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Hawaiian Electric (NYSE: HE) returns to profit as wildfire costs drop

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Hawaiian Electric Industries, Inc. furnished an unaudited 2025 Statistical Supplement showing a return to profitability after large wildfire-related losses in 2024. For 2025, consolidated revenues were $3.09 billion versus $3.22 billion in 2024, while net income for common stock improved to $123.1 million from a loss of $1.43 billion. Basic and diluted earnings per share were $0.71, compared with a loss of $11.23 per share in 2024, and no common dividends were paid in 2024 or 2025, versus $1.08 per share in 2023.

The utilities segment earned $168.2 million for common stock in 2025, compared with a loss of $1.23 billion in 2024, as wildfire expenses after insurance and deferrals dropped to $12.2 million from $1.4 billion. Total assets were $8.92 billion at December 31, 2025, with common equity of $1.61 billion and long-term debt, net, of $2.41 billion, giving a capital structure of 60% long-term debt and 40% equity. The supplement also reflects the sale of American Savings Bank, with discontinued operations no longer contributing to assets, income or headcount.

Positive

  • None.

Negative

  • None.

Insights

HEI returns to profit in 2025, but balance sheet remains heavily burdened by wildfire liabilities.

Hawaiian Electric Industries moved from a $1.43 billion loss in 2024 to $123.1 million net income in 2025, mainly because wildfire-related expenses fell sharply. Revenues declined modestly to $3.09 billion, so the swing is driven by extraordinary items rather than topline growth.

The utilities generated $168.2 million for common stock, while holding an accrual for estimated wildfire liabilities of approximately $1.92 billion. Capitalization at year-end was 60% long-term debt and 40% equity, with common equity of $1.61 billion. This leaves leverage elevated and exposes results to future wildfire claim developments.

Common dividends were suspended in 2024 and 2025, after $1.08 per share in 2023, underscoring a capital preservation stance. Operating cash flow from continuing operations of $391.1 million and capital expenditures of $341.2 million show the utility is still investing, but long-term debt activity (new issues of $510 million and repayments of $733.6 million) highlights ongoing refinancing and liability management.

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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: March 27, 2026
Exact Name of RegistrantCommissionI.R.S. Employer
as Specified in Its CharterFile NumberIdentification No.
Hawaiian Electric Industries, Inc.1-850399-0208097
Hawaiian Electric Company, Inc.1-495599-0040500
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:
RegistrantTitle of each classTrading Symbol(s)Name of each exchange on which registered
Hawaiian Electric Industries, Inc.Common Stock, Without Par ValueHENew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule12b-2 of the Securities Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
Hawaiian Electric Industries, Inc.
☐
Hawaiian Electric Company, Inc.
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Hawaiian Electric Industries, Inc. ☐Hawaiian Electric Company, Inc. ☐


Item 7.01. Regulation FD Disclosure.
HEI is furnishing its unaudited 2025 Statistical Supplement (see Exhibit 99), which includes certain selected financial information for consolidated HEI, consolidated and Hawaiian Electric and other selected data.
HEI will post the 2025 Statistical Supplement on its website, www.hei.com, under the headings “Investor Relations,” “SEC Filings” and “Statistical Supplement.”
HEI and Hawaiian Electric intend to continue to use HEI's website, www.hei.com, as a means of disclosing additional information; such disclosures will be included in the Investor Relations section of the website. Accordingly, investors should routinely monitor the Investor Relations section of HEI's website, in addition to following HEI's and Hawaiian Electric's press releases, HEI’s and Hawaiian Electric’s SEC filings and HEI’s public conference calls and webcasts. The information on HEI's website is not incorporated by reference into this document or into HEI’s and Hawaiian Electric’s Securities and Exchange Commission (SEC) filings unless, and except to the extent, specifically incorporated by reference. Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at dms.puc.hawaii.gov/dms to review documents filed with, and issued by, the PUC. No information on the PUC website is incorporated by reference into this document or into HEI’s and Hawaiian Electric’s other SEC filings.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits
Exhibit 99
HEI 2025 Statistical Supplement
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

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







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/ Scott T. DeGhetto/s/ Paul K. Ito
Scott T. DeGhettoPaul K. Ito
Executive Vice President andSenior Vice President,
Chief Financial OfficerChief Financial Officer and Treasurer
Date: March 27, 2026Date: March 27, 2026
2

Exhibit 99
heii-53439_heix2025supplem.jpg


Hawaiian Electric Industries, Inc.
2025 Statistical Supplement
TABLE OF CONTENTS
Page
HEI Consolidated
Selected Financial Information1
Consolidated Statements of Income Information2
Consolidated Statements of Comprehensive Income Information3
Consolidated Balance Sheets Information4
Consolidated Statements of Changes in Shareholders' Equity Information5
Consolidated Statements of Cash Flows Information6
Consolidated Capital Structure8
Hawaiian Electric Company
Selected Financial Information9
Consolidated Statements of Income and Retained Earnings Information11
Consolidated Balance Sheets Information12
Consolidated Statements of Cash Flows Information13
Cumulative Preferred Stock Not Subject to Mandatory Redemption14
Long-term Debt15
Customer, Sales and Revenue Information18
Power Supply Information20

i

SELECTED FINANCIAL INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31202520242023
(dollars in thousands, except per share amounts)
Results of operations
Revenues$3,086,896$3,219,850$3,287,503
Net income (loss) for common stock1
123,120(1,426,009)199,238
Basic earnings (loss) per common share0.71(11.23)1.82
Diluted earnings (loss) per common share0.71(11.23)1.81
Dividends per common share——1.08
Net income (loss) for common stock by company
Utilities consolidated$168,215$(1,226,362)$193,952
HEI and other(45,095)(96,161)(48,076)
Discontinued operations—(103,486)53,362
$123,120$(1,426,009)$199,238
Assets2
Electric utility$8,530,520 $7,613,604 $7,283,554 
Other392,359 1,317,812 393,818 
Discontinued operations— — 9,566,449 
$8,922,879 $8,931,416 $17,243,821 
Capital structure2
Short-term borrowings$— $48,623 $— 
Long-term debt, net2,409,975 2,799,558 2,842,429 
Preferred stock of subsidiaries— 34,293 34,293 
Common stock equity1,605,919 1,479,089 2,344,841 
$4,015,894 $4,361,563 $5,221,563 
Capital structure ratios2
Short-term borrowings— %1.1%— %
Long-term debt, net60.0 64.2 54.4 
Preferred stock of subsidiaries— 0.8 0.7 
Common stock equity40.0 33.9 44.9 
100.0%100.0%100.0%
Key financial ratios
Market price to book value per common share2
132%113%67%
Price earnings ratio3
17.3xNM7.8x
Return on average common equity8.0%NM8.8%
Indicated annual dividend yield2
— — 7.6%
Dividend payout ratio— — 59.4%
Full-time employees2
HEI (includes Pacific Current)51 69 75 
Hawaiian Electric and its subsidiaries2,608 2,518 2,564 
ASB4
— — 958 
2,659 2,587 3,597 
Note: This report should be read in conjunction with HEI’s Form 10-K for each year.
1 Includes after-tax wildfire expenses net of insurance recoveries and approved deferral treatment of $12.2 million, $1.4 billion and $5.8 million in 2025, 2024 and 2023, respectively.
2 At December 31.
3 Calculated using December 31 market price per common share divided by diluted earnings per common share.
4 Beginning December 31, 2024, as a result of the ASB sale transaction, ASB was no longer a subsidiary of HEI.
NM: Not meaningful
1

