Adecoagro

Following the Profertil acquisition Adecoagro reported net debt of about 1.69 billion dollars at June 30, 2026 and pro forma net leverage near 3.0x LTM Adjusted EBITDA, down from higher levels at the start of 2026 as EBITDA rose. Debt maturity is improved by the 7.5% 2032 notes and liability management that reduced 2027 notes.

Liquidity appears adequate, but headroom is not wide for an agri-commodity group, and interest-rate and EM spread risk persist. The dividend policy remains modest at 35 million dollars annually. Deleveraging through 2026 to sub-2.5x would materially strengthen resilience.