Alico (ALCO) 15th Annual Midwest IDEAS Investor Conference summary

Strategic direction and land management

• Focus on maximizing value from 48,000 acres of citrus groves and active land management, including rezoning for future residential or commercial development.

• 4,500-acre parcel near Naples is in the entitlement process, expected to unlock significant value in 3–5 years.

• Past sales of non-strategic assets, such as a 69,000-acre cattle ranch, tripled value and supported operating businesses.

• Ongoing review of all land holdings for highest and best use, with some entitlement efforts proceeding quietly in other counties.

• Real estate is positioned as a key future growth driver, with a dedicated head of real estate hired.

Citrus operations and production outlook

• Planted over 2.5 million trees in recent years, increasing grove density and future production potential.

• Adopted oxytetracycline trunk injections to combat greening disease, with state grants supporting application costs.

• Hurricane Ian in 2022 caused two years of depressed production, but recovery and material growth are expected starting Thanksgiving this year.

• Supply agreement with Tropicana covers 65% of acres at prices 33–50% higher than previous years, supporting higher revenue.

• Management of 3,300 acres for peers adds margin through caretaking fees.

Financial performance and capital allocation

• Estimated land value between $400–$500 million, while current enterprise value is under $300 million, indicating potential market mispricing.

• $77 million realized from last ranch land sale, with nearly all as gain, supporting GAAP earnings.

• $197 million returned to debt and shareholders since 2015 via dividends, buybacks, and debt repayments.

• Debt reduced from $200 million to $85 million, with $70 million as non-amortizing, sub-4% interest, and manageable against land assets.

• $95 million in untapped credit lines provides liquidity to withstand volatility, such as hurricanes.