Terra Maui & Pineapple Company, Inc. (MLP): Análise de Pestle [Jan-2025 Atualizado]

Terra Maui & A Pineapple Company, Inc. (MLP) está em uma encruzilhada crítica de transformação, navegando em desafios e oportunidades complexas na paisagem dinâmica do Havaí. Desde suas raízes tradicionais na agricultura de abacaxi até estratégias emergentes no setor imobiliário e na gestão sustentável da terra, a MLP representa um estudo de caso convincente da adaptação corporativa em um ecossistema ambiental e econômico em rápida evolução. Essa análise de pilões revela a intrincada rede de fatores políticos, econômicos, sociológicos, tecnológicos, legais e ambientais que estão reformulando a trajetória estratégica da empresa, oferecendo profundas informações sobre como uma empresa agrícola herdada se reinventa no século XXI.

Terra Maui & Pineapple Company, Inc. (MLP) - Análise de Pestle: Fatores Políticos

Os regulamentos de uso da terra do estado havaiano afetam estratégias agrícolas e de desenvolvimento

A Comissão de Uso da Terra do Havaí classifica a terra em quatro categorias: urbano, rural, agrícola e conservação. A partir de 2024, Aproximadamente 47% da área total de Maui permanece designada como terra agrícola.

Categoria de uso da terra	Porcentagem da terra de Maui
Terras Agrícolas	47%
Terra de conservação	34%
Terra urbana	12%
Terra rural	7%

As políticas do governo local influenciam a preservação agrícola e a gestão da terra

O Conselho do Condado de Maui implementa rígidas políticas de preservação de terras. Em 2024, as terras agrícolas estão sujeitas a requisitos mínimos de tamanho de lote de 1 acre para uso agrícola.

• Tamanho mínimo do lote agrícola: 1 acre
• Os incentivos fiscais de dedicação agrícola variam de 20 a 40% de redução do imposto sobre a propriedade
• Servidões obrigatórias de conservação para grandes parcelas de terra

Mudanças potenciais nos subsídios agrícolas afetam o planejamento operacional da empresa

Os programas de subsídios agrícolas federais e estaduais afetam diretamente o planejamento estratégico da MLP. A partir de 2024, o Havaí fornece aproximadamente US $ 12,5 milhões em fundos anuais de apoio agrícola.

Tipo de subsídio	Financiamento anual
Subsídios agrícolas estaduais	US $ 7,3 milhões
Apoio Agrícola Federal	US $ 5,2 milhões

Regulamentos complexos de propriedade da terra criam desafios estratégicos

Os regulamentos exclusivos de propriedade da terra do Havaí incluem direitos nativos havaianos e sistemas de posse da terra histórica. Aproximadamente 203.000 acres de terras domésticas havaianas existem em todo o estado, impactando possíveis estratégias de desenvolvimento da terra.

• Terras havaianas nativas: 203.000 acres em todo o estado
• Restrições para transferência de terras para propriedades agrícolas
• Avaliações de impacto cultural e ambiental obrigatórias para mudanças no uso da terra

Terra Maui & Pineapple Company, Inc. (MLP) - Análise de Pestle: Fatores econômicos

O declínio das receitas da indústria de abacaxi forçará estratégias de diversificação

As receitas da indústria de abacaxi para MLP diminuíram significativamente nas últimas décadas. A receita agrícola da empresa da produção de abacaxi caiu de US $ 24,7 milhões em 2000 para aproximadamente US $ 3,2 milhões até 2023.

Ano	Receita de abacaxi ($ m)	Declínio percentual (%)
2000	24.7	-
2010	8.5	65.6
2023	3.2	87.0

Desenvolvimento imobiliário tornando -se fluxo de receita primária para MLP

O desenvolvimento imobiliário emergiu como o principal fator econômico da MLP. O segmento imobiliário da empresa gerou US $ 42,5 milhões em receita em 2023, representando 68% da receita total da empresa.

Segmento imobiliário	2023 Receita ($ m)	Porcentagem da receita total (%)
Desenvolvimento residencial	24.3	57.2
Propriedades comerciais	12.7	29.9
Arrendamento de terras	5.5	12.9

O crescimento do setor de turismo e hospitalidade oferece oportunidades econômicas alternativas

A MLP posicionou estrategicamente suas propriedades para capitalizar o setor de turismo de Maui. Os arrendamentos de terras relacionados ao turismo geraram US $ 7,6 milhões em receita durante 2023.

