The St. Joe Company (JOE) investor relations material

Executive summary

• Q1 2026 revenue rose 5.2% year-over-year to $99.1 million, the highest first quarter revenue outside of a one-time 2014 event.

• Hospitality revenue set a Q1 record, up 13% to $44.7 million, while real estate revenue increased 4% to $39.7 million; leasing revenue declined 10% due to a property sale.

• Operating income grew 8% to $18.2 million, but net income attributable to the company fell 21% to $13.9 million, or $0.24 per share, mainly due to lower equity income from joint ventures.

• 1,380 homesites were placed under contract in Q1 2026, bringing the total to 3,204, up from 952 a year earlier.

• Recurring revenue from hospitality and leasing reached a record $59.4 million, accounting for 60% of total revenue.

Financial highlights

• Gross margin on real estate sales was 45.6%, hospitality 24.4%, and leasing 61.2%.

• Equity income from unconsolidated joint ventures dropped to $3.5 million from $10.2 million in Q1 2025, mainly due to lower home closings at Latitude Margaritaville Watersound.

• Diluted EPS was $0.24, compared to $0.30 in Q1 2025.

• Cash and cash equivalents stood at $136.3 million as of March 31, 2026.

• Dividend of $0.16 per share declared, totaling $9.2 million.

Outlook and guidance

• Management expects continued growth in recurring revenue and profitability, supported by strong bookings, migration trends, and a robust pipeline of residential, hospitality, and commercial projects.

• Capital commitments will be funded through cash from operations, existing cash, partner capital, and financing.

• Expect to realize revenue from Pigeon Creek home sites in early 2027; Southwood revenue continues via tract sales.

• Actively planning new club amenities and residential projects to meet future demand.

• Market headwinds from interest rates and insurance costs are partially offset by net migration and cash buyers in Northwest Florida.