# EDGAR Filing Document

**Accession Number:** 0001769484
**File Stem:** 0001104659-25-088440
**Filing Date:** 2025-9
**Character Count:** 254728
**Document Hash:** 245a865537db141f88e2ebf535dcf1d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-088440.hdr.sgml**: 20250909

**ACCESSION NUMBER**: 0001104659-25-088440

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250908

**FILED AS OF DATE**: 20250909

**DATE AS OF CHANGE**: 20250909

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bioceres Crop Solutions Corp.
- **CENTRAL INDEX KEY:** 0001769484
- **STANDARD INDUSTRIAL CLASSIFICATION:** AGRICULTURE CHEMICALS [2870]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38836
- **FILM NUMBER:** 251301625

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 309, UGLAND HOUSE
- **CITY:** GEORGE TOWN, GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-1104
- **BUSINESS PHONE:** 54 341 486 1122

**MAIL ADDRESS:**
- **STREET 1:** OCAMPO 210 BIS, PREDIO CCT
- **CITY:** ROSARIO
- **STATE:** C1
- **ZIP:** 2000

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 6-K**

**Report of Foreign Private Issuer**

**Pursuant to Rules 13a-16 or 15d-16 under**

**the Securities Exchange Act of 1934**

**For the month of September 2025**

**Commission File Number: 001-38836**

**BIOCERES CROP SOLUTIONS CORP.**

(Translation of registrant's name into English)

**Ocampo 210 bis, Predio CCT, Rosario**

**Province of Santa Fe, Argentina**

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ⌧ Form 40-F ◻

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ◻

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ◻

**EXPLANATORY NOTE**

On September 9, 2025, Bioceres Crop Solutions Corp. (the "Company") published a press release announcing its fourth fiscal quarter and fiscal year 2025 financial and operational results, a copy of which is filed herewith as Exhibit 99.1.

On September 8, 2025, Rizobacter Argentina S.A., a subsidiary of the Company, filed its consolidated financial statements for the fiscal year ended June 30, 2025, with the *Comisión Nacional de Valores* in Argentina, a copy of which, provided as a convenience translation, is filed herewith as Exhibit 99.2.

**Exhibit List**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](tm2525614d1_ex99-1.htm) | [Press release, Bioceres Crop Solutions Corp. reports fourth fiscal quarter and fiscal year 2025 financial and operational results.](tm2525614d1_ex99-1.htm) |
| [99.2](tm2525614d1_ex99-2.htm) | [Rizobacter Argentina S.A.'s consolidated financial statements for the fiscal year ended June 30, 2025, presented in comparative form.](tm2525614d1_ex99-2.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | BIOCERES CROP SOLUTIONS CORP. | BIOCERES CROP SOLUTIONS CORP. |
|  | (Registrant) | (Registrant) |
| Dated: September 9, 2025 | By: | /s/ Federico Trucco |
|  | Name: | Federico Trucco |
|  | Title: | Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm2525614d1_ex99-1img001.jpg)

Bioceres Crop Solutions

**Bioceres Crop Solutions Reports**

**Fiscal Fourth Quarter and Full-Year 2025**

Financial and Operational Results

**Total revenues were $74.7 million in 4Q25 and $335.3 million in FY25**

**FY25 results reflect challenging year amid ag sector headwinds and macro pressures in Argentina**

**ROSARIO, Argentina – September 8, 2025 – Bioceres Crop Solutions Corp. (Bioceres) (NASDAQ: BIOX)**, a leader in the development and commercialization of productivity solutions designed to regenerate agricultural ecosystems while making crops more resilient to climate change, announced financial results for the fiscal fourth quarter ended June 30, 2025. Financial results are expressed in U.S. dollars and are presented in accordance with International Financial Reporting Standards. All comparisons in this announcement are year-over-year (YoY), unless otherwise noted.

**Financial & Business Highlights**

● **Total revenues were $74.7 million in 4Q25 and $335.3 million in FY25**, down 40% and 28% YoY respectively, reflecting weaker demand in Argentina and lower HB4-related sales.

● **Gross profit was $25.2 million in 4Q25 and $131.7 million in FY25,** down 47% and 29% YoY. While quarterly results showed some volatility, full-year gross margin remained stable at 39%, supported by higher-value proprietary products.

● **Operating loss** was $14.9 million for the quarter, net loss was $48.0 million and Adjusted EBITDA<sup>1</sup> was negative $4.5 million. For FY25, operating loss was $3.7 million, net loss was $55.2 million and Adjusted EBITDA<sup>1</sup> was $28.3 million.

● **Net cash flow generated by operating activities** reached $29.9 million in 4Q25, and $53.0 million in FY25, a 27% YoY increase from FY24, despite the decline in profitability, as the Company continued to prioritize efficiencies in working capital management and cash generation.

**Management Review**

Mr. Federico Trucco, Bioceres´ Chief Executive Officer, commented: "We are reporting a disappointing final quarter to an extremely challenging fiscal year. Our results this quarter were significantly impacted by the shift in our seed business strategy, which alone accounted for close to half of the gross margin decline. While this impact was anticipated and carries positive implications for our business going forward, the persistent slowdown in Argentina and a higher-than-normal level of impairments also weighed on performance. We believe many of these effects are transitory and expect conditions to normalize in the coming months.

1 Please refer to the "Use of non IFRS financial information" section at this end of this document on our use of Adjusted EBITDA and its reconciliation to the most comparable IFRS financial measure.

---

| | | | |
|:---|:---|:---|:---|
| 2 | BIOCERES CROP SOLUTIONS | FOURTH QUARTER 2025 | ![](tm2525614d1_ex99-1img008.jpg) |

---

Bioceres Crop Solutions

In response, we have accelerated adjustments to our cost structure, targeting operating expense savings of around 10-12%. We have also reduced our rate of incremental CAPEX and R&D investment by 50%, lowering it from nearly 6% of sales to between 2.5% and 3% for fiscal years 2026 and 2027. Importantly, we do not expect this slower pace of investment to affect near-term growth, as we already have the key registrations and manufacturing capacity in place to deliver on our three-year plan. At the same time, we will continue to adjust our working capital levels to better reflect our current business model and product mix, aiming to maintain them at approximately four to five months of sales.

Finally, we have taken steps to comply with our financial obligations and strengthen governance. We amended our note purchase agreements and outstanding notes, extending the convertible note maturities under new terms, and made related changes to our Board composition. As previously announced, we are also making changes to our leadership team to best support our financial and commercial priorities moving forward. With Enrique Lopez Lecube's departure, we are searching for a new CFO, as well as re-engineering the CCO role."

**Key Financial Metrics**

**Table 1:** 4Q25 & FY25 Key Financial Metrics

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (In millions of U.S. dollars) | 4Q24 | 4Q25 | %CHANGE |  | FY24 | FY25 | %CHANGE |  |
| **Revenue by Segment** |  |  |  |  |  |  |  |  |
| Crop Protection | 53.2 | 41.7 | (22) | %) | 227.2 | 181.9 | (20) | %) |
| Seed and Integrated Products | 33.3 | 8.4 | (75) | %) | 96.4 | 63.9 | (34) | %) |
| Crop Nutrition | 37.5 | 24.7 | (34 | %) | 141.2 | 89.5 | (37 | %) |
| **Total Revenue** | **124.0** | **74.7** | **(40** | **%)** | **464.8** | **335.3** | **(28** | **%)** |
| Gross Profit | 47.4 | 25.2 | (47) | %) | 186.6 | 131.7 | (29) | %) |
| Gross Margin | 38.3% | 33.8% | (450) | bps) | 40.1% | 39.3% | (86) | bps) |
|  | 4Q24 | 4Q25 | %CHANGE |  | FY24 | FY25 |  |  |
| **GAAP Net income or loss** | **(1.0)** | **(48.0)** | **(4477** | **%)** | **7.3** | **(55.2)** | **(857** | **%)** |
| **Adjusted EBITDA**<sup>1</sup>** | **19.9** | **(4.5)** | **(123** | **%)** | **81.4** | **28.3** | **(65** | **%)** |

---

**4Q25 & FY25 Summary:** Quarterly revenues were $74.7 million, a 40% year-over-year decline, reflecting weaker demand in Argentina across Crop Protection and Crop Nutrition, and a lower contribution from HB4-related sales. Despite the contraction in Argentina, international markets remained resilient, supported by bio-protection products and adjuvant sales. Gross profit was $25.2 million, down 47%, reflecting the same revenue dynamics. A less favorable product mix and temporary margin pressure in certain categories resulted in a gross margin contraction from 38% to 34%. Operating profit was negative $14.9 million, net loss was $48.0 million and Adjusted EBITDA<sup>1</sup> was negative $4.5 million.

For the full fiscal year, revenues totaled $335.3 million, down 28% from FY24. After a strong multi-year growth trajectory, FY25 was impacted by severe challenges in Argentina, one of the Company's key markets, driven by: (i) extraordinary prior-year sales linked to peso devaluation, which led channels to accumulate inventories beyond short-term needs, (ii) weaker on-farm economics, and (iii) tightening financing across the agricultural sector. Revenues were also pressured in the Seeds segment, due to the transition of the HB4 business model. Gross profit for the year was $131.7 million, a 29% decline, reflecting lower sales across segments. Despite this contraction, gross margin remained broadly stable at 39%, supported by higher-value proprietary products where the company retained market share and achieved modest gains in other markets. Operating loss was $3.7 million, net loss was $55.2 million, and Adjusted EBITDA<sup>1</sup> was $28.3 million, mainly reflecting the sharp drop in gross profit.

The Company continued to prioritize working capital efficiencies and adapt its cost structure to current market conditions. Net cash flow from operating activities reached $29.9 million in 4Q25, up 28% year-over-year, and $53.0 million for the full year, up 27%. These results were achieved despite a significant year-over-year decline in profitability, underscoring the Company's focus on cash discipline.

---

| | | | |
|:---|:---|:---|:---|
| 3 | BIOCERES CROP SOLUTIONS | FOURTH QUARTER 2025 | ![](tm2525614d1_ex99-1img008.jpg) |

---

Bioceres Crop Solutions

**Fourth Quarter Full-Year 2025 Financial Results**

**Revenues**

**Table 2:** 4Q25 & FY25 Revenues by Segment

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (In millions of U.S. dollars) | 4Q24 | 4Q25 | %CHANGE | FY24 | FY25 | %CHANGE |
| **Revenue by Segment** |  |  |  |  |  |  |
| Crop Protection | 53.2 | 41.7 | (22%) | 227.2 | 181.9 | (20%) |
| Seed and Integrated Products | 33.3 | 8.4 | (75%) | 96.4 | 63.9 | (34%) |
| Crop Nutrition | 37.5 | 24.7 | (34%) | 141.2 | 89.5 | (37%) |
| **Total Revenue** | **124.0** | **74.7** | **(40** **%)** | **464.8** | **335.3** | **(28** **%)** |

---

**Revenues** were $74.7 million in 4Q25, a 40% year-over-year decline, due to a lower contribution from HB4-related sales and weaker demand in both Crop Protection and Crop Nutrition in Argentina.

In Crop Protection, quarterly revenues declined 22% to $41.7 million, reflecting the absence of typical pre-season sales in Argentina as customers shifted to just-in-time purchasing. Performance outside Argentina remained resilient, supported by continued momentum in bio-protection products in the U.S. and LatAm, and strong adjuvant sales in Brazil. Crop Nutrition revenues were $24.7 million, down 34%, driven by softer demand and pricing pressure in Argentina's micro-beaded fertilizers, as well as lower inoculant revenues in other markets due the calendar-based timing of the Syngenta agreement. Revenues from Seed & Integrated Products were $8.4 million, a 75% decline year over year, reflecting the unwinding of the HB4 program.

For the full year FY25, revenues totaled $335.3 million, down 28% from FY24. The Company faced severe challenges in FY25 in Argentina, one of its key markets, driven by a mix of: (i) extraordinary prior-year sales linked to local currency devaluation, which led channels to accumulate inventories beyond short-term needs, (ii) weaker on-farm economics, and (iii) tightening financing across the agricultural sector.

In Crop Protection, revenues fell 20% to $181.9 million. While Argentine sales weighed on the annual results, growth of core products such as adjuvants and bioprotection in other regions demonstrate the underlying strength of the portfolio, positioning this segment to rebound as Argentine demand recovers.

In Crop Nutrition, annual revenues were $89.5 million, down 37% from FY24. Results reflected a sharp contraction in micro-beaded fertilizer sales due to lower corn acreage in Argentina early in the year, compounded by weak farm economics and elevated channel inventories that restricted purchasing behavior throughout the season. The expected reduction of $15.7 million related to the Syngenta downpayment further weighed on comparisons.

In Seed & Integrated Products, revenues were $63.9 million, down 34% versus FY24. The slowdown in both the quarter and the full year reflects the transition of the HB4 business model toward strategic partnerships. While this shift temporarily reduces upfront revenue recognition, it supports a more capital-efficient and scalable approach expected to drive future growth.

---

| | | | |
|:---|:---|:---|:---|
| 4 | BIOCERES CROP SOLUTIONS | FOURTH QUARTER 2025 | ![](tm2525614d1_ex99-1img008.jpg) |

---

Bioceres Crop Solutions

**Gross Profit & Margin**

**Table 3:** 4Q25 & FY25 Gross Profit by Segment

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (In millions of U.S. dollars) | 4Q24 | 4Q25 | %CHANGE | FY24 | FY25 | %CHANGE |
| **Gross Profit by Segment** |  |  |  |  |  |  |
| Crop Protection | 17.8 | 15.6 | (12%) | 81.6 | 70.0 | (14%) |
| Seed and Integrated Products | 9.9 | 0.6 | (94%) | 30.5 | 19.1 | (37%) |
| Crop Nutrition | 19.7 | 9.2 | (54%) | 74.5 | 42.7 | (43%) |
| **Total Gross Profit** | **47.4** | **25.2** | **(47** **%)** | **186.6** | **131.7** | **(29** **%)** |
| % Gross Margin | 38.3% | 33.8% | *450 bps* | 40.1% | 39.3% | *86 bps* |

---

**Gross profit** totaled $25.2 million in 4Q25, compared to $47.4 million in the same quarter last year. The decline reflected the same dynamics observed in revenues, together with a less favorable product mix and temporary margin pressure in certain categories, resulting in an overall gross margin contraction from 38% to 34% for the quarter.

In Crop Protection, gross profit was $15.6 million in 4Q25 compared to $17.8 million in the prior year. The decline was in line with lower sales, though less pronounced, leading to an improved gross margin for the segment. This was supported by a more favorable mix, with higher contributions from bioprotection products, which performed well during the quarter and carry stronger margins, as well as improved margins in adjuvants.

In Crop Nutrition, gross profit decreased to $9.2 million from $19.7 million a year earlier. The decline reflected lower volumes in the segment and was further pressured by margin erosion from pricing headwinds, particularly in micro-beaded fertilizers. Biostimulant margins also softened as the business expanded in markets with different pricing structures but meaningful growth potential.

In Seed & Integrated Products, gross profit was $0.6 million compared to $9.9 million in the prior year. The decrease reflects the planned wind-down of the seed business as the company transition to the new strategy, focusing on partnerships and trait development, while selling through existing grain and seed inventories.

For the full fiscal year, gross profit was $131.7 million compared to $186.6 million in FY24. The decrease reflects lower sales across all segments, including a $15.7 million year-over-year reduction from the Syngenta agreement that carried a 100% gross margin in FY24. Even in this challenging context, gross profit performance broadly tracked sales, and the full-year gross margin held stable compared to the prior year. This reflects the relative resilience of the higher-margin proprietary products, where the company retained market share and, in some international markets, achieved modest gains.

**Operating Expenses**

**Selling, General and Administrative Expenses:** SG&A expenses were $34.1 million, compared to $31.5 million in the same quarter last year. The figure reflects a $5 million increase in impairment of receivables, mainly associated with non-recurring events in Bolivia and the HB4 business, and $2.6 million in transactional expenses associated with one-time workforce streamlining costs, which offset savings from cost-control initiatives and lower variable costs due to reduced sales activity.

D&A, share-based incentives and transactional expenses jointly amounted to $6.2 million, compared to $4.7 million last year, due to higher transactional expenses.

For the full fiscal year SG&A expenses were $123.6 million, compared to $123.7 million in FY24. As with the quarterly numbers, the annual figure includes a $6.4 million increase in impairments, and $3.6 million in one-time transactional costs, both of which, together with a progressive increase in dollar costs in Argentina, mask the savings achieved from cost realignment initiatives.

D&A, share-based incentives and transactional expenses for the year jointly amounted to $18.4 million, declining from $22.8 million last year, as a result of lower share-based incentives.

---

| | | | |
|:---|:---|:---|:---|
| 5 | BIOCERES CROP SOLUTIONS | FOURTH QUARTER 2025 | ![](tm2525614d1_ex99-1img008.jpg) |

---

Bioceres Crop Solutions

**Research and Development:** Total R&D expenses were $3.7 million in 4Q25, down from $5.4 million in 4Q24. For the full fiscal year, R&D expenses totaled $16.0 million, compared to $17.2 million in FY24. The reduction reflects a refocusing of resources to prioritize initiatives that balance the company's long-term growth prospects with nearer-term profitability opportunities.

D&A, share-based incentives and transactional expenses jointly amounted to $2.6 million in 4Q25 and $7.6 million in FY25.

**GAAP Net Income & Adjusted EBITDA**

**Net loss** totaled $48.0 million in 4Q25, compared to $1.0 million in the same quarter last year. The year-over-year decline was primarily due to lower gross profit, and the resulting operating loss, with additional pressure from higher financial costs and increased tax expenses accruals.

For the full fiscal year, net loss stood at $55.2 million, compared to a net profit of $7.3 million in FY24. The swing was mainly driven by weaker operating performance. Higher financial expenses also contributed to the year-over-year decline, partially offset by lower tax expenses.

**Adjusted EBITDA<sup>1</sup>** was negative $4.5 million in 4Q25, compared to $19.9 million in the same quarter last year. The $24.4 million year-over-year decrease was almost entirely explained by the $22.7 million reduction in gross profit, while savings in operating expenses and contribution from JVs were offset by non-recurring operating expenses and other expenses.

For FY25, Adjusted EBITDA<sup>1</sup> was $28.3 million, down from $81.4 million in FY24, reflecting the sharp drop in gross profit. Non-recurring expenses during the year outweighed OPEX efficiencies achieved through cost-control initiatives, leading to slightly higher operating expenses year-over-year when excluding D&A, share-based incentives and transactional expenses. Additionally, joint venture results weighed on performance, with Synertech — the JV exclusively dedicated to manufacturing micro-beaded fertilizers — impacted by weaker product demand in recent quarters. These pressures were offset by higher Other Income, which reflects the beneficial exchange of non-core soybean traits and intellectual property assets executed as part of the seeds business reorganization disclosed in 3Q25.

**Financial Income and Loss**

**Table 4:** 4Q25 & FY25 Net Financial Result

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (In millions of U.S. dollars) | 4Q24 | 4Q25 | %CHANGE | FY24 | FY25 | %CHANGE |
| Interest expenses | (5.0) | (6.9) | (39%) | (14.4) | (22.3) | (54%) |
| Financial comissions | (0.9) | (1.0) | (7%) | (2.7) | (3.8) | (37%) |
| Changes in fair value, FX and other financial results | (9.7) | (18.3) | (89%) | (17.6) | (24.1) | (37%) |
| **Total Financial Result** | **(15.6)** | **(26.2)** | **(68** **%)** | **(34.8)** | **(50.1)** | **(44** **%)** |

---

**Total financial results** were negative $26.2 million in 4Q25, compared to negative $15.6 million in 4Q24. The quarter's results reflect the impact of amendments to the Company's note purchase agreements and outstanding notes, which resulted in a non-cash increase in the principal balance and higher interest expenses under the new terms.

For FY25, total financial results were negative $50.1 million, compared to negative $34.8 million in FY24. The year-over-year increase was mainly driven by higher interest expenses, stemming from higher market interest rates in Argentina and Brazil, as well as the amendments to the outstanding Notes. While foreign exchange differences had a positive effect on other financial results, these benefits were offset by the negative impact from the note amendments recognized in 4Q25.

---

| | | | |
|:---|:---|:---|:---|
| 6 | BIOCERES CROP SOLUTIONS | FOURTH QUARTER 2025 | ![](tm2525614d1_ex99-1img008.jpg) |

---

Bioceres Crop Solutions

**Cash Flow and Balance Sheet Highlights**

**Table 5:** Net Cash Flows Generated by Operating Activities

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 4Q24 | 4Q25 | %CHANGE | FY24 | FY25 | %CHANGE |
| **Cashflow** |  |  |  |  |  |  |
| Net cash flows generated by operating activities | 23.3 | 29.9 | 28% | 41.7 | 53.0 | 27% |
| Net cash flows used in investing activities | (0.3) | (4.0) | (1251%) | (28.7) | (11.6) | 60% |
| Net cash flows from (used in) financing activities | 5.3 | (24.3) | (556%) | (10.1) | (49.3) | (390%) |
| **Net increase (decrease) in cash and cash equivalents** | **28.3** | **1.6** | **(94** **%)** | **2.9** | **(7.9)** | **(368** **%)** |

---

**Net cash flow from operating activities** was $29.9 million in 4Q25, compared to $23.3 million in the same quarter last year. For FY25, net cash flow from operations totaled $53.0 million, up from $41.7 million in FY24, reflecting continued focus on working capital efficiency and cash generation despite a significant decline in profitability. Net cash consumption for both the quarter and the full year was primarily driven by financing activities, mainly reflecting debt repayments.

**Table 6:** Capitalization and Debt

---

| | | |
|:---|:---|:---|
| (In millions of U.S. dollars) | **As of June, 30** | **As of June, 30** |
|  | **2024** | **2025** |
| Total Debt | 259.7 | 255.5 |
| Cash and Cash Equivalents | (44.5) | (32.7) |
| Other short-term investments | (11.7) | (1.9) |
| **Debt net of cash, cash equivalents and other short-term investments** | **203.5** | **220.8** |

---

Total Financial Debt stood at $255.5 million on June 30, 2025, slightly lower than the $259.7 million in 4Q24. As mentioned above, the Company entered into amendments to its note purchase agreements and outstanding notes during the fourth quarter. While the aggregate principal amount of the outstanding Notes increased, total debt declined year-over-year and was slightly lower compared to 3Q25, reflecting the repayment of Unsecured Public Bonds and working capital loans in Argentina.

Cash, Cash Equivalents and Other Short-term Investments totaled $34.6 million, resulting in a net financial debt of $220.8 million as of June 30, 2025, compared to $217.4 in the immediately preceding quarter.

---

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|:---|:---|:---|:---|
| 7 | BIOCERES CROP SOLUTIONS | FOURTH QUARTER 2025 | ![](tm2525614d1_ex99-1img008.jpg) |

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Bioceres Crop Solutions

**Fiscal Fourth Quarter and Fiscal Year 2025 Earnings Conference Call**

Management will host a conference call and question-and-answer session, which will be accompanied by a presentation available during the webcast or accessed via the investor relations section of the company's <u>website</u>.

