Slide 1: Q3 2021 Results
Q3 2021 Results December 3, 2021
Slide 2: Disclaimer
Disclaimer Today’s presentation includes forward-looking statements that reflect Dole plc’s current views with respect to future events, financial performance and industry conditions. These forward-looking statements are subject to various risks and uncertainties that may cause actual results to dif
Slide 3: Agenda
Agenda YTD Dole plc Financial Operational Highlights Overview Review Review ESG Outlook and Q&A Update Strategy Q3 2021 Financial Results 3
Slide 4: Speakers Today
Speakers Today Rory Byrne Johan Lindén Frank Davis CEO COO CFO Q3 2021 Financial Results 4
Slide 5: YTD Highlights
YTD Highlights Pro-Forma Revenue • Successful completion of Dole plc IPO 9 months 9 months Variance • Completion of $1.44bn refinancing Sep’21 Sep’20 • Strong results delivered within a complex economic $7.1bn $6.8bn +4.5% environment • Diversified business model and wide geographic footprint provid
Slide 6: Dole plc Overview
Dole plc Overview
Slide 7: A Global Leader in Fresh Produce
A Global Leader in Fresh Produce • We produce, market and distribute an extensive 2020 2020 variety of fresh fruits and vegetables Pro-Forma Pro-Forma Adj Revenue EBITDA • Our produce is sourced both locally and from around $9.0bn $372m the world from our deep sourcing network • Sales in over 80 cou
Slide 8: Global Reach & Resources
Global Reach & Resources Global Facilities 254 Northern Europe 89 Marketplace Operations CZECH REP. SLOV FRANC AKIA E Ripening North Centres America Rest of 34 World 9 Global footprint Southern INDI A enables diversified 13 Europe 23 sourcing, improves customer fulfilment Salads and reduces risk Pla
Slide 9: Strategic Asset Base
Strategic Asset Base • Highly valuable strategic asset base, including over 250 facilities • Over 109,000 acres of owned farms and other land ~160 ~75 Distribution holdings Packing and Houses Manufacturing Facilities • Owned acreage combined with a multi-continental 12 sourcing model enables operati
Slide 10: Operational Review
Operational Review
Slide 11: Resilient Business Model
Resilient Business Model DIVERSIFIED DIVERSIFIED FRESH FRESH FRESH PRODUCE – FRESH PRODUCE - FRUIT VEGETABLES AMERICAS & ROW EMEA • Significant cost • Significant inflationary • Adverse weather • Supply chain disruption pressures following pressures due to U.S. events in Chile due to impact of hurri
Slide 12: Strategic Highlights
Strategic Highlights • Delivery of Dole Aztec and Dole Maya • Replanting in Honduras following hurricane damage • Investment in packing and cooling assets • Reorganization of Dutch businesses • Integration of management teams following Merger Q3 2021 Financial Results 12
Slide 13: Synergy Update
Synergy Update PRODUCTS REGIONS SOURCING LOGISTICS Accelerated strategic Increased collaboration Collaborative sourcing from Increased collaboration development of high growth between Total Produce and key production regions in across inland freight and products such as Avocados, Dole Food Company i
Slide 14: Financial Review
Financial Review
Slide 15: Pro-Forma Financial Results
Pro-Forma Financial Results Pro-Forma Revenue $’bn +4.5% Financial Commentary 6.8 7.1 • Growth in both Diversified Fresh Produce divisions +0.3% and Fresh Vegetables contributed to YTD’21 PF Revenue growth 2.3 2.3 • Q3’21 PF Revenue slightly ahead of prior year Q3 20 Q3 21 YTD 20 YTD 21 Pro-Forma Ad
Slide 16: Pro-Forma Financial Results
