Slide 1: Fourth Quarter and Full Year 2022 Results
Fourth Quarter and Full Year 2022 RESU LTS
Slide 2: Disclaimer
Disclaimer Today’s presentation includes forward-looking statements that reflect Dole plc’s current views IPO. Although we believe that the expectations reflected in this presentation are reasonable, with respect to future events, financial performance, expected synergies and industry we cannot guar
Slide 3: Agenda
Agenda 01 Q4’22 & FY’22 Highlights 02 Operational Review 03 Sustainability Update 04 Financial Review 05 FY’23 Strategic Priorities 06 Q&A 07 Appendix I QUARTER 4 RESULTS 2022 3
Slide 4: Speakers Today
Speakers Today Rory Byrne Johan Lindén Jacinta Devine CEO COO CFO QUARTER 4 RESULTS 2022 4
Slide 5: Q4'22 & FY'22 Highlights
=" Q4'22 & FY’22 ; HIGHLIGHTS
Slide 6: FY'22 Key Developments
FY’22 Key Developments First full financial year post creation of Dole plc Good progress made on integration of legacy businesses and rebranding of European operations Launch of Dole Exotics and “BE Exotic!” brand Released first Dole plc Sustainability Report, outlining medium to long term sustainab
Slide 7: Q4'22 Financial Highlights
Q4’22 Financial Highlights Revenue ▪ Strong results delivered in Q4’22 driven by robust Q4'22 Q4’21 Variance Variance LFL performance in Fresh Fruit $2.4bn $2.3bn +4.7% +10.2% ▪ Revenue +4.7% and +10.2% on a LFL basis1 Adjusted EBITDA ▪ Adjusted EBITDA +21.7% and +29.0% on a LFL basis Q4'22 Q4’21 Va
Slide 8: FY'22 Financial Highlights
FY’22 Financial Highlights Revenue ▪ Satisfactory group performance delivered in a challenging FY'22 FY’21 Pro-forma Variance Variance LFL operating environment $9.2bn $9.3bn (0.6%) +5.0% ▪ FY revenue and Adjusted EBITDA in line with guidance Adjusted EBITDA ▪ Revenue in line with prior year pro-for
Slide 9: Operational Review
~~ [GRERATIONAL REVIEW
Slide 10: Operational Review Q4'22
Operational Review Q4’22 Fresh Fruit Diversified Fresh Produce Fresh Vegetables Very strong performance to EMEA Turnaround plan yielding end the year, particularly in better results at turn of the North America and Commercial Good performance across the year Cargo operations segment, in the face of
Slide 11: Sustainability Update
SUSTAINABILITY UPDATE
Slide 12: Sustainability Update
Sustainability Update FY’22 Highlights FY’23 Disclosures 4% reduction in Scope 1 and Scope 2 emissions Further to our commitment First disclosure to CDP as Dole plc: achieved B rating in Climate to the Science Based Change Target Initiative (SBTi), Dole plc will set detailed Set 2030 goals for Dole
Slide 13: The Dole Way: ESG Goals and Commitments
The Dole Way: ESG Goals and Commitments QUARTER 4 RESULTS 2022 13
Slide 14: Financial Review
FINANCIAL REVIEW
Slide 15: Group Results
Group Results Q4'22 Q4'21 FY’22 FY’21 FY’21 Reported Pro-forma Revenue - $’m 2,356 2,251 9,229 6,454 9,286 Net Income (Loss) -$’m 13.3 (24.6) 111.7 16.8 177.6 Net Income (Loss) attributable to Dole plc -$’m 6.8 (29.3) 86.5 (7.2) 151.7 Diluted EPS - $ 0.07 (0.31) 0.91 (0.10) 1.60 Non-GAAP performance
Slide 16: Segment Results
Segment Results $’m Q4'22 Q4’21 FY’22 FY’21 Pro-forma Adjusted Adjusted Adjusted Adjusted Revenue Revenue Revenue d Revenue d EBITDA EBITDA EBITDA EBITDA Fresh Fruit 740 41.2 681 15.7 3,047 212.2 2,877 210.0 Diversified Fresh Produce – 752 23.6 815 29.4 3,152 114.7 3,438 131.1 Diversified Fresh Prod
Slide 17: Fresh Fruit
Fresh Fruit REVENUE $’M Q4’22 REVIEW +8.7% ▪ 8.7% increase in revenue 681 740 YoY ▪ Increase driven by higher worldwide banana pricing and higher commercial cargo revenues and Q4'21 Q4'22 increases in volumes of pineapples sold in core markets ▪ 162.7% increase in Adjusted EBITDA ADJUSTED EBITDA $’M
Slide 18: Diversified Fresh Produce EMEA
Diversified Fresh Produce EMEA REVENUE $’M -8.5% Q4’22 REVIEW (7.8%) YoY -13.4% ▪ 7.8% decrease in revenue driven by $117.3m 815 752 impact of foreign currency translation +6.9% ▪ On a LFL basis1, revenue increased 6.9%, driven by LFL Q4'21 Q4'22 higher pricing ▪ 19.5% decrease in Adjusted EBITDA dr
Slide 19: Diversified Fresh Produce Americas & ROW
