Tejon Ranch (TRC) investor relations material

Executive summary

• Net loss attributable to common stockholders was $1.7 million for Q2 2025, compared to net income of $957,000 in Q2 2024, primarily due to $2.3 million in proxy defense expenses.

• For the six months ended June 30, 2025, net loss was $3.2 million versus net income of $43,000 in the prior year, driven by $3.4 million in proxy defense costs.

• Adjusted EBITDA and farming revenues increased, reflecting disciplined execution and a diversified platform.

• Commercial/industrial real estate revenues rose 100% year-over-year in Q2 2025, mainly from land sale revenue recognition.

• Residential leasing commenced at Terra Vista at Tejon in May 2025, with 49% of delivered units leased by June 30, marking a milestone in portfolio diversification.

Financial highlights

• Q2 2025 revenues were $11.1 million, up from $9.0 million in Q2 2024, driven by real estate commercial/industrial segment.

• Six-month 2025 revenues and other income totaled $20.7 million, up from $18.6 million year-over-year.

• Adjusted EBITDA for Q2 2025 was $5.7 million, up from $5.1 million in Q2 2024; six-month Adjusted EBITDA was $8.6 million, up from $7.3 million.

• Cash, cash equivalents, and marketable securities totaled $20.1 million at June 30, 2025, with total liquidity of $98.1 million including $78.1 million available on the line of credit.

• Debt-to-total-capitalization ratio was 14.4% at June 30, 2025, while net debt to trailing twelve months adjusted EBITDA was 6.5x.

Outlook and guidance

• Capital investment for the remainder of 2025 will focus on Terra Vista at Tejon and TRCC-East infrastructure, with $6.8 million and $5 million planned, respectively.

• Strategic focus remains on commercial/industrial and multifamily development, leasing, and sales.

• The company expects to have adequate cash flows and credit availability to fund operations and development over the next twelve months.

• Ongoing litigation and entitlement work for master planned communities, especially Centennial, will continue to require investment.

• Net income expected to fluctuate due to regulatory delays, commodity prices, production, and timing of land sales.