Hawaii Business August 2025 by aio Hawaiʻi

S TAT E ’ S P L A N T O R E V I TA L I Z E AG R I C U LT U R E P. 36 AU G U ST 202 5

HAWAIIBUSINESS .COM

CAN HAWAI‘I BECOME THE NAPA VALLEY OF CHOCOLATE? P. 23

WE WON: BEST REGIONAL BIZ MAGAZINE – AGAIN P. 20

P. 49

R A N K ING H AWA I‘I’S L A R GE S T C O M PA N I E S & NO N P RO FI TS S U R V E Y O F 3 4 1 L O C A L E X E C S P. 100

S PEC I A L PRO M OTI O N A L S ECTI O N

2025 CO

ULUPONO

15 YEARS OF SHAPING A SUSTAINABLE HAWAI‘I, TOGETHER

S TA B L IS H E D I N 2 0 0 9, U LU P O N O I N ITI ATI V E C H A M PI O N S LO C A L F O O D, R E N E WA B L E E N E R GY, C L E A N T R A N S P O R TATI O N , A N D FR E S H WAT E R M A N AG E M E N T I N T H E IS L A N DS .

Ulupono Initiative’s mission has been clear since its founding: improve the quality of life for everyone in Hawai‘i by supporting innovative organizations and sustainable solutions within its key focus areas. Ulupono not only provides investments and grants, but collaborates on policy and regulatory priorities, communications, and research. Its team of 14 diverse and dedicated individuals works closely with nonprofit, for-profit and government partners toward shared goals to catapult Hawai‘i toward greater self-sufficiency and resilience. Striving to be a catalyst for progress, the firm celebrates its partners and the many positive impacts its collaborations have on the lives of local residents. For example:

INITIATIVE

R P O R AT

NIV

ERSA

YEARS

• Investing in grant writing efforts of various Hawai‘i organizations to support the local food and agriculture industry. This lead to $140+ million in secured funding over the last decade. • Increasing support for the “DA BUX” Double Up Food Bucks program, which doubles the purchasing power of SNAP participants when they buy locally grown produce. Ulupono advocated for a new annual state allocation of $1.5 million, approved by the 2024 Legislature, that helped to unlock $8.5 million in federal funds and more. Over the next three years, this is projected to generate nearly $25 million in local food sales. • Helping to establish Honolulu’s Biki bikeshare system, now the 6th most utilized system in the country. Biki provides an affordable, convenient transportation choice, while reducing the number of vehicles driven and associated emissions. • Championing a bold Performance-Based Regulation framework for Hawai‘i’s electric utility. Approved in December 2020 by the State of Hawai‘i Public Utilities Commission, “PBR” is designed to accelerate innovation and efficiency toward 100% renewable-energy generation by 2045, while controlling costs. • Partnering to develop a systems map of Hawai‘i’s freshwater sector that will identify what can be done to protect this precious, finite resource. In 2025 and beyond, Ulupono Initiative is committed to a sustainable Hawai‘i and making our state a better place for all of us to live. Learn more at ulupono.com.

Ulupono Initiative P.O. Box 2938, Honolulu, HI 96802 (808) 544-8960 ulupono.com

2 | AU G U S T 2 0 2 5

H AWA I I B U S I N ES S | 3

4 | AU G U S T 2 0 2 5

H AWA I I B U S I N ES S | 5

6 | AU G U S T 2 0 2 5

H AWA I I B U S I N ES S | 7

Pack more into your next Neighbor Island trip (literally) Your bag always flies free between the Islands* with Huaka‘i by Hawaiian, including golf clubs, bikes and surfboards. So whether you’re flying for business or holoholo, be sure to sign up for your free membership first at HawaiianAirlines.com/Huakai.

*First standard checked bag on Neighbor Island flights is free for any HawaiianMiles member with an address in Hawai‘i. Terms and conditions apply.

8 | AU G U S T 2 0 2 5

H AWA I I B U S I N ES S | 9

10 | AU G U S T 2 0 2 5

H AWA I I B U S I N ES S | 11

08.25

FEATURES

WORKERS CREATE CHOCOLATE AT MĀNOA CHOCOLATE’S FACTORY IN KAILUA. THE COMPANY MAKES CHOCOLATE FROM BOTH LOCAL AND IMPORTED CACAO. THE BARS CONTAINING IMPORTED BEANS ARE PROCESSED INTO CHOCOLATE LOCALLY.

Can Hawai‘i Become Chocolate’s Napa Valley? Hawai‘i is the only state that commercially grows its main ingredient, cacao. Efforts to make our gourmet chocolate a global brand are gaining momentum.

PHOTO BY AARON YOSHINO

12 | AU G U S T 2 0 2 5

Dan Quinn Describes His Leadership Evolution Quinn, part-time Hawai‘i resident and a premier NFL head coach, talks about effective listening, mentoring other leaders and using time effectively.

Helping Build Hawai‘i’s Agricultural Future Only 7% of our vast ag lands are actually farmed for crops. Here’s how farm groups, food producers and the state want to revitalize the industry.

Top 250 Ranks Local Companies & Nonprofits Along with the annual list of the state’s biggest organizations, we report on who made the biggest gains and how the local economy is shifting.

Business Leaders Reveal Historic Pessimism BOSS Survey of local business owners and executives shows optimism about the future is at its lowest level outside of the Great Recession and pandemic.

H AWA I I B U S I N ES S | 13

08.25

CONTENTS

20 Chosen as Best Local Biz Magazine in the USA The honor – which we won three times before in the past eight years – was among seven awards that Hawaii Business received from the Alliance of Area Business Publishers.

Mixing Imagery, Illustrations, Photos, Typography & Textures Editor-in-Chief Jennifer Ablan talks with Hawaii Business Creative Director Jeff Sanner about his awardwinning design work: After “almost 30 years, I’m still having fun.” 17

A Longtime Leader Describes the Challenges of Police Work John McCarthy, a former Honolulu deputy chief of police, says you’ll be “eating lunch or relaxing … [then] a call comes in and it’s zero to 60.” That can take a toll. 18

Breadshop’s Owner Says It’s Not an Ordinary Bakery Chris Sy, founder of the Kaimukī bakery, says its items are often unique. His current favorite: “our taegu, manchego and spinach croissant, because it’s very local.” 106

SPECIAL ADVERTISING SECTION S Kaiser Permanente Cares About Hawai‘i Learn about programs that support Maui and all of the Islands. 41 Profiles of Important Top 250 Companies Learn more about select companies and nonprofits that made it on the 42nd annual ranking report. 57

HAWAII BUSINESS (ISSN 0440-5056) IS PUBLISHED 12 TIMES A YEAR BY PACIFICBASIN COMMUNICATIONS. ©2025 PACIFICBASIN COMMUNICATIONS, LLC. ALL RIGHTS RESERVED. ANY UNAUTHORIZED COPYING, DISTRIBUTION, OR ADAPTATION IS STRICTLY PROHIBITED AND WILL RESULT IN LIABILITY OF UP TO $100,000. EDITORIAL, ADVERTISING AND BUSINESS OFFICES AT 1088 BISHOP STREET, SUITE LL2, HONOLULU, HI 96813. TELEPHONE (808) 534-7520. POSTMASTER: SEND ALL ADDRESS CHANGES TO HAWAII BUSINESS, P.O. BOX 913, HONOLULU, HI 96808. SUBSCRIBERS NOTIFY THE SAME OFFICE. PLEASE INCLUDE NEW ADDRESS AND OLD ADDRESS (MAILING LABEL PREFERRED) PERIODICALS POSTAGE PAID AT HONOLULU, HAWAI‘I, AND AT ADDITIONAL MAILING OFFICES. SUBSCRIPTION: ONE YEAR $24.99 / TWO YEARS $34.99 / THREE YEARS $44.99. FOREIGN: ONE YEAR $53.99 (US FUNDS). FOR SUBSCRIPTION INQUIRIES, ADDITIONAL RATES, INFORMATION, NOTIFICATION OF CHANGE OF ADDRESS AND SUBSCRIPTION SERVICE, PLEASE CALL (800) 788-4230. AUGUST 2025 VOL. 71/NO. 2

14 | AU G U S T 2 0 2 5

H AWA I I B U S I N ES S | 15

HB EVENTS C O N N E C T W I T H H AWA I I B U S I N E S S M AGA Z I N E L O C A L LY OW N E D , L O C A L LY C O M M I T T E D SINCE 1955.

Our goal is to strengthen the local economy and help our communities thrive. Publisher KENT COULES kentc@hawaiibusiness.com • (808) 364-5869

WEDNESDAY, SEPTEMBER 24 | UPSTAIRS AT PIER 38

Organizations chosen as finalists for Hawai‘i Excellence in Business Awards are recognized at this evening celebration, where we announce the winners for 2025. PRESENTED BY

20 25

OCTOBER 24 | HILTON HAWAIIAN VILLAGE

Wahine Forum is the largest professional development conference for women in Hawai‘i. The conference is attended by top female executives, entrepreneurs, and up-and-coming leaders intent on advancing their careers.

Editorial Editor-in-Chief JENNIFER ABLAN jennifera@hawaiibusiness.com Managing Editor KEN WILLS kenw@hawaiibusiness.com • 808-987-8135 Senior Editor STEVE PETRANIK Senior Contributing Writer CYNTHIA WESSENDORF cynthiaw@hawaiibusiness.com Staff Writer RYANN NOELANI COULES ryannc@hawaiibusiness.com Staff Writer SHELBY MATTOS shelbym@hawaiibusiness.com Copy Editor ELROY GARCIA Editorial Intern KALENA O’CONNELL Design & Photography Creative Director JEFF SANNER jeffs@hawaiibusiness.com Graphic Designer KAREN TANIGAWA karent@hawaiibusiness.com Staff Photographer AARON YOSHINO Digital Digital Director RANDALL LIBRAMONTE randalll@hawaiibusiness.com • (808) 534-7531 Digital Content Manager MARIANNE LEANO mariannel@hawaiibusiness.com Sales & Marketing Account Executive YONGCHAE SONG yongchaes@hawaiibusiness.com • (808) 228-5078 Account Executive CHAZ TIOGANGCO chazt@hawaiibusiness.com • (808) 387-1672 Senior Account Coordinator REBECCA BROOKING rebeccab@hawaiibusiness.com • (808) 534-7560 Events Coordinator OLIVIA DE SENA oliviad@hawaiibusiness.com Circulation circulation@pacificbasin.net REGISTER TODAY!

PRESENTED BY

2025

Connect with us on social media: Hawaii Business Magazine @HawaiiBusinessmagazine Hawaii Business is published by

NOVEMBER 22 | PUNAHOU SCHOOL

A full day conference where attendees will choose from one of five “tracks” to gain knowledge and tools to navigate the complex world of personal finance. For more information on events, visit hawaiibusiness.com/events or contact Olivia De Sena, Events Coordinator, at oliviad@hawaiibusiness.com 16 | AU G U S T 2 0 2 5

Chairman DUANE KURISU Chief Executive Officer SUSAN EICHOR Chief Operating Officer BRANDON KURISU Director of Finance JADE CARREL

A N

O P E N

M I N D

The Highest Honor in Our Field

EAR READERS,

Hawaii Business Magazine was recently named the best regional business magazine in the country – the highest honor in our field. It was a thrilling moment for our entire team. As writers and editors, we often receive much of the spotlight. But this award reminded me of something essential: the power of visuals in storytelling. A story doesn’t come alive through words alone. It’s the photographers, designers and art directors who give our reporting its visual heartbeat. And no one does that better than our creative director, Jeff Sanner. In recognizing Hawaii Business, the judges from the University of Missouri’s School of Journalism wrote: “This is a fabulous reading experience from cover to cover. Truly engaging, smart design elevates the concepts in feature stories – such as ‘Gen Z in the Workplace’ or ‘A Renters Purgatory.’ Cover stories and features are varied and deep. Other stories are rooted in local context and clearly elevate the conversation for the local business community.” That “smart design” is Jeff ’s doing. In fact, the Gen Z cover won first-place gold for Best Magazine Cover, while Hawaii Business earned Magazine of the Year for our overall work during 2024. See page 20 for the full details on all the honors we received at the Alliance of Area Business Publishers’ annual awards ceremony on June 20. I sat down with Jeff to talk about his life’s work, what sparks his creativity and the story behind the Gen Z cover that earned national recognition.

HOW DID YOU COME UP WITH THE GEN Z COVER ART?

I went through several concepts for this story, focusing on themes like Gen Z, multitasking and work-life balance. Even though I’m not part of Gen Z, my experience in the workforce has shown me how job roles have evolved over the years. Where there once were specific, clearly defined tasks for each employee, today’s roles are shifting toward the jack-of-all-trades model. That’s what inspired the multitasking – or “wearing multiple hats” – concept for this piece. It felt like the right visual metaphor for the Gen Z generation navigating modern work life.

HOW DO YOU TYPICALLY APPROACH YOUR ARTWORK?

I’m a graphic designer at heart, and my love for printmaking has heavily influenced how I approach art. Everything I create is, in a way, a collage. From my early days making zines using Xerox machines and cut-and-paste techniques to screen printing and poster making, my work has always involved layering and texture. Now, as a mostly digital artist, I combine found imagery, illustrations, photography, typography and textures in my work. Every piece I create carries a bit of that collage spirit. WHAT’S YOUR PROCESS WHEN COLLABORATING WITH REPORTERS?

When I work with reporters or writers, I usually start with a concept they’ve shared, or I take bits and pieces and interpret them in my own way – adding flesh to the idea, so to speak. My goal is to enhance or amplify the story through visuals, offering an interpretation that grabs attention and brings new layers of meaning. Ultimately, my work is meant to complement the writing and attract readers who might not have been drawn to the story otherwise. WHAT’S THE BEST PART OF YOUR JOB?

Being able to explore more conceptual forms of art that can tell a story all on their own. WHO OR WHAT INSPIRES YOUR DESIGN WORK?

There are so many incredible graphic designers who inspire me. I also collect midcentury modern furniture – Eames, Arne Jacobsen and even the knockoffs from that era. I draw inspiration from music, contemporary artists like the Pow Wow muralists, street artists and toys, from pop culture, photography, and, yes, even beer. IS THERE ANYTHING ELSE YOU’D LIKE READERS TO KNOW ABOUT YOU?

After doing this kind of work for almost 30 years, I’m still having fun. If you get into design, I’m sure you can enjoy it too.

JENNIFER ABLAN EDITOR-IN-CHIEF

H AWA I I B U S I N ES S | 17

M Y

J O B

BY A L LYS O N W H A L E Y

WARNING: THIS ARTICLE CONTAINS GRAPHIC DESCRIPTIONS.

NAME: JOHN MCCARTHY JOB: RETIRED DEPUTY CHIEF FOR THE HONOLULU POLICE DEPARTMENT

A Longtime Leader Describes Highs and Lows of Police Work DAY TO DAY ON THE JOB: Movies and TV shows about cops emphasize the high-stakes drama of police work: murder investigations, gang busts, armed robberies. But that’s only part of the job. “When I was a patrol officer, I’d be doing one thing, eating lunch or relaxing, and the next minute a call comes in and it’s zero to 60,” says John McCarthy, a former Honolulu deputy chief of police. “There’s been many medical studies on police officers working at that high intensity all the time. It’s known to cause a lot of PTSD and anxiety disorders in individuals. Many officers will just constantly be on high alert waiting for a terrible call to come in.”

18 | AU G U S T 2 0 2 5

McCarthy retired as deputy chief of HPD in 2021 after 45 years of service. TRAUMATIC EXPERIENCE: “One of the most shocking cases I’ve dealt with was when I was working the midnight watch, just about to get off and I get a call about a suicide in the park,” McCarthy recalls. “I got to the public park and … the sun was just coming up, I was kind of blurry-eyed from working all night. It was pretty slow before this. I get to the scene and it’s this young man hanging from a tree, mouth open, and there’s flies coming out of his mouth, so I knew he’d been there awhile. Situations like that stick with me. Again, you think the shift is going one way

and then it ends with me doing a DOA for this young man.” RECRUITING DIFFICULTIES: Long hours, emotional strain, constant paperwork and other dark sides of the job help explain why fewer people enter the profession today and so many police departments are understaffed. Four of the largest metropolitan police departments were collectively down over 5,400 officers during 2022 and 2023, the FBI Law Enforcement Bulletin reports. “Further, law enforcement is experiencing a drastic decrease in the number of recruits – 27% to 60%, depending on the area.” WHAT IT TAKES TO RECRUIT: Police work requires mental strength

PHOTO: AARON YOSHINO

and the ability to stay calm under pressure. To attract more recruits, McCarthy says, police departments need to offer more than just a good paycheck. “Other compensation such as better retirement benefits and medical insurance for spouses after retirement are two of the benefits once provided that have since been taken away,” McCarthy says. “Making the perks long term might make it more attractive. Otherwise, compensation alone hasn’t worked.” Officers put themselves in danger daily, so long-term support and security for their families in case the worst happens can be just as important as the salary, he says.

HIGH-STAKES DECISIONS: Police officers must be both physically and mentally resilient – or face permanent psychological scars, McCarthy says. “Either you deal with things, such as the first shooting I was involved in, my first gun case, the first case where I had to use force. You don’t stand there and think, ‘OK what was I taught in recruit class? What’s the force continuum? What level of force can I use?’ You either react or you don’t react. That’s been my experience. You can’t let these things bother you or eat at you because it’ll be the downfall of you.” He suggests it’s difficult for most people to understand how police officers deal with

these high-stake situations because they never experience anything similar. WOMEN ON THE FORCE: Many more women serve on police forces in Hawai‘i and nationwide than a generation ago. Could they be the answer to staff shortages? “I’m not sure how to attract more women when they can’t even attract more men. The job has lost its glamour. The short and contentious term of Chief (Susan) Ballard may make it harder to recruit and retain women,” McCarthy says. He suggests recruiters could concentrate “in areas where younger females are active in job searches” or places such as schools where they’re already looking at life in the long term. H AWA I I B U S I N ES S | 19

BY STEVE PETR A N IK

Hawaii Business Wins Best Magazine Award For 4th Time This year’s award for best regional business magazine in the country comes after we earned the same honor in 2018, 2019 and 2020

FOR THE FOURTH TIME IN EIGHT YEARS, HAWAII BUSINESS MAGAZINE HAS BEEN SELECTED AS THE BEST REGIONAL BUSINESS MAGAZINE IN THE COUNTRY,

beating magazines from much larger markets such as Dallas and Florida. The honor was announced June 20 at the annual awards ceremony for the Alliance of Area Business Publishers, held this year in Ottawa during AABP’s annual summer convention. Hawaii Business also won six other awards: first-place gold for best magazine cover, second-place silver in three categories – best profile, investigative reporting and explanatory reporting – and third-place bronze for both overall design and use of photography/illustrations. AABP has more than 70 member publications, mostly based on the U.S. mainland with a few published in Canada and Austra-

20 | AU G U S T 2 0 2 5

lia. This year’s awards are based on work published in 2024. In naming Hawaii Business as the best magazine, the judges from the University of Missouri’s School of Journalism wrote: “This is a fabulous reading experience from cover to cover. Truly engaging, smart design elevates the concepts in feature stories – such as ‘Gen Z in the Workplace’ or ‘A Renters Purgatory.’ Cover stories and features are varied and deep. Other stories are rooted in local context and clearly elevate the conversation for the local business community.”

The gold for best magazine cover was for the July 2024 issue’s illustration by Hawaii Business Creative Director Jeff Sanner; it features a young woman wearing nine hats, with the title “Gen Z Is on the Job.” “The clever and colorful illustration is a lovely and perfect way to convey the idea of multitasking and flexibility,” the judges wrote. “The illustration and cover design work wonders and wear a multitude of hats literally and metaphorically. The colors are

captivating. The design is attractive and engaging, with a creative concept, sophisticated style, and a nice variety of complementary type choices that are both fitting and appropriate.” The silver medal for best investigative reporting among magazines and large newspapers was for our 12-page January 2024 report titled

“Private Equity Owns a Big Chunk of Hawai‘i’s Hotels – Here’s Why that Matters” by Noelle Fujii-Oride. “The reporting tapped into corporate and land records to show how private equity firms have expanded their footprint in the Islands. Sidebars and graphics help break out key parts of the story, which also incorporates many voices including everyday workers,” the judges wrote. First place in investigative reporting went to Crain’s New York Business. In the category of explanatory reporting, Hawaii Business won silver among magazines and large publications for Catharine Lo Griffin’s report on “Seeking a Way Forward on Ceded Lands.” In the best profile category, Griffin won another silver medal for her profile of CEO of the Year Christine Camp. “A 360-degree profile on Christine Camp shows the CEO’s dedication to lifting the whole community through strategic investment and development,” the judges wrote. “Beyond her business sensibilities and key projects, the story explores her personality and family life to give the

reader a full picture of how she is strongly rooted in the local area’s needs and achievements.” Creative Director Sanner was the artistic force behind the other two design awards: bronze medals for overall design and best use of photos/illustrations. For overall design, the judges wrote: “Outstanding use of color and playful illustrations, notably demonstrated on the Gen Z cover, convey a perfect and wonderful sense of the spirit and culture. The art and design of ‘A Renter’s Purgatory’ is hilarious and exemplifies an innovative and engaging approach to visual storytelling. Type treatments are adventurous and gorgeous, while the page designs align well with the voice and tone of the content. The overall design is unique, interesting, and entertaining.” Publisher Kent Coules, who attended the convention on behalf of Hawaii Business, says he was delighted with his frequent trips to the front of the room to collect prize after prize during the awards ceremony. “I sat with my new friends, three young female executives from the Ottawa Business Journal among them, and they commented on how beautiful our product looked on the slides being presented every time we were recognized in another category. The last awards are basically the grand prizes for Best Magazine and Best Newspaper. After we won for Best Magazine, one of my OBJ friends leaned over and said to me, ‘Well, that was the most obvious category of the whole night.’ ” H AWA I I B U S I N ES S | 21

N E WS M A K E RS D E S E RV E C R E D I T W H E R E C R E D I T I S D U E

COMME MOR ATE YOUR

HAWAII BUSINESS

ACHIEVEMENTS PRESERVE YOUR STORY WITH OUR MODERN AND MEMORABLE KEEPSAKES. W W W. N E W S K E E P S A K E . C O M / PA G E S / H AWA I I - B U S I N E S S

22 | AU G U S T 2 0 2 5

BY RYAN N N O EL AN I C O U L ES

Many places in the U.S. manufacture chocolate, but only Hawai‘i cultivates its main ingredient, cacao, on a commercial level. Efforts to establish Hawai‘i as a globally recognized gourmet chocolate producer are gaining momentum. H AWA I I B U S I N ES S | 23

PHOTOS COURTESY: MĀNOA CHOCOLATE

MĀNOA CHOCOLATE HAS ITS OWN FIVE-ACRE CACAO ORCHARD, KAMANANUI ESTATE, LOCATED IN WAIALUA ON O‘AHU’S NORTH SHORE.

UST AS KONA COFFEE BECAME WORLD-RENOWNED IN THE 20TH CENTURY, local cacao growers and chocolatiers hope Hawaiian

chocolate achieves similar acclaim in the 21st century. These specialty products are “not something you eat every day. It may be a special occasion or just a little pricey, and so you treat yourself. … Usually, they’re a bit indulgent [but] indulgence should be healthy. I believe in healthy snacking and healthy choices,” says Danny Rubenstein, who has spent over 40 years advising innovative food and beverage companies. He’s also the founder of DRCNOW, a strategic advisory firm. What sets apart specialty foods and beverages – such as Champagne artisan cheese, Wagyu beef, white truffle, Kona coffee and Hawai‘i chocolate – is a combination of factors: How rare is the product and how difficult is it to cultivate? Is its place of origin notable, does it contain high-quality ingredients, are its processing practices satisfactory? And does the product taste great? “We’d like to see Hawai‘i become known as the Napa Valley of chocolate. Everybody that grows and makes chocolate here is part of that,” says Rubenstein, who credits Lawrence Boone, co-founder of Lonohana Estate Chocolate, for coining the Napa Valley analogy. Lonohana is one of the six local companies that Rubenstein works with. Inspired by Napa Valley’s regional success in producing award-winning wines and attracting millions of visitors with vineyard tours and tastings, Hawai‘i’s chocolate industry is striving to craft exceptional chocolate bars and popularize local cacao farm and chocolate factory tours.

24 | AU G U S T 2 0 2 5

HOW PLACE AFFECTS TASTE

Cacao trees – the source of chocolate’s two main ingredients, cacao and cocoa butter – flourish in tropical zones approximately 20 degrees north and south of the equator. That makes Hawai‘i the only U.S. state ideal for farming cacao. Ken Melrose is the owner and operator of Primavera Farm, which has about 400 cacao trees in Kealakekua in the South Kona district of Hawai‘i Island. “We have a highly exceptional, as they refer to it in the business, terroir. Our climate and our soils are superior,” he says. The French word “terroir” is associated mainly with winemaking and refers to the complete environment in which a particular wine is produced. Dylan Butterbaugh, owner and founder of Mānoa Chocolate,

MĀNOA CHOCOLATE’S KAMANANUI CACAO ORCHARD OFFERS FARM TOURS WITH CHOCOLATE TASTINGS FIVE DAYS A WEEK. PICTURED, OWNER AND FOUNDER DYLAN BUTTERBAUGH EXPLAINS THE CHOCOLATE-MAKING PROCESS DURING A TASTING AT THEIR ORCHARD PAVILION.

says a few things affect chocolate’s flavor. “It would be genetics. It’d be terroir, like soil and how much it rains, and then you have the ferment, the wild yeast and the bacteria that do that fermentation process. And between those three factors, you get really unique tastes,” he says. Mānoa Chocolate, based in Kailua on O‘ahu, offers 11 single-origin chocolate bars crafted from 100% Hawai‘i-grown cacao. Some of the cacao beans are from individual farmers and others are provided by a cooperative of small farmers, Butterbaugh explains. These bars are named after the places where the cacao is sourced: Nīnole, Kealakekua, Kona and Hono‘ili from Hawai‘i Island; and Hale‘iwa, Kahalu‘u, Mililani, Ko‘olaupoko, Waimānalo and Kamananui from O‘ahu. Kamananui, Mānoa Chocolate’s own cacao orchard located on North Shore, is available in both

70% dark and milk chocolate, with all other Hawaiian single-origin varieties offered only in 70% dark. Each of Mānoa Chocolate’s bars offers a unique set of tasting notes. For example, the Kealakekua bar features hints of strawberry, macadamia nut and vanilla. In contrast, the Kamananui bar hints at peach, caramel and pomegranate, and the Nīnole lime, walnut and brownie. “I think the characteristic of Kona cacao is fruity,” Melrose says. “There are some warm, fudgy notes underneath it. It’s got a wonderful fruity, clean finish.” Melrose, who planted his first cacao trees in 2015, harvests tree-ripened cacao pods, which contain seeds covered in pulp. The seeds and pulp are removed, fermented and dried to create cacao beans, which then undergo several more processes. The beans are then combined with a few other ingredients to create chocolate.

At the prestigious Salon du Chocolat, the world’s largest chocolate exhibition, Melrose’s Primavera Farm won the award for best cacao in 2019. In 2022, Primavera won for best criollo – a rare variety of cacao. “And a friend of mine from Kona Restoration Farm won this year. Three out of the last five chocolate festivals, the winners in the bean contest have been from Kona cacao,” he says. In addition to selling chocolate under his Primavera Farm brand, Melrose sells a significant portion of his cacao beans to Mānoa Chocolate and Valley Isle Chocolate. Both companies process his beans and turn them into chocolate bars sold under their brands. In February, he and Butterbaugh “shook hands” on a much bigger deal. “So I’ve started increasing my production capacity as a result. Dylan has been a wonderful supporter of craft chocolate in Hawai‘i and in supporting regional farms,” says Melrose. “The Kealakekua Bar that he makes is made with beans from my farm, and is his top-selling chocolate, so he likes it a lot.” Butterbaugh says, “It’s probably our most popular when people taste it. I think it’s because it’s not offensive in any way to anybody, because it’s smooth, creamy and chocolatey, whereas some of the other Hawaiian cacaos can be quite fruity. And not everyone likes fruity chocolate.” Great taste is not the only thing that dark chocolate has going for it. A 2011 study titled “Cocoa and Chocolate in Human Health and Disease,” published in the scientific journal Antioxidants & Redox Signaling, cites the strong evidence for the health benefits of dark chocolate. “The voluminous literature addressing health effects of cocoa and chocolate, only a portion of which is represented here, is overall quite compelling. The probability of a net health benefit for most people from habitual intake of dark chocolate is high,” the study says. H AWA I I B U S I N ES S | 25

ANNUAL STATEWIDE PRODUCTION OF DRY CACAO BEANS

SOURCE: THE HAWAI‘I CACAO SURVEY, CONDUCTED BY UH MĀNOA COLLEGE OF AGRICULTURE AND HUMAN RESOURCES & O‘AHU RESOURCE CONSERVATION & DEVELOPMENT COUNCIL

AN UP-AND-COMING INDUSTRY

Skip Bittenbender is a now-retired professor at UH’s College of Tropical Agriculture and Human Resilience who specialized in cacao, coffee and kava. He and his colleagues began surveying the local cacao and chocolate industry in 2010. The 2015 Hawaii Cacao Survey found that 25 respondents anticipated harvesting cacao that year, while 16 reported their trees were not yet bearing pods and three planned on planting their first cacao trees. That same survey reported there were 43 acres of harvesting cacao trees and 53 acres of cacao trees too young for harvesting in 2014. Cacao trees typically take three to five years to mature and begin bearing pods, which are ready for harvest another six months later.

26 | AU G U S T 2 0 2 5

The Hawai‘i Cacao Survey is now conducted every other year. The 2023 survey (tinyurl.com/ HIcacao) had 41 respondents who said they would harvest cacao that year, while four said their cacao trees would not be ready for harvesting. It also estimated there to be 172 acres of cacao trees harvesting statewide in 2022. Preliminary findings from the 2025 survey indicate that the total acreage of planted cacao trees statewide reached 189 in 2024, with plans for an additional 50 acres over the next five years. It also indicated that over half of last year’s cacao harvest remained in Hawai‘i for chocolate processing, while a minority of beans were shipped elsewhere. And approximately half of the local chocolate production in 2024 was conducted by vertically integrated ‘tree-to-bar’ compa-

nies – meaning companies that handle every step of the process, from farming the cacao trees and processing the beans into chocolate, to distributing the finished bars on the market. Although local cacao and chocolate production is growing, it isn’t booming yet. Cacao has not made the Hawai‘i Department of Agriculture’s annual list of the state’s top 15 or 20 agricultural commodities based on value of production. The Hawai‘i Cacao Survey doesn’t address profit or revenue, so it remains unclear exactly how much revenue the industry is generating.

CACAO VS. COCOA

Cacao refers to the raw fruit found inside cacao pods, which can be turned into cacao powder (some-

PHOTOS COURTESY: LONOHANA ESTATE CHOCOLATE

CACAO PODS ARE THE FRUIT OF CACAO TREES. THE SEEDS AND PULP THEY CONTAIN ARE FERMENTED, DRIED, ROASTED, CRACKED AND WINNOWED TO CREATE COCOA LIQUOR. PICTURED ARE THE VARIOUS STAGES OF LONOHANA’S BEAN-TO-BAR CHOCOLATE PRODUCTION.

times simply labelled as ‘cacao’ on ingredient lists). Cocoa also refers to a powder derived from cacao. The key distinction is the roasting temperature: cacao powder is roasted at low heat before milling, which results in a more bitter taste and a richer nutritional profile. Cocoa powder undergoes a higher-temperature roast, causing it to have a sweeter flavor, less fat and reduced nutritional content. The plant-based fat extracted from cacao is known as cocoa butter. “As far as I know, no one makes de-fatted cocoa powder from Hawaiian cacao. The way we normally make it here in Hawai‘i is after the cacao has been fermented and dried, it’s roasted, then cracked and winnowed, and made into what we call ‘cocoa liquor’. Cocoa liquor just means liquefied cacao,” says Bittenbender.

