Dole PLC (DOLE) 2025 Q1 法說會逐字稿

Welcome to Dole PLC's first quarter 2025 earnings conference call and webcast.

歡迎參加 Dole PLC 2025 年第一季財報電話會議和網路廣播。

Today's conference is being broadcast live over the internet and is also being recorded for playback purposes.

今天的會議正在透過網路進行現場直播，並且還進行了錄製以供回放。

(Operator Instructions)

（操作員指示）

For opening remarks and introductions, I would like to turn the call over to the Head of Investor Relations with Dole PLC, James O'Regan.

為了致開幕詞和介紹，我想將電話轉給 Dole PLC 投資者關係主管 James O'Regan。

Thank you. Welcome everybody, and thank you for taking the time to join our first-quarter 2025 earnings conference call and webcast. Joining me on the call today is our Chief Executive Officer, Rory Byrne; our Chief Operating Officer, Johan Lindén; and our Chief Financial Officer, Jacinta Devine.

謝謝。歡迎大家，感謝您抽出時間參加我們的 2025 年第一季財報電話會議和網路廣播。今天與我一起參加電話會議的還有我們的執行長 Rory Byrne、我們的營運長 Johan Lindén 和我們的財務長 Jacinta Devine。

During this call, we'll be referring to presentation slides to supplement the remarks, and these, along with our earnings relief and other related materials are available on the Investor Relations section of the Dole PLC website.

在本次電話會議中，我們將參考簡報投影片來補充發言內容，這些投影片以及我們的獲利減免和其他相關資料均可在 Dole PLC 網站的投資者關係部分找到。

Please note, our remarks today will include certain forward-looking statements within the provisions of the Federal Security Safe Harbor Law. These reflect circumstances of the time they are made, and the company expressly disclaims any obligation to update or revise any forward-looking statements. Actual results or outcomes may differ materially from those that may be expressed or implied due to a wide range of factors, including those set forth in our SEC filings and press releases. Information regarding the use of non-GAAP financial measures may be found in our press release, which also includes a reconciliation to the most comparable GAAP measures.

請注意，我們今天的評論將包括聯邦安全港法規定內的某些前瞻性聲明。這些反映了做出前瞻性陳述時的情況，公司明確表示不承擔更新或修改任何前瞻性陳述的義務。由於多種因素（包括我們向美國證券交易委員會提交的文件和新聞稿中所述的因素），實際結果或成果可能與明示或暗示的結果或成果有重大差異。有關使用非 GAAP 財務指標的資訊可在我們的新聞稿中找到，其中還包括與最具可比性的 GAAP 指標的對帳。

With that, I'm pleased to turn today's call over to Rory.

有了這些，我很高興將今天的電話轉給羅裡。

Thank you, James. Welcome everybody and thank you for joining us today as we discuss our results in the first quarter of 2025.

謝謝你，詹姆斯。歡迎大家，感謝大家今天加入我們，一起討論 2025 年第一季的業績。

So turning first to the highlights of the first quarter, following a very strong result in 2024, we are pleased to report another good performance in the first quarter of 2025, exceeding our own expectations. On a like-for-like basis, group revenue increased by 4.2% to $2.1 billion and adjusted EBITDA decreased 2% to $104.8 million.

首先來看看第一季的亮點，繼 2024 年取得非常強勁的業績後，我們很高興地報告 2025 年第一季度再次取得良好業績，超出了我們自己的預期。以同類計算，集團營收成長 4.2% 至 21 億美元，調整後 EBITDA 下降 2% 至 1.048 億美元。

The first quarter saw solid performances in both of our Diversified Fresh Produce segments, which helped to offset the anticipated headwind in our Fresh Fruit segment, which was impacted by Tropical Storm, Sarah, late last year. Adjusted net income came in at $33.1 million and adjusted EPS was $0.35 per share, down from $0.43 in Q1 of 2024, primarily due to the decrease in adjusted EBITDA.

第一季度，我們的兩個多元化新鮮農產品部門都表現穩健，這有助於抵消新鮮水果部門預期的逆風，該部門在去年年底受到了熱帶風暴莎拉的影響。調整後淨收入為 3,310 萬美元，調整後每股收益為 0.35 美元，低於 2024 年第一季的 0.43 美元，主要原因是調整後 EBITDA 下降。

We are pleased to increase our dividend by 6.25% or [$0.085] per share for the first quarter. This is our first dividend increase since starting dividend payments back in 2021 and demonstrates our confidence in the long-term growth potential for our business.

我們很高興將第一季的股息提高 6.25% 或每股 [0.085 美元]。這是我們自 2021 年開始派息以來首次增加股息，顯示了我們對業務長期成長潛力的信心。

Post quarter end, we were very pleased to complete the $1.2 billion refinancing of the credit facilities at favorable rates relative to market conditions. This financing strengthens the financial position of dole and provides enhanced financial flexibility to support our growth and initiatives.

