HEI Reports Third Quarter 2025 Results

• Utility Continuing to Reduce Risk in Our Communities Through Advancement of Wildfire Safety Strategy
• Credit Facility Expansion and Successful Debt Issuance Enhance Liquidity, and Will Help Finance Critical Investments to Strengthen the Reliability, Resilience and Safety of Service to Utility Customers
• Wildfire Tort Litigation Settlement Continues to Advance Toward Final Court Approval

HONOLULU--(BUSINESS WIRE)--Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported net income for the third quarter of 2025 of $31 million, or $0.18 per share. Excluding Maui wildfire-related expenses and expenses taken in connection with the review of strategic options for Pacific Current, Core¹ income from continuing operations was $33 million, or $0.19 per share, compared to $33 million, or $0.29 per share in 2024.

“Our core operations performed well in the third quarter, with the utility operating efficiently while continuing to advance the safety and resiliency measures outlined in our comprehensive Wildfire Safety Strategy. In September, we expanded our credit facility capacity to $600 million from $375 million, and successfully completed our first significant issuance of Hawaiian Electric debt since the Maui wildfires. The approximately $500 million in debt issuance proceeds, as well as the additional credit facility capacity, enhance liquidity and add financial flexibility, supporting investments in generation, safety, reliability and resilience across the islands we serve. Lastly, the Maui wildfire tort litigation settlement continues to advance, with a hearing on final court approval for the class settlement in the coming months. Our base case still assumes that our first settlement payment will occur no earlier than the first quarter of 2026,” said Scott Seu, HEI president and CEO.

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Note:	Throughout this release, per share values are calculated based on diluted shares.
^1Measures 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 third quarter of 2025 was $37 million compared to a net loss of $83 million in the third quarter of 2024, with the increase primarily driven by the following pre-tax items:

• The $203 million loss (which was partially offset by a $40 million insurance receivable) recorded in the third quarter of 2024 due to the accrual of estimated wildfire liabilities related to tort-related legal claims and cross claims; and
• $6 million in higher revenues, primarily from the annual revenue adjustment mechanism.

These items were partially offset by approximately $3 million of lower benefits from tax credits recognized in the third quarter of 2025 versus the third quarter of 2024. O&M expenses were relatively flat in the quarter compared to the same quarter last year.

Hawaiian Electric’s Core net income for the third quarter of 2025 was $40 million compared to $44 million in the same quarter last year. Pre-tax wildfire-related expenses of $10 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 $6 million in the third quarter of 2025 compared to $41 million in the third quarter of 2024. The lower net loss for the quarter was primarily due to the asset impairment taken at Pacific Current in the third quarter of 2024, lower wildfire-related expenses and lower interest expense, net of interest income. Core net loss for the quarter was $7 million compared to $11 million in the third quarter of 2024.

