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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Exact Name of Registrant as Specified in Its Charter |  | Commission File Number |  | I.R.S. Employer Identification No.
HAWAIIAN ELECTRIC INDUSTRIES, INC. |  | 1-8503 |  | 99-0208097
and Principal Subsidiary
HAWAIIAN ELECTRIC COMPANY, INC. |  | 1-4955 |  | 99-0040500

State of Hawaii
(State or other jurisdiction of incorporation or organization)
Hawaiian Electric Industries, Inc. – 1001 Bishop Street, Suite 2900, Honolulu, Hawaii 96813
Hawaiian Electric Company, Inc. – 1099 Alakea Street, Suite 2200, Honolulu, Hawaii 96813
(Address of principal executive offices and zip code)
Hawaiian Electric Industries, Inc. – (808) 543-5662
Hawaiian Electric Company, Inc. – (808) 543-7771
(Registrant’s telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Hawaiian Electric Industries, Inc. | Yes | ☒ | No | ☐ |  | Hawaiian Electric Company, Inc. | Yes | ☒ | No | ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Hawaiian Electric Industries, Inc. | Yes | ☒ | No | ☐ |  | Hawaiian Electric Company, Inc. | Yes | ☒ | No | ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act of 1934.

Hawaiian Electric Industries, Inc.: |  | Hawaiian Electric Company, Inc.: |
Large accelerated filer | ☒ | Smaller reporting company | ☐ | Large accelerated filer | ☐ | Smaller reporting company | ☐
Accelerated filer | ☐ | Emerging growth company | ☐ | Accelerated filer | ☐ | Emerging growth company | ☐
Non-accelerated filer | ☐ |  |  | Non-accelerated filer | ☒ |  |

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. | ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Hawaiian Electric Industries, Inc. | Yes | ☐ | No | ☒ |  | Hawaiian Electric Company, Inc. | Yes | ☐ | No | ☒

Securities registered pursuant to 12(b) of the Act:
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuers’ classes of common stock, as of the latest practicable date.

Class of Common Stock |  | Outstanding October 31, 2025
Hawaiian Electric Industries, Inc. (Without Par Value) |  | 172,620,476 |  | Shares
Hawaiian Electric Company, Inc. ($6-2/3 Par Value) |  | 17,854,278 |  | Shares (not publicly traded)

Hawaiian Electric Industries, Inc. (HEI) is the sole holder of Hawaiian Electric Company, Inc. (Hawaiian Electric) common stock.
This combined Form 10-Q is separately filed by HEI and Hawaiian Electric. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. No registrant makes any representation as to information relating to the other registrant, except that information relating to Hawaiian Electric is also attributed to HEI.

Hawaiian Electric Industries, Inc. and Subsidiaries
Hawaiian Electric Company, Inc. and Subsidiaries
Form 10-Q—Quarter ended September 30, 2025
TABLE OF CONTENTS

Page No. |  |
ii |  | Glossary of Terms
iv |  | Cautionary Note Regarding Forward-Looking Statements
|  | PART I. FINANCIAL INFORMATION
1 |  | Item 1. | Financial Statements
|  |  | Hawaiian Electric Industries, Inc. and Subsidiaries
1 |  |  | Condensed Consolidated Statements of Income (unaudited) - three and nine months ended September 30, 2025 and 2024
2 |  |  | Condensed Consolidated Statements of Comprehensive Income (unaudited) - three and nine months ended September 30, 2025 and 2024
3 |  |  | Condensed Consolidated Balance Sheets (unaudited) - September 30, 2025 and December 31, 2024
4 |  |  | Condensed Consolidated Statements of Changes in Shareholders’ Equity (unaudited) - three and nine months ended September 30, 2025 and 2024
5 |  |  | Condensed Consolidated Statements of Cash Flows (unaudited) - nine months ended September 30, 2025 and 2024
|  |  | Hawaiian Electric Company, Inc. and Subsidiaries
7 |  |  | Condensed Consolidated Statements of Income (unaudited) - three and nine months ended September 30, 2025 and 2024
7 |  |  | Condensed Consolidated Statements of Comprehensive Income (unaudited) - three and nine months ended September 30, 2025 and 2024
8 |  |  | Condensed Consolidated Balance Sheets (unaudited) - September 30, 2025 and December 31, 2024
10 |  |  | Condensed Consolidated Statements of Changes in Common Stock Equity (unaudited) - three and nine months ended September 30, 2025 and 2024
11 |  |  | Condensed Consolidated Statements of Cash Flows (unaudited) - nine months ended September 30, 2025 and 2024
12 |  |  | Notes to Condensed Consolidated Financial Statements (unaudited)
55 |  | Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations
55 |  |  | HEI consolidated
64 |  |  | Electric Utility
81 |  | Item 3. | Quantitative and Qualitative Disclosures About Market Risk
82 |  | Item 4. | Controls and Procedures
|  | PART II. | OTHER INFORMATION
83 |  | Item 1. | Legal Proceedings
83 |  | Item 1A. | Risk Factors
83 |  | Item 2. | Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
84 |  | Item 6. | Exhibits
85 |  | Signatures

i

Hawaiian Electric Industries, Inc. and Subsidiaries
Hawaiian Electric Company, Inc. and Subsidiaries
Form 10-Q—Quarter ended September 30, 2025
GLOSSARY OF TERMS

Terms |  | Definitions
ABL Facility |  | Asset-based lending facility
ARA |  | Annual revenue adjustment
ASB |  | American Savings Bank, F.S.B., a previously wholly owned subsidiary of ASB Hawaii, Inc. On December 31, 2024, American Savings Bank, F.S.B. was sold.
ASB Hawaii |  | ASB Hawaii, Inc., a wholly owned subsidiary of Hawaiian Electric Industries, Inc. and previously the parent company of American Savings Bank, F.S.B. On December 31, 2024, American Savings Bank, F.S.B. was sold.
BESS |  | Battery Energy Storage System
CBRE |  | Community-based renewable energy
Company |  | Hawaiian Electric Industries, Inc. and its direct and indirect subsidiaries, including, without limitation, Hawaiian Electric Company, Inc. and its subsidiaries (listed under Hawaiian Electric); ASB Hawaii, Inc.; GLST1, LLC; and Pacific Current, LLC and its subsidiaries (listed under Pacific Current). On December 31, 2024, American Savings Bank, F.S.B. was sold.
Consumer Advocate |  | Division of Consumer Advocacy, Department of Commerce and Consumer Affairs of the State of Hawaii
D&O |  | Decision and order from the PUC
ECRC |  | Energy cost recovery clause
EIP |  | 2010 Equity and Incentive Plan, as amended
EPA |  | Environmental Protection Agency — federal
EPRM |  | Exceptional Project Recovery Mechanism
EPS |  | Earnings per share
ESM |  | Earnings Sharing Mechanism
Exchange Act |  | Securities Exchange Act of 1934
Federal |  | U.S. Government
Fitch |  | Fitch Ratings, Inc.
GAAP |  | Accounting principles generally accepted in the United States of America
GLST1 |  | GLST1, LLC, a subsidiary of Hawaiian Electric Industries, Inc.
Hamakua Energy |  | Hamakua Energy, LLC, previously an indirect subsidiary of Pacific Current. On March 10, 2025, Hamakua Holdings, LLC was sold and as a result, its wholly owned subsidiary, Hamakua Energy, LLC is no longer owned by Pacific Current as of such closing.
Hamakua Holdings |  | Hamakua Holding, LLC, previously a direct subsidiary of Pacific Current and parent company of Hamakua Energy, LLC and HAESP, LLC. On March 10, 2025, Hamakua Holdings, LLC was sold.
Hawaii Electric Light |  | Hawaii Electric Light Company, Inc., an electric utility subsidiary of Hawaiian Electric Company, Inc.
Hawaiian Electric |  | Hawaiian Electric Company, Inc., an electric utility subsidiary of Hawaiian Electric Industries, Inc. and parent company of Hawaii Electric Light Company, Inc., Maui Electric Company, Limited, Renewable Hawaii, Inc. and HE AR INTER LLC
HE AR BRWR |  | HE AR BRWR LLC, a direct subsidiary of HE AR INTER LLC
HE AR INTER |  | HE AR INTER LLC, a direct subsidiary of Hawaiian Electric Company, Inc. and parent company of HE AR BRWR LLC
HEI |  | Hawaiian Electric Industries, Inc., direct parent company of Hawaiian Electric Company, Inc., ASB Hawaii, Inc., GLST1, LLC and Pacific Current, LLC
IIJA |  | Infrastructure Investment and Jobs Act
IPP |  | Independent power producer
kWh |  | Kilowatthour/s (as applicable)
LTIP |  | Long-term incentive plan
Mahipapa |  | Mahipapa, LLC, a subsidiary of Pacific Current
Maui Electric |  | Maui Electric Company, Limited, an electric utility subsidiary of Hawaiian Electric Company, Inc.
Maui windstorm and wildfires |  | The fires in the West Maui (Lahaina) and Upcountry Maui areas that caused fatalities and widespread property damage in Lahaina on August 8, 2023
Mauo |  | Mauo, LLC, a former subsidiary of Pacific Current

ii

GLOSSARY OF TERMS, continued

Terms |  | Definitions
Moody’s |  | Moody’s Investors Service’s
MPIR |  | Major Project Interim Recovery
MRP |  | Multi-year rate period
MW |  | Megawatt/s (as applicable)
O&M |  | Other operation and maintenance
OPEB |  | Postretirement benefits other than pension
Pacific Current |  | Pacific Current, LLC, a wholly owned subsidiary of HEI and parent company of Kaʻaipuaʻa, LLC, Mahipapa, LLC, and Pacific Current, Solar and Storage Holding Company, LLC. On March 10, 2025, Hamakua Holdings, LLC was sold. In June 2025, all of Pacific Current’s membership interests in Mauo, LLC, Alenuihaha Developments, LLC, Kaʻieʻie Waho Company, LLC and Upena, LLC were transferred to PC Opco. On August 1, 2025, PC Opco was sold.
PC Holdco |  | Pacific Current, Solar and Storage Holding Company, LLC, a wholly owned subsidiary of Pacific Current and parent company of PC Opco.
PC Opco |  | Pacific Current, Solar and Storage Operating Company, LLC, a wholly owned subsidiary of PC Holdco. In June 2025, Pacific Current transferred all of the outstanding membership interests in Mauo, LLC, Alenuihaha Developments, LLC, Kaʻieʻie Waho Company, LLC and Upena, LLC to PC Opco. On August 1, 2025, PC Opco was sold.
PBR |  | Performance-based regulation
PIMs |  | Performance incentive mechanisms
PPA |  | Power purchase agreement
PPAC |  | Purchased power adjustment clause
PUC |  | Public Utilities Commission of the State of Hawaii
PV |  | Photovoltaic
RAM |  | Revenue adjustment mechanism
RBA |  | Revenue balancing account
RFPs |  | Requests for proposals
ROACE |  | Return on average common equity
RPS |  | Renewable portfolio standards
S&P |  | S&P Global Ratings
SAIDI |  | System Average Interruption Duration Index
SAIFI |  | System Average Interruption Frequency Index
SEC |  | Securities and Exchange Commission
See |  | Means the referenced material is incorporated by reference
SOFR |  | Secured Overnight Financing Rate
SSMs |  | Shared Savings Mechanisms
T&D |  | Transmission and Distribution
Utilities |  | Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited
VIEs |  | Variable interest entities

iii

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This report and other presentations made by Hawaiian Electric Industries, Inc. (HEI) and Hawaiian Electric Company, Inc. (Hawaiian Electric) and their subsidiaries 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 (collectively, the Company), 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 and actual results and financial condition may differ materially from those indicated in the forward-looking statements.
Risks, uncertainties and other important factors that could cause actual results to differ materially from those described in forward-looking statements and from historical results include, but are not limited to, the following:
•the potential for further trade policy changes under the current administration could disrupt our supply chains and increase costs, e.g., the Utilities’ capital goods and equipment purchases and those of its independent power producers (IPPs) that contain components, sub-components, or raw materials sources from outside the U.S. could increase costs, which could threaten the viability of projects and impact our ability to meet customer demand and the Utilities’ ability to achieve renewable portfolio standards (RPS) goals;
•the impact of the Maui windstorm and wildfires, including the potential liabilities from the many lawsuits filed against the Company and the Utilities and potential regulatory penalties, which may result in significant costs that may be unrecoverable (or not reimbursed on a timely basis) through insurance and/or rates;
•an increase in insurance premiums and the inability to fully recover premiums through rates or the potential inability to obtain wildfire and general liability insurance coverage at reasonable rates, if available at all;
•the ability to raise the amount of capital necessary on reasonable terms, if at all, for the Company’s and the Utilities’ contribution to the Maui wildfire tort litigation settlement in order to alleviate future conditions that may cause substantial doubt about HEI’s and the Utilities’ ability to continue as a going concern;
•potential further dilution to existing shareholders if the Company raises funds by issuing additional equity or equity-linked securities;
•the inability to execute financing plans to alleviate future conditions that may cause substantial doubt about HEI’s and the Utilities’ ability to continue as a going concern prior to the issuance of their respective annual financial statements, which could result in an event of default and an acceleration of the Company’s and the Utilities’ debt and lead to filing for bankruptcy protection if waivers from lenders are not received;
•extreme weather events, including windstorms and other natural disasters, particularly those driven or exacerbated by climate change, which could increase the risk of the Utilities’ equipment being damaged, becoming inoperable or contributing to a wildfire;
•future suspension, material reduction or extended delay in dividends or other distributions from operating subsidiaries to HEI;
•further downgrades by securities rating agencies in their ratings of the securities of HEI and Hawaiian Electric and their impact on results of financing efforts;
•the risks of suffering losses and incurring liabilities that are uninsured (e.g., damages to the Utilities’ transmission and distribution system and losses from business interruption) or underinsured (e.g., losses not covered as a result of insurance deductibles or other exclusions or exceeding policy limits), and the risks associated with the operation of transmission and distribution assets and power generation facilities, including public and employee safety issues, and assets causing or contributing to wildfires;
•international, national and local economic and political conditions—including the state of the Hawaii tourism, defense and construction industries; the strength or weakness of the Hawaii and continental U.S. real estate markets; decisions concerning the extent of the presence of the federal government and military in Hawaii; the implications and potential impacts of federal government shutdowns, including the impact to the Utilities’ customers’ ability to pay their electric bills and the impact on the State of Hawaii economy; the implications and potential impacts of U.S. and foreign capital and credit market conditions and federal, state and international responses to those conditions; the potential impacts of global and local developments (including global economic conditions and uncertainties, unrest, terrorist acts, wars, conflicts, political protests, deadly virus epidemic or other crisis); the effects of changes that have or may occur in U.S. policy, such as with respect to immigration and trade; and pandemics;
•the ability to adequately address risks and capitalize on opportunities related to the Company’s and the Utilities’ environmental, social and governance priority areas, which include safety, reliability and resilience, including relating to wildfires and other extreme weather events, decarbonization, economic health and affordability, secure digitalization, human capital management, employee engagement, and climate-related risks and opportunities;
•citizen activism, including civil unrest, especially in times of severe economic depression and heightened social and political divisions, which could negatively impact customers and employees, impair the ability of the Company and the Utilities to operate and maintain their facilities in an effective and safe manner, and citizen or stakeholder activism that could delay the construction, increase project costs or preclude the completion of third-party or Utility projects that are required to meet electricity demand, resilience and reliability objectives and RPS and other climate-related goals;
iv

•the effects of actions or inaction of the U.S. government or related agencies, including those related to the U.S. debt ceiling or budget funding, monetary policy, trade policy, energy and environmental policy, and other policy and regulatory changes advanced or proposed by the current administration;
•weather, natural disasters (e.g., hurricanes, earthquakes, tsunamis, lightning strikes, lava flows and the increasing effects of climate change, such as more severe storms, flooding, droughts, heat waves, and rising sea levels) and wildfires, including their impact on the resilience and reliability and cost of the Company’s and Utilities’ operations, and the economy;
•the timing, speed and extent of changes in interest rates and the shape of the yield curve, which could result in higher borrowing costs and changes in market liquidity;
•the continued ability of the Company and the Utilities to access the credit and capital markets to fund necessary investments and expenditures (e.g., to obtain short-term and long-term debt financing, including lines of credit, and, in the case of HEI, to issue common stock) under volatile and challenging market conditions, and the potential higher cost of such financings, if available, and due to the uncertainties associated with the costs related to the Maui windstorm and wildfires;
•the risks inherent in changes in the value of the Company’s pension and other retirement plan assets, and the risks inherent in changes in the value of the Company’s pension liabilities, including changes driven by stock market values, interest rates and mortality improvements;
•changes in laws, regulations (including tax regulations), market conditions, interest rates and other factors that result in changes in assumptions used to calculate retirement benefits costs and funding requirements;
•the potential delay by the Public Utilities Commission of the State of Hawaii (PUC) in considering (and potential disapproval of actual or proposed) wildfire safety, renewable energy or resilience proposals, among others, and related costs; reliance by the Utilities on outside parties such as the State, IPPs and developers; supply-chain challenges; and uncertainties surrounding technologies, solar power, wind power, biofuels, environmental assessments required to meet RPS and other climate-related goals; the impacts of implementation of the wildfire mitigation, renewable energy and resilience proposals on future costs of electricity and potential penalties imposed by the PUC for delays in the commercial operations of renewable energy projects;
•the ability of the Utilities to develop, execute and recover the implementation costs of the Utilities’ action plans included in their Integrated Grid Plan, which was accepted by the PUC in 2024, due to the recent issuance of the PUC’s 2024 Inclinations on the Future of Energy in Hawaii, Governor Josh Green’s Executive Order No. 25-01, Accelerating Hawaii’s Transition Toward 100 Percent Renewable Energy, and the Hawaii State Energy Office’s Alternative Fuel, Repowering and Energy Transition Study on the aforementioned plans of the Utilities;
•the ability of the Utilities to recover undepreciated cost of fossil fuel generating units, if they are required to be retired before the end of their expected useful life;
•capacity and supply constraints or difficulties, especially if generating units (utility-owned or IPP-owned) fail or measures such as demand-side management, distributed generation, combined heat and power or other firm capacity supply-side resources fall short of achieving their forecasted benefits or are otherwise insufficient to reduce or meet peak demand;
•high and/or volatile fuel prices, which increases working capital requirements and customer bills, or delivery of adequate fuel by suppliers (including as a result of the Russia-Ukraine war and conflicts in the Middle East), which could affect the reliability of utility operations, and the continued availability to the Utilities of their energy cost recovery clauses (ECRCs);
•the continued availability to the Utilities or modifications of other cost recovery mechanisms, including the purchased power adjustment clauses (PPACs), annual revenue adjustment (ARA) and pension and postretirement benefits other than pensions (OPEB) tracking mechanisms, and the continued decoupling of revenues from sales to mitigate the effects of declining kilowatt-hour sales;
•the ability of the Utilities to recover increasing or additional costs (e.g., due to trade policies imposed by the current administration or other factors impacting prices) and earn a reasonable return on capital investments not covered by the ARA, while providing the customer dividend required by performance-based regulation (PBR);
•the impact from the PUC’s implementation of PBR for the Utilities pursuant to Act 005, Session Laws 2018, including the potential addition of new performance incentive mechanisms (PIMs), third-party proposals adopted by the PUC in its implementation of PBR, and the implications of not achieving performance incentive goals;
•the impact of fuel price levels and volatility on customer satisfaction and political and regulatory support for the Utilities;
•unfavorable changes in economic conditions, such as sustained inflation, higher interest rates or recession, that negatively impact the ability of the Company’s customers to pay their utility bills and increase operating costs of the Utilities that cannot be passed on to, or recovered, from customers;
•the risks associated with increasing reliance on renewable energy, including the availability and cost of non-fossil fuel supplies for renewable energy generation and the operational impacts and related cost impacts of adding intermittent sources of renewable energy to the electric grid;
•the growing risk that energy production from renewable generating resources may be curtailed and the interconnection of additional resources will be constrained as more generating resources are added to the Utilities’ electric systems and as customers reduce their energy usage;
•the ability of IPPs to deliver the firm capacity anticipated in their power purchase agreements (PPAs);
•the potential that, as IPP contracts near the end of their terms, there may be less economic incentive for the IPPs to make investments in their units to ensure the availability of their units;
•the ability of the Utilities to negotiate, periodically, favorable agreements for significant resources such as fuel supply contracts and collective bargaining agreements and avoid or mitigate labor disputes and work stoppages;
•new technological developments that could affect the operations and prospects of the Utilities or their competitors such as the commercial development of energy storage and microgrids;
v

•cybersecurity risks and the potential for cyber incidents, including potential incidents at HEI, its subsidiaries (including at electric utility plants), its third-party service providers, contractors and customers with whom they have shared data (IPPs, distributed energy resources aggregators and customers enrolled under distributed energy resources programs) and incidents at data processing centers used, to the extent not prevented by intrusion detection and prevention systems, anti-virus software, firewalls and other general IT controls;
•failure to achieve remaining cost savings commitment related to the management audit committed savings of $33 million over the 2021 to 2025 multi-year rate period (MRP);
•federal, state, county and international governmental and regulatory actions, such as existing, new and changes in laws, rules and regulations applicable to HEI and the Utilities (including changes in taxation and tax rates, increases in capital requirements, regulatory policy changes, environmental laws and regulations (including resulting compliance costs and risks of fines and penalties and/or liabilities), the regulation of greenhouse gas emissions, governmental fees and assessments, and potential carbon pricing or “cap and trade” legislation that may fundamentally alter costs to produce electricity and accelerate the move to renewable generation);
•the impact from the PUC’s implementation of wheeling for the Utilities, including cost shifting and customer equity considerations, the potential increased competition, and other legal and technical implications, pursuant to Act 266, which authorizes wheeling of renewable energy and requires the PUC to establish associated policies and procedures;
•developments in laws, regulations and policies governing protections for historic, archaeological and cultural sites, and plant and animal species and habitats, as well as developments in the implementation and enforcement of such laws, regulations and policies;
•discovery of conditions that may be attributable to historical chemical releases, including any necessary investigation and remediation, and any associated enforcement, litigation or regulatory oversight;
•decisions by the PUC in rate cases and other proceedings (including the risks of delays in the timing of decisions, adverse changes in final decisions from interim decisions and the disallowance of project costs as a result of adverse regulatory audit reports or otherwise);
•decisions by the PUC and by other agencies and courts on land use, environmental and other permitting issues (such as required corrective actions, restrictions and penalties that may arise, such as with respect to environmental conditions or RPS);
•the risks associated with the geographic concentration of HEI’s businesses;
•changes in accounting principles applicable to HEI and its subsidiaries, including the adoption of new U.S. accounting standards, the potential discontinuance of regulatory accounting related to PBR or other regulatory changes, the effects of potentially required consolidation of variable interest entities (VIEs), or required finance lease or on-balance-sheet operating lease accounting for PPAs with IPPs;
•the final outcome of tax positions taken by HEI and its subsidiaries;
•the ability to effectively utilize federal and state net operating loss carryforwards;
•the ability of the Company’s non-regulated subsidiary, Pacific Current, LLC (Pacific Current), to achieve its performance objectives, which in turn could affect its ability to service its non-recourse debt;
•the Company’s reliance on third parties and the risk of their non-performance; and
•other risks or uncertainties described elsewhere in this report (e.g., Item 1A. Risk Factors) and in other reports previously and subsequently filed by HEI and/or Hawaiian Electric with the Securities and Exchange Commission (SEC).
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, Pacific Current and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether written or oral and whether as a result of new information, future events or otherwise.
vi

PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (unaudited)

|  | Three months ended September 30 |  | Nine months ended September 30
(in thousands, except per share amounts) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenues |  |  |  |  |  |  |  |
Electric utility |  | $ | 787,428 |  |  | $ | 829,617 |  |  | $ | 2,268,276 |  |  | $ | 2,410,526 |
Other |  | 3,182 |  |  | 3,622 |  |  | 12,796 |  |  | 10,144 |
Total revenues |  | 790,610 |  |  | 833,239 |  |  | 2,281,072 |  |  | 2,420,670 |
Expenses |  |  |  |  |  |  |  |
Electric utility (includes $163 million and $1,875 million of provision for Wildfire tort-related claims recorded in quarter and nine months ended September 30, 2024) (Note 2) |  | 724,635 |  |  | 934,181 |  |  | 2,065,002 |  |  | 4,096,175 |
Other (includes $35 million of impairment recorded in third quarter of 2024) |  | 13,929 |  |  | 48,778 |  |  | 47,857 |  |  | 84,917 |
Total expenses |  | 738,564 |  |  | 982,959 |  |  | 2,112,859 |  |  | 4,181,092 |
Operating income (loss) |  |  |  |  |  |  |  |
Electric utility |  | 62,793 |  |  | (104,564) |  |  | 203,274 |  |  | (1,685,649) |
Other |  | (10,747) |  |  | (45,156) |  |  | (35,061) |  |  | (74,773) |
Total operating income (loss) |  | 52,046 |  |  | (149,720) |  |  | 168,213 |  |  | (1,760,422) |
Retirement defined benefits credit—other than service costs |  | 817 |  |  | 849 |  |  | 2,653 |  |  | 2,851 |
Interest expense, net |  | (26,211) |  |  | (32,085) |  |  | (87,679) |  |  | (96,076) |
Allowance for borrowed funds used during construction |  | 1,500 |  |  | 1,331 |  |  | 4,379 |  |  | 4,061 |
Allowance for equity funds used during construction |  | 3,821 |  |  | 3,300 |  |  | 11,108 |  |  | 10,276 |
Interest income |  | 6,960 |  |  | 3,662 |  |  | 27,162 |  |  | 9,929 |
Gain (loss) on sale of subsidiaries and impairment loss on assets sold and held for sale |  | 1,013 |  |  | — |  |  | (12,376) |  |  | — |
Income (loss) from continuing operations before income taxes |  | 39,946 |  |  | (172,663) |  |  | 113,460 |  |  | (1,829,381) |
Income tax expense (benefit) |  | 8,728 |  |  | (49,954) |  |  | 28,540 |  |  | (479,109) |
Income (loss) from continuing operations |  | 31,218 |  |  | (122,709) |  |  | 84,920 |  |  | (1,350,272) |
Preferred stock dividends of subsidiaries |  | 471 |  |  | 471 |  |  | 1,417 |  |  | 1,417 |
Income (loss) from continuing operations for common stock |  | 30,747 |  |  | (123,180) |  |  | 83,503 |  |  | (1,351,689) |
Income (loss) from discontinued operations |  | — |  |  | 18,778 |  |  | — |  |  | (6,075) |
Net income (loss) for common stock |  | $ | 30,747 |  |  | $ | (104,402) |  |  | $ | 83,503 |  |  | $ | (1,357,764) |
Continuing operations - Basic earnings (loss) per common share |  | $ | 0.18 |  |  | $ | (1.08) |  |  | $ | 0.48 |  |  | $ | (12.11) |
Discontinued operations - Basic earnings (loss) per common share |  | — |  |  | 0.16 |  |  | — |  |  | (0.05) |
Basic earnings (loss) per common share |  | $ | 0.18 |  |  | $ | (0.91) |  |  | $ | 0.48 |  |  | $ | (12.16) |
Continuing operations - Diluted earnings (loss) per common share |  | $ | 0.18 |  |  | $ | (1.08) |  |  | $ | 0.48 |  |  | $ | (12.11) |
Discontinued operations - Diluted earnings (loss) per common share |  | — |  |  | 0.16 |  |  | — |  |  | (0.05) |
Diluted earnings (loss) per common share |  | $ | 0.18 |  |  | $ | (0.91) |  |  | $ | 0.48 |  |  | $ | (12.16) |
Weighted-average number of common shares outstanding: |  |  |  |  |  |  |  |
Basic |  | 172,617 |  |  | 114,358 |  |  | 172,531 |  |  | 111,636 |
Diluted |  | 172,916 |  |  | 114,358 |  |  | 172,939 |  |  | 111,636 |

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.
1

Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (unaudited)

|  | Three months ended September 30 |  | Nine months ended September 30
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Net income (loss) for common stock |  | $ | 30,747 |  |  | $ | (104,402) |  |  | $ | 83,503 |  |  | $ | (1,357,764) |
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |
Net unrealized gains (losses) on available-for-sale investment securities: |  |  |  |  |  |  |  |
Net unrealized losses on available-for-sale investment securities arising during the period, net of taxes of nil, $13,470, nil and $7,878, respectively |  | — |  |  | 36,795 |  |  | — |  |  | 21,520 |
Amortization of unrealized holding losses on held-to-maturity securities, net of taxes of nil, $1,231, nil and $3,565, respectively |  | — |  |  | 3,366 |  |  | — |  |  | 9,740 |
Derivatives qualifying as cash flow hedges: |  |  |  |  |  |  |  |
Unrealized interest rate hedging gains (losses) arising during the period, net of taxes of $46, $(291), $(169) and $(24), respectively |  | 131 |  |  | (838) |  |  | (489) |  |  | (69) |
Reclassification adjustment to net income, net of taxes of $(304), $(18), $(339) and $(52), respectively |  | (877) |  |  | (52) |  |  | (977) |  |  | (151) |
Retirement benefit plans: |  |  |  |  |  |  |  |
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes of $(187), $(431), $(538) and $(740), respectively |  | (540) |  |  | (1,244) |  |  | (1,553) |  |  | (2,138) |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $192, $462, $527 and $781, respectively |  | 552 |  |  | 1,333 |  |  | 1,519 |  |  | 2,251 |
Other comprehensive income (loss), net of taxes |  | (734) |  |  | 39,360 |  |  | (1,500) |  |  | 31,153 |
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc. |  | $ | 30,013 |  |  | $ | (65,042) |  |  | $ | 82,003 |  |  | $ | (1,326,611) |

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.
2

Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)

(dollars in thousands) |  | September 30, 2025 |  | December 31, 2024
Assets |  |  |  |
Current assets: |  |  |  |
Cash and cash equivalents |  | $ | 548,242 |  |  | $ | 750,535 |
Restricted cash |  | 478,968 |  |  | 492,317 |
Accounts receivable and unbilled revenues, net |  | 498,229 |  |  | 457,171 |
Regulatory assets |  | 36,032 |  |  | 53,895 |
Other |  | 296,351 |  |  | 380,408 |
Assets held for sale |  | 55,878 |  |  | — |
Total current assets |  | 1,913,700 |  |  | 2,134,326 |
Noncurrent assets: |  |  |  |
Property, plant and equipment, net of accumulated depreciation of $3,497,615 and $3,378,282 at September 30, 2025 and December 31, 2024, respectively |  | 6,155,343 |  |  | 6,134,318 |
Operating lease right-of-use assets |  | 58,197 |  |  | 66,553 |
Regulatory assets |  | 251,205 |  |  | 227,424 |
Other |  | 435,191 |  |  | 368,795 |
Total noncurrent assets |  | 6,899,936 |  |  | 6,797,090 |
Total assets |  | $ | 8,813,636 |  |  | $ | 8,931,416 |
Liabilities and shareholders’ equity |  |  |  |
Current liabilities: |  |  |  |
Accounts payable |  | $ | 217,329 |  |  | $ | 203,452 |
Interest and dividends payable |  | 34,691 |  |  | 27,203 |
Short-term borrowings, net |  | — |  |  | 48,623 |
Current portion of long-term debt, net |  | 143,472 |  |  | 109,171 |
Regulatory liabilities |  | 37,642 |  |  | 26,568 |
Wildfire related claims (Note 2) |  | 526,500 |  |  | 478,750 |
Other |  | 402,034 |  |  | 430,824 |
Liabilities held for sale |  | 59,075 |  |  | — |
Total current liabilities |  | 1,420,743 |  |  | 1,324,591 |
Noncurrent liabilities: |  |  |  |
Long-term debt, net |  | 2,295,219 |  |  | 2,690,387 |
Operating lease liabilities |  | 45,610 |  |  | 56,523 |
Finance lease liabilities |  | 509,776 |  |  | 426,598 |
Regulatory liabilities |  | 1,285,879 |  |  | 1,217,515 |
Defined benefit plans liability |  | 23,080 |  |  | 23,213 |
Wildfire tort-related claims (Note 2) |  | 1,436,250 |  |  | 1,436,250 |
Other |  | 198,950 |  |  | 242,957 |
Total noncurrent liabilities |  | 5,794,764 |  |  | 6,093,443 |
Total liabilities |  | 7,215,507 |  |  | 7,418,034 |
Preferred stock of subsidiaries - not subject to mandatory redemption |  | 34,293 |  |  | 34,293 |
Commitments and contingencies (Notes 2 and 4) |  |  |  |
Shareholders’ equity |  |  |  |
Preferred stock, no par value, authorized 10,000,000 shares; issued: none |  | — |  |  | — |
Common stock, no par value, authorized 400,000,000 shares; issued and outstanding: 172,620,476 shares and 172,465,608 shares at September 30, 2025 and December 31, 2024, respectively |  | 2,267,288 |  |  | 2,264,544 |
Retained earnings (deficit) |  | (705,413) |  |  | (788,916) |
Accumulated other comprehensive income, net of taxes |  | 1,961 |  |  | 3,461 |
Total shareholders’ equity |  | 1,563,836 |  |  | 1,479,089 |
Total liabilities and shareholders’ equity |  | $ | 8,813,636 |  |  | $ | 8,931,416 |

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.
3

Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Changes in Shareholders’ Equity (unaudited)

|  | Common stock |  | Retained earnings (deficit) |  | Accumulated other comprehensive income (loss) |  |
(in thousands) |  | Shares |  | Amount |  |  |  | Total
Balance, December 31, 2024 |  | 172,466 |  |  | $ | 2,264,544 |  |  | $ | (788,916) |  |  | $ | 3,461 |  |  | $ | 1,479,089 |
Net income for common stock |  | — |  |  | — |  |  | 26,671 |  |  | — |  |  | 26,671 |
Other comprehensive loss, net of tax benefits |  | — |  |  | — |  |  | — |  |  | (460) |  |  | (460) |
Share-based expenses and other, net |  | 28 |  |  | 576 |  |  | — |  |  | — |  |  | 576 |
Balance, March 31, 2025 |  | 172,494 |  |  | 2,265,120 |  |  | (762,245) |  |  | 3,001 |  |  | 1,505,876 |
Net income for common stock |  | — |  |  | — |  |  | 26,085 |  |  | — |  |  | 26,085 |
Other comprehensive loss, net of tax benefits |  | — |  |  | — |  |  | — |  |  | (306) |  |  | (306) |
Share-based expenses and other, net |  | 118 |  |  | 2,777 |  |  | — |  |  | — |  |  | 2,777 |
Balance, June 30, 2025 |  | 172,612 |  |  | 2,267,897 |  |  | (736,160) |  |  | 2,695 |  |  | 1,534,432 |
Net income for common stock |  | — |  |  | — |  |  | 30,747 |  |  | — |  |  | 30,747 |
Other comprehensive loss, net of tax benefits |  | — |  |  | — |  |  | — |  |  | (734) |  |  | (734) |
Share-based expenses and other, net |  | 8 |  |  | (609) |  |  | — |  |  | — |  |  | (609) |
Balance, September 30, 2025 |  | 172,620 |  |  | $ | 2,267,288 |  |  | $ | (705,413) |  |  | $ | 1,961 |  |  | $ | 1,563,836 |
Balance, December 31, 2023 |  | 110,152 |  |  | $ | 1,707,471 |  |  | $ | 926,720 |  |  | $ | (289,350) |  |  | $ | 2,344,841 |
Net income for common stock |  | — |  |  | — |  |  | 42,122 |  |  | — |  |  | 42,122 |
Other comprehensive loss, net of tax benefits |  | — |  |  | — |  |  | — |  |  | (9,801) |  |  | (9,801) |
Share-based expenses and other, net |  | 151 |  |  | 218 |  |  | — |  |  | — |  |  | 218 |
Balance, March 31, 2024 |  | 110,303 |  |  | 1,707,689 |  |  | 968,842 |  |  | (299,151) |  |  | 2,377,380 |
Net loss for common stock |  | — |  |  | — |  |  | (1,295,484) |  |  | — |  |  | (1,295,484) |
Other comprehensive income, net of taxes |  | — |  |  | — |  |  | — |  |  | 1,594 |  |  | 1,594 |
Share-based expenses and other, net |  | — |  |  | 1,783 |  |  | — |  |  | — |  |  | 1,783 |
Balance, June 30, 2024 |  | 110,303 |  |  | 1,709,472 |  |  | (326,642) |  |  | (297,557) |  |  | 1,085,273 |
Net loss for common stock |  | — |  |  | — |  |  | (104,402) |  |  | — |  |  | (104,402) |
Other comprehensive income, net of taxes |  | — |  |  | — |  |  | — |  |  | 39,360 |  |  | 39,360 |
Common stock offering |  | 62,163 |  |  | 575,000 |  |  | — |  |  | — |  |  | 575,000 |
Share-based expenses and other, net |  | — |  |  | (18,190) |  |  | — |  |  | — |  |  | (18,190) |
Balance, September 30, 2024 |  | 172,466 |  |  | $ | 2,266,282 |  |  | $ | (431,044) |  |  | $ | (258,197) |  |  | $ | 1,577,041 |

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.
4

Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)

|  | Nine months ended September 30
(in thousands) |  | 2025 |  | 2024
Cash flows from operating activities |  |  |  |
Net income (loss), including loss from discontinued operations in 2024 |  | $ | 84,920 |  |  | $ | (1,356,347) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities - continuing operations |  |  |  |
Loss from discontinued operations |  | — |  |  | 6,075 |
Depreciation of property, plant and equipment |  | 195,891 |  |  | 196,894 |
Other amortization |  | 30,732 |  |  | 23,251 |
Loss on sale of subsidiaries and impairment loss on assets sold and held for sale |  | 12,376 |  |  | — |
Deferred income tax benefit |  | (13,333) |  |  | (498,131) |
Share-based compensation expense |  | 2,922 |  |  | 2,163 |
Allowance for equity funds used during construction |  | (11,108) |  |  | (10,276) |
Assets impairment |  | — |  |  | 39,642 |
Other |  | (4,528) |  |  | (7,984) |
Changes in assets and liabilities |  |  |  |
Decrease (increase) in accounts receivable and unbilled revenues, net |  | (54,014) |  |  | 49,063 |
Decrease (increase) in fuel oil stock |  | (13,200) |  |  | 38,152 |
Decrease (increase) in materials and supplies |  | (14,412) |  |  | 440 |
Decrease (increase) in regulatory assets |  | 2,839 |  |  | (13,263) |
Increase in regulatory liabilities |  | 65,674 |  |  | 33,461 |
Increase in accounts, interest and dividends payable |  | 3,372 |  |  | 66,049 |
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes |  | (15,761) |  |  | (33,217) |
Decrease in defined benefit pension and other postretirement benefit plans liability |  | (4,263) |  |  | (5,949) |
Increase in wildfire-related claims |  | 47,750 |  |  | 1,840,000 |
Change in other assets and liabilities |  | (31,189) |  |  | (67,560) |
Net cash provided by operating activities-continuing operations |  | 284,668 |  |  | 302,463 |
Net cash provided by operating activities-discontinued operations |  | — |  |  | 48,448 |
Net cash provided by operating activities |  | 284,668 |  |  | 350,911 |
Cash flows from investing activities |  |  |  |
Proceeds from sale of subsidiaries |  | 13,781 |  |  | — |
Capital expenditures |  | (255,450) |  |  | (256,920) |
Other |  | 4,316 |  |  | 1,808 |
Net cash used in investing activities-continuing operations |  | (237,353) |  |  | (255,112) |
Net cash provided by investing activities-discontinued operations |  | — |  |  | 231,052 |
Net cash used in investing activities |  | $ | (237,353) |  |  | $ | (24,060) |

(continued)
5

Hawaiian Electric Industries, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited) (continued)

|  | Nine months ended September 30
(in thousands) |  | 2025 |  | 2024
Cash flows from financing activities |  |  |  |
Repayment of short-term debt |  | $ | (50,000) |  |  | $ | — |
Proceeds from issuance of long-term debt |  | 500,000 |  |  | 5,204 |
Repayment of long-term debt |  | (694,475) |  |  | (12,865) |
Withheld shares for employee taxes on vested share-based compensation |  | (178) |  |  | (1,074) |
Net proceeds from issuance of common stock |  | — |  |  | 556,724 |
Preferred stock dividends of subsidiaries |  | (1,417) |  |  | (1,417) |
Other |  | (16,887) |  |  | (12,415) |
Net cash provided by (used in) financing activities-continuing operations |  | (262,957) |  |  | 534,157 |
Net cash used in financing activities-discontinued operations |  | — |  |  | (382,302) |
Net cash provided by (used in) financing activities |  | (262,957) |  |  | 151,855 |
Net increase (decrease) in cash, cash equivalents and restricted cash, including cash from discontinued operations |  | (215,642) |  |  | 478,706 |
Cash, cash equivalents and restricted cash, including cash from discontinued operations, beginning of period |  | 1,242,852 |  |  | 694,574 |
Cash, cash equivalents and restricted cash, including cash from discontinued operations, end of period |  | 1,027,210 |  |  | 1,173,280 |
Less: Restricted cash |  | (478,968) |  |  | (13,645) |
Less: Cash from discontinued operations |  | — |  |  | (332,653) |
Cash and cash equivalents from continuing operations, end of period |  | $ | 548,242 |  |  | $ | 826,982 |

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.
6

Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (unaudited)

|  | Three months ended September 30 |  | Nine months ended September 30
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenues |  | $ | 787,428 |  |  | $ | 829,617 |  |  | $ | 2,268,276 |  |  | $ | 2,410,526 |
Expenses |  |  |  |  |  |  |  |
Fuel oil |  | 240,547 |  |  | 279,038 |  |  | 689,855 |  |  | 821,986 |
Purchased power |  | 183,813 |  |  | 189,165 |  |  | 505,493 |  |  | 530,310 |
Other operation and maintenance |  | 161,819 |  |  | 162,197 |  |  | 463,144 |  |  | 453,648 |
Wildfire tort-related claims (Note 2) |  | — |  |  | 163,000 |  |  | — |  |  | 1,875,000 |
Depreciation |  | 64,022 |  |  | 62,812 |  |  | 192,015 |  |  | 188,436 |
Taxes, other than income taxes |  | 74,434 |  |  | 77,969 |  |  | 214,495 |  |  | 226,795 |
Total expenses |  | 724,635 |  |  | 934,181 |  |  | 2,065,002 |  |  | 4,096,175 |
Operating income (loss) |  | 62,793 |  |  | (104,564) |  |  | 203,274 |  |  | (1,685,649) |
Allowance for equity funds used during construction |  | 3,821 |  |  | 3,300 |  |  | 11,108 |  |  | 10,276 |
Retirement defined benefits credit—other than service costs |  | 998 |  |  | 959 |  |  | 3,101 |  |  | 3,103 |
Interest expense and other charges, net |  | (22,114) |  |  | (20,223) |  |  | (66,272) |  |  | (61,625) |
Allowance for borrowed funds used during construction |  | 1,500 |  |  | 1,331 |  |  | 4,379 |  |  | 4,061 |
Interest income |  | 1,461 |  |  | 1,671 |  |  | 4,657 |  |  | 4,555 |
Income (loss) before income taxes |  | 48,459 |  |  | (117,526) |  |  | 160,247 |  |  | (1,725,279) |
Income tax expense (benefit) |  | 10,973 |  |  | (35,439) |  |  | 34,797 |  |  | (454,017) |
Net income (loss) |  | 37,486 |  |  | (82,087) |  |  | 125,450 |  |  | (1,271,262) |
Preferred stock dividends of subsidiaries |  | 228 |  |  | 228 |  |  | 686 |  |  | 686 |
Net income (loss) attributable to Hawaiian Electric |  | 37,258 |  |  | (82,315) |  |  | 124,764 |  |  | (1,271,948) |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | 270 |  |  | 810 |  |  | 810 |
Net income (loss) for common stock |  | $ | 36,988 |  |  | $ | (82,585) |  |  | $ | 123,954 |  |  | $ | (1,272,758) |

