# EDGAR Filing Document

**Accession Number:** 0000046207
**File Stem:** 0000354707-26-000017
**Filing Date:** 2026-3
**Character Count:** 127498
**Document Hash:** 58dd1b8fff39b0781e010a25fb673156
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000354707-26-000017.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0000354707-26-000017

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260327

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HAWAIIAN ELECTRIC INDUSTRIES INC
- **CENTRAL INDEX KEY:** 0000354707
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 990208097
- **STATE OF INCORPORATION:** HI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08503
- **FILM NUMBER:** 26808005

**BUSINESS ADDRESS:**
- **STREET 1:** 1001 BISHOP STREET, SUITE 2900
- **CITY:** HONOLULU
- **STATE:** HI
- **ZIP:** 96813
- **BUSINESS PHONE:** 8085435662

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 730
- **CITY:** HONOLULU
- **STATE:** HI
- **ZIP:** 96808-0730
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HAWAIIAN ELECTRIC CO INC
- **CENTRAL INDEX KEY:** 0000046207
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 990040500
- **STATE OF INCORPORATION:** HI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-04955
- **FILM NUMBER:** 26808006

**BUSINESS ADDRESS:**
- **STREET 1:** 1099 ALAKEA STREET, SUITE 2200
- **CITY:** HONOLULU
- **STATE:** HI
- **ZIP:** 96813
- **BUSINESS PHONE:** 8085437771

**MAIL ADDRESS:**
- **STREET 1:** 1099 ALAKEA STREET, SUITE 2200
- **CITY:** HONOLULU
- **STATE:** HI
- **ZIP:** 96813

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HAWAIIAN ELECTRIC CO LTD
- **DATE OF NAME CHANGE:** 19670212

?xml version='1.0' encoding='ASCII'? he-20260327

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report: March 27, 2026

---

| | | |
|:---|:---|:---|
| Exact Name of Registrant | Commission | I.R.S. Employer |
| <u>as Specified in Its Charter</u> | <u>File Number</u> | <u>Identification No.</u> |
| Hawaiian Electric Industries, Inc. | 1-8503 | 99-0208097 |
| Hawaiian Electric Company, Inc. | 1-4955 | 99-0040500 |

---

State of Hawaii

(State or other jurisdiction of incorporation)

1001 Bishop Street, Suite 2900, Honolulu, Hawaii 96813 - Hawaiian Electric Industries, Inc. (HEI)

1099 Alakea Street, Suite 2200, Honolulu, Hawaii 96813 - Hawaiian Electric Company, Inc. (Hawaiian Electric)

(Address of principal executive offices and zip code)

Registrant's telephone number, including area code:

(808) 543-5662 - HEI

(808) 543-7771 - Hawaiian Electric

&nbsp;&nbsp;&nbsp;&nbsp;Not applicable

(Former name or former address, if changed since last report.)

&nbsp;&nbsp;&nbsp;&nbsp;Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to 12(b) of the Act:

Registrant Title of each class Trading Symbol(s) Name of each exchange on which registered <br> Hawaiian Electric Industries, Inc. Common Stock, Without Par Value HE New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule12b-2 of the Securities Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

Hawaiian Electric Industries, Inc. ☐ Hawaiian Electric Company, Inc. ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Hawaiian Electric Industries, Inc. ☐ Hawaiian Electric Company, Inc. ☐

------

**Item 7.01. Regulation FD Disclosure.**

HEI is furnishing its unaudited 2025 Statistical Supplement (see Exhibit 99), which includes certain selected financial information for consolidated HEI, consolidated and Hawaiian Electric and other selected data.

HEI will post the 2025 Statistical Supplement on its website, www.hei.com, under the headings "Investor Relations," "SEC Filings" and "Statistical Supplement."

HEI and 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 SEC filings and HEI's public conference calls and webcasts. The information on HEI's website is not incorporated by reference into this document or into HEI's and Hawaiian Electric's Securities and Exchange Commission (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 dms.puc.hawaii.gov/dms 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 other SEC filings.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits

<u>[Exhibit 99](exhibit992025statsupp.htm)</u> HEI 2025 Statistical Supplement <br> 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

The information furnished in connection with this current report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

------

**SIGNATURES**

&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature of the undersigned companies shall be deemed to relate only to matters having reference to such companies and any subsidiaries thereof.

---

| | |
|:---|:---|
| HAWAIIAN ELECTRIC INDUSTRIES, INC. | HAWAIIAN ELECTRIC COMPANY, INC. |
| (Registrant) | (Registrant) |
| /s/ Scott T. DeGhetto | /s/ Paul K. Ito |
| Scott T. DeGhetto | Paul K. Ito |
| Executive Vice President and | Senior Vice President, |
| Chief Financial Officer | Chief Financial Officer and Treasurer |
| Date: March 27, 2026 | Date: March 27, 2026 |

---

## Ex-99

Exhibit 99

![heii-53439_heix2025supplem.jpg](heii-53439_heix2025supplem.jpg)

------

**Hawaiian Electric Industries, Inc.**

**2025 Statistical Supplement** 

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
|  | Page |
| HEI Consolidated | HEI Consolidated |
| Selected Financial Information | 1 |
| Consolidated Statements of Income Information | 2 |
| Consolidated Statements of Comprehensive Income Information | 3 |
| Consolidated Balance Sheets Information | 4 |
| Consolidated Statements of Changes in Shareholders' Equity Information | 5 |
| Consolidated Statements of Cash Flows Information | 6 |
| Consolidated Capital Structure | 8 |
| Hawaiian Electric Company | Hawaiian Electric Company |
| Selected Financial Information | 9 |
| Consolidated Statements of Income and Retained Earnings Information | 11 |
| Consolidated Balance Sheets Information | 12 |
| Consolidated Statements of Cash Flows Information | 13 |
| Cumulative Preferred Stock Not Subject to Mandatory Redemption | 14 |
| Long-term Debt | 15 |
| Customer, Sales and Revenue Information | 18 |
| Power Supply Information | 20 |

---

i

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| | | | | |
|:---|:---|:---|:---|:---|
| **SELECTED FINANCIAL INFORMATION** | | | | |
| Hawaiian Electric Industries, Inc. and Subsidiaries |  |  |  |  |
| Unaudited |  |  |  |  |
| Years ended December 31 | 2025 | 2024 | 2024 | 2023 |
| (dollars in thousands, except per share amounts) |  |  |  |  |
| **Results of operations** |  |  |  |  |
| Revenues | $3086896 | $| 3219850 | $3287503 |
| Net income (loss) for common stock<sup>1</sup> | 123120 | (1426009) | (1426009) | 199238 |
| Basic earnings (loss) per common share | 0.71 | (11.23) | (11.23) | 1.82 |
| Diluted earnings (loss) per common share | 0.71 | (11.23) | (11.23) | 1.81 |
| Dividends per common share |  |  |  | 1.08 |
| **Net income (loss) for common stock by company** |  |  |  |  |
| Utilities consolidated | $168215 | $| (1226362) | $193952 |
| HEI and other | (45095) | (96161) | (96161) | (48076) |
| Discontinued operations |  | (103486) | (103486) | 53362 |
|  | $123120 | $| (1426009) | $199238 |
| **Assets**<sup>2</sup> |  |  |  |  |
| Electric utility | $8530520 | $| 7613604 | $7283554 |
| Other | 392359 | 1317812 | 1317812 | 393818 |
| Discontinued operations |  |  |  | 9566449 |
|  | $8922879 | $| 8931416 | $17243821 |
| **Capital structure**<sup>2</sup> |  |  |  |  |
| Short-term borrowings | $— | $| 48623 | $— |
| Long-term debt, net | 2409975 | 2799558 | 2799558 | 2842429 |
| Preferred stock of subsidiaries |  | 34293 | 34293 | 34293 |
| Common stock equity | 1605919 | 1479089 | 1479089 | 2344841 |
|  | $4015894 | $| 4361563 | $5221563 |
| **Capital structure ratios**<sup>2</sup> |  |  |  |  |
| Short-term borrowings | —% | 1.1% | 1.1% | —% |
| Long-term debt, net | 60.0 | 64.2 | 64.2 | 54.4 |
| Preferred stock of subsidiaries |  | 0.8 | 0.8 | 0.7 |
| Common stock equity | 40.0 | 33.9 | 33.9 | 44.9 |
|  | 100.0% | 100.0 | 100.0% | 100.0% |
| **Key financial ratios** |  |  |  |  |
| Market price to book value per common share<sup>2</sup> | 132% | 113 | 113% | 67% |
| Price earnings ratio<sup>3</sup> | 17.3x | NM | NM | 7.8x |
| Return on average common equity | 8.0% | NM | NM | 8.8% |
| Indicated annual dividend yield<sup>2</sup> |  |  |  | 7.6% |
| Dividend payout ratio |  |  |  | 59.4% |
| **Full-time employees**<sup>2</sup> |  |  |  |  |
| HEI (includes Pacific Current) | 51 | 69 | 69 | 75 |
| Hawaiian Electric and its subsidiaries | 2608 | 2518 | 2518 | 2564 |
| ASB<sup>4</sup> |  |  |  | 958 |
|  | 2659 | 2587 | 2587 | 3597 |
| Note: This report should be read in conjunction with HEI's Form 10-K for each year. | Note: This report should be read in conjunction with HEI's Form 10-K for each year. | Note: This report should be read in conjunction with HEI's Form 10-K for each year. | Note: This report should be read in conjunction with HEI's Form 10-K for each year. | Note: This report should be read in conjunction with HEI's Form 10-K for each year. |
| <sup>1</sup> Includes after-tax wildfire expenses net of insurance recoveries and approved deferral treatment of $12.2 million, $1.4 billion and $5.8 million in 2025, 2024 and 2023, respectively. | <sup>1</sup> Includes after-tax wildfire expenses net of insurance recoveries and approved deferral treatment of $12.2 million, $1.4 billion and $5.8 million in 2025, 2024 and 2023, respectively. | <sup>1</sup> Includes after-tax wildfire expenses net of insurance recoveries and approved deferral treatment of $12.2 million, $1.4 billion and $5.8 million in 2025, 2024 and 2023, respectively. | <sup>1</sup> Includes after-tax wildfire expenses net of insurance recoveries and approved deferral treatment of $12.2 million, $1.4 billion and $5.8 million in 2025, 2024 and 2023, respectively. | <sup>1</sup> Includes after-tax wildfire expenses net of insurance recoveries and approved deferral treatment of $12.2 million, $1.4 billion and $5.8 million in 2025, 2024 and 2023, respectively. |
| <sup>2</sup> At December 31.  | <sup>2</sup> At December 31.  | <sup>2</sup> At December 31.  | <sup>2</sup> At December 31.  | <sup>2</sup> At December 31.  |
| <sup>3</sup> Calculated using December 31 market price per common share divided by diluted earnings per common share. | <sup>3</sup> Calculated using December 31 market price per common share divided by diluted earnings per common share. | <sup>3</sup> Calculated using December 31 market price per common share divided by diluted earnings per common share. | <sup>3</sup> Calculated using December 31 market price per common share divided by diluted earnings per common share. | <sup>3</sup> Calculated using December 31 market price per common share divided by diluted earnings per common share. |
| <sup>4</sup> Beginning December 31, 2024, as a result of the ASB sale transaction, ASB was no longer a subsidiary of HEI. | <sup>4</sup> Beginning December 31, 2024, as a result of the ASB sale transaction, ASB was no longer a subsidiary of HEI. | <sup>4</sup> Beginning December 31, 2024, as a result of the ASB sale transaction, ASB was no longer a subsidiary of HEI. | <sup>4</sup> Beginning December 31, 2024, as a result of the ASB sale transaction, ASB was no longer a subsidiary of HEI. | <sup>4</sup> Beginning December 31, 2024, as a result of the ASB sale transaction, ASB was no longer a subsidiary of HEI. |
| NM: Not meaningful |  |  |  |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CONSOLIDATED STATEMENTS OF INCOME INFORMATION** | | | | |
| Hawaiian Electric Industries, Inc. and Subsidiaries |  |  |  |  |
| Unaudited |  |  |  |  |
| Years ended December 31 | 2025 | 2024 | 2023 | 2022 |
| (in thousands, except per share amounts) |  |  |  |  |
| **Revenues** |  |  |  |  |
| Electric utility<sup>1</sup> | $3071182 | $3206700 | $3269521 | $3408587 |
| Other<sup>1</sup> | 15714 | 13150 | 17982 | 12330 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total revenues** | 3086896 | 3219850 | 3287503 | 3420917 |
| **Expenses** |  |  |  |  |
| Electric utility (includes $1,875 million of provision, net, for Wildfire tort-related claims recorded in 2024) | 2791396 | 4818558 | 2967363 | 3109396 |
| Other (includes $35 million of impairment recorded in 2024) | 60178 | 108052 | 45148 | 31966 |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total expenses** | 2851574 | 4926610 | 3012511 | 3141362 |
| **Operating income (loss)** |  |  |  |  |
| Electric utility | 279786 | (1611858) | 302158 | 299191 |
| Other | (44464) | (94902) | (27166) | (19636) |
| **&nbsp;&nbsp;&nbsp;&nbsp; Total operating income (loss)** | 235322 | (1706760) | 274992 | 279555 |
| Retirement defined benefits credit—other than service costs | 3482 | 3754 | 4014 | 3688 |
| Interest expense, net | (117334) | (127207) | (125532) | (103402) |
| Allowance for borrowed funds used during construction | 5893 | 5470 | 5201 | 3416 |
| Allowance for equity funds used during construction | 15013 | 13786 | 15164 | 10574 |
| Interest income<sup>1</sup> | 36929 | 19362 | 9105 |  |
| Gain (loss) on sales of subsidiaries and equity-method investments and impairment loss on assets sold and held for sale | (12376) |  | (644) | 8123 |
| **Income (loss) from continuing operations before income taxes** | 166929 | (1791595) | 182300 | 201954 |
| Income tax expense (benefit) | 40648 | (470962) | 34534 | 38915 |
| **Net income (loss) from continuing operations** | 126281 | (1320633) | 147766 | 163039 |
| Dividends on and loss on redemption of preferred stock of subsidiaries | 3161 | 1890 | 1890 | 1890 |
| Income (loss) from continuing operations for common stock | 123120 | (1322523) | 145876 | 161149 |
| Income (loss) from discontinued operations |  | (103486) | 53362 | 79989 |
| **Net income (loss) for common stock**<sup>2</sup> | $123120 | $(1426009) | $199238 | $241138 |
| Continuing operations - Basic earnings (loss) per common share | $0.71 | $(10.42) | $1.33 | $1.47 |
| Discontinued operations - Basic earnings (loss) per common share |  | (0.81) | 0.49 | 0.73 |
| **Basic earnings (loss) per common share** | $0.71 | $(11.23) | $1.82 | $2.20 |
| Continuing operations - Diluted earnings (loss) per common share | $0.71 | $(10.42) | $1.33 | $1.47 |
| Discontinued operations - Diluted earnings (loss) per common share |  | (0.81) | 0.48 | 0.73 |
| **Diluted earnings (loss) per common share** | $0.71 | $(11.23) | $1.81 | $2.20 |
| **Weighted-average number of common shares outstanding** | 172553 | 126927 | 109739 | 109434 |
| **Weighted-average shares assuming dilution** | 173017 | 126927 | 110038 | 109778 |
| Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.  | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.  | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.  | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.  | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.  |
| <sup>1</sup> Beginning in 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income. | <sup>1</sup> Beginning in 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income. | <sup>1</sup> Beginning in 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income. | <sup>1</sup> Beginning in 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income. | <sup>1</sup> Beginning in 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income. |
| <sup>2</sup> Includes after-tax wildfire expenses net of insurance recoveries and approved deferral treatment of $12.2 million, $1.4 billion and $5.8 million in 2025, 2024 and 2023, respectively. | <sup>2</sup> Includes after-tax wildfire expenses net of insurance recoveries and approved deferral treatment of $12.2 million, $1.4 billion and $5.8 million in 2025, 2024 and 2023, respectively. | <sup>2</sup> Includes after-tax wildfire expenses net of insurance recoveries and approved deferral treatment of $12.2 million, $1.4 billion and $5.8 million in 2025, 2024 and 2023, respectively. | <sup>2</sup> Includes after-tax wildfire expenses net of insurance recoveries and approved deferral treatment of $12.2 million, $1.4 billion and $5.8 million in 2025, 2024 and 2023, respectively. | <sup>2</sup> Includes after-tax wildfire expenses net of insurance recoveries and approved deferral treatment of $12.2 million, $1.4 billion and $5.8 million in 2025, 2024 and 2023, respectively. |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION** | **CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION** |
| Hawaiian Electric Industries, Inc. and Subsidiaries |  |  |  |  |
| Unaudited |  |  |  |  |
| Years ended December 31 | 2025 | 2024 | 2023 | 2022 |
| (in thousands) |  |  |  |  |
| **Net income (loss) for common stock** | $123120 | $(1426009) | $199238 | $241138 |
| **Other comprehensive income (loss), net of taxes:** |  |  |  |  |
| Net unrealized gains (losses) on available-for-sale investment securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net unrealized gains (losses) on available-for-sale investment securities arising during the period, net of taxes |  | (11227) | 20589 | (300860) |
| &nbsp;&nbsp;&nbsp;Reclassification adjustment for net realized losses included in net income, net of taxes |  |  | 10954 |  |
| &nbsp;&nbsp;&nbsp;Amortization of unrealized holding losses on held-to-maturity securities, net of taxes |  | 13012 | 14398 | 3993 |
| Derivatives qualified as cash flow hedges: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized interest rate hedging gains (losses), net of taxes | (489) | 683 | (167) | 5457 |
| &nbsp;&nbsp;&nbsp;Reclassification adjustment to net income, net of taxes | (1031) | (201) | (186) | 172 |
| Retirement benefit plans: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net gains arising during the period, net of taxes | 77873 | 66355 | 10854 | 188020 |
| &nbsp;&nbsp;&nbsp;Adjustment for amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost, net of taxes | (2057) | (1730) | (1560) | 19659 |
| &nbsp;&nbsp;&nbsp;Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes | (74419) | (63708) | (8204) | (199936) |
| **Other comprehensive income (loss), net of taxes** | (123) | 3184 | 46678 | (283495) |
| **Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.** | $122997 | $(1422825) | $245916 | $(42357) |
| Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.  | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.  | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.  | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.  | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.  |

