市场收盘数据 标普 500 指数上涨 81 个基点，收于，尾盘有 6 亿美元资金流入买入。 纳斯达克 100 指数上涨 141 个基点，收于。 罗素 2000 指数上涨 41 个基点，收于。 道琼斯工业平均指数上涨 63 个基点，收于。 美国所有股票交易所共成交 175 亿股，低于年初 市场收盘数据 标普 500 指数上涨 81 个基点，收于，尾盘有 6 亿美元资金流入买入。 纳斯达克 100 指数上涨 141 个基点，收于。 罗素 2000 指数上涨 41 个基点，收于。 道琼斯工业平均指数上涨 63 个基点，收于。 美国所有股票交易所共成交 175 亿股，低于年初至今日均 192.6 亿股的平均水平。 恐慌指数（VIX）下跌 849 个基点，收于。 WTI 原油下跌 24 个基点，收于。 资金流动有序，板块内更多是供应减少和对冲基金回补，而非真正的买家最终入场。 盘后：英伟达上涨 4%，重回 200 美元上方，季度业绩稳健源头 信息加微ss62897，且 4 月季度指引（764-795 亿美元，市场预期 730 亿美元）。 美国 10 年期国债收益率上涨 2 个基点，收于。 黄金上涨 29 个基点，收于。 ...

Core Insights - The company has the potential to survive until it pays a total of $1.91 billion due to a regulatory decision related to its partial responsibility for the Maui fires in 2023 [1] Financial Analysis - The total amount the company is expected to pay is $1.91 billion, which is a significant financial burden [1]

Core Insights - The company has the potential to survive until it pays a total of $1.91 billion due to a regulatory decision related to its partial responsibility for the Maui fires in 2023 [1] Financial Analysis - The total amount the company is expected to pay is $1.91 billion, which is a significant financial burden [1]

Core Viewpoint - Hawaiian Electric Industries experienced a significant stock price increase of 10.80% due to its inclusion in the S&P SmallCap 600 Index, driven by market enthusiasm rather than any proprietary news [1][2]. Group 1: Index Inclusion Impact - S&P Global Indices announced that Hawaiian Electric will be added to the S&P SmallCap 600 Index as part of its quarterly rebalancing, effective before trading on December 22 [2][4]. - A total of 14 stocks, including Hawaiian Electric, were added to the index, while 13 stocks were removed [4]. - The inclusion in the index is expected to attract investment from index funds, benefiting Hawaiian Electric's stock price [6]. Group 2: Stock Performance Metrics - Following the announcement, Hawaiian Electric's stock price rose by $1.22 to a current price of $12.46 [5]. - The market capitalization of Hawaiian Electric is reported at $2 billion, with a trading volume of 6.9 million shares on the day of the announcement [5][6]. - The stock's 52-week range is between $8.14 and $13.41, indicating a notable increase in value [6].

Financial Data and Key Metrics Changes - In Q3 2025, the company generated net income of $30.7 million or $0.18 per share, including $4.5 million for pre-tax Maui wildfire-related expenses [10] - Consolidated core net income was $32.8 million or $0.19 per share, compared to $32.7 million or $0.29 per share in Q3 2024 [10] - Utility core net income for the quarter was $39.6 million, down from $43.7 million in Q3 2024, driven by lower tax benefits and higher expenses [10][11] Business Line Data and Key Metrics Changes - The holding company reported a core net loss of $6.8 million, improved from a loss of $10.9 million in Q3 2024, due to lower interest expenses and higher interest income [11] - The company has approximately $40 million in unrestricted cash at the holding company and $504 million at the utility as of the end of Q3 [12] Market Data and Key Metrics Changes - The company completed a $500 million unsecured debt offering in September, enhancing liquidity and access to capital markets [12] - The board approved a $10 million quarterly dividend to HEI for Q3 2025 [13] Company Strategy and Development Direction - The company is focused on improving financial strength and resilience, implementing wildfire safety strategies, and advancing tort litigation settlements [4][5] - A proposal for an alternative non-rate case process to rebase rates was approved by the PUC, aiming to avoid the burdens of a formal rate case [5][6] - Capital expenditures (CapEx) are projected to increase significantly, with expectations of $400 million in 2025 and $550 million-$700 million in 2026, driven by wildfire safety and reliability projects [15][16] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the progress of the Maui wildfire tort litigation settlement and operational risk improvements since the 2023 wildfires [7][9] - The company anticipates that the first payment related to the settlement will be due no sooner than early 2026 [14] - Management is cautious about providing earnings guidance until after the final settlement approval process is completed [25] Other Important Information - The company is awaiting PUC approval for its utility wildfire safety strategy and has filed an application to increase costs for the Wai'a Repowering Project [15] - Approximately $1.8 billion-$2.4 billion in total CapEx is expected over the next three years, subject to additional PUC approvals [16] Q&A Session Summary Question: Revenue requirement and timing under the alternative rebasing filing - Management discussed the timing of the rebasing proposal due to the PUC on January 7, 2026, and the potential for a 2027 test year rate case if the proposal is unsuccessful [20][22] Question: Sustainable cadence of utility to hold co-dividends - The