Pro-Forma Financial Results YTD Q3’21 Q3’20 YTD’21 YTD’20 Variance Revenue - $’m 2,317 2,310 7,075 6,768 +4.5% Adjusted EBITDA - $’m 59.7 92.4 337.7 299.9 +12.6% Adjusted Net Income - $’m 3.7 30.9 131.6 107.5 +22.5% Adjusted Fully Diluted EPS - $ $0.04 $0.32 $1.39 $1.13 +22.5% Q3 2021 Financial Resu
Slide 17: Fresh Fruit
Fresh Fruit Pro-Forma Revenue $’m Financial Commentary +2.7% • Q3’21 PF Revenue down 0.8% due to lower Banana volumes in 2,159 2,217 North America (“NA”), lower Banana pricing in Europe, and lower Pineapple pricing in NA -0.8% • YTD’21 PF Revenue ahead due to higher Banana pricing in NA, higher Pine
Slide 18: Fresh Vegetables
Fresh Vegetables Pro-Forma Revenue $’m Financial Commentary +4.3% • Q3’21 PF Revenue slightly ahead due to strong pricing in Valued Added Salads, offset by lower volumes and pricing in 984 943 Fresh Packed Vegetables +1.0% • YTD’21 PF Revenue up 4.3% due to higher pricing and volumes in Value Added
Slide 19: Diversified Fresh Produce Americas & ROW
Diversified Fresh Produce Americas & ROW +5.2% Pro-Forma Revenue $’m Financial Commentary 1,302 1,237 • Q3’21 PF Revenue up 4.0% on prior year due to strong performance of Berry category, partially offset by port related challenges in NA export business +4.0% • YTD’21 PF Revenue 5.2% ahead of prior
Slide 20: Diversified Fresh Produce EMEA
Diversified Fresh Produce EMEA +5.9% Pro-Forma Revenue $’m 2,629 Financial Commentary 2,481 • Q3’21 PF Revenue decreased 0.8% due to the divestment of a business, partially offset by incremental contributions from step up acquisitions and favorable FX movements -0.8% • YTD’21 PF Revenue 5.9% ahead o
Slide 21: Capital Allocation and Leverage
Capital Allocation and Leverage YTD’21 Capex: Invest in our business to Capex $153m drive long term growth Q3’21 Dividend Commitment to return Dividend $0.08 per share cash to shareholders Q3’21 Net Debt / Pro-Forma Maintain leverage in line Leverage LTM Adjusted EBITDA: with targeted level: 3.0x 2.
Slide 22: ESG Update
eS fe eg es ESG Update
Slide 23: Continuous Deep Commitment to Sustainability
Continuous Deep Commitment to Sustainability ENVIRONMENTAL ETHICAL & SOCIAL ECONOMIC Energy Water & soil Waste Nutrition Our Communities Food safety Risk management people Reduce, Remove, Promotion, Nurture & Investment, Reduction & Recycle & Reduce & Sponsorship & Develop Support & Structure Strate
Slide 24: Sustainability Integration
Sustainability Integration • Dole plc will finalize a new combined set of goals, framework and materiality assessment during H1’22 Lowest Ecological Footprint(1) • Dole plc will disclose its emissions as a combined entity to CDP for the first time in 2022 • Data will include Scope 1 and 2 emissions
Slide 25: Outlook and Strategy
Outlook and Strategy
Slide 26: Outlook
Outlook Metric FY’20 Actual FY’21 Outlook Pro-Forma Revenue $9.0bn $9.2bn - $9.4bn Pro-Forma Adjusted EBITDA $372m $390m-$400m Q3 2021 Financial Results 26
Slide 27: Multi-Faceted Strategy for Sustainable Long-Term Growth
Multi-Faceted Strategy for Sustainable Long-Term Growth Continue to focus on synergistic Expand market M&A in a penetration across fragmented and global footprint – “Grow the Core” growing market Grow Expand market share presence in faster from continued growing categories: product innovation Avocad
Slide 28: Q&A
Q&A
Slide 29: Appendix I
Appendix I Additional Company Information
Slide 30: Divisional Overview