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| | | | |
|:---|:---|:---|:---|
| **CONSOLIDATED BALANCE SHEETS INFORMATION** | | | |
| Hawaiian Electric Industries, Inc. and Subsidiaries |  |  |  |
| Unaudited |  |  |  |
| December 31 | 2025 | 2024 | 2023 |
| (in thousands) |  |  |  |
| **ASSETS** |  |  |  |
| **Current assets:** |  |  |  |
| Cash and cash equivalents | $501778 | $750535 | $244091 |
| Restricted cash | 478968 | 492317 | 15028 |
| Accounts receivable and unbilled revenues, net | 491526 | 457171 | 546704 |
| Regulatory assets | 50039 | 53895 | 68453 |
| Other | 305999 | 380408 | 331617 |
| Assets held for sale | 56266 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 1884576 | 2134326 | 1205.893 |
| **Noncurrent assets:** |  |  |  |
| Property, plant and equipment, net | 6188372 | 6134318 | 5963084 |
| Operating lease right-of-use assets | 56604 | 66553 | 79686 |
| Regulatory assets | 258076 | 227424 | 226351 |
| Other | 535251 | 368795 | 202358 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total noncurrent assets** | 7038303 | 6797090 | 6471.479 |
| Assets of discontinued operations |  |  | 9566449 |
| **Total assets** | $8922879 | $8931416 | $17243.821 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| **Current liabilities:** |  |  |  |
| Accounts, interest and dividends payable | $250520 | $230655 | $227239 |
| Short-term borrowings |  | 48623 |  |
| Current portion of long-term debt, net | 124959 | 109171 | 16496 |
| Regulatory liabilities | 51997 | 26568 | 36559 |
| Wildfire related claims | 530000 | 478750 | 75000 |
| Other | 410458 | 430824 | 403414 |
| Liabilities held for sale | 59803 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 1427737 | 1324591 | 758.708 |
| **Noncurrent liabilities:** |  |  |  |
| Long-term debt, net | 2285016 | 2690387 | 2825933 |
| Deferred income taxes |  |  | 402246 |
| Operating lease liabilities  | 43278 | 56523 | 69972 |
| Financing lease liabilities | 505590 | 426598 | 331262 |
| Regulatory liabilities | 1392147 | 1217515 | 1114131 |
| Defined benefit plans liability | 23656 | 23213 | 78200 |
| Wildfire tort-related claims | 1436250 | 1436250 |  |
| Other | 203286 | 242957 | 247637 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total noncurrent liabilities** | 5889223 | 6093443 | 5069.381 |
| Liabilities of discontinued operations |  |  | 9036598 |
| **Total liabilities** | 7316960 | 7418034 | 14864687 |
| Preferred stock of subsidiaries - not subject to mandatory redemption |  | 34293 | 34293 |
| **Shareholders' equity** |  |  |  |
| Common stock | 2268187 | 2264544 | 1707471 |
| Retained earnings (deficit) | (665606) | (788916) | 926720 |
| Accumulated other comprehensive income (loss), net of taxes | 3338 | 3461 | (289350) |
| **Total shareholders' equity** | 1605919 | 1479089 | 2344841 |
| **Total liabilities and shareholders' equity** | $8922879 | $8931416 | $17243821 |
| Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY INFORMATION** | **CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY INFORMATION** | **CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY INFORMATION** | **CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY INFORMATION** | **CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY INFORMATION** | **CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY INFORMATION** |
| Hawaiian Electric Industries, Inc. and Subsidiaries |  |  |  | Accumulated |  |
| Unaudited |  |  |  | other |  |
|  | Common stock | Common stock | Retained | comprehensive |  |
| (in thousands, except per share amounts) | Shares | Amount | earnings | income (loss) | Total |
| **Balance, December 31, 2022** | 109471 | $1692697 | $845830 | $(336028) | $2202499 |
| Net income for common stock |  |  | 199238 |  | 199238 |
| Other comprehensive income, net of taxes |  |  |  | 46678 | 46678 |
| Issuance of common stock: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend reinvestment and stock purchase plan | 537 | 6612 |  |  | 6612 |
| &nbsp;&nbsp;&nbsp;Share-based plans | 144 | 6371 |  |  | 6371 |
| &nbsp;&nbsp;&nbsp;Share-based expense and other, net |  | 1791 |  |  | 1791 |
| Common stock dividends ($1.08 per share) |  |  | (118348) |  | (118348) |
| **Balance, December 31, 2023** | 110152 | 1707471 | 926720 | (289350) | 2344841 |
| Net loss for common stock |  |  | (1426009) |  | (1426009) |
| Other comprehensive income, net of taxes |  |  |  | 3184 | 3184 |
| Issuance of common stock: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock offering | 62162 | 575000 |  |  | 575000 |
| &nbsp;&nbsp;&nbsp;Share-based plans | 152 | 8018 |  |  | 8018 |
| &nbsp;&nbsp;&nbsp;Common stock offering expenses |  | (18621) |  |  | (18621) |
| &nbsp;&nbsp;&nbsp;Share-based expenses and other, net |  | (7324) |  |  | (7324) |
| Discontinued operations |  |  | (289627) | 289627 |  |
| **Balance, December 31, 2024** | 172466 | 2264544 | (788916) | 3461 | 1479089 |
| Net loss for common stock |  |  | 123120 |  | 123120 |
| Other comprehensive loss, net of tax benefits |  |  |  | (123) | (123) |
| Issuance of common stock: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Share-based plans | 154 | 3896 |  |  | 3896 |
| &nbsp;&nbsp;&nbsp;Share-based expenses and other, net |  | (648) |  |  | (648) |
| Stock expense adjustment and other |  | 395 | 190 |  | 585 |
| **Balance, December 31, 2025** | 172620 | $2268187 | $(665606) | $3338 | $1605919 |
| Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION** | | | | |
| Hawaiian Electric Industries, Inc. and Subsidiaries |  |  |  |  |
| Unaudited |  |  |  |  |
| Years ended December 31 | 2025 | 2024 | 2023 | 2022 |
| (in thousands) |  |  |  |  |
| **Cash flows from operating activities** |  |  |  |  |
| Net income (loss) | $126281 | $(1424119) | $201128 | $243028 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities-continuing operations |  |  |  |  |
| Loss (income) from discontinued operations |  | 103486 | (53362) | (79989) |
| Depreciation of property, plant and equipment | 260024 | 261701 | 254990 | 244477 |
| Other amortization | 38895 | 31832 | 27316 | 25928 |
| Loss (gain) on sale of subsidiaries and equity-method investment and impairment loss on assets sold and held for sale | 12376 | 39642 | 644 | (8123) |
| Deferred income tax expense (benefit) | (10630) | (486188) | 9352 | (33157) |
| Share-based compensation expense | 3426 | 3591 | 6776 | 7450 |
| Allowance for equity funds used during construction | (15013) | (13786) | (15164) | (10574) |
| Other | (6359) | (13790) | (2989) | (5323) |
| Changes in assets and liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in accounts receivable and unbilled revenues, net | (51351) | 96700 | (71643) | (147327) |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in fuel oil stock | (15579) | 49361 | 43388 | (87569) |
| &nbsp;&nbsp;&nbsp;Increase in materials and supplies | (14458) | (4177) | (34887) | (7960) |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in regulatory assets | (30462) | (22743) | (10613) | 34600 |
| &nbsp;&nbsp;&nbsp;Increase in regulatory liabilities | 96043 | 48433 | 54470 | 44888 |
| &nbsp;&nbsp;&nbsp;Increase in accounts, interest and dividends payable | 7032 | 6862 | 34290 | 23083 |
| &nbsp;&nbsp;&nbsp;Change in prepaid and accrued income taxes, tax credits and utility revenue taxes | (4563) | (25525) | (9858) | 120738 |
| &nbsp;&nbsp;&nbsp;Change in defined benefit pension and other postretirement benefit plans liability | (8788) | (9358) | (8215) | (4564) |
| &nbsp;&nbsp;&nbsp;Increase in wildfire related claims | 47750 | 1840000 | 75000 |  |
| &nbsp;&nbsp;&nbsp;Change in other assets and liabilities, net | (43551) | (53812) | (57255) | (25924) |
| **Net cash provided by operating activities-continuing operations** | 391073 | 428110 | 443368 | 333682 |
| **Net cash provided by operating activities-discontinued operations** |  | 59371 | 108103 | 120794 |
| **Net cash provided by operating activities** | 391073 | 487481 | 551471 | 454476 |
| **Cash flows from investing activities** |  |  |  |  |
| Capital expenditures | (341202) | (344251) | (442727) | (339333) |
| Proceeds from sale of subsidiaries | 13781 |  |  |  |
| Acquisition of business |  |  |  | (25706) |
| Other, net | 5246 | 10330 | 6558 | 14184 |
| **Net cash used in investing activities-continuing operations** | (322175) | (333921) | (436169) | (350855) |
| **Net cash provided by (used in) investing activities-discontinued operations** |  | 592239 | 178770 | (777827) |
| **Net cash provided by (used in) investing activities** | $(322175) | $258318 | $(257399) | $(1128682) |
|  | (Continued on next page) | (Continued on next page) | (Continued on next page) | (Continued on next page) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION (Continued)** | | | | |
| Hawaiian Electric Industries, Inc. and Subsidiaries |  |  |  |  |
| Unaudited |  |  |  |  |
| Years ended December 31 | 2025 | 2024 | 2023 | 2022 |
| (in thousands) |  |  |  |  |
| **Cash flows from financing activities** |  |  |  |  |
| Net increase (decrease) in short-term borrowings with original maturities of three months or less | $— | $— | $(137650) | $83652 |
| Proceeds from issuance of short-term debt |  | 50000 | 65000 | 35000 |
| Repayment of short-term debt | (50000) |  | (100000) |  |
| Proceeds from issuance of long-term debt | 510000 | 5475 | 625000 | 227312 |
| Repayment of long-term debt and funds transferred for repayment of long-term debt | (733564) | (97698) | (167080) | (221910) |
| Withheld shares for employee taxes on vested share-based compensation | (178) | (1074) | (2371) | (3165) |
| Net proceeds from issuance of common stock |  | 556612 | 1223 |  |
| Common stock dividends |  |  | (73957) | (111229) |
| Preferred stock dividends of subsidiaries | (1890) | (1890) | (1890) | (1890) |
| Redemption of preferred stock of subsidiaries | (35368) |  |  |  |
| Other | (20004) | (13867) | (5133) | (2041) |
| **Net cash provided by (used in) financing activities-continuing operations** | (331004) | 497558 | 203142 | 5729 |
| **Net cash provided by (used in) financing activities-discontinued operations** |  | (342853) | (7567) | 561942 |
| **Net cash provided by (used in) financing activities** | (331004) | 154705 | 195575 | 567671 |
| Net increase (decrease) in cash, cash equivalents and restricted cash, including cash from discontinued operations | (262106) | 900504 | 489647 | (106535) |
| Cash, cash equivalents and restricted cash from continuing operations, January 1 | 1242852 | 259119 | 48778 | 256204 |
| Cash, cash equivalents and restricted cash from discontinued operations, January 1  |  | 435455 | 156149 | 55258 |
| **Cash, cash equivalents and restricted cash, including cash from discontinued operations, December 31** | 980746 | 1595078 | 694574 | 204.927 |
| Less: Cash from discontinued operations |  | (352226) | (435455) | (156149) |
| **Cash, cash equivalents and restricted cash from continuing operations, December 31** | 980746 | 1242852 | 259119 | 48778 |
| Less: Restricted cash | (478968) | (492317) | (15028) | (5050) |
| **Cash and cash equivalents from continuing operations, December 31** | $501778 | $750535 | $244091 | $43728 |
| Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED CAPITAL STRUCTURE** | | | | | | | | | | | | | |
| Hawaiian Electric Industries, Inc. and Subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Unaudited |  |  |  |  |  |  |  |  |  |  |  |  |  |
| December 31 |  |  |  |  |  |  |  | 2025 | 2025 | 2024 | 2024 | 2023 | 2023 |
| (in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Short-term borrowings**<sup>1</sup> |  |  |  |  |  |  |  | $|  | $| 48623 | $|  |
| **Long-term debt**<sup>1</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Long-term debt of electric utility subsidiaries, net of unamortized debt issuance costs <sup>2</sup> | Long-term debt of electric utility subsidiaries, net of unamortized debt issuance costs <sup>2</sup> | Long-term debt of electric utility subsidiaries, net of unamortized debt issuance costs <sup>2</sup> | Long-term debt of electric utility subsidiaries, net of unamortized debt issuance costs <sup>2</sup> | Long-term debt of electric utility subsidiaries, net of unamortized debt issuance costs <sup>2</sup> | Long-term debt of electric utility subsidiaries, net of unamortized debt issuance costs <sup>2</sup> |  |  | 2182833 | 2182833 | 1901214 | 1901214 | 1934277 | 1934277 |
| HEI 4.58% senior notes, paid in 2025 |  |  |  |  |  |  |  |  |  | 50000 | 50000 | 50000 | 50000 |
| HEI 4.72% senior notes, due 2028 |  |  |  |  |  |  |  | 37096 | 37096 | 100000 | 100000 | 100000 | 100000 |
| HEI 2.82% senior notes, due 2028 |  |  |  |  |  |  |  | 8903 | 8903 | 24000 | 24000 | 24000 | 24000 |
| HEI 2.48% senior notes, due 2028 |  |  |  |  |  |  |  | 11129 | 11129 | 30000 | 30000 | 30000 | 30000 |
| HEI 6.04% senior notes, due 2028 |  |  |  |  |  |  |  | 14467 | 14467 | 39000 | 39000 | 39000 | 39000 |
| HEI 2.98% senior notes, due 2030 |  |  |  |  |  |  |  | 18548 | 18548 | 50000 | 50000 | 50000 | 50000 |
| HEI 3.15% senior notes, due 2031 |  |  |  |  |  |  |  | 18919 | 18919 | 51000 | 51000 | 51000 | 51000 |
| HEI 2.78% senior notes, due 2031 |  |  |  |  |  |  |  | 9274 | 9274 | 25000 | 25000 | 25000 | 25000 |
| HEI 2.98% senior notes, due 2032 |  |  |  |  |  |  |  | 11129 | 11129 | 30000 | 30000 | 30000 | 30000 |
| HEI 5.43% senior notes, due 2032 |  |  |  |  |  |  |  | 27822 | 27822 | 75000 | 75000 | 75000 | 75000 |
| HEI 6.10% senior notes, due 2033 |  |  |  |  |  |  |  | 22629 | 22629 | 61000 | 61000 | 61000 | 61000 |
| HEI 5.43% senior notes, due 2034 |  |  |  |  |  |  |  | 12984 | 12984 | 35000 | 35000 | 35000 | 35000 |
| HEI 3.74% senior notes, due 2051 |  |  |  |  |  |  |  | 7419 | 7419 | 20000 | 20000 | 20000 | 20000 |
| HEI 3.94% senior notes, due 2052 |  |  |  |  |  |  |  | 7419 | 7419 | 20000 | 20000 | 20000 | 20000 |
| Hamakua Energy 4.02% non-recourse notes, due 2030<sup>2</sup> | Hamakua Energy 4.02% non-recourse notes, due 2030<sup>2</sup> |  |  |  |  |  |  |  |  | 39026 | 39026 | 44855 | 44855 |
| Mauo SOFR + 1.475% loan, paid in 2024 |  |  |  |  |  |  |  |  |  |  |  | 5384 | 5384 |
| Mauo 5.07% non-recourse term loan, due 2034 to 2035<sup>2</sup> | Mauo 5.07% non-recourse term loan, due 2034 to 2035<sup>2</sup> |  |  |  |  |  |  |  |  | 20795 | 20795 | 16962 | 16962 |
| Ka`ie`ie Waho Company 2.79% non-recourse loan, due 2031<sup>2</sup> | Ka`ie`ie Waho Company 2.79% non-recourse loan, due 2031<sup>2</sup> |  |  |  |  |  |  |  |  | 8517 | 8517 | 9727 | 9727 |
| Mahipapa 2.14% non-recourse loan, due 2034 to 2036<sup>3</sup> | Mahipapa 2.14% non-recourse loan, due 2034 to 2036<sup>3</sup> |  |  |  |  |  |  |  |  | 53263 | 53263 | 53743 | 53743 |
| Mahipapa 5.625% non-recourse unsecured loan, due 2027<sup>3</sup> | Mahipapa 5.625% non-recourse unsecured loan, due 2027<sup>3</sup> |  |  |  |  |  |  |  |  | 424 | 424 | 578 | 578 |
| HEI revolving credit facility SOFR + 2.50%, due 2030<sup>4</sup> | HEI revolving credit facility SOFR + 2.50%, due 2030<sup>4</sup> |  |  |  |  |  |  | 20000 | 20000 | 173000 | 173000 | 175000 | 175000 |
| Less unamortized debt issuance cost and debt discount | Less unamortized debt issuance cost and debt discount |  |  |  |  |  |  | (596) | (596) | (6681) | (6681) | (8097) | (8097) |
| Total long term debt, net | Total long term debt, net |  |  |  |  |  |  | 2409975 | 2409975 | 2799558 | 2799558 | 2842429 | 2842429 |
| Preferred stock of subsidiaries - not subject to mandatory redemption | Preferred stock of subsidiaries - not subject to mandatory redemption | Preferred stock of subsidiaries - not subject to mandatory redemption | Preferred stock of subsidiaries - not subject to mandatory redemption |  |  |  |  |  |  | 34293 | 34293 | 34293 | 34293 |
| **Shareholders' equity** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Common stock |  |  |  |  |  |  |  | 2268187 | 2268187 | 2264544 | 2264544 | 1707471 | 1707471 |
| Retained earnings (deficit) |  |  |  |  |  |  |  | (665606) | (665606) | (788916) | (788916) | 926720 | 926720 |
| Accumulated other comprehensive income (loss), net of taxes | Accumulated other comprehensive income (loss), net of taxes | Accumulated other comprehensive income (loss), net of taxes | Accumulated other comprehensive income (loss), net of taxes |  |  |  |  | 3338 | 3338 | 3461 | 3461 | (289350) | (289350) |
| Total shareholders' equity | Total shareholders' equity |  |  |  |  |  |  | 1605919 | 1605919 | 1479089 | 1479089 | 2344841 | 2344841 |
| Total short-term borrowings, long term debt, net, preferred stock and shareholders' equity | Total short-term borrowings, long term debt, net, preferred stock and shareholders' equity | Total short-term borrowings, long term debt, net, preferred stock and shareholders' equity | Total short-term borrowings, long term debt, net, preferred stock and shareholders' equity |  |  |  |  | $| 4015894 | $| 4361563 | $| 5221563 |
| **LONG-TERM DEBT MATURITIES as of December 31, 2025** | **LONG-TERM DEBT MATURITIES as of December 31, 2025** |  |  |  |  |  |  |  |  |  |  |  |  |
| Hawaiian Electric Industries, Inc. and Subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Unaudited |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (in thousands) | 2026 | 2027 | 2027 | 2028 | 2028 | 2029 | 2029 | 2030 | 2030 | Thereafter | Thereafter | Total | Total |
| **Long-term debt**<sup>1</sup> |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Electric utilities<sup>5</sup> | $125000 | $| 100000 | $| 67500 | $| 35000 | $| 150000 | $| 1717500 | $| 2195000 |
| &nbsp;&nbsp;HEI<sup>3</sup> |  |  |  | 71595 | 71595 |  |  | 38548 | 38548 | 117595 | 117595 | 227738 | 227738 |
| &nbsp;&nbsp;&nbsp;Less unamortized debt issuance cost |  |  |  |  |  |  |  |  |  |  |  | (12763) | (12763) |
|  | $125000 | $| 100000 | $| 139095 | $| 35000 | $| 188548 | $| 1835095 | $| 2409975 |
| Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. | Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. |
| <sup>1</sup> Excludes intercompany borrowings. | <sup>1</sup> Excludes intercompany borrowings. | <sup>1</sup> Excludes intercompany borrowings. | <sup>1</sup> Excludes intercompany borrowings. | <sup>1</sup> Excludes intercompany borrowings. | <sup>1</sup> Excludes intercompany borrowings. | <sup>1</sup> Excludes intercompany borrowings. | <sup>1</sup> Excludes intercompany borrowings. | <sup>1</sup> Excludes intercompany borrowings. | <sup>1</sup> Excludes intercompany borrowings. | <sup>1</sup> Excludes intercompany borrowings. | <sup>1</sup> Excludes intercompany borrowings. | <sup>1</sup> Excludes intercompany borrowings. | <sup>1</sup> Excludes intercompany borrowings. |
