The St. Joe Company (JOE) investor relations material

Executive summary

• Net income rose 58% year-over-year in Q4 2025 to $29.9M ($0.52/share); full-year net income up 56% to $115.6M ($2.00/share).

• Total revenue increased 24% in Q4 2025 to $128.9M and 27% for the full year to $513.2M.

• Surpassed $500 million in revenue for the first time in 20 years (excluding a one-time 2014 sale) and reached $2 EPS for the first time in 23 years.

• Recurring revenue now represents 56% of total revenue, up from 15% two decades ago.

• All operating segments showed organic revenue growth, with real estate and hospitality setting records.

Financial highlights

• Q4 2025 real estate revenue up 47% to $68.2M; hospitality revenue up 10% to $46.5M; leasing revenue down 9% to $14.2M.

• Full-year 2025 real estate revenue up 64% to $234.2M; hospitality up 8% to $215.4M; leasing up 5% to $63.6M.

• EBITDA for Q4 2025 increased 30% to $55.1M; full-year EBITDA up 32% to $219.6M.

• Gross margin on homesite sales improved from 47% in 2024 to 51% in 2025; leasing gross margins rose to 57% from 54%; hospitality gross margin slightly decreased to 31% from 32%.

• Stock repurchases accelerated to 798,622 shares in 2025 at an average price of $50.10; outstanding shares dropped below 58 million for the first time in nearly 30 years.

Outlook and guidance

• Plans to break ground on two new DSAPs in 2026 to meet growing home builder demand.

• New commercial buildings and an apartment complex planned for 2026.

• Management is cautiously optimistic about continued positive impact from increased regional access and new flight routes in 2026 and beyond.

• Ongoing media campaigns and infrastructure improvements expected to drive further growth.

• Continued focus on growing recurring revenue and expanding club membership and hospitality offerings.