Latest news with #JohnKiernan
Forbes
3 days ago
- Business
- Forbes
Tariffs And Inflation Affect Summer Travel Plans, New Survey Says
Nearly half of Americans say President Trump's tariffs will affect their summer travel plans, a new survey says. (Photo by) Getty Images As the summer travel season looms, nearly half of Americans say President Trump's tariffs are disrupting their travel plans, according to a new consumer survey. The survey done by personal-finance website WalletHub reveals that 45% of Americans say tariffs are affecting their travel plans, while 63% say inflation is affecting such plans. Survey respondents could select more than one reason. The survey also finds that 70% of Americans are concerned that a weakening dollar will affect the ability to travel internationally. 'Consumers have concerns about the current economic landscape, including its impact on summer travel heading into vacation season,' says John Kiernan, WalletHub's editor. It's understandable that nearly half the people surveyed say tariffs are affecting travel plans, considering the tariffs are 'coming on the heels of years of inflation,' he says. The survey also reveals that nearly 2 of every 3 Americans plan to spend less money this summer than last summer. More than 40% of Americans plan to use credit card rewards to pay for a vacation this summer. Other survey findings: *Americans are still paying off past travel expenses. Nearly one of every five people still has credit card debt from a previous vacation. *Debt clouds Americans' summer fun. During vacation, 55% of people think about credit card bills that will arrive afterward. *Debt is preferable to missing a vacation. One of every five Americans say they would skip a credit card payment before skipping a vacation. 'Travel has become non-negotiable for many people—even when it means taking on debt or falling behind on payments,' Kiernan says. 'If you're determined to travel, I recommend exploring every possible way to save–from following a strict budget to getting a travel credit card with a big sign-up bonus. You'll enjoy your experience a lot more if you don't have to pay interest on your travel expenses for months or years.'
Yahoo
24-05-2025
- Business
- Yahoo
Diversified-Land Portfolio: Alico President & CEO John Kiernan, Live at Nasdaq
IPO Edge hosted a fireside chat on May 20 at Nasdaq MarketSite with John Kiernan, President and Chief Executive Officer of Alico, Inc. (Nasdaq: ALCO). The in-person interview was joined by Editor-at-Large Jarrett Banks and they discussed the company's strategic transformation to become a diversified land company with its properties expected to create profitable agricultural revenue opportunities that are not citrus-related, the development of master-planned communities, and more. Watch the interview below 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. is a Florida-based agribusiness and land management company with 125 years of experience. Alico owns approximately 54,000 acres of land and approximately 49,500 acres of oil, gas, & mineral rights in whole or part throughout Florida. Our main operations are focused around land management, including citrus cultivation, management of agricultural assets for third parties, and leases for grazing, farming, mining and real estate development. The company's common stock trades on the NASDAQ stock exchange under the symbol ALCO. Contact: Editor@ Twitter: @IPOEdge Instagram: @IPOEdge Sign in to access your portfolio
Yahoo
15-05-2025
- Business
- Yahoo
Veeco Announces Private Exchanges and Cancellation of Remaining 3.75% Convertible Notes due 2027
PLAINVIEW, N.Y., May 15, 2025 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (NASDAQ: VECO) (the 'Company' or 'Veeco') today announced that the Company completed separate exchange transactions (the 'Exchanges') pursuant to privately negotiated exchange agreements with the holders of all of its outstanding 3.75% Convertible Senior Notes due 2027 (the '2027 Notes'). 'Veeco has strengthened our balance sheet by proactively addressing our 2027 Notes following the settlement of our 2025 Notes at maturity in January,' said John Kiernan, Chief Financial Officer of Veeco. 'These transactions provide greater financial flexibility, in addition to reducing our ongoing interest expense and outstanding debt.' Prior to the Exchanges, the 2027 Notes had an aggregate principal amount of $25.0 million, representing approximately 1.8 million underlying shares of the Company's common stock based on the conversion ratio of 71.5372 shares per $1,000 principal amount of the 2027 Notes. In accordance with the terms of the Exchanges, the Company exchanged the 2027 Notes for an aggregate of approximately 1.6 million newly issued shares of its common stock and approximately $5.4 million in cash, inclusive of accrued and unpaid interest. The Exchanges were made pursuant to an exemption from registration provided in Section 4(a)(2) of the Securities Act of 1933, as amended. ICR Capital LLC acted as the Company's financial advisor. Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor process equipment. Our laser annealing, ion beam, single wafer etch & clean, lithography, and metal organic chemical vapor deposition (MOCVD) technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve. To learn more about Veeco's systems and service offerings, visit To the extent that this news release discusses expectations or otherwise makes statements about the future, such statements are forward-looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made. These factors include the risks discussed in the Business Description and Management's Discussion and Analysis sections of Veeco's Annual Report on Form 10-K for the year ended December 31, 2024 and in our subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and press releases. Veeco does not undertake any obligation to update any forward-looking statements to reflect future events or circumstances after the date of such statements. Veeco Contacts:Investors: Anthony Pappone | (516) 500-8798 | apappone@ Javier Banos | (516) 673-7328 | jbanos@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Business
- Yahoo
Q2 2025 Alico Inc Earnings Call
John Mills; Investor relations; Alico Inc John Kiernan; President, Chief Executive Officer, Director; Alico Inc Bradley Heine; Chief Financial Officer, Chief Accounting Officer; Alico Inc Brandon Rogers; Analyst; ROTH Capital Partners Operator (Operator Instructions). Good morning and welcome to Alico's second quarter 2025 earnings call. Currently, all participants are in a listen-only mode. As a reminder, today's conference is being recorded. I would now like to turn the call over to your host John Mills, managing partner at ICR. John Mills Good morning, everyone and thank you for joining us for Alico's second quarter fiscal year 2025 conference call. On the call today are John Kiernan, President and Chief Executive Officer, and Brad Heine, Chief Financial Officer. By now everyone should have access to the second quarter fiscal year 2025 earnings release, which went out yesterday at approximately 5 p.m. Eastern time. If you've not had a chance to view the release, it's available in the investor relations portion of the company's website at This call is being webcast, and a replay will be available on Alico's website as well. Before we begin, we'd like to remind everyone that the prepared remarks contain forward-looking statements. Such statements are subject to risk, uncertainties, and other factors that may cause the actual results to differ materially from those expressed or implied in these statements. Important factors that could cause or contribute to such differences include risks detailed in the company's quarterly report on Form 10-Q. Annual reports on Form 10-K, current reports on Form 8-K, and any amendments thereto filed with the SEC and those mentioned in the earnings release. The company undertakes no obligation to subsequently update or revise the forward-looking statements made on today's call, except as required by law. During this call, the company may also discuss non-GAAP financial measures including EBITDA, adjusted EBITDA, and net debt. For more details on these measures, please refer to the company's press release issued yesterday. And with that, it is my pleasure to turn the call of the company's President and CEO, Mr. John Kiernan. John Kiernan Thank you, John. Good morning, everyone, and thank you for joining us Alico's second quarter of fiscal year 2025 earnings call. I'd like to update you on the progress we've made in executing our strategic transformation since our announcement in January at the end of April, we completed our fiscal year 2025 harvest. Effectively concluding the majority of our capital investment in citrus operations. We will conduct a final harvest on the majority of the remaining 3,783 acres of operational citrus groves in fiscal year 2026. With this transition, we've reduced our workforce from approximately 200 employees to 25 employees, aligning our organizational structure with our transformed business model and significantly lowering operating expenses. On the land monetization front. We've completed the sale of 2,100 acres this year as part of our strategy to unlock the value of our substantial real estate portfolio. We previously announced our expectation to realize approximately $20 million in land sales this fiscal year based upon transactions that are under option agreements or have been negotiated and are expected to close this year. We are now raising our outlook to potentially have an additional $30 million of land sales or more this fiscal year, which would be a 150% increase from our prior guidance for fiscal year 2025 expected land sales. This acceleration in land sales could dramatically improve our annual adjusted EBITDA and strengthen our ability to return capital to shareholders. We've also been actively engaged with agricultural operators throughout Florida to diversify our remaining agricultural activities. These discussions have focused on potential sod production. Expanding sand mining activities and leases to grow seasonal crops such as corn, sugar cane, and a variety of fruits and vegetables. We have negotiated agreements to lease approximately 5,250 acres of different groves to third party citrus growers next season. We are also in discussions or under contract with other vegetable and fruit growers who are clearing as many as 1,000 acres for us this season in lieu of lease payments. Our entitlement