Here are a couple of analogies for Alico (ALCO):

• Think of it as a Weyerhaeuser that grows citrus instead of timber on its vast Florida lands.
• It's like a large-scale Sunkist, but also a significant real estate and land management company in Florida.

• Citrus Products: Cultivates citrus trees to produce citrus for both fresh and processed markets.
• Land Leasing: Leases its extensive land holdings for recreational, grazing, conservation, and mining activities.

Alico (ALCO) primarily sells its products and services to other companies, not directly to individual consumers. While the company's public filings indicate a concentration of sales with a limited number of customers in its Alico Citrus segment, it does not publicly disclose the specific names of these major customer companies.

Based on the company's business segments, Alico's major customers generally fall into the following categories:

• For the Alico Citrus Segment:
  • Juice Processors: Companies that purchase citrus fruit for processing into various juice products.
  • Fresh Fruit Packers and Distributors: Companies involved in packing and distributing fresh citrus fruit to retail markets and other buyers.
• For the Land Management and Other Operations Segment:
  • Agricultural and Ranching Businesses: Companies or individuals that lease land for grazing and other agricultural purposes.
  • Mining Companies: Entities that lease land for mining activities.
  • Conservation and Environmental Organizations/Agencies: Groups or governmental bodies that lease land for conservation, water storage, and mitigation banking purposes.
  • Recreational Lessees: This could include companies, groups, or individuals leasing land for hunting, fishing, or other recreational activities.

• Wedgworth’s Inc.
• Wedgworth’s Service Inc.

John E. Kiernan, President and Chief Executive Officer

John E. Kiernan became President and CEO of Alico in July 2019, having previously served as the company's CFO starting in June 2015. Before joining Alico, he was the CFO of Greenwich Associates, a private global research-based consulting firm. He also served as Treasurer and Senior Vice President for Capital Markets & Risk Management for Global Crossing until its $3 billion sale to Level 3 in 2011. His career also includes roles as VP of Investor Relations for Misys plc and Director of Corporate Development for IBM. Earlier in his career, Mr. Kiernan spent 12 years as an investment banker specializing in IPOs and M&A for technology companies at Bear Stearns, where he held the title of Managing Director.

Bradley Heine, Senior Vice President and Chief Financial Officer

Bradley Heine was appointed Chief Financial Officer of Alico effective August 16, 2023. Prior to Alico, he served as the Corporate Controller of Wejo Group Limited, a connected vehicle data solutions company. He also held the position of VP of Accounting at IAC InterActiveCorp. Mr. Heine spent 12 years at Avis Budget Group, a global car rental company, where his roles included Vice President of External Reporting and Technical Accounting and Financial Controller for the EMEA region. He began his career as an auditor with Deloitte & Touche.

Mitch Hutchcraft, Executive Vice President, Real Estate

Mitch Hutchcraft serves as the Executive Vice President of Real Estate for Alico. Before his tenure at Alico, he worked for 17 years as the Vice President of Real Estate for King Ranch, where he was involved in land acquisition, protection of assets from changing regulations, long-term value enhancement of real estate assets, public policy, and operational enhancement through real estate projects. Mr. Hutchcraft led King Ranch's legal, entitlement, and strategic planning activities for the property now known as "Kingston" for almost eight years.

James E. Sampel, Chief Information Officer

James E. Sampel has been the Chief Information Officer of Alico, Inc. since December 2015. Before joining Alico, he was CIO and Managing Director Global Operations of Greenwich Associates, a research-based consulting firm for the financial services industry. His prior experience also includes serving as Director of Information Technology for 454 Life Sciences Corporation and Manager of Advanced and Emerging Technology for Perkin Elmer. He earned his M.B.A. in Information Systems from Pace University and his B.S. in Electronics Engineering Technology from DeVry University.

Mary Molina, Chief Administrative Officer

Mary Molina serves as the Chief Administrative Officer of Alico.

