Dole PLC (DOLE) 2025 Q3 法說會逐字稿

Welcome to Dole PLC's third quarter 2025 results webcast. Today's conference is being broadcast live over the internet and is also being recorded for playback purposes. (Operator Instructions)

歡迎參加 Dole PLC 2025 年第三季業績網路直播。今天的會議正在透過網路進行現場直播，同時也會進行錄製以供回放。（操作說明）

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.

接下來，我將把電話交給 Dole PLC 的投資人關係主管 James O'Regan，請他致開幕詞並作介紹。

Thank you, Derek. Welcome, everybody, and thank you for taking the time to join our third quarter 2025 results webcast. Joining me today is our Chief Executive Officer, Rory Byrne; our Chief Operating Officer, Johan Linden; and our Chief Financial Officer, Jacinta Devine.

謝謝你，德里克。歡迎各位，感謝大家抽空參加我們2025年第三季業績網路直播。今天與我一同出席的有：執行長羅裡·伯恩；營運長約翰·林登；以及財務長雅辛塔·德瓦恩。

During this webcast, we will be referring to presentation slides and supplemental remarks. And these, along with our earnings release and other related materials are available on the Investor Relations section of the Dole PLC website.

在本次網路直播中，我們將參考簡報和補充說明。這些內容，連同我們的獲利報告和其他相關資料，都可以在 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 securities Safe Harbor law. These reflect circumstances at 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，我們今天的發言將包含一些符合聯邦證券法「安全港」規定的前瞻性聲明。這些內容反映了當時的具體情況，公司明確聲明不承擔更新或修改任何前瞻性聲明的義務。由於各種因素的影響，實際結果或業績可能與明示或暗示的結果或業績有重大差異，這些因素包括我們在提交給美國證券交易委員會的文件和新聞稿中列出的因素。有關使用非公認會計準則財務指標的資訊可在我們的新聞稿中找到，其中還包括與最可比較的公認會計準則指標的調節表。

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

那麼，我很高興將今天的電話會議交給羅裡。

Thank you, James, and welcome, everybody. Thank you all for joining us today as we discuss our results for the third quarter of 2025 and provide an update on our latest developments.

謝謝你，詹姆斯，也歡迎各位。感謝各位今天蒞臨本次會議，我們將討論2025年第三季的業績，並介紹我們的最新進展。

So turning firstly to the highlights on slide 4. We are very pleased to report another good result for the third quarter, in line with market expectations. Our two diversified fresh produce segments have delivered excellent results, offsetting the anticipated short-term headwinds in our Fresh Foods segment and demonstrated the strength of our diversified and resilient business model.

首先來看投影片 4 的重點內容。我們非常高興地宣布，第三季業績再次取得良好表現，符合市場預期。我們兩大多元化的新鮮農產品業務板塊取得了優異的業績，抵消了新鮮食品業務板塊預期的短期不利因素，並證明了我們多元化和具有韌性的商業模式的實力。

As discussed on our last earnings call, we completed the sale of our non-core fresh vegetable division in early August. This was a key strategic priority for us, and it created greater flexibility in our capital allocation strategy. As part of that, the evolution of this capital allocation strategy, today, we also announced our Board of Directors approval of a $100 million share repurchase program, which will be used opportunistically. We continue to see attractive opportunities to deploy capital, supporting our strategic growth, and adding the buyback program provides flexibility to repurchase shares. And the share price represents an attractive opportunity to enhance shareholder value.

正如我們在上次財報電話會議上所討論的，我們在 8 月初完成了非核心新鮮蔬菜部門的出售。這曾是我們的一個關鍵策略重點，它使我們的資本配置策略更具彈性。作為該資本配置策略演變的一部分，今天，我們還宣布董事會批准了一項 1 億美元的股票回購計劃，該計劃將擇機使用。我們持續看到部署資本的有吸引力的機會，以支持我們的策略成長，而增加的股票回購計畫則為回購股票提供了靈活性。目前的股價為提升股東價值提供了一個極具吸引力的機會。

Turning now to the operational review and starting with Fresh Fruits on slide 6. I Firstly, I'm very pleased to update you all on an exciting new milestone for the Fresh Fruit business, the launch of our new Dole Colada Royale Pineapple. Bringing this product to the market is the culmination of 15 years of dedication to research and development at our own research facilities and farms and Honduras. The Colada Royale is our first new plant apple variety in many years, developed through conventional non-GMO breeding to deliver a distinctive and new flavor and appearance for the tropical category.

現在進入營運審查環節，從第 6 頁的新鮮水果開始。首先，我非常高興地向大家宣布鮮果業務的一個令人興奮的新里程碑——我們新推出的 Dole Colada Royale 鳳梨口味產品。將這款產品推向市場，是我們15年來在宏都拉斯的自有研究機構和農場致力於研發的結晶。皇家可樂達是我們多年來推出的第一個新品種蘋果，透過傳統的非基因改造育種技術開發，為熱帶蘋果類別帶來獨特而新穎的風味和外觀。

While volumes remain low for now, the Colada Royale is already selling at a material premium, delivering high margins on a per box basis while also stimulating excitement for the category. The launch also provides us with a competitive edge for a wider tropical portfolio, and we continue to invest in complementary products, including plantains, lines, and mangos. Importantly, the launch also reinforces our commitment to community and purpose, a portion of every box sold supporting the creation of a new community center with farm workers and families in our Honduran pineapple region, delivering healthcare, training, and language services.

雖然目前銷量仍然較低，但皇家椰子汽水已經以較高的溢價出售，每盒利潤率很高，同時也激發了人們對這一品類的興趣。此次發布也為我們更廣泛的熱帶產品組合提供了競爭優勢，我們將繼續投資於互補產品，包括大蕉、香蕉和芒果。重要的是，這次發布也強化了我們對社區和目標的承諾，每售出一盒產品，都會有一部分收益用於支持在我們洪都拉斯菠蘿產區為農場工人和家庭創建一個新的社區中心，提供醫療保健、培訓和語言服務。

So looking now more closely at the performance in quarter three. As anticipated, result was lower than the prior year, driven primarily by higher sourcing costs, particularly for bananas. As we have noted over the course of the year, our own sourcing costs in 2025 were always anticipated to be higher due to the impact of the tropical storm Sara had on our important Honduras sourcing region late last year. However, as 2025 has progressed, we have been impacted by growing conditions for the industry in Latin America as it reduced yields and higher spot prices have increased procurement costs.

