Lavoro Ltd (LVRO) 2025 Q2 法說會逐字稿

Welcome to Lavoro's Business Update conference call. (Operator Instructions)

歡迎參加 Lavoro 的業務更新電話會議。（操作說明）

Please note that this conference call is being recorded, and a replay will be made available on the company's investor relations website at ir.lavoroaggro.com.

請注意，本次電話會議正在錄音，錄音回放將在公司投資者關係網站 ir.lavoroaggro.com 上提供。

I will now turn the profits over to Tigran Karapetian, Head of Investor Relations.

現在我將把利潤交給投資者關係主管 Tigran Karapetian。

Thank you. You may begin.

謝謝。你可以開始了。

Thank you for joining us today to discuss our business update.

感謝您今天蒞臨現場，與我們共同探討公司的最新業務進度。

We will be covering the out of court restructuring agreement with suppliers announced yesterday, and the preliminary unaudited revenue and gross profit figures for Lavoro's fiscal second quarter 2025 ended December 31, 2024.

我們將報告昨天宣布的與供應商達成的庭外重組協議，以及 Lavoro 截至 2024 年 12 月 31 日的 2025 財年第二季度的初步未經審計的收入和毛利數據。

During this call, we will reference certain preliminary and unaudited financial information which is subject to change and may differ from actual results. For full disclosures, including limitations and risks related to this preliminary information, please refer to the Form 6-K filed today with the SEC.

在本次電話會議中，我們將提及一些初步的、未經審計的財務信息，這些信息可能會發生變化，並且可能與實際結果有所不同。有關此初步資訊的全部揭露內容，包括局限性和風險，請參閱今天向美國證券交易委員會提交的 6-K 表格。

In addition, please remember that during the course of this call, management will make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our future results and operations and financial position, industry and business trends, business strategy and market growth, among others.

此外，請記住，在本次電話會議期間，管理層將根據 1995 年《私人證券訴訟改革法案》的規定作出前瞻性聲明，包括有關我們未來業績、營運和財務狀況、行業和業務趨勢、業務戰略和市場增長等方面的聲明。

These statements are based on management's current expectations and beliefs and involve risks and certainties that could differ materially from actual events or those described in these forward-looking statements.

這些聲明是基於管理層目前的預期和信念，並涉及風險和不確定性，這些風險和不確定性可能與實際事件或這些前瞻性聲明中描述的情況有重大差異。

Please refer to the company's registration Form 6-K filed with the SEC today and other reports filed from time to time with the SEC for detailed discussions of the risks that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

有關可能導致實際結果與今天所作任何前瞻性聲明中明示或暗示的結果存在重大差異的風險的詳細討論，請參閱公司今天向美國證券交易委員會提交的 6-K 註冊表格以及不時向美國證券交易委員會提交的其他報告。

Before we begin, please note that we will not be hosting a Q&A session today, as we're limited in what we can disclose given ongoing court proceedings and the fact that we have not yet finalized our audit processes for the second quarter of 2025.

在開始之前，請注意，由於正在進行的法庭訴訟以及我們尚未完成 2025 年第二季度的審計流程，我們今天無法進行問答環節，因為我們能披露的資訊有限。

With that, I'll now turn it over to Ruy Cunha, CEO.

接下來，我將把發言權交給執行長魯伊·庫尼亞。

Thank you, Tigran, and good morning, everyone. I want to begin by acknowledging that this has been an extraordinarily challenging period for Lavoro and broader Brazilian agri ports distribution industry.

謝謝你，Tigran，大家早安。首先我想承認，對於 Lavoro 和更廣泛的巴西農業港口分銷行業來說，這段時間充滿了挑戰。

As many of you know, Brazil's agricultural inputs market has faced historical headwinds over the past two years. We had navigated severe input price deflation of 40% to 60% in crop protection and fertilizers, El Nino induced drought conditions, and widespread farmer liquidity constraints. These challenges intensified significantly in the late calendar 2024 when the judicial reorganization of a major agricultural retailer triggered a further tightening of inventory financing conditions across our industry.

正如你們許多人所知，在過去兩年裡，巴西的農業投入品市場面臨前所未有的逆風。我們曾面臨作物保護和化肥投入價格嚴重下跌 40% 至 60%、厄爾尼諾現象引發的乾旱以及農民普遍面臨的流動性限制。2024 年末，隨著一家大型農業零售商的司法重組，整個產業的庫存融資條件進一步收緊，這些挑戰顯著加劇。

In our last earnings call, we discussed how ag retail operations in Brazil faced severe inventory shortages during November and December as a direct consequence of this abrupt shift. The constrained product availability in fertilizers and crop protection during these critical months of the first soybean crop season or the cancellation of a significant number of farmer purchase orders, adversely impacting our second and third quarter results for the business unit.

