Mission Produce (AVO) Company Report

Mission Produce has entered into a definitive agreement to acquire Calavo Growers in a cash and stock transaction.
Calavo shareholders will receive $27 per share, comprised of $14.85 in cash and 0.9790 shares of Mission for each Calavo share.
The acquisition is expected to create a combined company with pro forma fiscal 2025 net sales of approximately $2 billion and Adjusted EBITDA of approximately $176 million.
Mission expects to achieve $25 million of annualized cost synergies within 18 months post-close.
The transaction is anticipated to close by the end of August 2026, subject to customary regulatory and shareholder approvals.

21 hours ago

Transcript

Mission Produce to Acquire Calavo Growers

AVO

M&A

New Projects/Investments

Takeover Bid

Mission Produce has entered into a definitive agreement to acquire Calavo Growers in a cash and stock transaction.
Calavo shareholders will receive $27 per share, comprised of $14.85 in cash and 0.9790 shares of Mission for each Calavo share.
The transaction is expected to close by the end of August 2026, subject to customary regulatory and shareholder approvals.
On a pro forma basis for fiscal 2025, the combined company would have generated approximately $2 billion in net sales and $176 million in adjusted EBITDA.
Mission expects to achieve $25 million of annualized cost synergies within 18 months post-close.

21 hours ago

Transcript

Mission to Acquire Calavo

AVO

M&A

Guidance Update

CEO Change

Mission has entered into a definitive agreement to acquire Calavo in a cash and stock transaction.
Calavo shareholders will receive $27 per share, comprised of $14.85 in cash and 0.9790 shares of Mission. Upon close, Mission shareholders are expected to own approximately 80.3% and Calavo shareholders 19.7% of the combined company.
The transaction is expected to close by the end of August 2026.
On a pro forma basis for fiscal 2025, the combined company is projected to generate approximately $2 billion in net sales and $176 million in adjusted EBITDA.
The acquisition is expected to yield $25 million of annualized cost synergies within 18 months post-close. John Pawlowski will serve as CEO and Steve Barnard as Executive Chairman of the combined company.

21 hours ago

Transcript

Mission Produce to Acquire Calavo Growers

AVO

M&A

New Projects/Investments

Revenue Acceleration/Inflection

Mission Produce is set to acquire all outstanding shares of Calavo Growers in a transaction where Calavo Growers shareholders will receive 0.9790x of a Mission Produce share and $14.85 of cash per Calavo Growers share, with a 55% Cash / 45% Stock mix.
The combined entity is projected to achieve ~$2 billion Pro Forma Net Sales and ~$177 million Pro Forma Adjusted EBITDA (including ~$25 million in run-rate synergies) for FY2025A, with ~5,800 Pro Forma Global Employees.
The transaction is expected to generate estimated ~$25 million of annual cost synergies, primarily from SG&A (~48%), Packaging and Distribution (~29%), Freight (~16%), and Sourcing (~7%).
The acquisition is expected to close by the end of August 2026, subject to key closing conditions including shareholder approvals and antitrust clearance.

22 hours ago

Presentation

Calavo Growers Announces Fiscal Year 2025 Results and Acquisition by Mission Produce

AVO

M&A

Earnings

Guidance Update

Calavo Growers, Inc. (CVGW) announced a definitive agreement to be acquired by Mission Produce, Inc. in a cash and stock transaction, with Calavo shareholders receiving $27.00 per share (comprising $14.85 in cash and 0.9790 shares of Mission).
For fiscal year 2025, the company reported a 192% increase in Net Income from continuing operations to $20.0 million, a 42% increase in Adjusted Net Income to $28.9 million, and a 12% increase in Adjusted EBITDA to $40.8 million.
In the fourth fiscal quarter of 2025, total net sales decreased to $124.7 million from $170.0 million in the prior year, and Adjusted EBITDA from continuing operations decreased 24% to $5.0 million.
The acquisition is expected to close by the end of August 2026 and projects $25 million in cost synergies. The company anticipates softer first quarter 2026 results compared to the prior year, primarily due to avocado supply and pricing dynamics.

23 hours ago

Press Release

Mission Produce Announces Q4 2025 Results

AVO

Earnings

Guidance Update

Revenue Acceleration/Inflection

Mission Produce reported Total Revenue of $319 million and Adjusted EBITDA of $41.4 million for Q4 2025, with Adjusted EBITDA increasing 12% year-over-year.
The record Q4 Adjusted EBITDA was primarily driven by a 13% year-over-year increase in avocado volume sold to 181.5 million pounds, alongside strong performance in the Marketing & Distribution and International Farming segments.
For the full fiscal year 2025, the company generated $89 million in operating cash flow and expects capital expenditures to decrease to approximately $40 million in FY26, positioning the company for accelerated free cash flow generation.

