Utility Continues to Improve the Safety, Reliability and Resilience of Service to Our Communities Through Advancement of Wildfire Safety Strategy
Legislation Signed Into Law by Governor Green Appropriates Funds for the State's Contribution to the Maui Wildfire Tort Litigation Settlement, Directs the Public Utilities Commission to Establish an Aggregate Liability Cap for Economic Damages from Future Wildfires, Authorizes Securitization for Infrastructure Resilience Investments and Supports Reliable, Affordable Clean Energy Procurement
Continued Progress Toward a Simpler, More Focused Business With Sale of Pacific Current's Solar and Battery Storage Assets
- Quarter's Results Reflect $5 Million Earnings Impact from Asset Impairment and Tax Credit Recapture Related to Sale

Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported net income for the second quarter of 2025 of $26 million, or $0.15 per share. Excluding Maui wildfire-related expenses and expenses taken in connection with the review of strategic options for Pacific Current, Core¹ income from continuing operations was $35 million, or $0.20 per share, compared to $28 million, or $0.26 per share in 2024.

"Our core operations performed as expected in the second quarter, with the utility progressing measures to protect our communities against the risks posed by extreme weather events. We've also continued to make the changes necessary to move forward as a simpler, more focused company best positioned to serve our communities for the long term. This includes our sale of Pacific Current's solar and battery storage assets and the expected divestiture of our remaining stake in American Savings Bank over the next year," said Scott Seu, HEI president and CEO.

"Last month, Governor Josh Green signed legislation passed by the Hawaii State Legislature directing the Public Utilities Commission to establish a liability cap for future wildfires, and authorizing securitization to finance $500 million in wildfire safety improvements, helping customer affordability. Legislation to reduce risk to independent power producers and support the utility's ability to procure reliable, affordable clean energy was also signed into law, along with legislation appropriating funds for the State of Hawaii's contribution to the settlement, ensuring the settlement is able to move forward."

___________________

Note: Throughout this release, per share values are calculated based on diluted shares. ¹

Measures described as "Core" for the periods in this news release are non-GAAP measures which exclude Maui wildfire-related costs and expenses taken in connection with the strategic review of Pacific Current. See the "Explanation of HEI's Use of Certain Unaudited Non-GAAP Measures" and the related GAAP reconciliation at the end of this release.

HAWAIIAN ELECTRIC COMPANY (HAWAIIAN ELECTRIC) EARNINGS

Hawaiian Electric's net income for the second quarter of 2025 was $39 million compared to a net loss of $1,229 million in the second quarter of 2024, with the increase primarily driven by the following pre-tax items:

The $1,712 million loss recorded in the second quarter of 2024 due to the accrual of estimated wildfire liabilities related to tort-related legal claims and cross claims as of June 30, 2024;
$7 million in higher revenues, primarily from the annual revenue adjustment mechanism, but also including $1 million of demand response revenues (offset by expenses included in O&M); and
$4 million impact from better heat rate performance.

These items were partially offset by the following:

$11 million in higher O&M, driven by $7 million in higher wildfire mitigation program expenses, $4 million of higher legal and consulting costs (which were previously deferred), $2 million in higher property and general liability insurance costs and $1 million in higher demand response expenses (offset by demand response revenues). Higher O&M expenses were partially offset by the absence of costs related to the settlement of indemnification claims asserted by the state (recorded in 2024).

Hawaiian Electric's Core net income for the second quarter of 2025 was $42 million compared to $44 million in the same quarter last year. Pre-tax wildfire-related expenses of $11 million were partially offset by $10 million of costs deferred pursuant to the Public Utilities Commission's decision allowing Hawaiian Electric to defer these costs.

Utility Dividend Update

The Hawaiian Electric Board of Directors declared a $10 million cash dividend payable to HEI for the second quarter of 2025.

HOLDING AND OTHER COMPANIES

The holding and other companies' net loss was $13 million in the second quarter of 2025 compared to $20 million in the second quarter of 2024. The lower net loss for the quarter was primarily due to lower wildfire expenses, partially offset by expenses taken in relation to the strategic review of Pacific Current. Excluding these expenses, Core net loss for the quarter was $7 million compared to $15 million in the second quarter of 2024.

EARNINGS RELEASE, WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS

HEI will conduct a webcast and conference call to review its second quarter 2025 consolidated financial results today at 10:30 a.m. Hawaii time (4:30 p.m. Eastern).