在上次財報電話會議上，我們討論了由於這種突然轉變，巴西的農產品零售業務在 11 月和 12 月面臨嚴重的庫存短缺。在大豆第一季作物生長的關鍵幾個月裡，化肥和作物保護產品的供應受到限制，或者大量農民的採購訂單被取消，這對我們業務部門第二季和第三季的業績產生了不利影響。

In January, we made progress with key suppliers that helped partially ease these bottlenecks. However, discussions in the months that followed made it clear that the typical approach of negotiating with each supplier individually lacked the speed and scale required to prevent further disruption ahead of the next crop year.

1月份，我們與主要供應商取得了進展，這有助於部分緩解這些瓶頸。然而，接下來的幾個月的討論表明，與每個供應商單獨談判的典型方法缺乏速度和規模，無法防止在下一個作物年度到來之前造成進一步的混亂。

While these external factors were largely beyond our control, they reinforced our conviction that fundamental changes to Lavoro's Brazil's inventory financing model were necessary.

雖然這些外部因素在很大程度上超出了我們的控制範圍，但它們強化了我們的信念，即 Lavoro 在巴西的庫存融資模式必須進行根本性的變革。

To that end, with the reorganization plan announced yesterday, we believe we now have a framework to position Lavoro Brasil to emerge from this cycle as a leaner and more resilient business unit.

為此，隨著昨天宣布的重組計劃，我們相信我們現在有了一個框架，可以使 Lavoro Brasil 從這一周期中脫穎而出，成為一個更精簡、更有韌性的業務部門。

Before diving deeper, I want to emphasize that the reorganization plan discussed today is specific to our subsidiary Lavoro Agro Holding SA. We shall refer to as Lavoro Brasil throughout this call. Lavoro Brasil comprises the Brazil ag retail operating segment and also includes [Perteja], a subsidiary consolidated under [Croker].

在深入探討之前，我想強調，今天討論的重組計劃專門針對我們的子公司 Lavoro Agro Holding SA。在本次通話中，我們將簡稱為 Lavoro Brasil。Lavoro Brasil 包括巴西農業零售業務部門，也包括 [Perteja]，一家併入集團的子公司。[克羅克]

The reorganization plan is commercially focused in nature, pertaining solely to our supplier relationships and does not jeopardize our publicly listed entity or the broader corporate structure.

此重組計劃本質上是以商業為重點的，僅涉及我們的供應商關係，不會危及我們的上市實體或更廣泛的公司結構。

Following weeks of extensive negotiation, Lavoro Brasil reached an agreement with a number of its key suppliers that provides for the extension of payment terms and secure future product supply for a multi-year period in order to help mitigate further supply chain disruption.

經過數週的廣泛談判，Lavoro Brasil 與其一些主要供應商達成了一項協議，該協議規定延長付款期限，並確保未來多年產品供應，以幫助減輕供應鏈進一步中斷的影響。

Accordingly, Lavoro Brasil formally submitted to the Brazilian courts yesterday an out-of-court negotiated reorganization plan in connection with the agreement.

因此，Lavoro Brasil 昨天正式向巴西法院提交了與該協議相關的庭外協商重組計劃。

The legal mechanism known in Brazil as ecoperación est judicial, translated as extrajudicial reorganization, allows for the reorganization plan to become binding on all eligible product suppliers upon court approval, thereby ensuring broad-based effectiveness.

巴西有一種名為 ecoperación est justice（意為「司法外重組」）的法律機制，允許重組計劃在法院批准後對所有符合條件的產品供應商具有約束力，從而確保廣泛的有效性。

As mentioned, with the 2025-2026 crop selling season underway, it was critical to identify a solution that would comprehensively resolve Brazil's inventory financing constraints. The reorganization plan we announced yesterday would provide a unified path forward and would help overcome the gridlock of negotiating with each supplier individually.

如同前面所提到的，隨著 2025-2026 年農作物銷售季的開始，找到一個能夠全面解決巴西庫存融資限制的方案至關重要。我們昨天宣布的重組計劃將提供一條統一的前進道路，並有助於克服與每個供應商單獨談判的僵局。

Key product suppliers mention in the press release that a party to the agreement with Lavoro Brasil are committed to supporting the company's reorganization plan. Discussions with other key suppliers are ongoing at advance stage.