CONSOLIDATED STATEMENTS OF INCOME INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 312025202420232022
(in thousands, except per share amounts)
Revenues
Electric utility1
$3,071,182 $3,206,700 $3,269,521 $3,408,587 
Other1
15,714 13,150 17,982 12,330 
     Total revenues3,086,896 3,219,850 3,287,503 3,420,917 
Expenses
Electric utility (includes $1,875 million of provision, net, for Wildfire tort-related claims recorded in 2024)2,791,396 4,818,558 2,967,363 3,109,396 
Other (includes $35 million of impairment recorded in 2024)60,178 108,052 45,148 31,966 
     Total expenses2,851,574 4,926,610 3,012,511 3,141,362 
Operating income (loss)
Electric utility279,786 (1,611,858)302,158 299,191 
Other(44,464)(94,902)(27,166)(19,636)
     Total operating income (loss)235,322 (1,706,760)274,992 279,555 
Retirement defined benefits credit—other than service costs3,482 3,754 4,014 3,688 
Interest expense, net(117,334)(127,207)(125,532)(103,402)
Allowance for borrowed funds used during construction5,893 5,470 5,201 3,416 
Allowance for equity funds used during construction15,013 13,786 15,164 10,574 
Interest income1
36,929 19,362 9,105 — 
Gain (loss) on sales of subsidiaries and equity-method investments and impairment loss on assets sold and held for sale(12,376)— (644)8,123 
Income (loss) from continuing operations before income taxes166,929 (1,791,595)182,300 201,954 
Income tax expense (benefit)40,648 (470,962)34,534 38,915 
Net income (loss) from continuing operations126,281 (1,320,633)147,766 163,039 
Dividends on and loss on redemption of preferred stock of subsidiaries3,161 1,890 1,890 1,890 
Income (loss) from continuing operations for common stock123,120 (1,322,523)145,876 161,149 
Income (loss) from discontinued operations— (103,486)53,362 79,989 
Net income (loss) for common stock2
$123,120 $(1,426,009)$199,238 $241,138 
Continuing operations - Basic earnings (loss) per common share$0.71 $(10.42)$1.33 $1.47 
Discontinued operations - Basic earnings (loss) per common share— (0.81)0.49 0.73 
Basic earnings (loss) per common share$0.71 $(11.23)$1.82 $2.20 
Continuing operations - Diluted earnings (loss) per common share$0.71 $(10.42)$1.33 $1.47 
Discontinued operations - Diluted earnings (loss) per common share— (0.81)0.48 0.73 
Diluted earnings (loss) per common share$0.71 $(11.23)$1.81 $2.20 
Weighted-average number of common shares outstanding172,553 126,927 109,739 109,434 
Weighted-average shares assuming dilution173,017 126,927 110,038 109,778 
Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.
1 Beginning in 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income.
2 Includes after-tax wildfire expenses net of insurance recoveries and approved deferral treatment of $12.2 million, $1.4 billion and $5.8 million in 2025, 2024 and 2023, respectively.
2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 312025202420232022
(in thousands)
Net income (loss) for common stock$123,120 $(1,426,009)$199,238 $241,138 
Other comprehensive income (loss), net of taxes:
Net unrealized gains (losses) on available-for-sale investment securities:
Net unrealized gains (losses) on available-for-sale investment securities arising during the period, net of taxes— (11,227)20,589 (300,860)
Reclassification adjustment for net realized losses included in net income, net of taxes— — 10,954 — 
Amortization of unrealized holding losses on held-to-maturity securities, net of taxes— 13,012 14,398 3,993 
Derivatives qualified as cash flow hedges:
Unrealized interest rate hedging gains (losses), net of taxes(489)683 (167)5,457 
Reclassification adjustment to net income, net of taxes(1,031)(201)(186)172 
Retirement benefit plans:
Net gains arising during the period, net of taxes77,873 66,355 10,854 188,020 
Adjustment for amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost, net of taxes(2,057)(1,730)(1,560)19,659 
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes(74,419)(63,708)(8,204)(199,936)
Other comprehensive income (loss), net of taxes(123)3,184 46,678 (283,495)
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.$122,997 $(1,422,825)$245,916 $(42,357)
Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.
3

CONSOLIDATED BALANCE SHEETS INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
December 31202520242023
(in thousands)
ASSETS
Current assets:
Cash and cash equivalents$501,778 $750,535 $244,091 
Restricted cash478,968 492,317 15,028 
Accounts receivable and unbilled revenues, net491,526 457,171 546,704 
Regulatory assets50,039 53,895 68,453 
Other305,999 380,408 331,617 
Assets held for sale56,266 — — 
Total current assets1,884,576 2,134,326 1,205.893 
Noncurrent assets:
Property, plant and equipment, net6,188,372 6,134,318 5,963,084 
Operating lease right-of-use assets
56,604 66,553 79,686 
Regulatory assets258,076 227,424 226,351 
Other 535,251 368,795 202,358 
Total noncurrent assets7,038,303 6,797,090 6,471.479 
Assets of discontinued operations— — 9,566,449 
Total assets$8,922,879 $8,931,416 $17,243.821 
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts, interest and dividends payable$250,520 $230,655 $227,239 
Short-term borrowings— 48,623 — 
Current portion of long-term debt, net124,959 109,171 16,496 
Regulatory liabilities51,997 26,568 36,559 
Wildfire related claims530,000 478,750 75,000 
Other410,458 430,824 403,414 
Liabilities held for sale59,803 — — 
Total current liabilities1,427,737 1,324,591 758.708 
Noncurrent liabilities:
Long-term debt, net2,285,016 2,690,387 2,825,933 
Deferred income taxes— — 402,246 
Operating lease liabilities
43,278 56,523 69,972 
Financing lease liabilities505,590 426,598 331,262 
Regulatory liabilities1,392,147 1,217,515 1,114,131 
Defined benefit plans liability23,656 23,213 78,200 
Wildfire tort-related claims1,436,250 1,436,250 — 
Other 203,286 242,957 247,637 
Total noncurrent liabilities5,889,223 6,093,443 5,069.381 
Liabilities of discontinued operations— — 9,036,598 
Total liabilities7,316,960 7,418,034 14,864,687 
Preferred stock of subsidiaries - not subject to mandatory redemption
— 34,293 34,293 
Shareholders' equity
Common stock 2,268,187 2,264,544 1,707,471 
Retained earnings (deficit)(665,606)(788,916)926,720 
Accumulated other comprehensive income (loss), net of taxes3,338 3,461 (289,350)
Total shareholders' equity1,605,919 1,479,089 2,344,841 
Total liabilities and shareholders' equity$8,922,879 $8,931,416 $17,243,821 
Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.
4

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY INFORMATION
Hawaiian Electric Industries, Inc. and SubsidiariesAccumulated
Unauditedother
Common stockRetainedcomprehensive
(in thousands, except per share amounts)Shares Amount earningsincome (loss)Total
Balance, December 31, 2022109,471 $1,692,697 $845,830 $(336,028)$2,202,499 
Net income for common stock— — 199,238 — 199,238 
Other comprehensive income, net of taxes— — — 46,678 46,678 
Issuance of common stock:
Dividend reinvestment and stock purchase plan537 6,612 — — 6,612 
Share-based plans144 6,371 — — 6,371 
Share-based expense and other, net— 1,791 — — 1,791 
Common stock dividends ($1.08 per share)— — (118,348)— (118,348)
Balance, December 31, 2023110,152 1,707,471 926,720 (289,350)2,344,841 
Net loss for common stock— — (1,426,009)— (1,426,009)
Other comprehensive income, net of taxes— — — 3,184 3,184 
Issuance of common stock:
Common stock offering62,162 575,000 — — 575,000 
Share-based plans152 8,018 — — 8,018 
Common stock offering expenses— (18,621)— — (18,621)
Share-based expenses and other, net— (7,324)— — (7,324)
Discontinued operations— — (289,627)289,627 — 
Balance, December 31, 2024172,466 2,264,544 (788,916)3,461 1,479,089 
Net loss for common stock— — 123,120 — 123,120 
Other comprehensive loss, net of tax benefits— — — (123)(123)
Issuance of common stock:
Share-based plans154 3,896 — — 3,896 
Share-based expenses and other, net— (648)— — (648)
Stock expense adjustment and other— 395 190 — 585 
Balance, December 31, 2025172,620 $2,268,187 $(665,606)$3,338 $1,605,919 
Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

