Adecoagro S.A. (AGRO) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for waiting.

各位女士、先生，早安，感謝各位耐心等候。

At this time, we would like to welcome everyone to Adecoagro's 2026 First Quarter Results Conference Call.

此刻，我們謹代表公司歡迎各位參加 Adecoagro 2026 年第一季財報電話會議。

Today with us we have Mr. Mariano Bosch, CEO, Mr. Emilio Gnecco, CFO, Mr. Renato Junqueira Pereira, Sugar, Ethanol and Energy VP, and Mrs. Victoria Cabello, Investor Relations Officer.

今天與會者包括執行長 Mariano Bosch 先生、財務長 Emilio Gnecco 先生、糖、乙醇與能源事業副總裁 Renato Junqueira Pereira 先生，以及投資人關係主管 Victoria Cabello 女士。

We would like to inform you that this event is being recorded, and all participants will be in a listen-only mode during the company's presentation. After the company's remarks are completed, there will be a question-and-answer section. At that time, further instructions will be given.

提醒各位，本次活動將進行錄音，且在公司簡報期間，所有與會者將以僅收聽模式參與。待公司發言結束後，將進入問答環節。屆時將提供進一步指示。

Before proceeding, let me mention that forward-looking statements are based on the beliefs and assumptions of Adecoagro's management and the information currently available to the company. They involve risks, uncertainties, and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur in the future.

在開始之前，我想提及，前瞻性陳述係基於 Adecoagro 管理層的信念與假設，以及公司目前可得之資訊。由於其涉及未來事件，因此包含風險、不確定性與假設，並取決於未來可能發生或不發生的情況。

Investors should understand that general economic conditions, industry conditions, and other operating factors could also affect the future results of Adecoagro and could cause results to differ materially from those expressed in such forward-looking statements.

投資人應理解，一般經濟情勢、產業狀況及其他營運因素亦可能影響 Adecoagro 未來業績，並可能導致實際結果與該等前瞻性陳述所表達者存在重大差異。

Now, I'll turn the conference over to Mr. Mariano Bosch, CEO. Mr. Bosch, you may begin your conference.

現在，我將把會議交給執行長 Mariano Bosch 先生。Bosch 先生，請開始。

Good morning and thank you for joining Adecoagro's First Quarter 2026 Results Conference.

各位早安，感謝各位參加 Adecoagro 2026 年第一季業績電話會議。

Today, we are presenting the first results from the new Adecoagro, a well-diversified agro-industrial platform composed of three segments: sugar ethanol and energy, fertilizers, and food and agriculture.

今天，我們將呈現「新 Adecoagro」的首批成果：一個高度多元化的農工業平台，由三大事業部門組成：糖、乙醇與能源；肥料；以及食品與農業。

The $86 million adjusted EBITDA generated already reflects the change in scale and earnings potential, with further upside ahead.

本季產生的 8,600 萬美元調整後 EBITDA，已反映規模與獲利潛力的提升，未來仍有進一步上行空間。

After the major maintenance turnaround in the fertilizer plant, we are pleased with the ramp-up of operations, with the plant operating at full capacity since then.

在肥料廠完成重大歲修後，我們對營運爬坡的進展感到滿意；自那之後，工廠已以滿載產能運轉。

Due to the conflict in the Middle East, urea prices have peaked, and we are progressively capturing the upside, leading to an even better than expected result.

受中東衝突影響，尿素價格已達高峰，我們正逐步掌握此上行機會，使得成果甚至優於原先預期。

In Brazil, we achieved a new first quarter crushing record, reflecting the returns on our planting expansion investments.

在巴西，我們創下第一季壓榨量新紀錄，反映我們擴大種植投資所帶來的回報。

The high flexibility of our mills enabled us to produce almost 100% ethanol, benefiting from better ethanol prices. Harvesting pace remains on track to meet our annual target, supporting further cost dilution.

我們糖廠的高度彈性使我們幾乎 100% 生產乙醇，受惠於較佳的乙醇價格。收割進度仍按計畫推進，以達成全年目標，並支持進一步的成本攤薄。

In food and agriculture, results reflect the end of the prior harvest season as we sold our carryover stocks. The harvest of the new crop is well advanced, presenting good productivity indicators.

在食品與農業方面，業績反映上一收成季的結束，因為我們出售了結轉庫存。新作物的收成已進展良好，生產力指標表現不錯。

Margins should improve in the coming quarters as we commercialize the new crop, supported by a more efficient cost structure.

隨著我們逐步銷售新作物，且在更有效率的成本結構支撐下，未來幾季的利潤率應可改善。

Overall, higher productivity in Brazil, higher urea prices, and better margins in Argentina and Uruguay should translate into a stronger earnings performance, and most importantly, higher cash generation in 2026. This, in turn, will enable us a faster than expected deleveraging, one of our main priorities following the acquisition of the fertilizer business.

整體而言，巴西更高的生產力、更高的尿素價格，以及阿根廷與烏拉圭更佳的利潤率，應可轉化為更強勁的獲利表現；更重要的是，2026 年將帶來更高的現金創造。這也將使我們能以快於預期的速度去槓桿化，這是我們在收購肥料業務後的主要優先事項之一。

To conclude, I want to reiterate my gratitude to everyone across Adecoagro. It is thanks to their hard work that we are able to navigate different commodity cycles and continue to deliver attractive results to our shareholders.

最後，我要再次向 Adecoagro 全體同仁表達感謝。正是因為他們的辛勤付出，我們才能在不同商品循環中穩健前行，並持續為股東交出具吸引力的成果。

Now, I will let Emilio walk you through the numbers of the quarter.

接下來，我將請 Emilio 帶各位檢視本季的財務數字。

Thank you, Mariano. Good morning, everyone.

