Lavoro Limited (Nasdaq: LVRO, LVROW), the first
U.S. listed pure-play agricultural inputs retailer in Latin
America, today announced its financial results for the fiscal
fourth quarter of 2024, which ended on June 30, 2024. Detailed
financial statements provided on Form 6-K as filed with the SEC can
be accessed on the Company’s investor relations website at
https://ir.lavoroagro.com/disclosure-and-documents/sec-filings/.
Ruy Cunha, CEO of Lavoro, commented, “This past year was one of
the most challenging periods for Brazilian agribusiness in the last
decade, with the ag inputs retail market estimated to have declined
by over 20%. Lavoro navigated these turbulent conditions, gaining
market share by focusing on controllable factors and leveraging our
scale and verticalized business model. Our Crop Care segment
performed well considering the notably challenging conditions for
specialty inputs in the Brazilian market.”
“The current market environment reflects a mix of contrasting
factors. On the one hand, projections for farmer profitability for
the crop year 2024/2025 indicate improvement over the previous
year, incentivizing farmers to grow planted acres and to invest in
inputs to maximize yields. Additionally, input prices are
continuing to show signs of stabilization. On the other hand,
reduced bank and government lending to farmers, due in part to the
impact from last year’s drought on crop yields, is currently
constraining short-term liquidity for farmers, and creating
challenges for the broader ag inputs value chain, including Lavoro.
Against this backdrop, enhancing gross margin improvement is a key
priority for this year.”
__________________________
1 Financials presented in US dollars in throughout this release
are converted using the following average period USD/BRL exchange
rate: 5.217 for 4Q24, 4.951 for 3Q24; 4.955 for 2Q24; 4.883 for
1Q24; 4.952 for 4Q23; 5.193 for 3Q23; 5.265 for 2Q23; 5.241 for
1Q23.2 Crop Care financial results shown here, and elsewhere in
this release, include intercompany sales to Lavoro, which are
eliminated in the consolidated results.3 Adjusted EBITDA and
Adjusted Profit/Loss are non-IFRS measures. Please see
reconciliation tables elsewhere in this release.4 Converted to USD
using the average USD/BRL for the fiscal year: 5.00 for FY24 and
5.16 for FY23.
FY4Q24 Financial
Highlights5
- Consolidated revenue for Lavoro in 4Q24 increased by 2%
year-over-year (y/y) to $271.1 million (+8% in BRL), compared to
the prior year period, with positive contributions from Grains
revenue associated with our barter operations, which grew +41% to
$68.3 million (+48% in BRL). This was partially offset by a decline
in Inputs revenue of -6% (-1% in BRL), which reached $202.8
million, reflecting Input revenue declines in Brazil Ag Retail and
the effect of converting our results from Brazilian reais to U.S.
dollars for ease of reference.
- Consolidated gross profit decreased by -4% to $45.2 million in
4Q24 (+2% in BRL). Gross margins contracted by -100 bps y/y to
16.7%, driven by an increased mix of Grains revenue, and the
unfavorable impact of product mix in Crop Care, partially offset by
an improvement in gross margins for Brazil Ag Retail and Latam Ag
Retail.
- Gross profit as % of Inputs revenue improved 70 bps y/y to
22.3% in 4Q24, with improvements led primarily by Brazil Ag Retail,
partially offset by product mix headwinds in our Crop Care
segment.
- Net loss for 4Q24 was $77.3 million, compared to a net loss of
$19.5 million in the prior year period. The $57.8 million
year-over-year increase in net loss was primarily driven by income
taxes headwinds ($35 million), and higher finance costs ($22
million). Adjusted Net Loss was $76.2 million, compared to Adjusted
Net Loss of $15.2 million in the prior year quarter, with similar
key drivers for the year-over-year change.
- Adjusted EBITDA was -$2.1 million in 4Q24 compared to $2.4
million in the prior year period, with the change reflecting a
decline in gross profit and net other operating income.
__________________________
5 Adjusted EBITDA and Adjusted Profit/Loss are non-IFRS
measures. Please see reconciliation tables elsewhere in this
release.
|
Consolidated Results (USD) |
|
4Q23 |
4Q24 |
Chg. % |
|
FY23 |
FY24 |
Chg. % |
| (in millions of US
dollars) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Revenue by Segment |
|
265.5 |
271.1 |
2% |
|
1,799.7 |
1,888.6 |
5% |
|
Brazil Ag Retail |
|
197.2 |
192.5 |
(2%) |
|
1,506.2 |
1,584.4 |
5% |
|
Latam Ag Retail |
|
61.8 |
65.2 |
5% |
|
233.8 |
237.8 |
2% |
|
Crop Care |
|
10.7 |
19.9 |
87% |
|
121.2 |
150.7 |
24% |
|
Intercompany eliminations |
|
(4.1) |
(6.4) |
|
|
(61.4) |
(84.3) |
|
| |
|
|
|
|
|
|
|
|
|
Revenue by Category |
|
265.5 |
271.1 |
2% |
|
1,799.7 |
1,888.6 |
5% |
|
Inputs revenue |
|
217.0 |
202.9 |
(6%) |
|
1,669.4 |
1,678.7 |
1% |
|
