Strong Top-Line Growth
Group revenue of $2.3 billion, up 11.6% reported year-over-year; on a like-for-like basis (ex-FX) revenue increased 7%.
Resilient Adjusted EBITDA and Full-Year Target
Adjusted EBITDA of $100 million for Q1 (in line with expectations) and management is targeting full-year adjusted EBITDA of at least $400 million for 2026.
Diversified Americas Outperformance
Diversified Americas delivered strong results — management reported adjusted EBITDA up 29% year-over-year; CFO noted an increase of ~$4 million to just under $8 million — driven by a strong Chilean cherry season, higher Southern Hemisphere export volumes, and benefits from the integration of Dole North America and Oppy.
Diversified EMEA Growth and Operational Wins
Diversified EMEA adjusted EBITDA up 8% with underlying organic revenue growth of ~4% (reported revenue +15% benefiting from FX). Nordic operations and investments in third-party logistics (Nowaste) contributed materially.
Capital Allocation Discipline and Cash Improvements
Routine CapEx was $18 million in Q1 with FY routine CapEx guidance of ~$100 million. Free cash flow outflow improved to -$40 million versus -$132 million in Q1 2025. Net debt of $657 million and net leverage of 1.7x indicate moderate leverage headroom.
Strategic M&A / Asset Actions and Expected Proceeds
Regulatory approval received for sale of port operations in Guayaquil, Ecuador; expected net proceeds after tax of approximately $75 million. Management is actively pursuing ~ $100 million development investment opportunities (automation/AI/warehouse) targeting ~12–15% returns and selective bolt-on acquisitions across Europe.
Cost and Financing Benefits
Interest expense decreased by $4.6 million due to lower average borrowings, lower base rates and prior refinancing; other income increased ~$4.8 million (unrealized FX gains on borrowings).