Dole plc 6-K, filed Aug 11, 2025
Dole plc (DOLE)
6-K
2025-08-11
For: 2025-06-30
View Original
Added on
July 07, 2026
About this 6-K
Dole plc filed this 6-K on August 11, 2025.
6
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August, 2025
Commission File Number 001-40695
Dole plc
(Translation of registrant's name into English)
29 North Anne Street, Dublin 7
D07 PH36 Ireland
101 South Tryon St, Suite 600, Charlotte, NC
United States 28280
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
☒ Form 20-F ◻ Form 40-F
On August 11, 2025, Dole plc (the "Company") will host a conference call and simultaneous webcast to discuss the Company's financial results for the three and six months ended June 30, 2025. An archived replay of the webcast and the investor presentation used during the webcast will be available shortly after the live event has concluded in the Investors section of the Company's website, www.doleplc.com/investors. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated by reference herein.
EXHIBIT INDEX
Exhibit No. Description
99.1 Dole plc Press Release issued August 11, 2025 – Dole plc Reports Second Quarter 2025 Financial Results
DOLE PLC
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: August 11, 2025 | DOLE PLC (Registrant) | ||||||||||
| By: /s/ Jacinta Devine | |||||||||||
| Name: Jacinta Devine | |||||||||||
| Title: Chief Financial Officer | |||||||||||
Exhibit 99.1
Dole plc Reports Second Quarter 2025 Financial Results
DUBLIN – August 11, 2025 - Dole plc (NYSE: DOLE) ("Dole" or the "Group" or the "Company") today released its financial results for the three and six months ended June 30, 2025.
Highlights for the three months ended June 30, 2025:
•Very strong performance for the second quarter, with growth across all Continuing Operations1 segments
•Revenue of $2.4 billion, an increase of 14.3% (an increase of 12.1% on a like-for-like basis2)
•Net Income decreased to $18.0 million, primarily due to a loss in the Fresh Vegetables division
•Adjusted EBITDA3 of $137.1 million, an increase of 9.3% (an increase of 7.2% on a like-for-like basis)
•Adjusted Net Income3 increased 13.0% to $53.2 million and Adjusted Diluted EPS3 increased 12.2% to $0.55
•Post quarter end, successfully completed sale of Fresh Vegetables division to Arable Capital Partners for approximately $140.0 million
Financial Highlights - Unaudited
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |||||||||||||||||||||||
| (U.S. Dollars in millions, except per share amounts) | ||||||||||||||||||||||||||
Revenue | 2,428 | 2,124 | 4,528 | 4,245 | ||||||||||||||||||||||
| Income from Continuing Operations | 52.9 | 56.0 | 97.1 | 127.5 | ||||||||||||||||||||||
| Net Income | 18.0 | 88.1 | 62.1 | 153.5 | ||||||||||||||||||||||
| Net Income attributable to Dole plc | 10.0 | 80.1 | 48.9 | 150.3 | ||||||||||||||||||||||
| Diluted EPS from Continuing Operations | 0.46 | 0.50 | 0.87 | 1.30 | ||||||||||||||||||||||
| Diluted EPS | 0.10 | 0.84 | 0.51 | 1.57 | ||||||||||||||||||||||
Adjusted EBITDA2 | 137.1 | 125.4 | 241.9 | 235.5 | ||||||||||||||||||||||
Adjusted Net Income2 | 53.2 | 47.0 | 86.2 | 87.6 | ||||||||||||||||||||||
Adjusted Diluted EPS2 | 0.55 | 0.49 | 0.90 | 0.92 | ||||||||||||||||||||||
Commenting on the results, Carl McCann, Executive Chairman, said:
“We are very pleased to report a strong result for the second quarter of 2025. Group revenue increased 14.3% and Adjusted EBITDA increased 9.3% compared to the prior year, with good growth across all of our Continuing Operations.
Post quarter end, we completed the sale of the Fresh Vegetables Division to Arable Capital Partners. The completion of this sale represents an important strategic milestone for the Group and will enable us to further concentrate our efforts and investments on our core business activities.
For the current financial year, although the macroeconomic environment remains complex, we are pleased to announce an upward revision of our guidance and are now targeting full year Adjusted EBITDA in the range of $380.0 million to $390.0 million.”
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 Like-for-like basis refers to the measure excluding the impact of foreign currency translation movements and acquisitions and divestitures. Refer to the Appendix and "Supplemental Reconciliation of Prior Year Segment Results to Current Year Segment Results" for further detail on these impacts and the calculation of like-for-like basis variances.
3 Dole plc reports its financial results in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). See full GAAP financial results in the appendix. Adjusted EBIT, Adjusted EBITDA, Adjusted Net Income, Adjusted Earnings Per Share, Net Debt, Net Leverage and Free Cash Flow from Continuing Operations are non-GAAP financial measures. Refer to the appendix of this release for an explanation and reconciliation of these and other non-GAAP financial measures used in this release to comparable GAAP financial measures.
1
Group Results - Second Quarter
Revenue increased 14.3%, or $304.3 million, primarily due to positive operational performance across all segments and a favorable impact from foreign currency translation of $57.2 million, offset partially by a net negative impact from acquisitions and divestitures of $9.6 million. On a like-for-like basis, revenue increased 12.1%, or $256.7 million.
Net Income decreased 79.6%, or $70.1 million, to $18.0 million. This decrease was due to a loss of $35.0 million in discontinued operations (Fresh Vegetables) compared to income of $32.0 million in the prior year primarily due to an incremental non-cash held for sale fair value loss of $50.7 million ($37.8 million, net of tax), which adjusted the carrying value of the Fresh Vegetables division to its estimated fair value. There was also a decrease of other income of $25.1 million, primarily related to unrealized foreign currency losses which are offset by gains in other comprehensive income. These decreases were partially offset by a higher gain on asset sales in the current year.
Adjusted EBITDA increased 9.3%, or $11.7 million, primarily due to positive operational performance across all segments and a favorable impact of foreign currency translation of $2.2 million. On a like-for-like basis, Adjusted EBITDA increased 7.2%, or $9.0 million.
Adjusted Net Income increased 13.0%, or $6.1 million, predominantly due to the increases in Adjusted EBITDA noted above and lower interest expense, partially offset by higher depreciation expense. Adjusted Diluted EPS for the three months ended June 30, 2025 was $0.55 compared to $0.49 in the prior year.
Selected Segmental Financial Information (Unaudited)
| Three Months Ended | |||||||||||||||||||||||
June 30, 2025 | June 30, 2024 | ||||||||||||||||||||||
| (U.S. Dollars in thousands) | |||||||||||||||||||||||
| Revenue | Adjusted EBITDA | Revenue | Adjusted EBITDA | ||||||||||||||||||||
| Fresh Fruit | $ | 972,591 | $ | 72,756 | $ | 851,451 | $ | 70,619 | |||||||||||||||
| Diversified Fresh Produce - EMEA | 1,100,797 | 48,984 | 944,851 | 42,695 | |||||||||||||||||||
| Diversified Fresh Produce - Americas & ROW | 386,348 | 15,378 | 356,057 | 12,107 | |||||||||||||||||||
| Intersegment | (31,309) | — | (28,268) | — | |||||||||||||||||||
| Total | $ | 2,428,427 | $ | 137,118 | $ | 2,124,091 | $ | 125,421 | |||||||||||||||
| Six Months Ended | |||||||||||||||||||||||
June 30, 2025 | June 30, 2024 | ||||||||||||||||||||||
| (U.S. Dollars in thousands) | |||||||||||||||||||||||
| Revenue | Adjusted EBITDA | Revenue | Adjusted EBITDA | ||||||||||||||||||||
| Fresh Fruit | $ | 1,850,736 | $ | 136,087 | $ | 1,675,680 | $ | 140,054 | |||||||||||||||
| Diversified Fresh Produce - EMEA | 1,992,884 | 76,644 | 1,798,449 | 68,654 | |||||||||||||||||||
| Diversified Fresh Produce - Americas & ROW | 749,761 | 29,209 | 832,939 | 26,812 | |||||||||||||||||||
| Intersegment | (65,550) | — | (61,603) | — | |||||||||||||||||||
| Total | $ | 4,527,831 | $ | 241,940 | $ | 4,245,465 | $ | 235,520 | |||||||||||||||
Fresh Fruit
Revenue increased 14.2%, or $121.1 million, primarily due to higher worldwide volumes of bananas and pineapples sold, as well as higher worldwide pricing of bananas, pineapples and plantains, partially offset by lower worldwide volumes of plantains sold.
