Adecoagro stock: Record nine-month EBITDA amid higher debt costs

Published on 11/13/2026 at 18:37 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Adecoagro stock follows a record nine-month adjusted EBITDA result. Higher interest costs cut adjusted net income as fertilizer sales strengthened.

Record EBITDA, Higher Financing Costs

Adecoagro's adjusted EBITDA reached a record 471.8 million US dollars in the first nine months.
Fertilizer operations led growth, while sugar and ethanol earnings declined year over year.
Management expects stronger results to support further deleveraging.

AGRO, LU0584671464, Illustration mit AI erstellt.

Adecoagro announced its results for the third quarter ended September 30 on November 11, reporting record adjusted EBITDA for the first nine months alongside higher financing costs. The PR Newswire report carried by Fidelity said adjusted EBITDA reached 471.8 million US dollars in the first nine months, an all-time high for a nine-month period.

Adecoagro stock traded at 8.04 euros on Lang & Schwarz at 18:33 CET on Friday, November 13, 2026.

Fertilizers Lead Operating Performance

The fertilizers business generated adjusted EBITDA of 109.3 million US dollars in the third quarter and 283.1 million US dollars in the first nine months. On a pro forma basis, those figures were 7.4% and 64.9% higher than the comparable periods, assuming the Profertil acquisition had occurred on January 1, 2025.

Higher urea production and sales drove the segment. Urea production rose 4.1% in the quarter and 11.4% in the first nine months, while quarterly urea sales volumes increased 30.8% as demand strengthened ahead of South America's 2026/27 planting season.

Debt Costs Weigh On Net Income

Adjusted net income declined year over year in both periods, mainly because interest expense increased after debt was added to finance the fertilizer acquisition. Higher income taxes on higher pre-tax income also weighed on the result.

In Sugar, Ethanol & Energy, adjusted EBITDA fell 16.0% year over year to 101.1 million US dollars in the third quarter and declined 10.7% to 195.0 million US dollars in the first nine months. Lower sugar prices and volumes hurt sales, while September rainfall reduced quarterly crushing by 5.1%. Food & Agriculture benefited from stronger dairy performance and higher white-rice volumes.

Deleveraging Remains A Key Focus

Pro forma net debt to trailing adjusted EBITDA stood at 3.2 times. Adecoagro said stronger results should support further deleveraging. The company also expects record 2026 crushing, assuming normal weather through year-end, while its fertilizer outlook calls for continued production strength and further margin expansion.

US equities, including the S&P 500 market, provide the broader market context for the NYSE-listed company.

For more company-specific coverage, see More news and analyses on Adecoagro stock.