Diversified Land Company Strategy Proceeding as Expected: Company Completes Final Major Citrus Operations Development Projects Advance Through Entitlement Process with Corkscrew Grove Decision Expected in 2026 Net loss attributable to Alico, Inc. common stockholders fiscal year ended September 30, 2025 of $147.3 million, Adjusted EBITDA of $22.5 million, Exceeding $20 Million Guidance Land Sales of $23.8 million, Exceeding $20 Million Guidance Strong Cash Generation Delivers $38.1 Million Cash and cash equi ...

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 ...

Core Insights - LandBridge Company LLC reported a strong financial performance for Q3 2025, achieving a revenue growth of 78% year-over-year and 7% quarter-over-quarter, marking the sixth consecutive quarter of revenue and Adjusted EBITDA growth [1][5][9] - The company declared a quarterly cash dividend of $0.10 per share, reflecting its commitment to returning value to shareholders [1][20] - LandBridge completed the acquisition of approximately 37,500 acres, increasing its total holdings to over 300,000 surface acres, which supports its strategy of optimizing and diversifying revenue streams [1][6][8] Financial Performance - Revenues for Q3 2025 were $50.8 million, compared to $28.5 million in Q3 2024, with a net income of $20.3 million and a net income margin of 40% [5][9][11] - Adjusted EBITDA reached $44.9 million, up 79% year-over-year, with an Adjusted EBITDA margin of 88% [5][10][11] - Free Cash Flow for Q3 2025 was $33.7 million, reflecting a Free Cash Flow margin of 66% [5][16][41] Revenue Streams - Surface Use Royalties and Revenue generated $35.0 million in Q3 2025, up from $16.5 million in Q3 2024, driven by increased commercial activity [12] - Resource Sales and Royalties contributed $10.8 million, showing a 2% sequential increase [13] - Oil and Gas Royalties increased by 22% sequentially to $3.3 million, supported by higher net royalty production [14] Recent Developments - The acquisition of 37,500 acres enhances LandBridge's capacity to meet rising demand for high-quality pore space and supports potential alternative energy developments [6][8] - The company finalized the sale of a 3,000-acre solar energy generation project, which has a proposed capacity of up to 250 MW, indicating a strategic move towards alternative energy [7][45] Outlook - LandBridge reaffirms its fiscal year 2025 outlook, expecting Adjusted EBITDA to be between $165 million and $175 million [21]

Core Viewpoint - Alico Inc. has announced a strategic partnership with the Florida Department of Transportation (FDOT) to design and construct a wildlife underpass as part of the expansion of State Road 82 in Collier County, demonstrating the company's commitment to environmental stewardship and conservation [1][3]. Group 1: Partnership and Investment - Alico has committed approximately $5 million towards the design and construction costs of the wildlife underpass [2]. - The underpass will be part of a proposed wildlife corridor linked to the Corkscrew Grove Villages project, enhancing wildlife movement between Collier, Lee, and Hendry counties [2][3]. Group 2: Project Details - The planned underpass will measure approximately 16 feet wide by 7 feet tall and will include fencing to reduce wildlife mortality along State Road 82 [3]. - Construction is expected to begin before the end of 2025, with completion anticipated in 2027, subject to final approvals [4]. Group 3: Environmental Impact - The underpass is expected to support the panther recovery plan by providing a permanent connection to the Caloosahatchee dispersal zone, with no additional cost to taxpayers [3]. - Alico has sold or entered easements to protect over 46,800 acres since 2003, contributing to the Florida Wildlife Corridor [7]. Group 4: Community Development - The Corkscrew Grove Villages project will cover approximately 4,600 acres and aims to create a thoughtfully planned community while protecting sensitive lands and improving water resources [6]. - Alico is seeking approval for the first of two planned villages, with construction on the first village potentially starting as early as 2028 [8].

Core Viewpoint - Alico, Inc. has completed its final major citrus harvest, marking a significant step in its strategic transformation into a diversified land company, with a focus on land development and diversified usage strategies [2][25]. Financial Performance - The company reported third-quarter revenues of $8.39 million, a decrease of 38.4% from $13.61 million in the same quarter of 2024 [3]. - Alico experienced a net loss attributable to common stockholders of $18.29 million for the third quarter, compared to a loss of $2.04 million in the prior year, reflecting a 794.8% increase in losses [3][5]. - EBITDA for the third quarter was $19.20 million, significantly up from $1.34 million in the same quarter of 2024 [5]. - The company generated $9.3 million from asset sales in the third quarter, exceeding its land sales target [1]. Strategic Developments - The Florida Legislature approved the creation of the Corkscrew Grove Stewardship District, which will aid in financing infrastructure and managing natural areas for Alico's Corkscrew Grove Villages development project [2][21]. - Alico's working capital was reported at $50 million with a current ratio of 9.37 to 1 as of June 30, 2025 [19]. - The company plans to develop Corkscrew Grove Villages on approximately 4,660 acres, which will include residential, commercial, and conservation areas [18][20]. Land Management and Other Operations - Revenue from Land Management and Other Operations increased by 56.8% for the third quarter compared to the previous year, driven by higher rock and sand royalty income [10]. - Operating expenses in this segment rose by 69.0% for the third quarter, primarily due to increased sod sales [11]. Harvest and Production - Alico Citrus harvested approximately 2.1 million pound solids of fruit in the third quarter, down from 4.3 million in the same period last year, largely due to fruit drop from Hurricane Milton [7][8]. - The average price per pound solids increased by $0.81 for the third quarter compared to the previous year, attributed to favorable pricing in contracts with Tropicana [8]. Corporate Governance and Financial Health - General and administrative expenses increased by $0.4 million for the third quarter, mainly due to higher employee costs and legal fees related to the strategic transformation [13]. - The company paid a cash dividend of $0.05 per share on July 11, 2025 [17].

