DAVY VIEW

We are upgrading our FY25 adjusted EBITDA forecasts by c.3.5% to c.$393m following Dole’s strong performance in Q1-25. We continue to believe Dole’s current valuation undervalues its strong track record of profit delivery and the significant progress made in deleveraging its balance sheet, presenting an attractive investment opportunity amid recent share price weakness. We reiterate our ‘Outperform’ rating and share price target of $19, implying c.40% upside to the current market price.