Exhibit 99

Hawaiian Electric Industries, Inc.

2022 Statistical Supplement

TABLE OF CONTENTS
	Page
HEI Consolidated
Selected Financial Information	1
Consolidated Statements of Income & Comprehensive Income Information	2
Consolidated Balance Sheets Information	3
Consolidated Statements of Changes in Shareholders' Equity Information	4
Consolidated Statements of Cash Flows Information	5
Consolidated Capital Structure	7
GAAP Earnings and Return on Average Common Equity	8
Hawaiian Electric Company
Selected Financial Information	9
Consolidated Statements of Income and Retained Earnings Information	10
Consolidated Balance Sheets Information	11
Consolidated Statements of Cash Flows Information	12
Cumulative Preferred Stock Not Subject to Mandatory Redemption	13
Long-term Debt	14
Customer, Sales and Revenue Information	17
Power Supply Information	19
American Savings Bank
Selected Information	21
Statements of Income Information	22
Balance Sheets Information	23
Other
State of Hawaii Information	24

i

SELECTED FINANCIAL INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2022			2021			2020			2019			2018
(dollars in thousands, except per share amounts)
Results of operations
Revenues		$	3,741,985		$	2,850,379		$	2,579,775		$	2,873,948		$	2,860,849
Net income for common stock		241,138			246,166			197,824			217,882			201,774
Basic earnings per common share		2.20			2.25			1.81			2.00			1.85
Diluted earnings per common share		2.20			2.25			1.81			1.99			1.85
Dividends per common share		1.40			1.36			1.32			1.28			1.24
Operating income (loss)
Electric utility		$	299,191		$	279,558		$	268,550		$	254,378		$	241,661
Bank		101,518			128,203			61,809			110,909			108,235
Other		(19,636)			(21,695)			(18,866)			(17,266)			(16,540)
		$	381,073		$	386,066		$	311,493		$	348,021		$	333,356
Assets 1
Electric utility		$	6,597,467		$	6,491,625		$	6,457,373		$	6,388,682		$	5,967,503
Bank		9,545,970			9,181,603			8,396,533			7,233,017			7,027,894
Other		140,807			149,409			150,101			123,552			108,654
		$	16,284,244		$	15,822,637		$	15,004,007		$	13,745,251		$	13,104,051
Capital structure 1, 2
Short-term borrowings - other than bank		$	172,568		$	53,998		$	129,379		$	185,710		$	73,992
Long-term debt, net - other than bank		2,384,980			2,321,937			2,119,129			1,964,365			1,879,641
Preferred stock of subsidiaries		34,293			34,293			34,293			34,293			34,293
Common stock equity		2,202,499			2,390,884			2,337,502			2,280,260			2,162,280
		$	4,794,340		$	4,801,112		$	4,620,303		$	4,464,628		$	4,150,206
Capital structure ratios 1, 2
Short-term borrowings - other than bank		3.6		%	1.1		%	2.8		%	4.2		%	1.8		%
Long-term debt, net - other than bank		49.8			48.4			45.9			44.0			45.3
Preferred stock of subsidiaries		0.7			0.7			0.7			0.8			0.8
Common stock equity		45.9			49.8			50.6			51.0			52.1
		100.0		%	100.0		%	100.0		%	100.0		%	100.0		%
Key financial ratios
Market price to book value per common share 1		208		%	190		%	165		%	224		%	184		%
Price earnings ratio 3		19.0x			18.4x			19.6x			23.5x			19.8x
Return on average common equity		10.5		%	10.4		%	8.6		%	9.8		%	9.5		%
Indicated annual dividend yield1		3.3		%	3.3		%	3.7		%	2.7		%	3.4		%
Dividend payout ratio		64		%	60		%	73		%	64		%	67		%
Full-time employees
HEI (includes Pacific Current)		79			49			49			50			46
Hawaiian Electric and its subsidiaries		2,511			2,469			2,579			2,675			2,704
ASB		1,050			1,079			1,064			1,111			1,148
		3,640			3,597			3,692			3,836			3,898
Note:	This report should be read in conjunction with HEI’s Form 10-K for each year. Reclassifications of prior year amounts were made to conform to the 2022 presentation.
1 At December 31.
2 Excludes ASB's deposit liabilities and other borrowings.
3 Calculated using December 31 market price per common share divided by diluted earnings per common share.

1

CONSOLIDATED STATEMENTS OF INCOME INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2022		2021		2020		2019		2018
(in thousands, except per share amounts)
Revenues
Electric utility		$	3,408,587	$	2,539,636	$	2,265,320	$	2,545,942	$	2,546,525
Bank		321,068		306,398		313,511		327,917		314,275
Other		12,330		4,345		944		89		49
Total revenues		3,741,985		2,850,379		2,579,775		2,873,948		2,860,849
Expenses
Electric utility		3,109,396		2,260,078		1,996,770		2,291,564		2,304,864
Bank		219,550		178,195		251,702		217,008		206,040
Other		31,966		26,040		19,810		17,355		16,589
Total expenses		3,360,912		2,464,313		2,268,282		2,525,927		2,527,493
Operating income (loss)
Electric utility		299,191		279,558		268,550		254,378		241,661
Bank		101,518		128,203		61,809		110,909		108,235
Other		(19,636)		(21,695)		(18,866)		(17,266)		(16,540)
Total operating income		381,073		386,066		311,493		348,021		333,356
Retirement defined benefits credit (expense)—other than service costs		4,411		5,848		(3,210)		(2,806)		(5,962)
Interest expense, net—other than on deposit liabilities and other bank borrowings		(103,402)		(94,363)		(88,694)		(90,899)		(88,677)
Allowance for borrowed funds used during construction		3,416		3,250		2,992		4,453		4,867
Allowance for equity funds used during construction		10,574		9,534		8,768		11,987		10,877
Gain on sale of investment securities, net and equity-method investments		8,123		528		9,275		653		—
Income before income taxes		304,195		310,863		240,624		271,409		254,461
Income taxes		61,167		62,807		40,910		51,637		50,797
Net income		243,028		248,056		199,714		219,772		203,664
Preferred stock dividends of subsidiaries		1,890		1,890		1,890		1,890		1,890
Net income for common stock		$	241,138	$	246,166	$	197,824	$	217,882	$	201,774
Basic earnings per common share		$	2.20	$	2.25	$	1.81	$	2.00	$	1.85
Diluted earnings per common share		$	2.20	$	2.25	$	1.81	$	1.99	$	1.85
Weighted-average number of common shares outstanding		109,434		109,282		109,140		108,949		108,855
Weighted-average shares assuming dilution		109,778		109,580		109,356		109,407		109,146
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2022		2021		2020		2019		2018
(in thousands)
Net income for common stock		$	241,138	$	246,166	$	197,824	$	217,882	$	201,774
Other comprehensive income (loss), net of taxes:
Net unrealized gains (losses) on available-for-sale investment securities:
Net unrealized gains (losses) on available-for-sale investment securities arising during the period, net of taxes		(300,860)		(51,636)		19,143		27,382		(9,472)
Reclassification adjustment for net realized gains included in net income, net of taxes		—		(387)		(1,638)		(478)		—
Amortization of unrealized holding losses on held-to-maturity securities		3,993		—		—		—		—
Derivatives qualified as cash flow hedges:
Unrealized interest rate hedging losses, net of tax benefits		5,457		(312)		(1,750)		(1,177)		(436)
Reclassification adjustment to net income, net of taxes		172		37		—		—		—
Retirement benefit plans:
Net gains (losses) arising during the period, net of taxes		188,020		153,121		(60,529)		10,914		(28,101)
Adjustment for amortization of transition obligation, prior service credit and net losses recognized during the period in net periodic benefit cost, net of tax benefits		19,659		19,253		23,689		10,107		21,015
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes		(199,936)		(171,345)		39,860		(16,177)		8,325
Other comprehensive income (loss), net of taxes		(283,495)		(51,269)		18,775		30,571		(8,669)
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.		$	(42,357)	$	194,897	$	216,599	$	248,453	$	193,105
Note:	See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year. Reclassifications of prior year amounts were made to conform to the 2022 presentation.

