Hawaiian Electric Industries (HE)

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

Hawaiian Electric Industries to Announce First Quarter 2026 Results May 8April 6, 2026 4:26 PM
Business Wire
Hawaiian Electric Industries, Inc. (HEI) (NYSE - HE) will announce its first quarter 2026 financial results on Friday, May 8 and conduct a webcast and conference call to discuss the results at 10:30 a.m. Hawaii time (4:30 p.m. Eastern time).


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 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. An audio replay will also be available about two hours after the event through May 15. 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 provides the energy services that empower much of the economic and community activity of Hawaii. HEI’s sole operating company is its electric utility, Hawaiian Electric. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260406487573/en/
Mateo Garcia

Director, Investor Relations

Phone: (808) 543-7300

E-mail: ir@hei.com


Original: Hawaiian Electric Industries to Announce First Quarter 2026 Results May 8

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