Bioceres Crop Solutions Corp (BIOX) 2024 Q4 法說會逐字稿

Good morning, and welcome to today's Bioceres Crop Solutions fiscal fourth-quarter and full year 2024 financial results conference call. My name is Nandaja, and I will be your moderator for today's call. (Operator instructionis)

早上好，歡迎參加今天的 Bioceres Crop Solutions 第四財季和 2024 年全年財務業績電話會議。我叫 Nandaja，我將擔任今天電話會議的主持人。（操作說明是）

I would now like to pass the conference over to our host, Paula Savanti, Head of Investor Relations. Please go ahead.

現在我想將會議交給我們的東道主投資者關係主管 Paula Savanti。請繼續。

Thank you and good morning, thank you to everyone for joining our fourth-quarter and fiscal year 2024 earnings for. Our presentation today will be led by our Chief Executive Officer, Federico Trucco; and our Chief Financial Officer, Enrique Lopez Lecube. Both of them will be available for the Q&A session following the presentation.

謝謝大家早安，謝謝大家關注我們第四季和 2024 財年的收益。我們今天的演講將由我們的執行長 Federico Trucco 主持；以及我們的財務長 Enrique Lopez Lecube。他們兩人都將參加演講後的問答環節。

Before we proceed, I would like to make the following Safe Harbor statement. Today's call will contain forward-looking statements, and I refer you to the Forward-Looking Statements section of the earnings release and presentation as well as the recent filings with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed circumstances.

在我們繼續之前，我想發表以下安全港聲明。今天的電話會議將包含前瞻性聲明，我建議您參閱收益發布和簡報的前瞻性聲明部分以及最近向 SEC 提交的文件。我們不承擔更新或修改任何前瞻性陳述以反映新的或變更的情況的義務。

This conference call is being webcast and the webcast link is available at the Bioceres Crop Solutions, investor relations website. And I will now turn over the call to our CEO, Federico Trucco to begin our presentation today. Thank you.

本次電話會議正在網路直播，網路直播連結可在 Bioceres Crop Solutions 投資者關係網站上取得。現在我將把電話轉給我們的執行長 Federico Trucco，讓我們開始今天的演講。謝謝。

Thanks, Paula. And good morning to everyone. Please turn to slide number three to review the highlights for today's presentation. Fiscal year 2024 has been another challenging year for agriculture with own farm economics declining in key crops and geographies, particularly in the second half of the fiscal period.

謝謝，保拉。大家早安。請翻到第三張投影片來回顧今天簡報的亮點。2024 財年對農業來說又是充滿挑戰的一年，主要作物和地區的農業經濟下滑，尤其是在本財年的後半段。

For instance, the price of soybeans, a key crop in our portfolio has dropped by 28% since January, just to provide one metric that strongly correlates with the purchasing power of our end users. Despite this general situation, we were able to consolidate Bioceres financial performance at record high revenue and EBITDA levels at $464.8 million and $81.4 million, respectively.

例如，我們投資組合中的主要作物大豆的價格自 1 月以來已下跌 28%，只是為了提供一個與我們最終用戶的購買力密切相關的指標。儘管總體情況如此，我們仍能夠將 Bioceres 的財務表現鞏固在創紀錄的高收入水平，而 EBITDA 水平分別為 4.648 億美元和 8,140 萬美元。

We closed the year with improved momentum in the last quarter, which we already anticipated during our third-quarter call. We grew sales by 18% in the quarter and almost doubled our EBITDA for the period with almost half of this improvement resulting from HB4 sales, as Enrique and I will discuss further in the subsequent sections of this presentation.

我們在上個季度以更好的勢頭結束了這一年，這也是我們在第三季電話會議中已經預料到的。我們本季的銷售額成長了 18%，該期間的 EBITDA 幾乎翻了一番，其中近一半的成長來自 HB4 銷售，恩里克和我將在本簡報的後續部分中進一步討論。

Although the improvement in the quarter fell short of what we needed to meet our annual growth expectations. And as a company, we cannot be satisfied with less than double digit growth and we certainly expected to do better. We need to recall that last year's performance was outstanding with 25% and 31% improvements in our revenue and EBITDA metrics respectively. At a time when performance in our industry was an significant decline.

儘管本季的改善未達到我們滿足年度成長預期所需的水平。作為一家公司，我們不能滿足於低於兩位數的成長，我們當然希望做得更好。我們需要回顧一下，去年的表現非常出色，我們的收入和 EBITDA 指標分別提高了 25% 和 31%。當時我們產業的業績明顯下滑。

Finally, we'll discuss the recent release for HB4 wheat in the United States as well as reorganizational changes regarding key leadership positions in the United States and Brazil, which we believe will help us accelerate growth in these key markets.

最後，我們將討論美國最近發布的 HB4 小麥，以及美國和巴西關鍵領導職位的重組變化，我們相信這將有助於我們加速這些關鍵市場的成長。

Before that, I will now pass the presentation over to Enrique for a more detailed discussion of our numbers.

在此之前，我現在將把簡報交給恩里克，以便對我們的數字進行更詳細的討論。

Thank you, Federico, good morning to everyone on the call. Thanks for joining us here, good to have you here. Let's turn to slide 4, I'll spend a few minutes going through the financial performance for the quarter and for the full fiscal year.

謝謝費德里科，大家早安。感謝您加入我們，很高興您來到這裡。讓我們轉向投影片 4，我將花幾分鐘瀏覽該季度和整個財年的財務表現。

Let me start by highlighting that even though not every aspect of the top line acceleration this quarter, our business still delivered strong and profitable results. Revenues grew by 18%, as you can see on the left, bottom part of the slide, reaching $124 million compared to almost $105 million in the prior year's quarter.

首先我要強調的是，儘管本季營收的各個方面並非都在加速，但我們的業務仍然實現了強勁且盈利的業績。正如您在幻燈片左側底部看到的那樣，收入增長了 18%，達到 1.24 億美元，而上一年季度的收入接近 1.05 億美元。

Once again, our diversified revenue sources proved beneficial as HB4 and crop protection sales allowed us to fully compensate for a tougher than expected environment for microgrid fertilizers. Moreover, HB4 played a crucial role in maintaining a double-digit topline growth in the year-over-year comparison of the quarter.

事實再次證明，我們的多元化收入來源是有利的，因為 HB4 和作物保護銷售使我們能夠充分彌補微電網肥料比預期更嚴峻的環境。此外，HB4 在本季度保持兩位數營收年增率方面發揮了至關重要的作用。

From an annual perspective, the quarterly growth resulted in full year revenues that reached $465 million, 11% higher on sales in fiscal 2023. Revenue performance for the full year was shaped by several factors in the first half of the year, post drug recovery in Argentina and the nature of the [Cedar] oriented part of our portfolio helped us achieve growth despite challenging market conditions in some geographies such as Brazil and the US were channel destocking, process altered farmers purchasing behavior.

從年度角度來看，季度成長導致全年營收達到 4.65 億美元，比 2023 財年的銷售額成長 11%。上半年的收入表現受到多種因素的影響，阿根廷的藥物恢復後以及我們投資組合中以[雪松]為導向的部分的性質幫助我們實現了增長，儘管在一些地區的市場條件充滿挑戰，例如巴西和美國正在渠道去庫存，流程改變了農民的購買行為。

Our third-quarter, as you might recall, Syngenta’s upfront payment accrual in comparison to the year before. Finally, growth in this fourth-quarter helped us more than offset that effect to get to the 11% growth that I mentioned.

您可能還記得，我們​​第三季先正達的預付款與前一年相比。最後，第四季的成長幫助我們抵消了這一影響，實現了我提到的 11% 的成長。

Let's turn to slide 5, for more detail on revenue performance by segment. As I mentioned, HB4 was instrumental in terms of top line growth, Seed & Integrated Products delivered almost two-thirds of that, roughly $20 million quarterly increase in sales and you can see there and did so with enhanced profitability as we will see in the coming slides. Although less impressive than that 60% growth in Seed & Integrated Products, the 18% growth in Crop Protection also came with improved margins on the back of higher bioprotection sales and a more focused approach to third party product sales.

讓我們轉向幻燈片 5，以了解按細分市場劃分的收入表現的更多詳細資訊。正如我所提到的，HB4 在營收成長方面發揮了重要作用，種子和綜合產品貢獻了近三分之二，季度銷售額增長約2000 萬美元，您可以看到，這樣做的同時盈利能力也得到了增強，正如我們將在即將推出的幻燈片。儘管不如種子和綜合產品60% 的成長令人印象深刻，但作物保護業務18% 的成長也帶來了利潤的提高，這得益於較高的生物保護銷售和更集中的第三方產品銷售方式。

On the crop nutrition front, it was a tougher than expected quarter, like I said, and one in which we could obviously not achieve everything we had planned for, microarray fertilizer sales drop compared to the year ago quarter as sending out any impact of the corn leaf (inaudible) which decimated corn yields last year led to lower corn [ARIO] in Argentina and hence softer demand for phosphate, a key ingredient of our fertilizers. And positive in crop nutrition was that both inoculant and biostimulant sales grew during the quarter, which, to some degree buffered the drop from fertilizers leading to a modest 3% drop for the segment.

