# EDGAR Filing Document

**Accession Number:** 0000354707
**File Stem:** 0000354707-25-000038
**Filing Date:** 2025-8
**Character Count:** 36720
**Document Hash:** d7d15b79c711303a4e5d73800d6fad74
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000354707-25-000038.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0000354707-25-000038

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250807

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**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:** 251194017

**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:** 251194018

**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-20250807

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: August 7, 2025

---

| | | |
|:---|:---|:---|
| 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.)

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 2.02 Results of Operations and Financial Condition.**

&nbsp;&nbsp;&nbsp;&nbsp;On August 7, 2025, HEI issued a news release, "HEI Reports Second Quarter 2025 Results." This news release is furnished as HEI Exhibit 99.

**Item 9.01 Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| (d) <u>Exhibits</u>&nbsp;&nbsp;&nbsp;&nbsp; | |
| <u>[HEI Exhibit 99](heiexhibit99-8xk08x07x25.htm)</u> | News release, dated August 7, 2025, "HEI Reports Second Quarter 2025 Results" |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

The information furnished in connection with Item 2.02 of this current report on Form 8-K including HEI Exhibit 99 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: August 7, 2025 | Date: August 7, 2025 |

---

## Ex-99

<u>HEI Exhibit 99</u>![revisedlogo.jpg](revisedlogo.jpg)

---

| | | |
|:---|:---|:---|
| | | NEWS RELEASE |
| August 7, 2025 | August 7, 2025 |  |
| Contact: | Mateo Garcia | Telephone: (808) 543-7300 |
|  | Director, Investor Relations | E-mail: ir@hei.com |

---

**HEI REPORTS SECOND QUARTER 2025 RESULTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Utility Continues to Improve the Safety, Reliability and Resilience of Service to Our Communities Through Advancement of Wildfire Safety Strategy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Legislation Signed Into Law by Governor Green Appropriates Funds for the State's Contribution to the Maui Wildfire Tort Litigation Settlement, Directs the Public Utilities Commission to Establish an Aggregate Liability Cap for Economic Damages from Future Wildfires, Authorizes Securitization for Infrastructure Resilience Investments and Supports Reliable, Affordable Clean Energy Procurement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continued Progress Toward a Simpler, More Focused Business With Sale of Pacific Current's Solar and Battery Storage Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Quarter's Results Reflect $5 Million Earnings Impact from Asset Impairment and Tax Credit Recapture Related to Sale

HONOLULU - Hawaiian Electric Industries, Inc. **(NYSE - HE)** (HEI) today reported net income for the second quarter of 2025 of $26 million, or $0.15 per share. Excluding Maui wildfire-related expenses and expenses taken in connection with the review of strategic options for Pacific Current, Core<sup>1</sup> income from continuing operations was $35 million, or $0.20 per share, compared to $28 million, or $0.26 per share in 2024.

"Our core operations performed as expected in the second quarter, with the utility progressing measures to protect our communities against the risks posed by extreme weather events. We've also continued to make the changes necessary to move forward as a simpler,

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

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;Measures described as "Core" for the periods in this news release are non-GAAP measures which exclude Maui wildfire-related costs and expenses taken in connection with the strategic review of Pacific Current. See the "Explanation of HEI's Use of Certain Unaudited Non-GAAP Measures" and the related GAAP reconciliation at the end of this release.

------

more focused company best positioned to serve our communities for the long term. This includes our sale of Pacific Current's solar and battery storage assets and the expected divestiture of our remaining stake in American Savings Bank over the next year," said Scott Seu, HEI president and CEO.

"Last month, Governor Josh Green signed legislation passed by the Hawaii State Legislature directing the Public Utilities Commission to establish a liability cap for future wildfires, and authorizing securitization to finance $500 million in wildfire safety improvements, helping customer affordability. Legislation to reduce risk to independent power producers and support the utility's ability to procure reliable, affordable clean energy was also signed into law, along with legislation appropriating funds for the State of Hawaii's contribution to the settlement, ensuring the settlement is able to move forward."

