Financial Data and Key Metrics Changes - Group revenue increased by 14.3% to $2.4 billion, and adjusted EBITDA rose by 9.3% to $137 million [4][12] - Adjusted net income was $53 million, with adjusted diluted EPS at $0.55, reflecting a 12% growth compared to the prior year [5][14] - Operating income increased by 20% to $103 million, driven by higher revenue and gross profit [13] Business Line Data and Key Metrics Changes - Fresh Fruit segment achieved adjusted EBITDA of $72.7 million, with strong volume growth in bananas and pineapples, although constrained by higher sourcing costs due to tropical storm Sarah [6][14] - Diversified EMEA segment saw adjusted EBITDA increase by approximately 15% to $49 million, driven by strong revenue growth in key markets [9][10] - Diversified Americas segment reported revenue growth of 8.5%, with adjusted EBITDA increasing by 27%, primarily due to strong performance in Southern Hemisphere exports [11][17] Market Data and Key Metrics Changes - In North America, strong volume growth was noted in bananas and pineapples, with higher pricing contributing to revenue increases [6][14] - The European market experienced higher volumes and pricing across products, supported by tight sourcing conditions and a strengthening euro [7][10] - Industry supply was tighter than anticipated, impacting sourcing costs and overall market dynamics [8][20] Company Strategy and Development Direction - The sale of the fresh vegetable division was completed, allowing the company to focus on core business activities and strategic priorities [5][21] - The company is optimistic about internal and external development opportunities, particularly in fresh produce and diversified EMEA [54] - The company plans to maintain capital expenditures in line with depreciation and invest in rehabilitation projects following tropical storm damage [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the diversified business model despite short-term disruptions in the macroeconomic environment [20] - The company has adjusted its full-year adjusted EBITDA guidance upwards to a range of $380 million to $390 million [20] - Management acknowledged the complexity of forecasting in the current environment, particularly regarding supply chain disruptions and tariff impacts [28][42] Other Important Information - The company declared a dividend of $0.85 for the second quarter, reflecting its commitment to returning value to shareholders [19] - Cash capital expenditure from continuing operations was $19.4 million, with additional investments in logistics and infrastructure [17][18] Q&A Session Summary Question: Reconciliation of updated EBITDA outlook - Management noted strong performance in 2024 but highlighted challenges from weather issues and sourcing costs impacting EBITDA guidance [24][26] Question: Impact of tariffs on pricing - Management explained the complexity of pricing adjustments due to various factors, including tariffs, sourcing issues, and foreign exchange volatility [30][34] Question: Fresh vegetables disposal and debt repayment - Management confirmed that proceeds from the fresh vegetable division sale would primarily be used for debt repayment and to clarify strategic focus [35][36] Question: Supply outlook beyond Q3 - Management indicated that while supply disruptions would continue into Q4, the industry typically stabilizes quickly [41][43] Question: Discussions on tariff exclusions - Management stated that they believe in the benefits of international trade and have seen some positive discussions regarding tariff exemptions for products not grown in the U.S. [44][46] Question: Future development opportunities - Management highlighted ongoing evaluations of acquisition opportunities and internal projects across various regions [52][54]

Core Insights - Dole reported quarterly earnings of $0.55 per share, exceeding the Zacks Consensus Estimate of $0.47 per share, and showing an increase from $0.49 per share a year ago, resulting in an earnings surprise of +17.02% [1] - The company achieved revenues of $2.43 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 10.83% and up from $2.12 billion year-over-year [2] - Dole's stock has increased by approximately 8.1% since the beginning of the year, compared to the S&P 500's gain of 8.6% [3] Earnings Outlook - The future performance of Dole's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [3][4] - The current consensus EPS estimate for the upcoming quarter is $0.25 on revenues of $2.13 billion, and for the current fiscal year, it is $1.26 on revenues of $8.63 billion [7] Industry Context - The Agriculture - Operations industry, to which Dole belongs, is currently ranked in the bottom 23% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Dole's stock performance [5][6]

Q2'25 Financial Highlights - Revenue reached $2.4 billion, a 14% increase LFL(Like-for-like) [10] - Adjusted EBITDA was $137 million, up 12% LFL [10] - Adjusted Diluted EPS stood at $0.55, reflecting a 9% increase [10] Segment Performance - Fresh Fruit revenue increased by 14.2% to $972 million [32, 35], with Adjusted EBITDA up by 3% to $72.7 million [32, 35] - Diversified Fresh Produce – EMEA saw a revenue increase of 16.5% to $1.101 billion [37, 40], with Adjusted EBITDA up 14.7% to $49 million [37, 40] - Diversified Fresh Produce – Americas & ROW experienced an 8.5% increase in revenue to $386 million [42, 45], and Adjusted EBITDA increased by 27% to $15.4 million [42, 45] Capital Allocation and Debt - Cash CAPEX for continuing operations was $(19.4) million in Q2'25 and $(72.2) million in H1'25 [46] - Free Cash Flow from continuing operations was $(1.0) million in Q2'25 and $(132.6) million in H1'25 [46] - Net Debt stood at $(788.8) million with a Net Leverage of 2.0x as of June 30, 2025 [47] FY'25 Outlook - The company anticipates Adjusted EBITDA for continuing operations to be approximately $380 - $390 million [51] - Maintenance CAPEX for continuing operations is projected to be around $100 million [51] - Interest expense is expected to be approximately $67 million [51]

[Background and Certain Defined Terms](index=2&type=section&id=Background%20and%20Certain%20Defined%20Terms) [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) - The report contains forward-looking statements based on management's current expectations, estimates, assumptions, and projections, which involve risks and uncertainties that could cause actual results to differ materially[4](index=4&type=chunk)[5](index=5&type=chunk) - Factors that could cause differences include those discussed in 'Item 3D. Risk Factors' in the Annual Report on Form 20-F, and new risk factors may emerge that are difficult to predict[4](index=4&type=chunk)[5](index=5&type=chunk) [PART I - FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) This section presents Dole plc's unaudited condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive income, cash flows, and stockholders' equity, along with detailed notes explaining the company's accounting policies, financial performance, and position for the periods ended June 30, 2025, and December 31, 2024 [Unaudited Condensed Consolidated Balance