Maui Land & Pineapple Company, Inc. (MLP): Marketing Mix Analysis [Dec-2025 Updated]

You're looking at a land-rich holding company, Maui Land & Pineapple Company, Inc., making a definitive pivot away from its past, and honestly, the numbers for late 2025 show it's working; operating revenues for the nine months surged to $14.9 million, reflecting an impressive turnaround highlighted by an 83.1% operating revenue increase. This shift-from traditional assets to focused land development, leasing, and a new agave venture-redefines their entire Product and Price strategy, all while their Place remains anchored by over 22,000 acres on Maui. Dive in below to see the full 4P breakdown and what this strategic repositioning means for your analysis.

Maui Land & Pineapple Company, Inc. (MLP) - Marketing Mix: Product

The product offering from Maui Land & Pineapple Company, Inc. (MLP) is fundamentally rooted in its extensive landholdings, which are segmented into distinct revenue-generating and strategic asset categories. As of late 2025, the company manages over 22,000 acres of land and approximately 247,000 square feet of commercial real estate across Maui. The product portfolio is best understood by examining these core operational segments.

Land Development & Sales

This segment involves land planning, entitlement, development, and sales activities. A significant, non-profit-generating product offering in this area is the Honokeana Homes Relief Housing Project. MLP agreed to lease 50 acres of vacant land to the State of Hawai'i for five years at no cost to build temporary homes for wildfire displaced residents. The State is financing approximately $35.5 million for the necessary horizontal improvements, which MLP administers at cost, agreeing to no direct profit from this effort. For the nine months ended September 30, 2025, the Land Development and Sales segment's net operating income improved by 203.9%, moving to $0.5 million from a loss of ($0.5 million) in the prior year period. This improvement was supported by the sale of three land parcels through the third quarter of 2025.

Leasing of Properties

Leasing operations form the core revenue driver for Maui Land & Pineapple Company, Inc. This includes residential, resort, commercial, agricultural, and industrial land and property leases. The focus has been on improving occupancy and bringing leases to market rates. For the nine months ended September 30, 2025, recurring leasing revenue grew 39% year-to-date compared to the same period in 2024, and 59% compared to 2023. The leasing segment's net operating income for the nine months reached $4.5 million, marking a 21.5% increase, or $0.8 million, over the $3.7 million recorded in the first nine months of 2024. As of September 30, 2025, commercial real estate occupancy stood at 91% across the 247,000 square feet portfolio.

• Commercial Real Estate Occupancy (as of 9/30/2025): 91%
• Leasing Net Operating Income (9M 2025): $4.5 million
• Leasing Revenue (Q3 2025): $3.5 million

Resort Amenities Segment

The Resort Amenities segment primarily centers on the Kapalua Resort operations, including a membership program offering specific benefits to its members. While leasing is the primary revenue source, this segment contributes incrementally. For the third quarter of 2025, revenue from resort amenities and other sources totaled $0.2 million. For the nine months ended September 30, 2024, this revenue stream amounted to $805,000, driven by new Kapalua Club memberships and dues updates.

New Agave Venture

To diversify long-term revenue and maximize the use of former pineapple lands, Maui Land & Pineapple Company, Inc. launched a new agriculture venture cultivating blue weber agave. This drought-tolerant crop is being planted on underutilized croplands. The initial phase includes planting 15,000 blue weber agave plants on 25 acres within a larger 120-acre planting zone in Upcountry Maui. The company's last commercial pineapple harvest occurred in 2009. The venture is overseen by Darren Strand, Director of Agricultural Operations.

Water Source and Transmission Assets

The company's critical water source and transmission assets are currently under a comprehensive strategic review initiated in early 2025 to identify options for a potential sale or lease. These assets are vital infrastructure on Maui. Key components include the Pi'iholo Well in Upcountry Maui, which has an estimated capacity exceeding 1 million gallons per day. Additionally, West Maui assets comprise groundwater wells and a surface water system that serves a large portion of Lahaina's drinking water needs, along with irrigation for Kapalua.

Finance: draft 13-week cash view by Friday.

