Dole plc reported its financial results for the fourth quarter and full year ended December 31, 2025.
Fourth quarter results
Revenue increased 9.2% to US$2.4 billion. Net income was US$6.0 million. Adjusted EBITDA was US$72.7 million. Adjusted net income totaled US$13.8 million. During the quarter, the company announced an agreement to sell port assets in Ecuador for expected net proceeds of approximately US$75 million.
Net income increased from a loss of US$31.6 million in the prior year period, which included a US$61.2 million loss from discontinued operations related to the Fresh Vegetables division. On a continuing operations basis, net income declined from US$29.6 million to US$6.8 million, primarily due to a non-cash discrete tax charge, partly offset by higher equity method earnings.
© Dole
Adjusted EBITDA decreased 2.6%, or US$1.9 million, mainly due to higher fruit costs in the Fresh Fruit segment. This was partially offset by performance in the Diversified Fresh Produce Americas and Rest of World segment and a favorable foreign currency impact of US$3.2 million. On a like-for-like basis, Adjusted EBITDA declined 6.1%.
Adjusted net income decreased 9.8% to US$13.8 million, reflecting lower Adjusted EBITDA and higher depreciation expense, partly offset by lower interest expense. Adjusted diluted EPS was US$0.14 compared to US$0.16 in the prior year.
Full year results
Revenue increased 8.2% to US$9.2 billion. Net income was US$82.0 million, with diluted EPS of US$0.53. Adjusted EBITDA totaled US$395.4 million. Adjusted net income was US$115.0 million, with adjusted diluted EPS of US$1.20. Net debt declined by US$30.7 million to US$606.5 million, with net leverage of 1.5 times. The board authorized share repurchases of up to US$100 million.
Full year revenue growth was driven by operational performance across segments and a US$169.4 million favorable foreign currency impact, partly offset by a US$111.0 million net negative impact from acquisitions and divestitures. On a like-for-like basis, revenue increased 7.5%.
Net income declined from US$143.4 million in the prior year, which included a gain on disposal of the Progressive Produce business. The current year included higher losses in discontinued operations, non-cash fair value losses, a non-cash tax charge, and impairment charges. These were partly offset by insurance proceeds, higher equity method earnings, lower interest expense, and gains on asset sales.
Adjusted EBITDA increased 0.8% year on year, supported by performance in the Diversified Fresh Produce segments and foreign currency effects, partly offset by lower Fresh Fruit results. On a like-for-like basis, Adjusted EBITDA decreased 0.5%.
The company is targeting an Adjusted EBITDA of at least US$400 million for the coming financial year.
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For more information:
James O'Regan
Dole
Tel: +353 1 887 2794
Email: [email protected]
www.doleplc.com
