DAVY VIEW

Dole reported Q3 adjusted EBITDA of c.$84m (VA: $94m, c.11% miss). Growth was driven by Americas & ROW and partly offset by adverse weather and elevated shipping costs in Fresh Fruit. Management now anticipates FY26 adjusted EBITDA of $380-390m (previously c.$400m; c.3% midpoint miss to consensus), reflecting the weaker Q3 outcome and continued cost pressures into Q4. At first look, we expect mid-single-digit percentage reductions to our FY26 forecasts.