The following is a summary of the Adecoagro S.A. (AGRO) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Adecoagro reported Q4 gross sales of $400 million, up 5% YoY, and reached an annual gross sales record of $1.4 billion, reflecting a 7% increase.

• Q4 adjusted EBITDA fell by 9% YoY to $96 million, marking a total adjusted EBITDA of $477 million for the year, a 10% YoY increase.

• Net cash from operations in 2023 rose by 24% to $176 million.

• Total cash cost rose by 6% YoY to $0.139 per pound of sugar, while the company managed to decrease its net debt by 26% to $503 million.

Business Progress:

• Adecoagro expects to increase sugarcane crushing by around 5% leading to higher yields.

• The company plans to maintain focus on sugar operation as it is currently more profitable than ethanol.

• Plans on expanding plantings to fill capacity in MatoGrosso do Sul and to substantially increase biomethane production within the next four years.

• The company's sustainability initiatives contributed significantly to its performance.

• Adecoagro's Angelica mill facility in Brazil obtained the CORSIA certification, recognizing its ethanol for Sustainable Aviation Fuel production.

• The company continues farming over 270,000 hectares of grains and rice, anticipating a significant recovery in adjusted EBITDA in 2024.

• Investments in rice and dairy businesses are expected to yield promising results.

More details: Adecoagro IR

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