寒冬时节，神木市众多现代农业温室大棚里，绿意盎然，果香弥漫。 近年来，神木市将发展设施农业作为优化产业结构、促进农民增收的关键举措，通过资金补贴、技 术指导等方式，积极引导农户种植草莓、樱桃、香瓜等，既满足了市场对新鲜果蔬的需求，又有效提高 了土地产出效益，为农业提质增效、农民增收致富注入动力。 目前，神木市设施蔬菜种植面积超过3000亩，其中冬暖式日光温室大棚2282亩、大中型拱棚735 亩、连栋日光温室20亩，2025年设施果蔬年产量8100多吨，年产值超过1.8亿元。（通讯员：白焕霞 温 子瑞） 近年来，神木市以市场为导向，以产业振兴为抓手，大力发展温室大棚，让传统农业生产突破季节 限制。 科技大棚硕果盈枝，传统大棚里也是一派丰收景象。在位于迎宾路街道河西村李家阴湾小组的设施 农业区，村民李文宽在自己的草莓大棚里小心翼翼地为植株清理老叶，仔细查看果实成熟度。棚内温暖 如春，蜜蜂在花间授粉，草莓在绿叶衬托下格外诱人。 "我今年种了两个棚，一个专种草莓，另一个种时令蔬菜，收入比过去多。"李文宽说，"这两个棚 一年能给家里添七八万元的收入。"像李文宽一样，许多村民都依托近郊的区位优势，搭上了设施农业 的快车。 ...

Core Insights - The article highlights the thriving agricultural activities in Haidong City's Ledou District, particularly focusing on the successful cultivation of strawberries, cucumbers, tomatoes, blueberries, and off-season cherries in advanced greenhouse facilities [4] Group 1: Agricultural Development - The Ledou District has adopted facility greenhouse cultivation as a core industry to enhance village prosperity and improve the livelihoods of local residents [4] - Innovative collaboration models involving universities, village cooperative societies, and enterprises have been implemented to provide technical support and market assurance for agricultural projects [4] - The district has explored efficient production methods such as "multiple crops in one greenhouse" and crop rotation, which have effectively improved the quality and efficiency of rural industries, leading to collective income growth and shared prosperity [4]

Financial Data and Key Metrics Changes - For the full year 2024, group revenue increased by 6.7% to $8.5 billion, and adjusted EBITDA increased by 6.7% to $392 million, exceeding adjusted EBITDA guidance by $12 million [11][7] - Adjusted net income for the full year was $120.9 million, with adjusted diluted EPS increasing by 2.4% to $1.27 per share [11][27] - Net debt at the end of 2024 was $637 million, with net leverage at 1.6 times, indicating a strong financial position [12][10] Business Line Data and Key Metrics Changes - Fresh Fruit segment delivered adjusted EBITDA of $214.8 million for the full year, an increase of $5.9 million compared to 2023, driven by volume growth in bananas and plantains [12][13] - Diversified EMEA segment achieved adjusted EBITDA of $131.5 million for the full year, with like-for-like revenue growth of 4.4% [16][17] - Diversified Fresh Produce Americas segment reported a like-for-like revenue increase of 16.1%, with adjusted EBITDA increasing by 52.3% for the full year [32][33] Market Data and Key Metrics Changes - In North America, the Fresh Fruit segment saw good volume growth in bananas and plantains, while European markets benefited from high volumes and lower shipping costs [13][14] - The EMEA segment faced headwinds due to supply challenges and weather events, but anticipates continued revenue growth in 2025 [17][18] - The Diversified Americas segment performed well, particularly in the export business, with strong growth in cherries and grapes [19][33] Company Strategy and Development Direction - The company is focused on capital allocation and managing invested capital, with strategic investments in expanding shipping capacity and improving operational performance [8][10] - There is an ongoing process to determine the best strategic alternative for the Fresh Vegetables business, which is expected to enhance long-term outcomes for stakeholders [20][21] - The company plans to maintain a baseline level of capital expenditure in 2025, while exploring development opportunities to drive further growth [41][42] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in 2025, including the impact of Tropical Storm Sara and geopolitical uncertainties affecting sourcing costs and supply chains [40][41] - The company aims for adjusted EBITDA in the range of $370 million to $380 million for 2025, reflecting a more normalized year compared to 2024 [41][38] - Management remains optimistic about the underlying fundamentals of the business and is focused on addressing challenges while capitalizing on growth opportunities [15][38] Other Important Information - The company declared a dividend of $0.08 for the fourth quarter, to be paid on April 3, 2025 [37] - Free cash flow from continuing operations was $180.3 million for the full year, benefiting from strong adjusted EBITDA performance and good working capital management [36] Q&A Session Summary Question: Could you unpack the EBITDA guidance and the factors affecting it? - Management indicated that the guidance reflects known headwinds, including the impact from Tropical Storm Sara and macroeconomic uncertainties, with expectations for a slower start to 2025 [45][49][54] Question: What mitigation strategies are in place regarding potential tariffs? - Management believes that the demand for fresh produce will remain strong, and they are prepared to adjust pricing and sourcing strategies if tariffs are implemented [56][58][60] Question: What is the company's approach to capital allocation moving forward? - Management emphasized a focus on leveraging while also considering targeted M&A opportunities, with ongoing internal development projects to enhance growth [65][67][71] Question: Can you provide insights on the profit weakness in the EMEA segment? - Management noted that while there are ups and downs across different markets, they see more opportunities than challenges in the EMEA segment [75][77] Question: Is there a risk of elasticity in pricing for high-value products like avocados? - Management expressed confidence that demand for avocados and other products will remain stable, despite potential tariff impacts [78][80]

Financial Performance - FY'24 revenue reached $8475 million, a 28% increase compared to $8245 million in FY'23, with a 67% increase on a Like-For-Like (LFL) basis[10] - Adjusted EBITDA for FY'24 was $3922 million, up 18% from $3851 million in FY'23, also showing a 67% increase on a LFL basis[10] - Adjusted Diluted EPS for FY'24 stood at $127, a 24% increase from $124 in the previous year[10] - Net debt decreased by $1811 million to $6371 million at the end of the year due to proceeds from the sale of Progressive Produce and strong free cash flow generation[11] - Net Leverage was reduced to 16x at year end[8, 10] Segment Performance - Fresh Fruit revenue increased by 94% to $819 million in Q4'24 from $749 million in Q4'23[27], with Adjusted EBITDA increasing by 108% to $319 million[29] - Diversified Fresh Produce – EMEA saw a 55% increase in revenue to $911 million in Q4'24, up from $863 million in Q4'23[33], with a slight decrease in Adjusted EBITDA of 05% to $325 million[34] - Diversified Fresh Produce – Americas & ROW experienced a 54% decrease in revenue to $463 million in Q4'24 compared to $490 million in Q4'23[38], but on a LFL basis, revenue increased 161%[38] Capital Allocation and Future Outlook - Capital expenditure for continuing operations in FY'24 was $824 million, with free cash flow from continuing operations at $1803 million[42] - The company anticipates Adjusted EBITDA for FY'25 to be approximately $370-$380 million, with maintenance capital expenditure around $100 million and interest expense around $70 million[47]