謝謝你，Mariano。各位早安。

Before turning to the results of the quarter, I would like to briefly remind everyone that as part of our efforts to update and simplify how we view our operations, starting in January 2026, the company now operates under three reportable segments.

在進入本季業績之前，我想先簡要提醒各位：作為我們更新並簡化營運檢視方式的一部分，自 2026 年 1 月起，公司已以三個可報導部門進行營運與揭露。

Number one, the sugar ethanol and energy segment. Number two, the fertilizer segment, which reflects Profertil's results, and number three, the food and agriculture segment, an integrated platform focused on agriculture and food production that was previously reported across three separate verticals; crops, rice, and dairy.

第一，糖、乙醇與能源部門。第二，肥料部門，反映 Profertil 的業績。第三，食品與農業部門，為一個聚焦農業與食品生產的整合平台；過去則分別在三個獨立垂直領域揭露：作物、稻米與乳品。

Please now turn to page 4, where you can see our first quarterly results under this new organizational structure. Gross sales totaled $394 million in the first quarter, representing a 22% year-over-year increase.

請各位翻到第 4 頁，您將可看到在此新組織架構下的首份季度業績。第一季總銷售額為 3.94 億美元，年增 22%。

This growth was driven primarily by a strong performance in our fertilizers business, supported by higher production volumes, and slightly improved prices, together with higher ethanol and energy prices in our sugar, ethanol, and energy operations. These factors more than offset the lower prices across the remainder of our commodity portfolio, including sugar, peanuts, and rice.

此成長主要由肥料業務的強勁表現所帶動，受惠於更高的產量以及略為改善的價格；同時，我們糖、乙醇與能源業務亦受益於較高的乙醇與能源價格。上述因素已足以抵銷我們其餘商品組合（包括糖、花生與稻米）價格下跌的影響。

Adjusted EBITDA reached $86 million, more than doubling the level reported in the prior year. In addition to higher sales, results benefited from a first quarter crashing record and our operational flexibility to produce nearly 100% ethanol throughout the period, combined with lower natural gas sourcing costs, which is the main input for urea production.

調整後 EBITDA 達 8,600 萬美元，較去年同期水準增加逾一倍。除銷售成長外，業績亦受惠於第一季壓榨量創紀錄，以及我們在整個期間幾乎 100% 生產乙醇的營運彈性；再加上天然氣採購成本下降，而天然氣是尿素生產的主要投入原料。

Moving to the financial and operational performance of our operations, let's start with the sugar, ethanol, and energy segment on slide 6.

接下來看各項業務的財務與營運表現，我們先從第 6 頁的糖、乙醇與能源部門開始。

Due to the rainfall received in the final months of 2025, the cane that remained unharvested recovered meaningfully in yield and was collected during the first quarter under our continuous harvest model, one of our key competitive advantages versus other players. As a result, we achieved a new first quarter crashing record of 2.2 million tons of cane, a 49% year-over-year increase, driven by higher productivity despite harvesting a smaller area.

由於 2025 年最後幾個月的降雨，先前尚未收割的甘蔗在單產上明顯恢復，並在我們的連續收割模式下於第一季完成採收；此模式是我們相較其他同業的關鍵競爭優勢之一。因此，我們創下第一季 220 萬噸甘蔗壓榨量的新紀錄，年增 49%；即便收割面積較小，仍受更高生產力所帶動。

In terms of product mix, we reached a 96% ethanol mix during the quarter as ethanol prices traded substantially above global sugar prices and therefore offered superior margins.

就產品組合而言，本季乙醇占比達 96%，因乙醇價格顯著高於全球糖價，因而提供更優的利潤率。

This highlights the operational flexibility of our industrial assets, even while maintenance work was being carried out.

這也凸顯我們工業資產的營運彈性，即便當時仍在進行維修作業。

On the cost side, production costs were negatively impacted by the appreciation of the Brazilian Real and by the acceleration of certain agriculture expenses that were typically concentrated later in the year, which more than offset the cost dilution from higher crushing.

在成本方面，生產成本受到巴西雷亞爾升值，以及部分原本通常集中於年末的農業費用提前發生所不利影響；其影響超過了壓榨量提升所帶來的成本攤薄效益。

Although we maximized ethanol production and executed sales at higher prices than in the prior year, quarterly sales were below last year, mainly due to lower sugar sales reflecting weaker global prices and lower volumes sold.

儘管我們將乙醇產量最大化，且銷售價格高於去年同期，但本季銷售量仍低於去年，主要因糖的銷售較少，反映全球價格走弱以及銷售量下降。

Overall, adjusted EBITDA for the period reached $41 million, exceeding the performance reported in the previous year.

整體而言，本期間調整後 EBITDA 達 4,100 萬美元，優於去年同期表現。

As of today, our crushing pace remains on track to meet our full-year target.

截至今日，我們的壓榨進度仍按計畫推進，可望達成全年目標。

Accordingly, we expect low double-digit growth in crushing volumes driven by greater cane availability, and we anticipate a full year of ethanol maximization given the current price scenario.

因此，我們預期在甘蔗供應增加的帶動下，壓榨量將呈現低雙位數成長；並且在目前的價格情境下，我們預計乙醇最大化策略將可貢獻全年表現。

On page 8, we present the fertilizer segment.

在第 8 頁，我們介紹肥料事業部門。

The year-over-year increase in urea production was primarily driven by a higher number of operational days compared to the same period last year.

尿素產量的年增主要是因為相較去年同期，運轉天數增加所致。

As mentioned in our previous call, the fertilizer plant experienced 19 days of downtime during the first quarter of 2025, mainly due to adverse weather conditions that disrupted gas supply.

如同我們在上一通電話會議中提到的，肥料廠在 2025 年第一季停機 19 天，主要因惡劣天候干擾天然氣供應。

By contrast, this quarter, we recorded only 10 days of downtime as we ramped up operations following the major maintenance turnaround executed at year-end. As of today, the plant is operating continuously at full capacity.

