Beyond the Grove: Alico Pitches Its New Land-First Future to Investors

FORT MYERS, FL – March 09, 2026 – Alico, Inc. President and CEO John Kiernan is set to engage in a series of crucial one-on-one meetings with investors at the 38th Annual Roth Conference later this month. While the announcement is routine, the context is anything but. For the 125-year-old Florida land company, these meetings represent a critical opportunity to articulate a radically new corporate identity forged from the ashes of its former citrus empire.

Taking place from March 22-24 in Laguna Niguel, California, the Roth Conference is a premier event for small-cap growth companies to connect with institutional investors. For Alico (Nasdaq: ALCO), this year's participation is less about a standard financial update and more about selling a compelling story of transformation—one that shifts the company’s focus from farming fruit to strategically monetizing its most valuable asset: nearly 46,000 acres of Florida land.

A Strategic Pivot Born from Crisis

Just over a year ago, in January 2025, Alico announced a sweeping strategic transformation that signaled the end of an era. The company, once a titan of Florida's citrus industry, was winding down the very operations that had defined it for decades. The decision was not made lightly but was a necessary response to a decade of mounting challenges.

Persistent threats from citrus greening disease, coupled with the devastating impact of weather events like Hurricane Milton, had decimated crop yields. Over the ten years leading up to the shift, Alico’s citrus production had plummeted by an estimated 73%, and its citrus division was consistently posting negative gross profit margins and EBITDA. The old model was no longer sustainable.

The transformation was swift and decisive. Following the final major harvest in April 2025, the company ceased significant capital investment in its groves. The workforce was dramatically reduced from approximately 200 employees to a lean team of 25, reflecting the new asset-light operational model. The primary goal became clear: pivot from a high-cost, volatile agricultural producer to a diversified land company focused on unlocking the intrinsic value of its extensive real estate portfolio.

From Farming Oranges to Cultivating Value

Alico's new business model rests on two core pillars: diversified agricultural operations and strategic land development. The company has made it clear that it remains committed to Florida agriculture, but on its own terms. Instead of managing its own crops, Alico now acts as a landlord, leasing its farmable acres to third-party operators.

As of early 2026, the company reported an impressive 97% utilization of its approximately 32,500 farmable acres. These lands are now used for a variety of purposes, including cattle grazing, sugarcane cultivation, sod farming, and mining, through fixed-fee or revenue-sharing agreements that provide more stable and predictable income streams. In a notable recent deal, Alico secured a 10-year lease with Bayer Crop Science to establish a 100-acre agricultural research station, signaling the high quality of its land assets.

However, the most significant potential for growth lies in the second pillar: strategic development. Alico has identified that roughly a quarter of its holdings have potential for higher-value uses. Management is initially focused on monetizing four key assets totaling 5,500 acres, which it estimates could be worth between $335 million and $380 million over the next five years. This strategy was validated by a series of successful land sales; the company generated $23.8 million from sales in fiscal 2025 and an additional $34.5 million in the first four months of fiscal 2026.

The Corkscrew Grove Vision

The centerpiece of Alico's development strategy is the ambitious Corkscrew Grove Villages project in Collier County. This master-planned community represents a multi-decade vision to transform 3,000 acres of former grove land into a thriving mixed-use development. The current plan calls for two distinct villages comprising up to 9,000 homes and 560,000 square feet of commercial space.

To facilitate this massive undertaking, Alico established the Corkscrew Grove Stewardship District in early 2025, a special-purpose local government entity designed to finance and manage the project's infrastructure and natural areas. The entitlement process is well underway, with a critical decision from county officials anticipated later in 2026. If approved, construction could begin as early as 2028, unlocking a new and substantial revenue stream for the company.

This project also highlights Alico's efforts to balance development with environmental responsibility. As part of the plan, which falls under Collier County's innovative Rural Land Stewardship Area (RLSA) program, Alico will set aside an additional 6,000 acres for permanent conservation. This dual approach aims to satisfy the region's housing demands while preserving critical environmental corridors, a message that is likely to resonate with both regulators and a new generation of investors.

The Investor Pitch

When CEO John Kiernan sits down with investors at the Roth Conference, he will be armed with a story of profound change and a balance sheet that reflects the transition. While fiscal first-quarter 2026 revenue saw a sharp 88.8% year-over-year decline to $1.9 million due to the citrus wind-down, other key metrics tell a different story. Adjusted EBITDA for the quarter was a positive $2.7 million, a stark improvement from a negative $6.7 million in the prior-year period.

The company has also shored up its financial position, ending fiscal 2025 with $38.1 million in cash and reducing net debt to $47.4 million. For the full 2026 fiscal year, Alico is guiding for an Adjusted EBITDA of approximately $14 million and expects to end the year with around $50 million in cash and net debt reduced to about $35 million.

These one-on-one meetings are Kiernan’s platform to move the narrative beyond the headline revenue drop and focus investors on the underlying asset value, which management estimates to be between $650 million and $750 million. The challenge is to convince the market that Alico is no longer a struggling citrus grower, but a strategic land holding company with a clear, long-term plan for value creation. For Alico, the conversations in Laguna Niguel are about more than just numbers; they are about securing the market's belief in its vision for the next 125 years.