現在讓我們更仔細地看一下第三季的表現。如預期的那樣，由於採購成本上升，特別是香蕉的採購成本上升，結果低於前一年。正如我們在過去一年中指出的那樣，由於去年底熱帶風暴薩拉對我們重要的洪都拉斯採購區的影響，我們預計 2025 年的採購成本將會更高。然而，隨著 2025 年的到來，拉丁美洲的產業發展狀況對我們產生了影響，產量下降，現貨價格上漲，採購成本增加。

Looking out to 2026, we are progressing well with the rehabilitation of our impacted farms in Honduras as well as actively making additional investments to enhance our supply across our portfolio. Positively, demand for bananas continues to be robust in both our key North American and European markets. And while this heightened demand is contributing to the tight supply and cost pressures we saw in Q3, there's also clearly a really good sign for the health of the category overall.

展望 2026 年，我們在宏都拉斯受影響農場的重建工作進展順利，同時我們也積極進行額外投資，以增強我們整個投資組合的供應能力。令人欣喜的是，我們在北美和歐洲這兩個主要市場對香蕉的需求仍然強勁。雖然這種高漲的需求導致了我們在第三季看到的供應緊張和成本壓力，但顯然也預示著該品類整體健康狀況良好。

Moving on then to diversified EMEA on slide 7. The positive momentum seen in the first half of the year continued in the third quarter, with the segment delivering significant adjusted EBITDA growth on both the reported and like-for-like basis. We continue to see strong underlying growth in markets that have performed well all year, such as Spain, and we had a good growth in our Dutch business. In the Nordics, the benefits of the increased investments in our distribution and logistics capabilities have driven both revenue growth and some margin expansion.

接下來，請看第 7 張投影片，了解多元化的 EMEA 地區。上半年出現的積極勢頭在第三季度得以延續，該業務板塊在報告數據和同店銷售額基礎上均實現了顯著的調整後 EBITDA 增長。我們看到，像西班牙這樣全年表現良好的市場，其潛在成長依然強勁；我們在荷蘭的業務也取得了良好的成長。在北歐，增加對分銷和物流能力的投資所帶來的好處，既推動了收入成長，也帶來了一定的利潤率擴張。

Looking ahead, while we do not anticipate the same rate of growth seen in Q3 to continue in Q4, it is clear that diversified EMEA segment overall is performing in a healthy way, benefiting from the ever-advancing integration of our operations.

展望未來，雖然我們預計第四季不會延續第三季的成長速度，但很明顯，多元化的 EMEA 業務整體表現良好，這得益於我們業務營運的不斷整合。

Turning now to our Diversified Americas segment on slide 8. While the third quarter is typically the least active quarter in Diversified Americas due to the timing of key Southern Hemisphere export seasons, this segment delivered a very positive result with a strong performance, both on the export side and continued good performance in our North American market.

現在請看第 8 頁投影片上的「多元化美洲」部分。由於南半球主要出口季節的時間安排，第三季度通常是美洲多元化業務最不活躍的季度，但該業務板塊取得了非常積極的業績，出口方面表現強勁，北美市場也持續表現良好。

As part of the continued streamlining of our operations, at the beginning of the fourth quarter, we announced the integration of Dole Diversified North America into Oppy, our largest diversified fruit distribution sales operation in the North American market. Looking forward, we believe our businesses in this segment are well placed to deliver a good end to the year.

作為我們持續精簡營運的一部分，在第四季初，我們宣布將 Dole Diversified North America 併入 Oppy，這是我們在北美市場最大的多元化水果分銷銷售業務。展望未來，我們相信我們在該領域的業務已做好充分準備，為今年畫上一個圓滿的句號。

And with that, I'll hand over to Jacinta to give the financial review for the third quarter.

接下來，我將把發言權交給 Jacinta，由她來報告第三季度的財務狀況。

Thank you, Rory, and thank you all for joining our webcast. Turning firstly to the financial highlights on slide 10. Overall, the results for the third quarter was ahead of our own expectations. Revenue of $2.3 billion was 10.5% higher on a reported basis and 8% higher on a like-for-like basis, reflecting the continued good underlying growth across each of our segments. Net income was lower due to a loss of $10 million in discontinued operations, driven by a loss on disposal of the Fresh Vegetable business.

謝謝羅裡，也謝謝大家收看我們的網路直播。首先來看第 10 頁的財務亮點。總體而言，第三季的業績超出了我們的預期。營收達 23 億美元，按報告基準計算成長 10.5%，以可比基準計算成長 8%，反映出我們各個業務板塊持續良好的潛在成長。由於出售新鮮蔬菜業務造成虧損，導致終止經營業務虧損 1,000 萬美元，淨利因此下降。

There was also an associated non-cash fair value charge of $8 million on fixed assets excluded from the sale. These decreases were partially offset by $10 million insurance proceeds recognized in the period, increases related to fair value adjustments of financial instruments, and higher earnings in equity method investments.

此外，還有一筆與出售無關的固定資產相關的 800 萬美元非現金公允價值費用。這些減少部分被本期確認的 1,000 萬美元保險賠償金、金融工具公允價值調整相關的增加以及權益法投資收益的提高所抵銷。

Now looking at the non-GAAP performance measures. Adjusted EBITDA decreased $1.3 million. The decrease was primarily due to decreases in fresh fruit, partially offset by strong performances in both diversified segments.Adjusted net income decreased $3 million predominantly due to the decrease in adjusted EBITDA as well as higher depreciation expense, partially offset by lower tax expense. Adjusted diluted EPS was $0.16 compared to $0.19 in the prior year.

