Financial Data and Key Metrics Changes - In Q2 2025, the company generated net income of $26.1 million or $0.15 per share, which includes $5.4 million of earnings impacts related to the sale of Pacific Current assets and $5.2 million of pre-tax Maui wildfire related expenses [14][15] - Consolidated core net income was $35.4 million or $0.20 per share, compared to $28.4 million or $0.26 per share in 2024 [15] - Utility core net income for the quarter was $42.5 million, down from $43.9 million in 2024, primarily due to higher wildfire mitigation program expenses and insurance costs [15] Business Line Data and Key Metrics Changes - The company has continued to simplify its business model by selling 90.1% of American Savings Bank and the Hamakua Energy Plant, with the recent sale of solar and battery energy storage facilities on Kauai, Oahu, and Maui [10][11] - The holding company reported a core net loss of $7.1 million, improved from a loss of $15.5 million in 2024, driven by lower interest expenses and higher interest income [15] Market Data and Key Metrics Changes - The company has approximately $44 million and $106 million of unrestricted cash on hand at the holding company and utility levels, respectively [16] - The holding company has $374 million in combined liquidity available under its ATM program and credit facility capacity, while the utility has $382 million of liquidity available under its accounts receivable facility [17] Company Strategy and Development Direction - The company is focused on a simpler business model centered on utility operations, divesting remaining assets, and implementing enhanced wildfire safety measures [10][12] - The legislative framework established for wildfire safety and the ongoing Maui wildfire tort litigation settlement are expected to strengthen the company's financial position [7][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's future, citing improvements in financial strength and resilience following the Maui wildfires [31][32] - The company is committed to managing metrics consistent with investment-grade ratings and expects to provide updates on capital expenditure and rate base growth later this year [12][27] Other Important Information - The Board of Directors approved a quarterly dividend of $10 million for 2025 [18] - The first settlement payment of $479 million is expected to be made in early 2026, with plans to raise funds through debt [17][24] Q&A Session Summary Question: Thoughts on derisking the second payment for the Maui wildfire settlement - Management indicated that the second payment would likely be raised in the first quarter of next year, with plans to raise funds through straight or convertible debt [22][24] Question: When will there be clarity on consolidated rate base growth and CapEx outlook - Management expects to provide updates on consolidated rate base growth and capital expenditure outlook around November this year [26][27]

HEI 2Q 2025 Financial Results August 7, 2025 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 and Core Net Income. 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. 2 Continuing Progress to Reposition for th ...

[Glossary of Terms](index=3&type=section&id=Glossary%20of%20Terms) [Cautionary Note Regarding Forward-Looking Statements](index=5&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) - Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries. These statements are not guarantees of future performance, and actual results may differ materially[15](index=15&type=chunk) - Key risks include the impact of the Maui windstorm and wildfires, potential liabilities from lawsuits, regulatory penalties, and the recoverability of costs through insurance or rates[16](index=16&type=chunk) - The ability to raise necessary capital on reasonable terms for the Maui wildfire tort litigation settlement is crucial to alleviate substantial doubt about HEI's and the Utilities' ability to continue as a going concern[16](index=16&type=chunk) [PART I. FINANCIAL INFORMATION](index=2&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=2&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements for HEI and Hawaiian Electric, detailing income, balance sheets, equity, and cash flows, and highlighting the financial impact of Maui wildfires and the ASB sale [Hawaiian Electric Industries, Inc. and Subsidiaries](index=8&type=section&id=Hawaiian%20Electric%20Industries%2C%20Inc.%20and%20Subsidiaries%20-%20Statements) HEI's consolidated financial statements show a significant recovery in net income for common stock for the three and six months ended June 30, 2025, compared to the prior year, primarily due to the absence of substantial wildfire tort-related claims recorded in 2024. Total assets decreased, while shareholders' equity increased, and cash flows from financing activities saw a large outflow due to debt repayment HEI Consolidated Statements of Income (in thousands) | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Total Revenues | $746,392 | $795,417 | $1,490,462 | $1,587,431 | | Total Expenses | $692,645 | $2,457,006 | $1,374,295 | $3,198,133 | | Operating Income (Loss) | $53,747 | $(1,661,589) | $116,167 | $(1,610,702) | | Net Income (Loss) for Common Stock | $26,085 | $(1,295,484) | $52,756 | $(1,253,362) | | Basic EPS | $0.15 | $(11.74) | $0.31 | $(11.37) | HEI Consolidated Balance Sheets (in thousands) | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Total Assets | $8,324,861 | $8,931,416 | | Total Liabilities | $6,756,136 | $7,418,034 | | Total Shareholders' Equity | $1,534,432 | $1,479,089 | | Cash and Cash Equivalents | $154,285 | $750,535 | | Long-term Debt, net | $1,863,936 | $2,690,387 | HEI Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity (in thousands) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :--------------------------- | :--------------------------- | | Net Cash Provided by Operating Activities | $184,416 | $193,447 | | Net Cash Provided by (Used in) Investing Activities | $(152,490) | $33,523 | | Net Cash Used in Financing Activities | $(637,890) | $(354,714) | | Net Decrease in Cash, Cash Equivalents and Restricted Cash | $(605,964) | $(127,744) | [Hawaiian Electric Company, Inc. and Subsidiaries](index=14&type=section&id=Hawaiian%20Electric%20Company%2C%20Inc.%20and%20Subsidiaries%20-%20Statements) Hawaiian Electric Company, Inc. (Hawaiian Electric) reported a substantial improvement in net income for common stock for the three and six months ended June 30, 2025, compared to the prior year's significant losses, primarily due to the absence of wildfire tort-related claims. Total assets increased, driven by an investment in an unconsolidated affiliate, while long-term debt decreased. Cash flows from financing activities showed a large outflow due to debt repayment Hawaiian Electric Consolidated Statements of Income (in thousands) | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Revenues | $742,482 | $792,331 | $1,480,848 | $1,580,909 | | Total Expenses | $677,938 | $2,436,771 | $1,340,367 | $3,161,994 | | Operating Income (Loss) | $64,544 | $(1,644,440) | $140,481 | $(1,581,085) | | Net Income (Loss) for Common Stock | $39,150 | $(1,229,394) | $86,966 | $(1,190,173) | Hawaiian Electric Consolidated Balance Sheets (in thousands) | Metric (in thousands) | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------ | :---------------- | | Total Assets | $7,883,659 | $7,613,604 | | Common Stock Equity | $1,521,617 | $1,156,955 | | Long-term Debt, net | $1,606,735 | $1,854,214 | | Investment in unconsolidated affiliate | $287,250 | $0 | Hawaiian Electric Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity (in thousands) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :--------------------------- | :--------------------------- | | Net Cash Provided by Operating Activities | $216,246 | $185,473 | | Net Cash Used in Investing Activities | $(154,799) | $(166,657) | | Net Cash Used in Financing Activities | $(139,166) | $(36,273) | | Net Decrease in Cash, Cash Equivalents and Restricted Cash | $(77,719) | $(17,457) | [Notes to Condensed Consolidated Financial Statements (unaudited)](index=19&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) These notes provide essential context for the condensed consolidated financial statements, detailing accounting policies, Maui wildfire impacts, segment reporting, utility operations, financing, revenues, benefits, compensation, taxes, cash flows, fair value, and a subsequent asset sale [Note 1 · Basis of presentation](index=19&type=section&id=Note%201%20%C2%B7%20Basis%20of%20presentation) The unaudited condensed consolidated financial statements are prepared in conformity with GAAP for interim financial information, using management's estimates and assumptions, and detail reclassification of assets held for sale, discontinued operations, and recent accounting pronouncements - In June 2025, the Company determined the net assets of our remaining Pacific Current operating subsidiaries met the criteria for classification as held for sale[41](index=41&type=chunk) - Since ASB was sold in December 2024, all ASB operating results are presented as discontinued operations in the condensed consolidated statements of income and cash flows[42](index=42&type=chunk) - The SEC voluntarily stayed implementation of its climate disclosure rules pending completion of judicial review by the Court of Appeals for the Eighth Circuit. In March 2025, the SEC voted to end its defense of its new rules requiring disclosure of climate-related risks and greenhouse gas emissions[44](index=44&type=chunk) [Note 2 · Maui windstorm and wildfires](index=20&type=section&id=Note%202%20%C2%B7%20Maui%20windstorm%20and%20wildfires) The