Dole plc (DOLE) Business

Item 1.    Business

Business Overview

Dole plc is a global leader in the production, sourcing, distribution, and marketing of fresh fruits and vegetables. Our portfolio encompasses more than 300 products, which we grow and source both locally and worldwide from over 100 countries. As of December 31, 2025, we operate in 30 countries and distribute our products in more than 85 countries through retail, wholesale, foodservice and e-commerce channels. Our products are marketed under both business-to-business and business-to-consumer brands, with the most notable being the iconic DOLE® brand, which is recognized as the most trusted brand for fresh fruit and vegetables in the United States (“U.S.”).

On August 5, 2025, we completed the sale of our Fresh Vegetables division to OG Holdco LLC for approximately $140.0 million (the “Vegetables Transaction”). The Vegetables Transaction included substantially all of the assets and liabilities of the former Fresh Vegetables segment. As a result, the division’s results are reported as discontinued operations in our consolidated financial statements. We continue to review and pursue opportunities for growth through acquisitions and development within the fragmented produce industry.

Business Segments

For our fiscal year ended December 31, 2025, we operated through three reportable segments, each managed separately due to differences in geography, products, production processes, distribution channels and customer bases. We believe this organizational structure allows us to continue serving our customers with the exceptional quality that they have come to associate with the brands we market and to drive growth and cost efficiencies through the realization of operational synergies across the overall business.

Fresh Fruit:

This segment encompasses our market-leading, vertically integrated production and distribution of bananas, pineapples and plantains primarily. We source these products from both Dole-owned and leased farms, as well as from independent growers, primarily located in Latin America. Approximately one-third of the bananas we market and 75% of our pineapples are sourced from our own production. Our products are sold throughout North America, Europe, Latin America and Asia. We also operate a commercial cargo business, offering available capacity to transport third-party cargo on our company-owned vessels, which are primarily used for transporting bananas and pineapples between Latin America and North America and Europe.

Diversified Fresh Produce – Europe, the Middle East and Africa (“EMEA”):

This segment includes our businesses in Ireland, the Netherlands, Spain, Portugal, France, Italy, the United Kingdom (“U.K.”), Sweden, Denmark, South Africa, Czech Republic, Slovakia, Poland, Germany and Brazil. The majority of these businesses sell a variety of imported and local fresh fruits and vegetables via retail, wholesale, foodservice and e-commerce channels across Europe. In many European territories, we operate a partnership model with grocery retail customers, offering holistic fresh produce management solutions and, in some cases, managing entire categories within customer stores.

Diversified Fresh Produce – Americas and the Rest of the World (“Americas & ROW”):

This segment covers our businesses in the U.S., Canada, Mexico, Chile, Peru and Argentina. We market globally and locally sourced fresh produce, including avocados, kiwis, apples, berries and cherries. Our operations range from primary production to wholesale, retail-oriented marketing and specialist businesses dedicated to specific product lines or categories.

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Principal Products and Services

Dole plc offers a diversified and well-balanced portfolio which we believe uniquely positions us for sustainable and profitable growth. We are among the world’s largest producers and distributors of fresh bananas and pineapples and a major global exporter of grapes. We are also expanding our presence in avocados, mangos, kiwis, berries, cherries and organic produce. Our portfolio features a wide selection of fruits, vegetables and health and consumer products, as well as logistics solutions, including our commercial cargo business.

Sourcing and Distribution

We source products from more than 100 countries, leveraging a blend of owned production, long-term relationships with independent growers, joint ventures and international partnerships. This diversified sourcing strategy enables us to respond flexibly to market needs and maintain a reliable supply of high-quality fresh produce throughout the year.

Our sourcing approach is tailored to the requirements of each reporting segment. For products that can be supplied from the same geographic locations year-round, we implement a vertically integrated model, combining significant investments in owned production in key sourcing countries with complimentary grower relationships in those areas. This model allows for operational efficiencies and ensures consistent product availability.

Within the Fresh Fruit segment, bananas, plantains and other smaller product lines are predominantly sourced from Latin and Central America, while pineapples are primarily sourced from Latin and Central America and Hawaii.

