Adecoagro : 1st Quarter2019 Earnings Webcast

1st Quarter 2019

Earnings Webcast

May 22, 2019

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) the implementation of our business strategy, including our development of the Ivinhema project; (iii) our plans relating to acquisitions, joint ventures, strategic alliances or divestitures; (iv) the implementation of our financing strategy and capital expenditure plan; (v) the maintenance of our relationships with customers; (vi) the competitive nature of the industries in which we operate; (vii) the cost and availability of financing; (viii) future demand for the commodities we produce; (ix) international prices for commodities; (x) the condition of our land holdings; (xi) the development of the logistics and infrastructure for transportation of our productions in the countries where we operate; (xii) the performance of the South American and world economies; (xiii) weather and other natural phenomena; (xiv) the relative value of the Brazilian Real, the Argentine Peso, and the Uruguayan Peso compared to other currencies; and (xv) developments in, or changes to, the laws, regulations and governmental policies governing our business, including environmental laws and regulations.

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.

Sugar, Ethanol & Energy Business- Rainfalls & Sugarcane Crushing

Mato Grosso do Sul Rains

9

(In mm)

YoY Rains

								1Q18	722	10 year
								Avg.
							294	1Q19	510
							∆ %
	249							(29.4%)
			227		226			233
				204		216			201	185
		190
							170
2		164				154			162
				78
18	Nov-17	Nov-18	Dec-17	Dec-18	Jan-18	Jan-19	Feb-18	Feb-19	Mar-18	Mar-19

Sugarcane crushing

							(In Thousands Tons)
				(11.3%)
Operational Metrics - 1Q18 vs. 1Q19		1,524
Operational Metrics	1Q18	1Q19	% Change			1,352
Total Days	90	90	0%
Effective Milling Days	34.6	34.8	0%
Total Crushing (k tons)	1,524	1,352	(11%)
Milling per Day (k tons)	39,009	32,688	(16.2%)
Harvested area (ha)	14,064	14,610	3.9%
		1Q18			1Q19

Yield per Hectare

(tons/hectare)

107.4	(14.3%)
	92.0
1Q18	1Q19

TRS per Ton

(kg/ton)

	(0.7%)
108	107
1Q18	1Q19

TRS per Hectare

(kg/hectare)

11,601	(14.9%)
	9,871
1Q18	1Q19

	Price Evolution		Ethanol Production Mix Evolution
26	(in cts/lb)				(in %)
24	1Q18	1Q19				3%
22
		26%
20		Sugar	50%	47%
18
16		Ethanol			74%	97%
14		50%	53%
12
10
			12M16	12M17	12M18	1Q19
	Anhydrous MS (cts/lb)
	Ethanol Production			SE&E EBITDA Distribution
	(M3)				(in %)
	12.3%		11.2%	16.9%	13.8%	10.4%
		3.8%
		Energy		34.5%	27.1%
	200,390	46.7%
178,363	Sugar
		Ethanol				86.6%
				48.6%	59.2%
			42.2%
1Q18	1Q19		2 0 1 6	2 0 1 7	2 0 1 8	1 Q 1 9

Ethanol Sales Volume (m3)

15.6		12.4
Average	(20.5%)	139,297
Realized	19.2%
Price (1)

cts/lbs

116,899

1Q181Q19

Energy Sales Volume (MWh)

56.0	30.3%	73.0
Average	60.3%	115,036

Realized

Price

71,764

1Q18		1Q19
Sugar Sales Volume (Tons)
16.2
Average	(6.7%)	15.1

Realized	54,395
Price (1)	(41.2%)
cts/lbs		31,996

1Q181Q19

Net Sales 1Q18 vs 1Q19

($´000)

(9.4%)

90,310

81,811

(6.1%)

66,862

62,795		Ethanol
	Sugar
		Energy

(45.2%)

19,46410,674

3,984	109.0%	8,342

1Q181Q19

(1) Sugar #11 Equivalent

Total Cash Cost of Production

(cts/lb)

Adjusted

EBITDA

Margin(1)

Adjusted EBITDA 1Q19 vs. 1Q18

($´000)

47.9%

25.5.9

(6.7%)

9.28.6

%

47,988

(35.0%)