相較之下，本季我們僅記錄到 10 天停機，因為在年末完成大型歲修後，我們逐步提升產能、恢復運轉。截至今日，工廠已在滿載產能下連續運轉。

In terms of sales, the 68% year-over-year increase was mainly driven by a 16% improvement in urea prices.

就銷售而言，年增 68% 主要由尿素價格年增 16% 所帶動。

Following the escalation of the conflict in the Middle East, a region that accounts for approximately 30% of global urea trade, prices began rising sharply in early March, which only a partial impact reflected in this quarter results.

隨著中東衝突升級（該地區約占全球尿素貿易的 30%），價格自 3 月初開始大幅上漲，而本季財報僅反映了部分影響。

As a result, adjusted EBITDA showed a strong year-over-year recovery, reaching $53 million. In addition to higher sales, performance also benefited from greater cost solution due to the increase in production and lower gas sourcing costs as we leveraged contractual flexibility to secure a portion of our gas supply at more competitive prices.

因此，調整後 EBITDA 年增強勁回升，達到 5,300 萬美元。除了銷售增加之外，表現亦受惠於因產量提升帶來的成本攤薄，以及我們運用合約彈性，以更具競爭力的價格取得部分天然氣供應，從而降低天然氣採購成本。

Looking ahead, we expect adjusted EBITDA in 2026 to be stronger than previously anticipated, potentially exceeding prior year levels supported by a favorable market price outlook.

展望未來，我們預期 2026 年調整後 EBITDA 將優於先前預期；在有利的市場價格前景支撐下，甚至可能高於前一年度水準。

Please move to page 10. In our food and agriculture segment, first quarter results were impacted by lower commodity prices, mainly in peanuts and rice, as well as by higher costs in US dollar terms as we finalize the sale of carryover inventories from the previous harvest season.

請翻到第 10 頁。在食品與農業事業部門，第一季結果受到大宗商品價格走低的影響（主要是花生與稻米），同時在我們完成出售上一收成季結轉庫存之際，以美元計價的成本也較高。

Regarding the 2025-26 campaign, we are currently in the harvesting phase, which we expect to complete over the coming months. As of today, more than half of the planted area has been harvested, resulting in over 700,000 tons of agricultural products.

關於 2025-26 年度作物季，我們目前正處於收割階段，預計將在未來幾個月內完成。截至今日，已收割超過一半的種植面積，產出超過 70 萬噸農產品。

In our dairy operations. Processing volumes increase year-over-year, driven by higher raw milk production at our free stall facilities, reflecting improved cow productivity. We expect margins to improve over the coming quarters as the new crop is harvested and commercialized, reflecting the cost initiatives implemented.

在我們的乳品營運方面。加工量年增，主要由我們自由欄舍（free stall）設施的生乳產量提升所帶動，反映乳牛生產力改善。隨著新作物收割並商品化，且成本改善措施逐步反映，我們預期未來幾季利潤率將提升。

In dairy, we also anticipate further growth in processed milk volumes, supported by the launch of new products under our retail brands.

在乳品方面，我們也預期加工乳量將進一步成長，並將受惠於以我們零售品牌推出新產品。

Please turn to page 12 of the presentation, where we outline our capital allocation strategy, starting with our Capex program.

請翻到簡報第 12 頁，我們將說明資本配置策略，首先從資本支出（Capex）計畫開始。

During the first quarter of 2026, we paid the final installment related to the acquisition of a 90% equity stake in PROFERTIL.

在 2026 年第一季，我們支付了收購 PROFERTIL 90% 股權相關的最後一筆款項。

As a reminder. The $1.1 billion transaction was financed through a combination of $400 million in cash on hand, $400 million in new long-term debt facilities, and $300 million in equity proceeds.

提醒各位。這筆 11 億美元的交易，係以 4 億美元現金部位、4 億美元新增長期債務融資，以及 3 億美元股權募資所得共同籌資。

On the following page 13, we present our debt profile.

在接下來的第 13 頁，我們呈現公司的債務結構。

Our net debt increased to $1.6 billion in the first quarter of 2026, reflecting the seasonal working capital requirements associated with planting and harvesting activities in our food and agriculture business. Excluding this seasonal effect, net debt would have already declined compared to the fourth quarter of 2025.

2026 年第一季淨負債增加至 16 億美元，反映食品與農業業務在播種與收割活動所帶來的季節性營運資金需求。若排除這項季節性因素，淨負債相較 2025 年第四季其實已經下降。

On a pro forma basis, net leverage stood at 3.2 times, consistent with our ongoing deleveraging path, supported by improved operating results, despite the seasonality in cash needs. Looking ahead, we expect this metric to continue to decline, driven by higher adjusted EBITDA generation, primarily from our fertilizers segment.

以備考（pro forma）基礎計算，淨槓桿為 3.2 倍，與我們持續去槓桿的路徑一致；儘管現金需求具季節性，但在營運成果改善的支撐下仍維持下降趨勢。展望未來，我們預期該指標將持續下滑，主要由肥料事業部門帶動調整後 EBITDA 的提升。

It is also worth noting the company's strong liquidity position and full capacity to repay short-term debt.

同時也值得一提的是，公司流動性部位強勁，且具備完全償還短期債務的能力。

The majority of our indebtedness is in the long-term, and its currency composition is well aligned with our revenue mix, mitigating currency risk.

我們的負債大多為長期，且其幣別結構與我們的營收組合高度匹配，有助於降低匯率風險。

Finally, regarding shareholder returns, a cash dividend of $35 million was approved. The first installment of $17.5 million will be paid on May 19, with the second installment payable in November in an equal amount.

最後，關於股東報酬，公司核准發放 3,500 萬美元現金股利。第一期 1,750 萬美元將於 5 月 19 日支付，第二期將於 11 月支付，金額相同。

Before concluding, I would like to share a brief closing remark.