5

CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 312025202420232022
(in thousands)
Cash flows from operating activities
Net income (loss)$126,281 $(1,424,119)$201,128 $243,028 
Adjustments to reconcile net income (loss) to net cash provided by operating activities-continuing operations
Loss (income) from discontinued operations— 103,486 (53,362)(79,989)
Depreciation of property, plant and equipment 260,024 261,701 254,990 244,477 
Other amortization38,895 31,832 27,316 25,928 
Loss (gain) on sale of subsidiaries and equity-method investment and impairment loss on assets sold and held for sale12,376 39,642 644 (8,123)
Deferred income tax expense (benefit)(10,630)(486,188)9,352 (33,157)
Share-based compensation expense3,426 3,591 6,776 7,450 
Allowance for equity funds used during construction(15,013)(13,786)(15,164)(10,574)
Other(6,359)(13,790)(2,989)(5,323)
Changes in assets and liabilities
Decrease (increase) in accounts receivable and unbilled revenues, net(51,351)96,700 (71,643)(147,327)
Decrease (increase) in fuel oil stock(15,579)49,361 43,388 (87,569)
Increase in materials and supplies(14,458)(4,177)(34,887)(7,960)
Decrease (increase) in regulatory assets(30,462)(22,743)(10,613)34,600 
Increase in regulatory liabilities96,043 48,433 54,470 44,888 
Increase in accounts, interest and dividends payable7,032 6,862 34,290 23,083 
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes(4,563)(25,525)(9,858)120,738 
Change in defined benefit pension and other postretirement benefit plans liability(8,788)(9,358)(8,215)(4,564)
Increase in wildfire related claims47,750 1,840,000 75,000 — 
Change in other assets and liabilities, net(43,551)(53,812)(57,255)(25,924)
Net cash provided by operating activities-continuing operations391,073 428,110 443,368 333,682 
Net cash provided by operating activities-discontinued operations— 59,371 108,103 120,794 
Net cash provided by operating activities391,073 487,481 551,471 454,476 
Cash flows from investing activities
Capital expenditures(341,202)(344,251)(442,727)(339,333)
Proceeds from sale of subsidiaries13,781 — — — 
Acquisition of business— — — (25,706)
Other, net5,246 10,330 6,558 14,184 
Net cash used in investing activities-continuing operations(322,175)(333,921)(436,169)(350,855)
Net cash provided by (used in) investing activities-discontinued operations— 592,239 178,770 (777,827)
Net cash provided by (used in) investing activities$(322,175)$258,318 $(257,399)$(1,128,682)
(Continued on next page)
6

CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION (Continued)
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 312025202420232022
(in thousands)
Cash flows from financing activities
Net increase (decrease) in short-term borrowings with original maturities of three months or less$— $— $(137,650)$83,652 
Proceeds from issuance of short-term debt— 50,000 65,000 35,000 
Repayment of short-term debt(50,000)— (100,000)— 
Proceeds from issuance of long-term debt510,000 5,475 625,000 227,312 
Repayment of long-term debt and funds transferred for repayment of long-term debt(733,564)(97,698)(167,080)(221,910)
Withheld shares for employee taxes on vested share-based compensation(178)(1,074)(2,371)(3,165)
Net proceeds from issuance of common stock— 556,612 1,223 — 
Common stock dividends— — (73,957)(111,229)
Preferred stock dividends of subsidiaries(1,890)(1,890)(1,890)(1,890)
Redemption of preferred stock of subsidiaries(35,368)— — — 
Other(20,004)(13,867)(5,133)(2,041)
Net cash provided by (used in) financing activities-continuing operations(331,004)497,558 203,142 5,729 
Net cash provided by (used in) financing activities-discontinued operations— (342,853)(7,567)561,942 
Net cash provided by (used in) financing activities(331,004)154,705 195,575 567,671 
Net increase (decrease) in cash, cash equivalents and restricted cash, including cash from discontinued operations(262,106)900,504 489,647 (106,535)
Cash, cash equivalents and restricted cash from continuing operations, January 11,242,852 259,119 48,778 256,204 
Cash, cash equivalents and restricted cash from discontinued operations, January 1
— 435,455 156,149 55,258 
Cash, cash equivalents and restricted cash, including cash from discontinued operations, December 31980,746 1,595,078 694,574 204.927 
Less: Cash from discontinued operations— (352,226)(435,455)(156,149)
Cash, cash equivalents and restricted cash from continuing operations, December 31980,746 1,242,852 259,119 48,778 
Less: Restricted cash(478,968)(492,317)(15,028)(5,050)
Cash and cash equivalents from continuing operations, December 31$501,778 $750,535 $244,091 $43,728 
Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.
7

CONSOLIDATED CAPITAL STRUCTURE
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
December 31202520242023
(in thousands)
Short-term borrowings1
$— $48,623 $— 
Long-term debt1
Long-term debt of electric utility subsidiaries, net of unamortized debt issuance costs 2
2,182,833 1,901,214 1,934,277 
HEI 4.58% senior notes, paid in 2025— 50,000 50,000 
HEI 4.72% senior notes, due 202837,096 100,000 100,000 
HEI 2.82% senior notes, due 20288,903 24,000 24,000 
HEI 2.48% senior notes, due 202811,129 30,000 30,000 
HEI 6.04% senior notes, due 202814,467 39,000 39,000 
HEI 2.98% senior notes, due 203018,548 50,000 50,000 
HEI 3.15% senior notes, due 203118,919 51,000 51,000 
HEI 2.78% senior notes, due 20319,274 25,000 25,000 
HEI 2.98% senior notes, due 203211,129 30,000 30,000 
HEI 5.43% senior notes, due 203227,822 75,000 75,000 
HEI 6.10% senior notes, due 203322,629 61,000 61,000 
HEI 5.43% senior notes, due 203412,984 35,000 35,000 
HEI 3.74% senior notes, due 20517,419 20,000 20,000 
HEI 3.94% senior notes, due 20527,419 20,000 20,000 
Hamakua Energy 4.02% non-recourse notes, due 20302
— 39,026 44,855 
Mauo SOFR + 1.475% loan, paid in 2024— — 5,384 
Mauo 5.07% non-recourse term loan, due 2034 to 20352
— 20,795 16,962 
Ka`ie`ie Waho Company 2.79% non-recourse loan, due 20312
— 8,517 9,727 
Mahipapa 2.14% non-recourse loan, due 2034 to 20363
— 53,263 53,743 
Mahipapa 5.625% non-recourse unsecured loan, due 20273
— 424 578 
HEI revolving credit facility SOFR + 2.50%, due 20304
20,000 173,000 175,000 
Less unamortized debt issuance cost and debt discount(596)(6,681)(8,097)
Total long term debt, net2,409,975 2,799,558 2,842,429 
Preferred stock of subsidiaries - not subject to mandatory redemption— 34,293 34,293 
Shareholders' equity
Common stock2,268,187 2,264,544 1,707,471 
Retained earnings (deficit)(665,606)(788,916)926,720 
Accumulated other comprehensive income (loss), net of taxes3,338 3,461 (289,350)
Total shareholders' equity1,605,919 1,479,089 2,344,841 
Total short-term borrowings, long term debt, net, preferred stock and shareholders' equity$4,015,894 $4,361,563 $5,221,563 
LONG-TERM DEBT MATURITIES as of December 31, 2025
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
(in thousands)20262027202820292030ThereafterTotal
Long-term debt1
Electric utilities5
$125,000 $100,000 $67,500 $35,000 $150,000 $1,717,500 $2,195,000 
HEI3
— — 71,595 — 38,548 117,595 227,738 
Less unamortized debt issuance cost(12,763)
$125,000 $100,000 $139,095 $35,000 $188,548 $1,835,095 $2,409,975 
Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.
1 Excludes intercompany borrowings.
2 The debt of Hamakua Energy, Mauo and Ka’ie’ie Waho was transferred to the buyer as part of the sale of these entities in 2025.
3 Amounts do not include $54 million related to Mahipapa debt which are included in liabilities held for sale as of December 31, 2025.
4 As of December 31, 2025 and 2024, the weighted-average interest rate was 6.32% and 6.89%, respectively. At December 31, 2024, the credit facility’s interest rate was based on term SOFR plus the applicable margin of 1.75%, reduced by a 0.05% sustainability margin adjustment, plus an additional 0.10% spread adjustment.
5 See pages 15 to 17 for additional information.
8

