Maui Land & Pineapple Company (NYSE:MLP) reported its financial and operational results for the fiscal year ended December 31, 2025, on Wednesday, April 1, 2026.
The results demonstrate a period of significant operational momentum as the company executes its strategy to monetize non-core assets and diversify its agricultural holdings.
Operating revenues for the year surged approximately 68%, fueled by a combination of strategic land sales and a revitalized leasing program.
Since 2024, the company has successfully executed 42 new leases, significantly increasing the utilization of its commercial and industrial portfolio.
Furthermore, MLP completed the sale of six non-strategic parcels, generating $2.435 million in proceeds.
This top-line growth translated into a substantial 146% increase in adjusted EBITDA, which reached $1.8 million for the fiscal year.
However, on a GAAP basis, the company’s net loss widened to $10.6 million.
Management noted that this loss was primarily driven by the accounting recognition of legacy pension obligations rather than underlying operational weakness.
A key highlight of the year was the continued progress in de-risking the company’s balance sheet.
MLP funded $6.6 million in pension annuitization during 2025, a move designed to permanently reduce long-term liabilities.
The company expects to fund the remaining $1.6 million of this program by the fourth quarter of 2026.
Beyond real estate and finance, Maui Land & Pineapple is making strides in its agricultural pivot.
The company has now planted approximately 38 acres of agave, a drought-tolerant crop that aligns with its long-term land management goals and potential expansion into the high-growth spirits and fiber markets.