Maui Land & Pineapple Company, Inc. (MLP): Análisis PESTLE [Actualizado en enero de 2025]

Tierra de maui & Pineapple Company, Inc. (MLP) se encuentra en una encrucijada crítica de transformación, navegando por complejos desafíos y oportunidades en el panorama dinámico de Hawai. Desde sus raíces tradicionales en la agricultura de piña hasta estrategias emergentes en bienes raíces y gestión de tierras sostenibles, MLP representa un estudio de caso convincente de la adaptación corporativa en un ecosistema ambiental y económico en rápida evolución. Este análisis de mortero revela la intrincada red de factores políticos, económicos, sociológicos, tecnológicos, legales y ambientales que están reestructurando la trayectoria estratégica de la compañía, ofreciendo profundas ideas sobre cómo una empresa agrícola legado se reinventa en el siglo XXI.

Tierra de maui & Pineapple Company, Inc. (MLP) - Análisis de mortero: factores políticos

Las regulaciones de uso de la tierra del estado hawaiano impactan las estrategias agrícolas y de desarrollo

La comisión de uso de la tierra de Hawai clasifica la tierra en cuatro categorías: urbano, rural, agrícola y conservación. A partir de 2024, Aproximadamente el 47% del área de tierra total de Maui permanece designada como tierra agrícola.

Categoría de uso del suelo	Porcentaje de la tierra de Maui
Tierra agrícola	47%
Tierra de conservación	34%
Tierra urbana	12%
Tierra rural	7%

Las políticas del gobierno local influyen en la preservación agrícola y la gestión de la tierra

El Consejo del Condado de Maui implementa políticas estrictas de preservación de la tierra. En 2024, las tierras agrícolas están sujetas a requisitos mínimos de tamaño del lote de 1 acre para uso agrícola.

• Tamaño mínimo del lote agrícola: 1 acre
• Los incentivos fiscales de dedicación agrícola oscilan entre el 20 y el 40% de la reducción del impuesto a la propiedad
• Servidumbres de conservación obligatorias para grandes parcelas de tierras

Los cambios potenciales en los subsidios agrícolas afectan la planificación operativa de la compañía

Los programas de subsidios agrícolas federales y estatales afectan directamente la planificación estratégica de MLP. A partir de 2024, Hawaii proporciona aproximadamente $ 12.5 millones en fondos anuales de apoyo agrícola.

Tipo de subsidio	Financiación anual
Subvenciones agrícolas estatales	$ 7.3 millones
Apoyo agrícola federal	$ 5.2 millones

Las regulaciones complejas de propiedad de la tierra crean desafíos estratégicos

Las regulaciones únicas de la propiedad de la tierra de Hawai incluyen derechos nativos de Hawai y sistemas históricos de tenencia de la tierra. Existen aproximadamente 203,000 acres de tierras domésticas hawaianas en todo el estado, lo que afectan las posibles estrategias de desarrollo de la tierra.

• Tierras hawaianas nativas: 203,000 acres en todo el estado
• Restricciones de transferencia de tierras para propiedades agrícolas
• Evaluaciones obligatorias de impacto cultural y ambiental para los cambios en el uso de la tierra

Tierra de maui & Pineapple Company, Inc. (MLP) - Análisis de mortero: factores económicos

Declinación de los ingresos de la industria de la piña Estrategias de diversificación de la fuerza

Los ingresos de la industria de la piña para MLP han disminuido significativamente en las últimas décadas. Los ingresos agrícolas de la compañía de la producción de piña cayeron de $ 24.7 millones en 2000 a aproximadamente $ 3.2 millones para 2023.

Año	Ingresos de piña ($ M)	Porcentaje de disminución (%)
2000	24.7	-
2010	8.5	65.6
2023	3.2	87.0

Desarrollo inmobiliario que se convierte en un flujo de ingresos primarios para MLP

El desarrollo inmobiliario ha surgido como el principal impulsor económico para MLP. El segmento de bienes raíces de la compañía generó $ 42.5 millones en ingresos en 2023, lo que representa el 68% de los ingresos totales de la compañía.