SELECTED FINANCIAL INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 3120252024202320222021
(in thousands)
CAPITAL STRUCTURE1
Short-term borrowings, net$— $48,623 $— $87,967 $— 
Long-term debt, net, including current portion2,182,833 1,901,214 1,934,277 1,684,816 1,676,402 
Preferred stock2
— 34,293 34,293 34,293 34,293 
Common stock equity 1,583,399 1,156,955 2,409,110 2,344,170 2,261,899 
$3,766,232 $3,141,085 $4,377,680 $4,151,246 $3,972,594 
CAPITAL STRUCTURE RATIOS (%) 1
Short-term borrowings, net— 1.6 — 2.1 — 
Long-term debt, net, including current portion58.0 60.5 44.2 40.6 42.2 
Preferred stock— 1.1 0.8 0.8 0.9 
Common stock equity42.0 36.8 55.0 56.5 56.9 
100.0 100.0 100.0 100.0 100.0 
KEY FINANCIAL RATIOS (%)
Authorized return on rate base 3
Hawaiian Electric7.37 7.37 7.37 7.37 7.37 
Hawaii Electric Light7.52 7.52 7.52 7.52 7.52 
Maui Electric 7.43 7.43 7.43 7.43 7.43 
Earned rate-making return on simple average rate base 4
Hawaiian Electric7.61 7.18 7.34 7.32 7.28 
Hawaii Electric Light6.65 6.23 6.77 5.76 5.96 
Maui Electric 4.49 4.25 4.57 6.53 6.61 
Authorized return on simple average common equity 3
Hawaiian Electric9.50 9.50 9.50 9.50 9.50 
Hawaii Electric Light9.50 9.50 9.50 9.50 9.50 
Maui Electric 9.50 9.50 9.50 9.50 9.50 
Earned rate-making return on simple average common equity 5
Hawaiian Electric9.92 9.09 9.28 9.67 9.38 
Hawaii Electric Light8.19 7.48 8.27 6.87 7.02 
Maui Electric 4.54 3.54 4.46 8.23 8.22 
Book return on simple average common equity 6
Hawaiian Electric19.27 NM
7
8.96 8.76 8.53 
Hawaii Electric Light9.51 NM
7
8.09 6.44 6.51 
Maui Electric 3.48 NM
7
4.53 7.33 7.41 
1
At December 31.
2
On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock.
3
Reflects latest interim or final decision and order as of the end of the respective years.
4
Based on recorded income and average rate base, both adjusted for items not included in determining electric rates.
5
This calculation is based on recorded income and the average common equity capitalization of the average rate base, both adjusted for items not included in determining electric rates.
6
Based on recorded net income divided by average common equity, simple average method.
7
NM - Not meaningful
The Utility's actual and allowed rates of return are not meaningful due to the accrual of estimated wildfire liabilities of approximately $1.92 billion.
(Continued on next page)
9

SELECTED FINANCIAL INFORMATION (continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 3120252024202320222021
(in thousands)
RATE BASE (in millions, simple average)
Hawaiian Electric$2,650 
1
$2,683 $2,689 $2,613 $2,510 
Hawaii Electric Light594 
1
581 579 573 560 
Maui Electric678 
1
647 603 559 531 
$3,922 $3,911 $3,871 $3,745 $3,601 
DEPRECIATION AND AFUDC (%)
Composite annual depreciation rate3.1 3.2 3.2 3.2 3.2 
Accumulated depreciation as percent of gross plant 2
36.2 35.8 35.7 36.9 36.8 
Weighted-average AFUDC rate7.3 7.3 7.2 7.1 7.1 
1
The 12/31/25 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,630, $606 and $698, respectively.
2
At December 31.
10

CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 3120252024202320222021
(in thousands)
Revenues1
$3,071,182 $3,206,700 $3,269,521 $3,408,587 $2,539,636 
Expenses
Fuel oil947,445 1,078,045 1,211,420 1,265,614 644,349 
Purchased power677,654 703,371 671,769 793,584 670,494 
Other operation and maintenance620,442 609,672 533,557 497,601 475,412 
Wildfire tort-related claims— 1,875,000 — — — 
Depreciation256,039 251,142 243,705 235,424 229,469 
Taxes, other than income taxes289,816 301,328 306,912 317,173 240,354 
     Total expenses2,791,396 4,818,558 2,967,363 3,109,396 2,260,078 
Operating income (loss)279,786 (1,611,858)302,158 299,191 279,558 
Allowance for equity funds used during construction15,013 13,786 15,164 10,574 9,534 
Retirement defined benefits credit - other than service costs4,135 4,137 4,303 3,835 3,890 
Interest expense and other charges, net(93,702)(82,082)(86,140)(76,416)(72,447)
Allowance for borrowed funds used during construction5,893 5,470 5,201 3,416 3,250 
Interest Income1
9,463 6,633 6,454 — — 
Income (loss) before income taxes220,588 (1,663,914)247,140 240,600 223,785 
Income taxes (benefit)49,033 (439,547)51,193 49,676 44,148 
Net income (loss) 171,555 (1,224,367)195,947 190,924 179,637 
Dividends on and loss on redemption of preferred stock of subsidiaries915 915 915 915 915 
Net income (loss) attributable to Hawaiian Electric170,640 (1,225,282)195,032 190,009 178,722 
Dividends on and loss on redemption of preferred stock of Hawaiian Electric2,425 1,080 1,080 1,080 1,080 
Net income (loss) for common stock2
168,215 (1,226,362)193,952 188,929 177,642 
Retained earnings, January 1223,896 1,476,258 1,411,306 1,348,277 1,282,335 
Common stock dividends(30,000)(26,000)(129,000)(125,900)(111,700)
Stock expense adjustment and other190 — — — — 
Retained earnings, December 31$362,301 $223,896 $1,476,258 $1,411,306 $1,348,277 
Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.
1
In 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income.
2
Includes wildfire expenses net of insurance recoveries and approved deferral treatment of $9.3 million, $1.4 billion and $1.1 million in 2025, 2024 and 2023, respectively.
11

