DUBLIN, May 12, 2025--(BUSINESS WIRE)--Dole plc (NYSE: DOLE) ("Dole" or the "Group" or the "Company") today released its financial results for the three months ended March 31, 2025.

Highlights for the three months ended March 31, 2025:

Good first quarter performance, positioning the Company to deliver a strong full year result for 2025 Revenue of $2.1 billion, a decrease of 1.0% (an increase of 4.2% on a like-for-like basis1) Net Income decreased to $44.2 million, primarily due to the benefit of an exceptional net gain on the disposal of Progressive Produce recorded in the prior period Adjusted EBITDA2 of $104.8 million, a decrease of 4.8% (a decrease of 2.0% on a like-for-like basis) Adjusted Net Income2 of $33.1 million and Adjusted Diluted EPS of $0.35 Quarterly dividend increased by 6.25% to 8.5 cent per share Post quarter end, successfully completed $1.2 billion refinance of credit facilities

Financial Highlights - Unaudited   Three Months Ended March 31, 2025 March 31, 2024  (U.S. Dollars in millions, except per share amounts) Revenue 2,099 2,121 Income from Continuing Operations3 44.1 71.5 Net Income 44.2 65.4 Net Income attributable to Dole plc 38.9 70.1 Diluted EPS from Continuing Operations 0.41 0.80 Diluted EPS 0.41 0.74 Adjusted EBITDA2 104.8 110.1 Adjusted Net Income2 33.1 40.6 Adjusted Diluted EPS2 0.35 0.43

Commenting on the results, Carl McCann, Executive Chairman, said:

"We are pleased to report another good performance for the first quarter of the 2025 financial year. Group revenue increased 4.2% on a like for like basis and we delivered $104.8 million of Adjusted EBITDA, surpassing our initial projections.

Post quarter end, we successfully completed the refinance of our credit facilities. This refinancing provides enhanced financial flexibility to support our growth initiatives.

Today, we have declared an 8.5 cent dividend for the first quarter, a 6.25% increase. For the current financial year, although the economic environment remains unpredictable, we are pleased to announce an upward revision of our guidance and are now targeting full year Adjusted EBITDA of at least $380.0 million."

____________________________________________ 1 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. 2 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. 3 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.

Group Results - First Quarter

Revenue decreased 1.0%, or $22.0 million primarily due to a net negative impact from acquisitions and divestitures of $89.8 million, particularly in the Diversified Fresh Produce - Americas & ROW segment as a result of the disposal of the Progressive Produce business in mid-March 2024, as well as an unfavorable impact from foreign currency translation of $21.0 million. These decreases were offset by positive operational performance in the Fresh Fruit and Diversified Fresh Produce - EMEA segments. On a like-for-like basis, revenue increased 4.2%, or $88.8 million.

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Net Income decreased 32.5%, or $21.3 million, to $44.2 million, primarily due to the prior year benefit of a net exceptional gain of $37.3 million related to the disposal of the Progressive Produce business ($74.0 million gain on disposal less a non-cash goodwill impairment charge of $36.7 million). There was also a decrease of other income of $8.0 million, primarily related to fair value adjustments of financial instruments. These decreases were partially offset by higher earnings in equity method investments relating to a non-cash gain on a M&A transaction related to an equity method investment, as well as higher net income within discontinued operations.

Adjusted EBITDA decreased 4.8%, or $5.3 million, primarily driven by decreases in the Fresh Fruit segment, a net negative impact from acquisitions and divestitures of $2.4 million, particularly in the Diversified Fresh Produce - Americas & ROW segment related to the disposal of the Progressive Produce business, and an unfavorable impact from foreign currency translation of $0.7 million. These decreases were partially offset by increases in the Diversified Fresh Produce - EMEA segment. On a like-for-like basis, Adjusted EBITDA decreased 2.0%, or $2.2 million.

Adjusted Net Income decreased 18.4%, or $7.5 million, predominantly due to the decreases in Adjusted EBITDA noted above as well as higher depreciation expense. Adjusted Diluted EPS for the three months ended March 31, 2025 was $0.35 compared to $0.43 in the prior year.

