Mission Produce, Inc. · NASDAQ:AVO
Mission Produce — Investor Day (October 2026)
94 slides from Mission Produce's investor day presentation, Oct 8, 2026
Slide 1: Investor Day
Investor Day October 2026
Slide 2: Andrew Pearson
Andrew Pearson Vice President Investor Relations and Strategy W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I O N P R O D U C E 2 0 2 6 2
Slide 3: Important Information and Cautionary Statements
Important Information and Cautionary Statements General This presentation has been prepared by Mission Produce, Inc. (together with its subsidiaries, "Mission," the "Company," "we," "us" or "our") solely for use at the Company's Investor Day held on October 8, 2026. As used in this presentation, the
Slide 4: Important Information and Cautionary Statements, cont.
Important Information and Cautionary Statements, cont. Non-GAAP Financial Measures The Presentation includes the following financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"): Adjusted EBITDA, Adjusted Net Income, and Free Cash Flow. T
Slide 5: Today's agenda
Today’s agenda Opening Remarks JOHN PAWLOWSKI Fresh Avocado Platforms BROOKE BECKER All Other Platforms JOHN PAWLOWSKI Financial Summary BRYAN GILES Q&A Discussion W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I O N P R O D U C E 2 0 2 6 5
Slide 6: John Pawlowski
John Pawlowski President and Chief Executive Officer W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I O N P R O D U C E 2 0 2 6 6
Slide 7: A New Chapter: Built to Compound
Chapter 2: 2026+ A NEW CHAPTER Built to FOR MISSION PRODUCE Compound Chapter 1: 1983-2026 Built to Lead W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I O N P R O D U C E 2 0 2 6 7
Slide 8: Built to Lead
CHAPTER 1 Built to Lead W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I O N P R O D U C E 2 0 2 6 8
Slide 9: Provide better food for a brighter future.
OUR PURPOSE Provide better food for a brighter future. W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I O N P R O D U C E 2 0 2 6 9
Slide 10: We built the modern avocado category…
We built the modern avocado category… YEAR-ROUND PURPOSE-BUILT CUSTOMER SUPPLY NETWORK INTELLIGENCE W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I O N P R O D U C E 2 0 2 6 10
Slide 11: …and brought the consumer with us
…and brought the consumer with us U.S. Avocado Industry Volume1 (millions of pounds) 4,000 3,000 MSD Growth 2,000 Over 40 Years Compound Annual Growth 1,000 0 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2
Slide 12: A network built to win at the shelf
A network built to win at the shelf PROXIMITY TO DEMAND RIPE-FOR-RETAIL 13 distribution centers within 8 EXECUTION hours of nearly all U.S. Scaled capabilities deliver the customers right ripeness at the right time, 7 days a week RESPONSIVE CUSTOMER EMBEDDED CUSTOMER SUPPORT INFRASTRUCTURE 24/7/365
Slide 13: Tailored offerings that move the category
Tailored offerings that move the category Mission Produce’s packaging, branding, ripening, and size offerings are customized for each retail customer to best serve the unique needs of its shoppers W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I O N P R O D U C E 2 0 2 6 13
Slide 14: Owned farms strengthen Mission across supply cycles
Owned farms strengthen Mission across supply cycles STRATEGIC SUPPLY & CUSTOMER MARGIN NETWORK AGRONOMY CERTAINTY STABILITY ADVANTAGE 10,000+ controlled acres Controlled supply gives Owned production Mission’s farms supply approximately 15% Mission the ability to reduces reliance on spot- strengthen
Slide 15: Year-round availability creates customer certainty and raises switching costs
Year-round availability creates customer certainty and raises switching costs Jan-Mar Apr-Jun Jul-Sep Oct-Dec ORIGIN GROUP 52-week reliability Winter Spring Summer Fall MEXICO Customer embeddedness PERU CALIFORNIA Ability to deliver when supply tightens GUATEMALA COLOMBIA Margin resilience CHILE / D
Slide 16: Trusted where standards are highest
Trusted where standards are highest • Mission Produce is the leading avocado distributor with full farm-to-fork traceability • Global food safety experts and local teams maintain rigorous standards worldwide • Certifications and audit programs support the stringent requirements of top retail and foo
Slide 17: Category management drives growth and profitability for customers