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.
HEI owns all of the common stock of Hawaiian Electric. Therefore, per share data with respect to shares of common stock of Hawaiian Electric are not meaningful.
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (unaudited)

|  | Three months ended September 30 |  | Nine months ended September 30
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Net income (loss) for common stock |  | $ | 36,988 |  |  | $ | (82,585) |  |  | $ | 123,954 |  |  | $ | (1,272,758) |
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes of $(200), $(462), $(568) and $(813), respectively |  | (576) |  |  | (1,331) |  |  | (1,637) |  |  | (2,344) |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes of $192, $462, $527 and $781, respectively |  | 552 |  |  | 1,333 |  |  | 1,519 |  |  | 2,251 |
Other comprehensive income (loss), net of taxes |  | (24) |  |  | 2 |  |  | (118) |  |  | (93) |
Comprehensive income (loss) attributable to Hawaiian Electric Company, Inc. |  | $ | 36,964 |  |  | $ | (82,583) |  |  | $ | 123,836 |  |  | $ | (1,272,851) |

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.
7

Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (unaudited)

(dollars in thousands, except par value) |  | September 30, 2025 |  | December 31, 2024
Assets |  |  |  |
Property, plant and equipment |  |  |  |
Utility property, plant and equipment |  |  |  |
Land |  | $ | 52,109 |  |  | $ | 52,019 |
Plant and equipment |  | 8,636,686 |  |  | 8,421,501 |
Right-of-use assets - finance lease |  | 540,679 |  |  | 447,101 |
Less accumulated depreciation |  | (3,487,595) |  |  | (3,326,624) |
Construction in progress |  | 409,735 |  |  | 365,709 |
Utility property, plant and equipment, net |  | 6,151,614 |  |  | 5,959,706 |
Nonutility property, plant and equipment, less accumulated depreciation of $1 and $1 as of September 30, 2025 and December 31, 2024, respectively |  | 2,705 |  |  | 2,792 |
Total property, plant and equipment, net |  | 6,154,319 |  |  | 5,962,498 |
Current assets |  |  |  |
Cash and cash equivalents |  | 503,871 |  |  | 184,148 |
Customer accounts receivable, net |  | 192,187 |  |  | 199,898 |
Accrued unbilled revenues, net |  | 184,347 |  |  | 178,721 |
Other accounts receivable, net |  | 70,598 |  |  | 69,637 |
Fuel oil stock, at average cost |  | 111,203 |  |  | 98,903 |
Materials and supplies, at average cost |  | 132,782 |  |  | 118,466 |
Prepayments and other |  | 49,387 |  |  | 151,220 |
Regulatory assets |  | 36,032 |  |  | 53,895 |
Total current assets |  | 1,280,407 |  |  | 1,054,888 |
Other long-term assets |  |  |  |
Operating lease right-of-use assets |  | 57,179 |  |  | 59,281 |
Regulatory assets |  | 251,205 |  |  | 227,424 |
Defined benefit pension and other postretirement benefit plans asset |  | 112,142 |  |  | 108,819 |
Investment in unconsolidated affiliate |  | 287,250 |  |  | — |
Other |  | 248,457 |  |  | 200,694 |
Total other long-term assets |  | 956,233 |  |  | 596,218 |
Total assets |  | $ | 8,390,959 |  |  | $ | 7,613,604 |

(continued)
8

Hawaiian Electric Company, Inc. and Subsidiaries
Conde nsed Consolidated Balance Sheets (unaudited) (continued)

(dollars in thousands, except par value) |  | September 30, 2025 |  | December 31, 2024
Capitalization and liabilities |  |  |  |
Capitalization |  |  |  |
Common stock ($6 2/3 par value, authorized 50,000,000 shares; outstanding 17,854,278 shares at September 30, 2025 and December 31, 2024) |  | $ | 119,048 |  |  | $ | 119,048 |
Premium on capital stock |  | 810,955 |  |  | 810,955 |
Retained earnings |  | 327,850 |  |  | 223,896 |
Additional paid-in capital |  | 288,060 |  |  | 270 |
Accumulated other comprehensive income, net of taxes-retirement benefit plans |  | 2,668 |  |  | 2,786 |
Common stock equity |  | 1,548,581 |  |  | 1,156,955 |
Cumulative preferred stock — not subject to mandatory redemption |  | 34,293 |  |  | 34,293 |
Long-term debt, net |  | 2,057,605 |  |  | 1,854,214 |
Total capitalization |  | 3,640,479 |  |  | 3,045,462 |
Commitments and contingencies (Notes 2 and 4) |  |  |  |
Current liabilities |  |  |  |
Current portion of operating lease liabilities |  | 16,839 |  |  | 15,202 |
Current portion of long-term debt, net |  | 124,928 |  |  | 47,000 |
Short-term borrowings from non-affiliates, net |  | — |  |  | 48,623 |
Accounts payable |  | 214,944 |  |  | 196,980 |
Interest and preferred dividends payable |  | 28,857 |  |  | 21,536 |
Taxes accrued, including revenue taxes |  | 245,756 |  |  | 272,001 |
Regulatory liabilities |  | 37,642 |  |  | 26,568 |
Wildfire tort-related claims (Note 2) |  | 478,750 |  |  | 478,750 |
Other |  | 123,627 |  |  | 121,011 |
Total current liabilities |  | 1,271,343 |  |  | 1,227,671 |
Deferred credits and other liabilities |  |  |  |
Operating lease liabilities |  | 44,803 |  |  | 49,135 |
Finance lease liabilities |  | 509,776 |  |  | 425,625 |
Regulatory liabilities |  | 1,285,879 |  |  | 1,217,515 |
Unamortized tax credits |  | 69,839 |  |  | 76,676 |
Defined benefit pension liability |  | 6,444 |  |  | 6,428 |
Wildfire tort-related claims (Note 2) |  | 1,436,250 |  |  | 1,436,250 |
Other |  | 126,146 |  |  | 128,842 |
Total deferred credits and other liabilities |  | 3,479,137 |  |  | 3,340,471 |
Total capitalization and liabilities |  | $ | 8,390,959 |  |  | $ | 7,613,604 |

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.
9

Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidated Statements of Changes in Common Stock Equity (unaudited)

|  | Common stock |  | Premium on capital |  | Retained |  | Additional paid-in |  | Accumulated other comprehensive |  |
(in thousands) |  | Shares |  | Amount |  | stock |  | earnings |  | capital |  | income |  | Total
Balance, December 31, 2024 |  | 17,854 |  |  | $ | 119,048 |  |  | $ | 810,955 |  |  | $ | 223,896 |  |  | $ | 270 |  |  | $ | 2,786 |  |  | $ | 1,156,955 |
Net income for common stock |  | — |  |  | — |  |  | — |  |  | 47,816 |  |  | — |  |  | — |  |  | 47,816 |
Other comprehensive loss, net of tax benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (47) |  |  | (47) |
Additional paid-in capital |  | — |  |  | — |  |  | — |  |  | — |  |  | 287,520 |  |  | — |  |  | 287,520 |
Balance, March 31, 2025 |  | 17,854 |  |  | 119,048 |  |  | 810,955 |  |  | 271,712 |  |  | 287,790 |  |  | 2,739 |  |  | 1,492,244 |
Net income for common stock |  | — |  |  | — |  |  | — |  |  | 39,150 |  |  | — |  |  | — |  |  | 39,150 |
Other comprehensive loss, net of tax benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (47) |  |  | (47) |
Common stock dividends |  | — |  |  | — |  |  | — |  |  | (10,000) |  |  | — |  |  | — |  |  | (10,000) |
Additional paid-in capital |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |  |  | — |  |  | 270 |
Balance, June 30, 2025 |  | 17,854 |  |  | 119,048 |  |  | 810,955 |  |  | 300,862 |  |  | 288,060 |  |  | 2,692 |  |  | 1,521,617 |
Net income for common stock |  | — |  |  | — |  |  | — |  |  | 36,988 |  |  | — |  |  | — |  |  | 36,988 |
Other comprehensive loss, net of tax benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (24) |  |  | (24) |
Common stock dividends |  | — |  |  | — |  |  | — |  |  | (10,000) |  |  | — |  |  | — |  |  | (10,000) |
Balance, September 30, 2025 |  | 17,854 |  |  | $ | 119,048 |  |  | $ | 810,955 |  |  | $ | 327,850 |  |  | $ | 288,060 |  |  | $ | 2,668 |  |  | $ | 1,548,581 |
Balance, December 31, 2023 |  | 17,854 |  |  | $ | 119,048 |  |  | $ | 810,955 |  |  | $ | 1,476,258 |  |  | $ | — |  |  | $ | 2,849 |  |  | $ | 2,409,110 |
Net income for common stock |  | — |  |  | — |  |  | — |  |  | 39,221 |  |  | — |  |  | — |  |  | 39,221 |
Other comprehensive loss, net of tax benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (49) |  |  | (49) |
Common stock dividends |  | — |  |  | — |  |  | — |  |  | (13,000) |  |  | — |  |  | — |  |  | (13,000) |
Balance, March 31, 2024 |  | 17,854 |  |  | 119,048 |  |  | 810,955 |  |  | 1,502,479 |  |  | — |  |  | 2,800 |  |  | 2,435,282 |
Net loss for common stock |  | — |  |  | — |  |  | — |  |  | (1,229,394) |  |  | — |  |  | — |  |  | (1,229,394) |
Other comprehensive loss, net of tax benefits |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (46) |  |  | (46) |
Common stock dividends |  | — |  |  | — |  |  | — |  |  | (13,000) |  |  | — |  |  | — |  |  | (13,000) |
Balance, June 30, 2024 |  | 17,854 |  |  | 119,048 |  |  | 810,955 |  |  | 260,085 |  |  | — |  |  | 2,754 |  |  | 1,192,842 |
Net loss for common stock |  | — |  |  | — |  |  | — |  |  | (82,585) |  |  | — |  |  | — |  |  | (82,585) |
Other comprehensive income, net of taxes |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 2 |
Balance, September 30, 2024 |  | 17,854 |  |  | $ | 119,048 |  |  | $ | 810,955 |  |  | $ | 177,500 |  |  | $ | — |  |  | $ | 2,756 |  |  | $ | 1,110,259 |

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.
10

Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (unaudited)

|  | Nine months ended September 30
(in thousands) |  | 2025 |  | 2024
Cash flows from operating activities |  |  |  |
Net income (loss) |  | $ | 125,450 |  |  | $ | (1,271,262) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities |  |  |  |
Depreciation of property, plant and equipment |  | 192,015 |  |  | 188,436 |
Other amortization |  | 28,904 |  |  | 22,818 |
Deferred income tax benefit |  | (8,875) |  |  | (488,956) |
State refundable credit |  | (9,315) |  |  | (8,822) |
Bad debt expense |  | 2,375 |  |  | 4,006 |
Allowance for equity funds used during construction |  | (11,108) |  |  | (10,276) |
Other |  | 2,578 |  |  | (2,954) |
Changes in assets and liabilities |  |  |  |
Decrease (increase) in accounts receivable |  | (564) |  |  | 61,392 |
Increase in accrued unbilled revenues |  | (5,538) |  |  | (12,652) |
Decrease (increase) in fuel oil stock |  | (12,300) |  |  | 39,193 |
Decrease (increase) in materials and supplies |  | (14,316) |  |  | 379 |
Decrease (increase) in regulatory assets |  | 2,839 |  |  | (13,263) |
Increase in regulatory liabilities |  | 65,674 |  |  | 33,461 |
Increase in accounts payable |  | 1,593 |  |  | 49,768 |
Change in prepaid and accrued income taxes, tax credits and revenue taxes |  | (26,303) |  |  | (40,755) |
Change in defined benefit pension and other postretirement benefit plans asset/liability |  | (4,209) |  |  | (5,678) |
Increase in wildfire tort-related claims |  | — |  |  | 1,840,000 |
Change in other assets and liabilities |  | (8,897) |  |  | (62,187) |
Net cash provided by operating activities |  | 320,003 |  |  | 322,648 |
Cash flows from investing activities |  |  |  |
Capital expenditures |  | (253,927) |  |  | (244,300) |
Other |  | 6,245 |  |  | 2,697 |
Net cash used in investing activities |  | (247,682) |  |  | (241,603) |
Cash flows from financing activities |  |  |  |
Common stock dividends |  | (20,000) |  |  | (26,000) |
Preferred stock dividends of Hawaiian Electric and subsidiaries |  | (1,496) |  |  | (1,496) |
Proceeds from capital contribution from parent |  | 540 |  |  | — |
Repayment of short-term debt |  | (50,000) |  |  | — |
Proceeds from issuance of long-term debt |  | 500,000 |  |  | — |
Repayment of long-term debt |  | (166,000) |  |  | — |
Payments of obligations under finance leases |  | (7,163) |  |  | (5,876) |
Other |  | (8,479) |  |  | (6,126) |
Net cash provided by (used in) financing activities |  | 247,402 |  |  | (39,498) |
Net increase in cash, cash equivalents and restricted cash |  | 319,723 |  |  | 41,547 |
Cash, cash equivalents and restricted cash, beginning of period |  | 184,148 |  |  | 108,077 |
Cash, cash equivalents and restricted cash, end of period |  | 503,871 |  |  | 149,624 |
Less: Restricted cash |  | — |  |  | (2,000) |
Cash and cash equivalents, end of period |  | $ | 503,871 |  |  | $ | 147,624 |

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.
11

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Note 1 · Basis of presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP) for interim financial information, the instructions to SEC Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In preparing the unaudited condensed consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenues and expenses for the period. Actual results could differ significantly from those estimates. The accompanying unaudited condensed consolidated financial statements and the following notes should be read in conjunction with the audited consolidated financial statements and the notes thereto in HEI’s and Hawaiian Electric’s Form 10-K for the year ended December 31, 2024.
In the opinion of HEI’s and Hawaiian Electric’s management, the accompanying unaudited condensed consolidated financial statements contain all material adjustments required by GAAP to fairly state consolidated HEI’s and Hawaiian Electric’s financial positions as of September 30, 2025 and December 31, 2024, the results of their operations for the three and nine months ended September 30, 2025 and 2024, and cash flows for the nine months ended September 30, 2025 and 2024. All such adjustments are of a normal recurring nature, unless otherwise disclosed below or in other referenced material. Results of operations for interim periods are not necessarily indicative of results for the full year.
Assets held for sale and discontinued operations. In June 2025, the Company determined the net assets of our remaining Pacific Current operating subsidiaries met the criteria for classification as held for sale. The assets and liabilities of these subsidiaries were recorded at the lower of their carrying amount or estimated fair value less expected costs to sell. The Company sold Pacific Current’s solar and Battery Energy Storage System facilities in August 2025 (Solar Asset Disposition). The assets and liabilities of Pacific Current’s remaining biomass facility has been reclassified as “Assets held for sale” and “Liabilities held for sale,” respectively, in the Condensed Consolidated Balance Sheets as of September 30, 2025. The Company determined that the sale of these assets and the planned sale of the remaining asset did not represent a strategic shift having a major effect on the Company’s operations and financial results, and therefore did not meet the criteria for classification as discontinued operations. For further discussion, see “Sale of solar and Battery Energy Storage System facilities” and “Assets held for sale-Mahipapa” in Note 3.
Since ASB was sold in December 2024, all ASB operating results are presented as discontinued operations in the condensed consolidated statements of income and cash flows. Unless otherwise noted, reference within the following notes to condensed consolidated financial statements exclude discontinued operations. For further discussion, see “Sale of ASB” in Note 3.
Recent accounting pronouncements.
Income taxes. In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. The amendments are effective for annual periods beginning after December 15, 2024. These amendments apply on a prospective basis with a retrospective option. Early adoption is permitted. The Company is currently evaluating the impact of this amendment on the Company’s consolidated financial statements and does not expect the adoption to have a material impact on its consolidated financial statements.
Climate-related disclosures. In March 2024, the SEC issued final climate-related disclosure rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors (climate disclosure rules). The rules will require annual disclosure of material greenhouse gas emissions as well as disclosure of governance, risk management and strategy related to material climate-related risks. In addition, the rules require (i) financial statement impacts of severe weather events and other natural conditions; (ii) a roll forward of carbon offset and renewable energy credit balances if material to the Company’s plan to achieve climate-related targets or goals; and (iii) material impacts on estimates and assumptions in the financial statements. The disclosure requirements will begin phasing in for annual periods beginning with calendar year 2025. In April 2024, the SEC voluntarily stayed implementation of its climate disclosure rules pending completion of judicial review by the Court of Appeals for the Eighth Circuit. In March 2025, the SEC voted to end its defense of its new rules requiring disclosure of climate-related risks and greenhouse gas emissions. The Company is monitoring further SEC developments and final rulings with respect to the applicability of this final rule.
Income statement disclosures. In November 2024, the FASB issued ASU No. 2024-03, “Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40)”. The guidance requires more detailed information about specified categories of expenses included in certain captions presented on the face of the income statement. ASU No. 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods beginning after
12

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this amendment on the Company’s consolidated financial statements.
Internal -use software disclosures. In September 2025, the FASB issued ASU No. 2025-06, “Intangibles—Goodwill and Other—Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software”. The guidance removes all references to project stages in software development and requires capitalization of internal-use software costs to begin when management has authorized and committed to funding the project and it is probable the project will be completed and used to perform the intended function. ASU No. 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the impact of this amendment on the Company’s consolidated financial statements.
Note 2 · Maui windstorm and wildfires
On August 8, 2023, a number of brush fires in the West Maui (Lahaina) and Upcountry Maui areas caused widespread property damage, including damage to property of the Utilities, and 102 confirmed fatalities in Lahaina (the Maui windstorm and wildfires). The Maui windstorm and wildfires were fueled by extreme winds and drought-like conditions in those parts of Maui.
Restoration costs and recoveries. The Utilities are continuing restoration work to rebuild portions of the electric system in Lahaina to ensure safe and reliable power to customers. Restoration efforts include the rebuilding of electrical lines along former routes in the Lahaina area with the installation of new interim steel and wood poles and electrical equipment. Ongoing work is focused on reestablishing electrical service to homes as they are being built.
On December 27, 2023, the Public Utilities Commission of the State of Hawaii (PUC) issued an order authorizing deferred accounting treatment for the Utilities’ incremental non-labor expenses related to the Maui windstorm and wildfires. The deferred accounting treatment applies to certain non-labor expenses incurred from August 8, 2023 through December 31, 2024 that are not already a part of the base rates. The approval pertains only to deferred cost treatment; any cost recovery of deferred costs will be the subject of a separate application(s). On November 27, 2024, the Utilities filed a request with the PUC to extend the deferral accounting period to December 31, 2025, specifically limited to increased insurance premiums for wildfire coverage and outside services and legal costs associated with the asset-based lending facility credit agreement (see Note 5). On February 12, 2025, the PUC issued an order granting the Utilities’ request to extend. As of September 30, 2025, the Utilities have deferred $74.5 million of certain incremental costs related to the Maui windstorm and wildfires to a regulatory asset.
The Utilities are actively seeking recovery of damage to covered electrical infrastructure under their property insurance programs. The Utilities have received insurance recoveries for a total of $8.6 million and nil for the nine months ended September 30, 2025 and 2024, respectively; however, the timing and amount of any future insurance recoveries remain indeterminable at this time and as such, any additional insurance receivable has not been recorded as of the date of this filing. The Company’s property insurance has a total policy limit of $500 million with a $1 million retention for damages related to Utility-owned non-generating assets, including overhead transmission and distribution assets within 1,000 feet of such assets. The Utilities believe capital expenditures related to restoration that are not covered by insurance will be managed under their current regulatory mechanisms, the recovery of which would be subject to PUC approval. As of September 30, 2025, the Company has $490.4 million of insurance coverage remaining under the property insurance policy.
Third-party claims and other proceedings.
Tort-related legal claims. As of October 31, 2025, HEI and the Utilities have each been named in several thousand lawsuits related to the Maui windstorm and wildfires. These civil lawsuits, including one putative class action, are pending in the Maui Circuit Court against HEI, the Utilities, and other defendants, including the County of Maui, the State of Hawaii and related state entities, private landowners and developers, and telecommunications companies (collectively, tort-related legal claims). Two putative class actions are also pending in federal court. Most of these lawsuits allege that the defendants were responsible for, and/or negligent in failing to prevent or respond to the wildfires that led to the property destruction and loss of life. Other claims include, among other things, personal injury, wrongful death, emotional distress and inverse condemnation. One lawsuit asserting similar theories and claims was filed by the County of Maui against HEI and the Utilities, one lawsuit was filed by Spectrum Oceanic, LLC against HEI and the Utilities and other defendants, and other lawsuits were filed by approximately 200 subrogation insurers against HEI, the Utilities, a private landowner, and telecommunications companies. Additional lawsuits may be filed against the Company and other defendants in the future. The plaintiffs seek to recover damages and other costs, including punitive damages. Defendants have asserted cross-claims against one another for indemnification, contribution, and subrogation.
13

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
The County of Maui Origin and Cause Report, released on October 2, 2024, attaching the investigative report by the Bureau of Alcohol, Tobacco, Firearms and Explosives, estimated the total economic damage of approximately $6 billion. That estimate has not been validated by the Company, and it represents a gross number that does not take into account causation or liability and does not attempt to allocate responsibility among the various defendants. As such, the estimate is not intended to provide a reasonably possible loss in excess of the recorded amount under ASC Topic 450-20, “Loss Contingencies” attributable to the Company arising from the Maui windstorm and wildfires.
On November 8, 2023, Governor Josh Green announced the One ‘Ohana Initiative (the One ‘Ohana Initiative) as a collective path forward to recovery from the Maui windstorm and wildfires. The One ‘Ohana Initiative is a new humanitarian aid fund of $175 million, with the objective to compensate, in an expedited manner, those who have lost loved ones and those who have suffered severe injuries in the Maui windstorm and wildfires. The One ‘Ohana Initiative provides an alternative to a lengthy and expensive legal process. Beneficiaries who have lost loved ones are anticipated to receive payments of $1.5 million per decedent, and those who suffered severe injuries are expected to share in a specially allocated pool of compensation. In exchange for receiving such a payment, beneficiaries will be required to waive their ability to pursue legal claims for wrongful death and severe injuries, except if they seek compensation through the litigation settlement. Hawaiian Electric fully supports this humanitarian initiative and has contributed $75 million. The Governor announced that other parties, including the State of Hawaii, the County of Maui, and Kamehameha Schools have all agreed to contribute to the fund. Hawaiian Electric’s contribution to the Initiative was less than half of the total, and Hawaiian Electric's insurance carriers funded its share of the contributions to the fund. Hawaiian Electric’s contribution is reflective of its commitment to join with community partners to provide solutions to promote Maui’s recovery. Hawaiian Electric’s commitment to contribute to the One ‘Ohana Initiative is not an admission of guilt or reflection of fault or liability related to the wildfires. The Phase I submission deadline for the One ‘Ohana Initiative passed on July 15, 2024. As contemplated by the global settlement agreement described below, the One ‘Ohana Initiative reopened for Phase II claim submission on October 23, 2025. No additional outlay by Hawaiian Electric is required to fund claims submitted in Phase II.
Effective November 1, 2024, HEI and Hawaiian Electric entered into two definitive settlement agreements (collectively, the Settlement Agreements) to settle the tort-related legal claims in the litigation arising out of the Maui windstorm and wildfires (expressly excluding securities and derivative actions) on a global basis without any admission of liability. Under the Settlement Agreements, subject to certain conditions (including those described below), HEI and Hawaiian Electric, along with other defendants (the State of Hawaii, the County of Maui, Kamehameha Schools, entities affiliated with the West Maui Land Co., Hawaiian Telcom, and Spectrum/Charter Communications) have agreed to settle the claims of those who filed lawsuits in state and federal courts, or who may have claims but have not yet filed lawsuits, in connection with the Maui windstorm and wildfires. One Settlement Agreement is between the defendants, class counsel, and class plaintiffs (the Class Settlement Agreement), and the other is between the defendants and over 30 lawyers representing thousands of individual plaintiffs who have brought their own lawsuits (the Individual Settlement Agreement) or who have hired attorneys but not yet filed lawsuits. The Settlement Agreements do not resolve claims with insurers who have asserted or could assert subrogation claims in separate lawsuits and such insurers are not parties to the Settlement Agreements, but resolving such claims in the manner set forth in the Settlement Agreements (described below) is a condition that must be satisfied before any payment is due from the defendants.
As part of the agreement in principle preceding the Settlement Agreements, the parties agreed to vacate all trial dates and stay the litigation, except for (i) litigation activities between the plaintiffs (individual and class) and the subrogation insurers and (ii) actions taken to further settlement. A stay remains in place and no trial dates are set in the Special Proceeding and in the subrogation actions. The Class Settlement Agreement remains subject to final court approval. A hearing on final court approval of the Class Settlement Agreement is scheduled for January 8, 2026. Both Settlement Agreements remain subject to other conditions, including those set out below.
Under the Settlement Agreements, HEI and Hawaiian Electric are obligated to contribute a total of $1.99 billion (out of a total defendant contribution of approximately $4.04 billion), which includes $75 million previously contributed for the One ‘Ohana Initiative. The total settlement amount is to be divided between two settlement funds, one for the benefit of individual plaintiffs, and the other for the benefit of the class plaintiffs. HEI and Hawaiian Electric must pay such amounts in four equal annual installments of approximately $479 million, with the first installment expected to be made no sooner than early 2026. HEI and Hawaiian Electric have the option to accelerate the payments, in whole or in part, with such accelerated payments to be discounted at a rate of 5.5% per annum. HEI transferred the amount of the first payment, $479 million, into a new subsidiary, GLST1, LLC, which is restricted from disbursing such funds except in connection with the initial payment to the settlement funds. Additionally, under the Settlement Agreements, HEI and Hawaiian Electric are obligated to contribute a share to the settlement administration fees only if certain other sources are exhausted when those fees are due, for which, $3.5 million was accrued as of September 30, 2025, based on the best estimate at that time.
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HEI and Hawaiian Electric determined that making payments under the terms of the Settlement Agreements in four equal annual installments is the most viable option and have classified the first $479 million installment as a current liability based on expected timing of the payment and the remaining $1.44 billion as a noncurrent liability on HEI’s and the Utilities’ Condensed Consolidated Balance Sheets as of September 30, 2025. The Settlement Agreements contain no admission of any liability by HEI or the Utilities and reflect the collective efforts of the State, HEI and the Utilities, and other defendants to seek a comprehensive resolution of the litigation arising out of the Maui windstorm and wildfires. The Utilities have recorded an additional $40 million in “Accounts receivable and unbilled revenues, net” and “Other accounts receivable, net” on HEI’s and the Utilities’ Condensed Consolidated Balance Sheets, respectively, as of September 30, 2025, based on the amounts expected to be remaining under the applicable insurance policies at the time of settlement payment.
The Settlement Agreements are intended to resolve all of the tort-related legal claims related to the Maui windstorm and wildfires. The Class Settlement Agreement provides releases by plaintiffs to the defendants, and among defendants, for acts and omissions relating to the Maui windstorm and wildfires. The Individual Settlement Agreement provides that individual plaintiffs who elect to accept the settlement will sign releases. The releases in the Settlement Agreements, including those among defendants (subject to certain conditions), are effective on the initial payment due date. The Settlement Agreements also provide that $500 million of the total settlement payments will be reserved and made available to defendants to defray the cost to resolve any claims brought by plaintiffs who do not release claims as part of the settlements. Defendants have the right to terminate the Settlement Agreements under certain circumstances, including if more than specified thresholds of plaintiffs choose not to participate in the settlement.
The Settlement Agreements contain multiple conditions that must be met before any payment from HEI and Hawaiian Electric to the settlement funds are due. Those conditions include, among others, resolving claims of the insurers (either through agreement or a final court order stating that the insurers cannot maintain independent lawsuits against the defendants) and court approval of the Class Settlement Agreement. The Hawaii legislature passed a bill appropriating money from the State, and Governor Josh Green signed it into law on July 8, 2025, satisfying the condition related to the State’s appropriation of funds. The condition related to court approval of the Individual Settlement Agreement has also been satisfied.
The Settlement Agreements do not resolve claims with insurers who have asserted subrogation claims in separate lawsuits, and such insurers are not parties to the Settlement Agreements. There are two conditions relating to such insurers that must be satisfied before payment is made under the Settlement Agreements. First, by May 19, 2025, either (a) insurers that have brought claims arising out of the Maui windstorm and wildfires enter into a written agreement that provides for releases of all claims against the defendants, or (b) that there is a final and unappealable court order providing that if the final definitive agreement between the plaintiffs and the defendants becomes effective, then those same insurers’ exclusive remedy for any claims against the defendants would be limited to asserting liens against the settlement amounts obtained by the individual plaintiffs. On February 6, 2025, after briefing was complete, the Supreme Court of Hawaii heard argument on three reserved questions regarding the scope of Hawaii subrogation law concerning the condition described in this paragraph in the manner described in (b) above. On February 10, 2025, the Hawaii Supreme Court issued an order regarding the reserved questions providing that, once the settlement becomes final, the exclusive remedy for insurers seeking to recover amounts paid to settling plaintiffs is to assert liens against their policyholders pursuant to HRS 663-10. On March 17, 2025, the Hawaii Supreme Court issued a written opinion consistent with its February 10, 2025, order. No party has sought to appeal or petition for further review to another court of the March 17, 2025, opinion or the February 10, 2025, order. This first condition under the Settlement Agreements related to the insurers has therefore been satisfied. The second condition to payment under the Settlement Agreements requires that the direct actions brought by the insurers must be dismissed in a final and unappealable order. On October 29, 2025, the defendants moved for summary judgment on the direct actions brought by the insurers. A hearing on these motions is set for November 26, 2025.
On June 19, 2025, the court granted the Class Plaintiffs’ motion for preliminary approval of the Class Settlement Agreement and certified a settlement class. Pursuant to the order preliminarily approving the Class Settlement Agreement, objections to the Class Settlement Agreement were due on October 7, 2025. The only purported objection was one filed by the subrogation insurers. The deadline to opt out of the class was also October 7, 2025. On October 15, 2025, the administrator for the class settlement informed the defendants that approximately 250 unique claimants, or approximately 1% of the number of releases that were signed by the individual plaintiffs, had submitted opt out forms. Any claimant who opted out may still sign an individual settlement agreement and release and join the global settlement, and through November 3, 2025, approximately 140 of the approximately 250 opt out claimants had done so. Those who sign releases by December 6, 2025, even after opting out, will not count against the termination thresholds described above. Whether any termination threshold has been met will not be measured until on or around December 6, 2025, to provide additional time for those who opted out to sign individual settlement agreements and releases.
On April 8, 2025, the subrogation plaintiffs moved to intervene into the state court class action for the purpose of objecting to preliminary approval of the state court class action settlement. On June 24, 2025, the court denied the motion to intervene.
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On July 24, 2025, the subrogation plaintiffs filed a notice of appeal from this order. On October 1, 2025, the class plaintiffs moved to transfer this appeal to the Hawaii Supreme Court. On October 22, 2025, the Hawaii Supreme Court ordered the transfer. The subrogation plaintiffs’ opening brief in the appeal is due on November 21, 2025. Answering briefs are due on December 31, 2025. The subrogation plaintiffs’ reply brief is due 14 days thereafter. The Hawaii Supreme Court’s briefing schedule order specified that there will be no extension of time to file any answering or reply brief. The Hawaii Supreme Court set oral argument in this appeal for January 27, 2026.
On April 22, 2025, the state court overseeing the settlement with the individual plaintiffs granted the individual plaintiffs’ motion to approve the administrator to oversee the individual plaintiff settlement fund. On May 8, 2025, the individual plaintiffs moved for approval of the individual settlement plan and the Individual Settlement Agreement and release. On June 3, 2025, the court granted the motion.
On May 8, 2025, defendants petitioned the state court for a good faith settlement determination for the Individual Settlement Agreement. On June 16, 2025, the court granted the motion.
The Company intends to vigorously defend itself in the litigation if a definitive settlement is ultimately not achieved. There is no assurance that the Company will be successful in the defense of the litigation or that insurance will be available or adequate to fund any potential settlements, judgments, or costs associated with the litigation. If additional liabilities were to be incurred, the loss could be material to the Company’s results of operations, financial position and cash flows and could result in violations of the financial covenants in the Company’s debt agreements. If any such losses were to be sufficiently high, the Company may not have liquidity or the ability to access liquidity at levels necessary to satisfy such losses. However, any possible loss in excess of the amount recorded cannot reasonably be estimated at this time.
Securities class action and shareholder lawsuits. On August 24, 2023, a putative securities class action captioned Bhangal v. Hawaiian Electric Industries, Inc., et al., No.: 3:23-cv-04332-JSC (the Securities Action) was filed in the United States District Court for the Northern District of California. The lawsuit alleges violations of the Securities Exchange Act of 1934 (the Exchange Act) and Rule 10b-5 promulgated thereunder against HEI and Hawaiian Electric and certain of HEI’s and Hawaiian Electric’s current and former officers (collectively, Defendants), and Section 20(a) of the Exchange Act against certain current and former officers. The lawsuit broadly alleges that Defendants made materially false and misleading statements or omissions regarding our wildfire prevention and safety protocols and related matters. The lawsuit seeks unspecified monetary damages. On December 7, 2023, the court appointed Daniel Warren as lead plaintiff and Pomerantz LLP as lead plaintiff’s counsel. On March 8, 2024, the lead plaintiff filed an amended complaint. On October 15, 2024, the court granted defendants’ motion to dismiss the amended complaint, with leave to amend. On November 12, 2024, the lead plaintiff filed a second amended complaint. On March 18, 2025, Defendants filed a motion to dismiss the second amended complaint. On November 5, 2025, the parties signed a binding term sheet to settle the Securities Action (the Securities Action Term Sheet) following negotiations facilitated by a mediator. The Securities Action Term Sheet calls for the parties to prepare and execute a definitive stipulation of settlement (Securities Action Stipulation of Settlement) that will provide for the complete resolution, compromise, and settlement of the Securities Action in exchange for a payment by the Company of $47.8 million (the Securities Action Settlement Amount). The Securities Action Settlement Amount will be fully funded by the proceeds of the Derivative Settlement discussed below. The settlement of the Securities Action is conditioned on, among other things, the finalization of the Securities Action Stipulation of Settlement; approval by the boards of the Company and Hawaiian Electric of the Securities Action Stipulation of Settlement; timely funding of the Securities Action Settlement Amount; the finalization of the Derivative Stipulation of Settlement (defined and discussed below) by February 28, 2026; final court approval of the Derivative Stipulation Settlement; both preliminary and final court approval of the Securities Action Stipulation of Settlement; and entry of a judgment of dismissal following final court approval of the Securities Action Stipulation of Settlement. In connection with the settlement of the Securities Action, there will be no admission of liability by the Company or any defendants and the Company, the defendants, and related persons will receive a customary full release of all claims.
In connection with the execution of the Securities Action Term Sheet, HEI accrued, as of September 30, 2025, $47.8 million, and concurrently, recorded an insurance reimbursement receivable of an equivalent amount as the recovery of the agreed settlement payment under its directors and officers liability insurance policy is deemed probable pursuant to the execution of a binding term sheet to settle all of the outstanding derivative actions described below. HEI charged the accrued settlement to “Expenses-Other” in HEI and Subsidiaries’ Condensed Consolidated Statements of Income, which was offset by the probable insurance recovery. The accrued settlement and insurance receivable is included in “Wildfire related claims” and “Accounts receivable and unbilled revenues, net,” under current liabilities and current assets, respectively, in HEI and subsidiaries’ Condensed Consolidated Balance Sheet.
Two putative shareholder derivative actions were filed in the Circuit Court of the First Circuit, State of Hawaii on September 11, 2023 and on November 6, 2024, including:
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Rice v. Connors, et al., No. 1CCV-23-0001181 (the Rice Action) and Hamilton v. Lau, et al., No. 1CCV-24-0001595 (the Hamilton Action). On December 6, 2023, the Rice Action was removed to the United States District Court for the District of Hawaii and captioned Rice v. Connors, et al., No. 1:23-cv-00577-JAO-BMK. On March 14, 2024, the United States District Court remanded the case to the Circuit Court of the First Circuit, State of Hawaii. On March 5, 2025, upon stipulation by the parties, the court consolidated the Rice Action and the Hamilton Action under the caption In re Hawaiian Electric Industries Inc. and Hawaiian Electric Company, Inc. State Court Derivative Litigation, No. 1CCV-23-0001181 (the Hawaii State Action). On April 9, 2025, Plaintiffs filed a consolidated complaint. The Hawaii State Action is purportedly brought by shareholders on behalf of nominal defendants HEI and Hawaiian Electric against certain current and former officers and directors of HEI and Hawaiian Electric. Plaintiffs assert Hawaii state law breach of fiduciary duty, abuse of control, corporate waste, unjust enrichment, and aiding and abetting breach of fiduciary duty claims allegedly arising in connection with the Maui windstorm and wildfires that occurred in August 2023 and certain of the Company’s prior public disclosures. Plaintiffs seek, on behalf of HEI and Hawaiian Electric, compensatory and punitive damages, restitution, disgorgement, and equitable relief in the form of changes to corporate governance, policies and culture. HEI has moved to stay the proceeding pending resolution of the tort-related legal claims and the Securities Action. As discussed below, the Company and the individual defendants have reached an agreement to settle this litigation.
Three putative shareholder derivative actions were filed in the United States District Court for the Northern District of California between December 26, 2023 and February 8, 2024, including:
Kallaus v. Johns, et al., No. 3:23-cv-06627 (the Kallaus Action), Cole v. Johns, et al., No. 3:24-cv-00598 (the Cole Action), and Tai v. Seu, et al., No. 3:24-cv-01198 (the Tai Action). On March 19, 2024, upon stipulation by the parties, the court consolidated the Kallaus Action, the Cole Action, and the Tai Action under the caption In Re Hawaiian Electric Industries, Inc. and Hawaiian Electric Company, Inc. Derivative Litigation, No. 3:23-cv-06627 (the Consolidated Derivative Actions). On June 19, 2024, the plaintiffs filed a consolidated amended complaint. The Consolidated Derivative Actions were purportedly brought by shareholders of HEI on behalf of nominal defendants HEI and Hawaiian Electric against certain current and former officers and directors of HEI and Hawaiian Electric. The plaintiffs purported to assert both Hawaii state law and federal securities law claims. The plaintiffs asserted state law breach of fiduciary duty, corporate waste, unjust enrichment, gross mismanagement, and abuse of control claims purportedly arising in connection with the Maui windstorm and wildfires that occurred in August 2023 and certain public disclosures. The plaintiffs also asserted claims under Section 10(b) of the Exchange Act, and Rule 10b-5 promulgated thereunder, and generally alleged that the Company and certain of its current and former officers made materially false and misleading statements or omissions regarding the Company’s wildfire prevention and safety protocols and related matters. Plaintiffs sought, on behalf of HEI and Hawaiian Electric, unspecified monetary and punitive damages, disgorgement, and other relief. HEI moved to stay the Consolidated Derivative Actions pending resolution of the tort-related legal claims and the Securities Action, and also moved to dismiss the consolidated amended complaint for failing to adequately allege that the Board’s refusal of the plaintiffs’ demands was wrongful. On January 30, 2025, the Court granted the plaintiffs’ request to voluntarily dismiss the case so that they could refile the action in Hawaii. As a result, the Court did not rule on the Company’s pending motion to dismiss or motion to stay. As discussed below, the Company and Defendants have reached an agreement to settle this litigation.
Two putative shareholder derivative actions were filed in the United States District Court for the District of Hawaii between April 8, 2024 and June 8, 2024, including:
Assad v. Seu, et al., No. 1:24-cv-00164 (the Assad Action), and Faris v. Seu, et al., No. 1:24-cv-00247 (the Faris Action). On July 3, 2024, upon stipulation by the parties, the court consolidated the Assad Action and Faris Action under the caption In Re Hawaiian Electric Industries, Inc., Stockholder Derivative Litigation, No. 1:24-cv-00164 (the Hawaii Federal Derivative Actions), and the plaintiffs filed a consolidated amended complaint on August 15, 2024. The lawsuit is purportedly brought by shareholders on behalf of nominal defendant HEI and against certain current and former officers and directors of HEI and Hawaiian Electric. The plaintiffs purport to assert Hawaii state law claims for breach of fiduciary duty, corporate waste, and unjust enrichment allegedly arising in connection with the Maui windstorm and wildfires that occurred in August 2023 and certain public disclosures. The plaintiffs generally allege that the Company and certain of its current and former officers made materially false and misleading statements or omissions regarding the Company’s wildfire prevention and safety protocols and related matters. The plaintiffs seek, on behalf of HEI, compensatory damages, restitution, disgorgement, injunctive relief, and equitable relief, including in the form of changes to HEI’s corporate governance policies and procedures. On July 30, 2024, upon HEI’s motion, the court stayed the Hawaii Federal Derivative Actions pending resolution of the motion to dismiss the Securities Action and the motions to stay and dismiss the Consolidated Derivative Actions. On March 10, 2025, HEI moved to extend the stay of the Hawaii Federal Derivative Action until resolution of HEI’s motion to dismiss the second amended complaint in the Securities Action. On April 30, 2025, the court granted HEI’s motion to extend the stay. As discussed below, the Company and Defendants have reached an agreement to settle this litigation.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
On November 5, 2025, the parties signed a binding term sheet (the Derivative Litigation Term Sheet) to settle all of the outstanding derivative actions described above (the Derivative Litigation Matters). The Derivative Litigation Term Sheet was signed following negotiations facilitated by a mediator. The Derivative Litigation Term Sheet calls for the parties to prepare and execute a definitive settlement agreement (the Derivative Litigation Settlement Agreement) that will provide for a complete resolution, compromise, and settlement of the claims asserted in the Derivative Litigation Matters in exchange for a payment on behalf of the individual defendants by the Company’s insurers in the amount of $100 million (the Derivative Settlement Proceeds, which is to be fully funded by the directors and officers’ liability insurance policies). The Derivative Settlement is conditioned on, among other things, timely funding of the Derivative Settlement Proceeds by the insurers; the approval by the boards of HEI and Hawaiian Electric (including their independent, non-defendant directors) of Derivative Litigation Settlement Agreement; final court approval of the Derivative Litigation Settlement Agreement; and entry of final judgment and orders of dismissal in the Derivative Litigation Matters. The plaintiffs’ counsel intends to request court approval for attorneys’ fees of 25% of the Derivative Settlement Proceeds, plus expenses not to exceed $475,000. In connection with the settlement of the Derivative Litigation Matters, there will be no admissions of liability and the defendants, and related persons will receive a customary full release of all claims.
In connection with the execution of the Derivative Litigation Term Sheet, the Derivative Settlement Proceeds are to be fully funded by the Company’s directors and officers liability insurance policies. A portion of the Derivative Settlement Proceeds will be used to fund the Securities Action Settlement Amount of $47.8 million, pursuant to the executed binding term sheets, which HEI recorded as an insurance reimbursement receivable offsetting the recorded loss from the Securities Action settlement discussed above. Any remaining Derivative Settlement Proceeds in excess of the Securities Action Settlement Amount, any award in the Derivative Litigation Matters for the plaintiffs’ attorneys’ fees and expenses, and payment of other settlement related expenses provided for in the Derivative Litigation Term Sheet, is accounted for as a contingent gain which will be recognized when realized or realizable.
Maui windstorm and wildfires costs. Legal costs in connection with the litigation and loss contingencies are expensed as incurred. The Company has $165 million of excess liability insurance and $25 million of miscellaneous professional liability insurance for third party claims, including claims related to wildfires, with a retention of $0.3 million and $1.0 million, respectively, and $145 million directors and officers liability insurance to cover claims related to the shareholder and derivative lawsuits, with a retention of $1.0 million. As of September 30, 2025, the Company’s and Utilities’ insurance receivable totaled $96 million and $47 million, respectively, under the policies. As of September 30, 2025, HEI and its subsidiaries have approximately $11 million, nil and $72 million of insurance coverage remaining under the excess liability, miscellaneous professional liability and directors and officers liability policies, respectively, after deducting applicable retention amounts, amounts that have been recovered under insurance policies (including the One ‘Ohana Initiative contribution), and amounts expected to be recovered for incurred costs and recognized as a receivable.
See table below for the incremental expenses related to the Maui windstorm and wildfires.

