Adecoagro : 3Q17 Earnings Release

English Conference Call

November 14, 2017 9 a.m. (US EST)

11 a.m. (Buenos Aires time) 12 p.m. (São Paulo time)

3 p.m. (Luxembourg time)

Tel: (844) 836-8746

Participants calling from the US

Luxembourg, November 13, 2017 - Adecoagro S.A. (NYSE: AGRO, Bloomberg: AGRO US, Reuters: AGRO.K), a leading agricultural company in South America, announced today its results for the third quarter ended September 30, 2017. The financial information contained in this press release is based on 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 3Q17 3Q16 Chg % 9M17 9M16 Chg %

Gross Sales 262,988 246,443 6.7% 657,609 537,147 22.4%

Net Sales (1) 256,673 240,225 6.8% 636,810 522,067 22.0%

(2)

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

Adjusted EBITDA

Farming & Land Transformation 6,942 16,054 (56.8%) 37,579 47,333 (20.6%)

Sugar, Ethanol & Energy 74,341 80,249 (7.4%) 165,967 152,977 8.5%

Corporate Expenses (5,999) (6,476) (7.4%) (16,329) (16,113) 1.3%

Consolidated Adjusted EBITDA 75,284 89,827 (16.2%) 187,217 184,197 1.6%

Adjusted EBITDA Margin (2) 29.3% 37.4% (21.6%) 29.4% 35.3% (16.7%)

Adj. EBITDA Margin net of 3rd party commerc. (3) 34.6% 44.8% (22.8%) 36.1% 41.4% (12.9%)

Net Income (2,958) 6,807 n.a. 6,810 (8,191) n.a.

Adjusted Net Income 11,038 38,307 (71.2%) 36,009 59,179 (39.2%)

Adecoagro reported Adjusted EBITDA(2) of $75.3 million in 3Q17, marking a 16.2% decrease compared to 3Q16. Adjusted EBITDA year-to-date stands at $187.2 million, 1.6% higher than 9M16.

Gross sales reached $262.9 million in 3Q17 and $657.6 million in 9M17, 6.7% and 22.4% higher year-over year, respectively.

Net income in 3Q17 was a loss of $2.9 million, compared to a

$6.8 million gain in 3Q16. Year-to-date, Net Income stands at

$6.8 million, $15.0 million higher than the previous year.

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 21 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 gross 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

Financial & Operational Performance Highlights

Adjusted EBITDA for the Farming and Land Transformation businesses in 3Q17 was $6.9 million, $9.1 million or 56.8% lower than 3Q16. These results are primarily explained by (i) an $8.1 million extraordinary gain recorded in 3Q16 corresponding to the settlement of an arbitration dispute related to the early termination of land leasing contracts; (ii) a $1.1 million decrease in our Rice segment, driven by the postponement of rice sales volumes to the fourth quarter to capture higher prices; and (iii) partially offset by a $0.4 million increase in our Dairy segment as a result of higher milk prices. Year-to-date, Adjusted EBITDA reached $37.6 million, compared to $47.3 million for the same period last year.

In the Sugar, Ethanol & Energy business, Adjusted EBITDA during 3Q17 was $74.3 million, 7.4% lower than 3Q16. Adjusted EBITDA was positively affected by: (i) an 8.4% increase in sugarcane crushing coupled with a 1.8% growth in TRS per ton of sugarcane, which led to an 11.6% increase in total TRS produced; (ii) higher sales volumes for sugar, ethanol and energy, 2.2%, 8.2% and 32.0% respectively, coupled with a 21.8% increase in energy prices; and, (iii) a $9.6 million higher result from the mark-to-market effect of our commodity hedge position (a $0.2 million gain in 3Q17 compared to a $10.8 million loss in 3Q16). These positive effects were offset by a 14.2% increase in production cash costs per ton of TRS produced in BRL terms. Approximately half of this cost increase is temporary and will be reversed in the fourth quarter. The net increase in cost is explained by lower sugarcane yields which have increased the amount of hectares harvested, leased and treated and purchases of sugarcane from suppliers.

On a cumulative basis, Adjusted EBITDA in 9M17 grew by 8.5% reaching $165.9 million. The main drivers for the increase were (i) a 30.6% increase in net sales, as a result of higher sugar, ethanol and energy sales volumes and realized prices; (ii) the mark-to-market effect of our sugar hedge position in 9M17 generated a gain of $36.5 million, $59.5 million higher than in 9M16. These positive results were partially offset by (i) a

$37.5 million decrease in Changes in Fair Value, generated by the mark-to-market effect of our unharvested sugarcane plantation, primarily as a result of lower projected sugar prices and productivity; coupled with (ii) a 15.5% increase in unitary production cash costs as explained previously.

Net Income in 3Q17 was a $2.9 million loss, compared to a gain of $6.8 million in 3Q16. This decrease is explained by (i) a $14.5 million decrease in Adjusted EBITDA; (ii) a $12.8 million increase in depreciation and amortization charges; and partially offset by (iii) $16.5 million lower financial losses ($27.7 million in 3Q17 compared to $44.3 million in 3Q16).

