Limoneira Co · NASDAQ:LMNR
Limoneira — Shareholder Meeting (April 2025)
78 slides from Limoneira's shareholder meeting presentation, Apr 9, 2025
Slide 1: Annual Shareholder Meeting, April 9th, 2025
Harold Edwards President & Chief Executive Officer ANNUAL SHAREHOLDER MEETING APRIL 9TH, 2025
Slide 2: Unlocking premium value: The Limoneira Transformation
Unlocking premium value T H E L I M O N E I R A T R A N S F O R M AT I O N MARCH 2025
Slide 3: 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 Due to significant depreciable assets associated with the meaning of Section 27A of the Securities Act of 1
Slide 4: Overview
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Slide 5: Limoneira is unlocking significant shareholder value
LIMONEIRA IS UNLOCKING SIGNIFICANT SHAREHOLDER VALUE through transformative land-use conversion and water monetization while growing avocado and citrus returns 5
Slide 6: Strategic value drivers
STRATEGIC VALUE DRIVERS Realize premium asset value Accelerate California Expand citrus operations avocado leadership Monetizing our land and Growing integrated services across water portfolio through strategic Scaling our position as the growing, packing, marketing and development and entitlements
Slide 7: Here's what we have today
HERE’S WHAT WE HAVE TODAY Agricultural land Water rights Development portfolio 10,500TOTAL ACRES 21,000+ ACRE FEET 550 ENTITLED DEVELOPMENT ACRES 5,300 U.S. FRUIT-BEARING ACRES 3,000 ACRES FOR POTENTIAL DEVELOPABLE CONVERSION GLOBAL FOOTPRINT CA AZ Chile Argentina 1,200 ACRES OF AVOCADOS MATURING OW
Slide 8: Here's what we have today (cont.)
HERE’S WHAT WE HAVE TODAY (CONT.) LAND ENTITLEMENT & DEVELOPMENT / WATER MONETIZATION $50M $1.3M Remaining assets Annual revenue ST R AT E G I C Identified for sale from 3-year fallowing program in Yuma, AZ with additional opportunities VA LU E D R I V E R S by the end of 2026 $165M $1.7M Explore la
Slide 9: Monetizing Windfall Farms
MONETIZING WINDFALL FARMS EXTRAORDINARY CENTRAL COAST DEVELOPMENT OPPORTUNITY • 724 acres located in the acclaimed Paso Robles AVA – voted USA Today’s best wine region of 2023 • 389± acres planted with high-quality wine grapes • Significant water resources with 7 wells (4 active, 3 cased); approx. 7
Slide 10: Windfall potential development opportunities
MONETIZING W I N D FA L L P OT E N T I A L D E V E LO P M E N T O P P O R T U N I T I E S • 400+/ - ACRE VINEYARD - WINDFALL FARMS • HOSPITALITY/ LODGING • WATER FEATURES: LAKE & POND • WATER UTILITY • RECREATIONAL VEHICLE RESORT • WINEMAKING BULK CRUSH FACILITY • VINEYARD ESTATES • ACTIVITY CENTERS
Slide 11: Pan de Azucar & San Pablo
MONETIZING PAN DE AZUCAR & SAN PABLO LA SERENA, CHILE 11
Slide 12: Monetizing Pan de Azucar and San Pablo
MONETIZING San Pablo PAN DE AZUCAR Acquired in 2017 SAN PABLO RANCH Acquired in 2018 3,317 total acres on two parcels Pan de Azucar ---- ranch outline
Slide 13: Santa Clara, Jujuy, Argentina
MONETIZING SANTA CLARA JUJUY, ARGENTINA Acquired in 2019 13
Slide 14: Strategic value drivers
STRATEGIC VALUE DRIVERS Accelerate California Expand One World avocado leadership of Citrus AVOCADO ACREAGE EXPANDING BY THREE-PRONGED GROWTH STRATEGY Lemon grower 150% 2,000 Full vertical integration; targeting 1,000 acres of lemon to planted acres by 2027 production over next 4 - 5 years Expected
Slide 15: Expected incremental EBITDA growth by FY30
E X P E CT TO G E N E R AT E $ 5 0 M E B I T DA BY F Y 2 0 3 0 INCREMENTAL GROWTH $23M $50M FY30 $5M $3M $4M $15M FY25 Analyst Lemon Packing Citrus Agency Organic Avocado Consensus Growth Growth Recycling Expansion 15
Slide 16: Asset Monetization
ASSET MONETIZATION i) LIMONETRA.
