Dole plc (DOLE)

Dole plc reported second-quarter 2026 revenue of $2,499 million on 10 August, up 2.9 percent 1. Net income was $35.1 million, against $18.0 million a year earlier 1. Adjusted EBITDA, a measure of operating profit before interest, taxes and depreciation, fell to $116.8 million from $137.1 million 1.

The company said profit fell because fruit cost more to source in Fresh Fruit, its banana and pineapple business 1. Pineapple supply was also lower because of bad weather 1.

The Irish Times noted that the group had warned in May that the conflict in the Middle East could feed through to higher costs in the second quarter 6.

Executive Chairman Carl McCann said the group is targeting full-year Adjusted EBITDA of approximately $400 million for 2026 1. The sale of its port in Ecuador closed on 1 July 4.

On 23 October a non-executive director, Helen Nolan, told the company she intends to retire from the board on 31 December 2026 3.

Dole plc in its present form dates from 2021, when Total Produce, a Dublin group that grew out of Fyffes, merged with the US business Dole Food Company 5. Its shares began trading on the New York Stock Exchange after an offering that closed on 3 August 2021 2.

Revenue grew in each of the three years the latest annual report shows: $8.25 billion in 2023, $8.48 billion in 2024 and $9.17 billion in 2025 2. Gross profit, revenue minus the cost of the goods sold, was between $694 million and $718 million in those years 2.

In mid-March 2024 Dole sold its Progressive Produce business, which had been part of its Americas and rest-of-world segment 2. The sale brought a gain of $76.4 million that year 2. Dole also wrote off $36.7 million of goodwill, the extra amount paid for past purchases, in the first quarter of 2024 2.

Revenue rose 8.2 percent in 2025, mainly on stronger operations in every segment and a $169.4 million lift from currency movements 2. Sales dropped by $111.0 million because of businesses sold, chiefly Progressive Produce 2.

Profit did not follow revenue 2. Net income attributable to Dole plc fell to $51.3 million from $125.5 million 2. Fresh Fruit paid more for bananas, helped along by Tropical Storm Sara in Honduras, and also for pineapples and plantains 2.

A second drag was the Fresh Vegetables division, which Dole agreed to sell to OG Holdco LLC for about $140.0 million and closed on 5 August 2025 2. Its results are reported as discontinued operations, a loss of $46.0 million for the year against $28.9 million before 2.

In November 2025 the board authorized buying back up to $100.0 million of ordinary shares 2. In December 2025 Dole agreed to sell its port in Guayaquil, Ecuador, which it expected to close in 2026 2. In the first quarter of this year revenue rose 11.6 percent to $2.4 billion 5.

Fresh Fruit

This segment grows and ships bananas, pineapples and plantains, mostly from Latin America, and also runs a cargo service on its own ships 2. Dole's own farms supply about one third of its bananas and 75 percent of its pineapples 2.

Fresh Fruit had revenue of $3.62 billion in 2025, up from $3.29 billion 2. In the second quarter of 2026 its revenue was $972.8 million and Adjusted EBITDA fell 30.9 percent, on fruit, shipping and fuel costs 1.

Diversified Fresh Produce, EMEA

This business markets imported and local fruit and vegetables through shops, wholesalers, restaurants and online across Europe, the Middle East and Africa 2. In many European countries it works with grocers to manage whole produce categories in their stores 2.

Its 2025 revenue was $4.02 billion, up from $3.61 billion 2. In the second quarter of 2026 revenue rose 1.0 percent, helped by a stronger Swedish krona and euro, while Adjusted EBITDA fell 6.2 percent on weaker results in South Africa, the Netherlands and Spain 1.

Diversified Fresh Produce, Americas and the rest of the world

This segment covers the US, Canada, Mexico, Chile, Peru and Argentina, and markets avocados, kiwis, apples, berries and cherries 2. Its 2025 revenue was $1.66 billion, down from $1.69 billion after the Progressive Produce sale 2.

In the second quarter of 2026 its revenue rose 13.9 percent and Adjusted EBITDA rose 33.8 percent, on kiwi and avocado volumes and the timing of the North American cherry season 1.

FreshFruitPortal reported that the gain came from kiwi and avocado volumes, the timing of the cherry crop and benefits following the restructuring of berry operations in late 2025 7.

Farms, ships and ports

Dole reports about 112,000 acres of farms and other land, and a fleet of nine refrigerated container carriers plus four owned and one leased conventional refrigerated ships 2. Its largest holdings are in Costa Rica and Honduras, growing bananas and pineapples 2.

People

Carl McCann is Executive Chair, Rory Byrne is Chief Executive Officer, Johan Lindén is Chief Operating Officer and Jacinta Devine is Chief Financial Officer 2. The group averaged 32,027 employees last year, and about 25 percent of full-time staff work under collective bargaining agreements 2.

Rivals

In bananas the annual report names Chiquita Brands International, Fresh Del Monte Produce, One Banana and Fyffes as the main competitors 2. Fresh Del Monte Produce is named as the main rival in pineapples, and Driscoll Strawberry Associates and Naturipe Farms among the berry competitors 2.

Current problems

The annual report lists Tropical Race 4, a banana crop disease, weather, shipping and fuel costs among its risks 2. In the second quarter of 2026 Dole took a non-recurring charge to settle a historical legal matter and some restructuring costs 1.

The umbrella, in words

The DOLE brand is described in the annual report as the most trusted brand for fresh fruit and vegetables in the US, and some unaffiliated parties may use it royalty-free for certain products 2. Dole sold the right to use the brand for fresh fruit in Asia, Australia and New Zealand, and for certain packaged foods and juices worldwide 2.

Its Swedish arm, Dole Nordic, completed the purchase of Greenfood AB's fresh produce division on 2 July 2026 5. Dole earned $30.7 million last year from equity method earnings, its share of results of companies it owns in part 2. It also reports $30.7 million of net income belonging to noncontrolling interests, the minority owners of its subsidiaries 2.

David Murdock and his affiliates were the majority owner of Legacy Dole before the 2021 merger 2. Pale Fire Capital SICAV, a Czech investment fund, reports it owns 9,634,264 shares, about 10.2 percent of the total, in a Schedule 13D amendment filed on 14 October 2026 8.

Dole said on 10 August that it is targeting full-year 2026 Adjusted EBITDA of approximately $400 million 1. It continues to expect routine capital spending of approximately $100 million and interest expense of approximately $58 million for the full year 1.

The company said some of the sharp cost increases of the second quarter appear to be moderating, and it expects to gain from contract pricing and cost savings in Fresh Fruit 1. It also said fuel and shipping costs remain elevated 1.

The proceeds of the Ecuador port sale, about $95.0 million in total, will show in third-quarter net debt, the company said 1. As of 30 June 2026, $85.4 million remained available under the share repurchase program 1.

The Greenfood purchase brings a 26,500 square metre distribution site in Helsingborg, Sweden, which Dole said gives it a base for investing in warehouse automation and robotics 5. Ms. Nolan's retirement from the board takes effect on 31 December 2026 3.