Financial Analysis

The following tables disaggregate revenues by major source, timing of revenue recognition, and segment: Year ended December 31, 2025 (in thousands) Electric utility Other Total Revenues from contracts with customers Electric energy sales - residential $ 992,367 $ $ 992,367 Electric energy sales - commercial 971,816 971,816 Electric energy sales - large light and power 1,079,522 1,079,522 Electric energy sales - other 17,970 17,970 Other sales 13,669 13,669 Total revenues from contracts with customers 3,061,675 13,669 3,075,344 Revenues from other sources Regulatory revenue (29,471) (29,471) Other 38,978 2,045 41,023 Total revenues from other sources 9,507 2,045 11,552 Total revenues $ 3,071,182 $ 15,714 $ 3,086,896 Timing of revenue recognition Total revenues from contracts with customers - services/goods transferred over time $ 3,061,675 $ 13,669 $ 3,075,344 Year ended December 31, 2024 (in thousands) Electric utility Other Total Revenues from contracts with customers Electric energy sales - residential $ 1,012,620 $ $ 1,012,620 Electric energy sales - commercial 1,013,189 1,013,189 Electric energy sales - large light and power 1,123,884 1,123,884 Electric energy sales - other 18,682 18,682 Other sales 11,923 11,923 Total revenues from contracts with customers 3,168,375 11,923 3,180,298 Revenues from other sources Regulatory revenue (2,566) (2,566) Other 40,891 1,227 42,118 Total revenues from other sources 38,325 1,227 39,552 Total revenues $ 3,206,700 $ 13,150 $ 3,219,850 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Note 12 Share-based compensation As a result of the ASB sale transaction on December 31, 2024, previously recorded share-based awards to ASB participants under the EIP (defined below) were cancelled. Unless otherwise noted, amounts in the share-based compensation footnote include discontinued operations. Under the 2010 Equity and Incentive Plan, as amended and restated effective February 9, 2024 (EIP), HEI can issue shares of common stock as incentive compensation to nonemployee directors and selected employees and consultants in the form of stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares and other share-based and cash-based awards. As of December 31, 2025, approximately 2.5 million shares remained available for future issuance under the terms of the EIP, assuming recycling of shares withheld to satisfy statutory tax liabilities relating to EIP awards, including an estimated 1.2 million shares that could be issued upon the vesting of outstanding restricted stock units and the achievement of performance goals for awards outstanding under long-term incentive plans (assuming that such performance goals are achieved at maximum levels). Restricted stock units awarded under the EIP in 2023 will vest and be issued in unrestricted stock in three equal annual increments on the anniversaries of the grant date and are forfeited to the extent they have not become vested for terminations of employment during the vesting period, excep …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Note 17 Fair value measurements Fair value measurement and disclosure valuation methodology. The following are descriptions of the valuation methodologies used for assets and liabilities recorded at fair value and for estimating fair value for financial instruments not carried at fair value: Money market mutual funds . The Company considers all liquid investments purchased with an initial maturity of three months or less and deposits in money market mutual funds that are readily convertible into cash to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these instruments. Short-term borrowings . The carrying amount of short-term borrowings approximated fair value because of the short maturity of these instruments. Long-term debt . Fair value of fixed-rate long-term debt was obtained from third-party financial services providers based on the current rates offered for debt of the same or similar remaining maturities and from discounting the future cash flows using the current rates offered for debt of the same or similar risks, terms, and remaining maturities. The carrying amount of floating rate long-term debt approximated fair value because of the short-term interest reset periods. Long-term debt is classified in Level 2 of the valuation hierarchy. Interest rate swaps . The Company measures its interest rate swaps at fair value. The fair values of the Company's interest rate swaps are based on the estim …