|  |  | Three months ended September 30, 2025 |  | Nine months ended September 30, 2025
(in thousands) |  |  |  |  | Electric utility |  | HEI Consolidated |  | Electric utility |  | HEI Consolidated
Maui windstorm and wildfires related expenses: |  |  |  |  |  |  |  |  |  |  |
Legal expenses |  |  |  |  | $ | 4,316 |  |  | $ | 5,794 |  |  | $ | 12,469 |  |  | $ | 20,532 |
Wildfire securities-related claims |  |  |  |  | — |  |  | 47,750 |  |  | — |  |  | 47,750 |
Other expense |  |  |  |  | 5,922 |  |  | 6,290 |  |  | 19,821 |  |  | 21,113 |
Total Maui windstorm and wildfires related expenses |  |  |  |  | 10,238 |  |  | 59,834 |  |  | 32,290 |  |  | 89,395 |
Insurance recoveries 1 |  |  |  |  | (430) |  |  | (49,070) |  |  | 126 |  |  | (53,374) |
Deferral treatment approved by the PUC 2 |  |  |  |  | (6,237) |  |  | (6,237) |  |  | (21,809) |  |  | (21,809) |
Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment |  |  |  |  | $ | 3,571 |  |  | $ | 4,527 |  |  | $ | 10,607 |  |  | $ | 14,212 |

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued

| Three months ended September 30, 2024 |  | Nine months ended September 30, 2024
(in thousands) | Electric utility |  | HEI Consolidated 3 |  | Electric utility |  | HEI Consolidated 3
Maui windstorm and wildfires related expenses: |  |  |  |  |  |  |
Legal expenses | $ | 11,821 |  |  | $ | 17,205 |  |  | $ | 40,169 |  |  | $ | 56,330 |
Wildfire tort-related claims | 203,000 |  |  | 203,000 |  |  | 1,915,000 |  |  | 1,915,000 |
Other expense | 13,429 |  |  | 15,299 |  |  | 36,523 |  |  | 42,244 |
Total Maui windstorm and wildfires related expenses | 228,250 |  |  | 235,504 |  |  | 1,991,692 |  |  | 2,013,574 |
Insurance recoveries | (49,625) |  |  | (52,158) |  |  | (75,973) |  |  | (83,610) |
Deferral treatment approved by the PUC 2 | (8,589) |  |  | (8,589) |  |  | (24,143) |  |  | (24,143) |
Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment | $ | 170,036 |  |  | $ | 174,757 |  |  | $ | 1,891,576 |  |  | $ | 1,905,821 |

1 HEI consolidated includes insurance recovery related to the proposed settlement of the securities class action of $47.8 million for the three and nine months ended September 30, 2025. Also includes adjustments related to costs that are no longer probable of recovery under the insurance policies. For the three and nine months ended September 30, 2025, HEI consolidated and Electric utility adjustments amount to $1.0 million and $7.6 million, respectively, of which, $0.5 million and $4.5 million were deferred to a regulatory asset, respectively, and are reported on line “Deferral treatment approved by the PUC.”
2 Related to the PUC’s order, received on December 27, 2023, approving deferred accounting treatment for the Utilities’ incremental non-labor expenses related to the August 2023 Maui windstorm and wildfires incurred through December 31, 2024. Pursuant to the PUC order received on February 12, 2025, deferral accounting treatment limited to insurance premiums and outside services and legal costs associated with the asset-based lending facility credit agreement incurred in 2025 was granted. Applicable amounts were deferred to a regulatory asset.
3 Excludes expenses related to discontinued operations amounting to $0.9 million and $1.2 million for the three and nine months ended September 30, 2024, respectively.
On May 4, 2024, HEI and the Utilities reached an agreement to settle indemnification claims asserted by the State of Hawaii without any admission of fault or responsibility. Under the terms of the agreement, HEI and the Utilities agreed to contribute up to $18.4 million through the end of 2024 related to the costs of the professional advisors engaged by the State of Hawaii to advise on a variety of matters related to the Maui windstorm and wildfires. For the nine months ended September 30, 2024, a total of $14.5 million of such costs were accrued and reflected in Maui windstorm and wildfires related expenses-Other expense in the table above.
Note 3 · Segment financial information
Reportable segments are strategic business units of the Company that offer different products and services and operate in different regulatory environments. Prior to December 31, 2024, the Company operated and reported on two reportable segments: Electric utility and bank. On December 31, 2024, the Company sold 90.1% of ASB (previously, the bank reportable segment) and presented its results as discontinued operations for all periods presented. Accordingly, the bank reportable segment has been eliminated and the segment information presented herein excludes the results of ASB for all periods presented. All comparable information for the historical periods has been recast to reflect the impact of these changes. The Company now operates and reports on one reportable segment: Electric utility. HEI and its other subsidiaries (ASB Hawaii, GLST1, and Pacific Current and its subsidiaries) which are not reportable segments are grouped and reported as an “All Other” non-reportable segment.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued

(in thousands) |  | Electric utility |  | All Other |  | Total
Three months ended September 30, 2025 |  |  |  |  |  |
Revenues |  | $ | 787,428 |  |  | $ | 3,182 |  |  | $ | 790,610 |
Depreciation and amortization |  | $ | 73,735 |  |  | $ | 221 |  |  | $ | 73,956 |
Interest income |  | $ | 1,461 |  |  | $ | 5,499 |  |  | $ | 6,960 |
Interest expense, net |  | $ | 22,114 |  |  | $ | 4,097 |  |  | $ | 26,211 |
Income (loss) from continuing operations before income taxes |  | $ | 48,459 |  |  | $ | (8,513) |  |  | $ | 39,946 |
Income tax expense (benefit) |  | 10,973 |  |  | (2,245) |  |  | 8,728 |
Net income (loss) from continuing operations |  | 37,486 |  |  | (6,268) |  |  | 31,218 |
Preferred stock dividends of subsidiaries |  | 498 |  |  | (27) |  |  | 471 |
Net income (loss) from continuing operations for common stock |  | $ | 36,988 |  |  | $ | (6,241) |  |  | $ | 30,747 |
Nine months ended September 30, 2025 |  |  |  |  |  |
Revenues |  | $ | 2,268,276 |  |  | $ | 12,796 |  |  | $ | 2,281,072 |
Depreciation and amortization |  | $ | 220,919 |  |  | $ | 5,704 |  |  | $ | 226,623 |
Interest income |  | $ | 4,657 |  |  | $ | 22,505 |  |  | $ | 27,162 |
Interest expense, net |  | $ | 66,272 |  |  | $ | 21,407 |  |  | $ | 87,679 |
Income (loss) from continuing operations before income taxes |  | $ | 160,247 |  |  | $ | (46,787) |  |  | $ | 113,460 |
Income tax expense (benefit) |  | 34,797 |  |  | (6,257) |  |  | 28,540 |
Net income (loss) from continuing operations |  | 125,450 |  |  | (40,530) |  |  | 84,920 |
Preferred stock dividends of subsidiaries |  | 1,496 |  |  | (79) |  |  | 1,417 |
Net income (loss) from continuing operations for common stock |  | $ | 123,954 |  |  | $ | (40,451) |  |  | $ | 83,503 |
Capital expenditures |  | $ | 253,927 |  |  | $ | 1,523 |  |  | $ | 255,450 |
Total assets (at September 30, 2025) |  | $ | 8,390,959 |  |  | $ | 422,677 |  |  | $ | 8,813,636 |
Three months ended September 30, 2024 |  |  |  |  |  |
Revenues |  | $ | 829,617 |  |  | $ | 3,622 |  |  | $ | 833,239 |
Depreciation and amortization |  | $ | 70,548 |  |  | $ | 2,764 |  |  | $ | 73,312 |
Interest income |  | $ | 1,671 |  |  | $ | 1,991 |  |  | $ | 3,662 |
Interest expense, net |  | $ | 20,223 |  |  | $ | 11,862 |  |  | $ | 32,085 |
Loss from continuing operations before income taxes |  | $ | (117,526) |  |  | $ | (55,137) |  |  | $ | (172,663) |
Income tax benefit |  | (35,439) |  |  | (14,515) |  |  | (49,954) |
Net loss from continuing operations |  | (82,087) |  |  | (40,622) |  |  | (122,709) |
Preferred stock dividends of subsidiaries |  | 498 |  |  | (27) |  |  | 471 |
Net loss from continuing operations for common stock |  | $ | (82,585) |  |  | $ | (40,595) |  |  | $ | (123,180) |
Nine months ended September 30, 2024 |  |  |  |  |  |
Revenues |  | $ | 2,410,526 |  |  | $ | 10,144 |  |  | $ | 2,420,670 |
Depreciation and amortization |  | $ | 211,254 |  |  | $ | 8,891 |  |  | $ | 220,145 |
Interest income |  | $ | 4,555 |  |  | $ | 5,374 |  |  | $ | 9,929 |
Interest expense, net |  | $ | 61,625 |  |  | $ | 34,451 |  |  | $ | 96,076 |
Loss from continuing operations before income taxes |  | $ | (1,725,279) |  |  | $ | (104,102) |  |  | $ | (1,829,381) |
Income tax benefit |  | (454,017) |  |  | (25,092) |  |  | (479,109) |
Net loss from continuing operations |  | (1,271,262) |  |  | (79,010) |  |  | (1,350,272) |
Preferred stock dividends of subsidiaries |  | 1,496 |  |  | (79) |  |  | 1,417 |
Net loss from continuing operations for common stock |  | $ | (1,272,758) |  |  | $ | (78,931) |  |  | $ | (1,351,689) |
Capital expenditures |  | $ | 244,300 |  |  | $ | 12,620 |  |  | $ | 256,920 |
Total assets (at December 31, 2024) |  | $ | 7,613,604 |  |  | $ | 1,317,812 |  |  | $ | 8,931,416 |

20

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Sales from Hamakua Energy, LLC (Hamakua Energy) to Hawaii Electric Light (a regulated affiliate), up until the close of its sale on March 10, 2025, are eliminated in consolidation.
Sale of ASB. As a result of a comprehensive review of strategic options of ASB, on December 30, 2024, HEI, ASB, and ASB Hawaii, a wholly owned subsidiary of HEI and ASB’s parent holding company, entered into investment agreements to sell 90.1% of the common stock of ASB, amounting to $405.5 million, to various investors including certain ASB officers and directors of ASB, while retaining a 9.9% noncontrolling investment in ASB amounting to $44.6 million. The sale transaction closed on December 31, 2024 and no investor acquired more than 9.9% of the common stock of ASB. The proceeds from the sale were used to pay down HEI’s long-term debt in April 2025 (see “Changes in long-term debt” in Note 5). The Company’s 9.9% noncontrolling ownership interest in ASB is included in “Other noncurrent assets” on the Company’s Condensed Consolidated Balance Sheets.
The sale of ASB met the accounting requirements to be disclosed as discontinued operations. Accordingly, the results of ASB are presented as discontinued operations in the 2024 consolidated statements of income and cash flows, and have been excluded from both continuing operations and segment results for the 2024 period presented.
The following table summarizes the income from discontinued operations included in the Company’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024:

(in thousands) |  | Three months ended September 30, 2024 |  | Nine months ended September 30, 2024
Interest and dividend income |  |  |  |
Interest and fees on loans |  | $ | 73,654 |  |  | $ | 219,585 |
Interest and dividends on investment securities |  | 14,001 |  |  | 42,183 |
Total interest and dividend income |  | 87,655 |  |  | 261,768 |
Interest expense |  |  |  |
Interest on deposit liabilities |  | 19,018 |  |  | 54,465 |
Interest on other borrowings |  | 6,403 |  |  | 21,036 |
Total interest expense |  | 25,421 |  |  | 75,501 |
Net interest income |  | 62,234 |  |  | 186,267 |
Provision for credit losses |  | 248 |  |  | (3,821) |
Net interest income after provision for credit losses |  | 61,986 |  |  | 190,088 |
Noninterest income |  |  |  |
Fees from other financial services |  | 5,188 |  |  | 15,195 |
Fee income on deposit liabilities |  | 5,156 |  |  | 14,684 |
Fee income on other financial products |  | 3,131 |  |  | 8,834 |
Bank-owned life insurance |  | 2,993 |  |  | 8,832 |
Mortgage banking income |  | 363 |  |  | 1,151 |
Other income, net |  | 658 |  |  | 1,767 |
Total noninterest income |  | 17,489 |  |  | 50,463 |
Noninterest expense |  |  |  |
Compensation and employee benefits |  | 31,485 |  |  | 93,746 |
Occupancy |  | 5,630 |  |  | 15,913 |
Data processing |  | 4,974 |  |  | 14,780 |
Services |  | 3,816 |  |  | 12,217 |
Equipment |  | 2,436 |  |  | 7,562 |
Office supplies, printing and postage |  | 1,014 |  |  | 3,038 |
Marketing |  | 885 |  |  | 2,408 |
Goodwill impairment |  | — |  |  | 82,190 |
Other expense |  | 5,806 |  |  | 16,561 |
Total noninterest expense |  | 56,046 |  |  | 248,415 |
Income (loss) before income taxes from discontinued operations |  | 23,429 |  |  | (7,864) |
Income tax expense (benefit) |  | 4,651 |  |  | (1,789) |
Income (loss) from discontinued operations |  | $ | 18,778 |  |  | $ | (6,075) |

21

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Pacific Current.
Sale of solar and Battery Energy Storage System (BESS) facilities. As a result of HEI’s comprehensive review of strategic options of Pacific Current, effective August 1, 2025, HEI closed on the sale of its solar and BESS assets to an unaffiliated third party for cash consideration (Solar Asset Disposition). The Solar Asset Disposition was completed through the sale of the membership interests in Pacific Current, Solar and Storage Operating Company, LLC (PC Opco), a then newly created indirect subsidiary of Pacific Current, which owned all of the membership interest of Pacific Current’s solar and BESS project companies: Mauo, LLC, Kaʻieʻie Waho Company, LLC, Upena, LLC and Alenuihaha Developments, LLC (Project Companies). As a result of the Solar Asset Disposition, effective as of August 1, 2025, Pacific Current no longer owns the Project Companies. The Company recorded an immaterial gain on the Solar Asset Disposition as of September 30, 2025, which is included in “Gain (loss) on sale of subsidiaries and impairment loss on assets sold and held for sale” in the Company’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2025.
In the second quarter of 2025, the Company evaluated the carrying value of the net assets of Pacific Current’s solar/BESS and biomass facilities and concluded the net assets were impaired as of June 30 2025. As a result, the Company recognized a pretax impairment charge of $0.2 million and tax expense and an expected investment tax credit recapture of $5.3 million. The pretax impairment charge is included in “Gain (loss) on sale of subsidiaries and impairment loss on assets sold and held for sale” and the taxes on the impairment and expected investment tax credit recapture is included in “Income tax expense (benefit)” in the Company’s Condensed Consolidated Statements of Income for the nine months ended September 30, 2025.
Assets held for sale-Mahipapa. In addition, in connection with the Solar Asset Disposition and as part of the membership interest purchase agreement pursuant to which the Solar Asset Disposition was conducted (MIPA), but as a separate transaction, Pacific Current agreed to sell all of the membership interest in its biomass subsidiary, Mahipapa, LLC, to the same unaffiliated third party that is party to the MIPA (the Mahipapa Sale), with each of the parties’ obligations to complete the Mahipapa Sale subject to the conditions set forth in the MIPA.
The net assets of Mahipapa are classified as held for sale in the Company’s Condensed Consolidated Balance Sheets as of September, 2025. The net assets were classified as current, and are summarized as follows:

(in thousands) |  | September 30, 2025
Property, plant and equipment, net of accumulated depreciation |  | $ | 46,051 |
Other assets |  | 9,827 |
Assets held for sale-current |  | $ | 55,878 |
Long-term debt, net |  | $ | 51,116 |
Other liabilities |  | 7,959 |
Liabilities held for sale-current |  | $ | 59,075 |

Sale of Hamakua Holdings, LLC. As part of HEI’s comprehensive review of strategic options for Pacific Current, on March 10, 2025, Pacific Current closed on the sale of Hamakua Holdings, LLC (Hamakua Holdings), a then wholly owned subsidiary of Pacific Current, to an unaffiliated third party for cash consideration (Hamakua Sale). Hamakua Holdings had two wholly owned subsidiaries: Hamakua Energy, which owned a 60-MW combined cycle power plant that sells power to Hawaii Electric Light under an existing power purchase agreement, and HAESP, LLC (created in connection with the current on-going Stage 3 RFP process). As a result and effective as of the closing of the Hamakua Sale, Pacific Current no longer owns either of Hamakua Energy or HAESP, LLC, as wholly owned subsidiaries of Hamakua Holdings. The Company recorded a loss on the sale amounting to $13.2 million as of March 31, 2025.
GLST1. HEI transferred the amount of the first settlement payment, $479 million, into a new subsidiary, GLST1, which is restricted from disbursing such funds except in connection with the initial payment to the settlement funds. Effective March 31, 2025, HEI assigned 60% of the membership interests of GLST1 to Hawaiian Electric. As of September 30, 2025, the assigned equity interests total $287.3 million, which is reported on “Investment in unconsolidated affiliate” on the Utilities’ Condensed Consolidated Balance Sheets.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Note 4 · Electric utility segment
Consolidated variable interest entities (VIEs). The HE AR INTER LLC and its direct subsidiary, HE AR BRWR LLC, (collectively, the Special Purpose Entities or SPEs) are bankruptcy remote, direct and indirect wholly owned subsidiaries of the Utilities. Pursuant to the asset-based lending facility (ABL Facility) credit agreement, the Utilities sell certain accounts receivable to the SPEs as collateral, which in turn, obtain financing from financial institutions. As of September 30, 2025, the ABL Facility remains undrawn and the SPEs have $322.4 million of net accounts receivable, included in “Customer accounts receivable, net,” and “Accrued unbilled revenues, net” on the Utilities’ Condensed Consolidated Balance Sheets and “Accounts receivable and unbilled revenues, net” on the Company’s Condensed Consolidated Balance Sheets.
The SPEs are considered VIEs due to insufficient equity investment at risk. The most significant activities that impact the economic performance of the SPEs are cash and financing management. The Utilities are considered the primary beneficiary as the Utilities direct the activities related to cash and financing management and therefore, are required to consolidate the SPEs. Although the SPEs are direct and indirect wholly owned consolidated subsidiaries of the Utilities, the SPEs are legally separate from the Utilities. The assets of the SPEs (which are primarily accounts receivables) are not available to creditors of the Utilities.
Unconsolidated variable interest entities.
Power purchase agreements. As of September 30, 2025, the Utilities had four power purchase agreements (PPAs) for firm capacity and other PPAs with independent power producers (IPPs) and Schedule Q providers (i.e., customers with cogeneration and/or power production facilities who buy power from or sell power to the Utilities), none of which are currently required to be consolidated as VIEs.
Pursuant to the current accounting standards for VIEs, the Utilities are deemed to have a variable interest in Kalaeloa Partners, L.P. (Kalaeloa) and Hamakua Energy by reason of the provisions of the PPA that the Utilities have with the two IPPs. However, management has concluded that the Utilities are not the primary beneficiary of Kalaeloa and Hamakua Energy because the Utilities do not have the power to direct the activities that most significantly impact the two IPPs’ economic performance nor the obligation to absorb their expected losses, if any, that could potentially be significant to the IPPs. Thus, the Utilities have not consolidated Kalaeloa and Hamakua Energy in their condensed consolidated financial statements. On March 10, 2025, the sale of Hamakua Energy was closed and Hamakua Energy is no longer owned by Pacific Current. Hamakua Energy was an indirect subsidiary of Pacific Current and was included in HEI’s condensed consolidated financial statements up until sale date.
For the other PPAs with IPPs, the Utilities have concluded that the consolidation of the IPPs was not required because either the Utilities do not have variable interests in the IPPs due to the absence of an obligation in the PPAs for the Utilities to absorb any variability of the IPPs, or the IPP was considered a “governmental organization,” and thus excluded from the scope of accounting standards for VIEs. The consolidation of any significant IPP could have a material effect on the unaudited condensed consolidated financial statements, including the recognition of a significant amount of assets and liabilities and, if such a consolidated IPP were operating at a loss and had insufficient equity, the potential recognition of such losses. If the Utilities determine they are required to consolidate the financial statements of such an IPP and the consolidation has a material effect, the Utilities would retrospectively apply accounting standards for VIEs to the IPP.
GLST1. Effective March 31, 2025, HEI assigned 60% of the membership interests of GLST1 to Hawaiian Electric. The Utilities are deemed to have a variable interest in GLST1 but concluded that the Utilities are not the primary beneficiary of GLST1. As the Utilities have the ability to exercise significant influence over GLST1, the Utilities accounted for the membership interests under the equity method of accounting. As of September 30, 2025, the assigned equity interests total $287.3 million, which is reported on “Investment in unconsolidated affiliate” on the Utilities’ Condensed Consolidated Balance Sheets.
Commitments and contingencies.
Contingencies. The Utilities are subject in the normal course of business to legal, regulatory and environmental proceedings. Excluding the potential liabilities from the Maui windstorm and wildfires, management does not anticipate that the aggregate ultimate liability arising out of these pending or threatened legal proceedings will be material to its financial position. However, the Utilities cannot rule out the possibility that such outcomes could have a material effect on the results of operations or liquidity for a particular reporting period in the future. The Utilities record loss contingencies when the outcome of such proceedings is probable and when the amount of the loss is reasonably estimable. The Utilities also evaluate, on a continuous basis, whether developments in such proceedings could cause these assessments or estimates to change. Assessment regarding future events is required when evaluating whether a loss is probable or reasonably possible, and as to whether such loss or a range of such loss is estimable. Management is often unable to estimate a reasonably possible loss, or a range of loss,
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
particularly in cases in which: (i) the damages sought are indeterminate or the basis for the damages claimed is not clear; (ii) proceedings are in early stages; (iii) discovery is not complete; (iv) the matters involve novel or unsettled legal theories; (v) significant facts are in dispute; (vi) a large number of parties are represented (including circumstances in which it is uncertain how liability, if any, would be shared among multiple defendants); (vii) a lower court or administrative agency’s decision or ruling has been appealed; and/or (viii) a wide range of potential outcomes exist. In such cases, there may be considerable uncertainty regarding the timing or ultimate resolution, including any possible loss, fine, penalty, or business impact.
August 2023 Maui windstorm and wildfires. See Note 2.
Hu Honua Bioenergy, LLC (Hu Honua). In May 2012, Hawaii Electric Light signed a PPA, which the PUC approved in December 2013, with Hu Honua for 21.5 MW of renewable, dispatchable firm capacity fueled by locally grown biomass from a facility on the island of Hawaii, scheduled to be in service in 2016. However, Hu Honua encountered construction and litigation delays, which resulted in the termination of the original PPA. Following the termination, Hu Honua filed a lawsuit in the U.S. District Court for the District of Hawaii. The parties reached a settlement that was conditioned on the PUC’s timely, non-appealable final approval of an amended and restated PPA dated May 9, 2017. On May 23, 2022, following a contested case hearing, the PUC issued a decision and order (D&O) denying the amended and restated PPA, which was affirmed by the Hawaii Supreme Court on March 13, 2023. On November 16, 2023, Hu Honua filed its Motion for Leave to File Third Amended and Supplemental Complaint and for Permissive Joinder with the U.S. District Court for the District of Hawaii, asking the court to grant it leave to file a Third Amended and Supplemental Complaint, which would amend its claims and add three new proposed defendants. The court issued a D&O on the motion on April 2, 2024, which was consistent with Hawaii Electric Light's position, only allowing amendments that were agreed to and not allowing Hu Honua to add new claims or parties, effectively leaving Hu Honua with its previously-pled breach of contract and antitrust claims. Hu Honua filed its objection to the order on April 16, 2024 and the Hawaiian Electric defendants filed their response to the objection on April 30, 2024. On September 12, 2024, the court issued its decision affirming the April 2, 2024 order. Hu Honua filed its Third Amended and Supplemental Complaint on October 25, 2024, and after discussion with the Hawaiian Electric defendants and the court, filed its Amended Third Amended and Supplemental Complaint on December 3, 2024. The Hawaiian Electric defendants filed their Motion to Compel Arbitration on the contract claims and Motion to Dismiss the antitrust claims on January 7, 2025, and the matter was heard by the U.S. District Court on March 31, 2025. On April 17, 2025, the U.S. District Court granted Hawaii Electric Light’s Motion to Dismiss in part, dismissing the Federal Antitrust claims, but declining to exercise jurisdiction over the State antitrust claim. With the U.S. District Court declining to exercise jurisdiction over the remaining State claims, the Motion to Compel Arbitration on the contract claims was denied as moot. The remaining State claims, including the contract claims and the State antitrust claim, were dismissed without prejudice.
On December 24, 2024, Hawaii Electric Light received correspondence from Hu Honua, stating that Hu Honua sought to sell energy and capacity as a Qualifying Facility under Hawaii’s implementation of The Public Utility Regulatory Policies Act. On March 18, 2025, Hawaii Electric Light and Hu Honua informed the PUC that negotiations regarding this potential arrangement were ongoing with the intention to reach agreement on material terms and requested an extension of time to complete negotiations and for Hawaii Electric Light to submit a petition for hearing under the Hawaii Administrative Rules. On June 3, 2025, Hawaii Electric Light and Hu Honua provided an update to the PUC stating that substantial progress had been made and an agreement in principle had been reached on major terms. The update informed the PUC that the parties would continue negotiations with the intent to submit an application for approval of a PPA upon completion of such efforts.
On May 14, 2025, Hu Honua filed its notice of appeal in federal Ninth Circuit court. Due to the ongoing negotiations between Hu Honua and Hawaii Electric Light, the briefing schedule has been vacated, and Hu Honua is to provide a status report by November 10, 2025, and the docket is temporarily closed for administrative purposes until January 9, 2026.
On May 16, 2025, Hu Honua filed its complaint in state court for the remaining State claims. Hu Honua has granted Hawaii Electric Light an extension to respond while negotiations are ongoing.
Molokai New Energy Partners (MNEP). In July 2018, the PUC approved Maui Electric’s PPA with MNEP to purchase solar energy from a photovoltaic (PV) plus battery storage project. The 4.88-MW PV and 3-MW Battery Energy Storage System (BESS) project was to deliver no more than 2.64 MW at any time to the Molokai system. On March 25, 2020, MNEP filed a complaint in the U.S. District Court for the District of Hawaii against Maui Electric claiming breach of contract. On June 3, 2020, Maui Electric provided a Notice of Default and Termination of the PPA to MNEP terminating the PPA with an effective date of July 10, 2020. Thereafter, MNEP filed an amended complaint to include claims relating to the termination and Hawaiian Electric filed its answer to the amended complaint on September 11, 2020, disputing the facts presented by MNEP and all claims within the original and amended complaint. Currently, the discovery phase is ongoing. Trial was initially set for September 16, 2025, but was recently continued to commence on February 18, 2026.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Environmental regulation. The Utilities are subject to environmental laws and regulations that regulate the operation of existing facilities, the construction and operation of new facilities and the proper cleanup and disposal of hazardous waste and toxic substances.
Hawaiian Electric, Hawaii Electric Light and Maui Electric, like other utilities, periodically encounter petroleum or other chemical releases associated with current or previous operations. The Utilities report and take action on these releases when and as required by applicable law and regulations. The Utilities believe the costs of responding to such releases identified to date will not have a material effect, individually or in the aggregate, on Hawaiian Electric’s consolidated results of operations, financial condition or liquidity.
Former Molokai Electric Company generation site. In 1989, Maui Electric acquired Molokai Electric Company. Molokai Electric Company had sold its former generation site (Site) in 1983 but continued to operate at the Site under a lease until 1985 and left the property in 1987. The Environmental Protection Agency (EPA) has since identified environmental impacts in the subsurface soil at the Site. In cooperation with the State of Hawaii Department of Health and EPA, Maui Electric further investigated the Site and the adjacent parcel to determine the extent of impacts of polychlorinated biphenyls (PCBs), residual fuel oils and other subsurface contaminants. Maui Electric has a reserve balance of $2.4 million as of September 30, 2025, representing the probable and reasonably estimable undiscounted cost for remediation of the Site and the adjacent parcel based on presently available information; however, final costs of remediation will depend on the cleanup approach implemented.
Pearl Harbor sediment study. In July 2014, the U.S. Navy notified Hawaiian Electric of the Navy’s determination that Hawaiian Electric is a Potentially Responsible Party under CERCLA responsible for the costs of investigation and cleanup of PCB contamination in sediment in the area offshore of the Waiau Power Plant as part of the Pearl Harbor Superfund Site. Hawaiian Electric was also required by the EPA to assess potential sources and extent of PCB contamination onshore at Waiau Power Plant.
As of September 30, 2025, the reserve account balance recorded by Hawaiian Electric to address the PCB contamination was $9.3 million. The reserve balance represents the probable and reasonably estimable undiscounted cost for the onshore and offshore investigation and remediation. The final remediation costs will depend on the actual onshore and offshore cleanup costs.
Endangered Species Act. The Utilities received a notice under the federal Endangered Species Act, from Earthjustice on behalf of the American Bird Conservancy and Conservation Council for Hawaii (Conservation Groups) in January 2024. The notice is the pre-cursor to a citizen’s suit under the Endangered Species Act. The notice alleges that the Utilities are out of compliance with the Act due to alleged impacts on endangered seabirds caused by the Utilities’ powerlines, street lights and facility lights on Maui and Lanai. At the time the notice was served, the Utilities were already in the process of drafting a Habitat Conservation Plan (HCP) with respect to the powerlines and will be applying for associated state and federal take/license permits. Notwithstanding, the notice asserts that the scope of the HCP should be broader and additional interim measures are necessary while the HCP and related permits are pending.
After negotiations among the parties a complaint was filed on November 12, 2024 regarding the powerlines and on December 11, 2024, the court approved a settlement agreement. Pursuant to that agreement, the Utilities will continue the HCP process and take specific actions to minimize and mitigate the potential impact of the Utilities’ powerlines while the document is being prepared. The agreement also contains additional requirements that include coordination with the Conservation Groups with various aspects of the HCP and powerline operations, and continuing the Utilities’ commitment to a species mitigation project with University of Hawaii Foundation to monitor, protect and increase the population of Hawaiian Petrels.
The street and facility lights aspect of the notice was not resolved and a second complaint was filed on November 19, 2024, that includes the County of Maui as a party. Hawaiian Electric and Maui Electric answered the complaint on December 12, 2024 and at this time, the parties are engaging in discovery and settlement discussions to try and resolve the matter. On July 3, 2025, an interim agreement was executed by the parties with respect to foregoing the need for injunctive relief in 2025. However, the Utilities are unable to determine the ultimate outcome or the amount of any possible loss. A trial is set for April 20, 2026.
Commitments.
Purchase commitments. As of December 31, 2024, the Utilities’ estimated future minimum payments pursuant to purchase obligations related to material contracts of $2.2 billion. See Note 4 of the Notes to the Consolidated Financial Statements in Item 8 of the 2024 Form 10-K.
On March 25, 2025, Hale Kuawehi located on Hawaii Island, reached commercial operations, which has a capacity of 30 MW with 120-MWh batteries, and a total annual payment of $11.9 million. The battery portion of the PPA was recorded as a
25

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
finance lease liability in the first quarter of 2025 with a corresponding right-of-use asset of $42.3 million. On July 11, 2025, Hoohana Solar located on Oahu, reached commercial operations, which has a capacity of 52 MW with 208-MWh batteries, and a total annual payment of $13.4 million. The battery portion of the PPA was recorded as a finance lease liability in the third quarter of 2025 with a corresponding right-of-use asset of $51.3 million. As of September 30, 2025, a total of nine Stage 1 and Stage 2 renewable projects provide the Utilities a capacity of 301.5 MW, with 1,771-MWh batteries.
Purchases from all IPPs were as follows:

|  | Three months ended September 30 |  | Nine months ended September 30
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Kalaeloa Partners, L.P. |  | $ | 73 |  |  | $ | 74 |  |  | $ | 201 |  |  | $ | 219 |
HPOWER |  | 16 |  |  | 20 |  |  | 55 |  |  | 53 |
Puna Geothermal Venture |  | 12 |  |  | 15 |  |  | 31 |  |  | 42 |
Hamakua Energy |  | 11 |  |  | 9 |  |  | 24 |  |  | 25 |
Kapolei Energy Storage |  | 6 |  |  | 6 |  |  | 18 |  |  | 18 |
Wind IPPs |  | 33 |  |  | 37 |  |  | 90 |  |  | 104 |
Solar IPPs |  | 31 |  |  | 26 |  |  | 82 |  |  | 62 |
Other IPPs 1 |  | 1 |  |  | 2 |  |  | 4 |  |  | 7 |
Total IPPs |  | $ | 183 |  |  | $ | 189 |  |  | $ | 505 |  |  | $ | 530 |

1 Includes hydro power and other PPAs.
Utility projects. Many public utility projects require PUC approval and various permits from other governmental agencies. Difficulties in obtaining, or the inability to obtain, the necessary approvals or permits or community support can result in significantly increased project costs or even cancellation of projects. In the event a project does not proceed, or if it becomes probable the PUC will disallow cost recovery for all or part of a project, or if PUC-imposed caps on project costs are expected to be exceeded, project costs may need to be written off in amounts that could result in significant reductions in Hawaiian Electric’s consolidated net income.
Waena Battery Energy Storage System Project. In September 2020, Maui Electric filed a PUC application to purchase and install a 40-MW BESS at its Waena Site in Central Maui. In December 2023, the PUC approved Maui Electric’s request to commit funds estimated at $82.1 million, for the purchase and installation of the project, and to recover costs for the project under Exceptional Project Recovery Mechanism. Project costs incurred as of September 30, 2025, amount to $18.1 million. In July 2025, the PUC approved the Utilities’ request to authorize recovery of costs in addition to the amounts approved in December 2023 due to the uncertainty of changes in law, limited to the lesser of either the actual costs or 20% over the approved estimated capital costs.
Climate Adaptation Transmission and Distribution Resilience Program. The Utilities maintain that improving resiliency of the electric grid is an urgent matter and recognizes that climate change is making Hawaii increasingly vulnerable to severe weather events. On January 31, 2024, the PUC approved the Utilities’ request to commit an estimated $189.7 million in funds for the Climate Adaptation Transmission and Distribution Resilience Program, over a project period of five years. The project will focus on, among other things, system hardening in wildfire risk areas including installing video camera and weather monitors in wildfire risk areas and strengthening transmission lines to help prevent ignition enable quicker response and to add situational awareness.
The project costs to be recovered through Exceptional Project Recovery Mechanism is subject to a cap of $95 million and any amount in excess will be subject to the PUC’s further review. On August 7, 2024, the Utilities received a notification from the U.S. Department of Energy that their application for $95 million in federal funds under the Infrastructure Investment and Jobs Act (IIJA) was officially awarded. On August 20, 2024, the Utilities submitted a copy of their executed agreement with the Department of Energy to the PUC. On November 18, 2024, the Utilities filed their August 2024 - August 2025 Forward Looking Annual Report. Project costs incurred as of September 30, 2025, amount to $34.2 million.
In 2025, President Trump has issued multiple Executive Orders that impact both IIJA and Inflation Reduction Act funding. At this time, the Utilities believe these Executive Orders could potentially lead to project delays and economic uncertainty; however, the Utilities are still evaluating the potential impact and continue to monitor for any new Executive Orders and any changes that are passed down through the federal contracting officer for the Resilience Program. As of September 30, 2025, the Utilities’ reimbursement requests have been granted.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Regulatory proceedings.
Decoupling. Decoupling is a regulatory model that is intended to provide the Utilities with financial stability and facilitate meeting the State of Hawaii’s goals to transition to a clean energy economy and achieve an aggressive renewable portfolio standard. Decoupling delinks the utility’s revenues from the utility’s sales, removing the disincentive to promote energy efficiency and accept more renewable energy. Decoupling continues under the Performance-based regulation (PBR) Framework.
Performance-based regulation framework. On December 23, 2020, the PUC issued a decision and order (PBR D&O) establishing the PBR Framework to govern the Utilities. The PBR Framework incorporates an annual revenue adjustment (ARA) and a suite of new regulatory mechanisms in addition to previously established regulatory mechanisms. Under the PBR Framework, the decoupling mechanism (i.e., the Revenue Balancing Account (RBA)) established by the previous regulatory framework will continue. The existing cost recovery mechanisms continue as previously implemented (e.g., the Energy Cost Recovery Clause (ECRC), Purchased Power Adjustment Clause (PPAC), Demand-Side Management surcharge, Renewable Energy Infrastructure Program, Demand Response Adjustment Clause, Pension and Other Post-Employment Benefits (OPEB) tracking mechanisms). In addition to annual revenues provided by the ARA, the Utilities may seek relief for extraordinary projects or programs through the Exceptional Project Recovery Mechanism (EPRM) (formerly known as the Major Project Interim Recovery adjustment mechanism) and earn financial rewards for exemplary performance as provided through a portfolio of Performance Incentive Mechanisms (PIMs) and Shared Savings Mechanisms (SSMs). The PBR Framework incorporates a variety of additional performance mechanisms, including Scorecards, Reported Metrics, and an expedited Pilot Process. The PBR Framework also contains a number of safeguards, including a symmetric Earnings Sharing Mechanism (ESM) which protects the Utilities and customers from excessive earnings or losses, as measured by the Utilities’ achieved rate-making return on average common equity (ROACE) and a Re-Opener mechanism, under which the PUC will open an examination, at its discretion, to determine if adjustments or modifications to specific PBR mechanisms are appropriate. The PBR Framework became fully effective on June 1, 2021. Changes to the existing PIMs and SSMs have been made as separate requests and are discussed further below.
On June 19, 2024, and July 30, 2024, the PUC issued orders providing guidance regarding the comprehensive evaluation of the PBR Framework that will commence in the fourth year of the PBR Framework’s first MRP (PBR Framework Review). The current PBR multiyear rate plan (MRP) will end on May 31, 2026, and the next MRP (MRP2) will commence on January 1, 2027. The period in between these dates will be used to address implementation details that may arise ahead of MRP2. The PBR Framework Review, currently regarded as the remaining phases will proceed as follows: (i) Phase 5: the evaluation of the current PBR Framework, (ii) Phase 6: the examination of proposal for modifications to the PBR Framework, and (iii) Phase 7: the implementation of modifications prior to commencing the second MRP. At the PBR working group meetings held on August 30, 2024 and October 25, 2024, the working group discussed issues and considerations regarding re-basing target revenues for MRP2.
On November 8, 2024, the PUC issued an order establishing a briefing schedule for determining whether to re-base target revenues. On December 5, 2024, the parties timely submitted their respective briefs addressing the issues of whether and how to rebase target revenues.
In its order issued on February 27, 2025, the PUC concluded that Utilities’ target revenues should be re-based for MRP2 and allowed the Utilities to file a single, consolidated application that presents their requested adjustment to target revenues. The proceeding to re-base the Utilities’ target revenues for MRP2 shall be bifurcated into two tracks, with the first track focused on reaching a decision on the Utilities’ revenue requirements prior to the commencement of MRP2 and the second track focused on making a final determination on the revenue requirement and addressing the rate design component.
On April 4, 2025, the PUC established a briefing schedule for the parties to present their positions regarding their evaluation of the PBR Framework, following the working group meeting held on February 14, 2025. Timely opening and reply briefs were filed by the parties on May 5, 2025 and on May 19, 2025, respectively. On August 13, 2025, the PUC issued an order concluding Phase 5, identifying which specific PBR mechanisms would be prioritized for examination in Phase 6, and provided a tentative schedule framework for Phase 6. The PUC stated that it intends to focus Phase 6 on examining modifications to the inflation factor, customer dividend, ESM, revenue opportunities afforded by the X-Factor and EPRM guidelines, and PIMs portfolio.
On August 28, 2025, the Utilities filed a request to extend the time to file a rate case in order to allow collaboration among the PBR Working Group parties on an alternative rate re-basing proposal that could eliminate the need for a general rate case application and process. Confirmation was also sought that if a non-rate case re-basing proposal is explored but does not result in a proposal supported by the Utilities, they could file a rate case in the second half of 2026 utilizing a 2027 test year. On September 29, 2025, the PUC granted the Utilities’ request, subject to conditions: including (i) the Utilities are not expected to
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file their re-basing application by year-end 2025, as originally scheduled, (ii) the Utilities shall collaborate with the parties to attempt to develop an alternative proposal for submission to the PUC no later than January 7, 2026, (iii) if any party opposes or does not agree with any submitted alternative proposal, they shall file a statement describing their opposition and the reasons by January 14, 2026, (iv) if the Parties are unsuccessful at developing an alternative proposal or if the PUC ultimately rejects any submitted alternative proposal, the Utilities shall file their re-basing application in the second half of 2026, using a 2027 test year and (v) depending on outcome, the PUC may defer the start of MRP2 beyond January 2027.
Annual revenue adjustment mechanism. The PBR Framework established a five-year MRP during which there will be no general rate cases. Target revenues are adjusted according to an index-driven ARA based on: (i) an inflation factor, (ii) a predetermined X-factor to encompass productivity, which is set at zero, (iii) a Z-factor to account for exceptional circumstances not in the Utilities’ control and (iv) a customer dividend consisting of a negative adjustment of 0.22% of adjusted revenue requirements compounded annually and a flow through of the “pre-PBR” savings commitment from the management audit recommendations developed in a prior docket at a rate of $6.6 million per year from 2021 to 2025. The ARA mechanism replaced the previous revenue adjustment mechanism (RAM). RAM revenue adjustments approved by the PUC in 2020 continue to be included in the RBA provision’s target revenue and RBA rate adjustment to the extent such adjustments are not included in base rate unless modified with PUC approval.
Earnings sharing mechanism. The PBR Framework established a symmetrical ESM for achieved rate-making ROACE outside of a 300 basis points deadband above or below the current authorized ROACE of 9.5% for each of the Utilities. There is a 50/50 sharing between customers and Utilities for the achieved rate-making ROACE falling within 150 basis points outside of the deadband in either direction, and a 90/10 sharing for any further difference. A reopening or review of the PBR terms may be triggered if the Utilities credit rating outlook indicates a potential credit downgrade below investment grade status, or if its achieved rate-making ROACE enters the outer most tier of the ESM.
On August 31, 2023, the PUC issued an order temporarily suspending the ESM until further notice. The intent of the order is to address the unintended consequence of customers potentially bearing the costs associated with the Maui windstorm and wildfires through the operation of the ESM without prior PUC review.
Exceptional project recovery mechanism. Prior to the implementation of the PBR Framework, the PUC established the Major Project Interim Recovery (MPIR) adjustment mechanism and MPIR Guidelines. The MPIR mechanism provides the opportunity to recover revenues for net costs of approved eligible projects placed in service between general rate cases. In establishing the PBR Framework, the MPIR Guidelines were terminated and replaced with the EPRM Guidelines. Although the MPIR Guidelines were terminated and replaced by the EPRM Guidelines, the MPIR mechanism continues within the PBR Framework to provide recovery of project costs previously approved for recovery under the MPIR. The established EPRM Guidelines permit the Utilities to include the full amount of approved costs in the EPRM for recovery in the first year the project goes into service, pro-rated for the portion of the year the project is in service. Deferred and other operation and maintenance (O&M) expense projects are also eligible for EPRM recovery under the EPRM Guidelines. EPRM recoverable costs are limited to the lesser of actual incurred project costs or PUC‑approved amounts, net of savings.
As of September 30, 2025, the Utilities annualized MPIR and EPRM revenue amounts totaled $35.7 million, including revenue taxes, for the Schofield Generating Station ($15.6 million), West Loch PV project ($3.1 million), Grid Modernization Strategy Phase 1 project ($14.1 million for all three utilities), Waiawa UFLS project ($0.1 million), Waena Switchyard/Synchronous project ($2.5 million) and Resilience project ($0.3 million) that included the 2024 return on project amount (based on approved amounts) in rate base, depreciation and incremental O&M expenses. The PUC approved the Utilities’ recovery of the annualized 2024 MPIR and EPRM revenues effective June 1, 2025, through the RBA rate adjustment.
As of September 30, 2025, the PUC approved the recovery of four EPRM projects in the amount of $227.5 million to the extent the project costs are not included in rates. Currently, the Utilities are seeking EPRM recovery for three additional projects subject to PUC approval.
Pilot process. As part of the PBR Framework, the PUC approved a pilot process to foster innovation by establishing an expedited implementation process for pilots that tests new technologies, programs, business models, and other arrangements (Pilot Process). Under the Pilot Process, the Utilities submit specific pilot proposals (i.e., pilot notices) that are within the scope of the approved Workplan to the PUC for their expedited review. The PUC will strive to issue an order addressing a proposed pilot within 45 days of the filing date of a pilot notice. If the PUC does not take affirmative action on a pilot notice by the end of the 45-day period, the pilot notice will be considered approved as submitted. The PUC may modify the pilot as originally proposed, and the Utilities will have 15 days to notify the PUC whether the Utilities accept the modification, propose further modification, or withdraw the pilot notice. The PUC may also, where necessary, suspend the pilot notice for further investigation. The approved Pilot Process includes a cost recovery process that generally allows the Utilities to defer and recover total annual expenditures of approved pilot projects net of revenues, subject to an annual cap of $10 million, over 12 months beginning June 1 of the year following pilot implementation through the RBA rate adjustment, although the PUC may
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determine on a case-by-case basis that a particular project’s deferred costs should be amortized over a period greater than 12 months.
On March 24, 2025, the Utilities filed their annual Pilot Update report covering pilot projects that were active during 2024, including reporting on pilot projects that were initiated prior to the commencement of the Pilot Process. The Pilot Update reported on approximately $2.1 million of 2024 recorded pilot project costs including revenue taxes for the Utilities. The 2024 recorded pilot project costs were included in the Utilities’ proposed adjustments to target revenue in the 2025 spring revenue report filed on March 31, 2025.
On October 6, 2025, the PUC issued a decision approving the Utilities’ Wildfire Enhanced Fast Trip Reliability Mitigation Pilot, subject to certain reporting conditions. The purpose of the pilot is to test the ability of novel equipment and protection schemes to mitigate the negative reliability impacts caused by the implementation of Enhanced Fast Trip, while preserving the effectiveness of Enhanced Fast Trip in reducing wildfire ignition risk. The pilot commenced at the end of October 2025 with a planned duration of approximately 17 months.
Performance incentive mechanisms. The following PIMs and SSMs were approved by the PUC and are applicable to the 2024 and 2025 evaluation periods. PIMs and SSMs are determined at the end of their respective evaluation periods. Unless otherwise specified, the evaluation period is the 12‑month calendar year period ending December 31 over which measured performance is determined.

