Alico 3Q Revenue Jumps on Booming Land Management Strategy – Quarterly Update Report

3Q FY26 reinforced ALCO's post-citrus transition, with revenue rising 7.7% y/y to $9.0 million as land-management activities became the primary revenue source.

ALCO broadened its land monetization strategy with a new agricultural lease covering approximately 3,280 acres in Hendry County that includes a lessee-held purchase option initially valued at $29.5 million.

Corkscrew Grove East Village continues to de-risk, advancing into state and federal permitting after local approval, with potential construction beginning in 2028 or 2029.

Liquidity and earnings visibility improved, with $55.6 million of cash, $29.8 million of net debt, FY26 adjusted EBITDA guidance raised to approximately $15 million, and runway extended through FY29.

Valuation remains supported by $9,000-$9,761/acre transaction evidence versus $4,000-$5,000/acre agricultural assumptions, with further upside tied to entitlement progress.

3Q FY26 results increasingly reflected ALCO's post-citrus operating model, with the revenue base now centered on land-management activities . Revenue increased 7.7% y/y to $9.0 million from $8.4 million, as Land Management and Other Operations revenue rose to $7.9 million from $0.6 million, more than offsetting the 85.6% decline in Alico Citrus revenue to $1.1 million from $7.8 million following completion of the final significant citrus harvest. Net income improved to $2.1 million from a loss of $18.3 million y/y, while adjusted EBITDA was $4.6 million and FY26 guidance was raised to approximately $15 million. Beginning in 3Q FY26 (q/e June 30, 2026), ALCO also moved to a single reportable segment following substantial completion of the citrus wind-down, providing a structural marker that the citrus wind-down is substantially complete and the financial reporting increasingly reflects execution of the land-focused model.

The revenue mix has shifted decisively toward land management . Land Management and Other Operations represented approximately 88% of 3Q FY26 revenue, versus roughly 7% in 3Q FY25, when Alico Citrus accounted for approximately 93% of revenue. The shift increasingly positions lease income, royalties and other land-management activities as the core operating revenue base, with citrus now representing only a residual contribution to consolidated results.

The underlying lease base is also providing greater visibility beneath the more episodic quarterly revenue profile . ALCO recognized $456,000 of base lease income and $6.7 million of variable lease income during 3Q, including approximately $6.6 million tied to crop-insurance proceeds received by a lessee, while rock-and-sand royalties contributed another $429,000. The quarter highlights the economic flexibility of ALCO's lease structures, although the significant variable lease contribution means the $9.0 million consolidated revenue level should not be viewed as a normalized quarterly run rate.