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, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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 EL ...

Financial Data and Key Metrics Changes - The company reported consolidated net income of $54.7 million and earnings per share (EPS) of $0.50, compared to $69.2 million and EPS of $0.63 in the same quarter last year [38][39] - The return on equity (ROE) for the last 12 months remains healthy at 10%, down from 10.9% last year due to lower bank earnings [39] - Utility ROE improved by 10 basis points to 8.2% [39] Business Line Data and Key Metrics Changes - The utility segment grew net income to $47 million despite elevated costs from storms during the quarter [6] - American Savings Bank (ASB) generated net income of $18.6 million, showing growth over the fourth quarter of the previous year [6] - ASB's total deposits were up 0.7% since the end of last year, indicating stability in the deposit base [19] Market Data and Key Metrics Changes - Hawaii's unemployment rate improved to 3.5% in March, aligning with the national average [11] - Visitor spending in Hawaii increased over 20% compared to last year and over 23% compared to pre-pandemic levels [12] - Visitor arrivals in March reached approximately 901,000, a 14% increase from last year and a 97% recovery from March 2019 [37] Company Strategy and Development Direction - The Integrated Grid Plan (IGP) identifies four key objectives for the next five years, including stabilizing utility rates and advancing energy equity [7] - The company is focused on integrating more renewables while improving grid reliability and resilience [32] - ASB's conservative banking model, characterized by a high percentage of retail deposits, positions it well in Hawaii's unique banking market [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about credit quality trends and the overall economic environment in Hawaii, driven by tourism recovery and military construction spending [67] - The company expects net interest margin (NIM) for the year to be lower than previously anticipated, now projected at 2.8% to 2.9% [63] - Management remains focused on managing operating and maintenance expenses within inflationary adjustments allowed under the annual revenue adjustment [41] Other Important Information - Utility capital expenditures (CapEx) for the quarter were $112 million, nearly double that of the first quarter of 2022 [16] - The company continues to connect renewable projects to its grid, with significant progress made in deploying smart meters [8][34] Q&A Session Summary Question: Changes in uninsured deposits behavior - Management noted no unusual changes in customer behavior regarding uninsured deposits during the quarter [52] Question: Core deposits and CDs trends - Average deposits declined by about $76 million in April, attributed to tax payments [56] Question: Rate differential for CDs versus regular deposits - The rate differential is about 1.25% between CD rates and regular deposits [71] Question: Impact of potential increase in FDIC insurance - Management indicated that the percentage of uninsured deposits would likely decrease if FDIC insurance were doubled [83] Question: Vacancy issues in commercial real estate - The overall occupancy in Hawaii remains strong, with no significant vacancy issues reported [84]

HEI 1Q23 Financial Results May 9, 2023 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------|----------------|---------------------| | | | | | HEI's combination of businesses continues to deliver consistent results | | Diluted EPS (GAAP) | | • Utility | | | | ‒ Continuing to grow earnings under PBR | | $0.63 $0.50 | | ‒ Operating efficiently despite increased costs from storm activity | | $0.22 $0.17 | | | | | | • Ba ...

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 March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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 E ...

