Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $2.3 billion, representing a 10.5% increase on a reported basis and an 8% increase on a like-for-like basis, reflecting strong underlying growth across segments [13][19] - Net income decreased due to a $10 million loss in discontinued operations and an $8 million non-cash fair value charge, partially offset by $10 million in insurance proceeds and higher earnings in equity method investments [13][19] - Adjusted EBITDA decreased by $1.3 million, primarily due to declines in the fresh fruit segment, while adjusted net income decreased by $3 million [14][19] Business Line Data and Key Metrics Changes - Fresh fruit revenue increased by 11%, driven by higher volumes and pricing of bananas, pineapples, and plantains, but faced higher sourcing costs leading to decreased adjusted EBITDA [15][16] - Diversified EMA segment reported an 11% revenue increase, with adjusted EBITDA rising by $10 million or 34%, driven by strong performance in Scandinavia, Spain, and the Netherlands [16][10] - Diversified Americas segment saw an 8% revenue increase, with adjusted EBITDA up by $4 million or 46%, attributed to strong performance in the southern hemisphere export business and North American market [16][11] Market Data and Key Metrics Changes - Demand for bananas remained robust in North American and European markets, contributing to tight supply and cost pressures [10][9] - The company is experiencing strong underlying growth in key markets, particularly in Spain and the Netherlands, with positive momentum continuing into Q4 [10][11] Company Strategy and Development Direction - The company completed the sale of its non-core fresh vegetable division, enhancing capital allocation flexibility and allowing for a $100 million share repurchase program [5][6] - The launch of the new Dole Collada Royale Pineapple aims to provide a competitive edge and stimulate excitement in the tropical category, reinforcing the company's commitment to community support [8][9] - The company is focused on integrating operations and streamlining its business model to enhance efficiency and attractiveness to key customers [57][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year adjusted EBITDA at the upper end of the targeted range of $380-$390 million despite macroeconomic volatility and industry-specific challenges [20][19] - The company is optimistic about the future, with ongoing negotiations for annual contracts and a strong consumer demand for affordable and healthy products [59][53] Other Important Information - Cash capital expenditure for the quarter was $20.9 million, with a reduction in full-year routine capital expenditure expectations to approximately $85 million [17][18] - The company declared an $8.50 dividend for Q3, to be paid on January 6th [19][18] Q&A Session Summary Question: Outlook for Q4 and 2026 - Management acknowledged the challenges in forecasting due to macroeconomic volatility and highlighted specific headwinds impacting procurement costs, particularly in the banana segment [25][26] Question: Tariffs and Exclusions - Management stated there is no new information regarding tariff exclusions for tropical produce, but expressed confidence in future positive changes [28][29] Question: Capital Allocation and Buyback Program - The $100 million buyback program is part of a broader capital allocation strategy, allowing for flexibility in pursuing growth opportunities while maintaining a progressive dividend policy [39][38] Question: Annual Contracting Negotiations - Management indicated that negotiations are ongoing and that customers are aware of supply challenges, expressing optimism about the outcomes [53][52] Question: Strength in Diversified Fresh Produce - Management highlighted the strong market position in Europe and North America, emphasizing the benefits of integrating operations and investments in distribution capabilities [56][57]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $2.3 billion, representing a 10.5% increase on a reported basis and an 8% increase on a like-for-like basis, reflecting strong underlying growth across segments [13] - Net income decreased due to a $10 million loss in discontinued operations and an $8 million non-cash fair value charge, partially offset by $10 million in insurance proceeds and higher earnings in equity method investments [13] - Adjusted EBITDA decreased by $1.3 million, primarily due to declines in fresh fruit, while adjusted net income decreased by $3 million [13][14] Business Line Data and Key Metrics Changes - Fresh fruit revenue increased by 11%, driven by higher volumes and pricing of bananas, pineapples, and plantains, but faced higher sourcing costs impacting adjusted EBITDA [14] - Diversified EMA segment reported an 11% revenue increase, with adjusted EBITDA rising by 34%, driven by strong performances in Scandinavia, Spain, and the Netherlands [15] - Diversified Americas segment saw an 8% revenue increase, with adjusted EBITDA up by 46%, attributed to strong performance in the southern hemisphere export business and North American market [15] Market Data and Key Metrics Changes - Demand for bananas remained robust in North America and Europe, contributing to tight supply and cost pressures [10] - The diversified EMA segment continued to show positive momentum, particularly in Spain and the Netherlands, benefiting from increased investments in distribution and logistics [10][11] Company Strategy and Development Direction - The company completed the sale of its non-core fresh vegetable division, enhancing capital allocation flexibility and allowing for a $100 million share repurchase program [5][6] - The launch of the new Dole Collada Royale Pineapple represents a strategic investment in product innovation, aimed at enhancing the tropical portfolio and community support [7] - The company is focused on integrating operations and streamlining its business model to enhance