在作物營養方面，正如我所說，這是一個比預期更艱難的季度，我們顯然無法實現我們計劃的一切，微陣列肥料銷量與去年同期相比有所下降，因為受到了玉米葉（聽不見清）導致去年玉米產量大幅下降，導致阿根廷玉米[ARIO] 產量下降，因此對磷酸鹽（我們肥料的關鍵成分）的需求疲軟。作物營養的正面因素是，本季接種劑和生物刺激劑的銷售額均有所增長，這在一定程度上緩衝了肥料的下降，導致該領域小幅下降 3%。

Now for the full year dynamics in Seed & Integrated Products were similar to those of the quarter, delivering a 70% growth, segment growth was driven by HB4 sales in this fourth-quarter as well as downstream sales throughout the year as part of our efforts to make HB4 business more capital efficient and also to expand the commercial footprint of HB4 grain buyers.

現在，種子和綜合產品的全年動態與本季度相似，增長了 70%，該細分市場的增長是由第四季度 HB4 銷售以及全年下游銷售推動的，這是我們努力的一部分提高HB4 業務的資本效率，並擴大HB4 穀物買家的商業足跡。

Crop Protection followed in terms of topline growth contribution with a 10% overall sales increase that spanned almost every category in this segment. (inaudible) & Seed protection products were the primary driver of revenue growth in crop protection for the year. Although as we will see, gross margin expansion can largely be attributed to our bioprotection solutions.

作物保護在營收成長貢獻方面緊隨其後，整體銷售額增長了 10%，幾乎涵蓋了該細分市場的每個類別。（聽不清楚）& 種子保護產品是今年作物保護收入成長的主要動力。儘管我們將看到，毛利率的成長很大程度上歸功於我們的生物保護解決方案。

Crop nutrition sales decreased by 10% or $16 million, explained in full by the lower accrual of the down payment from Syngenta, which had been $33 million in fiscal year '23 and now stood at almost $17 million. Despite softer account related demand for fertilizers in the third and fourth-quarters, strong performance in the first half of the year helped buffer the annual performance, resulting in slight decreasing revenues in crop nutrition.

作物營養銷售額下降了 10%，即 1,600 萬美元，這完全是由於先正達應計預付款的減少所致，該預付款在 23 財年為 3,300 萬美元，現在幾乎為 1,700 萬美元。儘管第三季和第四季與帳戶相關的化肥需求疲軟，但上半年的強勁表現有助於緩衝全年業績，導致作物營養收入略有下降。

Again, opposition to fertilizers, biostimulants emerged as the best performer and demonstration. And although their relative contribution to sales was smaller growth in this category, particularly in Europe completely offset the negative impact of fertilizers.

再次，反對化學肥料、生物刺激素成為最佳表現者和示範者。儘管它們對銷售的相對貢獻較小，但該類別的成長（尤其是在歐洲）完全抵消了化肥的負面影響。

Now let's please turn to slide 6, and look at the annual and quarterly gross profit by business segment. Quarterly gross profit grew 18% fully in line with revenues. It is worth noting though that both Seed & Integrated Products and crop protection segments delivered margin expansion on top of revenue growth, particularly in the of crop protection, gross profit grew by 50% more than what revenue stood, 27% gross profit increase compared to the 18% topline growth I mentioned in a prior slide for the segment.

現在讓我們翻到第6張投影片，看看按業務部門劃分的年度和季度毛利。季度毛利成長 18%，與營收完全一致。值得注意的是，種子及綜合產品和作物保護業務在收入增長的同時也實現了利潤率的增長，特別是在作物保護領域，毛利比收入增長了50%，毛利比去年增長了27% 。 我在之前的幻燈片中提到了該細分市場 18% 的營收成長。

And this was driven by margin expansion in bioprotection products as well as a more selective approach, third party products being commercialized by our sales force. Demonstration gross profit performance equal to revenues, primarily driven by software migrate fertilizers. Overall margin for the quarter remained almost flat year over year at 38%. Now for the full year, revenue growth did not translate into gross profit, which remained stable above the $185 million mark mainly explained by the lower accrual of Syngenta on payment and crop nutrition, which you can see there in light and gray or shaded green.

這是由生物保護產品的利潤擴張以及更具選擇性的方法所推動的，即我們的銷售人員將第三方產品商業化。示範毛利表現等於收入，主要由軟體遷移肥料推動。該季度的整體利潤率與去年同期相比幾乎持平，為 38%。現在，就全年而言，收入成長並未轉化為毛利，毛利保持穩定在1.85 億美元以上，這主要是由於先正達在付款和作物營養方面的應計費用較低，您可以在其中以淺色、灰色或綠色陰影看到。

I've been giving you a segmental level dynamics for the year were slightly different numbers for the quarter in terms of gross profit growth, Crop Protection was the top performer with increased gross profit across all product categories in the segment. Revenue growth was almost complemented by margin expansions in bioprotection, like I mentioned, and third party product sales in a similar fashion to a quarter.

我一直在向您提供今年的細分市場動態，就毛利成長而言，本季的數字略有不同，作物保護是表現最好的產品，該細分市場中所有產品類別的毛利均有所增加。正如我所提到的，收入成長幾乎得到了生物保護利潤率擴張的補充，以及與季度類似的第三方產品銷售。

Seed & Integrated Products followed in terms of positively contributing to gross profit and was primarily driven by HB4, fourth quarter sales, which showed good margins. The remainder of the year was somehow marked by higher downstream sales from actions in our divesting HB4 inventories of grain, which of course, has some more modest margin on the rest of the segment.

種子和綜合產品緊隨其後，對毛利做出了積極貢獻，主要受到第四季度 HB4 銷售的推動，該產品顯示出良好的利潤率。今年剩餘時間的特點是，我們剝離 HB4 穀物庫存的行動帶來了下游銷售的增加，當然，該領域的其他部分的利潤率較低。

And finally, in crop nutrition, again, the lower growth in Syngenta payment is the main driver for the year. Either this gross profit from inoculants was almost flat compared to the prior year, despite the unfavorable comparison since profits were not shared with Syngenta in the first half of fiscal '23. Similar to revenues and gross profit from fertilizer was flat and the best performer for the segment were the biostimulants with healthy growth in Europe and Brazil during the year. Overall, gross margin for fiscal year '24 decreased from 44% to 40%.

最後，在作物營養方面，先正達付款的較低增長再次成為今年的主要動力。與前一年相比，孕育劑的毛利幾乎持平，儘管由於在 23 財年上半年沒有與先正達分享利潤，因此比較不利。與化肥業務的收入和毛利類似，該領域表現最好的是生物刺激素，該業務年內在歐洲和巴西實現了健康成長。整體而言，2024 財年的毛利率從 44% 下降至 40%。

Let's turn to slide 7, and look at adjusted EBITDA for the quarter. To reiterate what I mentioned at the beginning of the call, we were hoping to achieve more than what we did this quarter. At the time of the prior earnings call, we were aiming to grow profitability by three times on the back of what seemed at the moment the delay in farmers purchasing of fertilizers in Argentina and bioprotection in other countries such as the US. The recovery in fertilizers finally didn't take base like we already discussed and the market for bioprotection, particularly in specialty crops in the US remains a complex one.

讓我們轉到投影片 7，看看本季調整後的 EBITDA。重申我在電話會議開始時提到的內容，我們希望能取得比本季所取得的成就更多的成果。在先前的財報電話會議上，我們的目標是將獲利能力提高三倍，因為目前看來，阿根廷農民購買化肥的時間似乎有所延遲，而美國等其他國家的生物保護措施似乎有所延遲。肥料的復甦最終並沒有像我們已經討論過的那樣奠定基礎，生物保護市場，特別是美國的特種作物市場仍然是一個複雜的市場。

Yet, I would like to point out that we were able to maintain gross profit contribution for crop nutrition in the quarter. And still have HB4 and crop protection products contribute to growing profitability in a meaningful way and growing EBITDA twofold in the quarter. Also in the face of challenges for some of our products, we focused on the cost side of the business and during the quarter lowered fixed SG&A by $1.6 million compared to a year ago quarter.

然而，我想指出的是，本季我們能夠維持作物營養的毛利貢獻。HB4 和作物保護產品仍然有助於以有意義的方式提高獲利能力，並在本季度實現 EBITDA 增長兩倍。此外，面對我們的一些產品面臨的挑戰，我們專注於業務成本方面，本季固定 SG&A 與去年同期相比降低了 160 萬美元。

Variable SG&A grew in line with topline growth and was the only negative contributor to EBITDA, this regard on lowering fixed SG&A, although I don't expect this to be a trend for a growing business. We do aspire to significant operational leverage by growing gross profits and keeping fixed costs as flat as possible. The full year adjusted EBITDA on slide 8, saw an example of that in terms of costs as fixed SG&A remained roughly flat and variable SG&A grew in line with top line.

可變SG&A與營收成長一致，是EBITDA的唯一負面貢獻者，這與降低固定SG&A有關，儘管我不認為這會成為業務成長的趨勢。我們確實渴望透過增加毛利和盡可能保持固定成本不變來獲得顯著的營運槓桿。第 8 張投影片上的全年調整後 EBITDA 就是一個成本方面的例子，固定 SG&A 基本上持平，可變 SG&A 與營收成長一致。

For the year, in terms of gross profit, like I already described, the main explanation behind the flat performance was the drop in the Syngenta upfront accrual, which was coupled by flat performance in fertilizers, explaining that almost EUR15 million drop in gross profit contribution from crop nutrition. Crop protection on your integrated products contributed to offsetting that, at the end of the day is what explains our EBITDA mark at $81.4 million for the full year.

