Consolidated variable interest entities (VIEs). The HE AR INTER LLC and its direct subsidiary, HE AR BRWR LLC, (collectively, the Special Purpose Entities or SPEs) are bankruptcy remote, direct and indirect wholly owned subsidiaries of the Utilities. Pursuant to the asset-based lending facility (ABL Facility) credit agreement, the Utilities sell certain accounts receivable to the SPEs as collateral, which in turn, obtain financing from financial institutions. As of September 30, 2025, the ABL Facility remains undrawn and the SPEs have $322.4 million of net accounts receivable, included in “Customer accounts receivable, net,” and “Accrued unbilled revenues, net” on the Utilities’ Condensed Consolidated Balance Sheets and “Accounts receivable and unbilled revenues, net” on the Company’s Condensed Consolidated Balance Sheets.

The SPEs are considered VIEs due to insufficient equity investment at risk. The most significant activities that impact the economic performance of the SPEs are cash and financing management. The Utilities are considered the primary beneficiary as the Utilities direct the activities related to cash and financing management and therefore, are required to consolidate the SPEs. Although the SPEs are direct and indirect wholly owned consolidated subsidiaries of the Utilities, the SPEs are legally separate from the Utilities. The assets of the SPEs (which are primarily accounts receivables) are not available to creditors of the Utilities.

Pursuant to the current accounting standards for VIEs, the Utilities are deemed to have a variable interest in Kalaeloa Partners, L.P. (Kalaeloa) and Hamakua Energy by reason of the provisions of the PPA that the Utilities have with the two IPPs. However, management has concluded that the Utilities are not the primary beneficiary of Kalaeloa and Hamakua Energy because the Utilities do not have the power to direct the activities that most significantly impact the two IPPs’ economic performance nor the obligation to absorb their expected losses, if any, that could potentially be significant to the IPPs. Thus, the Utilities have not consolidated Kalaeloa and Hamakua Energy in their condensed consolidated financial statements. On March 10, 2025, the sale of Hamakua Energy was closed and Hamakua Energy is no longer owned by Pacific Current. Hamakua Energy was an indirect subsidiary of Pacific Current and was included in HEI’s condensed consolidated financial statements up until sale date.

For the other PPAs with IPPs, the Utilities have concluded that the consolidation of the IPPs was not required because either the Utilities do not have variable interests in the IPPs due to the absence of an obligation in the PPAs for the Utilities to absorb any variability of the IPPs, or the IPP was considered a “governmental organization,” and thus excluded from the scope of accounting standards for VIEs. The consolidation of any significant IPP could have a material effect on the unaudited condensed consolidated financial statements, including the recognition of a significant amount of assets and liabilities and, if such a consolidated IPP were operating at a loss and had insufficient equity, the potential recognition of such losses. If the Utilities determine they are required to consolidate the financial statements of such an IPP and the consolidation has a material effect, the Utilities would retrospectively apply accounting standards for VIEs to the IPP.

GLST1. Effective March 31, 2025, HEI assigned 60% of the membership interests of GLST1 to Hawaiian Electric. The Utilities are deemed to have a variable interest in GLST1 but concluded that the Utilities are not the primary beneficiary of GLST1. As the Utilities have the ability to exercise significant influence over GLST1, the Utilities accounted for the membership interests under the equity method of accounting. As of September 30, 2025, the assigned equity interests total $287.3 million, which is reported on “Investment in unconsolidated affiliate” on the Utilities’ Condensed Consolidated Balance Sheets.

Contingencies. The Utilities are subject in the normal course of business to legal, regulatory and environmental proceedings. Excluding the potential liabilities from the Maui windstorm and wildfires, management does not anticipate that the aggregate ultimate liability arising out of these pending or threatened legal proceedings will be material to its financial position. However, the Utilities cannot rule out the possibility that such outcomes could have a material effect on the results of operations or liquidity for a particular reporting period in the future. The Utilities record loss contingencies when the outcome of such proceedings is probable and when the amount of the loss is reasonably estimable. The Utilities also evaluate, on a continuous basis, whether developments in such proceedings could cause these assessments or estimates to change. Assessment regarding future events is required when evaluating whether a loss is probable or reasonably possible, and as to whether such loss or a range of such loss is estimable. Management is often unable to estimate a reasonably possible loss, or a range of loss,

particularly in cases in which: (i) the damages sought are indeterminate or the basis for the damages claimed is not clear; (ii) proceedings are in early stages; (iii) discovery is not complete; (iv) the matters involve novel or unsettled legal theories; (v) significant facts are in dispute; (vi) a large number of parties are represented (including circumstances in which it is uncertain how liability, if any, would be shared among multiple defendants); (vii) a lower court or administrative agency’s decision or ruling has been appealed; and/or (viii) a wide range of potential outcomes exist. In such cases, there may be considerable uncertainty regarding the timing or ultimate resolution, including any possible loss, fine, penalty, or business impact.