Financial Performance Highlights - Revenue increased by 83% year-over-year[9] - Adjusted EBITDA increased by 81% year-over-year[9] - Record Surface Use Royalties and Revenues reached $34.2 million[9] - Non-oil and gas royalty revenue accounted for approximately 94% of total revenue in Q2 2025[9] - Free Cash Flow Margin was 76% in Q2 2025[15] Strategic Agreements and Projects - A 10-year surface use and pore space reservation agreement was secured with Devon Energy, guaranteeing 300,000 bpd of pore space capacity with a minimum delivery of 175,000 bbls/day on East Stateline and Speed Ranches[9, 14] - A lease option agreement was executed with a large public IPP for the development, operation, and construction of a natural gas-fired advanced combined cycle gas turbine ("CCGT") plant[9, 14] Capital Allocation - A quarterly cash dividend of $0.10 per share was announced, payable on September 18th to shareholders of record as of September 4th[9] - The company targets a net leverage ratio between 20x and 25x[36] Revenue Streams - Surface Use Royalties and Revenues accounted for 66% of YTD 2025 revenue[26] - Resource Sales and Royalties accounted for 27% of YTD 2025 revenue[26] - Oil and Gas Royalties accounted for 7% of YTD 2025 revenue[26]

Core Points - Alico, Inc. supports the establishment of the Corkscrew Grove Stewardship District, which aims to enhance community infrastructure in eastern Collier County [1][3][6] - The legislation received unanimous support from various Florida legislative bodies and local government [2] - The district will facilitate Alico's infrastructure financing, natural area management, and community administration [3][5] Company Overview - Alico, Inc. is a Florida-based agribusiness and land management company with over 125 years of experience, managing approximately 51,300 acres across 8 counties [9] - The company focuses on strategic land development and diversified agricultural operations to create long-term shareholder value [9] Project Details - Alico announced the creation of Corkscrew Grove Villages, covering approximately 4,600 acres, which will include two 1,500-acre villages and over 6,000 acres of conservation area [4] - The Corkscrew Grove Stewardship District will be overseen by a five-member Board of Supervisors and will collaborate with local agencies for infrastructure development [5][6] - Alico is currently seeking approval for the East Village, with a decision expected in 2026 and potential construction starting in 2028 or 2029 [7]

Strategic Transformation - Alico announced the wind-down of its Alico Citrus division after the 2024/2025 harvest, transforming into a diversified land company[19, 21] - The company is shifting its focus to non-citrus agricultural revenue opportunities and strategic land development[21] - This transformation addresses ongoing citrus industry challenges, aiming to reduce operational volatility and maximize shareholder value[22] - The citrus industry has seen a 73% decline in production over the last decade, making it no longer economically viable for Alico in Florida[23] Land Portfolio and Development - Alico owns approximately 53,371 acres of land in Florida[6, 9] - The estimated land value ranges from $650 million to $750 million[28, 29] - 76% of the land (40,771 acres) will remain in agriculture, while 25% is identified for development potential[28, 30, 33] - 10% of the land (5,500 acres) is targeted for near-term development within 5 years, with a potential value of $140 million to $170 million[28, 31] - 14% of the land (7,100 acres) has long-term development potential beyond 5 years, valued at $175 million to $200 million[30, 32] Financial Position and Shareholder Value - Alico expects positive cash flow for the remainder of FY2025 and has sufficient cash reserves for over 2 years of operations[28] - The company has a Met Life credit line through 2034, with $95 million drawn as of September 2024[34] - Alico has returned $189 million in total capital since FY2015, including $87 million since FY2021, and has maintained consistent quarterly dividends since 1974[36, 41]

