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0 DEL MONTE CORPORATION Q3 2026 Investor Supplement October 28, 2026
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Forward-looking statement 1 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”, “anticipates”, “may” or similar expressions with respect to various matters. Specifically, this presentation contains forward-looking statements regarding the Company’s plans and expectations for future performance, including: the expected benefits of the Del Monte Foods acquisition; the Company’s ability to strengthen brand consistency, expand customer reach, enhance efficiency and build a stronger, more flexible platform focused on innovation and long-term value creation. It is important to note that these forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties and assumptions that may cause the Company’s actual plans and performance to differ materially from those expressed in or implied by the forward-looking statements as a result of various factors, including: the occurrence of any event, change or other circumstances under which the anticipated benefits of the Del Monte Foods acquisition are not realized when expected or at all, including as a result of the impact of, or problems arising from, our inability to successfully execute on our integration strategy, the diversion of management’s attention from ongoing business operations and opportunities, operating costs and business disruption following the Del Monte Foods acquisition, litigation exposure and other liabilities associated with the Del Monte Foods acquisition; the Company’s ability to service the additional indebtedness incurred as a result of the acquisition of Del Monte Foods and comply with covenants under our credit facility; the effects of tariffs, including developments relating to IEEPA refunds; adverse weather conditions, and manufacturing processes with those of the Company's, ongoing elevated commodity, freight and supply chain costs; and risks associated with the conflict in the Middle East, including disruptions to shipping lanes through the Strait of Hormuz and congestion at other ports. In addition, these forward-looking statements and the information in this presentation are qualified in their entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission filings, including the Company’s most recently filed Annual Report on Form 10-K. All forward-looking statements in this presentation are made only as of the date of this presentation based on information available to us on the date hereof, and we assume no obligation to update such statements except as required by law.
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MARKET SIZE TH E D M C ADVANTAGE BRAND + SCALE Recog nized brand with g lobal sourcing and distribution capabilities PO RTFO LIO M IX Premium fresh and Prepared Foods broaden the earnings EXECUTION UPSIDE Improved mix, margins and earnings resilience 01 STRUCTURAL DEMAND H ealth and wellness support dem and for for fresh, natural and m inim ally processed processed foods. Fresh fruit is an everyday category retail and foodservice. 02 Ready-to-eat, pre-cut and single-serve formats meet busy lifestyles and snacking occasions. Packag ing , cold chain and dig ital retail expand access, shelf life and prem ium offering s. 03 Higher incomes support spending on premium and convenience-oriented fruit. O rg anic and exotic varieties create additional additional value-added opportunities. Sources: Fortune Business Insights; Market Size And Trends. PREMIUMIZATION + CONVENIENCE INVESTMENT TAKEAWAY FAVORABLE CATEGORY DYNAMICS REGIONAL SHARE FORECAST GROWTH $911.6B 34% 4.7% GLOBAL FRESH FRUIT MARKET NORTH AMERICA SHARE OF GLOBAL FRESH FRUIT MARKET GLOBAL PACKAGED FRESH FRUIT MARKET Projected market size, 2034 3.66% CAGR, 2026-2034 Revenue share, 2025 Largest regional market Forecast period, 2026-2033 $78.5B in 2025 to $112.3B in 2033 DMC provides exposure to durable health-and-wellness demand and growing convenience formats, supported by a broader fresh and prepared foods platform designed to enhance product portfolio mix and earnings quality.
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3 Expanding the earnings base while improving execution and connecting complementary capabilities Building A Stronger, More diversified del Monte 01 MORE DIVERSIFIED EARNINGS BASE 02 03 STRATEGIC VALUE CREATION 01 Del Monte Foods broadens the portfolio and adds greater balance across fresh, prepared and value-added categories, with capital and operating resources directed toward premium products and opportunities with the strongest earnings and cash generation potential. 02 DIFFERENTIATED OPERATING PLATFORM Connecting global agriculture, vertically integrated supply, manufacturing capabilities and the unified Del Monte® brand, while optimizing the production and distribution network to improve asset utilization, lower costs and expand margins. 03 INNOVATION-LED VALUE CREATION Expanding consumer occasions, improving mix and supporting sustainable margin expansion through pricing discipline, sourcing flexibility and productivity, while protecting customer service levels. STRONGER EXECUTION + COMPLEMENTARY CAPABILITIES A broader platform for profitable growth EXECUTION & MARKET PROOF POINTS ~98% CUSTOMER FILL (1)RATES Customer fill rate ahead of the holiday season, up from 87% in the prior-year period (+11 pts). ~25% CANNED VEGETABLES (2)RATES North American market share ~90% REFRIGERATED FRUIT (2)RATES North American market share (1) Del Monte Foods internal customer service reporting, September 2026. (2) Circana, Total U.S. Multi-Outlet + Convenience, latest 52 weeks ended September 2026; market share based on dollar sales. Sources:
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4 Financial Results Q4 & FY 2024 Financial Results Q3 2026
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Q3 2026 Financial Results 5 *Financial Results, including adjusted results, exclude the impact of the divestiture of Mann Packing. Reconciliations and other information required by Regulation G can be found in the Appendix section of the presentation. Reported Results ($ in millions, except per-share amounts) GAAP ADJUSTED* Net sales $1,095.3M - Gross profit $102.6M - Net income attributable to Del Monte $18.3M $23.6M Diluted EPS $0.39 $0.50 EBITDA $54.6M $60.9M Operating income $29.1M $35.4M 9.4% GROSS MARGIN 5.6% Based on Adjusted net sales ADJ. EBITDA MARGIN Q3 2026 PERFORMANCE HIGHLIGHTS Net sales increased 7% to $1.1 billion Driven by the Del Monte Foods acquisition, partially offset by the Mann Packing divestiture, lower banana, avocado and fresh-cut fruit volumes. Gross profit increased 27% to $102.6 million Despite higher production, procurement, ocean freight and distribution costs, as well as $6.8 million of adverse foreign currency impact.
