Adecoagro SA
NYSE:AGRO
Income Statement
Earnings Waterfall
Adecoagro SA
Income Statement
Adecoagro SA
| Sep-2010 | Dec-2010 | Mar-2011 | Jun-2011 | Sep-2011 | Dec-2011 | Mar-2012 | Jun-2012 | Sep-2012 | Dec-2012 | Mar-2013 | Jun-2013 | Sep-2013 | Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | Mar-2024 | Jun-2024 | Sep-2024 | Dec-2024 | Mar-2025 | Jun-2025 | Sep-2025 | Dec-2025 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Expense |
34
|
34
|
38
|
39
|
39
|
34
|
31
|
29
|
26
|
28
|
30
|
39
|
44
|
49
|
53
|
0
|
0
|
55
|
13
|
24
|
37
|
49
|
47
|
47
|
48
|
48
|
51
|
52
|
53
|
52
|
53
|
54
|
49
|
47
|
49
|
54
|
65
|
66
|
68
|
71
|
65
|
71
|
71
|
71
|
78
|
83
|
85
|
89
|
78
|
81
|
76
|
84
|
90
|
72
|
78
|
70
|
69
|
74
|
78
|
72
|
87
|
0
|
|
| Revenue |
363
N/A
|
434
+20%
|
471
+8%
|
597
+27%
|
699
+17%
|
559
-20%
|
635
+14%
|
622
-2%
|
584
-6%
|
621
+6%
|
619
0%
|
652
+5%
|
663
+2%
|
658
-1%
|
650
-1%
|
656
+1%
|
680
+4%
|
726
+7%
|
741
+2%
|
714
-4%
|
685
-4%
|
689
+1%
|
699
+1%
|
690
-1%
|
754
+9%
|
863
+14%
|
905
+5%
|
971
+7%
|
998
+3%
|
942
-6%
|
931
-1%
|
923
-1%
|
836
-9%
|
792
-5%
|
799
+1%
|
798
0%
|
842
+5%
|
889
+6%
|
884
-1%
|
847
-4%
|
860
+1%
|
825
-4%
|
840
+2%
|
937
+12%
|
1 025
+9%
|
1 112
+8%
|
1 146
+3%
|
1 227
+7%
|
1 284
+5%
|
1 325
+3%
|
1 366
+3%
|
1 403
+3%
|
1 408
+0%
|
1 301
-8%
|
1 307
+1%
|
1 311
+0%
|
1 391
+6%
|
1 490
+7%
|
1 564
+5%
|
1 541
-1%
|
1 385
-10%
|
1 434
+4%
|
|
| Gross Profit | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of Revenue |
(361)
|
(351)
|
(350)
|
(392)
|
(409)
|
(420)
|
(461)
|
(469)
|
(481)
|
(489)
|
(480)
|
(494)
|
(504)
|
(492)
|
(483)
|
(493)
|
(512)
|
(605)
|
(626)
|
(639)
|
(591)
|
(558)
|
(559)
|
(523)
|
(604)
|
(679)
|
(719)
|
(775)
|
(792)
|
(767)
|
(748)
|
(717)
|
(640)
|
(610)
|
(613)
|
(618)
|
(656)
|
(671)
|
(668)
|
(648)
|
(650)
|
(612)
|
(616)
|
(681)
|
(756)
|
(855)
|
(900)
|
(994)
|
(1 052)
|
(1 076)
|
(1 100)
|
(1 086)
|
(1 065)
|
(973)
|
(984)
|
(1 025)
|
(1 104)
|
(1 199)
|
(1 270)
|
(1 253)
|
(1 139)
|
(1 179)
|
|
| Gross Profit |
2
N/A
|
83
+4 284%
|
121
+45%
|
205
+70%
|
290
+41%
|
139
-52%
|
175
+26%
|
153
-12%
|
102
-33%
|
132
+29%
|
139
+6%
|
159
+14%
|
159
+0%
|
166
+4%
|
168
+1%
|
163
-3%
|
168
+3%
|
121
-28%
|
115
-5%
|
75
-34%
|
94
+25%
|
131
+40%
|
140
+6%
|
167
+20%
|
150
-10%
|
185
+23%
|
186
+1%
|
195
+5%
|
206
+5%
|
175
-15%
|
183
+4%
|
206
+13%
|
196
-5%
|
182
-7%
|
186
+2%
|
181
-3%
|
186
+3%
|
218
+17%
|
215
-1%
