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- **Land monetization success**: $34.5M land sales YTD, 97% farmland leased.
- **Corkscrew project momentum**: $5M wildlife underpass, 2026 approvals.
- **Financial strength**: $34.8M cash, 14.39x current ratio.
- **Valuation gap**: $650-750M portfolio vs $320M market cap.

**【CEO Summary Section】**
- Q1 2026 revenue: $1.9 million (down 88% YoY) due to citrus business exit, but land sales surged to $7.7 million (Q1) and $34.5 million (year-to-date). 
- EBITDA improved to $2.4 million (vs -$6.7M prior year), driven by 97% agricultural land utilization and reduced operating costs.
- Corkscrew Grove Villages entitlements on track for 2026 decision, with $5M wildlife underpass investment.
- 46,000-acre portfolio valued at $650-750M, vs current $320M market cap.

**【CFO Financial Commentary】**
- Cash balance: $34.8M (up 14% YoY), debt reduced to $50.7M.
- 2026 guidance: $14M EBITDA, $50M cash by year-end.
- Operating expenses down 15% YoY, 77% land lease utilization.

**【Q&A Highlights】**
- Corkscrew approval expected Q3/Q4 2026, federal permits needed.
- 97% farmland leased at $1.2M/acre, 2026 cash flow visibility.
- 2026 EBITDA guidance: $14M, 2026 land sales $34.5M (Q1), etc.

Alico, Inc. (ALCO) Q1 2026 Earnings Call Transcript

- **Transformation Success**: Completed citrus exit with $22.5M EBITDA and $23.8M land sales, derisking business model.
- **Balance Sheet Strength**: $38.1M cash, $47.4M net debt, $92.5M credit availability, and $650M-$750M land value vs. $240M market cap.
- **Development Pipeline**: 5,500-acre projects valued $335M-$380M, 75% land for agriculture, 25% for growth.
- **Capital Returns**: $190M+ returned since 2015.

**【CEO Summary Section】**
- **Strategic Pivot Completion**: Finalized citrus operations, transitioning to a diversified land company with reduced agricultural volatility.
- **Key Financial Achievements**: Exceeded $22.5M adjusted EBITDA (vs. $20M target) and $23.8M land sales, $38.1M cash, $47.4M net debt, and $335M-$380M development pipeline value.
- **Development Pipeline**: Corkscrew Grove Villages, Bonnett Lake, Saddlebag Grove, and Plant World projects with 5,500 acres, estimated present value $335M-$380M over 5 years.
- **Conservation & Agriculture**: 75% land for diversified agriculture (leases with 3rd-party growers), 25% for development, maintaining optionality.
- **Capital Allocation**: $20.4M crop insurance proceeds, dividend payments, and $190M+ returned via dividends, buybacks, and debt reduction since 2015.
- **Future Priorities**: Land monetization, operational optimization, development approvals, and shareholder returns.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: $802K revenue (down 14% YoY), $8.5M net loss (improved from $18.1M prior year), $22.5M EBITDA (vs. $20M target), $23.8M land sales, $38.1M cash (vs. $3.2M prior year), $47.4M net debt (down 41.6% YoY), $92.5M credit availability.
- **Balance Sheet Strength**: Working capital ratio 9.56:1, operational runway through 2027, and $650M-$750M land portfolio NPV vs. $240M market cap.

**【Q&A Highlights】**
- **Land Sales Guidance**: No FY2026 guidance provided, but FY2025 sales $23.8M (vs. $20M target).

Alico, Inc. (ALCO) Q4 2025 Earnings Call Transcript

- **Strategic Transition Complete**: Final citrus harvest concluded, with $23.5M land sales YTD (exceeding $20M guidance) and $16M crop insurance recovery, boosting cash to $42.1M.
- **Regulatory Milestone Achieved**: Corkscrew Grove Stewardship District approved, with 2026 entitlement decision expected.
- **Financial Resilience**: Q3 EBITDA improved to $19.2M (vs. $1.3M prior year), despite 38% revenue decline, driven by cost control and asset sales.
- **Growth Potential**: $335-$380M present value of four development projects, with $25M+ land sales potential by year-end.

**【Management Opening Remarks】**
- Alico reported third-quarter fiscal 2025 results, highlighting strategic transformation progress and financial milestones. The company emphasized its transition from citrus production to a diversified land development model, with key achievements including land sales, regulatory approvals, and crop insurance recoveries.

**【CEO Summary Section】**
- **Strategic Milestones**: Completed final citrus harvest, transitioning to land development. Land sales of $9.3 million (694 acres) in Q3, bringing year-to-date total to $23.5 million (2,794 acres), exceeding $20 million guidance. Received $16 million in crop insurance proceeds, boosting cash to $42.1 million.
- **Regulatory Progress**: Florida legislature approved Corkscrew Grove Stewardship District, with a 5-member Board appointed to oversee infrastructure and community development. Regulatory feedback from South Florida Water Management District and Collier County is being addressed, with final approvals expected in 2026.
- **Agricultural Partnerships**: Leased 5,250 acres to third-party citrus growers and in discussions for 500 acres with vegetable growers, generating revenue during transition.
- **Development Pipeline**: Four projects (Corkscrew Grove Villages, Bonnet Lake, Saddlebag Grove, Plant World) valued at $335-$380 million, with potential realization within 5 years.