Selected Segmental Financial Information (Unaudited)  Three Months Ended March 31, 2025  March 31, 2024  (U.S. Dollars in thousands) Revenue Adjusted EBITDA  Revenue Adjusted EBITDA Fresh Fruit $ 878,145  $ 63,331  $ 824,229  $ 69,435 Diversified Fresh Produce - EMEA  892,087   27,660   853,598   25,959 Diversified Fresh Produce - Americas & ROW  363,413   13,831   476,882   14,705 Intersegment  (34,241 )  —   (33,335 )  — Total $ 2,099,404  $ 104,822  $ 2,121,374  $ 110,099

Fresh Fruit

Revenue increased 6.5%, or $53.9 million, primarily due to higher worldwide volumes of bananas sold, as well as higher worldwide pricing of pineapples and plantains, partially offset by lower worldwide volumes of pineapples and plantains sold.

Adjusted EBITDA decreased 8.8%, or $6.1 million, primarily driven by anticipated higher fruit costs following Tropical Storm Sara that impacted Honduras in November 2024, as well as higher shipping costs due to the completion of scheduled dry dockings and the impact of an operational disruption for one of our vessels servicing the North American market. These challenges were partially offset by an improved performance in pineapples on a worldwide basis as well as good growth in banana volumes.

Diversified Fresh Produce – EMEA

Revenue increased 4.5%, or $38.5 million, primarily due to strong performance in the U.K., Spain and the Netherlands, partially offset by an unfavorable impact from foreign currency translation of $19.4 million, as a result of the weakening of the Euro and Swedish krona against the U.S. Dollar, and a net negative impact from acquisitions and divestitures of $10.5 million. On a like-for-like basis, revenue increased 8.0%, or $68.4 million.

Adjusted EBITDA increased 6.6%, or $1.7 million, primarily driven by increases in earnings in the U.K., Spain and the Netherlands, partially offset by lower earnings in Germany and an unfavorable impact of foreign currency translation of $0.7 million. On a like-for-like basis, Adjusted EBITDA increased 9.4%, or $2.5 million.

Diversified Fresh Produce – Americas & ROW

Revenue decreased 23.8%, or $113.5 million, primarily due to the disposal of the Progressive Produce business in mid- March 2024. On a like-for-like basis, revenue decreased 6.8%, or $32.6 million, primarily due to lower export pricing in key southern hemisphere export products, primarily cherries, as well as decreases in the North American market, particularly due to lower pricing for grapes and lower volumes in avocados.

Adjusted EBITDA decreased 5.9%, or $0.9 million, primarily driven by the disposal of the Progressive Produce business. On a like-for-like basis, Adjusted EBITDA increased 10.4%, or $1.5 million, primarily due to a strong performance in the North American market in kiwis as well as in citrus and avocados, partially offset by declines in the southern hemisphere export side in cherries and grapes as well as declines in berries in the North American market.

Capital Expenditures

Cash capital expenditures from continuing operations for the three months ended March 31, 2025 were $52.8 million, including the buyout of two vessel finance leases of $36.0 million that were already reflected within Net Debt as of December 31, 2024. Other expenditures included investments in vessel dry dockings, farming investments, efficiency projects in our warehouses and ongoing investments in IT and logistics assets. Additions through finance leases from continuing operations were $0.2 million for the three months ended March 31, 2025.

Free Cash Flow from Continuing Operations and Net Debt

Free cash flow from continuing operations was an outflow of $131.6 million for the three months ended March 31, 2025. Free cash flow was primarily driven by normal seasonal impacts. There were outflows from receivables based on timing of collections. Free cash flow was also impacted by the buyout of finance leases discussed above. Net Debt and Net Leverage as of March 31, 2025 was $742.1 million and 1.9x, respectively.

Debt Refinancing

On May 1, 2025, we announced the successful completion of the refinance 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. All facilities have been successfully syndicated.

Outlook for Fiscal Year 2025 (forward-looking statement)

The Group's performance in the first quarter of 2025 was ahead of our own expectations. This result provides a strong foundation for the rest of the year, in a very dynamic macro-economic environment.

Like most multinational businesses, we continue to monitor the evolving macro-economic scenario. We believe our industry is a good example of the benefits of international trade, providing year-round healthy products to our consumers and are confident the existing trade flows will continue on acceptable terms. Short term disruptions may arise across a range of areas such as foreign exchange rates, labor markets and supply chains.

Our good start to the year, along with our resilient and diverse business model, gives us confidence in our ability to navigate the challenges of the current volatile economic environment. Consequently, we are pleased to revise our guidance upward and are now targeting full year Adjusted EBITDA of at least $380.0 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. Additionally, we also anticipate some increased capital expenditure over the course of the year related to our reinvestments in Honduras following Tropical Storm Sara, albeit significantly supported by insurance proceeds.

