Slide 1: Second Quarter 2023 Results
Second Quarter 2023 RESU LTS
Slide 2: Disclaimer
Disclaimer Today’s presentation includes forward-looking statements that reflect Dole plc’s current views statement to reflect events or circumstances after the date on which such statement is made with respect to future events, financial performance, expected synergies and industry except as requir
Slide 3: Agenda
Agenda 01 Q2’23 Highlights 02 Operational Review 03 Financial Review 04 FY’23 Outlook 05 Q&A 06 Appendix QUARTER 2 RESULTS 2023 3
Slide 4: Speakers Today
Speakers Today Rory Byrne Johan Lindén Jacinta Devine CEO COO CFO QUARTER 2 RESULTS 2023 4
Slide 5: Q2'23 Highlights
— Q2’'23 HIGHLIGHTS
Slide 6: Q2'23 Highlights
Q2’23 Highlights Revenue – Continuing Operations1 ▪ Strong results delivered in Q2'23 driven by growth in Q2'23 Q2'22 Variance Variance LFL Fresh Fruit and Diversified Fresh Produce EMEA $2.1bn $2.1bn 4.4% 3.8% ▪ Revenue +4.4% and +3.8% on a LFL basis3 Adjusted EBITDA2 – Continuing Operations ▪ Adju
Slide 7: Operational Review
~~ [GRERATIONAL REVIEW
Slide 8: Operational Review Q2'23
Operational Review Q2'23 Fresh Fruit Diversified Fresh Produce Continued strong performance in Q2 with EMEA significantly improved performance in Europe and non-core markets the main driver Continued momentum in Q2 with strong performance in our Spanish, Dutch, Irish and Czech Healthy supply & deman
Slide 9: Financial Review
FINANCIAL REVIEW
Slide 10: Group Results
Group Results Q2'23 Q2'22 H1’23 H1’22 Revenue – continuing operations - $’m 2,141 2,051 4,130 4,021 Income from continuing operations - $’m 63.7 59.6 98.7 88.2 Net Income - $’m 52.3 48.4 72.8 51.8 Net Income attributable to Dole plc - $’m 42.3 41.3 56.4 39.9 Diluted EPS from continuing operations -
Slide 11: Segment Results – Continuing Operations
Segment Results – Continuing Operations $’m Q2'23 Q2'22 H1’23 H1’22 Adjusted Adjusted Adjusted Adjusted Revenue Revenue Revenue Revenue EBITDA EBITDA EBITDA EBITDA Fresh Fruit 839 65.8 806 56.3 1,638 135.0 1,555 116.7 Diversified Fresh Produce – EMEA 915 42.6 850 38.4 1,714 66.0 1,641 57.7 Diversifi
Slide 12: Fresh Fruit
Fresh Fruit REVENUE $’M Q2'23 REVIEW +4.1% ▪ 4.1% increase in revenue 806 839 YoY ▪ Increase driven by higher worldwide pricing of bananas and pineapples, and increases in volumes of bananas sold worldwide, partially offset by lower Q2'22 Q2'23 volumes of pineapples sold ▪ 16.9% increase in Adjusted
Slide 13: Diversified Fresh Produce EMEA
Diversified Fresh Produce EMEA REVENUE $’M -8.5% Q2'23 REVIEW +7.7% YoY -13.4% ▪ 7.7% increase in revenue primarily driven by price increases across the segment and a positive 850 915 contribution from acquisitions of $15.9 million. There +6.0% LFL was a negative $1.2 million impact from foreign Q2'
Slide 14: Diversified Fresh Produce Americas & ROW
Diversified Fresh Produce AMERICAS & ROW REVENUE $’M Q2'23 REVIEW (6.8%) ▪ 6.8% decrease in revenue YoY 448 418 ▪ Decrease driven primarily driven by lower volumes across the segment, partially offset by continued Q2'22 Q2'23 strong performance for potatoes and onions in North America and price incr
Slide 15: Capital Allocation and Leverage
Capital Allocation and Leverage CAPEX Invest in our business Q2'23: $18.0m (1) Continuing Operations to drive long term growth Maintain leverage in line LEVERAGE Q2'23: 2.6x (2) with targeted level: 3.0x Q2'23: $0.08 Commitment to return DIVIDEND per share cash to shareholders 1. Total Group capital
