Hawaiian Electric Industries · NYSE:HE
Hawaiian Electric Industries — Q4 2025 Earnings Presentation
31 slides from Hawaiian Electric Industries's earnings presentation, Feb 27, 2026
Slide 1: 4Q and Full Year 2025 Financial Results
HEI 4Q and Full Year 2025 Financial Results February 27, 2026
Slide 2: Non-GAAP Financial Information
Non-GAAP Financial Information This presentation refers to certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles, including Core Earnings, Core Net Income and other Core measures. Reconciliations of those non-GAAP financial measures to the
Slide 3: Continued Progress on Key Strategic Goals
Continued Progress on Key Strategic Goals • Key steps progressing: Class agreement approved and subrogation insurers’ Tort Litigation Settlement Agreement actions dismissed in December (although pending appeal) Advancing • Feb. 10 Hawaii Supreme Court decision resolved insurer appeal filed in 2025,
Slide 4: Continued Momentum Toward Resolution of Wildfire Tort Litigation
Continued Momentum Toward Resolution of Wildfire Tort Litigation Accomplished Next Steps Required Class Settlement Agreement ✓ Granted good faith settlement determination from Maui Circuit Court’s order granting final approval Maui Circuit Court must become final and unappealable; deadline to file ✓
Slide 5: Innovative Process to Rebase Rates, Refine PBR
Innovative Process to Rebase Rates, Refine PBR PROCESS EXPLAINED KEY OBJECTIVES INCLUDE: • Working Group Parties collaborating to develop new • Rebase target revenues as starting point for MRP2 1 proposed target revenues and refine PBR mechanisms ahead of the second multi-year rate • Modify PIM pack
Slide 6: FY2025 Financial Performance & Highlights
FY2025 Financial Performance & Highlights GAAP Results Include Wildfire Expenses and Impacts from Pacific Current’s FY Core EPS—Continuing Operations1 Asset Impairments and Subsidiary Sales FY 2025 Earnings EPS $0.98 $0.86 Income from continuing $123.1M $0.71 operations (GAAP) $1.42 $1.03 excl.: Mau
Slide 7: Maintaining Solid Liquidity as Financing Plan Progresses
Maintaining Solid Liquidity as Financing Plan Progresses LIQUIDITY UPDATE FUNDING SETTLEMENT OBLIGATIONS – • As of 12/31, the HoldCo and Utility had $16 CURRENT EXPECTATIONS1 Reimbursed Funded by To be To be funded by mix of million and $486 million of unrestricted cash on by 2024 equity funded by c
Slide 8: Safety, Reliability and Resilience Drive Capital Investment
Safety, Reliability and Resilience Drive Capital Investment Capital Expenditures Forecast ($ in millions) Capex increases support strategic objectives of reducing wildfire risk, increasing reliability and resilience, and $600 - $850 repowering firm generation. Proceeds $600 - $800 Wildfire and from
Slide 9: Q&A
Q&A
Slide 10: Appendix
Appendix we
Slide 11: 4Q 2025 Financial Performance & Highlights
4Q 2025 Financial Performance & Highlights GAAP Results Include Wildfire Expenses 4Q Core EPS—Continuing Operations1 $0.20 $0.24 4Q 2025 Earnings EPS Income from continuing $39.6M $0.23 operations (GAAP) $0.28 $0.26 excl.: Maui wildfire expenses $1.7M $0.01 Core $41.3M $0.24 ($0.03) ($0.08) 2024 202
Slide 12: Rapid Advancement of Wildfire Risk Reduction Efforts
Rapid Advancement of Wildfire Risk Reduction Efforts1 Grid Hardening and Redesign • Replaced or upgraded 4,409 wood poles • Replaced 41 miles of overhead copper conductor with stronger aluminum conductor or covered conductor • Replaced 12,158 expulsion fuses with firesafe fuses • Replaced 3,213 ligh
Slide 13: Safety, Reliability and Resilience Drive Capital Investment
Safety, Reliability and Resilience Drive Capital Investment Capital Expenditures Forecast Detail ($ in millions) Status Key Capex Projects 1 2024 Actual 2025 Actual 2026 Forecast 2027 Forecast 2028 Forecast Recovery Mechanism Grid Modernization Phase 1 $12 MPIR Resilience Program $8 $23 $8 $19 $23 E
Slide 14: 2025 Legislative Actions
2025 Legislative Actions Governor Green Signed Critical Legislation Into Law in July HELPING MAUI WILDFIRE TORT PROTECTING UTILITY’S ABILITY TO LIMITING CUSTOMER BILL IMPACTS OF LITIGATION SETTLEMENT MOVE PROCURE AFFORDABLE CLEAN WILDFIRE INVESTMENTS FORWARD ENERGY Act 301 Act 258 Act 191 • Appropri
Slide 15: Enhanced Wildfire Safety Strategy Specifies Path Forward
Enhanced Wildfire Safety Strategy Specifies Path Forward Updated strategy builds upon actions to-date, establishes 3-year action plan to further reduce risk HOW FURTHER RISK REDUCTION WILL BE WHAT WE EXPECT TO INVEST: ACCOMPLISHED: 1 Identify areas of high risk and drivers of risk Nearly $400 millio
Slide 16: Full Year Adjusted O&M Excluding Pension (non-GAAP)
Full Year Adjusted O&M Excluding Pension (non-GAAP)1 $ in millions GAAP TO NON-GAAP RECONCILIATION OF O&M, NET OF EXCLUSIONS $524.7 $533.6 2024 2025 GAAP O&M $609.7 $620.4 (less): Pension1 49.2 49.0 Covered by surcharges 18.0 22.6 Covered by third parties 17.8 15.2 Adjusted O&M $524.7 $533.6 2024 20
Slide 17: 4Q Adjusted O&M Excluding Pension (non-GAAP)
4Q Adjusted O&M Excluding Pension (non-GAAP)1 $ in millions $133.2 $135.5 GAAP TO NON-GAAP RECONCILIATION OF O&M, NET OF EXCLUSIONS 4Q 2024 4Q 2025 GAAP O&M $156.0 $157.3 (less): Pension1 12.5 12.1 Covered by surcharges 5.0 5.9 Covered by third parties 5.2 3.8 Adjusted O&M $133.2 $135.5 4Q24 4Q25 1.
