What changed in this filing

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Item 1. Business

2025-11-24 compared with 2024-12-02 · 75 added, 145 removed, 76 unchanged (74% of the section changed)

Alico was incorporated under the laws of the State of Florida in 1960.

Alico is an agribusiness with a legacy of achievement and innovation in citrus and conservation.

We own approximately 53,371 acres of land in eight Florida counties (Charlotte, Collier, DeSoto, Glades, Hardee, Hendry, Highlands and Polk), and approximately 48,700 acres of oil, gas and mineral rights throughout Florida.

Alico is an agribusiness and land management company with a legacy of achievement and innovation in citrus and conservation.

We focus on strategic land development opportunities and diversified agricultural operations.

At September 30, 2025, we owned approximately 49,537 acres of land in eight Florida counties (Charlotte, Collier, DeSoto, Glades, Hardee, Hendry, Highlands and Polk), and approximately 44,700 acres of oil, gas and mineral rights throughout Florida.

We hold these oil, gas and mineral rights on substantially all our owned acres, with additional mineral rights on other leased acres.

Our principal lines of business are citrus groves and land management.

We are one of the largest citrus producers in the United States of America.

We operate two divisions:

Alico Citrus, a citrus producer on its own land and as a manager of citrus groves for third parties, and Land Management and Other Operations, which includes land conservation, encompassing environmental services, land leasing and related support operations.

Our principal lines of business are land management and citrus groves.

Management’s Discussion and Analysis of Financial Condition and Results of Operations , Recent Developments included in this Annual Report for a discussion of recent land sales activity.

We manage our land based upon its primary usage and review its performance based upon two primary classifications - Alico Citrus and Land Management and Other Operations.

The Alico Citrus division includes the production, cultivation and sale of citrus on our owned lands and as a manager of citrus groves for third parties.

Land Management and Other Operations include leases for grazing rights, hunting leases, a farm lease, a lease to a third party of an aggregate mine, leases of oil extraction rights to third parties, and other miscellaneous operations generating income.

The Alico Citrus division includes activities related to planting, owning, cultivating and/or managing citrus groves to produce fruit for sale to fresh and processed citrus markets, including activities related to the purchase and resale of fruit and value-added services, which include contracting for the harvesting, marketing and hauling of citrus.

However, the Alico Citrus division has substantially wound down operations after the 2024-2025 harvest due to environmental and financial challenges, as discussed further below.

Land Management and Other Operations includes activities related to grazing and hunting leasing, management and/or conservation of unimproved native pastureland, activities related to rock mining royalties and other insignificant lines of business, and activities related to owning and/or leasing improved farmland.

We present our financial results and the related discussion based upon our two business segments:

(i) Alico Citrus and (ii) Land Management and Other Operations.

Recent Developments

Florida Citrus Commission Development

On November 21, 2024, the Florida Citrus Commission passed an emergency rule, based on requests from the Florida Citrus Processors Association and Florida Citrus Mutual, to reduce the minimum Brix value (a measurement of sugar content) for oranges harvested for the period beginning on November 21, 2024 and ending on May 23, 2025 from 8.5 to 7.0 and to eliminate the minimum ratio of total soluble solids to anhydrous citric acid (a measure of maturity).

While it is not possible for us to estimate the potential impact of this ruling, it may increase the amount of the Company's fruit that would be acceptable at the processors.

Hurricane Milton

On October 9, 2024, Hurricane Milton hit Florida and the Company's citrus groves sustained hurricane or tropical storm force winds for varying durations of time.

Based on observations to date, the Company sustained minimal tree damage;

however, there was measurable fruit drop from trees in our northern groves, particularly in Polk and Hardee County.

We will continue to evaluate the impact of Hurricane Milton on our anticipated harvest in assessing any incremental impairment to be recognized at December 31, 2024.

However, an estimate of the amount of any incremental write-down to inventory cannot be made at this time.

Inventory Net Realizable Value Adjustment

On September 30, 2024, we recognized an adjustment of $19,549, to reduce inventory to its net realizable value.

