Adecoagro S.A.

Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to ADECO Agro's first quarter of 2025 results conference call. Today with us we have Mr. Juan Sartori, Executive Chairman, Mr. Mariano Bosch, CEO, Mr. Emilio Gnieco, CFO, Mr. Renato Junqueira Pereira, Sugar, Ethanol and Energy VP, and Mrs. Vitória Cabello, Investor Relations Officer. We would like to inform you that this event has been recorded and our participants will be in listen-only mode during the company's presentation. After the company's remarks are completed, there will be a question and answer section. At that time, further instructions will be given. Before proceeding, let me mention that forward-looking statements are based on the beliefs and assumptions of ADECO Agros Management and on information currently available to the company. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of ADECO Agro and could cause results to differ materially from those expressed in such forward-looking statements. Now, I will turn the conference over to Mr. Mariano Bosch, CEO. Mr. Bosch, you may begin your conference.

Good morning and thank you for joining ADECO Agros 2025 First Quarter Research Conference. Before we start with the highlights of the performance of the company, we would like to comment on the recent transaction. As you may all be aware, Tether has completed its tender offer process and has become our largest shareholder, holding 70% of the company's equity. This is clearly the start of a new era for the company, and we are all very excited and enthusiastic about the future prospects with this new venture. I still remember when we founded Adeco Agro back in 2002. We had the idea of producing each of the commodities where we could achieve being the low-cost producer worldwide. within this concept is that it has taken us more than 20 years to develop our current four business segments. In each one, we leveraged on the best combination of soil, climate and people to develop our existing sustainable production systems. We are very happy that the significant shareholder, such as Tether, a leader in technology and innovation in its field, has acknowledged our work and wants to support us. I am certain that through the implementation of cutting-edge technologies, we will be in a position to continue transforming the traditional agribusiness space while we venture into potential new, exciting projects. Having said all this, We have invited today our executive chairman, Mr. Juan Sartori. Juan has recently joined the new board representing Tether, together with other four new directors. Juan, welcome to ADECO Agro. I will pass the floor to you.

Thank you, Mariana. Good morning, everyone. I am Juan Sartori. It's an honor to join the board of ADECO Agro as newly appointed executive chairman representing Tether, now a significant shareholder in the company. Following the completion of the tender offer, we have appointed a newly formed board, which we believe that in combination with the continuing members and the quality of management is now an ideal composition of experience and new ideas that will support and lead the company into the future. Tether is the creator of the largest, most transparent and liquid stablecoin in the industry. And its mission is to build sustainable and resilient infrastructure for the benefit of underserved communities. By leveraging cutting edge blockchain and peer to peer technology, it is committed to improving financial inclusion while fostering economic growth in emerging countries where there is a huge opportunity to unlock growth. The company currently has more than 400 million users around the world and recently surpassed $150 billion in assets and $13 billion in profits in 2024. Tether's investment in ADECO Agro is part of its strategy to invest in reserved tangible assets with limited supply, which support sustainable developments that create real impacts. We are excited to become part of this remarkable company, which owns some of the best agricultural and energy assets in the world. Assets of particular importance for Tether, as it sees in Bitcoin, gold and farmland, the basic assets for stable and uncorrelated long-term reserves. We recognize in ADECO Agro a platform of management efficiency in integrating and operating agricultural and energy assets that will only be improved by the incorporation of a successful and committed long-term shareholder. We are committed to supporting ADECO Agro's management in executing its current strategy and contributing to its future growth journey. We currently see organic and inorganic opportunities in Latin American countries with very attractive returns, which we may explore and are ready to provide financial support if needed in order to execute. We are here to help strengthen what the company already does so well, which is operating, integrating, and managing complex businesses with discipline and excellence. We will contribute to maximize long-term value, maintaining a disciplined capital allocation strategy, including a firm commitment to keeping a healthy balance sheet and the company's leverage levels while pursuing aggressive growth opportunities when they present themselves. We will also maintain the current shareholder distribution policies by focusing on dividends and a strong emphasis on maximizing the stock price, sometimes by remaining open to opportunistic buybacks to the extent we conclude it is the best use of the company's resources, as well as aligning management compensation even more to the upside. In addition, we intend to offer at Ecoagro the latest technological innovation and capabilities, areas where Tether has deep expertise and success and is currently transforming around the world. We see opportunities to explore leveraging stable coins and blockchain technology to increase efficiency in commodity trading, explore real asset tokenization, and potentially integrate AI and peer-to-peer technologies under development to further strengthen operational performance. We are looking forward to working with the board, management team, and investor community on this journey. Thank you, and back to you, Mariano.