今年，就毛利而言，正如我已經描述的那樣，表現平淡的主要原因是先正達預提費用的下降，再加上化肥業務表現平淡，解釋了毛利貢獻下降了近 1500 萬歐元來自作物營養。綜合產品的作物保護有助於抵消這一影響，歸根結底，這就是我們全年 EBITDA 達到 8,140 萬美元的原因。

Finally, let's turn to slide 9, to look at financial debt. Total net financial debt increased compared to a year ago, a decreased on a sequential basis compared to last quarter. On the annual comparison, the increase in total financial debt is well below our increasing working capital and still well into the less than three turns of leverage that we always like to keep.

最後，讓我們轉向幻燈片 9，看看金融債務。金融債務淨額總額較去年同期增加，較上季較上季下降。與年度比較相比，金融債務總額的增幅遠低於我們不斷增加的營運資本，並且仍遠低於我們一直希望保持的不到三倍的槓桿水平。

So we expect this to continue improving as we generate cash in the future and we increase our financial position. So to wrap it up, I would say that despite not excelling on every front, I think that our financial results for fiscal year '24 demonstrate once again the resilience of our business in the face of a challenging market and the strategic value of maintaining a diversified yet coherent and continuously evolving portfolio of technologies.

因此，隨著我們未來產生現金並增強我們的財務狀況，我們預計這種情況將繼續改善。因此，總而言之，我想說的是，儘管我們在各個方面都沒有表現出色，但我認為我們24 財年的財務業績再次證明了我們的業務在面對充滿挑戰的市場時所具有的彈性，以及維持業務成長的策略價值。

We achieved topline growth and maintained our full year adjusted EBITDA above the last year's record high $81 million threshold. While we successfully managed our cost base and prevail with the profitability results for the year. [Winter] and this year's result to be a stepping stone rather than a milestone and look forward to continued expansion of our business with a focus on profitability and enhance financial performance.

我們實現了營收成長，並將全年調整後 EBITDA 維持在去年創紀錄的 8,100 萬美元之上。我們成功管理了成本基礎並取得了今年的獲利結果。 [冬季]，今年的業績只是一個墊腳石，而不是一個里程碑，並期待著繼續擴大我們的業務，重點關注盈利能力和提高財務業績。

With that, I will turn the call over to Federico. Federico?

這樣，我會將電話轉給費德里科。費德里科？

Thanks, Enrique. And please turn now to slide number 10, for a more detailed look at the evolution of our HB4 seeds business during the year and the quarter. Revenues from our seed business and HB4 technology grew significantly over the year at 2.7 times with steady, but still low gross margin due to the downstream component of the identity preserve scheme, which involves low margin, grain sales as Enrique, indicated in his part of the presentation.

謝謝，恩里克。現在請翻到第 10 號投影片，更詳細地了解我們 HB4 種子業務在本年度和本季的發展。我們的種子業務和HB4 技術的收入在一年內顯著增長，達到2.7 倍，毛利率穩定，但由於身份保留計劃的下游部分（涉及低利潤、穀物銷售），毛利率仍然較低，恩里克在他的部分中表示。

As we shift our business model to a more conventional approach. We are starting to see improvements in our overall profitability as we are seeing in the last quarter of the year with close to half of the revenues associated to conventional seed sales. And by conventional, what we mean is non identity preserved, these are still GMO seed, which will also demand less working capital as we are no longer purchasing all the resulting production.

當我們將業務模式轉變為更傳統的方法。我們開始看到我們的整體盈利能力有所改善，正如我們在今年最後一個季度看到的那樣，近一半的收入與傳統種子銷售有關。按照慣例，我們的意思是不保留身份，這些仍然是基因改造種子，這也將需要更少的營運資金，因為我們不再購買所有由此產生的產品。

The shift towards this more profitable and capital-efficient model does require a more patient approach to growth, since multipliers and farmers now bear a greater risk to explore new materials and technologies, discontinued long-standing relationships with traditional providers and validate the five times increase in the royalty cost of wheat seeds that are associated to the HB4 technology. As a result, we fell halfway between where we were last year and what we expected to do during the season, which we believe will be more than offset or compensated with sustainable improvements in the upcoming season and beyond.

向這種利潤更高、資本效率更高的模式的轉變確實需要更加耐心的增長方式，因為乘數者和農民現在承擔著更大的風險來探索新材料和技術，終止與傳統供應商的長期關係，並驗證五倍的增長與 HB4 技術相關的小麥種子的特許權使用費。結果，我們在去年的水平和本賽季預期的成績之間下降了一半，我們相信這將透過即將到來的賽季及以後的可持續改進來抵消或補償。

However, and before we turn to the next slide, we are now in the process of reviewing our HB4 soy expectations for fiscal year '25. Despite the good performance we are seeing in Brazil and the significant improvements in our Argentine portfolio varieties, we believe that it will take us one to two more years to have the portfolio depth and validation that is required to achieve our prior previous guidance.

然而，在我們轉向下一張幻燈片之前，我們現在正在審查 25 財年的 HB4 大豆預期。儘管我們在巴西看到了良好的表現，並且我們的阿根廷投資組合品種有了顯著改善，但我們相信，我們還需要一到兩年的時間才能獲得實現我們之前指導所需的投資組合深度和驗證。

Under these new business approach, we are now more intensely partnering with top genetic providers in Latin America tried to shortcut this process, but keeping our previous guidance is just not realistic at this time, we can address specific concerns and questions on this topic during the Q&A session.

在這些新的商業方法下，我們現在與拉丁美洲的頂級基因提供者更加緊密地合作，試圖縮短這一過程，但目前保持我們先前的指導是不現實的，我們可以在問答環節。

Turn now to the following slide for a discussion on the implications of the USDA phase note regarding HB4 wheat, this is slightly lower. Under the [A please] note that we announced a few weeks back HB4 wheat is no longer subject to specific communications. So now we can move forward with field activities, non-regulated field activities for product development and commercialization.

現在轉到下面的幻燈片，討論美國農業部階段說明對 HB4 小麥的影響，數字略低。[請]注意，我們幾週前宣布 HB4 小麥不再受特定通訊的約束。因此，現在我們可以繼續進行現場活動、非監管現場活動，以進行產品開發和商業化。

We are already collaborating with some with participants, in particular with the Colorado Wheat Research Foundation with whom we are developing seven materials targeting the heart red, a weak footprint, both winter and spring. And we are also looking forward to onboard other state organizations that are active in bringing with genetics for the Midwest to have a more broad approach to HB4 opportunity for the US.

我們已經與一些參與者合作，特別是與科羅拉多小麥研究基金會合作，我們正在與基金會合作開發七種針對心紅色（冬季和春季足跡較弱）的材料。我們也期待與其他積極為中西部地區引入遺傳學的州組織合作，為美國提供更廣泛的 HB4 機會。

Now this will not materialize for a one year to the next, it will take time. We believe that by addressing these Midwestern states, we can probably doubled and the existing opportunity we have today when we look at Latin America and Australia combined, and we will do so following the guidance that was provided by the weak industry and associations, the US Wheat Associates and the National Association of Wheat Growers that requires approvals in certain key geographies where wheat exports from the US are relevant.

現在這在一年後都不會實現，這需要時間。我們相信，透過解決這些中西部各州的問題，當我們將拉丁美洲和澳洲結合起來時，我們今天擁有的現有機會可能會翻倍，我們將遵循薄弱的行業和協會、美國提供的指導來做到這一點小麥協會和全國小麥種植者協會要求在與美國小麥出口相關的某些關鍵地區獲得批准。

As well as an effective way to identify HB4 presence in winter shipments, which we already have because of the developments we did in Argentina with optic devices, which are available at all points of delivery and carry almost negligible costs for HB4 reduction. And that will be partnering with outreach and educational programs. So we can have all elements in place at the time of launch and hopefully take advantage of this opportunity in the medium term.

以及一種識別冬季運輸中 HB4 存在的有效方法，由於我們在阿根廷開發了光學設備，我們已經擁有了這種方法，這些光學設備可在所有交付點使用，並且減少 HB4 的成本幾乎可以忽略不計。這將與外展和教育計畫合作。因此，我們可以在發佈時準備好所有要素，並希望在中期利用這個機會。

In the short term, I think that the approval in the US also serves as a validation in our domestic market in Argentina and Brazil. We're currently scaling HB4 wheat, the process is always comforting to see the [robot] stamp of US regulators and the incremental or additional acceptance in other geographies as a way to mitigate some of the fears that existed early on in terms of the commercial implications around at GMO.

短期來看，我認為美國的批准也是對我們阿根廷和巴西國內市場的驗證。我們目前正在擴大HB4 小麥的規模，這個過程總是令人欣慰地看到美國監管機構的[機器人]印記以及其他地區的增量或額外接受，作為減輕早期在商業方面存在的一些擔憂的一種方式對基因改造生物的影響。

Let's turn to the next slide to discuss some organizational changes. I would like to introduce two highly regarded professionals that have decided to join our organization recently and be part of our leadership team in two key roles, Milen Marinov, that is joining us as Senior Vice President of Commercial for North America and the [Profarma umbrella] & Global Key Account Manager, Milen has an extensive experience in the biological industry comes from Syngenta and previously was an important part of the panel growth before the Syngenta acquisition.

讓我們轉向下一張投影片來討論一些組織變革。我想向您介紹兩位備受推崇的專業人士，他們最近決定加入我們的組織，並成為我們領導團隊的一員，擔任兩個關鍵職務：Milen Marinov，他將加入我們，擔任北美商務高級副總裁和[Profarma 保護傘] ] 兼全球​​大客戶經理，Milen 在先正達生物行業擁有豐富的經驗，在先正達收購之前曾是該小組增長的重要組成部分。

He joined us back in July and to 45 the team in the US and globally, our biologicals effort and more recently, Susana Martins Carvalho, that is leading our unified effort in Brazil where we previously operated under both the Pro Farm and resell Baxter brand. And now we have both unified under Susana's shipped. Susana has also been very successful in growing businesses from scratch in the biological and bio nutrition space. And we look forward to her contribution from consolidating our opportunity in Brazil.