Performance Incentive Mechanisms | Maximum rewards/penalties $ | 2024 rewards (penalties) earned | 2025 rewards (penalties) accrued
Transmission and Distribution-caused SAIDI/SAIFI PIMs | Maximum penalties of $3.6 million for 2024/2025 | $(1.0) million | *
Call Center PIM | Maximum reward or penalty of $1.4 million | — | *
Phase 1 RFP PIM | Varies | $0.2 million | $0.3 million
Renewable portfolio standard (RPS) PIM | $10/MWh for above interpolated statutory RPS goal $20/MWh for failing to meet RPS targets in 2030, 2040 and 2045 | $1.9 million | *
Interconnection Approval PIM 1 | Maximum reward of $3.0 million or a total annual maximum penalty of $0.9 million | $2.4 million | Not applicable
Generation-caused SAIDI/SAIFI PIMs | Maximum penalties of approximately $1.0 million | $(0.1) million | *
Interconnection Requirements Study PIM | Varies | — | *
Collective Shared Savings Mechanism | 20% share of savings when non-ARA costs in a performance year lower than target year non-ARA costs | $2.8 million | *
Total PIM rewards, net |  | $6.2 million | $0.3 million

1 The Interconnection Approval PIM expired as of December 31, 2024.
* PIMs will be measured at the end of the year.
On April 1, 2024, the Utilities filed a request for partial temporary suspension and modification of the Transmission and Distribution (T&D) System Average Interruption Duration Index (SAIDI) and T&D System Average Interruption Frequency Index (SAIFI) PIMs to specifically suspend the T&D SAIDI and T&D SAIFI PIMs for wildfire risk circuits from January 1, 2024 to December 31, 2025. The Utilities also proposed that circuits not identified as wildfire risk circuits would continue to be subject to the existing PIMs on a prorated basis. On December 18, 2024, and clarified on January 15, 2025, the PUC issued orders granting the Utilities’ request to suspend the T&D SAIDI and T&D SAIFI PIMs for wildfire risk circuits from January 1, 2024 to December 31, 2025.
For the 2024 evaluation period, the Utilities earned $6.2 million ($2.5 million for Hawaiian Electric, $3.4 million for Hawaii Electric Light and $0.3 million for Maui Electric) in rewards net of penalties. The net rewards related to 2024 were reflected in the 2025 PIMs annual report and 2025 spring revenue report filings with the exception of the Phase 1 RFP PIM, which was reflected in the 2024 spring revenue report and 2024 fall revenue report filings. For the 2025 evaluation period, the Utilities accrued an additional $0.3 million in rewards for the Phase 1 RFP PIM (for Maui Electric), which were reflected in the 2025 fall revenue report filing.
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Annual review cycle. PBR D&O established an annual review cycle for revenue adjustments under the PBR Framework, including the biannual submission of the revenue reports. The Utilities’ 2025 fall revenue report was filed on October 31, 2025, which is subject to PUC approval. The filing reflected ARA revenues for 2026 to be collected from January 1 through December 31, 2026, as follows:

(in millions) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Total
2026 ARA revenue |  | $ | 20.4 |  |  | $ | 5.0 |  |  | $ | 4.9 |  |  | $ | 30.3 |
Management Audit savings commitment |  | (4.6) |  |  | (1.0) |  |  | (1.0) |  |  | (6.6) |
Net 2026 ARA revenues |  | $ | 15.8 |  |  | $ | 4.0 |  |  | $ | 3.9 |  |  | $ | 23.7 |

Note: Columns may not foot due to rounding.
The proposed net incremental amounts between the 2025 spring and 2025 fall revenue reports are shown in the following table. The amounts are to be collected (refunded) from January 1, 2026, through December 31, 2026, under the RBA rate tariffs, which were proposed in the 2025 fall revenue report filing.

(in millions) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Total
2026 ARA revenues |  | $ | 20.4 |  |  | $ | 5.0 |  |  | $ | 4.9 |  |  | $ | 30.3 |
Annual change in accrued RBA balance through September 30, 2025 (and associated revenue taxes) |  | (18.6) |  |  | (1.3) |  |  | (10.7) |  |  | (30.6) |
Incremental Performance Incentive Mechanisms (net) |  | — |  |  | (0.1) |  |  | 0.3 |  |  | 0.2 |
Net incremental amount to be collected under the RBA rate tariffs |  | $ | 1.8 |  |  | $ | 3.6 |  |  | $ | (5.5) |  |  | $ | (0.1) |

Note: Columns may not foot due to rounding.
Regulatory assets and liabilities.
Regulatory asset related to retirement of generating units.
Honolulu generating units 8 and 9. On December 22, 2023, the PUC issued a D&O approving the Utilities’ request to establish a regulatory asset for the remaining net book value of the fossil fuel generating units for both Honolulu units 8 and 9 assets that retired on December 31, 2023, and amortize the regulatory asset over approximately nine years. The PUC also ruled that the Utilities may seek to include the regulatory asset in rate base and seek to recover the amortization expense and a return on the unamortized balance of the regulatory asset in the next rate case or rate re-setting proceeding. As of September 30, 2025, the Utilities have recorded $24.2 million in regulatory assets for the remaining net book value of Honolulu generating units 8 and 9.
Waiau generating units 3 and 4. On September 30, 2024, the PUC issued a D&O approving the Utilities’ request to establish a regulatory asset for the remaining net book value of the fossil fuel generating units for both Waiau units 3 and 4 assets that retired on December 31, 2024, and amortize the regulatory asset over approximately nine years. The PUC also ruled that the Utilities may seek to include the regulatory asset in rate base and seek to recover the amortization expense and a return on the unamortized balance of the regulatory asset in the next rate case or rate re-setting proceeding. As of September 30, 2025, the Utilities have recorded $13.1 million in regulatory assets for the remaining net book value of Waiau generating units 3 and 4.
Regulatory assets for Maui windstorm and wildfires related costs. On December 27, 2023, the PUC issued an order authorizing deferred accounting treatment for the Utilities’ incremental non-labor expenses under specific cost categories related to the August 2023 Maui windstorm and wildfires. The deferred accounting treatment authorized, applied to certain non-labor expenses incurred from August 8, 2023 through December 31, 2024 that are not already a part of base rates.
On February 12, 2025, the PUC issued an order granting the Utilities request to extend the deferral accounting period to December 31, 2025, limited to insurance premiums and outside services and legal costs associated with the ABL Facility credit agreement (see Note 5).
As of September 30, 2025, the Utilities have recorded $74.5 million in regulatory assets for the incremental costs incurred related to the Maui windstorm and wildfires event.
Requests for cost recovery of deferred costs will be the subject of a separate application at which time the PUC will evaluate whether such costs were prudently incurred and reasonable and determine the extent to which such costs will be eligible for recovery, and the period over which recovery will occur. If the PUC denies recovery of any deferred costs, such costs would be charged to expense in the period that those costs are no longer considered probable of recovery.
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Regulatory liabilities for Enterprise Resource Planning/Enterprise Asset Management (ERP/EAM). The ERP/EAM Implementation Project went live in October 2018. Hawaii Electric Light and Hawaiian Electric began to incorporate their portion of the deferred project costs in rate base and started the amortization over a 12-year period in January 2020 and November 2020, respectively. The PUC required a minimum of $246 million ERP/EAM project-related benefit to be delivered to customers over the system’s 12-year service life.
In February 2019, the PUC approved a methodology for passing the future cost saving benefits of the ERP/EAM system to customers developed by the Utilities in collaboration with the Consumer Advocate. The Utilities filed a benefits clarification document on June 10, 2019, reflecting $150 million in future net O&M expense reductions and cost avoidance, and $96 million in capital cost reductions and tax savings over the 12-year service life. To the extent the reduction in O&M expense relates to amounts reflected in electric rates, the Utilities would reduce future rates for such amounts. In October 2019, the PUC approved the Utilities and the Consumer Advocate’s Stipulated Performance Metrics and Tracking Mechanism. As part of the settlement agreement approved in the Hawaiian Electric 2020 test year rate case, the regulatory liability for Hawaiian Electric will be amortized over five years, beginning in November 2020, and the O&M benefits for Hawaiian Electric were considered flowed through to customers. On December 29, 2023, the PUC approved the Utilities’ proposal to accelerate flow-through of the ERP benefits savings currently tracked in regulatory liability accounts to Hawaii Electric Light and Maui Electric customers as part of the customer dividend in the ARA, to mitigate the impact of the Utilities’ recovery of the COVID-19 related costs on customers. See “Regulatory assets for COVID-19 related costs” section below.
As of September 30, 2025, the Utilities’ regulatory liability was $11.7 million ($0.1 million for Hawaiian Electric, $4.7 million for Hawaii Electric Light and $6.9 million for Maui Electric) for the O&M expense savings that are being amortized or to be included in future rates. At the PUC’s direction, the Utilities have been filing Annual Enterprise System Benefits (AESB) reports on the achieved benefits savings.
Regulatory assets for COVID-19 related costs. In a D&O issued on December 29, 2023, as clarified by an order issued on February 27, 2024, the PUC approved the Utilities’ recovery of the COVID-19 related deferred costs of $8.7 million evenly over a three-year recovery period from June 1, 2024 and end May 31, 2027 through the Z-factor in the ARA. As of September 30, 2025, the Utilities have recorded $4.4 million in regulatory assets for deferral of COVID-19 related costs.
Regulatory assets for suspension of disconnections related costs. Based on circumstances related to the Maui windstorm and wildfires, on August 31, 2023 and subsequently on October 13, 2023, the PUC issued orders directing all regulated utilities located on, or providing utility service on Maui, among other things, (i) to suspend disconnections of services and associated disconnection fees beginning from August 8, 2023, through the end of the emergency relief period established by the Governor’s Emergency Proclamations related to the Maui windstorm and wildfires, which currently continues through November 10, 2025 (Suspension Period); (ii) to suspend any and all rules and provisions of individual utility tariffs that prevent or condition re-connection of disconnected customers during the Suspension Period; (iii) not to charge customers interest on past due payments or impose any late payment fees through the Suspension Period; (iv) to establish regulatory assets to record costs directly related to the suspension of disconnections, and to record receipt of governmental aid and donation-based aid, loans or grants, and/or all other assistance measures, and any cost savings realized; and (v) to file a notice with the PUC regarding any upcoming application or other request pursuant to HRS Sections 269-16.3, -17, -17.5, -18, -19, or -19.5 and/or regarding any significant financial change to the Maui utility, at least 60 days prior to filing such application or other request with the PUC. The orders also discourage the filing of emergency or general rate increases in response to the emergency situation. In future proceedings, the PUC will assess the utility’s request for recovery of these regulatory assets including whether it is reasonable and necessary, the appropriate period of recovery for the approved amount of regulatory assets, any amount of carrying costs thereon, any savings directly attributable to suspension of disconnects, and other related matters. As of September 30, 2025, the Utilities have recorded $5.1 million in regulatory assets for the incremental costs incurred due to the suspension of disconnections.
Condensed consolidating financial information. Condensed consolidating financial information for Hawaiian Electric and its subsidiaries are presented for the three and nine months ended September 30, 2025 and 2024, and as of September 30, 2025 and December 31, 2024.
On March 21, 2024, Hawaiian Electric formed HE AR INTER LLC and its direct subsidiary, HE AR BRWR LLC, which were established to pursue financing through a secured asset-based (accounts receivable) credit facility.
Hawaiian Electric unconditionally guarantees Hawaii Electric Light’s and Maui Electric’s obligations (a) to the State of Hawaii for the repayment of principal and interest on Special Purpose Revenue Bonds issued for the benefit of Hawaii Electric Light and Maui Electric and (b) under their respective private placement note agreements and the Hawaii Electric Light notes and Maui Electric notes issued thereunder. Hawaiian Electric is also obligated, after the satisfaction of its obligations on its own preferred stock, to make dividend, redemption and liquidation payments on Hawaii Electric Light’s and Maui Electric’s preferred stock if the respective subsidiary is unable to make such payments.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Statement of Income
Three months ended September 30, 2025

(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 560,118 |  |  | 115,499 |  |  | 112,352 |  |  | 3,000 |  |  | (3,541) |  |  | $ | 787,428 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 178,209 |  |  | 22,419 |  |  | 39,919 |  |  | — |  |  | — |  |  | 240,547 |
Purchased power |  | 132,075 |  |  | 36,008 |  |  | 15,730 |  |  | — |  |  | — |  |  | 183,813 |
Other operation and maintenance |  | 103,940 |  |  | 26,742 |  |  | 33,816 |  |  | 862 |  |  | (3,541) |  |  | 161,819 |
Depreciation |  | 42,576 |  |  | 11,242 |  |  | 10,204 |  |  | — |  |  | — |  |  | 64,022 |
Taxes, other than income taxes |  | 53,071 |  |  | 10,779 |  |  | 10,584 |  |  | — |  |  | — |  |  | 74,434 |
Total expenses |  | 509,871 |  |  | 107,190 |  |  | 110,253 |  |  | 862 |  |  | (3,541) |  |  | 724,635 |
Operating income |  | 50,247 |  |  | 8,309 |  |  | 2,099 |  |  | 2,138 |  |  | — |  |  | 62,793 |
Allowance for equity funds used during construction |  | 2,800 |  |  | 390 |  |  | 631 |  |  | — |  |  | — |  |  | 3,821 |
Equity in earnings of subsidiaries |  | 6,123 |  |  | — |  |  | — |  |  | — |  |  | (6,123) |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 867 |  |  | 161 |  |  | (30) |  |  | — |  |  | — |  |  | 998 |
Interest expense and other charges, net |  | (16,654) |  |  | (2,744) |  |  | (4,012) |  |  | — |  |  | 1,296 |  |  | (22,114) |
Allowance for borrowed funds used during construction |  | 1,172 |  |  | 106 |  |  | 222 |  |  | — |  |  | — |  |  | 1,500 |
Interest income |  | 2,404 |  |  | 320 |  |  | 33 |  |  | — |  |  | (1,296) |  |  | 1,461 |
Income (loss) before income taxes |  | 46,959 |  |  | 6,542 |  |  | (1,057) |  |  | 2,138 |  |  | (6,123) |  |  | 48,459 |
Income tax expense (benefit) |  | 9,701 |  |  | 1,407 |  |  | (686) |  |  | 551 |  |  | — |  |  | 10,973 |
Net income (loss) |  | 37,258 |  |  | 5,135 |  |  | (371) |  |  | 1,587 |  |  | (6,123) |  |  | 37,486 |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 95 |  |  | — |  |  | — |  |  | 228 |
Net income (loss) attributable to Hawaiian Electric |  | 37,258 |  |  | 5,002 |  |  | (466) |  |  | 1,587 |  |  | (6,123) |  |  | 37,258 |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income (loss) for common stock |  | $ | 36,988 |  |  | 5,002 |  |  | (466) |  |  | 1,587 |  |  | (6,123) |  |  | $ | 36,988 |

Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Statement of Comprehensive Income
Three months ended September 30, 2025

(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income (loss) for common stock |  | $ | 36,988 |  |  | 5,002 |  |  | (466) |  |  | 1,587 |  |  | (6,123) |  |  | $ | 36,988 |
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes |  | (576) |  |  | (31) |  |  | (64) |  |  | — |  |  | 95 |  |  | (576) |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | 552 |  |  | 33 |  |  | 57 |  |  | — |  |  | (90) |  |  | 552 |
Other comprehensive income (loss), net of taxes |  | (24) |  |  | 2 |  |  | (7) |  |  | — |  |  | 5 |  |  | (24) |
Comprehensive income (loss) attributable to common shareholder |  | $ | 36,964 |  |  | 5,004 |  |  | (473) |  |  | 1,587 |  |  | (6,118) |  |  | $ | 36,964 |

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Statement of Income
Three months ended September 30, 2024

(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 592,784 |  |  | 123,238 |  |  | 113,840 |  |  | 2,402 |  |  | (2,647) |  |  | $ | 829,617 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 207,498 |  |  | 31,464 |  |  | 40,076 |  |  | — |  |  | — |  |  | 279,038 |
Purchased power |  | 135,645 |  |  | 35,291 |  |  | 18,229 |  |  | — |  |  | — |  |  | 189,165 |
Other operation and maintenance |  | 105,977 |  |  | 25,614 |  |  | 32,769 |  |  | 484 |  |  | (2,647) |  |  | 162,197 |
Wildfire tort-related claims |  | 130,400 |  |  | 16,300 |  |  | 16,300 |  |  | — |  |  | — |  |  | 163,000 |
Depreciation |  | 42,004 |  |  | 10,964 |  |  | 9,844 |  |  | — |  |  | — |  |  | 62,812 |
Taxes, other than income taxes |  | 55,787 |  |  | 11,511 |  |  | 10,671 |  |  | — |  |  | — |  |  | 77,969 |
Total expenses |  | 677,311 |  |  | 131,144 |  |  | 127,889 |  |  | 484 |  |  | (2,647) |  |  | 934,181 |
Operating income (loss) |  | (84,527) |  |  | (7,906) |  |  | (14,049) |  |  | 1,918 |  |  | — |  |  | (104,564) |
Allowance for equity funds used during construction |  | 2,628 |  |  | 256 |  |  | 416 |  |  | — |  |  | — |  |  | 3,300 |
Equity in earnings of subsidiaries |  | (18,558) |  |  | — |  |  | — |  |  | — |  |  | 18,558 |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 826 |  |  | 162 |  |  | (29) |  |  | — |  |  | — |  |  | 959 |
Interest expense and other charges, net |  | (14,870) |  |  | (2,760) |  |  | (4,324) |  |  | — |  |  | 1,731 |  |  | (20,223) |
Allowance for borrowed funds used during construction |  | 1,055 |  |  | 75 |  |  | 201 |  |  | — |  |  | — |  |  | 1,331 |
Interest income |  | 2,971 |  |  | 324 |  |  | 107 |  |  | — |  |  | (1,731) |  |  | 1,671 |
Income (loss) before income taxes |  | (110,475) |  |  | (9,849) |  |  | (17,678) |  |  | 1,918 |  |  | 18,558 |  |  | (117,526) |
Income tax expense (benefit) |  | (28,160) |  |  | (2,807) |  |  | (4,966) |  |  | 494 |  |  | — |  |  | (35,439) |
Net income (loss) |  | (82,315) |  |  | (7,042) |  |  | (12,712) |  |  | 1,424 |  |  | 18,558 |  |  | (82,087) |
Preferred stock dividends of subsidiaries |  | — |  |  | 133 |  |  | 95 |  |  | — |  |  | — |  |  | 228 |
Net income (loss) attributable to Hawaiian Electric |  | (82,315) |  |  | (7,175) |  |  | (12,807) |  |  | 1,424 |  |  | 18,558 |  |  | (82,315) |
Preferred stock dividends of Hawaiian Electric |  | 270 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 270 |
Net income (loss) for common stock |  | $ | (82,585) |  |  | (7,175) |  |  | (12,807) |  |  | 1,424 |  |  | 18,558 |  |  | $ | (82,585) |

Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Statement of Comprehensive Income
Three months ended September 30, 2024

(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income (loss) for common stock |  | $ | (82,585) |  |  | (7,175) |  |  | (12,807) |  |  | 1,424 |  |  | 18,558 |  |  | $ | (82,585) |
Other comprehensive income (loss), net of taxes: |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes |  | (1,331) |  |  | (40) |  |  | (71) |  |  | — |  |  | 111 |  |  | (1,331) |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | 1,333 |  |  | 42 |  |  | 64 |  |  | — |  |  | (106) |  |  | 1,333 |
Other comprehensive income (loss), net of taxes |  | 2 |  |  | 2 |  |  | (7) |  |  | — |  |  | 5 |  |  | 2 |
Comprehensive income (loss) attributable to common shareholder |  | $ | (82,583) |  |  | (7,173) |  |  | (12,814) |  |  | 1,424 |  |  | 18,563 |  |  | $ | (82,583) |

33

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Statement of Income
Nine months ended September 30, 2025

(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 1,609,625 |  |  | 334,783 |  |  | 325,811 |  |  | 8,808 |  |  | (10,751) |  |  | $ | 2,268,276 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 498,376 |  |  | 75,910 |  |  | 115,569 |  |  | — |  |  | — |  |  | 689,855 |
Purchased power |  | 374,065 |  |  | 89,155 |  |  | 42,273 |  |  | — |  |  | — |  |  | 505,493 |
Other operation and maintenance |  | 298,628 |  |  | 80,525 |  |  | 91,654 |  |  | 3,088 |  |  | (10,751) |  |  | 463,144 |
Depreciation |  | 127,678 |  |  | 33,727 |  |  | 30,610 |  |  | — |  |  | — |  |  | 192,015 |
Taxes, other than income taxes |  | 152,587 |  |  | 31,330 |  |  | 30,577 |  |  | 1 |  |  | — |  |  | 214,495 |
Total expenses |  | 1,451,334 |  |  | 310,647 |  |  | 310,683 |  |  | 3,089 |  |  | (10,751) |  |  | 2,065,002 |
Operating income |  | 158,291 |  |  | 24,136 |  |  | 15,128 |  |  | 5,719 |  |  | — |  |  | 203,274 |
Allowance for equity funds used during construction |  | 8,432 |  |  | 1,088 |  |  | 1,588 |  |  | — |  |  | — |  |  | 11,108 |
Equity in earnings of subsidiaries |  | 23,615 |  |  | — |  |  | — |  |  | — |  |  | (23,615) |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 2,678 |  |  | 497 |  |  | (74) |  |  | — |  |  | — |  |  | 3,101 |
Interest expense and other charges, net |  | (49,966) |  |  | (8,229) |  |  | (11,708) |  |  | — |  |  | 3,631 |  |  | (66,272) |
Allowance for borrowed funds used during construction |  | 3,525 |  |  | 297 |  |  | 557 |  |  | — |  |  | — |  |  | 4,379 |
Interest income |  | 7,219 |  |  | 910 |  |  | 159 |  |  | — |  |  | (3,631) |  |  | 4,657 |
Income before income taxes |  | 153,794 |  |  | 18,699 |  |  | 5,650 |  |  | 5,719 |  |  | (23,615) |  |  | 160,247 |
Income taxes |  | 29,030 |  |  | 4,000 |  |  | 294 |  |  | 1,473 |  |  | — |  |  | 34,797 |
Net income |  | 124,764 |  |  | 14,699 |  |  | 5,356 |  |  | 4,246 |  |  | (23,615) |  |  | 125,450 |
Preferred stock dividends of subsidiaries |  | — |  |  | 401 |  |  | 285 |  |  | — |  |  | — |  |  | 686 |
Net income attributable to Hawaiian Electric |  | 124,764 |  |  | 14,298 |  |  | 5,071 |  |  | 4,246 |  |  | (23,615) |  |  | 124,764 |
Preferred stock dividends of Hawaiian Electric |  | 810 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 810 |
Net income for common stock |  | $ | 123,954 |  |  | 14,298 |  |  | 5,071 |  |  | 4,246 |  |  | (23,615) |  |  | $ | 123,954 |

Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Statement of Comprehensive Income
Nine months ended September 30, 2025

(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income for common stock |  | $ | 123,954 |  |  | 14,298 |  |  | 5,071 |  |  | 4,246 |  |  | (23,615) |  |  | $ | 123,954 |
Other comprehensive loss, net of taxes: |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes |  | (1,637) |  |  | (86) |  |  | (191) |  |  | — |  |  | 277 |  |  | (1,637) |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | 1,519 |  |  | 77 |  |  | 164 |  |  | — |  |  | (241) |  |  | 1,519 |
Other comprehensive loss, net of taxes |  | (118) |  |  | (9) |  |  | (27) |  |  | — |  |  | 36 |  |  | (118) |
Comprehensive income attributable to common shareholder |  | $ | 123,836 |  |  | 14,289 |  |  | 5,044 |  |  | 4,246 |  |  | (23,579) |  |  | $ | 123,836 |

34

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Statement of Income
Nine months ended September 30, 2024

(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Revenues |  | $ | 1,721,592 |  |  | 358,510 |  |  | 330,669 |  |  | 2,402 |  |  | (2,647) |  |  | $ | 2,410,526 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Fuel oil |  | 605,083 |  |  | 91,590 |  |  | 125,313 |  |  | — |  |  | — |  |  | 821,986 |
Purchased power |  | 390,302 |  |  | 98,415 |  |  | 41,593 |  |  | — |  |  | — |  |  | 530,310 |
Other operation and maintenance |  | 290,578 |  |  | 74,748 |  |  | 90,485 |  |  | 484 |  |  | (2,647) |  |  | 453,648 |
Wildfire tort-related claims |  | 1,500,000 |  |  | 187,500 |  |  | 187,500 |  |  | — |  |  | — |  |  | 1,875,000 |
Depreciation |  | 126,011 |  |  | 32,892 |  |  | 29,533 |  |  | — |  |  | — |  |  | 188,436 |
Taxes, other than income taxes |  | 162,410 |  |  | 33,411 |  |  | 30,974 |  |  | — |  |  | — |  |  | 226,795 |
Total expenses |  | 3,074,384 |  |  | 518,556 |  |  | 505,398 |  |  | 484 |  |  | (2,647) |  |  | 4,096,175 |
Operating income (loss) |  | (1,352,792) |  |  | (160,046) |  |  | (174,729) |  |  | 1,918 |  |  | — |  |  | (1,685,649) |
Allowance for equity funds used during construction |  | 8,027 |  |  | 893 |  |  | 1,356 |  |  | — |  |  | — |  |  | 10,276 |
Equity in earnings of subsidiaries |  | (258,633) |  |  | — |  |  | — |  |  | — |  |  | 258,633 |  |  | — |
Retirement defined benefits credit (expense)—other than service costs |  | 2,681 |  |  | 498 |  |  | (76) |  |  | — |  |  | — |  |  | 3,103 |
Interest expense and other charges, net |  | (44,879) |  |  | (8,648) |  |  | (13,114) |  |  | — |  |  | 5,016 |  |  | (61,625) |
Allowance for borrowed funds used during construction |  | 3,168 |  |  | 267 |  |  | 626 |  |  | — |  |  | — |  |  | 4,061 |
Interest income |  | 8,606 |  |  | 720 |  |  | 245 |  |  | — |  |  | (5,016) |  |  | 4,555 |
Income (loss) before income taxes |  | (1,633,822) |  |  | (166,316) |  |  | (185,692) |  |  | 1,918 |  |  | 258,633 |  |  | (1,725,279) |
Income tax expense (benefit) |  | (361,874) |  |  | (43,636) |  |  | (49,001) |  |  | 494 |  |  | — |  |  | (454,017) |
Net income (loss) |  | (1,271,948) |  |  | (122,680) |  |  | (136,691) |  |  | 1,424 |  |  | 258,633 |  |  | (1,271,262) |
Preferred stock dividends of subsidiaries |  | — |  |  | 400 |  |  | 286 |  |  | — |  |  | — |  |  | 686 |
Net income (loss) attributable to Hawaiian Electric |  | (1,271,948) |  |  | (123,080) |  |  | (136,977) |  |  | 1,424 |  |  | 258,633 |  |  | (1,271,948) |
Preferred stock dividends of Hawaiian Electric |  | 810 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 810 |
Net income (loss) for common stock |  | $ | (1,272,758) |  |  | (123,080) |  |  | (136,977) |  |  | 1,424 |  |  | 258,633 |  |  | $ | (1,272,758) |

Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Statement of Comprehensive Income
Nine months ended September 30, 2024

(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net income (loss) for common stock |  | $ | (1,272,758) |  |  | (123,080) |  |  | (136,977) |  |  | 1,424 |  |  | 258,633 |  |  | $ | (1,272,758) |
Other comprehensive loss, net of taxes: |  |  |  |  |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |  |  |
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes |  | (2,344) |  |  | (117) |  |  | (187) |  |  | — |  |  | 304 |  |  | (2,344) |
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes |  | 2,251 |  |  | 112 |  |  | 163 |  |  | — |  |  | (275) |  |  | 2,251 |
Other comprehensive loss, net of taxes |  | (93) |  |  | (5) |  |  | (24) |  |  | — |  |  | 29 |  |  | (93) |
Comprehensive income (loss) attributable to common shareholder |  | $ | (1,272,851) |  |  | (123,085) |  |  | (137,001) |  |  | 1,424 |  |  | 258,662 |  |  | $ | (1,272,851) |

35

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Balance Sheet
September 30, 2025

(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsi-diaries |  | Consoli- dating adjustments |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Utility property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Land |  | $ | 42,860 |  |  | 5,646 |  |  | 3,603 |  |  | — |  |  | — |  |  | $ | 52,109 |
Plant and equipment |  | 5,626,713 |  |  | 1,539,937 |  |  | 1,470,036 |  |  | — |  |  | — |  |  | 8,636,686 |
Right-of-use assets - finance lease |  | 411,545 |  |  | 78,377 |  |  | 50,757 |  |  | — |  |  | — |  |  | 540,679 |
Less accumulated depreciation |  | (2,146,647) |  |  | (715,344) |  |  | (625,604) |  |  | — |  |  | — |  |  | (3,487,595) |
Construction in progress |  | 296,046 |  |  | 45,987 |  |  | 67,702 |  |  | — |  |  | — |  |  | 409,735 |
Utility property, plant and equipment, net |  | 4,230,517 |  |  | 954,603 |  |  | 966,494 |  |  | — |  |  | — |  |  | 6,151,614 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 1,146 |  |  | 115 |  |  | 1,444 |  |  | — |  |  | — |  |  | 2,705 |
Total property, plant and equipment, net |  | 4,231,663 |  |  | 954,718 |  |  | 967,938 |  |  | — |  |  | — |  |  | 6,154,319 |
Investment in wholly owned subsidiaries, at equity |  | 704,679 |  |  | — |  |  | — |  |  | — |  |  | (704,679) |  |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 449,024 |  |  | 36,737 |  |  | 3,834 |  |  | 14,276 |  |  | — |  |  | 503,871 |
Advances to affiliates |  | 82,700 |  |  | — |  |  | — |  |  | — |  |  | (82,700) |  |  | — |
Customer accounts receivable, net |  | 18,205 |  |  | 3,618 |  |  | 7,105 |  |  | 163,259 |  |  | — |  |  | 192,187 |
Accrued unbilled revenues, net |  | 18,393 |  |  | 5,597 |  |  | 1,212 |  |  | 159,145 |  |  | — |  |  | 184,347 |
Other accounts receivable, net |  | 177,464 |  |  | 54,672 |  |  | 48,421 |  |  | — |  |  | (209,959) |  |  | 70,598 |
Fuel oil stock, at average cost |  | 79,663 |  |  | 13,587 |  |  | 17,953 |  |  | — |  |  | — |  |  | 111,203 |
Materials and supplies, at average cost |  | 75,551 |  |  | 18,107 |  |  | 39,124 |  |  | — |  |  | — |  |  | 132,782 |
Prepayments and other |  | 32,991 |  |  | 7,578 |  |  | 20,174 |  |  | — |  |  | (11,356) |  |  | 49,387 |
Regulatory assets |  | 26,049 |  |  | 6,019 |  |  | 3,964 |  |  | — |  |  | — |  |  | 36,032 |
Total current assets |  | 960,040 |  |  | 145,915 |  |  | 141,787 |  |  | 336,680 |  |  | (304,015) |  |  | 1,280,407 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | 33,285 |  |  | 18,232 |  |  | 5,662 |  |  | — |  |  | — |  |  | 57,179 |
Regulatory assets |  | 182,734 |  |  | 22,385 |  |  | 46,086 |  |  | — |  |  | — |  |  | 251,205 |
Defined benefit pension and other postretirement benefit plans asset |  | 70,503 |  |  | 31,162 |  |  | 24,688 |  |  | — |  |  | (14,211) |  |  | 112,142 |
Investment in unconsolidated affiliate |  | 287,250 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 287,250 |
Other |  | 236,148 |  |  | 21,282 |  |  | 30,327 |  |  | — |  |  | (39,300) |  |  | 248,457 |
Total other long-term assets |  | 809,920 |  |  | 93,061 |  |  | 106,763 |  |  | — |  |  | (53,511) |  |  | 956,233 |
Total assets |  | $ | 6,706,302 |  |  | 1,193,694 |  |  | 1,216,488 |  |  | 336,680 |  |  | (1,062,205) |  |  | $ | 8,390,959 |

(continued)
36

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Balance Sheet (continued)
September 30, 2025

(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsi-diaries |  | Consoli- dating adjustments |  | Hawaiian Electric Consolidated
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 1,548,581 |  |  | 258,653 |  |  | 288,206 |  |  | 157,820 |  |  | (704,679) |  |  | $ | 1,548,581 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 1,619,250 |  |  | 236,594 |  |  | 201,761 |  |  | — |  |  | — |  |  | 2,057,605 |
Total capitalization |  | 3,190,124 |  |  | 502,247 |  |  | 494,967 |  |  | 157,820 |  |  | (704,679) |  |  | 3,640,479 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  | 5,199 |  |  | 8,410 |  |  | 3,230 |  |  | — |  |  | — |  |  | 16,839 |
Current portion of long-term debt, net |  | 61,964 |  |  | 7,995 |  |  | 54,969 |  |  | — |  |  | — |  |  | 124,928 |
Short-term borrowings from affiliate |  | — |  |  | — |  |  | 82,700 |  |  | — |  |  | (82,700) |  |  | — |
Accounts payable |  | 136,272 |  |  | 40,629 |  |  | 38,043 |  |  | — |  |  | — |  |  | 214,944 |
Interest and preferred dividends payable |  | 21,257 |  |  | 3,698 |  |  | 4,354 |  |  | — |  |  | (452) |  |  | 28,857 |
Taxes accrued, including revenue taxes |  | 181,990 |  |  | 37,853 |  |  | 34,658 |  |  | 2,611 |  |  | (11,356) |  |  | 245,756 |
Regulatory liabilities |  | 14,936 |  |  | 10,897 |  |  | 11,809 |  |  | — |  |  | — |  |  | 37,642 |
Wildfire tort-related claims |  | 383,000 |  |  | 47,875 |  |  | 47,875 |  |  | — |  |  | — |  |  | 478,750 |
Other |  | 94,425 |  |  | 32,763 |  |  | 29,697 |  |  | 176,249 |  |  | (209,507) |  |  | 123,627 |
Total current liabilities |  | 899,043 |  |  | 190,120 |  |  | 307,335 |  |  | 178,860 |  |  | (304,015) |  |  | 1,271,343 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | 31,988 |  |  | 10,132 |  |  | 2,683 |  |  | — |  |  | — |  |  | 44,803 |
Finance lease liabilities |  | 384,785 |  |  | 75,556 |  |  | 49,435 |  |  | — |  |  | — |  |  | 509,776 |
Deferred income taxes |  | — |  |  | 8,711 |  |  | 30,589 |  |  | — |  |  | (39,300) |  |  | — |
Regulatory liabilities |  | 906,257 |  |  | 231,965 |  |  | 147,657 |  |  | — |  |  | — |  |  | 1,285,879 |
Unamortized tax credits |  | 49,387 |  |  | 10,017 |  |  | 10,435 |  |  | — |  |  | — |  |  | 69,839 |
Defined benefit pension plans liability |  | 20,531 |  |  | 124 |  |  | — |  |  | — |  |  | (14,211) |  |  | 6,444 |
Wildfire tort-related claims |  | 1,149,000 |  |  | 143,625 |  |  | 143,625 |  |  | — |  |  | — |  |  | 1,436,250 |
Other |  | 75,187 |  |  | 21,197 |  |  | 29,762 |  |  | — |  |  | — |  |  | 126,146 |
Total deferred credits and other liabilities |  | 2,617,135 |  |  | 501,327 |  |  | 414,186 |  |  | — |  |  | (53,511) |  |  | 3,479,137 |
Total capitalization and liabilities |  | $ | 6,706,302 |  |  | 1,193,694 |  |  | 1,216,488 |  |  | 336,680 |  |  | (1,062,205) |  |  | $ | 8,390,959 |

37

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Balance Sheet
December 31, 2024

(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsi-diaries |  | Consoli- dating adjustments |  | Hawaiian Electric Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |  |
Property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Utility property, plant and equipment |  |  |  |  |  |  |  |  |  |  |  |
Land |  | $ | 42,860 |  |  | 5,645 |  |  | 3,514 |  |  | — |  |  | — |  |  | $ | 52,019 |
Plant and equipment |  | 5,502,198 |  |  | 1,501,947 |  |  | 1,417,356 |  |  | — |  |  | — |  |  | 8,421,501 |
Finance lease right-of-use assets |  | 360,270 |  |  | 36,074 |  |  | 50,757 |  |  | — |  |  | — |  |  | 447,101 |
Less accumulated depreciation |  | (2,029,719) |  |  | (691,161) |  |  | (605,744) |  |  | — |  |  | — |  |  | (3,326,624) |
Construction in progress |  | 282,150 |  |  | 31,341 |  |  | 52,218 |  |  | — |  |  | — |  |  | 365,709 |
Utility property, plant and equipment, net |  | 4,157,759 |  |  | 883,846 |  |  | 918,101 |  |  | — |  |  | — |  |  | 5,959,706 |
Nonutility property, plant and equipment, less accumulated depreciation |  | 1,145 |  |  | 115 |  |  | 1,532 |  |  | — |  |  | — |  |  | 2,792 |
Total property, plant and equipment, net |  | 4,158,904 |  |  | 883,961 |  |  | 919,633 |  |  | — |  |  | — |  |  | 5,962,498 |
Investment in wholly owned subsidiaries, at equity |  | 680,414 |  |  | — |  |  | — |  |  | — |  |  | (680,414) |  |  | — |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 118,367 |  |  | 31,534 |  |  | 16,456 |  |  | 17,791 |  |  | — |  |  | 184,148 |
Advances to affiliates |  | 62,200 |  |  | — |  |  | — |  |  | — |  |  | (62,200) |  |  | — |
Customer accounts receivable, net |  | 19,050 |  |  | 7,245 |  |  | 8,941 |  |  | 164,662 |  |  | — |  |  | 199,898 |
Accrued unbilled revenues, net |  | 12,738 |  |  | 4,046 |  |  | 1,890 |  |  | 160,047 |  |  | — |  |  | 178,721 |
Other accounts receivable, net |  | 209,752 |  |  | 58,366 |  |  | 51,465 |  |  | — |  |  | (249,946) |  |  | 69,637 |
Fuel oil stock, at average cost |  | 70,800 |  |  | 13,764 |  |  | 14,339 |  |  | — |  |  | — |  |  | 98,903 |
Materials and supplies, at average cost |  | 69,602 |  |  | 15,506 |  |  | 33,358 |  |  | — |  |  | — |  |  | 118,466 |
Prepayments and other |  | 110,516 |  |  | 16,662 |  |  | 30,747 |  |  | — |  |  | (6,705) |  |  | 151,220 |
Regulatory assets |  | 36,520 |  |  | 8,211 |  |  | 9,164 |  |  | — |  |  | — |  |  | 53,895 |
Total current assets |  | 709,545 |  |  | 155,334 |  |  | 166,360 |  |  | 342,500 |  |  | (318,851) |  |  | 1,054,888 |
Other long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Operating lease right-of-use assets |  | 29,868 |  |  | 22,672 |  |  | 6,741 |  |  | — |  |  | — |  |  | 59,281 |
Regulatory assets |  | 172,257 |  |  | 18,875 |  |  | 36,292 |  |  | — |  |  | — |  |  | 227,424 |
Defined benefit pension and other postretirement benefit plans asset |  | 66,292 |  |  | 30,397 |  |  | 24,128 |  |  | — |  |  | (11,998) |  |  | 108,819 |
Other |  | 194,006 |  |  | 18,612 |  |  | 21,702 |  |  | — |  |  | (33,626) |  |  | 200,694 |
Total other long-term assets |  | 462,423 |  |  | 90,556 |  |  | 88,863 |  |  | — |  |  | (45,624) |  |  | 596,218 |
Total assets |  | $ | 6,011,286 |  |  | 1,129,851 |  |  | 1,174,856 |  |  | 342,500 |  |  | (1,044,889) |  |  | $ | 7,613,604 |

