Item 5 of this Annual Report on Form 20-F discusses the Company’s operating and financial review and prospects as of and for the fiscal years ended December 31, 2025 and 2024. For a discussion of the Company’s operating and financial review and prospects as of and for the fiscal years ended December 31, 2024 and 2023, see "Item 5. Operating and Financial Review and Prospects—A. Operating Results— For the year ended December 31, 2024, as compared to year ended December 31, 2023,” and “—B. Liquidity and Capital Resources,” included in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024 filed with the SEC on April 25, 2025 which are incorporated herein by reference. Overview We are engaged in agricultural, manufacturing and land transformation activities. Our agricultural activities consist of harvesting certain agricultural products, including crops (soybeans, corn, wheat, peanuts, sunflower, etc.), rough rice, and sugarcane, for sale to third parties and for internal use as inputs in our various manufacturing processes, and producing fluid milk. Our manufacturing activities consist of (i) production and commercialization of fertilizers; (ii) selling manufactured products, including processed peanuts, sunflower rice, sugar, ethanol and energy, among others, (iii) in our milk facilities we produce UHT milk, powder milk and semi-hard cheese, among others; and (iv) providing services, such as grain warehousing and conditioning and handling and drying services, among others. Our land transformation activities consist of the acquisition of farmlands or businesses with underdeveloped or underutilized agricultural land and implementing production technology and agricultural best practices to enhance yields and increase the value of the land. See also “Item 3. Key Information—D. Risk Factors —Risks Related to the Countries in Which We Operate—Laws on the foreign ownership of rural properties may adversely affect our results of operations and future investments in rural properties.” We are organized into three main lines of business: (i) Sugar, Ethanol and Energy; (ii) Fertilizers and (iii) Farming. These lines of business consist of five reportable operating segments, which are evaluated by the chief operating decision-maker based upon their economic characteristics, the nature of the products they offer, their production processes and their type and class of customers and distribution methods. Our Farming business is comprised of three reportable operating segments: Crops, Rice and Diary Segments. Our Sugar, Ethanol and Energy line of business, as well as our Fertilizers line of business are also a reportable operating segment. See “—Operating Segments” for a discussion of our five operating reportable segments. There are significant economic differences between our agricultural and manufacturing activities. In addition to our agricultural activities, we perform manufacturing activities in the Crops (including peanut and sunflower products), Dairy, Rice and Sugar, Ethanol and Energy segments. The table below sets forth our agricultural and manufacturing activities by segment. Segment Agricultural Product Manufactured Product and Services Rendered Crops Soybean, Corn, Wheat, Sunflower and Peanuts among others Industrialized peanuts and sunflower, grain drying and conditioning Rice Rough rice White rice and brown rice and snacks Dairy Fluid milk UHT milk, powder milk and semi-hard cheese, among others Sugar, Ethanol and Energy Sugarcane Sugar, Ethanol and Energy In the case of our Fertilizers business, we are specialized in the production and commercialization of fertilizers for agricultural production, primarily granulated urea. Furthermore, we commercialize other nutrients and special blends to optimize crop yields in a sustainable way. Agricultural Activities 87 Table of contents Our agricultural activities involve the management of the biological transformation of biological assets into agricultural produce for sale to third parties, or into agricultural products that we use in our manufacturing activities. We measure our biological assets and agricultural produce in accordance with IAS 41 "Agriculture." IAS 41 requires biological assets to be measured on initial recognition and at each balance sheet date at their fair value less cost to sell, with changes in fair value recognized in the statement of income as they occur. As market prices are generally not available for biological assets while they are growing, we use the present value of expected net cash flows as a valuation technique to determine fair value, as further discussed below in Note 32 to the Consolidated Financial Statements. In addition, agricultural produce at the point of harvest is measured at fair value less cost to sell, which is generally determined by reference to the quoted market price in the relevant market. Consequently, the gains and losses arising on initial recognition and changes in fair value of our biological assets and the initial recognition of our agricultural produce at the point of harvest are accounted for in the statement of income in the line item "Initial recognition and changes in fair value of biological assets and agricultural produce." After agricultural produce is harvested, we may hold it in inventory at net realizable value up to the point of sale, which includes market selling price less direct selling expenses, with changes in net realizable value recognized in the statement of income when they occur. When we sell our inventory, we sell at the prevailing market price and we incur direct selling expenses. We generally recognize the agricultural produce held in inventory at net realizable value with changes recognized in the statement of income as they occur. Therefore, changes in net realizable value represent the difference in value from the last measurement through the date of sale on an aggregated basis. We consider gains and losses recorded in the line items of the statement of income "Initial recognition and changes in fair value of biological assets and agricultural produce" and "Changes in net realizable value of agricultural produce after harvest" to be realized only when the related produce or manufactured product is sold to third parties and, therefore, converted into cash or other financial assets. Therefore, "realized" gains or losses mean that the related produce or product has been sold and the proceeds are included in revenues for the year. See Note 32 to the Consolidated Financial Statements for a discussion of the accounting treatment, financial statement, presentation and disclosure related to our agricultural activities. Manufacturing Activities The gross profit of our manufacturing activities is a function of our sales of manufactured products and services rendered and the related costs of manufacturing those products or delivering those services. We recognize an amount of revenue representing the actual dollar amount collected or to be collected from our customers. Our principal costs consist of raw materials, labor and social security expenses, maintenance and repairs, depreciation, lubricants and other fuels, among others. We obtain our raw materials principally from our own agricultural activities and, to a lesser extent, from third parties. Land Transformation activities Our Land Transformation activities generally include two types of activities. We generally acquire on of farmlands or businesses with underdeveloped or underutilized agricultural land (land which we have identified as capable of being transformed into more productive farmland by enhancing yields and increasing its future value). When we acquire a farmland business for an acquisition price below its estimated fair value, we recognize an immediate gain (a "purchase bargain gain"). The land acquired is recognized at its fair value at the acquisition date and is subsequently recorded under the revaluation model based on periodic, but at least annual, valuations prepared by an external independent expert. We also may realize the value of fully developed and transformed farmland through their strategic disposition. Once we believe certain land has reached full growth potential, we may decide to realize such incremental value through the disposition of the land. The results of these two activities (purchase bargain gains as a result of opportunistic acquisitions of businesses with underdeveloped or underutilized land below fair market value, and gains on dispositions reflecting the ultimate realization of cash value on dispositions of transformed farmlands) are included in the segment of which farms operate (meaning rice or crops). 88 Table of contents A. OPERATING RESULTS Trends and Factors Affecting Our Results of Operations Comparability Following the completion of the acquisition of Profertil on December 18, 2025, for the year ended December 31, 2025, the statement of income includes the consolidation of the results of operations of Profertil for the period from December 18, 2025 (the acquisition date) through December 31, 2025 (a 13-day period), and (ii) the results of Profertil recognized under the equity method for the period from December 10, 2025 (the date of acquisition of the equity method investment, included in “Other operating income, net” ) through December 17, 2025. For further information, see Notes 3 and 21 to our Consolidated Financial Statements. Effects of Yield Fluctuations The occurrence of severe adverse weather conditions, especially droughts, hail, floods or frost, are unpredictable and may have a potentially devastating impact on agricultural production and may otherwise adversely affect the supply and prices of the agricultural commodities that we sell and use in our business. The effects of severe adverse weather conditions may also reduce yields at our farms. Yields may also be affected by plague, disease or weed infection and operational problems, such as Spiroplasma disease, which affected corn yield during the 2023/2024 harvest season. See “Item—3. Key Information—D. Risk Factors—Risks Related to Our Business and Industries—Unpredictable weather conditions, including as a result of climate change, pest infestations and diseases may have an adverse impact on agricultural production.” The following table sets forth our average crop, rice and sugarcane yields per hectare for the periods indicated: 2024/2025 2023/2024 % Change Harvest Year Harvest Year 2024/2025 -2023/2024 Corn (1) 5.7 5.2 9.6 % Soybean 2.5 2.6 (3.8) % Wheat (2) 2.5 3.1 (19.4) % Peanut 3.3 3.6 (8.3) % Sunflower 2.1 1.7 23.5 % Rice 8.0 6.1 31.1 % Sugarcane 68.0 69.8 (2.5) % (1) Includes sorghum. (2) Includes barley. Effects of Fluctuations in Production Costs We experience fluctuations in our production costs due to the fluctuation in the costs of fertilizers, agrochemicals, seeds, gas, fuel, farm leases and labor. The