Grains revenue |
|
48.6 |
68.3 |
41% |
|
130.4 |
209.9 |
61% |
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
46.9 |
45.2 |
(4%) |
|
332.9 |
268.4 |
(19%) |
|
Brazil Ag Retail |
|
26.3 |
29.8 |
13% |
|
246.8 |
182.7 |
(26%) |
|
Latam Ag Retail |
|
9.4 |
10.4 |
10% |
|
38.1 |
36.8 |
(3%) |
|
Crop Care |
|
8.1 |
5.8 |
(29%) |
|
54.0 |
56.1 |
4% |
|
Intercompany elim. |
|
3.1 |
(0.7) |
|
|
(6.0) |
(7.1) |
|
| |
|
|
|
|
|
|
|
|
| Gross
Margin |
|
17.6% |
16.7% |
-100 bps |
|
18.5% |
14.2% |
-430 bps |
|
Brazil Ag Retail |
|
13.3% |
15.5% |
210 bps |
|
16.4% |
11.5% |
-490 bps |
|
Latam Ag Retail |
|
15.2% |
15.9% |
70 bps |
|
16.3% |
15.5% |
-80 bps |
|
Crop Care |
|
75.9% |
28.9% |
-4700 bps |
|
44.6% |
37.2% |
-730 bps |
|
|
|
|
|
|
|
|
|
|
|
Gross Margin (% of Inputs revenue) |
|
21.6% |
22.3% |
70 bps |
|
19.9% |
16.0% |
-400 bps |
|
Brazil Ag Retail |
|
17.7% |
23.8% |
610 bps |
|
17.9% |
13.2% |
-460 bps |
|
Latam Ag Retail |
|
15.3% |
16.1% |
80 bps |
|
16.7% |
16.0% |
-70 bps |
|
Crop Care |
|
75.9% |
28.9% |
-4700 bps |
|
44.6% |
37.2% |
-730 bps |
|
|
|
|
|
|
|
|
|
|
| SG&A (excl. D&A) |
|
(55.5) |
(51.5) |
(7%) |
|
(205.9) |
(237.2) |
15% |
| Other operating income
(expense) |
|
5.0 |
2.6 |
|
|
(52.9) |
7.4 |
|
|
EBITDA |
|
(3.6) |
(3.7) |
n.m. |
|
74.1 |
38.7 |
(48%) |
| (+) Adjustment items |
|
6.0 |
1.5 |
|
|
76.0 |
14.7 |
|
|
Adjusted EBITDA |
|
2.4 |
(2.1) |
(191%) |
|
150.1 |
53.4 |
(64%) |
|
Brazil Ag Retail |
|
3.4 |
3.0 |
(13%) |
|
141.6 |
50.1 |
(65%) |
|
Latam Ag Retail |
|
3.3 |
3.6 |
8% |
|
17.6 |
12.3 |
(30%) |
|
Crop Care |
|
1.2 |
(2.0) |
(273%) |
|
28.4 |
22.5 |
(21%) |
|
Corporate & Intercompany elim. |
|
(5.6) |
(6.7) |
|
|
(37.3) |
(31.6) |
|
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA Margin % |
|
0.9% |
(0.8%) |
-170 bps |
|
8.3% |
2.8% |
-550 bps |
| Adjusted EBITDA Margin (% of
Inputs) |
|
1.1% |
(1.1%) |
-210 bps |
|
9.0% |
3.2% |
-580 bps |
| |
|
|
|
|
|
|
|
|
| Share of profit of an
associate |
|
- |
0.1 |
|
|
- |
0.3 |
|
| D&A (incl. PPA
amortization) |
|
(8.3) |
(8.9) |
7% |
|
(32.3) |
(36.0) |
11% |
| Finance income (costs) |
|
(28.2) |
(50.3) |
79% |
|
(119.5) |
(163.8) |
37% |
| Income taxes, current and
deferred |
|
20.6 |
(14.3) |
|
|
34.1 |
6.2 |
|
|
Net profit (loss) |
|
(19.5) |
(77.3) |
n.m. |
|
(43.7) |
(154.6) |
n.m. |
| (+) Adjustment items |
|
6.6 |
1.6 |
|
|
81.2 |
14.6 |
|
| (+) Income tax impact of
adjustments |
|
(2.2) |
(0.5) |
|
|
(6.7) |
(5.0) |
|
|
Adjusted net profit (loss) |
|
(15.2) |
(76.2) |
403% |
|
30.9 |
(144.9) |
n.m. |
|
Consolidated Results (BRL) |
|
4Q23 |
4Q24 |
Chg. % |
|
FY23 |
FY24 |
Chg. % |
| (in millions of Brazilian
reais) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Revenue by Segment |
|
1,315.1 |
1,414.6 |
8% |
|
9,347.4 |
9,392.3 |
0% |
|
Brazil Ag Retail |
|
976.4 |
1,004.2 |
3% |
|
7,829.3 |
7,869.8 |
1% |
|
Latam Ag Retail |
|
306.2 |
339.9 |
11% |
|
1,206.3 |
1,190.5 |
(1%) |
|
Crop Care |
|
52.7 |
103.9 |
97% |
|
632.8 |
749.2 |
18% |
|
Intercompany eliminations |
|
(20.2) |
(33.5) |
|
|
(321.1) |
(417.3) |
|
| |
|
|
|
|
|
|
|
|
|
Revenue by Category |
|
1,315.1 |
1,414.6 |
8% |
|
9,347.4 |
9,392.3 |
0% |
|
Inputs revenue |
|
1,074.5 |
1,058.5 |
(1%) |
|
8,680.5 |
8,337.9 |
(4%) |
|
Grains revenue |
|
240.5 |
356.1 |
48% |
|
666.9 |
1,054.4 |
58% |
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
|
232.1 |
235.7 |
2% |
|
1,730.8 |
1,337.5 |
(23%) |
|
Brazil Ag Retail |
|
130.3 |
155.2 |
19% |
|
1,286.0 |
910.2 |
(29%) |
|
Latam Ag Retail |
|
46.6 |
54.2 |
16% |
|
196.6 |
184.2 |
(6%) |
|
Crop Care |
|
40.0 |
30.0 |
(25%) |
|
280.9 |
278.4 |
(1%) |
|
Intercompany elim. |
|
15.1 |
(3.7) |
|
|
(32.7) |
(35.3) |
|
| |
|
|
|
|
|
|
|
|
| Gross
Margin |
|
17.6% |
16.7% |
-100 bps |
|
18.5% |
14.2% |
-430 bps |
|
Brazil Ag Retail |
|
13.3% |
15.5% |
210 bps |
|
16.4% |
11.6% |
-490 bps |
|
Latam Ag Retail |
|
15.2% |
15.9% |
70 bps |
|
16.3% |
15.5% |
-80 bps |
|
Crop Care |
|
75.9% |
28.9% |
-4700 bps |
|
44.4% |
37.2% |
-720 bps |
|
|
|
|
|
|
|
|
|
|
|
Gross Margin (% of Inputs revenue) |
|
21.6% |
22.3% |
70 bps |
|
19.9% |
16.0% |
-390 bps |
|
Brazil Ag Retail |
|
17.7% |
23.8% |
610 bps |
|
17.9% |
13.3% |
-460 bps |
|
Latam Ag Retail |
|
15.3% |
16.1% |
80 bps |
|
16.8% |
16.0% |
-70 bps |
|
Crop Care |
|
75.9% |
28.9% |
-4700 bps |
|
44.4% |
37.2% |
-720 bps |
|
|
|
|
|
|
|
|
|
|
| SG&A (excl. D&A) |
|
(274.6) |
(268.5) |
(2%) |
|
(1,060.6) |
(1,184.6) |
12% |
| Other operating income
(expense) |
|
24.7 |
13.7 |
|
|
(275.8) |
37.6 |
|
|
EBITDA |
|
(17.8) |
(19.1) |
n.m. |
|
394.4 |
190.4 |
(52%) |
| (+) Adjustment items |
|
29.5 |
7.9 |
|
|
393.5 |
72.8 |
|
|
Adjusted EBITDA |
|
11.7 |
(11.2) |
(195%) |
|
787.9 |
263.2 |
(67%) |
|
Brazil Ag Retail |
|
16.9 |
15.4 |
(9%) |
|
741.3 |
248.5 |
(66%) |
|
Latam Ag Retail |
|
16.5 |
18.8 |
14% |
|
91.6 |
61.8 |
(32%) |
