Dole plc — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue increased 3.8% year-over-year to $2.4 billion for the three months ended September 30, 2026, and 5.9% to $7.2 billion for the nine months ended September 30, 2026.
• Net income increased to $48.3 million for the quarter (up from $13.8 million) and to $121.2 million for the nine months (up from $76.0 million).
• Net income attributable to Dole plc was $38.5 million for the quarter and $95.8 million for the nine months.
• Diluted EPS was $0.41 for the quarter and $1.00 for the nine months.
• Adjusted EBITDA increased 4.1% to $84.1 million for the quarter and decreased 6.7% to $301.1 million for the nine months.
• Adjusted Net Income was $15.0 million for the quarter and $89.9 million for the nine months.
• Adjusted Diluted EPS was $0.16 for the quarter and $0.94 for the nine months.
• Free cash flow from continuing operations was an inflow of $59.3 million for the nine months, compared to an outflow of $66.2 million in the prior year.
• Net Debt was $491.3 million as of September 30, 2026, with Net Leverage reduced to 1.3x.
• Cash capital expenditures for the nine months ended September 30, 2026, were $64.4 million.

Guidance and Future Outlook:

• Full-year 2026 Adjusted EBITDA guidance is lowered to a range of $380 million to $390 million, down from approximately $400 million previously.
• Full-year 2026 routine capital expenditure guidance is reduced to approximately $90 million.
• Full-year 2026 interest expense guidance is maintained at approximately $58 million.
• Management expects year-on-year improvement in the fourth quarter, albeit at a lower level than anticipated at the time of second-quarter results.
• Higher shipping fuel costs in Europe are expected to have an impact of approximately $16 million relative to original 2026 expectations.
• Fuel and shipping costs remain elevated, and weather conditions, including El Niño effects, continue to affect fruit availability.

Business Segments and Product Lines:

• Fresh Fruit: Revenue decreased 8.0% to $818.7 million for the quarter, driven by tariff impacts, lower banana volumes in North America, and lower pineapple volumes in Europe due to adverse weather. Adjusted EBITDA increased 6.0% to $28.8 million.
• Diversified Fresh Produce - EMEA: Revenue increased 9.3% to $1.09 billion for the quarter, driven by the acquisition of Greenfood Fresh Produce and underlying growth in Scandinavia. Adjusted EBITDA decreased 3.1% to $39.5 million.
• Diversified Fresh Produce - Americas & ROW: Revenue increased 14.1% to $479.2 million for the quarter, driven by higher volumes in North America and strong growth in kiwi, avocados, grapes, and tomatoes. Adjusted EBITDA increased 22.8% to $15.8 million.
• Greenfood Fresh Produce acquisition was completed on July 2, 2026, strengthening the Group's position in the Nordic region.
• Plans are underway for the multi-year development of the Helsingborg facility acquired with Greenfood, incorporating advanced warehouse and robotics technology.

Market and Competitive Landscape:

• The operating environment remains challenging with elevated fuel and shipping costs.
• Tariff-related impacts negatively affected Fresh Fruit revenue.
• Adverse weather conditions impacted supply, specifically pineapple volumes in Europe and banana volumes in North America.
• The Group continues to experience increased shipping and logistics costs due to higher fuel costs, partially offset by fuel surcharge mechanisms in North America.

Risks and Challenges:

• Elevated fuel and shipping costs pose ongoing risks to margins.
• Weather conditions, including El Niño effects, continue to affect fruit availability and production costs.
• Tariff impacts have reduced Fresh Fruit revenue.
• The strengthening of the Costa Rican Colón against the U.S. Dollar negatively impacted Fresh Fruit Adjusted EBITDA.

Management Commentary and Tone:

• Executive Chairman Carl McCann expressed pleasure with the Group's solid performance against a challenging backdrop.
• Management stated that strategic actions over the last 18 months have strengthened the business, resulting in a more focused company with greater financial flexibility.
• The tone indicates resilience, noting that fuel surcharge mechanisms in North America provide significant protection against higher shipping fuel costs.

Other Key Points:

• The Group completed the sale of the Ecuador port, generating a gain of $48.6 million and net cash proceeds of $126.7 million for the nine months.
• Cumulative net cash proceeds from the Ecuador port sale, including adjustments, are expected to be approximately $95.0 million.
• The Board declared a cash dividend of $0.085 per share for the third quarter of 2026, payable on January 6, 2027.
• Share repurchases totaled $10.0 million during the quarter (762,319 shares) and $24.6 million for the nine months (1,788,179 shares).
• $75.4 million remained available for repurchase under the share repurchase program as of September 30, 2026.
• Operating income increased $64.7 million for the quarter, primarily due to the gain on the Ecuador port sale and lower impairment charges.
• A $22.2 million tax charge was recognized on the Ecuador port sale.
• A loss of $10.2 million from discontinued operations (Fresh Vegetables) occurred in the prior year only.