Hawaiian Electric starts $479M wildfire settlement pay

Hawaiian Electric Industries and Hawaiian Electric have triggered payment under wildfire settlement agreements after the final legal condition was met on April 10, 2026.

Rhea-AI Filing Summary

Hawaiian Electric Industries and Hawaiian Electric have triggered payment under wildfire settlement agreements after the final legal condition was met on April 10, 2026. A December 30, 2025 judgment on subrogation claims by over 200 insurers became final when all appeals were dismissed with prejudice.

With all conditions satisfied, the companies authorized the first of four equal annual $479 million installments to settle tort-related claims from the 2023 Maui windstorm and wildfires. This initial $479 million was raised in a September 2024 equity offering and held in a special purpose vehicle until release conditions were fulfilled. The settlement releases are now effective.

Insights

Litigation and capital structure analyst

Large wildfire settlement payment begins, funded by prior equity raise.

Hawaiian Electric Industries and Hawaiian Electric have now met all conditions to begin paying tort-related settlements from the 2023 Maui wildfires. A December 30, 2025 judgment on subrogation claims by over 200 insurers became final when appeals were dismissed with prejudice, activating the settlement structure.

The companies authorized the first of four equal annual $479 million installments. The initial $479 million was already raised through a September 2024 equity offering and parked in a special purpose vehicle dedicated to this first payment, so near-term liquidity pressure is partly pre-managed.

With all conditions satisfied, releases in the Settlement Agreements and individual claimant releases are now effective, reducing legal uncertainty around wildfire-related tort claims. Future filings may detail how the remaining three installments are funded and any effects on leverage and equity.

8-K Event Classification

Item 8.01 — Other Events

1 item

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Key Figures

First settlement installment: $479 million Number of installments: 4 annual installments Equity raise for first payment: $479 million +4 more

7 metrics

First settlement installment $479 million First of four equal annual installments under wildfire Settlement Agreements

Number of installments 4 annual installments Structure of payments to settle tort-related claims from 2023 Maui wildfires

Equity raise for first payment $479 million Proceeds from September 2024 equity offering held in a special purpose vehicle

Insurers with subrogation claims Over 200 insurers Subrogation claims covered by December 30, 2025 judgment

Judgment date December 30, 2025 Judgment on subrogation claims that became final and unappealable

Final condition date April 10, 2026 Date final condition to payment under Settlement Agreements was met

Settlement agreement date November 1, 2024 Date of Settlement Agreements for 2023 Maui windstorm and wildfires

Key Terms

Settlement Agreements, tort-related claims, subrogation claims, dismiss with prejudice, +2 more

6 terms

Settlement Agreements legal

"settlement agreements dated November 1, 2024, that were designed to settle all tort-related claims"

tort-related claims legal

"designed to settle all tort-related claims in the litigation arising out of the 2023 Maui windstorm"

subrogation claims legal

"judgment that Hawaiian Electric Industries, Inc. and Hawaiian Electric Company, Inc. obtained on December 30, 2025, on the subrogation claims"

dismiss with prejudice legal

"after all insurers stipulated to dismiss with prejudice their appeals of that judgment"

special purpose vehicle financial

"held in a special purpose vehicle formed specifically to hold this first payment"

A special purpose vehicle (SPV) is a separate legal entity created to isolate financial risk or hold specific assets, much like a dedicated safe for a particular investment or project. Investors pay attention to SPVs because they can influence how risks and rewards are managed, and sometimes they are used to structure transactions more efficiently or hide certain financial details.

releases legal

"With all conditions to payment met, the releases in the Settlement Agreements and those signed by individual claimants are now effective"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Hawaiian Electric Industries (HAWEL) announce about wildfire settlements?

Hawaiian Electric Industries and its utility authorized the first of four equal $479 million annual payments under settlements resolving tort-related claims from the 2023 Maui wildfires, after all legal conditions and appeals were resolved and settlement releases became effective.

How much is Hawaiian Electric paying now under the wildfire settlement?

The companies authorized payment of the first of four equal annual $479 million installments. This initial $479 million was previously raised in a September 2024 equity offering and held in a special purpose vehicle until all settlement conditions were satisfied.

What legal condition triggered Hawaiian Electric’s settlement payment?

Payment was triggered when a December 30, 2025 judgment on subrogation claims brought by over 200 insurers became final and unappealable, after all insurers stipulated to dismiss with prejudice their appeals, satisfying the last condition in the wildfire Settlement Agreements.

How were funds for Hawaiian Electric’s first settlement installment raised?

Funds for the first $479 million installment were raised through a September 2024 equity offering by Hawaiian Electric Industries. The proceeds were placed into a special purpose vehicle dedicated to holding this payment until all conditions under the wildfire settlements were met.

What claims are covered by Hawaiian Electric’s wildfire Settlement Agreements?

The Settlement Agreements are designed to resolve all tort-related claims arising from the 2023 Maui windstorm and wildfires, including subrogation claims by over 200 insurers. Once conditions were satisfied, settlement releases and individual claimant releases became effective for those covered claims.

Do the wildfire settlements remove ongoing litigation risk for Hawaiian Electric?

The settlements are intended to resolve all tort-related claims from the 2023 Maui wildfires. With the final judgment on insurer subrogation claims now unappealable and releases effective, a significant portion of that litigation risk is addressed, though only for claims covered by the agreements.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/10/2026 - 03:19 PM Learn about SEC filing dates

00003547070000046207falsefalse00003547072026-04-102026-04-100000354707he:HawaiianElectricCompanyInc.Member2026-04-102026-04-10

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report: April 10, 2026

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

State of Hawaii

(State or other jurisdiction of incorporation)

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

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

(Address of principal executive offices and zip code)

 Registrant’s telephone number, including area code:

 (808) 543-5662 - HEI

(808) 543-7771 - Hawaiian Electric

  Not applicable

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

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

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

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

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

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

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

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

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

Emerging growth company

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

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

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

Item 8.01 Other Events.

On April 10, 2026, the final condition to payment occurred under settlement agreements dated November 1, 2024, that were designed to settle all tort-related claims in the litigation arising out of the 2023 Maui windstorm and wildfires (the “Settlement Agreements”). The final condition was that the judgment that Hawaiian Electric Industries, Inc. (“HEI”) and Hawaiian Electric Company, Inc. (“Hawaiian Electric”) obtained on December 30, 2025, on the subrogation claims brought by over 200 insurers became final and unappealable after all insurers stipulated to dismiss with prejudice their appeals of that judgment.

Accordingly, pursuant to the Settlement Agreements, HEI and Hawaiian Electric authorized payment of the first of four equal annual $479 million installments. The funds for this first $479 million payment were previously raised by HEI’s September 2024 equity offering and had been held in a special purpose vehicle formed specifically to hold this first payment, pending the resolution of all conditions to payment, which have now been met. With all conditions to payment met, the releases in the Settlement Agreements and those signed by individual claimants are now effective.

Copies of the Settlement Agreements are attached as exhibits 10.1 and 10.2 to the Form 8-K filed with the SEC on November 5, 2024. Descriptions of the terms of the Settlement Agreements herein are limited in their entirety by reference to such agreements.

1

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)
/s/ Paul K. Ito						/s/ Paul K. Ito
Paul K. Ito						Paul K. Ito
Executive Vice President and						Senior Vice President,
Chief Financial Officer						Chief Financial Officer and Treasurer
Date: April 10, 2026						Date: April 10, 2026

2

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4 documents

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