Maui windstorm and wildfires in August 2023 caused significant damage and fatalities, leading to **$1.99 billion** in tort-related settlement agreements, with the first **$479 million** installment classified as a current liability, and ongoing restoration efforts deferring **$68.2 million** in costs to a regulatory asset - On August 8, 2023, a number of brush fires in the West Maui (Lahaina) and Upcountry Maui areas caused widespread property damage, including damage to property of the Utilities, and 102 confirmed fatalities in Lahaina (the Maui windstorm and wildfires)[46](index=46&type=chunk) - As of June 30, 2025, the Utilities have deferred **$68.2 million** of certain incremental costs related to the Maui windstorm and wildfires to a regulatory asset[48](index=48&type=chunk) - HEI and Hawaiian Electric entered into two definitive settlement agreements to settle tort-related legal claims arising from the Maui windstorm and wildfires for a total of **$1.99 billion**, without admission of liability[54](index=54&type=chunk)[56](index=56&type=chunk) - The **$1.99 billion** settlement amount is to be paid in four equal annual installments of approximately **$479 million**, with the first installment expected in early 2026 and classified as a current liability, and the remaining **$1.44 billion** as a noncurrent liability[56](index=56&type=chunk)[61](index=61&type=chunk) Maui Windstorm and Wildfires Related Expenses (in thousands) | Maui Windstorm and Wildfires Related Expenses (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Total Maui windstorm and wildfires related expenses | $12,628 | $1,747,843 | $29,561 | $1,778,070 | | Insurance recoveries | $2,418 | $(18,875) | $(4,304) | $(31,452) | | Deferral treatment approved by the PUC | $(9,889) | $(7,656) | $(15,572) | $(15,554) | | Total net expenses | $5,157 | $1,721,312 | $9,685 | $1,731,064 | [Note 3 · Segment financial information](index=25&type=section&id=Note%203%20%C2%B7%20Segment%20financial%20information) Following the sale of 90.1% of American Savings Bank (ASB) in December 2024, HEI now operates with one reportable segment, Electric Utility, with the 'All Other' segment including HEI corporate, ASB Hawaii, GLST1, and Pacific Current, whose remaining operating subsidiaries were classified as held for sale in June 2025 - On December 31, 2024, the Company sold **90.1%** of ASB, eliminating the bank reportable segment. HEI now operates with one reportable segment: Electric utility[78](index=78&type=chunk) - The "All Other" non-reportable segment includes HEI corporate, ASB Hawaii, GLST1, and Pacific Current and its subsidiaries[78](index=78&type=chunk) - In June 2025, the net assets of Pacific Current's remaining operating subsidiaries (solar/BESS and biomass facilities) were classified as held for sale, resulting in a pretax impairment charge of **$0.2 million** and tax expense of **$5.3 million**[84](index=84&type=chunk) - The sale of Hamakua Holdings, LLC, a Pacific Current subsidiary, closed on March 10, 2025, resulting in a **$13.2 million** loss on sale[86](index=86&type=chunk) Segment Financials (in thousands) | Segment Financials (in thousands) | Electric utility (6 Months Ended June 30, 2025) | All Other (6 Months Ended June 30, 2025) | Total (6 Months Ended June 30, 2025) | | :-------------------------------- | :---------------------------------------------- | :--------------------------------------- | :----------------------------------- | | Revenues | $1,480,848 | $9,614 | $1,490,462 | | Net income (loss) from continuing operations for common stock | $86,966 | $(34,210) | $52,756 | | Capital expenditures | $159,950 | $1,543 | $161,493 | | Total assets (at June 30, 2025) | $7,883,659 | $441,202 | $8,324,861 | [Note 4 · Electric utility segment](index=29&type=section&id=Note%204%20%C2%B7%20Electric%20utility%20segment) This note details the Electric Utility segment's financial information, including consolidated and unconsolidated VIEs, commitments, contingencies, regulatory proceedings under PBR, capital projects, renewable energy efforts, and annual revenue adjustments - The Utilities consolidate Special Purpose Entities (SPEs) related to their asset-based lending (ABL) facility, as they are deemed the primary beneficiary[89](index=89&type=chunk) - As of June 30, 2025, the Utilities have deferred **$68.2 million** in regulatory assets for incremental costs related to the Maui windstorm and wildfires[142](index=142&type=chunk) - Two new renewable projects, Hale Kuawehi Solar (**30 MW**, **120-MWh** batteries) and Hoohana Solar (**52 MW**, **208-MWh** batteries), reached commercial operations on March 25, 2025, and July 11, 2025, respectively[110](index=110&type=chunk)[111](index=111&type=chunk) Purchases from IPPs (in millions) | Purchases from IPPs (in millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :-------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Kalaeloa Partners, L.P. | $69 | $79 | $128 | $145 | | HPOWER | $20 | $16 | $39 | $33 | | Puna Geothermal Venture | $6 | $14 | $19 | $27 | | Hamakua Energy | $8 | $5 | $13 | $16 | | Kapolei Energy Storage | $6 | $6 | $12 | $12 | | Wind IPPs | $36 | $37 | $57 | $67 | | Solar IPPs | $29 | $21 | $51 | $36 | | Other IPPs | $1 | $3 | $3 | $5 | | Total IPPs | $175 | $181 | $322 | $341 | Performance Incentive Mechanisms (PIMs) (in millions) | Performance Incentive Mechanisms (PIMs) (in millions) | 2024 Rewards (penalties) earned | 2025 Rewards (penalties) accrued | | :---------------------------------------------------- | :------------------------------ | :------------------------------- | | Transmission and Distribution caused SAIDI/SAIFI PIMs | $(1.0) | | | Call Center PIM | — | | | Phase 1 RFP PIM | $0.2 | $0.3 | | Renewable portfolio standard (RPS) PIM | $1.9 | | | Interconnection Approval PIM | $2.4 | | | Generation-caused SAIDI/SAIFI PIMs | $(0.1) | | | Interconnection Requirements Study PIM | — | | | Collective Shared Savings Mechanism | $2.8 | | | Total PIM rewards, net | $6.2 | $0.3 | [Note 5 · Credit agreements, long-term debt and changes in long-term debt](index=49&type=section&id=Note%205%20%C2%B7%20Credit%20agreements%2C%20long-term%20debt%20and%20changes%20in%20long-term%20debt) HEI and Hawaiian Electric maintain various credit facilities, with HEI's total available credit at **$506 million** and Hawaiian Electric's at **$457 million** as of June 30, 2025, and HEI repaid **$384 million** of senior notes in April 2025 using ASB sale proceeds Credit Agreement (in millions) | Credit Agreement (in millions) | Capacity (June 30, 2025) | Outstanding (June 30, 2025) | Undrawn (June 30, 2025) | Capacity (Dec 31, 2024) | Outstanding (Dec 31, 2024) | Undrawn (Dec 31, 2024) | | :----------------------------- | :----------------------- | :-------------------------- | :---------------------- | :---------------------- | :------------------------- | :--------------------- | | HEI Unsecured Revolving Line of Credit | $175 | $51 | $124 | $175 | $173 | $2 | | Hawaiian Electric Unsecured Revolving Line of Credit | $200 | $43 | $157 | $200 | $166 | $34 | | Hawaiian Electric ABL Facility | $225 | $0 | $225 | $239 | $0 | $239 | | Hawaiian Electric Short-term Loan Credit Facility | $50 | $50 | $0 | $50 | $50 | $0 | | Total Consolidated HEI | $650 | $144 | $506 | $664 | $389 | $275 | - On April 9, 2025, HEI repaid **$384 million** of its senior notes using net cash proceeds from the sale of ASB[176](index=176&type=chunk) Long-term Debt, Net (in thousands) | Long-term Debt, Net (in thousands) | June 30, 2025 | December 31, 2024 | | :--------------------------------- | :------------ | :---------------- | | HEI Consolidated Long-term Debt, net | $1,863,936 | $2,690,387 | | Hawaiian Electric Long-term Debt, net | $1,606,735 | $1,854,214 | [Note 6 · Shareholders' equity](index=51&type=section&id=Note%206%20%C2%B7%20Shareholders'%20equity) This note details changes in Accumulated Other Comprehensive Income (AOCI) for HEI and Hawaiian Electric, showing a decrease in HEI's AOCI from **$3.461 million** at December 31, 2024, to **$2.695 million** at June 30, 2025, primarily due to current period other comprehensive losses AOCI (in thousands) | AOCI (in thousands) | Balance, December 31, 2024 | Current period other comprehensive loss (6 months) | Balance, June 30, 2025 | | :------------------ | :------------------------- | :------------------------------------------------- | :--------------------- | | HEI Consolidated | $3,461 | $(766) | $2,695 | | Hawaiian Electric Consolidated | $2,786 | $(94) | $2,692 | [Note 7 · Revenues](index=52&type=section&id=Note%207%20%C2%B7%20Revenues) This note disaggregates revenues by major source, timing, and segment, with HEI consolidated total revenues at **$1,490.462 million** for the six months ended June 30, 2025, primarily from electric energy sales for the Electric Utility segment Revenue Source (in thousands) | Revenue Source (in thousands) | Electric utility (6 Months Ended June 30, 2025) | All Other (6 Months Ended June 30, 2025) | Total (6 Months Ended June 30, 2025) | | :---------------------------- | :---------------------------------------------- | :--------------------------------------- | :----------------------------------- | | Electric energy sales - residential | $473,528 | $0 | $473,528 | | Electric energy sales - commercial | $473,508 | $0 | $473,508 | | Electric energy sales - large light and power | $522,695 | $0 | $522,695 | | Other sales | $0 | $7,872 | $7,872 | | Total revenues | $1,480,848 | $9,614 | $1,490,462 | - There are no material contract assets or liabilities associated with revenues from contracts with customers existing at December 