Adjusted EBITDA increased 3.0%, or $2.1 million, primarily driven by an improved performance in pineapples on a worldwide basis as well as strong growth in banana volumes. These improvements were partially offset by higher fruit costs following Tropical Storm Sara that impacted Honduras in November 2024, as well as higher shipping costs due to an operational disruption for one of our vessels servicing the North American market that has since been resolved.
2
Diversified Fresh Produce – EMEA
Revenue increased 16.5%, or $155.9 million, primarily due to strong performance in the U.K., Spain, Scandinavia and the Netherlands, as well as a favorable impact from foreign currency translation of $57.7 million, as a result of the strengthening of the British pound, Swedish krona and Euro against the U.S. Dollar. These increases were partially offset by a net negative impact from acquisitions and divestitures of $9.6 million. On a like-for-like basis, revenue increased 11.4%, or $107.8 million.
Adjusted EBITDA increased 14.7%, or $6.3 million, primarily driven by increases in earnings in the U.K., Spain and the Netherlands, as well as a favorable impact from foreign currency translation of $2.5 million. These increases were partially offset by lower earnings in South Africa. On a like-for-like basis, Adjusted EBITDA increased 8.7%, or $3.7 million.
Diversified Fresh Produce – Americas & ROW
Revenue increased 8.5%, or $30.3 million, primarily due to revenue growth in most commodities sold in the North American market, primarily due to volume growth, as well as higher revenues in apples exported from South America.
Adjusted EBITDA increased 27.0%, or $3.3 million, primarily driven by strong performance in the southern hemisphere export business, particularly in apples and citrus, as well as continued good performance in the North American market in kiwis, citrus and avocados.
Capital Expenditures
Cash capital expenditures from continuing operations for the six months ended June 30, 2025 were $72.2 million, including the buyout of two vessel finance leases of $36.1 million that were already reflected within Net Debt as of December 31, 2024. Other expenditures included investments in warehouse and logistics assets, particularly in Northern Europe, vessel dry dockings, farming investments and ongoing investments in IT assets. Additions through finance leases from continuing operations were $14.2 million for the six months ended June 30, 2025.
Free Cash Flow from Continuing Operations and Net Debt
Free cash flow from continuing operations was an outflow of $132.6 million for the six months ended June 30, 2025. Free cash flow was primarily driven by normal seasonal impacts. There were outflows from receivables based on higher revenue and timing of collections. Net Debt and Net Leverage as of June 30, 2025 was $788.8 million and 2.0x, respectively.
Debt Refinancing
On May 1, 2025, we completed the refinancing of our corporate credit facilities. The new credit facilities consist of a $600.0 million multicurrency five-year Revolving Credit Facility (“RCF”), a $250.0 million five-year Term Loan A (“TLA”) and a $350.0 million seven-year Farm Credit term loan. These new credit facilities replace an existing RCF, TLA and a senior secured Term Loan B.
Sale of Fresh Vegetables
On August 5, 2025, we completed the sale of our Fresh Vegetables division to Arable Capital Partners for total consideration of $140.0 million, comprising $90.0 million in cash and a $50.0 million seller note as well as a $10.0 million potential earn-out. Dole is retaining its facilities in Huron, California and Yuma, Arizona.
Outlook for Fiscal Year 2025 (forward-looking statement)
We are pleased with our strong result for the second quarter of 2025, continuing our positive momentum and putting the Group in a good position to achieve our full year targets, in what continues to be a dynamic macroeconomic environment.
Short-term issues may persist, however we remain confident in the resilience of our diversified business model and the international fresh produce industry.
3
While forecasting in this dynamic environment remains complex, we are pleased to once more revise our guidance upward and are now targeting full year Adjusted EBITDA in the range of $380.0 million to $390.0 million.
For fiscal year 2025, we are maintaining our guidance for maintenance capital expenditure of approximately $100.0 million, broadly in line with our expected annual depreciation expense. We also anticipate some increased capital expenditure over the remainder of the year related to our reinvestments in Honduras following Tropical Storm Sara, albeit significantly supported by insurance proceeds.
We were pleased to announce the completion of the sale of the Fresh Vegetables Division on August 5, 2025. This was a key strategic priority for the Group and its completion provides us with enhanced strategic clarity as we look towards the future. We are focused on exploring a range of development opportunities through both internal and external investment, which we believe can further strengthen our business and drive growth for the years ahead.
Under the assumption that base rates will remain broadly stable for the remainder of 2025 and having factored in the benefit of the additional Fresh Vegetables sale proceeds, we now expect interest expense to be approximately $67.0 million.
Dividend
On August 8, 2025, the Board of Directors of Dole plc declared a cash dividend for the second quarter of 2025 of $0.085 per share, payable on October 6, 2025 to shareholders of record on September 15, 2025. A cash dividend of $0.085 per share was paid on July 7, 2025 for the first quarter of 2025.
4
About Dole plc
A global leader in fresh produce, Dole plc produces, markets, and distributes an extensive variety of fresh fruits and vegetables sourced locally and from around the world. Dedicated and passionate in exceeding our customers’ requirements in over 85 countries, our goal is to make the world a healthier and a more sustainable place.
Webcast and Conference Call Information
Dole plc will host a conference call and simultaneous webcast at 08:00 a.m. Eastern Time today to discuss the second quarter 2025 financial results. The webcast can be accessed at www.doleplc.com/investor-relations or directly at
https://events.q4inc.com/attendee/960065724. The conference call can be accessed by registering at
https://registrations.events/direct/Q4I9343316.
Forward-looking information
Certain statements made in this press release that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s beliefs, assumptions, and expectations of our future economic performance, considering the information currently available to management. These statements are not statements of historical fact. The words “believe,” “may,” “could,” “will,” “should,” “would,” “anticipate,” “estimate,” “expect,” “intend,” “objective,” “seek,” “strive,” “target” or similar words, or the negative of these words, identify forward-looking statements. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates, or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity. Accordingly, there are, or will be, important factors that could cause our actual results to differ materially from those indicated in these statements. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made except as required by the federal securities laws.
