Slide 1: Q4 & FY 2024 Earnings Call Presentation
Q4 & FY 2024 Earnings Call Presentation February 24, 2025 1
Slide 2: Presenters: Chairman & CEO and SVP, CFO
Mohammad Abu-Ghazaleh Monica Vicente Chairman & CEO SVP, CFO
Slide 3: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation and the related earnings call contain certain forward-looking statements regarding the intent, beliefs or current expectations of the Company. These statements include statements that are preceded by, followed by or include the words “believes”, “expects”
Slide 4: Agenda
AGENDA • Business Update • Q4 & Full Year Financial Results • Q&A 4
Slide 5: Business Highlights
BUSINESS HIGHLIGHTS Financial Highlights • Fresh and value-added products segment, including pineapples, fresh-cut fruit, and avocados performed exceptionally well in 2024 • Gross margin improved to 8.4% compared with 8.1% in the prior year period • Underscores progress in building a more profitable
Slide 6: Q4 & FY 2024 Financial Results
Q4 & FY 2024 FINANCIAL RESULTS
Slide 7: Q4 & Full Year 2024 Financial Results
Q4 & FULL YEAR 2024 FINANCIAL RESULTS NET SALES ADJ. OPERATING INCOME* Q4: $1,013 vs. $1,009M PY Q4: $17 vs. $12M PY FY: $4,280M vs. $4,321M PY FY: $159M vs. $165M PY • Q4: Driven by higher net sales in the fresh and value-added products segment, primarily due to higher per unit selling prices, part
Slide 8: Fresh and Value-Added Products
FRESH AND VALUE-ADDED PRODUCTS NET SALES FULL YEAR 2024 • Net Sales: • Increased 5% compared with the prior-year period, a result of higher per unit selling prices and sales volume in the avocado and pineapple product lines due to stronger demand, as well as higher sales volume in the melon product
Slide 9: Banana
BANANA NET SALES FULL YEAR 2024 • Net Sales: • Decreased 10% primarily due to lower sales volume in North America, due to competitive market pressures, and lower sales volume in Asia, due to decreased supply from the Philippines as a result of weather-related events, and the negative impact of excha
Slide 10: Other Products & Services
OTHER PRODUCTS & SERVICES NET SALES FULL YEAR 2024 • Net Sales: • Decreased primarily due to the sale of the plastics subsidiary during the prior-year period • Partially offset by higher net sales in the poultry and meats business, driven by higher per-unit selling prices • Gross Profit: GROSS PROFI
Slide 11: Selected Financial Data
SELECTED FINANCIAL DATA
Slide 12: FY 2024 Selected Financial Results
FY 2024 SELECTED FINANCIAL RESULTS Income Tax Rate Adj. Leverage Ratio* 17% vs. 15% PY 0.98 vs. 1.7x PY Net Cash Provided by Operating Activities Capital Spending $52M vs. $58M PY $183M vs. $178M PY Long-Term Debt Dividend $244M vs. $400M PY Declared $0.30/share vs. $0.25/share PY 12 12 *Non-GAAP fi
Slide 13: Key Challenges and Financial Outlook
KEY CHALLENGES AND FINANCIAL OUTLOOK
Slide 14: Q&A
Q&A
Slide 15: Appendix: Non-GAAP Reconciliations
APPENDIX NON-GAAP RECONCILIATIONS 15
Slide 16: Reconciliations of Non-GAAP Financial Measures Full Year 2024
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES Full Year 2024 The Company's results are determined in accordance with U.S. generally accepted accounting principles (GAAP). Certain information presented reflects adjustments to GAAP measures that are refer
Slide 17: Reconciliations of Non-GAAP Financial Measures
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Slide 18: Reconciliations of Non-GAAP Financial Measures
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Slide 19: Reconciliations of Non-GAAP Financial Measures
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Slide 20: Reconciliations of Non-GAAP Financial Measures
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Slide 21: Reconciliations of Non-GAAP Financial Measures
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Slide 22: Trailing Twelve Months Leverage Ratio Q4 2024
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES Trailing Twelve Months Leverage Ratio Q4 2024 (U.S. dollars in millions) - Unaudited Trailing Twelve Months December 27, Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024* Net income attributable to Fresh Del Monte Produ
Slide 23: Reconciliations of Non-GAAP Financial Measures
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
Slide 24: Reconciliations of Non-GAAP Financial Measures
FRESH DEL MONTE PRODUCE INC. AND SUBSIDIARIES RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES