Slides
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Dole Results Presentation Q2'26
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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. August 10, 2026 Disclaimer 2
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Q2’26 Review & Capital Allocation Update
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Q2’26 Review 4 • Healthy consumer demand across the Group • Q2 result lower, as anticipated, due to Fresh Fruit cost pressures • Diversified model resilient, supported by strong Diversified Americas performance • Development pipeline advanced with disciplined capital allocation • Post quarter-end: – Completed Ecuador port sale for expected net proceeds of ~$95M – Completed acquisition of Greenfood Fresh Produce division in Scandinavia Greenfood Fresh Produce facility, Helsingborg, Sweden
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Capital Allocation Update • Q2 routine capex: $25 million • Focused on future growth, capacity and efficiencies ROUTINE CAPITAL EXPENDITURE • Ireland: Glass house bolt-on, strengthening sourcing and supply base • Sweden: Post quarter-end, acquired Greenfood Fresh Produce business, adding strategic distribution platform and enhancing position in Nordics DEVELOPMENT INVESTMENTS • Quarterly dividend: 8.5 cents per share; implied yield 2.5%(1) • Share repurchases: $10.0 million in Q2’26 at disciplined valuation levels; YTD $14.6 million; $85.4 million remaining under authorization SHAREHOLDER RETURNS 5 (1) Based on closing share price of $13.83 on August 7, 2026, and annualized dividend per share of $0.34
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Operational Review Q2’26
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Fresh Fruit • Profitability impacted by higher fuel, shipping and sourcing costs • European banana volumes strong; North America banana pricing higher, volumes lower • Adverse weather conditions impacted pineapple availability, resulting in lower volumes across all markets • Continued strength of the Costa Rican Colon impacted costs • Pricing mechanisms and cost actions expected to support H2’26 7
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Diversified Fresh Produce EMEA • Revenue broadly stable; Adjusted EBITDA lower versus a strong comparative result • Scandinavia again a strong contributor • Portfolio diversity helped balance mixed market conditions • South Africa exports impacted by Middle East disruption 8
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Diversified Fresh Produce Americas & ROW • Another strong quarter: key contributor to Group performance • Strong performance in our North American business • Higher North American volumes and improved Southern Hemisphere export pricing • Continued benefits from recent investments and berry restructuring 9
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Financial Review Q2’26
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Group Results (2) See Appendix for definitions and reconciliations of Non-GAAP financial measures. Q2’26 Q2’25 H1’26 H1’25 Revenue - $’M 2,499 2,428 4,842 4,528 Net Income - $’M 35.1 18.0 72.9 62.1 Net Income attributable to Dole plc - $’M 26.0 10.0 57.3 48.9 Diluted EPS - $ 0.27 0.10 0.60 0.51 Non-GAAP performance measures (2) Adjusted EBITDA - $’M 116.8 137.1 217.1 241.9 Adjusted Net Income - $’M 43.7 53.2 74.9 86.2 Adjusted Diluted EPS - $ 0.46 0.55 0.78 0.90 11
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Segment Results $’M Q2’26 Q2’25 H1’26 H1’25 Revenue Adjusted EBITDA(2) Revenue Adjusted EBITDA(2) Revenue Adjusted EBITDA(2) Revenue Adjusted EBITDA(2) Fresh Fruit 973 50.3 972 72.7 1,911 102.8 1,851 136.1 Diversified Fresh Produce - EMEA 1,111 45.9 1,101 49.0 2,134 75.9 1,993 76.6 Diversified Fresh Produce - Americas & ROW 440 20.6 386 15.4 860 38.4 750 29.2 Intersegment (25) - (31) - (63) - (66) - Total 2,499 116.8 2,428 137.1 4,842 217.1 4,528 241.9 12 (2) See Appendix for definitions and reconciliations of Non-GAAP financial measures.
