Mission Produce (AVO) 27th Annual ICR Conference 2025 summary

Business evolution and industry leadership

• Started as a California avocado packer, now the largest global distributor, operating in 9 countries and 7 U.S. states.

• Key industry shifts: opening of Mexican border, ripe avocado retailing, and health awareness drove growth.

• Early adoption of ripening and direct delivery revolutionized U.S. avocado sales and consumer habits.

• Diversified sourcing and logistics capabilities support year-round supply and market leadership.

Customer and supply diversification

• 70% of U.S. sales are to retail, 30% to food service/wholesale, optimizing fruit grades across channels.

• Sourcing is 70% from Mexico, with Peru, California, and Colombia filling gaps, reducing reliance on any single region.

• Global sourcing network enabled resilience and margin gains during supply constraints.

Financial performance and capital strategy

• Achieved record $1.2 billion revenue and $108 million EBITDA, driven by strong volumes and high pricing.

• CapEx peaked between 2020–2023, now stepping down; $32–33 million spent last year, with free cash flow over $60 million.

• Future CapEx expected to stabilize at $30–35 million, with infrastructure in place for further growth.