EarningsQ2 2026 Earnings Report
DE:ACD Q2 2026 EPS Results
Actual EPS€0.11
Consensus EPS€0.47
Beat/MissMissed by -€0.36
One Year Ago EPS-€0.15
DE:ACD Q2 2026 Revenue Results
Actual Revenue€530.24M
Expected Revenue€524.32M
Beat/MissBeat by +€5.93M
YoY Revenue Growth+48.53%
Earnings Announcement Details
QuarterQ2 2026
Date08/11/2026
TimeAfter Close
Conference CallTuesday, August 11, 2026
DE:ACD Upcoming Earnings
Adecoagro SA's next earnings date is estimated for November 12, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:ACD Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call highlighted multiple operational and financial milestones: record consolidated adjusted EBITDA, a standout fertilizers performance (22% higher urea production, >100% EBITDA growth in the segment), solid crushing growth (+3% YoY), strategic M&A (Profertil closed payment and Carapo acquisition) and improved liquidity (liquidity ratio up to 1.9x). Offsetting these positives were softer sugar/ethanol results driven by lower sugar prices and TRS, depressed ethanol prices leading to inventory builds, FX-driven cost pressure in Brazil, and seasonally elevated net debt. Management expects fertilizer and sugar/ethanol fundamentals to support future EBITDA, believes Carapo is accretive and synergies are sizable, and remains on a deleveraging path.Company Guidance
Record Consolidated Adjusted EBITDA
Consolidated adjusted EBITDA reached record levels of $258 million year-to-date and $173 million in Q2 2026, reflecting strong earnings generation across the diversified platform.
Fertilizers Segment Outperformance
Urea production rose 22% year-over-year with year-to-date production at 617,000 tons and zero downtime during the quarter; international urea prices spiked to nearly $800/ton during the period and fertilizers adjusted EBITDA more than doubled quarter-on-quarter and year-to-date, with management expecting full-year segment EBITDA above initial projections.
Strong Crushing and Ethanol Mix
Sugar/ethanol/energy crushed 3.5 million tons of cane in the quarter (up 3% YoY) and achieved a 78% ethanol product mix year-to-date, demonstrating industrial flexibility to prioritize higher-margin products.
Inventory and Commercial Strategy to Capture Pricing Upside
Company strategically held ~41% of year-to-date ethanol production in inventory to avoid selling into depressed domestic prices, positioning volumes to capture stronger margins when prices recover.
Food & Agriculture Operational Improvements
By end-July harvested 92% of planted area, producing over 1.1 million tons of crops with yields above the prior campaign; dairy processing volumes increased and quarter-level revenues and adjusted EBITDA improved year-over-year, with expectations of margin recovery supported by cost reduction initiatives and new product launches.
Strategic M&A and Organic Expansion
Completed final payment (~$400 million) for Profertil acquisition; announced acquisition of Carapo Mill (cash purchase, subject to closing conditions) expected to be accretive and to enable organic expansion of sugar/ethanol operations and capture synergies without altering deleveraging targets.
Balance Sheet and Liquidity
Pro forma net leverage stood at 3.0x with net debt seasonally peaking; liquidity ratio improved to 1.9x from 1.2x the prior quarter, most debt is long-term and currency mix aligns with revenues, and management expects leverage to decline as EBITDA grows.
Shareholder Returns
Paid first installment of annual cash dividend totaling $17.5 million ($0.12 per share) with a second equal installment planned in November for a total annual dividend of $35 million.
DE:ACD Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed