Alico, Inc. (ALCO) News

Juicy Florida Land Monetization: Alico President & CEO John Kiernan, Live at Nasdaq

Tue, 02 Jun 2026 17:42:00 -0400

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Exec Edge hosted a fireside chat on June 1 at Nasdaq MarketSite with John Kiernan, President and Chief Executive Officer at Alico, Inc. (Nasdaq: ALCO). The in-person interview was joined by Editor-at-Large Jarrett Banks and they discussed how the company monetizes its land portfolio through agricultural leases, development entitlements, conservation commitments, and residential and commercial projects.

About John Kiernan

John Kiernan leads Alico as our President and CEO and was previously its CFO. Before joining Alico, John worked as the CFO of Greenwich Associates, a private global research-based consulting firm serving the financial services industry. John previously worked as the Treasurer and SVP for Capital Markets & Risk Management for Global Crossing until its $3B sale to Level 3 in 2011.

He was also the VP of Investor Relations for Misys plc, which maintained a public listing on the London Stock Exchange and a NASDAQ listing for one of its subsidiaries, and a Director of Corporate Development for IBM. Earlier in his career, John spent 12 years as an investment banker and specialized in IPOs and M&A for technology companies during his tenure at Bear Stearns, where he earned the title of Managing Director.

John earned a BA in Finance and History summa cum laude from Saint Vincent College, earned an MBA from the Darden Graduate School of Business Administration and a Juris Doctorate from the University of Virginia School of Law. He is a member of New York Bar and a Certified Treasury Professional.

About Alico Inc.

Alico, Inc. (Nasdaq: ALCO) is a holding company with assets and related operations in agriculture and environmental resources, including citrus and wildlife management. Our mission is to create value for shareholders by managing existing assets to their optimal current income and total returns, opportunistically acquiring new assets and producing high quality agricultural products while exercising responsible environmental stewardship.

Our objectives are to produce the highest quality agriculture products, create innovative land uses, opportunistically acquire and convert undervalued assets, sell under productive land, generate recurring and sustainable profit with the appropriate balance of risk and reward, and exceed the expectations of shareholders, customers, clients, growers and partners.

Our strategic vision:

Monetize under-productive assets
Land or easement sales
Creative solutions to enhance and extract value
Natural resource management and conservation
Mineral rights exploitation
Opportunistically invest in citrus groves to increase citrus production
Plant groves on company land

Our strategy is based on best management practices of our agricultural operations, as well as environmental and conservation stewardship of our rural land and natural resources. We manage our land in a sustainable manner and evaluate the effect of changing land uses while considering new opportunities. Our commitment to environmental stewardship is fundamental to Alico’s core beliefs.

Alico to Present at the 16th Annual East Coast IDEAS Investor Conference

Wed, 27 May 2026 16:05:00 -0400

FORT MYERS, Fla., May 27, 2026 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announced that John Kiernan, the Company’s President and Chief Executive Officer, will present and host one-on-one meetings with investors at the 16^th Annual East Coast IDEAS Investor Conference at The Westin TimesSquare in New York, NY on June 10-11, 2026.

The presentation will begin at 2:40 PM Eastern Time on Wednesday, June 10^th. Management will also host one-on-one meetings with investors on Wednesday, June 10^th. The presentation will be webcast live and can be accessed through the conference host’s main website: https://www.threepartadvisors.com/east-coast and can be accessed through the “News / Events” tab on the investor relations website at https://ir.alicoinc.com.

About Alico

Alico, Inc. (Nasdaq: ALCO) is a Florida-based agribusiness and land management company with over 125 years of experience. Following its strategic transformation in 2025, Alico operates as a diversified land company with approximately 46,000 acres across 7 Florida counties. The Company focuses on strategic land development opportunities and diversified agricultural operations, leveraging its extensive land portfolio to create long-term shareholder value while maintaining its commitment to responsible land stewardship and conservation. Learn more about Alico at www.alicoinc.com.

Investor Contact:
John Mills
ICR
(646) 277-1254
InvestorRelations@alicoinc.com

Brad Heine
Chief Financial Officer
(239) 226-2000
bheine@alicoinc.com

Source: Alico, Inc.

Alico, Inc. Announces Financial Results for the Second Quarter Ended March 31, 2026

Mon, 11 May 2026 16:05:00 -0400

Company Closed $26.9 million Land Sale in Second Quarter; Total Land Sales Reach $34.6 million Year-to-Date

Company Repurchased 245,399 Shares for $10.0 million, Through April 2026

Cash and Cash Equivalents of $52.9 million at March 31, 2026, Extending Cash Runway Another Year Through Fiscal Year 2028

Collier County Local Entitlement Approvals Secured in April 2026; Federal and State Entitlements Progressing as Expected for Corkscrew Grove Villages

FORT MYERS, Fla., May 11, 2026 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico”, the “Company”, “we”, “us” or “our”) (Nasdaq: ALCO) today announced financial results for the second quarter ended March 31, 2026.

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 since May 2021 and on the board of Tejon Ranch Company since November 2024. Mr. Speron was also a director for Tandy Leather Factory, Inc. 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.

Results of Operations for the Second Quarter 2026:

(in thousands, except for per share amounts and percentages)
	(Unaudited)								(Unaudited)
	Three Months Ended March 31,								Six Months Ended March 31,
	2026		2025			% Change			2026			2025			% Change
Revenue	$	5,340	$	17,980		(70.3		)%	$	7,227		$	34,874		(79.3		)%
Net income (loss) attributable to Alico, Inc. common stockholders	$	11,381	$	(111,385	)		110.2	%	$	7,900		$	(120,552	)		106.6	%
Gain (loss) per diluted common share	$	1.49	$	(14.58	)		110.2	%	$	1.03		$	(15.79	)		106.5	%
EBITDA⁽¹⁾	$	16,718	$	(14,742	)		213.4	%	$	19,130		$	(21,414	)		189.3	%
Adjusted EBITDA⁽¹⁾	$	16,880	$	12,729			32.6	%	$	19,601		$	6,057			223.6	%
Net cash provided by (used in) operating activities	$	660	$	7,026		(90.6		)%	$	(4,809	)	$	(571	)	(742.2		)%

	March 31, 2026		September 30, 2025			$ Change						March 31, 2026			September 30, 2025
	(Unaudited)											(Unaudited)
Balance Sheet Items
Cash and cash equivalents	$	52,879	$	38,128		$	14,751		Current ratio			9.63 to 1			9.56 to 1
Current portion of long-term debt	$	250	$	250		$	—		Net Debt⁽¹⁾			$	32,579		$	47,419
Long-term debt, net	$	82,708	$	82,797		$	(89	)
Lines of credit	$	2,500	$	2,500		$	—
Total Alico stockholders’ equity	$	102,382	$	103,032		$	(650	)

(1) “EBITDA,” “Adjusted EBITDA” and “Net Debt” are non-GAAP financial measures. See “Non-GAAP Financial Measures” at the end of this earnings release for details regarding these measures, including reconciliations of the Non-GAAP Financial Measures to their most directly comparable GAAP measures.

For the three months ended March 31, 2026 and 2025, the Company reported net income (loss) attributable to Alico common stockholders of $11.4 million and $(111.4) million, respectively. The shift from a net loss to net income attributable to Alico common stockholders for the three months ended March 31, 2026 was principally the result of the sale of approximately 2,950 acres of land for $26,859 in gross proceeds during the quarter, compared to the sale of approximately 2,100 acres of land for $17,872 in gross proceeds during the three months ended March 31, 2025. For the three months ended March 31, 2026, the Company had a gain of $1.49 per diluted common share, compared to a loss of $(14.58) per diluted common share for the three months ended March 31, 2025.

For the three months ended March 31, 2026 and 2025, the Company had EBITDA of $16.7 million and $(14.7) million, respectively and Adjusted EBITDA of $16.9 million and $12.7 million, respectively.

These quarterly financial results reflect the evolving nature of the Company’s business as it executes its strategic transformation. Historically, the Company was primarily engaged in citrus production and sales, which created significant seasonal patterns with the first and second quarters typically generating most annual revenue and higher working capital requirements in the third and fourth quarters coinciding with harvesting cycles. As part of the Company’s strategic transformation, the Company has made the decision to wind down its citrus operations and focus on land sales, land leasing, and land development activities. The Company completed its last significant citrus harvest in April 2025. While the Company expects the historical seasonal patterns to diminish over time as this transition progresses, the Company’s financial results may continue to reflect some seasonality during the wind-down period. Additionally, the Company’s new focus on land sales, leasing, and development may introduce different timing patterns for revenue recognition based on transaction closings and development project milestones. Given this business transformation, results for any quarter may not be indicative of results for the full year, and historical seasonal patterns may not be predictive of future quarterly performance as the Company completes the transition to its new business model.

Business Segment Results

Alico Citrus

(in thousands)
	Three Months Ended March 31,						Change					Six Months Ended March 31,						Change
	2026			2025			Unit			%		2026			2025			Unit			%
Operating Revenues:
Early and Mid-Season	$	1,633		$	648		$	985		152.0	%	$	1,915		$	15,577		$	(13,662	)	(87.7	)%
Valencias		2,158			16,293			(14,135	)	(86.8	)%		2,158			16,293			(14,135	)	(86.8	)%
Fresh Fruit and Other		—			202			(202	)	(100.0	)%		588			828			(240	)	(29.0	)%
Grove Management Services		—			110			(110	)	(100.0	)%		13			881			(868	)	(98.5	)%
Total	$	3,791		$	17,253		$	(13,462	)	(78.0	)%	$	4,674		$	33,579		$	(28,905	)	(86.1	)%
Operating Expenses:
Cost of Sales	$	8,752		$	167,106		$	(158,354	)	(94.8	)%	$	15,991		$	187,614		$	(171,623	)	(91.5	)%
Harvesting and Hauling		142			4,410			(4,268	)	(96.8	)%		295			8,505			(8,210	)	(96.5	)%
Fresh Fruit and Other		—			(3,902	)		3,902		(100.0	)%		—			(3,852	)		3,852		(100.0	)%
Grove Management Services		—			(7	)		7		(100.0	)%		—			451			(451	)	(100.0	)%
Total	$	8,894		$	167,607		$	(158,713	)	(94.7	)%	$	16,286		$	192,718		$	(176,432	)	(91.5	)%
Gross Loss	$	(5,103	)	$	(150,354	)	$	145,251		(96.6	)%	$	(11,612	)	$	(159,139	)	$	147,527		(92.7	)%

Alico Citrus segment results for the three and six months ended March 31, 2026 reflect the Company’s ongoing wind-down of citrus operations, which began in 2025 as part of the Company’s strategic pivot to focus on its diversified land usage and real estate development. Revenue decreased $13.5 million and $28.9 million for the three and six months ended March 31, 2026, respectively, from the prior year period, while cost of sales declined $158.4 million and $171.6 million, respectively.

Land Management and Other Operations

Land Management and Other Operations includes lease income from leases for grazing rights, hunting, and farming; royalty agreements with third parties of aggregate miners; and other miscellaneous income.

Land Management and Other Operations revenue for the three months ended March 31, 2026 increased 113.1%, as compared to the same period in the prior year due to an increase in farm lease and sod revenue as we change our focus to long-term diversified land usage as part of the Strategic Transformation. The 97.1% increase in revenues from Land Management and Other Operations for the six months ended March 31, 2026, as compared to the same period in the prior year, is primarily due to an increase in farm lease revenue, rock sand royalty and sod revenue.

The increase in operating expenses from Land Management and Other Operations for the three and six months ended March 31, 2026 of $964 and $992, respectively, as compared to the three and six months ended March 31, 2025 is the result of our focusing on our diversified land usage strategy.

The Company's diversified land management programs now include fee-generating or revenue-sharing agreements with citrus growers, cattle operators, mining operators, sugarcane producers, and sod farming operations. These programs have created diversified revenue streams that reduce operational complexity while maintaining productive agricultural use of the land. Approximately 97% of Alico's roughly 32,500 farmable agricultural acres are now utilized, representing approximately 89% of its total 46,000 agricultural acres.

Other Corporate Financial Information

General and administrative expense decreased $155 for the three months ended March 31, 2026, compared to the three months ended March 31, 2025 due to lower depreciation expense due to the acceleration of depreciation in the prior year, partially offset by an increase in contract labor costs and the provision for credit losses on certain citrus receivables.

General and administrative expense increased $260 for the six months ended March 31, 2026, compared to the six months ended March 31, 2025 due to an increase in contract labor costs and the provision for credit losses on certain citrus receivables, partially offset by lower depreciation expense.

Dividend

On April 17, 2026, the Company paid a second quarter cash dividend of $0.05 per share on its outstanding common stock to stockholders of record as of April 3, 2026.

Balance Sheet and Liquidity

The Company continues to demonstrate financial strength within its balance sheet, as highlighted below:

The Company’s working capital was $52.2 million at March 31, 2026, representing a 9.63 to 1.00 current ratio.
Total debt was $85.5 million and net debt was $32.6 million at March 31, 2026, compared to $85.5 million and $47.4 million, respectively, at September 30, 2025.
Available borrowings under the Company’s line of credit were approximately $92.5 million at March 31, 2026.
The Company's Minimum Liquidity Requirement under its Credit Agreement was $5.8 million at March 31, 2026.

Real Estate and Land Development

In January 2025, Alico sought legislative approval from the Florida Legislature to establish the Corkscrew Grove Stewardship District. Stewardship districts are independent special districts authorized to plan, finance, construct, operate and maintain public infrastructure in planned developments, operating on the principle that growth pays for itself. Similar districts are used in communities like Ave Maria and Lakewood Ranch.

In March 2025, the Company announced the creation of Corkscrew Grove Villages located on approximately 4,660 acres at the northwest corner of Collier County on the border of Lee and Hendry counties. These two master planned developments are expected to comply with the County’s 1,500 acre cap for Villages, and be accompanied by more than 6,000 acres of permanent conservation areas. The plan for these villages is to feature approximately 9,000 homes total, including approximately 750 affordable housing units total for essential workers, and approximately 480,000 square feet of total commercial space offering retail, dining, office, and medical uses. The East Village includes an additional 100,000 square feet for indoor self-storage, and a minimum of 45,000 square feet of civic uses, and the West Village may include similar additional uses depending on County requirements and future site planning.

Alico launched its multi-year entitlement process for Corkscrew Grove Villages by submitting an application to Collier County for local approval for the first of the two villages, the East Village. The Company has also submitted permits to the South Florida Water Management District and the U.S. Army Corps of Engineers for both villages.

In April 2026, Alico received final local entitlement approvals from the Collier County Board of County Commissioners for the East Village component of Corkscrew Grove Villages. This advances the project toward the remaining federal permits from the U.S. Army Corps of Engineers and U.S. Fish and Wildlife Service, as well as state permits from the South Florida Water Management District. Construction on the first village could begin in 2028 or 2029 if all approvals are granted.

Alico maintains a strong commitment to regional conservation, having transferred lands over the past 40 years that became part of the Corkscrew Regional Ecosystem Watershed (CREW), Tiger Creek Preserve and Okaloacoochee Slough Wildlife Management Area. In 2023, Alico sold more than 17,000 acres of land from central Hendry County, commonly referred to as Devil’s Garden, to the Florida Department of Environmental Protection as part of the Florida Forever program. Since Devil’s Garden was added to the Florida Forever Priority List in 2002, Alico has sold or entered easements to protect more than 46,800 acres within the project boundaries. Combined with the more than 6,000 acres expected to be placed in conservation as part of the Corkscrew Grove Villages proposal, these efforts support the implementation of the Florida Wildlife Corridor.

The plan for Corkscrew Grove Villages aligns with the Collier Rural Land Stewardship Area (RLSA) program, an innovative, incentive-based approach to sustainable rural growth that has received national recognition. The villages will enhance public infrastructure and provide significant economic benefit to the region at no additional cost to taxpayers.

Fiscal Year 2026 Guidance

The Company expects to realize in fiscal year 2026 Adjusted EBITDA of approximately $14 million and end the fiscal year with cash of approximately $40 million and net debt of approximately $45 million, with only the minimum required balance of $2.5 million on its revolving line of credit. This cash guidance reflects the deployment of $10.0 million for the stock repurchase program through April 2026. In the event that any additional capital is returned to shareholders through increased common dividends, special dividends, tender offers or open market share repurchases during the 2026 fiscal year, the Company’s cash balance could be further reduced and net debt could be correspondingly increased.

Conference Call Information

The Company will host a conference call to discuss its financial results on May 12, 2026, at 8:30 am Eastern Time. Interested parties may join the conference call by dialing 1-800-343-4849 in the United States and 1-203-518-9848 from outside of the United States. The participant identification to join the conference call is “ALICO”. A telephone replay will be available approximately three hours after the call concludes, and will be available through May 26, 2026. Listeners in the United States may dial 1-844-512-2921 and international listeners may dial 1-412-317-6671. The passcode for the playback is 11161326.

About Alico

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding our strategic transformation and business model, our guidance, outlook, projections, targets and expectations for fiscal year 2026 and subsequent periods, including Adjusted EBITDA, EBITDA, cash, cash flow, financial runway, liquidity, borrowing availability, minimum liquidity requirements, capital expenditures, debt, net debt and potential uses of capital, including dividends, share repurchases, tender offers or other returns of capital; our land sales, land monetization strategy and expected proceeds and timing; our leasing, utilization of acreage and expected revenues from agricultural and other partnerships; our real estate entitlement, permitting and development activities and timelines, including the Corkscrew Grove Villages, related stewardship district matters, anticipated regulatory decisions and potential commencement of construction; the future use, conservation and estimated value of our land holdings and any other statements relating to our future activities events or conditions. These statements are based on our current expectations, estimates and projections about our business based, in part, on assumptions made by our management and can be identified by terms such as “if,” “will,” “should,” “expects,” “plans,” “hopes,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions.

