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October 29, 2025 0 Fresh Del Monte Produce Inc. Q3 2025 Earnings Presentation
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Mohammad Abu-Ghazaleh Chairman & CEO Monica Vicente Chief Financial Officer 1 Meet Our Speakers
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2 Forward-Looking Statement This presentation and the related earnings call contain certain forward-looking statements regarding the intent, beliefs or current expectations. These statements include statements that are preceded by, followed by or include the words “believes”, “expects”, “anticipates”, “may” or similar expressions with respect to various matters. Specifically, this press release and the earnings call contain forward-looking statements regarding (i) our plans and expectations for future performance, including: the timing and expected benefits of the planned divestiture of Mann Packing, (ii) our strategy to focus on high-margin, value-added products; our expectations regarding our high margin products, including pineapple varieties and related innovations and avocado and avocado-related products, and our ability to expand production and meet the ongoing demand, (iii) our ability to streamline operations and the impact that may have on our profitability and future growth, (iv) our expectations regarding customer growth and the expansion and diversification of our product offerings, (v) the impact of recent and future weather-related events on our business, and our ability to recover insurance proceeds, if any, to cover any damage or expenses; (vi) our commitment to maintaining a prudent capital structure and creating long-term value for shareholders and (vii) our financial outlook for the remainder of 2025 and 2026, including segment results, segment and consolidated fixed and variable costs, capital expenditures and the impact of our strategic initiatives to improve gross margin. It is important to note that these forward-looking statements are not guarantees of future performance and involve known and unknown risks and assumptions that may cause actual results, plans and performance to differ materially from those in the forward-looking statements as a result of various factors, including (i) ongoing elevated commodity and supply chain costs, raw materials, packaging materials, labor, energy, fuel and transportation costs, (ii) our ability to successfully execute on its strategic growth plans, including the expansion of our production capacity and sales of high-margin products, such as pineapples, and our ability to successfully implement technology to manage costs and pricing, (iii) the impact of tariffs, reciprocal and retaliatory tariffs, (iv) the impact of asset impairment or other charges, including those associated with exit activities, crop or facility damage or otherwise, (v) the impact of ongoing conflict in the Middle East on supply chain logistics and other disruptions in our supply chain, (vi) macroeconomic conditions affecting consumer spending, (vii) factors outside our control that impact our and other growers’ crop quality and yields, such as severe weather conditions, crop disease, disruptions or issues that impact our production facilities or complex logistics network, and the availability of sufficient labor during peak growing and harvesting seasons, (viii) the impact of foreign currency fluctuations, including the effectiveness of our hedging activities, (ix) competitive pressures and our ability to realize the full benefits of the inflation driven price increases implemented, (x) the impact of claims and adjustments proposed by the IRS or other foreign taxing authorities in connection with our current or future tax audits and our ability to successfully contest such tax claims and pursue necessary remedies, (xi) the cost and other implications of changes in regulations applicable to our business, including potential legislative or regulatory initiatives in the United States or elsewhere directed at mitigating the effects of climate change, (xii) damage to our reputation or brand names or negative publicity about our products, (xiii) our ability to protect our intellectual property, (xiv) our ability to successfully manage the risks associated with international operations, and (xv) the adequacy of insurance coverage. With respect to statements regarding the timing and expected benefits of the divestiture of Mann Packing, these risks also include the ability to receive all third-party consents and approvals, each parties’ ability and willingness to fulfill closing conditions and other factors beyond the parties’ control as well as our ability to realize the benefits of a streamlined portfolio and successfully implement our strategy of focusing on higher-margin, value-added categories including pineapples. In addition, these forward-looking statements and the information in this press release and the earnings call are qualified in their entirety by cautionary statements and risk factor disclosures contained in our Securities and Exchange Commission filings, including our most recently filed Annual Report on Form 10-K. All forward-looking statements in this press release are based on information available to us on the date hereof, and we assume no obligation to update such statements.
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Agenda • CEO Comments • Q3 2025 Financial Performance • Full-Year 2025 Outlook • Q&A 3
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Q3 2025 – CEO Business Highlights 4 • Strong execution across portfolio drove continued gross margin expansion in fresh and value-added products segment; pineapple program remains a standout. • Strategic portfolio actions: Signed agreement to divest Mann Packing to sharpen focus on higher-margin products, and exited underperforming banana farms in the Philippines. • Banana industry under pressure: TR4 confirmed in Ecuador; Black Sigatoka and TR4 accelerating across Latin America, impacting supply and raising costs. • Costa Rica hit hard: Industry production down 22% year-over-year (~18M boxes) driven by Black Sigatoka, adding cost pressure. • Call to action: Industry-wide collaboration needed to stabilize banana supply chain and support growers amid rising production and logistics costs.
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5 Financial Results Q4 & FY 2024 Financial Results Q3 2025
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Q3 2025 Financial Results • Higher net sales in the banana and other products and services business segments, driven by higher per unit banana selling prices, including the impact of tariff-related price adjustments in North America and the favorable impact of fluctuations in exchange rates related to the Euro. • Partially offset by lower sales volume in the fresh-cut vegetable product line following Q4 2024 strategic actions. • Higher per-unit production and procurement costs in the banana segment, along with increased distribution costs. • Gross margin decreased to 7.9%. • Adjusted gross margin* decreased to 9.2%. $40M $0.69 Adj. Operating Income* Adj. FDP Net Income* Adj. Diluted EPS* Adj. EBITDA* 6 Net Sales $1,022M Gross Profit $81M $33M $58M Adj. Net Sales $960M Adj. Gross Profit $88M
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Fresh and Value-Added Products Net Sales: $611M • Lower per-unit selling prices in the avocado product line (industry oversupply) and reduced net sales in the fresh-cut vegetable product line following Q4 2024 strategic actions. • Partially offset by higher sales volume and per-unit selling prices in the fresh-cut fruit product line and increased per-unit selling prices in the pineapple product line, along with tariff-related price adjustments in North America. 7 Adjusted Net Sales*: $548M vs. $551M Adjusted Gross Profit*: $76M vs. $67M Adjusted Gross Margin*: 13.9% Gross Profit: $68M / Gross Margin: 11.2% Net Sales: Gross Profit: • Higher per-unit selling prices in the pineapple and fresh-cut fruit product lines. • Partially offset by lower net sales.
