Mission Produce AVO Q3 2025 Earnings Transcript

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Date

Monday, Sept. 8, 2025 at 5 p.m. ET

Call participants

Chief Executive Officer — Steve Barnard

President and Chief Operating Officer — John Pawlowski

Chief Financial Officer — Bryan Giles

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Takeaways

Total revenue-- $357.7 million, driven by a 10% rise in avocado volumes sold, partially offset by a 5% decrease in average per unit sales prices.

Marketing and distribution segment sales-- $344.1 million, supported by global sourcing and commercial execution; segment adjusted EBITDA was $20 million, compared to $20.8 million in the same period last year, as per unit margins normalized.

International farming segment sales-- $49 million, up 79%, with adjusted EBITDA increasing $7.5 million to $12.1 million, led by higher Peruvian avocado yields and third-party packing activity.

Blueberry segment net sales-- $4.5 million, up from $1.6 million in the prior year period, with adjusted EBITDA rising to $500,000 due to volume and yield gains, as well as higher per unit prices.

Gross profit-- $45.1 million gross profit; gross margin expanded 120 basis points to 12.6% of revenue, attributable mainly to international farming improvements.

Adjusted net income-- $18.2 million or $0.26 per diluted share, compared to $16.7 million or $0.23 per diluted share last year, reflecting operating income gains and lower interest expense.

Adjusted EBITDA-- Adjusted EBITDA was $32.6 million, a 3% increase in adjusted EBITDA, driven by international farming output recovery.

European sales growth-- 37% increase in European sales, attributed to enhanced UK facility utilization and greater customer penetration in the region.

Operating cash flow-- $34 million of operating cash flow generated during the third quarter, with cash and equivalents at $43.7 million at period end.

Year-to-date CapEx-- $39.8 million for the first nine months, with guidance for the year at $50 million to $55 million, including $10 million of projects rolled over.

Tariff impact-- Projected direct tariff cost of approximately $10 million annually, with about half attributable to South American production; CFO Giles said, "This is less than 1% of our total cost of goods."

International sourcing strategy-- Management completed "the most proactive programming" according to John Pawlowski to optimize global supply, positioning the company to serve strategic growth markets in Europe and Asia.

Blueberry acreage-- Productive hectares increased to over 700, up from 500 to 550, with long-term plans targeting close to 1,000 hectares by fiscal 2027-2028.

Net debt to adjusted EBITDA-- Approximately one time (net debt to adjusted EBITDA leverage ratio, non-GAAP), providing flexibility for opportunistic capital allocation.

Outlook for avocado volumes and pricing-- Management expects industry volumes to be up approximately 15% in the fourth quarter, with average pricing anticipated to decline by 20%-25% compared to last year.

Summary

Mission Produce(NASDAQ:AVO) delivered record third-quarter revenues and demonstrated the resilience of its vertically integrated supply model amid dynamic market conditions. The international farming segment led profit improvement through steep volume and yield recovery in Peruvian operations. Management highlighted strategic execution in expanding European and Asian market access and outlined continued investments in supply chain and packhouse infrastructure ahead of the Mexican harvest season transition.

CFO Giles noted realized tariff expenses of over $5 million through the first nine months and confirmed expectations for similar tariff costs in the fourth quarter.

President Pawlowski stated, "We did not do any significant or really any immaterial shifting of where we placed product this year because of those things we actually went to where the demand was," indicating tariffs have not prompted major changes in trade flows.

Management reiterated there are "no plans to increase any kind of capital investments around acreage beyond what we've already shared," according to John Pawlowski, signaling a pause in major expansion after current development milestones are achieved.

SG&A increased by 19%, mostly from variable expenses related to performance-based compensation and profit-sharing tied to improved farming results.

Upcoming pricing pressure is directly linked to a 15% forecasted increase in industry supply for the fourth quarter, with Mission's own Peruvian exports expected at 105 million to 110 million pounds for the year and 48 million pounds already sold through the third quarter.

Industry glossary

Adjusted EBITDA: Earnings before interest, taxes, depreciation, and amortization, adjusted for one-time or non-core items, as a key measure of operational performance.