在結束之前，我想做一個簡短的結語。

These are the first quarterly results we present under the new corporate structure, representing an important milestone for the company.

這是我們在新的公司架構下首次公布季度業績，對公司而言是一個重要的里程碑。

The performance already reflects a stronger and more resilient platform, supported by increased diversification and a more robust earnings profile.

目前的表現已反映出一個更強健、更具韌性的營運平台，並受惠於更高的多元化程度以及更穩健的獲利結構。

As shown in the top right pie chart, our revenue base is no more diversified than in the past. This evolution enhances our ability to deliver consistent performance across different cycles, while improving the stability and sustainability of our cash generation.

如右上角的圓餅圖所示，我們的營收基礎相較過去已更加多元化。這樣的演進提升了我們在不同景氣循環中交付穩健表現的能力，同時也改善現金創造的穩定性與可持續性。

Over the years, we have demonstrated a strong track record of consistent results and cash flow generation. Despite commodity price volatility and adverse weather conditions.

多年來，我們已展現出穩定成果與現金流創造的良好紀錄。即便面對大宗商品價格波動與不利天候條件亦然。

Today, the company is particularly well positioned to benefit from upside in fertilizer prices, which could translate into stronger than anticipated results while we continue to scale up platform and reinforce our strategic relevance within the sector.

如今，公司特別具備良好條件以受惠於肥料價格上行，這可能轉化為優於預期的成果；同時我們也將持續擴大平台規模，並強化我們在產業中的策略重要性。

Thank you very much for your time. We will now open the call to questions.

非常感謝各位撥冗參與。接下來我們將開放提問。

Thank you. The floor is now open for questions.

謝謝。現在開放提問。

(Operator Instructions)

（接線員指示）

Matheus Enfeldt, UBS.

UBS 的 Matheus Enfeldt。

Good morning.

早安。

Thank you, Mariano, Emilio, Victoria, Renato.

謝謝你們，Mariano、Emilio、Victoria、Renato。

Thank you for your time.

感謝各位撥冗。

My first question on capital location midterm, how you think Profertil, is you mentioned that one of the avenues for future growth could be the expansion of the fertilizer capacity from Profertil. And now, how do you think that would be the best path moving forward? And I'm thinking particularly whether it would make sense to perhaps find a partner for this in order to accelerate a potential FID, if you could take advantage of investment programs in Argentina in the near term and sort of perhaps take advantage of higher fertilizer prices for longer, if you think of a partnership could make sense for that and how to do that.

我的第一個問題是關於中期的資本配置：你們提到未來成長的途徑之一，可能是擴充 Profertil 的肥料產能。那麼接下來你們認為最佳的推進路徑會是什麼？我特別在想，是否有必要尋找合作夥伴以加速潛在的最終投資決策（FID）；如果你們能在短期內利用阿根廷的投資計畫，並在肥料價格較高的期間維持更久的情境下受益——你們是否認為採取合作夥伴模式是合理的，以及應該如何推動？

And then my second question also on the fertilizer business is sort of trying to understand how the pricing of urea is undergoing in Argentina.

第二個問題同樣關於肥料業務，我想了解尿素在阿根廷的定價機制目前是如何運作的。

Previous comments mentioned pricing at in poor parity. So how are the consumers of your fertilizers really taking this impact in higher urea prices and how the contracts work? If you set contracts, if you set prices at some advanced time, what's the timeline for that? When do you expect to set prices for the remaining sales for the year? Those are my two questions.

先前的評論提到定價是以進口平價（import parity）為基礎。那麼你們的肥料客戶如何承受尿素價格上漲的影響？合約是如何運作的？如果你們會提前訂定合約與價格，其時間軸是什麼？你們預期何時會為今年剩餘的銷售量訂價？以上是我的兩個問題。

Thank you.

謝謝。

Hi, Matheus. Thank you very much for your question.

嗨，Matheus。非常感謝你的提問。

I'm going to start for your second question, and then I would like to re-ask about the first one, because some part of it we couldn't understand.

我先從你的第二個問題開始，然後我想再請你重述第一個問題，因為其中有些部分我們沒能理解。

So, going to the fertilizer business and how prices are generated.

那麼，談到肥料業務以及價格如何形成。

You mentioned about the import parity and the import parity in Argentina is because Argentina consumes 2.4 million tons of urea and only produces 1.3 million tonnes, that is 100% produced by property.

你提到進口平價（import parity），而阿根廷之所以採用進口平價，是因為阿根廷消耗240萬噸尿素，但只生產130萬噸，也就是100%由Profertil生產。

So, there's always a need of importing urea. That's why there's-- that's why it's clear that there's always going to be an import parity pricing.

因此，尿素一直都有進口需求。這就是為什麼——這就是為什麼很清楚，定價上總是會以進口平價為基準。

The reduction on potential uses of urea are at the most a 10% reduction. So we are far away to becoming a net exporter. So we'll always be a net importer at this level of production and the capacity is only that one. So that is absolutely clear. And then, when that urea is needed, and when are the needs in Argentina is for wheat and corn, mainly for those to crop, then for rice and many other crops. But the main drivers are wheat and corn. And for wheat, the needs are June, July onwards. So, the need of the usage of fertilizers are starting now or in the following two months, in the next two months is where the need for wheat are going to be delivered. And then during September, October, November is mainly for corn. So those are the two moments where the consumption of fertilizer is higher within Argentina.

尿素潛在使用量的下降最多也就10%。所以我們距離成為淨出口國還很遠。因此，在目前的產量水準下，而且產能也只有那一套，我們將永遠是淨進口國。這點非常明確。接著，當需要尿素時，阿根廷的需求主要來自小麥和玉米，主要是這兩種作物，其次還有稻米及許多其他作物。但主要驅動因素是小麥和玉米。就小麥而言，需求從6月、7月開始。因此，肥料的使用需求從現在開始或接下來兩個月開始，未來兩個月就是小麥需求會被交付的時點。然後在9月、10月、11月主要是玉米。所以這兩個時點是阿根廷境內肥料消耗較高的時期。

So that is how urea is going to be priced domestically.

