Tejon Ranch Co · NYSE:TRC
Tejon Ranch — Investor Day (November 2025)
58 slides from Tejon Ranch's investor day presentation, Nov 14, 2025
Slide 1: Tejon Ranch Company Investor Engagement Day
Tejon Ranch Company Investor Engagement Day NOVEMBER 14, 2025
Slide 2: Disclaimer
Disclaimer Safe Harbor Statement This presentation contains forward-looking statements within the meaning of the federal securities laws. Generally speaking, any statement not based upon historical fact is a forward-looking statement. In particular, statements regarding the Company’s business plans,
Slide 3: Today's Agenda
I N V E STO R E N G AG E M E N T D AY Today’s Agenda 7:45 AM – 8:30 AM Continental Breakfast 8:30 AM Introduction & Safe Harbor Nicholas Ortiz 8:45 AM Investment Thesis and Framework Matthew Walker 9:15 AM Income: Operating Segments Matthew Walker 9:30 AM Break 9:45 AM Growth: Master Planned Communi
Slide 4: Introduction & Safe Harbor
Introduction & Safe Harbor
Slide 5: Slide 5
Slide 6: Strategic Review & Update
Strategic Review & Update
Slide 7: What We Will Cover Today
S T R AT E G I C R E V I E W + U P D AT E What We Will Cover Today • Why Tejon Ranch matters: our location, our assets, and why TRC is a compelling investment opportunity • How we think about the business: frameworks on capital allocation and investment strategy • Income, Growth, Governance, and Cul
Slide 8: Investment Thesis
Investment Thesis
Slide 9: Owning the Gateway to California's Infrastructure Lifelines
INVESTMENT THESIS Owning the Gateway to California’s Infrastructure Lifelines Tejon Ranch sits at the gateway between the Central Valley and Los Angeles. Everything connecting these two massive economies runs through our land • Highways (Interstate 5, SR 138, SR 58) • Rail (Union Pacific, High Speed
Slide 10: The Confluence of Four Ecosystems proximate to Los Angeles
INVESTMENT THESIS The Confluence of Four Ecosystems proximate to Los Angeles CENTRAL VALLEY SIERRA NEVADAS TEJON RANCH’S INCREDIBLY UNIQUE TOPOGRAPHY, GEOGRAPHY AND TEJON NATURAL RESOURCES RANCH HIGH DESERT CREATE INTRINSIC VALUE IN ITS FARMING, ENERGY, MINERALS, SANTA MONICA MOUNTAINS RESIDENTIAL A
Slide 11: TRC is an investment vehicle for California's growth region
INVESTMENT THESIS TRC is an investment vehicle for California’s growth region Over the past decade (2015-2025), growth California County Jobs and Population Percentage Growth - 2005 to 2015 has slowed in Coastal Southern California 25% Low Population High Jobs Santa Clara San Francisco and Bay Area
Slide 12: TRC is an investment vehicle for California's growth region
INVESTMENT THESIS TRC is an investment vehicle for California’s growth region Over the past decade (2015-2025), growth California County Jobs and Population Percentage Growth - 2015 to 2025 has slowed in Coastal Southern California 20% Low Population High Jobs High Population High Jobs and Bay Area
Slide 13: A Place Where Californians Can Still Afford
INVESTMENT THESIS A Place Where Californians Can Still Afford California’s housing market has priced out the middle class. Bakersfield 110 mi 23.4% The median home price falls $35,000 per mile heading north on Interstate 5.1 Home ownership costs don’t drop below 30% of household income until Santa C
Slide 14: Investment Framework
Investment Framework
Slide 15: Hurdle Rates: Filtering Our Prospective Investments
INVESTMENT FRAMEWORK Hurdle Rates: Filtering Our Prospective Investments METHODOLOGY FOR CHANNELING CAPITAL TOWARD OPPORTUNITIES THAT PROVIDE COMPOUNDING VALUE FOR SHAREHOLDERS P R I M A R Y C O N S I D E R AT I O N S S E C O N D A R Y C O N S I D E R AT I O N S 12% Unleveraged IRR 13% Cash on Cash