現在來看看非GAAP績效指標。調整後 EBITDA 減少了 130 萬美元。此次下降主要是由於新鮮水果銷售額下降，但兩個多元化業務部門的強勁表現部分抵消了這一影響。調整後淨利潤減少300萬美元，主要原因是調整後EBITDA下降以及折舊費用增加，但稅收支出減少部分抵消了這一影響。調整後的稀釋每股收益為 0.16 美元，而上年同期為 0.19 美元。

Turning now to the divisional updates, starting with Fresh Fruit on slide 12. Revenue increased 11% primarily due to higher volumes and pricing of bananas, pineapple, and plantains on a worldwide basis. As anticipated, higher sourcing costs for bananas were the major driver in the decrease in adjusted EBITDA in this quarter. In the quarter, we also experienced higher food sourcing costs in pineapples and plantains as well as lower profits in commercial cargo.

現在來看看各部門的最新進展，首先是第 12 頁的新鮮水果部門。營收成長 11%，主要原因是香蕉、鳳梨和大蕉在全球的銷售和價格上漲。正如預期的那樣，香蕉採購成本上升是本季調整後 EBITDA 下降的主要原因。本季，鳳梨和大蕉的食品採購成本也較高，而商業貨物的利潤則較低。

Now turning to Diversified EMEA, who delivered another excellent result in the third quarter, continuing the strong performance seen over the course of this year. Reported revenue increased 11%, primarily due to strong underlying performance in Scandinavia, Spain, and the Netherlands as well as a $57 million favorable impact from FX, partially offset by a net negative impact from M&A of $9 million. Excluding these impacts, on a like-for-like basis, revenue increased 6% or $50 million.

現在來看看 Diversified EMEA，該公司在第三季再次取得了優異的業績，延續了今年以來的強勁表現。報告營收成長 11%，主要得益於斯堪的納維亞、西班牙和荷蘭強勁的基本面表現，以及匯率帶來的 5700 萬美元有利影響，但部分被併購帶來的 900 萬美元淨負面影響所抵消。剔除這些影響，以同等條件計算，收入成長了 6%，即 5,000 萬美元。

Adjusted EBITDA increased $10 million or 34%, driven by higher earnings in Scandinavia, Spain, the Netherlands, and South Africa as well as a favorable impact from FX translation. On a like-for-like basis, adjusted EBITDA increased 24% or $7 million.

經過調整的 EBITDA 成長了 1000 萬美元，增幅達 34%，主要得益於斯堪的納維亞半島、西班牙、荷蘭和南非的盈利增長以及外匯折算帶來的有利影響。以同等條件計算，調整後的 EBITDA 成長了 24%，即 700 萬美元。

Diversified Americas also had a very strong third quarter. Revenue increased 8% or $30 million. Driving this increase was revenue growth in most commodities sold in the North American market, but particularly in kiwis and berries. Adjusted EBITDA increased $4 million or 46%, driven by a strong performance in the Southern Hemisphere export business, primarily due to positive final liquidations of the prior export season as well as continued good performance in the North American market.

Diversified Americas 第三季業績也非常強勁。營收成長8%，即3000萬美元。推動這一成長的是北美市場銷售的大多數商品的收入成長，尤其是獼猴桃和漿果的收入成長。經調整的 EBITDA 成長了 400 萬美元，增幅達 46%，主要得益於南半球出口業務的強勁表現，這主要歸功於上一出口季的積極最終清算以及北美市場的持續良好表現。

And now turning to cash flow and capital allocation. Cash capital expenditure was $20.9 million in the quarter, and an additional $0.7 million of assets were acquired under finance leases. The combined total included expenditure on Honduras farms rehabilitation project, which was covered by insurance proceeds, along with logistics and warehouse investments in EMEA and ongoing reinvestments in other farming and transportation infrastructure.

現在來談談現金流和資本配置。本季現金資本支出為 2,090 萬美元，另有 70 萬美元資產透過融資租賃獲得。總計包括洪都拉斯農場重建項目的支出（由保險賠償金支付）、歐洲、中東和非洲地區的物流和倉儲投資以及對其他農業和運輸基礎設施的持續再投資。

As we get close to year-end, we are reducing our full-year expectation for routine capital expenditure to approximately $85 million, with the reduction mainly due to the timing of the execution of certain projects. This routine capital expenditure excludes the rehabilitation costs of our farms in Honduras, which we estimate to be approximately $25 million and which will be covered by insurance proceeds.

隨著年底臨近，我們將全年常規資本支出預期下調至約 8,500 萬美元，下調的主要原因是某些項目的執行時間表。這項常規資本支出不包括我們在宏都拉斯農場的修復費用，我們估計該費用約為 2500 萬美元，這筆費用將由保險賠償金支付。

In line with our typical seasonal working capital trend, we started to see the unwind of the material working capital build from the first half, albeit somewhat curtailed this year by the strong volume and revenue growth being seen across the business. The combination of these factors resulted in free cash flow from continuing operations of $66.5 million for the quarter. In keeping with previous years, we do expect that the unwind in working capital will significantly increase as we head towards the end of the year.

與往年季節性營運資本趨勢一致，我們開始看到上半年累積的大量營運資本開始回落，儘管今年由於業務量和收入的強勁增長，回落速度有所放緩。這些因素綜合起來，使得本季持續經營產生的自由現金流為 6,650 萬美元。與往年一樣，我們預計隨著年底臨近，營運資金的釋放將顯著增加。

As discussed previously, we disposed of our Fresh Vegetable business at the beginning of August, and this resulted in an inflow of $68 million and was an important contributor to the reduction in net debt to $664 million by quarter end. We are pleased to declare an $0.085 dividend for the third quarter, which will be paid on January 6 to shareholders of record on December 9.

如前所述，我們在 8 月初出售了新鮮蔬菜業務，這帶來了 6,800 萬美元的資金流入，並成為季度末淨債務減少至 6.64 億美元的重要因素。我們很高興地宣布第三季派發每股 0.085 美元的股息，並將於 1 月 6 日支付給 12 月 9 日登記在冊的股東。

Now I will hand you back to Rory, who will give an update on our full-year outlook and provide further detail on our go-forward capital allocation strategy.

