Financial Data and Key Metrics Changes - In Q1 2025, the company generated net income of $26.7 million or $0.15 per share, which includes a $13.2 million pre-tax loss on the sale of Pacific Current and $4.5 million in Maui wildfire-related expenses [18][19] - Consolidated core net income was $39.8 million or $0.23 per share, compared to $28.4 million or $0.26 per share in Q1 2024 [19] - Utility core net income increased to $49.7 million from $44.2 million in Q1 2024, driven by better heat rate performance and higher revenues [19] Business Line Data and Key Metrics Changes - The utility segment showed improved performance with higher revenues from the annual revenue adjustment mechanism and lower bad debt expenses, despite increased wildfire mitigation program expenses [19] - The holding company reported a core net loss of $9.9 million, reduced from $15.8 million in Q1 2024, due to higher interest income from cash reserves [20] Market Data and Key Metrics Changes - The company had approximately $492 million in unrestricted cash at the holding company level and $130 million at the utility level as of the end of Q1 2025 [20] - The holding company cash balance included $384 million from the sale of American Savings Bank, which was used to retire debt [21] Company Strategy and Development Direction - The company is moving towards a simpler business model focused solely on regulated utility operations following the sale of American Savings Bank and the divestiture of Pacific Current assets [8][12] - The company aims to enhance safety, reliability, and resilience through significant investments in the utility's generation system and electric grid [9] - The company remains committed to advancing Hawaii's clean energy goals, targeting 100% renewable portfolio standard (RPS) and net zero by 2045 [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's future, citing improved financial strength and a clearer path to resolving the Maui wildfire tort litigation [11][64] - The company anticipates that the legislative measures passed will positively impact credit ratings and reduce wildfire liability risk exposure [12][25] Other Important Information - The company reinstated a quarterly dividend of $10 million for Q1 2025 after a temporary suspension [23] - The Hawaii State Legislature passed several bills aimed at supporting the utility's operations and mitigating wildfire risks, including establishing a liability cap and a potential wildfire fund [12][15] Q&A Session Summary Question: Anticipated feedback from rating agencies if SB 897 is signed into law - Management expects positive feedback from rating agencies, indicating that key milestones will be credit positives [25] Question: How will SB 897 impact the wildfire fund? - The bill requires the Public Utilities Commission (PUC) to study the viability of a wildfire fund and provide recommendations [27] Question: What is the nature of the liability cap in SB 897? - The bill directs the PUC to establish an aggregate liability cap, considering various factors such as market cap and rate base [31][33] Question: Financing strategy for remaining settlement payments - Management indicated that financing will be a combination of debt and equity, with no immediate plans for financing the payments [35][45] Question: Planned rate case filing and test year - The utility will file for rebasing target revenues ahead of the second multiyear rate period starting in 2027, with a 2026 test year expected [46][51] Question: Why did the legislature defer decisions on the liability cap to the PUC? - The legislature believed the PUC could conduct a more thorough and technical review of the issues involved [56] Question: Governor's position on the liability cap - Management noted that the governor's office was actively involved in the legislative process and will have input once the PUC completes its rulemaking [59]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Exact Name of Registrant as Specified in Its Charter Commission File Number I.R.S. Employer Identification No. HAWAIIAN ELECTRIC INDUSTRIES, INC. 1-8503 99-0208097 and Principal Subsidiary HAWAIIAN E ...

HEI Exhibit 99 NEWS RELEASE May 9, 2025 Contact: Mateo Garcia Telephone: (808) 543-7300 Director, Investor Relations E-mail: ir@hei.com HEI REPORTS FIRST QUARTER 2025 RESULTS HONOLULU - Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported net income for the first quarter of 2025 of $27 million, or $0.15 per share. Excluding Maui wildfire-related expenses, the loss recorded at Pacific Current on the sale of Hamakua Energy and net income from discontinued operations in 2024, Core income from co ...

HEI 1Q 2025 Financial Results May 9, 2025 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 comparable GAAP financial measures can be found in the Appendix herein. See Appendix for definition of Core Earnings and Core EPS. 2 Repositioning for the Future Advancing Our ...

