Alico, Inc. Q1 FY2026 earnings call

• First quarter generated $7.7 million in land sales, net loss improved to $3.5 million from $9.2 million prior year, positive EBITDA of $2.4 million vs negative $6.7 million prior. - Balance sheet had $34.8 million in cash at quarter end. - Entered ten-year lease with Bear Crop Science for agricultural research station. - Weco achieved 97% utilization of farmable agricultural acreage. - Closed on additional land sale of ~2,950 acres for $26.8 million. - Development pipeline advancing, Corkscrew Grove Villages leading, Stewardship District approved by Florida legislator. - Partnership with FDOT for wildlife underpass as part of SR 82 expansion. - Four near-term real estate projects total ~5,500 acres with estimated present value $335M-$380M. - Committed to returning capital to shareholders, having returned over $190M since 2015. - Priorities for fiscal 2026: optimize agricultural operations, advance development projects, strategic capital allocation, leverage management team and local relationships.

For the three months ended December 31, 2025, total revenue was $1.9 million compared to $16.9 million in the prior year period. The Alico citrus segment generated $900,000 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. Production, land management, and other operations revenue increased 77% due to higher rock and sand royalties and farming lease revenue. Net loss attributable to Alico, Inc. common stockholders improved to $3.5 million or $0.45 per diluted share from $9.2 million or $1.20 per diluted share in the prior year. Positive EBITDA of $2.4 million was achieved compared to negative $6.7 million in the prior year, and adjusted EBITDA was $2.7 million. Cash and cash equivalents were $34.8 million at quarter end, with a current ratio of 14.39 to one. Total debt was stable at $85.5 million, with net debt of $50.7 million. Land sales in the quarter were $7.7 million with a gain of ~$4.9 million, and year-to-date through January 2026, total land sales were $34.5 million.

• Expect adjusted EBITDA of approximately $14 million for full fiscal year 2026. - Anticipate ending fiscal 2026 with ~$50 million in cash. - Aim to reduce net debt to approximately $35 million by fiscal year end, with flexibility for capital allocation including returning capital to shareholders.

• Forward-looking statements subject to risks, uncertainties, and factors in 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, as well as those mentioned in the earnings release.

Q: Regarding the Corkscrew Grove Villages approval timeline, any idea on whether it's more 3Q or 4Q 2026?

A: Haven't pinned it down, but fiscal year perspective, three or four is not an unreasonable assumption, but don't control local calendar Q: Can you discuss cash flow from farmland utilization rate?

A: At this point, haven't provided additional forecasted info or guidance, but will take the request offline and maybe provide more clarity next quarter