Investor Contact:
James O'Regan, Head of Investor Relations, Dole plc
james.oregan@doleplc.com
+353 1 887 2794
Media Contact:
Brian Bell, Ogilvy
brian.bell@ogilvy.com
+353 87 2436 130
5
Appendix
Condensed Consolidated Statements of Operations - Unaudited
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | ||||||||||||||||||||
| (U.S. Dollars and shares in thousands, except per share amounts) | |||||||||||||||||||||||
| Revenues, net | $ | 2,428,427 | $ | 2,124,091 | $ | 4,527,831 | $ | 4,245,465 | |||||||||||||||
| Cost of sales | (2,210,127) | (1,923,505) | (4,127,338) | (3,850,202) | |||||||||||||||||||
| Gross profit | 218,300 | 200,586 | 400,493 | 395,263 | |||||||||||||||||||
| Selling, marketing, general and administrative expenses | (124,308) | (116,604) | (242,720) | (235,554) | |||||||||||||||||||
| Gain on disposal of businesses | 48 | 1,995 | 409 | 75,945 | |||||||||||||||||||
| Gain (loss) on asset sales | 9,323 | (89) | 13,124 | 328 | |||||||||||||||||||
| Impairment of goodwill | — | — | — | (36,684) | |||||||||||||||||||
| Impairment and asset write-downs of property, plant and equipment | (144) | — | (182) | (1,277) | |||||||||||||||||||
| Operating income | 103,219 | 85,888 | 171,124 | 198,021 | |||||||||||||||||||
| Other (expense) income, net | (18,716) | 6,377 | (19,064) | 13,999 | |||||||||||||||||||
| Interest income | 2,955 | 2,624 | 5,995 | 5,703 | |||||||||||||||||||
| Interest expense | (17,516) | (18,788) | (34,698) | (36,736) | |||||||||||||||||||
| Income from continuing operations before income taxes and equity earnings | 69,942 | 76,101 | 123,357 | 180,987 | |||||||||||||||||||
| Income tax expense | (25,504) | (25,460) | (43,082) | (59,861) | |||||||||||||||||||
| Equity method earnings | 8,501 | 5,406 | 16,793 | 6,408 | |||||||||||||||||||
| Income from continuing operations | 52,939 | 56,047 | 97,068 | 127,534 | |||||||||||||||||||
| (Loss) income from discontinued operations, net of income taxes | (34,950) | 32,018 | (34,920) | 25,967 | |||||||||||||||||||
| Net income | 17,989 | 88,065 | 62,148 | 153,501 | |||||||||||||||||||
| Net income attributable to noncontrolling interests | (8,023) | (7,948) | (13,270) | (3,241) | |||||||||||||||||||
| Net income attributable to Dole plc | $ | 9,966 | $ | 80,117 | $ | 48,878 | $ | 150,260 | |||||||||||||||
| Income (loss) per share - basic: | |||||||||||||||||||||||
| Continuing operations | $ | 0.47 | $ | 0.51 | $ | 0.88 | $ | 1.31 | |||||||||||||||
| Discontinued operations | (0.37) | 0.34 | (0.37) | 0.27 | |||||||||||||||||||
| Net income per share attributable to Dole plc - basic | $ | 0.10 | $ | 0.85 | $ | 0.51 | $ | 1.58 | |||||||||||||||
| Income (loss) per share - diluted: | |||||||||||||||||||||||
| Continuing operations | $ | 0.46 | $ | 0.50 | $ | 0.87 | $ | 1.30 | |||||||||||||||
| Discontinued operations | (0.36) | 0.34 | (0.36) | 0.27 | |||||||||||||||||||
| Net income per share attributable to Dole plc - diluted | $ | 0.10 | $ | 0.84 | $ | 0.51 | $ | 1.57 | |||||||||||||||
| Weighted-average shares: | |||||||||||||||||||||||
| Basic | 95,145 | 94,930 | 95,127 | 94,930 | |||||||||||||||||||
| Diluted | 95,850 | 95,340 | 95,763 | 95,285 | |||||||||||||||||||
6
Condensed Consolidated Statements of Cash Flows - Unaudited
| Six Months Ended | |||||||||||
| June 30, 2025 | June 30, 2024 | ||||||||||
| Operating Activities | (U.S. Dollars in thousands) | ||||||||||
| Net income | $ | 62,148 | $ | 153,501 | |||||||
| Loss (income) from discontinued operations, net of taxes | 34,920 | (25,967) | |||||||||
| Income from continuing operations | 97,068 | 127,534 | |||||||||
| Adjustments to reconcile income from continuing operations to net cash provided by (used in) operating activities - continuing operations: | |||||||||||
| Depreciation and amortization | 54,777 | 48,395 | |||||||||
| Impairment of goodwill | — | 36,684 | |||||||||
| Impairment and asset write-downs of property, plant and equipment | 182 | 1,277 | |||||||||
| Net gain on sale of assets | (13,124) | (328) | |||||||||
| Net gain on sale of businesses | (409) | (75,945) | |||||||||
| Net loss (gain) on financial instruments | 26,036 | (7,096) | |||||||||
| Stock-based compensation expense | 3,185 | 4,133 | |||||||||
| Equity method earnings | (16,793) | (6,408) | |||||||||
| Noncash debt refinancing expenses | 1,921 | — | |||||||||
| Amortization of debt discounts and debt issuance costs | 2,654 | 4,780 | |||||||||
| Deferred tax benefit | (2,831) | (12,704) | |||||||||
| Pension and other postretirement benefit plan expense | 2,868 | 1,088 | |||||||||
| Dividends received from equity method investments | 6,268 | 4,193 | |||||||||
| Gain on insurance proceeds | (3,869) | (527) | |||||||||
| Other | (1,565) | 417 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Receivables, net of allowances | (211,944) | (127,190) | |||||||||
| Inventories | 25,736 | (3,772) | |||||||||
| Prepaids, other current assets and other assets | (12,816) | (7,282) | |||||||||
| Accounts payable, accrued liabilities and other liabilities | (17,790) | 18,009 | |||||||||
| Net cash (used in) provided by operating activities - continuing operations | (60,446) | 5,258 | |||||||||
| Investing activities | |||||||||||
| Sales of assets | 10,076 | 1,898 | |||||||||
| Capital expenditures | (72,196) | (35,693) | |||||||||
| Proceeds from sale of businesses, net of transaction costs | 409 | 115,845 | |||||||||
| Insurance proceeds | 18,971 | 527 | |||||||||
| Purchases of investments | (1) | (260) | |||||||||
| Purchases of unconsolidated affiliates | (1,589) | (388) | |||||||||
| Acquisitions, net of cash acquired | (1,882) | (685) | |||||||||
| Other | (13) | (1,894) | |||||||||
| Net cash (used in) provided by investing activities - continuing operations | (46,225) | 79,350 | |||||||||
| Financing activities | |||||||||||
| Proceeds from borrowings and overdrafts | 1,151,108 | 908,034 | |||||||||
| Repayments on borrowings and overdrafts and payment of debt refinancing fees | (1,002,113) | (1,021,795) | |||||||||
| Dividends paid to shareholders | (15,934) | (15,189) | |||||||||
| Dividends paid to noncontrolling interests | (7,962) | (19,445) | |||||||||
| Payment of contingent consideration | (919) | (996) | |||||||||
| Net cash provided by (used in) financing activities - continuing operations | 124,180 | (149,391) | |||||||||
| Effect of foreign exchange rate changes on cash | 18,859 | (8,079) | |||||||||
| Net cash (used in) provided by operating activities - discontinued operations | (23,870) | 18,464 | |||||||||
| Net cash used in investing activities - discontinued operations | (4,850) | (1,720) | |||||||||
| 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 beginning of period, including discontinued operations | 331,719 | 277,005 | |||||||||
| Cash and cash equivalents at end of period, including discontinued operations | $ | 339,367 | $ | 220,887 | |||||||
