Financial Analysis

Commitments and Contingencies Litigation We are from time to time involved in legal proceedings and investigations arising in the ordinary course of business, including those relating to employment matters, relationships with clients and contractors, intellectual property disputes and other business matters. On April 23, 2020, former Mission Produce, Inc. employees filed a class action lawsuit in the Superior Court of the State of California for the County of Los Angeles against us alleging violation of certain wage and labor laws in California, including failure to pay all overtime wages, minimum wage violations, and meal and rest period violations, among others. Additionally, on June 10, 2020, former Mission Produce, Inc. employees filed a class action lawsuit in the Superior Court of the State of California for the County of Ventura against us alleging similar violations of certain wage and labor laws. The plaintiffs in both cases sought damages primarily consisting of class certification and payment of wages earned and owed, plus other consequential and special damages. While the Company believes that it did not violate any wage or labor laws, in May 2021, the plaintiffs in both class action lawsuits and the Company agreed to settle the class action cases. Per the terms of the settlement agreement between the parties, the total amount of the settlement is $1.5 million. The Court granted Final Approval of the Class Action Settlement on June 10, 2024 and dismissed the actio …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt Credit facility In October 2022, the Company entered into a third amendment to its syndicated credit facility with Bank of America (the BoA credit facility) Merrill Lynch, originally dated October 2018, as amended in September 2020 and April 2022. The credit facility has a total borrowing capacity of $250 million, comprised of two senior term loans totaling $100 million and a revolving credit agreement of up to $150 million. The loans are secured by real property, personal property and the capital stock of the Companys subsidiaries. Borrowings under the credit facility bear interest at a spread over the Secure Overnight Financing Rate (SOFR) ranging from 1.5% to 2.5% depending on the Companys consolidated total net leverage ratio. The credit facility also includes a swing line facility and an accordion feature which allows the Company to increase the borrowings by up to $125 million, with bank approval. We pay fees on unused commitments on the credit facility that accrue at rates ranging from 0.18% to 0.3% depending upon the Companys consolidated total net leverage ratio. The credit facility requires the Company to comply with financial and other covenants, including limitations on investments, capital expenditures, dividend payments, amounts and types of liens and indebtedness, and material asset sales. The Company is also required to maintain certain leverage and fixed charge coverage ratios. As of October 31, 2025, the Company was in compliance with all financial cove …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Fair Value Measurements Financial assets measured and recorded at fair value on a recurring basis included in the consolidated balance sheets were as follows: October 31, 2025 October 31, 2024 (In millions) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Mutual funds $ 2.9 $ 2.9 $ $ $ 2.2 $ 2.2 $ $ Liabilities Interest rate swap 0.2 0.2 0.2 0.2 Our mutual fund investments relate to our deferred compensation plan, which are held in a Rabbi trust which is included in other assets in our consolidated balance sheets. The funds are measured at quoted prices in active markets, which is equivalent to their fair value. The fair value of interest rate swaps is determined using widely accepted valuation techniques, including the DCF method. The analysis reflects the contractual terms of the swaps, including the period to maturity, and uses observable market-based inputs, including interest rate curves (significant other observable inputs). The fair value calculation also includes an amount for risk of non-performance using significant unobservable inputs such as estimates of current credit spreads to evaluate the likelihood of default. The Company has concluded, as of October 31, 2025 and 2024, the fair value associated with the significant unobservable input …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill Changes (if any) in the net carrying amount of goodwill by reportable segment were as follows: (In millions) International Farming Blueberries Total Goodwill as of October 31, 2025, 2024 and 2023 $ 26.9 $ 12.5 $ 39.4 The carrying amounts of goodwill as of October 31, 2025 and 2024 were net of accumulated impairment losses of $49.5 million, attributable to the International Farming segment. Accumulated impairment losses were recognized in the year ended October 31, 2022. For the years ended October 31, 2025 and 2024, management performed its annual goodwill impairment tests of its two reporting units, which indicated that is more-likely-than-not that the fair value of the reporting units exceed their carrying values as of October 31, 2025 and 2024. For our reporting unit within the Blueberries segment, we performed a Step 0 qualitative analysis. For our reporting unit within the International Farming segment, we elected to use a quantitative approach to determine its fair value based on the DCF and GPC methods. The fair value determination using the DCF method requires management to make significant estimates and assumptions related to forecasts of future revenues; earnings before interest, taxes, depreciation, and amortization (EBITDA); and the discount rate. The determination of the fair value using the GPC method requires management to make significant assumptions related to marketplace EBITDA multiples from within a peer public company group.