Slide 16: FY'23 Outlook & Strategic Priorities
FY’23 OUTLOOK & Strategic Priorities
Slide 17: FY'23 Outlook
FY’23 Outlook FY’23 Adjusted EBITDA – continuing operations Target: $350m Capital Expenditure ~ $110m 15.7917 in Interest Expense ~ $90m QUARTER 2 RESULTS 2023 17
Slide 18: FY'23 Strategic Priorities
FY’23 Strategic Priorities Efficiently Complete sale Maintain Continuing our focus on expanding managing our of Fresh disciplined our presence in fast growing operating costs Vegetables approach to categories such as berries, avocados in a high division capital and organic produce inflation allocati
Slide 19: Q&A
Q&A
Slide 20: Appendix I: Non-GAAP Measures and Reconciliations
APPENDIX I Non-GAAP Measures and Reconciliations
Slide 21: Non-GAAP Measures
Non-GAAP Measures Dole plc’s results are determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). subtracting asset write-downs from extraordinary events, net of insurance proceeds, subtracting the gain or adding the loss on the disposal of business interests, adding the
Slide 22: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation RECONCILIATION FROM NET INCOME TO ADJUSTED EBITDA - UNAUDITED Three Months Ended Six Months Ended Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 (U.S. Dollars in thousands) Net income (Reported GAAP) $52,307 $48,405 $72,790 $51,814 Loss from discontinued operation
Slide 23: Adjusted Net Income Reconciliation
Adjusted Net Income Reconciliation RECONCILIATION FROM NET INCOME ATTRIBUTABLE TO DOLE PLC SHAREHOLDERS TO ADJUSTED NET INCOME – UNAUDITED Three Months Ended Six Months Ended Jun 30, 2023 Jun 30, 2022 Jun 30, 2023 Jun 30, 2022 (U.S. Dollars in thousands, except per share amounts) Net income attribut
Slide 24: Like for Like Analysis – Q2'23
Like for Like Analysis – Q2'23 Revenue for the Three Months Ended Impact of Foreign Impact of Like-for-like Jun 30, 2022 Currency Acquisitions and Increase Jun 30, 2023 Translation Divestitures (Decrease) (U.S. Dollars in millions) Fresh Fruit $806 $ - $ - $33 $839 Diversified Fresh Produce - EMEA 8
Slide 25: Like for Like Analysis – H1'23
Like for Like Analysis – H1'23 Revenue for the Six Months Ended Impact of Foreign Impact of Like-for-like Jun 30, 2022 Currency Acquisitions and Increase Jun 30, 2023 Translation Divestitures (Decrease) (U.S. Dollars in millions) Fresh Fruit $1,555 $ - $ - $83 $1,638 Diversified Fresh Produce - EMEA
Slide 26: Reconciliation of Adjusted EBITDA to Net Debt
Reconciliation of Adjusted EBITDA to Net Debt Jun 30, 2023 Jun 30, 2022 (U.S. Dollars in millions) Adjusted EBITDA – continuing operations $223.1 $203.7 Deduct EBITDA of equity method investments (15.3) (12.0) Interest paid (39.8) (25.0) Tax paid (38.7) (33.3) Other 2.3 5.6 Operating cash flows befo
Slide 27: Net Debt
Net Debt Jun 30, 2023 (U.S. Dollars in millions) Debt (Reported GAAP) Bank overdrafts (20.3) Current maturities (268.2) Long-term debt, net (930.4) Total debt, net (1,218.9) Less: Debt discounts and debt issuance costs (16.1) Total gross debt (1,235.0) Cash and cash equivalents 231.1 Net Debt (Non-G
Slide 28: Last Twelve Months Adjusted EBITDA
Last Twelve Months Adjusted EBITDA ADJUSTED EBITDA Last Twelve Q1’22 Q2’22 Q3’22 Q4’22 FY’22 Q1’23 Q2’23 Months (U.S. Dollars in millions) Fresh Fruit $60.4 $56.3 $49.4 $39.4 $205.5 $69.2 $65.8 $223.9 Diversified Fresh Produce - EMEA 19.3 38.4 30.7 22.7 111.1 23.4 42.6 119.4 Diversified Fresh Produc
Slide 29: Contact: investors@doleplc.com
Contact: investors@doleplc.com