**HAWAIIAN ELECTRIC COMPANY (HAWAIIAN ELECTRIC) EARNINGS**

Hawaiian Electric's net income for the second quarter of 2025 was $39 million compared to a net loss of $1,229 million in the second quarter of 2024, with the increase primarily driven by the following pre-tax items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The $1,712 million loss recorded in the second quarter of 2024 due to the accrual of estimated wildfire liabilities related to tort-related legal claims and cross claims as of June 30, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $7 million in higher revenues, primarily from the annual revenue adjustment mechanism, but also including $1 million of demand response revenues (offset by expenses included in O&M); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $4 million impact from better heat rate performance.

These items were partially offset by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $11 million in higher O&M, driven by $7 million in higher wildfire mitigation program expenses, $4 million of higher legal and consulting costs (which were previously deferred), $2 million in higher property and general liability insurance costs and $1 million in higher demand response expenses (offset by demand response revenues). Higher O&M expenses were partially offset by the absence of costs related to the settlement of indemnification claims asserted by the state (recorded in 2024).

Hawaiian Electric's Core net income for the second quarter of 2025 was $42 million compared to $44 million in the same quarter last year. Pre-tax wildfire-related expenses of $11 million were partially offset by $10 million of costs deferred pursuant to the Public Utilities Commission's decision allowing Hawaiian Electric to defer these costs.

------

**Utility Dividend Update**

The Hawaiian Electric Board of Directors declared a $10 million cash dividend payable to HEI for the second quarter of 2025.

**HOLDING AND OTHER COMPANIES**

The holding and other companies' net loss was $13 million in the second quarter of 2025 compared to $20 million in the second quarter of 2024. The lower net loss for the quarter was primarily due to lower wildfire expenses, partially offset by expenses taken in relation to the strategic review of Pacific Current. Excluding these expenses, Core net loss for the quarter was $7 million compared to $15 million in the second quarter of 2024.

**EARNINGS RELEASE, WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS** 

HEI will conduct a webcast and conference call to review its second quarter 2025 consolidated financial results today at 10:30 a.m. Hawaii time (4:30 p.m. Eastern).

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

A replay will be available online and via phone. The online replay will be available on HEI's website about two hours after the event. The audio replay will also be available about two hours after the event through August 14, 2025. To access the audio replay, dial 1-800-770-2030 (U.S.) or 1-647-362-9199 (international) and enter passcode 2393042.

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

Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at <u>https://hpuc.my.site.com/cdms/s/</u> to review documents filed with, and issued

------

by, the PUC. No information on the PUC website is incorporated by reference into this document or into HEI's and Hawaiian Electric's SEC filings.

**ABOUT HEI**

The HEI family of companies provides the energy services that empower much of the economic and community activity of Hawaii. HEI's electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii's population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy, and modernize and harden the grid to ensure resilience and public safety. For more information, visit <u>www.hei.com</u>.