International farming segment: The company's vertically integrated farming operations, primarily in Peru, responsible for growing, packing, and supplying avocado and blueberry products.

Full Conference Call Transcript

Steve Barnard: Thank you, Jeff. I'd like to start with pointing out that our third quarter results really demonstrate what we've been building here at Mission Produce, Inc. Specifically, the ability to consistently deliver strong performance no matter what the market throws at us. We delivered record third quarter revenue of $357 million, up 10%, with strong execution across our business showcasing the value of our vertical integration to drive category consistency globally and ultimately support growth of our per capita consumption. What stands out to me this quarter is our commercial team's exceptional execution in moving fruit globally. Being in the right place, the right time, with the right price for our customers.

The international positioning and capabilities we've built over the past few decades combined with strategic investments we've made more recently enabled us to deliver what we think were great results for this quarter. With that context, I'll turn it over to John Pawlowski, our President and COO, to walk you through the operational and commercial highlights of the quarter. John?

John Pawlowski: Thanks, Steve. Before I dive into the operational highlights, I wanted to briefly share my perspective as someone who joined Mission Produce in April after spending over twenty-five years in the international food industry. Having led global operations at companies like J. M. Smucker and La Prairie Foods, I came in with high expectations. But what I've experienced over the past year and a half here has been genuinely impressive. The level of operational sophistication and international reach here at Mission Produce is remarkable. And this quarter really showcased why that matters. Let me walk you through what made this quarter successful from an operational and commercial perspective.

Our Marketing and Distribution segment delivered outstanding results, generating $344.1 million in sales. And demonstrates the power of our global sourcing and commercial execution capabilities when coupled with our vertically integrated international farming business. We achieved a 10% increase in avocado volume sold while average per unit prices decreased only 5%. Demonstrating our ability to maintain pricing discipline even as we moved significantly more volume through our system. And we were pleased that our per unit margins were solidly within our historical as we comped against last year's exceptional performance where our per unit margins exceeded norms. I believe what really sets Mission Produce apart is our ability to execute on a truly global stage.

I'd emphasize Steve's comment around being in the right place at the right time with the right price and product for our customers. That's not by accident. It's the result of decades of strategic investments, in building year-round avocado sourcing capabilities, establishing strong commercial teams, and differentiated category management tools to elevate our customers' programs. In the third quarter, this global sourcing strategy was on full display. With strong Peruvian production and improved Mexican supply this year, which contrasts with the industry conditions we experienced last year, we were able to optimize our sourcing mix across multiple countries of origin, which is a core competency that differentiates Mission Produce in the marketplace.

And creates a recipe for greater financial consistency as well. Further, our visibility to more normal levels of Peruvian production enabled our teams to execute the most proactive programming we've ever undertaken. We made investments, reallocated resources, and completed more advanced contracting than we have over the past few years. Securing favorable positioning with retail customers who are excited about the consistency that we are uniquely able to provide with our own production and deliver the value and service they've come to expect from Mission Produce. Higher levels of production also afford us opportunities to target strategic growth markets and support investments we've made internationally, in areas such as Europe and Asia with greater impact.

European sales increased 37% in the third quarter versus prior year. Reflecting our improved ability to serve the broader European markets as our UK facility gains momentum through enhanced customer penetration and improved facility utilization. In Asia, we've been able to broaden our reach with new customers following some select investments we made to service demand in the region that we are uniquely able to address through the access to our Peruvian fruit. Looking ahead to the fiscal fourth quarter, we remain focused on balancing the completion of our season with the onset of the Mexican season.

In preparation for the transition to Mexico-centric sourcing, and in response to the operational disruption we experienced during last year's harvest season, we've made some enhancements to one of our Mexican packhouses that we expect to improve our capacity during peak season. This will allow us to not only pack more of our own product, but create system efficiencies through our distribution network as a result of more streamlined handling en route to the end customer. We expect these enhancements to be in place during this upcoming Mexican harvest, as an example of the things our team looks at on a recurring basis, to both help drive margin and service improvements over the long term.