主要產品供應商在新聞稿中提到，與 Lavoro Brasil 達成協議的一方承諾支持該公司的重組計劃。與其他主要供應商的洽談已進入後期階段。

While the full ratification of the agreement is conditional upon court approval of the reorganization plan, its supply and financing terms are already in effect, and the normal flow of inventory from these partners has resumed in the fourth quarter.

雖然該協議的全面批准取決於法院對重組計劃的批准，但其供應和融資條款已生效，而這些合作夥伴的正常庫存流動已於第四季度恢復。

To reiterate, the reorganization plan is limited in scope to Lavoro Brazil. All other subsidiaries within LatAm ag retail segment and crop care segments other than Perteja are not included in the plan. Additionally, the plan applies exclusively to product suppliers of Lavoro Brasil and does not affect its financial lenders, financial creditors, and third-party services providers, contractors, or employees.

再次重申，重組計劃的範圍僅限於 Lavoro Brazil。除 Perteja 之外，拉丁美洲農業零售部門和作物護理部門的所有其他子公司均不包含在該計劃中。此外，該計劃僅適用於 Lavoro Brasil 的產品供應商，不影響其金融貸款人、金融債權人、第三方服務提供者、承包商或員工。

The reorganization plan, if approved by the court, is intended to accomplish two essential goals: first, it creates a standardized, multi-year contractual framework with our suppliers, grouped into four classes with clear repayment terms and annual supply commitments based on credit exposure.

如果獲得法院批准，重組計劃旨在實現兩個基本目標：首先，它與我們的供應商建立了一個標準化的多年合約框架，將供應商分為四類，並根據信用風險敞口制定了明確的還款條款和年度供應承諾。

This marks a shift from previous one-off credit arrangements with each suppliers to a standardized model with predefined collateral requirements associated with future supplier inventory financing. To operationalize this new framework, we are in the process of establishing a new multi-year FIDCs that will be backed by Lavoro Brasil receivables and support by its existing financial lenders.

這標誌著從以前與每個供應商的一次性信貸安排，轉變為與未來供應商庫存融資相關的預先設定抵押要求的標準化模式。為了使這個新框架得以實施，我們正在建立一個新的多年期FIDC，該FIDC將以Lavoro Brasil的應收帳款為後盾，並得到其現有金融貸款機構的支持。

FIDCs are receivables-based financial instruments widely used in Brazilian agribusiness to facilitate structured credits between counterparties. With that said, we see this new FIDCs as introducing meaningful financing innovation in Brazil's a retail sector, which we believe will benefit both Lavoro Brasil and its suppliers.

FIDC 是以應收帳款為基礎的金融工具，在巴西農業企業中廣泛用於促進交易對手之間的結構化信貸。綜上所述，我們認為這些新的FIDC將為巴西零售業引入有意義的融資創新，我們相信這將使Lavoro Brasil及其供應商都受益。

By consolidating claims from multiple suppliers into a single, centralized instrument, backed by receivables which have been assessed by independent third parties. This new structure enhances stability and visibility for Lavoro Brasil, streamlines back office operations for all parties, and it strengthens collateral protection for suppliers.

透過將多個供應商的索賠合併到一個集中式的工具中，並以獨立第三方評估的應收帳款作為支援。這種新結構增強了 Lavoro Brasil 的穩定性和可見性，簡化了各方的後台運營，並加強了對供應商的抵押品保護。

Second, the reorganization plan provides for the extension of approximately BRL2.5 billion in supplier trade payables that were originally due to the end of fiscal 2025. Repayments in regular semiannual installments will be spread over multiple years. The extended payment terms will give us the flexibility to adjust Lavoro Brasil fixed cost structure, and drive operational efficiencies in a thoughtful and deliberate manner.

其次，重組計畫規定將約 25 億雷亞爾的供應商貿易應付款項的到期日延長至 2025 財政年度結束。還款將以定期半年分期付款的方式進行，分多年支付。延長付款期限將使我們能夠靈活調整 Lavoro Brasil 的固定成本結構，並以深思熟慮的方式提高營運效率。

Our retail network right sizing plan, which we discussed in our last earnings call, is under way along wave actions to reduce overheads and improve commercial efficiency aligned within Lavoro Brasil. These steps are key to restoring profitability and positioning the business to grow from a leaner, more agile basis.

