Dole plc Reports Third Quarter 2025 Financial Results

DUBLIN--( BUSINESS WIRE)--Dole plc (NYSE: DOLE) ("Dole" or the "Group" or the "Company") today released its financial results for the three and nine months ended September 30, 2025.

"The momentum within the overall business gives us confidence that our full year Adjusted EBITDA should be at the upper end of our targeted range of $380 million to $390 million"

Highlights for the three months ended September 30, 2025:

Financial Highlights - Unaudited

Three Months Ended

Nine Months Ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

(U.S. Dollars in millions, except per share amounts)

Revenue

2,279

2,062

6,807

6,308

Income from Continuing Operations

24.1

15.1

121.1

142.7

Net Income

13.8

21.5

76.0

175.0

Net Income attributable to Dole plc

5.1

14.4

54.0

164.7

Diluted EPS from Continuing Operations

0.16

0.08

1.03

1.39

Diluted EPS

0.05

0.15

0.56

1.73

Adjusted EBITDA 2

80.8

82.1

322.7

317.6

Adjusted Net Income 2

15.0

18.0

101.3

105.6

Adjusted Diluted EPS 2

0.16

0.19

1.06

1.11

1 Like-for-like basis refers to the measure excluding the impact of foreign currency translation movements and acquisitions and divestitures. Refer to the Appendix and "Supplemental Reconciliation of Prior Year Segment Results to Current Year Segment Results" for further detail on these impacts and the calculation of like-for-like basis variances.

2 Fresh Vegetables results are reported separately as discontinued operations, net of income taxes, in our condensed consolidated statements of operations, its assets and liabilities are separately presented in our condensed consolidated balance sheets, and its cash flows are presented separately in our condensed consolidated statements of cash flows for all periods presented. Unless otherwise noted, our discussion of our results included herein, outlook and all supplementary tables, including non-GAAP financial measures, are presented on a continuing operations basis.

3 Dole plc reports its financial results in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). See full GAAP financial results in the appendix. Adjusted EBIT, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share, Net Debt, Net Leverage and Free Cash Flow from Continuing Operations are non-GAAP financial measures. Refer to the appendix of this release for an explanation and reconciliation of these and other non-GAAP financial measures used in this release to comparable GAAP financial measures.

Commenting on the results, Carl McCann, Executive Chairman, said:

“We are pleased to report a good outcome for the third quarter of 2025. Our Diversified Fresh Produce segments delivered excellent results, partially offsetting an anticipated decline in Fresh Fruit in the quarter.

The momentum within the overall business gives us confidence that our full year Adjusted EBITDA should be at the upper end of our targeted range of $380 million to $390 million.

In August, we were pleased to successfully complete the sale of the Fresh Vegetables Division, providing us with greater flexibility in our capital allocation strategy. As part of this strategy, our Board of Directors has granted authorization for the Group to opportunistically repurchase up to $100 million of its ordinary shares.”

Group Results - Third Quarter

Revenue increased 10.5%, or $216.5 million, primarily due to positive operational performance across all segments and a favorable impact from foreign currency translation of $56.1 million, offset partially by a net negative impact from acquisitions and divestitures of $8.6 million. On a like-for-like basis, revenue increased 8.2%, or $169.1 million.

Net Income decreased 35.7%, or $7.7 million, to $13.8 million. This decrease was due to a loss of $10.2 million in discontinued operations (Fresh Vegetables) primarily due to a loss on disposal of the business of $14.7 million ($11.2 million, net of tax). There was also an associated non-cash fair value charge of $8.2 million on fixed assets excluded from the sale. These decreases were partially offset by insurance proceeds of $10.0 million recognized in the period, increases related to fair value adjustments of financial instruments and higher earnings in equity method investments.

Adjusted EBITDA decreased 1.6%, or $1.3 million, primarily driven by decreases in the Fresh Fruit segment, partially offset by strong performance in the Diversified Fresh Produce - EMEA and Diversified Fresh Produce - Americas & ROW segments, as well as a favorable impact of foreign currency translation of $2.4 million. On a like-for-like basis, Adjusted EBITDA decreased 5.1%, or $4.2 million.

Adjusted Net Income decreased 16.7%, or $3.0 million, predominantly due to the decreases in Adjusted EBITDA noted above and higher depreciation expense, partially offset by lower tax expense. Adjusted Diluted EPS for the three months ended September 30, 2025 was $0.16 compared to $0.19 in the prior year.

Selected Segmental Financial Information (Unaudited)

Three Months Ended

September 30, 2025

September 30, 2024

(U.S. Dollars in thousands)

Revenue

Adjusted EBITDA

Revenue

Adjusted EBITDA

Fresh Fruit

890,356

27,153

798,781

42,904

Diversified Fresh Produce - EMEA

997,802

40,740

899,639

30,363

Diversified Fresh Produce - Americas & ROW

419,991

12,876

390,057

8,805

Intersegment

(29,234

)

—

(26,063

)

—

Total

2,278,915

80,769

2,062,414

82,072

Nine Months Ended

September 30, 2025

September 30, 2024

(U.S. Dollars in thousands)

Revenue

Adjusted EBITDA

Revenue

Adjusted EBITDA

Fresh Fruit

2,741,092

163,240

2,474,461

182,958

Diversified Fresh Produce - EMEA

2,990,686

117,384

2,698,088

99,017

Diversified Fresh Produce - Americas & ROW

1,169,752

42,085

1,222,996

35,617

Intersegment

(94,784

)

—

(87,666

)

—

Total

6,806,746

322,709

6,307,879

317,592

Fresh Fruit

Revenue increased 11.5%, or $91.6 million, primarily due to higher worldwide volumes of bananas, pineapples and plantains sold, as well as higher worldwide pricing of bananas, pineapples and plantains.