Beyond avocados, our diversification strategy continues to deliver results. We are utilizing the same playbook and capabilities that we've developed in avocados, to continue building market share in adjacent categories such as mangoes. We are in a great position to help further establish the category here in North America. With retail customers through strategic pricing commitments, greater supply consistency, and different packaging configurations that we believe are necessary for long-term category growth. We are establishing Mission Produce as a reliable year-round program provider with operational capabilities that others in this space simply cannot match. In blueberries, we continue to see benefits from our expanded acreage which is expected to eclipse 700 hectares of production.

Along with the yield improvements that will follow. As we enter the peak of our blueberry harvest in the fourth and first quarters, we expect meaningful volume increases as we move through the season. In summary, we are thrilled with the performance of our entire team. The combination of our marketing and distribution commercial execution, along with the recovery of volume from our international farming, and on top of that the growth stemming from our diversification initiatives demonstrates the strength, durability, and opportunity provided by our global platform. With that, I'll turn it over to Bryan for the financial details.

Bryan Giles: Thank you, John, and good afternoon to everyone on the call. Total revenue for the 2025 increased 10% to $357.7 million. The revenue growth was primarily driven by a 10% increase in avocado volumes sold, which was only partially offset by a 5% decrease in average per unit sales prices. The volume and price movements resulted from improved supply conditions. That were led by higher Peruvian avocado production during the current harvest season as a result of more favorable weather conditions in the current year and greater availability of Mexican avocados after experiencing harvest disruptions in the prior year. Gross profit increased $8.1 million or 22% to $45.1 million in the third quarter.

Gross profit percentage increased 120 basis points to 12.6% of revenue. The increase was driven by our International Farming segment, where avocado production was significantly higher due to increased yields at our own farms in Peru. SG&A expense increased $3.9 million, 19% compared to the same period last year, primarily due to higher employee-related costs, including incentive and performance-based stock compensation expense, as well as higher statutory profit-sharing expense in our International Farming segment associated with improved performance. Adjusted net income for the quarter was $18.2 million or $0.26 per diluted share compared to $16.7 million or 23¢ per diluted share last year.

Growth of adjusted net income was driven by an increase in operating income, as well as an $800,000 reduction in interest expense on lower rates than outstanding borrowings, and a $300,000 increase in equity method income that is primarily comprised of earnings from our investments in Henry Avocado Corporation. Adjusted EBITDA increased 3% to $32.6 million compared to $31.5 million last year, driven primarily by increased avocado production in the international farming sector. Turning now to the segments. Our marketing distribution segment net sales increased seven to $344.1 million for the quarter. Primarily due to avocado volume and pricing dynamics described previously. Segment adjusted EBITDA was $20 million compared to $20.8 million in the same period last year.

Which primarily reflects the normalization of per unit avocado gross margin in the current year period versus out of the prior year period where per unit margin significantly exceeded our historical averages. Our international farming segment delivered results, Gross sales increased 79% to $49 million and segment adjusted EBITDA increased $7.5 million or 163%. To $12.1 million compared to the same period last year. This strong year-over-year improvement was driven by significant recovery in our Peruvian avocado production following last year's weather-related impacts. The segment results also benefited from increased in avocado packing and cooling services provided to third-party growers during the quarter.

Net sales in the blueberry segment increased to $4.5 million from $1.6 million in the prior year period. And adjusted EBITDA increased to $500,000 primarily due to higher volumes from growth in acreage and yield as well as higher average per unit sales prices. Keep in mind that while sales in our blueberry have traditionally been concentrated in the fourth and first quarters of our fiscal year, in alignment with the Peruvian blueberry harvest season, our strategy within blueberries is to extend production over a larger portion of the year via pruning strategies and maturation of new genetic varieties. Shifting to our financial position. Cash and cash equivalents were $43.7 million as of 07/31/2025.

Cash provided by operating activities was $21.4 million for the nine months ended 07/31/2025, compared to $55.4 million for the same period last year. The year-over-year difference was primarily driven by higher working capital requirements in the current year, to significantly higher avocado production and harvest timing in the International Farming segment, which has translated to higher inventory balance balances. At the same time, we had lower short-term grower payable balances as a result of reduced reliance on third-party growers during the period.

