Maui Land's Net Loss Narrows After Pension Charges

The Tip Desk · August 14, 2026 · 3 min read

The company posted a $3.69 million net loss for the six months ended June 30, 2026, as pension-plan termination charges that had weighed on the year-earlier period did not recur.

Maui Land & Pineapple Company, Inc. (MLP), the Hawai‘i landowner and commercial landlord, reported a net loss of $3.69 million, or $0.19 a share, for the six months ended June 30, 2026, compared with a $9.64 million loss, or $0.49 a share, a year earlier.

The $5.9 million improvement was driven mainly by the absence of charges related to the 2025 termination of its qualified pension plan. Pension and other post-retirement expenses were $0.04 million in the first half of 2026, versus $7.50 million in the year-earlier six months. A shift away from new stock options toward restricted stock grants also contributed.

Operating results told a different story. Operating loss widened to $3.81 million from $2.49 million. Adjusted EBITDA swung to a loss of $1.11 million from positive $0.87 million.

Total operating revenues fell to $7.10 million from $10.41 million. Land Development and Sales revenue collapsed to $0.49 million from $4.06 million. The year-over-year decline was almost entirely due to the pause of the Honokeana Homes Temporary Housing Project, whose roughly $3.2 million of prior-year revenue had been matched by an equivalent amount of cost, leaving segment margin virtually unchanged.

Commercial Real Estate Leasing held the recurring base. Revenue was $3.92 million, with 93% occupancy, consistent with the prior year. Land Leasing and Management revenue rose $0.2 million to $2.69 million. Combined, the two leasing businesses generated about $6.6 million of recurring revenue in the first half.

Land Leasing and Management expenses rose $1.4 million to $3.11 million from $1.74 million, largely due to improvements and maintenance in the portfolio. General and administrative expenses increased $0.5 million to $3.0 million from $2.5 million, largely to add people and audit capabilities to support a growing development business.

Land Development and Sales costs fell to $0.62 million from $4.12 million. Reported revenue in the segment continues to build momentum with new opportunities, supported by over $20.0 million in contracted land sales and $12.0 million of new listings during the period. Those contracts include a $10.0 million purchase agreement with Harvest Church for a 6.5-acre Kapalua parcel, expected to close in 2027, and a $10.0 million agreement for an 8.783-acre Kapalua parcel. Both transactions are in escrow and subject to closing conditions.

The company invested $0.8 million in the six months to advance drought-resistant blue agave at its 325-acre Hali‘imaile Ranch, bringing total strategic investment in the venture to about $2.5 million. Completion of the second planting phase expanded the farm to 80 acres. Agribusiness operating expenses were $0.09 million. The company views agave as a patient investment in a durable, land-based business.

Cash and cash equivalents were $3.28 million at June 30, 2026, down from $5.30 million at year-end 2025. The line of credit increased to $8.50 million from $4.00 million as development and agave spending was funded in part through the credit facility. Underlying cash operating loss for the six months was approximately $1.2 million, with a large portion of the GAAP net loss coming from non-cash items.

The company entered a memorandum of understanding with the County of Maui regarding a potential sale of certain water assets. Chief Executive Officer Race Randle said the appointment of Ryan Panopio as Chief Investment Officer brings dedicated leadership to the development pipeline, and that progress toward a potential water-asset sale is an example of recycling capital from non-core assets. The company believes it is well positioned to continue turning land into long-term value, citing the stable leasing base, a growing development pipeline, and continued work on monetizing water assets.