Bioceres : 4Q20 Earnings Presentation

Fourth Quarter and Fiscal Year 2020

Earnings Call Presentation

September 10, 2020

Disclaimer And Forward-Looking Statement

This Presentation is for informational purposes only and does not constitute an offer or invitation to sell, a solicitation of an offer to buy, or a recommendation to purchase any equity, assets, business, debt or other financial instruments of the Company or any of its affiliates, and shall not form the basis of any contract, nor shall it be construed in any manner as a commitment on the part of any person to proceed with any transaction. Any reproduction of this Presentation, in whole or in part, or the disclosure of its contents, without the prior consent of the Company is prohibited. By accepting this Presentation, each recipient agrees to use this Presentation for the sole purpose of evaluating.

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 information and , among others, statements related to the expected or potential impact of the novel coronavirus (COVID-19) pandemic, and the related responses of the government, clients and the Company, on our business, financial condition, liquidity position and results of operations, and any such forward-looking statements, whether concerning the COVID-19 pandemic or otherwise, involve risks, assumptions and uncertainties. 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, include the uncertainties relating to the impact of COVID-19 on the Company's business, operations and financial results and 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. Therefore, you should not rely on any of these forward-looking statements. 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.

Industry and Market Data

Unless otherwise noted, the forecasted industry and market data contained in the assumptions for the projections are based upon the Company's management estimates and industry and market publications and surveys. The information from industry and market publications has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of the included information. The Company has not independently verified any of the data from third-party sources, nor has the Company ascertained the underlying economic assumptions relied upon therein. While such information is believed to be reliable for the purposes used herein, none of the Company, its affiliates, their respective directors, officers, employees, members, partners, shareholders or agents makes any representation or warranty with respect to the accuracy of such information. These materials are highly sensitive and confidential and being supplied to you solely for your information and for use in this Presentation.

Financial Information Presentation

Historical financial information of Bioceres has been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"). Investors should note that IFRS differs from generally accepted accounting principles in the United States ("US GAAP"), and investors should consult their own professional advisors for an understanding of the difference between IFRS and US GAAP and how those differences might affect such financial statements.

Use of Non-IFRS Financial Measures

This Presentation includes certain non-IFRS financial measures. These non-IFRS measures are an addition, and not a substitute for or superior to measures of financial performance prepared in accordance with IFRS and neither should be considered as an alternative to net income, operating income or any other performance measures derived in accordance with IFRS or as an alternative to cash flows from operating activities as a measure of our liquidity.

The Company believes that these non-IFRS measures of financial results provide useful supplemental information to investors about the Company and its results. The Company's management uses these non-IFRS measures to evaluate the Company's financial and operating performance and make day-to-day financial and operating decisions. The Company also believes that these non-IFRS measures are helpful to investors because they provide additional information about trends in the Company's core operating performance prior to considering the impact of capital structure, depreciation, amortization and taxation on its results. However, there are a number of limitations related to the use of these non-IFRS measures and their nearest IFRS equivalents. For example, other companies may calculate non-IFRS measures differently, or may use other measures to calculate their financial performance, and therefore the Company's non-IFRS measures may not be directly comparable to similarly titled measures of other companies.

In this presentation, we discuss non-IFRS measures as forward-lookingnon-IFRS measures.

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All materials contained in this Presentation are protected by copyright laws and may not be reproduced, republished, distributed, transmitted, displayed, broadcast or otherwise exploited in any manner. This Presentation contains trademarks, service marks, and trade names belonging to the Company, its affiliates and other entities and cannot be used without express written consent. Trademarks, service marks, copyrights and trade names referred to in this Presentation, including logos, may appear without the ®, © or TM symbols, but the lack of such symbols is not intended to indicate, in any way, that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend the use or display of other entities' trademarks, service marks, copyrighted material or trade names to imply a relationship or affiliation with, or endorsement or sponsorship of, the Company by any other entities or persons.