**NON-GAAP MEASURES** 

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

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

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

------

Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME DATA

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30** | **Three months ended June 30** | **Six months ended June 30** | **Six months ended June 30** |
|<br>**(in thousands, except per share amounts)** | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| Electric utility | $742482 | $792331 | $1480848 | $1580909 |
| Other | 3910 | 3086 | 9614 | 6522 |
| &nbsp;&nbsp;&nbsp;Total revenues | 746392 | 795417 | 1490462 | 1587431 |
| **Expenses** |  |  |  |  |
| Electric utility (includes $1,712 million of Wildfire tort-related claims in three and six months ended June 30, 2024) | 677938 | 2436771 | 1340367 | 3161994 |
| Other | 14707 | 20235 | 33928 | 36139 |
| &nbsp;&nbsp;&nbsp;Total expenses | 692645 | 2457006 | 1374295 | 3198133 |
| **Operating income (loss)** |  |  |  |  |
| Electric utility | 64544 | (1644440) | 140481 | (1581085) |
| Other | (10797) | (17149) | (24314) | (29617) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating income (loss) | 53747 | (1661589) | 116167 | (1610702) |
| Retirement defined benefits credit—other than service costs | 919 | 1001 | 1836 | 2002 |
| Interest expense, net | (27256) | (32400) | (61468) | (63991) |
| Allowance for borrowed funds used during construction | 1462 | 1344 | 2879 | 2730 |
| Allowance for equity funds used during construction | 3702 | 3336 | 7287 | 6976 |
| Interest income | 7579 | 3134 | 20202 | 6267 |
| Loss on sale of a subsidiary and impairment loss on assets held for sale | (178) |  | (13389) |  |
| **Income (loss) from continuing operations before income taxes** | **39975** | **(1685174)** | **73514** | **(1656718)** |
| Income tax expense (benefit) | 13417 | (435950) | 19812 | (429155) |
| **Income (loss) from continuing operations** | **26558** | **(1249224)** | **53702** | **(1227563)** |
| Preferred stock dividends of subsidiaries | 473 | 473 | 946 | 946 |
| **Income (loss) from continuing operations for common stock** | **26085** | **(1249697)** | **52756** | **(1228509)** |
| Loss from discontinued operations |  | (45787) |  | (24853) |
| **Net income (loss) for common stock** | $**26085** | $**(1295484)** | $**52756** | $**(1253362)** |
| **Continuing operations - Basic earnings (loss) per common share** | $**0.15** | $**(11.33)** | $**0.31** | $**(11.14)** |
| Discontinued operations - Basic loss per common share |  | (0.42) |  | (0.23) |
| **Basic earnings (loss) per common share** | $**0.15** | $**(11.74)** | $**0.31** | $**(11.37)** |
| **Continuing operations - Diluted earnings (loss) per common share** | $**0.15** | $**(11.33)** | $**0.31** | $**(11.14)** |
| Discontinued operations - Diluted loss per common share |  | (0.42) |  | (0.23) |
| **Diluted earnings (loss) per common share** | $**0.15** | $**(11.74)** | $**0.31** | $**(11.37)** |
| **Weighted-average number of common shares outstanding** | **172496** | **110303** | **172487** | **110260** |
| **Weighted-average shares assuming dilution** | **172655** | **110303** | **172832** | **110260** |
| **Income (loss) from continuing operations for common stock by segment** |  |  |  |  |
| Electric utility | $39150 | $(1229394) | $86966 | $(1190173) |
| Other | (13065) | (20303) | (34210) | (38336) |
| **Income (loss) from continuing operations for common stock** | $**26085** | $**(1249697)** | $**52756** | $**(1228509)** |
| Comprehensive income (loss) attributable to HEI | $25779 | $(1293890) | $51990 | $(1261569) |

---

This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.

------

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

CONSOLIDATED STATEMENTS OF INCOME DATA

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30** | **Three months ended June 30** | **Six months ended June 30** | **Six months ended June 30** |
|<br>**($ in thousands, except per barrel amounts)** | **2025** | **2024** | **2025** | **2024** |
| **Revenues** | $742482 | $792331 | $1480848 | $1580909 |
| **Expenses** |  |  |  |  |
| Fuel oil | 210587 | 258652 | 449308 | 542948 |
| Purchased power | 174963 | 181328 | 321680 | 341145 |
| Other operation and maintenance | 158217 | 147561 | 301325 | 291451 |
| Wildfire tort-related claims |  | 1712000 |  | 1712000 |
| Depreciation | 63974 | 62812 | 127993 | 125624 |
| Taxes, other than income taxes | 70197 | 74418 | 140061 | 148826 |
| &nbsp;&nbsp;&nbsp;Total expenses | 677938 | 2436771 | 1340367 | 3161994 |
| **Operating income (loss)** | **64544** | **(1644440)** | **140481** | **(1581085)** |
| Allowance for equity funds used during construction | 3702 | 3336 | 7287 | 6976 |
| Retirement defined benefits credit—other than service costs | 1052 | 1072 | 2103 | 2144 |
| Interest expense and other charges, net | (21706) | (21417) | (44158) | (41402) |
| Allowance for borrowed funds used during construction | 1462 | 1344 | 2879 | 2730 |
| Interest income | 1215 | 1452 | 3196 | 2884 |
| **Income (loss) before income taxes** | **50269** | **(1658653)** | **111788** | **(1607753)** |
| Income tax expense (benefit) | 10620 | (429758) | 23824 | (418578) |
| **Net income (loss)** | **39649** | **(1228895)** | **87964** | **(1189175)** |
| Preferred stock dividends of subsidiaries | 229 | 229 | 458 | 458 |
| **Net income (loss) attributable to Hawaiian Electric** | **39420** | **(1229124)** | **87506** | **(1189633)** |
| Preferred stock dividends of Hawaiian Electric | 270 | 270 | 540 | 540 |
| **Net income (loss) for common stock** | $**39150** | $**(1229394)** | $**86966** | $**(1190173)** |
| **Comprehensive income (loss) attributable to Hawaiian Electric** | $**39103** | $**(1229440)** | $**86872** | $**(1190268)** |
| OTHER ELECTRIC UTILITY INFORMATION |  |  |  |  |
| Kilowatthour sales (millions) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hawaiian Electric | 1509 | 1470 | 2962 | 2882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hawaii Electric Light | 257 | 254 | 512 | 508 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maui Electric | 266 | 247 | 523 | 487 |
|  | 2032 | 1971 | 3997 | 3877 |
| Average fuel oil cost per barrel | $100.40 | $120.12 | $102.56 | $121.01 |
| Return on average common equity (%) (twelve months ended)<sup>1</sup> |  |  | 3.7 | NM |