| Supplemental cash flow information: | |||||||||||
| Income tax payments, net of refunds | $ | (53,567) | $ | (56,096) | |||||||
| Interest payments on borrowings | $ | (32,119) | $ | (33,832) | |||||||
7
Condensed Consolidated Balance Sheets - Unaudited
June 30, 2025 | December 31, 2024 | ||||||||||
| ASSETS | (U.S. Dollars and shares in thousands) | ||||||||||
| Cash and cash equivalents | $ | 316,911 | $ | 330,017 | |||||||
| Short-term investments | 6,216 | 6,019 | |||||||||
| Trade receivables, net of allowances for credit losses of $21,313 and $19,493, respectively | 657,055 | 473,511 | |||||||||
| Grower advance receivables, net of allowances for credit losses of $34,004 and $29,304, respectively | 107,943 | 104,956 | |||||||||
| Other receivables, net of allowances for credit losses of $14,804 and $15,248, respectively | 136,724 | 125,412 | |||||||||
| Inventories, net of allowances of $4,325 and $4,178, respectively | 415,773 | 430,090 | |||||||||
| Prepaid expenses | 69,717 | 66,136 | |||||||||
| Other current assets | 16,662 | 15,111 | |||||||||
| Fresh Vegetables current assets held for sale | 351,177 | 332,042 | |||||||||
| Other assets held for sale | 2,491 | 1,419 | |||||||||
| Total current assets | 2,080,669 | 1,884,713 | |||||||||
| Long-term investments | 14,294 | 14,630 | |||||||||
| Investments in unconsolidated affiliates | 138,128 | 129,322 | |||||||||
| Actively marketed property | 45,391 | 45,778 | |||||||||
| Property, plant and equipment, net of accumulated depreciation of $573,635 and $498,895, respectively | 1,099,285 | 1,082,056 | |||||||||
| Operating lease right-of-use assets | 357,685 | 337,468 | |||||||||
| Goodwill | 448,798 | 429,590 | |||||||||
| DOLE brand | 306,280 | 306,280 | |||||||||
| Other intangible assets, net of accumulated amortization of $131,007 and $118,956, respectively | 22,378 | 25,238 | |||||||||
| Other assets | 116,538 | 108,804 | |||||||||
| Deferred tax assets, net | 83,836 | 82,484 | |||||||||
| Total assets | $ | 4,713,282 | $ | 4,446,363 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Accounts payable | $ | 727,335 | $ | 648,586 | |||||||
| Income taxes payable | 47,052 | 42,753 | |||||||||
| Accrued liabilities | 429,844 | 437,017 | |||||||||
| Bank overdrafts | 25,404 | 11,443 | |||||||||
| Current portion of long-term debt, net | 73,639 | 80,097 | |||||||||
| Current maturities of operating leases | 68,144 | 62,896 | |||||||||
| Payroll and other tax | 32,499 | 28,056 | |||||||||
| Contingent consideration | 4,745 | 3,399 | |||||||||
| Pension and other postretirement benefits | 18,116 | 18,491 | |||||||||
| Fresh Vegetables current liabilities held for sale | 195,737 | 244,669 | |||||||||
| Dividends payable and other current liabilities | 22,934 | 14,696 | |||||||||
| Total current liabilities | 1,645,449 | 1,592,103 | |||||||||
| Long-term debt, net | 998,876 | 866,075 | |||||||||
| Operating leases, less current maturities | 293,669 | 280,836 | |||||||||
| Deferred tax liabilities, net | 68,568 | 79,598 | |||||||||
| Income taxes payable, less current portion | — | 6,210 | |||||||||
| Contingent consideration, less current portion | 1,195 | 4,007 | |||||||||
| Pension and other postretirement benefits, less current portion | 130,944 | 129,870 | |||||||||
| Other long-term liabilities | 50,821 | 52,746 | |||||||||
| Total liabilities | $ | 3,189,522 | $ | 3,011,445 | |||||||
| Redeemable noncontrolling interests | 35,398 | 35,554 | |||||||||
| Stockholders’ equity: | |||||||||||
| Common stock — $0.01 par value; 300,000 shares authorized; 95,163 and 95,041 shares outstanding as of June 30, 2025 and December 31, 2024, respectively | 952 | 950 | |||||||||
| Additional paid-in capital | 798,457 | 801,099 | |||||||||
| Retained earnings | 690,355 | 657,430 | |||||||||
| Accumulated other comprehensive loss | (113,372) | (166,180) | |||||||||
| Total equity attributable to Dole plc | 1,376,392 | 1,293,299 | |||||||||
| Equity attributable to noncontrolling interests | 111,970 | 106,065 | |||||||||
| Total equity | 1,488,362 | 1,399,364 | |||||||||
| Total liabilities, redeemable noncontrolling interests and equity | $ | 4,713,282 | $ | 4,446,363 | |||||||
8
Reconciliation from Net Income to Adjusted EBITDA - Unaudited
The following information is provided to give quantitative information related to items impacting comparability. Refer to the 'Non-GAAP Financial Measures' section of this document for additional detail on each item.
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | ||||||||||||||||||||
| (U.S. Dollars in thousands) | |||||||||||||||||||||||
| Net income (Reported GAAP) | $ | 17,989 | $ | 88,065 | $ | 62,148 | $ | 153,501 | |||||||||||||||
| Loss (income) from discontinued operations, net of income taxes | 34,950 | (32,018) | 34,920 | (25,967) | |||||||||||||||||||
| Income from continuing operations (Reported GAAP) | 52,939 | 56,047 | 97,068 | 127,534 | |||||||||||||||||||
| Income tax expense | 25,504 | 25,460 | 43,082 | 59,861 | |||||||||||||||||||
| Interest expense | 17,516 | 18,788 | 34,698 | 36,736 | |||||||||||||||||||
| Mark to market losses (gains) | 17,153 | (2,214) | 23,069 | (5,084) | |||||||||||||||||||
| (Gain) loss on asset sales | (8,737) | — | (11,178) | 31 | |||||||||||||||||||
| Gain on disposal of businesses | (48) | (1,995) | (409) | (75,945) | |||||||||||||||||||
| Impairment of goodwill | — | — | — | 36,684 | |||||||||||||||||||
| Asset write-downs, net of insurance proceeds | (3,617) | 147 | (3,617) | (1,699) | |||||||||||||||||||
| Other items4,5 | 3,190 | (73) | 3,284 | (27) | |||||||||||||||||||
| Adjustments from equity method investments | 3,061 | 2,946 | (2,651) | 4,460 | |||||||||||||||||||
| Adjusted EBIT (Non-GAAP) | 106,961 | 99,106 | 183,346 | 182,551 | |||||||||||||||||||
| Depreciation | 26,496 | 22,388 | 51,309 | 44,236 | |||||||||||||||||||
| Amortization of intangible assets | 1,737 | 1,886 | 3,468 | 4,159 | |||||||||||||||||||
| Depreciation and amortization adjustments from equity method investments | 1,924 | 2,041 | 3,817 | 4,574 | |||||||||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 137,118 | $ | 125,421 | $ | 241,940 | $ | 235,520 | |||||||||||||||
4 For the three months ended June 30, 2025, other items is primarily comprised of $3.2 million of net debt refinancing expenses. For the three months ended June 30, 2024, other items is primarily comprised of various immaterial items.
5 For the six 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, 2024, other items is primarily comprised of various immaterial items.
9
Reconciliation from Net Income attributable to Dole plc to Adjusted Net Income - Unaudited
The following information is provided to give quantitative information related to items impacting comparability. Refer to the 'Non-GAAP Financial Measures' section of this document for additional detail on each item. Refer to the following pages for supplementary reconciliations on these items.