Importantly, we began to realize the seasonal unlock of our working capital in the third quarter, stemming from sales of our International Farming segment inventory, We generated $34 million of operating cash flow during the third quarter and expect to build upon this in the fourth quarter. As we work through the balance of our Peruvian crop. Capital expenditures were $39.8 million for the fiscal year to date period. Which were primarily attributed to avocado and blueberry farming related in Latin America, and construction costs for our new pack house in Guatemala.

Our full year fiscal 2025 CapEx guidance remains in the range of $50 million to $55 million which includes approximately $10 million of projects that rolled over from fiscal 2024. Our trajectory of moderating capital spending remains on track as we complete these investments through fiscal 2026, positioning us to generate meaningful free cash flow in future periods. During the quarter, we continued to focus on debt reduction as our near-term priority. Our balance sheet remains strong with a net debt to adjusted EBITDA leverage ratio of approximately one time. Which allows us the flexibility for opportunistic capital allocation as appropriate opportunities arise.

Before I provide some context around our expectations for near-term industry conditions, I want to take an opportunity to address tariffs from a financial perspective. While we expect to incur approximately $10 million of direct tariff impact on avocado and mango imports to The US, on an annualized basis given the latest visibility we have from the administration. This is less than 1% of our total cost of goods, which we think is the right context when considering our exposure. Of that $10 million, approximately half is attributed to our South American production.

Despite these headwinds, which we view as modest, our competitive position was not impacted, and we are pleased to deliver what we think is a great quarter in the face of these fluid dynamics.

As for the near-term outlook, industry volumes are expected to be approximately 15% higher in the fourth quarter compared to the prior year period due to a combination of ample Peruvian product in the supply chain as the harvest season nears completion, and the transition to the New Mexican crop, which is expected to be larger than prior year due to favorable weather conditions, exported avocado production from Mission's owned farms in Peru, is expected to range between 105 million to 110 million pounds of which approximately 48 million pounds were sold through as of the end of fiscal third quarter.

Pricing is expected to be lower on a year-over-year basis by approximately 20% to 25% as compared to the $1.9 per pound average we experienced in the 2024. The decrease in pricing is directly correlated with expectations of higher volumes available in US and international markets. The blueberries harvest season improve will begin to ramp up during the fourth quarter. We expect to see meaningful volume increases from owned farms but the impact on revenue will likely be partially offset by lower average sales prices. That concludes our prepared remarks. Operator, now over to you. Please open the call to Q and A.

Operator: Thank you.

Operator: We will now be conducting a question and answer session. If you would like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press 2 to remove yourself from the queue. For participants using speaker equipment, one moment while we poll for questions. And our first question comes from the line of Ben Klieve with Lake Street Capital Markets. Please proceed with your question.

Ben Klieve: Alright. Thanks for taking my questions, and congratulations on a nice quarter here. First, a couple of questions on everybody's favorite topic of tariffs. Bryan, apologies if I'm making you repeat this, but you mentioned $10 million impact here within this fiscal year. Did you guys note the impact that has been on that has been seen to either in the third quarter or the first nine months of the year?

Bryan Giles: We didn't note it, but we've spent a little over $5 million on tariff-related expenses. Through the nine months ended. That's inclusive of the cost that we occurred back in Q2. So, yeah, we expect that what we see in Q4 will be largely in line with what we saw in Q3. Again, we'll see more volume, coming out of Peru. Into The US market, but, a slightly lower selling prices than what we were seeing. During the quarter that just finished.

Ben Klieve: Got it. Okay. That's helpful. And then just kind of a higher level kind of philosophical question on this topic is you know, I'm curious how this environment has impacted just kind of the order of trade. I mean, are you guys shipping more product out of Peru into Europe and into Asia? Are you seeing pricing in other international markets maybe come down as supply is shifting from The U.S. to those international markets? I mean, is there anything to call out kind of from those perspectives?

John Pawlowski: Hey, Ben. This is John Pawlowski. Good to hear you. Really, unfortunately, there's not a silver bullet answer here that something's changed a lot because it really hasn't. I think from a supply and demand perspective, things have remained pretty stable. I think when you think back to January, February, March when things were first announced, there were definitely some concerns about potential shifts in that environment. But as the overall environment has stabilized, what I mean by that is the tariff situation has become much more broad. You have a lot more different categories etcetera, that you're seeing a lot more stabilization, particularly around our category.