季度結束後，我們非常高興地以相對於市場條件有利的利率完成了 12 億美元的信貸再融資。此次融資增強了都樂的財務狀況，並提高了財務靈活性，以支持我們的成長和計劃。

Turning now to the operational review and starting with Fresh Fruit on slide 6. So Fresh Fruit delivered a robust performance in the first quarter with a just a bit of $63.3 million exceeding our own expectations, taking into account the anticipated impact of Tropical Storm, Sarah. Firstly, looking at North America, our underlying operations performed very well with good volume growth in bananas, as well as positive developments in both pineapples and plantains. Profitability was somewhat held back by the anticipated higher sourcing costs following the impact of Tropical Storm Sarah. We also experienced higher shipping costs as we completed scheduled dry dockings and managed some other temporary operational challenges that have now been resolved.

現在轉到營運審查，從幻燈片 6 上的新鮮水果開始。因此，新鮮水果在第一季表現強勁，考慮到熱帶風暴莎拉的預期影響，其 6,330 萬美元的銷售額略高於我們的預期。首先，縱觀北美，我們的基礎業務表現非常好，香蕉產量成長良好，鳳梨和大蕉也取得了積極的發展。受熱帶風暴莎拉影響，預計採購成本將上升，獲利能力因此受到一定程度的抑制。由於我們完成了預定的乾船塢維修並處理了一些其他現已解決的臨時營運挑戰，我們的運輸成本也隨之上升。

We are addressing production challenges following Tropical Storm Sarah, and we expect to face some headwinds in this regard for the remainder of the financial year. However, our production and sourcing teams are doing an excellent job in mitigating this and are working diligently to manage the reinvestment and rehabilitation process, while also ensuring we continue to fully service our cost to our customers.

我們正在應對熱帶風暴莎拉過後的生產挑戰，預計在本財政年度剩餘時間內我們將面臨一些這方面的阻力。然而，我們的生產和採購團隊在緩解這一問題方面做得非常出色，並且正在努力管理再投資和恢復過程，同時確保我們繼續為客戶提供全面的服務。

We aim to return to near full production to the affected farms by early 2026.

我們的目標是到 2026 年初讓受影響的農場恢復接近全面生產。

Turning to the European market, we saw stable performance overall in the first quarter, with continued good volume growth in bananas, as well as better performance in pineapples, offsetting more challenging pricing in bananas, which was impacted by the weaker $ in the first quarter of 2025 compared to the prior year.

轉向歐洲市場，我們看到第一季整體表現穩定，香蕉產量持續保持良好成長，鳳梨表現較好，抵銷了香蕉定價更具挑戰性的因素，後者受到2025年第一季與上年相比美元走弱的影響。

Looking ahead to the rest of the year, we continue to see robust demand, and we expect this to continue over the course of the full year.

展望今年剩餘時間，我們將繼續看到強勁的需求，我們預計這種趨勢將持續到全年。

We feel very positive that the industry's supply and demand for bananas and pineapples are well balanced. Additionally, the strengthening the euro could potentially serve as a positive tail and for the remainder of the year.

我們非常樂觀地認為，該行業對香蕉和鳳梨的供需處於良好平衡狀態。此外，歐元走強可能會對今年剩餘時間產生積極影響。

Moving on to our Diversified EMEA segment, this segment has had a positive start to the year, delivering very strong like-for-like growth in the first quarter to reach an adjusted EBITDA $27.7 million aided by both strong revenues and some margin expansion.

談到我們多元化的 EMEA 部門，該部門今年開局良好，第一季實現了非常強勁的同比增長，調整後的 EBITDA 達到 2770 萬美元，這得益於強勁的收入和利潤率的擴大。

On a reported basis, this good growth was curtailed somewhat by the weaker $ in the first quarter of 2025 compared to the first quarter of 24. However, with the material strengthening of the $ in recent weeks, this dynamic should become a tailwind for our reported numbers over the course of the year if current rates are maintained.

據報道，與 24 年第一季相比，2025 年第一季的美元走弱在一定程度上抑制了這一良好成長。然而，隨著最近幾週美元的大幅走強，如果目前的匯率維持不變，這種動態應該會成為我們今年報告數據的順風。

Within the segment we are seeing some differing dynamics across geography starting the year before outperforming and generally better sales into retail compared to our food service and wholesale channels. Overall, the segment continues to benefit from the significant diversification and is performing in a very positive way.

在該領域，我們看到從年初開始不同地區出現了一些不同的動態，但零售通路的銷售表現優於食品服務和批發通路，而且總體上也更好。總體而言，該部門繼續受益於顯著的多元化，並且表現非常積極。

We continue to consolidate our strengths in the segment and our focus on identifying and executing upon both internal and external investment opportunities. We are confident these continuous efforts will drive continued solid growth as the year progresses.

我們將繼續鞏固我們在該領域的優勢，並專注於識別和執行內部和外部投資機會。我們相信，隨著時間的推移，這些持續的努力將推動公司繼續穩定成長。

Our Diversified America segment delivered a strong first quarter result with double-digit growth on a like-for-like basis in either, taking into account the disposal of progressive projects in late Q1 2024. This robust performance was driven by good results in the North American market, with only modest declines in our southern hemisphere export businesses despite experiencing more normal supply and market conditions compared to 2024. Notably, the previous year benefited from an exceptionally strong season for Chilean cherries.

