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◆ adecoagro 1Q21 1Q21 Earning Release Conference Call English Conference Call May 14 , 2021 9 a.m. ( US EST ) 10 a.m. ( Buenos Aires and Sao Paulo time ) 3 p.m. ( Luxembourg ) Tel : +1 ( 412 ) 317-6366 Participants calling from other countries outside the US Tel : +1 ( 844 ) 435-0324 Participants calling from the US Investor Relations Charlie Boero Hughes CFO Juan Ignacio Galleano IR Manager Email ir@adecoagro.com Website : www.adecoagro.com AGRO LISTED NYSE FENST Adecoagro's Adjusted EBITDA reached $ 109.1 million during 1Q21 , marking a record high for the first three months of the year . Luxembourg , May 13 , 2021 - Adecoagro S.A. ( NYSE : AGRO , Bloomberg : AGRO US , Reuters : AGRO.K ) , a leading agro - industrial company in South America , announced today its results for the first quarter ended March 31 , 2021. The financial information contained in this press release is based on unaudited condensed consolidated interim financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards ( IFRS ) except for Non - IFRS measures . Please refer to page 30 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release . Highlights Financial & Operating Performance $ thousands Gross Sales Net Sales ( 1 ) ( 2 ) ( 3 ) Adjusted EBITDA Farming & Land Transformation Sugar , Ethanol & Energy Corporate Expenses Total Adjusted EBITDA Adjusted EBITDA Margin Net Income ( 2 ) Adjusted Net Income ( 4 ) Farming Planted Area ( Hectares ) Sugarcane Plantation Area ( Hectares ) Adjusted Net Income per Share 1Q21 174,646 170,319 56,152 58,154 ( 5,165 ) 109,141 64.1 % 19,335 54,505 262,145 179,472 0.47 1Q20 157,064 151,489 24,680 40,917 ( 4,530 ) 61,067 40.3 % ( 54,441 ) 43,802 238,494 169,336 0.38 % 11.2 % 12.4 % 127.5 % 42.1 % 14.0 % 78.7 % 59.0 % n.a 24.4 % 9.9 % 6.0 % 25.2 % • Adjusted EBITDA ( 3 ) during 1Q21 was 78.7 % higher than in the same period of last year driven by a 42.1 % increase in the Sugar , Ethanol & Energy segment , and an increase of over 2x in the Farming and Land Transformation segment . • Adjusted Net Income reached $ 54.5 million during 1Q21 , 24.4 % higher year - over - year . ( 1 ) Net Sales are equal to Gross Sales minus sales taxes related to sugar , ethanol and energy . ( 2 ) Please see " Reconcilia of Non - IFRS measures " starting on page 30 a reconciliation of Adjusted EBITDA and Adjusted EBIT to Profit / ( Loss ) . Adjusted EBITDA is defined as consolidated profit from operations before financing and taxation , depreciation of PP & E , and amortization of intangible assets plus the gains or losses from disposals of non - controlling interests in subsidiaries . Adjusted EBIT is defined as consolidated profit from operations before financing and taxation plus the gains or losses from disposals of non - controlling interests in subsidiaries . Adjusted EBITDA margin and Adjusted EBIT margin are calculated as a percentage of net sales . ( 3 ) Adjusted EBITDA margin excluding third party commercialization activities is defined as the consolidated Adjusted EBITDA net of the Adjusted EBITDA generated by the commercialization of third party sugar , grains and energy , divided by consolidated gross sales net of those generated by the commercialization of third party sugar , grains and energy . We net third party commercialization results to highlight the margin generated by our own production . ( 4 ) Please see " Reconciliation of Non - IFRS measures " starting on page 30 for a reconciliation of Adjusted Net Income . We define Adjusted Net Income as ( i ) Profit / ( Loss ) of the period year , plus ( ii ) any non cash finance costs resulting from foreign exchange losses for such period , which breakdown composed both Exchange Differences and Cash Flow Hedge Transfer from Equity , net of the related income tax effects plus ( iii ) gains or losses from disposals of non controlling interests in subsidiaries whose main underlying asset is farmland , which are relieved in our Shareholders Equity under the line item . " Reserve from the sale of non controlling interests in subsidiaries plus ( iv ) the reversal of the aforementioned income tax effect , plus ( v ) the inflation accounting effects , plus ( vi ) the revaluation results from the hectares held as investment property . 1