我們在上次財報電話會議上討論過的零售網路規模調整計畫正在實施，該計畫與 Lavoro Brasil 內部採取的一系列措施相結合，旨在降低營運成本並提高商業效率。這些步驟是恢復獲利能力並使企業以更精簡、更靈活的方式發展的關鍵。

As a nation, the reorganization plan is subject to customary court approval procedures. While we cannot predict the exact timeline, these processes in Brazil typically take between three and five months to complete, at which point, the plan would become definitely binding on all eligible supplier creditors of Lavoro Brasil, although no assurance can be provided as to the exact expected timing in our case.

作為國家，重整計劃須經法院慣常的批准程序。雖然我們無法預測確切的時間表，但這些流程在巴西通常需要三到五個月才能完成，屆時，該計劃將對 Lavoro Brasil 的所有合格供應商債權人具有約束力，儘管我們無法保證在我們的情況下確切的預期時間。

In the interim, as I mentioned before, the agreement reached with our key suppliers is already in effect. And the normal flow of inventory was re-established during the fourth quarter. The full reorganization plan, along with supporting materials is available on the company's Investor Relation website.

同時，正如我之前提到的，我們與主要供應商達成的協議已經生效。第四季庫存流動恢復正常。完整的重組計劃及相關資料可在公司投資者關係網站上查閱。

Now, I'll provide a brief commentary on our preliminary financial results for the second quarter. As noted in the 6-K file today, the complexities associated with the reorganization plan impacted the completion of Lavoro's financial closing procedures. As a result, my remarks today will focus exclusively on preliminary unaudited revenue and gross profit for the quarter.

現在，我將簡要介紹我們第二季的初步財務表現。正如今天提交的 6-K 文件所述，重組計劃的複雜性影響了 Lavoro 財務結算程序的完成。因此，我今天的演講將只集中於本季度的初步未經審計的收入和毛利。

In addition, in light of these developments, the company has also determined that it is appropriate to withdraw its previously issued fiscal 2025 financial outlook at this time. Consolidated preliminary revenue for the second quarter declined 27% year over year to BRL2.25 billion.

此外，鑑於這些事態發展，公司也決定此時撤回先前發布的 2025 財年財務展望。第二季綜合初步營收年減 27% 至 22.5 億雷亞爾。

This decrease was primarily due to inventory shortages in Brazil a retail, which led to purchase order cancellation and indirectly impacted crop care revenue as well. In US dollar terms, revenue decreased 38% year over year to $384 million with the year-over-year change reflecting the additional 15% depreciation of the Brazilian reais relative to the US dollar.

這一下降主要是由於巴西零售業庫存短缺，導致採購訂單取消，並間接影響了作物護理收入。以美元計，營收年減 38% 至 3.84 億美元，年比變化反映了巴西雷亞爾對美元額外貶值 15%。

Breaking values by segments. Brazil a retail segment revenue declined 30% year over year to BRL1.84 billion highs due to the factors discussed earlier. That said, we noted on our last earning call projections from ag consultancies continue to indicate a meaningful recovery in farmer profitability for the current crop year, driven by improved weather conditions and stronger commodity prices compared to prior year.

按段拆分數值。由於前面討論過的因素，巴西零售業務收入較去年同期下降 30%，至 18.4 億雷亞爾。儘管如此，我們在上次的盈利電話會議上指出，農業諮詢公司的預測繼續表明，在天氣條件改善和商品價格較上年走強的推動下，本作物年度農民的盈利能力將出現顯著復甦。

Receivable selections from farmers for the first crop, which took place in April and May was in line with expectations. The percentage of on-time farmer repayments improved notably versus last year, reflecting both better farmer liquidity and the effectiveness of our disciplined credit risk management processes.

4 月和 5 月進行的第一批作物應收帳款與預期相符。與去年相比，農民按時還款的比例顯著提高，這不僅反映了農民流動性的改善，也反映了我們嚴格的信貸風險管理流程的有效性。

Crop care segment revenue was BRL251 million in its second quarter 2025, a decrease of 30% year over year, primarily due to two drivers: first, Agrobiológica, or biological business was adversely impacted by temporary industry-wide regulatory uncertainty surrounding on-farm biologicals. This led many farmers to adopt a wait-and-see approach.

2025 年第二季度，作物護理部門的收入為 2.51 億雷亞爾，年減 30%，主要原因是兩個因素：首先，農業生物製品業務受到圍繞農場生物製品的暫時性行業監管不確定性的不利影響。這導致許多農民採取了觀望態度。

Although new legislation has since been enacted that resolves this uncertainty, the pause in demand occurred during the peak of the first soybean crop and the booking window for the [zaffrania] season, resulting in a meaningful impact that will not be recovered this year, but should not repeat next year.

