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Hawaiian Electric Industries (HE) investor relations material
Hawaiian Electric Industries Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net income for Q2 2025 was $26 million ($0.15 per share); core income from continuing operations was $35.4 million ($0.20 per share), up from $28 million ($0.26 per share) in Q2 2024, excluding wildfire and asset sale impacts.
Advanced business simplification through major asset sales, including Pacific Current and 90.1% of American Savings Bank.
Entered into $1.99 billion Maui wildfire settlement agreements, with first $479 million payment due early 2026.
Legislative actions established wildfire liability caps, funded settlement contributions, and authorized $500 million securitization for resilience.
Credit rating agencies issued upgrades, reflecting improved financial outlook, though ratings remain below investment grade.
Financial highlights
Q2 2025 revenues were $746 million, down 6% year-over-year; net income for common stock was $26 million, compared to a $1.3 billion loss in Q2 2024.
Core net income was $35.4 million ($0.20/share), compared to $28.4 million ($0.26/share) in Q2 2024.
Results include $5.4 million from Pacific Current asset sales and $5.2 million in Maui wildfire-related expenses (net of insurance and deferrals).
Operating income for Q2 2025 was $54 million, compared to a $1.66 billion loss in Q2 2024.
Weighted-average diluted shares outstanding were 172.7 million in Q2 2025.
Outlook and guidance
Management believes current liquidity is sufficient for short-term obligations, including the first wildfire settlement payment due in early 2026.
Expectation to provide updated CapEx and rate base growth outlook later in the year, likely in November.
Nearly $400 million in capital investment planned for wildfire mitigation from 2025–2027, with $120 million in 2025.
Ongoing efforts to divest remaining ASB stake within a year and focus on utility operations.
Utilities expect to continue meeting Hawaii's renewable portfolio standard goals, though 70% carbon reduction target may be delayed beyond 2030.
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