efficiency and customer attractiveness [11][52] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year adjusted EBITDA at the upper end of the targeted range of $380-$390 million, despite macroeconomic volatility and industry-specific challenges [19] - The company is optimistic about the long-term growth potential within the sector, emphasizing the importance of a diversified business model [19][62] Other Important Information - Cash capital expenditure for the quarter was $20.9 million, with a reduction in full-year routine capital expenditure expectations to approximately $85 million [16][17] - The company declared an $8.50 dividend for Q3, to be paid on January 6th [18] Q&A Session Summary Question: Outlook for Q4 and 2026 - Management acknowledged the challenges in forecasting due to macroeconomic volatility and highlighted specific headwinds in sourcing costs, particularly for bananas, impacting Q4 guidance [22][24] Question: Tariffs and Exclusions - Management stated there were no new updates on tariff exclusions for tropical produce but expressed confidence in the long-term positive changes for the industry [26][27] Question: Capital Allocation and Buyback Program - The buyback program was introduced to provide flexibility in capital allocation, with management emphasizing the importance of balancing dividends, buybacks, and investment opportunities [34][36] Question: Annual Contracting Negotiations - Management indicated that negotiations with customers are ongoing, with awareness of supply conditions impacting discussions [46][48] Question: Strength in Diversified Fresh Produce - Management highlighted strong consumer demand and the company's robust position in the diversified segment across various European markets [50][52]

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]

Financial Data and Key Metrics Changes - In 2024, Group revenue increased by 6.7% to $8.5 billion, and adjusted EBITDA also increased by 6.7% to $392 million, exceeding adjusted EBITDA guidance by $12 million [11][7][10] - Adjusted net income for the full year was $120.9 million, with adjusted diluted EPS increasing by 2.4% to $1.27 per share [11][27] - Net debt at the end of 2024 was $637 million, with net leverage at 1.6 times, indicating a strong financial position [12][10] Business Line Data and Key Metrics Changes - Fresh Fruit segment delivered adjusted EBITDA of $214.8 million for the full year, an increase of $5.9 million compared to 2023, driven by volume growth in bananas and plantains [12][13] - Diversified EMEA segment achieved adjusted EBITDA of $131.5 million for the full year, with a like-for-like revenue growth of 4.4% [16][17] - Diversified Fresh Produce Americas segment reported a like-for-like revenue increase of 16.1%, with adjusted EBITDA increasing by 52.3% for the full year [32][33] Market Data and Key Metrics Changes - North America saw good volume growth in bananas and plantains, while the European market experienced high volumes in bananas and lower shipping costs [13][14] - The EMEA segment faced headwinds due to supply challenges and weather events, but anticipates continued revenue growth in 2025 [17][16] - The Fresh Vegetables business showed positive cash flow for the full year, indicating a turnaround despite accounting adjustments [21] Company Strategy and Development Direction - The company is focused on capital allocation and managing invested capital, with strategic investments in expanding shipping capacity and improving operational performance [8][10] - There is an ongoing process to determine the best strategic alternative for the vegetables business, which remains a priority [20][21] - The company plans to maintain a baseline level of capital expenditure in line with depreciation expenses, while exploring development opportunities for future growth [41][70] Management Comments on Operating Environment and Future Outlook - Management acknowledged challenges in 2025, including the impact of Tropical Storm Sara and geopolitical uncertainties affecting sourcing costs and supply chains [40][41] - The company aims for adjusted EBITDA in the range of $370 million to $380 million for 2025, reflecting a more normalized year compared to 2024 [41][38] - Management remains optimistic about the underlying fundamentals of the business and is focused on navigating challenges while capitalizing on growth opportunities [15][38] Other Important Information - The company declared a dividend of $0.08 for the fourth quarter, to be paid on April 3, 2025 [37] - Free cash flow from continuing operations was $180.3 million for the full year, benefiting from strong adjusted EBITDA performance [36] Q&A Session Summary Question: Can you unpack the EBITDA guidance for 2025? - Management indicated that the guidance reflects known headwinds, including the impact from Tropical Storm Sara and macroeconomic uncertainties, with expectations for a slower start to the year [45][49][54] Question: What mitigation strategies are in place regarding potential tariffs? - Management believes that the demand for fresh produce will remain strong, and they are prepared to adjust pricing and sourcing strategies if tariffs are implemented [56][58][60] Question: What is the focus on capital allocation moving forward? - The company is prioritizing leveraging while also considering targeted M&A opportunities, with ongoing internal development projects aimed at enhancing growth [65][70][72] Question: What are the expectations for the Diversified EMEA segment? - Management noted that while there are some profit weaknesses in certain regions, they see more opportunities than challenges and expect continued growth [75][76] Question: Is there a risk of elasticity in pricing for high-value products like avocados? - Management expressed confidence that the U.S. market will continue to demand these products, despite potential tariff impacts, due to limited domestic production capabilities [78][80]