|
Crop Care |
|
5.8 |
(10.6) |
(282%) |
|
149.0 |
110.7 |
(26%) |
|
Corporate & Intercompany elim. |
|
(27.5) |
(34.8) |
|
|
(193.9) |
(157.8) |
|
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA Margin % |
|
0.9% |
(0.8%) |
-170 bps |
|
8.4% |
2.8% |
-560 bps |
| Adjusted EBITDA Margin (% of
Inputs) |
|
1.1% |
(1.1%) |
-210 bps |
|
9.1% |
3.2% |
-590 bps |
| |
|
|
|
|
|
|
|
|
| Share of profit of an
associate |
|
- |
(0.3) |
|
|
- |
1.5 |
|
| D&A (incl. PPA
amortization) |
|
(41.3) |
(46.6) |
13% |
|
(167.5) |
(180.0) |
7% |
| Finance income (costs) |
|
(139.5) |
(262.7) |
88% |
|
(617.8) |
(822.5) |
33% |
| Income taxes, current and
deferred |
|
102.0 |
(74.6) |
|
|
172.3 |
25.6 |
|
|
Net profit (loss) |
|
(96.6) |
(403.3) |
n.m. |
|
(218.7) |
(785.0) |
n.m. |
| (+) Adjustment items |
|
32.6 |
8.5 |
|
|
420.5 |
72.3 |
|
| (+) Income tax impact of
adjustments |
|
(11.1) |
(2.9) |
|
|
(34.3) |
(24.6) |
|
|
Adjusted net profit (loss) |
|
(75.0) |
(397.7) |
430% |
|
167.5 |
(737.3) |
n.m. |
FY4Q24 Segment Results
Please note for the FY2024 and FY4Q24 results, Lavoro management
updated its methods of allocation of certain holding company
expenses between operating segments and “Corporate”. These
corporate expenses incurred by the holding company and not directly
related to any operating segment were previously attributed to
Brazil Ag Retail and Crop Care operating segments. They have now
been reclassified under “Corporate” to better align with
management’s assessment framework and reflect each business unit’s
underlying performance. Supplementary financial information
reflecting past results with this updated methodology is available
on our investors relations website https://ir.lavoroagro.com.
Brazil Ag Retail
- Brazil Ag Retail segment revenue decreased by -2% (+3% in BRL)
to $192.5 million in 4Q24, with growth in Grains revenue resulting
from a higher mix of barter operations being offset by a decline in
Inputs revenue and the impact of converting our results from BRL to
USD.
- Inputs revenue declined -16% to $124.8 million (-12% in BRL),
reflecting in part Lavoro’s decision to delay shipments to certain
farmer clients with outstanding overdue receivables until
repayment, as was discussed in the prior quarter earnings
call.
- Gross profit grew +13% to $29.8 million (+19% in BRL), as gross
margin expanded by 210 bps y/y to 15.5% in 4Q24, and Gross Margin
(Inputs) increased by 610 bps to 23.8%. The margin improved was
driven mainly by the increase in supplier rebates compared to prior
year.
- Adjusted EBITDA was $3.0 million, compared to $3.4 million in
the prior year quarter, with higher operating expenses off.
|
Brazil Ag Retail (USD) |
|
4Q23 |
4Q24 |
Chg. % |
|
FY23 |
FY24 |
Chg. % |
| (in millions of US
dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Inputs revenue |
|
148.7 |
124.8 |
(16%) |
|
1,382.2 |
1,382.9 |
0% |
| Grains revenue |
|
48.5 |
67.7 |
40% |
|
124.0 |
201.6 |
63% |
|
Revenue |
|
197.2 |
192.5 |
(2%) |
|
1,506.2 |
1,584.4 |
5% |
|
|
|
|
|
|
|
|
|
|
| Gross
Profit |
|
26.3 |
29.8 |
13% |
|
246.8 |
182.7 |
(26%) |
|
Gross Margin |
|
13.3% |
15.5% |
210 bps |
|
16.4% |
11.5% |
-490 bps |
|
Gross Margin (% of Inputs) |
|
17.7% |
23.8% |
610 bps |
|
17.9% |
13.2% |
-460 bps |
|
|
|
|
|
|
|
|
|
|
| Adjusted
EBITDA |
|
3.4 |
3.0 |
(13%) |
|
141.6 |
50.1 |
(65%) |
|
Adjusted EBITDA margin |
|
1.7% |
1.5% |
-20 bps |
|
9.4% |
3.2% |
-620 bps |
|
Adjusted EBITDA margin (% of Inputs) |
|
2.3% |
2.4% |
10 bps |
|
10.2% |
3.6% |
-660 bps |
|
Brazil Ag Retail (BRL) |
|
4Q23 |
4Q24 |
Chg. % |
|
FY23 |
FY24 |
Chg. % |
| (in millions of Brazilian
reais) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Inputs revenue |
|
736.4 |
651.0 |
(12%) |
|
7,195.7 |
6,856.5 |
(5%) |
| Grains revenue |
|
240.1 |
353.2 |
47% |
|
633.6 |
1,013.3 |
60% |
|
Revenue |
|
976.4 |
1,004.2 |
3% |
|
7,829.3 |
7,869.8 |
1% |
|
|
|
|
|
|
|
|
|
|
| Gross
Profit |
|
130.3 |
155.2 |
19% |
|
1,286.0 |
910.2 |
(29%) |
|
Gross Margin |
|
13.3% |
15.5% |
210 bps |
|
16.4% |
11.6% |
-490 bps |
|
Gross Margin (% of Inputs) |
|
17.7% |
23.8% |
610 bps |
|
17.9% |
13.3% |
-460 bps |
|
|
|
|
|
|
|
|
|
|
| Adjusted
EBITDA |
|
16.9 |
15.4 |
(9%) |
|
741.3 |
248.5 |
(66%) |
|
Adjusted EBITDA margin |
|
1.7% |
1.5% |
-20 bps |
|
9.5% |
3.2% |
-630 bps |
|
Adjusted EBITDA margin (% of Inputs) |
|
2.3% |
2.4% |
10 bps |
|
10.3% |
3.6% |
-670 bps |
|
Brazil Ag Retail KPIs |
|
4Q23 |
4Q24 |
|
|
|
|
|
| Retail stores |
|
181 |
187 |
| Number of RTVs |
|
827 |
832 |
| |
|
|
|
Latam Ag Retail
- Latam Ag Retail segment saw a 5% increase in revenue to $65.2
million (+11% in BRL), with the positive effect of the appreciation
of the Colombian peso compared to USD and BRL in the prior year
quarter more than offsetting headwinds from El Nino related
droughts on planting intentions of Colombian farmers.
