Dole plc Reports Fourth Quarter and Full Year 2025 Financial Results

Invalid login, please try again. You have retries remaining before your account will be locked. Your account is locked and it will be unlocked automatically in minutes. User ID: Password: Remember my ID: View all news Feb 25 2026 Dole plc (NYSE: DOLE) ("Dole" or the "Group" or the "Company") today released its financial results for the three months and year ended December 31, 2025. Fourth Quarter Highlights: Positive fourth quarter operational performance for the GroupRevenue of $2.4 billion, an increase of 9.2%Net Income of $6.0 millionAdjusted EBITDA 1 of $72.7 million, ahead of market expectationsAdjusted Net Income 1 of $13.8 millionAnnounced Agreement to sell port assets in Ecuador for expected net proceeds of approximately $75 million Full Year Highlights: Robust full year performance driven by strong growth across the two Diversified segments, offsetting an anticipated decline in Fresh FruitRevenue of $9.2 billion, an increase of 8.2%Net Income of $82.0 million, and Diluted EPS of $0.53Adjusted EBITDA 1 of $395.4 million, ahead of our latest guidance and market expectationsAdjusted Net Income 1 of $115.0 million and Adjusted Diluted EPS of $1.20Net Debt 1 of $606.5 million, a reduction of $30.7 million, and Net Leverage 1 of 1.5xBoard authorization granted for share repurchases up to $100 million in the aggregate Financial Highlights Three Months Ended Year Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 (U.S. Dollars in millions, except per share amounts) (Unaudited) Revenue 2,366 2,167 9,173 8,475 Income from Continuing Operations2 6.8 29.6 127.9 172.3 Net Income (Loss) 6.0 (31.6 ) 82.0 143.4 Net (Loss) Income attributable to Dole plc (2.7 ) (39.1 ) 51.3 125.5 Diluted EPS from Continuing Operations (0.02 ) 0.23 1.01 1.62 Diluted EPS (0.03 ) (0.41 ) 0.53 1.32 Adjusted EBITDA1 72.7 74.6 395.4 392.2 Adjusted Net Income1 13.8 15.3 115.0 120.9 Adjusted Diluted EPS1 0.14 0.16 1.20 1.27 Commenting on the results, Carl McCann, Executive Chairman, said: “We are very pleased to deliver a strong operating result for the year, with Adjusted EBITDA of $395 million, surpassing our most recent guidance. In 2025, the Group achieved several significant strategic milestones, including the sale of the Fresh Vegetables business, the initiation of a $100 million share repurchase program, and our transition to U.S. Domestic Issuer filings as we target further index inclusion. The Group continues to demonstrate strong operational momentum. For the coming financial year, we are targeting Adjusted EBITDA of at least $400 million.” Group Results - Fourth Quarter Revenue increased 9.2%, or $198.7 million, primarily due to positive operational performance across all segments, as well as a favorable impact from foreign currency translation of $77.1 million, offset partially by a net negative impact from acquisitions and divestitures of $3.0 million. On a like-for-like basis3, revenue increased 5.7%, or $124.6 million. Net income increased to $6.0 million from a loss of $31.6 million in the prior year. The prior year was impacted by a loss of $61.2 million in discontinued operations (Fresh Vegetables division). On a continuing operations basis, net income decreased from $29.6 million to $6.8 million primarily due to the impact of a non-cash discrete tax charge recorded in the current year, offset partially by higher equity method earnings. Adjusted EBITDA decreased 2.6%, or $1.9 million, primarily driven by higher fruit costs in the Fresh Fruit segment. These decreases were partially offset by good performance in our Diversified Fresh Produce - Americas & ROW segment, as well as a favorable impact of foreign currency translation of $3.2 million. On a like-for-like basis, Adjusted EBITDA decreased 6.1%, or $4.5 million. Adjusted Net Income decreased 9.8%, or $1.5 million, predominantly due to the decreases in Adjusted EBITDA noted above and higher depreciation expense, partially offset by lower interest expense. Adjusted Diluted EPS for the three months ended December 31, 2025 was $0.14 compared to $0.16 in the prior year. Group Results - Full Year Revenue increased 8.2%, or $697.6 million, primarily due to strong operational performances across all segments and a favorable impact from foreign currency translation of $169.4 million. These positive impacts were partially offset by a net negative impact from acquisitions and divestitures of $111.0 million. On a like-for-like basis, revenue increased 7.5%, or $639.2 million. Net income decreased to $82.0 million from $143.4 million in the prior year. The prior year benefitted from a gain on the disposal of the Progressive Produce business. The current year was impacted by a higher loss in discontinued operations, non-cash fair value losses on financial instruments, a non-cash discrete tax charge and impairment charges on assets, primarily those excluded from the disposal of the Fresh Vegetables division. These decreases were partially offset by insurance proceeds recognized in the period, higher equity method earnings, lower interest expense and higher gains on asset sales. Adjusted EBITDA increased 0.8%, or $3.2 million, primarily due to good performance in the Diversified Fresh Produce - Americas & ROW and Diversified Fresh Produce - EMEA segments as well as a favorable impact of foreign currency translation of $7.2 million, partially offset by a decrease in the Fresh Fruit segment driven by higher fruit costs, and a net negative impact from acquisitions and divestitures of $2.1 million. On a like-for-like basis, Adjusted EBITDA decreased 0.5%, or $1.9 million. Adjusted Net Income decreased 4.8%, or $5.9 million, predominantly due to higher depreciation expense, offset partially by the increases in Adjusted EBITDA noted above and lower interest expense. Adjusted Diluted EPS for the year ended December 31, 2025 was $1.20 compared to $1.27 in the prior