31, 2024 or as of June 30, 2025[178](index=178&type=chunk) [Note 8 · Retirement benefits](index=53&type=section&id=Note%208%20%C2%B7%20Retirement%20benefits) HEI and its Utilities contributed **$4 million** to pension and other postretirement benefit plans in the first six months of 2025, with an estimated total contribution of **$9 million** for the full year, and expenses are recovered over time through tracking mechanisms - The Company contributed **$4 million** (**$4 million** by the Utilities) to its pension and other postretirement benefit plans during the first six months of 2025, compared to **$3 million** (**$3 million** by the Utilities) during the first six months of 2024[181](index=181&type=chunk) - The Company's current estimate of total contributions to its pension and other postretirement benefit plans in 2025 is **$9 million** (**$9 million** by the Utilities), comparable to 2024[181](index=181&type=chunk) - HEI consolidated recorded retirement benefits expense of **$23 million** (**$22 million** by the Utilities) in the first six months of 2025 and **$23 million** (**$23 million** by the Utilities) in the first six months of 2024[182](index=182&type=chunk) [Note 9 · Share-based compensation](index=54&type=section&id=Note%209%20%C2%B7%20Share-based%20compensation) HEI's share-based compensation programs, including EIP and Nonemployee Director Stock Plan, provide incentives through various awards, with **$3.5 million** in expense reported for the six months ended June 30, 2025, and LTIPs include performance goals tied to TSR, EPS, and ROACE Share-based Compensation (in millions) | Share-based Compensation (in millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :------------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | HEI consolidated Share-based compensation expense | $2.8 | $1.6 | $3.5 | $2.5 | | HEI consolidated Income tax benefit | $0.5 | $0.1 | $0.5 | $0.2 | - As of June 30, 2025, approximately **2.5 million** shares remained available for future issuance under the terms of the EIP[187](index=187&type=chunk) - The 2023-25, 2024-26 and 2025-27 long-term incentive plans (LTIP) provide for performance awards under the EIP of shares of HEI common stock based on the satisfaction of performance goals[194](index=194&type=chunk) [Note 10 · Income taxes](index=57&type=section&id=Note%2010%20%C2%B7%20Income%20taxes) For the six months ended June 30, 2025, HEI's effective tax rate was **27%** tax expense, up from **26%** tax benefit in 2024, primarily due to investment tax credit recapture, while the Utilities' rate was **21%** tax expense, down from **26%** tax benefit, mainly due to substantial pre-tax loss from wildfire claims - HEI's effective tax rate for the six months ended June 30, 2025, was **27%** tax expense, up from **26%** tax benefit in 2024, primarily due to investment tax credit recapture[201](index=201&type=chunk)[202](index=202&type=chunk) - The Utilities' effective tax rate for the six months ended June 30, 2025, was **21%** tax expense, down from **26%** tax benefit in 2024, mainly due to the substantial pre-tax loss in 2024 from wildfire tort-related claims[203](index=203&type=chunk)[204](index=204&type=chunk) - The "One Big Beautiful Bill" (OBBBA), signed July 4, 2025, includes reinstatement of immediate expensing for R&E expenditures and accelerated phase-out/modifications for Clean Electricity Investment and Production tax credits[205](index=205&type=chunk) [Note 11 · Cash flows](index=58&type=section&id=Note%2011%20%C2%B7%20Cash%20flows) This note provides supplemental cash flow disclosures, with HEI consolidated paying **$59 million** in interest and **$19 million** in income taxes, and Hawaiian Electric paying **$41 million** in interest and **$29 million** in income taxes for the six months ended June 30, 2025, including noncash activities like **$42 million** in right-of-use assets for HEI Supplemental Cash Flow Information (in millions) | Supplemental Cash Flow Information (in millions) | HEI Consolidated (6 Months Ended June 30, 2025) | Hawaiian Electric Consolidated (6 Months Ended June 30, 2025) | | :----------------------------------------------- | :---------------------------------------------- | :---------------------------------------------------------- | | Interest paid to non-affiliates, net | $59 | $41 | | Income taxes paid (including refundable credits) | $19 | $29 | | Right-of-use assets obtained in exchange for finance lease obligations (noncash) | $42 | $42 | | Capital contribution from parent of a membership interest in an unconsolidated affiliate (noncash) | N/A | $287 | [Note 12 · Fair value measurements](index=58&type=section&id=Note%2012%20%C2%B7%20Fair%20value%20measurements) This note describes valuation methodologies for assets and liabilities, with money market mutual funds and short-term borrowings approximating fair value, and long-term debt and interest rate swaps classified as Level 2 measurements derived from market rates and pricing models - Money market mutual funds are included in "Cash and cash equivalents" and "Restricted cash" in the Condensed Consolidated Balance Sheets[216](index=216&type=chunk) - Long-term debt and interest rate swaps are classified in Level 2 of the valuation hierarchy[212](index=212&type=chunk)[213](index=213&type=chunk) Financial Instruments (in thousands) | Financial Instruments (in thousands) | Carrying or Notional Amount (June 30, 2025) | Estimated Fair Value (Level 1) (June 30, 2025) | Estimated Fair Value (Level 2) (June 30, 2025) | | :----------------------------------- | :------------------------------------------ | :--------------------------------------------- | :--------------------------------------------- | | HEI Money market mutual funds | $579,156 | $579,156 | $0 | | HEI Derivative assets | $28,460 | $0 | $811 | | HEI Short-term borrowings, net | $49,312 | $0 | $49,312 | | HEI Long-term debt, net | $2,007,374 | $0 | $1,677,039 | [Note 13 · Subsequent event](index=60&type=section&id=Note%2013%20%C2%B7%20Subsequent%20event) On August 1, 2025, Pacific Current completed the sale of all membership interests in PC Opco and its Project Companies to an unaffiliated third party, with a separate transaction for Mahipapa, LLC also agreed upon, and the sale is not expected to materially impact consolidated financial statements - On August 1, 2025, Pacific Current sold all membership interests in PC Opco and its Project Companies (Mauo, LLC, Kaʻieʻie Waho Company, LLC, Upena, LLC, and Alenuihaha Developments, LLC) to an unaffiliated third party[218](index=218&type=chunk) - The sale transaction is not expected to have a material impact to the Company's consolidated financial statements[218](index=218&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=61&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section discusses HEI's and Hawaiian Electric's financial condition and results, focusing on Maui wildfire impacts, litigation, settlements, liquidity management, capital resources, economic conditions, segment performance, regulatory developments, and strategies for renewable energy transition and grid modernization [HEI consolidated](index=61&type=section&id=HEI%20consolidated) HEI's consolidated performance improved significantly due to the absence of wildfire tort-related claims in 2025, as the company actively manages the financial fallout from the Maui wildfires, including a **$1.99 billion** settlement, and has taken steps to bolster liquidity, such as a common stock sale and dividend suspension [Recent developments](index=61&type=section&id=Recent%20developments%20-%20HEI%20consolidated) HEI and Hawaiian Electric entered into definitive settlement agreements for Maui wildfire tort-related claims totaling **$1.99 billion**, with the first **$479 million** installment classified as a current liability, and HEI raised **$557.7 million** from a common stock sale to fund this - HEI and Hawaiian Electric entered into definitive settlement agreements for Maui wildfire tort-related legal claims totaling **$1.99 billion**, excluding securities and derivative actions[223](index=223&type=chunk) - The **$1.99 billion** settlement is to be paid in four equal annual installments of approximately **$479 million**, with the first installment classified as a current liability and the remaining **$1.44 billion** as a noncurrent liability[226](index=226&type=chunk) - HEI completed the sale of **62.2 million** shares of common stock on September 25, 2024, raising approximately **$557.7 million** to fund the initial settlement payment[227](index=227&type=chunk) [Results of Operations](index=62&type=section&id=Results%20of%20Operations%20-%20HEI%20consolidated) For the three and six months ended June 30, 2025, HEI consolidated reported a significant increase in net income for common stock compared to the prior year, primarily due to the absence of **$1.71 billion** in wildfire tort-related claims recorded in 2024 and the sale of the bank segment, while revenues decreased by **6%** for both periods HEI Consolidated Results of Operations (in thousands) | Metric (in thousands) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | % Change | Primary Reason(s) | | :-------------------- | :--------------------------- | :--------------------------- | :------- | :---------------- | | Revenues | $746,392 | $795,417 | (6)% | Decrease in electric utility, partly offset by increase in all other segment. | | Operating income (loss) | $53,747 | $(1,661,589) | NM | Increase due to recordation of $1.71 billion of tort-related claims in prior year at electric utility. | | Net income (loss) for common stock | $26,085 | $(1,295,484) | NM | Higher net income