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

On August 14, 2026, Maui Land & Pineapple Company, Inc. (NYSE: MLP) reported financial results covering the six months ended June 30, 2026.

“Our commercial real estate and land leasing businesses continue to provide a stable foundation, and we are reinvesting that stability into a development pipeline we believe will produce meaningful land sales in the years ahead,” said Race Randle, CEO, Maui Land & Pineapple Company, Inc. “The appointment of Ryan Panopio as our Chief Investment Officer brings dedicated leadership to that effort, and our progress toward a potential sale of certain water assets to the County of Maui is a good example of how we continue to prioritize community resiliency and recycle capital from non-core assets into higher-value opportunities. These steps reflect a clear and consistent strategy focused on creating long-term value for our shareholders and serving the needs of Maui’s communities and families.” 

Achievements this period include the following:

• Land Development & Sales – In the six months ended June 30, 2026, the Company continued to build momentum in its development pipeline, supported by over $20.0 million in contracted land sales and $12.0 million of new listings during the period. This includes a $10.0 million purchase agreement with Harvest Church for a 6.5-acre parcel for its Kapalua campus, currently in escrow and expected to close in 2027, and a $10.0 million agreement to sell an 8.783-acre Kapalua parcel, also in escrow. Both transactions remain subject to customary closing conditions. 

• Commercial Real Estate Leasing – In the six months ended June 30, 2026, the Company's commercial real estate portfolio maintained 93% occupancy and generated $3.9 million in revenue, consistent with the prior year period and reflecting the quality of these properties and the tenants they attract.

• Land Leasing & Management – In the six months ended June 30, 2026, segment revenue increased by $0.2 million from the prior year period, demonstrating the Company’s ability to generate income from its land without divesting it. Segment expenses rose $1.4 million, from $1.7 million to $3.1 million, driven largely by improvements and maintenance work across the portfolio. The Company entered into a memorandum of understanding with the County of Maui regarding the potential sale of certain water assets.

• Agribusiness Ventures – In the six months ended June 30, 2026, the Company invested $0.8 million to advance the cultivation of drought-resistant blue agave at its 325-acre Hali‘imaile Ranch, bringing its total strategic investment in this venture to approximately $2.5 million to date. Completion of the second phase of plantings expanded the farm to 80 acres.

Reinvesting in Long-Term Value Creation

The Company’s reported net loss of $3.7 million for the first half of 2026 reflects a deliberate decision to invest in long-term value creation rather than short-term earnings. During the first half of the year, the Company invested approximately $1.6 million in development projects and $0.8 million in its agave venture, funded in part through its credit facility. 

Looking Ahead

Revenues from the Commercial Real Estate Leasing and Land Leasing and Management segments combined, contributed approximately $6.6 million of recurring revenue in the first half of the year, which provides the Company a dependable base to accomplish its plans. With a stable base of recurring revenue, a strengthened leadership team, a growing development pipeline, and continued progress on monetizing non-core water assets, the Company believes it is well positioned to continue turning its land into long-term value for shareholders and lasting benefit for the Maui community.