A. HISTORY AND DEVELOPMENT OF THE COMPANY General Information Adecoagro was incorporated in the Grand Duchy of Luxembourg on June 11, 2010 as a société anonyme (a joint stock company). The Company’s legal name is “Adecoagro S.A.” On January 28, 2011, Adecoagro completed the IPO of its shares listed on the NYSE. The shares are traded under the symbol “AGRO.” Adecoagro is registered with the Luxembourg Registry of Trade and Companies under number B153681. Adecoagro has its registered office at 28 Boulevard F.W. Raiffeisen, L-2411 Luxembourg. Our telephone number is (+352) 264491, and our website is www.adecoagro.com. The SEC also maintains a website at http://www.sec.gov which contains reports and other information regarding registrants that file electronically with the SEC. History The Company was founded in September 2002 following the acquisition of a 100% equity interest in Adeco Agropecuaria S.A. This transaction, which included over 74,000 hectares of productive farmland in Argentina, established the Company as what we believe to be a leading sustainable agricultural company and provided the foundation for subsequent expansion. Between 2004 and 2005, the Company expanded regionally expansion by acquiring over 25,000 hectares of farmland in Uruguay and the Western Bahia region of Brazil, as well as additional farmland in Argentina to consolidate its Crops business. In 2005, the Company diversified into the Brazilian sugar, ethanol and energy sector through the acquisition of the Usina Monte Alegre S.A. mill, located in the state of Minas Gerais. In subsequent years, we completed the construction of two greenfield mills, Angelica and Ivinhema, creating a sugarcane cluster in Mato Grosso do Sul, Brazil. During the same period, the Company expanded its operations in Argentina through the acquisition of Pilagá S.A., which added more than 88,000 hectares of land and two rice processing facilities. In addition, we constructed two free-stall dairy facilities with a total capacity of 7,000 milking cows. As of December 31, 2025, we operate four free-stall facilities with over 14,400 milking cows. The Company further integrated its operations downstream to capture higher margins. Together with CHS de Argentina S.A., we constructed a sunflower processing facility in Pehuajó, Province of Buenos Aires, Argentina. The facility processes black oil and confectionary sunflower seeds into specialty products, including in-shell seeds and oil seeds, primarily for export. We subsequently acquired 100% ownership of this entity. In alignment with the Company’s sustainability objectives, in 2017 we completed construction of a biodigester to generate renewable electricity from dairy effluents. In 2019, the Company significantly expanded its consumer retail presence through the acquisition of two milk processing plants and two established dairy brands in Argentina: "Las Tres Niñas" and "Angelita." The Company also expanded its peanut operations through the acquisition of a peanut processing facility to process its production into value-added products for export. Recent strategic initiatives have focused on consolidating market leadership and optimizing the Company's global portfolio. In May 2022, we acquired Viterra Limited’s rice operations in Uruguay and Argentina. This transaction increased our 48 Table of contents rice processing capacity, yielded operational synergies, and expanded access to international markets for premium Uruguayan rice. Most notably, in December 2025, the Company completed the acquisition of a 90% controlling interest in Profertil through a $11 billion transaction involving stakes previously held by Nutrien and YPF. This strategic acquisition positions the Company as what we believe is a leading, cost-efficient global producer of urea and ammonia, further diversifying its agro-industrial platform and revenue streams. Corporate Developments In October 2010, the Company undertook a corporate reorganization to prepare its holding structure for its initial public offering (the “IPO”). As part of this reorganization, Adecoagro S.A., a société anonyme (joint stock company) incorporated under the laws of the Grand Duchy of Luxembourg, was established as the ultimate parent company and acquired approximately 98% of the underlying operating entities. On January 28, 2011, the Company completed its IPO, listing its common shares on the New York Stock Exchange under the symbol “AGRO.” On February 2, 2011, the Company issued 28,405,925 common shares to the public. Concurrently with the closing of the IPO, the Company issued and sold 7,377,598 common shares in a private placement to Al Gharrafa Investment Company, a wholly owned subsidiary of Qatar Holding LLC, at a price equal to the IPO underwriters’ purchase price. By 2012, the Company had issued an additional 1,654,752 shares to remaining limited partners to consolidate its ownership, increasing Adecoagro’s interest in its underlying holding structure to approximately 100%. To optimize its capital structure and extend its debt maturity profile, on September 21, 2017, the Company issued $500 million aggregate principal amount of its 6.000% Senior Notes due 2027 pursuant to an indenture with The Bank of New York Mellon. The notes are guaranteed on a senior unsecured basis by certain operating subsidiaries. On March 28, 2025, Tether commenced a cash tender offer to acquire up to 49,596,510 of the Company’s common shares. The offer was consummated on April 25, 2025, and Tether became the Company’s controlling shareholder. Following the tender offer, Tether increased its stake through open-market purchases throughout May 16, 2025 to August 28, 2025, of 4,756,273 additional shares and currently holds more than 70% of the Company’s outstanding common shares. On December 8, 2025, our registration statement on Form F-3 (File No. 333-291872) was declared effective by the SEC for a public offering of our common shares. We completed the public offering on December 15, 2025 issuing 41,379,311 common shares at a price of $7.25 per share. J.P. Morgan Securities LLC, BofA Securities, Inc., Banco BTG Pactual S.A. – Cayman Branch, Citigroup Global Markets Inc. and Itau BBA USA Securities, Inc. acted as underwriters in the offering. On December 17, 2025, the underwriters exercised their over-allotment option, resulting in the issuance of an additional 1,111,035 shares at the same price. In total, the net proceeds to us from the offering were approximately $304.1 million, after deducting underwriting discounts and commissions and offering expenses. To date, we have used the net proceeds from the offering for the payment of installments due to YPF in connection with the acquisition of its equity interests in Profertil, as well as for working capital and general corporate purposes, and we currently expect to continue to use the remaining net proceeds for the same purposes. Tether participated in the offering, acquiring 30,344,827 of the newly issued shares. As of December 31, 2025, Tether holds 105,880,368 common shares, representing approximately 74.3% of the Company’s outstanding common shares. In December 2025, the Company acquired from Nutrien its 50% interest in Profertil. This acquisition was carried out together with a third party, ACA, with ownership interests of 80% and 20%, respectively. The Company subsequently acquired the remaining 50% interest in Profertil from YPF. This second acquisition was completed without the participation of ACA, resulting in the Company owning 90% of Profertil and ACA owning the remaining 10%. The following chart summarizes our corporate structure as of the date of this annual report: 49 Table of contents Principal Capital Expenditures Capital expenditures totaled $938.0 million, $274.2 million and $$250.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. Capital expenditures include both maintenance capital expenditures and expansion capital expenditures. B. BUSINESS OVERVIEW Our Company We are a leading agro-industrial company in South America, with operations in Argentina, Brazil and Uruguay. Our businesses encompass agricultural production, industrial processing and the production of critical agricultural inputs. In agriculture, we produce a diversified portfolio of products—including various crops, rice, sugarcane and dairy—supplying both our own industrial operations and third-party clients. Our manufacturing activities include the processing and commercialization of value-added products, such as sugar, ethanol, energy, processed peanuts, rice and dairy products, including UHT milk and powdered milk, among others. In addition, we produce nitrogen-based fertilizers, supporting agricultural productivity in Argentina and South America. We also provide ancillary services including grain warehousing, conditioning, handling and drying. We also opportunistically conduct land sales and acquisitions. As of December 31, 2025, we managed 608,399 hectares of which we owned a total of 210,371 hectares through 17 farms in Argentina and 7 farms in Brazil. In terms of hectares, Argentina accounts for 94% of our portfolio and Brazil accounts for 6%. In addition, we own and operate several industrial facilities. For more information about our industrial assets, see “Item 4. Information on the Company—B. Business Overview—Property, Plant and Equipment—Our Industrial Facilities. We believe that we are: •one of the largest owners of productive farmland in South America; •an efficient producer and processor in Brazil, where we manage a plantation of 228,640 hectares and three sugar and ethanol mills with an annual installed capacity of 14.2 million tons of sugarcane crushed. •the largest producer of granular urea in South America, with a total installed capacity of 790 thousand tons of ammonia and 1.3 million tons of granular urea per year; •a leading producer of grains and oilseeds in South America, where we produce a wide range of crops, including soybeans, corn, wheat, peanut, sunflower and cotton, among others; 50 Table of contents •one of the largest fully integrated producers of rough (unprocessed) rice in the world. We are also a large processor and exporter of white rice (processed) in Argentina and Uruguay. Moreover, we are a leading retailer of rice products, including four popular brands—Molinos Ala, Apóstoles, 53 and Mucho Gusto; •a leading dairy producer in South America in terms of cutting-edge technology, productivity per cow and grain conversion efficiencies, and we add value in our processing facilities. We are a leading retailer of dairy products, including three popular brands—Las Tres Niñas, Apóstoles and Angelita; and •one of the leading companies in South America in the acquisition and transformation of undermanaged land to more productive uses, generating higher cash yields. The results of these transactions are disclosed within the Crops or Rice segment, depending on the utilization of the farm. We are engaged in three main businesses: our Sugar, Ethanol and Energy business based in Brazil, our Fertilizers business based in Argentina; and our Farming business which is based in Argentina and Uruguay, and includes our Crops, Rice and Dairy operations. Following the completion of the Fertilizers business through our acquisition of Profertil, we consolidated the results of operations of this business for the 13‑day period from the acquisition date, December 18, 2025, through December 31, 2025. Sugar, Ethanol and Energy Business We cultivate and harvest sugarcane, which is then processed in our own mills to produce sugar, ethanol and energy. As of December 31, 2025, we had 228,640 hectares of sugarcane plantations in the Brazilian states of Mato Grosso do Sul and Minas Gerais, of which 12,951 hectares were planted on our own land and 215,689 hectares were planted on land leased by us under long-term agreements. Furthermore, we own and operate three sugar and ethanol mills—UMA, Angélica and Ivinhema—with a total crushing capacity of 14.2 million tons of sugarcane per year as of December 31, 2025 (assuming an average of 5,569 milling hours). Our mills produce both sugar and ethanol, and accordingly, we have some flexibility to adjust our production (within certain capacity limits that generally vary between 40% and 80%) between sugar and ethanol, to take advantage of more favorable market demand and prices at given points in time. By using a by-product of the milling process which is the bagasse (the fiber of the sugarcane), we cogenerate renewable electricity which is used to power our mills, and we then sell the balance to the local grid via long-term contracts and spot transactions. In addition we reuse various by-products of the process, such as vinasse, which we use as a biofertilizer and as an input in the production of biomethane. For more information about our Sugar, Ethanol & Energy business, see “Item 4. Information on the Company—B. Business Overview—Sugar, Ethanol & Energy Business. Fertilizers Business We are a leading fertilizer producer in Argentina, supplying products that support efficient and sustainable agriculture. We primarily produce and commercialize granular urea, a high-nitrogen fertilizer used to support crop growth. We also commercialize other nutrients and specialty blends designed to optimize crop yields. With annual sustainable production of approximately 1.3 million tons of granular urea and 790 thousand tons of ammonia at our fertilizer plant located in Bahía Blanca, Province of Buenos Aires, we supply approximately 50% of Argentina’s urea demand. In addition, we operate four reception, storage and dispatch terminals located in Bahía Blanca, Necochea, and San Nicolás, in the Province of Buenos Aires, and in Puerto General San Martín, Province of Santa Fe. For more information about our Fertilizers business, see “Item 4. Information on the Company—B. Business Overview—Fertilizers Business. Farming Business As of December 31, 2025 we owned 197,417 hectares of farmland in Argentina. During the 2024/2025 harvest-year, we held leases or entered into agricultural partnerships for an additional 161,945 hectares of arable land. We own the facilities and have the resources to store and condition 100% of our crop and rice production. In addition, within our land portfolio there is a portion destined to cattle grazing activities in the Argentine provinces of Corrientes, Santa Fe, Formosa and Santiago del Estero. 51 Table of contents Our Farming business is subdivided into three main businesses: •Crops: We produce a wide range of agricultural commodities, including soybean, corn, wheat, peanut, sunflower and cotton, among others. In Argentina, our farming activities are primarily conducted in the Argentine Humid Pampas region, where agro-ecological conditions are optimal for low-cost production, as well as in the northern region of the country and in the center-west region of Uruguay. We own two grain handling and conditioning facilities, in addition to one processing facility for peanuts and one for sunflower, where we process our production as well as third-party production, and turn them into higher value-added products which are later exported. Furthermore, we produce over 300,000 tons of forage which is used to feed our cow herd. •Rice: We own a fully integrated rice operation. We produce irrigated rice in the northeastern provinces of Argentina and in Uruguay, where the availability of water, sunlight, and fertile soil results in a coveted region for the low-cost production of rice. We own four rice mills and one rice snack facility in Argentina and two rice mills in Uruguay that process our own production, as well as rice purchased from third parties. We produce different types of white and brown rice sold both in the domestic Argentine retail market under our own brands, and abroad. •Dairy: Through the production of raw milk, we are able to transform forage and grains into value-added animal protein. We operate four free-stall dairies in Argentina, which allow us to optimize our use of resources (land, dairy feeding cattle and capital), increase our productivity and maximize the conversion of forage and grain into raw milk. We also own two milk processing facilities where we produce ultra-high temperature (“UHT”) milk, powdered milk, semi-hard cheese, cream and chocolate milk, among other products, with the flexibility to sell to both the domestic and export market based on relative profitability. Moreover, we constructed two biodigesters with a total installed capacity of 3.4 MW that generate and deliver electricity to the local power grid by burning biogas extracted from effluents produced by our dairy cattle. For more information about our Farming business, see “Item 4. Information on the Company—B. Business Overview—Farming Business. Our Competitive Strengths •Unique and strategic asset base. We own strategically located farmland and industrial facilities throughout Argentina, Brazil and Uruguay. By continuously improving our operations and practices, we increase productivity and operating efficiencies while reducing operating and logistics costs. Owning a portion of the land where we operate is a key element of our business model. •Low-cost production leveraging agro-ecological competitive advantages. Each of our products is produced in regions where agro-ecological conditions provide competitive advantages and, together with our production model, support our position as a low-cost producer. These advantages include high-yield sugarcane growth in Brazil, access to low-cost natural gas for fertilizer production in Argentina, premium farmland in the Humid Pampas for crops and dairy, and favorable water and sunlight conditions for rice in Argentina and Uruguay, resulting in high productivity, efficient input use and competitive logistics. •Diversified asset base driving synergies, scale and resilient cash flows. Our diversified footprint across geographies, products and operations creates synergies and economies of scale, enabling the transfer of technologies and best practices across business lines, the implementation of land transformation strategies and a stronger negotiating position with suppliers and customers. This diversification also reduces exposure to climate risks and individual commodity cycles, supporting more stable cash flows. •Vertical integration enhancing efficiency and value capture. We pursue vertical integration selectively where it enhances the efficiency of our operations, where attractive returns are available or where the absence of competitive markets limits price transparency. This approach allows us to capture additional value across the value chain and reduce reliance on third-party infrastructure and commercialization channels. In businesses such as Rice, Dairy and Sugar, Ethanol and Energy, we process a portion of our production into higher-value products, improving margins and reducing exposure to commodity price volatility. •Scalable, technology-driven and sustainable operating model. Our standardized production model leverages agricultural practices and technology to optimize yields, reduce costs and enhance sustainability. These include mechanization, precision agriculture, proprietary seed development, efficient irrigation and circular processes such as energy cogeneration and by-product reuse, supporting margin improvement while maintaining environmental standards. •Proven land transformation and capital allocation expertise. We have a strong track record of acquiring, developing and monetizing farmland, including executing significant land purchase and disposition transactions since our inception. Our 52 Table of contents approach is supported by a disciplined, data-driven methodology for land valuation and transformation, drawing on proprietary analysis and technological tools, and extensive experience in assessing productivity and appreciation potential across regions in South America. •Experienced management team with strong execution capabilities Our management team has extensive industry experience and a track record of executing complex, large-scale projects, including land transformation initiatives, greenfield industrial developments and the integration of acquisitions. Our operations are supported by a skilled and technically qualified workforce across our operating sites. Our Business Strategy We intend to strengthen our position as a leading agro-industrial company in South America by expanding and consolidating our business lines to create long-term value for our shareholders. The key elements of our business strategy are as follows: •Consolidate our sugar and ethanol cluster in Mato Grosso do Sul. Our sugarcane cluster in Mato Grosso do Sul has allowed us to become what we believe is one of the most efficient and low cost producers of sugar, ethanol and energy in Brazil. We believe we still have capacity to expand our operations in the region while maintaining our competitive position. Additionally, we plan to continue to closely monitor the Brazilian sugar and ethanol industries and may pursue selective acquisitions that provide opportunities to increase our economies of scale, operating synergies and profitability. •Consolidate our Fertilizers business. Following the recent acquisition of Profertil, our strategy is to integrate this business into our agro-industrial platform and realize operational synergies and efficiencies. We believe we are among the lowest-cost producers of urea and ammonia globally, supported by access to competitively priced natural gas and our location in a net importing region. We are also evaluating opportunities to expand installed capacity given our access to more competitive natural gas prices and to regional markets that are net importers of urea. •Expand our Farming business through organic