Dole PLC (DOLE) 2026 Q1 法說會逐字稿

Welcome to Dole PLC's first quarter 2026 results webcast.

歡迎收看 Dole PLC 2026 年第一季業績網路直播。

Today's webcast is being broadcast live over the internet and is also being recorded for playback purposes. Currently, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session.

今日的網路直播將透過網際網路進行即時播出，並同時錄製以供回放。目前所有與會者皆處於僅收聽模式。講者簡報結束後，將進行問答環節。

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.

接下來進行開場致詞與介紹，我想將電話會議交給 Dole PLC 投資人關係主管 James O’Regan。

Thank you, Derek. Welcome, everybody, and thank you for joining our results webcast. Joining me today is our Chief Executive Officer, Rory Byrne, our Chief Operating Officer, Johan Lindén, and our Chief Financial Officer, Jacinta Devine.

謝謝你，Derek。各位好，歡迎大家，並感謝各位參加我們的業績網路直播。今天與我一同出席的有執行長 Rory Byrne、營運長 Johan Lindén，以及財務長 Jacinta Devine。

During this webcast, we'll be referring to presentation slides to supplement our 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，我們將參考簡報投影片以補充說明；投影片連同我們的財報新聞稿及其他相關資料，皆可於 Dole PLC 官網的投資人關係專區取得。

Please note, our remarks today will include certain forward-looking statements within the provisions of the Federal Securities Safe Harbour Law.

請注意，我們今天的發言將包含若干前瞻性陳述，並受聯邦證券安全港法規定之保障。

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.

這些陳述反映其作成當時的情況，公司明確聲明不負有更新或修訂任何前瞻性陳述之義務。由於多項因素，實際結果或成果可能與明示或暗示者存在重大差異，包括我們向 SEC 提交之文件及新聞稿中所列之因素。

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. With that, I'm pleased to hand over to Rory.

有關非 GAAP 財務衡量指標之使用資訊，請參閱我們的新聞稿，其中亦包含與最可比 GAAP 指標之調節表。接下來，我很高興把時間交給 Rory。

Thanks, James. Welcome, everybody, and thank you for joining us today as we discuss our results for the first quarter and give an update on the latest developments within the group.

謝謝你，James。各位好，歡迎大家，並感謝各位今天與會。我們將討論第一季業績，並更新集團近期的最新進展。

So firstly, turning to slide 4 for a review of quarter one and 2026.

首先，請看投影片第 4 頁，回顧第一季與 2026 年的表現。

Well, we're very pleased to report a solid start to the year with positive momentum across the group being reflected in strong revenue growth of 12% year over year. We are seeing positive consumer demand for our products across all our key markets, supported by evolving dietary preferences influenced by GLP-1 adoption and indeed broader health and wellness trends.

我們很高興報告，今年開局穩健，集團整體動能正向，反映在營收年增 12% 的強勁成長。我們在所有主要市場都看到消費者對我們產品的正向需求，並受到飲食偏好演變的支持；此一演變受到 GLP-1 採用的影響，亦反映更廣泛的健康與福祉趨勢。

Adjusted EBITDA of $100 million was in line with our expectations. This result was driven by strong performance in diversified Americas, as well as growth in diversified EMEA, partially offsetting a lower result in fresh fruit due to higher fruit sourcing costs. This result once again demonstrates the resilience of our business model, particularly in light of the additional complexity being seen in the operating environment due to the ongoing conflict in the Middle East. While our direct exposure to the region is limited, we are experiencing indirect effects, including elevated fuel costs as well as higher prices for other inputs such as fertilizer and paper.

調整後 EBITDA 為 1 億美元，符合我們的預期。此結果主要由多元化美洲業務的強勁表現，以及多元化 EMEA 的成長所帶動，部分抵銷了因水果採購成本上升而導致的生鮮水果業務較低表現。此結果再次展現我們商業模式的韌性，尤其是在中東持續衝突使營運環境更為複雜的情況下。雖然我們對該地區的直接曝險有限，但仍受到間接影響，包括燃料成本上升，以及肥料、紙材等其他投入成本價格走高。

As announced in December, we agreed to sell our port operations in Guayaquil, Ecuador to Terminal Investments Limited. We are very pleased to update that regulatory approval has been received and we expect to complete this important transaction during the current quarter. We continue to expect net proceeds after tax of approximately $75 million.

如同我們在 12 月宣布的，我們已同意將位於厄瓜多瓜亞基爾（Guayaquil）的港口營運出售予 Terminal Investments Limited。我們很高興更新，目前已取得監管核准，並預期於本季完成這項重要交易。我們仍預期稅後淨收益約為 7,500 萬美元。

So turning to slide 5 and focusing more on the team of capital allocation. Obviously, our priority is to seek the best long-term returns for our shareholders.

接著請看投影片第 5 頁，更聚焦於資本配置主題。顯然，我們的首要任務是為股東追求最佳的長期報酬。

We have identified several development opportunities throughout our operations, which we believe can deliver good returns, particularly when benchmarked against the alternative expected return from share repurchases. These opportunities are spread across our value chain and are a combination of development investments and bolt-on acquisitions.

我們已在營運各環節辨識出多項發展機會，並相信可帶來良好報酬，特別是與庫藏股回購的替代性預期報酬相比。這些機會分布於我們的價值鏈，並結合發展性投資與補強型併購。

Ensuring access to high-quality produce and diversifying our sourcing are essential elements of our strategy. To support this, we have made recent investments to increase the proportion of our own production.

確保取得高品質農產品並分散採購來源，是我們策略中的關鍵要素。為支持此策略，我們近期已投資以提高自有生產的占比。

In fresh fruit, through an investment by one of our joint ventures, we have increased our own production and sourcing from Guatemala for both organic and both conventional and organic bananas, as well as plantains.

在生鮮水果方面，透過我們其中一家合資企業的投資，我們已提升自有生產，並增加自瓜地馬拉的採購，涵蓋傳統與有機香蕉，以及大蕉（plantains）。

In Diversified Americas, we continue to invest in the cherry category with a focus on securing high-quality and stable product volumes. We've also invested in our packing operations for cherries, citrus, and other products, with the investments being made both through our wholly owned operations as well as via our joint venture companies.

