Hawaiian Electric Industries · NYSE:HE
Hawaiian Electric Industries — 2026 EEI Financial Conference
55 slides from Hawaiian Electric Industries's conference presentation, Nov 9, 2026
Slide 1: HEI 2026 EEI Financial Conference Investor Meetings
HEI 2026 EEI Financial Conference Investor Meetings
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 Per Share (EPS), Core Net Income, Core Return on Equity (ROE) and other Core measures. Reconciliation
Slide 3: Key Takeaways
3 Key Takeaways • Hawaiian Electric is well-positioned for long-term value creation, with a greatly improved risk profile, near-term catalysts to improved earnings, a favorable regulatory construct, and an elevated capex cycle ahead Positive Trajectory • Hawaiian Electric has consistently executed o
Slide 4: Topics of Focus
4 Topics of Focus HEI at a Glance and How We Got Here Regulatory framework provides steady, predictable revenues, with rate rebasing underway Implementing industry leading wildfire mitigation efforts and reducing operating risk 1 3 2 Strong balance sheet and liquidity with improving credit metrics4
Slide 5: Operating Vertically-Integrated Electric Utility Serving ~95% of Hawaii's Population
HECO 71% HELCO 15% MECO 14% • ~$4.1 Bn total rate base • ~5,800 sq. mile service territory • 1,608 MW owned generation • Ba1 / BB- / BB- credit ratings2 Hawaii Maui Lānaʻi Oʻahu Operating Vertically-Integrated Electric Utility Serving ~95% of Hawaii’s Population 5 Note: All data as of December 31, 2
Slide 6: Strong Execution on Objectives
6 Strong Execution on Objectives STRONG EXECUTION OF STRATEGY, RESULTING IN MEANINGFUL ADVANCEMENT OF EACH KEY FINANCIAL AND OPERATIONAL OBJECTIVE ✓ Reduce Wildfire Risk No PUC-approved wildfire mitigation plan Wildfire Mitigation Plan in development PUC-approved 2025 – 2027 Wildfire Mitigation Plan
Slide 7: Delivering on Key Operational Priorities
7 Delivering on Key Operational Priorities 2.26 1.67 1.84 1.45 2.17 1.341.40 1.70 1.20 1.68 1.08 0.801.04 0.86 0.88 0.87 1.35 1.03 1.07 1.24 0.66 1.… 0.68 0.45 0.00 0.50 1.00 1.50 2.00 2.50 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD Total Case Incident Rate1 Lost Time Rate 2 61
Slide 8: Affordability initiatives for customers
8 Financing investments at lower cost Increasing customer options and support Reducing and stabilizing energy costs Supporting stronger incomes Initiatives target both energy cost and customer income sides of affordability equation • Improving credit ratings through risk reduction • Securitizing up
Slide 9: Topics of Focus
9 Topics of Focus HEI at a Glance and How We Got Here Regulatory framework provides steady, predictable revenues, with rate rebasing underway Implementing industry leading wildfire mitigation efforts and reducing operating risk 1 3 2 Strong balance sheet and liquidity with improving credit metrics4
Slide 10: Unique Performance-Based Regulatory Model Supports Stable, Predictable Revenues
Unique Performance-Based Regulatory Model Supports Five-Year Period of Stable, Predictable Revenues 10 Incremental earnings incentives and opportunities driven by three main sources Illustrative Total • ARA spending below inflationary adjustment Annual Revenue Adjustment (ARA) • Annual inflationary
Slide 11: Annual Revenue Adjustments Provide Visibility, With Recovery Mechanism for Exogenous Events
Annual Revenue Adjustments Provide Visibility, With Recovery Mechanism for Exogenous Events Annual revenue adjustment formula: i-factor x-factor z-factor customer dividend Accounts for annual inflation • Measured by Gross Domestic Product Price Index (GDPPI) from Blue Chip Economic Indicators foreca
