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Here are 1-3 brief analogies to describe Alico (ALCO):

• A Weyerhaeuser of citrus: Alico is like Weyerhaeuser (NYSE: WY), a major timberland owner and manager, but for orange groves. Both companies own and manage vast tracts of land, cultivating a biological resource (trees for timber, oranges for juice) that is harvested and sold as a commodity.
• The Vale of oranges: Think of Alico as the agricultural equivalent of Vale S.A. (NYSE: VALE), a dominant mining company primarily known for iron ore. Both are capital-intensive producers of a specific natural commodity (oranges for Alico, iron ore for Vale) that serves as a fundamental input for larger industries.

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• Citrus Fruit: Produces and sells citrus fruit, primarily oranges for processing into juice concentrate.
• Cattle: Engages in cattle ranching, raising and selling cattle for beef production.
• Land Management Services: Manages and leases its extensive landholdings for various purposes, including recreational hunting, grazing, and environmental mitigation.

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Alico (ALCO) primarily sells its products to other companies.

Its major customer is:

• Citrus World, Inc. (doing business as Florida's Natural Growers) - This is a cooperative and is not a publicly traded company. Citrus World, Inc. purchases substantially all of Alico's citrus fruit production for processing into juice. Alico's annual reports indicate that a significant majority of its citrus segment revenues are derived from sales to Citrus World, Inc.

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John Kiernan, President and Chief Executive Officer
John Kiernan leads Alico as its President and CEO, having previously served as its CFO. 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, he spent 12 years as an investment banker at Bear Stearns, specializing in IPOs and M&A for technology companies, where he achieved the title of Managing Director. He also created Alley Capital, an early-stage investment bank, with capital from an IPO client.

Brad Heine, Senior Vice President and Chief Financial Officer
Brad Heine became Alico's Senior Vice President and Chief Financial Officer in August 2023. Prior to Alico, he served as the Senior Vice President - Corporate Controller of Wejo Group Limited, a connected vehicle data solutions organization. He also held the position of Vice President - Accounting at IAC InterActiveCorp, a holding company comprising media and internet companies. Mr. Heine spent 12 years at Avis Budget Group, a global car rental company, where he held various positions of increasing responsibility, including VP of External Reporting and Technical Accounting and Financial Controller for the EMEA region, overseeing a $2 billion revenue business unit. He began his career as an auditor with Deloitte & Touche and also worked at AT&T.

Mitch Hutchcraft, Executive Vice President of Real Estate
Before joining Alico, Mr. Hutchcraft served for 17 years as the Vice President of Real Estate for King Ranch. His responsibilities included land acquisition, protecting assets from changing regulations, enhancing the long-term value of real estate assets, public policy, and operational improvements through real estate projects. For nearly eight years, he spearheaded King Ranch's legal, entitlement, and strategic planning activities for the property now known as "Kingston."

James E. Sampel, Chief Information Officer
Prior to his role at Alico, Mr. Sampel was the CIO and Managing Director Global Operations of Greenwich Associates, a research-based consulting firm. He also served as the Director of Information Technology for 454 Life Sciences Corporation, an early-stage life sciences equipment manufacturing company. Earlier in his career, he was the Manager of Advanced and Emerging Technology for Perkin Elmer, a Fortune 200 manufacturer of life sciences and laboratory equipment, where his previous roles included Manager of Global Infrastructure, Senior Network Architect, Senior Systems Analyst, Software Support Supervisor, and Field Service Engineer.

Mary Molina, Chief Administrative Officer & Corporate Secretary
Mary Molina serves as Alico's Chief Administrative Officer and Corporate Secretary.