These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including, but not limited to: our ability to successfully develop and execute our strategic growth initiatives, including our Strategic Transformation, which may not achieve intended outcomes and may entail unintended consequences or additional costs; our planned shift in revenue mix toward real estate development and diversified farming operations and the risk that adverse events in these areas could disproportionately affect our business; the highly competitive nature of the land development and agricultural industries and our ability to maintain market share; our reputation and any harm thereto; the risk that any transaction intended to qualify as a Section 1031 Exchange is taxable or cannot be completed on a tax-deferred basis, and potential limitations on the use of our net operating loss carryforwards and other tax attributes; the possibility that significant corporate transactions do not achieve intended results or present unforeseen risks; sensitivity of our earnings to supply, demand and pricing for land sales, leasing and development activities and any remaining agricultural products; adverse weather conditions, natural disasters and other natural conditions (including hurricanes and tropical storms), and the effects of climate change or legal, regulatory or market measures to address climate change, particularly given our geographic concentration in Florida; Environmental, Social and Governance matters, including those related to our workforce and sustainability; changes in classification or valuation methods employed by county property appraisers that could materially increase our real estate taxes; compliance with environmental laws; our ability to attract, retain and develop key employees; potential future material weaknesses and other deficiencies in our internal control over financial reporting; macroeconomic conditions, including inflation, armed conflicts and geopolitical instability, and pandemics or health crises; the increased costs of being a publicly traded company; system security risks, cybersecurity incidents, data protection breaches and systems integration issues, as well as compliance with complex and evolving privacy and data protection laws; pricing volatility and unpredictability for our agricultural products, risks of product contamination and product liability, water use regulations and other restrictions on access to water, and changes in immigration laws affecting labor availability; increases in commodity and input costs (including fuel and chemicals) and transportation risks; our significant indebtedness, our ability to generate sufficient cash flow to service our debt and comply with covenants (including exposure to variable interest rates), and our relationships with lenders; the volatility of our common stock price; and our ability to continue to pay or maintain cash dividends; and certain of the other factors described under the sections "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" to be included in our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026 that will be filed with the Securities and Exchange Commission (the “SEC”) and the Company’s Annual Report on Form 10-K for the year ended September 30, 2025 filed with the SEC on November 24, 2025. Except as required by law, we do not undertake an obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

This press release also contains financial projections that are necessarily based upon a variety of estimates and assumptions which may not be realized and are inherently subject, in addition to the risks identified in the forward-looking statement disclaimer, to business, economic, competitive, industry, regulatory, market and financial uncertainties, many of which are beyond the Company’s control. There can be no assurance that the assumptions made in preparing the financial projections will prove accurate. Accordingly, actual results may differ materially from the financial projections.

Investor Contact:

John Mills	Brad Heine
ICR	Chief Financial Officer
(646) 277-1254	(239) 226-2000
InvestorRelations@alicoinc.com	bheine@alicoinc.com


ALICO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts)

	March 31, 2026			September 30, 2025
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	52,879		$	38,128
Accounts receivable, net		2,189			1,014
Inventories		1,480			4,220
Income tax receivable		—			338
Assets held for sale		—			9,176
Prepaid expenses and other current assets		1,667			2,043
Total current assets		58,215			54,919
Restricted cash		762			762
Property and equipment, net		132,050			142,065
Goodwill		2,246			2,246
Other non-current assets		6,584			1,535
Total assets	$	199,857		$	201,527

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,006		$	403
Accrued liabilities		3,778			4,563
Current portion of long-term debt		250			250
Income tax payable		597			—
Other current liabilities		412			527
Total current liabilities		6,043			5,743
Long-term debt, net		82,708			82,797
Lines of credit		2,500			2,500
Deferred income tax liabilities, net		1,475			2,455
Other liabilities		—			38
Total liabilities		92,726			93,533

Stockholders’ equity:
Preferred stock, no par value, 1,000,000 shares authorized; none issued		—			—
Common stock, $1.00 par value, 15,000,000 shares authorized; 8,416,145 shares issued and 7,451,988 and 7,645,360 shares outstanding at March 31, 2026 and September 30, 2025, respectively		8,416			8,416
Additional paid in capital		20,544			20,410
Treasury stock, at cost, 964,157 and 770,785 shares held at March 31, 2026 and September 30, 2025, respectively		(34,103	)		(26,185	)
Retained earnings		107,525			100,391
Total Alico stockholders’ equity		102,382			103,032
Noncontrolling interest		4,749			4,962
Total stockholders’ equity		107,131			107,994
Total liabilities and stockholders’ equity	$	199,857		$	201,527


ALICO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share amounts)

	Three Months Ended March 31,						Six Months Ended March 31,
	2026			2025			2026			2025
Operating revenues:
Alico Citrus	$	3,791		$	17,253		$	4,674		$	33,579
Land Management and Other Operations		1,549			727			2,553			1,295
Total operating revenues		5,340			17,980			7,227			34,874
Operating expenses:
Alico Citrus		8,894			167,607			16,286			192,718
Land Management and Other Operations		1,034			70			1,083			91
Total operating expenses		9,928			167,677			17,369			192,809
Gross loss		(4,588	)		(149,697	)		(10,142	)		(157,935	)
General and administrative expenses		3,233			3,388			6,234			5,974
Loss from operations		(7,821	)		(153,085	)		(16,376	)		(163,909	)
Other income, net:
Interest income		552			59			939			106
Interest expense		(959	)		(1,159	)		(1,924	)		(2,057	)
Gain on sale of property and equipment		19,729			15,847			24,669			15,847
Other income, net		(4	)		11			(4	)		255
Total other income, net		19,318			14,758			23,680			14,151
Income (loss) before income taxes		11,497			(138,327	)		7,304			(149,758	)
Income tax (benefit) provision		215			(26,894	)		(383	)		(29,074	)
Net income (loss)		11,282			(111,433	)		7,687			(120,684	)
Net loss attributable to noncontrolling interests		99			48			213			132
Net income (loss) attributable to Alico, Inc. common stockholders	$	11,381		$	(111,385	)	$	7,900		$	(120,552	)
Per share information attributable
income (loss) per common share:
Basic	$	1.49		$	(14.58	)	$	1.03		$	(15.79	)
Diluted	$	1.49		$	(14.58	)	$	1.03		$	(15.79	)
Weighted-average number of
Basic		7,626			7,637			7,639			7,635
Diluted		7,640			7,637			7,645			7,635

Cash dividends declared per common share	$	0.05		$	0.05		$	0.10		$	0.10


ALICO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands)

	Six Months Ended March 31,
	2026			2025
Net cash used in operating activities
Net income (loss)	$	7,687		$	(120,684	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion and amortization		10,628			126,261
Amortization of debt issue costs		87			166
Gain on sale of property and equipment		(24,669	)		(15,847	)
Impairment of long-lived assets		—			24,966
Loss on disposal of long-lived assets		—			780
Inventory net realizable value adjustment		—			9,895
Deferred income tax benefit		(980	)		(29,073	)
Stock-based compensation expense		316			364
Other		(24	)		(302	)
Changes in operating assets and liabilities:
Accounts receivable		(1,456	)		(9,202	)
Inventories		2,740			12,942
Prepaid expenses		376			377
Income tax receivable		338			900
Other assets		(2	)		(106	)
Accounts payable and accrued liabilities		(224	)		(2,457	)
Income taxes payable		597			—
Other liabilities		(223	)		449
Net cash used in operating activities		(4,809	)		(571	)

Cash flows from investing activities:
Purchases of property and equipment		(1,207	)		(3,481	)
Net proceeds from sale of property and equipment		34,829			18,874
Notes receivable		—			570
Advance to Corkscrew Grove Stewardship District		(5,071	)		—
Net cash provided by investing activities		28,551			15,963

Cash flows from financing activities:
Repayments on revolving lines of credit		—			(21,200	)
Borrowings on revolving lines of credit		—			19,300
Principal payments on term loans		(125	)		(705	)
Purchases of common stock		(8,372	)		—
Exercise of stock options		272			—
Dividends paid		(766	)		(764	)
Net cash used in financing activities		(8,991	)		(3,369	)

Net increase in cash and cash equivalents and restricted cash		14,751			12,023
Cash and cash equivalents and restricted cash at beginning of the period		38,890			3,398

Cash and cash equivalents and restricted cash at end of the period	$	53,641		$	15,421

Supplemental disclosure of cash flow information
Cash paid for interest, net of amounts capitalized	$	1,624		$	1,792
Cash (received) paid for income taxes, net of refunds	$	(349	)	$	(900	)

Non-cash investing and financing activities:
Assets received in exchange for services	$	348		$	—
Dividends declared but unpaid	$	383		$	382

Non-GAAP Financial Measures

In addition to the measurements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), Alico utilizes EBITDA, Adjusted EBITDA and Net Debt, which are non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K, to evaluate the performance of its business, in the case of EBITDA and Adjusted EBITDA, and liquidity, in the case of Net Debt, of its business. Beginning with the reporting period ended December 31, 2025, we have revised the calculation of Adjusted EBITDA to better reflect the underlying performance of the business in light of the Strategic Transformation and changes to our model and operating strategy. Specifically, we now adjust for impairment of long-lived assets and restructuring and other charges, and have determined not to adjust for inventory net realizable value, gain or sale of property and equipment, or other historical adjustments.

Due to significant depreciable assets associated with the nature of our operations and, to a lesser extent, interest costs associated with our capital structure, management believes that EBITDA, Adjusted EBITDA and Net Debt are important measures to evaluate our results of operations between periods on a more comparable basis and to help investors analyze underlying trends in our business, evaluate the performance, in the case of EBITDA, Adjusted EBITDA, and liquidity, in the case of Net Debt, of our business both on an absolute basis and relative to our peers and the broader market, provide useful information to both management and investors by excluding certain items that may not be indicative of our core operating results and operational strength of our business and help investors evaluate our ability to service our debt. Such measurements are not prepared in accordance with U.S. GAAP and should not be construed as an alternative to reported results determined in accordance with U.S. GAAP. The non-GAAP information provided is unique to Alico and may not be consistent with methodologies used by other companies. EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, depletion and amortization. Adjusted EBITDA is defined as EBITDA as further adjusted for impairment of long-lived assets and restructuring and other charges. Net Debt is defined as Current portion of long-term debt, Long-term debt, net and Lines of credit, less cash. We are unable to provide a reconciliation of Adjusted EBITDA to net (loss) income attributable to Alico, Inc. common stockholders for the year ended September 30, 2026 as the adjustments are not within our control or cannot be reasonably predicted without unreasonable effort.

EBITDA and Adjusted EBITDA

(in thousands)	(Unaudited)					(Unaudited)
	Three Months Ended March 31,					Six Months Ended March 31,
	2026		2025			2026			2025
Net income (loss) attributable to Alico, Inc. common stockholders	$	11,381	$	(111,385	)	$	7,900		$	(120,552	)
Interest expense, net		407		1,100			985			1,951
Income tax provision (benefit)		215		(26,894	)		(383	)		(29,074	)
Depreciation, depletion and amortization		4,715		122,437			10,628			126,261
EBITDA	$	16,718	$	(14,742	)	$	19,130		$	(21,414	)

Non-GAAP Adjustments:
Impairment of long-lived assets		—		24,966			—			24,966
Restructuring and other charges		162		2,505			471			2,505
Adjusted EBITDA	$	16,880	$	12,729		$	19,601		$	6,057

Net Debt

(in thousands)	(Unaudited)						(Forecasted)
	March 31, 2026			September 30, 2025			September 30, 2026
Current portion of long-term debt	$	250		$	250		$	250
Long-term debt, net		82,708			82,797			82,619
Lines of credit		2,500			2,500			2,500
Total Debt		85,458			85,547			85,369
Less: Cash and cash equivalents		(52,879	)		(38,128	)		(40,000	)
Net Debt	$	32,579		$	47,419		$	45,369

Source: Alico, Inc.

Alico to Present at the LD Micro Invitational XVI

Mon, 04 May 2026 08:30:00 -0400

FORT MYERS, Fla., May 04, 2026 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announced that John Kiernan, the Company’s President and Chief Executive Officer, will present and host one-on-one meetings with investors at the LD Micro Invitational XVI Conference, taking place on May 17-19, 2026 in Los Angeles, CA.

The presentation will begin at 9:30 AM Pacific Time (12:30 PM Eastern Time) on Monday, May 18^th. Management will also host one-on-one meetings with investors on Monday, May 18^th. To register for the presentation or one-on-one meeting, visit here.

About Alico
Alico, Inc. (Nasdaq: ALCO) is a Florida-based agribusiness and land management company with over 125 years of experience. Following its strategic transformation in 2025, Alico operates as a diversified land company with approximately 46,000 acres across 7 Florida counties. The Company focuses on strategic land development opportunities and diversified agricultural operations, leveraging its extensive land portfolio to create long-term shareholder value while maintaining its commitment to responsible land stewardship and conservation. Learn more about Alico at alicoinc.com.

Investor Contact:
John Mills
ICR
(646) 277-1254
InvestorRelations@alicoinc.com

Brad Heine
Chief Financial Officer
(239) 226-2000
bheine@alicoinc.com

Source: Alico, Inc.

Alico, Inc. Receives Unanimous Approval from Collier County for Corkscrew Grove East Village

Thu, 30 Apr 2026 08:30:00 -0400

Major Milestone Advances Master-Planned Community Development in Southwest Florida

FORT MYERS, Fla., April 30, 2026 (GLOBE NEWSWIRE) -- Alico, Inc., (“Alico” or the “Company”) (Nasdaq: ALCO) today announced it has received unanimous approval from the Collier County Board of County Commissioners for the Stewardship Receiving Area (SRA) and companion Stewardship Sending Area (SSA) 22 for Corkscrew Grove East Village.

The April 28, 2026 vote represents a significant regulatory milestone for the initial development project of the Corkscrew Grove Villages master-planned community, which the Company believes has the potential to be a transformative development project located at the intersection of Collier, Lee and Hendry counties in Southwest Florida. With local entitlements now secured, Alico is pursuing the remaining state and federal permitting processes.

The unanimous local approval encompasses:

Creation of the 1,446.59-acre East Village Stewardship Receiving Area (SRA), which meets the Suitability Criteria of the Collier County Land Development Code
Approval of Stewardship Sending Area Agreement for SSA 22, containing 1,295.4 acres
Authorization for future development including:
- Up to 4,502 dwelling units, including 362 affordable housing units for essential workers
- A minimum of 10% multi-family units to ensure housing diversity
- Up to 238,606 gross square feet of neighborhood-scaled retail and office uses
- A maximum of 100,000 square feet of indoor self-storage
- A minimum of 45,020 gross square feet of civic, government, and institutional uses

The approval followed a recommendation of approval from County Staff in March 2026 and a unanimous recommendation from the Planning Commission, demonstrating broad support for the project's vision and design.

“This unanimous approval from the Collier County Board of County Commissioners validates our thoughtful approach to community planning and our commitment to responsible development,” said John Kiernan, President and CEO of Alico. “Corkscrew Grove East Village represents the culmination of extensive collaboration with local agencies, stakeholders, and community members to create a development that meets the region's growing housing and economic needs while preserving and enhancing critical environmental resources. We're grateful for the support we've received throughout this process.”

Kiernan continued, “Our approach aligns with Collier County's Rural Land Stewardship Area program, which provides a comprehensive framework for balancing development, environmental protection, agriculture, and property rights. Corkscrew Grove East Village reflects these principles through connected open space, landscape-scale habitat connectivity and permanent conservation. Alico plans to place more than 6,000 acres into permanent conservation at no cost to taxpayers. We have also partnered with the Florida Department of Transportation to fund a wildlife underpass that is already under construction, which we believe will implement a critical portion of the regional wildlife corridor. We are committed to working closely with the South Florida Water Management District, U.S. Army Corps of Engineers and the U.S. Fish and Wildlife Service as we seek to demonstrate that this project is thoughtfully planned, environmentally responsible and consistent with the requirements for state and federal permits."

Corkscrew Grove Villages is planned as a 3,000-acre master-planned community featuring two mixed-use villages, with the East Village representing the initial development project. The overall project is expected to dedicate more than 6,000 acres to permanent conservation, supporting the implementation of the Florida Wildlife Corridor and reflects Alico's longstanding commitment to environmental stewardship. The development is designed to align with the nationally recognized Collier Rural Land Stewardship Area (RLSA) program, an innovative, incentive-based approach to sustainable rural growth. Alico has been an active partner in the RLSA program for over 20 years and has invested approximately $5 million in financing for wildlife corridor infrastructure through a partnership with the Florida Department of Transportation. The Company has submitted applications for a Conceptual Environmental Resource Permit with the South Florida Water Management District (SFWMD) and a 404/Dredge and Fill permit with the U.S. Army Corps of Engineers (ACOE). Construction on the East Village could begin in 2028 or 2029 pending receipt of all required approvals.

For more information about Corkscrew Grove Villages, visit corkscrewgrovecollier.com. For more information about Alico, visit alicoinc.com.

About Alico

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding the Corkscrew Grove Villages master-planned community development project, including the scope, design, permitted uses, and anticipated phases of development; the status and expected outcomes of real estate entitlement, zoning, and permitting processes, including applications pending before the South Florida Water Management District and the U.S. Army Corps of Engineers; the anticipated timing for commencement of construction and receipt of required state and federal approvals; the Company’s conservation commitments, including the planned dedication of more than 6,000 acres to permanent conservation and participation in wildlife corridor infrastructure; the anticipated benefits of the development to the region and stakeholders; and any other statements regarding the Company’s land development strategy, future land use, or other future events or conditions. These statements are based on our current expectations, estimates and projections about our business based, in part, on assumptions made by our management and can be identified by terms such as “if,” “will,” “should,” “expects,” “plans,” “hopes,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions.

