DAVY VIEW

Dole delivered FY25 adjusted EBITDA of c.$395m, coming in above its guidance and beating consensus forecasts. Modest progress was made on balance sheet improvements, with leverage reduced to 1.5x (FY23: 1.6x); management also initiated part of its Board-authorised $100m share buyback programme post year-end. Dole’s initial FY26 guidance calls for adjusted EBITDA to be ‘at least’ $400m (consensus: c.$408m, Davy: $422m). At first look, we envisage limited changes to our forecasts.