For segments that handle more seasonal products, such as Diversified Fresh Produce – EMEA and Diversified Fresh Produce – Americas & ROW, our sourcing strategy combines a strong local presence with the flexibility to source globally, ensuring year-round availability for our customers. In market-oriented businesses, produce is sourced locally during the main growing seasons, whereas during off-seasons, we procure products from a wide range of locations in both the northern and southern hemispheres.

Our export-led businesses are characterized by a more seasonal focus, where we integrate investments in owned production with partnerships with growers to create a strong export offering. Notable examples include the cherry season in Chile, which typically spans from late in the fourth quarter of one financial year into the first quarter of the next, as well as general southern hemisphere seasons for grapes, apples, pears, kiwis, berries, citrus and avocados.

Fresh produce supply is influenced by the geography of production, growing conditions, climate, seasonality and perishability. By maintaining hundreds of relationships with growers across North America, Europe, Latin America, Africa, New Zealand and other regions, we mitigate dependence on any single geographic area or supplier. This diversified sourcing model is designed to reduce risk from natural disasters, adverse weather events and political disruptions, while providing access to the highest quality products throughout the year. In the fiscal year 2025, no single third-party grower accounted for more than 10% of the sourced volume for any major product.

Our extensive strategic asset base worldwide grants us superior control over production, processing, warehousing, and transportation. Given the perishable nature of fresh produce, it is imperative to bring products to market and sell them quickly after harvest, with selling prices determined by availability and quality. Our strong control over the supply chain enables us to consistently and efficiently deliver premium fresh fruits and vegetables to consumers across the globe.

We support our vertically integrated business model with a valuable infrastructure and asset portfolio, including approximately 112,000 acres of farms and other land holdings worldwide. Our logistics capabilities are further enhanced by a fleet of nine refrigerated container carriers, as well as four owned and one leased pallet-friendly conventional refrigerated ships with container-carrying capacity on deck and a broad network of business facilities such as packing houses, cold storage and distribution centers. Refer to “Item 2. Properties” for further discussion on our strategic assets.

Beyond sourcing raw produce, we also procure significant quantities of paper and packaging materials, agricultural chemicals and ingredients necessary for our own production. Prices for certain raw materials and produce can be volatile, but we strive to manage this exposure by entering into supply agreements that align as closely as possible with the duration of our marketing contracts.

Refer to “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” for further discussion on our sensitivity to the availability and price of certain raw materials.

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Sales and Marketing

We distribute and market our products in more than 85 countries through a variety of channels, such as retail, wholesale, foodservice and e-commerce. Our diverse product offering allows us to reach a broad global consumer base that is increasingly demanding product availability year-round.

Our customers include leading grocery stores, wholesalers, mass merchandisers, supercenters, foodservice operators, club stores, convenience stores, distributors and smaller regional customers. Our customers are primarily located in North America, Latin America and Europe, with no single customer contributing more than 10% of total sales in fiscal year 2025.

See Note 5 “Revenue” and Note 6 “Segments” to our consolidated financial statements included in “Item 8. Financial Statements and Supplementary Data” for additional revenue information related to our products and the geographic markets in which we compete.

Seasonality

The sales price and demand for fresh produce fluctuate throughout the year due to supply, demand and the availability of seasonal products. Seasonality also differs by segment:

•In our Fresh Fruit segment, production occurs throughout the year, but peak production occurs in the second half of the year, while peak demand is in the first half due to lower competition from seasonal fruits.

•In our Diversified Fresh Produce – EMEA segment, our strongest performance is in the second and third quarters, reflecting peak periods for locally sourced products in key European markets.

•In our Diversified Fresh Produce – Americas & ROW segment, our strongest results are typically from October to May, during peak production and selling seasons for products sourced from Chile and Peru.

Overall, we typically experience our strongest Group performance in the second quarter, and the lowest operating income in the fourth quarter.

