Maui Land & Pineapple Company, Inc. ($MLP)

Welcome to the 2026 Annual Stockholder Presentation for Maui Land & Pineapple Company. My name is Race Randle, Chief Executive Officer. On behalf of our Board and team, thank you for being here today. Before we begin, please note that this presentation may include forward-looking statements within the meaning of federal securities laws intended to qualify for the safe harbor established by the Private Securities Litigation Reform Act of 1995. Statements other than historical facts are forward-looking and include our current and long-term strategic objectives. Actual results may differ materially due to risks and uncertainties. I refer you to our most recent filings with the SEC which identify factors that could cause results to differ from those in our forward-looking statements. Please submit questions during the meeting using the chat function in the virtual platform. We will address as many as we can at the end of the presentation. Our mission remains constant to thoughtfully maximize the productivity of our vast portfolio of assets, creating value and improving the quality of life for current and future generations. Over the past year, we have made significant progress in activating our land and commercial assets with a focus to create a sense of place and support thriving communities in both upcountry and West Maui. Executing on this vision requires the right people, and we have invested intentionally in building that team. After 3 years as CEO, the thing I'm most proud of is the team and culture we've built. We have worked deliberately to build a local team of experts who understand this land, this community, and this opportunity. Today, MLP is led by a team with deep roots on Maui and proven experience across land development, agriculture, commercial real estate, water systems and community planning. The team is guided by an engaged and diverse Board of Directors who provide global perspectives balanced with local knowledge and values. Together, our Board and management team share a common goal to thoughtfully activate our assets to maximize one of the most compelling opportunities in Hawaii. Now that we have the team in place to execute, this is a pivotal moment for Maui Land & Pineapple Company. The foundation has been set. Our commercial portfolio is stabilizing with strong tenants and growing occupancy, and we will continue to build on that recurring revenue base. We are actively leasing agricultural land to ensure productive use across our holdings, generating food and water security for Maui while meaningfully reducing wildfire risk. We continue the master plan and bring to market nonstrategic parcels, monetizing assets that are not central to our long-term vision and reinvesting those proceeds where they create the most value. Looking ahead, our focus sharpens. We will advance our agribusiness ventures, including our Blue Weber agave farm and the potential for on-island distillation. We will enable much needed housing for Maui families across multiple project areas, and we will activate our resort hospitality and mixed-use projects in West Maui. I'm proud to report that 2025 was a year of meaningful financial progress and strategic momentum for MLP. Total operating revenues grew 68% to $19.5 million, driven by a 33% increase in leasing revenue and growing contribution from land development and sales. Our adjusted EBITDA improved 146%, marking the second consecutive year of improvement. While our GAAP net loss increased, this was primarily due to a noncash pension expense as we fulfilled our commitment to former agricultural employees, a legacy commitment we expect to resolve by the end of 2026. This quarter, we also updated our reportable business segments to improve our transparency and help stakeholders track progress more clearly. Our 4 segments are now Land Development and Sales, Commercial Real Estate Leasing, Land Leasing and Management and Agribusiness Ventures. I want to spend a moment on a strategic milestone for the company. Just days ago, on May 18, Maui Mayor, Richard Bissen, announced a memorandum of understanding between the County of Maui and MLP to acquire our West Maui Water infrastructure, along with other related assets.

We want to restore balance in our community. Part of that comes with making sure we have an adequate water supply that we can provide not only for homes being built, but for emergency response, for agriculture, for environmental users. This is a long-term generational resource.

For MLP, this transaction has the potential to generate capital and accelerate the provision of housing on our lands. Formal appraisals and final sale conditions are still being established, and the acquisition requires Maui County Council approval. We believe this transaction reflects exactly the kind of mission-aligned partnerships that create lasting value for our community and our shareholders. As I said in the recent press release, it is our honor to collaborate with Maui County on this milestone, strengthening water and housing security for current and future generations. Our newest business segment, Agribusiness Ventures, represents MLP's thoughtful return to agriculture, where it is more strategic than leasing to a tenant. In 2025, we planted 40 acres of Blue Weber agave as part of our 325-acre Haliimaile Ranch subdivision. In 2026, we've advanced this initiative further with 40 additional acres of planting in progress. We have invested approximately $2 million to date in this new farmstead community centered around the drought-tolerant and low water use crop, utilizing organic farming practices. We are now operating the largest agave farm in Hawaii. Our strategy includes vertical integration with the potential for value-added products, on-island distillation, agritourism and distribution that can capitalize on the Maui premium. This venture reflects the same philosophy that has guided MLP for more than a century, putting the land to productive use, creating local jobs and building businesses that serve both the community and our shareholders. Our land development strategy balances near-term monetization with long-term value creation. Maui continues to suffer from an extreme lack of housing supply, forcing home prices to be amongst the highest in the nation. As part of our focus on housing, in 2025, we completed a strategic plan to identify our parcels of land supportive of walkable communities for local residents within walking distance of existing services and amenities. We are currently underway with a disciplined effort to identify primary housing builders with the ability and desire to deliver projects on Maui. This summer, we intend to engage with these builders to develop potential deal structures, which will accelerate housing at various price points across our portfolio. Near term, we are actively selling nonstrategic parcels in Upcountry and West Maui, along with progressing the subdivision of over 1,800 acres of former pineapple crop lands into rightsized farm lots for individual owner-users. In West Maui, we are advancing predevelopment efforts for approximately 1,000 acres of resort residential and mixed-use lands within the Kapalua Resort. Longer term, strategic rezoning and mixed-use development projects are also advancing. These projects typically require a few years to enable construction, but the groundwork being laid today positions us well for the coming years. Our approximately 247,000 square feet of commercial properties across Kapalua Resort and Haliimaile Town Center continue to generate stable recurring cash flow at 93% occupancy and with rents now aligned closer to market rates, this portfolio provides an important foundation for our operations while creating vibrant community gathering places that complement our surrounding land holdings. Placemaking activations in West Maui, like our new Aloha Fridays community event series in Kapalua, are bringing residents and visitors together, strengthening the vitality of our town centers and supporting the local economy. As we look to the remainder of 2026, our priorities are clear. We must continue to grow the volume of deals in process while executing on those reaching maturity. We will move to close land sales listed and those in escrow, we will advance the County Water asset transaction, we will continue to grow commercial occupancy and leasing revenue, and we will grow our agave venture and advance the Haliimaile Ranch Farmsteads. And we will close out our final pension obligation in Quarter 4, fully resolving our legacy commitments. We will remain focused on smart capital management, monetizing nonstrategic assets, managing liquidity carefully and investing in the projects that create the most durable value for shareholders and community alike. Enhanced investor communications will continue through quarterly earnings releases, investor presentations and press releases so that our shareholders can track our progress clearly. Before we take your questions, I want to thank each of you for your steadfast support. I want to acknowledge our Board of Directors for their guidance and leadership. And I want to thank each member of our team who is doing the hard work on the ground of turning our vision into reality every day. We're excited about what lies ahead. We will now take your questions. Thank you.