這就是尿素在國內的定價方式。

Then, going to the first part of your question, there were some noises, so we couldn't hear you clearly. Can you repeat us? Yeah.

接著回到你問題的第一部分，剛剛有些雜音，所以我們聽得不太清楚。你可以再重複一次嗎？好的。

Yeah, sure. I'm just thinking on the potential to expand the fertilizer plant, the urea plant, with Profertil. You mentioned that this was a potential, but sort of a longer-term plan. But my question is, could you put-- find ways to potentially accelerate that given how high prices are in the near term and likely to stay higher for the next couple of years. And if finding a potential partner, perhaps someone with natural gas, perhaps someone willing to reinvest in Argentina, if that could make sense to accelerate a potential FID.

好的，當然。我在想與Profertil一起擴建肥料廠、也就是尿素廠的可能性。你提到這是一個可能性，但算是較長期的計畫。但我的問題是，考量到短期價格非常高，且未來幾年可能仍維持高檔，你們是否能——找到方法來加速推進？如果找到潛在合作夥伴，例如擁有天然氣資源的人，或願意在阿根廷再投資的人，是否有助於加速做出潛在的FID（最終投資決策）？

That's my question.

這就是我的問題。

Thank you.

謝謝。

Okay, clear. Thank you, Matheus.

好的，清楚了。謝謝你，Matheus。

In any case, constructing a urea price, a urea plant needs four years. So, and the total timing in general are five to seven years. So, in this case, it's difficult to go below four years. So, taking that into account, this increase in fertilizer prices as of today, we are not expecting that to influence our decision on making a urea price. Having said this, of course, we are interested on expanding the plant because we do believe on being the low-cost producer of urea in that Pacific area. We do believe that Argentina will be a net exporter of natural gas for many years going forward. There are many projects being developed in the whole gas productions, including Vaca Muerta, the main leading area where the gas is increasing. So, we do that-- we do see that happening in Argentina. There are transportations being built and there are more transportations going through Vallablanca, that is where we have this port. So, we do see a great opportunity to expand this plant. So, we do believe that makes sense, and we also do believe that the region is a net importer of urea. Even in situations like this, where the urea price goes up, the region, including Brazil, will import around 10 million tons of urea, and the region only produces 2 million tonnes, 2.5 million tonnes at the most. So, there's still a lot of space to be a producer of urea. But this is a project that we are studying in details and we are working on it, but we still don't see exactly when and how we will start to make it happen.

無論如何，建造一座尿素廠需要四年。而整體時程一般是五到七年。所以在這種情況下，很難低於四年。因此，考量到這一點，對於目前肥料價格的上漲，我們不預期它會影響我們是否要做出尿素廠投資決策。話雖如此，當然我們對擴建工廠有興趣，因為我們相信自己能成為太平洋地區的低成本尿素生產商。我們也相信阿根廷在未來很多年都將是天然氣的淨出口國。整個天然氣生產領域有許多專案正在開發，包括Vaca Muerta——這是天然氣增長的主要領先區域。所以，我們——我們確實看到這在阿根廷會發生。目前正在建設輸送設施，也有更多輸送線路會經過Vallablanca，那裡就是我們的港口所在地。因此，我們確實看到擴建這座工廠的巨大機會。所以我們認為這是合理的，我們也相信該區域是尿素的淨進口地區。即使在像現在這樣尿素價格上漲的情況下，該區域（包括巴西）仍將進口約1,000萬噸尿素，而該區域自身只生產200萬噸，最多也就250萬噸。因此，作為尿素生產商仍有很大的空間。但這是一個我們正在詳細研究並推進的專案，只是我們仍未完全確定何時以及如何開始落地。

And of course, there are several ways of financing, including partners, et cetera.

當然，也有多種融資方式，包括引入合作夥伴等等。

Isabella Simonato, Bank of America.

Isabella Simonato，美國銀行。

Hi, good morning, everyone.

嗨，各位早安。

Thank you for the call. I have two questions still on the fertilizer business. When we look at the average prices that you guys had in Q1, it looks quite similar to urea prices in Brazil, right?

謝謝這通電話會議。我還有兩個關於肥料業務的問題。當我們看你們第一季的平均價格時，看起來和巴西的尿素價格相當接近，對吧？

So, my question is, can we assume that that trend continues into Q2? I mean, when we look at April and May, can we see a high correlation of the prices you've been selling to the prices in Brazil? And to that point, can you comment a little bit on how volumes are being sold, I mean, the pace of them? Are you seeing the farmers taking a step back in this moment and trying to delay it a little bit, purchases or not, just to have a sense of the overall environment.

所以我的問題是，我們可以假設這個趨勢會延續到第二季嗎？我的意思是，當我們看4月和5月時，我們是否能看到你們銷售價格與巴西價格之間有很高的相關性？另外，也請你們稍微評論一下銷售量的情況，也就是銷售節奏。你們是否看到農民在此刻先觀望、試圖稍微延後採購，還是沒有？我想了解整體環境。

And the second question is on the sugar and ethanol side. You mentioned, right, that costs move up because of effects, but also on some agricultural costs. But I assume that since you're crushing more, right, for this year, you have more clean availability, better productivity. I mean, can we think about some normalization or some decline in unitary costs going forward?

第二個問題是關於糖與乙醇業務。你提到成本上升是因為匯率影響，也因為一些農業成本。但我想，既然你們今年壓榨量更高，甘蔗供應更充足、產能（生產力）更好。那麼，我們是否可以預期未來單位成本會有一些正常化或下降？

Thank you.