Strategic Transformation and Real Estate Development Risks

Environmental and Weather-Related Risks

Interest Rate and Macroeconomic Risks

Alico, Inc. (ALCO) is strategically transforming from primarily a citrus agribusiness to a diversified land management and real estate development company in Florida. Consequently, the addressable markets for its main products and services are shifting away from citrus production towards its land holdings and their various uses.

Land Management and Leasing Market (Florida)

The Land Leasing industry in Florida is estimated to be worth approximately $2.5 billion in 2026. This market includes the leasing of real estate without permanent buildings, encompassing manufactured home sites, vacant lots, and grazing land. The industry has experienced an average annual growth rate of 2.3% from 2020 to 2025.

Alico's land management programs include fee-generating or revenue-sharing agreements with various operators, such as citrus growers, cattle operators, mining operators, sugarcane producers, and sod farming and leasing. Florida also has over 4 million acres of conservation land, with the state allocating more than $567 million to land conservation in 2024.

Real Estate Development Market (Florida)

Alico is also focusing on real estate development, with management estimating its current landholdings, comprising approximately 53,371 acres, could be valued between $650 million and $750 million. Approximately 25% of these holdings have potential for commercial and residential development. In 2024, more than 72,000 acres of agricultural land in Florida were converted for residential, solar, and commercial developments, highlighting the significant demand for land in the state due to population growth.

Expected Drivers of Future Revenue Growth for Alico (ALCO)

• Strategic Land Sales and Monetization: Alico is actively executing a strategy to unlock value from its extensive land portfolio through strategic land sales. The company has reported significant land sales, with $7.7 million in the first quarter of fiscal year 2026 and a total of $34.5 million year-to-date through January 2026, including an additional $26.8 million sale post-quarter. Alico's outlook for fiscal year 2025 anticipated land sales potentially exceeding $50 million. This ongoing land monetization is a primary driver of future revenue as the company transitions its business model.
• Increased Land Leasing for Diversified Agricultural Operations: As Alico winds down its citrus operations, it is shifting its focus to leasing its farmable land for diversified agricultural partnerships. The company achieved 97% utilization of its approximately 32,500 farmable acres through new lease agreements in January 2026, which is expected to provide more stable and predictable revenue streams.
• Growth in Rock and Sand Royalties and Other Land Management Activities: Revenue from the Land Management and Other Operations segment has shown significant growth, increasing by 77% in the first quarter of fiscal year 2026. This growth is primarily attributed to higher rock and sand royalties and an increase in leasing income.
• Real Estate Development Initiatives: Alico is advancing key real estate development projects, such as the "Corkscrew Grove Villages" master-planned community. This project involves the entitlement process, with a significant decision from Collier County anticipated in 2026, indicating the potential for long-term, high-value development to contribute to future revenue growth.

Share Repurchases

• Alico's Board of Directors authorized a stock repurchase program of up to $50 million on March 25, 2025.
• As of September 30, 2025, no shares had been repurchased under this program.
• The repurchase program is scheduled to expire on April 1, 2028.

Share Issuance

• In July 2025, Alico granted shares of common stock to directors Adam H. Putnam (930 shares), Katherine R. English (596 shares), and Toby K. Purse (633 shares) under the company's Amended and Restated Stock Incentive Plan of 2015.
• These share issuances were made with no cash consideration.
• The number of outstanding shares increased from 7,628,639 at September 30, 2024, to 7,645,360 at September 30, 2025.

Capital Expenditures

• Alico is undergoing a strategic transformation to wind down its citrus production after the 2024/2025 harvest and shift its focus to diversified land usage and real estate development.
• The company announced the creation of Corkscrew Grove Villages, a master-planned development on approximately 4,660 acres, which includes over 6,000 acres of permanent conservation areas.
• In 2025, Alico supported the Corkscrew Grove Stewardship District's partnership with the Florida Department of Transportation (FDOT) through approximately $5 million in financing for wildlife corridor infrastructure.