他於7 月加入我們，加入了我們在美國和全球的45 名生物製品團隊，最近加入了Susana Martins Carvalho，她負責領導我們在巴西的統一工作，我們之前在巴西以Pro Farm 和經銷Baxter 品牌運營。現在我們都統一在蘇珊娜的運送下。蘇珊娜在生物和生物營養領域白手起家發展業務方面也非常成功。我們期待她為鞏固我們在巴西的機會做出貢獻。

Let's turning to the final slide for some areas of focus or emphasis that we will keep in mind for fiscal year '25.

讓我們轉向最後一張投影片，了解我們將在 25 財年牢記的一些重點領域。

As I think results from the discussion we just had an HB4, we will have a key focus on cash generation and profit expansion in all our businesses, but particularly in HB4 and particularly as it relates to HB4 soy, where we're looking to partner with strategic generic providers there to be able to fast track the transition to the new business model in this particular business segment.

我認為，根據我們剛剛進行的 HB4 討論的結果，我們將重點關注所有業務的現金生成和利潤擴張，特別是 HB4，特別是與 HB4 大豆相關的業務，我們正在尋求合作夥伴與戰略通用供應商合作，能夠快速追蹤該特定業務領域向新業務模式的過渡。

We are also looking forward to continuing that investing in the development and registration of our biocontrol solutions. Last year, we got the approval of our first buy insecticides in Brazil. We are still waiting for the approval of the MBI306 platform in the US, that is a key driver of growth for our seed treatment applications in that geography. So that is an important aspect that we look forward to next year as well as the approval of some (inaudible), both in Europe and Brazil.

我們也期待繼續投資於我們的生物防治解決方案的開發和註冊。去年，我們在巴西購買的第一批殺蟲劑獲得了批准。我們仍在等待 MBI306 平台在美國的批准，這是我們在該地區種子處理應用成長的關鍵驅動力。因此，這是我們期待明年以及歐洲和巴西的一些（聽不清楚）批准的一個重要方面。

It should help us further consolidate our leadership position in the biocontrol space. We also would like to leverage our portfolio of key our biological AIs. And this might be a new term for some of you to improve the efficacy of and not only the efficacy, but also the environmental profile of our some well established products, some of which come from our proprietary portfolio like [adjuvants], microbial fertilizers that we can now combine with biologicals to improve their functionality and further differentiate them in the marketplace, but also third party technologies with underutilized assets that are still valuable, but broadly, it can be significantly improved in their ability to control best by combining them with our actives. And also in doing so significantly improve their environmental profile.

它應該有助於我們進一步鞏固我們在生物防治領域的領導地位。我們也希望利用我們的關鍵生物人工智慧產品組合。對於你們中的一些人來說，這可能是一個新術語，旨在提高我們一些成熟產品的功效，不僅是功效，而且還提高其環境特徵，其中一些產品來自我們的專有產品組合，例如[佐劑]、微生物肥料，我們現在可以與生物製品相結合，以改進其功能並進一步使其在市場上脫穎而出，而且還可以與具有未充分利用資產的第三方技術相結合，這些技術仍然很有價值，但總的來說，透過將它們與我們的結合，可以顯著提高其最佳控制能力。這樣做也顯著改善了他們的環境狀況。

So that is something we are more actively seeking to do in fiscal '25 and forward.

因此，這是我們在 25 財年及以後更積極尋求做的事情。

And finally, we have made investments in installed capacity in Brazil. As you know, last year we inaugurated a brand new adjuvants facility that is today probably operating at less than 30% of capacity. So ramping that up to full installed capacity as well as bringing online the new fermentation capacity (inaudible), for us to be able to optimize our manufacturing operations and make sure we can supply our products in Thailand form to our global customer. So that's basically what we are looking to do areas of emphasis sort of focus for fiscal '25.

最後，我們對巴西的裝置容量進行了投資。如你所知，去年我們啟用了一個全新的助劑工廠，目前該工廠的產能利用率可能不到 30%。因此，將其提高到滿載容量以及將新的發酵能力上線（聽不清楚），使我們能夠優化我們的製造運營，並確保我們能夠以泰國形式向我們的全球客戶供應我們的產品。這基本上就是我們希望在 25 財年重點關注的領域。

With that, I think we can now open up the call for Q&A. So operator, we are ready for the Q&A session.

至此，我想我們現在可以開始問答環節了。接線員，我們已經準備好進行問答環節了。

(Operator Instructions) Ben Klieve, Lake Street Capital Markets.

（操作說明）Ben Klieve，湖街資本市場。

All right. Thanks for taking my questions. First of all, on the quarter itself, the dynamics you described in the crop protection and fertilizer space totally makes sense. I'm struggling to understand how HB4 wheat played out during the quarter, though, and I'm hoping you can help.

好的。感謝您回答我的問題。首先，就本季本身而言，您在作物保護和肥料領域描述的動態完全合理。不過，我正在努力了解 HB4 小麥在本季的表現，希望您能提供協助。

On the on the third-quarter call on May 10 or so, you'd noted that there were $6.5 million of incremental EBITDA from that product that had been achieved in the first 40% of the quarter, which looks to be basically the entirety of that product's profitability in the entire quarter. So can you guys describe what happened in the first five, six weeks of the quarter that gave you so much confidence in in HB4 wheat as of the third-quarter call? And then what changed in the last 60% in the quarter?

在 5 月 10 日左右的第三季電話會議上，您注意到該產品在本季度的前 40% 中實現了 650 萬美元的增量 EBITDA，這看起來基本上是該產品整個季度的盈利能力。那麼你們能描述一下本季前五、六週發生的事情讓你們在第三季電話會議上對 HB4 小麥充滿信心嗎？那麼本季最後 60% 發生了什麼變化？

Hi, Ben, this is Federico. Thank you for your call, I think it's very relevant to make that clear. I think that what you saw when we did the third quarter guidance was mostly what we were able to do ourselves in terms of the traditional channel in part with farmers that were recurring customers and provided early indications. Our expectation was that the multipliers that we onboarded last year will give us a sort of a similar push towards the end of the quarter and that is what I finally didn't quite materialize.

嗨，本，我是費德里科。感謝您的來電，我認為澄清這一點非常重要。我認為，當我們制定第三季指導時，您看到的主要是我們在傳統管道方面能夠做的事情，部分是與經常性客戶並提供早期跡象的農民一起做的。我們的預期是，我們去年推出的乘數將為我們在本季末帶來類似的推動力，而這正是我最終沒有實現的。

And so it was disappointing to that effect. So we did slightly better than what you saw in that guidance, but fell halfway and towards where we wanted to be, which was a $15 million net, if you will, from this particular product category, I think what we in a way underestimated was the level of validation that is required for conventional sales now. So when farmers participate in identity preserve scheme is a little bit of a handholding from the company where we tried to meet mitigate risk that doesn't appear when they're first exposed to the technology.

因此，這令人失望。因此，我們的表現比您在該指南中看到的稍微好一些，但在我們想要達到的目標（淨值1500 萬美元）方面下降了一半，如果您願意的話，從這個特定的產品類別來看，我認為我們在某種程度上低估了現在傳統銷售所需的驗證等級。因此，當農民參與身分保護計畫時，我們會盡力減少公司的控制，以減輕他們第一次接觸該技術時不會出現的風險。

So that can be one element. I think there is another element that has to do with the time it takes to displace existing relationships, which is not done from one day to the next. So it's done on a more gradual speed. But finally, and I think this is where we need to fine-tune our proposal. We came to the market with a product that had a royalty load of $11 now per bag, and that was nominally fixed and probably implied a more significant increase in price, if you think that wheat prices were coming down.

所以這可以是一個元素。我認為還有一個因素與取代現有關係所需的時間有關，這不是一天到一天完成的。所以它是以更漸進的速度完成的。但最後，我認為這是我們需要微調我們的提案的地方。我們向市場推出的產品現在每袋的特許權使用費為 11 美元，名義上是固定的，如果您認為小麥價格正在下降，則可能意味著價格會大幅上漲。

So from a total product cost that represented a significant percent of the total product cost, and that compares to just $2 for conventional genetics. So even though that wasn't much of a concern within within the identity reserved scheme because there are other elements that improve economics under that process. It did become a more significant aspect in the conventional sales channel.

因此，從產品總成本來看，它佔產品總成本的很大一部分，而傳統遺傳學的成本僅為 2 美元。因此，儘管在身分保留方案中這並不是什麼大問題，因為在過程中還有其他因素可以改善經濟性。它確實成為傳統銷售管道中更重要的方面。

So what are we doing on a forward-going basis? Obviously generating the data to support the onboarding of farmers that have not participated in prior experiences are now customers of our multipliers and probably adjust the pricing so that it becomes in more directly correlate with the price of wheat. And it's not nominal fix that required a conversation with our JV partners. It's probably something that we identified late in the season, so we had little time to maneuver and ended up giving us the results, that we are currently reporting.

