ALICO, INC.

Management Comments

John Kiernan, President and Chief Executive Officer of the Company, stated, “We successfully completed our final major citrus harvest during the third quarter, marking a significant milestone in our strategic transformation to become a diversified land company. This harvest concludes the majority of our capital-intensive citrus production operations, allowing us to focus our resources on our long-term land development and diversified usage strategy. During the third quarter, we generated over $9 million from combined land and equipment sales, further strengthening our financial position. Additionally, we received $16 million in crop insurance proceeds, which provides additional financial flexibility as we advance our transformation initiatives.”

Mr. Kiernan continued, “We were particularly pleased to announce that the Florida Legislature approved the bill to create the Corkscrew Grove Stewardship District in June. This represents a crucial milestone in our Corkscrew Grove Villages development project. The District will assist Alico in effectively financing infrastructure, helping restore and manage natural areas, and overseeing the administration of our master planned communities. In August, a five-member board of supervisors was appointed to facilitate collaboration and communications with local, state, and federal government agencies and community stakeholders. Our near-term real estate development projects, including Corkscrew Grove Villages, continue advancing as planned.”