related to tort-related claims for electric utility in prior year and sale of bank segment. | - The Company's effective tax rates for the first six months of 2025 and 2024 were **27%** tax expense and **26%** tax benefit, respectively[232](index=232&type=chunk) [Maui windstorm and wildfires related expenses, net](index=63&type=section&id=Maui%20windstorm%20and%20wildfires%20related%20expenses%2C%20net%20-%20HEI%20consolidated) From August 8, 2023, through June 30, 2025, HEI and its subsidiaries incurred approximately **$2.2 billion** in Maui wildfire-related expenses, including settlement losses, with limited remaining insurance coverage for excess liability (**$11 million**) and directors and officers liability (**$120 million**) - From August 8, 2023, through June 30, 2025, HEI and its subsidiaries incurred approximately **$2.2 billion** in Maui windstorm and wildfires related expenses, including settlement losses and the One 'Ohana Initiative contribution[235](index=235&type=chunk) - As of June 30, 2025, HEI and its subsidiaries have approximately **$11 million** of excess liability insurance coverage and **$120 million** of directors and officers liability insurance coverage remaining, with no professional liability insurance coverage remaining[235](index=235&type=chunk) Maui Windstorm and Wildfires Related Expenses (in thousands) | Maui Windstorm and Wildfires Related Expenses (in thousands) | 6 Months Ended June 30, 2025 (HEI Consolidated) | 6 Months Ended June 30, 2024 (HEI Consolidated) | | :------------------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | | Total Maui windstorm and wildfires related expenses | $29,561 | $1,778,070 | | Insurance recoveries | $(4,304) | $(31,452) | | Deferral treatment approved by the PUC | $(15,572) | $(15,554) | | Total net expenses | $9,685 | $1,731,064 | [Economic conditions](index=64&type=section&id=Economic%20conditions%20-%20HEI%20consolidated) Hawaii's Q2 2025 economic conditions showed a **2.4%** increase in average daily passenger count year-over-year, a **2.8%** unemployment rate, and a **19.7%** decrease in crude oil prices, with UHERO forecasting **1.1%** real GDP growth for 2025 but a mild recession in 2026 - In Q2 2025, Hawaii's average daily passenger count increased by **2.4%** year-over-year, but international visitor arrivals (excluding Japan) remained **22.1%** below 2019 levels[238](index=238&type=chunk) - Hawaii's seasonally adjusted unemployment rate in June 2025 was **2.8%**, slightly lower than the **2.9%** in June 2024[239](index=239&type=chunk) - The price of crude oil decreased by **19.7%** over the same quarter in the prior year[241](index=241&type=chunk) - UHERO forecasts Hawaii's full-year 2025 real GDP growth at **1.1%**, with a mild recession expected in 2026, and notes that risk remains exceptionally large[243](index=243&type=chunk) [All Other segment](index=65&type=section&id=All%20Other%20segment%20-%20HEI%20consolidated) The 'All Other' segment reported a net loss of **$34.210 million** for the six months ended June 30, 2025, an improvement from **$38.336 million** loss in the prior year, driven by higher revenues at Pacific Current, lower corporate expenses, and reduced interest expense, partly offset by a **$9.8 million** loss on the sale of Hamakua Holdings - The "All Other" segment's net loss improved to **$(34.210) million** for the six months ended June 30, 2025, from **$(38.336) million** in the prior year[246](index=246&type=chunk) - Revenues for the first six months of 2025 were higher due to increased sales at Pacific Current subsidiaries, and corporate expenses were **$3.4 million** lower due to reduced wildfire legal and other expenses[246](index=246&type=chunk) - The Company recorded an after-tax loss of **$9.8 million** on the sale of Hamakua Holdings on March 31, 2025[249](index=249&type=chunk) - In June 2025, the net assets of the remaining Pacific Current operating subsidiaries were classified as held for sale[251](index=251&type=chunk) [Financial Condition](index=66&type=section&id=Financial%20Condition%20-%20HEI%20consolidated) HEI's financial condition is significantly impacted by Maui wildfire liabilities and credit rating downgrades, limiting capital access, but the company has taken proactive measures including credit facility draws, dividend suspension, and equity offerings, with the first settlement installment funded and long-term funding for the remaining **$1.44 billion** still being planned - HEI and Hawaiian Electric fully drew down **$175 million** and **$200 million**, respectively, on their revolving credit facilities in August 2023, with balances reduced to **$51 million** and **$43 million** by June 30, 2025[255](index=255&type=chunk) - The quarterly cash dividend on HEI's common stock was suspended after the Q2 2023 payment to provide additional liquidity[255](index=255&type=chunk) - The Company expects long-term liquidity to be impacted by remaining wildfire liability payments and credit rating downgrades, which restrict access to capital markets[260](index=260&type=chunk) HEI Available Liquidity (in millions) | Available Liquidity (in millions) | As of June 30, 2025 | | :-------------------------------- | :------------------ | | Total available credit - Electric Utility | $382 | | Total available credit - All Other | $374 | | Consolidated cash and cash equivalents | $154 | | Total available liquidity from cash and under existing credit and equity program | $910 | [Credit ratings](index=68&type=section&id=Credit%20ratings%20-%20HEI%20consolidated) As of May-June 2025, Moody's, Fitch, and S&P upgraded HEI's credit ratings, with Fitch upgrading long-term issuer default to B+ from B with a positive outlook, Moody's to Ba3 from B1 with a positive outlook, and S&P to B+ from B- with a Watch Positive outlook HEI Credit Ratings | Rating Agency | Metric | From (Dec 31, 2024) | To (June 2025) | Outlook (June 2025) | | :------------ | :----- | :------------------ | :------------- | :------------------ | | Fitch | Long-term issuer default | B | B+ | Positive | | Moody's | Long-term issuer default | B1 | Ba3 | Positive | | S&P | Long-term issuer credit | B- | B+ | Watch Positive | [HEI Consolidated material cash requirements](index=68&type=section&id=HEI%20Consolidated%20material%20cash%20requirements) HEI's material cash requirements include wildfire tort litigation settlement payments, Utility capital expenditures, O&M expenses, labor and benefits, fuel and purchase power costs, and debt and interest payments, with its capital structure as of June 30, 2025, including **$2.007 billion** in long-term debt and **$1.534 billion** in common stock equity, and **$557.7 million** raised from a common stock sale for the initial wildfire settlement payment - HEI's material cash requirements include wildfire tort litigation settlement payments, Utility capital expenditures, O&M expenses, labor and benefits, fuel and purchase power costs, and debt and interest payments[264](index=264&type=chunk) HEI Capital Structure (in millions) | Capital Structure (in millions) | June 30, 2025 | % | December 31, 2024 | % | | :------------------------------ | :------------ | :- | :---------------- | :- | | Short-term borrowings, net | $49 | 1% | $49 | 1% | | Long-term debt, net | $2,007 | 56% | $2,800 | 64% | | Preferred stock of subsidiaries | $34 | 1% | $34 | 1% | | Common stock equity | $1,534 | 42% | $1,479 | 34% | | Total | $3,624 | 100% | $4,362 | 100% | - HEI completed a **$557.7 million** common stock sale in September 2024 to fund its contribution to the Maui wildfire tort litigation settlement and has a **$250 million** at-the-market offering program[267](index=267&type=chunk)[268](index=268&type=chunk) [Dividends](index=69&type=section&id=Dividends%20-%20HEI%20consolidated) HEI's Board of Directors suspended the quarterly cash dividend after Q2 2023 due to the Maui wildfires to provide liquidity for rebuilding, while Hawaiian Electric's Board approved a **$10 million** quarterly dividend to HEI for Q1 and Q2 2025 after a temporary suspension - HEI suspended its quarterly cash dividend after the second quarter 2023 dividend due to the Maui windstorm and wildfires, to provide additional liquidity[271](index=271&type=chunk) - Hawaiian Electric's Board of Directors approved a **$10 million** quarterly dividend to HEI for Q1 and Q2 2025, following a temporary suspension, considering settlement progress and the Utilities' liquidity[271](index=271&type=chunk) [Material Estimates and Critical Accounting Policies](index=69&type=section&id=Material%20Estimates%20and%20Critical%20Accounting%20Policies%20-%20HEI%20consolidated) Financial statement preparation requires management to make significant estimates and assumptions, particularly for critical accounting policies that involve difficult, subjective, or complex judgments - Management is required to make estimates and assumptions that affect reported amounts in financial statements, and actual results could differ significantly from these estimates[273](index=273&type=chunk) [Electric Utility](index=69&type=section&id=Electric%20Utility) The Electric Utility segment experienced a significant recovery in net income for Q2 2025, driven by the absence of wildfire tort-related claims, as the Utilities implement wildfire safety measures, pursue renewable energy projects, and navigate a complex regulatory environment, with liquidity remaining a key focus due to credit rating downgrades and ongoing wildfire liabilities [Recent developments](index=69&type=section&id=Recent%20developments%20-%20Electric%20Utility) For Q2 2025, the Utilities reported **$39.2 million** net income, a significant improvement from a **$1.2 billion** net loss in Q2 2024, with kWh sales volume increasing by **3.1%** due to warmer weather and economic recovery, and customer accounts receivable decreasing by **7%** - The Utilities generated net income of approximately **$39.2 million** for Q2 2025, a significant improvement from a net loss of **$1.2 billion** in Q2 2024[276](index=276&type=chunk) - kWh sales volume increased by **3.1%** in Q2 2025 compared to the prior year, with Maui's energy consumption up **7.7%**[277](index=277&type=chunk) - Crude oil prices decreased by **19.7%** year-over-year in Q2 2025[278](index=278&type=chunk) - Customer accounts receivable decreased by **$13 million** (**7%**) in 2025, with past due accounts (over 30 days) decreasing by **4%** since December 31, 2024[280](index=280&type=chunk) [Regulatory and legislative developments](index=70&type=section&id=Regulatory%20and%20legislative%20developments%20-%20Electric%20Utility) Recent Hawaii legislation includes Act 191 for state intervention in utility financial distress, Act 258 for a wildfire relief fund study and liability cap, and Act 301 for Maui wildfire settlement funds, while Act 266 authorizes renewable energy wheeling and microgrid tariffs, and federal trade policies could impact IIJA and Inflation Reduction Act funding - Act 191 allows the State to intervene in utility financial distress, Act 258 directs a wildfire relief fund study and liability cap, and Act 301 appropriates funds for the Maui wildfire settlement[281](index=281&type=chunk) - Act 266 authorizes wheeling of renewable energy and requires the PUC to establish policies for wheeling and microgrid service tariffs[282](index=282&type=chunk) - The Utilities were awarded **$95 million** in federal funds under the Infrastructure Investment and Jobs Act (IIJA) for their Climate Adaption Transmission and Distribution Resilience Program[284](index=284&type=chunk) - New Executive Orders impacting IIJA and Inflation Reduction Act funding could lead to project delays and economic uncertainty, particularly for utility-scale battery projects[285](index=285&type=chunk)[283](index=283&type=chunk) [System reliability](index=71&type=section&id=System%20reliability%20-%20Electric%20Utility) The Utilities are implementing a Wildfire Safety Strategy (2025-2027) and Interim Wildfire Safety Measures, including enhanced inspections and vegetation management, and launched the Public Safety Power Shutoff (PSPS) program on July 1, 2024, for preventative de-energization, while Hawaii Island faces potential generation shortfalls due to extended generator maintenance - The Utilities have developed Interim Wildfire Safety Measures and a 2025-2027 Wildfire Safety Strategy to mitigate wildfire risks across their service territories[286](index=286&type=chunk) - The Public Safety Power Shutoff (PSPS) program launched on July 1, 2024, to preventatively de-energize circuits in high fire risk areas during certain weather conditions[297](index=297&type=chunk) - Hawaii Island faces potential generation shortfalls due to two generators being out of service for extended maintenance[286](index=286&type=chunk) [Results of Operations](index=72&type=section&id=Results%20of%20Operations%20-%20Electric%20Utility) For the three and six months ended June 30, 2025, the Electric Utility segment saw a significant increase in operating income and net income compared to the prior year, primarily due to the absence of **$1.712 billion** in wildfire tort-related claims recorded in 2024, with revenues decreasing due to lower fuel oil and purchased power prices Electric Utility Results of Operations (3 Months Ended June 30) (in millions) | Metric (in millions) | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | Increase (decrease) | | :------------------- | :--------------------------- | :--------------------------- | :------------------ | | Revenues | $742 | $792 | $(50) | | Operating income (loss) | $65 | $(1,644) | $1,709 | | Net income (loss) for common stock | $39 | $(1,229) | $1,268 | | Kilowatthour sales (millions) | 2,032 | 1,971 | 61 | | Average fuel oil cost per barrel | $100.40 | $120.12 | $(19.72) | Electric Utility Results of Operations (6 Months Ended June 30) (in millions) | Metric (in millions) | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | Increase (decrease) | | :------------------- | :--------------------------- | :--------------------------- | :------------------ | | Revenues | $1,481 | $1,581 | $(100) | | Operating income (loss) | $140 | $(1,581) | $1,721 | | Net income (loss) for common stock | $87 | $(1,190) | $1,277 | | Kilowatt-hour sales (millions) | 3,997 | 3,877 | 120 | | Average fuel oil cost per barrel | $102.56 | $121.01 | $(18.45) | - The Utilities' effective tax rates for the first six months of 2025 and 2024 were **21%** tax expense and **26%** tax benefit, respectively[290](index=290&type=chunk) [Executive overview and strategy](index=74&type=section&id=Executive%20overview%20and%20strategy%20-%20Electric%20Utility) The Utilities aim to provide safe, reliable, resilient, affordable, and clean energy to Hawaii, modernizing the grid to achieve **100%** renewable portfolio standards and net-negative carbon emissions by 2045, while building trust and protecting against climate change impacts - The Utilities' mission is to empower their communities and customers with safe, reliable, resilient, affordable, and clean energy[294](index=294&type=chunk) - The goal is to create a safe, modern, resilient, flexible, and dynamic electric grid to achieve **100%** renewable portfolio standard and net-negative carbon emissions by 2045[294](index=294&type=chunk) [Performance-based regulations](index=74&type=section&id=Performance-based%20regulations%20-%20Electric%20Utility) The Public Utilities Commission (PUC) established a Performance-Based Regulation (PBR) Framework on December 23, 2020, to govern the Utilities, implementing a five-year multi-year rate period without general rate cases - The PUC issued a decision and order (PBR D&O) on December 23, 2020, establishing a new performance-based regulation framework (PBR Framework) for the Utilities[295](index=295&type=chunk) [Wildfire Safety Measures](index=74&type=section&id=Wildfire%20Safety%20Measures%20-%20Electric%20Utility) The Utilities are implementing a Wildfire Safety Strategy (2025-2027) and Interim Wildfire Safety Measures to reduce wildfire risks, including enhanced inspections and vegetation management, and launched the Public Safety Power Shutoff (PSPS) program on July 1, 2024, for preventative de-energization - The Utilities filed their 2025-2027 Wildfire Safety Strategy in January 2025, outlining plans to reduce wildfire risk across service territories[296](index=296&type=chunk) - An application for Exceptional Project Recovery Mechanism (EPRM) cost recovery, estimated at **$350 million**, was submitted to the PUC for wildfire safety measures[296](index=296&type=chunk) - The Public Safety Power Shutoff (PSPS) program launched on July 1, 2024, to preventatively de-energize circuits in high fire risk areas during certain weather conditions[297](index=297&type=chunk) [Transition to a decarbonized and sustainable energy future](index=74&type=section&id=Transition%20to%20a%20decarbonized%20and%20sustainable%20energy%20future%20-%20Electric%20Utility) The Utilities are committed to decarbonization, aiming for net-zero carbon emissions by 2045, and despite federal policy and supply chain challenges, they expect to meet or exceed state Renewable Portfolio Standard (RPS) goals, achieving **35.8%** RPS in 2024 and earning PIM rewards - The Utilities aim to achieve net zero carbon emissions from power generation by 2045 or sooner[301](index=301&type=chunk) - Federal policies (e.g., 2025 budget reconciliation bill) and supply chain disruptions are expected to delay the **70%** carbon emissions reduction target from 2030, but the Utilities still expect to meet or exceed state RPS goals[300](index=300&type=chunk) - Hawaii's RPS law mandates **30%**, **40%**, **70%**, and **100%** renewable energy by December 31, 2020, 2030, 2040, and 2045, respectively[304](index=304&type=chunk) - In 2024, the Utilities achieved a **35.8%** RPS, earning a **$1.9 million** reward for exceeding the **34.0%** RPS target[306](index=306&type=chunk) [Integrated Grid Planning](index=76&type=section&id=Integrated%20Grid%20Planning%20-%20Electric%20Utility) The Utilities are implementing an Integrated Grid Planning (IGP) process, involving stakeholders, to modernize the grid and achieve cost-effective renewable energy and decarbonization pathways, with the PUC accepting their final IGP in March 2024 - The Utilities are implementing an Integrated Grid Planning (IGP) process to achieve cost-effective renewable energy and decarbonization pathways[309](index=309&type=chunk) - The PUC accepted the Utilities' final Integrated Grid Plan on March 7, 2024, which proposes actionable steps to decarbonize the electric grid with a flexible framework[310](index=310&type=chunk) [Demand response programs](index=76&type=section&id=Demand%20response%20programs%20-%20Electric%20Utility) The Utilities are developing an integrated Demand Response Portfolio Plan to enhance system operations and reduce customer costs through incentive-based programs, with the Emergency Demand Response Program (EDRP) approved in 2021 and expanded in 2022, totaling **47.95 MW** on Oahu and **10.55 MW** on Maui as of June 30, 2025 - The Utilities are developing an integrated Demand Response Portfolio Plan to enhance system operations and reduce costs to customers[311](index=311&type=chunk) - The Emergency Demand Response Program (EDRP) was approved by the PUC in