CONSOLIDATED BALANCE SHEETS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
December 3120252024202320222021
(in thousands)
ASSETS
Property, plant and equipment
Utility property, plant and equipment$9,693,356 $9,286,330 $8,947,305 $8,355,294 $7,992,489 
Less accumulated depreciation(3,508,592)(3,326,624)(3,197,514)(3,086,499)(2,940,517)
Utility property, plant and equipment, net6,184,764 5,959,706 5,749,791 5,268,795 5,051,972 
Nonutility property, plant and equipment, less accumulated depreciation2,705 2,792 6,942 6,945 6,949 
Total property, plant and equipment, net6,187,469 5,962,498 5,756,733 5,275,740 5,058,921 
Current assets
Cash and cash equivalents486,220 184,148 106,077 39,242 52,169 
Restricted cash — — 2,000 — 3,089 
Customer accounts receivable, net172,894 199,898 244,309 288,338 186,859 
Accrued unbilled revenues, net192,033 178,721 185,644 183,280 129,155 
Other accounts receivable, net76,346 69,637 111,519 13,567 7,267 
Fuel oil stock, at average cost113,582 98,903 148,237 191,530 104,078 
Materials and supplies, at average cost132,803 118,466 114,433 79,568 71,877 
Prepayments and other 57,980 151,220 58,491 33,482 46,031 
Regulatory assets 50,039 53,895 68,453 52,273 66,664 
Total current assets1,281,897 1,054,888 1,039,163 881,280 667,189 
Other long-term assets
Operating lease right-of-use assets55,863 59,281 71,877 89,318 101,470 
Regulatory assets258,076 227,424 226,351 190,240 498,879 
Defined benefit pension and other postretirement benefit plans asset219,477 108,819 67,568 36,960 26,055 
Investment in unconsolidated affiliate287,250 — — — — 
Other240,488 200,694 121,862 123,929 139,111 
Total other long-term assets1,061,154 596,218 487,658 440,447 765,515 
Total assets$8,530,520 $7,613,604 $7,283,554 $6,597,467 $6,491,625 
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock equity $1,583,399 $1,156,955 $2,409,110 $2,344,170 $2,261,899 
Cumulative preferred stock - not subject to mandatory redemption— 34,293 34,293 34,293 34,293 
Long-term debt, net 2,057,874 1,854,214 1,934,277 1,584,854 1,624,427 
Total capitalization3,641,273 3,045,462 4,377,680 3,963,317 3,920,619 
Current liabilities
Current portion of operating lease liabilities17,565 15,202 16,617 19,095 49,368 
Current portion of long-term debt, net124,959 47,000 — 99,962 51,975 
Short-term borrowings from non-affiliate— 48,623 — 87,967 — 
Accounts payable217,203 196,980 191,040 202,492 160,007 
Interest and preferred dividends payable28,024 21,536 22,882 17,176 17,325 
Taxes accrued, including revenue taxes263,179 272,001 291,942 289,902 208,280 
Regulatory liabilities51,997 26,568 36,559 31,475 29,760 
Wildfire tort-related claims482,250 478,750 75,000 — — 
Other119,278 121,011 96,436 85,596 71,569 
Total current liabilities1,304,455 1,227,671 730,476 833,665 588,284 
Deferred credits and other liabilities
Operating lease liabilities42,753 49,135 62,098 78,715 65,780 
Finance lease liabilities505,590 425,625 330,978 46,048 — 
Deferred income taxes— — 399,001 384,430 408,634 
Regulatory liabilities1,392,147 1,217,515 1,114,131 1,024,175 967,008 
Unamortized tax credits67,918 76,676 84,312 95,300 103,945 
Defined benefit pension and other postretirement benefit plans liability6,909 6,428 60,671 49,748 321,780 
Wildfire tort-related claims1,436,250 1,436,250 — — — 
Other133,225 128,842 124,207 122,069 115,575 
Total deferred credits and other liabilities3,584,792 3,340,471 2,175,398 1,800,485 1,982,722 
Total capitalization and liabilities$8,530,520 $7,613,604 $7,283,554 $6,597,467 $6,491,625 
Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.
12

CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31202520242023
(in thousands)
Cash flows from operating activities
Net income (loss)$171,555 $(1,224,367)$195,947 
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation of property, plant and equipment256,039 251,142 243,705 
Other amortization38,166 31,828 26,490 
Deferred income tax expense (benefit)(6,242)(481,624)1,439 
State refundable credit(12,386)(11,914)(11,325)
Bad debt expense 3,541 4,720 8,161 
Allowance for equity funds used during construction(15,013)(13,786)(15,164)
Other 2,652 (6,311)460 
Changes in assets and liabilities
Decrease (increase) in accounts receivable 9,481 88,376 (65,004)
Decrease (increase) in accrued unbilled revenues
(13,254)7,561 (3,048)
Decrease (increase) in fuel oil stock(14,679)49,334 43,293 
Increase in materials and supplies(14,337)(4,033)(34,865)
Increase in regulatory assets(30,462)(22,743)(10,613)
Increase in regulatory liabilities96,043 48,433 54,470 
Increase in accounts payable8,719 9,644 20,454 
Change in prepaid and accrued income taxes, tax credits and revenue taxes(5,894)(26,542)1,878 
Change in defined benefit pension and other postretirement benefit plans asset/liability(8,777)(9,218)(8,186)
Increase in wildfire tort-related claims1
— 1,840,000 75,000 
Change in other assets and liabilities (28,066)(64,767)(48,725)
Net cash provided by operating activities437,086 465,733 474,367 
Cash flows from investing activities
Capital expenditures(339,573)(329,479)(438,775)
Other6,142 11,848 6,176 
Net cash used in investing activities(333,431)(317,631)(432,599)
Cash flows from financing activities
Common stock dividends(30,000)(26,000)(129,000)
Preferred stock dividends of Hawaiian Electric and subsidiaries(1,995)(1,995)(1,995)
Proceeds from issuance of common stock/capital contribution from parent540 270 — 
Proceeds from issuance of long-term debt500,000 — 350,000 
Repayment of long-term debt and funds transferred for repayment of long-term debt(166,000)(81,000)(100,000)
Net decrease in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less— — (87,967)
Proceeds from issuance of short-term debt— 50,000 — 
Repayment of short-term debt(50,000)— — 
Payments of obligations under finance leases(9,905)(4,119)(3,128)
Redemption of preferred stock(35,468)— — 
Other(8,755)(9,187)(843)
Net cash provided by (used in) financing activities198,417 (72,031)27,067 
Net increase in cash, cash equivalents and restricted cash302,072 76,071 68,835 
Cash, cash equivalents and restricted cash, January 1184,148 108,077 39,242 
Cash, cash equivalents and restricted cash, December 31486,220 184,148 108,077 
Less: Restricted cash— — (2,000)
Cash and cash equivalents, December 31$486,220 $184,148 $106,077 
Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc.and subsidiaries' Form 10-K for each year. Reclassification of 2023 amounts were made to conform to the 2024 presentation.
1
Reclassified 2023 amount from "change in other assets and liabilities" to "increase in wildfire tort-related claims" to conform to 2024 presentation.
13

CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
December 3120252024202320222021
(dollars in thousands, except par values)
Shares outstanding1
SeriesPar valueCompany12/31/2025
C4.25%$20 Hawaiian Electric— $— $3,000 $3,000 $3,000 $3,000 
D5.00%20 Hawaiian Electric— — 1,000 1,000 1,000 1,000 
E5.00%20 Hawaiian Electric— — 3,000 3,000 3,000 3,000 
H5.25%20 Hawaiian Electric— — 5,000 5,000 5,000 5,000 
I5.00%20 Hawaiian Electric— — 1,793 1,793 1,793 1,793 
J4.75%20 Hawaiian Electric— — 5,000 5,000 5,000 5,000 
K4.65%20 Hawaiian Electric— — 3,500 3,500 3,500 3,500 
G7.625%100 Hawaii Electric Light— — 7,000 7,000 7,000 7,000 
H7.625%100 Maui Electric— — 5,000 5,000 5,000 5,000 
— $— $34,293 $34,293 $34,293 $34,293 
Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.
1
On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock.
14