Slide 17: Fair market value greater than net book value
FA I R M A R K E T VA LU E G R E AT E R T H A N N E T B O O K VA LU E AS OF OCTOBER 2024 ACRES FMV1 NET BOOK VALUE Real estate development assets 200 $100M – $150M $87M Agricultural assets 10,500 $450M – $550M $162M LAND | BUILDINGS | ORCHARDS | WATER Other assets $25M – $30M $13M Less estimated cur
Slide 18: Future conversion of select land
THE ALPHA YUMA, AZ F U T U R E C O N V E R S I O N O F S E L E CT L A N D SANTA PAULA BASIN, CA Select land / water Executed Future monetization conversion assets opportunities $180M worth of assets identified for sale 4 assets sold in 2022 & 2023 for $130M $50M worth of assets remaining to be sold
Slide 19: Limco Del Mar
LIMONEIRA SINCE 18 LIMCO DEL MAR
Slide 20: Limco Del Mar
LIMCO DEL MAR The Limco Del Mar Ranch consists of approximately 221.4 acres of agriculturally zoned Ventura County land located on the east end of Ventura, California. This property has approximately 208.4 acres of agricultural plantings consisting of 136.8 acres of lemons and 71.6 acres of avocados
Slide 21: Limco Del Mar Ventura, CA acreage table
Ranch Name County/State Total APN Acres Lemons Avocados Specialty Row Crops Open Limco Del Mar Ventura, CA 221.4 136.8 71.6 - - - OPEN AVOCADO ROW APN LEMON VARIETIES SPECIALTIES TOTAL ACREAGE NON-BEARING GROUND VARIETIES CROPS ACREAGES SEEDLES LAMB OPE SPECIALTIE 8A EUREKA MIX MEYER PINK FINO 49 FO
Slide 22: SOAR Vote
SOAR VOTE SOAR (Save Open Space and Agricultural Resources) is a series of voter initiatives that require a vote of the citizens of Ventura County or that city before agricultural land or open space areas can be rezoned for development. County of Ventura or City of Ventura Vote Needed Limco Del Mar
Slide 23: LAFCO
LAFCO The Local Agency Formation Commission (LAFCO) of Ventura County is an independent commission that regulates the boundaries of cities and special districts. LAFCO works to ensure that local governments provide effective public services like water, sewer, and parks. LAFCO has a stated goal of el
Slide 24: Date 50, NOKA,U'S, Novy, NOR, OFBCO
Date 50, NOKA,U'S, Novy, NOR, OFBCO Dele LOGO Conudibie, NSF, NORA.
Slide 25: jrope Patt | Cope
jrope Patt | Cope Date MEARE Batt SO, NOARUS. teny, NOs, F800 ete USCS
Slide 26: Limco Del Mar
LIMCO DEL MAR
Slide 27: Limco Del Mar APNs
Limco Del Mar APNs Printed: Mar 03, 2014 ‘This aoe usd fer elererce purposes on, anénocter ue elance onthe sume a atherd, Pte! nes are shoe tax purposes cry an are et ited for cerweyances rors Riended ors egal surveyor opty sbaract Parcs shown do nt eal car
Slide 28: Lemons & Avocados Orchard Chart
LIMONEIRA SINCE 1893 LEMONS & AVOCADOS ORCHARD CHART LIMONEIRA COMPANY SANTA PAULA, CA pase at LIMONEIRA \ LIMCO DEL MAR \C se (UK DIVISION ~~ bé \ t MSoyl A$ AVOCADO SONG BLOCKS om | ba sma ) \ it, TEESE READ 200 400 600 600 LIMONEIRA’
Slide 29: City of Ventura
CITY OF VENTURA LIMCO DEL MAR CAMPBELL PARCEL
Slide 30: City of Ventura
CITY OF VENTURA LIMCO DEL MAR CAMPBELL PARCEL
Slide 31: Limco Del Mar Campbell
HARMON CANYON PRESERVE LIMCO DEL MAR CAMPBELL PARCEL KIMBALL SPORTS PARK
Slide 32: Limco Del Mar Campbell Parcel
LIMCO DEL MAR CAMPBELL PARCEL
Slide 33: Land monetization progress
CASH PROCEEDS L A N D M O N E T I Z AT I O N P RO G R E S 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 South
Slide 34: Real estate assets in pictures
SANTA BARBARA LA CUESTA LA CAMPANA LIMONEIRA HQ / OLIVELANDS HARVEST AT LIMONEIRA LIMCO DEL MAR ORCHARD FARM R E A L E STAT E A S S E T S IN PICTURES MALIBU 34
Slide 35: Harvest at Limoneira