June 2021 and expanded in May 2022[313](index=313&type=chunk)[314](index=314&type=chunk) - As of June 30, 2025, the Utilities have approved EDRP applications totaling **47.95 MW** on Oahu and **10.55 MW** on Maui[313](index=313&type=chunk)[314](index=314&type=chunk) [Grid modernization](index=77&type=section&id=Grid%20modernization%20-%20Electric%20Utility) The Utilities' Grid Modernization Strategy (GMS) aims to deploy modern grid investments for flexibility, resilience, reliability, and renewable energy integration, with Phase 1 deployment of **447,000** advanced meters completed in 2024, and Phase 2 for an Advanced Distribution Management System being re-scoped due to unsuccessful federal funding - Phase 1 deployment of **447,000** advanced meters, servicing approximately **95%** of customers, was completed in 2024[316](index=316&type=chunk) - Phase 2 of the GMS, for an Advanced Distribution Management System, is being re-scoped due to unsuccessful federal funding and an updated PUC application is planned for Q3 2025[317](index=317&type=chunk) [Community-based renewable energy](index=77&type=section&id=Community-based%20renewable%20energy%20-%20Electric%20Utility) The CBRE program, with two phases, allows customers to benefit from renewable energy, including five operational Phase 1 projects totaling **4,300 kW** and Phase 2 with **12.5 MW** of low-to-moderate income projects expected by 2026, along with two Molokai solar-plus-storage contracts approved in January 2024 - Phase 1 of the CBRE program includes five operational projects totaling **4,300 kW** across Oahu, Maui, Hawaii, and Molokai[318](index=318&type=chunk) - Phase 2 includes **12.5 MW** of dedicated Low-to-Moderate Income projects expected to be operational in 2026[319](index=319&type=chunk) - Two solar-plus-storage contracts on Molokai (**2.45 MW** PV, **11.1 MWh** BESS) were approved by the PUC on January 8, 2024[321](index=321&type=chunk) [Microgrid services tariff proceeding](index=77&type=section&id=Microgrid%20services%20tariff%20proceeding%20-%20Electric%20Utility) The PUC closed the microgrid services tariff docket in June 2025, believing its primary objectives were met, but intends to establish an informal working group for further modifications, while Act 266, signed July 2, 2025, authorizes renewable energy wheeling and requires the PUC to establish related policies and microgrid service tariffs - The PUC closed the microgrid services tariff docket on June 12, 2025, but intends to establish an informal working group for further modifications[326](index=326&type=chunk) - Act 266, signed July 2, 2025, authorizes wheeling of renewable energy (**100 kW - 2 MW**) and requires the PUC to establish policies for distributed energy resources, retail wheeling, and microgrid service tariffs[327](index=327&type=chunk) [Investigation on the Establishment of Wheeling](index=78&type=section&id=Investigation%20on%20the%20Establishment%20of%20Wheeling%20-%20Electric%20Utility) The PUC initiated an investigation into electricity wheeling policies in July 2024 but suspended the procedural schedule in May 2025 due to Senate Bill 589 (Act 266), which authorizes renewable energy wheeling, and the Utilities are awaiting further PUC direction - The PUC initiated an investigation into electricity wheeling policies and procedures for Hawaii's electric utilities on July 1, 2024[328](index=328&type=chunk) - The procedural schedule for the wheeling docket was suspended on May 15, 2025, in consideration of Senate Bill 589 (Act 266)[329](index=329&type=chunk) [Decoupling](index=78&type=section&id=Decoupling%20-%20Electric%20Utility) Decoupling is a regulatory model that provides the Utilities with financial stability by delinking revenues from sales, thereby incentivizing energy efficiency and renewable energy adoption - Decoupling is a regulatory model designed to provide financial stability to utilities by delinking revenues from sales, promoting energy efficiency and renewable energy[116](index=116&type=chunk) [Regulated returns](index=78&type=section&id=Regulated%20returns%20-%20Electric%20Utility) The Utilities track rate-making Return on Average Common Equity (ROACE) under the Performance-Based Regulation (PBR) framework, with the Earnings Sharing Mechanism (ESM) temporarily suspended on August 31, 2023, and Hawaiian Electric's rate-making ROACE at **9.83%** as of June 30, 2025, exceeding the PUC-allowed **9.50%** - The Earnings Sharing Mechanism (ESM) was temporarily suspended on August 31, 2023, due to the Maui windstorm and wildfires, resulting in a zero earnings sharing adjustment for 2024[332](index=332&type=chunk) Rate-making Returns (Twelve months ended June 30, 2025) | Metric (Twelve months ended June 30, 2025) | Hawaiian Electric | Hawaii Electric Light | Maui Electric | | :----------------------------------------- | :---------------- | :-------------------- | :------------ | | Rate-making Return on rate base | 7.68% | 5.92% | 4.29% | | PUC-allowed returns (Rate base) | 7.37% | 7.52% | 7.43% | | Rate-making ROACE | 9.83% | 6.92% | 3.74% | | PUC-allowed returns (ROACE) | 9.50% | 9.50% | 9.50% | - Rate-making calculations exclude the impacts of the Settlement Agreements and the ABL Facility on a stand-alone company basis[334](index=334&type=chunk) [Regulatory proceedings](index=79&type=section&id=Regulatory%20proceedings%20-%20Electric%20Utility) The PBR D&O, issued on December 23, 2020, established a five-year multi-year rate period (MRP) without general rate cases, with a comprehensive review of the PBR Framework planned for the fourth year - The PBR Framework, established on December 23, 2020, implemented a five-year multi-year rate period (MRP) with no general rate cases, and a comprehensive review is scheduled for the fourth year[338](index=338&type=chunk) [Developments in renewable energy efforts](index=79&type=section&id=Developments%20in%20renewable%20energy%20efforts%20-%20Electric%20Utility) The Utilities' renewable energy goals face challenges from project delays, cancellations, supply chain disruptions, and increased costs, but all seven Stage 1 Renewable RFPs (**259.5 MW** PV, **1038 MWh** BESS) have reached commercial operations, with total projected annual payments of **$66.4 million** - Stage 1 and Stage 2 renewable projects have experienced delays and cancellations due to supply chain disruptions, solar product detentions, and unforeseen site conditions[339](index=339&type=chunk) - All seven Stage 1 projects (**259.5 MW** PV, **1038 MWh** BESS) have reached commercial operations, with total projected annual payments of **$66.4 million**[340](index=340&type=chunk)[341](index=341&type=chunk) - Of the 11 Stage 2 PPAs filed, six were declared null and void, and one was mutually terminated; the four remaining projects have received PUC approval, with two already operational[343](index=343&type=chunk) Stage 2 PPAs Summary | Stage 2 PPAs Summary | Number of contracts | Total photovoltaic size (MW) | BESS Size (MW/MWh) | Guaranteed commercial operation dates | | :------------------- | :------------------ | :--------------------------- | :----------------- | :------------------------------------ | | Hawaiian Electric | 3 | 79 | 79 / 443 | 5/17/24*, 6/7/24 & 9/1/24* | | Hawaiian Electric | 1 | N/A | 185 / 565 | 12/19/23 | | Total | 4 | 79 | 264 / 1,008 | | [Biofuel sources](index=81&type=section&id=Biofuel%20sources%20-%20Electric%20Utility) The Utilities issued an RFP for biodiesel fuel supply commencing February 1, 2026, and have signed an agreement with Pacific Biodiesel Technologies, LLC (PBT) for supply, pending PUC approval, while also maintaining a spot buy contract with PBT and a contingency supply contract with Vitol Inc. for biodiesel - The Utilities issued an RFP for biodiesel fuel supply commencing February 1, 2026, and signed an agreement with Pacific Biodiesel Technologies, LLC (PBT) pending PUC approval[351](index=351&type=chunk) - Hawaiian Electric has a spot buy contract with PBT and a contingency supply contract with Vitol Inc. for biodiesel, both extended through June 2025 and November 2025, respectively[351](index=351&type=chunk) [Requests for renewable proposals, expressions of interest, and information](index=81&type=section&id=Requests%20for%20renewable%20proposals%2C%20expressions%20of%20interest%2C%20and%20information%20-%20Electric%20Utility) The Utilities are actively pursuing renewable energy projects through RFPs, including the Hawaii Island Stage 3 RFP seeking **325 GWh/year** and **65 MW** firm capacity, and Oahu/Maui Stage 3 RFPs seeking significant firm capacity and GWh/year, though some selected projects have been withdrawn - The Hawaii Island Stage 3 RFP seeks **325 GWh/year** of energy and **65 MW** of renewable firm capacity[349](index=349&type=chunk) - Oahu's Stage 3 RFP seeks **500-700 MW** of renewable firm capacity and at least **965 GWh/year** of renewable dispatchable energy, while Maui's seeks at least **40 MW** firm capacity and **425 GWh/year**[349](index=349&type=chunk) - Several selected Stage 3 solar-plus-storage and firm renewable generation projects on Oahu, Maui, and Hawaii Island have been withdrawn by developers[349]

HEI Exhibit 99 "Our core operations performed as expected in the second quarter, with the utility progressing measures to protect our communities against the risks posed by extreme weather events. We've also continued to make the changes necessary to move forward as a simpler, NEWS RELEASE August 7, 2025 Contact: Mateo Garcia Telephone: (808) 543-7300 Director, Investor Relations E-mail: ir@hei.com HEI REPORTS SECOND QUARTER 2025 RESULTS HONOLULU - Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today ...