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Fresh Fruit • Revenue drivers: • Strong European banana volumes and higher North America banana pricing offset by lower North America banana volumes • Lower pineapple volumes due to adverse weather affecting fruit availability • Adjusted EBITDA drivers: • Increased fuel and shipping costs • Higher fruit sourcing costs • Higher pineapple growing costs and continued strength of the Costa Rican Colon REVENUE $’M 0% YoY -31% YoY ADJUSTED EBITDA $’M 972 973 Q2'25 Q2'26 72.7 50.3 Q2'25 Q2'26 13
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14 REVENUE $’M ADJUSTED EBITDA $’M 1,101 1,111 Q2'25 Q2'26 49.0 45.9 Q2'25 Q2'26 +1% YoY -6% YoY • Revenue drivers: • Growth in Scandinavia and favorable FX • Lower revenue in Spain against a strong prior-year comparative • Adjusted EBITDA drivers: • Lower overall result versus strong prior- year comparative • Strong Scandinavia performance • Weaker results in South Africa, the Netherlands and Spain Diversified Fresh Produce - EMEA
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15 REVENUE $’M ADJUSTED EBITDA $’M 386 440 Q2'25 Q2'26 15.4 20.6 Q2'25 Q2'26 +14% YoY +34% YoY • Revenue drivers: • Higher kiwi, avocado and North American cherry volumes in North American business • Improved Southern Hemisphere export pricing • Adjusted EBITDA drivers: • Improved profitability in North American business • Strong execution across key categories • Continued benefits from berry restructuring Diversified Fresh Produce - Americas & ROW
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16 Cash Flow and Financial Position NET DEBT & NET LEVERAGE (2) FREE CASH FLOW (2) $’M Q2’26 Q2’25 H1’26 H1’25 Net cash provided by / (used in) operating activities 14.0 18.3 (8.5) (60.4) Cash Capex (24.8) (19.3) (42.5) (72.2) Free Cash Flow (10.8) (1.0) (51.0) (132.6) $’M Q2’26 FY’25 Q2’25 Net Debt (746.1) (606.5) (788.8) Net Leverage 2.0x 1.5x 2.0x • H1 free cash flow improved materially versus prior year, despite normal first- half working capital seasonality • Q2 Net Debt impacted by first step of Ecuador port transaction; final sale completed on July 1 for cumulative expected net proceeds of ~$95 million • Conservative leverage position supports continued capital allocation flexibility (2) See Appendix for definitions and reconciliations of Non-GAAP financial measures.
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FY’26 Outlook & Strategic Priorities
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FY’26 Outlook Adjusted EBITDA ~$400M Routine Capex ~$100M Interest Expense ~$58M 18
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FY’26 Strategic Priorities 19 Strengthen our marketplace position in core business areas and categories Execute on our development pipeline while maintaining a disciplined approach to capital allocation Position ourselves to work efficiently in a dynamic macro environment and regulatory landscape Continue our focus on cost control and operating efficiencies across the Group
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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 six months ended June 30, 2026 and June 30, 2025, included 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 or held for sale classification losses on property, plant and equipment and lease assets, adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, subtracting interest income on deferred transaction consideration, adding acquisition and transaction costs and 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 six months ended June 30, 2026 and June 30, 2025, included 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 or held-for-sale losses on property, plant and equipment and lease assets, adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, subtracting interest income on deferred transaction consideration, adding acquisition and transaction costs, adding restructuring charges and costs for legal matters not in the normal 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 six months ended June 30, 2026, is calculated as subtracting the Adjusted EBITDA for the six months ended June 30, 2025 from the Adjusted EBITDA for the year ended December 31, 2025 and then adding Adjusted EBITDA for the six months ended June 30, 2026. LTM Adjusted EBITDA for the year ended December 31, 2025 is the same as Adjusted EBITDA for the year ended December 31, 2025. 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 six months ended June 30, 2026 and June 30, 2025, included 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 or held for sale classification losses on property, plant and equipment and lease assets, adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, adding acquisition and transaction costs and adding restructuring charges and costs for legal matters not in the ordinary course of business and adding debt refinancing expenses; (5) the Company’s share of these items from equity method investments; (6) excluding the tax effect of these items and discrete tax adjustments; and (7) excluding the effect of these items attributable to non-controlling interests. Adjusted Earnings per Share is calculated from Adjusted Net Income divided by diluted weighted average number of shares in the applicable period. Net Debt is a non-GAAP financial measure, calculated as GAAP cash and cash equivalents, less GAAP current and long-term debt. It also excludes GAAP unamortized debt discounts and debt issuance costs. Net Leverage is a non-GAAP financial measure, calculated as Net Debt divided by LTM Adjusted EBITDA, both of which are defined above. Free Cash Flow from Continuing Operations is calculated from GAAP net cash used in or provided by operating activities for continuing operations less GAAP capital expenditures. Dole is not able to provide a reconciliation for projected FY’26 results without taking unreasonable efforts. Non-GAAP Measures 22
