Adecoagro : 1Q17 Earnings Release

1Q17

English Conference Call

May 16, 2017

1. a.m. (US EST)

2. a.m. Buenos Aires time 10 a.m. São Paulo time

3 p.m. Luxembourg time

Tel: +1 (844) 836-8746

Participants calling from the US

Tel: +1 (412) 317-2501

Participants calling from other countries

Access Code: Adecoagro

Investor Relations Charlie Boero Hughes CFO

Hernan Walker IR Manager

Email

ir@adecoagro.com

Website

www.adecoagro.com

Luxembourg, May 15, 2017 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), one of the leading agricultural companies in South America, announced today its results for the first quarter ended March 31, 2017. The financial information contained in this press release is based on the unaudited condensed consolidated financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 22 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this report.

Highlights

Financial & Operating Performance

$ thousands 1Q17 1Q16 Chg %

Gross Sales 166,091 121,484 36.7%

Net Sales (1) 159,953 117,551 36.1%

Adjusted EBITDA (2)

Adecoagro recorded Adjusted EBITDA(3) of $44.8 million in 1Q17, representing a 3.6% increase compared to 1Q16.

Gross sales in 1Q17 reached $166.1 million, 36.7% higher year-over-year

Net income in 1Q17 stands at $6.0 million, $3.2 million higher than 1Q16.

1. Net Sales are equal to Gross Sales minus sales taxes related to sugar, ethanol and energy.

2. Please see "Reconciliation of Non-IFRS measures" starting on page 22 for a reconciliation of Adjusted EBITDA and Adjusted EBIT to Profit/Loss. Adjusted EBITDA is defined as consolidated profit from operations before financing and taxation, depreciation, and amortization plus the gains or losses from disposals of non-controlling interests in subsidiaries. Adjusted EBIT is defined as consolidated profit from operations before financing and taxation plus the gains or losses from disposals of non-controlling interests in subsidiaries. Adjusted EBITDA margin and Adjusted EBIT margin are calculated as a percentage of net sales.

3. Adjusted EBITDA margin excluding third party commercialization activities is defined as the consolidated Adjusted EBITDA net of the Adjusted EBITDA generated by the commercialization of third party sugar, grains and energy, divided by consolidated net sales net of those generated by the commercialization of third party sugar, grains and energy. We net 3rd party commercialization results to highlight the margin generated by our own production. Third party commercialization

Financial & Operational Performance Highlights

Sugar, Ethanol & Energy

Adjusted EBITDA in our Sugar, Ethanol & Energy business in 1Q17 reached $30.3 million, $8.2 million higher than 1Q16. Results were mainly driven by (i) higher sugar, ethanol and energy sales volumes (5.4%, 13.0% and 89.3%, respectively); (ii) higher realized prices (57.9%, 18.5% and 27.0% higher, respectively); and (iii) a $14.2 million gain derived from the mark-to-market effect of our sugar hedge position. These positive effects were partially offset by (iv) an increase in unitary production costs mainly explained by an increase in third party sugarcane purchases and the appreciation of the BRL; and (v) a

$2.7 million loss from changes in fair value of our sugarcane plantation, mainly resulting from lower projected sugar prices and BRL appreciation.

Rains in our cluster in Mato Grosso do Sul during November 2016 through March 2017 were 25% below the 10-year average. Therefore, we decided to fine-tune our harvest schedule in order to maximize sugarcane productivity throughout the year. As a result, we decided to slowdown the pace of crushing during the first quarter, and only crush: (i) our own sugarcane that has grown to 16-18 months in age; and (ii) sugarcane purchased from third-parties. This strategy will allow our traditional 12-month sugarcane to grow an additional 2 or 3 months, and benefit from normalized rains during March and April. At the same time, any down time was used to conduct "off-season" maintenance of industrial equipment, agricultural machinery and sugarcane replanting. Despite our decision to decelerate the milling pace, we were able to crush a total of 1.5 million tons during 1Q17, essentially in line with last year.

Despite dry weather during the summer months, sugarcane yields during the quarter reached 94.1 tons/ha, significantly above the 5-year average yield for Brazil's center-south region. This is explained by our focus on enhancing sugarcane quality and treatment. Yields fell 8.0% compared to our yields in 1Q16 as a result of above average rainfalls during November 2015 through February 2016. In terms of sugar content, TRS during the quarter increased to 110.0 kg/ton, 2.6% higher than 1Q16.

Farming & Land Transformation

Adjusted EBITDA in our Farming business in 1Q17 was $19.7 million, 25% lower than 1Q16. This decrease is primarily temporal in nature due to different planting/harvesting cycles, which can vary due to crop rotations, seed varieties and weather. Therefore we expect stronger performance in the Crops and Rice businesses in the upcoming quarters as these seasonality issues are reversed.

In the case of soybean and corn, excess rains during January and February have delayed the seeding of the crops. The crops are developing normally and yield potential has not been affected, but mar gin recognition has been skewed towards the second and third quarters. Regarding the rice crop, despite a 16.5% increase in yields, margins were negatively affected by (i) higher harvesting expenses due to setbacks caused by rains; and (ii) a 21.1% decrease in white rice sales due to schedule of shipments, partially offset by a 14.6% increase in white rice prices. Consequently, as we ramp up sales volumes during the upcoming quarters we expect to offset the reduction in margins reported in the current quarter. In terms of foreign exchange, our costs of production in Argentina have been negatively affected in dollar terms as a result of the appreciation of the Argentine peso in real terms.

