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 Group
Revenue of $2.4 billion, an increase of 9.2%
Net Income of $6.0 million
Adjusted EBITDA¹ of $72.7 million, ahead of market expectations
Adjusted Net Income¹ of $13.8 million
Announced 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 Fruit
Revenue of $9.2 billion, an increase of 8.2%
Net Income of $82.0 million, and Diluted EPS of $0.53
Adjusted EBITDA¹ of $395.4 million, ahead of our latest guidance and market expectations
Adjusted Net Income¹ of $115.0 million and Adjusted Diluted EPS of $1.20
Net Debt¹ of $606.5 million, a reduction of $30.7 million, and Net Leverage¹ of 1.5x
Board 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

	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

	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

)

Dole plc Reports Fourth Quarter and Full Year 2025 Financial Results