Slide 12: Rate Rebasing and PBR Review for Second Five-Year Rate Period Progressing
12 Rate Rebasing and PBR Review for Second Five-Year Rate Period Progressing PBR Review / Redesign Process Nearing Conclusion 20272026 Oct. 23 Phase 6 commenced with Staff Proposal Early Jan. PUC’s Inclinations on final scope expected, to be followed by a procedural schedule Nov. 13 Parties’ replies
Slide 13: Company priorities for PBR Phase 6
Modifying forecasted GDPPI inflation adjustment • Base the inflation adjustment on actual rather than forecasted inflation, and better reflect actual inflationary pressures in our unique island operating environment • Use a blended index that incorporates the utility labor cost index Revising PIM Po
Slide 14: Topics of Focus
14 Topics of Focus HEI at a Glance and How We Got Here Regulatory framework provides steady, predictable revenues, with rate rebasing underway Implementing industry leading wildfire mitigation efforts and reducing operating risk 1 3 2 Strong balance sheet and liquidity with improving credit metrics4
Slide 15: Strategic Spending and Investment Support Rapid Reduction of Wildfire Risk
Strategic Spending and Investment Support Rapid Reduction of Wildfire and Other Climate-Related Risk in Unique Island Service Territory 15 TARGETED SPENDING AND INVESTMENT Over $400 million1 in 2025 – 2027 spending to reduce wildfire risk and enhance grid resilience in the face of increasingly sever
Slide 16: Accelerated Progression of Wildfire Risk Reduction Efforts
Accelerated Progression of Wildfire Risk Reduction Efforts1 16 • Installed 135 weather stations along circuits in all high wildfire risk areas, providing key information about wind, temperature and humidity conditions • Installed 145 A.I. assisted high-definition video camera stations covering over
Slide 17: Hawaiian Electric's Risk Profile is Differentiated from California
Hawaiian Electric’s Risk Profile is Differentiated from California 17 622 74,000 Hawaiian Electric 6 CA Utilities T&D Miles in High Wildfire Risk Areas (119x)1 9,800 265,000 Hawaiian Electric 6 CA Utilities Total T&D Miles2 (27x) 5,800 156,000 Hawaiian Electric 6 CA Utilities Service Territory2 (Squ
Slide 18: Actions Beyond the Utility Further Reduce Wildfire Risk
Actions Beyond the Utility Further Reduce Wildfire Risk 18 ✓ Approved 40 remote automatic weather stations ✓ Began installations with federal partners, of a total of 80 fire-detection sensors with 24-hour alerting capabilities ✓ Continued collaborations with federal partners, nonprofit organizations
Slide 19: Unique Legislative and Legal Protections Limit Economic Exposure to Potential Wildfires
19 Unique Legislative and Legal Protections Limit Economic Exposure to Potential Wildfires ✓ State law establishes liability cap, with amount currently being determined • As directed by Act 258, the PUC is working to determine the amount of an aggregate liability cap on economic damages from future
Slide 20: Topics of Focus
20 Topics of Focus HEI at a Glance and How We Got Here Regulatory framework provides steady, predictable revenues, with rate rebasing underway Implementing industry leading wildfire mitigation efforts and reducing operating risk 1 3 2 Strong balance sheet and liquidity with improving credit metrics4
Slide 21: Continued Progress Toward Investment Grade Credit Ratings
Capital markets access affirmed and liquidity position strengthened through $558M equity issuance Rate rebasing to improve ROE, FFO/Debt, Debt/Equity Continued Progress Toward Investment Grade Credit Ratings 21 Sub investment grade (higher customer cost and risk) Investment grade (lower customer cos