| <sup>2</sup> The debt of Hamakua Energy, Mauo and Ka'ie'ie Waho was transferred to the buyer as part of the sale of these entities in 2025. | <sup>2</sup> The debt of Hamakua Energy, Mauo and Ka'ie'ie Waho was transferred to the buyer as part of the sale of these entities in 2025. | <sup>2</sup> The debt of Hamakua Energy, Mauo and Ka'ie'ie Waho was transferred to the buyer as part of the sale of these entities in 2025. | <sup>2</sup> The debt of Hamakua Energy, Mauo and Ka'ie'ie Waho was transferred to the buyer as part of the sale of these entities in 2025. | <sup>2</sup> The debt of Hamakua Energy, Mauo and Ka'ie'ie Waho was transferred to the buyer as part of the sale of these entities in 2025. | <sup>2</sup> The debt of Hamakua Energy, Mauo and Ka'ie'ie Waho was transferred to the buyer as part of the sale of these entities in 2025. | <sup>2</sup> The debt of Hamakua Energy, Mauo and Ka'ie'ie Waho was transferred to the buyer as part of the sale of these entities in 2025. | <sup>2</sup> The debt of Hamakua Energy, Mauo and Ka'ie'ie Waho was transferred to the buyer as part of the sale of these entities in 2025. | <sup>2</sup> The debt of Hamakua Energy, Mauo and Ka'ie'ie Waho was transferred to the buyer as part of the sale of these entities in 2025. | <sup>2</sup> The debt of Hamakua Energy, Mauo and Ka'ie'ie Waho was transferred to the buyer as part of the sale of these entities in 2025. | <sup>2</sup> The debt of Hamakua Energy, Mauo and Ka'ie'ie Waho was transferred to the buyer as part of the sale of these entities in 2025. | <sup>2</sup> The debt of Hamakua Energy, Mauo and Ka'ie'ie Waho was transferred to the buyer as part of the sale of these entities in 2025. | <sup>2</sup> The debt of Hamakua Energy, Mauo and Ka'ie'ie Waho was transferred to the buyer as part of the sale of these entities in 2025. | <sup>2</sup> The debt of Hamakua Energy, Mauo and Ka'ie'ie Waho was transferred to the buyer as part of the sale of these entities in 2025. |
| <sup>3</sup> Amounts do not include $54 million related to Mahipapa debt which are included in liabilities held for sale as of December 31, 2025. | <sup>3</sup> Amounts do not include $54 million related to Mahipapa debt which are included in liabilities held for sale as of December 31, 2025. | <sup>3</sup> Amounts do not include $54 million related to Mahipapa debt which are included in liabilities held for sale as of December 31, 2025. | <sup>3</sup> Amounts do not include $54 million related to Mahipapa debt which are included in liabilities held for sale as of December 31, 2025. | <sup>3</sup> Amounts do not include $54 million related to Mahipapa debt which are included in liabilities held for sale as of December 31, 2025. | <sup>3</sup> Amounts do not include $54 million related to Mahipapa debt which are included in liabilities held for sale as of December 31, 2025. | <sup>3</sup> Amounts do not include $54 million related to Mahipapa debt which are included in liabilities held for sale as of December 31, 2025. | <sup>3</sup> Amounts do not include $54 million related to Mahipapa debt which are included in liabilities held for sale as of December 31, 2025. | <sup>3</sup> Amounts do not include $54 million related to Mahipapa debt which are included in liabilities held for sale as of December 31, 2025. | <sup>3</sup> Amounts do not include $54 million related to Mahipapa debt which are included in liabilities held for sale as of December 31, 2025. | <sup>3</sup> Amounts do not include $54 million related to Mahipapa debt which are included in liabilities held for sale as of December 31, 2025. | <sup>3</sup> Amounts do not include $54 million related to Mahipapa debt which are included in liabilities held for sale as of December 31, 2025. | <sup>3</sup> Amounts do not include $54 million related to Mahipapa debt which are included in liabilities held for sale as of December 31, 2025. | <sup>3</sup> Amounts do not include $54 million related to Mahipapa debt which are included in liabilities held for sale as of December 31, 2025. |
| <sup>4</sup> As of December 31, 2025 and 2024, the weighted-average interest rate was 6.32% and 6.89%, respectively. At December 31, 2024, the credit facility's interest rate was based on term SOFR plus the applicable margin of 1.75%, reduced by a 0.05% sustainability margin adjustment, plus an additional 0.10% spread adjustment.  | <sup>4</sup> As of December 31, 2025 and 2024, the weighted-average interest rate was 6.32% and 6.89%, respectively. At December 31, 2024, the credit facility's interest rate was based on term SOFR plus the applicable margin of 1.75%, reduced by a 0.05% sustainability margin adjustment, plus an additional 0.10% spread adjustment.  | <sup>4</sup> As of December 31, 2025 and 2024, the weighted-average interest rate was 6.32% and 6.89%, respectively. At December 31, 2024, the credit facility's interest rate was based on term SOFR plus the applicable margin of 1.75%, reduced by a 0.05% sustainability margin adjustment, plus an additional 0.10% spread adjustment.  | <sup>4</sup> As of December 31, 2025 and 2024, the weighted-average interest rate was 6.32% and 6.89%, respectively. At December 31, 2024, the credit facility's interest rate was based on term SOFR plus the applicable margin of 1.75%, reduced by a 0.05% sustainability margin adjustment, plus an additional 0.10% spread adjustment.  | <sup>4</sup> As of December 31, 2025 and 2024, the weighted-average interest rate was 6.32% and 6.89%, respectively. At December 31, 2024, the credit facility's interest rate was based on term SOFR plus the applicable margin of 1.75%, reduced by a 0.05% sustainability margin adjustment, plus an additional 0.10% spread adjustment.  | <sup>4</sup> As of December 31, 2025 and 2024, the weighted-average interest rate was 6.32% and 6.89%, respectively. At December 31, 2024, the credit facility's interest rate was based on term SOFR plus the applicable margin of 1.75%, reduced by a 0.05% sustainability margin adjustment, plus an additional 0.10% spread adjustment.  | <sup>4</sup> As of December 31, 2025 and 2024, the weighted-average interest rate was 6.32% and 6.89%, respectively. At December 31, 2024, the credit facility's interest rate was based on term SOFR plus the applicable margin of 1.75%, reduced by a 0.05% sustainability margin adjustment, plus an additional 0.10% spread adjustment.  | <sup>4</sup> As of December 31, 2025 and 2024, the weighted-average interest rate was 6.32% and 6.89%, respectively. At December 31, 2024, the credit facility's interest rate was based on term SOFR plus the applicable margin of 1.75%, reduced by a 0.05% sustainability margin adjustment, plus an additional 0.10% spread adjustment.  | <sup>4</sup> As of December 31, 2025 and 2024, the weighted-average interest rate was 6.32% and 6.89%, respectively. At December 31, 2024, the credit facility's interest rate was based on term SOFR plus the applicable margin of 1.75%, reduced by a 0.05% sustainability margin adjustment, plus an additional 0.10% spread adjustment.  | <sup>4</sup> As of December 31, 2025 and 2024, the weighted-average interest rate was 6.32% and 6.89%, respectively. At December 31, 2024, the credit facility's interest rate was based on term SOFR plus the applicable margin of 1.75%, reduced by a 0.05% sustainability margin adjustment, plus an additional 0.10% spread adjustment.  | <sup>4</sup> As of December 31, 2025 and 2024, the weighted-average interest rate was 6.32% and 6.89%, respectively. At December 31, 2024, the credit facility's interest rate was based on term SOFR plus the applicable margin of 1.75%, reduced by a 0.05% sustainability margin adjustment, plus an additional 0.10% spread adjustment.  | <sup>4</sup> As of December 31, 2025 and 2024, the weighted-average interest rate was 6.32% and 6.89%, respectively. At December 31, 2024, the credit facility's interest rate was based on term SOFR plus the applicable margin of 1.75%, reduced by a 0.05% sustainability margin adjustment, plus an additional 0.10% spread adjustment.  | <sup>4</sup> As of December 31, 2025 and 2024, the weighted-average interest rate was 6.32% and 6.89%, respectively. At December 31, 2024, the credit facility's interest rate was based on term SOFR plus the applicable margin of 1.75%, reduced by a 0.05% sustainability margin adjustment, plus an additional 0.10% spread adjustment.  | <sup>4</sup> As of December 31, 2025 and 2024, the weighted-average interest rate was 6.32% and 6.89%, respectively. At December 31, 2024, the credit facility's interest rate was based on term SOFR plus the applicable margin of 1.75%, reduced by a 0.05% sustainability margin adjustment, plus an additional 0.10% spread adjustment.  |
| <sup>5</sup> See pages 15 to 17 for additional information. | <sup>5</sup> See pages 15 to 17 for additional information. | <sup>5</sup> See pages 15 to 17 for additional information. | <sup>5</sup> See pages 15 to 17 for additional information. | <sup>5</sup> See pages 15 to 17 for additional information. | <sup>5</sup> See pages 15 to 17 for additional information. | <sup>5</sup> See pages 15 to 17 for additional information. | <sup>5</sup> See pages 15 to 17 for additional information. | <sup>5</sup> See pages 15 to 17 for additional information. | <sup>5</sup> See pages 15 to 17 for additional information. | <sup>5</sup> See pages 15 to 17 for additional information. | <sup>5</sup> See pages 15 to 17 for additional information. | <sup>5</sup> See pages 15 to 17 for additional information. | <sup>5</sup> See pages 15 to 17 for additional information. |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **SELECTED FINANCIAL INFORMATION** | **SELECTED FINANCIAL INFORMATION** | | | | | | |
| Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |  |  |  |
| Unaudited | Unaudited |  |  |  |  |  |  |
| Years ended December 31 | Years ended December 31 | 2025 | 2024 |  | 2023 | 2022 | 2021 |
| (in thousands) | (in thousands) |  |  |  |  |  |  |
| **CAPITAL STRUCTURE**<sup>1</sup> | **CAPITAL STRUCTURE**<sup>1</sup> |  |  |  |  |  |  |
| Short-term borrowings, net | Short-term borrowings, net | $— | $48623 |  | $— | $87967 | $— |
| Long-term debt, net, including current portion | Long-term debt, net, including current portion | 2182833 | 1901214 |  | 1934277 | 1684816 | 1676402 |
| Preferred stock<sup>2</sup> | Preferred stock<sup>2</sup> |  | 34293 |  | 34293 | 34293 | 34293 |
| Common stock equity | Common stock equity | 1583399 | 1156955 |  | 2409110 | 2344170 | 2261899 |
|  |  | $3766232 | $3141085 |  | $4377680 | $4151246 | $3972594 |
| **CAPITAL STRUCTURE RATIOS (%)** <sup>1</sup> | **CAPITAL STRUCTURE RATIOS (%)** <sup>1</sup> |  |  |  |  |  |  |
| Short-term borrowings, net | Short-term borrowings, net |  | 1.6 |  |  | 2.1 |  |
| Long-term debt, net, including current portion | Long-term debt, net, including current portion | 58.0 | 60.5 |  | 44.2 | 40.6 | 42.2 |
| Preferred stock | Preferred stock |  | 1.1 |  | 0.8 | 0.8 | 0.9 |
| Common stock equity | Common stock equity | 42.0 | 36.8 |  | 55.0 | 56.5 | 56.9 |
|  |  | 100.0 | 100.0 |  | 100.0 | 100.0 | 100.0 |
| **KEY FINANCIAL RATIOS (%)** | **KEY FINANCIAL RATIOS (%)** |  |  |  |  |  |  |
| Authorized return on rate base <sup>3</sup> | Authorized return on rate base <sup>3</sup> |  |  |  |  |  |  |
|  | Hawaiian Electric | 7.37 | 7.37 |  | 7.37 | 7.37 | 7.37 |
|  | Hawaii Electric Light | 7.52 | 7.52 |  | 7.52 | 7.52 | 7.52 |
|  | Maui Electric | 7.43 | 7.43 |  | 7.43 | 7.43 | 7.43 |
| Earned rate-making return on simple average rate base <sup>4</sup> | Earned rate-making return on simple average rate base <sup>4</sup> |  |  |  |  |  |  |
|  | Hawaiian Electric | 7.61 | 7.18 |  | 7.34 | 7.32 | 7.28 |
|  | Hawaii Electric Light | 6.65 | 6.23 |  | 6.77 | 5.76 | 5.96 |
|  | Maui Electric | 4.49 | 4.25 |  | 4.57 | 6.53 | 6.61 |
| Authorized return on simple average common equity <sup>3</sup> | Authorized return on simple average common equity <sup>3</sup> |  |  |  |  |  |  |
|  | Hawaiian Electric | 9.50 | 9.50 |  | 9.50 | 9.50 | 9.50 |
|  | Hawaii Electric Light | 9.50 | 9.50 |  | 9.50 | 9.50 | 9.50 |
|  | Maui Electric | 9.50 | 9.50 |  | 9.50 | 9.50 | 9.50 |
| Earned rate-making return on simple average common equity <sup>5</sup> | Earned rate-making return on simple average common equity <sup>5</sup> |  |  |  |  |  |  |
|  | Hawaiian Electric | 9.92 | 9.09 |  | 9.28 | 9.67 | 9.38 |
|  | Hawaii Electric Light | 8.19 | 7.48 |  | 8.27 | 6.87 | 7.02 |
|  | Maui Electric | 4.54 | 3.54 |  | 4.46 | 8.23 | 8.22 |
| Book return on simple average common equity <sup>6</sup> | Book return on simple average common equity <sup>6</sup> |  |  |  |  |  |  |
|  | Hawaiian Electric | 19.27 | NM | <sup>7</sup> | 8.96 | 8.76 | 8.53 |
|  | Hawaii Electric Light | 9.51 | NM | <sup>7</sup> | 8.09 | 6.44 | 6.51 |
|  | Maui Electric | 3.48 | NM | <sup>7</sup> | 4.53 | 7.33 | 7.41 |
| <sup>1</sup> | At December 31. |  |  |  |  |  |  |
| <sup>2</sup> | On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock. | On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock. | On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock. | On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock. | On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock. | On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock. | On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock. |
| <sup>3</sup> | Reflects latest interim or final decision and order as of the end of the respective years. | Reflects latest interim or final decision and order as of the end of the respective years. | Reflects latest interim or final decision and order as of the end of the respective years. | Reflects latest interim or final decision and order as of the end of the respective years. | Reflects latest interim or final decision and order as of the end of the respective years. | Reflects latest interim or final decision and order as of the end of the respective years. | Reflects latest interim or final decision and order as of the end of the respective years. |
| <sup>4</sup> | Based on recorded income and average rate base, both adjusted for items not included in determining electric rates. | Based on recorded income and average rate base, both adjusted for items not included in determining electric rates. | Based on recorded income and average rate base, both adjusted for items not included in determining electric rates. | Based on recorded income and average rate base, both adjusted for items not included in determining electric rates. | Based on recorded income and average rate base, both adjusted for items not included in determining electric rates. | Based on recorded income and average rate base, both adjusted for items not included in determining electric rates. | Based on recorded income and average rate base, both adjusted for items not included in determining electric rates. |
| <sup>5</sup> | This calculation is based on recorded income and the average common equity capitalization of the average rate base, both adjusted for items not included in determining electric rates. | This calculation is based on recorded income and the average common equity capitalization of the average rate base, both adjusted for items not included in determining electric rates. | This calculation is based on recorded income and the average common equity capitalization of the average rate base, both adjusted for items not included in determining electric rates. | This calculation is based on recorded income and the average common equity capitalization of the average rate base, both adjusted for items not included in determining electric rates. | This calculation is based on recorded income and the average common equity capitalization of the average rate base, both adjusted for items not included in determining electric rates. | This calculation is based on recorded income and the average common equity capitalization of the average rate base, both adjusted for items not included in determining electric rates. | This calculation is based on recorded income and the average common equity capitalization of the average rate base, both adjusted for items not included in determining electric rates. |
| <sup>6</sup> | Based on recorded net income divided by average common equity, simple average method. | Based on recorded net income divided by average common equity, simple average method. | Based on recorded net income divided by average common equity, simple average method. | Based on recorded net income divided by average common equity, simple average method. | Based on recorded net income divided by average common equity, simple average method. | Based on recorded net income divided by average common equity, simple average method. | Based on recorded net income divided by average common equity, simple average method. |
| <sup>7</sup> | NM - Not meaningful<br>The Utility's actual and allowed rates of return are not meaningful due to the accrual of estimated wildfire liabilities of approximately $1.92 billion. | NM - Not meaningful<br>The Utility's actual and allowed rates of return are not meaningful due to the accrual of estimated wildfire liabilities of approximately $1.92 billion. | NM - Not meaningful<br>The Utility's actual and allowed rates of return are not meaningful due to the accrual of estimated wildfire liabilities of approximately $1.92 billion. | NM - Not meaningful<br>The Utility's actual and allowed rates of return are not meaningful due to the accrual of estimated wildfire liabilities of approximately $1.92 billion. | NM - Not meaningful<br>The Utility's actual and allowed rates of return are not meaningful due to the accrual of estimated wildfire liabilities of approximately $1.92 billion. | NM - Not meaningful<br>The Utility's actual and allowed rates of return are not meaningful due to the accrual of estimated wildfire liabilities of approximately $1.92 billion. | NM - Not meaningful<br>The Utility's actual and allowed rates of return are not meaningful due to the accrual of estimated wildfire liabilities of approximately $1.92 billion. |
|  |  |  |  |  | (Continued on next page) | (Continued on next page) | (Continued on next page) |