Category management drives growth and profitability for customers Shopper Promotional Retail Insights Program Support Activations In-Store Innovative Digital Merchandising Packaging Engagement & Education Solutions W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I O N P R O D U C
Slide 18: We've earned the right to lead
We’ve earned the right to lead Mission Produce Sales1 >20 years #1 A proven of DD compounding growth global avocado distributor2 growth engine Double Digit Compound Annual Growth 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1. Mission
Slide 19: Built to Compound
Chapter 2 Built to Compound W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I O N P R O D U C E 2 0 2 6 19
Slide 20: 2035 Ambition
2035 Ambition Sales Adjusted EBITDA1 $4 billion $450 million Including M&A Including M&A Twice the scale. Three times the earnings power. BUILT TO COMPOUND. W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I O N P R O D U C E 2 0 2 6 20 1. The Company is unable to provide a reconc
Slide 21: The right levers for long-term shareholder returns
The right levers for long-term shareholder returns (five-year goals in green) ORGANIC SALES GROWTH MARGIN EXPANSION Grow > Market ~300 basis points CASH CONVERSION M&A + CASH RETURNS >90% Free Cash Flow Disciplined M&A Conversion Opportunistic Share Repurchases W O R L D ’ S F I N E S T A V O C A D
Slide 22: The right team is in place
The right team is in place John Pawlowski President & CEO Bryan Giles Joanne Wu Damian Ricketts Keith Barnard Brooke Becker CFO Chief Legal Officer CAO SVP, Global Sourcing SVP, Sales & Marketing Simón Gonzales Paul Frowde Frank Briseño Anita Lemos Ani Khachatoorian Andrew Pearson SVP, International
Slide 23: The right portfolio to compound growth
The right portfolio to compound growth Prepared International Established Foods Farming Category Platforms Blueberries Expansion Fiscal 2025 Proforma Net Sales1: $2.0 billion By Segment By Platform Marketing & Avocado Growth Distribution Platform W O R L D ’ S F I N E S T A V O C A D O S & M A N G O
Slide 24: Growth framework
Growth framework AVOCADO GROWTH PLATFORM CATEGORY EXPANSION ESTABLISHED PLATFORMS Win in avocado across all Cultivate the next growth Maintain strong cash strategic geographies. platform through category generation to help fund expansion. growth and cash returns. W O R L D ’ S F I N E S T A V O C A
Slide 25: Calavo positions us to strengthen supply, customer offering, and earnings
Calavo positions us to strengthen supply, customer offering, and earnings SECURE MORE Expanded sourcing and packing across SUPPLY Mexico and California SERVE MORE Fresh avocados plus guacamole, papayas NEEDS and tomatoes STRONG STRATEGIC FIT UNLOCK MORE SG&A and operations synergies expected VALUE t
Slide 26: Calavo integration starting off strong
Calavo integration starting off strong POOLING SUPPLY HIGHER SYNERGY OUTLOOK NET LEVERAGE REDUCTION TARGET +20% -0.5x 2→1 Better match. $25M+ → $30M+ By year-end 2027 Better service. W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I O N P R O D U C E 2 0 2 6 26
Slide 27: Calavo integration on track
Calavo integration on track COMPLETED U.S. FRESH OPERATIONS REMAINING OPERATIONS ONE COMPANY BY INVESTOR DAY FALL 2026 2027 WITHIN 18 MONTHS Early wins delivered Transition network + systems Connect remaining operations Operate as one Supply pooled Transition customers and volume Integrate Mexico pa
Slide 28: Calavo synergy outlook increased as integration advances
Calavo synergy outlook increased as integration advances Calavo Synergies1 (U.S. dollars in millions) $30 $25 Small contribution expected in Q4 2026 Full $30M run-rate targeted within 18 months Still meaningful upside potential Initial Estimate Updated Expectation SG&A Packaging & Distribution Freig
Slide 29: Delivering on our commitments
Delivering on our commitments Reaffirming fiscal year 2026 second-half and Q4 guidance. ADJUSTED EBITDA1 MISSION PERU EXPORTABLE VOLUME Second-half 2026 Q4 2026 Second-half 2026 Q4 2026 $84-88 $52-55 120-130 67-77 million million million pounds million pounds W O R L D ’ S F I N E S T A V O C A D O
Slide 30: Brooke Becker
Brooke Becker Senior Vice President Sales and Marketing W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I O N P R O D U C E 2 0 2 6 30
Slide 31: U.S. Avocado
AVOCADO GROWTH PLATFORM U.S. Avocado secular tailwinds, enduring growth W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I O N P R O D U C E 2 0 2 6 31
Slide 32: Secular tailwinds, enduring growth