The inventory adjustment is the result of expectations for a significantly lower than anticipated harvest of the Early and Mid-Season and Valencia crops for the 2024-2025 season due to the ongoing challenges posed by Hurricane Ian.

More than half of our crops dropped before harvesting in fiscal year 2023 and fiscal year 2024 fruit production did not return to pre-Ian levels.

These lower levels of production remain a concern to management as we begin to harvest the 2024-2025 crops, and the Company is evaluating our performance daily.

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Amended Credit Agreement with Metropolitan Life Insurance Company

On September 16, 2024, we amended our Credit Agreement (the “Amendment”) with Metropolitan Life Insurance Company, which, among other things (i) increases the borrowing capacity under the revolving line of credit (the “RLOC”) from $25,000 to $95,000 and (ii) now extends the maturity date of the RLOC to May 1, 2034.

This Amendment replaces the Company’s $70,000 working capital line of credit with Rabo Agrifinance, Inc., which was due to mature on November 1, 2025.

Tropicana Orange Purchase Agreement

On June 5, 2024, we entered a new three-year Orange Purchase Agreement (the “Tropicana Agreement”) to sell oranges to Tropicana at prices that are approximately 33% to 50% higher, over the life of the contract, than the average price for all the citrus fruit sold to Tropicana last season.

The Tropicana Agreement is effective June 5, 2024 through July 31, 2027, subject to its terms and conditions, and succeeds existing agreements with Tropicana that expired at the end of July 2024.

Citrus Greening Treatment

In 2022, we began testing a new application of Oxytetracycline Hydrochloride (“OTC”), which is registered with the U.S.

Environmental Protection Agency (“EPA”) under the Federal Insecticide, Fungicide and Rodenticide Act (“FIFRA”) as an active ingredient in pesticide products for the control of certain bacterial diseases in non-food bearing trees;

this new application involves use of OTC-containing products as a therapy to address citrus greening.

On October 28, 2022, after a review of the new application method by the EPA and the Florida Department of Agriculture and Consumer Services (“FDACS”) pursuant to Section 24(c) of FIFRA, FDACS granted a special local-need registration through December 4, 2025, and EPA did not disapprove of FDACS’s grant of this registration.

Although not a cure for citrus greening, this OTC application has been found to mitigate some of the impacts of citrus greening and to decrease the rate of fruit drop and improve fruit quality.

During the year ended September 30, 2024, we treated substantially all our producing trees (approximately 4.5 million) with OTC.

This represents a second round of injections for approximately 35% of our producing trees, which were treated in fiscal year 2023.

We received $1,805 of grant money from the Florida Citrus Research and Field Trial Foundation (the "CRAFT Foundation") in January 2024 that covered substantially all of the costs of the 2023-24 harvest season OTC applications, $1,157 was received in third and fourth quarters of 2024 and $35 received in October 2024, that will cover approximately 35% of the 2024-25 harvest season OTC applications.

In July 2024 the FDACS approved a label change for the OTC product to remove the restriction that the product cannot be applied more than two years in a row.

This change will enable us to apply the OTC treatment in calendar year 2025 to the trees that we started treating in 2023.

In addition, the CRAFT Foundation has approved a third round of grant monies, for which we can apply, that would further mitigate our OTC costs for the year ended September 30, 2024 and future costs for the years ended September 30, 2025 and 2026.

However, it is not yet possible to provide a reliable estimate of any such grant monies at this time.

Extension of Grove Management Agreement

On October 30, 2023, the Company entered into a Citrus Grove Management Agreement (the "Grove Management Agreement") with an unaffiliated group of third parties to provide citrus grove caretaking services for approximately 3,300 acres owned by such third parties.

Under the terms of the Grove Management Agreement, the Company is reimbursed by the third parties for all its costs incurred related to providing these services and receives a management fee based on acres covered under this agreement.

The Grove Management Agreement may be terminated with written notice provided at least 60 days prior to the commencement of the next fiscal year, occurring subsequent to September 30, 2024 and with shorter notice under certain conditions.

On September 20, 2024, the Grove Management Agreement was extended until December 31, 2024.

