Dole plcDOLE
Dole plc Segments Disclosure
SEGMENTS
Accounting for the exit from the Fresh Vegetables division, Dole has the following three reportable segments, which align with the manner in which the business is managed: Fresh Fruit, Diversified Fresh Produce – EMEA and Diversified Fresh Produce – Americas & ROW. The Company’s reportable segments are based on (i) financial information reviewed by the CODM, defined as the CEO and COO, (ii) internal management and related reporting structures and (iii) the basis upon which the CODM assesses performance and allocates resources.
Fresh Fruit: The Fresh Fruit reportable segment primarily sells bananas, pineapples and plantains which are sourced from Dole-owned and leased farms or local growers, predominately located in Latin America, and sold throughout North America, Europe, Latin America and Asia. This segment also operates a commercial cargo business, which offers available capacity to transport third party cargo on company-owned vessels that are primarily used internally for transporting bananas and pineapples between Latin America, North America and Europe.
Diversified Fresh Produce – EMEA: The Diversified Fresh Produce – EMEA reportable segment includes Dole’s Irish, Dutch, Spanish, Portuguese, French, Italian, United Kingdom (“U.K.”), Swedish, Danish, South African, Czech, Slovakian, Polish, German and Brazilian businesses, the majority of which sell a variety of imported and local fresh fruits and vegetables through retail, wholesale, e-commerce and food service channels across the European marketplace.
Diversified Fresh Produce – Americas & ROW: The Diversified Fresh Produce – Americas & ROW reportable segment includes Dole’s United States (“U.S.”), Canadian, Mexican, Chilean, Peruvian and Argentinian businesses, all of which market globally and locally-sourced fresh produce, including avocados, kiwis, apples, berries and cherries, from third-party growers or Dole-owned farms to wholesale, retail-oriented marketing and specialist businesses.
Segment performance is evaluated based on a variety of factors, of which revenue and adjusted earnings before interest expense, income taxes and depreciation and amortization (“Adjusted EBITDA”) are the financial measures regularly reviewed by the CODM. The CODM uses Revenue and Adjusted EBITDA in assessing the performance of each segment. Revenue and Adjusted EBITDA are used to monitor budget versus actual operating results to evaluate the performance of a segment, make decisions on capital and operating funding, consider opportunities to increase profitability and establish management’s compensation. Management does not use assets by segment to evaluate performance or allocate resources. Therefore, assets by segment are not disclosed.
All transactions between reportable segments are eliminated in consolidation.
Adjusted EBITDA is reconciled below to net income by (1) adding the income or subtracting the loss from discontinued operations, net of income taxes; (2) subtracting the income tax expense or adding the income tax benefit; (3) subtracting interest expense; (4) subtracting depreciation charges; (5) subtracting amortization charges on intangible assets; (6) subtracting mark to market losses or adding mark to market gains related to unrealized impacts from certain derivative instruments and foreign currency denominated borrowings, realized impacts on noncash settled foreign currency denominated borrowings, net foreign currency impacts on liquidated entities and fair value movements on contingent consideration; (7) other items which are separately stated based on materiality, which, during the years ended December 31, 2025, December 31, 2024 and December 31, 2023, included subtracting impairment charges on goodwill, adding or subtracting asset write-downs from extraordinary events, net of insurance proceeds, adding the gain or subtracting the loss on the disposal of business interests, adding the gain or subtracting the loss on asset sales for assets held for sale and actively marketed property or sales-type leases, subtracting impairment charges or held for sale classification losses on property, plant and equipment and lease assets, adding interest income on deferred transaction consideration, subtracting acquisition and transaction costs, subtracting restructuring charges and costs for legal matters not in the ordinary course of business, subtracting debt refinancing expenses and subtracting costs incurred for the cyber-related incident; and (8) the Company’s share of these items from equity method investments.
The following tables provide revenue, other segment items and Adjusted EBITDA by reportable segment:
| Year Ended | |||||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| Segment Revenue | (U.S. Dollars in thousands) | ||||||||||||||||
| Fresh Fruit | $ | 3,615,127 | $ | 3,293,527 | $ | 3,135,866 | |||||||||||
| Diversified Fresh Produce – EMEA | 4,016,573 | 3,608,692 | 3,432,945 | ||||||||||||||
| Diversified Fresh Produce – Americas & ROW | 1,656,207 | 1,686,281 | 1,800,168 | ||||||||||||||
| Total segment revenue | 9,287,907 | 8,588,500 | 8,368,979 | ||||||||||||||
| Intersegment revenue | (115,000) | (113,157) | (123,711) | ||||||||||||||
| Total consolidated revenue, net | $ | 9,172,907 | $ | 8,475,343 | $ | 8,245,268 | |||||||||||
Segment Adjusted EBITDA:1 | |||||||||||||||||
| Fresh Fruit | $ | 189,842 | $ | 214,848 | $ | 208,930 | |||||||||||
| Diversified Fresh Produce – EMEA | 149,981 | 131,504 | 133,570 | ||||||||||||||
| Diversified Fresh Produce – Americas & ROW | 55,553 | 45,851 | 42,618 | ||||||||||||||