year. Selected Segmental Financial Information Three Months Ended December 31, 2025 December 31, 2024 (U.S. Dollars in thousands) (unaudited) Revenue Adjusted EBITDA1 Revenue Adjusted EBITDA1 Fresh Fruit $ 874,036 $ 26,602 $ 819,066 $ 31,890 Diversified Fresh Produce - EMEA 1,025,887 32,597 910,604 32,487 Diversified Fresh Produce - Americas & ROW 486,455 13,468 463,285 10,234 Intersegment (20,216 ) — (25,491 ) — Total $ 2,366,162 $ 72,667 $ 2,167,464 $ 74,611 Year Ended December 31, 2025 December 31, 2024 (U.S. Dollars in thousands) (unaudited) Revenue Adjusted EBITDA1 Revenue Adjusted EBITDA1 Fresh Fruit $ 3,615,127 $ 189,842 $ 3,293,527 $ 214,848 Diversified Fresh Produce - EMEA 4,016,573 149,981 3,608,692 131,504 Diversified Fresh Produce - Americas & ROW 1,656,207 55,553 1,686,281 45,851 Intersegment (115,000 ) — (113,157 ) — Total $ 9,172,907 $ 395,376 $ 8,475,343 $ 392,203 Fourth Quarter Segmental Commentary Fresh Fruit Revenue increased 6.7%, or $55.0 million, primarily due to higher worldwide volumes of bananas sold, as well as higher worldwide pricing of bananas, pineapples and plantains, partially offset by lower worldwide volumes of pineapples and plantains sold. Adjusted EBITDA decreased 16.6%, or $5.3 million, primarily driven by higher fruit costs in bananas, due both to higher overall sourcing costs in the market and higher fruit costs following Tropical Storm Sara. In the quarter, we also experienced higher fruit sourcing costs and lower volumes in pineapples and higher sourcing costs in plantains. These decreases were partially offset by higher profits in commercial cargo. Diversified Fresh Produce – EMEA Revenue increased 12.7%, or $115.3 million, primarily driven by a favorable impact of foreign currency translation of $77.0 million, as a result of the strengthening of the Swedish krona, euro and British pound sterling against the U.S. Dollar, as well as strong underlying performance in Spain, France and South Africa. These increases were partially offset by a net negative impact from acquisitions and divestitures of $3.0 million. On a like-for-like basis, revenue increased 4.5%, or $41.3 million. Adjusted EBITDA increased 0.3%, or $0.1 million, primarily due to increased earnings in Scandinavia, Ireland and Spain, as well as a favorable impact from foreign currency translation of $3.7 million. These increases were partially offset by decreased underlying earnings in the U.K. and the Netherlands. On a like-for-like basis, Adjusted EBITDA decreased 10.8%, or $3.5 million. Diversified Fresh Produce – Americas & ROW Revenue increased 5.0%, or $23.2 million, primarily due to revenue growth in most commodities sold in the North American market as well as revenue growth in the southern hemisphere export products, primarily driven by higher cherry volumes and higher blueberry pricing. Adjusted EBITDA increased 31.6%, or $3.2 million, primarily due to improved profitability in our joint venture businesses, as well as by earnings growth in our southern hemisphere export business, driven particularly by higher cherry volumes. Full Year Segmental Commentary Fresh Fruit Revenue increased 9.8%, or $321.6 million, primarily driven by 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 decreased 11.6%, or $25.0 million, primarily driven by higher fruit costs, due both to higher overall sourcing costs in the market and higher fruit costs following Tropical Storm Sara, as well as higher shipping costs due to the completion of scheduled dry dockings and a short term operational disruption to one of our vessels servicing the North American market. These challenges were partially offset by an improved performance in pineapples. Diversified Fresh Produce – EMEA Revenue increased 11.3%, or $407.9 million, primarily driven by strong performance in Spain, the U.K., the Netherlands and Scandinavia, as well as a favorable impact from foreign currency translation of $172.0 million, as a result of the strengthening of the Swedish krona, euro and the British pound sterling against the U.S. Dollar. These increases were partially offset by a net negative impact from acquisitions and divestitures of $31.7 million. On a like-for-like basis, revenue increased 7.4%, or $267.6 million. Adjusted EBITDA increased 14.1%, or $18.5 million, primarily driven by increases in earnings in Spain, Scandinavia, the Netherlands and the Czech Republic, as well as a favorable impact from foreign currency translation of $8.3 million. On a like-for-like basis, Adjusted EBITDA increased 7.7%, or $10.1 million. Diversified Fresh Produce – Americas & ROW Revenue decreased 1.8%, or $30.1 million, primarily due to the disposal of the Progressive Produce business in mid-March 2024. On a like-for-like basis, revenue increased 3.1%, or $52.6 million, primarily due to increases in the North American market due to higher revenues for the majority of commodities sold, partially offset by lower export pricing in some key southern hemisphere export products. Adjusted EBITDA increased 21.2%, or $9.7 million, primarily due to strong performance in the North American market in kiwi and citrus, as well as by an increase for southern hemisphere export products and increased profitability in our joint venture businesses. On a like-for-like basis, Adjusted EBITDA increased 28.1% or $12.9 million. Capital Expenditures Capital expenditures from continuing operations for the year ended December 31, 2025 were $121.5 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 the rehabilitation of the impacted farms in Honduras following Tropical Storm Sara (investments that are materially supported by insurance proceeds of $18.0 million), investments in warehouse and logistics assets, particularly in Northern Europe, vessel dry dockings, other farming investments and ongoing investments in IT assets. Additions through finance leases from continuing operations were $15.6 million for the year ended December 