Adecoagro SA earnings date
Adecoagro SA (ACD) Q3 2026 Earnings Report
DE:ACD Q3 2026 EPS Results
- Actual EPS
- EUR 0.43
- Consensus EPS
- EUR 0.41
- Beat/Miss
- Beat by +EUR 0.02
- One Year Ago EPS
- EUR 0.06
DE:ACD Q3 2026 Revenue Results
- Actual Revenue
- ―
- Expected Revenue
- EUR 595.00M
- Beat/Miss
- ―
- YoY Revenue Growth
- ―
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 11/11/2026
- Time
- After Close
- Conference Call
- Wednesday, November 11, 2026
Adecoagro SA's next earnings date is estimated for March 18, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive, supported by record nine-month adjusted EBITDA, robust fertilizer growth, improving agricultural productivity, favorable ethanol and sugar market commentary, and confidence in the Caarapó acquisition. The main negatives were flat quarterly EBITDA, weaker Sugar, Ethanol and Energy results, rainfall-related operational constraints, higher dollar-denominated sugar and ethanol costs, elevated leverage after the acquisition, and uncertainty around the ethanol subsidy.
Adecoagro expects mid-teens growth in crushing volumes, supported by greater cane availability; Caarapó is expected to crush between 4 million and 5 million tons of sugarcane, with total crushing about 15% more than last year, including Caarapó crushing. Ethanol prices should be high until at least until to finish the first quarter of next year, with the last quarter expected to include 200,000 cubic meters more ethanol sales than the third quarter at a price approximately 25% higher than in the third quarter, already including the subsidy, while ethanol supply is expected to increase around 3% and Brazil’s mix next year probably close to 50%. The company expects leverage to reach approximately 2.5x by December 31, with something between 2x and 2.5x considered comfortable, and expects Profertil EBITDA somewhere above the $300 million level, with an FID for the expansion hoped to be reached within next year or some point of next year. For 2026/'27, planted area is expected to increase by 3% year-over-year, yields are expected to be in line with or slightly above historical averages, milk processing volumes are expected to continue growing, and Food and Agriculture should continue to see somewhere above 10% EBITDA sales, more than 10% of EBITDA over the sales.
- Record Nine-Month Adjusted EBITDAConsolidated nine-month adjusted EBITDA reached an all-time high of $472 million, almost $100 million above the previous record for the period.
- Profertil Fully Integrated and Setting Production RecordsThe urea plant acquired a year earlier is fully integrated into Adecoagro's operations and continues to set production records.
- Strong Consolidated Sales and Fertilizer ContributionGross sales totaled $591 million in the third quarter and $1.5 billion year-to-date. Year-over-year growth in both periods was mainly driven by fertilizers operations, which more than offset lower Sugar, Ethanol and Energy revenues.
- Improved Sugarcane Productivity and Crushing OutlookTRS per hectare increased 31% during the quarter and 24% year-to-date. Year-to-date crushing reached 10.4 million tons, remaining above the prior-year level, and management continues to expect mid-teens growth in crushing volumes.
- Caarapó Acquisition Expands Sugar and Ethanol CapacityThe Caarapó mill was acquired for approximately $136 million, fully integrated into the Mato Grosso do Sul cluster, and is already processing surplus cane from Angelica and Ivinhema. Management expects the mill to operate above its historical crushing levels and views it as an organic growth opportunity with capacity to mill between 5 million and 7 million tons.
- Ethanol Market Conditions and Commercial ExecutionEthanol prices recovered due to tighter domestic supply and demand conditions and government measures that strengthened ethanol's competitiveness relative to gasoline. Management accelerated ethanol sales at peak prices, sold inventories and daily production ahead of the new harvest, and subsequently rebuilt inventories for later pricing opportunities.
- Fertilizer Production Growth and Record OutputThe fertilizer plant operated at a high utilization rate, reaching a new monthly urea production record in August and new ammonia production records in August and September. Urea production increased 4% year-over-year in the quarter and 11% year-to-date.
- Fertilizer EBITDA ExpansionFertilizers adjusted EBITDA was $109 million in the quarter, up 7% year-over-year, and $283 million year-to-date, up 65% versus the first nine months of 2025. Higher production volumes and operating efficiencies contributed to margin expansion.