growth, leasing and strategic acquisitions. We will continue to seek opportunities for organic growth, target attractive acquisition and leasing opportunities and strive to maximize operating synergies and achieve economies of scale in each of our three main Farming business areas (Crops, Rice and Dairy). We believe that the execution risk associated with these projects will not be significant as we are investing in existing operations that are highly efficient. Moreover, our expected results do not rely exclusively on rising commodity prices, which we expect to remain flat. •Further increase our operating efficiencies while maintaining a diversified portfolio. We intend to continue to focus on improving the efficiency of our operations and maintaining a low-cost structure to increase our profitability and protect our cash flows from commodity price cycle risk. We seek to maintain our low-cost platform by (i) making additional investments in advanced technologies, including those related to agricultural, industrial and logistical processes and information technology, (ii) improving our economies of scale through organic growth, strategic acquisitions, and more efficient production methods, and (iii) fully utilizing our resources to increase our production margins. In addition, we intend to mitigate commodity price cycle risk and minimize our exposure to weather related losses by (a) maintaining a diversified product mix and vertically integrating production of certain commodities and (b) geographically diversifying the locations of our farms. •Continue to implement our land transformation strategy. We plan to continue to enhance the value of our owned farmland and future land acquisitions by making them suitable for more profitable agricultural activities, thereby seeking to maximize the return on our invested capital in our land assets. In addition, we expect to continue rotating our land portfolio through strategic dispositions of certain properties in order to realize and monetize the transformation and appreciation value created by our land transformation activities. We also plan to leverage our knowledge and experience in land asset management to identify superior buying and selling opportunities. Operations and Principal Activities Sugar, Ethanol and Energy Business Sugarcane 53 Table of contents Sugarcane is a tropical grass that grows best in locations with stable, warm temperatures and high humidity, although cold and dry winters are an important factor for the sucrose concentration of sugarcane. The climate and topography of the center-south region of Brazil is ideal for the cultivation of sugarcane and accounts for approximately 90% of Brazil’s sugarcane production. Sugarcane is the most efficient agricultural raw material used in the production of sugar and ethanol. Ethanol produced from sugarcane is highly regarded as an environmentally friendly biofuel with the following characteristics. Renewable: Sugarcane ethanol, unlike coal or oil, which can be depleted, is produced from sugarcane plants that grow back year after year, provided that they are replanted every five to seven years. Sustainable: Sugarcane only needs to be replanted every five to seven years, as a semi-perennial crop. It can be harvested without uprooting the plant, and therefore its cultivation has less of an impact on the soil and the surrounding environment. The mechanization of the harvesting and planting process further improves sustainable agricultural management. Energy Efficient: Sugarcane is highly efficient in converting sunlight, water and carbon dioxide into stored energy. The energy output of sugarcane is equal to nine times the energy input used in the production process, whereas the energy output of corn ethanol is only about 1.9 to 2.3 times the energy input used in its production process. Sugarcane produces seven times more energy compared to corn used for ethanol production. Low Carbon Emissions: Compared to gasoline, sugarcane ethanol reduces greenhouse gases by more than 61.0%, which is the greatest reduction of any other liquid biofuel produced today in large quantities. Ethanol made from sugarcane is deemed an advanced biofuel by the United States Environmental Protection Agency (EPA). Synergies: The main raw material used in the production of electricity in sugar mills is bagasse, which is a by-product of the sugarcane milling process, allowing for a renewable source of co-generated electricity. As of December 31, 2025, our sugarcane plantations consisted of 228,640 hectares of sugarcane planted in Minas Gerais and Mato Grosso do Sul in Brazil. Approximately 95% of our sugarcane is planted over land leased through agricultural partnerships. Under these agreements, our partners lease land to us for periods of between one and two sugarcane cycles, equivalent to periods of seven to fourteen years, on which we cultivate the sugarcane. Lease payments are based on the market value of the sugarcane set forth by the regulations of the State of São Paulo Sugarcane, Sugar and Alcohol Growers Council (Conselho dos Produtores de Cana-de-Açúcar, Açúcar e Álcool do Estado de São Paulo) or “Consecana”. We planted and harvested approximately 90% of the total sugarcane we milled during 2025, with the remaining 10% purchased directly from third parties at prices also determined by the Consecana system, based on the sucrose content of the cane and the prices of sugar and ethanol. The following table sets forth a breakdown during the time periods indicated of the amount of sugarcane we milled that was grown on our owned and leased land or purchased from third parties: Year Ended December 31, 2025 2024 2023 (In tons) Grown on our owned and leased land 10,970,267 11,668,117 11,685,815 Purchased from third parties 1,174,945 1,094,480 811,608 Total 12,145,212 12,762,597 12,497,423 Sugarcane Harvesting Cycle The annual sugarcane harvesting period in the center-south region of Brazil begins in March/April and ends in November/December of each year. In Mato Grosso do Sul, where our cluster is located, the weather pattern is less seasonal than in Sao Paulo. Our wet season is dryer and our dry season is more humid than traditional sugarcane regions. As a consequence of this weather pattern, the sugar content, measured by the total recoverable sugar, or “TRS”, gap between the beginning and the end of the year compared to the peak of the harvest is much smaller than in São Paulo. This allows us to grow and harvest sugarcane year-round with a minimal impact on TRS. Since the beginning of the 2016/2017 harvest year, we have implemented a “non-stop” or “continuous” harvest model. This means that we harvest and crush sugarcane year-round, without stopping during the traditional off-season. This strategy allows us to increase annual sugarcane milling and sugar, ethanol and energy production by approximately 10%. Another benefit of the system is that we produce ethanol in the off-season, when market prices usually have a high premium to prices at harvest. In addition, cogeneration efficiency is related to harvested volumes and unrelated to TRS, enabling us to utilize our 54 Table of contents cogeneration potential during the whole year. Considering that approximately 86% of total costs are fixed, this model has resulted not only in higher revenues but also in the dilution of our fixed costs. We plant several sugarcane varieties, depending on the quality of the soil, the local microclimate and the estimated date of harvest of such area. Once planted, sugarcane can be harvested, once a year, up to six to eight consecutive years. With each subsequent harvest, agricultural yields decrease. The plantations must be carefully managed and treated during the year in order to continue to attain sugar yields similar to a newly-planted crop. We believe we own one of the most mechanized harvesting operations in Brazil. Our sugarcane harvesting process is currently 100% mechanized. Mechanized harvesting does not require burning prior to harvesting, significantly reducing environmental impact when compared to manual harvesting. In addition, the leaves that remain on the fields after the sugarcane has been harvested mechanically create a protective cover for the soil, reducing evaporation and protecting it from sunlight and erosion. This protective cover of leaves decomposes into organic material over time, which increases the fertility of the soil. Mechanized harvesting is more time efficient and has lower costs when compared to manual harvesting. Sugarcane is ready for harvesting when the crop’s sucrose content is at its highest level. Sucrose content and sugarcane yield (tons of cane per hectare) are important measures of productivity for our harvesting operations. Geographical factors, such as soil quality, topography and climate, as well as agricultural techniques that we implement, affect our productivity. Since most sugar mills produce both sugar and ethanol in variable mixes, the industry has adopted a conversion index for measuring sugar and ethanol production capacity, the TRS index, which measures the amount of kilograms of sugar per ton of sugarcane. Once sugarcane is harvested, it is transported to our mills for inspection and weighing. We utilize our own trucks and trailers for transportation purposes. The average transportation distance from the sugarcane fields to the mills is approximately 30 kilometers at the UMA mill and 33 kilometers at the Angélica and Ivinhema mills. Our Sugar Mills We currently own three sugar mills in Brazil—UMA, Angélica and Ivinhema. Our mills produce sugar, ethanol and energy, and have the flexibility to adjust the production mix between sugar and ethanol, to take advantage of more favorable market demand and prices at given points in time. As of December 31, 2025, our mills had a total installed crushing capacity of 14.2 million tons of sugarcane, of which 13.0 million tons correspond to our sugarcane cluster in Mato Grosso do Sul (Angélica and Ivinhema). As of December 31, 2025, we crushed an aggregate volume of 12.1 million tons of sugarcane. The UMA mill is located in the state of Minas Gerais, Brazil, and has a sugarcane crushing capacity of 1.2 million tons per year (assuming an average of 4,800 milling hours). During 2025, UMA had the capacity to produce up to 90,573 tons of sugar, 57,637 cubic meters of ethanol and to export 74,880 MWh of energy. It has an associated sugar brand, Açúcar Monte Alegre, with a strong presence in the regional retail market. Angélica and Ivinhema are two modern mills, which were built in the state of Mato Grosso do Sul, Brazil, located 45 kilometers apart, and form a cluster surrounded by one large sugarcane plantation. Angélica is an advanced mill, completed in 2010, with a current sugarcane crushing capacity of 5.6 million tons per year (assuming an average of 5,333 milling hours). During 2025, it had the capacity to produce up to 363,863 tons of sugar, 310,496 cubic meters of ethanol and to export 504,000 MWh of energy. It is equipped with two modern high pressure boilers and three turbo-generators with the capacity to generate approximately 110 MW of electricity through the use of sugarcane bagasse. The energy produced through this process is used to power the mill with an excess of 70 MW available for sale to the power grid. Ivinhema mill has a current sugarcane crushing capacity of 7.4 million tons per year (assuming an average of 5,920 milling hours). It is equipped with state-of-the-art technology including full cogeneration capacity, flexibility to produce sugar and ethanol and fully mechanized agricultural operations. During 2025, it had the capacity to produce up to 350,686 tons of sugar, 350,686 cubic meters of ethanol and to export 612,000 MWh of energy. In terms of energy produced, it is used to power the mill with an excess of 85 MW available for sale to the power grid. The following table sets forth a breakdown of our production volumes by product for the years indicated in our Sugar, Ethanol and Energy business: Year Ended December 31, 2025 2024 2023 Sugar (tons) (1) 600,383 832,389 805,608 Ethanol (cubic meters) 588,004 532,715 522,508 Energy (MWh exported) 676,389 743,488 694,259 55 Table of contents (1) Includes 3,561 tons of organic sugar in 2023. Our Main Products Sugar As of December 31, 2025, our sugar production capacity was approximately 3,550 tons per day which, after 15,385 hours of milling, resulted in a maximum production capacity of over 805,121 tons of sugar. There are essentially five steps in the sugar manufacturing process. First, we crush the sugarcane to extract the sugarcane juice. We then treat the juice to remove impurities. The residue is used to make an organic compost used as fertilizer in our sugarcane fields. The juice is then boiled until the sugar crystallizes, and sugar is then separated from the molasses (glucose which does not crystallize) by centrifugation. The resulting sugar is dried and sent to storage and/or packaging. We use molasses in our production of ethanol. On average, one metric ton of sugarcane contains 140 kilograms of TRS. While a mill can produce either sugar or ethanol, the TRS input requirements differ between these two products. On average, 1.045 kilograms of TRS equivalent are required to produce 1.0 kilogram of sugar, while the amount of TRS required to produce one liter of ethanol is 1.691 kilograms. We produce two types of sugar: very high polarization, or “VHP” sugar and white crystal sugar. VHP sugar, a raw sugar with a minimum polarization of 99.00 degrees and a maximum polarization of 99.49 degrees of sucrose content, is similar to the type of sugar traded in major commodities exchanges, including the standard NY11 contract. The main difference between VHP sugar and NY11 raw sugar is the sugar content of VHP sugar, and it therefore commands a price premium over NY11 raw sugar. Crystal sugar is a non-refined white sugar (color 150 ICUMSA) produced directly from sugarcane juice. We sell sugar both in domestic and international markets. Domestic sales are processed by our own brand “Açúcar Monte Alegre,” which is based in the state of Minas Gerais, Brazil. Through this brand, we sell conventional sugar, allowing us to have a competitive advantage amongst our peers. Prices for the sugar we export are set in accordance with international market prices, which are in turn determined in accordance with ICE # 11 futures contracts. For the year ended December 31, 2025, our largest three customers in this segment accounted for approximately 54% of our total export sales, and the remaining 46% was dispersed among several customers. Sugar revenues comprised 18.6%, 25.8% and 32.3% of our total consolidated revenues in 2025, 2024 and 2023, respectively. Ethanol As of December 31, 2025, our ethanol production capacity was approximately 3,130 cubic meters per day which, after 15,385 hours of milling, resulted in a maximum production capacity of over 718,819 cubic meters of ethanol. Ethanol is produced through the fermentation of sugarcane juice or diluted molasses. Initially, we process the sugarcane used in ethanol production the same way that we process it for sugar production. The molasses resulting from this process is mixed with clear juice and then with yeast in fermentation vats, and the resulting wine has an ethanol content of approximately 8% to 10%. After the fermentation is complete, the yeast is separated for recycling in the ethanol production process. We distill the wine to obtain hydrous ethanol. In order to produce anhydrous ethanol, hydrous ethanol undergoes a dehydration process in a molecular sieve. We produce both hydrous and anhydrous ethanol at our Angelica and Ivinhema mills whereas at our UMA mill we only have the industrial capacity to produce hydrous ethanol. We sell ethanol both to domestic and international markets. During 2025, all our ethanol sales were destined to the domestic Brazilian market. Approximately 27% of our domestic ethanol sales are made through formal agreements. The remainder is sold through daily sales orders through specialized brokerage firms and/or directly with distribution companies and the prices for these transactions are set using the CEPEA/ESALQ hydrous ethanol index as a reference. Our largest five customers by volume accounted for approximately 74% of our sales for the year ended December 31, 2025. Ethanol revenues comprised 23.6%, 17.5% and 19.0% of our total consolidated revenues in 2025, 2024 and 2023, respectively. 56 Table of contents Since 2020, we have been selling carbon credits or “CBios” under the RenovaBio program. The RenovaBio program was designed by the Brazilian government to cut carbon emissions by discouraging fossil fuel consumption while encouraging the production of renewable energy. Under this program, a carbon credit market is established in which sellers of fossil fuels have to acquire a mandatory quota of carbon credits set based on the amount of non-renewable fuels sold by them in the prior year. Issuers of CBios are biofuel producers whose mills have been certified by the ANP and awarded a score based on how “green” their mill operation is. This score acts as a multiplier for the amount of CBios the mill can issue for every cubic meter of ethanol it sells. CBios, in turn, are financial instruments traded on the B3. Prices are based on the supply of and demand for those credits. Cogeneration Sugarcane is composed of water, fibers, sucrose and other sugars and minerals. When the sugarcane goes through the milling process, we separate the water, sugar and minerals from the fibers or sugarcane bagasse. Bagasse is an important subproduct of sugarcane, and it is used as fuel for the boilers in our mills. Sugarcane bagasse is burned in our state-of-the-art boilers to produce high-pressure steam (68 atm) which is used in our high-efficiency turbo-generators to generate electricity to power our mills. The excess electricity, about 68% of the production capacity, is sold to the national power grid. As of December 31, 2025, total installed cogeneration capacity reached 246 MW. The ability to generate electricity from the by-product of the sugarcane crushing process on a large enough scale to fully power a mill with excess electricity being available is referred to as having full cogeneration capacity. Our three mills are duly licensed by the Brazilian Electricity Agency (Agência Nacional de Energia Elétrica, or “ANEEL”) to generate and sell electricity. We also sell electricity cogenerated at our sugar and ethanol mills to the grid. Sales are made to commercialization companies, in the spot market, to distributors and through government auctions in long-term contracts. Our largest six customers accounted for approximately 62% of our revenues for the year ended December 31, 2025. ANEEL has organized yearly auctions for alternative energy and for renewable sources at favored rates. As a hedging strategy, we sell the electricity production of our mills through long-term contracts adjusted for inflation by reference to the “IPCA”. In August 2010, Angélica participated in a public auction, where upon Angélica entered into a 15-year agreement with CCEE starting in 2011 for the sale of 131,400 MWh per year at a rate of R$357.27 per MWh (for 2025). Adecoagro Vale do Ivinhema S.A. entered into a second 25-year agreement with CCE starting in 2018, for the sale of 87,600 MWh per year at a rate of R$262.85/MWh. The delivery period is March to November for the first auction and April to November for the second auction. The rates under both agreements are adjusted annually for inflation by reference to the IPCA. The following flow chart demonstrates the sugar, ethanol and cogeneration production process: 57 Table of contents The main advantages of energy generated by sugarcane bagasse are: •it is a clean and renewable energy; •it complements hydropower, the main source of Brazilian energy, as it is generated during the sugarcane harvest period (April to December) when water reservoirs are at their lowest level; •it requires a short period of time to start operations; and •it requires only a small investment in transmission lines when plants are located close to consumer centers. We believe that there is a high potential for growth in the generation of electricity, and we are prepared to make investments to the extent economically viable. The following table sets forth our revenues for each of the sugarcane by-products we produce for the years indicated: Year Ended December 31, 2025 2024 2023 (In thousands of $) Sugar 265,687 391,738 419,858 Ethanol 337,550 265,154 247,008 Energy 37,198 33,795 34,844 Other 16,433 17,267 20,597 Total 656,868 707,954 722,307 Furthermore, we continue developing and adopting technologies to become more efficient sugarcane producers and further reduce our carbon footprint. In 2017, we developed proprietary technology to produce biogas from vinasse, a subproduct of the ethanol production process, and built a biogas unit in our Ivinhema mill. Biogas can be used in the production of renewable energy or converted into biomethane to replace diesel consumption. We use vinasse in a concentrated form as input in a biodigester where microorganisms act on organic matter and produce biogas. Biogas, in turn, once cleaned and compressed is converted into biomethane which can be used as biofuel in adapted vehicles, such as trucks, lorries and cars. We are currently expanding our installed capacity by five times via the construction of two additional biodigesters. Once completed (expected in 2026), we will be able to produce the equivalent of 14 million liters of diesel annually. In order to undergo this project, we secured financing from the Brazilian Funding Authority for Studies and Projects (Financiadora de Estudos