Hawaiian Electric Industries【HE】株式ニュース

HEI Reports First Quarter 2026 ResultsMay 8, 2026 4:05 PM
Business Wire Pivotal Milestone Achieved as Global Wildfire Tort Litigation Settlement Finalized; HEI and Hawaiian Electric Issued First of Four $479 Million Settlement Payments in April Following Finalization of Global Settlement, Moody’s Upgraded HEI and Hawaiian Electric’s Credit Ratings to Ba2 and Ba1, Respectively Core Operations Performing Well, as Utility Continues to Make Critical Investments in Our Communities Quarter’s Results Reflect Higher Operations and Maintenance Expenses Driven by Storm Response and Previously-deferred Insurance Costs Maintaining Strong Liquidity and Capital Position, With Enterprise-wide Liquidity of Approximately $1.5 Billion as of Quarter-end HEI and Hawaiian Electric Align Leadership to Strengthen Focus on Utility and Customers Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported net income for the first quarter of 2026 of $30 million, or $0.18 per share, compared to net income of $27 million, or $0.15 per share in the first quarter of 2025. Excluding Maui wildfire-related expenses and expenses taken in connection with the review of strategic options for Pacific Current, Core1 net income was $31 million, or $0.18 per share, compared to $40 million, or $0.23 per share in 2025. “On April 10, the final legal hurdle to the global tort litigation settlement agreement was cleared when the last of the subrogation insurers withdrew their appeals, enabling us to make our first of four $479 million annual settlement payments. This marks a critical milestone for those who were impacted by the Maui wildfires, and our hearts continue to be with them as they continue on their path of collective healing,” said Scott Seu, HEI president and CEO. “Utility core operations performed well despite elevated expenses related to multiple severe storms and historic flooding impacting the state in the first quarter. As we pivot from finalization of the settlement and navigate a transitional year ahead of our rate rebasing in 2027, we are expecting higher operations and maintenance expenses for the full year 2026. Our rate rebasing request is intended to address many of these higher costs, such as the increased insurance premiums we experienced over the last few years. “Our utility continues to focus on reducing wildfire risk to our communities, and last month we submitted our updated Wildfire Mitigation Plan (WMP) covering 2026 and 2027. Moving forward, we’ll continue to focus on making the investments outlined in our WMP, while operating efficiently and maintaining financial strength. We’ll also continue to offer our customers support given affordability impacts from higher fuel prices due to geopolitical conflict,” said Seu. ____________________ Note: Throughout this release, per share values are calculated based on diluted shares. 1 Measures described as “Core” for the periods in this news release are non-GAAP measures which exclude Maui wildfire-related costs and expenses taken in connection with the strategic review of Pacific Current. See the “Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP reconciliation at the end of this release. HAWAIIAN ELECTRIC COMPANY (HAWAIIAN ELECTRIC) EARNINGS Hawaiian Electric’s net income for the first quarter of 2026 was $35 million compared to net income of $48 million in the first quarter of 2025, with the decrease primarily driven by the following pre-tax items (among others): $19 million in higher O&M, driven by $7 million in higher storm response expenses, $6 million in higher insurance costs, $4 million in higher power supply costs and $3 million in higher transmission and distribution related expenses; $5 million in higher interest expense; and $2 million in higher depreciation expense. These items were partially offset by (among others): $10 million in higher revenues, primarily from the annual revenue adjustment mechanism; and $2 million in higher interest income. Hawaiian Electric’s Core net income for the first quarter was $36 million compared to $50 million in 2025. UTILITY OUTLOOK Hawaiian Electric is expecting 2026 O&M expense, excluding pension, to significantly outpace inflation as we progress through a transitional year ahead of a 2027 rate rebasing. This is due to the following factors: higher insurance premiums, primarily reflecting the deferral treatment of wildfire insurance premiums prior to 2026; storm response expenses related to severe weather in February and March; higher vegetation management expenses as the utility prioritizes safety following record rainfall in the first quarter; higher overhauls and station maintenance expenses as the utility prioritizes reliability; higher IT related costs to improve cyber defenses; and higher labor and benefits costs. In addition, the maximum penalty is expected under the Fuel Cost Risk Sharing mechanism, which is recorded as a reduction of fuel revenue. Hawaiian Electric’s proposed rate rebasing is intended to address many of the higher O&M costs, such as increased insurance premiums. HOLDING AND OTHER COMPANIES The holding and other companies’ net loss was $5 million in the first quarter of 2026 compared to $21 million in the first quarter of 2025. The lower net loss for the quarter was primarily due to higher expenses in 2025 related to the strategic review of Pacific Current, and lower net interest expense following the retirement of holding company debt with ASB sale proceeds in April of 2025. Core net loss for the quarter was $5 million compared to $10 million in the same quarter of 2025, primarily due to lower net interest expense. LEADERSHIP STRUCTURE UPDATE HEI announced leadership structure changes to reflect its pure-play utility focus following divestment of substantially all of its non-utility businesses. Effective June 1, Scott Seu, who has served as HEI President and CEO since 2022, will be CEO of both HEI and Hawaiian Electric. Shelee Kimura, who has served as Hawaiian Electric President and CEO since 2022, will be President of both companies. A recent decision by the Hawaii Public Utilities Commission enabled the simplified leadership structure. “For 135 years, Hawaiian Electric has delivered electricity and innovations to improve daily life for families and communities throughout the islands we serve,” Seu said. “Now, with our unified enterprise dedicated to that mission, we’ll be more efficient as we continue our focus on empowering our customers, communities and state with safe, reliable, resilient and affordable power for generations to come.” EARNINGS RELEASE, WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS HEI will conduct a webcast and