use of advanced technology, however, allows us to increase our efficiency, in large part mitigating the fluctuations in production costs. Some examples of how the implementation of production technology has allowed us to increase our efficiency and reduce our costs include the use of no-till technology (also known as “direct sowing,” which involves farming without the use of tillage, leaving plant residues on the soil to form a protective cover which positively impacts costs, yields and the soil), crop rotation, second harvest in one year, integrated pest management, and balanced fertilization techniques to increase the productive efficiency in our farmland. Increased mechanization of harvesting and planting operations in our sugarcane plantations and utilization of modern, high-pressure boilers in our sugar and ethanol mills has also yielded higher rates of energy production per ton of sugarcane milled. In addition, we reuse all the waste from our sugar cane processing, which together with the ashes from the boilers, and the filter cake, undergo a composting process and are used as organic fertilizer to grow sugarcane, allowing us to reduce chemical fertilizer consumption, while contributing to the environment. We also use manure in our dairy farms to generate electricity with biodigesters. In our Fertilizers business, we 89 Table of contents rely on short- to medium-term gas contracts to secure natural gas supply for our fertilizer plant at fixed prices, which mitigates price volatility associated with seasonal demand. Effects of Fluctuations in Commodities Prices Commodity prices have historically experienced substantial fluctuation. For example, between January 1, 2025 and December 31, 2025, sugar prices decreased by 22.1%, according to Intercontinental Exchange of New York (“ICE-NY”) data, and ethanol prices increased by 9.7%, according to Escola Superior de Agricultura “Luiz de Queiroz” (“ESALQ”) data. Also, based on Chicago Board of Trade (“CBOT”) data, from January 1, 2025 to December 31, 2025, soybean prices increased 3.2% and corn prices decreased by 4.0%. In addition, according to Green Markets data, granular urea prices increased 8.4% from January 1, 2025 to December 31, 2025. Commodity price fluctuations affect our consolidated statements of income, as they have an effect over: •the initial recognition and changes in the fair value of biological assets and agricultural produce in respect of unharvested biological assets undergoing biological transformation; •changes in net realizable value of agricultural produce for inventory carried at its net realizable value; and •sales of manufactured products and agricultural produce to third parties. The following graphs show the spot market price of some of our main products between December 31, 2019 and December 31, 2025, highlighting the period between January 1 and December 31, 2025: 90 Table of contents (1) Source: CBOT (2) Source: ICE-NY (3) Source: ESALQ (4) Source: Green Markets Fiscal Year and Harvest Year Our fiscal year begins on January 1 and ends on December 31 of each year. However, our production is based on the harvest-year for each of our crops and rice. A harvest-year varies according to the crop or rice plant and the climate in which it is grown. Due to the geographic diversity of our farms, the planting period for a given crop or rice may start earlier on one farm than on another, causing differences for their respective harvesting periods. The presentation of production volume (tons) and production area (hectares) in this report in respect of the harvest-years for each of our crops and rice starts with the first day of the planting period at the first farm to start planting in that harvest-year to the last day of the harvesting period of the crop or rice planting on the last farm to finish harvesting that harvest-year. 91 Table of contents On the other hand, production volumes for fertilizers, dairy, processed rice and production volume and production area for sugar, ethanol and energy business, along with the financial results in respect of our products are presented on a fiscal-year basis. Effects of Fluctuations of the Production Area Our results of operations also depend on the size of the production area. The size of our owned and leased area devoted to crop, rice and sugarcane production fluctuates from period to period in connection with the purchase and development of new farmland, the sale of developed farmland, the lease of new farmland and the termination of existing farmland lease agreements. Lease agreements are usually settled following the harvest season, from July to September for crops and rice, and from May to April for sugarcane. The length of the lease agreements is usually one year for crops, one to five years for rice and seven years for one-cycle sugarcane or 14 years for a two-cycle of sugarcane. Regarding crops, the production area can be planted and harvested once or twice per year. For example, wheat can be planted in July and harvested in December. Once harvested, soybean can be planted in the same area and harvested in April. As a result, planted and harvested areas can maximize their production in any given year. The production area for sugarcane can exceed the harvested area in one year. Grown sugarcane can be left in the fields and then harvested the following year. The following table sets forth the production area for the periods indicated: Year ended December 31, 2025 2024 2023 Chg (%) 2025-2024 Chg (%) 2024-2023 Hectares Crops (1) 196,564 193,949 176,984 1.3 % 9.6 % Rice 64,438 58,452 55,648 10.2 % 5.0 % Sugar, Ethanol and Energy 228,640 212,996 198,747 7.3 % 7.2 % (1) Does not include second crop and forage area. The increase in sugar, ethanol and energy production area in 2025 is explained by an increase in the leased space to ensure the sufficiency of our sugarcane supply during the entire year in accordance with our long-term growth plan, as well as in our rice operations, in which we invested in the development of croppable land given international prices, margins and long-term strategy for the business. Macroeconomic Developments in Emerging Markets We generate nearly all of our revenue from the production of food, fertilizers and renewable energy in emerging markets. Therefore, our operating results and financial condition are directly impacted by macroeconomic and fiscal developments, including fluctuations in currency exchange rates, inflation and interest rate fluctuations, in those markets. The emerging markets where we conduct our business (including Argentina, Brazil and Uruguay) remain subject to such fluctuations. See “Item 3. Key Information—D. Risk Factors—Risks Related to the Countries in Which We Operate—Our results of operations and financial condition are dependent upon economic conditions in the emerging countries in which we operate” and “—Economic and political conditions in the countries in which we operate, and the perception of these conditions in international markets, may adversely impact our business, our access to the capital and debt markets, and our results of operations and financial condition.” Moreover, economic conditions of the countries in which we operate may be impacted by inflation over domestic prices, which may result in higher costs and affect our revenues. High inflation rates may undermine the conditions that allow us to grow in those countries and induce to macroeconomic volatility, affecting overall competitiveness, increasing social and economic inequality, reducing employment, consumption and the level of economic activity and undermining confidence in the banking system, which could further limit domestic and international credit availability. In 2025, inflation in local currency in Argentina, Brazil and Uruguay was 31.5%, 4.26% and 3.65%, respectively. We present our results of operations adjusted by the effect of hyperinflationary accounting policies and translation for our Argentine operations according to IAS 29 (see “Presentation of Financial and Other Information—Financial reporting in a hyperinflationary economy). For further detail on the impact of inflation, see “Item 3. Key Information—D. Risk Factors—Risks Related to the Countries in Which We Operate—Inflation in some of the countries in which we operate, along with governmental measures to curb inflation, may have a significant negative effect on the economies of those countries and, as a result, on our financial condition and results of operations.” 92 Table of contents In addition, government policies enacted in the countries in which we operate may have a material impact, or could materially affect, the Company’s operations. See “Item 3. Key Information—D. Risk Factors—Risks related to Our Business and Industries—Governmental policies reducing the amount of ethanol required to be added to gasoline, or eliminating tax incentives for flex-fuel vehicles, may adversely affect our business” and “—Our business is subject to significant governmental regulation, which may adversely affect our results of operations and financial condition.” See also “Item 4—Information on the Company—B. Business Overview,” for additional information concerning macroeconomic events. Effects of Export Taxes on Our Products The following table shows the export taxes applicable to our products as of December 31, 2025: Product Export tax Soybean and derivatives 24% Corn 8.5% Wheat 7.5% As local prices are determined by taking into consideration export parity references, any increase or decrease in export taxes would affect our results of operations. Effects of Foreign Currency Fluctuations Each of our Argentine, Brazilian and Uruguayan subsidiaries use local currency as its functional currency. A significant portion of our operating costs in Argentina are denominated in Argentine Pesos and most of our operating costs in Brazil are denominated in Brazilian Reais. For each of our subsidiaries’ statements of income, foreign currency transactions are translated to local currency, as such subsidiaries’ functional currency, using the exchange rates prevailing as of the dates of the relevant specific transactions. Exchange differences resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income under “finance income” or “finance costs,” as applicable. Our Consolidated Financial Statements are presented in U.S. dollars, and foreign exchange differences that arise in the translation process are disclosed in the consolidated statement of comprehensive income. As of December 31, 2025, the Argentine Peso-U.S. dollar exchange rate was Ps. 1,455.0 per U.S. dollar as compared to Ps. 1032.0 per U.S. dollar as of December 31, 2024. As of December 31, 2025, the Real-U.S. dollar exchange rate was R$5.50 per U.S. dollar as compared to R$6.19 per U.S. dollar as of December 31, 2024. The following graph shows the Argentine Peso-U.S. dollar rate and the real-U.S. dollar rate of exchange between December 31, 2019 and December 31, 2025, highlighting the period between January 1 and December 31, 2025: (1) Source: Bloomberg Our principal foreign currency fluctuation risk involves changes in the value of the Brazilian Reais and the Argentine Peso relative to the U.S. dollar. Periodically, we evaluate our exposure and consider opportunities to mitigate the effects of currency fluctuations by entering into currency forward contracts and other hedging instruments. 