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◆ adecoagro 3Q21 3Q21 Earning Release Conference Call English Conference Call November 12 , 2021 8 a.m. ( US EST ) 10 a.m. ( Buenos Aires and Sao Paulo time ) 2 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 $ 157.0 million in 3Q21 and $ 367.6 million in 9M21 , 53.7 % and 50.4 % higher year - over - year , respectively . Luxembourg , November 10 , 2021 - Adecoagro S.A. ( NYSE : AGRO , Bloomberg : AGRO US , Reuters : AGRO.K ) , a sustainable production company in South America , announced today its results for the third quarter ended September 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 37 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 3Q21 3Q20 Chg % 316,952 237,991 33.2 % 308,433 232,343 32.7 % 9M21 9M20 Chg % 777,178 580,263 33.9 % 757,683 564,900 34.1 % n.a 24,763 20,651 19.9 % 113,360 85,506 138,088 86,406 59.8 % 269,828 172,720 ( 5,856 ) ( 4,929 ) n.a ( 15,609 ) ( 13,786 ) 156,995 102 , 128 53.7 % 367,579 244,440 50.4 % 50.9 % 44.0 % 15.8 % 48.5 % 43.3 % 12.1 % 36,963 20,267 82.4 % 71,964 ( 46,238 ) n.a 59,153 37,833 56.4 % 99,855 101,482 ( 1.6 ) % 262,110 237,806 10.2 % 262,110 237,806 10.2 % 184,349 174,764 5.5 % 184,349 174,764 5.5 % 0.52 0.32 62.8 % 0.89 0.86 2.5 % 32.6 % 56.2 % • Net Sales reached $ 757.7 million during 9M21 , 34.1 % higher year - over - year . • Adjusted EBITDA ( 3 ) in the Sugar , Ethanol & Energy segment registered a year - over - year growth of 56.2 % during 9M21 while the Farming & Land Transformation segment grew 32.6 % during the same period . ( 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 37 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 37 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