儘管新的立法已經頒布，解決了這種不確定性，但需求的暫停發生在第一批大豆作物的高峰期和藏紅花季的預訂窗口期，造成了重大影響，今年無法恢復，但明年應該不會再發生。

Second, sales of specialty fertilizers and adjuvants from Union Agro and Cromo to Lavoro Brasil were negatively affected by the cancellation of bundled purchase orders due to broader product shortages. In Brazil, farmers often place consolidated orders that include fertilizers, crop protection, seeds, and specialty products. When a key input such as fertilizer is unavailable, the entire bundle may be canceled, indirectly reducing sales of otherwise available specialty products.

其次，由於產品短缺普遍，聯合農業公司和克羅莫公司向巴西勞動公司銷售的特殊肥料和添加劑受到捆綁採購訂單取消的負面影響。在巴西，農民經常會下麵包含化肥、作物保護劑、種子和特殊產品的綜合訂單。當肥料等關鍵投入品無法取得時，整個採購組合可能會被取消，從而間接減少原本可獲得的特色產品的銷售量。

Finally, LatAm ag retail revenue grew 4% to BRL287 million, reflecting stable market conditions and the appreciation of the Colombian peso. Consolidated preliminary gross profits decreased 28% to BRL366 million with consolidated gross margins contracting 40 basis points to 16.3%.

最後，拉丁美洲農業零售收入成長 4%，達到 2.87 億雷亞爾，反映市場狀況穩定和哥倫比亞比索升值。綜合初步毛利下降 28% 至 3.66 億雷亞爾，綜合毛利率收縮 40 個基點至 16.3%。

Gross margin for the Brazil ag retail segment contracted by 240 basis points to 11.5%. This margin compression reflects our strategic decision to prioritize long-term client relationships by fulfilling orders with equivalent, or in many cases, superior products when originally ordered items were unavailable. This approach underscores our commitment to preserving customer trust and loyalty, which will be critical as market conditions normalize.

巴西農業零售部門的毛利率下降了 240 個基點，至 11.5%。這種利潤率壓縮反映了我們的策略決策，即優先考慮與客戶建立長期的合作關係，在原先訂購的商品缺貨時，用同等或在許多情況下更優質的產品來完成訂單。這種做法凸顯了我們對維護客戶信任和忠誠度的承諾，這在市場狀況恢復正常時至關重要。

LatAm ag retail gross margin expanded by 480 basis points to 22.6%, driven by improved distribution margins in seeds and specialty products, and the positive effect from product category mix shifts. Crop care gross margins contracted 1,160 basis points to 23.7%, with margin compression reflecting an unfavorable shift in product mix, led by weaker biological sales, as well as pressure from fixed costs under absorption and higher raw material costs, which should be weaker Brazilian reais.

受種子和特種產品分銷利潤率提高以及產品類別組合變化的正面影響，拉丁美洲農業零售毛利率成長了 480 個基點，達到 22.6%。作物護理毛利率下降 1160 個基點至 23.7%，毛利率下降反映出產品組合的不利變化，主要是由於生物製品銷售疲軟，以及固定成本吸收壓力和原材料成本上升（巴西雷亞爾應走弱）帶來的壓力。

In closing, we're taking decisive and proactive actions to confront the challenges posed by Brazil's current inventory financing landscape. Our conviction in Lavoro Brasil long-term thesis remains unchanged. By enabling our RTVs to serve as trusted advisors, backed by our broad product portfolio of products and services, we continue to generate tangible, differentiated value at the farm gate for our clients.

最後，我們將採取果斷積極的行動來應對巴西當前庫存融資環境的挑戰。我們對 Lavoro Brasil 的長期投資理念的信念依然不變。透過讓我們的 RTV 成為值得信賴的顧問，並依賴我們廣泛的產品和服務組合，我們持續為客戶在農場端創造實際、差異化的價值。

We believe the reorganization plan will provide Lavoro Brasil with a scalable and predictable supply framework, strengthen supplier alignment over the long term, and enhance our ability to drive operational efficiency across the business. Together, these elements will help form the foundation for Lavoro Brasil's evolution into a more resilient, focused, and profitable platform.

我們相信，重組計劃將為 Lavoro Brasil 提供可擴展和可預測的供應框架，從長遠來看加強供應商的協調，並提高我們推動整個業務營運效率的能力。這些要素共同構成了 Lavoro Brasil 發展成為一個更具韌性、更專注、更獲利的平台的基礎。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。