Tejon Ranch (TRC) investor relations material

Executive summary

• Net income attributable to common stockholders rose to $2.6 million ($0.10/share) in Q2 2026, reversing a $1.7 million loss a year ago, driven by a $6.9 million land sale and higher mineral resources revenue.

• Revenues increased across all segments, reaching $14.3 million for Q2 2026 (up 72% year-over-year), with commercial/industrial real estate and mineral resources as primary contributors.

• Adjusted EBITDA grew 47% year-over-year to $8.4 million, reflecting cost discipline and capital efficiency.

• Corporate expenses declined by $2.1 million due to lower compensation and the absence of prior year shareholder activism costs, with core corporate expenses down 18% for the first six months.

• Ongoing improvements in leasing, outlet traffic, and travel center revenues, aided by the Hard Rock Casino Tejon.

Financial highlights

• Q2 2026 revenue was $14.3 million (up 72% year-over-year); net income was $2.6 million (vs. $1.7 million loss in Q2 2025).

• Adjusted EBITDA for Q2 2026 was $8.4 million (up from $5.7 million in Q2 2025); trailing 12 months adjusted EBITDA reached $29.8 million, up 21% from a year ago.

• Joint venture equity earnings rose 21% to $3.1 million, led by TA/Petro and outlets.

• Liquidity at quarter-end was approximately $79 million, with cash and marketable securities at $15.1 million and a debt to capital ratio of 16.3%.

Outlook and guidance

• Early 2027 delivery targeted for the new industrial building, with improving Southern California industrial fundamentals.

• Multifamily revenues expected to rise as Terra Vista at Tejon lease-up continues; occupancy at 77% as of June 30, 2026.

• Ongoing re-entitlement efforts for the Centennial project, with public review and hearings anticipated later in 2026.

• Continued focus on monetizing water assets and pursuing both strategic and opportunistic water sales.

• Long-term strategy emphasizes rational, fact-based decision-making and projected total shareholder return as a key metric.