On Feb. 10, the Hawaii Supreme Court affirmed the lower court’s denial of subrogation insurers’ motion to intervene in the class settlement process. Seu said the decision “ends the insurer’s efforts to derail the class settlement” and “moves us one step closer toward final court approval of the settlement agreements.”On the settlement process, Seu said the company is working through remaining contingencies to payment and characterized the effort as being in the “home stretch,” with the “only remaining steps ...

Financial Data and Key Metrics Changes - For the full year 2025, the company generated net income of $123.1 million, or $0.71 per share, compared to a net loss of approximately $1.4 billion in 2024 [14] - Consolidated core net income was $149.3 million or $0.86 per share, compared to core income from continuing operations of $124.3 million or $0.98 per share in 2024 [15] - Utility core net income for the year was $177.5 million compared to $180.7 million in 2024, driven by higher O&M expenses and other factors [15] Business Line Data and Key Metrics Changes - The utility's core net income decreased due to higher operational expenses, including deferred consulting and legal fees, and higher interest expenses [15] - The holding company reported a core net loss of $28.2 million, an improvement from a loss of $56.4 million in 2024, attributed to lower interest expenses and higher interest income [15] Market Data and Key Metrics Changes - The utility achieved a 37% renewable portfolio standard (RPS) in 2025, remaining on track to meet the 40% RPS requirement by 2030 [8][9] - Customer bills remained stable in 2025 despite significant investments in wildfire safety and resilience [9] Company Strategy and Development Direction - The company is focused on advancing key initiatives related to wildfire safety, legislative measures, and financial stability in the face of severe weather events [4][7] - The company plans to submit a joint rebasing proposal with Ulupono Initiative by March 6, 2026, aiming for a non-traditional rate rebasing process [10][11] - The company is pursuing low-cost financing options to reduce impacts on customers from critical investments required for safety and resilience [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the path ahead, highlighting progress made in key initiatives and the importance of resolving outstanding appeals related to the tort settlement [12][14] - The company anticipates making its first $479 million settlement payment in the second half of 2026, contingent on resolving outstanding appeals [17] Other Important Information - The company successfully issued $500 million in utility debt and increased its revolver to $600 million to support financial flexibility [8] - An executive transition is planned, with Scott DeGhetto resigning as CFO effective April 2, 2026, and Paul Ito returning to the role [12][13] Q&A Session Summary Question: What are the chances the Hawaii Supreme Court will take up the insurers' appeal? - Management noted that the only remaining item is the appeal, and previous decisions by the courts have been supportive of the settlements [21] Question: What are the latest thoughts on financing the second settlement payment? - Management indicated a preference for convertible debt for financing and stated that no financing would occur until after the settlement is approved [22][23] Question: How much of the $250 million ATM program will be used for financing? - Management stated that the ATM program is available for opportunistic use, depending on market conditions [24] Question: What is the timing for the divestment of the remaining stake in American Savings Bank? - Management confirmed plans to divest the remaining 9.9% stake in 2026, subject to market conditions [25] Question: What are the key elements in the upcoming PBR rebasing proposal? - Management highlighted the focus on inflationary adjustments, PIM redesign, and ensuring targets are within the company's control [31][32] Question: What are the milestones for the Wildfire Recovery Fund and liability cap process? - Management outlined that the PUC rulemaking process for the liability cap is expected to take 18-24 months, with critical milestones tied to this process [41][42]