那麼我們在未來的基礎上正在做些什麼呢？顯然，產生數據來支持未參與先前經驗的農民現在是我們乘數的客戶，並且可能會調整定價，使其與小麥價格更直接相關。這並不是名義上的修復，需要與我們的合資夥伴進行對話。這可能是我們在賽季末發現的，所以我們幾乎沒有時間進行操作，最終給了我們目前正在報告的結果。

Thank you, a lot to unpack, but directionally all that makes sense. I guess I'll ask one more kind of high-level question and then get back in queue, and that's around the kind of the boards philosophy over the last six months, given the dynamics, particularly within HB4, I mean, you guys have both on the board. Has there been any kind of change in the thought process of the Board or any kind of more seismic, move that does that on a high level, the group is considering now given the challenges in HB4, in this commercial launch? Or is the commercial trajectory and commercial strategy that you laid out really fully supported and the sole kind of focus of the trajectory of the company going forward here.

謝謝，有很多事情需要解開，但從方向上來說，所有這些都是有意義的。我想我會再問一種高級問題，然後回到隊列中，這就是過去六個月的董事會理念，考慮到動態，特別是在 HB4 內，我的意思是，你們已經兩者都在董事會上。考慮到 HB4 的挑戰，在本次商業發布中，董事會的思維過程是否發生了任何變化，或者是否有任何更具震撼力的舉措，在高水準上實現了這一目標？或者您所製定的商業軌跡和商業策略是否真正受到完全支持，並且是公司未來發展軌蹟的唯一焦點。

I think obviously, the Board does react to sort of the reality that we are experiencing. I think I wouldn't go as far as saying that is a seismic change, but I do believe there is a clear vision that we are in a stage where we need to pivot from where we were to where we need to be. And I think GAAP and sometimes we need to analyze why we did what we did in perspective in terms of why we put some of these identity preserved scheme in place as a way to get rid of some commercial concerns early on where we need to be probably more involved in the commercialization process of the grain than what we would have liked.

我認為顯然，董事會確實對我們正在經歷的現實做出了反應。我想我不會說這是一個巨大的變化，但我確實相信有一個清晰的願景，即我們正處於一個需要從原來的位置轉向我們需要的位置的階段。我認為 GAAP 和有時我們需要分析為什麼我們做了我們所做的事情，因為我們為什麼要實施一些身份保留計劃，作為儘早擺脫一些商業問題的方式，我們可能需要這樣做比我們希望的更多地參與穀物的商業化過程。

And also as a way to get exposure to the technology prematurely which is something that we felt was going to translate into accelerated growth that was achieved partially, I think our conclusion today is that we now need to be more efficient in working capital allocation, in capital allocation in general. And that was one aspect that the Board highlighted. And in our way emphasized, they need to pivot from this particular business model to one that is more conventional in nature.

而且，作為過早接觸該技術的一種方式，我們認為這將轉化為部分實現的加速增長，我認為我們今天的結論是，我們現在需要在營運資本配置方面更加高效，一般資本配置。這是董事會強調的一個面向。正如我們所強調的那樣，他們需要從這種特定的商業模式轉向本質上更傳統的商業模式。

And also I think that we recognize that in that conventional approach, there are companies that have excelled in the past. Now we could probably partner with to sort of help us troubleshoot some of the things we need to troubleshoot. So the answer is yes, there is kind of a pivot in the strategy at the Board level that is going from one business model to a different one, that still a high level of conviction on the value of the technology and what it can do to farmers is just about how do we approach them.

而且我認為我們認識到，在傳統方法中，有些公司在過去表現出色。現在我們可能可以合作來幫助我們解決一些我們需要解決的問題。所以答案是肯定的，董事會層面的策略有一個關鍵點，即從一種商業模式轉向另一種商業模式，仍然對技術的價值及其能做什麼有高度的信念。

Do we go with sort of the well-known participants that people that had the relationships for many years, although we continued also to persuade them to engage directly with us in seats, which is probably not a space where we have been operating for too long. So I think now we do recognize that help might be needed more soy in soybean and wheat, I think we'd we feel we're in a good spot and that we can quickly expand our profitability and market share.

我們是否會與那些有著多年關係的知名參與者一起去，儘管我們還繼續說服他們在座位上直接與我們互動，這可能不是我們經營太久的空間。因此，我認為現在我們確實認識到可能需要更多大豆和小麥的幫助，我認為我們感覺我們處於有利位置，我們可以快速擴大我們的盈利能力和市場份額。

But in soy, I think we would need that partnership and that is something that the Board we'll probably be looking at us in the months to come know, how do we fortify our effort by bringing people that are well established, probably leading on the genetic space to help us achieve top-performing varieties that can be quickly accepted and validated by farmers, so that we can roll out HB4 technology at a faster base.

但在大豆方面，我認為我們需要這種夥伴關係，這是董事會在未來幾個月內可能會關注我們的事情，我們如何透過引入成熟的人員（可能是領導者）來加強我們的努力遺傳空間可協助我們獲得能夠快速被農民接受和驗證的頂級品種，以便我們能夠更快地推出HB4 技術。

So then maybe to complement on what Federico said, more from a kind of like financial standpoint I think that there are two underlying fundamentals that changed since we started with this strategy for HB4. One, of course, is the cost of capital, but significantly increased in the last year or two. And the other one is that, of course, that we have competing capital allocation projects are destinations for the capital that the company has, and that is to me the acquisition of the meaningful buyer protection platform that we now have in Profarma, plus the biostimulant.

因此，也許可以補充 Federico 所說的內容，更多地從財務角度來看，我認為自從我們開始實施 HB4 策略以來，有兩個基本面發生了變化。其中之一當然是資本成本，但在過去一兩年顯著增加。另一個是，當然，我們競爭的資本配置項目是公司擁有的資本的目的地，對我來說，這就是收購我們現在在 Profarma 擁有的有意義的買家保護平台，加上生物刺激劑。

So there's also a capital allocation competition and I think that Federico highlighted, HB4 remains a key technology for us. I think that that is well understood. It is also an issue of where we want to put our capital at work and what creates more value for shareholders without negating the underlying value of HB4. So that's what we're trying to find a way of doing both things in a more capital-efficient way.

因此，還有資本配置競爭，我認為 Federico 強調，HB4 仍然是我們的關鍵技術。我認為這是很好理解的。這也是我們希望將資本投入到何處以及如何在不否定 HB4 潛在價值的情況下為股東創造更多價值的問題。這就是我們正在努力尋找一種以更資本效率更高的方式完成這兩件事的方法。

Very good. Well, I appreciate you both taking my questions. Good luck in the upcoming planting season, South America, and I'll get back in queue.

非常好。嗯，非常感謝你們回答我的問題。祝南美洲即將到來的種植季節好運，我會重新排隊。

Kristen Owen Oppenheimer.

克里斯汀·歐文·奧本海默。

Hi, good morning. Thank you for taking the question. And actually a really nice transition into some of the questions that I had for you, which are really more on the biologicals piece of the portfolio, maybe short term and then a near term question. On the short term, we are sitting here in early September, we're coming into planting season.

嗨，早安。感謝您提出問題。實際上，這是我向您提出的一些問題的一個非常好的過渡，這些問題實際上更多地涉及投資組合中的生物製品部分，也許是短期問題，然後是近期問題。從短期來看，我們正處於九月初，即將進入播種季節。

Just hoping you can maybe provide some color on trends as far, how order books are looking, what's the on the ground sentiment for the farmer? And then I'll ask you to maybe break that out Brazil versus Argentina, given some of your prior comments?

只是希望您能提供一些有關趨勢的信息，訂單簿的情況如何，農民的實際情緒如何？然後我會問你是否可以根據你之前的一些評論來區分巴西與阿根廷的比賽？

Hi, Kristen. Thanks for joining us today. I think the different realities in different geographies, thus far, I think in the US and in Brazil things are progressing well compared to the year before. Now, remember the year before was some probably a soft year in those two markets, but it's good to see that we're finally catching up in the quarter thus far in Argentina, I think we are still waiting for rains for the summer crops season two, we are visible to the ag-input provider.

嗨，克里斯汀。感謝您今天加入我們。我認為不同地區的現實情況不同，到目前為止，我認為在美國和巴西，與前一年相比，情況進展順利。現在，請記住，前一年可能是這兩個市場的疲軟年份，但很高興看到我們終於在阿根廷本季度迎頭趕上，我認為我們仍在等待夏季作物季節的降雨第二，我們對ag- input提供者是可見的。

So as Enrique alluded in, his part of the presentation, part of the microbial fertilizer sales that we were expecting in the fourth-quarter were not materialized. Part of that has to do with a shift in crop area from corn to soybeans, that is also dependent on near term rates so if we do have good rains in the next two weeks, that shift might be less severe as compared to if it rains to not materialize or way to mitigate the teacher read, the effect is to have our corn planted very early on.

因此，正如恩里克所提到的，他在演示中的部分內容，我們預期的第四季度微生物肥料銷售的部分內容並未實現。部分原因與作物面積從玉米轉向大豆有關，這也取決於近期的價格，因此如果未來兩週確實有充足的降雨，那麼與下雨相比，這種轉變可能不會那麼嚴重不實現或減輕老師閱讀的方式，其效果是讓我們的玉米很早就種下。

So that means right now and if that happens, you may see a concurrent effect in our microbial fertilizer sales. So I think we are tracking well in Brazil and the United States in Argentina, we still have some uncertainty regarding the weather effect and how that might play into the corn soybean mix. I don't know, Enrique, if you want to add to that?

