Del Monte Pacific (D03) Q4 2025 earnings summary

Executive summary

• U.S. subsidiary Del Monte Foods Holdings Ltd. filed for Chapter 11 and was deconsolidated as of May 1, 2025, with U.S. operations now classified as discontinued and fully impaired.

• A full impairment of $703.5 million was recognized for U.S. assets, resulting in a complete write-down and reduction of total liabilities by $1.5 billion.

• Focus shifts to Asian operations, especially Del Monte Philippines, Inc. (DMPI), which continues to show strong performance and resilient demand.

• Continuing operations, primarily in the Philippines and international markets, saw a turnaround to profitability in FY 2025, with expectations for continued profitability in FY 2026.

Financial highlights

• Sales from continuing business (excluding U.S.) grew 5.4% in Q4 to $191.9 million, with full-year revenue up 11.1% to $789.5 million.

• Gross margin improved by 470 basis points in Q4 and 420 basis points for the year, reaching 28.4% for FY2025.

• EBITDA for the year was $140.3 million, with net profit at $10.9 million, reversing a $24.9 million loss in FY2024.

• Net debt reduced from $1.1 billion to $1.034 billion, a 7.5% decrease year-over-year; net debt/EBITDA improved to 7.4x from 10.8x.

• Cash flow from operations increased to $346.5 million from $153.8 million year-over-year.

Outlook and guidance

• Focus is on growing Asian operations, especially the Philippines, and maintaining market leadership in fresh pineapples in North Asia.

• Expectation of continued profitability in FY 2026, with ongoing improvements in plantation productivity and waste reduction.

• Ongoing efforts to raise equity and address capital structure, including private placement, IPO, or selective asset sales.

• Group will report on a continuing operations basis, excluding U.S. business.