We did not do any significant or really any immaterial shifting of where we placed product this year because of those things we actually went to where the demand was, and we made sure we got product to where it needed to be in order to support that demand.

Ben Klieve: Okay. Got it. That's helpful. Thanks, John. And, one more for me, and I'll get back in queue. Mean, you noted, especially in Blueberry, some acreage increases this year. As we start looking to '26, can you talk a bit about your, you know, expectations for, you know, acreage expansion from '25 to '26 and perhaps beyond?

Steve Barnard: Let's just start with the blueberries. We have a target of about 600 or a thousand hectares net. We only have, I think, 40 hectares left to go on our original plan. What we do and how we do that, we develop half of it and put in double plants and then while they're maturing, we develop the balance of the irrigation and the fields and move them on. But I think by the end of this year, we'll be pretty well done with what we have budgeted to date on blueberries. We have a little bit left to do in Guatemala, but it's not really substantial on avocados. We have some extra land there.

But it's starting to slow down at least on the development of ranches.

John Pawlowski: Then I'll just clarify too. In the last harvest season with blueberries, we had somewhere between five hundred and five hundred and fifty hectares that were in a productive state. This year will be a little over 700 hectares. So that's, you know, 25% ish increase, in harvest acreage. I didn't as Steve alluded to, when we finish, we're gonna be close to a thousand. Hectares, and that will layer in over fiscal, you know, the 26-27, and probably the last part into the 27-28 harvest season.

So kinda where we're at today is we still see, you know, a few more years of meaningful ramps in production from where we've been, and then, then things should start to level off a bit as we kind of evaluate what, if any, our next steps, through that joint venture.

Ben Klieve: Very good. And I guess, sorry, a follow-up. I mean, you know, acreage I intended for that to become the bigger picture question around acreage expansion across all of your categories. Any other thoughts on kind of how we should look at harvest expansion in mangoes and avocados here over the next couple of years?

Steve Barnard: As far as planting, we don't have any big grand plan. Maybe filling in some corners on which branches we have and maybe some replants here and there. But nothing like we've had in the past.

John Pawlowski: Yeah. I think this is John. I think that when you think about the three different categories we're in, from an avocado perspective, is no real need and or desire on our side to invest further. I think the CapEx comments that Bryan made earlier are hold true to what our strategy is around leveraging those as they, you know, continue to mature because we'll see some productivity gains in those fields with no plan to further expand those. On the blueberry side, we've committed to that acreage in our joint venture where we've put the money in place to make sure that happens appropriately, and we're glide pathing towards that.

On the Mango side, we've been really happy with the productivity out of the farms that we have in place. But there's quite a few quality mango farmers around the world that are already doing a good job, and we plan on tapping into more of those partnerships to execute against our mango growth strategy. So as we think about the next three to five years, there's no plans to increase any kind of capital investments around acreage beyond what we've already shared.

Ben Klieve: Very good. I appreciate that from all of you. Congratulations again on a nice quarter. Thanks for taking my questions, and I'll get back in queue.

Operator: Thanks, Ben. Great. Ben. Thank you.

Operator: And our next question comes from the line of Gerry Sweeney with ROTH Capital Partners. Please proceed with your question.

Gerry Sweeney: Good afternoon, Steve, Bryan, John. Thanks for taking my call.

John Pawlowski: Hey, Gerry.

Gerry Sweeney: You be able to talk a little bit more about the international side? Obviously, you highlighted a little bit more in this quarter, and it's becoming I think, a little bit more prevalent in some of the commentary as we've moved through this year and from last year into this year. Just maybe some of the opportunities maybe even investments on that side. Obviously, you also highlight The UK facility gaining steam. Is there an opportunity to expand further in Europe or in Asia using that playbook?

John Pawlowski: And I also know layering on top of this long-winded question is pricing opportunity, pricing measurements with supermarkets and retailers in Europe and all that. Maybe just how should we look at the international side? Yeah. Gerry, this is John. I think that we are strategically oriented to really optimize and support The US market from a fulfillment standpoint. Based on the way we've set up our global sourcing strategy. All the investments we made over the years.