NO GUILT, JUST PLEASURE

Lonohana Estate Chocolate, founded in 2009, includes a cacao farm on O‘ahu’s North Shore and a chocolate factory, retail store and tasting bar in Honolulu. All of its products are made with 100% locally grown cacao. Seneca Klassen, Lonohana’s other co-founder, says the company is dedicated to making chocolate out of “the highest quality ingredients and processes we can. It’s going to cost what it costs, and we’re going to tell people why. Hopefully there’s enough people out there who are willing to support that, even though it’s more expensive, because of the story, because of the value of it, because of the taste of it.” In addition to the premium being driven by high-quality ingredients and processes, the cost reflects fair wages for all of

the people who contribute to the finished product. “We’ve all grown up thinking that chocolate is a relatively cheap treat,” says Klassen. “We’re trying to create products that, yes, are more expensive than you’re used to, but guess what? You can feel truly good about them. You can ask us any questions you want about the supply chain, and we can answer them honestly and transparently because we’re doing it correctly and not taking advantage of anybody.” Most of Lonohana’s 2.3-ounce chocolate bars retail at $16. That’s more than six times the price at Target of a 4.4-ounce Hershey’s XL milk chocolate bar. “We’re always pursuing that kind of strategy that’s a very different model than ‘make me the cheapest product you can make me,’ which is going to result

H AWA I I B U S I N ES S | 27

PHOTOS: AARON YOSHINO

MĀNOA CHOCOLATE’S FACTORY IS LOCATED AT THE KAPA‘A INDUSTRIAL PARK IN KAILUA. OWNER DYLAN BUTTERBAUGH SAYS THEY ARE GOING TO START OFFERING SELF-GUIDED FACTORY TOURS SOMETIME THIS SUMMER.

28 | AU G U S T 2 0 2 5

PHOTOS COURTESY: PRIMAVERA FARM

“ LEFT: THE FERTILIZED FLOWERS OF THE CACAO TREE DEVELOP INTO PODS, LIKE THESE ON PRIMAVERA FARM IN KONA. RIGHT: CACAO PODS COME IN A SPECTRUM OF VIBRANT HUES – RANGING FROM GREEN, YELLOW AND ORANGE TO RED, PURPLE OR EVEN MAROON – DEPENDING ON VARIETY AND RIPENESS.

WE’RE TRYING TO MAKE THE BEST CHOCOLATE IN THE WORLD, AND I THINK WE’RE DOING A BETTER JOB THAN PEOPLE WOULD REALIZE.” – DYLAN BUTTERBAUGH OWNER OF MĀNOA CHOCOLATE, TALKING ABOUT HAWAI‘I’S OVERALL CHOCOLATE INDUSTRY

in a totally different hierarchy of needs, right?” says Klassen. “If I tell you, ‘Hey, make me this candy bar, it’s got to cost no more than $2.50 at retail.’ Well, you’re going to be forced to make a lot more compromised choices.” Indeed, “Big Chocolate” has long been plagued by controversy. Industry giants like Nestlé, Mars, Hershey, Lindt & Sprüngli, and Ferrero have been linked to cocoa sources, mainly in West Africa, that have come under scrutiny for human rights violations, including unfair wages, dangerous working conditions, child labor and even human trafficking. According to the U.S. Department of Labor’s Bureau of International Labor Affairs, Ivory Coast and Ghana “together, produce nearly 60% of the world’s cocoa each year, but the latest estimates found that 1.56 million

children are engaged in child labor on cocoa farms in these two countries.” The bureau also says that 43% of these child laborers have been exposed to agro-chemical hazards and other safety risks, including lifting heavy loads, burning fields and using sharp tools. A 2020 report by the World Economic Forum states that the average cocoa farmer earns just $1 per day in Ghana and 78 cents per day in Ivory Coast. Both figures are far below the World Bank’s extreme poverty threshold of $1.90 per day. In comparison, the minimum hourly wage in Hawai‘i is $14 and will increase to $16 on Jan. 1, 2026. “The cool thing about building a local industry that’s agriculturally based is that we make jobs across a whole spectrum of things – we make farm, manufac-

turing, sales, marketing and retail jobs. That’s great news, but it’s a big ‘ohana to support. And to do that properly, we have to build a value proposition that has enough money in it to pay all those people properly in Hawai‘i’s economy,” says Klassen. There are dozens of cacao farms and chocolate companies across the four largest Hawaiian Islands. Many offer farm and factory tours, including Lonohana Estate Chocolate and Mānoa Chocolate. “We’re trying to make the best chocolate in the world, and I think we’re doing a better job than people would realize,” Butterbaugh says of Hawai‘i’s overall chocolate industry. “It’s kind of like stumbling on trying to make premier cru wine before people realized what that was.”

H AWA I I B U S I N ES S | 29

BY STEVE PETRA N IK

NFL Head Coach

Dan Quinn Describes His Leadership Style and Evolution The part-time Hawai‘i resident, who received top marks from the players union’s annual survey of each NFL team, talks about effectively listening, mentoring other leaders and sometimes being “the hammer”

AN QUINN HAS ENJOYED REMARKABLE SUCCESS AND SUFFERED HEARTBREAKING DEFEATS DURING 23 YEARS AS AN NFL COACH.

The part-time Hawai‘i resident is now starting his second season as head coach of the Washington Commanders after an impressive first season there: His team won 14 games in 2024 following a 4-13 finish the year before. The NFL Players Association surveys players each year and its latest report card names Quinn the highest-ranked head coach in the league based on player feedback. He received a perfect score on efficiency – how effectively he uses his players’ time – and the top score for receptiveness to feedback. I interviewed Quinn to learn how he leads, why he changed part of his coaching style four years ago, how being vulnerable can be a virtue and much more. Here is a condensed version of our conversation.

30 | AU G U S T 2 0 2 5

Q: In the players union’s annual survey, your players said you are very receptive to their suggestions. How do you effectively listen and act on what you hear? Quinn: You have to provide spaces for them to communicate with you. I’ve been in the NFL since 2001, and I’ve learned as much from players as I have from other coaches.

PHOTO COURTESY: DAN QUINN AND WASHINGTON COMMANDERS

“

That sounds like you’re not always following what they say.

Being able to help somebody become their very best is what I love about coaching most.”

Definitely not. And I don’t think they would want that either. [There’s] not a lot of discussion during the game – then it’s about the execution. But leading up to that is for exploring and being curious about other ideas. But on game day, that’s not the time to try something for the first time.

How do you ensure you’re listening to every key person, not just the extroverts and loudest voices?

What are you learning from them? All of it, including a lot of tactics, because what may work really well for one person may not work as well for the next. You learn something different from each. [A player suggests something, and I] might say, “Let’s give that a shot. I think that could work.” That’s part of listening, as a leader, to make sure you say, “That’s a good thought.” It may work this week, or maybe we’ll keep working that for a while and try it a few weeks down the road. But having the space to communicate with players is important.

Part of listening has to come from the assistant coaches. I know I’ve done a good job when I hear something coming back from a player that I said only to the assistant coaches in a meeting. I think to myself, “That coach did a good job of passing the message of what we want to do.” Another part of listening is getting to know the man before the ballplayer. Maybe who they’re playing for: “It’s for money.” “It’s for my child.” “I love competing.” If you can find out the why and you know the man, it makes a big difference, because then you know what they’re fighting for. It takes a while. It doesn’t happen in one week. Some players take longer to get to know.

When you came to Washington, you added some players who had played for you in the past, on other teams. Why was that important? Yeah, sometimes [they’re] people who can see around the corners or be in the rooms that you’re not. They understand [and explain to the other players], “Here’s what Dan’s trying to say,” or “Here’s what he means,” because then it’s not just one voice of leadership, it’s multiple. Early in my career, I thought leadership was me. How do I lead them? As I got further along, I realized it’s really as much about developing the leadership in others and bringing it out of them. Now, leadership is about them, what they stand for. That’s been a big shift for me. I have to be the voice of direction, and at times be the hammer. I also know I have to develop the next group of leaders.

H AWA I I B U S I N ES S | 31

PHOTO COURTESY: DAN QUINN AND WASHINGTON COMMANDERS

“

Early in my career, I thought leadership was me. How do I lead them? As I got further along, I realized it’s really as much about developing the leadership in others.”

32 | AU G U S T 2 0 2 5

That’s different from a player in the middle of their football career. For that player, it may be, “This time we do this and this, these two things.” And for the older player, maybe this is their last go of it. “Take care of your body because you’ve been playing for a long time.”

Using players’ time effectively is key for any NFL coach, and the players survey suggests you do that especially well. What are your guiding thoughts? Players make a lot of sacrifices. Their families make a lot of sacrifices too. So I want to make sure that on their breaks, they get away from football and find their own balance, and that the times when they are away from their families are productive and meaningful. The times we’re together are really intense – all their focus, all their energy and intensity. We have families come for Saturday morning walk-through practices before Sunday home games. It’s a way for the families of players and coaches to connect. A food truck or ice cream truck comes after practice. There’s nothing like it: 100 kids on the field together, yelling and full of energy, and kind of growing up together.

When you assess players for a football team, their physical characteristics are most important. What else do you value? First and foremost, what’s behind the rib cage? Why is playing here, competing for us, so important? Is this person really committed to doing it? The other thing I want to find out is what kind of resilience they have. Most people, whether it’s in football or in life, they’re going to go through things, so they better have some resiliency. So finding out what they’ve been doing, where they’re at, how they’ve dealt with that – I think that’s a pretty good indicator of how they’re going to respond when it gets hard. Because let’s face it, whether it’s in sports or business or in life, there’s going to be hard moments, and how you’re going to respond and react and behave in those moments tells a lot about the type of teammate you are and [whether you] can be counted on.

But even resilient people can get discouraged by hard times. How do you help pull people out of that?

It’s being able to respond to what the individual needs at that time. But in the end, the connection between everyone is really what pulls you out, because you’re not going at it alone. Not everybody has the same energy every day: “If you pull me up today, I’ll feed you tomorrow.”

That requires trust in each other. How do you build that trust? It takes a while and it does require honesty. At times, you must have hard conversations – you don’t have to be a jerk to do it – whether it’s performance-based behavior or whatever. Pro ballplayers have been BSed at some point – you know during recruiting [by colleges], etc, so we need to shoot it straight. “This is what we expect. This is what we need.” And more times than not, I felt they responded best. If they aren’t aware that they’re not hitting their marks, that’s a real problem. So having the selfawareness, knowing where they’re at and then we can say, “These are the things I think we need to do over the next couple of weeks to fix those things. If you can do those, then I think it’s not going to stay at that space.”

It’s customized per person. The youngest players may need to hear, “You can do it. You belong in this league.” Assuring them you have their back, you have a vision for what they can do, even if they can’t see it. Tell them, “Here are the things you need to keep working on.”

H AWA I I B U S I N ES S | 33

After you were fired as head coach of the Atlanta Falcons midseason in 2020, you did something out of the ordinary: You asked a TV sideline reporter to collect confidential feedback from 30 to 40 people who had worked with you – some were supporters, but others were people you had cut or fired. When you got the anonymous feedback, you focused on the negatives, not the positives. What did you learn and how did you correct those shortcomings? I followed a format similar to a business 360 review. In Atlanta, I worked for Arthur Blank [owner of the Falcons and co-founder of Home Depot], so I was familiar with what a 360 was in business. I wanted to do it from a football perspective. Questions like, “What went well?” “What could have been done differently?” But it wasn’t just people at the organization; there’s some players from a previous team, coaching staff, front office. I wanted to find out if I had any blind spots, and the purpose behind it was my next lap. In the next shot, I wasn’t going to repeat the same mistakes. I got the feedback while I was in Hawai‘i, and, wow, it was insightful. I went past the good things quickly down to the bottom. It didn’t matter to me who it came from. In fact, I didn’t want any names attached. Some people called me – “Do you know this is happening?” and [I’d respond,] “Yeah, I want you to answer.”

34 | AU G U S T 2 0 2 5

It was helpful, because going into my next stop, I was able to apply some of those things that I specifically wanted to do better. At the time I was let go, I thought it was the worst thing that could happen professionally – early in a season [after an 0-5 start]. Looking back on it now, it was the best thing, because I don’t know if I would have had the same reflection time had I been let go in January and then started somewhere else soon after. That space, on vacation, although uncomfortable, gave me the time to find out what I could do.

Great leaders often say you don’t learn from success so much as failure. Yeah, I didn’t want to repeat anything that potentially I could change. But you don’t have to wait until you’re let go or wait for the numbers to fall. You just have to be reflective enough. Even when it’s going good, you can ask: How can it go better?

What was the main thing you learned from that 360? Like a lot of business leaders, I like solving problems, so I was probably spreading myself too thin. “How can I get the most out of this person?” “I can help with that.” “That’s interesting, I can help with that too.” Before long, I was working harder than I ever had but having fewer results. So it was important to delegate. [Now it’s,] “This is the project we need to get done. See me on Thursday at 3 o’clock.” That way my focus could be on the really important decisions that we have each week, game plan-wise, team-wise. I really took that feedback to heart. My previous way of doing things came from a good place – of

wanting to help – but it wasn’t the right thing to do. Now I want to make sure I keep the main thing at the very front of the line. Today, the follow-through has become so much more important to me than just the idea. Is it going to be applied? If we have done all the preparation and made the right call, then even if it doesn’t go your way, I can live with the results.

Who are your leadership role models, inside and outside of football? Mostly coaches that I worked with. My first job in the NFL was for the 49ers, and Steve Mariucci was the head coach. Another was Nick Saban [when he was head coach of the Miami Dolphins], and after that, the Seattle Seahawks with Pete Carroll. Those three guys, all of them were different, but, man, watching them build an organization, getting everyone on the same page – in college, you didn’t have that as much. By going to those NFL teams, when you walked into the building, everybody knew this is how you do things. And with those three, Mariucci, Saban and Carroll, you felt that players knew it, staff knew it, it really clicked. Outside football, the NBA has done such a great job of developing players. So I enjoy visiting with NBA coaches, although it’s not schematically the same, there’s a lot you can learn about taking a player from point A to point B and then taking them from being very good to becoming great.

You’re a very open person. What role does vulnerability play in building trust? Great topic. There has to be vulnerable spots, so others know, “I can count on this person.” They’ve been through an experience that they’ve shared [with staff and players] on why it went well or why it hasn’t.

“

Today, the follow-through has become so much more important to me than just the idea. Is it going to be applied? ”

You plan for everything, but things can go wrong. How do you know when it’s time to change the plan?

Last question: How do you handle egos? Your people are getting paid millions of dollars. It’s not just players; it’s coaches, ownership, all of it. I think it still comes back to the relationships. And if you have a good relationship, [you can say], “Hey, what’s going on? You’re not yourself right now.” And if you’ve built that relationship over time, “I’ve got you.” If you don’t have that, it’s much more difficult.

For the people who are not super football fans, please explain how many people you lead?

Early in my career, I thought, “This is how it’s going to go.” Now I’ve become much more accustomed to saying, “Adversity is coming. Things are going to have to change.” So we practice a lot of the situations – being behind, being ahead – so we can react to those each week. Every practice, from training camp through the regular season, will include some of those situations: 8 seconds left, 15 seconds; with a timeout, with no timeout; you’re down two scores, you’re down by one; you’re ahead by one, you’re ahead two. If we do those over and over, those situations in the game will feel normal for everybody. Games are super tight and intense, but the more we’ve done them in practice, we have something to go back on.

You have 53 players on the team, 16 on the taxi squad [reserve players], 20 to 25 coaches. There are 90 that come to training camp; you cut the roster down to 53, then you can add practice squad players.

The situations don’t come up every week: Sometimes we practice something in September and we don’t do it again until November, but we have done it. I want the players to really feel ready for those spots.

It’s always changing. No team is the same from year to year. There’s a draft [by all NFL teams of college players] and injuries. That’s why I think having a culture and a standard that you must meet as a teammate, as a coach, is really important.

Sometimes on a dry day, I’ll make the football wet – spray it, dunk it in a bucket – so we’re able to play in the rain. Some practices we were under 30 degrees, and the players were not happy, but that’s what January football is like in Washington, D.C.

Being able to help somebody become their very best is what I love about coaching most. First see if we can help the coaches elevate, that helps the players. You can’t ask the players to improve and not ask the coaches to improve. It takes vulnerability to say, “I’ve screwed this up with a player before. I’m not going to make those same mistakes.” Those things make a big impact. Our time together is short, so make sure you use the time well. If you do that right, it multiplies in the locker room. Then they can start trusting and being vulnerable with the next group of players.

I’m much more one to go directly at it to say, “Hey man, that doesn’t sound like you. Are you pressing? Are you over-trying here? What’s the cause of this because you’re a great teammate and that doesn’t sound like you.” Those are things that can kill a team. Pride, performing well, being excellent – love that. But if I feel like it gets in the way of the team, that’s different. So I allow some space. But if I feel like you’re going over the line into it’s more about me, I say, “Hey man, come over here and stand next to me for a while.” We’re not going to allow one person’s ego to disrupt the team, because we’re playing for something much bigger than ourselves. Once it crosses the line into “It’s more about me,” then [I’ll say,] “If you’re not going to get back on board with the program, then next week you’re going to sit over there.” H AWA I I B U S I N ES S | 35

ORIGINAL PHOTOS GETTY IMAGES, ILLUSTRATION: HAWAII BUSINESS

s ’ i ‘ i a H aw lt u r a l u c i r e Ag r u Fut

r is zoned fo d n la s i’ i‘ a w of Ha d is Almost half ut only 7% of that lan ups, food ,b agriculture ed for crops. Farm gro vitalize rm actually fa d the state want to re p is an an producers try, and one crucial ste es the in s u the ag ind -year study that exam s, solar rm o ongoing tw emands for land for fa d . g s competin sing and other use u projects, ho 36 | AU G U S T 2 0 2 5

BY PER RY AR R AS M I T H

AKING AGRICULTURE A VIABLE INDUSTRY IN TODAY’S HAWAI‘I IS A DAUNTING TASK. Biosecurity,

agricultural crimes, infrastructure, land availability, an aging workforce, limited markets and few food processing centers are among the barriers facing this comparatively small segment of the state’s economy. But the state is planning and building a new network of opportunities and support intended to reinvigorate Hawai‘i’s agricultural sector. “It was generally thought that when sugar and pineapple plantations shut down, former plantation crop land would be cultivated with numerous smaller crops,” wrote UH economists Sumner La Croix and James Mak in 2021. “Instead, much of it lies fallow.” So true, but after decades of decline and stagnation, conditions may be ripe for a rebound in diversified agriculture.

“THE DEPARTMENT’S BACK” The state Department of Agriculture was renamed the Department of Agriculture and Biosecurity on June 27, marking a new era for the agency, with new responsibilities and increased collaboration with other state agencies. Director Sharon Hurd says the legislation that passed this year prioritized biosecurity and the deterrence of agricultural crimes, like theft of crops, livestock and equipment, and increased access to capital for agricultural entrepreneurs. The department’s kuleana is massive. “All those readers at the supermarket, we check those. We check gas [pump] meters. We check taxicabs. We check scales at the farmers markets. Any measuring device is under our purview, in addition to

biosecurity, land and water for agriculture, loans, marketing.” Last year, Gov. Josh Green signed Act 231 to create 44 positions for entomologists, plant quarantine inspectors, environmental health specialists and others. It was one of the most significant expansions of the department in 30 years. The increase was driven by increased public awareness of invasive species statewide. “Biosecurity was less important when it was only impacting agriculture,” explains state Rep. Kirstin Kahaloa, former chair of the House Agriculture & Food Systems Committee. “As soon as it started impacting families in their yards, when it impacted schoolkids on their playgrounds, and now the beautiful landscape of our coconut trees across our street, now it has elevated to the level that we’ve needed for many decades.” Ironically, these positions existed over a decade ago, but the 2009 Legislature reduced the Department of Agriculture’s budget by 19% and devastated institutional memory and expertise. As a result of the reduction in force order, 96 of the department’s 214 general-funded positions were eliminated. Following the 2009 layoffs, the Hawaii Invasive Species Council, Ulupono Initiative, UH’s Coconut Rhinoceros Beetle Response team and Ant Lab, and other organizations, struggled to fill the void. But the crippling of the department’s biosecurity functions continues to reverberate. “We’re still coming back from that,” laments Hurd. “These 44 positions that the Legislature was so kind to give us last year just bring us back to where we were in 2009. Now we have a chance to build from there.” Among the species the department needs to target are the coconut rhinoceros beetle, coqui frog, little fire ant, rose-ringed parakeet and two-lined spittlebug. But, Hurd declares: “The department’s back. We’re back to where we were.”

A TWO-LEGGED STOOL “There is an old saying that beginnings are delicate times, and with the pace of our modern world, that statement is even more valid,” wrote Bart Jones in 1994, when he was a member of the Honoka‘a Farmers Cooperative of East Hawai‘i Island. That was when the Hāmākua Sugar Plantation went bankrupt and closed, part of the overall decline of sugarcane in Hawai‘i. Jones knew establishing a new agricultural regime would prove harrowing. “It is very easy to kill a seed, and it is easy to destroy a seedling, and it is very difficult to establish and maintain all the elements that are necessary to develop a new crop,” he wrote at the time. 1994 was also the year the state Legislature declared: “Within the next decade, 75,000 acres of agricultural lands and 50 million gallons per day of irrigation water are expected to be released by plantations. The downsizing of the sugar and pineapple industries will idle a valuable inventory of supporting infrastructure including irrigation systems, roads, drainage systems, processing facilities, workshops and warehouses.” Transferring fallow agricultural lands and their infrastructure to new uses was the primary mission of the Agribusiness Development Corp., which was established that year. However, multiple reports have criticized the ADC, including research reports issued by the Legislative Reference Bureau in 1997 and 2007 and a scathing performance audit in February 2021. “More than 25 years after its creation, we found an agency that is generally unaware of its unique powers and exemptions, and has done little – if anything – toward achieving its statutory purpose,” the state auditor reported in 2021. When longtime ADC Executive Director James Nakatani died in April 2023, the beleaguered agency was at a critical juncture. Four months later, Wendy Gady got the job.

H AWA I I B U S I N ES S | 37

Gady exudes a dogged, collaborative and transparent attitude. Since September 2023, she has publicly released weekly reports, which function as briefings on the ADC’s work. (Find them at dbedt. hawaii.gov/adc/reports.) Furthermore, the ADC has made efforts to address historic sources of criticism. In November 2024, the state auditor’s office found the ADC had fully implemented 30 of the 36 recommendations in its 2021 audit. The other six were no longer applicable. Gady says the agency’s agenda is to find partners who align with its mission of building a new statewide food system: “We’re looking for radical collaborators. We’re looking for talent. We’re looking for farmers. We’re looking for food entrepreneurs.” To much of the general public, the Agribusiness Development Corp. – part of DBEDT – appears at first glance to duplicate the role of the Department of Agriculture, but Gady explains the difference. “They are regulatory, so they handle everything from plant quarantine to invasive species.” The Department of Agriculture also works with small, beginner farmers. Its “agricultural parks are designed for people that are just starting out.” Once a farmer is more firmly established, the next step is the ADC, Gady says. “When you’re ready to graduate, you’re graduating to ADC. And that creates new room in the agricultural park for a new entrepreneur to come in and hopefully get birthed into the ADC.” To use a business term, much of ADC’s mission today is to bring fledgling agricultural businesses to scale. Providing long-term licenses to operate on ADC lands – up to 35 years – provides stability for farmers who may be working on month-to-month leases under private landlords. And stability for farmers means stable food systems for consumers

38 | AU G U S T 2 0 2 5

and a foundation for Hawai‘i’s food security. “We have to make things work here. We can’t count on the white horse to come in on a ship,” Gady says. Much of ADC’s current focus is the maintenance of irrigation infrastructure on Kaua‘i and O‘ahu – infrastructure that creates the capacity for irrigated agriculture. The Kekaha ditch system supplies the East Kaua‘i Irrigation System and the Waiāhole water system on O‘ahu feeds the Wahiawa Irrigation System. “The future of agriculture consists of infrastructure facilities around application and irrigation,” explains Dane Wicker, deputy director of the Department of Business, Economic Development & Tourism, which includes the ADC. “All of those are high-cost [investments] that no farmer alone – or collectively – can support financially. If the state is going to be serious about food security and resiliency, then the state needs to make investments in land acquisition,” and then plan, design and build those key facilities, Wicker says. “That’s the future of agriculture.” The vast majority of ADC’s portfolio is focused on O‘ahu and Kaua‘i. Kaua‘i alone accounts for about 80% of the ADC’s inventory of land, though there is interest in expanding capacity on Hawai‘i Island and Maui. It’s a matter of time, money and available parcels suitable for cultivation, acknowledged Wicker and Gady. The state’s budget for the fiscal year 2026 sets aside $39 million to buy 1,000 more acres on Kaua‘i. There are also plans to spend $17 million to build a small animal processing and storage facility on O‘ahu, which would lead to more Hawai‘iraised meats for consumers. Two relatively new facilities help turn ag produce into sauces, snacks, jams, cookies and more: The Wahiawā Value-Added Product Development Center, opened in April 2024 on O‘ahu, and the Maui

Food Innovation Center, opened in November 2022 in Kahului. The Local Food Coalition, an alliance that includes the Land Use Research Foundation of Hawaii, UH’s College of Tropical Agriculture and Human Resilience, the Ulupono Initiative, Hawai‘i Farmers Union United and the Hawaii Food Industry Association, emerged as a key proponent for this network. “Value-added manufacturing plays an indispensable role in bolstering both our agricultural sector and the broader economy,” testified the coalition to the Legislature on April 1. “Establishing a network of open-access food and value-added product development facilities is not merely an aspiration but a necessity in our quest for agricultural and economic sustainability.” Among the coalition’s goals is to add incubators on other islands, like those in Wahiawā and Kahului. “These spaces are where small businesses can safely and affordably produce value-added products, like jams, jellies, sauces, pickles, dry goods – anything coming from local agriculture and something that can now have shelf life,” says Kahaloa, who represents the Kona district of Hawai‘i Island. “There’s been a lack of access to certified kitchens. It’s very expensive for agriculture to be able to create their own facility for one value-added commodity. What this does is really break barriers, especially in our rural communities and former plantation communities across Hawai‘i.” The state is trying to increase demand and generate a market for local ag products, beginning with vendors across government departments. A 2019 law committed Hawai‘i to doubling food production by 2030. In 2021, a farm-to-school program was established within the Department of Education; it mandated that 30% of all food served in public schools consist of “locally sourced products” by 2030. Another law set goals for every “principal department” in state government to procure a certain level of locally sourced products when it contracts for services.

The future of local agriculture appears heavily contingent on sustained government investment. As Gady explains, “ADC was created to step in as sugar and pineapple stepped out. We were a three-legged economic stool [in the past]: We had ag with sugar and pineapple, we had tourism, we had the military. When you take sugar and pineapple out, your stool is really unbalanced. You only have two legs.” Restoring the stool’s third leg would still require agricultural interests to navigate competing demands for agricultural lands, including solar projects.

MOST AG LANDS ARE PASTURES The Hawai‘i State Data Book estimates that 1.93 million acres of land is zoned for agricultural purposes. That’s a lot – almost half of the land in Hawai‘i. The landmass of all the Hawaiian Islands together, except for Hawai‘i Island, totals only 1.54 million acres. The 2020 Update to the Hawai‘i Statewide Agricultural Land Use Baseline found that only 886,211 acres of land – less than half of all agriculturally zoned lands – presently are used for agriculture. Most of that land is set aside for pastures. Only 120,632 acres – less than 7% of all agriculturally zoned lands in Hawai‘i – were under crop cultivation, according to the land use update. With so much agricultural land unsuitable for cultivation due to soil quality, lack of water, isolation and unsuitable terrain, there is a natural question: How do we effectively use all of Hawai‘i’s agricultural lands? While agencies like the Agribusiness Development Corp. are working to bring more agricultural land into cultivation, solar energy facilities have been permitted on agricultural lands that meet certain classifications.

That pits agricultural projects against solar projects and clean energy goals. House Bill 778, passed this year by the Legislature and signed into law by the governor, calls for an integrated land use study to inventory all of the grand goals set by the Legislature through the years. The new law states that “multiple climate and sustainability statutory targets have been enacted in the State, including developing at least 22,500 affordable rental housing units, doubling food production, increasing food exports, requiring the Department of Education and University of Hawai‘i to become netzero in energy use, requiring that all of the electricity generated in Hawai‘i comes from renewable sources, sequestering more atmospheric carbon and greenhouse gases, requiring all state and county facilities to use reclaimed water, and requiring the mandatory upgrade of all cesspools.” It is a daunting list of targets. For the next two years, the law requires the state’s sustainability coordinator, Danielle Bass, to facilitate conversations and collect “data-based estimates on the amount of land required” to meet the needs of these competing uses within agricultural districts. To do so, the Office of Planning and Sustainable Development must compile and analyze existing data while working with farming groups, counties, community members and state government entities. The goal is to “clearly define and prioritize the protection of productive agricultural lands to prevent further encroachment from nonagricultural developments, including developing measures to ensure agricultural lands designated for agriculture production are not compromised for short-term development needs.” Balancing the state’s multiplying mandates is a crucial overdue conversation for state planners. “We have our urban growth boundaries. We have our general plans. We have our sustainable community plans,” explains Bass. “But what are we

doing? We’re still being reactive instead of being proactive in terms of land use.” The Office of Planning and Sustainable Development’s study could set the trajectory of any agricultural resurgence, says Wicker, the DBEDT deputy director. “Until we know what lands are critical for food production, we cannot piecemeal and say ‘OK, solar farm you go there,’ or ‘Biofuel, you go there,’ because [these uses] may not be able to coexist with the land we’ve identified for crop production.” Coordinating competing uses is the goal, Bass says. “When I see these three big buckets of housing, energy, agriculture, it’s less about the competing uses of the same land.” Instead, coordination among stakeholders is key. There could be enough land to balance these competing needs and even rezone certain agricultural lands for conservation, but such work would have to be coordinated.

THE CHALLENGES AHEAD Perry Philipp, a UH College of Tropical Agriculture professor, wrote in 1953: “It is evident that many of Hawaii’s diversified agricultural industries show promise for expansion and that such expansion would materially strengthen Hawaii’s economy. To bring it about [Hawai‘i needs people with] vision, enterprise, venture capital and capacity for hard work.” As Governor Green signed several pieces of agricultural legislation into law on June 27, Philipp’s attitude returned to my mind. “Farming and ranching are a tough business,” Brian Miyamoto, executive director of the Hawai‘i Farm Bureau, said at the event. “Land use, water, labor, energy, supply chain disruptions, natural disasters: These are issues that our farmers deal with every single day.” True in 1953, true today and true, undoubtedly, into the future.

H AWA I I B U S I N ES S | 39

40 | AU G U S T 2 0 2 5

SPECIAL SPONSORED SECTION

One Community, Many Hands Kaiser Permanente and its many community partners are committed to Maui's continued path to recovery.

H AWA I I B U S I N ES S | 41

PHOTO: COURTESY MAUI UNITED WAY

SPECIAL SPONSORED SECTION

Maui United Way helped fund a food security program with the nonprofit Our Kupuna that delivered groceries to Maui fireimpacted seniors.

Stronger Together Philanthropic initiatives such as the Maui Recovery Funders Collaborative and Funder Hui, help streamline funding and expand awareness of community needs.

aui’s recovery from the devastating August 2023 wildfires is a long journey. It’s currently in the recovery and stabilization phase, the third of four phases as outlined by the Hawai‘i Community Foundation — and the one that will take the longest and cost the most money. It focuses on rebuilding, strengthening health, and supporting community organizations. Despite the challenges, progress is being made through a combination

42 | AU G U S T 2 0 2 5

of community-led initiatives and collaborative philanthropic efforts. Among these, the newly formed Maui Recovery Funders Collaborative plays a pivotal role. It was established in January by the Hawai‘i Community Foundation, Maui United Way, and Kaiser Permanente to bring together a philanthropic network of organizations to support critical recovery areas, such as housing, behavioral health, economic development, and cultural preservation.

The Collaborative allows nonprofits to apply for multiple grants from a single-entry point, reducing time and effort. “The concept is that this isn’t a pooled fund, it’s a pooled application,” says Keanu Lau Hee, senior director for the Maui Recovery Effort at the Hawai‘i Community Foundation. “The Maui Recovery Funders Collaborative streamlines the application process for nonprofits, reducing administrative burden while expanding access to critical support. Just as importantly, it serves as a shared platform for funders to view Maui’s recovery landscape collectively,” says Lau Hee. “By exchanging information and insights, we’re able to coordinate funding, identify unmet needs, and collaborate on strategic investments. This collective approach ensures that individual philanthropic efforts are more aligned, impactful, and responsive to the evolving needs of the community.”

SPECIAL SPONSORED SECTION

PHOTO: COURTESY FUNDER HUI

Giving by the Numbers KAISER PERMANENTE HAWAI‘I INVESTED A TOTAL OF

$38,252,000 INTO OUR COMMUNITIES IN 2024.

CHARITY CARE AND COVERAGE*

$24,280,000 *INCLUDES UNCOMPENSATED CARE

GRANTS AND DONATIONS Funder Hui hosts events and speaker series for philanthropists.