work for our identified near-term development properties is progressing under the guidance of Mitch Hutchcraft, our Executive Vice President of Land Management. Mitch brings nearly four decades of experience and entitlement work throughout Florida. His deep expertise in navigating the complex rezoning and land use approval processes in Florida is invaluable as we work to unlock the development potential of our properties. The Corkscrew Grove villages development application we filed in March represents a significant milestone in our transformation. This property located in northwest Collier County at the strategic intersection of Collier, Lee, and Hendry counties. Is being planned for two mixed use master planned communities consisting of approximately 1,500 acres each. As envisioned, the project 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. We expect the East and West Villages will each accommodate approximately 4,500 homes 280,000 square feet of commercial space and approximately 70,000 square feet of civic amenities including village greens, trails, lakes, and preserves. We are thoughtfully integrating residential, commercial, and civic spaces to create a place where people can live and work, all while enhancing convenience and providing shopping alternatives for residents of eastern Lee County northern Collier and Southern Hendry. Our development application was submitted to Collier County for local approval for the first two villages. While the long term vision for Corkscrew villages includes two villages, our current application with Collier County only seeks approval for the East Village as the first step of a multi-phase project. This current process is anticipated to take approximately one year with the final decision expected in 2026. Additionally, we have also submitted applications to the South Florida Water Management District and the US Army Corps of Engineers for the entire Corkscrew village property construction on East Villages could begin in 2028 or 2029 if all approvals are granted. As part of the company's long-term planning efforts. We took the proactive step in January 2025 to seek legislative approval from the Florida legislature to establish the Corkscrew Grove stewardship District. Upon approval, the Corkscrew Grove Stewardship District will assist the Alico in its efforts to effectively finance infrastructure, help restore and manage natural areas and oversee the administration of the plaster planned communities and lands within the district. Importantly, our development approach incorporates strategies proposed by the Florida Wildlife Corridor and the Collier Rural Land Stewardship Area program with plans to enhance and preserve over 6,000 acres for wildlife corridors and regional connected habitat. This commitment to environmental stewardship reflects our long-standing role as responsible land managers. We are also advancing entitlement work for our Bonnet Lake, Saddlebag Grove, and Plant world properties which collectively represent additional development opportunities across different Florida counties. While the entitlement process involves many variables and stakeholders that can affect timing, we're taking a methodical approach to navigate these complexities. Collectively, these four near-term development properties totaling approximately 5,500 acres are estimated to be worth between $335 million and $380 million in present value dollars and could be realized within the next five years. This represents significant value for our shareholders from just 10% of our land holdings. To support our evolving business model, we recently amended our credit agreement effective March 31, 2025. This amendment adjusts certain financial covenants and reduces crop and tree insurance coverage requirements. Which is expected to result in cost savings while providing us with the flexibility needed to execute our transformation. We've also expanded our capital allocation strategy with the announcement of a $50 million share repurchase program. As our cash balance increases through land sales and the establishment of diversified agricultural operations. We plan to maintain a balanced approach to capital deployment, including our quarterly dividend, opportunistic share repurchases, and strategic debt reduction. With these strategic initiatives well underway, I'm pleased with the progress we've made in positioning Alico for sustainable long-term growth. To provide more detail on our financial performance and the impact of these transformative steps on our balance sheet. I will now turn it over to our CFO, Brad Heine. Bradley Heine Thank you, John. Good morning, everyone. The second fiscal quarter ended March 31, 2025. Revenue decreased 1% to $18 million compared to $18.1 million for the prior year period. For the six months ended March 31, 2025, revenue decreased 9% to $34.9 million. Compared to $32.1 million for the prior year period. For the 3 months and 6 months ended March 31, 2025, Alico citrus harvested approximately [4.7 million and 8.7 million pound solids of fruit respectively compared to 5.8 million and 10.4 million pound solids of fruit] in the same periods of the prior fiscal year. As expected, harvest volumes in 2025 were lower compared to 2024, driven by the impact of