Divisional Overview DIVERSIFIED DIVERSIFIED FRESH FRESH FRESH PRODUCE – FRESH PRODUCE - FRUIT VEGETABLES AMERICAS & ROW EMEA #1 in North America and #2 in A leader in Fresh Packed Extensive sales and marketing Strong network of 100+ sales, Europe for conventional and Vegetables in the U.S. capabilit
Slide 31: Best-in-Class Executive Management
Best-in-Class Executive Management Management team supported by a global Years of Produce base of over 40,000 Experience employees across 29 countries 41 33 21 37 11 25 Carl McCann Rory Byrne Johan Lindén Frank Davis Jared Gale Jacinta Devine Chairman CEO COO CFO Chief Legal Officer Company Secretar
Slide 32: Appendix II
Appendix II Additional Financial Information
Slide 33: Pro-Forma Revenue
Pro-Forma Revenue $’m Q1 Q2 First 6 Q3 First 9 months months 2021 755 785 1,540 677 2,217 Fresh Fruit 2020 763 713 1,476 682 2,158 2021 328 332 660 324 984 Fresh Vegetables 2020 308 314 623 321 943 Diversified Fresh Produce – 2021 420 425 845 456 1,301 Americas & ROW 2020 382 417 799 438 1,237 Diver
Slide 34: Pro-Forma Adjusted EBITDA
Pro-Forma Adjusted EBITDA $’m Q1 Q2 First 6 Q3 First 9 months months 2021 92.5 86.7 179.2 17.9 197.1 Fresh Fruit 2020 61.5 55.5 117.0 38.2 155.2 2021 4.7 (1.4) 3.3 1.1 4.3 Fresh Vegetables 2020 8.5 8.4 16.9 11.5 28.4 Diversified Fresh Produce – 2021 10.4 18.4 28.8 4.6 33.4 Americas & ROW 2020 13.0 1
Slide 35: Net Leverage
Net Leverage $’m Q4’20 Q1’21 Q2’21 Q3’21 LTM PF Adjusted EBITDA - $’m 71.8 132.9 145.1 59.7 409.6 Net Debt September 30, 2021 - $’m 1,130.3 Net Debt / PF LTM Adjusted EBITDA - x 2.76x Q3 2021 Financial Results 35
Slide 36: Appendix III
Appendix III Reconciliation of Non GAAP Financial Measures to Related GAAP Measures
Slide 37: Net Income Reconciliation – Q3'21
Net Income Reconciliation – Q3’21 Reconciliation from Pro-Forma Net Income to Pro-Forma Adjusted Net Income – for the three months ended September 30, 2021 Q3 2021 Q3 2020 #039;000 #039;000 Profit for the financial year attributable to equity shareholders 29,893 18,556 Adjustments: Amortization of acquisi
Slide 38: Net Income Reconciliation – YTD'21
Net Income Reconciliation – YTD’21 Reconciliation from Pro-Forma Net Income to Pro-Forma Adjusted Net Income – for the nine months ended September 30, 2021 YTD 2021 YTD 2020 #039;000 #039;000 Profit (loss) for the financial year attributable to equity shareholders 159,787 12,855 Adjustments: Amortization
Slide 39: Adjusted EBITDA Reconciliation – Q3'21
Adjusted EBITDA Reconciliation – Q3’21 Reconciliation from Pro-Forma Net Income to Pro-Forma Adjusted EBITDA – for the three months ended September 30, 2021 Q3 2021 Q3 2020 #039;000 #039;000 Net income 37,163 24,771 Loss from discontinued operations, net of income taxes - - Interest expense from continuin
Slide 40: Adjusted EBITDA Reconciliation - YTD'21
Adjusted EBITDA Reconciliation - YTD’21 Reconciliation from Pro-Forma Net Income to Pro-Forma Adjusted EBITDA – for the nine months ended September 30, 2021 YTD 2021 YTD 2020 #039;000 #039;000 Net income 181,012 29,921 Loss from discontinued operations, net of income taxes - 43 Interest expense from conti
Slide 41: Financial Statements to Pro-Forma Reconciliation
Financial Statements to Pro-Forma Reconciliation Reconciliation from Statutory Revenue to Pro-Forma Revenue Q3 2021 Q3 2020 #039;000 #039;000 Revenue per Q3 Financial Statements of Dole plc 1,942,185 1,188,449 Incremental revenue of 100% of DFC * 383,208 1,133,824 Effect of intercompany transactions in pe