These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including, but not limited to: our ability to successfully develop and execute our strategic growth initiatives, including our Strategic Transformation and related workforce reduction, which may not achieve intended outcomes and may entail unintended consequences or additional costs; our planned shift in revenue mix toward real estate development and diversified farming operations and the risk that adverse events in these areas could disproportionately affect our business; the highly competitive nature of the land development and agricultural industries and our ability to maintain market share; our reputation and any harm thereto; the risk that any transaction intended to qualify as a Section 1031 Exchange is taxable or cannot be completed on a tax-deferred basis, and potential limitations on the use of our net operating loss carryforwards and other tax attributes; the possibility that significant corporate transactions do not achieve intended results or present unforeseen risks; sensitivity of our earnings to supply, demand and pricing for land sales, leasing and development activities and any remaining agricultural products; adverse weather conditions, natural disasters and other natural conditions (including hurricanes and tropical storms), and the effects of climate change or legal, regulatory or market measures to address climate change, particularly given our geographic concentration in Florida; Environmental, Social and Governance matters, including those related to our workforce and sustainability; changes in classification or valuation methods employed by county property appraisers that could materially increase our real estate taxes; compliance with environmental laws and potential liabilities from the use of fertilizers, pesticides, herbicides and other hazardous substances; our ability to attract, retain and develop key employees; material weaknesses and other deficiencies in our internal control over financial reporting; macroeconomic conditions, including inflation, armed conflicts and geopolitical instability, and pandemics or health crises; the increased costs of being a publicly traded company; system security risks, cybersecurity incidents, data protection breaches and systems integration issues, as well as compliance with complex and evolving privacy and data protection laws; pricing volatility and unpredictability for our agricultural products, risks of product contamination and product liability, water use regulations and other restrictions on access to water, and changes in immigration laws affecting labor availability; increases in commodity and input costs (including fuel and chemicals) and transportation risks; our significant indebtedness, our ability to generate sufficient cash flow to service our debt and comply with covenants (including exposure to variable interest rates), and our relationships with lenders; the volatility of our common stock price; and our ability to continue to pay or maintain cash dividends; and certain of the other factors described under the sections "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our Quarterly Reports on Form 10-Q and our Annual Report on Form 10-K for the year ended September 30, 2025 filed with the Securities and Exchange Commission on November 24, 2025. Except as required by law, we do not undertake an obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

Investor Contact:
John Mills
ICR
(646) 277-1254
InvestorRelations@alicoinc.com

Brad Heine
Chief Financial Officer
(239) 226-2000
bheine@alicoinc.com

Source: Alico, Inc.

Alico, Inc. to Announce Second Quarter 2026 Financial Results on Monday, May 11, 2026

Mon, 27 Apr 2026 16:05:00 -0400

FORT MYERS, Fla., April 27, 2026 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announced that the Company will release financial results for the second quarter ended March 31, 2026, on Monday, May 11, 2026 after market close.

The Company will host a conference call to discuss its financial results on Tuesday, May 12, 2026, at 8:30 am Eastern Time. Interested parties may join the conference call by dialing 1-800-343-4849 in the United States and 1-203-518-9848 from outside of the United States. The participant identification to join the conference call is ALICO.

A telephone replay will be available on Tuesday, May 12, 2026 approximately three hours after the call concludes, and will be available through Tuesday, May 26, 2026. Listeners in the United States may dial 1-844-512-2921 and international listeners may dial 1-412-317-6671. The passcode for the playback is 11161326.

About Alico

Investor Contact:
John Mills
ICR
(646) 277-1254
InvestorRelations@alicoinc.com

Brad Heine
Chief Financial Officer
(239) 226-2000
bheine@alicoinc.com

Source: Alico, Inc.

Alico to Participate at 38th Annual Roth Conference

Mon, 09 Mar 2026 08:30:00 -0400

FORT MYERS, Fla., March 09, 2026 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announced that John Kiernan, the Company’s President and Chief Executive Officer, will host one-on-one meetings with investors at the 38^th Annual Roth Conference, taking place in Laguna Niguel, CA on March 22-24, 2026.

About Alico

Investor Contact:
John Mills
ICR
(646) 277-1254
InvestorRelations@alicoinc.com

Brad Heine
Chief Financial Officer
(239) 226-2000
bheine@alicoinc.com

Source: Alico, Inc.

Alico, Inc. Announces Financial Results for the First Quarter Ended December 31, 2025

Wed, 04 Feb 2026 16:05:00 -0500

Company Closed $7.7 million of Land Sales in First Quarter; Total Land Sales Reach $34.5 million Year-to-Date Through January 2026

Farmable land Utilization Reaches 97% Following Completion of Lease Agreements in January 2026

Land Sales and Operating Performance Strengthen Cash Position, Creating Strategic Capital Deployment Optionality

Development Pipeline Moves Forward with Local Corkscrew Grove Entitlement Decision By County Expected in 2026

FORT MYERS, Fla., Feb. 04, 2026 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico”, the “Company”, “we”, “us” or “our”) (Nasdaq: ALCO) today announced financial results for the first quarter ended December 31, 2025.

Management Comments

John Kiernan, President and Chief Executive Officer of the Company, stated, “Our first quarter results demonstrate the continued momentum of our strategic transformation. The $7.7 million in land sales completed this quarter reflects the strong demand for our strategically located Florida properties and validates our land monetization strategy. We believe achieving 97% utilization of our farmable acreage through diversified agricultural partnerships shows we’ve successfully created the stable revenue foundation we envisioned. What sets this quarter apart is how it illustrates our transformed business model in action. Going forward, Alico has now substantially eliminated the weather-dependent volatility of citrus operations while generating cash flow from both land sales and agricultural leasing. Our net loss of $3.5 million, improved from our prior year net loss of $9.2 million and we had positive EBITDA of $2.4 million, compared to negative $6.7 million in the prior year period, demonstrating the financial stability we’ve built through this transformation.”

Mr. Kiernan continued, “With our strengthened balance sheet holding, $34.8 million in cash as of December 31, 2025, the January 2026 land sale of $26.8 million, and reduced operational complexity, we continue to believe we are well positioned to advance along our high-value development roadmap. The Corkscrew Grove Villages entitlement process remains on track for an anticipated 2026 decision by Collier County, and our balance sheet and revenues from our diversified agricultural operations provide the financial resources to execute our long-term strategy. We believe that Alico now has a business model that unlocks substantial value from our approximately 46,000-acre Florida portfolio while maintaining our commitment to responsible land stewardship.”

Results of Operations for the First Quarter 2026:

(in thousands, except for per share amounts and percentages)
	(Unaudited)
	Three Months Ended December 31,
		2025			2024		% Change
Revenue	$	1,887		$	16,894		(88.8		)%
Net loss attributable to Alico, Inc. common stockholders	$	(3,481	)	$	(9,167	)		62.0	%
Loss per diluted common share	$	(0.45	)	$	(1.20	)		62.5	%
EBITDA⁽¹⁾	$	2,412		$	(6,672	)	NM
Adjusted EBITDA⁽¹⁾	$	2,721		$	(6,672	)	NM
Net cash used in operating activities	$	(5,469	)	$	(7,597	)		28.0	%

	December 31, 2025			September 30, 2025			$ Change
	(Unaudited)
Balance Sheet Items
Cash and cash equivalents	$	34,756		$	38,128		$	(3,372	)
Current portion of long-term debt	$	250		$	250		$	—
Long-term debt, net	$	82,751		$	82,797		$	(46	)
Lines of credit	$	2,500		$	2,500		$	—
Total Alico stockholders’ equity	$	99,616		$	103,032		$	(3,416	)
Current ratio	14.39 to 1			9.56 to 1
Net Debt⁽¹⁾	$	50,745		$	47,419		$	3,326

(1) “EBITDA,” “Adjusted EBITDA” and “Net Debt” are non-GAAP financial measures. See “Non-GAAP Financial Measures” at the end of this earnings release for details regarding these measures, including reconciliations of the Non-GAAP Financial Measures to their most directly comparable GAAP measures.
NM - Not Meaningful

For the three months ended December 31, 2025 and 2024, the Company reported a net loss attributable to Alico common stockholders of $3.5 million and $9.2 million, respectively. The decrease in net loss attributable to Alico common stockholders for the three months ended December 31, 2025 was principally the result of land sales which generated a gain of approximately $4.9 million, as compared to no gains during the three months ended December 31, 2024. For the three months ended December 31, 2025, the Company had a loss of $0.45 per basic and diluted common share, compared to a loss of $1.20 per basic and diluted common share for the three months ended December 31, 2024.

For the three months ended December 31, 2025 and 2024, the Company had EBITDA of $2.4 million and $(6.7) million, respectively. For the three months ended December 31, 2025 and 2024 the Company had Adjusted EBITDA of $2.7 million and $(6.7) million, respectively.

Business Segment Results

Alico Citrus

(in thousands)
	Three Months Ended December 31,						Change
		2025			2024		Unit			%
Operating Revenues:
Early and Mid-Season	$	282		$	14,929		$	(14,647	)	(98.1	)%
Fresh Fruit and Other		588			626			(38	)	(6.1	)%
Grove Management Services		13			771			(758	)	(98.3	)%
Total	$	883		$	16,326		$	(15,443	)	(94.6	)%
Operating Expenses:
Cost of Sales	$	7,239		$	20,508		$	(13,269	)	(64.7	)%
Harvesting and Hauling		153			4,095			(3,942	)	(96.3	)%
Fresh Fruit and Other		—			50			(50	)	(100.0	)%
Grove Management Services		—			458			(458	)	(100.0	)%
Total	$	7,392		$	25,111		$	(17,719	)	(70.6	)%
Gross Loss	$	(6,509	)	$	(8,785	)	$	2,276		(25.9	)%

Alico Citrus segment results for the three months ended December 31, 2025 reflect the Company’s ongoing wind-down of citrus operations, which began in 2025 as part of the Company’s strategic pivot to diversified land usage and real estate development. Revenue decreased to $0.9 million from $16.3 million in the prior year period, while cost of sales declined to $7.2 million from $20.5 million, primarily due to significantly reduced harvesting activities. The prior year period included a $7.4 million inventory adjustment related to Hurricane Milton damage.

Land Management and Other Operations

Land Management and Other Operations revenue for the three months ended December 31, 2025 increased 76.8%, as compared to the same period in the prior year, primarily due to an increase in rock and sand royalties and farming lease revenue.

The 133.3% increase in operating expenses from Land Management and Other Operations for the three months ended December 31, 2025, as compared to the three months ended December 31, 2024, is primarily due to sod sales which did not occur in the prior year period.

Subsequent to quarter end, on January 15, 2026, the Company announced that following the signing of new lease agreements in January, Alico achieved 97% utilization of its approximately 32,500 farmable agricultural acreage. During the quarter, Alico also entered into a 10-year lease with Bayer Crop Science to establish an agricultural research station on 100 acres of our TRB property located in Charlotte County.

The Company's diversified land management programs now include fee-generating or revenue-sharing agreements with citrus growers, cattle operators, mining operators, sugarcane producers, and sod farming operations. These programs have created diversified revenue streams that reduce operational complexity while maintaining productive agricultural use of the land. Approximately 89% of Alico's approximately 46,000 total agricultural acres are now utilized.

Other Corporate Financial Information

General and administrative expense increased 16.0% for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024. The increase was due to higher contract labor and employee costs.

Other income (expense), net for the three months ended December 31, 2025 was $4.4 million as compared to a loss of $0.6 million during the prior year period, as a result of land sales in the three months ended December 31, 2025.

Dividend

On January 16, 2026, the Company paid a first quarter cash dividend of $0.05 per share on its outstanding common stock to stockholders of record as of January 2, 2026.

Balance Sheet and Liquidity

The Company continues to demonstrate financial strength within its balance sheet, as highlighted below:

The Company’s working capital was $45.4 million at December 31, 2025, representing a 14.39 to 1.00 current ratio.
Total debt was $85.5 million and net debt was $50.7 million at December 31, 2025, compared to $85.5 million and $47.4 million, respectively, at September 30, 2025.
Available borrowings under the Company’s line of credit were approximately $92.5 million at December 31, 2025.
The Company's Minimum Liquidity Requirement under its Credit Agreement was $5.8 million at December 31, 2025.

Real Estate Development or Land Development

In March 2025, the Company announced the creation of Corkscrew Grove Villages located on approximately 4,660 acres at the northwest corner of Collier County on the border of Lee and Hendry counties. This master-planned development is expected to consist of two 1,500-acre villages accompanied by more than 6,000 acres of permanent conservation areas. The plan for these villages is to feature approximately 9,000 homes total, including approximately 750 affordable housing units total for essential workers, and approximately 560,000 square feet of total commercial space offering retail, dining, office, medical and light industrial opportunities.

Alico launched its multi-year entitlement process for Corkscrew Grove Villages by submitting an application to Collier County for local approval for the first of the two villages, the East Village. The final decision by the Collier Board of County Commissioners is expected in 2026. The Company has also submitted permits to the South Florida Water Management District and the U.S. Army Corps of Engineers for both villages. Construction on the first village could begin in 2028 or 2029 if all approvals are granted.

Alico maintains a strong commitment to regional conservation, having transferred lands over the past 40 years that became part of the Corkscrew Regional Ecosystem Watershed (CREW), Tiger Creek Preserve and Okaloacoochee Slough Wildlife Management Area. In 2023, Alico sold more than 17,000 acres of land, commonly referred to as Devil’s Garden, to the Florida Department of Environmental Protection as part of the Florida Forever program. Since Devil’s Garden was added to the Florida Forever Priority List in 2003, Alico has sold or entered easements to protect more than 46,800 acres. Combined with the more than 6,000 acres expected to be placed in conservation as part of the Corkscrew Grove Villages proposal, these efforts support the implementation of the Florida Wildlife Corridor.

Fiscal Year 2026 Guidance

The Company expects to realize in fiscal year 2026 Adjusted EBITDA of approximately $14 million and end the fiscal year with cash of approximately $50 million and net debt of approximately $35 million, with only the minimum required balance of $2.5 million on its revolving line of credit. In the event that any capital is returned to shareholders through increased common dividends, special dividends, tender offers or open market share repurchases during the 2026 fiscal year, the Company’s cash balance could be reduced and net debt could be increased.

Conference Call Information

The Company will host a conference call to discuss its financial results on February 5, 2026, at 8:30 am Eastern Time. Interested parties may join the conference call by dialing 1-800-245-3047 in the United States and 1-203-518-9765 from outside of the United States. The participant identification to join the conference call is “ALICO”. A telephone replay will be available approximately three hours after the call concludes, and will be available through February 19, 2026. Listeners in the United States may dial 1-844-512-2921 and international listeners may dial 1-412-317-6671. The passcode for the playback is 11160814.

About Alico

Alico, Inc. (Nasdaq: ALCO) is a Florida-based agribusiness and land management company with over 125 years of experience. Following its strategic transformation in 2025, Alico operates as a diversified land company with approximately 49,000 acres across 7 Florida counties. Upon the closing of the sale of one of its former Citrus groves on January 14, 2026, the Company has approximately 46,000 acres of land. The Company focuses on strategic land development opportunities and diversified agricultural operations, leveraging its extensive land portfolio to create long-term shareholder value while maintaining its commitment to responsible land stewardship and conservation. Learn more about Alico at www.alicoinc.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding our strategic transformation and business model, our guidance, outlook, projections, targets and other expectations for fiscal year 2026 and subsequent periods, including with respect to Adjusted EBITDA, EBITDA, cash, cash flow, liquidity, borrowing availability, minimum liquidity requirements, capital expenditures, debt, net debt and potential uses of capital, including dividends, share repurchases, tender offers or other returns of capital; our land sales, land monetization strategy and expected proceeds and timing; our leasing, utilization of acreage and expected revenues from agricultural and other partnerships; our real estate entitlement, permitting and development activities and timelines, including the Corkscrew Grove Villages and related stewardship district matters, anticipated local and agency decisions and potential commencement of construction; the future use, conservation and estimated value of our land holdings and any other statements relating to our future activities or other future events or conditions. These statements are based on our current expectations, estimates and projections about our business based, in part, on assumptions made by our management and can be identified by terms such as “if,” “will,” “should,” “expects,” “plans,” “hopes,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions.