EARNINGS RELEASE, WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS

HEI will conduct a webcast and conference call to review its third quarter 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 November 14, 2025. 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 September 30						Nine months ended September 30
(in thousands, except per share amounts)		2025			2024			2025			2024
Revenues
Electric utility	$	787,428		$	829,617		$	2,268,276		$	2,410,526
Other		3,182			3,622			12,796			10,144
Total revenues		790,610			833,239			2,281,072			2,420,670
Expenses
Electric utility (includes $163 million and $1,875 million of provision for Wildfire tort-related claims recorded in quarter and nine months ended September 30, 2024)		724,635			934,181			2,065,002			4,096,175
Other (includes $35 million of impairment recorded in third quarter of 2024)		13,929			48,778			47,857			84,917
Total expenses		738,564			982,959			2,112,859			4,181,092
Operating income (loss)
Electric utility		62,793			(104,564	)		203,274			(1,685,649	)
Other		(10,747	)		(45,156	)		(35,061	)		(74,773	)
Total operating income (loss)		52,046			(149,720	)		168,213			(1,760,422	)
Retirement defined benefits credit—other than service costs		817			849			2,653			2,851
Interest expense, net		(26,211	)		(32,085	)		(87,679	)		(96,076	)
Allowance for borrowed funds used during construction		1,500			1,331			4,379			4,061
Allowance for equity funds used during construction		3,821			3,300			11,108			10,276
Interest income		6,960			3,662			27,162			9,929
Gain (loss) on sale of subsidiaries and impairment loss on assets sold and held for sale		1,013			—			(12,376	)		—
Income (loss) from continuing operations before income taxes		39,946			(172,663	)		113,460			(1,829,381	)
Income tax expense (benefit)		8,728			(49,954	)		28,540			(479,109	)
Income (loss) from continuing operations		31,218			(122,709	)		84,920			(1,350,272	)
Preferred stock dividends of subsidiaries		471			471			1,417			1,417
Income (loss) from continuing operations for common stock		30,747			(123,180	)		83,503			(1,351,689	)
Income (loss) from discontinued operations		—			18,778			—			(6,075	)
Net income (loss) for common stock	$	30,747		$	(104,402	)	$	83,503		$	(1,357,764	)
Continuing operations - Basic earnings (loss) per common share	$	0.18		$	(1.08	)	$	0.48		$	(12.11	)
Discontinued operations - Basic earnings (loss) per common share		—			0.16			—			(0.05	)
Basic earnings (loss) per common share	$	0.18		$	(0.91	)	$	0.48		$	(12.16	)
Continuing operations - Diluted earnings (loss) per common share	$	0.18		$	(1.08	)	$	0.48		$	(12.11	)
Discontinued operations - Diluted earnings (loss) per common share		—			0.16			—			(0.05	)
Diluted earnings (loss) per common share	$	0.18		$	(0.91	)	$	0.48		$	(12.16	)
Weighted-average number of common shares outstanding		172,617			114,358			172,531			111,636
Weighted-average shares assuming dilution		172,916			114,358			172,939			111,636
Income (loss) from continuing operations for common stock by segment
Electric utility	$	36,988		$	(82,585	)	$	123,954		$	(1,272,758	)
Other		(6,241	)		(40,595	)		(40,451	)		(78,931	)
Income (loss) from continuing operations for common stock	$	30,747		$	(123,180	)	$	83,503		$	(1,351,689	)
Comprehensive income (loss) attributable to HEI	$	30,013		$	(65,042	)	$	82,003		$	(1,326,611	)
Return on average common equity (%) (twelve months ended)^1								7.2			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 September 30						Nine months ended September 30
($ in thousands, except per barrel amounts)		2025			2024			2025			2024
Revenues	$	787,428		$	829,617		$	2,268,276		$	2,410,526
Expenses
Fuel oil		240,547			279,038			689,855			821,986
Purchased power		183,813			189,165			505,493			530,310
Other operation and maintenance		161,819			162,197			463,144			453,648
Wildfire tort-related claims		—			163,000			—			1,875,000
Depreciation		64,022			62,812			192,015			188,436
Taxes, other than income taxes		74,434			77,969			214,495			226,795
Total expenses		724,635			934,181			2,065,002			4,096,175
Operating income (loss)		62,793			(104,564	)		203,274			(1,685,649	)
Allowance for equity funds used during construction		3,821			3,300			11,108			10,276
Retirement defined benefits credit—other than service costs		998			959			3,101			3,103
Interest expense and other charges, net		(22,114	)		(20,223	)		(66,272	)		(61,625	)
Allowance for borrowed funds used during construction		1,500			1,331			4,379			4,061
Interest income		1,461			1,671			4,657			4,555
Income (loss) before income taxes		48,459			(117,526	)		160,247			(1,725,279	)