Nonprofit applicants will save time, Lau Hee says, because they’ll no longer have to seek out each funder individually to ask for assistance. And it’s good for funders, too. Through the Collaborative, they’ll know right away what projects need funding next. One of the founding members of the Collaborative, Maui United Way, has both written and fiscally sponsored grant proposals for many organizations since the fires and has seen firsthand how this new approach makes the process more efficient. “Prior to the Collaborative, it was very time-consuming, and we had a lack of capacity to write all of grants our community needed,” says Jeeyun Lee, director of impact at Maui United Way. She says the Maui Recovery Funders Collaborative will “help streamline that process and create more accessibility for newer, more grass-

roots organizations as well as existing nonprofits within the realm of philanthropy.” Since the Collaborative was formed in January, a dozen members have joined and over $5 million has been distributed. Discussions are ongoing, with members meeting several times a month to examine recovery efforts. “Through our conversations with funders, nonprofits, and community leaders, it became clear that a more coordinated approach was needed — one that reduced burdens on applicants and helped funders move in alignment,” says Kehau Meyer, senior program officer for the Maui Recovery Effort at the Hawai‘i Community Foundation. “The Maui Recovery Funders Collaborative formalizes that vision into a model that supports shared strategy, collective accountability,

$6,124,000

HEALTH PROFESSIONAL TRAINING AND CONSUMER HEALTH EDUCATION

$4,165,000

RESEARCH

$2,415,000 OTHER

$1,269,000 H AWA I I B U S I N ES S | 43

SPECIAL SPONSORED SECTION Common Ground Collective, a nonprofit promoting food security, organized efforts to purchase food and feed Maui fire survivors.

Widespread Impact Over the last two years, Kaiser Permanente has expanded its reach by offering free health care, supportive services, and health insurance for those affected by the disaster, while continually seeking ways to strengthen long-term community recovery. “That level of thought and care for the community is hard to capture. But you know, just the commitment they’ve made to both supporting the backbone infrastructure of the Collaborative as well as their continued presence in our discussions is a huge contribution to Maui’s recovery,” says Lau Hee. Kaiser Permanente also supported the Maui Wildfire Exposure Study (MauiWES), which assesses public health impacts from the fires, and provided critical funding to the Common Ground Collective nonprofit, whose mission is to increase food security. “It was crucial,” Jennifer Karacas, executive director of the Common Ground Collective, says of the funding. The collective has played a vital role in Maui’s recovery by filling gaps in food access. “We couldn’t have done it without them and other funders.” Additionally, Kaiser Permanente is a philanthropic partner of the nonprofit Funder Hui, an association of funders and philanthropic-serving 44 | AU G U S T 2 0 2 5

PHOTOS: COURTESY COMMON GROUND

and real-time responsiveness. It’s a structure built with community partners that we believe can be replicated to strengthen recovery efforts here and beyond. “Kaiser Permanente has been an incredible partner in the health space," says Meyer. Not only have they invested significantly in urgent care needs, but they also stood up clinics quickly and transparently shared their strategies and lessons learned. That kind of openness has strengthened the entire effort.”

organizations that launched in 2020 in the wake of the COVID-19 pandemic. “Kaiser Permanente provided a grant to Funder Hui, which allowed us to continue these really powerful community convenings on Friday mornings,” says Ashley Lukens Wilder, director of the Funder Hui. “In those, you really see us navigating what’s happening, and who’s being affected, and how they are being affected, and how resources are being mobilized.” Although Funder Hui and the Maui Recovery Funders Collaborative are both made up of funders, they each have distinct purposes. Funder Hui explores a broad range of topics, engages with subject matter experts, and facilitates discussions on how to collectively respond. The Collaborative is focused specifically on supporting and funding Maui’s recovery.

Since 2020, Funder Hui has organized over 150 in-person and virtual community-led conversations about a variety of topics, including Maui’s recovery status and needs. “The Kaiser Permanente team was in it from the moment things started to unfold,” Wilder says. “What I observed was a really deep commitment to listening to the community and really trying to understand what community needs were, not just immediate needs, but also long-term visions for health and wellness and resilience.” And as recovery continues, philanthropic initiatives like these, grounded in collaboration and collective dedication, help to accelerate Maui’s path ahead.

PHOTOS: COURTESY HAWAI‘I ISLAND COMMUNITY HEALTH CENTER

SPECIAL SPONSORED SECTION

Maui resident Kristina Silva-Pedrero is pursuing her clinical license.

Hawai‘i Island Community Health Center is one of the sites for the Hawai‘i Mental Health Workforce Accelerator Program.

Growing the mental health care workforce Kaiser Permanente is investing in Hawai‘i’s mental health future workforce through a UH postgraduate program.

ore than 50 million Americans are living with mental illness, yet there is only one mental health provider available for every 350 people. That means that nearly 55% of adults with mental health conditions can’t get the treatment they need, according to the National Council for Mental Wellbeing. “Most therapists are maxed out. They have waiting lists for individual type therapy and clinical services. Job postings often go unfilled because there’s much greater need than there are people to fill those positions,” says Aimee Chung, field education coordinator at the University of Hawai‘i Thompson School of Social Work & Public Health. “Although we put out a lot of graduates every year, it’s still challenging to meet the need in the community.” Last year, the Thompson School of Social Work & Public Health launched the Hawai‘i Mental Health Workforce Accelerator Program through a partnership with Kaiser Permanente. The program aims to increase the number of qualified licensed mental health and substance use treatment clinicians by

reducing the barriers to licensure. Right now, obtaining a license is expensive and must be pursued after graduation. “Kaiser Permanente wanted to look for ways to give back to the community and expand the clinical workforce, and therefore, expand the number of community members able to receive mental health services,” says Chung. “And it’s not just about expanding, it’s about diversifying. We want a workforce, a clinical workforce, that looks like the community.” Overcoming barriers Health centers, nonprofit providers, and medical institutions can apply to participate in the Workforce Accelerator program, and if chosen, they can hire full-time employees through the initiative. Chung says that 22 sites have applied and over 100 potential job candidates have expressed interest. Candidates must already have their master’s degrees and the desire to achieve licensure in two years. The program’s goal is to get 20 people licensed over the course of the two-year grant. The benefits are significant for can-

didates, who in some cases would have to pay for the required 3,000 hours of supervised clinical social work experience on their own. In the program, Kaiser Permanente covers the costs and the employee is paid a stipend. A recent graduate and Maui resident, Kristina Silva-Pedrero wasn’t sure that she had the capacity to pursue her clinical social worker license after the Lahaina wildfires. “We lost our house and my son was 5 days old. All these things happened, so I was going to put that off until we could rebuild our ancestral home, or until we found stability again and a sense of normalcy,” Silva-Pedrero says. “But because of this program, I was able to find employment.” Silva-Pedrero was in the Accelerator's first cohort and works at one of the approved program sites, Catholic Charities Hawai‘i. She says she is over halfway to completion and the program has saved her a lot of money. “It costs like, oh gosh, anywhere from $1,000 to $3,000 for just licensure. It’s a lot and that’s not including what people pay for supervision hours,” says Silva-Pedrero. She approximates the cost she would have had to pay to find a supervisor on her own as anywhere between $85 to $150 an hour. In the program, Kaiser Permanente covers the costs of clinical supervision and supplements candidates’ salaries.

H AWA I I B U S I N ES S | 45

Rural impact On Hawai‘i Island, the Hawai‘i Island Community Health Center is another Accelerator site. The shortage of on-island therapists has led some centers to recruit outside of Hawai‘i, but folks at the Hawai‘i Island health center hope that programs like the Accelerator will assist in developing a bigger local workforce. “We’ve had this goal of really growing our own therapists, not only in the state, but within our county,” says Katherine May, behavioral health director at the Hawai‘i Island Community Health Center, which reaches underserved

Room to Breathe Maui schools are prioritizing mental health and well-being for teachers and staff. Lahainaluna High School and Lahaina Intermediate School opened specially designed wellness rooms on their campuses last year with support from Kaiser Permanente. These dedicated spaces offer teachers and staff members, many of whom were impacted by the wildfires, a place to relax, decompress, and recharge. Unlike faculty break rooms, which are busy facilities and sometimes utilized for other purposes,

46 | AU G U S T 2 0 2 5

Hawai‘i Island Community Health Center believes the Accelerator program will increase on-island mental health workforce recruitment.

and at-risk populations and provides care across the island. “We’re rural health on Hawai‘i Island, and so if we can grow our own, it allows us to have providers who are from the communities that they’re serving, that have knowledge of the cultures and the communities that they’re working within, and that really helps us build practitioners.” Experience has shown that talent from outside of Hawai‘i is easy to find and hard to retain. “There’s a huge need

wellness rooms provide a calm space just for staff with massage chairs and yoga mats. “The wellness room is more than a break room; it is a sanctuary. It has lounge areas with comfortable chairs and couches that were donated by a local hotel. There are games and puzzles for staff members to play,” says Nicole Heinlein, vice principal of Lahainaluna High School. “The teachers never had a space on campus to congregate and relax together. Some would hang out in each other’s classrooms, but it wasn’t the same,” continues Heinlein. “We needed a common space to foster camaraderie and cultivate a positive campus culture among our staff, from teachers to café workers and custodians.” Teachers and staff can access the wellness rooms any time of day. They can grab a snack or a drink, cool off in the air conditioning, stretch, or just enjoy some quiet time. The spaces fulfill a long-standing need expressed by the schools’ teachers and were brought to life through a partnership between the Parent Teacher Student Associations (PTSA) and Kaiser Permanente.

for culturally aware therapists from Hawai‘i. It’s a very unique place culturally, with the diversity, in conjunction with just apparent lack of resources out here, so it’s a unique place to practice,” says Brandon Kang, clinician supervisor for the Hawai‘i Island Community Health Center. “I think being able to see the community need and then create and grow therapists from our community has really been a big need, and I hope it continues,” Kang says.

“Teaching is a very challenging career and for teachers to be their best, they need to have the resources to mentally, emotionally, and physically feel good,” says Stacy Bookland, principal at Lahaina Intermediate School. “It will hopefully reduce stress, promote self-care, and reduce staff absenteeism.” At Lahaina Intermediate, PTSA members “painted, cleaned, and organized the space; they brought in a small fridge, water dispenser, furniture, and snack boxes,” Bookland says. “Kaiser Permanente's role was critical for our PTSA to purchase the supplies needed for the staff wellness room. Without their financial contribution, we would not have been able to create the space.” The schools are now witnessing firsthand how the spaces are uplifting their staff. “Teachers might see teachers they don’t normally encounter on campus in the wellness room and get a chance to catch up and talk story, even for a few minutes,” says Heinlein. “Walking into our wellness room always brings a smile to my face when I see teachers enjoying themselves, chatting, smiling, and having the space to enjoy their time together.”

PHOTO: COURTESY LAHAINALUNA HIGH SCHOOL

Candidates also receive support for study materials and fees associated with testing. “Normally, you’d have to pay for that, and that’s a lot of money,” says Silva-Pedrero.

PHOTO: COURTESY HAWAI‘I ISLAND COMMUNITY HEALTH CENTER

SPECIAL SPONSORED SECTION

H AWA I I B U S I N ES S | 47

SPECIAL PROMOTIONAL SECTION

HAWAI‘I MEDICAL SERVICE ASSOCIATION

MAHALO TO HAWAI ‘ I ’ S TOP B US I N ESS ES FOR CHOOS I N G H M SA

e’re proud to partner with many of Hawaii Business Magazine’s Top 250 companies – business leaders that understand the value of caring for their team. By choosing HMSA, companies are making thoughtful decisions that go beyond daily operations – making a meaningful investment for the health and wellbeing of their teams. For more than 87 years, HMSA has been the plan of choice for Hawai‘i’s businesses. Whether it’s helping an employee with access to care for chronic conditions, mental health support, or finding care close to their home or workplace, HMSA is here

48 | AU G U S T 2 0 2 5

to help support members no matter where they are in life. With more than 750,000 members, HMSA covers more than half of Hawai‘i’s population and is the most experienced health plan in the state. As a recognized leader, we embrace our responsibility to strengthen the health and well-being of our community. Caring for the people of Hawai‘i is our promise and our privilege. Whether teams have five employees or 5,000, HMSA is honored to work with businesses to offer the best health plans for their team. With the support of robust health plans, employees have the freedom to choose from more than 10,000 trusted doctors, specialists, and other health care providers statewide; well-being resources that suit individual needs; and access to our expansive Blue Cross Blue Shield network wherever

2025

they may go on their travels away from Hawai‘i. To the businesses we work with, from family-run to mom-and-pop shops to some of Hawai‘i’s largest employers, mahalo. Thank you for your continued partnership and trust as you grow your business and invest in your employees’ health and well-being. Visit hmsa.com/employerplans for more information.

Hawai‘i Medical Service Association 818 Keeaumoku St. Honolulu, HI 96814 (808) 948-5555 hmsa.com/employerplans

AW AI

R A NKIN

‘I’

ES ON I AN D N A R GE P M ST CO AN

H AWA I I B U S I N ES S | 49

PHOTO COURTESY: GOODFELLOW BROS.

GOODFELLOW BROS.’ GROSS REVENUE INCREASED 49% IN 2024 IN LARGE PART BECAUSE OF GOVERNMENT INFRASTRUCTURE PROJECTS, INCLUDING PREPARING A 57ACRE SITE FOR THE KA LA‘I OLA HOUSING DEVELOPMENT IN LAHAINA.

A Year of Calm, with Uncertainty Ahead HAWAI‘I COMPANIES AND NONPROFITS REPORTED REVENUE GA INS IN 2024 – A STABLE YEAR BEFORE TARIFFS AND FEDERAL FUNDING CUTS CREATED A MORE VOLATILE ECONOMIC SITUATION BY CYNTHIA WESSENDORF AND DAVID NUSBAUM

50 | AU G U S T 2 0 2 5

AST YEAR WAS LIKE AN OASIS OF CALM FOR HAWAI‘I’S ECONOMY. The

ravages of the pandemic had faded and the economy grew. The destruction on Maui in 2023, which reverberated across the state, had turned into a building boom. And tariff s, funding cuts and deportations weren’t upturning business plans. About 5,500 jobs were added in 2024, unemployment was at 2.9% and the number of visitors to the Islands had inched up to about 93% of pre-pandemic levels, according to a March 5 report from the state Department of Business, Economic Development & Tourism. As measured by real gross domestic product, Hawai‘i’s economy finally exceeded pre-pandemic levels in 2024, by 1.5%, according to DBEDT.

250

TOP

These economic trends are reflected in the new Top 250 list, which reports 2024 gross revenue for many of Hawai‘i’s largest and most influential companies and nonprofits. The list serves as a bellwether of every important sector of the local economy and tracks the ups and downs of individual organizations. Companies and nonprofits on the Top 250 list reported nearly 13% more revenue, on average, in 2024 than the previous year, based on self-reported and publicly available data. The nonprofit sector was up 44% on average, and construction and development companies were up 14%. Organizations in finance, health care, transportation, insurance and education saw average revenue increases of 7% to 13%. Gross revenue in the real estate and retail and wholesale sectors increased more modestly, at about 2%, while tourism slipped by nearly 2%. Energy companies on the list saw the biggest slide, down 12% in 2024 on average from the previous year, in part because of falling fuel prices. While 70% of Top 250 companies and nonprofits reported gains in 2024, economists are concerned about the current year. The UH Economic Research Organization downgraded projections for 2025 in a May 9 update: “Hawai‘i’s economic outlook has taken a decisive turn for the worse, as expansive federal policy shifts look poised to tip the local economy into a mild recession. Sharp increases in U.S. import tariffs, sweeping federal layoffs, and volatile fiscal and immigration policies are undermining consumer confidence, raising inflation expectations and worsening the business outlook – both nationally and in Hawai‘i’s visitor-dependent economy.”

HOW THE STATE’S BIGGEST ORGANIZATIONS FARED Among the 10 largest organizations on this year’s list, health insurance giant HMSA, with nearly 800,000 members and $4.35 billion in gross revenue, ranked first – a position it’s held nearly every year over the past decade. Health care insurers and providers on the list posted healthy gains in 2024, including HMSA at 5.2%. The health insurer traditionally spends most of the revenue it receives, and in its 2023 financial statement – the most recent one available – net income was just 0.2% of gross revenue. Looking forward, health care providers such as Kaiser Permanente (No. 7), The Queen’s Health Systems (No. 9) and Hawai‘i Pacific Health (No. 10) could be affected by the domestic policy bill passed by Congress that calls for deep cuts to the federally funded Medicaid program. About 21% of Hawai‘i residents are enrolled in Medicaid, and cuts would hurt beneficiaries as well as strain state spending, health care and nursing facilities, and clinicians, according to the Johns Hopkins Bloomberg School of Public Health. Servco jumped to the No. 2 spot on the Top 250, posting $3.86 billion in gross revenue in 2024 – a 20% increase from the previous year. According to an email from Servco executives, the growth comes from acquiring car dealerships in Hawai‘i and Australia: Big Island Toyota, with dealerships in Hilo and Kona, and the Motorama Dealership Group, with 18 locations across the state of Queensland. In third position is Alaska Airlines and Hawaiian Airlines, which for the first time reported combined income for its Hawai‘i-based operations: more than $3.8 billion in 2024. Alaska Air Group Inc. completed its acquisition of Hawaiian Holdings Inc. on Sept. 18, 2024.

But a slowdown in international travel is expected to impact all the airlines serving Hawai‘i. A DBEDT report from May 28 says the total number of air seats to Hawai‘i will likely drop by 0.5% in 2025, based on airline flight schedules. In contrast to the higher Alaska-Hawaiian revenue in 2024, Hawaiian Electric Industries (No. 6) sold 90.1% of its ownership interest in American Savings Bank at the end of last year. The company excluded ASB’s revenue when reporting 2024 data for the Top 250 list, which shows gross revenue down 12.6% from the previous year, at $3.2 billion. Scott Seu, president and CEO of HEI, announced on Dec. 31, 2024, that the sale allows the company “to use the proceeds to reduce holding company debt, increasing flexibility for how HEI funds the HEI and Hawaiian Electric wildfire settlement contributions and key utility initiatives.” In February of this year, the company agreed to pay about half of a $4 billion settlement to compensate victims of the 2023 Maui wildfires. In the profit/loss section of the Top 250 survey, HEI reported a nearly $1.43 billion net loss in 2024. Matson (No. 5) had a strong year, with more than $3.4 billion in gross revenue in 2024, up 10.6% from the previous year. The main factor driving growth was its shipping lines between China and Long Beach, Calif., which saw a small increase in volume and a more significant increase in freight rates, according to the company’s fourth-quarter conference call with investors. Rates were hiked globally last year after Yemen-based Houthis launched attacks on ships in the Red Sea, which disrupted the critical international trade route and caused delays and congestion, longer alternate routes and higher insurance costs.

AWAIIII BBUUSSIINNES ESSS HHAWA

|| 5151

HOW WE COMPILE THE TOP 250

AVERAGE YEAR-OVER-YEAR REVENUE GAINS BY SECTOR (#) companies and nonprofits reporting

RETAIL & WHOLESALE (28) +1.5%

REAL ESTATE (10) +2.6%

+7%

+10% TRANSPORTATION (10)

EDUCATION (12)

+10% HEALTH CARE (23)

+9%

+13% FINANCE (28)

INSURANCE (17)

+14% CONSTRUCTION & DEVELOPMENT (40)

-20

+16%

-10

OTHER (24)

NONPROFITS (33) +44%

-12% ENERGY (9)

-1.8% TOURISM & LEISURE (16)

T O P 2 5 0 FAC T S

14 COMPANIES

REPORTED GROSS REVENUE OF $1 BILLION OR MORE

43 ARE

MORE THAN A CENTURY OLD

15 WERE

FOUNDED IN THE 1800S

52 | AU G U S T 2 0 2 5

ARE BASED ON THE NEIGHBOR ISLANDS MOST FULL-TIME EMPLOYEES:

9,590

AT THE QUEEN’S HEALTH SYSTEMS

Top 250 companies and nonprofits are ranked by gross sales or gross revenue, key indicators of market strength and influence. Each spring, Hawaii Business Magazine surveys companies in our database and gathers updated financial figures, employee counts, names of executives and other information. Businesses are asked to calculate gross sales using generally accepted accounting principles, while nonprofits report contributions to revenue, funding for services and/or proceeds from activities that support their missions. Each business and nonprofit provides the name of an executive who verifies the self-reported figures. Companies headquartered in Hawai‘i report sales from all of their subsidiaries worldwide; those based elsewhere report Hawai‘i figures only. While we prefer calendar year data, some organizations operate on a fiscal year. To supplement the survey process, we draw on public records such as annual reports, financial statements, databases of the Federal Deposit Insurance Corp. and National Credit Union Administration, and insurance figures from the state Department of Commerce and Consumer Affairs. Some companies with large local presences don’t appear on the list. Those omissions often happen when offshore parent companies can’t or won’t supply data for their Hawai‘i operations, or when companies are privately held and do not disclose financial information. Top 250 executives are surveyed and profiled in our Black Book issue each December.

250

TOP

In late February of this year, Matson released upbeat statements about the company’s 2024 results and projections for the current year. But those projections changed on May 5 when it posted its first-quarter results for 2025, about a month after the Trump administration imposed “reciprocal tariffs” on trading partners: “Currently, there is significant uncertainty regarding tariffs and global trade, regulatory measures, the trajectory of the U.S. economy and other geopolitical factors. Since the tariffs were implemented in April, the company’s container volume has declined approximately 30% year over year,” wrote Chairman and CEO Matt Cox. As of May 14, average U.S. tariffs on Chinese imports were 51%, according to the Peterson Institute

“

for International Economics, after spiking to 145% on April 9. In a final note about the top 10 organizations on this year’s list, the University of Hawai‘i System (No. 8) reported $2.2 billion in gross revenue in 2024, up 8.4% from the year before. But the flagship research campus at UH Mānoa, in particular, is now dealing with federal funding cuts, many targeting scientific research. In a May 22 statement, UH President Wendy Hensel said that 69 federally funded grants had been terminated, representing about $83.4 million in funding and impacting more than 90 employees. Other grants received stop-work orders or drawdowns. “As expected, the number and scale of terminations is accelerating and will undoubtedly take a significant toll on the university,” the statement said.

When there’s a need, we jump at it and make it happen, and people want to support that work.” Kūhiō Lewis, CEO, Council for Native Hawaiian Advancement

CONSTRUCTION REMAINS A BRIGHT SPOT Even in the depths of the pandemic, Hawai‘i’s busy construction companies were a lifeline in a flagging economy. The industry continues to be strong, with expectations for growth in 2025. On this year’s Top 250 list, gross revenue among construction and development companies was up 14% on average in 2024. The number of payroll jobs in construction increased 9.2% in 2024 compared to 2023, according to estimates by DBEDT. UHERO’s May 9 report says that public infrastructure projects and rebuilding on Maui have contributed to the industry’s growth, which can be seen on the Top 250 list. Hensel Phelps (No. 20), for example, reported a 47% increase in gross revenue last year over the previous year, to about $560 million. In a note to Hawaii Business Magazine, the company says it expanded into education and health care construction, including major projects with Kaiser Permanente, UH Mānoa and the state Department of Education. Maui-based construction company Goodfellow Bros. (No. 25) also saw huge growth in 2024, with gross revenue rising 49% to $452 million. Hawai‘i Division President Edward Brown says government contracts made up about 60% of the company’s business last year. Among its projects, the company worked with the U.S. Army Corps of Engineers to clear the Lahaina burn zone last year. It also worked with the state on infrastructure for the Ka La‘i Ola housing development, including building a massive water tank, blasting rocks and grading the site, and installing transmission lines.

| |

H AWA I N ES H AWA I I BI IUBSUI NSES S S 5353

250

TOP

It was a major undertaking – “a seven-day-a-week, 10-hour-days, fast-track project,” he says. The first occupants received keys to their temporary homes a year after much of Lahaina was destroyed. And Goodfellow Bros. has been inundated with military projects, says Brown, including updates to water and sewer lines at housing complexes, as well as work on a “massive facility” to repair submarines on O‘ahu and a major Space Force facility on Maui. “You’re going to see a huge influx of money coming in from the military in the next few years,” he says. On Moloka‘i, the company is creating residential lots for the state Department of Hawaiian Home Lands. And on Lāna‘i, it’s working with Oracle co-founder Larry Ellison, who owns 98% of the island, on updates to his vast estate, as well as community improvements such as roads, water lines, a health center and amphitheater. Brown says tariffs haven’t affected Goodfellow Bros.’ business yet, and the immediate future looks promising. But some challenges persist: “It still takes a lot to get things going in Hawai‘i. Permits take a long time, entitlements take a long time. People who are successful here are the ones who are patient.” DBEDT forecasts that construction will be strong in coming years. It says the number of residential housing units authorized in 2024 increased by 78% from 2023, and more than 1,000 hotel units were under construction or expected to start construction soon.

But a UHERO forecast sees tariffs on imported materials plus labor constraints weighing on future activity, with construction employment starting to recede by 2027.

MAUI RECOVERY LIFTS CNHA AND OTHER NONPROFITS Some of the largest nonprofits on this year’s Top 250 list are also actively involved in Maui recovery efforts. The state’s biggest nonprofit, the Hawai‘i Community Foundation (No. 76), raised more than $114 million in 2024 and awarded $92 million through its Maui Strong Fund to organizations working in housing, health and social services, and other initiatives. But its overall revenue in 2024 was less than half of what it was in 2023, when a surge of donations poured in from around the world after the Aug. 8 wildfires. Other nonprofits involved in the recovery saw dramatic growth in 2024, including the Council for Native Hawaiian Advancement (No. 96), the Maui Food Bank (No. 102) and Maui Economic Opportunity (No. 130). CNHA’s revenue jumped 91% in 2024, to nearly $86 million, putting it third among charitable nonprofits after HCF and the UH Foundation. The organization has diversified its operations and uses a “fee for hire” model instead of billing for services at completion, says CEO Kūhiō Lewis. He says the increase in revenue is directly related to its expansion on Maui, which includes opening in-person resource centers and temporary housing units and helping people with rental assistance, building permits and legal advice.

“When there’s a need, we jump at it and make it happen, and people want to support that work. The work comes to us,” says Lewis. In recent years, the organization has moved into tourism management with large contracts from the Hawai‘i Tourism Authority, expanded loan programs that it oversees as a federally funded community development financial institution, and increased offerings at its Hawaiian Trades Academy. “We’re creating an ecosystem,” says Lewis. “We have a loan fund that supports business development. We have workforce development, which supports construction-related projects that we’re working on. All of the different tentacles support our growth.” Another growth area is the organization’s asset portfolio, which now includes apartment buildings and landholdings, says Lewis. In 2024, for example, CNHA acquired 44 acres in the Kaumana neighborhood in Hilo, where it plans to develop workforce housing. Lewis says he and his organization try “to fill the voids” in Hawai‘i and develop programs based on their lived experiences, including the difficulties of trying to support a family or buy a home – hardships that Lewis faced himself as a young single father. “I like to challenge the status quo, to refine the way of doing things,” says Lewis. “I’ve seen how things don’t work, so we’re doing things differently.” As for the future, he says, the organization has spent the post-pandemic years becoming more self-sufficient through private- and public-sector contracts and revenue-generating operations. “We might lose $1 million or $2 million in 2025, but we have lots of other legs to stand on.”

J O I N N E X T Y E A R ’ S T O P 2 5 0 If you would like to receive Top 250 surveys in the future or update

your contact information, please email kenw@hawaiibusiness.com.

54 | AU G U S T 2 0 2 5

250

TOP

Biggest Gains Ranked by percentage change in gross annual sales/revenue Gain Rank

Company name

% increase, gross sales

Gross Annual Sales (2024)

Gross Annual Sales (2023)

Dollar Difference

Industry

Maui Food Bank

720%

$77,585,211

$9,460,002

$68,125,209

Nonprofit

Maui Humane Society

484%

$37,220,000

$6,370,000

$30,850,000

Nonprofit

Maui Economic Opportunity Inc.

134%

$51,310,949

$21,928,235

$29,382,714

Nonprofit

Employers Options

122%

$13,458,353

$6,066,140

$7,392,213

Other

Council for Native Hawaiian Advancement

91%

$85,847,523

$44,942,728

$40,904,795

Nonprofit

Layton Construction

76%

$113,300,000

$64,300,000

49,000,000

Construction & Development

Connext LLC

75%

$30,000,000

$17,159,341

$12,840,659

Other

Coastal Construction Co. Inc.

72%

$169,700,000

$98,600,000

$71,100,000

Construction & Development

Aloha Nursing Rehab Centre

55%

$26,082,130

$16,818,315

$9,263,815

Health Care

Goodfellow Bros.

48.7%

$452,000,000

$304,000,000

$148,000,000

Construction & Development

Hensel Phelps

47%

$560,000,000

$381,000,000

$179,000,000

Construction & Development

Zephyr Insurance Co. Inc.

43.59%

$104,118,404

$72,513,351

$31,605,053

Insurance

Dorvin D. Leis Co. Inc.

43.57%

$201,000,000

$140,000,000

$61,000,000

Construction & Development

Hawaiian Dredging Construction Co. Inc.

41%

$1,100,000,000

$780,000,000

$320,000,000

Construction & Development

Alaska Airlines and Hawaiian Airlines*

40.7%

$3,821,600,000

$2,716,284,000

$1,105,316,000

Transportation

Albert C. Kobayashi Inc.

38%

$352,500,000

$255,300,000

$97,200,000

Construction & Development

Kaua‘i Federal Credit Union

36.5%

$10,410,121

$7,626,239

$2,783,882

Finance

Nan Inc.

34%

$855,180,000

$638,760,000

$216,420,000

Construction & Development

Elite Pacific Construction Inc.

33.5%

$19,297,000

$14,460,000

$4,837,000

Construction & Development

Paradigm Construction LLC

32.7%

$47,950,808

$36,122,090

$11,828,718

Construction & Development

* Alaska Airlines purchased Hawaiian Airlines in September 2024 and reported combined 2024 income. In 2023, Hawaiian Airlines reported $2.7 billion in gross revenue and Alaska reported $917.8 million in Hawai‘i-based revenue.

H AWA H IAWA I B UISI IBNUES S ISN ES55 S

| 55

250

List

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

EXECUTIVES

SALES ($M) 2024 2023 2022

Hawaii Medical Service Association (HMSA)

Mark Mugiishi - President and CEO Jenny J. Smith - Exec. VP, Chief Financial Officer Kenric M. Murayama - Exec. VP, Chief Health Officer Janna L.S. Nakagawa - Exec. VP, Chief Administrative and Strategy Officer

$4,352.8 $4,136.2 $4,010.2

5.2% 3.1%

1,391 1,310

Servco Pacific Inc.

4 5

Automotive distribution and retail, musical instruments, car sharing, venture/growth capital. www.servco.com Servco Foundation Fukunaga Scholarship Foundation Lōkahi: The Ukulele Collective Hui Car Share Servco Australia Fender Musical Instruments Corp.

Peter Dames - President & CEO Ruth Fukunaga Uejio - CFO Peter Fukunaga - Chief Investment Officer & Treasurer Diana Brown - Chief People Officer Nick Pappas - Pres./Managing Dir., Servco Global Mobility Mark H. Fukunaga - Executive Chair

$3,856.8 $3,210.0 $3,207.0

20.2% 0.1%

1,096 1,019

Alaska Airlines and Hawaiian Airlines

6 6

Ben Minicucci - President and CEO of Alaska Air Group Joe Sprague - CEO of Hawaiian Airlines Diana Birkett Rakow - Sr. VP of Public Affairs and Sustainability at Alaska Airlines Jim Landers - Sr. VP of Technical Operations at Hawaiian Airlines Robin Kobayashi - Sr. VP of HR and Labor Relations at Hawaiian Airlines Daniel Chun - Regional VP of Hawai‘i, Alaska Airlines Lokesh Amaranayaka - VP of Airport Operations and In-Flight at Hawaiian Airlines

$3,821.6 1 $2,716.3 2 $2,641.3 3

40.7% 2.8%

7,464

Airline. www.hawaiianairlines.com, www.alaskaair.com Alaska Airlines Hawaiian Airlines

Par Hawaii, LLC

2 1

Refining, distribution and marketing of petroleum products and transportation fuels throughout Hawai‘i. www.parhawaii.com Par Pacific Holdings Inc. Par Hawaii Refining, LLC

Eric Wright - President Keith Yoshida - VP, Business Development Deaglan McClean - VP, GM Par Hawaii Refinery John Peyton - VP, Retail John Peacock - VP, Logistics Marc Inouye - Director, Government & Public Affairs

$3,678.1 $4,018.9 $4,419.7

-8.5% -9.1%

642 621

2025 2024 2023

1 1 3

Health organization; health insurance. www.hmsa.com HMSA Foundation Integrated Services Inc.

% CHANGE EMPLOYEES 2024 2024 2023 2023

Matson, Inc.