To access the call, please use the following information:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;![](tm2525614d1_ex99-1img002.jpg) | &nbsp;&nbsp;**Date:** Tuesday, September 9, 2025 | <br> Please dial in 5-10 minutes prior to the start time to register and join. The conference call will be broadcast live and available for replay **here** and via the investor relations section of the company's website **here**.<br>A replay of the call will be available through **September 16,** 2025, following the conference.<br>**Toll Free Replay Number:** 1-866-813-9403<br>**International Replay Number:** Click **<u>here</u>**<br>**Replay ID**: 962629 |
| &nbsp;&nbsp;![](tm2525614d1_ex99-1img003.jpg) | &nbsp;&nbsp;**Time:** 8:30 a.m. EST, 5:30 a.m. PST | <br> Please dial in 5-10 minutes prior to the start time to register and join. The conference call will be broadcast live and available for replay **here** and via the investor relations section of the company's website **here**.<br>A replay of the call will be available through **September 16,** 2025, following the conference.<br>**Toll Free Replay Number:** 1-866-813-9403<br>**International Replay Number:** Click **<u>here</u>**<br>**Replay ID**: 962629 |
| &nbsp;&nbsp;![](tm2525614d1_ex99-1img004.jpg) | &nbsp;&nbsp;**US Toll Free dial-in number:** 1-833-470-1428 | <br> Please dial in 5-10 minutes prior to the start time to register and join. The conference call will be broadcast live and available for replay **here** and via the investor relations section of the company's website **here**.<br>A replay of the call will be available through **September 16,** 2025, following the conference.<br>**Toll Free Replay Number:** 1-866-813-9403<br>**International Replay Number:** Click **<u>here</u>**<br>**Replay ID**: 962629 |
| &nbsp;&nbsp;![](tm2525614d1_ex99-1img005.jpg) | &nbsp;&nbsp;**International dial-in numbers:** Click **here** | <br> Please dial in 5-10 minutes prior to the start time to register and join. The conference call will be broadcast live and available for replay **here** and via the investor relations section of the company's website **here**.<br>A replay of the call will be available through **September 16,** 2025, following the conference.<br>**Toll Free Replay Number:** 1-866-813-9403<br>**International Replay Number:** Click **<u>here</u>**<br>**Replay ID**: 962629 |
| &nbsp;&nbsp;![](tm2525614d1_ex99-1img006.jpg) | &nbsp;&nbsp;**Conference ID:** 832796 | <br> Please dial in 5-10 minutes prior to the start time to register and join. The conference call will be broadcast live and available for replay **here** and via the investor relations section of the company's website **here**.<br>A replay of the call will be available through **September 16,** 2025, following the conference.<br>**Toll Free Replay Number:** 1-866-813-9403<br>**International Replay Number:** Click **<u>here</u>**<br>**Replay ID**: 962629 |
| &nbsp;&nbsp;![](tm2525614d1_ex99-1img007.jpg) | &nbsp;&nbsp;**Webcast:** Click **<u>here</u>** | <br> Please dial in 5-10 minutes prior to the start time to register and join. The conference call will be broadcast live and available for replay **here** and via the investor relations section of the company's website **here**.<br>A replay of the call will be available through **September 16,** 2025, following the conference.<br>**Toll Free Replay Number:** 1-866-813-9403<br>**International Replay Number:** Click **<u>here</u>**<br>**Replay ID**: 962629 |

---

**About Bioceres Crop Solutions Corp.**

Bioceres Crop Solutions Corp. (NASDAQ: BIOX) is a leader in the development and commercialization of productivity solutions designed to regenerate agricultural ecosystems while making crops more resilient to climate change. To do this, Bioceres' solutions create economic incentives for farmers and other stakeholders to adopt environmentally friendlier production practices.

The company has a unique biotech platform with high-impact, patented technologies for seeds and microbial ag-inputs, as well as next generation Crop Nutrition and Protection solutions. Through its HB4® program, the company is bringing digital solutions to support growers' decisions and provide end-to-end traceability for production outputs. For more information, visit here.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Contact** Bioceres Crop Solutions | &nbsp;&nbsp;Paula Savanti<br> Head of Investor Relations<br> investorrelations@biocerescrops.com |

---

**Forward-Looking Statements**

This communication includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate," "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include estimated financial data, and any such forward-looking statements involve risks, assumptions and uncertainties. These forward-looking statements include, but are not limited to, whether (i) the health and safety measures implemented to safeguard employees and assure business continuity will be successful and (ii) we will be able to coordinate efforts to ramp up inventories. Such forward-looking statements are based on management's reasonable current assumptions, expectations, plans and forecasts regarding the company's current or future results and future business and economic conditions more generally. Such forward-looking statements involve risks, uncertainties and other factors, which may cause the actual results, levels of activity, performance or achievement of the company to be materially different from any future results expressed or implied by such forward-looking statements, and there can be no assurance that actual results will not differ materially from management's expectations or could affect the company's ability to achieve its strategic goals, including the uncertainties relating to the other factors that are described in the sections entitled "Risk Factors" in the company's Securities and Exchange Commission filings updated from time to time. The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. Therefore, you should not rely on any of these forward-looking statements as predictions of future events. All forward-looking statements contained in this release are qualified in their entirety by this cautionary statement. Forward-looking statements speak only as of the date they are or were made, and the company does not intend to update or otherwise revise the forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, except as required by law.

---

| | | | |
|:---|:---|:---|:---|
| 8 | BIOCERES CROP SOLUTIONS | FOURTH QUARTER 2025 | ![](tm2525614d1_ex99-1img008.jpg) |

---

Bioceres Crop Solutions

**Use of non-IFRS financial information**

The company supplements the use of IFRS financial measures with non-IFRS financial measures. The non-IFRS measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and may be different from non-IFRS measures used by other companies. In addition, the non-IFRS measures are not based on any comprehensive set of accounting rules or principles. Non-IFRS measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with IFRS.

This non-IFRS financial measures should only be used to evaluate the company's results of operations in conjunction with the most comparable IFRS financial measures. In addition, other companies may report similarly titled measures, but calculate them differently, which reduces their usefulness as a comparative measure. Management utilizes these non-IFRS metrics as performance measures in evaluating and making operational decisions regarding our business.

**Adjusted EBITDA**

The company defines adjusted EBITDA as net income/(loss) exclusive of financial income/(costs), income tax benefit/(expense), depreciation, amortization, share-based compensation, and one-time transactional expenses.

Management believes that adjusted EBITDA provides useful supplemental information to investors about the company and its results. Adjusted EBITDA is among the measures used by the management team to evaluate the company's financial and operating performance and make day-to-day financial and operating decisions. In addition, adjusted EBITDA and similarly titled measures are frequently used by competitors, rating agencies, securities analysts, investors and other parties to evaluate companies in the same industry. Management also believes that adjusted EBITDA is helpful to investors because it provides additional information about trends in the company's core operating performance prior to considering the impact of capital structure, depreciation, amortization and taxation on results. Adjusted EBITDA should not be considered in isolation or as a substitute for other measures of financial performance reported in accordance with IFRS. Adjusted EBITDA has limitations as an analytical tool, including:

· Adjusted EBITDA does not reflect changes in, including cash requirements for working capital needs or contractual commitments.

· Adjusted EBITDA does not reflect financial expenses, or the cash requirements to service interest or principal payments on indebtedness, or interest income or other financial income.

· Adjusted EBITDA does not reflect income tax expense or the cash requirements to pay income taxes.

· Although depreciation and amortization are non-cash charges, the assets being depreciated or amortized often will need to be replaced in the future, and adjusted EBITDA does not reflect any cash requirements for these replacements.

---

| | | | |
|:---|:---|:---|:---|
| 9 | BIOCERES CROP SOLUTIONS | FOURTH QUARTER 2025 | ![](tm2525614d1_ex99-1img008.jpg) |

---

Bioceres Crop Solutions

· Although share-based compensation is a non-cash charge, adjusted EBITDA does not consider the potentially dilutive impact of share-based compensation; and

· Other companies may calculate adjusted EBITDA and similarly titled measures differently, limiting its usefulness as a comparative measure.

The company compensates for the inherent limitations associated with using adjusted EBITDA through disclosure of these limitations, presentation in the combined financial statements in accordance with IFRS and reconciliation of adjusted EBITDA to the most directly comparable IFRS measure, income/(loss) for the period or year.

**Table 7:**

4Q25 Adjusted EBITDA Reconciliation from Profit/(Loss) for the period

---

| | | | | |
|:---|:---|:---|:---|:---|
| (In millions of U.S. dollars) | 4Q24 | 4Q25 | FY24 | FY25 |
| **Profit/(loss) for the period** | (1.0) | (48.0) | 7.3 | (55.2) |
| Income tax | (4.0) | 6.8 | 3.8 | 1.3 |
| Financial results | 15.6 | 26.2 | 34.8 | 50.1 |
| Depreciations & amortizations | 6.6 | 6.4 | 21.3 | 23.7 |
| Stock-based compensation charges | 2.7 | 1 | 14.1 | 4.4 |
| Transaction expenses | 0.1 | 3 | 0.1 | 4 |
| **Adjusted EBITDA**<sup>1</sup>** | **19.9** | **(4.5)** | **81.4** | **28.3** |

---

---

| | | | |
|:---|:---|:---|:---|
| 10 | BIOCERES CROP SOLUTIONS | FOURTH QUARTER 2025 | ![](tm2525614d1_ex99-1img008.jpg) |

---

Bioceres Crop Solutions

**Unaudited Consolidated Statement of Comprehensive Income**

*(Figures in million of U.S. dollars)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-month <br> period ended <br> 06/30/2025** | **Three-month <br> period ended <br> 06/30/2024** | **Fiscal Year <br> ended <br> 06/30/2025** | **Fiscal Year <br> ended <br> 06/30/2024** |
| Revenues from contracts with customers | 74.4 | 124.3 | 333.3 | 464.8 |
| Initial recognition and changes in the fair value of biological assets at the point of harvest | 0.2 | (0.3) | 1.8 | (0.0) |
| Cost of sales | (49.3) | (76.6) | (203.4) | (278.2) |
| **Gross profit** | **25.2** | **47.4** | **131.7** | **186.6** |
| % Gross profit | 34% | 38% | 39% | 40% |
| Operating expenses | (37.8) | (36.9) | (139.5) | (140.9) |
| Share of profit of JV | 0.3 | (0.4) | (0.9) | 4.0 |
| Change in net realizable value of agricultural products | (1.1) | (0.4) | (1.5) | (2.4) |
| Other income or expenses, net | (1.5) | 0.7 | 6.6 | (1.5) |
| **Operating profit** | **(14.9)** | **10.5** | **(3.7)** | **45.9** |
| Financial result | (26.2) | (15.6) | (50.1) | (34.8) |
| **Profit/(loss) before income tax** | **(41.2)** | **(5.1)** | **(53.8)** | **11.1** |
| Income tax | (6.8) | 4.0 | (1.3) | (3.8) |
| **Profit/(loss) for the period** | **(48.0)** | **(1.0)** | **(55.2)** | **7.3** |
| Other comprehensive loss | (0.0) | (0.5) | (0.7) | (0.8) |
| **Total comprehensive profit/(loss)** | **(48.0)** | **(1.6)** | **(55.9)** | **6.5** |
| **Profit/(loss) for the period attributable to:** |  |  |  |  |
| Equity holders of the parent | (44.3) | (0.5) | (51.8) | 4.3 |
| Non-controlling interests | (3.7) | (0.6) | (3.4) | 3.0 |
|  | **(48.0)** | **(1.0)** | **(55.2)** | **7.3** |
| **Total comprehensive profit/(loss) attributable to:** |  |  |  |  |
| Equity holders of the parent | (44.2) | (0.9) | (52.4) | 3.8 |
| Non-controlling interests | (3.8) | (0.7) | (3.5) | 2.7 |
|  | **(48.0)** | **(1.6)** | **(55.9)** | **6.5** |
| **Weighted average number of shares** |  |  |  |  |
| Basic | 63.2 | 62.8 | 63.2 | 62.8 |
| Diluted | 63.2 | 63.5 | 63.2 | 63.5 |

---

---

| | | | |
|:---|:---|:---|:---|
| 11 | BIOCERES CROP SOLUTIONS | FOURTH QUARTER 2025 | ![](tm2525614d1_ex99-1img008.jpg) |

---

## Exhibit 99.2

**Exhibit 99.2**

![](tm2525614d1_ex99-2img001.jpg)

**RIZOBACTER ARGENTINA SA**

Dr. Arturo Frondizi Avenue No. 1150, Industrial Park 2700

Pergamino (Buenos Aires Province)

**Annual Report and Consolidated Financial Statements for the**

**fiscal year ended June 30, 2025, presented comparatively –**

**Figures expressed in constant currency, in thousands of ARS**

**pesos.**

*Free translation from the original prepared in Spanish for publication in Argentina*

**RIZOBACTER ARGENTINA SA**

**Informative Review**

In compliance with the provisions of the National Securities Commission in General Resolution No. 368/01, the Group's Board of Directors has approved this information report corresponding to the fiscal year ending June 30, 2025.

**I. COMMENT ON THE ACTIVITIES OF THE RHIZOBACTER GROUP**

At the end of fiscal year 42, from July 1, 2024, to June 30, 2025, the Rizobacter Group achieved total sales revenue of $205,107 million pesos, 17% more than the previous year in the same fiscal year.

The gross margin was $77.882 billion pesos, representing a 38% margin on sales revenue.

Administrative, commercial, and research expenses for the fiscal year amounted to $71.204 billion pesos, representing 35% of sales revenue, compared to $43.35 billion pesos for the previous fiscal year.

The consolidated operating result for the fiscal year was $3,671 million pesos, compared to $20,936 million for the same period of the previous fiscal year.

Net financial results reached a loss of $15.085 billion, compared to a net loss of $10.897 billion for the previous year.

The consolidated pre-tax result showed a loss of $11.414 billion pesos compared to the previous year's profit of $10.039 billion pesos.

As of June 30, 2025, the Group's liquidity level amounts to $21,141 million, registering a decrease of $58,281 million compared to the position at the beginning of the fiscal year.

Net cash flow provided by operating activities amounted to $52,027 million, net cash flow used in financing activities was $26,845 million, and net cash flow used in investing activities was $27,907 million.

Financial debt at year-end amounted to $1.7 million, structured as 76% short-term and 24% long-term. As of June 30, 2024, the debt composition was structured as 78% short-term and 22% long-term.

---

| | | |
|:---|:---|:---|
| **Millions of pesos** | **June 30,<br> 2025** | **June 30,<br> 2024** |
| Current financial debt | 135.017 | 114.234 |
| Non-current financial debt | 42.225 | 33.022 |
| **Total financial debt** | **177242** | **147256** |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

![](tm2525614d1_ex99-2img004.jpg)

**II. STRUCTURE OF THE CONSOLIDATED FINANCIAL POSITION (values expressed in millions of pesos)**

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **June 30, <br> 2024** |
| Current Assets | 238034 | 314.611 |
| Non-current Assets | 237465 | 89.372 |
| **Total Assets** | **475499** | **403.983** |
| Current Liabilities | 219.111 | 235.189 |
| Non-current liabilities | 145.610 | 63581 |
| **Total Liabilities** | **364721** | **298770** |
| Controlling Equity | 110778 | 105.213 |
| Non-controlling interests | - | - |
| **Total Assets** | **110778** | **105.213** |

---

**III. CONSOLIDATED COMPREHENSIVE INCOME STRUCTURE (values expressed in millions of pesos)**

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | **June 30,<br> 2024** |
| Revenue from sales of goods and services | 205.107 | 175323 |
| Cost of sales | (127.225) | (107.855) |
| Changes in the net realizable value of agricultural products after harvest | 82 | (751) |
| Administration expenses | (23.477) | (14.696) |
| Selling expenses | (44.224) | (26.385) |
| Research and development expenses | (3.503) | (2.269) |
| Share of profit or loss of joint ventures and associates | (2.141) | (2.268) |
| Other income and expenses, net | (948) | (163) |
| **Operating results** | **3.671** | **20936** |
| Other financial results | 3.083 | 3.016 |
| Financial cost | (18.168) | (13.913) |
| **Results before income tax** | **(11.414)** | **10.039** |
| Income tax | 1.661 | (3.785) |
| **Result for the year** | **(9.753)** | **6.254** |
| **Other comprehensive income** |  |  |
| **Items that may be subsequently reclassified to profit and loss** |  |  |
| Currency conversion effect | (605) | 61 |
| Effect of conversion to presentation currency | 32792 | 71888 |
| **Total comprehensive income** | **22.434** | **78.203** |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

![](tm2525614d1_ex99-2img004.jpg)

**IV. CONSOLIDATED CASH FLOW STRUCTURE (values expressed in millions of pesos)**

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **June 30,<br> 2024** |
| Net cash flow provided by operating activities | 52.027 | 10.573 |
| Net cash flow used in investing activities | (26.845) | (19.692) |
| Net cash flow (used in)/generated from financing activities | (37.304) | 29.596 |
| Exchange differences and changes in fair value on cash and cash equivalents | 6.514 | 5.811 |
| **(Decrease) / Net increase in cash and cash equivalents** | **(5.608)** | **26.288** |

---

**V. CONSOLIDATED STATISTICAL DATA**

Revenues to the domestic market and exports (values expressed in millions of pesos)

---

| | | |
|:---|:---|:---|
|  | **June 30, <br> 2025** | **June 30, <br> 2024** |
| Domestic Market | 169050 | 148266 |
| Foreign Market | 36.057 | 27.057 |
| **Total revenues** | **205.107** | **175323** |

---

Revenues in units

---

| | | | |
|:---|:---|:---|:---|
| **Product family** | **U. Measure** | **June 30, <br> 2025** | **June 30,<br> 2024** |
| Biotechnology | dose | 11433079 | 28425989 |
| Baits | kilos | 577420 | 1098245 |
| Adjuvants | liters | 6133283 | 6401244 |
| Fertilizers | kilos | 17504917 | 32387251 |
| Chance | units | 4639910 | 62477533 |
| Therapeutic | liters | 698279 | 764705 |
| Seed Treatment | kilos | 1013762 | 1282753 |
| Third Party Formulation | liters | 2481493 | 3371380 |
| Stored Grains | kilos |  | 224.245 |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

![](tm2525614d1_ex99-2img004.jpg)

**VI. CONSOLIDATED RATIOS**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **June 30,<br> 2025** | **June 30,<br> 2024** |
| Debt Ratio | (Total Liabilities/Total Assets) | 0.77 | 0.74 |
| Debt to Equity Ratio | (Total Liabilities/Equity) | 3.29 | 2.84 |
| Current Ratio | (Current Assets/Current Liabilities) | 1.09 | 1.34 |
| **Quick Ratio (Acid-Test Ratio)** | (Refined Current Assets/Current Liabilities) | 0.74 | 1.04 |
| Return on Equity ("ROE") using period-end equity | (**Results before income tax** /Equity) | (0.10) | 0.10 |
| Return on Assets | (**Results before income tax** /Total Assets) | (0.02) | 0.02 |
| Equity to Total Liabilities Ratio | (Eqyity/Total Liabilities) | 0.30 | 0.35 |
| Non-current Assets Ratio | (Non-current Assets/Total Assets) | 0.50 | 0.22 |
| ROE | Net Income (Does not include ORI) / Average Equity | (0.09) | 0.06 |

---

**VII. PERSPECTIVES**

Global growth is slowing following rising trade barriers and greater policy uncertainty. Global growth is estimated to slow to 2.3% in 2025, with a modest recovery projected for 2026-2027. This scenario could worsen if trade restrictions intensify, or political uncertainty persists. Other risks include lower growth in major economies, geopolitical conflicts, and extreme weather events.

To counter these challenges, multilateral efforts are needed to promote a more predictable and transparent environment. Policymakers must keep inflation under control, strengthen fiscal balances, and advance structural reforms that improve institutional quality, stimulate private investment, and strengthen human capital and the labor market.

All emerging market and developing economy (EMDE) regions face a complex outlook. Growth projections for 2025 have been reduced compared to previous estimates. A slowdown is expected in East Asia, Europe and Central Asia, and to a lesser extent in South Asia. Latin America and the Caribbean are emerging as the regions with the lowest growth, affected by trade barriers and persistent structural weaknesses. In commodity -exporting regions , weakening external demand will also have a negative impact.

**Argentina:**

Argentina is shaping up to be the fastest-growing economy in the region in 2026, with a projected expansion of 3.9% according to the Institute for International Finance (IIF), driven by private consumption and investment following the elimination of exchange controls.

&nbsp;&nbsp;&nbsp;&nbsp;· Inflation:
 It is expected to continue its decline, consolidating an environment of positive real rates.

&nbsp;&nbsp;&nbsp;&nbsp;· Exchange
 rate: The sliding band system remains in place, with monthly adjustments of 1% and an estimated
 range of $1,200 to $1,600 per dollar by mid-2026.

&nbsp;&nbsp;&nbsp;&nbsp;· Current
 account: A slight deficit is projected due to increased imports, although offset by agricultural
 and energy exports.

&nbsp;&nbsp;&nbsp;&nbsp;· Reserves:
 They continue to be a focus of attention, with the BCRA making efforts to gradually restore
 them.

***Agribusiness***

Wheat: Production remains stable at around 15 million tons, with good performance in core areas.

Corn: Acreage recovery after the 2025 decline, with estimates of more than 50 million tons.

*Free translation from the original prepared in Spanish for publication in Argentina*

![](tm2525614d1_ex99-2img004.jpg)

Soybeans: They remain the dominant crop, although with a smaller surface area than in previous years due to rotation towards corn and specialty crops.

Agroindustrial exports: Sustained growth is projected, with a focus on Asian and European markets, leveraged by agreements such as Mercosur-EU.

Regarding Rizobacter, the Board of Directors reaffirms the strategy of focusing and growing its core business lines and target countries, maintaining adequate expense control, and developing projects associated with its strategy. Although the business faced certain challenges last year due to the deteriorating economic situation of agricultural producers and high inventory levels in the channel, the Group was able to maintain its market share in the contracted market. The outlook for the upcoming campaigns is favorable, based on an improvement in the country's macroeconomic context and the normalization of the climatic conditions affecting the agricultural sector.

The Group's financial situation was affected not only by the market conditions described above but also by a context of uncertainty generated by companies linked to the economic Group. In this context, significant progress has been made in optimizing working capital and adapting the cost structure to current market conditions. Discussions are also ongoing with local financial institutions to refinance existing liabilities and restore confidence, while long-term financing options or capital increases are being analyzed for the parent company, Bioceres Crop Solutions. The Board of Directors fully trusts the company's ability to resume a sound financing structure, which is highly affected by the Group's current external situation. See note 2.3 to the financial statements.

*Free translation from the original prepared in Spanish for publication in Argentina*

**Rizobacter Argentina SA**

**Consolidated Financial Statements**

For the fiscal year beginning July 1, 2024, and ending June 30, 2025, presented comparatively.

