[8-K] HAWAIIAN ELECTRIC CO INC Reports Material Event

Rhea-AI Filing Summary

Hawaiian Electric Industries reported full-year 2025 net income for common shareholders of $123 million, or $0.71 per share, a sharp turnaround from a net loss of $1.43 billion, or $11.23 per share, in 2024 driven largely by prior wildfire liability accruals.

The electric utility segment earned $168 million in 2025 versus a large loss in 2024, while holding-company net losses narrowed to $45 million from $96 million, helped by lower wildfire and strategic-review expenses. On a non-GAAP Core basis, results exclude Maui wildfire and Pacific Current strategic-review costs.

Regulators approved the utility’s enhanced wildfire safety strategy and completed a wildfire fund study, and a wildfire tort litigation settlement is described as nearing final court approval. The utility achieved a 37% renewable portfolio standard in 2025, kept a typical residential bill stable, and is providing $1 million in customer payment assistance.

Insights

Utility sector equity analyst

HEI swings back to profit as wildfire overhang begins to ease.

Hawaiian Electric Industries moved from a $1.43 billion net loss in 2024 to net income of $123 million in 2025. The change is mainly due to the huge $1.875 billion wildfire-tort provision recorded in 2024, plus lower wildfire and strategic-review expenses in 2025.

The utility segment generated net income for common shareholders of $168 million in 2025, while holding and other companies’ net loss improved to $45 million. Non-GAAP Core metrics strip out Maui wildfire and Pacific Current review costs, giving management’s view of ongoing performance, though GAAP results still reflect wildfire-related impacts.

Regulatory and legal milestones are important. Regulators approved an enhanced wildfire safety strategy and completed a wildfire fund study, and wildfire tort litigation settlement is described as nearing final court approval. The utility also achieved a 37% renewable portfolio standard in 2025, progressing toward the 40% target for 2030.

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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: February 27, 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 2.02 Results of Operations and Financial Condition.

    On February 27, 2026, HEI issued a news release, “HEI Reports Fourth Quarter and Full Year 2025 Results.” This news release is furnished as HEI Exhibit 99.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits
HEI Exhibit 99			News release, dated February 27, 2026, “HEI Reports Fourth Quarter and Full Year 2025 Results”
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

The information furnished in connection with Item 2.02 of this current report on Form 8-K including HEI Exhibit 99 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

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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)
/s/ Scott T. DeGhetto						/s/ Paul K. Ito
Scott T. DeGhetto						Paul K. Ito
Executive Vice President and						Senior Vice President,
Chief Financial Officer						Chief Financial Officer and Treasurer
Date: February 27, 2026						Date: February 27, 2026

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HEI Exhibit 99

						NEWS RELEASE
February 27, 2026
Contact:			Mateo Garcia			Telephone: (808) 543-7300
			Director, Investor Relations			E-mail: ir@hei.com

HEI REPORTS FOURTH QUARTER AND FULL YEAR 2025 RESULTS

•Regulators Approved Utility’s Enhanced Wildfire Safety Strategy in December; Strategy Calls for Deploying New Technology, Fortifying Infrastructure, Minimizing Fire Hazards and Expanding Community Partnerships to Significantly Reduce Wildfire Risk

•PUC’s Wildfire Fund Study, Completed in December, Represents Positive First Step in Implementing Hawaii’s Historic Wildfire Legislation Signed Into Law in July

•Wildfire Tort Litigation Settlement Nearing Final Court Approval

•Core Operations Performed Well in 2025, As Utility Continued to Make Critical Investments to Support Safe, Reliable and Resilient Electricity Delivery for Our Communities

•Strong Balance Sheet and Liquidity Position Ensure Our Ability to Serve and Invest in Our Communities for the Long Term

•Utility Achieved a 37% Renewable Portfolio Standard in 2025, Accelerating Progress Toward 2030’s 40% Statutory Milestone

•Typical Residential Bill Stable in 2025. Utility Providing $1 Million in Payment Assistance to Customers

HONOLULU - Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported net income for the full year 2025 of $123 million, or $0.71 per share, compared to a net loss of $1,426 million, or $11.23 per share in 2024. Excluding Maui wildfire-related expenses and expenses taken in connection with the review of strategic options for Pacific Current, Core1

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

1 Measures described as “Core” for the periods in this news release are non-GAAP measures which exclude Maui wildfire-related costs and expenses taken in connection with the strategic review of Pacific Current. See the “Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP reconciliation at the end of this release.