utility dividend to the holding company has been set based on the needs of the holding company, with no changes expected in the foreseeable future [23] Question: CapEx guidance and earnings guidance - Management indicated it is too soon to provide earnings guidance, as it will depend on the final settlement approval process and the outcomes of the rate rebasing [25][26] Question: Update on the sale of the remaining portion of the bank - The company intends to monetize its remaining stake in American Savings but has not committed to a specific timeline [32] Question: Expectations of the commission's report on the wildfire fund - The PUC is on track to submit a report to the Hawai'i State Legislature, but management is uncertain about potential legislative movements in 2026 [33][34]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated net income of $30.7 million or $0.18 per share, which includes $4.5 million for pre-tax Maui wildfire-related expenses [10] - Consolidated core net income was $32.8 million or $0.19 per share, compared to $32.7 million or $0.29 per share in Q3 2024 [10] - Utility core net income for the quarter was $39.6 million, down from $43.7 million in Q3 2024, primarily due to lower tax benefits and higher expenses [10][11] Business Line Data and Key Metrics Changes - The holding company reported a core net loss of $6.8 million, improved from a loss of $10.9 million in Q3 2024, driven by lower interest expenses and higher interest income [11] - The company has approximately $40 million in unrestricted cash at the holding company and $504 million at the utility as of the end of Q3 [12] Market Data and Key Metrics Changes - The company completed a $500 million unsecured debt offering in September, enhancing liquidity and access to capital markets [12] - The board approved a $10 million quarterly dividend to HEI for Q3 2025 [13] Company Strategy and Development Direction - The company is focused on improving financial strength and resilience, implementing wildfire safety strategies, and preparing for a multi-year rate period under the performance-based regulation (PBR) framework [4][5] - Capital expenditures (CapEx) are projected to increase significantly, with expectations of $400 million in 2025 and $550 million to $700 million in 2026, aimed at reducing wildfire risk and increasing reliability [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the progress of the Maui wildfire tort litigation settlement and the implementation of safety measures [7][9] - The company is awaiting PUC approval for its wildfire safety strategy and is actively working on the rate rebasing process [15] Other Important Information - The company has $479 million held in a subsidiary for the first payment of the tort litigation settlement, expected no sooner than early 2026 [14] - Future CapEx is expected to total $1.8 billion to $2.4 billion from 2026 to 2028, subject to regulatory approvals [16] Q&A Session Summary Question: How should we think about the revenue requirement and timing under the alternative rebasing filing? - Management indicated that discussions with PBR parties are ongoing, with a proposal due to the PUC on January 7, 2026, and a potential test year rate case if the proposal is unsuccessful [20][22] Question: What is the sustainable cadence of utility to hold co-dividends through the settlement years? - The utility dividend to the holding company has been set based on the needs of the holding company, and this is not expected to change in the foreseeable future [23] Question: Can you provide an update on the sale of the remaining portion of the bank? - The company intends to monetize its remaining stake in American Savings but has not committed to a specific timeline [32] Question: What are the expectations of the commission's report on the wildfire fund? - The Public Utilities Commission is on track to submit a report to the Hawai'i State Legislature, but the content and implications for legislation in 2026 are uncertain [33][34]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated net income of $30.7 million or $0.18 per share, which includes $4.5 million for pre-tax Maui wildfire-related expenses [11] - Consolidated core net income was $32.8 million or $0.19 per share, compared to $32.7 million or $0.29 per share in Q3 2024 [11] - Utility core net income decreased to $39.6 million from $43.7 million in Q3 2024, driven by lower tax benefits and higher expenses [11] Business Line Data and Key Metrics Changes - The holding company reported a core net loss of $6.8 million, improved from a loss of $10.9 million in Q3 2024, due to lower interest expenses and higher interest income [11] - The utility's operational risk profile has improved significantly since the 2023 Maui wildfires, with enhanced wildfire safety measures implemented [9] Market Data and Key Metrics Changes - As of the end of Q3 2025, the holding company had approximately $40 million and the utility had $504 million of unrestricted cash on hand [12] - The utility has approximately $544 million of liquidity available under its accounts receivable facility and credit facility capacity [13] Company Strategy and Development Direction - The company is focused on improving financial strength and resilience, implementing wildfire safety improvements, and preparing for a successful second multi-year rate period under the performance-based regulation framework [4][5] - Capital expenditures (CapEx) are projected to increase significantly, with expectations of $400 million in 2025 and $550 million to $700 million in 2026, aimed at reducing wildfire risk and increasing reliability [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing implementation of the Maui wildfire tort litigation settlement and the progress made in enhancing operational safety [10] - The company is awaiting PUC approval for its utility wildfire safety strategy and is working through the rate rebasing process [15] Other Important Information - The company completed a $500 million unsecured debt offering in September 2025, enhancing liquidity and access to capital markets [13] - The first payment related to the tort litigation settlement is expected no sooner than early 2026, with $479 million held in a subsidiary for this purpose [14] Q&A Session Summary Question: How should we think about the revenue requirement and timing under the alternative rebasing filing? - Management indicated that discussions with PBR parties are underway, with a proposal due to the PUC on January 7, 2026, and a potential test year rate case if the proposal is unsuccessful [18][19] Question: What is the sustainable cadence of utility to hold co-dividends through the settlement years? - Management stated that utility dividends to the holding company have been set based on the needs of the holding company and do not foresee changes in the near future [21] Question: How do you think about earnings guidance and EPS? - Management noted it is too soon to provide earnings guidance, as they want to wait until after the final settlement approval process [24]

Financial Performance - HEI's GAAP income from continuing operations for 3Q 2025 was $30.7 million, or $0.18 EPS[15] - Excluding Maui wildfire expenses ($3.4 million) and Pacific Current gain on sale (negative $1.3 million), Core earnings were $32.8 million, or $0.19 EPS[15] - As of the end of 3Q, the HoldCo and Utility had $40 million and $504 million of unrestricted cash on hand, respectively[26] Wildfire Tort Litigation and Risk Reduction - Definitive settlement agreements signed in November of 2024, consistent with key terms announced in August of 2024[11] - The company expects to make its first payment under the settlement no sooner than early 2026[11] - The company replaced or upgraded 3,628 wood poles[14] - The company replaced 36 miles of overhead copper conductor with stronger aluminum conductor[14] - The company replaced 10,361 expulsion fuses with firesafe fuses[14] Capital Investment and Strategy - The company anticipates investing nearly $400 million in capital between 2025 and 2027 to reduce wildfire risk, with approximately $120 million invested in 2025[39] - The company successfully executed a $500 million Utility senior unsecured notes offering in September[26] Regulatory and Legislative Actions - Governor Green signed legislation into law in July 2025, appropriating the State's contribution to the settlement[11] - Act 301 ensures the State of Hawaii's $807 million obligation is fully funded[37]

Financial Performance - HEI's revenues for the three months ended September 30, 2025, decreased by 5% to $790.6 million compared to $833.2 million in the same period of 2024[240] - Operating income for the three months ended September 30, 2025, was $52.0 million, a significant improvement from a loss of $149.7 million in the prior year, primarily due to a $163 million adjustment to tort-related claims[240] - Net income for the three months ended September 30, 2025, was $30.7 million, compared to a loss of $104.4 million in the same period of 2024, reflecting improved performance in the electric utility segment[240] - For the nine months ended September 30, 2025, revenues decreased by 6% to $2.28 billion from $2.42 billion in 2024, driven by a decline in the electric utility segment[241] - The company recorded an operating income of $168.2 million for the nine months ended September 30, 2025, compared to a loss of $1.76 billion in the prior year, largely due to the prior year's $1.87 billion tort-related claims[241] - Revenues for the three months ended September 30, 2025, were $787 million, a decrease of $43 million compared to $830 million in 2024, primarily due to lower fuel oil prices and lower kWh generated[302] - Operating income for the three months ended September 30, 2025, was $63 million, an increase largely due to wildfire tort-related claims in 2024 and higher ARA revenues[302] - Net income for common stock for the three months ended September 30, 2025, was $37 