Fontes de receita relacionadas ao turismo	2023 Receita ($ m)
Arrendamentos de propriedades do hotel	4.2
Direitos de desenvolvimento do resort	2.1
Arrendamentos de infraestrutura de hospitalidade	1.3

A lucratividade agrícola limitada impulsiona o reposicionamento estratégico de ativos da terra

A MLP reduziu o uso agrícola de 12.000 acres em 2000 para aproximadamente 3.500 acres em 2023, redirecionando os recursos da terra para atividades econômicas de maior valor.

Categoria de uso da terra	2000 acres	2023 acres	Mudança percentual (%)
Terras Agrícolas	12,000	3,500	-70.8
Desenvolvimento imobiliário	2,500	8,500	+240
Conservação/Outro	1,500	2,000	+33.3

Terra Maui & Pineapple Company, Inc. (MLP) - Análise de Pestle: Fatores sociais

Mudança de atitudes culturais em relação à preservação agrícola no Havaí

De acordo com os dados de uso da terra agrícola do Havaí (2023), as terras agrícolas no condado de Maui diminuíram de 35.427 acres em 2010 para 26.893 acres em 2023, representando uma redução de 24,1%.

Ano	Terras Agrícolas (Acres)	Variação percentual
2010	35,427	Linha de base
2023	26,893	-24.1%

Mudanças geracionais na força de trabalho Demographics Impacte a disponibilidade de mão -de -obra

O Departamento de Trabalho do Havaí relata que a participação da força de trabalho agrícola para idades de 25 a 44 anos caiu de 4,2% em 2015 para 2,8% em 2023.

Faixa etária	2015 Participação da força de trabalho	2023 Participação da força de trabalho
25-44	4.2%	2.8%

Expectativas da comunidade para práticas sustentáveis ​​de gestão da terra

Pesquisas comunitárias realizadas pelo Programa de Agricultura Sustentável do Condado de Maui indicam 78% de apoio a práticas agrícolas sustentáveis ​​em 2023.

Apoio à prática sustentável	Percentagem
Forte apoio	78%
Neutro	17%
Opor	5%

O interesse crescente no patrimônio e conservação agrícola local

A Autoridade de Turismo do Havaí relata um aumento de 45% nas atividades de agroturismo de 2018 a 2023, indicando crescente interesse público no patrimônio agrícola.

Ano	Atividades de agrotourismo	Aumento percentual
2018	125 atividades	Linha de base
2023	181 atividades	45%

Terra Maui & Pineapple Company, Inc. (MLP) - Análise de Pestle: Fatores tecnológicos

Tecnologias avançadas de mapeamento geoespacial

O MLP utiliza a tecnologia LIDAR com precisão de 98,7% para mapeamento de ativos terrestres. A empresa investiu US $ 1,2 milhão em infraestrutura de tecnologia geoespacial em 2023.

Tecnologia	Investimento ($)	Taxa de precisão
Mapeamento do LIDAR	1,200,000	98.7%
Imagem por satélite	750,000	95.5%

Tecnologias de Agricultura de Precisão

Tecnologias de agricultura de precisão implantadas em 2.345 acres de terras agrícolas. O mapeamento de drones reduz os custos operacionais em 22,6% ao ano.

Tecnologia	Cobertura da terra (acres)	Redução de custos
Drones agrícolas	2,345	22.6%
Sensores do solo	1,876	18.3%

Plataformas digitais para desenvolvimento imobiliário

O investimento em plataforma digital atingiu US $ 3,7 milhões em 2023. A plataforma de leasing on -line processa 127 transações mensalmente com 94,5% de taxa de satisfação do usuário.

Métrica da plataforma digital	Valor
Investimento	$3,700,000
Transações mensais	127
Satisfação do usuário	94.5%

Tecnologias sustentáveis ​​de uso da terra

Implementou tecnologias de monitoramento de carbono, cobrindo 5.672 acres. O investimento em infraestrutura de energia renovável totaliza US $ 4,5 milhões.

