Hawaiian Electric Industries (HE) investor relations material

Executive summary

• Q3 GAAP net income was $35.5M, or $0.20/share, versus $30.7M and $0.18/share YoY; Core net income was $23.0M, or $0.13/share, versus $32.8M and $0.19/share.

• Liquidity reached $1.324B, with capital-market access restored; settlement payments, storm restoration and utility investment remain financing priorities.

• Wildfire mitigation, affordability and reliable service remain priorities; the regulated utility is now the sole reportable segment.

Financial highlights

• Q3 revenue was $1.009B versus $790.6M; operating income was $41.2M versus $52.0M.

• Nine-month revenue was $2.695B versus $2.281B; net income for common stock was $189.1M versus $83.5M.

• Nine-month operating income was $298.8M versus $168.2M, including a $154M benefit from wildfire settlement liability remeasurement.

• Q3 GAAP results included $64.1M after-tax ASB investment gains and Pacific Current impairment losses; Core results exclude specified non-core items.

• Utility Core net income was $27.6M versus $39.6M; higher O&M included $13.7M estimated incremental storm costs and ~$5.6M of shifted expenses.

Outlook and guidance

• Rate rebasing seeks a 5.3% base-rate increase phased over 2027–2028, totaling $169.8M; the preliminary PUC schedule targets a decision in mid-to-late April 2027.

• The request includes $125M of 2027 revenue and $44.8M in 2028; 2027 revenue would be $83M for eight months if the full request is granted.

• Illustrative utility Core ROE is 7.3%–7.8% for a partial year of new rates and 8.3%–8.8% for a full year; proposed PIMs could add up to 150 bps or impose up to 50 bps in penalties.

• PUC inclinations on PBR Phase VI were expected in early January; staff proposals address performance incentives and revenue mechanisms.

• 2027 capex is forecast at $575M–$675M excluding securitization capex, or $675M–$800M including it; a $500M wildfire safety and resilience securitization is being pursued.