Mission Produce, Inc. Common Stock Investor Day 2026

Good morning, and welcome to Mission Produce's 2026 Investor Day. We're glad you're here. It is a little after 10:00 A.M. and our webcast is now live, so we'll get started. I'm Andrew Pearson, Vice President of Investor Relations and Strategy. On behalf of Mission's management team, thank you for joining us and for your interest in our company. Before we begin, I have some housekeeping items. If you need anything during the meeting, please see Jenna, Jennifer, or me. During Q&A, we will take questions from the analysts in the room. Analysts, please raise your hand and keep it raised until a microphone reaches you so everyone in the room and on the webcast can hear the question. Today's remarks will include forward-looking statements based on management's current views and assumptions.

Please refer to the slide titled Important Information and Cautionary Statements for discussion of factors that could cause actual results to differ materially from those expressed or implied in those statements. Let me walk through today's agenda. John Pawlowski, our President and Chief Executive Officer, will begin by sharing Mission's evolution as a category leader and the framework for our next chapter. Brooke Becker, our Senior Vice President of Sales and Marketing, will then discuss our fresh avocado platforms in the U.S. and international markets. John will return to cover our other strategic platforms, including Prepared Foods, mango, and our established businesses. Bryan Giles, our Chief Financial Officer, will then bring the strategy together through our financial targets and capital allocation framework. We will conclude with a question and answer session. With that, it is my pleasure to welcome Mission Produce's President and Chief Executive Officer, John Pawlowski.

Thank you, sir. Good morning, everyone. Thank you very much for coming. Thank you, Andrew. First of all, for those of you here in person, I hope you enjoyed your avocado toast. I hope you will save plenty of room for great guacamole after the presentation. There'll be plenty of it. Mission was Built to Compound. This is a defining moment for Mission Produce. Since our last Investor Day three years ago, Steve Barnard has officially transitioned to our Executive Chair after more than four decades of leadership. I have the distinct privilege of being only the second CEO in company history. We acquired our largest competitor, completed the most capital-intensive phase of our farming investment, and watched global demand for avocados continue to grow. Mission has changed meaningfully and so has the opportunity in front of us.

The timing for today's discussion could simply not be better. Mission's first chapter was about building. We invested in farms, packing houses, ripening facilities, distribution centers, technology, customer relationship, and teams across the world. Those investments enabled Mission to become the leader in the global avocado category. They also created a competitive moat that would take another company decades and hundreds of millions to invest to replicate. We now have an opportunity and a responsibility to turn that platform into more. More growth, more earnings, more cash flow, and stronger returns for our shareholders. That is the absolute commitment of this leadership team, and that is what today is all about. Showing you why Mission was built to lead, how we intend to convert that leadership into compounding value.

First, I want to spend some time on the foundation that enables us to set the goals and plans that we will share about today. Our purpose is to provide better food for a brighter future. For Mission, those are not simply words on a page. Our business has a direct and positive impact on consumers, customers, growers, communities, and shareholders that we take very seriously. For consumers, we make healthy, nutritious food more accessible and provide a more consistent eating experience. For customers, we improve availability, reliability, and category profitability, supported of course by data that helps them make better and better decisions. For growers and communities, we provide a dependable route to market, support long-term demand, and create economic opportunity. For shareholders, our responsibility is to turn those positive outcomes into durable growth and compounding value over time.

When Mission was founded, avocados were a much smaller and more seasonal category. The industry lacked the dependable supply and customer infrastructure needed to support the scale that we see today. Mission changed that. We built year-round supply through networking capabilities required to deliver consistent product at retail. We also work directly with customers to make the category easier to manage and ultimately grow. As availability improved and the consumer experience became more dependable, demand ultimately followed. The result has been one of the most durable growth stories in modern food history. The growth shown here is absolutely remarkable. The U.S. avocado consumption has increased many times since Mission was founded, and that expansion has continued across economic cycles, dietary trends, and changes in the retail environment. Greater availability and more dependable eating experience has encouraged trial and repeat purchase. Supply and demand reinforce each other over time.

Increasing consumer demand, in turn, supports continued investment in supply, infrastructure, and category development. Avocados have simply become part of how people eat every day and is now a top five, often a top three category in our retailers' produce departments. In talking to many of you this morning, I know just how much the avocado is already part of all of your dietary habits and family patterns. Our products are highly perishable and the value of the product can change many, many times over as it leaves the packing house all the way to the time it reaches the consumer. That makes proximity, inventory management, and ripening expertise critical. Our network allows us to position that fruit close to demand, manage the ripening process to customer specs, and respond quickly as orders, supply, or market conditions change, which they often do.