conference call to review its first quarter 2026 consolidated financial results today at 10:30 a.m. Hawaii time (4:30 p.m. Eastern). To listen to the conference call, dial 1-888-660-6377 (U.S.) or 1-929-203-0797 (international) and enter passcode 2393042. Parties may also access presentation materials (which include reconciliation of non-GAAP measures) and/or listen to the conference call by visiting the conference call link on HEI’s website at www.hei.com under “Investor Relations,” sub-heading “News and Events — Events and Presentations.” A replay will be available online and via phone. The online replay will be available on HEI’s website about two hours after the event. The audio replay will also be available about two hours after the event through May 15, 2026. To access the audio replay, dial 1-800-770-2030 (U.S.) or 1-647-362-9199 (international) and enter passcode 2393042. HEI and Hawaiian Electric Company, Inc. (Hawaiian Electric) intend to continue to use HEI’s website, www.hei.com, as a means of disclosing additional information; such disclosures will be included in the Investor Relations section of the website. Accordingly, investors should routinely monitor the Investor Relations section of HEI’s website, in addition to following HEI’s and Hawaiian Electric’s press releases, HEI’s and Hawaiian Electric’s Securities and Exchange Commission (SEC) filings and HEI’s public conference calls and webcasts. Investors may sign up to receive e-mail alerts via the “Investor Relations” section of the website. The information on HEI’s website is not incorporated by reference into this document or into HEI’s and Hawaiian Electric’s SEC filings unless, and except to the extent, specifically incorporated by reference. Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at https://hpuc.my.site.com/cdms/s/ to review documents filed with, and issued by, the PUC. No information on the PUC website is incorporated by reference into this document or into HEI’s and Hawaiian Electric’s SEC filings. NON-GAAP MEASURES Measures described as “Core” are non-GAAP measures which exclude Maui wildfire-related costs, and expenses taken in connection with HEI’s ongoing review of strategic options for Pacific Current. See “Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP reconciliations at the end of this release. FORWARD LOOKING STATEMENTS This release may contain “forward-looking statements,” which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates” or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic, political and market factors, among other things. These forward-looking statements are not guarantees of future performance. Forward-looking statements in this release should be read in conjunction with the “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” discussions (which are incorporated by reference herein) set forth in HEI’s Annual Report on Form 10-K for the year ended December 31, 2025 and HEI’s other SEC periodic and current reports and other filings that discuss important factors that could cause HEI’s results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric, and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. ABOUT HEI HEI’s electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii’s population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy, and modernize and harden the grid to ensure public safety, reliability and resilience. For more information, visit www.hei.com. Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries CONSOLIDATED STATEMENTS OF INCOME DATA (Unaudited) Three months ended March 31 (in thousands, except per share amounts) 2026 2025 Revenues Electric utility $ 744,040 $ 738,366 Other 2,407 5,704 Total revenues 746,447 744,070 Expenses Electric utility 681,507 662,429 Other 11,563 19,221 Total expenses 693,070 681,650 Operating income (loss) Electric utility 62,533 75,937 Other (9,156 ) (13,517 ) Total operating income 53,377 62,420 Retirement defined benefits credit—other than service costs 879 917 Interest expense, net (31,128 ) (34,212 ) Allowance for borrowed funds used during construction 1,705 1,417 Allowance for equity funds used during construction 3,764 3,585 Interest and dividend income 9,995 12,623 Loss on sale of a subsidiary — (13,211 ) Income before income taxes 38,592 33,539 Income tax expense 8,142 6,395 Net income 30,450 27,144 Preferred stock dividends of subsidiaries — 473 Net income for common stock $ 30,450 $ 26,671 Basic earnings per common share $ 0.18 $ 0.15 Diluted earnings per common share $ 0.18 $ 0.15 Weighted-average number of common shares outstanding 172,626 172,478 Weighted-average shares assuming dilution 173,326 172,812 Income (loss) for common stock by segment Electric utility $ 35,343 $ 47,816 Other (4,893 ) (21,145 ) Income for common stock $ 30,450 $ 26,671 Comprehensive income attributable to HEI $ 30,376 $ 26,211 Return on average common equity (%) (twelve months ended)1 8.1 NM 1 Simple average based on income from continuing operations. NM Not meaningful. This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year. Hawaiian Electric Company, Inc. (Hawaiian Electric) and Subsidiaries CONSOLIDATED STATEMENTS OF INCOME DATA (Unaudited) Three months ended March 31 ($ in thousands, except per barrel amounts) 2026 2025 Revenues $ 744,040 $ 738,366 Expenses Fuel oil 236,913 238,721 Purchased power 145,274 146,717 Other operation and maintenance 162,217 143,108 Depreciation 66,446 64,019 Taxes, other than income taxes 70,657 69,864 Total expenses 681,507 662,429 Operating income 62,533 75,937 Allowance for equity funds used during construction 3,764 3,585 Retirement defined benefits credit—other than service costs 1,050 1,051 Interest expense and other charges, net (27,876 ) (22,452 ) Allowance for borrowed funds used during construction 1,705 1,417 Interest income 3,868 1,981 Income before income taxes 45,044 61,519 Income tax expense 9,701 13,204 Net income 35,343 48,315 Preferred stock dividends of subsidiaries — 229 Net income attributable to Hawaiian Electric 35,343 48,086 Preferred stock dividends of Hawaiian Electric — 270 Net income for common stock $ 35,343 $ 47,816 Comprehensive income attributable to Hawaiian Electric $ 35,296 $ 47,769 OTHER ELECTRIC UTILITY INFORMATION Kilowatthour sales (millions) Hawaiian Electric 1,457 1,453 Hawaii Electric Light 258 255 Maui Electric 257 257 1,972 1,965 Average fuel oil cost per barrel $ 95.53 $ 104.55 Return on average common equity (%) (twelve months ended)1 10.0 NM 1 Simple average. NM Not meaningful. This information should be read in conjunction with the consolidated financial statements and the notes thereto in Hawaiian Electric filings with the SEC. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year. Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures HEI management uses certain non-GAAP measures to evaluate the performance of HEI. Management believes these non-GAAP measures provide useful information and are a better indicator of the companies’ core operating activities. Core earnings and other financial measures as presented here may not be comparable to similarly titled measures used by other companies. The accompanying tables provide a reconciliation of reported GAAP1 earnings to non-GAAP Core earnings. The reconciling adjustments from GAAP earnings to Core earnings are limited to the costs related to the Maui wildfires and costs related to HEI’s ongoing review of strategic options for Pacific Current. Management does not consider these items to be representative of the company’s fundamental Core earnings. Reconciliation of GAAP1 to non-GAAP Measures Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries Unaudited Three months ended March 31 (in thousands) 2026 2025 Maui windstorm and wildfires related costs Pretax expenses: Legal expenses $ 1,907 $ 8,850 Outside services expense — 124 Other expense 108 5,928 Interest expense — 2,031 Pretax expenses 2,015 16,933 Insurance recoveries (1,332 ) (6,722 ) Deferral of cost — (5,683 ) Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment 683 4,528 Pretax loss on sale of a subsidiary — 13,211 Income tax benefits2 (176 ) (4,568 ) After-tax adjustments $ 507 $ 13,171 1 Accounting principles generally accepted in the United States of America. 2 Current year composite statutory tax rate of 25.75%. Note: Other segment (Holding and Other Companies) wildfire-related expenses (legal, outside services and other) and insurance recoveries are included in “Expenses-Other” and interest expense is included in “Interest expense, net” on the HEI and subsidiaries’ Consolidated Statements of Income Data. See Electric Utilities’ and Holding and Other Companies’ tables below for more detail. Reconciliation of GAAP to non-GAAP Measures (continued) Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries Unaudited Three months ended March 31 (in thousands) 2026 2025 HEI Consolidated GAAP1 income (as reported) $ 30,450 $ 26,671 Excluding special items related to the Maui windstorm and wildfires (after tax)2: Legal expenses 1,416 6,571 Outside services expense — 92 Other expense 80 4,402 Interest expense — 1,508 After tax expenses 1,496 12,573 Insurance recoveries (989 ) (4,991 ) Deferral of cost — (4,220 ) Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment (after tax) 507 3,362 Loss on sale of a subsidiary (after tax)2 — 9,809 Non-GAAP (Core) income $ 30,957 $ 39,842 GAAP Diluted earnings per share (as reported) $ 0.18 $ 0.15 Non-GAAP (Core) Diluted earnings per share $ 0.18 $ 0.23 1 Accounting principles generally accepted in the United States of America. 2 Current year composite statutory tax rate of 25.75%. Reconciliation of GAAP to non-GAAP Measures (continued) Hawaiian Electric Company, Inc. and Subsidiaries Unaudited Three months ended March 31 (in thousands) 2026 2025 Maui windstorm and wildfires related costs Pretax expenses: Legal expenses $ 1,455 $ 3,849 Other expense — 5,695 Interest expense — 1,752 Pretax expenses 1,455 11,296 Insurance recoveries (961 ) (3,064 ) Deferral of cost — (5,683 ) Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment 494 2,549 Income tax benefits1 (127 ) (656 ) After-tax adjustments $ 367 $ 1,893 Hawaiian Electric consolidated net income GAAP2 net income (as reported) $ 35,343 $ 47,816 Excluding special items related to the Maui windstorm and wildfires (after tax)1: Legal expenses 1,080 2,858 Other expense — 4,229 Interest expense — 1,301 After tax expenses 1,080 8,388 Insurance recoveries (713 ) (2,275 ) Deferral of cost — (4,220 ) Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment (after tax) 367 1,893 Non-GAAP (Core) net income $ 35,710 $ 49,709 Three months ended March 31 2026 2025 Ratios (%) Based on GAAP - Return on average equity3 10.0 NM Based on Non-GAAP (core) - Return on average equity3,4 6.1 7.4 1 Current year composite statutory tax rate of 25.75%. 2 Accounting principles generally accepted in the United States of America. 3 Simple average. 4 Calculated as non-GAAP adjusted net income divided by average non-GAAP adjusted common equity. Non-GAAP adjusted common equity excludes cumulative impact of Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment (after tax) and the Utilities’ assigned equity interests of GLST1, effective March 31, 2025, which totals $287.3 million and remains unchanged through March 31, 2026. Note: Legal, outside services and other are included in “Other operation and maintenance” and interest expense is included in “Interest expense and other charges, net” on the Hawaiian Electric and subsidiaries’ Consolidated Statements of Income Data. Reconciliation of GAAP to non-GAAP Measures (continued) Holding and Other Companies Unaudited Three months ended March 31 (in thousands) 2026 2025 Maui windstorm and wildfires related costs Pretax expenses: Legal expenses $ 452 $ 5,001 Outside services expense — 124 Other expense 108 233 Interest expense — 279 Pretax expenses 560 5,637 Insurance recoveries (371 ) (3,658 ) Total Maui windstorm and wildfires related expenses, net of insurance recoveries 189 1,979 Pretax loss on sale of a subsidiary — 13,211 Income tax benefits1 (49 ) (3,912 ) After-tax adjustments $ 140 $ 11,278 Holding and Other Companies net loss GAAP2 net loss (as reported) $ (4,893 ) $ (21,145 ) Excluding special items related to the Maui windstorm and wildfires (after tax)1: Legal expenses 335 3,713 Outside services expense — 92 Other expense 80 173 Interest expense — 207 Maui windstorm and wildfires related expenses (after tax) 415 4,185 Insurance recoveries (275 ) (2,716 ) Total Maui windstorm and wildfires related expenses, net of insurance recoveries (after tax) 140 1,469 Loss on sale of a subsidiary — 9,809 Non-GAAP (Core) net loss $ (4,753 ) $ (9,867 ) 1 Current year composite statutory tax rate of 25.75%. 2 Accounting principles generally accepted in the United States of America. Note: Holding and Other Companies wildfire-related expenses (legal, outside services and other) and insurance recoveries are included in “Expenses-Other” and interest expense is included in “Interest expense, net” on the HEI and subsidiaries’ Consolidated Statements of Income Data. View source version on businesswire.com: https://www.businesswire.com/news/home/20260508736059/en/ Mateo Garcia
Director, Investor Relations
Telephone: (808) 543-7300
E-mail: ir@hei.com Original: HEI Reports First Quarter 2026 Results