Hurricane Milton, which hit Florida in October of 2024. Alico's blended price per pound solids for the 3 months and 6 months ended March 31, 2025, increased $0.70 and $0.85 respectively as compared to the same period in the prior year as a result of more favorable pricing in one of our contracts with Tropicana. As John said, we completed our last major citrus harvest in April and have thus concluded the majority of our capital investment in our citrus operations. Land management and other operations revenue for the 3 months and 6 months ended March 31, 2025, increased 107% and 74% respectively as compared to the same periods in the prior year. The increase was primarily the result of an increase in rock and sand royalty income and so sales, partially offset by lower farming, grazing, and hunting lease revenues due to the sale of the Alico Ranch. Total operating expenses for the 3 months and 6 months that on March 31, 2025 were $167.7 million and $192.8 million respectively as compared to $36.3 million and $64.5 million in the same periods in the prior year. The increase in operating expenses was driven by approximately $118 million of non-cash accelerated depreciation as a result of our strategic transformation. And the decision to wind down our citrus operations as well as the impairment of our young trees which were not yet being depreciated and certain other assets that one of our grows of $25 million. General and administrative expenses for the three and six months ended March 31, 2025, increased $1.1 million and $0.4 million respectively as compared to the same periods in the prior year. The increase was primarily due to the accelerated depreciation on certain administrative assets and higher legal fees related to the strategic transformation. Other income expense net for the three months ended March 31, 2025, increased $15.3 million compared to the prior year period, driven by the sale of approximately 2,100 acres of land in the second quarter of 2025. Other income expense debt for the six months ended March 31, 2025 was a gain of $14.2 million compared to $75 million in the prior year period driven by the sale of the Alico Ranch to the state of Florida in the prior year. The three months ended March 31, 2025, and 2024, the company reported a net loss trivial to Alico Common's shareholders. Of $111.4 million and $15.8 million respectively, the increase in our net loss was principally the result of approximately $119 million of accelerated depreciation principally on citrus trees due to the strategic transformation and the decision to wind down our citrus operations, as well as the impairment of our young trees which were not yet being depreciated and the long-lived assets of one of our groves of $25 million. Partially offsetting this, land and equipment sales resulted in the gain of $15.8 million in the current quarter. This was partially offset by a tax benefit of $26.9 million for the three months ended March 31, 2025. For the three months ended March 31, 2025. The company had a loss of $14.58 per diluted common share compared to a loss of $2.07 per diluted common share for the three months ended March 31, 2024. The three months ended March 31, 2025. EBITDA was a loss of $14.7 million compared to a loss of $16.5 million for the three months ended March 31, 2024, and adjusted EBITDA of $12.7 million compared to a loss of $16.5 million for the three months ended March 31, 2024. Turning now to our balance sheet and liquidity. Cash and cash equivalents were $14.7 million as of March 31, 2025 compared to $3.2 million at the end of fiscal year 2024. Net cash used in operating activities was $0.6 million for the six months ended March 31, 2025 compared to $19.7 million for the six months ending March 31, 2024. At quarter end, we had approximately $88.5 million of remaining availability on our line of credit, and there were no significant debt maturities until 2029. Total debt was $89.6 million and net debt was $74.9 million as of March 31, 2025, compared to $92.1 million and $89 million respectively at the end of fiscal year 2024. Now I'd like to turn the call back to John to discuss our fiscal year 2025 outlook. John Kiernan Thank you, Brad. Now when we share our guidance for fiscal year 2025 and some concluding thoughts on our strategic direction. Our strategic transformation to become a diversified land company has already exceeded our fiscal 2025-year goals. At this time we are forecasting that our cash balance at the end of this fiscal year will be approximately $25 million and our net debt will be approximately $60 million with only the required $2.5 million balance outstanding under our revolving line of credit. We expect to generate approximately $20 million in adjusted EBITDA for fiscal year 2025. These projections are supported by the previously announced estimate of $20 million of land sales and cash generated by the 2024-2025 citrus harvest. We are currently projecting that land sales could potentially exceed $50 million this year, which would increase our adjusted EBITDA in cash and decrease our net debt projections. But we recognize that each pending transaction has its own challenges, just as all previous sales Alico has transacted over the past decade have experienced and there is