"In our SE&E business, the strategy we adopted during 2Q20 to slow down our crushing pace in light of the pandemic, allowed us to transfer sugarcane into 2H20 and benefit from a better price outlook. As a consequence of the greater cane availability, during 3Q20 we were able to maximize our crushing pace, reaching a record of 4.4MM Tn, and at the same time capture higher prices of sugar and ethanol. We continued to maximize sugar, diverting 44% of TRS content, compared with 13% during the same period of last year. This 30% increase shows the high flexibility capabilities of our assets, a very important competitive advantage, especially under sudden changes in the market outlook of our products.

In our Farming & Land Transformation businesses, our Adjusted EBITDA both during the quarter as well as year-to-date was more than 50% higher year-over-year. This is a clear proof of the consolidation of the 5 Year Plan investments we made in our Crops, Rice and Dairy businesses, together with our focus on efficiencies. Our peanut processing facility is reaching full capacity; our dairy processing facilities hit production records during the peak of the pandemic; our rice mills, parboil plant and snack facilities allow us to offer value added products with higher margins; our storage and conditioning facilities continue to improve our grain quality and reduce handling costs, just as much as having our own seeders and harvesters in our rough rice production. These are just a few examples that make us proud of the work we are doing and excited about what is coming next."

Mariano Bosch, Co-founder and CEO November 13th 2020