For our customers, that means a partner that can manage more of the complexity. We help deliver the right food at the right stage of ripeness and on the schedule that the customer requires. Mission does much more than deliver fruit, though. We help each retailer build the right program for its shoppers. Because we understand both consumer demand and available supply, we can optimize nearly every aspect of the delivered product, from the packing houses, to the ripeness, to the assortment, and ultimately to merchandising. Our own farms give us greater visibility into expected volumes, harvest timing, fruit quality, and cost for a meaningful portion of our supply. They also give us direct operating insight into crop development and field conditions, which strengthens how we plan supply and manage seasonal customer programs. That visibility allows Mission and the retailer to plan together earlier and for longer periods of time.

We can offer committed volume, greater pricing visibility, and longer promotional windows, giving our customers more confidence to build sustained programs around their seasonal times. Supply changes constantly. Seasons overlap, crop sizes move, fruit characteristics vary, individual origins face weather, regulatory or logistical disruption. Serving customers consistently requires access to a diverse source of fruit. Mission maintains grower relationships with thousands of growers in more than 20 countries of origin. That gives us more ways to match available supply with our ever-changing customer requirements. The benefit to customers is greater certainty, and that makes Mission a more valuable partner and embeds us more deeply in that partnership with our customers year after year after year. When a customer buys from multiple origins, consistency and product safety become more difficult and ultimately more valuable.

Our job is to make that complexity manageable by applying disciplined food safety and traceability standards across our entire network. We support that work with centralized expertise, local teams, third-party certifications, and quality control processes from packing all the way through distribution. Consistent execution builds trust over time, and trust is serious in our industry. That trust becomes increasingly important as our customer requirements and food safety expectations continue to rise, and customer expectations are often higher than local government regulations in many places around the world. Through AvoIntel, which is our industry-leading category management program, we help retailers understand the consumer, where the category may be underdeveloped, and how changes to programs can improve performance. The value comes from combining those insights with our deep knowledge of the category. That allows us to move from identifying an opportunity to helping the customer execute against it.

When we help customers grow their categories, and we do so profitably, we become much more than a vendor. We become part of how they manage their business and a partner in growing the category with them. We've absolutely earned our right to lead. Over more than four decades, Mission has invested in nearly every capability required to build and serve the modern avocado category. That includes the physical network, but also the relationships, the knowledge, and the consumer insight developed through years of operating experience. Those capabilities are not limited to fresh avocado. We can apply the same playbook in international markets, extend it into Prepared Foods, and bring it to adjacent categories such as the mango. That gives Mission multiple paths to grow from a platform already in place.

We have earned this right to lead, as I said, and our responsibility now is to use that leadership to drive stronger returns. That brings us to chapter two, Built to Compound. Our ambition for 2035 is $4 billion in sales and $450 million in adjusted EBITDA. That means we intend to double sales while tripling our earnings power. Mission is a growth company, and our next chapter is about converting our infrastructure and our capabilities into greater earnings power and compounding shareholder returns, which is what I mean when I say we are built now to compound. Our shareholder return model is built around four connected levers, and the five-year goals on this page show the outcomes we are targeting from each one of them. Bryan Giles will eloquently take you through those goals and the underlying assumptions a little later in the presentation.

At a high level, organic growth creates the opportunity. Margin expansion increases the earnings value of that growth, and strong cash conversion gives us greater financial capacity. Disciplined capital allocation then determines how effectively that value compounds for our shareholders. These are enduring management principles and they are priorities for this framework. We will use these to measure our progress over the next 5 years. To deliver a long-term ambition such as that and the 5-year goals that accompany it, the most important element is always the people behind it, and it is this team. I firmly believe we have the right one in place and the best team in the industry. This leadership group combines deep avocado and fresh produce experience with the capabilities this next chapter requires. Including Prepared Foods, commercial execution, international market development, finance, tech, strategy, and integration.

Just as important, we are aligning around one way of operating. Each leader has a very clear role in building one commercial organization, one connected operating network, and a performance culture grounded in measurable outcomes. This is a team that understands the business we have built, but brings the capabilities required to unlock more value from that business. Our reportable segments show how we report our financial results. Our strategic platforms show the roles our businesses play in Mission's growth and value creation strategy. At the center is our avocado growth platform. Fresh avocados in the U.S., fresh avocado in our international markets, and our Prepared Foods segment. These businesses serve different markets and occasions, but they build on the same category leadership, supply network, customer relationships, and operating capabilities. Together, they give us multiple avenues to extend our leadership across the avocado space. Mango is our category extension platform.