SCHEDULE 13G/A: Route One Entities Disclose Updated 1.5% Passive Stake in Adecoagro S.A.

Route One Investment Company and its affiliated entities have filed an Amendment No. 8 to Schedule 13G, disclosing a continued beneficial ownership of 1.5% in Adecoagro S.A.'s common shares as of April 30, 2024.

Summary

• The filing is an Amendment No. 8 to Schedule 13G for Adecoagro S.A. (CUSIP L00849106).
• The reporting persons include Route One Investment Company, L.P., ROIC, LLC, Route One Investment Company, LLC (General Partner), Route One Offshore Master Fund, L.P., William F. Duhamel, Jr., and Jason E. Moment.
• As of April 30, 2024, Route One Investment Company, L.P., ROIC, LLC, Route One Investment Company, LLC (General Partner), William F. Duhamel, Jr., and Jason E. Moment each beneficially own 1,459,768 common shares of Adecoagro S.A.
• This aggregate ownership represents 1.5% of Adecoagro S.A.'s common shares outstanding.
• Route One Offshore Master Fund, L.P. beneficially owns 1,007,621 common shares, representing 1.0% of the class.
• The percentages are calculated based on 99,993,156 common shares outstanding as of April 4, 2025, as reported in Adecoagro S.A.'s Form 20-F for the fiscal year ended December 31, 2024.
• All reporting persons have shared voting and shared dispositive power over their respective reported shares.
• The shares were acquired and are held in the ordinary course of business and not for the purpose or with the effect of changing or influencing the control of the issuer.
• The reporting persons are filing jointly but disclaim membership in a group and beneficial ownership beyond their pecuniary interest.

Sentiment

Score: 5

Explanation: This is a routine regulatory filing (Schedule 13G Amendment No. 8) disclosing beneficial ownership, with no explicit positive or negative implications for the issuer's operations or financial performance. The filing indicates the shares were acquired in the ordinary course of business and not for control.

Future Outlook

This Schedule 13G filing is a disclosure of beneficial ownership and does not contain any forward-looking statements or guidance regarding Adecoagro S.A.'s future performance or operations.

Management Comments

• The reporting persons certify that the securities were acquired and are held in the ordinary course of business and not for the purpose of or with the effect of changing or influencing the control of the issuer.

Industry Context

This filing is a standard regulatory disclosure of an institutional investor's passive ownership stake in a publicly traded company. It does not provide specific insights into broader industry trends or competitive dynamics beyond the fact that an investment firm maintains a position in Adecoagro S.A.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant ownership stakes by institutional investors, confirming a passive investment approach by Route One entities.

Key Dates

Keywords

Adecoagro S.A., Schedule 13G, Beneficial Ownership, Route One Investment Company, SEC Filing, Common Shares, Institutional Investor