31, 2025. Free Cash Flow from Continuing Operations, Net Debt and Net Leverage Free cash flow from continuing operations was $1.7 million for the year ended December 31, 2025, compared to $180.3 million for the year ended December 31, 2024. There were higher outflows from receivables due to the increase in revenue, higher advances to growers and lower securitization of trade receivables along with lower inflows from accounts payables and accrued liabilities. There was also an increase in tax payments due to cash tax paid on sale of the Fresh Vegetables division, higher repatriation tax and timing of payments. In addition there were higher cash capital expenditures due to buyout of two vessel finance leases and rehabilitation of farms in Honduras as noted above. At the end of the year, Net Debt was $606.5 million, a reduction from $637.1 million as of December 31, 2024. Net Leverage decreased to 1.5x as of December 31, 2025 from 1.6x as of December 31, 2024. Dividend On February 24, 2026, the Board of Directors of Dole plc declared a cash dividend for the fourth quarter of 2025 of $0.085 per share, payable on April 8, 2026 to shareholders of record on March 18, 2026. A cash dividend of $0.085 per share was paid on January 3, 2026 for the third quarter of 2025. Share Repurchase Program Post year-end, we repurchased 300,000 shares at an average price of $15.15 per share, totaling $4.5 million. $95.5 million remains available under the share repurchase program. Outlook for Fiscal Year 2026 (forward-looking statement) We are very pleased with the operating result for 2025, delivering Adjusted EBITDA of $395 million, which came in ahead of our latest guidance. The result is a testament to the experience and skill of our people in a year a year of macroeconomic uncertainty and other industry specific factors. We made important strategic steps forward during 2025, in particular completing the sale of the Fresh Vegetables business. Today, our business is in a good position, with strong operational momentum across the group. With this platform, we are targeting growth for fiscal year 2026, and at this early stage of the year we are targeting Adjusted EBITDA of at least $400 million. For fiscal year 2026, we are forecasting routine capex of approximately $100 million, which is broadly in line with our annual depreciation charge. In addition, we continue to explore a range of development opportunities which, if executed, will strengthen our business and continue to drive further growth in the years to come. Under the assumption that base rates will remain broadly stable in 2026, we expect full year interest expense to be approximately $60 million for 2026. Footnote Index Refer to the Appendix of this release for an explanation and reconciliation of non-GAAP financial measures used in this release to comparable GAAP financial measures.Fresh Vegetables results are reported separately as discontinued operations, net of income taxes, in our consolidated statements of operations, its assets and liabilities are separately presented in our consolidated balance sheets, and its cash flows are presented separately in our 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.Like-for-like basis refers to the measure excluding the impact of foreign currency translation movements and acquisition and divestitures. Refer to the Appendix and "Supplementary 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. 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 fourth quarter and full year 2025 financial results. The live webcast and a replay after the event can be accessed at www.doleplc.com/investor-relations or directly at https://events.q4inc.com/attendee/266987087. 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. Appendix Consolidated Statements of Operations - Unaudited Three Months Ended Year Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 (U.S. Dollars and shares in thousands, except per share amounts) Revenue, net $ 2,366,161 $ 2,167,464 $ 9,172,907 $ 8,475,343 Cost of sales (2,207,527 ) (2,009,045 ) (8,458,599 ) (7,757,622 ) Gross profit 158,634 158,419 714,308 717,721 Selling, marketing, general and administrative expenses (129,135 ) (122,675 ) (495,476 ) (474,058 ) Gain on disposal of businesses 54 472 606 76,417 Gain on asset sales 1,079 747 15,045 2,648 Impairment of goodwill — — — (36,684 ) Impairment and asset write-downs of property, plant and equipment and lease assets (2,942 ) (2,154 ) (11,518 ) (5,480 ) Operating income 27,690 34,809 222,965 280,564 Other income (expense), net 4,876 11,137 (1,574 ) 20,595 Interest income 3,900 2,410 13,373 10,745 Interest expense (15,202 ) (18,055 ) (66,541 ) (72,264 ) Income from continuing operations before income taxes and equity earnings 21,264 30,301 168,223 239,640 Income tax expense (21,821 ) (264 ) (71,003 ) (75,649 ) Equity method earnings (loss) 7,362 (403 ) 30,714 8,308 Income from continuing operations 6,805 29,634 127,934 172,299 Loss from discontinued operations, net of income taxes (803 ) (61,231 ) (45,959 ) (28,880 ) Net income (loss) 6,002 (31,597 ) 81,975 143,419 Less: Net income attributable to noncontrolling interests (8,666 ) (7,552 ) (30,656 ) (17,906 ) Net (loss) income attributable to Dole plc $ (2,664 ) $ (39,149 ) $ 51,319 $ 125,513 Income (loss) per share - basic: Continuing operations $ (0.02 ) $ 0.23 $ 1.02 $ 1.63 Discontinued operations (0.01 ) (0.64 ) (0.48 ) (0.31 ) Net (loss) income per share attributable to Dole plc - basic $ (0.03 ) $ (0.41 ) $ 0.54 $ 1.32 Income (loss) per share - diluted: Continuing operations $ (0.02 ) $ 0.23 $ 1.01 $ 1.62 Discontinued operations (0.01 ) (0.64 ) (0.48 ) (0.30 ) Net (loss) income per share attributable to Dole plc - diluted $ (0.03 ) $ (0.41 ) $ 0.53 $ 1.32 Weighted-average shares: Basic 95,163 95,019 95,145 94,967 Diluted 96,104 95,702 95,902 95,471 Consolidated Balance Sheets - Unaudited December 31, 2025 December 31, 2024 ASSETS (U.S. Dollars