Hu Honua Bioenergy, LLC (Hu Honua). In May 2012, Hawaii Electric Light signed a PPA, which the PUC approved in December 2013, with Hu Honua for 21.5 MW of renewable, dispatchable firm capacity fueled by locally grown biomass from a facility on the island of Hawaii, scheduled to be in service in 2016. However, Hu Honua encountered construction and litigation delays, which resulted in the termination of the original PPA. Following the termination, Hu Honua filed a lawsuit in the U.S. District Court for the District of Hawaii. The parties reached a settlement that was conditioned on the PUC’s timely, non-appealable final approval of an amended and restated PPA dated May 9, 2017. On May 23, 2022, following a contested case hearing, the PUC issued a decision and order (D&O) denying the amended and restated PPA, which was affirmed by the Hawaii Supreme Court on March 13, 2023. On November 16, 2023, Hu Honua filed its Motion for Leave to File Third Amended and Supplemental Complaint and for Permissive Joinder with the U.S. District Court for the District of Hawaii, asking the court to grant it leave to file a Third Amended and Supplemental Complaint, which would amend its claims and add three new proposed defendants. The court issued a D&O on the motion on April 2, 2024, which was consistent with Hawaii Electric Light's position, only allowing amendments that were agreed to and not allowing Hu Honua to add new claims or parties, effectively leaving Hu Honua with its previously-pled breach of contract and antitrust claims. Hu Honua filed its objection to the order on April 16, 2024 and the Hawaiian Electric defendants filed their response to the objection on April 30, 2024. On September 12, 2024, the court issued its decision affirming the April 2, 2024 order. Hu Honua filed its Third Amended and Supplemental Complaint on October 25, 2024, and after discussion with the Hawaiian Electric defendants and the court, filed its Amended Third Amended and Supplemental Complaint on December 3, 2024. The Hawaiian Electric defendants filed their Motion to Compel Arbitration on the contract claims and Motion to Dismiss the antitrust claims on January 7, 2025, and the matter was heard by the U.S. District Court on March 31, 2025. On April 17, 2025, the U.S. District Court granted Hawaii Electric Light’s Motion to Dismiss in part, dismissing the Federal Antitrust claims, but declining to exercise jurisdiction over the State antitrust claim. With the U.S. District Court declining to exercise jurisdiction over the remaining State claims, the Motion to Compel Arbitration on the contract claims was denied as moot. The remaining State claims, including the contract claims and the State antitrust claim, were dismissed without prejudice.

On December 24, 2024, Hawaii Electric Light received correspondence from Hu Honua, stating that Hu Honua sought to sell energy and capacity as a Qualifying Facility under Hawaii’s implementation of The Public Utility Regulatory Policies Act. On March 18, 2025, Hawaii Electric Light and Hu Honua informed the PUC that negotiations regarding this potential arrangement were ongoing with the intention to reach agreement on material terms and requested an extension of time to complete negotiations and for Hawaii Electric Light to submit a petition for hearing under the Hawaii Administrative Rules. On June 3, 2025, Hawaii Electric Light and Hu Honua provided an update to the PUC stating that substantial progress had been made and an agreement in principle had been reached on major terms. The update informed the PUC that the parties would continue negotiations with the intent to submit an application for approval of a PPA upon completion of such efforts.

Molokai New Energy Partners (MNEP). In July 2018, the PUC approved Maui Electric’s PPA with MNEP to purchase solar energy from a photovoltaic (PV) plus battery storage project. The 4.88-MW PV and 3-MW Battery Energy Storage System (BESS) project was to deliver no more than 2.64 MW at any time to the Molokai system. On March 25, 2020, MNEP filed a complaint in the U.S. District Court for the District of Hawaii against Maui Electric claiming breach of contract. On June 3, 2020, Maui Electric provided a Notice of Default and Termination of the PPA to MNEP terminating the PPA with an effective date of July 10, 2020. Thereafter, MNEP filed an amended complaint to include claims relating to the termination and Hawaiian Electric filed its answer to the amended complaint on September 11, 2020, disputing the facts presented by MNEP and all claims within the original and amended complaint. Currently, the discovery phase is ongoing. Trial was initially set for September 16, 2025, but was recently continued to commence on February 18, 2026.

Former Molokai Electric Company generation site. In 1989, Maui Electric acquired Molokai Electric Company. Molokai Electric Company had sold its former generation site (Site) in 1983 but continued to operate at the Site under a lease until 1985 and left the property in 1987. The Environmental Protection Agency (EPA) has since identified environmental impacts in the subsurface soil at the Site. In cooperation with the State of Hawaii Department of Health and EPA, Maui Electric further investigated the Site and the adjacent parcel to determine the extent of impacts of polychlorinated biphenyls (PCBs), residual fuel oils and other subsurface contaminants. Maui Electric has a reserve balance of $2.4 million as of September 30, 2025, representing the probable and reasonably estimable undiscounted cost for remediation of the Site and the adjacent parcel based on presently available information; however, final costs of remediation will depend on the cleanup approach implemented.

