DAVY VIEW

Dole delivered a solid Q3 performance, with like-for-like (LFL) revenue growth up 8.2% and adjusted EBITDA of c.$81m coming in c.2% ahead of consensus. Given its resilient Q3-25 performance and positive momentum into the final quarter, Dole has raised its full year adjusted EBITDA to the upper end of its previously guided range of ‘$380m to $390m’, marking its third consecutive guidance upgrade in FY25. The Board has authorised up to $100m in the aggregate share repurchases. We believe this decision will be viewed favourably by the market, particularly given Dole’s improving balance sheet flexibility. We maintain our ‘Outperform’ rating and share price target of $21.5 (c.64% upside).