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- **Margin transformation success**: 650bps gross margin expansion to 47% despite 17% revenue decline, driven by high-margin seed treatments and cost cuts.
- **Profitability rebound**: EBITDA up 61% to $13.6M, with $5.9M SG&A savings and working capital efficiency improvements.
- **Strategic focus on profitability**: Exiting low-margin businesses, reducing debt to 6.8x EBITDA, and maintaining liquidity amid Argentina macro challenges.
- **Key risks**: Argentina's slow recovery, delayed Europe biostimulant sales, and ongoing debt disputes.

**【CEO Summary Section】**
- Q1 2026 revenue declined 17% YoY to $77.5 million, driven by strategic reduction of low-margin, working capital-intensive sales.
- Gross margin expanded 650 basis points to 47%, with significant improvements in Crop Protection (44% vs. 39% prior) and Seed & Integrated Products (60% vs. 36% prior).
- Adjusted EBITDA rose 61% YoY to $13.6 million, supported by $5.9 million SG&A cost reduction and gross profit resilience.
- Working capital improved to 4 months of annual sales (target), despite seasonal demand.
- Debt reduced to $242.5 million, with net debt/EBITDA ratio improving to 6.8x.

**【Financial Highlights】**
- Crop Protection revenue down 16% YoY ($39.9M) due to Argentina's slow recovery and U.S./Brazil timing delays.
- Seed & Integrated Products revenue fell 37% YoY ($12.6M) as HB4 downstream program unwinds, but gross profit rose 33% due to higher-margin seed treatment packs.
- Crop Nutrition revenue stable at $25.1 million, with Argentina fertilizer volumes offsetting Paraguay/Uruaguay delays.
- Gross profit decline limited to 3% YoY ($36.2M) vs. 17% revenue drop, reflecting margin expansion.

**【Q&A Key Highlights】**
- Argentina's agricultural boom (beef, milk) may create indirect demand for U.S. farmers, but company focuses on serving local markets with U.S.-manufactured bioprotection products.
- Corteva Europe biostimulant sales lagged expectations, with limited progress in Q1 and hopes for later-year recovery.
- Company disputes claims by noteholders but remains current on all debt obligations, prioritizing financial flexibility.


Bioceres Crop Solutions Corp. (BIOX) Q1 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

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Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

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Income (Loss) from Associates

Income (Loss) from Joint ventures

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Gain (Loss) on Change in Fair Value

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Other Non-Operating Income (Loss)

Net Interest Expense

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Current Income Tax

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Net Income

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Net Income Attributable to Owners of the Company

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Other Comprehensive Income

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Total Comprehensive Income Attributable to Owners of the Company

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Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BIOX

BIOX fundamentals

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