Strategy Execution

10-Year Bond Issuance

On September 21, 2017, Adecoagro completed the issuance of a 10-year $500 million bond with a 6.0% coupon. The notes are guaranteed on a senior unsecured basis by certain of Adecoagro's subsidiaries.

The Company will use the proceeds of the transaction primarily to repay existing debt of our Brazilian subsidiaries, and for general corporate purposes.

2

This transaction has enhanced Adecoagro's ability to manage and allocate capital more efficiently, has strengthened our balance sheet and improved our long term financial flexibility.

Organic Growth Update

Cluster Expansion: The expansion of the cluster in Mato Grosso do Sul is moving forward according to plan. As previously announced, investments at the Angelica mill are complete and the mill has reached a nominal crushing capacity of 1,050 tons/hour. We are currently working on laying the foundations for a new milling roller in the Ivinhema mill. In terms of sugarcane plantation, we have successfully leased a total 23.9 thousand hectares of farmland or 47% of total expansion land needs. A total of 7.9 thousand hectares have already been planted.

The expansion of the cluster will generate important efficiency gains and cost dilution. Even at current forward sugar prices, this project is highly accretive and generates returns well above our cost of capital.

Dairy Bio-digester: The construction of our first bio-digester was completed during the end of October. The facility generates electricity by burning biogas extracted from the effluents produced by our seven thousand milking cows. On November 3, 2017, we began generating and delivering 1.4 MW of electricity to the local power grid. In addition to increasing revenues and securing our energy requirements, this facility enhances the sustainability of our free stall dairy operation by reducing greenhouse gas emissions, improving the effluent management and concentrating valuable nutrients which are applied back to the fields.

Share Repurchase Update

Over the last 12-months and as of the date of this report, Adecoagro has repurchased a total of 1.5 million shares or 1.2% of outstanding shares for a total dollar amount of $15.7 million, at an average price per share of $10.35.

Since the inception of the program in August 2013, Adecoagro has repurchased an aggregate of 4.0 million shares equivalent to 3.2% of outstanding shares or $35.1 million, at an average price per share of $8.79.

Independent Farmland Appraisal Report

As of September 30, 2017, Cushman & Wakefield (C&W) updated its independent appraisal of Adecoagro's farmland. Adecoagro's subsidiaries held 266,532 hectares valued by C&W at $900.7 million. Net of minority interests, Adecoagro's land portfolio consists of 246,139 hectares valued at $840.7 million. Year-over-year, our farmland value decreased by $30.7 million or 3.5%.

We believe the decrease in the valuation of our land portfolio is in line with the decrease in land prices in Brazil and Uruguay following four years of weak row crop prices resulting in deterioration of crop margins.

These gains or losses are not reflected in Adecoagro's financial statements since the Company does not mark-to-market the value of farmland assets on its balance sheet. However, land transformation and appreciation are an important part of Adecoagro's business strategy and a component of total return on invested capital.

3

Please visit www.ir.adecoagro.com for the Cushman & Wakefield 2017 Appraisal Report. The appraisals of our farmland are only intended to provide an indicative approximation of the market value of our farmland property as of the date of such appraisal based on current market conditions. Accordingly, these appraisals are subject to change based on a host of variables and market conditions. Please also refer to page 66 of our Annual Report on Form 20-F for the methodology employed in the appraisals of our farmland by Cushman & Wakefield.

Market Overview

Sugar prices during 3Q17 were 8% lower quarter-over-quarter and 11% lower year-over-year. Prices recovered from the lows of July, trading above $15.0 cents/lb, on the back of changes on fuel tax structure in Brazil, a stronger BRL and funds reducing their net short position. However, strong sales volumes from producers capped prices from rallying further. The technical scenario weakened and, associated with a turbulent macro scenario and strong crushing pace in Center-South Brazil, resulted in prices collapsing once again. Funds maintained their net short close to historical highs. In the short-mid term, global supply and demand is expected to enter into a surplus cycle, resulting from larger expected crops in India, Thailand and the EU. Brazil still poses a threat to global supply, since in Center-South region the age of sugarcane continues to rise and the crop remains highly vulnerable to adverse weather events. The production mix in Center-South Brazil and ethanol prices relative to sugar will be key factors to follow.

Ethanol prices at the beginning of 3Q17 reached the lowest levels observed in the 17/18 season. However, changes in PIS/COFINS taxes on fuels announced by the government in late July boosted prices by 15% throughout the quarter. Ethanol demand was also positively affected, which grew by 14% and sets a more constructive outlook for ethanol prices.

Energy prices rallied to above BRL 500/MWh during August and September, significantly higher than expectations. Prices were driven by dry weather in the southeast of Brazil which resulted in extremely low water levels in reservoirs (22.6%).

Soybean prices increased 0.4% during 3Q17 and was in average 4.7% lower year-over-year, while corn prices decreased 6.0% in the quarter and were on average 8.4% higher than a year ago. Prices were negatively affected by an increase in soybean and corn inventories, 5.8% and 4.2% respectively, as reported by the USDA. However towards the end of the quarter, prices found support on robust export demand, especially for soybeans. The US dollar continued to depreciate over the last three months supporting grain prices and making US exports more competitive on the global market.

4