PREMIUM REAL ESTATE DEVELOPMENT H A R V E ST AT L I M O N E I R A $180M $15M 2,050 units 1,261 closings OVER 7 YEARS RECEIVED IN FY24 TOTAL PROJECT CURRENT PROGRESS PHASE 1 | COMPLETE PHASE 2 | COMPLETE PHASE 3 | IN PROGRESS 707 units 554 units 550 units 300 apartments 2019: 210 2020: 144 2021: 232
Slide 36: Cash flow projections: Harvest at Limoneira
HARVEST AT LIMONEIRA CA S H F LO W P ROJ E CT I O N S Total annual projected distribution DOLLARS IN MILLIONS $41 $42 $34 $22 $18 $15 $8 $8 2022A 2024A 2025E 2026E 2027E 2028E 2029E 2030E FISCAL YEARS 36
Slide 37: East Area
HARVEST AT LIMONEIRA E A ST A R E A 1 RESIDENTIAL 2 COMMERCIAL 37
Slide 38: East Area Harvest Medical Pavilion
EAST AREA 2 H A R V E ST M E D I CA L PAV I L I O N PHASE 1 Entered into letter of intent with Pacific Coast Investments, Inc. 35 Acres INTENDED FOR JULY 14, 2021 MEDICAL CAMPUS Lot 1 to be dedicated Potential medical office buildings Quick-service restaurants Lot 2 to an acute care hospital Hotel E
Slide 39: Water assets
WATER ASSETS HOLDING SIGNIFICANT VALUATION IN OWNERSHIP OVER WATER RIGHTS ~21,000+ $10k–$70k 5.9% Acre feet of owned water rights per acre foot Southern California water Water rights, usage rights, and water pumping Range of recent water rights price escalation rights associated with Limoneira land
Slide 40: Water assets beginning to monetize
WAT E R A S S E T S B E G I N N I N G TO M O N E T I Z E Yuma, AZ Santa Paula Water Basin Current Next Completed Anticipated fallowing program fallowing program 3 separate water additional 3-year deal that will drive potentially could be pumping rights monetization in 25-year deal that must be trans
Slide 41: Water assets beginning to monetize
WAT E R A S S E T S B E G I N N I N G TO M O N E T I Z E Sold 58 af of Santa Paula basin pumping rights @ $30,000/af - $1.7 million Upcoming fallowing program for Colorado River water rights. Current fallowing program generating $1.3 million Formation of a water utility in the Santa Paula basin 41
Slide 42: Avocado Production
AVOCADO PRODUCTION 42
Slide 43: Positioned for growth in a thriving avocado market
KEY MARKET ADVANTAGES US avocado P O S I T I O N E D F O R G ROW T H I N A consumption T H R I V I N G AVO CA D O M A R K E T value (1) $26.2B 70% STRATEGIC TIMING PREMIUM POSITION $15.4B California harvest falls U.S. consumers prefer between Mexican seasons California avocados U.S. MARKET DEMAND 3B
Slide 44: Avocado expansion is biggest growth driver
AVO CA D O Revenue $25 E X PA N S I O N DOLLARS IN MILLIONS $17 I S B I G G E ST G ROW T H D R I V E R $9 $7 $7 $5 2019 2020 2021 2022 2023 2024 Production 15,100 POUNDS IN THOUSANDS 8,000 8,200 5,700 1,800 3,800 44
Slide 45: Strategic acreage shift to expand avocado production
ST R AT E G I C AC R E AG E S H I F T TO Leverage industry-leading yields and ideal geographic location to capitalize E X PA N D AVO CA D O P RO D U CT I O N on growing U.S. avocado demand ACREAGE SHIFT TO AVOCADOS LEVERAGING SUPERIOR AVOCADO YIELDS CAPITALIZING ON AVOCADO DEMAND Limoneira Avocado B
Slide 46: Avocado highlights
800 1400 Current producing acres AVO CA D O HIGHLIGHTS Planted acres Anticipated planting 2.2% U.S. market share ONE OF THE LARGEST GROWERS 250 ADDITIONAL ACRES IN FY25 2,000 2,000 2,000 2,000 2,000 1,735 250 1,485 500 1,235 1,115 850 Number of 880 735 870 planted acres & 500 2,000 130 1,500 1,750 p
Slide 47: Driving profitability
OPTIMIZED AVOCADO OPERATIONS DRIVING P RO F I TA B I L I T Y 17,000 $25,500 CURRENT ENHANCED lbs production Net revenue PER ACRE PER ACRE 90 Density 180 ($1.50/pound x 17,000 pounds) TREES/ACRE optimization TREES/ACRE Total operating profit by 2030 APPROX. $8,500 $17,000 $34M Operating / Harvest cos
