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SEPTEMBER 2025 G R O W I N G A G R I C U LT U R E C O U P O N + T R A N S F O R M AT I O N A L L A N D VA L U E C R E AT I O N Unlocking Premium Value
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2 Non-GAAP Financial Measures Due to significant depreciable assets associated with the nature of the Company's operations and interest costs associated with its capital structure, management believes that earnings before interest, income taxes, depreciation and amortization ("EBITDA") and adjusted EBITDA, which excludes stock-based compensation, gain (loss) on disposal of assets, net, and severance benefits are important measures to evaluate the Company's results of operations between periods on a more comparable basis. Such measurements are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and should not be construed as an alternative to reported results determined in accordance with GAAP. The non-GAAP information provided is unique to the Company and may not be consistent with methodologies used by other companies. EBITDA and adjusted EBITDA are summarized and reconciled to net (loss) income attributable to Limoneira Company, which management considers to be the most directly comparable financial measure calculated and presented in accordance with GAAP. Forward-Looking Statements This presentation contains forward-looking statements, including guidance for fiscal years 2025 and beyond, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Limoneira's current expectations about future events and can be identified by terms such as “could,” “expect," “may," “anticipate," “outlook,” “plans,” “intend," “should," “will," “’likely," “strive," and similar expressions referring to future periods. Limoneira believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Limoneira cautions you against relying on any of these forward-looking statements. Factors that may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: success in executing the Company’s business plans and strategies, including the merger of the Company’s citrus sales and marketing into Sunkist Growers and managing the risks involved in the foregoing; the ability of the merger to improve efficiency and reduce cost; changes in laws, regulations, rules, quotas, tariffs and import laws; weather conditions that affect production, transportation, storage, import and export of fresh product; increased pressure from crop disease, insects and other pests; disruption of water supplies or changes in water allocations; disruption in the global supply chain; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing and supply of energy; changes in interest and currency exchange rates and the impact of inflation; availability of financing for land development activities; general economic conditions for residential and commercial real estate development; political changes and economic crises; international conflict; acts of terrorism; labor disruptions, strikes or work stoppages; loss of important intellectual property rights; inability to pay debt obligations; ability to maintain compliance with debt covenants under our loan agreement; government restrictions on land use; and market and pricing risks due to concentrated ownership of stock. Other risks and uncertainties include those that are described in Limoneira's SEC filings which are available on the SEC's website at http://www.sec.gov. Limoneira undertakes no obligation to subsequently update or revise the forward-looking statements made in this presentation, except as required by law. D ISCLO SURE
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3 by leveraging decades of agricultural expertise and premium land stewardship to optimize land and water assets for both immediate cash generation and long-term land use conversion L IM O NE IRA IS UNL O CKING SIGNIF IC A N T SHARE HO L D E R V AL UE
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TWO -PART VALUE CREATIO N STRATEGY Growing Agriculture Coupon Current Income Expanding avocado production 2,000 acres by 2027 Transformative Land & Water Value Creation 30-Year Pipeline 4 $1.7M from water pumping rights sold $5.2M from fallowing program (through 2026) $55M from assets identified for sale (through 2026) •Chilean, Windfall & Argentinian assets $50-$70M from water monetization (through 2027) •Santa Paula Basin & Colorado River $155M from Harvest at Limoneira (through 2030) $100-$150M from Limco Del Mar (2030) $3B+ potential from 3,000 developable acres (2040+) Lemon packing growth Return to Sunkist Organic recycling Agromin partnership
