Thanks, Max, and thank you all for joining us today. Please turn to Slide 2 for a brief overview of the business and financial highlights we will discuss in today's call. As we have done in past calls, we will discuss the progress in the rollout of HB4 wheat and soy from a number of different perspectives, including the [signal digitization] perspective, grower onboarding and valuation of our value proposition, regulatory activities, sustainability framework and consumer engagement. We will also discuss the realignment of non-core GLA assets in exchange for a 6% ownership interest in Moolec Science, a molecular farming company pursuing a hybrid concept between plant and cell-based technologies for the production of animal free food solutions. From a baseline business perspective, we will discuss some reorganizational activities implemented after our second quarter results that are starting to bear fruit, both significantly in our Crop Nutrition segment, with a 4x increase in micro-beaded fertilizer sales year-over-year, resulting in a 35% total comparable revenue growth for the quarter. These top lines growth, combined with operating leverage, enabled the company to deliver improved adjusted EBITDA and margin expansion during the reported period, positioning our financial profile into the double-digit growth trajectory on an LTM basis. Now let us discuss these highlights in greater depth. Please turn to Slide 3 for an update on the upcoming HB4 wheat production season. The strong performance of HB4 wheat varieties observed during the last crop cycle and reported in our second quarter's earnings call, has created an excellent pre-season momentum with contracts already in place for over 60,000 hectares. Our baseline target prior to the import approval. We have collected and will continue to collect indications for additional hectares until the end of May, but we will only turn these indications into contracts if Brazil…

Thanks, Enrique. We will now open up the floor for questions. And after that, we will add some concluding remarks. Operator?

[Operator Instructions] Your first question comes from the line of Ben Klieve of Lake Street Capital.

Congratulations on a really good quarter here. On the quarter itself, I have a question about the fertilizer business. I'm really trying to understand who was buying this high level of -- or high-volume of product here. I understand you're using your plant more efficiently, you have a new strategy, but I want to understand really who really drove this volume. I mean, was it greater exports? Was it existing customers buying more volume? Was it new customers reached by the new strategy? Any color on this would be helpful.

Ben, it's great to have you in the call. This is Federico. I will pass that specific question to Enrique. Enrique López Lecube: Ben, thanks for both for joining the call and for the question. I think that as we take your question, it is a combination of a couple of factors. There was customer repeat rate that was very good but also, we have seen increased volumes per customer as well as new customers. So I think that the new pricing strategy is working fine in the sense of increasing volumes per customer and also bringing in new customers. Those are the 2 variables that we have been monitoring so far in the beginning of this new pricing structure. Most of this happened in the Argentinian market initially. We still will have to wait at least a quarter to see if there's an impact coming from neighboring countries or neighboring markets such as Brazil, Paraguay and Uruguay, where we had been selling the fertilizers and basically a product called Microstar. But those are the values that we have been monitoring. And so far, we are happy to see that new customers are joining the technology.

Got it. That's helpful. Like to pivot over to a couple of questions on HB4. Federico, I have a question for you regarding the timing of the commercial launch for both the wheat and the soybean product. You talked in your prepared remarks about the need for Brazil and Chinese approval for import to support a commercial launch. If these approvals don't come here in the next few months, do you still plan on launching these products locally with an identity preserved supply chain? Or do we really need those approvals to come here to enable a launch in 6 months from now?

So that's a very good question, Ben. In terms of wheat, the contracts that we already have in place for 60,000 hectares are contracts that we can execute within the identity preserved approach regardless of the Brazil approval. Initially, we indicated a range between 60 and 130 thousand hectares. The top number in 1 that would require Brazil approval, which we continue to identify interest. And if a Brazilian come -- Brazilian approval is obtained before early June, we will probably have some additional hectares into the identity preserved channel. But all of what we are doing now is identity preserved in terms of wheat. In the case of soy, the next cycle is somewhat agnostic to the Chinese approval. Since we are planning to do all of that underwrite preserve anyways. Remember, we still have small inventories in terms of soy, so we won't be affected in the coming cycle. What will dictate the range of hectares there, in the quality of the seat being obtained now. And the performance of the different varieties, the 7 materials that are currently being multiplied now. Going into 2022 for us to launch above where we will be from out of the next cycle in soybeans would require an approval because identity result will be tough to manage above the 500 hectares level, if you will. That's -- we still are not sure in terms of how efficiently we would be able to do this. But that might be more challenging. This is something we can do fairly well today, particularly with the use of the digital platform. But our ability to move above the 0.5 million hectares March with identity preserved. It's one that we are not fully set in rock as of today.

