Maui Land & Pineapple Co Inc (NYSE: MLP)

Maui Land & Pineapple Company, Inc. is a landholding and operating parent company that plans, manages, develops, and sells residential, resort, commercial, agricultural, and industrial real estate on the island of Maui Hawaii The company owns approximately 22,300 acres of land and 247,000 square feet of commercial property which it puts into productive use through its three business segments.

The company generates revenue from the sale of developed land and properties from leasing commercial, industrial, and agricultural spaces from licensing its trademarks and from operating water systems, and stewardship programs and from providing resort amenity services to members of the Kapalua Club In 2025 total operating revenue was approximately $19.4 million with the Land Development and Sales segment contributing $5.8 million (30%), the Leasing segment contributing $12.8 million (66%), and the Resort Amenities segment contributing $0.8 million (4%).

The company operates through the following segments: Land Development and Sales, Leasing, and Resort Amenities.

• Land Development and Sales: This segment includes land planning, entitlement, development, construction, and sales activities focused on the Kapalua Resort a master planned destination resort and residential community It oversees residential, resort, commercial, agricultural, and industrial real estate projects across West Maui, and Upcountry Maui.

• Leasing: This segment comprises commercial, industrial, and agricultural leases of land and property licensing of Kapalua, and Maui Gold trademarks operation of potable, and non potable water systems serving the Kapalua Resort, the County of Maui, and agricultural users and stewardship of conservation areas such as the Puu Kukui Watershed Preserve.

• Resort Amenities: This segment operates the Kapalua Club a private non equity club that provides members with special programs, access, and privileges to amenities including a full service spa and fitness center, a private pool side dining beach club, and two 18 hole championship golf courses.

Within Hawaii's real estate and hospitality sectors Maui Land & Pineapple Company holds a distinctive position due to its extensive land holdings in West Maui which offer proximity to beaches, and mountains and provide many parcels with unobstructed ocean views The company benefits from strong brand recognition associated with the Kapalua name its water rights and its conservation stewardship which differentiate it from other developers, and property owners It faces competition from landowners, developers, resort operators, and hotel chains operating on Maui, and elsewhere in Hawaii.

The company serves a diverse customer base that includes homebuyers, residential tenants, commercial and retail tenants, agricultural lessees, water utility customers, and members of the Kapalua Club who seek access to resort amenities and recreational facilities.