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1. Company Snapshot

1.a. Company Description

Bioceres Crop Solutions Corp., together with its subsidiaries, provides crop productivity solutions.It operates through three segments: Seed and Integrated Products, Crop Protection, and Crop Nutrition.The Seed and Integrated Products segment develops and commercializes seed technology, biotechnological events, germplasm, and seed treatments.


The Crop Protection segment develops, produces, and markets Rizoderma, adjuvants, therapies, herbicides, insecticides, fungicides, and baits.The Crop Nutrition segment develops, produces, commercializes, and sells inoculants, bio-inductors, and biological and microgranulated fertilizers.The company also offers HB4, a drought tolerant seed technology program.


It operates in Argentina, Uruguay, France, South Africa, and internationally.The company was founded in 2001 and is headquartered in Rosario, Argentina.Bioceres Crop Solutions Corp.


is a subsidiary of Bioceres LLC.

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1.b. Last Insights on BIOX

Bioceres Crop Solutions Corp.'s recent performance was negatively impacted by Argentina's economic crisis, which led to a 24% decline in revenues in Q2 2025. The company's financials were also affected by the shift to a licensing model for its HB4 technology, which may improve short-term finances but poses long-term risks. Additionally, research and development cuts have been implemented, further exacerbating the company's financial challenges.

1.c. Company Highlights

2. Bioceres Crop Solutions Fiscal Second Quarter 2025 Financial and Operational Results

Total revenues for the quarter were $106 million, a 24% decline compared to the year-ago quarter, primarily due to the performance of the business in Argentina. Although the company improved its gross margins, its profitability metrics were affected by the significant drop in the top line. Gross margin expanded from 37% to 42% during the quarter, with similar dynamics for the first half.

Publication Date: Feb -14

📋 Highlights
  • Revenue Decline: Total revenues decreased by 24% to $106 million, primarily due to poor performance in Argentina, driven by lower commodity prices, mild to weak yield expectations, and an abundant supply of agricultural inputs.
  • New Commercial Strategy: The company is exiting breeding, seed production, and seed commercialization, and will instead partner with leading seed companies and key seed clients, appointing Milen Marinov as the new Chief Commercial Officer to streamline commercial operations.
  • Gross Margin Expansion: Gross margin expanded from 37% to 42% during the quarter, with similar dynamics for the first half, despite a decline in revenues, driven by the maintenance of sales of high-margin adjuvants offerings in Argentina.
  • Adjusted EBITDA Decline: Adjusted EBITDA fell to $15.4 million compared to $24 million in the year-ago quarter, primarily driven by a reduction in gross profit within the Crop Protection segment and the performance of joint ventures, particularly Synertech.
  • Debt and Leverage Ratio: Total net debt stood at $238 million, with a leverage ratio of 3.3 turns, above the target of three turns, due to lower EBITDA, but the company remains optimistic about its mid and long-term prospects and expects to reduce debt through cash generation and paying down debt.

Argentina's Weak Performance Impacts Revenues

Sales in Argentina were driven by lower commodity prices, mild to weak yield expectations, and an abundant supply of agricultural inputs. This led to a decline in farmers' purchasing capacity, resulting in a 24% decrease in revenues. However, the company maintained sales of its core high-margin adjuvants offering in Argentina, which signals a market share expansion.

Strategic Changes to Unlock Potential

To address the decline, the company is implementing two important changes. Firstly, it is exiting breeding, seed production, and seed commercialization, and will instead partner with leading seed companies and some of its most important seed clients. Aligned with this new strategy, the company is announcing a new agreement with GDM in soybeans and a revised partnership with Florimond Desprez in wheat. Secondly, the company is appointing Milen Marinov as its new Chief Commercial Officer, who will help streamline commercial operations, accelerate the onboarding of new commercial partners, and better prioritize and synchronize the portfolio opportunities for profitable growth.

Crop Protection and Seed & Integrated Products

In Crop Protection, revenues fell from $71 million to $55 million in the quarter, primarily due to the performance of Argentina. The decline can be entirely attributed to Argentina, where revenues dropped by nearly $30 million or 29%. In Seed & Integrated Products, the main revenue decline is an anticipated result from the purposeful strategic decision to introduce changes to the HB4 strategy. Within this segment, the part of the business that did expand was related to seed treatment solutions, primarily driven by soybean-based treatments.