Slide 18: Utility LTM ROE
Utility LTM ROE ROE (%) (0.5%) (2.0%) (0.3%) 9.5% 9.0% 6.7% Allowed Non-recoverable ROE less Actual O&M, Others, Net Actual 2025 ROE items1 structural deprec. return on Core ROE items rate base over recovery GAAP TO NON-GAAP RECONCILIATION OF UTILITY LTM ROE ($ in millions) 12mo Simple Average 12/31
Slide 19: 2025 – 2027 Wildfire Safety Strategy (WSS) Details
2025 – 2027 Wildfire Safety Strategy (WSS) Details Identifying areas of high risk and drivers of risk will help inform wildfire mitigation efforts. • Hawaiian Electric developed a geospatial wildfire risk map specific to the utility’s service territory, helping to better understand fire risk on the
Slide 20: Status of Key Open Dockets
Status of Key Open Dockets Subject and Description Docket # Latest Developments Next Milestone Performance-based regulation 2018-0088 On 2/27/2025, the PUC issued Order No. 41575, allowing the Utility to move forward The Utility will continue to collaborate with the Proceeding to evolve regulatory f
Slide 21: Status of Key Open Dockets
Status of Key Open Dockets Subject and Description Docket # Latest Developments Next Milestone Performance-based regulation (continued) 2018-0088 On 1/28/2026, the utility requested a final extension to file the alternative PBR re- Proceeding to evolve regulatory framework to better align with custo
Slide 22: Status of Key Open Dockets, Continued
Status of Key Open Dockets, Continued Subject and Description Docket # Latest Developments Next Milestone Integrated Grid Planning- Second Cycle (IGP) 2026-0001 On 1/2/2026, the Commission issued an order to open the second cycle of By 2/28/26 the utility shall file a Second Cycle Workplan Next phas
Slide 23: Status of Key Open Dockets, Continued
Status of Key Open Dockets, Continued Subject and Description Docket # Latest Developments Next Milestone 2025-2027 Wildfire Mitigation Plan (2025-2027 WMP) 2025-0156 On 12/31/2025, the Commission issued Decision and Order No. 42228, The utility must submit a WMP Update covering the which (1) approv
Slide 24: Status of Key Open Dockets, Continued
Status of Key Open Dockets, Continued Subject and Description Docket # Latest Developments Next Milestone Waiau Repower Exceptional Project Recovery Mechanism (EPRM) 2025-0211 On 3/28/2025, the utility filed an application for approval to commit funds for Hawaiian Electric requested a decision from
Slide 25: Cautionary Note Regarding Forward Looking Statements
Cautionary Note Regarding Forward Looking Statements This report and other presentations 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
Slide 26: Cautionary Note Regarding Forward Looking Statements continued
Cautionary Note Regarding Forward Looking Statements continued • weather, natural disasters (e.g., hurricanes, earthquakes, tsunamis, lightning strikes, lava flows and the effects of evolving climate dynamics, such as more severe storms, flooding, droughts, heat waves, and rising sea levels) and wil
Slide 27: Cautionary Note Regarding Forward Looking Statements continued
Cautionary Note Regarding Forward Looking Statements continued • new technological developments that could affect the operations and prospects of the Utilities or their competitors such as the commercial development of energy storage and microgrids; • the potential that cyber or physical security in
Slide 28: Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures
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 earnin
Slide 29: Reconciliation of GAAP to Non-GAAP Measures—HEI
Reconciliation of GAAP to Non-GAAP Measures—HEI Three months ended December 31 Years ended December 31 (in thousands) 2025 20241 2025 20241 HEI Consolidated - Continuing Operations GAAP2 income (loss) - continuing operations (as reported) $ 39,617 $ 29,166 $ 123,120 $ (1,322,523) Excluding special i
Slide 30: Reconciliation of GAAP to Non-GAAP Measures—Hawaiian Electric
Reconciliation of GAAP to Non-GAAP Measures—Hawaiian Electric Three months ended December 31 Years ended December 31 (in thousands) 2025 2024 2025 2024 Maui windstorm and wildfires related costs Pretax expenses: Legal expenses $ 3,216 $ 11,237 $ 15,685 $ 51,406 Outside services expense — 6,080 — 8,5
Slide 31: Reconciliation of GAAP to Non-GAAP Measures—Holding Company & Other
Reconciliation of GAAP to Non-GAAP Measures—Holding Company & Other Three months ended December 31 Years ended December 31 (in thousands) 2025 2024 2025 2024 Maui windstorm and wildfires related costs Pretax expenses: Legal expenses $ 635 $ 2,212 $ 8,698 $ 18,373 Outside services expense — 1,461 135
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