2,129 23,539 (8,907) 7,963 (12,433) 10,162

(-) Depreciation PPE 884 1,995 428 306 106 3,719 17,685 —— 21,404

Adjusted EBITDA 23,217 (1,187) (484) 3,477 2,235 27,258 8,778 7,963 (12,433) 31,566

Reconciliation to Profit/(Loss)

Adjusted EBITDA 31,566

(+) Initial recog. and changes in F.V. of BA (unrealized) 973

(+) Depreciation PPE (21,404)

(+) Financial result, net (31,630)

(+) Income Tax (Charge)/Benefit 6,875

Profit/(Loss) for the Period (13,620)

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2Q13

Condensed Consolidated Interim Financial Statements

Condensed Consolidated Interim Statement of Income

Statement of Income

$ thousands 2Q13 2Q12 Chg % 6M13 6M12 Chg %

Sales of manufactured products and services rendered 109,390 78,341 39.6% 179,421 143,461 25.1%

Cost of manufactured products sold and services rendered (69,626) (62,043) 12.2% (119,306) (115,845) 3.0%

Gross Profit from Manufacturing Activities 39,764 16,298 144.0% 60,115 27,616 117.7%

Sales of agricultural produce and biological assets 83,256 76,780 8.4% 118,938 117,984 0.8%

Cost of agricultural produce sold and direct agricultural selling

expenses (83,256) (76,780) 8.4% (118,938) (117,984) 0.8%

Initial recognition and changes in fair value of biological assets and

agricultural produce (17,924) (8,792) 103.9% (15,888) 18,317 —%

Changes in net realizable value of agricultural produce after

harvest 3,139 6,944 (54.8%) 4,538 9,893 (54.1%)

Gross Profit/(Loss) from Agricultural Activities (14,785) (1,848) 700.1% (11,350) 28,210 —%

Margin on Manufacturing and Agricultural Activities Before

Operating Expenses 24,979 14,450 72.9% 48,765 55,826 (12.6%)

General and administrative expenses (14,722) (14,965) (1.6%) (26,060) (28,171) (7.5%)

Selling expenses (17,866) (12,717) 40.5% (28,309) (23,797) 19.0%

Other operating income/(loss), net 6,937 16,056 (56.8%) 20,054 8,361 139.9%

Share of (loss)/benefit of joint ventures (36) ——% (36) ——%

Gain/(Loss) from Operations Before Financing and Taxation (708) 2,824 —% 14,414 12,219 18.0%

Finance income (406) 1,390 —% 3,442 6,970 (50.6%)

Finance costs (41,923) (28,801) 45.6% (56,309) (38,600) 45.9%

Financial results, net (42,329) (27,411) 54.4% (52,867) (31,630) 67.1%

Gain/(Loss) Before Income Tax (43,037) (24,587) 75.0% (38,453) (19,411) 98.1%

Income tax (charge)/benefit 13,711 10,560 29.8% 12,339 6,875 79.5%

Gain/(Loss) for the period from continuing operations (29,326) (14,027) 109.1% (26,114) (12,536) 108.3%

Gain/(Loss) for the period from discontinued operations 2,469 (851) —% 1,767 (1,084) —%

Gain/(Loss) for the period (26,857) (14,878) 80.5% (24,347) (13,620) 78.8%

27

2Q13

Condensed Consolidated Interim Statement of Cash Flow

Statement of Cash Flows

$ thousands 6M13 6M12 Chg %

Cash flows from operating activities:

Gain/(Loss) for the period (24,347) (13,620) 78.8%

Adjustments for :

Income tax benefit (12,339) (6,875) 79.5%

Depreciation 28,902 21,233 36.1%

Amortization 177 171 3.5%

Gain from disposal of farmland and other assets (5,082) ——%

Gain from disposal of other property items (495) 385 —%

Gain from disposal of subsidiary (2,119) (7,963) (73.4%)

Equity settled shared-based compensation granted 1,911 1,868 2.3%

(Gain)/Loss from derivative financial instruments and

forwards 1,162 9,682 (88.0%)

Interest and other expense, net 21,407 6,676 220.7%

Initial recognition and changes in fair value of non

harvested biological assets (unrealized) 19,617 (8,310) —%

Changes in net realizable value of agricultural produce after

harvest (unrealized) (1,640) (1,316) 24.6%

Provision and allowances 377 (432) —%

Share of loss from joint venture 36 1,084 (96.7%)

Foreign exchange gains, net 16,713 13,271 25.9%

Gain for the period from discontinued operations (1,767) ——%

Subtotal 42,513 15,854 168.2%

Changes in operating assets and liabilities:

(Increase)/decrease in trade and other receivables (31,425) (27,109) 15.9%

(Increase)/decrease in inventories (29,303) (21,457) 36.6%

Decrease in biological assets 61,820 32,191 92.0%

(Increase)/Decrease in other assets 143 11 1,200.0%

(Decrease)/increase in derivative financial instruments 5,913 6,318 (6.4%)