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Note 13 Income taxes The Company adopted ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures on a prospective basis beginning with the year ended December 31, 2025. The following table presents required disclosure pursuant to ASU 2023-09 for the year ended December 31, 2025. The components of income taxes attributable to income (loss) from continuing operations were as follows: HEI consolidated Hawaiian Electric consolidated Year ended December 31 2025 2025 (in thousands) US Income from continuing operations before income tax expense $ 166,929 $ 220,588 Current tax expense (benefit) US federal $ 44,092 $ 44,958 US state 7,186 10,317 Total current tax expense $ 51,278 $ 55,275 Deferred tax expense (benefit) US federal (13,533) (8,692) US federal deferred tax credits US state 2,903 2,450 US state deferred tax credits Total deferred tax benefit $ (10,630) $ (6,242) Total income tax expense US federal $ 30,559 $ 36,266 US federal deferred tax credits US state 10,089 12,767 US state deferred tax credits Total income tax expense $ 40,648 $ 49,033 The following table presents the required disclosures prior to our adoption of ASU 2023-09. The components of income taxes attributable to income (loss) from continuing operations for common stock were as follows: HEI consolidated Hawaiian Electric consolidated Years ended December 31 2024 2023 2024 2023 (in thousands) Federal Current $ 13,220 $ 22,206 $ 34,216 $ 40,365 Deferred (376,141) 1,951 (373,316) (3,444) De …

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Note 9 Leases The Company leases certain real estate and equipment for various terms under long -term lease agreements. The agreements expire at various dates through 2054 and provide for renewal options up to 10 years. The periods associated with the renewal options are excluded for the purpose of determining the lease term unless the exercise of the renewal option is reasonably certain. In the normal course of business, it is expected that many of these agreements will be replaced by similar agreements. Certain real estate leases require the Company to pay for operating expenses such as common area maintenance, real estate taxes and insurance, which are recognized as variable lease expense when incurred and are not included in the measurement of the lease liability. The Company elected the short-term lease recognition exemption for all of its leases that qualify, and accordingly, does not recognize lease liabilities and ROU assets for all leases that have lease terms that are 12 months or less. The amounts related to short-term leases are not material. The Company elected the practical expedient to not separate lease and non-lease components for its real estate and equipment and fossil fuel and renewable energy PPAs and to s eparate lease components from non-lease components for renewable energy plus battery storage PPAs. T he Utilities contract with independent power producers to supply energy under long-term power purchase agreements. Certain PPAs are treated as operating …

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Note 7 Long-term debt December 31 2025 2024 (dollars in thousands) Long-term debt of Utilities, net of unamortized debt issuance costs 1 $ 2,182,833 $ 1,901,214 HEI 4.58% senior notes, paid in 2025 50,000 HEI 4.72% senior notes, due 2028 37,096 100,000 HEI 2.82% senior notes, due 2028 8,903 24,000 HEI 2.48% senior notes, due 2028 11,129 30,000 HEI 6.04% senior notes, due 2028 14,467 39,000 HEI 2.98% senior notes, due 2030 18,548 50,000 HEI 3.15% senior notes, due 2031 18,919 51,000 HEI 2.78% senior notes, due 2031 9,274 25,000 HEI 2.98% senior notes, due 2032 11,129 30,000 HEI 5.43% senior notes, due 2032 27,822 75,000 HEI 6.10% senior notes, due 2033 22,629 61,000 HEI 5.43% senior notes, due 2034 12,984 35,000 HEI 3.74% senior notes, due 2051 7,419 20,000 HEI 3.94% senior notes, due 2052 7,419 20,000 Hamakua Energy 4.02% non-recourse notes, due 2030 2 39,026 Mauo 5.07% non-recourse term loan, due 2034 to 2035 2 20,795 Kaieie Waho 2.79% non-recourse loan, due 2031 2 8,517 Mahipapa 2.14% non-recourse loan, due 2034 to 2036 3 53,263 Mahipapa 5.625% non-recourse loan, due 2027 3 424 HEI revolving credit facility SOFR + 2.50%, due 2030 4 20,000 173,000 Less unamortized debt issuance costs and debt discount (596) (6,681) Less current portion long-term debt, net of unamortized debt issuance cost (124,959) (109,171) Long term debt, net $ 2,285,016 $ 2,690,387 1 See components of Total long-term debt and unamortized debt issuance costs in Hawaiian Electric and subsidiaries Consolidat …