Got it. That's very helpful on both fronts. Question about the Havanna agreement. The -- and I know I understand it's maybe too early to get much information on this, but do you have a sense of if they're going to be basically integrating flower from HB4 wheat into their existing product line. And then -- and as such, they would be an almost immediate consumer of that wheat? Or are they going to be engaged in kind of a long R&D process to figure out the right products for that wheat to go into. I'm just trying to understand kind of if this agreement is affecting the immediate term commercial launch. Or if this is kind of a longer-term thing?

So thanks for the Havanna question. To us, the Havanna agreement is more qualitative and quantitative. As we sort of tackle this monumental quest with HB4 wheat. We work on the product development side, scaling of inventories, the regulatory front, and we work on the commercial aspects, and we also need to work on consumer engagement. So this last consideration is the one that drove us to Havanna agreement. This is not wheat flower that will be immediately incorporated into all of the Havanna product lines. There'll be a specific product line with the HB4 claim, where we intend to show the water and carbon footprint and underlying these particular products. And in doing so, initiate a conversation with consumers. This is not meaningful from a volume's perspective in terms of how much flower might end up in this particular channel. But I think it does create valuation and greater comfort for other good processors. That might be sort of concerned about the GM aspect of HB4 wheat where we can sort of come back with data from consumers and from product performance to generate during the comfort in this particular product line. So that's kind of the approach we intend to announce other agreements with consumer brands on HB4 wheat and create without a platform of consumer engagement to build on this last aspect of, of course, if you will, around the social license required for a product line of this nature.

Your next question comes from the line of Kemp Dolliver of Brookline Capital.

I have two questions. The first one relates to the Crop Protection business and the strategic adjustments you're considering -- could you give more detail with regard to the types of actions that you plan to take?

Thanks, Kemp, for joining the call, and thanks for the question. What we would like to do there in the Crop Protection side is uncoupled, if you will, the proprietary adjuvant business with the post-patent products some of which are third-party products that we usually commercialized also in that segment. I think that if we are able to have dedicated teams and structure alternative channels, for these 2 types of products that we currently commercialize within the segment, we are likely to achieve a better performance. And that is kind of the reorganizational angle that we are pursuing and that we believe will show some incremental growth in the fourth quarter of the current fiscal year.

That's helpful. The second question relates to Verdeca. And now that you have complete ownership of it, the next steps you plan to take with regard to building out that part of the business?

Kemp, I don't know if it's my line or yours, but it's sort of fading away, if you can repeat the question?

Yes. I hope this is better. Great. Just the second question is your plans with Verdeca now that you have 100% ownership and some of the specific actions you're planning to take now -- and now that you totally control it.

Okay. So if I understood correctly, the question is around the full control of Verdeca and how we intend to sort of move forward now that we own 100% of the JV. Essentially, what that is doing for us is giving us greater flexibility in engaging with third parties for the development of alternative geographies, mainly in the U.S. and to some extent in Brazil, where we have that historic relationship with PMG. So we are now actively working to secure germplasm that is complementary to the one we currently have in Verdeca to be able to address these additional geographies. For instance, there is a meaningful area of the U.S. where is before can potentially deliver significant value where we need materials that are maturity groups to and below, which we currently would not have within the Verdeca breeding program. So that is one space where we are looking to secure relationships with germplasm providers that are already onboarded with HB4 so that we can address a particular opportunity, which is upwards of 1 million hectares. Similarly, for maturity groups, 6 and above, which are important in some areas of Brazil, in other tropical regions of the world. We can now engage without sort of the necessity to negotiate with our partners. In the JV because we fully own it, so that we can have relationships that allow us to have incremental hectares addressed with HB4 soy. So that's a meaningful aspect of controlling the JV in pool.

[Operator Instructions] Your next question comes from the line of Steven Ralston of Zacks.

I was in the middle of transitioning from the webcast to the telephone during the first question, which was about the micro-beaded fertilizer. I had assumed that because there was a delay in the soy ban planting season this year that sparked the incremental demand of micro-beaded fertilizer. Is that correct? I'm sorry, I missed that first answer. Enrique López Lecube: This is Enrique. Thanks for joining us there for the question. If I understood correctly, you're referring to the seasonality of the increase in sales from the micro-beaded fertilizers, is that correct?

That is correct. Enrique López Lecube: Yes. So look, the increase in sales that you've seen in micro-bead fertilizers is corresponding to the season to the winter crops planting season in Argentina. So this is kind of like the beginning of sales for winter crops, mainly weak in Argentina. So that is where we're seeing an increase obviously, this is a product that is even more suited for soybeans. So that is something that makes us be optimistic about the shift. If we are able to capture demand for winter crops, then this value proposition should be working even better for summer crops. But to your specific question, this is the [indiscernible] for the winter crops planting system in Latin America and more specifically Argentina.