On January 6, 2025, we announced a Strategic Transformation (the “Strategic Transformation”) in our business focus, to wind down our Alico Citrus division, to focus on a long-term diversified land usage and real estate development strategy.

Due to increasing financial challenges from citrus greening disease and environmental factors for many seasons, we decided to not spend further material capital on our citrus operations and to wind down substantially all of our Citrus’ primary operations after completion of the 2024-2025 harvest in April 2025.

In connection with this Strategic Transformation, on January 3, 2025, our Board of Directors (the “Board”) approved a reduction in our workforce by up to 172 employees, which occurred between January 6, 2025 and May 30, 2025.

The Board’s decision is part of cost-reduction initiatives aimed at providing investors with a greater return on capital that includes the benefits and stability of a conventional agriculture investment, with the optionality that comes with active land management.

In May 2025, we entered into a Mutual Contract Termination Agreement with Tropicana (the "Mutual Contract Termination Agreement"), terminating our agreement with them in its entirety following the fulfillment of all obligations under that agreement concerning the 2024/2025 Crop Year.

All outstanding amounts were settled by June 30, 2025.

The Land We Manage

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Our total return profile is a combination of operating income potential and long-term appreciation.

Land holdings that do not meet our total return criteria are considered surplus to our operations and efforts are being made to sell such land holdings

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or to exchange such land holdings for land considered to be more compatible with our business objectives and total return profile, or to lease such land holdings.

Land holdings that do not meet our total return criteria are considered surplus to our operations and efforts are being made ready to sell, develop, lease or exchange such land holdings for land considered to be more compatible with our business objectives and total return profile.

The operating activities on our land holdings and in which we engage as of September 30, 2025, are categorized in the following table:

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Citrus Groves 39,297 Citrus Cultivation

Citrus Nursery 22 Citrus Tree Development

Land Management and Other Operations

Ranch 4,594 Leasing and Conservation

Other Land 526 Mining Lease and Office

We own and manage citrus land in DeSoto, Polk, Collier, Hendry, Charlotte, Highlands, and Hardee Counties in the state of Florida and engage in the cultivation of citrus trees to produce citrus for delivery to the fresh and processed citrus markets.

Alico citrus groves total 48,251 gross acres or 90.4% of our land holdings.

Citrus Land Lease

Effective July 1, 2024, we extended a lease representing approximately 637 acres for one-year through June 30, 2025.

We have the right, on the same terms and conditions, to extend this lease for two one-year periods.

This lease expands our current citrus production acreage by approximately 2%, over our owned land production, to approximately 32,000 net citrus acres.

Our estimated citrus acreage is further detailed in the following table:

Net Plantable

Producing Developing Fallow Total Net

Plantable Support

& Other Gross

DeSoto County 15,894 — 854 16,748 4,867 21,615

Polk County 4,806 — 95 4,901 1,845 6,746

Collier County 3,689 — 469 4,158 2,899 7,057

Hendry County 4,958 — 310 5,268 3,229 8,497

Charlotte County 853 — 637 1,490 1,040 2,530

Highlands County 1,093 — — 1,093 130 1,223

Hardee County 402 — — 402 181 583

Total 31,695 — 2,365 34,060 14,191 48,251

Of the 48,251 gross acres of citrus land we own and manage, 14,191 acres are classified as support and other acreage.

Support and other acreage include acres used for roads, barns, water detention, water retention and drainage ditches integral to the cultivation of citrus trees, but which are not capable of directly producing fruit.

In addition, we own a small citrus tree nursery consisting of approximately 22 acres and utilize the trees produced in this nursery in our own operations.

The 34,060 remaining acres are classified as net plantable acres.

Net plantable acres are those that are capable of directly producing fruit.

These include acres that are currently producing, acres that are developing (i.e., acres that are planted with trees too young to commercially produce fruit) and acres that are fallow.

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In an effort to increase the density of our citrus groves, we have planted approximately 2,500,000 new trees since 2017.

This level of planting has been substantially higher than the normal level of tree attrition.

We will continue to evaluate the density throughout our groves and determine the appropriate tree plantings moving forward.