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income from continuing operations2 was $149 million, or $0.86 per share, compared to $124 million, or $0.98 per share in 20243.

Fourth quarter 2025 net income was $40 million, or $0.23 per share, compared to a net loss of $68 million, or $0.40 per share in 2024. Core income from continuing operations was $41 million for the fourth quarter of 2025 compared to $35 million in the fourth quarter of 2024.

“Over the past year, we continued to take actions to ensure that we’re best positioned to serve the communities in which we operate for the long term. We made critical progress on initiatives we’ve worked toward for much of the last three years: advancing the Maui wildfire tort settlements toward final court approval, pursuing legislative measures that enable us to better serve our communities as we deal with the risk of wildfires, implementing wildfire safety improvements, and laying the groundwork for a successful second multi-year rate period under our Performance Based Regulation framework,” said Scott Seu, HEI president and CEO.

“Our core utility business continued to perform well in 2025, operating efficiently and maintaining financial strength while making the critical investments necessary to ensure safe, reliable and resilient service to our communities. Affordability has been a central focus of these efforts, with rates stable compared to a year ago, and the utility offering financial assistance to working families while providing more options for customers to manage their bills. We also saw the utility reaching a 37% renewable portfolio standard in 2025, putting us on track to meet the 40% RPS by 2030 statutory requirement. HEI continues to be well-positioned to execute our commitment to a stronger, more resilient and more financially healthy future.”

HAWAIIAN ELECTRIC COMPANY (HAWAIIAN ELECTRIC) EARNINGS

Full Year Results:

Hawaiian Electric’s net income for the full year 2025 was $168 million compared to a net loss of $1,226 million for the full year 2024, with the increase primarily driven by the following pre-tax items (among others):

•The $1,875 million loss recorded in 2024 due to the accrual of estimated wildfire liabilities related to tort-related legal claims and cross claims (net of insurance recoveries);

•$21 million in higher revenues, primarily from the annual revenue adjustment mechanism; and

•$9 million impact from better heat rate performance.

These items were partially offset by (among others):

2 Income from continuing operations excludes 2024 net income from American Savings Bank (ASB).

3 Decrease in per share amount due to larger share count following September 2024 equity issuance.

2

•$11 million in higher O&M, driven by $10 million in previously deferred legal and consulting fees;

•$10 million in higher interest expense; and

•$5 million of higher depreciation expense.

Hawaiian Electric’s Core net income for 2025 was $178 million compared to $181 million in 2024. Pre-tax wildfire-related expenses of $42 million were partially offset by approximately $28 million of costs deferred pursuant to the Public Utilities Commission’s decision allowing Hawaiian Electric to defer these costs.

Fourth Quarter Results:

Hawaiian Electric’s net income for the fourth quarter of 2025 was $44 million compared to net income of $46 million in the fourth quarter of 2024, with the decrease primarily driven by the following pre-tax items (among others):

•$7 million in higher interest expense;

•$1 million in higher O&M expenses; and

•$1 million in higher depreciation expense.

These items were partially offset by (among others):

•$5 million in higher revenues, primarily from the annual revenue adjustment mechanism; and

•$3 million in higher interest income.

Hawaiian Electric’s Core net income for the fourth quarter of 2025 was $46 million compared to $49 million in the same quarter last year. Pre-tax wildfire-related expenses of $9 million were partially offset by approximately $6 million of costs deferred pursuant to the Public Utilities Commission’s decision allowing Hawaiian Electric to defer these costs.

