Limoneira Announces Completion of Agromin Joint Venture Agreement

SANTA PAULA, California – April 15, 2026 – Limoneira Company (Nasdaq: LMNR), a diversified lemon and avocado producer with extensive agribusiness and real estate operations, has announced the official signing of a definitive agreement to form a 50/50 joint venture with California Wood Recycling, Inc. dba Agromin—California’s largest organics waste recycler. This news follows the letter of intent disclosed in April 2025 and marks a pivotal step in Limoneira’s diversification and sustainability strategy.

Key Highlights

• Joint Venture Details: Limoneira and Agromin will jointly develop a 70-acre, state-of-the-art commercial composting center on Limoneira property in Santa Paula, California. This will be the only permitted commercial composting center in Ventura County.
• Facility Capacity: The new facility is expected to process approximately 295,000 tons of organic waste annually, expanding from Limoneira’s current 15-acre green waste composting operation.
• Financial Impact: The joint venture is projected to generate substantial EBITDA for both partners, with profits shared equally. Limoneira will lease the 70-acre site to the JV for about \$560,000 annually, including an annual water supply of 89-acre feet.
• Revenue Streams: Revenue will be generated via gate fees from waste haulers and sales of compost products made from recycled material.
• Operational Timeline: The facility is expected to become operational in the second half of fiscal year 2027, with full capacity expected to contribute significant ongoing EBITDA.

Strategic and Environmental Significance

• Regulatory Compliance: The JV directly targets California’s Senate Bill 1383 mandates for organic waste diversion and greenhouse gas reduction, helping Ventura County divert approximately 75% of its landfilled organic waste.
• Permitting Milestone: The facility is permitted to process both green and food waste—a transition requiring 15 years of planning and permitting. This positions Limoneira and Agromin as leaders in sustainable waste management for at least the next 50 years.
• Asset Optimization: Limoneira is deploying underutilized land and conserved water into productive use, generating rental income and enhancing agricultural productivity with high-quality compost and mulch for its own operations.
• Long-Term Growth: The JV is expected to deliver scalable growth, attractive returns, and long-term EBITDA contribution, in addition to rental income.

Leadership Commentary

Harold Edwards, President & CEO of Limoneira: “This completion represents a transformational milestone for Limoneira as we execute our diversification strategy and build new platforms for scalable growth. By deploying 70 acres of land and 89-acre feet of conserved water into this joint venture with Agromin, we believe that we will generate attractive returns while helping communities meet state-mandated greenhouse gas reduction targets and produce high-quality compost and mulch for direct application across our agricultural operations. This is the highest and best use of these assets, creating long-term EBITDA contribution, rental income, and enhanced agricultural productivity.”

Bill Camarillo, CEO of Agromin: “Agromin recycles organic waste for over 200 cities in California, and by combining Limoneira’s agricultural expertise with Agromin’s proven organic recycling capabilities, we’re creating a model facility that demonstrates how agriculture and waste management can work together. We expect that this joint venture will help California communities meet their organics diversion mandates while producing premium compost products that support regenerative agriculture and healthy soils initiatives.”

About Limoneira Company

Founded 133 years ago, Limoneira is one of the world’s premier integrated agribusinesses, with 7,000 acres of agricultural lands, real estate, and water rights across California, Arizona, and Argentina. Limoneira is a leading producer of lemons and avocados, committed to sustainability. Learn more.

About Agromin

Agromin, headquartered in Oxnard, California, is the state’s largest organics recycler, manufacturing earth-friendly soil products for a diverse client base and supporting over 200 California communities. Agromin receives more than 1 million tons of organic material annually, recycling it into over 300 eco-friendly soil products. Learn more.

Implications for Shareholders

• Revenue and EBITDA Growth: The JV is expected to generate substantial EBITDA, split equally, and create new recurring revenue streams via gate fees and compost sales.
• Asset Utilization: Limoneira’s underutilized land and conserved water will now deliver rental income and boost agricultural productivity.
• Regulatory and Sustainability Leadership: Limoneira’s strategic pivot positions it as a key player in California’s sustainable agriculture and waste management landscape.
• Potential Risks: Execution risks include successful facility development, regulatory changes, weather, supply chain disruptions, and market responses. The company notes that actual outcomes may differ from expectations due to these and other factors.
• Share Price Sensitivity: This news is significant and may impact Limoneira’s share price, as it signals new sources of profit, sustainability leadership, and long-term growth potential. Investors should monitor progress, regulatory developments, and financial results related to the JV.

Forward-Looking Statements Disclaimer

This article contains forward-looking statements based on Limoneira’s current expectations about future events. Actual results may differ materially due to various risks and uncertainties, including successful execution of business strategies, regulatory changes, weather, supply chain disruptions, market conditions, and other factors detailed in Limoneira’s SEC filings. Limoneira undertakes no obligation to update or revise forward-looking statements except as required by law.

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