**Content**

Consolidated Financial Statements

Consolidated Statement of Comprehensive Income

Consolidated Statement of Financial Position

Statement of Changes in Consolidated Equity

Consolidated Statement of Cash Flows

Notes to the Consolidated Financial Statements

Audit report issued by the independent auditors

Report of the Supervisory Commission

*Free translation from the original prepared in Spanish for publication in Argentina*

![](tm2525614d1_ex99-2img004.jpg)

**<u>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</u>**

**Corresponding to the financial years ending June 30, 2025 and 2024**

**(Amounts expressed in thousands of pesos)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **June 30, 2025** | **June 30, 2024** |
| Revenue from sales of goods and services |  | 205.107.489 | 175322686 |
| Cost of sales | 7.1 | (127224568) | (107854941) |
| Changes in the net realizable value of agricultural products after harvest |  | 81633 | (750792) |
| Administration expenses | 7.2 | (23476980) | (14696197) |
| Selling expenses | 7.3 | (44223922) | (26385080) |
| Research and development expenses | 7.4 | (3502851) | (2268709) |
| Share of profit or loss of joint ventures and associates | 12 | (2141367) | (2267782) |
| Other income and expenses, net | 7.5 | (948.176) | (162.545) |
| **Operating results** |  | **3671258** | **20936640** |
| Other financial results | 7.6 | 3083489 | 3015920 |
| Financial cost | 7.6 | (18167711) | (13913051) |
| **Results before income tax** |  | **(11412964)** | **10039509** |
| Income tax | 10 | 1661384 | (3784726) |
| **Result for the year** |  | **(9751580)** | **6254783** |
| **Other comprehensive income** |  | **32185725** | **71947798** |
| **Items that may be subsequently reclassified to profit and loss** |  | **32185725** | **71947798** |
| Currency conversion effect |  | (605.064) | 61283 |
| Effect of conversion to presentation currency |  | 32790789 | 71886515 |
| **Total comprehensive income** |  | **22434145** | **78.202.581** |
| Result for the year attributable to: |  |  |  |
| Shareholders of the parent company |  | (9751614) | 6255297 |
| Non-controlling interests |  | 34 | (514) |
|  |  | **(9751580)** | **6254783** |
| Total comprehensive income attributable to: |  |  |  |
| Shareholders of the parent company |  | 22433982 | 78.202.719 |
| Non-controlling interests |  | 163 | (138) |
|  |  | **22434145** | **78.202.581** |
| **Earnings per share** |  |  |  |
| Basic and diluted result attributable to holders of common shares of the parent company | 10 | (243.79) | 156.38 |

---

The accompanying Notes form part of these consolidated financial statements.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 2 | 2 | 2 |

---

![](tm2525614d1_ex99-2img004.jpg)

**<u>STATEMENTS OF FINANCIAL POSITION</u>**

**As of June 30, 2025 and 2024**

**(Amounts expressed in thousands of pesos)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **June 30, 2025** | **June 30, 2024** |
| **<u>ASSETS</u>** |  |  |  |
| **CURRENT ASSETS** |  |  |  |
| Cash and cash equivalents | 9.6 | 23898221 | 29505898 |
| Other financial assets | 9.3 | 1086109 | 7366956 |
| Trade receivables and other receivables | 9.5 | 130.025.816 | 122329793 |
| Trade receivables and other receivables from related parties | 13 | 5091434 | 83.812.520 |
| Income tax credit |  | 1091936 | 408726 |
| Inventories | 9.4 | 73985213 | 71187216 |
| Biological assets |  | 2855245 | - |
| **Total current assets** |  | 238033974 | 314.611.109 |
| **NON-CURRENT ASSETS** |  |  |  |
| Other financial assets | 9.3 | 128 | 172969 |
| Trade receivables and other receivables | 9.5 | 4356076 | 2.015.012 |
| Trade receivables and other receivables from related parties | 13 | 95.809.117 |  |
| Deferred tax asset | 10 | 5902835 | 2397141 |
| Investments in joint ventures and associates | 12 | 23579287 | 16224784 |
| Property, plant and equipment | 9.1 | 69922676 | 51036028 |
| Intangible assets | 9.2 | 24557271 | 7525451 |
| Rigth of use assets | 9.8 | 13337632 | 10000887 |
| **Total non-current assets** |  | 237.465.022 | 89372272 |
| **Total assets** |  | 475498996 | 403.983.381 |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 3 | 3 | 3 |

---

![](tm2525614d1_ex99-2img004.jpg)

**<u>CONSOLIDATED STATEMENTS OF FINANCIAL POSITION</u>**

**As of June 30, 2025 and 2024**

**(Amounts expressed in thousands of pesos)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **June 30, 2025** | **June 30, 2024** |
| **<u>LIABILITIES</u>** |  |  |  |
| **CURRENT LIABILITIES** |  |  |  |
| Trade and other payables | 9.11 | 61866415 | 47533050 |
| Trade payables and other payables to related parties | 13 | 8596307 | 42635455 |
| Borrowings | 9.7 | 135016893 | 114234416 |
| Related-party Borrowings | 13 |  | 17661969 |
| Employee benefits and social security | 9.12 | 5217077 | 3561284 |
| Employee benefits and social security with related parties | 13 | 65.006 | 135.178 |
| Customer advances |  | 4533236 | 2540972 |
| Income tax payable |  | 543586 | 4307290 |
| Consideration for acquisition |  | 186.401 |  |
| Lease liability | 9.8 | 3085821 | 2579704 |
| **Total current liabilities** |  | 219.110.742 | 235.189.318 |
| **NON-CURRENT LIABILITIES** |  |  |  |
| Trade payables and other payables to related parties | 13 | 54980626 | 30 |
| Borrowings | 9.7 | 42225148 | 33021923 |
| Related-party Borrowings | 13 | 13543010 | 3103855 |
| Deferred tax liabilities | 10 | 23638286 | 19400371 |
| Provisions | 9.9 | 1094465 | 819.008 |
| Consideration for acquisition |  | 50.173 |  |
| Lease liability | 9.8 | 10078231 | 7236137 |
| **Total non-current liabilities** |  | 145609939 | 63581324 |
| **Total liabilities** |  | 364720681 | 298770642 |
| **<u>EQUITY</u>** |  |  |  |
| **Equity attributable to the owners of the parent company** |  | 110777935 | 105.212.522 |
| **Non-controlling interest** |  | 380 | 217 |
| **Total Equity** |  | 110778315 | 105212739 |
| **Total equity and liabilities** |  | 475498996 | 403.983.381 |

---

The accompanying Notes form part of these consolidated financial statements.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 4 | 4 | 4 |

---

![](tm2525614d1_ex99-2img004.jpg)

**<u>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</u>**

**Corresponding to the financial years ending June 30, 2025 and 2024**

**(Amounts expressed in thousands of pesos)**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Attributable to the shareholders of the parent company** | **Attributable to the shareholders of the parent company** | **Attributable to the shareholders of the parent company** | **Attributable to the shareholders of the parent company** | **Attributable to the shareholders of the parent company** | **Attributable to the shareholders of the parent company** | **Attributable to the shareholders of the parent company** | **Attributable to the shareholders of the parent company** | **Attributable to the shareholders of the parent company** | **Attributable to the shareholders of the parent company** | **Attributable to the shareholders of the parent company** | **Non-<br> controlling <br> interests** | **Total<br> Equity** |
| **Description** | **Share <br> capital** | **Capital <br> adjustment** | **Legal <br> reserve** | **Optional <br> reserve** | **IFRS <br> Special <br> Reserve** | **Reserve <br> Acquisition <br> Controlling <br> share** | **Stock-based <br> incentives** | **Unassigned <br> Results** | **Conversion <br> reserve** | **PP & E <br> revaluation <br> reserve** | **Equity <br> attributable <br> to the <br> owners of <br> the parent <br> company** | | |
| **June 30, 2023** | **40000** | **727612** | **314704** | **16489469** | **1422225** | **-** | **978.268** | **1589033** | **2798632** | **1116425** | **25476368** | **355** | **25476723** |
| Distribution of results according to the Shareholders' Meeting on October 11, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| - Constitution of optional reserve |  |  |  | 1589033 |  |  |  | (1589033) |  |  |  |  |  |
| Result for the year |  |  |  |  |  |  |  | 6255297 |  |  | 6255297 | (514) | 6254783 |
| Currency conversion effect |  |  |  |  |  |  |  |  | 60907 |  | 60907 | 376 | 61283 |
| Effect of conversion to presentation currency (Note 2.5) | - | - | 802.402 | 45995086 | 3626256 | - | 3214167 | 6209372 | 9192676 | 2846556 | 71886515 | - | 71886515 |
| **Total Comprehensive Income** | **-** | **-** | **802.402** | **47584119** | **3626256** | **-** | **3214167** | **10875636** | **9253583** | **2846556** | **78.202.719** | **(138)** | **78.202.581** |
| Stock incentives (Note 16) | - | - | - | - | - | - | 1533435 | - | - | - | 1533435 | - | 1533435 |
| **June 30, 2024** | **40000** | **727612** | **1117106** | **64073588** | **5048481** | **-** | **5725870** | **12464669** | **12052215** | **3962981** | **105.212.522** | **217** | **105212739** |
| Distribution of results according to the Shareholders' Meeting on October 15, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| - Constitution of optional reserve |  |  |  | 6255297 |  |  |  | (6255297) |  |  |  |  |  |
| Business Combination - Acquisition of Controlling Interest (Note 2.7) |  |  |  |  |  | (17357889) |  |  |  |  | (17357889) |  | (17357889) |
| Result for the year |  |  |  |  |  |  |  | (9751614) |  |  | (9751614) | 34 | (9751580) |
| Currency conversion effect |  |  |  |  |  |  |  |  | (605.193) |  | (605.193) | 129 | (605.064) |
| Effect of conversion to presentation currency (Note 2.5) | - | - | 355805 | 21927709 | 1607973 | - | 1979577 | 2015058 | 3642433 | 1262234 | 32790789 | - | 32790789 |
| **Total Comprehensive Income** | **-** | **-** | **355805** | **28.183.006** | **1607973** | **(17357889)** | **1979577** | **(13991853)** | **3037240** | **1262234** | **5076093** | **163** | **5076256** |
| Stock incentives (Note 16) | - | - | - | - | - | - | 489320 | - | - | - | 489320 | - | 489320 |
| **June 30, 2025** | **40000** | **727612** | **1472911** | **92256594** | **6656454** | **(17357889)** | **8194767** | **(1527184)** | **15089455** | **5225215** | **110777935** | **380** | **110778315** |

---

The accompanying Notes form part of these consolidated financial statements.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 5 | 5 | 5 |

---

![](tm2525614d1_ex99-2img004.jpg)

**<u>CONSOLIDATED STATEMENTS OF CASH FLOWS</u>**

**Corresponding to the financial years ending June 30, 2025 and 2024**

**(Amounts expressed in thousands of pesos)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **June 30, 2025** | **June 30, 2024** |
| **<u>OPERATIONAL ACTIVITIES</u>** |  |  |  |
| Result for the year |  | (9751580) | 6254783 |
| **Adjustments to reconcile profit to net cash flows** |  |  |  |
| Income tax | 10 | (1661384) | 3784726 |
| Financial results |  | 870.510 | 11948010 |
| Depreciation of property, plant and equipment | 9.1 | 3256833 | 2186232 |
| Amortization of intangible assets | 9.2 | 1072724 | 831050 |
| Depreciation of leased assets | 9.8 | 4380913 | 1430880 |
| Stock options and stock incentives |  | 1894624 | 2225861 |
| Share of profit or loss of joint ventures and associates | 12 | 2141367 | 2267782 |
| Provisions for contingencies |  | 340.122 | 251800 |
| Provision for impairment of trade receivables |  | 6354993 | (113489) |
| Provision for obsolescence |  | 1099133 | 234676 |
| Allowance for impairment of credit notes to be issued |  | 839866 | 1097584 |
| Changes in the net realizable value of agricultural products after harvest |  | (81633) | 750792 |
| Impairment of projects under development | 9.2 | 92.382 | 98.120 |
| Proceeds from sales of equipment and intangible assets |  | (151857) | (229926) |
| **Working capital adjustments** |  |  |  |
| Decrease/(increase) in operating receivables |  | 92.249.811 | (52515603) |
| (Decrease) / Increase in operating payables |  | (33891455) | 37803398 |
| Increased inventories |  | (17154332) | (9677507) |
| Interest collected |  | 125.486 | 1943799 |
| **Net cash flow provided by operating activities** |  | **52026523** | **10572968** |

---

The accompanying Notes form part of these consolidated financial statements.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 6 | 6 | 6 |

---

![](tm2525614d1_ex99-2img004.jpg)

**<u>CONSOLIDATED STATEMENTS OF CASH FLOWS</u>**

**Corresponding to the financial years ending June 30, 2025 and 2024**

**(Amounts expressed in thousands of pesos)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **June 30, 2025** | **June 30, 2024** |
| **<u>INVESTMENT ACTIVITIES</u>** |  |  |  |
| Proceeds from sales of property, plant and equipment |  | 370766 | 306589 |
| Net loans granted to shareholders and other related parties |  | (28275805) | (11897248) |
| Proceeds from Investment |  | 7791002 | 628967 |
| Investment in other financial assets |  | (310890) | (3626890) |
| Purchase of property, plant and equipment | 9.1 | (4153072) | (3700871) |
| Purchase of intangible assets | 9.2 | (2267486) | (1402419) |
| **Net cash flow used in investing activities** |  | **(26845485)** | **(19691872)** |
| **<u>FINANCING ACTIVITIES</u>** |  |  |  |
| Proceeds from Borrowings |  | 269465594 | 209.822.527 |
| Repayments of borrowings |  | (292.235.914) | (165620755) |
| Interest payments |  | (8811713) | (12.199.102) |
| Leased assets payments | 9.8 | (5722346) | (2406432) |
| **Net cash flow (used in) / generated by financing activities** |  | **(37304379)** | **29596238** |
| **(Decrease) / Increase in cash and cash equivalents** |  | **(12123341)** | **20477334** |
| Exchange differences and changes in fair value on cash and cash equivalents |  | 6515664 | 5810692 |
| **Net (Decrease)/Increase in cash and cash equivalents** |  | **(5607677)** | **26288026** |
| **Cash and cash equivalents at the beginning of the fiscal year** | 9.6 | 29505898 | 3217872 |
| **Cash and cash equivalents at year-end** | 9.6 | 23898221 | 29505898 |
| **Net (Decrease)/Increase in cash and cash equivalents** | **9.6** | **(5607677)** | **26288026** |

---

The accompanying Notes form part of these consolidated financial statements.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 7 | 7 | 7 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**Index**

1. General information

2. Accounting standards and
 bases of preparation

3. New standards, amendments
 and interpretations issued by the IASB

4. Summary of significant
 accounting policies.

5. Critical accounting estimates
 and judgments

6. Segment information

7. Earnings per share

8. Information on the components
 of the consolidated statement of financial position

9. Information on the components
 of the consolidated statement of comprehensive income

10. Income taxes

11. Information on the components
 of Equity

12. Joint ventures and associates

13. Balances and transactions
 of shareholders and other related parties

14. Cash flow information

15. Financial Instruments –
 Risk Management

16. Share-based payments

17. Encumbered assets and restricted
 availability assets

18. Contingencies, commitments
 and restrictions on the distribution of profits

19. Compliance with the provisions
 of RG No. 629/2014 CNV.

20. Economic context in which
 the Group operates

21. Events after the reporting
 period

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 8 | 8 | 8 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**1.**  **<u>GENERAL INFORMATION</u>** 

Rizobacter Argentina SA (hereinafter "Rizobacter" or "The Group") was established on October 20, 1983, in the city of Pergamino. Its purpose is to develop microbiological products for the agricultural market. Through the Group and its subsidiaries, it operates in Argentina, Brazil, Uruguay, Paraguay, Bolivia, the United States, South Africa, Colombia, and France.

Rizobacter is a company whose Articles of Incorporation were registered with the Provincial Directorate of Legal Entities of the Province of Buenos Aires on October 20, 1983 under No. 15,284 File 1/32,501 with a term established until October 19, 2082. The last modification of its Bylaws was approved by Extraordinary General Assembly No. 59 dated October 27, 2020, which is registered with the Provincial Directorate of Legal Entities of the Province of Buenos Aires on February 1, 2022.

On October 19, 2016, 50.01% of the shares of Rizobacter Argentina SA were acquired by RASA Holding LLC and then on March 15, 2019, RASA Holding LLC acquired 29.99%, becoming an 80% stake, whose sole shareholder is BCS HOLDING INC, which in turn is 100% controlled by Bioceres Crops Solutivos Corp.

The composition of Rizobacter's share capital is described below:

---

| | |
|:---|:---|
| **Ordinary shares** | **Subscribed and <br> integrated (Pesos)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class "A" VN $1 – 5 Votes | 40000000 |

---

The evolution of the share capital is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30,<br> 2025** | **June 30,<br> 2025** | **June 30, <br> 2024** | **June 30, <br> 2024** | **June 30, <br> 2023** | **June 30, <br> 2023** |
| Share capital at the beginning of the financial year |  | 40000000 |  | 40000000 |  | 40000000 |
| Share capital at the end of the financial year |  | 40000000 |  | 40000000 |  | 40000000 |

---

**2.**  **<u>ACCOUNTING STANDARDS AND BASIS OF PREPARATION</u>** 

**2.1**  **<u>Preparation bases</u>** 

The National Securities Commission (CNV), in Title IV "Periodic Information Regime" - Chapter III "Rules relating to the form of presentation and valuation criteria of financial statements" - Article 1, of its regulations, has established the application of Technical Resolution No. 26 (RT 26) of the Argentine Federation of Professional Councils of Economic Sciences (FACPCE) and its amendments, which adopts the IFRS Accounting Standards (IFRS), issued by the International Accounting Standards Board (IASB), for certain entities included in the public offering regime of Law No. 17,811, whether for their capital or for their negotiable obligations, or that have requested authorization to be included in the aforementioned regime.

Additionally, the information required by the CNV, as indicated in Article 1, Chapter III, Title IV of RG No. 622/13, has been included. In accordance with CNV RG 873/20, the decision was made to disclose information on entities over which control, joint control, or significant influence is exercised in the notes to these financial statements.

The Consolidated financial statements are expressed in thousands of Argentine pesos ($ or "ARS", interchangeably), without cents except for earnings per share, which are expressed at nominal value.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 9 | 9 | 9 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

The preparation of these Consolidated financial statements, in accordance with the aforementioned accounting framework, requires estimates and evaluations that affect the amount of recorded assets and liabilities, and contingent assets and liabilities disclosed at the date of issuance of these Consolidated financial statements, as well as recorded income and expenses.

The Group makes estimates to calculate, for example, depreciation and amortization, the recoverable amount of non-current assets, income tax charges, certain labor charges, provisions for contingencies, labor, civil and commercial lawsuits, and bad debts. Actual future results may differ from the estimates and evaluations made at the date of preparation of these financial statements. Areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the Consolidated financial statements, are described in Note 5.

**2.2**  **<u>Authorization to issue the Consolidated Financial Statements</u>** 

These Consolidated Financial Statements have been approved by the Group's Board of Directors on September 8, 2025.

**2.3**  **<u>Basis of measurement</u>** 

The Group's Consolidated Financial Statements have been prepared using:

· Accrual basis of accounting (except for cash flow reporting). Under this accounting principle, the effects of transactions and other events are recognized as they occur, even when there are no cash flows.

· going concern basis of accounting, taking into account the conclusion of the assessment made by Group Management in accordance with the requirements of paragraph 25 of IAS 1 *Presentation of Financial Statements* , as described below.

During the current fiscal year, the Group faced a temporary setback as a result of challenges in the Argentine market, primarily linked to the deteriorating economic situation of agricultural producers. This situation was driven by falling commodity prices and poor yield forecasts, which significantly affected income per hectare and resulted in lower investment in key inputs such as fertilizers and crop protection products.

The decline in demand, coupled with an agricultural input market with high inventory levels resulting from aggressive purchasing in previous years, generated additional pressure on prices and a lower adoption of high-value technologies like those offered by the Group. However, despite the overall contraction in the Argentine market, market share in strategic product families was maintained.

Additionally, the Group's financial situation was unfairly affected by the uncertainty generated by Bioceres SA—a subsidiary of Bioceres Group Limited and the Group's former controlling company—which defaulted on a portion of its financial debt in June 2025. This event has significantly impacted our relationship with local financial institutions. Since the end of August 2025, they have suspended access to previously available lines of credit, forcing the Group to rely almost exclusively on internally generated cash flow to meet its financial obligations.

It's worth noting that, while the financial difficulties facing agricultural producers have had a negative impact on activity, the outlook for the upcoming campaigns is favorable. This expectation is based on an improvement in the country's macroeconomic context and the normalization of the climatic conditions affecting the agricultural sector.

In this context, the Group is evaluating and implementing various alternatives to mitigate the current financial situation. In particular, significant progress has been made in optimizing working capital and adapting the cost structure to current market conditions. Discussions are also ongoing with local financial institutions to refinance existing liabilities and restore confidence, while long-term financing options or capital increases are being analyzed for the parent company, Bioceres Crop Solutions.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 10 | 10 | 10 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

The generation of sufficient cash flow to meet our financial obligations over the next twelve months will depend on the success of these initiatives, the outcome of which cannot be guaranteed as they depend on factors beyond the Group's control. This situation indicate the existence of material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern.

The accompanying consolidated financial statements do not include adjustments that might be necessary if the Group were unable to continue operating on a going concern basis, such as those related to the recoverability and classification of assets, or the amounts and classifications of liabilities.

**2.4**  **<u>Functional currency and presentation currency</u>** 

**a)** **Functional and presentation currency** 

The information included in the financial statements is recorded in dollars, which is the Company's functional currency, that is, the currency of the primary economic environment in which the entity operates. It is presented in pesos, the legal currency in Argentina, in accordance with the requirements of the CNV.

**b)** **Foreign currency** 

Transactions in a currency other than the functional currency are recorded at the exchange rates applicable at the date the transactions are carried out. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rates prevailing at the end of each reporting period. Exchange differences arising from the retranslation of unliquidated monetary assets and liabilities are recognized immediately in the income statement, except when foreign currency borrowings qualify as a hedge of a net investment in a foreign operation, for which the exchange differences are recognized in other comprehensive income and accumulated in the foreign currency reserve along with exchange differences arising from the retranslation of the foreign operation.

**2.5**  **<u>Conversion to the Group's presentation currency</u>** 

Group 's results and financial position are translated into the presentation currency as follows at the end of each financial year:

- assets and liabilities are transferred at closing exchange rates;

- the results are transferred to transactional exchange rates;

- the results of conversion from functional currency to presentation currency are recognized in "Other comprehensive income".

**2.6**  **<u>Classification of Other comprehensive income within the Group's equity</u>** 

The Group classifies and accumulates directly in the retained earnings account, within equity, the translation differences generated by the Group's results (accumulated at the beginning and for the year).

