The company’s fertilizer segment emerged as the primary growth engine, delivering $121.2 million in Adjusted EBITDA for the quarter. This performance represents a 109.7% increase compared to the previous year on a pro forma basis, bolstered by a 21.6% rise in urea production and an average sales price of $699 per ton. While urea market prices have retreated from their April peak of $800 per ton to roughly $480 per ton, management remains confident that 2026 results will surpass prior years due to the strong first-half capture.

In the sugar, ethanol, and energy division, Adecoagro focused on maximizing ethanol production to capture superior margins, maintaining a 78% production mix for the first half of the year. Although crushing volumes grew by 2.8% to 3.5 million tons, Adjusted EBITDA for this segment fell to $53.2 million, a 21.8% year-over-year decline. This dip was largely attributed to lower sugar prices and the impact of the Brazilian Real’s appreciation on production costs.

Despite seasonal working capital fluctuations, the company successfully reduced its Net Debt to LTM Adjusted EBITDA ratio to 3.0x, down from 3.2x in the first quarter. Executives signaled a continued commitment to deleveraging, supported by the expectation of higher results throughout the remainder of the fiscal year.