Summary of Cibus (CBUS) Conference Call - May 21, 2025 Company Overview - **Company Name**: Cibus (Ticker: CBUS) - **Industry**: Agricultural Biotechnology - **Focus**: Development of gene-edited crop traits in canola, rice, and soy using a rapid trait development system - **Current Rating**: Buy with a price target of $23.50 [1] Core Points and Arguments Gene Editing vs. GMO - **Definition**: Gene editing involves making precise changes to an organism's DNA, while GMOs involve transferring genes from one organism to another [3][4] - **Regulatory Recognition**: Global regulators have acknowledged that gene-edited crops are indistinguishable from natural occurrences, leading to recent approvals in various countries, including Ecuador and the EU [6] Rapid Trait Development System (RTDS) - **Technology**: Utilizes a gene repair oligonucleotide to make precise edits at the single-cell level, allowing for multiple changes within genes and across genomes [7][8] - **Speed Advantage**: Traditional plant breeding can take 10-30 years; Cibus aims to deliver new traits within 12 months, significantly improving time-to-market [9][11] Revenue Model - **Pre-Revenue Status**: Currently, Cibus is a pre-revenue company, planning to generate income through royalties from developed traits [12] - **Market Potential**: Traits developed for major crops like soy, which covers over 250 million acres in North and South America, can lead to substantial royalty income [13] - **Royalty Estimates**: Expected royalties of $10 to $15 per acre for traits related to weed management, with potential for significant revenue as traits are adopted [14][15] Developed and Developing Traits - **Current Traits**: - **Rice**: Two herbicide-tolerant traits for efficient weed management [20][21] - **Canola**: Pod shatter reduction trait to preserve yield during harvest [22] - **Future Traits**: Advanced traits in development include additional herbicide tolerance and disease tolerance for canola and soy [23][24] Farmer Value Proposition - **Cost Reduction**: Traits can reduce input costs for farmers, improving profit margins by decreasing the need for herbicides and other inputs [25][26] - **Market Dynamics**: Farmers are willing to pay a premium for traits that enhance productivity and reduce operational costs [27] Timeline for Revenue Generation - **Projected Start**: Traits expected to be planted and royalties to begin flowing in 2027, with a gradual increase through 2029 [28][29] Near-Term Catalysts - **Customer Announcements**: New customer acquisitions in the rice portfolio and advancements in field trials for advanced traits [30][31] - **Wheat Platform**: Expansion into wheat traits is also being explored [31] Bio Fragrance Business - **Overview**: Cibus has discovered a yeast that produces oil, which can be used to create bio fragrances for consumer packaged goods (CPG) companies [32][33] - **Revenue Potential**: Expected nominal revenues in 2025, with significant growth potential in the tens of millions of dollars annually [34] Key Drivers for Business Growth - **Predictability and Speed**: Ability to deliver traits within 12 months is a significant competitive advantage [36] - **Regulatory Environment**: Harmonization of regulations globally opens up markets, allowing Cibus to operate similarly to conventional breeding programs [36][37] Other Important Content - **Market Size**: Major crops involved cover over 500 million acres, indicating a vast market opportunity for Cibus [36] - **Investor Interest**: Recent press releases have generated significant interest from prospective partners and customers [36] This summary encapsulates the key points discussed during the Cibus conference call, highlighting the company's innovative approach to agricultural biotechnology and its potential for future growth.