在多元化美洲業務方面，我們持續投資櫻桃品類，重點在於確保高品質且穩定的供貨量。我們也投資於櫻桃、柑橘及其他產品的包裝作業；相關投資同時透過我們的全資營運據點以及合資公司進行。

In Diversified EMEA, our investment focuses on end markets and our distribution channels. Over the last number of years, we've made investments in our logistics and automation capabilities in Sweden, particularly in our third-party logistics company, No Waste Logistics.

在多元化 EMEA 業務方面，我們的投資重點聚焦於終端市場與配送通路。過去數年，我們在瑞典的物流與自動化能力方面持續投資，特別是在我們的第三方物流公司 No Waste Logistics。

No Waste is delivering good returns, and we continue to see further opportunities for similar future investments in this business.

No Waste 正帶來良好報酬，我們也持續在該業務中看到更多類似的未來投資機會。

In addition to our third-party logistics operation in Sweden, we are exploring a strategic opportunity to further invest in automation, AI, and innovative warehouse solutions to better serve our core customer base. We are working towards the finalization of a significant development investment in the order of approximately $100 million, which will provide us with a strategic platform for sustainable long-term growth.

除瑞典的第三方物流營運外，我們也在探索一項策略性機會，進一步投資自動化、AI 與創新倉儲解決方案，以更好地服務我們的核心客戶群。我們正推進一項約 1 億美元規模的重大發展性投資之定案，該投資將為我們提供可持續的長期成長策略平台。

In Ireland and Spain, we are also investing to upgrade and expand our warehouse operations and infrastructure.

在愛爾蘭與西班牙，我們也正投資以升級並擴充倉儲營運與基礎設施。

Finally, given the fragmented nature of our sector, we are focused on identifying bolt-on acquisition opportunities that are complementary and synergistic to our existing businesses. In this regard, we are progressing a number of opportunities in Ireland, Italy, Spain, and Sweden, and we'll update further as these progress.

最後，鑑於本產業高度分散，我們專注於辨識與既有業務互補且具協同效益的補強型併購機會。在此方面，我們正推進愛爾蘭、義大利、西班牙與瑞典的多項機會，並將隨進展提供進一步更新。

Slide 6 outlines our capital allocation priorities. We invested $18 million in the quarter in routine capital additions and continue to expect full year investment of approximately $100 million. This covers routine profit maintenance investments across our farming, shipping and distribution assets, as well as in IT. As I've just discussed, advancing the development of the group is a key strategic priority for us, which we will pursue through development capital expenditure and targeted bolt-on acquisitions, and of course, generating and delivering good returns for our shareholders is a major component of our capital allocation strategy. We offer an attractive and consistent quarterly dividend, which we assess annually. In November, our board granted authorisation for share repurchases, and we are using this authorisation opportunistically, benchmarking the returns relative to those available from our portfolio of development projects.

投影片第 6 頁概述我們的資本配置優先順序。本季我們在例行資本增添方面投資 1,800 萬美元，並仍預期全年投資約 1 億美元。此項投資涵蓋我們農場、航運與配送資產的例行維護性投資，以及 IT 投資。如我剛才所述，推進集團發展是我們的關鍵策略優先事項，我們將透過發展性資本支出與精準的補強型併購來推動；當然，為股東創造並交付良好報酬，是我們資本配置策略的重要組成。我們提供具吸引力且穩定的季度股利，並每年評估一次。11 月時，我們董事會核准了股份回購授權，我們將在適當時機運用該授權，並以可得報酬與我們發展專案組合所能提供的報酬進行比較衡量。

So, turning now to the operational review and starting firstly with the fresh fruit division on slide 8.

接下來進入營運回顧，首先從投影片第 8 頁的生鮮水果事業部開始。

As expected, the elevated fruit sourcing costs experienced in 2025 continue to have an impact on fresh fruit profitability in the first quarter of this financial year. Positively, we continue to see strong category demand driving higher overall portfolio volumes. This was particularly evident in our sales of bananas in Europe this quarter. In North America, revenue growth was driven by higher year-on-year pricing across our categories. In Europe, along with higher banana volumes, we benefit from a favorable movement in the euro versus dollar exchange rate.

如預期，2025 年所經歷的水果採購成本高檔，於本會計年度第一季仍持續影響生鮮水果的獲利能力。正面的是，我們持續看到品類需求強勁，帶動整體產品組合銷量提升。本季在歐洲的香蕉銷售尤其明顯。在北美，營收成長主要由各品類年對年價格上升所帶動。在歐洲，除香蕉銷量增加外，我們也受惠於歐元兌美元匯率的有利變動。

Lower overall industry volumes have contributed to higher sourcing costs across the segment, and the continued appreciation of the Costa Rican colon is also impacting pineapple profitability.

整體產業供給量較低，推升了該事業群的採購成本；同時，哥斯大黎加科朗（Costa Rican colon）持續升值也正在影響鳳梨的獲利能力。

On the production side, we have rehabilitated our farms in Honduras, and as mentioned earlier, we've invested in production and sourcing capacity from Guatemala. We expect these investments to deliver benefits as the year progresses.

在生產端，我們已完成宏都拉斯農場的復育；如先前所述，我們也投資於來自瓜地馬拉的生產與採購產能。我們預期這些投資將隨著年度推進而逐步帶來效益。

We are closely monitoring developments related to the conflict in the Middle East. Input costs, including fertilizers, paper, and fuel have increased. For fuel specifically, we have variable surcharge in place with our North American customers serving as a mitigant against rising fuel expenses, albeit with a time lag.

我們正密切關注與中東衝突相關的發展。投入成本（包括肥料、紙材與燃料）已上升。就燃料而言，我們已對北美客戶設有浮動附加費機制，以緩解燃料費用上升的影響，但仍存在時間落差。

Overall, while the unfavourable supply dynamic and recent developments in the Middle East are impacting our cost base, we remain confident positive demand trends combined with strategic investments and cost-saving initiatives will lead to improved profitability on a full-year basis.