no certainty regarding timing until sales are closed. Looking ahead to the remainder of fiscal year 2025, we'll focus on completing the sale of our remaining identified lands. Continuing entitlement work on our development properties. Finalizing agreements with agricultural operators for our diversified farming operations and further strengthening our balance sheet to support long term value creation. When considering the full scope of our transformation, we believe the present value of our current landholdings could be worth approximately $650 million to $750 million which roughly 75% value for agricultural use and assuming about 10% entitled for development within the next five years. I'm confident that our strategic transformation positions Alico to deliver enhanced long-term returns for our shareholders by balancing the development of select high value properties with diversified agricultural operations, we're creating a business model that leverages our core strengths. While adapting to market opportunities. And with that, we'll now open the line to questions from industry analysts. Margo. Operator Thank you. (Operator Instructions). We'll take our question from Gerry Sweeney with Roth Capital. Please go ahead. Brandon Rogers Hello, this is Brandon Rogers on for Gerry Sweeney. Thanks for taking my question. John Kiernan Our pleasure. How are you doing, Brandon? Brandon Rogers Good. I just had a question on the 15.8 landfill in the quarter. Could you just provide any additional color there? You said it was to, how many, I don't know exactly how many acres you said, but. Bradley Heine The 1,000 acres you're talking about the15. (Inaudible) John Kiernan (Multiple Speakers) (Inaudible) 2,100. Bradley Heine That was 2,100 acres. Brandon Rogers Alright, and then what county was that located in? Bradley Heine Off the top of my head, Hendry County. Brandon Rogers Hendry, alright, thank you. And then, so for, $50 million in land sales for the current year, are you in current discussions with any other land sales and then what gives you confidence in potentially achieving the $50 million aspiring target for the year? John Kiernan We've negotiated an agreement to sell some acres. It's still going through a process, so it's going to go through diligence right now, and that's underway. So the timing is a bit uncertain as the diligence process proceeds and the second part of your question is we're talking to several other parties about potential land sales, but nothing that's solid enough for us to report at this time. Brandon Rogers Okay, thank you. And then turning to Corkscrew, you said construction on the village could begin in 2028 or 2029 if all approvals are granted. What are some potential milestones we can watch for between now and the potential entitlement approvals? John Kiernan I think the entitlement approvals themselves are kind of what the milestones would be. There will be a lot of kind of individual meetings and revisions and remittals as we go, but I think as you see the approvals at the local, state, and federal levels come through, you'll know where the milestones stand. Brandon Rogers Awesome thank you for taking my questions. John Kiernan Thanks, Brandon. Operator Thank you. At this time we have no further questions. I'd like to turn the call back over to our speakers for final remarks. John Kiernan Thank you, Margo, and thank you to everyone for joining us today. We appreciate your continued support as we navigate this exciting strategic transformation. And we look forward to updating you on further progress in the coming quarters. We'll see you in August. Operator Thank you and this does conclude today's program. We thank you for your participation. You may disconnect at any time. 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Yahoo
13-05-2025
- Business
- Yahoo
Alico, Inc. Announces Financial Results for the Second Quarter Ended March 31, 2025
Company Executing Strategic Transformation to Become Diversified Land Company; Concludes the Majority of its Capital Investment on Citrus Operations After Completion of the Fiscal Year 2025 Harvest in April 2025 Company Raises Land Sales Outlook to Potentially Exceed $50 million for Fiscal Year 2025 Expanded Financial Guidance Now Includes Cash Balance, Net Debt and Adjusted EBITDA Targets for Fiscal Year 2025 Robust Liquidity Position with $14.7 million in Cash and Cash Equivalents, $88.5 million in Available Credit Facilities and No Significant Debt Maturities Until 2029 FORT MYERS, Fla., May 13, 2025 (GLOBE NEWSWIRE) -- Alico, Inc. ('Alico', the 'Company', 'we', 'us' or 'our') (Nasdaq: ALCO) today announced financial results for the second quarter ended March 31, 2025. Management Comments John Kiernan, President and Chief Executive Officer of the Company, stated, 'We completed our last major citrus harvest in April. Alico will conduct a final harvest on the majority of the 3,783 acres of remaining operational citrus groves in fiscal year 2026 and we have negotiated agreements to lease another 5,250 acres of different groves to third-party citrus growers next season. We are also in discussions or under contract with other vegetable and fruit growers who are clearing as many as 1,000 acres for us this season in lieu of lease payments. We