DAVY VIEW

Dole delivered a resilient Q2 outcome, with adjusted EBITDA of c.$117m c.7% ahead of VA consensus. Fresh Fruit was the principal drag, while strong Diversified Americas & ROW growth provided a key offset. Despite the quarterly beat, management softened the FY26 guidance to “approximately $400m” from “at least $400m” (VA: $404m), reflecting continued uncertainty around fuel, shipping and geopolitics. Beyond this near-term macro volatility, we maintain our view that Dole has become materially de-risked from both an operational and financial perspective, with further evidence of increased investment activity likely to be an important catalyst for a re-rating of the equity.