Segmento inmobiliario	2023 Ingresos ($ M)	Porcentaje de ingresos totales (%)
Desarrollo residencial	24.3	57.2
Propiedades comerciales	12.7	29.9
Arrendamiento de tierras	5.5	12.9

El crecimiento del sector del turismo y la hospitalidad ofrece oportunidades económicas alternativas

MLP ha posicionado estratégicamente sus tierras para capitalizar el sector turístico de Maui. Los arrendamientos de tierras relacionados con el turismo generaron $ 7.6 millones en ingresos durante 2023.

Fuentes de ingresos relacionadas con el turismo	2023 Ingresos ($ M)
Arrendamientos de propiedades del hotel	4.2
Derechos de desarrollo del resort	2.1
Arrendamientos de infraestructura de hospitalidad	1.3

La rentabilidad agrícola limitada impulsa el reposicionamiento de activos de tierra estratégica

MLP ha reducido el uso de tierras agrícolas de 12,000 acres en 2000 a aproximadamente 3,500 acres en 2023, redirigiendo los recursos de la tierra hacia actividades económicas de mayor valor.

Categoría de uso del suelo	2000 acres	2023 acres	Cambio porcentual (%)
Tierra agrícola	12,000	3,500	-70.8
Desarrollo inmobiliario	2,500	8,500	+240
Conservación/otro	1,500	2,000	+33.3

Tierra de maui & Pineapple Company, Inc. (MLP) - Análisis de mortero: factores sociales

Cambiando las actitudes culturales hacia la preservación agrícola en Hawaii

Según los datos de uso de la tierra agrícola de Hawái (2023), las tierras agrícolas en el condado de Maui disminuyeron de 35,427 acres en 2010 a 26,893 acres en 2023, lo que representa una reducción del 24.1%.

Año	Tierra agrícola (acres)	Cambio porcentual
2010	35,427	Base
2023	26,893	-24.1%

Cambios generacionales en la demografía de la fuerza laboral Impactan la disponibilidad laboral

El Departamento de Trabajo de Hawái informa que la participación de la fuerza laboral agrícola para las edades de 25 a 44 años disminuyó del 4.2% en 2015 al 2.8% en 2023.

Grupo de edad	Participación de la fuerza laboral 2015	2023 Participación de la fuerza laboral
25-44	4.2%	2.8%

Expectativas de la comunidad para prácticas sostenibles de gestión de tierras

Las encuestas comunitarias realizadas por el Programa de Agricultura Sostenible del Condado de Maui indican el 78% de apoyo para prácticas agrícolas sostenibles en 2023.

Apoyo de práctica sostenible	Porcentaje
Fuerte apoyo	78%
Neutral	17%
Oponerse a	5%

Creciente interés en el patrimonio agrícola local y la conservación

La Autoridad de Turismo de Hawái informa un aumento del 45% en las actividades de agritourismo de 2018 a 2023, lo que indica un creciente interés público en el patrimonio agrícola.

Año	Actividades de agritourismo	Aumento porcentual
2018	125 actividades	Base
2023	181 actividades	45%

Tierra de maui & Pineapple Company, Inc. (MLP) - Análisis de mortero: factores tecnológicos

Tecnologías avanzadas de mapeo geoespacial

MLP utiliza tecnología LiDAR con una precisión del 98.7% para el mapeo de activos de tierra. La compañía invirtió $ 1.2 millones en infraestructura de tecnología geoespacial en 2023.

Tecnología	Inversión ($)	Tasa de precisión
Mapeo de lidar	1,200,000	98.7%
Imágenes satelitales	750,000	95.5%

Tecnologías agrícolas de precisión

Tecnologías agrícolas de precisión desplegadas en 2.345 acres de tierras agrícolas. El mapeo de drones reduce los costos operativos en un 22.6% anual.