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Income taxes. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. The amendments are effective for annual periods beginning after December 15, 2024. These amendments apply on a prospective basis with a retrospective option. Early adoption is permitted. The Company has adopted this amendment on a prospective basis effective for the year ended December 31, 2025. The adoption did not have a material impact on its consolidated financial statements. Climate-related disclosures . In March 2024, the SEC issued final climate-related disclosure rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors (climate disclosure rules). If implemented, the rules would require annual disclosure of material greenhouse gas emissions; governance, risk management and strategy related to material climate-related risks; financial statement impacts of severe weather events and other natural conditions; a roll forward of carbon offset and renewable energy credit balances if material to the Companys plan to achieve climate-related targets or goals; and material impacts on estimates and assumptions in the financial statements. In April 2024, the SEC voluntarily stayed implementation of its climate disclosure rules pending completion of judicial review by the Court of Appeals for the Eighth Circuit. In Ma …

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Note 11 Retirement benefits ASB benefit obligation. As a result of the ASB sale transaction on December 31, 2024, the Company is no longer required to recognize the contractual obligations of ASB retirement plans. Accordingly, ASBs benefit obligation and AOCI are presented as discontinued operations in the table below. Unless otherwise noted, references within the retirement benefit footnote exclude discontinued operations. Defined benefit plans. Substantially all of the employees of HEI and the Utilities hired on or before December 31, 2021, participate in the Retirement Plan for Employees of Hawaiian Electric Industries, Inc. and Participating Subsidiaries (HEI Pension Plan). The HEI Pension Plan (the Plan) was closed to new employees first hired on or after January 1, 2022. The Plan is a qualified, noncontributory defined benefit pension plan and includes benefits for utility union employees determined in accordance with the terms of the collective bargaining agreements between the Utilities and the union. The Plan is subject to the provisions of ERISA. In addition, some current and former executives and directors of HEI and its subsidiaries participate in noncontributory, nonqualified plans (collectively, Supplemental Plans). In general, benefits are based on the employees or directors years of service and compensation. The continuation of the Plan and the Supplemental Plans and the payment of any contribution thereunder are not assumed as contractual obligations by the p …

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Note 10 Revenues Revenue from contracts with customers. The revenues subject to ASC Topic 606 include the Utilities electric energy sales revenue as further described below. Electric utilities . Electric energy sales. Electric energy sales represent revenues from the generation and transmission of electricity to customers under tariffs approved by the PUC. Transaction pricing for electricity is determined and approved by the PUC for each rate class and includes revenues from the base electric charges, which are composed of (1) the customer, demand, energy, and minimum charges, and (2) the power factor, service voltage, and other adjustments as provided in each rate and rate rider schedule. Electric energy sales also represent contract rate charge from the generation and transmission of electricity to the Army. The monthly pricing is recalculated on an annual basis based on actual costs, approved by the Army. The Utilities satisfy performance obligations of electric energy sales over time, i.e., the Utilities generate and transfer control of the electricity over time as the customer simultaneously receives and consumes the benefits provided by the Utilities performance. Payments from customers are generally due within 30 days from the end of the billing period. As electric bills to customers reflect the amount that corresponds directly with the value of the Utilities performance to date, the Utilities have elected to use the right to invoice practical expedient, which entitles …

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Note 3 Segment financial information Reportable segments are strategic business units of the Company that offer different products and services and operate in different regulatory environments. Prior to December 31, 2024, the Company operated and reported on two reportable segments: Electric utility and bank. On December 31, 2024, the Company sold 90.1% of ASB (previously, the bank reportable segment) and presented its results as discontinued operations for all periods presented. Accordingly, the bank reportable segment has been eliminated and the segment information presented herein excludes the results of ASB for all periods presented. All comparable information for the historical periods has been recast to reflect the impact of these changes. The Company now operates and reports on one reportable segment: Electric utility. HEI and its other subsidiaries which are not reportable segments are grouped and reported as an All Other non-reportable segment. The accounting policies of the segments are the same as those described for the Company in the summary of significant accounting policies, except as otherwise indicated and except that federal and state income taxes for each segment are calculated on a stand-alone basis. The Companys chief operating decision makers (CODMs) evaluate segment performance based on net income. Each segment accounts for intersegment sales and transfers as if the sales and transfers were to third parties (i.e., at current market prices). Intersegment …