and shares in thousands) Cash and cash equivalents $ 267,854 $ 330,017 Short-term investments 6,418 6,019 Trade receivables, net of allowances for credit losses of $20,558 and $19,493, respectively 539,840 473,511 Grower advance receivables, net of allowances of $37,915 and $29,304, respectively 143,426 104,956 Other receivables, net of allowances of $17,027 and $15,248, respectively 121,355 125,951 Inventories, net of allowances of $3,659 and $4,178, respectively 509,260 430,168 Prepaid expenses 70,007 68,918 Other current assets 17,891 15,111 Fresh Vegetables current assets held for sale — 281,990 Assets held for sale 75,689 1,419 Total current assets 1,751,740 1,838,060 Long-term investments 13,827 14,630 Investments in unconsolidated affiliates 142,082 129,322 Actively marketed property 53,231 45,778 Property, plant and equipment, net of accumulated depreciation of $619,706 and $502,062, respectively 1,081,656 1,120,366 Operating lease right-of-use assets 371,366 341,722 Goodwill 434,345 429,590 DOLE® brand 306,280 306,280 Other intangible assets, net of accumulated amortization of $133,022 and $118,956, respectively 18,997 25,238 Other assets 133,931 112,893 Deferred tax assets, net 88,669 82,484 Total assets $ 4,396,124 $ 4,446,363 LIABILITIES AND EQUITY Accounts payable $ 712,483 $ 648,591 Income taxes payable 21,805 42,753 Accrued liabilities 517,989 443,145 Bank overdrafts 9,611 11,443 Current portion of long-term debt, net 57,668 80,097 Current maturities of operating leases 71,379 64,357 Payroll and other tax 36,320 28,056 Contingent consideration 3,252 3,399 Pension and postretirement benefits 18,699 18,491 Fresh Vegetables current liabilities held for sale — 214,387 Liabilities held for sale 14,047 — Dividends payable and other current liabilities 31,228 14,696 Total current liabilities 1,494,481 1,569,415 Long-term debt, net 799,814 866,075 Operating leases, less current maturities 306,566 280,896 Deferred tax liabilities, net 90,100 84,712 Income taxes payable, less current portion — 6,210 Contingent consideration, less current portion 500 4,007 Pension and postretirement benefits, less current portion 135,900 129,870 Other long-term liabilities 66,990 70,260 Total liabilities $ 2,894,351 $ 3,011,445 Redeemable noncontrolling interests 29,716 35,554 Stockholders’ equity: Common stock — $0.01 par value; 300,000 shares authorized and 95,163 and 95,041 shares outstanding as of December 31, 2025 and December 31, 2024, respectively 952 950 Additional paid-in capital 804,247 801,099 Retained earnings 676,371 657,430 Accumulated other comprehensive loss (117,467 ) (166,180 ) Total equity attributable to Dole plc 1,364,103 1,293,299 Equity attributable to noncontrolling interests 107,954 106,065 Total equity 1,472,057 1,399,364 Total liabilities, redeemable noncontrolling interests and equity $ 4,396,124 $ 4,446,363 Consolidated Statements of Cash Flows - Unaudited Year Ended December 31, 2025 December 31, 2024 Operating Activities (U.S. Dollars in thousands) Net income $ 81,975 $ 143,419 Loss from discontinued operations, net of income taxes 45,959 28,880 Income from continuing operations 127,934 172,299 Adjustments to reconcile income from continuing operations to net cash provided by (used in) operating activities - continuing operations: Depreciation and amortization 112,661 98,818 Impairment of goodwill — 36,684 Impairment and asset write-downs of property, plant and equipment and lease assets 11,518 5,480 Net gain on sale of assets (15,045 ) (2,648 ) Net gain on sale of businesses (606 ) (76,417 ) Net loss (gain) on financial instruments 20,308 (12,397 ) Stock-based compensation expense 6,854 7,951 Equity method earnings (30,714 ) (8,308 ) Amortization of debt discounts and debt issuance costs 4,127 7,746 Deferred tax expense (benefit) 12,975 (17,588 ) Pension and other postretirement benefit plan expense 7,485 5,404 Dividends received from equity method investees 12,688 7,049 Gain on insurance proceeds (17,447 ) — Other 363 (247 ) Changes in operating assets and liabilities: Receivables, net of allowances (124,817 ) (20,603 ) Inventories (67,998 ) (70,810 ) Prepaids, other current assets and other assets 2,692 (281 ) Accounts payable, accrued liabilities and other liabilities 60,228 130,589 Net cash provided by operating activities - continuing operations 123,206 262,721 Investing Activities Sales of assets 13,645 5,011 Capital expenditures (121,497 ) (82,435 ) Proceeds from sale of businesses, net of transaction costs and cash transferred 68,621 117,935 Insurance proceeds 19,606 527 Sales (purchases) of unconsolidated affiliates 3,152 (1,769 ) Acquisitions, net of cash acquired (2,248 ) (926 ) Other (276 ) (2,563 ) Net cash (used in) provided by investing activities - continuing operations (18,997 ) 35,780 Financing Activities Proceeds from borrowings and overdrafts 1,838,112 1,517,106 Repayments on borrowings and overdrafts and payment of debt refinancing fees (1,926,927 ) (1,696,130 ) Dividends paid to shareholders (31,568 ) (30,551 ) Dividends paid to noncontrolling interests and other noncontrolling interest activity, net (28,076 ) (26,703 ) Payments of contingent consideration (2,801 ) (1,567 ) Net cash used in financing activities - continuing operations (151,260 ) (237,845 ) Effect of foreign currency exchange rate changes on cash 17,724 (15,241 ) Net cash (used in) provided by operating activities - discontinued operations (27,912 ) 22,592 Net cash used in investing activities - discontinued operations (6,626 ) (13,293 ) Cash (used in) provided by discontinued operations, net (34,538 ) 9,299 (Decrease) increase in cash and cash equivalents (63,865 ) 54,714 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 $ 267,854 $ 331,719 Supplemental cash flow information: Income tax payments, including discontinued operations, net of refunds $ (100,100 ) $ (77,967 ) Interest payments on borrowings $ (63,685 ) $ (67,397 ) Non-cash