現在我將把發言權交還給羅裡，他將介紹我們全年的展望，並進一步詳細說明我們未來的資本配置策略。

Thank you, Jacinta. Well, 2025 is proving to be a very dynamic year, and we're very pleased that our broadly based business model has delivered year-on-year adjusted EBITDA growth for the first nine months. As we approach the latter part of the financial year, macroeconomic volatility continues, some industry-specific factors may influence our results, including the current supply and demand conditions for bananas. However, the momentum within the overall business gives us confidence that our full-year adjusted EBITDA should be at the upper end of our targeted range of $380 million to $390 million.

謝謝你，雅辛塔。2025 年註定是充滿活力的一年，我們非常高興地看到，我們廣泛的商業模式在前九個月實現了經調整後的 EBITDA 同比增長。隨著本財年進入下半程，宏觀經濟波動持續，一些行業特定因素可能會影響我們的業績，包括目前香蕉的供需狀況。然而，整體業務的發展勢頭讓我們有信心，全年調整後的 EBITDA 應該會達到我們目標範圍 3.8 億美元至 3.9 億美元的上限。

In summary, our sector and indeed, our position within the sector gives us ample opportunity to grow and generate strong returns for shareholders. The announcement today of the $100 million buyback program provides another lever for driving long-term sustainable shareholder value. And our presentation slide include further detail on our overall capital allocation framework.

總而言之，我們所在的行業以及我們在行業中的地位，為我們提供了充足的發展機會，並為股東創造了豐厚的回報。今天宣布的1億美元股票回購計畫為推動長期永續的股東價值提供了又一手段。我們的簡報幻燈片還包含有關我們整體資本配置框架的更多詳細資訊。

I want to conclude by once again thanking all our outstanding people right across the group for their ongoing commitment and dedication to driving Dole PLC forward. And in particular, this quarter, give special mention to our pineapple team, both on research and production side in Latin America, and also our sales and marketing teams in North America who have delivered on our long-term vision to bring a new and innovative product to the market with Dole's Colada Royale. As always, we really appreciate all our essential partners, suppliers, customers, and all our other stakeholders for their continued support.

最後，我要再次感謝集團所有傑出的員工，感謝他們為推動 Dole PLC 向前發展所做的持續努力和奉獻。尤其值得一提的是，本季我們要特別表揚我們在拉丁美洲的鳳梨團隊（包括研發和生產團隊），以及我們在北美的銷售和行銷團隊，他們實現了我們的長期願景，將 Dole's Colada Royale 這款創新產品推向市場。一如既往，我們衷心感謝所有重要的合作夥伴、供應商、客戶以及其他利害關係人的持續支持。

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

那麼，我就把電話交還給接線員，讓他開通線路接受提問。

(Operator Instructions) Christopher Barnes, Deutsche Bank.

（操作員指示）克里斯多福·巴恩斯，德意志銀行。

I guess I'd just like to start on the implied outlook for the fourth quarter, and I appreciate that forecasting in this environment is an imperfect exercise, to say the least. But could you just elaborate on the key drivers of the implied 10% decline at the upper end of the annual EBITDA guidance? It just seems that cost versus pricing mismatches in Fresh Fruit and mainly bananas are the biggest contributor, especially given the volume momentum you've enjoyed year-to-date.

我想先談談對第四季的隱含展望，我也明白，在這種環境下進行預測至少可以說是不完美的。您能否詳細說明一下導致年度 EBITDA 指引上限值隱含下降 10% 的關鍵因素？新鮮水果（尤其是香蕉）的成本與價格不匹配似乎是造成這種情況的最大原因，尤其考慮到你們今年迄今為止的銷售成長勢頭。

So I'd just love more color around the fourth quarter. And then just thinking about 2026, like should we expect that these cost pressures continue into 2026? Or is the annual contracting progressing to your favor on pricing? Or is there some other offset, whether through your sourcing, easier compares from less tight industry supply? Like just love perspective on the fourth quarter and then into 2026. Thanks.

所以我希望第四節比賽能更有色彩。然後，我們再想想 2026 年，這些成本壓力是否會持續到 2026 年？或者說，年度合約的價格進度是否對您有利？或者是否有其他補償措施，例如透過採購管道，或由於行業供應不那麼緊張而更容易進行比較？就像對第四季以及2026年的展望一樣。謝謝。

Thanks, Chris, for the question. Obviously, as you say, guidance in this quite volatile macroeconomic environment becomes increasingly challenging. And I think another factor, and we've highlighted it previously, but perhaps not in the current quarter, you can't forget that we really had an excellent 2024. So it's at an incredibly high benchmark for us going into '25.

謝謝克里斯的提問。正如您所說，在當前這種相當不穩定的宏觀經濟環境下，提供指導變得越來越具有挑戰性。我認為還有另一個因素，我們之前也強調過，但也許在本季度沒有，你不能忘記我們2024年的表現非常出色。所以，對於我們進入2025年來說，這是一個非常高的基準。

We highlight some of the specific headwinds that we had ourselves in Honduras. And yes, there has been some exacerbation of those with industry-wide problems. We've seen problems in Panama. We've seen problems in Costa Rica. And that has had quite a significant impact on the spot price and coming out of Ecuador, and that's impacted on our procurement costs when we've had to reorganize some of our procurement. So we definitely see some of those headwinds continuing into Q4, which is probably a factor in arriving at the guidance. But we're still comfortable that the overall guidance is a pretty good number as a benchmark against the '24 outcome.

我們重點介紹一下我們在洪都拉斯遇到的一些具體困難。是的，一些行業普遍存在的問題確實有所加劇。我們在巴拿馬看到了問題。我們在哥斯達黎加看到了問題。這對厄瓜多爾的現貨價格帶來了相當大的影響，也影響了我們的採購成本，因為我們必須重新調整一些採購流程。因此，我們預計這些不利因素將持續到第四季度，這可能是我們得出業績指引的一個因素。但我們仍然認為，整體指導值作為 2024 年業績的基準是一個相當不錯的數字。

And then looking out to '26, it's definitely a little bit early to start to give any more comprehensive guidance for '26, and we're working through the process of our budget process and indeed contract negotiations. But I think on an overall basis, and based on a long experience within the industry, what we've tended to find is that if supply conditions tend to -- if it continues for a sustained period of time, we do see that the market normally adjusts in all aspects to that supply/demand equation. So no particular reason to be unduly concerned about '26, but very early to give any predictions. So I hope, Chris, that gives you an overview of where we're at on guidance.

