Financial Analysis

Commitments and Contingencies Litigation and Legal Proceedings The Company is from time to time involved in various lawsuits and legal proceedings that arise in the ordinary course of business. At this time, the Company is not aware of any pending or threatened litigation against it that it expects will have a material adverse effect on its business, financial condition, liquidity or operating results. Legal claims are inherently uncertain, however, and it is possible that the Companys business, financial condition, liquidity and/or operating results could be adversely affected in the future by legal proceedings. The Company was party to a lawsuit, initiated on March 27, 2018, against Southern California Edison in Superior Court of the State of California, County of Los Angeles whereby the Company claimed unspecified damages, attorneys fees and other costs, as a result of the Thomas Fire in fiscal year 2018. On April 18, 2023, the Company entered into a Confidential Settlement Agreement and Release (the Settlement Agreement) with Southern California Edison Company and Edison International to formally resolve any and all claims related to the fire. Under the terms of the Settlement Agreement, the Company was awarded a total settlement of $9,000,000. On May 19, 2023, the Company received $6,109,000, net of legal and related costs, of which $3,840,000 was recorded in agribusiness revenues and $2,269,000 was recorded in gain on legal settlement. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Goodwill and Intangible Assets A summary of the change in the carrying amount of goodwill is as follows (in thousands): Goodwill Carrying Amount Balance at October 31, 2023 $ 1,512 Foreign currency translation adjustment (8) Balance at October 31, 2024 $ 1,504 Foreign currency translation adjustment 2 Balance at October 31, 2025 $ 1,506 Goodwill is tested for impairment on an annual basis or when an event or changes in circumstances indicate that its carrying value may not be recoverable. The Company concluded that no potential impairment indicators existed during any interim period and performed its annual assessment of goodwill impairment as of July 31, 2025 with no impairment noted. The Company did not incur any goodwill impairment losses for fiscal years 2025, 2024 or 2023, as the estimated fair values of its reporting units were in excess of their carrying values. As of October 31, 2025, the Company allocated goodwill to its reportable segments as follows: Fresh Lemons $936,000 and Lemon Packing $570,000, respectively. 8. Goodwill and Intangible Assets (continued) Intangible assets consist of the following as of October 31 (in thousands): October 31, 2025 October 31, 2024 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life in Years Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life in Years Trade names and trademarks $ 2,108 (1,513) 595 8 $ 2,108 $ (1,308) $ 800 8 Customer relationsh …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes A reconciliation of income before income taxes for domestic and foreign locations for the fiscal years ended October 31 are as follows (in thousands): 2025 2024 2023 United States $ (19,126) $ 12,894 $ 14,395 Foreign (1,879) (1,347) (1,031) (Loss) income before income taxes $ (21,005) $ 11,547 $ 13,364 15. Income Taxes (continued) The components of the provision for income taxes for the fiscal years ended October 31 are as follows (in thousands): 2025 2024 2023 Current: Federal $ (108) $ (4,493) $ (5,696) State 51 (1,972) (498) Foreign 5 Total current tax provision (57) (6,460) (6,194) Deferred: Federal 3,338 1,641 2,665 State 1,368 446 (717) Foreign (1) Total deferred tax benefit 4,706 2,087 1,947 Total income tax benefit (provision) $ 4,649 $ (4,373) $ (4,247) Deferred income taxes reflect the net of temporary differences between the carrying amount of the assets and liabilities for financial reporting and income tax purposes. The components of deferred income tax assets as of October 31 are as follows (in thousands): 2025 2024 Deferred income tax assets: Reserves and other accruals $ 26 $ 1,233 Net operating losses 7,570 1,645 Lease liabilities 137 679 Amortization 59 Other assets 239 366 Interest expense limitation 681 Stock-based compensation 1,322 1,761 Total deferred income tax assets 10,034 5,684 Valuation allowance (2,951) (1,973) Total net deferred income tax assets 7,083 3,711 Deferred income tax liabilities: Property taxes (100) (193) Depreciation (11 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases Lessor Arrangements The Company enters into leasing transactions in which it rents certain of its assets and the Company is the lessor. These lease contracts are typically classified as operating leases with remaining terms ranging from one month to 17 years with various renewal terms available. All of the residential rentals have month-to-month lease terms. The following table presents the components of the Companys operating lease portfolio included in property, plant and equipment, net as of October 31 (in thousands): 2025 2024 Land and land improvements $ 12,200 $ 12,219 Buildings, equipment and building improvements 20,932 20,671 Orchards 8,410 8,410 Less: accumulated depreciation (10,723) (9,765) Property, plant and equipment, net under operating leases $ 30,819 $ 31,535 Depreciation expense for assets under operating leases was $1,020,000 and $962,000 for fiscal years 2025 and 2024, respectively. 12. Leases (continued) Lessor Arrangements (continued) The Company's rental operations revenue consists of the following for the fiscal years ended October 31 (in thousands): 2025 2024 Operating lease revenue $ 5,738 $ 5,255 Variable lease revenue 300 325 Total lease revenue $ 6,038 $ 5,580 The future minimum lease payments to be received by the Company related to these operating lease agreements as of October 31, 2025 are as follows (in thousands): 2026 $ 489 2027 164 2028 106 2029 49 2030 49 Thereafter 592 Total $ 1,449 Lessee Arrangements The Company enters into leas …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Long-Term Debt Long-term debt is comprised of the following as of October 31 (in thousands): 2025 2024 AgWest Farm Credit revolving and non-revolving lines of credit: the interest rate of the revolving line of credit is variable based on the one-month SOFR, which was 4.15% at October 31, 2025, plus 3.00%. Interest is payable monthly and principal due in full July 1, 2030. $ 72,450 $ 40,000 Banco de Chile term loan: The interest rate was fixed at 6.48%. The loan was repaid in January 2025. 433 Banco de Chile COVID-19 loans: The interest rates are fixed at 3.48% and 4.26%. The loans are payable in monthly installments through September 2026. 31 157 Total long-term debt 72,481 40,590 Less current portion 31 559 Long-term debt, less current portion $ 72,450 $ 40,031 In June 2025, the Company entered into a Master Loan Agreement (the MLA) with AgWest Farm Credit, formerly known as Farm Credit West, (the Lender) dated June 26, 2025, together with a revolving credit facility supplement (the Revolving Credit Supplement) and a non-revolving credit facility supplement (the Non-Revolving Credit Supplement, and together with the Revolving Credit Supplement, the Supplements). The MLA governs the terms of the Supplements. The MLA amends and restates the previous Master Loan Agreement between the Company and the Lender and extends the principal repayment to July 1, 2030. Debt financing costs related to the MLA agreement were immaterial. The Supplements provide aggregate borrowing capacity o …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ASU 2023-07 is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses, the chief operating decision maker (CODM), and how the CODM uses the reported measure(s) of segment profit or loss. This amendment also requires that a public entity provide all annual disclosures about a reportable segments profit or loss and assets currently required by FASB Accounting Standards Codification Topic 280, Segment Reporting, in interim periods. As disclosed in Note 20, Segment Information, the Company adopted this ASU for the fiscal year ending October 31, 2025 and applied it retrospectively to all periods presented in the financial statements. This ASU did not change the Companys reportable segments and did not have a material effect on the Companys consolidated financial statements. 2. Summary of Significant Accounting Policies (continued) Recent Accounting Pronouncements (continued) ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ASU 2023-09 requires disaggregated information about a reporting entitys effective tax rate reconciliation as well as information on income taxes paid. The ASU is effective for the Companys annual reporting for fiscal year 2026. The Company is currently evaluating the impact of this guidance on it …

