Alico (ALCO) investor relations material

Company evolution and strategic shift

• Transitioned from citrus production to a modern agricultural and real estate-focused company after hurricanes and disease devastated citrus operations by 2024.

• Now prioritizes maximizing land value through development, leasing, and selective sales, with a focus on responsible stewardship and conservation.

• Hired a seasoned entitlement expert to drive rezoning and development strategy, leveraging deep institutional knowledge.

• Sold nearly 40,000 acres to the state for conservation since 2017 and invested $5 million in wildlife infrastructure.

• Maintains a strong conservation-oriented reputation, integrating environmental priorities into development plans.

Land portfolio and development plans

• Owns 47,300 acres across 27 locations in seven Florida counties, providing diversification and upside potential.

• Categorizes land into three buckets: developable within five years, developable in 5–15 years, and long-term agricultural use (75% of portfolio).

• Flagship project is a 4,660-acre master-planned community in Collier County, targeting 9,000 homes plus commercial and open space.

• Other active projects include residential developments in Highlands, Polk, and Hendry counties, with varying timelines and entitlement stages.

• Conservation requirements, especially for the Florida panther, are integral to project approvals, with 1,500 acres set aside as protected habitat.

Financial performance and asset valuation

• Management estimates present value of land assets at $650–$750 million, compared to a current market cap of about $300 million.

• Recent agricultural land sales exceeded internal estimates, prompting an upward revision of per-acre value to $5,000–$6,000.

• Returned $209 million to shareholders since 2015 through dividends, buybacks, and debt repayment.

• Adjusted EBITDA for the first nine months was nearly $24 million, with a cash balance over $55 million and net debt of $29 million.

• Expects to finish the year with at least $15 million in EBITDA and $48 million in cash.