Hawaiian Electric Industries · NYSE:HE
Hawaiian Electric Industries — Q3 2025 Earnings Presentation
26 slides from Hawaiian Electric Industries's earnings presentation, Nov 7, 2025
Slide 1: 3Q 2025 Financial Results
HEI 3Q 2025 Financial Results November 7, 2025
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 and Core Net Income. Reconciliations of those non-GAAP financial measures to the most directly compar
Slide 3: Continued Progress on Key Strategic Goals
Continued Progress on Key Strategic Goals Advancing Our Strategy and Laying the Foundation for Sustainable Growth Moving forward with operational risk profile that's greatly improved Continuously Improving Utility Safety since the 2023 Maui wildfires. 2025 - 2027 Wildfire Safety Strategy Profile awa
Slide 4: Continued Momentum Toward Resolution of Wildfire Tort Litigation
Continued Momentum Toward Resolution of Wildfire Tort Litigation SUMMARY NEXT STEPS • Definitive settlement agreements signed in November of 2024, consistent • Additional approvals (in particular, final approval of the Class settlement) with key terms announced in August of 2024 from the Second Circ
Slide 5: Rapid Advancement of Wildfire Risk Reduction Efforts
Rapid Advancement of Wildfire Risk Reduction Efforts1 Grid Hardening and Redesign • Replaced or upgraded 3,628 wood poles • Replaced 36 miles of overhead copper conductor with stronger aluminum conductor • Replaced 10,361 expulsion fuses with firesafe fuses • Replaced 2,989 lightning arresters with
Slide 6: 3Q 2025 Financial Performance & Highlights
3Q 2025 Financial Performance & Highlights GAAP Results Include Wildfire Expenses and Impacts from Pacific Current’s 3Q Core EPS—Continuing Operations1 Asset Sale $0.29 3Q 2025 Earnings EPS Income from continuing $0.19 $30.7M $0.18 operations (GAAP) $0.38 $0.23 excl.: Maui wildfire expenses $3.4M $0
Slide 7: Maintaining Solid Liquidity as Financing Plan Progresses
Maintaining Solid Liquidity as Financing Plan Progresses LIQUIDITY UPDATE FUNDING SETTLEMENT OBLIGATIONS – • As of the end of 3Q, the HoldCo and Utility had $40 CURRENT EXPECTATIONS1 million and $504 million of unrestricted cash on hand, Reimbursed Funded by To be To be funded by mix of by 2024 equi
Slide 8: Safety, Reliability and Resilience Drive Capital Investment
Safety, Reliability and Resilience Drive Capital Investment Capital Expenditures Forecast ($ in millions) Capex increases support strategic objectives of reducing wildfire risk, increasing reliability and resilience, and $600 - $850 repowering firm generation. Proceeds $600 - $800 Wildfire and from
Slide 9: Q&A
Q&A
Slide 10: Appendix
Appendix we
Slide 11: Safety, Reliability and Resilience Drive Capital Investment
Safety, Reliability and Resilience Drive Capital Investment Capital Expenditures Forecast Detail ($ in millions) Status Key Capex Projects 1 2024 Actual 2025 Forecast 2026 Forecast 2027 Forecast 2028 Forecast Recovery Mechanism Grid Modernization Phase 1 $12 MPIR Resilience Program $8 $26 $7 $19 $23
Slide 12: Recent Legislative Actions
Recent Legislative Actions Governor Green Signed Critical Legislation Into Law, Providing Increased Clarity to Path Ahead HELPING MAUI WILDFIRE TORT PROTECTING UTILITY’S ABILITY TO LIMITING CUSTOMER BILL IMPACTS OF LITIGATION SETTLEMENT MOVE PROCURE AFFORDABLE CLEAN WILDFIRE INVESTMENTS FORWARD ENER
Slide 13: 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 14: Adjusted O&M Excluding Pension
Adjusted O&M Excluding Pension (non-GAAP)1 $ in millions $140.2 $139.8 GAAP TO NON-GAAP RECONCILIATION OF O&M, NET OF EXCLUSIONS 3Q 2024 3Q 2025 GAAP O&M $162.2 $161.8 (less): Pension1 12.0 12.6 Covered by surcharges 5.3 5.9 Covered by third parties 4.8 3.5 Adjusted O&M $140.2 $139.8 3Q24 3Q25 1. In
Slide 15: Utility LTM ROE
Utility LTM ROE ROE (%) 9.5% (0.5%) 9.0% (1.8%) (0.2%) 7.0% Allowed Non-recoverable ROE less Actual O&M, Others, Net Actual Q3 ROE items (i.e. Incentive Structural Depreciation and 2025 compensation, Items Return on Core ROE advertising, charitable Rate Base contributions, etc.) over Recovery 15
Slide 16: 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 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 On February 27, 2025, the PUC issued Order No. 41575, allowing the Utility to move The Utility will collaborate with the PBR Parties Proceeding to evolve regulatory f
Slide 19: Status of Key Open Dockets, Continued
Status of Key Open Dockets, Continued Subject and Description Docket # Latest Developments Next Milestone Integrated Grid Planning (IGP) 2018-0165 On September 6, 2024, the PUC issued an order providing direction and The Company currently intends to file the final draft of Next phase of long-range p
Slide 20: Cautionary Note Regarding Forward Looking Statements
Cautionary Note Regarding Forward Looking Statements This presentation 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 in nature, depend
Slide 21: Cautionary Note Regarding Forward Looking Statements
Cautionary Note Regarding Forward Looking Statements • the timing, speed and extent of changes in interest rates and the shape of the yield curve, which could result in higher borrowing costs and changes in market liquidity; • the continued ability of the Company and the Utilities to access the cred
Slide 22: Cautionary Note Regarding Forward Looking Statements
Cautionary Note Regarding Forward Looking Statements • the ability of IPPs to deliver the firm capacity anticipated in their power purchase agreements (PPAs); • the potential that, as IPP contracts near the end of their terms, there may be less economic incentive for the IPPs to make investments in
Slide 23: 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 24: Reconciliation of GAAP to Non-GAAP Measures—HEI
Reconciliation of GAAP to Non-GAAP Measures—HEI Three months ended September 30 Nine months ended September 30 (in thousands) 2025 20241 2025 20241 HEI Consolidated - Continuing Operations GAAP2 income (loss) - continuing operations (as reported) $ 30,747 $ (123,180) $ 83,503 $ (1,351,689) Excluding
Slide 25: Reconciliation of GAAP to Non-GAAP Measures—Hawaiian Electric
Reconciliation of GAAP to Non-GAAP Measures—Hawaiian Electric Three months ended September 30 Nine months ended September 30 (in thousands) 2025 2024 2025 2024 Maui windstorm and wildfires related costs Pretax expenses: Legal expenses $ 4,316 $ 11,821 $ 12,469 $ 40,169 Outside services expense — 639
Slide 26: Reconciliation of GAAP to Non-GAAP Measures—Holding Company & Other
Reconciliation of GAAP to Non-GAAP Measures—Holding Company & Other Three months ended September 30 Nine months ended September 30 (in thousands) 2025 2024 2025 2024 Maui windstorm and wildfires related costs Pretax expenses: Legal expenses $ 1,478 $ 5,384 $ 8,063 $ 16,161 Outside services expense —
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