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These negative effects were partially offset by (i) a $1.9 million increase in our Dairy business driven by solid productivity and rising milk prices; and (ii) a $1.6 million gain derived from the mark-to-market effect of our soybeans and corn hedge derivatives.

Consolidated Net Income

Net Income in 1Q17 was $6.0 million, $3.2 million higher than in 1Q16. Net income during the quarter was enhanced by stronger Adjusted EBITDA and improved financial results, and was partially offset by a

$4.1 million increase in depreciation expenses resulting mainly from the expansion of our sugarcane plantation and the appreciation of the Brazilian Real.

Strategy Execution

Sugar, Ethanol & Energy Expansion Update

The expansion of our cluster in Mato Grosso do Sul, as announced in our 4Q16 Earnings Release, is currently underway and being executed according to schedule.

The expansion of the Angelica mill is already complete. We have installed larger mill rollers and expanded the sugar centrifugation and ethanol filtration processes. Nominal crushing capacity has increased by 0.9 million, from 4.7 million tons per year to 5.6 million tons per year. Regarding the Ivinhema mill, we have already begun building the foundations for the new mill tandem (#6).

Regarding the expansion of our sugarcane plantation to supply the new milling capacity, we have already leased the necessary land scheduled to be planted in 2017 at prices according to budget. Planting activities are being executed as planned. We have succesfully planted 7.0 thousand hectares or 28% of the targeted area for 2017. In addition, depreciated agricultural machinery has already been renewed according to plan, which we expect will increase our harvest capacity by 10% year-over-year.

Accretive Growth Projects in our Farming Business

In light of the improved regulatory framework and outlook for the agribusiness sector in Argentina, we have identified several growth opportunities across our farming operations. These investments will allow us to increase operational efficiency, reduce costs and enhance returns across our dairy, rice and crops segments. These projects are expected to generate ROIC well in excess of our cost of capital.

• Dairy business: our free-stall dairies #1 and #2 are fully ramped-up and delivering superior productivity. We are now ready to continue consolidating the operation and increase capacity. We plan to invest $50.0 million over the next four years to build free-stalls #3 and #4. This project will allow us to double production capacity, reaching over 185 million liters of fluid milk production per year and over 14 thousand milking cows. This investment is a unique opportunity to leverage on Argentina's competitive advantages in transforming vegetable protein into milk protein, our operational expertise and the positive outlook for global and local milk prices.

• Rice business: during the second half of the year we will be investing $6.0 million in various equipment and machines to improve our rice processing and distribuition, and increase the value of main by-products. These projects include: (i) a rice parboiling plant; (ii) a new packaging

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machine for branded white rice; (iii) expansion of finished goods storage capacity; (iv) a rice husk bailing press; and (v) a rice bran oil de-activation system. This will allow us to strengthen our brand in the local market and increase margins.

o Crops business: following the recent boost in Argentina's grain production volumes, specifically corn and wheat, certain regions are affected from lack of grain storage and conditioning capacity. This is generating bottlenecks and increasing logistics costs. In order to continue managing our production capacity efficiently, we will build two new storage and conditioning facilities located near the Rosario and Bahia Blanca ports. These assets will allow us to reduce our conditioning and logistics costs and enhance our commercial flexibility. Total investment is expected to reach

$11.0 million over the next 12-months.

Market Overview

Sugar prices continued to rally during January and early February, driven by news of a smaller sugarcane crop in India which would result in strong sugar imports. However, lack of fundamental news, specially the absence of imports announcements from the Indian government, resulted in financial speculators reducing their net long position significantly, pressuring prices strongly. Average sugar prices during 1Q17 were 6% lower than average prices in 4Q16, but 36% higher than prices in 1Q16. Going forward, we expect uncertainties regarding weather and consequently production volumes in key countries should provide high price volatility

Ethanol prices fell during 1Q17, reaching their lowest levels since August 2016, driven by lower demand and higher import volumes throughout the quarter. As reported by UNICA, anhydrous and hydrous sales volumes were 1.4% and 21.0% lower year-over-year, respectively. Consequently, average prices in the quarter were 12% below 1Q16 and 11% below 4Q16. The market is expecting another reduction in ethanol production for the current harvest (2017/18) and an increase in overall fuel consumption, which could impact prices positively.

Energy spot prices during January and February ranged between 121 and 128 BRL/MWh, on average 5.0% lower year-over-year. However, as a result of below average rains in the south of Brazil and an increase in power consumption, prices began to rise during March. The average price per megawatt hour in March was 216 BRL, and grew to 370 BRL in April. Water reservoir levels are currently at 39.4% compared to 57.1% at the same time last year.

Grain prices continue to feel the pressure of four straight years of global bumper crops. Corn prices increased 2.4% during 1Q17, while soybean prices fell 4.2%. Corn prices were negatively affected during early March after USDA reported US corn stocks slightly above market expectations. Prices found support towards the end of the month after USDA reported a 4.3% year-over-year reduction in US planted acreage. In the case of soybean, prices found bearish pressure during March as USDA reported a 7.3% year-over-year increase in US planted acreage for 2017/18 and higher than expected stocks. In the case of South America, excellent weather conditions during crop development are expected to result in record crops. As of April 2017, USDA estimated combined production for Argentina and Brazil of 167 million tons of soybean and and 132 million tons of corn, respectively 8.9% and 37.5% higher year-over- year.

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