DAVY VIEW

Dole delivered robust Q2 adjusted EBITDA growth of +9.3% to c.$137m, c.9% ahead of consensus, driven by a strong performance across the Diversified Fresh Produce segments. Given its strong H1-25 performance and positive momentum into H2-25, Dole now anticipates FY25 adjusted EBITDA of $380m to $390m (previously “at least” $380m). At first look, we see upside to our current forecasts (Davy: $393m). Following today’s outcome and the recent successful sale of its Fresh Vegetables business, we see Dole’s sustained earnings momentum and the meaningful upside from the transaction as materially undervalued by the market, creating a compelling investment opportunity.