Limoneira Co · NASDAQ:LMNR
Limoneira — Shareholder Meeting (March 2026)
56 slides from Limoneira's shareholder meeting presentation, Mar 25, 2026
Slide 1: Annual Shareholders' Meeting: President's Report
Annual Shareholders’ Meeting PRESIDENT’S REPORT MARCH 25, 2026 | SANTA PAULA, CALIFORNIA
Slide 2: Business Review
BUSINESS REVIEW Where have we come from? Where are we now? Where are we going?
Slide 3: The Lemon Challenge
THE LEMON CHALLENGE LIMONEIRALEMON SALES PRICEVS COSTPERCARTON BUDGET 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 AVGLEMON PRICEPERCARTON SOLD $27.06 $15.58 $18.45 $15.31 $18.45 $16.79 $24.30 $24.58 $24.52 $24.20 $25.45 $20.99 $19.06 $19.91 $18.77 $
Slide 4: Lemon Sales Price per Carton
LIMONEIRALEMON SALES PRICE BUDGET 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 AVGLEMON PRICEPERCARTON SOLD $ 18.45 $ 15.31 $ 18.45 $ 16.79 $ 24.30 $ 24.58 $ 24.52 $ 24.20 $ 25.45 $ 20.99 $ 19.06 $ 19.91 $ 18.77 $ 18.24 $ 18.87 $ 17.74 $ 19.52 Price Improvemen
Slide 5: Limoneira Total Lemon Cost per Carton
LIMONEIRA TOTAL LEMON COSTPERCARTON BUDGET 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 % INCREASE Total costs $ 13.16 $ 13.14 $ 13.79 $ 14.09 $ 16.39 $ 18.72 $ 18.15 $ 17.64 $ 18.20 $ 21.57 $ 22.64 $ 20.90 $ 20.48 $ 23.75 $ 22.14 $ 22.91 $ 19.52 74% Cost Incr
Slide 6: Lemon Fresh Utilization
LIMONEIRALEMON FRESH UTILIZATION BUDGET 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 AVERAGE % AVERAGEFRESH UTILIZATION % 60% 60% 61% 69% 67% 65% 73% 68% 70% 73% 74% 59% 56% 75% 74% 63% 70% 64% 78% 67% Fresh Utilization Improvement Driven by Return t
Slide 7: Lemon Cultural Cost per Carton
LIMONEIRA LEMON CULTURAL COSTPERCARTON 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 % INCREASE Cultural $ 4.13 $ 3.90 $ 4.22 $ 4.69 $ 5.29 $ 6.00 $ 5.67 $ 5.77 $ 6.34 $ 6.71 $ 6.95 $ 6.40 $ 5.48 $ 7.35 $ 6.46 $ 6.60 60% Cost Increase Due to Inflating Input and Labo
Slide 8: Lemon Packing Cost per Carton
LIMONEIRA LEMON PACKING COSTPERCARTON 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 % INCREASE Packing $ 5.51 $ 6.19 $ 5.79 $ 6.07 $ 6.19 $ 7.40 $ 7.01 $ 6.35 $ 6.36 $ 7.67 $ 8.13 $ 8.22 $ 8.39 $ 9.16 $ 9.60 $ 10.03 82% Cost Increase Driven by Minimum Wage Increase,
Slide 9: Lemon Harvest Cost per Carton
LIMONEIRA LEMON HARVESTCOSTPERCARTON 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 % INCREASE Harvest $ 3.52 $ 3.05 $ 3.77 $ 3.32 $ 4.91 $ 5.32 $ 5.47 $ 5.52 $ 5.49 $ 7.19 $ 7.56 $ 6.28 $ 6.60 $ 7.24 $ 6.07 $ 6.28 78% Harvest Cost Increase Driven by Minimum Wage Inc
Slide 10: Total Lemon Cartons Sold
LIMONEIRA TOTAL LEMON CARTONSSOLD BUDGET 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TOTAL CARTONSSOLD 1,436 1,822 2,368 3,066 2,873 2,727 2,980 3,164 3,300 4,496 4,575 4,184 4,950 4,755 4,453 4,722 4,482 In 2022 In 2026 48% Limoneira Produced Lemons 22% Limo
Slide 11: Number of Planted Acres & Producing Lemon Acres
NUMBER OF PLANTED ACRES & PRODUCING LEMON ACRES Non Bearing Full Bearing 1,157 1,276 968 197 807 712 66 3 - - 2023A 2024A 2025A 2026E 2027E 2027 Average Cartons per acre 1400=996,800 field cartons
Slide 12: Limoneira Lemon Cartons Sold
LIMONEIRA LEMON CARTONSSOLD BUDGET 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 LIMONEIRA CARTONSSOLD 1,086 1,178 1,224 1,330 1,847 1,750 1,733 1,795 1,799 1,798 1,801 2,023 2,388 2,191 1,248 1,040 990 Reduction of Limoneira Reduction Lemon of Limoneira Produc
