ALICO, INC.

Management Comment

John Kiernan, President and Chief Executive Officer of the Company, stated, “Fiscal year 2025 was a pivotal year in Alico's strategic evolution as we successfully made our transformation from a traditional citrus producer to a diversified land company. Our disciplined execution has positioned us well for the next phase of our transformation. With approximately 25% of our land holdings identified for strategic development opportunities and 75% remaining in diversified agriculture, we've created a balanced platform for both near-term returns and long-term growth. As we enter fiscal 2026, we believe Alico is well-capitalized, strategically focused, and positioned to deliver sustainable value creation for our shareholders. Our goals during the next phase are to optimize the agricultural leasing programs on all of our landholdings in the near term, continuing to maintain rigorous corporate and operational cost controls, and enhancing our properties that have strategic development potential as quickly as possible.

We delivered on the commitments we made to shareholders this year by completing our final major citrus harvest and exceeding our $20 million land sales guidance with $23.8 million in land sales proceeds. Net loss attributable to Alico, Inc. common stockholders was $147.3 million; however we had Adjusted EBITDA of $22.5 million also achieving our $20 million target. We ended the year with $38.1 million in cash and reduced our net debt to $47.4 million, providing us with the financial flexibility to fund operations through fiscal year 2027 while advancing our high-value land development projects.”

Mr. Kiernan continued, “The progress of Corkscrew Grove Villages, with milestones toward regulatory approvals approaching and a final decision expected from Collier County in 2026, demonstrates the significant value creation potential within our portfolio. The establishment of the Corkscrew Grove Stewardship District and our strategic partnership with the Florida Department of Transportation and its construction contractor to design and construct a wildlife underpass as part of a planned expansion of State Road 82 are significant milestones achieved this year. The entitlement progress with our Bonnett Lake property is also progressing well. There is much for Alico to proud of accomplishing this year.”