Adecoagro

Revenue and EBITDA variability remain tied to agricultural yields, weather (El Niño/La Niña), commodity prices, and FX. Fertilizers improve diversification and may produce steadier cash generation in years with normal gas supply and plant uptime, but profits still track the urea cycle.

The sugarcane cluster’s continuous-harvest model and hedging reduce volatility at the margin. Geographic exposure is concentrated in Argentina and Brazil, entailing macro and regulatory risk, though currency-matched costs offer partial natural hedges. Overall visibility is better post-Profertil but still mid-pack for a commodity platform.