SCHEDULE 13G

CUSIP No.

L00849106

1

Names of Reporting Persons

Banco Santander, S.A

2

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

3

Sec Use Only

4

Citizenship or Place of Organization

SPAIN

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,875,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,875,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,875,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

11

Percent of class represented by amount in row (9)

1.9 %

12

Type of Reporting Person (See Instructions)

FI

Comment for Type of Reporting Person: A sale of 300,000 of the Issuer's shares was signed on March 31, 2025 and subsequently settled on April 1, 2025. The amount of shares beneficially owned reflects the post-sale figure. 1.9% is calculated based upon 100,053,777 Common Shares outstanding as of December 31, 2024 as set forth in the Issuer's Form 6-K filed with the Securities and Exchange Commission on March 13, 2025.

SCHEDULE 13G

Item 1.

(a)

Name of issuer:

Adecoagro S.A.

(b)

Address of issuer's principal executive offices:

13-15 Avenue de la Liberte, N/A, N4, L-1931

Item 2.

(a)

Name of person filing:

Banco Santander, S.A.

(b)

Address or principal business office or, if none, residence:

Business: Av. De Cantabria s/n Ed. Arrecife P1 28660 Boadilla del Monte, Madrid Spain Registered: Paseo de Pereda, 9-12 39004 Santander, Cantabria Spain

(c)

Citizenship:

Spanish

(d)

Title of class of securities:

Common Shares, par value $1.50 per share

(e)

CUSIP No.:

L00849106

Item 3.

If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:

(a)

Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

(b)

Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);

(c)

Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);

(d)

Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);

(e)

An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f)

An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g)

A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h)

A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i)

A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j)

A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:

(k)

Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

A non US Bank registered in Spain

Item 4.

Ownership

(a)

Amount beneficially owned:

1,875,000

(b)

Percent of class:

1.9 %

(c)

Number of shares as to which the person has:

(i) Sole power to vote or to direct the vote:

1,875,000

(ii) Shared power to vote or to direct the vote:

0

(iii) Sole power to dispose or to direct the disposition of:

1,875,000

(iv) Shared power to dispose or to direct the disposition of:

0

Item 5.

Ownership of 5 Percent or Less of a Class.

Ownership of 5 percent or less of a class

Item 6.

Ownership of more than 5 Percent on Behalf of Another Person.

Not Applicable

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

Not Applicable

Item 8.

Identification and Classification of Members of the Group.

Not Applicable

Item 9.

Notice of Dissolution of Group.

Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to a non US Bank registered in Spain is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Banco Santander, S.A

Signature:	/s/ Jose Galiana
Name/Title:	Jose Galiana / Deputy Chief Accounting Officer
Date:	05/05/2025