2

CONSOLIDATED BALANCE SHEETS INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
December 31		2022		2021		2020		2019		2018
(in thousands)
ASSETS
Cash and cash equivalents		$	199,877	$	305,551	$	341,421	$	196,813	$	169,208
Restricted cash		5,050		5,911		17,558		30,872		—
Accounts receivable and unbilled revenues, net		511,903		344,213		281,216		300,794		325,672
Available-for-sale investment securities, at fair value		1,429,667		2,574,618		1,970,417		1,232,826		1,388,533
Held-to-maturity investment securities, at amortized cost		1,251,747		522,270		226,947		139,451		141,875
Stock in Federal Home Loan Bank, at cost		26,560		10,000		8,680		8,434		9,958
Loans, net		5,907,514		5,150,388		5,260,917		5,080,107		4,792,707
Property, plant and equipment, net		5,687,003		5,392,068		5,265,735		5,109,628		4,830,118
Operating lease right-of-use assets 1		115,684		122,416		153,069		199,171		—
Regulatory assets		242,513		565,543		766,708		715,080		833,426
Other		824,536		747,469		629,149		649,885		530,364
Goodwill		82,190		82,190		82,190		82,190		82,190
	Total assets	$	16,284,244	$	15,822,637	$	15,004,007	$	13,745,251	$	13,104,051
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Accounts, interest and dividends payable		$	272,793	$	225,433	$	205,894	$	245,574	$	243,027
Deposit liabilities		8,169,696		8,172,212		7,386,957		6,271,902		6,158,852
Short-term borrowings - other than bank		172,568		53,998		129,379		185,710		73,992
Other bank borrowings		695,120		88,305		89,670		115,110		110,040
Long-term debt, net - other than bank		2,384,980		2,321,937		2,119,129		1,964,365		1,879,641
Deferred income taxes		262,462		384,760		395,089		379,324		372,518
Operating lease liabilities 1		126,604		136,760		160,432		199,571		—
Financing lease liabilities		48,709
Regulatory liabilities		1,055,650		996,768		959,786		972,310		950,236
Defined benefit pension and other postretirement benefit plans liability		71,813		348,072		567,438		513,287		538,384
Other		787,057		669,215		618,438		583,545		580,788
	Total liabilities	14,047,452		13,397,460		12,632,212		11,430,698		10,907,478
Preferred stock of subsidiaries - not subject to mandatory redemption		34,293		34,293		34,293		34,293		34,293
Shareholders' equity
Common stock		1,692,697		1,685,496		1,678,368		1,678,257		1,669,267
Retained earnings		845,830		757,921		660,398		622,042		543,623
Accumulated other comprehensive loss, net of tax benefits		(336,028)		(52,533)		(1,264)		(20,039)		(50,610)
	Total shareholders' equity	2,202,499		2,390,884		2,337,502		2,280,260		2,162,280
	Total liabilities and shareholders' equity	$	16,284,244	$	15,822,637	$	15,004,007	$	13,745,251	$	13,104,051
Note:	See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.
1 HEI adopted ASU No. 2016-02 on January 1, 2019; pursuant to an election permissible under such standard, HEI did not reassess its prior conclusions about whether expired or existing contracts are or contain leases.

3

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries						Accumulated
Unaudited						other
	Common stock			Retained		comprehensive
(in thousands, except per share amounts)	Shares	Amount		earnings		income (loss)		Total
Balance, December 31, 2017	108,788	1,662,491		476,836		(41,941)		2,097,386
Net income for common stock	—	—		201,774		—		201,774
Other comprehensive loss, net of tax benefits	—	—		—		(8,669)		(8,669)
Issuance of common stock:
Share-based plans	91	2,650		—		—		2,650
Share-based expense and other, net	—	4,126		—		—		4,126
Common stock dividends ($1.24 per share)	—	—		(134,987)		—		(134,987)
Balance, December 31, 2018	108,879	1,669,267		543,623		(50,610)		2,162,280
Net income for common stock	—	—		217,882		—		217,882
Other comprehensive income, net of tax benefits	—	—		—		30,571		30,571
Issuance of common stock:
Share-based plans	94	3,092		—		—		3,092
Share-based expense and other, net	—	5,898		—		—		5,898
Common stock dividends ($1.28 per share)	—	—		(139,463)		—		(139,463)
Balance, December 31, 2019	108,973	1,678,257		622,042		(20,039)		2,280,260
Impact of adoption of ASU No. 2016-13	—	—		(15,372)		—		(15,372)
Balance, January 1, 2020, after the adoption of ASU No. 2016-13	108,973	1,678,257		606,670		(20,039)		2,264,888
Net income for common stock	—	—		197,824		—		197,824
Other comprehensive income, net of tax benefits	—	—		—		18,775		18,775
Issuance of common stock:
Share-based plans	208	3,973		—		—		3,973
Share-based expense and other, net	—	(3,862)		—		—		(3,862)
Common stock dividends ($1.32 per share)	—	—		(144,096)		—		(144,096)
Balance, December 31, 2020	109,181	1,678,368		660,398		(1,264)		2,337,502
Net income for common stock	—	—		246,166		—		246,166
Other comprehensive loss, net of tax benefits	—	—		—		(51,269)		(51,269)
Issuance of common stock:
Share-based plans	131	5,027		—		—		5,027
Share-based expense and other, net	—	2,101		—		—		2,101
Common stock dividends ($1.36 per share)	—	—		(148,643)		—		(148,643)
Balance, December 31, 2021	109,312	1,685,496		757,921		(52,533)		2,390,884
Net income for common stock	—	—		241,138		—		241,138
Other comprehensive loss, net of tax benefits	—	—		—		(283,495)		(283,495)
Issuance of common stock:
Share-based plans	159	5,831		—		—		5,831
Share-based expense and other, net	—	1,370		—		—		1,370
Common stock dividends ($1.40 per share)	—	—		(153,229)		—		(153,229)
Balance, December 31, 2022	109,471	$	1,692,697	$	845,830	$	(336,028)	$	2,202,499
Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

4

CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2022		2021		2020
(in thousands)
Cash flows from operating activities
Net income		$	243,028	$	248,056	$	199,714
Adjustments to reconcile net income to net cash provided by operating activities
	Depreciation of property, plant and equipment	256,069		246,158		238,114
	Other amortization	38,772		32,544		52,664
	Provision for credit losses	2,037		(25,825)		50,811
	Loans originated, held for sale	(128,195)		(340,986)		(564,525)
	Proceeds from sale of loans, held for sale	136,504		364,848		567,652
	Gain on sale of investment securities, net	(8,123)		(528)		(9,275)
	Gain on sale of loans	(1,692)		(9,305)		(23,734)
	Deferred income taxes	(32,502)		(5,398)		(1,706)
	Share-based compensation expense	10,366		9,135		5,810
	Allowance for equity funds used during construction	(10,574)		(9,534)		(8,768)
	Other	(7,580)		(7,060)		1,366
	Changes in assets and liabilities
	Decrease (increase) in accounts receivable and unbilled revenues, net	(151,551)		(73,811)		2,533
	Decrease (increase) in fuel oil stock	(87,569)		(45,819)		34,202
	Decrease (increase) in regulatory assets	34,600		(13,874)		1,007
	Increase (decrease) in regulatory liabilities	44,888		15,358		(16,562)
	Increase (decrease) in accounts, interest and dividends payable	28,169		9,925		(20,068)
	Change in prepaid and accrued income taxes, tax credits and utility revenue taxes	121,636		41,331		(35,610)
	Decrease in defined benefit pension and other postretirement benefit plans liability	(5,191)		(6,660)		(2,029)
	Change in other assets and liabilities, net	(28,616)		(52,882)		(42,189)
Net cash provided by operating activities		454,476		375,673		429,407
Cash flows from investing activities
Available-for-sale investment securities purchased		(366,177)		(1,464,644)		(1,361,594)
Principal repayments on available-for-sale investment securities		342,354		583,238		478,351
Proceeds from sale of available-for-sale investment securities		—		197,354		169,157
Purchases of held-to-maturity investment securities		—		(349,579)		(146,738)
Proceeds from repayments or maturities of held-to-maturity investment securities		29,432		53,654		59,894
Purchase of stock from Federal Home Loan Bank		(173,768)		(33,022)		(27,350)
Redemption of stock from Federal Home Loan Bank		157,208		31,702		27,104
Net decrease (increase) in loans held for investment		(661,492)		72,489		(229,311)
Proceeds from sale of residential loans		—		59,844		—
Proceeds from sale of real estate held for sale		3,806		—		—
Purchase of loans held for investment		(102,504)		—		—
Capital expenditures		(344,037)		(314,524)		(383,895)
Proceeds from sale of low income housing investments		—		—		6,725
Contributions to low income housing investments		(844)		(16,131)		(9,403)
Acquisition of business		(25,706)		—		—
Other, net		13,046		27		3,412
Net cash used in investing activities		$	(1,128,682)	$	(1,179,592)	$	(1,413,648)
				(Continued on next page)