U.S. AVOCADO Secular tailwinds, enduring growth GROWTH DRIVERS • Large category with durable tailwinds • Strong talent a critical $5.9B differentiator Addressable Market1 27% • Growth-driving capabilities Market Share2 1. Calculated by multiplying the 2025 USDA average avocado price by the 2025 tota
Slide 33: Nutrition is avocado's evergreen demand engine
Nutrition is avocado’s evergreen demand engine 1 SERVING OF FRESH AVOCADO Qualifies for FDA’s updated 20 nutrients Regulatory validation “healthy” claim and is included in federal dietary guidance1 6g good fat Resilient across wellness Avocados maintain a critical role cycles and trends due to their
Slide 34: U.S. demographic tailwinds
U.S. demographic tailwinds Hispanics are one of the fastest growing major U.S. demographic,3 are already over-indexing in avocado consumption,3 and continue to grow consumption. 30% 4x Hispanic share of avocado spend1 Hispanic population projected 10-year growth rate vs total population2 +31% +55% H
Slide 35: U.S. demographic tailwinds
U.S. demographic tailwinds New avocado buyers are getting younger and households with children are becoming the next-generation demand base. +7x 76% Gen Z share of new avocado households with children that buyers since 20191 purchase avocados1 +22% +13% avocado spend in households Millennial/Gen Z h
Slide 36: New avocado buyers become more valuable over time
New avocado buyers become more valuable over time U.S. Consumer Buy Rate1 (US Dollars) $44 $40 $27 New Buyer Year 2 Year 3 1. Numerator Insights, Customer Lifetime Value Analysis, 2023–2025. Cohort of U.S. households newly purchasing avocados in 2023. W O R L D ’ S F I N E S T A V O C A D O S & M A
Slide 37: Organic segment signals further upside within the avocado market
Organic segment signals further upside within the avocado market U.S. Organic Dollar Share1 U.S. Avocado Retail Price per Pound1 13% +26% +46% 8% organic avocado dollar sales growth in four years1 Avocado Produce Conventional Organic 1. Circana, total U.S. MULO+, calendar year 2025 W O R L D ’ S F I
Slide 38: Avocado going mainstream in restaurants
Avocado going mainstream in restaurants Avocados in U.S. Restaurants1 U.S. Avocado Penetration Growth in Restaurants1 (% of restaurants serving avocados) (% growth in restaurant penetration over 10 years) 65% 19% 58% 18% 56% 17% 44% 13% 10% 29% QSR Midscale Casual Fast Casual Fine Dining QSR Midscal
Slide 39: Breakfast + Snack: upside to the base case
Breakfast + Snack: upside to the base case Avocado’s biggest white space is Yogurt shows how a category with similar breakfast + snack attributes can scale Avocado Breakfast + Snack Consumption vs Benchmarks Yogurt Consumption2 (Pounds per capita) (Pounds per capita) 27 7x +625% 14 gap vs yogurt 14
Slide 40: Mission has a long history of winning
Mission has a long history of winning Mission Produce U.S. Industry Share1 (volume sales by fiscal year; does not include Calavo) 18.1% 16.0% 2018 2019 2020 2021 2022 2023 2024 2025 1. Mission Produce estimate based on Company volume and total industry volume reported by the Hass Avocado Board for e
Slide 41: People-powered moat: experienced people are infrastructure
People-powered moat: in a dynamic category, experienced people are infrastructure College Recruiting HOW DOES EXPERIENCE CREATE AN ADVANTAGE? Train in the business “I’ve been fortunate to work in a variety of roles at Mission, and each one has Promote from within taught me something different. You s
Slide 42: Customers choose the most dependable supply
Customers choose the most dependable supply • Mission agronomy support drives profitable yields Mission Grower Support Delivers Yield Advantage • 40+ years track record of strong returns 17,000 lbs Buyer of choice with growers • Largest supplier in California1 7,100 lbs worldwide • #1 exporter of av
Slide 43: Vertical integration drives sales for Mission and retailer
Vertical integration drives sales for Mission and retailer Committed supply Regional Retailer Velocity Comparison1 (thousands of pounds per week) Mission offers fixed volume for the season Greater pricing visibility 450 Supports earlier customer 341 planning +32% Mission uniquely enables Longer prom
Slide 44: Turning avocado intelligence into customer growth
Turning avocado intelligence into customer growth Data Diagnosis Retail Action Growth Shopper, market, Opportunity gaps, fair-share Assortment, pack, ripening, Sales, volume, share, households, competitive signals upside, demand signals merchandising shrink, profit CASE STUDY1 MEANINGFUL OUTPERFORMA
