FINANCIAL & BUSINESS HIGHLIGHTS<\/b><\/p>\n MANAGEMENT REVIEW<\/b><\/p>\n \nMr. Federico Trucco, Bioceres\u00b4 Chief Executive Officer, commented: \u201cWhile fiscal year 2023 was challenging due to external conditions, it was one during which we proved the resiliency of our organization, adjusting business plans to ensure we continued to outperform. We grew profitability, as evidenced by a 31% increase in Adjusted EBITDA year-over-year and more impressively on a pro-forma basis, with the legacy business of Marrone Bio Innovations positively impacting EBITDA during the fourth fiscal quarter.\u201d<\/p>\n \n\u201cWe also continued to advance HB4, receiving key regulatory approvals that allowed us to transition into conventional seed channels. Indeed, eight times more multipliers are taking over the inventory ramp-up and go-to-market responsibilities for HB4 wheat \u2500 a key step towards meeting our stated fiscal year 2024 guidance.\u201d<\/p>\n \n\u201cFinally, our agreement with Corteva Seed Applied Technologies for MBI-306 in Europe will allow us to at least double the size of our business in the European region and further validates our position as a leading provider of biological seed care solutions to players such as Syngenta and Albaugh, among others.\u201d<\/p>\n \nMr. Enrique Lopez Lecube, Bioceres\u00b4 Chief Financial Officer, noted: \u201cWe are proud to build upon our 2022 momentum during 2023, once again delivering growth across revenues and EBITDA, which stand at $420 million and $81 million respectively. Despite factors outside of our control \u2013 including a drought of historical magnitude in Argentina, floods in California and industry-wide headwinds \u2013 which dampened second and fourth quarter results, our strong performance for the year is testament to our successful revenue diversification strategy.\u201d<\/p>\n \n\u201cWe delivered on our initial Pro Farm acquisition goals, with the assets contributing to EBITDA by the fourth quarter and on an LTM basis \u2013 setting the stage for future topline growth with new product introductions and geographic expansion of existing lines in collaboration with our partners.\u201d<\/p>\n \n\u201cFiscal 2023 performance underscores our ability to maintain disciplined operational execution in the face of challenging industry conditions as well as the robustness of our long-term strategy, supported by a unique portfolio of technologies and a diversified commercial approach. We look forward to leveraging these factors to continue to generate long-term value for our shareholders.\u201d<\/p>\n KEY FINANCIAL METRICS<\/b><\/p>\n \n(In millions of U.S. dollars, unless where otherwise stated)<\/p>\n Table 1: 4Q23 & FY23 Key Financial Metrics<\/b><\/p>\n\n
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