LandBridge Company (NYSE:LB) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsAlexander Goldfarb - Managing DirectorJason Long - CEOJohn Annis - VPJohn Mackay - VP of Equity ResearchKeith Beckmann - VPMae Herrington - Director of Investor RelationsScott McNeely - CFOConference Call ParticipantsCharles Meade - Research AnalystOperatorLadies and gentlemen, thank you for joining us, and welcome to the LandBridge fourth quarter 2025 results call. After today's prepared remarks, we will ho ...

LandBridge Company (NYSE:LB) Q4 2025 Earnings call February 26, 2026 11:00 AM ET Company ParticipantsAlexander Goldfarb - Managing DirectorJason Long - CEOJohn Annis - VPJohn Mackay - VP of Equity ResearchKeith Beckmann - VPMae Herrington - Director of Investor RelationsScott McNeely - CFOConference Call ParticipantsCharles Mead - Research AnalystOperatorLadies and gentlemen, thank you for joining us, and welcome to the LandBridge fourth quarter 2025 results call. After today's prepared remarks, we will hos ...

LandBridge Earnings Presentation 4Q and Full Year 2025 Disclaimers Forward-Looking Statements The information in this presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, ...

Core Insights - Texas Pacific Land Corporation (TPL) is a significant landowner in Texas, focusing on land management, oil and gas royalties, and water services [1][6] - The company has organized a shareholder visit to its office and water field in Midland to enhance understanding of its operations and water management strategies [2][6] - HORIZON KINETICS ASSET MANAGEMENT LLC, a major shareholder with a 10 percent stake, recently purchased additional shares, indicating strong investor confidence in TPL [3][6] - TPL's stock reached a high of $518.79, reflecting positive market sentiment and optimism regarding the company's performance [4] - The shareholder visit aims to build transparency and trust, strengthening relationships with investors and providing insights into TPL's operations [5][6]

Core Viewpoint - Alico is transitioning away from capital-intensive citrus production towards land monetization and management, reflecting improved profitability metrics and a focus on real estate development opportunities [5][7][21] Financial Performance - Alico reported total revenue of $1.9 million for Q1 fiscal 2026, a significant decline from $16.9 million in the prior-year period, primarily due to the conclusion of its citrus business [3] - The net loss attributable to common stockholders was $3.5 million, or $0.45 per diluted share, an improvement from a net loss of $9.2 million, or $1.20 per diluted share, in the prior-year quarter [2][4] - Adjusted EBITDA for the quarter was $2.7 million, compared to negative $6.7 million in the previous year [2] Land Sales and Utilization - Alico generated $7.7 million in land sales during the first quarter, with year-to-date land sales totaling approximately $34.5 million [4][10] - The company achieved 97% utilization of its approximately 32,500 farmable acres, reflecting a strategic shift towards land management [7][12] Development Pipeline - The Corkscrew Grove stewardship district was approved, with four near-term projects covering about 5,500 acres and an estimated present value of $335–$380 million [6][19] - Alico anticipates a decision from Collier County in 2026, with potential construction starting as early as 2028, contingent on federal permits [6][19] Balance Sheet and Liquidity - Alico ended the quarter with $34.8 million in cash and a current ratio of 14.39 to 1, with total debt at $85.5 million and net debt at $50.7 million [13][14] - The company expects to end fiscal 2026 with approximately $50 million in cash and reduce net debt to around $35 million [15] Shareholder Returns - Since 2015, Alico has returned over $190 million to shareholders through dividends, share repurchases, and voluntary debt reduction [21]

Financial Data and Key Metrics Changes - The company reported total revenue of $1.9 million for Q1 2026, a significant decrease from $16.9 million in the prior year period, primarily due to the conclusion of its citrus business [16] - The net loss improved to $3.5 million or $0.45 per diluted share, compared to a net loss of $9.2 million or $1.20 per diluted share in the prior year [17] - Positive EBITDA of $2.4 million was achieved, compared to negative $6.7 million in the prior year, marking a $9.1 million improvement [17] - The balance sheet remains strong with $34.8 million in cash and cash equivalents at quarter end, and a current ratio of 14.39 to 1 [18] Business Line Data and Key Metrics Changes - The Alico Citrus segment generated $0.9 million in revenue with a gross loss of $6.5 million, down from $16.3 million in revenue and an $8.8 million gross loss in the prior year [16] - Land management and other operations revenue increased by 77%, driven by higher rock and sand royalties and farming lease revenue [17] Market Data and Key Metrics Changes - The company achieved $7.7 million in land sales during the quarter, contributing to a total of $34.5 million in land sales year-to-date through January 2026 [19] - The management's NPV analysis values the land portfolio between $650 million and $750 million, while the current market capitalization is approximately $320 million [11][22] Company Strategy and Development Direction - The company is focused on land monetization and utilization strategy, with a commitment to responsible land stewardship [5][7] - Alico is advancing its development pipeline, particularly the Corkscrew Grove Villages project, which is expected to begin construction as early as 2028 [9][10] - The company aims to optimize agricultural operations while balancing capital allocation with shareholder returns [12][13] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial stability built through strategic transformation, highlighting the positive EBITDA generation and strong balance sheet [20] - The company anticipates ending fiscal year 2026 with approximately $50 million in cash and reducing net debt to about $35 million [20] Other Important Information - Alico has entered into a ten-year lease with Bayer Crop Science for an agricultural research station, achieving 97% utilization of its farmable agricultural acreage [6][7] - The company has returned over $190 million to shareholders since 2015 through dividends, share repurchases, and voluntary debt reduction [11] Q&A Session Summary Question: Timing for Corkscrew Grove Villages approval - Management indicated that the approval could be expected by the end of September 2026, but local calendar control is not in their hands [26] Question: Next steps after approval for Corkscrew - Management mentioned that conversations with national home builders and developers are ongoing, but no agreements have been finalized yet [27] Question: Cash flow from farmland utilization - Management stated that they have not provided additional forecasted information regarding cash flow from farmland utilization but will take the request offline for future clarity [28]