---

<sup>1</sup> Simple average.

NM Not meaningful.

This information should be read in conjunction with the consolidated financial statements and the notes thereto in Hawaiian Electric filings with the SEC. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.

------

**Explanation of HEI's Use of Certain Unaudited Non-GAAP Measures**

HEI management uses certain non-GAAP measures to evaluate the performance of HEI. Management believes these non-GAAP measures provide useful information and are a better indicator of the companies' core operating activities. Core earnings and other financial measures as presented here may not be comparable to similarly titled measures used by other companies. The accompanying tables provide a reconciliation of reported GAAP<sup>1</sup> earnings to non-GAAP Core earnings.

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

**Reconciliation of GAAP**<sup>1</sup> **to non-GAAP Measures**

Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

Unaudited

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30** | **Three months ended June 30** | **Six months ended June 30** | **Six months ended June 30** |
|<br>**(in thousands)** | **2025** | **2024**<sup>2</sup> | **2025** | **2024**<sup>2</sup> |
| **<u>Maui windstorm and wildfires related costs</u>** |  |  |  |  |
| **Pretax expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal expenses | $5888 | $24181 | $14738 | $39125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Outside services expense | 11 | 1396 | 135 | 2518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wildfire tort-related claims |  | 1712000 | **—** | 1712000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense | 5859 | 6880 | 11787 | 16216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 870 | 3386 | 2901 | 8211 |
| **Pretax expenses** | **12628** | **1747843** | **29561** | **1778070** |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance recoveries<sup>3</sup> | 2418 | (18875) | (4304) | (31452) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferral of cost | (9889) | (7656) | (15572) | (15554) |
| **Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment** | **5157** | **1721312** | **9685** | **1731064** |
| Pretax loss on sale of a subsidiary |  |  | 13211 |  |
| Pretax asset impairment | 178 |  | 178 |  |
| Income tax expense (benefit)<sup>4</sup> | 3936 | (443238) | (632) | (445749) |
| **After-tax adjustments** | $**9271** | $**1278074** | $**22442** | $**1285315** |

---

<sup>1 &nbsp;&nbsp;&nbsp;&nbsp;</sup>Accounting principles generally accepted in the United States of America.

<sup>2 &nbsp;&nbsp;&nbsp;&nbsp;</sup>Excludes Maui wildfire-related costs of discontinued operations.

<sup>3 &nbsp;&nbsp;&nbsp;&nbsp;</sup>Includes adjustments related to costs that are no longer probable of recovery under the insurance policies. For the three and six months ended June 30, 2025, adjustments amount to $6.6 million, of which, $4.0 million was deferred to a regulatory asset and is reported on line "Deferral of cost".