Typically, citrus trees become fruit-bearing four to five years after planting and peak around seven to eight years after planting.

Our Alico Citrus business segment cultivates citrus trees to produce citrus for delivery to the processed and fresh citrus markets.

Our sales to the processed market were 92.0% and 94.0%, of Alico Citrus revenues for the years ended September 30, 2024 and 2023, respectively.

The overall decrease in the sales to the processed markets as a percentage of citrus revenues during the year ended September 30, 2024, as compared to the year ended September 30, 2023, is due to the signing of the Grove Management Agreement discussed above.

The average pound solids per box was 4.83 and 5.02, for the years ended September 30, 2024 and 2023, respectively.

We generally use multi-year contracts with citrus processors that include pricing structures based on a floor and ceiling price.

Therefore, if pricing in the market is favorable, relative to our floor price, we benefit from the incremental difference between the floor and the final market price to the extent it does not exceed the ceiling price.

Our citrus produced for the processed citrus market during the year ended September 30, 2024, under our largest agreement, was subject to floor prices and ceiling prices.

Under this agreement, if the market price was below the floor prices or exceeded the ceiling prices, then 50% of the shortfall or excess was deducted from the floor price or added to the ceiling price.

Under our next largest agreement, our citrus produced is subject to a minimum floor price and maximum ceiling price and is based on a cost-plus structure.

In May 2020, we entered into two agreements to supply Tropicana, our largest customer, with citrus fruit.

These new agreements were effective on October 1, 2020, and expired on July 31, 2024.

These agreements have since been replaced by the Tropicana Agreement, discussed above under “Recent Developments,” which is based on fixed prices per pound solid with escalation clauses over the term of the agreement.

On June 26, 2023, we renewed another agreement to supply Tropicana with citrus fruit, which replaced a prior agreement that had expired after the fiscal year 2023 harvest season.

This new agreement was effective August 31, 2023 and expires on August 31, 2025 and is also based on fixed prices per pound solid with escalation clauses over the term of the agreement.

Leasing and Conservation 9,583 Leasing and Conservation

Mining 657 Mining Lease and Office

We own and manage citrus land in DeSoto, Polk, Collier, Hendry, Charlotte, Highlands, and Hardee Counties in the state of Florida and cultivate citrus trees to produce citrus for delivery to the fresh and processed citrus markets.

Alico citrus groves total 39,297 gross acres or 79.3% of our land holdings, of which there are approximately 3,780 net tree acres dedicated to growing Citrus for the 2025-2026 harvest.

Sales to the processed market represented 96.0% and 92.0%, of Alico Citrus revenues for the years ended September 30, 2025 and 2024, respectively.

The overall increase in the sales to the processed market as a percentage of citrus revenues is due to the termination of a grove management agreement, discussed below.

Our sales to the fresh citrus market constituted 1.3% and 1.2% of our Alico Citrus revenues for the years ended September 30, 2025 and 2024, respectively.

On October 30, 2023, we entered into the Grove Management Agreement and we continue to provide grove management services to several small third-party grove-owners on acres within our groves.

Revenues generated from our grove management services were 6.3% and 3.2% of our total citrus revenues for the years ended September 30, 2024 and 2023, respectively.

During the year ended September 30, 2024, we sold approximately 798 acres of citrus land for approximately $7,183 and recognized a gain of $4,391.

Revenues from our Alico Citrus operations were 96.6% and 95.7%, of our total operating revenues for the years ended September 30, 2024 and 2023, respectively.

The average pound solids per box was 4.82 and 4.83, for the years ended September 30, 2025 and 2024, respectively.

We historically used multi-year contracts with citrus processors that may include pricing structures based on a floor and ceiling price.

Therefore, if pricing in the market is favorable, relative to our floor price, we would benefit from the incremental difference between the floor and the final market price to the extent it does not exceed the ceiling price.

However, the vast majority of our contracts for the 2024-2025 harvest season were fixed price contracts.

We supplied Tropicana, previously our largest customer, with citrus fruit under agreements entered into beginning in May 2020.

