Slide 1: Unlocking Premium Value
Unlocking Premium Value GROWING AGRICULTURE COUPON + TRANSFORMATIONAL LAND VALUE CREATION MARCH 2026
Slide 2: Disclosure
DISCLOSURE Forward-Looking Statements Non-GAAP Financial Measures This presentation contains forward-looking statements, including guidance for fiscal years 2026 and beyond, within the meaning Due to significant depreciable assets associated with the nature of of Section 27A of the Securities Act of
Slide 3: Limoneira Is Unlocking Significant Shareholder Value
L IMO NE IRA IS U NL O CKING SIGNIFICANT SHARE HOL DE R VA L U E 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 3
Slide 4: Two-Part Value Creation Strategy
TW O - PART VALU E CRE A TIO N STR A TE G Y Growing Agriculture Transformative Land & Coupon Water Value Creation Current Income 30-Year Pipeline $1.7M from water pumping rights sold $5.2M from fallowing program (through 2026) Expanding Lemon Organic $40M from assets identified for sale (through 202
Slide 5: Premium Real Estate Asset Portfolio
PREMIUM REAL ESTATE Agricultural Currently entitled land ASSET development land PORTFOLIO 7,000 550 TOTAL ACRES TOTAL ACRES Near-term land Net Asset Value Long-term use conversion developable land $540M 220 TO 3,000 TOTAL ACRES TOTAL ACRES $595M 5
Slide 6: Premium Water Asset Portfolio
Santa Paula Basin PREMIUM Colorado River WATER ASSET PORTFOLIO 8,500 11,500 ACRE FEET OF ADJUDICATED ACRE FEET OF CLASS 3 WATER OWNERSHIP PUMPING RIGHTS 1,500 7,280 ACRE FEET OF CONSERVED ACRE FEET OF CONSERVED MONETIZABLE RIGHTS MONETIZABLE RIGHTS Net Asset Value $60M $30-$70K TO MONETIZATION VALUE
Slide 7: Fair Market Value Greater Than Net Book Value
FAIR MARKET VALUE GREATER THAN NET BOOK VALUE AS OF OCTOBER 2025 ACRES FMV1 NET BOOK VALUE Real estate development assets 770 $176M $100M HARVEST | LIMCO DEL MAR Agricultural assets 7,000 $435M – $490M $147M LAND | BUILDINGS | ORCHARDS | WATER Less estimated current net debt ($71M) ($71M) NET ASSET
Slide 8: Growing Agriculture Coupon
GROWING AGRICULTURE COUPON 8
Slide 9: Expect Incremental Adjusted EBITDA Growth of $42M by 2031
EXPECT INCREMENTAL ADJUSTED EBITDA GROWTH OF $42M BY 2031 $5M $7M $30M Avocado Expansion Lemon Packing Growth Organic Recycling New avocado plantings Sunkist partnership Agromin partnership 9
Slide 10: Scaling to Become California's Largest Avocado Grower
US avocado S C A L I N G TO B E C O M E C A L I F O RNIA ’S consumption LARGEST AVOCADO GROWER value (1) Currently 3.5B lb. or 10 lb. per capita Growing at +10% annually DENSITY OPTIMIZATION Number of planted acres NON-BEARING $26.2B & producing acres Current 90 FULL-BEARING 70% TREES/ACRE 250 500 8
Slide 11: Streamlined Citrus Strategy
STREAMLINED BENEFITS CITRUS Limoneira’s sales and marketing $10M in selling, STRATEGY personnel and brokerage business general and administrative transfers to Sunkist in first quarter savings for 2026 of FY26 Optimizes supply chain through Optimized supply chain shared storage, washing and significa
Slide 12: Organic Recycling: Strategic Partnership Driving Value
ORGANIC BENEFITS RECYCLING: Agromin develops strategic $8k/acre annual rents STRATEGIC partnerships with agriculture to or $560,000 annually with 2.5% CPI PARTNERSHIP DRIVING design, build, and operate organics compost centers to help communities 89-acre foot water supply VALUE meet mandates set by