Increase/(decrease) in trade and other payables (12,594) 7,287 —%

Increase in payroll and social security liabilities 1,579 2,785 (43.3%)

Increase in provisions for other liabilities (239) (18) 1,227.8%

Net cash generated from operting activities before interest

and taxes paid 38,407 15,862 142.1%

Income tax paid (187) (2,542) (92.6%)

Net cash generated from/(used in) operating activities 38,220 13,320 186.9%

Cash flows from investing activities:

Purchases of property, plant and equipment (76,795) (120,651) (36.3%)

Purchases of intangible assets (844) (59) 1,330.5%

Purchase of cattle and planting cost of non current

biological assets (48,774) (41,336) 18.0%

Interest received 3,279 6,200 (47.1%)

Payment of seller financing arising on subsidiares acquired — (6,807) —%

Investments in joint ventures (4,164) (3,000) 38.8%

Proceeds from sale of farmlands 3,018 ——%

Proceeds from sale of property, plant and equipment 2,179 460 373.7%

Proceeds from disposal of subsidiaries 12,843 ——%

Proceeds from disposal of financial assets 4,924 ——%

Other incomes 5,100 ——%

Net cash used in investing activities (99,234) (165,193) (39.9%)

Cash flows from financing activities:

Proceeds from equity settled share-based compensation

exercised — 218 —%

Proceeds from long-term borrowings 110,191 44,380 148.3%

Payment of long-term borrowings (41,022) (12,587) 225.9%

Net increase in short-term borrowings 2,756 42,384 (93.5%)

Interest Paid (14,540) (11,553) 25.9%

Net cash generated from financing activities 57,385 62,842 (8.7%)

Net decrease in cash and cash equivalents (3,629) (89,031) (95.9%)

Cash and cash equivalents at beginning of year 218,809 330,546 (33.8%)

Effect of exchange rate changes on cash and cash

equivalents (11,160) (7,772) 43.6%

Cash and cash equivalents at end of period 204,020 233,743 (12.7%)

28

2Q13

Condensed Consolidated Interim Balance sheet

Statement of Financial Position

$ thousands June 30, 2013 December 31, 2012 Chg %

ASSETS

Non-Current Assets

Property, plant and equipment, net 855,486 880,897 (2.9%)

Investment property 14,186 15,542 (8.7%)

Intangible assets, net 30,891 32,880 (6.0%)

Biological assets 223,001 224,966 (0.9%)

Investments in joint ventures 4,060 2,613 55.4%

Financial assets — 11,878 —%

Deferred income tax assets 42,961 35,391 21.4%

Trade and other receivables, net 61,465 44,030 39.6%

Other assets 1,251 1,398 (10.5%)

Total Non-Current Assets 1,233,301 1,249,595 (1.3%)

Current Assets

Biological assets 17,994 73,170 (75.4%)

Inventories 119,879 95,321 25.8%

Trade and other receivables, net 145,786 135,848 7.3%

Derivative financial instruments 7,189 5,212 37.9%

Cash and cash equivalents 204,020 218,809 (6.8%)

Total Current Assets 494,868 528,360 (6.3%)

Assets classified as held for sale 17,691 ——%

TOTAL ASSETS 1,745,860 1,777,955 (1.8%)

SHAREHOLDERS’ EQUITY

Capital and reserves attributable to equity holders

of the parent

Share capital 183,573 183,331 0.1%

Share premium 943,053 940,332 0.3%

Cumulative translation adjustment (248,898) (182,929) 36.1%

Equity-settled compensation 16,589 17,952 (7.6%)

Other reserves (164) (349) (53.0%)

Treasury stock (1) (6) (83.3%)

Retained earnings 43,431 67,647 (35.8%)

Equity attributable to equity holders of the parent 937,583 1,025,978 (8.6%)

Non controlling interest 53 65 (18.5%)

TOTAL SHAREHOLDERS’ EQUITY 937,636 1,026,043 (8.6%)

LIABILITIES

Non-Current Liabilities

Trade and other payables 3,995 4,575 (12.7%)

Borrowings 405,201 354,249 14.4%

Deferred income tax liabilities 66,789 75,389 (11.4%)

Payroll and social liabilities 1,343 1,512 (11.2%)

Provisions for other liabilities 1,872 1,892 (1.1%)

Total Non-Current Liabilities 479,200 437,617 9.5%

Current Liabilities

Trade and other payables 75,595 99,685 (24.2%)

Current income tax liabilities 432 187 131.0%

Payroll and social liabilities 24,329 22,948 6.0%

Borrowings 200,569 184,884 8.5%

Derivative financial instruments 14,804 5,751 157.4%

Provisions for other liabilities 890 840 6.0%

Total Current Liabilities 316,619 314,295 0.7%

Liabilities classified as held for sale 12,405 ——%

TOTAL LIABILITIES 808,224 751,912 7.5%

TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 1,745,860 1,777,955 (1.8%)

29

SIGNATURES

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 A. Boero Hughes
Name:	Carlos A. Boero Hughes
Title:	Chief Financial Officer and Chief Accounting Officer

Date: August 14, 2013