We remain 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.

Our full-year interest expense guidance remains at approximately $70.0 million, based on the assumption that base rates will stay broadly stable in 2025 and without considering any exceptional cash proceeds from disposals.

Dividend

On May 9, 2025, the Board of Directors of Dole plc declared a cash dividend for the first quarter of 2025 of $0.085 per share, payable on July 7, 2025 to shareholders of record on June 9, 2025. A cash dividend of $0.08 per share was paid on April 3, 2025 for the fourth quarter of 2024.

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 first quarter 2025 financial results. The webcast can be accessed at www.doleplc.com/investor-relations or directly at https://events.q4inc.com/attendee/573569584. The conference call can be accessed by registering at https://registrations.events/direct/Q4I84584929.

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

Condensed Consolidated Statements of Operations - Unaudited  Three Months Ended March 31, 2025   March 31, 2024  (U.S. Dollars and shares in thousands, except per share amounts) Revenues, net $ 2,099,404   $ 2,121,374  Cost of sales  (1,917,211 )   (1,926,697 ) Gross profit  182,193    194,677  Selling, marketing, general and administrative expenses  (118,412 )   (118,950 ) Gain on disposal of businesses  361    73,950  Gain on asset sales  3,801    417  Impairment of goodwill  —    (36,684 ) Impairment and asset write-downs of property, plant and equipment  (38 )   (1,277 ) Operating income  67,905    112,133  Other (expense) income, net  (348 )   7,622  Interest income  3,040    3,079  Interest expense  (17,182 )   (17,948 ) Income from continuing operations before income taxes and equity earnings  53,415    104,886  Income tax expense  (17,578 )   (34,401 ) Equity method earnings  8,292    1,002  Income from continuing operations  44,129    71,487  Income (loss) from discontinued operations, net of income taxes  30    (6,051 ) Net income  44,159    65,436  Net (income) loss attributable to noncontrolling interests  (5,247 )   4,707  Net income attributable to Dole plc $ 38,912   $ 70,143   Income (loss) per share - basic:  Continuing operations $ 0.41   $ 0.80  Discontinued operations  —    (0.06 ) Net income per share attributable to Dole plc - basic $ 0.41   $ 0.74  Income (loss) per share - diluted:  Continuing operations $ 0.41   $ 0.80  Discontinued operations  —    (0.06 ) Net income per share attributable to Dole plc - diluted $ 0.41   $ 0.74   Weighted-average shares:  Basic  95,109    94,929  Diluted  95,677    95,229

Condensed Consolidated Statements of Cash Flows - Unaudited  Three Months Ended March 31, 2025  March 31, 2024  Operating Activities (U.S. Dollars in thousands) Net income $ 44,159   $ 65,436  (Income) loss from discontinued operations, net of taxes  (30 )   6,051  Income from continuing operations  44,129    71,487  Adjustments to reconcile income from continuing operations to net cash provided by (used in) operating activities - continuing operations:  Depreciation and amortization  26,544    24,121  Impairment of goodwill  —    36,684  Impairment and asset write-downs of property, plant and equipment  38    1,277  Net gain on sale of assets  (3,801 )   (417 ) Net gain on sale of businesses  (361 )   (73,950 ) Net loss (gain) on financial instruments  4,822    (4,498 ) Stock-based compensation expense  1,447    1,832  Equity method earnings  (8,292 )   (1,002 ) Amortization of debt discounts and debt issuance costs  1,290    1,591  Deferred tax benefit  (516 )   (11,062 ) Pension and other postretirement benefit plan expense  1,364    992  Dividends received from equity method investments  197    —  Gain on insurance proceeds  (1,407 )   (527 ) Other  (1,365 )   367  Changes in operating assets and liabilities:  Receivables, net of allowances  (144,356 )   (123,162 ) Inventories  1,420    (43,605 ) Prepaids, other current assets and other assets  (1,745 )   (1,443 ) Accounts payable, accrued liabilities and other liabilities  1,803    86,359  Net cash (used in) operating activities - continuing operations  (78,789 )   (34,956 ) Investing activities  Sales of assets  4,824    1,023  Capital expenditures  (52,836 )   (18,238 ) Proceeds from sale of businesses, net of transaction costs  361    115,845  Insurance proceeds  15,826    527  Purchases of investments  (1 )   (187 ) Purchases of unconsolidated affiliates  —    (374 ) Acquisitions, net of cash acquired  —    (57 ) Other  (12 )   (2,040 ) Net cash (used in) provided by investing activities - continuing operations  (31,838 )   96,499  Financing activities  Proceeds from borrowings and overdrafts  312,077    490,871  Repayments on borrowings and overdrafts  (248,815 )   (573,994 ) Dividends paid to shareholders  (7,765 )   (7,594 ) Dividends paid to noncontrolling interests  (2,192 )   (7,173 ) Payment of contingent consideration  (38 )   (796 ) Net cash provided by (used in) financing activities - continuing operations  53,267    (98,686 ) Effect of foreign exchange rate changes on cash  5,954    (5,630 ) Net cash (used in) provided by operating activities - discontinued operations  (22,054 )   5,753  Net cash used in investing activities - discontinued operations  (1,737 )   (382 ) Cash (used in) provided by discontinued operations, net  (23,791 )   5,371  Decrease in cash and cash equivalents  (75,197 )   (37,402 ) 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 $ 256,522   $ 239,603  Supplemental cash flow information:  Income tax payments, net of refunds $ (9,465 )  $ (10,498 ) Interest payments on borrowings $ (16,657 )  $ (17,394 )