Following the provisions of CNV General Resolution No. 941/22, the Group presents the conversion differences arising in the accounts of reserved profits and unallocated results, directly appropriated to the items that gave rise to them.

As a result of applying the policy described above, the conversion from a functional currency to a different presentation currency does not modify the way in which the underlying elements are measured, preserving the amounts, both results and capital to be maintained, measured in the functional currency in which they are generated.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 11 | 11 | 11 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**2.7**  **<u>Subsidiaries</u>** 

When the Group holds a controlling interest in an entity, that entity is classified as a subsidiary. The Group exercises control over the entity if these three conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Group has the power to direct
 or order the management of the administration and policies of the entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Group is exposed to variable
 returns of the entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Group has the power to affect
 the variability of these returns.

Control is re-evaluated when facts and circumstances indicate that there could be a change in one of these control elements.

The Group's subsidiaries, all of which were included in the Group's consolidated financial statements, are listed below.

The Group holds a majority stake in the voting rights in all subsidiaries.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Denomination** | **Main activities** | **Country of incorporation and registered office** | **Percentage of shareholding** | **Percentage of shareholding** |
| **Denomination** | **Main activities** | **Country of incorporation and registered office** | **June 30, 2025** | **June 30, 2024** |
| Rizobacter do Brasil Ltda. | Sale of agricultural inputs | Brazil | 100.00% | 100.00% |
| Rizobacter del Paraguay SA | Sale of agricultural inputs | Paraguay | 99.90% | 99.90% |
| Rizobacter Uruguay | Sale of agricultural inputs | Uruguay | 100.00% | 100.00% |
| Rizobacter South Africa | Sale of agricultural inputs | South Africa | 95.00% | 95.00% |
| Eat. Agrop . Rizobacter de Bolivia SA | Sale of agricultural inputs | Bolivia | 99.95% | 99.95% |
| Rizobacter USA, LLC | Sale of agricultural inputs | USA | 100.00% | 100.00% |
| Rizobacter Colombia SAS | Sale of agricultural inputs | Colombia | 100.00% | 100.00% |
| Rizobacter France SAS | Sale of agricultural inputs | France | 100.00% | 100.00% |
| Bioceres Semillas SAU | Production and marketing of seeds | Argentina | 100.00% | - |

---

In June 2025, the Group entered into a share purchase agreement with its parent company, Bioceres Crop Solutions, through which it acquired 100% of the share capital of Bioceres Semillas SAU, an entity belonging to the same economic group. Bioceres Semillas is dedicated to the development and commercialization of seed technologies, focusing on high agronomic value and environmental benefits. The acquisition price was set at AR$2.9 million.

Since this is a business combination under common control, the transaction is excluded from the scope of IFRS 3. In line with the group's accounting policies, the Company applied the predecessor value method, which involves recording the acquired assets and liabilities using their previous carrying amounts. The difference between these carrying amounts and the acquisition price was recognized as a reserve in the acquirer's equity.

**2.8**  **<u>Conversion of financial statements of foreign businesses</u>** 

The results and financial position of all subsidiaries (none of which have the currency of a hyperinflationary economy) that have a functional currency different from the Group's presentation currency are translated into the presentation currency as follows:

- Assets and liabilities at the end of the financial year are translated at the exchange rate on that date,

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 12 | 12 | 12 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

- Income and expenses are translated at the average exchange rate (unless such average does not represent a reasonable approximation of the cumulative effect of the exchange rates in effect at the date of each transaction, in which case such income and expenses are translated at the exchange rate in effect at the date of each transaction), and

- The resulting exchange differences are presented in other comprehensive income.

Goodwill and fair value adjustments arising from the acquisition of foreign entities are treated as assets and liabilities of the foreign entity and are translated at the exchange rate prevailing at closing. The resulting exchange differences are recognized in other comprehensive income.

When an investment is sold or disposed of, in whole or in part, exchange differences are recognized in the income statement as part of the gain or loss on sale/disposal.

**3.**  **<u>NEW STANDARDS, AMENDMENTS AND INTERPRETATIONS ISSUED BY THE IASB</u>** 

a) The new standards indicated below are applicable to the current reporting
 period and are adopted by the Group.

---

| |
|:---|
| <u>IFRS 17, Insurance Contracts</u> |
| This standard replaced IFRS 4, which permitted a wide variety of accounting practices for insurance contracts. IFRS 17 fundamentally changes the accounting practices of all entities that issue insurance contracts. |
| IFRS 17, "Insurance Contracts," applies to insurance contracts regardless of the entity that issues them, so it does not apply only to traditional insurance entities. |

---

---

| |
|:---|
| <u>Limited scope amendments to IAS 1, Practice Statement 2 and IAS 8</u> |
| These amendments are intended to improve accounting policy disclosures and help users of financial statements distinguish between changes in accounting estimates and changes in accounting policies. |

---

---

| |
|:---|
| <u>Amendment to IAS 12 – Deferred tax relating to assets and liabilities arising from a single transaction</u> |
| These amendments require entities to recognize deferred taxes on transactions that, upon initial recognition, give rise to equal amounts of taxable and deductible temporary differences. |

---

---

| |
|:---|
| <u>Amendment to IAS 12 - International Tax Reform</u> |
| These amendments provide entities with temporary relief from accounting for deferred taxes arising from the international tax reform of the Minimum Tax Implementation Manual. The amendments also introduce specific disclosure requirements for affected companies. |

---

---

| |
|:---|
| <u>IFRIC Agenda Decision - Disclosure of Revenue and Expenses for Reportable Segments (IFRS 8)</u> |
| At its July 2024 meeting, the IASB approved an IFRS CI agenda decision related to segment reporting. The decision addresses specific items of income and expense that should be disclosed for each reportable segment. Entities may find this agenda decision has implications for their segment reporting. The agenda decision is final and effective immediately. |

---

---

| |
|:---|
| <u>Amendment to IFRS 16 – Sale and Leaseback</u> |
| These amendments include requirements for sale and leaseback transactions in IFRS 16 to explain how an entity accounts for a sale and leaseback after the transaction date. Sale and leaseback transactions in which some or all of the lease payments are variable lease payments that do not depend on an index or rate are more likely to be affected. |

---

---

| |
|:---|
| <u>Amendment to IAS 1 – Non-current liabilities with agreements</u> |
| These amendments clarify how conditions that an entity must meet within twelve months of the reporting period affect the classification of a liability. The amendments also aim to improve the information an entity provides regarding liabilities subject to these conditions. |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 13 | 13 | 13 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

---

| |
|:---|
| <u>Amendment to IAS 7 and IFRS 7 - Supplier Financing</u> |
| These amendments require disclosures to improve the transparency of supplier financing arrangements and their effects on liabilities, cash flows, and liquidity risk exposure. The disclosure requirements are the IASB's response to investor concerns that some companies' supplier financing arrangements are insufficiently visible, making investor analysis difficult. |

---

These modifications did not have a significant impact on the Group.

b) The new standards listed below have not yet been adopted by the Group.

---

| |
|:---|
| *Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments -* The amendments are effective for annual reporting periods beginning on or after 1 January 2026. |
| *Amendments to IAS 21 — The Effects of Changes in Foreign Exchange Rates in the Absence of Convertibility.* The amendments are effective for annual reporting periods beginning on or after January 1, 2025. |
| *IFRS 19 — Subsidiaries Not Publicly Accountable* . The standard is effective for annual reporting periods beginning on or after January 1, 2027. |
| *IFRS 18 — Presentation and Disclosure in Financial Statements.* The standard is effective for annual reporting periods beginning on or after January 1, 2027. |

---

The new rules and amendments mentioned above are not expected to have a material impact on the Group.

**4.**  **<u>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u>** 

**4.1.**  **<u>Cash and cash equivalents</u>** 

For the purposes of the statements of financial position and cash flow statements, cash and cash equivalents include cash on hand and at banks, and short-term, highly liquid investments. These investments can be readily converted into known amounts of cash and are subject to a small risk of change in value. In the consolidated statements of financial position, bank overdrafts are included in Borrowings under current liabilities.

**4.2.**  **<u>Inventories</u>** 

They are initially recorded at cost and subsequently at cost or net realizable value, whichever is lower. Cost includes all purchase costs, conversion costs, and other costs incurred in bringing inventories to their current condition and location.

Weighted average cost is used to determine the cost of normally interchangeable items.

*Estimates - Provision for obsolescence and low inventory turnover*

The Group assesses the recoverability of inventory by considering its selling price, whether it is damaged, and whether it is obsolete in whole or in part.

Net realizable value is the selling price estimated to be achieved in the ordinary course of business, less completion costs and other selling expenses.

The Group establishes an allowance for obsolescence or slow inventory turnover for finished goods and goods in progress. The allowance for obsolescence or slow inventory turnover is recognized for finished goods and goods in progress based on an analysis conducted by management of inventory aging.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 14 | 14 | 14 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**4.3.**  **<u>Biological assets</u>** 

Growing crops are included as biological assets in current assets from planting to harvest (approximately 5 to 7 months depending on the crop). At harvest, biological assets are transformed into agricultural products, including seed varieties for resale, and are included in inventory.

Costs are capitalized as biological assets if, and only if, (a) it is probable that the entity will receive the future economic benefits, and (b) the cost can be measured reliably. The Group capitalizes costs such as planting, harvesting, weeding, seedlings, irrigation, agrochemicals, fertilizers, and the systematic allocation of fixed and variable production overheads that are directly attributable to the management of biological assets, among others.

Biological assets, both at initial recognition and at the subsequent reporting date, are measured at fair value less costs to sell, except where fair value cannot be measured reliably. Cost approximates fair value when little biological transformation has occurred since the costs were originally incurred or the impact of biological transformation on price is not expected to be significant.

Gains and losses arising from the measurement of biological assets at fair value less costs to sell and from the measurement of agricultural production at harvest at fair value less costs to sell are recognized in the statement of income in the period in which they arise under Initial recognition and changes in fair value of biological assets.

From the moment of harvest, agricultural products are measured at net realizable value because they are a market asset and the risk of not being sold is not significant.

Generally, the fair value estimate for biological assets is based on models or unobservable market information, and the use of unobservable information is significant to the overall valuation of the assets. Unobservable information is determined based on available information. Key assumptions include future market prices, estimated yields at harvest, estimated production cycle, future cash flows, future harvesting and other costs, and estimated discount rates.

Market prices are generally determined by reference to information observable in the primary market for agricultural products. Harvesting and other costs are estimated based on historical and statistical information. Yield is estimated based on various factors, including field location and soil type, environmental conditions, infrastructure and other constraints, and growth at the time of measurement. Yield is subject to a high degree of uncertainty and may be affected by various factors beyond the Group's control, including, but not limited to, extreme or unusual weather conditions, pests, and other grain diseases.

**4.4.**  **<u>Impairment of non-financial assets (excluding inventories and deferred tax assets)</u>** 

Intangible assets that are not yet available for use or have an indefinite useful life are tested for impairment annually at the end of the reporting period. Other non-financial assets are tested for impairment when events or changes in circumstances occur that indicate their carrying amount may not be recoverable. When an asset's carrying amount exceeds its recoverable amount (i.e., the higher of value in use and fair value less costs to sell), the asset is written down accordingly.

When it is not possible to estimate the recoverable amount of an individual asset, impairment testing is performed on a small group of assets to which it belongs, for which cash flows are separately identifiable (its Cash Generating Unit or CGU).

Impairment charges are included in the income statement unless they reverse profits previously recognized in Other comprehensive income.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 15 | 15 | 15 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

*Estimate - Recoverability of intangible assets*

Impairment tests on intangible assets that are not yet available for use or have an indefinite useful life require significant assumptions for estimating future cash flows and determining discount rates. Significant assumptions and the determination of discount rates for impairment testing are explained in more detail in Note 9.2.

**4.5.**  **<u>Business combinations under common control</u>** 

Business combinations under common control are excluded from the scope of IFRS 3. There is no other specific guidance on this topic in IFRS. Therefore, management should use its judgment to develop an accounting policy that provides relevant and reliable information in accordance with IAS 8. Management's chosen accounting policy for business combinations under common control is the Predecessor Value Method. This method involves recording the assets and liabilities of the acquired business using the existing carrying amounts. Differences between the carrying amount and the amount payable should be recorded as a contribution to equity.

The accounting policy chosen by Management is to use a prospective presentation method.

**4.6.**  **<u>Joint agreements</u>** 

An associate is an entity over which the Group exercises significant influence. Significant influence is the ability to participate in decision-making related to the entity's financial and operating policies, but without control or joint control over those policies.

The Group is a party to a joint arrangement when there is a contractual agreement granting joint control over the relevant activities of the arrangement to the Group and at least one other party. Joint control is determined under the same principles as control over subsidiaries.

The Group classifies its interests in joint arrangements in one of the following ways:

---

| |
|:---|
| *Joint ventures* : if The Group is entitled only to the *net assets* of the joint arrangement. |
| *Joint operations* : whether The Group has both the rights to the assets and the obligations to the liabilities of the joint arrangement. |

---

When determining the classification of interests in joint arrangements, the Group considers the following aspects:

---

| |
|:---|
| the structure of the joint agreement; |
| the legal form of joint arrangements structured through a separate instrument; |
| the contractual terms of the joint agreement; |
| any other fact or circumstance (including any other contractual agreement). |

---

The Group accounts for its interests in joint ventures using the equity method if its share of post-acquisition profit and loss and other comprehensive income is recognized in the consolidated statement of profit or loss and other comprehensive income.

Losses that exceed the Group's investment in the joint venture are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture.

Results arising from transactions between the Group and its joint ventures are recognized only to the extent of unrelated investors' interests in the joint ventures. The Group's share of the joint venture's profit or loss arising from a transaction is eliminated from the carrying amount of the investment in the joint venture under "Equity in profit (or loss) of joint ventures" in the consolidated statement of profit or loss and other comprehensive income.

Premiums paid on an investment in a joint venture that exceed the fair value of the Group's share of the acquired identifiable assets, liabilities, and contingent liabilities are capitalized and included in the carrying amount of the investment in the joint venture. If there is objective evidence of impairment of the investment in the joint venture, the carrying amount of the investment is tested for impairment in the same manner as for other non-financial assets.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 16 | 16 | 16 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

If the Group loses significant influence over an associate or joint control over a joint venture, it measures and recognizes its investments at fair value. The differences between the carrying amount of the associate or joint venture upon losing significant influence or joint control and the fair value of the investment and the sales revenue are recognized in the income statement.

The Group accounts for its interests in joint operations by recognizing its share of assets, liabilities, income and expenses in accordance with contractual rights and obligations.

For all joint arrangements structured in consolidated instruments, the Group must assess the substance of the joint arrangement when determining whether to classify it as a joint venture or joint operation . This assessment requires the Group to consider whether it has rights to the net assets of the joint arrangement (in which case it is classified as a joint venture) or rights and obligations in respect of specific assets, liabilities, expenses and revenues (in which case it is classified as a joint operation).

*Estimates*

There is uncertainty related to Management's estimates of the Group's ability to recover the carrying amounts of investments in joint ventures, as these estimates depend on the joint venture's ability to generate sufficient funds to complete development projects, the future outcome of the deregulation process for the projects, and the amounts and timing of cash flows from the projects, among other future events.

Management assesses whether there are indicators of impairment and, if so, performs a recoverability analysis.

Management's estimates of the recoverability of these investments represent the best estimate based on available evidence and existing facts and circumstances, using reasonable and probable assumptions in cash flow projections.

Therefore, the consolidated financial statements do not include adjustments that would be necessary if the Group were unable to recover the carrying amount of the aforementioned assets by generating sufficient economic benefits in the future.

**4.7.**  **<u>Property, plant and equipment</u>** 

Property, plant, and equipment items are initially recognized at cost. In addition to the purchase price, cost also includes costs directly attributable to the property, plant, and equipment items. There are no unavoidable costs with respect to dismantling and disposal items.

Depreciation is calculated primarily using the straight-line method to allocate the cost or appraised values of property, plant and equipment, net of their residual values, over their estimated useful lives as follows:

Office equipment: 10 years

Vehicles: 5 years

Computer software and equipment: 3 years

Property by accession and useful assets: 10 years

Machinery and equipment: 10 years

Buildings: 50 years

However, for certain assets whose utilization is directly linked to the level of production, depreciation is determined using the units-of-production method, so that the depreciation charge reflects the actual pattern of consumption of the asset's future economic benefits.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 17 | 17 | 17 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

The useful life and depreciation methods are reviewed annually in accordance with IAS 16.

The assets included in the Land and Buildings items are recorded at the fair value arising from the last revaluation performed in 2023, applying the revaluation model indicated by IAS 16.

Beginning with the fiscal year ended June 30, 2024, the Group modified its valuation policy for property, plant, and equipment and changed the revaluation frequency for items classified as land and buildings. Revaluations should never exceed five years in compliance with the maximum periods established by accounting standards, or if there are indications that the carrying amount differs significantly from the amount that could be determined using fair value at the end of the reporting period.

To obtain fair values, the existence or absence of an active market for assets in their current condition is considered. For assets for which an active market exists in their current condition, fair values are determined based on their market values. In all other cases, the market values of new comparable assets are analyzed by applying a discount based on the condition and wear and tear of each asset and considering the characteristics of each revalued asset (e.g., improvements made, maintenance status, productivity level, usage, etc.).

*Estimates*

The Group records certain types of property, plant and equipment using the revaluation method in accordance with IAS 16. The revaluation model requires the Group to record property, plant and equipment at their revaluation value, which is their fair value at the revaluation date less any subsequent accumulated depreciation and any subsequent accumulated impairment losses. IAS 16 requires the Group to perform these revaluations with sufficient regularity so that the carrying amounts of property, plant and equipment do not differ significantly from those that would be determined using fair value at the end of the reporting period. Determining fair value at the revaluation date requires judgments, estimates and assumptions based on market conditions prevailing at the time of the revaluation. Changes in the Group's judgments, estimates and assumptions or in market conditions following a revaluation will change the fair value of the property, plant and equipment.

The Group prepares the appropriate revaluations regularly, taking into account the work of independent valuers. The Group uses different valuation techniques depending on the type of property being valued. Generally, the Group determines the fair value of buildings and industrial warehouses based on depreciated replacement cost. The Group determines the fair value of its land based on active market prices, adjusted, if necessary, for differences in the nature, location, or condition of the specific asset. If this information is unavailable, the Group may use alternative valuation methods, such as current prices in less active markets.

Property valuation is a significant area of estimation uncertainty. Management regularly prepares fair values based on independent valuations. The determination of fair value for different classes of property, plant, and equipment is sensitive to the selection of significant assumptions and estimates. Changes in significant estimates and assumptions could significantly affect the determination of the revalued values of property, plant, and equipment. The Group uses historical experience, market information, and other internal information to determine and/or review appropriate revalued values.

The most significant assumptions used in preparing the revalued values for classes of property, plant and equipment are included below:

a) Land: In general, the Group uses the market price per square meter for the same or similar location as the most significant assumption in determining the appraised value. The Group typically uses sales of comparable land in the same location to determine the adequacy of its land value.

b) Industrial buildings and warehouses: The Group generally determines the construction cost of a new asset and then adjusts it for natural wear and tear. Construction prices may include, among others, construction materials, labor costs, installation and assembly costs, site preparation, professional fees, and applicable taxes. Construction costs can differ significantly from year to year and are subject to macroeconomic changes in the Group's operating location, such as the impact of inflation and exchange rates. The construction cost of industrial buildings and warehouses is determined at the rate of one US dollar per square meter built . A 5% increase or decrease in construction costs or the estimate of natural wear and tear related to the assets could have an impact of $1,699 million on revalued values.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 18 | 18 | 18 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

Increases in carrying amounts arising from the revaluation of land and buildings are recognized, net of tax, in Other comprehensive income and accumulated in reserves in equity. To the extent that the increase reverses a decrease previously recognized in profit or loss, the increase is recognized first in profit or loss. Decreases that reverse previous increases in the same asset are first recognized in Other comprehensive income up to the remaining surplus attributable to the asset; all other decreases are charged to profit or loss.

**4.8.**  **<u>Leases</u>** 

Leases are recognized as a right-of-use asset and corresponding liability on the date the leased asset is available for use by the Group. Each lease payment is allocated between the liability and the finance cost. The finance cost is charged to profit or loss over the lease term to produce a constant periodic interest rate on the remaining balance of the liability for each period. The right-of-use asset is depreciated on a straight-line basis over the asset's useful life or the lease term, whichever ends first.

To determine the lease term, we consider all facts and circumstances that create an economic incentive to exercise the extension option or not exercise the termination option. Extension options (or periods following termination options) are only included in the lease term if there is a reasonable certainty that the lease will be extended (or not terminated).

Short-term leases are recognized on a straight-line basis as an expense in the income statement.

At initial recognition, the right-of-use asset is measured at the initial measurement value of the lease liability; the lease payments made on or before the commencement date, less lease incentives and initial direct costs incurred by the lessee. After initial recognition, right-of-use assets are measured at cost, less any accumulated depreciation and/or impairment losses, and adjusted for any remeasurements of the lease liability. Depreciation of the right-of-use asset is calculated using the straight-line method over the estimated term of the lease.

The lease liability is initially measured at the present value of the lease payments not yet paid at that date, including variable lease payments that depend on an index or rate, initially measured using the index or rate as of the commencement date; amounts expected to be paid by the lessee pursuant to residual value guarantees; the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; penalty payments upon termination of the lease, if the term indicates that the lessee will exercise the option to terminate the lease; and fixed payments, less lease incentive payments receivable. After the commencement date, we measure the lease liability by increasing the carrying amount to reflect the interest on the lease liability; decreasing the carrying amount to reflect the lease payments made; and remeasuring the carrying amount to reflect any revaluations or lease modifications.

The aforementioned data for the valuation of right-of-use assets and lease liabilities, including the determination of contracts within the scope of the standard, the contractual term, and the interest rate used in discounted cash flows, used estimates made by Management.

**4.9.**  **<u>Intangible assets</u>** 

**a)** **Intangible assets acquired** 

Acquired intangible assets are initially recognized at fair value at the acquisition date (cost). After initial recognition, these assets are measured at cost less accumulated amortization and accumulated impairment losses .

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 19 | 19 | 19 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

The intangible assets acquired have an estimated useful life (in years) as follows:

Software: 3 years

Trademarks and patents: 5 years

The useful life and amortization methods are reviewed annually in accordance with IAS 38.

*Estimates*

To measure the value of acquired intangible assets, generally accepted market measurement techniques are applied, primarily based on revenue recognition (such as excess profits, royalty exemptions, and "with or without"), considering the characteristics of the assets to be measured and the information available to estimate their fair value at the acquisition date. The application of these measurement techniques requires the use of several assumptions related to future cash flows and the discount rate.

**b)** **Internally generated intangible assets (development costs)** 

Expenses related to internally developed products are capitalized if the following can be demonstrated:

---

| |
|:---|
| It is technically possible to develop the product for sale; |
| the necessary resources are available for its development; |
| there is an intention to complete and sell the product; |
| The Group may sell the product; |
| the sale of the product will generate future economic benefits; |
| Project-related expenses can be reliably measured. |

---

Development expenses that do not meet the above criteria and expenses related to the research phase of internal projects are recognized in the statement of income and other comprehensive income as incurred.

