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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q Exact Name of Registrant as Specified in Its Charter Commission File Number I.R.S. Employer Identification No. HAWAIIAN ELECTRIC INDUSTRIES, INC. 1-8503 99-0208097 and Principal Subsidiary HAWAIIAN ELECTRIC COMPANY, INC. 1-4955 99-0040500 State of Hawaii (State or other jurisdiction of incorporation or organization) Hawaiian Electric Industries, Inc. – 1001 Bishop Street, Suite 2900, Honolulu, Hawaii 96813 Hawaiian Electric C ...

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)