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Note 8 Shareholders equity Reserved shares. As of December 31, 2025, HEI had a total of 33.2 million of authorized and unissued shares of common stock available for future issuance under the HEI Dividend Reinvestment and Stock Purchase Plan (DRIP), the Hawaiian Electric Industries Retirement Savings Plan (HEIRSP), the HEI 2011 Nonemployee Director Stock Plan, the 2010 Equity and Incentive Plan, as amended, and at-the-market offering program. Under HEIs at-the-market offering program, HEI may offer and sell, from time to time at its sole discretion, its common stock, without par value, having an aggregate offering price of up to $250 million. To date, HEI has not sold any common stock under this program. Accumulated other comprehensive income/(loss). Changes in the balances of each component of AOCI were as follows: HEI Consolidated Hawaiian Electric Consolidated (in thousands) Net unrealized gains (losses) on securities Unrealized gains (losses) on derivatives Retirement benefit plans AOCI AOCI-Retirement benefit plans Balance, December 31, 2022 $ (328,904) $ 1,991 $ (9,115) $ (336,028) $ 2,861 Current period other comprehensive income (loss) and reclassifications, net of taxes 45,941 (353) 1,090 46,678 (12) Balance, December 31, 2023 (282,963) 1,638 (8,025) (289,350) 2,849 Current period other comprehensive income (loss) and reclassifications, net of taxes 1,785 482 917 3,184 (63) Discontinued operations 281,178 8,449 289,627 Balance, December 31, 2024 2,120 1,341 3,461 2,78 …

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Credit agreements, long-term debt and changes in long-term debt Credit agreements. The following table provides the credit agreement capacity, outstanding and undrawn component as of September 30, 2025 and December 31, 2024. As of September 30, 2025 As of December 31, 2024 (in millions) Capacity Outstanding Undrawn Capacity Outstanding Undrawn HEI corporate: Unsecured revolving line of credit $ 300 $ 31 $ 269 $ 175 $ 173 $ 2 Hawaiian Electric: Unsecured revolving line of credit 300 300 200 166 34 ABL Facility 1 244 244 239 239 Borrowing from HEI - standing commitment letter 2 75 75 75 75 Short-term loan credit facility 50 50 Total Hawaiian Electric 619 619 564 216 348 Total Consolidated HEI 2 $ 844 $ 31 $ 813 $ 664 $ 389 $ 275 1 Borrowing capacity is calculated based on eligible customer accounts receivable balance at the end of each period. 2 $75 million borrowing from HEI - standing commitment letter is eliminated in total consolidated HEI amounts. Unsecured revolving line of credit . On September 5, 2025, HEI and Hawaiian Electric each entered into a fourth amended and restated senior unsecured revolving credit facility (the HEI Revolving Facility and the Hawaiian Electric Revolving Facility, respectively) with a syndicate of eight financial institutions. The aggregate amount of revolving commitments under the HEI Revolving Facility was increased to $300 million from $175 million and includes a $25 million letter of credit sub-facility and a $30 million swingline sub-facil …