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **SELECTED FINANCIAL INFORMATION (continued)** | **SELECTED FINANCIAL INFORMATION (continued)** | | | | | | |
| Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |  |  |  |
| Unaudited | Unaudited |  |  |  |  |  |  |
| Years ended December 31 | Years ended December 31 | 2025 |  | 2024 | 2023 | 2022 | 2021 |
| (in thousands) | (in thousands) |  |  |  |  |  |  |
| **RATE BASE (in millions, simple average)** | **RATE BASE (in millions, simple average)** |  |  |  |  |  |  |
| Hawaiian Electric | Hawaiian Electric | $2650 | <sup>1</sup> | $2683 | $2689 | $2613 | $2510 |
| Hawaii Electric Light | Hawaii Electric Light | 594 | <sup>1</sup> | 581 | 579 | 573 | 560 |
| Maui Electric | Maui Electric | 678 | <sup>1</sup> | 647 | 603 | 559 | 531 |
|  |  | $3922 |  | $3911 | $3871 | $3745 | $3601 |
| **DEPRECIATION AND AFUDC (%)** | **DEPRECIATION AND AFUDC (%)** |  |  |  |  |  |  |
| Composite annual depreciation rate | Composite annual depreciation rate | 3.1 |  | 3.2 | 3.2 | 3.2 | 3.2 |
| Accumulated depreciation as percent of gross plant <sup>2</sup> | Accumulated depreciation as percent of gross plant <sup>2</sup> | 36.2 |  | 35.8 | 35.7 | 36.9 | 36.8 |
| Weighted-average AFUDC rate | Weighted-average AFUDC rate | 7.3 |  | 7.3 | 7.2 | 7.1 | 7.1 |
| <sup>1</sup> | The 12/31/25 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,630, $606 and $698, respectively. | The 12/31/25 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,630, $606 and $698, respectively. | The 12/31/25 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,630, $606 and $698, respectively. | The 12/31/25 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,630, $606 and $698, respectively. | The 12/31/25 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,630, $606 and $698, respectively. | The 12/31/25 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,630, $606 and $698, respectively. | The 12/31/25 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,630, $606 and $698, respectively. |
| <sup>2</sup> | At December 31. | At December 31. | At December 31. | At December 31. | At December 31. | At December 31. | At December 31. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS INFORMATION** | **CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS INFORMATION** | **CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS INFORMATION** | **CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS INFORMATION** | **CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS INFORMATION** | | |
| Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |  |  |
| Unaudited | Unaudited |  |  |  |  |  |
| Years ended December 31 | Years ended December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| (in thousands) | (in thousands) |  |  |  |  |  |
| **Revenues**<sup>1</sup> | **Revenues**<sup>1</sup> | $3071182 | $3206700 | $3269521 | $3408587 | $2539636 |
| **Expenses** | **Expenses** |  |  |  |  |  |
| Fuel oil | Fuel oil | 947445 | 1078045 | 1211420 | 1265614 | 644349 |
| Purchased power | Purchased power | 677654 | 703371 | 671769 | 793584 | 670494 |
| Other operation and maintenance | Other operation and maintenance | 620442 | 609672 | 533557 | 497601 | 475412 |
| Wildfire tort-related claims | Wildfire tort-related claims |  | 1875000 |  |  |  |
| Depreciation | Depreciation | 256039 | 251142 | 243705 | 235424 | 229469 |
| Taxes, other than income taxes | Taxes, other than income taxes | 289816 | 301328 | 306912 | 317173 | 240354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2791396 | 4818558 | 2967363 | 3109396 | 2260078 |
| Operating income (loss) | Operating income (loss) | 279786 | (1611858) | 302158 | 299191 | 279558 |
| Allowance for equity funds used during construction | Allowance for equity funds used during construction | 15013 | 13786 | 15164 | 10574 | 9534 |
| Retirement defined benefits credit - other than service costs | Retirement defined benefits credit - other than service costs | 4135 | 4137 | 4303 | 3835 | 3890 |
| Interest expense and other charges, net | Interest expense and other charges, net | (93702) | (82082) | (86140) | (76416) | (72447) |
| Allowance for borrowed funds used during construction | Allowance for borrowed funds used during construction | 5893 | 5470 | 5201 | 3416 | 3250 |
| Interest Income<sup>1</sup> | Interest Income<sup>1</sup> | 9463 | 6633 | 6454 |  |  |
| Income (loss) before income taxes | Income (loss) before income taxes | 220588 | (1663914) | 247140 | 240600 | 223785 |
| Income taxes (benefit) | Income taxes (benefit) | 49033 | (439547) | 51193 | 49676 | 44148 |
| **Net income (loss)** | **Net income (loss)** | 171555 | (1224367) | 195947 | 190924 | 179637 |
| Dividends on and loss on redemption of preferred stock of subsidiaries | Dividends on and loss on redemption of preferred stock of subsidiaries | 915 | 915 | 915 | 915 | 915 |
| **Net income (loss) attributable to Hawaiian Electric** | **Net income (loss) attributable to Hawaiian Electric** | 170640 | (1225282) | 195032 | 190009 | 178722 |
| Dividends on and loss on redemption of preferred stock of Hawaiian Electric | Dividends on and loss on redemption of preferred stock of Hawaiian Electric | 2425 | 1080 | 1080 | 1080 | 1080 |
| **Net income (loss) for common stock**<sup>2</sup> | **Net income (loss) for common stock**<sup>2</sup> | 168215 | (1226362) | 193952 | 188929 | 177642 |
| **Retained earnings, January 1** | **Retained earnings, January 1** | 223896 | 1476258 | 1411306 | 1348277 | 1282335 |
| Common stock dividends | Common stock dividends | (30000) | (26000) | (129000) | (125900) | (111700) |
| Stock expense adjustment and other | Stock expense adjustment and other | 190 |  |  |  |  |
| **Retained earnings, December 31** | **Retained earnings, December 31** | $362301 | $223896 | $1476258 | $1411306 | $1348277 |
| Note: | See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. |
| <sup>1</sup> | In 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income. | In 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income. | In 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income. | In 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income. | In 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income. | In 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income. |
| <sup>2</sup> | Includes wildfire expenses net of insurance recoveries and approved deferral treatment of $9.3 million, $1.4 billion and $1.1 million in 2025, 2024 and 2023, respectively. | Includes wildfire expenses net of insurance recoveries and approved deferral treatment of $9.3 million, $1.4 billion and $1.1 million in 2025, 2024 and 2023, respectively. | Includes wildfire expenses net of insurance recoveries and approved deferral treatment of $9.3 million, $1.4 billion and $1.1 million in 2025, 2024 and 2023, respectively. | Includes wildfire expenses net of insurance recoveries and approved deferral treatment of $9.3 million, $1.4 billion and $1.1 million in 2025, 2024 and 2023, respectively. | Includes wildfire expenses net of insurance recoveries and approved deferral treatment of $9.3 million, $1.4 billion and $1.1 million in 2025, 2024 and 2023, respectively. | Includes wildfire expenses net of insurance recoveries and approved deferral treatment of $9.3 million, $1.4 billion and $1.1 million in 2025, 2024 and 2023, respectively. |