Tecnología	Cobertura terrestre (acres)	Reducción de costos
Drones agrícolas	2,345	22.6%
Sensores de suelo	1,876	18.3%

Plataformas digitales para el desarrollo inmobiliario

La inversión en la plataforma digital alcanzó $ 3.7 millones en 2023. La plataforma de arrendamiento de tierras en línea procesa 127 transacciones mensualmente con una tasa de satisfacción del usuario del 94.5%.

Métrica de plataforma digital	Valor
Inversión	$3,700,000
Transacciones mensuales	127
Satisfacción del usuario	94.5%

Tecnologías sostenibles de uso de la tierra

Implementó tecnologías de monitoreo de carbono que cubren 5.672 acres. La inversión de infraestructura de energía renovable totaliza $ 4.5 millones.

Tecnología de sostenibilidad	Cobertura/inversión
Monitoreo de carbono	5.672 acres
Infraestructura de energía renovable	$4,500,000

Tierra de maui & Pineapple Company, Inc. (MLP) - Análisis de mortero: factores legales

Regulaciones complejas de uso de la tierra en la jurisdicción hawaiana

Desglose de clasificación de la comisión de uso de la tierra de Hawaii:

Clasificación de uso del suelo	Porcentaje de la superficie total	Restricciones regulatorias
Urbano	5.3%	Directrices de desarrollo estrictas
Agrícola	47.2%	Requisitos de cultivo significativos
Conservación	47.5%	Limitaciones de desarrollo extrema

Requisitos de cumplimiento ambiental para proyectos de desarrollo de tierras

Categorías de permisos ambientales:

• Ley de agua limpia Sección 404 Permiso: $ 25,000 - $ 250,000 Costo de solicitud
• Permiso del Sistema Nacional de Eliminación de Descarga de contaminantes (NPDES): Tarifa de renovación anual de $ 5,000
• Consulta de la Ley de especies en peligro de extinción: $ 15,000 - $ 75,000 Costo de evaluación

Derechos de la tierra indígena y consideraciones legales de conservación

Consideración legal	Cuerpo regulador	Costo de cumplimiento
Derechos nativos de reunión hawaianos	Tribunal Supremo del Estado de Hawái	$ 50,000 - $ 500,000 Posibles gastos de mitigación
Evaluaciones de impacto cultural	Oficina de asuntos hawaianos	$ 35,000 - $ 150,000 por proyecto

Marcos regulatorios que rigen las transiciones agrícolas e inmobiliarias

Costos de transición de zonificación:

• Rezonificación agrícola a residencial: $ 75,000 - $ 250,000 Tarifas de procesamiento
• Permiso de conversión de tierras de conservación: $ 100,000 - $ 500,000 Mitigación ambiental
• Enmienda estatal de límites del distrito de uso de la tierra: $ 45,000 - $ 175,000 Procesamiento legal

Requisitos de cumplimiento obligatorio:

Requisito regulatorio	Costo de cumplimiento anual	Rango de penalización potencial
Informes de impacto ambiental	$25,000	$50,000 - $250,000
Certificación de sostenibilidad del uso del suelo	$40,000	$75,000 - $300,000

Tierra de maui & Pineapple Company, Inc. (MLP) - Análisis de mortero: factores ambientales

Impactos en el cambio climático en la sostenibilidad agrícola

Según los datos climáticos 2023 para MAUI, se han registrado aumentos de temperatura promedio de 0.3 ° C durante la última década. Los niveles de precipitación han disminuido en un 15% en las zonas agrícolas, impactando directamente el potencial de rendimiento de los cultivos.

Parámetro climático	Medición actual	Tasa de cambio
Temperatura promedio	24.6 ° C	+0.3 ° C por década
Lluvia anual	635 mm	-15% durante 10 años
Frecuencia de sequía	3.2 Eventos/Año	+1.5 eventos/década

Preservación del ecosistema hawaiano nativo dentro de las propiedades de la tierra

Cobertura del ecosistema nativo: 672 acres de hábitat nativo protegido dentro de las tenencias de tierras MLP. La protección de especies endémicas incluye 14 especies de plantas en peligro de extinción y 6 hábitats críticos de vida silvestre.

