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Maui Land & Pineapple Company (MLP) investor relations material
Maui Land & Pineapple Company Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Focused on optimizing asset value through land development, leasing, and strategic sales, with a revised segment structure to align with business strategy and transparency goals.
Recurring revenue from commercial real estate and land leasing totaled $6.6 million for the first half of 2026, providing a stable foundation for reinvestment and development initiatives.
Commercial property occupancy reached 93% as of June 30, 2026, up from 92% at year-end 2025, with 47 new leases executed since January 2024.
No remnant parcel sales in the first half of 2026, but over $20 million in contracted land sales and $12 million in new listings were reported.
Leadership changes included the appointment of a new Chief Investment Officer to drive development and asset monetization.
Financial highlights
Operating revenues for Q2 2026 were $3.7 million, down from $4.6 million in Q2 2025; six-month revenues were $7.1 million, down from $10.4 million year-over-year.
Net loss for the first half of 2026 was $3.7 million, improved from $9.6 million in the prior year, mainly due to the absence of pension plan termination charges.
Adjusted EBITDA for the first half of 2026 was a loss of $1.1 million, compared to a positive $0.9 million in the prior year.
Cash and cash equivalents were $3.3 million at June 30, 2026, with $16.5 million available under a $25 million credit facility.
General and administrative expenses increased by $0.5 million year-over-year, reaching $3.0 million.
Outlook and guidance
Anticipates stable cash flow from commercial properties as the Maui market recovers from the 2023 wildfires.
Stable recurring revenue and a growing development pipeline position the company for future land sales and long-term value creation.
Near-term sales revenues expected from remnant and non-strategic parcels and improved land in active marketing.
Progress continues on monetizing non-core water assets and expanding agricultural ventures, particularly blue agave cultivation.
Infrastructure and site improvement costs for new projects to be funded by presale deposits, construction financing, and asset sales.
- Net loss narrowed to $2.1 million as revenue fell and commercial occupancy reached 93%.MLP
Q1 2026 - 2026 proxy covers director elections, say-on-pay, auditor ratification, and key governance policies.MLP
Proxy filing - Operating revenues up 70% and Adjusted EBITDA up 146%, despite higher net loss from pension expense.MLP
Q4 2025 - Annual meeting to vote on directors, executive pay, and expanding the equity incentive plan.MLP
Proxy Filing - Leasing and operating revenues surged, but pension costs drove a $9.4M net loss.MLP
Q3 2025 - Revenue doubled but a $7.5M pension expense drove a $9.6M net loss.MLP
Q2 2025 - Revenue up 18.6% year-over-year, but net loss widened on higher non-cash expenses.MLP
Q3 2024 - Revenue up 7.5%, but net loss widened as investments and non-cash expenses increased.MLP
Q2 2024 - Revenue up 134% year-over-year, but pension expense drove a net loss; growth initiatives underway.MLP
Q1 2025
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