Core Viewpoint - Mission Produce Inc. (AVO) is facing significant downward pressure on its share price due to supply-chain disruptions in Mexico and tariff uncertainties, leading to volatility in the market [1][15][17]. Group 1: Stock Performance - Over the past three months, AVO shares have declined by 12.1%, underperforming the Agricultural - Operations industry and Consumer Staples sector, which grew by 5.2% and 2.3%, respectively [2]. - AVO's current stock price is $10.77, which is 12.9% above its 52-week low of $9.54 but 29.4% below its 52-week high of $15.25, indicating potential upside [6]. - The stock trades above its 50-day moving average and below its 200-day moving average, reflecting mixed market sentiment [6][7]. Group 2: Valuation Concerns - AVO's forward 12-month price-to-earnings (P/E) ratio is 26.7X, significantly higher than the industry average of 15.54X, raising concerns about its valuation [8][10]. - The price-to-sales ratio of 0.68X is also above the industry's 0.46X, suggesting that AVO may not be a strong value proposition at current levels [9]. - Compared to peers like Archer Daniels, Calavo Growers, and Corteva, which have lower P/E ratios, AVO appears overvalued [10][11]. Group 3: Operational Challenges - AVO is experiencing sourcing constraints due to anticipated tightening of avocado supply from Mexico, which is critical to its procurement strategy [15]. - The company plans to increase volumes from California and Peru to offset the Mexican supply dip, but this transition may introduce logistical complexities [16]. - Broader geopolitical uncertainties, including tariff threats, have added to the volatility in AVO's supply chain [17]. Group 4: Growth Potential - The Peruvian blueberry segment is projected to see a 35-40% increase in harvest volume, although average selling prices have declined by 33% year-over-year [18][19]. - AVO's strategic sourcing diversification and investment in Latin America enhance its sourcing flexibility and regional risk management [25]. - Global demand for avocados is rising, driven by health-conscious consumers, positioning AVO to capitalize on this growth despite near-term challenges [26]. Group 5: Long-Term Outlook - AVO's robust global sourcing network and integrated operational model provide a competitive advantage for long-term success [22][23]. - The company achieved a 25% year-over-year increase in average selling prices for avocados in the first quarter of fiscal 2025, indicating strong demand [24]. - AVO's proactive diversification and supply-chain agility are expected to support sustained profitability and market leadership [26].

Core Insights - The consolidated revenue of AB Akola Group for the first nine months of the 2024/2025 financial year exceeded EUR 1,165 million, a 3.59% increase year-over-year [1] - EBITDA for the same period reached EUR 71 million, marking a significant 34.83% increase compared to the previous year [1] - Net profit more than doubled to EUR 31.8 million, reflecting strong operational performance [1] Revenue and Profitability - The Group sold 2,417 thousand tons of products, a 2.81% increase from the previous year [2] - Gross profit for the nine-month period increased by 17.18% to EUR 130.33 million [3] - Operating profit rose by 46.80% to EUR 47.1 million [3] - The third quarter revenue amounted to EUR 404.2 million, a 3.96% increase from EUR 388.8 million in the same period last year [3] Segment Performance - The "Partnership with Farmers" segment generated revenue of EUR 851.7 million, accounting for 68.1% of total revenue, with a gross profit of EUR 65.4 million [5] - The "Food Production" segment, which represents 28.2% of total revenue, saw a significant increase in performance, with operating profit growing to EUR 24.985 million and gross profit increasing by 42% to EUR 57.5 million [8][9] - The poultry segment's gross profit surged by 92.9% to EUR 44.46 million, driven by favorable market conditions [10] - The "Farming" segment generated EUR 38.8 million in revenue, a 5% increase, with dairy farming performance improving significantly by 163% [13][14] Market Conditions - The agricultural machinery market has faced stagnation due to high loan interest rates and delayed support payments, but expectations of a good harvest are leading to increased activity in sales [7] - The Group's factories produced significantly more porridge and noodle packages, with total product sales volumes increasing by 23% year-on-year [12]

