BlackRock (NYSE: HE stakeholder) reports 16.1% of Hawaiian Electric

Rhea-AI Filing Summary

BlackRock, Inc. reports a significant passive ownership position in Hawaiian Electric Industries, Inc. common stock. As of 12/31/2025, BlackRock beneficially owned 27,798,093 shares, representing 16.1% of the outstanding common stock. It reports sole voting power over 27,393,050 shares and sole dispositive power over 27,798,093 shares, with no shared voting or dispositive power.

BlackRock states that the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Hawaiian Electric Industries. The filing notes that iShares Core S&P Small-Cap ETF has an interest in more than five percent of the issuer’s common stock through its holdings.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

HAWAIIAN ELECTRIC INDUSTRIES INC

(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

BlackRock, 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 27,393,050.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 27,798,093.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

27,798,093.00

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)

16.1 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: HAWAIIAN ELECTRIC INDUSTRIES INC
(b)	Address of issuer's principal executive offices: 1001 BISHOP STREET, SUITE 2900 HONOLULU HI 96813
Item 2.
(a)	Name of person filing: BlackRock, Inc. In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by certain business units (collectively, the "Reporting Business Units") of BlackRock, Inc. and its subsidiaries and affiliates. It does not include securities, if any, beneficially owned by other business units whose beneficial ownership of securities are disaggregated from that of the Reporting Business Units in accordance with such release.
(b)	Address or principal business office or, if none, residence: BlackRock, Inc., 50 Hudson Yards New York, NY 10001
(c)	Citizenship: See Item 4 of Cover Page
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 419870100
Item 4.	Ownership
(a)	Amount beneficially owned: 27798093
(b)	Percent of class: 16.1 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 27393050
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 27798093
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The interest of 1 such person, iShares Core S&P Small-Cap ETF, in the common stock of HAWAIIAN ELECTRIC INDUSTRIES INC is more than five percent of the total outstanding common stock.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99
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.

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.

BlackRock, Inc.

Signature:	Spencer Fleming
Name/Title:	Managing Director
Date:	01/08/2026

Exhibit Information

Exhibit 24: Power of Attorney Exhibit 99: Item 7

FAQ

How many Hawaiian Electric (HE) shares does BlackRock beneficially own?

BlackRock beneficially owns 27,798,093 shares of Hawaiian Electric Industries common stock as of 12/31/2025.

What percentage of Hawaiian Electric (HE) does BlackRock own?

BlackRock reports beneficial ownership of 16.1% of the outstanding common stock of Hawaiian Electric Industries.

Does BlackRock have voting control over its Hawaiian Electric (HE) shares?

BlackRock reports sole voting power over 27,393,050 shares and no shared voting power in Hawaiian Electric Industries.

Is BlackRock’s stake in Hawaiian Electric (HE) passive or activist?

BlackRock certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Hawaiian Electric Industries.

Which BlackRock-related fund holds more than 5% of Hawaiian Electric (HE)?

The interest of iShares Core S&P Small-Cap ETF in Hawaiian Electric Industries common stock is stated to be more than five percent of the total outstanding common stock.

Who signed the ownership report related to Hawaiian Electric (HE) for BlackRock?

The report was signed by Spencer Fleming, Managing Director, on behalf of BlackRock, Inc.