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HEI Reports Second Quarter 2025 Results

• Utility Continues to Improve the Safety, Reliability and Resilience of Service to Our Communities Through Advancement of Wildfire Safety Strategy
• Legislation Signed Into Law by Governor Green Appropriates Funds for the State鈥檚 Contribution to the Maui Wildfire Tort Litigation Settlement, Directs the Public Utilities Commission to Establish an Aggregate Liability Cap for Economic Damages from Future Wildfires, Authorizes Securitization for Infrastructure Resilience Investments and Supports Reliable, Affordable Clean Energy Procurement
• Continued Progress Toward a Simpler, More Focused Business With Sale of Pacific Current鈥檚 Solar and Battery Storage Assets
  • Quarter鈥檚 Results Reflect $5 Million Earnings Impact from Asset Impairment and Tax Credit Recapture Related to Sale

HONOLULU--(BUSINESS WIRE)-- Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported net income for the second quarter of 2025 of $26 million, or $0.15 per share. Excluding Maui wildfire-related expenses and expenses taken in connection with the review of strategic options for Pacific Current, Core¹ income from continuing operations was $35 million, or $0.20 per share, compared to $28 million, or $0.26 per share in 2024.

鈥淥ur core operations performed as expected in the second quarter, with the utility progressing measures to protect our communities against the risks posed by extreme weather events. We鈥檝e also continued to make the changes necessary to move forward as a simpler, more focused company best positioned to serve our communities for the long term. This includes our sale of Pacific Current鈥檚 solar and battery storage assets and the expected divestiture of our remaining stake in American Savings Bank over the next year,鈥� said Scott Seu, HEI president and CEO.

鈥淟ast month, Governor Josh Green signed legislation passed by the Hawaii State Legislature directing the Public Utilities Commission to establish a liability cap for future wildfires, and authorizing securitization to finance $500 million in wildfire safety improvements, helping customer affordability. Legislation to reduce risk to independent power producers and support the utility鈥檚 ability to procure reliable, affordable clean energy was also signed into law, along with legislation appropriating funds for the State of Hawaii鈥檚 contribution to the settlement, ensuring the settlement is able to move forward.鈥�

HAWAIIAN ELECTRIC COMPANY (HAWAIIAN ELECTRIC) EARNINGS

Hawaiian Electric鈥檚 net income for the second quarter of 2025 was $39 million compared to a net loss of $1,229 million in the second quarter of 2024, with the increase primarily driven by the following pre-tax items:

• The $1,712 million loss recorded in the second quarter of 2024 due to the accrual of estimated wildfire liabilities related to tort-related legal claims and cross claims as of June 30, 2024;
• $7 million in higher revenues, primarily from the annual revenue adjustment mechanism, but also including $1 million of demand response revenues (offset by expenses included in O&M); and
• $4 million impact from better heat rate performance.

These items were partially offset by the following:

• $11 million in higher O&M, driven by $7 million in higher wildfire mitigation program expenses, $4 million of higher legal and consulting costs (which were previously deferred), $2 million in higher property and general liability insurance costs and $1 million in higher demand response expenses (offset by demand response revenues). Higher O&M expenses were partially offset by the absence of costs related to the settlement of indemnification claims asserted by the state (recorded in 2024).

Hawaiian Electric鈥檚 Core net income for the second quarter of 2025 was $42 million compared to $44 million in the same quarter last year. Pre-tax wildfire-related expenses of $11 million were partially offset by $10 million of costs deferred pursuant to the Public Utilities Commission鈥檚 decision allowing Hawaiian Electric to defer these costs.

Utility Dividend Update

The Hawaiian Electric Board of Directors declared a $10 million cash dividend payable to HEI for the second quarter of 2025.

HOLDING AND OTHER COMPANIES

The holding and other companies鈥� net loss was $13 million in the second quarter of 2025 compared to $20 million in the second quarter of 2024. The lower net loss for the quarter was primarily due to lower wildfire expenses, partially offset by expenses taken in relation to the strategic review of Pacific Current. Excluding these expenses, Core net loss for the quarter was $7 million compared to $15 million in the second quarter of 2024.

