LIMA, Peru, August 27, 2024 — Camposol Holding PLC (Camposol or the Company), a multinational company committed to providing fresh and healthy food worldwide, today announced its preliminary financial results for the second quarter ended June 30, 2024.

Camposol continues positive trend and stable performance

1) Financial overview for the first half of 2024:

• Volume sold: Reached 40,052 MT, a decrease of 16% compared to H1 2023.
• Revenue: Total $182 million, a significant increase of 18% over H1 2023.
• EBITDA: USD 61.7 million, a remarkable increase of 84% compared to H1 2023.
• EBITDA margin: Remarkable 34% achieved, compared to 22% in H1 2023.
• Net profit: Net profit for the first half of 2024 was $19.3 million, almost the same as the net profit for the entire year of 2023.
• Net debt/EBITDA ratio¹: is at 3.86x, slightly above our target of 3.5x.

2) Second quarter highlights:

• Camposol has consolidated its position as the main exporter of fresh Peruvian blueberries in the 2023-2024 season, with a significant market share of 16%.
• Camposol has established itself as Peru’s leading mango exporter for the 2023-2024 season.
• Peruvian agricultural exports recorded an increase of 6% in the first half of the year compared to the first half of 2023. Camposol positioned itself as the leading agricultural exporter in Peru during this period.
• Camposol celebrated the start of the 2024 blueberry season in Hubei, further strengthening our presence in the Chinese blueberry market.
• At the beginning of August, we welcomed a high-level delegation of ministers responsible for food security from APEC economies to our headquarters in Trujillo.

3) Message from the Interim CEO:

Ricardo Naranjo, interim CEO of Camposol, shared his thoughts on the company’s performance in the first half of the year:

“I am proud of the positive trajectory we have taken. Our revenue reached an impressive USD 182 million, representing a remarkable increase of 18% over H1 2023. Our EBITDA increased to USD 61.7 million, representing a remarkable growth of 84% over the same period. Finally, our net profit reached USD 19.3 million, almost equal to the total profit for the entire year of 2023. These achievements were made possible by the exceptional performance of our mango and blueberry segments, as well as the coordination across our entire value chain, which played a crucial role in overcoming the industry challenges.

In addition, we continue our debt profile improvement project while maintaining disciplined financial management. We continued the repurchase of bonds with a nominal value of USD 14.5 million in the second quarter of the year. In addition, the loans granted to affiliated companies for USD 18 million between 2023 and 2024 were offset against a dividend declaration of USD 21 million. As a result, the receivables were settled by the end of the second quarter and the remaining dividends will be paid during the second half of the year.

We also consolidated our position as a leading exporter of blueberries and mangoes for the 2023-2024 season. In addition, we had the special honor of being the only agro-industrial company to receive the distinguished delegation of the Ministers responsible for Food Security of the APEC economies, which represents a significant milestone for us as a model of strategic excellence in the country.

I am immensely proud of the unwavering commitment and professionalism of our team during these transition months in which I have been privileged to serve as interim CEO. I am confident that we will continue to grow and achieve excellent results.

4) Review of the first half:

In the blueberry segment, volume increased by 10.2% compared to H1 2023, with revenues amounting to USD 127.2 million. Volume sold reached 18.1 thousand tons, while revenues increased by 26.1% and gross profit grew by 19.8%. Although market dynamics are tending toward price normalization due to increased volumes from Peru and the Chilean season, our coordinated efforts between field operations and distribution companies, coupled with direct collaboration with key retailers, resulted in a strategic allocation with a higher price than in H1 2023.

In the mango segment, sales amounted to USD 33.1 million, despite a 34.2% decrease in volume compared to H1 2023. Volume sold reached 13.8 thousand tons, while revenue increased by 8.1% and gross profit grew by 113%. Camposol showed resilience despite a significant drop in production across the Peruvian industry. We took advantage of favorable opportunities to obtain favorable market prices.

In the avocado segment, we had a strong first season in Colombia, where we achieved a 60% increase in volume and a 66% higher price compared to the first season of 2023 in Colombia. It is important to remember that avocados are a seasonal crop, with the harvest season in Peru starting in the second quarter and sales being recorded mainly in the third quarter. In H1 2024, our avocado sales increased 76% compared to the same period in 2023, driven by a 37% increase in volume and a 29% increase in price.

Camposol demonstrated resilience in the face of industry challenges and was able to achieve favourable market prices by leveraging robust harvest volumes and efficient management practices.

In addition, our debt restructuring initiatives have continued. Since Q3 2023, short-term debt has been consistently below 30% of our total debt. We have a total of $134 million in available credit lines from all financial institutions we work with, i.e. not yet disbursed, which represents 87% coverage of our short-term debt. This financial discipline resulted in a net debt/EBITDA ratio of 3.86x, a significant improvement from 7.83x at the end of H1 2023.

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To access the webcast presentation associated with the conference call, please use the following link:

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If you are unable to participate in the conference call, a replay of the call will be available until August 27, 2025.

For further information please contact:

Jossue Yesquen Lihim, IRO
E-mail: [email protected]

About CAMPOSOL

CAMPOSOL is a multinational company dedicated to providing fresh and healthy food to families around the world. Our operations extend across Peru, Colombia, Uruguay, Chile and Mexico, with sales offices in North America, Europe and Asia. We have built trusted relationships with major supermarkets worldwide and serve customers in over 40 countries.

We are involved in the harvesting, processing and marketing of high-quality agricultural products such as blueberries, avocados, tangerines, grapes and mangoes.

CAMPOSOL is committed to promoting sustainable development through social and environmental responsibility policies and projects aimed at increasing shared value for all stakeholders. The company is also an active member of the United Nations Global Compact, publishes annual GRI-compliant sustainability reports and has various international certifications, including Global Gap, Rainforest Alliance and BRC. In addition, CAMPOSOL ensures compliance with the legislation of the target countries and is assessed according to social ethics standards such as SMETA and GRASP.

For more information about CAMPOSOL, visit www.camposol.com

¹When discussing operating results, CAMPOSOL refers to certain non-GAAP financial measures such as EBITDA. CAMPOSOL’s management regularly uses these measures to evaluate performance both in absolute terms and on a period-to-period basis. EBITDA, which CAMPOSOL defines as revenue less cost of goods sold, administrative and selling expenses plus depreciation and amortization, approximately equals cash flow from continuing operations before taxes and net working capital changes. In addition, we use last 12 months (LTM) EBITDA to calculate the net debt/EBITDA ratio.

• Camposoll Holding PLC 2Q 2024 Press Release