LUXEMBOURG, May 16, 2024 /PRNewswire/ -- Adecoagro S.A. (NYSE:AGRO, Bloomberg: AGRO US, Reuters: AGRO.K)), a leading sustainable production company in South America, announced today its results for the first quarter ended March 31, 2024. The financial information contained in this press release is based on consolidated financial statements presented in US dollars and prepared in accordance with International Financial Reporting Standards (IFRS) except for Non - IFRS measures. Please refer to page 22 for a definition and reconciliation to IFRS of the Non - IFRS measures used in this earnings release. Main highlights for the period: Gross sales were 2.6% higher in 1Q24 due to (i) more sugarcane crushed, which enabled us to increase our sugar production and execute sales at solid prices; coupled with (ii) an increase in average selling prices in the Rice segment. Adjusted EBITDA was $90.1 million, 1.1% above 1Q23, driven by an outperformance of all three segments of our Farming business. This, in turn, fully offset the decline reported in the Sugar, Ethanol & Energy business due to a year-over-year loss in the mark-to-market of our biological assets on price outlook. Adjusted net income in 1Q24 amounted to $23.3 million, 40.1% lower than the previous year. Net debt amounted to $639.2 million, a 23.0% year-over-year reduction, while net debt to LTM Adjusted EBITDA ratio reached 1.3x, 0.6x lower than 1Q23. Sugar, Ethanol & Energy business: Crushing volumes amounted to 2.2 million tons, 47% higher YoY and an all time record for a 1Q milling figure, due to greater sugarcane availability. We diverted as much as 49% to produce sugar, which traded on average 48% above hydrous ethanol in Mato Grosso do Sul. In terms of ethanol, 91% of our production was hydrous ethanol given the active demand for this type of fuel, while we also continued to take advantage of our storage capacity and carried over 194 thousand m3 (69% higher than in 1Q23) into the following quarters, to profit from higher expected prices. Furthermore, our unitary cost of production decreased 9% YoY given the higher volume crushed. Nevertheless, results were negatively impacted by (i) ...