Condensed Consolidated Balance Sheets - Unaudited  March 31, 2025    December 31, 2024   ASSETS (U.S. Dollars and shares in thousands) Cash and cash equivalents $ 254,878   $ 330,017  Short-term investments  6,132    6,019  Trade receivables, net of allowances for credit losses of $19,981 and $19,493, respectively  619,534    473,511  Grower advance receivables, net of allowances for credit losses of $32,850 and $29,304, respectively  109,786    104,956  Other receivables, net of allowances for credit losses of $14,959 and $15,248, respectively  128,107    125,412  Inventories, net of allowances of $4,269 and $4,178, respectively  432,993    430,090  Prepaid expenses  72,320    66,136  Other current assets  19,295    15,111  Fresh Vegetables current assets held for sale  318,837    332,042  Other assets held for sale  851    1,419  Total current assets  1,962,733    1,884,713  Long-term investments  14,403    14,630  Investments in unconsolidated affiliates  128,714    129,322  Actively marketed property  45,391    45,778  Property, plant and equipment, net of accumulated depreciation of $530,954 and $498,895, respectively  1,079,824    1,082,056  Operating lease right-of-use assets  337,351    337,468  Goodwill  438,334    429,590  DOLE brand  306,280    306,280  Other intangible assets, net of accumulated amortization of $123,532 and $118,956, respectively  23,690    25,238  Other assets  98,336    108,804  Deferred tax assets, net  81,880    82,484  Total assets $ 4,516,936   $ 4,446,363  LIABILITIES AND EQUITY  Accounts payable $ 670,897   $ 648,586  Income taxes payable  54,140    42,753  Accrued liabilities  430,386    437,017  Bank overdrafts  9,433    11,443  Current portion of long-term debt, net  44,744    80,097  Current maturities of operating leases  64,342    62,896  Payroll and other tax  35,247    28,056  Contingent consideration  3,280    3,399  Pension and other postretirement benefits  18,309    18,491  Fresh Vegetables current liabilities held for sale  206,407    244,669  Dividends payable and other current liabilities  21,903    14,696  Total current liabilities  1,559,088    1,592,103  Long-term debt, net  933,983    866,075  Operating leases, less current maturities  278,654    280,836  Deferred tax liabilities, net  74,469    79,598  Income taxes payable, less current portion  6,210    6,210  Contingent consideration, less current portion  3,064    4,007  Pension and other postretirement benefits, less current portion  130,678    129,870  Other long-term liabilities  52,538    52,746  Total liabilities  3,038,684    3,011,445   Redeemable noncontrolling interests  33,114    35,554  Stockholders’ equity:  Common stock — $0.01 par value; 300,000 shares authorized; 95,138 and 95,041 shares outstanding as of March 31, 2025 and December 31, 2024, respectively  951    950  Additional paid-in capital  796,920    801,099  Retained earnings  688,607    657,430  Accumulated other comprehensive loss  (148,664 )   (166,180 ) Total equity attributable to Dole plc  1,337,814    1,293,299  Equity attributable to noncontrolling interests  107,324    106,065  Total equity  1,445,138    1,399,364  Total liabilities, redeemable noncontrolling interests and equity $ 4,516,936   $ 4,446,363