e Projetos, or “FINEP”) for the total expected amount (R$226 million; equivalent to $41 million) due in 16 years (including 4 years of grace period). This project will enhance the sustainability of our operations, has the potential to create an additional revenue stream and will enable us to replace our diesel consumption. Concurrently, and independently from its use in biogas production, we also use concentrated vinasse as potassium biofertilizer in our sugarcane plantation. Storage and Conditioning for the Sugar, Ethanol and Energy business Our sugar and ethanol storage and conditioning facilities are located at our mill sites and enable us to deliver our products when they are ready to be commercialized with no third-party involvement. Having such facilities at mill sites allows us to (i) reduce storage and conditioning costs; (ii) reduce freight costs since we only commence moving the product once the final destination is determined, whether locally or to a port; and (iii) capitalize on fluctuations in the prices of sugar and ethanol. The following table sets forth the nominal storage capacity of sugar and ethanol at each of our locations as of December 31, 2025: Nominal Storage Capacity Cluster UMA Total Ethanol (cubic meters) 240,000 16,500 256,500 Sugar (tons) 110,000 28,000 138,000 Fertilizers Business Fertilizers 58 Table of contents Fertilizers play an important role in increasing agricultural productivity and supporting food supply. They are also essential for replenishing soil nutrients that are depleted through crop growth. When applied in accordance with agronomic management practices, fertilizers support soil health, plant nutrition and crop yields. Fertilizers are generally classified according to the primary nutrient they supply to the soil: nitrogen (N), phosphorus (P) and potassium (K). Among these, nitrogen fertilizers are the most widely used, and urea is the most commonly used nitrogen fertilizer due to its high nitrogen content. Global urea production is approximately 200 million tons, with the three largest producing countries, China, India and Russia, accounting for approximately 55% of total output. Approximately 30% of global production is traded, with the main exporting regions including the Middle East (Iran, Qatar, Saudi Arabia, Oman, the United Arab Emirates and Bahrain), Eastern Europe (Russia, Turkmenistan and Belarus), and Africa (Egypt, Nigeria and Algeria), where producers benefit from access to competitively priced natural gas, the primary input for urea production. Countries with large agricultural sectors, such as India, Brazil and the United States, are the principal importers of urea. In Argentina, fertilizers play a key role in supporting crops such as corn, wheat and barley. Annual consumption ranges between 5.0 and 5.7 million tons, of which approximately 50% to 60% are nitrogen‑based fertilizers, and approximately 80% of those are urea (approximately 2.0 to 2.5 million tons). Granular urea is the primary fertilizer used for crops, providing nitrogen, a key nutrient for the development of above-ground biomass. Production Process The production of granular urea requires three primary inputs: water, natural gas and air. The reactants to produce urea are ammonia and carbon dioxide. In the ammonia production process, natural gas is introduced into a furnace together with steam generated in boilers, where it undergoes an endothermic catalytic reaction that converts the natural gas (primarily methane) into processed gas in the primary Reformer. Thereafter, the gases are combusted with pressurized air at temperatures of up to 960°C and are further reformed to produce, among other components, carbon dioxide and hydrogen. The hydrogen is then combined with nitrogen obtained from the air in a catalytic reactor, to produce gaseous ammonia, which is subsequently liquefied and stored at a pressure close to atmospheric pressure at approximately –33°C. The majority of this liquid ammonia is used to produce urea, while the remainder is marketed for various applications, including refrigeration and as a raw material for the cosmetics and cleaning industries. The liquid ammonia used for urea production is combined with carbon dioxide in a reactor, where urea begins to form in solution. The solution is then concentrated through water removal processes until it becomes a liquid urea stream (97% concentration), which is sent to the granulation units, where residual moisture is removed under vacuum conditions and urea granules are formed. This production process operates continuously, 24 hours a day, 365 days a year. Industrial Assets & Gas Supply Our fertilizer plant is located in Ingeniero White, in the city of Bahía Blanca, Province of Buenos Aires, Argentina. The complex has a nominal production capacity of 2,360 tons of ammonia and 3,950 tons of granular urea per day, corresponding to an installed sustainable capacity of 790 thousand tons of ammonia and 1.3 million tons of urea annually. The complex also includes a utilities area that supplies cooling water, compressed air, nitrogen and demineralized and industrial water. The site includes a dedicated dock capable of receiving vessels with significant length and draft, road and rail connections to key agricultural regions, and storage facilities with capacity for 150,000 tons of granular urea and 20,000 tons of ammonia. The plant also includes an external facility for the dispatch, blending and bagging of fertilizers. The plant consumes approximately 2.5 million cubic meters per day of natural gas (equivalent to approximately 33 million MMBtu per year), sourced from the San Jorge Gulf, Austral and Neuquén basins. Natural gas supply and transportation are fully contracted at fixed prices with major upstream producers and pipeline operators, which mitigates volumetric risk. These contracts include take‑or‑pay provisions that secure gas prices for contracted volumes, while providing limited flexibility to purchase gas in the spot market when prices are favorable. Commercialization As Argentina is a net importer of urea, substantially all of our production is sold domestically. Prices are generally determined based on import parity, reflecting the country of origin and the costs associated with transportation and entry into Argentina. Our principal competition consists of imported urea sourced from countries such as Nigeria, Algeria, Egypt, countries in the Arabian Gulf, Venezuela, Bolivia and Russia. 59 Table of contents Given the characteristics of the market, most sales are executed through purchase spot orders. Fertilizer sales are primarily conducted through a large-account channel (representing approximately 86% of sales, corresponding to our eight largest customers) and a network of wholesale distributors (approximately 12%), which in turn sell to end customers. In addition, when product availability permits, we export limited volumes, primarily to Brazil, Uruguay and Chile. Although our sales are conducted year-round, they are subject to seasonality associated with fertilizer application periods for crops in Argentina, particularly wheat and corn. Activity typically increases from May through year‑end, with the second half of the year accounting for approximately 60% to 65% of total sale and peak activity occurring between August and November. Storage and Conditioning In addition to the storage capacity available at our fertilizer plant, we operate three logistics and storage dispatch centers strategically located near Argentina’s key agricultural production regions: Puerto General San Martín, San Nicolás and Necochea. Puerto General San Martín: Located in the Province of Santa Fe, Argentina, with storage capacity of approximately 200,000 tons of solid fertilizers. The terminal is situated in a key agricultural hub and serves as an important logistics facility. San Nicolás: Located in the city of San Nicolás de los Arroyos, Province of Buenos Aires, Argentina. The terminal includes three domes (semi‑spherical silos) and one cell, with storage capacity of approximately 75,000 tons of solid fertilizers, as well as two tanks with capacity to store approximately 35,000 tons of liquid fertilizers. The facility receives urea produced in Bahía Blanca, as well as other fertilizers, by vessel, which are subsequently blended, bagged and dispatched by truck throughout the country. Necochea: Located in the southern region of the Province of Buenos Aires, Argentina. This terminal has storage and dispatch capacity of approximately 70,000 tons of solid fertilizers. Farming Business Our Farming business is divided into three main reportable operating segments: Crops, Rice and Dairy. Crops Segment Our agricultural production is mainly based on planting, growing and harvesting crops. During the 2024/2025 harvest-year, we planted and harvested crops and forage on approximately 252,141 hectares, including our owned land, leased land and second harvest areas. In mid-2025, we began planting crops pertaining to the 2025/2026 harvest-year with a total planted area of 180,162 hectares (excluding forage). Our main products include soybean, corn, wheat, peanut, sunflower and cotton. Our crop production process is directly linked to the geo-climatic conditions of our farms and our crop cycles, which define the periods for planting and harvesting our various products. Our crop diversification and the location of our farms in various regions of Argentina and Uruguay enable us to implement an efficient planting and harvesting system throughout the year, which includes second harvests in many cases. Our production process begins with the planting of each crop. After harvesting, crops may go through a processing phase where the grains or seeds are cleaned and dried to reach the required market standards. The following table sets forth, for the harvest-years indicated, the planted areas for our main products: 60 Table of contents Harvest Year 2024/2025 2023/2024 2022/2023 Planted Area (in hectares) Soybean (1) 92,446 88,681 81,770 Corn (2) 46,883 59,591 41,411 Wheat (3) 47,820 28,142 35,789 Sunflower 12,609 10,832 18,131 Cotton 4,890 5,199 10,075 Peanut 25,352 24,282 19,813 Forage (4) 11,599 14,363 13,650 Others (5) 10,542 3,698 2,657 Total 252,141 234,788 223,296 ________________________________________________________________________________________________ (1) Includes soybean first crop and second crop planted area. (2) Includes corn first crop and second crop planted area as well as sorghum. (3) Includes barley crop. (4) Forage includes corn silage, wheat silage and sorghum used for feeding cattle in our dairy operation. (5) Includes beans, chia and sesame. The following table sets forth, for the harvest-years indicated, the production volumes for our main products: Harvest Year 2024/2025 2023/2024 2022/2023 2021/2022 Production(1) (in tons) Soybeans (2) 230,439 234,064 123,827 177,963 Corn 265,511 310,497 192,615 342,621 Wheat 118,371 88,207 83,290 137,953 Sunflower 26,480 18,500 32,565 39,054 Cotton lint 2,238 2,207 6,224 4,262 Peanut 83,406 87,586 39,306 62,433 Others 5,895 2,453 6,028 5,238 Total 732,340 743,514 483,855 769,524 ________________________________________________________________________________________________ (1) Crop production does not include 336,000 tons, 320,839 tons, 288,137 tons and 314,000 tons of forage produced in the 2024/2025, 2023/2024, 2022/2023 and 2021/2022 harvest-years, respectively. (2) Does not include the soybean planted in Brazil in 2024/2025, 2023/2024, 2022/2023 and 2021/2022 as cover crop during the implementation of the agricultural technique known as meiosis. Revenues corresponding to the sale of this product are booked in the Sugar, Ethanol and Energy segment. Soybeans Soybeans are an annual legume widely grown due to their high content of protein (40%) and oil (20%). The world’s top producers of soybeans currently are the United States, Brazil, Argentina, China and India. About 85% of the world’s soybeans are processed, or “crushed,” annually into soybean meal and oil. Approximately, 98% of soybean meal is further processed into animal feed, with the balance used to make soy flour and proteins. Of the oil content, 85% is consumed as edible oil and the rest is used for industrial products such as fatty acids, soaps and biodiesel. Our soybean crop is sold to local companies and is ultimately exported or diverted to the crushing industry. A portion of our soybean crop is hedged pre-harvest, by forward sales and sales in the futures markets. Harvest and post-harvest sales are a function of the export market versus local premiums paid by crushers (oil, meal and biodiesel) and logistics considerations. Our eleven largest customers accounted for approximately 75% of our soybean sales for the year ended December 31, 2025. Soybeans comprised 5.2%, 4.5% and 3.9% of our total consolidated revenues in 2025, 2024 and 2023, respectively. Corn 61 Table of contents Corn is a cereal grown around the world and is one of the world’s most widely consumed foods. The main component of corn grain is starch (72% to 73% of grain weight), followed by proteins (8% to 11%). Corn grain is directly used for food and animal feed (beef, swine and poultry meat production and dairy). Corn is also processed to make food and feed ingredients (such as high fructose corn syrup, cornstarch and lysine), or industrial products such as ethanol and polylactic acid (PLA). Oil, flour and sugar are also extracted from corn, with several uses in the food, medicine and cosmetic industries. Additionally, there are specific corn types used for direct human consumption such as popcorn and sweet corn. Our corn production is mainly destined to the export market. Our eight largest customers comprised approximately 71% of our corn sales for the year ended December 31, 2025. Corn comprised 3.4%, 3.5% and 2.7% of our total consolidated revenues in 2025, 2024 and 2023, respectively. Wheat Wheat is the world’s largest cereal-grass crop. Unlike other cereals, wheat grain contains a high amount of gluten, the protein that provides the elasticity necessary for excellent bread making. Although most wheat is grown for human consumption, other industries use small quantities to produce starch, paste, malt, dextrose, gluten, alcohol, and other products. Inferior and surplus wheat and various milling by-products are used for livestock feed. Our wheat production is mainly destined to the export market, but may also be sold locally to mills that produce flour for the food industry. Quality segregation allows us to negotiate premiums with the millers and the export market. Brazil is the main importer of Argentine wheat. Our seven largest customers comprised approximately 74% of our wheat sales for the year ended December 31, 2025. Wheat comprised 1.7%, 1.5% and 1.2% of our total consolidated revenues in 2025, 2024 and 2023, respectively. Sunflower There are two types of sunflower, the most important of which in terms of volume is the oilseed sunflower, which is primarily grown for the oil extracted from the seed. Sunflower oil is considered one of the top three oils for human consumption, due to its high oil content (39-49%) and its oil composition (90% of oleic and linoleic oil). The other type of sunflower is the confectionary sunflower, which is used for direct human consumption. Sunflower seeds are an exceptional source of vitamin E, omega-6 fatty acids, dietary fiber and minerals. We grow both types of sunflower. Since early 2019, we have been operating a sunflower processing facility located in Buenos Aires province, Argentina. This enables us to control processing activities and develop direct and long-term relationships with different customers around the world. Our sunflower production from Argentina is sold to local companies. Our five largest customers comprised 79% of our sunflower sales for the year ended December 31, 2025. Sunflower comprised 0.9%, 0.7% and 1.5% of our total consolidated revenues in 2025, 2024 and 2023, respectively. Peanut Peanut is a summer legume that has its harvesting process divided in two stages: (1) digging, which implies loosening the plant, cutting the taproot and inverting the plant; and (2) combining, which means separating the pods from the vines. Planting activities begin in October and approximately 150 days after planting, digging activities take place. In Argentina, all peanuts grown are highly oleic. Córdoba province is Argentina’s largest peanut production area due to its optimal agro-climatic conditions, which have led many processing industries to install there, including ours. Argentina is positioned among the most important players in the production and export of peanuts, with high technological levels in terms of production as well as processing. Argentina exports more than 90% of the peanuts it produces and its main market is the E.U., followed by Latin America, Northern Africa and Asia. Its main competitors are the United States, Brazil and China. Since early 2019, we own and operate a peanut processing facility equipped with cutting-edge technology. This vertical integration is in line with our strategy to grow our peanut business as it enables us to control processing activities and develop direct and long-term relationships with different customers around the world. 62 Table of contents Approximately 95% of our peanut production is exported. Our ten largest customers comprised approximately 82% of our peanut sales for the year ended December 31, 2025. Peanut comprised 4.2%, 3.9% and 5.2% of our total consolidated revenues in 2025, 2024 and 2023, respectively. Cotton We typically make pre-harvest sales of cotton fiber produced in Argentina into the export market. Sales for the textile industry are based on domestic demand and premiums. Our three largest customers comprised approximately 81% of our cotton sales for the year ended December 31, 2025. Cotton seed is sold in the domestic market to meet feed demand. Cotton comprised 0.4%, 0.2% and 0.9% of our total consolidated revenues in 2025, 2024 and 2023, respectively. Forages We are engaged in the production of forage in Argentina, including corn silage, wheat silage and sorghum silage. We use forage as cow feed in our dairy operation. During the 2024/2025 harvest-year, we planted 11,599 hectares of forage and produced 336,000 tons of forage. Grain Prices In Argentina, grain prices are based on the market prices quoted on Argentine grain exchanges, such as the Buenos Aires Grain Exchange (Bolsa de Cereales de Buenos Aires) and the Rosario Grain Exchange (Bolsa de Cereales de Rosario), which use as a reference the prevailing prices in international grain exchanges (including CBOT and ICE-NY). In Uruguay, local prices are based on an export parity (during harvest) or import parity in the case of post-harvest sales, which, in each case, take into account the prices and costs associated with each market. Prices are quoted in relation to the month of delivery and the port in which the product is to be delivered. Different conditions in price, such as terms of storage and shipment, are negotiated between us and the end buyer. We negotiate sales with the top traders and industrial companies in our markets. We also engage in hedging positions by buying and selling futures and options in commodities exchanges, including the Chicago Board of Trade, the New York Board of Trade, the B3, and the Mercado a Término de Buenos Aires (MATBA). The following tables below set forth, for the years indicated, the sales breakdown and the associated hyperinflation adjustment of our main Crops products: Year Ended December 31, 2025 2024 2023 Sales (In thousands of US$) Soybeans (1) 74,218 68,791 51,096 Corn (2) 48,866 53,556 35,464 Wheat (3) 23,611 23,305 15,968 Sunflower 13,308 10,203 19,812 Peanut 60,381 59,602 67,072 Other crops (4) 27,132 20,671 27,500 Adjustments (5) (5,929) 13,068 (50,659) Total 241,587 249,196 166,253 ________________________________________________________________________________________________ (1) Does not include revenue corresponding to the sale of soybean planted in Brazil in 2024/2025, 2023/2024 and 2022/2023 as cover crop during the implementation of the agricultural technique known as meiosis. Revenues corresponding to the sale of this product are booked in the Sugar, Ethanol and Energy segment. (2) Includes sorghum. (3) Includes barley. (4) Includes cotton, other crops and farming services. Includes sale of certifications related to RTRS soybean (Round Table on Responsible Soy Association) and sales related to our cattle activities. (5) Refers to the accumulated adjustment of hyperinflation in the accounting translation for our Crops segment sales. 