UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 1099 Alakea Street, Suite 2200, Honolulu, Hawaii 96813 - Hawaiian Electric Company, Inc. (Hawaiian Electric) (Address of principal executive offices and zip code) Exact Name of Registrant Commission I.R.S ...

HEI 4Q and Full Year 2024 Financial Results February 21, 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. Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix herein. Executed on strategic objectives communicated following the Maui wildfires Signed settlement agreements in the Maui wildfire tort ...

Financial Data and Key Metrics Changes - The company generated a loss from continuing operations of $1.3 billion for the full year 2024, which includes wildfire settlement accruals of $1.9 billion pretax and other Maui wildfire-related expenses [28][29] - Consolidated core net income was $124 million in 2024, down from $152 million in 2023, while utility core net income decreased to $181 million from $195 million in 2023 [29] - The average residential bill decreased by 7% in 2024, reflecting the company's efforts to reduce customer rates [14] Business Line Data and Key Metrics Changes - The sale of 90.1% of American Savings Bank (ASB) for $405 million was completed, with net proceeds of approximately $380 million used to pay down holding company debt [25][26] - ASB's 2024 results showed a net loss from discontinued operations of $103 million compared to a net income of $53 million in 2023 [27] Market Data and Key Metrics Changes - The utility achieved a 36% renewable portfolio standard in 2024, up from 33% in 2023, on track to reach an interim goal of 40% by 2030 [14] - The company ended 2024 with the strongest liquidity position in its history, bolstered by a successful equity offering that raised $558 million [10][23] Company Strategy and Development Direction - The company aims to focus on its core utility business following the sale of ASB, which simplifies its strategy and regulatory position [11][12] - A three-year action plan for wildfire safety with an estimated cost of $450 million has been established, with approximately $400 million expected to be capital expenditures [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive outcome of the Hawaii Supreme Court ruling, which is a significant step towards finalizing the settlement agreement related to the Maui wildfires [21][22] - The company plans to continue pursuing supportive legislation and aims to return to investment grade [24][86] Other Important Information - The company invested approximately $120 million in wildfire safety improvements in 2024, including a public safety power shutoff program and upgrades to utility infrastructure [16][17] - The updated wildfire safety strategy was filed with the Public Utilities Commission (PUC) in January, building upon immediate actions taken after the August 2023 wildfires [18] Q&A Session Summary Question: Confidence in the settlement proceeding without interference from insurers - Management expressed confidence in the positive outcome of the Hawaii Supreme Court decision, which is a major step towards finalizing the settlement agreement [36][37] Question: Capital expenditure expectations and financing plans - The company is refining its three-year capital forecast, expecting an increase in capital expenditures, particularly for wildfire safety and other approved projects [42][49] Question: Legislative session and potential impacts on customer bills - Management noted that discussions are ongoing regarding the impacts on customers and the establishment of a wildfire recovery fund, emphasizing the importance of balancing customer and shareholder needs [52][66] Question: Securitization and rating agency expectations - Management indicated that there is a good understanding of the benefits of securitization for securing lower-cost financing, which would ultimately benefit customers [71][73]

HEI Exhibit 99 NEWS RELEASE February 21, 2025 Contact: Mateo Garcia Telephone: (808) 543-7300 Director, Investor Relations E-mail: ir@hei.com HEI REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS HONOLULU - Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported a net loss for the full year 2024 of $1,426 million, or $11.23 per share, compared to net income of $199 million, or $1.81 per share in 2023. Excluding the impacts of discontinued operations, Maui wildfire-related expenses and the Pacifi ...

Hawaiian Electric Industries, Inc. (NYSE:HE) Q3 2024 Earnings Conference Call November 8, 2024 4:30 PM ET Company Participants Mateo Garcia - Director, Investor Relations Scott Seu - President and Chief Executive Officer Scott DeGhetto - Executive Vice President, Chief Financial Officer and Treasurer Joseph Viola - Senior Vice President, Customer, Legal and Regulatory Affairs Paul Ito - Senior Vice President, Chief Financial Officer and Treasurer Conference Call Participants Michael Lonegan - Evercore ISI J ...

| --- | --- | |------------------------------|------------------------------------| | Charter | I.R.S. Employer Identification No. | | and Principal Subsidiary | 99-0208097 | | | 99-0040500 | UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Exa ...

| --- | --- | --- | |----------|----------------------------------|-------------------------------| | | | HEI Exhibit 99 | | | | | | | | | | | | NEWS RELEASE | | November | 8, 2024 | | | Contact: | Mateo Garcia | Telephone: (808) 543-7300 | | | Director, Investor Relations | E-mail: ir@hei.com | HEI REPORTS THIRD QUARTER 2024 RESULTS Signed Settlement Agreements a Key Milestone in Efforts to Regain HEI's Financial Strength 2Q Going Concern Matter Resolved Utility and Bank Operations Remain Solid • On Novemb ...

Hawaiian Electric Industries, Inc. (NYSE:HE) Q2 2024 Earnings Conference Call August 9, 2024 4:30 PM ET Company Participants Mateo Garcia - Director, IR Scott Seu - President and CEO Scott DeGhetto - EVP, CFO and Treasurer Paul Ito - SVP, CFO and Treasurer Conference Call Participants Michael Lonegan - Evercore Jonathan Reeder - Wells Fargo Operator Good afternoon. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q2 2024 Hawaiian Electric ...

| --- | --- | |------------------------------|------------------------------------| | Charter | I.R.S. Employer Identification No. | | and Principal Subsidiary | 99-0208097 | | | 99-0040500 | UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Exact Na ...

HEI Exhibit 99 NEWS RELEASE August 9, 2024 Contact: Mateo Garcia Telephone: (808) 543-7300 Director, Investor Relations E-mail: ir@hei.com HEI REPORTS SECOND QUARTER 2024 RESULTS Continued Strength of Utility and Bank Operations Quarter's Results Include Accrual for Previously-Announced Tort Litigation Settlement and Bank's Goodwill Impairment Settlement Will Help Communities to Move Forward and Aid Rebuilding • 2Q24 Net Loss of $1.30 billion, or $11.74 per share, Includes Accrual of Estimated Wildfire Liab ...