Maui Land & Pineapple Company — First Half 2026 Earnings Summary

Financial Performance

• Reported net loss was $3.7 million for the six months ended June 30, 2026, an improvement of $5.9 million compared to the $9.6 million loss in the prior year period.
• Total operating revenues were $7.1 million for the six months ended June 30, 2026, down from $10.4 million in the prior year period.
• Recurring revenue from commercial real estate and land leasing businesses totaled approximately $6.6 million for the six months ended June 30, 2026.
• Commercial real estate leasing revenue was $3.9 million, consistent with the prior year, with the portfolio maintaining 93% occupancy.
• Land leasing and management revenue increased by $0.2 million year-over-year to $2.7 million, while segment expenses rose by $1.4 million to $3.1 million.
• Land development and sales revenue was $0.5 million, down significantly from $4.1 million in the prior year, primarily due to the pause of the Honokeana Homes Temporary Housing Project which contributed $3.2 million in prior-year revenue.
• General and administrative expenses increased by $0.5 million to $3.0 million, driven by additions to personnel and audit capabilities.
• Share-based compensation decreased to $1.9 million from $2.3 million in the prior year.
• The underlying cash operating loss for the six months was approximately $1.2 million.
• Adjusted EBITDA loss was $1.1 million for the six months ended June 30, 2026, compared to an Adjusted EBITDA profit of $0.9 million in the prior year period.
• Cash and cash equivalents were $3.3 million as of June 30, 2026, down from $5.3 million as of December 31, 2025.
• Total assets were $49.6 million as of June 30, 2026, up from $48.0 million as of December 31, 2025.
• Total liabilities were $18.6 million as of June 30, 2026, up from $14.9 million as of December 31, 2025.
• Long-term debt, including the line of credit, increased to $8.6 million from $4.0 million as of December 31, 2025.
• Deferred revenue increased to $2.0 million (current and noncurrent combined) from $1.9 million as of December 31, 2025.

Guidance and Future Outlook

• The Company stated it is well-positioned to turn land into long-term value for shareholders and lasting benefit for the Maui community.
• Management expects the development pipeline to produce meaningful land sales in the years ahead.
• The Company is prioritizing the recycling of capital from non-core assets into higher-value opportunities.
• Progress toward a potential sale of certain water assets to the County of Maui is ongoing.
• The agave venture is viewed as a patient investment expected to generate revenue for years to come.

Business Segments and Product Lines

• Land Development and Sales: Over $20.0 million in contracted land sales and $12.0 million in new listings were recorded during the period.
• A $10.0 million purchase agreement with Harvest Church for a 6.5-acre parcel in Kapalua is in escrow and expected to close in 2027.
• A $10.0 million agreement for the sale of an 8.783-acre Kapalua parcel is also in escrow.
• Commercial Real Estate Leasing: Generated $3.9 million in revenue with 93% occupancy.
• Land Leasing and Management: Revenue grew year-over-year; segment expenses rose due to improvements and maintenance work.
• Agribusiness Venture: Invested $0.8 million during the six months ended June 30, 2026, bringing the total strategic investment to approximately $2.5 million.
• The agave farm expanded to 80 acres following the completion of the second phase of plantings at the 325-acre Haliʻimaile Ranch.
• Non-capitalized operating expenses for the agave farm were $0.1 million for the period.

Market and Competitive Landscape

• The Company holds over 22,000 acres of land and approximately 247,000 square feet of commercial real estate.
• Assets include land for future residential communities within the Kapalua Resort, which features luxury hotels and the Puʻu Kukui Watershed.
• The Company is engaged in a memorandum of understanding with the County of Maui regarding the potential sale of water assets to complete a responsible transition to public management.

Risks and Challenges

• The Honokeana Homes Temporary Housing Project was paused, causing a significant year-over-year revenue decline in the Land Development and Sales segment.
• Segment expenses for Land Leasing and Management increased by $1.4 million due to portfolio improvements and maintenance.
• Forward-looking statements regarding the commercialization of Agave, marketing of nonstrategic parcels, and consummation of land sales are subject to significant business and economic uncertainties.
• Actual results may differ materially from anticipated results due to uncertainties beyond the Company's control.

Management Commentary and Tone

• CEO Race Randle described the first half of the year as a period of steady progress, emphasizing the stability of recurring revenue businesses.
• The Company appointed Ryan Panopio as Chief Investment Officer to lead development efforts.
• Management characterized the reported net loss as a deliberate decision to invest in long-term value creation rather than short-term earnings.
• The Company eliminated the use of new stock options in favor of restricted stock grants to lower compensation expense while aligning officer and director interests with shareholders.
• The tone reflects confidence in the development pipeline and the strategy of recycling capital from non-core assets.

Other Key Points

• The Company invested approximately $1.6 million in development projects during the six months ended June 30, 2026.
• The 2025 termination of the Company's qualified pension plan resulted in significant charges in the prior year that were absent in the current period, contributing to the year-over-year improvement in net loss.
• The Company has entered into a memorandum of understanding with the County of Maui regarding the potential sale of certain water assets.
• Deferred development costs for development projects increased to $17.3 million from $15.7 million as of December 31, 2025.
• Deferred development costs for the agave venture increased to $2.5 million from $1.7 million as of December 31, 2025.
• The Company's line of credit usage increased to $8.5 million from $4.0 million as of December 31, 2025.