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | ||||||||||||||||||||
| (U.S. Dollars and shares in thousands, except per share amounts) | |||||||||||||||||||||||
| Net income attributable to Dole plc (Reported GAAP) | $ | 9,966 | $ | 80,117 | $ | 48,878 | $ | 150,260 | |||||||||||||||
| Loss (income) from discontinued operations, net of income taxes | 34,950 | (32,018) | 34,920 | (25,967) | |||||||||||||||||||
| Income from continuing operations attributable to Dole plc | 44,916 | 48,099 | 83,798 | 124,293 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Amortization of intangible assets | 1,737 | 1,886 | 3,468 | 4,159 | |||||||||||||||||||
| Mark to market losses (gains) | 17,153 | (2,214) | 23,069 | (5,084) | |||||||||||||||||||
| (Gain) loss on asset sales | (8,737) | — | (11,178) | 31 | |||||||||||||||||||
| Gain on disposal of businesses | (48) | (1,995) | (409) | (75,945) | |||||||||||||||||||
| Impairment of goodwill | — | — | — | 36,684 | |||||||||||||||||||
| Asset write-downs, net of insurance proceeds | (3,617) | 147 | (3,617) | (1,699) | |||||||||||||||||||
| Other items6,7 | 3,190 | (73) | 3,284 | (27) | |||||||||||||||||||
| Adjustments from equity method investments | 12 | 720 | (7,432) | 1,251 | |||||||||||||||||||
| Income tax on items above and discrete tax items | (190) | 788 | (2,131) | 15,107 | |||||||||||||||||||
| NCI impact of items above | (1,260) | (326) | (2,620) | (11,187) | |||||||||||||||||||
| Adjusted Net Income for Adjusted EPS calculation (Non-GAAP) | $ | 53,156 | $ | 47,032 | $ | 86,232 | $ | 87,583 | |||||||||||||||
| Adjusted earnings per share – basic (Non-GAAP) | $ | 0.56 | $ | 0.50 | $ | 0.91 | $ | 0.92 | |||||||||||||||
| Adjusted earnings per share – diluted (Non-GAAP) | $ | 0.55 | $ | 0.49 | $ | 0.90 | $ | 0.92 | |||||||||||||||
| Weighted average shares outstanding – basic | 95,145 | 94,930 | 95,127 | 94,930 | |||||||||||||||||||
| Weighted average shares outstanding – diluted | 95,850 | 95,340 | 95,763 | 95,285 | |||||||||||||||||||
6 For the three months ended June 30, 2025, other items is primarily comprised of $3.2 million of net debt refinancing expenses. For the three months ended June 30, 2024, other items is primarily comprised of various immaterial items.
7 For the six 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, 2024, other items is primarily comprised of various immaterial items.
10
Supplemental Reconciliation from Net Income attributable to Dole plc to Adjusted Net Income - Unaudited
The following information is provided to give quantitative information related to items impacting comparability. Refer to the 'Non-GAAP Financial Measures' section of this document for additional detail on each item.
Three Months Ended June 30, 2025 (U.S. Dollars in thousands) | |||||||||||||||||||||||
| Revenues, net | Cost of sales | Gross profit | Gross Margin % | Selling, marketing, general and administrative expenses | Other operating items8 | Operating Income | |||||||||||||||||
| Reported (GAAP) | $ | 2,428,427 | (2,210,127) | 218,300 | 9.0 | % | (124,308) | 9,227 | $ | 103,219 | |||||||||||||
| Loss (income) from discontinued operations, net of income taxes | — | — | — | — | — | — | |||||||||||||||||
| Amortization of intangible assets | — | — | — | 1,737 | — | 1,737 | |||||||||||||||||
| Mark to market losses (gains) | — | 2,057 | 2,057 | — | — | 2,057 | |||||||||||||||||
| (Gain) loss on asset sales | — | — | — | — | (8,737) | (8,737) | |||||||||||||||||
| Gain on disposal of businesses | — | — | — | — | (48) | (48) | |||||||||||||||||
| Asset write-downs, net of insurance proceeds | — | (3,617) | (3,617) | — | — | (3,617) | |||||||||||||||||
| Other items | — | — | — | 8 | — | 8 | |||||||||||||||||
| Adjustments from equity method investments | — | — | — | — | — | — | |||||||||||||||||
| Income tax on items above and discrete tax items | — | — | — | — | — | — | |||||||||||||||||
| NCI impact of items above | — | — | — | — | — | — | |||||||||||||||||
| Adjusted (Non-GAAP) | $ | 2,428,427 | (2,211,687) | 216,740 | 8.9 | % | (122,563) | 442 | $ | 94,619 | |||||||||||||
Three Months Ended June 30, 2024 (U.S. Dollars in thousands) | |||||||||||||||||||||||
| Revenues, net | Cost of sales | Gross profit | Gross Margin % | Selling, marketing, general and administrative expenses | Other operating items9 | Operating Income | |||||||||||||||||
| Reported (GAAP) | $ | 2,124,091 | (1,923,505) | 200,586 | 9.4 | % | (116,604) | 1,906 | $ | 85,888 | |||||||||||||
| Loss (income) from discontinued operations, net of income taxes | — | — | — | — | — | — | |||||||||||||||||
| Amortization of intangible assets | — | — | — | 1,886 | — | 1,886 | |||||||||||||||||
| Mark to market losses (gains) | — | — | — | — | — | — | |||||||||||||||||
| (Gain) loss on asset sales | — | — | — | — | — | — | |||||||||||||||||
| Gain on disposal of businesses | — | — | — | — | (1,995) | (1,995) | |||||||||||||||||
| Impairment of goodwill | — | — | — | — | — | — | |||||||||||||||||
| Asset write-downs, net of insurance proceeds | — | 147 | 147 | — | — | 147 | |||||||||||||||||
| Other items | — | 10 | 10 | — | — | 10 | |||||||||||||||||
| Adjustments from equity method investments | — | — | — | — | — | — | |||||||||||||||||
| Income tax on items above and discrete tax items | — | — | — | — | — | — | |||||||||||||||||
| NCI impact of items above | — | — | — | — | — | — | |||||||||||||||||
| Adjusted (Non-GAAP) | $ | 2,124,091 | (1,923,348) | 200,743 | 9.5 | % | (114,718) | (89) | $ | 85,936 | |||||||||||||
8 Other operating items for the three months ended June 30, 2025 is primarily comprised of a gain of asset sales of $9.3 million, offset partially by $0.1 million of asset write-downs and impairment charges on property, plant and equipment, as reported on the Dole plc GAAP Condensed Consolidated Statements of Operations.
9 Other operating charges for the three months ended June 30, 2024 is primarily comprised of a gain on disposal of businesses of $2.0 million, as reported on the Dole plc GAAP Condensed Consolidated Statements of Operations.