|
199
-8%
|
210
+6%
|
213
+1%
|
224
+5%
|
257
+15%
|
269
+5%
|
257
-5%
|
246
-4%
|
234
-5%
|
232
-1%
|
250
+8%
|
266
+6%
|
317
+19%
|
343
+8%
|
328
-5%
|
324
-1%
|
286
-12%
|
287
+0%
|
292
+2%
|
295
+1%
|
288
-2%
|
245
-15%
|
256
+4%
|
|
| Operating Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses |
(75)
|
(109)
|
(91)
|
(98)
|
(105)
|
(124)
|
(116)
|
(109)
|
(107)
|
(113)
|
(110)
|
(116)
|
(114)
|
(120)
|
(121)
|
(121)
|
(127)
|
(130)
|
(133)
|
(130)
|
(124)
|
(118)
|
(115)
|
(113)
|
(120)
|
(131)
|
(142)
|
(67)
|
(75)
|
(153)
|
(153)
|
(236)
|
(223)
|
(146)
|
(186)
|
(196)
|
(197)
|
(165)
|
(161)
|
(146)
|
(153)
|
(143)
|
(141)
|
(157)
|
(170)
|
(186)
|
(204)
|
(207)
|
(218)
|
(220)
|
(223)
|
(235)
|
(234)
|
(202)
|
(200)
|
(208)
|
(213)
|
(229)
|
(249)
|
(254)
|
(240)
|
(277)
|
|
| Selling, General & Administrative |
(87)
|
(102)
|
(111)
|
(118)
|
(125)
|
(119)
|
(123)
|
(116)
|
(110)
|
(110)
|
(107)
|
(112)
|
(110)
|
(114)
|
(115)
|
(117)
|
(124)
|
(131)
|
(133)
|
(128)
|
(121)
|
(118)
|
(111)
|
(109)
|
(116)
|
(126)
|
(135)
|
(143)
|
(149)
|
(146)
|
(147)
|
(149)
|
(135)
|
(136)
|
(137)
|
(141)
|
(144)
|
(150)
|
(149)
|
(137)
|
(141)
|
(131)
|
(132)
|
(146)
|
(155)
|
(165)
|
(172)
|
(183)
|
(196)
|
(201)
|
(206)
|
(203)
|
(197)
|
(176)
|
(174)
|
(178)
|
(189)
|
(216)
|
(231)
|
(242)
|
(225)
|
(239)
|
|
| Depreciation & Amortization |
0
|
(8)
|
(1)
|
(3)
|
0
|
(5)
|
(3)
|
(3)
|
(5)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
0
|
0
|
(1)
|
(2)
|
(3)
|
(5)
|
(1)
|
(4)
|
(4)
|
(4)
|
(6)
|
(5)
|
(5)
|
(5)
|
(7)
|
(7)
|
(7)
|
(9)
|
(10)
|
(12)
|
(14)
|
(13)
|
(14)
|
(15)
|
(15)
|
(18)
|
(17)
|
(18)
|
(19)
|
(21)
|
(23)
|
(25)
|
(27)
|
(28)
|
(27)
|
(28)
|
(32)
|
(32)
|
(24)
|
(27)
|
(34)
|
(34)
|
(41)
|
(46)
|
(40)
|
(40)
|
(45)
|
|
| Other Operating Expenses |
12
|
0
|
21
|
23
|
20
|
1
|
9
|
10
|
8
|
3
|
4
|
3
|
4
|
1
|
1
|
(5)
|
(3)
|
1
|
1
|
1
|
1
|
0
|
1
|
1
|
1
|
1
|
(2)
|
81
|
80
|
(0)
|
1
|
(80)
|
(79)
|
0
|
(37)
|
(42)
|
(40)
|
(1)
|
3
|
6
|
5
|
6
|
9
|
8
|
5
|
2
|
(7)
|
3
|
6
|
8
|
11
|
1
|
(4)
|
(3)
|
1
|
4
|
10
|
28
|
28
|
28
|
25
|
6
|
|
| Operating Income |
(73)
N/A
|
(25)
+65%
|
29
N/A
|
107
+265%
|
185
+72%
|
16
-92%
|
58
+277%
|
44
-25%
|
(5)
N/A
|
19
N/A
|
30
+59%
|
43
+45%
|
45
+6%
|
46
+1%
|
46
+1%
|
42
-9%
|
41
-3%
|
(9)
N/A
|
(19)
-101%
|
(55)
-194%
|
(30)
+45%
|
13
N/A
|
25
+97%
|
54
+116%
|
31
-43%
|
54
+74%
|
44
-18%
|
128
+191%
|
131
+2%
|
22
-83%
|
30
+35%
|
(30)
N/A
|
(27)
+10%