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use tri ...

Core Viewpoint - The article emphasizes the importance of value investing and highlights Hawaiian Electric Industries (HE) as a strong candidate for value investors due to its favorable financial metrics and Zacks Rank [2][4][6]. Group 1: Company Overview - Hawaiian Electric Industries (HE) currently holds a Zacks Rank of 2 (Buy) and a Value grade of A, indicating strong potential for value investors [4]. - The stock has a Price-to-Earnings (P/E) ratio of 10.77, significantly lower than the industry average P/E of 15.29, suggesting it may be undervalued [4]. - Over the past 12 months, HE's Forward P/E has fluctuated between a high of 11.93 and a low of 5.53, with a median of 10.75 [4]. Group 2: Financial Metrics - HE has a Price-to-Book (P/B) ratio of 1.2, which is favorable compared to the industry average P/B of 2.44, indicating solid valuation [5]. - The P/B ratio for HE has ranged from a high of 1.78 to a low of 0.42 over the past year, with a median of 1.15 [5]. - These financial metrics contribute to HE's strong Value grade, suggesting that the stock is likely undervalued at present [6].

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use fundamental analysis and traditional valuation metrics to fin ...

Financial Data and Key Metrics Changes - In Q1 2025, the company generated net income of $26.7 million or $0.15 per share, which includes a $13.2 million pre-tax loss on the sale of Pacific Current and $4.5 million in pre-tax Maui wildfire-related expenses [19][20] - Consolidated core net income was $39.8 million or $0.23 per share, compared to $28.4 million or $0.26 per share in Q1 2024 [20] - Utility core net income increased to $49.7 million from $44.2 million in Q1 2024, driven by better heat rate performance and higher revenues [20] Business Line Data and Key Metrics Changes - The utility segment showed improved performance with higher revenues from the annual revenue adjustment mechanism and lower bad debt expenses, despite increased wildfire mitigation program expenses [20] - The holding company reported a core net loss of $9.9 million, reduced from $15.8 million in Q1 2024, due to higher interest income from cash reserves [21] Market Data and Key Metrics Changes - As of the end of Q1 2025, the holding company had approximately $492 million in unrestricted cash, while the utility had $130 million [22] - The holding company cash balance included about $384 million from the sale of American Savings Bank, which was used to retire debt [22] Company Strategy and Development Direction - The company is focused on regaining financial strength and simplifying its business model to concentrate solely on regulated utility operations [6][9] - Significant investments are planned in the utility's generation system and electric grid to enhance safety and reliability [10] - The company aims to advance Hawaii's clean energy goals, targeting 100% renewable portfolio standard (RPS) and net zero emissions by 2045 [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's future, citing improved financial strength and a clearer path to resolving the Maui wildfire tort litigation [66] - The company is well-positioned to finance remaining settlement payments amidst a robust capital expenditure cycle [10] Other Important Information - The Hawaii State Legislature passed several bills, including one that directs the Public Utilities Commission (PUC) to establish a liability cap on economic damages from future wildfires [12][13] - The utility dividend has been reinstated, with a quarterly dividend of $10 million approved for Q1 2025 [24] Q&A Session Summary Question: Anticipated feedback from rating agencies if SB 897 is signed into law - Management indicated that they expect positive feedback from rating agencies once the bill is signed, as it represents credit positives [27] Question: How SB 897 will shift discussions towards future wildfire fund implementation - Management explained that the PUC will study the viability of a wildfire fund and report back to the legislature with recommendations [28] Question: Details on the liability cap and its establishment - Management clarified that SB 897 mandates the PUC to establish an aggregate liability cap, considering various factors [32][34] Question: Financing strategy for remaining settlement payments - Management stated that financing will be a combination of debt and equity, with no immediate plans to finance until closer to the payment dates [36][47] Question: Planned rate case filing and its components - Management confirmed that the utility will file for rebasing target revenues later this year, with a focus on a 2026 test year [50][53]

Financial Data and Key Metrics Changes - In Q1 2025, the company generated net income of $26.7 million or $0.15 per share, which includes a $13.2 million pre-tax loss on the sale of Pacific Current and $4.5 million in Maui wildfire-related expenses [18][19] - Consolidated core net income was $39.8 million or $0.23 per share, compared to $28.4 million or $0.26 per share in Q1 2024 [19] - Utility core net income increased to $49.7 million from $44.2 million in Q1 2024, driven by better heat rate performance and higher revenues [19] Business Line Data and Key Metrics Changes - The utility segment showed improved performance with higher revenues from the annual revenue adjustment mechanism and lower bad debt expenses, despite increased wildfire mitigation program expenses [19] - The holding company reported a core net loss of $9.9 million, reduced from $15.8 million in Q1 2024, due to higher interest income from cash reserves [20] Market Data and Key Metrics Changes - The company had approximately $492 million in unrestricted cash at the holding company level and $130 million at the utility level as of the end of Q1 2025 [20] - The holding company cash balance included $384 million from the sale of American Savings Bank, which was used to retire debt [21] Company Strategy and Development Direction - The company is moving towards a simpler business model focused solely on regulated utility operations following the sale of American Savings Bank and the divestiture of Pacific Current assets [8][12] - The company aims to enhance safety, reliability, and resilience through significant investments in the utility's generation system and electric grid [9] - The company remains committed to advancing Hawaii's clean energy goals, targeting 100% renewable portfolio standard (RPS) and net zero by 2045 [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's future, citing improved financial strength and a clearer path to resolving the Maui wildfire tort litigation [11][64] - The company anticipates that the legislative measures passed will positively impact credit ratings and reduce wildfire liability risk exposure [12][25] Other Important Information - The company reinstated a quarterly dividend of $10 million for Q1 2025 after a temporary suspension [23] - The Hawaii State Legislature passed several bills aimed at supporting the utility's operations and mitigating wildfire risks, including establishing a liability cap and a potential wildfire fund [12][15] Q&A Session Summary Question: Anticipated feedback from rating agencies if SB 897 is signed into law - Management expects positive feedback from rating agencies, indicating that key milestones will be credit positives [25] Question: How will SB 897 impact the wildfire fund? - The bill requires the Public Utilities Commission (PUC) to study the viability of a wildfire fund and provide recommendations [27] Question: What is the nature of the liability cap in SB 897? - The bill directs the PUC to establish an aggregate liability cap, considering various factors such as market cap and rate base [31][33] Question: Financing strategy for remaining settlement payments - Management indicated that financing will be a combination of debt and equity, with no immediate plans for financing the payments [35][45] Question: Planned rate case filing and test year - The utility will file for rebasing target revenues ahead of the second multiyear rate period starting in 2027, with a 2026 test year expected [46][51] Question: Why did the legislature defer decisions on the liability cap to the PUC? - The legislature believed the PUC could conduct a more thorough and technical review of the issues involved [56] Question: Governor's position on the liability cap - Management noted that the governor's office was actively involved in the legislative process and will have input once the PUC completes its rulemaking [59]

