Alico, Inc. (ALCO)

Business Summary

Alico, Inc. is a Florida-based agribusiness and land management company that owns approximately 49,537 acres of land across eight Florida counties and approximately 44,700 acres of oil, gas, and mineral rights throughout Florida ¹. The company's business model is undergoing a "Strategic Transformation" to shift its focus from citrus production to long-term diversified land usage and real estate development ². Historically, the company generated revenue primarily from the sale of citrus products, with a mix of fresh and processed citrus sales, as well as grove management services. However, due to increasing financial challenges from citrus greening disease and environmental factors, the Alico Citrus division has substantially wound down its primary operations after the 2024-2025 harvest ³. The company's revenue streams now also include farming, grazing, and hunting leases, rock mining royalties, sod sales, and oil extraction rights ⁴.

The company operates through two primary business segments: Alico Citrus and Land Management and Other Operations ⁵. The Alico Citrus segment historically involved planting, owning, cultivating, and managing citrus groves to produce fruit for sale to fresh and processed citrus markets, along with purchasing and reselling fruit and providing value-added services like harvesting, marketing, and hauling ⁶. However, this segment has largely ceased primary operations after the 2024-2025 harvest ⁷. For the year ended September 30, 2025, Alico Citrus revenues were $41,337 thousand ⁸, representing 93.8% of total operating revenues ⁹. Sales to the processed market accounted for 96.0% of Alico Citrus revenues in 2025 ¹⁰, while fresh citrus market sales were 1.3% ¹¹. Grove management services contributed 2.2% of total citrus revenues in 2025 ¹².

The Land Management and Other Operations segment includes activities such as grazing and hunting leasing, management and conservation of unimproved native pastureland, rock mining royalties, and owning and/or leasing improved farmland ¹³. This segment's land holdings total 10,240 gross acres ¹⁴, or 20.7% of the company's total acreage ¹⁵. Revenues from Land Management and Other Operations were $2,729 thousand ¹⁶ for the year ended September 30, 2025, representing 6.2% of total operating revenues ¹⁷. This segment saw an 86.4% increase in Leasing and Royalties revenue to $2,393 thousand ¹⁸ in 2025, and a 12.0% increase in Other revenue to $336 thousand ¹⁹.

For the fiscal year ended September 30, 2025, Alico reported total operating revenues of $44,066 thousand ²⁰, a decrease from $46,643 thousand ²¹ in the prior year. The company incurred a gross loss of $192,194 thousand ²², significantly higher than the $56,383 thousand ²³ gross loss in 2024. Operating expenses totaled $236,260 thousand ²⁴. The loss from operations was $203,901 thousand ²⁵, compared to a loss of $67,454 thousand ²⁶ in the previous year. Net loss attributable to common stockholders was $147,334 thousand ²⁷, a substantial decline from net income of $6,973 thousand ²⁸ in 2024. Basic and diluted EPS were both $(19.29) ²⁹. Cash and cash equivalents stood at $38,128 thousand ³⁰, up from $3,150 thousand ³¹ in 2024. Total debt, including current portion, was $85,950 thousand ³² at September 30, 2025, down from $92,551 thousand ³³ in 2024. Net cash provided by operating activities was $20,126 thousand ³⁴, a significant improvement from net cash used in operating activities of $(30,497) thousand ³⁵ in the prior year.

Year-over-year, Alico Citrus revenues decreased by 8.3% ³⁶ from $45,059 thousand ³⁷ in 2024 to $41,337 thousand ³⁸ in 2025, primarily due to a 26.4% decrease in pound solids produced ³⁹ as a result of Hurricane Milton ⁴⁰, partially offset by a 29.9% increase in the blended price per pound solids ⁴¹. Grove Management Services revenues within Alico Citrus decreased by $1,932 thousand ⁴² (68.4%) ⁴³ due to the termination of a grove management agreement ⁴⁴. Conversely, Land Management and Other Operations revenues increased by 72.3% ⁴⁵ from $1,584 thousand ⁴⁶ in 2024 to $2,729 thousand ⁴⁷ in 2025, reflecting the strategic shift away from citrus ⁴⁸. The gross loss widened significantly, primarily driven by accelerated depreciation of approximately $162,095 thousand ⁴⁹ on citrus trees and an impairment of young trees and long-lived assets totaling $24,966 thousand ⁵⁰ in the Alico Citrus segment.

