Here are 1-3 brief analogies for Maui Land & Pineapple (MLP):

• Like The Howard Hughes Corporation, but focused entirely on developing large-scale real estate (residential, resort, commercial, agricultural) from its vast landholdings on the island of Maui.
• Similar to Tejon Ranch, managing and developing a massive land base (23,000 acres) for diverse uses including real estate, agriculture, and utilities, but concentrated solely on Maui.

• Real Estate Development & Sales: Involves the planning, development, and sale of residential, resort, commercial, agricultural, and industrial real estate properties on Maui.
• Real Estate Brokerage Services: Provides licensed general brokerage services for properties located within the Kapalua Resort and surrounding areas.
• Property & Land Leasing: Offers leasing of commercial, agricultural, and industrial land and properties to various tenants.
• Water Utility Services: Operates water systems, including ditches, reservoirs, and wells, to provide potable and non-potable water to West and Upcountry Maui.
• Trademark & Brand Licensing: Licenses its registered trademarks and trade names to other entities.
• Conservation & Land Stewardship: Provides services related to the stewardship and conservation of its landholdings.
• Private Club Management: Manages the Kapalua Club, a private non-equity club offering members special programs and access to resort amenities.

Maui Land & Pineapple Company, Inc. serves a diverse customer base. Based on the provided description, while it does engage in commercial, agricultural, and industrial real estate leasing and sales, no specific major customer companies are named. However, the company's significant involvement in residential and resort real estate, brokerage services, and a private club points to a strong focus on individual customers. Therefore, its major customers can be categorized as:

1. Real Estate Purchasers and Sellers: Individuals interested in buying residential or resort properties in the Kapalua Resort and surrounding areas on Maui. This category also includes individuals who utilize MLP's licensed general brokerage services to sell their properties. These customers often include primary residents, second-home owners, and individual real estate investors.
2. Kapalua Club Members: Individuals who join the Kapalua Club, a private non-equity club program, to gain access to special programs, privileges, and amenities at the Kapalua Resort. These members are typically affluent individuals, residents, or frequent visitors to the resort.
3. Water Service Users: Residential customers located in the West and Upcountry Maui areas who receive potable and non-potable water services from MLP's managed ditch, reservoir, and well systems.

Race Randle was appointed CEO of Maui Land & Pineapple Company, Inc. in April 2023. He has over two decades of experience in real estate. Randle previously served as Senior Vice President of The Howard Hughes Corporation, where he was instrumental in redeveloping Ward Village in Honolulu. More recently, he was an Executive Vice President at Lendlease, where he led a $15 billion partnership with Google to transform Google's landholdings in San Jose, Sunnyvale, and Mountain View into mixed-use communities. Born and raised in Hawai'i, he also serves on the Hawai'i advisory board for Trust for Public Land.

Wade K. Kodama serves as the Chief Financial Officer, Treasurer, and Principal Accounting Officer for Maui Land & Pineapple Company, Inc.

R. Scot Sellers was appointed Chairman of the Board for Maui Land & Pineapple Company, Inc. in April 2023. He brings four decades of experience in developing homes and communities across the country. Sellers was formerly the Chairman and CEO of Archstone, a large multi-family housing company. He also serves as a director for several real estate companies, including The Howard Hughes Corporation, Inspirato, Milhaus, and The Irvine Company.

Darren Strand was appointed Director of Agricultural Operations at Maui Land & Pineapple Company, Inc., where he leads the company's new agave venture in Upcountry Maui. He is an agricultural expert with over 30 years of experience, including two decades of farming on Maui. Prior to this role, he was President of Maui Gold Pineapple Company and a Director of Hawai'i Farm Project. Strand also serves as President of the Hawai'i Farm Bureau.

Key Risks to Maui Land & Pineapple (MLP)

1. Natural Disasters and Climate-Related Events: Given Maui Land & Pineapple Company's extensive landholdings of approximately 23,000 acres on the island of Maui, Hawaii, the business is highly susceptible to natural disasters specific to the region. This includes, but is not limited to, wildfires, hurricanes, tsunamis, and other severe weather events. Such events can cause significant damage to property, infrastructure, and natural resources, disrupt operations, depress real estate values, and negatively impact the crucial tourism sector in Maui.
2. Fluctuations in the Real Estate and Tourism Markets: A substantial portion of Maui Land & Pineapple's business, including its Real Estate segment (land planning, development, and sales) and Resort Amenities segment (Kapalua Club), is directly tied to the health and stability of the Hawaiian real estate market and the tourism industry. Economic downturns, shifts in consumer spending, changes in travel trends, or over-development could lead to reduced demand for properties, lower lease rates, decreased resort participation, and overall declines in revenue.
3. Water Resource Management and Regulatory Risks: The company's Leasing segment operates ditches, reservoirs, and well systems that provide potable and non-potable water to West and Upcountry Maui areas. This exposes the company to risks associated with water availability (e.g., drought conditions), the increasing complexity and cost of water resource management, and potential changes in environmental regulations or water rights. Ensuring sustainable and compliant water operations could require significant capital investment and expose the company to regulatory and environmental liabilities.