Slide 45: Mission Produce's capabilities enable consistent outperformance
Mission Produce’s capabilities enable consistent outperformance U.S. Avocado 5-year Organic Sales Growth Target KEY TAKEAWAYS (Annual Growth Rates) One of the most Secular and Mission’s best-in- >Market enduring category emerging tailwinds class capabilities +MSD growth stories in driving continued
Slide 46: International Avocado
AVOCADO GROWTH PLATFORM International Avocado global runway, proven capabilities W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I O N P R O D U C E 2 0 2 6 46
Slide 47: Global runway, proven capabilities
INTERNATIONAL AVOCADO Global runway, proven capabilities GROWTH DRIVERS • Underpenetrated consumption • Room to expand Mission’s $6.4B 3% position Market Share2 • Repeatable local playbook Addressable Market1 1. Rabobank. Global Avocado Update 2025, Europe and Asia, June 2025. 2. Estimate calculated
Slide 48: Meaningful consumption-growth opportunity
Meaningful consumption-growth opportunity Avocado Consumption (pounds per capita) Large international markets remain underpenetrated 28.0 U.S. + other higher- consumption markets demonstrate substantial headroom 10.2 3.8 4.0 Modest per-capita gains 0.5 1.0 1.0 can create meaningful Korea China Japan
Slide 49: Mission holds established positions and expertise in key markets
Mission holds established positions and expertise in key markets UK GERMANY SOUTH KOREA CHINA JAPAN 15% 3% 18% 1% 13% Mission Share Mission Share Mission Share Mission Share Mission Share Average >12 Years In Market Average >25 Years In Market W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S
Slide 50: A case study in driving international growth
UNITED KINGDOM A case study in driving international growth Deploying the Mission playbook to an underserved market drove 4x increase in volume in three years in the United Kingdom Mission Produce UK Avocado Volume (millions of kilograms) 4x 26 22 15 7 2022/23 2023/24 2024/25 2025/26 (forecast) Sour
Slide 51: Build a strong team
MISSION PLAYBOOK Build a strong team PAUL FROWDE ADAM SHAW KENNY MORAN LUKE STOCKDALE SEAN BAGHERI Managing Director Technical Director Sourcing Director Sales Director Commercial Director UK & Europe UK & Europe UK & Europe UK Europe 30+years 20+years 20+years 20+years 10+years produce experience p
Slide 52: Establish scalable operating platform
MISSION PLAYBOOK Establish scalable operating platform FULL-SERVICE CAPABILITIES Strategically Located Processing and Distribution In UK and Netherlands Mission Produce facility in Dartford, United Kingdom Ripening Cold storage Packing Advanced grading Bagging • Purpose-built capacity near major imp
Slide 53: Address retailers' largest needs
MISSION PLAYBOOK Address retailers’ largest needs Dependable Supply & Fulfillment Precision Ripening Trusted Partnerships • Year-round availability • Ripened to customer specifications • Integrated global support • Dependable delivery execution • Consistent consumer experience • Deep category expert
Slide 54: Mission's scale, expertise, and leadership support sustained international growth
Mission's scale, expertise, and leadership support sustained international growth International Avocado 5-year Organic Sales Growth Target KEY TAKEAWAYS (Annual Growth Rates) Underpenetrated Established local Repeatable >Market global category platforms give playbook +HSD with long runway Mission ri
Slide 55: John Pawlowski
John Pawlowski President and Chief Executive Officer W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I O N P R O D U C E 2 0 2 6 55
Slide 56: Prepared Foods
AVOCADO GROWTH PLATFORM Prepared Foods higher-margin avocado platform W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I O N P R O D U C E 2 0 2 6 56
Slide 57: Higher-margin avocado platform
PREPARED FOODS Higher-margin avocado platform GROWTH DRIVERS • Convenience trends • Product and application 3% versatility $2.7B Market Share2 • Fresh avocado drivers: Addressable Market1 health, demographics, foodservice, new occasions 1. IMARC Group, Global Avocado Processing Market report, August
Slide 58: High-growth, high-margin opportunity
High-growth, high-margin opportunity Global Avocado Processing Market Sales1 Mission Produce Gross Margin2 (U.S. dollars in billions) (% sales) +7% CAGR $2.7 +1,300bps $1.8 2019 2025 Legacy Mission Produce Prepared Foods Segment 1. IMARC Group, Global Avocado Processing Market report, August 2025. 2
Slide 59: More than 1 million new households entering category annually in U.S.