Financial Data and Key Metrics Changes - Total revenues for the quarter were $60.6 million, down from $84 million in the same period last year, primarily due to the absence of a $16 million accrual from Syngenta's initial down payment [9][10] - Gross profit for the quarter totaled approximately $24 million, compared to $42.6 million last year, with a gross margin decline from 51% to 39% attributed to the previous year's Syngenta accrual [13][14] - Adjusted EBITDA was $9 million, down from $21.1 million last year, reflecting the impact of the Syngenta down payment accrual [16] Business Line Data and Key Metrics Changes - Crop Protection revenues decreased due to lower sales of non-core products in Argentina, partially offset by higher sales of bioprotection solutions [13] - Integrated Products revenues increased by 26%, driven by accelerated sales of HB4 grain from existing inventory [13] - Crop attrition was influenced by the Syngenta payment effect, but underlying operational inoculant sales were up, slightly offset by Argentine seasonality effects on fertilizers [13] Market Data and Key Metrics Changes - The Argentine market showed reduced commercial activity, with purchasing behavior becoming more aligned with the agronomic calendar rather than speculative patterns [10] - The U.S. and Mexico markets exhibited good growth, indicating early signs of recovery, while Brazil remained in a low season with positive sentiment due to improved soybean prices [11][12] - Overall, the performance in Argentina was not indicative of market status, with expectations for better conditions in the upcoming summer crop season [11] Company Strategy and Development Direction - The company is transitioning to a more sustainable agricultural model, focusing on cash flow performance and working capital management [6][20] - The approval of Rhinotech is expected to enhance the company's product offerings in pest control and plant health, targeting both cash and row crops [6][27] - The company aims to improve profitability through a better product mix and is focusing on scaling its biological solutions across key markets [34] Management's Comments on Operating Environment and Future Outlook - Management noted that the agricultural industry is stabilizing after a rough couple of years, with signs of normalization in some markets [9][10] - The sentiment in Argentina is slowly improving, with expectations for a healthy winter crop season, although recovery from a challenging year is still uncertain [48][50] - The company is optimistic about the future, particularly with the introduction of Rhinotech and the ongoing recovery in key markets [34][56] Other Important Information - The company achieved a $40.7 million improvement in cash from operating activities compared to the previous year, with a focus on working capital efficiency [18][19] - Total debt decreased by $13 million, reflecting improved cash management and working capital strategies [21] Q&A Session Summary Question: Inquiry about cash advancement and working capital unwind - Management indicated an expectation of an additional $10 million from the transition to a lighter model with HB4, aiming for a net working capital of four to four and a half months of sales [40][42] Question: Sentiment in Argentina and macroeconomic conditions - Management noted that sentiment is stabilizing, with expectations for a healthy winter crop season and no increase in export tax duties [48][49] Question: Impact of credit conditions in Brazil on customer purchasing - Management confirmed that they have not been affected by tightening credit conditions in Brazil, with positive sentiment due to soybean pricing [72][76] Question: Field trial results for Neovil product - Management stated that ongoing replicated third-party field trials are underway, with positive feedback from partners regarding the product's performance [86][88] Question: Interest in HB4 soybean and wheat traits from seed companies - Management confirmed ongoing collaboration with public and private institutions for HB4 wheat in the U.S., with a focus on Latin America for HB4 soybean [91][92]

Core Insights - FMC Corporation released its 2024 sustainability report titled "Innovation for Agriculture. Solutions for the Planet," emphasizing the integration of sustainability into business strategies to drive value and growth for stakeholders [1] Sustainability Initiatives - The company views sustainability as both an environmental necessity and a business strategy, enhancing efficiency, cost-competitiveness, and resilience in a challenging market [2] - In 2024, FMC achieved a 27% reduction in Scopes 1 and 2 greenhouse gas emissions from a 2021 baseline through energy efficiency projects and increased procurement of clean energy [2] - Waste reduction initiatives led to a 6% decrease in waste generated, contributing to nearly $6 million in operating cost savings [2] Agricultural Innovation - Agricultural innovation is central to FMC's mission, with the report highlighting advancements in R&D that support farmers globally [3] - The company is developing new-mode-of-action fungicides, pheromone- and microbial-based products, and new diamide formulations to enhance agricultural productivity [3] - FMC's integrated approach aims to improve productivity while reducing water usage, enhancing soil quality, and minimizing negative impacts on beneficial insects [3] Company Overview - FMC Corporation is dedicated to supporting growers in producing food, feed, fiber, and fuel while adapting to environmental changes [5] - The company focuses on innovative crop protection solutions, including biologicals, crop nutrition, and precision agriculture, to address agricultural challenges sustainably [5]

Fiscal Third Quarter 2025 May / 2025 BIOCERES CROP SOLUTIONS Disclaimer Industry and Market Data 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 p ...

