Maui Land & Pineapple Company, Inc. Reports Fiscal Year 2025 Results

Maui Land & Pineapple Company, Inc. (NYSE: MLP) today reported financial results covering the year ended December 31, 2025.

“Our fiscal year 2025 results reflect significant progress in executing strategic initiatives, with operating revenues growing over 70% from last year. This growth was largely driven by higher recurring leasing revenue achieved through purposeful placemaking in our Kapalua and Hāli‘imaile town centers. These results were complemented by an increase of over 146% in Adjusted EBITDA from 2024, marking the second consecutive year of improvement. ​We are seeing meaningful momentum in our efforts to maximize productivity and drive value creation. These efforts are supported by targeted land sales, which provide incremental capital to fuel investments in our asset portfolio and agricultural operations, including our new scalable agave venture. ​We also took action to strengthen our future financial foundation and fulfill our kuleana (responsibility) to former plantation-era pineapple employees by funding and annuitizing their pension plan,” said Race Randle, CEO, Maui Land & Pineapple Company, Inc.

Notable achievements this year include the following:

• In 2025, leasing revenues improved by 33%, aided by dedicated asset management and the execution of 15 new leases. From January 1, 2024 to December 31, 2025, 42 leases, comprising 34 commercial leases accounting for 83,812 leasable square feet and 8 land leases encompassing 1,131 acres of land were executed. We continue to focus on opportunities to enhance this recurring revenue stream and provide stable capital for our ongoing operations, through improved occupancy and purposeful placemaking.

• The Company sold six non-strategic land parcels throughout the year, generating $2,435,000 in sales revenues to fund planning and development of active projects. There are fourteen additional parcels that are either actively listed by a broker or privately marketed for sale.

• These efforts drove total operating revenues up by 68% in 2025, primarily reflecting improvements in land sales and growth in leasing revenues. Adjusted EBITDA improved by 146% in 2025, marking the second consecutive year improving this measurement.

• On the agricultural front, the Company launched a new drought-tolerant agricultural venture, planting approximately 38 acres of blue weber agave on underutilized croplands in Upcountry, Maui. The Company is proud to have returned to agriculture activities and will advance efforts to develop value-added products with this drought-tolerant crop.

• Finally, the Company fulfilled its largest remaining commitment to former employees by funding and annuitizing the qualified pension plan at an expense of $6.6 million. The final remaining pension plan obligations are scheduled to be funded and resolved in the fourth quarter of 2026 at an estimated cost of $1.6 million.

“We are pleased with the 2025 results, representing continued year-over-year improvements in our financial performance. While our Net Loss increased due to the $6.6 million non-cash GAAP recognition of our pension funding, it is critical that we honor and resolve legacy obligations as we accelerate the business in new directions which contribute to housing, agriculture, economic vitality, and small businesses on Maui,” added Randle.

2025 Financial Highlights

• GAAP Operating Loss improved by 38% to ($4.5) million in the year ended December 31, 2025, from ($7.4) million in the year ended December 31, 2024, a year over year improvement of $2.9 million.

• Adjusted EBITDA (Non-GAAP) improved by 146% to $1.8 million in the year ended December 31, 2025, from $0.7 million in the year ended December 31, 2024, a year-over-year improvement of $1.1 million.

• Land development and sales business segment’s net operating income improved by 416% to $5.8 million in the year ended December 31, 2025, from ($0.5) million in the year ended December 31, 2024.

• Leasing revenues improved by 33% to $12.8 million in the year ended December 31, 2025, from $9.6 million in the year ended December 31, 2024, a year-over-year improvement of $3.2 million.

• Combined General and administrative and Share-based compensation expenses decreased by 15% to $9.1 million in the year ended December 31, 2025, from $10.6 million in the year ended December 31, 2024, a decrease of $1.5 million. The decrease was driven by a $2.0 million reduction in share-based compensation due to the reduced use of options. The Company does not anticipate using options for director compensation in the future, likely resulting in a decrease in share-based compensation expenses in future periods.

• Net loss increased by 43% to ($10.6) million in the year ended December 31, 2025, from ($7.4) million in the year ended December 31, 2024. This increase of $3.2 million was primarily driven by the GAAP recognition of $6.9 million in pension expenses related to the termination of the qualified pension plan on September 30, 2025, of which $6.6 million was non-cash.

• Cash and Investments Convertible to Cash (Non-GAAP) totaled $5.3 million on December 31, 2025, compared to $9.5 million at December 31, 2024, a decrease of $4.2 million. The decrease in cash is primarily attributed to $1.0 million in pension contributions and approximately $4.5 million of cash expended on land development activities, capital investments on assets across the portfolio, and launch of our new agave venture.