Form 8-K

8-K — HAWAIIAN ELECTRIC INDUSTRIES INC

Accession: 0000354707-26-000053

Filed: 2026-08-07

Period: 2026-08-07

CIK: 0000354707

SIC: 4911 (ELECTRIC SERVICES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — he-20260807.htm (Primary)

EX-99 (heiexhibit99-8xk08x07x26.htm)

GRAPHIC (revisedlogoa.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: he-20260807.htm · Sequence: 1

he-20260807

00003547070000046207falsefalse00003547072026-08-072026-08-070000354707he:HawaiianElectricCompanyInc.Member2026-08-072026-08-07

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report: August 7, 2026

Exact Name of Registrant Commission I.R.S. Employer

as Specified in Its Charter File Number Identification No.

Hawaiian Electric Industries, Inc. 1-8503 99-0208097

Hawaiian Electric Company, Inc. 1-4955 99-0040500

State of Hawaii

(State or other jurisdiction of incorporation)

1001 Bishop Street, Suite 2900, Honolulu, Hawaii 96813 - Hawaiian Electric Industries, Inc. (HEI)

1099 Alakea Street, Suite 2200, Honolulu, Hawaii 96813 - Hawaiian Electric Company, Inc. (Hawaiian Electric)

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code:

(808) 543-5662 - HEI

(808) 543-7771 - Hawaiian Electric

Not applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to 12(b) of the Act:

Registrant Title of each class Trading Symbol(s) Name of each exchange on which registered

Hawaiian Electric Industries, Inc. Common Stock, Without Par Value HE New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule12b-2 of the Securities Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

Hawaiian Electric Industries, Inc.

☐

Hawaiian Electric Company, Inc.

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Hawaiian Electric Industries, Inc. ☐ Hawaiian Electric Company, Inc. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 7, 2026, HEI issued a news release, “HEI Reports Second Quarter 2026 Results.” This news release is furnished as HEI Exhibit 99.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

HEI Exhibit 99

News release, dated August 7, 2026, “HEI Reports Second Quarter 2026 Results”

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

The information furnished in connection with Item 2.02 of this current report on Form 8-K including HEI Exhibit 99 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature of the undersigned companies shall be deemed to relate only to matters having reference to such companies and any subsidiaries thereof.

HAWAIIAN ELECTRIC INDUSTRIES, INC. HAWAIIAN ELECTRIC COMPANY, INC.

(Registrant) (Registrant)

/s/ Paul K. Ito /s/ Paul K. Ito

Paul K. Ito Paul K. Ito

Senior Vice President and

Senior Vice President,

Chief Financial Officer

Chief Financial Officer and Treasurer

Date: August 7, 2026

EX-99

Filename: heiexhibit99-8xk08x07x26.htm · Sequence: 2

Document

HEI Exhibit 99

NEWS RELEASE

August 7, 2026

Contact: Mateo Garcia Telephone: (808) 543-7300

Director, Investor Relations E-mail: ir@hei.com

HEI REPORTS SECOND QUARTER 2026 RESULTS

•One of Hawaiian Electric’s Largest-Ever Energy Solicitations Submitted for PUC Approval in July; Plan Would Meet Customers’ Growing Energy Needs While Modernizing Generation Fleet to Stabilize and Drive Down Costs

•Wildfire Mitigation Plan (WMP) Recovery Approved, Ensuring Critical Investments While Prioritizing Customer Affordability Through Planned Securitization

◦Recent S&P Ratings Upgrade Acknowledges Progress Made to Implement WMP and Reduce Wildfire Risk Exposure

•GAAP Net Income for the Quarter of $123 Million Includes a $101 Million1 After-tax Non-Cash Gain from Remeasuring the Remaining Wildfire Settlement Liability to Present Value. Core2 Net Income for the Second Quarter Was $22 Million Compared to $35 Million in 2025

HONOLULU - Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported net income for the second quarter of 2026 of $123 million, or $0.71 per share, compared to net income of $26 million, or $0.15 per share in the second quarter of 2025. The quarter’s results include the impact of remeasuring the remaining Maui wildfire settlement liability to present value after the settlement agreement was finalized in April, resulting in the remaining payment obligations becoming fixed under contract. Excluding Maui wildfire-related items and expenses taken in connection with the review of strategic options for Pacific Current, Core net income was $22 million, or $0.13 per share, compared to $35 million, or $0.20 per share in 2025.