2

Executing on Growth Strategy while Substantially Strengthening Balance Sheet

• Continued international expansion supported by leading position in Argentina, plus a more profitable mix
• • 4Q20 Comparable revenues +46% YoY and +17% to $ 174M in FY20
  • 4Q20 Adjusted EBITDA +67% and +13% to $ 46M in FY20
• Raised $ 65M in FY20 in preparation for commercial launch of HB4® technology, while lowering financing costs and improving debt profile
• • Net Debt-to-LTM EBITDA improved to 1.98x from 2.24x
• Advancing HB4 program
• • In a position to move from thousands of hectares to hundreds of thousands
• Subsequent to the quarter's end
• • Raised $ 17M through public bond issuance at zero nominal interest rate, with bullet at 36 months
  • Successfully completed warrant removal, minimizing dilution and related cash utilization, as well as helping enhance stock liquidity

3

Update on EcoSoy®

Key Highlights

Geographical Distribution for FY21

• FY20 hectares fully harvested
• >50% of materials met seed quality and performance metrics
• >20,000 hectares reserved for upcoming FY21 plantings
• New materials to be incorporated in FY21 ramp-up, covering MGs III-V

HB4 4519 RG

Repositioned varieties to HB4 hot zones

HB4 4619 RG STS

New variety HB4 4220 RG

HB4 5519

Varieties that met expectations and are continued at full scale

HB4 3919 RG STS

Yield

1500 2500 4000

Kg/ha

2000 3000

4

Update on EcoWheat®

Key Highlights

• ~7,000 hectares planted out of the 12,000 reserved
• Severe drought conditions prevented some of our grower-partners from initiating multiplications in their respective locations
• However, the drought conditions highlight benefit of HB4 wheat

CONTROL

EcoWheat in the Media

10 notes that include testimonies of producers, opinion of academics, politicians and decision- makers

Reach greater

than 19M users

Almost 30k visualizations

and international

repercusion of EcoWheat

5

Succesful Completion of Warrant Tender Offer

• Company removed all its 24.2M outstanding Warrants for either 0.12 ordinary shares or $0.45 in cash per warrant
• Transaction executed in 29 days (from announcement to redemption of non-tendered warrants)
• Removed overhang of Bioceres' outstanding warrants in a cost-effective way
• Following the transaction, total shares outstanding are 38.7M, up 7%. Company's public float increased by 1.7M shares

6

BIOX Warrant Tender Offer Results

					24.2M
					Warrants removed
		90%						10%
		21.9M					2.3M
	Warrants validily tendered					Warrants redeemed for
								$0.405 in cash
21.7M					0.2M
2.6M1			$ 0.1M
Exchange Shares in			Cash in
exchange for			exchange for
Warrants tendered			Warrants
(.12)			tendered ($.45)

11.7M shares incorporated into to the Company's float 10.9M shares locked-up for a twelve-month period

$ 1.0M

In cash proceeds

7

Robust Top Line Growth Driven by Solid Performance Across All Segments

Comparable Segment Revenues ($ in millions) YoY

• Revenues largely linked to US dollar, except in Brazil
• 4Q20 +46%, driven by strong sales of adjuvants, as well as bio-fungicides, inoculants and seed treatment packs across regions, in addition to strong micro-beaded fertilizer sales in Argentina
• FY20 +17%, on continued growth across three business segments: i) adjuvant expansion in Brazil and Paraguay ii) higher seed treatment packs sales, mainly in South Africa and France; and iii) growing acceptance of micro-beaded fertilizers in the Southern Cone

+17% Comparable

+8% As Reported

174.2173.1

+46%	Comparable					160.6
-3% As Reported
		148.7
	49.9	51.9
	48.2

35.5

Comparable Reported	Comparable	Reported	Comparable Reported	Comparable Reported
4Q19	4Q20		FY19	FY20