Intellectual Property

We operate our business under a number of brands, trademarks, patents and licenses. We protect our intellectual property by, among other things, filing patent applications for technology relating to the development of our businesses across the jurisdictions in which we operate. Our trademarks and brand names are registered in jurisdictions throughout the world. Certain unaffiliated parties have the right to use the DOLE® brand on a royalty-free basis for certain products and in certain jurisdictions.

The DOLE® brand is the most recognized and trusted brand in fresh fruit and vegetables in the U.S., as evidenced by our 91% consumer total brand awareness, according to a survey conducted in 2025 by Ipsos. Additionally, 81% of respondents in the same Ipsos survey declared that Dole has quality fruit, 82% of respondents identified DOLE® as a likeable brand, 56% of respondents nominated DOLE® as their favorite fruit brand, and 53% of respondents declared a willingness to pay a little more for the DOLE® brand.

Through our global marketing efforts, we believe we have made the distinctive red “DOLE” letters and sunburst a familiar symbol of freshness and quality, widely recognized by consumers around the world for providing healthy food products.

Research & Development

We implement certain research and development programs and policies in the normal course of business that are predominantly focused on sustaining the productivity of company-owned agricultural lands, food safety, nutrition science, product quality, biological pest control, development of disease-resistant produce, product development and packaging design.

From time to time, we develop new varieties of products to enhance our offerings and meet consumer preferences. In 2025, we launched our proprietary Colada Royale™ pineapple variety, conventionally bred by Dole to offer a unique taste featuring hints of coconut and piña colada.

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Current and historical research and development costs incurred by the Company are not material and research and development initiatives are not expected to have a material impact on the Company’s results in the future.

Refer to Note 2 “Basis of Presentation and Summary of Significant Accounting Policies” to the consolidated financial statements included in “Item 8. Financial Statements and Supplementary Data” for further detail.

Government and Environmental Regulation

We operate in a highly regulated industry, subject to numerous laws and regulations regarding the growing, harvesting, transportation, exporting, importing, processing, packaging, marketing, and selling of fruits and vegetables. Regulatory requirements vary by country and include standards for sanitation, pesticide use, residue levels and product labelling. In the United States, the Food and Drug Administration (“FDA”) is a key regulatory authority. We believe we are in material compliance with these laws and regulations.

Our use of herbicides, pesticides and other potentially hazardous substances subjects our operations to various environmental laws and regulations. We may have to pay for the costs or damages associated with any improper application, accidental release or the use or misuse of such substances. See Note 19 “Contingencies” to the consolidated financial statements included in “Item 8. Financial Statements and Supplementary Data” for additional detail on our environmental-related contingencies.

For further information on material government regulations, See “Item 1A. Risk Factors—Our operations and products are highly regulated in the areas of food safety and protection of human health and the environment.”, “Item 1A. Risk Factors—Litigation and regulatory enforcement concerning marketing and labeling of food products could adversely affect our business and reputation.” and the overall “Regulatory and Legal Risks” section of “Item 1A. Risk Factors.”

Human Capital

Our employees are our greatest strength and play a central role in our ability to deliver safe, high-quality fresh produce to our customers worldwide. Approximately 25% of our full-time employees work under collective bargaining agreements, some of which are in the process of being renegotiated. These agreements are subject to periodic negotiation and renewal. We believe that our relations with our employees are generally positive.

The following table describes our average employees by reportable segment, excluding the discontinued Fresh Vegetables division, for the years ended December 31, 2025, December 31, 2024 and December 31, 2023:

Engagement and Opportunities:

Strengthening our culture and enhancing employee engagement remains a key priority within our strategic agenda. We believe that an engaged workforce contributes to higher productivity, stronger innovation and long-term organizational success.

We invest in training and development programs to support our employees’ skills, career progression and compliance with internal policies and standards. In addition, our internal communication platforms, including our centralized employee intranet, help keep teams connected, informed and empowered to share feedback and ideas.

Safety and Health:

The safety, health and welfare of all of our employees, whatever their role, is paramount to our company. Farms and facilities are regularly audited to check for employee welfare, such as ensuring that we are complying with all laws related to employees’ health, safety and welfare.