Slide 13: Grower Partner Lemon Cartons Sold
GROWERPARTNERLEMON CARTONSSOLD BUDGET 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 GROWERPARTNERCARTONSSOLD 350 644 1,144 1,736 1,026 977 1,247 1,369 1,501 2,698 2,774 2,161 2,562 2,564 3,205 3,682 3,492
Slide 14: Limoneira Revenue
LIMONEIRA REVENUE BUDGET 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 REVENUE $53,512 $34,838 $54,284 $52,495 $65,828 $84,884 $103,462 $100,311 $111,789 $121,309 $129,392 $171,398 $164,559 $166,027 $184,605 $179,901 $191,503 $159,723 $124,408
Slide 15: SG&A Expense
Limoneira SG&AExpense in ,000's BUDGET 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 SG&A Expense $10,531 $8,456 $10,518 $11,851 $14,337 $13,773 $13,320 $14,524 $16,584 $21,324 $21,280 $18,781 $21,813 $26,454 $27,464 $24,475 $12,463 SG&A Cost Growth Driven by I
Slide 16: Limoneira Total Operating Profit
LIMONEIRA TOTAL OPERATING PROFIT BUDGET 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TOTAL LIMONEIRA OPERATINGPROFIT $18,341 $12,630 $15,932 $18,303 $26,579 $20,942 $26,118 $30,969 $32,561 $19,552 $9,702 $20,236 $26,102 $11,291 $24,994 $5,312 $20,673 Operating
Slide 17: Lemon Operating Profit
LIMONEIRALEMON OPERATINGPROFIT BUDGET 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TOTAL LEMON OP $6,622 $4,370 $6,805 $7,541 $18,899 $15,795 $17,212 $22,956 $24,113 $12,974 $3,841 $11,190 $11,292 $2,181 $6,479 $944 $13,392 Lemon Operating Profit Improvement D
Slide 18: Strategic Growth of Avocados
LIMONEIRA AVOCADO POUNDSSOLD BEARINGACRES 750 735 750 865 2,000 BUDGET FRCST 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2031 TOTAL AVOCADO LBSSOLD (000's) 17,370 4,425 12,040 14,983 6,658 7,010 11,394 6,271 6,273 1,788 7,973 5,655 8,150 3,763 15,072 7,130 5,
Slide 19: Scaling to Become One of California's Largest Avocado Growers
• US avocado S C A L I N G TO B E C O M E O N E O F C A L I F O R N I A’ S consumption L A R G E S T AV O C A D O G R O W E R S 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
Slide 20: Avocado Operating Profit
LIMONEIRA AVOCADO OPERATING PROFIT BUDGET FRCST 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2031 TOTAL AVOCADO OP $6,803 $4,023 $5,337 $6,944 $3,359 $3,085 $6,148 $5,418 $2,206 $2,250 $3,638 $2,573 $11,807 $631 $17,779 $5,736 $2,898 $26,000 2031 Forecast = 30
Slide 21: Unlocking Premium Value
Unlocking Premium Value GROWING AGRICULTURE COUPON + TRANSFORMATIONAL LAND VALUE CREATION MARCH 2026
Slide 22: Limoneira Is Unlocking Significant Shareholder Value
LIMONE IRA IS U NLOCKIN G SIGNIFICA NT SHA RE HO L 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
Slide 23: Two-Part Value Creation Strategy
TW O - P A RT VA L U E CRE A TIO N STRA TE GY 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 2
Slide 24: 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
Slide 25: 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 26: 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 27: Growing Agriculture Coupon
GROWING AGRICULTURE COUPON
Slide 28: 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
Slide 29: 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 30: 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 31: 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 32: Transformative Land & Water Value Creation
TRANSFORMATIVE LAND & WATER VALUE CREATION