Financial Impact and Challenges - The company reported significant financial impacts due to the Maui windstorm and wildfires, with potential liabilities from lawsuits and regulatory penalties that may result in unrecoverable costs[26] - The company anticipates an increase in insurance premiums and challenges in obtaining wildfire and general liability insurance coverage at reasonable rates[26] - The company is facing uncertainties regarding access to capital and credit markets due to costs related to the Maui windstorm and wildfires[26] - The company is experiencing high and volatile fuel prices, which are increasing working capital requirements and customer bills[27] - The company is assessing the ability to recover costs associated with tariffs and other factors impacting prices while ensuring reasonable returns on capital investments[27] Environmental and Regulatory Commitments - The company is committed to addressing environmental, social, and governance priorities, including safety, reliability, and resilience in response to extreme weather events[27] - The company is focused on executing its Integrated Grid Plan, which was accepted by the Public Utilities Commission in 2024, to transition towards 100% renewable energy[27] - The company is subject to various regulatory actions that may alter costs to produce electricity and accelerate the move to renewable generation[1] - Hawaiian Electric aims to cut carbon emissions from power generation by 70% by 2030 compared to 2005 levels, with a commitment to achieve net zero carbon emissions by 2045 or sooner[63] - The Utilities expect to meet or exceed the State of Hawaii's Renewable Portfolio Standards (RPS) goals despite challenges in achieving the 2030 carbon reduction target[64] Workforce and Employee Development - The total number of employees decreased from 3,706 in 2022 to 2,602 in 2024, with Hawaiian Electric and its subsidiaries employing 2,533 full-time employees in 2024[45] - A new three-year collective bargaining agreement was ratified, providing for a 3% general wage increase each year from November 1, 2024, through October 31, 2027[46] - The company is focused on fostering an inclusive culture to enhance collaboration and innovation, recognizing the importance of a diverse workforce[47] - The company has invested in employee development programs, including leadership training and technical skills enhancement[50] - The company is expanding its strategic workforce planning initiative to support future transformation plans[55] Operational Performance and Sales - In 2024, Hawaiian Electric's customer accounts reached 310,336, generating electric sales revenues of $2,246,646,000, a decrease from $2,324,044,000 in 2023[66] - The electric utilities' revenues accounted for approximately 100% of HEI's consolidated revenues in 2024, with a net loss of 93% of HEI's loss from continuing operations[60] - Total MWh sales for 2024 reached 8,218.9 thousand, slightly down from 8,226.7 thousand in 2023, marking a decrease of 0.1%[73] - Net generated MWh for 2024 was 5,251.6 thousand, a decrease of 1.7% from 5,343.0 thousand in 2023[73] - Customer-sited solar MWh increased to 1,691.2 thousand in 2024, up 6.7% from 1,585.5 thousand in 2023[73] Infrastructure and Capacity - The firm capacity from Hawaiian Electric's major PPAs accounted for 19% of total net generating and firm purchased capacity on Oahu as of December 31, 2024[80] - The reserve margin across the islands served was 41.4% as of December 31, 2024, indicating a healthy buffer for peak demand[76] - The total fuel storage capacity for Hawaiian Electric is 1,025,000 barrels of LSFO at Barbers Point Tank Farm and 771,000 barrels of LSFO across various generation sites[123] - Hawaiian Electric has a total of 126.5 acres of land for substations, transformer vaults, and distribution facilities, with additional leased properties for operational purposes[124] - The Utilities own and operate various generation sites across Oahu, Hawaii, and Maui, with a mix of fuel types including LSFO, diesel, and renewable sources[122] Regulatory Compliance and Environmental Management - The Utilities have implemented procedures to monitor compliance with TSCA regulations regarding the handling of PCBs and have a program to replace PCB transformers and capacitors[117] - The Utilities are subject to various environmental regulations, including the Emergency Planning and Community Right-to-Know Act, requiring reporting of hazardous chemicals[116] - Hawaiian Electric's operations are governed by state and federal regulations, including the Endangered Species Act, to protect threatened or endangered species[121] - The Utilities have discovered leaking oil-containing equipment and are addressing these releases in compliance with applicable regulatory requirements[120] Future Plans and Strategic Initiatives - The company is undergoing a comprehensive review of strategic options for certain assets of Pacific Current, including the sale of Hamakua Holdings, LLC, expected to close in March 2025[42] - The company has suspended new investments following the Maui windstorm and wildfires while reviewing strategic options[40] - The Utilities operate 32 public DC fast chargers and have filed for an additional 150 DC fast chargers and 150 level 2 charging stations[100] - The Utilities completed the 18-month Smart Charge Hawaii Telematics pilot in December 2024, focusing on electric vehicle infrastructure[99] - The Amended and Restated Power Purchase Agreement with PGV was approved by the PUC on December 29, 2023, allowing for expanded capacity[86]

HEI 4Q and Full Year 2024 Financial Results February 21, 2025 Non-GAAP Financial Information This presentation refers to certain financial measures that were not prepared in accordance with U.S. generally accepted accounting principles. Reconciliations of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the Appendix herein. Executed on strategic objectives communicated following the Maui wildfires Signed settlement agreements in the Maui wildfire tort ...

