Maui Land & Pineapple Company, Inc. Reports Fiscal First Quarter 2026 Results

Maui Land & Pineapple Company, Inc. (NYSE: MLP) today reported financial results covering the quarter ended March 31, 2026.

“We are pleased with the Company’s first quarter operational results which reflect our continued progress repositioning the Company’s multiple-asset portfolio to maximize productivity, create new value, and contribute to meeting the needs of Maui’s local businesses and families. This progress is fueled by accelerating deal flow including over $11 million in contracted land sales, $12 million in new property listings, ongoing negotiations for the sale of water-related assets, and strong recurring revenue from commercial real estate and agricultural land leasing. This quarter we also updated our reportable segmentation to help stakeholders track progress on our strategic plans which combine to demonstrate our Company’s significant value.” said Race Randle, CEO, Maui Land & Pineapple Company, Inc.

Achievements this period include the following:

• The Company revised its reportable segments during the first quarter to better reflect its business strategy, align its management reporting and increase transparency for investors. Under the revised segment structure, the Company will report on four operating segments which consist of the following:

  • Land Development & Sales – consists of land development and sales projects including primary housing, workforce housing, farm lots, and resort development. Sales of developed projects, home lots and non-strategic parcels will also be reported through this segment.

  • Commercial Real Estate Leasing – consists of the company’s approximately 247,000 leasable square feet of industrial, office, retail, and residential properties. The commercial town centers reported via this segment include the Kapalua Resort in West Maui and the Haliimaile Town Center in Upcountry Maui.

  • Land Leasing & Management – consists of operations related to our over 21,000 acres of agricultural and conservation land, and associated water and wastewater infrastructure. Land leasing revenues and expenses will be reported in this segment to improve transparency of net operating income. Water and sewer infrastructure operations will also report financial results through this segment.

  • Agribusiness Ventures – consists of the Company’s efforts to self-perform certain value-added agriculture rather than lease to tenants. Currently, this segment will report on the Company’s drought-resistant agave farm and operations. As other value-added and diversified agribusinesses are developed, they will be reported through this segment.

• Land Development & Sales – In the quarter ended March 31, 2026, the Company has progressed predevelopment efforts for approximately 1,000 acres of resort residential and mixed-use lands along with over 1,800 acres of agricultural land for individual farm lots. The Company currently has two binding land sales totaling $11.2 million in escrow, an additional $15.0 million of land in contract negotiations and $12.0 million of parcels publicly listed for active sale. In the quarter ended March 31, 2026, there was a $2.4 million decrease in revenues with a $2.6 million decrease in expenses, which are directly attributed to the suspension of the Honokeana Homes Housing Project by the State of Hawaii in April 2025. The net operating results for this segment were consistent in this segment year over year.

• Commercial Real Estate Leasing – In the quarter ended March 31, 2026, the Company reached an occupancy level of 93% in its commercial real estate portfolio and expects to see increasing revenue as the leased properties reach stabilization. For the quarter overall results from this segment were consistent with revenues at $2.0 million and net operating income ats $1.2 million for both 2025 and 2026.

• Land Leasing & Management – In the quarter ending March 31, 2026, the company increased the quantity of leased agricultural lands by 33.73%, or 1,581 acres, from 4,687 leased acres to 6,268 leased acres of over 21,000 leasable acres, aimed at improving revenue and NOI in this segment in future quarters. Revenues for agricultural land leases and utilities were consistent year over year at $1.2 million. Expenses related to land management, conservation, watershed management and infrastructure operations increased by $1.1 million, from $0.7 million to $1.8 million compared to the prior year as raw land is prepared for utilization and assets are positioned for productivity. Negotiations for the sale and lease of water-related assets continue to progress.

• Agribusiness ventures – In the quarter ended March 31, 2026, $0.3 million was spent on advancing the cultivation of drought-resistant blue agave related to the Company’s 325-acre Hali’imaile Ranch subdivision in process. To date, a strategic investment of approximately $2.0 million has been expended to launch this business.

The Company's Chairman, Scot Sellers, commented: “The Company has continued to make progress on our mission to put our land and assets to their most productive uses, building value through the advancement of an increasing volume of development and leasing projects. The refined segmentation should aid stakeholders in tracking progress as the management team advances the exciting pipeline of projects, poised to create significant value for our shareholders and the community.”