Slide 1: Unlocking Premium Value
Unlocking Premium Value 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 V A L U E C R E AT I O N SEPTEMBER 2025
Slide 2: Disclosure
D I S C LO S U R E Forward-Looking Statements Non-GAAP Financial Measures This presentation contains forward-looking statements, including guidance for fiscal years 2025 and beyond, within the meaning of Due to significant depreciable assets associated with the nature of Section 27A of the Securitie
Slide 3: Limoneira Is Unlocking Significant Shareholder Value
LIMONEIRA IS UNLOCKING SIGNIFICANT SHAREHOLDER VALUE 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
T WO - PA RT VA LU E C R EAT I O N ST R AT EGY 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 $55M from assets identified for sale (through
Slide 5: Premium Real Estate Asset Portfolio
PREMIUM REAL ESTATE Agricultural Currently entitled land ASSET development land PORTFOLIO 10,500 TOTAL ACRES 550 TOTAL ACRES Near-term land Net Asset Value Long-term use conversion $571M developable land 3,000 220 TO $671M TOTAL ACRES TOTAL ACRES 5
Slide 6: Premium Water Asset Portfolio
Santa Paula Basin PREMIUM Colorado River WATER ASSET 9,430 ACRE FEET OF ADJUDICATED PORTFOLIO 12,000 ACRE FEET OF CLASS 3 WATER OWNERSHIP PUMPING RIGHTS 1,500 ACRE FEET OF CONSERVED 7,280 ACRE FEET OF CONSERVED MONETIZABLE RIGHTS MONETIZABLE RIGHTS Net Asset Value $90M $30-$70K TO MONETIZATION VALUE
Slide 7: Fair Market Value Greater Than Net Book Value
FA I R M A R K E T VA LU E G R EAT E R T H A N N E T B O O K VA LU E AS OF AUGUST 2025 ACRES FMV1 NET BOOK VALUE Real estate development assets 770 $176M $100M HARVEST | LIMCO DEL MAR Agricultural assets 10,500 $450M – $550M $162M LAND | BUILDINGS | ORCHARDS | WATER Less estimated current net debt (
Slide 8: Growing Agriculture Coupon
GROWING AGRICULTURE COUPON 8
Slide 9: Expect Incremental Adjusted EBITDA Growth of $42M by 2030
E X P EC T I N C R E M E N TA L A DJ U ST E D E B I T DA G ROW T H O F $ 4 2 M BY 2 0 3 0 $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 ECO M E C A L I FO R N I A’ S consumption L A RG EST AVO C A D O G ROW E R 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 TREES/ACRE FULL-BEARING 70%
Slide 11: Streamlined Citrus Strategy
ST R EA M L I N E D BENEFITS CITRUS Limoneira’s sales and marketing $5M in annual ST R AT EGY personnel and brokerage business EBITDA improvement transfers to Sunkist in first quarter add of FY26 added Optimizes supply chain through Optimized supply chain shared storage, washing and significantly re
Slide 12: Organic Recycling: Strategic Partnership Driving Value
O RG A N I C BENEFITS R EC YC L I N G : Agromin develops strategic $8k/acre annual rents ST R AT EG I C partnerships with agriculture to or $560,000 annually with 2.5% CPI PA RT N E RS H I P D R I V I N G design, build, and operate organics compost centers to help communities VA LU E meet mandates s
Slide 13: Transformative Land & Water Value Creation
TRANSFORMATIVE LAND & WATER VALUE CREATION 13
Slide 14: Land Monetization Progress
CASH PROCEEDS L A N D M O N E T I ZAT I O N P RO G R ES S $8M $19M $2.6M $98M $128M TOTAL RECEIVED Commercial Oxnard Santa Maria Northern Property in Lemon Property Agricultural Harvest at Property Properties Limoneira OCT 26, 2022 OCT 31, 2022 NOV 30, 2022 OCT 26, 2023 CLOSED Windfall Farms Souther
Slide 15: 30-Year Development Pipeline
TRANSFORMATIVE LAND & WATER VALUE CREATION 3 0 - Y EA R D E V E LO P M E N T P I P E L I N E 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 THROUG
Slide 16: 30-Year Development Pipeline
TRANSFORMATIVE LAND & WATER VALUE CREATION 3 0 - Y EA R D E V E LO P M E N T P I P E L I N E Assets Identified for Sale 2025-2026 Water Rights Monetization 2025-2027 Harvest at Limoneira 2025-2030 Limco Del Mar 3,000 Developable Acres 2030-2040 2040+ $55M $50-$70M $155M $200-$250M $3B+ T O TA L I D
Slide 17: Proven Execution
2017 – 2030 HARVEST AT LIMONEIRA LIMONEIRA LEWIS COMMUNITY BUILDERS LLC P ROV E N E X EC U T I O N 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 PR
Slide 18: Next Phase Value Creation
2017 – 2030 2030 – 2040 HARVEST AT LIMCO LIMONEIRA DEL MAR N E X T P H A S E VA LU E C R EAT I O N 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 Ex
Slide 19: Long-Term Land Bank
2017 – 2030 2030 – 2040 2040+ HARVEST AT LIMCO 3,000 DEVELOPABLE LIMONEIRA DEL MAR ACRES LO N G - T E R M L A N D BA N K 3,000 ACRES OF FUTURE DEVELOPMENT POTENTIAL ASSET OVERVIEW Productive avocado and lemon ranches with significant water rights VALUE CREATION HORIZON Development timeline Potential
Slide 20: Water Value Creation Opportunities
WAT E R VA LU E C R EAT I O N O P P O RT U N I T I E S Yuma, Arizona Santa Paula Basin Anticipate Anticipate Approximately $50M Approximately $20M of additional monetization in 2027 of additional monetization in 2026 Next fallowing program could potentially be a 25-year deal that must be in place by
Slide 21: Capital Allocation
CAPITAL ALLOCATION 21
Slide 22: Disciplined Capital Allocation Priorities
D I S C I P L I N E D C A P I TA L A L LO C AT I O N P R I O R I T I ES 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 2030 Scaling to California’s largest Strategic partnerships with Agromin and avocado grower Sunkist enhancing operational efficiency (2,000 acres by 2027) I N V EST M E N T S U M M A RY TRANSFORMATIVE LAND & WATER VALUE CREATION P
Slide 24: Since 1893
SINCE 1893