Adjusted EBITDA decreased 36.7%, or $15.8 million, primarily driven by higher fruit costs in bananas, due both to higher overall sourcing costs in the market and higher fruit costs following Tropical Storm Sara that impacted Honduras in November 2024. In the quarter, we also experienced higher fruit sourcing costs in pineapples, partially driven by climatic conditions, higher sourcing costs in plantains and lower profits in commercial cargo.

Diversified Fresh Produce – EMEA

Revenue increased 10.9%, or $98.2 million, primarily due to a favorable impact from foreign currency translation of $56.8 million, as a result of the strengthening of the Swedish krona, Euro and British pound against the U.S. Dollar, as well as strong underlying performance in Scandinavia, Spain and the Netherlands. These increases were partially offset by a net negative impact from acquisitions and divestitures of $8.6 million. On a like-for-like basis, revenue increased 5.6%, or $50.0 million.

Adjusted EBITDA increased 34.2%, or $10.4 million, primarily driven by increases in earnings in Scandinavia, Spain, the Netherlands and South Africa, as well as a favorable impact from foreign currency translation of $2.8 million. On a like-for-like basis, Adjusted EBITDA increased 24.4%, or $7.4 million.

Diversified Fresh Produce – Americas & ROW

Revenue increased 7.7%, or $29.9 million, primarily due to revenue growth in most commodities sold in the North American market, particularly in kiwi and berries.

Adjusted EBITDA increased 46.2%, or $4.1 million, driven by improved performance in the southern hemisphere export business, primarily due to positive final liquidations of the prior export season, as well as continued good performance in the North America market across commodities.

Capital Expenditures

Cash capital expenditures from continuing operations for the nine months ended September 30, 2025 were $93.1 million, including the buyout of two vessel finance leases of $36.1 million that were already reflected within Net Debt as of December 31, 2024. Other expenditures included investments in warehouse and logistics assets, particularly in Northern Europe, vessel dry dockings, farming investments and ongoing investments in IT assets. Additions through finance leases from continuing operations were $14.9 million for the nine months ended September 30, 2025.

Free Cash Flow from Continuing Operations and Net Debt

Free cash flow from continuing operations was an outflow of $66.2 million for the nine months ended September 30, 2025. Free cash flow was primarily driven by normal seasonal impacts. There were outflows from receivables based on higher revenue and timing of collections. Net Debt and Net Leverage as of September 30, 2025 was $664.5 million and 1.7x, respectively.

Sale of Fresh Vegetables

On August 5, 2025, we completed the sale of our Fresh Vegetables division to Arable Capital Partners for total consideration of $140.0 million, comprising approximately $90.0 million in cash and a $50.0 million seller note, as well as a $10.0 million potential earn-out. Net cash proceeds received of $68.0 million, after transaction adjustments, were primarily utilized to reduce the amount outstanding on our Revolving Credit Facility.

Share Repurchase Program

On November 7, 2025, the Board of Directors authorized a share repurchase program under which the Company may repurchase up to $100.0 million in the aggregate of its ordinary shares. Shares may be repurchased from time to time through open-market transactions or other methods permitted under applicable securities laws. The timing and volume of repurchases will be at the discretion of the Company's management.

Outlook for Fiscal Year 2025 (forward-looking statement)

We are pleased that our broadly based business model has delivered year-on-year Adjusted EBITDA growth for the first nine months. The momentum within our overall business gives us confidence that our full year Adjusted EBITDA should be at the upper end of our targeted range of $380 million to $390 million.

For financial year 2025, we are reducing our guidance for routine capital expenditure to approximately $85 million, and we continue to expect full year interest expense to be approximately $67 million.

Dividend

On November 7, 2025, the Board of Directors of Dole plc declared a cash dividend for the third quarter of 2025 of $0.085 per share, payable on January 6, 2026 to shareholders of record on December 9, 2025. A cash dividend of $0.085 per share was paid on October 6, 2025 for the second quarter of 2025.

About Dole plc

A global leader in fresh produce, Dole plc produces, markets, and distributes an extensive variety of fresh fruits and vegetables sourced locally and from around the world. Dedicated and passionate in exceeding our customers’ requirements in over 85 countries, our goal is to make the world a healthier and a more sustainable place.

Webcast and Conference Call Information

Dole plc will host a conference call and simultaneous webcast at 08:00 a.m. Eastern Time today to discuss the third quarter 2025 financial results. The webcast can be accessed at www.doleplc.com/investor-relations or directly at https://events.q4inc.com/attendee/341503416.

Forward-looking information

Certain statements made in this press release that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s beliefs, assumptions, and expectations of our future economic performance, considering the information currently available to management. These statements are not statements of historical fact. The words “believe,” “may,” “could,” “will,” “should,” “would,” “anticipate,” “estimate,” “expect,” “intend,” “objective,” “seek,” “strive,” “target” or similar words, or the negative of these words, identify forward-looking statements. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates, or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity. Accordingly, there are, or will be, important factors that could cause our actual results to differ materially from those indicated in these statements. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made except as required by the federal securities laws.

Appendix

Condensed Consolidated Statements of Operations - Unaudited

Three Months Ended

Nine Months Ended

September 30,

2025

September 30,

2024

September 30,

2025

September 30,

2024

(U.S. Dollars and shares in thousands, except per share amounts)

Revenues, net

2,278,915

2,062,414

6,806,746

6,307,879

Cost of sales

(2,123,734

)

(1,898,375

)

(6,251,072

)

(5,748,577

)

Gross profit

155,181

164,039

555,674

559,302

Selling, marketing, general and administrative expenses

(123,621

)

(115,829

)

(366,341

)

(351,383

)

Gain on disposal of businesses

143

—

552

75,945

Gain on asset sales

842

1,573

13,966

1,901

Impairment of goodwill

—

(36,684

)

Impairment and asset write-downs of property, plant and equipment and lease assets

(8,394

)

(2,049

)

(8,576

)

(3,326

)

Operating income

24,151

47,734

195,275

245,755

Other income (expense), net

12,614

(4,541

)

(6,450

)

9,458

Interest income

3,478

2,632

9,473

8,335

Interest expense

(16,641

)