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|:---|:---|:---|:---|:---|:---|
| **CONSOLIDATED BALANCE SHEETS INFORMATION** | | | | | |
| Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |  |  |
| Unaudited |  |  |  |  |  |
| December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| (in thousands) |  |  |  |  |  |
| **ASSETS** |  |  |  |  |  |
| **Property, plant and equipment** |  |  |  |  |  |
| Utility property, plant and equipment | $9693356 | $9286330 | $8947305 | $8355294 | $7992489 |
| Less accumulated depreciation | (3508592) | (3326624) | (3197514) | (3086499) | (2940517) |
| Utility property, plant and equipment, net | 6184764 | 5959706 | 5749791 | 5268795 | 5051972 |
| Nonutility property, plant and equipment, less accumulated depreciation | 2705 | 2792 | 6942 | 6945 | 6949 |
| **Total property, plant and equipment, net** | 6187469 | 5962498 | 5756733 | 5275740 | 5058921 |
| **Current assets** |  |  |  |  |  |
| Cash and cash equivalents | 486220 | 184148 | 106077 | 39242 | 52169 |
| Restricted cash |  |  | 2000 |  | 3089 |
| Customer accounts receivable, net | 172894 | 199898 | 244309 | 288338 | 186859 |
| Accrued unbilled revenues, net | 192033 | 178721 | 185644 | 183280 | 129155 |
| Other accounts receivable, net | 76346 | 69637 | 111519 | 13567 | 7267 |
| Fuel oil stock, at average cost | 113582 | 98903 | 148237 | 191530 | 104078 |
| Materials and supplies, at average cost | 132803 | 118466 | 114433 | 79568 | 71877 |
| Prepayments and other | 57980 | 151220 | 58491 | 33482 | 46031 |
| Regulatory assets | 50039 | 53895 | 68453 | 52273 | 66664 |
| **Total current assets** | 1281897 | 1054888 | 1039163 | 881280 | 667189 |
| **Other long-term assets** |  |  |  |  |  |
| Operating lease right-of-use assets | 55863 | 59281 | 71877 | 89318 | 101470 |
| Regulatory assets | 258076 | 227424 | 226351 | 190240 | 498879 |
| Defined benefit pension and other postretirement benefit plans asset | 219477 | 108819 | 67568 | 36960 | 26055 |
| Investment in unconsolidated affiliate | 287250 |  |  |  |  |
| Other | 240488 | 200694 | 121862 | 123929 | 139111 |
| **Total other long-term assets** | 1061154 | 596218 | 487658 | 440447 | 765515 |
| **Total assets** | $8530520 | $7613604 | $7283554 | $6597467 | $6491625 |
| **CAPITALIZATION AND LIABILITIES** |  |  |  |  |  |
| **Capitalization** |  |  |  |  |  |
| Common stock equity | $1583399 | $1156955 | $2409110 | $2344170 | $2261899 |
| Cumulative preferred stock - not subject to mandatory redemption |  | 34293 | 34293 | 34293 | 34293 |
| Long-term debt, net | 2057874 | 1854214 | 1934277 | 1584854 | 1624427 |
| **Total capitalization** | 3641273 | 3045462 | 4377680 | 3963317 | 3920619 |
| **Current liabilities** |  |  |  |  |  |
| Current portion of operating lease liabilities | 17565 | 15202 | 16617 | 19095 | 49368 |
| Current portion of long-term debt, net | 124959 | 47000 |  | 99962 | 51975 |
| Short-term borrowings from non-affiliate |  | 48623 |  | 87967 |  |
| Accounts payable | 217203 | 196980 | 191040 | 202492 | 160007 |
| Interest and preferred dividends payable | 28024 | 21536 | 22882 | 17176 | 17325 |
| Taxes accrued, including revenue taxes | 263179 | 272001 | 291942 | 289902 | 208280 |
| Regulatory liabilities | 51997 | 26568 | 36559 | 31475 | 29760 |
| Wildfire tort-related claims | 482250 | 478750 | 75000 |  |  |
| Other | 119278 | 121011 | 96436 | 85596 | 71569 |
| **Total current liabilities** | 1304455 | 1227671 | 730476 | 833665 | 588284 |
| **Deferred credits and other liabilities** |  |  |  |  |  |
| Operating lease liabilities | 42753 | 49135 | 62098 | 78715 | 65780 |
| Finance lease liabilities | 505590 | 425625 | 330978 | 46048 |  |
| Deferred income taxes |  |  | 399001 | 384430 | 408634 |
| Regulatory liabilities | 1392147 | 1217515 | 1114131 | 1024175 | 967008 |
| Unamortized tax credits | 67918 | 76676 | 84312 | 95300 | 103945 |
| Defined benefit pension and other postretirement benefit plans liability | 6909 | 6428 | 60671 | 49748 | 321780 |
| Wildfire tort-related claims | 1436250 | 1436250 |  |  |  |
| Other | 133225 | 128842 | 124207 | 122069 | 115575 |
| **Total deferred credits and other liabilities** | 3584792 | 3340471 | 2175398 | 1800485 | 1982722 |
| **Total capitalization and liabilities** | $8530520 | $7613604 | $7283554 | $6597467 | $6491625 |
| Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. |