To listen to the conference call, dial 1-888-660-6377 (U.S.) or 1-929-203-0797 (international) and enter passcode 2393042. Parties may also access presentation materials (which include reconciliation of non-GAAP measures) and/or listen to the conference call by visiting the conference call link on HEI's website at www.hei.com under "Investor Relations," sub-heading "News and Events — Events and Presentations."

A replay will be available online and via phone. The online replay will be available on HEI's website about two hours after the event. The audio replay will also be available about two hours after the event through August 14, 2025. To access the audio replay, dial 1-800-770-2030 (U.S.) or 1-647-362-9199 (international) and enter passcode 2393042.

HEI and Hawaiian Electric Company, Inc. (Hawaiian Electric) intend to continue to use HEI's website, www.hei.com, as a means of disclosing additional information; such disclosures will be included in the Investor Relations section of the website. Accordingly, investors should routinely monitor the Investor Relations section of HEI's website, in addition to following HEI's and Hawaiian Electric's press releases, HEI's and Hawaiian Electric's Securities and Exchange Commission (SEC) filings and HEI's public conference calls and webcasts. Investors may sign up to receive e-mail alerts via the "Investor Relations" section of the website. The information on HEI's website is not incorporated by reference into this document or into HEI's and Hawaiian Electric's SEC filings unless, and except to the extent, specifically incorporated by reference.

Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at https://hpuc.my.site.com/cdms/s/ to review documents filed with, and issued by, the PUC. No information on the PUC website is incorporated by reference into this document or into HEI's and Hawaiian Electric's SEC filings.

ABOUT HEI

The HEI family of companies provides the energy services that empower much of the economic and community activity of Hawaii. HEI's electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii's population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy, and modernize and harden the grid to ensure resilience and public safety. For more information, visit www.hei.com.

NON-GAAP MEASURES

Measures described as "Core" are non-GAAP measures which exclude Maui wildfire-related costs, and expenses taken in connection with HEI's ongoing review of strategic options for Pacific Current. See "Explanation of HEI's Use of Certain Unaudited Non-GAAP Measures" and the related GAAP reconciliations at the end of this release.

This release may 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 statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic, political and market factors, among other things. These forward-looking statements are not guarantees of future performance.

Forward-looking statements in this release should be read in conjunction with the "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" discussions (which are incorporated by reference herein) set forth in HEI's Annual Report on Form 10-K for the year ended December 31, 2024 and HEI's other SEC periodic reports and filings that discuss important factors that could cause HEI's results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric, and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries CONSOLIDATED STATEMENTS OF INCOME DATA (Unaudited)

	Three months ended June 30						Six months ended June 30
(in thousands, except per share amounts)		2025			2024			2025			2024
Revenues
Electric utility	$	742,482		$	792,331		$	1,480,848		$	1,580,909
Other		3,910			3,086			9,614			6,522
Total revenues		746,392			795,417			1,490,462			1,587,431
Expenses
Electric utility (includes $1,712 million of Wildfire tort-related claims in three and six months ended June 30, 2024)		677,938			2,436,771			1,340,367			3,161,994
Other		14,707			20,235			33,928			36,139
Total expenses		692,645			2,457,006			1,374,295			3,198,133
Operating income (loss)
Electric utility		64,544			(1,644,440	)		140,481			(1,581,085	)
Other		(10,797	)		(17,149	)		(24,314	)		(29,617	)
Total operating income (loss)		53,747			(1,661,589	)		116,167			(1,610,702	)
Retirement defined benefits credit—other than service costs		919			1,001			1,836			2,002
Interest expense, net		(27,256	)		(32,400	)		(61,468	)		(63,991	)
Allowance for borrowed funds used during construction		1,462			1,344			2,879			2,730
Allowance for equity funds used during construction		3,702			3,336			7,287			6,976
Interest income		7,579			3,134			20,202			6,267
Loss on sale of a subsidiary and impairment loss on assets held for sale		(178	)		—			(13,389	)		—
Income (loss) from continuing operations before income taxes		39,975			(1,685,174	)		73,514			(1,656,718	)
Income tax expense (benefit)		13,417			(435,950	)		19,812			(429,155	)
Income (loss) from continuing operations		26,558			(1,249,224	)		53,702			(1,227,563	)
Preferred stock dividends of subsidiaries		473			473			946			946
Income (loss) from continuing operations for common stock		26,085			(1,249,697	)		52,756			(1,228,509	)
Loss from discontinued operations		—			(45,787	)		—			(24,853	)
Net income (loss) for common stock	$	26,085		$	(1,295,484	)	$	52,756		$	(1,253,362	)
Continuing operations - Basic earnings (loss) per common share	$	0.15		$	(11.33	)	$	0.31		$	(11.14	)
Discontinued operations - Basic loss per common share		—			(0.42	)		—			(0.23	)
Basic earnings (loss) per common share	$	0.15		$	(11.74	)	$	0.31		$	(11.37	)
Continuing operations - Diluted earnings (loss) per common share	$	0.15		$	(11.33	)	$	0.31		$	(11.14	)
Discontinued operations - Diluted loss per common share		—			(0.42	)		—			(0.23	)
Diluted earnings (loss) per common share	$	0.15		$	(11.74	)	$	0.31		$	(11.37	)
Weighted-average number of common shares outstanding		172,496			110,303			172,487			110,260
Weighted-average shares assuming dilution		172,655			110,303			172,832			110,260
Income (loss) from continuing operations for common stock by segment
Electric utility	$	39,150		$	(1,229,394	)	$	86,966		$	(1,190,173	)
Other		(13,065	)		(20,303	)		(34,210	)		(38,336	)
Income (loss) from continuing operations for common stock	$	26,085		$	(1,249,697	)	$	52,756		$	(1,228,509	)
Comprehensive income (loss) attributable to HEI	$	25,779		$	(1,293,890	)	$	51,990		$	(1,261,569	)
This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.