**【CFO Financial Commentary】**
- **Revenue Performance**: Q3 revenue decreased 38% to $8.4 million (vs. $13.6 million prior year), driven by lower citrus volumes post-Hurricane Milton. Year-to-date revenue down 5% to $43.3 million.
- **Cost Management**: Operating expenses rose to $36.4 million (Q3) and $229.3 million (YTD), due to citrus wind-down and tree impairments. EBITDA improved to $19.2 million (Q3) from $1.3 million prior year, with adjusted EBITDA at $19.3 million.
- **Liquidity**: Cash of $42.1 million (vs. $3.2 million prior year), with $92.5 million available on credit line. Net debt reduced to $43.2 million (from $89 million prior year).
- **Net Loss**: Q3 net loss of $18.3 million (vs. $2 million prior year), driven by $40.7 million in accelerated depreciation and lower citrus revenue, partially offset by crop insurance.

**【Q&A Highlights】**
- **Land Sales Outlook**: Potential for $25 million in additional land sales by year-end, though timing uncertain (could close in Q4 2025 or roll into 2026). Year-to-date sales at $23.5 million, targeting $45 million+.
- **Corkscrew Development**: Regulatory process on track for 2026 approvals, with no delays anticipated. No current need for development partners, maintaining flexibility to build, partner, or sell land post-entitlement.
- **Project Milestones**: Focus on addressing regulatory feedback, finalizing infrastructure plans, and engaging potential builders. No construction start until approvals finalized.


Alico, Inc. (ALCO) Q3 2025 Earnings Call Transcript

- **Land sales surge**: Exceeding guidance, potential $50 million in land sales vs. prior $20 million target.
- **Cost reduction success**: Workforce reduced 87.5%, operating expenses slashed through strategic transformation.
- **Development pipeline**: 5,500 acres of high-value properties valued at $335-$380 million in near-term development.
- **Financial turnaround**: Adjusted EBITDA improved to $12.7 million gain from prior year loss, cash balance growing.
- **Shareholder returns**: $50 million share buyback program to enhance capital allocation flexibility.

**【CEO Strategic Transformation Update】**
- Completed fiscal year 2025 citrus harvest, reducing workforce from 200 to 25 employees and cutting operating expenses.
- Sold 2,100 acres of land, exceeding prior guidance of $20 million in land sales by 150% to $50 million potential.
- Leased 5,250 acres to third-party agricultural operators for sod production, sand mining, and seasonal crops.
- Filed development application for Corkscrew Grove Villages (1,500 acres each village) in Collier County, targeting 4,500 homes per village.
- Advanced entitlement work for Bonnet Lake, Saddlebag Grove, and Plant World properties, valued at $335-$380 million in present value.
- Launched $50 million share repurchase program to return capital to shareholders.

**【CFO Financial Highlights】**
- Q2 2025 revenue: $18 million (flat YoY), with 107% increase in Land Management & Other revenue to $18.9 million.
- Net loss: $111.4 million (vs. $15.8 million prior year), driven by $119.3 million accelerated depreciation on citrus assets.
- Adjusted EBITDA: $12.7 million gain (vs. $16.5 million loss prior year).
- Cash balance: $14.7 million (vs. $3.2 million prior year), with $88.5 million available on revolving credit.

**【2025 Fiscal Year Outlook】**
- Projected cash balance: $25 million (end of year), net debt: $60 million.
- Targeted $20 million adjusted EBITDA, potentially higher if land sales exceed $50 million.
- Land holdings valued at $650-$750 million, with 10% entitled for development within 5 years.

**【Q&A Key Takeaways】**
- 2,100-acre land sale in Hendry County completed, with additional transactions in diligence phase.
- Corkscrew Grove Villages approvals expected in 2026, construction in 2028-2029 if permits granted.
- Focus on land sales, agricultural diversification, and development entitlements for value creation.

Alico, Inc. (ALCO) Q2 2025 Earnings Call Transcript

- **Strategic Shift**: Alico exiting citrus production to focus on land monetization, with $20M+ land sales expected in FY2025.
- **Financial Resilience**: Q1 2025 EBITDA improved to $0.7M vs. loss last year, despite 16% drop in citrus output.
- **Valuation Potential**: Land portfolio valued at $650M-$750M, with 10% of acres targeted for development over 5 years.
- **Cash Flow Security**: $73.5M credit line provides liquidity buffer for weather events and asset optimization.

**【CEO Strategic Transformation Overview】**
- Alico will cease major capital investment in citrus operations post-2025 harvest, focusing instead on land monetization and non-citrus agriculture.
- 75% of land will remain agricultural; 25% will be transitioned for commercial/residential development.
- Strategic land sales expected to generate $20M in FY2025, supporting operations through FY2027.
- Management estimates land portfolio's present value at $650M-$750M, assuming 10% development entitlements over 5 years.

**【CFO Financial Highlights】**
- Q1 2025 Revenue: $16.9M (+21% YoY), driven by 38.9% price increase per pound solid (Tropicana contract).
- Adjusted EBITDA: $0.7M (vs. -$2.3M YoY), despite 16% drop in pound solids harvested due to Hurricane Milton.
- Net Loss: $9.2M (vs. $42.9M profit YoY), primarily due to absence of Alico Ranch sale proceeds.
- Cash Position: $4.4M as of Dec 31, 2024; $73.5M available on revolving credit line.

**【2025 Outlook】**
- Citrus harvest volumes expected to decline 73% over 10 years, with FY2025 harvest lower than FY2024.
- Land sales pipeline includes $20M in negotiated transactions; Corkscrew Grove development plans to be disclosed post-public filings.
- Management confident in positive cash flow for FY2025, with sufficient liquidity for FY2026-2027 operations.

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