5 2

Ocean transportation, logistics and supply chain services. www.matson.com Matson Navigation Company, Inc. Matson Terminals, Inc. Matson Logistics, Inc.

Matt Cox - Chairman and CEO Len Isotoff - Senior VP, Pacific Ku'uhaku Park - Senior VP, Government & Community Relations Bernie Valencia - VP, Sales - Hawaii

$3,421.8 $3,094.6 $4,343.0

10.6% -28.7%

2,040 2,326

Hawaiian Electric Industries (HEI)

3 4

Energy services. www.hei.com Hawaiian Electric Pacific Current

Scott Seu - President and CEO Kurt K. Murao - Exec. VP, General Counsel, Chief Adm. Officer and Corp. Sec.

$3,219.9 $3,682.2 $3,742.0

-12.6% -1.6%

2,587 3,597

Kaiser Permanente Hawaii

7 7

Kaiser Permanente's mission is to provide high-quality, affordable health care services and to improve the health of its members and our communities. It is a nonprofit, integrated health care organization, which includes health insurance and care delivery. This care model enables teams to think and work as one, coordinating your care seamlessly and delivering better care when it matters most. www.kp.org Kaiser Foundation Health Plan & Hospital Inc. Kaiser Foundation Health Plan Inc. Kaiser Foundation Hospitals Inc.

Ed Chan - Hawaii Market President, Kaiser Foundation Health Plan and Hospitals John Yang, MD - President & Medical Dir., Hawaii Permanente Medical Group

$2,234.6 $2,112.7 $1,968.5

5.8% 7.3%

3,009 2,809

University of Hawai‘i

Wendy Hensel - President Debora Halbert - VP Academic Strategy Jan Gouveia - VP Administration Garret Yoshimi - VP for IT and CIO Vassilis L. Syrmos - VP for Research & Innovation Timothy Dolan - VP Advancement, University of Hawai‘i, and CEO, UH Foundation Kalbert Young - VP for Budget & Finance, CFO

$2,206.1 $2,034.2 $1,819.7

8.4% 11.8%

8,567 8,219

8 9

Higher education and research. www.hawaii.edu

Alaska and Hawaiian airlines combined in Sept. 2024.

Fig. is from Hawaiian Airlines; Alaska reported $917.8 million in Hawaii-based revenue.

Fig. is from Hawaiian Airlines; Alaska reported $608 million in Hawaii-based revenue.

56 | AU G U S T 2 0 2 5

HH AWA AWA I IIB I U BU S ISNI N ESES S S 5757

250

List

SALES ($M) 2024 2023 2022

% CHANGE EMPLOYEES 2024 2024 2023 2023

2025 2024 2023

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

EXECUTIVES

The Queen's Health Systems

9 8

Acute care medical facility with programs in cancer, cardiovascular disease, neuroscience, orthopedics, organ transplantation, surgery, emergency medicine, trauma, and behavioral medicine. www.queens.org Queen's University Medical Group Primary Care Physicians Enterprise, LLC Molokai General Hospital The Queen's Medical Center Hamamatsu/Queen's PET Imaging Center LLC Queen's Development Corporation CareResource Hawaii Queen's North Hawai‘i Community Hospital Queen's MSSP ACO, LLC Queen's Insurance Exchange Inc. Diagnostic Laboratory Services Inc. Queen Emma Land Company

Jason C. Chang - President & CEO, The Queen's Health Systems, and President, The Queen's Medical Center John Nitao - Exec. VP and General Counsel Tim Panks - Exec. VP and CFO Whitney Limm - Exec. VP, Clinical Integration, and Chief Physician Executive Eric K. Martinson - President, Queen Emma Land Company; Exec. VP, Endowment and Chief Investment Officer Darlena D. Chadwick - Exec. VP, COO George Rick Bruno - Exec. VP, Ambulatory Planning and Strategy, and President, Queen’s University Medical Group Linda Puu - Sr. VP, QHS Chief Nurse Executive and Quality & Patient Safety Janice Kalanihuia - President, Molokai General Hospital Stephany Nihipali Vaioleti - President, Queen's North Hawai‘i Community Hospital

$2,141.4 $1,932.0 $1,888.4

10.8% 2.3%

9,590 9,452

Hawai‘i Pacific Health

10 10

Adult, pediatric, obstetric and women's health services; primary care through tertiary-level specialty services; research and teaching via four medical centers and through more than 800 health care providers statewide. www.HawaiiPacificHealth.org Hawai‘i Pacific Health Medical Group Pali Momi Medical Center Straub Benioff Medical Center Kapi‘olani Medical Center for Women & Children Wilcox Medical Center

Raymond P. Vara - President & CEO Leslie B. Chun - CEO, Hawai‘i Pacific Health Medical Group David Y. Okabe - Exec. VP, CFO, Treasurer Charles R. Ching - Exec. VP & General Counsel Steve Robertson - Exec. VP, CIO, Revenue Mgt. and Information Technology Art Gladstone - Exec. VP, Chief Strategy Officer Jen H. Chahanovich - President, CEO, Wilcox Medical Center; CEO, Kaua‘i Medical Clinic

$1,884.1 $1,709.1 $1,617.9

10.2% 5.6%

7,749 7,439

Island Energy Services LLC

11 11

We safely supply, transport, and market products and services critical to the State of Hawai‘i. We are serving today’s energy needs while also adapting to changing marketplace conditions, including support for the transition to renewable and sustainable fuels. We are adjusting our business as needed to effectively support those goals. We are the licensee of 50 Texaco locations statewide. www.islandenergyservices.com One Rock Capital Partners LLC IES Downstream LLC IES Retail LLC

Jon Mauer - President & CEO Phillip G. Elliott - CFO Ryan Chavoustie - VP, Sales and Marketing Albert D. K. Chee - VP, Retail Marketing & Community Relations Mark Dangler - VP, Logistics Timothy J. Parker - VP, General Counsel

$1,170.0 $1,233.0 $1,370.0

-5.1% -10.0%

326 256

First Hawaiian Bank

12 12

Financial services. www.fhb.com First Hawaiian, Inc.

Robert S. Harrison - Chairman, President & CEO James Moses - Vice Chair & CFO Gina Anonuevo - Vice Chair and Chief Administrative Officer Alan H. Arizumi - Vice Chair, Wealth Management Group Neill A. Char - Vice Chair, Retail Banking Group Darlene Blakeney - CEO, First Hawaiian Leasing, Inc.; Exec. VP & Chief Lending Officer, Wholesale Banking Group Joel Rappoport - Exec. VP, General Counsel & Secretary, Legal and Corporate Services Group Lea Nakamura - Exec. VP & Chief Risk Officer, Risk Management Group Cameron Nekota - Exec. VP, Commercial Banking and Bank Properties Group

$1,165.8 $1,124.4 $842.7

3.7% 33.4%

2,019 2,114

Hawaiian Dredging Construction Company, Inc.

Gerry Majkut - President Leonard J. Dempsey - Sr. VP, Heavy Division Eric Hashizume - Sr. VP, Building Division Theron Holloway - Sr. VP, HDCC Guam Cedric Ota - Sr. VP, Waterfront & Foundation Division Paul Silen - Sr. VP, Commercial Division Andre Wong - Sr. VP, Preconstruction Services and Estimating Roy Morioka - VP, SIOP Darin Murayama - VP, Finance Patrick Palmer - VP, Building Division Thomas B. Valentine - VP, Power & Industrial Division Asdaq Wahid - General Counsel Jennifer Creedon - Human Resources Director

$1,100.0 $780.0 $573.0

41.0% 36.1%

948 982

15 18

General contracting and preconstruction services. www.hdcc.com Kajima U.S.A. Inc.

58 | AU G U S T 2 0 2 5

250

List

2025 2024 2023

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

EXECUTIVES

SALES ($M) 2024 2023 2022

Bank of Hawai‘i Corp.

13 13

Financial services. www.boh.com Bank of Hawaii

Peter S. Ho - Chairman and CEO James C. Polk - President and Chief Banking Officer Bradley S. Satenberg - Vice Chair and CFO Patrick McGuirk - Vice Chair, Chief Administrative Officer Marco A. Abbruzzese - Vice Chair, Senior Exec. Director of Wealth Management Matthew K.M. Emerson - Vice Chair and Chief Retail Banking Officer Taryn L. Salmon - Vice Chair, Chief Information and Operations Officer Bradley Shairson - Vice Chair, Chief Risk Officer

$1,036.3 $987.0 $754.9

5.0% 30.7%

1,840 1,899

Nan Inc.

17 24

General construction. www.nanhawaii.com Grace Pacific LLC

Fooney Freestone - President Ryan Nakaima - Senior VP Sungwon Baik - VP of Building Estimating Jason Ko - VP of Big Island Operations Wyeth Matsubara - VP Ed Shukri - VP of Civil Estimating

$855.2 $638.8 $465.8

33.9% 37.1%

1,801 1,890

Kyo-ya Hotels & Resorts, LP

Hotels and resorts. www.kyoyahotelsandresorts.com Kokusai Kogyo Kanri Kabushiki Kaisha Moana Surfrider, A Westin Resort & Spa (dba) Palace Hotel, a Luxury Collection Hotel (CA) (dba) Sheraton Princess Kaiulani Waikiki Beach (dba) The Royal Hawaiian, a Luxury Collection Resort (dba) Sheraton Waikiki Beach Resort (dba) Sheraton Maui Resort & Spa (dba)

Takamasa Osano - Director, President Michael Takayama - Director, Senior VP Nobutada Nagai - Director, Senior VP Peter T. Kashiwa - Director, Secretary Emiri Osano - Director, VP Julie Nakayama - CFO, VP Lee Nakahara - Treasurer, VP Yasuhiko Ishikawa - VP Jason Ito - VP

$799.5 $811.1 $674.6

-1.4% 20.2%

3,202 3,493

Pasha Hawaii

George W. Pasha, IV - President, CEO

16 14

Ocean transportation between Hawai‘i and the U.S. West Coast for containerized and roll-on/off cargo, including automobiles, oversized construction equipment, yachts and other cargo. www.pashahawaii.com The Pasha Group

$771.0 $727.4 $708.9

6.0% 2.6%

494 524

Hawaii Health Systems Corp.

18 19

Acute, long-term and rural health care provider. www.hhsc.org Hale Ho‘ola Hamakua (East Hawai‘i region) Hilo Medical Center Foundation Kauai Veterans Memorial Hospital (Kaua‘i region) Ka‘u Hospital (East Hawai‘i region) Kohala Hospital (West Hawai‘i region) Kona Community Hospital (West Hawai‘i region) Leahi Hospital (O‘ahu region) Maluhia (O‘ahu region) Samuel Mahelona Memorial Hospital (Kaua‘i region) Yukio Okutsu State Veterans Home (East Hawai‘i region)

Edward N. Chu - President and CEO Joyce Tamori - VP and CFO Andrea Suzuki - VP and General Counsel Juanita Lauti - VP and Chief HR Officer Renee Lai - VP and CIO

$707.5 1 $636.6 1 $570.2 1

11.1% 11.6%

Kamehameha Schools

Livingston Wong - CEO Elliot K. Mills - Chairman of the Board, Trustee Crystal Kauilani Rose - Vice Chair, Trustee Jennifer Noelani Goodyear-Ka‘ōpua - Secretary/ Treasurer, Trustee Michelle Ka‘uhane - Trustee Robert K.W.H. Nobriga - Trustee

$566.7 $533.1 2 $530.6

6.3% 0.5%

2,513 2,482

Jonathan E. Tseu - VP Ronald Alan Mitchell - Dir. of Operations Michael Matthew Venezia - Chief Estimator

$560.0 $381.0 $341.0

47.0% 11.7%

583 530

19 20

Kamehameha Schools, established in 1887 as a private, charitable trust, is devoted to enhancing the lives of Native Hawaiians through education. Its visionary mission aims to create a generation of leaders who embody Christian and Hawaiian values, achieve postsecondary success, and make meaningful contributions to their communities locally and globally. www.ksbe.edu Kamehameha Investment Corp. Pauahi Management Corp. Bishop Holdings

20 Hensel Phelps 27 32

Hensel Phelps is a national general contractor with a range of projects, including wastewater, healthcare, education, federal, hospitality, transportation, aviation, energy/power and mixed-use. In 2024, Hensel Phelps ranked #5 on Building Industry Hawaii's Top 25 Contractors list and #12 on Engineering News-Record’s Top 400 Contractors list. www.henselphelps.com

Per HHSC report to the Legislature.

Per consolidated financial statement.

% CHANGE EMPLOYEES 2024 2024 2023 2023

H AWA H AWA I I BI IUBSUI N S IES N ES S S 5959

250

List

SALES ($M) 2024 2023 2022

% CHANGE EMPLOYEES 2024 2024 2023 2023

2025 2024 2023

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

EXECUTIVES

OUTRIGGER Hospitality Group

Jeff Wagoner - President & CEO Crystall Ho - Exec. VP & CFO Sean P. Dee - Exec. VP & Chief Commercial Officer Scott Miyasato - Sr. VP & General Counsel, Corp. Sec. Ruthann S. Yamanaka - Sr. VP, Chief People Officer

$555.0 $534.0 $480.0

3.9% 11.3%

Benjamin A. Godsey - CEO David Hijirida - President Erik DeRyke - VP of Client Growth & Retention Tami Minami - VP of Business Process Improvement Nelson Befitel - Chief Counsel Michelle Leon-Guerrero - Chief People Officer Ernest Ahumada - Chief Sales Officer Bao Chau Nguyen - Chief Product & Technology Officer

$514.5 $458.3 $379.9

12.3% 20.6%

441 410

Lori Kahikina, P.E. - Exec. Director and CEO

$488.6 $445.2 $443.3

9.7% 0.4%

43 43

John Meyers - State Farm Sales Leader, Hawai‘i

$463.8 1 $420.7 1 $387.0 1

10.2% 8.7%

Edward Brian Brown - Hawaii Division President

$452.0 $304.0 $288.0

48.7% 5.6%

523 528

Glen A. Kaneshige - President

$437.3 $354.0 $370.0

23.5% -4.3%

250 250

Russell J. Hata - Chairman, President & CEO Brian Marting - CFO Jordan Vannatta - Exec. Director, Operations Ronna Bahl - Exec. Director, Supply Chain, Sales, & Marketing Bob Piccinino - Exec. Director, Advisor Lawrence Wang - Director of Finance

$426.1 $422.7 $409.9

0.8% 3.1%

465 480

Christine Daleiden - SVP, Chief Risk Officer and Corporate Secretary

$420.4 $366.8 $466.2

14.6% -21.3%

119 113

James J. Falk - President, CEO Michael Hebert - CFO

$410.9 $390.2 $377.5

5.3% 3.4%

261 259

Leisure lodging, retail and hospitality. Corporate offices in Hawai‘i operating globally in the Asia-Pacific, Oceania and Indian Ocean regions. www.outrigger.com Outrigger Hospitality Group OUTRIGGER Hotels Hawaii and affiliated entities globally

22 ProService Hawaii HR management. www.proservice.com

21 26

23 Honolulu Authority for Rapid

Transportation (HART)

22 25

The Honolulu Authority for Rapid Transportation is responsible for building the 18.9-mile, 19-station commuter rail system for the City and County of Honolulu. honolulutransit.org

24 State Farm Insurance Co.

Property and casualty, life, and health insurance; banking and mutual funds. www.statefarm.com State Farm Fire & Casualty Co. State Farm Mutual Automobile Insurance Co.

25 29

25 Goodfellow Bros.

Heavy civil/paving/structural concrete. goodfellowbros.com Goodfellow Bros Blasting Technology Hawaii Drilling and Pump Service Maui Paving Hawaii Paving

33 -

26 Nordic PCL Construction, Inc. 29 31

General contractor. www.nordicpcl.com PCL Construction Services, Inc.

Y. Hata & Co., Ltd.

24 27

Broadline foodservice wholesale distribution, cash and carry wholesale store, public warehousing: fresh, frozen, chilled and dry food, fresh meats, fresh produce (cash and carry only), frozen seafood, paper and chemicals, restaurant supplies, pastry, bakery, and gourmet foods. www.yhata.com HPL - Hawaii Pacific Logistics LLC ChefZone

28 Pacific Guardian Life Insurance 28 23

Company Ltd.

Life, annuity and disability insurance products. www.pacificguardian.com Meiji Yasuda Life Insurance Company

29 Jim Falk Automotive Group 26 30

New and used automotive dealerships. www.valleyislemotors.com Valley Isle Motors Jim Falk Chrylser Dodge Jeep RAM Jim Falk Motors of Maui Jim Falk Lexus of Beverly Hills (CA)

Direct premiums written in Hawai‘i per DCCA, including P&C and life insurance.

60 | AU G U S T 2 0 2 5

SPECIAL PROMOTIONAL SECTION

HAWAII STATE FEDERAL CREDIT UNION

t Hawaii State Federal Credit Union (Hawaii State FCU), we believe that “always right by you” isn’t just a tagline – it’s our way of life. It’s also a promise, to treat our members fairly, like family, and to always consider what’s best for them in all we do. Credit unions were originally established to provide financial services and support to communities that were unserved and underserved by traditional banks. This idea of people helping people was the foundation on which Hawaii State FCU began. The heart of our operations has always been our member-focused

way of doing business, from our humble beginnings serving Hawai‘i’s territorial government workers to becoming one of the largest credit unions in the state, with 14 branches on Oahu and Maui. At our core, we remain committed to our mission to empower a lifetime of financial wellness for our members and community. We invest significant time and resources toward continually improving our member experience, offering value-added products, convenience, innovative technology, and educational tools and resources to set people on the path to better financial health. Our members are an essential part of our financial cooperative, and

2025

our commitment to them ensures that we can continue to build and strengthen relationships and provide vital financial services to support their well-being for many years to come.

Hawaii State Federal Credit Union www.HawaiiStateFCU.com

H AWA I I B U S I N ES S

| 61

250 2025 2024 2023

List

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

30 UHA Health Insurance 30 33

Health insurance, workplace wellness solutions. www.uhahealth.com

Albert C. Kobayashi Inc.

41 36

General contractor. www.ack-inc.com

32 First Insurance Company of 37 41

34 Tony Group 32 37

Automotive dealerships. New and preowned car sales, service, and parts. Auto body shop and car wash. www.tonygroup.com Tony Hawaii Automotive Group Ltd. Tony Honda Tony Nissan Tony Volkswagen Tony Hyundai Genesis of Waipio Tony Honda Hilo Tony Honda Kona Tony Group Collision Center Autoplex Car Wash

35 American Savings Bank 35 35

Banking & financial services. www.asbhawaii.com

36 James Campbell Company LLC 40

Real estate investment. Leasing of land and buildings in Hawai‘i and U.S. mainland, development of the City of Kapolei. www.jamescampbell.com Aina Nui Corporation James Campbell Corporation

Swinerton

36 50

General contractor. www.swinerton.com Swinerton, Inc.

62 | AU G U S T 2 0 2 5

% CHANGE EMPLOYEES 2024 2024 2023 2023

$366.9 $349.4 $337.8

5.0% 3.4%

173 174

Michael Y. Young - President Joseph Alameda - VP Roberta Hsu - VP Deron Matsuoka - VP Brian Niitani - VP Shaun Shimizu - Corp. Treasurer

$352.5 $255.3 $308.9

38.1% -17.4%

284 232

Todd Takayama - President and CEO

$345.8 $285.9 $265.9

21.0% 7.5%

225 231

Su Shin - President Filifotu Vaai - VP - Business Sales, Hawaiian Telcom Jason Thune - VP - Fiber Strategy and Deployment

$341.9 $347.8 $337.5

-1.7% 3.1%

900 1,200

Stan Masamitsu - CEO Tim Dagenais - President Gayle Tom - VP, CFO Larry Moody - COO

$324.9 $322.0 $299.2

0.9% 7.6%

464 475

Ann Teranishi - President & CEO Dani Aiu - EVP, Consumer Banking Tony Mizuno - EVP, Commercial Markets Steven Nakahara - EVP, Chief Credit Officer Natalie Taniguchi - EVP, Enterprise Risk & Regulatory Relations Dane Teruya - EVP, Chief Financial Officer John Ward - EVP, Chief Marketing & Product Officer Beth Whitehead - EVP, Chief Administrative Officer

$318.4 $297.4 $309.5

7.1% -3.9%

950 1,000

Ryan Kaipo Nobriga - Executive VP, CFO

$307.2 $298.2 $269.4

3.0% 10.7%

56 55

Ben Steele - Operations Manager Aaron Yamasaki - VP, Division Manager Erika Mori - Director of Preconstruction & Estimating

$298.0 $288.0 $218.9

3.5% 31.6%

382 269

Property and casualty insurance. www.ficoh.com Tokio Marine North America First Risk Management Services (FiRMS)

Innovative technology leader, committed to bridging the digital divide by expanding its future-proof fiber network to bring the benefits of broadband to more people in more places in Hawaii. Leading provider of integrated communications, broadband, data center and entertainment solutions for business and residential customers. www.hawaiiantel.com altafiber (formerly known as Cincinnati Bell)

SALES ($M) 2024 2023 2022

Howard Lee - President, CEO Lance Kaneshiro - Exec. VP, COO Darren D. Nakao - Exec. VP, CFO George McPheeters - Sr. VP, CMO Stevette Ku‘ulei Santiago - Sr. VP, Chief Human Resources and Brand Officer

Hawaii Ltd.

33 Hawaiian Telcom 31 34

EXECUTIVES

250

List

2025 2024 2023

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

38 The Nakupuna Companies 50 58

The Nakupuna Companies are a Native Hawaiian Organization (NHO)–owned family of companies providing impactful solutions to our customers while supporting our Native Hawaiian community. Specializing in mission & business operations, IT, facilities & infrastructure, logistics, and environmental services, we excel at finding elegant solutions to the government's toughest challenges. nakupuna.com The Nakupuna Foundation Nakupuna Prime Nakupuna Federal Nakupuna Services Nakupuna Consulting Nakupuna Solutions Na Ali‘i Consulting & Sales LLC

39 Adventist Health Castle 47 16

Adventist Health Castle is an award-winning integrated health system with a Level III Trauma medical center, outpatient primary care, specialty care, urgent care and home-care services throughout O‘ahu. The compassionate team of over 1,500 employees and providers unite under one mission: living God’s love by inspiring health, wholeness and hope. adventistheatlhcastle.org Adventist Health

40 Hawaii Foodservice Alliance LLC 43 49

Wholesale food distribution, FSMA-compliant cold chain logistics via air, ocean, & trucking on all islands and West Coast. www.hfahawaii.com Sun Hearth Eggs Sun Hearth Dairy Hearth & Harvest Bread Company

Hawai‘i Gas

38 39

The only franchised gas utility in the State of Hawai'i since 1904. Gas energy is a critical part of our fuel mix in the Islands, providing clean, affordable, resilient energy for residential, commercial, and industrial customers. As we look to the future, we are focused on clean energy solutions, investing in technology to further diversify and decarbonize our fuel mix. hawaiigas.com Argo Infrastructure Partners LP

42 Hawaii Planing Mill, Ltd. 44 47

HPM Building Supply, a local, 100% employee-owned business, has served Hawai‘i's home improvement and building industry since 1921. With 19 locations spanning Hawai‘i Island, Maui, O‘ahu, Kaua‘i, and Washington state, HPM provides retail stores, lumberyards, roofing and component manufacturing facilities, and home design centers. hpmhawaii.com Hawaii Planing Mill, Ltd. Truss Systems by HPM HPM Building Supply

43 Honolulu Board of Water Supply 49 45

Public water utility. www.boardofwatersupply.com

44 Hawaii Dental Service (HDS) 45 46 1

Dental benefits provider. HawaiiDentalService.com Delta Dental Hawaii Client Services

EXECUTIVES

SALES ($M) 2024 2023 2022

% CHANGE EMPLOYEES 2024 2024 2023 2023

Cariann Ah Loo - Chair of the Nakupuna Foundation Jason Greenawalt - CEO Mike Fogle - President, Nakupuna Solutions Suzanne McDonald - President, Nakupuna Consulting

$287.5 $236.5 $148.2

21.6% 59.5%

1,362 1,035

Chase Aalborg - President Nick Johnson - Finance Officer Kristina Clark - Patient Care Executive Robert Smitson - Medical Officer and Operations Executive Jesse Seibel - Mission and Administrative Executive

$270.9 $246.1 $221.8

10.1% 11.0%

797 774

Chad Buck - Founder / CEO Stephanie Soll Buck - Co-Owner / CAO

$266.8 $251.0 $230.5

6.3% 8.9%

597 521

Alicia E. Moy - President, CEO Joanne Barradas - CFO Thomas Young - Exec. VP, Special Projects & Strategic Supply Nathan C. Nelson - VP, General Counsel, Sec. & Admin. Shawn Tasaka - VP of Operations Manu Bermudes - VP of Human Resources

$265.6 $262.8 $278.9

1.0% -5.8%

375 370

Michael Fujimoto - Chairman Emeritus Jason R. Fujimoto - Chairman & CEO Adam Bauer - President & COO

$261.0 $251.0 $240.0

4.0% 4.6%

565 575

Ernest Y.W. Lau - Manager & Chief Engineer Erwin E. Kawata - Deputy Manager

$260.1 1 $244.7 1 $248.3 1

6.3% -1.4%

Diane S.L. Paloma - President and CEO Elaine Fujiwara - Chief Customer Officer Minna Lehti - COO Quin Ogawa - CFO

$256.6 $248.1 $243.5

3.4% 1.9%

132 128

Per annual financial report.

H AWA I I B U S I N ES S

| 63

250 2025 2024 2023

List

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

45 GEICO 46 -

Insurer of automobiles, motorcycles and personal umbrella liability. Agent for sales/service of property and boat insurance. www.geico.com

46 Central Pacific Financial Corp. 40 42

Central Pacific Bank is the primary subsidiary of Central Pacific Financial Corp., a Hawaii-based financial institution dedicated to making a positive difference in people’s lives. Central Pacific Financial Corp. is publicly traded on the New York Stock Exchange under the stock symbol CPF. www.cpb.bank Central Pacific Financial Corp. Central Pacific Bank

47 Alaka‘ina Foundation -

Alexander & Baldwin (NYSE: ALEX) is a premier Hawai‘i commercial real estate company with a history of serving the islands for over 150 years. A&B owns, operates and manages 3.9 million square feet of retail, industrial and office space in Hawai‘i. A&B is a real estate investment trust (REIT) and the largest owner of grocery and druganchored retail centers in the state. alexanderbaldwin.com A&B Properties Hawai'i LLC

49 Hawaii Medical Assurance 52 52

Association (HMAA)

42 44

Wholesale and retail marketer of petroleum products and convenience stores. www.hawaiipetroleum.com Saltchuk Minit Stop Holdings LLC

Prince Resorts Hawaii, Inc.

39 43

Prince Resorts Hawai‘i Inc. (PRH) owns and operates three awardwinning luxury oceanfront hotels and championship golf courses including Prince Waikiki, The Westin Hapuna Beach Resort, Mauna Kea Beach Hotel, Autograph Collection, Hawaii Prince Golf Club, Hapuna Golf Course and Mauna Kea Golf Course. Properties are internationally recognized for authentic Hawaiian hospitality and elevated dining. www.princeresortshawaii.com Seibu Holdings, Inc. Mauna Kea Resort Services Aina Kamali‘i Corporation The Westin Hapuna Beach Resort South Kohala Wastewater Corporation Mauna Kea Beach Hotel Mauna Kea Resort Prince Waikiki

1.5%

Arnold D. Martines - Chairman, President and CEO David S. Morimoto - Vice Chair, COO

$250.5 $256.7 $263.5

-2.4% -2.6%

James “Kimo” Bacon - VP and Exec. Director

$250.0 -

Lance Parker - President and CEO Clayton Chun - Exec. VP, CFO & Treasurer Meredith J. Ching - Exec. VP External Affairs

$236.7 $208.9 $230.5 2

13.3% -9.4%

99 102

William C. McCorriston - President, CEO Dennis Kwan - CFO, COO, and Treasurer

$228.0 $211.0 $211.0

8.1% 0.0%

3 3

Kimo Haynes - President Stephen Wetter - Senior VP of Operations Diane Kennedy - Controller/Treasurer

$225.0 $252.0 $253.2

-10.7% -0.5%

355 345

Shigeki Yamane - President Liane Sugimoto - CFO/CAO Craig Anderson - VP Operations Mauna Kea Resort

$225.0 $259.0 $254.0

-13.1% 2.0%

1,580 1,628

Direct premiums written in Hawai‘i per DCCA.

In 2022, the company entered negotiations to sell Grace Pacific LLC and its quarry land on Maui with the intent to complete a sale sometime in 2023. Therefore, the revenue related to Grace Pacific and the quarry land for the years ended December 31, 2020, 2021, and 2022 has been removed to reflect the company’s transition to a pure commercial real estate company.

64 | AU G U S T 2 0 2 5

% CHANGE EMPLOYEES 2024 2024 2023 2023

$251.5 1 $247.8 1 -

Health insurance. www.hmaa.com

50 Hawaii Petroleum LLC

SALES ($M) 2024 2023 2022

Timothy M. Dayton - GM Jeffrey Bassett - Sales Mgr.

A Native Hawaiian Organization (NHO). www.alakainafoundation.org Ke‘aki Technologies Laulima Government Solutions Kūpono Government Services Kāpili Services Po‘okela Solutions Kīkaha Solutions Pololei Solutions

48 Alexander & Baldwin, Inc. 53 48

EXECUTIVES

741 737

1,432 1,386

SPECIAL PROMOTIONAL SECTION

CENTRAL PACIFIC BANK

2025 2024 CPB HEART WALK TEAM

ounded over 70 years ago by courageous Nisei veterans returning from World War II, CPB was built on a commitment to inclusion and opportunity. That legacy continues today as we proudly serve Hawaii, honoring the values of aloha, respect, and genuine care for others. Our customers trust us, and that trust shows. Central Pacific Bank was ranked Hawaii’s Best Bank by Forbes Magazine for 2025, an honor that reflects our dedication to innovation,

and exceptional customer experiences. At CPB, we believe banking is about relationships. Our team members take the time to listen, understand your unique financial needs, and deliver solutions tailored just for you. We also actively invest in Hawaii’s future, supporting local nonprofits, small businesses, women entrepreneurs, and initiatives that lift up our communities and make Hawaii even stronger. When you bank with CPB, you’re part of our Ohana. And no matter what your financial journey looks like, We Got You.

Central Pacific Bank 220 S. King Street Honolulu, HI 96813 (808) 544-0500 cpb.bank

H AWA I I B U S I N ES S

| 65

250 2025 2024 2023

List

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

52 Oahu Transit Services Inc. -

Local transit services; local fixed route and paratransit services. www.thebus.org TheBus (dba) The Handi Van (dba)

53 Humana 59 67

Full service mechanical contractor. www.leisinc.com Aikane Pacific Corporation

55 Kaua‘i Island Utility Cooperative 57 55

Generation, transmission and distribution of electric services to member-owners. www.kiuc.coop KIUC Renewable Solutions One LLC KIUC Renewable Solutions Two Holdings LLC KIUC Renewable Solutions Two LLC

56 Young Brothers LLC 55 56

Interisland freight transportation. www.youngbrothershawaii.com Saltchuk Foss Maritime Company

57 Moss -

Moss was founded in 2004 and established its Hawaii office in 2014. Since 2014, Moss has built thousands of multifamily residences in Hawaii. Moss is also one of the leading EPC and renewable energy contractors on the island of Oahu, completing projects totaling over 435MW. Moss’ presence in Hawaii extends to Maui and the Big Island for ongoing and future projects. moss.com

58 Kawailoa Development LLP 54 54

85 83

General building contractor. www.coasthi.com

60 RBD Hawaii Restaurants Limited 2 61 59

Restaurant. www.tdfoodgroup.com Hawaii Pizza Hut Inc. Pizza Hut of Guam Inc. Pizza Hut of Saipan Inc. Taco Aloha Inc. TB Guam Inc.

Kuakini Health System

60 60

Health care. www.kuakini.org Kuakini Support Services Inc. Kuakini Medical Center Kuakini Geriatric Care Inc. Kuakini Foundation

Direct premiums written in Hawai‘i per DCCA.

Fka TD Food Group Inc.