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Q3 2026 segment performance 6 Reported Results SEGMENT NET SALES 2026 NET SALES 2025 GROSS PROFIT 2026 GROSS MARGIN 2026 GROSS PROFIT 2025 GROSS MARGIN 2025 Fresh & Value-Added Products $461.3M $549.0M $50.5M 10.9% $64.3M 11.7% Bananas $313.3M $358.0M $(2.7)M (0.9)% $4.6M 1.3% Prepared Products $261.2M $61.5M $45.8M 17.5% $4.0M 6.5% Other Products & Services $59.5M $53.4M $9.0M 15.1% $7.9M 14.8% TOTAL $1,095.3M $1,021.9M $102.6M 9.4% $80.8M 7.9% *Financial Results, including adjusted results, exclude the impact of the divestiture of Mann Packing. Reconciliations and other information required by Regulation G can be found in the Appendix section of the presentation. FRESH & VALUE-ADDED PRODUCTS Lower avocado volumes and higher pineapple and fresh-cut costs pressured results. BANANAS Lower volumes and ocean freight, weather and currency headwinds reduced profitability. PREPARED FOODS The acquired business drove strong growth and expanded gross margin to 17.5%. OTHER PRODUCTS & SERVICES Higher freight activity supported growth and improved margin.
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` 7 Selected Financial Data
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Q3 2026 Capital Allocation & Financial Position 8 Reported Results Shareholder Returns repurchased in the first nine months of 2026 OPERATING CASH FLOW $53.1M First nine months 2026 CAPITAL SPENDING $69.2M First nine months 2026 LONG-TERM DEBT $482.5M At quarter end ADJ. LEVERAGE 1.89x $0.30 Quarterly dividend declared per share $20.0M / 565,213 shares *Financial Results, including adjusted results, exclude the impact of the divestiture of Mann Packing. Reconciliations and other information required by Regulation G can be found in the Appendix section of the presentation.
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9 Financial Outlook For 2026
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Full-Year 2026 outlook* - Enhancing Shareholder Value 10 13%–15% $230M–$240M Adjusted EBITDA *Excludes the divested Mann Packing business exited in December 2025. Includes nine months of Del Monte Foods. SEGMENT OUTLOOK KEY DRIVERS 2026 GROSS MARGIN Fresh & Value-Added Premium pineapple demand; favorable mix; production and sourcing optimization 11%–12% Bananas Competitive market conditions; input-cost pressures; selective footprint and sourcing optimization 2%–3% Prepared Foods Del Monte Foods integration; pricing and trade spend optimization; integration efficiencies 14%–15% Other Products & Services Logistics productivity; cargo mix; cost and pricing discipline 10%–11% Net Sales Growth Year-over-Year $85M–$95M Capital Expenditures $55M–$65M External Cost Pressures Del Monte Foods 2026 Outlook Net Sales $648M Prior $625M Adj. EBITDA $42M Prior $35M With respect to the Company's guidance with respect to Adjusted EBITDA and Adjusted net sales growth, each of which are non-GAAP financial measures, the Company does not provide a reconciliation of these forward-looking non-GAAP measures to the most directly comparable GAAP measures because it is unable to predict with reasonable certainty certain items that may affect such measures, including acquisition, integration and restructuring costs related to the Del Monte Foods acquisition, potential impairment charges, gains or losses on asset dispositions, foreign currency effects, fair value adjustments and other items that may be affected by future events, business decisions or market conditions. The timing and amount of these items are inherently uncertain and could be material to the Company’s GAAP results. Accordingly, such reconciliations are not available without unreasonable efforts.
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11 Appendix Non-GAAP Reconciliations
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12 Del Monte Corporation and Subsidiaries Reconciliations of Non-GAAP Financial Measures Third Quarter 2026 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 net sales, Adjusted gross profit, Adjusted gross margin, Adjusted operating income, Adjusted DMC net income, Adjusted diluted EPS, EBITDA, Adjusted EBITDA, EBITDA margin, and Adjusted EBITDA margin. Adjusted net sales, Adjusted gross profit, Adjusted gross margin, Adjusted operating income, Adjusted DMC net income and Adjusted diluted EPS each reflect adjustments relating to the divestiture of Mann Packing, asset impairment and other charges, net, gain on disposal of property, plant and equipment, net and other product-related charges. EBITDA is defined as net income attributable to Del Monte Corporation excluding interest expense, net, provision for income taxes, depreciation and amortization, and share-based compensation expense. Adjusted EBITDA represents EBITDA with additional adjustments for the divestiture of Mann Packing (excluding the impact of depreciation, amortization, asset impairment and other charges, net, gain on disposal of property, plant and equipment, net and income taxes already included within the EBITDA calculation), sales claims arising from delays and disruptions to shipments passing through the Strait of Hormuz, asset impairment and other charges, net, gain on disposal of property, plant and equipment, net, 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 Adjusted net sales. 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.
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Del Monte Corporation and Subsidiaries Reconciliations of Non-GAAP Financial Measures 13
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