至於 2026 年，現在就給出更全面的指導意見肯定還為時過早，我們正在推進預算流程，並且正在進行合約談判。但我認為，總體而言，根據我們在這個行業多年的經驗，我們發現，如果供應狀況持續一段時間，市場通常會在各個方面進行調整，以適應這種供需關係。所以沒有理由對 2026 年過度擔憂，但現在做出任何預測都為時過早。所以，克里斯，我希望這能讓你對我們目前的指導方針有一個大致的了解。

Yeah, yeah. That was very helpful. And then just a quick follow-up on the topic of tariffs into the US. I know it's different each time we speak, but we have seen some evidence of select exclusions for certain agricultural products in the last couple of months. So with that in mind, is there anything new to share from your and the broader produce industry's efforts to secure exclusions for tropical produce that you can't grow commercially in the US? Thanks.

是啊是啊。那很有幫助。最後，我想就美國關稅問題簡單補充。我知道每次談話的情況都不一樣，但在過去幾個月裡，我們已經看到一些證據表明某些農產品被選擇性地排除在外。有鑑於此，您和整個農產品產業在爭取對無法在美國進行商業種植的熱帶農產品進行豁免方面，有什麼新的進展可以分享嗎？謝謝。

No, we have nothing new to share on that, Chris. I mean certainly the principal that products that cannot be commercially grown within the US should be excluded from the tariff scenario is clearly established by the US administration. I think it's just taking a little bit of time to convert that principle into practical reality.

不，克里斯，我們在這方面沒有什麼新的消息可以分享。我的意思是，美國政府已經明確確立了這樣一個原則：不能在美國境內進行商業種植的產品應該被排除在關稅範圍之外。我認為只是需要一些時間才能將這項原則轉化為實際應用。

And obviously, there's a lot of moving parts, particularly at this moment in time around the whole tariff equation. So I think over time, clearly, our industry is a good example of international trade. The US, I think, wants people will be able to have access to healthy products on a full year-round basis and particular tropical projects such as bananas and pineapple. So while it might take a little bit of time to change, we are confident that over a sensible period of time, there should be positive changes. But there's no specific news just at the moment to update you on that front.

顯然，目前關稅問題涉及諸多變數，尤其是在當前這個時期。所以我認為，隨著時間的推移，很明顯，我們這個行業是國際貿易的一個很好的例子。我認為，美國希望人們能全年都能獲得健康產品，特別是香蕉和鳳梨等熱帶產品。因此，雖然改變可能需要一些時間，但我們相信，經過一段合理的時間，應該會有正面的改變。但目前還沒有這方面的具體消息可以更新。

Fair enough. Thank you very much.

很公平。非常感謝。

Gary Martin, Davy.

蓋瑞馬丁，戴維。

Congrats on a strong set of results. Just a few quick ones for me. I think maybe the most pressing one would be just around the capital allocation. Obviously, a big announcement there around the authorization of $100 million aggregate buyback. It would be good to get your kind of two cents on your thinking behind the buyback program and how that plays into the rest of your capital allocation policy. And maybe just as an add-on, how you kind of think about leverage going forward?

恭喜取得如此優異的成績。我只需要簡單問幾個問題。我認為最迫切的問題或許就是資金配置方面的問題。顯然，在那裡宣布了一項重大消息，即批准總額為 1 億美元的股票回購計畫。很想聽聽您對股票回購計劃背後的考量，以及該計劃如何融入您其餘的資本配置政策。另外，您覺得未來如何運用槓桿效應？

Yeah. Thanks, Gary. So I think we said for a long time that we had a big strategic overhang in terms of the potential future outcome on our discontinued operation, the Vegetable division, that we previously had. So we had said very clearly that we wanted to wait to get an outcome on that. And we're very happy with the outcome of that. It did give us clarity around the focus on our three main operating divisions, and it did give us clarity in terms of being able to be more definitive around our capital allocation strategy.

是的。謝謝你，加里。所以，我認為我們長期以來都認為，就我們先前終止的蔬菜部門的潛在未來結果而言，我們存在著很大的策略懸而未決的問題。所以我們已經非常明確地表示，我們希望等待結果出來。我們對結果非常滿意。它確實讓我們更清楚地了解了我們三大主要營運部門的重點，也讓我們更清楚地了解了我們的資本配置策略。

So we wanted to have, if you like, the tool and the toolkit in terms of having the buyback capacity available. We certainly believe that there are plenty of opportunities, whether it's small or larger opportunities to grow within our individual divisions, and we're not going to ignore those opportunities in terms of whether it's capital development projects or small bolt-on acquisitions, in particular. Certainly, some of the bigger acquisitions and the valuation multiples are still probably a little bit too high, so we'll be patient on that front.

所以我們希望擁有回購能力所需的工具和工具包。我們堅信，無論是在各部門內部，都存在著許多發展機遇，無論是規模大小，我們都不會忽視這些機遇，尤其是在資本開發項目或小型附加收購方面。當然，一些規模較大的收購案和估值倍數可能仍然有點過高，所以我們在這方面會保持耐心。

And I think in general terms, having a progressive dividend policy combined with the buyback program and combined with plenty of capital investment opportunities, I think we're now well positioned in terms of having set up our capital allocation strategy in a good and clear way for the investment community.

我認為總的來說，憑藉漸進式的股利政策、股票回購計畫以及大量的資本投資機會，我們現在已經為投資界制定了清晰明確的資本配置策略，處於非常有利的地位。

That makes sense. And maybe just to dive in a tiny bit deeper into just one component there. I just try to kind of join it with your current set of results. So I mean, you've talked about investing to date. I think one area mentioned in your prepared remarks was investment in the Nordic region and diversified EMEA, and that seems to be paying dividends.

這很有道理。或許我們可以稍微深入探討一下其中的某個組成部分。我只是想把它和你目前的結果結合起來。我的意思是，到目前為止，你一直在談論投資。我認為您在準備好的演講稿中提到的一個領域是對北歐地區和多元化的歐洲、中東和非洲地區的投資，而這似乎正在帶來回報。

Are there any other areas that you'd flag kind of in that particular ballpark? And I suppose, when I think about the Nordics and when I think about the number of strong quarters in a row for the diversified segments, how sticky is some of the kind of the upside to these investments into the long term?