8

Crop Protection Highlights

Comparable Segment Revenues ($ in millions) YoY

• 4Q20 +29%, led by sustained expansion in Brazil's adjuvant market, supported by normalized demand in Argentina. Continued growth in environmentally friendly bio-fungicides
• FY20 +13%, on consistent execution of adjuvant growth plan in Brazil and Paraguay, supported by sales of adjuvants and other crop protection products in Argentina; reinforced by above-average growth in bio-fungicides

+13% Comparable

+4% As Reported

+29% Comparable

-13% As Reported

94.1

94.2

90.2

30.6

28.1

83.5

26.5

21.8

Comparable

Reported

Comparable

Reported

Comparable

Reported

Comparable

Reported

4Q19

4Q20

FY19

FY20

9

Seed & Integrated Products Highlights

Comparable Segment Revenues ($ in millions) YoY

• 4Q20 +175%, driven by seed treatment pack sales1 at South African subsidiary and sustained recovery of packs in Argentina, following highly successful pre-season summer crop sales campaign there
• FY20 +32%, higher seed treatment pack sales1 in Paraguay, Uruguay, Europe and South Africa; sustained recovery in Argentina partially offset weaker performance in fiscal 1Q20 when weather and macro uncertainty delayed planting decisions

+32% Comparable

+175% Comparable

+16% As Reported

+32% As Reported

30.8

29.5

25.3

23.4

8.2

6.0

4.5

3.0

Comparable

Reported

Comparable

Reported

Comparable

Reported

Comparable

Reported

4Q19

4Q20

FY19

FY20

Note:

1. Sales in this segment benefited from the partial reclassification of inoculants, which had been stand-alone products and previously reported under crop nutrition segment

10

Crop Nutrition Highlights

Comparable Segment Revenues ($ in millions) YoY

• 4Q20 +46%, strong demand for micro-beaded fertilizer ahead of a winter crops planting season in Argentina, supported by continued penetration of Brazil's inoculants B2B market
• FY20 +18%, on greater demand for micro-beaded fertilizers in Argentina, Paraguay, Uruguay and Bolivia, driving utilization to over 30%

+18% Comparable

+10% As Reported

+46% Comparable

49.3

49.4

+7% As Reported

45.1

41.8

15.6

15.7

14.7

10.7

Comparable

Reported

Comparable

Reported

Comparable

Reported

Comparable

Reported

e

4Q20

FY19

FY20

4Q19

Note:

1. Sales in this segment were negatively impacted by the partial reclassification of inoculants, which had been stand-alone products and are now sold as packs and thus reported in the

Seed & Integrated Products segment	11

Comparable Consolidated Gross Profit and Margin

Gross Profit ($ in millions) & Margin YoY

• 4Q20 Gross Profit +51%, with margin expanding 138 bps to 48.7%, mainly driven by greater proportion of higher margin S&IP sales within the revenue mix, enhanced by favorable FX and inflation dynamics
• FY20 Gross Profit +13%, with margin of 48.7% vs. 50.5%, mainly due a shift in the product mix and distribution channels

Gross
Profit	47.3%	43.2%	48.7%	47.4%

Margin

50.5% 45.9% 48.7% 45.9%

+13% Comparable	+8% As Reported

Comparable Gross Profit & Margin by Segment ($ M):

Segment	4Q19	4Q20	% Chg.
Crop Protection	8.8	11.5	31%
Gross Margin	40%	41%	+66 bps

+51% Comparable
	+6% As Reported
	25.3
21.5	22.8
16.8

75.1

84.9

79.5

73.6

Seed & Integrated	1.7	5.0	191%
Products	57%	61%	+337 bps
Gross Margin
Crop Nutrition	6.2	8.7	40%

	Reported			Reported
Comparable		Comparable
4Q19		4Q20

ReportedReported

ComparableComparable

FY19FY20

Gross Margin

58% 56% -245Bps

12

Adjusted EBITDA Driven by Top Line Performance and Operating Leverage

4Q20 EBITDA Bridge ($ in millions)

Adj.
EBITDA	17.6%																										30.5%
Margin																													14.7
16																			4.5	0.6
14
							2.0													0.5
12
	8.8		0.6
10
								1.3
8
6
4
2
0
		Adjusted EBITDA		Gross profit Crop Gross profit Seed Gross profit Crop	Operating				JV's			Other income or		Adjusted EBITDA
			4Q 19			protection			and integrated	nutrition	expenses							expenses, net			4Q 20
											products

FY20 EBITDA Bridge ($ in millions)

Adj.