Diversified Fresh Produce AMERICAS & ROW REVENUE $’M Q4’22 REVIEW +19.6% ▪ 19.6% increase in revenue 574 YoY ▪ Increase driven primarily by higher pricing and 480 volumes of cherries in Chile and strong growth in Q4'21 Q4'22 North American operations, particularly in sales of potatoes and onions ▪ A
Slide 20: Fresh Vegetables
Fresh Vegetables REVENUE $’M Q4’22 REVIEW -9.4% -5.2% +6.1% ▪ 6.1% increase in revenue 297 315 YoY ▪ Increase driven by price increases realized for value- added products and continued strong pricing of Q4'21 Q4'22 fresh-packed products, partially offset by lower volumes of both ▪ Adjusted EBITDA lo
Slide 21: Capital Allocation and Leverage
Capital Allocation and Leverage Q4'22: $31.4m Invest in our business CAPEX FY’22: $98.0m to drive long term growth Q4'22: $0.08 Commitment to return DIVIDEND per share cash to shareholders Maintain leverage in line LEVERAGE Q4'22: 3.0x (1) with targeted level: 3.0x (1) Net Debt / Adjusted EBITDA. Se
Slide 22: FY'23 Strategic Priorities
FY’23 Strategic Priorities
Slide 23: FY'23 Strategic Priorities
FY’23 Strategic Priorities Complete sale Efficiently Maintain Continuing our focus on expanding of Fresh managing our disciplined our presence in fast growing Vegetables operating costs approach to categories such as berries, avocados division in a high capital and organic produce inflation allocati
Slide 24: Q&A
Q&A
Slide 25: Appendix I: Non-GAAP Measures and Reconciliations
APPENDIX I Non-GAAP Measures and Reconciliations
Slide 26: 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, net of insurance proceeds, subtracting the gain or adding the loss on the disposal of business interests, adding the incremental costs from th
Slide 27: Non-GAAP Measures (Continued)
Non-GAAP Measures (CONTINUED) Pro-forma EBIT is calculated from pro-forma net income by adding pro-forma interest expense and adding the pro-forma income effect of these items attributable to non-controlling interests. tax expense or subtracting the pro-forma income tax benefit, as well as including
Slide 28: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation RECONCILIATION FROM NET INCOME TO ADJUSTED EBITDA - UNAUDITED Three Months Ended Year Ended Dec 31, 2022 Dec 31, 2021 Dec 31, 2022 Dec 31, 2021 Dec 31, 2021 Pro-forma (U.S. Dollars in thousands) Net income (Reported GAAP) $13,305 $(24,576) $111,690 $16,808 $177,551 Inc
Slide 29: 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 Year Ended Dec 31, 2022 Dec 31, 2021 Dec 31, 2022 Dec 31, 2021 Dec 31, 2021 Pro-forma (U.S. Dollars in thousands, except per share amounts) Ne
Slide 30: Like for Like Analysis – Q4'22
Like for Like Analysis – Q4’22 Revenue for the Three Months Ended Impact of Foreign Impact of Like-for-like Dec 31, 2021 Foreign Currency Acquisitions and Increase Dec 31, 2022 Translation Divestitures (Decrease) (U.S. Dollars in thousands) Fresh Fruit $680,881 $- $- $59,286 $740,167 Diversified Fre
Slide 31: Like for Like Analysis – FY'22
Like for Like Analysis – FY’22 Revenue for the Three Months Ended Impact of Foreign Impact of Like-for-like Dec 31, 2021 Foreign Currency Acquisitions and Increase Dec 31, 2022 Pro-forma Translation Divestitures (Decrease) (U.S. Dollars in thousands) Fresh Fruit $2,877,030 $- $- $170,119 $3,047,149
Slide 32: Reconciliation of Adjusted EBITDA to Net Debt
Reconciliation of Adjusted EBITDA to Net Debt Dec 31, 2022 Dec 31, 2021 (U.S. Dollars in millions) Adjusted EBITDA $337.7 $290.1 Deduct EBITDA of equity method investments (25.4) (120.4) Net Interest paid (53.6) (26.7) Tax paid (50.5) (26.9) Other 9.9 7.9 Operating cash flows before working capital
Slide 33: Net Debt
Net Debt Dec 31, 2022 (U.S. Dollars in millions) Debt (Reported GAAP) Bank overdrafts (8.6) Current maturities (97.4) Long-term debt, net (1,127.3) Total debt, net (1,233.3) Less: Debt discounts and debt issuance costs (17.9) Total gross debt (1,251.2) Cash and cash equivalents 228.8 Net Debt (Non-G
Slide 34: Financial Statements to Pro-Forma Reconciliation – FY'21
Financial Statements to Pro-Forma Reconciliation – FY’21 Reconciliation from Reported Revenue to Pro-Forma Revenue Reconciliation from Reported Adjusted EBITDA to Pro-Forma Adjusted EBITDA Year Ended Year Ended Dec 31, 2021 Dec 31, 2021 (U.S. Dollars in thousands) (U.S. Dollars in thousands) Adjuste
Slide 35: Contact: investors@doleplc.com
Contact: investors@doleplc.com