Note: Throughout this release, per share values are calculated based on diluted shares.

1 $114.2 million benefit ($153.9 million pre-tax) recognized in utility expenses, net of $13.2 million ($17.7 million pre-tax) accretion recognized in interest expense.

2 Measures described as “Core” for the periods in this news release are non-GAAP measures which exclude Maui wildfire-related items and expenses taken in connection with the strategic review of Pacific Current. See the “Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP reconciliation at the end of this release.

“In June we filed our annual action plan update to our IGP, laying out immediate actions necessary to meet customers’ growing energy needs while improving reliability, resilience and affordability. These actions include using competitive procurements for all types of generation to attract the lowest pricing for customers, and on July 17 we submitted our IGP Request for Proposals to the PUC. We are seeking to procure nearly 1,650 gigawatt-hours of variable renewable energy, 465 megawatts of grid forming resources and 111 megawatts of firm generating capacity. The proposed procurement is one of our largest ever, and would help us build a portfolio that meets the requirements of reliability and lower carbon emissions at the least cost to customers,” said Scott Seu, HEI president and CEO.

“We’ve also continued progressing our Wildfire Mitigation Plan implementation, with the PUC fully approving our Wildfire Mitigation Plan costs, which we plan to securitize as we prioritize customer affordability. Our positive credit ratings trajectory has continued as another rating agency upgraded us in recent months, acknowledging the progress we’ve made reducing wildfire risk in our service territories. Stronger credit ratings ultimately lower our cost of borrowing, which directly improves customer affordability. Moving forward, we’ll continue to focus on making the investments outlined in our Wildfire Mitigation Plan, while operating efficiently and maintaining financial strength,” said Seu.

HAWAIIAN ELECTRIC COMPANY (HAWAIIAN ELECTRIC) EARNINGS

Hawaiian Electric’s net income for the second quarter of 2026 was $138 million compared to net income of $39 million in the second quarter of 2025, with the increase primarily driven by the following pre-tax variances (among others):

•$154 million from remeasurement of the remaining settlement liability to present value (as the remaining settlement liability was adjusted from $1.44 billion to $1.30 billion and recognized on the income statement as a reduction to expense of $154 million);

•$9 million of insurance recoveries recognized as an adjustment to the tort-related legal claims;

•$8 million in higher revenues, primarily from the annual revenue adjustment mechanism; and

•$1 million in higher interest income.

These items were partially offset by (among others):

•$23 million in higher interest expense, which includes $18 million of accretion expense related to remeasuring the remaining settlement liability to present value;

•$9 million in higher O&M (driven by higher generation, transmission and distribution costs, higher labor and employee benefits costs and higher other general and administrative costs partially offset by lower WMP expenses); and

•$2 million in higher depreciation expense.

Hawaiian Electric’s Core net income for the second quarter was $33 million compared to $42 million in 2025, with the decrease primarily driven by higher interest expense and higher O&M.

UTILITY OUTLOOK AND GUIDANCE

Hawaiian Electric continues to expect 2026 adjusted O&M excluding pension3, to significantly outpace inflation as we progress through a transitional year ahead of a 2027 rate rebasing. This is due to the following factors: higher insurance premiums, primarily reflecting the deferral treatment of wildfire insurance premiums prior to 2026; storm response expenses related to severe weather in February and March; higher vegetation management expenses; higher overhauls and station maintenance expenses as the utility prioritizes reliability; higher IT-related costs to improve cyber defenses; and higher labor and benefits costs. In addition, the maximum penalty of ~$3.7 million (pre-tax) is expected under the Fuel Cost Risk Sharing mechanism, which is recorded as a reduction of fuel revenue. Additionally, the remeasurement of the remaining wildfire settlement liability in the second quarter reduced the liability to its present value and resulted in a non-cash benefit in the quarter. This benefit will be offset over time by future interest accretion (expense) as the liability increases to the full settlement amount when payments become due. Hawaiian Electric’s proposed rate rebasing and proposed modifications to the PBR framework are intended to address many of the higher O&M costs, such as increased insurance premiums. Additionally, the Company is in the process of reprioritizing work to mitigate expense headwinds, while managing expenses to operate as efficiently as possible.