Financial Performance - Hawaiian Electric Industries, Inc. (HEI) reported a net interest income (NII) of $XXX million for the fiscal year, reflecting a Y% increase compared to the previous year[27]. - The company anticipates a revenue growth of Z% in the upcoming fiscal year, driven by increased demand for renewable energy solutions[26]. - In 2022, Hawaiian Electric's revenues from electric sales amounted to approximately $3.37 billion, with net income representing 78% of HEI's consolidated net income[65]. - ASB's total assets amounted to $9.5 billion and deposits reached $8.2 billion as of December 31, 2022[127]. - In 2022, ASB's revenues and net income represented approximately 9% and 33% of HEI's consolidated revenues and net income, respectively[128]. Renewable Energy Initiatives - HEI's Management's Discussion and Analysis highlighted a significant investment of $XXX million in renewable energy projects, aiming to meet the state's renewable portfolio standards (RPS)[29]. - The company aims to cut carbon emissions from power generation by 70% by 2030 compared to 2005 levels, with a commitment to achieve net zero carbon emissions by 2045[68]. - Hawaiian Electric plans to exceed a 70% renewable portfolio standard by 2030, with renewable resources expected to provide nearly 100% of electricity generated on Hawaii Island and in Maui County[69]. - The company added nearly 50,000 rooftop solar systems in 2022, marking a more than 50% increase from approximately 90,000 systems in 2021[70]. - The Renewable Portfolio Standards (RPS) require electric utilities to meet RPS of 15%, 30%, 40%, 70%, and 100% by 2015, 2020, 2030, 2040, and 2045 respectively, with the 2022 RPS calculated at 31.8% under the revised method[104]. Operational Efficiency and Challenges - HEI plans to implement new performance incentive mechanisms (PIMs) as part of its performance-based regulation (PBR) strategy to improve operational efficiency[27]. - The company is actively addressing supply chain challenges that could impact the timely execution of renewable energy projects, with a focus on mitigating risks associated with fuel price volatility[28]. - The ongoing impact of the COVID-19 pandemic continues to be a concern, affecting customer payment capabilities and overall economic conditions in Hawaii[27]. - The company is exploring new technologies, including energy storage and microgrids, to enhance operational resilience and adapt to changing market dynamics[28]. - The Utilities maintained various regulatory mechanisms under PBR, including the Energy Cost Recovery Clause and Performance Incentive Mechanism, to ensure stable revenue streams and performance incentives[74]. Workforce and Diversity - HEI and its subsidiaries had a total of 3,756 employees as of December 31, 2022, with Hawaiian Electric employing 2,605 and ASB employing 1,072[47]. - The workforce diversity at HEI shows that 60.0% of the total workforce is female, and 88.8% is racially diverse[51]. - The company is focused on enhancing employee skills through various training programs, including leadership development and technical training[52]. - ASB's investment in employee training and development includes a robust leadership academy program lasting 12-15 months for established leaders[54]. - The company is expanding its strategic workforce planning initiative to support future transformation plans and enhance employee engagement[59]. Regulatory and Compliance - The company is subject to regulatory oversight by the Federal Reserve Board and the Office of the Comptroller of the Currency, which may impose restrictions on activities if deemed necessary[43]. - The PUC Agreement requires HEI to provide periodic financial information and prohibits certain financial transactions without approval[40]. - ASB is subject to comprehensive regulation by the Department of Treasury, OCC, and FDIC, focusing on capital adequacy and safety[144]. - The PUC approved the Utilities' internal code of conduct on January 26, 2023, to ensure compliance with affiliate transaction regulations[107]. - ASB maintained its status as a "qualified thrift lender" throughout 2022, ensuring compliance with regulatory requirements[157]. Market and Competitive Landscape - ASB is diversifying its loan portfolio from single-family home mortgages to higher-spread, shorter-duration consumer and commercial loans[143]. - The competitive landscape includes 7 FDIC-insured financial institutions in Hawaii, with ASB facing significant competition for deposits and loans[139]. - ASB continues to invest in technology and personnel to adapt to the changing banking industry and remain competitive[140]. - The transition from LIBOR to an alternative reference rate may adversely impact the company's cost of capital and interest income on loans[47]. - ASB is preparing to meet the June 30, 2023, deadline for the transition from LIBOR to SOFR for certain financial contracts[161].

Hawaiian Electric Industries, Inc. (NYSE:HE) Q4 2022 Earnings Conference Call February 14, 2023 4:15 PM ET Company Participants Mateo Garcia - Director of Investor Relations Scott Seu - President and Chief Executive Officer Paul Ito - Executive Vice President and Chief Financial Officer Ann Teranishi - President and Chief Executive Officer of American Savings Bank Tayne Sekimura - Senior Vice President and Chief Financial Officer of Hawaiian Electric Conference Call Participants Constantine Lednev - Guggenh ...

Financial Performance - HEI achieved earnings growth of 6% despite macroeconomic challenges[64] - Full year 2022 diluted EPS (GAAP) for Utility was $2.25, compared to $2.20 in 2021[1, 64] - Full year 2022 diluted EPS (GAAP) for Bank was $0.92, compared to $0.73 in 2021[1, 64] - Full year 2022 diluted EPS (GAAP) for Holding Co & Other was -$0.30, compared to -$0.25 in 2021[1, 64] - The bank's return on average equity was 15.7% for the quarter ending December 31, 2022[51, 55] Utility Capital Investment - Capital expenditures forecast for 2023 is between $370 million and $410 million[6] - Capital expenditures forecast for 2024 is between $320 million and $420 million[6] - Baseline and Other Capex for ARA recovery was $304 million in 2022[9] Bank Loan Portfolio - The bank's loan portfolio totaled $6005 million as of December 31, 2022[50] - Residential Mortgage loans accounted for 42% of the total loan portfolio, amounting to $2521 million[49, 50] - Commercial Real Estate loans represented 22.6% of the total loan portfolio, totaling $1358 million[49, 50] Utility Guidance - The company expects a 368% inflationary increase in 2023 ARA revenues[11]

Investor Presentation November 2022 Forward Looking Statements 2 Cautionary statements and risk factors that may affect future results This presentation includes forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from such forward-looking statements. The factors that could cause actual results to differ are discussed in the appendix that follows this presentation and in HEI's SEC filings. | --- | --- | --- | --- | --- | |--------------------- ...

| --- | --- | --- | --- | |---------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | HEI 3Q22 Financial Results November 7, 2022 | | | | Solid Results Support Strengthened 2022 Outlook 2 | --- | --- | --- | |----------------------------------------------------------------|--------------------|---------------------| | | | | | Steady utility performance | Diluted EPS (GAAP) | | | ‒ Strong mitigation of cost pressures | | | | ‒ Increasing utility 2022 EPS ...

Hawaiian Electric Industries, Inc. (NYSE:HE) Q3 2022 Earnings Conference Call November 7, 2022 4:15 PM ET Company Participants Julie Smolinski - VP, IR and Corporate Sustainability Scott Seu - President & CEO Paul Ito - Interim HEI CFO Shelee Kimura - President & CEO, Hawaiian Electric Ann Teranishi - American Savings Bank President and CEO; Conference Call Participants Julien Dumoulin-Smith - Bank of America Paul Patterson - Glenrock Associates Operator Good afternoon, and thank you for attending today's Q ...