Métrico del ecosistema	Datos cuantitativos
Hábitat nativo protegido	672 acres
Especies de plantas en peligro de extinción	14 especies
Hábitats críticos de vida silvestre	6 hábitats

Gestión de recursos hídricos críticos para estrategias de uso de la tierra

Datos de consumo de agua para operaciones agrícolas de MLP: 2.4 millones de galones por día, con un 65% de recursos de agua subterránea. Las mejoras de eficiencia de riego han reducido el uso del agua en un 22% desde 2020.

Métrica de gestión del agua	Valor actual	Mejora de la eficiencia
Consumo diario de agua	2.4 millones de galones	-22% desde 2020
Abastecimiento de agua subterránea	65%	Tasa de extracción sostenible
Tasa de reciclaje de agua	38%	Aumentando anualmente

Requisitos de conservación de la biodiversidad en procesos de desarrollo de la tierra

Evaluación del impacto ambiental: El 100% de los proyectos de desarrollo de tierras se someten a una detección ecológica integral. Estrategias de mitigación implementadas para 7 zonas ecológicas sensibles.

Métrica de conservación de la biodiversidad	Datos cuantitativos
Proyectos con detección ecológica	100%
Zonas ecológicas sensibles	7 zonas
Presupuesto de preservación de especies nativas	$ 1.2 millones anualmente

Maui Land & Pineapple Company, Inc. (MLP) - PESTLE Analysis: Social factors

You are operating Maui Land & Pineapple Company, Inc. (MLP) in an environment where social license to operate (SLO) is now as critical as your balance sheet. The island's social fabric is stressed, and the community is actively pushing back on the traditional tourism-first model. Your strategy must reflect a genuine shift toward local needs, especially housing and food security, or face significant operational headwinds.

Strong community push for local housing over transient visitor accommodations.

The social pressure on Maui to prioritize local housing over transient visitor accommodations (TVRs) is immense and has only intensified following the 2023 wildfires. MLP has a unique opportunity to align with this sentiment, which is defintely a smart move for long-term goodwill. For instance, the company is leasing 50 acres of vacant land in Honokeana, West Maui, to the State of Hawaii at no cost for five years to build approximately 200 temporary homes for displaced residents.

This community-first action directly addresses the crisis, where the pre-wildfire housing shortage already required the production of about 10,404 units between 2019 and 2025 to meet the workforce need, a number that jumped after the loss of 2,200 properties in the disaster. Your land assets are now seen by the community as a key part of the solution, not just a development opportunity.

Maui County is phasing out short-term rentals (STRs) in West Maui by 2028.

The most significant near-term social and regulatory risk is the Maui County Council's push to phase out apartment-zoned short-term rentals (STRs), primarily through Bill 9 (2025). This policy is a direct response to the housing crisis and community demand for more long-term residential supply. The phase-out for West Maui is set to begin on July 1, 2028, affecting units that were previously legally grandfathered.

This action is expected to convert up to 6,127 units island-wide into long-term rentals, according to the University of Hawai'i Economic Research Organization (UHERO). The Mayor's initial proposal specifically aimed to return approximately 2,200 STRs in West Maui to the local housing market. While the phase-out does not directly impact MLP's hotel-zoned properties within Kapalua Resort, it drastically alters the competitive landscape for visitor accommodations and shifts the economic focus toward residential development.

Here's the quick math on the social impact:

Metric	Value (2025 Context)	Source/Impact
Estimated Total STRs Affected (Island-wide)	~7,000 units	Apartment-zoned units targeted by Bill 9.
West Maui STRs Targeted for Phase-out	~2,200 units	Mayor's estimate for West Maui's long-term conversion.
Phase-out Start Date (West Maui)	July 1, 2028	Deadline for apartment-zoned STRs in West Maui.
Projected Long-Term Housing Increase (Island-wide)	Up to 6,127 units	UHERO projection for conversion of affected units.