Income tax expense (benefit)		10,973			(35,439	)		34,797			(454,017	)
Net income (loss)		37,486			(82,087	)		125,450			(1,271,262	)
Preferred stock dividends of subsidiaries		228			228			686			686
Net income (loss) attributable to Hawaiian Electric		37,258			(82,315	)		124,764			(1,271,948	)
Preferred stock dividends of Hawaiian Electric		270			270			810			810
Net income (loss) for common stock	$	36,988		$	(82,585	)	$	123,954		$	(1,272,758	)
Comprehensive income (loss) attributable to Hawaiian Electric	$	36,964		$	(82,583	)	$	123,836		$	(1,272,851	)
OTHER ELECTRIC UTILITY INFORMATION
Kilowatthour sales (millions)
Hawaiian Electric		1,664			1,644			4,626			4,526
Hawaii Electric Light		276			272			788			780
Maui Electric		294			275			817			762
		2,234			2,191			6,231			6,068
Average fuel oil cost per barrel	$	98.20		$	114.61		$	101.00		$	118.76
Return on average common equity (%) (twelve months ended)^1								12.8			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 GAAP^1 to non-GAAP Measures Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries Unaudited
	Three months ended September 30						Nine months ended September 30
(in thousands)		2025			2024^2			2025			2024^2
Maui windstorm and wildfires related costs
Pretax expenses:
Legal expenses	$	5,794		$	17,205		$	20,532		$	56,330
Outside services expense		—			955			135			3,473
Wildfire tort-related claims		—			203,000			—			1,915,000
Wildfire securities-related claims		47,750			—			47,750			—
Other expense		5,892			10,906			17,679			27,122
Interest expense		398			3,438			3,299			11,649
Pretax expenses		59,834			235,504			89,395			2,013,574
Insurance recoveries^3		(49,070	)		(52,158	)		(53,374	)		(83,610	)
Deferral of cost		(6,237	)		(8,589	)		(21,809	)		(24,143	)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment		4,527			174,757			14,212			1,905,821
Pretax loss (gain) on sale of subsidiaries and impairment loss on assets sold and held for sale		(1,013	)		35,216			12,376			35,216
Income tax expense (benefit)^4		(1,453	)		(54,069	)		(2,085	)		(499,818	)
After-tax adjustments	$	2,061		$	155,904		$	24,503		$	1,441,219
^1Accounting principles generally accepted in the United States of America.
^2Excludes Maui wildfire-related costs of discontinued operations.
^3Includes insurance recovery related to the proposed settlement of the securities class action of $47.8 million for the three and nine months ended September 30, 2025. Also includes adjustments related to costs that are no longer probable of recovery under the insurance policies. For the three and nine months ended September 30, 2025, adjustments amount to $1.0 million and $7.6 million, respectively, of which, $0.5 million and $4.5 million were deferred to a regulatory asset, respectively, and are reported on line “Deferral of cost”.
^4Current 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 September 30						Nine months ended September 30
(in thousands)		2025			2024^1			2025			2024^1
HEI Consolidated - Continuing Operations
GAAP^2 income (loss) - continuing operations (as reported)	$	30,747		$	(123,180	)	$	83,503		$	(1,351,689	)
Excluding special items related to the Maui windstorm and wildfires (after tax)^3:
Legal expenses		4,302			12,773			15,245			41,824
Outside services expense		—			711			100			2,579
Wildfire tort-related claims		—			150,727			—			1,421,887
Wildfire securities-related claims		35,454			—			35,454			—
Other expense		4,375			8,098			13,127			20,139
Interest expense		295			2,552			2,449			8,649
After tax expenses		44,426			174,861			66,375			1,495,078
Insurance recoveries^4		(36,434	)		(38,727	)		(39,630	)		(62,080	)
Deferral of cost		(4,631	)		(6,377	)		(16,193	)		(17,926	)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment (after tax)		3,361			129,757			10,552			1,415,072
Loss (gain) on sale of subsidiaries and impairment loss on assets sold and held for sale (after tax)^3		(1,300	)		26,147			13,951			26,147
Non-GAAP (Core) income - continuing operations	$	32,808		$	32,724		$	108,006		$	89,530
GAAP Diluted earnings (loss) per share - continuing operations (as reported)	$	0.18		$	(1.08	)	$	0.48		$	(12.11	)
Non-GAAP (Core) Diluted earnings per share - continuing operations	$	0.19		$	0.29		$	0.62		$	0.80
^1Excludes Maui wildfire-related costs of discontinued operations.
^2Accounting principles generally accepted in the United States of America.
^3Current year composite statutory tax rate of 25.75% and includes expected investment tax credit recapture.
^4 Includes adjustments related to costs that are no longer probable of recovery under the insurance policies.