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| | | | |
|:---|:---|:---|:---|
| **CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION** | | | |
| Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |
| Unaudited |  |  |  |
| Years ended December 31 | 2025 | 2024 | 2023 |
| (in thousands) |  |  |  |
| **Cash flows from operating activities** |  |  |  |
| Net income (loss) | $171555 | $(1224367) | $195947 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities |  |  |  |
| Depreciation of property, plant and equipment | 256039 | 251142 | 243705 |
| Other amortization | 38166 | 31828 | 26490 |
| Deferred income tax expense (benefit) | (6242) | (481624) | 1439 |
| State refundable credit | (12386) | (11914) | (11325) |
| Bad debt expense | 3541 | 4720 | 8161 |
| Allowance for equity funds used during construction | (15013) | (13786) | (15164) |
| Other | 2652 | (6311) | 460 |
| Changes in assets and liabilities |  |  |  |
| Decrease (increase) in accounts receivable | 9481 | 88376 | (65004) |
| Decrease (increase) in accrued unbilled revenues  | (13254) | 7561 | (3048) |
| Decrease (increase) in fuel oil stock | (14679) | 49334 | 43293 |
| Increase in materials and supplies | (14337) | (4033) | (34865) |
| Increase in regulatory assets | (30462) | (22743) | (10613) |
| Increase in regulatory liabilities | 96043 | 48433 | 54470 |
| Increase in accounts payable | 8719 | 9644 | 20454 |
| Change in prepaid and accrued income taxes, tax credits and revenue taxes | (5894) | (26542) | 1878 |
| Change in defined benefit pension and other postretirement benefit plans asset/liability | (8777) | (9218) | (8186) |
| Increase in wildfire tort-related claims<sup>1</sup> |  | 1840000 | 75000 |
| Change in other assets and liabilities | (28066) | (64767) | (48725) |
| **Net cash provided by operating activities** | 437086 | 465733 | 474367 |
| **Cash flows from investing activities** |  |  |  |
| Capital expenditures | (339573) | (329479) | (438775) |
| Other | 6142 | 11848 | 6176 |
| **Net cash used in investing activities** | (333431) | (317631) | (432599) |
| **Cash flows from financing activities** |  |  |  |
| Common stock dividends | (30000) | (26000) | (129000) |
| Preferred stock dividends of Hawaiian Electric and subsidiaries | (1995) | (1995) | (1995) |
| Proceeds from issuance of common stock/capital contribution from parent | 540 | 270 |  |
| Proceeds from issuance of long-term debt | 500000 |  | 350000 |
| Repayment of long-term debt and funds transferred for repayment of long-term debt | (166000) | (81000) | (100000) |
| Net decrease in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less |  |  | (87967) |
| Proceeds from issuance of short-term debt |  | 50000 |  |
| Repayment of short-term debt | (50000) |  |  |
| Payments of obligations under finance leases | (9905) | (4119) | (3128) |
| Redemption of preferred stock | (35468) |  |  |
| Other | (8755) | (9187) | (843) |
| **Net cash provided by (used in) financing activities** | 198417 | (72031) | 27067 |
| Net increase in cash, cash equivalents and restricted cash | 302072 | 76071 | 68835 |
| Cash, cash equivalents and restricted cash, January 1 | 184148 | 108077 | 39242 |
| Cash, cash equivalents and restricted cash, December 31 | 486220 | 184148 | 108077 |
| Less: Restricted cash |  |  | (2000) |
| **Cash and cash equivalents, December 31** | $486220 | $184148 | $106077 |
| Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc.and subsidiaries' Form 10-K for each year. Reclassification of 2023 amounts were made to conform to the 2024 presentation. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc.and subsidiaries' Form 10-K for each year. Reclassification of 2023 amounts were made to conform to the 2024 presentation. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc.and subsidiaries' Form 10-K for each year. Reclassification of 2023 amounts were made to conform to the 2024 presentation. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc.and subsidiaries' Form 10-K for each year. Reclassification of 2023 amounts were made to conform to the 2024 presentation. |
| Reclassified 2023 amount from "change in other assets and liabilities" to "increase in wildfire tort-related claims" to conform to 2024 presentation. | Reclassified 2023 amount from "change in other assets and liabilities" to "increase in wildfire tort-related claims" to conform to 2024 presentation. | Reclassified 2023 amount from "change in other assets and liabilities" to "increase in wildfire tort-related claims" to conform to 2024 presentation. | Reclassified 2023 amount from "change in other assets and liabilities" to "increase in wildfire tort-related claims" to conform to 2024 presentation. |