Financial Data and Key Metrics Changes - The company generated a loss from continuing operations of $1.3 billion for the full year 2024, which includes wildfire settlement accruals of $1.9 billion pretax and other Maui wildfire-related expenses [28][29] - Consolidated core net income was $124 million in 2024, down from $152 million in 2023, while utility core net income decreased to $181 million from $195 million in 2023 [29] - The average residential bill decreased by 7% in 2024, reflecting the company's efforts to reduce customer rates [14] Business Line Data and Key Metrics Changes - The sale of 90.1% of American Savings Bank (ASB) for $405 million was completed, with net proceeds of approximately $380 million used to pay down holding company debt [25][26] - ASB's 2024 results showed a net loss from discontinued operations of $103 million compared to a net income of $53 million in 2023 [27] Market Data and Key Metrics Changes - The utility achieved a 36% renewable portfolio standard in 2024, up from 33% in 2023, on track to reach an interim goal of 40% by 2030 [14] - The company ended 2024 with the strongest liquidity position in its history, bolstered by a successful equity offering that raised $558 million [10][23] Company Strategy and Development Direction - The company aims to focus on its core utility business following the sale of ASB, which simplifies its strategy and regulatory position [11][12] - A three-year action plan for wildfire safety with an estimated cost of $450 million has been established, with approximately $400 million expected to be capital expenditures [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the positive outcome of the Hawaii Supreme Court ruling, which is a significant step towards finalizing the settlement agreement related to the Maui wildfires [21][22] - The company plans to continue pursuing supportive legislation and aims to return to investment grade [24][86] Other Important Information - The company invested approximately $120 million in wildfire safety improvements in 2024, including a public safety power shutoff program and upgrades to utility infrastructure [16][17] - The updated wildfire safety strategy was filed with the Public Utilities Commission (PUC) in January, building upon immediate actions taken after the August 2023 wildfires [18] Q&A Session Summary Question: Confidence in the settlement proceeding without interference from insurers - Management expressed confidence in the positive outcome of the Hawaii Supreme Court decision, which is a major step towards finalizing the settlement agreement [36][37] Question: Capital expenditure expectations and financing plans - The company is refining its three-year capital forecast, expecting an increase in capital expenditures, particularly for wildfire safety and other approved projects [42][49] Question: Legislative session and potential impacts on customer bills - Management noted that discussions are ongoing regarding the impacts on customers and the establishment of a wildfire recovery fund, emphasizing the importance of balancing customer and shareholder needs [52][66] Question: Securitization and rating agency expectations - Management indicated that there is a good understanding of the benefits of securitization for securing lower-cost financing, which would ultimately benefit customers [71][73]

HEI Exhibit 99 NEWS RELEASE February 21, 2025 Contact: Mateo Garcia Telephone: (808) 543-7300 Director, Investor Relations E-mail: ir@hei.com HEI REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS HONOLULU - Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported a net loss for the full year 2024 of $1,426 million, or $11.23 per share, compared to net income of $199 million, or $1.81 per share in 2023. Excluding the impacts of discontinued operations, Maui wildfire-related expenses and the Pacifi ...