More than 1 million new households entering category annually in U.S. U.S. Guacamole Category Household Penetration 41% 36% 2020 2021 2022 2023 2024 2025 Source: Numerator Insights, years ending 10/31 W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I O N P R O D U C E 2 0 2 6 59
Slide 60: Prepared avocado benefits from similar growth drivers as fresh avocado
Prepared avocado benefits from similar growth drivers as fresh avocado Health Demographics Foodservice Breakfast + Snack Nutritional profile aligns with Appeal extends across Foodservice is a core demand Versatility supports more health and wellness trends consumer groups channel eating occasions So
Slide 61: Convenience unique to prepared avocado
Convenience unique to prepared avocado 66% 77% dual-income married-couple families1 Meals prepared <15 minutes2 +12%% Snacks eaten on the go vs. 3 years ago3 1. BLS Employment Characteristics of Families 2025, Released April 2026 (among married couple families); Circana/National Eating Trends; 2. Ci
Slide 62: Avocado's versatility creates significant runway
Avocado’s versatility creates significant runway New Occasions New Categories Expanding from a dip Spreads, sauces, eaten at get-togethers dressings, frozen, to everyday condiment and pulp New Experiences New Formats Flavor exploration, Squeeze pouch, ethnic cuisines, on-the-go sensory variety consu
Slide 63: Recent innovation delivering on multiple fronts
Recent innovation delivering on multiple fronts Mission’s differentiated squeeze pouch scaling quickly CONVENIENCE + NEW NEW NEW OCCASIONS FORMATS EXPERIENCES 4 67% 80% use the product like a positive-very positive unique flavor condiment1 experience1 profiles AvoFresco squeeze pouch highest rate of
Slide 64: Trusted supplier + natural adjacency = incremental sales
Trusted supplier + natural adjacency = incremental sales Long-tenured, trusted advisor in avocado category Already converting fresh avocado leadership into prepared avocado sales Recently won distribution with a serving customers since leading natural retailer 1983 A trusted and long-standing fresh
Slide 65: Growth-supporting infrastructure already in place
Growth-supporting infrastructure already in place MANUFACTURING COLD CHAIN DISTRIBUTION • ~100,000 square feet manufacturing • >1,000,000 square feet of owned cold-chain distribution built over 40 years • Installed capacity can support ~2x sales • Within ~8 hours of most U.S. customers • Minimal cap
Slide 66: Proven in fresh. Ready for prepared.
Proven in fresh. Ready for prepared. DEEPEST INSIGHTS OF THE PROVEN ABILITY TO GROW REPEATABLE PLAYBOOK AVOCADO CONSUMER CATEGORIES READY FOR PREPARED Sales Growth vs Prior Year +9 +10% points Purchasing Price Occasions Sensitivity Retail Consumer +1% Merchandising Profiles Rest of Market Mission Ca
Slide 67: Mission has the right to win across the avocado ecosystem
Mission has the right to win across the avocado ecosystem Prepared Foods 5-year Organic Sales Growth Target KEY TAKEAWAYS (Annual Growth Rates) • High-margin, growing category >Market with consumer runway +HSD • Mission advantaged from fruit HSD to finished product • Mission infrastructure and custo
Slide 68: U.S. Mango
CATEGORY EXPANSION U.S. Mango emerging category in a developed market W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I O N P R O D U C E 2 0 2 6 68
Slide 69: Emerging category in a developed market
U.S. MANGO Emerging category in a developed market GROWTH DRIVERS • Large category with early-stage U.S. adoption 6% • Global supply base with $900M Market Share2 room to scale Addressable Market1 • Mission network built for high-maintenance fruit 1. Calculated using 2025 USDA Trade Volume and avera
Slide 70: A long runway to grow mango consumption in the U.S.