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 March 31, 2025  March 31, 2024  (U.S. Dollars in thousands) Net income (Reported GAAP) $ 44,159   $ 65,436  (Income) loss from discontinued operations, net of income taxes  (30 )   6,051  Income from continuing operations (Reported GAAP)  44,129    71,487  Income tax expense  17,578    34,401  Interest expense  17,182    17,948  Mark to market losses (gains)  5,916    (2,870 ) (Gain) loss on asset sales  (2,441 )   31  Gain on disposal of businesses  (361 )   (73,950 ) Impairment of goodwill  —    36,684  Other items4  94    (1,800 ) Adjustments from equity method investments  (5,712 )   1,514  Adjusted EBIT (Non-GAAP)  76,385    83,445  Depreciation  24,813    21,848  Amortization of intangible assets  1,731    2,273  Depreciation and amortization adjustments from equity method investments  1,893    2,533  Adjusted EBITDA (Non-GAAP) $ 104,822   $ 110,099

____________________________________________ 4 For the three months ended March 31, 2025, other items is primarily comprised of $0.1 million of costs for legal matters. For the three months

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 March 31, 2025  March 31, 2024  (U.S. Dollars and shares in thousands, except per share amounts) Net income attributable to Dole plc (Reported GAAP) $ 38,912   $ 70,143  (Income) loss from discontinued operations, net of income taxes ... (30 )   6,051  Income from continuing operations attributable to Dole plc  38,882    76,194  Adjustments:  Amortization of intangible assets  1,731    2,273  Mark to market losses (gains)  5,916    (2,870 ) (Gain) loss on asset sales  (2,441 )   31  Gain on disposal of businesses  (361 )   (73,950 ) Impairment of goodwill  —    36,684  Other items5  94    (1,800 ) Adjustments from equity method investments  (7,444 )   531  Income tax on items above and discrete tax items  (1,941 )   14,319  NCI impact of items above  (1,360 )   (10,861 ) Adjusted Net Income for Adjusted EPS calculation (Non-GAAP) $ 33,076   $ 40,551   Adjusted earnings per share – basic (Non-GAAP) $ 0.35   $ 0.43  Adjusted earnings per share – diluted (Non-GAAP) $ 0.35   $ 0.43  Weighted average shares outstanding – basic  95,109    94,929  Weighted average shares outstanding – diluted  95,677    95,229

____________________________________________ 5 For the three months ended March 31, 2025, other items is primarily comprised of $0.1 million of costs for legal matters. For the three months

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 March 31, 2025 (U.S. Dollars in thousands) Revenues, net Cost of sales Gross profit Gross
Margin % Selling,
marketing,
general and
administrative expenses Other
operating
items6 Operating
Income  Reported (GAAP)  $ 2,099,404 (1,917,211) 182,193 8.7% (118,412) 4,124 $ 67,905 (Income) loss from discontinued operations, net of income taxes  — — —  — —  — Amortization of intangible assets  — — —  1,731 —  1,731 Mark to market losses (gains)  — 200 200  — —  200 (Gain) loss on asset sales  — — —  — (2,441)  (2,441) Gain on disposal of businesses  — — —  — (361)  (361) Other items  — — —  94 —  94 Adjustments from equity method investments  — — —  — —  — Income tax on items above and discrete tax items  — — —  — —  — NCI impact of items above  — — —  — —  — Adjusted (Non-GAAP)  $ 2,099,404 (1,917,011) 182,393 8.7% (116,587) 1,322 $ 67,128

Three Months Ended March 31, 2024 (U.S. Dollars in thousands) Revenues, net Cost of sales Gross profit Gross
Margin % Selling,
marketing,
general and
administrative
expenses Other
operating
items7 Operating
Income  Reported (GAAP)  $ 2,121,374 (1,926,697) 182,193  9.2% (118,950) 36,406 $ 112,133 (Income) loss from discontinued operations, net of income taxes  — — —  — —  — Amortization of intangible assets  — — —  2,273 —  2,273 Mark to market losses (gains)  — (120) (120)  — —  (120) (Gain) loss on asset sales  — — —  — 31  31 Gain on disposal of businesses  — — —  — (73,950)  (73,950) Impairment of goodwill  — — —  — 36,684  36,684 Other items  — (1,800) (1,800)  — —  (1,800) Adjustments from equity method investments  — — —  — —  — Income tax on items above and discrete tax items  — — —  — —  — NCI impact of items above  — — —  — —  — Adjusted (Non-GAAP)  $ 2,121,374 (1,917,011) 182,393  9.1% (116,677) (829) $ 75,251