Financial Data and Key Metrics Changes - Revenue for the second fiscal quarter decreased by 1% to $18 million compared to $18.1 million for the prior year period [15] - For the six months ended March 31, 2025, revenue decreased by 9% to $34.9 million compared to $32.1 million for the prior year period [15] - The company reported a net loss attributable to common shareholders of $111.4 million for the three months ended March 31, 2025, compared to a loss of $15.8 million for the same period in the prior year [18] - EBITDA for the three months ended March 31, 2025, was a loss of $14.7 million compared to a loss of $16.5 million for the same period in the prior year [18] - Adjusted EBITDA for the three months ended March 31, 2025, was a gain of $12.7 million compared to a loss of $16.5 million for the same period in the prior year [18] Business Line Data and Key Metrics Changes - Alico harvested approximately 4.7 million and 8.7 million pound solids of fruit for the three and six months ended March 31, 2025, respectively, compared to 5.8 million and 10.4 million pound solids in the same periods of the prior fiscal year [15] - Land management and other operations revenue increased by 10,774% for the three and six months ended March 31, 2025, primarily due to increased rock and sand royalty income and sod sales [16] Market Data and Key Metrics Changes - The blended price per pound solids for the three and six months ended March 31, 2025, increased by $0.70 and $0.85, respectively, due to more favorable pricing in a contract with Tropicana [16] Company Strategy and Development Direction - The company is transitioning to a diversified land company, having completed the majority of its capital investment in citrus operations [5] - Alico has completed the sale of 2,100 acres this year and raised its outlook for land sales to potentially exceed $50 million, a 150% increase from prior guidance [6] - The company is engaged with agricultural operators to diversify its remaining agricultural activities, including sod production and seasonal crops [7] - Alico is advancing entitlement work for development properties, with a significant project planned for Corkscrew Grove Villages, which includes two mixed-use master plan communities [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic transformation, projecting a cash balance of approximately $25 million and net debt of about $60 million by the end of fiscal year 2025 [21] - The company expects to generate approximately $20 million in adjusted EBITDA for fiscal year 2025, supported by land sales and cash generated from citrus harvests [22] - The present value of current land holdings is estimated to be worth between $650 million and $750 million, with 75% valued for agricultural use [22] Other Important Information - The company amended its credit agreement to adjust financial covenants and reduce insurance coverage requirements, resulting in cost savings [13] - A $50 million share repurchase program was announced as part of the capital allocation strategy [13] Q&A Session Summary Question: Can you provide additional details on the $15.8 million gain in the quarter? - The gain was from the sale of 2,100 acres of land [28] Question: Are there ongoing discussions for additional land sales to achieve the $50 million target? - The company is in discussions for potential land sales, but timing is uncertain due to the diligence process [30] Question: What milestones can be expected for the Corkscrew project before potential entitlement approvals? - The entitlement approvals themselves will serve as milestones, with various meetings and revisions expected [31]

Core Insights - Alico, Inc. is transitioning to become a diversified land company, concluding its capital investment in citrus operations after the fiscal year 2025 harvest [1][2] - The company has raised its land sales outlook to potentially exceed $50 million for fiscal year 2025, supported by ongoing negotiations and agreements [1][2][25] - Alico's financial guidance now includes cash balance, net debt, and adjusted EBITDA targets for fiscal year 2025, projecting a cash balance of approximately $25 million and net debt of around $60 million [1][2][26] Financial Performance - For the second quarter ended March 31, 2025, Alico reported revenue of $17.98 million, a slight decrease of 0.7% compared to $18.11 million in the same period of 2024 [3] - The net loss attributable to Alico common stockholders for the quarter was $111.4 million, a significant increase from a loss of $15.8 million in the prior year, primarily due to accelerated depreciation and impairment related to the strategic transformation [4][5] - Adjusted EBITDA for the second quarter was $12.7 million, contrasting with a loss of $16.5 million in the same quarter of 2024 [5] Citrus Operations - Alico completed its last major citrus harvest in April 2025, with plans for a final harvest on remaining operational citrus groves in fiscal year 2026 [2][24] - Citrus production saw a decline, with total processed boxes down 20.4% year-over-year for the three months ended March 31, 2025 [7] - The company experienced a significant drop in pound solids harvested due to adverse weather conditions, specifically Hurricane Milton [7] Land Management and Other Operations - Revenue from Land Management and Other Operations increased by 107.1% for the three months ended March 31, 2025, driven by higher rock and sand royalty income [10] - Operating expenses in this segment decreased by 46.5% compared to the same period in 2024, primarily due to lower property taxes following the sale of Alico Ranch [11] Strategic Initiatives - Alico is developing the Corkscrew Grove Villages project, which will encompass approximately 4,660 acres and aims to provide residential and commercial opportunities while enhancing public infrastructure [17][18] - The company has initiated a multi-year entitlement approval process for the Corkscrew Grove Villages, with the first village's approval expected in 2026 [18] - Alico's commitment to conservation is evident in its plans to place an additional 6,000 acres into permanent conservation as part of the Corkscrew Grove Villages project [21][22] Liquidity and Financial Position - As of March 31, 2025, Alico reported a robust liquidity position with $14.7 million in cash and cash equivalents and $88.5 million in available credit facilities [1][19] - The company's working capital was $36.1 million, reflecting a current ratio of 5.56 to 1.00 [19] - Total debt stood at $89.6 million, with net debt at $74.9 million, showing a decrease from the previous fiscal year [19]