These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including, but not limited to: our ability to successfully develop and execute our strategic growth initiatives, including our Strategic Transformation and related workforce reduction, which may not achieve intended outcomes and may entail unintended consequences or additional costs; our planned shift in revenue mix toward real estate development and diversified farming operations and the risk that adverse events in these areas could disproportionately affect our business; the highly competitive nature of the land development and agricultural industries and our ability to maintain market share; our reputation and any harm thereto; the risk that any transaction intended to qualify as a Section 1031 Exchange is taxable or cannot be completed on a tax-deferred basis, and potential limitations on the use of our net operating loss carryforwards and other tax attributes; the possibility that significant corporate transactions do not achieve intended results or present unforeseen risks; sensitivity of our earnings to supply, demand and pricing for land sales, leasing and development activities and any remaining agricultural products; adverse weather conditions, natural disasters and other natural conditions (including hurricanes and tropical storms), and the effects of climate change or legal, regulatory or market measures to address climate change, particularly given our geographic concentration in Florida; Environmental, Social and Governance matters, including those related to our workforce and sustainability; changes in classification or valuation methods employed by county property appraisers that could materially increase our real estate taxes; compliance with environmental laws and potential liabilities from the use of fertilizers, pesticides, herbicides and other hazardous substances; our ability to attract, retain and develop key employees; material weaknesses and other deficiencies in our internal control over financial reporting; macroeconomic conditions, including inflation, armed conflicts and geopolitical instability, and pandemics or health crises; the increased costs of being a publicly traded company; system security risks, cybersecurity incidents, data protection breaches and systems integration issues, as well as compliance with complex and evolving privacy and data protection laws; pricing volatility and unpredictability for our agricultural products, risks of product contamination and product liability, water use regulations and other restrictions on access to water, and changes in immigration laws affecting labor availability; increases in commodity and input costs (including fuel and chemicals) and transportation risks; our significant indebtedness, our ability to generate sufficient cash flow to service our debt and comply with covenants (including exposure to variable interest rates), and our relationships with lenders; the volatility of our common stock price; and our ability to continue to pay or maintain cash dividends; and certain of the other factors described under the sections "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" to be included in our Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2025 that will be filed with the Securities and Exchange Commission (the “SEC”) and the Company’s Annual Report on Form 10-K for the year ended September 30, 2025 filed with the SEC on November 24, 2025. Except as required by law, we do not undertake an obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

Investor Contact:

John Mills	Brad Heine
ICR	Chief Financial Officer
(646) 277-1254	(239) 226-2000
InvestorRelations@alicoinc.com	bheine@alicoinc.com


ALICO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)

	December 31, 2025			September 30, 2025
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	34,756		$	38,128
Accounts receivable, net		1,520			1,014
Inventories		4,624			4,220
Income tax receivable		—			338
Assets held for sale		6,321			9,176
Prepaid expenses and other current assets		1,579			2,043
Total current assets		48,800			54,919
Restricted cash		762			762
Property and equipment, net		136,578			142,065
Goodwill		2,246			2,246
Other non-current assets		6,576			1,535
Total assets	$	194,962		$	201,527

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	235		$	403
Accrued liabilities		2,428			4,563
Current portion of long-term debt		250			250
Other current liabilities		479			527
Total current liabilities		3,392			5,743
Long-term debt, net		82,751			82,797
Lines of credit		2,500			2,500
Deferred income tax liabilities, net		1,855			2,455
Other liabilities		—			38
Total liabilities		90,498			93,533

Stockholders’ equity:
Preferred stock, no par value, 1,000,000 shares authorized; none issued		—			—
Common stock, $1.00 par value, 15,000,000 shares authorized; 8,416,145 shares issued and 7,656,646 and 7,645,360 shares outstanding at December 31, 2025 and September 30, 2025, respectively		8,416			8,416
Additional paid in capital		20,495			20,410
Treasury stock, at cost, 759,499 and 770,785 shares held at December 31, 2025 and September 30, 2025, respectively		(25,822	)		(26,185	)
Retained earnings		96,527			100,391
Total Alico stockholders’ equity		99,616			103,032
Noncontrolling interest		4,848			4,962
Total stockholders’ equity		104,464			107,994
Total liabilities and stockholders’ equity	$	194,962		$	201,527


ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share amounts)

	Three Months Ended December 31,
		2025			2024
Operating revenues:
Alico Citrus	$	883		$	16,326
Land Management and Other Operations		1,004			568
Total operating revenues		1,887			16,894
Operating expenses:
Alico Citrus		7,392			25,111
Land Management and Other Operations		49			21
Total operating expenses		7,441			25,132
Gross loss		(5,554	)		(8,238	)
General and administrative expenses		3,001			2,586
Loss from operations		(8,555	)		(10,824	)
Other income (expense), net:
Interest income		387			47
Interest expense		(965	)		(898	)
Gain on sale of property and equipment		4,940			—
Other income, net		—			244
Total other income (expense), net		4,362			(607	)
Loss before income taxes		(4,193	)		(11,431	)
Income tax benefit		(598	)		(2,180	)
Net loss		(3,595	)		(9,251	)
Net loss attributable to noncontrolling interests		114			84
Net loss attributable to Alico, Inc. common stockholders	$	(3,481	)	$	(9,167	)
Per share information attributable to Alico, Inc. common
Loss per common share:
Basic	$	(0.45	)	$	(1.20	)
Diluted	$	(0.45	)	$	(1.20	)
Weighted-average number of common shares outstanding:
Basic		7,652			7,633
Diluted		7,652			7,633

Cash dividends declared per common share	$	0.05		$	0.05


ALICO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)

	Three Months Ended December 31,
		2025			2024
Net cash used in operating activities
Net loss	$	(3,595	)	$	(9,251	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation, depletion and amortization		5,913			3,824
Amortization of debt issue costs		43			55
Gain on sale of property and equipment		(4,940	)		—
Loss on disposal of long-lived assets		—			780
Inventory net realizable value adjustment		—			7,359
Deferred income tax (benefit) provision		(600	)		(2,179	)
Stock-based compensation expense		176			179
Other		(314	)		(107	)
Changes in operating assets and liabilities:
Accounts receivable		(506	)		(7,831	)
Inventories		(404	)		1,911
Prepaid expenses		464			(153	)
Income tax receivable		338			—
Other assets		—			(35	)
Accounts payable and accrued liabilities		(2,276	)		(2,199	)
Other liabilities		232			50
Net cash used in operating activities		(5,469	)		(7,597	)

Cash flows from investing activities:
Purchases of property and equipment		(487	)		(3,017	)
Net proceeds from sale of property and equipment		7,829			—
Notes receivable		—			—
Advance to Corkscrew Grove Stewardship District		(5,071	)		—
Net cash provided by (used in) investing activities		2,271			(3,017	)

Cash flows from financing activities:
Repayments on revolving lines of credit		—			(6,200	)
Borrowings on revolving lines of credit		—			19,300
Principal payments on term loans		(63	)		(352	)
Dividends paid		(383	)		(382	)
Net cash (used in) provided by financing activities		(174	)		12,366

Net (decrease) increase in cash and cash equivalents and restricted		(3,372	)		1,752
Cash and cash equivalents and restricted cash at beginning of the period		38,890			3,398

Cash and cash equivalents and restricted cash at end of the period	$	35,518		$	5,150

Supplemental disclosure of cash flow information
Cash paid for interest, net of amounts capitalized	$	763		$	655
Cash (received) paid for income taxes, net of refunds	$	(349	)	$	—

Non-cash investing and financing activities:
Dividends declared but unpaid	$	383		$	382

Non-GAAP Financial Measures

In addition to the measurements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), Alico utilizes EBITDA, Adjusted EBITDA and Net Debt, which are non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K, to evaluate the performance of its business, in the case of EBITDA and Adjusted EBITDA, and liquidity, in the case of Net Debt, of its business. Beginning with this reporting period, we have revised the calculation of Adjusted EBITDA to better reflect the underlying performance of the business in light of the Strategic Transformation and changes to our model and operating strategy. Specifically, we now adjust for impairment of long-lived assets and restructuring and other charges, and have determined not to adjust for inventory net realizable value, gain or sale of property and equipment, or other historical adjustments. Prior periods in 2024 presented below have been recast to conform to the current period presentation. This change increases Adjusted EBITDA by $4.6 million and $61.2 million for the three and three months ended June 30, 2024, respectively. As we advance our long-term diversified land and real estate strategy, we believe that this change provides a clearer view of our core operating results.

Due to significant depreciable assets associated with the nature of our operations and, to a lesser extent, interest costs associated with our capital structure, management believes that EBITDA, Adjusted EBITDA and Net Debt are important measures to evaluate our results of operations between periods on a more comparable basis and to help investors analyze underlying trends in our business, evaluate the performance, in the case of EBITDA, Adjusted EBITDA, and liquidity, in the case of Net Debt, of our business both on an absolute basis and relative to our peers and the broader market, provide useful information to both management and investors by excluding certain items that may not be indicative of our core operating results and operational strength of our business and help investors evaluate our ability to service our debt. Such measurements are not prepared in accordance with U.S. GAAP and should not be construed as an alternative to reported results determined in accordance with U.S. GAAP. The non-GAAP information provided is unique to Alico and may not be consistent with methodologies used by other companies. EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, depletion and amortization. Adjusted EBITDA is defined as EBITDA as further adjusted for impairment of long-lived assets and restructuring and other charges. Net Debt is defined as Current portion of long-term debt, Long-term debt, net and Lines of credit, less cash. We are unable to provide a reconciliation of Adjusted EBITDA to net (loss) income attributable to Alico, Inc. common stockholders for the year ended September 30, 2025 as the adjustments are not within our control or cannot be reasonably predicted without unreasonable effort.

EBITDA and Adjusted EBITDA

(in thousands)	(Unaudited)
	Three Months Ended December 31,
		2025			2024
Net loss attributable to Alico, Inc. common stockholders	$	(3,481	)	$	(9,167	)
Interest expense, net		578			851
Income tax benefit		(598	)		(2,180	)
Depreciation, depletion and amortization		5,913			3,824
EBITDA	$	2,412		$	(6,672	)

Non-GAAP Adjustments:
Restructuring and other charges		309			—
Adjusted EBITDA	$	2,721		$	(6,672	)

Net Debt

(in thousands)	(Unaudited)						(Forecasted)
	December 31, 2025			September 30, 2025			September 30, 2026
Current portion of long-term debt	$	250		$	250		$	250
Long-term debt, net		82,751			82,797			82,547
Lines of credit		2,500			2,500			2,500
Total Debt		85,501			85,547			85,297
Less: Cash and cash equivalents		(34,756	)		(38,128	)		(50,000	)
Net Debt	$	50,745		$	47,419		$	35,297

Source: Alico, Inc.

Alico, Inc. to Announce First Quarter 2026 Financial Results on Wednesday, February 4, 2026

Fri, 23 Jan 2026 08:30:00 -0500

FORT MYERS, Fla., Jan. 23, 2026 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announced that the Company will release financial results for the first quarter ended December 31, 2025, on Wednesday, February 4, 2026 after market close.

The Company will host a conference call to discuss its financial results on Thursday, February 5, 2026, at 8:30 am Eastern Time. Interested parties may join the conference call by dialing 1-800-245-3047 in the United States and 1-203-518-9765 from outside of the United States. The participant identification to join the conference call is ALICO.

A telephone replay will be available on Thursday, February 5, 2026 approximately three hours after the call concludes, and will be available through Thursday, February 19, 2026. Listeners in the United States may dial 1-844-512-2921 and international listeners may dial 1-412-317-6671. The passcode for the playback is 11160814.

About Alico

Alico, Inc. (Nasdaq: ALCO) is a Florida-based agribusiness and land management company with over 125 years of experience. Following its strategic transformation in 2025, Alico operates as a diversified land company with approximately 49,537 acres across 8 Florida counties as of September 30, 2025. The Company focuses on strategic land development opportunities and diversified agricultural operations, leveraging its extensive land portfolio to create long-term shareholder value while maintaining its commitment to responsible land stewardship and conservation. Learn more about Alico at www.alicoinc.com.

Investor Contact:
John Mills
ICR
(646) 277-1254
InvestorRelations@alicoinc.com

Brad Heine
Chief Financial Officer
(239) 226-2000
bheine@alicoinc.com

Source: Alico, Inc.

Alico to Participate at Oppenheimer 11th Annual Emerging Growth Conference

Thu, 22 Jan 2026 08:30:00 -0500

FORT MYERS, Fla., Jan. 22, 2026 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announced that John Kiernan, the Company’s President and Chief Executive Officer, will host one-on-one meetings with investors at Oppenheimer 11^th Annual Emerging Growth Conference, taking place virtually on February 3-4, 2026.

About Alico

Alico, Inc. (Nasdaq: ALCO) is a Florida-based agribusiness and land management company with over 125 years of experience. Following its strategic transformation in 2025, Alico operates as a diversified land company with approximately 49,537 acres across 8 Florida counties as of September 30, 2025. The Company focuses on strategic land development opportunities and diversified agricultural operations, leveraging its extensive land portfolio to create long-term shareholder value while maintaining its commitment to responsible land stewardship and conservation. Learn more about Alico at www.alicoinc.com.

Investor Contact:
John Mills
ICR
(646) 277-1254
InvestorRelations@alicoinc.com

Brad Heine
Chief Financial Officer
(239) 226-2000
bheine@alicoinc.com

Source: Alico, Inc.

Alico, Inc. Closes $26.8 Million Land Sale and Achieves 97% Agricultural Utilization

Thu, 15 Jan 2026 08:30:00 -0500

Company Has Closed a Total of $34.6 million in Land Sales During Fiscal 2026

FORT MYERS, Fla. (January 15, 2026) – Alico, Inc., (“Alico” or the “Company”) (Nasdaq: ALCO) today announced the completion of a large grove sale representing approximately 2,950 acres and significant progress in its plans to generate cashflow from its agricultural assets, further advancing its strategic transformation from traditional citrus operations to a diversified land company.

The Company closed on the sale of a large citrus grove in Hendry County representing approximately 2,950 acres for $26.8 million in gross proceeds, marking another milestone in its land monetization strategy. Combined with previously announced transactions completed in early fiscal year 2026, including the sale of 579 acres of citrus land for $6.1 million in gross proceeds and the Company's office and shop facility in Frostproof for $1.7 million in gross proceeds, these transactions demonstrate continued execution of Alico's strategic repositioning and mark $34.6 million in transactions in fiscal calendar year 2026.

Following the signing of new lease agreements this month, Alico has now achieved 97% utilization of its approximately 32,500 farmable agricultural acreage. The Company’s land management programs now include fee-generating or revenue-sharing agreements with citrus growers, cattle operators, mining operators, sugarcane producers, and sod farming and leasing. These programs have created diversified revenue streams that reduce operational complexity while maintaining productive agricultural use of the land. Approximately 89% of Alico’s approximately 46,000 total agricultural acres are now utilized.

“These land sales represent the successful continuation of our strategic transformation that began in fiscal year 2025, demonstrating our ability to unlock substantial value from our land portfolio,” said John Kiernan, President and CEO of Alico. “Equally significant is our utilization of 97% of our farmable land, which continues to demonstrate our commitment to remain part of the Florida agricultural community. Last year we promised to optimize our land holdings for diversified agricultural operations, while pursuing certain land development plans. Those land development projects are each proceeding within our expectations.

With the agricultural revenue generation component of our strategic framework now substantially in place, combined with our recent land transactions and solid balance sheet, we believe that Alico is well positioned as we begin fiscal year 2026 with enhanced financial flexibility that enables us to focus resources and attention on advancing our high value strategic development opportunities.”

Total debt as of September 30, 2025, was $85.5 million, compared to $92.1 million at the end of fiscal year 2024. Debt levels as of September 30, 2025, less $38.1 million of cash on hand, resulted in a net debt position of $47.4 million at the end of fiscal year 2025, representing a significant improvement in the Company's financial flexibility.

The Company's strengthened balance sheet, combined with proceeds from land sales and agricultural leasing revenue, provides substantial liquidity to advance development projects while maintaining operational efficiency. In April 2025, the Alico, Inc. Board of Directors authorized the buyback of up to $50 million of Alico’s common stock, with the program set to expire on April 1, 2028. As previously discussed, the Board of Directors continues to evaluate options to return capital to shareholders, consistent with Alico's long-standing commitment to shareholder value creation.

About Alico Inc.

Alico Inc. (Nasdaq: ALCO) is a Florida-based agribusiness and land management company with over 125 years of experience. Following its strategic transformation in 2025, Alico operates as a diversified land company with approximately 49,537 acres across 8 Florida counties as of September 30, 2025. The Company focuses on strategic land development opportunities and diversified agricultural operations, leveraging its extensive land portfolio to create long-term shareholder value while maintaining its commitment to responsible land stewardship and conservation. Learn more about Alico at alicoinc.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding the Company’s plans, objectives, expectations, and beliefs concerning its Strategic Transformation and continued execution of its land monetization and strategic repositioning initiatives; the generation of cash flow and diversified revenue from agricultural leasing and fee- or revenue-sharing arrangements; the utilization and optimization of its farmable and total agricultural acreage; the timing, progress, and outcomes of land development projects and other strategic development opportunities; the Company’s financial position, liquidity, and flexibility; the evaluation and implementation of capital‑return programs, including share repurchases and other potential actions to return capital to shareholders; and the creation of long‑term shareholder value; and any other statements relating to our future activities or other future events or conditions. These statements are based on our current expectations, estimates and projections about our business based, in part, on assumptions made by our management and can be identified by terms such as “if,” “will,” “should,” “expects,” “plans,” “hopes,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions.

These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including, but not limited to: our ability to successfully develop and execute our strategic growth initiatives, including the Strategic Transformation; our plan to wind down our citrus production operations to focus on our long-term diversified land usage and real estate development strategy; our ability to secure necessary regulatory approvals and permits for land development projects, effectively manage and allocate resources to new business initiatives; attract and retain skilled personnel with expertise in diversified land usage and real estate development; navigate potential market fluctuations and economic conditions; maintain strong relationships with lenders and continue to satisfy covenants and conditions under current loan agreements and address potential environmental and zoning issues, and other challenges inherent in real estate development; our ability to increase our revenues from land usage and real estate development; adverse weather conditions, natural disasters and other natural conditions, including the effects of climate change and hurricanes and tropical storms; risks related to our expected significant revenue shift to real estate development and diversified farming operations; water use regulations restricting our access to water; changes in immigration laws; harm to our reputation; tax risks associated with a Section 1031 Exchange; our ability to use our net operating loss carryforwards and certain other tax attributes; risks associated with the undertaking of one or more significant corporate transactions; the seasonality of our citrus business; fluctuations in our earnings due to market supply and prices and demand for land sales, leasing and development activities, as well as any remaining agricultural products; climate change, or legal, regulatory, or market measures to address climate change; Environmental, Social and Governance issues, including those related to our workforce and sustainability; increases in commodity or raw product costs, such as fuel and chemical costs; transportation risks; any change or the classification or valuation methods employed by county property appraisers related to our real estate taxes; liability for the use of fertilizers, pesticides, herbicides and other potentially hazardous substances; compliance with applicable environmental laws; loss of key employees; material weaknesses and other control deficiencies relating to our internal control over financial reporting; macroeconomic conditions, such as rising inflation, armed conflicts and geopolitical instability; system security risks, data protection breaches, cybersecurity incidents and systems integration issues; our indebtedness and ability to generate sufficient cash flow to service our debt obligations; higher interest expenses as a result of variable rates of interest for our debt; our ability to continue to pay cash dividends; and certain of the other factors described under the sections "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" to be included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025, filed with the Securities and Exchange Commission (the “SEC”) on November 24, 2025. Except as required by law, we do not undertake an obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

Investor Contact:
John Mills
ICR
(646) 277-1254
InvestorRelations@alicoinc.com

Brad Heine
Chief Financial Officer
(239) 226-2000
bheine@alicoinc.com

Alico to Participate at 28th Annual ICR Conference

Mon, 29 Dec 2025 08:30:00 -0500

FORT MYERS, Fla., Dec. 29, 2025 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announced that John Kiernan, the Company’s President and Chief Executive Officer, will host a fireside chat and one-on-one meetings with investors at the 28^th Annual ICR Conference, taking place on January 12-14, 2026 in Orlando, FL.

