MAUI LAND & PINEAPPLE CO INC

and in Note 13 to our financial statements set forth in Item 8 of this Annual Report. Business Segments Land Development and Sales Our Land Development and Sales segment includes all land planning, entitlement, development, and sales activities of our landholdings on Maui. Our principal real estate development is the Kapalua Resort, a master-planned, destination resort and residential community located in West Maui. The following is a summary of our landholdings in approximate number of acres as of December 31, 2025: West Maui Upcountry Maui Total Commercial/Industrial 19 - 19 Residential/Resort/Mixed-use 866 - 866 Agricultural 8,871 1,485 10,356 Conservation/watershed 11,045 - 11,045 Total 20,801 1,485 22,286 Revenues from our Land Development and Sales segment totaled approximately $5,811,000, or 30% of our total operating revenues for the year ended December 31, 2025. Real Estate Planning and Entitlements In certain cases we must obtain appropriate entitlements and approvals for the land we intend to develop. Securing proper land entitlements is a process that may require county, state, and federal approvals, which can take years to complete and entails a variety of risks. The entitlement process requires that we satisfy certain conditions and restrictions in connection with such governmental approvals, including, among other things, infrastructure improvements and impact fees in the form of dedicated land for schools and public parks, provide traffic mitigation measures, restrictions on permitted uses of the land, and provisions of affordable housing.