Maui Land & Pineapple Company, Inc. (MLP) reported fiscal‑year 2025 operating revenues of $19.46 million, a 68‑70% increase from the $11.57 million recorded in 2024. The jump was driven by a 33% rise in leasing revenue, which climbed to $12.8 million from $9.6 million the prior year, and by the signing of 15 new leases in its Kapalua and Hāli‘imaile town centers. Despite the revenue surge, the company posted a net loss of $10.6 million, up from a $7.4 million loss in 2024, largely due to a $6.6 million pension settlement expense.
The Land Development & Sales segment turned a $0.5 million loss in 2024 into a $5.8 million net operating income in 2025, reflecting successful land sales and development projects. Adjusted EBITDA rose 146% to $1.8 million from $0.7 million, underscoring improved operational leverage even as one‑time pension costs weighed on the bottom line.
MLP sold six non‑strategic land parcels for $2.435 million, providing capital for future development. The company also launched a new agave venture, planting approximately 38 acres of blue Weber agave on underutilized cropland, a strategic move to diversify revenue beyond leasing and land sales.
The company funded and annuitized its former pineapple employees’ pension plan at a cost of $6.6 million, with remaining obligations scheduled for resolution in 2026. This action reflects MLP’s commitment to honoring legacy responsibilities while accelerating growth in new business areas.
Race Randle, CEO, said, "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."
The company’s net loss, driven by the pension settlement, signals that while operational performance is improving, legacy costs remain a significant headwind. However, the strong leasing growth, successful land sales, and the launch of a potentially scalable agave operation suggest a trajectory toward higher operating income and a more diversified revenue base in the coming years.
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