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Retirement Plans The Limoneira Company Retirement Plan (the Plan) was a noncontributory, defined benefit, single employer pension plan, which provided retirement benefits for all eligible employees. Benefits paid by the Plan were calculated based on years of service, highest five-year average earnings, primary Social Security benefit and retirement age. Effective June 2004, the Company froze the Plan, and no additional benefits accrued to participants subsequent to that date. The Plan was administered by Principal Bank and Mercer Human Resource Consulting. In fiscal year 2021, the Company terminated the Plan effective December 31, 2021. 16. Retirement Plans (continued) During fiscal year 2023, the Company made funding contributions of $2,500,000 to fully fund and settle the plan obligations. Lump sum payments were made to a portion of the active and vested terminated participants and annuities were purchased for all remaining participants from an insurance company. There are no remaining benefit obligations or plan assets, and the remaining accumulated other comprehensive loss was fully recognized. The Plan was funded consistent with the funding requirements of federal law and regulations. Plan assets were invested in a group trust consisting primarily of cash. The Company has a 401(k) plan in which an employee can participate after one month of employment. Employees may elect to defer up to 100% of their annual earnings subject to Internal Revenue Code limits. The Company ma …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Related-Party Transactions The Company has transactions with equity method investments and various related parties summarized in Note 6 - Real Estate Development, Note 7 - Equity in Investments and in the tables below (in thousands): October 31, 2025 October 31, 2024 Balance Sheet Balance Sheet Ref Related-Party Receivables/Other from Related Parties, net Other Assets Payables to Related Parties Receivables/Other from Related Parties, net Other Assets Payables to Related Parties 2 Mutual water companies $ $ 514 $ 117 $ $ 526 $ 105 5 YMIDD $ 202 $ $ $ 206 $ $ 6 FGF $ 2,771 $ 514 $ 757 $ 2,184 $ 2,383 $ 837 7 LLCB $ $ $ 3,444 $ $ $ 3,444 9 Rosales $ $ $ 1,671 $ $ $ 629 10 Del Mar $ $ $ $ $ $ 527 Fiscal Year Ended October 31, 2025 Fiscal Year Ended October 31, 2024 Consolidated Statement of Operations Consolidated Statement of Operations Ref Related-Party Net Revenue Agribusiness Net Revenue Other Operations Agribusiness Expense and Other Dividends Paid Net Revenue Agribusiness Net Revenue Other Operations Agribusiness Expense and Other Dividends Paid 1 Employees $ $ 926 $ $ $ $ 920 $ $ 2 Mutual water companies $ $ $ 796 $ $ $ $ 1,032 $ 3 Cooperative association $ $ $ $ $ $ $ 576 $ 5 YMIDD $ 1,290 $ $ 160 $ $ 1,273 $ $ 139 $ 6 FGF $ 330 $ 200 $ $ $ 330 $ 200 $ $ 8 Principal Owner $ $ $ $ 973 $ $ $ $ 938 9 Rosales $ 4,102 $ $ 7,125 $ $ 4,541 $ $ 5,387 $ 10 Del Mar $ 238 $ $ 216 $ $ 128 $ $ 1,182 $ 11 Law firm $ $ $ 291 $ $ $ $ $ Year Ended October 31, 2023 Consolidated Statement …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Segment Information The Company operates in four reportable operating segments: fresh lemons, lemon packing, avocados and other agribusiness. The reportable operating segments of the Company are strategic business units with different products and services, distribution processes and customer bases. The fresh lemons segment includes sales, growing and harvest costs and third-party grower and supplier costs relative to fresh lemons. The lemon packing segment includes packing revenues and packing costs. Fresh lemons and lemon packing revenues relate to lemons grown on the Companys orchards and lemons procured from third-party growers. The avocados segment includes sales, farming and harvest costs. The other agribusiness segment primarily includes sales, farm management, growing and harvest costs, brokered fruit costs of oranges and specialty citrus, wine grapes, fallowing revenue, shipping revenue and shipping costs. During fiscal year 2025, the Company changed its presentation of fresh lemons and lemon packing revenue and costs to remove reference to intersegment revenue, intersegment costs and expenses and eliminations. Prior years information has been restated to conform to the current years presentation. The Companys CODM is the chief executive officer. The Companys CODM measures the operating performance of the Companys operating segments and allocates resources