(17,473

)

(51,339

)

(54,209

)

Income from continuing operations before income taxes and equity earnings

23,602

28,352

146,959

209,339

Income tax expense

(6,100

)

(15,524

)

(49,182

)

(75,385

)

Equity method earnings

6,559

2,303

23,352

8,711

Income from continuing operations

24,061

15,131

121,129

142,665

(Loss) income from discontinued operations, net of income taxes

(10,236

)

6,384

(45,156

)

32,351

Net income

13,825

21,515

75,973

175,016

Net income attributable to noncontrolling interests

(8,720

)

(7,113

)

(21,990

)

(10,354

)

Net income attributable to Dole plc

5,105

14,402

53,983

164,662

Income (loss) per share - basic:

Continuing operations

0.16

0.08

1.04

1.39

Discontinued operations

(0.11

)

0.07

(0.47

)

0.34

Net income per share attributable to Dole plc - basic

0.05

0.15

0.57

1.73

Income (loss) per share - diluted:

Continuing operations

0.16

0.08

1.03

1.39

Discontinued operations

(0.11

)

0.07

(0.47

)

0.34

Net income per share attributable to Dole plc - diluted

0.05

0.15

0.56

1.73

Weighted-average shares:

Basic

95,163

94,990

95,139

94,950

Diluted

95,979

95,614

95,835

95,395

Condensed Consolidated Statements of Cash Flows - Unaudited

Nine Months Ended

September 30, 2025

September 30, 2024

Operating Activities

(U.S. Dollars in thousands)

Net income

75,973

175,016

Loss (income) from discontinued operations, net of taxes

45,156

(32,351

)

Income from continuing operations

121,129

142,665

Adjustments to reconcile income from continuing operations to net cash provided by (used in) operating activities - continuing operations:

Depreciation and amortization

83,645

72,632

Impairment of goodwill

—

36,684

Impairment and asset write-downs of property, plant and equipment

8,576

3,326

Net gain on sale of assets

(13,966

)

(1,901

)

Net gain on sale of businesses

(552

)

(75,945

)

Net loss (gain) on financial instruments

22,365

(723

)

Stock-based compensation expense

5,000

6,090

Equity method earnings

(23,352

)

(8,711

)

Noncash debt refinancing expenses

1,921

—

Amortization of debt discounts and debt issuance costs

4,733

6,255

Deferred tax benefit (expense)

2,075

(12,353

)

Pension and other postretirement benefit plan expense

4,535

1,982

Dividends received from equity method investments

8,744

4,994

Gain on insurance proceeds

(11,542

)

(527

)

Other

(1,337

)

705

Changes in operating assets and liabilities:

Receivables, net of allowances

(203,434

)

(89,014

)

Inventories

(5,583

)

(9,136

)

Prepaids, other current assets and other assets

(244

)

(4,032

)

Accounts payable, accrued liabilities and other liabilities

24,228

33,255

Net cash provided by operating activities - continuing operations

26,941

106,245

Investing activities

Sales of assets

12,093

2,825

Capital expenditures

(93,101

)

(56,788

)

Proceeds from sale of businesses, net of transaction costs and cash transferred

68,515

117,735

Insurance proceeds

19,550

527

Purchases of investments

)

(262

)

Purchases of unconsolidated affiliates

(2,055

)

(504

)

Acquisitions, net of cash acquired

(2,489

)

(930

)

Other

(22

)

(1,908

)

Net cash provided by investing activities - continuing operations

2,489

60,695

Financing activities

Proceeds from borrowings and overdrafts

1,533,582

1,273,561

Repayments on borrowings and overdrafts and payment of debt refinancing fees

(1,516,208

)

(1,425,422

)

Dividends paid to shareholders

(24,171

)

(22,899

)

Dividends paid to noncontrolling interests

(22,917

)

(23,157

)

Other noncontrolling interest activity, net

—

Payment of contingent consideration

(1,015

)

(996

)

Net cash used in financing activities - continuing operations

(30,729

)

(198,835

)

Effect of foreign exchange rate changes on cash

17,988

1,613

Net cash (used in) provided by operating activities - discontinued operations

(27,109

)

23,397

Net cash used in investing activities - discontinued operations

(6,626

)

(6,139

)

Cash (used in) provided by discontinued operations, net

(33,735

)

17,258

Decrease in cash and cash equivalents

(17,046

)

(13,023

)

Cash and cash equivalents at beginning of period, including discontinued operations

331,719

277,005

Cash and cash equivalents at end of period, including discontinued operations

314,673

263,982

Supplemental cash flow information:

Income tax payments, net of refunds

(71,546

)

(62,743

)

Interest payments on borrowings

(48,438

)

(50,376

)

Condensed Consolidated Balance Sheets - Unaudited

September 30, 2025

December 31, 2024

ASSETS

(U.S. Dollars and shares in thousands)

Cash and cash equivalents

314,673

330,017

Short-term investments

6,299

6,019

Trade receivables, net of allowances for credit losses of $21,387 and $19,493, respectively

584,581

473,511

Grower advance receivables, net of allowances for credit losses of $34,496 and $29,304, respectively

166,634

104,956

Other receivables, net of allowances for credit losses of $14,782 and $15,248, respectively

154,055

125,951

Inventories, net of allowances of $4,085 and $4,178, respectively

448,863

430,168

Prepaid expenses

68,330

68,918

Other current assets

20,708

15,111

Fresh Vegetables current assets held for sale

—

281,990

Other assets held for sale

1,653

1,419

Total current assets

1,765,796

1,838,060

Long-term investments

14,198

14,630

Investments in unconsolidated affiliates

142,712

129,322

Actively marketed property

55,887

45,778

Property, plant and equipment, net of accumulated depreciation of $605,881 and $502,062, respectively

1,118,915

1,120,366

Operating lease right-of-use assets

352,708

341,722

Goodwill

449,180

429,590

DOLE brand

306,280

Other intangible assets, net of accumulated amortization of $132,626 and $118,956, respectively