因此，這意味著現在，如果發生這種情況，您可能會看到我們的微生物肥料銷售同時受到影響。因此，我認為我們在巴西和美國在阿根廷的進展情況良好，但關於天氣影響及其對玉米大豆組合的影響，我們仍然存在一些不確定性。我不知道，恩里克，你是否想補充？

I think that's right on spot, maybe on sort of like some smaller geographies like Europe (inaudible) I think that things are chugging along well, but completely or we were fairly close comment on sort of things yet to be seemed in Argentina as it relates to weather and how that affects sales evolution. So maybe just a reminder, remember that we usually have that discussion of Q1, Q2 from an underlying business perspective, we always look at the first half of the fiscal year, as some more sort of like a relevant indicator of how we performed commercially see and sometimes things go from Q1 to Q2 or sometimes we have advanced sales in Q1 on preseason sales of Q2 top bear that in mind.

我認為這是正確的，也許有點像歐洲等一些較小的地區（聽不清楚）我認為事情進展順利，但完全或者我們對阿根廷尚未出現的一些事情進行了相當密切的評論，因為它涉及天氣及其對銷售變化的影響。因此，也許只是提醒一下，請記住，我們通常從基本業務角度討論第一季度、第二季度，我們總是關注本財年的上半年，因為它更像是我們商業表現的相關指標有時事情會從第一季發展到第二季度，或者有時我們會在第一季的季前銷售中提前銷售第二季的銷量，請記住這一點。

Okay Thank you for that. The cadence or seasonality, there is helpful reminder. Longer term, I guess my question is, you've brought in some new leadership in the biologicals business and I understand there's still some registrations in the pipeline that you're hoping to come in in 2025.

好的，謝謝你。節奏或季節性，有有用的提醒。從長遠來看，我想我的問題是，你們在生物製品業務中引入了一些新的領導層，而且我知道你們仍然希望在 2025 年完成一些註冊工作。

Just the positioning of this portion of the business, given that that's where you're seeing really strong growth and less of the the overall or rather let me rephrase that as you're really differentiating in the market compared to what we've seen in traditional crop chemical, where they suffered from a great deal of inventory destocking and and generics. This seems to be a business that is sort of differentiated from that broader market trend. So just positioning of biologicals long term and what bringing this new leadership in means for that business?

只是這部分業務的定位，因為你看到的是真正強勁的增長，而整體增長較少，或者更確切地說，讓我重新表述一下，因為與我們所看到的相比，你在市場上確實有差異化傳統作物化學品，他們遭受大量庫存去庫存和仿製藥的影響。這似乎是一項與更廣泛的市場趨勢不同的業務。那麼，生物製品的長期定位以及為該業務帶來新的領導地位意味著什麼？

Well, I think it's very relevant for that business. This new leadership is specific to the biological side of the portfolio. So will have no activities or responsibilities around the seed and HB4 part of the business. I think in the case of North America, the big driver there is to move into row crops and that is where we will face or will it. And it's an opportunity where we don't see the difficulties of traditional chemicals.

嗯，我認為這與該業務非常相關。這一新的領導地位專門針對產品組合的生物方面。因此，不會有任何圍繞種子和 HB4 業務部分的活動或責任。我認為就北美而言，最大的推動力是轉向中耕作物，這就是我們將面臨或將面臨的問題。這是一個我們看不到傳統化學品困難的機會。

So the destocking situation that you've seen in that space, does that equate to the reality of biologicals in part because there's very little in the biological space in row crops and also some of these products, it just cannot be kept in inventory forever. So the fact that they are biological means they have expiration dates and that requires a different type of inventory management.

因此，您在該領域看到的去庫存情況是否等同於生物製品的現實，部分原因是在生物領域中行作物和其中一些產品的數量非常少，它不能永遠保留在庫存中。因此，它們是生物的事實意味著它們有有效期，這需要不同類型的庫存管理。

So and I do believe the seniority in the leadership today will not only allow us to strengthen our existing sales efforts directly as pure biologicals in certain geographies for sure in a cash crop market and part of this sort of a seed treatment play. We go with 100% biologicals, but also enable us to do a little bit of what I indicated at the last, in the last part of my presentation, which is to develop a hybrid products where we can use our portfolio of biological AIs to revitalize, functionalized existing products.

因此，我確實相信，今天領導階層的資歷不僅能讓我們在某些​​地區直接加強現有的純生物製品銷售工作，當然也包括經濟作物市場和此類種子處理業務的一部分。我們使用 100% 生物製品，但也使我們能夠做一些我在演講最後部分指出的事情，即開發一種混合產品，我們可以使用我們的生物人工智慧產品組合來振興，對現有產品進行功能化。

So there may be a way by which combining one of our bio fungicides or insecticides may improve the environmental profile of an existing fungicide or insecticide while improving its efficacy in the control of certain tests, I think that allows us to have incrementality earlier on before sort of the 100% biological product or the full biological product and sort of achieve the cost parity and broad spectrum of control that is often expected out of chemical.

因此，可能有一種方法可以將我們的一種生物殺菌劑或殺蟲劑組合起來，從而改善現有殺菌劑或殺蟲劑的環境狀況，同時提高其在控制某些測試中的功效，我認為這使我們能夠在排序之前儘早實現增量100% 生物產品或全生物產品，並在一定程度上實現了化學品通常期望的成本平價和廣泛的控制。

So there's an in-between step there that requires developing these combinatorial products that I believe have a high level of differentiation in which the differentiating element is what we can provide for our existing portfolio biological AIs and the leadership we have in place. I think it's well prepare to have that type of conversations and take full opportunity of that advantage.

因此，中間有一個步驟需要開發這些組合產品，我認為這些產品具有高度的差異化，其中差異化元素是我們可以為我們現有的生物人工智慧產品組合和我們現有的領導地位提供的東西。我認為我們已經做好了進行此類對話並充分利用這一優勢的準備。

And just to complement on what Federico, said something we've been discussing with you all is that the opportunities for growth for us in the midterm line, probably in these two markets which have different complexities. I think that having a holistic approach with all of the portfolio targeting different regions in Brazil is something we were long due to do, to have a vision for that country. I don't think we're going to get a V-shape recovery in either of these two markets, but we are starting from small in a market that is at least giving signals of recovery. So there's good opportunity in Brazil.

為了補充費德里科所說的，我們一直在與大家討論的是，我們在中期的成長機會，可能是在這兩個具有不同複雜性的市場中。我認為，我們早就應該對巴西不同地區的所有投資組合採取整體方法，以便為該國制定願景。我認為這兩個市場都不會出現 V 型復甦，但我們是從一個至少發出復甦訊號的小市場開始的。所以巴西有很好的機會。

It's a big, big market where we have a tough portfolio and still technologies to be developed to tackle the agronomic challenges that farmers having that market like Federico, just described and the US slightly different with a more complex distribution network to be addressed, but yet with the full opportunity to grab in terms of moving to row crops. So those two things in the midterm are strong drivers of growth in the biologicals business and having senior leadership that Federico just set. It's a cornerstone of materializing that growth.

這是一個非常非常大的市場，我們擁有強大的產品組合，並且仍然需要開發技術來解決農藝挑戰，農民擁有像費德里科這樣的市場，剛剛描述，美國略有不同，有一個更複雜的分銷網路需要解決，但是在轉向中耕作物方面有充分的機會。因此，中期的這兩件事是生物製品業務成長的強大驅動力，並且擁有費德里科剛剛設立的高階領導層。這是實現這種成長的基石。

Great. Thank you so much for taking the questions.

偉大的。非常感謝您提出問題。

Kemp Dolliver, Brookline Capital Markets.

Kemp Dolliver，布魯克林資本市場。

Great, thank you. I think it's USDA put out some forecasts for the season indicating that soy plantings in Argentina are likely to hit a record, whereas in Brazil will probably be more flattish. And so the first question is, given your mix of business, will that likely benefit you? And then the second question specifically relates to whether that will benefit HB4 soy?

太好了，謝謝。我認為美國農業部對本季做出了一些預測，顯示阿根廷的大豆種植面積可能會創紀錄，而巴西的大豆種植面積可能會持平。因此，第一個問題是，考慮到您的業務組合，這可能會讓您受益嗎？第二個問題具體涉及這是否有利於 HB4 大豆？

So thanks Kemp, for participating in the call. I think the Argentina situation will probably benefit in part HB4 soy and all of the portfolio that we have around that crop. And it has to do mostly with the shift that we indicated before of corn acreage that is shifting to soy because of new pest pressure, that is dependent on the range now in September because if we have enough order in September, part of that shift was not materialize because the early planting of corn is a way to mitigate in part the effect of these new best.

感謝坎普參加這次電話會議。我認為阿根廷的情況可能會部分受益於 HB4 大豆以及我們圍繞該作物的所有投資組合。這主要與我們之前指出的玉米種植面積的轉變有關，由於新的蟲害壓力，玉米種植面積正在轉向大豆，這取決於9 月份的範圍，因為如果我們9 月份有足夠的訂單，那麼這種轉變的一部分是不會實現，因為早期種植玉米是部分減輕這些新的最佳效果的一種方法。

So if there are no rains, then the ship will be more dramatic and we will recover part of the soybean acreage we lost over the last two to three years. Now for a company, it sells inoculants that are fully dedicated to soy, the full sort of seed treatment ag that we have in that crop.

因此，如果沒有降雨，那麼船況將會更加劇烈，我們將恢復過去兩三年失去的部分大豆種植面積。現在，對於一家公司來說，它銷售完全專用於大豆的接種劑，這是我們在該作物中擁有的全套種子處理劑。

And also an important I see trade like a three four in that particular drop that is more favorable because of we are more exposed to corn than we are to, to corn except in one product category, which are the microbial fertilizers, no, where corn is very relevant to us. So it's never a perfect sort of shift.