Sheets](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets%20as%20of%20June%2030%2C%202025%20and%20December%2031%2C%202024) Unaudited Condensed Consolidated Balance Sheets | Metric | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :--------------------------------------- | :----------------------------- | :------------------------------- | | **ASSETS** | | | | Total current assets | 2,080,669 | 1,884,713 | | Total assets | 4,713,282 | 4,446,363 | | **LIABILITIES AND EQUITY** | | | | Total current liabilities | 1,645,449 | 1,592,103 | | Total liabilities | 3,189,522 | 3,011,445 | | Total equity attributable to Dole plc | 1,376,392 | 1,293,299 | | Total equity | 1,488,362 | 1,399,364 | - Total assets increased by **$266.9 million** (6.0%) from December 31, 2024, to June 30, 2025, primarily driven by an increase in trade receivables and Fresh Vegetables current assets held for sale[9](index=9&type=chunk) - Total liabilities increased by **$178.1 million** (5.9%) over the same period, mainly due to higher accounts payable and long-term debt[9](index=9&type=chunk) [Unaudited Condensed Consolidated Statements of Operations](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations%20for%20the%20Three%20and%20Six%20Months%20ended%20June%2030%2C%202025%20and%20June%2030%2C%202024) Unaudited Condensed Consolidated Statements of Operations | Metric | Three Months Ended June 30, 2025 (USD thousands) | Three Months Ended June 30, 2024 (USD thousands) | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :------------------------------------------------ | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Revenues, net | 2,428,427 | 2,124,091 | 4,527,831 | 4,245,465 | | Gross profit | 218,300 | 200,586 | 400,493 | 395,263 | | Operating income | 103,219 | 85,888 | 171,124 | 198,021 | | Income from continuing operations | 52,939 | 56,047 | 97,068 | 127,534 | | (Loss) income from discontinued operations, net | (34,950) | 32,018 | (34,920) | 25,967 | | Net income attributable to Dole plc | 9,966 | 80,117 | 48,878 | 150,260 | | Net income per share attributable to Dole plc - basic | 0.10 | 0.85 | 0.51 | 1.58 | - Net income attributable to Dole plc significantly decreased for both the three-month period (from **$80.1 million** to **$10.0 million**) and the six-month period (from **$150.3 million** to **$48.9 million**) year-over-year, primarily due to a loss from discontinued operations in 2025 compared to income in 2024[11](index=11&type=chunk) - Revenues, net, increased by **14.3%** for the three months ended June 30, 2025, and by **6.7%** for the six months ended June 30, 2025, compared to the prior year periods[11](index=11&type=chunk) [Unaudited Condensed Consolidated Statements of Comprehensive Income](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20for%20the%20Three%20and%20Six%20Months%20ended%20June%2030%2C%202025%20and%20June%2030%2C%202024) Unaudited Condensed Consolidated Statements of Comprehensive Income | Metric | Three Months Ended June 30, 2025 (USD thousands) | Three Months Ended June 30, 2024 (USD thousands) | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :------------------------------------------ | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Net income | 17,989 | 88,065 | 62,148 | 153,501 | | Total other comprehensive income (loss) | 41,832 | (8,927) | 62,339 | (22,666) | | Comprehensive income attributable to Dole plc | 45,258 | 72,868 | 101,686 | 131,678 | - Total other comprehensive income shifted from a loss of **$8.9 million** in Q2 2024 to an income of **$41.8 million** in Q2 2025, primarily driven by a significant foreign currency translation adjustment gain[12](index=12&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20Six%20Months%20ended%20June%2030%2C%202025%20and%20June%2030%2C%202024) Unaudited Condensed Consolidated Statements of Cash Flows | Cash Flow Activity | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :------------------------------------------------ | :--------------------------------------- | :--------------------------------------- | | Net cash (used in) provided by operating activities - continuing operations | (60,446) | 5,258 | | Net cash (used in) provided by investing activities - continuing operations | (46,225) | 79,350 | | Net cash provided by (used in) financing activities - continuing operations | 124,180 | (149,391) | | Cash (used in) provided by discontinued operations, net | (28,720) | 16,744 | | Increase (decrease) in cash and cash equivalents | 7,648 | (56,118) | | Cash and cash equivalents at end of period | 339,367 | 220,887 | - Cash flows from operating activities for continuing operations shifted from a **$5.3 million** inflow in H1 2024 to a **$60.4 million** outflow in H1 2025, mainly due to increased seasonal cash outflows for receivables and decreased inflows from payables[15](index=15&type=chunk)[216](index=216&type=chunk) - Cash flows from investing activities for continuing operations decreased significantly from a **$79.4 million** inflow in H1 2024 to a **$46.2 million** outflow in H1 2025, primarily due to the absence of proceeds from the Progressive Produce business sale and higher capital expenditures in 2025[15](index=15&type=chunk)[217](index=217&type=chunk) - Cash flows from financing activities for continuing operations improved from a **$149.4 million** outflow in H1 2024 to a **$124.2 million** inflow in H1 2025, driven by higher net borrowings and the impact of debt refinancing[15](index=15&type=chunk)[218](index=218&type=chunk) [Unaudited Condensed Consolidated Statements of Stockholders' Equity](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity%20for%20the%20Three%20and%20Six%20Months%20ended%20June%2030%2C%202025%20and%20June%2030%2C%202024) Unaudited Condensed Consolidated Statements of Stockholders' Equity | Metric | Balance as of Dec 31, 2024 (USD thousands) | Balance as of Jun 30, 2025 (USD thousands) | | :-------------------------------- | :--------------------------------------- | :--------------------------------------- | | Common Stock | 950 | 952 | | Additional Paid-In Capital | 801,099 | 798,457 | | Retained Earnings | 657,430 | 690,355 | | Accumulated Other Comprehensive Loss | (166,180) | (113,372) | | Total Equity Attributable to Dole plc | 1,293,299 | 1,376,392 | | Total Equity | 1,399,364 | 1,488,362 | - Total equity attributable to Dole plc increased by **$83.1 million** from December 31, 2024, to June 30, 2025, primarily due to an increase in retained earnings and a reduction in accumulated other comprehensive loss[16](index=16&type=chunk) - Accumulated other comprehensive loss improved from **$(166.2) million** at December 31, 2024, to **$(113.4) million** at June 30, 2025, largely driven by foreign currency translation adjustments[16](index=16&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk) [Notes to the Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [NOTE 1 — NATURE OF OPERATIONS](index=8&type=section&id=NOTE%201%20%E2%80%94%20NATURE%20OF%20OPERATIONS) - Dole plc is a global leader in sourcing, processing, distributing, and marketing fresh fruit and vegetables, offering over 300 products from 100+ countries, distributed in over 85 countries under