ALICO, INC. Q2 FY2025 earnings call

• Completed fiscal year 2025 citrus harvest, reduced workforce from ~200 to 25. - Land sales outlook raised to potentially over $50M this fiscal year, up from prior $20M guidance. - Diversified agricultural activities by negotiating leases with third-party citrus growers and discussing sod production, sand mining, and seasonal crop leases. - Entitlement work progressing for development properties, with Corkscrew Grove Villages as a significant milestone, and other properties like Bonnet Lake, Saddlebag Grove, and Plant World also in development. - Amended credit agreement and announced $50M share repurchase program.

Citrus Operations: For the three months and six months ended March 31, 2025, Alico Citrus harvested approximately 4.7 million pounds and 8.7 million pounds solids of fruit, respectively, which was lower than prior year due to Hurricane Milton. Land Management and Other operations: Revenue for the three months and six months ended March 31, 2025, increased 107% and 74%, respectively, primarily from rock and sand royalty income and sod sales, partially offset by lower farming/grazing/hunting lease revenues. Absolute revenue for three months ended March 31, 2025: Citrus Operations revenue not specified separately, Land Management and Other was part of total $18M revenue (down 1% from prior year). Revenue contribution %: Citrus Operations likely lower due to reduced harvest, Land Management and Other increased contribution.

• Forecast cash balance at end of fiscal year 2025 to be ~$25M and net debt ~$60M. - Projected adjusted EBITDA for fiscal year 2025 is ~$20M. - Land sales potential to exceed $50M this year. - Present value of current land holdings estimated at ~$650M-$750M, with 75% valued for agricultural use and 10% entitled for development in next 5 years.

• Uncertainty in timing of land sales as pending transactions have their own challenges. - Complexity in entitlement processes for development properties, which involve many variables and stakeholders.

Q: Question on the $15.8 million land sale in the quarter, including location?

A: The $15.8 million was from the sale of 2,100 acres located in Hendry County.

Q: About the $50 million in land sales for the current year, current discussions on other land sales and confidence in achieving the target?

A: Negotiated agreements to sell some acres but in diligence process; talking to several parties but nothing solid to report yet, but ongoing efforts support potential achievement.

Q: Milestones for Corkscrew Village construction?

A: Milestones are the entitlement approvals at local, state, and federal levels