When we do have or what the playbook has been in the past is when we have, you know, available fruit and excess fruit or we know there's going to be, you know, seasons with excess fruit, then we have kinda pivoted and invested in, and Steve and team were had the foresight a couple years ago to say, hey. There's a lot of fruit coming into the marketplace over the next ten to fifteen years, and there's an opportunity from a consumption standpoint with per capita consumption starting to creep up and grow in Europe that let's put a facility in play there and, you know, plant a flag.

And I would say over the last two years, I think we've done an excellent job of working with that team in our team in Europe and executing against what our customers need most at the right times of year based on what's coming from a supply perspective. Our facility in The UK to highlight that, has done an excellent job, and our sales team in The UK has done an excellent job of building value in that marketplace with those retailers. Some of the things that we're really known for and good at here in The US optimizing global sourcing, programming all year round, helping with promotional planning and strategy and pricing, etcetera.

We've brought to some key retailers in The UK and have seen some nice increases in their volumes as well as some nice shifts from a profitability standpoint in their category. So we've been happy about that, and I quite frankly, I see that continuing to grow. The challenge there, Gerry, is there's not it's not a big enough market to say, hey. This is gonna be a really big deal for us in the long run, but it's a nice anchor head for us. In Europe, we haven't kind of put in place a distribution facility. We have a partner there that we work through.

And overall, over the long term in Europe, a play from an inorganic standpoint may be something that makes some sense for us. We haven't really thought about that or evaluated it all that much over the last couple of years. But we've definitely looked at the customer landscape and based on some learnings over the last few years, we've pivoted our focus to focus more on customers that need longer-term strategic programming with their fruit. And we've kinda hitched our saddle to the three or four top customers that move volume and that kind of proved to be very successful this year. In Asia, living direct retail. Which is the large direct retail firms. Correct.

That some of which also have a significant footprint here in The US. So we've got nice global partnerships with them. Shifting gears to Asia. You know, we've got some great partners in Asia as well as developed some new partnerships in Asia. It's a market that we've I would say has been fluid for us over the years. But we've also invested over the last twelve months on upgrading our team and talent there so we can drive that business forward into the future and have some work to do strategically on what the long term. Is.

Gerry Sweeney: Got it. Are the international markets more dependent on the size of the harvest coming out of Peru and Mexico? Is that what opens up more opportunity for you on the margin? Or how should we think about that?

John Pawlowski: Yeah. No. That's a great way to think of it. The way we're set up right now, that's exactly the way it works.

Gerry Sweeney: Got it. Okay. And then maybe a quick question for Bryan. I know SG&A was up but you called out everything performance and incentives, etcetera. And I'm not sure if that was due to the quarter or, you know, what would be a maybe SG&A run rate on a go-forward basis all things being equal.

Bryan Giles: Yeah. I know. Certainly, we do have a variable component to our SG&A, Gerry, that a profit-sharing component, particularly out of the farming segment. So when the results of the farming segment tend to peak in Q3, Q4, it tends to have an impact on that SG&A figure. So I would say that probably, you know, north of 50% of the increase we saw was attributed to variable costs that we saw increase this Q3 versus Q3 last year. So that one, it just makes it hard to like, peg a specific run rate because it isn't fixed in nature.

But, yeah, just to give you a sense as to what the drivers were this year of, you know, of what drove, you know, drove it up?

Gerry Sweeney: Yeah. No. And, obviously, record quarter and that makes sense. That's helpful. So, you know, record quarter is gonna mean higher SG&A. So got it. Alrighty. I'll jump back in queue. Thanks, guys, and congrats on a really great quarter.

John Pawlowski: Thanks, Gerry. Thank you.

Operator: Thank you. And ladies and gentlemen, at this time, I'm showing no further questions. I would like to end the question and answer session and turn the conference call back over to management for any closing remarks.

Steve Barnard: Well, thank you for your interest in Mission Produce, and we look forward to speaking with you again at the next quarter.

Operator: Thank you. Ladies and gentlemen, this does conclude today's conference call. Thank you for attending. You may now disconnect your lines, and have a wonderful day.

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