Slide 48: Avocado Volumes by Origin in the US
AVOCADO VOLUMES BY ORIGIN IN THE US 48
Slide 49: One World of Citrus
ONE WORLD OF CITRUS” 7 . a. q LIMONEIRA™
Slide 50: One World of Citrus expansion
THREE-PRONGED GROWTH STRATEGY O N E WO R L D O F C I T R U S E X PA N S I O N Lemon grower Lemon packer Citrus marketer & seller Full vertical integration Services for growers Network distribution Own growing operations Packing operations Marketing & sales of third-party citrus Internal packing Mark
Slide 51: Lemon market leader
APPROX. DELIVERS 15% High-quality products LEMON MARKET of total U.S. Lemon crop marketed and LEADER WITHIN Integrated farm-to-customer supply chain distributed in 2023 were A H I G H LY F R AG M E N T E D Low-cost production Limoneira S PAC E Diverse global sourcing lemons and distribution network
Slide 52: Farm management services
Established a cross-functional One of the best fresh grower services team to recruit utilization rates in the market FA R M and retain grower partners M A N AG E M E N T Services are across SERVICES Focused on providing full agriculture spectrum specialty services DIVISION to farm managers & Providi
Slide 53: Limoneira catalysts
L I M O N E I R A CATA LYST S LAND USE CONVERSION HARVEST MEDICAL PAVILLION HARVEST AT LIMONEIRA DEVELOPMENT • $10 million distribution from partnership to Limoneira announced today • Letter of intent with Pacific Coast Investments, Inc. to sell land • Phase 3 buildout - $155 million anticipated pro
Slide 54: Limoneira catalysts
L I M O N E I R A CATA LYST S AVOCADO EXPANSION • 2,000 acres by 2027 • 34 million pounds by 2030 WATER MONETIZATION • Sold 58 af of Santa Paula basin pumping rights @ $30,000/af - $1.7 million • Upcoming fallowing program for Colorado River water rights. Current fallowing program generating $1.3 mi
Slide 55: Limoneira catalysts
L I M O N E I R A CATA LYST S AGROMIN JOINT VENTURE • 50% / 50% joint venture between Agromin and Limoneira • Expansion of project to 70 acres with permit to process 295,000 tons annually • Anticipated EBITA = $8 million / annually 55
Slide 56: Strategic value drivers
STRATEGIC VALUE DRIVERS Realize premium asset value Accelerate California Expand citrus operations avocado leadership Monetizing our land and Growing integrated services across water portfolio through strategic Scaling our position as the growing, packing, marketing and development and entitlements
Slide 57: In Memoriam John Blanchard
IN MEMORIAM JOHN BLANCHARD APRIL 17, 1943 – JUNE 12, 2024 57 57
Slide 58: Mark Palamountain, EVP & CFO
Mark Palamountain Executive Vice President & Chief Financial Officer ANNUAL SHAREHOLDER MEETING Limoneira Company | Santa Paula, California | April 9th, 2025
Slide 59: Sustainable collaboration – the partners
SUSTAINABLE COLLABORATION – THE PARTNERS • Agromin develops strategic partnerships with agriculture to design, build, and operate organics compost centers to help communities meet mandates set by the State of California to reduce greenhouse gas emissions at landfills. • Agromin develops a sustainabl
Slide 60: Agromin project review
AGROMIN PROJECT REVIEW 70-ACRE COMMERCIAL COMPOST CENTER • 50 Year Permit for 295,000 Tons of Green Waste Processing • Solving Ventura County’s Green Waste Landfill Diversion Requirements • 50/50 equity split with Agromin ~ $35M project cost • $3M Cash Equity (50/50) – Development Cost Contribution
Slide 61: Project site plan