(continued)
38

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Balance Sheet (continued)
December 31, 2024

(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsi-diaries |  | Consoli- dating adjustments |  | Hawaiian Electric Consolidated
Capitalization and liabilities |  |  |  |  |  |  |  |  |  |  |  |
Capitalization |  |  |  |  |  |  |  |  |  |  |  |
Common stock equity |  | $ | 1,156,955 |  |  | 243,964 |  |  | 282,876 |  |  | 153,574 |  |  | (680,414) |  |  | $ | 1,156,955 |
Cumulative preferred stock—not subject to mandatory redemption |  | 22,293 |  |  | 7,000 |  |  | 5,000 |  |  | — |  |  | — |  |  | 34,293 |
Long-term debt, net |  | 1,353,173 |  |  | 244,466 |  |  | 256,575 |  |  | — |  |  | — |  |  | 1,854,214 |
Total capitalization |  | 2,532,421 |  |  | 495,430 |  |  | 544,451 |  |  | 153,574 |  |  | (680,414) |  |  | 3,045,462 |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Current portion of operating lease liabilities |  | 4,430 |  |  | 7,802 |  |  | 2,970 |  |  | — |  |  | — |  |  | 15,202 |
Current portion of long-term debt, net |  | 40,000 |  |  | 5,000 |  |  | 2,000 |  |  | — |  |  | — |  |  | 47,000 |
Short-term borrowings-non-affiliate, net |  | 48,623 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 48,623 |
Short-term borrowings-affiliate |  | — |  |  | — |  |  | 62,200 |  |  | — |  |  | (62,200) |  |  | — |
Accounts payable |  | 137,837 |  |  | 27,077 |  |  | 32,066 |  |  | — |  |  | — |  |  | 196,980 |
Interest and preferred dividends payable |  | 15,994 |  |  | 3,191 |  |  | 2,701 |  |  | — |  |  | (350) |  |  | 21,536 |
Taxes accrued, including revenue taxes |  | 197,768 |  |  | 42,692 |  |  | 37,108 |  |  | 1,138 |  |  | (6,705) |  |  | 272,001 |
Regulatory liabilities |  | 11,701 |  |  | 10,039 |  |  | 4,828 |  |  | — |  |  | — |  |  | 26,568 |
Wildfire tort-related claims |  | 383,000 |  |  | 47,875 |  |  | 47,875 |  |  | — |  |  | — |  |  | 478,750 |
Other |  | 103,415 |  |  | 35,492 |  |  | 43,913 |  |  | 187,788 |  |  | (249,597) |  |  | 121,011 |
Total current liabilities |  | 942,768 |  |  | 179,168 |  |  | 235,661 |  |  | 188,926 |  |  | (318,852) |  |  | 1,227,671 |
Deferred credits and other liabilities |  |  |  |  |  |  |  |  |  |  |  |
Operating lease liabilities |  | 29,830 |  |  | 15,230 |  |  | 4,075 |  |  | — |  |  | — |  |  | 49,135 |
Finance lease liabilities |  | 341,364 |  |  | 34,370 |  |  | 49,891 |  |  | — |  |  | — |  |  | 425,625 |
Deferred income taxes |  | — |  |  | 5,368 |  |  | 28,257 |  |  | — |  |  | (33,625) |  |  | — |
Regulatory liabilities |  | 864,259 |  |  | 222,834 |  |  | 130,422 |  |  | — |  |  | — |  |  | 1,217,515 |
Unamortized tax credits |  | 54,950 |  |  | 10,757 |  |  | 10,969 |  |  | — |  |  | — |  |  | 76,676 |
Defined benefit pension plan liability |  | 18,301 |  |  | 125 |  |  | — |  |  | — |  |  | (11,998) |  |  | 6,428 |
Wildfire tort-related claims |  | 1,149,000 |  |  | 143,625 |  |  | 143,625 |  |  | — |  |  | — |  |  | 1,436,250 |
Other |  | 78,393 |  |  | 22,944 |  |  | 27,505 |  |  | — |  |  | — |  |  | 128,842 |
Total deferred credits and other liabilities |  | 2,536,097 |  |  | 455,253 |  |  | 394,744 |  |  | — |  |  | (45,623) |  |  | 3,340,471 |
Total capitalization and liabilities |  | $ | 6,011,286 |  |  | 1,129,851 |  |  | 1,174,856 |  |  | 342,500 |  |  | (1,044,889) |  |  | $ | 7,613,604 |

39

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Statement of Changes in Common Stock Equity
Nine months ended September 30, 2025

(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Balance, December 31, 2024 |  | $ | 1,156,955 |  |  | 243,964 |  |  | 282,876 |  |  | 153,574 |  |  | (680,414) |  |  | $ | 1,156,955 |
Net income for common stock |  | 123,954 |  |  | 14,298 |  |  | 5,071 |  |  | 4,246 |  |  | (23,615) |  |  | 123,954 |
Other comprehensive loss, net of tax benefits |  | (118) |  |  | (9) |  |  | (27) |  |  | — |  |  | 36 |  |  | (118) |
Common stock dividends |  | (20,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (20,000) |
Additional paid-in capital |  | 287,790 |  |  | 400 |  |  | 286 |  |  | — |  |  | (686) |  |  | 287,790 |
Balance, September 30, 2025 |  | $ | 1,548,581 |  |  | 258,653 |  |  | 288,206 |  |  | 157,820 |  |  | (704,679) |  |  | $ | 1,548,581 |

Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Statement of Changes in Common Stock Equity
Nine months ended September 30, 2024

(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Balance, December 31, 2023 |  | $ | 2,409,110 |  |  | 359,790 |  |  | 362,344 |  |  | 77 |  |  | (722,211) |  |  | $ | 2,409,110 |
Net income (loss) for common stock |  | (1,272,758) |  |  | (123,080) |  |  | (136,977) |  |  | 1,424 |  |  | 258,633 |  |  | (1,272,758) |
Other comprehensive loss, net of tax benefits |  | (93) |  |  | (5) |  |  | (24) |  |  | — |  |  | 29 |  |  | (93) |
Issuance of common stock, net of expenses |  | — |  |  | — |  |  | 55,000 |  |  | 150,215 |  |  | (205,215) |  |  | — |
Common stock dividends |  | $ | (26,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | $ | (26,000) |
Additional paid-in capital |  | $ | — |  |  | 400 |  |  | 286 |  |  | — |  |  | (686) |  |  | $ | — |
Balance, September 30, 2024 |  | $ | 1,110,259 |  |  | 237,105 |  |  | 280,629 |  |  | 151,716 |  |  | (669,450) |  |  | $ | 1,110,259 |

40

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Statement of Cash Flows
Nine months ended September 30, 2025

(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net cash provided by operating activities |  | $ | 228,320 |  |  | 54,543 |  |  | 40,655 |  |  | (3,515) |  |  | — |  |  | $ | 320,003 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (130,207) |  |  | (49,738) |  |  | (73,982) |  |  | — |  |  | — |  |  | (253,927) |
Advances to affiliates |  | (20,500) |  |  | — |  |  | — |  |  | — |  |  | 20,500 |  |  | — |
Other |  | 4,073 |  |  | 1,163 |  |  | 1,009 |  |  | — |  |  | — |  |  | 6,245 |
Net cash used in investing activities |  | (146,634) |  |  | (48,575) |  |  | (72,973) |  |  | — |  |  | 20,500 |  |  | (247,682) |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends |  | (20,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (20,000) |
Preferred stock dividends of Hawaiian Electric and subsidiaries |  | (1,496) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,496) |
Proceeds from capital contribution from parent |  | 540 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 540 |
Repayment of short-term debt |  | (50,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (50,000) |
Proceeds from issuance of long-term debt |  | 500,000 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 500,000 |
Net increase in short-term borrowings from affiliate with original maturities of three months or less |  | — |  |  | — |  |  | 20,500 |  |  | — |  |  | (20,500) |  |  | — |
Repayment of long-term debt |  | (166,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (166,000) |
Payments of obligations under finance leases |  | (6,087) |  |  | (623) |  |  | (453) |  |  | — |  |  | — |  |  | (7,163) |
Other |  | (7,986) |  |  | (142) |  |  | (351) |  |  | — |  |  | — |  |  | (8,479) |
Net cash provided by (used in) financing activities |  | 248,971 |  |  | (765) |  |  | 19,696 |  |  | — |  |  | (20,500) |  |  | 247,402 |
Net increase (decrease) in cash and cash equivalents |  | 330,657 |  |  | 5,203 |  |  | (12,622) |  |  | (3,515) |  |  | — |  |  | 319,723 |
Cash and cash equivalents, beginning of period |  | 118,367 |  |  | 31,534 |  |  | 16,456 |  |  | 17,791 |  |  | — |  |  | 184,148 |
Cash and cash equivalents, end of period |  | $ | 449,024 |  |  | 36,737 |  |  | 3,834 |  |  | 14,276 |  |  | — |  |  | $ | 503,871 |

41

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Hawaiian Electric Company, Inc. and Subsidiaries
Condensed Consolidating Statement of Cash Flows
Nine months ended September 30, 2024

(in thousands) |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Other subsidiaries |  | Consolidating adjustments |  | Hawaiian Electric Consolidated
Net cash provided by (used in) operating activities |  | $ | 237,155 |  |  | 54,936 |  |  | 41,851 |  |  | (9,212) |  |  | (2,082) |  |  | $ | 322,648 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | (141,000) |  |  | (39,405) |  |  | (63,895) |  |  | — |  |  | — |  |  | (244,300) |
Advances to affiliates |  | (30,700) |  |  | — |  |  | — |  |  | — |  |  | 30,700 |  |  | — |
Other |  | (18,696) |  |  | 523 |  |  | (1,012) |  |  | — |  |  | 21,882 |  |  | 2,697 |
Net cash used in investing activities |  | (190,396) |  |  | (38,882) |  |  | (64,907) |  |  | — |  |  | 52,582 |  |  | (241,603) |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |
Common stock dividends |  | (26,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (26,000) |
Preferred stock dividends of Hawaiian Electric and subsidiaries |  | (1,496) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,496) |
Proceeds from issuance of common stock |  | — |  |  | — |  |  | — |  |  | 19,800 |  |  | (19,800) |  |  | — |
Net increase in short-term borrowings from affiliate with original maturities of three months or less |  | — |  |  | — |  |  | 30,700 |  |  | — |  |  | (30,700) |  |  | — |
Payments of obligations under finance leases |  | (5,233) |  |  | (470) |  |  | (173) |  |  | — |  |  | — |  |  | (5,876) |
Other |  | (4,393) |  |  | (508) |  |  | (1,225) |  |  | — |  |  | — |  |  | (6,126) |
Net cash provided by (used in) financing activities |  | (37,122) |  |  | (978) |  |  | 29,302 |  |  | 19,800 |  |  | (50,500) |  |  | (39,498) |
Net increase in cash, cash equivalents and restricted cash |  | 9,637 |  |  | 15,076 |  |  | 6,246 |  |  | 10,588 |  |  | — |  |  | 41,547 |
Cash, cash equivalents and restricted cash, beginning of period |  | 91,755 |  |  | 10,658 |  |  | 5,587 |  |  | 77 |  |  | — |  |  | 108,077 |
Cash, cash equivalents and restricted cash, end of period |  | 101,392 |  |  | 25,734 |  |  | 11,833 |  |  | 10,665 |  |  | — |  |  | 149,624 |
Less: Restricted cash |  | (2,000) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,000) |
Cash and cash equivalents, end of period |  | $ | 99,392 |  |  | 25,734 |  |  | 11,833 |  |  | 10,665 |  |  | — |  |  | $ | 147,624 |

42

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Note 5 · Credit agreements, long-term debt and changes in long-term debt
Credit agreements. The following table provides the credit agreement capacity, outstanding and undrawn component as of September 30, 2025 and December 31, 2024.

| As of September 30, 2025 |  | As of December 31, 2024
(in millions) | Capacity |  | Outstanding |  | Undrawn |  | Capacity |  | Outstanding |  | Undrawn
HEI corporate: |  |  |  |  |  |  |  |  |  |  |
Unsecured revolving line of credit | $ | 300 |  |  | $ | 31 |  |  | $ | 269 |  |  | $ | 175 |  |  | $ | 173 |  |  | $ | 2 |
Hawaiian Electric: |  |  |  |  |  |  |  |  |  |  |
Unsecured revolving line of credit | 300 |  |  | — |  |  | 300 |  |  | 200 |  |  | 166 |  |  | 34 |
ABL Facility 1 | 244 |  |  | — |  |  | 244 |  |  | 239 |  |  | — |  |  | 239 |
Borrowing from HEI - standing commitment letter 2 | 75 |  |  | — |  |  | 75 |  |  | 75 |  |  | — |  |  | 75 |
Short-term loan credit facility | — |  |  | — |  |  | — |  |  | 50 |  |  | 50 |  |  | — |
Total Hawaiian Electric | 619 |  |  | — |  |  | 619 |  |  | 564 |  |  | 216 |  |  | 348 |
Total Consolidated HEI 2 | $ | 844 |  |  | $ | 31 |  |  | $ | 813 |  |  | $ | 664 |  |  | $ | 389 |  |  | $ | 275 |

1 Borrowing capacity is calculated based on eligible customer accounts receivable balance at the end of each period.
2 $75 million borrowing from HEI - standing commitment letter is eliminated in total consolidated HEI amounts.
Unsecured revolving line of credit. On September 5, 2025, HEI and Hawaiian Electric each entered into a fourth amended and restated senior unsecured revolving credit facility (the HEI Revolving Facility and the Hawaiian Electric Revolving Facility, respectively) with a syndicate of eight financial institutions. The aggregate amount of revolving commitments under the HEI Revolving Facility was increased to $300 million from $175 million and includes a $25 million letter of credit sub-facility and a $30 million swingline sub-facility. The HEI Revolving Facility’s commitment termination date was extended to September 5, 2030 from May 14, 2027. The aggregate amount of revolving commitments available under the Hawaiian Electric Revolving Facility was increased to $300 million from $200 million and includes a $40 million letter of credit sub-facility and a $30 million swingline sub-facility. The Hawaiian Electric Revolving Facility’s term was extended to September 4, 2026, subject to an automatic extension to the earlier of (i) such date specified in a final order or approval of the PUC and (ii) if such order or approval is obtained, September 5, 2030. The Hawaiian Electric Revolving Facility also allows for commitment increases of up to an additional $75 million, subject to customary conditions. None of the facilities are collateralized.
Intercompany borrowing agreement. Under the HEI and Hawaiian Electric Intercompany Borrowing and Investment Policy effective January 1, 2020 (the Intercompany Borrowing Policy), HEI has committed to make revolving short-term loans to Hawaiian Electric pursuant to the terms set forth in the standing commitment letter dated December 6, 2024 (the 2024 Commitment Letter). For loans that mature on or before December 5, 2025, the 2024 Commitment Letter provides a borrowing limit of $75 million outstanding at any time and the applicable interest rate. Hawaiian Electric currently has no borrowings under the 2024 Commitment Letter.
Asset-based lending facility credit agreement. On May 17, 2024, Hawaiian Electric, through a special-purpose subsidiary, entered into an ABL Facility credit agreement (ABL Credit Facility Agreement) with several banks, which, subject to the limitations and conditions set forth in such agreement, including approval by the PUC, allows borrowings of up to $250 million on a revolving basis using certain accounts receivable as collateral. Hawaiian Electric filed an application with the PUC for approval to (i) sell accounts receivable, and (ii) establish a long-term credit facility. The first approval would allow the ABL Credit Facility Agreement to become effective for 364 days and the second approval would extend the term of the ABL Credit Facility Agreement from 364 days to three years. The ABL Credit Facility Agreement has an initial term of 364 days, with an automatic extension to three years upon receipt of the second PUC approval, with three separate options to extend one additional year, subject to the consent of the lenders. Hawaiian Electric received the first and second approvals from the PUC for the ABL Credit Facility Agreement that allows short-term and long-term borrowings of up to $250 million on June 27, 2024 and October 11, 2024, respectively, subject to the availability of a sufficient borrowing base of eligible receivables. The ABL Facility became effective on July 24, 2024. As of September 30, 2025, total available capacity under the ABL Facility was $244 million, and remains undrawn.
Hawaiian Electric short term loan credit facility. On December 30, 2024, Hawaiian Electric entered into a term loan credit agreement for a $50 million commitment with a stated maturity date of December 29, 2025. Hawaiian Electric drew $50 million on December 30, 2024 at an interest rate of 7.50%. The term loan facility contains certain restrictive financial
43

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
covenants that are substantially the same as the financial covenants contained in the Hawaiian Electric credit facilities. On September 30, 2025, Hawaiian Electric repaid the $50 million commitment and terminated the agreement.
Long-term debt. As of September 30, 2025, the Company and Hawaiian Electric were in compliance with all applicable financial covenants. The following table summarizes the long-term debt, net for the Company and Hawaiian Electric as of September 30, 2025 and December 31, 2024.

(in thousands) | September 30, 2025 | December 31, 2024
All Other: |  |
HEI 2.48%-6.10% senior notes due 2025-2052 | $ | 226,286 |  | $ | 610,000 |
Pacific Current subsidiaries nonrecourse debt 1 | — |  | 122,025 |
HEI Revolving Facility SOFR + 2.50%, due 2030 2 | 30,500 |  | 173,000 |
Less unamortized debt issuance costs and debt discount 1 | (628) |  | (6,681) |
Less current portion long-term debt, net of unamortized debt issuance cost and debt discount 1 | (18,544) |  | (62,171) |
All Other long term debt, net | 237,614 |  | 836,173 |
Hawaiian Electric: |  |
Special purpose revenue bonds and unsecured senior notes | 2,195,000 |  | 1,742,000 |
Hawaiian Electric Revolving Facility SOFR + 2.25%, due 2026 3 | — |  | 166,000 |
Less unamortized debt issuance costs | (12,467) |  | (6,786) |
Less current portion long-term debt, net of unamortized debt issuance cost | (124,928) |  | (47,000) |
Hawaiian Electric long term debt, net | 2,057,605 |  | 1,854,214 |
HEI Consolidated long term debt, net | $ | 2,295,219 |  | $ | 2,690,387 |

1 As of September 30, 2025, Pacific Current subsidiaries debt, current portion of long-term debt, unamortized debt issuance cost and debt discount are included in current liabilities held for sale. See “Assets held for sale-Mahipapa” in Note 3.
2 As of December 31, 2024, the HEI revolving credit facility rate was SOFR + 1.80%, due 2026 to 2027. See “Unsecured revolving line of credit” paragraph above.
3 As of December 31, 2024, the Hawaiian Electric revolving credit facility rate was SOFR + 1.80%, due 2026 to 2027. See “Unsecured revolving line of credit” paragraph above.
Changes in long-term debt.
HEI senior notes. On April 9, 2025, pursuant to a March 5, 2025 offer tendered to, and accepted by, each holder of its outstanding senior notes issued pursuant to a series of six separate note purchase agreements, HEI repaid a ratable portion of each note using the net cash proceeds from the recent sale of ASB amounting to $384 million, together with interest accrued amounting to $5 million.
Hawaiian Electric notes. On September 18, 2025, pursuant to the July 24, 2025 PUC approval, Hawaiian Electric issued $500 million in unsecured senior notes with an interest rate of 6.00% (2025 Notes). The 2025 Notes will mature on October 1, 2033 and are not callable for three years. On or after October 1, 2028, Hawaiian Electric may, at its option, redeem the 2025 Notes, in whole or in part, upon notice requirements outlined in the 2025 Notes, at redemption prices (expressed as percentages of principal amount of the notes to be redeemed) set forth below, plus accrued and unpaid interest, if any, to but not including the redemption date. The 2025 Notes contain certain restrictive financial covenants that are substantially the same as the financial covenants of the Utilities’ other unsecured senior notes.

Year | Percentage
2028 | 103.00 | %
2029 | 101.50 | %
2030 and thereafter | 100.00 | %

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Note 6 · Shareholders' equity
Accumulated other comprehensive income/(loss). Changes in the balances of each component of accumulated other comprehensive income/(loss) (AOCI) were as follows:

| HEI Consolidated |  | Hawaiian Electric Consolidated
(in thousands) | Net unrealized gains (losses) on securities |  | Unrealized gains (losses) on derivatives |  | Retirement benefit plans |  | AOCI |  | AOCI-Retirement benefit plans
Balance, December 31, 2024 | $ | — |  |  | $ | 2,120 |  |  | $ | 1,341 |  |  | $ | 3,461 |  |  | $ | 2,786 |
Current period other comprehensive loss | — |  |  | (1,466) |  |  | (34) |  |  | (1,500) |  |  | (118) |
Balance, September 30, 2025 | $ | — |  |  | $ | 654 |  |  | $ | 1,307 |  |  | $ | 1,961 |  |  | $ | 2,668 |
Balance, December 31, 2023 | $ | (282,963) |  |  | $ | 1,638 |  |  | $ | (8,025) |  |  | $ | (289,350) |  |  | $ | 2,849 |
Current period other comprehensive income (loss) | 31,260 |  |  | (220) |  |  | 113 |  |  | 31,153 |  |  | (93) |
Balance, September 30, 2024 | $ | (251,703) |  |  | $ | 1,418 |  |  | $ | (7,912) |  |  | $ | (258,197) |  |  | $ | 2,756 |

Reclassifications out of AOCI were as follows:

|  | Amount reclassified from AOCI |  | Affected line item in the Statements of Income / Balance Sheets
|  | Three months ended September 30 |  | Nine months ended September 30 |
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
HEI consolidated |  |  |  |  |  |  |  |  |  |
Amortization of unrealized holding losses on held-to-maturity securities |  | $ | — |  |  | $ | 3,366 |  |  | $ | — |  |  | $ | 9,740 |  |  | Assets of discontinued operations
Net realized gains on derivatives qualifying as cash flow hedges |  | (877) |  |  | (52) |  |  | (977) |  |  | (151) |  |  | Interest expense and gain on sale of subsidiaries
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |
Amortization of net gains recognized during the period in net periodic benefit cost |  | (540) |  |  | (1,244) |  |  | (1,553) |  |  | (2,138) |  |  | See Note 8 for additional details
Impact of D&Os of the PUC included in regulatory assets |  | 552 |  |  | 1,333 |  |  | 1,519 |  |  | 2,251 |  |  | See Note 8 for additional details
Total reclassifications |  | $ | (865) |  |  | $ | 3,403 |  |  | $ | (1,011) |  |  | $ | 9,702 |  |  |
Hawaiian Electric consolidated |  |  |  |  |  |  |  |
Retirement benefit plans: |  |  |  |  |  |  |  |  |  |
Amortization of net gains recognized during the period in net periodic benefit cost |  | $ | (576) |  |  | $ | (1,331) |  |  | $ | (1,637) |  |  | $ | (2,344) |  |  | See Note 8 for additional details
Impact of D&Os of the PUC included in regulatory assets |  | 552 |  |  | 1,333 |  |  | 1,519 |  |  | 2,251 |  |  | See Note 8 for additional details
Total reclassifications |  | $ | (24) |  |  | $ | 2 |  |  | $ | (118) |  |  | $ | (93) |  |  |

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Note 7 · Revenues
The following tables disaggregate revenues by major source, timing of revenue recognition, and segment:

|  | Three months ended September 30, 2025 |  | Nine months ended September 30, 2025 |
(in thousands) |  | Electric utility |  | All Other |  | Total |  | Electric utility |  | All Other |  | Total |
Revenues from contracts with customers |  |  |  |  |  |  |  |  |  |  |  |  |
Electric energy sales - residential |  | $ | 261,780 |  |  | $ | — |  |  | $ | 261,780 |  |  | $ | 735,308 |  |  | $ | — |  |  | $ | 735,308 |  |
Electric energy sales - commercial |  | 251,288 |  |  | — |  |  | 251,288 |  |  | 724,796 |  |  | — |  |  | 724,796 |  |
Electric energy sales - large light and power |  | 278,484 |  |  | — |  |  | 278,484 |  |  | 801,179 |  |  | — |  |  | 801,179 |  |
Electric energy sales - other |  | 4,284 |  |  | — |  |  | 4,284 |  |  | 12,989 |  |  | — |  |  | 12,989 |  |
Other sales |  | — |  |  | 3,158 |  |  | 3,158 |  |  | — |  |  | 11,030 |  |  | 11,030 |  |
Total revenues from contracts with customers |  | 795,836 |  |  | 3,158 |  |  | 798,994 |  |  | 2,274,272 |  |  | 11,030 |  |  | 2,285,302 |  |
Revenues from other sources |  |  |  |  |  |  |  |  |  |  |  |  |
Regulatory revenue |  | (17,864) |  |  | — |  |  | (17,864) |  |  | (33,522) |  |  | — |  |  | (33,522) |  |
Other |  | 9,456 |  |  | 24 |  |  | 9,480 |  |  | 27,526 |  |  | 1,766 |  |  | 29,292 |  |
Total revenues from other sources |  | (8,408) |  |  | 24 |  |  | (8,384) |  |  | (5,996) |  |  | 1,766 |  |  | (4,230) |  |
Total revenues |  | $ | 787,428 |  |  | $ | 3,182 |  |  | $ | 790,610 |  |  | $ | 2,268,276 |  |  | $ | 12,796 |  |  | $ | 2,281,072 |  |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |
Total revenues from contracts with customers - services/goods transferred over time |  | $ | 795,836 |  |  | $ | 3,158 |  |  | $ | 798,994 |  |  | $ | 2,274,272 |  |  | $ | 11,030 |  |  | $ | 2,285,302 |  |

|  | Three months ended September 30, 2024 |  | Nine months ended September 30, 2024
(in thousands) |  | Electric utility |  | All Other |  | Total |  | Electric utility |  | All Other |  | Total
Revenues from contracts with customers |  |  |  |  |  |  |  |  |  |  |  |
Electric energy sales - residential |  | $ | 272,541 |  |  | $ | — |  |  | $ | 272,541 |  |  | $ | 758,602 |  |  | $ | — |  |  | $ | 758,602 |
Electric energy sales - commercial |  | 268,538 |  |  | — |  |  | 268,538 |  |  | 761,788 |  |  | — |  |  | 761,788 |
Electric energy sales - large light and power |  | 294,421 |  |  | — |  |  | 294,421 |  |  | 846,448 |  |  | — |  |  | 846,448 |
Electric energy sales - other |  | 4,532 |  |  | — |  |  | 4,532 |  |  | 14,087 |  |  | — |  |  | 14,087 |
Other sales |  | — |  |  | 2,897 |  |  | 2,897 |  |  | — |  |  | 9,167 |  |  | 9,167 |
Total revenues from contracts with customers |  | 840,032 |  |  | 2,897 |  |  | 842,929 |  |  | 2,380,925 |  |  | 9,167 |  |  | 2,390,092 |
Revenues from other sources |  |  |  |  |  |  |  |  |  |  |  |
Regulatory revenue |  | (19,924) |  |  | — |  |  | (19,924) |  |  | 780 |  |  | — |  |  | 780 |
Other |  | 9,509 |  |  | 725 |  |  | 10,234 |  |  | 28,821 |  |  | 977 |  |  | 29,798 |
Total revenues from other sources |  | (10,415) |  |  | 725 |  |  | (9,690) |  |  | 29,601 |  |  | 977 |  |  | 30,578 |
Total revenues |  | $ | 829,617 |  |  | $ | 3,622 |  |  | $ | 833,239 |  |  | $ | 2,410,526 |  |  | $ | 10,144 |  |  | $ | 2,420,670 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |
Total revenues from contracts with customers - services/goods transferred over time |  | $ | 840,032 |  |  | $ | 2,897 |  |  | $ | 842,929 |  |  | $ | 2,380,925 |  |  | $ | 9,167 |  |  | $ | 2,390,092 |

There are no material contract assets or liabilities associated with revenues from contracts with customers existing at December 31, 2024 or as of September 30, 2025. Accounts receivable and unbilled revenues related to contracts with customers represent an unconditional right to consideration since all performance obligations have been satisfied. These amounts are disclosed as accounts receivable and unbilled revenues, net on HEI’s Condensed Consolidated Balance Sheets and customer accounts receivable, net and accrued unbilled revenues, net on Hawaiian Electric’s Condensed Consolidated Balance Sheets.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
As of September 30, 2025, the Company had no material remaining performance obligations due to the nature of the Company’s contracts with its customers. For the Utilities, performance obligations are fulfilled as electricity is delivered to customers.
Note 8 · Retirement benefits
Unless otherwise noted, references within the retirement benefit footnote exclude discontinued operations.
Defined benefit pension and other postretirement benefit plans information. The Company contributed $6 million ($6 million by the Utilities) to its pension and other postretirement benefit plans during the first nine months of 2025, compared to $5 million ($5 million by the Utilities) during the first nine months of 2024. The Company’s current estimate of total contributions to its pension and other postretirement benefit plans in 2025 is $12 million ($11 million by the Utilities), compared to $9 million ($9 million by the Utilities) in 2024. In addition, the Company expects to pay directly $3 million ($1 million by the Utilities) of benefits in 2025, compared to $2 million ($1 million by the Utilities) paid in 2024.
The components of net periodic pension costs and net periodic benefit costs for HEI consolidated and Hawaiian Electric consolidated were as follows:

|  | Three months ended September 30 |  | Nine months ended September 30
|  | Pension benefits |  | Other benefits |  | Pension benefits |  | Other benefits
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
HEI consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 10,900 |  |  | $ | 11,973 |  |  | $ | 245 |  |  | $ | 270 |  |  | $ | 30,796 |  |  | $ | 34,327 |  |  | $ | 741 |  |  | $ | 833 |
Interest cost |  | 27,999 |  |  | 25,478 |  |  | 1,819 |  |  | 1,803 |  |  | 80,608 |  |  | 76,376 |  |  | 5,461 |  |  | 5,525 |
Expected return on plan assets |  | (33,845) |  |  | (34,606) |  |  | (3,512) |  |  | (3,490) |  |  | (101,558) |  |  | (103,800) |  |  | (10,532) |  |  | (10,462) |
Amortization of net actuarial (gain)/losses |  | 79 |  |  | 123 |  |  | (808) |  |  | (758) |  |  | 209 |  |  | 251 |  |  | (2,300) |  |  | (2,172) |
Net periodic pension/benefit cost (return) |  | 5,133 |  |  | 2,968 |  |  | (2,256) |  |  | (2,175) |  |  | 10,055 |  |  | 7,154 |  |  | (6,630) |  |  | (6,276) |
Impact of PUC D&Os |  | 15,200 |  |  | 17,406 |  |  | 2,138 |  |  | 2,052 |  |  | 50,799 |  |  | 53,585 |  |  | 6,187 |  |  | 5,827 |
Net periodic pension/benefit cost (return) (adjusted for impact of PUC D&Os) |  | $ | 20,333 |  |  | $ | 20,374 |  |  | $ | (118) |  |  | $ | (123) |  |  | $ | 60,854 |  |  | $ | 60,739 |  |  | $ | (443) |  |  | $ | (449) |
Hawaiian Electric consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 10,655 |  |  | $ | 11,670 |  |  | $ | 242 |  |  | $ | 266 |  |  | $ | 30,065 |  |  | $ | 33,502 |  |  | $ | 732 |  |  | $ | 822 |
Interest cost |  | 27,101 |  |  | 24,615 |  |  | 1,731 |  |  | 1,721 |  |  | 77,960 |  |  | 73,869 |  |  | 5,212 |  |  | 5,279 |
Expected return on plan assets |  | (33,041) |  |  | (33,769) |  |  | (3,464) |  |  | (3,438) |  |  | (99,142) |  |  | (101,321) |  |  | (10,387) |  |  | (10,306) |
Amortization of net actuarial (gain)/losses |  | 34 |  |  | 51 |  |  | (811) |  |  | (742) |  |  | 81 |  |  | 74 |  |  | (2,285) |  |  | (2,130) |
Net periodic pension/benefit cost (return) |  | 4,749 |  |  | 2,567 |  |  | (2,302) |  |  | (2,193) |  |  | 8,964 |  |  | 6,124 |  |  | (6,728) |  |  | (6,335) |
Impact of PUC D&Os |  | 15,200 |  |  | 17,406 |  |  | 2,138 |  |  | 2,052 |  |  | 50,799 |  |  | 53,585 |  |  | 6,187 |  |  | 5,827 |
Net periodic pension/benefit cost (return) (adjusted for impact of PUC D&Os) |  | $ | 19,949 |  |  | $ | 19,973 |  |  | $ | (164) |  |  | $ | (141) |  |  | $ | 59,763 |  |  | $ | 59,709 |  |  | $ | (541) |  |  | $ | (508) |

HEI consolidated recorded retirement benefits expense of $35 million ($34 million by the Utilities) in the first nine months of 2025, comparable to 2024, and charged the remaining net periodic benefit cost primarily to electric utility plant.
The Utilities have implemented pension and OPEB tracking mechanisms under which all of their retirement benefit expenses (except for executive life and nonqualified pension plan expenses) determined in accordance with GAAP are recovered over time. Under the tracking mechanisms, any actual costs determined in accordance with GAAP that are over/under amounts allowed in rates are charged/credited to a regulatory asset/liability. The regulatory asset/liability for each utility will then be amortized over five years beginning with the respective utility’s next rate case.
Defined contribution plans information. For the first nine months of 2025 and 2024, the Company’s expenses and cash contributions for its defined contribution plans under the Hawaiian Electric Industries Retirement Savings Plan were $6.2 million and $5.7 million, respectively. For the first nine months of 2025 and 2024, the Utilities’ expenses and cash
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
contributions for its defined contribution plan under the Hawaiian Electric Industries Retirement Savings Plan were $5.9 million and $5.5 million, respectively.
Note 9 · Share-based compensation
As a result of the ASB sale transaction on December 31, 2024, previously recorded share-based awards to ASB participants under the EIP (defined below) were cancelled. Unless otherwise noted, amounts in the share-based compensation footnote include discontinued operations.
Under the 2010 Equity and Incentive Plan, as amended and restated effective February 9, 2024 (EIP), HEI can issue shares of common stock as incentive compensation to nonemployee directors and selected employees and consultants in the form of stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares and other share-based and cash-based awards.
As of September 30, 2025, approximately 2.5 million shares remained available for future issuance under the terms of the EIP, assuming recycling of shares withheld to satisfy statutory tax liabilities relating to EIP awards, including an estimated 1.3 million shares that could be issued upon the vesting of outstanding restricted stock units and the achievement of performance goals for awards outstanding under long-term incentive plans (assuming that such performance goals are achieved at maximum levels).
Under the 2011 Nonemployee Director Stock Plan (2011 Director Plan), HEI can issue shares of common stock as compensation to nonemployee directors of HEI and its principal subsidiaries. As of September 30, 2025, there were 41,964 shares remaining available for future issuance under the 2011 Director Plan. After all of the shares remaining under the 2011 Director Plan have been issued or reserved for issuance, nonemployee director grants of common stock will be made under the EIP, which was amended in 2024 to provide for nonemployee director grants.
Share-based compensation expense and the related income tax benefit from continuing operations were as follows:

|  | Three months ended September 30 |  | Nine months ended September 30
(in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
HEI consolidated |  |  |  |  |  |  |  |
Share-based compensation expense (benefit) 1 |  | $ | (0.6) |  |  | $ | (0.3) |  |  | $ | 2.9 |  |  | $ | 2.2 |
Income tax benefit (expense) |  | (0.1) |  |  | — |  |  | 0.4 |  |  | 0.2 |
Hawaiian Electric consolidated |  |  |  |  |  |  |  |
Share-based compensation expense (benefit) 1 |  | (0.2) |  |  | (0.1) |  |  | 1.6 |  |  | 1.1 |
Income tax benefit (expense) |  | — |  |  | (0.1) |  |  | 0.3 |  |  | 0.1 |

1 For the three and nine months ended September 30, 2025 and 2024, the Company has not capitalized any share-based compensation.
Stock awards. HEI granted HEI common stock to nonemployee directors under the 2011 Director Plan as follows:

|  | Three months ended September 30 |  | Nine months ended September 30
(dollars in millions) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Shares granted |  | 8,623 |  |  | — |  |  | 126,213 |  |  | — |
Fair value |  | $ | 0.1 |  |  | $ | — |  |  | $ | 1.3 |  |  | $ | — |
Income tax benefit |  | — |  |  | — |  |  | 0.3 |  |  | — |

The number of shares issued to each nonemployee director of HEI and its principal subsidiaries is determined based on the closing price of HEI common stock on the grant date.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Restricted stock units. Information about HEI’s grants of restricted stock units was as follows:

| Three months ended September 30 |  | Nine months ended September 30
| 2025 |  | 2024 |  | 2025 |  | 2024
| Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1)
Outstanding, beginning of period | 22,172 |  |  | $ | 42.41 |  |  | 89,869 |  |  | $ | 42.08 |  |  | 65,628 |  |  | $ | 42.09 |  |  | 189,024 |  |  | $ | 41.23 |
Granted | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Vested | — |  |  | — |  |  | — |  |  | — |  |  | (42,452) |  |  | 41.92 |  |  | (98,084) |  |  | 40.43 |
Forfeited | — |  |  | — |  |  | — |  |  | — |  |  | (1,004) |  |  | 42.41 |  |  | (1,071) |  |  | 41.97 |
Outstanding, end of period | 22,172 |  |  | $ | 42.41 |  |  | 89,869 |  |  | $ | 42.08 |  |  | 22,172 |  |  | $ | 42.41 |  |  | 89,869 |  |  | $ | 42.08 |
Total weighted-average grant-date fair value of shares granted (in millions) | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | — |  |  |

(1) Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.
For the nine months ended September 30, 2025 and 2024, total restricted stock units and related dividends that vested had a fair value of $0.5 million and $1.4 million, respectively, and the related tax benefits were $0.1 million and $0.3 million, respectively.
As of September 30, 2025, there was $0.3 million of total unrecognized compensation cost related to the nonvested restricted stock units. The cost is expected to be recognized over a weighted-average period of 0.4 years.
Long-term incentive plan payable in stock. The 2023-25, 2024-26 and 2025-27 long-term incentive plans (LTIP) provide for performance awards under the EIP of shares of HEI common stock based on the satisfaction of performance goals. The number of shares of HEI common stock that may be awarded is fixed on the date the grants are made, subject to the achievement of specified performance levels and calculated dividend equivalents. The potential payout varies from 0% to 220% of the number of target shares, depending on the achievement of the goals. The 2023-25 and 2024-26 LTIP performance goals include a market condition goal. The market condition goal is based on HEI’s total shareholder return (TSR) compared to the Peer Group (the Company's compensation peer group consisting of companies in the EEI Index and approved by the Company's Compensation and Human Capital Management Committee), in each case over the relevant three-year period. The other performance condition goals relate to cumulative EPS and return on average common equity (ROACE) and Hawaiian Electric’s net income growth, ROACE, carbon emissions reduction, credit rating, public safety, funds from operations to total adjusted debt ratio and customer experience. The 2025-27 LTIP includes other performance goals (described above) and a relative TSR payout modifier, which may adjust the payout shares based on the relative TSR result. The relative TSR modifier is based on HEI’s TSR compared to the Peer Group.
LTIP linked to TSR (payout modifier for 2025-27 LTIP and performance goal). Information about HEI’s LTIP grants linked to TSR was as follows:

| Three months ended September 30 |  | Nine months ended September 30
| 2025 |  | 2024 |  | 2025 |  | 2024
| Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1)
Outstanding, beginning of period | 543,467 |  |  | $ | 13.50 |  |  | 109,262 |  |  | $ | 33.75 |  |  | 98,441 |  |  | $ | 31.36 |  |  | 76,477 |  |  | $ | 50.11 |
Granted | — |  |  | — |  |  | — |  |  | — |  |  | 462,313 |  |  | 11.25 |  |  | 62,152 |  |  | 17.28 |
Vested (issued or unissued and cancelled) | — |  |  | — |  |  | — |  |  | — |  |  | (17,287) |  |  | 54.92 |  |  | (28,577) |  |  | 41.12 |
Forfeited | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (790) |  |  | 55.64 |
Outstanding, end of period | 543,467 |  |  | $ | 13.50 |  |  | 109,262 |  |  | $ | 33.75 |  |  | 543,467 |  |  | $ | 13.50 |  |  | 109,262 |  |  | $ | 33.75 |
Total weighted-average grant-date fair value of shares granted (in millions) | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | 5.2 |  |  |  |  | $ | 1.1 |  |  |

(1) Weighted-average grant-date fair value per share determined using a Monte Carlo simulation model.
The grant date fair values of the LTIP awards linked to TSR were determined using a Monte Carlo simulation model utilizing actual information for the common shares of HEI and the Peer Group for the period from the beginning of the performance period to the grant date and estimated future stock volatility of HEI and the Peer Group over the remaining three-year performance period. The expected stock volatility assumptions for HEI and the Peer Group were based on the
49

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
three-year historic stock volatility. A dividend assumption is not required for the Monte Carlo simulation because the grant payout includes dividend equivalents and projected returns include the value of reinvested dividends.
The following table summarizes the assumptions used to determine the fair value of the LTIP awards linked to TSR and the resulting fair value of LTIP awards granted:

|  | 2025 |  | 2024
Risk-free interest rate |  | 4.37 | % |  | 4.25 | %
Expected life in years |  | 3 |  | 3
Expected volatility |  | 64.7 | % |  | 52.5 | %
Range of expected volatility for Peer Group |  | 15.3% to 64.7% |  | 12.3% to 52.5%
Grant-date fair value (per share) (HEI) |  | $ | 11.39 |  |  | $ | 17.28 |
Grant-date fair value (per share) (Hawaiian Electric) |  | $ | 11.12 |  |  | $ | 17.28 |

There were no share-based LTIP awards linked to TSR with a vesting date in 2025 and 2024.
As of September 30, 2025, there was $4.4 million of total unrecognized compensation cost related to the nonvested performance awards payable in shares linked to TSR. The cost is expected to be recognized over a weighted-average period of 2.1 years.
LTIP awards linked to other performance conditions. Information about HEI’s LTIP awards payable in shares linked to other performance conditions was as follows:

| Three months ended September 30 |  | Nine months ended September 30
| 2025 |  | 2024 |  | 2025 |  | 2024
| Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1) |  | Shares |  | (1)
Outstanding, beginning of period | 438,967 |  |  | $ | 18.17 |  |  | 561,812 |  |  | $ | 23.25 |  |  | 438,967 |  |  | $ | 18.17 |  |  | 327,085 |  |  | $ | 39.44 |
Granted | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 362,963 |  |  | 13.09 |
Vested | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (113,118) |  |  | 34.93 |
Increase above target/(cancelled) due to performance | (57,007) |  |  | 42.41 |  |  | (49,603) |  |  | 41.32 |  |  | (57,007) |  |  | 42.41 |  |  | (61,556) |  |  | 41.52 |
Forfeited | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3,165) |  |  | 42.06 |
Outstanding, end of period | 381,960 |  |  | $ | 14.55 |  |  | 512,209 |  |  | $ | 21.50 |  |  | 381,960 |  |  | $ | 14.55 |  |  | 512,209 |  |  | $ | 21.50 |
Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions) | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | — |  |  |  |  | $ | 4.8 |  |  |