are disappointed but not surprised that orange production this current season declined at Alico and across Florida. The continued challenges facing the citrus industry reinforce our recent strategic decision to wind down Alico's citrus operations as it was not economically viable for us. By winding down our capital-intensive citrus production, we have strengthened our financial position.' Mr. Kiernan continued, 'Our Strategic Transformation to become a diversified land company has already exceeded our fiscal year 2025 goals. At this time, we are forecasting that our cash balance at the end of this fiscal year will be approximately $25 million, and our net debt will be approximately $60 million with only the required $2.5 million balance outstanding under our revolving line of credit. Alico now expects to generate approximately $20 million in Adjusted EBITDA in fiscal year 2025. These projections are supported by the previously announced estimate of $20 million of land sales and cash generated by the 2024/25 citrus harvest. We currently project that land sales could potentially exceed $50 million this year, but we recognize that each pending transaction has its own challenges, just as all previous sales Alico has transacted over the past decade have experienced, and there is no certainty regarding timing until sales are closed.' Results of Operations for the Second Quarter and Year to Date 2025: (in thousands, except for per share amounts and percentages) (Unaudited) (Unaudited) Three Months Ended March 31, Six Months Ended March 31, 2025 2024 % Change 2025 2024 % Change Revenue $ 17,980 $ 18,113 (0.7)% $ 34,874 $ 32,098 8.6% Net (loss) income attributable to Alico, Inc. common stockholders $ (111,385 ) $ (15,804 ) (604.8)% $ (120,552 ) $ 27,141 NM (Loss) earnings per diluted common share $ (14.58 ) $ (2.07 ) (604.3)% $ (15.79 ) $ 3.56 NM EBITDA(1) $ (14,742 ) $ (16,468 ) 10.5% $ (21,414 ) $ 47,343 (145.2)% Adjusted EBITDA(1) $ 12,729 $ (16,468 ) NM $ 6,057 $ 47,343 (87.2)% Net cash provided by (used in) operating activities $ 7,026 $ 6,492 8.2% $ (571 ) $ (19,741 ) 97.1% March 31, 2025 September 30, 2024 $ Change March 31, 2025 September 30, 2024 (Unaudited) (Unaudited) Balance Sheet Items Cash and cash equivalents $ 14,659 $ 3,150 $ 11,509 Current ratio 5.56 to 1 3.81 to 1 Current portion of long-term debt $ 1,410 $ 1,410 $ — Net Debt(1) $ 74,899 $ 88,967 Long-term debt, net $ 81,654 $ 82,313 $ (659 ) Lines of credit $ 6,494 $ 8,394 $ (1,900 ) Total Alico stockholders' equity $ 130,207 $ 251,159 $ (120,952 ) (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 March 31, 2025 and 2024, the Company reported a net loss attributable to Alico common stockholders of $111.4 million and $15.8 million, respectively. The increase in our net loss attributable to Alico common stockholders for the three months ended March 31, 2025 was principally the result of approximately $119.3 million of accelerated depreciation on our citrus trees as a result of the announcement of our Strategic Transformation and the decision to wind down our Citrus Operations and the impairment of its young trees, which were not yet being depreciated, as well as the long lived assets at one of our groves of $24,966, partially offset by land and equipment sales which resulted in a gain of $15.8 million in the current quarter, as compared to the three months ended March 31, 2024, in which we did not have any land sales. This was partially offset by a tax benefit of $26.9 million for the three months ended March 31, 2025, as compared to a $5.0 million tax benefit for the three months ended March 31, 2024. For the three months ended March 31, 2025, the Company had a loss of $14.58 per basic and diluted common share, compared to a loss of $2.07 per basic and diluted common share for the three months ended March 31, 2024. For the three months ended March 31, 2025 and 2024, the Company had EBITDA of $(14.7) million and $(16.5) million, respectively. For the three months ended March 31, 2025 and 2024 the Company had Adjusted EBITDA of $12.7 million and $(16.5) 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 six months ended March 31, 2025 and 2024 is summarized in the following table. (in thousands, except per box and per pound solids data) Three Months EndedMarch 31, Change Six Months EndedMarch 31, Change 2025 2024 Unit % 2025 2024 Unit % Boxes Harvested: Early and Mid-Season 38 147 (109 ) (74.1)% 944 1,194 (250 ) (20.9)% Valencias 885 1,012 (127 ) (12.5)% 885 1,012 (127 ) (12.5)% Total Processed 923 1,159 (236 ) (20.4)% 1,829 2,206 (377 ) (17.1)% Fresh Fruit — 4 (4 ) (100.0)% 37 35 2 5.7% Total 923 1,163 (240 ) (20.6)% 1,866 2,241 (375 ) (16.7)% Pound Solids Produced: Early and Mid-Season 177 698 (521 ) (74.6)% 4,224 5,364 (1,140 ) (21.3)% Valencias 4,488 5,071 (583 ) (11.5)% 4,488 5,071 (583 ) (11.5)% Total 4,665 5,769 (1,104 ) (19.1)% 8,712 10,435 (1,723 ) (16.5)% Pound Solids per Box: Early and Mid-Season 4.66 4.75 -0.09 (1.9)% 4.47 4.49 (0.02 ) (0.4)% Valencias 5.07 5.01 0.06 1.2% 5.07 5.01 0.06 1.2% Price per Pound Solids: Early and Mid-Season $ 3.66 $ 3.06 $ 0.60 19.6% $ 3.69 $ 2.71 $ 0.98 36.2% Valencias $ 3.63 $ 2.91 $ 0.72 24.7% $ 3.63 $ 2.91 $ 0.72 24.7% For the three and six months ended March 31, 2025, Alico Citrus harvested