Slide 33: Land Monetization Progress
CASH PROCEEDS LAND MO NE TIZA TI O N P RO GRE 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 Wi
Slide 34: 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 35: 30-Year Development Pipeline: $425M-$495M
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 36: Proven Execution: Real Estate Entitlement & Development
2017 – 2030 HARVEST AT LIMONEIRA LEWIS COMMUNITY BUILDERS LLC LIMONEIRA LEWIS GROUP OF COMPANIES 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 remaini
Slide 37: Next Phase Value Creation: Limco Del Mar
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 38: 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 39: Water Value Creation Opportunities
W A TE R VA L U E CRE A TIO N O P P O RTU NITIE 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
Slide 40: Capital Allocation
CAPITAL ALLOCATION
Slide 41: 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
Slide 42: 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 $425
Slide 43: Management
MANAGEMENT LIMONEIRA —
Slide 44: Senior Management
SENIOR MANAGEMENT
Slide 45: Limoneira Since 1893
LIMONEIRA SINCE 1893
Slide 46: Limoneira Annual Meeting
Limoneira Annual Meeting March 25, 2026
Slide 47: Objectives v Outcomes
OBJECTIVES V OUTCOMES • Stronger together • Take advantage of significant customer relationships • Strengthen influence in lemon category overall • Multi variety offering for Limoneira • Customer retention goal 75% v actual 83% • Continued focus area is dominance in export markets • Team is integrat
Slide 48: Share for Joint Approach
SK Share of Market All 52% SHARE FOR JOINT APPROACH District 1 District 2 34% 56% District 3 70% 48
Slide 49: Domestic FOB
DOMESTIC FOB 25.00 24.00 23.00 22.00 21.00 20.00 FOB ($) 19.00 18.00 17.00 16.00 15.00 14.00 13.00 12.00 45 46 47 48 49 50 51 52 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 Week Number 25 LM 25 SK 26 SK 49
Slide 50: What's Happening?
WHAT’S HAPPENING? • Industry leading utilization • Servicing premium customers with growth potential • Fewer pricers in District 2 summer season • Less import pressure expected this summer • More District 2 industry collaboration 50
Slide 51: North Star
NORTH STAR Long term sustainable returns for lemon growers in all district 51
Slide 52: Thank you
dd y ‘ ’sunkist FARMER Ov NED SINCEHBDS “5” ae rs
Slide 53: Appendix
: b Sakis FARMEROWNED SINGETES3 “4
Slide 54: Lemon Trends @ Retail
LEMON TRENDS @ RETAIL Total U.S. Retail Volume (40lb carton) Meyer Regular Seedless 16 Millions 14 12 10 8 6 4 2 - L52 4YA L52 3YA L52 2YA L52 YA L52 • Latest 52-weeks Lemon volume +8% at U.S. Retail • Regular Lemons +3% • Avg Retail $1.89/lbs • Seedless Lemons +122% (around half growth in Costco) •
Slide 55: Lemon Shoppers @ Costco
LEMON SHOPPERS @ COSTCO Asked 200 Costco Lemon shoppers why they purchased Seedless Lemons • 73% thought they were Regular Lemons or don’t remember • 44% of shoppers have no preference in purchase of Lemons • 18% preferred regular but only seedless available • 83% would buy regular is seedless weren
Slide 56: Lemon Promotions
LEMON PROMOTIONS • Brand Social Collaborations • Splenda – Lemon Rolls • Smash Kitchen – Olive Oil shot w/ Lemons • Add-to-List & Add-to-Cart Lent campaigns • Sysco Learning Library • Lemon PR & Influencer campaign • HK, CN, JP & KR • Online recipe contest – KR