The most recent agreements included:

(1) an agreement effective August 31, 2023 through August 31, 2025 with fixed prices per pound solid and escalation provisions;

and (2) a three‑year Orange Purchase Agreement effective June 5, 2024 through July 31, 2027, priced approximately 33%–50% above the prior year’s average price for all citrus sold to Tropicana (together, the “Tropicana Agreements”).

The Tropicana Agreements were terminated pursuant to the Mutual Contract Termination Agreement in May 2025, as described above.

On October 30, 2023, we entered into a grove management agreement (the "Grove Management Agreement") with unaffiliated third parties to provide citrus grove caretaking services for approximately 3,300 acres.

Under the Grove Management Agreement, we were reimbursed for all costs and received a management fee based on acres covered.

The Grove Management Agreement was terminated as of December 31, 2024 and as of September 30, 2025, we had no significant third-party grove management agreements.

Revenues from our grove management services represented 2.2% and 6.3% of our total citrus revenues for the years ended September 30, 2025 and 2024, respectively.

During the year ended September 30, 2025, we sold approximately 2,796 acres of citrus and ranch land for approximately $23,807 and recognized a gain of $20,319.

During the year ended September 30, 2024, we sold approximately 18,354 acres of ranch and citrus land for $86,217 and recognized a gain of $81,416.

Revenues from Alico Citrus operations were 93.8% and 96.6%, of our total operating revenues for the years ended September 30, 2025 and 2024, respectively.

Land Management and Other Operations

We own and manage land in Collier, Glades, and Hendry Counties and lease land for recreational and grazing purposes, conservation, and mining activities.

We own and manage land in Hendry, Polk, Collier, DeSoto, Glades, Hardee and Highlands Counties and lease land for farming, hunting and grazing purposes, conservation, and mining activities.

Our Land Management and Other Operations land holdings total 10,240 gross acres, or 20.7% of our total acreage.

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Hendry County 46

Polk County 1,693

Collier County 4,757

DeSoto County 1,642

Glades County 526

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During the year ended September 30, 2024, we sold approximately 17,556 acres of the Alico Ranch (including 17,229 to the State of Florida) for approximately $78,930 and recognized a gain of $77,025.

During the year ended September 30, 2023, we sold approximately 2,225 acres for $12,000 and recognized a gain of $11,432.

Hardee County 402

Highlands County 1,093

Charlotte County 81

Revenues from Land Management and Other Operations were 6.2% and 3.4% of total operating revenues for the years ended September 30, 2025 and 2024, respectively.

Our core business strategy is to maximize stockholder value through continuously improving the return on our invested capital and pursuing opportunistic means of monetization, including holding and managing our existing land through skilled agricultural production and disposing of or leasing land or business units.

Our objectives are to produce the highest quality agricultural products, create innovative land uses, opportunistically sell land and other assets not meeting our total return profile, and generate recurring and sustainable profit with the appropriate balance of risk and reward.

Our strategy is based on what we believe are best-management practices of our agricultural operations and the environmental and conservation stewardship of our land and natural resources.

We endeavor to manage our land in a sustainable manner to maximize value creation and to evaluate the effect of changing land uses while considering new opportunities.

We believe that our commitment to environmental stewardship is fundamental to our core beliefs.

This shift reflects our migration away from growing our own citrus and toward a land management-focused model as part of the Strategic Transformation.

Our core business strategy is to focus on strategic land development opportunities and diversified agricultural operations, leveraging our extensive land portfolio to create long-term shareholder value while maintaining our focus on responsible land stewardship and conservation.

Our objective is to maximize shareholder value by identifying the highest and best use for all of our land.

We are evolving our agriculture portfolio, transitioning from traditional citrus operations to positioning ~25% of our land holdings for strategic development opportunities, balancing near-term and long-term growth potential, while ~75% of our land holdings remain for diversified agricultural ventures.

We endeavor to manage our land to maximize value creation and to evaluate the effect of changing land uses while considering new opportunities.

We believe that our focus on environmental stewardship is fundamental to our core beliefs.