93 Table of contents Seasonality Our business activities are inherently seasonal. With the implementation of the "continuous harvest method,” sugarcane production is more stable during the year; however, the typical harvesting period in Brazil begins between April and May and ends between November and December. Sales of ethanol are generally concentrated during off-season to capture higher seasonal prices. Approximately 60% to 65% of our fertilizer sales occur in the second half of the year, driven by the crop planting season in Argentina, with peak volumes between August and November. We generally harvest and sell corn, soybean, rice, peanut and sunflower between February and August, and wheat from December to January. 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. 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. Capital Expenditures and Other Investments Capital expenditures totaled US$938.0 million, US$274.2 million and US$250.5 million for the years ended December 31, 2025, 2024 and 2023, respectively. Our capital expenditures during the last three years consisted mainly of expenses related to (i) transforming and increasing the productivity of our land, (ii) planting sugarcane and (iii) expanding and upgrading our production facilities, such as our biomethane project in Brazil; along with capital investments aimed at enhancing processing capacity in our dairy facilities in Argentina. In addition to these projects in 2025, we invested in the acquisition of a 90% stake in Profertil, the largest producer of granular urea in South America. Effects of Corporate Taxes on Our Income We are subject to a variety of taxes on our results of operations. The following table shows the applicable income tax rates in effect for 2025: Tax Rate (%) Argentina (1) 35 Brazil 34 Uruguay 25 Spain 25 Luxembourg 24.94 Chile 27 ________________________________________________________________________________________________ (1)Includes the Social Contribution on Net Profit (Contribuição Social Sobre o Lucro Líquido). Operating Segments Following the completion of the acquisition of Profertil on December 18, 2025, the Company’s CODM reassessed and updated the Company’s internal organizational and management structure and the manner in which operating results are reviewed for purposes of assessing performance and allocating resources. As a result of this acquisition, the Company defined a new segment, Fertilizers, which includes mainly the manufacturing and commercialization of fertilizers. For the year ended December 31, 2025, the Fertilizers segment includes (i) the consolidation of the results of operations of Profertil for the period from December 18, 2025 (the acquisition date) through December 31, 2025 (a 13-day period), and (ii) the results of Profertil recognized under the equity method for the period from December 10, 2025 (the date of acquisition of the equity method investment, included in “Other operating income, net” ) through December 17, 2025. For further information, see Notes 3 and 21 to our Consolidated Financial Statements. As a result, the Company now operates three reportable segments: (i) Sugar, Ethanol and Energy, (ii) Fertilizers and (iii) Farming. According to IFRS 8, operating segments are identified based on the ‘management approach’. Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the Company’s CODM in deciding how to allocate resources and in assessing performance. The Company’s CODM is the Management 94 Table of contents Committee. IFRS 8 stipulates external segment reporting based on the Company’s internal organizational and management structure and on internal financial reporting to the CODM. As a result, beginning in December 2025, the Company operates in three operating segments: “Sugar, Ethanol and Energy,” “Fertilizers”, and “Farming,” and segment information presented in this note is prepared based on the internal reports that are regularly reviewed by the CODM. –The “Sugar, Ethanol and Energy” segment consists of cultivating sugarcane which is processed in owned sugar mills, transformed into ethanol, sugar and electricity, in addition to biomethane and then marketed; –The “Fertilizers” segment consists of the production and commercialization of fertilizers, mainly granular urea; –The “Farming” segment is further comprised of three reportable segments: •“Crops” segment, which consists of the planting, harvesting and sale of grains, oilseeds and fibers (including wheat, corn, soybeans, peanuts, cotton and sunflowers, among others), and to a lesser extent the provision of grain warehousing/conditioning and handling and drying services to third parties. Each underlying crop in this segment does not represent a separate operating segment. Management seeks to maximize the use of the land through the cultivation of one or more type of crops. Types and surface amount of crops cultivated may vary from harvest-year to harvest-year depending on several factors, some of them out of our control. Management is focused on the long-term performance of productive land, and to that extent, our performance is assessed considering the aggregated combination, if any, of crops planted in the land. A single manager is responsible for the management of operating activity of all crops rather than for each individual crop. •“Rice” segment, which consists of the planting, harvesting, processing and marketing of rice, and the genetic development of seeds; and •“Dairy” segment, which consists of the production and sale of raw milk and industrialized products, including UHT milk, cheese and powdered milk among others. To evaluate the economic performance of our businesses on a monthly basis, the results of operations of our Argentine subsidiaries are based on monthly data adjusted for inflation and converted into the average exchange rate of the U.S. dollar for each month. These converted figures are not readjusted and reconverted subsequently. We also employ this methodology to translate the results of operations of our subsidiaries in countries without hyperinflationary economies, as it allows for a more accurate analysis of the integral economic performance of their businesses. Key Financial and Operating Data The following tables present selected sales, volumes, processing, planted areas and land use data solely for the periods indicated below: 95 Table of contents For the year ended December 31, 2025 2024 Chg (%) 2025-2024 Sales (In thousands of $) Farming Business 739,719 810,953 (8.8) % Crops 241,587 249,196 (3.1) % Soybean(1) 72,239 72,998 (1.0) % Corn(2) 46,896 56,125 (16.4) % Wheat(3) 23,019 22,942 0.3 % Peanut 59,947 59,310 1.1 % Sunflower 12,894 10,769 19.7 % Cotton Lint 4,904 3,893 26.0 % Other crops(4) 21,688 23,159 (6.4) % Rice(5) 214,216 260,440 (17.7) % Dairy(6) 283,916 301,317 (5.8) % Sugar, Ethanol and Energy Business 656,868 707,954 (7.2) % Sugar 265,687 391,738 (32.2) % Ethanol 337,550 265,154 27.3 % Energy 37,198 33,795 10.1 % Others(8) 16,433 17,267 (4.8) % Fertilizers 31,147 — n.a. Total 1,427,734 1,518,907 (6.0) % (1) Includes soybean, soybean oil and soybean meal. Does not include $8.7 million in 2025 and $6.5 million in 2024 related to soybean planted in Brazil 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 business. (2) Includes sorghum. (3) Includes barley. (4) Includes other crops, such as chickpeas and beans. Includes seeds and farming services. (5) Includes sales of processed rice including rough rice purchased from third parties and processed in our own facilities, rice seeds and services. (6) Includes sales of energy from our biodigester ($4.0 million in 2025 and $3.2 million in 2024), which produces biogas from effluents of our cows. (7) Includes soybean sales (cover crop), carbon credit sales, operating leases and other services. 96 Table of contents 2024/2025 2023/2024 Harvest Harvest Chg (%) 2024/2025-2023/2024 Production Year (1) Year (1) Farming Business Crops (tons)(2) 732,340 743,514 (1.5) % Soybean (tons) 230,439 234,064 (1.5) % Corn (tons)(3) 265,511 310,497 (14.5) % Wheat (tons)(4) 118,371 88,207 34.2 % Peanut (tons) 83,406 87,586 (4.8) % Sunflower (tons) 26,480 18,500 43.1 % Cotton Lint (tons) 2,238 2,207 1.4 % Others 5,895 2,453 140.3 % Rice (tons)(5) 513,885 357,980 43.6 % (1) The table reflects the production in respect of harvest-years as of December 31. (2) Crop production does not include 336,000 tons and 320,839 tons of forage produced as of December 31, in the 2024/2025 and 2023/2024 harvest-years, respectively. (3) Includes sorghum. (4) Includes barley. (5) Expressed in tons of long grain rice equivalent produced on owned and leased farms. The long grain rice equivalent we produce, along with additional rice we purchase from third parties, is ultimately processed and constitutes the product sold in respect of the rice business. For the year ended December 31, 2025 2024 Chg (%) 2025-2024 Processed rice(1) (tons) 295,980 277,164 6.8 % Dairy(2) (thousand liters) 197,412 199,096 (0.8) % Processed Milk(3) (thousand liters) 411,720 354,457 16.2 % Sugar, Ethanol and Energy Business Sugar (tons) 600,383 832,389 (27.9) % Ethanol (cubic meters) 588,004 532,715 10.4 % Energy(4) (MWh) 676,389 743,488 (9.0) % (1) Includes rough rice purchased from third parties and processed in our own facilities. Expressed in tons of rough rice (one ton of processed rice is approximately equivalent to 1.6 tons of rough rice). (2) Raw milk produced at our dairy farms. (3) Consists of our and third parties’ raw milk processed in our industrial facilities of Morteros and Chivilcoy. (4) Energy exported to the grid in Brazil. 97 Table of contents 2024/2025 2023/2024 Chg (%) 2024/2025-2023/2024 Harvest Harvest Planted Area Year (1) Year (Hectares) Farming Business Crops 240,542 220,425 9.1 % Soybean(1) 92,446 88,681 4.2 % Corn(1)(2) 46,883 59,591 (21.3) % Wheat(3) 47,820 28,142 69.9 % Peanut 25,352 24,282 4.4 % Sunflower 12,609 10,832 16.4 % Cotton 4,890 5,199 (5.9) % Others 10,542 3,698 185.1 % Rice 64,438 58,452 10.2 % Total Planted Area 304,980 278,877 9.4 % Second Harvest Area 43,978 26,476 66.1 % Leased Area 161,945 153,044 5.8 % Owned Croppable Area 99,056 99,357 (0.3) % (1) Includes hectares planted in the second harvest. (2) Includes sorghum. (3) Includes barley. For the year ended December 31, 2025 2024 Chg (%) 2025-2024 Sugar, Ethanol and Energy Business Sugarcane plantation 228,640 212,996 7.3 % Owned land 12,951 12,951 — % Leased land 215,689 200,045 7.8 % 98 Table of contents For the year ended December 31, 2025, as compared to year ended December 31, 2024 The following table sets forth certain financial information with respect to our consolidated results of operations for the years indicated. 