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Income Taxes The components of the provision for income taxes were as follows: Years Ended October 31, (In millions) 2025 2024 2023 Current Federal $ 4.5 $ 12.1 $ 3.2 State 1.6 2.2 0.6 Foreign 13.4 12.3 4.8 Total current 19.5 26.6 8.6 Deferred Federal 0.2 (1.7) (2.9) State 0.1 (0.3) (0.1) Foreign 1.6 (6.0) (3.4) Total deferred 1.9 (8.0) (6.4) Provision for income taxes $ 21.4 $ 18.6 $ 2.2 U.S. and foreign components of income (loss) before income taxes were as follows: Years Ended October 31, (In millions) 2025 2024 2023 U.S. $ 21.2 $ 48.7 $ 8.2 Foreign 40.7 11.7 (9.1) Income (loss) before income taxes $ 61.9 $ 60.4 $ (0.9) A reconciliation of the provision for income taxes computed at the federal statutory tax rate to income taxes as reflected in the financial statements is as follows. Certain reconciling items that were presented in other, net in previous periods have been reclassified to conform with current period presentation. Years Ended October 31, 2025 2024 2023 Federal statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal tax benefit 1.4 % 2.4 % (37.4) % Non-deductible executive compensation 2.5 % 1.8 % (38.7) % Foreign rate differential 3.6 % 2.6 % 55.5 % Excess tax benefits from share-based compensation % 0.3 % (14.6) % Prior year adjustments (0.4) % 0.6 % (7.0) % Change in valuation allowance 1.2 % 1.7 % (142.5) % Foreign tax credits % (0.1) % % Peru income tax rate change (0.6) % (2.5) % % Change in unrecognized tax benefits 0.7 % 0.5 % (60.7) % …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases We lease facilities, land, fleet and other industrial equipment under both operating and finance leases, expiring at various dates through 2048. Certain of these leases have clauses such as extension options, stipulated escalation provisions, early termination, and payment obligations for property taxes, insurance, maintenance and other costs. Lease-related assets and liabilities on our consolidated balance sheets were as follows: October 31, (In millions) Location on Consolidated Balance Sheets 2025 2024 Assets Operating Operating lease right-of-use assets $ 67.7 $ 67.8 Finance Property, plant and equipment, net 22.4 23.2 Total lease assets $ 90.1 $ 91.0 Liabilities Current Operating Operating leasescurrent portion $ 6.9 $ 6.4 Finance Finance leasescurrent portion 3.1 2.9 Noncurrent Operating Operating leases, net of current portion 67.5 67.4 Finance Finance leases, net of current portion 22.0 21.5 Total lease liabilities $ 99.5 $ 98.2 Most lease costs are recognized in the consolidated statements of income (loss), however, costs qualifying for capitalization, such as lease costs for land or equipment used in the development of orchards, are recognized into property, plant and equipment or inventory. A summary of lease costs is set forth below: (In millions) Inventory Property, plant and equipment Cost of sales Selling, general and administrative expenses Interest Expense Total Year ended October 31, 2025 Operating leases Lease cost $ $ 0.1 $ 8.4 $ 1.8 $ $ 10.3 Variab …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Accounting standards adopted during the year In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280)Improvements to Reportable Segment Disclosures. The ASU requires that an entity disclose significant segment expenses impacting profit and loss that are regularly provided to the chief operating decision maker. The update is required to be applied retrospectively to prior periods presented, based on the significant segment expense categories identified and disclosed in the period of adoption. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024; early adoption is permitted. We adopted ASU 2023-07 effective November 1, 2024, which resulted in additional disclosure of segment information in Note 16. Accounting standards not yet adopted In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements. The amendments in this Update clarify interim disclosure requirements and the applicability of Topic 270. The objective of the update is to provide clarity about current interim requirements. The amendments in this Update also include a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in this ASU are required to b …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Related Party Transactions Transactions with related parties included in the consolidated financial statements were as follows: Consolidated Balance Sheets Consolidated Statements of Income (Loss) Accounts receivable Property, plant and equipment, net Accounts payable & accrued expenses Finance lease liabilities Net sales Cost of sales Interest expense (In millions) October 31, 2025 Year ended October 31, 2025 Equity method investees: Henry Avocado $ $ $ 0.1 $ $ 0.8 $ 0.2 $ Mr. Avocado 0.4 1.5 Other: Directors/officers (1) 0.1 19.2 21.8 2.5 2.0 2.1 Employees (2) 1.0 8.7 October 31, 2024 Year ended October 31, 2024 Equity method investees: Henry Avocado $ $ $ $ $ 3.9 $ $ Mr. Avocado 0.7 0.2 Other: Directors/officers (1) 0.2 20.0 21.7 1.3 3.3 2.1 Employees (2) 0.4 9.3 Year ended October 31, 2023 Equity method investees: Henry Avocado $ 1.8 $ 0.1 $ Mr. Avocado 8.8 Other: Directors/officers (1) 1.0 2.9 1.4 Employees (2) 9.1 (1) The Company purchases from and sells fruit to, and provides logistics services to, a small number of entities having full or partial ownership by some of our directors/officers. These transactions are made under substantially similar terms as with other growers and customers. Our blueberries business leases land under a long-term lease with a company owned by one of our directors. The rental rate in the lease was comparable to market rates and reflective of an arms-length transaction. The lease was accounted for as a finance lease right-of-use asset an …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Segment and Revenue Information Our reportable segments are determined based on how information is used by our CEO, who is the chief operating decision maker, to measure performance and allocate resources. The CEO assesses segment performance by each segments operating income (loss), before intersegment eliminations. The CEO uses operating income (loss) in the annual budgeting process. He also considers budget-to-actual variances when making decisions about the allocation of operating and capital resources to each segment. We have three operating segments which are also reportable segments: Marketing & Distribution . Our Marketing & Distribution reportable segment sources fruit from growers and then distributes the fruit through our global distribution network. International Farming . International Farming owns and operates orchards from which the vast majority of fruit produced is sold to our Marketing & Distribution segment. The segments farming activities range from cultivating early-stage plantings to harvesting from mature trees. It also earns service revenues for packing and processing fruit for both our Blueberries segment, as well as for third-party producers of other crops. Operations are principally located in Peru and Guatemala. Blueberries. The Blueberries segment consists of farming activities that include cultivating early-stage blueberry plantings and harvesting mature bushes. Substantially all blueberries produced are sold to a single distributor u …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Litigation We are from time to time involved in legal proceedings and investigations arising in the ordinary course of business, including those relating to employment matters, relationships with clients and contractors, intellectual property disputes, the Calavo acquisition (refer to Note 13 for more information) and other business matters. On October 21, 2024, a former temporary worker placed at the Companys California packinghouse by a labor contractor utilized by the Company, filed a class action lawsuit in the Superior Court of the State of California for the County of Ventura County against us alleging violations of certain wage and hour laws. Plaintiff seeks class certification, payment of wages earned and owed, liquidated damages, penalties and fees, other damages as set forth