66 | AU G U S T 2 0 2 5

% CHANGE EMPLOYEES 2024 2024 2023 2023

$224.3 $213.5 $205.0

5.0% 4.2%

Justin Y. Puckett - Hawai’i Market Leader

$211.7 1 $161.7 1 $136.7 1

30.9% 18.2%

Stephen T. Leis - President, CEO Michelle Sigmund - CFO Michael St. Clair - Executive VP David Parke - VP Sachin Shah - VP of Engineering and Design-Build Nancy Leis Overton - VP Mandy Moikeha - Senior Operations Manager

$201.0 $140.0 $130.0

43.6% 7.7%

525 500

Allan Smith - Chair David J. Bissell - President & CEO Erin Tsuda - Interim Financial VP & CFO

$185.4 $170.1 $174.8

9.0% -2.7%

143 143

Frank Almaraz - Interim President Chris Martin - VP, Operations Kris N. Nakagawa - VP, External & Legal Affairs

$177.2 $173.7 $172.5

2.0% 0.7%

412 405

Bruce Moldow - President, Hawaii Matthew Jun - Sr. VP

$174.6 $227.2 $112.1

-23.2% 102.6%

231 195

Hiroki Matsuda - Director

$170.2 $175.7 $175.7

-3.1% 0.0%

918 852

Kenneth M. Sakurai - President, Sec. Les Masutani - VP

$169.7 $98.6 $103.2

72.1% -4.5%

300 300

Kevin Kurihara - President

$169.5 $159.5 $156.4

6.3% 2.0%

1,955 1,684

Gregg Oishi - President, CEO Tony Okano - VP, CFO Paul Kosasa - Board Chair

$169.0 $156.9 $156.1

7.7% 0.6%

748 728

Resort and golf course. www.poipubaygolf.com, www.grandhyattkauai.com Grand Hyatt Kauai Resort & Spa Poipu Bay Golf Course

59 Coastal Construction Co. Inc.

SALES ($M) 2024 2023 2022

J.Roger Morton - Director Jon Y Nouchi - Deputy Dir.

Health insurance. www.humana.com

54 Dorvin D. Leis Co. Inc. 68 69

EXECUTIVES

2,060 2,056

250

List

2025 2024 2023

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

62 Aloha Kia

Automotive dealership group - new and pre-owned vehicle sales, OEM parts, and comprehensive service center. https://www.alohakia.com/ Ken Garff Automotive Group

63 MJC Inc. dba Cutter Automotive

Galleries

58 51

Automotive sales and service. www.cutterauto.com Cutter Chrysler Dodge Jeep Ram of Pearl City Cutter Mazda of Honolulu Cutter Holdings LLC Cutter Chrysler Dodge Jeep Ram Fiat Cutter GMC of Waipahu Cutter Mazda of Waipahu

64 Hawaiian Cement

Hawaiian Cement is a vertically integrated construction materials company supplying cement, aggregate and ready-mix concrete in Hawaii. We also provide bagged masonry cement, golf course sand, decorative stone, and other landscaping products and materials. Our company is a critical part of residential, commercial and public construction projects throughout the state. www.hawaiiancement.com Knife River Corp.

66 71

65 Island Insurance Company, Ltd. Property and casualty insurance, surety bonds. www.islandinsurance.com Tradewind Group, Inc. NMF Insurance, Inc. dba IC International Island Premier Insurance Company, Ltd. Tradewind Insurance Company, Ltd.

65 63

66 Pharmacare Hawaii Inc. 62 65

Local pharmacy specializing in specialty pharmacy, infusion therapies, long-term care pharmacy, DME and enteral nutrition, and vaccination services. www.pharmacarehawaii.com Pharmacare International Inc. Synergy MedSolutions LLC Value Drug Ltd. Pharmacy Partners LLC dba Pharmacare LTC

Watumull Brothers Ltd.

64 62

Ready-to-wear apparel, gift shops, non-residential building investments, wholesale distribution of T-shirts and Hawaiian gift items. Watumull Properties Corp. Happy Shirts Inc. New American T-Shirt Co.

68 Allstate Insurance Co. 70 72

Insurance including property, casualty, life, commercial, group and individual, life and health products, retirement and investment products. www.allstate.com

69 Halekulani Corporation 67 74

Halekulani Corporation owns and operates the globally acclaimed luxury resort Halekulani and luxury boutique hotel Halepuna Waikiki by Halekulani in Hawaii. Halekulani represents a luxury hospitality legacy of unique and iconic proportions and has been globally recognized with more than 500 awards. www.halekulani.com, www.halepuna.com Mitsui Fudosan America Inc. Halekulani Halepuna Waikiki

EXECUTIVES

SALES ($M) 2024 2023 2022

% CHANGE EMPLOYEES 2024 2024 2023 2023

John Garff - President Brett Hopkins - CEO Phil Johnson - CFO Dax Derop - COO Russell Wong - Regional VP

$167.0 -

Marc J. Cutter - Chairman Jarrett W. Cutter - President/CEO Clarence Ng - CFO/Treasurer

$165.9 $167.5 $213.2

-1.0% -21.4%

241 244

Dave Gomes - President Jim Gomes - VP - Operations

$159.0 $145.6 $128.3

9.2% 13.5%

240 234

Tyler M. Tokioka - Chairman of the Board Scott A Kuioka - President

$158.6 $150.4 $146.2

5.5% 2.9%

140 143

Byron N. Yoshino - President, CEO

$158.6 $157.4 $142.4

0.7% 10.5%

165 160

JD Watumull - President Jojo Watumull - VP Vik Watumull - VP Jared Watumull - Managing Dir.

$158.3 $153.0 $148.0

3.5% 3.4%

64 70

Tom Wilson - CEO Mario Rizzo - CFO

$155.7 1 $137.1 1 $125.6 1

13.6% 9.1%

Peter E. Shaindlin - COO Shigeto Aoki - Senior VP Masahiro Yaguchi - Senior VP, Sec./Treas. Patricia Tam - Chief Exec. Advisor

$155.0 $145.1 $118.2

6.8% 22.8%

208

691 664

Direct premiums written in Hawai‘i per DCCA.

H AWA I I B U S I N ES S

| 67

250 2025 2024 2023

List

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

70 Punahou School

EXECUTIVES

SALES ($M) 2024 2023 2022

% CHANGE EMPLOYEES 2024 2024 2023 2023

Michael E. Latham - President Sunny Donenfeld - VP for Finance and Operations Noelehua Lyons Archambault - VP, Institutional Advancement Raquel "Kelly" Hicks - Chief HR Officer Gustavo Carrera - Academy Principal Todd Chow-Hoy - Junior School Principal

$142.8 $133.9 $129.4

6.7% 3.5%

737 725

72 70

Primary and secondary education. www.punahou.edu

AECOM

76 78

Architecture, engineering, design, project and program management, planning, and environmental services. aecom.com AECOM

Martin A. Nakasone - VP, Area Manager Leighton Wong - VP, Environment

$140.0 $116.0 $109.0

20.7% 6.4%

238 230

ODP Business Solutions/Hopaco/ Premium Inc.

Sharalyn Sowers - VP

$133.0 $155.1 $154.1

-14.2% 0.6%

475

Greg Young - President, CEO

$121.3 $108.4 $88.3

11.9% 22.8%

360 381

Wayne K. Kamitaki - CEO Paul K. Mizoguchi - VP, Sec. Guy Kamitaki - Treas. Lynn Ushijima - Assistant Sec.

$120.6 $125.2 $126.0

-3.6% -0.7%

363 367

Andrew S. Rosen - President & CEO Carol Higa - EVP of Member Experience Group Aaron Vallely - EVP of Retail Experience & Operations Warren Keone Altona - EVP of Commercial and Retail Banking Strategy

$120.5 $100.1 $71.0

20.4% 41.0%

379 369

Terry George - CEO & President Michelle Ka‘uhane - Exec. VP & COO Wallace Chin - Sr. VP & Chief Administrative Officer Kawena Suganuma Beaupré - Sr. VP & General Counsel Lauren Nahme - Sr. VP & Chief Transformation Officer Mary Leong Saunders - VP of Philanthropy Larissa Kick - VP of Community Grants & Initiatives Lynn Shimono - VP of Finance Shanae Souza - VP of Risk and Compliance for Maui Recovery Effort

$114.1 $244.9 $74.1

-53.4% 230.5%

83 83

Eric Nay - Executive VP Steven Brecker - Executive VP Zachary Taylor - VP, Operations Michael Parker - Sr. Preconstruction Manager

$113.3 $64.3 $117.5

76.2% -45.3%

50 50

63 61

Retail and wholesale office supply, industrial paper and disposable food service products, cleaning chemicals and supplies, office furniture, logo products and services, restaurant and janitorial supply, computer technology products, managed print and document services. www.odpbusiness.com Office Depot Inc. ODP Business Solutions Office Depot/OfficeMax Hopaco Premium Inc.

73 HawaiiUSA Federal Credit Union 79 90

As a nationally and locally acclaimed, award-winning credit union, HawaiiUSA Federal Credit Union serves individuals and businesses through 14 branch locations statewide and convenient online services, and is dedicated to the financial wellness of more than 135,000 members. www.hawaiiusafcu.com

Maui Varieties Ltd. / HouseMart Stores

74 -

Retail hardware and crafts stores, imports and exports. www.hmstores.com Deans Inc. Seattle Ace LLC (5 stores) Las Vegas Ace LLC (2 stores) ACE Hardware Hawaii Inc. (16 stores) 3Katto LLC (4 Daiso Hawaii stores) BFS Inc. (6 Ben Franklin Crafts)

75 Hawaii State Federal Credit Union 84 110

Credit union. www.hawaiistatefcu.com

76 Hawai‘i Community Foundation 48 102

Nonprofit community foundation. www.hawaiicommunityfoundation.org

Layton Construction

115 75

Layton Construction is a nationally ranked commercial construction company specializing in construction management, design-build construction and general contracting. Layton has been building in Hawai‘i since 2005, with offices on O‘ahu and Kaua‘i. As part of the STO Building Group, we bring project experience throughout the United States, Canada and Europe. www.laytonconstruction.com STO Building Group

68 | AU G U S T 2 0 2 5

SPECIAL PROMOTIONAL SECTION

PAR HAWAII

S HAPI N G HAWAI I ’ S E N E RGY FUTU R E TODAY

eeting Hawaii’s ongoing energy demands is challenging. Par Hawaii meets 70% of the state’s fuel needs and is evolving to meet the clean energy goals of the state. This year, Par Hawaii will begin producing renewable fuels made from sustainable feedstocks to begin displacing a portion of the fuels made with imported crude oil. The refinery will have the capability to produce more than 60 million gallons of renewable fuels a year. Renewable fuels, made from plantbased oils and other sustainable feedstocks, include sustainable aviation fuel, renewable diesel and renewable naphtha. These products can be used

2025

for electricity generation, ground transportation, the airlines, and marine vessels in the same way as conventional fuels. These “drop-in” fuels do not require any investment in infrastructure by customers, making them easier to seamlessly integrate into existing operations. Par Hawaii is the first facility in the world to adopt a new technology that pretreats plant and waste oils for conversion into renewable fuels. To achieve this major milestone, the refinery’s team of 300 professionals, including those represented by the United Steelworkers union, are leveraging their refining skills and learning new technology for a clean energy future. Locally grown oil crops hold great promise for our state. Pono Pacific, the state’s largest land management company, is now growing Camelina Sativa, an oilseed with a short growing cycle, which

can be rotated with food crops to support farmers. Camelina requires low amounts of water, enhances microbial communities, provides food for pollinators and prevents erosion. The byproducts of camelina oil production can be used as feed for cattle, dairy cows, and chickens, supporting our local, self-sustaining economy. Hawaii’s energy future is brighter than ever, and Par Hawaii is proud to bring the future to our islands now.

Par Hawaii Par Hawaii 91-325 Komohana Street, Kapolei, Hawaii 96707 (808) 547-3111 parhawaii.com

H AWA I I B U S I N ES S

| 69

250 2025 2024 2023

List

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

78 Hawai‘i Pacific University

Independent, not-for-profit post-secondary institution. www.hpu.edu Oceanic Institute (research affiliate)

90 94

79 Hawaii Employers' Mutual Insurance

Co. (HEMIC)

82 86

HEMIC is Hawai‘i’s leading provider of workers’ compensation insurance, providing innovative risk management solutions. Our family of companies offers comprehensive products and services to protect Hawai‘i businesses and their workers, including commercial and temporary disability insurance and multiline TPA services. Our staff and operations are 100% local. We are rated A (excellent) by AM Best. www.HEMIC.com HEMIC Insurance Managers Inc. (HIMI) Employers' Protective Insurance Co. (EPIC)

80 Wasa Electrical Services Inc. 87 84

Electrical work. www.wasahawaii.com US Kinden Corp.

Morgan Stanley Wealth Management Investment services, comprehensive wealth planning and management. www.morganstanleybranch.com/honolulu.hi

86 89

82 Bacon-Universal Co. Inc.

Construction, agriculture & industrial equipment sales and rentals distributor, related repairs, parts and services. www.baconuniversal.com Invision Capital Vertical Technologies LBR Solar LLC

97 97

83 Na Hoku, Hawaii's Finest Jewelers

Since 1924

81 80

Fine jewelry designer, manufacturer and retailer. www.nahoku.com Pearl Factory - Hawaii's Original Pearl-in-the-Oyster

84 Zephyr Insurance Co. Inc. 110 115

Residential hurricane and homeowners insurance. www.zephyrinsurance.com HI Holdings Inc.

85 DB Insurance Co. Ltd. 78 85

Health Center

The Waianae Coast Comprehensive Health Center is the oldest and largest federally qualified health center in Hawai‘i. For 52 years, WCCHC has served more than 35,000 patients across West O‘ahu—including Waianae, Nanakuli, Kapolei, Ewa, and Waipahu—offering medical, dental, vision, behavioral health, pharmacy, emergency care, Native Hawaiian healing, social services, and food access programs. www.wcchc.com 'Elepaio Social Services

% CHANGE EMPLOYEES 2024 2024 2023 2023

$112.0 $93.9 $85.8

19.2% 9.5%

501 482

Martin J. Welch - CEO Jason T. Yoshimi - President, CFO Tammy Teixeira - SVP, Business Development & Customer Experience; President, Subsidiaries Regina Harris - SVP, Business Operations Faye Bueno - SVP, Human Capital Administration Paul Naso - Chief Legal Officer

$110.8 $104.8 $93.3

5.8% 12.3%

120 120

Ronald K.B. Yee - President and CEO Bruce Kugiya - Exec. VP Cy Masatsugu - Exec. VP Erwin Viloria Mateo - Exec. VP

$110.0 $97.0 $95.0

13.4% 2.1%

350 320

Clyde Matsusaka - Exec. Director/Hawaii Market Manager

$107.0 $97.7 $91.1

9.5% 7.2%

125 140

Matthew Elvin - CEO/President Michael Souza - Equipment Mgr. Veronica Leong - Accounting Mgr. Jeorge Vila - Island Wide Sales Mgr.

$105.5 $88.0 $83.4

19.9% 5.5%

136 114

Edward D. Sultan - Chair, CEO Steven J. Bookatz - President, COO Linda L. Flanagan - VP, CFO

$105.0 $105.0 $107.0

0.0% -1.9%

404 403

Timothy E. Johns - President and CEO; Trustee, Parker Ranch Foundation Trust Garet Azama - Chief Operating Officer

$104.1 $72.5 $64.3 1

43.6% 12.7%

20 21

Jeong-Nam Kim - President, CEO

$100.7 1 $109.0 1 $93.4 1

-7.6% 16.7%

Richard Bettini - President & CEO Nicholas Hughey - Exec. VP Cindy Yee - CFO

$100.5 $94.4 2 $91.8 3

6.5% 2.8%

Direct premiums written in Hawai‘i per DCCA.

Data from Form 990 tax filing; filed under name Waianae District Comprehensive Health and Hospital Board.

Data from Form 990 tax filing.

70 | AU G U S T 2 0 2 5

SALES ($M) 2024 2023 2022

John Y. Gotanda - President David M. Kostecki - Sr. VP, CFO Jennifer Walsh - Sr. VP of Strategic Initiatives and Chief Strategy Officer

Insurance company. www.dbinsus.com

86 Waianae Coast Comprehensive 89 87

EXECUTIVES

518 501

250

List

2025 2024 2023

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

87 JBG Corporation

EXECUTIVES

SALES ($M) 2024 2023 2022

% CHANGE EMPLOYEES 2024 2024 2023 2023

Matt Guard - President, McCabe, Hamilton & Renny Co. Ltd. Camy Chin-Meun - VP, McCabe, Hamilton & Renny Co., Ltd. Kevin Cutter - VP Operations, McCabe, Hamilton & Renny Co., Ltd. Kim Hudson Chock - CFO, McCabe, Hamilton & Renny Co., Ltd.

$97.6 $94.4 $86.0

3.3% 9.9%

337 309

Morris Stoebner - CEO, Director Michael Stoebner - General Mgr. and Pres. Sandra D. Kalahiki - VP, Controller

$95.2 $87.8 $71.6

8.4% 22.7%

110 110

89 Jerry V's Auto Group 1

Jerry V. Romano - President, CEO

$94.0 $92.2 $92.3

2.0% -0.1%

150 120

90 Kualoa Ranch Hawaii Inc.

John Morgan - President, CEO

$92.2 $89.3 $77.8

3.2% 14.8%

470 411

Nelson Okumura - President Alton A. Nakagawa - VP Finance, Secretary Roger Tacdol - Treas., Controller

$92.0 $104.0 $107.6

-11.5% -3.3%

166 164

Leonard K.P. Leong - President

$88.7 $121.2 $106.4

-26.8% 13.8%

145 170

Leslie K. Isemoto - President Larry S. Isemoto - Chair

$87.6 $81.4 $73.2

7.6% 11.2%

178 163

Nan I. Kitagawa - President

$87.1 $88.3 $87.5

-1.4% 0.9%

179 185

Tim Dolan - University of Hawai‘i VP of Advancement and UH Foundation CEO Karla Zarate-Ramirez, CFRE - VP for Development Christine Koo - VP for Advancement Services and Administration John Han - COO & CFO

$86.6 $74.2 $139.7

16.7% -46.9%

108 97

Marine cargo handling. www.mhrhawaii.com Shoreside Maritime Services LLC McCabe, Hamilton & Renny Co. Ltd.

88 93

88 Stoebner Holdings Inc. 98 107

Retail and wholesale automobile sales, parts and service, body shop and car wash. www.hondawindward.com Honda Windward (dba) Honda Windward Auto Body Windward Auto Spa

New & used car and truck sales. Parts and service. www.jerryforthepeople.com Honolulu Imports LLC (Jerry V's Honolulu Hyundai dba) Windward Hyundai (dba) Windward Dodge Chrysler Jeep Ram (dba)

91 88

94 100

Visitor attraction and recreational activities, cattle ranching, diversified agriculture and real estate. www.kualoa.com

VIP Foodservice

Wholesale meat, seafood, poultry, eggs, frozen foods, groceries, produce, paper products, cleaning supplies and retail grocery stores. www.vipfoodservice.com Valley Isle Produce, Inc. Island Grocery Depot

83 79

92 Royal Contracting Co. Ltd. General contractor. www.royalcontracting.com

75 81

93 Isemoto Contracting Co. Ltd. 101 105

General contractor: woodframe, concrete, masonry structures, heavy site excavation, road and highway construction, water, sewer and drainage construction, golf courses. Government and commercial buildings.

94 I. Kitagawa and Co. Ltd.

Retail automotive dealerships, auto parts stores. ikandco.com Kama‘aina Motors Parts Center Hawaii Inc. Kama‘aina Nissan Inc. Kona Auto Center Inc.

95 -

95 University of Hawai‘i Foundation 107 66

The nonprofit UH Foundation is contracted by the University of Hawai‘i to be the sole provider of alumni services and fundraising for UH. Funds raised are critical for supporting the educational mission of UH, one of the largest drivers of Hawai‘i’s economy. This private support funds scholarships to build Hawai‘i’s future workforce, attracts top faculty talent and fuels world-class research. www.uhfoundation.org

Fka Windward Auto Group

H AWA I I B U S I N ES S

| 71

250 2025 2024 2023

List

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

96 Council for Native Hawaiian

Advancement

123 96

CNHA is a member-based 501(c)(3) nonprofit organization with a mission to enhance the cultural, economic, political, and community development of Native Hawaiians. hawaiiancouncil.org Hawaii Holding & Investments

97 Gentry Homes Ltd.

Real estate development. www.gentryhawaii.com Gentry Ewa Villages LLC Gentry Kalaeloa LLC Gentry Investment Properties Gentry Kapolei Development LLC Gentry Maui Development LLC Gentry KGC LLC Gentry Builders LLC

69 73

98 Suisan Group Inc.

99 HawkTree International Inc. 109 114

Logistical services: moving, storage, trucking, courier and conventions. www.hawktree.net Kona Transportation (dba) International Convention Services Island Movers (dba) Pacific Courier Aloha Int'l Moving Services Pro-File Record Systems HawkTree Land Aloha Isle Moving Inc.

100 Bowers + Kubota Consulting Inc. 108 113

Engineering and architecture. www.bowersandkubota.com

101 ‘Iolani School 105 111

'Iolani School is a coeducational, college-preparatory school for students in grades K-12. Its mission is to develop liberally educated, well-rounded individuals who are well prepared for higher education and for responsible, moral citizenship. 'Iolani School fosters academic excellence and personal growth in an environment that is challenging and competitive, yet compassionate and nurturing. www.iolani.org

102 Maui Food Bank 217

Specialty contractor. www.alakaimechanical.com Taisei Oncho Co. Ltd.

Per Form 990, year ending June 30, 2024.

Per Form 990.

72 | AU G U S T 2 0 2 5

% CHANGE EMPLOYEES 2024 2024 2023 2023

$85.8 $44.9 $77.7

91.0% -42.2%

114 83

Norman Gentry - Partner/Co-owner Quentin Machida - President/CEO

$84.5 $138.3 $124.0

-38.9% 11.5%

45 47

Stephen N. Ueda - Chair, Pres., CEO

$83.3 $84.3 $81.7

-1.2% 3.2%

149 135

Donald M. Takaki - Chair Ryan Z Takaki - Vice Chair Donn M. Takaki - President, CEO

$82.0 $73.0 $66.0

12.3% 10.6%

470 453

Brian Bowers - President/CEO Kathleen Chu - VP Mike Kamaka - VP Myong Choi - Principal Eric Iwamoto - Principal Dan Keeley - Principal HD Lee - Principal Amy Matsushima - Principal Todd Niemann - Principal Jay Stone - Principal Kate Teruya - Principal

$81.6 $73.5 $66.4

11.1% 10.7%

300 286

Melanie Pfingsten - Interim Head of School Reid A. Gushiken - CFO

$80.5 $75.4 $70.9

6.8% 6.3%

460 455

Lisa Paulson - CEO

$77.6 1 $9.5 2 $9.1

720.1% 4.5%

Kanemitsu Mori - Chairman Ralph T. Inouye - CEO Ryan Ando - President Joe Barrios - Exec. VP Dayne Matsumoto - VP Hideo Mizutani - Sec./Treas.

$77.6 $91.2 $78.9

-15.0% 15.6%

250 260

Food collection and food distribution to the needy on Maui, Molokai and Lanai. www.mauifoodbank.org

103 Alaka‘i Mechanical Corp.

SALES ($M) 2024 2023 2022

Kūhiō Lewis - CEO Tyler Iokepa Gomes - Kilohana Chief Administrator Mehana Hind - Sr. Advisor to CEO Nicholas Carroll - Chief of Staff Jade Carrel - CFO Kau'i Arce - COO

Wholesale frozen foods, dry groceries, non-food disposables, wholesale and retail fresh fish. www.suisan.com Suisan Properties Limited Suisan Company Limited

99 98

92 99

EXECUTIVES

SPECIAL PROMOTIONAL SECTION

HENSEL PHELPS

2025 SAND ISLAND WASTEWATER TREATMENT PLANT SECONDARY TREATMENT PHASE 1

DANIEL K. INOUYE INTERNATIONAL AIRPORT MAUKA CONCOURSE EXTENSION

JONATHAN TS E U, PACI FIC R EG ION VICE PR ES I D E NT

onathan Tseu attributes Hensel Phelps’ continued growth to the dedication of its core values of Ownership, Integrity, Builder, Diversity, and Community. He emphasizes that this commitment to a strong company culture and trusted industry partnerships continues to propel the company forward. “From our owners to our partners, strong relationships are a key part of our cumulative success,” says Tseu, vice president for the Pacific Region. “Most of our senior leaders have been around for decades.” Tseu, a long-standing employee himself, has been with Hensel Phelps since 1997. After graduating from the University of Colorado with a master’s degree in civil engineering, he joined the company as a field engineer. His

time was divided between Colorado and California as he worked his way up through the ranks, eventually becoming responsible for over $1.3 billion of work, including projects such as the $166 million Hyatt Regency Denver at Colorado Convention Center. Tseu and his family relocated to Hawai‘i, in 2016, where he oversaw the $352 million Mauka Concourse Extension at Daniel K. Inouye International Airport. Tseu currently oversees the management of over 600 employees and operation of 20 projects in Hawai‘i and Guam and is exploring expansion opportunities in Asia and other Pacific islands. Under Tseu’s leadership, the company has recently expanded its relationship with the University of Hawai‘i, working on the $105 million new design-build Manoa Mini Master Plan Phase 2. “By fostering fair and respectful interactions with employees, clients, and trade partners, and by continually

strengthening those relationships, we remain grounded in Hensel Phelps’ core values,” Tseu says. “What’s most satisfying for me is helping our people pursue excellence in everything we do.” As for family life, Tseu and his wife, Erin, are adjusting to life as recent empty-nesters; the youngest of two boys went off to college last year. “We love it here and are excited to be sticking around for a long time,” he says. “Hensel Phelps’ first construction job in Hawai‘i was over 30 years ago, and as our region continues to grow, diversify and expand, we’re proud to be a longstanding partner in Hawai‘i’s growth and future.”

Hensel Phelps 841 Bishop St., Suite 2001 Honolulu, HI 96813 www.henselphelps.com

H AWA I I B U S I N ES S

| 73

250 2025 2024 2023

List

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

104 Bristol Hospice–Hawaii, LLC 116 123

Bristol Hospice promotes quality and comprehensive hospice care, palliative care, and supportive care services for our patients, families, and communities on Oahu. bristolhospice.com/hawaii/ Bristol Hospice, LLC

105 MC&A, Inc.

Destination management company. www.mcadmc.com JTB Americas HawaiianIslesConcierge Diamond Head Vacations

93 77

106 Territorial Savings Bank 112 112

Banking. www.territorialsavings.net Territorial Bancorp Inc. Territorial Financial Services Inc.

107 The Polynesian Cultural Center 102 106

The Polynesian Cultural Center is a 501(c)(3) institution formed in 1963 for the purpose of supporting the continued education of students from throughout the Pacific, and to preserve and perpetuate the cultures of Polynesia. www.polynesia.com The Church of Jesus Christ of Latter-Day Saints

108 Group Builders Inc. 106 135

Specialty contractor for drywall, carpentry/millwork, cabinetry, plastering, acoustical and insulation, fireproofing, exterior insulation finish system. www.groupbuilders.net

109 Ralph S. Inouye Co. Ltd. 120 124

General contracting, building and engineering. www.rsinouye.com

110 Chaminade University of Honolulu 122 116

Nonprofit post-secondary education. Undergraduate, graduate and doctoral degree programs. chaminade.edu

111 C. S. Wo & Sons, LLC 103 91

Retailer of home furnishings. www.cswo.com R.C. Wo & Sons, LLC apt. by homeworld (dba) HomeWorld (dba) Red Knot (dba) C. S. Wo (dba) Ashley (dba) SlumberWorld (dba)

112 Pflueger Inc.

113 Catholic Charities Hawai‘i 100 82

Nonprofit - social services. www.catholiccharitieshawaii.org Catholic Charities Housing Development Corp.

Per consolidated statement of operations.

74 | AU G U S T 2 0 2 5

SALES ($M) 2024 2023 2022

% CHANGE EMPLOYEES 2024 2024 2023 2023

Tricia Pancner - Regional VP of Operations and Sr. Executive Dir. Erin Hamilton - Regional VP of Community Development

$76.2 $63.1 $49.6

20.6% 27.3%

235 221

Eduardo Kina - President & CEO Johan Marzuki - Exec. VP and General Manager Michelle Ramos - CFO Heather Bailey - VP of Operations Jamie Gold - VP of Sales and Industry Relations

$76.0 $91.0 $111.0

-16.5% -18.0%

120 206

Troy Yoshimasu - Sr. VP – Underwriting Manager Jan Loo - Sr. VP – Deposit Operations Division Lead Denise Takashima - Sr. VP – Marketing Manager Gary Uyehara - Sr. VP – Senior Compliance Officer

$74.9 1 $71.6 $66.9

4.7% 6.9%

232

P. Alfred Grace - President, CEO Jarod Hester - CFO, COO, Exec. VP Eric E. Workman - CMO, Exec. VP Delsa Moe - VP Cultural Presentations Greg Maples - VP Culinary Services Kealii Haverly - VP Facilities

$74.6 $77.5 $71.9

-3.7% 7.8%

679 711

Anacleto R. Alcantra - President Amado Jaraba Sanchez - CEO/RME Nestor Lazo - COO Tiffany Trang - CFO

$73.0 $75.0 $40.7

-2.7% 84.3%

305 289

Blake T. Inouye - President & CEO Wesley Mikuni - VP & CFO Mark Tagami - VP & COO Michael Inouye - VP Business Development

$71.2 $60.5 $49.0

17.7% 23.5%

66 72

Lynn Babington - President Lance Askildson - Provost and Sr. VP of Academic Affairs Aulani Kaanoi - CFO and Sr. VP

$70.8 $61.5 $57.6

15.1% 6.8%

290 276

Michael Wo - President Kristen Wo - VP Damian Pherigo - VP

$70.0 $76.0 $88.0

-7.9% -13.6%

202 210

Alan Pflueger - President

$68.6 $72.1 $60.6

-4.8% 18.9%

88 107

Tina L. N. Andrade - President & CEO Stella M.Q. Wong - VP - Programs Paul Y. Kobayashi - VP - Finance Be-Jay Kodama - VP - Philanthropy Shellie Niles - VP- Mission

$65.4 $84.2 $103.8

-22.4% -18.8%

297 268

New and used Honda automobile sales, leasing, parts and service. www.PacHonda.com Pacific Honda (dba)

111 117

EXECUTIVES

250

List

2025 2024 2023

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

114 City Mill Company Ltd.

EXECUTIVES

SALES ($M) 2024 2023 2022

% CHANGE EMPLOYEES 2024 2024 2023 2023

Steven C. Ai - Chairman Shari Komo-Matsueda - President Kevin Nishida - CFO Carol Ai May - VP, Secretary

$65.0 $71.2 $77.6

-8.7% -8.2%

203 203

115 Allied Builders System, Inc. 1

Gary E. Oda - President Justin K. Izumi - VP–Allied Builders System

$64.0 $108.2 $87.2

-40.9% 24.1%

62 60

116 Kuhio Auto Group

Ryan Mackey - President Cindy Lund - CFO Aaris Berry - GM

$62.7 $66.4 $73.7

-5.6% -9.9%

Steve Houle - CEO

$61.6 $59.6 -

3.5%

114 178

Roy Y. Shioi - President Preston Lingaton - VP Conrad H. Murashige - Chair Diana Jenkins - Treas.

$61.2 $59.3 $47.8

3.2% 24.0%

250 205

Stephanie Nadolny - President, CEO Wendy Manuel - VP, COO, CFO Brian Ingold - Chief Information Officer Shari Ann Oshiro - VP, Chief Medical Officer Mario Rodriguez - VP of Clinical Services

$60.1 $52.8 $40.1

13.8% 31.7%

219 275

Michael Gaul - Hawaii Area VP Albert 'Spike' Denis - Principal Licensee and Consultant

$60.0 $55.0 $52.0

9.1% 5.8%

1,005 866

Wesley Fujimoto - Secretary

$59.3 $62.6 $71.5

-5.3% -12.4%

85 95

James R. Keller - President

$58.5 $88.2 $55.8

-33.7% 58.1%

92 117

113 101

Retail home-improvement centers, investments and real estate. www.citymill.com Rainbow State Paint

General contractor for commercial buildings and renovation projects. www.abshawaii.com

80 92

114 103

New and used car dealers, auto parts and services. www.kuhioautogroup.com Kuhio Nissan Kuhio Ford Kuhio Mazda Kuhio Hyundai Kuhio Kustoms Kuhio Chevrolet

117 CBIP Inc. dba Coldwell Banker Island 119 -

Properties

Residential real estate, property management, vacation rental management, mortgage title and escrow. www.islandproperties.com Coldwell Banker Island Vacation

118 Shioi Construction Inc. dba Creative 121 126

Partition Systems General contractor. www.shioihawaii.com Creative Partition Systems

119 REHAB Hospital of the Pacific 125 137

Comprehensive inpatient and outpatient physical and medical rehabilitation services. www.rehabhospital.org REHAB at Nuuanu REHAB at Aiea REHAB at Hilo Rehabilitation Hospital of the Pacific Rehabilitation Hospital of the Pacific Foundation REHAB's Physicians Clinic

120 Securitas Security Services USA, Inc. 118 -

Physical security services, technology integration, mobile patrols, alarm response and remote video monitoring. www.securitasinc.com Securitas AB

121 New City Nissan - Rosebridge LLC 117 109

Retail new and used automobiles, sales and service. www.newcitynissan.com

122 Armstrong Builders LLC 96 119

Established in 1976, Armstrong Builders LLC is an award-winning, integrated, multi-disciplinary construction company dedicated to outstanding service and craftsmanship. The company's work spans various markets specializing in custom and luxury home building, workforce housing, design-build/design-assist, resort communities, and commercial construction. It operates solely in Hawaii. www.armstrongbuilders.com Armstrong Pacific Armstrong Design Group

Appeared on previous lists as RAM Corporation.