謝謝。

Hi, Isabella.

嗨，Isabella。

Thank you for your question. I'm going to address the first one, and then I will ask Renato to take the second one.

謝謝你的提問。我先回答第一個，然後我會請Renato回答第二個。

On the first one, the answer is yes. The urea price is very correlated to the CFR Brazil. So, the main market of urea is CFR Brazil. So that's how we all price urea in the region. So, you will see a correlation there and it's easy to look at it. And the urea price is always a spot price, and this CFR reflects the spot price of urea.

關於第一個，答案是肯定的。尿素價格與巴西CFR價格高度相關。因此，尿素的主要市場是巴西CFR。這就是我們在該區域為尿素定價的方式。所以你會看到兩者之間的相關性，而且很容易觀察。而且尿素價格一向是現貨價格，這個CFR也反映了尿素的現貨價格。

And then regarding the pace, as I mentioned before, June, July, and August is where the needs of fertilizers start in Argentina. We don't see that the need being reduced, the most that can be reduced is 10%, but we don't even see that reduction happening. So we do continue to see producers, and we as producers are using the urea because it is where you see the most or the higher reaction on your productivity at the farms. So the higher impact in productivity within fertilizers in general is urea. So that's why we continue applying it. And so we don't see that as a relevant reduction.

接著談到節奏，如我先前提到的，阿根廷在 6 月、7 月與 8 月開始出現肥料需求。我們不認為需求會下降；最多可能下降 10%，但我們甚至也沒有看到這樣的下降正在發生。因此，我們確實持續看到生產者，而且我們作為生產者也在使用尿素，因為在農場端它對生產力的反應最明顯、提升幅度也最大。所以，在各類肥料中，對生產力影響最大的就是尿素。這也是為什麼我們持續施用它。因此，我們不認為這會是顯著的減量。

Then going to your second question regarding the sugar, ethanol cost and our reputation for this year, Renato can be more clear here.

接著回到你第二個問題，關於糖、乙醇成本以及我們今年的展望，Renato 會在這裡說得更清楚。

Hi, Isabella.

嗨，Isabella。

We expect a cost reduction in REIs. The reduction is going to be between 10% and 15%. I think the mainly factors that will reduce the cost is the volume, as you said. So, we are going to have more cost dilution and some efficiency gains that we are having in our operation and also a lower Consequana price. So those facts are more than enough to offset some pressuring costs in fertilizer and diesel costs.

我們預期 REIs 的成本會下降。降幅將介於 10% 到 15%。我認為主要能降低成本的因素是產量，如你所說。因此，我們會有更多的成本攤薄，以及我們營運中正在取得的一些效率提升，另外還有較低的 Consequana 價格。所以，這些因素已足以抵銷肥料與柴油成本上升所帶來的一些壓力。

The cost in the quarter is just an anticipation of some agriculture operation that we did because of the weather was in a good conditions to do it, especially weed control and plague control. But this is just the cost that we have in the first quarter, we are not going to have in the future. That's the reason we think it's difficult to measure costs of production by quarter. It makes more sense to see it annually.

本季的成本只是我們因為天候條件良好而提前進行的一些農業作業，特別是雜草防治與病蟲害防治。但這只是我們在第一季發生的成本，未來不會再有。這也是為什麼我們認為按季度衡量生產成本很難。以年度來看更有意義。

Thank you.

謝謝。

Super clear. Thank you very much.

非常清楚。非常感謝。

(Operator Instructions)

（接線員指示）

Gabriel Barra, Citi.

Gabriel Barra，花旗。

Hi, everyone. Thanks for taking my questions. I have two here.

大家好。謝謝讓我提問。我這裡有兩個問題。

One, I'm trying to change gears here and send a little bit better the scenario for the crop season this year. I remember in the last conference call have talked a little bit about the mix for this crop season. As we have discussed, it seems that the strategy to focus in ethanol, it's up and running, but we are seeing ethanol price driving to lower levels in the beginning of the crop, given these higher supply.

第一個，我想換個角度，更好地理解今年作物季的情境。我記得在上一次電話會議中有稍微談到本作物季的產品組合。如我們討論的，看起來聚焦乙醇的策略已經啟動並在運作中，但在作物季初期，由於供給增加，我們看到乙醇價格走低。

So, my question here is trying to understand the company's strategy for the mix from now on, given these lower ethanol price and this, let's say, weak sugar price that we're seeing in the market today. So, on strategy to the sun here, this structure of the company and then the commercialization strategy here for this crop season.

所以，我的問題是，在乙醇價格較低、以及我們今天在市場上看到的（可以說）偏弱的糖價之下，想了解公司接下來對產品組合的策略。也就是說，請總結一下公司在本作物季的架構與商業化（銷售）策略。

The second point, it's-- you're seeing this quite strong market for fertilizers.

第二點是——你們看到肥料市場相當強勁。

And at the end of the day, we still see the company, given the recent acquisition with that EBITDA close to 3.2 times above, let's say, the comfortable zone that I think that is the, let's say, the sweet spot here for the company in terms of capital structure.

但歸根結底，考量近期收購後，公司槓桿倍數接近 EBITDA 的 3.2 倍，這高於我認為公司資本結構的舒適區間（可以說是甜蜜點）。

How should we think about the company, the leverage path to reach the 2 times, like that EBITDA in the following quarters or even months, given this better scenario for fertilizers? Do you think that it's feasible to think that we are going to reach this number in the end of the year? Is this the focus of the company right now?

在肥料情境較佳之下，我們應該如何看待公司在接下來幾季甚至幾個月內，把槓桿降到 2 倍 EBITDA 的路徑？你認為在年底前達到這個數字是可行的嗎？這是公司目前的重點嗎？

How should we think about the capital structure of the company at this point, given the current scenario for commodities? So those are my two questions.

