Slides
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Results Presentation Q3‘25
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Today’s presentation includes forward-looking statements that reflect Dole plc’s current views with respect to future events, financial performance, expected synergies and industry conditions. 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. These forward-looking statements are subject to various risks and uncertainties that may cause actual results to differ materially from those expressed or implied statements. Dole plc has provided additional information in its reports on file with the Securities and Exchange Commission concerning certain factors, risks and uncertainties that could cause actual results to differ materially from those contained in this presentation. These factors include but are not limited to weather conditions, natural disasters, crop disease, pests, other natural conditions, uncertainty regarding tariffs, escalated trade wars and geopolitical risks, which may affect market prices and the demand for our products, and our ability to mitigate such risks, our ability to compete and innovate against our competitors, and increases in commodity or raw product costs that could adversely affect our operating results. Although we believe that the expectations reflected in this presentation are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as otherwise noted, these forward- looking statements speak only as of the date on which such statements are 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. If one or more 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. In this presentation, we use certain non-GAAP performance measures to evaluate current and past performance and prospects for the future to supplement our GAAP financial information presented in accordance with GAAP. These non-GAAP financial measures are important factors in assessing our operating results and profitability 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. A reconciliation of non-GAAP measures to the most directly comparable GAAP measures is contained in the Appendix to this presentation. November 10, 2025 Disclaimer 2
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Q3’25 Highlights
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Q3’25 Highlights 4 • Strength of broadly based business model delivered a good result for Q3’25, in line with market expectations • Strong growth in Diversified segments partially offset an expected temporary decrease in Fresh Fruit due to higher procurement costs • Completed sale of Fresh Vegetable division at beginning of August for total consideration of $140 million • Board authorization granted for share repurchases of up to $100 million
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Operational Review Q3’25
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Fresh Fruit • Launch of Colada Royale - a game-changing new variety of non-GMO pineapple that has been conventionally bred by Dole to offer a uniquely indulgent taste featuring hints of coconut and piña colada • Higher sourcing costs for bananas driven by tightness of supply • Demand for bananas remains strong in both North America and Europe • Continuing to make good progress with rehabilitation of Storm Sara impacted farms in Honduras 6
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Diversified Fresh Produce EMEA • Strong performance in third quarter, continuing positive momentum seen in H1’25 • Continued strong underlying growth in markets that have performed well all year • Seeing benefits of investments made in our distribution and logistics capabilities in the Nordics • Continued benefit of stronger Euro, SEK and GBP relative to USD for translation of results • Committed to ongoing integration as well as the identification and execution of investment opportunities 7
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Diversified Fresh Produce Americas & ROW • Another strong result delivered in third quarter • Strong performance in South American export business • Continued good performance in the North American market • Post quarter end, announced the integration of Dole Diversified North America (“DDNA”) into Oppy, our largest diversified fruit distribution and sales operation in the North American market, further streamlining our operations 8
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Financial Review Q3’25
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Group Results 1) 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. 2) See Appendix for definitions and reconciliations of Non-GAAP financial measures. Q3’25 Q3’24 YTD’25 YTD’24 Revenue - $’m 2,279 2,062 6,807 6,308 Income from Continuing Operations (1) - $’m 24.1 15.1 121.1 142.7 Net Income - $’m 13.8 21.5 76.0 175.0 Net Income attributable to Dole plc - $’m 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 Non-GAAP performance measures (2) Adjusted EBITDA - $’m 80.8 82.1 322.7 317.6 Adjusted Net Income - $’m 15.0 18.0 101.3 105.6 Adjusted Diluted EPS - $ 0.16 0.19 1.06 1.11 10
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Segment Results $’m Q3’25 Q3’24 YTD’25 YTD’24 Revenue Adjusted EBITDA Revenue Adjusted EBITDA Revenue Adjusted EBITDA Revenue Adjusted EBITDA Fresh Fruit 890 27.2 799 42.9 2,741 163.2 2,474 183.0 Diversified Fresh Produce – EMEA 998 40.7 900 30.4 2,991 117.4 2,698 99.0 Diversified Fresh Produce – Americas & ROW 420 12.9 390 8.8 1,170 42.1 1,223 35.6 Intersegment (29) - (26) - (95) - (87) - Total 2,279 80.8 2,062 82.1 6,807 322.7 6,308 317.6 11
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Fresh Fruit ▪ Revenue increased due to higher worldwide volumes and pricing of bananas, pineapples and plantains ▪ Decrease in Adjusted EBITDA due to higher sourcing costs of bananas, pineapples and plantains, and lower profits in commercial cargo REVENUE $’M +11.5% YoY -36.7% YoY ADJUSTED EBITDA $’M 799 890 Q3'24 Q3'25 42.9 27.2 Q3'24 Q3'25 12
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Diversified Fresh Produce EMEA ▪ Revenue increase primarily due to strong underlying performance in Scandinavia, Spain and the Netherlands, as well as a favorable impact from FX translation ▪ Adjusted EBITDA increase driven by higher in earnings in Scandinavia, Spain, the Netherlands and South Africa as well as a favorable impact from FX translation +10.9% YoY +5.6% LFL (3) +34.2% YoY +24.4% LFL(3) 13 REVENUE $’M ADJUSTED EBITDA $’M 900 998 Q3'24 Q3'25 30.4 40.7 Q3'24 Q3'25 3) Like-for-like (“LFL”) basis refers to the measure excluding the impact of foreign currency translation movements and acquisitions and divestitures. See Appendix for more information.