(1) Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.
There were no share-based LTIP awards linked to other performance conditions with a vesting date in 2025. For the nine months ended September 30, 2024, total vested LTIP awards linked to other performance conditions and related dividends had a fair value of $1.7 million and the related tax benefits were $0.4 million.
As of September 30, 2025, there was $2.0 million of total unrecognized compensation cost related to the nonvested shares linked to performance conditions other than TSR. The cost is expected to be recognized over a weighted-average period of 1.2 years.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Note 10 · Income taxes
The Company’s effective tax rate (combined federal and state income tax rates) for the nine months ended September 30, 2025 was 25% tax expense. This rate differs from the combined statutory rates, primarily due to the Utilities’ amortization of excess deferred income taxes related to the 2017 Tax Cuts and Jobs Act reduction in tax rate from 35% to 21%, partially offset by recapture of investment tax credits and higher executive compensation limitations.
The Company’s effective tax rate was 26% tax benefit for the nine months ended September 30, 2024.
The Company’s effective tax rate for the first nine months of 2025 was lower than the comparable period in 2024 primarily due to the substantial pre-tax loss in 2024 resulting from the accrual of the loss contingencies related to the wildfire tort-related claims and because the impact of permanent items had a smaller impact on the effective rate in prior year, partially offset by recapture of investment tax credits and lower research and development tax credit claims in 2025.
The Utilities’ effective tax rate (combined federal and state income tax rates) for the nine months ended September 30, 2025 was 22% tax expense. This rate differs from the combined statutory rates, primarily due to the Utilities’ amortization of excess deferred income taxes related to the 2017 Tax Cuts and Jobs Act reduction in tax rate from 35% to 21%, partially offset by higher executive compensation limitations.
The Utilities’ effective tax rate was 26% tax benefit for the nine months ended September 30, 2024.
The Utilities’ effective tax rate for the first nine months of 2025 was lower than the comparable period in 2024 primarily due to the substantial pre-tax loss in 2024 resulting from the accrual of the loss contingencies related to the wildfire tort-related claims and because the impact of permanent items had a smaller impact on the effective rate in prior year, partially offset by lower research and development credit claims in 2025.
In the third quarter of fiscal 2025, federal tax legislation, commonly referred to as the One Big Beautiful Bill Act, which includes a broad range of tax reform provisions, was signed into law in the United States on July 4, 2025. For the current period including enactment, the Company recognized the impacts of the provisions, including the deduction of current year research and experimentation expenses. While the legislation is not expected to have a material impact on the Company’s financial statements, the Company will continue to assess the legislation’s impact on future reporting periods.
The Company currently has no open Internal Revenue Service or State income tax audits.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Note 11 · Cash flows

Nine months ended September 30 |  | 2025 |  | 2024
(in millions) |  |  |  |
Supplemental disclosures of cash flow information |  |  |  |
HEI consolidated |  |  |  |
Activities from continuing operations: |  |  |  |
Interest paid to non-affiliates, net of amounts capitalized |  | $ | 71 |  |  | $ | 84 |
Interest paid on finance lease obligations |  | 29 |  |  | 23 |
Income taxes paid (including refundable credits) |  | 28 |  |  | 30 |
Income taxes refunded (including refundable credits) |  | 4 |  |  | — |
Activities from discontinued operations: |  |  |  |
Interest paid to non-affiliates, net of amounts capitalized |  | — |  |  | 91 |
Income taxes paid (including refundable credits) |  | — |  |  | 4 |
Hawaiian Electric consolidated |  |  |  |
Interest paid to non-affiliates, net of amounts capitalized |  | 53 |  |  | 59 |
Interest paid on finance lease obligations |  | 29 |  |  | 23 |
Income taxes paid (including refundable credits) |  | 39 |  |  | 53 |
Income taxes refunded (including refundable credits) |  | 5 |  |  | — |
Supplemental disclosures of noncash activities |  |  |  |
HEI consolidated |  |  |  |
Activities from continuing operations: |  |  |  |
Property, plant and equipment: |  |  |  |
Unpaid invoices and accruals for capital expenditures, balance, end of period (investing) |  | 66 |  |  | 33 |
Right-of-use assets obtained in exchange for finance lease obligations (financing) |  | 51 |  |  | 108 |
Common stock issued (gross) for nonemployee director and executive/management compensation (financing) 1 |  | 2 |  |  | 2 |
Debt assumed by buyer - sale of subsidiaries (financing) |  | 67 |  |  | — |
Activities from discontinued operations: |  |  |  |
Loans transferred from held for investment to held for sale (investing) |  | — |  |  | 29 |
Right-of-use assets obtained in exchange for operating lease obligations (investing) |  | — |  |  | 4 |
Common stock issued (gross) for nonemployee director and executive/management compensation (financing) 1 |  | — |  |  | 1 |
Hawaiian Electric consolidated |  |  |  |
Electric utility property, plant and equipment |  |  |  |
Unpaid invoices and accruals for capital expenditures, balance, end of period (investing) |  | 66 |  |  | 33 |
Right-of-use assets obtained in exchange for finance lease obligations (financing) |  | 51 |  |  | 107 |
Capital contribution from parent of a membership interest in an unconsolidated affiliate (financing) |  | 287 |  |  | — |
HEI consolidated (continuing operations) and Hawaiian Electric consolidated |  |  |  |
Estimated fair value of noncash contributions in aid of construction (investing) |  | 5 |  |  | 9 |
Reduction of long-term debt from funds previously transferred for repayment (financing) |  | 47 |  |  | — |

1 The amounts shown represent the market value of common stock issued for nonemployee director and executive/management compensation and withheld to satisfy statutory tax liabilities.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
Note 12 · Fair value measurements
Fair value measurement and disclosure valuation methodology. The following are descriptions of the valuation methodologies used for assets and liabilities recorded at fair value and for estimating fair value for financial instruments not carried at fair value:
Money market mutual funds. The Company considers all liquid investments purchased with an initial maturity of three months or less and deposits in money market mutual funds that are readily convertible into cash to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these instruments.
Short-term borrowings. The carrying amount of short-term borrowings approximated fair value because of the short maturity of these instruments.
Long-term debt. Fair value of fixed-rate long-term debt was obtained from third-party financial services providers based on the current rates offered for debt of the same or similar remaining maturities and from discounting the future cash flows using the current rates offered for debt of the same or similar risks, terms, and remaining maturities. The carrying amount of floating rate long-term debt approximated fair value because of the short-term interest reset periods. Long-term debt is classified in Level 2 of the valuation hierarchy.
Interest rate swaps. The Company measures its interest rate swaps at fair value. The fair values of the Company's interest rate swaps are based on the estimated amounts that the Company would receive or pay to terminate the contracts at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The fair values of the Company's interest rate swaps are classified as a Level 2 measurements.
The sale of solar and BESS facilities (See Note 3) included variable interest rate debt assumed by the buyer as part of the transaction. As a result of the sale, the interest rate swap agreements that had been designated as cash flow hedges of interest payments were terminated. The derivatives had a notional amount of $27.8 million and a fair value of $1.0 million at termination. $0.8 million, net of taxes, was reclassified from other comprehensive income to earnings. The terminated swaps were previously classified as Level 2 instruments under the fair value hierarchy. Derivatives measured at fair value on a recurring basis were previously included in “Other noncurrent assets” and “Other noncurrent liabilities” in the Condensed Consolidated Balance Sheets.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Unaudited) continued
The following table presents the carrying or notional amount, fair value and placement in the fair value hierarchy of the Company’s financial instruments.

|  |  |  | Estimated fair value
(in thousands) |  | Carrying or notional amount |  | Quoted prices in active markets for identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  |  |  | Total
September 30, 2025 |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |
HEI consolidated |  |  |  |  |  |  |  |  |  |
Money market mutual funds |  | $ | 925,258 |  |  | $ | 925,258 |  |  | $ | — |  |  |  |  | $ | 925,258 |
Hawaiian Electric consolidated |  |  |  |  |  |  |  |  |  |
Money market mutual funds |  | 402,575 |  |  | 402,575 |  |  | — |  |  |  |  | 402,575 |
Financial liabilities |  |  |  |  |  |  |  |  |  |
HEI consolidated |  |  |  |  |  |  |  |  |  |
Long-term debt, net |  | 2,438,691 |  |  | — |  |  | 2,104,038 |  |  |  |  | 2,104,038 |
Hawaiian Electric consolidated |  |  |  |  |  |  |  |  |  |
Long-term debt, net |  | 2,182,533 |  |  | — |  |  | 1,871,292 |  |  |  |  | 1,871,292 |
December 31, 2024 |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |
HEI consolidated |  |  |  |  |  |  |  |  |  |
Money market mutual funds |  | $ | 1,162,259 |  |  | $ | 1,162,259 |  |  | $ | — |  |  |  |  | $ | 1,162,259 |
Derivative assets |  | 29,312 |  |  | — |  |  | 1,629 |  |  |  |  | 1,629 |
Hawaiian Electric consolidated |  |  |  |  |  |  |  |  |  |
Money market mutual funds |  | 115,599 |  |  | 115,599 |  |  | — |  |  |  |  | 115,599 |
Financial liabilities |  |  |  |  |  |  |  |  |  |
HEI consolidated |  |  |  |  |  |  |  |  |  |
Short-term borrowings, net |  | 48,623 |  |  | — |  |  | 48,623 |  |  |  |  | 48,623 |
Long-term debt, net |  | 2,799,558 |  |  | — |  |  | 2,196,403 |  |  |  |  | 2,196,403 |
Hawaiian Electric consolidated |  |  |  |  |  |  |  |  |  |
Short-term borrowings, net |  | 48,623 |  |  | — |  |  | 48,623 |  |  |  |  | 48,623 |
Long-term debt, net |  | 1,901,214 |  |  | — |  |  | 1,446,316 |  |  |  |  | 1,446,316 |

Assets and liabilities measured at fair value on a recurring basis include money market mutual funds. Money market mutual funds are included in “Cash and cash equivalents” and “Restricted cash” in the Condensed Consolidated Balance Sheets.
There were no Level 3 assets as of September 30, 2025 and December 31, 2024.
Note 13 · Subsequent event
Cumulative preferred stock redemption. On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock for a total of $35.3 million. The cumulative preferred stock of each series was redeemed with its respective premiums, if applicable. Dividends on the cumulative preferred stock ceased to accrue on October 15, 2025. Upon redemption, all rights of the preferred stock holders ceased to exist, except for the right to payment of the redemption price. The loss on redemption of cumulative preferred stock was $1.8 million, which was recorded to additional paid-in capital.

September 30, 2025 | Voluntary liquidation price |  | Redemption price
Series |  |  |
C, D, E, H, J and K (Hawaiian Electric) | $ | 20 |  |  | $ | 21 |
I (Hawaiian Electric) | 20 |  |  | 20 |
G (Hawaii Electric Light) | 100 |  |  | 100 |
H (Maui Electric) | 100 |  |  | 100 |

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion updates “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in HEI’s and Hawaiian Electric’s 2024 Form 10-K and should be read in conjunction with such discussion and the 2024 annual consolidated financial statements of HEI and Hawaiian Electric and notes thereto included in HEI’s and Hawaiian Electric’s 2024 Form 10-K, as well as the quarterly condensed consolidated financial statements and notes thereto included in Item 1 of this Form 10-Q.
HEI consolidated
Recent developments. See also “Recent developments” in Hawaiian Electric’s MD&A and Note 2 of the Condensed Consolidated Financial Statements, which includes recent updates and disclosures relating to the Maui windstorm and wildfires.
On September 5, 2025, HEI and Hawaiian Electric each amended their senior unsecured revolving credit facility (the HEI Revolving Facility and the Hawaiian Electric Revolving Facility, respectively) resulting in increased borrowing capacities and available liquidity. HEI increased its revolving commitments available under the HEI Revolving Facility to $300 million from $175 million and extended the termination date to September 5, 2030 from May 14, 2027. Hawaiian Electric increased its revolving commitments available under the Hawaiian Electric Revolving Facility to $300 million from $200 million and extended the termination date to September 4, 2026, subject to an automatic extension to the earlier of (i) such date specified in a final order or approval of the PUC and (ii) if such order or approval is obtained, September 5, 2030. The Hawaiian Electric Revolving Facility also allows for commitment increases of up to an additional $75 million, subject to customary conditions. Refer to Note 5 of the Condensed Consolidated Financial Statements for additional terms of the amended credit facilities.
In addition, on September 18, 2025, Hawaiian Electric issued $500 million in unsecured senior notes with an interest rate of 6.00% and maturing on October 1, 2033. See Note 5 of the Condensed Consolidated Financial Statements for additional terms of the unsecured senior notes. A portion of the proceeds was used to repay the outstanding balance of the Utilities’ revolving and term loan facilities and the remaining proceeds are intended to be used to 1) finance capital expenditures, 2) repay long-term debt and short-term debt used to finance or refinance capital expenditures, and 3) reimburse funds used for the payment of capital expenditures.
In June 2025, the Utilities submitted a request with the PUC to terminate or suspend the Affiliate Transaction Requirements (ATRs). Beginning in 2024 and continuing in 2025, HEI has embarked on a strategy to divest all of its affiliated companies other than the Utilities, intending for the Utilities to be HEI’s sole operating company. Termination of the ATRs would allow implementation of a corporate integration, under which all HEI employees would move to the Utilities. A few Hawaiian Electric officer positions would also manage and operate HEI (dual-hatted executives) and the HEI and Hawaiian Electric boards of directors would be comprised of a single set of individuals. In September 2025, the PUC dismissed the request without prejudice. In its order, the PUC provided guidance on the topics to be addressed in any future request. On October 31, 2025 HEI and Hawaiian Electric filed a revised request with the PUC to terminate or suspend the ATRs.
On November 5, 2025, the parties of the securities class action lawsuit related to the Maui windstorm and wildfires, signed a binding term sheet to settle the Securities Action (the Securities Action Term Sheet) following negotiations facilitated by a mediator. The Securities Action Term Sheet calls for the parties to prepare and execute a definitive stipulation of settlement (Securities Action Stipulation of Settlement) that will provide for the complete resolution, compromise, and settlement of the Securities Action in exchange for a payment by the Company of $47.8 million (the Securities Action Settlement Amount). The Securities Action Settlement Amount will be fully funded by the proceeds of the Derivative Settlement discussed below. The settlement of the Securities Action is conditioned on, among other things, the finalization of the Securities Action Stipulation of Settlement; approval by the boards of the Company and Hawaiian Electric of the Securities Action Stipulation of Settlement; timely funding of the Securities Action Settlement Amount; the finalization of the Derivative Stipulation of Settlement (defined and discussed below) by February 28, 2026; final court approval of the Derivative Stipulation Settlement; both preliminary and final court approval of the Securities Action Stipulation of Settlement; and entry of a judgment of dismissal following final court approval of the Securities Action Stipulation of Settlement. In connection with the settlement of the Securities Action, there will be no admission of liability by the Company or any defendants and the Company, the defendants, and related persons will receive a customary full release of all claims.
In addition, on November 5, 2025, the parties of the shareholder derivative lawsuits related to the Maui windstorm and wildfires, signed a binding term sheet (the Derivative Litigation Term Sheet) to settle all of the outstanding derivative actions described above (the Derivative Litigation Matters). The Derivative Litigation Term Sheet was signed following negotiations facilitated by a mediator. The Derivative Litigation Term Sheet calls for the parties to prepare and execute a definitive settlement agreement (the Derivative Litigation Settlement Agreement) that will provide for a complete resolution, compromise, and settlement of the claims asserted in the Derivative Litigation Matters in exchange for a payment on behalf of
55

the individual defendants by the Company’s insurers in the amount of $100 million (the Derivative Settlement Proceeds, which is to be fully funded by the directors and officers’ liability insurance policies). The Derivative Settlement is conditioned on, among other things, timely funding of the Derivative Settlement Proceeds by the insurers; the approval by the boards of HEI and Hawaiian Electric (including their independent, non-defendant directors) of Derivative Litigation Settlement Agreement; final court approval of the Derivative Litigation Settlement Agreement; and entry of final judgment and orders of dismissal in the Derivative Litigation Matters. The plaintiffs’ counsel intends to request court approval for attorneys’ fees of 25% of the Derivative Settlement Proceeds, plus expenses not to exceed $475,000. In connection with the settlement of the Derivative Litigation Matters, there will be no admissions of liability and the defendants, and related persons will receive a customary full release of all claims.
In connection with the execution of the Securities Action Term Sheet, HEI accrued, as of September 30, 2025, $47.8 million, and concurrently, recorded an insurance reimbursement receivable of an equivalent amount as the recovery of the agreed settlement payment under its directors and officers liability insurance policy is deemed probable.
For further discussion of the impacts of inflation and other macro-economic factors impacting the Utilities, see “Recent Developments” in the Electric utility section below. See also “Economic conditions” below for further discussion of the economic impact of recent events.
RESULTS OF OPERATIONS

|  | Three months ended September 30 |  | % |  |
(in thousands) |  | 2025 |  | 2024 |  | change |  | Primary reason(s)1
Revenues |  | $ | 790,610 |  |  | $ | 833,239 |  |  | (5) |  |  | Decrease in the electric utility and all other segments.
Operating income (loss) |  | 52,046 |  |  | (149,720) |  |  | NM |  | Increase due to recordation of $163 million adjustment to the tort-related claims, net of insurance recovery, in the prior year period at the electric utility and $35.2 million impairment charge in the prior year at Pacific Current.
Income (loss) from continuing operations for common stock |  | $ | 30,747 |  |  | $ | (123,180) |  |  | NM |  | Higher income for the electric utility due to the recordation of adjustment to the tort-related claims, net of insurance recovery, in the prior year period and lower loss for all other segment due to the impairment charge at Pacific Current in prior year.
Income from discontinued operations |  | — |  |  | 18,778 |  |  | NM |  | Decrease related to the sale of the bank segment in December 2024.
Net income (loss) for common stock |  | $ | 30,747 |  |  | $ | (104,402) |  |  | NM |  | Higher net income related to the recordation of adjustment to the tort-related claims, net of insurance recovery, for the electric utility in the prior year period and lower loss for all other segment due to the impairment charge at Pacific Current in prior year, partly offset by the sale of the bank segment in December 2024.

56

|  | Nine months ended September 30 |  | % |  |
(in thousands) |  | 2025 |  | 2024 |  | change |  | Primary reason(s)1
Revenues |  | $ | 2,281,072 |  |  | $ | 2,420,670 |  |  | (6) |  |  | Decrease in the electric utility, partly offset by an increase in the all other segment.
Operating income (loss) |  | 168,213 |  |  | (1,760,422) |  |  | NM |  | Increase due to recordation of $1.87 billion of tort-related claims, net of insurance recovery, in the prior year period at the electric utility and $35.2 million impairment charge in the prior year at Pacific Current.
Income (loss) from continuing operations for common stock |  | $ | 83,503 |  |  | $ | (1,351,689) |  |  | NM |  | Higher income for the electric utility due to the recordation of tort-related claims, net of insurance recovery, in the prior year period and lower loss for all other segment due to the impairment charge at Pacific Current in prior year.
Loss from discontinued operations |  | — |  |  | (6,075) |  |  | NM |  | Increase related to the sale of the bank segment in December 2024.
Net income (loss) for common stock |  | $ | 83,503 |  |  | $ | (1,357,764) |  |  | NM |  | Higher net income related to the recordation of tort-related claims, net of insurance recovery, for the electric utility in the prior year period, lower loss for all other segment due to the impairment charge at Pacific Current in prior year and the sale of the bank segment in December 2024.

1 Also, see the all other segment discussion below.
NM - Not meaningful.
The Company’s effective tax rates for the first nine months of 2025 and 2024 were 25% tax expense and 26% tax benefit, respectively. The Company’s effective tax rates for the third quarters of 2025 and 2024 were 22% tax expense and 29% tax benefit, respectively. The effective tax rates for the third quarter and first nine months of 2025 were lower than the comparable periods in 2024 primarily due to the substantial pre-tax loss in 2024 resulting from the Utilities’ accrual of the loss contingencies related to the wildfire tort-related claims and because the impact of permanent items had a smaller impact on the effective rates in prior year comparable periods, partially offset by lower research and development tax credit claims in 2025.
Maui windstorm and wildfires related expenses, net. For the three and nine months ended September 30, 2025 and 2024, the Company’s incremental expenses related to the Maui windstorm and wildfires as discussed in Note 2 of the Condensed Consolidated Financial Statements, were as follows:

|  | Three months ended September 30, 2025 |  | Nine months ended September 30, 2025 |  |
(in thousands) |  | Electric utility |  | All Other segment |  | HEI Consolidated |  | Electric utility |  | All Other segment |  | HEI Consolidated |  |
Maui windstorm and wildfires related expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Legal expenses |  | $ | 4,316 |  |  | $ | 1,478 |  |  | $ | 5,794 |  |  | $ | 12,469 |  |  | $ | 8,063 |  |  | $ | 20,532 |  |  |
Outside services expense |  | — |  |  | — |  |  | — |  |  | — |  |  | 135 |  |  | 135 |  |  |
Wildfire securities-related claims |  | — |  |  | 47,750 |  |  | 47,750 |  |  | — |  |  | 47,750 |  |  | 47,750 |  |  |
Other expense |  | 5,791 |  |  | 101 |  |  | 5,892 |  |  | 17,278 |  |  | 401 |  |  | 17,679 |  |  |
Interest expense |  | 131 |  |  | 267 |  |  | 398 |  |  | 2,543 |  |  | 756 |  |  | 3,299 |  |  |
Total Maui windstorm and wildfires related expenses |  | 10,238 |  |  | 49,596 |  |  | 59,834 |  |  | 32,290 |  |  | 57,105 |  |  | 89,395 |  |  |
Insurance recoveries 1 |  | (430) |  |  | (48,640) |  |  | (49,070) |  |  | 126 |  |  | (53,500) |  |  | (53,374) |  |  |
Deferral treatment approved by the PUC 2 |  | (6,237) |  |  | — |  |  | (6,237) |  |  | (21,809) |  |  | — |  |  | (21,809) |  |  |
Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment |  | $ | 3,571 |  |  | $ | 956 |  |  | $ | 4,527 |  |  | $ | 10,607 |  |  | $ | 3,605 |  |  | $ | 14,212 |  |  |

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|  | Three months ended September 30, 2024 |  | Nine months ended September 30, 2024
(in thousands) |  | Electric utility |  | All Other segment |  | HEI Consolidated 4 |  | Electric utility |  | All Other segment |  | HEI Consolidated 4
Maui windstorm and wildfires related expenses: |  |  |  |  |  |  |  |  |  |  |  |
Legal expenses |  | $ | 11,821 |  |  | $ | 5,384 |  |  | $ | 17,205 |  |  | $ | 40,169 |  |  | $ | 16,161 |  |  | $ | 56,330 |
Outside services expense |  | 639 |  |  | 316 |  |  | 955 |  |  | 2,420 |  |  | 1,053 |  |  | 3,473 |
Wildfire tort-related claims |  | 203,000 |  |  | — |  |  | 203,000 |  |  | 1,915,000 |  |  | — |  |  | 1,915,000 |
Other expense 3 |  | 10,257 |  |  | 649 |  |  | 10,906 |  |  | 25,139 |  |  | 1,983 |  |  | 27,122 |
Interest expense |  | 2,533 |  |  | 905 |  |  | 3,438 |  |  | 8,964 |  |  | 2,685 |  |  | 11,649 |
Total Maui windstorm and wildfires related expenses |  | 228,250 |  |  | 7,254 |  |  | 235,504 |  |  | 1,991,692 |  |  | 21,882 |  |  | 2,013,574 |
Insurance recoveries |  | (49,625) |  |  | (2,533) |  |  | (52,158) |  |  | (75,973) |  |  | (7,637) |  |  | (83,610) |
Deferral treatment approved by the PUC 2 |  | (8,589) |  |  | — |  |  | (8,589) |  |  | (24,143) |  |  | — |  |  | (24,143) |
Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment |  | $ | 170,036 |  |  | $ | 4,721 |  |  | $ | 174,757 |  |  | $ | 1,891,576 |  |  | $ | 14,245 |  |  | $ | 1,905,821 |

1 HEI consolidated includes insurance recovery related to the proposed settlement of the securities class action of $47.8 million for the three and nine months ended September 30, 2025. Also, includes adjustments related to costs that are no longer probable of recovery under the insurance policies. For the three and nine months ended September 30, 2025, HEI consolidated and Electric utility adjustments amount to $1.0 million and $7.6 million, respectively, of which, $0.5 million and $4.5 million were deferred to a regulatory asset, respectively, and are reported on the line “Deferral treatment approved by the PUC.”
2 Related to the PUC’s order, received on December 27, 2023, approving deferred accounting treatment for the Utilities’ incremental non-labor expenses related to the August 2023 Maui windstorm and wildfires incurred through December 31, 2024. Pursuant to the PUC order received on February 12, 2025, deferral accounting treatment limited to insurance premiums and outside services and legal costs associated with the asset-based lending facility credit agreement incurred in 2025 was granted. Applicable amounts were deferred to a regulatory asset. See “Risk Factors” in Item 1A. for further discussion of regulatory risks. See Note 2 of the Condensed Consolidated Financial Statements.
3 Includes $3.9 million ($3.5 million by the Utilities) and $14.5 million ($13.1 million by the Utilities) pursuant to an agreement to settle indemnification claims asserted by the State of Hawaii, for the three and nine months ended September 30, 2024, respectively. Also includes $3.5 million accrual related to the Utilities’ share of settlement administration fees for both the three and nine months ended September 30, 2024. See Note 2 of the Condensed Consolidated Financial Statements.
4 Excludes expenses related to discontinued operations amounting to $0.9 million and $1.2 million for the three and nine months ended September 30, 2024, respectively.
Note: All Other segment Maui windstorm and wildfires related expenses (legal, outside services, wildfire securities-related claims and other) and insurance recoveries are included in “Expenses-Other” and interest expense is included in “Interest expense, net” on the HEI and subsidiaries Condensed Consolidated Statements of Income. See Electric utility section below for more detail.
From August 8, 2023 through September 30, 2025, HEI and its subsidiaries have incurred approximately $2.3 billion of Maui windstorm and wildfires related expenses, including the Utilities’ estimate of the losses related to a settlement of all wildfire tort-related legal claims and cross claims, the One ‘Ohana Initiative contribution and $47.8 million related to the securities class action settlement. Certain of these costs are reimbursable under excess liability insurance, professional liability and directors and officers liability insurance policies. As of September 30, 2025, HEI and its subsidiaries have approximately $11 million, nil and $72 million of insurance coverage remaining under the excess liability, professional liability and directors and officers liability policies, respectively, after deducting applicable retention amounts, amounts that have been recovered under insurance policies (including the One ‘Ohana Initiative contribution), and amounts expected to be recovered for incurred costs, including the securities class action settlement, and recognized as a receivable as of the quarter end.
With the Company accruing its losses related to a settlement of all wildfire tort-related legal claims and cross claims as of September 30, 2025, the Company expects the Electric utility and HEI to use the remaining $11 million of insurance coverage under its excess liability policy primarily for legal expenditures, in excess of amounts deferred, in connection with the Maui windstorm and wildfires.
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Economic conditions.
Note: The statistical data in this section is from public third-party sources that management believes to be reliable (e.g., Department of Business, Economic Development and Tourism (DBEDT), University of Hawaii Economic Research Organization (UHERO), U.S. Bureau of Labor Statistics, Department of Labor and Industrial Relations (DLIR), Hawaii Tourism Authority (HTA), Honolulu Board of REALTORS® and national and local news media).
In the third quarter of 2025, the average daily passenger count was 3.7% lower than the comparable period in the prior year. The recovery in total passenger counts from the low levels in 2020, which occurred under COVID-19 restrictions, thus far has been driven by domestic travelers, with international travelers, including Japanese travelers, remaining at lower levels. In the third quarter, international visitor arrivals (excluding Japan) remained 22.1% below 2019 levels. Due to the weak yen, Japanese visitors are 39.6% below 2019 levels.
Hawaii’s seasonally adjusted unemployment rate in August 2025 was 2.7%, slightly lower than the August 2024 rate of 3.0%. The national unemployment rate in August 2025 was 4.3%, slightly higher than the August 2024 rate of 4.2%. According to a recent forecast by UHERO, issued on September 26, 2025, jobs in the State will increase by 0.7% in 2025 before decreasing by 0.4% in 2026.
Hawaii real estate activity through September 2025, as indicated by Oahu’s home resale market, resulted in a 1.0% decrease in the median sales price for condominiums and an increase of 4.1% for single-family homes compared to the same period in 2024. The median single-family home price was $1,145,000 in September, slightly lower than the all-time high of $1,185,000, set earlier this year in February. The number of closed sales through September 2025 saw a 3.0% decrease for condominiums and a 0.8% increase for single-family residential homes compared to the same period in 2024.
Hawaii’s petroleum product prices relate to the crude oil in international markets. The price of crude oil has decreased 13.6% over the same quarter in the prior year.
At its October 29, 2025 meeting, the Federal Open Market Committee (FOMC) decided to lower the federal funds rate target range to 3.75% to 4%. The FOMC noted that economic growth has moderated, with job gains slowing and unemployment edging up. They further noted that uncertainty around the economic outlook remains elevated, and that they remain attentive to risks on both sides of its dual mandate of achieving maximum employment and 2 percent inflation over the longer run. The Federal Reserve stated that it will continue to reduce its holdings of Treasury securities, agency debt and agency mortgage-backed securities.
UHERO forecasts full year 2025 real GDP growth of 1.7%, a decrease in total visitor arrivals of 1.3%, an increase in real personal income of 1.3%, and an unemployment rate of 3.0% for the State. According to UHERO, Hawaii’s economic outlook remains poor, with U.S. trade policy negatively impacting international visitor markets, hurting local tourism, combined with tariffs and economic uncertainty weighing on the broader U.S. economy. Construction continues to be the only major source of economic strength in Hawaii, supported by large federal contracts and other public projects. UHERO forecasts a mild recession in Hawaii over the next year, with growing risk for a more significant economic downturn.
See also “Recent Developments” in the “Electric utility” section below for further discussion of the economic impact of recent events.
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All Other segment. The “All Other” business segment net loss includes results of the stand-alone corporate operations of HEI, ASB Hawaii, GLST1 and Pacific Current.

|  |  |  | Three months ended September 30 |  |  |  |
(in thousands) |  |  |  |  |  | 2025 |  | 2024 |  | Change |  | Primary reason(s)
Revenues |  |  |  |  |  | $ | 3,182 |  |  | $ | 3,622 |  |  | $ | (440) |  |  | The revenues for the third quarter of 2025 were lower than the comparable period in 2024 primarily due to lower sales at Pacific Current 1 subsidiaries.
Operating loss |  |  |  |  |  | (10,747) |  |  | (45,156) |  |  | 34,409 |  |  | The lower operating loss is due to a $35.2 million impairment loss on certain long-lived assets at Pacific Current in prior year. Corporate expenses for the third quarter of 2025 were $0.7 million lower than the same period in 2024, primarily due to lower wildfire legal and other expenses.
Net loss |  |  |  |  |  | (6,241) |  |  | (40,595) |  |  | 34,354 |  |  | Lower operating losses due to the same factors cited for the change in operating loss above, lower interest expense (due to $384 million paydown in April) and higher interest income. Also see effective tax rate explanations above.

|  |  |  | Nine months ended September 30 |  |  |  |
(in thousands) |  |  |  |  |  | 2025 |  | 2024 |  | Change |  | Primary reason(s)
Revenues |  |  |  |  |  | $ | 12,796 |  |  | $ | 10,144 |  |  | $ | 2,652 |  |  | The revenues for the first nine months of 2025 were higher than the comparable period in 2024 primarily due to higher sales at Pacific Current 1 subsidiaries.
Operating loss |  |  |  |  |  | (35,061) |  |  | (74,773) |  |  | 39,712 |  |  | The first nine months of 2025 and 2024 include $9.6 million and $45.7 million of operating loss, respectively, from Pacific Current 1. The lower operating loss is due to a $35.2 million impairment loss on certain long-lived assets at Pacific Current in prior year third quarter, a $4.0 million impairment loss on assets damaged in a March 2024 fire at Mahipapa and Hamakua Energy’s and Mahipapa’s facilities being shut down for repairs in the prior year period resulting in lower revenues and higher expenses in the prior year period. Corporate expenses for the first nine months of 2025 were $3.4 million lower than the same period in 2024, primarily due to lower wildfire legal and other expenses.
Net loss |  |  |  |  |  | (40,451) |  |  | (78,931) |  |  | 38,480 |  |  | Lower operating losses due to the same factors cited for the change in operating loss above, higher interest income and lower interest expense (due to $384 million paydown in April 2025), partly offset by a loss on sale of Hamakua Holdings on March 10, 2025. Also see effective tax rate explanations above.

1 Hamakua Energy’s sales to Hawaii Electric Light (a regulated affiliate) up until the close of its sale on March 10, 2025, are eliminated in consolidation.
The “All Other” business segment loss includes results of the stand-alone corporate operations of HEI (including eliminations of intercompany transactions) and the results of HEI’s subsidiaries, GLST1 and Pacific Current. Significant investments of Pacific Current made through its subsidiaries include: Pacific Current’s indirect subsidiary up until the close of its sale on March 10, 2025, Hamakua Energy, which owned a 60-MW combined cycle power plant on Hawaii Island that provides electricity to Hawaii Electric Light; Pacific Current’s solar project subsidiaries up until the close of the Solar Asset Disposition effective August 1, 2025, which includes Mauo, which owned solar-plus-storage projects totaling 8.6 MW on five University of Hawaii campuses, Alenuihaha Developments, LLC, which owned a collection of renewable energy assets on Oahu and Kauai, and Ka‘ie‘ie Waho Company, LLC, which owned a 6-MW solar photovoltaic system that provides renewable energy to Kauai Island Utility Cooperative; Pacific Current’s remaining operating subsidiary, Mahipapa, which owns a 7.5-MW nameplate biomass facility on Kauai; as well as eliminations of intercompany transactions.
In late February 2024, Hamakua Energy’s combustion turbine (CT) and its leased combustion turbine (leased CT) unexpectedly sustained damages resulting in a plant shut down on Hawaii Island. As a result, in April 2024, Hamakua Energy purchased a new CT which was placed into service in June 2024. The leased CT was returned to the lessor and a new leased CT had been delivered and placed into service in September 2024 bringing Hamakua Energy back to full capacity. After conducting an investigation into the root cause of the damages, it was determined that contaminated fuel led to the turbine damages. Pacific Current is currently working with its legal counsel on seeking recovery of its losses related to damages sustained to its plant facilities.
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As part of HEI’s comprehensive review of strategic options for certain assets of Pacific Current, on February 7, 2025, Pacific Current entered into a Securities Purchase Agreement to sell all the membership interests in Hamakua Holdings, a then wholly owned subsidiary of Pacific Current and parent company of Hamakua Energy, to an unaffiliated third party. The sale transaction closed on March 10, 2025. As a result of the sale transaction, the Company recorded an after-tax loss on the sale amounting to $9.8 million as of March 31, 2025. The sale of Hamakua Holdings and its subsidiary, Hamakua Energy, does not preclude Pacific Current from seeking recovery of its losses related to the aforementioned damages to its plant facilities from the fuel supplier.
In March 2024, a fire destroyed the cooling tower at the Mahipapa facility on Kauai. The fire was ignited from a vendor’s welding activities being performed on the cooling tower during its scheduled maintenance. As a result, the plant was shut down while repairs were being performed. Mahipapa completed repairs to its facility and commenced operations in early December 2024 and returned to full capacity in the first quarter of 2025. In the first quarter of 2025, Mahipapa received insurance proceeds of $1.4 million under its business interruption policy. In addition to working with its insurance company, Mahipapa is currently working with its legal counsel on seeking reimbursement of its losses related to damages sustained to its plant facilities.
As part of HEI’s comprehensive review of strategic options for Pacific Current, on August 1, 2025, Pacific Current, through an indirect subsidiary, sold all of the membership interests in Mauo, LLC, Alenuihaha Developments, LLC, Kaʻieʻie Waho Company, LLC and Upena, LLC. See Note 3 of the Condensed Consolidated Financial Statements for more information.
FINANCIAL CONDITION
Liquidity and capital resources. See “Credit and Capital Market Risk” in Item 1A. Risk Factors in HEI’s and Hawaiian Electric’s 2024 Form 10-K and in Item 1A. Risk Factors below.
HEI’s and the Utilities’ future results of operations involve significant risks and uncertainties. Factors that could affect HEI’s and the Utilities’ future operating results and could cause actual results to vary materially from expectations include, but are not limited to, access to capital, ability to attract and retain key personnel, and pending or threatened litigation (including wildfire related litigation noted above).
The Company’s objective continues to be to operate a strong, financially healthy enterprise to empower a thriving future for Hawaii. While the fundamentals of its businesses remain strong, the Company took prudent and measured actions to reinforce its commitment to serving the community for the long term. Subsequent to the Maui windstorm and wildfires, in August 2023, HEI and Hawaiian Electric fully drew down $175 million and $200 million, respectively, on their previously existing revolving credit facilities. On September 5, 2025, HEI and Hawaiian Electric each entered into a fourth amended and restated credit agreement with a syndicate of eight financial institutions, increasing each of their committed capacities to $300 million (see Note 5 of the Condensed Consolidated Financial Statements). As of September 30, 2025, HEI and Hawaiian Electric’s revolving credit facilities balances were $31 million and nil, respectively. The Company has taken additional prudent measures to strengthen its financial position while continuing to provide reliable service to its customers and reinforcing HEI’s commitment to serving the community for the long term, including the Utilities entering into an asset-based credit facility that allows the Utilities to borrow up to $250 million and HEI registering with the SEC an at-the-market offering program under which HEI may offer and sell up to $250 million of its common stock. Additional proactive measures included suspending the quarterly cash dividend on HEI’s common stock after payment of the second quarter dividend in September 2023 and reducing or eliminating discretionary costs.
As of September 30, 2025, the Utilities accrued estimated wildfire liabilities of approximately $1.92 billion (pre-tax), related to the settlement of the Maui windstorm and wildfire tort-related legal claims (see Note 2 of the Condensed Consolidated Financial Statements). HEI and Hawaiian Electric determined that making payments under the terms of the Settlement Agreements in four equal annual installments is the most viable option and have classified the first $479 million installment as a current liability based on expected timing of the payment and the remaining $1.44 billion as a noncurrent liability on the Company’s and Utilities’ Condensed Consolidated Balance Sheets. To finance the first installment payment, in September 2024, HEI completed the sale of 62.2 million shares of common stock in a registered offering, raising net proceeds of approximately $557.7 million and subsequently transferred the first payment into a new subsidiary, GLST1, which is restricted from disbursing such funds except in connection with the initial payment to the settlement funds.
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The following table provides the components of available liquidity as of September 30, 2025. See “Liquidity and capital resources” in Hawaiian Electric’s MD&A below for components of its available liquidity under existing credit facilities as of September 30, 2025.

| As of September 30, 2025
(in millions) | Capacity |  | Outstanding |  | Undrawn
Electric Utility |  |  |  |  |
Total credit, excluding standing commitment letter with HEI 1 | $ | 544 |  |  | $ | — |  |  | $ | 544 |
Total available credit - Electric Utility 2 |  |  |  |  | $ | 544 |
All Other |  |  |  |  |
Unsecured revolving line of credit | $ | 300 |  |  | $ | 31 |  |  | $ | 269 |
At-the-market program | 250 |  |  | — |  |  | 250 |
Total credit and other liquidity - All Other | 550 |  |  | 31 |  |  | 519 |
Total available credit and other liquidity - All Other |  |  |  |  | $ | 519 |
Consolidated cash and cash equivalents |  |  |  |  | 548 |
Total available liquidity from cash and under existing credit and equity program |  |  |  |  | $ | 1,611 |

1 Pursuant to an HEI and Hawaiian Electric Intercompany Borrowing and Investment Policy which provides Hawaiian Electric a borrowing commitment of $75 million. Hawaiian Electric currently has no borrowings under this policy. See Note 5 of the Condensed Consolidated Financial Statements for a description of the HEI and Hawaiian Electric Intercompany Borrowing and Investment Policy.
2 Additionally, as of September 30, 2025 the Electric Utilities had no commercial paper outstanding, and Hawaii Electric Light and Maui Electric had short-term borrowings from Hawaiian Electric of nil and $82.7 million, respectively, which intercompany borrowings are eliminated in consolidation.
As of September 30, 2025, HEI consolidated had $2.5 billion of long-term debt and short-term debt, of which $144 million is due or expected to be repaid within 12 months. On April 9, 2025, pursuant to a March 5, 2025 offer tendered to, and accepted by, each holder of its existing note purchase agreements, HEI repaid a ratable portion of each note using the net cash proceeds from the recent sale of ASB amounting to $384 million. Additionally, HEI repaid $20 million of its unsecured revolving line of credit in the third quarter of 2025.
Management believes with the Company’s cash and cash equivalents amount of $548 million and GLST1’s restricted cash amount of $479 million, both as of September 30, 2025, the available capacity on Hawaiian Electric’s ABL Facility and HEI’s and Hawaiian Electric’s increased borrowing capacities of their unsecured lines of credit, additional liquidity under HEI’s registered at-the-market offering program, the Company has adequate cash to meet its financial obligations and sustain operations in the short term, including available sufficient liquidity to fund the first installment of the settlement of wildfire tort claims expected to be made no sooner than early 2026 and its other cash obligations for the next 12 months following the issuance of its September 30, 2025 financial statements.
The Company expects that liquidity will continue to be impacted in the long term primarily due to the remaining liability payments to settle wildfire claims; the result of the August 2023 downgrades of their credit ratings to below investment grade which limits the Company from accessing unsecured, short-term borrowings and continues to restrict access to the capital markets and other sources of debt and equity financing on favorable terms; and higher working capital requirements resulting from inflation and elevated fuel prices. Although the Company has raised sufficient cash to pay the first installment of the settlement of wildfire tort claims, the Company is currently working with its financial advisors on a financing plan to raise the additional capital necessary to fund the remaining settlement of wildfire tort claims. While management believes the Company will be able to raise the necessary capital, there is no assurance that management’s plans will be successful. If the financing plans are unsuccessful, the Company may need to consider other strategic alternatives.
For the Utilities, while fuel prices have moderated from their highs in 2022, they remain elevated and have increased the cost of carrying fuel inventory and have resulted in higher customer accounts receivable balances as fuel is consumed and billed to customers. Arrears balances have declined to near pre-pandemic levels as the Utilities continue returning to pre-pandemic collection policies, except on Maui, where the moratorium on disconnections remains in place. While the Maui windstorm and wildfires have not and are not anticipated to materially impact accounts receivable, the Maui windstorm and wildfires have and will continue to lead to higher bad debt expense. As of September 30, 2025, approximately $15.0 million of the Utilities’ accounts receivables were over 30 days past due, which is a decrease of approximately 18% since December 2024. In addition to the cash flow impact from delayed collection of accounts receivable in arrears, lower kWh sales relative to the level of kWh
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sales approved in the last rate case generally result in delayed timing of cash flows, resulting in higher working capital requirements (see “Recent Developments” in the Electric utility section below).
If further liquidity is deemed necessary in the short term, Hawaiian Electric could also reduce the pace of capital spending related to non-essential projects, manage O&M expenses, seek borrowings on a secured basis, and explore asset sales.
Credit ratings. On May 28, 2025, June 4, 2025 and June 27, 2025, Moody’s, Fitch and S&P, respectively, upgraded HEI’s credit ratings as follows:

| Fitch | Moody’s | S&P
| From 1 | To | From 1 | To | From 1 | To
Long-term issuer default, long-term and issuer credit, respectively | B | B+ | B1 | Ba3 | B- | B+
Short-term issuer default, commercial paper and commercial paper, respectively | B | B | NP | NP | B | B
Outlook | Stable | Positive | Stable | Positive | Negative | Watch Positive

