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, 2022 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 HAWAII ...

Hawaiian Electric Industries, Inc. (NYSE:HE) Q2 2022 Earnings Conference Call August 8, 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; Dane Teruya - EVP & CFO, American Savings Bank, F.S.B. Conference Call Participants Julien Dumoulin-Smith - Bank of America Paul Patterson - Glenrock Associates Colton Ch ...

| --- | --- | --- | --- | |-------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | HEI 2Q22 Financial Results August 8, 2022 | | | | Solid Financial and Operational Results | --- | --- | --- | |-------------------------------------------------------------------------------------------|----------------------------|---------------------| | Utility \n‒ Performing well under PBR, although near-term dynamics driving higher O&M | Diluted EPS (GAAP) \n$0.58 | ...

Financial Performance - Revenues for the second quarter of 2022 increased by 32% to $895.6 million compared to $680.3 million in the same period of 2021, primarily driven by the electric utility segment [225]. - Net income for common stock decreased by 18% to $52.5 million in Q2 2022 from $63.9 million in Q2 2021, attributed to lower net income at the bank segment and higher net loss in the "other" segment [225]. - Revenues for the three months ended June 30, 2022, increased to $819 million, up from $602 million in 2021, representing a $217 million increase [261]. - Revenues for the six months ended June 30, 2022, reached $1.528 billion, a $361 million increase from $1.167 billion in 2021 [262]. - For the six months ended June 30, 2022, net cash provided by operating activities was $53 million, while net cash used in investing activities was $371 million [378]. Economic Indicators - Inflation reached a 41-year high of 9.1% in June 2022, with fuel costs rising 90% year-over-year, impacting operational and capital project costs [222]. - The unemployment rate in Hawaii improved to 4.3% in June 2022, down from 5.9% in June 2021, indicating a recovering labor market [230]. - The consumer price index in Hawaii rose by 7.0% year-over-year as of May 2022, with fuel costs increasing by 90% compared to the prior year's quarter [257]. - Domestic passenger counts in June 2022 were up 7.6% compared to pre-COVID-19 levels in 2019, while international passenger counts were down approximately 72% [218]. Utility Operations - The utility's kWh sales improved by 0.3% in Q2 2022 compared to Q2 2021, reflecting increased economic activity as the tourism industry recovers [220]. - kWh sales volume increased by 0.3% in Q2 2022 and 1.4% for the first six months compared to the same periods in 2021, attributed to economic recovery and tourism [253]. - The Utilities aim to achieve 100% renewable energy by 2045, with a commitment to cut carbon emissions from power generation by 70% by 2030 [268][269]. - The last coal-fired IPP plant in the state ceased operations on September 1, 2022, which previously contributed approximately 10% of Oahu's generation [270]. Financial Position and Liquidity - As of June 30, 2022, HEI had approximately $69 million and $55 million of commercial paper outstanding, with available committed capacities under credit facilities of $175 million and $200 million respectively [239]. - The total available borrowing capacity under the Company's committed lines of credit was approximately $251 million as of June 30, 2022, down from $321 million at the end of 2021 [240]. - HEI's liquidity remains satisfactory, with cash and cash equivalents at $141 million as of June 30, 2022, down from $251 million at the end of 2021 [242]. - The Company expects to maintain sufficient liquidity to meet cash requirements despite uncertainties from inflation and higher fuel prices [244]. Credit Quality and Provisions - ASB recorded a provision for credit losses of $2.8 million in Q2 2022, a shift from a negative provision of $12.2 million in Q2 2021, due to growth in the commercial real estate loan portfolio [221]. - Delinquency rates decreased from 0.43% at June 30, 2021, to 0.27% at June 30, 2022, indicating improved credit quality [356]. - The provision for credit losses for the six months ended June 30, 2022, was a negative $1 million, reflecting good credit trends, compared to a negative $21 million in 2021 [358]. Renewable Energy Initiatives - The Utilities achieved a Renewable Portfolio Standard (RPS) of 34.5% in 2020 and 38.4% in 2021, exceeding the statutory goals, and expect to meet or exceed the next goal of 40% by 2030 [273]. - The Utilities have incurred approximately $46 million in capital and deferred software costs under Phase 1 of the Grid Modernization Strategy, with a total estimated cost of $143 million over five years [284]. - The Emergency Demand Response Program (EDRP) was approved for 50 MW on Oahu with an incentive budget not to exceed $34 million, to be recovered over a 10-year period [282]. - The Utilities are currently developing seven additional PPAs with a total projected annual payment of $75.1 million, which includes a total photovoltaic capacity of 154 MW [307]. Banking Operations - ASB's net interest income for the quarter ended June 30, 2022, was $61.8 million, compared to $60.8 million for the same quarter in 2021, reflecting a year-over-year increase [349]. - The net interest margin for ASB for the quarter ended June 30, 2022, was 2.85%, slightly higher than the previous quarter but lower than 2.98% in the same quarter of 2021 [348]. - ASB's total loans amounted to $5.280 billion for Q2 2022, down from $5.291 billion in Q2 2021 [359]. - The average yield on total loans was 3.65% for the six months ended June 30, 2022, down from 3.86% in the same period of 2021 [360].

