Adecoagro Posts Pro Forma 69% EBITDA Jump to $467M After $1.1B Profertil Deal
Adecoagro’s 2025 Adjusted EBITDA reached $276.7 million, rising to $467.2 million on a pro forma basis despite 91 days of fertilizer plant downtime. The December 2025 acquisition of Profertil for $1.1 billion added 1.3 million tons of urea capacity, funded through cash, debt, plus $300 million equity raise.
1. Fiscal 2025 Adjusted EBITDA and Pro Forma Results
In fiscal 2025 Adecoagro reported Adjusted EBITDA of $276.7 million, pressured by lower commodity prices and mixed productivity. On a pro forma basis including Profertil’s results, EBITDA rose to $467.2 million despite 91 days of fertilizer plant downtime at Profertil.
2. $1.1B Profertil Acquisition and Financing
In December 2025 Adecoagro acquired a 90% stake in Profertil for approximately $1.1 billion, adding 1.3 million tons of urea capacity and sole producer status in Argentina. The acquisition was funded through existing cash, new long-term debt, seller financing and an equity issuance of 42 million shares at $7.25 raising $300 million.
3. Segment Performance Overview
The Sugar, Ethanol & Energy segment generated $291.5 million of Adjusted EBITDA in 2025, down 19.9% year-over-year due to lower crushing volumes and sugar prices despite stronger ethanol margins. The newly formed Fertilizers unit contributed $6.1 million post-acquisition and $196.5 million on a pro forma basis, while the Farming segment delivered $17.8 million.
4. 2026 Outlook
Adecoagro expects full-year fertilizer operations to normalize in 2026, driving EBITDA recovery amid higher global urea prices and fixed gas costs under medium-term contracts. Sugarcane crushing is forecast to grow in low double digits with 49% of 2026 sugar hedged at 15.7 cts/lb, and ethanol production flexibly sold to optimize margins.