Endangered Species Act. The Utilities received a notice under the federal Endangered Species Act, from Earthjustice on behalf of the American Bird Conservancy and Conservation Council for Hawaii (Conservation Groups) in January 2024. The notice is the pre-cursor to a citizen’s suit under the Endangered Species Act. The notice alleges that the Utilities are out of compliance with the Act due to alleged impacts on endangered seabirds caused by the Utilities’ powerlines, street lights and facility lights on Maui and Lanai. At the time the notice was served, the Utilities were already in the process of drafting a Habitat Conservation Plan (HCP) with respect to the powerlines and will be applying for associated state and federal take/license permits. Notwithstanding, the notice asserts that the scope of the HCP should be broader and additional interim measures are necessary while the HCP and related permits are pending.

After negotiations among the parties a complaint was filed on November 12, 2024 regarding the powerlines and on December 11, 2024, the court approved a settlement agreement. Pursuant to that agreement, the Utilities will continue the HCP process and take specific actions to minimize and mitigate the potential impact of the Utilities’ powerlines while the document is being prepared. The agreement also contains additional requirements that include coordination with the Conservation Groups with various aspects of the HCP and powerline operations, and continuing the Utilities’ commitment to a species mitigation project with University of Hawaii Foundation to monitor, protect and increase the population of Hawaiian Petrels.

The street and facility lights aspect of the notice was not resolved and a second complaint was filed on November 19, 2024, that includes the County of Maui as a party. Hawaiian Electric and Maui Electric answered the complaint on December 12, 2024 and at this time, the parties are engaging in discovery and settlement discussions to try and resolve the matter. On July 3, 2025, an interim agreement was executed by the parties with respect to foregoing the need for injunctive relief in 2025. However, the Utilities are unable to determine the ultimate outcome or the amount of any possible loss. A trial is set for April 20, 2026.

finance lease liability in the first quarter of 2025 with a corresponding right-of-use asset of $42.3 million. On July 11, 2025, Hoohana Solar located on Oahu, reached commercial operations, which has a capacity of 52 MW with 208-MWh batteries, and a total annual payment of $13.4 million. The battery portion of the PPA was recorded as a finance lease liability in the third quarter of 2025 with a corresponding right-of-use asset of $51.3 million. As of September 30, 2025, a total of nine Stage 1 and Stage 2 renewable projects provide the Utilities a capacity of 301.5 MW, with 1,771-MWh batteries.

Utility projects. Many public utility projects require PUC approval and various permits from other governmental agencies. Difficulties in obtaining, or the inability to obtain, the necessary approvals or permits or community support can result in significantly increased project costs or even cancellation of projects. In the event a project does not proceed, or if it becomes probable the PUC will disallow cost recovery for all or part of a project, or if PUC-imposed caps on project costs are expected to be exceeded, project costs may need to be written off in amounts that could result in significant reductions in Hawaiian Electric’s consolidated net income.

Waena Battery Energy Storage System Project. In September 2020, Maui Electric filed a PUC application to purchase and install a 40-MW BESS at its Waena Site in Central Maui. In December 2023, the PUC approved Maui Electric’s request to commit funds estimated at $82.1 million, for the purchase and installation of the project, and to recover costs for the project under Exceptional Project Recovery Mechanism. Project costs incurred as of September 30, 2025, amount to $18.1 million. In July 2025, the PUC approved the Utilities’ request to authorize recovery of costs in addition to the amounts approved in December 2023 due to the uncertainty of changes in law, limited to the lesser of either the actual costs or 20% over the approved estimated capital costs.

Climate Adaptation Transmission and Distribution Resilience Program. The Utilities maintain that improving resiliency of the electric grid is an urgent matter and recognizes that climate change is making Hawaii increasingly vulnerable to severe weather events. On January 31, 2024, the PUC approved the Utilities’ request to commit an estimated $189.7 million in funds for the Climate Adaptation Transmission and Distribution Resilience Program, over a project period of five years. The project will focus on, among other things, system hardening in wildfire risk areas including installing video camera and weather monitors in wildfire risk areas and strengthening transmission lines to help prevent ignition enable quicker response and to add situational awareness.

The project costs to be recovered through Exceptional Project Recovery Mechanism is subject to a cap of $95 million and any amount in excess will be subject to the PUC’s further review. On August 7, 2024, the Utilities received a notification from the U.S. Department of Energy that their application for $95 million in federal funds under the Infrastructure Investment and Jobs Act (IIJA) was officially awarded. On August 20, 2024, the Utilities submitted a copy of their executed agreement with the Department of Energy to the PUC. On November 18, 2024, the Utilities filed their August 2024 - August 2025 Forward Looking Annual Report. Project costs incurred as of September 30, 2025, amount to $34.2 million.

In 2025, President Trump has issued multiple Executive Orders that impact both IIJA and Inflation Reduction Act funding. At this time, the Utilities believe these Executive Orders could potentially lead to project delays and economic uncertainty; however, the Utilities are still evaluating the potential impact and continue to monitor for any new Executive Orders and any changes that are passed down through the federal contracting officer for the Resilience Program. As of September 30, 2025, the Utilities’ reimbursement requests have been granted.

