Mission Produce (AVO) investor relations material

Executive summary

• Achieved record third-quarter revenue of $357.7 million, up 10% year-over-year, driven by higher avocado volumes and global vertical integration, with strong international expansion, especially in Europe and Asia.

• Gross profit increased 22% to $45.1 million, with margin improvement to 12.6%, mainly due to higher yields in International Farming.

• Net income attributable to shareholders was $14.7 million ($0.21 per diluted share), with adjusted net income at $18.2 million ($0.26 per diluted share).

• Diversification into mangoes and blueberries continues to strengthen year-round offerings and reduce reliance on peak avocado seasons, with expanded acreage and increased production.

• The company closed Canadian distribution centers, incurring $2.7 million in related charges, and faced $1.1 million in short-term tariffs on Mexican imports.

Financial highlights

• Total revenue increased 10% to $357.7 million, primarily from a 10% rise in avocado volume sold to 183.5 million pounds, partially offset by a 5% decrease in average per unit prices to $1.74 per pound.

• Adjusted EBITDA for Q3 was $32.6 million, up 3% year-over-year.

• Gross margin improved by 120 basis points to 12.6% of revenue.

• SG&A expenses increased 19% to $24.1 million, mainly due to higher employee-related and performance-based costs.

• Operating cash flow for Q3 was $34 million, with $21.4 million for the nine months ended July 31, 2025.

Outlook and guidance

• Industry avocado volumes expected to be 15% higher in Q4 year-over-year, with ample Peruvian and Mexican supply and pricing expected to be 20–25% lower year-over-year.

• Exported avocado production from own Peruvian farms projected at 105–110 million pounds for the year.

• Blueberry harvest to ramp up in Q4, with higher volumes but lower average sales prices.

• Full-year CAPEX guidance remains $50–$55 million, with moderating capital spending expected through 2026.

• Majority of company-owned production sales expected in Q4, unlocking working capital.