Limoneira : March 2024 Investor Presentation

A Company in Transition

March 2024

Disclosure.

Forward-Looking Statements

This presentation contains forward-looking statements, including guidance for fiscal years 2024 and beyond, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Limoneira's current expectations about future events and can be identified by terms such as "expect," "may," "anticipate," "intend," "should be," "will be," "is likely to," "strive to," and similar expressions referring to future periods.

Limoneira believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Limoneira cautions you against relying on any of these forward-looking statements. Factors which may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: success in executing the Company's business plans and strategies and managing the risks involved in the foregoing; additional impacts from the current COVID-19 pandemic, changes in laws, regulations, rules, quotas, tariffs and import laws; weather conditions that affect production, transportation, storage, import and export of fresh product; increased pressure from crop disease, insects and other pests; disruption of water supplies or changes in water allocations; disruption in the global supply chain; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing and supply of energy; changes in interest and currency exchange rates; availability of financing for land development activities; political changes and economic crises; international conflict; acts of terrorism; labor disruptions, strikes or work stoppages; loss of important intellectual property rights; inability to pay debt obligations; inability to engage in certain transactions due to restrictive covenants in debt instruments; government restrictions on land use; and market and pricing risks due to concentrated ownership of stock. Other risks and uncertainties include those that are described in Limoneira's SEC filings which are available on the SEC's website at http://www.sec.gov. Limoneira undertakes no obligation to subsequently update or revise the forward-looking statements made in this presentation, except as required by law.

Non-GAAP Financial Measures

Due to significant depreciable assets associated with the nature of the Company's operations and interest costs associated with its capital structure, management believes that earnings before interest, income taxes, depreciation and amortization ("EBITDA") and adjusted EBITDA, which excludes stock-based compensation, named executive officer cash severance, pension settlement cost, loss (gain) on disposal of assets, net, cash bonus related to the sale of assets and gain on legal settlement are important measures to evaluate the Company's results of operations between periods on a more comparable basis. Adjusted EBITDA in previous periods did no exclude stock-based compensation which has now been excluded as management believes this is a better representation of cash generated by operations and is consistent with peer company reporting. Adjusted EBITDA for prior periods has been restated to conform to the current presentation. Such measurements are not prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and should not be construed as an alternative to reported results determined in accordance with GAAP. The non-GAAP information provided is unique to the Company and may not be consistent with methodologies used by other companies. EBITDA and adjusted EBITDA are summarized and reconciled to net (loss) income attributable to Limoneira Company, which management considers to be the most directly comparable financial measure calculated and presented in accordance with GAAP.

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Experienced Senior Management Team.

its long history

Overview™

Limoneira is an agricultural and development company

that seeks to not only maximize value for its customers and shareholders, but to enhance its legacy as a steward of both its natural and human resources.

Updated Strategic Objectives and Priorities.

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Expected Outcomes of Strategic Objectives and Priorities.

1. Transition One World of Citrus™ to an "asset-lighter" model including the expansion of services
2. Streamline operations and sell non-strategic assets
3. Improve consistency of earnings
4. Increase EBITDA and Dividend Per Share
5. Reduce debt and right-size the balance sheet
6. Improve Return on Invested Capital (ROIC)

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Progress to Date.

• Developedpartners a grower services team that recruited ~1M additional cartons of fresh lemons from new grower
• Sold 4 out of the 6 non-strategic assets identified for monetization for a total of ~$130M in proceeds, $50M remaining
• Established 3-year fallowing program in Yuma, AZ that will drive ~$1.3M of annual revenue from not farming 581 of total 1,300 acres
• Pivoted in San Joaquin Valley to farming services provider, packer, marketer and seller
• Eliminated unprofitable operations in Cadiz
• Terminated long-term retirement plan for annual savings of $1M
• Completed the sell-out of Phase 1 of Harvest at Limoneira
• Reduced net debt position to $51.6M at the end of Q1 FY24

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