整體而言，儘管不利的供需態勢與近期中東局勢發展正影響我們的成本基礎，我們仍有信心：正向的需求趨勢，結合策略性投資與節成本措施，將在全年基礎上帶動獲利能力改善。

Moving on to the Diversified EMEA segment, this segment has had a solid start to the year with adjusted EBITDA up by 8%.

接著看多元化 EMEA 事業群；該事業群今年開局穩健，調整後 EBITDA 成長 8%。

We've seen continued revenue growth supported by favorable exchange rates from stronger European currencies against the US dollar and robust underlying organic growth of 4%.

我們看到營收持續成長，受惠於歐洲貨幣相對美元走強所帶來的有利匯率，以及 4% 的強勁內生性成長。

The Nordics have been a strong contributor in the first quarter, and we are seeing the benefits of rich investments in our third-party logistics business in particular.

北歐地區在第一季貢獻強勁，我們也正看到先前對第三方物流業務等領域的大量投資所帶來的效益。

Other notable contributions of the quarter were from our operations in Germany, driven by higher rate volumes. These positive factors helped balance out reduced profitability in the UK, caused by lower product availability from Southern Europe and North Africa during the quarter, as well as lower margins in the Netherlands and South Africa.

本季其他值得注意的貢獻來自我們在德國的營運，主要受更高的費率量所帶動。這些正面因素有助於抵銷英國獲利能力下滑（係因本季來自南歐與北非的產品供應量較少所致），以及荷蘭與南非較低的利潤率。

This once again demonstrates the advantage of our diversified business model and strategy. Looking ahead, we are focused on executing on a number of internal and external investment projects across Ireland, the Nordics and Italy, while proactively identifying additional avenues for growth.

這再次證明我們多元化的商業模式與策略所具備的優勢。展望未來，我們將專注於在愛爾蘭、北歐與義大利執行多項內外部投資專案，同時主動尋找更多成長途徑。

In summary, we anticipate that the current positive momentum will continue throughout the remainder of the year.

總結而言，我們預期目前的正向動能將在今年剩餘期間持續。

And lastly, turning to our Diversified America segment, this segment delivered another strong performance in the quarter, with adjusted EBITDA up by 29%. The result was driven by a positive end to the Chilean cherry season. The season was categorized by higher volumes to meet growing consumer demand, and we continue to invest in this category to take advantage of these positive demand dynamics.

最後，談到我們的「美洲多元化」事業部，本事業部本季再度交出強勁表現，調整後 EBITDA 年增 29%。此結果主要受智利櫻桃產季良好收尾所帶動。該產季以較高出貨量來滿足持續成長的消費者需求為特徵，我們也持續投資此品類，以把握這些正向需求動能。

In addition to cherries, our Southern Hemisphere export business has experienced positive volume trends in several other categories. We also experienced increased activity in our North American imports and marketing operations, which compensated for lower avocado pricing.

除櫻桃之外，我們的南半球出口業務在其他數個品類亦呈現正向的量能趨勢。我們在北美進口與行銷營運的活動也有所增加，彌補了酪梨價格較低的影響。

Furthermore, this part of the business is also seeing the operational benefits of the integration of Dole Direct North America with Oppy.

此外，隨著 Dole Direct North America 與 Oppy 的整合推進，這部分業務也正看到整合帶來的營運效益。

Finally, our joint ventures in the segments have started the year well, and we expect to see the benefits of recent investments as the year progresses.

最後，我們在各事業部的合資企業年初表現良好，且我們預期隨著年度推進，將逐步看到近期投資所帶來的效益。

So with that, I'll hand you over to Jacinta to give the financial review for the first quarter.

那麼接下來，我把時間交給 Jacinta，由她為大家進行第一季的財務回顧。

Thank you, Rory, and good morning, everyone.

謝謝你，Rory，各位早安。

Turning firstly to the group results on slide 12.

首先請看投影片 12 的集團業績。

Group revenue of $2.3 billion was 11.6% higher on a reported basis, reflecting continued positive demand for our products, as well as favorable foreign exchange movements.

集團營收為 23 億美元，以報表基礎計算年增 11.6%，反映我們產品需求持續正向，以及有利的外匯變動。

Excluding foreign exchange impacts, on a like-for-like basis, revenue was up 7%. Cost of sales increased at a proportionally higher rate than revenue and was driven by higher fruit sourcing costs in the fresh fruit segment. However, gross profit increased by $2.8 million.

若排除外匯影響，以同店（like-for-like）基礎計算，營收成長 7%。銷貨成本的增幅相對高於營收，主要由生鮮水果事業部較高的水果採購成本所帶動。然而，毛利仍增加 280 萬美元。

SMG&A increased by $5.4 million or 4.5%, mainly due to the impact of foreign currency translation, partially offset by the synergies achieved on the integration of DDNA and Oppy. This increase, along with a higher gain from asset sales in Q1 2025 following the sale of land in Hawaii, contributed to the $6 million decrease in operating income.

SMG&A 增加 540 萬美元（或 4.5%），主要由外幣換算影響所致，部分被 DDNA 與 Oppy 整合所實現的綜效所抵銷。此項增加，加上 2025 年第一季因出售夏威夷土地而帶來較高的資產出售利益，合計導致營業利益減少 600 萬美元。

Other income increased by $4.8 million, predominantly due to an unrealized gain on foreign currency denominated borrowings.

其他收益增加 480 萬美元，主要來自以外幣計價借款的未實現評價利益。

Interest expense decreased by $4.6 million due to lower average borrowings, lower base interest rates, and the benefits of the refinancing completed in May 2025.

利息費用減少 460 萬美元，原因包括平均借款水位較低、基準利率較低，以及 2025 年 5 月完成再融資所帶來的效益。

Equity method earnings decreased by $6.7 million, primarily due to a non-cash gain of $6.9 million on an M&A transaction booked in Q1 2025.

權益法投資收益減少 670 萬美元，主要因 2025 年第一季認列一筆併購交易的 690 萬美元非現金利益。

Overall net income was $37.7 million, $6.4 million lower than the prior year.

整體淨利為 3,770 萬美元，較去年同期減少 640 萬美元。

Looking now at the non-GAAP performance measures. Adjusted EBITDA was $100 million, a decrease of $4.5 million, and mainly driven by higher food sourcing costs in fresh fruit, partially offset by strong growth in diversified Americas and a solid performance in diversified EMEA.