Persistent workforce shortage hinders the island's construction and service sectors.

The workforce shortage remains a critical constraint on Maui's economy, especially in the construction and service sectors-the very sectors MLP relies on for its development and Kapalua Resort operations. The housing crisis is the main driver here. If your workers can't afford to live on Maui, they simply won't be there to build your projects or service your resort guests.

Maui County's economic recovery is still trailing the rest of the state, with weekly unemployment claims in 2024 averaging 204, which is 42% higher than the 2019 level of 144. Even though construction activity is picking up-residential units authorized in Maui County were up 23.9% in the first quarter of 2025-the labor pool is shallow. This labor constraint means higher wages, longer project timelines, and increased risk for your planned developments.

Actions that boost the local housing supply, like the temporary homes initiative, are key to workforce retention. It's a simple equation: more local housing equals more available workers.

MLP supports local food production by leasing 1,000+ acres to Ka Ike Ranch.

In a move that significantly strengthens your social standing, MLP is actively supporting local food security, which is a major community value. In February 2025, MLP leased over 1,000 acres of land in West Maui, above Kapalua Airport, to Ka Ike Ranch.

This is a direct, tangible commitment to reactivating agricultural lands and strengthening local food sustainability (agri-business). The ranching operations, which started with 62 head of cattle, also contribute to wildfire prevention by mitigating fire fuel through grazing. This initiative provides a clear social benefit that mitigates the perception of MLP as purely a real estate developer, creating new agricultural jobs and reconnecting local families to the land.

• Leased over 1,000 acres to Ka Ike Ranch in February 2025.
• Initial operations began with 62 head of cattle.
• Supports local food sustainability and fire risk mitigation.

Maui Land & Pineapple Company, Inc. (MLP) - PESTLE Analysis: Technological factors

MLP launched a new agri-business to cultivate Agave, a drought-tolerant crop.

You see the immediate need for technological adaptation when you look at agriculture in a drought-prone region like Maui. MLP is smart to pivot from water-intensive crops, and they've launched a new scalable agri-business to cultivate Agave, a drought-tolerant crop, which is a major technological shift in land use. This move directly addresses the water scarcity risk that has plagued traditional farming on the island. The Agave plant uses a specialized form of photosynthesis (Crassulacean Acid Metabolism, or CAM) that conserves water, so it's a defintely a low-maintenance, high-impact choice for their underutilized croplands.

As of late 2025, the initial planting phase is well underway to test the model on a smaller scale. Here's the quick math on the initial rollout:

• Planted 15,000 blue weber agave plants
• Utilizing 25 acres of marginal cropland
• Long-term plan targets 120 acres of planting

This initiative, announced in May 2025, is a key part of MLP's strategy to diversify income beyond real estate and leasing, which saw a 39% year-to-date increase in leasing revenue through Q3 2025.

Focus on regenerative agri-tourism and on-island distillation for vertical integration.

The technological play isn't just about what they plant, but what they do with it-that's where the vertical integration comes in. MLP is leveraging the Agave crop to enable revenue upside potential from on-island distillation, regenerative agri-tourism, and value-added product creation. This model uses technology and process innovation to capture more of the value chain, turning a raw agricultural product into a higher-margin consumer good like agave syrup and a distilled spirit (tequila). This requires investing in specialized processing and distillation equipment, which is a significant capital expenditure risk but offers a massive return opportunity.

The regenerative agri-tourism component, in particular, uses technology for marketing and booking platforms to connect visitors directly to the land, turning the farm into a destination. This is a smart way to monetize their landholdings beyond just crop yield. MLP's CEO Race Randle sees this as a long-term growth opportunity that reconnects the company with its agricultural roots.

Legislative efforts in 2025 to use AI for wildfire and extreme weather mitigation.

The catastrophic Lahaina wildfires in 2023 changed the game for all large landowners in Hawaii, making technological preparedness a legislative priority in 2025. This isn't just a political trend; it's a critical operational risk for MLP's vast landholdings. U.S. Senators introduced the TAME Extreme Weather and Wildfires Act in April 2025, which would mandate the exploration and use of Artificial Intelligence (AI) by federal agencies to improve forecasts and inform resource deployment.