63 Table of contents Hyperinflation Adjustments Year Ended December 31, 2025 2024 2023 Sales (In thousands of US$) Soybeans (1,979) 4,207 (18,038) Corn (1,970) 3,599 (12,612) Wheat (592) 2,454 (5,158) Sunflower (414) 566 (4,416) Peanut (434) 248 (3,426) Other crops (540) 1,994 (7,009) Total (5,929) 13,068 (50,659) Crops Storage and Conditioning Our storage and conditioning facilities allow us to condition, store and deliver our products with no third-party involvement. All our crop storage facilities are located close to our farms, allowing us to (i) reduce storage and conditioning costs; (ii) reduce freight costs since we only commence moving the product once the final destination is determined, whether locally or to a port; (iii) capitalize on fluctuations in the prices of commodities; and (iv) improve commercial performance by mixing grains to avoid discounts due to substandard quality. We own two conditioning and storage facilities for grains and oilseeds, with a total built storage capacity of 37,000 tons. One of our facilities has a capacity of 12,500 tons and is located in the province of Santa Fe, Argentina, in the town of Christophersen. It has a railway loading terminal, providing logistical flexibility and savings. Our other facility has a capacity of 24,500 tons and is located in Buenos Aires province close to Bahía Blanca’s deep water port. We also use silo bags to increase our storage capacity at a low cost. Silo bags are an efficient low-cost method for grain storage. As crops are harvested, they are placed inside large polyethylene bags that can be left in the fields for approximately 12 months without damaging the grain. Each silo bag can hold up to 180 to 200 tons of product, depending on the type of grain. In addition, our peanut processing facility has the capacity to store 10,000 tons of finished product (and 67,000 of in-shell product), while our sunflower processing facility has the capacity to store 13,200 tons of sunflower, out of which 10 thousand tons are stored in leased silo bags. By the end of September 2024, we experienced a fire event in one of our peanut storage cells. This event was fully covered under our insurance policy and thereby the damaged storage cell has been repaired. We consider that such event did not materially affect our business as a whole. The table below sets forth our drying and storage capacity as of December 31, 2025: Drying & Storage Capacity Nominal Total Drying Capacity (tons/day)(1) 9,925 Total Storage Capacity (tons)(2) 60,200 (1) Includes the drying capacity corresponding to our two grain conditioning and storage facilities, our peanut processing facility and our sunflower processing facility. (2) Includes 37,000 tons corresponding to our two conditioning and storage facilities, 10,000 tons to our peanut facility and 13,200 tons to our sunflower facility. The tables below set forth our processing capacity in our peanut and sunflower facilities as of December 31, 2025: Sunflower Processing Facility Nominal Confectionary Sunflower (tons/year) 20,000 Bakery Sunflower (tons/year) 20,000 Peanut Processing Facility Nominal Shelling (tons/year) 80,000 Blanching (tons/year) 36,000 Rice Segment 64 Table of contents Rice is the main food staple for about half of the world’s population. Although it is cultivated in over 100 countries and on almost every continent, 90% of the world’s rice is grown and consumed in Asia. Globally, rice is the most important crop in terms of its contribution to human diets and production value. There are three main types of rice: short grain, medium grain and long grain. Each one has a different taste and texture. We produce long grain rice and Carolina double rice, a variety of medium grain rice. We conduct our vertically integrated rice operations in the northeast of Argentina and in the southeast of Uruguay, which are one of the most efficient locations in the world for producing rice at a low cost. This is a result of optimal natural agronomic conditions, including plentiful sunlight, abundant availability of water for low cost irrigation and large quantities of land. On the other hand, the production of rice in Uruguay is based on sourcing from third-party producers, with whom industry participants have long-term relationships and who many times finance their activities. The price paid for paddy rice is annually set forth by agreements between farmers and industry participants. Those agreements establish fixed margins for the industry and take into account average export prices. Given that sales price plays a key role in determining the cost of paddy rice, participants agree on offering similar prices and achieve synergies in sharing freight costs. Rice Seed Production We own a rice seed facility in Argentina, we are involved in the genetic development of new rice varieties adapted to local conditions to increase rice productivity and quality, to improve both farm production as well as the manufacturing process. In connection with these efforts, we have entered into agreements with selected research and development institutions such as the National Institute of Agricultural Technology (Instituto Nacional de Tecnología Agropecuaria, or “INTA”) in Argentina, the Instituto Riograndense do Arroz in Brazil, the Híbridos de Arroz para América Latina in Colombia, the Latin American Fund for Irrigated Rice (Fondo Latinoamericano para Arroz de Riego) in Colombia, the Santa Catarina State Agricultural Research and Rural Extension Agency (Empresa de pesquisa Agropecuária e Extensão Rural de Santa Catarina) in Brazil, Badische Anilin- und Soda-Fabrik (“BASF”) in Germany, Louisiana State University in United States, Bioherius in Argentina, Transactiva in Italy and the Universidad Nacional del Nordeste in Argentina. Our own technical team is continuously testing and developing new rice varieties. We have developed the following rice seed varieties: Ita Caabo 105 (2008); Ita Caabo 110 (2011), Ita Caabo 107 (2014), Ita Caabo 111 FL (2021) and Ita Caabo 109 (2022). In 2025, we released Ita Caabo 360 CL, a long-grain white rice variety with Clearfield® technology, as well as Ita Caabo 754 FL, our first medium-grain rice variety developed in our seed unit. These seeds are used at our farms and sold to rice farmers in Argentina, Brazil, Uruguay and Paraguay. Rice Planting/Harvesting Activities Rice production cycle lasts approximately five to six months, from September to April of the following year. Rice planting occurs from September until November, followed by treatment of the rice, which lasts approximately three months, until January. Our harvest begins in February and lasts until April. The following table sets forth, for the harvest-years indicated, the total number of rice-planted hectares we owned and leased, as well as the overall rough rice we produced: Harvest Year Rice Product Area and Production 2024/2025 2023/2024 2022/2023 2021/2022 Owned planted area (hectares) 40,926 40,560 39,817 43,013 Leased planted area (hectares) 23,512 17,892 15,831 17,844 Total rice planted (hectares) 64,438 58,452 55,648 60,857 Rough rice production (tons) 513,885 357,980 354,128 416,735 We grow rice in four farms owned by us, which are located in Argentina, whereas the rest is through leased farms located in Argentina and in Uruguay. In the 2024/2025 harvest-year, we have planted 64,438 hectares of rice and produced 513,885 tons of rice. Rice Production Process We process our rice production, as well as from third-parties, in our four rice mills in Argentina and two rice mills in Uruguay. At the mill, we clean the rice to remove all impurities. We then put it through a dryer to remove excess moisture from the grains. Proper drying results in increased storage life, prevents deterioration in quality and leads to optimum milling. Once dried, the rice grain, now known as rough rice or paddy rice, is ready for storage. We store rice in elevators or in silo bags until milling. During the milling process, the rough rice goes through a dehusking machine that removes the husk from the kernel. The rice that is obtained after this process is known as brown rice and is ready for human consumption. Brown rice becomes white rice after it is polished to remove the excess bran. 65 Table of contents The main objective of the milling process is to remove the husk and the bran, preserving the quality of the whole grain. Although the process is highly automated and uses advanced technology, some rice grains are broken in the process. The percentage of broken rice depends on a number of factors such as the crop development cycle at the farm, the variety of the grain, the handling and the industrial process. Average processing of rough rice results in 58.5% white rice, 13.0% broken rice, 20.0% rice husk and 8.5% bran rice, which is sold for use as cattle feed or floor bedding in the poultry business. The following table sets forth, for the years indicated, the total volume of rice processed (both from own and third party production): Year Ended December 31, 2024 2023 2022 Processed Rice Production (in tons) Rough rice processed — own 357,562 327,529 290,454 Rough rice processed — third party 109,234 100,400 100,626 Total rough rice processed 466,796 427,929 391,080 Our rice mills account for 284,500 tons of total storage capacity. Moreover, we have three additional conditioning facilities for rice handling, with a total storage capacity of 60,000 tons. The following table sets forth the drying, processing and storage capacity of our Rice segment as of December 31, 2025: Drying, Processing & Storage Capacity Nominal Total Drying Capacity (tons/year) 699,000 Total Processing Capacity (tons/year)(1) 494,760 Total Storage Capacity (tons) 344,500 (1) Expressed in white rice equivalent. Rice Revenue Rough rice is available for sale commencing after the harvest of each year. White rice availability is based on our milling capacity. From the total revenue, 72% is sold to the export market, with the remainder sold in Argentina, mostly in the retail market. Within exports, our main destinations were Puerto Rico, Spain, Turkey and Brazil, among other destinations. 20% of our rice sells are carried out in the Argentine retail market through five brands, which collectively have a 19.7% market share. Local rice prices are driven by regional supply demand and other world export prices. Our ten largest customers for rice in the retail market accounted for approximately 55% of our domestic rice sales in Argentina for the year ended December 31, 2025. Rice comprised 15.0%, 17.1% and 17.7% of our total consolidated revenues in 2025, 2024 and 2023, respectively. The table below sets forth our revenue of processed rice for the years indicated: Year Ended December 31, 2025 2024 2023 Processed Rice Revenue (in thousands of $) Total revenue 214,216 260,440 230,192 Dairy Segment We conduct our dairy business in our farms located in the Argentine Humid Pampas region. This region is one of the best places in the world for producing raw milk at a low cost, due to the availability of grains and forages produced efficiently and at low cost, and due to the favorable weather for cow comfort and productivity. Our dairy operation consists of four free-stall dairy facilities, operating at full capacity, with an average occupancy of 14,424 dairy cows in 2025, and delivering high productivity levels above 37.5 liters of milk/cow/day. We believe our free-stall dairy facilities are a unique opportunity to leverage Argentina’s competitive advantages in transforming vegetable protein into milk protein, our operational expertise, and the positive outlook for global and local milk prices. In addition, we own two facilities where we process our raw milk, as well as third parties’ milk, and we sell our products to the domestic and export markets. 66 Table of contents The following table sets forth, for the periods indicated below, the total number of our dairy cows, average daily milk production per cow and our total milk production at the farm level: Year Ended December 31, Dairy Herd & Production 2025 2024 2023 Average dairy cows (1) 14,424 14,478 14,509 Average daily production (liters per cow) (1) 37.5 37.6 37.7 Total production (thousands of liters) 197,412 199,096 199,913 (1) Annual average. Dairy Production Process Each cow in our dairy herd is mechanically milked three times a day. The milk obtained is cooled to less than four degrees centigrade in order to preserve its quality and is directly loaded to trucks, which results in increased quality and lower costs. Milk is delivered mainly to our processing facilities and the balance is sold to large third-party milk processing facilities on a daily basis by tank trucks. We feed our dairy cows mainly with corn and alfalfa silages, some grass and corn grain, supplemented as needed with soybean by-products, hay, vitamins and minerals. We have invested in technology to improve the genetics of our cows, animal health and feeding in order to enhance our milk production. These investments include top quality imported semen from genetically improved North American Holstein bulls, agricultural machinery and devices, use of dietary supplements and modern equipment to control individual milk production and cooling. Our feeding program is focused on high conversion of feed into milk, while maintaining cows in good health and comfort. We have also invested in technology and know-how so as to increase our forage production and utilization. Implementation of the free-stall system allows us to position ourselves as a key player in the dairy industry and boost our agricultural and industrial integration presence in the South American agricultural sector. Cow productivity (measured in liters of milk produced per day) using the free-stall system increases by up to 40% compared to traditional grazing systems. These productivity gains are achieved because the free-stall system significantly improves the conversion rate of animal feed to milk, resulting in the production of 1.4 liters of milk for each kilogram of animal feed, as compared to the average of one liter of milk for each kilogram of feed associated with the usual grazing model. This increased productivity and conversion rate are primarily due to improved cow comfort and an enhanced diet quality. We assess cow comfort through the engagement of expert consultants, who recommended designing beds covered with sand. The sand plays a significant role in helping cows to rest comfortably. Additionally, we installed a cooling system to increase cow comfort as well. This system relies on water sprinklers and ventilation fans located all over the facility to create a controlled, cool atmosphere, which improves cow comfort as the Holstein herd is originally adapted to cold regions. Additionally, we manage diet quality by adapting our feeding regime based on the various feeding stages in the lifetime of each cow. The actual feeding is fully mechanized, and we carefully control the harvesting and storage of feed. The control of all productivity variables, such as reproduction, health and operations, supports efficiency gains through standardized processes. Finally, the physical concentration of the animals facilitates efficient overall management of the Dairy business as a whole. In terms of the environment, the free-stall model allows for better effluent treatment, which includes a sand-manure separator stage, a decantation pool and an anaerobic lagoon. All these processes help to decrease the organic matter content of the effluent and deliver a cleaner output. The final treated effluent is used to fertilize crops adjacent to the dairy operation. Accordingly, we transform dairy waste into a high value-added by-product, which reduces fertilizer usage. On November 3, 2017, we began generating and delivering 1.4 MW of electricity to the local power grid from our first biodigester. Furthermore, in October 2023 we completed the construction of our second biodigester with 2 MW of installed capacity, which later in December 2023 started generating and delivering electricity to the local power grid. These two facilities generate electricity by burning biogas extracted from effluents produced by our dairy cattle. In addition to increasing revenues and securing our energy requirements, this facility enhances the sustainability of our free-stall dairy operation by reducing greenhouse gas emissions, improving the management of effluents and concentrating valuable nutrients, which are applied back to the fields. Dairy Processing We own two milk processing facilities acquired from SanCor Cooperativas Unidas Limitadas in February 2019, in addition to the Las Tres Niñas and Angelita trademarks, both of which are well-known in Argentina. Our milk facilities produce 67 Table of contents UHT milk and cream, powdered milk, and semi-hard cheese, among others; have a total installed volume capacity of 2.1 million liters per day and an installed processing capacity of over 1.7 million liters of raw milk per day. To account for the difference between total installed capacity and actual utilization, we must account for the efficiency rate of our machines, maintenance works, number of working days and number of personnel shifts, among other variables. In 2025, we processed 411.7 million liters of raw milk in aggregate. Our Chivilcoy industrial facility is located in the city of Chivilcoy, in the province of Buenos Aires, and is primarily focused on fluid milk production for the domestic market. It has an installed processing capacity of 700 thousand liters per day and an installed milk reception capacity of 900 thousand liters per day. The facility has an installed processing capacity of 600 thousand liters of UHT milk and 100 thousand liters of cream, cocoa flavored milk and yogurt-based dairy product. In 2025, we processed 201.7 million liters of raw milk at the Chivilcoy facility. Furthermore, we invested throughout the year in the construction of a new warehouse for our finished products to improve our sales flexibility and storage capacity as we expand our product portfolio and our presence in the retail market. Our Morteros industrial facility is located in the city of Morteros, in the province of Córdoba, and produces powdered milk and semi-hard cheese primarily for the export market. Morteros plant has an installed processing capacity of 980 thousand liters per day (650 thousand liters for powdered milk and 330 thousand liters for cheese), and it has an installed milk reception capacity of 1.2 million liters per day. In 2025, we processed 206.5 million liters of raw milk at the Morteros facility. The following table sets forth, for the years indicated, the total volume of raw milk processed at each of our facilities: Year Ended December 31 Dairy Processed Volumes 2025 2024 2023 Thousand liters of raw milk Chivilcoy 201,748 159,224 147,472 Morteros 206,541 195,233 204,282 Total Milk Processed(1) 408,289 354,457 351,754 (1) Does not include 3.4 million liters that were processed by third-parties as toll services. The tables below set forth our processing capacity in dairy facilities as of December 31, 2025: Chivilcoy Facility Nominal Reception Capacity (thousand liters/day) 900 Processing Capacity (thousand liters/day) 700 Storage Capacity (thousand liters)(1) 7,100 Morteros Facility Nominal Reception Capacity (thousand liters/day) 1,200 Processing Capacity (thousand liters/day) 980 Storage Capacity (thousand liters) (1) 30,800 (1) Morteros facility accounts for 30.8 million liters of fluid milk (equivalent to 2,500 tons of powdered milk and 1,000 tons of cheese), while Chivilcoy accounts for 7.1 million liters of fluid milk. Dairy Revenue In 2025, 92% of our raw milk production was destined to our processing facilities, while the majority of the balance was sold to five dairy producers. We negotiate the price of raw milk on a monthly basis in accordance with domestic supply and demand. The price of the milk we sell is mainly based on the percentage of fat and protein that it contains and the temperature at which it is cooled. The price of milk also rises or falls based on the content of bacteria and somatic cells. We are one of the top 10 dairy processors in Argentina, considering our free-stall production of almost 550,000 liters per day and the raw milk we source from 158 farmers (152 in Morteros and 6 in Chivilcoy). As of December 31, 2025, 22% of our Dairy sales were destined to the export market, with the remainder being sold in Argentina. Within exports, our main destinations include Brazil, Algeria and Chile, among others. Our sales in the Argentine retail market accounted for 59% of the segment’s sales in 2025, which are done through our three trademarks and private labels, which collectively have a 22% market share. Our ten largest costumers for the retail market accounted for approximately 60% 68 Table of contents of the retail net sales. The balance of our Dairy sales (19%) includes the raw milk produced in our free stalls and sold to other dairy producers, the sale of the electricity produced by our biodigesters, as well as tolling services provided to third parties. Dairy comprised 20%, 20% and 14% of our total consolidated revenues in 2025, 2024 and 2023, respectively. The table below sets forth our total diary sales for the years indicated: Year Ended December 31 Dairy Revene 2025 2024 2023 (In thousands of $) Revenue 283,916 301,317 180,119 Our Approach to Land Transformation We believe we are one of the most active players in the land business in South America. We acquire farmland that we believe is undeveloped or underutilized. By implementing cutting-edge production technology and agricultural best practices, we render this land suitable for more productive uses, enhance yields and increase its overall value. We seek to promote environmentally responsible agricultural production and a balance between production and ecosystem preservation. We do not operate in heavily wooded areas or wetland areas. Moreover, from time to time, we seek to recycle our capital by selling a portion of our fully developed farms. This allows us to monetize capital gains generated by our land transformation activities and allocate our capital to acquire land with higher transformation potential or to deploy it in other businesses, thereby enhancing return on invested capital. Since our inception, we have successfully identified multiple opportunities for the acquisition of undeveloped or undermanaged farmland with high potential for transformation. The following table sets forth our acquisitions and divestitures since our inception: Acquisition Divestitures Total Land Holdings Year Ended December 31, (in hectares) 2002 74,898 — 74,898 2003 — — 74,898 2004 34,659 — 109,557 2005 22,262 — 131,819 2006 5,759 3,507 134,071 2007 113,197 8,714 239,274 2008 43,783 4,857 278,200 2009 — 5,005 273,195 2010 14,755 5,086 282,864 2011 12,992 2,439 293,417 2012 — 9,475 283,942 2013 — 14,176 269,766 2014 — 12,887 257,036 2015 — 10,905 246,139 2016 — — 246,139 2017 — — 246,139 2018 — 14,427 231,712 2019 — 6,082 225,630 2020 — 5,444 220,186 2021 — 336(*) 219,850 2022 — — 219,850 2023 — 6,302 213,548 2024 — 3,177 210,371 2025 — — 210,371 (*) 336 hectares of industrial parks in Brazil were excluded from the calculation, although not technically divested. 