Hawaiian Electric Industries, Inc. (NYSE:HE) Q1 2022 Earnings Conference Call May 9, 2022 4:15 PM ET Company Participants Julie Smolinski - Vice President, Investor Relations and Corporate Sustainability Scott Seu - President & Chief Executive Officer Greg Hazelton - Executive Vice President & Chief Financial Officer Shelee Kimura - President & Chief Executive Officer, Hawaiian Electric Dane Teruya - Executive Vice President & Chief financial officer, American Savings Bank, F.S.B. Conference Call Participa ...

| --- | --- | --- | --- | |----------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | HEI 1Q22 Financial Results May 9, 2022 | | | | Solid Financial and Operational Results 2 | --- | --- | --- | --- | --- | |-------|--------------------------------------------------------------------------------------------------|---------|-------|---------------------| | | | | | | | | • Consolidated earnings up 7% vs 1Q21 | | | Diluted EPS (GAAP) | | | • Utility | | | | | | ‒ Executin ...

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, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Exact Name of Registrant Commission I.R.S. Employer as Specified in Its Charter File Number Identification No. Hawaiian Electric Industries, Inc. 1-8503 99-0208097 Hawaiian Electric Company, Inc. 1-4955 9 ...

Financial Data and Key Metrics Changes - Consolidated net income and earnings per share each rose 24% to $246 million and $2.25 respectively, exceeding the high end of guidance [8][30] - Utility earnings grew approximately 5% to $177.6 million, while American Savings Bank's earnings were up 76% to a record $101.2 million [30][31] - Consolidated ROE for the last 12 months was 10.4%, an increase of 180 basis points from 2020, with utility ROE at 8.1% and bank ROE at 13.8% [32] Business Line Data and Key Metrics Changes - Hawaiian Electric delivered $8 million in customer savings from cost efficiencies and established a $2 million customer bill credit program [11][30] - American Savings Bank's net interest income grew due to earning asset expansion and PPP fees, despite lower non-interest income [20][42] - Adjusted O&M for the utility declined to $412 million, slightly above guidance due to unexpected costs [35][52] Market Data and Key Metrics Changes - Hawaii's unemployment rate improved to 5.7% in December, down from nearly 24% in April 2020, while the housing market remained strong with single-family home sales up 17.9% [28][29] - Visitor arrivals reached 2019 levels during the summer, indicating a recovery in tourism [27] Company Strategy and Development Direction - The utility's strategic plan focuses on creating customer value, strengthening the foundation, and building a stronger Hawaii, with a commitment to reduce carbon emissions by 70% by 2030 [11][15] - The company plans to eliminate coal in Hawaii by fall 2022 and is working on renewable energy and storage projects [17][18] - The bank aims to continue its digital transformation and maintain solid profitability despite expected provisioning for loan losses in 2022 [25][46] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding Hawaii's economic outlook, anticipating GDP growth of 2.7% in 2022 [29] - The company is committed to its goals despite facing delays due to global supply chain dynamics and inflationary conditions [18][19] - The outlook for Fed rate increases is promising, expected to benefit the bank's margin [25] Other Important Information - The company initiated a consolidated earnings guidance range of $2 to $2.20 per share for 2022, with utility guidance of $1.68 to $1.78 per share [51][54] - The bank's guidance reflects continued solid profitability and a reset of earnings expectations due to the resumption of provisions [54] Q&A Session Summary Question: Can you talk about what drives net interest margin to decline year-over-year? - Management indicated that the margin was 2.79% for Q4, with guidance anticipating four rate hikes that would benefit the margin [60][61] Question: How do you think about the increase in fuel costs potentially leading to an acceleration of generation strategies? - Management noted that fuel cost increases would continue to drive efforts to transition away from fossil fuels, with plans for a renewable RFP [62][64] Question: Can you clarify the PIM outlook for the RPSA rewards? - Management explained that the outlook was adjusted due to supply chain delays and inflationary challenges affecting project timelines [70][71] Question: What does the interconnection experience improvement entail? - Management clarified that it involves reducing the number of days for customers to energize their distributed energy resources through process improvements [74] Question: How do you see depreciation expense related to renewable energy investments going forward? - Management indicated that depreciation would continue to reflect investments in renewable integration and grid reliability [79] Question: What is the anticipated PPP income for this year? - Management confirmed that approximately $3 million in PPP income is expected for the year, which would conclude the program [80]

Hawaiian Electric Industries, Inc. (NYSE:HE) Q3 2021 Earnings Conference Call November 5, 2021 4:15 PM ET Company Participants Julie Smolinski - Vice President of Investor Relations & Corporate Sustainability Connie Lau - President & Chief Executive Officer Scott Seu - President and Chief Executive Officer, Hawaiian Electric Greg Hazelton - Executive Vice President & Chief Financial Officer Ann Teranishi - President & Chief Executive Officer, American Savings Bank Tayne Sekimura - Senior Vice President & Ch ...

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, 2021 OR ii Glossary of Terms | 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 Subsidiar ...