Rosario, Argentina
November 10, 2021

• 1Q22 comparable revenues up 54% YoY, and LTM Adjusted EBITDA reached $50.2m
• HB4 inventory ramp-up advancing as projected – no additional information requested by Brazilian or Chinese regulatory authorities

Bioceres Crop Solutions Corp. (“Bioceres”) (NASDAQ: BIOX), a fully integrated provider of crop productivity solutions designed to enable the transition of agriculture towards carbon neutrality, has reported financial results for the first quarter 2022, ended September 30, 2021. Financial results are expressed in U.S. dollars and are presented in accordance with International Financial Reporting Standards. All comparisons in this announcement are year-over-year (“YoY”), unless noted otherwise.

FISCAL FIRST QUARTER FINANCIAL & BUSINESS HIGHLIGHTS

• Total Comparable Revenues increased 54% to $64.8 million. Top line growth comes from the solid momentum built throughout the last three quarters, with revenue growth accelerating up from +35-40% level in first half of the calendar year. Growth driven primarily by new commercial strategies in Crop Nutrition and Protection segments, new products, and generally positive sector dynamics in Latin America.

• LTM Adjusted EBITDA reached $50.2 million, confirming upward trend compared to the year-ago metric. Baseline business supports HB4 roll-out with LTM Adjusted EBITDA fully accounting for $3.4 million in pre-operational expenses related to HB4 Program.

• Momentum in micro-beaded fertilizer sales continues for the third consecutive quarter, with Crop Nutrition segment accounting for 44% of the growth observed for the period, with installed capacity reaching 48%, up 60% YoY.

• Crop Protection segment benefits from full effects of sales-force/channel re-organization, with this segment explaining close to 55% of the growth for the quarter.

• HB4 inventory ramp-up processes moving forward as discussed in previous Earnings Reports, with early season HB4 Soy planting completed and late season plantings, which represent the majority of the targeted hectares, to be initiated in the coming days. HB4 Wheat harvest already began and currently is at about 10% progress. On the regulatory front, no additional information was requested by Chinese regulators and Brazil’s CTNBio regarding HB4 Soy and HB4 Wheat, respectively.

• Ecotoxicological scoring added to ESG Report on HB4 inventories. Data gathered from crop maintenance practices and exposure to different active ingredients, translated into ecotoxicological scores to track reduction in chemical footprint on top of existing carbon and water footprint measurements. Current reporting level sets a new industry standard and highlights the value of identity preserved production systems, digital technology, and data science.

• Bioceres’ subsidiary Rizobacter Argentina S.A.completed a $16.1 million public offering of series VI corporate bonds in the Argentine capital market. The capital raised adds to the financial strength required to support working capital needs in the coming quarters.

MANAGEMENT REVIEW

Mr. Federico Trucco, Chief Executive Officer of Bioceres, commenting on the Company’s performance, said, “We are thrilled to report the first fiscal quarter´s financial performance and show that the positive momentum observed in the last two quarters further accelerated in the reported period. I would like to congratulate our operations team for effectively implementing the new strategies in the Crop Protection and nutrition segments, resulting in today’s growth. We expect to see similar growth in the seeds and integrated products segment in the upcoming quarters, primarily as HB4 inventories are no longer contributed but sold as seed or grain. We are also taking this opportunity to announce the addition of ecotoxicological indexes to our ESG Reporting process for HB4 inventories, which we believe will set a new industry standard. Understanding the environmental impact of exposure to different active ingredients, the carbon intensity of production processes, and the water footprint of an agricultural ecosystem, are key elements in designing and promoting 21st century regenerative agriculture.”

Mr. Enrique Lopez Lecube, Chief Financial Officer of Bioceres, said, “I am very pleased with the performance of our business throughout the last couple of quarters. This is the result of a well-considered move implemented to reignite growth in two of our three main business segments. The 2H21 growth momentum in the Crop Protection and nutrition segments was boosted this last quarter, as we were able to timely capture some macro tailwinds. The high commodity price environment and the supply shortage of nitrogen-based fertilizers, combined with increased sales force focus, delivered outstanding results in our micro-beaded fertilizer line. Reaching $50 million dollars in LTM Adjusted EBITDA, even when this metric includes pre-operational expenses related to HB4 as well as the transitory effect of a softer performance in the second quarter of the previous fiscal year, highlights the resilience of our baseline business and gives us great confidence going forward.”

Key Operational Metrics (Figures in millions of US dollars, unless otherwise noted)

HB4 Wheat and HB4 Soy Metrics
Operational metrics will be updated in the upcoming quarter, 2Q22, at the end of HB4 wheat harvest and HB4 soy planting season.

1. Comparable excludes the impact of IAS29 as discussed in more detail on page 19.

For a full version of Bioceres Fiscal First Quarter 2022 Earnings Release, click here.

Website: https://investors.biocerescrops.com/home/default.aspx

Published: November 10, 2021