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Key Risks to Alico (ALCO)

1. Risks related to the Strategic Transformation: Alico is undergoing a fundamental shift in its business model, moving away from its historical citrus operations towards a land management and real estate development focus. This transformation involves significant risks, including the ability to successfully execute the new strategy, secure necessary regulatory approvals for land development, effectively manage resources, and attract skilled personnel. The transition itself has already resulted in substantial financial disruption, including significant net losses and asset impairments.
2. Loss of Historical Revenue and Customer Concentration: Historically, Alico's citrus operations generated the vast majority of its operating revenues, with a significant portion attributed to a single customer, Tropicana. The mutual termination of contracts with Tropicana and the winding down of the citrus division remove a business that provided 93.8% of operating revenues in 2025 and 87.2% of consolidated revenue from a single customer. This creates a substantial revenue gap that the new land management and real estate development strategy must successfully fill, posing a significant financial risk during the transition.
3. Agricultural Risks: Despite the planned wind-down of citrus operations, Alico's business remains exposed to inherent agricultural risks during the transition period and for any ongoing farming or land management activities. These risks include adverse weather conditions like hurricanes and freezes, the impact of diseases such as citrus greening and canker, fluctuations in commodity prices due to supply and demand, and changes in water regulations.

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Alico (ALCO) operates primarily in citrus production and land management, which includes cattle ranching and leasing activities in Florida, United States.

The addressable markets for Alico's main products and services are:

• Citrus Production (United States): The market size of the Orange & Citrus Groves industry in the United States is estimated at $3.2 billion in 2025. The value of the 2023-24 United States citrus crop was $2.98 billion. Alico focuses on cultivating citrus groves, predominantly oranges for the processed juice market in Florida.
• Cattle Ranching (United States): The Beef Cattle Production industry in the United States is projected to reach an estimated $95.9 billion in 2025, with a compound annual growth rate (CAGR) of 6.0% between 2020 and 2025. In 2022, U.S. cattle and calf sales totaled $89.4 billion.
• Sod Production (United States): The U.S. natural grass sod industry was valued at $2.2 billion in 2022 and is expected to continue growing.

While Alico also engages in broader land management activities, including conservation and leasing its extensive land holdings in Florida, a specific addressable market size for these diversified land management activities beyond cattle ranching and sod production is not readily quantifiable as a distinct market.

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Alico (ALCO) is undergoing a strategic transformation from a citrus-focused agribusiness to a diversified land management and development company, which is expected to drive its future revenue growth over the next 2-3 years. The key drivers include:

1. Monetization of Land Holdings through Sales: Alico is actively selling portions of its extensive land portfolio. The company has raised its land sales outlook to potentially exceed $50 million for fiscal year 2025. This strategy involves unlocking the value of its substantial real estate assets.
2. Real Estate Development Projects: A significant long-term driver is the development of its land for residential and commercial purposes, notably the Corkscrew Grove Villages project in Southwest Florida. This master plan includes two villages with residential and commercial spaces, alongside permanent conservation areas. Approval for the East Village is anticipated in 2026, with potential construction beginning as early as 2028.
3. Growth in Diversified Agricultural and Other Land Management Revenues: As Alico winds down its capital investment in traditional citrus operations, it is pivoting to other agricultural revenue streams. This includes leasing land for various crops, cattle, or vegetables, and expanding operations in areas such as sod production and sand mining. Revenue from Land Management and Other Operations has already shown significant increases, driven by higher rock and sand royalty income and sod sales.

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Share Repurchases

• Alico's Board of Directors authorized a stock repurchase program of up to $50 million of its common stock on March 25, 2025, which is set to expire on April 1, 2028.
• The company did not repurchase any common stock under its Rule 10b5-1 plan during the fiscal year ended September 30, 2022.
• An investor presentation from January 6, 2025, indicated $9.9 million in "Regular Buybacks" and $25.6 million from a "2018 Tender Offer" as part of $87 million in capital returned since fiscal year 2021.

Share Issuance

• There were 7,642,085 shares of common stock outstanding at June 30, 2025, an increase from 7,628,639 shares outstanding at September 30, 2024.
• The number of common shares outstanding increased from 7,592,937 at December 9, 2022, to 7,633,069 as of November 26, 2024.

Capital Expenditures

• Alico committed approximately $5 million towards the design and construction of a wildlife underpass, with construction anticipated to begin before the end of 2025 and conclude in 2027.
• Management expects lower capital expenditures following the company's strategic transformation and workforce reduction.