Alico, Inc.

Please stand by. Your program is about to begin. Good morning and welcome to the Alico third quarter 2025 earnings call. Currently, all participants are in a listen-only mode. As a reminder, today's conference is being recorded. I would now like to turn the call over to your host, John Mills, Managing Partner at ICR.

Good morning. Everyone, and thank you for joining us for Alico's third quarter fiscal year 2025 conference call. On the call today are John Kiernan, President and Chief Executive Officer, and Brad Heine, Chief Financial Officer. By now, everyone should have access to the third quarter fiscal year 2025 earnings release, which went out yesterday at approximately 4 p.m. Eastern time. If you've not had a chance to review the release, it's available in the investor relations portion of the company's website at alicoinc.com. This call is being webcast, and a replay will be available on Alika's website as well. Before we begin, we'd like to remind everyone that the prepared remarks contain forward-looking statements. Such statements are subject to risk, uncertainties, and other factors that may cause the actual results to differ materially from those expressed or implied in these statements. Important factors that could cause or contribute to such differences include risk detail in the company's quarterly reports on Form 10-Q, annual reports on Form 10-K, current reports on Form 10 on the 8K, and any amendments thereto filed with the SEC, and those mentioned in earnest release. The company undertakes no obligation to subsequently update or revise the forward-looking statements made on today's call, except as required by law. During this call, the company may also discuss non-GAAP financial measures, including EBITDA, adjusted EBITDA, and net debt. For more details on these measures, please refer to the company's press release issued yesterday. And with that, it is my pleasure to turn the call over to the company's president and CEO, Mr. John Kiernan.

Thank you, John. Good morning, everyone, and thank you for joining us for Alico's third quarter of the fiscal year 2025 earnings call. I'm pleased to report another quarter of significant progress in executing our strategic transformation to become a diversified land company. We successfully completed our final major citrus harvest during the third quarter, marking a pivotal milestone in our transformation. This harvest represents the conclusion of our capital-intensive citrus production operations, allowing us to focus our resources entirely on our long-term land development and diversified usage strategy. Our land modernization and asset optimization efforts accelerated in the third quarter, generating $9.3 million from combined land and equipment sales, The land component included approximately 694 acres, bringing our year-to-date land sales to $23.5 million from approximately 2,794 acres sold, exceeding our original $20 million guidance for fiscal 2025. Additionally, we received $16 million in crop insurance proceeds during the quarter, which significantly strengthened our financial position and provides additional flexibility as we advance our transformation initiatives. This insurance recovery, combined with our land sales, has resulted in a robust $42.1 million cash position and a strong liquidity profile to execute our strategic transformation strategy. On the development front, we achieved a major regulatory milestone with the Florida Legislature's approval of House Bill 4041 to create the Corkscrew Grove Stewardship District in June. This represents a crucial step forward in our Corkscrew Grove Villages Development Project. The enabling legislation received unanimous support from the Collier County Legislative Delegation, multiple Florida House Committees, the Senate Rules Committee, and both the full Florida House and Senate. The proposal also received unanimous support from the Collier County Commissioners. The district will assist Alico in effectively financing infrastructure, helping restore and manage natural areas, and overseeing the administration of our master plan communities. Following this legislative approval, we appointed a five-member board of supervisors in August to facilitate collaboration and communications with local, state, and federal government agencies and community stakeholders. We also received the first round of comments from the South Florida Water Management District and Collier County regarding our development applications. This feedback is part of the normal regulatory review process and we're working diligently to address these comments as we advance through the entitlement process. The process remained on track with our expectations with the final decision by the Collier Board of County Commissioners still anticipated in 2026. Our diversified agricultural operations continue to progress as planned. We've successfully negotiated agreements to lease approximately 5,250 acres to third-party citrus growers for next season, and we're in discussions with vegetable and fruit growers who are clearing as many as 500 acres for us this season in lieu of lease payments. These arrangements are generating revenue while maintaining productive use of our agricultural lands during our transition period. Our near-term real estate development projects, including Corkscrew Grove Villages, Bonnet Lake, Saddlebag Grove, and Plant World properties continue advancing as planned. These four properties totaling approximately 5,500 acres maintain their estimated present value of between $335 million and $380 million and could be realized within the next five years. This represents significant value for our shareholders from just 10% of our land holdings. With our strategic transformation well underway and our financial position strengthened, we remain confident in our ability to deliver enhanced long-term returns for our shareholders. Our approach of balancing the development of select high-value properties with diversified agricultural operations creates a business model that leverages our core strengths while adapting to market opportunities. I'll now turn it over to our CFO, Brad Heine, to provide more detail on our financial performance.