除此之外，你覺得還有哪些面向需要特別指出？我想，當我想到北歐市場，想到各個多元化板塊連續幾季表現強勁時，這些投資的長期收益究竟有多大的黏性呢？

Yeah. I mean, we've plenty of investments underway. And obviously, if we undertake them, Gary, we try to make them as sticky as possible. So we've done a number of smaller, in the overall scheme of things, investments in some of our distribution capability even in terms of non-fresh fruit products, and they're coming through in a very, very positive way. We're constantly exploring the potential for even further automation of our very significant facilities and our interaction with some of our key customers in that region, and that is something that's an ongoing process. You look around the different divisions then Fresh Fruit.

是的。我的意思是，我們有很多投資項目正在進行中。顯然，如果我們要進行這些操作，加里，我們會盡量讓它們盡可能地黏牢。因此，從整體上看，我們對一些分銷能力進行了一些較小的投資，甚至包括非新鮮水果產品，而且這些投資都取得了非常非常積極的成效。我們一直在探索進一步實現我們非常重要的設施自動化以及與該地區一些主要客戶互動自動化的可能性，這是一個持續的過程。你環顧四周，看到各個區域，然後是新鮮水果區。

We've highlighted things like plantains or limes where we have been expanding our presence and control our access to the product. We're probably doing a little bit more and looking at it a little bit more on the organic space to make sure that we have -- while the demand, particularly both in Europe and North America continues to be strong for certain customers on the organic space. And we want to make sure that we have the right mix between third-party and controlled production on that. And maybe a little bit of rebalancing in terms of the sourcing capabilities that we have across the different geographies in Latin America and South America on the Fresh Fruit side.

我們專注於了像大蕉或青檸這樣的產品，在這些產品上，我們擴大了業務範圍，並控制了我們對這些產品的獲取途徑。我們可能會在有機領域投入更多精力，並進行更多研究，以確保我們能夠滿足某些客戶的需求——尤其是在歐洲和北美，有機領域的需求仍然強勁。我們希望確保第三方生產和自有生產之間達到適當的比例。或許還需要對我們在拉丁美洲和南美洲不同地區的新鮮水果採購能力進行一些重新平衡。

And the Diversified Americas business, we're expanding our handling capability and particularly products like cherries. We're broadening our core base in there and interacting with some key partner producers in that region as well. And then it's some of other smaller investments around the group, be it in Ireland upgrading our facilities, Spain enhancing our avocado ripening capability, France developing our banana riping capabilities in Sète in France. So lots of projects and lots of development opportunities. So I hope that covers the question you had, Gary?

而對於美洲多元化業務，我們正在擴大處理能力，特別是像櫻桃這樣的產品。我們正在擴大在該地區的核心客戶群，並與該地區的一些重要合作夥伴生產商互動。此外，集團還在其他一些方面進行了一些較小的投資，例如在愛爾蘭升級我們的設施，在西班牙提高我們的酪梨催熟能力，在法國塞特開發我們的香蕉催熟能力。所以有很多項目和發展機會。希望這能解答你的疑問，加里？

Very thoroughly. I maybe just have one final one, trying to be more anorak. But maybe just one for Jacinta. Even just around the reduction in routine CapEx, you may have glossed over in your prepared remarks, but it would be good to dive into the kind of nature of the reduction in routine CapEx and whether you expect that to be kind of around the $85 million level on a go-forward basis.

非常徹底。我可能還有最後一篇，想更像個科幻迷。但或許可以給雅辛塔一個。即使只是關於日常資本支出減少的問題，您在準備好的發言稿中可能也一帶而過，但最好深入探討一下日常資本支出減少的性質，以及您是否預計未來會將減少額維持在 8500 萬美元左右。

Hi, Gary. Yeah, the reduction is just really timing. As we're now in almost the middle of November, we can see that our ability to complete some of the projects that we had targeted is, we're going to -- it'd be unlikely that we get there before the end of the year. So that's really why we've called it back. We would expect those projects to be completed in 2026. I suppose, in terms of go forward, typically, we've always said that we'd like to run our normal routine CapEx in line with our depreciation, which is just over $100 million. So that's the sort of long-term number.

嗨，加里。是的，降幅真的只是時機問題。現在已經快到 11 月中旬了，我們可以看到，我們完成一些既定目標專案的能力是——我們不太可能在年底前完成這些專案。所以這就是我們把它召回的真正原因。我們預計這些項目將於 2026 年完成。我想，就未來發展而言，我們通常都表示，我們希望按照正常的日常資本支出與折舊額保持一致，折舊額略高於 1 億美元。所以，這是一個長期數字。

Now obviously, there can be opportunities outside of that that may be up this year. We had the vessels that we acquired at the start of the year. But in normal terms around in line with our depreciation, which is about $100 million.

當然，今年可能還有其他機會。我們擁有年初購置的船隻。但以正常水平計算，這與我們的折舊額大致相符，約為 1 億美元。

Makes perfect sense. I'll pass it on. Thanks again.

完全合情合理。我會轉達的。再次感謝。

Pooran Sharma, Stephens.

Pooran Sharma，Stephens。

I appreciate the question here. Just wanted to maybe get a sense of how your negotiations with your customers have been going so far in annual contracting season. I know you said it was too early, but you mentioned in past years, if supply conditions -- tight supply conditions persist that the industry generally tends to adjust itself. So I was just wondering if you can maybe just give us a little bit more qualitative granularity in regards to how some of your negotiations with your customers have been faring so far this season?

我很欣賞這個問題。我只是想了解一下，在年度合約簽訂季，您與客戶的談判進展如何。我知道您說現在還為時過早，但您也提到，在過去幾年裡，如果供應狀況——供應緊張的狀況持續存在，那麼該行業通常會進行自我調整。所以我想問您能否更具體地說明一下，本季到目前為止，您與客戶之間的一些談判進展如何？

Yeah, it's a little bit of a delicate moment, and we're in the middle of the process, so we don't give too much information. Maybe Johan, you could give just a little bit of high-level color on that as well to add to deal with Pooran's question.