H AWA I I B U S I N ES S

| 75

250 2025 2024 2023

List

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

123 WestPac Wealth Partners Hawaii 134 133

WestPac Wealth Partners is a privately-held wealth management firm, founded with the intent to assist our clients in every aspect of their financial lives. Our focus centers on our clients' vision for their future to create a lasting impact on their wealth potential. We are uniquely positioned to offer our clients access to one of the most comprehensive financial product platforms available today. www.westpacwealth.com WestPac Wealth Partners

124 Hawai‘i Life Real Estate Services LLC 108

HVAC, elevators, plumbing, refrigeration, sheet metal fabrication and installation, construction, portable AC rentals, clean air technologies. www.heidecook.com Chugach Commercial Holdings Heide & Cook Real Estate, LLC

126 Aloha Pacific Federal Credit Union 127 130

Credit union. www.alohapacific.com CUSO of Hawaii Properties LLC dba Aloha Pacific Premier Realty CUSO of Aloha Pacific Financial Group CUSO of Hawaii Services LLC

127 Mid-Pacific Institute 122

124 120

DTRIC Insurance Company, Ltd. offers personal lines of insurance, including auto, homeowners, renters, and umbrella. It also provides a wide range of commercial lines of insurance products, including general liability, property, and workers’ compensation. www.dtric.com Aioi Nissay Dowa Insurance Co. Ltd., a member of MS & AD Insurance Holdings, Inc. DTRIC Insurance Underwriters, Ltd.

129 Hardware Hawaii 126 118

Retail & wholesale hardware stores, home centers and lumber yards. www.hardwarehawaii.com HH Holdings Inc. Hardware Hawaii Kailua, Kapolei, Kauai and Mapunpuna are each an LLC

130 Maui Economic Opportunity Inc. 181 181

Maui Economic Opportunity, Inc. (MEO), chartered in 1965, is a private non-profit Community Action Agency. MEO provides outreach, information and transportation, and administers a variety of human service programs to strengthen the community while helping people in need. www.meoinc.org

131 Coldwell Banker Realty 129 104

Real estate. www.coldwellbankerhomes.com Anywhere Advisors LLC Coldwell Banker Realty

76 | AU G U S T 2 0 2 5

% CHANGE EMPLOYEES 2024 2024 2023 2023

$58.4 $44.8 $41.1

30.4% 9.0%

350 295

Matthew G. Beall - CEO, Principal Broker

$58.3 $52.9 $71.6

10.2% -26.1%

47 62

Todd Y. Williams - President Ann Takamori - VP, Admin., Controller Pono Paahao - VP, Service Kerry Borthwick - General Manager, Elevator

$56.9 $49.1 $43.0

15.9% 14.2%

152 146

Vince J. Otsuka - President, CEO Gary Iwai - Board Chair

$54.4 $51.7 $44.7

5.2% 15.8%

165 167

Paul A. Turnbull - President

$53.5 $55.7 $51.4

-3.9% 8.4%

261

Takuya K. Mitsueda - President, CEO Ann Nakagawa - EVP & Chief Administrative and Financial Officer Dennis Rae - EVP & Chief Underwriting Officer

$51.7 $55.8 $53.4

-7.4% 4.5%

72 82

Byron L. Ige - President Dora Myhre - Dir. of Retail Operations Gerardo "Geri" Molina - Dir. of Sales Harold S. Levy - Dir. of Lumber Operations

$51.4 $52.3 $58.2

-1.7% -10.1%

158 160

Debbie A. Cabebe - CEO Gay Sibonga - COO

$51.3 $21.9 $19.0

134.0% 15.7%

247 239

Mike James - President – Hawai‘i

$50.9 $49.2 $73.4

3.5% -32.9%

Pre-K to 12 independent school. www.midpac.edu

128 DTRIC Insurance Company, Ltd.

SALES ($M) 2024 2023 2022

Nash Subotic - CEO Spencer Dung - Managing Director

Real estate sales, long-term and vacation rentals. www.hawaiilife.com Real Life Hawaii LLC

125 Heide & Cook, LLC 130 131

EXECUTIVES

SPECIAL PROMOTIONAL SECTION

HEMIC

t the HEMIC Family of Companies, we believe that business success in Hawai‘i is measured by how well we care for our community. Founded more than 25 years ago as Hawai‘i’s only mutual insurance company, we’ve grown into the State’s leading provider of Workers’ Compensation and risk management solutions. Our deep sense of kuleana has inspired us each step of the way. Our Family of Companies—HEMIC, EPIC, HIMI and HEMIC Foundation —each play a unique role in supporting Hawai‘i’s workers, businesses, and communities. HEMIC’s Workers’ Compensation includes a safety credit program, nurse triage hotline, online Safety Suite, and safety & risk management consulting services at no additional cost to policyholders. HEMIC’s customizable large deductible program was developed for large employers who seek to assume a portion of their insurance risk while

2025

benefiting from HEMIC’s expertise in claims, safety and risk management. Employer’s Protective Insurance Company (EPIC) is Hawai‘i’s fastestgrowing provider of Temporary Disability Insurance, with superior customer service and efficient claim handling managed entirely by their local team. EPIC’s early involvement with support for the claim filing process means quicker payouts for qualifying claims. Known for its excellent customer service, EPIC’s average claimant satisfaction survey score is 5.96 out of 6. HEMIC Insurance Managers, Inc. (HIMI) has a new Small Business Program that provides all the insurance coverages that a small business needs in one convenient bundle and with one payment solution. HIMI’s ThirdParty Claim Administration Services are multiline with a specialty in Workers’ Compensation, providing expertise in claim management and mitigation for self-insured, captive, and other entities seeking to outsource this function.

HEMIC Foundation is a non-profit that supports Hawai‘i’s communities and good causes, from Hawai‘i Meals On Wheels and Arthritis Foundation Hawai‘i to AccesSurf and many others. This is another reflection of the kuleana that drives HEMIC in its businesses, its partnerships and its vision for a safer Hawai‘i. Our commitment goes beyond insurance. Through partnership, innovation, and a deep sense of responsibility, the HEMIC Family of Companies is honored to help shape a safer, healthier future for our islands.

HEMIC 915 Fort Street Honolulu, HI 96813 (808) 524-3642 HEMIC.com

H AWA I I B U S I N ES S

| 77

250 2025 2024 2023

List

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

132 Maui Medical Group Inc. 131 127

Health care service. www.mauimedical.com

133 Hawaii Foodbank Inc. 137 136

Nonprofit organization providing food to 1 in 6 residents, including more than 81,000 of Hawai‘i's keiki, who are now among the hardest hit population in the entire country. www.hawaiifoodbank.org

134 Hilo-Kona Subaru Hyundai 139 -

Merrill Lynch Wealth Management offers personalized financial advice, investment strategies, and banking services to help clients grow and preserve wealth, backed by the strength and resources of Bank of America. local.ml.com/honolulu Bank of America

136 Paradigm Construction LLC 151 150

138 169

Electrical contracting and services. www.americanelectric.com Olgoonik Development LLC

138 Hawaii National Bank 146 156

Financial institution. hawaiinational.bank Hawaii National Bancshares Inc.

139 HFS Federal Credit Union 144 153

Federal credit union. www.hfsfcu.org

140 Sheraton Kauai Resort 135 -

Hotel. Marriott.com/LIHSI

141 Hawaii Water Service Company 140 134

Hawaii Water provides high-quality water to thousands of Hawaii residents and visitors. Our services include water distribution system construction and maintenance, meter-reading and billing, water quality testing and treatment, wastewater treatment, and customer education programs focused on water quality and conservation. www.hawaiiwaterservice.com California Water Service Company Kalaeloa Water Company Kona Water Service Company West Hawaii Utility Company West Hawaii Sewer Company West Hawaii Water Company

78 | AU G U S T 2 0 2 5

% CHANGE EMPLOYEES 2024 2024 2023 2023

$50.5 $49.1 $46.6

3.0% 5.3%

255 258

Amy Miller - President and CEO John Joseph Klosterman - VP and COO Curtis S Leong - VP and CFO Rowena Browne - VP of Development Marielle Terbio - VP of Strategy and Programs

$49.8 $43.1 $40.4

15.7% 6.5%

74 69

Wayne K. De Luz - President

$48.5 $42.0 $39.8

15.5% 5.5%

56 56

Andrew Meade - Sr. VP, Resident Director Arthur Miho - Sr. VP, Associate Resident Director Ikaika Hauanio - Sr. VP, Associate Resident Director Jesse Sheley - Director, Market Executive

$48.0 $47.0 $46.5

2.1% 1.1%

110 115

Alex M. Kwon - President

$48.0 $36.1 $31.0

32.7% 16.4%

60 50

Ray Hose' - President Roland Calimlim - VP Operations Marco Baca - Sr. Controller

$47.6 $43.0 $25.0

10.7% 72.0%

164 150

Bryan K. Luke - President, CEO Ricky R.K. Ching - Exec. VP, CFO Warren K.K. Luke - Chairman

$45.2 $37.5 $28.7

20.3% 31.0%

152 143

Gerald Takase - Board Chair Nathan N. Abe - President, CEO

$45.1 $38.4 $29.5

17.6% 30.0%

121 120

Yonhui Burgett - Director of Finance Katie Brenner-Tataipu - General Manager

$45.0 $44.0 $34.0

2.3% 29.4%

270 272

John Kaniala Kadowaki - Operations Mgr. Geoffrey Fulks - GM Henry Giltner - Assistant GM

$44.6 $41.0 $41.0

8.7% 0.0%

Paradigm Construction LLC specializes in heavy civil construction such as subdivisions and roadways, which include grading work, structural walls, and major utility lines. www.paradigmhi.com

137 American Electric Co. LLC

SALES ($M) 2024 2023 2022

George E. Powell, M.D. - President Clifford Alakai - Administrator Sarah Ford - Controller

New and used car dealership. www.bigislandmotors.com Big Island Motors

135 Merrill Lynch 133 128

EXECUTIVES

250

List

2025 2024 2023

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

142 Kāhala Senior Living Community, Inc. 141 141

dba Kāhala Nui

Life plan community. kahalanui.com Kāhala Nui Senior Living, Inc. Hiolani Care Center Live Well At Iwilei by Kāhala Nui

143 Pleasant Holidays LLC 132 125

Tour operator, travel services and Hawai‘i destination activities. www.pleasantholidays.com

144 Star of Honolulu Cruises & Events 136 145

Excursion boat operators, bus tour, show and transportation. www.starofhonolulu.com Ronald D. Howard Inc. dba Stars of Paradise, Tours & Attractions Paradise Imaging Inc. Paradise Cruise Ltd. dba Star of Honolulu Cruises & Events RDH Transportation Services Inc. dba Royal Star Hawaii Motorcoach Tours & Destination Services Stars in Waikiki LLC dba Rock A Hula Hawaii

145 East-West Center 149 159

Federal credit union. www.gatherfcu.org

147 Sen Plex Corp. 148 149

Mechanical contracting, air-conditioning maintenance and plumbing service. www.senplex.com Oahu Plumbing & Sheet Metal Ltd. Oahu Air Conditioning Service Inc.

148 Goodwill Hawaii 155 151

Nonprofit human service agency. www.higoodwill.org

149 Hawaiian Financial Federal Credit 153 163

Union

Credit union. www.hificu.com

150 AHL 157 171

Architecture, planning, interior design, experiential graphic design, historic architecture, existing building services, and sustainability. www.ahl.design

151 Crum & Forster 145 146

Property and casualty insurance. www.cfins.com Fairfax Holdings, Ltd. Crum & Forster Indemnity Company The North River Insurance Company United States Fire Insurance Company

SALES ($M) 2024 2023 2022

% CHANGE EMPLOYEES 2024 2024 2023 2023

Craig R. Courts - President & CEO Audrey Morabito - VP & CFO Maria Kinsler - VP & COO

$44.3 $40.8 $37.7

8.6% 8.3%

214 207

David Hu - President & CEO Denis Fastert - COO Beth Nickerson - VP Product & Partner Relations Amy Terada - VP Marketing Mark A. Klaschka - VP, Managing Director Hawaii

$44.0 $48.0 $48.4

-8.3% -0.8%

74 64

Ronald D. Howard - President Layne H. Wada - Managing Dir., VP Finance Richard A. Davison - VP Operations Mitzi Hirasawa - VP Sales & Marketing Donna M. Nakamura - Treasurer

$42.5 $43.8 $34.9

-2.9% 25.5%

94 115

James K. Scott - Interim President

$42.2 1 $36.3 1 $28.1 1

16.2% 29.3%

Tess K. Shimabukuro - President, CEO Walton Hong - Board Chair

$41.8 $34.8 $27.1

20.2% 28.4%

93 82

Brian Sen - President Jack Cai - VP Ramon Bonoan - VP

$40.1 $37.0 $31.1

8.3% 19.2%

127 130

Katy Y. Chen - President, CEO Casie Bui - COO Brent H. Arakaki - CFO

$39.8 $34.1 $30.7

16.6% 11.2%

478 455

Norman Okimoto - President Wendy Cheung - Sr. VP - CFO Anna Arii - Sr. VP - Administration Paulette Ito - Sr. VP - Marketing

$38.6 $35.0 $27.4

10.1% 27.6%

96 93

Bettina Mehnert - President & CEO Emile Alano - VP & COO Lisa Rapp - Principal & Chair, Board of Directors

$38.4 $33.4 $23.5

14.8% 42.2%

100 96

Shannyn Kott - VP

$38.0 $37.7 $34.5

0.7% 9.4%

30 47

Nonprofit educational center. www.eastwestcenter.org

146 Gather Federal Credit Union 154 164

EXECUTIVES

Per annual report.

H AWA I I B U S I N ES S

| 79

250 2025 2024 2023

List

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

152 G70 158 147

Architecture, planning and environmental services, interior design, civil engineering, sustainable development, technology services. www.g70.design

153 Maui Humane Society 250 220

Human services. www.childandfamilyservice.org CFS Real Property Inc.

155 AES Hawai‘i 128 -

AES Hawai‘i is a renewable energy developer committed to supporting Hawai‘i's renewable energy transition. With 12 renewable energy projects currently in operation or in progress, AES Hawai‘i is making a greener, smarter future a reality for our island communities. www.aes-hawaii.com The AES Corp.

156 Fernandez Entertainment Inc. 152 143

Amusement and entertainment, restaurants, toys and merchandise wholesaling, video and amusement equipment distribution and servicing, food and beverage concessions. www.ekfernandez.com Carnival Concessions LLC Carnival Events LLC Rock N Fun LLC Fernandez Investments LLC. Fun Foods LLC Retail Entertainment Concepts Inc. Fun Factory Inc. Merchandise International Inc. Fernandez Properties

157 Aqua Engineers, Inc. -

Provides full-service water and wastewater operations and maintenance, engineering services, construction management, financial services and energy solutions. www.aquaengineers.com Aqua Puhi, LLC

158 University of the Nations, Kona -

Educates and equips young people for missionary work around the world.

159 The Parrish Collection LLC -

Short-term rentals and property management. parrishkauai.com The Parrish Collection Kauai The Parrish Collection Maui

Per Form 990, year ending June 30, 2024.

Per Form 990.

80 | AU G U S T 2 0 2 5

SALES ($M) 2024 2023 2022

% CHANGE EMPLOYEES 2024 2024 2023 2023

Linda C. Miki - Vice Chair and CEO Kawika McKeague - President Ryan Char - COO Charles Y. Kaneshiro - Chair and Principal

$37.3 $32.5 $33.7

14.6% -3.6%

98 103

Lisa Labrecque - CEO

$37.2 $6.4 $8.9

484.3% -28.6%

90 90

Amanda Pump - President and CEO Kainalu Severson - Chief Risk & Operating Officer Linda C Fox - Chief Program Officer Gregory Chang - Chief Financial Officer Anne Marie Rizzo - Chief Advancement Officer

$37.2 $33.6 $27.7

10.9% 21.3%

397 313

Cameron Haughey - Director, Project Management Kirstin Punu - Director, Strategic Development

$36.5 $51.4 $41.3

-28.9% 24.5%

63 56

Linda M. Fernandez - CEO Scott Fernandez - President Steven Y.H. Lau - Exec. VP, CFO Sydney Fernandez - VP

$36.1 $35.9 $35.1

0.5% 2.1%

175 175

David T. Paul - President and CEO John K. Newton - CFO Scott Bly - VP, Director of Army Services Clifford P. Lum - VP, Director Engineering & Construction Services Valerie A. Matias - Director of HR James Ano - Director of Operations

$35.2 $37.7 $38.6

-6.6% -2.3%

94 92

Loren Cunningham - Founder Darlene Cunningham - Founder

$35.2 1 $31.7 2 -

11.2%

$35.0 $33.0 -

6.1%

Maui's only open-admission animal shelter accepting all dogs, cats & critters in need. The shelter cares for 5,000 animals per year and performed 9,000 low-cost and free spay/neuter surgeries last year for pets, community cats and shelter animals. Features robust foster, volunteer and community outreach programs, access to veterinary services and the lifesaving Wings of Aloha transfer program. www.mauihumanesociety.org

154 Child & Family Service 156 162

EXECUTIVES

152 113

HAWAIIBUSINESS.COM/NEWSLETTER-SIGNUP

H AWA I I B U S I N ES S

| 81

250 2025 2024 2023

List

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

EXECUTIVES

SALES ($M) 2024 2023 2022

% CHANGE EMPLOYEES 2024 2024 2023 2023

160 Elemental Impact 1

Dawn Lippert - CEO Avra Van der Zee - COO Melissa Uhl - Chief Growth Officer Mike Curtis - CFO Tiffany Huynh - Senior Director of External Affairs

$34.7 $36.2 $21.5

-4.3% 68.6%

56 49

161 University of Hawaii Federal Credit

Travis Bow - President, CEO

$34.5 $26.5 $18.6

30.3% 42.8%

76 72

Emmanuel Kintu - CEO and Executive Director

$34.4 2 $35.9 2 -

-4.3%

Kim Sato - Hawaii Operations Manager

$34.2 3 $37.4 3 $36.3

-8.5% 3.1%

Greg Waibel - President & CEO

$34.2 $28.0 $27.7

22.3% 0.9%

177 178

Dana Vela - President and CEO Jeff Subee - CIO Axel Diaz - CFO Randy Miyashiro - VP Stacy Clark - VP Angie Southichack - VP Wendy Yasutake - VP

$34.0 $31.0 $29.4

9.7% 5.5%

787 765

Corbett A.K. Kalama - CEO of RESCO, Inc. and President of Locations Renee Dona - Chief Administrative Officer Scott Choi - Chief Financial Officer Chad Takesue - Chief Sales Officer

$33.7 $27.9 $41.5

20.8% -32.7%

77 105

Guy Akasaki - President, CEO

$33.6 $28.5 $27.7

17.9% 2.9%

99 99

150 -

169 183

Elemental Impact is on a mission to redesign the systems at the root of climate change. Since launching in 2009, Elemental has invested globally in over 160 companies. These entrepreneurs are building technologies that make energy more reliable and affordable, help farmers grow food in changing conditions, strengthen domestic supply chains, and create jobs throughout the United States and beyond. elementalexcelerator.com

Union

As a credit union, UHFCU is a not-for-profit alternative to banks. Excess earnings are passed back to members in the form of competitive rates, additional products and services, and lower fees. UHFCU has been named one of “America’s Best-in-State Credit Unions” by Forbes Magazine, a finalist for “Hawaii’s Best” (six times) by the Star-Advertiser, as well as “Best Bank” by UH Manoa. www.UHFCU.com

162 Kalihi Palama Health Center

KPHC delivers quality heath care with linguistic and cultural proficiency. https://www.kphc.org/

163 Farmers Group, Inc.

Property and casualty-insurance products. www.farmershawaii.com 21st Century Centennial Insurance Hawaii Insurance Consultants, Ltd.

147 139

164 YMCA of Honolulu 165 160

The YMCA of Honolulu serves thousands of people of all ages and backgrounds annually through youth, health, and community programs at 10 Y locations and 113 program sites. www.ymcahonolulu.org The National Council of Young Men's Christian Associations of the United States of America

165 Kama‘aina Kids 161 155

Educational community & environment multi-service organization. www.kamaainakids.com

166 Locations

Locations is a residential real estate brokerage and a subsidiary of RESCO, Inc., whose portfolio of companies also includes property management, mortgage, and title and escrow services. Through our non-profit, the Locations Foundation, our agents and staff support more than 100 local non-profit organizations through monetary donations and volunteer hours. www.locationshawaii.com RESCO, Inc. Hawaii Mortgage Group Premier Title & Escrow

167 Commercial Roofing & Waterproofing 164 161

Hawaii Inc.

Re-roofing, roof renewal, roof recovery, repair and maintenance solutions, leak sourcing, solar PV installations, raingutters and downspouts, long-term roof management programs. www.commercialroofinginc.com

FKA Elemental Excelerator

Per consolidated financial statement.

Direct premiums written in Hawai‘i per DCCA.

82 | AU G U S T 2 0 2 5

250

List

2025 2024 2023

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

168 Alan Shintani, Inc.

EXECUTIVES

SALES ($M) 2024 2023 2022

% CHANGE EMPLOYEES 2024 2024 2023 2023

Alan I. Shintani - Chairman of the Board Fred Kim - President Robert de los Reyes - VP Jason Tang - Controller

$31.8 $29.2 $36.8

9.0% -20.7%

69 68

Alexis Charpentier - CEO

$31.6 $31.9 $28.4

-0.8% 12.1%

174 185

Ryan Kusumoto - President, CEO Norma Spierings - Chief Development Officer Melissa Cretsinger - Chief Administrative Officer

$30.9 $29.0 $29.5

6.5% -1.8%

357 343

Tricia Y. Buskirk - President/CEO Mel Ventura - Exec. VP Member Services Tad Matsubara - Exec. VP Support Services

$30.8 $26.2 $23.0

17.6% 13.9%

120 109

David Derauf - CEO

$30.0 $26.0 $25.2

15.4% 3.2%

208 201

Tim Mobley - President Taylor Goucher - VP of Sales and Marketing Scarlett Diaz - Dir. of Client Strategy

$30.0 $17.2 $9.2

74.8% 86.6%

1,700 1,046

174 Lōkahi Federal Credit Union 1

Carol J. Ebia - Chair Scott Kaulukukui - President, CEO

$29.2 $25.7 $22.0

13.6% 17.0%

105 110

175 Hawai'i Preparatory Academy

Fred Wawner - Head of School Hannah Hind Candelerio - Asst. Head of School for Advancement

$28.8 2 $22.9 2 -

25.5%

Thomas K. McCarthy - Sr. VP, Branch Mgr.

$28.3 $27.5 $26.9

2.9% 2.5%

42 41

Connie Mitchell - Executive Director Kanui G Bell - Dir. of Strategy, Planning and Impact

$27.7 $27.3 $52.6

1.4% -48.0%

181 189

162 138

General contracting. Historical renovations, federal, residential, commercial. www.alan-shintani.com

169 Waikiki Health 160 158

Established in 1967, Waikiki Health is a non-profit, 501(c)(3) Federally Qualified Health Center (FQHC) whose mission is to provide quality medical and social services that are accessible and affordable for everyone, regardless of ability to pay. Waikiki Health welcomes everyone, regardless of race/ethnicity, age, sexual orientation, socio-economic status, or any other consideration. www.waikikihealth.org

170 Parents And Children Together 163 154

Nonprofit - social and educational services. www.pacthawaii.org People Attentive to Children (PATCH)

171 Hawaii Community Federal Credit

Union

171 172

Federally chartered credit union. www.hicommfcu.com

172 Kōkua Kalihi Valley 172 168

Kōkua Kalihi Valley Comprehensive Family Services is a federally qualified health center serving the richly diverse community of Kalihi. KKV is recognized nationally as a leader in social determinants of health programming with a 50-year history of implementing innovative programs, and annually hosts hundreds of visitors interested in studying our community- and culturallybased approach. kkv.net

173 Connext, LLC 198 215

The future of global staffing. Connext helps companies build custom, dedicated support teams in the Philippines, Colombia, India, and Mexico. www.connextglobal.com

Financial products and services. www.lokahifcu.com

173 174

Independent K-12 school. www.hpa.edu

178 -

176 Wells Fargo Advisors 166 165

Financial services. www.wellsfargoadvisors.com Wells Fargo

177 The Institute for Human Services Inc. 167 121

Established in 1978, IHS is Hawaii's most comprehensive non-profit provider of homeless solutions including permanent supportive housing, mental health, medical, drug and alcohol detox, emergency shelter, housing subsidy, outreach, case management and employment services. IHS helps to end or avert homelessness for over 6,000 Oahu residents each year. www.ihshawaii.org Kahauiki Village Development LLC

fka Hickam Federal Credit Union

Per annual report.

H AWA I I B U S I N ES S

| 83

250 2025 2024 2023

List

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

178 Le Jardin Academy

Independent PK-12 school offering the full continuum of International Baccalaureate programs. www.lejardinacademy.org

175 173

179 Aloha Nursing Rehab Centre 202 192

Manufacturer and retailer of framed art, cabinets, closet systems and related items. Retailer of unique home gifts for the local and visitor markets through CocoNene. www.theartsourceinc.com Pictures Plus California Closets Plus Interiors CocoNene

181 Constructors Hawaii Inc. 188 -

159 144

Mechanical contractor. www.contmech.com Continental Mechanical of the Pacific

183 Honolulu Community Action 180 176

186 213

Public agency responsible for improving the well-being of Native Hawaiians. www.oha.org

MillerKnoll Platinum Certified dealer providing contract furnishings to businesses, government, health care and higher education. www.op-hawaii.com Op Build Office Pavilion

186 Cyanotech Corporation

Producer of dietary supplements and natural products derived from microalgae. www.cyanotech.com Nutrex Hawaii, Inc

176 142

187 Gather Vacations Inc. 182 178

164 161

Amy Y. Lee - CEO

$26.1 $16.8 $14.6

55.1% 15.3%

129 117

Kent Untermann - CEO Lori Untermann - VP Lon Miyaguchi - VP Operations Alexa Untermann - Sec., Treas.

$25.6 $22.5 $21.8

13.8% 3.2%

170 155

Colin Yoshiyama - President

$25.4 $20.5 $19.3

24.3% 6.2%

37 28

Samuel Fujikawa - CEO Robert K. Fujikawa - President

$25.0 $32.7 $35.0

-23.5% -6.6%

80 85

Robert N.E. Piper - CEO/Exec. Director

$24.4 $22.4 $21.4

8.8% 4.5%

300 319

Stacy Kealohalani Ferreira - CEO Casey Brown - COO Ramona G. Hinck - CFO

$23.8 1 $21.1 1 $9.5 1

12.8% 122.2%

Wendy Shewalter - President & CEO Bruce C. Shewalter - COO / RME

$23.3 $19.7 $12.9

18.3% 52.5%

44 44

Matthew K. Custer - President and CEO Gerald R. Cysewski - Chief Scientific Officer

$23.1 2 $23.2 2 $36.0 2

-0.5% -35.6%

Andreea Grigore - CEO Matthew Gage - CFO Aurelie Tanguy - COO

$23.0 $21.8 $20.9

5.5% 4.4%

42 41

Private nonprofit providing opportunities for low-income population to achieve self-reliance. www.hcapweb.org

185 Contract Furnishers of Hawaii Inc. 190 198

11.3% 5.8%

Program, Inc.

184 Office of Hawaiian Affairs

Property management, vacation rentals, hospitality, and luxury. gathervacations.com The Elite Companies LLC

Charges for services + operating grants, per annual report.

Per annual report.

84 | AU G U S T 2 0 2 5

% CHANGE EMPLOYEES 2024 2024 2023 2023

$26.6 $23.9 $22.6

General contracting. constructorshawaii.com

182 Fujikawa Associates Inc.

SALES ($M) 2024 2023 2022

Earl Kim - Head of School Stacy Kilty - Exec. Dir. of Business and Operations Support

Skilled nursing facility. www.alohanursing.com Health Care Japan Co. Ltd. Aloha Nursing Rehab Centre

180 The Art Source Inc. 179 175

EXECUTIVES

“SO M UC H R ES PO NSI B I LI T Y, SO LI T TL E TR A IN IN G – UN TI L N OW”

The Hawai‘i Leadership Academy provides senior leaders with the fast-track, high-impact program they need to elevate their skills. Prepare for increased responsibility in just ﬁve weeks. The Hawai‘i Leadership Academy is an exclusive program designed for Hawai‘i’s leaders who are ready to develop and expand their executive skill sets. Tailored for director-level professionals and above, from all industries across the state, this academy offers strategic leadership growth, professional development, intentional networking, and direct exposure to Hawai‘i’s top leaders. We are excited to launch our inaugural cohort in Fall 2025. Hawai‘i Leadership Academy:

Participants will beneﬁt from:

• Consists of ﬁve immersive Friday sessions from September 12 – October 10, 2025.

• Engaging guest speakers who will provide fresh perspectives and invaluable leadership insights.

• Offers a personalized and impactful experience with a limited cohort size for greater engagement.

• A powerful professional network, connecting with like-minded peers from diverse industries and organizations.

• A ﬁve-week, in-person, half-day dynamic program designed to elevate careers.

This exclusive academy is crafted for ambitious professionals, providing opportunities for personal and professional growth, leadership development, and insights from esteemed C-suite guest speakers.

• Personal and professional development by harnessing their innate leadership strengths.

This transformative experience is designed to inspire growth, expand leadership potential, and foster meaningful connections.

F O R M O R E I N F O R M AT I O N O R T O S U B M I T A N A P P L I C AT I O N , V I S I T H E C O U N C I L . O R G / L E A D E R S H I PA C A D E M Y 2 0 2 5 SUPPORTING SPONSORS

T H E H AWA I ‘ I L E ADE RS HI P ACA D E M Y I S A PART N ER S HI P BE T W E E N T H E H A WA I I E M P LOY E R S CO U N CI L A ND H A WA I I B U S I N E S S M AGAZIN E . H AWA I I B U S I N ES S | 85

250 2025 2024 2023

List

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

188 Honolulu Museum of Art

Art museum, art school, educational programs, theater. www.honolulumuseum.org Honolulu Academy of Arts

192 -

189 Coffman Engineers Inc.

Multi-discipline engineering and consulting firm. www.coffman.com

183 -

190 Aloha United Way

Aloha United Way advances the health, education, and financial stability of every person in our community by bringing together resources, organizations, and people. AUW is a partner, advocate, resource, and connector that focuses on systemic issues facing our community. What we do informs policy, creates alliances, and generates resources for greater social impact. www.auw.org

177 184

191 Barnwell Industries Inc.

Exploring for, developing, producing and selling oil and natural gas in Canada and the United States, investing in land interests in Hawai‘i, drilling wells and installing and repairing water pumping systems in Hawai‘i. www.brninc.com Barnwell Investments LLC Barnwell Texas, LLC BOK Drilling, LLC Barnwell Hawaiian Properties, Inc. Kaupulehu Developments Barnwell Kona Corp. Barnwell of Canada, Ltd. Dartmouth Petroleum, Ltd. Gypsy Petroleum, Ltd. J.H. Wilson Associates, Ltd. KD Kona 2013 LLLP Water Resources International, Inc. Bill Robbins Drilling, Ltd. Octavian Oil, Ltd.

174 157

192 Pearl Hawaii Federal Credit Union

193 Video Warehouse, Inc. 196 206

Provider of audio visual systems design and integration, renewable energy and energy efficiency solutions. www.theavco.com The Audio Visual Company Energy Industries

194 Blood Bank of Hawaii

203 (HOCU) Credit union. Financial institution. 195 www.myhocu.com 1

Per audited financial statement.

Figure not yet audited.

Reported revenue fell because of market drops in endowment.

Per annual report.

Total interest income + non-interest income, per NCUA call report.