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Slide 62: Agromin project benefits
AGROMIN PROJECT BENEFITS LIMONEIRA BENEFITS • $8k/acre annual rents or $560,000 annually with 2.5% CPI • 90 Acre Foot Water Supply Agreement (Equity in Project) • +$3M EBIDTA Contribution YR1 (Rents and JV Earnings) • +$40M EBITDA Contribution first 10 years (Rents and JV Earnings) • Mulch/Compost o
Slide 63: Harvest at Limoneira
PREMIUM REAL ESTATE DEVELOPMENT H A R V E ST AT L I M O N E I R A $180M $15M 2,050 units 1,261 closings OVER 7 YEARS RECEIVED IN FY24 TOTAL PROJECT CURRENT PROGRESS PHASE 1 | COMPLETE PHASE 2 | COMPLETE PHASE 3 | IN PROGRESS 707 units 554 units 550 units 300 apartments 2019: 210 2020: 144 2021: 232
Slide 64: Limoneira joint venture: 300 apartments
LIMONEIRA JOINT VENTURE Independence in Harvest at Limoneira, Santa Paula 300 Apartments • 300 For Rent Multi-Family Apartments • Multiple configurations • ~135 units 2/BR/2BA • ~170 units 3BR/2.5BA • ~25 units 4BR/3BA • Rents averaging from $2,800 - $4,000 per unit • Square footage ranging from ~1,
Slide 65: Limoneira joint venture
LIMONEIRA JOINT VENTURE Independence in Harvest at Limoneira, Santa Paula 300 Apartments
Slide 66: Limoneira joint venture
LIMONEIRA JOINT VENTURE Independence in Harvest at Limoneira, Santa Paula 300 Apartments
Slide 67: Limoneira joint venture
LIMONEIRA JOINT VENTURE Independence in Harvest at Limoneira, Santa Paula 300 Apartments
Slide 68: Limoneira joint venture
LIMONEIRA JOINT VENTURE Independence in Harvest at Limoneira, Santa Paula 300 Apartments
Slide 69: Limoneira joint venture
LIMONEIRA JOINT VENTURE Independence in Harvest at Limoneira, Santa Paula 300 Apartments
Slide 70: Limoneira joint venture
LIMONEIRA JOINT VENTURE Independence in Harvest at Limoneira, Santa Paula 300 Apartments
Slide 71: Limoneira joint venture
LIMONEIRA JOINT VENTURE Independence in Harvest at Limoneira, Santa Paula 300 Apartments
Slide 72: Cash flow projections: Harvest at Limoneira
HARVEST AT LIMONEIRA CA S H F LO W P ROJ E CT I O N S Total annual projected distributions DOLLARS IN MILLIONS $41 $42 $34 $22 $18 $15 $8 $8 2022A 2024A 2025E 2026E 2027E 2028E 2029E 2030E FISCAL YEARS 72
Slide 73: Financial Performance & Outlook
FINANCIAL PERFORMANCE & OUTLOOK 73
Slide 74: Historical revenue / EBITDA growth
H I STO R I CA L Revenue $192 REVENUE / DOLLARS IN MILLIONS $185 E B I T DA G ROW T H $180 $171 $165 $166 5.0-5.5M 2019 2020 2021 2022 2023 2024 CARTONS OF FRESH LEMONS IN FY25 EBITDA DOLLARS IN MILLIONS $22 $21 $13 $4 $7 7.0-8.0M -$13 POUNDS OF AVOCADOS IN FY25 74
Slide 75: Deleveraging balance sheet
D E L E V E R AG I N G BA L A N C E S H E E T Net debt DOLLARS IN MILLIONS $132 $125 $105 $102 $105 $90 $90 $91 $79 $62 $68 $37 $38 $4 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2024* Limoneira has 50% interest in real estate joint venture that had $66.9M of cash and cash equiv
Slide 76: Fair market value greater than net book value
FA I R M A R K E T VA LU E G R E AT E R T H A N N E T B O O K VA LU E AS OF OCTOBER 2024 ACRES FMV1 NET BOOK VALUE Real estate development assets 200 $100M – $150M $87M Agricultural assets 10,500 $450M – $550M $162M LAND | BUILDINGS | ORCHARDS | WATER Other assets $25M – $30M $13M Less estimated cur
Slide 77: Expect to generate incremental EBITDA by FY30
E X P E CT TO G E N E R AT E $ 5 0 M E B I T DA BY F Y 2 0 3 0 INCREMENTAL GROWTH $23M $50M FY30 $5M $3M $4M $15M FY25 Analyst Lemon Packing Citrus Agency Organic Avocado Consensus Growth Growth Recycling Expansion 77
Slide 78: Q&A
Q&A rer 34 a oe — ae’ >) = iz vo ee OF ee aoe oe il re Eres ah LIMONEIRA