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.