在目前大宗商品情境下，我們應該如何看待公司此刻的資本結構？以上是我的兩個問題。

Thank you.

謝謝。

Okay, thank you, Gabriel, for your question.

好的，謝謝你，Gabriel，謝謝你的提問。

Renato is going to answer your first question regarding the mix and the crop season.

Renato 會回答你第一個關於產品組合與作物季的問題。

Hi, Gabriel. The year started with a tight ethanol inventory and high prices. So that's why we took advantage of this scenario to sell almost our whole production of first quarter and all the carryover until the end of April, with prices close to $0.20 per pound equivalent.

嗨，Gabriel。今年一開始乙醇庫存偏緊、價格偏高。因此，我們把握這個情境，幾乎賣出了我們第一季的全部產量，以及截至 4 月底的所有結轉量，價格約為每磅等值 0.20 美元。

Since then, with the beginning of the new sugarcane season, ethanol prices have fallen about 20%. This was passed to the pump, so the part rate at the pump today is close to 60%.

自那之後，隨著新一季甘蔗季開始，乙醇價格下跌了約 20%。這也反映到加油站端，因此目前加油站的比價（parity）約接近 60%。

We think that this 60% at the pump, it's enough to absorb the ethanol surplus from one year to the other. So the demand of ethanol is going to increase and the hydro ethanol can reach about 30% of market share.

我們認為加油站端 60% 的比價足以吸收年度之間的乙醇過剩供給。因此，乙醇需求將會增加，而含水乙醇（hydrous ethanol）的市占率可達約 30%。

In our case specifically, the 60% of part rate at the pump is still an ethanol equivalent close to $0.17 per pound. So that's why we are still maximizing the ethanol production, and we think we are going to keep maximizing maybe for the whole year.

就我們的情況而言，加油站端 60% 的比價仍相當於每磅約 0.17 美元的乙醇等值價格。因此，我們仍在最大化乙醇產量，而且我們認為可能會在全年都持續最大化。

At this point, we have stopped selling our ethanol and you are filling our tanks to sell the ethanol in the last part of the year.

目前，我們已停止出售乙醇，並且正在把乙醇裝滿我們的儲槽，以便在今年後段出售乙醇。

Thank you, Renato.

謝謝你，Renato。

And then, Gabriel, regarding your second question on the leverage, I will ask Emilio to answer it.

接著，Gabriel，關於你第二個有關槓桿的問題，我請 Emilio 來回答。

Hello, Gabriel. Thank you for your question.

你好，Gabriel。謝謝你的提問。

Well, as you may have seen during the presentation of our quarterly results, we are already showing a reduction in our net debt and even taking into consideration some seasonality of our working capital during the first semester of each year.

嗯，如你在我們季度業績簡報中可能已看到，我們的淨負債已經呈現下降，即便把每年上半年營運資金的季節性因素也納入考量。

Now, when we think about our net debt on an annual basis and giving the current scenario for all of the prices of all the commodities that we produce, including the fertilizers, what we thought would be a reduction of bringing down the net debt levels to 2% in the following one or two years, we're probably going to see it by the end of this year.

現在，當我們以年度基礎來看淨負債，並考量我們所生產的所有商品（包含肥料）目前的價格情境時，我們原本認為要在接下來一到兩年把淨負債水位降到 2% 的目標，可能會在今年底就看到。

So hopefully, by the end of 2026, we'll be in the levels of 2 times EBITDA on an as-is where space.

因此，希望到 2026 年底，我們在現狀基礎上能達到 2 倍 EBITDA 的水準。

Thank you.

謝謝。

Very clear. Thank you.

非常清楚。謝謝。

Bruno Tomasetto, Itaú BBA.

Bruno Tomasetto，Itaú BBA。

Hey, good morning.

嗨，早安。

Thank you for taking our questions.

感謝讓我們提問。

The first one is regarding your view on El Nino, right? Recent studies suggest a stronger event in this year, and we would like to hear more about what you guys are anticipating in both terms of sugar and natural segments. Maybe more focused on sugar price and the pace of your heads moving forward, but also for food and agri segments, right? You mentioned in the earnings release, an average yield expected for crops in 2026. So just wondering what could change in a scenario of a stronger El Nino which are lies in the upcoming months.

第一個問題是關於你們對聖嬰現象（El Nino）的看法，對吧？近期研究顯示今年可能會是更強的一次事件，我們想多聽聽你們對糖業與天然（natural）板塊的預期。也許可以更聚焦在糖價以及你們未來的壓榨節奏（crushing pace），同時也談談食品與農業板塊，好嗎？你們在財報新聞稿中提到，預期 2026 年作物為平均單產。所以想請教，如果未來幾個月出現更強的聖嬰情境，可能會有哪些變化。

And then the second one is on food and agriculture division. Just wondering how you guys are looking for the segment in the medium and long-terms, and considering the lower relevance of results for the consolidated company, also assuming that the company is already consolidating several operations into a single business unit, just if there could be any opportunity of M&As or divestments more specifically that could make sense, especially now that fertilizers unit has gained a lot of relevance for the Adecoagro. That's it.

第二個問題是關於食品與農業事業部。想請教你們如何看待該板塊的中長期發展；考量到其對合併公司整體業績的相對重要性較低，同時也假設公司已在將多項營運整併為單一事業單位，是否存在任何併購（M&A）或資產處分（divestments）的機會，尤其是現在肥料事業對 Adecoagro 的重要性已大幅提升。以上。

Thank you.

謝謝。

Thank you, Bruno, for your question. Regarding El Nino, there are several aspects that can affect if we have an El Nino year.

Bruno，謝謝你的提問。關於聖嬰現象，如果我們遇到聖嬰年，會有幾個面向可能受到影響。

The main aspect is in terms of prices of the different commodities that we produce. As you know, this can affect positively in terms of sugar prices, and if we do have El Nino year, then the northern hemisphere can have some less production, and then that can improve the prices of sugar, basically. And that's probably where the higher impact is.