based on its evaluation. Revenues and operating income or loss, excluding depreciation and amortization, are use …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the Company and the accounts of all the subsidiaries and investments in which the Company holds a controlling interest. The consolidated financial statements represent the consolidated balance sheets, statements of operations, statements of comprehensive (loss) income, statements of stockholders equity and temporary equity and statements of cash flows of Limoneira Company and consolidated subsidiaries. Intercompany balances and transactions have been eliminated in consolidation. The Company considers the criteria established under the Financial Accounting Standards Board (FASB) Accounting Standards Code (ASC) 810, Consolidations, and the effect of variable interest entities, in its consolidation process. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Accounts Receivable The Company grants credit in the course of its operations to cooperatives, companies and lessees of the Companys facilities. The Company performs periodic credit evaluati …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Subsequent Events The Company evaluated events subsequent to October 31, 2025 through the date of this filing, to assess the need for potential recognition or disclosure in this Annual Report. Based upon this evaluation, except as described in the notes to consolidated financial statements, it was determined that no other subsequent events occurred that require recognition or disclosure in the consolidated financial statements.

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Commitments and Contingencies The Company is from time to time involved in various lawsuits and legal proceedings that arise in the ordinary course of business. At this time, the Company is not aware of any pending or threatened litigation against it that it expects will have a material adverse effect on its business, financial condition, liquidity or operating results. Legal claims are inherently uncertain, however, and it is possible that the Companys business, financial condition, liquidity and/or operating results could be adversely affected in the future by legal proceedings. …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Goodwill and Intangible Assets, Net A summary of the change in the carrying amount of goodwill is as follows (in thousands): Goodwill Carrying Amount Balance at October 31, 2025 $ 1,506 PDA goodwill write off (133) Balance at April 30, 2026 $ 1,373 Goodwill is tested for impairment on an annual basis or when an event or changes in circumstances indicate that its carrying value may not be recoverable. There have been no impairment charges recorded against goodwill as of April 30, 2026. As discussed in Note 3 - Asset Sales and Disposals, goodwill related to PDA was written off as part of the asset sale transaction. Intangible assets consist of the following (in thousands): April 30, 2026 October 31, 2025 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life in Years Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted Average Useful Life in Years Trade names and trademarks $ 2,108 (1,617) 491 8 $ 2,108 $ (1,513) $ 595 8 Customer relationships 2,707 (2,324) 383 8 2,707 (2,160) 547 8 Non-competition agreement 437 (269) 168 8 437 (242) 195 8 Acquired water and mineral rights 1,284 1,284 Indefinite 1,284 1,284 Indefinite $ 6,536 $ (4,210) $ 2,326 $ 6,536 $ (3,915) $ 2,621 Amortization expense totaled $115,000 and $145,000 for the three months ended April 30, 2026 and 2025, respectively. Amortization expense totaled $295,000 and $289,000 for the six months ended April 30, 2026 and 2025, respectively. In January 2025, t …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes The effective tax rate for the six months ended April 30, 2026 differs from the federal statutory tax rate of 21% mainly due to foreign jurisdictions that are taxed at different rates, state taxes, tax impact of stock-based compensation, executive compensation, nondeductible tax items and valuation allowances on certain deferred tax assets of foreign subsidiaries. The Company has no material uncertain tax positions as of April 30, 2026. The Company recognizes interest expense and penalties related to income tax matters as a component of income tax expense. There was no material accrued interest or penalties associated with uncertain tax positions as of April 30, 2026.