brands like DOLE[17](index=17&type=chunk)[19](index=19&type=chunk) - The company's Fresh Vegetables division has been classified as discontinued operations and held for sale, with the sale to OG Holdco LLC closing on August 5, 2025, for approximately **$140.0 million**[20](index=20&type=chunk)[21](index=21&type=chunk)[35](index=35&type=chunk) [NOTE 2 — BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=8&type=section&id=NOTE%202%20%E2%80%94%20BASIS%20OF%20PRESENTATION%20AND%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) - The financial statements are prepared in conformity with U.S. GAAP and SEC rules for interim information, including all necessary normal recurring adjustments[22](index=22&type=chunk) - Consolidation includes majority-owned subsidiaries and variable interest entities where Dole is the primary beneficiary, with intercompany transactions eliminated[23](index=23&type=chunk)[24](index=24&type=chunk) - Interim results are subject to seasonal variations and factors like weather, foreign currency fluctuations, and economic conditions, and should be read with the Annual Report on Form 20-F[26](index=26&type=chunk) [NOTE 3 — NEW ACCOUNTING PRONOUNCEMENTS](index=9&type=section&id=NOTE%203%20%E2%80%94%20NEW%20ACCOUNTING%20PRONOUNCEMENTS) - Dole adopted ASU 2023-07 (Segment Reporting) retrospectively for the annual reporting period beginning January 1, 2024, enhancing segment disclosure requirements[28](index=28&type=chunk) - The company is evaluating the potential impact of ASU 2023-09 (Income Tax Disclosures), effective for annual periods beginning after December 15, 2024[29](index=29&type=chunk) - Dole is also evaluating ASU 2024-03 and ASU 2025-01 (Expense Disaggregation Disclosures) and ASU 2025-05 (Credit Losses for Receivables), effective for later periods[30](index=30&type=chunk)[31](index=31&type=chunk) [NOTE 4 — ACQUISITIONS AND DIVESTITURES](index=10&type=section&id=NOTE%204%20%E2%80%94%20ACQUISITIONS%20AND%20DIVESTITURES) - The Fresh Vegetables division was classified as discontinued operations and held for sale after the termination of the Fresh Express Agreement due to regulatory issues[32](index=32&type=chunk)[34](index=34&type=chunk) - An after-tax cumulative loss of **$123.5 million** was recorded as of June 30, 2025, to adjust the Fresh Vegetables division to its estimated fair value less costs to sell[34](index=34&type=chunk) - Dole completed the sale of its **65.0%** stake in Progressive Produce on March 13, 2024, for **$120.3 million** cash, recognizing a **$75.9 million** gain for the six months ended June 30, 2024[39](index=39&type=chunk) Fresh Vegetables Division (Discontinued Operations) Financials | Metric | Three Months Ended June 30, 2025 (USD thousands) | Three Months Ended June 30, 2024 (USD thousands) | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :------------------------------------------------ | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Revenues, net | 247,242 | 297,505 | 492,235 | 587,795 | | Gross profit | 16,219 | 32,414 | 35,625 | 61,174 | | Operating income from discontinued operations | 6,101 | 21,203 | 14,758 | 37,770 | | Loss on classification as held for sale before income taxes | (50,700) | — | (60,913) | — | | (Loss) income from discontinued operations, net of income taxes | (34,950) | 32,018 | (34,920) | 25,967 | [NOTE 5 — REVENUE](index=13&type=section&id=NOTE%205%20%E2%80%94%20REVENUE) - Revenue primarily consists of product revenue from fresh produce (tropical fruit, diversified produce), health foods, and consumer goods, along with surcharges for additional services[42](index=42&type=chunk) - Service revenue, including third-party freight and royalties, accounted for less than **10%** of total revenue for the reported periods[43](index=43&type=chunk) Disaggregated Revenue by Product/Service Type | Product/Service | Three Months Ended June 30, 2025 (USD thousands) | Three Months Ended June 30, 2024 (USD thousands) | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :-------------------------- | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Diversified produce | 1,456,378 | 1,289,146 | 2,684,334 | 2,605,966 | | Tropical fruit | 874,207 | 749,148 | 1,653,776 | 1,464,112 | | Health foods and consumer goods | 40,925 | 34,331 | 76,272 | 68,068 | | Commercial cargo | 47,350 | 44,887 | 94,909 | 90,190 | | Total revenue, net | 2,428,427 | 2,124,091 | 4,527,831 | 4,245,465 | Disaggregated Revenue by Channel | Channel | Three Months Ended June 30, 2025 (USD thousands) | Three Months Ended June 30, 2024 (USD thousands) | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :-------------------------- | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Retail | 1,409,126 | 1,254,172 | 2,584,391 | 2,483,019 | | Wholesale | 830,953 | 676,017 | 1,568,885 | 1,374,131 | | Food service | 115,741 | 121,987 | 218,847 | 233,717 | | Commercial cargo | 47,350 | 44,887 | 94,909 | 90,190 | | Revenue from sales to unconsolidated affiliates | 20,886 | 25,440 | 53,329 | 56,651 | | Total revenue, net | 2,428,427 | 2,124,091 | 4,527,831 | 4,245,465 | [NOTE 6 — SEGMENTS](index=13&type=section&id=NOTE%206%20%E2%80%94%20SEGMENTS) - Dole operates through three reportable segments: Fresh Fruit, Diversified Fresh Produce – EMEA, and Diversified Fresh Produce – Americas & ROW, following the exit from the Fresh Vegetables division[45](index=45&type=chunk) - Segment performance is evaluated based on revenue and Adjusted EBITDA, which are regularly reviewed by the Chief Operating Decision Maker (CEO and COO)[49](index=49&type=chunk) Segment Revenue | Segment | Three Months Ended June 30, 2025 (USD thousands) | Three Months Ended June 30, 2024 (USD thousands) | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :------------------------------------ | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Fresh Fruit | 972,591 | 851,451 | 1,850,736 | 1,675,680 | | Diversified Fresh Produce — EMEA | 1,100,797 | 944,851 | 1,992,884 | 1,798,449 | | Diversified Fresh Produce — Americas & ROW | 386,348 | 356,057 | 749,761 | 832,939 | | Total segment revenue | 2,459,736 | 2,152,359 | 4,593,381 | 4,307,068 | | Total consolidated revenue, net | 2,428,427 | 2,124,091 | 4,527,831 | 4,245,465 | Segment Adjusted EBITDA | Segment | Three Months Ended June 30, 2025 (USD thousands) | Three Months Ended June 30, 2024 (USD thousands) | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :------------------------------------ | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Fresh Fruit | 72,756 | 70,619 | 136,087 | 140,054 | | Diversified Fresh Produce – EMEA | 48,984 | 42,695 | 76,644 | 68,654 | | Diversified Fresh Produce – Americas & ROW | 15,378 | 12,107 | 29,209 | 26,812 | | Total consolidated Adjusted EBITDA | 137,118 | 125,421 | 241,940 | 235,520 | [NOTE 7 — OTHER (EXPENSE) INCOME, NET](index=16&type=section&id=NOTE%207%20%E2%80%94%20OTHER%20%28EXPENSE%29%20INCOME%2C%20NET) Other (Expense) Income, Net Components | Component | Three Months Ended June 30, 2025 (USD thousands) | Three Months Ended June 30, 2024 (USD thousands) | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :------------------------------------------------ | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Rental income | 2,024 | 2,057 | 3,836 | 4,115 | | Unrealized (loss) gain on foreign currency denominated borrowings | (19,093) | 2,507 | (23,447) | 5,487 | | Debt refinancing expenses | (3,182) | — | (3,182) | — | | Other (expense) income, net | (18,716) | 6,377 | (19,064) | 13,999 | - Other (expense) income, net, shifted from income to expense in 2025, primarily due to higher net unrealized losses on foreign currency denominated borrowings and nonrecurring debt refinancing expenses[55](index=55&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk) [NOTE 8 — RECEIVABLES AND ALLOWANCES FOR CREDIT LOSSES](index=16&type=section&id=NOTE%208%20%E2%80%94%20RECEIVABLES%20AND%20ALLOWANCES%20FOR%20CREDIT%20LOSSES) Trade Receivables, Net | Metric | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :-------------------------------------------------------------------------------- | :----------------------------- | :------------------------------- | | Trade receivables, net of allowances for credit losses | 657,055 | 473,511 | | Allowances for credit losses | (21,313) | (19,493) | - Dole utilizes third-party trade receivables sales arrangements, with **$255.0 million** under recourse provisions as of June 30, 2025, to manage liquidity[58](index=58&type=chunk)[59](index=59&type=chunk) Grower Advances, Net | Metric | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Net advances to growers and suppliers | 135,406 | 125,800 | | Allowance for expected credit losses | (40,630) | (37,000) | - Grower advances are categorized as short-term working capital or long-term term advances, with **$12.6 million** past due as of June 30, 2025 and December 31, 2024[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) [NOTE 9 — INCOME TAXES](index=18&type=section&id=NOTE%209%20%E2%80%94%20INCOME%20TAXES) Income Tax Expense and Effective Tax Rate | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------------ | :----------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | | Income from continuing operations before income taxes and equity earnings (USD thousands) | 69,942 | 76,101 | 123,357 | 180,987 | | Income tax expense (USD thousands) | (25,504) | (25,460) | (43,082) | (59,861) | | Effective tax rate | 36.5% | 33.5% | 34.9% | 33.1% | - The effective tax rate varies significantly due to the mix and seasonality of earnings in Ireland and various foreign jurisdictions, including impacts from U.S. GILTI, Subpart F income, and Pillar Two[68](index=68&type=chunk)[182](index=182&type=chunk) - A foreign subsidiary is under tax audit for 2017 with a **$20.0 million** assessment, which Dole is appealing, believing the likelihood of payment is remote[72](index=72&type=chunk)[185](index=185&type=chunk) [NOTE 10 — INVENTORY](index=19&type=section&id=NOTE%2010%20%E2%80%94%20INVENTORY) - Inventories are valued at the lower of cost or net realizable value, with costs determined primarily on a first-in, first-out basis for fresh produce[75](index=75&type=chunk) Inventory, Net of Allowances | Inventory Category | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :------------------------------------ | :----------------------------- | :------------------------------- | | Finished products | 267,360 | 295,700 | | Raw materials, work in progress, and packaging materials | 100,207 | 62,300 | | Crop growing costs | 20,394 | 29,300 | | Agricultural and other operating supplies | 27,812 | 42,600 | | Inventories, net of allowances | 415,773 | 430,000 | - Inventories, net of allowances, decreased by **$14.2 million** from December 31, 2024, to June 30, 2025, mainly due to a decrease in finished products and agricultural supplies, partially offset by an increase in raw materials[76](index=76&type=chunk) [NOTE 11 — ASSETS HELD FOR SALE AND ACTIVELY MARKETED PROPERTY](index=19&type=section&id=NOTE%2011%20%E2%80%94%20ASSETS%20HELD%20FOR%20SALE%20AND%20ACTIVELY%20MARKETED%20PROPERTY) - Dole continuously reviews assets for sale that do not meet strategic direction or economic return criteria, classifying them as held for sale or actively marketed property[77](index=77&type=chunk) Assets Held for Sale and Actively Marketed Property | Asset Type | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Assets held for sale | 2,491 | 1,419 | | Actively marketed property | 45,391 | 45,778 | - A gain of **$7.0 million** was recognized in the six months ended June 30, 2025, from the sale of actively marketed Hawaii land in the Fresh Fruit segment[80](index=80&type=chunk) [NOTE 12 — DEBT](index=21&type=section&id=NOTE%2012%20%E2%80%94%20DEBT) Total Debt, Net | Metric | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :------------------------------------ | :----------------------------- | :------------------------------- | | Total debt, gross | 1,105,734 | 967,146 | | Unamortized debt discounts and debt issuance costs | (7,815) | (9,531) | | Total debt, net | 1,097,919 | 957,615 | | Long-term debt, net | 998,876 | 866,075 | - On May 1, 2025, Dole entered into an Amended and Restated Credit Agreement, refinancing previous facilities with a new **$600.0 million** Corporate Revolving Credit Facility, a **$250.0 million** New Term Loan A, and a **$350.0 million** Farm Credit Term Loan[84](index=84&type=chunk) - The refinancing resulted in a net expense of **$3.2 million** for the three and six months ended June 30, 2025, recorded in other (expense) income, net[87](index=87&type=chunk) - As of June 30, 2025, Dole had **$342.7 million** available for cash borrowings under the Corporate Revolving Credit Facility and an additional **$223.7 million** available from other local bank lines of credit[88](index=88&type=chunk)[91](index=91&type=chunk) [NOTE 13 — EMPLOYEE BENEFIT PLANS](index=23&type=section&id=NOTE%2013%20%E2%80%94%20EMPLOYEE%20BENEFIT%20PLANS) Net Periodic Benefit Cost (Income) - Three Months Ended June 30 | Component | U.S. Pension Plans (2025) | U.S. Pension Plans (2024) | International Pension Plans (2025) | International Pension Plans (2024) | OPRB Plans (2025) | OPRB Plans (2024) | | :------------------------------------ | :------------------------ | :------------------------ | :--------------------------------- | :--------------------------------- | :---------------- | :---------------- | | Service cost | $47 | $51 | $1,015 | $945 | $0 | $0 | | Interest cost | 1,961 | 2,087 | 3,079 | 2,975 | 176 | 178 | | Expected return on plan assets | (2,705) | (2,998) | (2,110) | (2,082) | 0 | 0 | | Net periodic pension (income) cost | (715) | (866) | 1,985 | 762 | 235 | 194 | Net Periodic Benefit Cost (Income) - Six Months Ended June 30 | Component | U.S. Pension Plans (2025) | U.S. Pension Plans (2024) | International Pension Plans (2025) | International Pension Plans (2024) | OPRB Plans (2025) | OPRB Plans (2024) | | :------------------------------------ | :------------------------ | :------------------------ | :--------------------------------- | :--------------------------------- | :---------------- | :---------------- | | Service cost | $93 | $103 | $2,030 | $2,240 | $0 | $0 | | Interest cost | 3,923 | 4,198 | 6,158 | 5,928 | 352 | 357 | | Expected return on plan assets | (5,411) | (5,995) | (4,220) | (4,164) | 