Hawaiian Electric Industries · NYSE:HE
Hawaiian Electric Industries — Non-Deal Roadshow (September 2026)
48 slides from Hawaiian Electric Industries's roadshow presentation, Sep 8, 2026
Slide 1: HEI September 2026 Investor Meetings
HEI September 2026 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 and other Core measures. Reconciliations of those non-GAAP financial
Slide 3: Topics of Focus
3 Topics of Focus HEI at a Glance 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 Executing through hi
Slide 4: Topics of Focus
4 Topics of Focus HEI at a Glance 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 Executing through hi
Slide 5: Operating Vertically-Integrated Electric Utility Serving ~95% of Hawaii's Population
HECO 71% HELCO 15% MECO 14% • ~$4 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, 202
Slide 6: Topics of Focus
6 Topics of Focus HEI at a Glance 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 Executing through hi
Slide 7: PBR Supports Stable, Predictable Revenues Driven by Main Sources
PBR Supports Stable, Predictable Revenues Driven by 3 Main Sources 7 Incremental earnings opportunities under PBR Illustrative Total • ARA spending below inflationary adjustment Annual Revenue Adjustment (ARA) • Annual inflationary adjustment Total Earnings Separate RecoveryIncremental ARA Earnings
Slide 8: Formulaic Annual Revenue Adjustments Provide Visibility
Formulaic Annual Revenue Adjustments Provide Visibility, With Mechanism to Recover Costs from Unpredictable 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 Blu
Slide 9: Hawaiian Electric Crews Responded Rapidly Despite Hurricane Lala's Severity
Hawaiian Electric Crews Responded Rapidly Despite Hurricane Lala’s Severity 9 • 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 more
Slide 10: Alternative Rate Rebasing Advancing, With Tentative Schedule Released
10 Alternative Rate Rebasing Advancing, With Tentative Schedule Released PHASED INCREASE PROVIDES FOR GRADUAL BILL IMPACT TENTATIVE SCHEDULE, WITH COMPANY- PROPOSED INTERIM DECISION IN DECEMBER $83.2 $125.0 $169.8 $46.9 $5.1 $44.8 GDPPI adjustment Insurance expenses O&M reductions Total 2027 increas
Slide 11: Proposed PBR Framework Modifications
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 12: Our Affordability Strategies Target Total Energy Burden
12 Our Affordability Strategies Target Total Energy Burden 3.24% of monthly household income • Total household energy burden considers Hawaiʻi’s unique energy landscape and its broader statewide goals, including: • Second most electrified state in the U.S. • Highest penetration of rooftop solar • Se
Slide 13: Topics of Focus
13 Topics of Focus HEI at a Glance 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 Executing through h
Slide 14: 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 14 TARGETED SPENDING AND INVESTMENT…. …..AND DIFFERENTIATED WILDFIRE RISK COMPARED TO MAINLAND WESTERN STATES Over $400 million1 in 2025 – 2027 spending to reduce w
Slide 15: Accelerated Progression of Wildfire Risk Reduction Efforts
Accelerated Progression of Wildfire Risk Reduction Efforts1 15 • Installed 134 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 16: Multiple Stakeholders Have Taken "Whole-of-Society" Approach to Wildfire Risk Reduction
Multiple Stakeholders Have Taken “Whole-of-Society” Approach to Wildfire Risk Reduction 16 • Act 303: Allows State Fire Council to amend Fire Code to require owners / occupants of property located in hazardous fire areas to maintain effective fire breaks and practice other fire prevention activities
Slide 17: Wildfire Mitigation Plan (WMP) Costs Approved
17 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 18: Safety is a Core Value at the Forefront of All We Do
18 Safety is a Core Value at the Forefront of All We Do 1. Total Case Incident Rate measures how many work-related injuries and illnesses occur per 100 employees. TCIR is calculated as follows: The number of Occupational Safety and Health Administration (OSHA) recordable cases multiplied by 200,000
Slide 19: Topics of Focus
19 Topics of Focus HEI at a Glance 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 Executing through h
Slide 20: 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 20 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 21: Positive Credit Ratings Trajectory Continues
Positive Credit Ratings Trajectory Continues With Recognition of Wildfire Mitigation Plan Progress 21 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 22: Continued Progress Toward Investment Grade Credit Ratings
Rate rebasing to improve ROE, FFO/Debt, Debt/Equity Continued Progress Toward Investment Grade Credit Ratings 22 Sub investment grade (higher customer cost and risk) Investment grade (lower customer cost and risk) Accelerated wildfire mitigation work to reduce risk Signed global settlement agreement
Slide 23: Maintaining Solid Liquidity as Financing Plan Progresses
Maintaining Solid Liquidity as Financing Plan Progresses 23 FUNDING SETTLEMENT OBLIGATIONS – CURRENT EXPECTATIONS1 $75 $1,990 $479 $479 $479 $479 One 'Ohana Contribution First Payment (2026) Second Payment (2027) Third Payment (2028) Fourth Payment (2029) HEI Settlement Obligation Reimbursed by insu