EBITDA

Margin

60

50

40

30

20

10

0

25.7%			26.9%
41.3	4.4		46.5
2.4	1.5

0.9	1.5	0.7

Adjusted EBITDA FY Gross profit Crop Gross profit Seed Gross profit Crop	Operating	JV's	Other income or	Adjusted EBITDA FY
19	protection	and integrated	nutrition	expenses		expenses, net	20
		products

13

Strong Balance Sheet: Increased Liquidity and Improved Debt Profile

• Raised a total of $65 M in FY20 including $15 M in public corporate bonds in 4Q20 due Dec'21
• • Improved debt maturity profile: long-termdebt at 57% of total debt, up from 37% in 4Q19
  • Enhanced financial liquidity: cash & equivalents represent ~90% of current debt
• Net Debt-to-LTM Adjusted EBITDA declined to 1.98x in 4Q20 from 2.24x as of 4Q19
• Subsequent to 4Q20, raised $17 M in public corporate bonds due August 2023 at 0.0% nominal rate

Net
Debt	2.24x	2.14x	2.23x	2..30x	1.98x

LTM EBITDA

$ million

79.684.3

													91.9
										93.5
							92.1
	92.8					40.1
37.1		32.5	86.8			52.6	56.0
63.5	7.8	64.1	9.8	66.9	14.9	66.4			63.6

			4Q19	1Q20	2Q20	3Q20		4Q20
			Current debt		Non-current debt		Cash & Equivalents		Net Debt
Notes:
1)	Total financial debt includes short-term debt and long-term debt and excludes discounted checks.
2)	Net Debt = Total financial debt less cash and cash equivalents.
3)	Cash & Cash Equivalents include $ 4.4M in restricted short-term deposit and $ 16.6M in other cash management short-term investments.	14

Higher Cash Generation via Lower Financing Costs

• Lowered total net interest expenses and financial commissions by 56% in 4Q20, by reducing average cost of debt and replacing inefficient external working capital sources, resulting in 25% drop in FY20
• Strong asset base remains in place to support near and long-term growth objectives with minimal capital expenditures
• • Capital expenditure requirements financed with cash generated by the business
  • Capex of $ 0.3M in 4Q20, $1.6 M in FY20 versus $ 2.0M in FY19

Total Net Interest Expenses and Financial Commissions ($ in millions)

-25%

	23.2
-56%	17.3

6.9

3.1

4Q19

4Q20

FY19

FY20

Note:

1) Net Interest expenses include interests from financial debt obligations, other financial results and gains/losses from translation effects on Argentine Peso denominated loans held by Rizobacter Argentina

as part of the Company´s financial hedging strategy. Net interest expenses and financial commissions represent the main financial metrics that management uses to assess Bioceres´ cost of financing.

15

Looking ahead

Accelerating HB4® Program

• Continue consolidating our HB4 soybean breeding program with our existing licensees and other breeding partners, to expand on Bioceres' genetics offering
• Accelerate international HB4 deployment plans, particularly in the United States and Brazil

Strong focus on international expansion

• Advancing expansion in Brazil and Paraguay's adjuvant markets
• Expect to further penetrate Europe and South Africa with integrated seed treatment products

Well-developed asset base underpins organic growth

• Continue to expand production of micro-beaded fertilizers

Stronger, more efficient and dynamic balance sheet

• Continue improving our capital efficiency, as means to drive shareholder value

16

EXHIBITS

September 10, 2020

Unaudited Consolidated Statement of Comprehensive Income

Figures in $ millions

	Three-month period ended	Three-month period ended
	06/30/2020	06/30/2019
Total revenue	48.2	49.9
Cost of sales	(25.3)	(28.3)
Gross profit	22.8	21.5
% Gross profit	47%	43%