Adjusted EBITDA and Leverage Ratio

Adjusted EBITDA for the quarter reached $15.4 million compared to roughly $24 million in the year-ago quarter. The decline was primarily driven by a reduction in gross profit within the Crop Protection segment, and the performance of the company's joint ventures, particularly Synertech. The total net debt by quarter end stood at $238 million, sequentially increasing by roughly $26 million from the first quarter. Given the lower EBITDA, the leverage ratio now stands at 3.3 turns, above the threshold of three turns that the company has been keeping as a target. As Enrique López Lecube mentioned, "We expect a meaningful reduction of OpEx on a quarterly basis before year-end, contributing to EBITDA."

Outlook and Valuation

3. NewsRoom

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Bioceres Crop Solutions Corp. (NASDAQ:BIOX) Receives $4.08 Consensus Price Target from Analysts

Nov -25

Source: defenseworld.net

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Bioceres Lenders Claim Default, And Dilution Risks Are Higher Than Ever

Nov -20

Source: seekingalpha.com

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

Nov -13

Source: seekingalpha.com

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Bioceres Crop (BIOX) Reports Q1 Loss, Lags Revenue Estimates

Nov -13

Source: zacks.com

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Head to Head Contrast: PYXUS INTERNATIONAL (OTCMKTS:PYYX) and Bioceres Crop Solutions (NASDAQ:BIOX)

Oct -24

Source: defenseworld.net

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Bioceres Crop Solutions and Colorado Wheat Research Foundation Partner to Advance Climate-Resilient HB4® Wheat in the U.S.

Sep -23

Source: businesswire.com

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Bioceres At Its Worst Juncture, Equity Dilution Seems Very Possible

Sep -10

Source: seekingalpha.com

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Bioceres Crop Solutions: Waiting For Gross Profit To Turn (Downgrade)

Sep -09

Source: seekingalpha.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (8.76%)

6. Segments

Crop Protection

Expected Growth: 8.9%

Strong demand for sustainable agricultural practices, increasing adoption of precision farming, and growing need for crop protection against pests and diseases drive Bioceres Crop Solutions Corp.'s 8.9% growth in Crop Protection. Additionally, the company's innovative biological solutions and expanding global presence contribute to its growth momentum.

Crop Nutrition

Expected Growth: 8.5%

Strong demand for sustainable agriculture practices, increasing adoption of precision farming, and growing need for crop yield enhancement drive the 8.5% growth of Crop Nutrition from Bioceres Crop Solutions Corp. Additionally, rising global food security concerns, government initiatives promoting eco-friendly farming, and expanding product offerings also contribute to this growth.

Seed and Integrated Products

Expected Growth: 8.95%

Bioceres Crop Solutions Corp.'s Seed and Integrated Products segment growth of 8.95% is driven by increasing adoption of genetically modified seeds, rising demand for sustainable agricultural practices, and expansion into new markets. Additionally, the company's focus on R&D and strategic partnerships have contributed to the development of innovative products, further fueling growth.

7. Detailed Products

HB4 Wheat

HB4 Wheat is a drought-tolerant wheat variety that helps farmers maintain yields even in water-scarce conditions.

HB4 Soybeans

HB4 Soybeans are genetically engineered to thrive in drought conditions, reducing crop loss and increasing yields.

Rizobacter

Rizobacter is a biological fertilizer that promotes soil health, increases crop yields, and reduces the need for synthetic fertilizers.

Inoculants

Inoculants are microorganisms that stimulate plant growth, improve soil health, and increase crop yields.

Crop Protection

Bioceres Crop Solutions offers a range of crop protection products, including fungicides, insecticides, and herbicides, to protect crops from pests and diseases.

8. Bioceres Crop Solutions Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Bioceres Crop Solutions Corp. is medium due to the availability of alternative products and services in the agricultural industry.

Bargaining Power Of Customers

The bargaining power of customers for Bioceres Crop Solutions Corp. is low due to the company's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Bioceres Crop Solutions Corp. is medium due to the presence of multiple suppliers in the market.

Threat Of New Entrants

The threat of new entrants for Bioceres Crop Solutions Corp. is high due to the relatively low barriers to entry in the agricultural industry.

Intensity Of Rivalry

The intensity of rivalry for Bioceres Crop Solutions Corp. is high due to the presence of several established players in the agricultural industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 46.28%
Debt Cost 6.96%
Equity Weight 53.72%
Equity Cost 6.96%
WACC 6.96%
Leverage 86.13%

11. Quality Control: Bioceres Crop Solutions Corp. passed 0 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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China Green Agriculture

A-Score: 5.1/10

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Grupa Azoty

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Quality: 1.0

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Lavoro

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Bioceres Crop Solutions

A-Score: 2.1/10

Value: 6.0

Growth: 1.9

Quality: 1.9

Yield: 0.0

Momentum: 0.0

Volatility: 2.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.52$

Current Price

1.52$

Potential

-0.00%

Expected Cash-Flows