我們的多元化美國業務部門在第一季取得了強勁的業績，考慮到 2024 年第一季末處置的漸進式項目，兩項業務均實現了同比兩位數增長。這一強勁表現得益於北美市場的良好業績，儘管與 2024 年相比，南半球的供應和市場狀況更加正常，但我們的南半球出口業務僅略有下滑。值得注意的是，去年智利櫻桃的產量異常旺盛。

As we look further into 2025, we believe our businesses, both on the export side and in North America are well positioned. We will continue to stay highly attentive to the evolving dynamics in international trade and prepared to react appropriately.

展望 2025 年，我們相信我們的業務（無論是在出口方面還是在北美）都已佔據有利地位。我們將繼續高度關注國際貿易的發展動態，並準備做出適當的反應。

Trying to fresh vegetables, as noted in our recent earnings calls, we continue to work on delivering the best strategic outcome for our vegetable business, and this process remains ongoing. Operationally, following a robust turnaround in 2024, the business faced weaker fresh produce markets against a particularly strong comparative period in early 2024.

嘗試新鮮蔬菜，正如我們最近的收益電話會議中所指出的，我們將繼續努力為我們的蔬菜業務提供最佳的戰略成果，並且這個過程仍在繼續進行。從營運角度來看，繼 2024 年實現強勁復甦之後，該業務面臨生鮮農產品市場疲軟的局面，而 2024 年初的同期生鮮農產品市場則表現尤為強勁。

However, this was offset by a stable performance and a value-added business, where we see clear signs of strengthening our competitiveness, characterized by improved delivery quality, lower underlying costs, and an increased focus on innovation.

然而，穩定的業績和增值業務抵消了這一不利影響，我們看到了競爭力增強的明顯跡象，其特點是交付品質提高、潛在成本降低以及更加重視創新。

With that, I'll hand you over to Jacintha to give the financial review for the 1st quarter.

說完這些，我會把第一季的財務回顧交給 Jacintha。

Thank you, Rory, and good day everyone.

謝謝你，羅裡，大家好。

Turning first to the group results on slide 11, we are pleased to have delivered another good performance for the first quarter of this financial year. Revenue of $2.1 billion was 1% lower on a reported basis, primarily due to lower revenue and Diversified Americas following the disposal of progressive produces last year, as well as a $21 million unfavorable impact from foreign currency translation.

首先來看幻燈片 11 上的集團業績，我們很高興在本財年第一季再次取得了良好的業績。報告顯示，營收為 21 億美元，下降 1%，主要原因是去年處置漸進式產品後收入和多元化美洲業務下降，以及外幣折算造成的 2,100 萬美元不利影響。

Excluding these impacts on a like-for-like basis, revenue increased 4.2%, with good organic growth seen in Fresh Fruit and Diversified Fresh Produce in EMEA. Net income in the first quarter was $44.2 million, a $21.3 million year-on-year decrease. However, the prior year had the benefit of a net exceptional gain of $37.3 million to the progressive produce disposal. Also, there was $8 million decrease in other income due to unrealized ethics losses on foreign currency borrowings. Offsetting these items was an increase in equity method investments related to a non-cash gain on an M&A transaction, as well as a higher net relating to our discontinued operations. Similarly to year end, we recorded a non-cash accounting adjustment to the carrying value of discontinued operations in Q1, with the adjustment to this quarter largely offsetting.

若以同類基礎計算排除這些影響，收入將增長 4.2%，其中歐洲、中東和非洲地區的新鮮水果和多樣化新鮮農產品實現了良好的有機增長。第一季淨收入為4,420萬美元，年減2,130萬美元。然而，去年透過漸進式農產品處置獲得了 3,730 萬美元的淨特殊收益。此外，由於外幣借款未實現的道德損失，其他收入減少了 800 萬美元。抵銷這些項目的是與併購交易的非現金收益相關的權益法投資的增加，以及與我們已終止經營業務相關的更高的淨額。與年末類似，我們在第一季對已終止經營的帳面價值進行了非現金會計調整，而本季的調整基本上抵銷了這一影響。

The cessation of depreciation and amortization that occurs under discontinued operations count.

終止經營期間發生的折舊和攤銷停止計算。

Now, looking at the non-gap performance measures, adjusted EDA decreased by approximately $5 million, primarily due to a decrease in Fresh Fruit and a decrease in Diversified Fresh Produce in markets and the rest of the world due to the progressive produce disposal. On a like-for-like basis, the decrease was $2.2 million. Adjusted net income decreased $7.5 million predominantly due to the decrease in adjusted EBITDA as well as higher depreciation expense. Adjusted diluted EPS was $0.35 compared to $0.43 in the prior year.

