Mission Produce : Investor Presentation

Investor Presentation

March 2024

© 2024 Mission Produce, Inc. The MISSION & TOWER DESIGN® and MISSION PRODUCE are trademarks of Mission Produce, Inc. All rights reserved.

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Safe Harbor Statement

Notice to and Undertaking by Recipients

This presentation does not purport to be all-inclusive or to contain all of the information that the Recipient may require.

The Company expressly disclaims any and all liability relating to or resulting from the use of this presentation.

This presentation may not be reproduced, forwarded to any person or published, in whole or in part.

This presentation does not constitute an offer to sell or the solicitation of an offer to buy any security. The information contained herein is for informational purposes and may not be relied upon in connection with the purchase or sale of any security.

Forward-Looking Statements

Statements in this presentation that are not historical in nature are forward-looking statements that, within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, involve known and unknown risks and uncertainties. Words such as "may", "will", "expect", "intend", "plan", "believe", "seek", "could", "estimate", "judgment", "targeting", "should", "anticipate", "goal" and variations of these words and similar expressions, are also intended to identify forward-looking statements. The forward-looking statements in this presentation address a variety of subjects, including statements about our short-term and long-term assumptions, goals and targets. Many of these assumptions relate to matters that are beyond our control and changing rapidly. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurances that our expectations will be attained. Readers are cautioned that actual results could differ materially from those implied by such forward-looking statements due to a variety of factors, including: limitations regarding the supply of fruit, either through purchasing or growing; fluctuations in the market price of fruit; increasing competition; risks associated with doing business internationally, including Mexican and Peruvian economic, political and/or societal conditions; inflationary pressures; establishment of sales channels and geographic markets; loss of one or more of our largest customers; general economic conditions or downturns; supply chain failures or disruptions; disruption to the supply of reliable and cost-effective transportation; failure to recruit or retain employees, poor employee relations, and/or ineffective organizational structure; inherent farming risks, including climate change; seasonality in operating results; failures associated with information technology infrastructure, system security and cyber risks; new and changing privacy laws and our compliance with such laws; food safety events and recalls; failure to comply with laws and regulations; changes to trade policy and/or export/import laws and regulations; risks from business acquisitions, if any; lack of or failure of infrastructure; material litigation or governmental inquiries/actions; failure to maintain or protect our brand; changes in tax rates or international tax legislation; risks associated with global conflicts; inability to accurately forecast future performance; the viability of an active, liquid, and orderly market for our common stock; volatility in the trading price of our common stock; concentration of control in our executive officers, and directors over matters submitted to stockholders for approval; limited sources of capital appreciation; significant costs associated with being a public company and the allocation of significant management resources thereto; reliance on analyst reports; failure to maintain proper and effective internal control over financial reporting; restrictions on takeover attempts in our charter documents and under Delaware law; the selection of Delaware as the exclusive forum for substantially all disputes between us and our stockholders; risks related to restrictive covenants under our credit facility, which could affect our flexibility to fund ongoing operations, uses of capital and strategic initiatives, and, if we are unable to maintain compliance with such covenants, lead to significant challenges in meeting our liquidity requirements and acceleration of our debt; and other risks and factors discussed from time to time in our Annual and Quarterly Reports on Forms 10-K and 10-Q and in our other filings with the Securities and Exchange Commission. You can obtain copies of our SEC filings on the SEC's website at www.sec.gov. The forward-looking statements contained in this presentation are made as of the date hereof and the Corporation does not intend to, nor does it assume any obligation to, update or supplement any forward-looking statements after the date hereof to reflect actual results or future events or circumstances.

Industry Information

Market data and industry information used throughout this presentation are based on management's knowledge of the industry and the good faith estimates of management. We also relied, to the extent available, upon management's review of independent industry surveys and publications and other publicly available information prepared by a number of third-party sources. All of the market data and industry information used in this presentation involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Although we believe that these sources are reliable, we cannot guarantee the accuracy or completeness of this information, and we have not independently verified this information. While we believe the estimated market position, market opportunity and market size information included in this presentation are generally reliable, such information, which is derived in part from management's estimates and beliefs, is inherently uncertain and imprecise. Projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties.

Non-GAAP Financial Measure

This presentation contains the non-GAAP financial measure "Adjusted EBITDA." Management believes these measures provide useful information for analyzing the underlying business results. These measures are not in accordance with, nor are they a substitute for or superior to, the comparable financial measures by generally accepted accounting principles ("GAAP"). Reconciliations of these non-GAAP financial measures to the most comparable GAAP measures are included in the Appendix to this presentation where possible. The Company is unable to reconcile certain forecasted non-GAAP financial measures used herein, including adjusted EBITDA, without unreasonable efforts because a forecast of certain items, including taxes, interest, stock-based compensation, depreciation and amortization, income (loss) from equity method investees, other income, and other special, non-recurring or one-time items is not practical. Adjusted EBITDA refers to net income (loss), before interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, other income (expense), and income (loss) from equity method investees, further adjusted by asset impairment and disposals, net of insurance recoveries, farming costs for nonproductive orchards (which represents land lease costs), certain noncash and nonrecurring ERP costs, transaction costs, material legal settlements, amortization of inventory adjustments recognized from business combinations, and any special, non-recurring, or one-time items such as remeasurements or impairments, and any portion of these items attributable to the noncontrolling interest.