20,502

25,238

Other assets

140,962

112,893

Deferred tax assets, net

85,695

82,484

Total assets

4,452,835

4,446,363

LIABILITIES AND EQUITY

Accounts payable

706,669

648,591

Income taxes payable

36,516

42,753

Accrued liabilities

489,299

443,145

Bank overdrafts

14,706

11,443

Current portion of long-term debt, net

57,445

80,097

Current maturities of operating leases

68,192

64,357

Payroll and other tax

26,348

28,056

Contingent consideration

4,652

3,399

Pension and other postretirement benefits

18,114

18,491

Fresh Vegetables current liabilities held for sale

—

214,387

Dividends payable and other current liabilities

38,428

14,696

Total current liabilities

1,460,369

1,569,415

Long-term debt, net

899,299

866,075

Operating leases, less current maturities

290,290

280,896

Deferred tax liabilities, net

76,720

84,712

Income taxes payable, less current portion

—

6,210

Contingent consideration, less current portion

1,202

4,007

Pension and other postretirement benefits, less current portion

129,617

129,870

Other long-term liabilities

75,479

70,260

Total liabilities

2,932,976

3,011,445

Redeemable noncontrolling interests

32,568

35,554

Stockholders’ equity:

Common stock — $0.01 par value; 300,000 shares authorized; 95,163 and 95,041 shares outstanding as of September 30, 2025 and December 31, 2024, respectively

952

950

Additional paid-in capital

800,225

801,099

Retained earnings

687,242

657,430

Accumulated other comprehensive loss

(108,529

)

(166,180

)

Total equity attributable to Dole plc

1,379,890

1,293,299

Equity attributable to noncontrolling interests

107,401

106,065

Total equity

1,487,291

1,399,364

Total liabilities, redeemable noncontrolling interests and equity

4,452,835

4,446,363

Reconciliation from Net Income to Adjusted EBITDA - Unaudited

The following information is provided to give quantitative information related to items impacting comparability. Refer to the 'Non-GAAP Financial Measures' section of this document for additional detail on each item.

Three Months Ended

Nine Months Ended

September 30,

2025

September 30,

2024

September 30,

2025

September 30,

2024

(U.S. Dollars in thousands)

Net income (Reported GAAP)

13,825

21,515

75,973

175,016

Loss (income) from discontinued operations, net of income taxes

10,236

(6,384

)

45,156

(32,351

)

Income from continuing operations (Reported GAAP)

24,061

15,131

121,129

142,665

Income tax expense

6,100

15,524

49,182

75,385

Interest expense

16,641

17,473

51,339

54,209

Mark to market (gains) losses

(1,000

)

6,301

22,069

1,217

Gain on asset sales

—

(66

)

(11,178

)

(35

)

Gain on disposal of businesses

(143

)

—

(552

)

(75,945

)

Impairment of goodwill

—

36,684

Asset write-downs, net of insurance proceeds

(8,257

)

(992

)

(11,874

)

(2,691

)

Impairment of property, plant and equipment and lease assets

8,208

—

8,208

—

Other items 4,5

795

4,078

(18

)

Adjustments from equity method investments

3,280

2,504

629

6,964

Adjusted EBIT (Non-GAAP)

49,685

55,884

233,030

238,435

Depreciation

27,022

22,616

78,331

66,852

Amortization of intangible assets

1,845

1,621

5,314

5,780

Depreciation and amortization adjustments from equity method investments

2,217

1,951

6,034

6,525

Adjusted EBITDA (Non-GAAP)

80,769

82,072

322,709

317,592

4 For the three months ended September 30, 2025 and September 30, 2024, other items is primarily comprised of various immaterial items.

5 For the nine months ended September 30, 2025, other items is primarily comprised of $3.2 million of net debt refinancing expenses and other various immaterial items. For the nine months ended September 30, 2024, other items is primarily comprised of various immaterial items.

Reconciliation from Net Income attributable to Dole plc to Adjusted Net Income - Unaudited

Three Months Ended

Nine Months Ended

September 30,

2025

September 30,

2024

September 30,

2025

September 30,

2024

(U.S. Dollars and shares in thousands, except per share amounts)

Net income attributable to Dole plc (Reported GAAP)

5,105

14,402

53,983

164,662

Loss (income) from discontinued operations, net of income taxes

10,236

(6,384

)

45,156

(32,351

)

Income from continuing operations attributable to Dole plc

15,341

8,018

99,139

132,311

Adjustments:

Amortization of intangible assets

1,845

1,621

5,314

5,780

Mark to market (gains) losses

(1,000

)

6,301

22,069

1,217

Gain on asset sales

—

(66

)

(11,178

)

(35

)

Gain on disposal of businesses

(143

)

—

(552

)

(75,945

)

Impairment of goodwill

—

36,684

Asset write-downs, net of insurance proceeds

(8,257

)

(992

)

(11,874

)

(2,691

)

Impairment of property, plant and equipment and lease assets

8,208

—

8,208

—

Other items 6,7

795

4,078

(18

)

Adjustments from equity method investments

272

531

(7,160

)

1,782

Income tax on items above and discrete tax items

(2,361

)

3,393

(4,492

)

18,500

NCI impact of items above

318

(781

)

(2,302

)

(11,968

)

Adjusted Net Income for Adjusted EPS calculation (Non-GAAP)

15,018

18,034

101,250

105,617

Adjusted earnings per share – basic (Non-GAAP)

0.16

0.19

1.06

1.11

Adjusted earnings per share – diluted (Non-GAAP)

0.16

0.19

1.06

1.11

Weighted average shares outstanding – basic

95,163

94,990

95,139

94,950

Weighted average shares outstanding – diluted

95,979

95,614

95,835

95,395

6 For the three months ended September 30, 2025 and September 30, 2024, other items is primarily comprised of various immaterial items.

7 For the nine months ended September 30, 2025, other items is primarily comprised of $3.2 million of net debt refinancing expenses and other various immaterial items. For the nine months ended September 30, 2024, other items is primarily comprised of various immaterial items.

