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◆ adecoagro 2Q21 2Q21 Earning Release Conference Call English Conference Call August 13 , 2021 10 a.m. ( US EST ) 11 a.m. ( Buenos Aires and Sao Paulo time ) 4 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 Victoria Cabello IR Manager Email ir@adecoagro.com Website : www.adecoagro.com AGRO LISTED NYSE BENS S Adecoagro reported Adjusted EBITDA of $ 101.4 million in 2Q21 and $ 210.6 million in 6M21 , 24.9 % and 48.0 % higher year - over - year , respectively . Luxembourg , August 12 , 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 second quarter ended June 30 , 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 34 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 ) Adjusted EBITDA ( 2 ) Farming & Land Transformation Sugar , Ethanol & Energy Corporate Expenses Total Adjusted EBITDA Adjusted EBITDA Margin ( 2 ) Net Income Adjusted Net Income ( 4 ) Farming Planted Area ( Hectares ) Sugarcane Plantation Area ( Hectares ) Adjusted Net Income per Share 2Q21 2Q20 Chg % 285,580 185,208 54.2 % 278,813 181,068 54.0 % 6M21 6M20 460,226 342,272 449,082 332,557 Chg % 34.5 % 35.0 % 32,445 40,175 ( 19.2 ) % 88,597 64,855 36.6 % 73,586 45,397 62.1 % 131,740 86,314 52.6 % ( 4,588 ) ( 4,327 ) n.a ( 9,753 ) ( 8,857 ) n.a 101,443 81,245 24.9 % 210,584 142,312 48.0 % 36.4 % 44.9 % ( 18.9 ) % 46.9 % 42.8 % 9.6 % 15,666 ( 12,064 ) n.a 35,001 ( 66,505 ) n.a ( 13,802 ) 19,847 ( 169.5 ) % 40,703 63,649 ( 36.1 ) % 262,122 238,494 9.9 % 262,122 238,494 9.9 % 183,043 172,452 6.1 % 183,043 172,452 6.1 % ( 0.12 ) 0.17 ( 170.5 ) % 0.35 0.54 ( 35.2 ) % • Net Sales reached $ 278.8 million during 2Q21 and $ 449.1 million during 6M21 , marking a 54.0 % and 35.0 % increase year - over - year , respectively . • During 2Q21 adjusted EBITDA ) in the Sugar , Ethanol & Energy segment registered a 62.1 % increase year - over - year , totaling $ 73.6 million . The Farming segment , excluding Land Transformation , increased 14.7 % during the same period , reaching $ 32.8 million . ( 1 ) Net Sales are equal to Gross Sales minus sales taxes related to sugar , ethanol and energy . ( 2 ) Please see " Reconciliation of Non - IFRS measures " starting on page 34 for 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 34 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