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION** | **CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION** | **CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION** | **CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION** | **CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION** | | | | | |
| Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |  |  |
| Unaudited | Unaudited | Unaudited |  |  |  |  |  |  |  |
| December 31 | December 31 | December 31 |  |  | 2025 | 2024 | 2023 | 2022 | 2021 |
| (dollars in thousands, except par values) | (dollars in thousands, except par values) | (dollars in thousands, except par values) | (dollars in thousands, except par values) | (dollars in thousands, except par values) |  |  |  |  |  |
|  |  |  |  | Shares outstanding<sup>1</sup> |  |  |  |  |  |
| Series | Series | Par value | Company | 12/31/2025 |  |  |  |  |  |
| C | 4.25% | $20 | Hawaiian Electric |  | $— | $3000 | $3000 | $3000 | $3000 |
| D | 5.00% | 20 | Hawaiian Electric |  |  | 1000 | 1000 | 1000 | 1000 |
| E | 5.00% | 20 | Hawaiian Electric |  |  | 3000 | 3000 | 3000 | 3000 |
| H | 5.25% | 20 | Hawaiian Electric |  |  | 5000 | 5000 | 5000 | 5000 |
| I | 5.00% | 20 | Hawaiian Electric |  |  | 1793 | 1793 | 1793 | 1793 |
| J | 4.75% | 20 | Hawaiian Electric |  |  | 5000 | 5000 | 5000 | 5000 |
| K | 4.65% | 20 | Hawaiian Electric |  |  | 3500 | 3500 | 3500 | 3500 |
| G | 7.625% | 100 | Hawaii Electric Light |  |  | 7000 | 7000 | 7000 | 7000 |
| H | 7.625% | 100 | Maui Electric |  |  | 5000 | 5000 | 5000 | 5000 |
|  |  |  |  |  | $— | $34293 | $34293 | $34293 | $34293 |
| Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. |
| <sup>1</sup> | On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock. | On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock. | On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock. | On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock. | On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock. | On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock. | On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock. | On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock. | On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LONG-TERM DEBT** | | | | | |
| Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |  |  |
| Unaudited |  |  |  |  |  |
| December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| (in thousands) |  |  |  |  |  |
| **OBLIGATIONS TO THE STATE OF HAWAII FOR THE** |  |  |  |  |  |
| **REPAYMENT OF SPECIAL PURPOSE REVENUE BONDS** |  |  |  |  |  |
| **Hawaiian Electric** |  |  |  |  |  |
| Refunding series 2015, 3.25%, paid in 2025 | $— | $40000 | $40000 | $40000 | $40000 |
| Refunding series 2017A, 3.10%, due 2026 | 62000 | 62000 | 62000 | 62000 | 62000 |
| Refunding series 2017B, 4.00%, due 2037 | 100000 | 100000 | 100000 | 100000 | 100000 |
| Refunding series 2019, 3.20%, due 2039 | 90000 | 90000 | 90000 | 90000 | 90000 |
| Series 2019, 3.50%, due 2049 | 70000 | 70000 | 70000 | 70000 | 70000 |
|  | 322000 | 362000 | 362000 | 362000 | 362000 |
| **Hawaii Electric Light** |  |  |  |  |  |
| Refunding series 2015, 3.25%, paid in 2025 |  | 5000 | 5000 | 5000 | 5000 |
| Refunding series 2017A, 3.10%, due 2026 | 8000 | 8000 | 8000 | 8000 | 8000 |
| Refunding series 2017B, 4.00%, due 2037 | 20000 | 20000 | 20000 | 20000 | 20000 |
| Refunding series 2019, 3.20%, due 2039 | 60000 | 60000 | 60000 | 60000 | 60000 |
| Series 2019, 3.50%, due 2049 | 2500 | 2500 | 2500 | 2500 | 2500 |
|  | 90500 | 95500 | 95500 | 95500 | 95500 |
| **Maui Electric** |  |  |  |  |  |
| Refunding series 2015, 3.25%, paid in 2025 |  | 2000 | 2000 | 2000 | 2000 |
| Refunding series 2017A, 3.10%, due 2026 | 55000 | 55000 | 55000 | 55000 | 55000 |
| Refunding series 2017B, 4.00%, due 2037 | 20000 | 20000 | 20000 | 20000 | 20000 |
| Series 2019, 3.50%, due 2049 | 7500 | 7500 | 7500 | 7500 | 7500 |
|  | 82500 | 84500 | 84500 | 84500 | 84500 |
| Total obligations to the State of Hawaii | $495000 | $542000 | $542000 | $542000 | $542000 |
|  |  | (Continued on next page) | (Continued on next page) | (Continued on next page) | (Continued on next page) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LONG-TERM DEBT (Continued)** | | | | | |
| Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |  |  |
| Unaudited |  |  |  |  |  |
| December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| (in thousands) |  |  |  |  |  |
| **OTHER LONG-TERM DEBT (UNSECURED)** |  |  |  |  |  |
| Taxable unsecured senior notes: |  |  |  |  |  |
| **Hawaiian Electric** |  |  |  |  |  |
| Series 2013A, 4.45%, paid in 2022 | $— | $— | $— | $— | $40000 |
| Series 2012C, 4.55%, paid in 2023 |  |  |  | 50000 | 50000 |
| Series 2012D, 4.72%, due 2029 | 35000 | 35000 | 35000 | 35000 | 35000 |
| Series 2012E, 5.39%, due 2042 | 150000 | 150000 | 150000 | 150000 | 150000 |
| Series 2012F, 4.53%, due 2032 | 40000 | 40000 | 40000 | 40000 | 40000 |
| Series 2013B, 4.84%, due 2027 | 50000 | 50000 | 50000 | 50000 | 50000 |
| Series 2013C, 5.65%, due 2043 | 50000 | 50000 | 50000 | 50000 | 50000 |
| Series 2015A, 5.23%, due 2045 | 50000 | 50000 | 50000 | 50000 | 50000 |
| Series 2016A, 4.54%, due 2046 | 40000 | 40000 | 40000 | 40000 | 40000 |
| Series 2017A, 4.31%, due 2047 | 40000 | 40000 | 40000 | 40000 | 40000 |
| Series 2018A, 4.38%, due 2028 | 52000 | 52000 | 52000 | 52000 | 52000 |
| Series 2018B, 4.53%, due 2033 | 12500 | 12500 | 12500 | 12500 | 12500 |
| Series 2018C, 4.72%, due 2048 | 10500 | 10500 | 10500 | 10500 | 10500 |
| Series 2019A, 4.21%, due 2034 | 30000 | 30000 | 30000 | 30000 | 30000 |
| Series 2020A, 3.31%, due 2030 | 50000 | 50000 | 50000 | 50000 | 50000 |
| Series 2020B, 3.31%, due 2030 | 40000 | 40000 | 40000 | 40000 | 40000 |
| Series 2020C, 3.96%, due 2050 | 20000 | 20000 | 20000 | 20000 | 20000 |
| Series 2020D, 3.28%, due 2040 | 30000 | 30000 | 30000 | 30000 | 30000 |
| Series 2020E, 3.51%, due 2050 | 30000 | 30000 | 30000 | 30000 | 30000 |
| Series 2022A, 3.70%, due 2032 | 40000 | 40000 | 40000 | 40000 |  |
| Series 2023A, 6.11%, due 2030 | 40000 | 40000 | 40000 |  |  |
| Series 2023B, 6.25%, due 2033 | 40000 | 40000 | 40000 |  |  |
| Series 2023C, 6.70%, due 2053 | 20000 | 20000 | 20000 |  |  |
| Senior Notes 2025, 6%, due 2033 | 500000 |  |  |  |  |
|  | 1370000 | 870000 | 870000 | 820000 | 820000 |
| **Hawaii Electric Light** |  |  |  |  |  |
| Series 2013B, 4.45%, paid in 2022 |  |  |  |  | 12000 |
| Series 2012B, 4.55%, paid in 2023 |  |  |  | 20000 | 20000 |
| Series 2013C, 4.84%, due 2027 | 30000 | 30000 | 30000 | 30000 | 30000 |
| Series 2015A, 5.23%, due 2045 | 25000 | 25000 | 25000 | 25000 | 25000 |
| Series 2018A, 4.38%, due 2028 | 9000 | 9000 | 9000 | 9000 | 9000 |
| Series 2018B, 4.53%, due 2033 | 3000 | 3000 | 3000 | 3000 | 3000 |
| Series 2018C, 4.72%, due 2048 | 3000 | 3000 | 3000 | 3000 | 3000 |
| Series 2019A, 4.21%, due 2034 | 10000 | 10000 | 10000 | 10000 | 10000 |
| Series 2020A, 3.96%, due 2050 | 10000 | 10000 | 10000 | 10000 | 10000 |
| Series 2020B, 3.28%, due 2040 | 15000 | 15000 | 15000 | 15000 | 15000 |
| Series 2020C, 3.51%, due 2050 | 15000 | 15000 | 15000 | 15000 | 15000 |
| Series 2022A, 3.70%, due 2032 | 10000 | 10000 | 10000 | 10000 |  |
| Series 2023A, 6.25%, due 2033 | 25000 | 25000 | 25000 |  |  |
|  | $155000 | $155000 | $155000 | $150000 | $152000 |
|  |  | (Continued on next page) | (Continued on next page) | (Continued on next page) | (Continued on next page) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **LONG-TERM DEBT (Continued)** | | | | | |
| Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |  |  |
| Unaudited |  |  |  |  |  |
| December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| (in thousands) |  |  |  |  |  |
| **OTHER LONG-TERM DEBT (UNSECURED)** |  |  |  |  |  |
| Taxable unsecured senior notes: |  |  |  |  |  |
| **Maui Electric** |  |  |  |  |  |
| Series 2012C, 4.55%, paid in 2023 | $— | $— | $— | $30000 | $30000 |
| Series 2013A, 4.84%, due 2027 | 20000 | 20000 | 20000 | 20000 | 20000 |
| Series 2013B, 5.65%, due 2043 | 20000 | 20000 | 20000 | 20000 | 20000 |
| Series 2015A, 5.23%, due 2045 | 5000 | 5000 | 5000 | 5000 | 5000 |
| Series 2017A, 4.31%, due 2047 | 10000 | 10000 | 10000 | 10000 | 10000 |
| Series 2018A, 4.38%, due 2028 | 6500 | 6500 | 6500 | 6500 | 6500 |
| Series 2018B, 4.53%, due 2033 | 2000 | 2000 | 2000 | 2000 | 2000 |
| Series 2018C, 4.72%, due 2048 | 1500 | 1500 | 1500 | 1500 | 1500 |
| Series 2019A, 4.21%, due 2034 | 10000 | 10000 | 10000 | 10000 | 10000 |
| Series 2020A, 3.31%, due 2030 | 20000 | 20000 | 20000 | 20000 | 20000 |
| Series 2020B, 3.96%, due 2050 | 20000 | 20000 | 20000 | 20000 | 20000 |
| Series 2020C, 3.51%, due 2050 | 25000 | 25000 | 25000 | 25000 | 25000 |
| Series 2022A, 3.70%, due 2032 | 10000 | 10000 | 10000 | 10000 |  |
| Series 2023A, 6.25%, due 2033 | 25000 | 25000 | 25000 |  |  |
|  | 175000 | 175000 | 175000 | 180000 | 170000 |
| Total taxable unsecured senior notes | 1700000 | 1200000 | 1200000 | 1150000 | 1142000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving credit facility SOFR +2.25%, due 2026 |  | 166000 | 200000 |  |  |
| Total other long-term debt - unsecured | 1700000 | 1366000 | 1400000 | 1150000 | 1142000 |
| Total long-term debt | 2195000 | 1908000 | 1942000 | 1692000 | 1684000 |
| Less current portion of long-term debt, net of unamortized debt issuance costs | 124959 | 47000 |  | 99962 | 51975 |
| Less unamortized debt issuance costs | 12167 | 6786 | 7723 | 7184 | 7598 |
| Long-term debt, net | $2057874 | $1854214 | $1934277 | $1584854 | $1624427 |
| Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. | Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year. |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CUSTOMER, SALES AND REVENUE INFORMATION** | **CUSTOMER, SALES AND REVENUE INFORMATION** | | | | | |
| Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |  |  |
| Unaudited | Unaudited |  |  |  |  |  |
| Years ended December 31 | Years ended December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **SERVICE AREA** <sup>1</sup> | **SERVICE AREA** <sup>1</sup> |  |  |  |  |  |
| Service area (estimated, in square miles) | Service area (estimated, in square miles) | 5800 | 5815 | 5815 | 5815 | 5815 |
| Service area population (estimated, in thousands) | Service area population (estimated, in thousands) | n/a | 1372 | 1361 | 1366 | 1368 |
| **CUSTOMER ACCOUNTS** <sup>2</sup> | **CUSTOMER ACCOUNTS** <sup>2</sup> |  |  |  |  |  |
| Residential | Residential | 418801 | 417253 | 416072 | 413744 | 414713 |
| Commercial | Commercial | 54701 | 54571 | 54831 | 55228 | 55201 |
| Industrial | Industrial | 739 | 712 | 702 | 696 | 698 |
|  |  | 474241 | 472536 | 471605 | 469668 | 470612 |
| **CUSTOMER ACCOUNTS BY COMPANY** <sup>2</sup> | **CUSTOMER ACCOUNTS BY COMPANY** <sup>2</sup> |  |  |  |  |  |
| Hawaiian Electric | Hawaiian Electric | 310789 | 310336 | 309631 | 306978 | 308721 |
| Hawaii Electric Light | Hawaii Electric Light | 91234 | 90522 | 89477 | 88757 | 88103 |
| Maui Electric | Maui Electric | 72218 | 71678 | 72497 | 73933 | 73788 |
| Consolidated | Consolidated | 474241 | 472536 | 471605 | 469668 | 470612 |
| **MEGAWATTHOUR SALES (thousands)**<sup>2</sup> | **MEGAWATTHOUR SALES (thousands)**<sup>2</sup> |  |  |  |  |  |
| Residential | Residential | 2358 | 2295 | 2342 | 2415 | 2492 |
| Commercial | Commercial | 2657 | 2623 | 2611 | 2643 | 2595 |
| Industrial | Industrial | 3408 | 3301 | 3274 | 3296 | 3174 |
|  |  | 8423 | 8219 | 8227 | 8354 | 8261 |
| **MEGAWATTHOUR SALES MIX (%)**<sup>2</sup> | **MEGAWATTHOUR SALES MIX (%)**<sup>2</sup> |  |  |  |  |  |
| Residential | Residential | 28.0 | 27.9 | 28.5 | 28.9 | 30.2 |
| Commercial | Commercial | 31.5 | 31.9 | 31.7 | 31.6 | 31.4 |
| Industrial | Industrial | 40.5 | 40.2 | 39.8 | 39.5 | 38.4 |
|  |  | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| **MEGAWATTHOUR SALES BY COMPANY (thousands)** | **MEGAWATTHOUR SALES BY COMPANY (thousands)** |  |  |  |  |  |
| Hawaiian Electric | Hawaiian Electric | 6258 | 6134 | 6138 | 6211 | 6169 |
| Hawaii Electric Light | Hawaii Electric Light | 1063 | 1047 | 1044 | 1054 | 1044 |
| Maui Electric | Maui Electric | 1102 | 1038 | 1045 | 1089 | 1048 |
| Consolidated | Consolidated | 8423 | 8219 | 8227 | 8354 | 8261 |
| **MEGAWATTHOUR SALES GROWTH BY COMPANY (%)** | **MEGAWATTHOUR SALES GROWTH BY COMPANY (%)** |  |  |  |  |  |
| Hawaiian Electric | Hawaiian Electric | 2.0 | (0.1) | (1.2) | 0.7 | (0.2) |
| Hawaii Electric Light | Hawaii Electric Light | 1.5 | 0.3 | (0.9) | 1.0 | 6.7 |
| Maui Electric | Maui Electric | 6.2 | (0.7) | (4.0) | 3.9 | 9.3 |
| Consolidated | Consolidated | 2.5 | (0.1) | (1.5) | 1.1 | 1.7 |
| **RENEWABLE GENERATION RPS (%)** <sup>3</sup> | **RENEWABLE GENERATION RPS (%)** <sup>3</sup> |  |  |  |  |  |
| Hawaiian Electric | Hawaiian Electric | 32 | 31 | 30 | 28 | 33 |
| Hawaii Electric Light | Hawaii Electric Light | 57 | 59 | 52 | 48 | 60 |
| Maui Electric | Maui Electric | 42 | 41 | 35 | 36 | 50 |
| Consolidated | Consolidated | 37 | 36 | 33 | 32 | 38 |
| <sup>1</sup> | Source: State of Hawaii Data Book 2024 (prior years) |  |  |  |  |  |
| <sup>2</sup> | At December 31. "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. | At December 31. "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. | At December 31. "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. | At December 31. "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. | At December 31. "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. | At December 31. "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. |
| <sup>3</sup> | In July 2022, former Governor Ige signed Act 240 (H.B.2089), which amended the RPS calculation from renewable energy as a percentage of sales to a percentage of total generation. The amended RPS calculation that applies to all years after 2021 results in a lower calculated percentage than the amount calculated under the previous methodology. | In July 2022, former Governor Ige signed Act 240 (H.B.2089), which amended the RPS calculation from renewable energy as a percentage of sales to a percentage of total generation. The amended RPS calculation that applies to all years after 2021 results in a lower calculated percentage than the amount calculated under the previous methodology. | In July 2022, former Governor Ige signed Act 240 (H.B.2089), which amended the RPS calculation from renewable energy as a percentage of sales to a percentage of total generation. The amended RPS calculation that applies to all years after 2021 results in a lower calculated percentage than the amount calculated under the previous methodology. | In July 2022, former Governor Ige signed Act 240 (H.B.2089), which amended the RPS calculation from renewable energy as a percentage of sales to a percentage of total generation. The amended RPS calculation that applies to all years after 2021 results in a lower calculated percentage than the amount calculated under the previous methodology. | In July 2022, former Governor Ige signed Act 240 (H.B.2089), which amended the RPS calculation from renewable energy as a percentage of sales to a percentage of total generation. The amended RPS calculation that applies to all years after 2021 results in a lower calculated percentage than the amount calculated under the previous methodology. | In July 2022, former Governor Ige signed Act 240 (H.B.2089), which amended the RPS calculation from renewable energy as a percentage of sales to a percentage of total generation. The amended RPS calculation that applies to all years after 2021 results in a lower calculated percentage than the amount calculated under the previous methodology. |
| n/a: Not available | n/a: Not available |  |  |  |  |  |
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|:---|:---|:---|:---|:---|:---|:---|
| **CUSTOMER, SALES AND REVENUE INFORMATION (Continued)** | **CUSTOMER, SALES AND REVENUE INFORMATION (Continued)** | | | | | |
| Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |  |  |
| Unaudited | Unaudited |  |  |  |  |  |
| Years ended December 31 | Years ended December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **REVENUES (thousands)**<sup>1</sup> | **REVENUES (thousands)**<sup>1</sup> |  |  |  |  |  |
| Electric sales revenue | Electric sales revenue |  |  |  |  |  |
|  | Residential | $983583 | $1011289 | $1028415 | $1069974 | $843655 |
|  | Commercial | 972747 | 1023571 | 1039894 | 1085405 | 810658 |
|  | Industrial | 1067468 | 1122152 | 1156909 | 1211242 | 853293 |
| Total electric sales revenues | Total electric sales revenues | 3023798 | 3157012 | 3225218 | 3366621 | 2507606 |
| Other revenues<sup>2</sup> | Other revenues<sup>2</sup> | 47384 | 49688 | 44303 | 41966 | 32030 |
| **Total revenues** | **Total revenues** | $3071182 | $3206700 | $3269521 | $3408587 | $2539636 |
| Less: | Less: |  |  |  |  |  |
| Fuel oil | Fuel oil | 947445 | 1078045 | 1211420 | 1265614 | 644349 |
| Purchased power | Purchased power | 677654 | 703371 | 671769 | 793584 | 670494 |
| Taxes, other than income taxes | Taxes, other than income taxes | 289816 | 301328 | 306912 | 317173 | 240354 |
| **Net revenues** | **Net revenues** | $1156267 | $1123956 | $1079420 | $1032216 | $984439 |
| **REVENUES BY COMPANY (thousands)** | **REVENUES BY COMPANY (thousands)** |  |  |  |  |  |
| Hawaiian Electric | Hawaiian Electric | $2177043 | $2283148 | $2356478 | $2452969 | $1793372 |
| Hawaii Electric Light | Hawaii Electric Light | 458524 | 483715 | 464161 | 485590 | 381033 |
| Maui Electric | Maui Electric | 438098 | 440432 | 448882 | 470355 | 365256 |
| HE AR Inter<sup>3</sup> | HE AR Inter<sup>3</sup> | 11943 | 5570 |  |  |  |
| Eliminations<sup>2,3</sup> | Eliminations<sup>2,3</sup> | (14426) | (6165) |  | (327) | (25) |
| Consolidated | Consolidated | $3071182 | $3206700 | $3269521 | $3408587 | $2539636 |
| **AVERAGE REVENUE PER KWH SOLD (cents)**<sup>1</sup> | **AVERAGE REVENUE PER KWH SOLD (cents)**<sup>1</sup> |  |  |  |  |  |
| Residential | Residential | 41.72 | 44.06 | 43.91 | 44.30 | 33.86 |
| Commercial | Commercial | 36.57 | 39.02 | 39.82 | 40.99 | 31.21 |
| Industrial | Industrial | 31.33 | 33.99 | 35.34 | 36.75 | 26.88 |
| Other | Other | 38.98 | 41.05 | 40.79 | 55.24 | 34.19 |
|  |  | 35.90 | 38.41 | 39.21 | 40.30 | 30.35 |
| **AVERAGE REVENUE PER KWH SOLD BY COMPANY (cents)** | **AVERAGE REVENUE PER KWH SOLD BY COMPANY (cents)** |  |  |  |  |  |
| Hawaiian Electric | Hawaiian Electric | 34.19 | 36.62 | 37.86 | 39.00 | 28.72 |
| Hawaii Electric Light | Hawaii Electric Light | 42.53 | 45.43 | 43.90 | 45.51 | 36.00 |
| Maui Electric | Maui Electric | 39.19 | 41.90 | 42.39 | 42.67 | 34.33 |
| Consolidated | Consolidated | 35.90 | 38.41 | 39.21 | 40.30 | 30.35 |
| **AVERAGE ANNUAL RESIDENTIAL USE PER CUSTOMER BY COMPANY (KWH)** | **AVERAGE ANNUAL RESIDENTIAL USE PER CUSTOMER BY COMPANY (KWH)** | **AVERAGE ANNUAL RESIDENTIAL USE PER CUSTOMER BY COMPANY (KWH)** | **AVERAGE ANNUAL RESIDENTIAL USE PER CUSTOMER BY COMPANY (KWH)** |  |  |  |
| Hawaiian Electric | Hawaiian Electric | 5621 | 5450 | 5589 | 5761 | 6013 |
| Hawaii Electric Light | Hawaii Electric Light | 5399 | 5459 | 5480 | 5644 | 5795 |
| Maui Electric | Maui Electric | 6028 | 5858 | 5981 | 6298 | 6339 |
| Consolidated | Consolidated | 5639 | 5512 | 5628 | 5821 | 6022 |
| Average monthly electric sales revenue per residential customer | Average monthly electric sales revenue per residential customer | $196 | $202 | $206 | $215 | $170 |
| <sup>1</sup> | "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. | "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. | "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. | "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. | "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. | "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements. |
| <sup>2</sup> | In 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income (and associated intercompany eliminations). | In 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income (and associated intercompany eliminations). | In 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income (and associated intercompany eliminations). | In 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income (and associated intercompany eliminations). | In 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income (and associated intercompany eliminations). | In 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income (and associated intercompany eliminations). |
| <sup>3</sup> | In 2024, HE AR Inter was formed to pursue financing through a secured asset-based (accounts receivable) credit facility. The gain on sale of receivables is eliminated at consolidation. | In 2024, HE AR Inter was formed to pursue financing through a secured asset-based (accounts receivable) credit facility. The gain on sale of receivables is eliminated at consolidation. | In 2024, HE AR Inter was formed to pursue financing through a secured asset-based (accounts receivable) credit facility. The gain on sale of receivables is eliminated at consolidation. | In 2024, HE AR Inter was formed to pursue financing through a secured asset-based (accounts receivable) credit facility. The gain on sale of receivables is eliminated at consolidation. | In 2024, HE AR Inter was formed to pursue financing through a secured asset-based (accounts receivable) credit facility. The gain on sale of receivables is eliminated at consolidation. | In 2024, HE AR Inter was formed to pursue financing through a secured asset-based (accounts receivable) credit facility. The gain on sale of receivables is eliminated at consolidation. |