In the second quarter call, you mentioned that there was an increase in commodity fertilizer sales that we're competing against the micro-beaded fertilizer of Bioceres. Did that fade out some? Or is there another dynamic about the commodity fertilizers?

Steve, hold on a second. Operator, can we switch to the back-up line because we're having a lot of difficulties with this line.

Yes, one moment. Okay. And the back-up line has been transferred.

Do you want me to repeat the question?

Yes, please, Steve. We can hear you much better now.

In the second quarter call, you mentioned that basically commodity fertilizers were gaining share, and that's one of the reasons for the lower level of micro-beaded fertilizer during your second fiscal quarter, did that dynamic change as you went into the third quarter? Enrique López Lecube: Yes, that's a very good question. So absolutely, I think that the uprise that we're seeing in the steep up pricing in commodity prices has made farmers more technology inclined. So farmers are back on track with adopting new technologies that provide ROIs even when they require more investments. So this is the perfect scenario for the microwave fertilizers where you might need to have a technology adoption in versus potential technologies is. That is something that might be unchanged since -- from the second quarter into this third quarter and more now with the commodity prices that you are seeing this particular month of May.

And I'm sorry, I didn't see it, but what is your capacity figure now? You usually give it on a 12-month trailing basis of the micro-beaded fertilizer plant. Enrique López Lecube: Yes. So we move on a trailing 12 months basis, we moved from 25% to 34%.

To 32%? Enrique López Lecube: 34%, 34%.

34%. Also, to tag on to the other analyst's question about your reorganization. I would assume that there are going to be costs involved in building up these dedicated teams to emphasize your branded products in Crop Protection and seed in your comments, it seems like you're also going to, let's say, deemphasize the micro-beaded fertilizer, and maybe I read too much into that.

No. So the -- let me be as specific as I can at this stage. But in terms of the micro-bead fertilizer, the strategy was already put in place and what is yielding results today, we are reporting in the current quarter. It's more around pricing and scaling up capacity so that we can retain the same level of profitability. As we become more price competitive, obviously, with improved commodity prices that has sort of an incremental effect beyond what we need ourselves, that is creating the kind of outcome that you are seeing in the current numbers. Now that's the Crop Nutrition segment. In the Crop Protection segment, we are not sort of investing in a new team, we are just reassigning, if you will, resources that we currently have. So we don't expect to see a significant increase in sort of operational costs or management costs to have the strategy in the Crop Protection segment put in place. We believe that if we can -- it's essentially a channel strategy where we are operating at 2 different channels instead of just 1 and where we have 1 channel dedicated to the high-value products, the adjuvants where we make significant profits and another one for the post patent products that we commercialize as a complement. And finally, on the seed front, which is something we expect to be in place the second half of this year. What we are doing is also structuring an alternative channel for the conventional wheat, this is not inclusive of the HB4 program. This is just for the conventional soya and wheat we currently sell. And expand on that portfolio so that we can materialize a number of synergies with our existing organization. So those are the 2 reorganizational initiatives that will be executed in the coming days and months. That we expect will recognize growth, particularly in our main market of Argentina.

Just to rephrase, it sounds like the goal of the program is to enhance your product mix to your higher margin products?

So if you will, our current channel will be more dedicated to that. So that is correct. But that is not to the detriment of the post patent products that we currently sell because there will be an alternative channel operating on those that we expect will generate growth as well.

Your next question comes from the line of Matias Cremaschi of Delta Asset Management.

Congratulations for the results. I'm wondering if you can comment on the rationale of the acquisition of [ Osvaldo ]. And what type of incremental revenue or synergies do you expect to capture there?

Thanks, Matias. Your comments and your question, the rationale of [indiscernible] is right on the line of what we discussed before in terms of the Crop Protection segment to provide an alternative channel for post patent products so that we can have our reselected channel, fully dedicated to adjuvants and biologicals that we do sell like the biofungicides, for instance, that are very important to us.

And any color on synergies or incrementality there? Enrique López Lecube: Yes, this is Enrique. Yes. I think that the question is kind of like overlapping what Federico said about the channels, I think that the synergies that we might see there is basically having specific channels for specific types of technologies. So this is a channel that can be better at commercializing lower technologies or products that are replacing commercial technology. So there might be some synergies also in some opportunities for fertilizers, for example, to further get capillarity on the market through this new channel. But that is to be seen, and that is not something that we are competing as of today, but there might be some opportunities for products that we place, conventional technologies.

At this time, there are no further questions. I would now like to turn the call back over to Federico for any closing or additional comments.

Well, I want to thank everyone for joining. I think we are at an inflection point in the company as we gained a significant momentum with not only the baseline business, but also the HB4 progress. We appreciate everyone's interest. We remain fully available for follow-ups. And wish everyone a great week.

That does conclude today's conference call. You may now disconnect.