During the fiscal year, Alico announced a Strategic Transformation on January 6, 2025, to wind down its Alico Citrus division and focus on diversified land usage and real estate development ⁵¹. In connection with this, the Board approved a workforce reduction of up to 172 employees ⁵², incurring aggregate charges of $2,638 thousand ⁵³. In May 2025, the company entered into a Mutual Contract Termination Agreement with Tropicana, ending their citrus supply agreements after the 2024/2025 crop year ⁵⁴. The company also sold approximately 2,796 acres of citrus and ranch land for $23,807 thousand ⁵⁵, recognizing a gain of $20,319 thousand ⁵⁶. Subsequent to year-end, on November 4, 2025, the company sold 579 acres of citrus land for $6,077 thousand ⁵⁷ and on November 19, 2025, sold its Frostproof office and shop for $1,675 thousand ⁵⁸. The Corkscrew Grove Stewardship District (CGSD) was established in June 2025 to facilitate financing and development of community infrastructure ⁵⁹, and Alico deposited $5,071 thousand ⁶⁰ with the Florida Department of Transportation on November 14, 2025, to fund a wildlife underpass as part of the Corkscrew Grove Villages project ⁶¹.

Business Outlook & Financial Sufficiency

Alico's strategic outlook is centered on its "Strategic Transformation" to wind down its Alico Citrus division and pivot towards a long-term diversified land usage and real estate development strategy ⁶². The company plans to maintain its commitment to the Florida agriculture industry through diversified farming operations on nearly all its land holdings following this citrus production transition ⁶³. A significant portion, approximately 25%, of its land holdings are being positioned for strategic development opportunities, while about 75% will remain for diversified agricultural ventures ⁶⁴. The company's objective is to maximize shareholder value by identifying the highest and best use for all of its land, balancing near-term and long-term growth potential ⁶⁵.

A major growth area is real estate development, particularly the Corkscrew Grove Villages project in eastern Collier County ⁶⁶. Alico is undertaking a multi-year entitlement process for its approximately 4,600-acre grove near Fort Myers ⁶⁷, which includes environmental assessments, conservation strategies, and market assessments ⁶⁸. The Corkscrew Grove Stewardship District (CGSD) was established in June 2025 to facilitate financing and development of community infrastructure within its boundaries ⁶⁹. Alico will provide funding to the Florida Department of Transportation (FDOT) to support the construction of a wildlife underpass as part of the Corkscrew Villages project, having deposited $5,071 thousand ⁷⁰ with FDOT on November 14, 2025 ⁷¹. This underpass is expected to commence construction within the next six months, subject to final permitting and approval ⁷². The payment to the CGSD is reimbursable to the company under the CGSD Funding Agreement ⁷³.

Operationally, the company expects lower employee costs, lower costs of maintaining citrus groves, and lower capital expenditures as a result of the Strategic Transformation and workforce reduction ⁷⁴. The company incurred aggregate charges of $2,638 thousand ⁷⁵ in connection with the workforce reduction, primarily for severance payments and employee benefits ⁷⁶. The company's cost of sales in the Alico Citrus segment increased significantly in 2025 due to accelerated depreciation of approximately $162,095 thousand ⁷⁷ on citrus trees and an impairment of young trees and long-lived assets of $24,966 thousand ⁷⁸. The estimated useful life of citrus trees has been changed to a range of four to sixteen months ⁷⁹, depending on whether they will be abandoned after the Fiscal Year 2025 harvest or retained/leased for another year, expected to conclude in April 2026 ⁸⁰.