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(3) For the three months ended June 30, 2026, other items is primarily comprised of $0.9 million of interest income on deferred transaction consideration, offset by $0.8 million of acquisition and transaction costs. For the three months ended June 30, 2025, other items is primarily comprised of $3.2 million of net debt refinancing expenses. For the six months ended June 30, 2026, other items is primarily comprised of $1.8 million of interest income on deferred transaction consideration, offset by $1.7 million of acquisition and transaction costs. For the six months ended June 30, 2025, other items is primarily comprised of $3.2 million of net debt refinancing expenses Three Months Ended Six Months Ended Jun 30, 2026 Jun 30, 2025 Jun 30, 2026 Jun 30, 2025 (U.S. Dollars in thousands) Net income (Reported GAAP) $35,127 $17,989 $72,862 $62,148 Loss from discontinued operations, net of income taxes - 34,950 - 34,920 Income from continuing operations (Reported GAAP) 35,127 52,939 72,862 97,068 Income tax expense 14,802 25,504 36,784 43,082 Interest expense 14,857 17,516 27,443 34,698 Mark to market (gains) losses (3,148) 17,153 (7,273) 23,069 Gain on asset sales - (8,737) (47) (11,178) Loss (gain) on disposal of businesses 28 (48) (1,164) (409) Legal and restructuring costs 23,054 - 23,054 - Asset write-downs, net of insurance proceeds 184 (3,617) 184 (3,617) Impairment of property, plant and equipment and lease assets 73 - 984 - Other items(3) (89) 3,190 (100) 3,284 Adjustments from equity method investments 1,826 3,061 3,581 (2,651) Adjusted EBIT (Non-GAAP) 86,714 106,961 156,308 183,346 Depreciation 26,320 26,496 52,847 51,309 Amortization of intangible assets 1,381 1,737 2,922 3,468 Depreciation and amortization adjustments from equity method investments 2,347 1,924 4,997 3,817 Adjusted EBITDA (Non-GAAP) $116,762 $137,118 $217,074 $241,940 23 Adjusted EBITDA Reconciliation RECONCILIATION FROM NET INCOME TO ADJUSTED EBITDA - UNAUDITED
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RECONCILIATION FROM NET INCOME ATTRIBUTABLE TO DOLE PLC TO ADJUSTED NET INCOME - UNAUDITED Three Months Ended Six Months Ended Jun 30, 2026 Jun 30, 2025 Jun 30, 2026 Jun 30, 2025 (U.S. Dollars in thousands, except per share amounts) Net income attributable to Dole plc (Reported GAAP) $25,984 $9,966 $57,281 $48,878 Loss from discontinued operations, net of income taxes - 34,950 - 34,920 Income from continuing operations attributable to Dole plc 25,984 44,916 57,281 83,798 Adjustments: Amortization of intangible assets 1,381 1,737 2,922 3,468 Mark to market (gains) losses (3,148) 17,153 (7,273) 23,069 Gain on asset sales - (8,737) (47) (11,178) Loss (gain) on disposal of businesses 28 (48) (1,164) (409) Legal and restructuring costs 23,054 - 23,054 - Asset write-downs, net of insurance proceeds 184 (3,617) 184 (3,617) Impairment of property, plant and equipment and lease assets 73 - 984 - Other items(4) 844 3,190 1,745 3,284 Adjustments from equity method investments (1,832) 12 (1,768) (7,432) Income tax on items above and discrete tax items (2,494) (190) (316) (2,131) NCI impact of items above (330) (1,260) (684) (2,620) Adjusted Net Income for Adjusted EPS calculation (Non-GAAP) $43,744 $53,156 $74,918 $86,232 Adjusted earnings per share - basic (Non-GAAP) $0.46 $0.56 $0.79 $0.91 Adjusted earnings per share - diluted (Non-GAAP) $0.46 $0.55 $0.78 $0.90 Weighted average shares outstanding - basic 95,046 95,145 95,110 95,127 Weighted average shares outstanding - diluted 95,703 95,850 95,733 95,763 (4) For the three months ended June 30, 2026, other items is primarily comprised of $0.8 million of acquisition and transaction costs. For the three months ended June 30, 2025, other items is primarily comprised of $3.2 million of net debt refinancing expenses. For the six months ended June 30, 2026, other items is primarily comprised of $1.7 million of acquisition and transaction costs. For the six months ended June 30, 2025, other items is primarily comprised of $3.2 million of net debt refinancing expenses. 24 Adjusted Net Income Reconciliation
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25 Net Debt and Net Leverage Jun 30, 2026 Dec 31, 2025 Jun 30, 2025 (U.S. Dollars in thousands) Debt (Reported GAAP) Long-term debt, net (969,121) (799,814) (998,876) Current maturities (39,480) (57,668) (73,639) Bank overdrafts (22,886) (9,611) (25,404) Totaldebt, net (1,031,487) (867,093) (1,097,919) Add: Debt discounts and debt issuance costs (6,354) (7,237) (7,815) Totalgross debt (1,037,841) (874,330) (1,105,734) Cash and cash equivalents 291,705 267,854 316,911 Net Debt (Non-GAAP) $(746,136) $(606,476) $(788,823) Net Leverage FY’25 Adj. EBITDA $395,376 $395,376 FY’24 Adj. EBITDA $392,204 Less: H1’25 Adj. EBITDA (241,940) n/a Less: H1’24 Adj. EBITDA (235,520) Add: H1’26 Adj. EBITDA 217,074 n/a Add: H1’25 Adj. EBITDA 241,940 LTM Adjusted EBITDA $370,510 $395,376 $398,624 Net Debt / L TM Adjusted EBITDA 2.0x 1.5x 2.0x
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26 Free Cash Flow from Continuing Operations Three Months Ended Six Months Ended Jun 30, 2026 Jun 30, 2025 Jun 30, 2026 Jun 30, 2025 (U.S. Dollars in thousands) Net cash provided by / (used in) operating activities - continuing operations (Reported GAAP) $13,964 $18,344 $(8,503) $(60,446) Less: Capital expenditures (Reported GAAP) (24,787) (19,360) (42,545) (72,196) Free Cash Flow from Continuing Operations (Non-GAAP) $(10,823) $(1,016) $(51,048) $(132,642)
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Thank you james.oregan@doleplc.com