0 | 0 | | Net periodic pension income (cost) | (1,432) | (1,726) | 3,830 | 2,425 | 470 | 389 | - The non-service components of net periodic pension cost (income) are classified within other (expense) income, net, in the condensed consolidated statements of operations[93](index=93&type=chunk) [NOTE 14 — DERIVATIVE FINANCIAL INSTRUMENTS](index=23&type=section&id=NOTE%2014%20%E2%80%94%20DERIVATIVE%20FINANCIAL%20INSTRUMENTS) - Dole uses foreign currency exchange forward and option contracts, interest rate swaps, and bunker fuel contracts to hedge exposures to foreign currency, interest rate, and fuel price fluctuations[94](index=94&type=chunk)[96](index=96&type=chunk)[99](index=99&type=chunk) Aggregate Notional Amounts of Derivative Instruments (June 30, 2025) | Instrument Type | Aggregate Notional Amount | | :-------------------------------- | :------------------------ | | Foreign currency forward contracts (USD) | $111.9 million | | Foreign currency forward contracts (Euro) | €272.0 million | | Foreign currency forward contracts (GBP) | £19.9 million | | Interest rate swap contracts | $645.0 million | | Bunker fuel hedges | 14.3 thousand metric tons | - A de-designation gain of **$1.0 million** was recognized in the three and six months ended June 30, 2025, due to certain interest rate swaps where forecasted interest payments are no longer probable, following the debt refinancing[98](index=98&type=chunk) - As of June 30, 2025, approximately **$2.3 million** of net deferred loss from derivative instruments is expected to be reclassified from accumulated other comprehensive loss into earnings over the next 12 months[105](index=105&type=chunk) [NOTE 15 — FAIR VALUE MEASUREMENTS](index=26&type=section&id=NOTE%2015%20%E2%80%94%20FAIR%20VALUE%20MEASUREMENTS) - Fair value measurements are categorized into Level 1 (quoted prices in active markets), Level 2 (observable inputs), and Level 3 (unobservable inputs)[106](index=106&type=chunk)[107](index=107&type=chunk) Fair Value Measurements as of June 30, 2025 (USD thousands) | Instrument | Balance Sheet Classification | Level 1 | Level 2 | Level 3 | Total | | :-------------------------- | :--------------------------- | :------ | :-------- | :-------- | :------ | | Foreign currency forward contracts | Other receivables, net | — | 1,012 | — | 1,012 | | Foreign currency forward contracts | Accrued liabilities | — | (24,094) | — | (24,094) | | Interest rate swap contracts | Other assets | — | 13,679 | — | 13,679 | | Rabbi Trust investments | Short-term investments | — | — | 6,216 | 6,216 | | Contingent consideration | Contingent consideration | — | — | (4,745) | (4,745) | | Total | | $— | $(10,314) | $14,570 | $4,256 | - The fair values of derivative instruments are determined using Level 2 inputs, while Rabbi Trust investments and contingent consideration are valued using Level 3 unobservable inputs[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) [NOTE 16 — CONTINGENCIES](index=30&type=section&id=NOTE%2016%20%E2%80%94%20CONTINGENCIES) - Dole provides guarantees for subsidiary obligations, totaling **$58.0 million** in letters of credit, bank guarantees, and surety bonds, and **$9.5 million** for equity method investees as of June 30, 2025[121](index=121&type=chunk)[122](index=122&type=chunk) - The company is involved in DBCP lawsuits with claimed damages of approximately **$17.8 billion**, but management believes the probable loss is not material due to substantial defenses and settlement efforts[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk) - A legal dispute with Shell Oil Company regarding cleanup costs at a former Shell site resulted in a jury verdict for BHC (a Dole subsidiary) to bear **$133.3 million** of **$266.6 million** in costs, which BHC has appealed[128](index=128&type=chunk) [NOTE 17 — STOCKHOLDERS' EQUITY](index=31&type=section&id=NOTE%2017%20%E2%80%94%20STOCKHOLDERS%27%20EQUITY) - As of June 30, 2025, Dole had **95.2 million** shares of common stock outstanding, with **5.1 million** shares available for future grant under the 2021 Omnibus Incentive Compensation Plan[130](index=130&type=chunk)[131](index=131&type=chunk) - Total stock-based compensation expense was **$1.8 million** for Q2 2025 and **$3.2 million** for H1 2025, with **$11.8 million** in unrecognized compensation cost for unvested awards[133](index=133&type=chunk) Dividends Declared Per Share | Quarter | Date Declared | Amount (per share) | | :------ | :------------ | :----------------- | | Q4 2024 | 2/25/2025 | $0.08 | | Q1 2025 | 5/9/2025 | $0.085 | - Accumulated other comprehensive loss improved from **$(166.2) million** at December 31, 2024, to **$(113.4) million** at June 30, 2025, primarily due to foreign currency translation gains[137](index=137&type=chunk)[138](index=138&type=chunk) [NOTE 18 — INVESTMENTS IN UNCONSOLIDATED AFFILIATES](index=34&type=section&id=NOTE%2018%20%E2%80%94%20INVESTMENTS%20IN%20UNCONSOLIDATED%20AFFILIATES) Investments in Unconsolidated Affiliates | Metric | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :------------------------------------ | :----------------------------- | :------------------------------- | | Total investments in unconsolidated affiliates | 138,128 | 129,322 | | Equity method investments | 131,600 | 126,200 | | Investments without significant influence | 6,500 | 3,100 | - Equity method earnings increased to **$8.5 million** for Q2 2025 and **$16.8 million** for H1 2025, up from **$5.4 million** and **$6.4 million** respectively in 2024[143](index=143&type=chunk) - A **$6.9 million** gain was recognized in H1 2025 from the divestiture of a portion of ownership shares in a U.S. equity method investment, which was part of a non-cash transaction[142](index=142&type=chunk)[188](index=188&type=chunk) [NOTE 19 – EARNINGS (LOSS) PER SHARE](index=35&type=section&id=NOTE%2019%20%E2%80%93%20EARNINGS%20%28LOSS%29%20PER%20SHARE) Earnings (Loss) Per Share Attributable to Dole plc | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------ | :----------------------------- | :----------------------------- | :----------------------------- | :----------------------------- | | Basic EPS - Continuing operations | $0.47 | $0.51 | $0.88 | $1.31 | | Basic EPS - Discontinued operations | $(0.37) | $0.34 | $(0.37) | $0.27 | | Basic EPS - Net income | $0.10 | $0.85 | $0.51 | $1.58 | | Diluted EPS - Net income | $0.10 | $0.84 | $0.51 | $1.57 | - Basic and diluted net income per share attributable to Dole plc significantly decreased year-over-year, primarily due to the loss from discontinued operations in 2025[147](index=147&type=chunk) [NOTE 20 — SUBSEQUENT EVENTS](index=36&type=section&id=NOTE%2020%20%E2%80%94%20SUBSEQUENT%20EVENTS) - On July 4, 2025, the U.S. One Big Beautiful Bill Act (OBBBA) was enacted, and management is assessing its potential impacts on the company's financial statements[149](index=149&type=chunk) - The sale of the Fresh Vegetables division to OG Holdco LLC closed on August 5, 2025, for approximately **$140.0 million**, including **$90.0 million** cash and a **$50.0 million** seller note, plus a potential **$10.0 million** earn-out[150](index=150&type=chunk) - On August 8, 2025, the