PART I. FINANCIAL INFORMATION [Financial Statements](index=8&type=section&id=Item%201.%20Financial%20Statements) Unaudited consolidated financial statements for HEI and Hawaiian Electric detail HEI's net income decline from ASB sale and wildfire liability, contrasting with Hawaiian Electric's increased net income [Hawaiian Electric Industries, Inc. and Subsidiaries Financial Statements](index=8&type=section&id=Hawaiian%20Electric%20Industries%2C%20Inc.%20and%20Subsidiaries%20Financial%20Statements) HEI's Q1 2025 consolidated financial statements show decreased revenues and net income, primarily due to the ASB sale, with a significant $1.915 billion wildfire tort liability on the balance sheet HEI Condensed Consolidated Statements of Income (unaudited) | (in thousands, except per share amounts) | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | **Total revenues** | $744,070 | $792,014 | | **Total operating income** | $62,420 | $50,887 | | **Income from continuing operations** | $27,144 | $21,661 | | **Income from discontinued operations** | $— | $20,934 | | **Net income for common stock** | $26,671 | $42,122 | | **Diluted earnings per common share** | $0.15 | $0.38 | HEI Condensed Consolidated Balance Sheets (unaudited) | (dollars in thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total assets** | $8,766,181 | $8,931,416 | | **Total current liabilities** | $1,559,019 | $1,324,591 | | **Wildfire tort-related claims (Current)** | $478,750 | $478,750 | | **Wildfire tort-related claims (Noncurrent)** | $1,436,250 | $1,436,250 | | **Total liabilities** | $7,226,012 | $7,418,034 | | **Total shareholders' equity** | $1,505,876 | $1,479,089 | - Net cash provided by operating activities **decreased to $49.7 million** in Q1 2025 from **$124.6 million** in Q1 2024, with net cash used in financing activities totaling **$102.2 million** primarily for long-term debt repayment[24](index=24&type=chunk)[26](index=26&type=chunk) [Hawaiian Electric Company, Inc. and Subsidiaries Financial Statements](index=14&type=section&id=Hawaiian%20Electric%20Company%2C%20Inc.%20and%20Subsidiaries%20Financial%20Statements) Hawaiian Electric's Q1 2025 financial statements report decreased revenues but increased operating and net income, despite significant wildfire tort-related claims liability Hawaiian Electric Condensed Consolidated Statements of Income (unaudited) | (in thousands) | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | **Revenues** | $738,366 | $788,578 | | **Total expenses** | $662,429 | $725,223 | | **Operating income** | $75,937 | $63,355 | | **Net income for common stock** | $47,816 | $39,221 | Hawaiian Electric Condensed Consolidated Balance Sheets (unaudited) | (dollars in thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total assets** | $7,864,144 | $7,613,604 | | **Wildfire tort-related claims (Current)** | $478,750 | $478,750 | | **Wildfire tort-related claims (Noncurrent)** | $1,436,250 | $1,436,250 | | **Total capitalization and liabilities** | $7,864,144 | $7,613,604 | [Notes to Condensed Consolidated Financial Statements (unaudited)](index=19&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20%28unaudited%29) Notes detail accounting policies and significant events, including the $1.99 billion Maui wildfire settlement, ASB sale, regulatory environment, and debt compliance - HEI and Hawaiian Electric entered into settlement agreements to resolve tort-related legal claims from the Maui wildfires for a total contribution of **$1.99 billion**, including a **$75 million** contribution to the One 'Ohana Initiative, payable in four equal annual installments of approximately **$479 million** starting in early 2026[49](index=49&type=chunk)[50](index=50&type=chunk) - As of March 31, 2025, the company accrued a liability of **$1.915 billion** for wildfire tort-related claims (**$478.75 million** current, **$1.436 billion** non-current), with an additional **$40 million** recorded as an insurance receivable related to the settlement[55](index=55&type=chunk)[21](index=21&type=chunk) - The company is defending against a putative securities class action and several shareholder derivative lawsuits related to the Maui wildfires, with the ultimate outcome and potential loss not reasonably estimable at this time[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) - On December 31, 2024, the company sold **90.1%** of American Savings Bank (ASB), resulting in ASB's results being presented as discontinued operations for all periods shown[69](index=69&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) - The Public Utilities Commission (PUC) temporarily suspended the Earnings Sharing Mechanism (ESM) to prevent customers from potentially bearing costs associated with the Maui wildfires without prior PUC review[110](index=110&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=58&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial impact of the Maui wildfire settlement, HEI's net income decline from the bank segment sale, and the electric utility's increased net income, outlining liquidity and strategic priorities [HEI Consolidated](index=58&type=section&id=HEI%20consolidated) HEI's consolidated results were dominated by the Maui wildfire settlement and the bank segment sale, leading to a net income drop despite significant capital raising for settlement funding HEI Consolidated Results of Operations | (in thousands) | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | **Revenues** | $744,070 | $792,014 | | **Operating income** | $62,420 | $50,887 | | **Income from continuing operations for common stock** | $26,671 | $21,188 | | **Income from discontinued operations** | $— | $20,934 | | **Net income for common stock** | $26,671 | $42,122 | - HEI and Hawaiian Electric are obligated to contribute **$1.99 billion** towards a settlement for tort-related legal claims from the Maui wildfires, with the first of four equal annual installments of **$479 million** classified as a current liability[197](index=197&type=chunk)[200](index=200&type=chunk) - To finance the first settlement payment, HEI completed a sale of **62.2 million** shares of common stock, raising net proceeds of approximately **$557.7 million**[201](index=201&type=chunk) - Total available liquidity as of March 31, 2025, was **$1.232 billion**, consisting of **$299 million** in undrawn utility credit, **$304 million** in undrawn 'All Other' credit, and **$629 million** in cash and cash equivalents[227](index=227&type=chunk)[228](index=228&type=chunk) [Electric Utility](index=65&type=section&id=Electric%20Utility) The electric utility segment's net income increased due to higher Annual Revenue Adjustment (ARA) revenue and lower O&M expenses, despite decreased revenues, while focusing on wildfire safety and facing decarbonization delays Electric Utility Results of Operations | (in millions) | Three months ended March 31, 2025 | Three months ended March 31, 2024 | | :--- | :--- | :--- | | **Revenues** | $738 | $789 | | **Operating income** | $76 | $63 | | **Net income for common stock** | $48 | $39 | - Kilowatt-hour (kWh) sales increased by **3.1%** in Q1 2025 compared to Q1 2024, reflecting warmer weather and economic recovery on Maui[247](index=247&type=chunk) - The utility developed a 2025-2027 Wildfire Safety Strategy estimated to cost **$450 million**, focusing on grid hardening, enhanced inspections, and operational changes, and launched a Public Safety Power Shutoff (PSPS) program on July 1, 2024[265](index=265&type=chunk)[266](index=266&type=chunk) - Due to project delays and financing challenges, the utility expects its goal of a **70%** reduction in carbon emissions will be achieved later than the original 2030 target date[269](index=269&type=chunk) - As of March 31, 2025, the utility's total available liquidity was approximately **$504 million**, including **$374 million** in undrawn credit and **$130 million** in cash[322](index=322&type=chunk)[323](index=323&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=79&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no significant changes in its exposure to market risk during the first quarter of 2025, referring to its 2024 Form 10-K for full discussion - There have been no significant changes in HEI's and Hawaiian Electric's exposure to market risk during the quarter ended March 31, 2025[343](index=343&type=chunk) [Controls and Procedures](index=79&type=section&id=Item%204.%20Controls%20and%20Procedures) Management for both HEI and Hawaiian Electric concluded their disclosure controls and procedures were effective, with no material changes in internal control over financial reporting during the quarter - Management of both HEI and Hawaiian Electric concluded that their respective disclosure controls and procedures were effective as of the end of the reporting period[345](index=345&type=chunk)[349](index=349&type=chunk) - No changes in internal control over financial reporting occurred during the first quarter of 2025 that materially affected, or are reasonably likely to materially affect, internal controls[346](index=346&type=chunk)[350](index=350&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=80&type=section&id=Item%201.%20Legal%20Proceedings) This section incorporates by reference detailed descriptions of legal proceedings from other parts of the report, including the 2024 Form 10-K and financial statement notes - The report incorporates by reference detailed discussions of legal proceedings from its 2024 Form 10-K and Notes 2 and 4 of this Form 10-Q, which cover the Maui wildfire litigation and regulatory matters[352](index=352&type=chunk) [Risk Factors](index=80&type=section&id=Item%201A.%20Risk%20Factors) This section directs readers to the risk factors detailed in the company's 2024 Form 10-K, the MD&A, and other sections of this quarterly report for information regarding risks and uncertainties - For information on risk factors, the report refers to the 2024 Form 10-K, the MD&A, and the Cautionary Note Regarding Forward-Looking Statements within this document[353](index=353&type=chunk) [Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=80&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) During Q1 2025, HEI purchased common shares on the open market to satisfy plan requirements, not under a publicly announced repurchase program Issuer Purchases of Equity Securities (Q1 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | January 2025 | 30,376 | $9.01 | | February 2025 | 23,836 | $9.91 | | March 2025 | 18,728 | $10.73 | - Share purchases were made to satisfy the requirements of the HEI Dividend Reinvestment and Stock Purchase Plan and the Hawaiian Electric Industries Retirement Savings Plan, not as part of a publicly announced buyback program[357](index=357&type=chunk) [Exhibits](index=81&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and XBRL data files - The exhibits filed with this report include certifications from the CEOs and CFOs of both HEI and Hawaiian Electric, as well as XBRL interactive data files[358](index=358&type=chunk)