Alico (ALCO) investor relations material

Company overview and strategic shift

• Transitioned from citrus operations to a land management and real estate focus, leveraging 46,000 acres across seven Florida counties.

• Citrus operations ceased due to persistent disease, storm damage, and negative cash flow; now leasing land for alternative agriculture.

• Three property buckets identified: near-term development (5,500 acres), mid/long-term development (7,000 acres), and ongoing agriculture (33,400 acres).

• Estimated pre-tax value of all land assets is $650–$750 million, with tax implications varying by parcel history.

• Management emphasizes conservation, local engagement, and a disciplined entitlement process.

Development and entitlement plans

• Four key properties targeted for development: Corkscrew Grove, Bonnet Lake Grove, Saddlebag Grove, and Plant World.

• Corkscrew Grove is the largest and most complex, requiring federal and state approvals, with completion expected by 2027–2028.

• Significant conservation commitments: 7,000 acres reserved for open space, including a $5 million wildlife underpass for the Florida panther.

• Bonnet Lake Grove aims for 2,000 homes, with approvals anticipated by end of summer and resolution by 2026.

• Saddlebag Grove and Plant World are in earlier stages, with Plant World likely to see approval in 2026.

Monetization strategies and financial management

• Considering outright land sales, joint ventures with homebuilders, or in-house development, with IRR analysis guiding decisions.

• $210 million returned to shareholders over 10 years through debt repayment, dividends, and share buybacks.

• Net debt reduced from $200+ million to $45 million, with $40 million cash and $95 million untapped credit.

• 72% of land remains in agriculture, leased for stable cash flow, and can be sold quickly if attractive offers arise.

• Management is focused on maximizing shareholder value and maintaining ample liquidity through 2028.