Adecoagro SA reported an Adjusted EBITDA of $115.1 million in the third quarter of 2025. In the Sugar, Ethanol & Energy business, Adjusted EBITDA was $120.5 million in 3Q25, up 20.3% year-over-year, while year-to-date it reached $218.4 million, 15.6% lower compared to the same period in 2024. Net sales declined in both 3Q25 and the first nine months of 2025 due to lower selling volumes and sugar prices, despite a recovery in ethanol prices. The company achieved an all-time crushing record of 4.9 million tons in 3Q25, a 20.4% increase from 3Q24, and shifted 58% of production to ethanol. In the Farming business, Adjusted EBITDA was $1.5 million in 3Q25 and $19.2 million in 9M25, both lower year-over-year, driven by lower prices and higher costs. Adecoagro also made a $96.0 million advance payment to purchase Nutrien's stake in Profertil, with net debt to last twelve months Adjusted EBITDA at 2.8 times.