Performance-based regulation framework. On December 23, 2020, the PUC issued a decision and order (PBR D&O) establishing the PBR Framework to govern the Utilities. The PBR Framework incorporates an annual revenue adjustment (ARA) and a suite of new regulatory mechanisms in addition to previously established regulatory mechanisms. Under the PBR Framework, the decoupling mechanism (i.e., the Revenue Balancing Account (RBA)) established by the previous regulatory framework will continue. The existing cost recovery mechanisms continue as previously implemented (e.g., the Energy Cost Recovery Clause (ECRC), Purchased Power Adjustment Clause (PPAC), Demand-Side Management surcharge, Renewable Energy Infrastructure Program, Demand Response Adjustment Clause, Pension and Other Post-Employment Benefits (OPEB) tracking mechanisms). In addition to annual revenues provided by the ARA, the Utilities may seek relief for extraordinary projects or programs through the Exceptional Project Recovery Mechanism (EPRM) (formerly known as the Major Project Interim Recovery adjustment mechanism) and earn financial rewards for exemplary performance as provided through a portfolio of Performance Incentive Mechanisms (PIMs) and Shared Savings Mechanisms (SSMs). The PBR Framework incorporates a variety of additional performance mechanisms, including Scorecards, Reported Metrics, and an expedited Pilot Process. The PBR Framework also contains a number of safeguards, including a symmetric Earnings Sharing Mechanism (ESM) which protects the Utilities and customers from excessive earnings or losses, as measured by the Utilities’ achieved rate-making return on average common equity (ROACE) and a Re-Opener mechanism, under which the PUC will open an examination, at its discretion, to determine if adjustments or modifications to specific PBR mechanisms are appropriate. The PBR Framework became fully effective on June 1, 2021. Changes to the existing PIMs and SSMs have been made as separate requests and are discussed further below.

On June 19, 2024, and July 30, 2024, the PUC issued orders providing guidance regarding the comprehensive evaluation of the PBR Framework that will commence in the fourth year of the PBR Framework’s first MRP (PBR Framework Review). The current PBR multiyear rate plan (MRP) will end on May 31, 2026, and the next MRP (MRP2) will commence on January 1, 2027. The period in between these dates will be used to address implementation details that may arise ahead of MRP2. The PBR Framework Review, currently regarded as the remaining phases will proceed as follows: (i) Phase 5: the evaluation of the current PBR Framework, (ii) Phase 6: the examination of proposal for modifications to the PBR Framework, and (iii) Phase 7: the implementation of modifications prior to commencing the second MRP. At the PBR working group meetings held on August 30, 2024 and October 25, 2024, the working group discussed issues and considerations regarding re-basing target revenues for MRP2.

In its order issued on February 27, 2025, the PUC concluded that Utilities’ target revenues should be re-based for MRP2 and allowed the Utilities to file a single, consolidated application that presents their requested adjustment to target revenues. The proceeding to re-base the Utilities’ target revenues for MRP2 shall be bifurcated into two tracks, with the first track focused on reaching a decision on the Utilities’ revenue requirements prior to the commencement of MRP2 and the second track focused on making a final determination on the revenue requirement and addressing the rate design component.

On April 4, 2025, the PUC established a briefing schedule for the parties to present their positions regarding their evaluation of the PBR Framework, following the working group meeting held on February 14, 2025. Timely opening and reply briefs were filed by the parties on May 5, 2025 and on May 19, 2025, respectively. On August 13, 2025, the PUC issued an order concluding Phase 5, identifying which specific PBR mechanisms would be prioritized for examination in Phase 6, and provided a tentative schedule framework for Phase 6. The PUC stated that it intends to focus Phase 6 on examining modifications to the inflation factor, customer dividend, ESM, revenue opportunities afforded by the X-Factor and EPRM guidelines, and PIMs portfolio.

On August 28, 2025, the Utilities filed a request to extend the time to file a rate case in order to allow collaboration among the PBR Working Group parties on an alternative rate re-basing proposal that could eliminate the need for a general rate case application and process. Confirmation was also sought that if a non-rate case re-basing proposal is explored but does not result in a proposal supported by the Utilities, they could file a rate case in the second half of 2026 utilizing a 2027 test year. On September 29, 2025, the PUC granted the Utilities’ request, subject to conditions: including (i) the Utilities are not expected to

file their re-basing application by year-end 2025, as originally scheduled, (ii) the Utilities shall collaborate with the parties to attempt to develop an alternative proposal for submission to the PUC no later than January 7, 2026, (iii) if any party opposes or does not agree with any submitted alternative proposal, they shall file a statement describing their opposition and the reasons by January 14, 2026, (iv) if the Parties are unsuccessful at developing an alternative proposal or if the PUC ultimately rejects any submitted alternative proposal, the Utilities shall file their re-basing application in the second half of 2026, using a 2027 test year and (v) depending on outcome, the PUC may defer the start of MRP2 beyond January 2027.