接著看非 GAAP 的績效衡量指標。調整後 EBITDA 為 1 億美元，減少 450 萬美元，主要由生鮮水果較高的食品採購成本所致，部分被美洲多元化業務的強勁成長以及 EMEA 多元化業務的穩健表現所抵銷。

Adjusted net income decreased $1.9 million, predominantly due to the decrease in adjusted EBITDA, as well as higher depreciation expense. And higher interest and tax in equity method investments following recent investments made in our Chilean cherry and citrus JV and our Guatemalan tropical produce JV. These decreases were partially offset by lower interest expense.

調整後淨利減少 190 萬美元，主要因調整後 EBITDA 下滑以及折舊費用增加；此外，近期對智利櫻桃與柑橘合資企業，以及瓜地馬拉熱帶農產品合資企業的投資，使權益法投資中的利息與稅負增加。上述減少部分被利息費用下降所抵銷。

Adjusted diluted EPS was $0.33 compared to $0.35 in Q1 2025.

調整後稀釋每股盈餘（EPS）為 0.33 美元，2025 年第一季為 0.35 美元。

Turning now to the divisional updates, starting with Fresh Fruit on slide 14.

接著進入各事業部更新，先看投影片 14 的生鮮水果。

Revenue increased 7%, primarily due to higher worldwide pricing of bananas, pineapples, and plantains, and higher volumes of bananas sold in Europe.

營收成長 7%，主要由香蕉、鳳梨與大蕉（plantains）全球價格上升，以及在歐洲銷售的香蕉量增加所帶動。

Adjusted EBITDA decreased by $10.7 million, mainly due to higher food sourcing costs and the impact of the appreciation of the Costa Rica colon.

調整後 EBITDA 減少 1,070 萬美元，主要因食品採購成本上升，以及哥斯大黎加科朗升值的影響。

Reported revenue in diversified fresh produce EMEA increased 15%, primarily due to a favorable impact from FX, as well as underlying growth in France and Germany.

EMEA 多元化生鮮農產品的報表營收增加 15%，主要由外匯帶來的有利影響，以及法國與德國的內生成長所帶動。

On a like-for-like basis, revenue increased by 4%, or $36 million.

以同店（like-for-like）基礎計算，營收增加 4%，或 3,600 萬美元。

Adjusted EBITDA increased 8%, driven by a favorable impact from FX translation and good contributions from Scandinavia and Germany, partially offset by lower underlying earnings in the UK, the Netherlands, and South Africa.

調整後 EBITDA 增加 8%，受惠於外幣換算的有利影響，以及斯堪地那維亞與德國的良好貢獻；部分被英國、荷蘭與南非較低的內生獲利所抵銷。

On a like-for-like basis, adjusted EBITDA decreased $1.4 million.

以同店（like-for-like）基礎計算，調整後 EBITDA 減少 140 萬美元。

Finally, Diversified Americas delivered another strong result in this quarter. Revenue increased 16%, driven by higher volumes and pricing in our southern hemisphere export business, as well as by higher volumes in our North American businesses, offsetting lower pricing primarily in avocados.

最後，美洲多元化業務本季再度交出強勁成績。營收成長 16%，主要由南半球出口業務的量與價提升，以及北美業務量增加所帶動，並抵銷了主要來自酪梨的較低價格。

Adjusted EBITDA increased by $4 million to just under $18 million, driven by higher revenue, the benefits of the Oppy and DDNA integration, and a good performance in our joint venture operations.

調整後 EBITDA 增加 400 萬美元至接近 1,800 萬美元，主要受更高營收、Oppy 與 DDNA 整合效益，以及合資營運的良好表現所帶動。

Turning to slide 17 for a view of key cash items and leverage.

接著請看投影片 17，以了解主要現金項目與槓桿情況。

As Rory mentioned, routine Capex was $18 million, and there was no material development expenditure in Q1.

如 Rory 所提，例行性資本支出（Capex）為 1,800 萬美元，且第一季沒有重大開發性支出。

For full year 2026, we are maintaining our guidance for routine Capex for approximately $100 million.

針對 2026 全年，我們維持例行性資本支出指引約 1 億美元不變。

Cash flow from operations was influenced by a routine working capital outflow consistent with our standard cycle, in which outflows typically occur during the first half of the year and inflows follow in the latter six months. The outflow of $22 million was $56 million lower than Q1 2025, as the prior year was negatively impacted by accentuated working capital outflows.

營運現金流受到例行性營運資金流出影響，符合我們的標準週期：通常上半年為資金流出、後六個月轉為流入。本季流出 2,200 萬美元，較 2025 年第一季少 5,600 萬美元，因去年同期受到較為加劇的營運資金流出所拖累。

Free cash flow was an outflow of $40 million compared to an outflow of $132 million in Q1 2025 due to the lower cash flow used in operations and lower CapEx as the prior year included the purchase of two vessels which had previously been on finance lease.

自由現金流為流出 4,000 萬美元，相較 2025 年第一季流出 1.32 億美元，主要因營運使用現金流較少且資本支出較低；去年同期包含購買兩艘先前以融資租賃方式持有的船舶。

Assets sales and other business disposals generated proceeds of $6 million in the quarter.

本季資產出售及其他業務處分帶來 600 萬美元的處分收入。

We ended the quarter with net debt of $657 million and net leverage of 1.7 times.

本季末淨負債為 6.57 億美元，淨槓桿倍數為 1.7 倍。

Now, I'll hand you back to Rory, who will provide an update on our outlook for 2026.

接下來我把時間交還給 Rory，由他更新我們對 2026 年的展望。

Thanks, Jacinta. So overall, we're pleased with the solid start to the year and the positive momentum we're seeing across our operations. Looking forward, conditions in the Middle East remain fluid, making the operating environment more complex and having a direct impact on our cost base.

謝謝你，Jacinta。整體而言，我們對今年穩健的開局以及各項營運所展現的正向動能感到滿意。展望未來，中東局勢仍然多變，使營運環境更為複雜，並對我們的成本基礎造成直接影響。

We anticipate increased shipping and fuel costs in the second quarter, particularly in our fresh fruit segment. However, as the year progresses, we expect to see the benefit of contract price adjustments as well as the benefit of our dynamic pricing strategy within our diversified divisions coming through.

