Limoneira Company (LMNR) Investor presentation summary

Value creation strategy

• Pursues a dual approach: generating current income from agriculture and unlocking long-term value through land and water asset transformation.

• Targets $42M incremental adjusted EBITDA growth by 2031, driven by avocado expansion, lemon packing, organic recycling, and strategic partnerships.

• Identifies $425M–$495M in near- and medium-term value creation through asset sales, water monetization, and real estate development by 2040.

• Holds a long-term development pipeline with $3B+ potential from 3,000 developable acres beyond 2040.

Agricultural operations and expansion

• Plans to become California's largest avocado grower, expanding to 2,000 acres by 2027.

• Implements density optimization to increase avocado yields, targeting 34M pounds of production by 2031.

• Strategic partnerships with Sunkist and Agromin enhance operational efficiency and sustainability.

• Organic recycling partnership with Agromin expected to contribute $50M EBITDA over 10 years.

Land and water asset portfolio

• Owns 7,000 acres of agricultural land and 550 acres of entitled development land.

• Holds 8,500 acre-feet of adjudicated water and 11,500 acre-feet of pumping rights, valued at $60M–$75M.

• Monetizes water assets through fallowing programs and outright sales, with significant proceeds anticipated through 2030.