Dole plc

What they do

Dole grows, sources, distributes and markets more than 300 fresh produce products, sourcing from over 100 countries through owned farms, leased farms, independent growers, joint ventures and partnerships. It sells through retail, wholesale, foodservice and e-commerce channels under business-to-business and business-to-consumer brands. Since August 2025 the company has operated three reportable segments — Fresh Fruit, Diversified Fresh Produce EMEA, and Diversified Fresh Produce Americas & ROW — after exiting the Fresh Vegetables division.

Revenue drivers

• Diversified Fresh Produce EMEA — Largest segment by revenue at $1.11B in Q2 2026; includes businesses in Ireland, the Netherlands, Spain, Portugal, France, Italy, the U.K., Sweden, Denmark, South Africa, Czech Republic, Slovakia, Poland, Germany and Brazil, selling imported and local fresh produce, often under category-management partnership models with grocery retailers.
• Fresh Fruit — $972.8M of Q2 2026 revenue; market-leading vertically integrated production and distribution of bananas, pineapples and plantains, sourced mainly from Latin America and sold in North America, Europe, Latin America and Asia. Roughly one-third of bananas and 75% of pineapples are own-produced, and the segment also earns third-party cargo revenue on company-owned vessels.
• Diversified Fresh Produce Americas & ROW — $440.1M of Q2 2026 revenue; covers U.S., Canadian, Mexican, Chilean, Peruvian and Argentinian businesses marketing globally and locally sourced produce including avocados, kiwis, apples, berries and cherries. It was the segment that grew most in the quarter and partly offset weaker Fresh Fruit results.
• Commercial cargo and logistics — Part of Fresh Fruit: Dole sells available capacity on its company-owned vessels, which are primarily used to move bananas and pineapples between Latin America, North America and Europe.

Recent performance

Second quarter 2026 revenue rose 2.9% to $2,499M from $2,428M, helped by Diversified Fresh Produce Americas ROW and $30.3M of favorable foreign currency translation. Net income increased to $35.1M from $18.0M, though the prior year included a $35.0M loss in discontinued Fresh Vegetables operations. Adjusted EBITDA fell 14.8% to $116.8M from $137.1M on higher fruit sourcing costs in Fresh Fruit, partially offset by Americas ROW. Fresh Fruit Adjusted EBITDA dropped to $50.3M from $72.8M, while Americas ROW rose to $20.6M from $15.4M and EMEA slipped to $45.9M from $49.0M. Adjusted diluted EPS was $0.46 versus $0.55 a year earlier.

Strategy

Dole completed the sale of its Fresh Vegetables division to OG Holdco LLC for approximately $140.0M in August 2025 and reports those results as discontinued operations. It also completed the Ecuador port disposal on July 1, 2026, with gross proceeds of about $180.0M and expected net cash proceeds of approximately $95.0M after the $51.2M pre-closing purchase of remaining Ecuadorian Port Business interests, transaction costs, taxes and adjustments. Management said the port proceeds support continued investment in growth, including recent EMEA acquisitions and, post quarter end, the acquisition of the Greenfood Fresh Produce division in Scandinavia. The stated approach is a disciplined capital allocation and development pipeline within the fragmented produce industry, alongside mitigation of input-cost pressure through pricing, customer and supplier negotiations, and operational efficiencies.

Risks

• Agricultural and weather exposure — Fresh produce is vulnerable to windstorms, floods, drought, temperature extremes and crop disease, and the company cites prior hurricanes and the supply chain impacts of 2024 tropical storms in Honduras.
• Fruit sourcing cost inflation — Higher fruit sourcing costs in Fresh Fruit drove the Q2 2026 gross profit decline of $23.0M and the 14.8% Adjusted EBITDA decline.
• Trade policy and tariffs — The company flags evolving global trade policies, including the imposition of tariffs, as affecting supply chains, logistics, cost to market, demand and foreign exchange.
• Geopolitical, fuel and currency volatility — The Middle East conflict has raised global fuel prices and transportation costs, and changing central bank monetary policies have produced interest rate adjustments and volatile foreign exchange rates.

Outlook

Management described the Q2 2026 result as in line with expectations and targets full-year 2026 Adjusted EBITDA of approximately $400 million. The company points to the completed Ecuador port sale and the Greenfood Fresh Produce acquisition as evidence it can keep investing in growth while managing near-term cost pressure in Fresh Fruit.