Supplemental Reconciliation from Net Income attributable to Dole plc to Adjusted Net Income - Unaudited

Three Months Ended September 30, 2025

(U.S. Dollars in thousands)

Revenues, net

Cost of sales

Gross profit

Gross Margin %

Selling, marketing, general and administrative expenses

Other operating items 8

Operating Income

Reported (GAAP)

2,278,915

(2,123,734

)

155,181

6.8

(123,621

)

(7,409

)

24,151

Loss (income) from discontinued operations, net of income taxes

—

Amortization of intangible assets

—

1,845

—

1,845

Mark to market (gains) losses

—

(381

)

(381

)

—

(381

)

Gain on asset sales

—

Gain on disposal of businesses

—

(143

)

(143

)

Asset write-downs, net of insurance proceeds

—

1,731

—

1,731

Impairment of property, plant and equipment and lease assets

—

8,208

Other items

—

795

—

795

Adjustments from equity method investments

—

Income tax on items above and discrete tax items

—

NCI impact of items above

—

Adjusted (Non-GAAP)

2,278,915

(2,122,384

)

156,531

6.9

(120,981

)

656

36,206

8 Other operating items for the three months ended September 30, 2025 is primarily comprised of asset write-downs and impairment charges on property, plant and equipment of $8.4 million, offset partially by gain on asset sales of $0.8 million and a gain on disposal of businesses of $0.1 million, as reported on the Dole plc GAAP Condensed Consolidated Statements of Operations.

Three Months Ended September 30, 2024

(U.S. Dollars in thousands)

Revenues, net

Cost of sales

Gross profit

Gross Margin %

Selling, marketing, general and administrative expenses

Other operating items 9

Operating Income

Reported (GAAP)

2,062,414

(1,898,375

)

164,039

8.0

(115,829

)

(476

)

47,734

Loss (income) from discontinued operations, net of income taxes

—

Amortization of intangible assets

—

1,621

—

1,621

Mark to market (gains) losses

—

270

—

270

Gain on asset sales

—

(66

)

(66

)

Gain on disposal of businesses

—

Impairment of goodwill

—

Asset write-downs, net of insurance proceeds

—

(992

)

(992

)

—

(992

)

Other items

—

Adjustments from equity method investments

—

Income tax on items above and discrete tax items

—

NCI impact of items above

—

Adjusted (Non-GAAP)

2,062,414

(1,899,091

)

163,323

7.9

(114,208

)

(542

)

48,573

9 Other operating items for the three months ended September 30, 2024 is primarily comprised impairment and asset write-downs of property, plant, and equipment of $2.0 million, offset partially by a gain on asset sales of disposal of businesses of $1.6 million, as reported on the Dole plc GAAP Condensed Consolidated Statements of Operations.

Three Months Ended September 30, 2025

(U.S. Dollars in thousands)

Other (expense) income, net

Interest income

Interest expense

Income tax expense

Equity method earnings

Income from continuing operations

(Loss) income from discontinued operations, net of income taxes

Reported (GAAP)

12,614

3,478

(16,641

)

(6,100

)

6,559

24,061

(10,236

)

Loss (income) from discontinued operations, net of income taxes

—

10,236

Amortization of intangible assets

—

1,845

—

Mark to market (gains) losses

(619

)

—

(1,000

)

—

Gain on asset sales

—

Gain on disposal of businesses

—

(143

)

—

Asset write-downs, net of insurance proceeds

(9,988

)

—

(8,257

)

—

Impairment of property, plant and equipment and lease assets

—

8,208

—

Other items

—

795

—

Adjustments from equity method investments

—

272

—

Income tax on items above and discrete tax items

—

(2,310

)

(51

)

(2,361

)

—

NCI impact of items above

—

Adjusted (Non-GAAP)

2,007

3,478

(16,641

)

(8,410

)

6,780

23,420

—

Three Months Ended September 30, 2024

(U.S. Dollars in thousands)

Other (expense) income, net

Interest income

Interest expense

Income tax expense

Equity method earnings

Income from continuing operations

(Loss) income from discontinued operations, net of income taxes

Reported (GAAP)

(4,541

)

2,632

(17,473

)

(15,524

)

2,303

15,131

6,384

Loss (income) from discontinued operations, net of income taxes

—

(6,384

)

Amortization of intangible assets

—

1,621

—

Mark to market (gains) losses

6,031

—

6,301

—

Gain on asset sales

—

(66

)

—

Gain on disposal of businesses

—

Impairment of goodwill

—

Asset write-downs, net of insurance proceeds

—

(992

)

—

Other items

—

Adjustments from equity method investments

—

531

—

Income tax on items above and discrete tax items

—

3,493

(100

)

3,393

—

NCI impact of items above

—

Adjusted (Non-GAAP)

1,493

2,632

(17,473

)

(12,031

)

2,734

25,928

—

Three Months Ended September 30, 2025

U.S. Dollars and shares in thousands, except per share amounts

Net income

Net income attributable to noncontrolling interests

Net income attributable to Dole plc

Diluted net income per share

Reported (GAAP)

13,825

(8,720

)

5,105

0.05

Loss (income) from discontinued operations, net of income taxes

10,236

—

10,236

Amortization of intangible assets

1,845

—

1,845

Mark to market (gains) losses

(1,000

)

—

(1,000

)

Gain on asset sales

—

Gain on disposal of businesses

(143

)

—

(143

)

Asset write-downs, net of insurance proceeds

(8,257

)

—

(8,257

)

Impairment of property, plant and equipment and lease assets

8,208

—

8,208

Other items

795

—

795

Adjustments from equity method investments

272

—

272

Income tax on items above and discrete tax items

(2,361

)

—

(2,361

)

NCI impact of items above

—

318

Adjusted (Non-GAAP)

23,420

(8,402

)