86 | AU G U S T 2 0 2 5

% CHANGE EMPLOYEES 2024 2024 2023 2023

$23.0 1 $19.0 2 $0.4 3

20.8% 4939.7%

122

John Thielst - Senior VP, Managing Principal, Pacific Region Manager

$22.5 $21.6 $17.5

4.4% 23.4%

102 88

Michelle Bartell - CEO Victoria Fisher - VP of Finance Aga Westfal-Conboy - VP of Marketing Kayla Keehu-Alexander - VP of Community Impact Jennifer Pecher - VP, 211 Community Response Programs

$22.4 $23.1 $18.4

-2.7% 25.6%

57 64

Craig D. Hopkins - President and CEO Russell M. Gifford - Exec. VP, CFO, and Treas.

$21.7 4 $25.3 $28.5

-14.0% -11.5%

27 36

Daniel Terada - President, CEO

$21.0 5 $17.2 $15.2 5

22.0% 13.0%

68 73

Thomas Lee - CEO Cody Navarro - President Rena Gormley - VP, COO Phillip Wescott - VP, Dir. of Technology, Principal

$20.8 $17.4 $11.2

19.5% 55.9%

60 60

Kim-Anh T. Nguyen - President & CEO

$20.2 $19.6 $18.7

3.1% 4.8%

117 159

Mark Munemitsu - President, CEO Ross Inouye - Sr. VP

$20.0 $16.8 $13.1

19.2% 27.8%

55 58

Non-profit, sole provider of blood to Hawai‘i hospitals. www.bbh.org Blood Bank Real Property Inc.

195 Honolulu Federal Credit Union

SALES ($M) 2024 2023 2022

Penni Hall - COO Mike Watanabe - Board of Trustees Chair

Financial institution. pearlhawaii.com

197 189

191 182

EXECUTIVES

250

List

2025 2024 2023

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

196 Elite Pacific Construction Inc. 209 201

General contractor. www.elitepacific.net

197 SeaWide Express 199 -

195 185

Inc.

208 197

33.5% 18.6%

19 20

Phil Hinkle - GM

$19.2 $17.1 $16.5

12.2% 3.9%

55 34

James Takamine - CEO

$18.4 1 $16.6 1 $14.5 1

10.6% 14.6%

Michael A. Carr - President, CEO Tom Manuel - CFO

$18.0 $18.2 $16.7

-1.2% 9.0%

120 116

Gary Fukuroku - President, CEO Michele Kawahara - VP Cathy Nakamura - CFO Myron Sakamoto - COO Wesley Higuchi - Chief Lending Officer

$18.0 $14.9 $13.0

20.8% 14.7%

62 58

Rona Yagi Fukumoto - President & CEO

$17.8 $14.6 $8.7

21.5% 67.6%

104 93

Myron N. Kiriu - CEO, Owner, Realtor Karin Moody - Principal Broker, Owner Ambur Kiriu - Owner, VP Public Relations Kevin Inn - President

$17.3 $17.1 $24.0

1.2% -29.0%

183 199

Konrad Ng - Board of Commissioners Chair Karen Ewald - Exec. Director

$17.1 $26.9 2 $8.7 3

-36.2% 210.3%

Non-profit organization. www.ussmissouri.org

200 Maui County Federal Credit Union Federal credit union, financial institution. www.mauicountyfcu.org

201 Lanakila Pacific

A Hawaii-based 501(c)(3) nonprofit offering integrated programs and social enterprises that benefit over 1,700 individuals with disabilities, seniors and others. We strive to embody selfsufficiency and inspire inclusive communities where people of all ages and abilities are empowered to find meaningful employment, live independently and thrive in spirit. www.lanakilapacific.org

202 Better Homes and Gardens Real 201 170

Estate Advantage Realty

Real estate. betterhawaii.com Better Homes and Gardens Real Estate Advantage Realty Better Homes and Gardens Real Estate Advantage Realty Better Homes and Gardens Real Estate Advantage Realty Valley Isle Better Homes and Gardens Real Estate Advantage Realty West Better Homes and Gardens Real Estate Advantage Realty North Shore

203 Hawai‘i State Foundation on Culture 168 221

and the Arts

State government arts agency started to promote and preserve culture and the arts in Hawai‘i. Funding comes from state, federal and private sources and is distributed to nonprofits and schools. www.sfca.hawaii.gov

Total interest income + non-interest income, per NCUA call report.

Per 2023 annual report.

Per 2022 annual report.

% CHANGE EMPLOYEES 2024 2024 2023 2023

$19.3 $14.5 $12.2

Credit union. www.cuhawaii.com

199 USS Missouri Memorial Association

SALES ($M) 2024 2023 2022

Edwin Barlongo - President Marla Yoshihiro - VP Charlie Buckingham - VP

SeaWide Express, part of AJC Logistics, provides reliable freight forwarding FAK and last-mile delivery services across Hawaii. With expanded capabilities through Kano Trucking, SWE offers warehousing, cross-docking, and local delivery solutions on Oahu. Known for its service excellence, SWE supports businesses with tailored logistics across the islands, backed by a global logistics company. www.seawideexpress.com AJC Logistics Kano Trucking

198 CU Hawaii Federal Credit Union 206 193

EXECUTIVES

H AWA I I B U S I N ES S

| 87

250 2025 2024 2023

List

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

204 Easterseals Hawaii 185 186

194 179

Residential home loans and lines of credit, CRE loans, savings accounts, and certificates of deposit. www.financefactors.com Finance Enterprises Ltd.

207 IDEA Food Service USA Inc. and 213 211

Subsidary

-20.0% 29.1%

215 228

Lisa A. Daijo - President, Owner

$17.1 $16.7 $14.8

2.1% 12.9%

26 23

Russell J. Lau - Chairman, CEO Robert Gregory Nelson - President Kristi L. Maynard - Exec. VP, CFO

$16.3 $18.2 $19.3

-10.3% -5.5%

106 113

Ryusuke Yodoi - President Alessandro Bolla - VP

$15.5 $12.5 $9.6

23.8% 30.2%

110 90

Jong Sun Park - Chairman of the Board and CEO Patrick Nii - VP, Chief Marketing Officer Michael Patrouch - VP of Claim Operations

$15.0 $13.8 $11.2

8.8% 23.1%

Jasmine Samiere - VP

$15.0 $12.0 $10.0

25.0% 20.0%

30 10

Anna Neubauer - President & CEO

$14.7 $16.3 $14.1

-9.8% 15.3%

213 179

Heather Lusk - Exec. Director

$14.3 2 $16.1 $15.4

-11.5% 4.8%

Rachele Pezel - GM, Staffing Division

$13.5 $6.1 $5.6

121.9% 8.4%

8 7

Retail restaurants. www.arancino.com IDEA Food Service USA Inc Arancino Kahala LLC Arancino di Mare LLC Arancino LLC

208 John Mullen & Co., Inc. 211 205

Insurance claim adjusting, third-party administrator. www.johnmullen.com DB Insurance

209 Honolulu Fish & Seafood Corp. Seafood export company. www.honolulufish.com

210 Hawaiian Humane Society 200 207

The Hawaiian Humane Society is a non-profit education and advocacy organization that shelters, protects, rescues, reunites and rehomes animals. Established in 1883, it is O‘ahu’s largest animal welfare organization helping local pets and people in need. The Hawaiian Humane Society is dedicated to promoting the humananimal bond and the humane treatment of all animals. hawaiianhumane.org Hawaiian Humane Society Hawaiian Humane Society Kosasa Family Campus at Ho‘opili

211 Hawai‘i Health & Harm Reduction 207 188

Center

HHHRC serves Hawai‘i communities by reducing the harm and fighting the stigma of HIV, hepatitis, homelessness, substance use, mental illness, and poverty in our community. www.hhhrc.org

212 Employers Options 243

% CHANGE EMPLOYEES 2024 2024 2023 2023

$17.1 $21.3 $16.5

Full-service human resources, executive recruiting and staffing agency. www.expresspros.com/honoluluhi Express Services Inc.

206 Finance Factors Ltd.

SALES ($M) 2024 2023 2022

Andrea Pettiford - CEO

For more than 75 years, Easterseals Hawaii has been providing exceptional, individualized, family-centered services to empower people with intellectual and developmental disabilities to achieve their goals and choose their own path. Programs include early intervention, adult home and community-based services, autism services, and employment services. www.eastersealshawaii.org Catalight

205 Express Employment Professionals 205 191

EXECUTIVES

Employers Options is part of Array Corporation, the leading technology-enabled workforce solutions company whose mission is to fix how labor is bought, sold and delivered to enable universal access to the American Dream. www.employersoptions.com Array Corporation

fka Wave Inc. and Subsidiary

Per audited financial statement.

88 | AU G U S T 2 0 2 5

SPECIAL PROMOTIONAL SECTION

HAWAIIUSA FEDERAL CREDIT UNION

awaiiUSA Federal Credit Union continues to set the standard for member-focused banking and long-term community value. With a mission rooted in financial wellness, the credit union has steadily expanded its statewide impact through innovative services, digital advancements, and strategic community investments, delivering measurable results for members, employees, and partners alike. Key initiatives in financial coaching, education, and homeownership support reinforce its role as both a trusted financial institution and a catalyst for economic resilience across the islands. HawaiiUSA gave $33.4 million in dividends to its members in 2024, which was $17.4 million more than the previous year. It has also expanded its financial literacy programs, reaching over 10,500 individuals statewide in 2024. HawaiiUSA continues to move beyond traditional banking to uplift the communities it serves. With 76 certified financial coaches on staff, HawaiiUSA has expanded its free coaching program to help members

and employees navigate challenges like budgeting, debt reduction, and homeownership. These counselors deliver personalized guidance that helps people take meaningful steps toward financial resilience. This commitment to empowerment also extends to HawaiiUSA’s community outreach, which includes delivering financial education in K–12 classrooms. Continuing a 30-year legacy of youth financial education, HawaiiUSA continues to mentor students to serve as peer educators in various schools through student-operated credit unions. HawaiiUSA’s commitment to Hawai‘i’s educators shines through meaningful financial support for those shaping the next generation. From scholarships and professional development stipends to educator awards and tuition assistance for K–12 teachers participating in personal finance training at Chaminade University, these investments reflect a deep belief in the power of education to uplift lives and strengthen communities. Recognizing that financial wellness is also essential for vulnerable and underserved populations, HawaiiUSA deepened its partnerships with nonprofits like

2025

the Alzheimer’s Association and the Domestic Violence Action Center. Efforts include financial wellness workshops, fundraising initiatives, and social enterprise collaborations that generate both awareness and aid. With 13 branches statewide, HawaiiUSA continues to evolve how people bank and how they thrive, while building a future where financial wellness is accessible, sustainable, and rooted in the belief that helping people grow strengthens our entire community.

HawaiiUSA Federal Credit Union 1226 College Walk Honolulu, HI 96817 (808) 534-4300 hawaiiusafcu.com

H AWA I I B U S I N ES S

| 89

250 2025 2024 2023

List

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

213 Hawaiian Islands Freight Association 212 199

Freight forwarding. www.hifa.us

214 Pacific Historic Parks -

Hina Mauka is a nonprofit organization dedicated to helping individuals reclaim their lives from the grips of substance use and mental health challenges. Through residential and outpatient treatment, it supports adults and adolescents on their path to recovery and healing. With compassionate, evidence-based care, Hina Mauka empowers people to restore hope, health, and purpose. www.hinamauka.org

216 Hawaii Central Federal Credit Union 216 214

210 196

Own and operate three Tanaka of Tokyo restaurants. www.tanakaoftokyo.com

218 Allana Buick & Bers 214 132

A leading architectural engineering firm with over 36 years of experience specializing in making buildings perform better. Our core “trade level” expertise and strengths are in all exterior façade trades, curtain wall and glazing, roofing and waterproofing, HVAC and plumbing, energy efficiency, structural engineering, and construction management. www.abbae.com

219 Malama Solar 193 194

Malama Solar is a local, Hawaiian-owned, full-service solar photovoltaic and battery storage provider. It specializes in sales, design, installation, and maintenance of these systems. www.malamasolar.com

220 Maui Land & Pineapple Co. Inc. 218 177

Maui Land & Pineapple Company is dedicated to the thoughtful stewardship of over 22,000 acres of land with approximately 260,000 square feet of commercial properties. Founded as a family company in 1909, today MLP envisions a future where Maui residents can thrive in more resilient communities with an increased housing supply, food and water security and renewed connections of people and place. www.mauiland.com Kapalua Land Co. Ltd.

221 Noguchi & Associates -

Noguchi & Associates is one of Hawai‘i’s largest and most respected insurance agencies, committed to fully serving Hawai‘i’s business community. With five branches across four islands and an office in New York, the team includes over 70 employees and independent agents. They offer insurance, surety bonding, risk management, and claims support for clients from nonprofits to large corporations. https://www.nogins.com/

90 | AU G U S T 2 0 2 5

% CHANGE EMPLOYEES 2024 2024 2023 2023

$13.4 $13.5 $12.3

-1.0% 9.7%

Aileen Utterdyke - President and CEO

$13.3 $13.0 $11.1

2.3% 17.1%

45 30

Brian Baker - Chief Operating Officer Sherrie Kinoshita - Director of Administration

$13.1 $11.1 $8.5

18.1% 29.7%

89 88

Neil Shimogawa - Chairperson

$12.9 $12.0 $9.4

7.6% 27.4%

39 43

Richard E. Tanaka - Chair, CEO Hiroshi D. Lamansky - President Alison "Bo" H. Tanaka - Exec. VP & CFO Calvin Yamasaki - Sr. VP & CAO

$12.9 $13.9 $13.0

-7.3% 7.2%

190 187

Karim Allana - CEO & Sr. Principal Eugene Buick - COO & Sr. Principal Gerson Bers - VP & Sr. Principal

$12.7 $12.3 $13.5

2.8% -8.3%

227

Rachel Ah Sue - Owner Chris Ah Sue - Owner

$11.8 $19.0 $13.3

-38.0% 42.6%

35 51

Race Randle - CEO Wade Kodama - CFO

$11.6 $10.9 $21.0

6.0% -47.9%

16 9

Mitchell Noguchi - CEO

$11.1 $10.5 $8.7

6.1% 20.6%

52 44

Credit union. www.hawaiicentral.org

217 Tanaka of Tokyo Restaurants Ltd.

SALES ($M) 2024 2023 2022

Stephan Edwards - President Denny Sadowski - VP Robyn Miura - Sec., Director David Kwong - GM

Pacific Historic Parks is the leading non-profit 501(C)3 organization supporting significant historical sites in the Pacific for future generations. Through education, interpretive programs, research, preservation, and restoration, we work to perpetuate the memory of events and honor the people involved in these Pacific historic locations. www.pacifichistoricparks.org

215 Hina Mauka -

EXECUTIVES

Leena Assaf – Business Development Director

250

List 2025 2024 2023

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

222 Aloha Green Holdings Inc. 215 200

219 203

Advertising and media, public relations, market research, digital marketing, social media. www.anthologygroup.com Finn Partners, Inc.

225 Kaua‘i Federal Credit Union 239 212

229 222 1

-8.3% -2.4%

71 78

Ruth Fletcher - President and Head of School

$11.0 $9.9 $6.8

10.7% 47.0%

69 75

Dennis Christianson - Managing Partner Nathan Kam - Sr. Partner, Public Relations David Pettinger - Sr. Partner, Research Wenona Harris - Sr. Partner, Integrated Marketing

$10.7 $10.8 $11.5

-0.9% -5.6%

78 84

Sean Kaley - President and CEO

$10.4 1 $7.6 $9.6 1

36.5% -20.4%

40 41

John P. Hiltz - CEO

$10.3 $9.5 $8.6

8.2% 10.9%

Credit union. www.kauaicreditunion.org

226 Pearl Harbor Aviation Museum

National Historic Landmark, America's WWII aviation battlefield, aviation museum. www.pearlharboraviationmuseum.org

% CHANGE EMPLOYEES 2024 2024 2023 2023

$11.0 $12.0 $12.3

Preschool and kindergarten to 12th-grade education. www.standrewsschools.org

224 Anthology Finn Partners

SALES ($M) 2024 2023 2022

TY Cheng - Founder

Honolulu's leading state-licensed medical cannabis dispensary. www.agapoth.com Aloha Green Cannabis Collection Hemptuary Hawaii Aloha Green Herb House Aloha Green Apothecary

223 St. Andrew's Schools 220 -

EXECUTIVES

Total interest income + non-interest income, per NCUA call report.

H AWA I I B U S I N ES S H AWA I I B U S I N ES S

|| 9191

250 2025 2024 2023

List

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

227 Pacific Fleet Submarine Memorial 217 224

235 234

35 35

Leina Ijacic - CEO/Administrator

$10.1 $9.7 $9.0

4.1% 8.7%

96 92

Tiera Covington - President

$10.1 $8.7 $6.5

16.4% 32.9%

133 92

John Speed - Founder/Owner

$10.1 $8.7 $7.1

15.4% 23.0%

96 90

Sanoe Marfil - CEO

$9.9 1 -

Janitorial, landscaping, maintenance and site management services. www.ifshi.com

Full-service termite and general pest control services for residential and commercial properties on Oahu and Maui. kilaueapest.com

231 INPEACE -

-6.2% 36.6%

Senior living facility with assisted living services. www.onekalakaua.net

230 Kilauea Pest Control Inc. 234 231

$10.3 $11.0 $8.0

Operate a WWII submarine and submarine museum. bowfin.org

229 Integrated Facility Services Hawaii

% CHANGE EMPLOYEES 2024 2024 2023 2023

Andew "Homer" Ring - Executive Director

Association

228 One Kalakaua Senior Living 227 218

SALES ($M) 2024 2023 2022

EXECUTIVES

INPEACE, the Institute for Native Pacific Education and Culture, is a 501(c) Community-Based Organization. Its mission is to improve the quality of life for Native Hawaiians through community partnerships that provide educational opportunities and promote self-sufficiency. https://inpeace.org/

Per annual report.

Let Leadership Take Growth starts with the right environment.

Whether you’re cultivating your team's capacity from the ground up, or bringing the outside in for a fresh perspective, People Strategies Hawai‘i can help your leaders and organization grow with purpose.

We offer:

• Executive Coaching • Team Retreats & Off-sites

• Strategic Facilitation • Leadership Training/Programs • Culture Consulting

SCAN FOR MORE

Let’s plant the seeds of transformation—together.

AU 9292| |AU GG UUS TS T2 2002 25 5

www.peoplestrategieshawaii.com • info@peoplestrategieshawaii.com

250

List

2025 2024 2023

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

232 JR Doran Inc. / Ceramic Tile Plus and

EXECUTIVES

SALES ($M) 2024 2023 2022

% CHANGE EMPLOYEES 2024 2024 2023 2023

James R. Doran - President

$9.7 $9.9 $11.6

-1.5% -15.1%

30 31

Matthew S. Delaney - President, CEO

$9.7 $9.4 $9.4

3.0% -0.2%

178 231

Molly Schmidt - Interim CEO

$9.0 $9.7 $4.5

-6.8% 113.4%

30 30

Judy N. Bishop - President, Owner

$8.7 $10.0 $10.1

-12.1% -1.2%

11 10

Christine Lanning - President

$8.7 $7.0 $6.7

22.9% 5.2%

34 34

Richie A. Breaux - CEO Tiffany Pestana-Breaux - VP

$8.3 $10.1 $6.7

-17.1% 50.0%

Lois Mitsunaga - President and CEO Ryan Shindo - CFO

$8.3 $7.7 $9.6

7.9% -20.1%

32 36

Bob Fei - CEO Martin Baker - CFO - Senior VP Peter Thomas - VP, Federal Solutions Group Caleb Shomo - VP of HR, Chief Ethics Compliance Officer Karin Long - Director of Contracts

$8.1 $9.0 $9.0

-10.0% 0.6%

71 74

225 Exclusively Yours We are a 48-year-old, second-generation, family-owned company 202 selling tile and stone, countertops in quartz, quartzite, granite and other natural stones, and in-stock and special-order cabinetry. www.ceramictileplus.com

233 The Hawaii Group Inc. 230 216

Outsourcing services, accounting and tax services, HR outsourcing, health care staffing, home care, consulting and advisory services. www.thehawaiigroup.com DemandHR Cradles N' Crayons LLC Hawaii Health Care Inc. (HiHealthCare) Hawaii Accounting LLC (HiAccounting) Hawaii Nursing Inc. (HiNursing) Hawaii HomeCare Inc. (HiHomeCare)

234 American Red Cross of Hawaii 228 249

The mission of the American Red Cross is to prevent and alleviate human suffering in the face of emergencies by mobilizing the power of volunteers and the generosity of donors. They do this by providing disaster relief and teaching lifesaving skills to the people of Hawaii, supporting members of the Armed Forces and their families, and helping people prevent and prepare for emergencies. www.redcross.org/hawaii American National Red Cross

235 Bishop & Company Inc.

Staffing company, executive recruitment.

224 www.bishopco.net 208

236 Integrated Security Technologies Inc. 245 233

Low voltage electrical contractor specializing in electronic security and nurse call systems. www.istechs.net

237 ATN Construction 221 232

Custom design build firm. www.atnhawaii.com

238 Mitsunaga & Associates Inc -

Mitsunaga & Associates, Inc. is a full-service architecture, engineering, and construction management firm based in Hawai‘i. We provide design and project management services for public and private sector clients, delivering innovative, functional, and sustainable solutions across a wide range of industries. https://mitsunagaassociates.com/

239 Life Cycle Engineering 233 219

Professional engineering services provider. Providing DoD and federal agencies with a full range of solution-centric services in the areas of engineering, logistics, shipyard planning and engineering process support, waterfront maintenance support, information/cybersecurity, IT operations & maintenance, and financial management. www.LCE.com Life Cycle Engineering

H IIII BBUUSSIIN ES SS | 9393 HAWA AWA ESES H AWA I I B U SNI N S

250 2025 2024 2023

List

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

240 Vivia Cares, Inc. 249 236

Vivia Cares, Inc. is a technology-enabled home care service helping seniors age well at home since 2006. Its Ho'okele Home Care subsidiary provides services tailored to meet each senior’s needs and budgets efficiently using iHealthHome technology. Vivia by Ho'okele Home Care is its latest innovation that enables shorter, frequent and consistent visits by the same care team. Expanded to WA in 2024. viviacares.com Vivia Home Care WA, LLC iHealthHome, Inc. Ho'okele Health Navigators, LLC Ho'okele Caregivers Maui, LLC Ho'okele Care at Home, LLC

241 Legal Aid Society of Hawaii 238 229

Providing Hawai‘i with fiduciary and wealth management, investment management, and financial planning services as Registered Investment Advisers for over 45 years. cadinha.com Cadinha & Co., LLC Cadinha Institutional

243 Big Island Federal Credit Union 247 -

Credit union. www.bigislandfcu.com

244 Hawai‘i Public Radio 231 239

Nonprofit media organization serving statewide and sole broadcaster of NPR programming. www.hawaiipublicradio.org

245 Xiber Hawaii 237 -

Telecommunications. Internet, TV, voice, and cloud-based solutions. www.xiberhawaii.com Xiber LLC

246 Maui Clothing Co. Inc. 226 204

Retail swimwear, clothing, accessories and gifts. www.mauiclothingcompany.com Escape to Maui Maui Waterwear Island Paradise Jewelry Boutique Aloha Hawaii Boutique Aloha Oahu Boutique Aloha Maui Boutique Aloha Kauai Charmed By Hawaii Maui Jewelry Company Hawaiian Silver Exchange Vila Company Kauai Clothing Company Waterwear Aloha Gifts Boutique Aloha Cruise Boutique Making Waves Maui Clothing Outlet Pretty Wahine Boutique

Total interest income + non-interest income, per NCUA call report.

94 | AU G U S T 2 0 2 5

SALES ($M) 2024 2023 2022

% CHANGE EMPLOYEES 2024 2024 2023 2023

Dew-Anne Langcaon - CEO and President Tanya Fernandes - CEO, Ho'okele Home Care Bonnie Castonguay - Chief Clinical Officer

$8.0 $6.4 $6.1

25.6% 4.6%

67 67

David Kauila Kopper - Exec. Director

$8.0 $8.0 $7.3

-0.2% 9.9%

104 112

Kaleialoha K. Cadinha-Pua‘a - Vice Chairman, CEO, Pres., and Chief Investment Officer Harlan Cadinha - Chairman and Chief Investment Strategist Monique Feary - Dir. of Finance & Chief Compliance Officer Skyler Keate - VP of Operations and Trading Robyn Macy - Executive VP, Client Services

$8.0 $7.0 $7.0

14.3% 0.0%

18 18

Nicole Aguinaldo - CEO Md Moniruzzaman - CFO Ronette Shimaoka - Chief Administrative Officer

$7.9 1 $6.8 $5.7

15.7% 20.8%

28 31

Meredith Artley - President and CEO Bill Dorman - VP & News Director Carolyn Hyman - VP, Sponsorships & Business Development Bernie Shimono - VP, Finance Valerie Yee - VP & Assistant GM Liberty Keonilani Peralta - Sr. Dir. of Marketing & Communications Russell Subiono - Dir. of Programming & Content Development

$7.9 $9.1 $5.9

-14.1% 54.3%

Jared Grugett - Chief Xperience Officer Bruce Hollowell - President & General Manager

$7.8 $8.2 $8.1

-5.0% 1.4%

37 28

Edward D. Wayne - Chair, President Victoria W. Bowley - CEO Wendy Inouye - Controller

$7.8 $9.8 $11.3

-20.3% -13.2%

60 38

The Legal Aid Society of Hawai‘i is a public interest, nonprofit law firm dedicated to achieving fairness and justice through legal advocacy, outreach, and education for those in need. Established in 1950, Legal Aid has 11 offices statewide and over 100 staff members dedicated to achieving Legal Aid's vision of "Building a Just Society." legalaidhawaii.org

242 Cadinha & Co., LLC 244 228

EXECUTIVES

2023 2025 2024 2023

COMPANY LINE OF BUSINESS WEBSITE PARENT COMPANY SUBSIDIARIES

EXECUTIVES

247 Hale Kipa Inc.

2022 SALES ($M) % CHANGE EMPLOYEES 2024 2024 2024 2023 2023 2023 2022 Venus Kau‘iokawēkiu Rosete-Medeiros - CEO $7.8 Gwen Okamoto - CFO $10.0 $7.7

250

Hale Kipa is a nationally accredited youth and family service provider responsive to the emergent or ongoing needs of over 1,000 of Hawai‘i’s youth/young adults annually. The mission is to Venus Kau‘iokawēkiu Rosete-Medeiros - CEO $7.8 -22.3% 103 provide opportunities and environments that strengthen Gwen Okamoto - CFO and $10.0 30.7% 80 Hale Kipa is a nationally accredited encourage youth and family youth,service their families and communities to actualize their $7.7 provider responsive to the emergentpotential or ongoing over andneeds socialof responsibility. 1,000 of Hawai‘i’s youth/young adults annually. The mission is to www.halekipa.org provide opportunities and environments that strengthen and encourage youth, their families and communities to actualize their potential and social responsibility. Leonard Licina - President & CEO 248 www.halekipa.org Felicia Wells-Williams - Director of Clinical Services Health care: federally designated organ procurement organization. 246 We save lives by coordinating the recovery of organs and tissue transplantation. Leonard Licina - President & CEO $7.8 12.6% 28 227 for www.legacyoflifehawaii.org Felicia Wells-Williams - Director of Clinical Services $6.9 -6.5% 27 Health care: federally designated organ procurement organization. $7.4 We save lives by coordinating the recovery of organs and tissue for transplantation. Tim Lai - Owner/ Partner www.legacyoflifehawaii.org249 Thai Lai - Owner/ Partner Tour and transportation company. We provide the highest quality Dean Calibraro - Chief Marketing Officer 240 of both seat-in and private experiences. Now offering car rentals for visitors looking to make their own memories. Our tire and auto Tim Lai - Owner/ Partner $7.5 0.0% 50 238 repair can help keep you on the road the- Owner/ time with top-trained ThaiallLai Partner $7.5 25.0% 50 Tour and transportation company. We provide the quality mechanics andhighest facilities. Dean Calibraro - Chief Marketing Officer $6.0 of both seat-in and private experiences. Now offering car rentals flyshuttlehawaii.com for visitors looking to make their ownFly memories. Our tire and auto Tire and Auto Repair repair can help keep you on the road allRentals the timeBywith Car Fly top-trained mechanics and facilities. flyshuttlehawaii.com Paddy Kauhane - President & CEO Fly Tire and Auto Repair 250 Afterschool and summer learning organization serving schoolCar Rentals By Fly 243 aged youth on Oahu and Kauai. BGCH's mission is to inspire all young people to become caring, responsible citizens, graduating Paddy Kauhane - President & CEO $7.1 -1.5% 43 237 on-time from high school with a plan for their future and living a $7.2 19.1% 41 Afterschool and summer learning organization serving schoolhealthy lifestyle. BGCH offers safe places through our clubhouses, $6.0 aged youth on Oahu and Kauai. BGCH's is to inspire caringmission adult mentors andall life-changing youth development young people to become caring, responsible programs.citizens, graduating on-time from high school with a planwww.bgch.com for their future and living a healthy lifestyle. BGCH offers safe places our St clubhouses, BGCHthrough West Kauai Theresa's School Site caring adult mentors and life-changing youth development BGCH West Kauai Clubhouse programs. BGCH Lihue Clubhouse www.bgch.com BGCH Kapaa Clubhouse BGCH West Kauai St Theresa's School SiteWindward Clubhouse BGCH BGCH West Kauai Clubhouse BGCH Waianae Clubhouse BGCH Lihue Clubhouse BGCH Nanakuli Teen Center BGCH Kapaa Clubhouse BGCH NFL YET Nanakuli Clubhouse BGCH Windward Clubhouse BGCH Hale Pono Ewa Beach Clubhouse BGCH Waianae Clubhouse BGCH Charles C. Spalding Honolulu Clubhouse BGCH Nanakuli Teen Center BGCH NFL YET Nanakuli Clubhouse BGCH Hale Pono Ewa Beach Clubhouse BGCH Charles C. Spalding Honolulu Clubhouse

