"Our Adjusted EBITDA during 3Q23 was 27% higher YoY. We are very enthusiastic about how our SE&E business continues to perform: (i) record crushing volume of 4.5 million tons; (ii) TRS content per hectare over 30% higher YoY; and (iii) record volume of sugar produced. We remain with our hedges open, and very well positioned to continue taking advantage of price opportunities.
In our Crops business, results were significantly affected by the drought, as we mentioned in past releases. But this is now behind us. We are starting fresh with the 23/24 campaign. We are in an excellent situation to maximize yields in all our crops and go back to normalized EBITDA levels.
In our Rice business, the better mix of higher value added products is allowing us to book premiums on top of the high global rice prices.
In our Dairy business, the impact of the drought was mainly seen in higher costs of feed. However, we were able to mitigate this with the record high productivity levels in our fully populated free stalls. Also, having the flexibility to sell into the domestic and export market, was key during these months of lower milk powder prices.
Regarding our land portfolio, we sold a farm in Argentina for more than 20% above our independent appraisal, and with a very attractive IRR."

Quarterly Earnings

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