ALICO, INC.

Management Comments

John Kiernan, President and Chief Executive Officer of the Company, stated, “We believe our second quarter results, including net income attributable to Alico, Inc. common stockholders of $11.4 million and Adjusted EBITDA of $16.9 million demonstrate the continued execution of our Strategic Transformation and our commitment to delivering on our stated goals. The $26.9 million land sale for 2,950 acres of citrus grove that we closed in January, combined with the $10.0 million of common shares that were repurchased through our stock repurchase program, reflect our balanced approach to capital allocation and value creation. We're particularly pleased that our strengthened cash position extends our expected financial runway through fiscal year 2028, providing the liquidity, stability and flexibility to advance our long-term real estate development initiatives.”

Mr. Kiernan continued, “The Collier County entitlement approvals in April represent a significant regulatory milestone for Corkscrew Grove East Villages. With local approvals now secured, we're focused on the remaining federal and state permitting processes. Our diversified land utilization strategy continues to perform as intended, with approximately 97% of our farmable acreage generating revenue through agricultural partnerships. We believe this combination of near-term cash generation and long-term development optionality positions Alico to pursue substantial value creation from our approximately 46,000-acre Florida portfolio while maintaining our commitment to responsible land stewardship and conservation. We believe our track record of consistent execution, financial discipline, and strategic progress validates the business model we've built."

Another important milestone for Alico this quarter was the election of a new member of our Board of Directors. Eric Speron has proven expertise in real estate and finance. Mr. Speron has worked at First Foundation, a financial services firm, and currently serves as its Managing Director of Equities. Previously, Mr. Speron was a member of J.P. Morgan’s Institutional Equity division. He has served on the board of directors of Keweenaw Land Association, Limited (OTCMKTS:KEWL) since May 2021 and on the board of Tejon Ranch Company (NYSE:TRC) since November 2024. Mr. Speron was also a director for Tandy Leather Factory, Inc. (NYSE:TLF) from April 2023 to January 2025 and for Vidler Water Company, Inc. from January 2016 through May 2022. Mr. Speron received his B.A. in Government and History from Georgetown University and is a Chartered Financial Analyst.