我們預期第二季航運與燃料成本將上升，尤其是在生鮮水果事業部。不過，隨著年度推進，我們預期將逐步反映合約價格調整的效益，以及多元化事業部動態定價策略所帶來的效益。

Our resilient and diversified business model provides positions as well to handle today's complex environment. Demand for our products remains strong, supported by major health and wellness trends. We also anticipate positive returns from our recent investments and remain committed to advancing our development pipeline.

我們具韌性且多元化的商業模式，使我們能夠更好地應對當前複雜環境。我們產品需求仍然強勁，並受到健康與福祉等主要趨勢支持。我們也預期近期投資將帶來正向回報，並持續致力推進我們的開發專案管線。

Taking all these factors together, we are continuing to target full year adjusted EBITDA of at least $400 million for 2026.

綜合以上因素，我們仍以 2026 全年調整後 EBITDA 至少 4 億美元為目標。

I want to finish by once again thanking all our outstanding people across the group for their ongoing commitment and dedication to advancing our business, particularly in the light of the challenges over the last few months due to the current dynamic operating environment.

最後，我想再次感謝集團各地所有優秀同仁，持續以承諾與投入推動業務前進，特別是在過去幾個月面對當前多變營運環境所帶來的挑戰之下。

As always, we really appreciate our essential partners, suppliers, customers, shareholders, and all other stakeholders for the continued support.

一如既往，我們也非常感謝重要的合作夥伴、供應商、客戶、股東以及所有其他利害關係人持續的支持。

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

基於此，我將把時間交回給電話會議主持人，開放線路進行提問。

Thank you.

謝謝。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（接線員指示）

Gary Martin, Davy.

Gary Martin，Davy。

Hey, Rory.

嗨，Rory。

Congrats on a strong set of results. I just have a few questions on my side. I'll start with the guidance just to begin with just the at least $400 million adjusted EBITDA guidance.

恭喜你們交出一組強勁的業績。我這邊有幾個問題。我先從指引開始，也就是至少4億美元的調整後EBITDA指引。

I guess if I can read through the components of that, it seems that part of it is going to be centered around some dynamic pricing on the diversified side of things, and then there's also a bit of an ask when it comes to actual direct negotiation on the fresh fruit side. So I'd just be curious, what gives you the kind of confidence on the direct negotiation, fresh fruit side pricing? That's one part of the question.

我想如果把其中的組成拆開來看，似乎有一部分會圍繞在多元化業務那邊的一些動態定價，另外在生鮮水果業務方面，實際的直接談判也有一些要求。所以我想請教的是，你們對於生鮮水果端、透過直接談判來實現定價的信心來源是什麼？這是問題的一部分。

And then you'd also mentioned in your pro remarks for. That you expected to offset some of it from internal savings. I'd just be curious as to what the quantum of those internal savings will be. That's my first question.

另外你們在開場發言中也提到，預期會以內部節省來抵消其中一部分。我想了解這些內部節省的量級會是多少。這是我的第一個問題。

Okay, thanks, Gary. So, yes, I mean, guidance, as you well know, is very difficult to predict in this uncertain world, but it does certainly refocus everybody's minds to look at all aspects of the business. So, it was a good opportunity, even within all of our divisions, to relook at our cost base on a division-by-division basis, even our central costs, and we expect to make reasonable savings. We tend to run a pretty tight ship anyway, so you're not going to get quantum leap savings. So, we will get some incremental benefit from that.

好的，謝謝你，Gary。是的，如你所知，在這個充滿不確定性的世界裡，指引確實很難預測，但它也確實讓大家重新聚焦，去檢視業務的各個面向。因此，這也是一個很好的機會，即使在我們所有事業部之內，也能按事業部逐一重新檢視成本基礎，甚至包括總部成本；我們預期可以節省合理的費用。我們一向營運相當精實，所以不會出現量級躍升式的節省。不過，我們仍會從中取得一些增量效益。

I think at the outset, we expected the second half of the year to be stronger than the first half, which is a little bit unusual. And perhaps it gives us a little bit of leeway-- our diversified, particularly America's businesses, Q1 and Q4 are very weighted, but it gives us a little bit of time to adapt to the cost-based changes in the system, and our history and experience will tell us that we have been able to get that through in pricing across all the segments.

我想一開始我們就預期下半年會比上半年更強，這有點不尋常。這或許也給了我們一些迴旋空間——我們的多元化業務，特別是美洲業務，第一季和第四季的權重很高；但這也讓我們有一些時間去適應系統中的成本基礎變化。而我們的歷史與經驗告訴我們，我們一直能夠在各個分部把這些成本透過定價反映出去。

So you're right. I mean, in some ways you've answered the question yourself, Gary, that our diversified dynamic pricing model has worked very well for us. I mean, you've only got to look back at, say, the disruption that was caused by the introduction of tariffs, and we believe we managed to navigate that challenge pretty well. So, we're reasonably confident that putting all of those factors into the mix, that we are able to hold the guidance on a full year basis.

所以你說得沒錯。某種程度上你也自己回答了這個問題，Gary：我們多元化業務的動態定價模型對我們運作得非常好。你只要回頭看看，例如關稅導入所造成的擾動，我們相信自己相當順利地應對了那項挑戰。因此，我們對於把所有這些因素納入考量後，仍能在全年基礎上維持該指引，抱持相當程度的信心。

That's really helpful. And then just maybe a second question, just around capital allocation. And I appreciate there's a lot of good color there on slide 5, just around the moving parts. But it would just be good to kind of get your thought process and even prioritization between, we'll say, buybacks, forward M&A, some of that organic investment, and just the debt repayment piece with maybe particular emphasis on the last component, just kind of given the kind of rate trajectory at the minute.

