Costa emphasised an “exceptional” period in its International operations. Morocco has benefited from good yields and relatively high prices, given the rival Spanish blueberry harvest has been poor. China has had the increased hectares contribute revenue alongside higher prices. We think there will be some normalisation in FY24e and forecast EBITDA of $97 million.

Costa reported 1H22 EBITDA of $141 million in line with guidance given in July. While there was earnings growth, profit margins did fall and we expect lower margins in 2H22e. Pricing in mushrooms and berries has been strong, but the lower quality citrus harvest for 2022 will lower prices realised this year. We forecast EBITDA of $241 million for FY22e. The company has said that the outcome for citrus is unknown and we see an EBITDA range anywhere between $220 and $245 million as plausible.