Core Viewpoint - Texas Pacific Land Corporation (TPL) is a significant landowner in Texas, focusing on managing and monetizing land in the Permian Basin, with a market cap of $23.3 billion and diverse revenue streams [1] Financial Performance - Analysts anticipate TPL will report a Q4 profit of $1.73 per share, reflecting a 1.2% increase from $1.71 per share in the same quarter last year [2] - For fiscal 2025, TPL's EPS is expected to reach $6.92, a 5.3% increase from $6.57 in fiscal 2024, with a further projected growth of 13.2% to $7.83 in fiscal 2026 [3] Stock Performance - TPL's stock has decreased by 27.3% over the past year, underperforming the S&P 500 Index's 16.9% gains and the S&P 500 Energy Sector SPDR's 2.3% returns during the same period [4] - On December 17, TPL's shares surged over 7% after announcing a deal with Bolt Data & Energy to develop data center facilities on its West Texas land, indicating potential growth beyond energy [5] Analyst Ratings - The consensus opinion on TPL stock is moderately bullish, with a "Moderate Buy" rating; two out of three analysts recommend "Strong Buy," while one suggests a "Hold" rating [6] - TPL currently trades above the mean price target of $316.11, with the highest target price indicating a potential upside of 14.6% from current market prices [6]

[music] [music] [applause] Good afternoon everyone. Uh so I'm going to start by taking you to party block of Bwani district of Madhya Pradesh. What you see here is a story of heartbreaking loss.The soil is parched. The top soil is gone. Land is parched.The rainwater that falls rushes away. This land is no longer productive. 50% of the land in Badwani district is no longer productive primarily due to water erosion. And Badwani is not the only district in India where this is happening.Millions of hectares of ...

Core Insights - Alico, Inc. has successfully transitioned from a traditional citrus producer to a diversified land company, with a strategic focus on land development and agricultural operations [2][3][25] - The company reported a net loss of $147.3 million for the fiscal year ended September 30, 2025, primarily due to accelerated depreciation and impairments, despite achieving an Adjusted EBITDA of $22.5 million [3][4][6] - Alico's land sales reached $23.8 million, exceeding guidance, and the company ended the fiscal year with $38.1 million in cash, providing financial flexibility through fiscal year 2027 [3][4][19] Financial Performance - For the fiscal year ended September 30, 2025, Alico's total revenue was $44.1 million, a decrease of 5.5% from $46.6 million in 2024 [4][35] - The net loss attributable to Alico common stockholders was $147.3 million, compared to a net income of $7.0 million in the previous year, reflecting a significant decline [4][35] - Adjusted EBITDA for the fiscal year was $22.5 million, down from $29.7 million in 2024, indicating challenges in operational performance [6][35] Citrus Operations - Alico harvested 2.3 million boxes of citrus fruit in fiscal year 2025, a decrease of 25.9% from the previous year, primarily due to Hurricane Milton's impact [9][35] - The average realized price per pound solids increased from $2.81 to $3.66, benefiting from favorable pricing contracts [9][35] Land Management and Development - Approximately 25% of Alico's land holdings are earmarked for strategic development, while 75% remain in diversified agriculture, creating a balanced platform for growth [2][3] - The Corkscrew Grove Villages project is a significant development initiative, expected to provide economic benefits and enhance public infrastructure in Collier County [16][17] - Alico has established the Corkscrew Grove Stewardship District to finance infrastructure and manage natural areas, supporting the Corkscrew Grove Villages project [18][19] Conservation Efforts - Alico has a long-standing commitment to conservation, having transferred lands to various protected areas and plans to place an additional 6,000 acres into permanent conservation as part of its development projects [21][22][23] - The company sold over 17,000 acres of land to the Florida Department of Environmental Protection as part of the Florida Forever program, enhancing connectivity between conservation lands [22][23] Balance Sheet and Liquidity - As of September 30, 2025, Alico reported cash and cash equivalents of $38.1 million and a net debt of $47.4 million, indicating a strong liquidity position [4][19] - The company's current ratio was 9.56 to 1.00, reflecting robust working capital management [19][20]

Disclaimers Forward-Looking Statements The information in this presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this presentation, regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, commercial opportunities, plans and objectives of mana ...