approximately 4.7 million and 8.7 million pound solids of fruit, compared to 5.8 million and 10.4 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 six months ended March 31, 2025 increased $0.70 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 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 six months ended March 31, 2025 increased 107.1% and 74.1%, 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 farming, grazing and hunting lease revenues due to the sale of the Alico Ranch. The decrease in operating expenses from Land Management and Other Operations for the three and six months ended March 31, 2025, of 46.5% and 65.6%, respectively, as compared to the three and six months ended March 31, 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 $1.1 million for the three months ended March 31, 2025, compared to the three months ended March 31, 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 $0.4 million for the six months ended March 31, 2025 as compared to the six months ended March 31, 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 March 31, 2025 increased $15.3 million compared to the three months ended March 31, 2024, driven by the sale of approximately 2,100 acres of land, as compared to the quarter ended March 31, 2024, when there were no land sales. Other income (expense), net for the six months ended March 31, 2025 was a gain of $14.2 million compared to $75.0 million during the six months ended March 31, 2024, principally as a result of our selling less land during the six months ended March 31, 2025, as compared to the six months ended March 31, 2024, when we sold the Alico Ranch to the State of Florida. Dividend On April 11, 2025, the Company paid a second quarter cash dividend of $0.05 per share on its outstanding common stock to stockholders of record as of March 28, 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 $36.1 million at March 31, 2025, representing a 5.56 to 1.00 current ratio. Total debt was $89.6 million and net debt was $74.9 million at March 31, 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 $88.5 million at March 31, 2025. The Company's Minimum Liquidity Requirement under its Credit Agreement was $7.4 million at March 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. 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 Alico's 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 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 (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 expects that it will realize approximately $20 million in land sales in fiscal year 2025, based upon transactions that are under option agreements or have been negotiated and are expected to close this year. The Company also projects the potential for an additional $30 million of land sales, or more, in fiscal year 2025, which would be a 150% increase from prior guidance in expected land sales 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 May 14, 2025, at 8:30 am Eastern Time. Interested parties may join the conference call by dialing 1-800-343-4136 in the United States and 1-203-518-9843 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 28, 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 11158744. About Alico Alico, Inc. currently operates two divisions: Alico Citrus, currently one of the nation's largest citrus producers, and Land Management and Other Operations, which include land leasing and related support operations. While Alico Citrus will wind down operations after the current crop is harvested in the first half of calendar year 2025, due to environmental and financial challenges, Alico remains committed to Florida's agriculture industry, and will focus on its long-term diversified land usage and real estate development strategy. Learn more about Alico (Nasdaq: 'ALCO') at 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; our relationship with Tropicana; if certain criteria are not met under one of our contracts with Tropicana, we could experience a significant reduction in revenues and cash flows; product contamination and product liability claims; 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 March 31, 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. 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 MillsICR(646) 277-1254InvestorRelations@ Brad HeineChief Financial Officer(239) 226-2000bheine@ ALICO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share amounts) March 31,2025 September 30,2024 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 14,659 $ 3,150 Accounts receivable, net 9,973 771 Inventories 7,247 30,084 Income tax receivable 1,058 1,958 Assets held for sale 9,850 3,106 Prepaid expenses and other current assets 1,181 1,558 Total current assets 43,968 40,627 Restricted cash 762 248 Property and equipment, net 193,986 352,733 Goodwill 2,246 2,246 Other non-current assets 2,203 2,865 Total assets $ 243,165 $ 398,719 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,153 $ 3,362 Accrued liabilities 3,668 5,366 Current portion of long-term debt 1,410 1,410 Other current liabilities 674 513 Total current liabilities 7,905 10,651 Long-term debt, net 81,654 82,313 Lines of credit 6,494 8,394 Deferred income tax liabilities, net 11,800 40,873 Other liabilities 101 193 Total