是的，現在情況有點微妙，我們正處於過程中，所以我們不會透露太多資訊。約翰，或許你可以稍微補充一些高屋建瓴的內容，以回答普蘭提出的問題。

Yeah. So I wish I was going to say exactly like what you said there, Rory, that it's too early, and we are right in the middle of it. But considering the supply situation, we believe it's well understood within the markets because it's been very well -- it's been impacting everyone with Panama being shut down that took out the sizable volume, Honduras having the weather last year took out a sizable volume and now Costa Rica also having weather. So we believe the customers are aware of the situation, and we feel that the discussions that we're having and the negotiations that we're having with the retailers are always very tough, but we also believe that we are getting our story across. So we feel optimistic about the future.

是的。所以，我希望我能像你剛才說的那樣說，羅裡，現在說這些還為時過早，而我們正處於其中。但考慮到供應情況，我們認為市場對此已有充分的了解，因為情況一直非常糟糕——巴拿馬的停工導致大量貨物無法供應，洪都拉斯去年的惡劣天氣也導致大量貨物無法供應，現在哥斯達黎加也面臨同樣的天氣問題，這些都對每個人都產生了影響。所以我們相信顧客都了解情況，我們也覺得我們與零售商之間的討論和談判總是非常艱難，但我們也相信我們正在把我們的想法傳達出去。所以我們對未來感到樂觀。

Okay. Great. Appreciate the color there. And I was just maybe wondering if you could kind of talk more about some of the strength that you're seeing in the diversified fresh produce. And maybe just focusing on EMEA here, I know you gave some color with the last questions. You've made some solid investments. But in terms of like the underlying drivers, the consumer health and those areas, I was just wondering if you were able to share a little bit more color in regards to the performance you've seen thus far?

好的。偉大的。欣賞那裡的色彩。我只是想問您能否再詳細談談您認為多樣化新鮮農產品有哪些優勢。或許我們應該只關注歐洲、中東和非洲地區，我知道您在最後幾個問題中已經提到了一些細節。你做了一些不錯的投資。但就根本驅動因素、消費者健康狀況等這些領域而言，我想知道您能否更詳細地分享您目前看到的表現？

Yeah. I think on an overall basis, you also have to recognize the strength of our business in the diversified segment. In EMEA, if you look across the European countries, we're the number one player in Ireland, in the UK, in Spain, Czech Republic, Sweden, Denmark, a strong presence in Germany, Netherlands, France, Italy. So we've got a really, really well-oiled machine in Europe, and we've got a really strong platform to build with our existing customer base across all the segments from retail to wholesale to food service.

是的。我認為從整體來看，你也必須認識到我們在多元化領域的業務實力。在歐洲、中東和非洲地區，放眼整個歐洲國家，我們在愛爾蘭、英國、西班牙、捷克共和國、瑞典、丹麥都是第一名的玩家，在德國、荷蘭、法國、義大利也擁有強大的市場地位。因此，我們在歐洲擁有一台運作非常良好的機器，並且我們擁有一個非常強大的平台，可以利用我們現有的客戶群在從零售到批發再到餐飲服務的所有領域進行發展。

And I think the combination, if you go back in time, even though we are now very much all just one Dole PLC, but there was a process of integrating the strengths of the Dole Food Company and total projects. And I think we're seeing a lot of the benefits of that coming through in giving us a much more comprehensive package of offering to the major customers across the different markets.

我認為，回顧過去，雖然我們現在都是一家 Dole PLC，但當時確實有一個整合 Dole 食品公司和所有專案優勢的過程。我認為，我們正在看到這些措施帶來的許多好處，例如，我們可以為不同市場的主要客戶提供更全面的產品和服務。

We've been working very hard to consolidate our activities, particularly in Holland and Northern Europe. We've been developing in France. We have a hugely strong platform in Spain. Like this year, for example, we opened our avocado ripening facilities. We're dual branding a range of exotic products and getting a lot of positive traction with our customers.

我們一直在努力鞏固我們的業務，尤其是在荷蘭和北歐地區。我們一直在法國進行研發。我們在西班牙擁有非常強大的平台。例如今年，我們就開放了酪梨催熟設施。我們對一系列異國風情產品進行雙品牌推廣，並獲得了客戶的正面回應。

Scandinavia, we've always had a very, very strong position in the marketplace, and we're building on that with our core activities and adding in additional interesting aspects to it. North America, then if you look at the fresh diversified business in North America, a strong platform with our Oppy business as a platform and the marketing function. But our other businesses whether it's Gambles in Toronto, our fresh connection export business as well, have been working hard. And then as we said in the call, probably had some difficulties going back a few years with the pandemic period and the supply chain disruption was quite difficult on our South American businesses. We've grouped in a very positive way.And now we've got a strong platform to build on.

在斯堪的納維亞，我們一直擁有非常非常強大的市場地位，我們正在透過核心業務鞏固這一地位，並在此基礎上增加其他有趣的方面。那麼，如果你看看北美地區新興的多元化業務，你會發現我們擁有強大的平台，以 Oppy 業務為平台，並具備強大的行銷職能。但是，我們的其他業務，無論是多倫多的 Gambles，還是我們的新鮮連接出口業務，都一直在努力發展。正如我們在電話會議中所說，幾年前的疫情期間，供應鏈中斷對我們的南美業務造成了相當大的困難，我們可能因此遇到了一些困難。我們已經以非常積極的方式團結起來。現在我們擁有了一個強大的平台，可以以此為基礎繼續發展。

We're looking at some expansion activity in Chile and Peru. And Argentina, it continues to be difficult, but we're performing well and focused on certain products. So I think all in all, the streamlining of the Dole Direct North American business into Oppy is another step in the direction of making our businesses more efficient and making ourselves more attractive to our key customers. So I hope that gives you a high-level overview of it, Pooran.

我們正在考慮在智利和秘魯進行一些擴張活動。阿根廷市場依然充滿挑戰，但我們表現良好，並專注於某些產品。所以總的來說，我認為將 Dole Direct 北美業務精簡為 Oppy 是朝著提高業務效率和增強對主要客戶的吸引力方向邁出的又一步。所以，我希望這能讓你對它有一個大致的了解，普蘭。

And Rory, maybe just one thing to add there is that we see also very healthy consumer demand. It seems the consumer is focusing on affordability, they're focusing on health. They're going to the channels where we are representing our products. So we seem to be in a good spot right now.