Dec 18, 2025, 10:00 PM

Presentation

Mission Produce Announces Leadership Transition and Fiscal 2025 Results

AVO

CEO Change

Earnings

Guidance Update

John Pawlowski will assume the role of Chief Executive Officer, and Steve Barnard will transition to Executive Chairman of the Board, effective at the annual meeting in April.
Mission Produce reported record revenue of $1.39 billion for Fiscal Year 2025, representing a 13% increase, and achieved record Adjusted EBITDA in the fourth quarter.
For Q4 2025, revenue totaled $319 million, a 10% decrease year-over-year, primarily due to a 27% decrease in average per-unit avocado sales prices despite a 13% volume growth. Adjusted net income was $22.2 million, or $0.31 per diluted share, and Adjusted EBITDA increased 12% to $41.4 million.
The company generated $88.6 million in operating cash flow for Fiscal 2025 and expects capital expenditures to decrease from $51.4 million in Fiscal 2025 to approximately $40 million in Fiscal 2026, positioning for accelerated free cash flow generation.
For the first quarter of Fiscal 2026, avocado industry volumes are projected to increase by approximately 10%, with pricing expected to be lower by approximately 25% year-over-year.

Dec 18, 2025, 10:00 PM

Transcript

Mission Produce Announces Leadership Transition and Q4 2025 Results

AVO

CEO Change

Earnings

Guidance Update

John Pawlowski will assume the role of Chief Executive Officer, with current CEO Steve Barnard transitioning to Executive Chairman of the Board, effective April.
For fiscal year 2025, Mission Produce reported record revenue of $1.39 billion, a 13% increase, driven by 7% avocado volume growth. The company also generated over $180 million in operating cash flow over the past two years.
In Q4 2025, revenue decreased 10% to $319 million due to a 27% decrease in average per-unit avocado sales prices, despite a 13% increase in avocado volume. Adjusted EBITDA for the quarter increased 12% to a record $41.4 million.
The company expects Q1 2026 avocado industry volumes to increase by approximately 10%, with pricing anticipated to be lower by about 25% year-over-year. Capital expenditures are projected to step down to approximately $40 million for fiscal year 2026, positioning the company for accelerated free cash flow generation.
Mission Produce aims to increase avocado household penetration from the current 70% to 73%-75% over the next two to three years, leveraging higher fruit availability and promotions.

Dec 18, 2025, 10:00 PM

Transcript

Mission Produce Reports Q4 and Full-Year 2025 Results, Announces CEO Transition

AVO

Earnings

CEO Change

Guidance Update

Mission Produce reported Q4 2025 revenue of $319 million, a 10% decrease year-over-year due to a 27% decrease in average per-unit avocado sales prices, despite a 13% increase in avocado volume.
For the full fiscal year 2025, the company achieved record revenue of $1.39 billion, a 13% growth, and record Adjusted EBITDA of $41.4 million in Q4.
The company announced a leadership transition, with John Pawlowski (President and COO) becoming CEO and Stephen Barnard transitioning to Executive Chairman of the Board, effective at the Annual Meeting in April.
Mission Produce generated $88.6 million in operating cash flow for FY2025, reduced long-term debt by $18 million, and expects capital expenditures to step down to approximately $40 million in FY2026 from $51.4 million in FY2025.
For Q1 2026, the company anticipates a 10% increase in avocado industry volumes but a 25% decrease in avocado pricing year-over-year.

Dec 18, 2025, 10:00 PM

Transcript

Mission Produce Announces Fiscal 2025 Fourth Quarter and Full Year Financial Results

AVO

Earnings

CEO Change

Guidance Update

Mission Produce achieved record full year revenue of $1.39 billion in fiscal 2025, marking a 13% increase year-over-year.
For the fourth quarter of fiscal 2025, total revenue was $319.0 million, with adjusted net income increasing 13% to $22.2 million (or $0.31 per diluted share) and adjusted EBITDA increasing 12% to $41.4 million.
The company announced a leadership succession plan, with Founder & CEO Steve Barnard transitioning to Executive Chairman and John Pawlowski assuming the CEO role at the Annual Meeting in April 2026.
Cash flow from operations for fiscal 2025 was $88.6 million, and capital expenditures are projected to decrease to approximately $40 million in fiscal 2026.