St. Joe Q4 Earnings Call Highlights

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• Q4 2025 revenue increased 24% and net income increased 58% versus prior-year period

  80% confidence

• St. Joe repurchased 798,622 shares in 2025, compared with 70,985 in 2024, at an average price of $50.10 per share

  80% confidence

• The company has been pleased with the early reception to its brokerage business, particularly the level of interest from agents seeking to join, while the business remains in its infancy

  80% confidence

• Interest is a real cash expense and the company has been methodical in paying down project debt

  80% confidence

• FSU Health campus first phase (80,000-square-foot medical office building) is essentially full, and the second phase—a teaching hospital and academic health center—is a potential catalyst for the corridor and broader region

  80% confidence

• Not all debt is treated equally: long-term, HUD-insured apartment financing with very low fixed rates is not being targeted for paydown, while shorter-duration, higher-interest project debt may be reduced

  80% confidence

• Management still views buybacks as a prudent use of capital even after a sharp rise in the share price

  80% confidence

• 2025 marked the first time the company exceeded $500 million in revenue in 20 years, excluding a one-time large timberland sale in 2014

  80% confidence

• Delta nonstop flight from New York early performance appears encouraging, with campaign translating into increased web traffic and early signs of higher occupancy and reservations from that region, though it is still early to predict long-term outcomes

  80% confidence

• The company has received local and state approvals for 10 DSAPs (each at least 1,000 acres), and has only begun development in three of the 10

  80% confidence

• Twenty years ago, the company had about 15% recurring revenue driven primarily by bulk asset sales; today it has 56% recurring revenue as a diversified real estate operating company

  80% confidence

• 2025 was the first time St. Joe reached $2 per share EPS in 23 years

  80% confidence

• The company plans to break ground on a new apartment complex focused on the vicinity of the FSU Health campus

  80% confidence

• St. Joe transactions are not directly comparable to nearby transactions because the company includes back-end participation arrangements in homesite sales to builders, which vary by builder, community, and price point

  80% confidence

• The company is in advanced discussions with one homebuilder new to the market for Pigeon Creek's more than 3,000 potential units and is cautiously optimistic about converting discussions into action relatively soon

  80% confidence

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