Financial Data and Key Metrics Changes - For Q3 2024, the company recorded a consolidated net loss of $104.4 million or $0.91 per share, which included significant one-time losses related to wildfire liabilities and asset impairment [23][25] - The utility's core net income was $43.7 million, down from $53.8 million in the same quarter last year, primarily due to higher operating and maintenance (O&M) expenses [27] - The bank's core net income increased to $19.4 million from $17.6 million year-over-year, attributed to lower provisions for credit losses and higher non-interest income [28] Business Line Data and Key Metrics Changes - The utility's additional accrual of $203 million for wildfire liabilities contributed to the overall net loss, while the bank continued to perform strongly with net interest margin expansion [23][19] - The Pacific Current segment reported a $35.2 million pre-tax asset impairment charge as part of a strategic review [26] Market Data and Key Metrics Changes - The bank's balance sheet remains strong, with 83% of deposits being FDIC-insured or fully collateralized as of September 30 [20] - The utility has made significant investments in grid hardening and wildfire mitigation, which are expected to enhance resilience against various environmental risks [18][17] Company Strategy and Development Direction - The company is focused on a comprehensive review of strategic options for Pacific Current, with no set timetable for potential actions [21] - The utility has implemented a Public Safety Power Shutoff program and is enhancing operational strategies to mitigate wildfire risks [14][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the settlement agreement related to the Maui wildfires, viewing it as a positive step towards financial recovery [7][8] - The company plans to file a comprehensive wildfire mitigation plan by January 2025, indicating a proactive approach to future risks [18] Other Important Information - The company expects to make a total of $1.99 billion in pre-tax contributions under the settlement agreement, with payments structured over four years [9][25] - The utility received final approval for a $250 million accounts receivable backed credit facility, enhancing its financial flexibility [32] Q&A Session Summary Question: Is there an ongoing strategic review for the bank? - Management confirmed that a strategic review for both the bank and Pacific Current is ongoing [35] Question: What are the carrying costs or core earnings for Pacific Current this quarter? - Management declined to provide specific figures until a determination is made regarding the review [37] Question: What are the prospects for resolving settlements through negotiation? - Management indicated that while negotiations are possible, they are not directly involved in those discussions [39] Question: Will the company consider accelerating settlement payments? - Currently, the company anticipates adhering to the four-installment payment plan but retains the option to prepay if desired [40] Question: What are the thoughts on the upcoming review of the PBR Framework? - Management noted that a comprehensive review is underway, considering all developments, including the Maui wildfires [44]

Legal and Settlement Issues - HEI and Hawaiian Electric have agreed to contribute a total of $1.99 billion to settle tort-related legal claims from the Maui windstorm and wildfires, with payments structured in four equal annual installments of $479 million starting in late 2025 [269]. - The total defendant contribution for the settlement is approximately $4.04 billion, with HEI and Hawaiian Electric's share representing about 49.2% of this total [269]. - Incremental expenses related to the Maui windstorm and wildfires amounted to approximately $2.2 billion since August 8, 2023, including legal claims and other associated costs [298]. - The company expects to continue incurring legal expenditures related to the Maui windstorm and wildfires, despite some mitigation through insurance recoveries [298]. - Estimated wildfire liabilities accrued by the Utilities reached approximately $1.92 billion as of September 30, 2024, related to the Maui windstorm and wildfire claims [311]. - The Utilities revised their total settlement accrual to $1.92 billion, classifying the first $479 million installment as a current liability [394]. - Hawaiian Electric's cash and cash equivalents balance was $147.6 million as of September 30, 2024, an increase from $106.1 million as of December 31, 2023 [395]. - The ABL Facility allows borrowings of up to $250 million on a revolving basis, but the amount that could be drawn was temporarily limited to approximately $90 million due to accrued wildfire claims [401]. Financial Performance - In the third quarter of 2024, HEI and Hawaiian Electric recorded a decrease in kWh sales by 1.6% compared to the same period in 2023, attributed to the impact of the Maui