還有一個重要的問題是，我認為在特定的下降中，像三四這樣的貿易更加有利，因為我們對玉米的接觸比我們對玉米的接觸更多，除了一種產品類別，即微生物肥料，不，玉米與我們非常相關。所以這從來都不是一個完美的轉變。

Now in the case of Brazil, we've been flat in Brazil is almost like coming down elsewhere because that's the one country that has added I don't know, $0.5 million hectors every year since they became this soybean powerhouse. Now, I believe that at the current commodity price broadly the country average yield, it's not enough to breakeven.

現在就巴西而言，我們在巴西的表現一直持平，幾乎就像在其他地方下降一樣，因為這是一個國家，我不知道，自從他們成為大豆強國以來，每年增加 50 萬公頃。現在，我認為以目前的商品價格大致相當於國家平均殖利率，還不足以達到損益兩平。

So farmers will need to do better than average to make value on soy under the current situation. And that might have two implications here that you need to be very aggressive on technology to drive to improve productivity and do better than average, in which case that might tend to favor us, or you become very cost conscious and go for the cheap alternative on the ag-input offerings, and that will tend to make it more difficult for us.

因此，在當前情況下，農民需要比平均值做得更好，才能實現大豆的價值。這可能有兩個含義，即您需要在技術上非常積極，以提高生產力並做得比平均水平更好，在這種情況下，這可能會對我們有利，或者您變得非常注重成本，並選擇廉價的替代方案農業投入產品，這往往會讓我們變得更加困難。

Now, remember in Brazil, we are dropping the Ocean steel. Now it's our business, it's not so relevant. The product category that is more related to soybeans is on the hands of Syngenta, where we have a take or pay type agreements with minimum profitability. So that is somewhat Fortify.

現在，請記住在巴西，我們正在放棄海洋鋼鐵。現在這是我們的事了，沒那麼重要了。與大豆更相關的產品類別由先正達掌握，我們與先正達簽訂了照付不議型協議，利潤率最低。所以這有點強化。

And then the business that we are currently executing is more on the biostimulants, which is more corn dependent and soybean dependent and bioprotection is, I would say, encompassing of all crops and adjuvants, of course are not drop specific. Never straight answer where when you see that type of shifts. So some aspects we may do better, in some aspects it might be slightly more challenging.

然後，我們目前正在執行的業務更多地涉及生物刺激劑，這更多地依賴玉米和大豆，而生物保護，我想說，涵蓋了所有作物和助劑，當然不是特定的。當你看到這種類型的轉變時，永遠不要直接回答哪裡。所以有些方面我們可能會做得更好，有些方面可能會稍微有挑戰性。

Great, thank you. Second question relates to the biological business management transition and when I look at how you report your business and the products under each segment, what particularly or Mr. [Milen] of group has the broader portfolio, what products and what percentage of the business business represents roughly?

太好了，謝謝。第二個問題涉及生物業務管理轉型，當我查看您如何報告每個細分市場下的業務和產品時，集團的[Milen]先生擁有更廣泛的產品組合，哪些產品以及業務業務的百分比大致代表?

So it's obviously the biological portfolio comes from Pro Farm that is being commercialized in North America and globally with strategic partners. So that maybe two there represents 25% of total revenues when you combined when you do the geography by portfolio overlap, but is the part of the portfolio and where we are expecting probably greater growth and greater profitability. So these are products that tend to be above our average gross profit significantly above our average gross profit. So a very important element of future growth for us.

因此，很明顯，Pro Farm 的生物產品組合正在北美和全球與策略合作夥伴進行商業化。因此，當您按投資組合重疊進行地理分析時，這兩個組合可能佔總收入的 25%，但這是投資組合的一部分，我們預計可能會有更大的成長和更高的獲利能力。因此，這些產品往往高於我們的平均毛利，遠高於我們的平均毛利。因此，這對我們未來的成長來說是一個非常重要的因素。

Great, thank you. And my last question relates to the HB4 outlook for next year and you're backing away from the prior target, but it strikes me that business is still growing. The issue is the rate of growth and then the profitability of achieving your original expectations. Is that fair, is it any worse than that?

太好了，謝謝。我的最後一個問題與明年 HB4 的前景有關，您正在偏離先前的目標，但令我印象深刻的是業務仍在成長。問題在於成長率，以及實現最初預期的獲利能力。這公平嗎？

I mean, for sure, we will be growing, I think the key and growing in the way that really matters, which is in the profit line no and not just the revenues I think the thing that is tough for us to sort of do today is jump from where we are to where we expect it to be next year. And that's why we're saying it might take us one to two more years to be there.

我的意思是，我們肯定會成長，我認為關鍵是以真正重要的方式成長，這是在利潤方面，不，而不僅僅是收入，我認為這對我們來說今天很難做到是從我們現在的位置跳到我們明年預期的位置。這就是為什麼我們說我們可能還需要一到兩年才能到達那裡。

But in a way, that is probably less working capital demanding and where we are probably expanding profits more significantly compared to the prior working, prior business model now with the heavier reliance on identity preserved sales.

但在某種程度上，這可能對營運資金的要求較低，而且與先前的工作、先前的商業模式相比，我們可能會更顯著地擴大利潤，現在更依賴身分保留銷售。

Great. Thank you.

偉大的。謝謝。

Austin Moldow, Canaccord.

奧斯汀·莫爾多，Canaccord。

Hi, good morning. Just my first question here. Are there geographic markets where you're seeing a greater demand opportunity for bio fungicides and bio insecticides, future resistance from traditional chemical pesticides?

嗨，早安。這只是我的第一個問題。您是否在某些地理市場中看到了對生物殺菌劑和生物殺蟲劑的更大需求機會以及傳統化學農藥的未來抗藥性？

Hi, Austin. Thanks for joining us, great to have you in the call. I think obviously, the one market where there is a high demand for that is Europe, despite sort of the difficulties in getting products approved, which is probably a different discussion, but that is by far the more the most relevant market in terms of these new technologies, not just because of resistance evolution of poor performance from chemical products, but also because of regulatory restrictions on chemical loads, in seed treatment and over-the-top applications.

嗨，奧斯汀。感謝您加入我們，很高興您能加入我們的通話。我認為顯然，對此有很高需求的市場是歐洲，儘管在獲得產品批准方面存在一定的困難，這可能是一個不同的討論，但就這些而言，歐洲是迄今為止最相關的市場新技術的出現，不僅是因為化學產品對性能不佳的抵抗力的演變，還因為對種子處理和過度應用中化學負荷的監管限制。

So that's what I would say is probably the most significant driver. And we do see that also in Brazil to some extent in Argentina, we are already commercializing [Arizona Alma] as a seed treatment of fungicides and seed treatment in soy and wheat. So but this is obviously a much smaller market compared to Europe, but that is going on delayed probably a market that many companies are pursuing. And hopefully we can be there with our top products in the near term.

所以我想說這可能是最重要的驅動因素。我們確實看到，在巴西和阿根廷，我們已經將 [Arizona Alma] 商業化，作為殺菌劑的種子處理劑以及大豆和小麥的種子處理劑。因此，與歐洲相比，這顯然是一個小得多的市場，但這種情況可能會延遲許多公司正在追求的市場。希望我們能在短期內推出我們的頂級產品。

Hi Austin, this is Enriaue. Thnak for joining us. I would also add that probably we are seeing an opportunity in foliar applications in the Mexican market that is increasingly taking share away from the US, West Coast market when it comes to specialty crops. So some of that demand is migrating from the US West Coast into Mexico, and we are seeing an opportunity there where we have registered bio fungicides that are being picking up, based in terms of revenues and sales.

嗨，奧斯汀，我是恩里亞埃。感謝您加入我們。我還想補充一點，我們可能在墨西哥市場看到了葉面施用的機會，在特種作物方面，墨西哥市場正在逐漸搶占美國西海岸市場的份額。因此，其中一些需求正在從美國西海岸轉移到墨西哥，我們在那裡看到了一個機會，我們已經註冊了生物殺菌劑，從收入和銷售來看，這些殺菌劑正在回升。

Great, that's interesting. And just touch on the Syngenta agreement, do you still anticipate a two year or so ramp for the Syngenta agreement to surpass the revenues that you are able to produce a lot?

太好了，這很有趣。就談一下先正達協議，您是否仍然預計先正達協議將在兩年左右的時間裡超越您能夠產生的大量收入？

That is a very good question. And I think that it's right on spot and Austin, like we mentioned, the upfront payment consideration is meant to make up for the time where we share profits and revenues with Syngenta and that means that we were not at the level that we were on ourselves. What I would say is that more important than revenues is profit, and we are already having indications that we are navigating the Syngenta agreement at a cruise altitude that brings in from them, the same profits that we were to do by ourselves.

這是一個非常好的問題。我認為這是正確的，就像我們提到的，奧斯汀，預付款是為了彌補我們與先正達分享利潤和收入的時間，這意味著我們沒有達到我們自己的水平。我想說的是，比收入更重要的是利潤，我們已經有跡象表明，我們正在以巡航高度執行先正達協議，從他們那裡獲得的利潤與我們自己獲得的利潤相同。

So even though that might translate into sort of like lower gross margins because it's now more bulky in terms of revenues. I think that we are getting there and that probably in the coming year, we will start seeing some genuine profit growth contribution coming from that agreement, but it's something that we didn't achieve in the first two years of the agreement or year and half.