The Company’s fireside chat will begin at 11:00AM ET on Tuesday, January 13, 2026. The fireside chat will be webcast live and can be accessed through the “News / Events” tab on the investor relations website at https://ir.alicoinc.com.

About Alico

Alico, Inc. (Nasdaq: ALCO) is a Florida-based agribusiness and land management company with over 125 years of experience. Following its strategic transformation in 2025, Alico operates as a diversified land company with approximately 49,537 acres across 8 Florida counties as of September 30, 2025. The Company focuses on strategic land development opportunities and diversified agricultural operations, leveraging its extensive land portfolio to create long-term shareholder value while maintaining its commitment to responsible land stewardship and conservation. Learn more about Alico at www.alicoinc.com.

Investor Contact:
John Mills
ICR
(646) 277-1254
InvestorRelations@alicoinc.com

Brad Heine
Chief Financial Officer
(239) 226-2000
bheine@alicoinc.com

Source: Alico, Inc.

Alico, Inc. Announces Financial Results for the Fourth Quarter and Fiscal Year Ended September 30, 2025

Mon, 24 Nov 2025 16:05:00 -0500

Diversified Land Company Strategy Proceeding as Expected: Company Completes Final Major Citrus Operations

Development Projects Advance Through Entitlement Process with Corkscrew Grove Decision Expected in 2026

Net loss attributable to Alico, Inc. common stockholders fiscal year ended September 30, 2025 of $147.3 million, Adjusted EBITDA of $22.5 million, Exceeding $20 Million Guidance

Land Sales of $23.8 million, Exceeding $20 Million Guidance

Strong Cash Generation Delivers $38.1 Million Cash and cash equivalents with total debt of $85.5 million, resulting in $47.4 million of Net Debt, Outperforming Balance Sheet Targets

Company Ends Fiscal Year 2025 with Enough Cash to Meet Expected Operating Expenses Through Fiscal Year 2027

FORT MYERS, Fla., Nov. 24, 2025 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company,” “we,” “us” or “our”) (Nasdaq: ALCO) today announces financial results for the fourth quarter and fiscal year ended September 30, 2025.

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.”

Results of Operations

(in thousands, except for per share amounts and percentages)
	Three Months Ended September 30,									Fiscal Years Ended September 30,
		2025			2024		% Change				2025			2024		% Change
Revenue	$	802		$	935			(14.2	)%	$	44,066		$	46,643			(5.5	)%
Net (loss) income attributable to Alico, Inc. common stockholders		(8,493	)	$	(18,124	)	NM			$	(147,334	)	$	6,973			(2212.9	)%
(Loss) earnings per diluted common share		(1.11	)	$	(2.38	)	NM			$	(19.29	)	$	0.91			(2219.8	)%
EBITDA⁽¹⁾	$	(2,853	)	$	(18,953	)		84.9	%	$	(5,063	)	$	29,733			(117.0	)%
Adjusted EBITDA⁽¹⁾	$	(2,789	)	$	(18,953	)		85.3	%	$	22,541		$	29,733			(24.2	)%
Net cash provided by (used in) operating activities		(2,715	)	$	(11,777	)		76.9	%	$	20,126		$	(30,497	)		166.0	%

	September 30, 2025			September 30, 2024			$ Change						September 30, 2025			September 30, 2024
Balance Sheet Items
Cash and cash equivalents	$	38,128		$	3,150		$	34,978		Working Capital Ratio				9.56 to 1			3.81 to 1
Current portion of long-term debt	$	250		$	1,410		$	(1,160	)	Debt to total assets ratio				0.43 to 1			0.23 to 1
Long-term debt, net	$	82,797		$	82,313		$	484		Net Debt⁽¹⁾			$	47,419		$	88,967
Lines of credit	$	2,500		$	8,394		$	(5,894	)
Total Alico stockholders’ equity	$	103,032		$	251,159		$	(148,127	)

(1) “EBITDA,” “Adjusted EBITDA” and “Net Debt” are non-GAAP financial measures. See “Non-GAAP Financial Measures” at the end of this earnings release for details regarding these measures, including reconciliations of the Non-GAAP Financial Measures to their most directly comparable GAAP measures.
NM = Not meaningful

For the fiscal year ended September 30, 2025, the Company reported a net loss attributable to Alico common stockholders of $(147.3) million, compared to net income attributable to Alico common stockholders of $7.0 million for the fiscal year ended September 30, 2024. The net loss for the fiscal year ended September 30, 2025, is principally attributable to accelerated depreciation of $162.7 million, the impairment of our young trees and the impairment of certain long lived assets at one of our groves, of $25.0 million, as a result of our Strategic Transformation and lower gains on the sale of property and equipment of $21.8 million, for the fiscal year ended September 30, 2025, as compared to $81.6 million for the fiscal year ended September 30, 2024. This was partially offset by lower inventory adjustments of $9.9 million during the year ended September 30, 2025, compared to $48.1 million for the year ended September 30, 2024, $20.4 million of crop insurance proceeds received during the fiscal year ended September 30, 2025, in connection with Hurricane Milton and a change in income taxes to a benefit of $(38.4) million from a provision of $4.6 million, for the fiscal years ended September 30, 2025 and 2024, respectively. For the fiscal year ended September 30, 2025, the Company had a loss of $(19.29) per diluted common share, compared to earnings of $0.91 per diluted common share for the fiscal year ended September 30, 2024.

When both periods are adjusted for certain items, including the impairment of long-lived assets and restructuring and other changes, the Company had an Adjusted EBITDA loss for the fiscal years ended September 30, 2025 and 2024 of $22.5 million and $29.7 million, respectively.

The majority of the Company’s citrus crop is harvested in the first and second quarters of the fiscal year. Consequently, most of the Company's gross profit and cash flows from operating activities are typically recognized in those quarters. Working capital requirements are typically greater in the third and fourth quarters of the fiscal year. Because of the seasonality of the business, results for any quarter are not necessarily indicative of the results that may be achieved for the full year ended September 30.

Alico Citrus Division Results

Citrus production for the fiscal years ended September 30, 2025 and 2024 is summarized in the following table.

(in thousands, except per box and per pound solids data)
	Fiscal Years Ended September 30,				Change
		2025		2024	Unit			%
Boxes Harvested:
Early and Mid-Season		944		1,194		(250	)	(20.9	)%
Valencias		1,305		1,855		(550	)	(29.6	)%
Total Processed		2,249		3,049		(800	)	(26.2	)%
Fresh Fruit		37		35		2		5.7	%
Total		2,286		3,084		(798	)	(25.9	)%
Pound Solids Produced:
Early and Mid-Season		4,224		5,364		(1,140	)	(21.3	)%
Valencias		6,622		9,365		(2,743	)	(29.3	)%
Total		10,846		14,729		(3,883	)	(26.4	)%
Pound Solids per Box:
Early and Mid-Season		4.47		4.49		(0.02	)	(0.4	)%
Valencias		5.07		5.05		0.02		0.4	%
Price per Pound Solids:
Early and Mid-Season	$	3.69	$	2.71	$	0.98		36.2	%
Valencias	$	3.64	$	2.88	$	0.76		26.4	%

For the fiscal year ended September 30, 2025, Alico Citrus harvested 2.3 million boxes of fruit, a decrease of 25.9% from the prior year. This decrease in harvested production was driven by an increase in fruit drop driven by Hurricane Milton in October 2024. However, the Company also benefited by its average realized price per pound solids rising from $2.81 per pound solids in the year ended September 30, 2024 to $3.66 per pound solids in year ended September 30, 2025, because of more favorable pricing in one of our contracts with Tropicana.

Land Management and Other Operations Division Results

Land Management and Other Operations includes lease income from farm leases (including leases of our citrus groves), grazing rights and hunting, as well as royalties received for mining and oil extraction rights, and other miscellaneous income.

Gross profit for the Land Management and Other Operations Division increased for the fiscal year ended September 30, 2025, by $1.1 million, compared to the prior year, primarily due to an increase in rock and sand royalty income, sod sales and farm lease revenue, partially offset by lower grazing and hunting lease revenues due to the sale of the Alico Ranch.

Other Corporate Financial Information

General and administrative expenses increased $0.6 million for the year ended September 30, 2025 as compared to the year ended September 30, 2024, driven by the acceleration of depreciation on certain administrative assets and an increase in personnel and legal costs, as a result of our Strategic Transformation, partially offset by lower employee costs associated with our reduced workforce.

Other income, net, for the years ended September 30, 2025 and 2024 was $18.0 million and $78.4 million, respectively. The decrease in other income, net was primarily due to the sale of 2,796 acres of land for approximately $23.8 million which resulted in a gain of $20.3 million, as compared to the year ended September 30, 2024, when we sold approximately 18,354 acres of land for $86.2 million and recognized a gain of $81.4 million (including 17,229 acres of the Alico Ranch to the State of Florida).

Dividend

On October 10, 2025, the Company paid a fourth quarter cash dividend of $0.05 per share on its outstanding common stock to stockholders of record as of September 26, 2025.

Balance Sheet and Liquidity

The Company continues to demonstrate financial strength within its balance sheet, as highlighted below:

The Company’s working capital was $49.2 million at September 30, 2025, representing a 9.56 to 1.00 current ratio.
The Company maintains a solid debt to total assets ratio. At September 30, 2025 and 2024, the ratios were 0.43 to 1.00 and 0.23 to 1.00, respectively.
Available borrowings under our line of credit were $92.5 million, at September 30, 2025.

Real Estate Development or Land Development

In March 2025, the Company announced the creation of Corkscrew Grove Villages located on approximately 4,600 acres at the northwest corner of Collier County on the border of Lee and Hendry counties. As envisioned, Corkscrew Grove Villages is expected not only to provide future residents with ample opportunities to live, work and play in a growing part of Collier County, but will also enhance public infrastructure, permanently protect thousands of acres of sensitive land, and enhance wetlands and water resources. The villages are anticipated to provide significant economic benefits to the region, and improvements are expected to come at no additional cost to Collier County taxpayers. This plan consists of two 1,500-acre villages accompanied by more than 6,000 acres of permanent conservation areas. There could be approximately 9,000 homes in total, or 4,500 homes per village. Offerings will include a variety of options suitable for working families, essential workers and retirees. Corkscrew Grove Villages will also include approximately 375 income-restricted units per village, with the goal of ensuring that the local essential workforce will be able to live and work in Collier County. With approximately 560,000 square feet in total commercial space, or 280,000 square feet expected per village, Corkscrew Grove Villages is expected to offer a dynamic blend of retail, dining, office, medical and light industrial opportunities. Designed as a complete, connected community, Alico plans to thoughtfully integrating residential, commercial and civic spaces to create a place where people can live and work, all aiming to ease traffic congestion and enhance convenience. Collier County and Southwest Florida continue to experience significant growth, particularly in eastern Collier County. We believe Corkscrew Grove Villages are ideally situated at the intersection of Collier, Lee and Hendry counties, providing future residents with easy access to Naples, Fort Myers, Miami and Tampa through links to I-75 in Collier and Lee counties and State Road 80 in Hendry County.

Alico launched its multi-year entitlement approval effort for Corkscrew Grove Villages by submitting an application to Collier County for local approval for the first of two villages. While the long-term vision for Corkscrew Grove Villages includes two villages, Alico’s current application with Collier County only seeks approval for the East Village as a first step. This process is anticipated to take approximately one year, with the final decision by the Collier Board of County Commissioners expected in 2026. Additionally, Alico has submitted permits to the South Florida Water Management District and the U.S. Army Corps of Engineers for both villages which are undergoing agency review; timing and outcomes remain uncertain. Construction on the first village could begin in 2028 or 2029, if all approvals are granted.

As part of the Company’s long-term planning efforts, Alico took the proactive step in January 2025 to seek legislative approval from the Florida Legislature to establish the Corkscrew Grove Stewardship District, and in June 2025 it was established. The Corkscrew Grove Stewardship District assists Alico in its efforts to effectively finance infrastructure, help restore and manage natural areas and oversee the administration of the master planned communities and lands within the District. Stewardship districts like The Corkscrew Grove Stewardship District are special districts authorized to plan, finance, construct, operate and maintain public infrastructure in planned developments. These kinds of districts are common, and are used in a variety of communities, such as Ave Maria and Lakewood Ranch, to support high-quality and efficient infrastructure. Stewardship districts are created around the concept of growth paying for itself.

In November 2025, the Company announced a strategic partnership with the Florida Department of Transportation (“FDOT”) and its construction contractor to design and construct a wildlife underpass as part of a planned expansion of State Road 82 to four lanes in Collier County. The wildlife underpass will align with a proposed wildlife corridor connected to the Company’s Corkscrew Grove Villages project. Alico has committed approximately $5 million toward design and construction costs related to the wildlife underpass. Construction of the underpass is expected to begin before the end of 2025, subject to final approvals, in conjunction with the current State Road 82 widening project, with work currently expected to be completed in 2027. Alico plans to support construction through the Corkscrew Grove Stewardship District and expects to be reimbursed for these costs by the District once it raises funds.

Alico remains deeply committed to regional conservation efforts and has a long history of working with state and local governments, as well as environmental organizations to protect environmentally sensitive land. Over the past 40 years, Alico has transferred lands that have become part of the Corkscrew Regional Ecosystem Watershed (CREW), Tiger Creek Preserve and Okaloacoochee Slough Wildlife Management Area. Alico’s legacy of commitment to conservation continues as part of the Corkscrew Grove Villages project as we place another 6,000 acres of sensitive land into permanent conservation.

In 2023, Alico sold more than 17,000 acres of land, commonly referred to as Devil’s Garden, to the Florida Department of Environmental Protection as part of the Florida Forever program. Located in Hendry County, the Devil’s Garden provides critical connectivity between existing conservation lands. Since Devil’s Garden was added to the Florida Forever Priority List in 2003, Alico has either sold or entered into easements to protect more than 46,807 acres. This land, combined with the more than 6,000 acres expected to be placed in conservation as part of the Corkscrew Grove Villages proposal, supports the implementation of the Florida Wildlife Corridor.

Alico’s regional conservation strategy is also consistent with the Collier Rural Land Stewardship Area (the “RLSA”). The RLSA is a planning and zoning overlay district approved by Collier County in 2002 for approximately 185,000 acres of land in eastern Collier County. The RLSA is an innovative, incentive-based approach to planning and implementing sustainable long-term growth in rural regions. The program has received national recognition and served as a model for rural lands stewardship program elsewhere in Florida. Specifically, both Stewardship Sending Area 11 and SSA 22 permanently preserve significant segments of the Florida Wildlife Corridor, with SSA 22 adding 1,295 acres and being approximately 2.8 miles long, north to south, and more than 1.8 miles wide at its widest point with an average width of 0.7 miles. This critical portion of the Florida Wildlife Corridor is expected to be added at no cost to the taxpayer.

Conference Call Information

The Company will host a conference call to discuss its financial results on November 25, 2025, at 8:30 am Eastern Time. Interested parties may join the conference call by dialing 1-800-245-3047 in the United States and 1-203-518-9765 from outside of the United States. The participant identification to join the conference call is “ALICO”. A telephone replay will be available approximately three hours after the call concludes, and will be available through December 9, 2025. Listeners in the United States may dial 1-844-512-2921 and international listeners may dial 1-412-317-6671. The passcode for the playback is 11159968.

About Alico

Alico, Inc. (Nasdaq: ALCO) is a Florida-based agribusiness and land management company with over 125 years of experience. Following its strategic transformation in 2025, Alico operates as a diversified land company with approximately 49,537 acres across 8 Florida counties as of September 30, 2025. The Company focuses on strategic land development opportunities and diversified agricultural operations, leveraging its extensive land portfolio to create long-term shareholder value while maintaining its commitment to responsible land stewardship and conservation. Learn more about Alico at www.alicoinc.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding the Company’s strategy and expectations with respect to its Strategic Transformation; ability to meet its expected operating expenses through fiscal year 2027; the future use and estimated value of the Company’s land holdings and expected proceeds from land sales; expected future profitable growth; plans and timing for commercial and residential development related to the Corkscrew Grove Villages, including expected construction on the first village to begin in 2028 or 2029; the status, timing and outcomes of regulatory approvals, permits and other governmental reviews, including with the South Florida Water Management District, the U.S. Army Corps of Engineers and Collier County; activities of and financing through the Corkscrew Grove Stewardship District; improvements expected to come at no additional cost to Collier County taxpayers; expected benefits of Corkscrew Grove Villages to future residents and the region; the design, construction and timing of the State Road 82 wildlife underpass; conservation plans and areas expected to be placed into permanent conservation; and any other statements relating to our future activities or other future events or conditions. These statements are based on our current expectations, estimates and projections about our business based, in part, on assumptions made by our management and can be identified by terms such as “if,” “will,” “should,” “expects,” “plans,” “hopes,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions.