- Higher Realized Urea PricesDespite a sequential decline in urea prices, the average realized price for the first nine months was $561 per ton, $81 per ton above the same period of the prior year.
- Lower Urea Production CostsNine-month urea production cost declined from $262 per ton in 2025 to $237 per ton in 2026, a 10% decrease. Management stated that the reduction was approximately 15% after considering additional product sales and certain growth, maintenance and potential expansion-related costs.
- Favorable Food and Agriculture PerformanceThe 2025/26 harvest produced more than 1.2 million tons of agricultural products, with better-than-expected yields. Dairy free-stall productivity reached a quarterly record, milk processing volumes increased, consumer brands performed strongly in the domestic market, and accelerated white rice sales contributed to higher quarterly sales.
- Positive 2026/27 Planting and Dairy OutlookPlanting was 57% complete, with planted area expected to increase 3% year-over-year, mainly in rice and peanuts. Yields are expected to be in line with or slightly above historical averages. Free-stall productivity reached an all-time monthly record of 41 liters per cow per day in October, and milk processing volumes are expected to continue growing with new product launches.
- Organic Growth InvestmentsAdecoagro continues to invest in organic growth opportunities, including biomethane production in Brazil. Year-to-date expansion CapEx totaled $602 million, including the Caarapó acquisition.
- Debt Profile Improvement InitiativesThe company redeemed its 2027 global notes in late October. Long-term debt now represents 78% of total debt, average maturity was extended to 4.2 years, and management stated that the debt cost is below 7% following liability management actions.
- Dividend DistributionAdecoagro will pay the second $17.5 million installment of its annual cash dividend on November 19, equivalent to $0.12 per share, completing the 2026 shareholder distribution program.
- Potential Fertilizer ExpansionManagement is developing the engineering required for a potential expansion that could more than double the current Profertil plant and expects to reach a final investment decision within some point of next year. Management believes the regional market still imports 9 million tons of urea and that the potential projects would add 3.5 million tons.
- Favorable Medium-Term Ethanol and Sugar OutlookManagement expects ethanol prices to remain high at least through the end of the first quarter of next year, with current ethanol inventories 14% below the same period of last year and monthly hydrous demand above 2.3 billion liters. Management also said Brazil's sugar production may be closer to 37 million to 38 million tons rather than 40 million tons, while dry conditions in India could reduce production there.
- Potential Capital Allocation FlexibilityManagement said it would feel comfortable with net debt-to-EBITDA between 2x and 2.5x and could reconsider capital uses, including dividends or acquisitions, if that level is reached, potentially by 2027, while continuing to evaluate opportunities against its return and repayment criteria.
- Food and Agriculture Recovery OutlookManagement said Food and Agriculture had been under pressure for the prior 1.5 years but is now in a very good situation, with production costs adjusted, planting conditions described as excellent, strong domestic and export sales, and rice and peanut prices recovering from historical lows. The company expects to continue generating more than 10% EBITDA over sales.
DE:ACD Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 18, 2027 | 2026 (Q4) | 0.50- | -0.1 | ― | ― |
| Nov 11, 2026 | 2026 (Q3) | 0.410.43 | 0.06 | 648.44% (+0.37) | |
| Aug 11, 2026 | 2026 (Q2) | 0.490.11 | -0.15 | 173.53% (+0.27) | |
| May 11, 2026 | 2026 (Q1) | 0.22-0.22 | 0.16 | -232.60% (-0.38) | |
| Mar 16, 2026 | 2025 (Q4) | -0.08-0.10 | 0.15 | -166.67% (-0.24) | |
| Nov 11, 2025 | 2025 (Q3) | 0.050.06 | 0.25 | -77.14% (-0.19) | |
| Aug 18, 2025 | 2025 (Q2) | 0.23-0.15 | 0.08 | -282.80% (-0.24) | |
| May 12, 2025 | 2025 (Q1) | -0.080.16 | 0.41 | -59.96% (-0.24) | |
| Mar 13, 2025 | 2024 (Q4) | 0.410.15 | -0.14 | 208.00% (+0.28) | |
| Nov 13, 2024 | 2024 (Q3) | 0.620.25 | 0.64 | -60.45% (-0.39) |
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.