HOLDING AND OTHER COMPANIES

The holding and other companies’ net loss was $45 million in 2025 compared to $96 million in 2024. The lower net loss for the year was primarily due to expenses taken in 2024 related to strategic reviews, and lower Maui wildfire expenses. Core net loss for the year was $28 million compared to $56 million in 2024, primarily due to lower interest expense following the retirement of holding company debt with ASB sale proceeds, and higher interest income. The fourth quarter net loss was $5 million in 2025 compared to $17 million in 2024. Core net loss for the quarter was $4 million compared to $14 million in 2024.

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EARNINGS RELEASE, WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS

HEI will conduct a webcast and conference call to review its fourth quarter and full year 2025 consolidated financial results today at 11:30 a.m. Hawaii time (4:30 p.m. Eastern).

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

A replay will be available online and via phone. The online replay will be available on HEI’s website about two hours after the event. The audio replay will also be available about two hours after the event through March 6, 2026. To access the audio replay, dial 1-800-770-2030 (U.S.) or 1-647-362-9199 (international) and enter passcode 2393042.

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

Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at https://hpuc.my.site.com/cdms/s/ to review documents filed with, and issued by, the PUC. No information on the PUC website is incorporated by reference into this document or into HEI’s and Hawaiian Electric’s SEC filings.

ABOUT HEI

HEI’s electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii’s population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy, and modernize and harden the grid to ensure resilience and public safety. For more information, visit www.hei.com.

NON-GAAP MEASURES

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

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

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

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Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME DATA

(Unaudited)

						Three months ended December 31												Years ended December 31
(in thousands, except per share amounts)						2025						2024						2025						2024
Revenues
Electric utility						$	802,906					$	796,174					$	3,071,182					$	3,206,700
Other						2,918						3,006						15,714						13,150
Total revenues						805,824						799,180						3,086,896						3,219,850
Expenses
Electric utility (includes $1,875 million of provision, net, for Wildfire tort-related claims recorded in the year ended December 31, 2024)						726,394						722,383						2,791,396						4,818,558
Other (includes $35 million of impairment recorded in the year ended December 31, 2024)						12,321						23,135						60,178						108,052
Total expenses						738,715						745,518						2,851,574						4,926,610
Operating income (loss)
Electric utility						76,512						73,791						279,786						(1,611,858)
Other						(9,403)						(20,129)						(44,464)						(94,902)
Total operating income (loss)						67,109						53,662						235,322						(1,706,760)
Retirement defined benefits credit—other than service costs						829						903						3,482						3,754
Interest expense, net						(29,655)						(31,131)						(117,334)						(127,207)
Allowance for borrowed funds used during construction						1,514						1,409						5,893						5,470
Allowance for equity funds used during construction						3,905						3,510						15,013						13,786
Interest income						9,767						9,433						36,929						19,362
Loss on sale of subsidiaries and impairment loss on assets sold and held for sale						—						—						(12,376)						—
Income (loss) from continuing operations before income taxes						53,469						37,786						166,929						(1,791,595)
Income tax expense (benefit)						12,108						8,147						40,648						(470,962)
Income (loss) from continuing operations						41,361						29,639						126,281						(1,320,633)
Dividends on and loss on redemption of preferred stock of subsidiaries						1,744						473						3,161						1,890
Income (loss) from continuing operations for common stock						39,617						29,166						123,120						(1,322,523)
Loss from discontinued operations						—						(97,411)						—						(103,486)
Net income (loss) for common stock						$	39,617					$	(68,245)					$	123,120					$	(1,426,009)
Continuing operations - Basic earnings (loss) per common share						$	0.23					$	0.17					$	0.71					$	(10.42)
Discontinued operations - Basic earnings (loss) per common share						—						(0.56)						—						(0.81)
Basic earnings (loss) per common share						$	0.23					$	(0.40)					$	0.71					$	(11.23)
Continuing operations - Diluted earnings (loss) per common share						$	0.23					$	0.17					$	0.71					$	(10.42)
Discontinued operations - Diluted earnings (loss) per common share						—						(0.56)						—						(0.81)
Diluted earnings (loss) per common share						$	0.23					$	(0.40)					$	0.71					$	(11.23)
Weighted-average number of common shares outstanding						172,620						172,466						172,553						126,927
Weighted-average shares assuming dilution						173,021						172,466						173,017						126,927
Income (loss) from continuing operations for common stock by segment
Electric utility						$	44,261					$	46,396					$	168,215					$	(1,226,362)
Other						(4,644)						(17,230)						(45,095)						(96,161)
Income (loss) from continuing operations for common stock						$	39,617					$	29,166					$	123,120					$	(1,322,523)
Comprehensive income (loss) attributable to HEI						$	40,994					$	(96,214)					$	122,997					$	(1,422,825)
Return on average common equity (%) (twelve months ended)1																		8.0						NM