Slide 16: Hurdle Rates: Investment Performance Scorecard
INVESTMENT FRAMEWORK Hurdle Rates: Investment Performance Scorecard THE VAST MAJORIT Y OF CAPITAL DEPLOYED INTO IMPLEMENTED PROJECTS HAS GENERATED RESULTS WHICH EXCEED THE HURDLE RATES, VALIDATING THE DISCIPLINE OF OUR APPROACH Current Return on Equity Yield Equity Unlev IRR Lev IRR Multiple Hurdle
Slide 17: Identifying Revenue Opportunities
INVESTMENT FRAMEWORK Identifying Revenue Opportunities 17
Slide 18: Where Are We Going, and Why? Our Plan for the Future
INVESTMENT FRAMEWORK Where Are We Going, and Why? Our Plan for the Future. GROWTH GOVERNANCE & C U LT U R E & INCOME I N I T I AT I V E S C O M M U N I C AT I O N S MINDSET Higher revenues, with Honor the land and Respect our Foster a cohesive sustainable recurring invest for long term shareholders
Slide 19: Income: Operating Segments
Income: Operating Segments
Slide 20: Operating Segment Overview
I N C O M E : O P E R AT I N G S E G M E N T S Operating Segment Overview Commercial / Resort / • Commercial / Industrial: Anchored by the Tejon Ranch Industrial Residential Commerce Center, includes industrial, retail, and service (54% Total Assets) (16% Total Assets) properties that generate recur
Slide 21: TRCC's Evolution: From Gateway to Destination
I N C O M E : O P E R AT I N G S E G M E N T S TRCC’s Evolution: From Gateway to Destination TRCC HAS GENERATED $110M OF CASH FLOW FROM COMMERCIAL AND INDUSTRIAL DEVELOPMENT SINCE 2004 U N P A R A L L E L E D L O C AT I O N C O N S TA N T M O T I O N On the I-5 corridor, proximate to the 20,000 vehi
Slide 22: TRCC: Sustained Long Term Growth
I N C O M E : O P E R AT I N G S E G M E N T S TRCC: Sustained Long Term Growth TRCC IS THE TOP PRIORIT Y FOR ALL INVESTMENT FUNDING. WE WANT TO BUILD OUT TRCC AS FAST AS THE MARKET WILL ALLOW. INDUSTRIAL Two hours from the Port of Los Angeles, Tejon enables efficient distribution across the Western
Slide 23: TRCC Flywheel: Complementary Uses Drive Incremental Value
I N C O M E : O P E R AT I N G S E G M E N T S TRCC Flywheel: Complementary Uses Drive Incremental Value THIS IS THE FOUNDATION FOR COMPOUNDING RETURNS AND FUNDING DISCIPLINED GROWTH Multifamily Outlet/Retail • Apartment use creates 24/7 community • Retail employees drive demand for with active resi
Slide 24: TRCC Flywheel 2.0: A $600 Million Neighbor
I N C O M E : O P E R AT I N G S E G M E N T S TRCC Flywheel 2.0: A $600 Million Neighbor THE HARD ROCK TEJON CASINO OPENED NOVEMBER 13, 2025. TEJON RANCH IS UNIQUELY POSITIONED TO CAPTURE INCREASED ACTIVIT Y THROUGH ASSETS ALREADY IN PLACE: RETAIL, FUEL, AND HOSPITALIT Y. • Tejon Indian Tribe funde
Slide 25: Ancillary Businesses
I N C O M E : O P E R AT I N G S E G M E N T S Ancillary Businesses • Farming • Almonds • Pistachios • Wine Grapes • Olives • Ranch Operations • Cattle Grazing leases • Game Management • Filming • Mineral Resources • National Cement Company lease • Rock and aggregate leases • Water Sales Opportuniti
Slide 26: Farming pays, protects and positions us for what's next
I N C O M E : O P E R AT I N G S E G M E N T S Farming pays, protects and positions us for what’s next LAND SCARCITY FARMING FUNDS THE California farmland acreage is FUTURE shrinking while demand is Our AgWest credit facility increasing. Owning significant provides flexible, low-cost capital acreage
Slide 27: Farming Cash Flow Story
I N C O M E : O P E R AT I N G S E G M E N T S Farming Cash Flow Story • Farming is cyclical but generates consistently positive cash flow on Non- GAAP* basis • Positive Adjusted EBITDA* in 22 of last 23 years • $61.3M in Adjusted EBITDA* over the last ten years with 31.1% margin • Pistachios 46.3%,