69 Table of contents Property, Plant and Equipment Our Farms The table below sets forth the name, location, size and current use of our owned farms: Farm State, Country Gross Size (Hectares) Current Use Las Horquetas Buenos Aires, Argentina 2,086 Grains & Cattle San Carlos Buenos Aires, Argentina 4,215 Grains La Carolina(1) Santa Fe, Argentina 4,306 Grains & Cattle El Orden(1) Santa Fe, Argentina 3,506 Grains & Cattle La Rosa Santa Fe, Argentina 4,087 Grains & Cattle San Joaquín Santa Fe, Argentina 37,273 Rice, Grains & Cattle Carmen Santa Fe, Argentina 10,021 Grains Abolengo Santa Fe, Argentina 6,662 Grains Santa Lucia Santiago del Estero, Argentina 17,495 Grains & Cattle El Colorado Santiago del Estero, Argentina 4,960 Grains La Guarida (2) Santiago del Estero, Argentina 7,880 Grains & Cattle La Garrucha (2) Salta, Argentina 1,839 Grains Los Guayacanes (2) Salta, Argentina 3,693 Grains Ombú Formosa, Argentina 18,321 Grains & Cattle Oscuro Corrientes, Argentina 33,429 Rice, Grains & Cattle Itá Caabó Corrientes, Argentina 22,888 Rice, Grains & Cattle Doña Marina Corrientes, Argentina 14,755 Rice Bela Manhã Mato Grosso do Sul, Brazil 381 Sugarcane Ouro Verde Mato Grosso do Sul, Brazil 679 Sugarcane Don Fabrício Mato Grosso do Sul, Brazil 3,302 Sugarcane Takuarê Mato Grosso do Sul, Brazil 298 Sugarcane Agua Branca Mato Grosso do Sul, Brazil 1,614 Sugarcane Nossa Senhora Aparecida Mato Grosso do Sul, Brazil 540 Sugarcane Sapálio Mato Grosso do Sul, Brazil 6,140 Sugarcane Total 210,371 (1) In December 2015, we completed the sale of a 49% interest in Global Acamante S.L.U, Global Calidon S.L.U, Global Carelio S.L.U, and Global Mirabilis S.L.U, whose main underlying assets are El Orden and La Carolina farms. (2) In June 2014, we completed the sale of a 49.0% interest in Global Anceo S.L.U and Global Hisingen S.L.U, two Spanish subsidiaries that owned the La Guarida, La Garrucha and Los Guayacanes farms. A substantial portion of our assets consists of rural real estate. The agricultural real estate market in Brazil, Argentina and Uruguay is particularly characterized by volatility and illiquidity. As a result, we may experience difficulties in immediately adjusting our portfolio of rural properties in response to any alterations in the economic or business environments. The volatility of the local market could affect our ability to sell and receive the proceeds from such sales, which could give rise to a material adverse effect on our business, results of operations and financial condition. See “Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industries—A substantial portion of our assets is farmland that is highly illiquid.” Appraisal of Farms. In September 2025, to assess the market value of rural properties in Brazil and Argentina, we requested an appraisal by Cushman & Wakefield Argentina S.A., an independent real estate valuation firm with experience in the agricultural industry and the local real estate market. As part of these appraisals, the value of each of our properties was determined using the sales comparison approach taking into account current offerings and prices buyers had recently paid for comparable sites, adjusted for the differences between comparable properties and the subject property to arrive at an estimate of 70 Table of contents the value. The major elements of comparison used to value the properties included the property rights conveyed, the financial terms incorporated into the transaction, the conditions or motivations surrounding the sale, changes in market conditions since the sale, the location of the real estate and the physical characteristics of the property. These valuations assumed good and marketable title to subject properties, which were assumed to be free and clear of all liens and encumbrances. The valuation did not include site measurements and no surveys of the subject properties were undertaken. In addition, the valuations also assumed (a) responsible ownership and competent management of the subject properties; (b) there were no hidden or unapparent conditions of the subject properties, subsoil or structures that render the subject properties more or less valuable; (c) full compliance with all applicable federal, state and local zoning and environmental regulations and laws; and (d) all required licenses, certificates of occupancy and other governmental consents were or can be obtained and renewed for any use on which the value opinion contained in the appraisals is based. Unless otherwise stated in the appraisals, the existence of potentially hazardous or toxic materials that may have been used in the construction or maintenance of the improvements or may be located at or about the subject properties was not considered in arriving at the appraisal of value. These materials (such as formaldehyde foam insulation, asbestos insulation and other potentially hazardous materials) may adversely affect the value of the subject properties. Cushman & Wakefield reported that the market value of our farmland as of September 30, 2025 was US$767.5 million. Net of non-controlling interests in certain Argentine farms, the market value of our farmland totaled US$714.8 million. These valuations are only intended to provide an indicative approximation of the market value of our farmland property. This information is subject to change based on a host of variables and market conditions. Land Leasing and Agriculture Partnerships. We enter into operating lease agreements based on criteria regarding the quality and projected profitability of the property, as well as our production and yield objectives in the short or medium term. Generally, we become aware of farms available for lease directly through the owners of farms near our farms and in some cases through regional brokers. In the case of our Sugar, Ethanol & Energy business, we lease land for our sugarcane production primarily because leases in this sector are long term, lasting between one or two sugarcane cycles (with each cycle generally lasting seven years), which allows us to implement and reap the productivity benefits of our land transformation strategies. Sugarcane lease payments are established depending on the productivity of the land in terms of tons per hectare and sucrose content per hectare and also on the distance from the land to the mill. Sugarcane prices are based on the market value of the sugarcane set forth by Consecana regulations. Given the strategic location of our mills in the region and the inherent inefficiency of growing crops other than sugarcane in this region, we expect to be able to renew our leases for the sugarcane farmland with minimal issues. With respect to our Farming business, the initial duration of lease agreements is generally one harvest-year. Leases of farmland for production of grains include agreements with both fixed and variable lease payments in local currency or U.S. dollars per hectare. Land Management. We manage our land through an executive committee composed of a country manager, a regional manager, a farm manager and members of our technical groups, which meet on a monthly basis. We delegate individual farm management to farm managers, who are responsible for farm operations and receive advisory support from our technical groups to analyze and determine the most suitable and efficient technologies to be applied. Our executive committee establishes commercial and production rules based on sales, market expectations and risk allocation, and fulfilling production procedures and protocols. 71 Table of contents Our Industrial Facilities In addition to our farmland, we also own the following principal industrial facilities: Facility Province, Country Relevant Operational Data Current Use “Christophersen” Santa Fe, Argentina 12,500 tons of storage capacity; 120 tons per hour of drying capacity Seedbed and stockpiling plant (1) "Las Horquetas" Buenos Aires, Argentina 24,500 tons of storage capacity; 240 tons per hour of drying capacity for grains (120 LPG; 120 natural gas) Storage, handling and conditioning “Semillero Itá Caabó” Corrientes, Argentina Processing capacity of 8,900 tons of rice seeds annually Rice genetic improvement program “Molino Ala — Mercedes” Corrientes, Argentina Husk rice drying capacity of 116,000 tons per year; Processing capacity of 78,180 tons of white rice/year; Storage Capacity of 48,000 tons Rice processing and drying plant “Molino Ala — San Salvador” Entre Ríos, Argentina Husk rice drying capacity of 86,000 tons per year; Processing capacity of 69,600 tons of white rice/year; Storage Capacity of 70,000 tons Rice processing and drying plant Molino Franck Santa Fe, Argentina Husk rice drying capacity of 80,000 tons per year; Processing capacity of 83,088 tons of white rice/year; Storage Capacity of 50,000 tons Rice processing and drying plant Molino Paso de los Libres Corrientes, Argentina Husk rice drying capacity of 125,000 tons per year; Processing capacity of 97,716 tons of white rice/year; Storage Capacity of 42,000 tons Rice processing and drying plant Molino Paso Dragon Durazno, Uruguay Husk rice drying capacity of 75,000 tons per year; Processing capacity of 83,088 tons of white rice/year; Storage Capacity of 35,000 tons Rice processing and drying plant Molino Melo Tacuarembó, Uruguay Husk rice drying capacity of 60,000 tons per year; Processing capacity of 83,088 tons of white rice/year; Storage Capacity of 39,500 tons Rice processing and drying plant “Oscuro” Corrientes, Argentina Husk rice drying capacity of 59,000 tons per year; Storage Capacity of 3,000 tons Rice conditioning facility “Ita Ibate” Corrientes, Argentina Husk rice drying capacity of 65,000 tons per year; Storage Capacity of 27,000 tons Rice conditioning facility “Bonpland” Corrientes, Argentina Husk rice drying capacity of 33,000 tons per year; Storage Capacity of 30,000 tons Rice conditioning facility “Pilarica” Buenos Aires, Argentina Processing capacity of 250 tons of rice snacks per month Rice snack processing facility. Sells rice snacks to the domestic and export markets. Free-Stall I, II, III and IV Santa Fe, Argentina Production capacity of more than 190 million liters of raw milk14,500 dairy cows Raw milk production Biodigester Santa Fe, Argentina 1.4 MW capacity Energy generation Biodigester II Santa Fe, Argentina 2.0 MW capacity Energy generation Morteros Facility Córdoba, Argentina Production capacity of 950,000 liters per dayReception capacity of 1.2 million liters per day Storage capacity of 30.8 million liters Milk processing facility producing powdered milk and semi-hard cheese. Sells products to the export market. 72 Table of contents Chivilcoy Facility Buenos Aires, Argentina Production capacity of 700,000 liters per dayReception capacity of 900,000 liters per dayStorage capacity of 7.1 million liters of fluid milk Milk processing facility, producing UHT milk, cream and flavored milk. Sells products to the domestic market. "Maní del Plata" Córdoba, Argentina Shelling capacity of 80,000 tons, blanching capacity of 36,000 tons. Storage capacity of 70,000 tons of in-shell and 10,000 tons of finished product Peanut processing facility producing raw and blanched peanuts. Sells mainly to the export market. "Girasoles del Plata" Buenos Aires, Argentina Processing capacity of 20,000 tons/year of confectionary and 20,000 tons/year of bakery. Storage capacity of 13,200 tons of confectionary. Sunflower processing facility producing confectionary and bakery sunflower. Sells mainly to the export market. Fertilizer Plant “Bahía Blanca” Buenos Aires, Argentina Production capacity of 790,000 tons of ammonia per year.Production capacity of 1.3 million tons of granular urea per year.Storage capacity of 20,000 tons of ammonia and 150,000 tons of granular urea. Fertilizer plant with the capacity to produce ammonia and then transform it to granular urea. Sells mainly to the domestic market. “Puerto General San Martín” Santa Fe, Argentina Storage capacity of 200,000 tons of solid fertilizers. Storage & Dispatch center for fertilizers. “San Nicolás” Buenos Aires, Argentina Storage capacity of 75,000 tons of solid fertilizers and 35,500 of liquid fertilizers. Storage & Dispatch center for fertilizers “Necochea” Buenos Aires, Argentina Storage capacity of 70,000 tons of solid fertilizers. Storage & Dispatch center for fertilizers “Angélica Agroenergía” Mato Grosso do Sul, Brazil Installed milling capacity of 5.6 million tons of sugarcane per annum. 1,500 tons of sugar/day, 1,280 cubic meters of ethanol/day, and 110 MW energy production (70 MW for export). Sugar and ethanol mill producing hydrous and anhydrous ethanol and VHP sugar. Sells energy to local network. “Ivinhema Agroenergía” Mato Grosso do Sul, Brazil Installed milling capacity of 7.4 million tons of sugarcane per annum. 1,500 tons of sugar/day, 1,500 cubic meters of ethanol/day, and 120 MW energy production (85 MW for export). Sugar and ethanol mill producing hydrous and anhydrous ethanol and VHP sugar. Sells energy to local network. “Monte Alegre” Minas Gerais, Brazil Installed milling capacity of 1.2 million tons of sugarcane per annum. 550 tons of sugar/day, 350 cubic meters of ethanol/day, and 16 MW energy production (12 MW for export). Sugar and ethanol mill producing hydrous ethanol, VHP sugar and organic sugar. Sells energy to local the network. Biodigester Mato Grosso do Sul, Brazil 12,000 Nm3 of biogas per day; 6,600 Nm3 of biomethane per day Produces biogas which is then converted into biomethane to replace diesel consumption ________________________________________________________________________________________________ (1)Classification of wheat and soybean seeds. For information on environmental issues that may affect the use of our assets, see “Environmental Aspects.” For additional information regarding our property, plant and equipment, see Note 12 of the Consolidated Financial Statements. Competition 73 Table of contents The farming sector is highly fragmented. Although we are one of South America’s leading producers, due to the atomized nature of the farming sector, our overall market share in some of the industries in which we participate is insubstantial. Our production volume, however, improves our ability to negotiate favorable supply, transportation and delivery logistics with our suppliers, third-party transporters, ports and other facilities, and customers. Although competition in agriculture varies considerably by product and sector, in general, there are a large number of producers, and each one of them controls only a small portion of the total production. Therefore, individual producers often have little influence on the market and cause little or no effect on market prices as a result of their individual strategies, explaining why producers are price takers and not price makers. In many cases, the price is established in international market exchanges. As the majority of agricultural products are commodities, which stifles product differentiation, the principal competition factors are cost of production and volume efficiency gains. In addition, agricultural producers face strong foreign competition, and with this competition the factors are often more difficult to identify. The majority of farming producers in developed countries can rely on specific protectionist policies and subsidies from their governments in order to maintain their position in the market. In general, we have been able to obtain discounts for the acquisition of supplies and excess prices for our production in the farming sector. In this sector, we view SLC Agrícola S.A., BrasilAgro - Companhia Brasileira de Propriedades Agrícolas, Cresud SACIF y A, MSU S.A. and Los Grobo Agropecuaria, among others, as our competitors. We also compete in Argentina with retailers of agricultural products, including other branded rice products, such as Molinos Río de la Plata S.A., Dos Hermanos S.H., Sagemüller S.A. and Cooperativa Arroceros Villa Elisa Ltda; as well as in branded dairy products, such as Mastellone Hermanos S.A. and Savencia. The sugar and ethanol industries are highly competitive. In Brazil, we compete with numerous small- and medium-sized sugar and ethanol producers. Despite increased consolidation, the Brazilian sugar and ethanol industries remain highly fragmented, with more than 370 sugar mills. Some of the largest industry players with whom we compete are Raizen, Biosev, Atvos, Tereos, São Martinho, Jalles, Bunge, Santa Terezinha, Lincoln Junqueira and Coruripe. We also face competition from international sugar producers, such as those in the U.S. and the European Union, where local regulators have historically implemented tariffs, agriculture subsidies and/or other governmental incentive programs, of which some remain, to protect local sugar producers from foreign competition. Urea production is primarily concentrated in regions with access to abundant and competitively priced natural gas, such as the Middle East, Eastern Europe, Africa and Asia. In South America, we believe we are one of the largest producers of granular urea, competing with smaller fertilizer plants in Bolivia and Venezuela. Our principal competitors include global industry participants such as CF Industries, Nutrien, Yara International, SABIC and Qatar Fertilizer Company. With respect to farmland, there have historically been few companies competing to acquire and lease farmland for the purpose of benefiting from land appreciation and optimization of yields in different commercial activities. However, we believe that new companies may become active players in the acquisition of farmland and the leasing of sown land, which would add competitors to the market in coming years. Supplies and Suppliers Our principal supplies for our Farming business are seeds, fertilizers, phytosanitary products and fuel, which represented 13.4%, 10.6 %, 15.6% and 3.9%, respectively, of our total direct costs (including leasing cost) in the 2024/25 harvest season. Further, these supplies represented 37.8% of our total cost of production (including manufacturing and administrative expenses) in the 2024/25 campaign. As we use direct sowing in 99.0% of our planted area, without requiring soil preparation, fuel represents only 3.7% of the total cost of production for 2025. Our principal supplies for our Sugar, Ethanol and Energy business are diesel, lubricants and fertilizers, which collectively represented 17.1% of our total cost of production (including manufacturing and administrative expenses) in 2025. We have an extensive network of suppliers for each of our business segments and for each required input within each segment, resulting in lower reliance on any particular supplier. Our 10 largest suppliers account for 31.0% of our total expenditures for supplies in 2025. While we value the relationships we have developed with each of our suppliers given the quality we have come to expect, we do not consider any single supplier to be key to our production. We have been able to obtain lower prices particularly due to the volume that derives from our large-scale operations. Seasonality Many of our business activities are inherently seasonal, particularly those related to primary agricultural production. We generally harvest and sell corn, soybean, rice, peanut and sunflower between February and August, and wheat from December to January. We implement a "continuous harvest method” in sugarcane production at our facilities to stabilize production and counter seasonality during the year; however, the typical harvesting period in Brazil begins between April and 74 Table of contents May and ends between November and December. Sales of ethanol are generally concentrated during off-season to capture higher seasonal prices. Sales in other business segments, such as in our Dairy segment, tend to be more stable. However, milk sales are generally higher during the fourth quarter, when weather conditions are more favorable for production. In the case of fertilizers, sales are typically concentrated from May to August, reflecting demand for spring planting of major summer crops in Argentina. As a result of the above factors, there may be significant variations in our results of operations from one quarter to another, since planting activities may be more concentrated in one quarter compared to another. In addition, our quarterly results may vary as a result of the effects of fluctuations in commodity prices and production yields and costs related to the “Initial recognition and changes in fair value of biological assets and agricultural produce” line item. See Note 32 to the Consolidated Financial Statements. Sustainability Our production model is based on sustainability standards that seek to produce food, renewable energy and fertilizers on a long-term basis. Those standards include best practices and certifications that promote development and health, customer satisfaction and stakeholders’ interest, neighboring community welfare, food care and food safety, and environmental protection. Accordingly, our sustainable approach requires that we take into account not only economic, but also social and environmental aspects specifically adapted to local circumstances. We believe we accomplish these goals through a team committed to our values: trust, transparency, efficiency, innovation, safety and sustainability. In 2025, we