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8 Banana Net Sales: Gross Profit: Net Sales: $358M • Higher per-unit selling prices across all regions, favorable Euro exchange rates and tariff-related adjustments in North America; Middle East sales volume rebounded after prior-year Red Sea disruptions. • Partially offset by lower sales volume in Asia and North America, reflecting softness in market demand. Adjusted Gross Profit*: $4M vs $22M Adjusted Gross Margin*: 1.2% • Higher production and procurement costs from adverse weather, increased distribution costs, and an allowance recorded on a receivable tied to an independent grower in Asia. Gross Profit: $5M / Gross Margin: 1.3%
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Net Sales: $53M 9 Other Products & Services • Higher net sales in the third-party freight business. • Partially offset by lower per-unit selling prices in the poultry and meats business. Gross Profit: $8M / Gross Profit Margin: 14.8% • Lower net sales and higher production costs in the poultry and meats business. Net Sales: Gross Profit:
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` 10 Q3 2025 Selected Financial Data
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Q3 2025 Selected Financial Results *Non-GAAP financial measure. Reconciliations and other information required by Regulation G can be found in the Appendix section of the presentation. 11 $234M 0.33x Long-Term Debt Adj. Leverage Ratio* $173M $36M 201,514 shares / $7.2M Dividend Share Repurchase Program Declared $0.30/share Net Cash Provided by Operating Activities Capital Spending
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12 Financial Outlook For Full-Year 2025
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13 Key Challenges and Financial Outlook Q&A
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14 Appendix Non-GAAP Reconciliations
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Fresh Del Monte Produce Inc. and Subsidiaries Reconciliations of Non-GAAP Financial Measures 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 referred to in this presentation as “non-GAAP measures.” Management believes these non-GAAP measures provide a more comparable analysis of the underlying operating performance of the business. These non-GAAP measures include the following: Adjusted gross profit, Adjusted gross margin, Adjusted operating income, Adjusted FDP net income, Adjusted diluted EPS, EBITDA, Adjusted EBITDA, EBITDA margin, Adjusted EBITDA margin and Adjusted Leverage Ratio. Adjusted gross profit, Adjusted gross margin, Adjusted operating income, Adjusted FDP net income and Adjusted diluted EPS each reflect adjustments relating to asset impairment and other charges, net, gain on disposal of property, plant and equipment, net, and other product-related (credits) charges. EBITDA is defined as net income attributable to Fresh Del Monte Produce Inc. excluding interest expense, net, provision for income taxes, depreciation and amortization, and share-based compensation expense. Adjusted EBITDA represents EBITDA with additional adjustments for asset impairment and other charges, net, gain on disposal of property, plant and equipment, net and subsidiary, and other product-related charges. EBITDA margin represents EBITDA as a percentage of net sales, and Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of net sales. Adjusted Leverage Ratio represents net debt (total short-term and long-term debt outstanding, including current portion of long-term debt and finance leases and letters of credit, less cash and cash equivalents) divided by Adjusted EBITDA for the trailing twelve-month period. These non-GAAP measures provide the Company with an understanding of the results from the primary operations of its business. The Company uses these metrics because management believes they provide more comparable measures to evaluate period-over-period operating performance since they exclude special items that are not indicative of the Company's core business or operations. These measures may be useful to an investor in evaluating the underlying operating performance of the Company's business because these measures: 1. Are used by investors to measure a company's comparable operating performance; 2. Are financial measurements that are used by lenders and other parties to evaluate creditworthiness; and 3. Are used by the Company's management for various purposes, including as measures of performance of its operating entities, as a basis of strategic planning and forecasting, and in certain cases as a basis for incentive compensation. Because all companies do not use identical calculations, the Company's presentation of these non-GAAP financial measures may not be comparable to similarly titled measures used by other companies. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are provided in the financial tables herein. 15 Third Quarter 2025
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Fresh Del Monte Produce Inc. and Subsidiaries Reconciliations of Non-GAAP Financial Measures 16
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Fresh Del Monte Produce Inc. and Subsidiaries Reconciliations of Non-GAAP Financial Measures 17
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Fresh Del Monte Produce Inc. and Subsidiaries Reconciliations of Non-GAAP Financial Measures 18
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Fresh Del Monte Produce Inc. and Subsidiaries Reconciliations of Non-GAAP Financial Measures 19
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Fresh Del Monte Produce Inc. and Subsidiaries Reconciliations of Non-GAAP Financial Measures 20
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Fresh Del Monte Produce Inc. and Subsidiaries Reconciliations of Non-GAAP Financial Measures 21
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Fresh Del Monte Produce Inc. and Subsidiaries Reconciliations of Non-GAAP Financial Measures
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Fresh Del Monte Produce Inc. and Subsidiaries Reconciliations of Non-GAAP Financial Measures