Dole completed the sale of its Ecuador port operations after the second quarter for expected cumulative net cash proceeds of approximately $95 million, providing additional capital for growth investments as the company simultaneously expands its fresh produce operations in Scandinavia.
The second and final step of the Ecuador transaction closed on July 1. Dole said the proceeds will be reflected in its third-quarter net debt and leverage metrics and include the effects of a pre-closing ownership restructuring, taxes and other transaction-related costs.
Dole also completed the acquisition of Greenfood’s Fresh Produce division in Scandinavia following quarter-end, expanding the company’s scale and capabilities in the Nordic region. Management specifically connected the Ecuador asset sale with its ability to continue investing in growth opportunities, including recent acquisitions in EMEA.
Before the final port-sale proceeds were reflected, Dole ended June with net debt of approximately $746.1 million and net leverage of 2.0x trailing 12-month adjusted EBITDA.
The company is also seeing particularly strong growth in its Diversified Fresh Produce Americas & ROW business. Q2 segment revenue increased 13.9% to approximately $440.1 million, while adjusted EBITDA jumped 33.8% to $20.6 million.
Growth in that business was driven by higher North American volumes, including kiwi and avocados, seasonal timing benefits in cherries and continued benefits from the partial restructuring of Dole’s berry operations in late 2025.
Those gains helped offset pressure in Fresh Fruit, where adjusted EBITDA declined 30.9% due to higher fruit sourcing costs, elevated shipping and fuel expenses, adverse weather affecting pineapple production and currency movements.
Overall Q2 revenue increased 2.9% to approximately $2.5 billion, while net income increased to $35.1 million from $18 million. Adjusted EBITDA declined to $116.8 million from $137.1 million. Dole continues to target approximately $400 million of adjusted EBITDA for full-year 2026.
The company also repurchased $10 million of shares during Q2 and had $85.4 million remaining under its share repurchase authorization at quarter-end.
KEY QUOTES:
“The successful completion of the Ecuador port sale post quarter end for net proceeds of approximately $95 million supports our continued investment in growth opportunities, including recent acquisitions in EMEA.”
“The quarter once again demonstrated the resilience of our diversified business model and our ability to navigate a challenging operating environment as we target full-year Adjusted EBITDA of approximately $400 million for 2026.”
Carl McCann, Executive Chairman Of Dole