These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including, but not limited to: our ability to successfully develop and execute our strategic growth initiatives, including the Strategic Transformation; our plan to wind down our citrus production operations to focus on our long-term diversified land usage and real estate development strategy; our ability to secure necessary regulatory approvals and permits for land development projects, effectively manage and allocate resources to new business initiatives; attract and retain skilled personnel with expertise in diversified land usage and real estate development; navigate potential market fluctuations and economic conditions; maintain strong relationships with lenders and continue to satisfy covenants and conditions under current loan agreements and address potential environmental and zoning issues, and other challenges inherent in real estate development; our ability to increase our revenues from land usage and real estate development; adverse weather conditions, natural disasters and other natural conditions, including the effects of climate change and hurricanes and tropical storms; risks related to our expected significant revenue shift to real estate development and diversified farming operations; water use regulations restricting our access to water; changes in immigration laws; harm to our reputation; tax risks associated with a Section 1031 Exchange; our ability to use our net operating loss carryforwards and certain other tax attributes; risks associated with the undertaking of one or more significant corporate transactions; the seasonality of our citrus business; fluctuations in our earnings due to market supply and prices and demand for land sales, leasing and development activities, as well as any remaining agricultural products; climate change, or legal, regulatory, or market measures to address climate change; Environmental, Social and Governance issues, including those related to our workforce and sustainability; increases in commodity or raw product costs, such as fuel and chemical costs; transportation risks; any change or the classification or valuation methods employed by county property appraisers related to our real estate taxes; liability for the use of fertilizers, pesticides, herbicides and other potentially hazardous substances; compliance with applicable environmental laws; loss of key employees; material weaknesses and other control deficiencies relating to our internal control over financial reporting; macroeconomic conditions, such as rising inflation, the deadly conflicts in Ukraine and Israel and government shut down; system security risks, data protection breaches, cybersecurity incidents and systems integration issues; our indebtedness and ability to generate sufficient cash flow to service our debt obligations; higher interest expenses as a result of variable rates of interest for our debt; our ability to continue to pay cash dividends; and certain of the other factors described under the sections "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" to be included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 that will be filed with the Securities and Exchange Commission (the “SEC”). Except as required by law, we do not undertake an obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

Investor Relations

John Mills
ICR
(646) 277-1254
InvestorRelations@alicoinc.com

Brad Heine
Chief Financial Officer
(239) 226-2000
bheine@alicoinc.com


ALICO, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts)

	September 30, 2025			September 30, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	38,128		$	3,150
Accounts receivable, net		1,014			771
Inventories		4,220			30,084
Income tax receivable		338			1,958
Assets held for sale		9,176			3,106
Prepaid expenses and other current assets		2,043			1,558
Total current assets		54,919			40,627
Restricted cash		762			248
Property and equipment, net		142,065			352,733
Goodwill		2,246			2,246
Other non-current assets		1,535			2,865
Total assets	$	201,527		$	398,719

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	403		$	3,362
Accrued liabilities		4,563			5,366
Current portion of long-term debt		250			1,410
Other current liabilities		527			513
Total current liabilities		5,743			10,651
Long-term debt, net		82,797			82,313
Lines of credit		2,500			8,394
Deferred income tax liabilities, net		2,455			40,873
Other liabilities		38			193
Total liabilities		93,533			142,424
Commitments and Contingencies (Note 15)
Stockholders' equity:
Preferred stock, no par value, 1,000,000 shares authorized; none issued		—			—
Common stock, $1.00 par value, 15,000,000 shares authorized; 8,416,145 shares issued and 7,645,360 and 7,628,639 shares outstanding at September 30, 2025 and September 30, 2024, respectively		8,416			8,416
Additional paid in capital		20,410			20,184
Treasury stock, at cost, 770,785 and 787,506 shares held at September 30, 2025 and September 30, 2024, respectively		(26,185	)		(26,694	)
Retained earnings		100,391			249,253
Total Alico stockholders’ equity		103,032			251,159
Noncontrolling interest		4,962			5,136
Total stockholders’ equity		107,994			256,295
Total liabilities and stockholders’ equity	$	201,527		$	398,719

ALICO, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts)

	Years Ended September 30,
		2025			2024
Operating revenues:
Alico Citrus	$	41,337		$	45,059
Land Management and Other Operations		2,729			1,584
Total operating revenues		44,066			46,643
Operating expenses:
Alico Citrus		235,841			102,628
Land Management and Other Operations		419			398
Total operating expenses		236,260			103,026
Gross loss		(192,194	)		(56,383	)
General and administrative expenses		11,707			11,071
Loss from operations		(203,901	)		(67,454	)
Other income (expense), net:
Interest income		793			385
Interest expense		(4,848	)		(3,538	)
Gain on sale of property and equipment		21,769			81,559
Other income, net		256			—
Total other income, net		17,970			78,406
(Loss) income before income taxes		(185,931	)		10,952
Income tax (benefit) provision		(38,423	)		4,597
Net (loss) income		(147,508	)		6,355
Net loss attributable to noncontrolling interests		174			618
Net (loss) income attributable to Alico, Inc. common stockholders	$	(147,334	)	$	6,973
Per share information attributable to Alico, Inc. common stockholders:
(Loss) earnings per common share:
Basic	$	(19.29	)	$	0.91
Diluted	$	(19.29	)	$	0.91
Weighted-average number of common shares outstanding:
Basic		7,639			7,622
Diluted		7,639			7,622

Cash dividends declared per common share	$	0.20		$	0.20

ALICO, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)

	Year Ended September 30,
		2025			2024
Net cash provided by (used in) operating activities:
Net (loss) income	$	(147,508	)	$	6,355
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization		176,639			15,010
Debt issue costs expense		292			209
Deferred income tax (benefit) provision		(38,418	)		4,463
Gain on sale of property and equipment		(21,769	)		(81,559	)
Impairment of long-lived assets		24,966			—
Inventory net realizable value adjustment		9,895			48,099
Loss on early extinguishment of debt		771			—
Loss on disposal of property and equipment		780			6,990
Stock-based compensation expense		735			719
Other, net		202			59
Changes in operating assets and liabilities:
Accounts receivable		(243	)		(59	)
Inventories		15,969			(26,258	)
Prepaid expenses		(487	)		160
Income tax receivable		1,620			(758	)
Other assets		(134	)		(142	)
Accounts payable and accrued liabilities		(3,312	)		(3,369	)
Other liabilities		128			(416	)
Net cash provided by (used in) operating activities		20,126			(30,497	)

Cash flows from investing activities:
Purchases of property and equipment		(5,504	)		(17,871	)
Proceeds from sale of property and equipment		29,078			86,444
Other, net		570			(395	)
Net cash provided by investing activities		24,144			68,178

Cash flows from financing activities:
Repayments on revolving lines of credit		(25,194	)		(53,262	)
Borrowings on revolving lines of credit		19,300			36,934
Principal payments on term loans		(11,356	)		(20,491	)
Borrowings on term loans		10,000			—
Capital contributions received from non-controlling interests		—			368
Dividends paid		(1,528	)		(1,524	)
Net cash used in financing activities		(8,778	)		(37,975	)

Net increase (decrease) in cash and cash equivalents and restricted cash		35,492			(294	)
Cash and cash equivalents and restricted cash at beginning of the period		3,398			3,692
Cash and cash equivalents and restricted cash at end of the period	$	38,890		$	3,398
Supplemental disclosure of cash flow information:
Cash paid for interest, net of amount capitalized	$	3,915		$	3,848
Cash (received) paid for income taxes, net of refunds	$	(1,624	)	$	890
Supplemental disclosure of non-cash investing and financing activities:
Dividends declared but unpaid	$	382		$	381

Non-GAAP Financial Measures

In addition to the measurements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), Alico utilizes EBITDA, Adjusted EBITDA and Net Debt, which are non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K, to evaluate the performance of its business. Beginning with the period ended June 30, 2025, we revised the calculation of Adjusted EBITDA to better reflect the underlying performance of the business in light of the Strategic Transformation and changes to our model and operating strategy. Specifically, we now adjust for impairment of long-lived assets and restructuring and other charges, and have determined not to adjust for inventory net realizable value, gain or sale of property and equipment, or other historical adjustments. Prior periods in 2024 presented below have been recast to conform to the current period presentation. This change (decreases) increases Adjusted EBITDA by ($19.6 million) and $33.5 million for the three and year ended September 30, 2024, respectively. As we advance our long-term diversified land and real estate strategy, we believe that this change provides a clearer view of our core operating results.


EBITDA and Adjusted EBITDA

(in thousands)
	Three Months Ended September 30,						Years Ended September 30,
		2025			2024			2025			2024

Net (loss) income attributable to Alico, Inc. common stockholders	$	(8,493	)	$	(18,124	)	$	(147,334	)	$	6,973
Interest expense, net		1,350			602			4,055			3,153
Income tax (benefit) provision		(1,549	)		(5,124	)		(38,423	)		4,597
Depreciation, depletion and amortization		5,839			3,693			176,639			15,010
EBITDA		(2,853	)		(18,953	)		(5,063	)		29,733
Non-GAAP Adjustments:
Impairment of long-lived assets		—			—			24,966			—
Restructuring and other charges		64			—			2,638			—
Adjusted EBITDA	$	(2,789	)	$	(18,953	)	$	22,541		$	29,733

Net Debt

(in thousands)
	Years Ended September 30,
		2025			2024
Current portion of long-term debt	$	250		$	1,410
Long-term debt, net		82,797			82,313
Lines of credit		2,500			8,394
Total Debt		85,547			92,117
Less: Cash		(38,128	)		(3,150	)
Net Debt	$	47,419		$	88,967

Source: Alico, Inc.

Alico to Present at Noble Capital Markets 21st Annual Emerging Growth Equity Conference

Wed, 19 Nov 2025 08:30:00 -0500

FORT MYERS, Fla., Nov. 19, 2025 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announced that John Kiernan, the Company’s President and Chief Executive Officer, will present and host one-on-one meetings with investors at the Noble Capital Markets 21^st Annual Emerging Growth Equity Conference, taking place December 2-3, 2025 in Boca Raton, FL.

Alico’s presentation will begin at 2:30 PM ET on Wednesday, December 3, 2025. Management will also host one-on-one meetings with investors on Wednesday, December 3, 2025. To register for the presentation or one-on-one meeting, visit www.nobleconference.com.

About Alico

Alico, Inc. (Nasdaq: ALCO) is a Florida-based agribusiness and land management company with over 125 years of experience. Following its strategic transformation in 2025, Alico operates as a diversified land company with approximately 49,537 acres across 8 Florida counties. The Company focuses on strategic land development opportunities and diversified agricultural operations, leveraging its extensive land portfolio to create long-term shareholder value while maintaining its commitment to responsible land stewardship and conservation. Learn more about Alico at www.alicoinc.com.

Investor Contact:
John Mills
ICR
(646) 277-1254
InvestorRelations@alicoinc.com

Brad Heine
Chief Financial Officer
(239) 226-2000
bheine@alicoinc.com

Source: Alico, Inc.

Alico to Participate at the Stephens Annual Investment Conference

Wed, 12 Nov 2025 08:30:00 -0500

FORT MYERS, Fla., Nov. 12, 2025 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announced that John Kiernan, the Company’s President and Chief Executive Officer, will participate in the Stephens Annual Investment Conference, taking place November 18-20, 2025 in Nashville, TN. Mr. Kiernan will be available to meet with investors on Wednesday, November 19, 2025.

About Alico

Alico, Inc. (Nasdaq: ALCO) is a Florida-based agribusiness and land management company with over 125 years of experience. Following its strategic transformation in 2025, Alico operates as a diversified land company with approximately 50,550 acres across 8 Florida counties. The Company focuses on strategic land development opportunities and diversified agricultural operations, leveraging its extensive land portfolio to create long-term shareholder value while maintaining its commitment to responsible land stewardship and conservation. Learn more about Alico at www.alicoinc.com.

Investor Contact:
John Mills
ICR
(646) 277-1254
InvestorRelations@alicoinc.com

Brad Heine
Chief Financial Officer
(239) 226-2000
bheine@alicoinc.com

Source: Alico, Inc.

Alico, Inc. to Announce Fourth Quarter and Full Year 2025 Financial Results on Monday, November 24, 2025

Tue, 11 Nov 2025 16:05:00 -0500

FORT MYERS, Fla., Nov. 11, 2025 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announced that the Company will release financial results for the fourth quarter and full year ended September 30, 2025, on Monday, November 24, 2025 after market close.

The Company will host a conference call to discuss its financial results on Tuesday, November 25, 2025, at 8:30 am Eastern Time. Interested parties may join the conference call by dialing 1-800-245-3047 in the United States and 1-203-518-9765 from outside of the United States. The participant identification to join the conference call is ALICO.

A telephone replay will be available on Tuesday, November 25, 2025 approximately three hours after the call concludes, and will be available through Tuesday, December 9, 2025. Listeners in the United States may dial 1-844-512-2921 and international listeners may dial 1-412-317-6671. The passcode for the playback is 11159968.

About Alico

Alico, Inc. (Nasdaq: ALCO) is a Florida-based agribusiness and land management company with over 125 years of experience. Following its strategic transformation in 2025, Alico operates as a diversified land company with approximately 50,550 acres across 8 Florida counties. The Company focuses on strategic land development opportunities and diversified agricultural operations, leveraging its extensive land portfolio to create long-term shareholder value while maintaining its commitment to responsible land stewardship and conservation. Learn more about Alico at www.alicoinc.com.

Investor Contact:
John Mills
ICR
(646) 277-1254
InvestorRelations@alicoinc.com

Brad Heine
Chief Financial Officer
(239) 226-2000
bheine@alicoinc.com

Source: Alico, Inc.

Alico Inc. partners with Florida Department of Transportation to construct wildlife underpass along State Road 82

Mon, 03 Nov 2025 08:30:00 -0500

FORT MYERS, Fla., Nov. 03, 2025 (GLOBE NEWSWIRE) -- Alico Inc., (“Alico” or the “Company”) (Nasdaq: ALCO) a Southwest Florida-based agribusiness and land management company with over 125 years of experience, has announced a strategic partnership with the Florida Department of Transportation (“FDOT”) and its construction contractor to design and construct a wildlife underpass as part of a planned expansion of State Road 82 to four lanes in Collier County.

The wildlife underpass will align with a proposed wildlife corridor connected to the Corkscrew Grove Villages project in eastern Collier County. Alico has committed approximately $5 million toward design and construction costs related to the wildlife underpass.

“This partnership underscores our commitment to environmental stewardship and conservation by creating an important regional link to support wildlife movement between Collier, Lee, and Hendry counties,” said John Kiernan, President and CEO of Alico Inc. “We are confident in our expectations that the underpass will play a significant role in advancing the panther recovery plan by providing a permanent landscape-scale connection to the Caloosahatchee dispersal zone at no expected additional cost to taxpayers.”

The Corkscrew Grove underpass is planned to measure approximately 16 feet wide by 7 feet tall and incorporate fencing designed to reduce wildlife mortality along State Road 82. It will complement two bridge underpasses FDOT is building at Under Canal and Panther Creek, both of which bisect the Corkscrew Grove property.

Construction of the underpass is expected to begin before the end of the year, subject to final approvals, in conjunction with the current State Road 82 widening project, with work currently expected to be completed in 2027. FDOT worked closely with Alico to integrate the underpass into the design with minimal disruption to the overall widening project.

“By aligning this wildlife crossing underpass with the broader wildlife corridor planned along the eastern boundary of the Corkscrew Groves development, we’re taking an important step toward preserving natural habitats and supporting the panther recovery effort,” said Brent Setchell, District Drainage Design Engineer for FDOT. “The collaboration with Alico, Inc. demonstrates how public and private partners can work together to balance growth, environmental stewardship and infrastructure improvements. FDOT’s mission has always been about safety and that extends to include wildlife.”

Alico will support construction through the Corkscrew Grove Stewardship District, an special district responsible for infrastructure in the proposed master-planned community. The district, which will be overseen by a five-member Board of Supervisors, will assist Alico in its efforts to finance infrastructure, help restore and manage natural areas, and oversee the administration of the master planned communities and lands within the district’s boundaries.

“We are grateful to Gov. Ron DeSantis, Sen. Kathleen Passidomo and Rep. Lauren Melo for their leadership and the entire Florida Legislature for their support in establishing the Corkscrew Grove Stewardship District,” said Kiernan. “The creation of the Corkscrew Grove Stewardship District was critical as we explored ways to partner with FDOT to expedite the creation of this wildlife underpass.”

In March 2025, Alico announced the creation of Corkscrew Grove Villages. Located on approximately 4,600 acres at the northwest corner of Collier County on the border of Lee and Hendry counties, Corkscrew Grove Villages will provide future residents with a thoughtfully planned community while also enhancing public infrastructure, permanently protecting thousands of acres of sensitive lands, and improving wetlands and water resources. The plan consists of two 1,500-acre villages accompanied by more than 7,000 acres of permanent conservation area.

Since 2003, Alico has either sold or entered easements to protect more than 46,800 acres. This land, combined with the 7,000 acres included in the Corkscrew Grove Villages plan, provides critical connectivity between existing conservation lands, and also supports the creation of the Florida Wildlife Corridor.

Alico is currently seeking approval for the first of two planned villages, East Village. The process is anticipated to take approximately one year, with the final decision by the Collier Board of County Commissioners expected in 2026. Alico has also submitted permits to the South Florida Water Management District and U.S. Army Corps of Engineers for both villages. Construction on the first village could begin as early as 2028.

For more information about Corkscrew Grove Villages, visit corkscrewgrovecollier.com. For more information about Alico, visit alicoinc.com.

About Alico Inc.
Alico Inc. (Nasdaq: ALCO) is a Florida-based agribusiness and land management company with over 125 years of experience. Following its strategic transformation in 2025, Alico operates as a diversified land company with approximately 51,300 acres across 8 Florida counties. The Company focuses on strategic land development opportunities and diversified agricultural operations, leveraging its extensive land portfolio to create long-term shareholder value while maintaining its commitment to responsible land stewardship and conservation. Learn more about Alico at alicoinc.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations with respect to the Company’s strategic partnership with FDOT and its construction contractor and the planned State Road 82 wildlife expansion; the anticipated design, funding, and construction of the underpass; the Company’s capital commitments and expenditures, including the approximately $5 million contribution; the expected timing for commencement and completion of the underpass; the expected environmental benefits, including support for panther recovery and reduced wildlife mortality; activities of and financing through the Corkscrew Grove Stewardship District; the timing and outcome of regulatory approvals and permits; the expected size, configuration and permanence of conservation areas; plans for the Corkscrew Grove Villages, including projected development schedules and potential commencement of the first village as early as 2028;,, the Company’s ability to support its operations and strategic objectives, and any other statements relating to our future activities or other future events or conditions. These statements are based on our current expectations, estimates and projections about our business based, in part, on assumptions made by our management and can be identified by terms such as “if,” “will,” “should,” “expects,” “plans,” “hopes,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions.

