BIOX · Bioceres Crop Solutions Corp.

Bioceres Crop Solutions' fiscal third quarter 2026 results from continuing operations highlight a challenging transitional period, with total revenues declining 23% year-over-year to $39.4 million. Crop Protection revenues fell 18% to $24.6 million due to softer adjuvant demand from channel inventory adjustments and competitive pressures, alongside reduced third-party product sales. Seed and Integrated Products saw a sharp 71% drop to $3.2 million as inventory reduction concluded, shifting toward an asset-light model with increased seed treatment pack sales. Crop Nutrition provided a bright spot, rising 15% to $11.6 million driven by microbeaded fertilizers amid supply uncertainty. Gross profit decreased 30% to $12.7 million, with margins contracting 310 basis points to 32%, pressured by lower volumes, unfavorable product mix, and a non-recurring inoculants obsolescence adjustment tied to inventory normalization; excluding this, margins aligned with prior year. SG&A expenses dropped 16% to $16.1 million through organizational streamlining and cost controls, while R&D fell to $1.9 million. The net loss of $10.0 million versus prior-year profit reflected lower gross profit, absence of $7.7 million non-cash Seeds reorganization income, and higher financial expenses at $(9.7) million from elevated interest and commissions. Adjusted EBITDA turned negative at $(0.6) million from $9.1 million, similarly impacted by missing non-cash items but mitigated by expense reductions. Balance sheet shows stable net debt at $214.0 million, with Pro Farm foreclosure leading to $108.3 million notes classified as short-term amid ongoing litigation. CEO Federico Trucco emphasized refocusing on efficiency, working capital, liability management including Argentine debt reprofiling, and strategic review to align resources with high-value areas for long-term resilience.