Financial Data and Key Metrics Changes - For the full year 2025, the company generated net income of $123.1 million, or $0.71 per share, compared to a net loss of approximately $1.4 billion in 2024 [17] - Consolidated core net income was $149.3 million or $0.86 per share, compared to core income from continuing operations of $124.3 million or $0.98 per share in 2024 [18] - Utility core net income for the year was $177.5 million compared to $180.7 million in 2024, driven by higher O&M expenses and other factors [18] Business Line Data and Key Metrics Changes - The utility's financial performance was impacted by higher operational and maintenance expenses, primarily due to previously deferred consulting and legal fees, and higher interest expenses [18] - The holding company reported a core net loss of $28.2 million, an improvement from a loss of $56.4 million in 2024, attributed to lower interest expenses and higher interest income [18] Market Data and Key Metrics Changes - The company achieved a 37% renewable portfolio standard (RPS) in 2025, remaining on track to meet the 40% statutory RPS requirement by 2030 [10][11] - Customer bills remained stable in 2025 despite significant investments in wildfire safety and resilience [11] Company Strategy and Development Direction - The company is focused on advancing key initiatives related to wildfire safety, including the Maui wildfire tort settlement and legislative measures to support community safety [5][9] - The company plans to submit a joint rebasing proposal with Ulupono Initiative by March 6, 2026, aiming for a non-traditional rate rebasing process [12] - The company is pursuing low-cost financing options to mitigate impacts on customers from necessary investments in safety and resilience [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting progress made in key initiatives and the importance of resolving outstanding appeals related to the tort settlement [15] - The company anticipates making its first $479 million settlement payment in the second half of 2026, contingent on resolving outstanding appeals [20] Other Important Information - The company successfully issued $500 million in utility debt and increased its revolver to $600 million, enhancing financial flexibility [10] - An executive transition is planned, with Scott DeGhetto resigning as CFO effective April 2, 2026, and Paul Ito returning to the role [15] Q&A Session Summary Question: What are the chances the Hawaii Supreme Court will take up the insurers' appeal? - Management indicated that the only remaining item is the appeal, with no briefing scheduled yet, and expressed cautious optimism based on previous supportive decisions from the courts [24] Question: What are the latest thoughts on financing the second settlement payment? - Management stated that they are leaning towards convertible debt for financing and will wait until after the settlement is approved to raise funds [25][26] Question: How much of the $250 million ATM program will be used for financing? - Management confirmed that the ATM program is available for opportunistic use, depending on market conditions [27] Question: What is the timing for the divestment of the remaining stake in American Savings Bank? - Management plans to divest the remaining 9.9% stake in 2026, subject to market conditions [28] Question: What key elements will be included in the upcoming PBR rebasing proposal? - Management highlighted the focus on inflationary adjustments, PIM redesign, and ensuring targets are achievable within their control [33][34] Question: What are the critical milestones for the Wildfire Recovery Fund and liability cap process? - Management outlined that the PUC rulemaking process for the liability cap is expected to take 18-24 months, with no immediate legislative actions planned [42][43]

Financial Data and Key Metrics Changes - For the full year 2025, the company generated net income of $123.1 million, or $0.71 per share, compared to a net loss of approximately $1.4 billion in 2024 [14] - Consolidated core net income was $149.3 million or $0.86 per share, compared to core income from continuing operations of $124.3 million or $0.98 per share in 2024 [15] - Utility core net income for the year was $177.5 million compared to $180.7 million in 2024, driven by higher O&M expenses [15] - The holding company core net loss was $28.2 million compared to $56.4 million in 2024, attributed to lower interest expense and higher interest income [15] Business Line Data and Key Metrics Changes - The utility's financial performance was impacted by higher operational and maintenance expenses, primarily due to previously deferred consulting and legal fees, and higher interest expense [15] - The company achieved a 37% renewable portfolio standard (RPS) in 2025, remaining on track to meet the 40% by 2030 statutory requirement [8] Market Data and Key Metrics Changes - The company has approximately $16 million and $486 million of unrestricted cash on hand at the holding company and utility levels, respectively [16] - The holding company has approximately $530 million in combined liquidity available under its ATM program and credit facility capacity [16] Company Strategy and Development Direction - The company is focused on advancing key initiatives post-Maui wildfires, including wildfire safety improvements and legislative measures to support community resilience [4] - The company plans to submit a joint rebasing proposal with Ulupono Initiative by March 6, 2026, aiming for a non-traditional rate rebasing process [10] - The company is pursuing low-cost financing options to reduce impacts on customers from critical investments required for safety and resilience [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the path ahead, highlighting significant progress made in 2025 and the importance of resolving outstanding appeals related to the tort settlement [12][14] - The company anticipates making its first $479 million settlement payment in the second half of 2026, contingent on resolving outstanding appeals [17] Other Important Information - The company successfully issued $500 million in utility debt last year, enhancing financial flexibility and liquidity [8] - An executive transition is planned, with Scott DeGhetto resigning as CFO effective April 2, 2026, and Paul Ito returning to the role [12] Q&A Session Summary Question: Can you discuss the latest appeal by the insurers? - Management noted that the only remaining item is the appeal regarding the summary judgment that dismissed the insurers' claims, with no briefing scheduled yet [20][21] Question: What are your thoughts on financing the second settlement payment? - Management indicated a preference for convertible debt for financing, with plans to wait until after the settlement is approved before raising funds [22][23] Question: How do you plan to use the ATM program for financing? - Management stated that the ATM program is available for opportunistic use, depending on market conditions [24] Question: What is the status of the divestment of the remaining stake in American Savings Bank? - The company intends to divest the remaining 9.9% stake in 2026, subject to market conditions [25] Question: What are the key elements in the upcoming PBR rebasing proposal? - Management highlighted the focus on inflationary adjustment factors, PIM redesign, and expanding the scope of the Exceptional Project Recovery Mechanism [30][31] Question: What are the milestones for the Wildfire Recovery Fund? - Management indicated that the PUC rulemaking process for the liability cap is expected to take 18-24 months, with critical milestones tied to this process [39][40]

HEI 4Q and Full Year 2025 Financial Results February 27, 2026 Non-GAAP Financial Information This presentation refers to certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles, including Core Earnings, Core Net Income and other Core measures. Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix herein. See Appendix for definition of Core Earnings and Core EPS. | 20 ...