現在，從非差距績效指標來看，調整後的 EDA 減少了約 500 萬美元，主要是由於逐步進行農產品處置導致新鮮水果減少以及市場和世界其他地區的多樣化新鮮農產品減少。以同類計算，減少額為 220 萬美元。調整後淨收入減少 750 萬美元，主要由於調整後 EBITDA 減少以及折舊費用增加。調整後稀釋每股收益為 0.35 美元，去年同期為 0.43 美元。

Now turning to the divisional updates for our continuing operations of starting with Fresh Fruit on slide 13, revenue increased 6.5%, primarily due to higher worldwide volumes of bananas sold, as well as higher worldwide pricing of pineapples and bananas, partially offsetting this with a lower worldwide volumes of pineapples and plantains. Adjusted EBITDA decreased $6.1 million, primarily driven by higher anticipated food sourcing costs following the impact of Tropical Storm Sarah in Honduras, as well as higher shipping costs due to the completion of scheduled dry dockings and the impact of an operational disruption for one of our vessels servicing the North American market. These challenges were partially offset by a good underlying performance in bananas on a worldwide basis, as well as improved performance in pineapples on a worldwide basis.

現在談談我們持續經營業務的部門更新情況，從幻燈片 13 上的新鮮水果開始，收入增長了 6.5%，主要是由於全球香蕉銷量增加，以及全球菠蘿和香蕉價格上漲，而全球菠蘿和大蕉銷量下降部分抵消了這一影響。調整後的 EBITDA 減少了 610 萬美元，主要原因是洪都拉斯受到熱帶風暴莎拉的影響後預期食品採購成本增加，以及由於完成預定的干船塢而導致的運輸成本增加，以及我們其中一艘服務於北美市場的船舶運營中斷的影響。這些挑戰在一定程度上被全球香蕉的良好表現以及全球鳳梨表現的改善所抵消。

The Diversified segment delivered another strong result in the first quarter of 2025. Reported revenue increased 4.5%, primarily due to the strong performance in the UK, Spain, and the Netherlands. This was partially offset by an FX headwind of $19.4 million and a net negative impact from M&A of $10.5 million, excluding these impacts on a like-for-like basis, revenue increased 8% or $68.4 million. It's just the increased 6.6% or $1.7 million, primarily driven by increases in the UK, Spain, and the Netherlands. This was partially offset by lower earnings in Germany and an unfavorable impact of foreign currency translation of $0.7 million on a like-for-like basis, adjusted EBITDA increased 9.4% or 2.5 million.

多元化業務部門在 2025 年第一季再次取得強勁業績。報告營收成長 4.5%，主要得益於英國、西班牙和荷蘭的強勁表現。這部分被 1,940 萬美元的外匯逆風和 1,050 萬美元的併購淨負面影響所抵消，扣除這些影響後，按同類基礎計算，收入增長了 8% 或 6,840 萬美元。僅增加了 6.6% 或 170 萬美元，主要受英國、西班牙和荷蘭的成長推動。這部分被德國收益下降和外幣折算的不利影響所抵消，以同類基礎計算，調整後的 EBITDA 增長了 9.4% 或 250 萬美元。

Now turning to Diversified Fresh Produce Americas and the rest of the world. As in previous quarters, reported revenue in Diversified markets was impacted by a progressive produce disposal last year. On a like-for-like basis, revenue declined by 6.8%. This decrease was primarily attributable to lower export pricing for key Southern Hemisphere products, particularly cherries, as well as declines in the North American market due to reduced pricing for grapes and lower volumes of avocados. Adjusted EBITDA decreased $0.9 million, primarily driven by the disposal of progressive produce. However, on a like-for-like basis, adjusted EBITDA increased by 10.4% or $1.5 million.

現在轉向多元化新鮮農產品美洲和世界其他地區。與前幾季一樣，多元化市場的報告收入受到去年逐步農產品處置的影響。以同類計算，收入下降了 6.8%。下降的主要原因是南半球主要產品（尤其是櫻桃）的出口價格下降，以及北美市場因葡萄價格下跌和酪梨產量減少而下降。調整後的 EBITDA 減少了 90 萬美元，主要原因是漸進式農產品的處置。然而，以同類計算，調整後的 EBITDA 成長了 10.4% 或 150 萬美元。

This growth was primarily driven by strong performance in the North American markets in kiwis, citrus, and avocados. However, these gains were partially offset by declines on the southern hemisphere export side in cherries and grapes, as well as declines in berries in the North American market.

這一成長主要得益於北美市場獼猴桃、柑橘和酪梨的強勁表現。然而，這些增長被南半球櫻桃和葡萄出口量的下降以及北美市場漿果量的下降部分抵消。

Now turning to slide 16 to focus on capital location on our balance sheets. Firstly, as mentioned by Rory and not in a press release issued on May 1st, we were very pleased to announce the successful completion of a $1.2 billion refinance of our corporate credit facilities.

現在翻到第 16 張投影片，聚焦在我們資產負債表上的資本位置。首先，正如羅裡所提到的（而不是在 5 月 1 日發布的新聞稿中），我們非常高興地宣布成功完成 12 億美元的企業信貸再融資。

The new syndicated credit facilities consist of a $600-million multi-currency five-year revolving credit facility, a $250 million five-year term loan, and a $350 million seven-year farm credit term loan replacing our existing RCF, TLA and TLB.