Board declared a cash dividend of **$0.085** per share for Q2 2025, payable on October 6, 2025[151](index=151&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on Dole plc's financial condition and results of operations, highlighting key performance drivers, segment-specific results, and liquidity. It covers the company's strategic overview, the impact of the Fresh Vegetables division exit, the Progressive Produce sale, and the current economic environment [Executive Overview](index=37&type=section&id=Executive%20Overview) - Dole is a global leader in fresh fruits and vegetables, operating through three reportable segments: Fresh Fruit, Diversified Fresh Produce – EMEA, and Diversified Fresh Produce – Americas & ROW[153](index=153&type=chunk)[154](index=154&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk) - The Fresh Vegetables division has been classified as discontinued operations, with its sale completed on August 5, 2025, for approximately **$140.0 million**[157](index=157&type=chunk)[158](index=158&type=chunk) - The sale of the Progressive Produce business on March 13, 2024, generated **$120.3 million** in cash and a **$75.9 million** gain, with proceeds used for debt prepayment[159](index=159&type=chunk) [Current Economic and Market Environment](index=38&type=section&id=Current%20Economic%20and%20Market%20Environment) - The economic and market environment remains volatile, posing risks from evolving global trade policies (tariffs), geopolitical conflicts, changing central bank monetary policies (higher interest rates, volatile FX rates), weather events, and evolving regulatory environments[161](index=161&type=chunk) - Dole is implementing mitigation strategies, including price increases, operational efficiencies, and strategic investments, but the full impact of these factors is uncertain and difficult to predict[161](index=161&type=chunk) [Operating Results](index=38&type=section&id=Operating%20Results) Consolidated Operating Results (Three Months Ended June 30) | Metric | 2025 (USD thousands) | 2024 (USD thousands) | Change (USD thousands) | Change (%) | | :------------------------------------------------ | :------------------- | :------------------- | :--------------------- | :--------- | | Revenues, net | 2,428,427 | 2,124,091 | 304,336 | 14.3% | | Gross profit | 218,300 | 200,586 | 17,714 | 8.8% | | Operating income | 103,219 | 85,888 | 17,331 | 20.2% | | Income from continuing operations | 52,939 | 56,047 | (3,108) | (5.5%) | | (Loss) income from discontinued operations, net | (34,950) | 32,018 | (66,968) | (209.2%) | | Net income attributable to Dole plc | 9,966 | 80,117 | (70,151) | (87.6%) | Consolidated Operating Results (Six Months Ended June 30) | Metric | 2025 (USD thousands) | 2024 (USD thousands) | Change (USD thousands) | Change (%) | | :------------------------------------------------ | :------------------- | :------------------- | :--------------------- | :--------- | | Revenues, net | 4,527,831 | 4,245,465 | 282,366 | 6.7% | | Gross profit | 400,493 | 395,263 | 5,230 | 1.3% | | Operating income | 171,124 | 198,021 | (26,897) | (13.6%) | | Income from continuing operations | 97,068 | 127,534 | (30,466) | (23.9%) | | (Loss) income from discontinued operations, net | (34,920) | 25,967 | (60,887) | (234.5%) | | Net income attributable to Dole plc | 48,878 | 150,260 | (101,382) | (67.5%) | - Revenue growth for both periods was driven by positive operational performance across all segments and favorable foreign currency translation, partially offset by divestitures[167](index=167&type=chunk)[168](index=168&type=chunk) - Cost of sales increased due to higher trading activity, unfavorable foreign currency translation, and increased Fresh Fruit sourcing and shipping costs (e.g., Tropical Storm Sara impact, vessel disruption)[170](index=170&type=chunk)[171](index=171&type=chunk) - Selling, marketing, general and administrative expenses increased due to unfavorable foreign currency translation, higher employee wages/salaries, and professional fees[172](index=172&type=chunk)[173](index=173&type=chunk) - Other (expense) income, net, decreased to an expense in 2025, primarily due to higher net unrealized losses on foreign currency denominated borrowings and debt refinancing expenses[177](index=177&type=chunk)[178](index=178&type=chunk) - Interest expense decreased due to lower base interest rates and lower average borrowings in 2025[179](index=179&type=chunk) - Equity method earnings increased significantly in 2025, driven by improved performance in joint ventures and a **$6.9 million** gain from a partial divestiture of an equity method investment[187](index=187&type=chunk)[188](index=188&type=chunk) - Discontinued operations reported a significant loss in 2025, primarily due to a **$50.7 million** (Q2) and **$60.9 million** (H1) pre-tax loss on classification as held for sale for the Fresh Vegetables division[189](index=189&type=chunk)[190](index=190&type=chunk) [Segment Operating Results](index=45&type=section&id=Segment%20Operating%20Results) Segment Revenue Operational Change (Three Months Ended June 30) | Segment | June 30, 2024 (USD thousands) | Foreign Exchange Translation (USD thousands) | Acquisitions/Divestitures (USD thousands) | Operational Change (USD thousands) | June 30, 2025 (USD thousands) | | :------------------------------------ | :---------------------------- | :----------------------------------------- | :---------------------------------------- | :--------------------------------- | :---------------------------- | | Fresh Fruit | 851,451 | 348 | — | 120,792 | 972,591 | | Diversified Fresh Produce – EMEA | 944,851 | 57,707 | (9,558) | 107,797 | 1,100,797 | | Diversified Fresh Produce – Americas & ROW | 356,057 | (882) | — | 31,173 | 386,348 | Segment Adjusted EBITDA Operational Change (Three Months Ended June 30) | Segment | June 30, 2024 (USD thousands) | Foreign Exchange Translation (USD thousands) | Acquisitions/Divestitures (USD thousands) | Operational Change (USD thousands) | June 30, 2025 (USD thousands) | | :------------------------------------ | :---------------------------- | :----------------------------------------- | :---------------------------------------- | :--------------------------------- | :---------------------------- | | Fresh Fruit | 70,619 | (210) | 262 | 2,085 | 72,756 | | Diversified Fresh Produce – EMEA | 42,695 | 2,544 | 11 | 3,734 | 48,984 | | Diversified Fresh Produce – Americas & ROW | 12,107 | (124) | 180 | 3,215 | 15,378 | - Fresh Fruit revenue increased due to higher worldwide volumes and pricing of bananas and pineapples, but Adjusted EBITDA decreased for the six-month period due to higher fruit and shipping costs (e.g., Tropical Storm Sara, vessel disruption)[201](index=201&type=chunk)[202](index=202&type=chunk)[203](index=203&type=chunk)[204](index=204&type=chunk) - Diversified Fresh Produce – EMEA saw revenue and Adjusted EBITDA increases, driven by strong performance in the U.K., Spain, Scandinavia, and the Netherlands, along with favorable foreign currency translation[205](index=205&type=chunk)[206](index=206&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk) - Diversified Fresh Produce – Americas & ROW revenue increased in Q2 2025 due to volume growth in North American commodities and higher South American apple exports, but decreased for H1 2025 due to the Progressive Produce disposal[209](index=209&type=chunk)[211](index=211&type=chunk) - Diversified Fresh Produce – Americas & ROW Adjusted EBITDA increased, driven by strong performance in southern hemisphere exports (apples, citrus) and North American markets (kiwis, citrus, avocados)[210](index=210&type=chunk)[212](index=212&type=chunk) [Liquidity and Capital Resources](index=50&type=section&id=Liquidity%20and%20Capital%20Resources) - Dole's primary cash flow sources are operating activities, debt issuance, and bank borrowings, with sufficient liquidity expected to fund future capital expenditures, debt service, and dividends[214](index=214&type=chunk)[215](index=215&type=chunk) Net Debt Reconciliation | Metric | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :------------------------------------ | :----------------------------- | :------------------------------- | | Cash and cash equivalents | 316,911 | 330,017 | | Total gross debt | (1,105,734) | (967,146) | | Net debt | (788,823) | (637,129) | Total Available Liquidity | Metric | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :-------------------------- | :----------------------------- | :------------------------------- | | Cash and cash equivalents | 316,911 | 330,017 | | Lines of credit | 566,050 | 803,706 | | Total available liquidity | 882,961 | 1,133,723 | - Net debt increased to **$(788.8) million** at June 30, 2025, from **$(637.1) million** at December 31, 2024, reflecting higher gross debt[222](index=222&type=chunk) - Total available liquidity decreased to **$883.0 million** at June 30, 2025, from **$1,133.7 million** at December 31, 2024, primarily due to lower available lines of credit[226](index=226&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section states that there have been no material changes to the disclosures regarding quantitative and qualitative market risk from those presented in the company's Annual Report on Form 20-F - No material changes to market risk disclosures have occurred since the Annual Report on Form 20-F[231](index=231&type=chunk) [Item 4. Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms that management, under the supervision of the CEO and CFO, evaluated the effectiveness of the company's disclosure controls and procedures as of June 30, 2025, and concluded they were effective. No material changes in internal control over financial reporting occurred during the period - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of June 30, 2025[232](index=232&type=chunk) - No material changes in internal control over financial reporting occurred during the six months ended June 30, 2025[232](index=232&type=chunk) [PART II - OTHER INFORMATION](index=53&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 16 'Contingencies' for details on legal proceedings and civil/criminal investigations. It notes that while these matters may incur significant costs and distract management, they are not expected to have a material adverse effect on Dole's results of operations, financial condition, or cash flows - Dole is involved in various legal proceedings and investigations, which are detailed in Note 16 'Contingencies'[234](index=234&type=chunk) - Despite potential significant costs and management distraction, these matters are not expected to have a material adverse effect on Dole's financial results or condition[234](index=234&type=chunk) [Item 1A. Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) This section directs users to consider the risk factors discussed in Part I, 'Item 3D. Risk Factors' of the Annual Report on Form 20-F, noting that there have been no material changes or additions to these risks other than as updated and supplemented in the current report - Users should consider risk factors from the Annual Report on Form 20-F, as no material changes or additions have occurred beyond those updated in this report[235](index=235&type=chunk)[236](index=236&type=chunk) [Item 5. Other Information](index=53&type=section&id=Item%205.%20Other%20Information) This section states that there is no other information to report under Item 5 - No other information is reported under this item[237](index=237&type=chunk)

Core Insights - The article compares Mission Produce, Inc. (AVO) and Dole plc (DOLE) in the fresh produce market, highlighting AVO's focus on avocados and DOLE's diversified portfolio [1][9] - AVO is expanding aggressively in response to rising avocado demand, particularly in Asia and Europe, while DOLE leverages its scale and diverse product range to maintain market dominance [2][10] Group 1: Company Strategies - Mission Produce has established a vertically integrated model that controls sourcing, ripening, distribution, and marketing, ensuring product quality and reliability [4][8] - AVO's geographic expansion and supply-chain agility are key strategies, with recent gains in Europe and the U.K. reflecting investments in local infrastructure [5][6] - Dole's strength lies in its diversification across various produce categories, allowing it to serve diverse consumer segments and remain resilient amid market fluctuations [11][13] Group 2: Financial Performance - AVO's fiscal 2025 sales are estimated to grow by 8.1%, but EPS is expected to decline by 20.3%, with annual sales and earnings projected to decrease by 8% and 20.3% year-over-year in fiscal 2026 [14] - Dole's fiscal 2025 sales are expected to grow by 1.8%, with EPS indicating a slight decline of 0.8%, while annual sales and earnings are projected to increase by 3.1% and 18.8% year-over-year in fiscal 2026 [14] Group 3: Valuation and Market Position - AVO trades at a forward P/E of 27.87X, significantly higher than DOLE's 9.93X, reflecting its higher growth positioning [10][21] - AVO's recent stock performance shows a total return of 16.1% over the past three months, outperforming DOLE's decline of 1.7% [19] - The valuation gap indicates that investors view AVO as a higher-growth, specialized business, while DOLE's lower multiple may appeal to value-focused investors [23][25] Group 4: Market Outlook - AVO is positioned for continued leadership in the avocado market and long-term growth in the broader fresh produce category, appealing to health-conscious consumers [8][26] - Dole remains a global heavyweight with impressive scale and stability, offering income-oriented appeal through dividends and a lower valuation [27][28]

Core Viewpoint - Dole plc (NYSE: DOLE) appears to be an attractive investment opportunity, trading at approximately 5.5 times EBITDA, while being a leader in its core categories and a well-known brand in the industry [1]. Company Analysis - Dole is recognized as a leader in its primary market segments, which enhances its competitive positioning [1]. - The current valuation of Dole at 5.5x EBITDA suggests potential undervaluation compared to industry peers [1]. Industry Context - The article indicates a general focus on value investing, which may align with current market trends favoring established brands with strong fundamentals [1].