1 Simple average based on income from continuing operations.

NM Not meaningful.

This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC.

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

CONSOLIDATED STATEMENTS OF INCOME DATA

(Unaudited)

						Three months ended December 31												Years ended December 31
($ in thousands, except per barrel amounts)						2025						2024						2025						2024
Revenues						$	802,906					$	796,174					$	3,071,182					$	3,206,700
Expenses
Fuel oil						257,590						256,059						947,445						1,078,045
Purchased power						172,161						173,061						677,654						703,371
Other operation and maintenance						157,298						156,024						620,442						609,672
Wildfire tort-related claims						—						—						—						1,875,000
Depreciation						64,024						62,706						256,039						251,142
Taxes, other than income taxes						75,321						74,533						289,816						301,328
Total expenses						726,394						722,383						2,791,396						4,818,558
Operating income (loss)						76,512						73,791						279,786						(1,611,858)
Allowance for equity funds used during construction						3,905						3,510						15,013						13,786
Retirement defined benefits credit—other than service costs						1,034						1,034						4,135						4,137
Interest expense and other charges, net						(27,430)						(20,457)						(93,702)						(82,082)
Allowance for borrowed funds used during construction						1,514						1,409						5,893						5,470
Interest income						4,806						2,078						9,463						6,633
Income (loss) before income taxes						60,341						61,365						220,588						(1,663,914)
Income tax expense (benefit)						14,236						14,470						49,033						(439,547)
Net income (loss)						46,105						46,895						171,555						(1,224,367)
Dividends on and loss on redemption of preferred stock of subsidiaries						229						229						915						915
Net income (loss) attributable to Hawaiian Electric						45,876						46,666						170,640						(1,225,282)
Dividends on and loss on redemption of preferred stock of Hawaiian Electric						1,615						270						2,425						1,080
Net income (loss) for common stock						$	44,261					$	46,396					$	168,215					$	(1,226,362)
Comprehensive income (loss) attributable to Hawaiian Electric						$	44,233					$	46,426					$	168,069					$	(1,226,425)
OTHER ELECTRIC UTILITY INFORMATION
Kilowatthour sales (millions)
Hawaiian Electric						1,632						1,608						6,258						6,134
Hawaii Electric Light						275						267						1,063						1,047
Maui Electric						285						276						1,102						1,038
						2,192						2,151						8,423						8,219
Average fuel oil cost per barrel						$	98.84					$	104.38					$	100.40					$	115.00
Return on average common equity (%) (twelve months ended)1																		12.3						NM

1 Simple average.

NM Not meaningful.

This information should be read in conjunction with the consolidated financial statements and the notes thereto in Hawaiian Electric filings with the SEC.

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Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures

HEI management uses certain non-GAAP measures to evaluate the performance of HEI. Management believes these non-GAAP measures provide useful information and are a better indicator of the companies’ core operating activities. Core earnings and other financial measures as presented here may not be comparable to similarly titled measures used by other companies. The accompanying tables provide a reconciliation of reported GAAP1 earnings to non-GAAP Core earnings.