新的銀團信貸安排包括 6 億美元的多種貨幣五年期循環信貸安排、2.5 億美元的五年期定期貸款和 3.5 億美元的七年期農業信貸定期貸款，以取代我們現有的 RCF、TLA 和 TLB。

Looking at interest expense, this has continued to decrease due to lower debt levels as well as lower base rates, and while $17.2 million in the first quarter. Under the assumption that base rates will remain broadly stable in 2025 and not assuming any exceptional cash proceeds, we continue to expect for your interest expense to be approximately $70 million.

從利息支出來看，由於債務水準較低以及基準利率較低，利息支出持續下降，而第一季的利息支出為 1,720 萬美元。假設基準利率在 2025 年保持大致穩定，且不假設任何特殊現金收益，我們繼續預期您的利息支出約為 7,000 萬美元。

Cash capital expenditure from continuing operations was $52.8 million in quarter, including the buyout of two vessel finance cases of $36 million that were already reflected within net debt at year end and discussed in our previous earnings calls. The remaining $16.8 million included expenditure on vessel dry dockings, farming investments, efficiency projects in our warehouses, and ongoing investments in IT and logistics assets.

本季持續經營業務的現金資本支出為 5,280 萬美元，其中包括 3,600 萬美元的兩起船舶融資案例的收購，這些案例已反映在年底的淨債務中，並在我們之前的收益電話會議上進行了討論。剩餘的 1,680 萬美元包括船舶乾船塢支出、農業投資、倉庫效率項目以及 IT 和物流資產的持續投資。

In line with our usual seasonal working capital trends and accentuated by the timing of the cherry season, we saw a working capital outflow in the first quarter. The combination of these factors resulted in free cash flow from continuing operations, being an outflow of $131.6 million. As in previous years, we expect to see this unwind as the year progresses. This outflow was the primary driver behind the net increase in net leverage to 1.9 times at the end of March asset sales in the quarter were $4.8 million. This primarily related to the sale of actively marketed land in Hawaii. As mentioned by Rori, we are pleased to declare an $0.085 dividend for the first quarter, representing a 6.25% increase from our last declared dividend.

與我們通常的季節性營運資本趨勢一致，並且由於櫻桃季節的到來，我們在第一季看到了營運資本的流出。這些因素的綜合作用導致持續經營產生的自由現金流為 1.316 億美元。與往年一樣，我們預計隨著時間的推移，這種情況將會逐漸緩解。這筆資金流出是導致淨槓桿淨增加至 3 月底的 1.9 倍的主要原因，本季資產銷售額為 480 萬美元。這主要與夏威夷積極行銷的土地的銷售有關。正如 Rori 所說，我們很高興宣布第一季派發 0.085 美元的股息，比我們上次宣布的股息增加了 6.25%。

Now, I'll hand you back to Rory, who will give an update on our full year outlook.

現在，我將把你們的演講交還給羅裡，他將向我們介紹我們全年的展望。

Thanks, Jacinta.

謝謝，賈辛塔。

Well, we're pleased with our performance in Q1, delivering a result which is out of our own expectations. This result gives us a strong foundation for the rest of the year in a very dynamic macroeconomic environment. Like most multinational businesses, we continue to monitor the evolving macro international economic scenario. We do believe that our industry is a good example of the benefits of international trade, providing year-round healthy products to our consumers, and are confident that the existing trade deals will continue on acceptable terms. Short-term disruptions may arise across a range of areas such as foreign exchange rates, labor markets, or supply chains.

嗯，我們對第一季的表現感到滿意，取得了超出我們預期的結果。這項結果為我們在今年剩餘時間裡應對高度動態的宏觀經濟環境奠定了堅實的基礎。與大多數跨國企業一樣，我們持續關注不斷變化的宏觀國際經濟情勢。我們確實相信，我們的行業是國際貿易優勢的一個很好的例子，為我們的消費者提供全年健康的產品，並且相信現有的貿易協議將在可接受的條件下繼續下去。短期中斷可能出現在一系列領域，例如外匯匯率、勞動市場或供應鏈。

A good start to the year, along with our resilient and diverse business model gives us confidence in our ability to navigate the challenges of the current volatile economic environment.

今年的良好開局，加上我們富有彈性和多樣化的商業模式，使我們對應對當前動盪的經濟環境挑戰的能力充滿信心。

Consequently, we are pleased to revise our guidance upwards and are now targeting full year adjusted EBITDA of at least $380 million. Turning to investments over the course of the year, we continue to expect as a baseline to have a maintenance level of CapEx from continuing operations broadly in line with the depreciation expense of approximately $100 million. Additionally, we also anticipate some increased CapEx spend over the course of the year related to our reinvestments in Honduras, albeit significantly supported by insurance proceeds.

因此，我們很高興上調我們的預期，目前的目標是全年調整後的 EBITDA 至少達到 3.8 億美元。談到全年的投資，我們繼續預計，作為基準，持續經營的資本支出維持水準與約 1 億美元的折舊費用大致一致。此外，我們也預計，今年與在宏都拉斯的再投資有關的資本支出將增加，儘管這在很大程度上受到了保險收益的支持。

We remain focused on exploring a range of development opportunities through both internal and external investment, which we believe can further strengthen our business and drive growth for the years ahead.