windstorm and wildfires [282]. - Revenues for the three months ended September 30, 2024, increased by 4% to $938,383,000 compared to $901,873,000 in 2023, driven by growth in the electric utility and bank segments [291]. - Operating loss for the nine months ended September 30, 2024, was $(1,769,104,000), a significant decrease from operating income of $261,608,000 in 2023, primarily due to wildfire tort-related claims totaling $1.71 billion [292]. - Net loss for common stock for the nine months ended September 30, 2024, was $(1,357,764,000), compared to net income of $150,449,000 in 2023, reflecting lower performance in the electric utility and bank segments [292]. - The effective tax rate for the third quarter of 2024 was a 30% tax benefit, compared to a 15% tax expense in the same quarter of 2023, influenced by substantial pretax losses [293]. - The operating loss for Q3 2024 was $(45.156) million, significantly higher than $(8.806) million in Q3 2023, attributed to a $35.2 million impairment loss on long-lived assets at Pacific Current [305]. - The net loss for Q3 2024 was $(40.595) million, compared to $(13.708) million in Q3 2023, reflecting the same factors affecting the operating loss [305]. - For the first nine months of 2024, total revenues were $10.144 million, a decline of 30.5% from $14.540 million in the same period of 2023, mainly due to lower sales at Pacific Current subsidiaries [305]. - HEI and its subsidiaries incurred net losses of approximately $104 million and $1.36 billion for the three and nine months ended September 30, 2024, respectively [311]. - The company suspended dividends starting after the second quarter of 2023 to enhance liquidity and allocate cash for rebuilding efforts [323]. Economic and Market Conditions - The economic conditions in Hawaii remained stable with an unemployment rate of 2.9% as of September 2024, while the average daily passenger count increased by 3.9% compared to the previous year [282]. - Hawaii's unemployment rate in September 2024 was 2.9%, slightly lower than 3.0% in September 2023, while Maui County's unemployment is projected to average 4.0% in 2024 [299]. - The average daily passenger count in Hawaii increased by 3.9% compared to the previous year, although international visitor arrivals remained 22.8% below 2019 levels [299]. - The median sales price for single-family homes in Oahu increased by 4.8% to $1,112,722 compared to the same period in 2023, while the number of closed sales for condominiums decreased by 5.6% [300]. - The consumer price index in Hawaii increased by 4.2% over the last 12 months as of September 2024, impacting operational costs [329]. Utility Operations and Strategy - The Utilities aim to achieve a 70% reduction in carbon emissions from power generation by 2030, compared to a 2005 baseline, but expect delays due to supply chain disruptions and credit rating downgrades [343]. - The last coal-fired IPP plant in Hawaii ceased operations on September 1, 2022, removing approximately 10% of Oahu's generation from the Utilities' mix [344]. - The Utilities achieved a renewable portfolio standard (RPS) of 34.5% for 2020, exceeding the statutory target of 30% [346]. - The estimated cost for the full deployment of advanced metering infrastructure (AMI) under the Grid Modernization Strategy is approximately $143 million, with $129 million incurred to date [356]. - The Utilities have completed the formal GMS Phase 1 project, deploying about 448,000 advanced meters, servicing approximately 95% of total customers [356]. - The Public Safety Power Shutoff (PSPS) program is set to launch on July 1, 2024, to mitigate wildfire risks in high fire risk areas [341]. - The Utilities are developing an integrated Demand Response Portfolio Plan to enhance system operations and reduce costs for customers [352]. Banking and Financial Services - The net interest margin for ASB in the third quarter of 2024 was 2.82%, an increase from 2.79% in the previous quarter and 2.70% in the same quarter last year [283]. - Core deposits at ASB decreased by approximately 2.1% from year-end 2023, leading to an increase in overall funding costs [284]. - ASB recorded a net income of $19 million in Q3 2024, an increase of $8 million compared to $11 million in the same period in 2023 [425]. - Interest and dividend income increased to $262 million in Q3 2024 from $247 million in Q3 2023, a rise of 6.1% [426]. - Noninterest income rose to $50 million in Q3 2024, up from $45 million in Q3 2023, reflecting a 11.1% increase [426]. - Total revenues for the nine months ended September 30, 2024, reached $312 million, compared to $292 million for the same period in 2023, marking a 6.8% increase [426]. - The allowance for credit losses at the end of the period was $64.8 million, down from $76.4 million at the end of 2023 [445]. - ASB's Tier-1 leverage ratio as of September 30, 2024, was 8.6%, exceeding the regulatory requirement of 5.0% [452].