continued to work towards integrating environmental, social, and governance or “ESG" criteria, into our business model. On this path towards the triple generation of value, we worked with our ESG committee holding two main meetings over the year. We focused on our ESG communications with a better understanding of our stakeholders’ requirements. During 2025, we worked on environmental aspects such as continued disclosure of carbon intensity, carbon balance and water management, and on social aspects including the analysis of our gender diversity performance. Going forward, we will continue to innovate, be transparent, and report on our progress to accelerate our vision for a better and more sustainable future. Personnel The development, health and safety of our personnel is important to us. We promote enhanced working conditions, while we support training and internal education programs to improve skills and educate with the newest technologies and business practices. We implement and constantly revise our health and safety programs in each of our businesses. Our Occupational Health and Safety Management System is applied to all Adecoagro employees and facilities. Standardized and Scalable Agribusiness Model We have adopted an agribusiness model that allows us to engage in large-scale farming activities in an efficient and sustainable manner. Our agribusiness model consists of developing a specialized workforce and defining standard protocols to track crop development and control production variables, thereby enhancing efficient decision making and facilitating continuous improvement. This approach allows us to grow in scale, execute our expansion plan and efficiently manage various production units spread across different regions by effectively replicating our productive model. Process standardization also helps us assure compliance with local laws and regulations and reduce social and environmental risks. In order to achieve efficient scales of production, we have redesigned our field sizes by removing useless cattle infrastructure such as fencing. Larger fields reduce the overlapping of farm works, enhancing operating efficiency, reducing the use of inputs and achieving agronomic timing (planting or harvesting on time). The goal is to reduce operative time and to improve efficiency in the use of inputs. Large-scale production also requires the implementation of advanced technology such as Global Positioning System, or “GPS,” Geographic Information System or “GIS”, and modern machinery as well. We continue to develop and implement crop protocols. The purpose of these protocols is to coordinate and consolidate the knowledge on crop management for each area in order to standardize the execution of our operational processes. The protocols contain all the technical information for managing crops. This information is constantly reviewed by agricultural teams and their advisors, making it possible to preserve the technical knowledge of the company and at the same time improve agricultural production and make decisions pursuant to the company’s guidelines. Based on the results of the application of these protocols, we conduct an annual review of the techniques used and their results. This evaluation is done by means of crop campaign analysis, in which all teams review and discuss the last harvest-year’s productive performance and the technological package for the new harvest year. When processes and protocols are defined, they can be audited and certified by qualified third parties. 75 Table of contents We have previously been certified under ISO 9000, and as part of our continuous improvement efforts, we continue to implement its guidelines to enhance our management practices. Our two dairy biodigesters are both certified under ISO 14001, reinforcing our commitment to environmental sustainability. We are also certified under RTRS and Certified Responsible Soya (CRS) for soybean cultivation in some of our operations. In addition, we hold Farm Sustainability Assessment (FSA) SAI Platform certifications for some fields of rice, peanut, wheat, and corn. During 2025, we certified certain soybean and corn fields under regenerative agriculture and carbon footprint programs, including Indigo and ARVA, and, for soybeans, the 3S Cargill program. In addition, 100% of the milk produced at our dairy farms is certified under an animal welfare scheme, representing 44% of the raw material used in our industrial dairy production. Our dairy farms were certified by the International Agricultural Organization (OIA, by its Spanish acronym). During 2025, we also developed a new animal welfare protocol that more accurately reflects our production model and animal welfare program. The development of this protocol, together with the associated audits, extended the certification process; accordingly, the updated certification became effective in February 2026. Throughout this process, our animal welfare practices and controls remained fully implemented. We are also adopting operational protocols and procedures in our industrial facilities to improve control of processing variables. Both of our milk processing facilities have been certified under the FSSC 22000 standard (Food Safety System Certification), and our Morteros facility has also obtained Halal certification. We have also certified four of our six rice mills under FSSC 22000, and two of our mills have obtained kosher certification. In our Crops business, our peanut processing facility was certified as kosher and obtained the BRC standard for food safety, and our sunflower processing facility obtained the FSSC 22000 standard and kosher certification. Most of our industrial facilities are either implementing or have been audited by the Sedex Members Ethical Trade Audit, which validates our compliance with health, safety and human rights practices, together with applicable environmental legislation. Similarly, we undergo annual client-specific audits at various industrial facilities in accordance with standards requested by our clients, covering areas such as asset security and corporate social responsibility. We were successful in these audits, which enabled us to continue with the relevant commercial relationships. Most of our industrial facilities have been audited by the Sedex Members Ethical Trade Audit, which validates our compliance with health, safety, and human rights practices, as well as with applicable environmental legislation. Our industrial facilities regularly undergo client-requested audits, including asset security assessments, corporate social responsibility evaluations, and audits based on clients’ proprietary standards. Successful compliance with these audits allows us to maintain key commercial relationships. When market conditions provide price premiums for certified grains or oilseeds, we evaluate the feasibility of implementing specific certifications. Some examples of this are RTRS, EPA and 2BSvs certifications for sustainable soybeans in Argentina. In Brazil, we have the following certifications reflecting the safety and quality of our products, services and social standards: Bonsucro, Renovabio, FSSC 22000, Halal, Kosher, Smeta, CARB, ISSC Corsia Plus, and Great Place to Work. Contractors Contractors play a significant role in our Farming business model. If cost competitive, we seek to outsource most of the typical farm work, such as planting, spraying and harvesting. Outsourcing allows us to reduce our investments in heavy machinery and equipment such as tractors or harvesters, enhancing the efficient allocation of our capital in our core productive activities. Notwithstanding, we are constantly reviewing the contractor model and comparing it with the use of own machinery in some of our crops and rice operations. We are developing our own equipment-based model where efficiencies can be enhanced. The contractor model in the Argentine humid pampas region has existed for years and has developed into a highly competitive market. Contractors have gained extensive expertise and skill in the management of agricultural machinery and have access to modern advanced technology. When working with them, we seek to develop win-win relationships by considering them as part of our production team and providing constant technical training and support through the activities of the Adecoagro Production Teams. We strive to have a number of contractors associated with each farm to generate competition and allow benchmarking to enhance operational efficiency and ensure high-quality service. In regions where this model is not fully developed, we use a mixed system where we hire the most experienced contractors in the region and we also operate our own machinery. We promote the development of new contractors by providing training and selling them our used machinery. We also promote the movement of selected contractors from developed regions into new marginal regions by offering them an opportunity to grow their businesses. In other regions where there is no established contractor system or there is specific farm work (rice land leveling for instance), we own the majority of the machinery. In our Sugar, Ethanol and Energy business, we own or lease and operate all the agricultural equipment and machinery needed for sugarcane planting, crop protection and harvesting operations. The performance of such model has exceeded our expectations, and we are implementing it in our Farming businesses, where we have recently incorporated some additional planters and harvesters. Our main goal is to achieve high-quality farm works, both when selecting any contractor and 76 Table of contents when using our own machinery. In Brazil, we only employ the contractor model for specific tasks, such as land leveling, and aerial spraying, among others. Adecoagro Technical Groups From time to time, we gather internal groups formed by agronomists, farm managers, technology experts, external advisors, contractors, trainees and suppliers, whose main goal is to excel in production management by providing constant technical and technological education and analysis regarding production technologies. Although these groups are focused on developing such knowledge under common criteria for the whole company, they also evaluate different production systems, such as crops, rice and dairy in Argentina and Uruguay, and sugarcane in Minas Gerais and Mato Grosso do Sul, Brazil. To achieve their goals, these groups meet regularly to analyze and discuss technical aspects of the farming production processes. The technical groups participate in the design of the most efficient and productive land use strategies and the definition of the optimal crop production mix for each farm and region, and supervise and evaluate the implementation of the most profitable and sustainable technologies to be adapted and applied in each region. Additionally, these groups promote specific external training courses, facilitate participation in external technical groups, organize technical farm tours, offer support in establishing the crop planting plan and deliver a full-season analysis for each crop annually. This analysis is essential in order to allow technical improvements to be implemented for the following crop season. In order to continually improve our technical development, we participate in specialized industry groups, such as CREA and AAPRESID in Argentina, with which we share values and goals. “CREA” is a 60-year-old farmers’ association focused on developing and supporting technical excellence with local farmers. “AAPRESID” is a technical association of highly innovative farmers specializing in no-till development. We participate in certain CREA and AAPRESID discussion groups in which we share and evaluate common technical matters. We take advantage of their vast network of test plots and we constantly exchange technological knowledge for implementation in our farms. During 2025 we were also part of the RIA Group, an agricultural innovation network consisting of 11 enterprises, with the goal of increasing innovation in our sustainable production model. By implementing all these education programs and development activities, these groups provide the company with a network that focuses on the fine-tuning and optimization of the efficiencies throughout all the production processes of each business line. Technology and Best Practices We have consistently applied innovative production techniques to remain at the forefront of technological advancements and industry standards, with a strong focus on improving efficiency. In our farming operations, we place particular emphasis on implementing regenerative agriculture practices. For example, we use the “no-till” technology and crop rotation to improve our crop yields from the outset. We also use second harvests or double cropping where conditions allow, which enables us to plant and harvest a second crop from the same farmland in the same harvest-year. Our crop production model is based on balanced fertilization, integrated pest and weed management, and crop intensification. We use the silo bag storage method in our rice and crops businesses, which enables us to time the entry of our crop production into the market at optimal price points. Additionally, we believe we were the first company in South America to implement the innovative free-stall infrastructure in dairy operations resulting in increased raw milk production compared to our peers. The free-stall method enables better control over production variables by housing dairy cows into large barns, which are equipped with state-of-the-art technology to enhance cow comfort, such as sand beds, water spray cooling systems and fans. We are implementing guidelines to achieve international animal welfare standards. In addition, installations are equipped with indoor corrals and a mechanical advanced milking system on a rotary platform, which enables us to use production efficiencies and increase milk production volumes while maximizing our land use, resulting in significantly higher conversion rates of animal feed into milk. Moreover, our sugarcane harvesting is practically 100% mechanized, which has significantly improved operating efficiency, thereby reducing operating costs. We have modern facilities in the Sugar, Ethanol and Energy business, including advanced sugar and ethanol mills with high-pressure boilers, which achieve one of the highest ratios of energy produced per ton of cane milled, according to the Cane Technology Center Benchmark program. Our Angélica sugar plant was the first continuously operative facility in Brazil, requiring no production stoppages between sugar harvests. No-Till “No-till” is the cornerstone of our crop production technology and the key to maintaining and even increasing the value and productivity of our land assets. “No-till”—often called zero tillage or direct sowing— is a technology developed more than 40 years ago to grow crops from year to year without disturbing the soil through tillage, and arose as an opposition to conventional tillage. We have been implementing No Till since we began operations more than 23 years ago. 77 Table of contents Conventional farming consists of using plows to turn and till the soil to remove weeds, mix in soil additives such as fertilizers, and prepare the surface for seeding. Soil tillage leads to unfavorable effects such as soil compaction, loss of organic matter, degradation of soil components, death or disruption of microorganisms, evaporation of soil humidity and soil erosion where topsoil is blown or washed away by wind or rain. “No-till” farming avoids these negative effects by excluding the use of tillage. The “no-till” technology consists of leaving crop plant residues on the surface of the soil after harvesting a crop. These residues form a mulch or permanent cover protecting the soil from erosion risks caused by heavy rains and strong winds. This protective cover also helps natural precipitation and irrigation water infiltrate the soil effectively while decreasing water loss from evaporation. Absence of tillage helps prevent soil compaction, allowing the soil to absorb more water and roots to grow deeper into the soil. Furthermore, “no-till” reduces the emergence of weeds and enhances biological processes that positively impact soil properties, conserving and even improving the presence of organic matter and microorganisms and associated nutrients (nitrogen, phosphorous, etc.). The combination of these advantages results in important cost reductions due to the reduced need for inputs, mainly diesel and fertilizers, and higher crop yields, thus increasing the profitability of our business. These benefits are achieved in the medium to long term, resulting in a continuous increase of land productivity and thus its value. From an operational standpoint, “no-till” farming facilitates the timely performance of most operations, such as planting, spraying and harvesting, which enhances the development of large-scale operations and especially improves the probability of planting each crop at the optimal moment. Crop Rotation Crop rotation is the practice of growing a series of dissimilar types of crops in the same area in sequential seasons. Crop rotation allows us to better control the buildup of harmful weeds and reduces the incidence of plagues and diseases that often occur when the same commodity is continuously cropped. Crop rotation also allows us to balance the fertility demands of various crops to avoid the excessive depletion of soil nutrients, contributing to a more efficient use of fertilizers and a sustainable use of herbicides and phytosanitary products. Crop rotation results in increased yields and reduced production costs, providing a high rate of return. Our crop rotation model is tailored to each of our farming regions based on climatic and soil conditions. For example, in Argentina’s Humid Pampas, our three-year crop rotation cycle involves the planting of a wheat crop followed by a soybean double-crop in the first year, a corn crop in the second year, and a soybean crop in the third year. In some areas of the Argentine Humid Pampas with adequate agro-climatic conditions, we enhance our crop rotation by introducing some industrial crops such as peanut and confectionary sunflower. Second Harvest - Double Cropping Second harvest, also known as double cropping, is the practice of consecutively producing two crops on the same land within the same growing year. Double cropping is possible only in regions with long growing seasons, which is determined mainly by climate conditions such as rain and temperature. Double cropping allows us to increase the profitability of our land, diversify our production and commercial risk and enhance operational efficiencies through the better utilization of machinery, freight, labor and other resources, resulting in a dilution of our fixed costs. Double cropping has important agronomical advantages as well, such as having crops on the land for a longer period of time, which, enhanced by “no-till” and crop rotation practices, results in the improvement of the physical and chemical properties of the soil in the long term. We implement and adapt different double cropping systems for each of our productive regions in Argentina and Uruguay, with the most frequent being wheat/soybean, wheat/corn, and sunflower/soybean. Integrated Pest Management (IPM) Integrated pest management, or “IPM,” involves a deep analysis of agronomical, economic and environmental aspects with the goal of determining the most efficient way to control the pests. It simultaneously achieves three main goals: (i) enhancing crop productivity, (ii) reducing use of phytosanitary products and (iii) decreasing the risk of contamination. The first stage of IPM is to train the people who will be involved in phytosanitary products usage. The phytosanitary products to be applied is selected considering local regulations (only locally approved phytosanitary products are used) and the minimum resulting environmental risks due to its chemical classification. Additionally, when selecting biotechnologically developed crops, we evaluate the potential reduction of phytosanitary products uses that may be achieved. The doses of phytosanitary products are defined by vendor recommendations and adjusted through agronomical expertise (specific to a crop and a pest). We assess the environmental impact of such phytosanitary products by implementing the use of the Environmental Impact Quotient developed by Cornell University. The timing of phytosanitary products application is based on an economic threshold that takes into account the crop situation (growing stage, climate conditions), the potential damage of the pest (type, population, growing stage), the presence of “beneficial” pests, and finally, the price relationship between grains and phytosanitary products. We also use integrated management to control pests, which entails the use of biological and chemical products. The relevance of the pest is measured through the implementation of specific defense methodologies adapted to large-scale agriculture. Control is carried out by trained employees who supervise the entire area on a weekly basis. Based on the indicators resulting 78 Table of contents from monitoring, biological and chemical products are recommended to be applied. For biological pest control, natural enemies of the pest in question are released, as is the case with the borer pest in sugarcane. The doses of phytosanitary products are applied and localized by high-tech machinery, most of which is outsourced. Agricultural machines are precisely calibrated to increase the efficiency of the applications and reduce any potential risk of contamination. Climatic conditions are carefully