Maui Land & Pineapple Company, Inc. (MLP) - Marketing Mix: Place

You're looking at how Maui Land & Pineapple Company, Inc. (MLP) positions its substantial physical assets to generate revenue, which is the core of its 'Place' strategy. This isn't about stocking shelves; it's about managing and distributing access to prime Maui real estate.

The foundation of MLP's distribution network is its ownership base. As of late 2025, the company stewards over 22,000 acres of land across the island of Maui. This vast physical footprint dictates where their leasing and development activities can occur. Furthermore, the company actively manages approximately 247,000 square feet of commercial real estate, which serves as a key distribution point for commercial and industrial tenants.

The geographic concentration of MLP's operational focus is definitely clear: West Maui, anchored by the world-renowned Kapalua Resort, and Upcountry Maui. This dual focus allows for distinct revenue streams from luxury resort-adjacent properties and agricultural/rural land use. The leasing segment, which is the primary revenue driver, saw its recurring leasing revenue increase by 39% year-to-date in 2025 compared to the same period in 2024. The leasing segment's net operating income (NOI) improved by 21.5%, an increase of $0.8 million for the nine months ended September 30, 2025, over the prior year.

The distribution of this leasing revenue is increasingly diversified across new tenants in both key areas. For instance, the Kapalua area welcomed new commercial and industrial tenants, while Upcountry saw the onboarding of significant land leases. Here's a quick look at some of the new tenants helping to distribute that revenue stream:

• Maui Pineapple Store and Malia Coffee Company in Hali'imaile.
• Maui Sunriders Bike Shop and Big Wave Shave Ice in Kapalua.
• The 1,000+ acre Ka Ike Cattle Ranch in West Maui.

To further enhance asset utilization and generate incremental liquidity, Maui Land & Pineapple Company, Inc. is strategically marketing non-strategic land parcels. Following the sale of three land parcels through the third quarter of 2025, the company currently has five additional parcels publicly marketed for sale. This action is part of a broader strategy to fund ongoing development and new ventures, such as the agave farming initiative in Upcountry, which involves planting 15,000 blue weber agave plants on 25 acres.

You can see the scale of their physical assets below, which underpins all their distribution and leasing efforts:

Maui Land & Pineapple Company, Inc. (MLP) - Marketing Mix: Promotion

Promotion activities for Maui Land & Pineapple Company, Inc. (MLP) in late 2025 centered on communicating strategic pivots, financial recovery, and community commitment through executive messaging and specific operational announcements.

CEO-led communication focusing on thoughtful stewardship and community resilience.

CEO Race Randle communicated the company's mission to thoughtfully maximize the productive use of its assets to meet the critical needs of current and future generations. This stewardship narrative was reinforced by the company's role in supporting community recovery, including providing land for emergency housing post-2023 Maui wildfires.

Purposeful placemaking to attract new commercial and land lease tenants.

MLP focused on enhancing recurring revenue through improved occupancy and targeted placemaking efforts. The company welcomed several new tenants across its commercial, industrial, and land lease portfolio in both Upcountry and West Maui. These additions included the new Maui Pineapple Store and Malia Coffee Company in Hali'imaile, Maui Sunriders Bike Shop and Big Wave Shave Ice in Kapalua, and the 1,000+ acre Ka Ike Cattle Ranch in West Maui. During the twelve-month period ending June 30, 2025, MLP successfully executed 17 new leases.

The leasing segment showed strong performance metrics year-to-date September 30, 2025:

Public announcement of the new agave venture, emphasizing sustainability and job creation.

The launch of a new agriculture-based business venture focused on cultivating Agave was a key promotional point, announced following the first quarter of 2025 results. This initiative is positioned to enhance underutilized croplands, boost environmental and economic sustainability, and create local jobs. The company's last pineapple harvest was in 2009. As of the third quarter of 2025, MLP had planted 15,000 blue weber agave plants on 25 acres of land in Upcountry, Maui, and hired Darren Strand as the Director of Agricultural Operations for the project.

Strategic evaluation and marketing of water assets to increase water security across the island.