Financial Data and Key Metrics Changes - Group revenue increased by 4.2% to $2.1 billion on a like-for-like basis, while adjusted EBITDA decreased by 2% to $104.8 million [4][5] - Adjusted net income was $33.1 million, with adjusted EPS down to $0.35 from $0.43 in Q1 2024, primarily due to the decrease in adjusted EBITDA [5][17] - The company announced a 6.25% increase in dividend to $0.85 per share, marking the first dividend increase since 2021 [5][23] Business Line Data and Key Metrics Changes - Fresh Fruit segment reported adjusted EBITDA of $63.3 million, exceeding expectations despite challenges from Tropical Storm Sarah [6][18] - Diversified EMEA segment achieved adjusted EBITDA of $27.7 million, with strong growth driven by the UK, Spain, and the Netherlands [9][19] - Diversified Americas segment saw a like-for-like revenue decline of 6.8%, primarily due to lower export pricing for Southern Hemisphere products [20] Market Data and Key Metrics Changes - North America experienced good volume growth in bananas, while European markets showed stable performance with volume growth in bananas and improved pineapple performance [8][9] - The company noted a favorable balance in supply and demand for bananas and pineapples, with expectations of robust demand continuing throughout the year [9] Company Strategy and Development Direction - The company is focused on exploring internal and external investment opportunities to drive growth, particularly in the Diversified EMEA segment [10][25] - Capital allocation will be influenced by the outcome of the fresh vegetable division's strategic review, with ongoing projects in automation technology and facility expansions [40][44] - The company aims to maintain a baseline capital expenditure of approximately $100 million while anticipating increased spending related to reinvestments in Honduras [25][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic challenges, revising full-year adjusted EBITDA guidance upwards to at least $380 million [24][52] - The company is monitoring evolving international trade dynamics and believes existing trade deals will remain favorable [24] - Management acknowledged potential short-term disruptions but emphasized the resilience of the business model [25] Other Important Information - The company completed a €1.2 billion refinancing of its credit facility, enhancing financial flexibility [5][21] - Free cash flow from continuing operations was an outflow of £131.6 million, primarily due to seasonal working capital trends [22] Q&A Session Summary Question: Follow-up on EBITDA guidance and tariff impacts - Management indicated that the EBITDA guidance reflects better-than-expected Q1 performance and considers current tariffs [28][29] Question: Fresh vegetables business exit strategy - Management is actively working on a strategic exit for the fresh vegetables business, emphasizing the complexity of the process [31][33] Question: Capital allocation policy and growth initiatives - Management stated that all capital allocation options are on the table, with a focus on internal development projects and potential acquisitions [39][41] Question: Performance drivers in Diversified Americas - Management highlighted strong performance in North American distribution and handling businesses, with a return to normal market conditions in South America [46][48] Question: Incremental CapEx for reinvestment in Honduras - Management estimated additional CapEx for reinvestment in Honduras to be around $10 million to $12 million, aimed at improving yields and flood protections [49]

Financial Data and Key Metrics Changes - Group revenue increased by 4.2% to $2.1 billion on a like-for-like basis, while adjusted EBITDA decreased by 2% to $104.8 million [4][5] - Adjusted net income was $33.1 million, with adjusted EPS at $0.35 per share, down from $0.43 in Q1 2024 [5][17] - The company announced a 6.25% increase in dividend to $0.85 per share, marking the first dividend increase since 2021 [5][23] Business Line Data and Key Metrics Changes - Fresh Fruit segment reported adjusted EBITDA of $63.3 million, exceeding expectations despite challenges from Tropical Storm Sarah [6][18] - Diversified EMEA segment achieved adjusted EBITDA of $27.7 million, with strong growth driven by the UK, Spain, and the Netherlands [9][19] - Diversified Americas segment saw a like-for-like revenue decline of 6.8%, primarily due to lower export pricing for Southern Hemisphere products [20] Market Data and Key Metrics Changes - North American operations showed good volume growth in bananas, with stable performance in Europe despite challenging pricing conditions [6][8] - The company noted a favorable balance in supply and demand for bananas and pineapples, with expectations of robust demand continuing throughout the year [9][10] Company Strategy and Development Direction - The company is focused on exploring internal and external investment opportunities to drive growth, particularly in the Diversified EMEA segment [10][42] - There is an ongoing evaluation of the fresh vegetables business, with a commitment to finding a strategic outcome that benefits all stakeholders [32][34] - The company aims to maintain a capital expenditure level in line with depreciation expenses, while also planning for increased CapEx related to reinvestments in Honduras [26][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic challenges, revising full-year adjusted EBITDA guidance upwards to at least $380 million [24][50] - The company is monitoring evolving international trade dynamics and believes existing trade deals will remain favorable [25][26] - Management highlighted the importance of a resilient and diverse business model in facing current economic volatility [24][50] Other Important Information - The company completed a €1.2 billion refinancing of its credit facility, enhancing financial flexibility [5][21] - Free cash flow from continuing operations was an outflow of £131.6 million, expected to unwind as the year progresses [22] Q&A Session Summary Question: Follow-up on EBITDA guidance and tariff impacts - Management acknowledged the complexity of forecasting in the current environment, attributing the guidance raise to better-than-expected Q1 performance and favorable foreign exchange translation [30][31] Question: Fresh vegetables business exit strategy - Management confirmed ongoing efforts to find a strategic exit for the fresh vegetables business, emphasizing the complexity of the process and the importance of stakeholder interests [32][34] Question: Capital allocation policy and growth initiatives - Management stated that all capital allocation options are on the table, with a focus on internal development projects and potential acquisitions [40][42] Question: Performance drivers in Diversified Americas - Management highlighted strong performance in North American distribution and handling businesses, with a return to normal market conditions in South America [46][47] Question: Incremental CapEx for Honduras reinvestment - Management indicated that additional CapEx for reinvestment in Honduras would be in the range of $10 million to $12 million, aimed at improving yields and flood protections [48]

Company Performance - Dole reported quarterly earnings of $0.35 per share, missing the Zacks Consensus Estimate of $0.39 per share, and down from $0.43 per share a year ago, representing an earnings surprise of -10.26% [1] - The company posted revenues of $2.1 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 4.54%, but down from $2.12 billion year-over-year [2] - Over the last four quarters, Dole has surpassed consensus EPS estimates two times and topped consensus revenue estimates four times [2] Stock Performance - Dole shares have increased approximately 9% since the beginning of the year, contrasting with the S&P 500's decline of -3.8% [3] - The current consensus EPS estimate for the coming quarter is $0.48 on revenues of $2.14 billion, and for the current fiscal year, it is $1.33 on revenues of $8.39 billion [7] Industry Outlook - The Agriculture - Operations industry, to which Dole belongs, is currently in the top 36% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that industry performance can significantly impact stock performance [5][8]

Q1 2025 Financial Highlights - Revenue reached $2.1 billion, a decrease of 1% year-over-year[10,33] - Adjusted EBITDA was $105 million, a decrease of 5% year-over-year[10,33] - Adjusted Diluted EPS was $0.35, a decrease of 18% year-over-year[10,33] - Revenue increased by 4% on a Like-For-Like (LFL) basis[10,14] Segment Performance - Fresh Fruit revenue increased by 6.5% year-over-year to $878 million, but Adjusted EBITDA decreased by 8.8% to $63.3 million[35,37,39] - Diversified Fresh Produce – EMEA revenue increased by 4.5% year-over-year to $892 million, with Adjusted EBITDA increasing by 6.6% to $27.7 million[35,44] - Diversified Fresh Produce – Americas & ROW revenue decreased by 23.8% year-over-year to $363 million, with Adjusted EBITDA decreasing by 5.9% to $13.8 million[35,49] Capital Allocation and Outlook - Free Cash Flow from Continuing Operations was $(52.8) million[53] - Net Debt stood at $(742) million, with Net Leverage at 1.9x[54] - The company expects Adjusted EBITDA from Continuing Operations to be at least $380 million for FY'25[60]