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Mission Produce

A global leader in the worldwide avocado business with four decades of

investments in people, technology, and infrastructure

➤ Global Marketing & Distribution ➤Year-Round Supply ➤ Vertical Integration ➤ Strategically Located ➤ Long-Standing Grower Relationships ➤ Large, Addressable Market ➤ Economies of Scale

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A Long Track Record of Growth

Product Expansion Driving Revenue CAGR Growth

Revenue by Type

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Note: Fiscal year ended October 31. Revenue reflects Mission Produce only. 1 lug = 25lbs, or 1 box. (1)Non-GAAP reconciliation located in the appendix5

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Fiscal 2024 First Quarter Overview

Revenue ($mm)

$258.7

$213.5

1Q23 1Q24

Net Income (Loss) ($mm)

$0.0

1Q23 1Q24

$(8.8)

Adjusted EBITDA(2) ($mm)

$19.2

$2.3

1Q23 1Q24

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1Q24 Financial Highlights

• Achieved record first quarter results with improved performance across all three operating segments
• Generated strong revenue and adjusted EBITDA growth, driven primarily by higher per-unit avocado sales prices in the M&D segment
• Record quarterly revenues in Blueberries segment of $32.5 million due to advantageous pricing conditions
• Significantly improved per-unit margins in M&D and Blueberries segments translated to ~700 bps of total gross margin expansion and drove material lift in adjusted EBITDA
• Cost optimization initiatives underway; expected to support International Farming segment profitability in second half of 2024

Segment	Revenue	Growth y/y	Adj. EBITDA	Growth y/y
Marketing & Distribution	$224.6M	+24%	$11.0M	+$6.4M
Blueberries	$32.5M	+9%	$8.7M	+$9.2M
International Farming(1)	$1.6M	Flat	$(0.5)M	+$1.3M

1. The International Farming segment affiliated sales and adjusted EBITDA generation are concentrated in the second half of the fiscal year in alignment with the Peruvian avocado harvest season. (2) Non-GAAP reconciliation located in the appendix..

Focused Growth Strategy

Capitalize on strong	Leverage our global	Diversify sourcing to	Continue to
growth trends in our	supply chain and	enhance our global	vertically integrate
core U.S. market by	distribution capabilities	market-leading position	our supply chain
expanding our	to continue developing	and year-round supply
nationwide distribution	international markets	position
network

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We Operate In a Large and Growing Market with Supportive Tailwinds

Supporting Tailwinds Driving Market Growth

1. Consumer Interest in Healthy Eating:
2. • With more than 20 vitamins and minerals, avocados are associated with heart health, weight health, and skin health. (1)
   • More than half (55%) of consumers are willing to pay a premium for food that contributes to their health and wellness. (2)
3. Growing Hispanic Population:(3)
4. • 91% of Hispanic households purchase avocados, and the average annual avocado spend per Hispanic household is 73% higher than for non-Hispanic households (4)
5. Millennial & Gen-Z Consumption:
6. • 71% of millennial households purchase avocados. (4)
   • About 35% of Generation Z are Hispanic, compared to

17% of millennials and 12% of Generation X.(5)

	(1)Hass Avocado Board. Avocado Nutrition Facts Chart. (2)	Deloitte. Healthy Eating Creates New Opportunities for Growth in Fresh Food. Sept. 26, 2022. (3) Pew Research Center. A Brief Statistical Portrait of U.S. Hispanics. June
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(4) Numerator Insights. 12 months ending May 31, 2023.	8
	(5) Rabobank. Avocado Consumption to Continue Setting Records. May 2021. (6) U.S.D.A. Per Capita Consumption Data. (7) CIRAD. FruiTrop Magazine. May-June 2023.

State-of-the-Art Infrastructure Covering North America Markets

Packhouse Advantages

• High-definitiongrading cameras
• State-of-the-artwashing, sorting, packing, and bagging line
• Industry-leadingpost-harvest practices (cold chain)
• Ocean container plug-ins

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Packing

Ripening

Sales

Forward Distribution and Ripening

Center Advantages

➤ Ability to ripen to customer specification

➤ Ability to store and deliver volume opportunistically as customer demand evolves

➤ Proximity to clients

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Channel Segmentation Strategy Based on Growth and Profitability

We are the preferred partner across Retail, Food Service, Wholesale, and International

Channels

• Competitive positioning in sales, sourcing, and operations to serve customers year-round, growing demand across the globe
• Alignment with margin-accretive customers that hold strong market positions in their respective channel

➤ Strategic locations in key markets	➤ Surety of supply
➤ Scalability	➤ Consistent quality

• Leading our customer & partner relationships with

excellence

➤ Innovative solutions

➤ World-class service ➤ Market intelligence

• Superior Products
• Dedication to our core values: FIRST (Fun, Innovative, Reliable, Successful, Trustworthy)

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