国贸期货研究院 投资咨询号:Z0021658 2025/5/21 农产品研究中心 黄向岚 从业资格号:F03110419 豆粕主力合约基差(张家港) 涨跌 5月20日 ====== 19/20 ====- 20/21 ==== 21/22 ===== 22/23 ===== 23/24 - 24/25 大连 91 2500 -23 2000 投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 数据日报 80 200 60 100 40 20 50 0 02/01 03/04 04/04 05/05 06/05 07/06 08/06 09/06 10/07 11/07 12/08 01/01 02/01 03/04 04/04 05/05 06/05 07/06 08/06 09/06 10/07 11/07 12/08 01/01 美豆种植顺利,短期天气暂无明显炒作驱动;巴西贴水短期仍面临卖压:国内大豆库存继续上升至高位,豆粕库存小幅上升（+2.05万 开机和压榨情况 | 天立件值限内,应用人 [音儿力M.VF-29]: □四周小显为10周年来: 曾含人工学计划线上,工商电,立相毕中少冊上才（2. ...

他所经营的青岛力泰农产品有限公司位于山东省平度市，这里作为全国粮油肉果总产百强县 市，不仅有中国大姜之乡的美誉，还因毗邻青岛、潍坊、烟台三大港口，并与山东港口集团 新河国际陆港紧密相连，成为外贸出口农产品的重要货源地，如此得天独厚的区位优势，却 因为一纸关税而导致大批农贸企业面临困境。 文｜《好博会》报道组 罗宁 人物：青岛力泰农产品有限公司负责人 焦立乾 "叮——" 今年 1 月 6 日，伴随 25.46 吨符合出口标准的优质生姜从青岛港出发运往美国，一封来 自美国运营商的邮件，让青岛力泰农产品有限公司负责人焦立乾额头直冒冷汗。 对方在邮件中表示，由于美国政府一再调高关税，这些生姜需要重新议价以符合对方的价格 要求。 短短两句英文，邮件如当头棒喝，让本就薄利多销的生姜农产品再次雪上加霜。 "再出口就是赔钱，当时我们都懵了！"回顾起那个瞬间，焦立乾记忆犹新，之后的几天， 他盯着电脑屏幕上的关税新闻，看着不断加征的关税，手里拿着库存积压的生姜忍不住犯 愁。 企业身处漩涡，谁能"救"他们？ 在绝境中"生长" 转机很快到来。 4 月 13 日，大润发宣布，为出口受阻而库存积压的外贸企业提供内销绿 色通道，在全国门店 ...

专题：2025首届美好生活博览会 文|《好博会》报道组 罗宁 企业身处漩涡，谁能"救"他们？ 在绝境中"生长" 转机很快到来。4月13日，大润发宣布，为出口受阻而库存积压的外贸企业提供内销绿色通道，在全国 门店商店街设立"外贸优品"主题陈列区。焦立乾在看到公告后向大润发发去了邮件。 焦立乾说，"本来只是抱着试试看的心态发了邮件，但很快收到了回应，并且从初次接洽到选品评估、 建档入库到产品上架销售，前后不到48小时。"在快速行动之下，原本奄奄一息的企业再次运转起来， 他补充道："大润发商超响应国家号召，当时给我们这样的企业开了绿色通道，有专人跟我们对接，我 们也在产品标准上符合他们的标准，所以上架过程中也没遇到什么困难，不到48小时产品在整个华北地 区就上架了，还给到了我们最好的门店陈列位置。再加上这次我们和大润发的合作采用直采形式，每次 进货，他们验收完直接给我们打款，没有账期，也解了我们的燃眉之急。" 人物：青岛力泰农产品有限公司负责人 焦立乾 "叮——" 今年1月6日，伴随25.46吨符合出口标准的优质生姜从青岛港出发运往美国，一封来自美国运营商的邮 件，让青岛力泰农产品有限公司负责人焦立乾额头直冒冷汗。 ...

Company Overview - FMC Corporation is an agricultural science company that specializes in insecticides, herbicides, and crop nutrition [1] - The company also produces pest control products and turf solutions for non-agricultural markets, such as golf courses [1] - FMC employs approximately 5,700 people [1] Industry Focus - The company operates within the agricultural sector, focusing on crop protection and nutrition [1] - FMC's product offerings cater to both agricultural and non-agricultural markets, indicating a diversified approach to its business model [1]