A long runway to grow mango consumption in the U.S. U.S. Mango Consumption1,2 (pounds per capita) U.S. consumers eat roughly one third the 11.2 mangos as other importing markets1 2.7x Strong international consumption demonstrates mango’s broad consumer appeal 4.1 As awareness, availability, and conv
Slide 71: Mission is purpose built for high-maintenance fruit
Mission is purpose built for high-maintenance fruit Cold Chain Ripening Quality Speed to Shelf • Temperature-controlled from • Science-based ripening process • Hands-on quality inspections on • DCs within 8 hours of nearly post-harvest to delivery all incoming and outgoing fruit every retailer in U.
Slide 72: Product innovation and insights accelerate category growth
Product innovation and insights accelerate category growth Retail Ready Mango Bags Coachella Keitts • Data-driven: Built on insights • Fast-growing segment: Organic mango showing ~18% of mango spend volume up 154% since 2020, now 16% of total happens at club stores1 — a clear signal mango volume3 sh
Slide 73: Mission Produce's proven capabilities enable outperformance in mangos
Mission Produce’s proven capabilities enable outperformance in mangos U.S. Mango 5-year Organic Sales Growth Target KEY TAKEAWAYS (Annual Growth Rates) • Mangos a natural fit in terms of >Market infrastructure and operating +HSD strengths HSD • Growing category + Mission world-class capabilities to
Slide 74: Cash Generators
ESTABLISHED PLATFORMS Cash Generators W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I O N P R O D U C E 2 0 2 6 74
Slide 75: International Farming
ESTABLISHED PLATFORMS International Farming Reduces market exposure Guatemala farm expected and enables unique to come online in 2027 customer programs Continued yield Heavy investment phase improvement projected in complete Peru $24 million +LSD Projected 5-year 2025 sales after eliminations Sales
Slide 76: Blueberries
ESTABLISHED PLATFORMS Blueberries Complementary seasons Improved yields and enable year-round utilization costs drive moderate of people and assets profit growth Single distribution partner provides sales certainty $93 million +LSD Projected 5-year 2025 sales sales growth W O R L D ’ S F I N E S T A
Slide 77: Tomatoes and Papayas
ESTABLISHED PLATFORMS Tomatoes and Papayas Papayas Tomatoes Differentiated offering with solid customer demand +LSD Small crop managed for cash generation +LSD Projected 5-year Projected 5-year Managed to generate cash while sales growth Planting flexed based on sales growth serving a unique market
Slide 78: Turning established platforms into stronger cash generators
Turning established platforms into stronger cash generators Cash Generators KEY TAKEAWAYS 5-year Organic Sales Growth Target (Annual Growth Rates) Good businesses Managing with the Cash flows fund +LSD with attractive cash goal of maintaining growth and share generation over time performance repurch
Slide 79: Bryan Giles
Bryan Giles Chief Financial Officer W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I O N P R O D U C E 2 0 2 6 79
Slide 80: Our shareholder return levers and 5-year goals
Our shareholder return levers and 5-year goals ORGANIC SALES GROWTH MARGIN EXPANSION Grow > Market ~300 basis points CASH CONVERSION M&A + CASH RETURNS >90% Free Cash Flow Disciplined M&A Conversion Opportunistic Share Repurchases W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I
Slide 81: Organic sales growth
Organic sales growth Growth-oriented portfolio supports MSD organic sales growth goal Marketing & Distribution Prepared Foods Blueberries International Farming MSD HSD LSD LSD U.S. Avocado: MSD International Avocado: HSD U.S. Mango: HSD Tomatoes + Papayas: LSD Total Organic Sales Growth Target MSD W
Slide 82: Margin expansion: four drivers