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

Reconciliation of GAAP1 to non-GAAP Measures

Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

Unaudited

			Three months ended December 31												Years ended December 31
(in thousands)			2025						20242						2025						20242
Maui windstorm and wildfires related costs
Pretax expenses:
Legal expenses			$	3,851					$	13,449					$	24,383					$	69,779
Outside services expense			—						7,541						135						11,014
Wildfire tort-related claims			—						—						—						1,915,000
Wildfire securities-related claims			—						—						47,750						—
Other expense			6,138						8,281						23,817						35,403
Interest expense			92						3,185						3,391						14,834
Pretax expenses			10,081						32,456						99,476						2,046,030
Insurance recoveries3			(1,804)						(11,089)						(55,178)						(94,699)
Deferral of cost			(6,017)						(13,817)						(27,826)						(37,960)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment			2,260						7,550						16,472						1,913,371
Pretax loss on sale of subsidiaries and impairment loss on assets sold and held for sale			—						—						12,376						35,216
Income tax expense (benefit)4			(581)						(1,945)						(2,666)						(501,763)
After-tax adjustments			$	1,679					$	5,605					$	26,182					$	1,446,824

1     Accounting principles generally accepted in the United States of America.

2     Excludes Maui wildfire-related costs of discontinued operations.

3     Pretax insurance recoveries related to the proposed settlement of the securities class action of nil and $47.8 million for the three months and year ended December 31, 2025, respectively. Also includes adjustments related to costs that are no longer probable of recovery under the insurance policies. For the three months and year ended December 31, 2025, adjustments amount to nil and $7.6 million, respectively, of which, nil and $4.5 million were deferred to a regulatory asset, respectively, and are reported on line “Deferral of cost”.

4     Current year composite statutory tax rate of 25.75% and includes expected investment tax credit recapture.

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

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Reconciliation of GAAP to non-GAAP Measures (continued)

Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

Unaudited

			Three months ended December 31												Years ended December 31
(in thousands)			2025						20241						2025						20241
HEI Consolidated - Continuing Operations
GAAP2 income (loss) - continuing operations (as reported)			$	39,617					$	29,166					$	123,120					$	(1,322,523)
Excluding special items related to the Maui windstorm and wildfires (after tax)3:
Legal expenses			2,859						9,987						18,104						51,811
Outside services expense			—						5,599						100						8,178
Wildfire tort-related claims			—						—						—						1,421,887
Wildfire securities-related claims			—						—						35,454						—
Other expense			4,557						6,147						17,684						26,286
Interest expense			70						2,365						2,519						11,014
After tax expenses			7,486						24,098						73,861						1,519,176
Insurance recoveries			(1,339)						(8,234)						(40,969)						(70,314)
Deferral of cost			(4,468)						(10,259)						(20,661)						(28,185)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment (after tax)			1,679						5,605						12,231						1,420,677
Loss on sale of subsidiaries and impairment loss on assets sold and held for sale (after tax)3			—						—						13,951						26,147
Non-GAAP (Core) income - continuing operations			$	41,296					$	34,771					$	149,302					$	124,301
GAAP Diluted earnings (loss) per share - continuing operations (as reported)			$	0.23					$	0.17					$	0.71					$	(10.42)
Non-GAAP (Core) Diluted earnings per share - continuing operations			$	0.24					$	0.20					$	0.86					$	0.98

1     Excludes Maui wildfire-related costs of discontinued operations.

2     Accounting principles generally accepted in the United States of America.

3     Current year composite statutory tax rate of 25.75% and includes expected investment tax credit recapture.

9

Reconciliation of GAAP to non-GAAP Measures (continued)