這很有幫助。接著第二個問題，關於資本配置。我知道你們在第5頁投影片對各項變動因素提供了很多有用的說明。不過我想更了解你們的思考流程，甚至在回購、前瞻性的併購、部分有機投資，以及償還債務之間的優先順序；並且特別想聚焦在最後一項，考量到目前利率走勢。

Yeah, I mean, the capital allocation, as Gary, it's a very dynamic process. So, we're continually internally examining all aspects and all opportunities for capital allocation. It's probably a while since we've made any significant investments within the business. We think if we look at our Scandinavian business in particular, it's been at the forefront of advanced technology for picking, packing, preparation, probably got the highest labor costs as well in Europe, so it's the easier target to apply even some of the new emerging technologies in artificial intelligence and picking.

是的，我的意思是，Gary，資本配置是一個非常動態的流程。我們持續在內部檢視資本配置的各個面向與所有機會。距離我們在業務內進行任何重大投資，可能也有一段時間了。我們認為，如果特別看我們的斯堪地那維亞業務，它一直走在先進技術的前沿，涵蓋採摘、包裝與前置處理；同時它在歐洲也可能有最高的勞動成本，因此更容易成為導入一些新興技術（例如人工智慧與採摘技術）的目標。

There is an opportunity. We have a few pieces of the jigsaw to put together to do that, but that would be a huge focus for us to try and take the next iteration of technology in terms of picking and packing and order preparation. If it works, could be certainly a very strong blueprint for other aspects of the business as well.

這裡確實有機會。我們還有幾塊拼圖需要拼起來才能做到，但這將會是我們的重點：嘗試在採摘、包裝與訂單前置處理方面，導入下一代的技術迭代。如果成功，這也很可能成為其他業務面向的非常強的藍圖。

So, our debt levels as well, I think in terms of debt payback, we're comfortable with the current level, keeping our eyes on the world generally, and hopefully interest rates don't move, in any kind of a negative way. But our idea today was really to set out in more clear terms, that we do have some very attractive internal development opportunities and that is going to be our short-term focus. We have all the other tools in the kit as well. So that can be dividend, it can be buybacks, it can be debt repayment, and it is a very dynamic process that we continually internally challenge ourselves on what the best capital allocation process is.

至於我們的負債水準，我想在償債方面，我們對目前的水準感到安心，同時也會密切關注整體外部環境，並希望利率不要以任何不利的方式變動。不過我們今天的想法，主要是更清楚地說明：我們確實有一些非常具吸引力的內部發展機會，而這將是我們短期的重點。我們也同時具備其他工具可用：可以是股利、可以是回購、可以是償債；而這是一個非常動態的流程，我們會持續在內部挑戰自己，找出最佳的資本配置方式。

That's helpful. And then just maybe one final one just around just fresh through costs. I mean, they're quite elevated in Q1, and it seems like that's maybe some of the kind of after issues of Storm Sara and other, kind of growing issues are still working its way through the system. I'd just be curious as to what you're forecasting for the remaining nine months when it comes to just general, we'll say, banana supply and demand just through the system?

這很有幫助。最後一個問題，關於生鮮端的成本。第一季成本相當高，看起來可能是Sara風暴的後續影響，以及其他種植端問題仍在系統中發酵。我想請教你們對接下來九個月的預測：就整體香蕉供需在系統中的狀況而言，你們怎麼看？

So maybe, Johan, do you want to make a few comments on that, please?

所以，Johan，你願意就這點補充幾句嗎？

Yeah, Gary, I think you touched on it. But if you remember, again, just to set the stage a little bit, last year, we had a shock when it comes to the supply. We had our problems in Honduras with the tropical Storm Sara. At the same time, you had weather issues in Costa Rica, and then you had Panama totally falling out, which didn't impact us directly, but it impacted one of the competitors and therefore impacted the supply.

好的，Gary，我想你已經提到了。不過如果你還記得，先稍微鋪陳一下背景：去年在供給方面我們遭遇了一次衝擊。我們在宏都拉斯因熱帶風暴Sara而出現問題。同時，哥斯大黎加也有天候問題，然後巴拿馬的供應幾乎完全退出；這雖然沒有直接影響我們，但影響了其中一位競爭對手，因而影響了整體供給。

The consequence of this was a very tight supply, cost went up, and as we negotiate through the year, we don't negotiate everything in the fall, we negotiate through the year, it would take some time for us to catch up.

其結果就是供給非常吃緊、成本上升。而我們在一年當中持續進行談判——我們不是在秋季一次談完所有項目，而是全年都在談——因此我們需要一些時間才能追上。

So, this is working itself through the system, and we expect as we leave Q2 behind us when also the few surcharges has caught up with realities, we believe the picture is going to be much better, Gary.

所以這些正在系統中逐步消化；我們預期當第二季結束、而且少數附加費也追上現實狀況之後，我們相信整體情況會好很多，Gary。

That's really helpful.

這真的很有幫助。

Christopher Barnes, Deutsche Bank.

Christopher Barnes，德意志銀行。

Good afternoon.

午安。

I guess first, I'd just like to follow-up on Gary's question around guidance in the cost environment. So you've mentioned that the Middle East conflict is already impacting fertilizer and packaging. And you're expecting higher shipping and fuel costs in the second quarter. But I'm just hoping you can put a little more quantification against some of these buckets and how we should think about the cadence of EBITDA from here, just as it relates to these escalating cost pressures balanced against what sounds like a lag on pricing and some of the surcharges that you're using to offset these dynamics. And then just relatedly, the operating environment is clearly very volatile, but to the extent you do get some relief, like how locked in are some of these pricing and surcharge benefits if oil prices and other cost pressures subside over the past of the year?

我想先延續Gary關於成本環境下指引的問題。你們提到中東衝突已經在影響肥料與包材，並且預期第二季航運與燃料成本會更高。但我希望你們能對這些項目提供更多量化資訊，並說明我們應如何看待從現在起EBITDA的季度節奏——特別是這些不斷升高的成本壓力，如何與看起來存在的定價落後，以及你們用來抵消這些動態的一些附加費之間取得平衡。以及相關地，營運環境顯然非常波動，但如果你們確實獲得一些緩解，例如油價與其他成本壓力在今年稍後回落，那麼這些定價與附加費帶來的效益有多大程度是被鎖定的？

Thanks, Chris.

