Hawaiian Electric Industries · NYSE:HE
Hawaiian Electric Industries — Q2 2026 Earnings Presentation
27 slides from Hawaiian Electric Industries's earnings presentation, Aug 7, 2026
Slide 1: HEI 2Q 2026 Financial Results
HEI 2Q 2026 Financial Results August 7, 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: Wildfire Mitigation Plan (WMP) Costs Approved
Wildfire Mitigation Plan (WMP) Costs Approved Securitization Ensures Critical Work Done at Least Cost to Customers • EPRM approval ensures cost $350 recovery, with securitization Situational Awareness planned to minimize bill impact Other 1 O&M $80 Operational $8.6 $18.5 • Approved cost covers capit
Slide 4: Alternative Rate Rebasing Advancing, With Tentative Schedule Released
Alternative Rate Rebasing Advancing, With Tentative Schedule Released PHASED INCREASE PROVIDES FOR TENTATIVE SCHEDULE, WITH COMPANY- GRADUAL BILL IMPACT PROPOSED INTERIM DECISION IN DECEMBER August/September Mid to late April Public hearings Commission- $44.8 commence, followed proposed final Track
Slide 5: Our Plan—Meeting Customers' Energy Needs While Optimizing Affordability, Safety, Reliability and Resilience
Our Plan—Meeting Customers’ Energy Needs While Optimizing Affordability, Safety, Reliability and Resilience Meet Growing Energy Needs and Modernize Generation Fleet ✓ Retiring aging power plants sooner by accelerating addition of modern firm generation ✓ Launching one of the largest competitive proc
Slide 6: 2Q 2026 Financial Performance & Highlights
2Q 2026 Financial Performance & Highlights GAAP Results Include Wildfire and Pacific Current Expenses 2Q Core EPS1 $0.20 2Q 2026 Earnings EPS $0.13 Net Income (GAAP) $123.2M $0.71 $0.25 excl.: Maui wildfire-related benefit ($103.5M) ($0.60) $0.19 excl.: Loss from Pacific Current asset impairments $2
Slide 7: Maintaining Solid Liquidity and Financial Strength Through Transitional Year
Maintaining Solid Liquidity and Financial Strength Through Transitional Year LIQUIDITY UPDATE FINANCIAL POSITION REMAINS STRONG IN HIGH FUEL PRICE ENVIRONMENT • As of 6/30, the HoldCo and Utility had $52 million and $186 million of unrestricted cash $1.0 on hand, respectively. $1.1 billion in additi
Slide 8: Positive Credit Ratings Trajectory Continues With Recognition of Wildfire Mitigation Plan Progress
Positive Credit Ratings Trajectory Continues With Recognition of Wildfire Mitigation Plan Progress • July S&P upgrade to BB- from B+ acknowledges progress in improving wildfire safety profile • Follows Moody’s upgrade in April HEI CREDIT RATINGS 2022 – 2026 Utility HoldCo Fitch Moody’s S&P AAA Aaa A
Slide 9: Safety, Reliability and Resilience Drive Capital Investment
Safety, Reliability and Resilience Drive Capital Investment Capital Expenditures Forecast ($ in millions) ▪ Capex supports strategic objectives of reducing wildfire risk, increasing ~$750 - $850 reliability and resilience and repowering firm generation ~$700 - $800 Wildfire and $700 - $750 $90 - $11
Slide 10: Q&A
Q&A
Slide 11: Appendix
Appendix we
Slide 12: Safety, Reliability and Resilience Drive Capital Investment
Safety, Reliability and Resilience Drive Capital Investment Capital Expenditures Forecast Detail ($ in millions) Status Key Capex Projects 1 2024 Actual 2025 Actual 2026 Forecast 2027 Forecast 2028 Forecast Recovery Mechanism Waiau Repower $1 $158 $150 $243 EPRM Wildfire Mitigation Plan2 $713 $64 $8
Slide 13: Adjusted O&M Excluding Pension (non-GAAP)
Adjusted O&M Excluding Pension (non-GAAP)1 $ in millions $143.5 GAAP TO NON-GAAP RECONCILIATION OF O&M, $136.0 NET OF EXCLUSIONS2 2Q 2025 2Q 2026 GAAP O&M $158.2 $166.7 (less): Pension1 12.3 11.4 Covered by surcharges 5.8 5.3 Covered by third parties 4.1 6.6 Adjusted O&M $136.0 $143.5 2Q25 2Q26 1. I
Slide 14: Utility LTM ROE
Utility LTM ROE ROE (%) (0.5%) 9.5% 9.0% (2.6%) (0.7%) 5.7% Allowed Non-recoverable ROE less Actual O&M, Others, Net Actual Q2 ROE items1 Structural depreciation & return on 2026 Items Core ROE rate base over recovery GAAP TO NON-GAAP RECONCILIATION OF UTILITY LTM ROE ($ in millions) 12mo Simple Ave
Slide 15: Our Affordability Strategies Address Total Energy Burden
Our Affordability Strategies Address Total Energy Burden HAWAI’I HOUSEHOLD ENERGY BURDEN IS LOWER THAN THE NATIONAL AVERAGE • Total household energy burden considers Hawaiʻi’s unique energy landscape and its 2025 U.S. average total 2025 Hawai’i total broader statewide goals, including: household ene
Slide 16: 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 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 Phase 6 of the PBR proceeding will commence Proceeding to evolve regulatory framework t
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 On 12/30/2024, PPA were executed for AES’s Keamuku (86 MW PV and 86 MW / Con
Slide 20: 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 WMP, (2) provides instructions for u
Slide 21: 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 22: 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 23: 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 24: 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 25: Reconciliation of GAAP to Non-GAAP Measures—HEI
Reconciliation of GAAP to Non-GAAP Measures—HEI Three months ended June 30 Six months ended June 30 (in thousands) 2026 2025 2026 2025 HEI Consolidated GAAP1 net income (as reported) $ 123,200 $ 26,085 $ 153,650 $ 52,756 Excluding special items related to the Maui windstorm and wildfires (after tax)
Slide 26: Reconciliation of GAAP to Non-GAAP Measures—Hawaiian Electric
Reconciliation of GAAP to Non-GAAP Measures—Hawaiian Electric Three months ended June 30 Six months ended June 30 (in thousands) 2026 2025 2026 2025 Maui windstorm and wildfires related items Pretax expenses: Legal expenses $ 1,109 $ 4,304 $ 2,564 $ 8,153 Other expense 1,116 5,792 1,116 11,487 Inter
Slide 27: Reconciliation of GAAP to Non-GAAP Measures—Holding Company & Other
Reconciliation of GAAP to Non-GAAP Measures—Holding Company & Other Three months ended June 30 Six months ended June 30 (in thousands) 2026 2025 2026 2025 Maui windstorm and wildfires related costs Pretax expenses: Legal expenses $ 2,216 $ 1,584 $ 2,668 $ 6,585 Outside services expense — 11 — 135 Ot
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