Blanch almonds by boiling them for 1–2 minutes, then remove skins.
Blend almonds with 1 cup of water until smooth.
Pour the almond mixture into a saucepan and add remaining 1 cup water. Simmer gently for 10–15 minutes, stirring occasionally.
Strain the mixture through a fine mesh strainer or cheesecloth into a clean saucepan, pressing to extract as much liquid as possible.
Add sugar to the almond liquid and stir over low heat until fully dissolved. Do not boil.
Remove from heat and stir in orange blossom water (and almond extract, if using).
Let cool, then transfer to a sterilized bottle or jar. Store in the refrigerator for up to 3–4 weeks.