These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including, but not limited to: our implementation of our planned Strategic Transformation; our plan to wind down our citrus production operations to focus on our long-term diversified land usage and real estate development strategy; our ability to secure necessary regulatory approvals and permits for land development projects, effectively manage and allocate resources to new business initiatives, attract and retain skilled personnel with expertise in diversified land usage and real estate development, navigate potential market fluctuations and economic conditions, maintain strong relationships with lenders and continue to satisfy covenants and conditions under current loan agreements and address potential environmental and zoning issues, and other challenges inherent in real estate development; our ability to increase our revenues from land usage and real estate development; adverse weather conditions, natural disasters and other natural conditions, including the effects of climate change and hurricanes and tropical storms; risks related to our expected significant revenue shift to real estate development and diversified farming operations; our ability to effectively perform grove management services, or to effectively manage our portfolio of groves; water use regulations restricting our access to water; changes in immigration laws; harm to our reputation; tax risks associated with a Section 1031 Exchange; risks associated with the undertaking of one or more significant corporate transactions; the seasonality of our citrus business; fluctuations in our earnings due to market supply and prices and demand for our products; climate change, or legal, regulatory, or market measures to address climate change; Environmental, Social and Governance issues, including those related to climate change and sustainability; increases in labor, personnel and benefits costs; increases in commodity or raw product costs, such as fuel and chemical costs; transportation risks; any change or the classification or valuation methods employed by county property appraisers related to our real estate taxes; liability for the use of fertilizers, pesticides, herbicides and other potentially hazardous substances; compliance with applicable environmental laws; loss of key employees; material weaknesses and other control deficiencies relating to our internal control over financial reporting; macroeconomic conditions, such as rising inflation, changes in trade policies and the imposition of tariffs, and the deadly conflicts in Ukraine and Israel; system security risks, data protection breaches, cybersecurity incidents and systems integration issues; our indebtedness and ability to generate sufficient cash flow to service our debt obligations; higher interest expenses as a result of variable rates of interest for our debt; our ability to continue to pay cash dividends; and certain of the other factors described under the sections "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" to be included in our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2025 filed with the Securities and Exchange Commission (the “SEC”) on August 12, 2025. Except as required by law, we do not undertake an obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

Investor Contact:
John Mills
ICR
(646) 277-1254
InvestorRelations@alicoinc.com

Brad Heine
Chief Financial Officer
(239) 226-2000
bheine@alicoinc.com

Source: Alico, Inc.

Alico to Present at the LD Micro Main Event XIX

Fri, 03 Oct 2025 08:30:00 -0400

FORT MYERS, Fla., Oct. 03, 2025 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or the “Company”) (Nasdaq: ALCO) today announced that John Kiernan, the Company’s President and Chief Executive Officer, will present and host one-on-one meetings with investors at the 19^th annual Main Event, taking place on October 19-21^st of 2025 at the Hotel del Coronado in San Diego, CA.

The presentation will begin at 2:30 PM ET on Monday, October 20^th, 2025 and can be accessed live here. Management will also host one-on-one meetings with investors on Monday, October 20^th and Tuesday, October 21^st, 2025. To register for the presentation or one-on-one meeting, visit here.

Summary of LD Micro Main Event XIX

The 2025 LD Micro Main Event XIX will run from October 19th to the 21st at the Hotel del Coronado in San Diego, California. The first day will consist of registration, keynote speakers, and some gorgeous views of the Pacific. It will be followed by two full days of company presentations and one-on-one investor meetings concluded with a closing reception. This three-day event will feature around 120 companies, presenting in half-hour increments, and attending private meetings with investors.

About Alico

Alico, Inc. (Nasdaq: ALCO) is a Florida-based agribusiness and land management company with over 125 years of experience. Following its strategic transformation in 2025, Alico operates as a diversified land company with approximately 51,300 acres across 8 Florida counties. The Company focuses on strategic land development opportunities and diversified agricultural operations, leveraging its extensive land portfolio to create long-term shareholder value while maintaining its commitment to responsible land stewardship and conservation. Learn more about Alico at www.alicoinc.com.

About LD Micro

LD Micro is dedicated to being the definitive resource in the small-cap space. From its industry-recognized index and robust data to hosting some of the most influential events each year, LD Micro’s mission is to provide unparalleled access and insight for those seeking the next generation of great companies. To learn more about LD Micro, visit: http://www.ldmicro.com

Investor Contact:
John Mills
ICR
(646) 277-1254
InvestorRelations@alicoinc.com

Brad Heine
Chief Financial Officer
(239) 226-2000
bheine@alicoinc.com

Source: Alico, Inc.

Alico, Inc. Announces Amendment to its Revolving Line of Credit with MetLife

Wed, 01 Oct 2025 16:05:00 -0400

FORT MYERS, Fla., Oct. 01, 2025 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico” or “the Company”) (Nasdaq: ALCO) today announced that effective September 29, 2025, it has amended its Credit Agreement (the “Amendment”) with MetLife Investment Management, LLC for each of Metropolitan Life Insurance Company and New England Life Insurance Company (collectively “MetLife”), which, among other things, provides for $10 million of additional fixed rate borrowings. The proceeds of these borrowings were used to retire all of the Company’s existing indebtedness with Prudential Mortgage Capital Company, LLC (“Prudential”).

John Kiernan, President and Chief Executive Officer of the Company, stated, “This refinancing transaction further strengthens our balance sheet and enhances our financial flexibility by eliminating $1.16 million of annual mandatory principal payments on the Prudential debt and extending the maturity of these borrowings under the MetLife agreement to May 1, 2034. We believe the completion of this financing, combined with our existing revolving credit facility with MetLife, positions Alico with a solid capital structure to support our operations and strategic objectives. We appreciate MetLife's continued partnership and their confidence in our business as we work together to optimize our financial foundation for long-term success."

About Alico

Alico, Inc. (Nasdaq: ALCO) is a Florida-based agribusiness and land management company with over 125 years of experience. Following its strategic transformation in 2025, Alico operates as a diversified land company with approximately 51,300 acres across 8 Florida counties. The Company focuses on strategic land development opportunities and diversified agricultural operations, leveraging its extensive land portfolio to create long-term shareholder value while maintaining its commitment to responsible land stewardship and conservation. Learn more about Alico at www.alicoinc.com.

Forward-Looking Statements

These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including, but not limited to: our implementation of our planned Strategic Transformation; our plan to wind down our citrus production operations to focus on our long-term diversified land usage and real estate development strategy; our ability to secure necessary regulatory approvals and permits for land development projects, effectively manage and allocate resources to new business initiatives, attract and retain skilled personnel with expertise in diversified land usage and real estate development, navigate potential market fluctuations and economic conditions, maintain strong relationships with lenders and continue to satisfy covenants and conditions under current loan agreements and address potential environmental and zoning issues, and other challenges inherent in real estate development; our ability to increase our revenues from land usage and real estate development; adverse weather conditions, natural disasters and other natural conditions, including the effects of climate change and hurricanes and tropical storms; risks related to our expected significant revenue shift to real estate development and diversified farming operations; our ability to effectively perform grove management services, or to effectively manage our portfolio of groves; water use regulations restricting our access to water; changes in immigration laws; harm to our reputation; tax risks associated with a Section 1031 Exchange; risks associated with the undertaking of one or more significant corporate transactions; the seasonality of our citrus business; fluctuations in our earnings due to market supply and prices and demand for our products; climate change, or legal, regulatory, or market measures to address climate change; Environmental, Social and Governance issues, including those related to climate change and sustainability; increases in labor, personnel and benefits costs; increases in commodity or raw product costs, such as fuel and chemical costs; transportation risks; any change or the classification or valuation methods employed by county property appraisers related to our real estate taxes; liability for the use of fertilizers, pesticides, herbicides and other potentially hazardous substances; compliance with applicable environmental laws; loss of key employees; material weaknesses and other control deficiencies relating to our internal control over financial reporting; macroeconomic conditions, such as rising inflation, changes in trade policies and the imposition of tariffs, and the deadly conflicts in Ukraine and Israel; system security risks, data protection breaches, cybersecurity incidents and systems integration issues; our indebtedness and ability to generate sufficient cash flow to service our debt obligations; higher interest expenses as a result of variable rates of interest for our debt; our ability to continue to pay cash dividends; and certain of the other factors described under the sections "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" to be included in our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2025 filed with the Securities and Exchange Commission (the “SEC”) on August 12, 2025. Except as required by law, we do not undertake an obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

Investor Contact:
John Mills
ICR
(646) 277-1254
InvestorRelations@alicoinc.com

Brad Heine
Chief Financial Officer
(239) 226-2000
bheine@alicoinc.com

Source: Alico, Inc.

Alico, Inc. Announces Financial Results for the Third Quarter Ended June 30, 2025

Tue, 12 Aug 2025 16:05:00 -0400

Company Completes Final Major Citrus Harvest as Strategic Transformation to Diversified Land Company Continues

Company Reports $9.3 Million in Third Quarter Asset Sales; Exceeding its Land Sales Target

Crop Insurance Recovery of $16.0 Million Contributes to Robust $42.1 Million Cash Position and Strong Liquidity Profile to Execute Strategic Transformation Strategy

FORT MYERS, Fla., Aug. 12, 2025 (GLOBE NEWSWIRE) -- Alico, Inc. (“Alico”, the “Company”, “we”, “us” or “our”) (Nasdaq: ALCO) today announced financial results for the third quarter ended June 30, 2025.

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.”


Results of Operations for the Third Quarter and Year to Date 2025:

(in thousands, except for per share amounts and percentages)
	(Unaudited)									(Unaudited)
	Three Months Ended June 30,									Nine Months Ended June 30,
		2025			2024		% Change				2025			2024		% Change
Revenue	$	8,390		$	13,610			(38.4	)%	$	43,264		$	45,708			(5.3	)%
Net (loss) income attributable to Alico, Inc. common stockholders	$	(18,289	)	$	(2,044	)		(794.8	)%	$	(138,841	)	$	25,097			NM
(Loss) earnings per diluted common share	$	(2.39	)	$	(0.27	)		(785.2	)%	$	(18.18	)	$	3.29			NM
EBITDA ⁽¹⁾	$	19,204		$	1,343			NM		$	(2,210	)	$	48,686			(104.5	)%
Adjusted EBITDA ⁽¹⁾	$	19,273		$	1,343			NM		$	25,330		$	48,686			(48.0	)%
Net cash provided by (used in) operating activities	$	23,412		$	1,021			NM		$	22,841		$	(18,720	)		222.0	%

	June 30, 2025			September 30, 2024			$ Change						June 30, 2025			September 30, 2024
	(Unaudited)												(Unaudited)
Balance Sheet Items
Cash and cash equivalents	$	42,073		$	3,150		$	38,923		Current ratio				9.37 to 1			3.81 to 1
Current portion of long-term debt	$	1,410		$	1,410		$	—		Net Debt ⁽¹⁾			$	43,157		$	88,967
Long-term debt, net	$	81,320		$	82,313		$	(993	)
Lines of credit	$	2,500		$	8,394		$	(5,894	)
Total Alico stockholders’ equity	$	111,731		$	251,159		$	(139,428	)

(1) “EBITDA,” “Adjusted EBITDA” and “Net Debt” are non-GAAP financial measures. See “Non-GAAP Financial Measures” at the end of this earnings release for details regarding these measures, including reconciliations of the Non-GAAP Financial Measures to their most directly comparable GAAP measures.
NM - Not Meaningful

For the three months ended June 30, 2025 and 2024, the Company reported a net loss attributable to Alico common stockholders of $18.3 million and $2.0 million, respectively. The increase in our net loss attributable to Alico common stockholders for the three months ended June 30, 2025 was principally the result of approximately $40.7 million of accelerated depreciation principally related to our citrus trees as a result of the announcement of our Strategic Transformation and the decision to wind down our Citrus Operations, as well as lower revenues due to the impact of Hurricane Milton in October 2024, partially offset by crop insurance proceeds of $16.0 million in the current quarter, as compared to the three months ended June 30, 2024. This was partially offset by a tax benefit of $7.8 million for the three months ended June 30, 2025, as compared to a $0.9 million tax benefit for the three months ended June 30, 2024. For the three months ended June 30, 2025, the Company had a loss of $2.39 per basic and diluted common share, compared to a loss of $0.27 per basic and diluted common share for the three months ended June 30, 2024.

For the three months ended June 30, 2025 and 2024, the Company had EBITDA of $19.2 million and $1.3 million, respectively. For the three months ended June 30, 2025 and 2024 the Company had Adjusted EBITDA of $19.3 million and $1.3 million, respectively

These quarterly financial results also reflect the seasonal nature of the Company’s business. The majority of the Company’s citrus crop is typically harvested in the second and third quarters of the fiscal year; consequently, most of the Company’s gross profit and cash flows from operating activities has been recognized in those quarters in the past. However, due to the timing of the previous year harvest, more of the citrus crop was harvested in the first and second quarters of the previous fiscal year. Furthermore, the Company’s working capital requirements are typically greater in the first and fourth quarters of the fiscal year; however, as the harvest cycles have moved, our working capital requirements have been greater in the third and fourth quarters of the fiscal year. In light of the Strategic Transformation, we have decided not to allocate additional material capital to our citrus operations. As a result, we expect these seasonal patterns to diminish as we wind down those operations.

Business Segment Results

Alico Citrus

Citrus production for the three and nine months ended June 30, 2025 and 2024 is summarized in the following table.


(in thousands, except per box and per pound solids data)
	Three Months Ended June 30,				Change					Nine Months Ended June 30,				Change
		2025		2024	Unit			%			2025		2024	Unit			%
Boxes Harvested:
Early and Mid-Season		—		—		—		NM			944		1,194		(250	)	(20.9	)%
Valencias		420		843		(423	)	(50.2	)%		1,305		1,855		(550	)	(29.6	)%
Total Processed		420		843		(423	)	(50.2	)%		2,249		3,049		(800	)	(26.2	)%
Fresh Fruit		—		—		—		NM			37		35		2		5.7	%
Total		420		843		(423	)	(50.2	)%		2,286		3,084		(798	)	(25.9	)%
Pound Solids Produced:
Early and Mid-Season		—		—		—		NM			4,224		5,364		(1,140	)	(21.3	)%
Valencias		2,134		4,294		(2,160	)	(50.3	)%		6,622		9,365		(2,743	)	(29.3	)%
Total		2,134		4,294		(2,160	)	(50.3	)%		10,846		14,729		(3,883	)	(26.4	)%
Pound Solids per Box:
Early and Mid-Season		—		—		—		NM			4.47		4.49		(0.02	)	(0.4	)%
Valencias		5.08		5.09		(0.01	)	(0.3	)%		5.07		5.05		0.02		0.3	%
Price per Pound Solids:
Early and Mid-Season	$	—	$	—	$	—		NM		$	3.69	$	2.71	$	0.98		36.2	%
Valencias	$	3.65	$	2.84	$	0.81		28.5	%	$	3.64	$	2.87	$	0.77		26.8	%

NM = Not Meaningful

For the three and nine months ended June 30, 2025, Alico Citrus harvested approximately 2.1 million and 10.8 million pound solids of fruit, compared to 4.3 million and 14.7 million pound solids of fruit in the same period in the prior fiscal year. The decrease in pound solids harvested was driven by fruit drop caused by Hurricane Milton, which hit Florida in October of 2024.

Our blended price per pound solids for the three and nine months ended June 30, 2025 increased $0.81 and $0.85, respectively, as compared to the same periods of the prior year, as a result of more favorable pricing in one of our then-existing contracts with Tropicana.

Land Management and Other Operations

Land Management and Other Operations includes lease income from grazing rights leases, hunting leases, a farm lease, a lease to a third party of an aggregate mine, leases of oil extraction rights to third parties, and other miscellaneous income.

Land Management and Other Operations revenue for the three and nine months ended June 30, 2025 increased 56.8% and 68.3%, respectively, as compared to the same periods in the prior year, principally due to an increase in rock and sand royalty income and sod sales, partially offset by lower farm, grazing and hunting lease revenues due to the sale of the Alico Ranch.

The increase in operating expenses from Land Management and Other Operations for the three months ended June 30, 2025 of 69.0%, as compared to the three months ended June 30, 2024 is primarily due to an increase in Sod sales, while the decrease in operating expenses for the nine months ended June 30, 2025 of 32.7%, as compared to the nine months ended June 30, 2024, was primarily due to lower property and real estate taxes as a result of the sale of the Alico Ranch.

Other Corporate Financial Information

General and administrative expense increased $0.4 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. The increase was primarily due to the acceleration of depreciation on certain administrative assets, higher employee costs (as a result of higher bonus accruals) and higher legal fees related to the Strategic Transformation.

General and administrative expense increased $0.8 million for the nine months ended June 30, 2025 as compared to the nine months ended June 30, 2024 due to the acceleration of depreciation on certain administrative assets and an increase in legal fees, both related to our Strategic Transformation, partially offset by lower employee costs related to paid time off and bonus accruals.

Other income (expense), net for the three months ended June 30, 2025 increased $0.8 million compared to the three months ended June 30, 2024, driven by the sale of approximately 694 acres of land and a gain of approximately $1.3 million from the sale of equipment and vehicles, as compared to the quarter ended June 30, 2024, when we sold 798 acres of land.

Other income (expense), net for the nine months ended June 30, 2025 decreased $60.0 million compared to the nine months ended June 30, 2024, principally as a result of fewer acres of land being sold during the nine months ended June 30, 2025, as compared to the prior year period, when we sold the Alico Ranch to the State of Florida.

Dividend

On July 11, 2025, the Company paid a third quarter cash dividend of $0.05 per share on its outstanding common stock to stockholders of record as of June 27, 2025.