2025 2024 Chg (%) 2025-2024 (In thousands of $) Revenue 1,427,734 1,518,907 (6.0) % Cost of revenue (1,178,507) (1,198,715) (1.7) % Initial recognition and changes in fair value of biological assets and agricultural produce 95,610 143,081 (33.2) % Changes in net realizable value of agricultural produce after harvest 6,439 (28,437) (122.6) % Margin on manufacturing and agricultural activities before operating expenses 351,276 434,836 (19.2) % General and administrative expenses (122,122) (103,880) 17.6 % Selling expenses (161,134) (153,482) 5.0 % Other operating income, net 26,285 4,824 444.9 % Profit from operations 94,305 182,298 (48.3) % Finance income 35,105 16,808 108.9 % Finance costs (127,134) (166,441) (23.6) % Other financial results - Net (loss) / gain of inflation effects on monetary items (9,209) 2,421 (480.4) % Financial results, net (101,238) (147,212) (31.2) % (Loss) / profit before income tax (6,933) 35,086 (119.8) % Income tax benefit / (expense) 174 57,015 (99.7) % (Loss) / profit for the year (6,759) 92,101 (107.3) % 99 Table of contents Revenue For the year ended December 31, Sugar, Ethanol and Energy Fertilizers Crops Rice Dairy Total (In thousands of $) 2025 656,868 31,147 241,587 214,216 283,916 1,427,734 2024 707,954 — 249,196 260,440 301,317 1,518,907 Revenue decreased 6.0%, from US$1,518.9 million for the year ended December 31, 2024, to US$1,427.7 million for the same period in 2025, primarily as a result of: •a US$51.1 million decrease in our Sugar, Ethanol and Energy business, mainly due to: (i) a 12.5% decrease in average sugar price, from US$463.2 per ton for the year ended December 31, 2024 to US$405.5 per ton for the same period in 2025; and (ii) a 22.5% and 3.0% decrease in volumes of sugar and energy sold, respectively, driven by a 4.8% year-over-year decline in crushing volumes, combined with our strategy to prioritize ethanol production during the second half of 2025 given more favorable margins. As a result, sugar and energy volumes sold decreased from 845.8 thousand tons and 844.7 thousand MWh for the year ended December 31, 2024 to 655.2 thousand tons and 819.7 thousand MWh for the same period in 2025. These effects were partially offset by a 16.7% increase in ethanol volumes sold, from 550.3 thousand cubic meters for the year ended December 31, 2024 to 642.0 thousand cubic meters for the same period in 2025. •a US$46.2 million decrease in our Rice segment, mainly driven by: (i) a 23.3% decrease in the price of white rice, from US$799.1 per ton for the year ended December 31, 2024 to US$613.0 per ton for the same period in 2025, partially offset by an 11.8% increase in total white rice volume sold, from 268.9 thousand tons for the year ended December 31, 2024 to 300.7 thousand tons for the same period in 2025; and (ii) a negative impact of US$2.9 million due to the application of hyperinflation accounting and translation to our Argentine operations for the year ended December 31, 2025, compared to a positive impact of US$12.2 million for the same period in 2024. •a US$17.4 million decrease in our Dairy segment, mainly due to a negative impact of US$9.4 million from the application of hyperinflation accounting and translation to our Argentine operations for the year ended December 31, 2025, compared to a positive impact of US$17.2 million for the same period in 2024. In addition, average selling prices for final products decreased from US$0.76 per liter for the year ended December 31, 2024 to US$0.62 per liter for the same period in 2025. These effects were partially offset by higher volumes of equivalent raw milk sold, primarily from final products, increasing from 366.5 million liters for the year ended December 31, 2024 to 413.3 million liters for the same period in 2025. •a US$7.6 million decrease in our Crops segment, mainly driven by: (i) a general decrease in commodity prices during the year ended December 31, 2025; and (ii) a negative impact of US$5.9 million from the application of hyperinflation accounting and translation to our Argentine operations for the year ended December 31, 2025, compared to a positive impact of US$13.1 million for the same period in 2024. These effects were partially offset by higher volumes sold, primarily driven by sunflower, which increased from 15.6 thousand tons in 2024 to 25.8 thousand tons in 2025, as well as higher peanut and wheat volumes, which increased from 36.4 thousand tons and 106.6 thousand tons in 2024 to 46.2 thousand tons and 123.5 thousand tons in 2025, respectively. These effects were partially offset by: •US$31.1 million of revenues generated by our Fertilizers business (following the acquisition of Profertil S.A. on December 18, 2025, we consolidated the results of operations of this business in our financial statements for a 13-day period from the acquisition date through December 31, 2025). Revenues were primarily driven by the sale of 52.9 thousand tons of urea at an average selling price of US$455 per ton, as well as 91 thousand tons of ammonia at an average selling price of US$911 per ton. 100 Table of contents The following table sets forth the breakdown of sales for the years indicated. Year ended December 31, Year ended December 31, Year ended December 31, 2025 2024 % Chg 2025 2024 % Chg 2025 2024 % Chg (In millions of $) (In thousands of tons) (In $ per ton) Soybean 72.2 73.0 (1.0) % 247.5 225.7 9.7 % 291.9 323.4 (9.7) % Corn(1) 46.9 56.1 (16.4) % 270.9 302.5 (10.4) % 173.1 185.6 (6.7) % Wheat(2) 23.0 22.9 0.3 % 123.5 106.6 15.9 % 186.4 215.1 (13.3) % Peanut 59.9 59.3 1.1 % 46.2 36.4 26.9 % 1,297.9 1,631.3 (20.4) % Sunflower 12.9 10.8 19.7 % 25.8 15.6 65.4 % 500.0 690.0 (27.5) % Others 26.6 27.1 (1.7) % Total 241.6 249.2 (3.1) % (1) Includes sorghum. (2) Includes barley. The following table sets forth the breakdown of sales of manufactured products for the years indicated. For the year ended December 31, For the year ended December 31, For the year ended December 31, 2025 2024 Chg % 2025 2024 Chg % 2025 2024 Chg % (in millions of $) (in thousand units) (in dollars per unit) Ethanol (cubic meters) 337.6 265.2 27.3 % 642.0 550.3 16.7 % 525.8 481.8 9.1 % Sugar (tons) 265.7 391.7 (32.2) % 655.2 845.8 (22.5) % 405.5 463.2 (12.5) % Energy (MWh) 37.2 33.8 10.1 % 819.7 844.7 (3.0) % 45.4 40.0 13.4 % Others 16.4 17.3 (4.8) % TOTAL 656.9 708.0 (7.2) % The following chart sets forth the variables that impact our Sugar and Ethanol sales: 101 Table of contents The following chart sets forth the variables that impact our Energy sales: (*) 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 are required to produce 1.0 kilogram of sugar, while 1.691 kilograms of TRS are required to produce one liter of ethanol. Cost of revenue For the year ended December 31, Sugar, Ethanol and Energy Fertilizers Crops Rice Dairy Total (In thousands of $) 2025 (482,747) (22,184) (231,429) (191,870) (250,277) (1,178,507) 2024 (498,840) — (226,333) (218,295) (255,247) (1,198,715) For the agricultural produce sold to third parties (i.e., soybean, corn, wheat and fluid milk), the value of Cost of Revenue is equal to the value of Revenues. The profit of these products is fully recognized under the line items “Initial recognition and changes in fair value of biological assets and agricultural produce” and “Changes in net realizable value of agricultural produce after harvest.” When the agricultural produce is sold to third parties, we do not record any additional profit as the gain or loss has already been recognized. The profit of our manufactured products sold to third parties (i.e., sugar, ethanol, energy, white rice, processed milk and peanut) is recognized when products are sold. The Cost of Revenue of these products includes, among others, the cost of the agricultural produce (i.e., harvested sugarcane and rough rice), which is the raw material used in the industrial process and is transferred internally from the farm to the industry at fair market value. Cost of manufactured products sold, and services rendered decreased 1.7%, from US$1,198.7 million during the 12-month period ended December 31, 2024, to US$1,178.5 million for the same period in 2025. This decrease was primarily due to: •a US$26.4 million decrease in our Rice segment, mainly driven by lower production costs due to a decline in rough rice prices, reflecting a regional oversupply, coupled with a positive impact of US$2.3 million from the application of hyperinflation accounting and translation to our Argentine operations for the year ended December 31, 2025, compared to a negative impact of US$10.0 million for the same period in 2024; •a US$16.1 million decrease in our Sugar, Ethanol and Energy business, mainly due to an 8.4% year-over-year decline in total TRS equivalent produced. This decrease was primarily driven by lower sugarcane crushing volumes and reduced agricultural yields compared to the prior year, as a result of dry weather conditions and limited cumulative rainfall during 1Q25, with above-average rainfall in April supporting yield recovery but slowing our crushing pace; and •a US$5.0 million decrease in our Dairy segment, mainly driven by lower production costs resulting from reduced raw milk sourcing prices, reflecting lower international commodity prices, coupled with a positive impact of US$8.4 million from the application of hyperinflation accounting and translation to our Argentine operations for the year ended December 31, 2025, compared to a negative impact of US$13.5 million for the same period in 2024. 