taken into account when determining the ideal time for spraying to avoid risks of drifting and evaporation and to ensure successful application. Balanced Fertilization Balanced fertilization consists of determining an optimum use of fertilizers at the proper grades and in the proper amounts to supply the correct ratio of nutrients and to ensure that the soil will sustain high crop yields over time, consequently decreasing contamination risks. At the beginning of each crop season, we perform extensive soil studies in each of our farms to monitor the amount of organic matter, nitrogen, phosphorus and potassium levels in each field. Based on this analysis and considering the potential yield for each field, the crop rotation, and relative prices between fertilizers and agricultural products, we determine the optimum amount of fertilizer to be applied to maximize the economic response of the crop. Water Management Since crops need sufficient water to achieve their potential yields, we engage in techniques that are designed to increase the efficiency of water usage and at the same time decrease soil erosion risks. In that regard, “no-till” farming presents strong advantages since it improves rainfall infiltration and increases the soil’s water storage capacity. In areas that may be subject to excess water, we are developing terraces, soil leveling and other techniques intended to decrease runoff and erosion risks. In some of the jurisdictions in which we operate, the use of water for irrigation requires obtaining special permits. For certain irrigated crops such as rice – which represents most of our aggregate water consumption –, we focus on the design and operation of rainwater harvesting, which is the collection of water from rain in semi-natural reservoirs destined for future irrigation. In addition, we have developed a water recycling system for each farm where excess water (derived from drainage and rainfall) can be reused, instead of being drained out of the farm. Channels that move the water and drain the fields are developed by experts in order to deliver water in the most efficient manner. We have an advanced precision leveling system (with zero or controlled grade level) in most of our rice farms to increase productivity and reduce production costs. This technique involves a precise leveling of the land based on GPS technology. When fields are accurately leveled, water irrigation requirements are reduced, thus lowering the cost of labor and energy. Efficient management of irrigation also has a positive impact on crop yields. We have in place different technologies that help us reduce water consumption in our rice fields. For example, we have implemented polypipe irrigation systems in our most hilly rice fields. This technology consists of deploying plastic pipes to move irrigation water from a big channel to the fields, thereby reducing water consumption, and the area devoted to infrastructure. In addition, we use satellite imagery and drones to assess water levels during the rice irrigation season. This high-precision surveillance method, allows us to enhance water management, which improves potential crop yields and reduces water consumption. Drones use different cameras to detect water levels even when dense canopies cover the fields. In addition to drones, we use satellite images that measure the normalized difference vegetation index (“NDVI”) of land for a rapid and efficient analysis of irrigation including speed and depth. In addition to higher water use efficiency and optimization, satellite images help in the prevention of weed proliferation, the reduction of phytosanitary products and the achievement of higher yields. Other crops, such as corn and sunflower seed, are irrigated by highly efficient pivot spraying systems. This type of irrigation system allows us to distribute water uniformly throughout the field, improving the use of water in terms of total millimeters per year. We conduct soil moisture sampling to identify the best moment and amount of water to be used for irrigation in each plot. Mechanization We incorporate all available mechanization technology into our business that we consider to be cost-effective. We believe that by employing mechanization technology, we improve our operating efficiency and are better able to reach desired economies of scale in our operations. Mechanization also enables us to adopt new associated technologies faster and hastens our development efforts. In our Farming business, we use cutting-edge mechanized technology for planting, spraying, harvesting and irrigating and for soil preparation and management. We also employ advanced mechanization technology in our logistics and product processing operations, including transportation, drying operations and grain sorting and storage. We have developed mechanization technology to benefit sugarcane planting and harvesting since inception, which traditionally have not benefited from such mechanization. We believe that by incorporating modern mechanization we have improved access to employment for women and other demographics, enabling us to expand our talent pool across operations while also enhancing workforce diversity. Synergies 79 Table of contents The technologies we employ are very closely linked, and the joint implementation of a number of them is expected to result in positive synergies for our entire production system. For example, implementation of the “no-till” technology can be enhanced by crop rotations, due to the positive biological effects generated by the different types of roots from each crop in the soil. Benefits of integrated pest management are improved when combined with the “no-till” and crop rotation strategies, since the crop stubble that remains on the soil can be a barrier to some plagues, and because some other pests are specific to a particular crop and the crop rotation can be sufficient to control them. The use of machinery technology for selective spraying also complements our no-till system. We consider these synergies when we develop our crop seeding schedule. In the case of the reuse of residues, we benefited from our experience in sugarcane, where almost everything is reused and no residues are generated. As an example, by implementing such ideas to our dairy operations, we have been reusing the manure from our cows to generate renewable electricity through two diary biodigesters since 2017. Agtech (Agricultural, Digital-Based Technology) Since inception, we have been introducing cutting-edge technologies to increase our production efficiency. As digital and information-based technologies are rapidly advancing, we are currently devoting time and effort to work closely with local and international agtech startups, funds, research associations and other key players that could bring solutions to our operational processes. Examples of these initiatives include improving rice harvest efficiency through the development and implementation of ultra-light headers for combines; developing a digital platform to manage our grain trucking fleet more efficiently; creating a digital platform to enhance field crop scouting; and designing specialized equipment for precision and variable-rate spraying of crops and plantations. For these initiatives, we have made our operations available as a large-scale testing environment to help startups refine and optimize their technologies and deliver more effective solutions in a shorter timeframe. While we devote resources to these initiatives, we are already realizing benefits from implementing these solutions in our operations. Industrial Technology In recent years, we have incorporated several industrial facilities to our portfolio and have been actively enhancing their performance using technology. In our dairy industry, we replaced LPG gas with natural gas as a source of energy in the facility of Morteros, thereby reducing both the cost of production and the environmental impact. At Morteros, we also incorporated technology to produce fat filled (powdered milk that contains vegetable fats instead of butterfat), a product that helps us enhance our operational efficiency and access new markets. At the Chivilcoy facility, we have incorporated technology to produce and package UHT cream and cacao milk. These advances help us enhance our milk-based product portfolio. All these new products are based on our own formulas and are developed by our production and quality team. See “Item 5.C—Research and Development, Patents and Licenses, Etc.” for more information. Information Technology We employ the Oracle eBusiness Suite ERP, SAP R3 and Oracle Hyperion to standardize and integrate our processes throughout the Company and improve controls and information accuracy and consolidation. The Oracle eBusiness Suite and SAP R3 allows us to fulfill our local accounting and fiscal needs while facilitating operational coordination across our geographic areas and lines of business, reducing our operational costs and minimizing duplication and inefficiencies. It also provides our management with consolidated results in a timely manner. Cybersecurity In accordance with the growing risks in cybersecurity like ransomware, malware, viruses, trojans, system vulnerabilities, hackers and other types of attacks, we have adopted a series of security measures designed to mitigate these risks. We are constantly implementing new technologies and solutions to assist in the prevention of potential and attempted cyberattacks, as well as protective measures and contingency plans in the event of an existing attack. We analyze the risks we face on an ongoing basis and, accordingly, strengthen our information technology infrastructure, update our policies, and raise awareness among our employees to enhance our ability to prevent and respond to such risks. Furthermore, we are in the process of implementing a formal internal policy to govern the use of AI tools, aimed at mitigating security, confidentiality, and regulatory compliance risks associated with such use. We carry out a continuous improvement process and have contracted a third-party provider specialized in cybersecurity to help us validate and develop our plans to grow our cybersecurity system as well as to perform annual penetration and vulnerability tests on all our on-premise and cloud infrastructure. One of those providers is also our 24x7 security operation center (SOC), which receives and analyzes the alerts from our monitoring system. This has allowed us to continue increasing the security at our facilities, as part of our commitment and decision to continue reinforcing our security systems, and to improve our contingency plans. 80 Table of contents Additionally, we continue using an awareness tool to train all our employees how to approach different types of cyber-attacks, such as phishing, smishing, spoofing and vishing. Environmental Aspects We implement a production model that reflects a strong commitment to the environment. Our responsibility to the environment begins with complying with local regulations. To become better stewards of the environment, we implement environmental management plans for our operations. Those plans involve different stages, which include training our own and outsourced staff, monitoring ecological parameters, preventing negative effects, and correcting deviations. Natural resources such as land, water, air and biodiversity are taken into account when we evaluate the development and operation of new and ongoing production projects and operations. In that regard, we are constantly evaluating best practices in our operations. See “—Technology and Best Practices.” With land being one of the most relevant natural resources in our operations, we have developed a sustainable land use strategy that considers factors beyond the requirements of local laws and regulations. There are ecosystems that we do not consider appropriate for agricultural development, such as heavy forests and key wetlands. We evaluate development of other areas only after carrying out an environmental impact assessment. In addition to such evaluations, we analyze the agricultural potential of the land in respect of the soil, the climate, crop productivity and available technology, among other factors. Using this approach, we aim to grow the most suitable crop in each region and be the lowest-cost producer in the sector. We then consolidate our analysis into a land transformation plan, which includes the best land use option and implements best practices based on regenerative agriculture such as “no-till” technology, crop rotations, integrated pest and weed management, balanced fertilization, responsible phytosanitary products usage and water management. In addition, in 2025, we planted 65,000 hectares of cover crops. Cover crops help prevent water and wind erosion, function as biological fallows, reduce the need to apply phytosanitary products and provide roots that increase soil porosity. We sow these crops and adapt the species to the agro-ecological environmental condition. These best practices aim to increase resource efficiency and decrease the risk of contamination and waste production and are consolidated into an environmental management plan, which includes biodiversity management when applicable. We aim to properly implement our sustainable production model to enhance land productivity and therefore increase land value. With respect to phytosanitary products contamination risks, we implement a responsible phytosanitary products use program, which includes personnel training, personnel protection elements, application recommendations, phytosanitary products selection criteria, phytosanitary products handling and storage and after-use phytosanitary products packages (which are specifically cleaned, collected and stored for recycling purposes under third-party programs). In 2021, we began to implement the “Environmental Impact Quotient” indicator, which allows us to assess the potential risk of the application of phytosanitary products and the impact caused by them. Further, in 2021 we commenced the use of selective spray equipment. In 2025 we applied this technology to almost 35 thousand hectares of crops and sugarcane to reduce the doses of phytosanitary products and apply them only where necessary, which resulted in a reduction of up to 80% in the application of phytosanitary products in some of those areas. In addition, we periodically train our personnel in our fields to raise awareness about the responsible use of phytosanitary products. Additionally, in some regions where biodiversity matters are relevant, we implement biodiversity management plans, which mainly consist of periodically monitoring flora and fauna, detecting significant variations of their populations, and proposing measures to reduce any potential threats to local species. As a result, we prohibit hunting on our farms and create environmental private protection areas (where natural vegetation is protected by implementing sustainable production practices). As environmental matters require specific expertise and an understanding of complex relationships, in some cases we hire highly qualified consultants and enter into cooperative arrangements and agreements with educational institutions. In Brazil, the Brazilian Forest Code is the primary regulatory framework guiding our environmental policies and practices. In compliance with this legislation, we identify and assess all natural areas within our owned and leased properties and develop structured plans that set out specific actions for their protection, conservation and long-term preservation. We are strongly committed to environmental conservation. The expansion of agricultural activities is carried out exclusively in areas previously used for such purposes, and we do not operate in native forests, Permanent Preservation Areas (PPAs), Legal Reserves, large wetlands or areas of high biodiversity value. We place particular emphasis on protecting riverbanks, streams and springs, recognizing their essential role in soil conservation, water quality and as habitats for native wildlife. In this context, we continuously monitor native fauna, flora and water resources across our areas of operation. In respect to our industrial processing activities, we focus on energy-efficient processes that increase productivity with minimum waste disposal. At the same time, we seek to promote the reuse of any by-product or residue within industrial processes when feasible, or in the fields when the economic analysis is sensible. A successful example of this approach is the 81 Table of contents use of manure to produce electricity and the use of biofertilizers to grow crops in our dairy farms. Another success story is the use of all sugar and ethanol industrial by-products (vinasse, filter cake and composted ashes) as biofertilizers in our cane fields. Since November 2017, we have produced renewable electricity through our first biodigester at our dairy farm. The biodigester transforms cow manure into biogas with high methane content, which then fuels a cogeneration facility that generates renewable electricity. The electricity produced is sold to the grid under a long-term contract with an Argentine federal utility. Additionally, as this project allows us to reduce greenhouse gas emissions, we have registered the project under the Verified Carbon Standard to deliver carbon credits from the biodigester. In 2011, we received a grant from the Sustainable Energy and Climate Change Initiative of the Inter-American Development Bank in order to carry out the pre-feasibility assessment. We also received a grant from the National Agency of Scientific and Technologic Promotion (Agencia Nacional de Promoción Científica y Tecnológica), an agency that promotes technological innovation, to partially fund the investment. In July 2016, we participated in Argentina’s “RenovAr” renewable energy auction and entered into a 20-year contract to supply up to 9,145 MWh per year at an average price of US$158.92 per MWh plus bonuses. In 2023, we also inaugurated our second biodigester in our free stalls. The incorporation of this second biodigester allows us to process 100% of our cow manure, increase the annual generation of bioelectricity to a total power capacity of 3.4 MW, and keep contributing to our sustainable development model. In 2025, our two dairy biodigesters generated 22,794 MWh. At the Ivinhema Unit, located in the State of Mato Grosso do Sul, we have implemented innovative solutions focused on the circular economy and the reduction of environmental impacts. We produce biogas from concentrated vinasse, a byproduct of the ethanol production process, which is then purified to obtain biomethane. This renewable fuel is used in our internal fleet, in alignment with the United Nations Sustainable Development Goals (SDGs). These initiatives contribute to improved operational efficiency and reduced greenhouse gas (GHG) emissions. In 2021, our biogas unit was certified as the first renewable gas plant in Brazil, enabling us to issue and commercialize carbon credits known as Gas RECs. In addition, since 2020, we have issued Decarbonization Credits (CBios) under the RenovaBio program, becoming the first company in Brazil to operate in these markets. In 2025, we commercialized more than 712 thousand CBios, reinforcing the link between environmental performance and value creation. Higher environmental standards in our operations increase our ability to issue these credits, providing a continuous incentive for improvement. With respect to our recently acquired fertilizer operations, Profertil’s approach to environmental sustainability is grounded in its core purpose of nourishing the land in a sustainable manner. A central pillar of Profertil’s environmental strategy is the transition to renewable electricity. The company is working toward procuring 100% of its electricity from renewable sources over time and continues to reduce Scope 2 emissions through the progressive replacement of fossil-based electricity with renewable alternatives. Profertil’s environmental management system is supported by a robust certification framework. The company holds ISO 9001 (quality), ISO 14001 (environmental management) and ISO 50001 (energy efficiency) certifications and, in 2019, obtained the Protect & Sustain certification from the International Fertilizer Association (IFA), one of the most demanding environmental and safety certifications available to fertilizer producers globally, recognizing responsible management throughout the product lifecycle. The company also participates in Argentina’s Responsible Care of the Environment Program (PCRMA), which is subject to biannual independent audits. Profertil’s sustainability strategy is aligned with the United Nations Global Compact, in which the company has participated since 2014, and with nine of the seventeen United Nations Sustainable Development Goals, including those relating to food security, clean energy, responsible consumption, climate action and water management. The company’s annual Sustainability Report is prepared in accordance with GRI (Global Reporting Initiative) and SASB (Sustainability Accounting Standards Board) standards, providing a credible and internationally recognized basis for ESG disclosure. Social Programs In addition to complying with local labor regulations, we seek to promote the personal and professional development of our employees by offering them an adequate working environment with proper health and safety protections. We aim to develop a transparent relationship with local authorities. One of our main goals is to contribute positively to the social development of the communities in which we operate, creating new jobs, preserving the