Financial Impact and Challenges - The company reported a significant impact from the Maui windstorm and wildfires, which may result in liabilities exceeding settlement amounts and potential regulatory penalties[24] - The company anticipates challenges in meeting renewable portfolio standards (RPS) goals due to potential increases in costs from supply chain disruptions[24] - The company is facing increased insurance premiums and may struggle to recover these costs through rates, impacting financial stability[24] - The company is exploring financing options to address potential future conditions that may raise doubts about its ability to continue as a going concern[24] - The company may experience further downgrades by securities rating agencies, impacting its financing efforts[24] - The company is evaluating the implications of potential federal government shutdowns on its operations and customer base[24] Regulatory and Compliance Risks - The company is subject to various regulatory risks, including changes in laws and regulations that could impact operational costs and compliance[27] - HEI and Hawaiian Electric filed a request with the PUC to terminate or suspend affiliate transaction requirements on October 31, 2025[40] - The company is at risk of delays in regulatory approvals for renewable energy projects, which could impact future electricity costs[27] - The Utilities have implemented various regulatory mechanisms to ensure predictable revenue streams and cost recovery, including the Annual Revenue Adjustment and Performance Incentive Mechanism[70] - The Utilities' renewable energy infrastructure program allows for recovery of costs through a surcharge, supporting the transition to cleaner energy sources[70] Sustainability and Environmental Initiatives - The company is committed to sustainability priorities, including safety, reliability, and resilience, particularly in relation to wildfires and extreme weather events[24] - The company is focused on addressing risks and capitalizing on opportunities related to decarbonization and climate-related challenges[24] - Hawaiian Electric aims to reduce carbon emissions from power generation by 70% by 2030, with a current estimated reduction of 25% as of December 31, 2025[57][58] - The Renewable Portfolio Standards (RPS) for the Utilities was 36.8% in 2025, with expectations to exceed the 2030 requirement of 40%[95] - Hawaiian Electric is committed to electrifying 100% of its class 1 vehicles by 2035, with 21% of class 1 vehicles being EVs as of December 31, 2025[93] Operational Performance and Workforce - As of December 31, 2025, Hawaiian Electric had a total of 2,675 employees, a decrease from 3,706 in 2023, with full-time employees at 2,659[42] - In 2025, Hawaiian Electric's customer accounts reached 310,789, generating electric sales revenues of approximately $2.14 billion, down from $2.32 billion in 2023[61] - The Utilities' revenues in 2025 accounted for approximately 99% of HEI's consolidated revenues, with net income at 137% of HEI's income from continuing operations[54] - A new three-year contract for the Utilities' workforce was ratified, providing a 3% general wage increase each year, effective from November 1, 2024[43] - The company is expanding its strategic workforce planning initiative to support future transformation plans and enhance employee engagement[51] Energy Generation and Costs - The Utilities generated 8,979.3 MWh in 2025, with residential sales at 2,357.5 MWh, commercial at 2,634.0 MWh, and industrial at 3,407.6 MWh[70] - The average revenue per kWh sold in 2025 was 35.90 cents, with residential at 41.72 cents and industrial at 31.33 cents[70] - The average fuel oil cost per MBtu was 1,632.9 cents in 2025, down from 1,868.2 cents in 2024[70] - The average cost of fuel oil for Hawaiian Electric in 2025 is $99.08 per barrel, down from $127.45 in 2023, reflecting a decrease of approximately 22.2%[86] - The average per-unit cost of fuel oil for Hawaii Electric Light in 2025 is $103.63 per barrel, down from $124.04 in 2023, indicating a decrease of approximately 16.5%[86] Infrastructure and Capacity - Hawaiian Electric has two major firm capacity PPAs providing a total of 276.5 MW, representing 19% of its total net generating and firm purchased capacity on Oahu as of December 31, 2025[76] - Hawaii Electric Light has two major firm capacity PPAs totaling 92.2 MW, which accounts for 37% of its total net generating and firm purchased capacity on the Island of Hawaii as of December 31, 2025[80] - As of December 31, 2025, Hawaiian Electric's generating capacity includes 388.2 MW from Waiau, 620.5 MW from Kahe, and 49.4 MW from Schofield Generating Station, among others[115] - The Utilities' fuel storage capacity includes 1,025,000 barrels of LSFO at Barbers Point Tank Farm and 771,000 barrels of LSFO across various generation sites in Oahu[116] Safety and Environmental Compliance - Hawaiian Electric's safety culture is reinforced through executive compensation tied to safety performance metrics, aiming for zero incidents[48] - The company is committed to maintaining a strong safety culture, with resources allocated for health and safety management systems[48] - The Clean Air Act compliance includes Title V operating permits for all affected generating units, ensuring adherence to air quality standards[106] - The Utilities have developed habitat conservation plans to protect endangered species affected by their operations[114] - The Utilities report potentially hazardous chemicals under the Emergency Planning and Community Right-to-Know Act, enhancing public safety measures[110]

