Hawaiian Electric Industries (HE) Q4 2025 earnings summary

Executive summary

• Achieved significant progress on Maui wildfire tort settlements, with key court and regulatory approvals advancing the process toward completion; class and shareholder actions were finalized and funded by insurance proceeds.

• Net income for 2025 was $123.1 million ($0.71/share), a strong recovery from a $1.4 billion loss in 2024, primarily due to the absence of large wildfire-related charges.

• Core net income (excluding non-core items) was $149.3 million ($0.86/share), up from $124.3 million in 2024.

• Advanced wildfire safety improvements, clean energy targets, and customer affordability initiatives, achieving a 37% renewable portfolio standard in 2025.

• Announced CFO transition, with Paul Ito resuming the role in April 2026.

Financial highlights

• Total revenues for 2025 were $3.22 billion, up from $3.09 billion in 2024.

• Operating income for 2025 was $235 million, compared to a loss of $1.71 billion in 2024, reflecting the absence of the $1.88 billion wildfire provision recorded last year.

• Utility core net income was $177.5 million, slightly down from $180.7 million year-over-year due to higher O&M and interest expenses.

• Holding company core net loss improved to $28.2 million from $56.4 million in 2024.

• Ended Q4 with $16 million (holding company) and $486 million (utility) in unrestricted cash; $530 million and $540 million in available liquidity, respectively.

Outlook and guidance

• Expect to make the first $479 million wildfire settlement payment in the second half of 2026, pending resolution of appeals.

• 2026 CapEx guidance of $550–$700 million, rising to $600–$850 million by 2028, subject to PUC approvals.

• Utility is on track to meet the 40% renewable portfolio standard by 2030, achieving 37% in 2025.

• Pursuing securitization for wildfire safety and resilience CapEx to minimize customer impact.

• Rebasing proposal for the next multi-year rate period to be filed by March 2026, with a decision expected by end of 2026.