Mission Produce (AVO) investor relations material

Executive summary

• Adjusted EBITDA reached $32.4 million, reflecting strong marketing, distribution, and early Calavo integration benefits, with synergy outlook raised to over $30 million annually.

• Acquisition of Calavo completed, marking the first quarter of combined operations, expanding supply reliability, prepared foods entry, and reinforcing strategic and financial merits.

• Revenue rose 26% year-over-year to $450 million, driven by a 38% increase in avocado volume, partially offset by a 9% decline in per-unit prices.

• Net loss attributable was $6.5 million, or -$0.08 per diluted share, including $25.4 million in acquisition-related costs; adjusted net income was $15 million, or $0.18 per share.

• Gross profit margin declined to 9.9% from 12.6% year-over-year, reflecting lower average sales prices and higher costs.

Financial highlights

• Q3 revenue was $450 million, up 26% from the prior year; avocado volume rose 38%.

• Gross profit was $44.7 million, nearly flat year-over-year; gross margin fell 270 bps to 9.9%.

• Net loss attributable was $6.5 million, compared to net income of $14.7 million in the prior year.

• Adjusted EBITDA was $32.4 million, slightly below last year but above guidance.

• SG&A expenses (excluding integration costs) increased 32% to $31.6 million.

Outlook and guidance

• Reaffirmed second half Adjusted EBITDA guidance of $84–$88 million; Q4 Adjusted EBITDA expected at $52–$55 million, driven by Peru crop sales, blueberry ramp, full quarter of Calavo, and improved margins.

• Synergies from Calavo integration expected to begin contributing in Q4 and build through fiscal 2027.

• Full-year 2026 capital expenditures forecast at approximately $45 million.

• Sufficient liquidity anticipated from cash, operations, and a $550 million credit facility.

• Exportable avocado production from owned farms in Peru projected at 120–130 million pounds for the season.