For MLP, this means the regulatory environment is pushing for the adoption of sophisticated monitoring technology. Hawaiian Electric's 2025-2027 Wildfire Safety Strategy, for example, highlights the use of AI cameras and weather stations to mitigate risk. This external pressure creates a technology adoption requirement for MLP to protect its assets and reduce liability. The cost of not adopting these systems is high, especially considering the $12 billion in damages from the Maui wildfires.

The table below shows the clear technological imperative driven by the legislative and environmental context:

Technological Mitigation Tool	Purpose in 2025 Context	Impact on MLP
AI Cameras/Weather Stations	Real-time fire detection and weather forecasting	Required for proactive land management and liability reduction.
TAME Act (AI Mandate)	Strengthened federal/public analytic capacity	Opportunity to partner with government on data sharing and early warning systems.
Drought-Tolerant Agave	Reduces fuel load on underutilized croplands	Operationalizing fire risk reduction through agricultural technology.

Use of technology for water transmission systems, including the Pi'iholo Well.

Water infrastructure is a massive technological and regulatory challenge for MLP. The company owns critical water assets, including the Pi'iholo Well in Upcountry Maui, which has an estimated capacity of over 1 million gallons per day. The technology here is less about new software and more about modernizing century-old physical infrastructure (transmission systems, pumps, storage) to ensure compliance and efficiency.

The pressure to upgrade is intense. In October 2025, the Commission on Water Resource Management (CWRM) issued a notice of alleged violations against MLP for failing to install necessary infrastructure in the Honokōhau Ditch System, specifically a remotely operable valve. This valve is a key piece of water transmission technology that allows for precise, remote control of water flow, ensuring that at least 8.6 million gallons per day (or 13.3 cubic feet per second) remains in the Honokōhau Stream.

MLP is responding to this pressure, stating in October 2025 that they expect to install a remotely monitored and operated diversion in Honokōhau Stream. This is a crucial technological investment that shifts water management from manual, reactive control to automated, precise, and compliant operation. The company is also undergoing a strategic review in late 2025 to evaluate the potential sale or lease of these water assets, which would transfer the technological burden of maintenance and modernization to a new owner or operator.

Maui Land & Pineapple Company, Inc. (MLP) - PESTLE Analysis: Legal factors

You are facing a critical convergence of legal and regulatory changes right now, and they are not minor. The most immediate risks for Maui Land & Pineapple Company, Inc. (MLP) stem from the new short-term rental laws, plus the escalating, high-stakes litigation over water rights that directly impacts your core land and water assets.

New county law (Act 17, SLH 2024) allows the phase-out of West Maui STRs.

The State Legislature's passage of Act 17, SLH 2024, significantly clarified the counties' power to regulate transient accommodations (STRs). This directly enabled the Maui County Council to move forward with a proposal to phase out short-term rentals in apartment-zoned districts, specifically those on the so-called Minatoya List. The proposed sunset date for these STRs in West Maui is July 1, 2025. This is a major regulatory shift.

MLP's resort operations and land leasing are exposed to this change. If the properties you manage or lease out in apartment-zoned areas lose their ability to operate as STRs, it will force a sudden conversion to long-term residential use, which will defintely impact revenue streams and property valuations in the near term. This is a clear legal risk that will change the economics of West Maui real estate overnight.

Intense, ongoing legal disputes over water rights and allocation in West Maui.

The legal battles over water rights are intense and ongoing, posing a significant operational and financial threat. MLP is currently embroiled in a lawsuit filed in August 2025 by neighbors and TY Management Corp. (owner of the Kapalua Golf Courses), alleging negligence in maintaining the Honokōhau Ditch System. MLP, in turn, filed a countersuit in September 2025, alleging that TY Management misused water.