11
Three Months Ended June 30, 2025 (U.S. Dollars in thousands) | |||||||||||||||||||||||
| Other (expense) income, net | Interest income | Interest expense | Income tax expense | Equity method earnings | Income from continuing operations | (Loss) income from discontinued operations, net of income taxes | |||||||||||||||||
| Reported (GAAP) | $ | (18,716) | 2,955 | (17,516) | (25,504) | 8,501 | 52,939 | (34,950) | |||||||||||||||
| Loss (income) from discontinued operations, net of income taxes | — | — | — | — | — | — | 34,950 | ||||||||||||||||
| Amortization of intangible assets | — | — | — | — | — | 1,737 | — | ||||||||||||||||
| Mark to market losses (gains) | 15,096 | — | — | — | — | 17,153 | — | ||||||||||||||||
| (Gain) loss on asset sales | — | — | — | — | — | (8,737) | — | ||||||||||||||||
| Gain on disposal of businesses | — | — | — | — | — | (48) | — | ||||||||||||||||
| Asset write-downs, net of insurance proceeds | — | — | — | — | — | (3,617) | — | ||||||||||||||||
| Other items | 3,182 | — | — | — | — | 3,190 | — | ||||||||||||||||
| Adjustments from equity method investments | — | — | — | — | 12 | 12 | — | ||||||||||||||||
| Income tax on items above and discrete tax items | — | — | — | (949) | 759 | (190) | — | ||||||||||||||||
| NCI impact of items above | — | — | — | — | — | — | — | ||||||||||||||||
| Adjusted (Non-GAAP) | $ | (438) | 2,955 | (17,516) | (26,453) | 9,272 | 62,439 | $ | — | ||||||||||||||
Three Months Ended June 30, 2024 (U.S. Dollars in thousands) | |||||||||||||||||||||||
| Other (expense) income, net | Interest income | Interest expense | Income tax expense | Equity method earnings | Income from continuing operations | (Loss) income from discontinued operations, net of income taxes | |||||||||||||||||
| Reported (GAAP) | $ | 6,377 | 2,624 | (18,788) | (25,460) | 5,406 | 56,047 | 32,018 | |||||||||||||||
| Loss (income) from discontinued operations, net of income taxes | — | — | — | — | — | — | (32,018) | ||||||||||||||||
| Amortization of intangible assets | — | — | — | — | — | 1,886 | — | ||||||||||||||||
| Mark to market losses (gains) | (2,214) | — | — | — | — | (2,214) | — | ||||||||||||||||
| (Gain) loss on asset sales | — | — | — | — | — | — | — | ||||||||||||||||
| Gain on disposal of businesses | — | — | — | — | — | (1,995) | — | ||||||||||||||||
| Impairment of goodwill | — | — | — | — | — | — | — | ||||||||||||||||
| Asset write-downs, net of insurance proceeds | — | — | — | — | — | 147 | — | ||||||||||||||||
| Other items | (83) | — | — | — | — | (73) | — | ||||||||||||||||
| Adjustments from equity method investments | — | — | — | — | 720 | 720 | — | ||||||||||||||||
| Income tax on items above and discrete tax items | — | — | — | 888 | (100) | 788 | — | ||||||||||||||||
| NCI impact of items above | — | — | — | — | — | — | — | ||||||||||||||||
| Adjusted (Non-GAAP) | $ | 4,080 | 2,624 | (18,788) | (24,572) | 6,026 | 55,306 | $ | — | ||||||||||||||
12
Three Months Ended June 30, 2025 U.S. Dollars and shares in thousands, except per share amounts | ||||||||||||||
| Net income | Net income attributable to noncontrolling interests | Net income attributable to Dole plc | Diluted net income per share | |||||||||||
| Reported (GAAP) | $ | 17,989 | $ | (8,023) | $ | 9,966 | $ | 0.10 | ||||||
| Loss (income) from discontinued operations, net of income taxes | 34,950 | — | 34,950 | |||||||||||
| Amortization of intangible assets | 1,737 | — | 1,737 | |||||||||||
| Mark to market losses (gains) | 17,153 | — | 17,153 | |||||||||||
| (Gain) loss on asset sales | (8,737) | — | (8,737) | |||||||||||
| Gain on disposal of businesses | (48) | — | (48) | |||||||||||
| Asset write-downs, net of insurance proceeds | (3,617) | — | (3,617) | |||||||||||
| Other items | 3,190 | — | 3,190 | |||||||||||
| Adjustments from equity method investments | 12 | — | 12 | |||||||||||
| Income tax on items above and discrete tax items | (190) | — | (190) | |||||||||||
| NCI impact of items above | — | (1,260) | (1,260) | |||||||||||
| Adjusted (Non-GAAP) | $ | 62,439 | $ | (9,283) | $ | 53,156 | $ | 0.55 | ||||||
| Weighted average shares outstanding – diluted | 95,850 | |||||||||||||
Three Months Ended June 30, 2024 U.S. Dollars and shares in thousands, except per share amounts | ||||||||||||||
| Net income | Net income attributable to noncontrolling interests | Net income attributable to Dole plc | Diluted net income per share | |||||||||||
| Reported (GAAP) | $ | 88,065 | $ | (7,948) | $ | 80,117 | $ | 0.84 | ||||||
| Loss (income) from discontinued operations, net of income taxes | (32,018) | — | (32,018) | |||||||||||
| Amortization of intangible assets | 1,886 | — | 1,886 | |||||||||||
| Mark to market losses (gains) | (2,214) | — | (2,214) | |||||||||||
| (Gain) loss on asset sales | — | — | — | |||||||||||
| Gain on disposal of businesses | (1,995) | — | (1,995) | |||||||||||
| Impairment of goodwill | — | — | — | |||||||||||
| Asset write-downs, net of insurance proceeds | 147 | — | 147 | |||||||||||
| Other items | (73) | — | (73) | |||||||||||
| Adjustments from equity method investments | 720 | — | 720 | |||||||||||
| Income tax on items above and discrete tax items | 788 | — | 788 | |||||||||||
| NCI impact of items above | — | (326) | (326) | |||||||||||
| Adjusted (Non-GAAP) | $ | 55,306 | $ | (8,274) | $ | 47,032 | $ | 0.49 | ||||||
| Weighted average shares outstanding – diluted | 95,340 | |||||||||||||
13
Supplemental Reconciliation from Net Income attributable to Dole plc to Adjusted Net Income - Unaudited
The following information is provided to give quantitative information related to items impacting comparability. Refer to the 'Non-GAAP Financial Measures' section of this document for additional detail on each item.
Six Months Ended June 30, 2025 (U.S. Dollars in thousands) | |||||||||||||||||||||||
| Revenues, net | Cost of sales | Gross profit | Gross Margin % | Selling, marketing, general and administrative expenses | Other operating items10 | Operating Income | |||||||||||||||||
| Reported (GAAP) | $ | 4,527,831 | (4,127,338) | 400,493 | 8.8 | % | (242,720) | 13,351 | $ | 171,124 | |||||||||||||
| Loss (income) from discontinued operations, net of income taxes | — | — | — | — | — | — | |||||||||||||||||
| Amortization of intangible assets | — | — | — | 3,468 | — | 3,468 | |||||||||||||||||
| Mark to market losses (gains) | — | 2,257 | 2,257 | — | — | 2,257 | |||||||||||||||||
| (Gain) loss on asset sales | — | — | — | — | (11,178) | (11,178) | |||||||||||||||||
| Gain on disposal of businesses | — | — | — | — | (409) | (409) | |||||||||||||||||
| Asset write-downs, net of insurance proceeds | — | (3,617) | (3,617) | — | — | (3,617) | |||||||||||||||||
| Other items | — | — | — | 102 | — | 102 | |||||||||||||||||
| Adjustments from equity method investments | — | — | — | — | — | — | |||||||||||||||||
| Income tax on items above and discrete tax items | — | — | — | — | — | — | |||||||||||||||||
| NCI impact of items above | — | — | — | — | — | — | |||||||||||||||||
| Adjusted (Non-GAAP) | $ | 4,527,831 | (4,128,698) | 399,133 | 8.8 | % | (239,150) | 1,764 | $ | 161,747 | |||||||||||||
Six Months Ended June 30, 2024 (U.S. Dollars in thousands) | |||||||||||||||||||||||
| Revenues, net | Cost of sales | Gross profit | Gross Margin % | Selling, marketing, general and administrative expenses | Other operating items11 | Operating Income | |||||||||||||||||
| Reported (GAAP) | $ | 4,245,465 | (3,850,202) | 395,263 | 9.3 | % | (235,554) | 38,312 | $ | 198,021 | |||||||||||||
| Loss (income) from discontinued operations, net of income taxes | — | — | — | — | — | — | |||||||||||||||||
| Amortization of intangible assets | — | — | — | 4,159 | — | 4,159 | |||||||||||||||||
| Mark to market losses (gains) | — | (120) | (120) | — | — | (120) | |||||||||||||||||
| (Gain) loss on asset sales | — | — | — | — | 31 | 31 | |||||||||||||||||
| Gain on disposal of businesses | — | — | — | — | (75,945) | (75,945) | |||||||||||||||||
| Impairment of goodwill | — | — | — | — | 36,684 | 36,684 | |||||||||||||||||
| Asset write-downs, net of insurance proceeds | — | (1,699) | (1,699) | — | — | (1,699) | |||||||||||||||||
| Other items | — | 56 | 56 | — | — | 56 | |||||||||||||||||
| Adjustments from equity method investments | — | — | — | — | — | — | |||||||||||||||||
| Income tax on items above and discrete tax items | — | — | — | — | — | — | |||||||||||||||||
| NCI impact of items above | — | — | — | — | — | — | |||||||||||||||||
| Adjusted (Non-GAAP) | $ | 4,245,465 | (3,851,965) | 393,500 | 9.3 | % | (231,395) | (918) | $ | 161,187 | |||||||||||||
10 Other operating items for the six months ended June 30, 2025 is primarily comprised of a gain on disposal of businesses of $0.4 million and gain of asset sales of $13.1 million, offset partially by $0.1 million of asset write-downs and impairment charges on property, plant and equipment, as reported on the Dole plc GAAP Condensed Consolidated Statements of Operations.
