Limoneira Says "We Continue To See A Strong EBITDA Outlook That Is Underpinned By Plans To Expand Avocado Production By 1,000 Acres Through Fiscal Year 2027 To Capitalize On Robust Consumer Demand Trends; Expects Fiscal Year 2025 Avocado Volume To Be Lower Compared To Fiscal Year 2024 Due To The Alternate Bearing Nature Of Avocado Trees"

Harvest at Limoneira Cash Flow Projections (in millions)

The Company has 1,000 acres of non-bearing lemons and avocados estimated to become full bearing over the next four to five years, which the Company expects will enable strong organic growth in the coming years. Additionally, the Company plans to continue expanding its plantings of avocados over the next three years and expects to have an increase in third-party grower lemons. The foregoing describes organic growth opportunities and does not include potential acquisition opportunities for the Company in its highly fragmented industry.

Looking ahead, we continue to see a strong EBITDA outlook that is underpinned by plans to expand avocado production by 1,000 acres through fiscal year 2027 to capitalize on robust consumer demand trends. During this transition, the Company expects fiscal year 2025 avocado volume to be lower compared to fiscal year 2024 due to the alternate bearing nature of avocado trees. These operational results do not take into account anticipated additional gains from asset monetization.