____________________________________________ 6 Other operating items for the three months ended March 31, 2025 is comprised of a gain on disposal of businesses of $0.4 million and gain of asset sales of $3.8 million, offset partially by other immaterial activity, as reported on the Dole plc GAAP Condensed Consolidated Statements of Operations. 7 Other operating items for the three months ended March 31, 2024 is comprised of a gain on disposal of businesses of $74.0 million, offset by a goodwill impairment charge of $36.7 million and impairment and asset write-downs of property, plant and equipment of $1.3 million, as reported on the Dole plc GAAP Condensed Consolidated Statements of Operations.

Three Months Ended March 31, 2025 (U.S. Dollars in thousands) Other
(expense)
income, net Interest
income Interest
expense Income tax
expense Equity
method
earnings Income from
continuing
operations Income (loss)
from
discontinued
operations, net
of income taxes  Reported (GAAP)  $ (348) 3,040 (17,182) (17,578) 8,292 44,129 $ 30 (Income) loss from discontinued operations, net of income taxes  — — — — — —  (30) Amortization of intangible assets  — — — — — 1,731  — Mark to market losses (gains)  5,716 — — — — 5,916  — (Gain) loss on asset sales  — — — — — (2,441)  — Gain on disposal of businesses  — — — — — (361)  — Other items  — — — — — 94  — Adjustments from equity method investments  — — — — (7,444) (7,444)  — Income tax on items above and discrete tax items  — — — (1,869) (72) (1,941)  — NCI impact of items above  — — — — — —  — Adjusted (Non-GAAP)  $ 5,368 3,040 (17,182) (19,447) 776 39,683 $ —

Three Months Ended March 31, 2024 (U.S. Dollars in thousands) Other
(expense)
income, net Interest
income Interest
expense Income tax
expense Equity
method
earnings Income from
continuing
operations Income (loss)
from
discontinued
operations, net
of income
taxes  Reported (GAAP)  $ 7,622 3,079 (17,948) (34,401) 1,002 71,487 $ (6,051) (Income) loss from discontinued operations, net of income taxes  — — — — — —  6,051 Amortization of intangible assets  — — — — — 2,273  — Mark to market losses (gains)  (2,750) — — — — (2,870)  — (Gain) loss on asset sales  — — — — — 31  — Gain on disposal of businesses  — — — — — (73,950)  — Impairment of goodwill  — — — — — 36,684  — Other items  — — — — — (1,800)  — Adjustments from equity method investments  — — — — 531 531  — Income tax on items above and discrete tax items  — — — 14,419 (100) 14,319  — NCI impact of items above  — — — — — —  — Adjusted (Non-GAAP)  $ 4,872 3,079 (17,948) (19,982) 1,433 46,705 $ —

Three Months Ended March 31, 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)  $ 44,159  $ (5,247 ) $ 38,912  $ 0.41 (Income) loss from discontinued operations, net of income taxes  (30 )  —   (30 )  Amortization of intangible assets  1,731   —   1,731  Mark to market losses (gains)  5,916   —   5,916  (Gain) loss on asset sales  (2,441 )  —   (2,441 )  Gain on disposal of businesses  (361 )  —   (361 )  Other items  94   —   94  Adjustments from equity method investments  (7,444 )  —   (7.444 )  Income tax on items above and discrete tax items  (1,941 )  —   (1,941 )  NCI impact of items above  —   (1,360 )  (1,360 )  Adjusted (Non-GAAP)  $ 39,683  $ (6,607 ) $ 33,076  $ 0.35  Weighted average shares outstanding – diluted   95,677

Three Months Ended March 31, 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)  $ 65,436  $ 4,707  $ 70,130  $ 0.74 (Income) loss from discontinued operations, net of income taxes  6,051   —   6,051  Amortization of intangible assets  2,273   —   2,273  Mark to market losses (gains)  (2.870 )  —   (2,870 )  (Gain) loss on asset sales  31   —   31  Gain on disposal of businesses  (73,950 )  —   (73,950 )  Impairment of goodwill  36,684      36,684  Other items  (1,800 )  —   (1,800 )  Adjustments from equity method investments  531   —   531  Income tax on items above and discrete tax items  14,319   —   14,319  NCI impact of items above  —   (10,861 )  (10,861 )  Adjusted (Non-GAAP)  $ 46,705  $ (6,154 ) $ 40,551  $ 0.43  Weighted average shares outstanding – diluted   95,229