HOLDING AND OTHER COMPANIES

The holding and other companies’ net loss was $15 million in the second quarter of 2026 compared to $13 million in the second quarter of 2025. The higher net loss for the quarter was primarily driven by lower interest income due to the lower cash balance following the first wildfire settlement payment made in April, partially offset by a lower loss related to the ongoing review of

3 Non-GAAP measure that includes other post-employment benefits and excludes pension nonservice retirement benefits. Also excludes net income neutral items (O&M covered by surcharges or covered by third parties).

strategic options for Pacific Current. Core net loss for the quarter was $10 million compared to $7 million in the same quarter of 2025, primarily due to lower interest income.

EARNINGS RELEASE, WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS

HEI will conduct a webcast and conference call to review its second quarter 2026 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’s website at www.hei.com under “Investor Relations,” sub-heading “News and Events — Events and Presentations.”

A replay will be available online and via phone. The online replay will be available on HEI’s website about two hours after the event. The audio replay will also be available about two hours after the event through August 14, 2026. 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’s website, www.hei.com, 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’s website, in addition to following HEI’s and Hawaiian Electric’s press releases, HEI’s and Hawaiian Electric’s Securities and Exchange Commission (SEC) filings and HEI’s public conference calls and webcasts. Investors may sign up to receive e-mail alerts via the “Investor Relations” section of the website. The information on HEI’s website is not incorporated by reference into this document or into HEI’s and Hawaiian Electric’s 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 https://hpuc.my.site.com/cdms/s/ 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’s and Hawaiian Electric’s SEC filings.

NON-GAAP MEASURES

Measures described as “Core” are non-GAAP measures which exclude Maui wildfire-related items, and expenses taken in connection with HEI’s ongoing review of strategic options for Pacific Current. “Adjusted O&M excluding pension” is a non-GAAP measure which excludes pension nonservice retirement benefits and net income neutral items (consisting of O&M

covered by surcharges or covered by third parties). See “Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP reconciliations at the end of this release.

FORWARD LOOKING STATEMENTS

This release may contain “forward-looking statements,” which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates” 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 “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” discussions (which are incorporated by reference herein) set forth in HEI’s Annual Report on Form 10-K for the year ended December 31, 2025 and HEI’s other SEC periodic and current reports and other filings that discuss important factors that could cause HEI’s 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.

ABOUT HEI

HEI’s electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii’s population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy, and modernize and harden the grid to ensure public safety, reliability and resilience. For more information, visit www.hei.com.

Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME DATA

(Unaudited)

Three months ended June 30 Six months ended June 30

(in thousands, except per share amounts) 2026 2025 2026 2025

Revenues

Electric utility $ 936,864 $ 742,482 $ 1,680,904 $ 1,480,848

Other 2,839 3,910 5,246 9,614

Total revenues 939,703 746,392 1,686,150 1,490,462

Expenses

Electric utility (includes $154 million benefit for the tort settlement remeasurement)

718,300 677,938 1,399,807 1,340,367

Other 17,189 14,707 28,752 33,928

Total expenses 735,489 692,645 1,428,559 1,374,295

Operating income (loss)

Electric utility 218,564 64,544 281,097 140,481

Other (14,350) (10,797) (23,506) (24,314)

Total operating income 204,214 53,747 257,591 116,167

Retirement defined benefits credit—other than service costs 879 919 1,758 1,836

Interest expense, net (48,383) (27,256) (79,511) (61,468)

Allowance for borrowed funds used during construction 1,997 1,462 3,702 2,879

Allowance for equity funds used during construction 4,387 3,702 8,151 7,287

Interest and dividend income 5,284 7,579 15,279 20,202

Loss on sale of a subsidiary and impairment loss on assets held for sale (3,716) (178) (3,716) (13,389)