5

CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION (Continued)
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31	2022		2021		2020
(in thousands)
Cash flows from financing activities
Net increase (decrease) in deposit liabilities	$	(2,516)	$	785,255	$	1,115,055
Net increase (decrease) in short-term borrowings with original maturities of three months or less	83,652		(10,493)		(71,219)
Proceeds from issuance of short-term debt	35,000		—		165,000
Repayment of short-term debt	—		(65,000)		(150,000)
Net increase (decrease) in other bank borrowings with original maturities of three months or less	606,815		(1,365)		(25,440)
Proceeds from issuance of other bank borrowings	—		—		30,000
Repayments of other bank borrowings	—		—		(30,000)
Proceeds from issuance of long-term debt	227,312		285,886		415,997
Repayment of long-term debt and funds transferred for repayment of long term debt	(221,910)		(82,262)		(178,969)
Withheld shares for employee taxes on vested share-based compensation	(3,165)		(2,006)		(5,700)
Common stock dividends	(153,229)		(148,643)		(144,096)
Preferred stock dividends of subsidiaries	(1,890)		(1,890)		(1,890)
Other	(2,398)		(3,080)		(3,203)
Net cash provided by financing activities	567,671		756,402		1,115,535
Net increase (decrease) in cash, cash equivalents and restricted cash	(106,535)		(47,517)		131,294
Cash, cash equivalents and restricted cash, January 1	311,462		358,979		227,685
Cash, cash equivalents and restricted cash, December 31	204,927		311,462		358,979
Less: Restricted cash	(5,050)		(5,911)		(17,558)
Cash and cash equivalents, December 31	$	199,877	$	305,551	$	341,421
Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

6

CONSOLIDATED CAPITAL STRUCTURE
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
December 31						2022		2021		2020		2019		2018
(in thousands)
Short-term borrowings - other than bank 1						$	172,568	$	53,998	$	129,379	$	185,710	$	73,992
Long-term debt - other than bank 1
Long-term debt of electric utility subsidiaries 2						1,684,816		1,676,402		1,561,302		1,497,667		1,418,802
HEI 5.67% senior notes, due 2021						—		—		50,000		50,000		50,000
HEI 2.99% term loan, paid in 2022						—		150,000		150,000		150,000		150,000
HEI 3.99% senior notes, due 2023						50,000		50,000		50,000		50,000		50,000
HEI 4.58% senior notes, due 2025						50,000		50,000		50,000		50,000		50,000
HEI 4.72% senior notes, due 2028						100,000		100,000		100,000		100,000		100,000
HEI 2.82% senior notes, due 2028						24,000		24,000		—		—		—
HEI 2.48% senior notes, due 2028						30,000		30,000		—		—		—
HEI 2.98% senior notes, due 2030						50,000		50,000		50,000		—		—
HEI 3.15% senior notes, due 2031						51,000		51,000		—		—		—
HEI 2.78% senior notes, due 2031						25,000		25,000		—		—		—
HEI 2.98% senior notes, due 2032						30,000		—		—		—		—
HEI 5.43% senior notes, due 2032						75,000		—		—		—		—
HEI 5.43% senior notes, due 2034						35,000		—		—		—		—
HEI 3.74% senior notes, due 2051						20,000		20,000		—		—		—
HEI 3.94% senior notes, due 2052						20,000		—		—		—		—
Hamakua Energy 4.02% non-recourse notes, due 2030						49,048		52,166		56,030		59,699		63,438
Mauo LIBOR + 1.375% loan, due 2023						11,060		21,702		41,046		9,349		—
Mauo 4.90% non-recourse loan, due 2034						17,692		12,686		—		—		—
Ka`ie`ie Waho Company 2.79% non-recourse loan, due 2031						10,936		12,145		13,000		—		—
Mahipapa 1.90% non-recourse loan, due 2034 to 2036						58,869		—		—		—		—
Mahipapa 5.25% non-recourse unsecured loan, due 2027						724		—		—		—		—
Less unamortized debt issuance cost and debt discount						(8,165)		(3,164)		(2,249)		(2,350)		(2,599)
						2,384,980		2,321,937		2,119,129		1,964,365		1,879,641
Preferred stock of subsidiaries -
not subject to mandatory redemption						34,293		34,293		34,293		34,293		34,293
Shareholders' equity
Common stock						1,692,697		1,685,496		1,678,368		1,678,257		1,669,267
Retained earnings						845,830		757,921		660,398		622,042		543,623
Accumulated other comprehensive loss, net of tax benefits						(336,028)		(52,533)		(1,264)		(20,039)		(50,610)
						2,202,499		2,390,884		2,337,502		2,280,260		2,162,280
						$	4,794,340	$	4,801,112	$	4,620,303	$	4,464,628	$	4,150,206
LONG-TERM DEBT MATURITIES as of December 31, 2022
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
		2023		2024		2025		2026		2027		Thereafter		Total
(in thousands)
Long-term debt - other than bank 1
Electric utilities2		$	100,000	$	—	$	47,000	$	125,000	$	100,000	$	1,320,000	$	1,692,000
HEI		50,000		—		50,000		—		—		460,000		560,000
Hamakua Energy		5,353		4,669		4,733		3,800		5,112		25,381		49,048
Mauo		11,790		768		849		941		1,028		13,376		28,752
Ka`ie`ie Waho Company		1,209		1,209		1,209		1,209		1,209		4,891		10,936
Mahipapa		3,990		6,560		5,289		5,397		4,062		34,295		59,593
Less unamortized debt issuance cost														(15,349)
		$	172,342	$	13,206	$	109,080	$	136,347	$	111,411	$	1,857,943	$	2,384,980
Note:	See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.
1 Excludes deposit liabilities, other bank borrowings and intercompany borrowings.
2 See pages 14 to 16 for additional information.

7

GAAP EARNINGS AND RETURN ON AVERAGE COMMON EQUITY BY COMPANY
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31		2022			2021			2020			2019			2018
(dollars in thousands, except per share amounts)
Net income (loss) for common stock by company
Electric utilities
	Hawaiian Electric	$	141,436		$	132,289		$	121,836		$	113,673		$	98,260
	Hawaii Electric Light	21,816			21,180			27,493			20,817			24,481
	Maui Electric	25,677			24,173			20,011			22,350			20,912
Utilities consolidated		188,929			177,642			169,340			156,840			143,653
ASB		79,989			101,234			57,583			88,973			82,509
HEI and other		(27,780)			(32,710)			(29,099)			(27,931)			(24,388)
Consolidated HEI		$	241,138		$	246,166		$	197,824		$	217,882		$	201,774
Diluted earnings per common share		$	2.20		$	2.25		$	1.81		$	1.99		$	1.85
Return on average common equity by company (simple average)
Electric utilities
	Hawaiian Electric	8.5		%	8.5		%	8.2		%	8.0		%	7.4		%
	Hawaii Electric Light	6.4			6.5			8.9			7.0			8.4
	Maui Electric	7.3			7.4			6.6			7.8			7.6
Utilities consolidated		8.2			8.1			8.1			7.8			7.6
ASB1		14.1			13.8			8.1			13.5			13.5
Consolidated HEI		10.5		%	10.4		%	8.6		%	9.8		%	9.5		%
1 Calculated using average daily balance

