Tejon Ranch (TRC) investor relations material

Executive summary

• Revenues increased 16% year-over-year in Q1 2026, with operating costs down 14% and net income up $1.6 million.

• Net income attributable to common stockholders improved to $0.2 million ($0.01/share) from a $1.5 million loss ($0.05/share) year-over-year.

• Adjusted EBITDA rose $3.1 million, with a 12-month trailing adjusted EBITDA of $27.2 million.

• Strategic focus remains on cash flow generation, cost discipline, and leveraging diversified business lines.

• Commercial real estate portfolio expanded with new construction and maintained high occupancy rates.

Financial highlights

• Q1 2026 revenues and other income rose 13% to $10.8 million from $9.6 million year-over-year.

• Commercial and industrial real estate revenue was $2.8 million, flat year-over-year.

• Mineral resource revenues increased 36% to $3.5 million, with segment operating profit more than doubling to $1 million.

• Farming revenues declined to $900,000 from $1.6 million due to lower carryover crop sales.

• Corporate expenses reduced by $2.4 million, driven by lower headcount and absence of proxy defense costs.

Outlook and guidance

• Focus on successful lease-up of Terra Vista, maintaining TRCC momentum, and leveraging diversified revenue base.

• New 510,000 sq ft industrial facility at TRCC expected to complete in Q1 2027.

• Phase I of Terra Vista on track for stabilization by summer 2026.

• Net income expected to fluctuate due to timing of development, land sales, leasing, and commodity prices.

• Weather conditions in California supported normal crop productivity; no material impact on farming operations.