Maui Land & Pineapple Company, Inc. announced in September 2025 that a comprehensive strategic review was underway to identify options for the potential sale or lease of its water source and infrastructure assets, a review that began in early 2025. MLP owns critical water-related assets, including the Pi'iholo Well in Upcountry Maui, with a capacity exceeding 1 million gallons per day. The stated goal of this evaluation is to increase water security across the island amid severe drought conditions. Concurrently, water and conservation costs increased 77% to $1.3 million for the six months ended June 30, 2025.

Press releases highlighting financial turnaround, like the 83.1% operating revenue increase.

Promotional messaging heavily featured the significant year-over-year financial improvements seen in 2025. The nine-month period ended September 30, 2025, showed operating revenues of $14.9 million compared to $8.2 million in the prior year, representing an 83.1% increase. This turnaround was also communicated through the 48.4% improvement in Operating Profit/Loss, moving to a loss of $(2.8) million from $(5.5) million year-over-year for the nine-month period. Adjusted EBITDA for the nine months ended September 30, 2025, was $1.6 million, an improvement from $(0.1) million in 2024.

Here's the quick math on the revenue growth for the nine months ended September 30, 2025:

• Nine-month operating revenues: $14.9 million
• Prior nine-month operating revenues: $8.2 million
• Increase attributed to cost reimbursements from the Relief Housing Project: $3,376,000

Maui Land & Pineapple Company, Inc. (MLP) - Marketing Mix: Price

You're looking at how Maui Land & Pineapple Company, Inc. (MLP) is setting prices across its core segments as of late 2025, which really boils down to the rates they command for leasing and the value they realize from asset sales. The overall top-line performance reflects this pricing power; Nine-month 2025 Operating Revenues reached $14.9 million, a significant jump up from $8.2 million reported for the same nine months in 2024. That's an 83.1% increase in revenue generation year-over-year for the period ending September 30, 2025.

The recurring leasing revenue stream is clearly benefiting from successful rate adjustments and higher occupancy, which is a direct indicator of competitive pricing aligning with perceived value. Recurring leasing revenue increased 39% year-to-date 2025 compared to the same period in 2024. This success came from focused efforts to update leases to market rates and reposition commercial properties. Here are some of the new tenants reflecting this successful pricing environment:

• New commercial, industrial, and land lease tenants signed between late 2024 and September 30, 2025, totaled approximately 30 leases.
• New commercial tenants include the Maui Pineapple Store and Malia Coffee Company in Hali'imaile, and Maui Sunriders Bike Shop and Big Wave Shave Ice in Kapalua.
• A significant land lease was executed with the 1,000+ acre Ka Ike Cattle Ranch in West Maui.

The operational improvements driven by these pricing and occupancy gains are clear when you look at the profitability metrics. We achieved positive Adjusted EBITDA of $1.6 million for the nine months ended September 30, 2025, a meaningful improvement from the $(0.1) million recorded in the prior year period. To be fair, the overall net loss for the nine months widened to ($9.4 million), but that's largely due to a $6.9 million non-cash pension settlement expense.

Here's a quick look at how the core segments are performing financially for the nine months ended September 30, 2025, which shows the pricing strategy is working in the real estate operations:

The land development and sales segment's pricing strategy is focused on realizing liquidity from non-strategic assets. This approach is directly reflected in the Land development and sales Net Operating Income, which improved 203.9% to $0.5 million year-to-date 2025, compared to ($0.5) million for the nine months ended September 30, 2024. This margin improvement is explicitly due to the sale of three parcel sales in the current year versus only one parcel sale in the same nine-month period last year. Management anticipates near-term land sales from these non-strategic parcels to fund development, which is a clear pricing mechanism for generating incremental liquidity when needed.

Furthermore, the company is actively managing its cost structure, which impacts the effective price of its services indirectly. Combined General and administrative and Share-based compensation expenses decreased by 16.0% to $6.7 million for the nine months ended September 30, 2025, down from $8.0 million in the prior year period, partly due to a $1.6 million reduction in share-based compensation. They expect further reduction in share-based compensation expenses going forward.

Finance: draft 13-week cash view by Friday.