8

SELECTED FINANCIAL INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31		2022			2021		2020		2019		2018
(in thousands)
CAPITAL STRUCTURE1
Short-term borrowings, net		$	87,967		$	—	$	49,979	$	88,987	$	25,000
Long-term debt, net, including current portion		1,684,816			1,676,402		1,561,302		1,497,667		1,418,802
Preferred stock		34,293			34,293		34,293		34,293		34,293
Common stock equity		2,344,170			2,261,899		2,141,918		2,047,352		1,957,641
		$	4,151,246		$	3,972,594	$	3,787,492	$	3,668,299	$	3,435,736
CAPITAL STRUCTURE RATIOS (%) 1
Short-term borrowings, net		2.1			—		1.3		2.4		0.7
Long-term debt, net, including current portion		40.6			42.2		41.2		40.8		41.3
Preferred stock		0.8			0.9		0.9		1.0		1.0
Common stock equity		56.5			56.9		56.6		55.8		57.0
		100.0			100.0		100.0		100.0		100.0
KEY FINANCIAL RATIOS (%)
Authorized return on rate base 2
	Hawaiian Electric	7.37			7.37		7.37		7.57		7.57
	Hawaii Electric Light	7.52			7.52		7.52		7.52		7.80
	Maui Electric	7.43			7.43		7.43		7.43		7.43
Earned rate-making return on simple average rate base 3
	Hawaiian Electric	7.32			7.28		6.94		6.90		6.55
	Hawaii Electric Light	5.76			5.96		7.09		5.97		6.98
	Maui Electric	6.53			6.61		5.82		6.37		6.26
Authorized return on simple average common equity 2
	Hawaiian Electric	9.50			9.50		9.50		9.50		9.50
	Hawaii Electric Light	9.50			9.50		9.50		9.50		9.50
	Maui Electric	9.50			9.50		9.50		9.50		9.50
Earned rate-making return on simple average common equity 4
	Hawaiian Electric	9.67			9.38		9.01		8.80		7.89
	Hawaii Electric Light	6.87			7.02		9.23		6.72		8.08
	Maui Electric	8.23			8.22		7.11		7.95		7.38
Book return on simple average common equity 5
	Hawaiian Electric	8.76			8.53		8.20		8.02		7.36
	Hawaii Electric Light	6.44			6.51		8.92		7.00		8.41
	Maui Electric	7.33			7.41		6.65		7.79		7.59
RATE BASE (in millions, simple average)
Hawaiian Electric		$	2,613	6	$	2,510	$	2,425	$	2,289	$	2,125
Hawaii Electric Light		573		6	560		540		521		505
Maui Electric		559		6	531		514		493		462
		$	3,745		$	3,601	$	3,479	$	3,303	$	3,092
DEPRECIATION AND AFUDC (%)
Composite annual depreciation rate		3.2			3.2		3.2		3.2		3.2
Accumulated depreciation as percent of gross plant 1		36.9			36.8		36.4		35.9		36.3
Weighted-average AFUDC rate		7.1			7.1		7.1		7.4		7.3
1	At December 31.
2	Reflects latest interim or final decision and order as of the end of the respective years.
3	Based on recorded income and average rate base, both adjusted for items not included in determining electric rates.
4	This calculation is based on recorded income and the average common equity capitalization of the average rate base, both adjusted for items not included in determining electric rates.
5	Based on recorded net income divided by average common equity, simple average method.
6	The 12/31/22 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,681, $579 and $571, respectively.

9

CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31		2022		2021		2020		2019		2018
(in thousands)
Revenues		$	3,408,587	$	2,539,636	$	2,265,320	$	2,545,942	$	2,546,525
Expenses
Fuel oil		1,265,614		644,349		515,274		720,709		760,528
Purchased power		793,584		670,494		568,749		633,256		639,307
Other operation and maintenance		497,601		475,412		474,192		481,737		461,491
Depreciation		235,424		229,469		222,733		215,731		203,626
Taxes, other than income taxes		317,173		240,354		215,822		240,131		239,912
Total expenses		3,109,396		2,260,078		1,996,770		2,291,564		2,304,864
Operating income		299,191		279,558		268,550		254,378		241,661
Allowance for equity funds used during construction		10,574		9,534		8,768		11,987		10,877
Retirement defined benefits credit (expense) - other than service costs		3,835		3,890		(763)		(2,836)		(3,631)
Interest expense and other charges, net		(76,416)		(72,447)		(67,794)		(70,842)		(73,348)
Allowance for borrowed funds used during construction		3,416		3,250		2,992		4,453		4,867
Income before income taxes		240,600		223,785		211,753		197,140		180,426
Income taxes		49,676		44,148		40,418		38,305		34,778
Net income		190,924		179,637		171,335		158,835		145,648
Preferred stock dividends of subsidiaries		915		915		915		915		915
Net income attributable to Hawaiian Electric		190,009		178,722		170,420		157,920		144,733
Preferred stock dividends of Hawaiian Electric		1,080		1,080		1,080		1,080		1,080
Net income for common stock		188,929		177,642		169,340		156,840		143,653
Retained earnings, January 1		1,348,277		1,282,335		1,220,129		1,164,541		1,124,193
Common stock dividends		(125,900)		(111,700)		(107,134)		(101,252)		(103,305)
Retained earnings, December 31		$	1,411,306	$	1,348,277	$	1,282,335	$	1,220,129	$	1,164,541
Note:	See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.

10

CONSOLIDATED BALANCE SHEETS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
December 31		2022		2021		2020		2019		2018
(in thousands)
ASSETS
Property, plant and equipment
Utility property, plant and equipment		$	8,355,294	$	7,992,489	$	7,749,296	$	7,485,178	$	7,092,483
Less accumulated depreciation		(3,086,499)		(2,940,517)		(2,819,079)		(2,690,157)		(2,577,342)
	Utility property, plant and equipment, net	5,268,795		5,051,972		4,930,217		4,795,021		4,515,141
Nonutility property, plant and equipment, less accumulated depreciation		6,945		6,949		6,953		6,956		6,961
	Total property, plant and equipment, net	5,275,740		5,058,921		4,937,170		4,801,977		4,522,102
Current assets
Cash and cash equivalents		39,242		52,169		47,360		11,022		35,877
Restricted cash		—		3,089		15,966		30,872		—
Customer accounts receivable, net		288,338		186,859		147,832		152,790		177,896
Accrued unbilled revenues, net		183,280		129,155		101,036		117,227		121,738
Other accounts receivable, net		13,567		7,267		7,673		11,568		6,215
Fuel oil stock, at average cost		191,530		104,078		58,238		91,937		79,935
Materials and supplies, at average cost		79,568		71,877		67,344		60,702		55,204
Prepayments and other		33,482		46,031		44,083		116,980		32,118
Regulatory assets		52,273		66,664		30,435		30,710		71,016
	Total current assets	881,280		667,189		519,967		623,808		579,999
Other long-term assets
Operating lease right-of-use assets 1		89,318		101,470		127,654		176,809		—
Regulatory assets		190,240		498,879		736,273		684,370		762,410
Other		160,889		165,166		136,309		101,718		102,992
	Total other long-term assets	440,447		765,515		1,000,236		962,897		865,402
	Total assets	$	6,597,467	$	6,491,625	$	6,457,373	$	6,388,682	$	5,967,503
CAPITALIZATION AND LIABILITIES
Capitalization
Common stock equity		$	2,344,170	$	2,261,899	$	2,141,918	$	2,047,352	$	1,957,641
Cumulative preferred stock - not subject to mandatory redemption		34,293		34,293		34,293		34,293		34,293
Long-term debt, net		1,584,854		1,624,427		1,561,302		1,401,714		1,418,802
	Total capitalization	3,963,317		3,920,619		3,737,513		3,483,359		3,410,736
Current liabilities
Current portion of operating lease liabilities 1		19,095		49,368		64,730		63,707		—
Current portion of long-term debt, net		99,962		51,975		—		95,953		—
Short-term borrowings from non-affiliate		87,967		—		49,979		88,987		25,000
Accounts payable		202,492		160,007		133,849		187,770		171,791
Interest and preferred dividends payable		17,176		17,325		20,350		20,728		23,215
Taxes accrued, including revenue taxes		289,902		208,280		192,524		207,992		233,333
Regulatory liabilities		31,475		29,760		37,301		30,724		17,977
Other		85,596		71,569		74,262		67,305		60,003
	Total current liabilities	833,665		588,284		572,995		763,166		531,319
Deferred credits and other liabilities
Operating lease liabilities 1		78,715		65,780		69,494		113,400		—
Finance lease liabilities		46,048		—		—		—		—
Deferred income taxes		384,430		408,634		397,798		377,150		383,197
Regulatory liabilities		1,024,175		967,008		922,485		941,586		932,259
Unamortized tax credits		95,300		103,945		111,915		117,868		91,522
Defined benefit pension and other postretirement benefit plans liability		49,748		321,780		530,532		478,763		503,659
Other		122,069		115,575		114,641		113,390		114,811
	Total deferred credits and other liabilities	1,800,485		1,982,722		2,146,865		2,142,157		2,025,448
	Total capitalization and liabilities	$	6,597,467	$	6,491,625	$	6,457,373	$	6,388,682	$	5,967,503
Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.
1	Hawaiian Electric adopted ASU No. 2016-02 on January 1, 2019; pursuant to an election permissible under such standard, Hawaiian Electric did not reassess its prior conclusions about whether expired or existing contracts are or contain leases.