最主要的面向是我們所生產的不同商品之價格。如你所知，這可能對糖價帶來正面影響；如果確實是聖嬰年，北半球的產量可能會減少，進而推升糖價。這大概是影響最大的地方。

Then in terms of our own productivity, we are not that affected in the sugarcane area. Mato Grosso do Sul is not affected in terms of production by El Nino or La Nina because it is in a neutral area. And then in general, that El Nino would mean more rains and more rains would mean more uses of fertilizer. So that can be positive for the fertilizer business as a global comment. So that is quickly on El Nino or La Nina and this apparently looks like an El Nino year that of course would potentially be positive.

至於我們自身的生產力，甘蔗區域受到的影響不大。南馬托格羅索州（Mato Grosso do Sul）在聖嬰或反聖嬰（La Nina）下的產量不太受影響，因為它位於中性區域。而整體而言，聖嬰通常意味著降雨較多，降雨較多也意味著肥料使用量增加。因此，從整體角度來看，這對肥料業務可能是正面的。以上是對聖嬰或反聖嬰的簡要說明；目前看起來確實像是聖嬰年，當然可能帶來正面影響。

Then regarding your question on food and agriculture. As we mentioned several times during last year. Last year was probably the more difficult year for food and agriculture. Food and agriculture in general, were having a huge reduction in prices of most of the commodities that we were producing, and we were bringing cost of the previous campaign where the cost was higher. So today we are harvesting, we are in the middle of the harvest of this new campaign where the prices have already gone down. So, we do expect that going forward in the following quarters, the food and agriculture will start generating more relevant results than what you've seen in this quarter, of course.

接著回到你關於食品與農業的問題。如同我們在去年多次提到的。去年可能是食品與農業最困難的一年。整體而言，食品與農業面臨我們所生產多數商品價格大幅下滑，同時我們還承擔上一季作物（上一個生產季）的成本，而那一季的成本較高。因此，目前我們正在收割，正處於這一季的新作收割中，而價格已經下來了。所以我們確實預期，未來幾個季度食品與農業將開始產生比你在本季看到的更具重要性的成果，當然。

So having said this, we do expect that to continue to improve, and we do like the different businesses that we have. And in all of them, we believe we are the low-cost producers. So we went through this difficult time, and now we are in a good position to take advantage of being the low-cost producers of these different products that we are doing in the whole food and agriculture business.

在此基礎上，我們確實預期情況會持續改善，而且我們也喜歡我們所擁有的各項業務。在所有業務中，我們相信自己都是低成本生產者。因此我們度過了這段艱難時期，而現在我們處於有利位置，可以利用我們在食品與農業整體業務中、作為各類產品低成本生產者的優勢。

Super clear. Thank you.

非常清楚。謝謝。

Thiago Duarte, BTG Pactual.

Thiago Duarte，BTG Pactual。

Hi. Hello, everybody. Thanks for the opportunity. It's just one question here on, circling back to the discussion about the deleveraging and the confidence of the company into going back to your leverage target by the end of this year instead of a few years ahead, given the positive outlook for some of your businesses. So, the question is really into what to expect next in terms of capital allocation, either in terms of speeding up, dividend and share buybacks or eventually thinking about new growth opportunities, just how you were thinking about it given that the deleveraging might happen sooner than expected?

嗨。各位好。謝謝這個機會。我只有一個問題，回到剛才關於去槓桿（deleveraging）的討論：鑑於你們部分業務的正面展望，公司有信心在今年底而不是幾年後回到你們的槓桿目標。所以問題是：接下來在資本配置方面可以期待什麼？例如是否會加快股利發放與庫藏股回購，或是最終考慮新的成長機會；在去槓桿可能比預期更快發生的情況下，你們是如何思考的？

Thank you.

謝謝。

Thiago, Thank you for your question.

Thiago，謝謝你的提問。

Of course, the first focus is on deleveraging, and as you've heard us before, we've been always looking to be disciplined.

當然，第一個重點是去槓桿；而且如同你之前聽我們說過的，我們一直都力求紀律。

We also do have several projects in each one of our existing businesses that have potential for growth. We were talking about one particular one that is regarding this expansion of the fertilizer business. There are many interesting projects within our through an ethanol business, as you've seen with the biogas and several things that are growing and doing pretty well. So, we do continue to see interesting projects. The returns of those projects, we are asking higher returns in order to maintain this level of debt and to continue with our distribution policy or with our dividend policy, as we have already mentioned before.

我們在現有各項業務中也都有數個具備成長潛力的專案。我們剛才談到其中一個特定專案，是關於肥料業務的擴張。在乙醇業務方面也有許多有趣的專案；正如你所看到的，包含沼氣（biogas）以及其他幾項正在成長且表現相當不錯的項目。因此，我們仍持續看到有吸引力的專案。對於這些專案的報酬，我們要求更高的回報，以維持目前的負債水準，並持續我們的配息政策或股利政策，正如我們先前已提到的。

Thank you, Mariano.

謝謝你，Mariano。

This concludes the question-and-answer section. At this time, I would like to turn the floor back to Mr. Mariano Bosch for any closing remarks.

問答環節到此結束。此刻，我想把時間交還給 Mariano Bosch 先生，請他做結語。

Thank you all for participating in in our call we are very happy with how the company is going with the this new renovated Adecoagro. So, we hope to see you in our new coming event.

感謝各位參與我們的電話會議；我們對公司在這個全新、煥然一新的 Adecoagro 之下的發展感到非常滿意。因此，我們希望在即將到來的新活動中與各位再見。

Thank you this concludes today's presentation you may disconnect at this time and have a nice day.

謝謝，今天的簡報到此結束；各位現在可以斷線，祝您有美好的一天。