Investing and Financing Activities: Accrued property, plant and equipment $ (2,724 ) $ (2,983 ) 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 Year Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 (U.S. Dollars in thousands) Net income (loss) (Reported GAAP) $ 6,002 $ (31,597 ) $ 81,975 $ 143,419 Loss from discontinued operations, net of income taxes 803 61,231 45,959 28,880 Income from continuing operations (Reported GAAP) 6,805 29,634 127,934 172,299 Income tax expense 21,821 264 71,003 75,649 Interest expense 15,202 18,055 66,541 72,264 Mark to market (gains) losses (3,316 ) (11,356 ) 18,753 (10,139 ) Gain on asset sales (1,076 ) (90 ) (12,254 ) (125 ) Gain on disposal of businesses (54 ) (472 ) (606 ) (76,417 ) Insurance proceeds, net of asset write-downs (4,938 ) (187 ) (16,812 ) (2,878 ) Impairment of property, plant and equipment and lease assets 2,403 740 10,611 740 Impairment of goodwill — — — 36,684 Restructuring and costs for legal matters 3,203 459 3,786 459 Debt refinancing expenses — — 3,182 — Other items12 801 11 1,115 (7 ) Adjustments from equity method investments 239 9,294 867 16,258 Adjusted EBIT (Non-GAAP) 41,090 46,352 274,120 284,787 Depreciation 27,228 24,410 105,559 91,262 Amortization of intangible assets 1,788 1,776 7,102 7,556 Depreciation and amortization adjustments from equity method investments 2,561 2,073 8,595 8,598 Adjusted EBITDA (Non-GAAP) $ 72,667 $ 74,611 $ 395,376 $ 392,203 ________________ 1 For the three months ended December 31, 2025, other items is primarily comprised of $2.2 million of acquisition and transaction costs, partially offset by $1.5 million of interest income on deferred transaction consideration. For the three months ended December 31, 2024, other items is primarily comprised of various immaterial items. 2 For the year ended December 31, 2025, other items is primarily comprised of $2.2 million of acquisition and transaction costs, partially offset by $1.5 million of interest income on deferred transaction consideration. For the year ended December 31, 2024, other items is primarily comprised of various immaterial items. 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 Appendix for supplementary detail. Three Months Ended Year Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 (U.S. Dollars and shares in thousands, except per share amounts) Net (loss) income attributable to Dole plc (Reported GAAP) $ (2,664 ) $ (39,149 ) $ 51,319 $ 125,513 Loss from discontinued operations, net of income taxes 803 61,231 45,959 28,880 Income from continuing operations attributable to Dole plc (1,861 ) 22,082 97,278 154,393 Amortization of intangible assets 1,788 1,776 7,102 7,556 Mark to market (gains) losses (3,316 ) (11,356 ) 18,753 (10,139 ) Gain on asset sales (1,076 ) (90 ) (12,254 ) (125 ) Gain on disposal of businesses (54 ) (472 ) (606 ) (76,417 ) Insurance proceeds, net of asset write-downs (4,938 ) (187 ) (16,812 ) (2,878 ) Impairment of property, plant and equipment and lease assets 2,403 740 10,611 740 Impairment of goodwill — — — 36,684 Restructuring and costs for legal matters 3,203 459 3,786 459 Debt refinancing expenses — — 3,182 — Other items34 2,279 11 2,593 (7 ) Adjustments from equity method investments (2,955 ) 7,926 (10,115 ) 9,708 Income tax on items above and discrete tax items 17,338 (5,338 ) 12,846 13,162 NCI impact on items above 978 (271 ) (1,324 ) (12,239 ) Adjusted Net Income for Adjusted EPS calculation (Non-GAAP) $ 13,789 $ 15,280 $ 115,040 $ 120,897 Adjusted earnings per share – basic (Non-GAAP) $ 0.14 $ 0.16 $ 1.21 $ 1.27 Adjusted earnings per share – diluted (Non-GAAP) $ 0.14 $ 0.16 $ 1.20 $ 1.27 Weighted average shares outstanding – basic 95,163 95,019 95,145 94,967 Weighted average shares outstanding – diluted 96,104 95,702 95,902 95,471 ________________ 3 For the three months ended December 31, 2025, other items is primarily comprised of $2.2 million of acquisition and transaction costs. For the three months ended December 31, 2024, other items is primarily comprised of various immaterial items. 4 For the year ended December 31, 2025, other items is primarily comprised of $2.2 million of acquisition and transaction costs. For the year ended December 31, 2024, other items is primarily comprised of various immaterial items. 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 December 31, 2025 (U.S. Dollars in thousands) Revenue, net Cost of sales Gross profit Gross Margin % Selling, marketing, general and administration expenses Other operating items5 Operating Income Reported (GAAP) $ 2,366,161 (2,207,527 ) 158,634 6.7 % (129,135 ) (1,809 ) $ 27,690 Loss from discontinued operations, net of income taxes — — — — — — Amortization of intangible assets — — — 1,788 — 1,788 Mark to market (gains) losses — (2,393 ) (2,393 ) — — (2,393 ) Gain on asset sales — — — — (1,076 ) (1,076 ) Gain on disposal of businesses — — — — (54 ) (54 ) Insurance proceeds, net of asset write-downs — 544 544 — — 544 Impairment of property, plant and equipment and lease assets — — — — 2,403 2,403 Restructuring and costs for legal matters — — — 3,204 — 3,204 Debt refinancing expenses — — — — — — Other items — 54 54 — — 54 Adjustments from equity method investments — — — — — — Income tax on items above and discrete tax items — — — — — — NCI impact on items above — — — — — — Adjusted (Non-GAAP) $ 2,366,161 (2,209,322 ) 156,839 6.6 % (124,143 ) (536 ) $ 32,160 ________________ 5 Other operating items for the three months ended December 31, 2025 is comprised of $2.9 million of impairment charges and asset write-downs of property, plant and equipment, partially offset by a $1.1 million gain on asset sales and a $0.1 million gain on the disposal of businesses, as reported in the consolidated statements of operations. Three Months Ended December 31, 2024 (U.S. Dollars in thousands) Revenue, net Cost of sales Gross profit Gross Margin % Selling, marketing, general and administration expenses