Alico (ALCO) investor relations material

Executive summary

• Completed final major citrus harvest and announced a strategic transformation to wind down citrus operations, shifting focus to diversified land usage and real estate development due to ongoing financial and environmental challenges.

• Accelerated land monetization and asset optimization, with land and equipment sales exceeding guidance and generating $9.3M in Q3.

• Substantially completed workforce reduction of up to 172 employees as part of cost-reduction initiatives.

• Achieved a major regulatory milestone with the approval and formation of the Corkscrew Grove Stewardship District, supporting future development and infrastructure.

• Entered into a Mutual Contract Termination Agreement with Tropicana, ending all obligations after the 2024/2025 crop year.

Financial highlights

• Q3 2025 revenue decreased 38% year-over-year to $8.4M; nine-month revenue down 5% to $43.3M.

• Q3 EBITDA rose to $19.2M from $1.3M year-over-year; adjusted EBITDA at $19.3M.

• Net loss attributable to common stockholders was $18.3M for Q3 and $138.8M for nine months, mainly due to accelerated depreciation and lower revenue from hurricane impact.

• Operating expenses increased significantly due to $160.5M in accelerated depreciation and $25M in asset impairments related to the citrus wind-down.

• Cash and cash equivalents at quarter end were $42.1M, up from $3.2M at FY 2024 end.

Outlook and guidance

• Exceeded $20M land sales guidance for FY 2025, with potential for an additional $25M before year end.

• Fiscal 2025 Adjusted EBITDA expected to be approximately $20M.

• Projected to end FY 2025 with at least $25M in cash and sufficient liquidity to fund operations through FY 2027.

• Anticipate significant revenue shift toward land usage and real estate development, with no assurance of success.

• Transformation to a diversified land company is progressing as planned, with continued focus on real estate development and agricultural partnerships.