Dole plc

Group revenue was $2.5 billion, up 2.9% reported and 1.7% on a like-for-like basis. Adjusted EBITDA was $117 million, down $20.4 million year over year, and adjusted diluted EPS was $0.46 versus $0.55 in Q2 2025. Gross profit decreased by $23 million, while net income from continuing operations was $35.1 million versus $52.9 million a year ago. By segment, Fresh Fruit revenue was $972.8 million and adjusted EBITDA was $50.3 million, Diversified EMEA revenue increased 1% reported and decreased 1.7% like-for-like with adjusted EBITDA down 6%, and Diversified Americas revenue increased 14% with adjusted EBITDA up $5.2 million to $20.6 million. For 2026, management reaffirmed routine CapEx of about $100 million and now targets full-year adjusted EBITDA of approximately $400 million, with the second half expected to carry the full-year outcome. Management also said the Ecuador port sale is expected to generate approximately $95 million of net proceeds, and quarter-end net debt was $746 million with net leverage of 2.0x; pro forma leverage would have been about 1.6x.

Rory Byrne said the quarter showed the resilience of Dole’s diversified model, with strong consumer demand and Diversified Americas helping offset Fresh Fruit pressure from higher fuel and shipping costs tied to Middle East disruption. He emphasized continued capital discipline, highlighting the Ecuador port sale, the Greenfood Fresh Produce acquisition in Scandinavia, and smaller bolt-on deals as examples of where the company sees the best long-term returns. His tone was constructive but cautious, repeatedly stressing that the operating backdrop remains complex and forecasting remains difficult.

Jacinta Devine walked through the quarter’s financial bridge: revenue of $2.5 billion, gross profit down $23 million, SG&A higher due mainly to a nonrecurring legal settlement charge, and other income up $22.6 million from favorable unrealized FX movements. She said adjusted EBITDA was $117 million, adjusted net income fell by $9.4 million, and adjusted diluted EPS was $0.46. On cash and capital structure, she noted capex was circa $25 million, routine full-year 2026 CapEx guidance remains approximately $100 million, net debt was $746 million, and net leverage was 2.0x, or about 1.6x pro forma after the Ecuador port sale; she also said first-half free cash flow improved significantly versus last year and expects leverage to end the year below current levels.

Analysts focused on why full-year adjusted EBITDA guidance was lowered to approximately $400 million and how much of the Q2 headwind came from fuel/logistics costs versus timing of recovery mechanisms. Rory said the backdrop is unusually hard to predict, but fuel surcharges come in a quarter in arrears and should help in Q3 and Q4, and he still sees $400 million as a satisfactory outcome given the challenges. Questions also centered on super El Niño risk, capital allocation, and Fresh Fruit margins; management said weather risk is being actively managed through irrigation, drainage, and diversification, and that margin aspiration in Fresh Fruit is to get above the historical 5% to 6% level over time, helped by Honduras coming back on stream and better production/logistics conditions.