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Leases Lessor Arrangements The Company enters into leasing transactions in which it rents certain of its assets and the Company is the lessor. These lease contracts are typically classified as operating leases with remaining terms ranging from one month to 50 years with various renewal terms available. All of the residential rentals have month-to-month lease terms. The Companys rental operations revenue consists of the following (in thousands): Three Months Ended April 30, Six Months Ended April 30, 2026 2025 2026 2025 Operating lease revenue $ 1,321 $ 1,512 $ 2,695 $ 2,840 Variable lease revenue 75 25 150 150 Total lease revenue $ 1,396 $ 1,537 $ 2,845 $ 2,990 Lessee Arrangements The Company enters into leasing transactions in which the Company is the lessee. These lease contracts are classified as either operating or finance leases. The Companys lease contracts are generally for agricultural land, packinghouse facilities, equipment and vehicles with remaining lease terms ranging from one to seven years, with various term extensions available. Leases with an initial term of 12 months or less are not recorded on the balance sheet and the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Lease costs are primarily included in agribusiness costs and expenses in the Companys consolidated statements of operations. 11. Leases (continued) Lessee Arrangements (continued) Lease costs consist of the following (in thousands): Three Months En …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Long-Term Debt Long-term debt is comprised of the following (in thousands): April 30, 2026 October 31, 2025 AgWest Farm Credit revolving and non-revolving lines of credit: The interest rate of the revolving line of credit is variable based on the one-month SOFR, which was 3.70% at April 30, 2026, plus 3.00%. Interest is payable monthly and principal due in full July 1, 2030. $ 91,904 $ 72,450 AgWest Farm Credit equipment loan: The interest rate is variable based on the one-month SOFR, which was 3.70% at April 30, 2026 plus 2.65%. The loan is payable in monthly installments through April 2031. 2,201 Banco de Chile COVID-19 loan: The interest rate is fixed at 4.26%. The loan is payable in monthly installments through September 2026. 15 31 Total long-term debt 94,120 72,481 Less current portion 408 31 Long-term debt, less current portion $ 93,712 $ 72,450 In June 2025, the Company entered into a Master Loan Agreement (the MLA) with AgWest Farm Credit (the Lender), dated June 26, 2025, together with a revolving credit facility supplement (the Revolving Credit Supplement) and a non-revolving credit facility supplement (the Non-Revolving Credit Supplement, and together with the Revolving Credit Supplement, the Supplements). The MLA governs the terms of the Supplements. The MLA amends and restates the previous Master Loan Agreement between the Company and the Lender and extends the principal repayment to July 1, 2030. Debt financing costs related to the MLA agreement were immaterial …

LongTermDebtTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ASU 2023-09 requires disaggregated information about a reporting entitys effective tax rate reconciliation as well as information on income taxes paid. The ASU is effective for the Companys annual reporting for fiscal year 2026. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. SEC Release No. 33-11275: The Enhancement and Standardization of Climate-Related Disclosures for Investors In March 2024, the SEC adopted final rules under SEC Release No. 33-11275: The Enhancement and Standardization of Climate-Related Disclosures for Investors , which requires registrants to provide certain climate-related information in their registration statements and annual reports. The rules require information about a registrants climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. 2. Summary of Significant Accounting Policies (continued) Recent Accounting Pronouncements (continued) These requirements are effective for the Company in various fiscal years, starting with its fiscal year beginning November 1, 2026. On April 4, 2024, the SEC determined to voluntarily stay the final rules pending certain legal challenges. On February 11, 2025, the SEC indicated it would ask the court to hold on scheduling further arguments while the SEC reassessed its …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Related-Party Transactions The Company has transactions with equity method investments and various related parties summarized in Note 6 - Equity in Investments and in the tables below (in thousands): April 30, 2026 October 31, 2025 Balance Sheet Balance Sheet Ref