<sup>4 &nbsp;&nbsp;&nbsp;&nbsp;</sup>Current year composite statutory tax rate of 25.75% and includes expected investment tax recapture.

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

------

**Reconciliation of GAAP to non-GAAP Measures (continued)**

Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

Unaudited

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30** | **Three months ended June 30** | **Six months ended June 30** | **Six months ended June 30** |
|<br>**(in thousands)** | **2025** | **2024**<sup>1</sup> | **2025** | **2024**<sup>1</sup> |
| **<u>HEI Consolidated - Continuing Operations</u>** |  |  |  |  |
| **GAAP**<sup>2</sup> **income (loss) - continuing operations (as reported)** | $**26085** | $**(1249697)** | $**52756** | $**(1228509)** |
| Excluding special items related to the Maui windstorm and wildfires (after tax)<sup>3</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal expenses | 4372 | 17955 | 10943 | 29051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Outside services expense | 8 | 1035 | 100 | 1868 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wildfire tort-related claims |  | 1271160 |  | 1271160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense | 4350 | 5109 | 8752 | 12041 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 646 | 2515 | 2154 | 6097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**After tax expenses** | **9376** | **1297774** | **21949** | **1320217** |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance recoveries<sup>4</sup> | 1795 | (14015) | (3196) | (23353) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferral of cost | (7342) | (5685) | (11562) | (11549) |
| **Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment (after tax)** | **3829** | **1278074** | **7191** | **1285315** |
| **Loss on sale of a subsidiary (after tax)**<sup>3</sup> | **—** | **—** | **9809** | **—** |
| **Asset impairment (after tax)**<sup>3</sup> | **5442** | **—** | **5442** | **—** |
| **Non-GAAP (Core) income - continuing operations** | $**35356** | $**28377** | $**75198** | $**56806** |
| **GAAP Diluted earnings (loss) per share - continuing operations (as reported)** | $**0.15** | $**(11.33)** | $**0.31** | $**(11.14)** |
| **Non-GAAP (Core) Diluted earnings per share - continuing operations** | $**0.20** | $**0.26** | $**0.44** | $**0.52** |

---

<sup>1 &nbsp;&nbsp;&nbsp;&nbsp;</sup>Excludes Maui wildfire-related costs of discontinued operations.

<sup>2 &nbsp;&nbsp;&nbsp;&nbsp;</sup>Accounting principles generally accepted in the United States of America.

<sup>3 &nbsp;&nbsp;&nbsp;&nbsp;</sup>Current year composite statutory tax rate of 25.75% and includes expected investment tax recapture.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;Includes adjustments related to costs that are no longer probable of recovery under the insurance policies

------

**Reconciliation of GAAP to non-GAAP Measures (continued)**

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30** | **Three months ended June 30** | **Six months ended June 30** | **Six months ended June 30** |
|<br>**(in thousands)** | **2025** | **2024** | **2025** | **2024** |
| **<u>Maui windstorm and wildfires related costs</u>** |  |  |  |  |
| Pretax expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal expenses | $4304 | $17613 | $8153 | $28348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Outside services expense |  | 997 |  | 1781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wildfire tort-related claims |  | 1712000 |  | 1712000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense | 5792 | 5741 | 11487 | 14882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 660 | 2524 | 2412 | 6431 |
| **Pretax expenses** | **10756** | **1738875** | **22052** | **1763442** |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance recoveries<sup>1</sup> | 3620 | (16379) | 556 | (26348) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferral of cost | (9889) | (7656) | (15572) | (15554) |
| **Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment** | **4487** | **1714840** | **7036** | **1721540** |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax benefits<sup>2</sup> | (1156) | (441572) | (1812) | (443297) |
| **After-tax adjustments** | $**3331** | $**1273268** | $**5224** | $**1278243** |
| **<u>Hawaiian Electric consolidated net income</u>** |  |  |  |  |
| **GAAP**<sup>3</sup> **net income (loss) (as reported)** | $**39150** | $**(1229394)** | $**86966** | $**(1190173)** |
| Excluding special items related to the Maui windstorm and wildfires (after tax)<sup>2</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal expenses | 3195 | 13078 | 6053 | 21049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Outside services expense |  | 740 |  | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wildfire tort-related claims |  | 1271160 |  | 1271160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense | 4300 | 4263 | 8529 | 11050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 490 | 1874 | 1791 | 4775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**After tax expenses** | **7985** | **1291115** | **16373** | **1309356** |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance recoveries (after tax)<sup>1</sup> | 2688 | (12162) | 413 | (19564) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferral of cost (after tax) | (7342) | (5685) | (11562) | (11549) |
| **Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment (after tax)** | **3331** | **1273268** | **5224** | **1278243** |
| **Non-GAAP (Core) net income** | $**42481** | $**43874** | $**92190** | $**88070** |