HEI Reports Fourth Quarter and Full Year 2025 ResultsFebruary 27, 2026 4:05 PM
Business Wire

Regulators Approved Utility’s Enhanced Wildfire Safety Strategy in December; Strategy Calls for Deploying New Technology, Fortifying Infrastructure, Minimizing Fire Hazards and Expanding Community Partnerships to Significantly Reduce Wildfire Risk

PUC’s Wildfire Fund Study, Completed in December, Represents Positive First Step in Implementing Hawaii’s Historic Wildfire Legislation Signed Into Law in July

Wildfire Tort Litigation Settlement Nearing Final Court Approval

Core Operations Performed Well in 2025, As Utility Continued to Make Critical Investments to Support Safe, Reliable and Resilient Electricity Delivery for Our Communities

Strong Balance Sheet and Liquidity Position Ensure Our Ability to Serve and Invest in Our Communities for the Long Term

Utility Achieved a 37% Renewable Portfolio Standard in 2025, Accelerating Progress Toward 2030’s 40% Statutory Milestone

Typical Residential Bill Stable in 2025. Utility Providing $1 Million in Payment Assistance to Customers

Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported net income for the full year 2025 of $123 million, or $0.71 per share, compared to a net loss of $1,426 million, or $11.23 per share in 2024. Excluding Maui wildfire-related expenses and expenses taken in connection with the review of strategic options for Pacific Current, Core1 income from continuing operations2 was $149 million, or $0.86 per share, compared to $124 million, or $0.98 per share in 20243.

Fourth quarter 2025 net income was $40 million, or $0.23 per share, compared to a net loss of $68 million, or $0.40 per share in 2024. Core income from continuing operations was $41 million for the fourth quarter of 2025 compared to $35 million in the fourth quarter of 2024.

“Over the past year, we continued to take actions to ensure that we’re best positioned to serve the communities in which we operate for the long term. We made critical progress on initiatives we’ve worked toward for much of the last three years: advancing the Maui wildfire tort settlements toward final court approval, pursuing legislative measures that enable us to better serve our communities as we deal with the risk of wildfires, implementing wildfire safety improvements, and laying the groundwork for a successful second multi-year rate period under our Performance Based Regulation framework,” said Scott Seu, HEI president and CEO.

“Our core utility business continued to perform well in 2025, operating efficiently and maintaining financial strength while making the critical investments necessary to ensure safe, reliable and resilient service to our communities. Affordability has been a central focus of these efforts, with rates stable compared to a year ago, and the utility offering financial assistance to working families while providing more options for customers to manage their bills. We also saw the utility reaching a 37% renewable portfolio standard in 2025, putting us on track to meet the 40% RPS by 2030 statutory requirement. HEI continues to be well-positioned to execute our commitment to a stronger, more resilient and more financially healthy future.”

____________________

Note: Throughout this release, per share values are calculated based on diluted shares.

1

Measures described as “Core” for the periods in this news release are non-GAAP measures which exclude Maui wildfire-related costs and expenses taken in connection with the strategic review of Pacific Current. See the “Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP reconciliation at the end of this release.

2

Income from continuing operations excludes 2024 net income from American Savings Bank (ASB).

3

Decrease in per share amount due to larger share count following September 2024 equity issuance.