LONG-TERM DEBT
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
December 3120252024202320222021
(in thousands)
OBLIGATIONS TO THE STATE OF HAWAII FOR THE
REPAYMENT OF SPECIAL PURPOSE REVENUE BONDS
Hawaiian Electric
Refunding series 2015, 3.25%, paid in 2025$— $40,000 $40,000 $40,000 $40,000 
Refunding series 2017A, 3.10%, due 202662,000 62,000 62,000 62,000 62,000 
Refunding series 2017B, 4.00%, due 2037100,000 100,000 100,000 100,000 100,000 
Refunding series 2019, 3.20%, due 203990,000 90,000 90,000 90,000 90,000 
Series 2019, 3.50%, due 204970,000 70,000 70,000 70,000 70,000 
322,000 362,000 362,000 362,000 362,000 
Hawaii Electric Light
Refunding series 2015, 3.25%, paid in 2025— 5,000 5,000 5,000 5,000 
Refunding series 2017A, 3.10%, due 20268,000 8,000 8,000 8,000 8,000 
Refunding series 2017B, 4.00%, due 203720,000 20,000 20,000 20,000 20,000 
Refunding series 2019, 3.20%, due 203960,000 60,000 60,000 60,000 60,000 
Series 2019, 3.50%, due 20492,500 2,500 2,500 2,500 2,500 
90,500 95,500 95,500 95,500 95,500 
Maui Electric
Refunding series 2015, 3.25%, paid in 2025— 2,000 2,000 2,000 2,000 
Refunding series 2017A, 3.10%, due 202655,000 55,000 55,000 55,000 55,000 
Refunding series 2017B, 4.00%, due 203720,000 20,000 20,000 20,000 20,000 
Series 2019, 3.50%, due 20497,500 7,500 7,500 7,500 7,500 
82,500 84,500 84,500 84,500 84,500 
Total obligations to the State of Hawaii$495,000 $542,000 $542,000 $542,000 $542,000 
(Continued on next page)


15

LONG-TERM DEBT (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
December 3120252024202320222021
(in thousands)
OTHER LONG-TERM DEBT (UNSECURED)
Taxable unsecured senior notes:
Hawaiian Electric
Series 2013A, 4.45%, paid in 2022$— $— $— $— $40,000 
Series 2012C, 4.55%, paid in 2023— — — 50,000 50,000 
Series 2012D, 4.72%, due 202935,000 35,000 35,000 35,000 35,000 
Series 2012E, 5.39%, due 2042150,000 150,000 150,000 150,000 150,000 
Series 2012F, 4.53%, due 203240,000 40,000 40,000 40,000 40,000 
Series 2013B, 4.84%, due 202750,000 50,000 50,000 50,000 50,000 
Series 2013C, 5.65%, due 204350,000 50,000 50,000 50,000 50,000 
Series 2015A, 5.23%, due 204550,000 50,000 50,000 50,000 50,000 
Series 2016A, 4.54%, due 204640,000 40,000 40,000 40,000 40,000 
Series 2017A, 4.31%, due 204740,000 40,000 40,000 40,000 40,000 
Series 2018A, 4.38%, due 202852,000 52,000 52,000 52,000 52,000 
Series 2018B, 4.53%, due 203312,500 12,500 12,500 12,500 12,500 
Series 2018C, 4.72%, due 204810,500 10,500 10,500 10,500 10,500 
Series 2019A, 4.21%, due 203430,000 30,000 30,000 30,000 30,000 
Series 2020A, 3.31%, due 203050,000 50,000 50,000 50,000 50,000 
Series 2020B, 3.31%, due 203040,000 40,000 40,000 40,000 40,000 
Series 2020C, 3.96%, due 205020,000 20,000 20,000 20,000 20,000 
Series 2020D, 3.28%, due 204030,000 30,000 30,000 30,000 30,000 
Series 2020E, 3.51%, due 205030,000 30,000 30,000 30,000 30,000 
Series 2022A, 3.70%, due 203240,000 40,000 40,000 40,000 — 
Series 2023A, 6.11%, due 203040,000 40,000 40,000 — — 
Series 2023B, 6.25%, due 203340,000 40,000 40,000 — — 
Series 2023C, 6.70%, due 205320,000 20,000 20,000 — — 
Senior Notes 2025, 6%, due 2033500,000 — — — — 
1,370,000 870,000 870,000 820,000 820,000 
Hawaii Electric Light
Series 2013B, 4.45%, paid in 2022— — — — 12,000 
Series 2012B, 4.55%, paid in 2023— — — 20,000 20,000 
Series 2013C, 4.84%, due 202730,000 30,000 30,000 30,000 30,000 
Series 2015A, 5.23%, due 204525,000 25,000 25,000 25,000 25,000 
Series 2018A, 4.38%, due 20289,000 9,000 9,000 9,000 9,000 
Series 2018B, 4.53%, due 20333,000 3,000 3,000 3,000 3,000 
Series 2018C, 4.72%, due 20483,000 3,000 3,000 3,000 3,000 
Series 2019A, 4.21%, due 203410,000 10,000 10,000 10,000 10,000 
Series 2020A, 3.96%, due 205010,000 10,000 10,000 10,000 10,000 
Series 2020B, 3.28%, due 204015,000 15,000 15,000 15,000 15,000 
Series 2020C, 3.51%, due 205015,000 15,000 15,000 15,000 15,000 
Series 2022A, 3.70%, due 203210,000 10,000 10,000 10,000 — 
Series 2023A, 6.25%, due 203325,000 25,000 25,000 — — 
$155,000 $155,000 $155,000 $150,000 $152,000 
(Continued on next page)
16

LONG-TERM DEBT (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
December 3120252024202320222021
(in thousands)
OTHER LONG-TERM DEBT (UNSECURED)
Taxable unsecured senior notes:
Maui Electric
Series 2012C, 4.55%, paid in 2023$— $— $— $30,000 $30,000 
Series 2013A, 4.84%, due 202720,000 20,000 20,000 20,000 20,000 
Series 2013B, 5.65%, due 204320,000 20,000 20,000 20,000 20,000 
Series 2015A, 5.23%, due 20455,000 5,000 5,000 5,000 5,000 
Series 2017A, 4.31%, due 204710,000 10,000 10,000 10,000 10,000 
Series 2018A, 4.38%, due 20286,500 6,500 6,500 6,500 6,500 
Series 2018B, 4.53%, due 20332,000 2,000 2,000 2,000 2,000 
Series 2018C, 4.72%, due 20481,500 1,500 1,500 1,500 1,500 
Series 2019A, 4.21%, due 203410,000 10,000 10,000 10,000 10,000 
Series 2020A, 3.31%, due 203020,000 20,000 20,000 20,000 20,000 
Series 2020B, 3.96%, due 205020,000 20,000 20,000 20,000 20,000 
Series 2020C, 3.51%, due 205025,000 25,000 25,000 25,000 25,000 
Series 2022A, 3.70%, due 203210,000 10,000 10,000 10,000 — 
Series 2023A, 6.25%, due 203325,000 25,000 25,000 — — 
175,000 175,000 175,000 180,000 170,000 
Total taxable unsecured senior notes1,700,000 1,200,000 1,200,000 1,150,000 1,142,000 
Revolving credit facility SOFR +2.25%, due 2026— 166,000 200,000 — — 
Total other long-term debt - unsecured1,700,000 1,366,000 1,400,000 1,150,000 1,142,000 
Total long-term debt2,195,000 1,908,000 1,942,000 1,692,000 1,684,000 
Less current portion of long-term debt, net of unamortized debt issuance costs124,959 47,000 — 99,962 51,975 
Less unamortized debt issuance costs12,167 6,786 7,723 7,184 7,598 
Long-term debt, net$2,057,874 $1,854,214 $1,934,277 $1,584,854 $1,624,427 
Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.