Regarding capital allocation, the Board approved a stock repurchase program on March 25, 2025, authorizing the repurchase of up to $50,000 thousand ⁸¹ of common stock, expiring on April 1, 2028 ⁸². As of September 30, 2025, no repurchases have been made under this plan ⁸³. The company expects to continue paying quarterly cash dividends at levels comparable to recent periods, subject to Board discretion, results of operations, cash flows, capital requirements, market conditions, and financing arrangements ⁸⁴. The company plans to use available cash and proceeds from asset sales for general corporate purposes and to pay down indebtedness ⁸⁵. Management believes that a combination of cash-on-hand, cash generated from operations, asset sales, and availability under its revolving line of credit (RLOC) will provide sufficient liquidity for debt service, working capital, and capital expenditures for at least the next twelve months and over the long term ⁸⁶. The company's RLOC has an available capacity of $92,500 thousand ⁸⁷ as of September 30, 2025 ⁸⁸.

The company explicitly flagged several structural headwinds and execution risks to its growth plan. Successfully executing the diversified land usage and real estate development strategy depends on securing necessary regulatory approvals and permits, effectively managing resources for new initiatives, attracting and retaining skilled personnel, navigating market fluctuations, managing commercial relationships, maintaining lender relationships, and addressing environmental and zoning matters ⁸⁹. The Strategic Transformation may not be successful in generating revenues or improving operating profit, or may take longer than anticipated ⁹⁰. The workforce reduction may lead to unintended consequences such as loss of institutional knowledge, attrition, decreased morale, and difficulty pursuing new opportunities ⁹¹. Adverse weather conditions and climate-related events, particularly in Florida, can affect the timing, feasibility, and economics of land initiatives, potentially damaging or delaying infrastructure, increasing costs, and affecting property valuations ⁹². The land development business is highly competitive, with competitors potentially having greater access to capital, larger land inventories, and stronger relationships ⁹³. Macroeconomic conditions, including rising inflation, armed conflicts, geopolitical instability, and government shutdowns, could adversely affect customer demand, real estate absorption, financing availability, and stock price volatility ⁹⁴.

Management Sentiments & Priorities

Management's message to shareholders emphasizes a significant "Strategic Transformation" ¹¹⁵ to wind down the Alico Citrus division and focus on a long-term diversified land usage and real estate development strategy ¹¹⁶. This strategic shift is driven by increasing financial challenges from citrus greening disease and environmental factors ¹¹⁷. The company aims to maximize shareholder value by identifying the highest and best use for its extensive land portfolio, balancing near-term and long-term growth potential ¹¹⁸. Management explicitly stated plans to position approximately 25% ¹¹⁹ of land holdings for strategic development opportunities, while approximately 75% ¹²⁰ will remain for diversified agricultural ventures ¹²¹. Key strategic priorities include the successful execution of the diversified land usage and real estate development strategy, which involves securing necessary regulatory approvals and permits for land development projects, effectively managing and allocating resources to new business initiatives, and attracting and retaining skilled personnel with expertise in these areas ¹²². Management also highlighted its commitment to environmental stewardship and conservation, as evidenced by the collaboration with the Florida Department of Transportation on a wildlife underpass for the Corkscrew Grove Villages project ¹²³. The Board declared a fourth quarter of fiscal year 2025 dividend of $0.05 per share ¹²⁴ of outstanding common stock, and the company expects to continue paying quarterly cash dividends at comparable levels, subject to various factors ¹²⁵.