|
36
N/A
|
(0)
N/A
|
(16)
-15 400%
|
(11)
+32%
|
53
N/A
|
54
+3%
|
53
-3%
|
57
+8%
|
70
+23%
|
84
+20%
|
100
+20%
|
99
-1%
|
71
-28%
|
42
-41%
|
27
-36%
|
13
-50%
|
30
+124%
|
43
+45%
|
82
+90%
|
109
+33%
|
125
+14%
|
124
-1%
|
79
-37%
|
74
-6%
|
63
-15%
|
46
-27%
|
33
-27%
|
6
-83%
|
(21)
N/A
|
|
| Pre-Tax Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Income Expense |
(17)
|
(25)
|
(43)
|
(25)
|
(42)
|
(27)
|
(21)
|
(48)
|
(40)
|
(49)
|
(35)
|
(58)
|
(63)
|
(66)
|
(98)
|
(65)
|
(51)
|
(64)
|
(29)
|
(40)
|
(41)
|
(83)
|
(101)
|
(154)
|
(192)
|
(153)
|
(145)
|
(153)
|
(132)
|
(58)
|
(59)
|
(91)
|
(104)
|
(81)
|
(107)
|
(13)
|
(77)
|
(111)
|
(187)
|
(228)
|
(150)
|
(208)
|
(147)
|
(88)
|
(118)
|
(132)
|
(54)
|
(124)
|
(106)
|
(109)
|
(149)
|
(106)
|
(108)
|
10
|
(1)
|
(40)
|
(9)
|
(146)
|
(103)
|
(44)
|
(86)
|
(72)
|
|
| Non-Reccuring Items |
1
|
(9)
|
1
|
1
|
1
|
96
|
28
|
26
|
27
|
45
|
20
|
11
|
5
|
(10)
|
27
|
39
|
45
|
101
|
64
|
110
|
94
|
63
|
87
|
97
|
146
|
133
|
124
|
72
|
40
|
51
|
51
|
100
|
75
|
52
|
97
|
70
|
101
|
70
|
69
|
75
|
100
|
126
|
177
|
177
|
217
|
224
|
233
|
262
|
239
|
230
|
209
|
175
|
161
|
99
|
100
|
121
|
85
|
132
|
92
|
53
|
98
|
111
|
|
| Total Other Income |
(6)
|
(2)
|
(4)
|
(8)
|
(6)
|
(12)
|
(13)
|
(11)
|
(10)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(7)
|
(5)
|
(3)
|
(7)
|
(16)
|
(17)
|
(19)
|
(6)
|
(8)
|
(6)
|
(5)
|
(7)
|
(4)
|
(6)
|
(8)
|
(6)
|
(6)
|
(6)
|
46
|
(31)
|
(13)
|
9
|
(20)
|
10
|
7
|
(4)
|
(35)
|
25
|
5
|
(1)
|
10
|
12
|
20
|
24
|
18
|
(16)
|
(23)
|
(10)
|
40
|
71
|
103
|
51
|
(5)
|
(14)
|
(45)
|
(20)
|
(12)
|
(25)
|
|
| Pre-Tax Income |
(96)
N/A
|
(61)
+36%
|
(17)
+72%
|
75
N/A
|
138
+84%
|
73
-47%
|
52
-28%
|
11
-78%
|
(27)
N/A
|
8
N/A
|
7
-8%
|
(11)
N/A
|
(20)
-84%
|
(37)
-81%
|
(32)
+15%
|
11
N/A
|
31
+185%
|
22
-31%
|
1
-95%
|
(2)
N/A
|
4
N/A
|
(12)
N/A
|
3
N/A
|
(8)
N/A
|
(21)
-163%
|
27
N/A
|
18
-35%
|
41
+130%
|
32
-22%
|
10
-69%
|
16
+57%
|
(27)
N/A
|
(10)
+65%
|
(24)
-151%
|
(23)
+5%
|
51
N/A
|
(6)
N/A
|
21
N/A
|
(56)
N/A
|
(104)
-85%
|
(29)
+72%
|
13
N/A
|
119
+786%
|
188
+59%
|
208
+11%
|
175
-16%
|
241
+38%
|
188
-22%
|
164
-13%
|
135
-17%
|
80
-41%
|
140
+76%
|
202
+44%
|
305
+51%
|
326
+7%
|
211
-35%
|
145
-31%
|
35
-76%
|
(10)
N/A
|
22
N/A
|
5
-76%
|
(7)
N/A
|
|
| Net Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax Provision |
24
|
16
|
5
|
(21)
|
(35)
|
(15)
|
(9)
|
5
|
11
|
5
|
8
|
11
|
16
|
9
|
3
|
(8)
|
(11)
|
(11)
|
2
|
(2)