Other operating items6 Operating Income Reported (GAAP) $ 2,167,464 (2,009,045 ) 158,419 7.3 % (122,675 ) (935 ) $ 34,809 Loss from discontinued operations, net of income taxes — — — — — — Amortization of intangible assets — — — 1,776 — 1,776 Mark to market (gains) losses — (378 ) (378 ) — — (378 ) Gain on asset sales — — — — (90 ) (90 ) Gain on disposal of businesses — — — — (472 ) (472 ) Insurance proceeds, net of asset write-downs — (187 ) (187 ) — — (187 ) Impairment of property, plant and equipment and lease assets — — — — 740 740 Restructuring and costs for legal matters — — — 459 — 459 Other items — 11 11 — — 11 Adjustments from equity method investments — — — — — — Income tax on items above and discrete tax items — — — — — — NCI impact on items above — — — — — — Adjusted (Non-GAAP) $ 2,167,464 (2,009,599 ) 157,865 7.3 % (120,440 ) (757 ) $ 36,668 ________________ 6 Other operating items for the three months ended December 31, 2024 is comprised of $2.2 million of impairment charges and asset write-downs of property, plant and equipment, partially offset by a $0.7 million gain on asset sales and a $0.5 million gain on the disposal of businesses, as reported in the consolidated statements of operations. Three Months Ended December 31, 2025 (U.S. Dollars in thousands) Other income (expense), net Interest income Interest expense Income tax expense Equity earnings Income from continuing operations Loss from discontinued operations, net of income taxes Reported (GAAP) $ 4,876 3,900 (15,202 ) (21,821 ) 7,362 6,805 $ (803 ) Loss from discontinued operations, net of income taxes — — — — — — 803 Amortization of intangible assets — — — — — 1,788 — Mark to market (gains) losses (923 ) — — — — (3,316 ) — Gain on asset sales — — — — — (1,076 ) — Gain on disposal of businesses — — — — — (54 ) — Insurance proceeds, net of asset write-downs (5,482 ) — — — — (4,938 ) — Impairment of property, plant and equipment and lease assets — — — — — 2,403 — Restructuring and costs for legal matters — — — — — 3,204 — Debt refinancing expenses — — — — — — — Other items 2,224 — — — — 2,278 — Adjustments from equity method investments — — — — (2,955 ) (2,955 ) — Income tax on items above and discrete tax items — — — 17,386 (48 ) 17,338 — NCI impact on items above — — — — — — — Adjusted (Non-GAAP) $ 695 3,900 (15,202 ) (4,435 ) 4,359 21,477 $ — Three Months Ended December 31, 2024 (U.S. Dollars in thousands) Other income (expense), net Interest income Interest expense Income tax expense Equity earnings Income from continuing operations Loss from discontinued operations, net of income taxes Reported (GAAP) $ 11,137 2,410 (18,055 ) (264 ) (403 ) 29,634 $ (61,231 ) Loss (income) from discontinued operations, net of income taxes — — — — — — 61,231 Amortization of intangible assets — — — — — 1,776 — Mark to market losses (10,978 ) — — — — (11,356 ) — Gain on asset sales — — — — — (90 ) — Gain on disposal of businesses — — — — — (472 ) — Insurance proceeds, net of asset write-downs — — — — — (187 ) — Impairment of property, plant and equipment and lease assets — — — — — 740 — Restructuring and costs for legal matters — — — — — 459 — Other items — — — — — 11 — Adjustments from equity method investments — — — — 7,926 7,926 — Income tax on items above and discrete tax items — — — (5,240 ) (98 ) (5,338 ) — NCI impact on items above — — — — — — — Adjusted (Non-GAAP) $ 159 2,410 (18,055 ) (5,504 ) 7,425 23,103 $ — Three Months Ended December 31, 2025 (U.S. Dollars and shares in thousands, except per share amounts) Net income (loss) Net income attributable to noncontrolling interests Net (loss) income attributable to Dole plc Diluted net income per share Reported (GAAP) $ 6,002 (8,666 ) $ (2,664 ) $ (0.03 ) Loss from discontinued operations, net of income taxes 803 — 803 Amortization of intangible assets 1,788 — 1,788 Mark to market (gains) losses (3,316 ) — (3,316 ) Gain on asset sales (1,076 ) — (1,076 ) Gain on disposal of businesses (54 ) — (54 ) Insurance proceeds, net of asset write-downs (4,938 ) — (4,938 ) Impairment of property, plant and equipment and lease assets 2,403 — 2,403 Restructuring and costs for legal matters 3,204 — 3,204 Debt refinancing expenses — — — Other items 2,278 — 2,278 Adjustments from equity method investments (2,955 ) — (2,955 ) Income tax on items above and discrete tax items 17,338 — 17,338 NCI impact on items above — 978 978 Adjusted (Non-GAAP) $ 21,477 (7,688 ) $ 13,789 $ 0.14 Weighted average shares outstanding – diluted 96,104 Three Months Ended December 31, 2024 (U.S. Dollars and shares in thousands, except per share amounts) Net income (loss) Net income attributable to noncontrolling interests Net (loss) income attributable to Dole plc Diluted net income per share Reported (GAAP) $ (31,597 ) (7,552 ) $ (39,149 ) $ (0.41 ) Loss from discontinued operations, net of income taxes 61,231 — 61,231 Amortization of intangible assets 1,776 — 1,776 Mark to market (gains) losses (11,356 ) — (11,356 ) Gain on asset sales (90 ) — (90 ) Gain on disposal of businesses (472 ) — (472 ) Insurance proceeds, net of asset write-downs (187 ) — (187 ) Impairment of property, plant and equipment and lease assets 740 — 740 Restructuring and costs for legal matters 459 — 459 Other items 11 — 11 Adjustments from equity method investments 7,926 — 7,926 Income tax on items above and discrete tax items (5,338 ) — (5,338 ) NCI impact on items above — (271 ) (271 ) Adjusted (Non-GAAP) $ 23,103 (7,823 ) $ 15,280 $ 0.16 Weighted average shares outstanding – diluted 95,702 Year Ended December 31, 2025 (U.S. Dollars in thousands) Revenue, net Cost of sales Gross profit Gross Margin % Selling, marketing, general and administration expenses Other operating items7 Operating Income Reported (GAAP) $ 9,172,907 (8,458,599 ) 714,308 7.8 % (495,476 ) 4,133 $ 222,965 Loss from discontinued operations, net of income taxes — — — — — — Amortization of intangible assets — — — 7,102 — 7,102 Mark to