Risk Factors

Alico faces material risks including the potential failure to successfully develop and execute its strategic growth initiatives, which could adversely affect its business, financial condition, and prospects ⁹⁵. The recent workforce reduction may not yield intended outcomes, potentially leading to loss of institutional knowledge, decreased morale, and additional costs ⁹⁶. Adverse weather conditions, natural disasters, and climate change, particularly given the geographic concentration of properties in Florida, have historically imposed and could continue to impose significant costs and losses, including damage to crops and delays in land development projects ⁹⁷. The company's significant revenue shift from citrus to real estate development and diversified farming operations makes it vulnerable to adverse events or market conditions affecting these new areas ⁹⁸. The land development business is highly competitive, and Alico may struggle to maintain market share against competitors with greater capital access, larger land inventories, and established development platforms ⁹⁹. Harm to the company's reputation, whether from product issues, ESG concerns, or negative publicity, could adversely affect its business and financial results ¹⁰⁰. Tax risks include the potential for Section 1031 Exchanges to be deemed taxable, or changes in tax laws, which could result in corporate income tax payments and reduced cash availability ¹⁰¹. The company's ability to utilize its federal net operating loss carryforwards of approximately $45,362 thousand ¹⁰² and state NOLs of approximately $42,631 thousand ¹⁰³ may be limited by ownership changes or state-level restrictions ¹⁰⁴. Significant corporate transactions, including asset dispositions, may not achieve intended results, could trigger financial covenants, or distract management ¹⁰⁵. Agricultural operations face significant competition from domestic and foreign producers, with foreign growers potentially having lower costs and less regulation ¹⁰⁶. Earnings are sensitive to supply, demand, and pricing dynamics for land sales, leases, and development activities, which are influenced by interest rates, financing availability, and infrastructure costs ¹⁰⁷. Compliance with environmental laws, including those related to hazardous substances and water use regulations, could substantially increase costs or restrict access to water ¹⁰⁸. The company is dependent on key management personnel, and their loss could adversely affect the business ¹⁰⁹. Material weaknesses in internal control over financial reporting, despite recent remediation efforts, could lead to errors in reported results and damage investor confidence ¹¹⁰. Inflation can significantly increase operating costs, particularly for raw materials like fertilizers, herbicides, insecticides, and fuel, which the company may be unable to pass on to customers ¹¹¹. Macroeconomic conditions, such as rising inflation, armed conflicts, geopolitical instability, and government shutdowns, could reduce customer demand, slow real estate absorption, disrupt supply chains, and impact financing availability ¹¹². The company maintains $85,950 thousand ¹¹³ in principal amount of indebtedness, which could limit operational flexibility, increase vulnerability to economic downturns, and expose it to variable interest rate risks ¹¹⁴.

