Alico, Inc. Q4 FY2025 earnings call

• Successfully executed strategic pivot from traditional citrus producer to diversified land company. - Completed final major citrus harvest, concluding capital-intensive citrus operations. - Exceeded financial guidance for adjusted EBITDA ($22.5M vs $20M) and land sales ($23.8M vs $20M). - Strengthened balance sheet with $38.1M cash and reduced net debt to $47.4M. - Development pipeline includes Corkscrew Grove Villages, Bonnett Lake, etc., totaling ~5,500 acres with estimated present value $335M-$380M. - Conservation legacy continues with placing land into permanent conservation. - Leased ~5,250 acres to third-party citrus growers and has interest from other operators. - Strong cash generation from crop insurance proceeds and land sales, committed to returning capital to shareholders.

For the fourth quarter ended September 30, 2025, revenue was $802,000 compared to $935,000 in the prior year quarter. For the full fiscal year, revenue was $44.1 million compared to $46.6 million in fiscal 2024. Adjusted EBITDA for fiscal 2025 was $22.5 million, exceeding the $20 million guidance target. Land sales for fiscal 2025 were $23.8 million, surpassing the $20 million guidance. The company ended fiscal year 2025 with $38.1 million in cash and cash equivalents and reduced net debt to $47.4 million. Revenue contribution details: Fourth quarter revenue was lower due to conclusion of citrus operations, while full year revenue declined slightly but adjusted EBITDA showed strength from the transformed business model.

• No specific guidance on land sales for fiscal 2026 provided at this time. - Focus on optimizing agricultural operations and advancing development projects through entitlement processes. - Prior fiscal year exceeded adjusted EBITDA and land sales guidance.

• Factors detailed in the company's quarterly reports on Form 10-Q, annual reports on Form 10-K, current reports on Form 8-K and amendments thereto filed with the SEC that could cause actual results to differ from forward-looking statements.

Q: What is the expected trend of land sales in the next 12 months?

A: John Kiernan stated that no guidance on additional land sales for fiscal 2026 is provided at this time