1 As of December 31, 2024. In March 2025, S&P revised HEI’s outlook to “Positive” from “Negative” and affirmed the “B-” issuer credit rating.
Note: The above ratings reflect only the view, at the time the ratings are issued or affirmed, of the applicable rating agency, from whom an explanation of the significance of such ratings may be obtained. Such ratings are not recommendations to buy, sell or hold any securities; such ratings may be subject to revision or withdrawal at any time by the rating agencies; and each rating should be evaluated independently of any other rating.
HEI Consolidated material cash requirements. Material cash requirements of HEI Consolidated include: payments related to settlement of tort-related legal claims and cross claims; Utility-related capital expenditures (including capital expenditures related to wildfires and wildfire mitigations), labor and benefits costs, O&M expenses, legal and consulting costs related to the Maui windstorm and wildfires, fuel and purchase power costs, and debt and interest payments; HEI-related labor and benefits costs, debt and interest payments and legal and consulting costs related to the Maui windstorm and wildfires and HEI equity contributions to support Pacific Current’s remaining operating subsidiary.
The consolidated capital structure of HEI was as follows:

(dollars in millions) |  | September 30, 2025 |  | December 31, 2024
Short-term borrowings, net |  | $ | — |  |  | — | % |  | $ | 49 |  |  | 1 | %
Long-term debt, net |  | 2,439 |  |  | 60 |  |  | 2,800 |  |  | 64 |
Preferred stock of subsidiaries 1 |  | 34 |  |  | 1 |  |  | 34 |  |  | 1 |
Common stock equity |  | 1,564 |  |  | 39 |  |  | 1,479 |  |  | 34 |
|  | $ | 4,037 |  |  | 100 | % |  | $ | 4,362 |  |  | 100 | %

1 On October 15, 2025, the Utilities redeemed all of their respective outstanding shares of preferred stock.
Prior to the Maui windstorm and wildfires, HEI utilized short-term debt, typically commercial paper, to support normal operations, to refinance commercial paper, to retire long-term debt, to pay dividends and for other temporary requirements, including short-term financing needs of its subsidiaries. HEI also periodically makes short-term loans to Hawaiian Electric to meet Hawaiian Electric’s cash requirements, including the funding of loans by Hawaiian Electric to Hawaii Electric Light and Maui Electric, but no such short-term loans to Hawaiian Electric were outstanding as of September 30, 2025. Historically, HEI also periodically utilized unsecured long-term debt to fund investments in and loans to its subsidiaries to support their capital improvement or other requirements, to repay long-term and short-term indebtedness and for other corporate purposes. The downgrades of HEI’s and Hawaiian Electric’s credit ratings have negatively impacted each of HEI’s and Hawaiian Electric’s ability to access capital markets and other sources of debt and equity financing on favorable terms. As of September 30, 2025, HEI and Hawaiian Electric had no commercial paper outstanding.
See Note 5 of the Condensed Consolidated Financial Statements for a brief description of the Company’s loans.
On September 25, 2024, HEI completed the sale of 62.2 million shares of common stock. The shares were issued under a registration statement registering up to $575 million of common stock. The net proceeds from the sale of common stock amounted to approximately $557.7 million and will be used to fund the Company’s contribution to the expected Maui wildfire tort litigation settlement and for general corporate purposes.
On September 19, 2024, HEI filed a shelf registration statement with the SEC for an at-the-market offering program under which HEI may offer and sell, from time to time at its sole discretion, its common stock, without par value, having an aggregate offering price of up to $250 million. To date, HEI has not sold any common stock under this program.
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There were no new issuances of common stock through the HEI Dividend Reinvestment and Stock Purchase Plan or the Hawaiian Electric Industries Retirement Savings Plan for the nine months ended September 30, 2025 and 2024.
For the first nine months of 2025, net cash provided by operating activities of HEI consolidated was $285 million. Net cash used in investing activities for the same period was $237 million, primarily due to capital expenditures. Net cash used in financing activities for the same period was $263 million, primarily due to repayment of long-term debt, partly offset by the issuance of debt by the Utilities.
Dividends. The payout ratios for the first nine months of 2025 and full year 2024 were nil. Each quarter, the HEI Board of Directors evaluates whether to declare a dividend and considers many factors in the evaluation including, but not limited to, the Company’s results of operations, liquidity, the long-term prospects for the Company, current and expected future economic conditions, and capital investment alternatives. In August 2023, in consideration of the potential impact from the Maui windstorm and wildfires, the HEI Board of Directors voted to suspend the quarterly cash dividend, starting after the second quarter 2023 dividend, and has not declared a cash dividend since that time. This action was intended to allow the Company to provide additional liquidity and allocate cash to rebuilding and restoring power and help ensure a strong future for the Utilities. In May 2025, after a temporary suspension of Hawaiian Electric’s quarterly cash dividend to HEI that began with the second quarter 2024 dividend, the Hawaiian Electric Board of Directors approved a $10 million quarterly dividend for each of the first, second, and third quarters of 2025. This decision was made after considering several factors, including the continued progress of the Maui windstorm and wildfire settlement, the Utilities’ results of operations and the Utilities’ liquidity position.
MATERIAL ESTIMATES AND CRITICAL ACCOUNTING POLICIES
In preparing financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results could differ significantly from those estimates.
In accordance with SEC Release No. 33-8040, “Cautionary Advice Regarding Disclosure About Critical Accounting Policies,” management has identified the accounting policies it believes to be the most critical to the Company’s financial statements—that is, management believes that these policies are both the most important to the portrayal of the Company’s results of operations and financial condition, and currently require management’s most difficult, subjective or complex judgments.
For information about these material estimates and critical accounting policies, in addition to the critical policy discussed below, see pages 42 to 44 and 63 of the MD&A included in Part II, Item 7 of HEI’s and Hawaiian Electric’s 2024 Form 10-K.
Following are discussions of the results of operations, liquidity and capital resources of the electric utility segment.
Electric utility
Recent developments. See also “Recent developments” in HEI’s MD&A and Note 2 of the Condensed Consolidated Financial Statements, which includes disclosures relating to Maui windstorm and wildfires.
For the third quarter of 2025, the Utilities generated net income of approximately $37.0 million compared to a net loss of $82.6 million for the same quarter of 2024. See “Results of operations” below for variance explanations.
In the third quarter of 2025, kWh sales volume increased 2.0% compared to the same period in 2024. The increase reflects warmer weather as well as the continuing economic recovery since the Maui windstorm and wildfires and increased pumping loads as Maui energy consumption increased 7.5% in the third quarter of 2025 compared to the same period in 2024.
The price of crude oil has decreased 13.6% over the same quarter in the prior year. The Utilities are able to pass through fuel costs to customers and have limited fuel cost exposure through a 2% fuel cost-risk sharing mechanism (approximately $3.7 million maximum penalty/reward exposure annually).
In September 2025, the Consumer Price Index (CPI) increased 3.0% over the last 12 months. In Hawaii, the July 2025 Urban Hawaii (Honolulu) CPI increased 2.3% over the last 12 months. Under the PBR Framework, inflation risk for the Utilities is partially mitigated by an Annual Revenue Adjustment (ARA), which is based on a formula that includes a compounded and non-compounded portion.
•The compounded portion of the ARA includes an adjustment for the annual change in inflation based on the estimated change in Gross Domestic Product Price Index (GDPPI) for the upcoming year, less a predetermined annual productivity factor (currently set at zero), less a 0.22% customer dividend, applied to a basis equal to test year target revenues plus the RAM Revenue adjustments in effect prior to the implementation of PBR, plus the prior adjustment year’s compounded portion of the ARA. The inflation factor percentage is the consensus projection of annual
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percentage change in GDPPI for the following calendar year published by Blue Chip Economic Indicators each October. For the 2025 calendar year, the forecasted 2025 GDPPI was 1.98% (net of the 0.22% customer dividend), measured in October 2024, and became effective in rates on January 1, 2025. For the 2026 calendar year, the forecasted 2026 GDPPI was 2.58% (net of the 0.22% customer dividend), measured in October 2025, and is scheduled to become effective in rates on January 1, 2026, pending PUC approval.
•The non-compounded portion of the ARA includes a subtractive component, representing the management audit savings commitment, or refund to customers, which was approved by the PUC for the years 2021 through 2025.
Customer accounts receivable decreased in 2025 by $8 million, or 4%, with arrears balance greater than 30 days decreasing by 18% since December 31, 2024. The decrease in accounts receivable was primarily driven by receipt of government arrears. Further, arrears balances have declined to near pre-pandemic levels as the Utilities continue returning to pre-pandemic collection policies, except on Maui, where the moratorium on disconnections remain in place. See “Financial Condition—Liquidity and capital resources” below for additional information.
Regulatory and legislative developments.
Legislation. On June 6, 2025, Governor Josh Green signed Senate Bill 1501, now known as Act 191, which allows the State to “step-in” for the Utilities in the case of utility financial distress, ensuring project owners receive payment, addressing concerns of some independent power producers’ ability to procure low-cost financing for new renewable energy and storage projects due to the Utilities’ credit rating. On July 1, 2025, the Governor signed into law Senate Bill 897, now known as Act 258, which directs the PUC to study the viability of a wildfire relief fund, establish an aggregate liability cap on economic damages from future wildfires and authorizes securitization to finance wildfire safety and resilience infrastructure improvements. On July 8, 2025, the Governor signed House Bill 1001, now known as Act 301, which appropriates funds to address the State of Hawaii’s settlement of claims related to the Maui wildfire and windstorm tort litigation settlement. Act 258 is expected to help support the Utilities’ financial stability to move forward, while Act 301 provides a resolution to those affected by the Maui windstorm and wildfires and provides assurance for a global settlement to move forward. Act 191 supports the Utilities’ ability to procure energy in order to provide customers and communities with safe, reliable and affordable clean energy.
On July 2, 2025, the Governor signed Senate Bill 589, now known as Act 266, which, among other things, authorizes wheeling of renewable energy and requires the PUC to establish policies and procedures to implement wheeling for a capacity of not more than two megawatts and microgrid service tariffs. Act 266 also requires the PUC to establish an installation goal for new customer-sited distributed energy resources and establish tariffs to achieve the installation goal and for grid service programs, microgrids, and community-based renewable energy. The Utilities are currently assessing the potential impact related to wheeling as the PUC works to establish the provisions and terms for the implementation of wheeling in compliance with Act 266. For more information on wheeling, see discussion in “Investigation on the Establishment of Wheeling” below.
The One Big Beautiful Act signed into law by President Trump on July 4, 2025 may impact the ability of the Utilities’ recently selected and new wind and solar projects to qualify for federal tax credits. Regulations continue to be developed, so the complete scope of potential impacts remains unknown at this time. Any loss in renewable energy tax credits could lead to project risk for new wind and solar projects in development and will likely result in higher prices for such projects, developers of which rely extensively on federal tax credits to finance such projects. It is also possible that the sunsetting of these tax credits will impact the supply chain for projects throughout the U.S. as developers rush to meet the four-year safe harbor timeline.
Trade policies. Impacts to the Utilities from trade policies imposed by the U.S. or its trading partners are uncertain at this time. The Utilities estimated that in 2024, more than 90% of the Utilities. capital goods were domestically sourced. However, the Utilities and their independent power producers procure capital goods that flow through global supply chains and may include raw materials, sub-components, or components sourced or assembled outside the U.S. Utility capital costs and the cost of power procured from independent power producers may increase due to new trade policies and changes in trade policy from the U.S. and its trading partners, based on the amount of foreign content of capital goods. It is also possible that trade policies could impact commodities and raw materials costs, leading to inflation of utility capital costs indirectly through the broader supply chain. Utility-scale battery projects planned by both Hawaiian Electric and independent power producers may see significant cost increases or supply chain challenges, as the majority of battery components are currently manufactured in, or have significant supply chain exposure to, the People’s Republic of China. The Utilities are still assessing the potential impact of the trade policies.
Federal grant. On November 15, 2021, former President Biden signed into law the $1.2 trillion Infrastructure Investment and Jobs Act (IIJA), which includes approximately $550 billion of new federal spending to be allocated over the next five years through various programs. The funding is expected to help the State of Hawaii achieve its sustainability goals, including renewable energy, resilience, and decarbonization, while also prioritizing economic development, equity and
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affordability. The Utilities have been pursuing potential grant funding of projects under various programs as primary applicant as well as in partnership with other organizations. On August 7, 2024, the Utilities received a notification from the U.S. Department of Energy that their Climate Adaption Transmission and Distribution Resilience Program (Resilience Program) application for $95 million in federal funds under IIJA was officially awarded. See “Utility projects” in Note 4 of the Condensed Consolidated Financial Statements for additional discussions.
In 2025, President Trump has issued multiple Executive Orders that impact both IIJA and Inflation Reduction Act funding. At this time, the Utilities believe these Executive Orders could potentially lead to project delays and economic uncertainty; however, the Utilities are still evaluating the potential impact and continue to monitor for any new Executive Orders and any changes that are passed down through the federal contracting officer for the Resilience Program. As of September 30, 2025, the Utilities’ reimbursement requests have been granted.
Affiliate transactions. In June 2025, the Utilities submitted a request with the PUC to terminate or suspend the Affiliate Transaction Requirements (ATRs). Beginning in 2024 and continuing in 2025, HEI has embarked on a strategy to divest all of its affiliated companies other than the Utilities, intending for the Utilities to be HEI’s sole operating company. Termination of the ATRs would allow implementation of a corporate integration, under which all HEI employees would move to the Utilities. A few Hawaiian Electric officer positions would also manage and operate HEI (dual-hatted executives) and the HEI and Hawaiian Electric boards of directors would be comprised of a single set of individuals. In September 2025, the PUC dismissed the request without prejudice. In its order, the PUC provided guidance on the topics to be addressed in any future request. On October 31, 2025 HEI and Hawaiian Electric filed a revised request with the PUC to terminate or suspend the ATRs.
System reliability. Since the August 2023 Maui windstorm and wildfires, the Utilities have developed a set of Interim Wildfire Safety Measures to mitigate the risk of wildfires in areas identified as having higher risk of wildfire in all service territories (Oahu, Maui County, and Hawaii Island). These interim measures represent actions the Utilities have performed in 2024. On January 10, 2025, the Utilities began work on and filed their 2025-2027 Wildfire Safety Strategy with the PUC, which outlines their plans to reduce wildfire risk throughout their service territories over the next three years. In the near term, it is anticipated that these measures will result in disruptions to service and negatively impact Transmission and Distribution System Average Interruption Duration Index and System Average Interruption Frequency Index. While the Utilities work to refine these measures over time to mitigate customer impacts, the Utilities are currently focused on taking immediate steps to keep island communities safe during extreme weather events. For a discussion regarding the launch of the Public Safety Power Shutoff program, see discussion below under “Wildfire Safety Measures.”
Hawaii Island has two generators out of service for extended maintenance. While these units are unavailable for maintenance, during certain periods there may be reductions in generation reserve margins and failure of other generators, which could risk generation shortfalls.
For a discussion regarding the impact of the Maui windstorm and wildfires on the Utilities’ liquidity and capital resources, see discussion below under “Financial Condition–Liquidity and capital resources.”
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RESULTS OF OPERATIONS

Three months ended September 30 |  | Increase |  |
2025 |  | 2024 |  | (decrease) |  | (dollars in millions, except per barrel amounts)
$ | 787 |  |  | $ | 830 |  |  | $ | (43) |  |  |  |  | Revenues. Net decrease largely due to:
|  |  |  |  |  | $ | (42) |  |  | lower fuel oil prices and lower kWh generated 1
|  |  |  |  |  | (6) |  |  | lower purchased power energy prices, partially offset by higher kWh purchased and higher PPAC revenues 2
|  |  |  |  |  | (1) |  |  | lower Major Project Interim Recovery (MPIR) revenue
|  |  |  |  |  | 1 |  |  | higher demand side management revenue
|  |  |  |  |  | 6 |  |  | higher revenue from ARA
241 |  |  | 279 |  |  | (38) |  |  |  |  | Fuel oil expense 1. Net decrease largely due to lower fuel oil prices and lower kWh generated
184 |  |  | 189 |  |  | (5) |  |  |  |  | Purchased power expense 1, 2. Net decrease largely due to lower purchased power energy prices, offset in part by higher kWh purchased and continued addition of Stage 1 and Stage 2 renewable projects
162 |  |  | 162 |  |  | — |  |  |  |  | Operation and maintenance expenses.
|  |  |  |  |  | 3 |  |  | higher Maui windstorm legal and consulting costs primarily due to deferral of similar costs in 2024
|  |  |  |  |  | 3 |  |  | higher transmission and distribution maintenance expense
|  |  |  |  |  | 2 |  |  | higher IT consulting and system maintenance expenses
|  |  |  |  |  | 1 |  |  | higher property and general liability insurance costs
|  |  |  |  |  | (4) |  |  | 2024 accrual for settlement administration fees
|  |  |  |  |  | (4) |  |  | the settlement of indemnification claims asserted by the State of Hawaii in 2024 3
— |  |  | 163 |  |  | (163) |  |  |  |  | Wildfire tort-related claims. Decrease due to the accrual of estimated wildfire liability related to the settlement of the Maui windstorm and wildfire tort-related legal claims and cross claims in 2024
138 |  |  | 141 |  |  | (3) |  |  |  |  | Other expenses. Decrease due to lower revenue taxes, partially offset by higher depreciation expense due to increasing investments to integrate more renewable energy and improve customer reliability and system efficiency
63 |  |  | (105) |  |  | 168 |  |  |  |  | Operating income (loss). Increase largely due to wildfire tort-related claims in 2024 and higher ARA revenues
48 |  |  | (118) |  |  | 166 |  |  |  |  | Income (loss) before income taxes. Increase largely due to higher operating income, and higher AFUDC related to increased capital expenditures, offset in part by lower interest income earned and higher interest expense
37 |  |  | (83) |  |  | 120 |  |  |  |  | Net income (loss) for common stock. Increase due to higher income before income taxes. See below for effective tax rate explanation
2,234 |  |  | 2,191 |  |  | 43 |  |  |  |  | Kilowatthour sales (millions)4
$ | 98.20 |  |  | $ | 114.61 |  |  | $ | (16.41) |  |  |  |  | Average fuel oil cost per barrel

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Nine months ended September 30 |  | Increase |  |
2025 |  | 2024 |  | (decrease) |  | (dollars in millions, except per barrel amounts)
$ | 2,268 |  |  | $ | 2,411 |  |  | $ | (143) |  |  |  |  | Revenues. Net decrease largely due to:
|  |  |  |  |  | $ | (134) |  |  | lower fuel oil prices partially offset by higher kWh generated 1
|  |  |  |  |  | (27) |  |  | lower purchased power energy prices, partially offset by higher kWh purchased and higher PPAC revenues 2
|  |  |  |  |  | (2) |  |  | lower MPIR revenue
|  |  |  |  |  | 3 |  |  | higher demand side management revenue
|  |  |  |  |  | 17 |  |  | higher revenue from ARA
690 |  |  | 822 |  |  | (132) |  |  |  |  | Fuel oil expense 1. Net decrease largely due to lower fuel oil prices and better heat rate performance, partially offset by higher kWh generated
505 |  |  | 530 |  |  | (25) |  |  |  |  | Purchased power expense 1, 2. Net decrease largely due to lower purchased power energy prices, along with the settlement of liquidated damages with Hamakua Energy, offset in part by higher kWh purchased and continued addition of Stage 1 and Stage 2 renewable projects
463 |  |  | 454 |  |  | 9 |  |  |  |  | Operation and maintenance expenses. Net increase largely due to:
|  |  |  |  |  | 10 |  |  | higher wildfire mitigation program related to vegetation management and inspections
|  |  |  |  |  | 8 |  |  | higher Maui windstorm and wildfires legal and consulting costs primarily due to deferral of similar costs in 2024
|  |  |  |  |  | 6 |  |  | higher property and general liability insurance costs
|  |  |  |  |  | 4 |  |  | higher IT consulting and system maintenance expenses
|  |  |  |  |  | 3 |  |  | higher pilot process and Demand Response cost
|  |  |  |  |  | (3) |  |  | lower transmission and distribution operation and maintenance expense
|  |  |  |  |  | (4) |  |  | 2024 accrual for settlement administration fees
|  |  |  |  |  | (13) |  |  | the settlement of indemnification claims asserted by the State of Hawaii in 2024 3
— |  |  | 1,875 |  |  | (1,875) |  |  |  |  | Wildfire tort-related claims. Decrease due to the accrual of estimated wildfire liability related to the settlement of the Maui windstorm and wildfire tort-related legal claims and cross claims in 2024
407 |  |  | 415 |  |  | (8) |  |  |  |  | Other expenses. Decrease due to lower revenue taxes partially offset by higher depreciation expense due to increasing investments to integrate more renewable energy and improve customer reliability and system efficiency
203 |  |  | (1,686) |  |  | 1,889 |  |  |  |  | Operating income (loss). Increase largely due to wildfire tort-related claims in 2024, higher ARA revenue, better heat rate performance, offset in part by higher operation and maintenance expenses
160 |  |  | (1,725) |  |  | 1,885 |  |  |  |  | Income (loss) before income taxes. Increase largely due to higher operating income, higher AFUDC related to increased capital expenditures, and higher interest income earned, offset in part by higher interest expense
124 |  |  | (1,273) |  |  | 1,397 |  |  |  |  | Net income (loss) for common stock. Increase due to higher income before income taxes. See below for effective tax explanation
6,231 |  |  | 6,068 |  |  | 163 |  |  |  |  | Kilowatt-hour sales (millions)
$ | 101.00 |  |  | $ | 118.76 |  |  | $ | (17.76) |  |  |  |  | Average fuel oil cost per barrel
474,038 |  |  | 471,790 |  |  | 2,248 |  |  |  |  | Customer accounts (end of period)

1 The rate schedules of the electric utilities currently contain energy cost recovery clauses (ECRCs) through which changes in fuel oil prices and certain components of purchased energy costs are passed on to customers.
2 The rate schedules of the electric utilities currently contain Purchased Power Adjustment Clauses (PPACs) through which changes in purchased power expenses (except purchased energy costs) are passed on to customers.
3 Pursuant to an agreement to settle indemnification claims with the State of Hawaii. See Note 2 of the Condensed Consolidated Financial Statements.
4 kWh sales were higher compared to the same quarter in prior year. The increase in sales can be attributed to warmer weather on Oahu and the recovery from the Maui windstorm and wildfires.
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The Utilities’ effective tax rates for the first nine months of 2025 and 2024 were 22% tax expense and 26% tax benefit, respectively. The Utilities’ effective tax rates for the third quarter of 2025 and 2024 were 23% tax expense and 30% tax benefit, respectively. The effective tax rates for the third quarter and first nine months of 2025 were lower than the comparable periods in 2024 primarily due to the substantial pre-tax loss in 2024 resulting from the accrual of the loss contingencies related to the wildfire tort-related claims and because the impact of permanent items had a smaller impact on the effective rates in prior year comparable periods, partially offset by lower research and development tax credit claims in 2025.
Hawaiian Electric’s consolidated return on average common equity (ROACE) was 12.8% and not meaningful for the twelve months ended September 30, 2025 and September 30, 2024, respectively.
For more information of the Utilities’ incremental expenses related to the Maui windstorm and wildfires for the three and nine months ended September 30, 2025 and 2024, see “Results of operations—Maui windstorm and wildfires related expenses” in HEI’s MD&A.
The net book value (cost less accumulated depreciation) of utility property, plant and equipment (PPE) as of September 30, 2025 amounted to $5.7 billion, of which approximately 19% related to generation PPE, 65% related to transmission and distribution PPE, and 16% related to other PPE. Approximately 5% of the total net book value relates to generation PPE that has been deactivated or that the Utilities plan to deactivate or decommission by 2046.
See “Economic conditions” in the “HEI Consolidated” section above.
Executive overview and strategy. The Utilities provide electricity on all the principal islands in the State of Hawaii, other than Kauai, to approximately 95% of the State’s population, and operate five separate grids. The Utilities’ mission is to empower their communities and customers with safe, reliable, resilient, affordable, and clean energy. The goal is to create a safe, modern, resilient, flexible, and dynamic electric grid that protects Hawaii from impacts of climate change, position the Utilities to achieve the expectations of their customers and communities and earn their trust, and achieve Hawaii’s decarbonization goals that are aligned with the statutory goal of 100% renewable portfolio standard and net-negative carbon emissions by 2045.
Performance-based regulations. On December 23, 2020, the PUC issued a decision and order (PBR D&O) approving a new performance-based regulation framework (PBR Framework). See “Regulatory proceedings” in Note 4 of the Condensed Consolidated Financial Statements.
Wildfire Safety Measures. The Utilities first began developing a Wildfire Safety Strategy in 2019 and continue to adapt the plan to address the elevated risks in Hawaii. Since the Maui windstorm and wildfires, the Utilities developed a set of Interim Wildfire Safety Measures designed to reduce the risk of wildfires associated with utility infrastructure in service territory areas identified as posing a higher wildfire risk. These interim measures represent actions the Utilities had either already started, or were to start in 2024, while simultaneously working to develop a more comprehensive strategy. These actions included wildfire risk analysis, operation procedures, including the implementation of the Public Safety Power Shutoff (PSPS) program, and grid design changes, enhanced inspection and vegetation management plans, and system hardening. In January 2025, the Utilities developed and filed with the Hawaii PUC a 2025-2027 Wildfire Safety Strategy, which identifies risk mitigation strategies to perform over the next three years across their service territories. The strategies and actions include additional operational changes, grid hardening work, enhanced inspections and vegetation management, and risk modeling to inform and prioritize hardening work and operational actions. On May 30, 2025, the Utilities submitted an application to the PUC for Exceptional Project Recovery Mechanism (EPRM) cost recovery estimated at $350 million, net of costs funded through other existing programs.
One of the interim measures is the PSPS program, which calls for the Utilities to preventatively de-energize circuits in areas identified as high fire risk during certain weather conditions. The PSPS program launched on July 1, 2024 and is ready to use, if and when it is needed, to protect customers, communities and employees. The initial PSPS protocols and operational procedures represent an early-stage iteration, which will evolve over time as more analytical, forecast, and situational awareness capabilities and wildfire mitigations are deployed. De-energizing circuits in high wildfire risk areas will lead to extended interruptions for many customers, even if not in a high wildfire risk area. The Utilities will continue to work with key stakeholders in balancing the risk of utility-related wildfires with the risk to the public arising from not having electricity.
Transition to a decarbonized and sustainable energy future. The Utilities are fully committed to leading and enabling pathways to a decarbonized and sustainable energy future for Hawaii. A sustainable energy future is one that focuses on delivering electricity safely, reliably and affordably, strengthening resilience and shifting away from fossil-fueled resources. The Utilities believe that a holistic approach to climate change is needed, working on both climate mitigation efforts along with climate adaptation efforts. Climate mitigation requires achieving the Utilities’ decarbonization and renewable energy commitments, facilitating and promoting beneficial electrification, and deploying carbon removal and offsets among other levers to reduce statewide emissions.
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In the fourth quarter of 2021, the Utilities outlined their Climate Action Plan to cut carbon emissions from power generation 70% by 2030, compared to a 2005 baseline. The emissions covered by this goal include stack emissions from generation owned by Hawaiian Electric and IPPs who sell electricity to the Utilities. Since that time, delays and cancellations in the commercial operation of new renewable third-party generation resources and higher costs as a result of supply chain disruptions and inflationary pressures, as well as federal policies have slowed the pace of progress toward reducing greenhouse gas emissions. Also, see the “Developments in renewable energy efforts—New renewable PPAs” section below. The One Big Beautiful Act signed into law by President Trump on July 4, 2025, impacts the ability of recently selected and new wind and solar projects to qualify for federal tax credits. Any loss in renewable energy tax credits will likely result in higher proposed prices for new renewable projects, which rely on such incentives to provide clean, affordable energy. Further, new tariffs imposed on equipment and materials used in the construction of renewable facilities will have an impact on pricing of new renewable projects. As a result of these challenges and the downgrade of Hawaiian Electric’s credit ratings after the Maui windstorm and wildfires, the Utilities expect the planned 70% reduction in carbon emissions to be achieved later than the original 2030 target date. However, the Utilities will continue to replace significant amounts of fossil fuel generation with renewable energy between now and 2030 and expect to meet or exceed the State of Hawaii’s RPS goals.
Hawaiian Electric has also committed to achieving net zero carbon emissions from power generation by 2045 or sooner. While the timing of the Utilities’ carbon reduction goals will be impacted by federal policies, key elements of the 2030 plan have already been completed or remain on track to be completed by 2030, including the closure of AES Hawaii, Inc., the State’s last coal-fired IPP plant, increasing rooftop solar by more than 50% over 2021 levels, retiring six fossil fuel generating units, increasing grid-scale and customer-owned storage, expanding geothermal resources, and creating customer incentives for using clean, lower-cost energy at certain times of the day and using less fossil-fueled energy at night. The retirement of fossil-fueled generating units is consistent with state policy and supported by Hawaii state law.
In January 2025, the State of Hawaii issued two key policy documents and an alternative fuel study. The Hawaii PUC issued its 2024 Inclinations on the Future of Energy in Hawaii (2024 PUC Inclinations). The 2024 PUC Inclinations are intended to provide a guide for the completion of energy infrastructure upgrades for public safety, reliability and resiliency. This includes among other items, strategic hardening, diversification and enhancements of transmission and distribution systems, expedited replacement of older fossil fired generation, streamlined interconnection for renewable utility scale and distributed energy resources, including a specific goal to limit fossil fuel generation to no more than 40% on each island by 2030, software and hardware improvement to prevent cybersecurity threats, creation of resilience hubs, and integration of electric, gas, and renewable resources to support continuity of energy, telecommunications, water and wastewater services. The 2024 PUC Inclinations specifically state that “Strategic ownership of new generation (by the Utilities) may be beneficial, especially when such ownership stabilizes utility finances, benefits from low-interest federal loans or advances other objectives such as operational accountability, resilience and public safety.”
Governor Josh Green issued Executive Order No. 25-01, Accelerating Hawaii’s Transition Toward 100 Percent Renewable Energy (EO 25-01). EO 25-01 sets forth collective actions to accelerate the State’s decarbonization, stabilize and reduce energy costs, lower the State’s carbon footprint, strengthen energy security, and gain access to capital for the energy transition. Among other actions, EO 25-01 calls for 100% renewable electricity production in the counties of Hawaii and Maui by 2035 and achieving a 70% reduction of Oahu’s greenhouse gas emissions reductions from the electricity sector by 2035, using 2005 as a baseline, calls for the maximization of distributed solar energy paired with energy storage, including the installation of 50,000 new distributed energy resources by 2030, accelerating permitting tied to renewable energy, approving interconnection, and addressing energy burdens on low- and moderate-income residents.
The Hawaii State Energy Office’s Alternative Fuel, Repowering and Energy Transition Study expresses concern about the speed of the transition to renewable energy and cites to the continued reliance on imported oil as a driver of high bills and intense carbon emissions. The report makes a case for the use of liquefied natural gas on Oahu to replace low sulfur fuel oil during the transition to 100% renewable energy, and names several entities as potential investors that could help speed the transition. The Utilities are currently evaluating how their existing plans fit within these policies. Importantly, all three documents recognize that to achieve the State’s ambitious goals is a collective effort that will require government agencies, electric utilities, and private stakeholders to work together, acknowledging that each of these groups has an important role to play. The 2024 PUC Inclinations for example state: “Energy utilities, government agencies and private stakeholders must embrace an ethos of collective responsibility to confront and effectively mitigate the vulnerabilities revealed by Lahaina’s heartbreaking tragedy, the COVID pandemic, ongoing global unrest, cybersecurity threats and the overarching climate crisis.” The PUC later states: “The Commission does not expect energy utilities to accelerate their transformation without regulatory assistance and third-party resources.” All three documents also recognize the progress made to date towards the State’s renewable energy goals. The Utilities remain committed to working with all stakeholders to reach Hawaii’s ambitious renewable energy goals.
Hawaii’s renewable portfolio standard law requires electric utilities to meet an RPS of 30%, 40%, 70% and 100% by
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December 31, 2020, 2030, 2040 and 2045, respectively. Hawaii law has also established a target of sequestering more atmospheric carbon and greenhouse gases than emitted within the State by 2045. The Utilities’ strategies and plans are fully aligned in meeting these targets (see also “Integrated Grid Planning” below).
The Utilities have made significant progress on the path to clean energy and have been successful in achieving RPS goals. To date the Utilities have met all of the statutory RPS goals, including exceeding the latest milestone RPS target of 30% for 2020, where it achieved an RPS of 34.5%. In July 2022, former Governor Ige signed Act 240 (H.B.2089), that amended the RPS calculation from renewable energy as a percentage of sales to renewable energy as a percentage of total generation. The amended RPS calculation results in a lower calculated percentage than the amount calculated under the previous methodology. For example, the 2022 RPS achieved under the revised RPS calculation was 31.8% versus 39.1% under the prior method. The change in the definition is effective from July 2022 forward and will require that the Utilities acquire more renewable energy than under the previous RPS calculation to comply with the RPS milestones; however, the Utilities expect to continue to meet the RPS milestones under the amended RPS law. See “Developments in renewable energy efforts” below.
If the Utilities are not successful in meeting the RPS targets as mandated by law, the PUC could assess a penalty of $20 for every megawatt-hour (MWh) that an electric utility is deficient. Based on the level of total generation in 2024, a 1% shortfall in meeting the 2030 RPS requirement of 40% would translate into a penalty of approximately $2.1 million. The PUC has the discretion to reduce the penalty due to events or circumstances that are outside an electric utility’s reasonable control, to the extent the event or circumstance could not be reasonably foreseen and ameliorated. In addition to penalties under the RPS law, failure to meet the mandated RPS targets would be expected to result in a higher proportion of fossil fuel-based generation than if the RPS target had been achieved, which in turn would be expected to subject the Utilities to limited commodity fossil fuel price exposure under a fuel cost risk-sharing mechanism. The fuel cost risk-sharing mechanism apportions 2% of the fuel cost risk to the utilities (and 98% to ratepayers) and has a maximum exposure (or benefit) of $3.7 million. Conversely, the Utilities have incentives under PIMs that provide a financial reward for accelerating the achievement of renewable generation as a percentage of total generation, including customer supplied generation. In 2024, the Utilities achieved a 35.8% RPS accruing a reward of $1.9 million based on $10/MWh in exceedance of 34.0% RPS. In 2025, the Utilities are eligible for a reward of $10/MWh in exceedance of 35.0% RPS.
The Utilities are fully aligned with, and supportive of, state policy to achieve a decarbonized future and have made significant progress in reducing emissions through renewable energy and electrification. This alignment with state policy is reflected in management compensation programs and the Utilities’ long-range plans, which include aspirational targets in order to catalyze action and accelerate the transition away from fossil fuels throughout their operations at a pace more rapid than dictated by current law. The long-range plans, including aspirational targets, serve as guiding principles in the Utilities’ continued transformation, and are updated regularly to adapt to changing technology, costs, and other factors. While there is no financial penalty for failure to achieve the Utilities’ long-range aspirational objectives, the Utilities recognize that there are environmental and social costs from the continued use of fossil fuels.
The State of Hawaii’s policy is supported by the regulatory framework and includes a number of mechanisms designed to maintain the Utilities’ financial stability during the transition toward the State’s decarbonized future. Under the sales decoupling mechanism, the Utilities are allowed to recover from customers, target test year revenues, independent of the level of kWh sales, which have generally trended lower over time as privately-owned distributed energy resources have been added to the grid and energy efficiency measures have been put into place. Other regulatory mechanisms under the PBR Framework reduce some of the regulatory lag during the multi-year rate plan, such as the annual revenue adjustment to provide annual changes in utility revenues, including inflationary adjustments, and the EPRM, which allows the Utilities to recover and earn on certain approved eligible projects placed into service. See “Regulatory proceedings” in Note 4 of the Condensed Consolidated Financial Statements.
Integrated Grid Planning. Achieving high levels of renewable energy and a carbon free electric system will require modernizing the grid through coordinated energy system planning in partnership with local communities and stakeholders. To accomplish this, the Utilities are implementing an innovative systems approach to energy planning intended to yield the most cost-effective renewable energy and decarbonization pathways that incorporates customer and stakeholder input.
The Integrated Grid Planning (IGP) process utilizes an inclusive and transparent stakeholder engagement model to provide an avenue for interested parties to engage with the Utilities and contribute meaningful input throughout the IGP process. The IGP Stakeholder Council, Technical Advisory Panel and working groups have been established and meet regularly to provide feedback and input on specific issues and process steps in the IGP. On March 7, 2024, the PUC accepted the Utilities’ final Integrated Grid Plan. The Integrated Grid Plan proposes actionable steps to decarbonize the electric grid on the State of Hawaii’s timeline, with a flexible framework that can adapt to future technologies. The Integrated Grid Plan is the culmination of more than five years of partnership with stakeholders and community members across the islands. Together, they forecasted future energy needs and identified strategies to meet Hawaii’s growing energy demand with 100% renewable resources.
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Demand response programs. Pursuant to PUC orders, the Utilities are developing an integrated Demand Response Portfolio Plan that will enhance system operations and reduce costs to customers. The reduction in cost for the customer will take the form of either rates or incentive-based programs that will compensate customers for their participation individually, or by way of engagements with turnkey service providers that contract with the Utilities to aggregate and deliver various grid services on behalf of participating customers and their distributed assets.
On June 8, 2021, the PUC approved the Emergency Demand Response Program (EDRP), a battery storage incentive program to dispatch electricity between 6 p.m. to 8 p.m. daily from participating residential and commercial customers, to address the potential reserve shortfalls following the AES coal plant retirement. As of September 30, 2025, the Utilities have received and approved applications totaling 43.16 MW on Oahu.
On March 30, 2022, the Utilities filed with the PUC to request expanding the EDRP for up to 15 MW on the island of Maui and received PUC approval on May 20, 2022. The EDRP on Maui became effective as of June 1, 2022. Subsequently on June 23, 2022, the PUC approved the cost recovery of the additional incentives for both Oahu and Maui through the Demand Side Management Surcharge. As of September 30, 2025, the Utilities have received and approved applications totaling 8.23 MW on Maui.
Grid modernization. The overall goal of the Grid Modernization Strategy (GMS) is to deploy modern grid investments at an appropriate priority, sequence and pace to cost-effectively maximize flexibility, minimize the risk of redundancy and obsolescence, deliver customer benefits and enable greater resiliency, reliability, distributed energy resources and renewable energy integration.
Deployment was planned in two phases. The Utilities completed Phase 1 deployment of 447,000 advanced meters, servicing approximately 95% of the customers in 2024 and are recovering associated costs under the MPIR mechanism. Since GMS Phase 1 Project completion, the Utilities continue to deploy advanced meters as part of normal meter shop operations under the recovery of Annual Revenue Adjustment mechanism.
The Utilities filed their initial application with the PUC on September 30, 2019 for an Advanced Distribution Management System as part of Phase 2 of their GMS implementation. However, as the Utilities were unsuccessful in securing IIJA federal funding in 2024, the Utilities are currently re-scoping GMS Phase 2 and plan to file another updated and supplemented PUC application for updated project costs in the fourth quarter of 2025.
Community-based renewable energy. In December 2017, the PUC adopted a community-based renewable energy (CBRE) program framework which allows customers who cannot, or chose not to, take advantage of private rooftop solar to receive the benefits of renewable energy to help offset their monthly electric bills and support clean energy for Hawaii. The program has two phases.
The first phase includes five projects currently in operation (3,270 kW on Oahu, 28.32 kW on Maui, 750 kW on Hawaii and 250 kW on Molokai).
In 2021 and 2022, the Utilities opened their Phase 2, Tranche 1 RFPs and low-to-moderate income RFPs for Oahu, Maui and Hawaii Island, as well as RFPs for Molokai and Lanai. This second phase includes 12.5 MW of dedicated-Low-to-Moderate Income projects, which were expected to become operational in 2026 but have since been delayed.
For Lanai, the Utilities combined the previously issued Variable Renewable Dispatchable Generation Paired with Energy Storage RFP and the CBRE RFP to optimize the benefits of procuring renewable energy, spur development and increase the likelihood of success of the CBRE Program on Lanai. A project was selected in the Lanai RFP, but negotiations were terminated. On July 1, 2022, a replacement project was selected and negotiations commenced. On October 23, 2024, the developer submitted a withdrawal letter to the Utilities. See “Developments in renewable energy efforts–Requests for renewable proposals, expressions of interest, and information” for more information. The Utilities are exploring other options for procuring renewable energy on Lanai.
On Molokai, two contracts for solar plus storage facilities with a total capacity of 2.45-MW of photovoltaic (PV) paired with 11.1-MWh of battery energy storage were executed and approved by the PUC on January 8, 2024.
The Utilities CBRE Phase 2 Tariff Rule 29 became effective on March 10, 2022. The Utilities are currently still accepting project applications for small CBRE projects less than 250 kW in size. The PUC reserved 45 MW as well as a small amount of unallocated capacity from Phase 1 for small projects in Phase 2 on Oahu, Maui and Hawaii Island. The Utilities have developed a CBRE Portal where Subscriber Organizations can apply for small project capacity and manage subscribers for all CBRE projects in the program. Customers can also use the CBRE Portal to solicit subscription quotes, compare, and subscribe to a project once the Subscriber Organization has added their project to the portal.
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Microgrid services tariff proceeding. In enacting Act 200 of 2018, the Hawaii legislature found that Hawaii’s residents and businesses were vulnerable to disruptions in the islands’ energy systems caused by extreme weather events or other disasters and stated its belief that the use of microgrids would build energy resiliency into Hawaii’s communities, thereby increasing public safety and security. The purpose of Act 200 was therefore to encourage and facilitate the development and use of microgrids through the establishment of a standard microgrid services tariff. In July 2018, pursuant to Act 200, the PUC opened a proceeding to investigate the establishment of a microgrid services tariff. For Phase 1, the PUC approved the Microgrid Service Tariff developed by the Utilities, which created a regulatory pathway to microgrid development in Hawaii.
For Phase 2, the PUC established its Prioritized Issues for Resolution of the Microgrid proceeding, which includes the following: 1) Microgrid Compensation and Grid Services; 2) Utility Compensation; 3) Customer Protection and Related Considerations; 4) Interconnection; and 5) working group coordination with related microgrid and resilience Initiatives at Hawaiian Electric and government agencies.
Additionally, the PUC provided further guidance to the working group to prioritize discussion of the microgrid types in the following order: 1) Hybrid Microgrid - Third Party Developer using Utility lines/infrastructure; 2) Hybrid Microgrid - Utility Project with Partners; and 3) Customer Microgrid. Additionally, the PUC instructed the working group to discuss microgrid compensation and continue the involvement of microgrid developers in working group meetings.
On June 12, 2025, the PUC issued an order closing the docket as the PUC believes that the primary objectives of Act 200 have been accomplished. However, the PUC also believes that further modifications to the Microgrid Services Tariff should be explored, such exploration should be within the context of the State’s current resilience needs. To further these objectives, the PUC intends to establish an informal working group. On July 2, 2025, Governor Josh Green signed Senate Bill 589, now known as Act 266, which, among other things, authorizes wheeling of renewable energy (100 kW - 2 MW) and requires the PUC to establish policies related to distributed energy resources, retail wheeling, and microgrid service tariffs.
Investigation on the Establishment of Wheeling. On July 1, 2024, the PUC issued an order to institute a proceeding to investigate the establishment of electricity wheeling policies and procedures for the electric utilities for the State of Hawaii. The PUC stated that it intended to address matters using lessons learned in the initial three docket phases to explore implementation of an intragovernmental wheeling policy and an evaluation of retail wheeling in subsequent phases, as appropriate.
On May 15, 2025, the PUC issued an order, suspending the procedural schedule for the docket in consideration of Senate Bill 589, and set a status conference for June 24, 2025. By suspending the procedural schedule and convening a status conference, the PUC sought to facilitate a comprehensive review of Senate Bill 589 and its implications for electricity wheeling in Hawaii. Due to ongoing uncertainties, the PUC subsequently cancelled the status conference on June 19, 2025. For more information on Act 266, see discussion in “Regulatory and legislative development” above.
On August 29, 2025, the PUC issued an order reopening the docket and divided the proceeding into two tracks, Track A, focused on retail wheeling, and Track B, focused on an intragovernmental credit share program that was the subject of the prior procedural schedule in the docket. Among other matters, a new intervention period for interested parties to be admitted as a party to the docket and a new procedural schedule was established. Hawaiian Electric is required to develop a “straw proposal” under Track A, on or before November 10, 2025, for comment by the State of Hawaii Office of Consumer Advocacy, and any other stakeholders, on or before January 12, 2026. On October 16, 2025, the PUC issued an order, addressing the various motions for Participation and Intervention in the docket. Hawaiian Electric, the Consumer Advocate and various parties to the docket filed comments through October 22, 2025, on the Track B “Intragovernmental Shared Credit Program”, generally supporting implementation of the program. The PUC will issue a procedural order governing Track B.
Decoupling. See “Decoupling” in Note 4 of the Condensed Consolidated Financial Statements for a discussion of decoupling.
Regulated returns. As part of the PBR Framework’s annual review cycle, the Utilities track their rate-making ROACEs as calculated under the earnings sharing mechanism, which includes only items considered in establishing rates. At year-end, each utility’s rate-making ROACE is compared against its ROACE allowed by the PUC to determine whether earnings sharing has been triggered. The D&O in the PBR proceeding modified the earnings sharing mechanism to a symmetric arrangement. Effective with annual earnings for 2021, the earnings sharing will be triggered for achieved rate-making ROACE outside of a 300 basis points dead band above and below the current authorized rate-making ROACE of 9.5% for each of the Utilities. Earnings sharing credits or recoveries will be included in the biannual report (formally known as annual decoupling filing) to be filed with the PUC in the spring of the following year.
On August 31, 2023, the PUC issued an order temporarily suspending the Earnings Sharing Mechanism (ESM) until further notice. The intent of the order is to address the unintended consequence of customers potentially bearing the costs
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associated with the Maui windstorm and wildfires through the operation of the ESM without prior PUC review. In accordance with the order, the earnings sharing adjustment for 2024 is zero. As of September 30, 2025, ESM remains suspended.
Actual and PUC-allowed returns, as of September 30, 2025, were as follows:

