JOE · The St. Joe Company

The St. Joe Company furnished an investor presentation for its 2026 Annual Shareholders Meeting, providing a comprehensive update on its business strategy, financial performance, and development pipeline. The presentation highlights strong compound annual growth rates across key metrics: consolidated and unconsolidated revenue grew at a 27% CAGR, EBITDA at 27%, net income at 25%, and earnings per share at 28%. For the full year 2025, net income attributable to the company was $115.6 million, with depreciation of $47.5 million (a non-cash item). The company defines 'Free Cash Flow' as net income plus depreciation less sustaining capital, which totaled $158.8 million in 2025. Capital allocation from January 2015 to March 2026 totaled $2.2 billion, including stock repurchases and dividends. Notably, homesites under contract surged 237% to 3,204 as of March 31, 2026, from 952 a year earlier, driven by the Latitude Margaritaville Watersound joint venture. The company's debt profile remains conservative: debt is 25% of total assets, 82.7% has a fixed or swapped interest rate, the average effective rate is 4.7%, and the average remaining life is 19.7 years. The Latitude joint venture with Minto has generated $92.1 million in initial capital contributions and $23.4 million in cash flow to JOE, with 2,273 homes closed (61% of 3,700 planned). The presentation also outlines a robust development pipeline, including Detailed Specific Area Plans (DSAPs) in Bay and Walton Counties, and a commercial leasing pipeline with ~250 executed leases and 96% leased as of March 31, 2026. The company's strategy focuses on expanding recurring income-producing commercial and hospitality properties, developing residential communities with long-term scalable revenue, and maintaining a multi-faceted capital allocation approach.