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|:---|:---|:---|:---|:---|:---|:---|
| **POWER SUPPLY INFORMATION** | **POWER SUPPLY INFORMATION** | | | | | |
| Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |  |  |
| Unaudited | Unaudited |  |  |  |  |  |
| Years ended December 31 | Years ended December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **ENERGY NET GENERATED AND PURCHASED (thousands of MWH)** | **ENERGY NET GENERATED AND PURCHASED (thousands of MWH)** | **ENERGY NET GENERATED AND PURCHASED (thousands of MWH)** | **ENERGY NET GENERATED AND PURCHASED (thousands of MWH)** |  |  |  |
| Net generated | Net generated |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fuel oil | &nbsp;&nbsp;&nbsp;&nbsp;Fuel oil |  |  |  |  |  |
|  | Conventional oil-fired steam units | 3993 | 3993 | 4057 | 3701 | 3288 |
|  | Dual train combined-cycle unit | 805 | 714 | 747 | 795 | 749 |
|  | Diesel internal combustion engine | 313 | 337 | 362 | 323 | 304 |
|  | Simple-cycle combustion turbines | 143 | 150 | 115 | 133 | 89 |
|  |  | 5254 | 5194 | 5281 | 4952 | 4430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Biodiesel internal combustion engine | &nbsp;&nbsp;&nbsp;&nbsp;Biodiesel internal combustion engine | 11 | 17 | 17 | 16 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hydro | &nbsp;&nbsp;&nbsp;&nbsp;Hydro | 1 | 4 | 5 | 6 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Solar | &nbsp;&nbsp;&nbsp;&nbsp;Solar | 39 | 37 | 40 | 38 | 37 |
| Total net generated | Total net generated | 5305 | 5252 | 5343 | 5012 | 4501 |
| Purchased | Purchased |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-renewable <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Non-renewable <sup>1</sup> | 1486 | 1423 | 1518 | 2066 | 2470 |
| <sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Renewable <sup>2</sup> | <sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Renewable <sup>2</sup> | 2012 | 1939 | 1741 | 1684 | 1684 |
| <sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Battery Storage <sup>3</sup> | <sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Battery Storage <sup>3</sup> | 176 | 187 | 12 |  |  |
| Total purchased | Total purchased | 3674 | 3549 | 3271 | 3750 | 4154 |
| Customer-sited solar | Customer-sited solar | 1857 | 1691 | 1586 | 1522 | 1418 |
|  |  | 10836 | 10492 | 10200 | 10284 | 10073 |
| **GENERATION MIX (%)** | **GENERATION MIX (%)** |  |  |  |  |  |
| Fuel oil | Fuel oil |  |  |  |  |  |
|  | Conventional oil-fired steam units | 36.8 | 38.1 | 39.8 | 36.0 | 32.6 |
|  | Dual train combined-cycle unit | 7.4 | 6.8 | 7.3 | 7.7 | 7.4 |
|  | Diesel internal combustion engine | 2.9 | 3.2 | 3.5 | 3.1 | 3.0 |
|  | Simple-cycle combustion turbines | 1.3 | 1.4 | 1.1 | 1.3 | 0.9 |
|  |  | 48.4 | 49.5 | 51.7 | 48.1 | 43.9 |
| Biodiesel internal combustion engine | Biodiesel internal combustion engine | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 |
| Hydro | Hydro |  |  |  | 0.1 | 0.1 |
| Solar | Solar | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 |
| Total generation | Total generation | 48.9 | 50.1 | 52.3 | 48.8 | 44.6 |
| Purchased | Purchased |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-renewable <sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Non-renewable <sup>1</sup> | 13.7 | 13.6 | 14.9 | 20.1 | 24.6 |
| <sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Renewable <sup>2</sup> | <sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Renewable <sup>2</sup> | 18.7 | 18.4 | 17.2 | 16.3 | 16.7 |
| <sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Battery Storage <sup>3</sup> | <sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup>Battery Storage <sup>3</sup> | 1.6 | 1.8 | 0.1 |  |  |
| Total purchased | Total purchased | 34.0 | 33.8 | 32.2 | 36.4 | 41.3 |
| Customer-sited solar | Customer-sited solar | 17.1 | 16.1 | 15.5 | 14.8 | 14.1 |
|  |  | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| <sup>1</sup> | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant has ceased operations. | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant has ceased operations. | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant has ceased operations. | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant has ceased operations. | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant has ceased operations. | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant has ceased operations. |
| <sup>2</sup> | Includes firm and non-firm renewable generation; does not include generation associated with Net Energy Metering (NEM) and Grid Supply customers. | Includes firm and non-firm renewable generation; does not include generation associated with Net Energy Metering (NEM) and Grid Supply customers. | Includes firm and non-firm renewable generation; does not include generation associated with Net Energy Metering (NEM) and Grid Supply customers. | Includes firm and non-firm renewable generation; does not include generation associated with Net Energy Metering (NEM) and Grid Supply customers. | Includes firm and non-firm renewable generation; does not include generation associated with Net Energy Metering (NEM) and Grid Supply customers. | Includes firm and non-firm renewable generation; does not include generation associated with Net Energy Metering (NEM) and Grid Supply customers. |
| <sup>3</sup> | Represents Kapolei Energy Storage, which reached commercial operations in December 2023. | Represents Kapolei Energy Storage, which reached commercial operations in December 2023. | Represents Kapolei Energy Storage, which reached commercial operations in December 2023. | Represents Kapolei Energy Storage, which reached commercial operations in December 2023. | Represents Kapolei Energy Storage, which reached commercial operations in December 2023. | Represents Kapolei Energy Storage, which reached commercial operations in December 2023. |
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|:---|:---|:---|:---|:---|:---|:---|
| **POWER SUPPLY INFORMATION (Continued)** | **POWER SUPPLY INFORMATION (Continued)** | | | | | |
| Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries | Hawaiian Electric Company, Inc. and Subsidiaries |  |  |  |
| Unaudited | Unaudited |  |  |  |  |  |
| Years ended December 31 | Years ended December 31 | 2025 | 2024 | 2023 | 2022 | 2021 |
| **SYSTEM CAPABILITY (MW)** <sup>1, 2</sup> | **SYSTEM CAPABILITY (MW)** <sup>1, 2</sup> |  |  |  |  |  |
| Company-owned generation | Company-owned generation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Conventional oil-fired steam units | &nbsp;&nbsp;&nbsp;&nbsp;Conventional oil-fired steam units | 993 | 993 | 1086 | 1086 | 1086 |
| &nbsp;&nbsp;Diesel internal combustion engine | &nbsp;&nbsp;Diesel internal combustion engine | 134 | 147 | 147 | 146 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Simple-cycle combustion turbines | &nbsp;&nbsp;&nbsp;&nbsp;Simple-cycle combustion turbines | 254 | 280 | 279 | 279 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dual train combined-cycle unit | &nbsp;&nbsp;&nbsp;&nbsp;Dual train combined-cycle unit | 170 | 170 | 170 | 170 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Biodiesel internal combustion engine | &nbsp;&nbsp;&nbsp;&nbsp;Biodiesel internal combustion engine | 57 | 57 | 57 | 57 | 57 |
|  |  | 1608 | 1647 | 1739 | 1738 | 1738 |
| Firm purchase power contracts <sup>3</sup> | Firm purchase power contracts <sup>3</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-renewable <sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Non-renewable <sup>4</sup> | 268 | 268 | 268 | 268 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Renewable | &nbsp;&nbsp;&nbsp;&nbsp;Renewable | 101 | 98 | 94 | 94 | 92 |
|  |  | 369 | 366 | 362 | 362 | 540 |
|  |  | 1977 | 2013 | 2101 | 2100 | 2278 |
| **SYSTEM CAPABILITY BY COMPANY (MW)** <sup>1, 2</sup> | **SYSTEM CAPABILITY BY COMPANY (MW)** <sup>1, 2</sup> |  |  |  |  |  |
| Hawaiian Electric | Hawaiian Electric | 1472 | 1472 | 1564 | 1564 | 1744 |
| Hawaii Electric Light | Hawaii Electric Light | 248 | 272 | 268 | 268 | 266 |
| Maui Electric | Maui Electric | 257 | 269 | 269 | 268 | 268 |
|  |  | 1977 | 2013 | 2101 | 2100 | 2278 |
| **SYSTEM PEAK LOAD BY COMPANY (MW)** <sup>5</sup> | **SYSTEM PEAK LOAD BY COMPANY (MW)** <sup>5</sup> |  |  |  |  |  |
| Hawaiian Electric | Hawaiian Electric | 1058 | 1050 | 1060 | 1072 | 1072 |
| Hawaii Electric Light | Hawaii Electric Light | 184 | 184 | 187 | 188 | 194 |
| Maui Electric | Maui Electric | 205 | 190 | 200 | 207 | 205 |
|  |  | 1447 | 1424 | 1447 | 1467 | 1471 |
| **FUEL OIL DATA** | **FUEL OIL DATA** |  |  |  |  |  |
| Barrels of fuel oil consumed (thousands) | Barrels of fuel oil consumed (thousands) | 9437 | 9374 | 9559 | 8945 | 8048 |
| Average fuel oil cost per barrel | Average fuel oil cost per barrel | $100.40 | $115.00 | $126.73 | $141.49 | $80.06 |
| Average fuel oil cost per million BTU (cents) | Average fuel oil cost per million BTU (cents) | 1632.9 | 1868.2 | 2060.0 | 2310.9 | 1305.4 |
| Fuel oil cost per net KWH generated (cents) | Fuel oil cost per net KWH generated (cents) | 17.997 | 20.688 | 22.869 | 25.283 | 14.344 |
| BTU per net KWH generated by company | BTU per net KWH generated by company |  |  |  |  |  |
|  | Hawaiian Electric | 11089 | 11079 | 11178 | 10943 | 10962 |
|  | Hawaii Electric Light | 11064 | 11558 | 11691 | 11680 | 11876 |
|  | Maui Electric | 10684 | 10720 | 10461 | 10501 | 10543 |
|  | Consolidated | 11021 | 11074 | 11102 | 10941 | 10988 |
| **OTHER DATA** | **OTHER DATA** |  |  |  |  |  |
| Losses and system uses (%) | Losses and system uses (%) | 4.1 | 6.4 | 4.2 | 4.4 | 4.3 |
| Reserve margin (%) <sup>5</sup> | Reserve margin (%) <sup>5</sup> | 36.6 | 41.4 | 45.2 | 43.1 | 54.8 |
| Annual load factor (%) <sup>5</sup> | Annual load factor (%) <sup>5</sup> | 70.8 | 70.6 | 68.0 | 68.2 | 67.2 |
| Average cost per KWH purchased from IPPs (cents) | Average cost per KWH purchased from IPPs (cents) | 18.444 | 19.818 | 20.536 | 21.160 | 16.142 |
| <sup>1</sup> | At December 31. |  |  |  |  |  |
| <sup>2</sup> | Excludes solar (West Loch PV - 20 MW) and hydro (four run-of-river units - 4 MW in the aggregate) due to their as-available nature. | Excludes solar (West Loch PV - 20 MW) and hydro (four run-of-river units - 4 MW in the aggregate) due to their as-available nature. | Excludes solar (West Loch PV - 20 MW) and hydro (four run-of-river units - 4 MW in the aggregate) due to their as-available nature. | Excludes solar (West Loch PV - 20 MW) and hydro (four run-of-river units - 4 MW in the aggregate) due to their as-available nature. | Excludes solar (West Loch PV - 20 MW) and hydro (four run-of-river units - 4 MW in the aggregate) due to their as-available nature. | Excludes solar (West Loch PV - 20 MW) and hydro (four run-of-river units - 4 MW in the aggregate) due to their as-available nature. |
| <sup>3</sup> | Non-renewable firm power contracts include: AES Hawaii (AES)-see note 4 below, Kalaeloa Partners, and Hamakua Energy Partners (HEP). <br>Renewable firm power contracts include: Honolulu Program of Waste Energy Recovery (H-POWER) and Puna Geothermal Venture (PGV) - see note 5 below. Excludes purchased power contracts with variable generation (e.g. non-firm wind, PV, hydro) resources. | Non-renewable firm power contracts include: AES Hawaii (AES)-see note 4 below, Kalaeloa Partners, and Hamakua Energy Partners (HEP). <br>Renewable firm power contracts include: Honolulu Program of Waste Energy Recovery (H-POWER) and Puna Geothermal Venture (PGV) - see note 5 below. Excludes purchased power contracts with variable generation (e.g. non-firm wind, PV, hydro) resources. | Non-renewable firm power contracts include: AES Hawaii (AES)-see note 4 below, Kalaeloa Partners, and Hamakua Energy Partners (HEP). <br>Renewable firm power contracts include: Honolulu Program of Waste Energy Recovery (H-POWER) and Puna Geothermal Venture (PGV) - see note 5 below. Excludes purchased power contracts with variable generation (e.g. non-firm wind, PV, hydro) resources. | Non-renewable firm power contracts include: AES Hawaii (AES)-see note 4 below, Kalaeloa Partners, and Hamakua Energy Partners (HEP). <br>Renewable firm power contracts include: Honolulu Program of Waste Energy Recovery (H-POWER) and Puna Geothermal Venture (PGV) - see note 5 below. Excludes purchased power contracts with variable generation (e.g. non-firm wind, PV, hydro) resources. | Non-renewable firm power contracts include: AES Hawaii (AES)-see note 4 below, Kalaeloa Partners, and Hamakua Energy Partners (HEP). <br>Renewable firm power contracts include: Honolulu Program of Waste Energy Recovery (H-POWER) and Puna Geothermal Venture (PGV) - see note 5 below. Excludes purchased power contracts with variable generation (e.g. non-firm wind, PV, hydro) resources. | Non-renewable firm power contracts include: AES Hawaii (AES)-see note 4 below, Kalaeloa Partners, and Hamakua Energy Partners (HEP). <br>Renewable firm power contracts include: Honolulu Program of Waste Energy Recovery (H-POWER) and Puna Geothermal Venture (PGV) - see note 5 below. Excludes purchased power contracts with variable generation (e.g. non-firm wind, PV, hydro) resources. |
| <sup>4</sup> | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant ceased operations. | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant ceased operations. | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant ceased operations. | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant ceased operations. | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant ceased operations. | AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant ceased operations. |
| <sup>5</sup> | Net; noncoincident and nonintegrated. | Net; noncoincident and nonintegrated. | Net; noncoincident and nonintegrated. | Net; noncoincident and nonintegrated. | Net; noncoincident and nonintegrated. | Net; noncoincident and nonintegrated. |

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