environment, providing training opportunities through our internship program and assisting with social development. In order to implement our social development programs, we analyze the areas in which we operate and give special attention to education and poverty rates, possible alliances with other social actors, and potential synergies with local government programs. In addition, we contribute to organizations from our communities, including hospitals, schools, daycare centers and fire stations, among others. In Argentina, we also have a voluntary matching program where Adecoagro matches each donation from our employees at a 2:1 ratio. In 2025, 16 organizations were part of our matching program and received monthly donations. Education 82 Table of contents Our main initiatives are aligned with the United Nations’ Sustainable Development Goal 4 – Quality Education. Our operations have a significant economic impact in the communities where we are located, and we have developed a social action program in various municipalities. In 2005, we started a partnership with Cimientos, a non-profit organization that promotes equal educational opportunities for children and youth from low-income families in Argentina. In 2025, we participated in Cimientos’ “Futuros Egresados” program, granting scholarships to 50 high-school students in Mercedes and Itá Ibaté (Corrientes). In 2016, we started another program together with Conciencia (a local non-governmental organization) through which we support our employees’ children to complete their education. In 2025, 21 high-school and higher-education students from San Salvador (Entre Ríos) and Las Lajitas (Salta) participated in this program. In 2019, we made a new alliance with the Reciduca Foundation with the aim of providing scholarships for young people from the community of Pilar to finish their secondary studies, expand their employment opportunities and promote environmental care. We have supported the program since its inception, and in 2022, we decided to include the community of San Isidro as well, increasing the total number of scholarships granted to 20, which we maintained since then. We also have granted five additional scholarships to tertiary education students from the Victor Navajas Centeno Agrotechnical Institute at Virasoro (Corrientes). We keep participating in the Escola Nota 10 Project at the municipalities of Angélica, Ivinhema and Novo Horizonte do Sul, in Mato Grosso do Sul. Through this project, we aim to contribute towards educational development by providing training sessions for teachers. This approach helps build long-term capacity among educators, who, in turn, pass on their knowledge to students, creating a multiplier effect. In 2023, we decided to restructure the program to offer better and stronger support for educators. In 2025, we provided continuous professional development to 180 teachers and educators from first to fifth grade—through online and in-person training sessions—impacting 3,911 students. Moreover, we participated in the Território do Saber project with the aim of improving the quality of teaching and learning processes in schools through the promotion of reading. In 2025, we inaugurated a 13th library in Ivinhema. Nutrition In Argentina, we work in partnership with two main organizations: the Conin Foundation and Food Banks Argentina organization. The Conin Foundation fights malnourishment and undernourishment in children, focusing its actions on three main areas: education, assistance and research. Food Banks Argentina is a non-profit distribution enterprise that serves the community by receiving donated food and making it available to people in need through a network of community agencies. These agencies include school feeding programs, food pantries, soup kitchens, hospices, substance abuse clinics, after-school programs and other non-profit organizations. In 2025, we donated nearly 230 tons of rice and dairy products to around 100 organizations, including 12 Conin centers and 11 food banks. Additionally, since 2007 we have collaborated with local organizations such as Solidagro, an alliance between rural corporate institutions and civic organizations that seek to solve famine and malnutrition problems, to which we donate our rice on a monthly basis. We also collaborate with Haciendo Camino, a non-governmental organization fighting malnourishment and undernourishment in children in Santiago del Estero. We have supported the organization for the last several years and made contributions to finance the early childhood program in Los Juries. In 2025, the program assisted 60 children aged zero to five years and more than 20 mothers. Violence Prevention We seek to train leaders and teams on this topic to understand all aspects of workplace violence. Our “Proteger” program aims to prevent violence, as it seeks to guide and inform employees and the community about possible ways to report and prevent sexual abuse, the exploitation of children and adolescents, rape culture, violence against women and sexual or workplace harassment, while mobilizing society to contribute to this effort. This program reinforces the idea that we do not accept, under any circumstance, the practice of any type of child labor, including by third-party suppliers and others with whom we may interact. In 2025, 100% of our employees in Brazil received training in violence prevention through our Proteger program. We also collaborate with Childhood Brazil, an organization dedicated to defending children’s rights and improving the living conditions of children in vulnerable situations. Through this partnership, we supported the training of community service professionals in three municipalities in Mato Grosso do Sul and in 2025 we continued working with Childhood Brazil to establish protocols for assisting children and adolescents who are victims or witnesses of violence, tailored to each municipality’s specific needs. 83 Table of contents Internship and Young Talent Program The purpose of our internship and young talent program is to promote the development of highly qualified professionals from the community by providing first-time work experience, good-quality training and access to highly technology-oriented operations. We seek to facilitate interns’ future access to the job market while detecting potential key employees. The interns actively participate in the TAG training program, which includes monthly technical meetings, external training and farm tours. In order to accomplish these goals, we promote institutional relationships with local and international universities and high schools. In 2025, 238 interns and young talents benefited from learning opportunities across our operations. Material Agreements For a description of the material agreements entered into by the Company in connection with the Offer, see “Item 7. Major Shareholders and Related Party Transactions—B. Related Party Transactions”. For a description of the material agreements relating to our indebtedness, please see “Item 5. Operating and Financial Review and Prospects— B. Liquidity and Capital Resources—Indebtedness and Financial Instruments.” Brazil Sugar Sale Agreements In 2025, our largest three customers in this segment comprised approximately 54% of our sugar sales agreements. We entered into sugar sales agreements with Louis Dreyfus Commodities Suisse S.A., Viterra B.V. (formerly known as Glencore Agriculture B.V.) and BTG Pactual, pursuant to which we agreed to supply approximately 363,000 metric tons of Brazilian VHP sugar. This specific amount of sugar was delivered during the 2025 harvest-year through the ports of Paranaguá and Santos, and the price was fixed in reference to the ICE Sugar #11 Futures. Electric Energy Agreements In August 2010, Adecoagro Vale do Ivinhema S.A. participated in a public auction by the Brazilian federal government. As a result of this auction, Adecoagro Vale do Ivinhema S.A. entered into a second 15-year agreement with CCEE starting in 2011, for the sale of 131,400 MWh per year at a rate of R$357.27/MWh. The price of energy under the contract is adjusted annually according to inflation. In August 2013, Adecoagro Vale do Ivinhema S.A. participated in another public auction by the Brazilian federal government. As a result of this auction, Adecoagro Vale do Ivinhema S.A. entered into a second 25-year agreement with CCE starting in 2018, for the sale of 87,600 MWh per year at a rate of R$262.85/MWh. The price of energy under the contract is adjusted annually according to inflation. Argentina Energy Supply Agreements The Company’s fertilizer plant, located in Bahía Blanca, Buenos Aires, secures the supply and transportation of energy through long-term commercial agreements with major upstream producers and pipeline operators. To mitigate volumetric risk, these contracts are structured on a fixed-price basis and include take-or-pay provisions. Certain of these agreements are with Transportadora de Gas del Sur S.A. ('TGS'), Total Austral S.A., TotalEnergies Gas Cono Sur S.A., Compañía General de Combustibles S.A., Pan American Energy S.L., PAS 11 S.A., YPF Energía Eléctrica S.A and YPF. Intellectual Property As of April 2026, we owned 72 trademarks registered with the Argentine National Intellectual Property Institute, 30 trademarks registered in Brazil and one patent registered with the Brazilian National Industrial Property Institute (“INPI”). Adecoagro Uruguay S.A. has 3 trademarks registered in Uruguay. In Argentina, we are required to renew our trademark registrations when they expire at the end of their respective terms. Under the Argentine Trade and Service Marks Law No. 22,362, the term of duration of a registered trademark is 10 years from its issue date, and a trademark may be indefinitely renewed for equal periods thereafter if, within the five-year period prior to each expiration, the trademark was used in the marketing of a product, in the rendering of a service or as the designation of an activity. In Brazil, title to a trademark is acquired only once its valid registration has been issued by the INPI. During the registration process, the person requesting the trademark merely has an expectation of the right to use the trademark to identify its products or services. Under Law No. 9,279, of May 14, 1996 (the Brazilian Industrial Property Law), the holder of a 84 Table of contents trademark has the right to its exclusive use throughout Brazil. The term of duration of a registered trademark is 10 years from its issue date, and a trademark may be indefinitely renewed for equal periods thereafter. Within a five-year period from the issue date, the owner has an obligation to use the trademark in the marketing of a product, in the rendering of a service or as the designation of an activity. If the owner does not use the trademark within such a five-year period, it may be subject to a forfeiture process, upon request of any third party with legitimate interest in the trademark. The same forfeiture process may occur if the owner fails to use the trademark continuously for any five-year period. If the trademark is declared forfeited, the trademark rights are terminated. Insurance The type and level of insurance coverage we obtain is determined based on consultation with leading insurance brokers. We carry policies with leading U.S., European, and local insurance companies, and we are currently insured against a variety of risks, including losses and damages relating to our plants, equipment and buildings. We believe our level of insurance coverage is customary and appropriate for a company of our size and with respect to our activities. Our insurance currently covers only part of the losses we may incur and does not cover losses on crops due to hail storms, fires or similar risks. Legal and Administrative Proceedings In the ordinary course of business, we are subject to certain contingent liabilities with respect to existing or potential claims, lawsuits and other proceedings, including those involving tax, social security, labor lawsuits and other matters. We accrue liabilities when it is probable that future costs will be incurred and such costs can be reasonably estimated. See “Item 8. Financial Information —A. Consolidated Statements and Other Financial Information—Legal and Administrative Proceedings.” Environmental Regulations and Compliance Our businesses in the various emerging market countries in which we operate are subject to comprehensive national, state and municipal laws and regulations relating to the preservation and protection of the environment to which those businesses must adhere. These laws and regulations require some of our businesses to obtain permits or licenses that have to be renewed periodically in order to allow us to continue to operate. If such permits or licenses lapse or are not renewed or if we fail to obtain any required environmental licenses and permits, or if we do not comply with any other requirements or obligations established under applicable environmental laws and regulations, we may be subject to administrative, civil or criminal liability (including fines, partial or total suspension of operations, suspension or cancellation of environmental licenses and permits and indemnification and penalties for any damage caused). In addition, our businesses that hold debt with banks, and multilateral lenders in particular, are typically required to adhere to environmental standards that exceed those of the country in which such businesses operate (e.g., World Bank standards). We are currently in compliance with all applicable environmental laws and regulations and hold the licenses and permits required for the normal conduct of our operations. The operating license for the Monte Alegre Unit is valid through November 2030 and authorizes the processing of up to 1.2 million tons of sugarcane per year. The operating license for the Angélica Unit has been renewed and is valid through October 2031, allowing for the processing of up to 6.5 million tons of sugarcane annually. The operating license for the Ivinhema Unit is valid through July 2027 and authorizes the processing of up to 7.2 million tons of sugarcane per year. In addition to its operating licenses, the Company has obtained additional authorizations for the Ivinhema Unit in connection with the expansion of its activities, including the formulation of organic fertilizers, the expansion and operation of fuel stations, and the expansion of biomethane production. The acquisition and maintenance of these licenses are essential to ensuring the continuity and regularity of our operations. Any non-compliance may result in operational restrictions, suspension of activities, and the imposition of administrative and financial penalties. Our operating businesses use or adhere to all required environmental monitoring, equipment and procedures, and we utilize third-party contractors to conduct regular environmental audits. Our environmental expenses relate to consultants that we use to perform environmental impact studies for our development projects and control and monitoring procedures. However, as environmental regulations are expected to become more stringent in some of the countries in which we operate, our environmental compliance costs are likely to increase due to the cost of compliance with any future environmental regulations. While we are not aware of any material environmental liabilities related to our ongoing operations, we may be subject to clean-up costs, which we do not expect to be material. Regulation and Control of Agri-Food Production in Argentina As of February 25, 2011, the National Office of Commercial Agriculture and Livestock Control (“Oficina Nacional de Control Comercial Agropecuario” or “ONCCA”) was dissolved pursuant to Decree No. 192/2011. The powers previously held by the ONCCA were transferred to the Ministry of Agriculture, Livestock and Fishing (Ministerio de Agricultura, Ganadería y Pesca, or the “Ministry of Agriculture”) of Argentina and to the Internal Consumer Subsidy Coordination and Evaluation Unit 85 Table of contents (Unidad de Coordinación y Evaluación de Subsidios al Consumo Interno or “UCESCI,” after its acronym in Spanish), an entity created by means of Decree No. 193/2011. Such entity was then dissolved by means of Decree No. 444/2017, which transferred the powers granted to the UCESCI to the Ministry of Agriculture. As a result, the Ministry of Agriculture is the authority responsible for enforcing the regulations issued by the ONCCA. After the distribution of tasks established in Decree No. 8/2023 issued on December 11, 2023, under the Administration of President Javier Milei, the Ministry of Economy is in charge of monitoring agricultural compliance with commercialization regulations. Ever since, this entity has been the one in charge of promoting strategies to improve market access conditions for agricultural products, in coordination with other areas of the National Public Administration with competence in this area. Under applicable regulations, all persons involved in the commercialization and manufacturing of grains and dairy products must be registered with the Registry of Operators of the Agro-industrial Chain (Registro Único de Operadores de la Cadena Agroindustrial or “RUCA” after its acronym in Spanish), which provides for the registration of any individual or company involved in the trade and industrialization of food products in the markets for grains, livestock and dairy products and their by-products and derivatives, pursuant to Resolution No. 302/2012, as amended, issued by the Ministry of Agriculture. According to annex I of Resolution No. 21/2017, last amended by Resolution No. 82/2024 of the Federal Secretariat of Agriculture, Livestock and Fisheries, the RUCA has no expiration date, as long as the conditions and requirements established in connection with its granting and validity are met by the operator, and it complies with the obligations imposed by current and future regulations. Grain producers must stock grains at facilities and maintain a record of the grain stock stored at such facilities to be filed with the RUCA. Registration with the RUCA is a mandatory requirement to engage in any of the activities it regulates. Moreover, under the organizational chart approved by Decree No. 293/2024, RUCA is currently coordinated by the Undersecretariat for Agricultural Markets and International Negotiations. Agricultural companies may have additional registration obligations depending on the characteristics of grain purchase operations, such as the ones regulated for grain buyers in Resolution No. 438/2023 of the Secretariat of Agriculture, Livestock and Fishing. On February 26, 2014, the Public Income Federal Administration (“Administración Federal de Ingresos Públicos”) issued Resolution No. 3,593/14, which became effective on April 1, 2014. This resolution established a Systematic Registration of Movements and Grain Stocks Regime (Régimen de Registración Sistemática de Movimientos y Existencias de Granos), which requires all producers involved in the commercialization and manufacturing of grains and dairy products registered in the RUCA to report the stock and stock variations (including locations, transportation between the producer facilities, etc.) of all grains other agricultural products (other than those to be applied to sowing) held by them or on behalf of a third party. Violations of any applicable regulations may result in the application of sanctions, including fines, suspensions and the cancellation of the registration, which may, in turn, result in an immediate cessation of activities and closure of facilities. On April 15, 2021, the Ministry of Agriculture issued Resolution No. 60/2021, which was published in the Official Gazette on April 19, 2021. This resolution specifies that dairy and grain exporters who did not register an establishment in the RUCA must provide additional information. The Argentine Grain Stabilization Fund (Fondo Estabilizador del Trigo Argentino), created by Decree No. 132/2022 to contribute to the mitigation of the increase in the price per ton of grain bought by Argentine windmills as a result of the conflict between Russia and Ukraine, was repealed by Resolution No. 142/2024 of the Ministry of Economy, which revoked the relevant trust agreement and ordered the liquidation of this Fund. C.ORGANIZATIONAL STRUCTURE Corporate Structure We are a corporation organized under the laws of the Grand Duchy of Luxembourg under the form of a société anonyme. As of April 2026, we held approximately 100% of the limited partnership interests in Adecoagro LP S.C.S., a société en commandite simple organized under Luxembourg law (representing 99.9999% of interests in Adecoagro LP S.C.S.) with the unlimited partnership interest in Adecoagro LP S.C.S. (representing 0.0001% of interests in Adecoagro LP S.C.S.) being owned by Adecoagro GP S.à r.l, a société à responsibilité limitée organized under Luxembourg law and our substantially wholly-owned subsidiary. Adecoagro LP S.C.S. is a holding company with operating subsidiaries owning farmland and facilities throughout Argentina, Brazil and Uruguay. For a diagram of our Organizational structure as of April 2026, please see “Item 4. Information on the Company—A. History and Development of the Company—History.” As of April 2026, our principal shareholders were Tether Global Investments Fund, S.I.C.A.F., S.A. and Directors, Executive Officers and Company’s employees as a group. See “Item 7. Major Shareholders and Related Party Transactions—A. Major Shareholders.” 86 Table of contents D.PROPERTY, PLANTS AND EQUIPMENT See “B. Business Overview—Land Transformation Activities — Our Farms”; “—Property, Plant and Equipment.”