Supplemental Reconciliation of Prior Year Segment Results to Current Year Segment Results – Unaudited  Revenue for the Three Months Ended March 31,
2024  Impact of
Foreign
Currency
Translation  Impact of
Acquisitions
and Divestitures  Like-for-like
Increase
(Decrease)  March 31,
2025  (U.S. Dollars in thousands) Fresh Fruit $ 824,229   $ (37 )  $ —   $ 53,953   $ 878,145  Diversified Fresh Produce - EMEA  853,598    (19,446 )   (10,488 )   68,423    892,087  Diversified Fresh Produce - Americas & ROW  476,882    (1,531 )   (79,307 )   (32,631 )   363,413  Intersegment  (33,335 )   —    —    (906 )   (34,241 ) Total $ 2,121,374   $ (21,014 )  $ (89,795 )  $ 88,839   $ 2,099,404

Adjusted EBITDA for the Three Months Ended  March 31,
2024  Impact of
Foreign
Currency
Translation  Impact of
Acquisitions
and Divestitures  Like-for-like
Increase
(Decrease)  March 31,
2025  (U.S. Dollars in thousands) Fresh Fruit $ 69,435  $ 115    (52 )  $ (6,167 )  $ 63,331 Diversified Fresh Produce - EMEA  25,959   (745 )   (5 )   2,451    27,660 Diversified Fresh Produce - Americas & ROW  14,705   (108 )   (2,298 )   1,532    13,831 Total $ 110,099  $ (738 )  $ (2,355 )  $ (2,184 )  $ 104,822

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 March 31, 2025 is presented below. Net Debt as of March 31, 2025 was $742.1 million and Net Leverage was 1.9x.

March 31, 2025  December 31, 2024 (U.S. Dollars in thousands) Cash and cash equivalents (Reported GAAP) $ 254,878   $ 330,017  Debt (Reported GAAP):  Long-term debt, net  (933,983 )   (866,075 ) Current maturities  (44,744 )   (80,097 ) Bank overdrafts  (9,433 )   (11,443 ) Total debt, net  (988,160 )   (957,615 ) Add: Debt discounts and debt issuance costs (Reported GAAP)  (8,770 )   (9,531 ) Total gross debt  (996,930 )   (967,146 ) Net Debt (Non-GAAP) $ (742,052 )  $ (637,129 ) LTM Adjusted EBITDA (Non-GAAP)  386,926    392,203  Net Leverage (Non-GAAP)  1.9x    1.6x   Last Twelve Months ("LTM") Adjusted EBITDA  FY'24 Adjusted EBITDA  392,203    392,203  Less: Q1'24 Adjusted EBITDA  (110,099 )  Plus: Q1'25 Adjusted EBITDA  104,822  LTM Adjusted EBITDA $ 386,926   $ 392,203

Free Cash Flow from Continuing Operations Reconciliation – Unaudited  Three Months Ended  March 31, 2025  March 31, 2024  (U.S. Dollars in thousands) Net cash provided by operating activities - continuing operations (Reported GAAP) $ (78,789 )  $ (34,956 ) Less: Capital expenditures (Reported GAAP)8  (52,836 )   (18,238 ) Free cash flow from continuing operations (Non-GAAP) $ (131,625 )  $ (53,194 )

____________________________________________ 8 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 ended March 31, 2025 and March 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 and adding restructuring charges and costs for legal matters not in the ordinary course of business; 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 ended March 31, 2025 and March 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 and adding restructuring charges and costs for legal matters not in the ordinary course of business; 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 three months ended March 31, 2025, is calculated as subtracting the Adjusted EBITDA for the three months ended March 31, 2024 from the Adjusted EBITDA for the year ended December 31, 2024 and then adding Adjusted EBITDA for the three months ended March 31, 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 months ended March 31, 2025 and March 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 and adding restructuring charges and costs for legal matters not in the ordinary course of business; (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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250512191820/en/

Contacts

Investor Contact: 
James O'Regan, Head of Investor Relations, Dole plc
[email protected] 
+353 1 887 2794

Media Contact: 
Brian Bell, Ogilvy
[email protected] 
+353 87 2436 130

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