Capitalized development costs of completed projects are amortized using the straight-line method over the periods in which the Group expects to benefit from the sale of the developed products.

The useful life and amortization methods are reviewed annually in accordance with IAS 38.

The research and development process can be divided into several steps or phases, which will generally begin with discovery, validation and development, and end with regulatory approval and commercial launch.

**4.10.**  **<u>Investment properties</u>** 

Investment properties should initially be measured at cost. The cost of a purchased investment property includes its purchase price and directly attributable expenses. Directly attributable expenses include, for example, professional legal fees, property transfer taxes, and other operating costs.

In the measurement after initial recognition, the Group decided to adopt the cost model for all investment properties.

**4.11.**  **<u>Financial assets and liabilities</u>** 

The Group initially recognizes its financial assets and liabilities at fair value and then at amortized cost using the effective interest rate method.

The Group has not irrevocably designated a financial asset or liability as measured at fair value through profit or loss to eliminate or significantly reduce inconsistencies in measurement or recognition.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 20 | 20 | 20 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

Financial assets or liabilities at fair value through profit or loss are measured at fair value through profit or loss due to the business model used in their trading and/or the contractual characteristics of their cash flows.

*Estimates*

The Group estimates the collection of recorded receivables. Management analyzes trade receivables according to conventional criteria, adjusting the amount by charging an allowance for doubtful accounts to recognize third parties' inability to pay their financial obligations to the Group. Management specifically analyzes receivables, historical bad debts, customer solvency, current economic trends, and changes in customer payment terms to determine the appropriate allowance for doubtful accounts.

*Offsetting financial assets with financial liabilities*

Financial assets and liabilities are offset and the net amount is reported in the statement of financial position only when the Group has a legally enforceable right to offset the recognised amounts and there is an intention to pay on a net basis, or to settle the asset and settle the liability simultaneously.

**4.12.**  **<u>Borrowings</u>** 

The Group initially recognizes its Borrowings at fair value and subsequently measures them at amortized cost using the effective interest rate method.

Borrowing costs, whether generic or specific, attributable to the acquisition, construction, or production of assets that require a substantial period of time before being ready for their intended use or sale (qualifying assets) are included as part of the cost of such assets until they are ready for use or sale. Income from temporary investments of funds generated from specific borrowings still outstanding in qualifying assets is deducted from the total financing costs potentially eligible for capitalization.

All other borrowing-related costs are recognized in finance costs through profit or loss.

**4.13.**  **<u>Employee benefits</u>** 

Employee benefits are expected to be fully settled within 12 months of the reporting period and are presented as current liabilities.

Accounting policies related to share-based incentive payments are detailed in Note 16.

**4.14.**  **<u>Provisions</u>** 

Provisions are recognized in the financial statements when:

&nbsp;&nbsp;&nbsp;&nbsp;a) The Group has a present obligation
 (whether legal or constructive) as a result of a past event,

&nbsp;&nbsp;&nbsp;&nbsp;b) it is probable that an outflow
 of resources will be necessary to settle such obligation, and

&nbsp;&nbsp;&nbsp;&nbsp;c) a reliable estimate of the amount of the obligation can be
 made.

Provisions are measured at the present value of the expected disbursements required to settle the obligation, taking into account the best information available at the date the financial statements are prepared, and are re-estimated at each reporting date. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments, at the balance sheet date, of the time value of money, as well as the specific risk associated with the particular liability. The increase in the provision over time is recognized as interest expense.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 21 | 21 | 21 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**4.15.**  **<u>Revenue recognition</u>** 

Revenue from ordinary activities arising from contracts with customers is recognized and measured based on a five-step model, namely:

· Identification of the contract with the client, understanding a contract as an agreement between two or more parties, which creates rights and obligations for the parties;

· Identification of performance obligations, issuing as such a commitment arising from the contract to transfer a good or service.

· Determination of the transaction price, in reference to the consideration for satisfying each performance obligation.

· Allocation of the transaction price between each of the identified performance obligations, based on the methods described in the standard.

Revenue recognition when performance obligations identified in contracts with customers are satisfied, either at a given point in time or over a period of time.

&nbsp;&nbsp;&nbsp;&nbsp;***a)***  ***Sales of goods*** 

The Group manufactures and markets a wide range of microbiological products for agricultural use. Revenue from ordinary activities arising from the sale of goods is recognized when all of the following conditions are met:

· The Group has transferred to the buyer the significant risks and rewards arising from ownership of the goods;

· The Group does not retain any involvement in the day-to-day management of the assets sold, to the extent usually associated with ownership, nor does it retain effective control over the assets sold;

· the amount of revenue from ordinary activities can be measured reliably;

· it is probable that the Group will receive the economic benefits associated with the transaction; and

· the costs incurred, or to be incurred, in connection with the transaction can be measured reliably.

&nbsp;&nbsp;&nbsp;&nbsp;**b)**  ***Provision of services*** 

The Group provides microbiological product application services. For the sale of services, revenue is recognized in the period in which the services are provided, by reference to the completion stage of the specific transaction, and evaluated based on the actual service provided as a proportion of the total services to be provided.

&nbsp;&nbsp;&nbsp;&nbsp;**c)**  ***Royalty licenses*** 

Royalty income from the use of licensed intellectual property rights is recognized on the later of the date the performance obligation is satisfied and the date the sale or use occurs.

**4.16.**  **<u>Current and deferred income tax</u>** 

Recognition of deferred tax assets is limited to those instances where it is probable that taxable income will be available and the difference can be offset against it.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 22 | 22 | 22 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

The amount of the asset or liability is determined using the tax rates that have been imposed or substantially imposed at the end of the reporting period and are expected to be applied when the deferred tax liability/(asset) is settled/(recovered).

Deferred tax assets and liabilities are offset when the Group has an enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority, whether on:

- the same tax entity within the Group, or

- different entities within the Group that intend to settle current tax assets and liabilities on a net basis or realize the assets and settle the liability simultaneously in each future period in which significant amounts of deferred tax assets or liabilities are expected to be settled or recovered.

**5.**  **<u>CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS</u>** 

The Group makes certain estimates and assumptions about the future. These estimates and judgments are constantly evaluated based on historical experience and other factors, including expectations of future events that are considered reasonable under the circumstances. Actual performance in the future could differ from these estimates and assumptions. The estimates and assumptions that carry a material risk of causing significant adjustments to the carrying amount of assets and liabilities during the following financial year are listed below.

**<u>Critical estimates</u>**

- Impairment test for intangible assets. (Note 4.9) <br> - Going concern accounting principle. (Note 2.3)

**6.**  **<u>INFORMATION BY SEGMENTS</u>** 

The Group is organized into three main operating segments:

**Seeds and integrated products**

The Seeds and Integrated Products segment focuses primarily on the development and marketing of seed technologies and products that increase yield per hectare. By focusing on seed technologies integrated with crop protection and nutrition products designed to control weeds, insects, or diseases, improved quality, nutritional value, and other benefits are achieved. The segment focuses on the marketing of integrated products that combine three components: biotechnology events, germplasm, and seed treatments, to increase crop productivity and generate value for customers. While each component can increase yield independently, through an integrated technology strategy, the segment offers products that complement and integrate each other to generate higher crop yields.

Starting this year, we have made the strategic decision to exit seed breeding, production, and sales activities and instead establish partnerships with industry leaders better equipped to carry out these activities. Our focus will be on obtaining cutting-edge science and profitably developing proprietary genetic traits for seeds through commercial approval, and participating in the revenues from our strategic partnerships through licensing royalties.

Currently, the segment generates revenue from ordinary activities through the sale of seeds, integrated product packs, royalties and licenses collected from third parties, among other things.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 23 | 23 | 23 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**Crop protection**

The crop protection segment primarily includes the development, production, and marketing of high-tech adjuvants and a full range of pest control molecules and biocontrol products . Adjuvants are used in mixtures to facilitate the application and effectiveness of active ingredients, such as insecticides. This improves yield, reduces use rates, and lowers residue levels. Insecticides and fungicides are applied to control pests and significantly reduce diseases during the germination period.

Currently, the segment generates revenue from ordinary activities through the sale of adjuvants, insecticides, fungicides, and baits, among others.

**Crop nutrition**

The crop nutrition segment focuses primarily on the development, production, and marketing of inoculants that enable biological nitrogen fixation in crops, and fertilizers, including biofertilizers and microgranular fertilizers that optimize crop productivity and yield.

Currently, the segment generates revenue from its ordinary activities through the sale of inoculants, bioinducers , biological fertilizers and microgranulated fertilizers , among others.

The measurement principles used by the Group to present its segment financial information are based on the principles of IFRS standards adopted in the consolidated financial statements. Revenue generated from products and services exchanged between segments and entities of the Group is calculated based on market prices.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 24 | 24 | 24 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

The following tables present the Group's financial information by segment:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal year ended June 30, 2025** | **Seeds and <br> integrated <br> products** | **Crop <br> protection** | **Crop <br> nutrition** | **Consolidated** |
| **Revenue from contracts with clients** |  |  |  |  |
| Sale of goods and services | 31936903 | 111567217 | 61603369 | 205.107.489 |
| Changes in the net realizable value of agricultural products after harvest | 81633 | - | - | 81633 |
| **Total** | **32018536** | **111567217** | **61603369** | **205.189.122** |
| Cost of sales | (16757576) | (70033241) | (40433751) | (127224568) |
| **Gross profit by segment** | **15260960** | **41533976** | **21169618** | **77964554** |
| **% Gross Margin** | 48% | 37% | 34% | 38% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal year ended June 30, 2024** | **Seeds and <br> integrated <br> products** | **Crop <br> protection** | **Crop <br> nutrition** | **Consolidated** |
| Sale of goods and services | 31828111 | 81660151 | 61834424 | 175322686 |
| Changes in the net realizable value of agricultural products after harvest | (750792) | - | - | (750792) |
| **Total** | **31077319** | **81660151** | **61834424** | **174571894** |
| Cost of sales | (18523563) | (53113523) | (36217855) | (107854941) |
| **Gross profit by segment** | **12553756** | **28546628** | **25616569** | **66716953** |
| **% Gross Margin** | 40% | 35% | 41% | 38% |

---

**<u>Geographic information on revenue</u>**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| Argentina | 169050450 | 148265905 |
| Brazil | 13206036 | 7241225 |
| Uruguay | 8919643 | 5033509 |
| Paraguay | 5931318 | 4840921 |
| Bolivia | 948390 | 707.027 |
| Mexico | 895.214 | -77.019 |
| South Africa | 629552 | 2982998 |
| Colombia | 382670 | 544709 |
| USA | 166.228 | 169088 |
| Rest of the world | 4977988 | 5614323 |
| **Total revenue** | **205.107.489** | **175322686** |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 25 | 25 | 25 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**7.**  **<u>INFORMATION ON THE COMPONENTS OF THE CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME.</u>** 

**7.1.**  **<u>Cost of sales</u>** 

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **Inventory at the beginning of the fiscal year (1)** | **66.204.140** | **21093110** |
| **More: Purchases of the year** | **91.193.509** | **100239891** |
| **More: Addition from business combination** | **4645396** | **-** |
| **More: charges of the exercise** |  |  |
| Staff | 7733535 | 4802991 |
| Depreciation of leased assets | 2583962 | 797.112 |
| Depreciation of property, plant and equipment | 1699202 | 1176990 |
| Infrastructure and maintenance | 1625109 | 963.606 |
| Environmental Impact Treatment | 983824 | 1054473 |
| Fuels and energy | 701936 | 398497 |
| Logistics service | 648230 | 73437 |
| Supplies, materials and tests | 416.606 | 430623 |
| Shared based incentives | 321.182 | 638715 |
| Insurance | 167948 | 121560 |
| Freight and haulage | 161977 | 76.576 |
| Contingencies | 85.411 | 44.344 |
| Vehicle expenses | 72.370 | 34.352 |
| Mobility and travel | 74.073 | 75991 |
| Taxes and fees | 61918 | 60894 |
| Professional fees | 75971 | 41731 |
| Amortization of intangible assets | 47.163 | 86899 |
| Office and operating expenses | 30.604 | 78797 |
| Systems expenses | 25.058 | 8.982 |
| Loss due to obsolescence | 1099133 | 231656 |
| Miscellaneous | 27.046 | 129747 |
| **Total manufacturing costs** | **18642258** | **11327973** |
| **Plus: Conversion difference by functional currency** | **14489255** | **41398107** |
| **Less: Inventory at year-end (1)** | **(67949990)** | **(66.204.140)** |
| **Cost of sales** | **127224568** | **107854941** |

---

(\*) Net of agricultural products.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 26 | 26 | 26 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**7.2.**  **<u>Administration expenses</u>** 

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| Staff | 9542653 | 5553711 |
| Shared based incentives | 671442 | 823.259 |
| Professional fees | 4789234 | 3058765 |
| Infrastructure and maintenance | 492832 | 256.173 |
| Fuels and energy | 101.060 | 34.177 |
| Insurance | 973.097 | 436.457 |
| Vehicle expenses | 177080 | 77188 |
| Mobility and travel | 300791 | 349585 |
| Taxes and fees | 1353150 | 721473 |
| Office and operating expenses | 543.123 | 334579 |
| Supplies, materials and tests | 132370 | 53.428 |
| Depreciation of property, plant and equipment | 551883 | 341956 |
| Amortization of intangible assets | 85.145 | 131947 |
| Security costs | 615.915 | 304990 |
| Systems Expenses | 2497885 | 1931911 |
| Depreciation of leased assets | 456891 | 231786 |
| Contingencies | 136630 | 27.909 |
| Impairment of accounts receivable |  | 20.829 |
| Loss due to obsolescence |  | 404 |
| Promotion and advertising | 628 | 1.354 |
| Miscellaneous | 55.171 | 4.316 |
| Total | 23476980 | 14696197 |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 27 | 27 | 27 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**7.3.**  **<u>Marketing expenses</u>** 

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| Staff | 12734400 | 7538131 |
| Shared based incentives | 865.404 | 743757 |
| Professional fees | 951.553 | 395318 |
| Infrastructure and maintenance | 190669 | 253407 |
| Fuels and energy | 6.934 | 6.220 |
| Commissions and royalties | 941.048 | 888.005 |
| Insurance | 864.177 | 179889 |
| Vehicle expenses | 431.186 | 495341 |
| Mobility and travel | 1442497 | 1146981 |
| Taxes and fees | 6968444 | 5691766 |
| Office and operating expenses | 92.120 | 91.134 |
| Supplies, materials and tests | 982.183 | 1114867 |
| Depreciation of property, plant and equipment | 945.116 | 618.163 |
| Amortization of intangible assets | 16.520 | 29.232 |
| Systems Expenses | 38548 | 21.146 |
| Depreciation of leased assets | 1282767 | 401982 |
| Contingencies | 105.178 | 169990 |
| Impairment of accounts receivable | 6354993 | 264474 |
| Freight and haulage | 4130803 | 3207659 |
| Import and export expenses | 826.307 | 275969 |
| Logistics service | 331.103 | 744780 |
| Promotion and advertising | 3496663 | 1931871 |
| Loss due to obsolescence |  | 2.616 |
| Environmental Impact Treatment | 66519 |  |
| Miscellaneous | 158790 | 172382 |
| Total | 44223922 | 26385080 |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 28 | 28 | 28 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**7.4.**  **<u>Research and development expenses</u>** 

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| Staff | 1299599 | 621.251 |
| Shared based incentives | 36596 | 20.130 |
| Professional fees | 38.838 | 99.181 |
| Infrastructure and maintenance | 83.371 | 81969 |
| Fuels and energy | 5.946 | 5.484 |
| Insurance | 11.101 | 7.683 |
| Vehicle expenses | 3.953 | 14.739 |
| Mobility and travel | 35.317 | 28.367 |
| Supplies, materials and tests | 899529 | 731.203 |
| Depreciation of property, plant and equipment | 60632 | 49.123 |
| Amortization of intangible assets | 923896 | 582972 |
| Systems Expenses | 23.275 | 5.090 |
| Depreciation of leased assets | 57293 |  |
| Contingencies | 12.903 | 9.557 |
| Environmental Impact Treatment | 6.376 | 4.592 |
| Freight and haulage | 2.161 | 4.688 |
| Miscellaneous | 2.065 | 2.680 |
| Total | 3502851 | 2268709 |

---

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| Research and Development capitalized (Note 9.2) | 1757375 | 870439 |
| Research and Development Expenses | 3502851 | 2268709 |
| Total | 5260226 | 3139148 |

---

**7.5.**  **<u>Other income and expenses, net</u>** 

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| Expense recovery | 3.037 | 19.620 |
| Others | (951.213) | (182.165) |
|  | (948.176) | (162.545) |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 29 | 29 | 29 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**7.6.**  **<u>Financial results</u>** 

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **<u>Other financial results</u>** |  |  |
| Exchange differences generated by assets | (15752271) | (8264510) |
| Exchange differences generated by liabilities | 6956142 | 9469800 |
| Interest generated by assets | 11634677 | 4552432 |
| Change in the fair value of financial assets or liabilities and other financial results | 244941 | (2741802) |
|  | 3083489 | 3015920 |
| **<u>Financial costs</u>** |  |  |
| Interest generated by liabilities | (14794897) | (11856507) |
| Lease interest | (1057973) | (663188) |
| Financial commissions | (2314841) | (1393356) |
|  | (18167711) | (13913051) |

---

**8.**  **<u>EARNINGS PER SHARE</u>** 

Basic earnings per share are calculated by dividing the profit or loss attributable to the Group's controlling companies by the weighted average number of ordinary shares outstanding during the year.

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **Numerator** |  |  |
| Earnings for the year (basic and diluted GPA) | (9751614) | 6255297 |
| **Denominator** |  |  |
| Weighted average number of shares (basic and diluted EPS) | 40000000 | 40000000 |
| **Basic and diluted result attributable to holders of common shares of the parent company** | (243.79) | 156.38 |

---

As of June 30, 2025 and 2024, the Group has not issued any financial instruments or other contracts that grant their holder rights over the capital represented by the Group's common shares that could modify the current holdings, so the basic and diluted earnings per common share are the same.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 30 | 30 | 30 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**9.**  **<u>INFORMATION ON THE COMPONENTS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION</u>** 

**9.1.**  **<u>Property, plant and equipment</u>** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class | Net book <br> value as of <br> 06/30/2024 | Additions | Additions <br> from <br> businees <br> combination | Transfers | Disposals | Depreciation <br> for the year | Foreign <br> currency <br> conversion | Net book <br> value as of <br> 06/30/2025 |
| Land | 4913051 |  |  |  |  |  | 1597519 | 6510570 |
| Buildings | 26.115.156 |  |  | 397282 |  | (764.101) | 8230654 | 33978991 |
| Facilities | 1697787 |  | 7.426 | 263580 |  | (532887) | 422765 | 1858671 |
| Machinery | 6511835 | 387232 | 36.190 | 164784 | (342726) | (988.294) | 2311849 | 8080870 |
| Wheels | 1525480 | 39.244 |  |  | (7.699) | (656083) | 300.300 | 1201242 |
| Furniture and supplies | 419.242 | 37907 | 1.065 |  |  | (73.658) | 122.404 | 506960 |
| Computer equipment | 452.127 | 50.421 |  |  |  | (241810) | 126.142 | 386880 |
| Works in progress (1) | 9401350 | 4042136 | - | (825646) | - | - | 4780652 | 17398492 |
| Total | 51036028 | 4556940 | 44681 | - | (350.425) | (3256833) | 17892285 | 69922676 |

---

1) Includes capitalized financial costs of $403,868 for the fiscal year ended June 30, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Class | Net book<br> value as of <br> 06/30/2023 | Additions | Transfers | Disposals | Depreciation <br> for the year | Foreign <br> currency <br> conversion | Net book <br> value as of <br> 06/30/2024 |
| Land | 1351192 |  | 255719 |  |  | 3306140 | 4913051 |
| Buildings | 6345244 |  | 4059521 |  | (460532) | 16170923 | 26.115.156 |
| Facilities | 468083 | 5.775 | 372529 |  | (406.066) | 1257466 | 1697787 |
| Machinery | 878.223 | 575645 | 4061128 | (70.655) | (659.113) | 1726607 | 6511835 |
| Wheels | 397200 | 536428 |  | (6.008) | (456834) | 1054694 | 1525480 |
| Furniture and supplies | 80.525 | 33.156 | 159513 |  | (45.952) | 192000 | 419.242 |
| Computer equipment | 37896 | 95.288 | 420690 |  | (157735) | 55988 | 452.127 |
| Works in progress (1) | 3002725 | 2560869 | (6671236) | - | - | 10508992 | 9401350 |
| Total | 12561088 | 3807161 | 2657864 | (76.663) | (2186232) | 34272810 | 51036028 |

---

1) Includes capitalized financial costs of $106,290 for the fiscal year ended June 30, 2024.

The depreciation charge is included in Notes 7.1, 7.2, 7.3, and 7.4. The Group has no purchase commitments for property, plant, and equipment.

**Revaluation of property, plant and equipment**

The Group frequently updates its determination of the fair value of its land and buildings, taking into account the most recent independent valuations and market data. The most recent valuations were performed as of June 30, 2023. Management determined the value of property, plant, and equipment within a range of reasonable estimates of fair value.

Any fair value estimates arising for properties are included in Level 2 or 3 depending on the methodology used.