| Adjustments: | |||||||||||||||||
| Income tax expense | (71,003) | (75,649) | (43,591) | ||||||||||||||
| Interest expense | (66,541) | (72,264) | (81,113) | ||||||||||||||
| Depreciation | (105,559) | (91,262) | (93,970) | ||||||||||||||
| Amortization of intangible assets | (7,102) | (7,556) | (10,198) | ||||||||||||||
| Mark to market gains (losses) | (18,753) | 10,139 | (2,524) | ||||||||||||||
| Gain on asset sales | 12,254 | 125 | 52,495 | ||||||||||||||
| Gain on disposal of businesses | 606 | 76,417 | — | ||||||||||||||
| Cyber-related incident | — | — | (5,321) | ||||||||||||||
| Impairment of goodwill | — | (36,684) | — | ||||||||||||||
| Insurance proceeds, net of asset write-downs | 16,812 | 2,878 | (3,205) | ||||||||||||||
| Impairment of property, plant and equipment and lease assets | (10,611) | (740) | — | ||||||||||||||
| Restructuring and costs for legal matters | (3,786) | (459) | — | ||||||||||||||
| Debt refinancing expenses | (3,182) | — | — | ||||||||||||||
| Other items | (1,115) | 7 | 287 | ||||||||||||||
| Items in equity method earnings: | |||||||||||||||||
| Dole’s share of depreciation | (7,911) | (6,397) | (7,224) | ||||||||||||||
| Dole’s share of amortization | (684) | (2,201) | (2,513) | ||||||||||||||
| Dole’s share of income tax expense | (6,993) | (4,858) | (5,826) | ||||||||||||||
| Dole’s share of interest expense | (4,673) | (3,806) | (5,348) | ||||||||||||||
| Dole’s share of gain on disposal of businesses | 11,176 | — | — | ||||||||||||||
| Dole’s share of other items | (377) | (7,594) | 460 | ||||||||||||||
| Income from continuing operations | 127,934 | 172,299 | 177,527 | ||||||||||||||
| Loss from discontinued operations, net of income taxes | (45,959) | (28,880) | (21,818) | ||||||||||||||
| Net income | $ | 81,975 | $ | 143,419 | $ | 155,709 | |||||||||||
1 The difference between Segment Revenue and Segment Adjusted EBITDA is other segment items for each segment. Other segment items for each segment include the following: 1) cost of sales, inclusive of intersegment amounts and exclusive of depreciation and mark-to-market activity as defined above; 2) selling, marketing, general and administrative expenses, exclusive of depreciation, amortization and restructuring and legal costs not in the normal course of business; 3) gain on asset sales for disposals of property, plant and equipment that do not qualify as assets held for sale or actively marketed property or sales-type leases; 4) impairment and asset write-downs of property, plant and equipment that are not extraordinary in nature; 5) other (expense) income, net, exclusive of debt refinancing expenses, acquisition and transaction costs and mark-to-market activity as defined above; 6) interest income, exclusive of interest income on deferred transaction
consideration; and 7) equity method earnings, exclusive of the Company’s share of depreciation, amortization, income taxes, interest and other items. Other segment items are not regularly provided to and not regularly reviewed by the CODM. The CODM uses budgeted, forecasted and consolidated expense information when reviewing performance. In the years ended December 31, 2025, December 31, 2024 and December 31, 2023, Fresh Fruit other segment items were $3.4 billion, $3.1 billion and $2.9 billion, respectively. In the years ended December 31, 2025, December 31, 2024 and December 31, 2023, Diversified Fresh Produce – EMEA other segment items were $3.9 billion, $3.5 billion and $3.3 billion, respectively. In the years ended December 31, 2025, December 31, 2024 and December 31, 2023, Diversified Fresh Produce – Americas & ROW other segment items were $1.6 billion, $1.6 billion and $1.8 billion, respectively.
Country of Domicile and Geographic Disclosures
The Company is headquartered and domiciled in Ireland. Revenue by geographic location based on the end customer for the years ended December 31, 2025, December 31, 2024 and December 31, 2023 was as follows:
| Year Ended | |||||||||||||||||
December 31, 2025 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| (U.S. Dollars in thousands) | |||||||||||||||||
| United States | $ | 3,118,076 | $ | 2,948,843 | $ | 3,189,105 | |||||||||||
| U.K. | 1,037,963 | 938,389 | 858,652 | ||||||||||||||
| Spain | 783,179 | 686,951 | 659,072 | ||||||||||||||
| Sweden | 676,417 | 618,443 | 598,801 | ||||||||||||||
| Ireland | 476,245 | 474,745 | 445,395 | ||||||||||||||
| Other | 3,081,027 | 2,807,972 | 2,494,243 | ||||||||||||||
| Total revenue, net | $ | 9,172,907 | $ | 8,475,343 | $ | 8,245,268 | |||||||||||
Long-lived assets are comprised of property, plant and equipment, net. Long-lived assets by geographic location as of December 31, 2025 and December 31, 2024 were as follows:
December 31, 2025 | December 31, 2024 | ||||||||||
| (U.S. Dollars in thousands) | |||||||||||
| Costa Rica | $ | 227,426 | $ | 238,845 | |||||||
| Vessels and containers on-the-water or in-transit | 224,485 | 241,713 | |||||||||
| Honduras | 117,795 | 104,941 | |||||||||
| United States | 117,345 | 134,460 | |||||||||
| Chile | 103,928 | 108,159 | |||||||||
| Sweden | 47,540 | 29,539 | |||||||||
| Ecuador | 42,781 | 84,741 | |||||||||
| U.K. | 42,302 | 41,562 | |||||||||
| Czech Republic | 32,550 | 28,983 | |||||||||
| Spain | 29,649 | 25,555 | |||||||||
| Ireland | 23,763 | 20,800 | |||||||||
| Denmark | 22,963 | 21,767 | |||||||||
| Other | 49,129 | 39,301 | |||||||||
| Total long-lived assets | $ | 1,081,656 | $ | 1,120,366 | |||||||
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.