market (gains) losses — (517 ) (517 ) — — (517 ) Gain on asset sales — — — — (12,254 ) (12,254 ) Gain on disposal of businesses — — — — (606 ) (606 ) Insurance proceeds, net of asset write-downs — (1,342 ) (1,342 ) — — (1,342 ) Impairment of property, plant and equipment and lease assets — — — — 10,611 10,611 Restructuring and costs for legal matters — — — 3,786 — 3,786 Debt refinancing expenses — — — — — — Other items — 226 226 130 — 356 Adjustments from equity method investments — — — — — — Income tax on items above and discrete tax items — — — — — — NCI impact on items above — — — — — — Adjusted (Non-GAAP) $ 9,172,907 (8,460,232 ) 712,675 7.8 % (484,458 ) 1,884 $ 230,101 ________________ 7 Other operating items for the year ended December 31, 2025 is comprised of a $15.0 million gain on asset sales and a $0.6 million gain on the disposal of businesses, partially offset by an $11.5 million of impairment charges and asset write-downs of property, plant and equipment and lease assets, as reported in the consolidated statements of operations. Year Ended December 31, 2024 (U.S. Dollars in thousands) Revenue, net Cost of sales Gross profit Gross Margin % Selling, marketing, general and administration expenses Other operating items8 Operating Income Reported (GAAP) $ 8,475,343 (7,757,622 ) 717,721 8.5 % (474,058 ) 36,901 $ 280,564 Loss from discontinued operations, net of income taxes — — — — — — Amortization of intangible assets — — — 7,556 — 7,556 Mark to market (gains) losses — (228 ) (228 ) — — (228 ) Gain on asset sales — — — — (125 ) (125 ) Gain on disposal of businesses — — — — (76,417 ) (76,417 ) Insurance proceeds, net of asset write-downs — (2,878 ) (2,878 ) — — (2,878 ) Impairment of property, plant and equipment and lease assets — — — — 740 740 Impairment of goodwill — — — — 36,684 36,684 Restructuring and costs for legal matters — — — 459 — 459 Other items — 73 73 — — 73 Adjustments from equity method investments — — — — — — Income tax on items above and discrete tax items — — — — — — NCI impact on items above — — — — — — Adjusted (Non-GAAP) $ 8,475,343 (7,760,655 ) 714,688 8.4 % (466,043 ) (2,217 ) $ 246,428 ________________ 8 Other operating items for the year ended December 31, 2024 is comprised of a $76.4 million gain on the disposal of businesses and a $2.6 million gain on asset sales, partially offset by a $36.7 million impairment charge of goodwill and $5.5 million of impairment charges and asset write-downs of property, plant and equipment, as reported in the consolidated statements of operations. Year Ended December 31, 2025 (U.S. Dollars in thousands) Other income (expense), net Interest income Interest expense Income tax expense Equity earnings Income from continuing operations Loss from discontinued operations, net of income taxes Reported (GAAP) $ (1,574 ) 13,373 (66,541 ) (71,003 ) 30,714 127,934 $ (45,959 ) Loss from discontinued operations, net of income taxes — — — — — — 45,959 Amortization of intangible assets — — — — — 7,102 — Mark to market (gains) losses 19,270 — — — — 18,753 — Gain on asset sales — — — — — (12,254 ) — Gain on disposal of businesses — — — — — (606 ) — Insurance proceeds, net of asset write-downs (15,470 ) — — — — (16,812 ) — Impairment of property, plant and equipment and lease assets — — — — — 10,611 — Restructuring and costs for legal matters — — — — — 3,786 — Debt refinancing expenses 3,182 — — — — 3,182 — Other items 2,237 — — — — 2,593 — Adjustments from equity method investments — — — — (10,115 ) (10,115 ) — Income tax on items above and discrete tax items — — — 12,258 588 12,846 — NCI impact on items above — — — — — — — Adjusted (Non-GAAP) $ 7,645 13,373 (66,541 ) (58,745 ) 21,187 147,020 $ — Year Ended December 31, 2024 (U.S. Dollars in thousands) Other income (expense), net Interest income Interest expense Income tax expense Equity earnings Income from continuing operations Loss from discontinued operations, net of income taxes Reported (GAAP) $ 20,595 10,745 (72,264 ) (75,649 ) 8,308 172,299 $ (28,880 ) Loss from discontinued operations, net of income taxes — — — — — — 28,880 Amortization of intangible assets — — — — — 7,556 — Mark to market (gains) losses (9,911 ) — — — — (10,139 ) — Gain on asset sales — — — — — (125 ) — Gain on disposal of businesses — — — — — (76,417 ) — Insurance proceeds, net of asset write-downs — — — — — (2,878 ) — Impairment of property, plant and equipment and lease assets — — — — — 740 — Impairment of goodwill — — — — — 36,684 — Restructuring and costs for legal matters — — — — — 459 — Other items (80 ) — — — — (7 ) — Adjustments from equity method investments — — — — 9,708 9,708 — Income tax on items above and discrete tax items — — — 13,560 (398 ) 13,162 — NCI impact on items above — — — — — — — Adjusted (Non-GAAP) $ 10,604 10,745 (72,264 ) (62,089 ) 17,618 151,042 $ — Year Ended December 31, 2025 (U.S. Dollars and shares in thousands, except per share amounts) Net income (loss) Net income attributable to noncontrolling interests Net (loss) income attributable to Dole plc Diluted net income per share Reported (GAAP) $ 81,975 (30,656 ) $ 51,319 $ 0.54 Loss from discontinued operations, net of income taxes 45,959 — 45,959 Amortization of intangible assets 7,102 — 7,102 Mark to market (gains) losses 18,753 — 18,753 Gain on asset sales (12,254 ) — (12,254 ) Gain on disposal of businesses (606 ) — (606 ) Insurance proceeds, net of asset write-downs (16,812 ) — (16,812 ) Impairment of property, plant and equipment and lease assets 10,611 — 10,611 Restructuring and costs for legal matters 3,786 — 3,786 Debt refinancing expenses 3,182 — 3,182 Other items 2,593 — 2,593 Adjustments from equity method investments (10,115 ) — (10,115 ) Income tax on items above and discrete tax items 12,846 — 12,846 NCI impact on items above — (1,324 ) (1,324 ) Adjusted (Non-GAAP) $ 147,020 (31,980 ) $ 115,040 $ 1.20 Weighted average shares outstanding – diluted 95,902 Year Ended December 31, 