View Source Annual Report on SEC.gov ↗

References

[1] Item 1, Business — Overview
[2] Item 1, Business — Overview
[3] Item 1, Business — Overview
[4] Item 7, MD&A — Business Overview
[5] Item 1, Business — Overview
[6] Item 1, Business — Alico Citrus
[7] Item 1, Business — Overview
[8] Item 7, MD&A — Consolidated Results of Operations
[9] Item 7, MD&A — Consolidated Results of Operations
[10] Item 1, Business — Alico Citrus
[11] Item 1, Business — Alico Citrus
[12] Item 1, Business — Alico Citrus
[13] Item 1, Business — Land Management and Other Operations
[14] Item 1, Business — Land Management and Other Operations
[15] Item 1, Business — Land Management and Other Operations
[16] Item 7, MD&A — Consolidated Results of Operations
[17] Item 7, MD&A — Consolidated Results of Operations
[18] Item 7, MD&A — Land Management and Other Operations
[19] Item 7, MD&A — Land Management and Other Operations
[20] Item 7, MD&A — Consolidated Results of Operations
[21] Item 7, MD&A — Consolidated Results of Operations
[22] Item 7, MD&A — Consolidated Results of Operations
[23] Item 7, MD&A — Consolidated Results of Operations
[24] Item 7, MD&A — Consolidated Results of Operations
[25] Item 7, MD&A — Consolidated Results of Operations
[26] Item 7, MD&A — Consolidated Results of Operations
[27] Item 7, MD&A — Consolidated Results of Operations
[28] Item 7, MD&A — Consolidated Results of Operations
[29] Item 7, MD&A — Consolidated Results of Operations
[30] Item 7, MD&A — Liquidity and Capital Resources
[31] Item 7, MD&A — Liquidity and Capital Resources
[32] Item 8, Note 8 — Long-Term Debt and Lines of Credit
[33] Item 8, Note 8 — Long-Term Debt and Lines of Credit
[34] Item 7, MD&A — Consolidated Statements of Cash Flows
[35] Item 7, MD&A — Consolidated Statements of Cash Flows
[36] Item 7, MD&A — Comparison of the year ended September 30, 2025 and 2024 for the Alico Citrus Segment
[37] Item 7, MD&A — Consolidated Results of Operations
[38] Item 7, MD&A — Consolidated Results of Operations
[39] Item 7, MD&A — Comparison of the year ended September 30, 2025 and 2024 for the Alico Citrus Segment
[40] Item 7, MD&A — Comparison of the year ended September 30, 2025 and 2024 for the Alico Citrus Segment
[41] Item 7, MD&A — Comparison of the year ended September 30, 2025 and 2024 for the Alico Citrus Segment
[42] Item 7, MD&A — Comparison of the year ended September 30, 2025 and 2024 for the Alico Citrus Segment
[43] Item 7, MD&A — Comparison of the year ended September 30, 2025 and 2024 for the Alico Citrus Segment
[44] Item 7, MD&A — Comparison of the year ended September 30, 2025 and 2024 for the Alico Citrus Segment
[45] Item 7, MD&A — Comparison of the year ended September 30, 2025 and 2024 for the Land Management and Other Operations Segment
[46] Item 7, MD&A — Consolidated Results of Operations
[47] Item 7, MD&A — Consolidated Results of Operations
[48] Item 7, MD&A — Business Segments
[49] Item 7, MD&A — Comparison of the year ended September 30, 2025 and 2024 for the Alico Citrus Segment
[50] Item 7, MD&A — Comparison of the year ended September 30, 2025 and 2024 for the Alico Citrus Segment
[51] Item 1, Business — Overview
[52] Item 1, Business — Overview
[53] Item 1A, Risk Factors — Our workforce reduction may not result in our intended outcomes and may yield unintended consequences and additional costs.
[54] Item 1, Business — Overview
[55] Item 1, Business — Alico Citrus
[56] Item 1, Business — Alico Citrus
[57] Item 7, MD&A — Recent Developments
[58] Item 7, MD&A — Recent Developments
[59] Item 7, MD&A — Recent Developments
[60] Item 7, MD&A — Recent Developments
[61] Item 7, MD&A — Recent Developments
[62] Item 1, Business — Our Strategy
[63] Item 1A, Risk Factors — If we are unable to successfully develop and execute our strategic growth initiatives, or if they do not adequately address the challenges or opportunities we face, our business, financial condition and prospects may be adversely affected.
[64] Item 1, Business — Our Strategy
[65] Item 1, Business — Our Strategy
[66] Item 7, MD&A — Recent Developments
[67] Item 1A, Risk Factors — If we are unable to successfully develop and execute our strategic growth initiatives, or if they do not adequately address the challenges or opportunities we face, our business, financial condition and prospects may be adversely affected.
[68] Item 1A, Risk Factors — If we are unable to successfully develop and execute our strategic growth initiatives, or if they do not adequately address the challenges or opportunities we face, our business, financial condition and prospects may be adversely affected.
[69] Item 7, MD&A — Recent Developments
[70] Item 7, MD&A — Recent Developments
[71] Item 7, MD&A — Recent Developments
[72] Item 7, MD&A — Recent Developments
[73] Item 7, MD&A — Recent Developments
[74] Item 7, MD&A — Sources and Uses of Liquidity and Capital
[75] Item 1A, Risk Factors — Our workforce reduction may not result in our intended outcomes and may yield unintended consequences and additional costs.
[76] Item 1A, Risk Factors — Our workforce reduction may not result in our intended outcomes and may yield unintended consequences and additional costs.
[77] Item 7, MD&A — Comparison of the year ended September 30, 2025 and 2024 for the Alico Citrus Segment
[78] Item 7, MD&A — Comparison of the year ended September 30, 2025 and 2024 for the Alico Citrus Segment
[79] Item 8, Note 5 — Property and Equipment, Net
[80] Item 8, Note 5 — Property and Equipment, Net
[81] Item 7, MD&A — Sources and Uses of Liquidity and Capital
[82] Item 7, MD&A — Sources and Uses of Liquidity and Capital
[83] Item 8, Note 1 — Stock Repurchase Program
[84] Item 5, Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities — Dividend Policy
[85] Item 7, MD&A — Borrowing Facilities and Long-term Debt
[86] Item 7, MD&A — Sources and Uses of Liquidity and Capital
[87] Item 8, Note 8 — Long-Term Debt and Lines of Credit
[88] Item 8, Note 8 — Long-Term Debt and Lines of Credit
[89] Item 1A, Risk Factors — If we are unable to successfully develop and execute our strategic growth initiatives, or if they do not adequately address the challenges or opportunities we face, our business, financial condition and prospects may be adversely affected.