羅裡，或許我還要補充一點，那就是我們也看到了非常健康的消費者需求。消費者似乎更關注價格實惠和健康。他們會去我們代理產品的管道。所以我們現在的情況似乎不錯。

Great, great. Appreciate the color, and congrats on the quarter.

太好了，太好了。欣賞這種色彩，並祝賀你取得季度佳績。

Peter Galbo, Bank of America.

Peter Galbo，美國銀行。

Maybe just to go back to Chris Barnes' question around tariff and to ask it in a slightly different way. Just what was embedded in the guidance this year, the $380 million to $390 million in terms of overall tariff hit? And I ask it in the context of, if we do get relief or the Supreme Court tosses out IEEPA tariffs, whatever it's going to be, just what's kind of the flow-through of what was embedded in this year's guidance relative to what could be a potential tailwind for next year?

或許我們可以回到克里斯·巴恩斯關於關稅的問題，換個方式問。今年的指導方針中究竟包含了哪些內容，即3.8億美元至3.9億美元的關稅總額？我提出這個問題的背景是，如果我們真的獲得了救濟，或者最高法院推翻了 IEEPA 關稅，無論是什麼結果，今年指導意見中蘊含的內容，對於明年可能出現的有利因素，究竟會產生怎樣的影響？

Yeah. We didn't build in any particular positive or negative into the guidance for this year. We've been working our way through it very carefully with our customer and our supply base. And clearly, I think if for some reason the tariffs got unwound, that would just be a pass-through in some way, so we wouldn't get any particular benefit and hopefully not suffer any particular negative. So it's more I think the key point really, and Chris' question was more about the long-term issues that clearly our industry is not the specific targets of tariffs. And we hope over time that that comes through and a realignment of the tariff approach.

是的。今年的業績指引中，我們沒有納入任何特別正面的或負面的因素。我們一直在與客戶和供應商密切合作，謹慎地解決這個問題。顯然，我認為如果因為某些原因關稅而被取消，那也只會以某種方式轉嫁到我們身上，所以我們不會獲得任何特殊好處，希望也不會遭受任何特殊負面影響。所以我覺得這才是關鍵所在，克里斯的問題更多是關於長期問題，很明顯，我們的產業並不是關稅的具體目標。我們希望隨著時間的推移，這一點能夠落實，關稅政策也能得到調整。

Got it. Helpful. And then I know it was, again, a relatively short-term hiccup maybe here in the fourth quarter. But I wanted to ask about SNAP and just whether there was any real implications or issues you saw even in the first 10 days of this month particularly around fresh fruits and vegetables, I'd have to think some of those have some SNAP exposure. So just whatever you saw, and again, if we get resolution today, it could be a nice tailwind, but kind of what you saw in the very short term.

知道了。很有幫助。我知道，這或許只是第四季一個相對較短的小插曲。但我想詢問 SNAP（補充營養援助計劃）的情況，以及在本月初的 10 天裡，您是否看到了任何實際的影響或問題，尤其是在新鮮水果和蔬菜方面，我認為其中一些可能與 SNAP 有關。所以，不管你看到了什麼，再說一遍，如果我們今天能解決這個問題，那可能會是一個不錯的順風，但就像你在短期內看到的那樣。

Johan, do you want to comment on that in terms of the government shutdown impacts as well?

約翰，你是否也想就政府停擺的影響發表一些看法？

Yeah. So we have not seen any trends out of the shutdowns. We only have anecdotal stories coming back from the market. And what people are saying is that in the areas where there are a lot of government employees, they have seen a slight decrease of sales in the stores, and maybe that they have been moving a little bit more to affordable products. And there, we just want to remember that we are very affordable products with many of the products we have, especially the bananas.

是的。所以，我們還沒有從這些停工事件中看到任何趨勢。我們目前只能從市場上獲得一些零星的傳聞。人們表示，在政府員工較多的地區，商店的銷售額略有下降，可能是因為人們開始購買更多價格實惠的產品。最後，我們想提醒大家，我們的許多產品價格都很實惠，尤其是香蕉。

And anecdotally, the people are also saying that maybe they see that some consumers in these areas are moving to more, what is perceived to be, inexpensive formats like discount stores. And again, we are represented across all channels. So for us, we feel that we are in a good position. But again, no real trends. It's only stories coming back from the market.

而且，人們也表示，他們可能看到這些地區的某些消費者正在轉向他們認為更便宜的購物方式，例如折扣店。而且，我們在所有管道都有代表。所以，我們覺得我們處於有利地位。但同樣，沒有真正的趨勢。都是些從市集上傳回來的故事。

Helpful. Thank you.

很有幫助。謝謝。

There are no further questions at this time. I will now turn the call back to Rory Byrne for closing remarks.

目前沒有其他問題了。現在我將把電話轉回給羅裡·伯恩，請他作總結發言。

Thank you, Derek. So yeah, we're very pleased that our broadly based business model has yet again performed well in the quarter. We've made some good operational and strategic progress over the course of '25. Having sold the Fresh Vegetable business, it did clear the path to give us much more clarity of focus and strategic focus on our three key operating divisions and indeed, the financial flexibility to put in place the $100 million buyback program and add to our investor, shareholder value toolkit.

謝謝你，德里克。是的，我們非常高興看到我們覆蓋範圍廣的商業模式在本季再次取得了良好的表現。在過去的25年中，我們在營運和策略方面取得了一些良好的進展。在出售新鮮蔬菜業務後，我們得以更清晰地聚焦於三大主要營運部門，並擁有更大的財務靈活性，從而實施 1 億美元的股票回購計劃，並增加我們為投資者和股東創造價值的工具。

So overall, we believe we're well positioned to continue to successfully progress over the next few years, and thank you very much for joining us today.

總的來說，我們相信我們已做好充分準備，在未來幾年繼續取得成功，非常感謝您今天加入我們。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。謝謝各位的出席。您現在可以斷開連線了。