Slide 28: Farming Supports Cash Flow Potential and Stronger Balance Sheet
I N C O M E : O P E R AT I N G S E G M E N T S Farming Supports Cash Flow Potential and Stronger Balance Sheet FARMING FACILITATES LOW-COST AGRICULTURAL DEBT FACILIT Y Company Net Debt /Equity 1.04 1.07 • Low leverage (0.13x Net Debt / Equity) compared to peers 0.59 0.39 0.45 0.35 Median = 0.39x 0.2
Slide 29: Ranch Operations
I N C O M E : O P E R AT I N G S E G M E N T S Ranch Operations Ranch Ops generates revenue streams to offset the costs of maintaining the 270,000 acre ranch GRAZING Approximately 256,000 acres are being used for two grazing leases. These leases not only generate revenue, but also assist with habita
Slide 30: Mineral Resources
I N C O M E : O P E R AT I N G S E G M E N T S Mineral Resources MINERAL RESOURCES LEASES PROVIDE STEADY AND DIVERSIFIED INCOME WITH MINIMAL CAPITAL INVESTMENT OIL / GAS 12,015 acres currently under lease We continue to look for opportunities to grow our mineral 295 active wells (117 producing) reso
Slide 31: Tejon Ranch: The Valley's Growth Story in Action
I N C O M E : O P E R AT I N G S E G M E N T S Tejon Ranch: The Valley’s Growth Story in Action 2025 Olive Block 700,000+ SF AUTOMATED Planting DISTRIBUTION FACILITY 31
Slide 32: Break
IN RANCH
Slide 33: Growth: Master Planned Communities
Growth: Master Planned Communities
Slide 34: The Case for the MPCs
GROWTH: MASTER PLANNED COMMUNITIES The Case for the MPCs INVESTOR CONCERNS COMPANY RESPONSES Significant capital spent to date without Entitlements have created significant value to date with any construction protective moat of value given lengthy California process and uncertain timing Perception t
Slide 35: Master Planned Community Overview
GROWTH: MASTER PLANNED COMMUNITIES Master Planned Community Overview • 35,000 new homes (of which 15,000+ are fully entitled) and millions of square feet of commercial provide decades of runway for future cash flow generation • Clustered along I-5, forming a unified growth corridor • Among Californi
Slide 36: Grapevine
GROWTH: MASTER PLANNED COMMUNITIES Grapevine A near-term growth catalyst that extends TRCC’s ecosystem through a JV-funded first phase (Planning Area 6A), leveraging existing infrastructure to serve demand from Kern County and North Los Angeles County PROJECTED DEVELOPMENT TIMELINE 24 Months – E N V
Slide 37: Mountain Village
GROWTH: MASTER PLANNED COMMUNITIES Mountain Village We intend to raise capital for Mountain Village, seeking a joint venture partner who would fund the go-forward equity PROJECTED DEVELOPMENT TIMELINE 24 Months – J V F O R M A T I O N 36 Months – F I R S T H O M E S I T E S A L E S 12 Months – F I R
Slide 38: Centennial
GROWTH: MASTER PLANNED COMMUNITIES Centennial This land’s most viable, highest economic use is residential & commercial development as it is designated an Economic Opportunity Area by the LA County General Plan. We’ll protect its value through re-entitlement to monetize a scarce Southern California
Slide 39: Governance: Communication + Transparency
Governance: Communication + Transparency
Slide 40: Respect Shareholders. Be Transparent. Simplify Governance.
GOVERNANCE Respect Shareholders. Be Transparent. Simplify Governance. SPECIAL MEETING RIGHT BOARD SIZE Company proposing a Special Board of Directors authorized process Meeting Right with a 25% threshold to reduce board size by 2026 Annual Meeting EXECUTIVE COMMITTEE EXECUTIVE COMPENSATION Board of
Slide 41: Communicating More Directly. Reporting More Clearly.