EARNINGS RELEASE, WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS

HEI will conduct a webcast and conference call to review its second quarter 2025 consolidated financial results today at 10:30 a.m. Hawaii time (4:30 p.m. Eastern).

To listen to the conference call, dial 1-888-660-6377 (U.S.) or 1-929-203-0797 (international) and enter passcode 2393042. Parties may also access presentation materials (which include reconciliation of non-GAAP measures) and/or listen to the conference call by visiting the conference call link on HEI鈥檚 website at under 鈥淚nvestor Relations,鈥� sub-heading 鈥淣ews and Events 鈥� Events and Presentations.鈥�

A replay will be available online and via phone. The online replay will be available on HEI鈥檚 website about two hours after the event. The audio replay will also be available about two hours after the event through August 14, 2025. To access the audio replay, dial 1-800-770-2030 (U.S.) or 1-647-362-9199 (international) and enter passcode 2393042.

HEI and Hawaiian Electric Company, Inc. (Hawaiian Electric) intend to continue to use HEI鈥檚 website, , as a means of disclosing additional information; such disclosures will be included in the Investor Relations section of the website. Accordingly, investors should routinely monitor the Investor Relations section of HEI鈥檚 website, in addition to following HEI鈥檚 and Hawaiian Electric鈥檚 press releases, HEI鈥檚 and Hawaiian Electric鈥檚 Securities and Exchange Commission (SEC) filings and HEI鈥檚 public conference calls and webcasts. Investors may sign up to receive e-mail alerts via the 鈥淚nvestor Relations鈥� section of the website. The information on HEI鈥檚 website is not incorporated by reference into this document or into HEI鈥檚 and Hawaiian Electric鈥檚 SEC filings unless, and except to the extent, specifically incorporated by reference.

Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at to review documents filed with, and issued by, the PUC. No information on the PUC website is incorporated by reference into this document or into HEI鈥檚 and Hawaiian Electric鈥檚 SEC filings.

ABOUT HEI

The HEI family of companies provides the energy services that empower much of the economic and community activity of Hawaii. HEI鈥檚 electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii鈥檚 population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy, and modernize and harden the grid to ensure resilience and public safety. For more information, visit .

NON-GAAP MEASURES

Measures described as 鈥淐ore鈥� are non-GAAP measures which exclude Maui wildfire-related costs, and expenses taken in connection with HEI鈥檚 ongoing review of strategic options for Pacific Current. See 鈥淓xplanation of HEI鈥檚 Use of Certain Unaudited Non-GAAP Measures鈥� and the related GAAP reconciliations at the end of this release.

This release may contain 鈥渇orward-looking statements,鈥� which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as 鈥渨ill,鈥� 鈥渆xpects,鈥� 鈥渁nticipates,鈥� 鈥渋ntends,鈥� 鈥減lans,鈥� 鈥渂elieves,鈥� 鈥減redicts,鈥� 鈥渆stimates鈥� or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic, political and market factors, among other things. These forward-looking statements are not guarantees of future performance.

Forward-looking statements in this release should be read in conjunction with the 鈥淐autionary Note Regarding Forward-Looking Statements鈥� and 鈥淩isk Factors鈥� discussions (which are incorporated by reference herein) set forth in HEI鈥檚 Annual Report on Form 10-K for the year ended December 31, 2024 and HEI鈥檚 other SEC periodic reports and filings that discuss important factors that could cause HEI鈥檚 results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric, and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Explanation of HEI鈥檚 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鈥� core operating activities. Core earnings and other financial measures as presented here may not be comparable to similarly titled measures used by other companies. The accompanying tables provide a reconciliation of reported GAAP¹ earnings to non-GAAP Core earnings.

The reconciling adjustments from GAAP earnings to Core earnings are limited to the costs related to the Maui wildfires and costs related to HEI鈥檚 ongoing review of strategic options for Pacific Current. Management does not consider these items to be representative of the company鈥檚 fundamental core earnings.

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View source version on businesswire.com:

Mateo Garcia

Director, Investor Relations

Telephone: (808) 543-7300

E-mail: [email protected]

Source: Hawaiian Electric Industries, Inc.