Hawaiian Electric Industries, Inc.(NYSE - HE)¹²³

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.”

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):

These items were partially offset by (among others):

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):

These items were partially offset by (among others):

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 atwww.hei.com

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

Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website athttps://hpuc.my.site.com/cdms/s/

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, visitwww.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.

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

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.

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

____________________
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 Industries, Inc. (HEI) and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME DATA
(Unaudited)

	Three months ended						Years ended
(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
Simple average based on income from continuing operations.¹
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						Years ended
($ 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
Simple average.¹
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.

Reconciliation of GAAP¹
Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries
Unaudited

	Three months ended						Years ended
(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						Years ended
(in thousands)	2025			2024¹			2025			2024¹
HEI Consolidated - Continuing Operations
GAAP²	$	39,617		$	29,166		$	123,120		$	(1,322,523	)
: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
Excludes Maui wildfire-related costs of discontinued operations.¹
Accounting principles generally accepted in the United States of America.²
Current year composite statutory tax rate of 25.75% and includes expected investment tax credit recapture.³

Reconciliation of GAAP to non-GAAP Measures (continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

	Three months ended						Years ended
(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	$	44,261		$	46,396		$	168,215		$	(1,226,362	)
: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 equity^4,5	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						Years ended
(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
net loss (as reported)³	$	(4,644	)	$	(17,230	)	$	(45,095	)	$	(96,161	)
: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.

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.

$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.

$7 million in higher interest expense;
$1 million in higher O&M expenses; and
$1 million in higher depreciation expense.

$5 million in higher revenues, primarily from the annual revenue adjustment mechanism; and
$3 million in higher interest income.