% |  | Rate-making Return on rate base* |  | ROACE** |  | Rate-making ROACE***
Twelve months ended September 30, 2025 |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric |  | Hawaiian Electric |  | Hawaii Electric Light |  | Maui Electric
Utility returns |  | 7.65 |  |  | 6.08 |  |  | 4.09 |  |  | 21.23 |  |  | 8.46 |  |  | 2.52 |  |  | 10.76 |  |  | 7.18 |  |  | 3.52 |
PUC-allowed returns |  | 7.37 |  |  | 7.52 |  |  | 7.43 |  |  | 9.50 |  |  | 9.50 |  |  | 9.50 |  |  | 9.50 |  |  | 9.50 |  |  | 9.50 |
Difference |  | 0.28 |  |  | (1.44) |  |  | (3.34) |  |  | 11.73 |  |  | (1.04) |  |  | (6.98) |  |  | 1.26 |  |  | (2.32) |  |  | (5.98) |

* Based on recorded operating income and average rate base, both adjusted for items not included in determining electric rates.
** Recorded net income divided by average common equity.
*** ROACE adjusted to remove items not included by the PUC in establishing rates, such as incentive compensation.
Rate-making calculations remove the impacts of the Settlement Agreements and eliminate the balances for the asset-based lending facility (ABL Facility) on a stand-alone company basis. The Utilities have stated that customers will not be impacted by payments related to the Settlement Agreements for the Maui windstorm and wildfires, which are expected to be $1.9 billion (s ee Note 2 of the Condensed Consolidated Financial Statements). The ABL Facility contains certain intercompany costs related to the ABL Facility that are eliminated on a consolidated basis, and these transactions are eliminated on a stand-alone company basis for rate-making. Therefore, the rate-making returns were adjusted to exclude these impacts.
If the Utilities were to exclude the impact of the Settlement Agreements, the book ROACE as of September 30, 2025 would be 8.72%, 5.87% and 2.47% for Hawaiian Electric, Hawaii Electric Light and Maui Electric, respectively, resulting in 6.97% on a consolidated basis.
The gap between PUC-allowed ROACEs and the ROACEs achieved is generally due to the exclusion of certain expenses from rates (for example, incentive compensation and charitable contributions), and depreciation, other operation and maintenance (O&M) expense and return on rate base that are in excess of what is currently being recovered through rates (the last rate case plus authorized RAM adjustments and ARA revenues).
Regulatory proceedings. On December 23, 2020, the PBR D&O was issued, establishing the PBR Framework. The PBR Framework implemented a five-year multi-year rate period (MRP), during which there will be no general rate case applications. In the fourth year of the MRP, the PUC will comprehensively review the PBR Framework to determine if any modifications or revisions are appropriate. See also “Regulatory proceedings” in Note 4 of the Condensed Consolidated Financial Statements.
Developments in renewable energy efforts. The Utilities’ renewable energy goals depend, in large part, on the success of renewable projects developed and operated by independent power producers. Beginning in 2017, the Utilities embarked on an ambitious procurement effort, selecting multiple solar plus storage projects to help reach the Utilities’ renewable portfolio standards goals as well as to assist the Utilities in retiring fossil fuel generation. Several of the Stage 1 and Stage 2 projects have experienced delays as a result of supply chain disruptions caused by impacts from the COVID-19 pandemic, solar product detentions at U.S. ports of entry ordered by the U.S. Customs and Border Protection agency, and unforeseen site conditions which resulted in unanticipated project costs or in some cases the inability to effectively use previously identified project sites. These impacts have resulted in five Stage 2 projects declared null and void by the independent power producers and one Stage 1 project and one Stage 2 project mutually terminating their power purchase agreements (PPAs) with the Utilities. The Utilities negotiated amendments with several project developers from both Stage 1 and Stage 2 regarding requests to increase previously approved prices and extend guaranteed commercial operations dates for those projects in order to ensure their viability given the impact of these recent market conditions. All of these amendments were approved. Significant project delays or failures of these projects increase the risk of the Utilities not meeting the renewable portfolio standards or other climate related goals, eligibility for performance incentive mechanisms associated with the speed of increasing renewable generation, and the ability to retire fossil fuel units. Developments in the Utilities’ efforts to further their renewable energy strategy include renewable energy projects discussed in Note 4 of the Condensed Consolidated Financial Statements and the following:
New renewable PPAs.
•Under a request for proposal process governed by the PUC and monitored by independent observers, in February 2018, the Utilities issued Stage 1 Renewable RFPs for 220 MW of renewable generation on Oahu, 50 MW of renewable generation on Hawaii Island, and 60 MW of renewable generation on Maui. The Utilities filed seven requests with the PUC for approval of amendments related to previously-approved PPAs for changes in pricing and/or
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guaranteed commercial operations dates to support completion of the projects while maintaining system reliability. The PUC has approved all seven amendments. Hale Kuawehi Solar on Hawaii Island reached commercial operations on March 25, 2025, and Hoohana Solar on Oahu reached commercial operations on July 11, 2025. See also “Purchase commitments” in Note 4 of the Condensed Consolidated Financial Statements. All seven Stage 1 projects have now reached commercial operations.
A summary of the seven PPAs is as follows:

Utilities |  | Number of contracts |  | Total photovoltaic size (MW) |  | BESS Size (MW/MWh) |  | Commercial operation dates |  | Contract term (years) |  | Total projected annual lump sum payment (in millions)
Hawaiian Electric |  | 4 |  | 139.5 |  | 139.5/558 |  | 7/31/22, 1/11/23, 3/28/24 & 7/11/25 |  | 20 & 25 |  | $ | 34.0 |
Hawaii Electric Light |  | 2 |  | 60 |  | 60/240 |  | 4/21/23 & 3/25/25 |  | 25 |  | 19.2 |
Maui Electric |  | 1 |  | 60 |  | 60/240 |  | 5/31/24 |  | 25 |  | 13.2 |
Total |  | 7 |  | 259.5 |  | 259.5/1038 |  |  |  |  |  | $ | 66.4 |

The Utilities have received PUC approvals to recover the total projected annual payment of $66.4 million for the seven PPAs through the PPAC to the extent such costs are not included in base rates.
•In continuation of their February 2018 request for proposal process, the Utilities issued their Stage 2 Renewable RFPs for Oahu, Maui and Hawaii Island and Grid Services RFP on August 22, 2019. Of the 11 PPAs filed by the Utilities, six PPAs were declared null and void by the independent power producers and one PPA was mutually terminated. The four remaining projects have received PUC approval. The Utilities filed three requests with the PUC for approval of amendments related to previously-approved PPAs for changes in pricing and/or guaranteed commercial operations dates to support completion of the projects while maintaining system reliability. The PUC approved all three amendments. To date, two Stage 2 projects have reached commercial operations. See also “Purchase commitments” in Note 4 of the Condensed Consolidated Financial Statements.
A summary of the remaining four approved Stage 2 PPAs, is as follows:

Utilities |  | Number of contracts |  | Total photovoltaic size (MW) |  | BESS Size (MW/MWh) |  | Guaranteed commercial operation dates |  | Contract term (years) |  | Total projected annual lump sum payment (in millions)
Hawaiian Electric |  | 3 |  | 79 |  | 79 | / | 443 |  | 5/17/24*, 6/7/24 & 9/1/24* |  | 20 & 25 |  | $ | 31.4 |
Hawaiian Electric |  | 1 |  | N/A |  | 185 | / | 565 |  | 12/19/23 |  | 20 |  | 24.0 |
Total |  | 4 |  | 79 |  | 264 | / | 1,008 |  |  |  |  |  | $ | 55.4 |

* Project delays have resulted in Guaranteed Commercial Operations Date being missed.
The total projected annual payment of $55.4 million for these PPAs will be recovered through the PPAC to the extent such costs are not included in base rates.
•Additionally, two Grid Services Purchase Agreements and two applications for commitments of funds for capital expenditures for approval of the utility self-build projects were filed with the PUC. The two Grid Services Purchase Agreements were approved by the PUC in December 2020. One of the aggregators has had financial difficulties and therefore, Hawaiian Electric terminated the Grid Services Purchase Agreement contract on January 29, 2025. On February 7, 2025, Hawaiian Electric requested for approval for an interim solution for the roughly 1,200 stranded customers to the PUC. Hawaiian Electric will proceed with implementing the alternative solution, pending PUC approval.
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A summary of the Grid Services Purchase Agreements that were approved by PUC in December 2020 is as follows:

Utilities |  |  |  | Fast Frequency Response - 1 (MW) |  | Fast Frequency Response - 2 (MW) |  | Capacity - Load Build (MW) |  | Capacity - Load Reduction (MW)
Hawaiian Electric |  |  |  | — |  | 26.7 |  | 14.5 |  | 19.4
Hawaii Electric Light |  |  |  | 6.0 |  | — |  | 3.2 |  | 4.0
Maui Electric |  |  |  | 6.1 |  | — |  | 1.9 |  | 4.7
Total |  |  |  | 12.1 |  | 26.7 |  | 19.6 |  | 28.1

A summary of the utility Stage 2 self-build projects is as follows:

Utilities |  | Number of projects |  | BESS Size (MW/MWh) |  | Guaranteed commercial operation dates
Hawaii Electric Light |  | 1 | * | 12/12 |  | 12/30/22
Maui Electric |  | 1 |  | 40/160 |  | 11/30/26
Total |  | 2 |  | 52/172 |  |

* The utility Self-Build project was denied by the PUC on May 25, 2022 and the Utilities filed a motion for reconsideration with the PUC. On January 26, 2024, the PUC granted the Utilities’ November 15, 2023 request to suspend the docket to focus on identified priorities. The Utilities provided the PUC with an updated assessment of the project on April 30, 2024 and requested to withdraw the application because the need that was to be served by the project can now be met by Stage 3 RFP resources. On July 8, 2024, the Utilities received approval from the PUC to withdraw the project.
Tariffed renewable resources.
•As of September 30, 2025, there were approximately 707 MW, 151 MW and 157 MW of installed distributed renewable solar energy technologies at Hawaiian Electric, Hawaii Electric Light and Maui Electric, respectively, for tariff-based private customer generation programs, namely Standard Interconnection Agreement, Net Energy Metering, Net Energy Metering Plus, Customer Grid Supply, Customer Self Supply, Customer Grid Supply Plus, Interim Smart Export, Smart Distributed Energy Resources — Export, Smart Distributed Energy Resources — Non-Export, Battery Bonus, Community-Based Renewable Energy, and Bring Your Own Device. As of September 30, 2025, an estimated 45% of single-family homes on the islands of Oahu, Hawaii and Maui have installed private rooftop solar systems, and approximately 25% of the Utilities’ total customers have solar systems.
•The Utilities’ feed-in tariff program is designed to encourage the addition of more renewable energy projects in Hawaii. As of September 30, 2025, there were 44 MW, 2 MW and 6 MW of installed feed-in tariff capacity from renewable energy technologies at Hawaiian Electric, Hawaii Electric Light and Maui Electric, respectively.
Biofuel sources.
•On August 23, 2024, the Utilities issued an RFP for biodiesel fuel supply commencing February 1, 2026. Proposals were due on September 30, 2024, and the Utilities have completed negotiations with two suppliers and submitted an application to the PUC on April 3, 2025. On June 2, 2025, the Utilities and Pacific Biodiesel Technologies, LLC (PBT) signed an agreement for supply of biodiesel that will become effective upon PUC approval.
•On June 30, 2021, the Utilities issued an RFP for all fuels, including biodiesel, for supply commencing January 1, 2023. The Utilities and PBT signed an agreement on December 13, 2021, for supply of biodiesel on all islands commencing January 1, 2023, which was approved by the PUC on December 1, 2022. Hawaiian Electric also has a spot buy contract with PBT to purchase additional quantities of biodiesel at or below the price of diesel. Some purchases of “at parity” biodiesel have been made under the spot purchase contract, which was extended through June 2026.
•Hawaiian Electric has a contingency supply contract with REG Marketing & Logistics Group, LLC to also supply biodiesel to any generating unit on Oahu in the event PBT is not able to supply necessary quantities. This contingency contract has been extended to November 2026 and will continue with no volume purchase requirements.
Requests for renewable proposals, expressions of interest, and information.
•The Hawaii Island Stage 3 RFP, seeking 325 gigawatt-hours (GWh) per year of energy and 65 MW of renewable firm capacity, was issued on November 21, 2022. Proposals were received on April 20, 2023. The Stage 3 RFPs for Oahu and Maui opened for bids on January 20, 2023. For Oahu, the Utilities sought 500 to 700 MW of renewable firm capacity, and at least 965 GWh of renewable dispatchable energy annually. For Maui, the Utilities sought at least 40 MW of renewable firm capacity, and at least 425 GWh of renewable dispatchable energy annually. Proposals for the firm generation portion of the Maui Stage 3 RFP were received on August 17, 2023, and Priority List selections were
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announced on October 9, 2023. 15 proposals, which included one utility self-build project and one proposal that requires two contracts, were selected to the Final Award Group on December 8, 2023. On February 2, 2024, one additional project totaling 40 MW of firm renewable generation was selected. Of the 16 projects, one solar-plus storage and one firm renewable generation project on Oahu, one solar-plus storage project on Maui, and two solar-plus storage projects on Hawaii Island have been withdrawn by the developers. Contracts for three paired PV with storage projects have been executed and filed with the PUC for approval. On April 21, 2025, the PUC dismissed the three applications without prejudice and directed that new applications be filed upon completion of the respective Interconnection Requirement Study. A contract for a firm generation project on Maui was executed on September 22, 2025 and filed with the PUC for approval on September 26, 2025. Negotiations for the remaining projects are ongoing.
A summary of the Stage 3 PPAs is as follows:

Utilities |  | Number of contracts |  | Total photovoltaic size (MW) |  | BESS Size (MW/MWh) |  | Firm Generation (MW) |  |
Hawaiian Electric |  | 4 |  | 126 |  | 510 |  | 307 |  |
Hawaii Electric Light |  | 3 |  | 86 |  | 374 |  | 60 |  |
Maui Electric |  | 4 |  | 90 |  | 240 |  | 40 |  |
Total |  | 11 |  | 302 |  | 1,124 |  | 407 |  |

On March 28, 2025, the Utilities filed an application to the PUC for their self-build project - Waiau Repower Project. The project was estimated at $847 million and involves replacing six existing turbines with six fuel-flexible combustion turbines that provide 253 MW of renewable firm generation, expected to be placed in service in 2033. The Utilities request, among other things, approvals of 1) the commitment of funds for such project, and 2) recovery of project costs through the EPRM. On October 17, 2025, the Utilities filed an updated application reflecting revised costs of $1.16 billion, citing unavoidable and changed market conditions outside the Utilities' control. The Utilities are requesting a decision from the PUC by March 13, 2026. A summary of the utility Stage 3 self-build project is as follows:

Utilities |  | Number of projects |  | Firm Generation (MW) |  |
Hawaiian Electric |  | 1 |  | 253 |  |

•On August 19, 2024, the PUC opened a docket for the Utilities’ Integrated Grid Planning RFP (IGP RFP). On August 26, 2024, the Utilities filed their draft IGP RFP for Oahu and Hawaii Island. The Oahu portion of the IGP RFP seeks 750 GWh per year of energy and 350 MW of grid forming resources by November 1, 2030, and 81 MW of renewable firm capacity by December 2033. The Hawaii Island portion of the IGP RFP seeks 435 GWh per year of energy and 115 MW of grid forming resources by November 1, 2030, and 30 MW of renewable firm capacity by December 2032. On January 9, 2025, the PUC issued a decision and order (D&O) converting the docket into a contested case proceeding and opened a period for interested parties to move to intervene or participate. An updated draft IGP RFP with supporting documentation was filed on April 3, 2025. The Utilities’ Reply Statement of Position and an updated draft IGP RFP with supporting documentation was filed on May 2, 2025. Multiple supplemental filings were made in June 2025. On July 7, 2025, the PUC issued a D&O extending the procedural schedule to August 18, 2025, to allow parties to the docket to ask information requests and submit Statements of Position. On August 14, 2025, the PUC issued a D&O extending the deadline for the Utilities to file a Reply Supplemental Statement of Position from August 18, 2025 to August 25, 2025. On August 18, 2025, the Utilities filed a request with the PUC for approval to not offer utility-owned sites to other potential bidders. On August 25, 2025, the Utilities filed its Reply Supplemental Statement of Position, completing the steps in the procedural schedule. On September 2, 2025, the PUC issued a D&O modifying the procedural schedule to September 9, 2025 to receive responses by any of the parties to the Utilities’ request filed on August 18, 2025. On September 9, 2025, the Consumer Advocate filed a response indicating it did not object to the Utilities’ request and a party to the docket filed a response requesting that the PUC consider the broader market impacts that limiting available sites would have on the available interconnection capacity and market competitiveness.
Legislation and regulation. Congress and the Hawaii legislature periodically consider legislation that could have positive or negative effects on the Utilities and their customers. Also see “Environmental regulation” in Note 4 of the Condensed Consolidated Financial Statements.
Fuel contracts. On June 30, 2021, the Utilities issued two RFPs for all fuels for supply commencing January 1, 2023. On February 1, 2022, the Utilities and PAR Hawaii Refining, LLC (PAR Hawaii) entered into a fuel supply contract (Supply Agreement) commencing January 1, 2023. On December 1, 2022, the PUC issued a D&O approving the PAR Hawaii fuels
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contract and recovery of associated costs through ECRC. On August 14, 2024, the Utilities entered into a second amendment of the Supply Agreement. The second amendment extends the term of the Supply Agreement by additional three years and creates savings in fuel costs. The second amendment became effective on June 18, 2025, upon the issuance of the final D&O by the PUC.
On March 3, 2022, as part of economic sanctions amid the Russia-Ukraine war, PAR Hawaii announced that it was suspending all purchases of Russian crude oil, which accounts for at least 25% of Hawaii’s supply. The Utilities are taking additional measure to ensure adequate supply of fuel by entering into a backup fuel supply contract with Vitol Inc. (Vitol) commencing on December 1, 2022 through June 30, 2023, with annual extensions if mutually agreed by both parties. The fuel supply contract was extended to June 30, 2026. The PUC issued the final D&O approving the Vitol backup fuels supply contract on December 1, 2022, and the costs incurred under the contract with Vitol are recovered in the Utilities’ respective ECRCs.
FINANCIAL CONDITION
Liquidity and capital resources. HEI’s and the Utilities’ future results of operations involve significant risks and uncertainties. Factors that could affect HEI’s and the Utilities’ future operating results and could cause actual results to vary materially from expectations include, but are not limited to, access to capital, ability to attract and retain key personnel, and pending or threatened litigation (including recent litigation noted below).
Hawaiian Electric’s objective continues to be to operate a strong, financially healthy enterprise to empower a thriving future for Hawaii. While the fundamentals of their business remain strong, the Utilities took prudent and measured actions to strengthen their financial position while continuing to provide reliable service to their customers and reinforcing their commitment to serving the community for the long term. In August 2023, Hawaiian Electric fully drew down $200 million on its existing revolving credit facilities. The cash proceeds were primarily invested in highly liquid short-term investments and used for general corporate purposes. The Utilities have repaid the entire draw down from August 2023 as of September 30, 2025, by making payments of $34 million in 2024 and $45 million, $78 million, and $43 million in the first, second, and third quarters of 2025, respectively. On September 5, 2025, HEI and Hawaiian Electric each entered into a fourth amended and restated credit agreement with a syndicate of eight financial institutions, increasing each of their committed capacities to $300 million (see Note 5 of the Condensed Consolidated Financial Statements). Longer term, the Utilities entered into an asset-based credit facility that allows borrowing up to $250 million (see Note 5 of the Condensed Consolidated Financial Statements for a brief description of Hawaiian Electric’s revolving credit facilities and asset-based credit facility) and are also evaluating other sources of liquidity that could include securitization, re-prioritizing capital spending and reducing O&M, issuing unsecured debt, and conducting asset sales, among others.
The following table provides the components of available liquidity under existing facilities.

| As of September 30, 2025
(in millions) | Capacity |  | Outstanding |  | Undrawn
Unsecured revolving line of credit | $ | 300 |  |  | $ | — |  |  | $ | 300 |
ABL Facility | 244 |  |  | — |  |  | 244 |
Borrowing from HEI - standing commitment letter | 75 |  |  | — |  |  | 75 |
Total credit | $ | 619 |  |  | $ | — |  |  | $ | 619 |
Cash and cash equivalents |  |  |  |  | 504 |
Total available liquidity from cash and under existing facilities |  |  |  |  | $ | 1,123 |

On September 30, 2025, Hawaiian Electric repaid and terminated the $50 million term loan credit facility. Additionally, as of September 30, 2025, Hawaiian Electric had no commercial paper outstanding, and Hawaii Electric Light and Maui Electric had short-term borrowings from Hawaiian Electric of nil and $82.7 million, respectively, which intercompany borrowings are eliminated in consolidation.
See Note 5 of the Condensed Consolidated Financial Statements for a brief description of Hawaiian Electric’s loans.
As discussed in Note 2 of the Condensed Consolidated Financial Statements, HEI and Hawaiian Electric determined that making payments under the terms of the Settlement Agreements in four equal annual installments is the most viable option and have classified the first $479 million installment as a current liability based on expected timing of the payment and the remaining $1.44 billion as a noncurrent liability on the Utilities’ Condensed Consolidated Balance Sheets. To finance the first installment payment, in September 2024, HEI completed the sale of 62.2 million shares of common stock in a registered offering, raising net proceeds of approximately $557.7 million. HEI transferred the amount of the first payment, $479 million,
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into a new subsidiary, GLST1, which is restricted from disbursing such funds except in connection with the initial payments to the settlement funds. HEI expects to make this initial payment no sooner than early 2026. In addition, HEI filed a shelf registration statement with the SEC for an at-the-market offering program under which HEI may offer and sell, from time to time at its sole discretion, its common stock, without par value, having an aggregate offering price of up to $250 million. To date, HEI has not sold any common stock under this program.
Management believes that HEI’s and the Utilities’ current cash and cash equivalents balances, as of September 30, 2025, amounting to $39.6 million and $503.9 million, respectively, the available capacity on Hawaiian Electric’s ABL Facility and revolving line of credit (see Note 5 of the Condensed Consolidated Financial Statements), and the additional liquidity from HEI’s at-the-market offering program, provide sufficient liquidity to fund operations and satisfy their other obligations for the next 12 months following the issuances of their financial statements.
As of September 30, 2025, the Utilities are in compliance with all applicable financial covenants and expect to continue to be in compliance with all the financial covenants in the next 12 months. However, the Utilities cannot predict the future effects on the Utilities’ ability to access additional capital or the future impacts on the Utilities’ financial position, results of operations, and cash flows.
In addition to liquidity provided from the ABL Facility and revolving line of credit, as well as the standing commitment letter from HEI, the Utilities rely on customer payments until access to the capital markets become less restrictive. Although accounts receivable balances have been decreasing, the higher bad debt expense is expected to continue as moratorium on disconnections on Maui continues while the Utilities are returning to pre-pandemic collection policies, except on Maui. The Maui windstorm and wildfires have not and are not anticipated to materially impact accounts receivable, however, it has and will continue to lead to higher bad debt expense. As of September 30, 2025, approximately $15.0 million of the Utilities’ accounts receivables were over 30 days past due, which is a decrease of approximately 18% since December 2024. The higher cash collection since the beginning of the year has benefited the Utilities’ liquidity.
The Utilities’ liquidity has improved, but continues to be impacted from the downgrades of their credit ratings, which result in higher credit spreads compared to investment grade credit spreads. Progress made in finalizing the litigation settlement and legislation that was passed allowing securitization of rates opened limited access to the capital markets. On September 18, 2025, Hawaiian Electric issued $500 million in unsecured senior notes with an interest rate of 6.00% (2025 Notes). A portion of the proceeds was used to repay the outstanding balance of the Utilities’ revolving and term loan facilities and the remaining proceeds are intended to be used to 1) finance capital expenditures, 2) repay long-term debt and short-term debt used to finance or refinance capital expenditures, and 3) reimburse funds used for the payment of capital expenditures.
With the exception of Maui, the Utilities are continuing the disconnection process and are returning to pre-pandemic level of collections policy. Service disconnections on Maui have been suspended through November 10, 2025, in accordance with the extension of Governor Josh Green’s emergency proclamation; however, efforts are ongoing to educate and inform customers impacted by the Maui windstorm and wildfires on the availability of financial assistance to manage delinquencies accordingly. See also “Regulatory assets and liabilities” in Note 4 of the Condensed Consolidated Financial Statements.
The rebuilding of Lahaina will be a community-led effort and will occur over an extended period of time. The cost of rebuilding the electric utility infrastructure is not yet known, but could be significant because the infrastructure that may be required is expected to be different than what previously existed. For example, to mitigate wildfire risk, grid hardening strategies, such as undergrounding of lines in high-risk locations will be significantly more expensive than using overhead lines and will thus result in increased costs.
Prior to the Maui windstorm and wildfires, Hawaiian Electric utilized short-term debt, typically commercial paper, to support normal operations, to refinance short-term debt and for other temporary requirements. Hawaiian Electric may also borrow short-term from HEI for itself and on behalf of Hawaii Electric Light and Maui Electric, and Hawaiian Electric may borrow from or loan to Hawaii Electric Light and Maui Electric on a short-term basis. The intercompany borrowings among the Utilities, but not the borrowings from HEI, are eliminated in the consolidation of Hawaiian Electric’s financial statements. The Utilities also historically utilized long-term debt, borrowings of the proceeds of special purpose revenue bonds issued by the State of Hawaii Department of Budget and Finance and the issuance of privately placed unsecured senior notes bearing taxable interest, to finance the Utilities’ capital improvement projects, or to repay short-term borrowings used to finance such projects. The downgrades of Hawaiian Electric’s credit ratings will continue to adversely impact the Utilities’ ability to access capital markets and other sources of debt and equity financing on favorable terms.
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Credit ratings. On May 28, 2025, June 4, 2025 and June 27, 2025, Moody’s, Fitch and S&P, respectively, upgraded the credit ratings of Hawaiian Electric as follows:

| Fitch | Moody’s | S&P
| From 1 | To | From 1 | To | From 1 | To
Long-term issuer default, long-term and issuer credit, respectively | B | BB- | Ba3 | Ba2 | B- | B+
Short-term issuer default, commercial paper and commercial paper, respectively | B | B | NP | NP | B | B
Senior unsecured debt/special purpose revenue bonds | B+ | BB | Ba3 | Ba2 | * | *
Cumulative preferred stock (selected series) | * | * | B3 | B2 | * | *
Outlook | Stable | Positive | Stable | Positive | Negative | Watch Positive

1 As of December 31, 2024. In March 2025, S&P revised Hawaiian Electric’s outlook to “Positive” from “Negative” and affirmed the “B-” issuer credit rating.
* Not rated.
Note: The above ratings reflect only the view, at the time the ratings are issued or affirmed, of the applicable rating agency, from whom an explanation of the significance of such ratings may be obtained. Such ratings are not recommendations to buy, sell or hold any securities; such ratings may be subject to revision or withdrawal at any time by the rating agencies; and each rating should be evaluated independently of any other rating.
Taxable debt. On July 24, 2025, the Utilities received PUC approval to issue during the three-year period 2025 through 2027, unsecured obligations bearing taxable interest (Hawaiian Electric up to $900 million, Hawaii Electric Light up to $115 million and Maui Electric up to $150 million), to finance capital expenditures, repay long-term and/or short-term debt used to finance or refinance capital expenditures, and/or to reimburse funds used for payment of capital expenditures. Pursuant to the approval, on September 18, 2025, Hawaiian Electric issued $500 million in unsecured senior notes with an interest rate of 6.00%. A portion of the proceeds was used to repay the outstanding balance of the Utilities’ revolving and term loan facilities and the remaining proceeds are intended to be used to 1) finance capital expenditures, 2) repay long-term debt and short-term debt used to finance or refinance capital expenditures, and 3) reimburse funds used for the payment of capital expenditures. The 2025 Notes will mature on October 1, 2033. See Note 5 of the Condensed Consolidated Financial Statements for additional information.
As of September 30, 2025, the Utilities have $2.2 billion of long-term debt and short-term debt, of which $125 million is due or expected to be repaid within 12 months.
Equity. On October 28, 2025, the Utilities received PUC approval to issue and sell each utility’s common stock over a three-year period from January 1, 2025 through December 31, 2027 (Hawaiian Electric sale/s to HEI of up to $210 million, Hawaii Electric Light sale/s to Hawaiian Electric of up to $70 million, and Maui Electric sale/s to Hawaiian Electric of up to $145 million) and the purchase of Hawaii Electric Light and Maui Electric common stock by Hawaiian Electric.
Cash flows. The following table reflects the changes in cash flows for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024:

| Nine months ended September 30 |  |
(in thousands) | 2025 |  | 2024 |  | Change
Net cash provided by operating activities | $ | 320,003 |  |  | $ | 322,648 |  |  | $ | (2,645) |
Net cash used in investing activities | (247,682) |  |  | (241,603) |  |  | (6,079) |
Net cash provided by (used in) financing activities | 247,402 |  |  | (39,498) |  |  | 286,900 |

Net cash provided by operating activities. The decrease in net cash provided by operating activities was primarily driven by higher cash paid for fuel oil stock due to higher volume purchased, and higher cash paid for accounts payable due to timing, partially offset by lower income taxes paid.
Net cash used in investing activities. The increase in net cash used in investing activities was primarily driven by an increase in capital expenditures related to construction activities.
Net cash provided by financing activities. The increase in net cash provided by financing activities was largely driven by higher proceeds from the issuance of long-term debt, primarily offset by the repayment of long- and short-term debt.
Material cash requirements. Material cash requirements of the Utilities include payments related to settlement of tort-related legal claims and cross claims, legal and consulting costs related to the Maui windstorm and wildfires (see further information in Note 2 of the Condensed Consolidated Financial Statements), O&M expenses, labor and benefits costs, fuel and purchase power costs, debt and interest payments, operating and finance lease obligations, their forecasted capital expenditures
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(including capital expenditures related to wildfires and wildfire mitigations) and investments, their expected retirement benefit plan contributions and other short-term and long-term material cash requirements. The cash requirements for O&M, fuel and purchase power costs, debt and interest payments, and operating and finance lease obligations are generally funded through the collection of the Utilities’ revenue requirement established in the last rate case and other mechanisms established under the regulatory framework. The cash requirements for capital expenditures are generally funded through operating cash flows, the issuance of debt, and contributions of equity from HEI and generally recovered through the Utilities’ revenue requirement or other capital recovery mechanisms over time.
Hawaiian Electric’s consolidated capital structure was as follows:

(dollars in millions) |  | September 30, 2025 |  | December 31, 2024
Short-term borrowings, net |  | $ | — |  |  | — | % |  | $ | 49 |  |  | 1 | %
Long-term debt, net |  | 2,183 |  |  | 58 |  |  | 1,901 |  |  | 61 |
Preferred stock 1 |  | 34 |  |  | 1 |  |  | 34 |  |  | 1 |
Common stock equity |  | 1,549 |  |  | 41 |  |  | 1,157 |  |  | 37 |
|  | $ | 3,765 |  |  | 100 | % |  | $ | 3,141 |  |  | 100 | %

1 On October 15, 2025, the Utilities redeemed all outstanding shares of preferred stock.
The Utilities’ credit rating downgrades related to the Maui windstorm and wildfires will continue to adversely impact their ability to access capital markets and other sources of debt and equity financing on favorable terms. Through the sale of common stock in September 2024, HEI has raised sufficient cash to pay the first installment of the settlement of wildfire tort claims expected to be made no sooner than early 2026. HEI is currently working with its financial advisors on a financing plan to raise the additional capital required to fund the remaining wildfire tort claims. While management believes that HEI will be able to raise the necessary capital, there is no assurance that management’s plans will be successful. The potential damages and losses related to the Maui windstorm and wildfires and related lawsuits (see further information in Note 2 of the Condensed Consolidated Financial Statements), the economic impact of higher fuel prices, inflation, higher interest rates, tightening of monetary policy, and geopolitical situations, create significant uncertainty, and the Utilities cannot predict the extent or duration of these conditions, the future effects that these conditions will have on the Utilities’ financing plan, cost of capital and their ability to access additional capital, or the future impacts on the Utilities’ financial position, results of operations, and cash flows.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no significant changes in HEI’s and Hawaiian Electric’s exposure to market risk during the quarter ended September 30, 2025. For discussion of our exposure to market risk, see pages 63 to 64 included in Part II. Item 7A. of HEI’s and Hawaiian Electric’s 2024 Form 10-K.
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Item 4. Controls and Procedures
HEI:
Disclosure Controls and Procedures
The Company maintains a set of disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed by the Company in reports that it files or submits under the Securities Exchange Act of 1934, as amended (Exchange Act), is recorded, processed, summarized and reported within the time periods specified in SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
An evaluation was performed under the supervision and with the participation of the Company’s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures, as defined in Rule 13a-15(e) or Rule 15d-15(e) of the Exchange Act. Management, including the Company’s Chief Executive Officer and Chief Financial Officer, concluded that the Company’s disclosure controls and procedures were effective, as of the end of the period covered by this report, at the reasonable assurance level.
Changes in Internal Control Over Financial Reporting
There have been no changes in internal control over financial reporting during the third quarter of 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
Hawaiian Electric:
Disclosure Controls and Procedures
Hawaiian Electric maintains a set of disclosure controls and procedures designed to provide reasonable assurance that information required to be disclosed by Hawaiian Electric in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC’s rules and forms, and that such information is accumulated and communicated to Hawaiian Electric’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
An evaluation was performed under the supervision and with the participation of Hawaiian Electric’s management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of Hawaiian Electric’s disclosure controls and procedures, as defined in Rule 13a-15(e) or Rule 15d-15(e) of the Exchange Act. Management, including Hawaiian Electric’s Chief Executive Officer and Chief Financial Officer, concluded that Hawaiian Electric’s disclosure controls and procedures were effective, as of the end of the period covered by this report, at the reasonable assurance level.
Changes in Internal Control Over Financial Reporting
There have been no changes in internal control over financial reporting during the third quarter of 2025 that have materially affected, or are reasonably likely to materially affect, Hawaiian Electric’s internal control over financial reporting.
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PART II - OTHER INFORMATION
Item 1. Legal Proceedings
The descriptions of legal proceedings (including judicial proceedings and proceedings before the PUC and environmental and other administrative agencies) in HEI’s and Hawaiian Electric’s 2024 Form 10-K (see “Part I. Item 3. Legal Proceedings” and proceedings referred to therein) and this Form 10-Q (see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Notes 2 and 4 of the Condensed Consolidated Financial Statements) are incorporated by reference in this Item 1. With regard to any pending legal proceeding, alternative dispute resolution, such as mediation or settlement, may be pursued where appropriate, with such efforts typically maintained in confidence unless and until a resolution is achieved. Certain HEI subsidiaries (including Hawaiian Electric and its subsidiaries and Pacific Current and its subsidiaries) may also be involved in ordinary routine PUC proceedings, environmental proceedings and litigation incidental to their respective businesses.
Item 1A. Risk Factors
For information about Risk Factors, see pages 14 to 24 of HEI’s and Hawaiian Electric’s 2024 Form 10-K and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Quantitative and Qualitative Disclosures about Market Risk” and the Condensed Consolidated Financial Statements herein. Also, see “Cautionary Note Regarding Forward-Looking Statements” on pages iv through vi herein and as supplemented below.
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
(c) Purchases of HEI common shares were made on the open market during the third quarter of 2025 to satisfy the requirements of certain plans as follows:
ISSUER PURCHASES OF EQUITY SECURITIES

Period* |  | Total Number of Shares Purchased ** |  | Average Price Paid per Share ** |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |  | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs
July 1 to 31, 2025 |  | 23,652 |  | $10.76 |  | — |  | NA
August 1 to 31, 2025 |  | 21,783 |  | $11.13 |  | — |  | NA
September 1 to 30, 2025 |  | 21,251 |  | $11.91 |  | — |  | NA

NA - Not applicable.
* Trades (total number of shares purchased) are reflected in the month in which the order is placed.
**The purchases were made to satisfy the requirements of the HEI Dividend Reinvestment and Stock Purchase Plan and the Hawaiian Electric Industries Retirement Savings Plan for shares purchased for cash or by the reinvestment of dividends by participants under those plans and none of the purchases were made under publicly announced repurchase plans or programs. Average prices per share are calculated exclusive of any commissions payable to the brokers making the purchases for the HEI Dividend Reinvestment and Stock Purchase Plan and the Hawaiian Electric Industries Retirement Savings Plan. Of the “Total number of shares purchased,” 11,736 of the 23,652 shares, 5,949 of the 21,783 shares and 5,606 of the 21,251 shares were purchased for the HEI Dividend Reinvestment and Stock Purchase Plan; the remaining shares were purchased for the Hawaiian Electric Industries Retirement Savings Plan. The repurchased shares were issued for the accounts of the participants under registration statements registering the shares issued under these plans.
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Item 6. Exhibits

HEI Exhibit 10.1 |  | Fourth Amended and Restated Credit Agreement, dated as of September 5, 2025, by and among Hawaiian Electric Industries, Inc., the lenders from time to time party thereto, Wells Fargo Bank, National Association, as an issuing bank, and JPMorgan Chase Bank, N.A., as administrative agent, swingline lender and an issuing bank (incorporated by reference to Exhibit 10.1 to HEI’s Current Report on Form 8-K dated September 5, 2025, File no. 1-8503)
HEI Exhibit 31.1 |  | Certification Pursuant to Rule 13a-14 promulgated under the Securities Exchange Act of 1934 of Scott W. H. Seu (HEI Chief Executive Officer)
HEI Exhibit 31.2 |  | Certification Pursuant to Rule 13a-14 promulgated under the Securities Exchange Act of 1934 of Scott T. DeGhetto (HEI Chief Financial Officer)
HEI Exhibit 32.1 |  | HEI Certification Pursuant to 18 U.S.C. Section 1350
HEI Exhibit 101.INS |  | XBRL Instance Document - the instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
HEI Exhibit 101.SCH |  | Inline XBRL Taxonomy Extension Schema Document
HEI Exhibit 101.CAL |  | Inline XBRL Taxonomy Extension Calculation Linkbase Document
HEI Exhibit 101.DEF |  | Inline XBRL Taxonomy Extension Definition Linkbase Document
HEI Exhibit 101.LAB |  | Inline XBRL Taxonomy Extension Label Linkbase Document
HEI Exhibit 101.PRE |  | Inline XBRL Taxonomy Extension Presentation Linkbase Document
HEI Exhibit 104 |  | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
Hawaiian Electric Exhibit 4.1 |  | Indenture, dated September 18, 2025, between Hawaiian Electric Company, Inc. and U.S. Bank Trust Company, National Association, as trustee (incorporated by reference to Exhibit 4.1 to HEI’s Current Report on Form 8-K dated September 18, 2025, File no. 1-8503)
Hawaiian Electric Exhibit 10.2 |  | Fourth Amended and Restated Credit Agreement, dated as of September 5, 2025, by and among Hawaiian Electric Company, Inc., the lenders from time to time party thereto, Wells Fargo Bank, National Association, as an issuing bank, and JPMorgan Chase Bank, N.A., as administrative agent, swingline lender and an issuing bank (incorporated by reference to Exhibit 10.2 to HEI’s Current Report on Form 8-K dated September 5, 2025, File no. 1-8503)
Hawaiian Electric Exhibit 31.3 |  | Certification Pursuant to Rule 13a-14 promulgated under the Securities Exchange Act of 1934 of Shelee M. T. Kimura (Hawaiian Electric Chief Executive Officer)
Hawaiian Electric Exhibit 31.4 |  | Certification Pursuant to Rule 13a-14 promulgated under the Securities Exchange Act of 1934 of Paul K. Ito (Hawaiian Electric Chief Financial Officer)
Hawaiian Electric Exhibit 32.2 |  | Hawaiian Electric Certification Pursuant to 18 U.S.C. Section 1350

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SIGNATURES
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)
By | /s/ Scott W. H. Seu |  | By | /s/ Shelee M. T. Kimura
| Scott W. H. Seu |  |  | Shelee M. T. Kimura
| President and Chief Executive Officer |  |  | President and Chief Executive Officer
| (Principal Executive Officer of HEI) |  |  | (Principal Executive Officer of Hawaiian Electric)
By | /s/ Scott T. DeGhetto |  | By | /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
| (Principal Financial Officer of HEI) |  |  | (Principal Financial Officer of Hawaiian Electric)
Date: November 7, 2025 |  | Date: November 7, 2025

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