- Segment gross profit was $10.4 million in 4Q24, an increase of
+10% over the prior year period. Gross margins expanded by +70 bps
to 15.9%, driven mainly by a favorable shift in product mix.
- Adjusted EBITDA was $3.6 million, compared to $3.3 million in
the prior year quarter, with the increase in gross profit partially
offset by an increase in allowance for expected credit losses.
|
Latam Ag Retail (USD) |
|
4Q23 |
4Q24 |
Chg. % |
|
FY23 |
FY24 |
Chg. % |
| (in millions of US
dollars) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Inputs & services
revenue |
|
61.7 |
64.6 |
5% |
|
227.4 |
229.5 |
1% |
| Grains revenue |
|
0.1 |
0.5 |
483% |
|
6.4 |
8.3 |
31% |
|
Revenue |
|
61.8 |
65.2 |
5% |
|
233.8 |
237.8 |
2% |
|
|
|
|
|
|
|
|
|
|
| Gross
Profit |
|
9.4 |
10.4 |
10% |
|
38.1 |
36.8 |
(3%) |
|
Gross Margin |
|
15.2% |
15.9% |
70 bps |
|
16.3% |
15.5% |
-80 bps |
|
Gross Margin (% of Inputs) |
|
15.3% |
16.1% |
80 bps |
|
16.7% |
16.0% |
-70 bps |
|
|
|
|
|
|
|
|
|
|
| Adjusted
EBITDA |
|
3.3 |
3.6 |
8% |
|
17.6 |
12.3 |
(30%) |
|
Adjusted EBITDA margin |
|
5.4% |
5.5% |
20 bps |
|
7.5% |
5.2% |
-230 bps |
|
Latam Ag Retail (BRL) |
|
4Q23 |
4Q24 |
Chg. % |
|
FY23 |
FY24 |
Chg. % |
| (in millions of Brazilian
reais) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Inputs & services
revenue |
|
305.7 |
337.1 |
10% |
|
1,173.0 |
1,149.5 |
(2%) |
| Grains revenue |
|
0.5 |
2.9 |
514% |
|
33.4 |
41.0 |
23% |
|
Revenue |
|
306.2 |
339.9 |
11% |
|
1,206.3 |
1,190.5 |
(1%) |
|
|
|
|
|
|
|
|
|
|
| Gross
Profit |
|
46.6 |
54.2 |
16% |
|
196.6 |
184.2 |
(6%) |
|
Gross Margin |
|
15.2% |
15.9% |
70 bps |
|
16.3% |
15.5% |
-80 bps |
|
Gross Margin (% of Inputs) |
|
15.3% |
16.1% |
80 bps |
|
16.8% |
16.0% |
-70 bps |
|
|
|
|
|
|
|
|
|
|
| Adjusted
EBITDA |
|
16.5 |
18.8 |
14% |
|
91.6 |
61.8 |
(32%) |
|
Adjusted EBITDA margin |
|
5.4% |
5.5% |
20 bps |
|
7.6% |
5.2% |
-240 bps |
|
Latam Ag Retail KPIs |
|
4Q23 |
4Q24 |
|
|
|
|
|
| Retail stores |
|
39 |
36 |
| Number of RTVs |
|
262 |
263 |
Crop Care
- Crop Care revenue increased by 87% to $19.9 million in 4Q24
(+97% in BRL), led by the strong performance of Union Agro, our
specialty fertilizer business, which grew revenue by 46% in the
quarter, and of Perterra, our private label off-patent crop
protection business, partially offset by lower sales of
biopesticides.
- Segment gross profit declined -29% y/y to $5.8 million (-25% in
BRL), while gross margins decreased to 28.9%, from 75.9% in the
prior year quarter. The decline in gross margins reflects the
adverse product category mix, as Perterra grew considerably as
compared to prior year, while 4Q23 benefited from an unusually
strong mix of biological sales due to the timing of shipments.
