Adecoagro (AGRO) Q2 FY26 earnings call

Adecoagro delivered record adjusted EBITDA in Q2 FY26, primarily fueled by exceptional performance in its Fertilizers segment, which benefited from strong pricing and increased production. The company strategically built ethanol inventory amidst low domestic prices, anticipating future recovery, while also progressing with the accretive Carapa Mill acquisition to expand sugar and ethanol operations. Despite seasonal debt peaks and mixed commodity prices in Food & Agriculture, management remains focused on deleveraging and operational efficiencies.