15,018

0.16

Weighted average shares outstanding – diluted

95,979

Three Months Ended September 30, 2024

U.S. Dollars and shares in thousands, except per share amounts

Net income

Net income attributable to noncontrolling interests

Net income attributable to Dole plc

Diluted net income per share

Reported (GAAP)

21,515

(7,113

)

14,402

0.15

Loss (income) from discontinued operations, net of income taxes

(6,384

)

—

(6,384

)

Amortization of intangible assets

1,621

—

1,621

Mark to market (gains) losses

6,301

—

6,301

Gain on asset sales

(66

)

—

(66

)

Gain on disposal of businesses

—

Impairment of goodwill

—

Asset write-downs, net of insurance proceeds

(992

)

—

(992

)

Other items

—

Adjustments from equity method investments

531

—

531

Income tax on items above and discrete tax items

3,393

—

3,393

NCI impact of items above

—

(781

)

(781

)

Adjusted (Non-GAAP)

25,928

(7,894

)

18,034

0.19

Weighted average shares outstanding – diluted

95,614

Supplemental Reconciliation from Net Income attributable to Dole plc to Adjusted Net Income - Unaudited

Nine Months Ended September 30, 2025

(U.S. Dollars in thousands)

Revenues, net

Cost of sales

Gross profit

Gross Margin %

Selling, marketing, general and administrative expenses

Other operating items 10

Operating Income

Reported (GAAP)

6,806,746

(6,251,072

)

555,674

8.2

(366,341

)

5,942

195,275

Loss (income) from discontinued operations, net of income taxes

—

Amortization of intangible assets

—

5,314

—

5,314

Mark to market (gains) losses

—

1,876

—

1,876

Gain on asset sales

—

(11,178

)

(11,178

)

Gain on disposal of businesses

—

(552

)

(552

)

Asset write-downs, net of insurance proceeds

—

(1,886

)

(1,886

)

—

(1,886

)

Impairment of property, plant and equipment and lease assets

—

8,208

Other items

—

896

—

896

Adjustments from equity method investments

—

Income tax on items above and discrete tax items

—

NCI impact of items above

—

Adjusted (Non-GAAP)

6,806,746

(6,251,082

)

555,664

8.2

(360,131

)

2,420

197,953

10 Other operating items for the nine months ended September 30, 2025 is primarily comprised of a gain on disposal of businesses of $0.6 million and gain of asset sales of $14.0 million, offset partially by $8.6 million of impairment charges on property, plant and equipment and lease assets, as reported on the Dole plc GAAP Condensed Consolidated Statements of Operations.

Nine Months Ended September 30, 2024

(U.S. Dollars in thousands)

Revenues, net

Cost of sales

Gross profit

Gross Margin %

Selling, marketing, general and administrative expenses

Other operating items 11

Operating Income

Reported (GAAP)

6,307,879

(5,748,577

)

559,302

8.9

(351,383

)

37,836

245,755

Loss (income) from discontinued operations, net of income taxes

—

Amortization of intangible assets

—

5,780

—

5,780

Mark to market (gains) losses

—

150

—

150

Gain on asset sales

—

(35

)

(35

)

Gain on disposal of businesses

—

(75,945

)

(75,945

)

Impairment of goodwill

—

36,684

Asset write-downs, net of insurance proceeds

—

(2,691

)

(2,691

)

—

(2,691

)

Other items

—

Adjustments from equity method investments

—

Income tax on items above and discrete tax items

—

NCI impact of items above

—

Adjusted (Non-GAAP)

6,307,879

(5,751,056

)

556,823

8.8

(345,603

)

(1,460

)

209,760

11 Other operating items for the nine months ended September 30, 2024 is primarily comprised of a gain on disposal of business of $75.9 million and gain on asset sales of $1.9 million, offset partially by a goodwill impairment charge of $36.7 million and asset write-downs and impairment charges on property, plant and equipment of $3.3 million, as reported on the Dole plc GAAP Condensed Consolidated Statements of Operations.

Nine Months Ended September 30, 2025

(U.S. Dollars in thousands)

Other (expense) income, net

Interest income

Interest expense

Income tax expense

Equity method earnings

Income from continuing operations

(Loss) income from discontinued operations, net of income taxes

Reported (GAAP)

(6,450

)

9,473

(51,339

)

(49,182

)

23,352

121,129

(45,156

)

Loss (income) from discontinued operations, net of income taxes

—

45,156

Amortization of intangible assets

—

5,314

—

Mark to market (gains) losses

20,193

—

22,069

—

Gain on asset sales

—

(11,178

)

—

Gain on disposal of businesses

—

(552

)

—

Asset write-downs, net of insurance proceeds

(9,988

)

—

(11,874

)

—

Impairment of property, plant and equipment and lease assets

—

8,208

—

Other items

3,182

—

4,078

—

Adjustments from equity method investments

—

(7,160

)

(7,160

)

—

Income tax on items above and discrete tax items

—

(5,128

)

636

(4,492

)

—

NCI impact of items above

—

Adjusted (Non-GAAP)

6,937

9,473

(51,339

)

(54,310

)

16,828

125,542

—

Nine Months Ended September 30, 2024

(U.S. Dollars in thousands)

Other (expense) income, net

Interest income

Interest expense

Income tax expense

Equity method earnings

Income from continuing operations

(Loss) income from discontinued operations, net of income taxes

Reported (GAAP)

9,458

8,335

(54,209

)

(75,385

)

8,711

142,665

32,351

Loss (income) from discontinued operations, net of income taxes

—

(32,351

)

Amortization of intangible assets

—

5,780

—

Mark to market (gains) losses

1,067

—

1,217

—

Gain on asset sales

—

(35

)

—

Gain on disposal of businesses

—

(75,945

)

—

Impairment of goodwill

—

36,684

—

Asset write-downs, net of insurance proceeds

—

(2,691

)

—

Other items

(80

)

—

(18

)

—

Adjustments from equity method investments

—

1,782

—

Income tax on items above and discrete tax items

—

18,800

(300

)

