Hawaiian Electric Industries · NYSE:HE
Hawaiian Electric Industries — Q1 2026 Earnings Presentation
29 slides from Hawaiian Electric Industries's earnings presentation, May 8, 2026
Slide 1: 1Q 2026 Financial Results
HEI 1Q 2026 Financial Results May 8, 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 Per Share (EPS), Core Net Income and other Core measures. Reconciliations of those non-GAAP financial
Slide 3: Resolution of Wildfire Tort Litigation Marks Pivotal Milestone
Resolution of Wildfire Tort Litigation Marks Pivotal Milestone Focus Remains on Reducing Wildfire Risk to Our Communities KEY ACCOMPLISHMENT FOR OUR LOOKING AHEAD COMMUNITY AND COMPANY Global settlement in Maui wildfire tort litigation • Continued focus on reducing wildfire risk across now finalized
Slide 4: Affordability Remains Our Focus in High Oil Price Environment
Affordability Remains Our Focus in High Oil Price Environment SUPPORTING OUR CUSTOMERS…. ….AND POSITIONING OUR COMPANY ▪ Proactive communication with customers on ▪ Strong liquidity position will help address what to expect in the coming months increased working capital needs ▪ New options rolled ou
Slide 5: Proposed Rate Rebasing Balances Affordability With Need for Timely Revenue Adjustment
Proposed Rate Rebasing Balances Affordability With the Need for Timely and Adequate Revenue Adjustment PHASED APPROACH PROVIDES CUSTOMERS WITH GRADUAL TRANSITION Bill Impact1 $8 – $12 $2 – $3 $11 – $15 200bps PIMs proposed • Joint proposal also recommends Consolidated Base Rate Increase 3.9% 1.4% 5.
Slide 6: Waiau Repowering Project Approved
Waiau Repowering Project Approved CRITICALLY IMPORTANT FIRM GENERATION PROJECT WILL ENHANCE ENERGY RELIABILITY AND RESILIENCE • Majority of revised cost estimate Revised total cost estimate $1,155 reflects higher turbine costs since Recovery to be original estimate $247 requested in next rate procee
Slide 7: 1Q 2026 Financial Performance & Highlights
1Q 2026 Financial Performance & Highlights GAAP Results Include Wildfire Expenses 1Q Core EPS—Continuing Operations1 $0.23 1Q 2026 Earnings EPS $0.18 Income from continuing $30.5M $0.18 $0.29 operations (GAAP) $0.21 excl.: Maui wildfire $0.5M $0.00 expenses ($0.03) ($0.06) Core $31.0M $0.18 2025 202
Slide 8: Maintaining Solid Liquidity and Balance Sheet Strength Through Transitional Year
Maintaining Solid Liquidity and Balance Sheet Strength Through Transitional Year LIQUIDITY UPDATE FUNDING SETTLEMENT OBLIGATIONS – • As of 3/31, the HoldCo and Utility had $10 million and CURRENT EXPECTATIONS1 $437 million of unrestricted cash on hand, respectively. Reimbursed Funded by To be To be
Slide 9: Safety, Reliability and Resilience Drive Capital Investment
Safety, Reliability and Resilience Drive Capital Investment Capex increases support strategic Capital Expenditures Forecast ($ in millions) objectives of reducing wildfire risk, increasing reliability and resilience, $650 - $850 and repowering firm generation. $650 - $800 Wildfire and $625 - $750 $5
Slide 10: Q&A
Q&A
Slide 11: Appendix
Appendix we
Slide 12: Safety, Reliability and Resilience Drive Capital Investment
Safety, Reliability and Resilience Drive Capital Investment Capital Expenditures Forecast Detail ($ in millions) Status Key Capex Projects 1 2024 Actual 2025 Actual 2026 Forecast 2027 Forecast 2028 Forecast Recovery Mechanism Waiau Repower $1 $157 $165 $215 EPRM Grid Modernization Phase 1 $12 MPIR R
Slide 13: Our Affordability Strategies Address Total Energy Burden