Fiscal year ended	Fiscal year ended
06/30/2020	06/30/2019
173.1	160.6
(93.6)	(87.0)
79.5	73.6
46%	46%

Operating expenses

Share of profit (loss) of JV

Other income or expenses, net

Operating profit

Finance result

Profit / (loss) before income tax

Income tax

Profit / (loss) for the year

Other comprehensive Profit / (loss)

Total comprehensive Profit / (loss)

Profit / (loss) for the period attributable to:

Equity holders of the parent

Non-controlling interests

Total comprehensive income / (loss) attributable to:

Equity holders of the parent

Non-controlling interests

(11.3)	(15.3)
1.3	0.7
(0.1)	0.4
12.8	7.3
(8.2)	(5.0)
4.5	2.3
(1.6)	(3.5)
2.9	(1.2)
(1.2)	9.5
1.7	8.2
2.0	(1.1)
0.9	(0.1)
2.9	(1.2)
0.9	7.1
0.8	1.2
1.7	8.2

(42.5)	(42.9)
2.5	1.0
(0.3)	0.4
39.1	32.1
(32.7)	(41.5)
6.4	(9.4)
(2.4)	(7.0)
4.0	(16.4)
(8.8)	3.9
(4.8)	(12.5)
3.2	(18.4)
0.8	2.0
4.0	(16.4)
(4.7)	(14.3)
(0.1)	1.9
(4.8)	(12.5)

18

Unaudited Consolidated Statement of Financial Position

Figures in $ millions

ASSETS

CURRENT ASSETS

Cash and cash equivalents Other financial assets Trade receivables Other receivables

Income and minimum presumed income taxes recoverable

Inventories Biological assets

Total current assets

NON-CURRENT ASSETS

Other financial assets Other receivables

Income and minimum presumed income taxes recoverable

Deferred tax assets

Investments in joint ventures and associates Property, plant and equipment Intangible assets

Goodwill Right-of-use leased asset

Total non-current assets

Total assets

06/30/2020 06/30/2019

34.93.5

21.04.7

73.559.2

4.72.0

0.11.3

29.827.3

0.50.3

164.698.2

0.3	0.4
1.7	1.6

0.00.0

2.73.7

24.725.3

42.443.8

35.339.6

25.529.8

1.1	0.0
133.7	144.3
298.3	242.5

LIABILITIES	06/30/2020	06/30/2019
CURRENT LIABILITIES
Trade and other payables	57.3	40.6
Borrowings	63.6	66.5
Employee benefits and social security	4.5	5.4
Deferred revenue and advances from customers	2.9	1.1
Income and minimum presumed income taxes payable	1.6	0.1
Government grants	0.0	0.0
Financed payment - Acquisition of business	0.0	2.8
Lease liability	0.6		0.0
Total current liabilities	130.5	116.5
NON-CURRENT LIABILITIES
Trade and other payables	0.5	0.5
Borrowings	41.2	37.1
Employee benefits and social security	0.5	0.0
Government grants	0.0	0.0
Investments in joint ventures and associates	1.5	2.0
Deferred tax liabilities	17.1	21.1
Provisions	0.4	0.4
Financed payment - Acquisition of business	0.0	0.0
Warrants	1.7	2.9
Convertible notes	43.0	0.0
Lease liability	0.4	0.0
Total non-current liabilities	106.4		63.9
Total liabilities	236.9		180.4
EQUITY
Equity attributable to owners of the parent	46.7	47.3
Non-controlling interests	14.7		14.8
Total equity	61.4		62.1

Total equity and liabilities

298.3

242.5

19

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Investor Relations [e-mail]

1. 0341 4861100
   Investors.biocerescrops.com