| --- | --- | --- | --- | |----------------------------------------------|-------|-------|-------| | | | | | | Hawaiian Electric Industries, Inc. | | | | | Financial Community Meetings March 1-2, 2021 | | | | | | | | | | | | | | | | | | | Forward looking statements 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 statem ...

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, 2020 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 for 2020 was $197.8 million, down from $217.9 million in 2019, resulting in earnings per share of $1.81 compared to $1.99 in 2019 [5][24] - Return on equity (ROE) for the last 12 months was 8.6%, down from 9.8% in 2019 [25] - Utility earnings grew about 8% to $169.3 million, while American Savings Bank (ASB) earnings decreased by $31 million or 35% due to net interest margin compression and higher provisions [24][25] Business Line Data and Key Metrics Changes - Utility segment achieved $169.3 million in earnings, reflecting efficiency improvements and lower operating and maintenance (O&M) expenses [24] - ASB's net interest margin (NIM) for the full year 2020 was 3.29%, with a record low cost of funds at 16 basis points [35] - ASB's provision for the year was $50.8 million, significantly higher than $23.5 million in 2019, reflecting credit risk due to COVID-19 [36] Market Data and Key Metrics Changes - Daily visitor arrivals in Hawaii improved to around 8,000, up from 2,000-3,000 before reopening to tourism [22] - Unemployment in Hawaii improved to 9.3% in December 2020, down from 24% at the pandemic's peak [22] - The housing market remained resilient, with single-family home sales up 2.3% in 2020 and median prices rising 5.2% to $830,000 [22] Company Strategy and Development Direction - The company focuses on delivering a cost-effective clean energy portfolio, improving customer experience, and advancing renewable energy and storage projects [8][10] - A three-year program to reduce costs and increase efficiency was outlined, achieving significant savings in 2020 [10][11] - The newly adopted Performance-Based Regulation (PBR) framework is expected to provide a balanced approach to customer value and utility opportunities [12][28] Management's Comments on Operating Environment and Future Outlook - Management views 2021 as a transition year with expectations for improved financial opportunities in 2022 as PBR is fully implemented [14][15] - The company anticipates modest renewable energy additions in 2021, with expectations for growth in 2022 and 2023 [15] - Management highlighted the importance of controlling expenses to ensure strong financial performance under the new PBR framework [28] Other Important Information - The company provided $2 million for the Aloha United Way Hawaii Utility Bill Assistance Program to support families [6] - Charitable commitments in 2020 totaled $5.5 million, more than double the typical level [6] - The company expects to maintain a dividend payout ratio of approximately 65% in 2021, amounting to about $112 million in dividends to the holding company [38] Q&A Session Summary Question: How do you think about the cost savings in the context of the recent arrangement? - Management indicated that cost savings from 2020 will carry forward into 2021, with half of the identified savings already achieved [46][48] Question: What is the expected ROE trend year-over-year? - Management expects a decline in ROE for 2021 to approximately 7.8%, with improvements anticipated in 2022 as PBR is fully implemented [54][56] Question: What challenges might arise from high renewable energy integration? - Management acknowledged the need to maintain reliability and resilience while transitioning to a more distributed energy resource-based system [65] Question: What are the expectations regarding digital banking and branch consolidation? - The bank consolidated eight branches in 2020, with expected occupancy cost reductions of about 10% in 2022 [67][69]

Cautionary Note Regarding Forward-Looking Statements This presentation made by Hawaiian Electric Industries, Inc. (HEI) and Hawaiian Electric Company, Inc. (Hawaiian Electric) and their subsidiaries contain "forward-looking statements," which include statements that are predictive in nature, depend upon or refer to future events or conditions and usually include words such as "will," "expects," "anticipates," "intends," "plans," "believes," "predicts," "estimates" or similar expressions. In addition, any st ...

| --- | --- | --- | --- | |--------------------------------------|-------|-------|-------| | | | | | | Hawaiian Electric Industries, Inc. | | | | | Wells Fargo Conference December 2020 | | | | | | | | | | | | | | | | | | | Forward looking statements 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 factor ...

| --- | --- | --- | --- | |-------------------------------------------------------------|-------|-------|-------| | | | | | | Hawaiian Electric Industries, Inc. EEI Financial Conference | | | | | November 2020 | | | | | | | | | | | | | | | | | | | Forward looking statements 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-looki ...

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, 2020 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 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q Hawaiian Electric Industries, Inc. and Subsidiaries Hawaiian Electric Company, Inc. and Subsidiaries Form 10-Q—Quarter ended June 30, 2020 TABLE OF CONTENTS Page No. ii Glossary of Terms iv Cautionary Note Regarding Forward-Looking Statements ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 ...

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, 2020 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. ...

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, 2019 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 ...