[90] Item 1A, Risk Factors — If we are unable to successfully develop and execute our strategic growth initiatives, or if they do not adequately address the challenges or opportunities we face, our business, financial condition and prospects may be adversely affected.
[91] Item 1A, Risk Factors — Our workforce reduction may not result in our intended outcomes and may yield unintended consequences and additional costs.
[92] Item 1A, Risk Factors — Adverse weather conditions, natural disasters and other natural conditions, including the effects of climate change and weather events, particularly because our properties are geographically concentrated in Florida, have in the past and could in the future impose significant costs and losses on our business and adversely affect our results of operations, financial position and cash flows.
[93] Item 1A, Risk Factors — The land development business is highly competitive, and we cannot assure you that we will maintain our current market share.
[94] Item 1A, Risk Factors — Macroeconomic conditions, such as rising inflation, armed conflicts and geopolitical instability, and pandemics or health crises could adversely affect our business, financial condition, results of operations and cash flows.
[95] Item 1A, Risk Factors — If we are unable to successfully develop and execute our strategic growth initiatives, or if they do not adequately address the challenges or opportunities we face, our business, financial condition and prospects may be adversely affected.
[96] Item 1A, Risk Factors — Our workforce reduction may not result in our intended outcomes and may yield unintended consequences and additional costs.
[97] Item 1A, Risk Factors — Adverse weather conditions, natural disasters and other natural conditions, including the effects of climate change and weather events, particularly because our properties are geographically concentrated in Florida, have in the past and could in the future impose significant costs and losses on our business and adversely affect our results of operations, financial position and cash flows.
[98] Item 1A, Risk Factors — A significant portion of our revenues are historically derived from our citrus business and our Strategic Transformation involves expected significant revenue shift to real estate development and diversified farming operations and any adverse event affecting these areas could disproportionately harm our business.
[99] Item 1A, Risk Factors — The land development business is highly competitive, and we cannot assure you that we will maintain our current market share.
[100] Item 1A, Risk Factors — Harm to our reputation could have an adverse effect on our business, financial condition and results of operations.
[101] Item 1A, Risk Factors — If a transaction intended to qualify as a Section 1031 Exchange is later determined to be taxable or if we are unable to identify and complete the acquisition of a suitable replacement property to effect a Section 1031 Exchange, we may face adverse consequences, and if the laws applicable to such transactions are amended or repealed, we may not be able to dispose of properties in the future on a tax deferred basis.
[102] Item 1A, Risk Factors — Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
[103] Item 1A, Risk Factors — Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
[104] Item 1A, Risk Factors — Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
[105] Item 1A, Risk Factors — We may undertake one or more significant corporate transactions that may not achieve their intended results, may adversely affect our financial condition and our results of operations, or result in unforeseeable risks to our business.
[106] Item 1A, Risk Factors — We face significant competition in our agricultural operations.
[107] Item 1A, Risk Factors — Our earnings are sensitive to supply, demand and pricing dynamics for land sales, leasing and development activities, as well as any remaining agricultural products.
[108] Item 1A, Risk Factors — Compliance with applicable environmental laws may substantially increase our costs of doing business, which could reduce our profits.
[109] Item 1A, Risk Factors — Our business may be adversely affected if we lose key employees.
[110] Item 1A, Risk Factors — Material weaknesses and other control deficiencies relating to our internal control over financial reporting could result in errors in our reported results and could have a material adverse effect on our operations, investor confidence in our business and the trading price of our securities.
[111] Item 1A, Risk Factors — Inflation can have a significant adverse effect on our operations.
[112] Item 1A, Risk Factors — Macroeconomic conditions, such as rising inflation, armed conflicts and geopolitical instability, and pandemics or health crises could adversely affect our business, financial condition, results of operations and cash flows.
[113] Item 1A, Risk Factors — We maintain a significant amount of indebtedness, which could adversely affect our financial condition, results of operations or cash flows, and may limit our operational and financing flexibility and negatively impact our business.
[114] Item 1A, Risk Factors — Some of our debt is based on variable rates of interest, which could result in higher interest expenses in the event of an increase in the interest rates.
[115] Item 1, Business — Overview
[116] Item 1, Business — Overview
[117] Item 1, Business — Overview
[118] Item 1, Business — Our Strategy
[119] Item 1, Business — Our Strategy
[120] Item 1, Business — Our Strategy
[121] Item 1, Business — Our Strategy
[122] Item 1A, Risk Factors — If we are unable to successfully develop and execute our strategic growth initiatives, or if they do not adequately address the challenges or opportunities we face, our business, financial condition and prospects may be adversely affected.
[123] Item 7, MD&A — Recent Developments
[124] Item 5, Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities — Dividend Policy
[125] Item 5, Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities — Dividend Policy