Annual revenue adjustment mechanism. The PBR Framework established a five-year MRP during which there will be no general rate cases. Target revenues are adjusted according to an index-driven ARA based on: (i) an inflation factor, (ii) a predetermined X-factor to encompass productivity, which is set at zero, (iii) a Z-factor to account for exceptional circumstances not in the Utilities’ control and (iv) a customer dividend consisting of a negative adjustment of 0.22% of adjusted revenue requirements compounded annually and a flow through of the “pre-PBR” savings commitment from the management audit recommendations developed in a prior docket at a rate of $6.6 million per year from 2021 to 2025. The ARA mechanism replaced the previous revenue adjustment mechanism (RAM). RAM revenue adjustments approved by the PUC in 2020 continue to be included in the RBA provision’s target revenue and RBA rate adjustment to the extent such adjustments are not included in base rate unless modified with PUC approval.

Earnings sharing mechanism. The PBR Framework established a symmetrical ESM for achieved rate-making ROACE outside of a 300 basis points deadband above or below the current authorized ROACE of 9.5% for each of the Utilities. There is a 50/50 sharing between customers and Utilities for the achieved rate-making ROACE falling within 150 basis points outside of the deadband in either direction, and a 90/10 sharing for any further difference. A reopening or review of the PBR terms may be triggered if the Utilities credit rating outlook indicates a potential credit downgrade below investment grade status, or if its achieved rate-making ROACE enters the outer most tier of the ESM.

Exceptional project recovery mechanism. Prior to the implementation of the PBR Framework, the PUC established the Major Project Interim Recovery (MPIR) adjustment mechanism and MPIR Guidelines. The MPIR mechanism provides the opportunity to recover revenues for net costs of approved eligible projects placed in service between general rate cases. In establishing the PBR Framework, the MPIR Guidelines were terminated and replaced with the EPRM Guidelines. Although the MPIR Guidelines were terminated and replaced by the EPRM Guidelines, the MPIR mechanism continues within the PBR Framework to provide recovery of project costs previously approved for recovery under the MPIR. The established EPRM Guidelines permit the Utilities to include the full amount of approved costs in the EPRM for recovery in the first year the project goes into service, pro-rated for the portion of the year the project is in service. Deferred and other operation and maintenance (O&M) expense projects are also eligible for EPRM recovery under the EPRM Guidelines. EPRM recoverable costs are limited to the lesser of actual incurred project costs or PUC‑approved amounts, net of savings.

As of September 30, 2025, the Utilities annualized MPIR and EPRM revenue amounts totaled $35.7 million, including revenue taxes, for the Schofield Generating Station ($15.6 million), West Loch PV project ($3.1 million), Grid Modernization Strategy Phase 1 project ($14.1 million for all three utilities), Waiawa UFLS project ($0.1 million), Waena Switchyard/Synchronous project ($2.5 million) and Resilience project ($0.3 million) that included the 2024 return on project amount (based on approved amounts) in rate base, depreciation and incremental O&M expenses. The PUC approved the Utilities’ recovery of the annualized 2024 MPIR and EPRM revenues effective June 1, 2025, through the RBA rate adjustment.

Pilot process. As part of the PBR Framework, the PUC approved a pilot process to foster innovation by establishing an expedited implementation process for pilots that tests new technologies, programs, business models, and other arrangements (Pilot Process). Under the Pilot Process, the Utilities submit specific pilot proposals (i.e., pilot notices) that are within the scope of the approved Workplan to the PUC for their expedited review. The PUC will strive to issue an order addressing a proposed pilot within 45 days of the filing date of a pilot notice. If the PUC does not take affirmative action on a pilot notice by the end of the 45-day period, the pilot notice will be considered approved as submitted. The PUC may modify the pilot as originally proposed, and the Utilities will have 15 days to notify the PUC whether the Utilities accept the modification, propose further modification, or withdraw the pilot notice. The PUC may also, where necessary, suspend the pilot notice for further investigation. The approved Pilot Process includes a cost recovery process that generally allows the Utilities to defer and recover total annual expenditures of approved pilot projects net of revenues, subject to an annual cap of $10 million, over 12 months beginning June 1 of the year following pilot implementation through the RBA rate adjustment, although the PUC may


Performance Incentive Mechanisms	Maximum rewards/penalties $	2024 rewards (penalties) earned	2025 rewards (penalties) accrued
Transmission and Distribution-caused SAIDI/SAIFI PIMs	Maximum penalties of $3.6 million for 2024/2025	$(1.0) million	*
Call Center PIM	Maximum reward or penalty of $1.4 million	—	*
Phase 1 RFP PIM	Varies	$0.2 million	$0.3 million
Renewable portfolio standard (RPS) PIM	$10/MWh for above interpolated statutory RPS goal $20/MWh for failing to meet RPS targets in 2030, 2040 and 2045	$1.9 million	*
Interconnection Approval PIM1	Maximum reward of $3.0 million or a total annual maximum penalty of $0.9 million	$2.4 million	Not applicable
Generation-caused SAIDI/SAIFI PIMs	Maximum penalties of approximately $1.0 million	$(0.1) million	*
Interconnection Requirements Study PIM	Varies	—	*
Collective Shared Savings Mechanism	20% share of savings when non-ARA costs in a performance year lower than target year non-ARA costs	$2.8 million	*
Total PIM rewards, net		$6.2 million	$0.3 million