Hawaiian Electric Company, Inc. (Hawaiian Electric) and Subsidiaries CONSOLIDATED STATEMENTS OF INCOME DATA (Unaudited)

	Three months ended June 30						Six months ended June 30
($ in thousands, except per barrel amounts)		2025			2024			2025			2024
Revenues	$	742,482		$	792,331		$	1,480,848		$	1,580,909
Expenses
Fuel oil		210,587			258,652			449,308			542,948
Purchased power		174,963			181,328			321,680			341,145
Other operation and maintenance		158,217			147,561			301,325			291,451
Wildfire tort-related claims		—			1,712,000			—			1,712,000
Depreciation		63,974			62,812			127,993			125,624
Taxes, other than income taxes		70,197			74,418			140,061			148,826
Total expenses		677,938			2,436,771			1,340,367			3,161,994
Operating income (loss)		64,544			(1,644,440	)		140,481			(1,581,085	)
Allowance for equity funds used during construction		3,702			3,336			7,287			6,976
Retirement defined benefits credit—other than service costs		1,052			1,072			2,103			2,144
Interest expense and other charges, net		(21,706	)		(21,417	)		(44,158	)		(41,402	)
Allowance for borrowed funds used during construction		1,462			1,344			2,879			2,730
Interest income		1,215			1,452			3,196			2,884
Income (loss) before income taxes		50,269			(1,658,653	)		111,788			(1,607,753	)
Income tax expense (benefit)		10,620			(429,758	)		23,824			(418,578	)
Net income (loss)		39,649			(1,228,895	)		87,964			(1,189,175	)
Preferred stock dividends of subsidiaries		229			229			458			458
Net income (loss) attributable to Hawaiian Electric		39,420			(1,229,124	)		87,506			(1,189,633	)
Preferred stock dividends of Hawaiian Electric		270			270			540			540
Net income (loss) for common stock	$	39,150		$	(1,229,394	)	$	86,966		$	(1,190,173	)
Comprehensive income (loss) attributable to Hawaiian Electric	$	39,103		$	(1,229,440	)	$	86,872		$	(1,190,268	)
OTHER ELECTRIC UTILITY INFORMATION
Kilowatthour sales (millions)
Hawaiian Electric		1,509			1,470			2,962			2,882
Hawaii Electric Light		257			254			512			508
Maui Electric		266			247			523			487
		2,032			1,971			3,997			3,877
Average fuel oil cost per barrel	$	100.40		$	120.12		$	102.56		$	121.01
Return on average common equity (%) (twelve months ended)¹								3.7			NM
¹ Simple average.
NM Not meaningful.
This information should be read in conjunction with the consolidated financial statements and the notes thereto in Hawaiian Electric filings with the SEC. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.

Explanation of HEI's Use of Certain Unaudited Non-GAAP Measures

HEI management uses certain non-GAAP measures to evaluate the performance of HEI. Management believes these non-GAAP measures provide useful information and are a better indicator of the companies' core operating activities. Core earnings and other financial measures as presented here may not be comparable to similarly titled measures used by other companies. The accompanying tables provide a reconciliation of reported GAAP¹ earnings to non-GAAP Core earnings.

