St. Joe Company (the) · NYSE:JOE
St. Joe Company (the) — Shareholder Meeting (May 2026)
31 slides from St. Joe Company (the)'s shareholder meeting presentation, May 12, 2026
Slide 1: Annual Meeting of Shareholders
ANNUAL MEEING OF SHAREHOLDERS May 13, 2025
Slide 2: Consistent Business Strategy
❖ Expand portfolio of recurring income producing commercial and hospitality properties ❖ Develop residential communities with long term, scalable and repeatable revenue ❖ Multi-faceted capital allocation between capital expenditures for business growth, stock repurchases, and debt reduction ❖ Steady
Slide 3: How JOE Is Positioned
87% OF THE 165,000 ACRES OWNED ARE IN BAY, WALTON AND GULF COUNTIES ENTITLEMENTS TO DEVELOP OVER 170,000 RESIDENTIAL UNITS AND OVER 22 MILLION SQUARE FEET OF NON-RESIDENTIAL USES MAJORITY OF REVENUE IS DERIVED FROM LESS THAN 2% OF LAND HOLDINGS HOW JOE IS POSITIONED
Slide 4: Investment in Real Estate & Unconsolidated Joint Ventures
COMPOUND ANNUAL GROWTH RATE 15% • Growth Rate calculated using Compound Annual Growth Rate formula • Balances at amortized cost basis as of each year end INVESTMENT IN REAL ESTATE & UNCONSOLIDATED JOINT VENTURES BALANCE SHEET ($ IN MILLIONS)
Slide 5: Consolidated & Unconsolidated Revenue
COMPOUND ANNUAL GROWTH RATE 27% • Growth Rate calculated using Compound Annual Growth Rate formula • Includes total revenue of each unconsolidated joint venture • Revenue of unconsolidated joint ventures is not included in St. Joe’s consolidated revenue CONSOLIDATED & UNCONSOLIDATED REVENUE ($ IN MI
Slide 6: EBITDA
• Growth Rate calculated using Compound Annual Growth Rate formula • See Slide “Reconciliation of Non-GAAP Financial Measures” COMPOUND ANNUAL GROWTH RATE 27% EBITDA ($ IN MILLIONS)
Slide 7: Net Income
IN 2025, DEPRECIATION WAS $47.5 MILLION, WHICH IS A NON-CASH ITEM. COMPOUND ANNUAL GROWTH RATE 25% • Compound Annual Growth Rate calculated using Compound Annual Growth Rate formula NET INCOME ($ IN MILLIONS)
Slide 8: Earnings Per Share
COMPOUND ANNUAL GROWTH RATE 28% • Compound Annual Growth Rate calculated using Compound Annual Growth Rate formula • Earnings Per Share attributable to the Company is presented based on the basic weighted average shares outstanding EARNINGS PER SHARE IN 2025, DEPRECIATION WAS $0.82 PER SHARE, WHICH
Slide 9: Growth in Depreciation Non-Cash Item
NET INCOME IS REDUCED BY DEPRECIATION, WHICH IS A NON-CASH ITEM. COMPOUND ANNUAL GROWTH RATE 21% • Compound Annual Growth Rate calculated using Compound Annual Growth Rate formula GROWTH IN DEPRECIATION NON-CASH ITEM
Slide 10: Free Cash Flow 2025 Snapshot
“FREE CASH FLOW” DEPRECIATION/SUSTAINING CAPITAL 2025 SNAPSHOT ($ in Thousands) 2025 Net income attributable to the Company $115,627 Depreciation, depletion and amortization (non-cash item) $47,471 Sustaining Capital $(4,314) Total $158,784 • Sustaining Capital represents Capital Expenditures for ma
Slide 11: Debt
DEBT IS 25% OF OUTSTANDING DEBT HAS A FIXED OR SWAPPED INTEREST RATE 82.7% AVERAGE WEIGHTED EFFECTIVE INTEREST RATE IS 4.7% AVERAGE REMAINING LIFE IN YEARS 19.7 OF COMPANY’S TOTAL ASSETS PROJECT-LEVEL DEBT ONLY AS OF MARCH 31, 2026
Slide 12: Capital Allocation
CAPITAL ALLOCATION JANUARY 1, 2015 – MARCH 31, 2026 $2.2 BILLION IN TOTAL CAPITAL ALLOCATION FROM JANUARY 1, 2015 TO MARCH 31, 2026
Slide 13: Stock Repurchase
STOCK REPURCHASE YEAR TO DATE 2025 AND 2026 COMPARISON • Shares repurchased represent only those acquired under the Company’s authorized Stock Repurchase Program • The number of shares repurchased from April 1 to May 11, 2026 has not been previously disclosed FOR THE FULL YEAR 2025, THE COMPANY REPU
Slide 14: Efficient Overhead
EFFICIENT OVERHEAD CORPORATE AND OTHER OPERATING EXPENSES AS % OF CONSOLIDATED REVENUE
Slide 15: Land Holdings and Developments: The Future