Tecnologia de sustentabilidade	Cobertura/investimento
Monitoramento de carbono	5.672 acres
Infraestrutura de energia renovável	$4,500,000

Terra Maui & Pineapple Company, Inc. (MLP) - Análise de Pestle: Fatores Legais

Regulamentos complexos de uso da terra na jurisdição havaiana

Remoção de classificação da Comissão de Uso da Terra do Havaí:

Classificação do uso da terra	Porcentagem da área total da terra	Restrições regulatórias
Urbano	5.3%	Diretrizes estritas de desenvolvimento
Agrícola	47.2%	Requisitos de cultivo significativos
Conservação	47.5%	Limitações extremas de desenvolvimento

Requisitos de conformidade ambiental para projetos de desenvolvimento de terras

Categorias de licença ambiental:

• Seção 404 da Lei da Água Limpa: US $ 25.000 - US $ 250.000 Custo do aplicativo
• Permissão de eliminação de alta poluente nacional (NPDES): US $ 5.000 Taxa anual de renovação
• Consulta da Lei de Espécies Ameaçadas: US $ 15.000 - Custo de Avaliação de US $ 75.000

Direitos da terra indígenas e considerações legais de conservação

Consideração legal	Órgão regulatório	Custo de conformidade
Direitos de coleta havaiana nativos	Suprema Corte do Estado do Havaí	US $ 50.000 - US $ 500.000 Potenciais despesas de mitigação
Avaliações de impacto cultural	Escritório de Assuntos Havaianos	US $ 35.000 - US $ 150.000 por projeto

Estruturas regulatórias que regem as transições agrícolas e imobiliárias

Custos de transição de zoneamento:

• Agricultural para zoneamento residencial: US $ 75.000 - US $ 250.000 Taxas de processamento
• Permissão de conversão de terras de conservação: US $ 100.000 - $ 500.000 Mitigação ambiental
• Emenda de limite do distrito de uso da terra estadual: US $ 45.000 - US $ 175.000 Processamento legal

Requisitos obrigatórios de conformidade:

Requisito regulatório	Custo anual de conformidade	Faixa de penalidade potencial
Relatórios de impacto ambiental	$25,000	$50,000 - $250,000
Certificação de sustentabilidade do uso da terra	$40,000	$75,000 - $300,000

Terra Maui & Pineapple Company, Inc. (MLP) - Análise de Pestle: Fatores Ambientais

Impactos das mudanças climáticas na sustentabilidade agrícola

De acordo com os dados climáticos de 2023 para MAUI, o aumento da temperatura média de 0,3 ° C foi registrado na última década. Os níveis de precipitação diminuíram 15% em zonas agrícolas, impactando diretamente o potencial de rendimento das culturas.

Parâmetro climático	Medição atual	Taxa de mudança
Temperatura média	24,6 ° C.	+0,3 ° C por década
Precipitação anual	635 mm	-15% em 10 anos
Frequência de seca	3.2 Eventos/ano	+1.5 eventos/década

Preservação do ecossistema nativo havaiano em propriedades terrestres

Cobertura de ecossistema nativo: 672 acres de habitat nativo protegido nas propriedades da MLP. A proteção endêmica das espécies inclui 14 espécies de plantas ameaçadas e 6 habitats críticos da vida selvagem.

Métrica do ecossistema	Dados quantitativos
Habitat nativo protegido	672 acres
Espécies de plantas ameaçadas de extinção	14 espécies
Habitats críticos da vida selvagem	6 habitats

Gerenciamento de recursos hídricos Crítico para estratégias de uso da terra

Dados de consumo de água para operações agrícolas da MLP: 2,4 milhões de galões por dia, com 65% provenientes de recursos de água subterrânea. As melhorias na eficiência da irrigação reduziram o uso de água em 22% desde 2020.

Métrica de gerenciamento de água	Valor atual	Melhoria de eficiência
Consumo diário de água	2,4 milhões de galões	-22% desde 2020
Fornecimento de águas subterrâneas	65%	Taxa de extração sustentável
Taxa de reciclagem de água	38%	Aumentando anualmente

Requisitos de conservação da biodiversidade nos processos de desenvolvimento da terra

Avaliação de impacto ambiental: 100% dos projetos de desenvolvimento da terra passam por uma triagem ecológica abrangente. Estratégias de mitigação implementadas para 7 zonas ecológicas sensíveis.

Métrica de conservação da biodiversidade	Dados quantitativos
Projetos com triagem ecológica	100%
Zonas ecológicas sensíveis	7 zonas
Orçamento de preservação de espécies nativas	US $ 1,2 milhão 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.