The reconciling adjustments from GAAP earnings to Core earnings are limited to the costs related to the Maui wildfires and costs related to HEI's ongoing review of strategic options for Pacific Current. Management does not consider these items to be representative of the company's fundamental core earnings.


Reconciliation of GAAP¹ to non-GAAP Measures Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries Unaudited

	Three months ended June 30						Six months ended June 30
(in thousands)		2025			2024²			2025			2024²
Maui windstorm and wildfires related costs
Pretax expenses:
Legal expenses	$	5,888		$	24,181		$	14,738		$	39,125
Outside services expense		11			1,396			135			2,518
Wildfire tort-related claims		—			1,712,000			—			1,712,000
Other expense		5,859			6,880			11,787			16,216
Interest expense		870			3,386			2,901			8,211
Pretax expenses		12,628			1,747,843			29,561			1,778,070
Insurance recoveries³		2,418			(18,875	)		(4,304	)		(31,452	)
Deferral of cost		(9,889	)		(7,656	)		(15,572	)		(15,554	)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment		5,157			1,721,312			9,685			1,731,064
Pretax loss on sale of a subsidiary		—			—			13,211			—
Pretax asset impairment		178			—			178			—
Income tax expense (benefit)⁴		3,936			(443,238	)		(632	)		(445,749	)
After-tax adjustments	$	9,271		$	1,278,074		$	22,442		$	1,285,315
¹Accounting principles generally accepted in the United States of America.
²Excludes Maui wildfire-related costs of discontinued operations.
³Includes adjustments related to costs that are no longer probable of recovery under the insurance policies. For the three and six months ended June 30, 2025, adjustments amount to $6.6 million, of which, $4.0 million was deferred to a regulatory asset and is reported on line "Deferral of cost".
⁴Current year composite statutory tax rate of 25.75% and includes expected investment tax recapture.
Note: Other segment (Holding and Other Companies) wildfire-related expenses (legal, outside services and other) are included in "Expenses-Other" and interest expense is included in "Interest expense, net" on the HEI and subsidiaries' Consolidated Statements of Income Data. See Electric Utilities' and Holding and Other Companies' tables below for more detail.

Reconciliation of GAAP to non-GAAP Measures (continued) Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries Unaudited

	Three months ended June 30						Six months ended June 30
(in thousands)		2025			2024¹			2025			2024¹
HEI Consolidated - Continuing Operations
GAAP² income (loss) - continuing operations (as reported)	$	26,085		$	(1,249,697	)	$	52,756		$	(1,228,509	)
Excluding special items related to the Maui windstorm and wildfires (after tax)³:
Legal expenses		4,372			17,955			10,943			29,051
Outside services expense		8			1,035			100			1,868
Wildfire tort-related claims		—			1,271,160			—			1,271,160
Other expense		4,350			5,109			8,752			12,041
Interest expense		646			2,515			2,154			6,097
After tax expenses		9,376			1,297,774			21,949			1,320,217
Insurance recoveries⁴		1,795			(14,015	)		(3,196	)		(23,353	)
Deferral of cost		(7,342	)		(5,685	)		(11,562	)		(11,549	)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment (after tax)		3,829			1,278,074			7,191			1,285,315
Loss on sale of a subsidiary (after tax)³		—			—			9,809			—
Asset impairment (after tax)³		5,442			—			5,442			—
Non-GAAP (Core) income - continuing operations	$	35,356		$	28,377		$	75,198		$	56,806
GAAP Diluted earnings (loss) per share - continuing operations (as reported)	$	0.15		$	(11.33	)	$	0.31		$	(11.14	)
Non-GAAP (Core) Diluted earnings per share - continuing operations	$	0.20		$	0.26		$	0.44		$	0.52
¹Excludes Maui wildfire-related costs of discontinued operations.
²Accounting principles generally accepted in the United States of America.
³Current year composite statutory tax rate of 25.75% and includes expected investment tax recapture.
⁴ Includes adjustments related to costs that are no longer probable of recovery under the insurance policies

Reconciliation of GAAP to non-GAAP Measures (continued) Hawaiian Electric Company, Inc. and Subsidiaries Unaudited

