圣乔 2025年度报告

March 27, 2026 Dear Fellow Owners, In 2025, we continued to demonstrate solid progress with growth in every segment and in every quarter compared to theprevious year. Overall, revenue increased by 27%, net income increased by 56%, and earnings per share increased by57%. For the second year in a row, we had a record year in hospitality and leasing revenue while our real estate revenueincreased by 64%. This progress was not random or a ‘‘one-off’’ event. We have been on an upward trajectoryconsistently executing a deliberate strategy and building a foundation for future growth. WHO WE ARE We are not just a developer, owner, and operator of residential communities, commercial village centers, office andcommerce parks, hotels and resorts, marinas, or a private membership club. We are all of those. We are a diversified realestate operating company that is growing earnings today while continuing to build a foundation for tomorrow. In 2025,32% of our revenue was generated from our residential segment; 43% from our hospitality segment; and 23% from ourcommercial segment. This balance is a formula that is well suited for sustainable, continued growth. Perhaps even moreimportantly, unlike many other real estate companies or homebuilders, we already possess the raw material for futuregrowth. We own 165,000 acres of entitled land in a desirable part of Florida that is experiencing in-migration. We don’thave the risk and uncertainty of needing to acquire and entitle land and we have demonstrated an ability to create andgrow diversified and sustainable revenue streams in an efficient way. OUR APPROACH I recall being a guest of an investment podcast in 2021 where I mentioned how an investment in our hotels would attractvisitors, who join our club, who move into our communities, and who become consumers for our commercial leasingtenants. Of course, I was describing how our business diversification enables us to create a virtuous and synergisticcircle of value creation and growth in ways that more narrowly based real estate companies cannot achieve. When mostother real estate companies make an investment, it benefits other companies. When we make an investment in one of oursegments it benefits our other segments and the surrounding land we own. The approach is working and is one of thereasons why we have been on a growth trajectory. It is an ecosystem approach that is well suited for continued growthand value creation, especially since we already possess the raw material for growth. CORE SEGMENTS We plan on continuing to grow our core segments of residential, hospitality, and commercial in synergistic ways. In April of last year, we obtained approval from Bay County for our latest Detailed Specific Area Plan (DSAP), PigeonCreek, located along the SR 79 corridor. In March of this year, we announced the execution of a contract withPulteGroup, the nation’s third largest homebuilder, to potentially develop over 2,600 homesites in this DSAP.PulteGroup is now our nineteenth homebuilder and our third national homebuilder in our residential communities. Weintend to break ground in this DSAP later this year. We continue to receive inquiries from homebuilders outside of this market who want to do business with us. In selectinghomebuilders and placing them in our communities, our objective is to increase product, lifestyle, and price choices sowe can continue to attract a wide range of consumers. We also continue to receive more interest from commercial tenants who want to lease space in our commercial villagecenters. To meet this growing demand, this year, we plan on breaking ground on multiple commercial buildings in theWatersound Town Center and in the Watersound West Bay Center. We also plan on breaking ground on a new apartmentcomplex on the SR 79 corridor in anticipation of the growth near the emerging medical campus. In our hospitality segment, we opened our third golf course last year, and in March of this year, we completed anexpansion of the Watersound Beach Club, creating more capacity for our growing membership. We are in the planningphase for additional club amenities and increasing our lodging portfolio. DIVERSIFICATION In addition to growing our core business segments, we continue to explore opportunities to increase our diversifiedrevenue streams, especially revenue streams that are created from investments we make in our core business segments.A couple of years ago, we started a title agency and an insurance agency to accomplish those objectives. At our AnnualMeeting last year, we announced that we were launching a real estate brokerage business. Watersound Real Estate beganoperations in 2025. We started in one location and quickly expanded to a second location with plans to open a thirdlocation later this year. With additional locations planned, Watersound Real Estate is poised to be the exclusivebrokerage in some of the most attractive locations in our region like the Watercolor Town Center, Watersound