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Diversified Fresh Produce AMERICAS & ROW ▪ Increase in revenue driven by growth in most commodities sold in the North American market ▪ Adjusted EBITDA increase driven by improved performance in the southern hemisphere export business, as well as continued good performance in the North America market across commodities 14 REVENUE $’M ADJUSTED EBITDA $’M 390 420 Q3'24 Q3'25 8.8 12.9 Q3'24 Q3'25 +7.7% YoY +7.9% LFL (3) +46.2% YoY +46.0% LFL (3) 3) Like-for-like (“LFL”) basis refers to the measure excluding the impact of foreign currency translation movements and acquisitions and divestitures. See Appendix for more information.
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Capital Allocation and Net Leverage CASH CAPEX (4) Continuing Operations Q3’25: $(20.9m) | YTD’25: $(93.1m) NET DEBT & NET LEVERAGE (5) $’m Sep 30, 2025 Sep 30, 2024 Total Gross Debt (979.1) (992.6) Cash and Cash Equivalents 314.7 260.6 Net Debt (664.4) (732.0) LTM Adjusted EBITDA (5) 397.3 394.4 Net Leverage 1.7x 1.9x 4) In addition to cash capital expenditure, $0.7 million of assets were acquired under finance lease during the three months ended September 30, 2025. Total capital additions for the quarter were $21.6 million. Included within cash capital expenditure for the nine months ended September 30, 2025, is the buyout of two vessel finance leases of $36.1 million that were already reflected within Net Debt as of December 31, 2024. In addition to cash capital expenditure, $14.9 million of assets were acquired under finance lease during the nine months ended September 30, 2025. Total capital additions for the nine months ended September 30, 2025 were $72.0 million. 5) See Appendix for definitions of Non-GAAP financial measures. Full reconciliations are contained in the Appendix to the Third Quarter 2025 Financial Results Press Release. 6) This includes consideration received following the sale of Fresh Vegetables in August 2025 of $68.0 million 15 FREE CASH FLOW (5) Continuing Operations Q3’25: $66.5m | YTD’25 $(66.2m) BUSINESS & ASSET SALES (6) Q3’25: $70.1m | YTD’25: $80.6m QUARTERLY DIVIDEND Q3’25: $0.085 per share
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FY’25 Outlook & Capital Allocation
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FY’25 Outlook Adjusted EBITDA Continuing Operations Targeting upper end of $380-$390m range Prior guidance: ~$380 - $390m Routine Capex Continuing Operations ~ $85m* Prior guidance: ~$100m Interest Expense ~$67m No change 17 * Excludes c. $25m of expected investments in FY’25 to support the rehabilitation of farms in Honduras impacted by Tropical Storm Sara, covered by insurance proceeds. Approximately $10m has been spent in the nine months ending September 30, 2025
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Capital Allocation Framework 18 • Annual expenditure broadly in line with annual depreciation charge ROUTINE CAPITAL EXPENDITURE • Allocate capital to high return development projects which align with group strategy • Investments by way of Capital Expenditure or M&A DEVELOPMENT EXPENDITURE • Progressive dividend policy • Board authorization for opportunistic share repurchases up to $100 million in aggregate SHAREHOLDER RETURNS
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Development Expenditure Pipeline 19 ▪ Investments across operations, e.g. ➢ Cherry packing – Chile ➢ Ripening – France, Spain Areas of investment focus Packaging, Handling, Ripening ▪ Value opportunities across EMEA, notably Spain, Ireland, Italy and Nordics Bolt-on / Value M&A ▪ Increase control of own production of tropical produce ▪ Further partnerships with diversified producers Own Production ▪ Increase distribution capacity and enhance facility automation ▪ Various projects across EMEA and Americas Distribution / Logistics
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Q&A
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Appendix Non-GAAP Measures and Reconciliations
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Dole plc’s results are determined in accordance with U.S. GAAP. In addition to its results under U.S. GAAP, in this presentation, 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. Free Cash Flow from Continuing Operations is calculated from GAAP net cash provided by or used in our 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 the current year average rates. Dole is not able to provide a reconciliation for projected FY’25 results without taking unreasonable efforts. Non-GAAP Measures 22
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7) For the three months ended September 30, 2025 and September 30, 2024, other items is primarily comprised of various immaterial items. 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. 23 Adjusted EBITDA Reconciliation RECONCILIATION FROM NET INCOME TO ADJUSTED EBITDA - UNAUDITED 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 a business (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 (7) 795 9 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
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RECONCILIATION FROM NET INCOME ATTRIBUTABLE TO DOLE PLC SHAREHOLDERS TO ADJUSTED NET INCOME – UNAUDITED 8) For the three months ended September 30, 2025 and September 30, 2024, other items is primarily comprised of various immaterial items. 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. 24 Adjusted Net Income Reconciliation Three Months Ended Nine Months Ended September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 (U.S. Dollars 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 a business (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 (8) 795 9 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
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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 25 Like for Like Analysis – Q3’25
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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 26 Like for Like Analysis – YTD’25
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Thank you james.oregan@doleplc.com