Balance Sheet and Liquidity

The Company continues to demonstrate financial strength within its balance sheet, as highlighted below:

The Company’s working capital was $50.0 million at June 30, 2025, representing a 9.37 to 1.00 current ratio.
Total debt was $85.2 million and net debt was $43.2 million at June 30, 2025, compared to $92.1 million and $89.0 million, respectively, at September 30, 2024.
Available borrowings under the Company’s line of credit were approximately $92.5 million at June 30, 2025.
The Company's Minimum Liquidity Requirement under its Credit Agreement was $7.4 million at June 30, 2025.

Real Estate Development or Land Development

In March 2025, the Company announced the creation of Corkscrew Grove Villages located on approximately 4,660 acres at the northwest corner of Collier County on the border of Lee and Hendry counties. As envisioned, Corkscrew Grove Villages will not only provide future residents with ample opportunities to live, work and play in a growing part of Collier County, but will also enhance public infrastructure, permanently protect thousands of acres of sensitive land, and enhance wetlands and water resources. The villages will provide significant economic benefit to the region, and improvements will come at no additional cost to Collier County taxpayers. This plan consists of two 1,500-acre villages accompanied by more than 6,000 acres of permanent conservation areas. There could be approximately 9,000 homes in total, or 4,500 homes per village. Offerings will include a variety of options suitable for working families, essential workers and retirees. Corkscrew Grove Villages will also include approximately 375 affordable housing units per village, ensuring that the local essential workforce will be able to live and work in Collier County. With approximately 560,000 square feet in total commercial space, or 280,000 square feet per village, Corkscrew Grove Villages will offer a dynamic blend of retail, dining, office, medical and light industrial opportunities. Designed as a complete, connected community, Alico is thoughtfully integrating residential, commercial and civic spaces to create a place where people can live and work, all while easing traffic congestion and enhancing convenience. Collier County and Southwest Florida continue to experience significant growth, particularly in eastern Collier County. Corkscrew Grove is ideally situated at the intersection of Collier, Lee and Hendry counties, providing future residents with easy access Naples, Fort Myers, Miami and Tampa through links to I-75 in Collier and Lee counties and State Road 80 in Hendry County.

Alico launched its multi-year entitlement approval effort for Corkscrew Grove Villages by submitting an application to Collier County for local approval for the first of two villages. While the long-term vision for Corkscrew Grove Villages includes two villages, Alico’s current application with Collier County only seeks approval for the East Village as a first step. This process is anticipated to take approximately one year, with the final decision by the Collier Board of County Commissioners expected in 2026. Additionally, Alico has also submitted permits to the South Florida Water Management District and the U.S. Army Corps of Engineers for both villages. Construction on the first village could begin in 2028 or 2029 if all approvals are granted.

As part of the Company’s long-term planning efforts, Alico took the proactive step in January 2025 to seek legislative approval from the Florida Legislature to establish the Corkscrew Grove Stewardship District. Upon becoming law, the Corkscrew Grove Stewardship District will assist Alico in its efforts to effectively finance infrastructure, help restore and manage natural areas and oversee the administration of the master planned communities and lands within the District. Stewardship districts like the one being proposed by Alico are independent special districts authorized to plan finance, construct, operate and maintain public infrastructure in planned developments. These kinds of districts are common, and are used in a variety of communities, such as Ave Maria and Lakewood Ranch, to support high-quality and efficient infrastructure. Stewardship districts are created around the concept of growth paying for itself.

Alico’s regional conservation strategy is also consistent with the Collier Rural Land Stewardship Area (RLSA). The RLSA is a planning and zoning overlay district approved by Collier County in 2002 for approximately 185,000 acres of land in eastern Collier County. The RLSA is an innovative, incentive-based approach to planning and implementing sustainable long-term growth in rural regions. The program has received national recognition and served as a model for rural lands stewardship program elsewhere in Florida. Specifically, both Stewardship Sending Area 11 and SSA 22 permanently preserve significant segments of the Florida Wildlife Corridor, with SSA 22 adding 1,295 acres and being approximately 2.8 miles long, north to south, and more than 1.8 miles wide at its widest point with an average width of 0.7 miles. This critical portion of the Florida Wildlife Corridor will be added at no cost to the taxpayer.

Fiscal Year 2025 Guidance

The Company completed its last significant citrus harvest in April 2025.

The Company has exceeded its $20 million land sales guidance for fiscal year 2025.

The Company expects to end fiscal year 2025 with enough cash to meet its operating expenses through fiscal year 2027.

The Company expects to realize in fiscal year 2025 Adjusted EBITDA of approximately $20 million and end the fiscal year with cash of approximately $25 million and net debt of approximately $60 million, with only the minimum required balance of $2.5 million on its revolving line of credit.

Conference Call Information

The Company will host a conference call to discuss its financial results on August 13, 2025, at 8:30 am Eastern Time. Interested parties may join the conference call by dialing 1-800-267-6316 in the United States and 1-203-518-9783 from outside of the United States. The participant identification to join the conference call is “ALICO”. A telephone replay will be available approximately three hours after the call concludes, and will be available through August 27, 2025. Listeners in the United States may dial 1-844-512-2921 and international listeners may dial 1-412-317-6671. The passcode for the playback is 11159421.

About Alico

Alico, Inc. (Nasdaq: ALCO) is a Florida-based agribusiness and land management company with over 125 years of experience. Following its strategic transformation in 2025, Alico operates as a diversified land company with approximately 51,300 acres across 8 Florida counties. The Company focuses on strategic land development opportunities and diversified agricultural operations, leveraging its extensive land portfolio to create long-term shareholder value while maintaining its commitment to responsible land stewardship and conservation. Learn more about Alico at www.alicoinc.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding the Company’s expectations with respect to its Strategic Transformation, anticipated Adjusted EBITDA, cash flow and cash reserves, debt and net debt for and at the end of fiscal year 2025, ability to meet its operating expenses through fiscal year 2027, future use and estimated value of the Company’s land holdings, expected future profitable growth, proceeds from land sales in 2025, plans to pursue commercial and residential development, including with respect to the Corkscrew Grove Villages and any other statements relating to our future activities or other future events or conditions. These statements are based on our current expectations, estimates and projections about our business based, in part, on assumptions made by our management and can be identified by terms such as “if,” “will,” “should,” “expects,” “plans,” “hopes,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions.

These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors, including, but not limited to: our implementation of our planned Strategic Transformation; our plan to wind down our citrus production operations to focus on our long-term diversified land usage and real estate development strategy; our ability to secure necessary regulatory approvals and permits for land development projects, effectively manage and allocate resources to new business initiatives, attract and retain skilled personnel with expertise in diversified land usage and real estate development, navigate potential market fluctuations and economic conditions, maintain strong relationships with lenders and continue to satisfy covenants and conditions under current loan agreements and address potential environmental and zoning issues, and other challenges inherent in real estate development; our ability to increase our revenues from land usage and real estate development; adverse weather conditions, natural disasters and other natural conditions, including the effects of climate change and hurricanes and tropical storms; risks related to our expected significant revenue shift to real estate development and diversified farming operations; our ability to effectively perform grove management services, or to effectively manage our portfolio of groves; water use regulations restricting our access to water; changes in immigration laws; harm to our reputation; tax risks associated with a Section 1031 Exchange; risks associated with the undertaking of one or more significant corporate transactions; the seasonality of our citrus business; fluctuations in our earnings due to market supply and prices and demand for our products; climate change, or legal, regulatory, or market measures to address climate change; Environmental, Social and Governance issues, including those related to climate change and sustainability; increases in labor, personnel and benefits costs; increases in commodity or raw product costs, such as fuel and chemical costs; transportation risks; any change or the classification or valuation methods employed by county property appraisers related to our real estate taxes; liability for the use of fertilizers, pesticides, herbicides and other potentially hazardous substances; compliance with applicable environmental laws; loss of key employees; material weaknesses and other control deficiencies relating to our internal control over financial reporting; macroeconomic conditions, such as rising inflation and the deadly conflicts in Ukraine and Israel; system security risks, data protection breaches, cybersecurity incidents and systems integration issues; our indebtedness and ability to generate sufficient cash flow to service our debt obligations; higher interest expenses as a result of variable rates of interest for our debt; our ability to continue to pay cash dividends; and certain of the other factors described under the sections "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" to be included in our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2025 that will be filed with the Securities and Exchange Commission (the “SEC”). Except as required by law, we do not undertake an obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

Investor Contact:

John Mills
ICR
(646) 277-1254
InvestorRelations@alicoinc.com

Brad Heine
Chief Financial Officer
(239) 226-2000
bheine@alicoinc.com


ALICO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts)

	June 30, 2025			September 30, 2024
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	42,073		$	3,150
Accounts receivable, net		1,610			771
Inventories		2,995			30,084
Income tax receivable		1,062			1,958
Assets held for sale		6,659			3,106
Prepaid expenses and other current assets		1,558			1,558
Total current assets		55,957			40,627
Restricted cash		762			248
Property and equipment, net		149,460			352,733
Goodwill		2,246			2,246
Other non-current assets		2,135			2,865
Total assets	$	210,560		$	398,719

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	916		$	3,362
Accrued liabilities		3,313			5,366
Current portion of long-term debt		1,410			1,410
Other current liabilities		330			513
Total current liabilities		5,969			10,651
Long-term debt, net		81,320			82,313
Lines of credit		2,500			8,394
Deferred income tax liabilities, net		4,004			40,873
Other liabilities		67			193
Total liabilities		93,860			142,424

Stockholders’ equity:
Preferred stock, no par value, 1,000,000 shares authorized; none issued		—			—
Common stock, $1.00 par value, 15,000,000 shares authorized; 8,416,145 shares issued and 7,642,085 and 7,628,639 shares outstanding at June 30, 2025 and September 30, 2024, respectively		8,416			8,416
Additional paid in capital		20,333			20,184
Treasury stock, at cost, 774,060 and 787,506 shares held at June 30, 2025 and September 30, 2024, respectively		(26,284	)		(26,694	)
Retained earnings		109,266			249,253
Total Alico stockholders’ equity		111,731			251,159
Noncontrolling interest		4,969			5,136
Total stockholders’ equity		116,700			256,295
Total liabilities and stockholders’ equity	$	210,560		$	398,719

ALICO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share amounts)

	Three Months Ended June 30,						Nine Months Ended June 30,
		2025			2024			2025			2024
Operating revenues:
Alico Citrus	$	7,805		$	13,237		$	41,384		$	44,591
Land Management and Other Operations		585			373			1,880			1,117
Total operating revenues		8,390			13,610			43,264			45,708
Operating expenses:
Alico Citrus		36,304			17,813			229,022			82,062
Land Management and Other Operations		142			84			233			346
Total operating expenses		36,446			17,897			229,255			82,408
Gross loss		(28,056	)		(4,287	)		(185,991	)		(36,700	)
General and administrative expenses		2,867			2,441			8,841			8,034
Loss from operations		(30,923	)		(6,728	)		(194,832	)		(44,734	)
Other income, net:
Interest income		153			95			259			345
Interest expense		(907	)		(628	)		(2,964	)		(2,896	)
Gain on sale of property and equipment		5,553			4,491			21,400			81,520
Other income, net		—			—			255			—
Total other income, net		4,799			3,958			18,950			78,969
(Loss) income before income taxes		(26,124	)		(2,770	)		(175,882	)		34,235
Income tax (benefit) provision		(7,800	)		(861	)		(36,874	)		9,721
Net (loss) income		(18,324	)		(1,909	)		(139,008	)		24,514
Net (loss) income attributable to noncontrolling interests		35			(135	)		167			583
Net (loss) income attributable to Alico, Inc. common stockholders	$	(18,289	)	$	(2,044	)	$	(138,841	)	$	25,097
Per share information attributable to Alico, Inc.
(Loss) earnings per common share:
Basic	$	(2.39	)	$	(0.27	)	$	(18.18	)	$	3.29
Diluted	$	(2.39	)	$	(0.27	)	$	(18.18	)	$	3.29
Weighted-average number of common shares
Basic		7,641			7,624			7,637			7,620
Diluted		7,641			7,624			7,637			7,620

Cash dividends declared per common share	$	0.05		$	0.05		$	0.15		$	0.15

ALICO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands)

	Nine Months Ended June 30,
		2025			2024
Net cash provided by (used in) operating activities
Net (loss) income	$	(139,008	)	$	24,514
Adjustments to reconcile net (loss) income to net cash provided by (used
Depreciation, depletion and amortization		170,800			11,317
Amortization of debt issue costs		127			176
Gain on sale of property and equipment		(21,400	)		(81,520	)
Impairment of long-lived assets		24,966			—
Loss on disposal of long-lived assets		780			6,213
Inventory net realizable value adjustment		9,895			28,549
Deferred income tax (benefit) provision		(36,869	)		458
Stock-based compensation expense		559			544
Other		(390	)		55
Changes in operating assets and liabilities:
Accounts receivable		(839	)		(3,800	)
Inventories		17,194			(12,624	)
Prepaid expenses		—			76
Income tax receivable		896			1,200
Other assets		10			(46	)
Accounts payable and accrued liabilities		(4,048	)		(843	)
Income taxes payable		—			7,171
Other liabilities		168			(160	)
Net cash provided by (used in) operating activities		22,841			(18,720	)

Cash flows from investing activities:
Purchases of property and equipment		(4,049	)		(15,931	)
Net proceeds from sale of property and equipment		28,172			86,394
Notes receivable		570			—
Change in deposits on purchase of citrus trees		—			(375	)
Net cash provided by investing activities		24,693			70,088

Cash flows from financing activities:
Repayments on revolving lines of credit		(25,194	)		(44,032	)
Borrowings on revolving lines of credit		19,300			19,310
Principal payments on term loans		(1,057	)		(20,089	)
Dividends paid		(1,146	)		(1,143	)
Net cash used in financing activities		(8,097	)		(45,954	)

Net increase in cash and cash equivalents and restricted cash		39,437			5,414
Cash and cash equivalents and restricted cash at beginning of the period		3,398			3,692

Cash and cash equivalents and restricted cash at end of the period	$	42,835		$	9,106

Supplemental disclosure of cash flow information
Cash paid for interest, net of amounts capitalized	$	2,844		$	3,337
Cash (received) paid for income taxes, net of refunds	$	(900	)	$	890

Non-cash investing and financing activities:
Dividends declared but unpaid	$	382		$	381
Assets received in exchange for services	$	—		$	85
Trees delivered in exchange for prior tree deposits	$	—		$	377

Non-GAAP Financial Measures

In addition to the measurements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), Alico utilizes EBITDA, Adjusted EBITDA and Net Debt, which are non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K, to evaluate the performance of its business, in the case of EBITDA and Adjusted EBITDA, and liquidity, in the case of Net Debt, of its business. Beginning with this reporting period, we have revised the calculation of Adjusted EBITDA to better reflect the underlying performance of the business in light of the Strategic Transformation and changes to our model and operating strategy. Specifically, we now adjust for impairment of long-lived assets and restructuring and other charges, and have determined not to adjust for inventory net realizable value, gain or sale of property and equipment, or other historical adjustments. Prior periods in 2024 presented below have been recast to conform to the current period presentation. This change increases Adjusted EBITDA by $4.6 million and $61.2 million for the three and nine months ended June 30, 2024, respectively. As we advance our long-term diversified land and real estate strategy, we believe that this change provides a clearer view of our core operating results.

Due to significant depreciable assets associated with the nature of our operations and, to a lesser extent, interest costs associated with our capital structure, management believes that EBITDA, Adjusted EBITDA and Net Debt are important measures to evaluate our results of operations between periods on a more comparable basis and to help investors analyze underlying trends in our business, evaluate the performance, in the case of EBITDA, Adjusted EBITDA, and liquidity, in the case of Net Debt, of our business both on an absolute basis and relative to our peers and the broader market, provide useful information to both management and investors by excluding certain items that may not be indicative of our core operating results and operational strength of our business and help investors evaluate our ability to service our debt. Such measurements are not prepared in accordance with U.S. GAAP and should not be construed as an alternative to reported results determined in accordance with U.S. GAAP. The non-GAAP information provided is unique to Alico and may not be consistent with methodologies used by other companies. EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, depletion and amortization. Adjusted EBITDA is defined as EBITDA as further adjusted for impairment of long-lived assets and restructuring and other charges. Net Debt is defined as Current portion of long-term debt, Long-term debt, net and Lines of credit, less cash. We are unable to provide a reconciliation of Adjusted EBITDA to net (loss) income attributable to Alico, Inc. common stockholders for the year ended September 30, 2025 as the adjustments are not within our control or cannot be reasonably predicted without unreasonable effort.


EBITDA and Adjusted EBITDA

(in thousands)	(Unaudited)						(Unaudited)
	Three Months Ended June 30,						Nine Months Ended June 30,
		2025			2024			2025			2024
Net (loss) income attributable to Alico, Inc. common stockholders	$	(18,289	)	$	(2,044	)	$	(138,841	)	$	25,097
Interest expense, net		754			533			2,705			2,551
Income tax (benefit) provision		(7,800	)		(861	)		(36,874	)		9,721
Depreciation, depletion and amortization		44,539			3,715			170,800			11,317
EBITDA	$	19,204		$	1,343		$	(2,210	)	$	48,686

Non-GAAP Adjustments:
Impairment of long-lived assets		—			—			24,966			—
Restructuring and other charges		69			—			2,574			—
Adjusted EBITDA	$	19,273		$	1,343		$	25,330		$	48,686

Net Debt

(in thousands)	(Unaudited)						(Forecasted)
	June 30, 2025			September 30, 2024			September 30, 2025
Current portion of long-term debt	$	1,410		$	1,410		$	1,410
Long-term debt, net		81,320			82,313			80,949
Lines of credit		2,500			8,394			2,500
Total Debt		85,230			92,117			84,859
Less: Cash and cash equivalents		(42,073	)		(3,150	)		(25,000	)
Net Debt	$	43,157		$	88,967		$	59,859

Source: Alico, Inc.