102 Table of contents These effects were partially offset by: •US$22.2 million of cost of revenues from our Fertilizers business, corresponding to production sold during the 13-day period for which results of Profertil were consolidated; and •a US$5.1 million increase in our Crops segment, primarily driven by higher volumes sold, consistent with the increase in revenues, partially offset by a positive impact of US$6.1 million from the application of hyperinflation accounting and translation to our Argentine operations for the year ended December 31, 2025, compared to a negative impact of US$12.4 million for the same period in 2024. Initial Recognition and Changes in Fair Value of Biological Assets and Agricultural Produce Year ended December 31, Sugar, Ethanol and Energy Fertilizers Crops Rice Dairy Total (In thousands of $) 2025 59,024 — (1,748) 16,412 21,922 95,610 2024 41,166 — 33,050 53,436 15,429 143,081 Initial recognition and changes in fair value of biological assets and agricultural produce decreased 33.2%, from US$143.1 million for the year ended December 31, 2024, to US$95.6 million for the same period in 2025. This decrease was mainly due to: - a US$37.0 million decrease in our Rice segment, from a gain of US$53.4 million for the year ended December 31, 2024 (US$27.1 million of which were realized gains) to a gain of US$16.4 million for the same period in 2025 (US$11.5 million of which were realized gains). This decrease was in turn due to: •a US$18.5 million decrease in the recognition at fair value of harvested rice at the point of harvest, as adjusted for sales costs, from US$34.7 million for the year ended December 31, 2024 to a gain of US$16.2 million for the same period in 2025. Despite a 31.1% increase in yields, from 6.1 tons per hectare for the year ended December 31, 2024 to 8.0 tons per hectare for the same period in 2025, lower year-over-year gains were driven by lower rough rice prices, coupled with a negative impact of US$0.7 million from hyperinflation accounting and translation for our Argentine operations for the year ended December 31, 2025, compared to a positive impact of US$7.7 million for the same period in 2024. In addition, there was a US$10.2 million decrease in the fair value of non-harvested rice, from a US$11.1 million gain for the year ended December 31, 2024 to a gain of US$0.9 million for the same period in 2025, mainly driven by lower expected margins for the 2025/26 campaign. - a US$34.8 million decrease in our Crops segment from a gain of US$33.1 million for the year ended December 31, 2024 (US$18.2 million of which were realized gains) to a loss of US$1.7 million for the same period in 2025 (US$0.2 million of which were realized losses). This decrease was in turn primarily due to: •a US$29.3 million decrease in the recognition at fair value of harvested crops, as adjusted for sales costs, from a gain of US$26.9 million for the year ended December 31, 2024 to a loss of US$2.4 million for the same period in 2025, mainly driven by lower crop prices at harvest, mainly driven by lower crop prices at harvest, particularly in soybean, corn and wheat; These effects were partially offset by: - a US$6.5 million increase in our Dairy segment, from US$15.4 million for the year ended December 31, 2024 (including US$45.0 million of realized gains) to US$21.9 million for the same period in 2025 (including US$45.0 million of realized gains). This increase was mainly driven by lower cow nutrition costs due to operational efficiencies, coupled with lower crop prices. - US$17.9 million increase in our Sugar, Ethanol and Energy segment, from US$41.2 million for the year ended December 31, 2024 (US$23.9 million of which were unrealized losses) to US$59.0 million for the same period in 2025 (including US$26.8 million of unrealized gains). This increase was mainly due to: 103 Table of contents •a US$50.9 million increase in the recognition at fair value of non-harvested sugarcane, from a loss of US$23.9 million for the year ended December 31, 2024, to a gain of US$27.0 million for the same period in 2025, mainly driven by higher expected sugarcane productivity due to normalization of weather conditions; partially offset by a US$31.3 million decrease in the recognition at fair value of harvested sugarcane, from US$67.1 million for the year ended December 31, 2024 to US$35.8 million for the same period in 2025, mainly due to lower sugarcane prices (down 12.1% year-over-year) . Changes in Net Realizable Value of Agricultural Produce after Harvest Year ended December 31, Sugar, Ethanol and Energy Fertilizers Crops Rice Dairy Total (In thousands of $) 2025 (609) — 7,091 (43) — 6,439 2024 554 — (22,436) (6,555) — (28,437) Changes in net realizable value of agricultural produce after harvest is mainly comprised of: (i) profit or loss from commodity price fluctuations during the period the agricultural produce is in inventory, which has an impact over its fair value; (ii) profit or loss from the valuation of forwards contracts related to agricultural produce in inventory; and (iii) profit from direct exports. Changes in net realizable value of agricultural produce after harvest increased by US$34.9 million, from a loss of US$28.4 million for the year ended December 31, 2024 to a gain of US$6.4 million for the same period in 2025, primarily driven by an increase in crop prices after harvest, particularly soybean, following a temporary reduction in export taxes in Argentina, as well as the impact of local inflation on inventory valuations during 2025. General and Administrative Expenses For the year ended December 31, Sugar, Ethanol and Energy Fertilizers Crops Rice Dairy Corporate Total (In thousands of $) 2025 (27,152) (1,766) (19,794) (20,306) (14,398) (38,706) (122,122) 2024 (25,179) — (20,139) (18,280) (12,687) (27,595) (103,880) Our general and administrative expenses increased 17.6%, from US$103.9 million for the year ended December 31, 2024 to US$122.1 million for the same period in 2025. This increase was primarily driven by higher corporate expenses, mainly related to one-off financial and legal advisory costs associated with Tether’s acquisition and liability management transactions completed during 2025, including the issuance of our US$500 million 2032 notes and the tender offer to partially redeem our 2027 notes. Selling Expenses For the year ended December 31, Sugar, Ethanol and Energy Fertilizers Crops Rice Dairy Corporate Total (In thousands of $) 2025 (71,988) (3,506) (19,109) (32,007) (34,146) (378) (161,134) 2024 (73,804) — (18,300) (32,506) (29,593) 721 (153,482) Selling expenses increased 5.0%, from US$153.5 million for the year ended December 31, 2024 to US$161.1 million for the same period in 2025. This increase was primarily driven by higher Dairy sales volumes, with equivalent raw milk sold increasing from 366.5 million liters for the year ended December 31, 2024 to 413.3 million liters for the same period in 2025, which resulted in increased distribution and logistics costs. 104 Table of contents Other Operating Income, Net For the year ended December 31, Sugar, Ethanol and Energy Fertilizers Crops Rice Dairy Corporate Total (In thousands of $) 2025 9,432 (519) 12,346 5,387 (112) (249) 26,285 2024 23,303 — (5,052) (18,340) 4,614 299 4,824 Other operating income increased from US$4.8 million for the year ended December 31, 2024, to US$26.3 million for the same period in 2025, primarily due to: •a US$23.7 million increase in our Rice segment, mainly driven by a lower fair value loss on investment properties, primarily reflecting lower inflation levels during the year ended December 31, 2025 compared to the same period in 2024. •a US$17.4 million increase in our Crops segment, primarily reflecting the recognition of insurance proceeds related to a fire that affected a warehouse cell at our peanut facility in the Province of Córdoba in 2024. Following the incident, the Company recognized impairment losses in 2024 of approximately US$12.0 million on inventories and US$2.0 million on property, plant and equipment. The related insurance recovery was received during 2025 and recognized in Other Operating Income. These proceeds relate to a non-recurring event. These effects were partially offset by a US$13.9 million decrease in our Sugar, Ethanol and Energy segment, primarily due to the recognition of extraordinary tax credits in 2024 related to PIS-COFINS. Financial Results, Net Our financial results, net totaled a loss of US$101.2 million for the year ended December 31, 2025, compared to a loss of US$147.2 million for the same period in 2024. This variation was primarily driven by foreign exchange gains of US$5.8 million in 2025, compared to foreign exchange losses of US$37.6 million in 2024, reflecting movements of our functional currencies against the U.S. dollar, particularly in our Argentine and Brazilian operations. In addition, cash flow hedge transfers from equity resulted in a loss of US$28.7 million for the year ended December 31, 2024, compared to nil for the same period in 2025. These effects were partially offset by higher interest expenses, which increased from US$40.9 million for the year ended December 31, 2024 to US$72.5 million for the same period in 2025, primarily due to higher gross debt levels. 105 Table of contents The following table sets forth the breakdown of financial results for the periods indicated. Year ended December 31, 2025 2024 (In thousand of $) % Change Interest income 26,980 16,048 68.1 % Interest expense (72,535) (40,869) 77.5 % Finance Cost - Right-of-use Assets (38,550) (32,938) 17.0 % Foreign exchange gain/(losses), net 5,826 (37,569) (115.5) % Cash flow hedge – transfer from equity — (28,650) (100.0) % Gain from interest rate /foreign exchange rate derivative financial instruments 1,788 (9,347) (119.1) % Taxes (6,059) (7,572) (20.0) % Other Income (9,479) (8,736) 8.5 % Other financial results - Net gain of inflation effects on the monetary items (9,209) 2,421 (480.4) % Total Financial Results (101,238) (147,212) (31.2) % Income Tax benefit Current income tax totaled a benefit of US$174 thousand for the year ended December 31, 2025, compared to a benefit of US$57.0 million for the same period in 2024. In 2025, income tax calculated at the tax rates applicable in the countries where we operate amounted to a benefit of US$2.2 million. Income tax expense has been adjusted for (i) a US$19 million expense related to the application of IAS 29 to the shareholders’ equity of our Argentine Subsidiaries; (ii) non-taxable income of US$3.6 million related to a supplementary law in Brazil (Lei Complementar or “Supplementary Law”) which provides for ICMS tax benefits granted by the Brazilian Government with the objective of subsidizing investments by excluding such grants from the calculation of tax benefits; and (iii) the recognition of unused tax losses for US$7.6 million, mainly by our Argentine subsidiaries resulting from tax inflation adjustments (See Note 10 to our Consolidated Financial Statements). In 2024, income tax calculated at the tax rates applicable in the countries where we operate amounted to an expense of US$8.7 million. Income tax expense has been adjusted for (i) a US$37 million gain related to the application of IAS 29 to the shareholders’ equity of our Argentine Subsidiaries; (ii) non-taxable income of US$15.2 million related to a supplementary law in Brazil (Lei Complementar or “Supplementary Law”) which provides for ICMS tax benefits granted by the Brazilian Government with the objective of subsidizing investments by excluding such grants from the calculation of tax benefits; and (iii) the recognition of unused tax losses for US$9.9 million, mainly by our Argentine subsidiaries resulting from tax inflation adjustments (See Note 10 to our Consolidated Financial