17

CUSTOMER, SALES AND REVENUE INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 3120252024202320222021
SERVICE AREA 1
Service area (estimated, in square miles)5,800 5,815 5,815 5,815 5,815 
Service area population (estimated, in thousands) n/a1,372 1,361 1,366 1,368 
CUSTOMER ACCOUNTS 2
Residential418,801 417,253 416,072 413,744 414,713 
Commercial54,701 54,571 54,831 55,228 55,201 
Industrial739 712 702 696 698 
474,241 472,536 471,605 469,668 470,612 
CUSTOMER ACCOUNTS BY COMPANY 2
Hawaiian Electric 310,789 310,336 309,631 306,978 308,721 
Hawaii Electric Light91,234 90,522 89,477 88,757 88,103 
Maui Electric72,218 71,678 72,497 73,933 73,788 
Consolidated474,241 472,536 471,605 469,668 470,612 
MEGAWATTHOUR SALES (thousands)2
Residential2,358 2,295 2,342 2,415 2,492 
Commercial2,657 2,623 2,611 2,643 2,595 
Industrial3,408 3,301 3,274 3,296 3,174 
8,423 8,219 8,227 8,354 8,261 
MEGAWATTHOUR SALES MIX (%)2
Residential28.0 27.9 28.5 28.9 30.2 
Commercial31.5 31.9 31.7 31.6 31.4 
Industrial40.5 40.2 39.8 39.5 38.4 
100.0 100.0 100.0 100.0 100.0 
MEGAWATTHOUR SALES BY COMPANY (thousands)
Hawaiian Electric 6,258 6,134 6,138 6,211 6,169 
Hawaii Electric Light1,063 1,047 1,044 1,054 1,044 
Maui Electric1,102 1,038 1,045 1,089 1,048 
Consolidated8,423 8,219 8,227 8,354 8,261 
MEGAWATTHOUR SALES GROWTH BY COMPANY (%)
Hawaiian Electric 2.0 (0.1)(1.2)0.7 (0.2)
Hawaii Electric Light1.5 0.3 (0.9)1.0 6.7 
Maui Electric6.2 (0.7)(4.0)3.9 9.3 
Consolidated2.5 (0.1)(1.5)1.1 1.7 
RENEWABLE GENERATION RPS (%) 3
Hawaiian Electric 32 31 30 28 33 
Hawaii Electric Light 57 59 52 48 60 
Maui Electric42 41 35 36 50 
Consolidated37 36 33 32 38 
1
Source: State of Hawaii Data Book 2024 (prior years)
2
At December 31. "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements.
3
In July 2022, former Governor Ige signed Act 240 (H.B.2089), which amended the RPS calculation from renewable energy as a percentage of sales to a percentage of total generation. The amended RPS calculation that applies to all years after 2021 results in a lower calculated percentage than the amount calculated under the previous methodology.
n/a: Not available
(Continued on next page)
18

CUSTOMER, SALES AND REVENUE INFORMATION (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 3120252024202320222021
REVENUES (thousands)1
Electric sales revenue
Residential$983,583 $1,011,289 $1,028,415 $1,069,974 $843,655 
Commercial972,747 1,023,571 1,039,894 1,085,405 810,658 
Industrial1,067,468 1,122,152 1,156,909 1,211,242 853,293 
Total electric sales revenues3,023,798 3,157,012 3,225,218 3,366,621 2,507,606 
Other revenues2
47,384 49,688 44,303 41,966 32,030 
Total revenues$3,071,182 $3,206,700 $3,269,521 $3,408,587 $2,539,636 
Less:
Fuel oil947,445 1,078,045 1,211,420 1,265,614 644,349 
Purchased power677,654 703,371 671,769 793,584 670,494 
Taxes, other than income taxes289,816 301,328 306,912 317,173 240,354 
Net revenues$1,156,267 $1,123,956 $1,079,420 $1,032,216 $984,439 
REVENUES BY COMPANY (thousands)
Hawaiian Electric $2,177,043 $2,283,148 $2,356,478 $2,452,969 $1,793,372 
Hawaii Electric Light458,524 483,715 464,161 485,590 381,033 
Maui Electric438,098 440,432 448,882 470,355 365,256 
HE AR Inter3
11,943 5,570 — — — 
Eliminations2,3
(14,426)(6,165)— (327)(25)
Consolidated$3,071,182 $3,206,700 $3,269,521 $3,408,587 $2,539,636 
AVERAGE REVENUE PER KWH SOLD (cents)1
Residential41.72 44.06 43.91 44.30 33.86 
Commercial36.57 39.02 39.82 40.99 31.21 
Industrial31.33 33.99 35.34 36.75 26.88 
Other38.98 41.05 40.79 55.24 34.19 
35.90 38.41 39.21 40.30 30.35 
AVERAGE REVENUE PER KWH SOLD BY COMPANY (cents)
Hawaiian Electric 34.19 36.62 37.86 39.00 28.72 
Hawaii Electric Light42.53 45.43 43.90 45.51 36.00 
Maui Electric39.19 41.90 42.39 42.67 34.33 
Consolidated35.90 38.41 39.21 40.30 30.35 
AVERAGE ANNUAL RESIDENTIAL USE PER CUSTOMER BY COMPANY (KWH)
Hawaiian Electric 5,621 5,450 5,589 5,761 6,013 
Hawaii Electric Light5,399 5,459 5,480 5,644 5,795 
Maui Electric6,028 5,858 5,981 6,298 6,339 
Consolidated5,639 5,512 5,628 5,821 6,022 
Average monthly electric sales revenue per residential customer$196 $202 $206 $215 $170 
1
"Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements.
2
In 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income (and associated intercompany eliminations).
3
In 2024, HE AR Inter was formed to pursue financing through a secured asset-based (accounts receivable) credit facility. The gain on sale of receivables is eliminated at consolidation.

