T. Rowe Price holds 3.9% of Hawaiian Electric (HE) common stock

Rhea-AI Filing Summary

T. Rowe Price Investment Management, Inc. filed an amended Schedule 13G reporting its passive ownership in Hawaiian Electric Industries common stock. The firm reports beneficial ownership of 6,696,902 shares, representing 3.9% of the outstanding common stock as of 12/31/2025.

T. Rowe Price reports sole power to vote 6,658,244 shares and sole power to dispose of 6,696,902 shares, with no shared voting or dispositive power. It certifies the shares were acquired and are held in the ordinary course of business, not to change or influence control of the company, and expressly denies beneficial ownership beyond what is required for reporting.

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Accepted by SEC EDGAR 02/17/2026 - 10:28 AM Learn about SEC filing dates

FAQ

What stake does T. Rowe Price hold in Hawaiian Electric (HE)?

T. Rowe Price Investment Management, Inc. reports beneficial ownership of 6,696,902 Hawaiian Electric common shares, equal to 3.9% of the class as of December 31, 2025. This position is reported on an amended Schedule 13G as a passive investment stake.

Does T. Rowe Price have voting control over its Hawaiian Electric (HE) shares?

T. Rowe Price reports sole voting power over 6,658,244 Hawaiian Electric shares and no shared voting power. It also reports sole dispositive power over 6,696,902 shares, indicating it alone can decide how those shares are voted and whether they are sold or retained.

Is T. Rowe Price’s Hawaiian Electric (HE) position intended to influence control?

No. T. Rowe Price certifies the Hawaiian Electric shares were acquired and are held in the ordinary course of business. It states they were not acquired, and are not held, to change or influence control, and were not acquired as part of any control-related transaction.

Why did T. Rowe Price file an amended Schedule 13G for Hawaiian Electric (HE)?

The amended Schedule 13G updates T. Rowe Price’s reported beneficial ownership in Hawaiian Electric common stock as of December 31, 2025. Such amendments reflect current holdings, including share count, percentage of the class, and the firm’s voting and dispositive powers over those shares.

What does T. Rowe Price say about beneficial ownership of Hawaiian Electric (HE) shares?

T. Rowe Price affirms that filing the Schedule 13G should not be seen as an admission that it is the beneficial owner of the Hawaiian Electric securities referenced. It expressly denies beneficial ownership beyond what is necessary for purposes of the regulatory reporting requirements.

What type of investor is T. Rowe Price in Hawaiian Electric (HE)?

T. Rowe Price Investment Management, Inc., a Maryland-based investment adviser, files this as a passive institutional investor under Schedule 13G. It certifies the Hawaiian Electric shares are held in the ordinary course of business and not as part of any effort to influence corporate control.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

HAWAIIAN ELECTRIC INDS

(Name of Issuer)

COMMON STOCK

(Title of Class of Securities)

419870100

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 419870100

1

Names of Reporting Persons

T. Rowe Price Investment Management, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 6,658,244.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 6,696,902.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

6,696,902.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.9 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: HAWAIIAN ELECTRIC INDS
(b)	Address of issuer's principal executive offices: 1001 BISHOP STREET, SUITE 2900, HONOLULU, HI, 96813
Item 2.
(a)	Name of person filing: T. Rowe Price Investment Management, Inc.
(b)	Address or principal business office or, if none, residence: 1307 Point Street, Baltimore, MD 21231
(c)	Citizenship: Maryland
(d)	Title of class of securities: COMMON STOCK
(e)	CUSIP No.: 419870100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 6696902
(b)	Percent of class: 3.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 6658244
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 6696902
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. T. Rowe Price Investment Management, Inc. hereby declares and affirms that the filing of Schedule 13G shall not be construed as an admission that Price Investment Management is the beneficial owner of the securities referred to, which beneficial ownership is expressly denied.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

T. Rowe Price Investment Management, Inc.

Signature:	Ellen York
Name/Title:	Vice President
Date:	02/17/2026