Adecoagro is a South American agro-industrial company operating across Argentina, Brazil, and Uruguay in three core businesses: sugar, ethanol, and energy production in Brazil; fertilizer manufacturing in Argentina; and diversified farming and food processing across Argentina and Uruguay. In Brazil, Adecoagro cultivates sugarcane across roughly 228,600 hectares and processes it at three mills with 14.2 million tons of annual crushing capacity, producing VHP sugar for export, ethanol for Brazil's domestic fuel market, and electricity cogenerated from bagasse. A notable operational feature is Adecoagro's continuous harvest model, which enables year-round crushing and dilutes fixed costs. Following its December 2025 acquisition of 90% of Profertil for ~$1.1B, Adecoagro became the largest granular urea producer in South America, with annual capacity of ~1.3 million tons of granular urea and ~790,000 tons of ammonia. The business converts natural gas — sourced under fixed-price contracts — into urea sold at domestic import-parity prices, supplying roughly half of Argentina's urea demand. The farming segment produces crops including soybean, corn, and wheat across 250,000+ hectares, processes and exports rice through six mills, and operates a dairy business with ~14,400 milking cows and processing plants producing branded UHT milk, powdered milk, and cheese. Adecoagro sells commodities to large trading companies and exports, while branded rice and dairy products reach Argentine and Uruguayan consumers through retail channels. Tether acquired a ~74% controlling stake in 2025.