謝謝你，Chris。

Yeah, I mean, we do expect that Q2 is going to suffer quite a few of the costs, particularly in relation to fuel. And there is just a technical time lag when you get the price adjustment under the bunker surcharge formula. So, it comes in a quarter in arrears effectively. So, a chunk of that, it's effectively mathematical, it'll hit Q2, but we will get the benefit in Q3. So, the consequence of that is that we are expecting, as you asked for the cadence of the flow by quarter, well, we don't give specific quarterly guidance, we will clearly suffer some pressure and particularly in our fresh fruit division in Q2, but that will be made-up in Q3 and Q4 and we expect a stronger weighting compared to certainly last year on the second-half of the year versus the first half of the year.

是的，我的意思是，我們確實預期第二季會承受不少成本，特別是與燃料相關的部分。而在依照燃油附加費（bunker surcharge）公式進行價格調整時，技術上確實存在時間落後；基本上會延後一季反映。因此，其中一部分幾乎是數學上的結果，會在第二季入帳，但我們會在第三季獲得效益。所以其結果是，正如你問到的季度節奏——我們不提供具體的季度指引——我們在第二季確實會承受一些壓力，尤其是在我們的生鮮水果事業部，但這會在第三季與第四季補回來；而且我們預期下半年相對於上半年會有更高的權重，至少相較於去年是如此。

In our diversified divisions, the reaction, there's so many variables goes into making up the pricing. It's much more variable. It can go from, production levels in different products. It can go from shipping costs to historically tariffs, competing seasons, which from southern hemisphere to northern hemisphere, and they're consistent variables that we're dealing with, and it creates a consistent variation in the price to our customer base, so we expect to be able to pass through the ups and downs in that cost chain to our customers much quicker than we can do within our fresh fruit division.

在我們的多元化事業部門中，定價的反應牽涉到非常多的變數，構成價格的因素更多、變動性也更高。它可能來自不同產品的生產水準，也可能來自運輸成本、過往的關稅、競爭季節（從南半球到北半球）等；這些都是我們持續面對的變數，並造成我們對客戶群的價格持續波動。因此，我們預期在多元化事業中，能比在鮮果事業部更快把這條成本鏈的起伏向客戶轉嫁。

I think as Johan explained, some of the pricing increases are phased in over the course of the year, and they're locked in in a positive way as well. We're hopeful that the supply dynamic changes a little bit. So again, it's not an exact science guidance here. We put it all into the mix. We've done a pretty comprehensive piece of work across all of the divisions. And, our judgment is that we can still get at least the $400 million for the full year.

我想如同 Johan 所解釋的，部分漲價會在一年當中分階段導入，而且也會以正面的方式鎖定。我們也希望供給面的動態能稍微改變一些。所以再次強調，這裡的指引並不是精準科學；我們把所有因素都納入考量。我們已在各事業部做了相當全面的工作，而我們的判斷是，全年度我們仍然至少可以達到 4 億美元。

Okay, great. That's helpful perspective, Rory. And then just separately around the Diversified Americas business, like that business continues to execute at a very high level, both on the top-line and EBITDA. So can you just elaborate on what's driving the strength and how we should expect it to continue from here? Like was the first quarter like what was the source of the strength in the first quarter? Was it more just seasonal timing, like strong execution? Or like how should we think about the structural improvements from Oppy and Dole diversified North America integration?

好的，很好。這個觀點很有幫助，Rory。接著另外想問關於 Diversified Americas（美洲多元化）業務：該業務在營收與 EBITDA 兩方面都持續以非常高的水準執行。你能否再說明一下強勁表現的驅動因素，以及我們應如何預期接下來的走勢？例如第一季的強勁來源是什麼？比較像是季節性時點、強力執行？還是我們應該把它視為來自 Oppy 與 Dole diversified North America 整合所帶來的結構性改善？

Yeah, I think certainly the Dole diversified North American integration with the obvious aspects work very positively. We've been able to take a chunk of cost out of the system, consolidate our efforts of marketing in the North American market. So I think that's been really positive.

是的，我認為 Dole diversified North America 的整合，連同那些顯而易見的面向，確實帶來非常正面的效果。我們已能從系統中移除一大塊成本，並在北美市場整合我們的行銷投入。所以我認為這非常正面。

I think it's probably fair to say that there's an element of seasonality within Q1, particularly around the cherry season. And over the course of the year, we expect to have an improvement year in year, but not as dramatic as perhaps highlighted in the first quarter.

我想可以說，第一季確實有一些季節性因素，特別是櫻桃季。全年來看，我們預期會有年對年的改善，但可能不會像第一季所呈現的那樣顯著。

But at the overall, the division and the other categories within Chile, Peru and other aspects of that business have worked positively over the quarter. We've a very strong, focused management team in that division and they've been performing well over the last while. And we're positive that with small step-by-step investments within the division, we're building up our volumes through consolidating marketing of other third-party volumes as well. We're reasonably optimistic that we're well-positioned within that division on an overall basis.

但整體而言，該事業部以及智利、秘魯等其他品類與業務面向，在本季都表現正面。我們在該事業部有一支非常強而且專注的管理團隊，過去一段時間一直表現良好。我們也相信，透過在事業部內進行一些循序漸進的小型投資，加上整合行銷其他第三方的量，我們正在提升整體出貨量。我們對該事業部的整體定位相當樂觀，認為我們處於良好位置。

Great.

很好。

Thank you very much. I'll pass it on.

非常感謝。我把時間交出去。

Thanks, Chris.

謝謝你，Chris。

Pooran Sharma, Stephens.

Pooran Sharma，Stephens。

Great.

很好。

Thank you.

謝謝。

Thank you for the question.

謝謝你的提問。

Just wanted to understand just the Middle East region a little bit. I think your guidance. Incorporates cost pressures looking ahead due to fuel but just wanted to get a better sense of the demand picture.

我想更了解一下中東地區。我認為你們的指引已納入未來因燃油造成的成本壓力，但我想更清楚掌握需求面的情況。

Do you are you concerned with any sort of any sort of demand degradation just given the conflict has persisted maybe longer than we had originally thought it would?