On April 1, 2024, the Utilities filed a request for partial temporary suspension and modification of the Transmission and Distribution (T&D) System Average Interruption Duration Index (SAIDI) and T&D System Average Interruption Frequency Index (SAIFI) PIMs to specifically suspend the T&D SAIDI and T&D SAIFI PIMs for wildfire risk circuits from January 1, 2024 to December 31, 2025. The Utilities also proposed that circuits not identified as wildfire risk circuits would continue to be subject to the existing PIMs on a prorated basis. On December 18, 2024, and clarified on January 15, 2025, the PUC issued orders granting the Utilities’ request to suspend the T&D SAIDI and T&D SAIFI PIMs for wildfire risk circuits from January 1, 2024 to December 31, 2025.

For the 2024 evaluation period, the Utilities earned $6.2 million ($2.5 million for Hawaiian Electric, $3.4 million for Hawaii Electric Light and $0.3 million for Maui Electric) in rewards net of penalties. The net rewards related to 2024 were reflected in the 2025 PIMs annual report and 2025 spring revenue report filings with the exception of the Phase 1 RFP PIM, which was reflected in the 2024 spring revenue report and 2024 fall revenue report filings. For the 2025 evaluation period, the Utilities accrued an additional $0.3 million in rewards for the Phase 1 RFP PIM (for Maui Electric), which were reflected in the 2025 fall revenue report filing.

Annual review cycle. PBR D&O established an annual review cycle for revenue adjustments under the PBR Framework, including the biannual submission of the revenue reports. The Utilities’ 2025 fall revenue report was filed on October 31, 2025, which is subject to PUC approval. The filing reflected ARA revenues for 2026 to be collected from January 1 through December 31, 2026, as follows:


(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
2026 ARA revenue	$	20.4	$	5.0	$	4.9	$	30.3
Management Audit savings commitment	(4.6)		(1.0)		(1.0)		(6.6)


Net 2026 ARA revenues	$	15.8	$	4.0	$	3.9	$	23.7

Honolulu generating units 8 and 9. On December 22, 2023, the PUC issued a D&O approving the Utilities’ request to establish a regulatory asset for the remaining net book value of the fossil fuel generating units for both Honolulu units 8 and 9 assets that retired on December 31, 2023, and amortize the regulatory asset over approximately nine years. The PUC also ruled that the Utilities may seek to include the regulatory asset in rate base and seek to recover the amortization expense and a return on the unamortized balance of the regulatory asset in the next rate case or rate re-setting proceeding. As of September 30, 2025, the Utilities have recorded $24.2 million in regulatory assets for the remaining net book value of Honolulu generating units 8 and 9.

Waiau generating units 3 and 4. On September 30, 2024, the PUC issued a D&O approving the Utilities’ request to establish a regulatory asset for the remaining net book value of the fossil fuel generating units for both Waiau units 3 and 4 assets that retired on December 31, 2024, and amortize the regulatory asset over approximately nine years. The PUC also ruled that the Utilities may seek to include the regulatory asset in rate base and seek to recover the amortization expense and a return on the unamortized balance of the regulatory asset in the next rate case or rate re-setting proceeding. As of September 30, 2025, the Utilities have recorded $13.1 million in regulatory assets for the remaining net book value of Waiau generating units 3 and 4.

In February 2019, the PUC approved a methodology for passing the future cost saving benefits of the ERP/EAM system to customers developed by the Utilities in collaboration with the Consumer Advocate. The Utilities filed a benefits clarification document on June 10, 2019, reflecting $150 million in future net O&M expense reductions and cost avoidance, and $96 million in capital cost reductions and tax savings over the 12-year service life. To the extent the reduction in O&M expense relates to amounts reflected in electric rates, the Utilities would reduce future rates for such amounts. In October 2019, the PUC approved the Utilities and the Consumer Advocate’s Stipulated Performance Metrics and Tracking Mechanism. As part of the settlement agreement approved in the Hawaiian Electric 2020 test year rate case, the regulatory liability for Hawaiian Electric will be amortized over five years, beginning in November 2020, and the O&M benefits for Hawaiian Electric were considered flowed through to customers. On December 29, 2023, the PUC approved the Utilities’ proposal to accelerate flow-through of the ERP benefits savings currently tracked in regulatory liability accounts to Hawaii Electric Light and Maui Electric customers as part of the customer dividend in the ARA, to mitigate the impact of the Utilities’ recovery of the COVID-19 related costs on customers. See “Regulatory assets for COVID-19 related costs” section below.

