NYSE$AGRO
Adecoagro S.A. · Q1 2026 earnings
Q1 2026 earnings · · After market close · Investor relations
Briefing
Adecoagro Q1 2026: $393.5M gross sales, $85.8M Adjusted EBITDA (+139% YoY) on crushing record and Profertil
Adecoagro S.A. reported first-quarter 2026 results reflecting strong performance across its redefined operating segments following the Profertil acquisition. Gross sales rose 21.6% year over year to $393.5 million and Adjusted EBITDA more than doubled to $85.8 million with a 22.3% margin, up from $35.9 million and 11.3% in Q1 2025. On a pro forma basis including Profertil from January 1, 2025, Adjusted EBITDA grew 78.5% to $85.8 million from $48.1 million. The Sugar, Ethanol & Energy segment posted $40.6 million Adjusted EBITDA on a first-quarter crushing record of 2.2 million tons and 96% ethanol mix. The new Fertilizers segment contributed $52.5 million Adjusted EBITDA on higher urea production and prices, with average urea selling price of $517/ton versus $444/ton prior year. Food & Agriculture Adjusted EBITDA fell to $1.4 million on lower commodity prices. IFRS profit for the period was $43.8 million while Adjusted Net Income was a loss of $34.4 million, or $0.24 per share, reflecting foreign exchange and inflation adjustments.
- Adjusted EBITDA surged 138.7% YoY to $85.8 million on gross sales of $393.5 million (+21.6%).
- Sugar, Ethanol & Energy crushed a first-quarter record 2.2 million tons with 96% ethanol mix; segment Adjusted EBITDA was $40.6 million (+36%).
- Fertilizers segment Adjusted EBITDA reached $52.5 million on 67.8% higher sales volumes and urea prices averaging $517/ton versus $444/ton.
- Pro forma net debt totaled $1.63 billion (3.2x LTM Adjusted EBITDA) after Profertil acquisition payment and seasonal working capital needs.
- Management expects stronger 2026 fertilizer EBITDA as recent ~55% urea price increases flow through with largely fixed natural gas costs.
Headline financials
Revenue & EPS history
Adecoagro · Revenue · Quarterly
$394M
Revenue by segment
Adecoagro · $162M total across 1 segment · Q1 2026
- Food & Agriculture$162M—100.0%
Forward guidance
Adecoagro expects low-double-digit crushing volume growth in 2026 assuming normal weather, with fertilizer EBITDA exceeding prior years as elevated urea prices pass through to margins given fixed gas costs.
Tailwinds
- International urea prices up ~55% since late February 2026 conflict, with CFR Brazil near $725/ton supporting fertilizer upside.
- 65% of 2026 sugar production hedged at 15.7 cts/lb with crushing pace on track for full-year targets.
Headwinds
- Net leverage elevated at 3.2x pro forma LTM Adjusted EBITDA after Profertil acquisition.
- Food & Agriculture segment pressured by lower commodity prices and carry-over stock costs.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2026
+0.6%
Avg return
Earnings day
+1.0%
Avg return
5 days after
+2.7%
Avg return
30 days after
60%
25 / 42 earnings
Positive
+13.7%
Q1 2026
Best reaction
-10.0%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +13.7% | -2.6% | -13.6% | |
| Q1 2025 | +2.2% | +5.3% | +4.1% | |
| Q4 2024 | +0.7% | +1.1% | +4.8% | |
| Q3 2024 | -5.0% | +0.2% | -7.9% | |
| Q2 2024 | +12.2% | +10.6% | +9.7% | |
| Q1 2024 | -5.1% | -5.6% | -16.7% | |
| Q4 2023 | -3.6% | -0.3% | +6.7% | |
| Q3 2023 | +0.1% | +1.8% | +12.3% | |
| Q2 2023 | +10.1% | +17.1% | +24.3% | |
| Q1 2023 | +2.0% | +1.3% | +12.0% | |
| Q4 2022 | -1.5% | -0.5% | +0.0% | |
| Q3 2022 | -10.0% | -11.4% | -15.1% | |
| Q2 2022 | +8.8% | +6.5% | +2.2% | |
| Q1 2022 | +3.5% | +10.6% | +3.1% | |
| Q4 2021 | -9.3% | -6.2% | +6.3% | |
| Q3 2021 | +5.3% | +8.6% | -18.4% | |
| Q2 2021 | -9.5% | -9.2% | -7.8% | |
| Q1 2021 | +2.5% | +7.7% | +19.4% | |
| Q4 2020 | +3.8% | +1.5% | -5.4% | |
| Q3 2020 | +3.4% | +7.7% | +26.1% | |
| Q2 2020 | +3.7% | +1.0% | +4.5% | |
| Q1 2020 | -0.3% | +3.6% | +28.0% | |
| Q4 2019 | +1.0% | -9.0% | -9.2% | |
| Q3 2019 | +3.1% | +3.1% | +27.1% | |
| Q2 2019 | +8.9% | +2.3% | +6.1% | |
| Q1 2019 | -0.6% | -1.4% | +9.2% | |
| Q4 2018 | +4.0% | +6.0% | +4.5% | |
| Q3 2018 | +0.6% | -4.6% | -1.4% | |
| Q2 2018 | +2.7% | +2.1% | -9.8% | |
| Q1 2018 | +3.3% | +7.9% | +10.1% | |
| Q4 2017 | -2.6% | -5.0% | -5.0% | |
| Q3 2017 | -7.6% | -3.3% | +7.3% | |
| Q2 2017 | -3.2% | -3.4% | -1.7% | |
| Q1 2017 | +1.0% | -3.4% | -11.7% | |
| Q4 2016 | -1.7% | -0.9% | -5.2% | |
| Q3 2016 | +0.4% | +0.7% | -5.1% | |
| Q2 2016 | +0.5% | -1.3% | +6.6% | |
| Q1 2016 | -4.6% | — | — | |
| Q1 2012 | +2.9% | — | — | |
| Q3 2011 | -6.3% | — | — | |
| Q4 2010 | -3.1% | — | — | |
| Q2 2011 | -0.2% | — | — | |
| Q3 2010 | — | — | — | |
| Q2 2010 | — | — | — | |
| Q1 2010 | — | — | — |
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