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The Pebble Beach Company of Maui

The St. Joe Company of Maui

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• Real Estate Services: The company engages in the sale, leasing, and development of land parcels for residential, commercial, and resort purposes, primarily within its Kapalua Resort in Maui.
• Resort and Leisure Services: This includes the operation and management of the Kapalua Club's golf, tennis, and fitness facilities, along with providing water utilities and other resort-related services for the Kapalua Resort.
• Fresh Pineapple: The company cultivates and sells fresh pineapple.

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Maui Land & Pineapple (MLP) primarily sells its products and services to individuals. Based on its business segments (Real Estate, Leisure, and Agriculture), the Leisure segment, which largely serves individuals, accounts for the largest portion of its revenue. Consequently, the major categories of individual customers it serves are:

• Resort Visitors and Tourists: Individuals who visit the Kapalua Resort for leisure activities, including golfing on its championship courses, dining, and utilizing other resort amenities and services.
• Residential Property Purchasers: Individuals who acquire residential lots, homes, or condominiums within MLP's developed communities in Kapalua and other Maui locations.
• Local Residents and Club Members: Individuals living on Maui who utilize Kapalua Resort's facilities, such as the golf courses, or are members of the Kapalua Club, engaging in local recreational and social activities.

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• Hawaiian Electric Industries (HE)

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Race Randle, Chief Executive Officer

Race Randle was appointed CEO of Maui Land & Pineapple Company, Inc. effective April 1, 2023. Born and raised in Hawai'i, he has spent two decades in real estate. Prior to joining MLP, he served as Senior Vice President of The Howard Hughes Corporation, where he was instrumental in redeveloping Ward Village in Honolulu. More recently, he was Executive Vice President at Lendlease, leading a partnership with Google on a $15 billion undertaking to transform Google's landholdings in San Jose, Sunnyvale, and Mountain View. Randle also serves on the Hawai'i advisory board for Trust for Public Land.

Wade Kodama, Chief Financial Officer, Treasurer & Principal Accounting Officer

Wade Kodama holds the crucial position of Chief Financial Officer, Treasurer, and Principal Accounting Officer at Maui Land & Pineapple Company, Inc. He brings a robust background in financial leadership and corporate governance to the company. In his role as CFO, he is responsible for the overall financial health and strategy, including financial planning, analysis, reporting, and capital management. As Treasurer, he oversees the company's cash flow, liquidity, funding strategies, and manages relationships with banks and investors.

Scot Sellers, Chairman

Scot Sellers was appointed Chairman of Maui Land & Pineapple Company, Inc. effective April 1, 2023. He brings 40 years of experience developing homes and communities across the country. Sellers previously served as Chairman and CEO of Archstone, one of the world's largest multi-family housing companies, where he oversaw the development, acquisition, and operation of housing in over 50 cities. He currently serves as a director for several real estate companies, including The Howard Hughes Corporation, Inspirato, Milhaus, and The Irvine Company.

Warren H. Haruki, Senior Advisor

Warren H. Haruki, who led Maui Land & Pineapple Company for 14 years as CEO and Chairman, continues to serve as a senior advisor, assisting the new leadership team. Haruki was CEO and Chairman of MLP from 2009 to 2023. His prior experience includes a 25-year career with GTE Hawaiian Tel and Verizon Hawaii, where he was president for 13 years. He has also served as President & CEO of Grove Farm Company since 2005. Haruki has held various director positions at companies like Guam Telephone Authority, Pacific Guardian Life Insurance Co. Ltd., and Hawaii Planing Mill Ltd., and was a Trustee at Parker Ranch Foundation Trust.

Ashley Leahey, Vice President of Operations

Ashley Leahey serves as the Vice President of Operations for Maui Land & Pineapple Company, Inc.

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Here are the key risks to Maui Land & Pineapple (MLP):

1. Water Mismanagement and Litigation: Maui Land & Pineapple is currently facing significant legal and regulatory challenges related to its management of the Honokōhau Ditch System. The Hawai'i Department of Land and Natural Resources' Commission on Water Resource Management has issued a notice of alleged violations, citing non-compliance with a 2019 order to install crucial infrastructure, including a remotely operable valve. This could result in substantial fines, potentially reaching millions of dollars (up to $5,000 per day of non-compliance, with a worst-case scenario total of nearly $11 million). Additionally, MLP is involved in multiple lawsuits, including one initiated by TY Management Corp., owner of the Kapalua Plantation Golf Course, alleging that MLP has misused water resources, exacerbated drought conditions, and failed to maintain the irrigation system. These legal battles and the associated water shortages pose a direct threat to the company's operations, including the potential closure of the Kapalua Plantation Golf Course and the cancellation of major events like The Sentry PGA Tour tournament.
2. Liquidity and Debt Refinancing Risk: The company faces a significant challenge with approximately $40 million in debt coming due, and the method of repayment or refinancing remains uncertain. Lenders hold liens against all of MLP's assets, including land, resorts, and commercial spaces, which could force the company into asset sales if refinancing efforts are unsuccessful. This situation places lenders in a strong position, potentially enabling them to demand higher interest rates or compel land divestitures. Furthermore, the stock's low average daily trading volume (966 shares) presents liquidity issues for investors wishing to trade larger positions.
3. Economic Uncertainties Affecting Tourism and Property Markets: As a company with significant real estate and resort operations, MLP is susceptible to fluctuations in the Hawaiian tourism and property markets. Maui has experienced economic uncertainties, with tourism revenue declining by 12.3% in 2023 compared to the previous year, and a decrease in average daily visitor spending. Such downturns can negatively impact the company's revenue from its resort segment and the profitability of its real estate development projects.