鑑於衝突持續的時間可能比我們原先預期更久，你們是否擔心會出現任何需求下滑？

Yeah, we do, we don't have a huge amount of direct business into the Middle East area. We do have some, we do some banana business into that region, and our South African operations also sell into that regions. And the trade has largely continued, albeit with a lot of complications around operation transport getting into that region. And, we hope that settles down. That can have some further impact on, isolated parts of the business, and in particular, our South African unit, and, coming into the South African citrus season, we do sell a reasonable percentage of our South African citrus into that business. We would like to see that trade opening back up. But other than that, we don't see any other significant impact on demand on our main core markets in Europe and North America.

是的，我們在中東地區並沒有非常大量的直接業務。我們確實有一些，例如我們在該地區有香蕉業務，而我們的南非營運也銷售到該地區。整體貿易大致仍在持續，只是營運運輸進入該地區時有許多複雜情況。我們希望這些情況能趨於穩定。這可能會對業務中某些局部面向帶來進一步影響，特別是我們的南非事業單位；隨著南非柑橘季即將到來，我們確實會把相當比例的南非柑橘銷往該市場。我們希望那邊的貿易能重新更順暢地開放。但除此之外，我們在歐洲與北美等主要核心市場的需求面，沒有看到其他顯著影響。

Great.

很好。

Thank you for that color.

謝謝你提供這些補充說明。

And on my follow-up, I just wanted to understand your opportunity for investments here. I think on the deck, you highlighted the $100 million potential automation investment. And I was just wondering if you can maybe update us or just remind us what kind of payback period is associated with this type of investment?

接著追問一下，我想了解你們在投資方面的機會。我記得在簡報中你們提到約 1 億美元的自動化投資潛力。我想請你更新一下，或提醒我們，這類投資通常對應的回收期大概是多久？

Yeah, I mean, we're targeting returns.

是的，我們的目標是追求報酬。

In the order of 12% to 15% at least on an investment like that. And I think, as I said, one of the key benchmarks for us now has been looking at what the return would be by using the capital to buy back our own stock. Obviously, it's complex because we look at that division in Scandinavia. We've been at the cutting edge of technology. We want to grow our business for the long-term. We want to continue to be very relevant to our customers. We need to invest in the business to stay ahead of the game and to, keep even our people focused and motivated on developing that business. But we do expect attractive returns on that investment as well, or we wouldn't be doing it clearly.

大約至少 12% 到 15% 的報酬率，針對這類投資。我想如我所說，我們現在的一個關鍵基準，是比較如果把資本用來回購自家股票，會得到什麼樣的報酬。當然這很複雜，因為我們也看斯堪地那維亞的那個事業部；我們一直站在技術前沿。我們希望長期擴大業務，持續對客戶保持高度相關性。我們需要投資以保持領先，並讓我們的同仁也能持續專注且有動力去發展該業務。但我們也預期這項投資會帶來具吸引力的報酬，否則我們顯然不會去做。

I appreciate that color. And I guess just for my last one, and you may have touched on this a little bit, but how do you weigh that decision versus kind of like your progress that you've identified in Ireland, Italy, Spain, and Sweden? And I guess what I'm asking is, how do you determine whether to do an organic investment here or whether to do kind of like a bolt-on or an M&A?

我很感謝這些補充。最後一題，你可能也稍微提到過：你們如何在這個決策與你們在愛爾蘭、義大利、西班牙與瑞典所辨識的進展之間做權衡？我想問的是，你們如何判斷要做有機投資，或是做像補強型併購（bolt-on）或 M&A？

A little bit of it is opportunistic. As I said at the outset in capital allocation, it's a very dynamic process. It's not just absolutely cast in stone and we have to be dynamic and react to opportunities that as and when they arise. We have our own internal corporate finance team that's constantly looking at significant opportunities or what's happening in the market, generally speaking, and then our local teams also look at local opportunities within local markets. Certainly in terms of value, we found that some of the smaller bolt-on acquisitions are more attractive, the initial price expectation is more reasonable, and indeed we can generally get more synergies out of integrating them with our operations on the ground. So it's a dynamic process and constantly trying to ensure that. We are moving our business forward. We're staying relevant and attractive for all of our key customers, our key suppliers, and that we have all of our people focused on trying to do that. So at the moment, we have a couple of opportunities that I've called out that we are exploring and continue to explore in a detailed way. And hopefully, as time progresses over the course of the year, we can give you some more update on how they evolve.

其中一部分是機會導向。正如我在資本配置一開始所說，這是一個非常動態的流程，不是完全一成不變；我們必須保持彈性，對機會在出現時做出反應。我們有內部的企業財務團隊，持續在看重大的機會或整體市場動態；同時，我們的在地團隊也會在各自市場尋找在地機會。就價值而言，我們發現一些較小的補強型收購更具吸引力，因為初始價格期待更合理，而且通常也能透過與我們在地營運整合取得更多綜效。因此這是一個動態流程，我們持續確保公司在向前推進，對所有關鍵客戶與關鍵供應商保持相關性與吸引力，並讓所有同仁都專注於達成這些目標。目前我們有幾個我已點出的機會正在評估，並會持續以更細緻的方式深入探索。希望隨著今年時間推進，我們能就其發展情況提供更多更新。

Very helpful.

非常有幫助。

Thank you for the color.

謝謝你提供這些補充說明。

Thank you.

謝謝。

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

目前沒有其他問題。我現在把電話交回給執行長 Robert Byrne 作結語。

Well, I think we can be very pleased with a solid quarter one. There's no doubt that we're living in complex times in a complex world. And I really would like to just make a particular call out to our experienced team at all levels across the organisation that yes, yet again, once again, I've shown the capacity to react to very dynamic circumstances. And I think that gives us the confidence to be well positioned and hopefully, as the year evolves, have a good full year outcome. So thank you very much for joining us today.

我想我們可以對第一季穩健的表現感到非常滿意。毫無疑問，我們正處在一個複雜時代與複雜世界。我也特別想點名表揚我們在組織各層級的資深團隊：是的，再一次、又一次地展現出在非常動態的情勢下快速反應的能力。我認為這讓我們有信心，能處於良好位置，並希望隨著今年的發展，能取得良好的全年成果。非常感謝各位今天加入。

This concludes today's call.

今天的電話會議到此結束。

Thank you for attending. You may now disconnect.

感謝各位出席。您現在可以掛線。