Slide 22: Positive Credit Ratings Trajectory Continues
Positive Credit Ratings Trajectory Continues With Recognition of Wildfire Mitigation Plan Progress 22 HEI CREDIT RATINGS 2022 – 2026 • July S&P upgrade to BB- from B+ acknowledges progress in improving wildfire safety profile • Follows Moody’s upgrade in April • PUC’s liability cap rulemaking proces
Slide 23: Our Settlement Financing Strategy Focuses on Minimizing Dilution
Our Settlement Financing Strategy Focuses on Minimizing Dilution Annual cash tax benefits realized over time from settlement payment tax deductions decrease the amount of capital to be raised 23 FUNDING SETTLEMENT OBLIGATIONS – CURRENT EXPECTATIONS1 $75 $1,990 $479 $82 $100 $297 $479 $479 One 'Ohana
Slide 24: HEI at a Glance and how we got here
HEI at a Glance and how we got here Regulatory framework provides steady, predictable revenues, with rate rebasing underway Implementing industry leading wildfire mitigation efforts and reducing operating risk Strong balance sheet and liquidity with improving credit metrics 24 Topics of Focus 1 3 2
Slide 25: Potential Financial Impacts of Rate Rebasing and Proposed PIMs
Potential Financial Impacts of Rate Rebasing and Proposed PIMs—Illustrative Revenue Enhancement Opportunities1 25 1. The information on this slide is illustrative only and does not constitute guidance, a forecast, or a commitment or target of the Company. It shows hypothetical financial results that
Slide 26: Utility ROE—Our Strategy Sets Path to Improvement
26 Utility ROE—Our Strategy Sets Path to Improvement Illustrative scenario assuming full year impact of rate rebasing (excludes potential PIMs) Current Utility Core ROE Rate Rebasing ARA and Separately Recovered Revenues Taxes and Other Miscellaneous Items O&M, Depreciation, and Return on Rate Base
Slide 27: Consolidated Year-End Rate Base Forecast
$3,723 $3,845 $4,029 $4,213 $4,342 $4,452 $4,580 $4,739 $245 $254 $236 $325 $317 $701 $635 $1,021 $105 $172 $212 $3,968 $4,099 $4,265 $4,538 $4,659 $5,258 $5,387 $5,972 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 2024 Actual 2025 Actual 2026E 2027F 2028F 2029F 2030F 2031F Ra te B as e ($ m i
Slide 28: Safety, Reliability and Resilience Drive Capital Investment
$236 $247 $400-$425 $375-$425 $375-$425 $375-$425 $375-$425 $375-$425 $32 $34 $230-$250 $200-$250 $350-$400 $325-$425 $225-$325 $225-$325 $791 $87 $70-$75 $347 $368 $700-$750 2024A 2025A 2026E 2027E 2028E 2029E 2030E 2031E ARA Recovery Safety, Reliability and Resilience Drive Capital Investment 28 ▪
Slide 29: Approved Securitization Ensures Critical Work Done at Least Cost to Customers
29 Wildfire Mitigation Plan (WMP) Costs Approved Securitization Ensures Critical Work Done at Least Cost to Customers $270 $80 $350 Total WMP Costs Approved O&M Capital $18.5 $240.5 $82.7 $8.6 • EPRM approval ensures cost recovery, with securitization planned to minimize bill impact • Approved cost
Slide 30: Planned Resilience and New Generation Support Significant Grid Investment Opportunities
Planned Resilience and New Generation Support Significant Grid Investment Opportunities 30 C o m pe tit iv e p ro cu re m en ts WMP im plem en ta tio n Foste rdis tr ib u te d gen er at io n In v estin m odern, resilientgrid Holistic planning to deliver safety, reliability, resilience, affordability
Slide 31: Appendix
Appendix
Slide 32: Solid Liquidity and Improving Credit Metrics Support Strong Financial Position
Solid Liquidity and Improving Credit Metrics Support Strong Financial Position and Path Back to Investment Grade 32 ACTIONS FOLLOWING WILDFIRES HAVE ENSURED FINANCIAL STRENGTH S&P ADJUSTED FFO/DEBT1 ON POSITIVE TRAJECTORY 1. All adjusted FFO/debt figures are as of year-end, and as reported by S&P. C