Reconciliation of GAAP to non-GAAP Measures (continued) Hawaiian Electric Company, Inc. and Subsidiaries Unaudited
	Three months ended September 30						Nine months ended September 30
(in thousands)		2025			2024			2025			2024
Maui windstorm and wildfires related costs
Pretax expenses:
Legal expenses	$	4,316		$	11,821		$	12,469		$	40,169
Outside services expense		—			639			—			2,420
Wildfire tort-related claims		—			203,000			—			1,915,000
Other expense		5,791			10,257			17,278			25,139
Interest expense		131			2,533			2,543			8,964
Pretax expenses		10,238			228,250			32,290			1,991,692
Insurance recoveries^1		(430	)		(49,625	)		126			(75,973	)
Deferral of cost		(6,237	)		(8,589	)		(21,809	)		(24,143	)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment		3,571			170,036			10,607			1,891,576
Income tax benefits^2		(919	)		(43,784	)		(2,731	)		(487,081	)
After-tax adjustments	$	2,652		$	126,252		$	7,876		$	1,404,495
Hawaiian Electric consolidated net income
GAAP^3 net income (loss) (as reported)	$	36,988		$	(82,585	)	$	123,954		$	(1,272,758	)
Excluding special items related to the Maui windstorm and wildfires (after tax)^2:
Legal expenses		3,205			8,776			9,258			29,825
Outside services expense		—			475			—			1,797
Wildfire tort-related claims		—			150,727			—			1,421,887
Other expense		4,300			7,616			12,829			18,666
Interest expense		97			1,881			1,888			6,656
After tax expenses		7,602			169,475			23,975			1,478,831
Insurance recoveries (after tax)^1		(319	)		(36,846	)		94			(56,410	)
Deferral of cost (after tax)		(4,631	)		(6,377	)		(16,193	)		(17,926	)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment (after tax)		2,652			126,252			7,876			1,404,495
Non-GAAP (Core) net income	$	39,640		$	43,667		$	131,830		$	131,737
^1Pretax insurance recoveries include adjustments related to costs that are no longer probable of recovery under the insurance policies. For the three and nine months ended September 30, 2025, adjustments amount to $1.0 million and $7.6 million, respectively, of which, $0.5 million and $4.5 million were deferred to a regulatory asset, respectively, and are reported on line “Deferral of cost.”
^2Current year composite statutory tax rate of 25.75%.
^3Accounting principles generally accepted in the United States of America.
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 September 30						Nine months ended September 30
(in thousands)		2025			2024			2025			2024
Maui windstorm and wildfires related costs
Pretax expenses:
Legal expenses	$	1,478		$	5,384		$	8,063		$	16,161
Outside services expense		—			316			135			1,053
Wildfire securities-related claims		47,750			—			47,750			—
Other expense		101			649			401			1,983
Interest expense		267			905			756			2,685
Pretax expenses		49,596			7,254			57,105			21,882
Insurance recoveries^1		(48,640	)		(2,533	)		(53,500	)		(7,637	)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries		956			4,721			3,605			14,245
Pretax loss (gain) on sale of subsidiaries and impairment loss on assets sold and held for sale		(1,013	)		35,216			12,376			35,216
Income tax expense (benefits)^2		(534	)		(10,285	)		646			(12,737	)
After-tax adjustments	$	(591	)	$	29,652		$	16,627		$	36,724
Holding and Other Companies net loss
GAAP^3 net loss (as reported)	$	(6,241	)	$	(40,595	)	$	(40,451	)	$	(78,931	)
Excluding special items related to the Maui windstorm and wildfires (after tax)^2:
Legal expenses		1,097			3,997			5,987			11,999
Outside services expense		—			236			100			782
Wildfire securities-related claims		35,454			—			35,454			—
Other expense		75			482			298			1,473
Interest expense		198			671			561			1,993
Maui windstorm and wildfires related expenses (after tax)		36,824			5,386			42,400			16,247
Insurance recoveries (after tax)		(36,115	)		(1,881	)		(39,724	)		(5,670	)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries (after tax)		709			3,505			2,676			10,577
Loss (gain) on sale of subsidiaries and impairment loss on assets sold and held for sale (after tax)^2		(1,300	)		26,147			13,951			26,147
Non-GAAP (Core) net loss	$	(6,832	)	$	(10,943	)	$	(23,824	)	$	(42,207	)
^1Includes insurance recovery related to the proposed settlement of the securities class action of $47.8 million for the three and nine months ended September 30, 2025.
^2Current year composite statutory tax rate of 25.75% and includes expected investment tax credit recapture.
^3Accounting 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.