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The following tables disaggregate revenues by major source, timing of revenue recognition, and segment: Three months ended September 30, 2025 Nine months ended September 30, 2025 (in thousands) Electric utility All Other Total Electric utility All Other Total Revenues from contracts with customers Electric energy sales - residential $ 261,780 $ $ 261,780 $ 735,308 $ $ 735,308 Electric energy sales - commercial 251,288 251,288 724,796 724,796 Electric energy sales - large light and power 278,484 278,484 801,179 801,179 Electric energy sales - other 4,284 4,284 12,989 12,989 Other sales 3,158 3,158 11,030 11,030 Total revenues from contracts with customers 795,836 3,158 798,994 2,274,272 11,030 2,285,302 Revenues from other sources Regulatory revenue (17,864) (17,864) (33,522) (33,522) Other 9,456 24 9,480 27,526 1,766 29,292 Total revenues from other sources (8,408) 24 (8,384) (5,996) 1,766 (4,230) Total revenues $ 787,428 $ 3,182 $ 790,610 $ 2,268,276 $ 12,796 $ 2,281,072 Timing of revenue recognition Total revenues from contracts with customers - services/goods transferred over time $ 795,836 $ 3,158 $ 798,994 $ 2,274,272 $ 11,030 $ 2,285,302 Three months ended September 30, 2024 Nine months ended September 30, 2024 (in thousands) Electric utility All Other Total Electric utility All Other Total Revenues from contracts with customers Electric energy sales - residential $ 272,541 $ $ 272,541 $ 758,602 $ $ 758,602 Electric energy sales - commercial 268,538 268,538 761,788 761, …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Share-based compensation As a result of the ASB sale transaction on December 31, 2024, previously recorded share-based awards to ASB participants under the EIP (defined below) were cancelled. Unless otherwise noted, amounts in the share-based compensation footnote include discontinued operations. Under the 2010 Equity and Incentive Plan, as amended and restated effective February 9, 2024 (EIP), HEI can issue shares of common stock as incentive compensation to nonemployee directors and selected employees and consultants in the form of stock options, stock appreciation rights, restricted shares, restricted stock units, performance shares and other share-based and cash-based awards. As of September 30, 2025, approximately 2.5 million shares remained available for future issuance under the terms of the EIP, assuming recycling of shares withheld to satisfy statutory tax liabilities relating to EIP awards, including an estimated 1.3 million shares that could be issued upon the vesting of outstanding restricted stock units and the achievement of performance goals for awards outstanding under long-term incentive plans (assuming that such performance goals are achieved at maximum levels). Under the 2011 Nonemployee Director Stock Plan (2011 Director Plan), HEI can issue shares of common stock as compensation to nonemployee directors of HEI and its principal subsidiaries. As of September 30, 2025, there were 41,964 shares remaining available for future issuance under the 2011 Director …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair value measurements Fair value measurement and disclosure valuation methodology. The following are descriptions of the valuation methodologies used for assets and liabilities recorded at fair value and for estimating fair value for financial instruments not carried at fair value: Money market mutual funds . The Company considers all liquid investments purchased with an initial maturity of three months or less and deposits in money market mutual funds that are readily convertible into cash to be cash equivalents. The carrying value of cash and cash equivalents approximates fair value due to the short-term nature of these instruments. Short-term borrowings . The carrying amount of short-term borrowings approximated fair value because of the short maturity of these instruments. Long-term debt . Fair value of fixed-rate long-term debt was obtained from third-party financial services providers based on the current rates offered for debt of the same or similar remaining maturities and from discounting the future cash flows using the current rates offered for debt of the same or similar risks, terms, and remaining maturities. The carrying amount of floating rate long-term debt approximated fair value because of the short-term interest reset periods. Long-term debt is classified in Level 2 of the valuation hierarchy. Interest rate swaps . The Company measures its interest rate swaps at fair value. The fair values of the Company's interest rate swaps are based on the estimated amo …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income taxes The Companys effective tax rate (combined federal and state income tax rates) for the nine months ended September 30, 2025 was 25% tax expense. This rate differs from the combined statutory rates, primarily due to the Utilities amortization of excess deferred income taxes related to the 2017 Tax Cuts and Jobs Act reduction in tax rate from 35% to 21%, partially offset by recapture of investment tax credits and higher executive compensation limitations. The Companys effective tax rate was 26% tax benefit for the nine months ended September 30, 2024. The Companys effective tax rate for the first nine months of 2025 was lower than the comparable period in 2024 primarily due to the substantial pre-tax loss in 2024 resulting from the accrual of the loss contingencies related to the wildfire tort-related claims and because the impact of permanent items had a smaller impact on the effective rate in prior year, partially offset by recapture of investment tax credits and lower research and development tax credit claims in 2025. The Utilities effective tax rate (combined federal and state income tax rates) for the nine months ended September 30, 2025 was 22% tax expense. This rate differs from the combined statutory rates, primarily due to the Utilities amortization of excess deferred income taxes related to the 2017 Tax Cuts and Jobs Act reduction in tax rate from 35% to 21%, partially offset by higher executive compensation limitations. The Utilities effective tax rate w …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recent accounting pronouncements. Income taxes. In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. The amendments are effective for annual periods beginning after December 15, 2024. These amendments apply on a prospective basis with a retrospective option. Early adoption is permitted. The Company is currently evaluating the impact of this amendment on the Companys consolidated financial statements and does not expect the adoption to have a material impact on its consolidated financial statements. Climate-related disclosures . In March 2024, the SEC issued final climate-related disclosure rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors (climate disclosure rules). The rules will require annual disclosure of material greenhouse gas emissions as well as disclosure of governance, risk management and strategy related to material climate-related risks. In addition, the rules require (i) financial statement impacts of severe weather events and other natural conditions; (ii) a roll forward of carbon offset and renewable energy credit balances if material to the Companys plan to achieve climate-related targets or goals; and (iii) material impacts on estimates and assumptions in the financial statements. The …