The carrying amounts that would have been recognized if Land and buildings had been recorded at cost are shown below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Property class** | **June 30,<br> 2025** | **June 30,<br> 2025** | **June 30,<br> 2024** | **June 30,<br> 2024** |
| Land and buildings |  | 26643233 |  | 20.223.110 |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 31 | 31 | 31 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**9.2.**  **<u>Intangible assets</u>** 

Intangible assets as of June 30, 2025 and 2024 included:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class | Net book <br> value as of <br> 06/30/2024 | Additions | Addtion <br> from <br> Business <br> combination | Transfers | Disposals | Amortization <br> of the fiscal <br> year | Foreign <br> currency <br> conversion | Net book <br> value as of <br> 06/30/2025 |
| **<u>Crop nutrition</u>** |  |  |  |  |  |  |  |  |
| Microbiological products (R&D) | 3245113 | 344.140 |  |  |  | (519639) | 957.312 | 4026926 |
| Microbiological products (Records) | 654940 |  |  |  |  | (143484) | 188423 | 699879 |
| Microbiological in progress (Records) | 2180055 | 1636400 |  |  |  |  | 1186723 | 5003178 |
| Microbiological in progress (R&D) | 316730 | 120975 |  |  | (92.382) |  | 89.266 | 434589 |
| **<u>Seeds and integrated products</u>** |  |  |  |  |  |  |  |  |
| HB4 Program |  |  | 12247098 |  |  |  |  | 12247098 |
| **<u>Other intangible assets</u>** |  |  |  |  |  |  |  |  |
| Software (1) | 824.438 |  | 594536 | 138420 |  | (409.601) | 265558 | 1413351 |
| Software in progress | 304.175 | 165971 | 296.107 | (138.420) | - | - | 104.417 | 732250 |
| Total | 7525451 | 2267486 | 13137741 | - | (92.382) | (1072724) | 2791699 | 24557271 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Class | Net book <br> value as of <br> 06/30/2023 | Additions | Transfers | Disposals | Amortization <br> of the fiscal <br> year | Foreign<br> currency<br> conversion | Net book<br> value as of <br> 06/30/2024 |
| **<u>Crop nutrition</u>** |  |  |  |  |  |  |  |
| Microbiological products (R&D) | 44.356 |  | 3534369 |  | (477093) | 143481 | 3245113 |
| Microbiological products (Records) | 49709 |  | 569790 |  | (105879) | 141320 | 654940 |
| Microbiological in progress (Records) | 570973 | 679976 | (569790) | (25.373) |  | 1524269 | 2180055 |
| Microbiological in progress (R&D) | 1042728 | 190463 | (3534369) | (72747) |  | 2690655 | 316730 |
| **<u>Other intangible assets</u>** |  |  |  |  |  |  |  |
| Software (1) | 143.259 | 374557 | 138994 |  | (248078) | 415706 | 824.438 |
| Software in progress | 26.296 | 157423 | (138994) | - | - | 259450 | 304.175 |
| Total | 1877321 | 1402419 | - | (98.120) | (831050) | 5174881 | 7525451 |

---

1) Amortization of Microbiological Products and Software is included in Notes 7.1, 7.2, 7.3 and 7.4

There are no intangible assets whose use has been restricted or pledged as collateral. The Group has not committed to acquiring new intangible assets.

*Estimates*

There is significant inherent uncertainty in Management's estimate of the Group's ability to recover the carrying amounts of internally generated intangible assets in respect of the microbiological and HB4 product projects because they depend on the timing and amount of future cash flows generated by the projects, the Group's ability to raise sufficient funds to complete project development, the future outcome of the regulatory process, among other future events.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 32 | 32 | 32 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

Management's estimates of the ability to demonstrate the recognition criteria for these assets and their subsequent recoverability represent the best estimate that can be made based on all available evidence, existing facts and circumstances, and using reasonable and acceptable assumptions in cash flow projections. Therefore, the consolidated financial statements do not include adjustments that would be necessary if the Group were unable to recover the carrying amount of the aforementioned assets by generating sufficient economic benefits in the future.

The Group must perform an annual impairment test on assets that are not amortized, either because they are no longer available for use or because they have indefinite useful lives, or on other non-financial assets when events or changes in circumstances indicate that their carrying amount may not be recoverable. The recoverable amount is determined based on value-in-use calculations. Using this method requires estimating future cash flows and determining a discount rate to calculate the present value of the cash flows.

HB4 CGU: This CGU is comprised of all revenue from ordinary activities through the sale of seeds, integrated product packs, and royalties and licenses collected from third parties. Projection period: 18 years.

Microbiological Products CGU: This CGU comprises all revenues obtained through the production and sale of products exclusively owned by the Group and third parties in both the domestic and international markets. Projection period: 8 years.

Management made these estimates based on its cash flow projections and third-party reports on the valuation of assets, intangible assets, and liabilities. The key assumptions used are as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Key assumption** | &nbsp;&nbsp;**Management Approach** |
| &nbsp;&nbsp;Discount rate | &nbsp;&nbsp;The discount rate used was 12.07% for microbiological products, and for HB4, a market-specific discount rate of 6.18% was also used.<br>The weighted average cost of capital (WACC) rate was estimated based on the market capital structure. The cost of debt was based on the CGU's borrowing cost.<br>The assigned value corresponds to external sources of information. |
| &nbsp;&nbsp;Estimated market share of joint ventures and other customers | &nbsp;&nbsp;Projected revenues from the CGU's products and services were estimated by Management based on market penetration information for comparable products and technologies and expectations of future economic and market conditions.<br>The assigned value corresponds to external sources of information. |
| &nbsp;&nbsp;Estimated product prices | &nbsp;&nbsp;The estimated prices in the revenue projections are based on current and projected market prices for the CGU's products and services.<br>The assigned value corresponds to external and internal sources of information based on historical prices. |

---

Management believes that reasonable changes in any of these key assumptions will not cause the total carrying amount of the CGU to exceed its recoverable amount.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 33 | 33 | 33 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**9.3.**  **<u>Other financial assets</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
| **Currents** |  |  |  |  |
| U.S. Treasury Bills |  |  |  | 1815235 |
| Mutual funds |  |  |  | 4827630 |
| Other investments | | 1,086,109 | | 724.091 |
|  | | 1,086,109 | | 7,366,956 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
| **Non-current** |  |  |  |  |
| Shares of Bioceres Group PLC. |  | 58 |  | 58 |
| Other investments | | 70 | | 172,911 |
|  | | 128 | | 172,969 |

---

**9.4.**  **<u>Inventories</u>** 

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| Resale products | 38190468 | 36902454 |
| Manufactured products | 8975796 | 16311917 |
| Goods in transit | 4786185 | 4429098 |
| Supplies | 17328007 | 15155456 |
| Seeds | 1760445 |  |
| Agricultural products | 5536783 | 594.307 |
| Provision for obsolescence | (2592471) | (2206016) |
|  | 73985213 | 71187216 |
| Net agricultural products | 67949990 | 66.204.140 |

---

The variation in the provision for obsolescence is indicated in Note 9.10.

The net inventory of agricultural products additionally does not include goods in transit related to them.

The Group has delivered merchandise on consignment to third parties for sale for $12,684,143 and $11,047,019, as of June 30, 2025 and June 30, 2024, respectively, which are displayed in the manufactured products and resale merchandise lines.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 34 | 34 | 34 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**9.5.**  **<u>Trade receivables</u>** 

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **Currents** |  |  |
| Trade debtors | 127255940 | 115675149 |
| Provision for impairment of trade receivables | (14266443) | (4835568) |
| Provision for credit notes to be issued | (854.351) | (2645571) |
| Deferred checks | 5519114 | 5.122.209 |
| Taxes | 8222893 | 2315642 |
| Advances to suppliers | 1763086 | 4588887 |
| Prepaid expenses and other receivables | 2268638 | 2104387 |
| Miscellaneous | 116939 | 4.658 |
|  | 130.025.816 | 122329793 |

---

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **Non-current** |  |  |
| Trade debtors | 2549217 | **-** |
| Provision for impairment of trade receivables | (331000) | **-** |
| Taxes | 692.134 | 684737 |
| Export refunds | 1445725 | 1330275 |
|  | 4356076 | 2.015.012 |

---

The book value approximates fair value given its short-term nature.

---

| | | |
|:---|:---|:---|
| Antiquity : | **June 30, 2025** | **June 30, 2024** |
| No deadline | 8815135 | 5465115 |
| To overcome | 87265854 | 73728411 |
| Overdue up to three months | 22798116 | 37145281 |
| Expired between three and six months | 4036317 | 2801080 |
| Overdue more than six months | 11466470 | 5204918 |
|  | 134381892 | 124344805 |

---

---

| | | |
|:---|:---|:---|
| By currency: | **June 30, 2025** | **June 30, 2024** |
| In Argentine pesos | 10348092 | 14673343 |
| In US dollars | 105256913 | 98.544.069 |
| In euros |  | 455953 |
| In Reales | 8797045 | 9761749 |
| In other currencies | 9979842 | 909.691 |
|  | 134381892 | 124344805 |

---

The changes in the allowance for uncollectible sales receivables are detailed in Note 9.10.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 35 | 35 | 35 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**9.6.**  **<u>Cash and cash equivalents</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
| Cash at banks and on hand |  | 9101732 |  | 11750946 |
| Mutual funds | | 14,796,489 | | 17,754,952 |
|  | | 23,898,221 | | 29,505,898 |

---

---

| | | |
|:---|:---|:---|
| By currency: | **June 30, 2025** | **June 30, 2024** |
| In Argentine pesos | 15299974 | 18817326 |
| In US dollars | 4194680 | 9131273 |
| In euros |  | 20758 |
| In Reales | 2016073 | 1001139 |
| In other currencies | 2387494 | 535.402 |
|  | 23898221 | 29505898 |

---

**9.7.**  **<u>Borrowings</u>** 

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **Currents** |  |  |
| Borrowings | 104685929 | 75960707 |
| Corporate bonds | 30330964 | 38273709 |
|  | 135016893 | 114234416 |
| **Non-current** |  |  |
| Borrowings | 11100342 | 10194028 |
| Corporate bonds | 31124806 | 22827895 |
|  | 42225148 | 33021923 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| By rate: | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
| At a fixed rate |  | 154.257.041 |  | 23620223 |
| At variable rate | | 22,985,000 | | 123,636,116 |
|  | | 177.242.041 | | 147,256,339 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| By currency: | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
| In Argentine pesos |  | 2399982 |  | 12393669 |
| In US dollars |  | 152.210.749 |  | 123648599 |
| In Reales | | 22,631,310 | | 11,214,071 |
|  | | 177.242.041 | | 147,256,339 |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 36 | 36 | 36 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

The carrying amount of certain Borrowings as of June 30, 2025 , is measured at amortized cost and differs from their fair value. The following fair values are measured on a discounted cash flow basis (Level 3) due to the use of unobservable inputs, including credit risk .

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
|  | **Amortized cost** | **Fair value** | **Amortized cost** | **Fair value** |
| **Currents** |  |  |  |  |
| Borrowings | 104685929 | 93916285 | 75960707 | 72233134 |
| Corporate bonds | 30330964 | 27047052 | 38273709 | 37779343 |
|  | **135016893** | **120963337** | **114234416** | **110.012.477** |
| **Non-current** |  |  |  |  |
| Borrowings | 11100342 | 7811776 | 10194028 | 8207126 |
| Corporate bonds | 31124806 | 22488420 | 22827895 | 21711403 |
|  | **42225148** | **30300196** | **33021923** | **29918529** |

---

On August 1, 2024, the Company entered into, jointly with Pro Farm Technologies Oy (related company), a USD 20 million financing agreement with Cooperatieve Rabobank UA (" Rabobank "), whose main characteristics are the following:

**- Tranche I:** Up to US$3,000,000 for Pro Farm Technologies Oy for general corporate purposes, with an interest rate of Term SOFR + 6.15% per annum with a semi-annual coupon.

**- Section II:** Up to US$17,000,000 for Rizobacter Argentina SA as an export pre-financing credit line, with an interest rate of Term SOFR + 5.15% per year, with a semi-annual coupon.

The principal is repaid in 7 semi-annual installments between June 15, 2026, and June 15, 2029.

**Covenants :**

- Net financial debt/EBITDA ratio ≤ 3.50:1.00 (2024-2025), ≤ 3.00:1.00 (2026-2027), ≤ 2.75:1.00 (2028).

- Interest coverage ≥ 2.50:1.00.

- Solvency ≥ 0.25:1.00.

- Current ratio ≥ 1.10:1.00.

- Specific restrictions on the granting of Borrowings to related companies according to their type:

Financial Borrowings: The amount may not exceed USD 70 million.

Commercial Borrowings: The amount may not be less than USD 30 million.

Borrowings with Bioceres Crop Solutions: The amount may not exceed USD 20 million.

During the current period, we experienced a temporary setback due to challenges in the Argentine market, primarily the deterioration of the agricultural economy driven by falling commodity prices and weak yield forecasts. These external pressures significantly affected the income per hectare of Argentine producers, leading to a reduction in investment in key inputs such as fertilizers and crop protection products.

This decline in demand, combined with a well-supplied agricultural input market resulting from aggressive purchasing in previous years, has led to increased price pressure and lower adoption of high-value technologies like ours. However, we are encouraged by having maintained our market share in key product families, despite the overall market contraction.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 37 | 37 | 37 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

As a result of these temporary conditions, our performance indicators were impacted, causing us to exceed the Net Financial Leverage to EBITDA and Current Ratio thresholds established in the agreement. However, on September 5, 2025, we entered into a waiver agreement and addendum to the indenture whereby Rabobank agrees to waive non-compliance with these ratios for the year ended June 30, 2025. However, since the waiver extends after the closing date of these financial statements, we cannot demonstrate, as of June 30, 2025, an unconditional right to defer the settlement of the liability by at least twelve months, and we have reclassified the loan as a current liability.

The addendum, in addition to the waiver , includes as its most important financial aspects (i) new progressive limits for the Net Financial Debt to EBITDA ratio, starting at 6.00x as of September 30, 2025 and gradually reducing to 2.75x as of September 30, 2027; (ii) sets a maximum limit on gross financial debt, which varies between USD 105 million and USD 130 million quarterly; (iii) the impediment to being able to grant new intercompany Borrowings that exceed the amounts in force at the time of signing the agreement, unless funds are provided from the parent company; and, (iv) for the fiscal years ending in June 2026 and 2027, only capital investments for maintenance may be made.

**<u>Public Bonds</u>**

On November 25, 2024, the Company publicly placed Series X, Class A and B of Public Bonds for a total nominal value of US$25,926,536, as detailed below:

**Serie A**

Issue amount: US$2,396,825

Applicable rate: 7% nominal annual

Expiration Date: November 28, 2026

**Series B**

Issue amount: US$23,529,711

Applicable rate: 8% nominal annual

Expiration Date: November 28, 2027

On September 9, 2024, the Company made the final payment of interest and principal amortization services on the Series VI Class B Public Bonds for the amounts of US$46,351 and US$3,428,224, respectively.

On December 30, 2024, the Company made the payment of the last installment of interest and principal amortization services of the Series VII Class B Public Bonds for the amounts of US$74,296 and US$20,000,000, respectively.

On February 10, 2025, the Company made the last payment of interest and principal amortization services on Public Bonds Series VIII Class A for the sum of US$45,984 and US$12,296,029, respectively.

**9.8.**  **<u>Leases</u>** 

Right-of-use assets were initially valued at the amount of the lease liability plus initial direct costs incurred, adjusted for advance payments. Right-of-use assets were measured at cost less accumulated amortization and accumulated impairment .

The lease liability was initially measured at the present value of the lease payments due over the lease term, discounted at the rate implicit in the lease if readily determinable. If such a rate cannot be readily determined, the Group will use its incremental interest rate.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 38 | 38 | 38 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

Information on right-of-use assets and liabilities related to leased assets is presented below:

**<u>Right-of-use assets as of June 30, 2025</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Residual value <br> at the <br> beginning of <br> the fiscal year** | **Additions** | **Disposals** | **Conversion <br> result** | **Depreciation for <br> the year** | **Total** |
| Estate | 9113753 | 3915791 | 11.262 | 3196047 | (3617238) | 12619615 |
| Computer equipment | 261876 | 223.025 |  | 79683 | (257.214) | 307370 |
| Machinery | 25.166 |  |  | 3.661 | (28.827) |  |
| Wheels | 600092 | 28950 | - | 259.239 | (477634) | 410647 |
| **Residual value at the end of the financial year** | **10000887** | **4167766** | **11.262** | **3538630** | **(4380913)** | **13337632** |

---

**<u>Right-of-use assets as of June 30, 2024</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Residual value <br> at the <br> beginning of <br> the fiscal year** | **Additions** | **Disposals** | **Conversion <br> result** | **Depreciation for <br> the year** | **Total** |
| Estate | 3127040 | 664615 | (336482) | 6646570 | (987990) | 9113753 |
| Computer equipment | 49.891 | 247540 |  | 139858 | (175.413) | 261876 |
| Machinery | 28.353 |  |  | 47817 | (51.004) | 25.166 |
| Wheels | - | 983.224 | - | (166659) | (216473) | 600092 |
| **Residual value at the end of the financial year** | **3205284** | **1895379** | **(336482)** | **6667586** | **(1430880)** | **10000887** |

---

---

| | | |
|:---|:---|:---|
| **<u>Lease liabilities</u>** | | |
|  |<br>**June 30, 2025** |<br>**June 30, 2024** |
| **Balance at the beginning of the fiscal year** | 9815841 | 3080019 |
| Additions | 4167766 | 1895379 |
| Interest charge/exchange rate difference | 1.105.011 | 693796 |
| Conversion result | 3797780 | 6553079 |
| Payments made during the fiscal year | (5722346) | (2406432) |
|  | **13164052** | **9815841** |

---

---

| | | |
|:---|:---|:---|
| **Lease liabilities** | **June 30, 2025** | **June 30, 2024** |
| Non-current | 10078231 | 7236137 |
| Current | 3085821 | 2579704 |
| **Totals** | **13164052** | **9815841** |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 39 | 39 | 39 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**9.9.**  **<u>Provisions</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
| Provisions for contingencies | | 1,094,465 | | 819.008 |
|  | | 1,094,465 | | 819.008 |

---

The Group has recorded a provision for administrative, judicial, and extrajudicial proceedings that may arise from the ordinary course of business. To this end, it has applied prudent criteria from the perspective of its professional advisors, based on management's assessment of the best estimate of the amount of potential claims. These potential claims are unlikely to have a material impact on the Group's results of operations, cash flow, or financial position.

Management believes there is insufficient objective evidence to determine the period of the potential cash outflow due to a lack of experience in similar cases. However, the provision was classified as a current or non-current liability, applying the best prudential criteria based on management's estimates.

No refunds related to provisions are expected.

The change in the provision is indicated in Note 9.10.

In assessing the need for provisions and disclosures in the consolidated financial statements, Management has considered the following factors: (i) the nature of the claim and the potential level of damages in the jurisdiction in which it is brought; (ii) the progress of the potential case; (iii) the opinions or views of tax and legal advisors; (iv) experience in similar cases; and (v) any decisions taken by Group Management on how the potential claim will be responded to.

**9.10.**  **<u>Changes in provisions and forecasts</u>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Departure | June 30, <br> 2024 | Additions | Additions <br> from <br> business <br> combination | Uses and <br> reversals | Conversion <br> difference | June 30,<br> 2025 |
| **DEDUCTED FROM ASSETS** |  |  |  |  |  |  |
| Provision for impairment of trade receivables | 4835568 | 6354993 | 1272522 |  | 2134360 | 14597443 |
| Provision for obsolescence | 2206016 | 1099133 |  | (1390222) | 677544 | 2592471 |
| Provision of credit notes to be issued | 2645571 | 839866 |  | (2717841) | 86.755 | 854.351 |
| **Total deducted from assets** | 9687155 | 8293992 | 1272522 | (4108063) | 2898659 | 18044265 |
| **INCLUDED IN LIABILITIES** |  |  |  |  |  |  |
| Provisions for contingencies | 819.008 | 340.122 | 264 | (371906) | 306977 | 1094465 |
| **Total included in liabilities** | 819.008 | 340.122 | 264 | (371906) | 306977 | 1094465 |
| **Total** | **10506163** | **8634114** | **1272786** | **(4479969)** | **3205636** | **19138730** |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 40 | 40 | 40 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Departure | June 30,<br> 2023 | Additions | Uses and <br> reversals | Conversion <br> difference | June 30, 2024 |
| **DEDUCTED FROM ASSETS** |  |  |  |  |  |
| Provision for impairment of trade receivables | 1558940 | 285.303 | (724.224) | 3715549 | 4835568 |
| Provision for obsolescence | 495469 | 234676 | (23.568) | 1499439 | 2206016 |
| Provision of credit notes to be issued | 947516 | 1097584 | (1919594) | 2520065 | 2645571 |
| **Total deducted from assets** | 3001925 | 1617563 | (2667386) | 7735053 | 9687155 |
| **INCLUDED IN LIABILITIES** |  |  |  |  |  |
| Provisions for contingencies | 127652 | 251800 |  | 439556 | 819.008 |
| **Total included in liabilities** | 127652 | 251800 | - | 439556 | 819.008 |
| **Total** | **3129577** | **1869363** | **(2667386)** | **8174609** | **10506163** |

---

**9.11.**  **<u>Trade payables and other payables</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
| Trade creditors |  | 57817244 |  | 43631779 |
| Taxes |  | 3926973 |  | 3764378 |
| Miscellaneous | | 122.198 | | 136,893 |
|  | | 61,866,415 | | 47,533,050 |

---

Trade payables and other payables include debts owed to grain producers. They represent payment obligations arising from purchase contracts and grant the producer the right to fix the price at any time between the delivery date and a future date. Amounts owed that have not been fixed at the closing date are measured at fair value, while those fixed by the producer are measured at amortized cost.

The fair value of trade payables and other payables approximates their carrying amount, as the impact of applying the discount is not significant.