我們將繼續致力於透過內部和外部投資探索一系列發展機會，我們相信這可以進一步加強我們的業務並推動未來幾年的成長。

I want to conclude by once again thanking all our outstanding people across the group for their ongoing commitment and dedication to driving Dole PLC forward. Our experience and knowledgeable team has continued to serve us very well. Additionally, we really appreciate all our essential partners, suppliers, customers, and all other stakeholders for the continued support.

最後，我要再次感謝集團內所有傑出的員工，感謝他們為推動 Dole PLC 向前發展的持續承諾和奉獻。我們經驗豐富、知識淵博的團隊繼續為我們提供優質的服務。此外，我們非常感謝所有重要合作夥伴、供應商、客戶和所有其他利害關係人的持續支持。

And with that, I'll hand the call back to the operator to open the line for questions.

說完這些，我會將電話交還給接線員，以便接聽電話並解答疑問。

(Operator Instructions)

（操作員指示）

Christopher Barnes, Deutsche Bank.

克里斯多福‧巴恩斯，德意志銀行。

Hi, good morning, good afternoon. I just wanted to follow up on the EIA guidance. You're not setting a floor at the upper end of the prior range. I'm curious, how much of that raise would you attribute to better underlying performance in the quarter, perhaps higher.

大家好，早安，下午好。我只是想跟進 EIA 指導。您沒有在先前範圍的上限設定下限。我很好奇，您認為此次加薪有多少是歸功於本季更好的基本業績，或許更高。

Over the balance of the year versus inorganic factors like the expected foreign exchange translation tailwinds at current rates and then just related to that does this updated outlook embed current tariffs in place in the US market and is there any way to quantify what those -- what those tariff impacts might be on a gross basis, and what actions you're taking to mitigate those. Thanks.

在今年餘下的時間裡，相對於無機因素，例如按當前匯率預期的外匯轉換順風，以及與此相關的是，這一更新後的展望是否將美國市場現行的關稅納入其中，是否有辦法量化這些關稅的影響——這些關稅的影響可能在總體基礎上是什麼，以及您正在採取哪些措施來減輕這些影響。謝謝。

Well, thank you, Christopher.

好吧，謝謝你，克里斯多福。

So a range of interesting questions there. Yeah, I mean, obviously doing forecasting in the current environment is a little bit challenging. So we've put all put all the factors into the mix, including the current known scenario regarding tariffs and their impact that the likely impact on our business, and that's our best shot at the target for the full year.

因此，這裡有一系列有趣的問題。是的，我的意思是，顯然在當前環境下進行預測有點困難。因此，我們將所有因素都考慮在內，包括目前已知的關稅情況及其可能對我們業務的影響，這是我們實現全年目標的最佳方法。

A big element of that is obviously down to doing a little bit better in Q1 than we had anticipated, particularly with the headwinds that we had highlighted on Tropical Storm, Sara. And we have made some assumption that the translation over the remaining quarters given a -- exchange rates to the dollar facilitating a better translation on reporting in dollars. So to sum of all those factors, we are moving a little bit above our previous range. So I think putting it all together, we're feeling positive about the balance of the year.

顯然，這在很大程度上是因為第一季的表現比我們預期的要好一些，尤其是考慮到我們之前強調的熱帶風暴「薩拉」所帶來的不利因素。我們做了一些假設，即剩餘季度的匯率與美元的匯率可以更好地促進以美元報告的轉換。因此，綜合所有這些因素，我們的業績略高於先前的範圍。所以我認為，綜合考慮所有因素，我們對今年的平衡感到樂觀。

Very good. And then just a follow up around the fresh vegetables business. I understand you continue to evaluate potential exit options, but I mean it's been over a year since the deal was with Fresh Express was terminated but how do you guard against the risk that underlying business performance deteriorates as the mark as you continue to market that business and I guess like, are you still committed to exiting the business or might it make more sense just to retain it? I mean, performance was very strong last year and you're up against a tough compare this quarter, but it seems like you're still net ahead, so I'm just curious how you're thinking about that business and going forward.

非常好。然後只是對新鮮蔬菜業務的後續報導。我知道您正在繼續評估潛在的退出選擇，但我的意思是，距離與 Fresh Express 的交易終止已經過去了一年多，但隨著您繼續推銷該業務，您如何防範基礎業務表現惡化的風險？我想，您是否仍然致力於退出該業務，或者保留它是否更有意義？我的意思是，去年的業績非常強勁，而本季度面臨嚴峻的競爭形勢，但看起來你仍然保持領先，所以我只是好奇你對這項業務以及未來發展有何看法。

Thanks.

謝謝。

Yeah, it's a good question, Christopher, and clearly we would have liked to have had strategic certainty around this at an earlier stage than we have done, but the process is complex, and we do have, we are trying to find a good strategic answer for all of the stakeholders, the employees, the management, customers, suppliers, the long term future of the business. So putting the new deals together has been. Quite complex. I think continuing to disclose it is discontinued operations probably highlights where our position on it is and that we think there is an appropriate exit. It'll be a little bit different to the fresh express deal and we're still working on it we're very actively working on that, and I think it'll be a good outcome for all of the stakeholders if we can get to that position.