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Retirement benefits Unless otherwise noted, references within the retirement benefit footnote exclude discontinued operations. Defined benefit pension and other postretirement benefit plans information. The Company contributed $6 million ($6 million by the Utilities) to its pension and other postretirement benefit plans during the first nine months of 2025, compared to $5 million ($5 million by the Utilities) during the first nine months of 2024. The Companys current estimate of total contributions to its pension and other postretirement benefit plans in 2025 is $12 million ($11 million by the Utilities), compared to $9 million ($9 million by the Utilities) in 2024. In addition, the Company expects to pay directly $3 million ($1 million by the Utilities) of benefits in 2025, compared to $2 million ($1 million by the Utilities) paid in 2024. The components of net periodic pension costs and net periodic benefit costs for HEI consolidated and Hawaiian Electric consolidated were as follows: Three months ended September 30 Nine months ended September 30 Pension benefits Other benefits Pension benefits Other benefits (in thousands) 2025 2024 2025 2024 2025 2024 2025 2024 HEI consolidated Service cost $ 10,900 $ 11,973 $ 245 $ 270 $ 30,796 $ 34,327 $ 741 $ 833 Interest cost 27,999 25,478 1,819 1,803 80,608 76,376 5,461 5,525 Expected return on plan assets (33,845) (34,606) (3,512) (3,490) (101,558) (103,800) (10,532) (10,462) Amortization of net actuarial (gain)/losses 79 123 (808) …