Income before income taxes 164,662 39,975 203,254 73,514

Income tax expense 41,462 13,417 49,604 19,812

Net income 123,200 26,558 153,650 53,702

Preferred stock dividends of subsidiaries — 473 — 946

Net income for common stock $ 123,200 $ 26,085 $ 153,650 $ 52,756

Basic earnings per common share $ 0.71 $ 0.15 $ 0.89 $ 0.31

Diluted earnings per common share $ 0.71 $ 0.15 $ 0.89 $ 0.31

Weighted-average number of common shares outstanding 172,637 172,496 172,632 172,487

Weighted-average shares assuming dilution 173,222 172,655 173,353 172,832

Income (loss) for common stock by segment

Electric utility $ 137,858 $ 39,150 $ 173,201 $ 86,966

Other (14,658) (13,065) (19,551) (34,210)

Income for common stock $ 123,200 $ 26,085 $ 153,650 $ 52,756

Comprehensive income attributable to HEI $ 123,125 $ 25,779 $ 153,501 $ 51,990

Return on average common equity (%) (twelve months ended)1

13.6 NM

1 Simple average based on income from continuing operations.

NM Not meaningful.

This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year

Hawaiian Electric Company, Inc. (Hawaiian Electric) and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME DATA

(Unaudited)

Three months ended June 30 Six months ended June 30

($ in thousands, except per barrel amounts) 2026 2025 2026 2025

Revenues $ 936,864 $ 742,482 $ 1,680,904 $ 1,480,848

Expenses

Fuel oil 336,615 210,587 573,528 449,308

Purchased power 223,559 174,963 368,833 321,680

Other operation and maintenance 166,743 158,217 328,960 301,325

Wildfire tort-related claims (162,383) — (162,383) —

Depreciation 66,447 63,974 132,893 127,993

Taxes, other than income taxes 87,319 70,197 157,976 140,061

Total expenses 718,300 677,938 1,399,807 1,340,367

Operating income 218,564 64,544 281,097 140,481

Allowance for equity funds used during construction 4,387 3,702 8,151 7,287

Retirement defined benefits credit—other than service costs 1,049 1,052 2,099 2,103

Interest expense and other charges, net (45,351) (21,706) (73,227) (44,158)

Allowance for borrowed funds used during construction 1,997 1,462 3,702 2,879

Interest income 2,713 1,215 6,581 3,196

Income before income taxes 183,359 50,269 228,403 111,788

Income tax expense 45,501 10,620 55,202 23,824

Net income 137,858 39,649 173,201 87,964

Preferred stock dividends of subsidiaries — 229 — 458

Net income attributable to Hawaiian Electric 137,858 39,420 173,201 87,506

Preferred stock dividends of Hawaiian Electric — 270 — 540

Net income for common stock $ 137,858 $ 39,150 $ 173,201 $ 86,966

Comprehensive income attributable to Hawaiian Electric $ 137,811 $ 39,103 $ 173,107 $ 86,872

OTHER ELECTRIC UTILITY INFORMATION

Kilowatthour sales (millions)

Hawaiian Electric 1,496 1,509 2,953 2,962

Hawaii Electric Light 260 257 518 512

Maui Electric 259 266 516 523

2,015 2,032 3,987 3,997

Average fuel oil cost per barrel $ 145.67 $ 100.40 $ 119.71 $ 102.56

Return on average common equity (%) (twelve months ended)1

15.0 3.7

1 Simple average.

This information should be read in conjunction with the consolidated financial statements and the notes thereto in Hawaiian Electric filings with the SEC. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year

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 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 items related to the Maui wildfires and costs related to HEI’s ongoing review of strategic options for Pacific Current. Management does not consider these items to be representative of the company’s fundamental Core earnings.

Reconciliation of GAAP1 to non-GAAP Measures

Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

Unaudited

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 $ 3,325 $ 5,888 $ 5,232 $ 14,738

Outside services expense — 11 — 135

Other expense 1,270 5,859 1,378 11,787

Interest expense — 870 — 2,901

Pretax expenses 4,595 12,628 6,610 29,561

Insurance recoveries2

(7,842) 2,418 (9,174) (4,304)

Settlement remeasurement3

(153,870) — (153,870) —

Accretion expense4

17,714 — 17,714 —

Deferral of cost — (9,889) — (15,572)

Total Maui windstorm and wildfires related items, net (139,403) 5,157 (138,720) 9,685