- Adjusted EBITDA was -$2.0 million in 4Q24, compared to Adjusted
EBITDA of $1.2 million in the prior year period, with the decrease
driven by the decline in gross profit.
|
Crop Care (USD) |
|
4Q23 |
4Q24 |
Chg. % |
|
FY23 |
FY24 |
Chg. % |
| (in millions of US
dollars) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Revenue |
|
10.7 |
19.9 |
87% |
|
121.2 |
150.7 |
24% |
|
|
|
|
|
|
|
|
|
|
| Gross
Profit |
|
8.1 |
5.8 |
(29%) |
|
54.0 |
56.1 |
4% |
|
Gross Margin |
|
75.9% |
28.9% |
-4700 bps |
|
44.6% |
37.2% |
-730 bps |
|
|
|
|
|
|
|
|
|
|
| Adjusted
EBITDA |
|
1.2 |
(2.0) |
(273%) |
|
28.4 |
22.5 |
(21%) |
|
Adjusted EBITDA margin |
|
11.1% |
(10.2%) |
-2130 bps |
|
23.4% |
15.0% |
-850 bps |
|
Crop Care (BRL) |
|
4Q23 |
4Q24 |
Chg. % |
|
FY23 |
FY24 |
Chg. % |
| (in millions of Brazilian
reais) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Revenue |
|
52.7 |
103.9 |
97% |
|
632.8 |
749.2 |
18% |
|
|
|
|
|
|
|
|
|
|
| Gross
Profit |
|
40.0 |
30.0 |
(25%) |
|
280.9 |
278.4 |
(1%) |
|
Gross Margin |
|
75.9% |
28.9% |
-4700 bps |
|
44.4% |
37.2% |
-720 bps |
|
|
|
|
|
|
|
|
|
|
| Adjusted
EBITDA |
|
5.8 |
(10.6) |
(282%) |
|
149.0 |
110.7 |
(26%) |
|
Adjusted EBITDA margin |
|
11.1% |
(10.2%) |
-2130 bps |
|
23.5% |
14.8% |
-880 bps |
Full Fiscal Year 2025 Consolidated
Outlook6
We expect Brazil's Ag inputs retail market to decline by roughly
-10% in FY2025, with low-single digits volume growth offset by
price declines stemming from base effects.
Lavoro’ FY2025 outlook is for consolidated
revenue between R$8.60 billion and R$9.20 billion, and Inputs
revenue between R$7.70 billion and R$8.30 billion. Adjusted EBITDA
is expected to grow relative to FY2024.
On a USD basis, consolidated revenue is
projected to range between $1.50 billion and $1.60 billion,
consolidated Inputs revenue is expected to range from $1.35 billion
to $1.45 billion, and Adjusted EBITDA is expected to grow relative
to FY2024.
|
|
|
BRL |
|
USD |
|
|
|
|
|
|
| Revenue |
|
R$8.60 billion to R$9.20 billion |
|
US$1.50 billion to US$1.60 billion |
| Inputs
revenue |
|
R$7.70 billion to R$8.30 billion |
|
US$1.35 billion to US$1.45 billion |
| Adjusted
EBITDA |
|
Growth compared to FY2024 |
|
Growth compared to FY2024 |
__________________________
6 USD/BRL average period exchange rate embedded
in our financial outlook of 5.71, representing the period-weighted
average FX rate fiscal year-to-date and the latest spot rate of
5.78 as of October 30, 2024.
Conference Call Details
Lavoro management will host a conference call and audio webcast
on November 1, 2024 at 8:30 a.m. ET (9:30 a.m. BRT) to discuss the
financial results.
Participant numbers: 1-877-407-9716 (U.S.), 1-201-493-6779
(International)
The live audio webcast will be accessible in the Events section
on the Company's Investor Relations website at
https://ir.lavoroagro.com/disclosure-and-documents/events/.
Non-IFRS Financial Measures
This press release contains certain non-IFRS
financial measures, including Adjusted EBITDA, Adjusted EBITDA
Margin, Adjusted Net Profit/Loss and Adjusted Net Profit/Loss
Margin. A non-IFRS financial measure is generally defined as a
numerical measure of historical or future financial performance,
financial position, or cash flow that purports to measure financial
performance but excludes or includes amounts that would not be so
adjusted in the most comparable IFRS measure. The Company believes
these non-IFRS financial measures provide meaningful supplemental
information as they are used by the Company's management to
evaluate the Company's performance, and provide additional
information about trends in our operating performance prior to
considering the impact of capital structure, depreciation,
amortization and taxation on our results, as well as the effects of
certain items or events that vary widely among similar companies,
and therefore may hamper comparability across periods, although
these measures are not explicitly defined under IFRS. Management
believes that these measures enhance a reader's understanding of
the operating and financial performance of the Company and
facilitate a better comparison between fiscal periods.
Adjusted EBITDA is defined as profit (loss),
adjusted for net finance income (costs), income taxes, depreciation
and amortization. We also adjust this measure for certain revenues
or expenses that are excluded when management evaluates the
performance of our day-to-day operations, namely: (i) share of
profit of an associate; (ii) fair value on inventories sold from
acquired companies, a non-cash expense resulting from purchase
price allocation of past acquisitions; (iii) M&A expenses that
in management’s judgment do not necessarily occur on a regular
basis; (iv) gains on bargain purchases, which are also related to
purchase price allocation of past acquisitions; (v) listing and
other expenses recognized in connection with the Business
Combination; (vi) share-based compensation expenses; (vii) one-off
bonuses paid out to our employees as a result of the closing of the
Business Combination; and (viii) related-party expenses paid to
Patria in connection to management support services. Adjusted
EBITDA Margin is calculated as Adjusted EBITDA as a percentage of
revenue for the period/year.
Adjusted Net Profit/Loss is defined as profit
(loss) adjusted for certain revenues or expenses that are excluded
when management evaluates the performance of our day-to-day
operations, namely: (i) share of profit of an associate; (ii) fair
value on inventories sold from acquired companies, a non-cash
expense resulting from purchase price allocation of past
acquisitions; (iii) M&A expenses that in management’s judgment
do not necessarily occur on a regular basis; (iv) gains on bargain
purchases, which are also related to purchase price allocation of
past acquisitions; (v) listing and other expenses recognized in
connection with the Business Combination; (vi) share-based
compensation expenses; (vii) one-off bonuses paid out to our
employees as a result of the closing of the Business Combination;
and (viii) related-party expenses paid to Patria in connection to
management support services. Adjusted Net Profit/Loss Margin is
calculated as Adjusted Net Profit/Loss as a percentage of revenue
for the period/year.
The Company does not intend for the non-IFRS
financial measures contained in this release to be a substitute for
any IFRS financial information. Readers of this press release
should use these non-IFRS financial measures only in conjunction
with comparable IFRS financial measures. Reconciliations of the
non-IFRS financial measures Adjusted EBITDA, Adjusted EBITDA
Margin, Adjusted Net Profit/Loss and Adjusted Net Profit/Loss
Margin, to their most comparable IFRS measures, are provided in the
table below.