11

CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31			2022		2021		2020
(in thousands)
Cash flows from operating activities
Net income			$	190,924	$	179,637	$	171,335
Adjustments to reconcile net income to net cash provided by operating activities
	Depreciation of property, plant and equipment		235,424		229,469		222,733
	Other amortization		25,320		21,737		33,746
	Deferred income taxes		(41,415)		(3,829)		3,151
	State refundable credit		(10,999)		(10,582)		(9,961)
	Bad debt expense		6,027		2,183		2,115
	Allowance for equity funds used during construction		(10,574)		(9,534)		(8,768)
	Bill credits		—		2,000		—
	Accrued environmental reserve		—		—		6,556
	Other		(139)		1,350		2,610
	Changes in assets and liabilities
		Increase in accounts receivable	(91,742)		(50,090)		(7,286)
		Decrease (increase) in accrued unbilled revenues	(54,023)		(27,464)		15,285
		Decrease (increase) in fuel oil stock	(87,452)		(45,840)		33,699
		Increase in materials and supplies	(7,691)		(4,533)		(6,642)
		Decrease (increase) in regulatory assets	34,600		(13,874)		1,007
		Increase (decrease) in regulatory liabilities	44,888		15,358		(16,562)
		Increase (decrease) in accounts payable	22,355		17,671		(33,129)
		Change in prepaid and accrued income taxes, tax credits and revenue taxes	103,198		26,930		(37,180)
		Decrease in defined benefit pension and other postretirement benefit plans liability	(4,828)		(5,154)		(4,306)
		Change in other assets and liabilities	(25,943)		(52,302)		(31,852)
Net cash provided by operating activities			327,930		273,133		336,551
Cash flows from investing activities
Capital expenditures			(329,457)		(292,000)		(350,864)
Other			5,372		6,035		6,070
Net cash used in investing activities			(324,085)		(285,965)		(344,794)
Cash flows from financing activities
Common stock dividends			(125,900)		(111,700)		(107,134)
Preferred stock dividends of Hawaiian Electric and subsidiaries			(1,995)		(1,995)		(1,995)
Proceeds from issuance of common stock			13,101		54,400		34,000
Proceeds from issuance of long-term debt			60,000		115,000		255,000
Repayment of long-term debt and funds transferred for repayment of long-term debt			(52,000)		—		(109,000)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original
	maturities of three months or less		87,967		—		(38,987)
Proceeds from issuance of short-term debt			—		—		100,000
Repayment of short-term debt			—		(50,000)		(100,000)
Payments of obligations under finance leases			(670)		—		—
Other			(364)		(941)		(2,209)
Net cash provided by (used in) financing activities			(19,861)		4,764		29,675
Net increase (decrease) in cash, cash equivalents and restricted cash			(16,016)		(8,068)		21,432
Cash, cash equivalents and restricted cash, January 1			55,258		63,326		41,894
Cash, cash equivalents and restricted cash, December 31			39,242		55,258		63,326
Less: Restricted cash			—		(3,089)		(15,966)
Cash and cash equivalents, December 31			$	39,242	$	52,169	$	47,360
Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.

12

CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
December 31					2022		2021		2020		2019		2018
(dollars in thousands, except par values)
				Shares outstanding
Series		Par value	Company	12/31/2022
C	4.25%	$ 20	Hawaiian Electric	150,000	$	3,000	$	3,000	$	3,000	$	3,000	$	3,000
D	5.00%	20	Hawaiian Electric	50,000	1,000		1,000		1,000		1,000		1,000
E	5.00%	20	Hawaiian Electric	150,000	3,000		3,000		3,000		3,000		3,000
H	5.25%	20	Hawaiian Electric	250,000	5,000		5,000		5,000		5,000		5,000
I	5.00%	20	Hawaiian Electric	89,657	1,793		1,793		1,793		1,793		1,793
J	4.75%	20	Hawaiian Electric	250,000	5,000		5,000		5,000		5,000		5,000
K	4.65%	20	Hawaiian Electric	175,000	3,500		3,500		3,500		3,500		3,500
G	7.625%	100	Hawaii Electric Light	70,000	7,000		7,000		7,000		7,000		7,000
H	7.625%	100	Maui Electric	50,000	5,000		5,000		5,000		5,000		5,000
				1,234,657	$	34,293	$	34,293	$	34,293	$	34,293	$	34,293
Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.

13

LONG-TERM DEBT
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
December 31		2022		2021		2020		2019		2018
(in thousands)
OBLIGATIONS TO THE STATE OF HAWAII FOR THE
	REPAYMENT OF SPECIAL PURPOSE REVENUE BONDS
Hawaiian Electric
Series 2009, 6.50%, due 2039 - redeemed in 2019		$	—	$	—	$	—	$	—	$	90,000
Refunding series 2015, 3.25%, due 2025		40,000		40,000		40,000		40,000		40,000
Refunding series 2017A, 3.10%, due 2026		62,000		62,000		62,000		62,000		62,000
Refunding series 2017B, 4.00%, due 2037		100,000		100,000		100,000		100,000		100,000
Refunding series 2019, 3.20%, due 2039		90,000		90,000		90,000		90,000		—
Series 2019, 3.50%, due 2049		70,000		70,000		70,000		70,000		—
		362,000		362,000		362,000		362,000		292,000
Hawaii Electric Light
Series 2009, 6.50%, due 2039 - redeemed in 2019		—		—		—		—		60,000
Refunding series 2015, 3.25%, due 2025		5,000		5,000		5,000		5,000		5,000
Refunding series 2017A, 3.10%, due 2026		8,000		8,000		8,000		8,000		8,000
Refunding series 2017B, 4.00%, due 2037		20,000		20,000		20,000		20,000		20,000
Refunding series 2019, 3.20%, due 2039		60,000		60,000		60,000		60,000		—
Series 2019, 3.50%, due 2049		2,500		2,500		2,500		2,500		—
		95,500		95,500		95,500		95,500		93,000
Maui Electric
Refunding series 2015, 3.25%, due 2025		2,000		2,000		2,000		2,000		2,000
Refunding series 2017A, 3.10%, due 2026		55,000		55,000		55,000		55,000		55,000
Refunding series 2017B, 4.00%, due 2037		20,000		20,000		20,000		20,000		20,000
Series 2019, 3.50%, due 2049		7,500		7,500		7,500		7,500		—
		84,500		84,500		84,500		84,500		77,000
	Total obligations to the State of Hawaii	$	542,000	$	542,000	$	542,000	$	542,000	$	462,000
				(Continued on next page)

