Tejon Ranch (TRC) investor relations material

Executive summary

• Net income attributable to common stockholders rose to $2.6 million ($0.10/share) in Q2 2026, reversing a $1.7 million loss in Q2 2025, driven by a major land sale, higher mineral resources revenue, and improved recurring business performance.

• Revenues increased across all segments, with Q2 2026 revenue rising to $14.3 million from $8.3 million in Q2 2025, and total revenues and other income reaching $17.4 million, led by commercial/industrial real estate and mineral resources.

• Adjusted EBITDA grew 47% year-over-year to $8.4 million, reflecting cost discipline and capital efficiency.

• Corporate expenses declined by $2.1 million due to lower compensation, absence of prior non-recurring costs, and ongoing cost-saving measures.

• Strategic focus remains on land monetization, joint ventures, and leveraging assets for long-term growth.

Financial highlights

• Q2 2026 revenue was $14.3 million (up 72% year-over-year); net income was $2.6 million ($0.10 per share), a $4.3 million improvement year-over-year.

• Commercial/industrial segment revenues increased $4.6 million to $9.7 million, mainly from a $6.9 million land sale; operating income was $3.5 million.

• Adjusted EBITDA for Q2 2026 was $8.4 million, up from $5.7 million in Q2 2025; trailing 12 months adjusted EBITDA reached $29.8 million, up 21% year-over-year.

• Equity in earnings from joint ventures was $3.1 million for Q2 2026 (up 21%), led by travel centers, outlets, and industrial portfolio.

• Cash and marketable securities at June 30, 2026, were $15.1 million; outstanding debt was $95.9 million.

Outlook and guidance

• Early 2027 delivery targeted for the new industrial building, with improving Southern California industrial market fundamentals.

• Multifamily revenues expected to rise as Terra Vista at Tejon lease-up continues; occupancy at 77% as of June 30, 2026.

• Ongoing re-entitlement efforts for the Centennial project, with public review and hearings anticipated later in 2026.

• Ongoing focus on strategic and opportunistic water sales to enhance returns from water assets.

• Capital investments planned for infrastructure and entitlement activities, with liquidity deemed sufficient for at least 12 months.