Reconciliation of Adjusted EBITDA
| |
|
Results in USD |
|
|
|
(in millions of US dollars) |
|
|
|
|
|
|
|
|
|
Consolidated Results |
|
4Q23 |
4Q24 |
|
FY23 |
FY24 |
| (in millions of US
dollars) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Net profit (loss) |
|
(19.5) |
(77.1) |
|
(43.7) |
(154.6) |
| (+) Income taxes |
|
(20.6) |
14.3 |
|
(34.1) |
(6.2) |
| (+) Finance income
(costs) |
|
28.2 |
50.3 |
|
119.5 |
163.8 |
| (+) Depreciation and
amortization |
|
8.3 |
8.9 |
|
32.3 |
36.0 |
| (+) Share of profit of an
associate |
|
- |
(0.1) |
|
- |
(0.3) |
| (+) M&A expenses |
|
0.8 |
0.2 |
|
2.2 |
4.4 |
| (+) Stock-based
compensation |
|
0.5 |
0.4 |
|
2.8 |
3.2 |
| (+) DeSPAC related bonus |
|
0.9 |
0.1 |
|
5.8 |
3.6 |
| (+) Related party consultancy
services |
|
3.8 |
0.8 |
|
3.8 |
3.5 |
| (+) Nasdaq listing
expenses |
|
- |
|
|
61.5 |
|
|
Adjusted EBITDA |
|
2.4 |
(2.1) |
|
150.1 |
53.4 |
|
Brazil Ag Retail |
|
4Q23 |
4Q24 |
|
FY23 |
FY24 |
| (in millions of US
dollars) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Net profit (loss) |
|
1.1 |
(62.7) |
|
52.5 |
(118.1) |
| (+) Income taxes |
|
(21.0) |
13.2 |
|
(41.0) |
(8.8) |
| (+) Finance income
(costs) |
|
16.5 |
46.5 |
|
101.2 |
151.3 |
| (+) Depreciation and
amortization |
|
6.1 |
6.4 |
|
23.6 |
25.0 |
| (+) Share of profit of an
associate |
|
- |
(0.4) |
|
- |
(0.5) |
| (+) DeSPAC related bonus |
|
0.8 |
- |
|
5.3 |
1.3 |
|
Adjusted EBITDA |
|
3.4 |
3.0 |
|
141.6 |
50.1 |
|
Latam Ag Retail |
|
4Q23 |
4Q24 |
|
FY23 |
FY24 |
| (in millions of US
dollars) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Net profit (loss) |
|
0.8 |
0.8 |
|
7.0 |
2.2 |
| (+) Income taxes |
|
0.7 |
0.1 |
|
4.3 |
1.7 |
| (+) Finance income
(costs) |
|
0.8 |
1.8 |
|
3.0 |
5.3 |
| (+) Depreciation and
amortization |
|
0.7 |
0.6 |
|
2.2 |
2.3 |
| (+) M&A expenses |
|
0.2 |
0.3 |
|
0.6 |
0.3 |
| (+) DeSPAC related bonus |
|
0.1 |
- |
|
0.5 |
0.6 |
|
Adjusted EBITDA |
|
3.3 |
3.6 |
|
17.6 |
12.3 |
|
Crop Care |
|
4Q23 |
4Q24 |
|
FY23 |
FY24 |
| (in millions of US
dollars) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Net profit (loss) |
|
(4.4) |
(7.3) |
|
10.8 |
3.2 |
| (+) Income taxes |
|
(1.3) |
1.0 |
|
4.7 |
3.1 |
| (+) Finance income
(costs) |
|
5.6 |
2.9 |
|
9.6 |
11.4 |
| (+) Depreciation and
amortization |
|
0.9 |
0.9 |
|
2.6 |
4.1 |
| (+) Share of profit of an
associate |
|
- |
0.4 |
|
- |
0.1 |
| (+) M&A expenses |
|
0.1 |
0.0 |
|
0.1 |
0.1 |
| (+) Stock-based
compensation |
|
0.1 |
0.1 |
|
0.4 |
0.3 |
| (+) DeSPAC related bonus |
|
- |
- |
|
- |
- |
| (+) Related party consultancy
services |
|
0.2 |
- |
|
0.2 |
0.3 |
|
Adjusted EBITDA |
|
1.2 |
(2.0) |
|
28.4 |
22.5 |
|
Corporate & Intercompany Elim. |
|
4Q23 |
4Q24 |
|
FY23 |
FY24 |
| (in millions of US
dollars) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Net profit (loss) |
|
(17.1) |
(8.0) |
|
(113.9) |
(41.9) |
| (+) Income taxes |
|
1.0 |
- |
|
(2.0) |
(2.2) |
| (+) Finance income
(costs) |
|
5.3 |
(0.9) |
|
5.8 |
(4.2) |
| (+) Depreciation and
amortization |
|
0.6 |
1.1 |
|
3.9 |
4.7 |
| (+) Share of profit of an
associate |
|
- |
0.1 |
|
- |
0.1 |
| (+) M&A expenses |
|
0.5 |
(0.2) |
|
1.4 |
4.0 |
| (+) Stock-based
compensation |
|
0.4 |
0.3 |
|
2.4 |
2.9 |
| (+) DeSPAC related bonus |
|
- |
0.1 |
|
- |
1.8 |
| (+) Related party consultancy
services |
|
3.6 |
0.8 |
|
3.6 |
3.2 |
| (+) Nasdaq listing
expenses |
|
- |
- |
|
61.5 |
- |
|
Adjusted EBITDA |
|
(5.6) |
(6.7) |
|
(37.3) |
(31.6) |
| |
|
Results in BRL |
|
|
|
(in millions of Brazilian reais) |
|
|
|
|
|
|
|
|
|
Consolidated Results |
|
4Q23 |
4Q24 |
|
FY23 |
FY24 |
| (in millions of Brazilian
reais) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Net profit (loss) |
|
(96.6) |
(403.3) |
|
(218.7) |
(785.0) |
| (+) Income taxes |
|
(102.0) |
74.6 |
|
(172.3) |
(25.6) |
| (+) Finance income
(costs) |
|
139.5 |
262.7 |
|
617.8 |
822.5 |
| (+) Depreciation and
amortization |
|
41.3 |
46.6 |
|
167.5 |
180.0 |
| (+) Share of profit of an
associate |
|
- |
0.3 |
|
- |
(1.5) |
| (+) M&A expenses |
|
3.9 |
1.0 |
|
11.0 |
21.7 |
| (+) Stock-based
compensation |
|
2.6 |
2.2 |
|
14.5 |
15.6 |
| (+) DeSPAC related bonus |
|
4.3 |
0.4 |
|
29.7 |
18.0 |
| (+) Related party consultancy
services |
|
18.7 |
4.3 |
|
18.7 |
17.5 |
| (+) Nasdaq listing
expenses |
|
- |
|
|
319.6 |
- |
|
Adjusted EBITDA |
|
11.7 |
(11.2) |
|
787.9 |
263.2 |
|
Brazil Ag Retail |
|
4Q23 |
4Q24 |
|
FY23 |
FY24 |
| (in millions of Brazilian
reais) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Net profit (loss) |
|
5.6 |
(327.3) |
|
275.5 |
(600.9) |
| (+) Income taxes |
|
(104.2) |
68.8 |
|
(208.3) |
(39.1) |
| (+) Finance income
(costs) |
|
81.5 |
242.7 |
|
525.1 |
760.0 |
| (+) Depreciation and
amortization |
|
30.1 |
33.3 |
|
122.0 |
124.9 |
| (+) Share of profit of an
associate |
|
- |
(2.0) |
|
- |
(2.8) |