HAWAIIAN ELECTRIC COMPANY (HAWAIIAN ELECTRIC) EARNINGS

Full Year Results:

Hawaiian Electric’s net income for the full year 2025 was $168 million compared to a net loss of $1,226 million for the full year 2024, with the increase primarily driven by the following pre-tax items (among others):

The $1,875 million loss recorded in 2024 due to the accrual of estimated wildfire liabilities related to tort-related legal claims and cross claims (net of insurance recoveries);

$21 million in higher revenues, primarily from the annual revenue adjustment mechanism; and

$9 million impact from better heat rate performance.

These items were partially offset by (among others):

$11 million in higher O&M, driven by $10 million in previously deferred legal and consulting fees;

$10 million in higher interest expense; and

$5 million of higher depreciation expense.

Hawaiian Electric’s Core net income for 2025 was $178 million compared to $181 million in 2024. Pre-tax wildfire-related expenses of $42 million were partially offset by approximately $28 million of costs deferred pursuant to the Public Utilities Commission’s decision allowing Hawaiian Electric to defer these costs.

Fourth Quarter Results:

Hawaiian Electric’s net income for the fourth quarter of 2025 was $44 million compared to net income of $46 million in the fourth quarter of 2024, with the decrease primarily driven by the following pre-tax items (among others):

$7 million in higher interest expense;

$1 million in higher O&M expenses; and

$1 million in higher depreciation expense.

These items were partially offset by (among others):

$5 million in higher revenues, primarily from the annual revenue adjustment mechanism; and

$3 million in higher interest income.

Hawaiian Electric’s Core net income for the fourth quarter of 2025 was $46 million compared to $49 million in the same quarter last year. Pre-tax wildfire-related expenses of $9 million were partially offset by approximately $6 million of costs deferred pursuant to the Public Utilities Commission’s decision allowing Hawaiian Electric to defer these costs.

HOLDING AND OTHER COMPANIES

The holding and other companies’ net loss was $45 million in 2025 compared to $96 million in 2024. The lower net loss for the year was primarily due to expenses taken in 2024 related to strategic reviews, and lower Maui wildfire expenses. Core net loss for the year was $28 million compared to $56 million in 2024, primarily due to lower interest expense following the retirement of holding company debt with ASB sale proceeds, and higher interest income. The fourth quarter net loss was $5 million in 2025 compared to $17 million in 2024. Core net loss for the quarter was $4 million compared to $14 million in 2024.

EARNINGS RELEASE, WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS

HEI will conduct a webcast and conference call to review its fourth quarter and full year 2025 consolidated financial results today at 11:30 a.m. Hawaii time (4:30 p.m. Eastern).

To listen to the conference call, dial 1-888-660-6377 (U.S.) or 1-929-203-0797 (international) and enter passcode 2393042. Parties may also access presentation materials (which include reconciliation of non-GAAP measures) and/or listen to the conference call by visiting the conference call link on HEI’s website at www.hei.com under “Investor Relations,” sub-heading “News and Events — Events and Presentations.”

A replay will be available online and via phone. The online replay will be available on HEI’s website about two hours after the event. The audio replay will also be available about two hours after the event through March 6, 2026. To access the audio replay, dial 1-800-770-2030 (U.S.) or 1-647-362-9199 (international) and enter passcode 2393042.

HEI and Hawaiian Electric Company, Inc. (Hawaiian Electric) intend to continue to use HEI’s website, www.hei.com, as a means of disclosing additional information; such disclosures will be included in the Investor Relations section of the website. Accordingly, investors should routinely monitor the Investor Relations section of HEI’s website, in addition to following HEI’s and Hawaiian Electric’s press releases, HEI’s and Hawaiian Electric’s Securities and Exchange Commission (SEC) filings and HEI’s public conference calls and webcasts. Investors may sign up to receive e-mail alerts via the “Investor Relations” section of the website. The information on HEI’s website is not incorporated by reference into this document or into HEI’s and Hawaiian Electric’s SEC filings unless, and except to the extent, specifically incorporated by reference.

Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at https://hpuc.my.site.com/cdms/s/ to review documents filed with, and issued by, the PUC. No information on the PUC website is incorporated by reference into this document or into HEI’s and Hawaiian Electric’s SEC filings.

ABOUT HEI

HEI’s electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii’s population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy, and modernize and harden the grid to ensure resilience and public safety. For more information, visit www.hei.com.

NON-GAAP MEASURES

Measures described as “Core” are non-GAAP measures which exclude Maui wildfire-related costs, and expenses taken in connection with HEI’s ongoing review of strategic options for Pacific Current. See “Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP reconciliations at the end of this release.

This release may contain “forward-looking statements,” which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates” or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic, political and market factors, among other things. These forward-looking statements are not guarantees of future performance.