Intellectual Property

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As with any agribusiness enterprise, our agribusiness operations and revenues are predominantly seasonal in nature.

The following table illustrates the typical seasonality of our agribusiness revenues.

However, due to the timing of the harvest for the year ended September 30, 2024, more of the citrus crop was harvested in the first and second quarters of this fiscal year.

Year Ended September 30

The following table illustrates the typical seasonality of our citrus-related agribusiness revenues during the past two fiscal years.

Year Ending September 30

Ending 12/31 Ending 3/31 Ending 6/30 Ending 9/30

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Revenue from Tropicana represented 87.2% and 86.8%, of our consolidated revenue for the years ended September 30, 2025 and 2024, respectively.

Revenue in the years ended September 30, 2024 and 2023, was generated primarily from two separate contracts with Tropicana.

This revenue was generated from the sale of our citrus product in the processed market.

Revenue in both periods was generated primarily under two contracts with Tropicana and consisted of sales of citrus to the processed market.

No other single customer provided more than 10% of our consolidated revenue in the years ended September 30, 2025 or 2024.

The increase in Tropicana revenue, as a percentage of sales, was primarily due to an increase in pound solids produced during the year ended September 30, 2024, as we began to recover from Hurricane Ian, which negatively impacted our harvest during the year ended September 30, 2023.

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The increase in Tropicana revenue, as a percentage of sales for the year ended September 30, 2025, was primarily due to a decrease in Grove Management Services revenue and an increase in price per pound solids, partially offset by lower total pound solids produced during the year ended September 30, 2025, as a result of Hurricane Milton, which negatively impacted our harvest during the year ended September 30, 2025.

The markets in which we operate are highly competitive.

The orange and specialty citrus markets are intensely competitive, but no single producer has any significant market power over any market segments, as is consistent with the production of most agricultural commodities.

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Competition is impacted by several factors including quality, production, demand, brand recognition, market prices, weather, disease, export/import restrictions and foreign currency exchange rates.

We also face significant competition in our land development and diversified agricultural operations.

As we shift our focus toward land development activities, we may face increased competition with regional and national developers, landowners, private equity and infrastructure investors, and other agricultural operators for projects, partners, joint ventures and leases.

Competitive outcomes are influenced by access to capital, inventories of entitled or improved land, relationships with municipalities and utilities, and sales, brokerage and marketing channels, as well as permitting and infrastructure delivery capabilities.

Demand and pricing are further affected by macroeconomic conditions, including mortgage rates and buyer financing, and we also compete for tenants and counterparties on grazing, farming, hunting and mining leases based on rent, terms, access, water availability and property improvements.

Environmental, Social and Governance (“ESG”)

We are an agricultural company which, based upon its rich heritage and traditions, seeks to maximize value for its customers and stockholders in the long term, which we believe includes employing sustainable practices in all aspects of operations including stewardship of both its natural and human resources.

We recognize the increased emphasis by stockholders, business partners and other key constituents in recent years on ESG programs that are embedded into day-to-day business policies and practices.

We are an agricultural company which, based upon its rich heritage and traditions, seeks to maximize value for its customers and stockholders in the long term, which we believe includes employing sustainable practices in our operations including stewardship of both its natural and human resources.

We recognize the increased and evolving emphasis by stockholders, business partners and other key constituents in recent years on ESG programs that are embedded into day-to-day business policies and practices.

We are proud of our focus on the impacts of our business on our communities, the environment, and employees.

Governmental Regulations

Our operations are subject to various federal, state and local laws regulating the discharge of materials into the environment.

Our operations are subject to various federal, state and local laws regulating the discharge of certain chemicals, substances or materials into the environment.

Management believes we are in material compliance with all such rules including permitting and reporting requirements.

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Our management oversees various employee initiatives and also monitors the effectiveness of the personnel provided by independent contractors with which we contract for certain harvesting and hauling services.

We believe in a culture of equity, diversity and inclusion.

We are also committed to advancing safe and respectful work environments where our employees are invited to bring their talents, backgrounds and expertise to bear on the success of our business and where every person has the opportunity to thrive personally and professionally.