Margin expansion: four drivers Margin Calavo SG&A Asset Mix Synergies Management Utilization Mission Produce Gross Margin1 Mission-Calavo Synergy Sales and SG&A Growth (% Sales) Estimate2 Potential (U.S. dollars in millions) MSD Farm +1,300bps $30 productivity $25 Supply Chain LSD volume leverage Le
Slide 83: Targeting >90% Free Cash Flow conversion
Targeting >90% Free Cash Flow conversion Free Cash Flow Conversion (3-year rolling) Lower capital intensity >90% 64% Strong earnings quality 17% Margin expansion -86% Targeting >90% by 2027 2023 2024 2025 3-year Rolling Target Free cash flow conversion defined as free cash flow divided by adjusted n
Slide 84: Disciplined capital allocation creates value
Disciplined capital allocation creates value Capital Allocation Priorities INVEST IN THE CORE REDUCE LEVERAGE CapEx % Sales ~3% Net Debt to Adjusted EBITDA <1.5x PURSUE DISCIPLINED M&A SHARE REPURCHASES Prioritize near-term ROIC Residual cash Accretion Opportunistic execution W O R L D ’ S F I N E S
Slide 85: Invest in the core
CAPITAL ALLOCATION ~3% Invest in the core CAPEX / SALES TARGET Protect Maintain Grow People • Food • Communities Reliability • Quality • Continuity Capabilities • Capacity • Cost Savings GROWTH CAPITAL RETURNS ROIC + IRR: Above cost of capital; focus on return magnitude and timing W O R L D ’ S F I
Slide 86: Maintain focus on healthy balance sheet
CAPITAL ALLOCATION Maintain focus on healthy balance sheet Net Debt to Adjusted EBITDA Current debt elevated but still reasonable 2.7x <1.5x Debt strategy prioritizes optionality Target 0.5x 0.3x Targeting <1.5x within 2 years 2024 2025 2026E Net Debt to Adjusted EBITDA is calculated as total debt,
Slide 87: Pursue disciplined M&A
CAPITAL ALLOCATION Pursue disciplined M&A Prepared Foods Capabilities “Emerging” Markets Capacity/Scale Small Bets • Value-added avocado ecosystem • Attractive, contestable avocado • Remove bottlenecks in priority • Emerging adjacencies markets markets • Domestic + international • Scale only when pr
Slide 88: Share repurchases
CAPITAL ALLOCATION Share repurchases Share Repurchases (U.S. dollars in millions) $13.2 $100 million share repurchase authorization • Lower future capex needs opens $6.1 more meaningful opportunity to return capital • Share repurchases deployed opportunistically when cash position, near-term cash ne
Slide 89: 5-year financial targets
5-year financial targets Metric Target Organic sales growth Mid Single Digits Adjusted EBITDA growth High Single Digits+ CapEx % of net sales ~3% Free Cash Flow conversion >90% Net Debt-to-Adjusted EBITDA <1.5x W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I O N P R O D U C E 2
Slide 90: Total shareholder return goals
Total shareholder return goals HSD-DD HSD+ MSD Organic Sales Margin Expansion Adjusted EBITDA M&A Share Repurchases Total Shareholder Return Growth Growth W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S | © M I S S I O N P R O D U C E 2 0 2 6 90
Slide 91: Key Messages
Key Messages CHAPTER ONE BUILT THE ASSETS AND CAPABILITIES Four decades of investment created Mission’s category leadership and a platform built for growth THE NEXT CHAPTER CONVERTS THE PLATFORM INTO RETURNS Mission’s 5-year plan supports high-single-digit to double-digit annual shareholder returns
Slide 92: Built to Compound
Built to Compound 9 2
Slide 93: Non-GAAP Reconciliations
W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S Non-GAAP Reconciliations Net (Loss) Income to Adjusted EBITDA and Net Leverage FY2022 FY2023 FY2024 FY2025 Net (loss) income $ (34.9) $ (3.1) $ 41.8 $ 40.5 Interest expense 5.5 11.6 12.6 9.4 Provision for income taxes 3.7 2.2 18.6 21.4 Deprecia
Slide 94: Non-GAAP Reconciliations
W O R L D ’ S F I N E S T A V O C A D O S & M A N G O S Non-GAAP Reconciliations Free Cash Flow and 3-Year Rolling Free Cash Flow Conversion FY2021 FY2022 FY2023 FY2024 FY2025 Net income (loss) attributable to Mission Produce, as reported $ 44.9 $ (34.6) $ (2.8) $ 36.7 $ 37.7 Stock-based compensatio