million, an increase due to higher income before income taxes[302] - Revenues for the nine months ended September 30, 2025, were $2,268 million, a decrease of $143 million compared to $2,411 million in 2024, mainly due to lower fuel oil prices[303] - Operating income for the nine months ended September 30, 2025, was $203 million, an increase largely due to higher ARA revenue and better heat rate performance[303] - Net income for common stock for the nine months ended September 30, 2025, was $124 million, an increase due to higher income before income taxes[303] Expenses and Liabilities - Incremental expenses related to the Maui windstorm and wildfires for the three months ended September 30, 2025, totaled $59.8 million, with net expenses after insurance recoveries amounting to $4.5 million[243] - Total Maui windstorm and wildfires related expenses incurred by the company from August 8, 2023, through September 30, 2025, amount to approximately $2.3 billion, including $203 million for wildfire tort-related claims[245] - As of September 30, 2025, HEI and Hawaiian Electric had accrued estimated wildfire liabilities of approximately $1.92 billion, with the first installment of $479 million classified as a current liability[266] - The Utilities are expected to incur costs related to the Maui windstorm and wildfires amounting to $1.9 billion, which will not impact customer payments[349] Financing and Liquidity - On September 18, 2025, Hawaiian Electric issued $500 million in unsecured senior notes with a 6.00% interest rate, maturing on October 1, 2033, to finance capital expenditures and repay debt[232] - HEI increased its revolving credit facility to $300 million, extending the termination date to September 5, 2030, enhancing liquidity for future operations[231] - As of September 30, 2025, HEI consolidated had $2.5 billion in long-term and short-term debt, with $144 million due within 12 months[269] - The total available liquidity from cash and credit facilities as of September 30, 2025, was $1.611 billion, including $548 million in cash and cash equivalents[268] - HEI raised approximately $557.7 million from the sale of 62.2 million shares of common stock to fund contributions to the Maui wildfire tort litigation settlement[277] - The Utilities received PUC approval to issue up to $900 million in unsecured obligations during 2025-2027 to finance capital expenditures and repay debt[386] - The Utilities' liquidity has improved, but credit rating downgrades have resulted in higher credit spreads compared to investment-grade spreads[381] - The Utilities' capital structure as of September 30, 2025, included 58% long-term debt and 41% common stock equity[393] Market and Economic Conditions - The average daily passenger count in Hawaii was 3.7% lower in Q3 2025 compared to the same period in 2024, with international visitor arrivals (excluding Japan) remaining 22.1% below 2019 levels[248] - Hawaii's unemployment rate in August 2025 was 2.7%, slightly lower than the 3.0% rate in August 2024[249] - The median sales price for single-family homes in Hawaii was $1,145,000 in September 2025, slightly lower than the all-time high of $1,185,000 set earlier in February 2025[250] - The Federal Open Market Committee lowered the federal funds rate target range to 3.75% to 4% on October 29, 2025, citing moderated economic growth and elevated uncertainty[252] - UHERO forecasts a 1.7% real GDP growth for Hawaii in 2025, with a projected unemployment rate of 3.0%[253] Renewable Energy and Environmental Initiatives - The Utilities aim to cut carbon emissions from power generation by 70% by 2030, but progress has been slowed due to supply chain disruptions and federal policy changes[313] - Hawaiian Electric is committed to achieving net zero carbon emissions from power generation by 2045, with significant milestones already completed, including the closure of the last coal-fired plant and a 50% increase in rooftop solar over 2021 levels[314] - The Hawaii PUC's 2024 Inclinations set a goal to limit fossil fuel generation to no more than 40% on each island by 2030, alongside a push for 100% renewable electricity production in Hawaii and Maui by 2035[315] - The Utilities achieved a renewable portfolio standard (RPS) of 34.5% for 2020, exceeding the 30% target, and a revised RPS of 31.8% for 2022 under new calculation methods[319] - A penalty of $20 per megawatt-hour (MWh) could be imposed for failing to meet RPS targets, with a 1% shortfall in 2024 potentially resulting in a $2.1 million penalty[320] - The Utilities received a reward of $1.9 million for exceeding the RPS target in 2024, achieving a 35.8% RPS[320] - The Integrated Grid Planning process aims to modernize the grid and achieve high levels of renewable energy through stakeholder engagement and actionable steps[324] - The Utilities are exploring community-based renewable energy projects, with 12.5 MW of dedicated low-to-moderate income projects expected to become operational in 2026, though delays have