是的，這是個好問題，克里斯托弗，顯然我們希望在早期就對此有戰略確定性，但這個過程很複雜，我們確實在努力為所有利益相關者、員工、管理層、客戶、供應商以及企業的長期未來找到一個好的戰略答案。因此，將新的交易整合在一起。相當複雜。我認為繼續披露已停止的業務可能凸顯了我們的立場以及我們認為有合適的退出方式。這與新鮮快遞交易略有不同，我們仍在努力，我們正在非常積極地努力，我認為如果我們能夠達到這個目標，這對所有利益相關者來說都是一個好的結果。

We've worked very hard as well to try and avoid any impact on the ongoing business, it's not perfect having it in discontinued operations, but there are a lot of other competing businesses who are either private equity owned who are also for sale or will at some point in time to be for sale, so. It's, a little bit of the world we live in, but businesses do change hands. You do have temporary owners and private equity owners and things like that. So, it can be challenging to manage in that environment and you know we've done our management team have done well in, working around those challenges.

我們也非常努力地嘗試避免對正在進行的業務產生任何影響，將其置於停止運營的狀態並不完美，但還有很多其他競爭企業，它們要么是私募股權所有，要么也在出售，要么將在某個時間點出售，所以。這是我們生活的世界的一小部分，但企業確實會易手。你確實有臨時所有者和私募股權所有者等等。因此，在這種環境下進行管理可能具有挑戰性，而且您知道我們的管理團隊已經很好地解決了這些挑戰。

Very helpful context. Thanks, I'll pass it on.

非常有用的背景。謝謝，我會傳達的。

Gary Martin, Davy.

蓋瑞馬丁，戴維。

Hi, Rory, Johan. Congrats on a strong start to the year.

你好，Rory，Johan。恭喜您今年有一個好的開始。

Just a few questions from my side just to get things off. So you completed your refi post quarter. I think you noted that there's a driver there is more flexibility for growth initiatives. It'd just be good just to again to get a run through of, kind of how you envisage capital allocation policy on a go forward basis, be it internal or external opportunities.

我只想問幾個問題，以便盡快解決問題。因此，您在本季後完成了再融資。我想你已經注意到，有一個驅動因素使得成長計畫更加靈活。再次回顧您如何設想未來的資本配置政策，無論是內部還是外部機會，這都是很好的。

Thanks.

謝謝。

Yeah, thanks, Gary.

是的，謝謝，加里。

Yeah, I mean, I think as always, we keep all of the capital allocation alternatives on the table. A big strategic issue at first is really getting to the end of the vegetable current process and, whether it's keep our sale will have an impact on our future capital availability or a focus of our future capital. I think as well getting the facilities renewed which you just recently announced was helpful to give us, the basis and the having those facilities in place for the long term is a very good outcome, and the terms negotiated with the finance team, I think, were also more than satisfactory.

是的，我的意思是，我認為一如既往，我們會將所有資本配置方案都放在桌面上。首先要解決的一個重大策略問題是真正完成蔬菜流通過程，以及是否保持銷售將對我們未來的資本可用性或未來資本的重點產生影響。我認為，您最近宣布的續約貸款協議對我們很有幫助，為我們奠定了基礎，並保證這些貸款協議能夠長期有效，這是一個非常好的結果，而且我認為，與財務團隊協商的條款也令人滿意。

We continue to look at acquisitions with the internal corporate finance department, we look at, a lot of companies that are, different geographies, whether it's in the US or in Europe, there are a number of P/E funds, for example, coming to the end of. Life cycle and still some challenges around the price expectations of the private sector versus the public sector, we've seen, some changes in the market, Greenyard, for example, being taken private at a at a decent premium to its quoted price.

我們繼續與內部企業財務部門一起研究收購，我們研究了許多位於不同地區的公司，無論是在美國還是在歐洲，都有許多私募股權基金即將結束。生命週期以及私營部門與公共部門的價格預期仍然存在一些挑戰，我們已經看到市場發生了一些變化，例如 Greenyard 以高於其報價的價格私有化。

The dividends as well, you'll have seen Gary, we've pushed up the dividends at 6.25%, so, in line with the longstanding policy and produce and do, we've tried to build steadily over the years and the dividend. And then we've got a lot of internal development projects that we're doing a lot of work on at the moment, our fresh food division are particularly focused on developing categories like plantains.

至於股息，加里，您會看到，我們將股息提高到了 6.25%，因此，按照長期政策和生產做法，我們多年來一直努力穩步提高股息。目前，我們正在進行許多內部開發項目，我們的新鮮食品部門特別注重開發大蕉等類別。

Doing some extra production ourselves into joint ventures. We're looking at some of our lines and we're expanding on some of our other JVs, particularly in our [JV] in Chile. We have a number of projects in Northern Europe that can be very interesting, but there's a lot of work to get them to a conclusion on we can bring this conclusion, it could be good internal organic growth in terms of reinvesting, particularly in automation technology.