| (+) DeSPAC related bonus |
|
3.8 |
- |
|
27.1 |
6.3 |
|
Adjusted EBITDA |
|
16.9 |
15.4 |
|
741.3 |
248.5 |
|
Latam Ag Retail |
|
4Q23 |
4Q24 |
|
FY23 |
FY24 |
| (in millions of Brazilian
reais) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Net profit (loss) |
|
4.0 |
3.9 |
|
36.4 |
10.9 |
| (+) Income taxes |
|
3.5 |
0.7 |
|
22.3 |
8.3 |
| (+) Finance income
(costs) |
|
4.1 |
9.4 |
|
15.4 |
26.5 |
| (+) Depreciation and
amortization |
|
3.5 |
3.0 |
|
11.8 |
11.3 |
| (+) M&A expenses |
|
0.9 |
1.7 |
|
3.1 |
1.7 |
| (+) DeSPAC related bonus |
|
0.5 |
- |
|
2.6 |
3.0 |
|
Adjusted EBITDA |
|
16.5 |
18.8 |
|
91.6 |
61.8 |
|
Crop Care |
|
4Q23 |
4Q24 |
|
FY23 |
FY24 |
| (in millions of Brazilian
reais) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Net profit (loss) |
|
(21.7) |
(38.2) |
|
58.3 |
13.6 |
| (+) Income taxes |
|
(6.5) |
5.1 |
|
24.9 |
15.8 |
| (+) Finance income
(costs) |
|
27.6 |
15.4 |
|
48.4 |
57.1 |
| (+) Depreciation and
amortization |
|
4.5 |
4.4 |
|
13.6 |
20.4 |
| (+) Share of profit of an
associate |
|
- |
1.9 |
|
- |
0.6 |
| (+) M&A expenses |
|
0.3 |
0.2 |
|
0.7 |
0.4 |
| (+) Stock-based
compensation |
|
0.5 |
0.4 |
|
2.0 |
1.3 |
| (+) DeSPAC related bonus |
|
- |
- |
|
- |
- |
| (+) Related party consultancy
services |
|
1.1 |
0.2 |
|
1.1 |
1.5 |
|
Adjusted EBITDA |
|
5.8 |
(10.6) |
|
149.0 |
110.7 |
|
Corporate & Intercompany Elim. |
|
4Q23 |
4Q24 |
|
FY23 |
FY24 |
| (in millions of Brazilian
reais) |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Net profit (loss) |
|
(84.6) |
(41.7) |
|
(588.8) |
(208.6) |
| (+) Income taxes |
|
5.1 |
0.0 |
|
(11.1) |
(10.7) |
| (+) Finance income
(costs) |
|
26.3 |
(4.8) |
|
29.0 |
(21.1) |
| (+) Depreciation and
amortization |
|
3.2 |
5.8 |
|
20.2 |
23.3 |
| (+) Share of profit of an
associate |
|
- |
0.5 |
|
- |
0.7 |
| (+) M&A expenses |
|
2.7 |
(0.9) |
|
7.3 |
19.5 |
| (+) Stock-based
compensation |
|
2.1 |
1.8 |
|
12.5 |
14.4 |
| (+) DeSPAC related bonus |
|
- |
0.4 |
|
- |
8.7 |
| (+) Related party consultancy
services |
|
17.6 |
4.2 |
|
17.6 |
16.0 |
| (+) Nasdaq listing
expenses |
|
- |
- |
|
319.6 |
- |
|
Adjusted EBITDA |
|
(27.5) |
(34.8) |
|
(193.9) |
(157.8) |
Reconciliation of Adjusted Net Profit
(Loss)
| |
|
USD (in millions of US dollars) |
|
|
|
|
|
|
|
|
|
Consolidated Results |
|
4Q23 |
4Q24 |
|
FY23 |
FY24 |
| |
|
|
|
|
|
|
|
Net profit (loss) |
|
(19.5) |
(77.3) |
|
(43.7) |
(154.6) |
| (+) FV of inventories from
acquired companies |
|
0.6 |
– |
|
5.2 |
0.2 |
| (+) Share of profit of an
associate |
|
– |
0.1 |
|
– |
(0.3) |
| (+) M&A expenses |
|
0.8 |
0.2 |
|
2.2 |
4.4 |
| (+) Stock-based
compensation |
|
0.5 |
0.4 |
|
2.8 |
3.2 |
| (+) DeSPAC related bonus |
|
0.9 |
0.1 |
|
5.8 |
3.6 |
| (+) Related party consultancy
services |
|
3.8 |
0.8 |
|
3.8 |
3.5 |
| (+) Nasdaq listing
expenses |
|
– |
– |
|
61.5 |
– |
| (+) Tax impact of
adjustments |
|
(2.2) |
(0.6) |
|
(6.7) |
(5.0) |
|
Adjusted net profit (loss) |
|
(15.2) |
(76.2) |
|
30.9 |
(144.9) |
| |
|
BRL (in millions of Brazilian reais) |
|
|
|
|
|
|
|
|
|
Consolidated Results |
|
4Q23 |
4Q24 |
|
FY23 |
FY24 |
| |
|
|
|
|
|
|
|
Net profit (loss) |
|
(96.6) |
(403.3) |
|
(218.7) |
(785.0) |
| (+) FV of inventories from
acquired companies |
|
3.1 |
0.3 |
|
26.9 |
1.0 |
| (+) Share of profit of an
associate |
|
– |
0.3 |
|
– |
(1.5) |
| (+) M&A expenses |
|
3.9 |
1.0 |
|
11.0 |
21.7 |
| (+) Stock-based
compensation |
|
2.6 |
2.2 |
|
14.5 |
15.6 |
| (+) DeSPAC related bonus |
|
4.3 |
0.4 |
|
29.7 |
18.0 |
| (+) Related party consultancy
services |
|
18.7 |
4.3 |
|
18.7 |
17.5 |
| (+) Nasdaq listing
expenses |
|
– |
– |
|
319.6 |
– |
| (+) Tax impact of
adjustments |
|
(11.1) |
(2.5) |
|
(34.3) |
(24.6) |
|
Adjusted net profit (loss) |
|
(75.0) |
(397.3) |
|
167.5 |
(737.3) |
About Lavoro
Lavoro is Brazil's largest agricultural inputs
retailer and a leading producer of agricultural biological
products. Lavoro's shares and warrants are listed on the Nasdaq
stock exchange under the tickers "LVRO" and "LVROW." Through its
comprehensive portfolio of products and services, the company
empowers small and medium-size farmers to adopt the latest emerging
agricultural technologies and enhance their productivity. Since its
founding in 2017, Lavoro has broadened its reach across Latin
America, serving 72,000 customers in Brazil, Colombia, and Uruguay,
via its team of over 1,000 technical sales representatives (RTVs),
its network of over 210 retail locations, and its digital
marketplace and solutions. Lavoro's RTVs are local trusted advisors
to farmers, regularly meeting them to provide agronomic
recommendations throughout the crop cycle to drive optimized
outcomes. Learn more about Lavoro at ir.lavoroagro.com.
Reportable Segments
Lavoro’s reportable segments are the
following:
Brazil Ag Retail: comprises companies dedicated
