ALICO: Land Monetization Reinforces Post-Citrus Transformation – Quarterly Update Report

Land Monetization and Corkscrew Approval Reinforce Post-Citrus Transformation; Valuation Remains Supported by Embedded Land Optionality

• Key Takeaways:

  • 2Q FY26 marked different beardown execution quarter, with adjusted EBITDA of $16.9 cardinal and nett income of $11.4 million.

  • Land monetization accelerated, with a $26.9 cardinal merchantability of non-core citrus acreage bringing YTD onshore income to $34.6 million.

  • Collier County support for Corkscrew Grove East Village materially advances ALCO’s semipermanent improvement strategy successful Southwest Florida.

  • Liquidity strengthened contempt $10.0 cardinal of stock repurchases, with $52.9 cardinal of currency extending runway done FY28.

  • Valuation remains supported by blimpish onshore assumptions, with upside tied to monetization, entitlement progress, and semipermanent improvement optionality.

• Land monetization and little citrus resistance drove different 4th of affirmative adjusted EBITDA. 2Q FY26 (quarter ending March 2026) reflects continued advancement successful ALCO’s modulation from a upwind and disease-exposed citrus relation into a land-management and improvement level with recurring agricultural utilization, episodic onshore sales, and long-duration existent property optionality. ALCO reported nett income attributable to common stockholders of $11.4 million, oregon $1.49 per diluted share, compared with a nett nonaccomplishment of $111.4 million, oregon $14.58 per diluted share, successful 2Q FY25. Adjusted EBITDA accrued 32.6% y/y to $16.9 cardinal from $12.7 million, portion EBITDA improved to $16.7 cardinal from a nonaccomplishment of $14.7 million, reflecting the January onshore sale, little citrus drag, and continued execution of the company’s land-centric operating strategy.

  • Land merchantability proceeds funded some liquidity and shareholder returns. ALCO closed the antecedently announced merchantability of astir 2,950 acres of citrus grove for $26.9 cardinal during the quarter, bringing year-to-date onshore income to $34.6 million. Importantly, absorption paired this monetization with $10.0 cardinal of communal stock repurchases done April 2026, demonstrating a much progressive superior allocation posture portion inactive maintaining a beardown liquidity position.

  • Agricultural onshore utilization is becoming the cash-flow span for ALCO’s improvement strategy. Approximately 97% of ALCO’s ~32,500 farmable acres are present utilized, representing ~89% of its 46,000 cultivation acres and providing a steadier lease/royalty basal portion onshore income and improvement milestones stay episodic.

  • Land absorption gross is scaling arsenic cultivation utilization improves.  Land Management and Other Operations gross increased 113.1% y/y to $1.5 cardinal successful 2Q FY26 from $0.7 million, driven by higher workplace lease and sod revenue.

• Collier County support materially de-risks Corkscrew Grove East Village. In April 2026, ALCO received unanimous support from the Collier County Board of County Commissioners for the Stewardship Receiving Area and companion Stewardship Sending Area 22 for Corkscrew Grove East Village. The support covers the instauration of a 1,446.59-acre East Village Stewardship Receiving Area and a 1,295.4-acre Stewardship Sending Area, authorizing up to 4,502 dwelling units, including 362 affordable lodging units for indispensable workers, astatine slightest 10% multi-family units, up to 238,606 gross quadrate feet of neighborhood-scaled retail and bureau uses, up to 100,000 quadrate feet of indoor self-storage, and astatine slightest 45,020 gross quadrate feet of civic, government, and organization uses.

  • Corkscrew present moves from section entitlement to authorities and national permitting. Corkscrew Grove Villages is planned arsenic a two-village master-planned assemblage located connected astir 4,660 acres astatine the northwest country of Collier County, with much than 6,000 acres expected to beryllium placed into imperishable conservation crossed the wide project. With section approvals present secured for East Village, ALCO’s absorption shifts to remaining national permits from the U.S. Army Corps of Engineers and U.S. Fish and Wildlife Service, arsenic good arsenic authorities permits from the South Florida Water Management District. Management remains connected its timeline of expected authorities support by aboriginal 2027 and national support by the extremity of 2028, keeping the task connected way for imaginable operation commencement successful 2028 oregon 2029 if each required approvals are received.

  • Management continues evaluating aggregate monetization pathways for Corkscrew Grove, with a strategical determination perchance emerging implicit the adjacent year. ALCO reiterated that the institution retains flexibility to either merchantability entitled onshore outright to nationalist oregon section homebuilders, prosecute concern structures wherever ALCO would person upfront proceeds and enactment successful worth instauration arsenic improvement progresses, oregon perchance physique interior improvement capabilities. Management noted that the timing of remaining authorities and national approvals, lodging marketplace conditions, and the risk-adjusted economics of each way volition power the last decision. Management besides acknowledged that portion ALCO has a beardown in-house team, it is not a operation specialist, keeping outright onshore income oregon builder/developer partnerships highly applicable arsenic Corkscrew Grove advances.