因此，儘管這可能會導致毛利率下降，因為它現在的收入更大。我認為我們正在實現這一目標，並且可能在來年，我們將開始看到該協議帶來的一些真正的利潤成長貢獻，但這是我們在協議的前兩年或一年半中沒有實現的目標。

I mean we were sharing profits with Syngenta on a business that was yet not big enough to bring in profits that we are making ourselves and that is what the compensatory payment was meant to cover. So my expectation, at least is that in the next year or so, we see Syngenta bringing into us profits in the same tune of what we were meant to do by ourselves and now having a bigger footprint jointly with them.

我的意思是，我們與先正達分享了一項業務的利潤，該業務尚未大到足以為我們自己帶來利潤，而這正是補償金的目的。因此，我的期望是，至少在未來一年左右的時間裡，我們會看到先正達為我們帶來的利潤與我們原本應該自己做的事情一樣，現在與他們共同擁有更大的足跡。

Excellent. Thanks for the insights there.

出色的。感謝您的見解。

Scott Fortune, Roth Capital Partners.

史考特‧福瓊，羅斯資本合夥人。

Yes, and thank you for the questions. Just congratulations on the US side, a little bit of color on kind of the step or the pathway for potential regions and the focus on Northern US and the different type of various varieties. You just kind of a time line that you're looking for the US HB4 wheat to come online still a couple of years out here for sure. But and then just any Australia kind of regulations and potential time line and opportunity in Australia for the HB4 wheat would be helpful to reason.

是的，謝謝你的提問。只是祝賀美國方面，對潛在地區的步驟或路徑以及對美國北部和不同類型的各種品種的關注有一點色彩。您只是在尋找美國 HB4 小麥上線的時間線，肯定還需要幾年時間。但是，任何澳洲類型的法規以及澳洲 HB4 小麥的潛在時間表和機會都將有助於推理。

Hi, Scott. This is Federico. Thanks for joining us as well. I think in the US, what we've indicated is that we feel that sort of the earliest opportunities around hard red wheat genetics, which are planted in the Midwestern states, both as winter wheat and spring wheat, the spring wheat part broadleaf more closely aligned with the type of genetics which we using in Latin America, the winter wheat types are the ones that probably are more different and where we need to initiate relationships with breeding programs that currently supply farmers with that type of genetics.

嗨，斯科特。這是費德里科。也感謝您加入我們。我認為在美國，我們已經證明，我們感受到了圍繞硬紅小麥遺傳學的最早機會，這些小麥在中西部各州種植，包括冬小麥和春小麥，春小麥部分闊葉更緊密與我們在拉丁美洲使用的遺傳學類型一致，冬小麥類型可能更加不同，我們需要與目前為農民提供此類遺傳學的育種計劃建立關係。

So that Colorado, with a recent foundation is one of their other state organizations that are currently supplying farmers there are some private companies also that are participating in this particular business segment within the wheat space. So Lima grain, Syngenta and Bayer. And our approach will be one upfront licensing that technology to most participants, everyone that wants to have it converted material into HB4 so that we can address that initial opportunity.

因此，科羅拉多州最近成立了一個基金會，是目前向農民提供服務的其他州組織之一，還有一些私人公司也參與了小麥領域的這個特定業務領域。所以利馬穀物、先正達和拜耳。我們的方法將是向大多數參與者、每個希望將材料轉換為 HB4 的人預先許可該技術，以便我們能夠抓住這一最初的機會。

Why are we not moving away from that Midwest region, it's probably because I think we go to sort of the more Pacific production rate regions, then the international approvals that will be required are probably more demanding. We mainly Japan and South Korea to be in place, and that might take a little longer, so that might come at a second stage.

為什麼我們不離開中西部地區，這可能是因為我認為我們要去太平洋生產力更高的地區，那麼所需的國際批准可能會更嚴格。我們主要是日本和韓國到位，這可能需要更長的時間，所以可能會在第二階段進行。

Where for the Midwestern part, I think a lot of that we'd use in domestic consumption and using part of the strategies we have used in Latin America may allow us to initiate commercialization sooner rather than later, minimizing the interference with the existing commercial channels to key export markets of the US. And that is where we need to sit together with the industry participants.

對於中西部地區，我認為我們會在國內消費中使用很多，並且使用我們在拉丁美洲使用的部分策略可能會讓我們儘早啟動商業化，盡量減少對現有商業渠道的干擾銷往美國主要出口市場。這就是我們需要與行業參與者坐在一起的地方。

The US Wheat Growers Association has been following the evolution of these project from day one in a very constructive manner, very broad technology manner, but making sure that we establish joint objective to say okay, when we are able to release varieties and how we should do that. So this will not take less than two years because of the biology of what needs to be done.

美國小麥種植者協會從第一天起就以非常建設性的方式、非常廣泛的技術方式關注這些項目的進展，但確保我們建立共同目標，確定何時能夠發布品種以及我們應該如何發布品種。做。因此，由於需要做的事情的生物學原因，這不會少於兩年。

And if it takes a year longer or not, depends on these other elements of that have commercial implications, particularly for wheat exports out of the US that we may need to address, but it's an important market. It's a potentially a [4] million hectares for HB4 wheat out of the maybe close to 2020. Some million hectares that are planted with wheat in the US.

是否需要更長的時間，取決於具有商業影響的其他因素，特別是對於我們可能需要解決的美國小麥出口問題，但這是一個重要的市場。到 2020 年左右，HB4 小麥的種植面積可能達到 [4],000 萬公頃。美國種植小麥的面積約數百萬公頃。

And with regards to Australia, when we did the announcement on the [FF] is note, we also indicated that we received the first permit to do field training in Australia for HB4 wheat, which is important to moved forward with the breeding process, a variety conversion technology validation and the regulatory work that is required towards final consideration approval it might take a few years, but that is moving forward in a predictable manner. And we already have the first permits in place to be planting HB4 wheat in that geography.

至於澳大利亞，當我們在 [FF] 上發佈公告時，我們還表示，我們獲得了第一個在澳大利亞進行 HB4 小麥田間培訓的許可證，這對於推進育種過程非常重要，品種轉換技術驗證和最終批准所需的監管工作可能需要幾年時間，但正在以可預測的方式向前推進。我們已經獲得了在該地區種植 HB4 小麥的第一批許可證。

I appreciate that color. I know it's been a long call, but one last thing just want to kind of summarize. I mean, you're putting a lot of focus here on profitability and improving cash flow generation. You've talked about the different measures, but just wanted to get a sense for how much of this is coming from continued scale HB4 versus Canada, biologics is kind of summarize your initiatives, your focused on reaching increasing your profitability and carrying that cash flow for '25? Just to kind of that that focus will be great.

我很欣賞那種顏色。我知道這是一個漫長的通話，但最後一件事只是想總結一下。我的意思是，您將重點放在盈利能力和改善現金流生成上。您已經討論了不同的措施，但只是想了解其中有多少來自於持續規模的 HB4 與加拿大相比，生物製劑是您的舉措的總結，您專注於提高盈利能力並承擔現金流'25？就這一點而言，這種專注會很棒。

Hi, Scott., this is Enrique. Thanks for joining us, good to have you. So to that regard I think it's a joint effort, of course, that we are and we have already been focused on trying to improve cash generation from HB4 part of the initiative with the downstream sales was to reduce the level of inventories that we had on variety. So we already knew that we didn't want to sell seeds. And in part we were able to accomplish that in fiscal year '24.

嗨，史考特，我是恩里克。感謝您加入我們，很高興有您。因此，在這方面，我認為這是一項共同努力，當然，我們正在努力提高 HB4 的現金產生能力，下游銷售計劃的一部分是降低我們的庫存水平種類。所以我們已經知道我們不想出售種子。我們在 24 財年部分實現了這一目標。

I think that that will be an ongoing effort that will continue with a pivoting that 30 caloric term as alluded to in terms of the soybean and strategy and outlook for HB4 and then I do think that we still have some pending homework to do on the biological business, but we also expect to improve working capital position and be able to generate profits with a much better cash conversion cycle for biological sales. So it's going to be a joint effort on both frontier.

我認為這將是一項持續的努力，將繼續圍繞大豆和 HB4 的戰略和前景提到的 30 卡路里術語進行調整，然後我確實認為我們在生物方面仍有一些懸而未決的功課要做。我們也期望改善營運資金狀況，並能夠透過更好的生物銷售現金轉換週期來產生利潤。因此，這將是兩個領域的共同努力。

I appreciate that. Thanks for your time.

我很欣賞這一點。感謝您抽出時間。

There are no additional questions waiting at this time. So I will pass the conference over to the management team for closing remarks.

目前沒有其他問題等待。因此，我將把會議轉交給管理團隊進行閉幕致詞。

Well, I want to thank everyone again for participating in the call. I hope we can built on this to sort of achieve the opportunity that the technologies and the products that we have in our portfolio deserve in the different geographies in which we operate. We are working hard to improve on every aspect of our business, be conscious on capital allocation considerations.

好吧，我想再次感謝大家參與這次電話會議。我希望我們能夠以此為基礎，在我們經營的不同地區獲得我們產品組合中的技術和產品應有的機會。我們正在努力改進業務的各個方面，並注意資本配置的考量。

While we continue to do things that are compelling that are helping agriculture transition to where we feel it has to go, which is improved productivity, minimize environmental externalities while preserving the affordability to consumers. So thank you again for joining us, and please feel free to reach out to the IR team or us directly for any further questions or concerns. Have a great rest of the week.

雖然我們繼續做一些引人注目的事情，幫助農業過渡到我們認為必須去的地方，即提高生產力，最大限度地減少環境外部性，同時保持消費者的承受能力。再次感謝您加入我們，如有任何進一步問題或疑慮，請隨時聯繫 IR 團隊或直接與我們聯繫。本週好好休息。