in Plaintiffs lawsuit, and injunctive relief. A related lawsuit under the Private Attorneys General Act (PAGA) was also filed on December 16, 2024. On July 30, 2025, the Court granted the parties stipulation to dismiss the class action lawsuit and to submit the PAGA matter to mediation. The parties attended mediation on February 25, 2026. No resolution was reached at mediation. The Company intends to file a motion to compel arbitration on the individual PAGA matter. At this time, it is too soon to determine the outcome of the litigation. As a result, the Company has not accrued for any loss contingencies related to these claims because the amount and range of loss, …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt Credit facility On April 1, 2026, we entered into an Amended and Restated Credit Agreement (the Credit Agreement) with Bank of America and other syndicate lenders, which amends and restates that certain Credit Agreement, dated as of October 11, 2018 (as amended and restated). The Credit Agreement provides senior secured credit facilities in an aggregate principal amount of $550 million, consisting of: a $200 million revolving facility (the Revolving Facility) a $200 million term loan facility, $150 million of which was drawn on the Calavo acquisition funding date of May 28, 2026, subsequent to the quarter ended April 30, 2026 (refer to Note 13 for more information on the Calavo acquisition subsequent event) (the Term A-1 Facility); and a $150 million term loan facility, $100 million of which was drawn on the Calavo acquisition funding date (the Term A-2 Facility and, together with the Term A-1 Facility, the Term Loan Facilities; the Term Loan Facilities together with the Revolving Facility, the Senior Credit Facility). The portion of the term loan facilities that was drawn on the Calavo acquisition funding date was used, among other things, to finance a portion of the purchase price for the acquisition by the Company of 100% of the equity interests of Calavo, and to refinance certain indebtedness of Calavo and its subsidiaries. The Senior Credit Facility also includes an accordion feature which allows the Company, subject to certain conditions, to increase the borrowings …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Fair Value Measurements Financial assets or liabilities measured and recorded at fair value on a recurring basis included in the condensed consolidated balance sheets were as follows: April 30, 2026 October 31, 2025 (In millions) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Mutual funds $ 3.3 $ 3.3 $ $ $ 2.9 $ 2.9 $ $ Liabilities Interest rate swap 0.1 0.1 0.2 0.2 Our mutual fund investments relate to our deferred compensation plan, which are held in a Rabbi trust which is included in other assets in our consolidated balance sheets. The funds are measured at quoted prices in active markets, which is equivalent to their fair value. The fair value of interest rate swaps is determined using widely accepted valuation techniques, including the discounted cash flow method. The analysis reflects the contractual terms of the swaps, including the period to maturity, and uses observable market-based inputs, including interest rate curves (significant other observable inputs). The fair value calculation also includes an amount for risk of non-performance using significant unobservable inputs such as estimates of current credit spreads to evaluate the likelihood of default. The Company has concluded, as of April 30, 2026 and October 31, 2025, the fair value …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill (In millions) International Farming Blueberries Total Goodwill as of both April 30, 2026 and October 31, 2025 $ 26.9 $ 12.5 $ 39.4 The carrying amounts of goodwill as of both April 30, 2026 and October 31, 2025 were net of accumulated impairment losses of $49.5 million, attributable to the International Farming segment. Goodwill is tested for impairment on an annual basis in the fourth quarter, or when an event or changes in circumstances indicate that its carrying value may not be recoverable.