to the distribution of agricultural inputs such as crop protection,
seeds, fertilizers, and specialty products, in Brazil.
Latam Ag Retail: includes companies dedicated to
the distribution of agricultural inputs outside Brazil (currently
primarily in Colombia).
Crop Care: includes companies that manufacture
and distribute our own portfolio of private label specialty
products (i.e., biologicals, adjuvants, specialty fertilizers, and
other specialty products), and import and distribute off-patent
crop protection products.
Lavoro’s Fiscal Year
Lavoro follows the crop year, which means that
its fiscal year comprises July 1st of each year, until June 30 of
the following year. Given this, Lavoro’s quarters have the
following format:
1Q – quarter starting on July 1 and ending on
September 30.2Q – quarter starting on October 1 and ending on
December 31.3Q – quarter starting on January 1 and ending on March
31.4Q – quarter starting on April 1 and ending on June 30.
Definitions
RTVs: refer to Lavoro’s technical sales
representatives (Representante Técnico de Vendas), who are linked
to its retail stores, and who develop commercial relationships with
farmers.
Forward-Looking Statements
The contents of any website mentioned or
hyperlinked in this press release are for informational purposes
and the contents thereof are not part of or incorporated into this
press release.Certain statements made in this press release are
“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 “aims,” “estimate,” “plan,”
“project,” “forecast,” “intend,” “will,” “expect,” “anticipate,”
“believe,” “seek,” “target” or other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, statements regarding the
expectations regarding the growth of Lavoro’s business and its
ability to realize expected results, grow revenue from existing
customers, and consummate acquisitions; opportunities, trends, and
developments in the agricultural input industry, including with
respect to future financial performance in the industry. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as and must not be relied on by
any investor as, a guarantee, an assurance, a prediction, or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
beyond the control of Lavoro.
These forward-looking statements are subject to
a number of risks and uncertainties, including but not limited to,
the outcome of any legal proceedings that may be instituted against
Lavoro related to the business combination agreement or the
transaction; the ability to maintain the listing of Lavoro’s
securities on Nasdaq; the price of Lavoro’s securities may be
volatile due to a variety of factors, including changes in the
competitive and regulated industries in which Lavoro operates,
variations in operating performance across competitors, changes in
laws and regulations affecting Lavoro’s business; Lavoro’s
inability to meet or exceed its financial projections and changes
in the consolidated capital structure; changes in general economic
conditions; the ability to implement business plans, forecasts, and
other expectations, changes in domestic and foreign business,
market, financial, political and legal conditions; the outcome of
any potential litigation, government and regulatory proceedings,
investigations and inquiries; costs related to being a public
company and other risks and uncertainties indicated from time to
time in the Annual Report on Form 20-F filed by Lavoro or in the
future, including those under “Risk Factors” therein, or Lavoro’s
other filings with the SEC. If any of these risks materialize or
our assumptions prove incorrect, actual results could differ
materially from the results implied by these forward-looking
statements. There may be additional risks that Lavoro currently
believes are immaterial that could also cause actual results to
differ from those contained in the forward-looking statements.
In addition, forward-looking statements reflect
Lavoro’s expectations, plans, or forecasts of future events and
views as of the date of this press release. Lavoro anticipates that
subsequent events and developments will cause Lavoro’s assessments
to change. However, while Lavoro may elect to update these
forward-looking statements at some point in the future, Lavoro
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Lavoro’s assessments as of any date subsequent to the
date of this press release. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
Financial Statements
Detailed financial statements provided on Form
6-K as filed with the SEC can be accessed on the Company’s investor
relations website at
https://ir.lavoroagro.com/disclosure-and-documents/sec-filings/.
Contact
Julian Garridojulian.garrido@lavoroagro.com
Tigran Karapetiantigran.karapetian@lavoroagro.com
Fernanda Rosafernanda.rosa@lavoroagro.com
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