Slide 24: Topics of Focus
HEI at a Glance 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 4 Executing through
Slide 25: Safety, Reliability and Resilience Drive Capital Investment
$236 $247 $400 - $420 $375 - $425 $375 - $425 $32 $34 $230 - $250 $230 - $250 $300 - $325 $791 $87 $70 - $80 $100 - $120 $90 - $110 $347 $368 $700 - $750 ~$700 - $800 ~$750 - $850 2024A 2025A 2026E 2027E 2028E ARA Recovery Safety, Reliability and Resilience Drive Capital Investment 25 ▪ Capex suppor
Slide 26: Waiau Repowering Project Approved and Turbines Secured
Waiau Repowering Project Approved and Turbines Secured 26 CRITICALLY IMPORTANT FIRM GENERATION PROJECT WILL ENHANCE ENERGY RELIABILITY AND RESILIENCE • Majority of revised cost estimate reflects higher turbine costs since original estimate • Turbine costs now locked in, purchase agreement signed • ~
Slide 27: Planned Resilience and New Generation Support Significant Grid Investment Opportunities
Planned Resilience and New Generation Support Significant Grid Investment Opportunities 27 C o m pe tit iv e p ro cu re m en ts WMP im plem en ta tio n Foste rdis tr ib u te d gen er at io n In v estin m odern, resilientgrid Holistic planning to deliver safety, reliability, resilience, affordability
Slide 28: Appendix
Appendix
Slide 29: Safety, Reliability and Resilience Drive Capital Investment
Safety, Reliability and Resilience Drive Capital Investment 29 Capital Expenditures Forecast Detail ($ in millions) Status Key Capex Projects 1 2024 Actual 2025 Actual 2026 Forecast 2027 Forecast 2028 Forecast Recovery Mechanism Approved Waiau Repower $1 $158 $150 $243 EPRM Wildfire Mitigation Plan2
Slide 30: Long-term Debt Maturities
Long-term Debt Maturities (as of 6/30/26) 30 - - 72 - 19 28 39 23 13 - - - - - - - - - - - - - - - - 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 2040 2041
Slide 31: 2Q 2026 Financial Performance & Highlights
2Q 2026 Financial Performance & Highlights 31 GAAP Results Include Wildfire and Pacific Current Expenses Utility Holding Co. & Other 2Q 2026 Earnings EPS Net Income (GAAP) $123.2M $0.71 excl.: Maui wildfire-related benefit ($103.5M) ($0.60) excl.: Loss from Pacific Current asset impairments $2.8M $0
Slide 32: QTD Adjusted O&M Excluding Pension (non-GAAP)
QTD 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. 32 $136.0 $143.5 2Q25 2Q26 GAAP TO NON-GAAP RECONCILIATION OF O&M, NET OF EXCLUSIONS2 2Q 2025 2Q 2026 GAAP O&M $158.
Slide 33: 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. 33 $258.3 $282.9 YTD2Q25 YTD2Q26 GAAP TO NON-GAAP RECONCILIATION OF O&M, NET OF EXCLUSIONS2 YTD 2Q 2025 YTD 2Q 2026
Slide 34: Utility LTM ROE
Utility LTM ROE 9.5% ROE (%) (2.6%) Non-recoverable items1 Allowed ROE (0.5%) 9.0% ROE less Structural Items Actual O&M, depreciation & return on rate base over recovery Actual Q2 2026 Core ROE Others, Net 5.7% (0.7%) GAAP TO NON-GAAP RECONCILIATION OF UTILITY LTM ROE ($ in millions) 6/30/2026 6/30/
Slide 35: 2025 Legislative Actions
2025 Legislative Actions Governor Green Signed Critical Legislation Into Law in July, 2025 35 • Directs PUC to determine the amount of an aggregate liability cap on economic damages from future wildfires. Cap and methodology to be determined by the PUC • Authorizes securitization to finance $500 mil
Slide 36: 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 37: PBR Timeline – Key Annual Dates and Reports
PBR Timeline – Key Annual Dates and Reports 37 *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 38: 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 39: Status of Key Open Dockets
Status of Key Open Dockets 39 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 40: Status of Key Open Dockets, Continued
Status of Key Open Dockets, Continued 40 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 41: Status of Key Open Dockets, Continued
41 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 42: 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 predictiv
Slide 43: 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 44: 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 45: Explanation of HEI's Use of Certain Unaudited Non-GAAP Measures
45 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 46: Reconciliation of GAAP to Non-GAAP Measures—HEI
46 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 three and six months e
Slide 47: Reconciliation of GAAP to Non-GAAP Measures—Hawaiian Electric
47 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 three and six months ended June 30, 2026. 2 Pretax insurance recoveries includes adjustments related to costs that are no longer probable
Slide 48: Reconciliation of GAAP to Non-GAAP Measures—Holding Company & Other
48 Reconciliation of GAAP to Non-GAAP Measures—Holding Company & Other 1 Current year composite statutory tax rate of 25.75%. 2 Accounting principles generally accepted in the United States of America.. Three months ended June 30 Six months ended June 30 (in thousands) 2026 2025 2026 2025 Maui winds
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