11 Other operating charges for the six months ended June 30, 2024 is primarily comprised of a gain on disposal of business of $75.9 million, offset by a goodwill impairment charge of $36.7 million and asset write-downs and impairment charges on property, plant and equipment of $1.3 million, as reported on the Dole plc GAAP Condensed Consolidated Statements of Operations.
14
Six Months Ended June 30, 2025 (U.S. Dollars in thousands) | |||||||||||||||||||||||
| Other (expense) income, net | Interest income | Interest expense | Income tax expense | Equity method earnings | Income from continuing operations | (Loss) income from discontinued operations, net of income taxes | |||||||||||||||||
| Reported (GAAP) | $ | (19,064) | 5,995 | (34,698) | (43,082) | 16,793 | 97,068 | (34,920) | |||||||||||||||
| Loss (income) from discontinued operations, net of income taxes | — | — | — | — | — | — | 34,920 | ||||||||||||||||
| Amortization of intangible assets | — | — | — | — | — | 3,468 | — | ||||||||||||||||
| Mark to market losses (gains) | 20,812 | — | — | — | — | 23,069 | — | ||||||||||||||||
| (Gain) loss on asset sales | — | — | — | — | — | (11,178) | — | ||||||||||||||||
| Gain on disposal of businesses | — | — | — | — | — | (409) | — | ||||||||||||||||
| Asset write-downs, net of insurance proceeds | — | — | — | — | — | (3,617) | — | ||||||||||||||||
| Other items | 3,182 | — | — | — | — | 3,284 | — | ||||||||||||||||
| Adjustments from equity method investments | — | — | — | — | (7,432) | (7,432) | — | ||||||||||||||||
| Income tax on items above and discrete tax items | — | — | — | (2,818) | 687 | (2,131) | — | ||||||||||||||||
| NCI impact of items above | — | — | — | — | — | — | — | ||||||||||||||||
| Adjusted (Non-GAAP) | $ | 4,930 | 5,995 | (34,698) | (45,900) | 10,048 | 102,122 | $ | — | ||||||||||||||
Six Months Ended June 30, 2024 (U.S. Dollars in thousands) | |||||||||||||||||||||||
| Other (expense) income, net | Interest income | Interest expense | Income tax expense | Equity method earnings | Income from continuing operations | (Loss) income from discontinued operations, net of income taxes | |||||||||||||||||
| Reported (GAAP) | $ | 13,999 | 5,703 | (36,736) | (59,861) | 6,408 | 127,534 | 25,967 | |||||||||||||||
| Loss (income) from discontinued operations, net of income taxes | — | — | — | — | — | — | (25,967) | ||||||||||||||||
| Amortization of intangible assets | — | — | — | — | — | 4,159 | — | ||||||||||||||||
| Mark to market losses (gains) | (4,964) | — | — | — | — | (5,084) | — | ||||||||||||||||
| (Gain) loss on asset sales | — | — | — | — | — | 31 | — | ||||||||||||||||
| Gain on disposal of businesses | — | — | — | — | — | (75,945) | — | ||||||||||||||||
| Impairment of goodwill | — | — | — | — | — | 36,684 | — | ||||||||||||||||
| Asset write-downs, net of insurance proceeds | — | — | — | — | — | (1,699) | — | ||||||||||||||||
| Other items | (83) | — | — | — | — | (27) | — | ||||||||||||||||
| Adjustments from equity method investments | — | — | — | — | 1,251 | 1,251 | — | ||||||||||||||||
| Income tax on items above and discrete tax items | — | — | — | 15,307 | (200) | 15,107 | — | ||||||||||||||||
| NCI impact of items above | — | — | — | — | — | — | — | ||||||||||||||||
| Adjusted (Non-GAAP) | $ | 8,952 | 5,703 | (36,736) | (44,554) | 7,459 | 102,011 | $ | — | ||||||||||||||
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Six Months Ended June 30, 2025 U.S. Dollars and shares in thousands, except per share amounts | ||||||||||||||
| Net income | Net income attributable to noncontrolling interests | Net income attributable to Dole plc | Diluted net income per share | |||||||||||
| Reported (GAAP) | $ | 62,148 | $ | (13,270) | $ | 48,878 | $ | 0.51 | ||||||
| Loss (income) from discontinued operations, net of income taxes | 34,920 | — | 34,920 | |||||||||||
| Amortization of intangible assets | 3,468 | — | 3,468 | |||||||||||
| Mark to market losses (gains) | 23,069 | — | 23,069 | |||||||||||
| (Gain) loss on asset sales | (11,178) | — | (11,178) | |||||||||||
| Gain on disposal of businesses | (409) | — | (409) | |||||||||||
| Asset write-downs, net of insurance proceeds | (3,617) | — | (3,617) | |||||||||||
| Other items | 3,284 | — | 3,284 | |||||||||||
| Adjustments from equity method investments | (7,432) | — | (7,432) | |||||||||||
| Income tax on items above and discrete tax items | (2,131) | — | (2,131) | |||||||||||
| NCI impact of items above | — | (2,620) | (2,620) | |||||||||||
| Adjusted (Non-GAAP) | $ | 102,122 | $ | (15,890) | $ | 86,232 | $ | 0.90 | ||||||
| Weighted average shares outstanding – diluted | 95,763 | |||||||||||||
Six Months Ended June 30, 2024 U.S. Dollars and shares in thousands, except per share amounts | ||||||||||||||
| Net income | Net income attributable to noncontrolling interests | Net income attributable to Dole plc | Diluted net income per share | |||||||||||
| Reported (GAAP) | $ | 153,501 | $ | (3,241) | $ | 150,260 | $ | 1.57 | ||||||
| Loss (income) from discontinued operations, net of income taxes | (25,967) | — | (25,967) | |||||||||||
| Amortization of intangible assets | 4,159 | — | 4,159 | |||||||||||
| Mark to market losses (gains) | (5,084) | — | (5,084) | |||||||||||
| (Gain) loss on asset sales | 31 | — | 31 | |||||||||||
| Gain on disposal of businesses | (75,945) | — | (75,945) | |||||||||||
| Impairment of goodwill | 36,684 | — | 36,684 | |||||||||||
| Asset write-downs, net of insurance proceeds | (1,699) | — | (1,699) | |||||||||||
| Other items | (27) | — | (27) | |||||||||||
| Adjustments from equity method investments | 1,251 | — | 1,251 | |||||||||||
| Income tax on items above and discrete tax items | 15,107 | — | 15,107 | |||||||||||
| NCI impact of items above | — | (11,187) | (11,187) | |||||||||||
| Adjusted (Non-GAAP) | $ | 102,011 | $ | (14,428) | $ | 87,583 | $ | 0.92 | ||||||
| Weighted average shares outstanding – diluted | 95,285 | |||||||||||||
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Supplemental Reconciliation of Prior Year Segment Results to Current Year Segment Results – Unaudited
Revenue for the Three Months Ended | |||||||||||||||||||||||||||||
| June 30, 2024 | Impact of Foreign Currency Translation | Impact of Acquisitions and Divestitures | Like-for-like Increase (Decrease) | June 30, 2025 | |||||||||||||||||||||||||
| (U.S. Dollars in 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 | ||||||||||||||||||||||||
| Intersegment | (28,268) | — | — | (3,041) | (31,309) | ||||||||||||||||||||||||
| Total | $ | 2,124,091 | $ | 57,173 | $ | (9,558) | $ | 256,721 | $ | 2,428,427 | |||||||||||||||||||
Adjusted EBITDA for the Three Months Ended | |||||||||||||||||||||||||||||
| June 30, 2024 | Impact of Foreign Currency Translation | Impact of Acquisitions and Divestitures | Like-for-like Increase (Decrease) | June 30, 2025 | |||||||||||||||||||||||||
| (U.S. Dollars in 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 | ||||||||||||||||||||||||
| Total | $ | 125,421 | $ | 2,210 | $ | 453 | $ | 9,034 | $ | 137,118 | |||||||||||||||||||
Revenue for the Six Months Ended | |||||||||||||||||||||||||||||
| June 30, 2024 | Impact of Foreign Currency Translation | Impact of Acquisitions and Divestitures | Like-for-like Increase (Decrease) | June 30, 2025 | |||||||||||||||||||||||||