---

| | | |
|:---|:---|:---|
| By currency: | **June 30, 2025** | **June 30, 2024** |
| In Argentine pesos | 9603177 | 9170600 |
| In US dollars | 35964445 | 33983691 |
| In euros | 7073759 | 18.821 |
| In Reales | 9203647 | 3907843 |
| In other currencies | 21.387 | 452.095 |
|  | 61866415 | 47533050 |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 41 | 41 | 41 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**9.12.**  **<u>Employee benefits and social security</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
| Employee benefits and social security to be paid |  | 3460153 |  | 2590151 |
| Provisions for vacations and bonuses payable | | 1,756,924 | | 971.133 |
|  | | 5,217,077 | | 3,561,284 |

---

---

| | | |
|:---|:---|:---|
| By currency: | **June 30, 2025** | **June 30, 2024** |
| In Argentine pesos | 4155688 | 2682736 |
| In US dollars | 40.105 | 41597 |
| In euros | 40747 | 20.193 |
| In Reales | 828672 | 762579 |
| In other currencies | 151865 | 54.179 |
|  | 5217077 | 3561284 |

---

**10.**  **<u>INCOME TAXES</u>** 

The income tax charge for the year ended June 30, 2025, and for the year ended June 30, 2024, is composed as follows:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| Current income tax | (3034528) | (6227183) |
| Deferred income tax | 4695912 | 2442457 |
| **Total** | **1661384** | **(3784726)** |

---

The income tax charge for the year differs from the result arising from applying the income tax rate to the result before tax, as a result of the following:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| Earnings before taxes | (11412964) | 10039509 |
| **Income tax at the tax rate** | **2867525** | **(3853535)** |
| Share of profit or loss of joint ventures and associates | (749478) | (793724) |
| Other non-deductible expenses and exchange differences | 318932 | (1085423) |
| Tax inflation adjustment | 3237520 | 4816298 |
| Difference in tax provision prior year | 1459075 |  |
| Conversion difference | (5472190) | (2868342) |
| **Income Tax Charge** | **1661384** | **(3784726)** |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 42 | 42 | 42 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

The changes in the net deferred tax asset as of June 30, 2025 and 2024 are detailed below:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **At the beginning of the exercise** | (17003230) | (4387029) |
| Deferred tax credit for the fiscal year at the current tax rate | 4695912 | 2442457 |
| Additions by combination-Acquisition B.Semillas SA | (971686) |  |
| Conversion difference | (4456447) | (15058658) |
| **At the end of the fiscal year** | **(17735451)** | **(17003230)** |

---

The changes in deferred tax assets and liabilities as of June 30, 2025 and 2024 are detailed below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Deferred tax assets** | **At the<br> beginning of <br> the exercise** | **Additions <br> from <br> business <br> combination** | **Deferred tax <br> credit (charge)** | **Conversion** | **At the end of <br> the fiscal <br> year** |
| Trade receivables | 398.208 | 413897 | 684743 | 128496 | 1625344 |
| Other receivables and liabilities | 674875 | 120.238 | (317633) | 212.607 | 690087 |
| Sale and replacement | 23350 |  | 17881 | 10.356 | 51587 |
| Allowances | 370686 |  | (55.969) | 111818 | 426535 |
| Royalties |  | 872993 |  |  | 872993 |
| Tax loss carrying foward | 2398846 | - | 2098393 | 1328658 | 5825897 |
| Total Deferred Tax Credit | **3865965** | **1407128** | **2427415** | **1791935** | **9492443** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Deferred tax liabilities** | **At the <br> beginning of <br> the exercise** | **Additions <br> from <br> business <br> combination** | **Deferred tax <br> credit (charge)** | **Conversion** | **At the end of<br> the fiscal <br> year** |
| Intangible Assets | (2325115) |  | (520935) | (846887) | (3692937) |
| Property, plant and equipment | (11373311) | (788611) | (955477) | (3596945) | (16714344) |
| Inventories | (6437691) | (821868) | 3201693 | (1699176) | (5757042) |
| Biological assets |  | (768364) |  |  | (768364) |
| Leases | (67.916) |  | 17620 | (28.302) | (78598) |
| Tax inflation adjustment | (147.257) | 29 | 68.186 | 48.019 | (31.023) |
| Valuation of bonds and mutual funds | (422841) |  | 411734 | (22.557) | (33.664) |
| Others | (95.064) | - | 45676 | (102.534) | (151922) |
| Total Deferred Tax Liabilities | **(20869195)** | **(2378814)** | **2268497** | **(6248382)** | **(27227894)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **At the<br> beginning of <br> the exercise** | **Deferred tax <br> credit (charge)** | **Conversion** | **At the end of <br> the fiscal <br> year** |
| Trade receivables | 90990 | 173.008 | 134.210 | 398.208 |
| Other receivables and liabilities | 323518 | (479220) | 830577 | 674875 |
| Sale and replacement | 3.097 | 11.861 | 8.392 | 23350 |
| Provision for bonus | 115.512 | (363861) | 248349 |  |
| Allowances | 94781 | 112629 | 163276 | 370686 |
| Tax loss carrying foward | 619.073 | 1455028 | 324745 | 2398846 |
| Total Deferred Tax Credit | **1246971** | **909.445** | **1709549** | **3865965** |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 43 | 43 | 43 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **At the<br> beginning of <br> the exercise** | **Deferred tax <br> credit (charge)** | **Conversion** | **At the end of <br> the fiscal <br> year** |
| Intangible Assets | (594465) | (102.604) | (1628046) | (2325115) |
| Property, plant and equipment | (2930677) | 46929 | (8489563) | (11373311) |
| Inventories | (1374534) | 775.254 | (5838411) | (6437691) |
| Leases | (30892) | (85.219) | 48.195 | (67.916) |
| Tax inflation adjustment | (145934) | 107871 | (109.194) | (147.257) |
| Valuation of bonds and mutual funds | (552632) | 851234 | (721443) | (422841) |
| Others | (4.866) | (60.453) | (29.745) | (95.064) |
| Total Deferred Tax Liabilities | **(5634000)** | **1533012** | **(16768207)** | **(20869195)** |

---

The income tax charge is charged directly to income. The amount and maturity of the tax losses as of June 30, 2025, are shown below:

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal year** | **Breakdown** | **Tax loss** | **Tax Jurisdiction** |
| 2023 | 2176812 | 740.116 | Brazil |
| 2024 | 6641641 | 2258158 | Brazil |
| 2024 | 1059224 | 264806 | France |
| 2025 | 7537697 | 2562817 | Brazil |
| **Total** | **17415374** | **5825897** |  |

---

The amount of tax losses for the fiscal year ending June 30, 2025, is an estimate of the amount that will be reported on the tax return.

*Estimates*

There is a material uncertainty inherent in Management's estimate of whether the Group will be able to utilize the deferred tax assets (both unused tax carryforwards and deductible temporary differences) and the minimum presumed income tax credit, since their future utilization depends on the Group entities generating sufficient future taxable profits during the periods in which such temporary differences are deductible or in which unused tax carryforwards can be applied.

Based on projections of future taxable income for the periods in which the deferred tax asset can be deducted, Group Management estimates that, with the exception of the unrecognized portion of the deferred tax asset, it is probable that the Group entities will be able to utilize such deferred tax assets, which depends, among other factors, on the success of current agricultural biotechnology projects, the future market price of raw materials, and the market share of the Group entities.

Management's estimates of the demonstrability of the recognition criteria for these deferred tax assets and their subsequent recoverability represent the best estimate that can be made, based on all available evidence, existing facts and circumstances, and the use of reasonably substantiated assumptions regarding projections of future taxable income. Therefore, the consolidated financial statements do not include adjustments that could result if the Group's entities were unable to recover the deferred tax asset by generating sufficient taxable income in the future.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 44 | 44 | 44 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**11.**  **<u>INFORMATION ON THE COMPONENTS OF THE HERITAGE</u>** 

**<u>Issued capital</u>**

As of June 30, 2025, we had 40,000,000 shares of common stock authorized with a par value of $1 per share.

Holders of common shares are entitled to five votes for each common share.

**12.**  **<u>JOINT VENTURES AND ASSOCIATES</u>** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** |
| Synertech Industries SA |  | 20503414 |  | 15908502 |
| Bioceres Crops SA |  | 2343977 |  | 316.282 |
| Alfalfa Technologies SRL |  | 43822 |  |  |
| Natal Agro SRL | | 688,074 | | - |
|  | | 23,579,287 | | 16,224,784 |

---

In June 2025, through the acquisition of Bioceres Semillas SAU, the Group acquired 20% of the share capital in Natal Agro SRL, an Argentine company dedicated to the cultivation and development of corn varieties, and 49% of the share capital of Alfalfa Technologies SRL, an Argentine company dedicated to research and experimental development in the field.

Changes in investments in joint ventures and affiliates:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| At the beginning of the exercise | 16224784 | 3619793 |
| Business combination | 731896 |  |
| Irrevocable Contributions | 3008777 | 552863 |
| Share based incentives | 591786 | 1476602 |
| Conversion difference | 5163411 | 12843308 |
| Share of profit or loss | (2141367) | (2267782) |
| At the end of the fiscal year | 23579287 | 16224784 |

---

Share profits or losses of joint ventures and affiliates:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| Synertech Industries SA | (443797) | 607529 |
| Bioceres Crops SA | (1697570) | (2875311) |
|  | (2141367) | (2267782) |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 45 | 45 | 45 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

The following is a summary of the financial information of the joint ventures prepared in accordance with IFRS standards:

---

| | | |
|:---|:---|:---|
| | **Bioceres Crops SA** | **Bioceres Crops SA** |
| <br>**Summary statement of financial position** | **June 30, 2025** | **June 30, 2024** |
| **<u>Current assets</u>** |  |  |
| Cash and cash equivalents | 168 | 23 |
| Other current assets | 1189628 | 677621 |
| **Total current assets** | **1189796** | **677644** |
| **<u>Non-current assets</u>** |  |  |
| Property, Plant and equipment | 20946 | 18.028 |
| Intangible Assets | 799.198 | 617325 |
| Other non-current assets | 1183295 | 546569 |
| **Total non-current assets** | **2003439** | **1181922** |
| **<u>Current liabilities</u>** |  |  |
| Financial liabilities | 437.231 | 362431 |
| Other current liabilities | 862.617 | 699.001 |
| **Total current liabilities** | **1299848** | **1061432** |
| **<u>Non-current liabilities</u>** |  |  |
| Financial liabilities | 60 | 60 |
| Other non-current liabilities | 214.143 | 165507 |
| **Total non-current liabilities** | **214.203** | **165567** |
| **Net assets** | **1679184** | **632567** |

---

---

| | | |
|:---|:---|:---|
| | **Bioceres Crops SA** | **Bioceres Crops SA** |
| <br>**Summary statement of comprehensive income** | **June 30, 2025** | **June 30, 2024** |
| Revenue | 654729 | 682.680 |
| Financial income | 604.443 | 1573122 |
| Financial expenses | (350.353) | (324.191) |
| Depreciation and amortization | (65.666) | (49.114) |
| Loss of the year | (3395141) | (5750622) |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 46 | 46 | 46 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

---

| | | |
|:---|:---|:---|
| | **Synertech** | **Synertech** |
| <br>**Summary statement of financial position** | **June 30, 2025** | **June 30, 2024** |
| **<u>Current assets</u>** |  |  |
| Cash and cash equivalents | 1616730 | 2.810 |
| Other current assets | 9635876 | 51100966 |
| **Total current assets** | **11252606** | **51103776** |
| **<u>Non-current assets</u>** |  |  |
| Property, Plant and equipment | 12084156 | 10193406 |
| Other non-current assets | 52380698 | - |
| **Total non-current assets** | **64464854** | **10193406** |
| **<u>Current liabilities</u>** |  |  |
| Financial liabilities | 26324062 | 17313417 |
| Other current liabilities | 6738329 | 7974886 |
| **Total current liabilities** | **33062391** | **25288303** |
| **<u>Non-current liabilities</u>** |  |  |
| Financial liabilities |  |  |
| Other non-current liabilities | 1496205 | 3138500 |
| **Total non-current liabilities** | **1496205** | **3138500** |
| **Net assets** | **41158864** | **32870379** |

---

---

| | | |
|:---|:---|:---|
| | **Synertech** | **Synertech** |
| <br>**Summary statement of comprehensive income** | **June 30, 2025** | **June 30, 2024** |
| Revenue | 25684066 | 33831375 |
| Financial income | 1930081 | 1487413 |
| Financial expenses | (8679917) | (4075681) |
| Depreciation and amortization | 1531982 | 907734 |
| Loss of the year | (1991688) | 871933 |
| Other comprehensive income | 10280172 | 24594689 |
| Total comprehensive income | 8288484 | 25466622 |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 47 | 47 | 47 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

---

| | |
|:---|:---|
| | **Natal Agro SRL** |
| <br>**Summary statement of financial position** | **June 30, 2025** |
| **<u>Current assets</u>** |  |
| Cash and cash equivalents | 41.139 |
| Other current assets | 9914713 |
| **Total current assets** | **9955852** |
| **<u>Non-current assets</u>** |  |
| Property, Plant and equipment | 121.811 |
| Other non-current assets | 93632 |
| **Total non-current assets** | **215443** |
| **<u>Current liabilities</u>** |  |
| Financial liabilities | 4757805 |
| Other current liabilities | 3872449 |
| **Total current liabilities** | **8630254** |
| **<u>Non-current liabilities</u>** |  |
| Other non-current liabilities | 729.121 |
| **Total non-current liabilities** | **729.121** |
| **Net assets** | **811920** |

---

---

| | |
|:---|:---|
| | **Natal Agro SRL** |
| <br>**Summary statement of comprehensive income** | **June 30, 2025** |
| Revenue | 6642787 |
| Financial income | 24.429 |
| Financial expenses | (2011748) |
| Depreciation and amortization | (122719) |
| Loss of the year | 1126424 |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 48 | 48 | 48 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**13.**  **<u>BALANCES AND TRANSACTIONS OF SHAREHOLDERS AND OTHER RELATED PARTIES</u>** 

For the purposes of these financial statements, related parties are considered to be those natural or legal persons that have a relationship (in the terms of IAS 24) with the company Rizobacter Argentina SA.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Societies** | **Trade receivables** | **Other <br> current <br> receivables** | **Non-current <br> Trade <br> receivables** | **Other <br> non-current <br> receivables** | **Trade payables <br> and other <br> current <br> payables** | **Employee <br> benefits and <br> social <br> security** | **Trade payables <br> and other <br> non-current <br> payables** | **Non-current <br> Borrowings** |
| **<u>Associates and joint ventures</u>** |  |  |  |  |  |  |  |  |
| Synertech Industries SA | 5.017 |  |  |  | 625.093 |  | 52457530 |  |
| Bioceres Crops SA | 11 | 127684 |  |  | 1086282 |  |  |  |
| **<u>Other related parties</u>** |  |  |  |  |  |  |  |  |
| Espartina SA |  |  |  |  |  |  |  |  |
| Bioceres S.A. |  |  |  |  | 252.747 |  |  |  |
| Bioceres LLC |  |  |  |  | 75.336 |  |  | 161.725 |
| Bioceres Crop Solutions Corp |  | 3.370.108 |  | 25.763.377 | 340.354 |  |  | 12.884.414 |
| BCS Holding Inc |  | 1.228.761 | 466.178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.709.011 | 92.992 |  |  |  |
| RASA Holding LLC |  |  |  | 21279858 |  |  |  |  |
| Bioceres Crops of Brazil |  |  |  | 6474870 | 84632 |  |  |  |
| Pro Farm Group Inc. | 16884 |  |  | 4554021 | 738917 |  | 2523066 |  |
| Pro Farm Technologies Com. Agricultural Inputs of Brazil Ltda. |  |  |  | 115.541 |  |  |  | 274.994 |
| Pro Farm Technologies OY |  |  |  |  | 38.085 |  |  |  |
| Pro Farm OU | 176.433 |  |  |  | 1191114 |  |  | 221877 |
| RIFarm Mexico | 166389 |  |  | 788485 |  |  |  |  |
| Agrochemical Supplies SA |  |  | 15160066 | 3316875 |  |  |  |  |
| Natal Agro SRL |  |  | 116219 | 3432550 |  |  |  |  |
| Trigall Genetics |  |  | 491617 |  | 3637472 |  |  |  |
| Management staff and others |  |  |  |  | 341437 | 65.006 |  |  |
| Shareholders | 147 |  |  |  | 2.112 |  | 30 |  |
| Agrality S.A. |  |  | 56.919 |  |  |  |  |  |
| Agrality Seeds |  |  |  | 270943 |  |  |  |  |
| Rosario Agrobiotechnology Institute SA |  |  | 204674 |  | 89518 |  |  |  |
| Metabolic Engineering Inc. |  |  | 7.103 |  | 216 |  |  |  |
| Heritas S.A. |  |  | 30.922 |  |  |  |  |  |
| Alfalfa Technologies S.R.L. |  |  |  | 330883 |  |  |  |  |
| Other related parties | - | - | 3239005 | - | - | - | - | - |
| **TOTAL** | **364881** | **4726553** | **19772703** | **76036414** | **8596307** | **65.006** | **54980626** | **13543010** |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 49 | 49 | 49 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Societies** | **Trade <br> receivables** | **Other <br> current <br> receivables** | **Trade payables <br> and other <br> payables** | **Employee <br> benefits and <br> social <br> security** | **Current <br> Borrowings** | **Trade payables <br> and other <br> non-current <br> payables** | **Non-current <br> Borrowings** |
| **<u>Associates and joint ventures</u>** |  |  |  |  |  |  |  |
| Synertech Industries SA |  |  | 36742544 |  |  |  |  |
| Bioceres Crops SA | 11 | 127684 | 362710 |  |  |  |  |
| **<u>Other related parties</u>** |  |  |  |  |  |  |  |
| Bioceres SA |  |  | 451.622 |  |  |  |  |
| Bioceres LLC |  |  |  |  | 1.069.104 |  |  |
| Bioceres Crop Solutions Corp |  | 26.124.275 | 1.104.254 |  | 10.648.593 |  | 3.103.855 |
| BCS Holding Inc |  | 7.546.395 |  |  |  |  |  |
| RASA Holding LLC |  | 12.693.593 |  |  |  |  |  |
| Bioceres Semillas SA |  | 23171930 | 1210375 |  | 1383651 |  |  |
| Bioceres Crops of Brazil | 3154658 |  |  |  |  |  |  |
| Pro Farm Group Inc. | 752 | 429.176 | 313.019 |  |  |  |  |
| Pro Farm International OY |  |  | 11.837 |  |  |  |  |
| Pro Farm OU |  | 11.424 | 1837060 |  |  |  |  |
| Glinatur SA | 40538 |  |  |  | 4560621 |  |  |
| Agrochemical Supplies SA | 7064783 | 1198088 |  |  |  |  |  |
| Natal Agro SRL |  | 896700 |  |  |  |  |  |
| Trigall Genetics | 712.140 |  | 510.144 |  |  |  |  |
| Management staff and others |  |  | 32480 | 135.178 |  |  |  |
| Shareholders |  |  | 2.116 |  |  | 30 |  |
| Agrality SA | 110050 |  |  |  |  |  |  |
| Agrality Seeds |  | 188882 |  |  |  |  |  |
| Rosario Agrobiotechnology Institute SA | 13.112 |  | 54513 |  |  |  |  |
| Metabolic Engineering Inc. | 5.389 |  | 2.781 |  |  |  |  |
| Valorasoy SA | - | 322940 | - | - | - | - | - |
| **TOTAL** | **11101433** | **72711087** | **42635455** | **135.178** | **17661969** | **30** | **3103855** |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 50 | 50 | 50 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**<u>Balances with related parties by currency</u>**

---

| | | |
|:---|:---|:---|
| **Trade receivables and other receivables** | **June 30, 2025** | **June 30, 2024** |
| In Argentine pesos | 134798 | 127690 |
| In US dollars | 94.175.342 | 80530172 |
| In reales | 6590411 | 3154658 |
| **Total** | **100.900.551** | **83.812.520** |

---

---

| | | |
|:---|:---|:---|
| **Trade payables and other payables** | **June 30, 2025** | **June 30, 2024** |
| In Argentine pesos | 382.245 | 849.085 |
| In US dollars | 63194688 | 41786400 |
| **Total** | **63576933** | **42635485** |

---

---

| | | |
|:---|:---|:---|
| **Employee benefits and social security** | **June 30, 2025** | **June 30, 2024** |
| In Argentine pesos | 65.006 | 135.178 |
| **Total** | **65.006** | **135.178** |

---

---

| | | |
|:---|:---|:---|
| **Borrowings** | **June 30, 2025** | **June 30, 2024** |
| In US dollars | 13268016 | 20765824 |
| In reales | 274994 | - |
| **Total** | **13543010** | **20765824** |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 51 | 51 | 51 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

During the financial year ended June 30, 2025 and 2024, the transactions between the Group and related parties were as follows:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **COMPANIES / OPERATIONS** | Sales of <br> goods and <br> services | Purchases of <br> goods and <br> services | Remunerations | Borrowings <br> granted | Interest on <br> Borrowings <br> granted | Loan <br> collection | Borrowings <br> taken out | Interest on <br> Borrowings <br> taken out | Payment of <br> Borrowings <br> taken | Professional <br> fees | Expense <br> recovery | Provision<br> of services | Irrevocable <br> Contributions |
| **ASSOCIATES AND JOINT VENTURES** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Bioceres Crops. S.A. |  |  |  | 3.008.777 |  |  |  |  |  |  | 382.028 |  | 3.008.777 |
| Synertech Industrias S.A. | 4.106.508 | 19.092.776 |  |  |  |  |  |  |  |  | 603.793 | 289.559 |  |
| **OTHER RELATED PARTIES** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Bioceres Crop Solutions Corp |  |  |  | 24.054 | 1377153 | 47596 | 244.788 | 355.936 | 746.279 |  |  |  |  |
| BCS Holding Inc. |  |  |  | 898 | 358.109 |  |  |  |  |  |  |  |  |
| RASA Holding Inc. |  |  |  | 3158021 | 834244 | 97.450 |  |  |  |  |  |  |  |
| Bioceres Semillas SA | 340739 | 36.922 |  | 19039685 | 7353299 | 169.601 |  | 55.112 |  |  | 213874 |  |  |
| Agrochemical Supplies SA |  |  |  | 1486526 | 69670 |  |  |  |  |  | 114790 |  |  |
| Bioceres Crops of Brazil | 184533 |  |  |  | 219 |  | 32.693 |  |  |  |  |  |  |
| Pro Farm Group Inc. |  |  |  | 28.898 | 29.719 |  |  |  |  |  |  |  |  |
| Pro Farm OR |  | 1336271 |  |  |  |  |  | 96584 |  |  |  |  |  |
| Pro Farm Technologies Com. Agricultural Inputs of Brazil Ltda. |  |  |  |  |  |  | 187671 | 22167 |  |  |  |  |  |
| Glinatur SA |  |  |  |  |  |  | 5274376 | 20.395 |  |  |  |  |  |
| Natal Agro SRL | 92.817 |  |  | 1610614 | 123.475 |  |  |  |  |  |  |  |  |
| Bioceres S.A. |  | 86.225 |  | (172.451) |  |  |  |  |  | 88.468 | 18.027 |  |  |
| Bioceres LLC. |  |  |  |  |  |  |  | 138812 |  |  |  |  |  |
| Metabolic Engineering Inc. |  | 51097 |  |  |  |  |  |  |  |  |  |  |  |
| Agrallity SA | 43.912 |  |  |  |  |  |  |  |  |  |  | 63.083 |  |
| Rosario Agrobiotechnology Institute SA |  | 4.987 |  |  |  |  |  |  |  |  |  | 129.619 |  |
| Valorasoy SA |  |  |  | 90783 | 18.861 | 361667 |  |  |  |  |  |  |  |
| Management staff and others | 377492 |  | 1099341 |  |  |  |  |  |  |  |  |  |  |
| Other related companies | 1359896 | 1145591 |  |  |  |  |  |  |  |  |  |  |  |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 52 | 52 | 52 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **COMPANIES / OPERATIONS** | Sales of <br> goods and <br> services | Purchases of <br> goods and <br> services | Remunerations | Royalties | Borrowings <br> granted | Interest on <br> Borrowings <br> granted | Loan <br> collection | Borrowings <br> taken out | Interest on <br> Borrowings <br> taken out | Payment of <br> Borrowings <br> taken | Research <br> agreement | Professional <br> fees | Expense <br> recovery | Provision <br> of services | Irrevocable <br> Contributions |
| **ASSOCIATES AND JOINT AGREEMENTS** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Bioceres Crops. S.A. |  |  |  |  |  |  |  |  |  |  |  |  | 307.450 |  | 552.863 |
| Synertech Industrias S.A. | 13.968.979 | 17.489.987 |  |  |  |  |  |  |  |  |  |  | 516.346 | 258.753 |  |
| **OTHER RELATED PARTIES** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Bioceres Crop Solutions Corp |  |  |  |  | 200.431 | 595.318 | 637.920 | 2.210.925 | 326.579 | 1.341.259 |  |  |  |  |  |
| BCS Holding Inc. |  |  |  |  | 37.211 | 173.166 |  |  |  |  |  |  |  |  |  |
| RASA Holding Inc. |  |  |  |  | 2315251 | 314429 |  |  |  |  |  |  |  |  |  |
| Bioceres Semillas SA | 1499386 | 51346 |  | 291628 | 9772688 | 269505 |  | 540000 | 33.155 |  |  | 12.006 | 302.019 |  |  |
| Agrochemical Supplies SA | 2471378 |  |  |  | 721774 | 34710 | 660571 |  |  |  |  |  |  | 46935 |  |
| Bioceres Crops of Brazil | 985895 |  |  |  | 1391409 |  |  |  |  |  |  |  |  |  |  |
| Pro Farm Technologies Com. Agricultural Inputs of Brazil Ltda. | 359424 |  |  |  | 365406 |  |  |  | 7.963 |  |  |  |  |  |  |
| Glinatur SA |  | 20847 |  |  |  |  |  |  | 149655 | 113.455 |  |  |  |  |  |
| Natal Agro SRL |  |  |  |  | 894.733 | 491 |  |  |  |  |  |  |  |  |  |
| Bioceres S.A. |  |  |  |  |  |  |  |  |  |  |  | 18.017 |  |  |  |
| Bioceres LLC. |  |  |  |  |  |  |  |  | 15.295 |  |  |  |  |  |  |
| Metabolic Engineering Inc. |  | 2.945 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Agrallity SA | 570.545 | 3.062 |  |  |  |  |  |  |  |  | 3.508 |  |  | 32.014 |  |
| Rosario Agrobiotechnology Institute SA | 1.424 |  |  |  |  |  |  |  |  |  | 25.834 |  |  |  |  |
| Valorasoy SA |  |  |  |  | 247761 |  |  |  |  |  |  |  |  |  |  |
| Management staff and others | 565.237 |  | 671543 |  |  |  |  |  |  |  |  |  |  |  |  |
| Other related companies | 5466156 | 999728 |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 53 | 53 | 53 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**14.**  **<u>CASH FLOW INFORMATION</u>** 

The following are significant non-monetary transactions related to investing and financing activities:

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
| **Investment activities** |  |  |
| Capitalization of interest on building in progress | 403868 | 106.290 |
| Reclassification of investment properties to property, plant and equipment | - | 2657864 |
|  | **403868** | **2764154** |

---

**15.**  **<u>FINANCIAL INSTRUMENTS – RISK MANAGEMENT</u>** 

The Group is exposed to various financial risks arising from its activities and the use of financial instruments. This Note provides information about the Group's exposure to certain risks, as well as the objectives, policies, and processes implemented to measure and manage each type of risk.