Statements). Profit for the Year As a result of the foregoing, we reported a net loss of US$6.8 million for the year ended December 31, 2025, compared with net income of US$92.1 million for the year ended December 31, 2024 Year Ended December 31, 2024, as compared to year ended December 31, 2023 See “Item 5. Operating and Financial Review and Prospects” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024 for a comparative discussion for the years ended December 31, 2024 and 2023. Reconciliation of non-IFRS measures: Below are reconciliations of non-IFRS measures related to our consolidated statements of income. See “Presentation of Financial And Other Information—Non-IFRS Financial Measures.” The following tables show a reconciliation of Adjusted Segment EBITDA to our segments’ profit / (loss) from operations before financing and taxation, the most directly comparable IFRS financial measure, and a reconciliation of Adjusted 106 Table of contents Consolidated EBITDA to our net profit (loss) for the year, the most directly comparable IFRS financial measure, for each of the years ended December 31, 2025, 2024 and 2023. For the year ended December 31, 2025 Sugar, Ethanol and Energy Fertilizers Crops Rice Dairy Farming Subtotal Corporate Total (In thousands of $) Adjusted Segment EBITDA (unaudited) Profit/(Loss) from Operations as per Segment Information 142,828 3,172 (12,600) (8,845) 7,647 (13,798) (40,785) 91,417 Net (gain) from Fair value adjustment of investment property as per Segment Information — — — (3,366) — (3,366) — (3,366) Reverse of revaluation surplus derived from the disposals of assets before taxes — — — — — — — — Insurance (recovery) of assets destroyed by fire — — (11,353) — — (11,353) — (11,353) Adjusted Segment EBIT (unaudited)(1) 142,828 3,172 (23,953) (12,211) 7,647 (28,517) (40,785) 76,698 Depreciation of Property, plant and equipment and amortization of Intangible Assets as per Segment Information 148,710 2,922 5,993 22,384 17,957 46,334 2,043 200,009 Adjusted Segment EBITDA (unaudited)(1) 291,538 6,094 (17,960) 10,173 25,604 17,817 (38,742) 276,707 Reconciliation to Profit Profit for the year (6,759) Income tax expense (174) Interest expense, net 45,555 Foreign exchange, net (5,826) Other financial results - Net (gain) of inflation effects on the monetary items 9,209 Other financial results, net 52,300 Combined effects of IAS 29 and IAS 21 of the Argentine subsidiaries of Profit from operations (2,888) Revaluation surplus derived from the disposals of assets before taxes — Net (gain) from Fair value adjustment of investment property as per Segment Information (3,366) (Insurance recovery) / Impairment of assets destroyed by fire (11,353) Adjusted Consolidated EBIT (unaudited) (1) 76,698 Depreciation of Property, Plant and Equipment and amortization of Intangible Assets as per Segment Information 200,009 Adjusted Consolidated EBITDA (unaudited)(1) 276,707 (1)See “Presentation of Financial and Other Information” for the definitions of “Adjusted Segment EBIT,” “Adjusted Consolidated EBIT,” “Adjusted Segment EBITDA” and “Adjusted Consolidated EBITDA.” 107 Table of contents For the year ended December 31, 2024 Sugar, Ethanol and Energy Crops Rice Dairy Farming Subtotal Corporate Total (In thousands of $) Adjusted Segment EBITDA (unaudited) Profit/(Loss) from Operations as per Segment Information 175,154 (10,380) 17,250 21,504 28,374 (24,422) 179,106 Bargain purchase gain on acquisition as per Segment Information — — — — — Net loss from Fair value adjustment of investment property — 588 18,137 — 18,725 — 18,725 Reverse of revaluation surplus derived from the disposals of assets before taxes — 9,024 — — 9,024 — 9,024 Impairment of assets destroyed by fire — 14,162 — — 14,162 — 14,162 Adjusted Segment EBIT (unaudited)(1) 175,154 13,394 35,387 21,504 70,285 (24,422) 221,017 Depreciation and amortization 189,006 5,698 14,798 12,219 32,715 1,523 223,244 Adjusted Segment EBITDA (unaudited)(1) 364,160 19,092 50,185 33,723 103,000 (22,899) 444,261 Reconciliation to Profit Profit for the year 92,101 Income tax expense (57,015) Interest expense, net 24,821 Foreign exchange, net 37,569 Other financial results - Net loss of inflation effects on the monetary items (2,421) Other financial results, net 87,243 Combined effects of IAS 29 and IAS 21 of the Argentine subsidiaries of Profit from operations (3,192) Revaluation surplus derived from the disposals of assets before taxes 9,024 Net loss from Fair value adjustment of investment property 18,725 Impairment of assets destroyed by fire 14,162 Adjusted Consolidated EBIT (unaudited)(1) 221,017 Depreciation and amortization 223,244 Adjusted Consolidated EBITDA (unaudited)(1) 444,261 (1)See “Presentation of Financial and Other Information” for the definitions of “Adjusted Segment EBIT,” “Adjusted Consolidated EBIT,” “Adjusted Segment EBITDA” and “Adjusted Consolidated EBITDA.” 108 Table of contents For the year ended December 31, 2023 Sugar, Ethanol and Energy Crops Rice Dairy Farming Subtotal Corporate Total (In thousands of $) Adjusted Segment EBITDA (unaudited) Profit/(Loss) from Operations as per Segment Information 219,734 8,603 33,891 17,572 60,066 (23,675) 256,125 Net loss from fair value adjustment of investment property — (10,199) (1,176) — (11,375) — (11,375) Reverse of revaluation surplus derived from the disposals of assets before taxes — 20,245 — — 20,245 — 20,245 Adjusted Segment EBIT (unaudited)(1) 219,734 18,649 32,715 17,572 68,936 (23,675) 264,995 Depreciation and amortization 175,903 8,330 15,154 10,913 34,397 1,275 211,575 Adjusted Segment EBITDA (unaudited)(1) 395,637 26,979 47,869 28,485 103,333 (22,400) 476,570 Reconciliation to Profit Profit for the year 226,721 Income tax benefit 78,673 Interest expense, net 24,772 Foreign exchange, net (90,930) Other financial results - Net (gain) of inflation effects on the monetary items (28,816) Other financial results, net 31,145 Combined effects of IAS 29 and IAS 21 of the Argentine subsidiaries of Profit from operations 14,560 Revaluation surplus derived from the disposals of assets before taxes 20,245 Net (gain) from Fair value adjustment of investment property (11,375) Adjusted Consolidated EBIT (unaudited)(1) 264,995 Depreciation and amortization 211,575 Adjusted Consolidated EBITDA (unaudited)(1) 476,570 (1)See “Presentation of Financial and Other Information” for the definitions of “Adjusted Segment EBIT,” “Adjusted Consolidated EBIT,” “Adjusted Segment EBITDA” and “Adjusted Consolidated EBITDA.” Adjusted Net Income 2025 2024 2023 (In thousands of $) (Loss) / profit for the year (6,759) 92,101 226,721 Foreign exchange gains, net (5,826) 37,569 (90,930) Cash flow hedge – transfer from equity — 28,650 36,863 Other financial results - Net (gain) / loss of inflation effects on monetary items 9,209 (2,421) (28,816) Net (gain) / loss from fair value adjustment of investment property (3,312) 23,375 (10,620) Impairment of assets destroyed by fire (11,295) 14,259 — Revaluation surplus of farmland sold — 9,024 20,245 Adjusted Net income (17,983) 202,557 153,463 109 Table of contents Adjusted Free Cash Flow 2025 2024 2023 (In thousands of $) Net cash generated from operating activities 308,518 434,907 370,026 Net cash used in investing activities (922,944) (111,552) (299,264) Interest paid (48,712) (55,476) (44,788) Lease payments (103,945) (104,097) (91,175) Dividends paid to non-controlling interest (95) — (358) Short-term investments 17,419 (14,510) (35,610) Reversal of Expansion Capital expenditures (unaudited) 789,071 104,067 67,119 Other financial income (5,890) (238) (54,687) IAS 29 & IAS 21 effect for operating Activities (8,629) 102,797 16,383 IAS 29 & IAS 21 effect for investing Activities - less the effect over gains on bond arbitrage transactions included in Other financial income 3,458 7,273 10,635 IAS 29 & IAS 21 effect for Interest Paid 1,433 (9,395) 8,253 IAS 29 & IAS 21 acquisition of short-term investments 1,827 (2,034) — Adjusted Free Cash Flow from Operations (unaudited) 31,511 351,742 (53,466) Expansion Capital expenditures (unaudited) (789,071) (104,067) (67,119) Adjusted Free Cash Flow (unaudited) (757,560) 247,675 (120,585) Reconciliation - Net Debt 2025 2024 2023 (In thousands of $) Total Borrowings 1,593,009 779,556 904,949 Cash and cash equivalents (383,150) (211,244) (339,781) Restricted short-term investments (89,826) (46,097) (62,637) Net Debt (unaudited) 1,120,033 522,215 502,531 Indebtedness 2025 2024 2023 (In thousands of $) Net Debt (unaudited) 1,120,033 522,215 502,531 Net Debt / Adjusted Consolidated EBITDA (unaudited) 4.05 x 1.18 x 1.05 x Reconciliation of Adjusted Free Cash Flow to Net increase/(decrease) in Cash and Cash Equivalents 2025 2024 2023 (In thousands of $) Net increase/(decrease) in cash and cash equivalents 171,348 (177,234) 114,612 Interest Paid (48,712) (24,629) (55,476) Lease Payments (103,945) (98,478) (104,097) Dividends paid to non-controlling interest (95) (736) — Restricted short-term investment 17,419 (14,510) (35,610) Other financial income (5,890) (238) (54,687) Net cash used in financing activities (785,774) 274,000 208,743 IAS 29 & IAS 21 effect for operating activities (8,629) 102,797 16,383 IAS 29 & IAS 21 effect for investing activities 3,458 7,273 10,635 IAS 29 & IAS 21 effect for interest paid 1,433 (9,395) 8,253 IAS 29 & IAS 21 acquisition of short-term investments 1,827 (2,034) — Adjusted Free Cash Flow (unaudited) (757,560) 56,816 108,756 110 Table of contents Reconciliation of Adjusted Free Cash Flow from operations to Net increase/(decrease) in Cash and Cash Equivalents 2025 2024 2023 (In thousands of $) Net increase/(decrease) in cash and cash equivalents 171,348 (177,234) 114,612 Expansion Capital Expenditures (unaudited) 789,071 104,067 67,119 Interest Paid (48,712) (24,629) (55,476) Lease payments (103,945) (98,478) (104,097) Dividends paid to non-controlling interest (95) (736) — Restricted short-term investment 17,419 (14,510) (35,610) Other financial income (5,890) (238) (54,687) Net cash used in financing activities (785,774) 274,000 208,743 IAS 29 & IAS 21 effect for operating activities (8,629) 102,797 16,383 IAS 29 & IAS 21 effect for investing activities 3,458 7,273 10,635 IAS 29 & IAS 21 effect for interest paid 1,433 (9,395) 8,253 IAS 29 & IAS 21 acquisition of short-term investments 1,827 (2,034) — Adjusted Free Cash Flow from operations (unaudited) 31,511 160,883 175,875 B.LIQUIDITY AND CAPITAL RESOURCES Our liquidity and capital resources are and will be influenced by a variety of factors, including: •our ability to generate cash flows from our operations; •the level of our outstanding indebtedness and the interest that we are obligated to pay on such outstanding indebtedness; •our capital expenditure requirements, which consist primarily of investments in new farmland, in our operations, in equipment and plant facilities and maintenance costs; and •our working capital requirements. Our principal sources of liquidity have traditionally consisted of shareholders’ contributions, short and long term borrowings and proceeds received from the disposition of transformed farmland or subsidiaries. We believe that our working capital will be sufficient during the next 12 months to meet our liquidity requirements. 