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 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 st ...

Core Thesis - A bullish thesis on Hawaiian Electric Industries, Inc. (HE) has emerged, highlighting a significant institutional investment strategy that indicates confidence in the company's recovery and future performance [1][2]. Investment Strategy - A major institutional investor has established a bullish position in HE through a risk-reversal strategy involving 20,000 long $15 calls financed by selling 20,000 $10 puts, creating a synthetic 2 million-share stake at zero net cost [2]. - This strategy takes advantage of a pricing distortion in HE's volatility, where downside protection is inflated due to concerns from the 2023–2024 wildfire crisis, while upside potential is relatively cheap [2]. Financial Stability - The investor's approach suggests that HE's downside risk is largely mitigated following a global settlement in 2024, with liabilities capped and the ability to securitize wildfire-related costs under Act 301 [3]. - HE's balance sheet has stabilized due to an equity raise, prefunded settlement payments, and renewed access to the bond market, with management indicating future funding will avoid dilutive equity issuance [3]. Growth Potential - As HE's rate base expands through mandated wildfire safety investments, the company's book value is expected to rise, making the $10 strike price increasingly conservative [4]. - The investor anticipates a return to normalized earnings, with 2027 EPS projected to exceed $1.00 and a 15x P/E ratio supporting a price target of approximately $16–$17, indicating a strong potential for the calls to be in the money [4]. Market Sentiment - Institutional capital appears to believe that HE has reached a bottom, with the zero-cost risk-reversal strategy presenting a favorable risk/reward profile compared to outright stock ownership [4]. - The sentiment surrounding HE is contrasted with previous concerns in the sector, as seen in the case of PG&E Corporation, where exaggerated fears led to stock depreciation despite strong fundamentals [5].

Core Viewpoint - Hawaiian Electric's stock has been downgraded by an analyst, reflecting concerns about its pricing and business uncertainty [2][3]. Company Summary - Hawaiian Electric's shares fell by 2.5% following a downgrade to "underperform" from a previous "buy" recommendation by Jefferies' analyst Julian Dumoulin-Smith [1][2]. - The new price target for Hawaiian Electric's stock is set at $12.50 per share, reduced by $1 from the previous target [3]. - The current market capitalization of Hawaiian Electric is $2.5 billion, with a current stock price of $14.09 [4][5]. Industry Context - The uncertainty surrounding Hawaiian Electric's pricing and legislative decisions may affect its competitiveness compared to other electric utility companies [3][5]. - Rising concerns about affordability in the utility sector suggest that Hawaiian Electric is not alone in facing pressure regarding its pricing strategies [5].

Core Insights - Three stocks in the utilities sector are showing signs of being overbought, which may concern momentum-focused investors [1] Group 1: Stock Performance and Indicators - Enlight Renewable Energy Ltd (NASDAQ:ENLT) has an RSI value of 71.9, indicating it is overbought. The stock gained approximately 27% over the past month, closing at $50.35 [5] - Hawaiian Electric Industries Inc (NYSE:HE) has an RSI value of 71.1. The stock rose about 11% in the last five days, closing at $13.66 [5] - Ellomay Capital Ltd (NYSE:ELLO) has an RSI value of 75.5, also indicating it is overbought. The stock gained around 27% over the past month, closing at $28.40 [5] Group 2: Analyst Ratings and Price Targets - JP Morgan analyst Mark Strouse downgraded Enlight Renewable Energy from Neutral to Underweight, maintaining a price target of $35 [5] - Hawaiian Electric reached a $47.75 million shareholder settlement related to the Maui wildfires, which may have influenced its recent stock performance [5] - Ellomay Capital reported third-quarter earnings of 93 cents per share, an increase from 52 cents per share in the previous year [5]