Maui Land & Pineapple Company, Inc. reported significant financial developments in its 10-K filing for the fiscal year ending December 31, 2025. The company generated total operating revenues of approximately $19.5 million, a substantial increase from $11.6 million in the previous year, marking a growth of 68%. This increase was primarily driven by the Land Development and Sales segment, which saw revenues rise to $5.8 million from just $520,000 in 2024, attributed to the sale of non-strategic land parcels and construction revenues from the Honokeana Homes Temporary Housing Project. However, the company also reported a net loss of $10.6 million, compared to a loss of $7.4 million in the prior year, largely due to increased pension and other post-retirement expenses.
The company has made strategic moves to enhance its operational capabilities, including the establishment of new office locations in West Maui and Upcountry Maui to strengthen community relationships and stewardship of its assets. Additionally, Maui Land & Pineapple has initiated a new agricultural venture, planting drought-tolerant blue weber agave on underutilized croplands, which will be reported as a new business segment starting in 2026. The company also entered a joint venture with Stone Properties to develop approximately 31 acres in Hali'imaile, further diversifying its portfolio.
Operationally, the company reported an increase in occupancy rates for its commercial properties, rising from 86% to 92% over the year. The leasing segment generated $12.8 million in revenue, up from $9.6 million in 2024, reflecting a recovery in tourism and increased demand for commercial space following the 2023 Maui wildfires. The company executed 42 new leases during the two-year period from January 2024 to December 2025, with 15 of those leases executed in 2025 alone. The total leased area increased by 21% to 4,687 acres, indicating a positive trend in land utilization.
Looking ahead, Maui Land & Pineapple anticipates continued growth in its leasing revenues as the Maui market recovers from the impacts of the wildfires. The company plans to invest approximately $4.6 million in land development costs for 2026, focusing on planning, engineering, and permitting for various projects across its 22,300 acres of land. The company remains committed to addressing the housing shortage in Maui, particularly in light of the loss of homes due to the wildfires, and aims to maximize the productivity of its land holdings to meet community needs.
About MAUI LAND & PINEAPPLE CO INC
Maui Land & Pineapple Company, Inc. develops, manages, and sells land and commercial properties on Maui, Hawaii. Its core activities include land development, residential and resort projects, leasing of commercial and agricultural land, and stewardship of conservation areas. The company operates through segments focused on land sales, leasing, and resort amenities, serving real estate, tourism, and community markets with a competitive advantage in Maui’s desirable location and extensive landholdings.
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