Dole trims adjusted EBITDA guidance as fuel costs stay elevated

By Elena Vasquez

New York-listed Dole plc set full-year 2026 adjusted EBITDA guidance at $380 million to $390 million, down from approximately $400 million as elevated fuel and shipping costs and weather-related supply constraints weighed on the fresh-produce group.

What changed in Dole’s 2026 outlook?

Against the approximate prior target, the reduction amounts to about $10 million to $20 million, or 2.5% to 5%. Dole expected higher shipping-fuel costs in Europe to weigh on 2026 results by approximately $16 million versus its original forecast.

Dole said: “Fuel and shipping costs remain elevated and weather conditions, including the effects of El Niño, continue to affect fruit availability.” Executive chairman Carl McCann called the third quarter a solid performance against a challenging operating backdrop.

How did third-quarter economics perform?\n

For the three months ended September 30, Dole reported:

• Revenue increased 3.8% year over year to $2.37 billion.
• Adjusted EBITDA rose 4.1% to $84.1 million.
• Net income increased to $48.3 million from $13.8 million a year earlier.

Dole said a $48.6 million gain on the sale of its Ecuador port bolstered earnings. That asset-sale gain makes the net-income jump a less clean measure of underlying performance than adjusted EBITDA, which increased 4.1%. The resulting adjusted EBITDA margin was about 3.5%, essentially unchanged from roughly 3.5% a year earlier.

Across the first nine months of the year, Dole reported:

• Revenue increased 5.9% year over year to $7.21 billion.
• Adjusted EBITDA fell 6.7% to $301.1 million.
• Net income rose 59.5% to $121.2 million from $76.0 million a year earlier.

The nine-month adjusted EBITDA margin fell to about 4.2% from roughly 4.7%, showing the cost pressure despite higher revenue. The Ecuador port-sale gain also supported the 59.5% net-income increase.

What did each operating division show?\

Fresh Fruit revenue fell 8% to $818.7 million as tariff-related impacts, lower banana volumes in North America and adverse weather affecting pineapple supply in Europe weighed on sales. Adjusted EBITDA for the unit nevertheless increased 6% to $28.8 million.

The division’s adjusted EBITDA margin improved to about 3.5% from roughly 3.1%, based on the reported figures. Revenue declined, but the unit generated more adjusted EBITDA.

Diversified Fresh Produce–EMEA revenue climbed 9.3% to $1.1 billion, supported by the acquisition of Greenfood Fresh Produce. Dole completed its takeover of the Nordic fruit and vegetable wholesaler on July 2, finalizing a deal first agreed in December 2025 to expand its regional reach.

Segment adjusted EBITDA fell 3.1% to $39.5 million. The division’s margin slipped to about 3.6% from roughly 4.1%; revenue growth did not translate into higher segment profit.

Diversified Fresh Produce–Americas & ROW revenue increased 14.1% to $479.2 million, while adjusted EBITDA rose 22.8% to $15.8 million, driven by volume growth across North America. Its adjusted EBITDA margin improved to about 3.3% from roughly 3.1%.

What does this change for produce buyers?

McCann said: “The strategic actions we have taken over the last 18 months have strengthened our business, leaving Dole a more focused company today, with greater financial flexibility to support our continued development.”

For produce buyers, the practical change is continued pressure on fruit availability and delivered costs in weather- and fuel-exposed markets, not the headline 59.5% increase in nine-month net income. Greenfood expands Dole’s regional reach, but the reduced forecast leaves less profit headroom for freight, weather and sourcing disruptions. With fuel and shipping costs still elevated and El Niño affecting availability, Dole’s ability to sustain North American volume gains, convert Greenfood’s added revenue into segment EBITDA and absorb European freight pressure will determine whether the reduced outlook holds.