111 Table of contents Years ended December 31, 2025 and 2024 The table below reflects our statements of Cash Flow for the fiscal years ended December 31, 2025 and 2024. Year ended December 31, 2025 2024 (in thousands of $) Cash and cash equivalents at the beginning of the year 211,244 339,781 Net cash generated from operating activities (1) 308,518 328,331 Net cash used in investing activities (2) (922,944) (231,565) Net cash used from financing activities (3) 785,774 (274,000) Effect of exchange rate changes and inflation on cash and cash equivalents (4) 558 48,697 Cash and cash equivalents at the end of the year 383,150 211,244 The table below reflects the combined effect of IAS 29 and IAS 21 of our Argentine subsidiaries on each of the following line items for the fiscal years ended December 31, 2025 and 2024; numbered with relevant footnotes: Year ended December 31, 2025 2024 (in thousands of $) (1) Operating activities 8,629 (102,797) (2) Investing activities (3,466) (7,168) (3) Financing activities (2,624) 71,386 (4) Effects of exchange rate changes and inflation on cash and cash equivalents (2,539) 38,579 Operating Activities Year ended December 31, 2025 For the year ended December 31, 2025, net cash generated by operating activities amounted to $308.5 million. During the year, we reported a net loss of $6.8 million. This result included significant non-cash charges, primarily depreciation of property, plant and equipment and right-of-use assets totaling $271.5 million, as well as interest and other financial expenses, net, of $89.8 million. These effects were partially offset by an unrealized gain of $13.4 million from the initial recognition and changes in fair value of non-harvested biological assets, a $6.1 million tax credit recognized in Brazil, and foreign exchange gains of $5.8 million. Additionally, changes in operating assets and liabilities resulted in a net decrease in cash of $27.2 million, mainly due to an increase in trade and other receivables, an increase in biological assets, and a decrease in trade and other payables. Income tax paid during the year totaled $2.4 million. Net cash generated by operating activities for 2025 includes a positive combined effect of $8.6 million resulting from the application of IAS 29 and IAS 21 by our Argentine subsidiaries. Year ended December 31, 2024 For the year ended December 31, 2024, net cash generated by operating activities was $328.3 million. During this year, we generated a net gain of $92.1 million that included non-cash charges relating primarily to depreciation of Property, plant and equipment and Right of use assets for $304.0 million, interest and other financial expenses, net of $68.3 million, $28.7 million loss as a result of the reclassification from Equity to Financial results, net in connection with the cash flow hedge accounting, foreign exchange losses of $37.6 million and unrealized losses in initial recognition and changes in fair value of non-harvested biological assets of $18.3 million. All these effects were partially offset by a benefit of $57.0 million in income tax and $19.5 million gain in tax credit recognized in Brazil. 112 Table of contents In addition, other changes in operating asset and liability balances resulted in a net decrease in cash of $179.4 million, primarily due to a decrease in trade and other payables, an increase in biological assets and an increase in trade and other receivables. For the year ended December 31, 2024, income tax paid totaled $7.3 million. The net cash generated by operating activities in 2024 includes a $102.8 million negative combined effect resulting from the application of IAS 29 and IAS 21 by our Argentine subsidiaries. Investing Activities Year ended December 31, 2025 Net cash used in investing activities totaled $922.9 million for the year ended December 31, 2025, primarily as a result of the acquisition of a 90% interest in Profertil. As of year-end, we had paid $676.0 million related to this transaction, net of cash acquired. Additional investments included $124.4 million related to the renewal and expansion of our sugarcane plantation. Net inflows from investing activities were mainly related to interest received and other items totaling $28.8 million, and proceeds from the sale of farmlands and other assets amounting to $8.0 million. Net cash used in investing activities for 2025 includes a negative combined effect of $3.5 million resulting from the application of IAS 29 and IAS 21 by our Argentine subsidiaries. Year ended December 31, 2024 Net cash used in investing activities totaled $231.6 million for the year ended December 31, 2024, primarily due to an investment of $132.9 million related to the renewal and expansion of our sugarcane plantation, a $146.6 million investment for the purchase of agricultural and industrial equipment, related to harvesting machinery in our Sugar, Ethanol and Energy business, payment of the last installment of our acquisition of Viterra’s mill in Argentina and Uruguay and the construction of a new warehouse for our dairy products at our Chivilcoy facility. Net inflows from investing activities were related to proceeds from the sale of farmlands and other assets for $25.6 million and disposals of short term investments, net of acquisitions for $14.5 million. Net cash used in investing activities in 2024 includes a $7.2 million negative combined effect resulting from the application of IAS 29 and IAS 21 by our Argentine subsidiaries. Financing Activities Year ended December 31, 2025 Net cash generated by financing activities amounted to $785.8 million for the year ended December 31, 2025. This was primarily driven by the issuance of 42.5 million shares at a price of $7.25 per share, generating net proceeds of approximately $303.7 million, the issuance of senior notes due 2032 for $496.8 million, and the incurrence of a new long-term loan with Rabobank totaling $200.0 million. These inflows were partially offset by repayments of long- and short-term borrowings totaling $470.3 million, including a cash tender offer for the 2027 notes for $150.9 million. Additional outflows included lease payments of $103.9 million, reflecting an increase in planted area and price per hectare, as well as distributions to shareholders totaling $45.2 million, consisting of $10.2 million in share repurchases and $35.0 million in cash dividends. Interest paid during the year totaled $48.7 million. Net cash generated by financing activities includes a negative combined effect of $2.6 million resulting from the application of IAS 29 and IAS 21 by our Argentine subsidiaries, of which $1.4 million relates to interest paid. Year ended December 31, 2024 Net cash used in financing activities was $274.0 million in the year ended December 31, 2024, mainly due to lease payments for $98.5 million related to an increase in the planted area and price per hectare, also there was a distribution of $101.9 million to our shareholders via the repurchase of 6.5 million shares, that equaled a total of $66.9 million and the payment cash dividends for an amount of $35.0 million. In addition, payments, net of proceeds of long and short term borrowings totaled $49.0 million. For the year ended December 31, 2024, interest paid totaled $24.6 million. Net cash used in financing activities includes a $71.4 million positive combined effect resulting from the application of IAS 29 and IAS 21 by our Argentine subsidiaries, $9.4 million of which is over interest paid. 113 Table of contents Capital Expenditure Commitments As of December 31, 2025, we had no material commitments for capital expenditures. Cash and Cash Equivalents Historically, since our cash flows from operations were insufficient to fund our working capital needs and investment plans, we funded our operations with proceeds from short-term and long-term indebtedness and capital contributions from existing and new private investors. In 2011, we raised $421.8 million from our IPO and simultaneous private placement. In December 2025, we issued 42.5 million shares at a price of $7.25 per share, generating net proceeds of $303.7 million net of transaction cost. As of December 31, 2025, our cash and cash equivalents amounted to $383.2 million. We believe that our current cash and cash equivalents, together with cash generated from operations and available credit facilities, are sufficient to meet our working capital and capital expenditure requirements for the foreseeable future. However, we may need additional cash resources in the future to continue our investment plans. Also, we may need additional cash if we experience a change in business conditions or other developments. We also might need additional cash resources in the future if we find and wish to pursue opportunities for investment, acquisitions, strategic alliances or other similar investments. If we ever determine that our cash requirements exceed our amounts of cash and cash equivalents on hand, we might seek to issue debt or additional equity securities or obtain additional credit facilities or realize the disposition of transformed farmland and/or subsidiaries. Any issuance of equity securities could cause dilution for our shareholders. Any incurrence of additional indebtedness could increase our debt service obligations and cause us to become subject to additional restrictive operating and financial covenants, and could require that we pledge collateral to secure those borrowings, if permitted to do so. It is possible that, when we need additional cash resources, financing will not be available to us in amounts or on terms that would be acceptable to us or at all. Indebtedness and Financial Instruments For a description of our indebtedness and main financial instruments, see Note 26 to our Consolidated Financial Statements. In addition, we maintain lines of credit with several banks in order to finance our working capital requirements. We believe that we will continue to be able to obtain additional credit to finance our working capital needs in the future based on our past track record and current market conditions. 