The Group does not use derivative financial instruments to hedge any of the aforementioned risks.

**General objectives, policies and processes**

The Board of Directors is responsible for establishing and overseeing the Group's risk management objectives and policies and, although it has the ultimate responsibility, has delegated to Group Management the responsibility of designing and implementing processes that ensure the effective implementation of these objectives and policies. Therefore, Management periodically reports to the Board on the progress of risk management activities and results. The overall objective of the Board of Directors is to establish policies that seek to reduce risk as much as possible without unduly affecting the Group's competitiveness and flexibility.

The Group's risk management policy is established to identify and analyze the risks faced by the Group, in order to establish appropriate risk limits and controls to monitor risks and compliance with them. Risks and risk management methods are regularly reviewed to reflect changes in market conditions and the Group's activities. By providing training and implementing management standards and procedures, the Group seeks to develop a disciplined and constructive control environment in which all employees understand their roles and obligations.

The Group seeks to use appropriate financing methods to minimize capital costs and effectively manage and control its financial risks. Unless otherwise indicated in this Note, there have been no material changes in the Group's exposure to financial instrument risks, its objectives, policies and processes for managing such risks, or the methods used to measure them compared to prior periods.

The Group has adopted a code of ethics applicable to its senior executive, financial, and accounting leaders, as well as all its employees.

The principal risks and uncertainties facing the business, listed below, are not presented in any particular order of relative importance or probability of occurrence.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 54 | 54 | 54 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**Credit risk**

Credit risk is the risk of financial loss if a customer or counterparty of the Group fails to meet its contractual obligations. It arises primarily from trade and other receivables, as well as cash and deposits with financial institutions.

The credit risk to which the Group is exposed is defined primarily in the Group's accounts receivable, followed by cash and cash equivalents, given that they are logically important in allowing the Group to meet its short-term needs.

*Trade receivables and other receivables*

Credit risk is the risk of financial loss if a customer or counterparty of the Group fails to fulfill its contractual obligations. It arises primarily from trade receivables and other receivables arising from the sale of services and products, and from financing from other Group companies. The Group is also exposed to political and economic risks, which may result in non-payment of local and foreign currency obligations assumed by the Group's customers, partners, contractors, and suppliers.

The Group sells its products to a diverse customer base. These include multinational and local agricultural companies, distributors, and farmers who purchase the Group's products. The type and class of customers may vary depending on the Group's business segments.

To determine the concentration of credit risk, Group Management periodically monitors the credit rating of existing customers and analyzes the aging of commercial loans monthly. To monitor credit risk, customers are grouped based on their credit characteristics.

The Group's policy is to manage credit exposure to counterparties with which it transacts through a credit rating process. The Group conducts credit assessments of existing and new customers, and each new customer is thoroughly reviewed for credit quality before offering transaction terms. The Group's analysis includes external credit rating information, where available. Furthermore, if independent external credit ratings are unavailable, the Group assesses the customer's credit quality, taking into account their financial position, past experience, banking references, and other factors. A credit limit is set for each customer. These limits are reviewed periodically. Customers who do not meet the Group's credit quality criteria may do business with the Group by paying upfront or providing collateral satisfactory to the Group. The Group may request any collateral it deems necessary, regardless of the customer's credit profile.

To cover trade credit, the Group maintains credit insurance for its main subsidiaries, which periodically analyzes its customer portfolio.

The financial statements contain specific provisions for doubtful accounts, which, in management's estimation, adequately reflect the loss inherent in doubtful accounts. The Group's maximum exposure to credit risk is represented by the carrying amount of each financial asset in the Statement of Financial Position after deducting the allowance for impairment.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 55 | 55 | 55 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

Therefore, the allowance for losses as of June 30, 2025 was determined as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **June 30, 2025** | **Current** | **Overdue <br> more than <br> 15 days** | **Overdue <br> more than <br> 30 days** | **Overdue <br> more than <br> 60 days** | **Overdue <br> more than <br> 90 days** | **Overdue <br> more than <br> 120 days** | **Overdue <br> more than <br> 180 days** | **Overdue <br> for more <br> than<br> 270 days** | **Overdue <br> more than <br> 365 days** | **Total** |
| Expected loss rate | 0.12% | 0.03% | 0.03% | 0.04% | 0.00% | 0.04% | 21.01% | 27.52% | 77.35% |  |
| Trade receivables | 76490140 | 12176578 | 4563373 | 862.258 | 3253229 | 867279 | 8902608 | 9877842 | 12811850 | 129.805.157 |
| Provision for impairment of trade receivables | **92.005** | **3.849** | **1570** | **320** | **130** | **362** | **1870600** | **2718736** | **9909871** | **14597443** |

---

*Cash and bank deposits*

The Group is exposed to the credit risk of its counterparties through its cash and cash equivalents. The Group maintains cash deposits with various financial institutions. The Group manages its credit exposure risk by restricting its individual deposits to clearly defined limits. The Group only makes deposits with high-quality banks and financial institutions.

The maximum exposure to credit risk is represented by the carrying amount of cash and cash equivalents in the Statement of Financial Position.

**Liquidity risk**

Liquidity risk is the risk that the Group will not be able to meet its financial obligations when due.

The Group's approach to managing its liquidity risk consists of managing its debt maturity profile and funding sources, maintaining sufficient cash, and ensuring the availability of funding from an adequate amount of committed credit lines. However, the Group currently faces financial uncertainty, as described in Note 2.3. In this context, the Group is evaluating and implementing various alternatives. In particular, significant progress has been made in optimizing working capital and adapting its cost structure to current market conditions. Discussions are ongoing with local financial institutions to refinance existing liabilities and restore confidence, while long-term financing options or capital increases are being analyzed for the parent company, Bioceres Crop Solutions.

To manage its current and future financing capacity, the Group always seeks to maintain diversified sources of financing by obtaining adequate financing lines from high-quality lenders.

Cash flow projections are prepared both individually for each entity and on a consolidated basis. The projections are reviewed by the Board in advance, allowing it to anticipate the Group's cash needs. The Group reviews its liquidity needs projections to ensure it has sufficient cash to meet its operating needs, including the amounts required to settle financial liabilities.

Cash flow generation over the next twelve months depends on the success of the initiatives mentioned in Note 2, which cannot be guaranteed as they depend on factors beyond the Group's control. The uncertainty regarding our ability to secure additional financing indicate the existence of a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 56 | 56 | 56 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

The following table presents the contractual maturities of financial liabilities:

---

| | | | |
|:---|:---|:---|:---|
| **As of June 30, 2025** | **Up to <br> 3 months** | **3 to 12<br> months** | **Between one <br> and three <br> years** |
| Trade payables and other payables | 14495975 | 47370440 |  |
| Trade payables and other payables to related parties | 8596307 |  | 54980626 |
| Borrowings | 88824605 | 46192288 | 42225148 |
| Related-party Borrowings |  |  | 13543010 |
| Lease liability | 1195513 | 1890308 | 10078231 |
| Total | 113.112.400 | 95.453.036 | 120.827.015 |

---

---

| | | | |
|:---|:---|:---|:---|
| **As of June 30, 2024** | **Up to<br> 3 months** | **3 to 12<br> months** | **Between one<br> and three<br> years** |
| Trade payables and other payables | 28066562 | 19466488 |  |
| Trade payables and other payables to related parties | 41334519 | 1300966 |  |
| Borrowings | 64190851 | 38441911 | 51988643 |
| Related-party Borrowings | 3311260 | 17383974 | 26.716 |
| Lease liability | 666.065 | 1896176 | 7253600 |
| Total | 137569257 | 78489515 | 59268959 |

---

As of June 30, 2025 and 2024, the Group was not exposed to derivative liabilities.

**Exchange rate risk**

Foreign exchange risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in exchange rates. Foreign exchange risk arises when the Group conducts transactions in a currency other than its functional currency.

The following table shows our net exposure to foreign exchange risk as of June 30, 2025:

---

| | |
|:---|:---|
|  | June 30, 2025 |
| Concept | Amount in<br> foreign currency |
| <u>ASSET</u> |  |
| Cash and cash equivalents | 19703541 |
| Trade receivables and other receivables | 29124979 |
| Trade receivables and other receivables from related parties | 6725209 |
| TOTAL ASSETS | **55553729** |
| <u>PASSIVE</u> |  |
| Trade payables and other payables | 25901970 |
| Trade payables and other payables to related parties | 382.245 |
| Borrowings | 25031292 |
| Related-party Borrowings | 274994 |
| Employee benefits and social security | 5176972 |
| Employee benefits and social security with related parties | 65.006 |
| Total LIABILITIES | **56832479** |

---

Considering only this net exposure to foreign exchange risk as of June 30, 2025, if there were a revaluation or depreciation of the U.S. dollar against other foreign currencies and all other variables remained constant, there would be a positive or negative impact on comprehensive income due to exchange rate differences. We estimate that a 10% devaluation or appreciation of the U.S. dollar relative to other currencies during the year ended June 30, 2025, would have resulted in a net pre-tax loss or gain of approximately $127,000.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 57 | 57 | 57 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**Interest rate risk**

The Group's financing costs may be affected by interest rate volatility. In accordance with the Group's interest rate management policy, the Group's borrowings may be at either fixed or floating rates. The Group maintains adequate committed borrowing facilities and most of its financial assets are in cash or cashed customer checks ready to be converted into fixed amounts of cash.

The Group's interest rate risk primarily arises from long-term borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group has not entered into derivative contracts to hedge this exposure.

The composition of the Group's debt is presented below :

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2024** |
|  | Book value | Book value |
| **Fixed rate instruments** |  |  |
| Current financial liabilities | 112031893 | 112867749 |
| Non-current financial liabilities | 42225148 | 33021923 |
| **Variable rate instruments** |  |  |
| Current financial liabilities | 22985000 | 1366667 |
| Non-current financial liabilities |  |  |

---

Considering that variable-rate bank and financial debt is not significant, a decrease or increase in interest rates would not have a material impact.

The Group does not use derivative financial instruments to hedge its exposure to interest rate risk.

**Capital risk**

The Group's objectives in managing capital are to safeguard the Group's ability to continue operating as a going concern, in order to provide returns to shareholders and benefits to other stakeholders, while maintaining an optimal capital structure that reduces the cost of capital.

The Group manages its capital structure and makes adjustments based on changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust its capital structure, the Group may adjust the amount of dividends it could pay to shareholders, return capital, issue new shares, or sell assets to reduce debt.

**Financial instruments by category**

The following tables show, for financial assets and liabilities recorded as of June 30, 2025 and 2024, the additional information required by IFRS 7.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 58 | 58 | 58 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

***Financial assets by category***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Amortized cost | Amortized cost | Fair value through profit or loss | Fair value through profit or loss |
| <br>**Financial asset** | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Cash and cash equivalents | 9101732 | 11750946 | 14796489 | 17754952 |
| Other financial assets | 128 | 172969 | 1086109 | 7366956 |
| Trade receivables and other receivables | 121.435.141 | 114651152 |  |  |
| Trade receivables and other receivables from related parties | 100.900.551 | 83.812.520 | - | - |
| **Total** | **231437552** | **210.387.587** | **15882598** | **25121908** |

---

(\*) Advances for expenses and tax balances are not included.

***Financial liabilities by category***

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Amortized cost | Amortized cost | Fair value through profit or loss | Fair value through profit or loss |
| <br>**Financial liabilities** | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Trade payables and other payables | 60041679 | 46521721 | 1824736 | 1011329 |
| Trade payables and other payables to related parties | 63576933 | 42635485 |  |  |
| Borrowings | 177.242.041 | 147256339 |  |  |
| Related-party Borrowings | 13543010 | 20765824 |  |  |
| Employee benefits and social security | 5217077 | 3561284 |  |  |
| Employee benefits and social security with related parties | 65.006 | 135.178 |  |  |
| Lease liability | 13164052 | 9815841 | - | - |
| **Total** | **332849798** | **270691672** | **1824736** | **1011329** |

---

**Financial instruments measured at fair value**

***Fair value by hierarchy***

In accordance with the requirements of IFRS 7, the Group categorizes each class of financial instruments valued at fair value into three levels, depending on the relevance of the judgment associated with the assumptions used to measure fair value.

Level 1 comprises financial assets and liabilities whose fair values have been determined by reference to quoted prices (unadjusted) in active markets for identical assets and liabilities.

Level 2 comprises data other than quoted prices included in Level 1, which are observable for the asset or liability, both directly (i.e., prices) and indirectly (i.e., derived from prices).

Level 3 comprises financial instruments for which the assumptions used in estimating fair value are not based on information observable in the market.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 59 | 59 | 59 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Measured at fair value as of 06/30/2025** | **Level 1** | **Level 1** | **Level 2** | **Level 2** | **Level 3** |
| **Financial assets at fair value** |  |  |  |  |  |
| Other financial assets |  | 1086109 |  |  |  |
| Mutual funds |  | 14796489 |  |  |  |
| **Financial liabilities at fair value** |  |  |  |  |  |
| Trade payables and other payables |  |  |  | 1824736 |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Measured at fair value as of 06/30/2024** | **Level 1** | **Level 1** | **Level 2** | **Level 2** | **Level 3** |
| **Financial assets at fair value** |  |  |  |  |  |
| Other financial assets |  | 2539326 |  |  |  |
| Mutual funds |  | 22582582 |  |  |  |
| **Financial liabilities at fair value** |  |  |  |  |  |
| Trade payables and other payables |  |  |  | 1011329 |  |

---

***Estimation of fair value***

The fair value of marketable securities, mutual funds, stocks and U.S. Treasury bills is calculated using the market approach based on market quotations of identical assets. The quoted market price used for financial assets held by the Group is the current offered price. These instruments are included in Level 1.

The Group's financial liabilities, which were not traded in an active market, were determined using valuation techniques that maximize the use of available market information and, therefore, rely as little as possible on entity-specific estimates. If all significant inputs required to value an instrument are observable, the instruments are included in Level 2.

If one or more of the significant inputs are not based on observable market data, the instruments are included in Level 3.

The Group's policy is to recognize transfers between different categories of the fair value hierarchy as they occur or when there are changes in the circumstances that trigger the transfer. No transfers occurred between fair value levels. There have been no changes in economic or business circumstances that affect fair value.

**16.**  **<u>SHARE BASED PAYMENTS</u>** 

**<u>2023 Omnibus Stock Incentive Plan</u>**

Crop Solutions stock option plan to certain directors, executive officers and management of the Group.

- Base Plan: to be consolidated and exercisable in equal installments on June 30, 2023, June 30, 2024, and June 30, 2025, with an exercise price of US$10.47.

- Performance Plan: to vest and become exercisable if the Group's fiscal year 2025 EBITDA reaches at least USD 120 million and up to USD 150 million, and to vest proportionally up to 100% if EBITDA reaches or exceeds USD 150 million. These options also have an exercise price of USD 10.47.

The fair value of the stock options at the grant date was estimated using the Black-Scholes model considering the terms and conditions under which the stock options were granted and adjusted to consider the potential dilutive effect of future exercise of the options.

---

| | |
|:---|:---|
| Factor | Omnibus plan |
| Average share value | 10.79 |
| Strike price | 10.47 |
| Weighted average volatility | 54.73% |
| Dividend rate | 0% |
| Weighted average risk-free interest rate | 4.47% |
| Weighted average expected life | 2.97 years |
| Weighted average fair value of stock options at the measurement date | 4.47 |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 60 | 60 | 60 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

There are no market-related performance conditions or non-vesting conditions that should be considered in determining the fair value of the options.

The Group estimates that 100% of the stock options will be exercised, taking into account the historical tenure patterns of executives and the likelihood of options being exercised. This estimate is reviewed at the end of each annual or interim period.

The following table shows the weighted average amount and exercise price and movements of the Group's executive and director stock options during the year:

---

| | | |
|:---|:---|:---|
|  | June 30, 2025 | June 30, 2025 |
|  | Number of options | Strike price |
| At the beginning | 1628334 | 4.55 |
| Cancelled during the year | (758334) | 4.55 |
| At closing | 870000 | 4.47 |

---

As of June 30, 2025, expenses associated with the stock-based incentive plans amounted to $1,894,624, recorded in earnings within "Stock-based incentives." Of this amount, $1,887,988 were recognized by the Company incurring a debt with Bioceres Crop Solutions Corp. The remaining $6,636 are part of the Company's equity, included in "Earnings from investments accounted for using the equity method."

As of June 30, 2024, expenses associated with the stock-based incentive plans amounted to $2,225,861, recorded in results within "Stock-based incentives." Of this amount, $2,168,575 were recognized by contracting a debt by the Company with Bioceres Crop Solutions Corp. The remaining $57,286 are part of the Company's net equity included in "Results from investments accounted for using the equity method."

**17.**  **<u>ENCUMBERED ASSETS AND ASSETS OF RESTRICTED AVAILABILITY.</u>** 

The encumbered assets and assets with restricted availability as of June 30, 2025, are detailed in the following table:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Detail** | **Asset value** | **Type of debt** | **Amount of debt** | **Type of restriction** | **Bank** |
| Computer equipment | 307371 | Commercial | 501.130 | Leasing | HP |
| **Total** | **307371** |  | **501.130** |  |  |

---

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 61 | 61 | 61 |

---

![](tm2525614d1_ex99-2img004.jpg)

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**Corresponding to the fiscal year beginning on July 1, 2024, and ending on June 30, 2025, presented in comparative form (values in thousands of pesos)**

**18.**  **<u>CONTINGENCIES, COMMITMENTS AND RESTRICTIONS ON THE DISTRIBUTION OF PROFITS</u>** 

**(a) Contingencies**

There are several administrative, judicial, and extrajudicial proceedings arising from the ordinary course of business in which Rizobacter's subsidiaries and/or related companies are involved. The Group estimates that these proceedings, or the cumulative effect of all of them considered together, will not have a significant adverse effect on the Group's financial condition or future results of operations, taking into account the opinions of its legal and professional advisors and the contingency provisions recorded at year-end.

**(b) Restrictions on the distribution of profits**

**Retained Earnings from First-Time Adoption of IFRS**

In accordance with the provisions of RG 609/12 of the CNV, the positive unallocated results as of June 30, 2015, due to the adoption of IFRS, were reassigned to a Special Reserve, which was approved by the Shareholders' Meeting held on September 14, 2015, which considered the corresponding individual and Consolidated financial statements ended on June 30, 2015.

The Special Reserve may only be withdrawn for capitalization or to absorb any negative balances in the "Unallocated Earnings" account.

**Legal Reserve**

Pursuant to Article 70 of the Commercial Companies Law No. 19,550, every company must allocate 5% of its net profits each year to a legal reserve until it reaches 20% of its adjusted share capital.

**19.**  **<u>COMPLIANCE WITH THE PROVISIONS OF RG No. 629/2014 CNV</u>** 

In compliance with General Resolution No. 629/2014 and its complementary Resolution No. 632/2014 of the National Securities Commission (CNV), we inform that the commercial books, the corporate books, and the accounting records, as well as the supporting documentation, are located at the registered office at Avda. Dr. Arturo Frondizi No. 1150 - Industrial Park, Pergamino, Province of Buenos Aires.

**20.**  **<u>ECONOMIC CONTEXT IN WHICH THE GROUP OPERATES</u>** 

The Group operated in a complex economic environment, with key variables experiencing significant volatility, both domestically and internationally.

The main indicators in our country were:

· The country ended 2024
 with a 1.7% drop in activity, according to preliminary GDP data.

· Cumulative inflation between July 1 and
 June 30, 2025, reached 42.07% (CPI).

Between July 1, 2024, and June 30, 2025, the peso depreciated against the US dollar, from $910.50/US$ at the beginning of the period to $1,200.50/US$ at the end of the period.

The Group's financial statements should be read in light of these circumstances.

**21.**  **<u>EVENTS SUBSEQUENT TO THE REPORTING PERIOD</u>** 

Since June 30, 2025, no other situations or circumstances have occurred other than those already mentioned that could require significant adjustments or new disclosures in the consolidated financial statements.

*Free translation from the original prepared in Spanish for publication in Argentina*

---

| | | |
|:---|:---|:---|
| See our report dated September 5, 2025<br> PRICE WATERHOUSE & Co. SRL | ![](tm2525614d1_ex99-2img002.jpg) | ![](tm2525614d1_ex99-2img003.jpg) |
| <u>(Partner)</u><br> CPCE Prov. Bs . As. Tº 1 - Fº 33 – Legajo 33<br> **Dr. Andrés Suarez**<br> Public Accountant (UBA)<br> CPCE Prov. Bs . As. T° 181 – F° 237 – Leg. 47248/4<br> CUIT: 20-17203505-2 | CP Humberto Santoni<br> **Supervisory Commission** | Marcelo Adolfo Carrique<br> **President** |
| 62 | 62 | 62 |

---