Adecoagro S.A. (NYSE:AGRO) Q3 2023 Earnings Conference Call November 14, 2023 10:00 AM ET
Company Participants
Mariano Bosch - CEO
Emilio Gnecco - CFO
Renato Junqueira Pereira - Sugar, Ethanol and Energy VP
Vitoria Cabello - IR Officer
Conference Call Participants
Thiago Duarte - BTG Pactual
Larissa Pérez - Itaú BBA
Operator
Good morning, ladies and gentlemen and thank you for waiting. At this time, we would like to welcome everyone to Adecoagro's Third Quarter 2023 Results Conference Call.
Today with us, we have Mr. Mariano Bosch, CEO; Mr. Emilio Gnecco, CFO; Mr. Renato Junqueira Pereira, Sugar, Ethanol and Energy VP; and Ms. Vitoria Cabello, Investor Relations Officer. We would like to inform you that this event is being recorded and all 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 session. at this time, further instructions will be given.
Before proceeding, let me mention that forward-looking statements are based on the beliefs and assumptions of Adecoagro's 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 Adecoagro and could cause results to differ materially from those expressed in such forward-looking statements.
Now, I'll turn the conference over to Mr. Mariano Bosch, CEO. Mr. Bosch, you may begin your conference.
Mariano Bosch
Good morning and thank you for joining Adecoagro's 2023 third quarter results conference.
As you may have seen in the report, we are presenting very good operational and financial results. Our adjusted EBITDA during the quarter was $155 million, 27% higher compared to last year.
We are very enthusiastic about how our sugar ethanol and energy business continues to perform. Last quarter, I mentioned some of the work we started doing a few years ago to enhance the productivity of our sugar cane plantation. I mentioned innovative techniques like pre-sprouted seedlings and its reproduction in our own bio-factory, the incorporation of state-of-the-art farming equipment, the use of drones and artificial intelligence, biological pesticides, et cetera, et cetera.
During this quarter, we saw the results of our work. For example, we achieved record crushing volume of 4.5 million tons. The quantity and quality of our sugar plantation is in an excellent shape with TRS content per hectare over 30% higher year-over-year.