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5 Agricultural land 10,500 TOTAL ACRES Near-term land use conversion 220 TOTAL ACRES Currently entitled development land 550 TOTAL ACRES Long-term developable land 3,000 TOTAL ACRES P RE M IUM RE AL E STATE ASSE T P O RTF O L IO Net Asset Value $571M TO $671M
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6 P RE M IUM WATE R ASSE T P O RTF O L IO9,430 ACRE FEET OF ADJUDICATED WATER OWNERSHIP Santa Paula Basin 1,500 ACRE FEET OF CONSERVED MONETIZABLE RIGHTS $30-$70K VALUED ACRE FEET Colorado River 12,000 ACRE FEET OF CLASS 3 PUMPING RIGHTS 7,280 ACRE FEET OF CONSERVED MONETIZABLE RIGHTS MONETIZATION BY FALLOWING OR OUTRIGHT SALE Net Asset Value $90M TO $120M
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FAIR M ARKE T VALUE GREATE R THAN NE T B O O K VALUE AS OF AUGUST 2025 ACRES FMV1 NET BOOK VALUE Real estate development assets HARVEST | LIMCO DEL MAR 770 $176M $100M Agricultural assets LAND | BUILDINGS | ORCHARDS | WATER 10,500 $450M – $550M $162M Less estimated current net debt ($55M) ($55M) NET ASSET VALUE *Pre-tax $571M–$671M $207M NET ASSET VALUE PER SHARE *Based on 17,715,000 diluted shares outstanding $32.23–$37.88 $11.69 7
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8 GROWING AGRICULTURE COUPON
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9 E XPEC T INCRE M E NTAL ADJUSTE D E B ITDA GROWTH O F $42M BY 2030 $30M $7M $5M Avocado Expansion New avocado plantings Organic Recycling Agromin partnership Lemon Packing Growth Sunkist partnership
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10 SCAL ING TO B ECO M E CAL IFO RNIA’S L ARGEST AVO CAD O GROWE R NON-BEARING FULL-BEARING Number of planted acres & producing acres 750 735 750 865 885 1,150 1,500 1,750 2,000 130 500 735 870 1,115 850 500 250 2023A 2024A 2025A 2026E 2027E 2028E 2029E 2030E 2031E $15.4B $26.2B 2022 2028E 70% US avocado consumption value (1) Currently 3.5B lb. or 10 lb. per capita Growing at +10% annually DENSITY OPTIMIZATION 90 TREES/ACRE 17k Current 180 TREES/ACRE Enhanced LB/ACRE 2030 T arget $45M revenue $30M adjusted EBITDA 34M pounds of production = Source: L.E.K. Market Study Management
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STREAM L INE D CITRUS STRATEGY Limoneira’s sales and marketing personnel and brokerage business transfers to Sunkist in first quarter of FY26 Optimizes supply chain through shared storage, washing and packing facilities Delivers enhanced value-added services for customers Access to more customers will drive increased fresh sales, increased fresh tree utilization and greater revenue $5M in annual EBITDA improvement add added Optimized supply chain significantly reduces costs f Significantly lowers sales & marketing costs Improved farm gate profitability for lemon production 11 BENEFITS
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O RGANIC RECYCL ING: STRATEGIC PARTNE RSHIP D RIV ING VALUE Agromin develops strategic partnerships with agriculture to design, build, and operate organics compost centers to help communities meet mandates set by the State of CA to reduce greenhouse emissions at landfills. Agromin develops a sustainable collaboration of companies to divert organics from landfills and produce organic rich compost to create healthy solids while reducing greenhouse gas emissions, decarbonize agriculture and drawing down carbon from the atmosphere. $8k/acre annual rents or $560,000 annually with 2.5% CPI 89-acre foot water supply agreement (equity in project) +$5.5M EBITDA contribution in FY27 (rents + JV earnings) +$60M EBITDA contribution first 10 years (rents + JV earnings) Mulch / compost available for direct agriculture application New platform for future scalable growth 12 BENEFITS
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13 TRANSFORMATIVE LAND & WATER VALUE CREATION