Slide 33: Maintaining Solid Liquidity and Financial Strength Through Transitional Year
Maintaining Solid Liquidity and Financial Strength Through Transitional Year 33 • As of 9/30, the HoldCo and Utility had $48 million and $176 million of unrestricted cash on hand, respectively. $1.1 billion in additional liquidity is available from the ATM program ($250 million), utility accounts re
Slide 34: Utility LTM ROE Reconciliation
Utility LTM ROE 9.5% ROE (%) Non-recoverable items1 Allowed ROE 8.9% ROE less Structural Items Actual O&M, depreciation & return on rate base over recovery2 Actual Q3 LTM 2026 Core ROE Others, Net 5.2% GAAP TO NON-GAAP RECONCILIATION OF UTILITY LTM ROE6 ($ in millions) 9/30/2026 9/30/2025 12mo Simpl
Slide 35: 3Q 2026 Financial Performance & Highlights
3Q 2026 Financial Performance & Highlights 35 GAAP Results Include Wildfire and Pacific Current Expenses1 Utility Holding Co. & Other 3Q 2026 Earnings EPS Net Income (GAAP) $35.5M $0.20 excl.: Maui wildfire-related expenses $14.0M $0.08 excl.: Gain on sale of investment and net unrealized gain on in
Slide 36: 3Q Adjusted O&M Excluding Pension (non-GAAP)
3Q Adjusted O&M Excluding Pension (non-GAAP)1 1. Includes other post-employment benefits and excludes pension nonservice retirement benefits. 2. Columns may not foot due to rounding. 36 $139.8 $158.9 3Q25 3Q26 GAAP TO NON-GAAP RECONCILIATION OF O&M, NET OF EXCLUSIONS2 3Q 2025 3Q 2026 GAAP O&M $161.8
Slide 37: YTD Adjusted O&M Excluding Pension (non-GAAP)
YTD Adjusted O&M Excluding Pension (non-GAAP)1 1. Includes other post-employment benefits and excludes pension nonservice retirement benefits. 2. Columns may not foot due to rounding. 37 $398.1 $441.8 YTD3Q25 YTD3Q26 GAAP TO NON-GAAP RECONCILIATION OF O&M, NET OF EXCLUSIONS2 YTD 3Q 2025 YTD 3Q 2026
Slide 38: Hawaiian Electric Crews Responded Rapidly Despite Hurricane Lala's Severity
Hawaiian Electric Crews Responded Rapidly Despite Hurricane Lala’s Severity 38 • Hawaiian Electric crews responded rapidly • Although outages, at their peak, impacted over 40% of customer accounts across the utility’s service territories, utility crews made rapid progress restoring service, with mor
Slide 39: Long-term Debt Maturities
Long-term Debt Maturities (as of 9/30/26) 39 11 5 77 5 24 34 44 28 13 0 0 - - - - - - - - - - - - - - 7 7 - - - - 100 68 35 150 - 100 608 50 - - 140 150 45 150 70 80 40 50 15 80 120 - - 20 $0 $100 $200 $300 $400 $500 $600 $700 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 204
Slide 40: Capital Expenditures Forecast Detail
Note: Capital expenditure figures are net of contributions in aid of construction (CIAC). 1. Key projects listed may not sum to capex range shown on bar chart due to rounding. 2. Separate recovery /securitization applies to capex after Jan 1, 2025 and to expense after May 1,2025. 3. 2024 Wildfire Mi
Slide 41: Fossil Fuel Cost Risk Sharing
Fossil Fuel Cost Risk Sharing • Symmetrical mechanism • Variations in fossil fuel price above or below baseline shared 98% customers / 2% utility • Applies to utility fossil fuel generation (not IPP generation or non-fossil fuels), includes fuel efficiency impacts • Baseline price: January fuel pric
Slide 42: Status of Key Open Dockets
Status of Key Open Dockets 42 Subject and Description Docket # Latest Developments Next Milestone Performance-Based Regulation Proceeding to evolve regulatory framework to better align with customer interests and state clean energy policy 2018-0088 Beginning in 2024, this docket has focused on (a) w