Regulatory assets for suspension of disconnections related costs. Based on circumstances related to the Maui windstorm and wildfires, on August 31, 2023 and subsequently on October 13, 2023, the PUC issued orders directing all regulated utilities located on, or providing utility service on Maui, among other things, (i) to suspend disconnections of services and associated disconnection fees beginning from August 8, 2023, through the end of the emergency relief period established by the Governor’s Emergency Proclamations related to the Maui windstorm and wildfires, which currently continues through November 10, 2025 (Suspension Period); (ii) to suspend any and all rules and provisions of individual utility tariffs that prevent or condition re-connection of disconnected customers during the Suspension Period; (iii) not to charge customers interest on past due payments or impose any late payment fees through the Suspension Period; (iv) to establish regulatory assets to record costs directly related to the suspension of disconnections, and to record receipt of governmental aid and donation-based aid, loans or grants, and/or all other assistance measures, and any cost savings realized; and (v) to file a notice with the PUC regarding any upcoming application or other request pursuant to HRS Sections 269-16.3, -17, -17.5, -18, -19, or -19.5 and/or regarding any significant financial change to the Maui utility, at least 60 days prior to filing such application or other request with the PUC. The orders also discourage the filing of emergency or general rate increases in response to the emergency situation. In future proceedings, the PUC will assess the utility’s request for recovery of these regulatory assets including whether it is reasonable and necessary, the appropriate period of recovery for the approved amount of regulatory assets, any amount of carrying costs thereon, any savings directly attributable to suspension of disconnects, and other related matters. As of September 30, 2025, the Utilities have recorded $5.1 million in regulatory assets for the incremental costs incurred due to the suspension of disconnections.

Hawaiian Electric unconditionally guarantees Hawaii Electric Light’s and Maui Electric’s obligations (a) to the State of Hawaii for the repayment of principal and interest on Special Purpose Revenue Bonds issued for the benefit of Hawaii Electric Light and Maui Electric and (b) under their respective private placement note agreements and the Hawaii Electric Light notes and Maui Electric notes issued thereunder. Hawaiian Electric is also obligated, after the satisfaction of its obligations on its own preferred stock, to make dividend, redemption and liquidation payments on Hawaii Electric Light’s and Maui Electric’s preferred stock if the respective subsidiary is unable to make such payments.


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	560,118	115,499	112,352	3,000	(3,541)	$	787,428
Expenses
Fuel oil	178,209		22,419	39,919	—	—	240,547
Purchased power	132,075		36,008	15,730	—	—	183,813
Other operation and maintenance	103,940		26,742	33,816	862	(3,541)	161,819
Depreciation	42,576		11,242	10,204	—	—	64,022
Taxes, other than income taxes	53,071		10,779	10,584	—	—	74,434
Total expenses	509,871		107,190	110,253	862	(3,541)	724,635
Operating income	50,247		8,309	2,099	2,138	—	62,793
Allowance for equity funds used during construction	2,800		390	631	—	—	3,821
Equity in earnings of subsidiaries	6,123		—	—	—	(6,123)	—
Retirement defined benefits credit (expense)—other than service costs	867		161	(30)	—	—	998
Interest expense and other charges, net	(16,654)		(2,744)	(4,012)	—	1,296	(22,114)
Allowance for borrowed funds used during construction	1,172		106	222	—	—	1,500
Interest income	2,404		320	33	—	(1,296)	1,461
Income (loss) before income taxes	46,959		6,542	(1,057)	2,138	(6,123)	48,459
Income tax expense (benefit)	9,701		1,407	(686)	551	—	10,973
Net income (loss)	37,258		5,135	(371)	1,587	(6,123)	37,486
Preferred stock dividends of subsidiaries	—		133	95	—	—	228
Net income (loss) attributable to Hawaiian Electric	37,258		5,002	(466)	1,587	(6,123)	37,258
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income (loss) for common stock	$	36,988	5,002	(466)	1,587	(6,123)	$	36,988


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income (loss) for common stock	$	36,988	5,002	(466)	1,587	(6,123)	$	36,988
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes	(576)		(31)	(64)	—	95	(576)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	552		33	57	—	(90)	552
Other comprehensive income (loss), net of taxes	(24)		2	(7)	—	5	(24)
Comprehensive income (loss) attributable to common shareholder	$	36,964	5,004	(473)	1,587	(6,118)	$	36,964


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	592,784	123,238	113,840	2,402	(2,647)	$	829,617
Expenses
Fuel oil	207,498		31,464	40,076	—	—	279,038
Purchased power	135,645		35,291	18,229	—	—	189,165
Other operation and maintenance	105,977		25,614	32,769	484	(2,647)	162,197
Wildfire tort-related claims	130,400		16,300	16,300	—	—	163,000
Depreciation	42,004		10,964	9,844	—	—	62,812
Taxes, other than income taxes	55,787		11,511	10,671	—	—	77,969
Total expenses	677,311		131,144	127,889	484	(2,647)	934,181
Operating income (loss)	(84,527)		(7,906)	(14,049)	1,918	—	(104,564)
Allowance for equity funds used during construction	2,628		256	416	—	—	3,300
Equity in earnings of subsidiaries	(18,558)		—	—	—	18,558	—
Retirement defined benefits credit (expense)—other than service costs	826		162	(29)	—	—	959
Interest expense and other charges, net	(14,870)		(2,760)	(4,324)	—	1,731	(20,223)
Allowance for borrowed funds used during construction	1,055		75	201	—	—	1,331
Interest income	2,971		324	107	—	(1,731)	1,671
Income (loss) before income taxes	(110,475)		(9,849)	(17,678)	1,918	18,558	(117,526)
Income tax expense (benefit)	(28,160)		(2,807)	(4,966)	494	—	(35,439)
Net income (loss)	(82,315)		(7,042)	(12,712)	1,424	18,558	(82,087)
Preferred stock dividends of subsidiaries	—		133	95	—	—	228
Net income (loss) attributable to Hawaiian Electric	(82,315)		(7,175)	(12,807)	1,424	18,558	(82,315)
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income (loss) for common stock	$	(82,585)	(7,175)	(12,807)	1,424	18,558	$	(82,585)