LAND HOLDINGS AND DEVELOPMENTS THE FUTURE APPROVED DETAILED SPECIFIC AREA PLANS • Detailed Specific Area Plans (DSAPs) are the final step in implementing the Bay Walton Sector Plan and are approved by the Bay County and Walton County Commissions
Slide 16: Land Holdings and Developments: DSAPs Started
LAND HOLDINGS AND DEVELOPMENTS • Detailed Specific Area Plans (DSAPs) are the final step in implementing the Bay Walton Sector Plan and are approved by the Bay County and Walton County Commissions DSAPs STARTED
Slide 17: Land Holdings and Developments: DSAPs Planned Late 2026/Early 2027
LAND HOLDINGS AND DEVELOPMENTS • Detailed Specific Area Plans (DSAPs) are the final step in implementing the Bay Walton Sector Plan and are approved by the Bay County and Walton County Commissions DSAPs PLANNED LATE 2026/EARLY 2027
Slide 18: Land Holdings and Developments: DSAPs Planned Mid 2027
LAND HOLDINGS AND DEVELOPMENTS • Detailed Specific Area Plans (DSAPs) are the final step in implementing the Bay Walton Sector Plan and are approved by the Bay County and Walton County Commissions DSAPs PLANNED MID 2027
Slide 19: Land Holdings and Developments: DSAPs Start Date TBD
LAND HOLDINGS AND DEVELOPMENTS • Detailed Specific Area Plans (DSAPs) are the final step in implementing the Bay Walton Sector Plan and are approved by the Bay County and Walton County Commissions DSAPs PLANNED START DATE TBD
Slide 20: Residential Homesite Pipeline
BACKLOG AS OF MARCH 31, 2025 952 ACTIVE BUILDERS 20 HOMESITES UNDER CONTRACT 2026 AND BEYOND RESIDENTIAL HOMESITE PIPELINE BACKLOG AS OF MARCH 31, 2026 HOMESITES UNDER CONTRACT: 3,204 237% INCREASE FROM MARCH 31, 2025 ACTIVE BUILDERS: 18 • As of March 31, 2026 • Includes 1,452 homesites for Latitude
Slide 21: Residential Homesite Pipeline Map
BACKLOG AS OF MARCH 31, 2025 952 ACTIVE BUILDERS 20 HOMESITES UNDER CONTRACT 2026 AND BEYOND RESIDENTIAL HOMESITE PIPELINE • SouthWood®, SummerCamp® Beach and WindMark Beach® communities are located in Leon, Franklin or Gulf counties respectively and not shown on this map • Subject to change
Slide 22: Commercial Leasing Pipeline
LAND HOLDINGS AND DEVELOPMENTS 2026 AND BEYOND COMMERCIAL LEASING PIPELINE Subject to change AS OF MARCH 31, 2026 EXECUTED LEASES: ~250 96% LEASED
Slide 23: Commercial Leasing Pipeline Map
LAND HOLDINGS AND DEVELOPMENTS 2026 AND BEYOND COMMERCIAL LEASING PIPELINE • Subject to change • Map does not depict all commercial leasing space
Slide 24: Watersound Town Center
LAND HOLDINGS AND DEVELOPMENTS 2026 AND BEYOND WATERSOUND TOWN CENTER Subject to change
Slide 25: Watersound West Bay Center
LAND HOLDINGS AND DEVELOPMENTS 2026 AND BEYOND WATERSOUND WEST BAY CENTER Subject to change
Slide 26: Latitude Joint Venture Cash Flow
LATITUDE JOINT VENTURE CASH FLOW AS OF MARCH 31, 2026 Develops infrastructure and builds homes JOE Minto Initial Capital Contribution Earnings* $92.1 Million $184.2 Million Minto manages the joint venture, which allows JOE to scale up and focus on growing its residential, hospitality, and commercial
Slide 27: Latitude Drives Value Beyond Joint Venture Cash Flows
LATITUDE DRIVES VALUE BEYOND JOINT VENTURE CASH FLOWS Joint Venture
Slide 28: JOE's Virtuous Circle Value Creation
JOE’S VIRTUOUS CIRCLE VALUE CREATION
Slide 29: Reconciliation of Non-GAAP Financial Measures: EBITDA
“Earnings Before Interest, Taxes, Depreciation and Amortization” (EBITDA) is a non-GAAP measure, which management believes assists investors by providing insight into the operating performance of the Company across periods on a consistent basis and, when viewed in combination with the Company’s resu
Slide 30: Important Notice Regarding Forward-Looking Statements
All Rights Reserved. Important Notice Regarding Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements include, among other things, information about possible or
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