Dole plc has reported a solid third-quarter performance despite what the company describes as a challenging operating environment. Revenue increased 3.8% to $2.37 billion, while net income rose to $48.3 million from $13.8 million a year earlier. Adjusted EBITDA increased 4.1% to $84.1 million.
The company attributed the revenue growth primarily to positive performance in its Diversified Fresh Produce – Americas & ROW and Diversified Fresh Produce – EMEA businesses, together with a net positive impact of $47.4 million from acquisitions and divestitures. This was partially offset by lower revenue in the Fresh Fruit segment.
For the first nine months of 2026, Dole generated $7.21 billion in revenue, compared with $6.81 billion in the same period of 2025. Net income reached $121.2 million, while adjusted EBITDA stood at $301.1 million.
Fresh Fruit faces weather and cost pressures
Fresh Fruit revenue declined 8% to $818.7 million during the quarter, mainly due to tariff-related impacts, lower banana volumes in North America and reduced pineapple volumes in Europe following adverse weather conditions.
Despite the lower revenue, the segment’s adjusted EBITDA increased 6% to $28.8 million. Improved underlying banana pricing in North America and higher banana volumes in Europe helped offset higher pineapple production costs, the continued strength of the Costa Rican colón and elevated shipping and logistics expenses.
Weather remains an important factor for Dole’s fresh fruit operations, with the company highlighting the effects of El Niño on fruit availability. Higher fuel and shipping costs are also expected to remain a challenge during the final quarter of the year.
Diversified fresh produce drives growth
Dole’s Diversified Fresh Produce businesses continued to provide an important source of growth.
In EMEA, revenue increased 9.3% to $1.09 billion, mainly reflecting the acquisition of Greenfood Fresh Produce in Scandinavia and underlying growth in the region. On a like-for-like basis, revenue increased 4.1%. Adjusted EBITDA, however, declined 3.1%, with weaker performance in the Netherlands and Spain partly offset by stronger results in Scandinavia, Ireland and the UK.
The Americas & ROW segment delivered stronger momentum, with revenue rising 14.1% to $479.2 million. Growth was driven by higher volumes in North America, particularly in kiwi, avocados, grapes and tomatoes. Adjusted EBITDA increased 22.8% to $15.8 million.
Greenfood integration progresses
Dole completed the acquisition of Greenfood Fresh Produce in Scandinavia on 2 July 2026. The business strengthens Dole’s position in the Nordic fresh produce market, while the group is now progressing plans for the long-term development of the Helsingborg facility.
The company plans to incorporate advanced warehouse automation and robotics technology at the site to improve operational efficiency and strengthen its Scandinavian platform.
Ecuador port sale strengthens the balance sheet
Another significant factor in the quarter was the completion of the sale of Dole’s Ecuadorian port business. The transaction generated a $48.6 million pre-tax gain and contributed to a significant improvement in the group’s financial position.
Net debt stood at $491.3 million at the end of September, while net leverage fell to 1.3 times, compared with 2.0 times at the end of June. Dole reported net cash proceeds of $126.7 million for the first nine months, with cumulative net proceeds from the transaction expected to be approximately $95 million after taxes, transaction costs and other adjustments.
The group also continued its capital return programme, repurchasing $10 million of shares during the quarter, bringing total share repurchases for the first nine months of the year to $24.6 million.
Dole lowers full-year EBITDA target
Looking ahead, Dole expects its performance to improve year on year during the fourth quarter, although at a lower level than anticipated when it reported its second-quarter results.
The company has revised its full-year 2026 adjusted EBITDA target to between $380 million and $390 million, compared with the approximately $400 million target previously communicated. Elevated fuel and shipping costs remain a key factor, while weather conditions and the effects of El Niño continue to influence fruit availability.
For its Fresh Fruit business in particular, Dole expects higher shipping fuel costs in Europe to have an impact of approximately $16 million against its original 2026 expectations. Fuel surcharge mechanisms in North America provide greater protection against these costs.
Despite the pressures affecting the business, Executive Chairman Carl McCann said the strategic measures taken over the past 18 months had left Dole “a more focused company” with greater financial flexibility to support its future development.