Slide 43: Status of Key Open Dockets, Continued
Status of Key Open Dockets, Continued 43 Subject and Description Docket # Latest Developments Next Milestone Stage 3 RFP Hawaii Island seeks up to 325 GWh of energy annually and up to 65 MW of capacity. Oahu seeks at least 965 GWh of energy annually and 500-700 MW of firm capacity. Maui seeks at lea
Slide 44: 2025-2027 Wildfire Mitigation Plan Docket
44 Subject and Description Docket # Latest Developments Next Milestone 2025-2027 Wildfire Mitigation Plan (2025-2027 WMP) 2025-0156 On 12/31/2025, the PUC issued Decision and Order No. 42228, which (1) approves the utility’s WMP, (2) provides instructions for updating the WMP for 2026-2027, and (3)
Slide 45: 2026-2027 WMP Update EPRM and Securitization Financing
45 Subject and Description Docket # Latest Developments Next Milestone 2026-2027 WMP Update Exceptional Project Recovery Mechanism (EPRM) 2026-0221 On 10/1/26, the utility filed an application requesting approval to recover, through the EPRM, $30.5 million in incremental O&M expenses from 2027- 2029
Slide 46: How Do Separate Recovery Mechanisms Work?
How Do Separate Recovery Mechanisms Work? • EPRM: Provide specific revenue requirements for each project. Revenues are accrued with minimal lag, starting the first day of the month following project completion ‒ Total revenue requirement (RR) for each project consists of a capital revenue requiremen
Slide 47: PBR Timeline – Key Annual Dates and Reports
PBR Timeline – Key Annual Dates and Reports 47 *Utility’s annual Pilot Update and annual PIM/SSM Performance Review due by March 31. Report Filing date Key content relevant to projecting utility’s financials Fall Revenue Report (Preliminary) October 31 Target revenues including: • RBA Balance as of
Slide 48: 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 49: 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 50: 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 51: Explanation of HEI's Use of Certain Unaudited Non-GAAP Measures
51 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 ear
Slide 52: Reconciliation of GAAP to Non-GAAP Measures—HEI
52 Reconciliation of GAAP to Non-GAAP Measures—HEI 1 Accounting principles generally accepted in the United States of America. 2 Current year composite statutory tax rate of 25.75%. 3 Includes $6.3 million recognized as an adjustment to the Wildfire tort-related claims for the nine months ended Sept
Slide 53: Reconciliation of GAAP to Non-GAAP Measures—Hawaiian Electric
53 Reconciliation of GAAP to Non-GAAP Measures—Hawaiian Electric 1 Includes $8.5 million recognized as an adjustment to the Wildfire tort-related claims for the nine months ended September 30, 2026. 2 Pretax insurance recoveries includes adjustments related to costs that are no longer probable of re
Slide 54: GAAP to Non-GAAP Reconciliation of Utility ROE
GAAP TO NON-GAAP RECONCILIATION OF UTILITY ROE1 2027 (rates effective 5/1/2027) Full Year Run Rate of New Rates GAAP ROE 5.7% – 6.2% 6.7% – 7.2% Add back: Wildfire tort liability accretion 1.5% 1.5% Wildfire Legal/Claims expenses 0.1% 0.1% Non-GAAP (Core ) ROE 7.3% – 7.8% 8.3% – 8.8% 1. Columns may
Slide 55: Reconciliation of GAAP to Non-GAAP Measures—Holding Company & Other
55 Reconciliation of GAAP to Non-GAAP Measures—Holding Company & Other 1 Includes insurance recovery related to the proposed settlement of the securities class action of $47.8 million (pre-tax) for the three and nine months ended September 30, 2025. 2 Current year composite statutory tax rate of 25.
Hawaiian Electric Industries — 2026 EEI Financial Conference on 6ix