Bioceres Crop Solutions Corp.

For fiscal Q4, revenue was $55.9 million versus $55.4 million in the prior year, reported gross profit was $12.7 million down 6%, and gross margin was 22.8%. Adjusted EBITDA improved by about $10 million year over year, from negative $9.6 million to positive $600 thousand. For the full year, revenue declined 18% to $238 million, gross profit fell 21% to $82.9 million, and gross margin was 34.8%. Full-year adjusted EBITDA was $25.5 million versus $28.9 million in fiscal 2025. On the balance sheet, total financial debt was $225.9 million, cash and short-term investments were $12.2 million, and net financial debt was $213.6 million. Looking ahead, management is targeting about 40% gross margins for fiscal 2027 and a combined 23% total SG&A as a percent of revenues for fiscal 2028.

Federico Trucco framed fiscal 2026 as a difficult year, driven by litigation with creditors and the business fallout from those disputes. He said the company used the year to focus on core capabilities, reduce costs, and improve operating discipline, and emphasized that Q4 showed encouraging progress with broad revenue stability and a return to positive adjusted EBITDA. He also laid out a clearer long-term roadmap centered on portfolio rationalization, commercial simplification, R&D realignment, and selective monetization of noncore assets.

Ezequiel Simmermacher highlighted that Q4 revenue was $55.9 million and that Crop Nutrition grew 36% year over year, led by microbeaded fertilizer. He noted reported Q4 gross profit of $12.7 million was affected by about $4 million of nonrecurring inventory obsolescence, while SG&A fell 19% in the quarter and that helped lift adjusted EBITDA to positive $600 thousand. For the year, he pointed to $225.9 million of financial debt, $12.2 million of cash and short-term investments, and said the company completed liability management actions including reprofiling about $28 million of bank debt and extending $46.5 million of local bond debt.

There was no analyst Q&A because no questions were asked during the session. As a result, management did not address additional live concerns beyond the prepared remarks. The main unresolved issue left hanging was the ongoing New York litigation and the classified short-term secured note balance of $118.6 million at year-end.