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$183M P IP E L INE L AND M O NE TIZATIO N P RO GRESS Identified near-term asset sales $8M $19M $2.6M $98M $128M TOTAL RECEIVED $55M TOTAL ANTICIPATED Commercial Property in Harvest at Limoneira OCT 26, 2022 Oxnard Lemon Property OCT 31, 2022 Santa Maria Property NOV 30, 2022 Northern Agricultural Properties OCT 26, 2023 CLOSED Southern Hemisphere Agricultural Assets Windfall Farms CASH PROCEEDS 14
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30-YEAR D E V E LO P M E NT P IP E L INE TRANSFORMATIVE LAND & WATER VALUE CREATION Near-term Assets identified for sale THROUGH 2026 Water value creation & monetization THROUGH 2027 Harvest at Limoneira THROUGH 2030 Limco Del Mar entitlement THROUGH 2030 Longer-term Potential entitlement of 3,000 developable acres 2040+ Medium-term Limco Del Mar development 2030-2040 15
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16 30-YEAR D E V E LO PM E NT P IP E L INE T O TA L I D E N T I F I E D VA L U E C R E AT I O N N E A R A N D M E D I U M - T E R M $460M -$ 53 0M $55M $50-$70M $155M $200-$250M $3B+ Water Rights Monetization 2025-2027 TRANSFORMATIVE LAND & WATER VALUE CREATION Assets Identified for Sale 2025-2026 Harvest at Limoneira 2025-2030 Limco Del Mar 2030-2040 3,000 Developable Acres 2040+
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LIMONEIRA LEWIS COMMUNITY BUILDERS LLC PROV E N E XECUTIO N 1,261 units closed to date $20 $8 $15 $10 $16 $34 $41 $22 $42 2017A 2022A 2024A 2025A 2026E 2027E 2028E 2029E 2030E DOLLARS IN MILLIONS FISCAL YEARS Partnerships with national homebuilders LENNAR, KB HOME, etc. $53M received $155M remaining CASH FLOW PROFILE 17 TRACK RECORD Real Estate Entitlement & Development 550 ENTITLED ACRES 2017 – 2030 HARVEST AT LIMONEIRA
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18 NE XT PH ASE VALUE CREATIO N LMNR OWNS MAJORITY INTEREST (55%) Entitlement process ongoing and expected 220 ACRES IN ENTITLEMENT PROCESS VALUE CREATION TIMELINE Development intent announced Creation of specific plan underway Entitlement team assembled $100M – $150M anticipated value upon entitlement Expected development phase $200M – $250M estimated total value over 10 years 2030 2040 PROGRESS TO DATE 2017 – 2030 HARVEST AT LIMONEIRA 2030 – 2040 LIMCO DEL MAR
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19 19 LO NG-TE RM L AND BANK Productive avocado and lemon ranches with significant water rights 2017 – 2030 HARVEST AT LIMONEIRA 2030 – 2040 LIMCO DEL MAR 2040+ 3,000 DEVELOPABLE ACRES 3,000 ACRES OF FUTURE DEVELOPMENT POTENTIAL Development timeline 2040+ Potential value $3B+ opportunity Provides decades of future value creation ASSET OVERVIEW VALUE CREATION HORIZON
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WATE R VALUE CREATIO N O P P O RTUNITIES Yuma, Arizona Anticipate Approximately $50M of additional monetization in 2027 Santa Paula Basin Anticipate 20 Next fallowing program could potentially be a 25-year deal that must be in place by end of 2026 (all 1,300 acres) Approximately $20M of additional monetization in 2026
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21 CAPITAL ALLOCATION
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22 D ISCIPL INE D CAP ITAL AL LO CATIO N P RIO RITIES Further reducing debt to maximize future opportunities Strategic share repurchases DividendReinvestment in the business
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Limoneira offers investors a rare opportunity of stable agricultural cash flows and significant land development optionality, backed by irreplaceable assets in one of the world’s most desirable markets 23 $42M incremental Adjusted EBITDA growth by 2030 $460-$530M+ identified near-term value creation through 2040 Growing agriculture coupon + transformative land and water value creation INV ESTM E NT SUM M ARY GROWING AGRICULTURE COUPON TRANSFORMATIVE LAND & WATER VALUE CREATION PIPELINE Scaling to California’s largest avocado grower (2,000 acres by 2027) Strategic partnerships with Agromin and Sunkist enhancing operational efficiency $3B+ potential from 3,000-acre land bank (2040+) Assets identified for sale through 2026 Water value creation & monetization through 2027 Harvest at Limoneira through 2030 Limco Del Mar entitlement & development 2030-2040
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Q & A