• Accelerating impacts of climate change, including increased frequency and intensity of natural disasters such as wildfires, prolonged droughts impacting water resources, and rising sea levels affecting coastal properties. These factors pose direct, escalating physical threats to Maui Land & Pineapple's extensive landholdings, water infrastructure, and long-term real estate development potential on Maui, leading to higher operating costs, increased regulatory hurdles, and potential devaluation of assets.
• Mounting public opposition and regulatory pressures regarding over-tourism and new development in Hawaii. Growing sentiment against further large-scale real estate development and unchecked tourism growth, driven by concerns over environmental impact, infrastructure strain, and cultural preservation, could lead to stricter zoning laws, development moratoria, increased community opposition to new projects, and limitations on visitor numbers, directly impacting Maui Land & Pineapple's core business segments of real estate development and resort amenities.

Addressable Markets for Maui Land & Pineapple (MLP)

Real Estate

• The luxury residential segment (properties selling at $5 million and above) on Maui recorded nearly $897 million in total sales volume across 97 transactions between 2023 and 2025. In 2025 alone, this segment saw 32 closings with a total volume of $293.2 million.
• For the Kapalua Resort, a key area for Maui Land & Pineapple, condominium sales volume reached $64,408,000 in 2024 across 25 sales. In 2023, the volume was $52,789,000 from 22 sales, and in 2022, it was $145,775,500 from 62 sales. West Maui, which includes Kapalua, recorded 48 single-family luxury home sales with a median price of $4.5 million and 27 luxury condo sales with a median price of $2.5 million as of August 2025.

Resort Amenities

• The tourism market on Maui, which directly impacts resort amenities, saw visitors spend over $5.27 billion in 2024. In the first 11 months of 2025, total visitor spending on Maui was $5.31 billion. Tourism accounts for approximately 80% of Maui County's economy. Luxury hotels in Hawaii, generally, continue to see strong demand and rising prices.

Leasing and Water Utility Services

• The addressable market sizes for leasing commercial, agricultural, and industrial land and properties on Maui, as well as for providing potable and non-potable water to West and Upcountry Maui areas, are not readily available in public market data. These services are highly localized and often involve direct revenue streams rather than a broadly defined competitive market size.

• Growth in Leasing Segment: Maui Land & Pineapple anticipates continued increases in recurring leasing revenue. This growth is driven by focused efforts to improve occupancy across commercial, industrial, and agricultural properties, bring leases to current market rates, and secure new leases for renovated commercial spaces and dormant croplands for new agricultural uses. The company reported a 39% increase in recurring leasing revenue year-to-date in Q3 2025 compared to the prior year.
• Strategic Land Sales and Development: Future revenue growth is expected to be driven by strategic land sales, particularly those related to the Kapalua Resort and other non-strategic parcels. While recent land sales have included lower-margin relief housing projects, the company's long-term strategy focuses on higher-margin real estate development and sales of its extensive landholdings on Maui to generate significant profits.
• New Agave Agri-Business Venture: Maui Land & Pineapple is launching a new scalable agriculture-based venture focused on cultivating Agave. This initiative aims to maximize the value of underutilized croplands, create local jobs, and potentially lead to revenue upside through vertical integration with on-island distillation, regenerative agri-tourism, and expanded distribution. Over 15,000 agave plants have already been planted, indicating active development of this new revenue stream.
• Expansion of Resort Amenities: The Resort Amenities segment, specifically the Kapalua Club, is expected to contribute to revenue growth through the acceptance of new memberships and improved collection of membership dues. This segment demonstrated significant growth in 2024, with revenues increasing by 72% from the previous year.

Share Issuance

• In May 2025, stockholders approved an amendment to the 2017 Equity and Incentive Award Plan, increasing the total shares reserved for issuance by 800,000.
• Non-cash stock compensation expenses, including stock option valuation expenses and accelerated vesting for cancelled grants, totaled $6.31 million in 2024.
• Share-based compensation expense decreased to $3.1 million for the nine months ended September 30, 2025, from $4.7 million in the prior year period, with further reductions anticipated as options will no longer be used for director compensation.

Inbound Investments

• Maui Land & Pineapple expanded its revolving credit facility with First Hawaiian Bank to $25 million, secured by commercial properties in Kapalua Resort.
• A $3.0 million draw was made on the company's credit facility during the nine months ended September 30, 2024, to invest in strategic improvements to its commercial properties and land.
• In December 2023, the company entered into a joint venture, BRE2 LLC, with Stone Properties, a Maui-based developer, for land development in Hali'imaile Town.

Outbound Investments

• In the first quarter of 2025, Maui Land & Pineapple launched a new scalable agri-business venture focused on cultivating agave on underutilized croplands to diversify long-term revenue.
• The Land Development and Sales segment held an equity-method investment of $42,000 at March 31, 2025, following a $1.6 million equity-method investment at March 31, 2024.
• Through a joint venture formed in December 2023, the company received distributions of $1.0 million in 2024, $0.7 million in Q1 2025, and $0.5 million in April 2025 from land lot sales.

Capital Expenditures

• Approximately $3.4 million in cash was expended for land development activities, stabilizing leased assets, and capital expenditures across the portfolio during the nine months ended September 30, 2025.
• Cash expenditures for strategic land improvement efforts, including planning and engineering across ten projects in Upcountry and West Maui, totaled $984,000 for the nine months ended September 30, 2024.
• In 2024, land development and sales costs increased by $509,000, primarily due to direct development costs for the Honokeana Homes Relief Housing Project, which involves MLP administering $35.5 million of state-funded horizontal improvements.