247 Hale Kipa Inc. 222 226

WEBSITE PARENT COMPANY SUBSIDIARIES

222 226

Legacy of Life Hawai‘i

2023

-22.3% 30.7%

$7.8 $6.9 $7.4

12.6% -6.5%

Fly Shuttle & Tours

$7.5 $7.5 $6.0

0.0% 25.0%

Boys & Girls Club of Hawaii

$7.1 $7.2 $6.0

-1.5% 19.1%

248 Legacy of Life Hawai‘i 246 227

249 Fly Shuttle & Tours 240 238

250 Boys & Girls Club of Hawaii 243 237

H AWA I I B U S I N ES S

| 95

250

Index

pg.# A Adventist Health Castle ................................................63 AECOM ...........................................................................68 AES Hawai‘i ...................................................................80 AHL.................................................................................79 Alaka‘i Mechanical Corp. ..............................................72 Alaka‘ina Foundation ....................................................64 Alan Shintani, Inc. .........................................................83 Alaska Airlines and Hawaiian Airlines.........................56 Albert C. Kobayashi Inc. ...............................................62 Alexander & Baldwin, Inc. ............................................64 Allana Buick & Bers ......................................................90 Allied Builders System, Inc. ......................................... 75 Allstate Insurance Co. .................................................. 67 Aloha Green Holdings Inc. ............................................ 91 Aloha Kia ....................................................................... 67 Aloha Nursing Rehab Centre ........................................84 Aloha Pacific Federal Credit Union .............................. 76 Aloha United Way..........................................................86 American Electric Co. LLC............................................78 American Red Cross of Hawaii ....................................93 American Savings Bank ...............................................62 Anthology Finn Partners .............................................. 91 Aqua Engineers, Inc. .....................................................80 Armstrong Builders LLC .............................................. 75 Art Source Inc., The ......................................................84 ATN Construction ..........................................................93 B Bacon-Universal Co. Inc. ..............................................70 Bank of Hawai‘i Corp. ................................................... 59

pg.# B (continued) Barnwell Industries Inc. ...............................................86 Better Homes and Gardens Real Estate Advantage Realty ..............................87 Big Island Federal Credit Union................................... 94 Bishop & Company Inc..................................................93 Blood Bank of Hawaii ....................................................86 Bowers + Kubota Consulting Inc..................................72 Boys & Girls Club of Hawaii..........................................95 Bristol Hospice-Hawaii, LLC ......................................... 74 C C. S. Wo & Sons, LLC .................................................... 74 Cadinha & Co., LLC........................................................ 94 Catholic Charities Hawai‘i ............................................ 74 CBIP Inc. dba Coldwell Banker Island Properties ...... 75 Central Pacific Financial Corp......................................64 Chaminade University of Honolulu .............................. 74 Child & Family Service .................................................80 City Mill Company Ltd................................................... 75 Coastal Construction Co. Inc........................................66 Coffman Engineers Inc. ................................................86 Coldwell Banker Realty ................................................ 76 Commercial Roofing & Waterproofing Hawaii Inc. ....82 Connext, LLC .................................................................83 Constructors Hawaii Inc. ..............................................84 Contract Furnishers of Hawaii Inc. ..............................84 Council for Native Hawaiian Advancement .................72 Crum & Forster .............................................................79 CU Hawaii Federal Credit Union ..................................87 Cyanotech Corporation.................................................84

pg.# D DB Insurance Co. Ltd. ...................................................70 Dorvin D. Leis Co. Inc....................................................66 DTRIC Insurance Company, Ltd. .................................. 76 E Easterseals Hawaii .......................................................88 East-West Center ..........................................................79 Elemental Impact ..........................................................82 Elite Pacific Construction Inc. ......................................87 Employers Options........................................................88 Express Employment Professionals ...........................88 F Farmers Group, Inc.......................................................82 Fernandez Entertainment Inc. .....................................80 Finance Factors Ltd. .....................................................88 First Hawaiian Bank......................................................58 First Insurance Company of Hawaii Ltd. .....................62 Fly Shuttle & Tours .......................................................95 Fujikawa Associates Inc. ..............................................84 G G70 .................................................................................80 Gather Federal Credit Union ........................................79 Gather Vacations Inc.....................................................84 GEICO .............................................................................64 Gentry Homes Ltd. ........................................................72 Goodfellow Bros. ..........................................................60 Goodwill Hawaii ............................................................79 Group Builders Inc. ....................................................... 74 H Hale Kipa Inc. .................................................95 Halekulani Corporation ................................. 67 Hardware Hawaii ........................................... 76 Hawaii Central Federal Credit Union............90 Hawaii Community Federal Credit Union.....83 Hawai‘i Community Foundation ....................68 Hawaii Dental Service (HDS) .........................63 Hawaii Employers’ Mutual Insurance Co. (HEMIC) ............................70 Hawaii Foodbank Inc......................................78 Hawaii Foodservice Alliance LLC..................63 Hawai‘i Gas .....................................................63 Hawaii Group Inc., The...................................93 Hawai‘i Health & Harm Reduction Center ....88 Hawaii Health Systems Corp......................... 59 Hawai‘i Life Real Estate Services LLC .......... 76 Hawaii Medical Assurance Association (HMAA) ................................64 Hawaii Medical Service Association (HMSA) .................................. 56 Hawaii National Bank.....................................78 Hawai‘i Pacific Health ....................................58 Hawai‘i Pacific University..............................70 Hawaii Petroleum LLC ...................................64 Hawaii Planing Mill, Ltd. ................................63 Hawai‘i Preparatory Academy ......................83 Hawai‘i Public Radio ...................................... 94 Hawaii State Federal Credit Union ...............68 Hawai‘i State Foundation on Culture and the Arts................................87 Hawaii Water Service Company ...................78 Hawaiian Cement ........................................... 67 Hawaiian Dredging Construction Company, Inc. ..........................................58 Hawaiian Electric Industries (HEI) ................56 Hawaiian Financial Federal Credit Union ..... 79 Hawaiian Humane Society.............................88 Hawaiian Islands Freight Association ..........90 Hawaiian Telcom ............................................62 HawaiiUSA Federal Credit Union..................68

96 AU G UUSSSTTT 2220 00222555 96 96 ||| AU AUG GU

250

TOP pg.# H (continued) HawkTree International Inc. .........................................72 Heide & Cook, LLC......................................................... 76 Hensel Phelps ............................................................... 59 HFS Federal Credit Union.............................................78 Hilo-Kona Subaru Hyundai ...........................................78 Hina Mauka ....................................................................90 Honolulu Authority for Rapid Transportation (HART)...........................................60 Honolulu Board of Water Supply .................................63 Honolulu Community Action Program, Inc. ................84 Honolulu Federal Credit Union (HOCU) .......................86 Honolulu Fish & Seafood Corp. ....................................88 Honolulu Museum of Art...............................................86 Humana..........................................................................66

pg.# M (continued) Maui Medical Group Inc. ...............................................78 Maui Varieties Ltd. / HouseMart Stores......................68 MC&A, Inc...................................................................... 74 Merrill Lynch .................................................................78 Mid-Pacific Institute ...................................................... 76 Mitsunaga & Associates Inc .........................................93 MJC Inc. dba Cutter Automotive Galleries .................. 67 Morgan Stanley Wealth Management..........................70 Moss...............................................................................66

pg.# N Na Hoku, Hawaii’s Finest Jewelers Since 1924 ...........70 Nakupuna Companies, The ...........................................63 Nan Inc. .......................................................................... 59 New City Nissan - Rosebridge LLC .............................. 75 Noguchi & Associates ...................................................90 Nordic PCL Construction, Inc. ......................................60

I I. Kitagawa and Co. Ltd................................................. 71 IDEA Food Service USA Inc. and Subsidary................88 INPEACE ........................................................................92 Institute for Human Services Inc., The ........................83 Integrated Facility Services Hawaii.............................92 Integrated Security Technologies Inc..........................93 ‘Iolani School .................................................................72 Isemoto Contracting Co. Ltd. ....................................... 71 Island Energy Services LLC .........................................58 Island Insurance Company, Ltd.................................... 67 J James Campbell Company LLC ...................................62 JBG Corporation ........................................................... 71 Jerry V’s Auto Group ................................................... 71 Jim Falk Automotive Group..........................................60 John Mullen & Co., Inc. .................................................88 JR Doran Inc. / Ceramic Tile Plus and Exclusively Yours ............................................93 K Kāhala Senior Living Community, Inc. dba KÄ hala Nui ......................................................79 Kōkua Kalihi Valley .......................................................83 Kaiser Permanente Hawaii...........................................56 Kalihi Palama Health Center ........................................82 Kama‘aina Kids .............................................................82 Kamehameha Schools .................................................. 59 Kaua‘i Federal Credit Union ......................................... 91 Kaua‘i Island Utility Cooperative .................................66 Kawailoa Development LLP .........................................66 Kilauea Pest Control Inc...............................................92 Kuakini Health System .................................................66 Kualoa Ranch Hawaii Inc. ............................................. 71 Kuhio Auto Group .......................................................... 75 Kyo-ya Hotels & Resorts, LP ....................................... 59 L Lōkahi Federal Credit Union ........................................83 Lanakila Pacific .............................................................87 Layton Construction .....................................................68 Le Jardin Academy .......................................................84 Legacy of Life Hawai‘i ...................................................95 Legal Aid Society of Hawaii .......................................... 94 Life Cycle Engineering ..................................................93 Locations .......................................................................82 M Malama Solar ................................................................90 Matson, Inc. ...................................................................56 Maui Clothing Co. Inc. ................................................... 94 Maui County Federal Credit Union...............................87 Maui Economic Opportunity Inc. .................................. 76 Maui Food Bank.............................................................72 Maui Humane Society .................................................80 Maui Land & Pineapple Co. Inc.....................................90

97 H AWA I BU BUU N ES HH AWA I IIIIB S SISNIIN ES S SS |97 97 AWA ES

250

Index

pg.# O Oahu Transit Services Inc. ...........................................66 ODP Business Solutions/Hopaco/Premium Inc. ........68 Office of Hawaiian Affairs .............................................84 One Kalakaua Senior Living .........................................92 OUTRIGGER Hospitality Group.....................................60 P Pacific Fleet Submarine Memorial Association ..........92 Pacific Guardian Life Insurance Company Ltd. ...........60 Pacific Historic Parks....................................................90 Par Hawaii, LLC .............................................................56 Paradigm Construction LLC .........................................78 Parents And Children Together....................................83 Parrish Collection LLC, The..........................................80 Pasha Hawaii ................................................................. 59 Pearl Harbor Aviation Museum.................................... 91 Pearl Hawaii Federal Credit Union ..............................86 Pflueger Inc. .................................................................. 74 Pharmacare Hawaii Inc. ............................................... 67 Pleasant Holidays LLC ..................................................79 Polynesian Cultural Center, The .................................. 74 Prince Resorts Hawaii, Inc. ..........................................64 ProService Hawaii ........................................................60 Punahou School ............................................................68 Q Queen’s Health Systems, The .......................................58 R Ralph S. Inouye Co. Ltd................................................. 74 RBD Hawaii Restaurants Limited.................................66 REHAB Hospital of the Pacific ...................................... 75 Royal Contracting Co. Ltd............................................. 71

98 || AU G U S T 2 0 2 5

pg.# S SeaWide Express ..........................................................87 Securitas Security Services USA, Inc. ........................ 75 Sen Plex Corp................................................................79 Servco Pacific Inc..........................................................56 Sheraton Kauai Resort .................................................78 Shioi Construction Inc. dba Creative Partition Systems ............................ 75 St. Andrew’s Schools .................................................... 91 Star of Honolulu Cruises & Events...............................79 State Farm Insurance Co..............................................60 Stoebner Holdings Inc. ................................................. 71 Suisan Group Inc. ..........................................................72 Swinerton ......................................................................62 T Tanaka of Tokyo Restaurants Ltd. ................................90 Territorial Savings Bank............................................... 74 Tony Group ....................................................................62 U UHA Health Insurance ..................................................62 University of Hawai‘i.....................................................56 University of Hawaii Federal Credit Union .................82 University of Hawai‘i Foundation................................. 71 University of the Nations, Kona ...................................80 USS Missouri Memorial Association Inc. ...................87 V Video Warehouse, Inc. ..................................................86 VIP Foodservice ............................................................ 71 Vivia Cares, Inc. ........................................................... 94

pg.# W Waianae Coast Comprehensive Health Center ...........70 Waikiki Health ...............................................................83 Wasa Electrical Services Inc. ......................................70 Watumull Brothers Ltd. ................................................ 67 Wells Fargo Advisors ...................................................83 WestPac Wealth Partners Hawaii................................ 76 X Xiber Hawaii .................................................................. 94 Y Y. Hata & Co., Ltd...........................................................60 YMCA of Honolulu .........................................................82 Young Brothers LLC ......................................................66 Z Zephyr Insurance Co. Inc..............................................70

HHAWA 99 AWAIIII BBUUSSIINNES ESSS | PB

BY STEVE PETR A N IK ILLUSTRATION: GETTY IMAGES

Historically Low Optimism Among Local Business Leaders

The latest forecast from the UH Economic Research Organization reflects similar pessimism about the near future. “Hawai‘i’s economic outlook has taken a decisive turn for the worse, as expansive federal policy shifts look poised to tip the local economy into a mild recession,” said the UHERO forecast issued on May 9.

LOCAL BUSINESS LEADERS ARE WORRIED ABOUT HAWAI‘I’S ECONOMY. In the latest BOSS Survey, 57% of

business owners and executives surveyed felt the state’s economy would get worse in the coming year. That level of pessimism has only been recorded three times before by the BOSS Survey: twice during the Great Recession 150 and once at the start of the Covid pandemic. This is the first time ever that optimism about the local economy’s near future was so weak while the economy itself was not in a recession. In fact, 120the BOSS Performance Index and other measures of Hawai‘i’s current economy show relatively good numbers.

“Sharp increases in U.S. import tariffs, sweeping

131 federal layoffs, and volatile fiscal and immigration

policies are undermining consumer confidence, raising119inflation expectations and worsening the business 114 outlook – both nationally and in Hawai‘i’s visitor-dependent economy.” 104 102 102 101

BOS S OPTI M I S M I N DE X 131 119

120

WH I LE 57% OF LOCAL B U S I N E S S LE ADE RS S U RVE YE D SAI D 60 TH E APR ECONOMY 114 Q2 Q1 APR NOV APR OCT MAY OCT SEPT MAY NOV SPRING 2008 2009 2020 2020 2021 2021 2022 WOU 2022 2023 LD 2023 G ET2024 2024 2025 INDEX BEGAN AT104 100 IN 1998 | LATEST SURVEY CONDUCTED APRIL 15 E TO JUNE 30. WORS 102 102 101 81

Q2 2008

Q1 2009

APR 2020

NOV 2020

APR 2021

OCT 2021

MAY 2022

OCT 2022

APR 2023

SEPT MAY 2023 2024

SIGNIFIC DIP S PREV SU

2 7% SAI D IT WOU LD STAY TH E SAM E

BOSS P

95 150

In 26 years of BOSS Surveys, this is only the fourth time its Optimism Index has fallen below 90. Each of the previous occasions was during a major economic downturn.

AN D ON LY 16% SAI D IT WOU LD G ET B ET TE R .

NOV SPRING 2024 2025

BOSS PERFORMANCE INDEX

SIGNIFICANT DIP SINCE PREVIOUS SURVEY

INDEX BEGAN AT 100 IN 1998 | LATEST SURVEY CONDUCTED APRIL 15 TO JUNE 30. 120 116

116

BOS S PE R FOR MANC E I N DE X

114

113

112

113 110

109

THE BOSS PERFORMANCE INDEX, however, still shows a relatively strong economy. That index measures changes in employment, gross revenue and profit before taxes 120 in the past year among the 341 businesses surveyed – did those 116 116 three measures go 113 up, down or stay the same at each of the companies?

107 105 102 100

BOSS OPTOMI 114 112

113 110

109 107 80

102

OCT 2019

APR 2020

NOV 2020

105 APR 2021

OCT 2021

MAY 2022

OCT 2022

APR 2023

SEPT MAY 2023 2024

NOV SPRING 2024 2025

SIGNIFIC DIP S PREV SU

INDEX BEGAN AT 100 IN 1998

100

100 | AU G U S T 2 0 2 5

MAY 2019

BOSS OPTOMISM 89

INDEX STARTED AT 100 IN 1998

THE BOSS SURVEY & 808 POLL

Survey of Business Leaders: 3 More Reasons for Concern 1% U

13%

ST TIA

SUBSTAN

ASE IN SPENDING C RE

TIAL C

L IN

Which of these three statements best describes your firm’s spending plans for the coming year?

* SU B

G TIN

OS TC

DK/DA

THE 341 RESPONDENTS TO THE BOSS SURVEY WERE ASKED:

CONC E R N # 1 : WE AK S PE N DI NG PL AN S

35%

• The percentage of businesses that plan to substantially increase spending matches THE

• The percentage of businesses that plan substantial cost cutting in the coming year is THE HIGHEST SINCE 2020 – and at least 5 percentage points higher than every year in between.

LOWEST PERCENTAGE SINCE 2020,

the worst year of the pandemic.

• SILVER LINING: Companies in the construction industry tend to be more bullish: 23% plan substantial increases in spending.

51% M

RESPONDENTS WERE ASKED: How

confident are you that your company will still be in business three years from now?

TL YH

O LD

D IN IN G S TEADY ON SPEN

NFIDENT

S OM

DK/DA*

YE S, M

NO, UNAFFEC A

OT IN

CE YES, S

IG NIF ICA N

32% A L IT

TL E

E LU NF

NO, H

AS N

N LUE

26%

S, L

I T T LE

E F FE CT

NF RI

CONC E R N #3 B : D.O.G . E .’ S I M PACT ON LOCAL B U S I N E S S E S’ PL AN N I NG

30%

26% YE

EF F

10%

FL U

YE S, M

47%

DK/DA*

17% YES, SIG

CONC E R N #3A : D.O.G . E .’ S I M PACT ON LOCAL BUSINESSES

NIFI CA NT

influenced your decision-making or your planning? C EN

TED

FFE

CONCERN #3B: HAVE THOSE ACTIONS IN WASHINGTON, D.C.,

to flourish.” Among all businesses, 19% chose that forecast, but among construction companies, 30% did.

FEDERAL SPENDING HAS LONG BEEN A BIGGER PART OF HAWAI‘I’S ECONOMY THAN IN MOST STATES.

I DE NT

• SILVER LINING: Again, it’s construction. A related question asked respondents about the short-term prospects for their companies. The most optimistic possible response was “Will continue

ON F

• “Somewhat worried” and “Very worried” total 26%. That’s the WORST TOTAL – by at least 4 percentage points – for those two categories since, you guessed it, 2020.

30%

I FA

LY C

43%

CONC E R N # 2 : MANY F E AR TH E I R BUSINESSES WON ’ T S U RVIVE

% CO

17%

100

HA TW

VERY WORRIE

D RIE

When we launched this latest BOSS Survey in April, the federal Department of Government Efficiency, then led by Elon Musk, was announcing major cuts in federal spending. Here are two questions we asked. CONCERN #3A: Has your company

been affected by actions taken by President Donald Trump’s administration and the Department of Government Efficiency, DOGE?

More than half of businesses, 52%, said they were affected in some way by the Trump administration and DOGE’s actions. But a significantly larger percentage, 68%, said those actions had at least some influence on their decision-making and planning.

*DK/DA: Didn’t know or didn’t answer | Percentages don’t always add to 100 due to rounding H AWA I I B U S I N ES S | 101

best to use it”

“We use it but there are security concerns”

BY STEVE PETR A N IK ILLUSTRATION: GETTY IMAGES

How Local Businesses Use Artificial Intelligence

upgrades, AI a the generati to write and p descriptions make on-boa customized” estate lis

43%

10%

Those using AI in the workplace were asked to describe how they use it. In general terms, the top five uses of AI are:

• CONTENT CREATION AND COMMUNICATION • GREATER EFFICIENCY AND PRODUCTIVITY • CUSTOMER SERVICE • DATA ANALYSIS • RESEARCH AND INFORMATION GATHERING.

asking for less

NEVER

what degree, if at all, is your business using artificial intelligence?

“Fewer employees “Translation” “Some clients are needed”

WE ASKED THE 341 PARTICIPANTS IN THE BOSS SURVEY: To

“AI-enabled predictive maintenance minimized downtime and equipment repair expenses”

The ways are seemingly endless

“Translation”

“Very helpful in developing software”

M ES

48%

“Very helpful in developing software”

“AI-enabled predictive maintenance minimized downtime andto equipment repair expenses” “Been easier get to market faster and have had to hire fewer people”

software”

“Translation”

“With automated descriptions and photo upgrades, AI accelerated “With automatedthe generation of real descriptions and photoestate listings” upgrades, AI accelerated the generation of real “Search for TI letters, create estate listings” E quick“Proof fixes and M audio/visual for our SO “Proof letters, create good ideas for website” audio/visual for our “Proof letters, create employees “Product d for our identify market especial “Grant development” audio/visual“Helped “Search forwebsite” working with trends, boosting product website” “Helped market “Product descriptions, quick fixesidentify and“Search for clients” innovation and growth” “Asse trends, boosting product especially online” “Helped identify market good ideas for quick fixes and innovation and growth” trends, boosting product “Edison employees good “Product descriptions, “Assess market trends and establish competitive pricing” helps us “Makes ideas for “Payro innovation and growth” eas especially online” track tasks” working with employees petitive pricing” “Makes outlining proposals clients” working “AI hascu with “Answer “Assess market trends and establish competitive pricing” easier and faster”

“With automated descriptions and photo upgrades, AI accelerated the generation of real estate listings”

and have had to hire fewer people”

“Fewer employees “Been easier to get needed” to market faster

“Still learning best tohow use it” best to usesecurity it”concerns” good ideas for

“Been easier to get to market faster and have had to hire fewer people”

“Fewer employees needed”

“Made e“Edison helps us clients” contri questions advertising “Makes outlining proposals “Answer customer “With auto “Made easier and faster” ing “Content c descriptions an track tasks” questions faster” “Grant development” faster” “Still learn upgrades, AI ac advertising “Answer customer ” the generatio questions faster” “Still learning how estate listi faster” best to u h automated “HR uses it to write and “With automated post new job descriptions faster “Search fordescriptions and photo and make on-boarding more upgrades, AI accelerated and “Wequick use itfixes but there are the generati “HR uses it customized”

“ pe

“Helpin desc get

“Edison helps us “Makes outlining proposals

“Very helpful in developing software”

tions and photo “P “We use s, AI accelerated au securi erati “HR uses it and post new job “Helped i tions faster and to write and post new job trends, bo n-boarding more “We use it but there are descriptions employees “Product descriptions, faster and innovatio ized” on of real especially online” security concerns” make on-boarding more working with Percentages don’t add to 100 due to rounding ate listings” customized” on of real clients” “Assess market trends and establish competitive pricing” estate listings” 102 | AU G U S T 2 0 2 5

Many Different AI Uses

“Very helpful in developing software”

“Some clie asking for because th using A

“Social media pos “Analyze “Search for data, find new quick fixes and THE BOSS SURVEY customer “Email & 8 0 8 P trends OLL “H good ideas for quickly” tren employees “Product descriptions, “Edison help inn working with especially online” clients” “Assess“AI marketdidn’t trends and establish justcompetitive impap

“Fe

accelerated “HR uses it post new job s faster and arding more ” on of real stings”

“Create schedules, enhance decision-making” “Faster responses are expected by

“Made advertising faster” camp “Create renderings

“Still learning how “Content creation and copywriting” “Graphicbest designingto is use it” much easier with AI” “We use it for research, but it is also a big concern for risk”

“Some of our or consolidate contributor to our growth” trainings are ideas and refine our hosted by AI” design”

“Quickly organize records “Create schedules, enhance decision-making” of meetings”

“Makes the people I have smarter” “We use it but there are security concerns”

“In medical practice”

“Quickly organize records of meetings”

“Social media posts” “Analyze “Create renderings “Some of our or consolidate data, find new trainings are ideas and refine our customer trends “Email reservations” hosted by AI” design” quickly” “Edison helps us track tasks” “Graphic designing is “With automated “We use it for research, but it is also a big concern for risk” “Translation”

predict “With automa descriptions and upgrades, AI acce the generati “HR to write and post descriptions fast make on-boardin customized” on estate listing

“Product research”

understand better how to use AI”

because they are using AI”“We need training to “Some clients are understand better how to use AI” asking for less because they are using AI”“We need training to

“Improved product “Makes outlining proposals “Edison helps us company, it’s becom innovation by analyzing MORE THAN 100 SURVEY RESPONDENTS GAVE US SPECIFIC easier and faster” track tasks” EXAMPLES of how they use AI. Here are some. trends and customer “Payroll and invoices” “Answer customer of its DNA” feedback” “Ima questions faster” new “AI has been the single biggest

“Translation”

“Product research”

“Can add “Helping write job efficiency but descriptions much easier with and AI”photo the con is the AI accelerated “AIupgrades, didn’t just impact the descriptions” expense” the generation of real “In medical practice” estate listings” company, it’s become part “Help analyze and “Analyze “Social media posts” “Call center “With automatedpresent the results of of“Proof itsletters, DNA” “Payroll invoices” data,and find new create descriptions and photo management” workshops we offer” “Imagine audio/visual for our upgrades, AI accelerated customer trends “Email reservations” “Very helpful in developing software”

new sales “AI has quickly” been the single biggestwebsite” “Chatbots the generation real questions around the clock” answerof routine campaigns,that estate listings” “Edison helps us track tasks” contributor to our growth” “Helped identify market predict costs”

“Still learning how best to use it”

“Been easier to get to market faster and have had to hire fewer people”

in developing

clients. It makes software” business less enjoyable for me”

“Been easier to get to market faster and have had to hire fewer people”

“Fewer employees “Faster responses needed” “Very helpful are expected by

“Made advertising faster”

t to new logies”

ees

er hire ”

ng write job criptions”

“Faster responses are expected by clients. It makes business less enjoyable for me”

“Translation”

“Makes the people I have smarter” “Makes the “Still learning eople I have how “Call center management” best to use it” smarter”

“Fewer employees needed”

“AI didn’t just impact the company, it’s become part of its DNA” “Made advertising faster” “Made ning how advertising “Helping write job use descriptions” it” faster”

“Been easier to get to market faster and have had to hire people” “Adaptfewer to new “Very helpful technologies” in developing software”

“With automated and photo “Proof letters,descriptions create upgrades, AI accelerated audio/visual for our “Search for website”the generation of real ess market andand establish competitive pricing” quicktrends fixes estate listings” “Helped identify market good ideas for outlining proposals oll and invoices” trends, boosting product sier andemployees faster” “Product descriptions, “Imagine “Proof letters, c innovation and growth” especially online” new sales working with audio/visual fo been the single biggest “Search forcampaigns, ustomer clients” website” “Assess market trends and establish competitive pricing” quick fixes and sibutor faster”to our growth” predict costs” omated “Helped identify mark goodoutlining ideas proposals for “Edison us “Makes creation andhelps copywriting” and photo trends, boosting produ employees easier and faster” “Product descriptions, “With automated track tasks” ccelerated innovation and growt especially online” working descriptions andwith photo“Can add on of real “Answer customer efficiency but upgrades, AI accelerated tings” clients” “Assess market trends and establish competitive pricing” questions faster” the generati “HR usesthe it con is the expense” to write and post new job “Edison helps us “Makes outlining proposals letters, createare eProof it but there descriptions faster and easier and faster” track tasks” “Help analyze and “With automated udio/visual for our ity concerns” make on-boarding more descriptions and photo website” present the results of “Answer customer customized” on of real upgrades, AI accelerated workshops we offer” estate listings” identify market questions faster” the generati “HR uses it oosting product to write and post new job “Chatbots that answer routine questions around the clock” on and growth” “We“Can useadd it but there are descriptions faster and “With automated security concerns” make on-boarding more descriptions and photo efficiency but g” customized” on of real upgrades, AI H AWA I I B U S I N ES S | 103 the con is the accelerated estate listings” expense” the generati “HR uses it

trends, boosting product descriptions, “Content creation and copywriting” innovation and growth” ally online”

BY STEVE PETR A N IK ILLUSTRATION: GETTY IMAGES

FIN A

17%

13%

DK/DA*

H UC

F TER OF BET

YOU R BUS IN E S S: PRE- PAN DE M IC VS . NOW?

22%

DON’T KNO W

SOM E

SOMEWHAT POORER

ORER FINANCIALLY

YM LL IA

FIN AN CIA LL Y

PO CH MU

20%

describes their hiring process: UT I WISH (S) B BLE YEEAVAILA O PL TES EM A D NDID

44%

NEVER

INA FF OF

Y IALL NC NO

3% 31% 12%

OYEE(S) FAIRLY SOO EMPL OD N GO

56%

I WA SA BL ET O DA FIN

44%

H AS YO U R CO M PA N Y H I R E D A N YO N E I N TH E PAS T YEAR?

COMPANIES THAT SAID THEY HAD HIRED PEOPLE IN THE LAST YEAR WERE ASKED which best

14%

S IME SOMET

YES

Of course, businesses that failed since 2019 are no longer around to answer the BOSS Survey.

HOW OFTE N , I F EVE R , DO YOU PAY N EW H I R E S MOR E THAN YOU PAI D TH E PE RSON WHO LE FT ?

40%

The pandemic began in March 2020. Compared with late 2019, how much has your business revenue and profit recovered?

OFTEN

EACH OF THE 341 PARTICIPANTS IN THE BOSS SURVEY WERE ASKED:

AYS LW

32%

12%

A ST

AME

ET TE R

25%

HA TB

AB OU TT HE S

Businesses Told Us About Recovery, Hiring and Buying Local

OUR BUSINESS STARTED DURING OR AFTER THE PANDEMIC

I WAS ABL THERE WEE TO FIN RE B D ETT A G ER OO CA

WH IC H B E ST DE SC R I B E S TH E I R H I R I NG PROC E S S

I WA SA

NEVER

19%

AYS LW

S ME ETI SOM

45%

AL M

ARE YOU WILLING TO PAY MORE TO BUY LOCAL?

*DK/DA: Didn’t know or didn’t answer | Percentages don’t always add to 100 due to rounding 104 | AU G U S T 2 0 2 5

T AG NG OO LO A DE OK MPLO YEE(S) BUT IT TO

TA OS

11%

M E

IN D

26% OF TE N

O ET BL

25%

EACH RESPONDENT WAS ASKED:

How often, if at all, do you choose local suppliers, even if the cost is 10% or more higher than other suppliers?

THE BOSS SURVEY & 808 POLL

S U RVE Y M ETHODOLOGY HAWAII BUSINESS MAGAZINE CONTRACTS WITH ANTHOLOGY RESEARCH TO CONDUCT THE BOSS SURVEY AND 808 POLL TWICE A YEAR.

In the BOSS Survey of local business owners and senior executives – conducted by phone and online – the sample of companies surveyed is stratified based on number of employees. Businesses with one to nine employees are designated as “very small” and those with 10 to 49 employees are designated as “small.” Medium-sized firms are those with 50 to 99 employees; companies with 100 or more employees are classified as “large.” A total of 341 random interviews were conducted from April 15 to June 30 on the four biggest islands. The data is weighted to reflect the proper proportions of each company size based on its number of employees as reported by the Hawai‘i Department of Labor.

A sample of this size has a margin of error of plus or minus 5.31 percentage points with a 95% level of confidence. A secondary goal was to interview businesses that derive relatively significant proportions of their revenue from the construction industry. A total of 72 were surveyed in this segment. In the 808 Poll of the general public, 410 online surveys were conducted from April 11 to 30. Respondents were screened to ensure they were at least 18 years old and full-time residents of Hawai‘i. The margin of error for a sample of this size is plus or minus 4.84 percentage points with a 95% confidence level. The data is weighted to reflect population estimates of adults in Hawai‘i based on ethnicity.

S E E S E PTE M B E R I S S U E FOR MOR E BOS S AN D 808 POLL R E S U LTS . WANT YOU R VOIC E I N TH E N E X T BOS S S U RVE Y?

IF YOU ARE THE OWNER OR A SENIOR EXECUTIVE AT A BUSINESS OPERATING IN HAWAI‘I AND WANT TO PROVIDE YOUR RESPONSES FOR THE NEXT BOSS SURVEY, EMAIL STEVEP@HAWAIIBUSINESS.

H AWA I I B U S I N ES S | 105

PA R T I N G

S H O T

LOCATION: HONOLULU

BY RYA N N N O E L A N I C O U L ES

| PHOTOGRAPHER: AARON YOSHINO

Not an Ordinary Bakery BREADSHOP, LOCATED IN KAIMUKĪ, ISN’T YOUR TYPICAL BAKERY. “From its

inception, I wanted it to be like an exploration of bread products – meaning a fermented thing made from ground-up grains – rather than an Italian bakery, or French or Japanese or whatever,” says Chris Sy, Breadshop’s founder and owner.

106 | AU G U S T 2 0 2 5

He says the menu usually consists of 20 to 30 different items. His current favorite: “Our taegu, manchego and spinach croissant, because it’s very local. It’s very unique to Hawai‘i.” Taegu is “fish jerky that’s seasoned with a Korean-type seasoning, like gochujang, so it’s sweet and savory and a little bit spicy,” Sy explains.

Pictured, baker Kari Unebasami brushes a tray of orange cardamom morning buns with vanilla butter, which are then rolled in orange cardamom sugar. “I really wanted to make a difference in what was available here. Making more of what was already available just doesn’t make any sense,” says Sy.

MAHALO FOR YOUR ALOHA AND SUPPORT FOR MAUI! As we commemorate the two-year marker since the devastating Maui wildfires of August 2023, our thoughts are with those we lost, and every survivor impacted by this tragedy. But we have also been so inspired and moved by the overwhelming generosity that poured in to support Maui from across the Islands, and around the world. Through your aloha, the Maui Strong Fund has been able to distribute more than $140 million to support the people and places of Maui affected by the fires, including: • $71.3 million in Housing and Shelter

• $5.5 million in Food and Supplies

• $25.1 million in Direct Financial Assistance

• $5.2 million in Health Care

• $7.9 million in Children and Family Services

• $5 million in Immigrant Services

• $6.1 million in Mental Health and Grief Counseling As we look forward, the Hawai‘i Community Foundation remains committed to supporting Maui’s long-term recovery needs, not only through the Maui Strong Fund, but also our House Maui Initiative, which aims to create affordable, sustainable housing for Maui residents.

To learn more, and support, visit housemaui.com.

hawaiicommunityfoundation.org H AWA I I B U S I N ES S | 107

Meet the People Shaping Hawai‘i’s Future Launching this fall on Hawai‘i News Now, A Leader’s Journey is a new television series highlighting some of Hawai‘i’s most impactful leaders. Hosted by award-winning journalist Yunji de Nies, each episode offers a deeply personal look at the leaders working to uplift our islands—through innovation, resilience, and an unwavering commitment to community. We’ll explore what drives them, the challenges they’ve overcome, and what keeps them rooted in Hawai‘i.

Real stories. Deep conversations. Leadership with aloha. Premieres Monday, Sept. 15 at 7pm on K5 Watch weekly episodes on K5, KHNL, KGMB, and anytime on all Hawai‘i News Now digital platforms.

www.hawaiinewsnow.com/leadersjourney

IS PROUDLY PRESENTED BY

EXECUTIVE PRODUCER

AJ HALAGAO

108 | AU G U S T 2 0 2 5

HOST / PRODUCER

PRODUCER / DIRECTOR

YUNJI DE NIES MIKE YASUTAKE