We believe in a culture of belonging and inclusion.

We are also focused on advancing safe and respectful work environments where our employees are invited to bring their talents, backgrounds and expertise to bear on the success of our business and where every person has the opportunity to thrive personally and professionally.

Hiring, Development and Retention

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Management believes that through our own employees, coupled with the human capital supplied by our independent contractors, we have sufficient human capital to operate our business successfully.

Management believes that our employee relations are favorable, that our relations with our independent

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contractors are favorable, and that the relations that we and the independent contractors have with the employees of the independent contractors are favorable.

Management believes that our employee relations are favorable, that our relations with our independent contractors are favorable, and that the relations that we and the independent contractors have with the employees of the independent contractors are favorable.

Employee Safety and Well-Being

Protecting the health and safety in the workplace for our employees and personnel provided by independent contractors with which we contract is one of our core values.

Adhering to the laws that require us to protect the health and safety in the workplace for our employees and personnel provided by independent contractors with which we contract is a priority for us.

Hazards in the workplace are actively identified and management tracks incidents so remedial actions can be taken to improve workplace safety.

In order to support and enhance health and safety practices, we routinely conduct safety training with employees to emphasize safety when conducting grove caretaking, general employee health, proper equipment operating techniques, office ergonomics and other important safety topics.

The COVID-19 pandemic underscored for us the importance of keeping our employees and the personnel provided by independent contractors safe and healthy.

Inclusion and Diversity

In order to support and enhance health and safety practices, we routinely conduct training with employees to emphasize safety when conducting grove caretaking, general employee health, proper equipment operating techniques, office ergonomics and other important safety topics.

People are critical to our efforts to drive growth and deliver value for stockholders.

One of the ways we have put people at the center is by continuing to work toward a more inclusive and diverse workplace where each person feels respected, valued and seen and can be the best version of themselves – from women and ethnically diverse employees to veterans, among others.

With employees, management and directors from diverse backgrounds, we can access stronger insights into different cultures and backgrounds, which ultimately helps us to better operate the business.

Based on our Inclusion and Diversity strategy, we seek to promote a greater sense of inclusion through a variety of initiatives, which includes a Company-wide women’s group to promote mentoring, career advancement, training, comradery, and empowerment.

One of the ways we have put people at the center is by continuing to work toward a more inclusive workplace where each person feels respected, valued and seen and can be the best version of themselves.

Employees, management and directors with a range of experience and backgrounds, ultimately help us to better operate the business.

Based on our Human Capital Management strategy, we seek to promote a greater sense of inclusion through a variety of initiatives, which includes career advancement, training, comradery, and empowerment for all employees.

Compensation and Benefits

Our compensation and benefits are designed to support the financial, mental, and physical well-being of our employees.

We are committed to equal pay for equal work, regardless of gender, race, ethnicity, or other personal characteristics.

We are committed to equal pay for equal work.

We believe our base wages and salaries, which we review annually, are fair and competitive with the external labor markets in which our employees work.

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We do not include our independent contractors in our number of employees because they are not employees.

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Our employees work in the following divisions:

Alico Citrus 175

Corporate, General, Administrative and Other 24

Total employees 199

None of our employees are subject to a collective bargaining agreement.

We believe that our relations with our employees are good.

Workforce Housing

We own and maintain 38 residential housing units located in various counties in Florida that we offer to employees.

Our residential units provide affordable housing to many of our employees, including our agribusiness employees.

Employees live close to their work, which reduces traffic and commuting times.

This unique employment benefit helps us maintain a dependable, long-term employee base.

Our employees work in the following roles:

Corporate, General, Administrative and Other 11

Total employees 20

Our Operations employees support both our Alico Citrus and Land Management and Other Operations segments and their time is allocated to these segments based on management's best estimates.

Raw Materials

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We remain committed to a healthy and equitable society to ensure our collective well-being for future generations.

In the past year, we provided cash grants and supporting donations to support our communities and promote health, safety and education.

In the past year, we provided cash grants and supporting donations to support communities in which we operate and promote health, safety and education.

Available Information

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business