Forward-looking statements in this release should be read in conjunction with the “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” discussions (which are incorporated by reference herein) set forth in HEI’s Annual Report on Form 10-K for the year ended December 31, 2024 and HEI’s other SEC periodic and current reports and other filings that discuss important factors that could cause HEI’s results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric, and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME DATA

(Unaudited)

Three months ended

December 31

Years ended

December 31

(in thousands, except per share amounts)

2025

2024

2025

2024

Revenues

Electric utility

$

802,906

$

796,174

$

3,071,182

$

3,206,700

Other

2,918

3,006

15,714

13,150

Total revenues

805,824

799,180

3,086,896

3,219,850

Expenses

Electric utility (includes $1,875 million of provision, net, for Wildfire tort-related claims recorded in the year ended December 31, 2024)

726,394

722,383

2,791,396

4,818,558

Other (includes $35 million of impairment recorded in the year ended December 31, 2024)

12,321

23,135

60,178

108,052

Total expenses

738,715

745,518

2,851,574

4,926,610

Operating income (loss)

Electric utility

76,512

73,791

279,786

(1,611,858

)

Other

(9,403

)

(20,129

)

(44,464

)

(94,902

)

Total operating income (loss)

67,109

53,662

235,322

(1,706,760

)

Retirement defined benefits credit—other than service costs

829

903

3,482

3,754

Interest expense, net

(29,655

)

(31,131

)

(117,334

)

(127,207

)

Allowance for borrowed funds used during construction

1,514

1,409

5,893

5,470

Allowance for equity funds used during construction

3,905

3,510

15,013

13,786

Interest income

9,767

9,433

36,929

19,362

Loss on sale of subsidiaries and impairment loss on assets sold and held for sale

—

—

(12,376

)

—

Income (loss) from continuing operations before income taxes

53,469

37,786

166,929

(1,791,595

)

Income tax expense (benefit)

12,108

8,147

40,648

(470,962

)

Income (loss) from continuing operations

41,361

29,639

126,281

(1,320,633

)

Dividends on and loss on redemption of preferred stock of subsidiaries

1,744

473

3,161

1,890

Income (loss) from continuing operations for common stock

39,617

29,166

123,120

(1,322,523

)

Loss from discontinued operations

—

(97,411

)

—

(103,486

)

Net income (loss) for common stock

$

39,617

$

(68,245

)

$

123,120

$

(1,426,009

)

Continuing operations - Basic earnings (loss) per common share

$

0.23

$

0.17

$

0.71

$

(10.42

)

Discontinued operations - Basic earnings (loss) per common share

—

(0.56

)

—

(0.81

)

Basic earnings (loss) per common share

$

0.23

$

(0.40

)

$

0.71

$

(11.23

)

Continuing operations - Diluted earnings (loss) per common share

$

0.23

$

0.17

$

0.71

$

(10.42

)

Discontinued operations - Diluted earnings (loss) per common share

—

(0.56

)

—

(0.81

)

Diluted earnings (loss) per common share

$

0.23

$

(0.40

)

$

0.71

$

(11.23

)

Weighted-average number of common shares outstanding

172,620

172,466

172,553

126,927

Weighted-average shares assuming dilution

173,021

172,466

173,017

126,927

Income (loss) from continuing operations for common stock by segment

Electric utility

$

44,261

$

46,396

$

168,215

$

(1,226,362

)

Other

(4,644

)

(17,230

)

(45,095

)

(96,161

)

Income (loss) from continuing operations for common stock

$

39,617

$

29,166

$

123,120

$

(1,322,523

)

Comprehensive income (loss) attributable to HEI

$

40,994

$

(96,214

)

$

122,997

$

(1,422,825

)

Return on average common equity (%) (twelve months ended)1

8.0

NM

1 Simple average based on income from continuing operations.

NM Not meaningful.

This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC.

Hawaiian Electric Company, Inc. (Hawaiian Electric) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME DATA

(Unaudited)

Three months ended

December 31

Years ended

December 31

($ in thousands, except per barrel amounts)

2025

2024

2025

2024

Revenues

$

802,906

$

796,174

$

3,071,182

$

3,206,700

Expenses

Fuel oil

257,590

256,059

947,445

1,078,045

Purchased power

172,161

173,061

677,654

703,371

Other operation and maintenance

157,298

156,024

620,442

609,672

Wildfire tort-related claims

—

—

—

1,875,000

Depreciation

64,024

62,706

256,039

251,142

Taxes, other than income taxes

75,321

74,533

289,816

301,328

Total expenses

726,394

722,383

2,791,396

4,818,558

Operating income (loss)

76,512

73,791

279,786

(1,611,858

)

Allowance for equity funds used during construction

3,905

3,510

15,013

13,786

Retirement defined benefits credit—other than service costs

1,034

1,034

4,135

4,137

Interest expense and other charges, net

(27,430

)

(20,457

)

(93,702

)

(82,082

)

Allowance for borrowed funds used during construction

1,514

1,409

5,893

5,470

Interest income

4,806

2,078

9,463

6,633

Income (loss) before income taxes

60,341

61,365

220,588

(1,663,914

)

Income tax expense (benefit)

14,236

14,470

49,033

(439,547

)

Net income (loss)

46,105

46,895

171,555

(1,224,367

)

Dividends on and loss on redemption of preferred stock of subsidiaries

229

229

915

915

Net income (loss) attributable to Hawaiian Electric

45,876

46,666

170,640

(1,225,282

)

Dividends on and loss on redemption of preferred stock of Hawaiian Electric

1,615

270

2,425

1,080

Net income (loss) for common stock

$

44,261

$

46,396

$

168,215

$

(1,226,362

)

Comprehensive income (loss) attributable to Hawaiian Electric

$

44,233

$

46,426

$

168,069

$

(1,226,425

)

OTHER ELECTRIC UTILITY INFORMATION

Kilowatthour sales (millions)

Hawaiian Electric

1,632

1,608

6,258

6,134

Hawaii Electric Light

275

267

1,063

1,047

Maui Electric

285

276

1,102

1,038

2,192

2,151

8,423

8,219

Average fuel oil cost per barrel

$

98.84

$

104.38

$

100.40

$

115.00

Return on average common equity (%) (twelve months ended)1

12.3

NM

1 Simple average.

NM Not meaningful.