Analysis on 5/19/2026

Recent Material Events

Sep 9, 2026Material Event

On September 8, 2026, the Board of Directors declared a quarterly cash dividend of $0.05 per share on Alico's outstanding common stock. The dividend is payable to shareholders of record as of October 2, 2026, with payment expected on October 16, 2026. This represents a routine periodic distribution rather than a special or extraordinary payout. Alico, Inc. operates in the agriculture and real estate industries, primarily managing citrus groves and land development projects in Florida.

Aug 10, 2026Material Event

Alico, Inc. reported financial results for the third quarter ended June 30, 2026, posting net income of $2.1 million ($0.29 per diluted share) compared to a loss of $18.3 million in the prior year period. Revenue increased 7.7% to $9.0 million, driven by land management operations as citrus production winds down. The company raised its fiscal year 2026 Adjusted EBITDA guidance to approximately $15 million and projects ending cash of $48 million with net debt of $37 million. Alico completed a $10.0 million share repurchase program, buying back roughly 245,000 shares, and acquired the remaining 49% interest in its Citree joint venture for $2.0 million plus assumed debt. Additionally, the Corkscrew Grove East Village development advanced to state and federal permitting stages following local approval. Alico operates as a Florida-based land management and agribusiness company focused on strategic land development and agricultural operations.

Jul 17, 2026Material Event

Alico, Inc. entered into a third amended and restated employment agreement with President and CEO John Kiernan, effective July 14, 2026. The agreement extends Mr. Kiernan's term through September 30, 2030, with an initial annual base salary of $550,000 increasing by $25,000 annually up to $650,000. The contract includes an updated bonus structure featuring an annual discretionary performance bonus of up to $250,000 and real estate incentive awards. Additionally, Mr. Kiernan was granted performance-based restricted stock units (PSUs) for up to 160,000 shares, contingent on achieving 60-day volume-weighted average price targets between $40 and $110 per share. Alico, Inc. is an agribusiness company focused on citrus production and real estate management.

Jun 25, 2026Material Event

Alico, Inc. entered into an Agricultural Lease Agreement with United States Sugar Corporation on June 18, 2026, for approximately 3,280 acres of real property in Hendry County, Florida. The lease term begins July 1, 2026, and expires June 30, 2027, with a ten-year extension option. The agreement includes a $29,520,000 purchase option for U.S. Sugar to acquire the property by June 30, 2029, priced at $9,000 per acre. Alico, Inc. operates in the agriculture industry, managing and developing land for agricultural production.

Jun 15, 2026Material Event

Alico, Inc. declared a third quarter fiscal 2026 cash dividend of $0.05 per share on its outstanding common stock. The dividend is payable to shareholders of record as of July 2, 2026, with payment expected on July 16, 2026. Alico, Inc. is an agricultural company focused on managing citrus and other land-based assets.