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Clear Emerging Threats for Maui Land & Pineapple (MLP)

• Climate Change Impacts on Island Real Estate: Increasing threats from climate change, including sea-level rise, coastal erosion, increased frequency and intensity of extreme weather events (storms, droughts, wildfires), and water scarcity, pose a clear emerging threat. These factors directly impact the long-term value, insurability, and developability of MLP's extensive land holdings and existing properties on Maui. As these impacts accelerate, they can lead to increased infrastructure costs, stricter building regulations, reduced demand for vulnerable properties, and potential devaluation of land assets, fundamentally disrupting the traditional economics of island real estate development and ownership.
• Overtourism Backlash and Policy Changes: Growing societal and governmental pressure to address the impacts of overtourism on Maui represents an emerging threat. This sentiment can lead to new policies, such as development moratoriums, stricter environmental permitting processes, increased tourism taxes, or caps on visitor numbers. Such regulatory shifts could severely restrict MLP's ability to pursue new real estate developments, obtain necessary approvals for projects, or realize anticipated revenues from its resort-related and residential property sales, thus fundamentally altering its core land development and management business model.

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For Maui Land & Pineapple (symbol: MLP), the addressable markets for their main products or services are identified as follows:

• Resort Operations (Kapalua Resort):

  The Hawaii tourism economy, which encompasses MLP's resort operations, was estimated at USD 31.3 billion in 2025 and is projected to grow to USD 49.0 billion by 2035, with a 4.6% compound annual growth rate (CAGR). In 2024, visitor spending across Hawaii generated approximately USD 20.6 billion. More specifically for Maui, visitor spending in September 2024 was USD 329.2 million and in November 2024 was USD 328.2 million.

• Real Estate Development and Sales:

  While a precise addressable market size for real estate development and sales on Maui is not readily available, Maui Land & Pineapple's own real estate development potential, particularly for residential mixed-use projects at Kapalua Mauka, has been estimated at approximately USD 700 million in market value. The company's land development portfolio was valued at USD 98.7 million in 2021, with its current real estate potential estimated at USD 245 million. This market is primarily concentrated within Maui, Hawaii.

• Leasing Activities:

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• Agricultural Land Management and New Agriculture Ventures:

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Maui Land & Pineapple Company, Inc. (MLP) is expected to drive future revenue growth over the next two to three years through several key initiatives and existing business segments:

1. Real Estate Development and Sales: The company has significant undeveloped land holdings, particularly within its Kapalua Resort. Projects like Kapalua Makai (37 acres for residential use), Kapalua Central (46 acres for 196 residential units), and Kapalua Mauka (930 remaining acres with entitlements for 639 single-family homes) represent substantial future sales opportunities. The demand for real estate on Maui directly influences revenue from these sales.
2. Enhanced Commercial Real Estate and Land Leasing: MLP has been actively working to increase occupancy rates and bring commercial leases to market rates, as well as signing new leases for renovated commercial properties and dormant croplands. Commercial property occupancy saw an increase to 89% by June 30, 2025, up from 86% at the end of 2024. This focus on optimizing its extensive land and commercial property portfolio is a consistent revenue driver.
3. Growth of the Agave Agriculture Venture: A newly launched agriculture-based venture focusing on cultivating Agave on underutilized croplands is anticipated to be a long-term growth driver. This initiative aims to generate $5-10 million in annual revenue by 2026, with potential for further vertical integration into on-island distillation, regenerative agri-tourism, local distribution, and global expansion.
4. Resort Operations Performance: As the operator of the Kapalua Resort, MLP's revenue from resort amenities, including accommodations and golf courses, is closely tied to the health of Maui's tourism industry. A continued rebound and growth in tourism are expected to positively impact this segment's revenue over the coming years.
5. Monetization of Water Assets: MLP initiated a strategic review in early 2025 to explore the potential sale or lease of its water source and infrastructure assets. Leasing these assets could provide a new recurring revenue stream, aligning with the company's strategy to leverage underutilized resources to support development and community needs.

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Share Repurchases

• Maui Land & Pineapple Company's shares outstanding decreased by 1.5% in 2024 and 3.51% in 2020.
• The company's 3-year average share buyback ratio is -0.5, indicating share repurchases.

Share Issuance

• Shares outstanding increased by 1.42% in 2025, 3.09% in 2023, and 4.66% in 2021.
• In 2024, the company incurred $3.466 million in non-cash stock compensation costs due to valuation expenses for stock options issued to the directors and the Chief Executive Officer.
• One-time non-cash stock compensation costs were incurred in 2024 due to stock option valuation expenses and accelerated vesting expenses for canceled option and grant shares.

Outbound Investments

• In December 2023, Maui Land & Pineapple contributed approximately 30 acres of land in Upcountry Maui, valued at $1.6 million, to BRE2 LLC, a joint venture with Stone Properties for the development and sales of ranch lots.
• The company received net cash inflows from distributions from its investment in the BRE2 joint venture amounting to $656,000 in the first half of 2025.
• MLP is investing in an agave venture, planting blue weber agave on underutilized croplands in Upcountry Maui, with capital expended on development activities and the agave venture totaling $2.104 million in the first half of 2025.

Capital Expenditures

• Budgeted capital expenditures for 2024 included $0.9 million for land development costs, $1.3 million for maintenance and capital expenditures on operating assets, and $3.4 million for water assets and infrastructure.
• Cash expended on development activities, capital expenditures, and the agave venture amounted to $2.104 million in the first half of 2025.
• Development expenses for real estate increased substantially to $3.3 million in the first half of 2025, compared to $0.5 million a year earlier.