liabilities 107,954 142,424 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 7,637,657 and 7,628,639 shares outstanding at March 31, 2025 and September 30, 2024, respectively 8,416 8,416 Additional paid in capital 20,274 20,184 Treasury stock, at cost, 778,488 and 787,506 shares held at March 31, 2025 and September 30, 2024, respectively (26,420 ) (26,694 ) Retained earnings 127,937 249,253 Total Alico stockholders' equity 130,207 251,159 Noncontrolling interest 5,004 5,136 Total stockholders' equity 135,211 256,295 Total liabilities and stockholders' equity $ 243,165 $ 398,719 ALICO, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share amounts) Three Months Ended March 31, Six Months Ended March 31, 2025 2024 2025 2024 Operating revenues: Alico Citrus $ 17,253 $ 17,762 $ 33,579 $ 31,354 Land Management and Other Operations 727 351 1,295 744 Total operating revenues 17,980 18,113 34,874 32,098 Operating expenses: Alico Citrus 167,607 36,142 192,718 64,249 Land Management and Other Operations 70 129 91 262 Total operating expenses 167,677 36,271 192,809 64,511 Gross loss (149,697 ) (18,158 ) (157,935 ) (32,413 ) General and administrative expenses 3,388 2,321 5,974 5,593 Loss from operations (153,085 ) (20,479 ) (163,909 ) (38,006 ) Other income (expense), net: Interest income 59 155 106 250 Interest expense (1,159 ) (663 ) (2,057 ) (2,268 ) Gain on sale of property and equipment 15,847 4 15,847 77,029 Other income, net 11 — 255 — Total other income (expense), net 14,758 (504 ) 14,151 75,011 (Loss) income before income taxes (138,327 ) (20,983 ) (149,758 ) 37,005 Income tax (benefit) provision (26,894 ) (4,970 ) (29,074 ) 10,582 Net (loss) income (111,433 ) (16,013 ) (120,684 ) 26,423 Net loss attributable to noncontrolling interests 48 209 132 718 Net (loss) income attributable to Alico, Inc. common stockholders $ (111,385 ) $ (15,804 ) $ (120,552 ) $ 27,141 Per share information attributable to Alico, Inc. (Loss) earnings per common share: Basic $ (14.58 ) $ (2.07 ) $ (15.79 ) $ 3.56 Diluted $ (14.58 ) $ (2.07 ) $ (15.79 ) $ 3.56 Weighted-average number of common shares Basic 7,637 7,620 7,635 7,618 Diluted 7,637 7,620 7,635 7,618 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, 2025 2024 Net cash used in operating activities Net (loss) income $ (120,684 ) $ 26,423 Adjustments to reconcile net (loss) income to net cash used in operating Depreciation, depletion and amortization 126,261 7,602 Amortization of debt issue costs 166 149 Gain on sale of property and equipment (15,847 ) (77,029 ) Impairment of long-lived assets 24,966 — Loss on disposal of long-lived assets 780 938 Inventory net realizable value adjustment 9,895 28,549 Deferred income tax (benefit) provision (29,073 ) 470 Stock-based compensation expense 364 369 Other (302 ) 68 Changes in operating assets and liabilities: Accounts receivable (9,202 ) (8,661 ) Inventories 12,942 (5,912 ) Prepaid expenses 377 (13 ) Income tax receivable 900 1,200 Other assets (106 ) 99 Accounts payable and accrued liabilities (2,457 ) (1,647 ) Income taxes payable — 8,021 Other liabilities 449 (367 ) Net cash used in operating activities (571 ) (19,741 ) Cash flows from investing activities: Purchases of property and equipment (3,481 ) (11,520 ) Net proceeds from sale of property and equipment 18,874 79,132 Notes receivable 570 — Change in deposits on purchase of citrus trees — (375 ) Net cash provided by investing activities 15,963 67,237 Cash flows from financing activities: Repayments on revolving lines of credit (21,200 ) (44,032 ) Borrowings on revolving lines of credit 19,300 19,310 Principal payments on term loans (705 ) (19,737 ) Dividends paid (764 ) (763 ) Net cash used in financing activities (3,369 ) (45,222 ) Net increase in cash and cash equivalents and restricted cash 12,023 2,274 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 $ 15,421 $ 5,966 Supplemental disclosure of cash flow information Cash paid for interest, net of amounts capitalized $ 1,792 $ 2,752 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 $ — $ 282 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 (decreases) increases Adjusted EBITDA by ($17.8) million and $48.4 million for the three and six months ended March 31, 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 EndedMarch 31, Six Months EndedMarch 31, 2025 2024 2025 2024 Net (loss) income attributable to Alico, Inc. common stockholders $ (111,385 ) $ (15,804 ) $ (120,552 ) $ 27,141 Interest expense, net 1,100 508 1,951 2,018 Income tax (benefit) provision (26,894 ) (4,970 ) (29,074 ) 10,582 Depreciation, depletion and amortization 122,437 3,798 126,261 7,602 EBITDA $ (14,742 ) $ (16,468 ) $ (21,414 ) $ 47,343 Non-GAAP Adjustments: Impairment of long-lived assets 24,966 — 24,966 — Restructuring and other charges 2,505 — 2,505 — Adjusted EBITDA $ 12,729 $ (16,468 ) $ 6,057 $ 47,343 Net Debt (in thousands) (Unaudited) (Forecasted) March 31,2025 September 30,2024 September 30,2025 Current portion of long-term debt $ 1,410 $ 1,410 $ 1,410 Long-term debt, net 81,654 82,313 80,949 Lines of credit 6,494 8,394 2,500 Total Debt 89,558 92,117 84,859 Less: Cash and cash equivalents (14,659 ) (3,150 ) (25,000 ) Net Debt $ 74,899 $ 88,967 $ 59,859 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