	Three months ended June 30						Six months ended June 30
(in thousands)		2025			2024			2025			2024
Maui windstorm and wildfires related costs
Pretax expenses:
Legal expenses	$	4,304		$	17,613		$	8,153		$	28,348
Outside services expense		—			997			—			1,781
Wildfire tort-related claims		—			1,712,000			—			1,712,000
Other expense		5,792			5,741			11,487			14,882
Interest expense		660			2,524			2,412			6,431
Pretax expenses		10,756			1,738,875			22,052			1,763,442
Insurance recoveries¹		3,620			(16,379	)		556			(26,348	)
Deferral of cost		(9,889	)		(7,656	)		(15,572	)		(15,554	)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment		4,487			1,714,840			7,036			1,721,540
Income tax benefits²		(1,156	)		(441,572	)		(1,812	)		(443,297	)
After-tax adjustments	$	3,331		$	1,273,268		$	5,224		$	1,278,243

Hawaiian Electric consolidated net income
GAAP³ net income (loss) (as reported)	$	39,150		$	(1,229,394	)	$	86,966		$	(1,190,173	)
Excluding special items related to the Maui windstorm and wildfires (after tax)²:
Legal expenses		3,195			13,078			6,053			21,049
Outside services expense		—			740			—			1,322
Wildfire tort-related claims		—			1,271,160			—			1,271,160
Other expense		4,300			4,263			8,529			11,050
Interest expense		490			1,874			1,791			4,775
After tax expenses		7,985			1,291,115			16,373			1,309,356
Insurance recoveries (after tax)¹		2,688			(12,162	)		413			(19,564	)
Deferral of cost (after tax)		(7,342	)		(5,685	)		(11,562	)		(11,549	)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment (after tax)		3,331			1,273,268			5,224			1,278,243
Non-GAAP (Core) net income	$	42,481		$	43,874		$	92,190		$	88,070
¹Pretax insurance recoveries includes adjustments related to costs that are no longer probable of recovery under the insurance policies. For the three and six months ended June 30, 2025, adjustments amount to $6.6 million, of which, $4.0 million was deferred to a regulatory asset and is reported on line "Deferral of cost".
²Current year composite statutory tax rate of 25.75%.
³Accounting principles generally accepted in the United States of America.
Note: Legal, outside services and other are included in "Other operation and maintenance" and interest expense is included in "Interest expense and other charges, net" on the Hawaiian Electric and subsidiaries' Consolidated Statements of Income Data.

Reconciliation of GAAP to non-GAAP Measures (continued) Holding and Other Companies Unaudited

	Three months ended June 30						Six months ended June 30
(in thousands)		2025			2024			2025			2024
Maui windstorm and wildfires related costs
Pretax expenses:
Legal expenses	$	1,584		$	6,568		$	6,585		$	10,777
Outside services expense		11			399			135			737
Other expense		67			1,139			300			1,334
Interest expense		210			862			489			1,780
Pretax expenses		1,872			8,968			7,509			14,628
Insurance recoveries		(1,202	)		(2,496	)		(4,860	)		(5,104	)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries		670			6,472			2,649			9,524
Pretax loss on sale of a subsidiary		—			—			13,211			—
Pretax asset impairment		178			—			178			—
Income tax expense (benefits)¹		5,092			(1,666	)		1,180			(2,452	)
After-tax adjustments	$	5,940		$	4,806		$	17,218		$	7,072

Holding and Other Companies net loss
GAAP² net loss (as reported)	$	(13,065	)	$	(20,303	)	$	(34,210	)	$	(38,336	)
Excluding special items related to the Maui windstorm and wildfires (after tax)¹:
Legal expenses		1,177			4,877			4,890			8,002
Outside services expense		8			295			100			546
Other expense		50			846			223			991
Interest expense		156			641			363			1,322
Maui windstorm and wildfires related expenses (after tax)		1,391			6,659			5,576			10,861
Insurance recoveries (after tax)		(893	)		(1,853	)		(3,609	)		(3,789	)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries (after tax)		498			4,806			1,967			7,072
Loss on sale of a subsidiary (after tax)¹		—			—			9,809			—
Asset impairment (after tax)¹		5,442			—			5,442			—
Non-GAAP (Core) net loss	$	(7,125	)	$	(15,497	)	$	(16,992	)	$	(31,264	)
¹Current year composite statutory tax rate of 25.75%.
²Accounting principles generally accepted in the United States of America.
Note: Holding and Other Companies wildfire-related expenses (legal, outside services and other) are included in "Expenses-Other" and interest expense is included in "Interest expense, net" on the HEI and subsidiaries' Consolidated Statements of Income Data.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250807015694/en/

Mateo Garcia

Director, Investor Relations

Telephone: (808) 543-7300

E-mail: ir@hei.com

HEI Reports Second Quarter 2025 Results