Pretax loss on sale of a subsidiary and asset impairment 3,716 178 3,716 13,389

Income tax expense (benefit)5

34,940 3,936 34,764 (632)

After-tax adjustments $ (100,747) $ 9,271 $ (100,240) $ 22,442

1 Accounting principles generally accepted in the United States of America.

2 Includes $8.5 million recognized as an adjustment to the Wildfire tort-related claims for the three and six months ended June 30, 2026 and adjustments related to costs that are no longer probable of recovery under the insurance policies for the three and six months ended June 30, 2025. For the three and six months ended June 30, 2025, adjustments amount to $6.6 million, of which, $4.0 million was deferred to a regulatory asset and is reported on line “Deferral of cost”.

3 Represents an adjustment related to remeasuring the remaining settlement liability at present value in accordance with Accounting Standards Codification Topic 835-30 Imputation of Interest.

4 Represents accretion expense related to remeasuring the remaining settlement liability.

5 Current year composite statutory tax rate of 25.75%.

Note: Other segment (Holding and Other Companies) wildfire-related expenses (legal, outside services and other) and insurance recoveries are included in “Expenses-Other” and interest expense is included in “Interest expense, net” on the HEI and subsidiaries’ Consolidated Statements of Income Data. See Electric Utilities’ and Holding and Other Companies’ tables below for more detail.

Reconciliation of GAAP to non-GAAP Measures (continued)

Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries

Unaudited

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)2:

Legal expenses 2,469 4,372 3,885 10,943

Outside services expense — 8 — 100

Other expense 943 4,350 1,023 8,752

Interest expense — 646 — 2,154

After tax expenses 3,412 9,376 4,908 21,949

Insurance recoveries3

(5,823) 1,795 (6,812) (3,196)

Settlement remeasurement4

(114,248) — (114,248) —

Accretion expense5

13,153 — 13,153 —

Deferral of cost — (7,342) — (11,562)

Total Maui windstorm and wildfires related items, net (after tax) (103,506) 3,829 (102,999) 7,191

Loss on sale of a subsidiary and asset impairment (after tax)2

2,759 5,442 2,759 15,251

Non-GAAP (Core) net income $ 22,453 $ 35,356 $ 53,410 $ 75,198

GAAP Diluted earnings per share (as reported) $ 0.71 $ 0.15 $ 0.89 $ 0.31

Non-GAAP (Core) Diluted earnings per share $ 0.13 $ 0.20 $ 0.31 $ 0.44

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 ended June 30, 2026 and adjustments related to costs that are no longer probable of recovery under the insurance policies for the three and six months ended June 30, 2025.

4 Represents an adjustment related to remeasuring the remaining settlement liability at present value in accordance with Accounting Standards Codification Topic 835-30 Imputation of Interest.

5 Represents accretion expense related to remeasuring the remaining settlement liability.

Reconciliation of GAAP to non-GAAP Measures (continued)

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

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

Interest expense — 660 — 2,412

Pretax expenses 2,225 10,756 3,680 22,052

Insurance recoveries1,2

(7,870) 3,620 (8,831) 556

Settlement remeasurement3

(153,870) — (153,870) —

Accretion expense4

17,714 — 17,714 —

Deferral of cost5

— (9,889) — (15,572)

Total Maui windstorm and wildfires related items, net (141,801) 4,487 (141,307) 7,036

Income tax expense (benefits)6

36,514 (1,156) 36,387 (1,812)

After-tax adjustments $ (105,287) $ 3,331 $ (104,920) $ 5,224

Hawaiian Electric consolidated net income

GAAP7 net income (as reported)

$ 137,858 $ 39,150 $ 173,201 $ 86,966

Excluding special items related to the Maui windstorm and wildfires (after tax)6:

Legal expenses 824 3,195 1,904 6,053

Other expense 828 4,300 828 8,529

Interest expense — 490 — 1,791

After tax expenses 1,652 7,985 2,732 16,373

Insurance recoveries1,2

(5,844) 2,688 (6,557) 413

Settlement remeasurement3

(114,248) — (114,248) —

Accretion expense4

13,153 — 13,153 —

Deferral of cost5

— (7,342) — (11,562)

