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]