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

			Three months ended December 31												Years ended December 31
(in thousands)			2025						2024						2025						2024
Maui windstorm and wildfires related costs
Pretax expenses:
Legal expenses			$	3,216					$	11,237					$	15,685					$	51,406
Outside services expense			—						6,080						—						8,500
Wildfire tort-related claims			—						—						—						1,915,000
Other expense			6,017						7,614						23,295						32,753
Interest expense			—						2,204						2,543						11,168
Pretax expenses			9,233						27,135						41,523						2,018,827
Insurance recoveries1			(1,255)						(9,808)						(1,129)						(85,781)
Deferral of cost			(6,017)						(13,817)						(27,826)						(37,960)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment			1,961						3,510						12,568						1,895,086
Income tax benefits2			(505)						(904)						(3,236)						(487,985)
After-tax adjustments			$	1,456					$	2,606					$	9,332					$	1,407,101
Hawaiian Electric consolidated net income
GAAP3 net income (loss) (as reported)			$	44,261					$	46,396					$	168,215					$	(1,226,362)
Excluding special items related to the Maui windstorm and wildfires (after tax)2:
Legal expenses			2,388						8,344						11,646						38,169
Outside services expense			—						4,514						—						6,311
Wildfire tort-related claims			—						—						—						1,421,887
Other expense			4,468						5,654						17,297						24,320
Interest expense			—						1,636						1,888						8,292
After tax expenses			6,856						20,148						30,831						1,498,979
Insurance recoveries			(932)						(7,283)						(838)						(63,693)
Deferral of cost			(4,468)						(10,259)						(20,661)						(28,185)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment (after tax)			1,456						2,606						9,332						1,407,101
Non-GAAP (Core) net income			$	45,717					$	49,002					$	177,547					$	180,739

Years ended December 31						2025						2024
Ratios (%)
Based on GAAP - Return on average equity4						12.3						NM
Based on Non-GAAP (core) - Return on average equity4,5						6.7						7.3

1     Pretax insurance recoveries include adjustments related to costs that are no longer probable of recovery under the insurance policies. For the three months and year ended December 31, 2025, adjustments amount to nil and $7.6 million, respectively, of which, nil and $4.5 million were deferred to a regulatory asset, respectively, and are reported on line “Deferral of cost.”

2    Current year composite statutory tax rate of 25.75%.

3     Accounting principles generally accepted in the United States of America.

4     Simple average.

5     Calculated as non‑GAAP adjusted net income divided by average non-GAAP adjusted common equity. Non-GAAP adjusted common equity excludes cumulative impact of Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment (after tax) and the Utilities’ assigned equity interests of GLST1, effective March 31, 2025, which totals $287.3 million and remains unchanged through December 31, 2025.

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

10

Reconciliation of GAAP to non-GAAP Measures (continued)

Holding and Other Companies

Unaudited

			Three months ended December 31												Years ended December 31
(in thousands)			2025						2024						2025						2024
Maui windstorm and wildfires related costs
Pretax expenses:
Legal expenses			$	635					$	2,212					$	8,698					$	18,373
Outside services expense			—						1,461						135						2,514
Wildfire securities-related claims			—						—						47,750						—
Other expense			121						667						522						2,650
Interest expense			92						981						848						3,666
Pretax expenses			848						5,321						57,953						27,203
Insurance recoveries1			(549)						(1,281)						(54,049)						(8,918)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries			299						4,040						3,904						18,285
Pretax loss on sale of subsidiaries and impairment loss on assets sold and held for sale			—						—						12,376						35,216
Income tax expense (benefits)2			(76)						(1,041)						570						(9,069)
After-tax adjustments			$	223					$	2,999					$	16,850					$	44,432
Holding and Other Companies net loss
GAAP3 net loss (as reported)			$	(4,644)					$	(17,230)					$	(45,095)					$	(96,161)
Excluding special items related to the Maui windstorm and wildfires (after tax)2:
Legal expenses			471						1,643						6,458						13,642
Outside services expense			—						1,085						100						1,867
Wildfire securities-related claims			—						—						35,454						—
Other expense			90						493						388						1,966
Interest expense			69						729						630						2,722
Maui windstorm and wildfires related expenses (after tax)			630						3,950						43,030						20,197
Insurance recoveries			(407)						(951)						(40,131)						(6,621)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries (after tax)			223						2,999						2,899						13,576
Loss on sale of subsidiaries and impairment loss on assets sold and held for sale (after tax)2			—						—						13,951						26,147
Non-GAAP (Core) net loss			$	(4,421)					$	(14,231)					$	(28,245)					$	(56,438)

1     Pretax insurance recoveries related to the proposed settlement of the securities class action of nil and $47.8 million for the three months and year ended December 31, 2025, respectively.

2     Current year composite statutory tax rate of 25.75% and includes expected investment tax credit recapture.

3     Accounting principles generally accepted in the United States of America.

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

11

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