Mission Produce, Inc. · NASDAQ:AVO
Mission Produce — Investor Presentation (June 2024)
23 slides from Mission Produce's investor presentation, Jun 7, 2024
Slide 1: Investor Presentation June 2024
Investor Presentation June 2024 Mission Produce This presentation is for informational purposes only. Any information, content, or recommendations included herein shall not be construed as a guarantee of future results. We make no representations or warranties, and expressly disclaim any representat
Slide 2: Notice to and Undertaking by Recipients; Forward-Looking Statements
Notice to and Undertaking by Recipients This presentation does not purport to be all-inclusive or to contain all of the information that the Recipient may require. The Company expressly disclaims any and all liability relating to or resulting from the use of this presentation. This presentation may
Slide 3: A Global Leader
A GLOBAL LEADER • Four decades of investing in people, technology, and infrastructure • Global, year-round supply of avocados & mangos • Supply chain & logistics management • Strategically located sourcing & distribution • Vertically integrated: grower – packer – shipper • Economies of scale • Large
Slide 4: Mission purchases remaining 50% interest in Grupo Arato
Mission purchases the remaining 50% interest in Peruvian joint venture, Grupo Arato 4
Slide 5: Mission Produce's Global Network
Mission Produce’s Global Network 19 facilities of operation,1 13+ countries of origin,2 27 countries of distribution2 1. Includes access to 10 ripening & distribution centers in North America, 2 packinghouses in Mexico, 1 packinghouse in Peru, 4 ripening & distribution centers in China, 1 ripening &
Slide 6: A Long Track Record of Growth
A Long Track Record of Growth $1.08 billion LTM 2Q24 Revenue 5.3% ’13-’23 Avocado Volume CAGR 7.9% ’13-’23 Revenue CAGR LTM 2Q24 Avocado Volume663 mm lbs. Note: Fiscal year ended October 31. 1 lug = 25lbs, or 1 box. (1)Non-GAAP reconciliation located in the appendix. Revenue by Type Avocado VolumeFi
Slide 7: Fiscal 2024 Second Quarter Overview
2Q23 2Q24 +$71.8$221.1 2Q23 2Q24 Fiscal 2024 Second Quarter Overview (1) Non-GAAP reconciliation located in the appendix.. Revenue ($mm) Net (Loss) Income ($mm) 2Q24 Financial Highlights $297.6 $20.2 $7.6 +$ 12 .6 • Achieved second consecutive quarter of record results demonstrating continued strong
Slide 8: Focused Growth Strategy
Focused Growth Strategy Capitalize on strong growth trends in our core U.S. market by expanding our nationwide distribution network Leverage our global supply chain and distribution capabilities to continue developing international markets Diversify sourcing to enhance our global market-leading posi
Slide 9: Supporting Tailwinds Driving Market Growth
Supporting Tailwinds Driving Market Growth 1. Consumer Interest in Healthy Eating: • With more than 20 vitamins and minerals, avocados are associated with heart health, weight health, and skin health. (1) • 62% of consumers consider healthfulness to be a key driver in the decision to purchase food a
Slide 10: State-of-the-Art Infrastructure Covering North America Markets
State-of-the-Art Infrastructure Covering North America Markets Packhouse Advantages ➤ High-definition grading cameras ➤ State-of-the-art washing, sorting, packing, and bagging line ➤ Industry-leading post-harvest practices (cold chain) ➤ Ocean container plug-ins Forward Distribution and Ripening Cen
Slide 11: Preferred Supplier with Custom Programs & Value-Added Services
Mission is Positioned as a Preferred Supplier by Offering Custom Programs & Value-Added Services We provide customers with leading operations and industry insights geared toward driving sales • Ripening to customer specifications • Logistics management (especially trucking) • Hands-on training to fa
Slide 12: Mango program: year-round supply and ripening capabilities
• Year-round supply • Top mango varieties: Kent, Keitt, Tommy Atkins, Palmer, Honey, Haden • Advanced ripening capabilities & custom ripe programs • Around-the-clock service • Educational tools and resources We leverage our vertical integration in Peru and international growing partnerships to acces
Slide 13: Channel Segmentation Strategy Based on Growth and Profitability
Channel Segmentation Strategy Based on Growth and Profitability We are the preferred partner across Retail, Food Service, Wholesale, and International Channels ➤ Leading our customer & partner relationships with excellence ➤ Competitive positioning in sales, sourcing, and operations to serve custome
Slide 14: Global Avocado Consumption is Poised to Grow
(1) Rabobank. Global Growth Far from Over. May 2023. (2) CIRAD. FruiTrop Magazine May-June 2023. Global Avocado Consumption is Poised to Grow 2022 Global Per Capita Consumption (1,2) Mission is driving year-round availability in international markets to meet growing demand International Growth Oppor
Slide 15: Multiple-Source Strategy Drives Year-Round Availability
Multiple-Source Strategy Drives Year-Round Availability to Meet Global Demand 15 15 Avocado Availability Row size generally represents each origin’s annual share of volume sourced for distribution
Slide 16: Multiple-Source Strategy: Mango Global Availability
Multiple-Source Strategy Drives Year-Round Availability to Meet Global Demand 16 16 KentPERU Tommy AtkinsGUATEMALA MEXICO Honey Tommy Atkins Haden Kent Keitt ECUADOR Kent Tommy Atkins Honey Keitt BRAZIL Tommy Atkins Palmer Kent Keitt JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Mangos–Global Avai
Slide 17: International Farming and Vertical Integration: Peru
We own 100% of our avocado and mango farming operations and packhouse, as well as a controlling interest in our blueberry farming operation. • It enables us to leverage our resources to grow, pack, and ship complementary commodities, such as mangos and blueberries • With commodities year-round, we c
Slide 18: Owned Operations: Cultivated Farms Annual Growth in Peru
1,730 1,800 2,630 2,630 2,630 2,640 3,000 3,360 3,720 3,930 3,870 200 200 300 300 300 300 300 300 10 80 110 140 230 340 350 390 460 560 1,730 1,810 2,710 2,940 2,970 3,170 3,640 4,010 4,410 4,690 4,730 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Note: Hectare count is approximate and has
Slide 19: Vertical Integration: Colombia, Guatemala, South Africa
VERTICAL INTEGRATION COLOMBIA GUATEMALA2 1. As of October 31, 2023. 2. Not authorized for U.S. entrance 3. As of November 22, 2023. 1,700 planted acres1 700 planted acres3 1,800 planted acres1 SOUTH AFRICA2 Colombia • Partnered with one of the largest avocado producers in Colombia, to grow, pack, an
Slide 20: Recent Capital Investments
(1) The Blueberries segment was consolidated prospectively on May 1, 2022. (2) Includes 2018 buyout of remaining 50% interest in Peru farming JV. ➤ Invested >$500mm across capital expenditures and equity investments during the past 10 years: (2) ➤ Mega facility in Laredo, TX supporting MX distributi
Slide 21: Long-term Financial Outlook
Long-term Financial Outlook ➤ Bullish outlook on avocado consumption driving global revenue growth, with volume and market share growth translating to improved leverage of distribution and farming investments ➤ Year-over-year variability to be expected in our industry – growth unlikely to come in st
Slide 22: Strategic Priorities Summary
Strategic Priorities Summary 22 22
Slide 23: Appendix: Non-GAAP Reconciliation
23 Appendix: Non-GAAP Reconciliation 23