14

LONG-TERM DEBT (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
December 31		2022		2021		2020		2019		2018
(in thousands)
OTHER LONG-TERM DEBT (UNSECURED)
Taxable unsecured senior notes:
Hawaiian Electric
	Series 2012B, 4.03%, due 2020	$	—	$	—	$	—	$	62,000	$	62,000
	Series 2012C, 4.55%, due 2023	50,000		50,000		50,000		50,000		50,000
	Series 2012D, 4.72%, due 2029	35,000		35,000		35,000		35,000		35,000
	Series 2012E, 5.39%, due 2042	150,000		150,000		150,000		150,000		150,000
	Series 2012F, 4.53%, due 2032	40,000		40,000		40,000		40,000		40,000
	Series 2013A, 4.45%, due 2022	—		40,000		40,000		40,000		40,000
	Series 2013B, 4.84%, due 2027	50,000		50,000		50,000		50,000		50,000
	Series 2013C, 5.65%, due 2043	50,000		50,000		50,000		50,000		50,000
	Series 2015A, 5.23%, due 2045	50,000		50,000		50,000		50,000		50,000
	Series 2016A, 4.54%, due 2046	40,000		40,000		40,000		40,000		40,000
	Series 2017A, 4.31%, due 2047	40,000		40,000		40,000		40,000		40,000
	Series 2018A, 4.38%, due 2028	52,000		52,000		52,000		52,000		52,000
	Series 2018B, 4.53%, due 2033	12,500		12,500		12,500		12,500		12,500
	Series 2018C, 4.72%, due 2048	10,500		10,500		10,500		10,500		10,500
	Series 2019A, 4.21%, due 2034	30,000		30,000		30,000		30,000		—
	Series 2020A, 3.31%, due 2030	50,000		50,000		50,000		—		—
	Series 2020B, 3.31%, due 2030	40,000		40,000		40,000		—		—
	Series 2020C, 3.96%, due 2050	20,000		20,000		20,000		—		—
	Series 2020D, 3.28%, due 2040	30,000		30,000		—		—		—
	Series 2020E, 3.51%, due 2050	30,000		30,000		—		—		—
	Series 2022A, 3.70%, due 2032	40,000		—		—		—		—
		820,000		820,000		760,000		712,000		682,000
Hawaii Electric Light
	Series 2012B, 4.55%, due 2023	20,000		20,000		20,000		20,000		20,000
	Series 2013A, 3.83%, due 2020	—		—		—		14,000		14,000
	Series 2013B, 4.45%, due 2022	—		12,000		12,000		12,000		12,000
	Series 2013C, 4.84%, due 2027	30,000		30,000		30,000		30,000		30,000
	Series 2015A, 5.23%, due 2045	25,000		25,000		25,000		25,000		25,000
	Series 2018A, 4.38%, due 2028	9,000		9,000		9,000		9,000		9,000
	Series 2018B, 4.53%, due 2033	3,000		3,000		3,000		3,000		3,000
	Series 2018C, 4.72%, due 2048	3,000		3,000		3,000		3,000		3,000
	Series 2019A, 4.21%, due 2034	10,000		10,000		10,000		10,000		—
	Series 2020A, 3.96%, due 2050	10,000		10,000		10,000		—		—
	Series 2020B, 3.28%, due 2040	15,000		15,000		—		—		—
	Series 2020C, 3.51%, due 2050	15,000		15,000		—		—		—
	Series 2022A, 3.70%, due 2032	10,000		—		—		—		—
		$	150,000	$	152,000	$	122,000	$	126,000	$	116,000
				(Continued on next page)

15

LONG-TERM DEBT (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
December 31		2022		2021		2020		2019		2018
(in thousands)
OTHER LONG-TERM DEBT (UNSECURED)
Taxable unsecured senior notes:
Maui Electric
	Series 2012B, 4.03%, due 2020	$	—	$	—	$	—	$	20,000	$	20,000
	Series 2012C, 4.55%, due 2023	30,000		30,000		30,000		30,000		30,000
	Series 2013A, 4.84%, due 2027	20,000		20,000		20,000		20,000		20,000
	Series 2013B, 5.65%, due 2043	20,000		20,000		20,000		20,000		20,000
	Series 2015A, 5.23%, due 2045	5,000		5,000		5,000		5,000		5,000
	Series 2017A, 4.31%, due 2047	10,000		10,000		10,000		10,000		10,000
	Series 2018A, 4.38%, due 2028	6,500		6,500		6,500		6,500		6,500
	Series 2018B, 4.53%, due 2033	2,000		2,000		2,000		2,000		2,000
	Series 2018C, 4.72%, due 2048	1,500		1,500		1,500		1,500		1,500
	Series 2019A, 4.21%, due 2034	10,000		10,000		10,000		10,000		—
	Series 2020A, 3.31%, due 2030	20,000		20,000		20,000		—		—
	Series 2020B, 3.96%, due 2050	20,000		20,000		20,000		—		—
	Series 2020C, 3.51%, due 2050	25,000		25,000		—		—		—
	Series 2020A, 3.70%, due 2032	10,000		—		—		—		—
		180,000		170,000		145,000		125,000		115,000
	Total taxable unsecured senior notes	1,150,000		1,142,000		1,027,000		963,000		913,000
6.50%, series 2004, Junior subordinated deferrable interest
debentures, due 2034 - redeemed in 2019		—		—		—		—		51,546
Long-term debt, including amounts due within one year		1,692,000		1,684,000		1,569,000		1,505,000		1,426,546
Less current portion of long-term debt, net		(99,962)		(51,975)		—		(95,953)		—
Less unamortized debt issuance costs		(7,184)		(7,598)		(7,698)		(7,333)		(7,744)
Long-term debt, net		$	1,584,854	$	1,624,427	$	1,561,302	$	1,401,714	$	1,418,802
Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.

16

CUSTOMER, SALES AND REVENUE INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31		2022	2021	2020	2019	2018
SERVICE AREA 1
Service area (square miles)		5,815	5,815	5,815	5,815	5,815
Service area population (estimated, in thousands)		n/a	1,368	1,335	1,344	1,348
CUSTOMER ACCOUNTS 2
Residential		413,744	414,713	412,484	409,689	407,505
Commercial		55,228	55,201	54,861	55,077	54,888
Industrial		696	698	694	700	696
		469,668	470,612	468,039	465,466	463,089
CUSTOMER ACCOUNTS BY COMPANY 2
Hawaiian Electric		306,978	308,721	307,378	306,368	305,456
Hawaii Electric Light		88,757	88,103	87,357	86,576	85,758
Maui Electric		73,933	73,788	73,304	72,522	71,875
Consolidated		469,668	470,612	468,039	465,466	463,089
MEGAWATTHOUR SALES (thousands)2
Residential		2,415	2,492	2,525	2,439	2,411
Commercial		2,643	2,595	2,477	2,834	2,853
Industrial		3,296	3,174	3,118	3,467	3,425
		8,354	8,261	8,120	8,740	8,689
MEGAWATTHOUR SALES MIX (%)2
Residential		28.9	30.2	31.1	27.9	27.7
Commercial		31.6	31.4	30.5	32.4	32.9
Industrial		39.5	38.4	38.4	39.7	39.4
		100.0	100.0	100.0	100.0	100.0
MEGAWATTHOUR SALES BY COMPANY (thousands)
Hawaiian Electric		6,211	6,169	6,183	6,563	6,526
Hawaii Electric Light		1,054	1,044	978	1,050	1,064
Maui Electric		1,089	1,048	959	1,127	1,099
Consolidated		8,354	8,261	8,120	8,740	8,689
MEGAWATTHOUR SALES GROWTH BY COMPANY (%)
Hawaiian Electric		0.7	(0.2)	(6.1)	0.6	(0.4)
Hawaii Electric Light		0.9	6.3	(7.4)	(1.4)	1.6
Maui Electric		3.8	8.5	(17.5)	2.5	0.4
Consolidated		1.1	1.7	(7.6)	0.6	—
RENEWABLE GENERATION RPS (%) 3
Hawaiian Electric		28	33	31	25	22
Hawaii Electric Light 4		48	60	43	35	44
Maui Electric		36	50	51	41	38
Consolidated		32	38	35	28	27
1	Source: State of Hawaii Data Book 2021 (prior years)
2	At December 31. "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements.
3	In July 2022, Governor Ige signed Act 240 (H.B.2089), which amended the RPS calculation from renewable energy as a percentage of sales to a percentage of total generation. The amended RPS calculation for 2022 results in a lower calculated percentage than the amount calculated under the previous methodology. RPS for years prior to 2022 has not been restated under the new methodology.
4	In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2022.
n/a: Not available
			(Continued on next page)

17

CUSTOMER, SALES AND REVENUE INFORMATION (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31		2022		2021		2020		2019		2018
REVENUES (thousands)1
Electric sales revenue
	Residential	$	1,069,974	$	843,655	$	770,135	$	791,398	$	788,028
	Commercial	1,085,405		810,658		714,620		840,915		855,736
	Industrial	1,211,242		853,293		754,775		884,722		882,443
Total electric sales revenues		3,366,621		2,507,606		2,239,530		2,517,035		2,526,207
Other revenues		41,966		32,030		25,790		28,907		20,318
Total revenues		$	3,408,587	$	2,539,636	$	2,265,320	$	2,545,942	$	2,546,525
Less:
Fuel oil		1,265,614		644,349		515,274		720,709		760,528
Purchased power		793,584		670,494		568,749		633,256		639,307
Taxes, other than income taxes		317,173		240,354		215,822		240,131		239,912
Net revenues		$	1,032,216	$	984,439	$	965,475	$	951,846	$	906,778
REVENUES BY COMPANY (thousands)
Hawaiian Electric		$	2,452,969	$	1,793,372	$	1,608,305	$	1,803,698	$	1,802,550
Hawaii Electric Light		485,590		381,033		334,221		364,590		375,493
Maui Electric		470,355		365,256		323,430		378,202		368,700
Eliminations		(327)		(25)		(636)		(548)		(218)
Consolidated		$	3,408,587	$	2,539,636	$	2,265,320	$	2,545,942	$	2,546,525
AVERAGE REVENUE PER KWH SOLD (cents)1
Residential		44.30		33.86		30.50		32.44		32.69
Commercial		40.99		31.21		28.83		29.68		30.00
Industrial		36.75		26.88		24.21		25.52		25.76
Other		55.24		34.19		31.01		29.39		29.47
		40.30		30.35		27.58		28.80		29.07
AVERAGE REVENUE PER KWH SOLD BY COMPANY (cents)
Hawaiian Electric		39.00		28.72		25.76		27.20		27.42
Hawaii Electric Light		45.51		36.00		33.65		34.30		34.93
Maui Electric		42.67		34.33		33.16		33.00		33.21
Consolidated		40.30		30.35		27.58		28.80		29.07
AVERAGE ANNUAL RESIDENTIAL USE PER CUSTOMER BY COMPANY (KWH)
Hawaiian Electric		5,761		6,013		6,358		6,006		5,921
Hawaii Electric Light		5,644		5,795		5,441		5,467		5,652
Maui Electric		6,298		6,339		6,064		6,402		6,258
Consolidated		5,821		6,022		6,145		5,967		5,923
Average monthly electric sales revenue per residential customer		$	215	$	170	$	156	$	161	$	161
1	"Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements.