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Revenues The following tables disaggregate revenues by major source, timing of revenue recognition, and segment: Three months ended September 30, 2025 Nine months ended September 30, 2025 (in thousands) Electric utility All Other Total Electric utility All Other Total Revenues from contracts with customers Electric energy sales - residential $ 261,780 $ $ 261,780 $ 735,308 $ $ 735,308 Electric energy sales - commercial 251,288 251,288 724,796 724,796 Electric energy sales - large light and power 278,484 278,484 801,179 801,179 Electric energy sales - other 4,284 4,284 12,989 12,989 Other sales 3,158 3,158 11,030 11,030 Total revenues from contracts with customers 795,836 3,158 798,994 2,274,272 11,030 2,285,302 Revenues from other sources Regulatory revenue (17,864) (17,864) (33,522) (33,522) Other 9,456 24 9,480 27,526 1,766 29,292 Total revenues from other sources (8,408) 24 (8,384) (5,996) 1,766 (4,230) Total revenues $ 787,428 $ 3,182 $ 790,610 $ 2,268,276 $ 12,796 $ 2,281,072 Timing of revenue recognition Total revenues from contracts with customers - services/goods transferred over time $ 795,836 $ 3,158 $ 798,994 $ 2,274,272 $ 11,030 $ 2,285,302 Three months ended September 30, 2024 Nine months ended September 30, 2024 (in thousands) Electric utility All Other Total Electric utility All Other Total Revenues from contracts with customers Electric energy sales - residential $ 272,541 $ $ 272,541 $ 758,602 $ $ 758,602 Electric energy sales - commercial 268,538 268,538 761 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment financial information Reportable segments are strategic business units of the Company that offer different products and services and operate in different regulatory environments. Prior to December 31, 2024, the Company operated and reported on two reportable segments: Electric utility and bank. On December 31, 2024, the Company sold 90.1% of ASB (previously, the bank reportable segment) and presented its results as discontinued operations for all periods presented. Accordingly, the bank reportable segment has been eliminated and the segment information presented herein excludes the results of ASB for all periods presented. All comparable information for the historical periods has been recast to reflect the impact of these changes. The Company now operates and reports on one reportable segment: Electric utility. HEI and its other subsidiaries (ASB Hawaii, GLST1, and Pacific Current and its subsidiaries) which are not reportable segments are grouped and reported as an All Other non-reportable segment. (in thousands) Electric utility All Other Total Three months ended September 30, 2025 Revenues $ 787,428 $ 3,182 $ 790,610 Depreciation and amortization $ 73,735 $ 221 $ 73,956 Interest income $ 1,461 $ 5,499 $ 6,960 Interest expense, net $ 22,114 $ 4,097 $ 26,211 Income (loss) from continuing operations before income taxes $ 48,459 $ (8,513) $ 39,946 Income tax expense (benefit) 10,973 (2,245) 8,728 Net income (loss) from continuing operations 37,486 (6,268) 31,218 Prefer …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Shareholders' equity Accumulated other comprehensive income/(loss) . Changes in the balances of each component of accumulated other comprehensive income/(loss) (AOCI) were as follows: HEI Consolidated Hawaiian Electric Consolidated (in thousands) Net unrealized gains (losses) on securities Unrealized gains (losses) on derivatives Retirement benefit plans AOCI AOCI-Retirement benefit plans Balance, December 31, 2024 $ $ 2,120 $ 1,341 $ 3,461 $ 2,786 Current period other comprehensive loss (1,466) (34) (1,500) (118) Balance, September 30, 2025 $ $ 654 $ 1,307 $ 1,961 $ 2,668 Balance, December 31, 2023 $ (282,963) $ 1,638 $ (8,025) $ (289,350) $ 2,849 Current period other comprehensive income (loss) 31,260 (220) 113 31,153 (93) Balance, September 30, 2024 $ (251,703) $ 1,418 $ (7,912) $ (258,197) $ 2,756 Reclassifications out of AOCI were as follows: Amount reclassified from AOCI Affected line item in the Statements of Income / Balance Sheets Three months ended September 30 Nine months ended September 30 (in thousands) 2025 2024 2025 2024 HEI consolidated Amortization of unrealized holding losses on held-to-maturity securities $ $ 3,366 $ $ 9,740 Assets of discontinued operations Net realized gains on derivatives qualifying as cash flow hedges (877) (52) (977) (151) Interest expense and gain on sale of subsidiaries Retirement benefit plans: Amortization of net gains recognized during the period in net periodic benefit cost (540) (1,244) (1,553) (2,138) See Note 8 for additional …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent event Cumulative preferred stock redemption. On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock for a total of $35.3 million. The cumulative preferred stock of each series was redeemed with its respective premiums, if applicable. Dividends on the cumulative preferred stock ceased to accrue on October 15, 2025. Upon redemption, all rights of the preferred stock holders ceased to exist, except for the right to payment of the redemption price. The loss on redemption of cumulative preferred stock was $1.8 million, which was recorded to additional paid-in capital. September 30, 2025 Voluntary liquidation price Redemption price Series C, D, E, H, J and K (Hawaiian Electric) $ 20 $ 21 I (Hawaiian Electric) 20 20 G (Hawaii Electric Light) 100 100 H (Maui Electric) 100 100

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