DAVY VIEW

We maintain our adjusted EBITDA forecasts for FY26 and FY27 at $422m and $450m respectively, with a recovery in Fresh Fruit and continued strength in the Diversified business expected to drive growth. While we anticipate higher-than-expected below-the-line items to weigh on our earnings forecasts, we still expect adjusted EPS to grow c.15% year-on-year (yoy) in both FY26 and FY27. We believe Dole has reached an inflection point in its equity story, with the investment case now largely de-risked from an operational, financial and macro perspective. Despite this, the shares remain meaningfully undervalued on both a relative and fundamental basis. We maintain our ‘Outperform’ rating and share price target of $21.5 (c.40% upside).