Del Monte Pacific (D03) Q2 2026 earnings summary

Executive summary

• Q2 FY2026 continuing-operations sales rose 9.9% to US$234.9m, led by Asian markets and fresh pineapple exports.

• Q2 net profit reached US$16.8m versus US$2.3m a year earlier; H1 net profit was US$22.3m.

• U.S. operations were deconsolidated effective 1 May 2025, reducing consolidated liabilities by US$1.5bn.

• Management expects profitable H2 growth, with increased investment and Philippine macroeconomic headwinds among the considerations.

Financial highlights

• Q2 turnover was US$234.9m (+9.9%), gross profit US$80.4m (+36.5%) and EBITDA US$51.5m (+39.2%).

• H1 turnover was US$438.6m (+11.3%), gross profit US$146.6m (+34.8%) and EBITDA US$90.7m (+26.2%).

• Q2 gross margin expanded 660 bps to 34.2%; H1 gross margin rose 580 bps to 33.4%.

• Q2 net margin improved to 7.2% from 1.1%; H1 net profit was US$22.3m versus US$2.7m.

• H1 operating cash flow was US$162.7m, slightly lower year over year due to inventory buildup.

Outlook and guidance

• Profitable growth is expected in H2 FY2026, barring unforeseen circumstances.

• Priorities include Philippine market leadership, fresh-fruit leadership in North Asia, product launches, productivity, cost control and prudent capital management.

• Fresh pineapple growth is supported by demand in China and Korea, quality focus, and secured land and supply through 2030.

• Processed exports are expected to improve in H2 with better supply.