DAVY VIEW

We are upgrading our FY25 and FY26 adjusted EBITDA forecasts by c.2% and c.3% to $400m and $421m respectively. The Fresh Vegetables sale resets Dole’s equity story. Balance sheet strength and refocused execution are set to unlock growth and reinforce consistent earnings momentum. We see the recent share price move and valuation as disconnected from fundamentals, creating a compelling entry point. We are raising our share price target to $21.5, implying c.57% upside.