Mission Produce (AVO) Investor Day 2026 summary

Strategy and long-term targets

• Shifted from more than 40 years of platform-building to compounding growth, earnings and cash flow from established capabilities; most major platform investment is behind it.

• FY2035 ambitions: $4B in sales and $450M in adjusted EBITDA, including M&A; described as doubling sales and tripling earnings power.

• Five-year targets: mid-single-digit organic sales growth, high-single-digit-plus adjusted EBITDA growth, ~300 bps of margin expansion and >90% free cash flow conversion.

• Organic sales growth targets: total portfolio mid-single digits; U.S. avocado above market plus mid-single digits; international avocado, Prepared Foods and U.S. mango above market plus high-single digits; established platforms low-single digits.

• Illustrative TSR framework targets high-single- to double-digit annual shareholder returns, supported by organic growth, margin expansion, M&A and share repurchases.

Growth platforms

• U.S. avocado market was $5.9B in 2025, with estimated 27% share after the Calavo combination; five-year target is mid-single-digit growth above market.

• Europe and Asia avocado addressable markets total $6.4B, with ~3% share and underpenetrated consumption; five-year target is high-single-digit growth above market. U.K. volume nearly quadrupled in three years, with Germany, Italy, Spain and France among priority markets.

• Prepared Foods addresses a $2.7B global processed avocado market with ~3% share; gross margin is 1,300 bps above the legacy business. Capacity of ~100,000 sq. ft. supports $140M in annual sales, with limited incremental capital needed to add capacity.

• U.S. mango market was $900M in 2025, with 6% share and a five-year high-single-digit growth target above market; a retail-ready bag delivered +33% volume and +28% dollar sales at a key retailer over eight weeks, with zero bulk cannibalization.

• Controlled farms span 10,000+ acres and supply ~15% of volume; a network of 10,600 suppliers across at least two origins supplements the base.

Calavo integration and synergies

• Calavo adds sourcing and packing in Mexico and California, customer reach, guacamole, papayas, tomatoes and Prepared Foods capabilities; integration focuses on cost savings, network utilization and business continuity.

• Annualized synergy target increased from $25M to more than $30M; full run rate is targeted within 18 months of close, with a small contribution expected in Q4 FY2026 and margin benefits at full run rate by end-FY2027.

• U.S. fresh operations completed; pooled supply, Temecula closure and redesigned U.S. distribution footprint are in place. Network and systems transitions are underway, followed by remaining operations and Mexico packing integration in 2027; one-company operations targeted within 18 months.

• Network optimization is expected to deliver ~$5.4M in annualized savings.

• Net leverage reduction of 0.5x or more is targeted by year-end FY2027.