Slide 1: First Quarter 2023 Results
First 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 Q1’23 Highlights 02 Operational Review 03 Financial Review 04 FY’23 Strategic Priorities 05 Q&A 06 Appendix QUARTER 1 RESULTS 2023 3
Slide 4: Speakers Today
Speakers Today Rory Byrne Johan Lindén Jacinta Devine CEO COO CFO QUARTER 1 RESULTS 2023 4
Slide 5: Q1'23 Highlights
Q1’23 HIGHLIGHTS
Slide 6: Q1'23 Highlights
Q1’23 Highlights ▪ Strong results delivered in Q1’23 driven by growth in Revenue – Continuing Operations1 Fresh Fruit and Diversified Fresh Produce EMEA Q1’23 Q1’22 Variance Variance LFL ▪ Announced agreement to sell Fresh Vegetables division to $2.0bn $2.0bn +1.0% +3.7% Fresh Express for gross proc
Slide 7: Operational Review
~~ [GRERATIONAL REVIEW
Slide 8: Operational Review Q1'23
Operational Review Q1’23 Fresh Fruit Diversified Fresh Produce EMEA Positive start to the year with improved Strong performance in U.K. and improved performance in Europe the main driver performance in South Africa contributed to Healthy supply & demand balance for positive start to the year bananas
Slide 9: Financial Review
FINANCIAL REVIEW
Slide 10: Group Results
Group Results Q1’23 Q1’22 Revenue - $’m 1,989 1,970 Income from continuing operations - $’m 35.0 28.6 Net Income - $’m 20.5 3.4 Net Income (Loss) attributable to Dole plc - $’m 14.2 (1.4) Diluted EPS from continuing operations - $ 0.30 0.26 Diluted EPS - $ 0.15 (0.01) Non-GAAP performance measures A
Slide 11: Segment Results – Continuing Operations
Segment Results – Continuing Operations $’m Q1’23 Q1’22 Adjusted Revenue Adjusted EBITDA Revenue EBITDA Fresh Fruit 799 69.2 750 60.4 Diversified Fresh Produce – EMEA 798 23.4 791 19.3 Diversified Fresh Produce – Americas & ROW 423 7.8 464 12.2 Intersegment (31) - (34) - Total 1,989 100.4 1,970 91.9
Slide 12: Fresh Fruit
Fresh Fruit REVENUE $’M Q1'23 REVIEW +6.5% ▪ 6.5% increase in revenue 750 799 YoY ▪ Increase driven by higher worldwide pricing of bananas and pineapples, and increases in volumes of bananas sold worldwide, partially offset by lower Q1'22 Q1'23 volumes of pineapples sold ▪ 14.6% increase in Adjusted
Slide 13: Diversified Fresh Produce EMEA
Diversified Fresh Produce EMEA REVENUE $’M -8.5% Q1'23 REVIEW +0.9% YoY -13.4% ▪ 0.9% increase in revenue primarily driven by 791 798 inflation-justified price increases across the segment, +7.3% offset partially by an unfavorable impact of $53.4 LFL million from foreign currency translation Q1'22 Q
Slide 14: Diversified Fresh Produce Americas & ROW
Diversified Fresh Produce AMERICAS & ROW REVENUE $’M Q1'23 REVIEW (8.8%) ▪ 8.8% decrease in revenue 464 YoY 423 ▪ Decrease driven by timing differences for the Chilean cherry season, as well as a challenging Q1'22 Q1'23 quarter for berries and grapes, partially offset by continued strong performance
Slide 15: Capital Allocation and Leverage
Capital Allocation and Leverage CAPEX Invest in our business Q1’23: $17.6m (1) Continuing Operations to drive long term growth Maintain leverage in line LEVERAGE Q1’23: 2.8x (2) with targeted level: 3.0x Q1’23: $0.08 Commitment to return DIVIDEND per share cash to shareholders 1. Total Group capital
Slide 16: FY'23 Strategic Priorities
FY’23 Strategic Priorities
Slide 17: 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 18: Q&A
Q&A
Slide 19: Appendix I: Non-GAAP Measures and Reconciliations
APPENDIX I Non-GAAP Measures and Reconciliations
Slide 20: Non-GAAP Measures
Non-GAAP Measures Dole plc’s results are determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). value uplift for biological assets and inventory related to the acquisition of Legacy Dole, adding impairment charges on property, plant and equipment, subtracting the fair
Slide 21: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation RECONCILIATION FROM NET INCOME TO ADJUSTED EBITDA - UNAUDITED Three Months Ended Mar 31, 2023 Mar 31, 2022 (U.S. Dollars in thousands) Net income (Reported GAAP) $20,483 $3,409 Loss from discontinued operations, net of income taxes 14,506 25,230 Income from continuing
Slide 22: 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 Mar 31, 2023 Mar 31, 2022 (U.S. Dollars in thousands, except per share amounts) Net income (loss) attributable to Dole plc (Reported GAAP) $14
Slide 23: Like for Like Analysis – Q1'23
Like for Like Analysis – Q1’23 Revenue for the Three Months Ended Impact of Foreign Impact of Like-for-like Mar 31, 2022 Foreign Currency Acquisitions and Increase Mar 31, 2023 Translation Divestitures (Decrease) (U.S. Dollars in millions) Fresh Fruit $749.8 $ - $ - $49.1 $798.9 Diversified Fresh Pr
Slide 24: Reconciliation of Adjusted EBITDA to Net Debt
Reconciliation of Adjusted EBITDA to Net Debt Mar 31, 2023 Mar 31, 2022 (U.S. Dollars in millions) Adjusted EBITDA – continuing operations $100.4 $91.8 Deduct EBITDA of equity method investments (5.2) (4.0) Interest paid (19.4) (9.9) Tax paid (8.2) (13.5) Other (0.1) 1.0 Operating cash flows before
Slide 25: Net Debt
Net Debt Mar 31, 2023 (U.S. Dollars in millions) Debt (Reported GAAP) Bank overdrafts (11.9) Current maturities (255.0) Long-term debt, net (1,014.0) Total debt, net (1,280.9) Less: Debt discounts and debt issuance costs (17.0) Total gross debt (1,297.9) Cash and cash equivalents 266.2 Net Debt (Non
Slide 26: Estimated 2022 Revenue and Adjusted EBITDA – Continuing Operations
Estimated 2022 Revenue and Adjusted EBITDA – Continuing Operations REVENUE Last Twelve Q1’22 Q2’22 Q3’22 Q4’22 FY’22 Q1’23 Months (U.S. Dollars in millions) Fresh Fruit $750 $806 $751 $740 $3,047 $799 $3,096 Diversified Fresh Produce - EMEA 791 850 760 752 3,153 798 3,160 Diversified Fresh Produce -
Slide 27: Contact: investors@doleplc.com
Contact: investors@doleplc.com