This information should be read in conjunction with the consolidated financial statements and the notes thereto in Hawaiian Electric filings with the SEC.

Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures

HEI management uses certain non-GAAP measures to evaluate the performance of HEI. Management believes these non-GAAP measures provide useful information and are a better indicator of the companies’ core operating activities. Core earnings and other financial measures as presented here may not be comparable to similarly titled measures used by other companies. The accompanying tables provide a reconciliation of reported GAAP1 earnings to non-GAAP Core earnings.

The reconciling adjustments from GAAP earnings to Core earnings are limited to the costs related to the Maui wildfires and costs related to HEI’s ongoing review of strategic options for Pacific Current. Management does not consider these items to be representative of the company’s fundamental Core earnings.

Reconciliation of GAAP1 to non-GAAP Measures

Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

Unaudited

Three months ended

December 31

Years ended

December 31

(in thousands)

2025

20242

2025

20242

Maui windstorm and wildfires related costs

Pretax expenses:

Legal expenses

$

3,851

$

13,449

$

24,383

$

69,779

Outside services expense

—

7,541

135

11,014

Wildfire tort-related claims

—

—

—

1,915,000

Wildfire securities-related claims

—

—

47,750

—

Other expense

6,138

8,281

23,817

35,403

Interest expense

92

3,185

3,391

14,834

Pretax expenses

10,081

32,456

99,476

2,046,030

Insurance recoveries3

(1,804

)

(11,089

)

(55,178

)

(94,699

)

Deferral of cost

(6,017

)

(13,817

)

(27,826

)

(37,960

)

Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment

2,260

7,550

16,472

1,913,371

Pretax loss on sale of subsidiaries and impairment loss on assets sold and held for sale

—

—

12,376

35,216

Income tax expense (benefit)4

(581

)

(1,945

)

(2,666

)

(501,763

)

After-tax adjustments

$

1,679

$

5,605

$

26,182

$

1,446,824

1

Accounting principles generally accepted in the United States of America.

2

Excludes Maui wildfire-related costs of discontinued operations.

3

Pretax insurance recoveries related to the proposed settlement of the securities class action of nil and $47.8 million for the three months and year ended December 31, 2025, respectively. Also includes adjustments related to costs that are no longer probable of recovery under the insurance policies. For the three months and year ended December 31, 2025, adjustments amount to nil and $7.6 million, respectively, of which, nil and $4.5 million were deferred to a regulatory asset, respectively, and are reported on line “Deferral of cost”.

4

Current year composite statutory tax rate of 25.75% and includes expected investment tax credit recapture.

Note: Other segment (Holding and Other Companies) wildfire-related expenses (legal, outside services, wildfire securities-related claims and other) and insurance recoveries are included in “Expenses-Other” and interest expense is included in “Interest expense, net” on the HEI and subsidiaries’ Consolidated Statements of Income Data. See Electric Utilities’ and Holding and Other Companies’ tables below for more detail.

Reconciliation of GAAP to non-GAAP Measures (continued)

Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

Unaudited

Three months ended

December 31

Years ended

December 31

(in thousands)

2025

20241

2025

20241

HEI Consolidated - Continuing Operations

GAAP2 income (loss) - continuing operations (as reported)

$

39,617

$

29,166

$

123,120

$

(1,322,523

)

Excluding special items related to the Maui windstorm and wildfires (after tax)3:

Legal expenses

2,859

9,987

18,104

51,811

Outside services expense

—

5,599

100

8,178

Wildfire tort-related claims

—

—

—

1,421,887

Wildfire securities-related claims

—

—

35,454

—

Other expense

4,557

6,147

17,684

26,286

Interest expense

70

2,365

2,519

11,014

After tax expenses

7,486

24,098

73,861

1,519,176

Insurance recoveries

(1,339

)

(8,234

)

(40,969

)

(70,314

)

Deferral of cost

(4,468

)

(10,259

)

(20,661

)

(28,185

)

Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment (after tax)

1,679

5,605

12,231

1,420,677

Loss on sale of subsidiaries and impairment loss on assets sold and held for sale (after tax)3

—

—

13,951

26,147

Non-GAAP (Core) income - continuing operations

$

41,296

$

34,771

$

149,302

$

124,301

GAAP Diluted earnings (loss) per share - continuing operations (as reported)

$

0.23

$

0.17

$

0.71

$

(10.42

)

Non-GAAP (Core) Diluted earnings per share - continuing operations

$

0.24

$

0.20

$

0.86

$

0.98

1 Excludes Maui wildfire-related costs of discontinued operations.

2 Accounting principles generally accepted in the United States of America.

3 Current year composite statutory tax rate of 25.75% and includes expected investment tax credit recapture.

Reconciliation of GAAP to non-GAAP Measures (continued)

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Three months ended

December 31

Years ended

December 31

(in thousands)

2025

2024

2025

2024

Maui windstorm and wildfires related costs

Pretax expenses:

Legal expenses

$

3,216

$

11,237

$

15,685

$

51,406

Outside services expense

—

6,080

—

8,500

Wildfire tort-related claims

—

—

—

1,915,000

Other expense

6,017

7,614

23,295

32,753

Interest expense

—

2,204

2,543

11,168

Pretax expenses

9,233

27,135

41,523

2,018,827

Insurance recoveries1

(1,255

)

