Alico, Inc.

Good morning, and welcome to Aliko's first quarter 2026 earnings call. Currently, all participants are in a listen-only mode. As a reminder, today's call is being recorded. I would now like to turn the call over to your host, John Mills, Managing Partner at ICR. Please go ahead.

Thank you. Good morning, everyone, and thank you for joining us for Aliko's first quarter 2026 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 first quarter of 2026 earnings release, which went out yesterday at approximately 4.15 p.m. Eastern Time. If you've not had a chance to view the release, it's available on the investor relations portion of the company's website at alicoinc.com. This call is being webcast, and a replay will be available on Alico'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 10Q, annual reports on Form 10K, current reports on Form 8K, and any amendments thereto filed with the SEC in those mentioned in the earnings release. the company undertakes an obligation to subsequently update or revise the four linking statements made on today's call, except as required by law. During this call, the company may also disclose 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. Please go ahead, John.

Thank you, John. Good morning, everyone. And thank you for joining us for Alico's first quarter 2026 earnings call. We are very pleased with our first quarter results and subsequent transactions we achieved in the first month of our second fiscal quarter. We believe this momentum and our enhanced business model in action validates our land monetization and utilization strategy. Let me highlight a few specific achievements in our first quarter and subsequent events. First, In the first quarter, we generated $7.7 million in land sales, reflecting the strong demand for our strategically located Florida properties. Second, our net loss improved to 3.5 million from a loss of 9.2 million in the prior year period. And we generated positive EBITDA of 2.4 million, compared to negative 6.7 million in the prior period, demonstrating the financial stability we've built through this transformation. Third, with our strengthened balance sheet holding $34.8 million in cash at first quarter end and reduced operating complexity, we believe we are financially very well positioned to execute on our near and long-term plan. Fourth, Alico entered into a 10-year lease with Bear Crop Science to establish an agricultural research station on 100 acres on our TRB property located in Charlotte County. And subsequent to quarter end, following the signing of new lease agreements in January, Aweco has achieved 97% utilization of our approximately 32,500 farmable agricultural acreage. Lastly, also after quarter end, we closed on an additional sale of a large citrus grove representing approximately 2,950 acres for $26.8 million. leaving us within approximately 46,000 acre Florida portfolio. We believe these results and transactions demonstrate that Alico has a business model that will continue to unlock substantial value from its land portfolio, while maintaining our commitment to responsible land stewardship. As we look forward, our development pipeline continues to advance on schedule. with Corkscrew Grove villages leading the way as the crown jewel of our portfolio. The establishment of the Corkscrew Grove stewardship district represents a significant regulatory milestone that validates our development strategy and provides the framework for sustainable community focused growth. This is stewardship district approved unanimously by the Florida legislator positions us to effectively finance infrastructure, restore and manage natural areas and oversee the administration of our master plan communities. I'm particularly excited to highlight our previously announced strategic partnership with the Florida Department of Transportation to design and construct a wildlife underpass as part of the State Road 82 expansion. This $5 million investment demonstrates our commitment to Florida wildlife and showcases the innovative conservation approach that sets Alico apart in the development community. We remain on track for an anticipated final decision from Collier County in 2026, with potential construction for Corkscrew Grove Villages beginning as early as 2028. Collectively, our four near-term real estate development projects, Corkscrew Grove Villages, Bonnet Lake, Saddleback Grove and Plant World, totaling approximately 5,500 acres, maintain their estimated present value of between $335 million and $380 million, which we hope to be realized within the next five years. This represents significant value creation potential from just 10% of our land holdings, demonstrating the substantial embedded value within our diversified portfolio. As you can see from the first quarter results and achievements, our approach creates the best of both worlds. With approximately 25% of our land identified for strategic development and 75% remaining for diversified agriculture, we've built a balanced platform for both near-term returns and long-term growth. We believe it is important to emphasize our commitment to returning capital to shareholders, especially as we achieve positive EBITDA for the quarter and generate approximately $34.5 million in recent land sales. Since 2015, we've returned more than $190 million to shareholders through dividends, share repurchase, and voluntary debt reduction. Going forward, we continue to evaluate the best use of capital to enhance shareholder value. Management's comprehensive NPV analysis of our approximately 46,000 acres indicates a market value of assets between $650 million and $750 million. With our current market capitalization of approximately $320 million and net debt of approximately $50.7 million at quarter end, we believe Alico represents compelling value for investors seeking exposure to Florida's continued growth story. What differentiates Alico is our unique combination of strategic land holdings across seven Florida counties, more than 125 years of local relationships and conservation credibility, a proven management team with deep expertise in both agriculture and real estate development, and a balanced portfolio approach with 75% of our land continuing to be used for agricultural activities. On our fourth quarter call, I listed our priorities for fiscal year 2026 to continue our transformation momentum, and today we are reiterating those priorities. First, to optimize our agricultural operations by maximizing revenue from our diversified leasing programs while maintaining rigorous cost controls across all properties. We have made tremendous progress on this and now have approximately 97% of our farmable land leased. Second, we remain committed to advancing our residential and commercial development projects by continuing to progress through the entitlement process for our four priority projects, with particular focus on securing final approvals for Corsica Grove villages. Third, our strategic capital allocation approach will balance required entitlements investments with shareholder returns while maintaining the financial flexibility necessary to execute on our long-term strategy. And finally, to pursue operational excellence by leveraging our experienced management team and strong local relationships, to execute efficiently across all these initiatives. As we enter our second fiscal quarter, our strengthened balance sheet holding $34.8 million in cash as of December 31st, 2025, the January, 2026 land sale of 26.8 million and our reduced operational complexity highlight the fact that we continue to believe we are well positioned to advance along our high value development roadmap. The Course Through Grove Villages entitlement process remains on track for an anticipated 2026 decision by Collier County, and our balance sheet and revenues from our diversified agricultural operations provide the financial resources to execute our long-term strategy. We believe that Alico has a business model that unlocks substantial value from our approximately 46,000-acre Florida portfolio while maintaining our commitment to responsible land stewardship. The foundation is in place, and we're excited about the opportunities ahead. With that, I'll turn it over to Brad Heine to walk through our detailed financial results, and then we'll be happy to take your questions. Brad?