|
(3)
|
8
|
1
|
(1)
|
3
|
(13)
|
(11)
|
(11)
|
(11)
|
5
|
4
|
21
|
8
|
1
|
(1)
|
(31)
|
(7)
|
(21)
|
5
|
17
|
(8)
|
(12)
|
(44)
|
(86)
|
(89)
|
(44)
|
(64)
|
(9)
|
1
|
(27)
|
(13)
|
(46)
|
(55)
|
(79)
|
(75)
|
4
|
13
|
57
|
73
|
14
|
19
|
0
|
|
| Income from Continuing Operations |
(72)
|
(45)
|
(13)
|
54
|
103
|
58
|
43
|
16
|
(16)
|
13
|
15
|
(0)
|
(4)
|
(28)
|
(28)
|
3
|
20
|
11
|
3
|
(4)
|
1
|
(4)
|
4
|
(9)
|
(18)
|
14
|
7
|
30
|
22
|
15
|
20
|
(7)
|
(2)
|
(23)
|
(24)
|
20
|
(14)
|
0
|
(52)
|
(87)
|
(37)
|
1
|
75
|
103
|
119
|
131
|
177
|
179
|
165
|
109
|
66
|
94
|
147
|
227
|
251
|
215
|
158
|
92
|
63
|
37
|
24
|
(7)
|
|
| Income to Minority Interest |
2
|
1
|
0
|
(1)
|
(2)
|
(1)
|
(1)
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(1)
|
(1)
|
(1)
|
(1)
|
(2)
|
(2)
|
(2)
|
(3)
|
(2)
|
(1)
|
(1)
|
(2)
|
(3)
|
(3)
|
(2)
|
(1)
|
(1)
|
(1)
|
(2)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
0
|
0
|
0
|
(1)
|
(1)
|
(1)
|
(1)
|
0
|
(1)
|
(0)
|
(0)
|
1
|
1
|
0
|
0
|
(0)
|
(1)
|
(1)
|
(2)
|
|
| Net Income (Common) |
(70)
N/A
|
(44)
+37%
|
(12)
+72%
|
53
N/A
|
101
+91%
|
56
-45%
|
42
-25%
|
15
-65%
|
(18)
N/A
|
9
N/A
|
11
+13%
|
(2)
N/A
|
(5)
-220%
|
(26)
-438%
|
(26)
N/A
|
3
N/A
|
20
+673%
|
11
-45%
|
2
-81%
|
(5)
N/A
|
0
N/A
|
(6)
N/A
|
3
N/A
|
(10)
N/A
|
(20)
-90%
|
12
N/A
|
5
-53%
|
29
+428%
|
20
-29%
|
13
-35%
|
18
+33%
|
(9)
N/A
|
(3)
+67%
|
(25)
-694%
|
(25)
-2%
|
20
N/A
|
(15)
N/A
|
(1)
+95%
|
(53)
-6 500%
|
(88)
-66%
|
(38)
+57%
|
0
N/A
|
74
+18 350%
|
103
+39%
|
119
+16%
|
131
+10%
|
176
+35%
|
178
+1%
|
164
-8%
|
108
-34%
|
66
-39%
|
94
+41%
|
147
+57%
|
226
+54%
|
252
+11%
|
215
-15%
|
159
-26%
|
92
-42%
|
63
-32%
|
36
-43%
|
23
-35%
|
(8)
N/A
|
|
| EPS (Diluted) |
-0.87
N/A
|
-0.55
+37%
|
-0.11
+80%
|
0.43
N/A
|
0.82
+91%
|
0.48
-41%
|
0.34
-29%
|
0.13
-62%
|
-0.13
N/A
|
0.07
N/A
|
0.12
+71%
|
-0.01
N/A
|
-0.03
-200%
|
-0.23
-667%
|
-0.2
+13%
|
0.02
N/A
|
0.16
+700%
|
0.09
-44%
|
0.01
-89%
|
-0.04
N/A
|
0
N/A
|
-0.05
N/A
|
0.02
N/A
|
-0.09
N/A
|
-0.17
-89%
|
0.09
N/A
|
0.04
-56%
|
0.23
+475%
|
0.17
-26%
|
0.11
-35%
|
0.15
+36%
|
-0.08
N/A
|
-0.03
+63%
|
-0.21
-600%
|
-0.22
-5%
|
0.17
N/A
|
-0.13
N/A
|
-0.01
+92%
|
-0.45
-4 400%
|
-0.75
-67%
|
-0.32
+57%
|
0
N/A
|
0.63
N/A
|
0.87
+38%
|
1.02
+17%
|
1.13
+11%
|
1.59
+41%
|
1.58
-1%
|
1.47
-7%
|
0.98
-33%
|
0.61
-38%
|
0.87
+43%
|
1.37
+57%
|
2.11
+54%
|
2.39
+13%
|
2.1
-12%
|
1.57
-25%
|
0.9
-43%
|
0.62
-31%
|
0.36
-42%
|
0.23
-36%
|
-0.08
N/A
|
|