DUBLIN--(BUSINESS WIRE)-- 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

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.”

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.

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.

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.

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.

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.

Category: Financial

Appendix

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.

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.

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.

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.