(9,808

)

(1,129

)

(85,781

)

Deferral of cost

(6,017

)

(13,817

)

(27,826

)

(37,960

)

Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment

1,961

3,510

12,568

1,895,086

Income tax benefits2

(505

)

(904

)

(3,236

)

(487,985

)

After-tax adjustments

$

1,456

$

2,606

$

9,332

$

1,407,101

Hawaiian Electric consolidated net income

GAAP3 net income (loss) (as reported)

$

44,261

$

46,396

$

168,215

$

(1,226,362

)

Excluding special items related to the Maui windstorm and wildfires (after tax)2:

Legal expenses

2,388

8,344

11,646

38,169

Outside services expense

—

4,514

—

6,311

Wildfire tort-related claims

—

—

—

1,421,887

Other expense

4,468

5,654

17,297

24,320

Interest expense

—

1,636

1,888

8,292

After tax expenses

6,856

20,148

30,831

1,498,979

Insurance recoveries

(932

)

(7,283

)

(838

)

(63,693

)

Deferral of cost

(4,468

)

(10,259

)

(20,661

)

(28,185

)

Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment (after tax)

1,456

2,606

9,332

1,407,101

Non-GAAP (Core) net income

$

45,717

$

49,002

$

177,547

$

180,739

Years ended December 31

2025

2024

Ratios (%)

Based on GAAP - Return on average equity4

12.3

NM

Based on Non-GAAP (core) - Return on average equity4,5

6.7

7.3

1

Pretax insurance recoveries include adjustments related to costs that are no longer probable of recovery under the insurance policies. For the three months and year ended December 31, 2025, adjustments amount to nil and $7.6 million, respectively, of which, nil and $4.5 million were deferred to a regulatory asset, respectively, and are reported on line “Deferral of cost.”

2

Current year composite statutory tax rate of 25.75%.

3

Accounting principles generally accepted in the United States of America.

4

Simple average.

5

Calculated as non-GAAP adjusted net income divided by average non-GAAP adjusted common equity. Non-GAAP adjusted common equity excludes cumulative impact of Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment (after tax) and the Utilities’ assigned equity interests of GLST1, effective March 31, 2025, which totals $287.3 million and remains unchanged through December 31, 2025.

Note: Legal, outside services and other are included in “Other operation and maintenance” and interest expense is included in “Interest expense and other charges, net” on the Hawaiian Electric and subsidiaries’ Consolidated Statements of Income Data.

Reconciliation of GAAP to non-GAAP Measures (continued)

Holding and Other Companies

Unaudited

Three months ended

December 31

Years ended

December 31

(in thousands)

2025

2024

2025

2024

Maui windstorm and wildfires related costs

Pretax expenses:

Legal expenses

$

635

$

2,212

$

8,698

$

18,373

Outside services expense

—

1,461

135

2,514

Wildfire securities-related claims

—

—

47,750

—

Other expense

121

667

522

2,650

Interest expense

92

981

848

3,666

Pretax expenses

848

5,321

57,953

27,203

Insurance recoveries1

(549

)

(1,281

)

(54,049

)

(8,918

)

Total Maui windstorm and wildfires related expenses, net of insurance recoveries

299

4,040

3,904

18,285

Pretax loss on sale of subsidiaries and impairment loss on assets sold and held for sale

—

—

12,376

35,216

Income tax expense (benefits)2

(76

)

(1,041

)

570

(9,069

)

After-tax adjustments

$

223

$

2,999

$

16,850

$

44,432

Holding and Other Companies net loss

GAAP3 net loss (as reported)

$

(4,644

)

$

(17,230

)

$

(45,095

)

$

(96,161

)

Excluding special items related to the Maui windstorm and wildfires (after tax)2:

Legal expenses

471

1,643

6,458

13,642

Outside services expense

—

1,085

100

1,867

Wildfire securities-related claims

—

—

35,454

—

Other expense

90

493

388

1,966

Interest expense

69

729

630

2,722

Maui windstorm and wildfires related expenses (after tax)

630

3,950

43,030

20,197

Insurance recoveries

(407

)

(951

)

(40,131

)

(6,621

)

Total Maui windstorm and wildfires related expenses, net of insurance recoveries (after tax)

223

2,999

2,899

13,576

Loss on sale of subsidiaries and impairment loss on assets sold and held for sale (after tax)2

—

—

13,951

26,147

Non-GAAP (Core) net loss

$

(4,421

)

$

(14,231

)

$

(28,245

)

$

(56,438

)

1

Pretax insurance recoveries related to the proposed settlement of the securities class action of nil and $47.8 million for the three months and year ended December 31, 2025, respectively.

2

Current year composite statutory tax rate of 25.75% and includes expected investment tax credit recapture.

3

Accounting principles generally accepted in the United States of America.

Note: Holding and Other Companies wildfire-related expenses (legal, outside services, wildfire securities-related claims and other) and insurance recoveries are included in “Expenses-Other” and interest expense is included in “Interest expense, net” on the HEI and subsidiaries’ Consolidated Statements of Income Data.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260227916451/en/
Mateo Garcia

Director, Investor Relations

Telephone: (808) 543-7300

E-mail: ir@hei.com

Original: HEI Reports Fourth Quarter and Full Year 2025 Results