18

POWER SUPPLY INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31		2022	2021	2020	2019	2018
ENERGY NET GENERATED AND PURCHASED (thousands of MWH)
Net generated
Fuel oil
	Conventional oil-fired steam units	3,701	3,288	3,429	3,693	3,743
	Dual train combined-cycle unit	795	749	757	799	884
	Diesel internal combustion engine	323	304	318	364	214
	Simple-cycle combustion turbines	133	89	53	46	44
		4,952	4,430	4,557	4,902	4,885
Biodiesel internal combustion engine		16	25	28	54	62
Hydro		6	9	5	11	19
Solar		38	37	39	5	—
Total net generated1		5,012	4,501	4,629	4,972	4,966
Purchased
Non-renewable 2		2,066	2,470	2,541	2,990	2,847
Renewable 3,4		1,684	1,684	1,355	1,179	1,292
Total purchased1		3,750	4,154	3,896	4,169	4,139
Customer-sited solar		1,522	1,418	1,326	1,225	948
		10,284	10,073	9,851	10,366	10,053
GENERATION MIX (%)
Fuel oil
	Conventional oil-fired steam units	36.0	32.6	34.8	35.6	37.3
	Dual train combined-cycle unit	7.7	7.4	7.7	7.7	8.8
	Diesel internal combustion engine	3.1	3.0	3.2	3.5	2.1
	Simple-cycle combustion turbines	1.3	0.9	0.5	0.5	0.4
		48.1	43.9	46.2	47.3	48.6
Biodiesel internal combustion engine		0.2	0.2	0.3	0.5	0.6
Hydro		0.1	0.1	0.1	0.1	0.2
Solar		0.4	0.4	0.4	—	—
Total generation1		48.8	44.6	47.0	47.9	49.4
Purchased
Non-renewable 2		20.1	24.6	25.8	28.8	28.3
Renewable 3,4		16.3	16.7	13.7	11.5	12.9
Total purchased1		36.4	41.3	39.5	40.3	41.2
Customer-sited solar		14.8	14.1	13.5	11.8	9.4
		100.0	100.0	100.0	100.0	100.0
1	The 2021 and 2020 HEI Environmental, Social, Governance reports classified the 2020 and 2019 Honolulu International Airport's small generating resource as independent power producer generation. As of December 31, 2021, the 2022 HEI Environmental, Social, Governance report has reclassified this generating resource as utility-owned generation.
2	AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant has ceased operations.
3	Includes firm and non-firm renewable generation; does not include generation associated with Net Energy Metering (NEM) and Grid Supply customers.
4	In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2022.
			(Continued on next page)

19

POWER SUPPLY INFORMATION (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited
Years ended December 31		2022		2021		2020		2019		2018
SYSTEM CAPABILITY (MW) 1, 2
Company-owned generation
Conventional oil-fired steam units		1,086		1,086		1,086		1,086		1,086
Simple-cycle combustion turbines 3		279		279		279		279		280
Dual train combined-cycle unit		170		170		170		170		170
Diesel internal combustion engine		146		146		146		146		146
Biodiesel internal combustion engine 3		57		57		57		57		57
		1,738		1,738		1,738		1,738		1,739
Firm purchase power contracts 4
Non-renewable 5		268		448		448		448		448
Renewable 6		94		92		68		68		69
		362		540		516		516		517
		2,100		2,278		2,254		2,254		2,256
SYSTEM CAPABILITY BY COMPANY (MW) 1, 2
Hawaiian Electric		1,564		1,744		1,744		1,744		1,745
Hawaii Electric Light		268		266		242		242		242
Maui Electric		268		268		268		268		269
		2,100		2,278		2,254		2,254		2,256
SYSTEM PEAK LOAD BY COMPANY (MW) 7
Hawaiian Electric		1,072		1,072		1,087		1,193		1,190
Hawaii Electric Light		188		194		183		192		191
Maui Electric		207		205		201		217		217
		1,467		1,471		1,471		1,602		1,598
FUEL OIL DATA
Barrels of fuel oil consumed (thousands)		8,945		8,048		8,180		8,771		8,653
Average fuel oil cost per barrel		$	141.49	$	80.06	$	63.00	$	82.17	$	87.90
Average fuel oil cost per million BTU (cents)		2,310.9		1,305.4		1,028.7		1,337.6		1,420.2
Fuel oil cost per net KWH generated (cents)		25.283		14.344		11.144		14.527		15,374
BTU per net KWH generated by company
	Hawaiian Electric	10,943		10,962		10,808		10,852		10,894
	Hawaii Electric Light	11,680		11,876		11,209		11,605		11,067
	Maui Electric	10,501		10,543		10,639		10,460		10,406
	Consolidated	10,941		10,988		10,834		10,860		10,826
OTHER DATA
Losses and system uses (%)		4.1		4.3		4.5		4.2		4.4
Reserve margin (%) 7		43.1		54.8		53.2		40.7		42.8
Annual load factor (%) 7		68.2		67.2		66.2		65.2		65.0
Average cost per KWH purchased from IPPs (cents)		21.160		16.142		14.597		15.191		15.445
1	At December 31.
2	Excludes solar (West Loch PV - 20 MW) and hydro (four run-of-river units - 4 MW in the aggregate) due to their as-available nature.
3	In 2018, the biodiesel supply for Campbell Industrial Park (CIP) CT-1 was shifted to Schofield Generation Station and CIP CT-1 now primarily consumes diesel. CIP CT-1 could still utilize biodiesel if necessary.
4	Non-renewable firm power contracts include: AES Hawaii (AES), Kalaeloa Partners, and Hamakua Energy, LLC. Renewable firm power contracts include: Honolulu Program of Waste Energy Recovery (H-POWER) and Puna Geothermal Venture (PGV) - see note 5 below. Excludes purchased power contracts with variable generation (e.g. non-firm wind, PV, hydro) resources.
5	AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant ceased operations.
6	In May 2018, Puna Geothermal Venture (PGV) went offline due to lava flow on Hawaii Island but returned to service at a level providing limited output without firm capacity in the fourth quarter of 2020; therefore, PGV has not been included into the Utilities' firm renewable energy purchase as of December 31, 2020 and 2019. PGV is currently providing 25.7 MW of capacity as of December 31, 2022.
7	Net; noncoincident and nonintegrated.