---

<sup>1 &nbsp;&nbsp;&nbsp;&nbsp;</sup>Pretax insurance recoveries includes adjustments related to costs that are no longer probable of recovery under the insurance policies. For the three and six months ended June 30, 2025, adjustments amount to $6.6 million, of which, $4.0 million was deferred to a regulatory asset and is reported on line "Deferral of cost".

<sup>2&nbsp;&nbsp;&nbsp;&nbsp;</sup>Current year composite statutory tax rate of 25.75%.

<sup>3 &nbsp;&nbsp;&nbsp;&nbsp;</sup>Accounting principles generally accepted in the United States of America.

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

------

**Reconciliation of GAAP to non-GAAP Measures (continued)**

Holding and Other Companies

Unaudited

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended June 30** | **Three months ended June 30** | **Six months ended June 30** | **Six months ended June 30** |
|<br>**(in thousands)** | **2025** | **2024** | **2025** | **2024** |
| **<u>Maui windstorm and wildfires related costs</u>** |  |  |  |  |
| Pretax expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal expenses | $1584 | $6568 | $6585 | $10777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Outside services expense | 11 | 399 | 135 | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense | 67 | 1139 | 300 | 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 210 | 862 | 489 | 1780 |
| **Pretax expenses** | **1872** | **8968** | **7509** | **14628** |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance recoveries | (1202) | (2496) | (4860) | (5104) |
| **Total Maui windstorm and wildfires related expenses, net of insurance recoveries** | **670** | **6472** | **2649** | **9524** |
| Pretax loss on sale of a subsidiary |  |  | 13211 |  |
| Pretax asset impairment | 178 |  | 178 |  |
| Income tax expense (benefits)<sup>1</sup> | 5092 | (1666) | 1180 | (2452) |
| **After-tax adjustments** | $**5940** | $**4806** | $**17218** | $**7072** |
| **<u>Holding and Other Companies net loss</u>** |  |  |  |  |
| GAAP<sup>2</sup> net loss (as reported) | $(13065) | $(20303) | $(34210) | $(38336) |
| Excluding special items related to the Maui windstorm and wildfires (after tax)<sup>1</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal expenses | 1177 | 4877 | 4890 | 8002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Outside services expense | 8 | 295 | 100 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense | 50 | 846 | 223 | 991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 156 | 641 | 363 | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Maui windstorm and wildfires related expenses (after tax)** | **1391** | **6659** | **5576** | **10861** |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance recoveries (after tax) | (893) | (1853) | (3609) | (3789) |
| **Total Maui windstorm and wildfires related expenses, net of insurance recoveries (after tax)** | **498** | **4806** | **1967** | **7072** |
| **Loss on sale of a subsidiary (after tax)**<sup>1</sup> | **—** |  | **9809** |  |
| **Asset impairment (after tax)**<sup>1</sup> | **5442** |  | **5442** |  |
| **Non-GAAP (Core) net loss** | $**(7125)** | $**(15497)** | $**(16992)** | $**(31264)** |

---

<sup>1 &nbsp;&nbsp;&nbsp;&nbsp;</sup>Current year composite statutory tax rate of 25.75%.

<sup>2 &nbsp;&nbsp;&nbsp;&nbsp;</sup>Accounting principles generally accepted in the United States of America.

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