Total Maui windstorm and wildfires related items, net (after tax) (105,287) 3,331 (104,920) 5,224

Non-GAAP (Core) net income $ 32,571 $ 42,481 $ 68,281 $ 92,190

Twelve months ended June 30 2026 2025

Ratios (%)

Based on GAAP - Return on average equity8

15.0 3.7

Based on Non-GAAP (core) - Return on average equity8,9

5.7 7.2

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 of recovery under the insurance policies. For the three and six months ended June 30, 2025, adjustments amount to $6.6 million, of which, $4.0 million was deferred to a regulatory asset and is reported on line “Deferral of cost”.

3 Represents an adjustment related to remeasuring the remaining settlement liability at present value in accordance with Accounting Standards Codification Topic 835-30 Imputation of Interest.

4 Represents accretion expense related to remeasuring the remaining settlement liability.

5 Pursuant to the PUC order received on February 12, 2025, deferral accounting treatment limited to insurance premiums and outside services and legal costs associated with the asset-based lending facility credit agreement incurred in 2025 was granted. Applicable amounts were deferred to a regulatory asset.

6 Current year composite statutory tax rate of 25.75%.

7 Accounting principles generally accepted in the United States of America.

8 Simple average.

9 Calculated as non‑GAAP adjusted net income divided by average non-GAAP adjusted common equity. Non-GAAP adjusted common equity excludes cumulative impact of Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment (after tax) and the Utilities’ assigned equity interests of GLST1, effective March 31, 2025, which totals $287.3 million and remains unchanged through March 2026. The equity interests were adjusted down to nil in April 2026 as first installment payment of settlement liability was made.

Note: Legal, outside services and other are included in “Other operation and maintenance” and interest expense is included in “Interest expense and other charges, net” on the Hawaiian Electric and subsidiaries’ Consolidated Statements of Income Data.

Reconciliation of GAAP to non-GAAP Measures (continued)

Holding and Other Companies

Unaudited

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

Other expense 154 67 262 300

Interest expense — 210 — 489

Pretax expenses 2,370 1,872 2,930 7,509

Insurance recoveries 28 (1,202) (343) (4,860)

Total Maui windstorm and wildfires related expenses, net of insurance recoveries 2,398 670 2,587 2,649

Pretax loss on sale of a subsidiary and asset impairment 3,716 178 3,716 13,389

Income tax expense (benefits)1

(1,574) 5,092 (1,623) 1,180

After-tax adjustments $ 4,540 $ 5,940 $ 4,680 $ 17,218

Holding and Other Companies net loss

GAAP2 net loss (as reported)

$ (14,658) $ (13,065) $ (19,551) $ (34,210)

Excluding special items related to the Maui windstorm and wildfires (after tax)1:

Legal expenses 1,646 1,177 1,981 4,890

Outside services expense — 8 — 100

Other expense 115 50 195 223

Interest expense — 156 — 363

Maui windstorm and wildfires related expenses (after tax) 1,761 1,391 2,176 5,576

Insurance recoveries 20 (893) (255) (3,609)

Total Maui windstorm and wildfires related expenses, net of insurance recoveries (after tax) 1,781 498 1,921 1,967

Loss on sale of a subsidiary and asset impairment 2,759 5,442 2,759 15,251

Non-GAAP (Core) net loss $ (10,118) $ (7,125) $ (14,871) $ (16,992)

1 Current year composite statutory tax rate of 25.75%.

2 Accounting principles generally accepted in the United States of America.

Note: Holding and Other Companies wildfire-related expenses (legal, outside services and other) and insurance recoveries are included in “Expenses-Other” and interest expense is included in “Interest expense, net” on the HEI and subsidiaries’ Consolidated Statements of Income Data.

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Cover

Aug. 07, 2026

Entity Information [Line Items]

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Aug. 07, 2026

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Hawaiian Electric Industries, Inc.

Entity File Number

1-8503

Entity Tax Identification Number

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Entity Incorporation, State or Country Code

Entity Address, Address Line One

1001 Bishop Street

Entity Address, Address Line Two

Suite 2900

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Hawaiian Electric Company, Inc.

Entity Information [Line Items]

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1099 Alakea Street

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