18,500

—

NCI impact of items above

—

Adjusted (Non-GAAP)

10,445

8,335

(54,209

)

(56,585

)

10,193

127,939

—

Nine Months Ended September 30, 2025

U.S. Dollars and shares in thousands, except per share amounts

Net income

Net income attributable to noncontrolling interests

Net income attributable to Dole plc

Diluted net income per share

Reported (GAAP)

75,973

(21,990

)

53,983

0.56

Loss (income) from discontinued operations, net of income taxes

45,156

—

45,156

Amortization of intangible assets

5,314

—

5,314

Mark to market (gains) losses

22,069

—

22,069

Gain on asset sales

(11,178

)

—

(11,178

)

Gain on disposal of businesses

(552

)

—

(552

)

Asset write-downs, net of insurance proceeds

(11,874

)

—

(11,874

)

Impairment of property, plant and equipment and lease assets

8,208

—

8,208

Other items

4,078

—

4,078

Adjustments from equity method investments

(7,160

)

—

(7,160

)

Income tax on items above and discrete tax items

(4,492

)

—

(4,492

)

NCI impact of items above

—

(2,302

)

(2,302

)

Adjusted (Non-GAAP)

125,542

(24,292

)

101,250

1.06

Weighted average shares outstanding – diluted

95,835

Nine Months Ended September 30, 2024

U.S. Dollars and shares in thousands, except per share amounts

Net income

Net income attributable to noncontrolling interests

Net income attributable to Dole plc

Diluted net income per share

Reported (GAAP)

175,016

(10,354

)

164,662

1.73

Loss (income) from discontinued operations, net of income taxes

(32,351

)

—

(32,351

)

Amortization of intangible assets

5,780

—

5,780

Mark to market (gains) losses

1,217

—

1,217

Gain on asset sales

(35

)

—

(35

)

Gain on disposal of businesses

(75,945

)

—

(75,945

)

Impairment of goodwill

36,684

—

36,684

Asset write-downs, net of insurance proceeds

(2,691

)

—

(2,691

)

Other items

(18

)

—

(18

)

Adjustments from equity method investments

1,782

—

1,782

Income tax on items above and discrete tax items

18,500

—

18,500

NCI impact of items above

—

(11,968

)

(11,968

)

Adjusted (Non-GAAP)

127,939

(22,322

)

105,617

1.11

Weighted average shares outstanding – diluted

95,395

Supplemental Reconciliation of Prior Year Segment Results to Current Year Segment Results – Unaudited

Revenue for the Three Months Ended

September 30, 2024

Impact of Foreign Currency Translation

Impact of Acquisitions and Divestitures

Like-for-like Increase (Decrease)

September 30, 2025

(U.S. Dollars in thousands)

Fresh Fruit

798,781

226

—

91,349

890,356

Diversified Fresh Produce - EMEA

899,639

56,753

(8,617

)

50,027

997,802

Diversified Fresh Produce - Americas & ROW

390,057

(917

)

—

30,851

419,991

Intersegment

(26,063

)

—

(3,171

)

(29,234

)

Total

2,062,414

56,062

(8,617

)

169,056

2,278,915

Adjusted EBITDA for the Three Months Ended

September 30, 2024

Impact of Foreign Currency Translation

Impact of Acquisitions and Divestitures

Like-for-like Increase (Decrease)

September 30, 2025

(U.S. Dollars in thousands)

Fresh Fruit

42,904

(267

)

177

(15,661

)

27,153

Diversified Fresh Produce - EMEA

30,363

2,827

132

7,418

40,740

Diversified Fresh Produce - Americas & ROW

8,805

(119

)

144

4,046

12,876

Total

82,072

2,441

453

(4,197

)

80,769

Revenue for the Nine Months Ended

September 30, 2024

Impact of Foreign Currency Translation

Impact of Acquisitions and Divestitures

Like-for-like Increase (Decrease)

September 30, 2025

(U.S. Dollars in thousands)

Fresh Fruit

2,474,461

537

—

266,094

2,741,092

Diversified Fresh Produce - EMEA

2,698,088

95,014

(28,663

)

226,247

2,990,686

Diversified Fresh Produce - Americas & ROW

1,222,996

(3,330

)

(79,307

)

29,393

1,169,752

Intersegment

(87,666

)

—

(7,118

)

(94,784

)

Total

6,307,879

92,221

(107,970

)

514,616

6,806,746

Adjusted EBITDA for the Nine Months Ended

September 30, 2024

Impact of Foreign Currency Translation

Impact of Acquisitions and Divestitures

Like-for-like Increase (Decrease)

September 30, 2025

(U.S. Dollars in thousands)

Fresh Fruit

182,958

(362

)

387

(19,743

)

163,240

Diversified Fresh Produce - EMEA

99,017

4,626

138

13,603

117,384

Diversified Fresh Produce - Americas & ROW

35,617

(351

)

(1,974

)

8,793

42,085

Total

317,592

3,913

(1,449

)

2,653

322,709

Net Debt and Net Leverage Reconciliation – Unaudited

Net Debt is the primary measure used by management to analyze the Company’s capital structure. Net Debt is a non-GAAP financial measure, calculated as cash and cash equivalents, less current and long-term debt. It also excludes debt discounts and debt issuance costs. Net Leverage is calculated as total Net Debt divided by Last Twelve Months ("LTM") Adjusted EBITDA as of the period end. The calculation of Net Debt and Net Leverage as of September 30, 2025 is presented below. Net Debt as of September 30, 2025 was $664.5 million and Net Leverage was 1.7x.

