Bioceres Crop Solutions Corp. · NASDAQ:BIOX
Bioceres Crop Solutions — Q3 2024 Earnings Presentation
18 slides from Bioceres Crop Solutions's earnings presentation, May 14, 2024
Slide 1: Fiscal Third Quarter May 2024
BIOCERES CROP SOLUTIONS Fiscal Third Quarter May / 2024
Slide 2: Disclaimer
BIOCERES CROP SOLUTIONS Disclaimer This Presentation is for informational purposes only and does not constitute an offer or invitation to sell, a solicitation of an offer to buy, or a recommendation to purchase any equity, assets, business, Financial Information Presentation debt or other financial
Slide 3: Key Business & Financial Highlights
BIOCERES CROP SOLUTIONS Key Business Total revenues in 3Q24 were $84.0 million compared to $93.6 million in & Financial the same quarter last year. Operational growth in the business was offset by a $15.7 million accrual of the compensatory payment from Syngenta, in comparison to a $32.9 million acc
Slide 4: 3Q24 Performance
BIOCERES CROP SOLUTIONS 3Q24 Revenue Adjusted EBITDA1 Performance Metrics without Syngenta up-front payment -10% Most product lines saw a recovery in sales 03 YoY, but the increase was not enough to +13% offset the lower accrual of the compensatory 04 payment from Syngenta 93.6 05 $15.7 million accr
Slide 5: 3Q24 Revenue by Segment
BIOCERES CROP SOLUTIONS 3Q24 3Q23 ($ Million) 3Q24 Revenue by Segment 43.4 28.6 34% 84.0 04 Crop Protection 93.6 44.3 10% 46.8 6% 05 Seed & Integrated Products 06 Crop Nutrition 07 Syngenta payment accrual 5.9 8.6 46% Reporting Segment Crop Protection Seed & Integrated Products Crop Nutrition Key Dr
Slide 6: 3Q24 Gross Profit by Segment
BIOCERES CROP SOLUTIONS 3Q24 3Q23 ($ Million) 3Q24 Gross Profit 36.3 by Segment 22.3 38% 57.5 17.5 42.6 17.8 2% 05 Crop Protection 26% 06 Seed & Integrated Products 07 Crop Nutrition 08 Syngenta payment 3.6 2.5 31% Reporting Segment Crop Protection Seed & Integrated Products Crop Nutrition Key Drive
Slide 7: 3Q24 Adjusted EBITDA
BIOCERES CROP SOLUTIONS 3Q24 ($ Million) Adjusted 35.8 (14.5) EBITDA1 06 Decline in adjusted EBITDA1 driven by the 07 lower accrual of the compensatory payment (1.2) 0.5 0.4 21.1 from Syngenta, partially softened by 08 improved operational performance in the underlying business 09 1. Adjusted EBITDA
Slide 8: Balance Sheet & Cash Position
BIOCERES CROP SOLUTIONS Balance Sheet 3Q23 ($ Million) 3Q24 & Cash Position Net Debt 2.10x 2.92x Adj. EBITDA1 Increase in net debt-to-LTM adjusted EBITDA1 ratio from 2.10x in 3Q23 to 2.92x 07 in 3Q24, due to lower LTM adjusted 250.1 242.8 EBITDA1 and a reduced cash position 142.2 08 98.6 09 10 144.2
Slide 9: HB4 Soy Program Update in Brazil
BIOCERES CROP SOLUTIONS HB4 Soy Program Update in Brazil +7%1 Soybean varieties showed We expect to achieve a high repetition rate in the next season, 08 satisfactory performance at farmer even on farms where HB4 didn't outperform the commercial level in Brazil, (7/9 with comparable check. High will
Slide 10: Recently Announced Approval for Bio-insecticidal Solutions In Brazil
BIOCERES CROP SOLUTIONS Recently Announced Approval for Bio-insecticidal Solutions In Brazil Approval by MAPA marks the first of its kind for an inactivated This approval expands the current Bioceres biologicals offering for this microbe geography 09 10 Current available biological solutions for cro
Slide 11: Improved Sustainability and Safety Aspects
BIOCERES CROP SOLUTIONS Improved Climate Impact Profile for Bio-Nematicide Seed Treatment Sustainability CROI and Safety Aspects SOIL TOXICITY PRODUCT Outstanding sustainability features: GHG 10 No risk to pollinators 11 Very low toxicity levels for aquatic life (fish 12 and invertebrates) AQUATIC T
Slide 12: Unlocking Bio-Insecticidal Solutions with Outstanding Market Opportunity
BIOCERES CROP SOLUTIONS Unlocking Bio-Insecticidal Solutions with Outstanding Market Opportunity Competitive performance with enhanced environmental features Potential for replacing commonly and widely used chemicals Yield increase in bushels/acre 11 70 +8.0 +6.7 Yields in bushels per acre 12 65 $5.
Slide 13: Looking Ahead
BIOCERES CROP SOLUTIONS Looking Ahead Adjusted EBITDA1 ($ Million) Main contributors to incremental 4Q24 EBITDA ~31M Adj. EBITDA consensus HB4 contribution QTD at $6.5 million (40% of FY24 incremental 12 EBITDA guidance) 13 Additional ~$4 million EBITDA from bionutrition sales displaced into 4Q24 14
Slide 14: Exhibits
BIOCERES CROP SOLUTIONS Exhibits BIOCERES CROP SOLUTIONS THIRD QUARTER 2024
Slide 15: Unaudited Consolidated Statement of Comprehensive Income
BIOCERES CROP SOLUTIONS Three-month period Three-month period ended 03/31/2024 ended 03/31/2023 Revenues from contracts with customers 84.0 93.0 Unaudited Initial recognition and changes in the fair value of biological assets at the point of harvest (0.1) 0.6 Consolidated Cost of sales (41.3) (36.1)
Slide 16: Unaudited Consolidated Statement of Financial Position
BIOCERES CROP SOLUTIONS ASSETS 03/31/2024 06/30/2023 LIABILITIES 03/31/2024 06/30/2023 CURRENT ASSETS CURRENT LIABILITIES Unaudited Cash and cash equivalents 16.4 48.1 Trade and other payables Borrowings 167.5 144.2 150.8 107.6 Consolidated Other financial assets 16.5 12.1 Trade receivables 212.1 15
Slide 17: Adjusted EBITDA
BIOCERES CROP SOLUTIONS Adjusted The company defines adjusted EBITDA as net income/(loss) exclusive of financial income/(costs), income tax benefit/(expense), depreciation, amortization, share- based compensation, and one-time transactional expenses. • Other companies may calculate adjusted EBITDA a
Slide 18: Contact Us: Investor Relations
BIOCERES CROP SOLUTIONS Contact Us: Investor Relations Investorrelations@biocerescrops.com // Investors.biocerescrops.com BIOCERES CROP SOLUTIONS THIRD QUARTER 2024
Bioceres Crop Solutions — Q3 2024 Earnings Presentation on 6ix