GOVERNANCE Communicating More Directly. Reporting More Clearly. HOSTED OUR FIRST QUARTERLY EARNINGS CALL AND INVESTOR ENGAGEMENT EVENT. COMMITTED TO PROVIDING MEANINGFUL FINANCIAL MEASURES FOR ALL SEGMENTS INCLUDING JOINT COMMITTED TO AN VENTURES. IN-PERSON/HYBRID 2026 ANNUAL MEETING WITH OPTIONAL O
Slide 42: Culture: Cohesion + Performance
Culture: Cohesion + Performance
Slide 43: Fostering a cohesive atmosphere which drives performance
C U LT U R E Fostering a cohesive atmosphere which drives performance • CAPITALIZING ON THE COMPANY’S UNIQUE ATTRIBUTES • We are hyperlocal: everything happens in one place – the Ranch, from our headquarters to our operating assets to our future opportunities • We are present: the team embraces the
Slide 44: Financial Discussion
Financial Discussion
Slide 45: Streamlining Operations: cutting costs, focusing on cash flow
FINANCIAL DISCUSSION Streamlining Operations: cutting costs, focusing on cash flow Category Summary $2.0 Million reduction in workforce (20%, exclusive of CEO transition and COO vacancy); Staffing streamlining operations to align headcount with current priorities. Transitioned CEQA counsel and shift
Slide 46: Redirecting Capital Toward Cash Flow, While Holding the Line on Operating Costs
FINANCIAL DISCUSSION Redirecting Capital Toward Cash Flow, While Holding the Line on Operating Costs TRCC NOI and UJVs $50 $25 TRCC Wholly Owned Real Estate NOI $ in Millions $ in Millions $45 Unconsolidated JV NOI (100%) $40 $20 Equity in Earnings of UJV $35 $30 $15 $25 $20 $10 $15 $10 $5 $5 $0 $0
Slide 47: Translating Discipline Into Profitable Growth
FINANCIAL DISCUSSION Translating Discipline Into Profitable Growth Adjusted EBITDA Reconciliation Adjusted EBITDA YTD Growing in Lockstep with Revenue $35.4M 7% Revenue $13.9M Growth $33.2M 8% Adjusted EBITDA Growth $12.9M Growth in Distributions of Earnings from Unconsolidated JVs YTD $2.8M 158% $1
Slide 48: Built to Withstand Cycles, Positioned to Capture Growth
FINANCIAL DISCUSSION Built to Withstand Cycles, Positioned to Capture Growth Historically low leverage Ample liquidity: $89.1 Conservative leverage profile including $68.1M undrawn 11.3% Avg. Debt to total provides flexibility for future capacity on our revolving line Capitalization over the last 5
Slide 49: Key Takeaways & Highlights
Key Takeaways & Highlights
Slide 50: What to expect and when
A C C O U N TA B I L I T Y: M I L E STO N E S What to expect and when Q1 2026: Q3 2026: 1H 2027: Enhanced Update on Mountain supplemental Grapevine Village capital financial planning; raise process information additional TRCC culminates reporting investments Q2 2026: Q4 2026: Board size Year-over-ye
Slide 51: Compelling Opportunity with Strong Investment Thesis, Discipline and Growth Trajectory
Key Ta ke away s / H i g h l i g h t s Compelling Opportunity with Strong Investment Thesis, Discipline and Growth Trajectory • 20K vehicles exit I-5 daily Unique Land Asset: 270,000 contiguous acres in California and Company’s 1 strong entitlement track record create natural barriers to entry • 15%
Slide 52: Questions & Answers
Questions & Answers
Slide 53: Reconciliations and Additional Information
Reconciliations and Additional Information
Slide 54: Non-GAAP Adjusted EBITDA Reconciliation
Non-GAAP Adjusted EBITDA Reconciliation ($ in thousands) 2024 2023 2022 2021 Net income $2,688 $3,265 $15,810 $5,342 Net Income (loss) attributed to non-controlling interest (2) -- 2 (6) Interest, net Consolidated, interest income (2,273) (2,557) (634) (57) Our share of interest expense from unconso
Slide 55: GAAP Reconciliations Non-GAAP Reconciliations
Non-GAAP Adjusted EBITDA Reconciliation GAAP Reconciliations Non-GAAP Reconciliations As of December 31, 2024 ($ in millions) 2024 As of December 31, 2024 ($ in millions) 2024 Net Debt (GAAP) Debt TRC Debt $66.94 Pro Rata Share of JV Debt $111.91 Less: TRC Cash and Marketable Securities (53.71) TRC
Slide 56: GAAP Reconciliations – Adjusted Farming EBITDA Before Fixed Water Obligation
Non-GAAP Adjusted EBITDA Reconciliation GAAP Reconciliations – Adjusted Farming EBITDA Before Fixed Water Obligation FY 2013 –FY 2024 Cumulative ($ in millions) Total TTM Adjusted EBITDA ($ in millions) 2025 Farming revenues $208,084 Net loss (GAAP) ($1,378) Less: Farming expense (199,928) Depreciat
Slide 57: Board of Directors
A D D I T I O N A L I N F O R M AT I O N Board of Directors NORMAN METCALFE, Chairman STEVEN A. BETTS GREGORY S. BIELLI ANDREW DAKOS DENISE GAMMON ANTHONY LEGGIO JEFF MCCALL ERIC SPERON DANIEL TISCH KENNETH YEE 57
Slide 58: Senior Executive Team
A D D I T I O N A L I N F O R M AT I O N Senior Executive Team MATTHEW WALKER HUGH F. MCMAHON ROBERT D. VELASQUEZ MICHAEL R.W. HOUSTON Executive Vice President, Senior Vice President & Senior Vice President, President & CEO Real Estate Chief Financial Officer General Counsel 58