September 30, 2025

December 31, 2024

(U.S. Dollars in thousands)

Cash and cash equivalents (Reported GAAP)

314,673

330,017

Debt (Reported GAAP):

Long-term debt, net

(899,299

)

(866,075

)

Current maturities

(57,445

)

(80,097

)

Bank overdrafts

(14,706

)

(11,443

)

Total debt, net

(971,450

)

(957,615

)

Add: Debt discounts and debt issuance costs (Reported GAAP)

(7,692

)

(9,531

)

Total gross debt

(979,142

)

(967,146

)

Net Debt (Non-GAAP)

(664,469

)

(637,129

)

LTM Adjusted EBITDA (Non-GAAP)

397,320

392,203

Net Leverage (Non-GAAP)

1.7x

1.6x

Last Twelve Months ("LTM") Adjusted EBITDA

FY'24 Adjusted EBITDA

392,203

Less: Q3'24 YTD Adjusted EBITDA

(317,592

)

Plus: Q3'25 YTD Adjusted EBITDA

322,709

LTM Adjusted EBITDA

397,320

392,203

Free Cash Flow from Continuing Operations Reconciliation – Unaudited

Nine Months Ended

September 30, 2025

September 30, 2024

(U.S. Dollars in thousands)

Net cash provided by operating activities - continuing operations (Reported GAAP)

26,941

106,245

Less: Capital expenditures (Reported GAAP) 12

(93,101

)

(56,788

)

Free cash flow from continuing operations (Non-GAAP)

(66,160

)

49,457

12 Capital expenditures do not include amounts attributable to discontinued operations.

Non-GAAP Financial Measures

Dole plc’s results are determined in accordance with U.S. GAAP.

In addition to its results under U.S. GAAP, in this Press Release, we also present Dole plc’s Adjusted EBIT, Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, Free Cash Flow from Continuing Operations, Net Debt and Net Leverage, which are supplemental measures of financial performance that are not required by, or presented in accordance with, U.S. GAAP (collectively, the "non-GAAP financial measures"). We present these non-GAAP financial measures, because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our operating results, cash flows or any other measure prescribed by U.S. GAAP. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by any of the adjusted items or that any projections and estimates will be realized in their entirety or at all. In addition, adjustment items that are excluded from non-GAAP results can have a material impact on equivalent GAAP earnings, financial measures and cash flows.

Adjusted EBIT is calculated from GAAP net income by: (1) subtracting the income or adding the loss from discontinued operations, net of income taxes; (2) adding the income tax expense or subtracting the income tax benefit; (3) adding interest expense; (4) adding mark to market losses or subtracting mark to market gains related to unrealized impacts from certain derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (5) other items which are separately stated based on materiality, which during the three and nine months ended September 30, 2025 and September 30, 2024, included adding impairment charges on goodwill, adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, subtracting the gain or adding the loss on the disposal of business interests, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property or sales-type leases, adding impairment charges on property, plant and equipment and lease assets, adding restructuring charges and costs for legal matters not in the ordinary course of business, and adding debt refinancing expenses; and (6) the Company’s share of these items from equity method investments.

Adjusted EBITDA is calculated from GAAP net income by: (1) subtracting the income or adding the loss from discontinued operations, net of income taxes; (2) adding the income tax expense or subtracting the income tax benefit; (3) adding interest expense; (4) adding depreciation charges; (5) adding amortization charges on intangible assets; (6) adding mark to market losses or subtracting mark to market gains related to unrealized impacts from certain derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (7) other items which are separately stated based on materiality, which during the three and nine months ended September 30, 2025 and September 30, 2024, included adding impairment charges on goodwill, adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, subtracting the gain or adding the loss on the disposal of business interests, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property or sales-type leases, adding impairment charges on property, plant and equipment and lease assets, adding restructuring charges and costs for legal matters not in the ordinary course of business, and adding debt refinancing expenses; and (8) the Company’s share of these items from equity method investments.

Last Twelve Months ("LTM") Adjusted EBITDA is calculated as Adjusted EBITDA, as defined above, for the last twelve months as of the period end, which for the nine months ended September 30, 2025, is calculated as subtracting the Adjusted EBITDA for the nine months ended September 30, 2024 from the Adjusted EBITDA for the year ended December 31, 2024 and then adding Adjusted EBITDA for the nine months ended September 30, 2025. LTM Adjusted EBITDA for the year ended December 31, 2024 is the same as Adjusted EBITDA for the year ended December 31, 2024.

Adjusted Net Income is calculated from GAAP net income attributable to Dole plc by: (1) subtracting the income or adding the loss from discontinued operations, net of income taxes; (2) adding amortization charges on intangible assets; (3) adding mark to market losses or subtracting mark to market gains related to unrealized impacts from certain derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (4) other items which are separately stated based on materiality, which during the three and nine months ended September 30, 2025 and September 30, 2024, included adding impairment charges on goodwill, adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, subtracting the gain or adding the loss on the disposal of business interests, subtracting the gain or adding the loss on asset sales for assets held for sale and actively marketed property or sales-type leases, adding impairment charges on property, plant and equipment and lease assets, adding restructuring charges and costs for legal matters not in the ordinary course of business, and adding debt refinancing expenses; (5) the Company’s share of these items from equity method investments; (6) excluding the tax effect of these items and discrete tax adjustments; and (7) excluding the effect of these items attributable to non-controlling interests.

Adjusted Earnings per Share is calculated from Adjusted Net Income divided by diluted weighted average number of shares in the applicable period.

Net Debt is a non-GAAP financial measure, calculated as GAAP cash and cash equivalents, less GAAP current and long-term debt. It also excludes GAAP unamortized debt discounts and debt issuance costs.

Net Leverage is a non-GAAP financial measure, calculated as Net Debt divided by LTM Adjusted EBITDA, both of which are defined above.

Free cash flow from continuing operations is calculated from GAAP net cash used in or provided by operating activities for continuing operations less GAAP capital expenditures.

Like-for-like basis refers to the U.S. GAAP measure or non-GAAP financial measure excluding the impact of foreign currency translation movements and acquisitions and divestitures. The impact of foreign currency translation represents an estimate of the effect of translating the results of operations denominated in a foreign currency to U.S. Dollar at prior year average rates, as compared to current year average rates.

Dole is not able to provide a reconciliation for projected FY'25 results without taking unreasonable efforts.

Category: Financial