The produce giant recorded higher sales driven by banana price increases and favourable exchange rates, but faced increased production costs and asset impairment charges related to underperforming operations in the Philippines
Fresh Del Monte Produce has reported its results for the third quarter of 2025, recording a net loss despite slightly higher sales.
The company entered into an agreement to divest its Mann Packing business operations during the period in question, with the transaction expected to close in the fourth quarter of 2025, subject to customary closing conditions.
Net sales for the third quarter of 2025 were US$1.021bn, an increase reflecting higher sales in the banana and other products and services business segments, primarily driven by higher per-unit selling prices in the banana segment.
Contributing growth factors included the impact of tariff-related price adjustments in North America and the favourable impact of fluctuations in exchange rates related to the euro.
The increase was partially offset by lower sales volume in the fresh-cut vegetable product line, due to strategic operational reductions taken during the fourth quarter of 2024, including the sale of certain assets of Fresh Leaf Farms.
Gross profit for the third quarter was US$80.8mn, primarily driven by higher per-unit production and procurement costs in the banana segment, along with increased distribution costs.
Del Monte confirmed that operating loss was US$21.8mn, hit by higher asset impairment and other charges, net, related to underperforming banana farms in the Philippines and the impairment charges associated with the planned divestiture of Mann Packing, and lower gross profit.
Net loss attributable to Fresh Del Monte was US$29.1mn, down from a net profit of US$42.1mn in the corresponding period of 2024.
“We delivered another quarter of strategic progress, with overall net sales slightly higher and gross margin expanding in our fresh and value-added products segment,” said Mohammad Abu-Ghazaleh, Fresh Del Monte’s chairman and CEO.
”These results reflect the strength of our execution and our disciplined focus on higher-margin, value-added categories that continue to drive profitable growth.
“At the same time, we took decisive actions to optimise our portfolio and drive long-term profitability by exiting underperforming banana operations in the Philippines and divesting Mann Packing,” he added.
”These strategic moves simplify our operations, sharpen our focus on higher-margin, higher-growth categories, and position us to deliver stronger earnings and sustained value for our shareholders.”