Our Affordability Strategies Address Total Energy Burden HAWAII HOUSEHOLD ENERGY BURDEN IS LOWER THAN THE NATIONAL AVERAGE • Total household energy burden considers Hawaii’s unique energy landscape and its 2024 U.S. average total 2024 Hawaii total broader statewide goals, including: household energy
Slide 14: 2025 Legislative Actions
2025 Legislative Actions Governor Green Signed Critical Legislation Into Law in July, 2025 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 • Ap
Slide 15: Adjusted O&M Excluding Pension (non-GAAP)
Adjusted O&M Excluding Pension (non-GAAP)1 $ in millions $139.4 GAAP TO NON-GAAP RECONCILIATION OF O&M, NET OF EXCLUSIONS2 $122.3 1Q 2025 1Q 2026 GAAP O&M $143.1 $162.2 (less): Pension1 12.1 11.8 Covered by surcharges 4.9 5.4 Covered by third parties 3.8 5.7 Adjusted O&M $122.3 $139.4 1Q25 1Q26 1. I
Slide 16: Utility LTM ROE
Utility LTM ROE ROE (%) (0.5%) 9.5% (2.4%) 9.0% (0.5%) 6.1% Allowed Non-recoverable ROE less Actual O&M, Others, Net Actual Q1 ROE items1 structural deprec. return on 2026 items rate base Core ROE over recovery GAAP TO NON-GAAP RECONCILIATION OF UTILITY LTM ROE ($ in millions) 12mo Simple Average 3/
Slide 17: 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 18: Status of Key Open Dockets
Status of Key Open Dockets Subject and Description Docket # Latest Developments Next Milestone Performance-based regulation 2018-0088 Beginning in 2024, this docket has focused on (a) whether - and if so, by what Awaiting PUC guidance on the procedural Proceeding to evolve regulatory framework to be
Slide 19: Status of Key Open Dockets, Continued
Status of Key Open Dockets, Continued Subject and Description Docket # Latest Developments Next Milestone Stage 3 RFP 2017-0352 Stage 3 RFP Stage 3 RFP Hawaii Island seeks up to 325 GWh of energy annually and up to 65 MW of Final Award group for Oahu Stage 3, Hawaii Stage 3 and Maui Variable Stage 3
Slide 20: 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 PUC issued an order to open the second cycle of the TBD Next phase of long-range planning, combining planning and procurem
Slide 21: 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 PUC issued Decision and Order No. 42228, which (1) TBD approves the utility’s Wildfire Mitigation Plan, (2) provid
Slide 22: 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 Not applicable. the Waiau Repower Project, t
Slide 23: 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 24: 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 25: 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 26: 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 27: Reconciliation of GAAP to Non-GAAP Measures—HEI
Reconciliation of GAAP to Non-GAAP Measures—HEI Three months ended March 31 (in thousands) 2026 2025 HEI Consolidated GAAP1 income (as reported) $ 30,450 $ 26,671 Excluding special items related to the Maui windstorm and wildfires (after tax) 2: Legal expenses 1,416 6,571 Outside services expense —
Slide 28: Reconciliation of GAAP to Non-GAAP Measures—Hawaiian Electric
Reconciliation of GAAP to Non-GAAP Measures—Hawaiian Electric Three months ended March 31 (in thousands) 2026 2025 Maui windstorm and wildfires related costs Pretax expenses: Legal expenses $ 1,455 $ 3,849 Other expense — 5,695 Interest expense — 1,752 Pretax expenses 1,455 11,296 Insurance recoveri
Slide 29: Reconciliation of GAAP to Non-GAAP Measures—Holding Company & Other
Reconciliation of GAAP to Non-GAAP Measures—Holding Company & Other Three months ended March 31 (in thousands) 2026 2025 Maui windstorm and wildfires related costs Pretax expenses: Legal expenses $ 452 $ 5,001 Outside services expense — 124 Other expense 108 233 Interest expense — 279 Pretax expense
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