20

SELECTED INFORMATION
American Savings Bank, F.S.B.
Unaudited
Years ended December 31		2022	2021	2020	2019	2018
CAPITAL RATIOS (%)1
Common equity tier 1
	ASB	12.15	13.29	—	13.18	12.80
	Requirement	4.50	4.50	—	4.50	4.50
Tier 1 capital
	ASB	12.15	13.29	—	13.18	12.80
	Requirement	6.00	6.00	—	6.00	6.00
Total capital
	ASB	13.14	14.31	—	14.31	13.93
	Requirement	8.00	8.00	—	8.00	8.00
Tier 1 leverage
	ASB	7.78	7.86	8.38	9.06	8.70
	Requirement	4.00	4.00	4.00	4.00	4.00
KEY STATISTICS (%)
Return on average assets
	ASB	0.86	1.15	0.74	1.25	1.20
	Peers 2	1.23	1.36	0.96	1.26	1.27
Return on average equity
	ASB	14.08	13.76	8.11	13.48	13.51
	Peers 2	11.42	12.45	9.08	10.60	10.51
Net interest margin
	ASB	2.89	2.91	3.29	3.85	3.83
	Peers 2	3.28	3.21	3.30	3.59	3.69
Revenue growth
	ASB	2.54	(3.14)	(2.87)	7.42	4.64
	Peers 2	4.99	6.56	8.61	6.73	10.26
Efficiency ratio
	ASB	66.31	65.31	61.47	57.77	59.39
	Peers 2	56.71	55.64	56.38	56.19	55.97
Net charge-offs to loans outstanding
	ASB	0.03	0.07	0.40	0.45	0.34
	Peers 2	0.02	0.07	0.07	0.09	0.07
OTHER DATA
Dividend paid to HEI (via ASB Hawaii) ($ in millions)		42	59	31	56	50
Loan Growth (%)		15.01	(2.32)	4.39	5.72	3.68
Branch locations 3		38	42	42	49	49
Number of ATMs		122	122	112	111	113
1	Effective with the June 2020 Call Report, under the CARES Act provision and the Community Bank Leverage Ratio (CBLR) framework, capital adequacy was measured solely through the Tier 1 leverage ratio. Under the interim rules, the minimum CBLR was 8% through 2020 and 8.5% for 2021. ASB did not qualify for the abbreviated capital reporting under the interim rules in 2021 and resumed reporting risk-based capital ratios in September 2021.
2	Bank peers for 2018 to 2022 comprise publicly traded banks and thrifts with assets ranging from approximately 0.5x to 2x ASB’s total assets and a comparable loan portfolio composition to ASB. The peer list is revised annually.
3	At December 31.

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STATEMENTS OF INCOME INFORMATION
American Savings Bank, F.S.B.
Unaudited
Years ended December 31	2022		2021		2020		2019		2018
(in thousands)
Interest and dividend income
Interest and fees on loans	$	207,830	$	198,802	$	214,134	$	233,632	$	220,463
Interest and dividends on investment securities	58,044		43,464		30,529		32,922		37,762
Total interest and dividend income	265,874		242,266		244,663		266,554		258,225
Interest expense
Interest on deposit liabilities	7,327		4,981		10,654		16,830		13,991
Interest on other borrowings	5,974		59		460		1,610		1,548
Total interest expense	13,301		5,040		11,114		18,440		15,539
Net interest income	252,573		237,226		233,549		248,114		242,686
Provision for loan losses	2,037		(25,825)		50,811		23,480		14,745
Net interest income after provision for loan losses	250,536		263,051		182,738		224,634		227,941
Noninterest income
Fees from other financial services	19,830		21,225		16,447		19,275		18,937
Fee income on deposit liabilities	18,762		16,663		16,059		20,877		21,311
Fee income on other financial products	10,291		8,770		6,381		6,507		7,052
Gains on sale of investment securities, net	—		528		9,275		653		—
Gain on sale of real estate	1,778		—		—		10,762		—
Mortgage banking income	1,692		9,305		23,734		4,943		1,493
Other income, net	4,619		8,169		6,227		9,761		7,257
Total noninterest income	56,972		64,660		78,123		72,778		56,050
Noninterest expense
Compensation and employee benefits	113,839		113,970		104,443		103,009		98,387
Occupancy and equipment	34,126		30,094		30,574		30,032		24,259
Data processing	17,681		17,634		14,769		15,306		14,268
Services	10,679		10,327		11,121		10,239		10,847
Other expense	28,942		25,127		30,683		26,792		29,652
Total noninterest expense	205,267		197,152		191,590		185,378		177,413
Income before income taxes	102,241		130,559		69,271		112,034		106,578
Income taxes	22,252		29,325		11,688		23,061		24,069
Net income	$	79,989	$	101,234	$	57,583	$	88,973	$	82,509
Note: See Bank segment footnote in HEI's Notes to Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

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BALANCE SHEETS INFORMATION
American Savings Bank, F.S.B.
Unaudited
December 31		2022		2021		2020		2019		2018
(in thousands)
ASSETS
Cash and cash equivalents		$	156,149	$	251,240	$	292,726	$	178,398	$	126,284
Investment securities
	Available-for-sale investment securities, at fair value	1,429,667		2,574,618		1,970,417		1,232,826		1,388,533
	Held-to-maturity investment securities, at amortized cost	1,251,747		522,270		226,947		139,451		141,875
Investment in stock of Federal Home Loan Bank, at cost		26,560		10,000		8,680		8,434		9,958
Loans receivable, net		5,907,514		5,150,388		5,260,917		5,080,107		4,792,707
Real estate acquired in settlement of loans, net		115		—		43		—		406
Other and other intangibles, net		692,028		590,897		554,613		511,611		485,941
Goodwill		82,190		82,190		82,190		82,190		82,190
Total assets		$	9,545,970	$	9,181,603	$	8,396,533	$	7,233,017	$	7,027,894
LIABILITIES AND SHAREHOLDER'S EQUITY
Deposit liabilities		$	8,169,696	$	8,172,212	$	7,386,957	$	6,271,902	$	6,158,852
Other borrowings		695,120		88,305		89,670		115,110		110,040
Other		212,269		193,268		183,731		146,954		124,613
Total liabilities		9,077,085		8,453,785		7,660,358		6,533,966		6,393,505
Common stock		355,807		353,896		351,759		349,454		347,171
Retained earnings		449,693		411,704		369,470		358,259		325,286
Accumulated other comprehensive income (loss), net of tax benefits		(336,615)		(37,782)		14,946		(8,662)		(38,068)
Total shareholder's equity		468,885		727,818		736,175		699,051		634,389
Total liabilities and shareholder's equity		$	9,545,970	$	9,181,603	$	8,396,533	$	7,233,017	$	7,027,894
Note: See Bank segment footnote in HEI's Notes to Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

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STATE OF HAWAII INFORMATION
Unaudited
Years ended December 31, except as noted	2022		2021		2020		2019		2018
POPULATION BY COUNTY (thousands) 1
Honolulu	n/a		1,001		1,013		973		981
Hawaii	n/a		203		201		202		202
Maui	n/a		164		165		168		167
Kauai	n/a		73		73		72		72
	—		1,441		1,452		1,415		1,422
VISITOR DATA
Visitor arrivals by air (thousands)	9,152		6,777		2,678		10,243		9,827
Visitor days by air (thousands)	84,794		65,343		28,517		89,692		88,009
Visitor expenditures by air (dollars in millions)	$	19,251	$	12,995	$	3,915	$	17,657	$	17,778
Year-over-year change (%)
Visitor arrivals by air	35.0		153.1		(73.8)		5.3		5.9
Visitor days	29.8		129.1		(68.2)		2.9		5.4
Visitor expenditures by air	46.7		232.0		(73.6)		1.4		6.9
CONSTRUCTION INDUSTRY DATA (millions)
Value of private building permits authorized 2	$	3,579	$	3,747	$	3,108	$	3,221	$	3,268
Government contracts awarded	$	5,961	$	5,142	$	3,081	$	594	$	1,949
Estimated value of completed construction	n/a		10,108		$	9,757	$	9,609	$	9,456
OTHER DATA
State real gross domestic product (millions of 2012 dollars) 3	$	76,485	$	74,547	$	70,109	$	79,175	$	82,204
Honolulu Consumer Price Index (% change)	6.5		3.8		1.6		1.6		1.9
Total non-agriculture wage and salary jobs (thousands) 4	609		584		560		659		658
Unemployment rate (average annual %)	3.6		5.7		12.0		2.5		2.5
Note: Columns may not foot due to rounding.
Sources: State of Hawaii Data Book 2021 (prior years), Hawaii State Department of Business, Economic Development & Tourism (DBEDT), Hawaii
Tourism Authority, United States Department of Labor, Bureau of Labor Statistics, U.S. Census Bureau, and U.S. Bureau of Economic Analysis.
1 Resident population estimates, including military personnel, excluding visitors, as of July 1. Data for 2022 not available at time of printing.
2 Excludes public construction.
3 Data from DBEDT and U.S. Bureau of Economic Analysis, which use 2012 dollars for comparative purposes.
4 Not seasonally adjusted and excludes estimations for Agriculture jobs (per Hawaii Department of Labor and Industrial Relations).
n/a: Not available

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