19

POWER SUPPLY INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 3120252024202320222021
ENERGY NET GENERATED AND PURCHASED (thousands of MWH)
Net generated
   Fuel oil
Conventional oil-fired steam units3,993 3,993 4,057 3,701 3,288 
Dual train combined-cycle unit805 714 747 795 749 
Diesel internal combustion engine313 337 362 323 304 
Simple-cycle combustion turbines143 150 115 133 89 
5,254 5,194 5,281 4,952 4,430 
   Biodiesel internal combustion engine11 17 17 16 25 
   Hydro1 4 5 6 9 
   Solar39 37 40 38 37 
Total net generated5,305 5,252 5,343 5,012 4,501 
Purchased
   Non-renewable 1
1,486 1,423 1,518 2,066 2,470 
    Renewable 2
2,012 1,939 1,741 1,684 1,684 
    Battery Storage 3
176 187 12 — — 
Total purchased3,674 3,549 3,271 3,750 4,154 
Customer-sited solar1,857 1,691 1,586 1,522 1,418 
10,836 10,492 10,200 10,284 10,073 
GENERATION MIX (%)
Fuel oil
Conventional oil-fired steam units36.8 38.1 39.8 36.0 32.6 
Dual train combined-cycle unit7.4 6.8 7.3 7.7 7.4 
Diesel internal combustion engine2.9 3.2 3.5 3.1 3.0 
Simple-cycle combustion turbines1.3 1.4 1.1 1.3 0.9 
48.4 49.5 51.7 48.1 43.9 
Biodiesel internal combustion engine0.1 0.2 0.2 0.2 0.2 
Hydro— — — 0.1 0.1 
Solar0.4 0.4 0.4 0.4 0.4 
Total generation48.9 50.1 52.3 48.8 44.6 
Purchased
   Non-renewable 1
13.7 13.6 14.9 20.1 24.6 
    Renewable 2
18.7 18.4 17.2 16.3 16.7 
    Battery Storage 3
1.6 1.8 0.1 — — 
Total purchased34.0 33.8 32.2 36.4 41.3 
Customer-sited solar17.1 16.1 15.5 14.8 14.1 
100.0 100.0 100.0 100.0 100.0 
1
AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant has ceased operations.
2
Includes firm and non-firm renewable generation; does not include generation associated with Net Energy Metering (NEM) and Grid Supply customers.
3
Represents Kapolei Energy Storage, which reached commercial operations in December 2023.
(Continued on next page)
20

POWER SUPPLY INFORMATION (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 3120252024202320222021
SYSTEM CAPABILITY (MW) 1, 2
Company-owned generation
  Conventional oil-fired steam units993 993 1,086 1,086 1,086 
Diesel internal combustion engine134 147 147 146 146 
  Simple-cycle combustion turbines254 280 279 279 279 
  Dual train combined-cycle unit170 170 170 170 170 
  Biodiesel internal combustion engine57 57 57 57 57 
1,608 1,647 1,739 1,738 1,738 
Firm purchase power contracts 3
   Non-renewable 4
268 268 268 268 448 
   Renewable 101 98 94 94 92 
369 366 362 362 540 
1,977 2,013 2,101 2,100 2,278 
SYSTEM CAPABILITY BY COMPANY (MW) 1, 2
Hawaiian Electric1,472 1,472 1,564 1,564 1,744 
Hawaii Electric Light248 272 268 268 266 
Maui Electric257 269 269 268 268 
1,977 2,013 2,101 2,100 2,278 
SYSTEM PEAK LOAD BY COMPANY (MW) 5
Hawaiian Electric1,058 1,050 1,060 1,072 1,072 
Hawaii Electric Light184 184 187 188 194 
Maui Electric205 190 200 207 205 
1,447 1,424 1,447 1,467 1,471 
FUEL OIL DATA
Barrels of fuel oil consumed (thousands)9,437 9,374 9,559 8,945 8,048 
Average fuel oil cost per barrel$100.40 $115.00 $126.73 $141.49 $80.06 
Average fuel oil cost per million BTU (cents)1,632.9 1,868.2 2,060.0 2,310.9 1,305.4 
Fuel oil cost per net KWH generated (cents)17.997 20.688 22.869 25.283 14.344 
BTU per net KWH generated by company
Hawaiian Electric11,089 11,079 11,178 10,943 10,962 
Hawaii Electric Light11,064 11,558 11,691 11,680 11,876 
Maui Electric10,684 10,720 10,461 10,501 10,543 
Consolidated11,021 11,074 11,102 10,941 10,988 
OTHER DATA
Losses and system uses (%)4.1 6.4 4.2 4.4 4.3 
Reserve margin (%) 5
36.6 41.4 45.2 43.1 54.8 
Annual load factor (%) 5
70.8 70.6 68.0 68.2 67.2 
Average cost per KWH purchased from IPPs (cents)18.444 19.818 20.536 21.160 16.142 
1
At December 31.
2
Excludes solar (West Loch PV - 20 MW) and hydro (four run-of-river units - 4 MW in the aggregate) due to their as-available nature.  
3
Non-renewable firm power contracts include: AES Hawaii (AES)-see note 4 below, Kalaeloa Partners, and Hamakua Energy Partners (HEP).
Renewable firm power contracts include: Honolulu Program of Waste Energy Recovery (H-POWER) and Puna Geothermal Venture (PGV) - see note 5 below. Excludes purchased power contracts with variable generation (e.g. non-firm wind, PV, hydro) resources.
4
AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant ceased operations.
5
Net; noncoincident and nonintegrated.
21

Source: View Original Filing on SEC EDGAR

FAQ

How did Hawaiian Electric Industries (HE) perform financially in 2025?

Hawaiian Electric Industries reported 2025 net income for common stock of $123.1 million, compared with a loss of $1.43 billion in 2024. Revenues were $3.09 billion, down slightly from $3.22 billion, with results driven by much lower wildfire-related expenses.

What were Hawaiian Electric Industries’ 2025 earnings per share and dividends?

In 2025, Hawaiian Electric Industries generated basic and diluted EPS of $0.71, versus a loss of $11.23 per share in 2024. The company paid no common dividends in 2024 or 2025, after paying $1.08 per share in 2023, reflecting a more cautious capital stance.

How significant were wildfire-related costs for Hawaiian Electric Industries in 2025?

The 2025 results include after-tax wildfire expenses net of insurance and deferral of $12.2 million, far below the $1.4 billion recorded in 2024. The company also cites an accrual for estimated wildfire liabilities of approximately $1.92 billion, which continues to weigh on returns.

What is Hawaiian Electric Industries’ capital structure at year-end 2025?

At December 31, 2025, Hawaiian Electric Industries had common stock equity of $1.61 billion and long-term debt, net, of $2.41 billion. Capital structure ratios were 60.0% long-term debt and 40.0% common equity, indicating relatively high leverage for the group.

How did the sale of American Savings Bank affect Hawaiian Electric Industries’ balance sheet?

By the end of 2025, American Savings Bank was no longer a subsidiary, so its assets and liabilities are removed from continuing operations. Total assets declined to $8.92 billion from $17.24 billion in 2023, and discontinued operations no longer contribute to net income or employee counts.

What were Hawaiian Electric’s utility segment results and returns in 2025?

The utilities generated $168.2 million of net income for common stock in 2025, versus a $1.23 billion loss in 2024. Earned rate-making return on simple average common equity for the main utility was 9.92%, slightly above its authorized 9.50% return, before considering wildfire liability impacts.

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HE Latest News

Feb 27, 2026
HEI Reports Fourth Quarter and Full Year 2025 Results
Jan 21, 2026
Hawaiian Electric Industries to Announce Fourth Quarter and Full Year 2025 Results February 27
Nov 7, 2025
HEI Reports Third Quarter 2025 Results
Oct 15, 2025
Hawaiian Electric Industries to Announce Third Quarter 2025 Results November 7
Sep 11, 2025
HEI Announces Pricing of Private Offering of Hawaiian Electric Senior Notes

HE Latest SEC Filings

Mar 27, 2026
[SCHEDULE 13G/A] HAWAIIAN ELECTRIC INDUSTRIES INC Amended Passive Investment Disclosure
Mar 2, 2026
[8-K] HAWAIIAN ELECTRIC INDUSTRIES INC Reports Material Event
Feb 24, 2026
[Form 4] HAWAIIAN ELECTRIC INDUSTRIES INC Insider Trading Activity
Feb 24, 2026
[Form 4] HAWAIIAN ELECTRIC INDUSTRIES INC Insider Trading Activity
Feb 24, 2026
[Form 4] HAWAIIAN ELECTRIC INDUSTRIES INC Insider Trading Activity

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