Adecoagro S A : 2022 Integrated Report

2022

INTEGRATED REPORT

OUR ESG ANNUAL DISCLOSURE

Prepared according to the International

Framework Integrated Reporting

SASB & GRI Standards and contribution to the SDGs

ABOUT THIS REPORT

We present Adecoagro's second Integrated Report, which consolidates ESG information from all of our businesses in Argentina, Uruguay and Brazil, from January 1st to December 31st, 2022.

For the preparation of this document, we used as a reference the 2021 version of the Global Reporting Initiative (GRI) Standards, GRI's 13 sector standard for Agriculture, Aquaculture and Fishing, and the Sustainability Accounting Standards Board (SASB) applicable to our businesses. We also applied the International Reporting Framework Integrated Reporting for the preparation and structuring of most of the report's chapters.

The company's Board of Directors is the governing body responsible for reviewing and approving the information

presented, as well as the material issues through which we show our impacts on the economy, the planet and people. This document is presented for validation to the members of the Board of Directors prior to its publication.

At the end of the document, we present the Independent Public Accountants' Limited Assurance Report on the 2022 Integrated Report.

This Report, together with the documents issued in previous years, are available at https://sustainability.adecoagro.com/en/reports/

Further information on the company's financial performance can be found at https://ir.adecoagro.com/

GRI 2-1,2-2,2-3,2-14

2

INDEX

	01.			02.
MESSAGE FROM THE CEO	ESG HIGHLIGHTS
			- 2022 Highlights
			- ESG Highlights
			- ESG Targets
			- Prospects

03.

OUR COMPANY

• Our business model
• Our operations
• Our businesses
• Our products and markets

	04.			05.
HOW WE CREATE ESG VALUE	FINANCIAL CAPITAL
- ESG Strategic Approach	- Financial and operating performance
- International guidelines	- 2022 Financial results
- Materiality Matrix	- Company profile

• Value creation model
• Contribution to United Nations 2030 Agenda
• Competitive strenghts

	06.			07.
NATURAL CAPITAL	PHYSICAL AND
- Highlights	INTELLECTUAL CAPITALS
- Our product family
- Our commitment to environmental care
- Sustainable use of soil	- Innovation and Efficiency
- GHG Emissions and Climate Change	- Sugar, Ethanol and Energy business
- Energy efficiency	- Crops business
- Renewable energies	- Rice business
- Water and Effluent Management	- Dairy business
- Waste management and Packaging	- Continuous improvement
- Biodiversity	- Certifications
- Approach to deforestation	- Animal Welfare
			- Food safety

08.

HUMAN CAPITAL

• Our value proposition
• Diversity and Inclusion
• Attracting and generating local employment
• Training and development
• Performance management
• Health and Safety at work
• 10 safety rules
• People's health and well-being

09.

SOCIAL AND RELATIONAL CAPITAL

• Suppliers
• Customer relations
• Strategic Partnerships
• Community program
• Main results
• Education
• Nutrition
• Local Development
• Matching Program
• Violence Prevention

10.

GOVERNANCE

• Board of Directors
• BOD committees
• Aspects of our governance
• Executive Officers
• Ethics, Transparency, and Integrity
• Human Rights Policy
• Stakeholders and transparency
• Trends and factors we analyze
• Main risks considered by our governance

3

01.

MESSAGE

We present our 2022 Integrated Report, which consolidates the results, challenges and main ESG achievements of the year in an objective, concise and systematized manner, reinforcing our growth and productivity trajectory. This document reflects the impacts generated on people, the planet and the economy, from January 1st, 2022, to December 31st, 2022. It applies to all the markets where we operate. For its preparation, we used the most recognized international guidelines: 2021 GRI Standards (including its new sector standard for Agriculture), SASB Standards for all our sectors and the Integrated Reporting Framework ().

In 2022, our business management strengths could be seen in both our financial and operational performance. Despite a challenging year for all our businesses, not only from a weather perspective but also from a regulatory perspective, in addition to an overall increase in cost, we generated net sales of $1,324 million, adjusted EBITDA of $433 million and adjusted free cash flow from operations of $141 million.

Throughout the year and based on the articulated work done alongside our ESG Committee, we were able to analyze in greater depth our environmental, social, economic and governance impacts for each of our businesses. Thus, we continue to refine

our sustainable production model, in which we generate food and renewable energy, while fixing carbon in the soil. We have also set out our triple impact approach, linking our compensation policy to two ESG metrics in all our businesses: the annual evolution of women's participation and the reduction of carbon footprint.

Considering the rise of environmental, social and governance (ESG) topics, and the new regulations and standards on reporting, we conducted our first Double Materiality exercise to deepen our understanding on how the environment impacts our company and how our activities affect the ecosystem in which we operate. We conducted this analysis based on an exhaustive evaluation of trends, benchmarking, and market requirements. We also conducted in- depth interviews with our company's leaders and external experts, which resulted in a new Double Materiality Matrix presented in this document.

We are aware of the demands and needs of our local communities. For this reason, we continue to invest in actions with a positive social impact, woking towards the economic and social development of the members present throughout our value chain and of the communities where we operate. In 2022, we celebrated our company's 20th anniversary. Our first decision was to celebrate it both within our team and with each community. Thus, we carried out more than 20 gestures of solidarity for the benefit of different communities and visited 160 schools and grassroots organizations. We approached them to celebrate, enhance dialogue and give them a flag of their country as a symbol of hope and trust in the society we can build together.

During this period, we began to discuss public commitments to reduce emissions and water consumption in order to contribute to the Paris Agreement and the United Nations 2030 Agenda. We are currently in the decade of action, a critical period until 2030 in which, according to the United Nations, the world must accelerate sustainable solutions to reduce global emissions. These goals will strengthen our role in our contribution against climate change and in energy transition.

GRI 2-22,3-3

To conclude, I would like to congratulate everyone at Adecoagro for the way we are facing the current challenges, especially in terms of climate. These present a great opportunity to look inwards and rethink the way we work, our structure and our expenses. We can undoubtedly enhance processes with a social and environmental focus, seek further improvements, savings and efficiencies, and make a better company together as a team. We are all involved in this challenge, and we all have a leading role in taking Adecoagro to the place we want it to be. In 2023 our EFFICIENCY value must lead the way. As we frequently say: do it right, do it better.

Mariano Bosch

Cofounder and CEO

4

02.

ESG HIGHLIGHTS

We produce food and renewable energies with a focus on protecting the planet, caring for people and a transparent governance model.

Sown carinata in Argentina's humid pampas for SAF (Sustainable Aviation Fuel) biofuels.