Here's the quick math on the legal exposure MLP faces from the state regulator:

• The Hawai'i Commission on Water Resource Management issued a notice of alleged violations in October 2025.
• The notice cites MLP's consistent non-compliance with a 2019 order to install infrastructure, specifically a remotely operable valve, on the Honokōhau Ditch System.
• MLP faces potential civil fines of up to $5,000 per day for non-compliance.

This is a dual threat: private litigation alleging negligence, plus a regulatory enforcement action that carries a substantial daily fine risk. The company's credibility as a water steward is under fire, which complicates all future land use and development projects.

MLP is strategically evaluating its water assets for potential sale or lease.

In response to the complexity and high cost of maintaining and litigating water assets, MLP announced in September 2025 that a comprehensive strategic review is underway to evaluate the potential sale or lease of its water source and infrastructure assets. This initiative began in early 2025 and is being overseen by a board subcommittee.

This is a strategic move to de-risk the balance sheet and monetize a complex asset, but it is happening under the cloud of intense litigation. The assets are substantial, including the Pi'iholo Well in Upcountry Maui, which has a capacity exceeding 1 million gallons per day, and the West Maui assets that supply Lahaina's drinking water.

The ultimate valuation of these assets will be directly tied to the outcome of the ongoing water rights disputes and the state's regulatory requirements for their operation.

Legal/Financial Factor (2025 Fiscal Year)	Impact and Status	Key Financial Value/Date
West Maui STR Phase-Out Law	Regulatory risk to leasing/resort revenue in apartment-zoned districts.	Sunset Date: July 1, 2025 (West Maui)
Water Rights Litigation (CWRM)	Operational and financial risk from state regulatory enforcement.	Potential Fine: Up to $5,000 per day of non-compliance.
Q3 2025 GAAP Net Loss	Widened loss primarily due to a one-time, non-cash expense.	GAAP Net Loss (9 months): ($9.4 million)
Pension Termination Expense	Major driver of the Q3 2025 net loss.	Total Expense: $6.9 million (of which $6.6 million was non-cash)

GAAP Net Loss of ($9.4 million) in Q3 2025 was driven by a $6.9 million pension expense.

While not a direct legal dispute, a significant financial event in Q3 2025 was directly tied to a legal/fiduciary action: the termination of the qualified pension plan. MLP reported a GAAP net loss of ($9.4 million) for the nine months ended September 30, 2025. The majority of this loss was driven by a $6.9 million pension termination expense.

Here's the breakdown:

• The expense was primarily non-cash, totaling $6.6 million.
• This finalized the termination of the qualified pension plan on September 30, 2025.
• The remaining Supplemental Executive Retirement Plan (SERP) liability is estimated at $1.6 million, which is expected to be settled by Q4 2026.

This pension termination cleans up a long-standing liability, which is a positive legal and financial cleanup, but the immediate accounting hit is substantial. It is a necessary step to simplify the balance sheet, but it masks the operational improvements seen in the same period, where operating revenue rose 83.1% to $14.9 million for the nine months ended September 30, 2025. You have to look past the one-time charge to see the underlying business progress.

Next step: Operations should draft a detailed contingency plan for the West Maui STR properties by December 15, mapping out conversion costs and expected long-term rental revenue to quantify the full impact of the new law.

Maui Land & Pineapple Company, Inc. (MLP) - PESTLE Analysis: Environmental factors

Here's the quick math: MLP's operational revenue growth is strong-up 83.1% year-to-date-but the legal and political environment is defintely tightening around land use and water. The phase-out of short-term rentals and the water rights battles are the biggest near-term risks to their Kapalua development plans. Finance: track the Maui County STR phase-out ordinance's impact on Kapalua condo values by Friday.

Severe drought conditions on Maui led to the Kapalua PGA event cancellation.

The most immediate and public environmental impact on MLP's resort segment is the water crisis. Persistent drought conditions forced the PGA Tour to cancel the 2026 Sentry season opener at the Kapalua Plantation Course, an event that has run since 1999. The course was deemed 'significantly compromised' by water limitations in late 2025, after the Maui County Department of Water Supply declared a Stage 3 water shortage. This cancellation is a major blow to the regional economy, as the Kapalua Resort estimates the Sentry tournament generates nearly $50 million for Maui each year. The real issue is the water delivery system, not just the drought.

