ALICO, INC. Q4 FY2024 earnings call

• Alico has over 125 years in Florida agriculture and land management.
• Faced challenges from Hurricane Ian recovery, with lower citrus production in 2023 and 2024.
• Sold 17,229 acres of Alico Ranch to Florida for $77.6 million, using proceeds to repay debt and strengthen balance sheet.
• Amended credit agreement with MetLife, extending revolving line of credit maturity to May 1, 2034.
• Progressed with entitlement process for 4,500-acre grove in Collier County, including environmental assessments and stakeholder outreach.
• Treated nearly all producing citrus trees with OTC injections to combat greening, with grants received for application costs.

For the fiscal year ended September 30, 2024, Alico reported net income attributable to common stockholders of $7 million, compared to $1.8 million in fiscal year 2023. Other income net was $78.4 million in 2024 versus $6.7 million in 2023. Citrus operations were impacted by hurricanes, with lower production leading to inventory write-downs: $28.5 million for 2023-2024 harvest and $19.5 million for 2024-2025 harvest. The majority of citrus crop is harvested in the second and third quarters, but 2024-2025 crop size couldn't be forecasted.

• Unable to forecast the size of the 2025 citrus crops at present.
• Committed to focusing on operating income potential, protecting balance sheet, and preserving capital.
• Optimistic about future success despite recent challenges in citrus operations.

• Impact of hurricanes (Ian, Milton) on citrus production, including fruit drop and tree damage.
• Uncertainty in forecasting crop yields and revenues due to weather events.
• Dependence on successful land management and entitlement processes for long-term value creation.