2024 (U.S. Dollars and shares in thousands, except per share amounts) Net income (loss) Net income attributable to noncontrolling interests Net (loss) income attributable to Dole plc Diluted net income per share Reported (GAAP) $ 143,419 (17,906 ) $ 125,513 $ 1.31 Loss from discontinued operations, net of income taxes 28,880 — 28,880 Amortization of intangible assets 7,556 — 7,556 Mark to market (gains) losses (10,139 ) — (10,139 ) Gain on asset sales (125 ) — (125 ) Gain on disposal of business (76,417 ) — (76,417 ) Insurance proceeds, net of asset write-downs (2,878 ) — (2,878 ) Impairment of property, plant and equipment and lease assets 740 — 740 Impairment of goodwill 36,684 — 36,684 Restructuring and costs for legal matters 459 — 459 Other items (7 ) — (7 ) Adjustments from equity method investments 9,708 — 9,708 Income tax on items above and discrete tax items 13,162 — 13,162 NCI impact on items above — (12,239 ) (12,239 ) Adjusted (Non-GAAP) $ 151,042 (30,145 ) $ 120,897 $ 1.27 Weighted average shares outstanding – diluted 95,471 Supplemental Reconciliation of Prior Year Segment Results to Current Year Segment Results – Unaudited Revenue for the Three Months Ended December 31, 2024 Impact of Foreign Currency Translation Impact of Acquisitions and Divestitures Like-for-like Increase (Decrease) December 31, 2025 (U.S. Dollars in thousands) Fresh Fruit $ 819,066 $ 217 $ — $ 54,753 $ 874,036 Diversified Fresh Produce - EMEA 910,604 76,978 (3,015 ) 41,320 1,025,887 Diversified Fresh Produce - Americas & ROW 463,285 (58 ) — 23,228 486,455 Intersegment (25,491 ) — — 5,275 (20,216 ) Total $ 2,167,464 $ 77,137 $ (3,015 ) $ 124,576 $ 2,366,162 Adjusted EBITDA for the Three Months Ended December 31, 2024 Impact of Foreign Currency Translation Impact of Acquisitions and Divestitures Like-for-like Increase (Decrease) December 31, 2025 (U.S. Dollars in thousands) Fresh Fruit $ 31,890 $ (382 ) $ 178 $ (5,084 ) $ 26,602 Diversified Fresh Produce - EMEA 32,487 3,723 (96 ) (3,517 ) 32,597 Diversified Fresh Produce - Americas & ROW 10,234 (99 ) (750 ) 4,083 13,468 Total $ 74,611 $ 3,242 $ (668 ) $ (4,518 ) $ 72,667 Revenue for the Year Ended December 31, 2024 Impact of Foreign Currency Translation Impact of Acquisitions and Divestitures Like-for-like Increase (Decrease) December 31, 2025 (U.S. Dollars in thousands) Fresh Fruit $ 3,293,527 $ 754 $ — $ 320,846 $ 3,615,127 Diversified Fresh Produce - EMEA 3,608,692 171,992 (31,678 ) 267,567 4,016,573 Diversified Fresh Produce - Americas & ROW 1,686,281 (3,388 ) (79,307 ) 52,621 1,656,207 Intersegment (113,157 ) — — (1,843 ) (115,000 ) Total $ 8,475,343 $ 169,358 $ (110,985 ) $ 639,191 $ 9,172,907 Adjusted EBITDA for the Year Ended December 31, 2024 Impact of Foreign Currency Translation Impact of Acquisitions and Divestitures Like-for-like Increase (Decrease) December 31, 2025 (U.S. Dollars in thousands) Fresh Fruit $ 214,848 $ (744 ) $ 565 $ (24,827 ) $ 189,842 Diversified Fresh Produce - EMEA 131,504 8,349 42 10,086 149,981 Diversified Fresh Produce - Americas & ROW 45,851 (451 ) (2,724 ) 12,877 55,553 Total $ 392,203 $ 7,154 $ (2,117 ) $ (1,864 ) $ 395,376 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 December 31, 2025 is presented below. Net Debt as of December 31, 2025 was $606.5 million and Net Leverage was 1.5x. December 31, 2025 December 31, 2024 (U.S. Dollars in thousands) Cash and cash equivalents (Reported GAAP) $ 267,854 $ 330,017 Debt (Reported GAAP): Long-term debt, net (799,814 ) (866,075 ) Current maturities (57,668 ) (80,097 ) Bank overdrafts (9,611 ) (11,443 ) Total debt, net (867,093 ) (957,615 ) Less: Debt discounts and debt issuance costs (Reported GAAP) (7,237 ) (9,531 ) Total gross debt (874,330 ) (967,146 ) Net Debt (Non-GAAP) $ (606,476 ) $ (637,129 ) LTM Adjusted EBITDA (Non-GAAP) 395,376 392,203 Net Leverage (Non-GAAP) 1.5x 1.6x Last Twelve Months ("LTM") Adjusted EBITDA FY'25 Adjusted EBITDA 395,376 392,203 LTM Adjusted EBITDA $ 395,376 $ 392,203 Free Cash Flow from Continuing Operations Reconciliation – Unaudited Year Ended December 31, 2025 December 31, 2024 (U.S. Dollars in thousands) Net cash provided by operating activities - continuing operations (Reported GAAP) $ 123,206 $ 262,721 Less: Capital expenditures (Reported GAAP)9 (121,497 ) (82,435 ) Free cash flow from continuing operations (Non-GAAP) $ 1,709 $ 180,286 ________________ 9 Capital expenditures do not include amounts attributable to discontinued operations. 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 months and years ended December 31, 2025 and December 31, 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 or held for sale classification losses on property, plant and equipment and lease assets, subtracting interest income on deferred transaction consideration, adding acquisition and transaction costs, 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 months and years ended December 31, 2025 and December 31, 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, adding impairment charges or held for sale classification losses on property, plant and equipment and lease assets, subtracting interest income on deferred transaction consideration, adding acquisition and transaction costs, 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 year ended December 31, 2025 and December 31, 2024, is the same as Adjusted EBITDA. 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 months and years ended December 31, 2025 and December 31, 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, adding impairment charges or held for sale classification losses on property, plant and equipment and lease assets, adding acquisition and transaction costs, 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 the current year average rates. Dole is not able to provide a reconciliation for projected FY'26 results without taking unreasonable efforts. Category: Financial Source: Dole plc Multimedia Files: View all news