114 Table of contents C. RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC. In our Sugar, Ethanol and Energy segment, we have effectively implemented state-of-the-art technologies such as high-pressure boilers for high cogeneration capacity, full mechanization of agricultural operations with online GPS tracking systems on all vehicles (trucks, combines, planters), and concentrated vinasse system among others. To optimize the fertilization of sugarcane, we are currently enriching the vinasse with different nutrient concentrations, such as nitrogen, phosphorus, sulfur, boron and zinc. We are also using drones in our plantations to improve operational efficiencies such as planting quality, biological control, weed monitor and phytosanitary products spraying, among others. In recent years, we have been developing a seedling production method called “MPB” (Muda Pre Brotada or Pre-Sprout Seedling). This method consists of making the seedling sprout in a greenhouse and planting it directly on the fields, instead of the traditional planting of billets (sugarcane stalk pieces). Two main goals are pursued through this technique: the quick introduction of new promising and healthy varieties of seeds and the reduction of planting cost, by using much less volume of planting seedling per hectare. In addition, and because of this, more land can be used for sugarcane milling, instead of using sugarcane for seedling purposes. In 2023, we produced 24 million MPB inputs, enough to plant 2,062 hectares of sugarcane. In 2024, we reached 26 million MPB inputs, used to plant 1,992 hectares of sugarcane. The number increased in 2025 to 27 million MPB inputs, used to plant 2,150 hectares of sugarcane. We are also developing vinasse-to-biogas technology in our cluster in Mato Grosso do Sul (for more detail, see “Item 4. Information of the Company—A. Business Overview—Operations and Principal Activities—Sugar, Ethanol and Energy Business”). In 2017, we obtained a patent to produce biogas from sugarcane vinasse. After years of successful trials, we are scaling biomethane production, which could be used as an alternative source of fuel for adapted vehicles. We are also doing some tests in our sugar freights and exploring the possibility of producing biodiesel. In the industry, we have recently implemented AI alongside an automation process, which is based on real-time optimization. By assessing mass balance and measuring key performance indicators every 10 seconds, the system helps us enhance our efficiency all along the industrial processes. We use data analysis tools powered by internet-of-things (“IoT”) devices, with information stored in the cloud to build a database that leverages AI to identify operational optimization points with the purpose of increasing productivity and reducing costs. Regarding our Rice business in Argentina, we are involved in the breeding and development of new traits. We seek to improve all processes related to the selection of better rice materials. Our objective is to obtain superior cultivars with better yields, industrial performance, commercial quality, and culinary parameters as driven by the market demand. To that end, we engage in crossbreeding with multiple varieties to achieve new seeds with superior features. We do so for different types of rice, such as long-grain, short-grain and round-grain rice. At the field level, we seek to breed new varieties and rice hybrids adapted to local conditions and production parameters. At the lab level, we are working with molecular markers that help us identify specific DNA details and improve quality parameters of the seed, such as purity. In connection with these efforts, we have entered into agreements with selected research and development institutions such as Instituto Nacional de Tecnología Agropecuaria in Argentina, Instituto Riograndense do Arroz in Brazil, Híbridos de Arroz para América Latina in Colombia, Fondo Latinoamericano para Arroz de Riego in Colombia, Empresa de pesquisa Agropecuária e Extensão Rural de Santa Catarina in Brazil, and companies such as BASF in Germany. In addition, we are working with the National University of the Northeast of Argentina to develop double-haploid seeds, which will help us to reduce the selection process from five years to one. Since 2008, we have developed and commercialized new rice varieties. SCS121 CL, developed in collaboration with BASF, incorporates Clearfield® technology, which provides tolerance to herbicides used to control problematic weeds. In 2020, we registered a new variety, ITA CAABO 109, specifically adapted to the center-south rice-growing region of Argentina. In 2022, we registered the variety ITA CAABO 111 FL, which offers high grain quality and strong yield potential across Argentina’s rice-producing regions. In 2025, we registered two additional cultivars: ITA CAABO 360 CL, a long-grain rice variety with Clearfield® technology, characterized by high yield potential and strong grain quality; and ITA CAABO 754 FL, the first long-wide grain rice cultivar developed by our seed unit. With respect to the intellectual property of our seeds, we operate in accordance with the standards established by the Argentine Association of Plant Variety Protection. As it relates to pest management, we are testing the use of biological treatments that enable us to control diseases and replace chemical products. We have extended the use of Trichoderma and Bacillus, examples of these biological solutions, to over 40 thousand hectares during the 2025/26 harvest season. In the field, we have developed zero grade level technology in most of our farms, which helps us reduce water and energy consumption. For hilly farms, we are implementing a Polypipe irrigation system which also helps us save on water and energy. Additionally, for all of our farms, we are developing an irrigation surveillance system using drones, water sensors connected through the IoT and digital platforms, all of which are improving water management efficiencies and enhancing our rice yields. Finally, since 2018 we have been increasing the number of harvesters with stripper heads, a device jointly developed in a partnership with Green Footprint Agricultural Solutions (G-FAS). This allowed us to double the speed and capacity of our harvesters and reduce the use of diesel fuel by 40%. 115 Table of contents In our Crops segment, we are also developing special digital features for each crop to enhance efficiencies in our operations. Currently, we are building precision agricultural solutions, such as crop yield estimation and soil quality classification, to improve our farming accuracy. We are also we are running tests on selective spraying applications based on AI in partnership with several companies. We believe that these applications could result in cost savings of up to 70% regarding our use of certain chemicals. Regarding our peanuts crops, we have created a new blanched peanut processing line, entirely made with local engineering and purchased a self-driving oven. Additionally, we have added laser technology to our peanut plant to perform the electronic selection and to continue optimizing the quality and safety of our products. We developed our own traceability app, through which peanut customers can scan a QR code on each bag of peanuts to access information regarding the traceability and data of our goods. In addition, we are working on digital platforms for both our Rice and Crops businesses, to create data centers and visualize the information in real-time dashboards including indicators such as seeding, planting date, fertilizers, irrigation, farm works, harvest, and monitoring of all grain stored in silo bags, among others. All this information is available online through computers and mobile phones. See “Item 4. Information of the Company—A. Business Overview—Technology and Best Practices." In our Dairy segment in Argentina, we have successfully adapted and implemented a sustainable free-stall model that prioritizes both operational efficiency and animal welfare. Additionally, manure is converted into renewable energy through two diary biodigesters. In terms of R&D, we continuously explore and test new technologies aimed at enhancing health, feeding and other operational practices. Our core objective is to improve animal welfare, milk quality, and overall productivity, supporting the continued growth of our Dairy operations. As part of this effort, we are constantly evaluating genetic technologies to refine the cow-selection process and strengthen herd development. In addition, we are evaluating advanced solutions such as precision cow monitoring systems, innovative health treatments, and new feeding possibilities (See “Item 4. Information of the Company—A. Business Overview—Operations and Principal Activities—Dairy Business”). In addition to traditional R&D activities, we are constantly fostering creativity and ongoing improvement across teams, businesses and regions. We seek to adopt and develop innovative solutions that we can introduce into our day-to-day operations, changing the way we perform our work and boosting both efficiency and profitability. We have teams in Brazil and Argentina involved in the adoption of new technology, while we also engage other companies, start-ups and entrepreneurs to explore, run, test, enhance and jointly develop technologies. We constantly research and analyze all available technologies that could be applied to our operations. While we strive to select the best technologies and techniques, we are also strongly involved in their adoption process, and we provide feedback and suggestions to enhance such technologies. There are also R&D initiatives to explore ideas, unlock value potential and develop new business units. Our internal research group is composed of interdisciplinary teams (agronomists, veterinarians, industrial engineers, technicians and finance and commercial personnel). The group offers support to all business lines and through different levels, from the optimization of current operations, evaluation of new technologies, development of new products, to the assessment of a whole new production system. In addition, we are actively involved in a network with start-ups, funds, research associations and other key players in the agtech (agricultural, digital-based technology) ecosystems to find, develop and engage in strategic opportunities. Particularly for startups, we identify high-potential companies that could provide alternative solutions for our operations and for the market as a whole, and evaluate potential investments if their business models fit our business. See “Item 4. Information of the Company—A. Business Overview—Technology and Best Practices.” We do not own any registered patents, industrial models or designs, apart from those described in this section. D.TREND INFORMATION See “Item 5. Operating and Financial Review and Prospects—A. Operating Results—Trends and Factors Affecting Our Results of Operations.” E CRITICAL ACCOUNTING ESTIMATES Our critical accounting estimates are consistent with those described in note 32 to our Audited Consolidated Financial Statements. 116 Table of contents