我們自己在合資企業中做一些額外的生產。我們正在審視我們的一些生產線，並正在擴大我們的一些其他合資企業，特別是我們在智利的合資企業。我們在北歐有許多專案非常有趣，但要讓它們得出結論還有很多工作要做。我們可以得出這個結論，就再投資而言，特別是在自動化技術領域，這可能是良好的內部有機成長。

And then around the business, we've got, smaller but important add-on CapEx projects and that can be expanding our facilities capacity in Ireland or in Spain. We're doing well in France in terms of building up a business, utilizing some facilities in the in the port of Sete in the south of France, so I think it can be good. So again, all of the options are on the table. We are still a little bit conditioned by the outcome of the fresh vegetable division and the strategic outcome there, but it's an ongoing process.

然後圍繞業務，我們有規模較小但重要的附加資本支出項目，這可以擴大我們在愛爾蘭或西班牙的設施容量。我們在法國的業務開展做得很好，並利用了法國南部塞特港的一些設施，所以我認為這會很好。所以，再次強調，所有選項都擺在桌面上。我們仍然有點受到新鮮蔬菜部門的成果和那裡的戰略成果的影響，但這是一個持續的過程。

It's really good color. Maybe just on the operational side, it was a particularly standout performance just on diversifying Americas and the rest of the world in terms of the like-for-like EBITDA, but I think it'd be good just to get a better understanding of just the various components that drove that like the AP is just given, I think revenues on a like-for-like basis for back. So I mean, is it entirely, mixed from the kind of North American basket of goods point of view? Is that what drove the profit performance in the rest of the world and America's?

顏色確實很好。也許只是在營運方面，就同類 EBITDA 而言，這在美洲和世界其他地區的多元化表現尤為突出，但我認為更好地了解推動這一表現的各種因素會很好，比如 AP 剛才給出的，我認為收入是按同類基礎計算的。所以我的意思是，從北美商品籃子的角度來看，它是完全混合的嗎？這是推動世界其他地區和美國利潤表現的因素嗎？

Yeah, I think we called out that distribution and handling businesses in North America had a very strong first quarter. Our export businesses out of South America, in particular, Chile, had a more normal market year. We did have an exceptional '24 and particularly in cherries in that division. It was back to a more normal year but you know nothing, no particular negatives so again I think it's well balanced there to look at them in line with our own assessment of what market conditions might have been. So it's, reasonably positive for the rest of the year.

是的，我認為我們說過北美的分銷和處理業務第一季表現非常強勁。我們對南美，特別是智利的出口業務今年的市場表現較為正常。我們確實有一個出色的 24 年，特別是在櫻桃領域。今年又回到了更正常的一年，但你也不知道，沒有什麼特別的負面因素，所以我再次認為，根據我們自己對市場狀況的評估來看待它們是比較平衡的。因此，對於今年剩餘時間而言，前景仍是相當樂觀的。

And then maybe just one final one, a bit of an anorak one just on your CapEx guidance and you've retained $100 million, but just in terms of some of that additional incremental CapEx that might be required for reinvestment in Honduras following the tropical storm, it would be possible just to get a bit of a quantum on how much that is above the insurance proceeds.

然後也許只剩下最後一個問題，關於您的資本支出指導，您保留了 1 億美元，但就熱帶風暴過後在洪都拉斯進行再投資可能需要的一些額外增量資本支出而言，有可能稍微估算一下這筆支出超過了保險收益的多少。

Like, it's not a huge amount, Gary, but something in the order of $10 million to $12 million but we're hoping that that will, bring with it some incremental even we're going to, do a little bit, in terms of improving the hopefully the yields, improving the flood protections for the longer term as well. So but it's not a huge amount of money $10 million to $12 million territory.

就像，加里，這不是一個很大的數額，但大約是 1000 萬到 1200 萬美元，但我們希望這能帶來一些增量，甚至我們會做一點，希望能夠提高產量，同時也能改善長期的防洪措施。所以，這並不是一筆巨款，1000 萬美元到 1200 萬美元的領土。

Really good color. I'll pass it on.

顏色確實很好。我會傳達的。

Thanks. This concludes the question-and-answer session. I'll turn the call to Rory Byrne for closing remarks.

謝謝。問答環節到此結束。我將把電話轉給羅裡·伯恩 (Rory Byrne) 來做結束語。

Thank you. Well, I think we're pleased that we've delivered another good quarter. We've been confident enough to upgrade the target to at least $380 million of targeted EBITDA for the full year, increased the dividend by 6.25% to take it up to $0.085 a quarter. We've made some very good projects progress as well on a number of strategic projects, so lots of macroeconomic challenges out there, but we believe we're very well positioned to navigate our way through them successfully. So thank you all very much for joining us today.

謝謝。嗯，我認為我們很高興我們又取得了一個良好的季度業績。我們有足夠的信心將全年目標 EBITDA 上調至至少 3.8 億美元，並將股息提高 6.25%，至每季 0.085 美元。我們在一些戰略項目上也取得了非常好的進展，因此面臨許多宏觀經濟挑戰，但我們相信我們完全有能力成功克服這些挑戰。非常感謝大家今天加入我們。

This concludes today's conference call and webcast. Thank you for joining. You may now disconnect.

今天的電話會議和網路廣播到此結束。感謝您的加入。您現在可以斷開連線。