Slide 13: Transformative Land & Water Value Creation
TRANSFORMATIVE LAND & WATER VALUE CREATION 13
Slide 14: Land Monetization Progress
CASH PROCEEDS L A N D MONE TIZATI ON PROGRE SS $8M $19M $2.6M $98M $15M $143M TOTAL SOLD Commercial Oxnard Santa Maria Northern Chilean Property in Lemon Property Agricultural Ranches Harvest at Property Properties Limoneira OCT 26, 2022 OCT 31, 2022 NOV 30, 2022 OCT 26, 2023 NOV 7, 2025 CLOSED Wind
Slide 15: 30-Year Development Pipeline
TRANSFORMATIVE LAND & WATER VALUE CREATION 30-YEAR DEVELOPMENT PIPELINE Near-term Medium-term Longer-term Assets identified for sale Limco Del Mar development Potential entitlement of THROUGH 2026 2030-2040 3,000 developable acres 2040+ Water value creation & monetization THROUGH 2030 Harvest at Lim
Slide 16: 30-Year Development Pipeline
TRANSFORMATIVE LAND & WATER VALUE CREATION 30-YEAR DEVELOPMENT PIPELINE Assets Identified for Sale 2026 Water Rights Monetization 2025-2030 Harvest at Limoneira 2025-2030 Limco Del Mar 3,000 Developable Acres 2030-2040 2040+ $40M $30-$50M $155M $200-$250M $3B+ TOTAL IDENTIFIED VALUE CREATION NEAR AN
Slide 17: Proven Execution
2017 – 2030 HARVEST AT LIMONEIRA LIMONEIRA LEWIS COMMUNITY BUILDERS LLC PROVEN EXECUTION 550 ENTITLED ACRES Real Estate Entitlement & Development TRACK RECORD 1,261 units Partnerships with national homebuilders $53M received closed to date LENNAR, KB HOME, etc. $155M remaining CASH FLOW PROFILE DOLL
Slide 18: Next Phase Value Creation
2017 – 2030 2030 – 2040 HARVEST AT LIMCO LIMONEIRA DEL MAR NEXT PHASE VALUE CREATION 220 ACRES IN ENTITLEMENT PROCESS LMNR OWNS MAJORITY INTEREST (55%) PROGRESS TO DATE Development Creation Entitlement intent announced of specific plan underway team assembled VALUE CREATION TIMELINE Expected develop
Slide 19: Long-Term Land Bank
2017 – 2030 2030 – 2040 2040+ HARVEST AT LIMCO 3,000 DEVELOPABLE LIMONEIRA DEL MAR ACRES LONG-TERM LAND BANK 3,000 ACRES OF FUTURE DEVELOPMENT POTENTIAL ASSET OVERVIEW Productive avocado and lemon ranches with significant water rights VALUE CREATION HORIZON Development timeline Potential value Provi
Slide 20: Water Value Creation Opportunities
W ATE R VALU E CRE ATIO N O P P O R TU N ITIE S Yuma, Arizona Santa Paula Basin Anticipate Anticipate Approximately $30M Approximately $20M of additional monetization in 2027 of additional monetization in 2026 - 2030 Next fallowing program could potentially be a 25-year deal that must be in place by
Slide 21: Capital Allocation
>>, Av x Statens caret ALLOC. ION. LIMONEIRA
Slide 22: Disciplined Capital Allocation Priorities
DISCIPL INE D CAPITAL ALLOCATION PRIORITIE S Further Reinvestment Strategic share Dividend reducing debt in the business repurchases to maximize future opportunities 22
Slide 23: Investment Summary
GROWING AGRICULTURE COUPON $42M incremental Adjusted EBITDA growth by 2031 Scaling to California’s largest Strategic partnerships with Agromin and avocado grower Sunkist enhancing operational efficiency (2,000 acres by 2027) INVESTMENT SUMMARY TRANSFORMATIVE LAND & WATER VALUE CREATION PIPELINE $425
Slide 24: Limoneira
LIMONEIRA SINCE 1893