| (U.S. Dollars in thousands) | |||||||||||||||||||||||||||||
| Fresh Fruit | $ | 1,675,680 | $ | 311 | $ | — | $ | 174,745 | $ | 1,850,736 | |||||||||||||||||||
| Diversified Fresh Produce - EMEA | 1,798,449 | 38,261 | (20,046) | 176,220 | 1,992,884 | ||||||||||||||||||||||||
| Diversified Fresh Produce - Americas & ROW | 832,939 | (2,413) | (79,307) | (1,458) | 749,761 | ||||||||||||||||||||||||
| Intersegment | (61,603) | — | — | (3,947) | (65,550) | ||||||||||||||||||||||||
| Total | $ | 4,245,465 | $ | 36,159 | $ | (99,353) | $ | 345,560 | $ | 4,527,831 | |||||||||||||||||||
Adjusted EBITDA for the Six Months Ended | |||||||||||||||||||||||||||||
| June 30, 2024 | Impact of Foreign Currency Translation | Impact of Acquisitions and Divestitures | Like-for-like Increase (Decrease) | June 30, 2025 | |||||||||||||||||||||||||
| (U.S. Dollars in thousands) | |||||||||||||||||||||||||||||
| Fresh Fruit | $ | 140,054 | $ | (95) | $ | 210 | $ | (4,082) | $ | 136,087 | |||||||||||||||||||
| Diversified Fresh Produce - EMEA | 68,654 | 1,799 | 6 | 6,185 | 76,644 | ||||||||||||||||||||||||
| Diversified Fresh Produce - Americas & ROW | 26,812 | (232) | (2,118) | 4,747 | 29,209 | ||||||||||||||||||||||||
| Total | $ | 235,520 | $ | 1,472 | $ | (1,902) | $ | 6,850 | $ | 241,940 | |||||||||||||||||||
17
Net Debt and Net Leverage Reconciliation – Unaudited
Net Debt is the primary measure used by management to analyze the Company’s capital structure. Net Debt is a non-GAAP financial measure, calculated as cash and cash equivalents, less current and long-term debt. It also excludes debt discounts and debt issuance costs. Net Leverage is calculated as total Net Debt divided by Last Twelve Months ("LTM") Adjusted EBITDA as of the period end. The calculation of Net Debt and Net Leverage as of June 30, 2025 is presented below. Net Debt as of June 30, 2025 was $788.8 million and Net Leverage was 2.0x.
June 30, 2025 | December 31, 2024 | ||||||||||
(U.S. Dollars in thousands) | |||||||||||
| Cash and cash equivalents (Reported GAAP) | $ | 316,911 | $ | 330,017 | |||||||
| Debt (Reported GAAP): | |||||||||||
| Long-term debt, net | (998,876) | (866,075) | |||||||||
| Current maturities | (73,639) | (80,097) | |||||||||
| Bank overdrafts | (25,404) | (11,443) | |||||||||
| Total debt, net | (1,097,919) | (957,615) | |||||||||
| Add: Debt discounts and debt issuance costs (Reported GAAP) | (7,815) | (9,531) | |||||||||
| Total gross debt | (1,105,734) | (967,146) | |||||||||
Net Debt (Non-GAAP) | $ | (788,823) | $ | (637,129) | |||||||
| LTM Adjusted EBITDA (Non-GAAP) | 398,623 | 392,203 | |||||||||
| Net Leverage (Non-GAAP) | 2.0x | 1.6x | |||||||||
| Last Twelve Months ("LTM") Adjusted EBITDA | |||||||||||
| FY'24 Adjusted EBITDA | 392,203 | 392,203 | |||||||||
| Less: Q2'24 YTD Adjusted EBITDA | (235,520) | ||||||||||
| Plus: Q2'25 YTD Adjusted EBITDA | 241,940 | ||||||||||
| LTM Adjusted EBITDA | $ | 398,623 | $ | 392,203 | |||||||
Free Cash Flow from Continuing Operations Reconciliation – Unaudited
Six Months Ended | |||||||||||
| June 30, 2025 | June 30, 2024 | ||||||||||
(U.S. Dollars in thousands) | |||||||||||
| Net cash provided by operating activities - continuing operations (Reported GAAP) | $ | (60,446) | $ | 5,258 | |||||||
| Less: Capital expenditures (Reported GAAP)12 | (72,196) | (35,693) | |||||||||
Free cash flow from continuing operations (Non-GAAP) | $ | (132,642) | $ | (30,435) | |||||||
12 Capital expenditures do not include amounts attributable to discontinued operations.
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Non-GAAP Financial Measures
Dole plc’s results are determined in accordance with U.S. GAAP.
In addition to its results under U.S. GAAP, in this Press Release, we also present Dole plc’s Adjusted EBIT, Adjusted EBITDA, Adjusted Net Income, Adjusted EPS, Free Cash Flow from Continuing Operations, Net Debt and Net Leverage, which are supplemental measures of financial performance that are not required by, or presented in accordance with, U.S. GAAP (collectively, the "non-GAAP financial measures"). We present these non-GAAP financial measures, because we believe they assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our operating results, cash flows or any other measure prescribed by U.S. GAAP. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by any of the adjusted items or that any projections and estimates will be realized in their entirety or at all. In addition, adjustment items that are excluded from non-GAAP results can have a material impact on equivalent GAAP earnings, financial measures and cash flows.
Adjusted EBIT is calculated from GAAP net income by: (1) subtracting the income or adding the loss from discontinued operations, net of income taxes; (2) adding the income tax expense or subtracting the income tax benefit; (3) adding interest expense; (4) adding mark to market losses or subtracting mark to market gains related to unrealized impacts from certain derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (5) other items which are separately stated based on materiality, which during the three and six months ended June 30, 2025 and June 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 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, 2025 and June 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 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 six months ended June 30, 2025, is calculated as subtracting the Adjusted EBITDA for the six months ended June 30, 2024 from the Adjusted EBITDA for the year ended December 31, 2024 and then adding Adjusted EBITDA for the six months ended June 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 six months ended June 30, 2025 and June 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 restructuring charges and costs for legal matters not in the ordinary course of business, and adding debt refinancing expenses; (5) the Company’s share of these items from equity method investments; (6) excluding the tax effect of these items and discrete tax adjustments; and (7) excluding the effect of these items attributable to non-controlling interests.
Adjusted Earnings per Share is calculated from Adjusted Net Income divided by diluted weighted average number of shares in the applicable period.
Net Debt is a non-GAAP financial measure, calculated as GAAP cash and cash equivalents, less GAAP current and long-term debt. It also excludes GAAP unamortized debt discounts and debt issuance costs.
Net Leverage is a non-GAAP financial measure, calculated as Net Debt divided by LTM Adjusted EBITDA, both of which are defined above.
Free cash flow from continuing operations is calculated from GAAP net cash used in or provided by operating activities for continuing operations less GAAP capital expenditures.
Like-for-like basis refers to the U.S. GAAP measure or non-GAAP financial measure excluding the impact of foreign currency translation movements and acquisitions and divestitures. The impact of foreign currency translation represents an estimate of the effect of translating the results of operations denominated in a foreign currency to U.S. Dollar at prior year average rates, as compared to current year average rates.
Dole is not able to provide a reconciliation for projected FY'25 results without taking unreasonable efforts.
19