Adecoagro SA
0DWL.L
$8.46 -1.30%
Exchange: LSE | Sector: Technology | Industry: Software Services
Q1 2025
Published: May 12, 2025

Earnings Highlights

  • Revenue of $325.51M down 17.9% year-over-year
  • EPS of $0.04 increased by 91.5% from previous year
  • Gross margin of 16.3%
  • Net income of 18.08M
  • "" -
0DWL.L
Company 0DWL.L

Executive Summary

Adecoagro SA delivered Q1 2025 results that exhibit a meaningful step-up in revenue to USD 325.5 million alongside a compression of profitability metrics and a negative free cash flow posture for the quarter. On a QoQ basis, revenue declined 13.0% from USD 374.2 million in Q4 2024, consistent with seasonality and step-downs in certain lines of business as the company progresses through its asset and operating-cycle unwind. Despite the topline softness, quarterly EBITDA stood at USD 83.5 million and the EBITDA margin reached approximately 25.7%, underscoring the business’s strong unit economics in a high-capex, asset-heavy model. Net income was USD 18.1 million with an EPS of USD 0.036, reflecting margin compression and higher depreciation and amor­tization. Free cash flow remained negative at USD -103.8 million, driven by substantial working-capital movements and elevated capital expenditures, yielding a negative operating cash flow of USD -19.1 million for the quarter. The balance sheet remains heavily leveraged, with total debt around USD 1.275 billion and net debt of USD 1.096 billion, while cash and short-term investments total USD 238.9 million. These dynamics imply a near-term focus on capital discipline, working-capital efficiency, and debt refinancing/strategic asset monetization to improve liquidity and financing costs. The results suggest a company in the early stages of transitioning its asset base toward higher-value, cash-generative streams (land disposition opportunities, renewable energy cogeneration, and crop-cycle optimization) even as near-term profitability and liquidity pressures persist.

Key Performance Indicators

Revenue
Decreasing
325.51M
QoQ: -13.02% | YoY: -17.85%
Gross Profit
Decreasing
53.02M
16.29% margin
QoQ: 118.82% | YoY: -46.01%
Operating Income
Decreasing
3.64M
QoQ: -92.35% | YoY: -91.23%
Net Income
Increasing
18.08M
QoQ: 10.46% | YoY: 89.78%
EPS
Increasing
0.04
QoQ: 12.50% | YoY: 91.49%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q2 2025 382.08 -0.04 +137.7% View
Q1 2025 325.51 0.04 -17.9% View
Q4 2024 374.22 0.03 +17.9% View
Q3 2024 471.50 0.04 +22.2% View
Q1 2024 160.78 0.09 -60.1% View