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Income Taxes The provision for income tax recorded for the three and six months ended April 30, 2026 and 2025 differs from the income taxes expected at the U.S. federal statutory tax rate of 21.0%, primarily due to income attributable to foreign jurisdictions which is taxed at different rates, changes in foreign exchange rates taxable in foreign jurisdictions, state taxes, nondeductible tax items and changes in uncertain tax positions (UTP). As of April 30, 2026, the Company had $19.0 million accrued in UTP on income taxes, of which $10.5 million relates to interest and penalties, inclusive of inflationary adjustments. The period for assessing interest and penalties has expired. However, the Company continues to record certain statutory adjustments related to inflation. Changes in the UTP related to changes in foreign exchange rates during the period are included in other (expense) income, net in the condensed consolidated statements of (loss) income. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently issued accounting standards In December 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements. The amendments in this Update clarify interim disclosure requirements and the applicability of Topic 270. The objective of the update is to provide clarity about current interim requirements. The amendments in this Update also include a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in this ASU are required to be adopted for interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of adoption on our financial disclosures. In November 2024, and as updated in January 2025, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures. The ASU requires that an entity disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. This information is generally not presented in the financial statements today. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amen …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Related Party Transactions Transactions with related parties included in the condensed consolidated financial statements were as follows: Condensed Consolidated Balance Sheets April 30, 2026 October 31, 2025 (In millions) Accounts receivable Property, plant and equipment, net Accounts payable & accrued expenses Finance lease liabilities Accounts receivable Property, plant and equipment, net Accounts payable & accrued expenses Finance lease liabilities Equity method investees: Henry Avocado $ $ $ $ $ $ $ 0.1 $ Mr. Avocado 0.4 Other: Directors/Officers (1) 0.3 18.7 0.4 20.8 0.1 19.2 21.8 Employees (2) 0.8 1.0 Condensed Consolidated Statements of (Loss) Income (In millions) Net sales Cost of sales Interest expense Net sales Cost of sales Interest expense Three Months Ended April 30, 2026 Three Months Ended April 30, 2025 Equity method investees: Henry Avocado $ $ 0.1 $ $ 0.1 $ $ Other: Directors/Officers (1) 1.2 0.8 0.5 0.8 1.5 0.5 Employees (2) 3.1 3.2 Six Months Ended April 30, 2026 Six Months Ended April 30, 2025 Equity method investees: Henry Avocado $ $ 0.3 $ $ 0.1 $ $ Other: Directors/Officers (1) 1.7 1.0 1.0 1.4 1.8 1.0 Employees (2) 5.8 4.4 (1) The Company purchases from and sells fruit to, and provides logistics services to, a small number of entities having full or partial ownership by some of our directors/officers. These transactions are made under substantially similar terms as with other growers and customers. Our blueberries business leases land under a lo …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Segment and Revenue Information We have three operating segments which are also reportable segments. Our reportable segments are presented based on how information is used by our CEO, who is the chief operating decision maker, to measure performance and allocate resources. Marketing & Distribution. Our Marketing & Distribution reportable segment sources fruit from growers and then distributes the fruit through our global distribution network. International Farming. International Farming owns and operates orchards from which the vast majority of fruit produced is sold to our Marketing & Distribution segment. The segments farming activities range from cultivating early-stage plantings to harvesting from mature trees. It also earns service revenues for packing and processing fruit for both our Blueberries segment, as well as for third-party producers of other crops. Operations are principally located in Peru and Guatemala. Blueberries. The Blueberries segment consists of farming activities that include cultivating early-stage blueberry plantings and harvesting mature bushes. Substantially all blueberries produced are sold to a single distributor under an exclusive marketing agreement. The following table provides information for each of our reportable segments and reconciliations to consolidated income before taxes. (In millions) Marketing & Distribution International Farming Blueberries Total Three months ended April 30, 2026: Third-party sales $ 277.2 $ 2.7 $ 1 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events On May 28, 2026, we consummated our acquisition of 100% of the outstanding common stock of Calavo. Calavo is a leading provider of fresh avocados, tomatoes, papayas, and value-added prepared foods, including a variety of ready-to-eat products such as guacamole and salsas. Its products are sold under the Calavo brand name, proprietary sub-brands, as well as private labels and store brands. The preliminary value of consideration transferred totaled approximately $465 million, which was comprised of 17,530,823 shares of our common stock and approximately $266 million in cash. Due to the limited time between the closing date of the transaction and our filing of this Quarterly Report on Form 10-Q for the quarter ended April 30, 2026, initial accounting for the business combination is incomplete and we are not yet able to disclose the provisional amounts to be recognized as of the acquisition date for assets acquired and liabilities assumed. We expect to provide preliminary purchase price allocation information in the Quarterly Report on Form 10-Q for the quarter ending July 31, 2026. Upon closing, the company incurred $5.0 million in transaction fees paid to third-party advisors for the successful acquisition. On June 3, 2026, the Board of Directors approved a stock repurchase program, which permits the Company to repurchase up to $100 million of shares of the Companys common stock over the next 36 months, effective June 3, 2026 (the 2026 Program). The 2026 Progr …

SubsequentEventsTextBlock · excerpt; the full note is in the filing