occurred[332] - Contracts for solar plus storage facilities totaling 2.45 MW of photovoltaic capacity paired with 11.1 MWh of battery storage were approved for Molokai[334] - The PUC approved the Microgrid Service Tariff, creating a regulatory pathway for microgrid development in Hawaii[336] Operational Challenges and Developments - Hamakua Energy experienced a plant shutdown due to damages from contaminated fuel, leading to the purchase of a new combustion turbine for $X million, restoring full capacity by September 2024[258] - Mahipapa facility's cooling tower was destroyed by fire, resulting in a shutdown; repairs were completed by December 2024, and the facility returned to full capacity in Q1 2025, receiving $1.4 million in insurance proceeds[260] - The Utilities have faced delays in renewable energy projects due to supply chain disruptions and other unforeseen conditions, impacting their renewable portfolio standards goals[353] - Hawaiian Electric terminated a Grid Services Purchase Agreement due to financial difficulties faced by one of the aggregators[359] - The rebuilding of Lahaina's electric utility infrastructure is expected to incur significant costs due to new grid hardening strategies[383]

Financial Performance - HEI reported a net income of $31 million, or $0.18 per share, for Q3 2025, compared to a net loss of $83 million in Q3 2024[2] - Core income from continuing operations was $33 million, or $0.19 per share, down from $33 million, or $0.29 per share in Q3 2024[2] - Hawaiian Electric's net income for Q3 2025 was $37 million, a significant recovery from a net loss of $83 million in Q3 2024[5] - Core net income for Hawaiian Electric was $40 million in Q3 2025, compared to $44 million in the same quarter last year[6] - Revenues for Q3 2025 were $787,428, a decrease of 5.1% from $829,617 in Q3 2024[19] - Net income for Q3 2025 was $37,486, compared to a net loss of $82,087 in Q3 2024[19] - Core earnings for Q3 2025 were $32,808, compared to $32,724 in Q3 2024, showing a slight increase[23] - For the three months ended September 30, 2025, Hawaiian Electric reported a GAAP net income of $36.988 million, compared to a net loss of $82.585 million for the same period in 2024[24] - For the nine months ended September 30, 2025, Hawaiian Electric's GAAP net income was $123.954 million, a recovery from a net loss of $1.272758 billion in the same period of 2024[24] Revenue and Expenses - Total revenues for HEI in Q3 2025 were $790.6 million, down from $833.2 million in Q3 2024[18] - Total expenses decreased to $738.6 million in Q3 2025 from $983 million in Q3 2024[18] - Total expenses for Q3 2025 were $724,635, down 22.4% from $934,181 in Q3 2024[19] - The utility's operating income was $62.8 million in Q3 2025, recovering from an operating loss of $104.6 million in Q3 2024[18] Wildfire and Windstorm Expenses - The company reported a total of $59,834 in pretax expenses related to Maui windstorm and wildfires for Q3 2025[22] - Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment, amounted to $3.571 million for Q3 2025, significantly down from $170.036 million in Q3 2024[24] - The total Maui windstorm and wildfires related expenses for the nine months ended September 30, 2025, were $10.607 million, down from $1.891576 billion in the same period of 2024[24] - Total Maui windstorm and wildfires related expenses for Holding and Other Companies, net of insurance recoveries, were $956,000 for Q3 2025, compared to $4.721 million in Q3 2024[25] Liquidity and Financial Strategy - HEI expanded its credit facility capacity to $600 million from $375 million, enhancing liquidity for critical investments[2] - The company anticipates the first settlement payment related to the Maui wildfire litigation will occur no earlier than Q1 2026[4] - The company expects ongoing review of strategic options for Pacific Current to impact future earnings positively[21] Operational Metrics - Average fuel oil cost per barrel decreased to $98.20 in Q3 2025 from $114.61 in Q3 2024, a reduction of 14.5%[19] - Kilowatthour sales increased to 2,234 million in Q3 2025, up from 2,191 million in Q3 2024, representing a growth of 1.96%[19] - The return on average common equity for the twelve months ended September 30, 2025, was 12.8%[19] Holding and Other Companies - Holding and Other Companies reported a GAAP net loss of $6.241 million for the three months ended September 30, 2025, compared to a loss of $40.595 million in Q3 2024[25] - Non-GAAP (Core) net loss for Holding and Other Companies was $6.832 million for the three months ended September 30, 2025, compared to a loss of $10.943 million in the same period of 2024[25] - The total insurance recoveries for Holding and Other Companies amounted to $48.640 million for Q3 2025, compared to $2.533 million in Q3 2024[25] - For the nine months ended September 30, 2025, Holding and Other Companies reported a net loss of $40.451 million, an improvement from a loss of $78.931 million in the same period of 2024[25]