MLP is currently embroiled in litigation over this. The Kapalua Resort owner and homeowners filed a lawsuit claiming MLP failed to maintain the century-old, 11-mile Honokōhau ditch system, which is crucial for water delivery. MLP has filed a countersuit, asserting the shortages are due to naturally low stream flows and that they are following state guidelines to prioritize water for public and conservation needs over commercial irrigation. It's a tough spot: prioritize community water or commercial tourism.

MLP is the steward of the Pu'u Kukui Watershed, Hawai'i's largest private nature preserve.

MLP's environmental responsibility is significant, as they are the steward of the Pu'u Kukui Watershed Preserve, which spans over 8,600 acres and is the largest private nature preserve in Hawai'i. This preserve is the primary source of fresh water for West Maui, recharging the aquifer that supplies residents and businesses. MLP manages this land under the Natural Area Partnership Program (NAPP), a long-term commitment.

The financial commitment to this stewardship is substantial and planned for the long haul. The management plan for Fiscal Years 2024-2030 was approved, dedicating a total of $3.12 million to protection efforts, with the State of Hawai'i providing $2,080,000 in matching funds and MLP contributing $1,040,000. This conservation work directly supports the water security that is now under threat from climate change and infrastructure issues.

Historical land use and fallow agricultural land increase wildfire vulnerability.

The legacy of large-scale plantation agriculture (sugarcane and pineapple) has created a dangerous fire vulnerability on Maui. Since the decline of these irrigated crops, the land has gone fallow, allowing highly flammable nonnative grasses to spread. This change in land use has been linked to a significant increase in annual burned area; for instance, 65% of former pineapple fields that are now unmanaged contribute to this elevated risk. MLP, as a major landowner, is actively working to mitigate this fuel load.

The company is addressing this risk through two specific, actionable strategies:

• Leasing for Grazing: MLP leased over 1,000 acres in West Maui to the Ka Ike Cattle Ranch in 2025, a common-sense approach where cattle grazing reduces the volume of invasive, fire-prone grasses.
• Drought-Tolerant Agriculture: The company launched a new agri-business venture in 2025, planting 15,000 blue weber agave plants on 25 acres of underutilized Upcountry croplands. Agave is a drought-tolerant crop that provides a fire-resistant cover, effectively creating a natural fuel break.

Leasing land for ranching helps mitigate fire risk by reducing invasive grasses.

The strategic leasing of land for ranching is a critical fire-mitigation tactic, turning a liability (unmanaged, fire-prone land) into a recurring revenue stream. The 1,000+ acre Ka Ike Cattle Ranch lease is a concrete example of this strategy in action in West Maui, a region highly susceptible to wildfires. This is a low-cost, high-impact way to manage fuel load. MLP is also a key collaborator in the Western Maui Community Wildfire Protection Plan (CWPP), working with the Maui Fire Department and other agencies to develop a proactive, coordinated approach to fire resilience.

Environmental Risk/Opportunity	2025 Impact/Metric	MLP Action/Mitigation
Drought/Water Scarcity (Stage 3)	Cancellation of 2026 Sentry PGA event (estimated $50 million annual economic loss for Maui).	Prioritizing water for public/conservation; countersuit in water rights litigation; exploring sale/lease of ditch assets.
Wildfire Vulnerability (Fallow Land)	65% of former pineapple land is now unmanaged, increasing fuel load of nonnative grasses.	Leasing 1,000+ acres to Ka Ike Cattle Ranch for grazing; planting 15,000 agave plants on 25 acres as fire-resistant cover.
Watershed Stewardship	MLP manages the 8,600+ acre Pu'u Kukui Watershed, the primary water source for West Maui.	Secured $3.12 million in funding (FY 2024-2030) for conservation through the Natural Area Partnership Program.