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Community Outreach:

Health, education and entrepreneurship are the core focus areas of our community development efforts. Across the Americas, our farms and facilities support locally driven initiatives identified by employees or based on clear community needs. Nearly 20 years ago, Dole Food Company and independent growers in Ecuador created the Dalé Foundation to improve the lives of workers and neighboring communities. Today, the foundation continues its work in Ecuador and Peru, operating 18 medical facilities, including five mobile units, to provide healthcare access to workers, their families and local residents.

The foundation has also established schools, supported educational infrastructure and implemented health programs for students. Its “Training for Entrepreneurship” initiative helps individuals develop skills to start small businesses, improve family income and enhance quality of life. Additional workshops and community-focused programs are provided throughout the year.

Beyond Latin America, we actively contribute to communities worldwide, supporting initiatives that educate, inspire and empower people to live healthier lives.

Diversity and Inclusion:

We recognize that one of our most important assets is our people. We value the unique perspectives that a workforce with diverse cultures, ages, genders and ethnicities brings to our company. We are committed to maintaining a positive and diverse workplace and supplier base that fosters open dialogue and recognizes the importance of individual and cultural differences. We have a zero-tolerance policy on discrimination and harassment and have several systems under which employees can report incidents confidentially or anonymously and without fear of reprisal.

It is our philosophy and practice to provide employment opportunities without regard to sex, racial or ethnic origin, religion or belief, disability, age or sexual orientation or any factor prohibited by applicable law or Dole’s policies. Decisions related to recruitment, promotion, compensation, termination and other aspects of the employment relationship are based upon job-related qualifications, skills and experience.

Sustainable Produce

We are grateful to market and deliver highly nutritious products that bring health benefits to people across the world with a low environmental footprint as compared to most other food types, per the Barilla Center for Food and Nutrition’s Double Pyramid. While our industry has a very special role to play in improving global health and well-being, we recognize that we have an equally essential responsibility for the people we employ, the local communities in which we operate and the natural environment which allows us to produce and deliver fresh fruits and vegetables every day.

We have also obtained certain certifications and recognition for our efforts in the area of sustainability. For example, we are verified members of the Origin Green Sustainability Programme, an initiative by the Irish Food Board.

Company History and Available Information

We were incorporated in Ireland on June 16, 2017 as Pearmill Limited. We changed our name to Dole Limited on April 13, 2021, and subsequently re-registered as a public limited company under the laws of Ireland as Dole plc on April 26, 2021. Our principal places of business are located at 29 North Anne Street, Dublin 7, D07PH36, Ireland, and 101 South Tryon Street, Suite 600, Charlotte, North Carolina 28280, USA. Our Ordinary shares are listed on the NYSE under the ticker symbol “DOLE.” Our telephone number at our Irish executive office is 353-1-887-2600. Our Internet address is www.doleplc.com. We make available, free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and amendments to those materials filed or furnished pursuant to Section 13(a) or 15(d) of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), on our website at http://www.doleplc.com under “Investor Relations - Financials - SEC Filings,” as soon as reasonably practicable after we file electronically such material with, or furnish it to, the SEC. Information on our website is not a part of this Annual Report. Copies of our Annual Report may be obtained, free of charge, upon written request to Attention: Investor Relations, 29 North Anne Street, Dublin 7, D07PH36, Ireland.

The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including the Company, at http://www.sec.gov. The address of the SEC’s website is provided solely for information purposes and is not intended to be an active link.

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On July 29, 2021, we were formed through the Merger of Total Produce and Legacy Dole. Prior to the Merger, Total Produce held a 45% ownership interest in Legacy Dole. The Merger was completed through a share exchange and a reverse triangular merger.

Dole plc qualifies as a foreign private issuer under the rules of the SEC. Starting with its earnings release for the quarter and year ended December 31, 2025 and its annual report for the year ended December 31, 2025, Dole has elected to file its periodic and current reports on Forms 10-K, 10-Q and 8-K, instead of forms available to foreign private issuers.