31,197

1Q18

1Q19

1Q18

1Q19

Farming Production Data
Planting & Production	Planted Area (hectares)	2018/19 Harvested Area		Yields (Tons per hectare) (3)
	2018/19	2017/18	Chg %	Hectares % Harvested Production	2018/19	2017/18	Chg %
Soybean	47,690	58,120	(17.9%)	29,119	61.1%	103,098		3.5		2.7	32.1%
Soybean 2ndCrop	25,620	23,254	10.2%	10,239	40.0%	13,980		1.4	1.6	(15.2%)
Corn (1)	43,396	45,964	(6%)	9,907	22.8%	79,802		8.1	6.3	27.9%
Corn 2ndCrop	4,458	10,847	(58.9%)	0	0.0%	0.0		0.0	-	n.a
Wheat (2)	40,210	36,533	10.1%	40,216	100.0%	114,735		2.9	2.2	30.9%
Sunflower	3,825	2,869	33.3%	3,808	99.6%	5,937		1.6	1.7	(6.2%)
Cotton	5,316	3,132	69.7%	0	0.0%	0.0	0.0	-	n.a
Peanut	15,608	9,375	66.5%	174	1.1%	890	5.1	-	n.a
Silage	5,828	2,749	112.0%	5,828.0	100.0%	-	-	13.7	(100.0%)
Total Crops	191,950	192,842	(0.5%)	99,291	51.7%	318,442					n.a
Rice	40,417	40,279	0.3%	38,067	94.2%	231,190	6.1	5.9	2.8%
Total Farming	232,367	233,121	(0.3%)	137,358	59.1%	549,632
Owned Croppable Area	113,509	124,912	(9.1%)
Leased Area	86,436	72,157	19.8%
Second Crop Area	32,422	36,052	(10.1%)
Total Farming Area	232,367	233,121	(0.3%)
	Milking Cows (Average Heads)	Milk Production (MM liters)(1)		Productivity (Liters per cow per day)
Dairy	1Q19	1Q18	Chg %	1Q19	1Q18	Chg %		1Q19		1Q18	Chg %
Milk Production	8,338	7,094	17.5%	26.9	24.5	9.6%	35.8	37.6	(4.7%)

1. Includes chia
2. Includes barley.
3. Yields for 2018/19 season are partial yields related to the harvested area as of April 30, 2018. Yields for 2017/18 reflect the full harvest season.

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

current period.

Farming & Land Transformation Adjusted EBITDA 1Q19 vs. 1QM18

($ ´000)

69.6%

31,942

1Q18		1Q19

18,831

44.5%	~2x	14,029
9,849						9,376
			20,5%
		6,783
5,466
			2,304	2,777
						0
Crops	Rice	Dairy		(105)Others294	Land Transformation	Farming & LT

Brazil	1Q19 vs. 1Q18 Adj. EBITDA
	(in million USD)

Alto Alegre Farm

6.080 has

TO

10.3		33% premium
	above Cushman &
		Wakefield

					3.3
-
1Q18			1Q19
		Book Value		EBITDA

Financial Summary
Area & Production	2013	2014	2015	2016	2017	2018	1Q18	1Q19	Chg%
Farming Planted Area (hect.)	219,305	224,343	210,556	224,877	230,197	232,796	233,121	232,367	(0.3%)
Sugarcane Planted Area (hect.)	99,409	124,412	129,299	134,591	137,697	153,690	138,360	157,638	13.9%
Farming Production (tons)	699,179	848,843	807,535	804,397	876,750	813,874	728,952	549,632	(24.6%)
Sugarcane Crushing (tons)	6,417,951	7,232,827	8,335,448	10,241,803	10,241,803	11,359,204	1,523,835	1,352,150	(11%)

Net Sales	2013	2014	2015	2016	2017	12M18	1Q18	1Q19	Chg%
Farming & Land Transformation	327,163	315,837	273,692	272,543	322,559	299,671	57,656	72,063	25.0%
Sugar, Ethanol & Energy	297,265	378,633	374,978	568,820	576,232	470,355	90,310	81,811	(9.4%)
Total	624,428	694,470	648,670	841,363	898,791	770,026	147,966	153,874	4.0%
Adjusted EBITDA	2013	2014	2015	2016	2017	12M18	1Q18	1Q19	Chg%
Farming & Land Transformation	88,942	85,234	70,282	53,962	50,656	96,418	18,831	31,942	69.6%
Sugar, Ethanol & Energy	115,239	153,503	167,180	265,044	247,301	238,284	47,988	31,197	(35.0%)
Corporate	(23,478)	(23,233)	(21,776)	(20,957)	(21,664)	(19,971)	(4,879)	(4,838)	(0.8%)
Total	180,704	215,504	215,686	298,049	276,293	314,731	61,940	58,301	(5.9%)
Adjusted EBITDA Margin	28.9%	31.0%	33.3%	35.4%	30.7%	40.9%	41.9%	37.9%	(9.5%)

	1Q19 Net Debt	1Q19 Debt Term Structure
		($ million)
S&E
Farming			20%	Average life of
Net debt/EBITDA LTM
					6.2 years
886		2.34x	2.19x
673			80%
				Short term	Long Term
		729
			645
			1Q19 Debt Term Structure
			10%	Average Interest (1)
				BRL	4.9%
				USD	6.0%
				(1) As of March 31, 2019
213			90%
	157
			Brazilian Reals	US Dollars
Debt	Cash	Net debt	Net debt 1Q18

Charlie Boero Hughes - CFO	JuanIgnacio Galleano - IRO Email:
Email: [e-mail]	[e-mail] TEL:
TEL: [phone]	[phone]