Related-Party Receivables/Other from Related Parties, net Other Assets Payables to Related Parties Receivables/Other from Related Parties, net Other Assets Payables to Related Parties 2 Mutual water companies $ $ 791 $ 1,056 $ $ 514 $ 117 4 YMIDD $ 201 $ $ $ 202 $ $ 5 FGF $ 1,245 $ 372 $ 757 $ 2,771 $ 514 $ 757 6 LLCB $ $ $ 3,444 $ $ $ 3,444 8 Rosales $ $ 372 $ 58 $ $ $ 1,671 10 Law firm $ $ $ 26 $ $ $ Three Months Ended April 30, 2026 Three Months Ended April 30, 2025 Consolidated Statement of Operations Consolidated Statement of Operations Ref Related-Party Net Revenue Agribusiness Net Revenue Other Operations Agribusiness Expense and Other Net Revenue Agribusiness Net Revenue Other Operations Agribusiness Expense and Other Dividends Paid 1 Employees $ $ 228 $ $ $ 228 $ $ 2 Mutual water companies $ $ $ 109 $ $ $ 190 $ 4 YMIDD $ 305 $ $ 73 $ 379 $ $ 77 $ 5 FGF $ 82 $ $ $ 82 $ 50 $ $ 7 Principal Owner $ $ $ $ $ $ $ 246 8 Rosales $ (24) $ $ $ 1,725 $ $ 845 $ 9 Del Mar $ $ $ $ 69 $ $ $ 10 Law firm $ $ $ 94 $ $ $ 133 $ Six Months Ended April 30, 2026 Six Months Ended April 30, 2025 Consolidated Statement of Operations Consolidated Statement of Operations Ref Related-Party Net Revenue Agribusiness Net Revenue Other Opera …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Segment Information The Company operates in four reportable operating segments: fresh lemons, lemon packing, avocados and other agribusiness. The reportable operating segments of the Company are strategic business units with different products and services, distribution processes and customer bases. The fresh lemons segment includes sales, growing and harvest costs and third-party grower and supplier costs related to fresh lemons. The lemon packing segment includes packing revenues and packing costs. Fresh lemons and lemon packing revenues relate to lemons grown on the Companys orchards and lemons procured from third-party growers. The avocados segment includes sales, farming and harvest costs. The other agribusiness segment primarily includes sales, growing and harvest costs, brokered fruit costs of oranges and specialty citrus, wine grapes, fallowing revenue, shipping revenue and shipping costs, and included farm management in fiscal year 2025. During fiscal year 2025, the Company changed its presentation of fresh lemons and lemon packing revenue and costs to remove reference to intersegment revenue, intersegment costs and expenses and eliminations. The Companys chief operating decision maker (CODM) is the chief executive officer. The Companys CODM measures the operating performance of the Companys operating segments and allocates resources based on its evaluation. Revenues and operating income or loss, excluding depreciation and amortization, are used to monitor budget ver …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Comprehensive Loss Comprehensive loss represents all changes in a companys net assets, except changes resulting from transactions with stockholders. Other comprehensive income or loss includes foreign currency translation items. Accumulated other comprehensive loss is reported as a component of the Companys stockholders equity. Recent Accounting Pronouncements ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ASU 2023-09 requires disaggregated information about a reporting entitys effective tax rate reconciliation as well as information on income taxes paid. The ASU is effective for the Companys annual reporting for fiscal year 2026. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. SEC Release No. 33-11275: The Enhancement and Standardization of Climate-Related Disclosures for Investors In March 2024, the SEC adopted final rules under SEC Release No. 33-11275: The Enhancement and Standardization of Climate-Related Disclosures for Investors , which requires registrants to provide certain climate-related information in their registration statements and annual reports. The rules require information about a registrants climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. 2. Summary of Significant Accounting Policies (continued) Recent Accounting Pronouncements (continue …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Subsequent Events The Company evaluated events subsequent to April 30, 2026 through the date of this filing, to assess the need for potential recognition or disclosure in the unaudited consolidated financial statements. Based upon this evaluation, except as described in the notes to consolidated financial statements, it was determined that no other subsequent events occurred that required recognition or disclosure in the unaudited consolidated financial statements.

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