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income (loss) for common stock	$	(82,585)	(7,175)	(12,807)	1,424	18,558	$	(82,585)
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes	(1,331)		(40)	(71)	—	111	(1,331)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	1,333		42	64	—	(106)	1,333
Other comprehensive income (loss), net of taxes	2		2	(7)	—	5	2
Comprehensive income (loss) attributable to common shareholder	$	(82,583)	(7,173)	(12,814)	1,424	18,563	$	(82,583)


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	1,609,625	334,783	325,811	8,808	(10,751)	$	2,268,276
Expenses
Fuel oil	498,376		75,910	115,569	—	—	689,855
Purchased power	374,065		89,155	42,273	—	—	505,493
Other operation and maintenance	298,628		80,525	91,654	3,088	(10,751)	463,144
Depreciation	127,678		33,727	30,610	—	—	192,015
Taxes, other than income taxes	152,587		31,330	30,577	1	—	214,495
Total expenses	1,451,334		310,647	310,683	3,089	(10,751)	2,065,002
Operating income	158,291		24,136	15,128	5,719	—	203,274
Allowance for equity funds used during construction	8,432		1,088	1,588	—	—	11,108
Equity in earnings of subsidiaries	23,615		—	—	—	(23,615)	—
Retirement defined benefits credit (expense)—other than service costs	2,678		497	(74)	—	—	3,101
Interest expense and other charges, net	(49,966)		(8,229)	(11,708)	—	3,631	(66,272)
Allowance for borrowed funds used during construction	3,525		297	557	—	—	4,379
Interest income	7,219		910	159	—	(3,631)	4,657
Income before income taxes	153,794		18,699	5,650	5,719	(23,615)	160,247
Income taxes	29,030		4,000	294	1,473	—	34,797
Net income	124,764		14,699	5,356	4,246	(23,615)	125,450
Preferred stock dividends of subsidiaries	—		401	285	—	—	686
Net income attributable to Hawaiian Electric	124,764		14,298	5,071	4,246	(23,615)	124,764
Preferred stock dividends of Hawaiian Electric	810		—	—	—	—	810
Net income for common stock	$	123,954	14,298	5,071	4,246	(23,615)	$	123,954


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	123,954	14,298	5,071	4,246	(23,615)	$	123,954
Other comprehensive loss, net of taxes:
Retirement benefit plans:
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes	(1,637)		(86)	(191)	—	277	(1,637)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	1,519		77	164	—	(241)	1,519
Other comprehensive loss, net of taxes	(118)		(9)	(27)	—	36	(118)
Comprehensive income attributable to common shareholder	$	123,836	14,289	5,044	4,246	(23,579)	$	123,836


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	1,721,592	358,510	330,669	2,402	(2,647)	$	2,410,526
Expenses
Fuel oil	605,083		91,590	125,313	—	—	821,986
Purchased power	390,302		98,415	41,593	—	—	530,310
Other operation and maintenance	290,578		74,748	90,485	484	(2,647)	453,648
Wildfire tort-related claims	1,500,000		187,500	187,500	—	—	1,875,000
Depreciation	126,011		32,892	29,533	—	—	188,436
Taxes, other than income taxes	162,410		33,411	30,974	—	—	226,795
Total expenses	3,074,384		518,556	505,398	484	(2,647)	4,096,175
Operating income (loss)	(1,352,792)		(160,046)	(174,729)	1,918	—	(1,685,649)
Allowance for equity funds used during construction	8,027		893	1,356	—	—	10,276
Equity in earnings of subsidiaries	(258,633)		—	—	—	258,633	—
Retirement defined benefits credit (expense)—other than service costs	2,681		498	(76)	—	—	3,103
Interest expense and other charges, net	(44,879)		(8,648)	(13,114)	—	5,016	(61,625)
Allowance for borrowed funds used during construction	3,168		267	626	—	—	4,061
Interest income	8,606		720	245	—	(5,016)	4,555
Income (loss) before income taxes	(1,633,822)		(166,316)	(185,692)	1,918	258,633	(1,725,279)
Income tax expense (benefit)	(361,874)		(43,636)	(49,001)	494	—	(454,017)
Net income (loss)	(1,271,948)		(122,680)	(136,691)	1,424	258,633	(1,271,262)
Preferred stock dividends of subsidiaries	—		400	286	—	—	686
Net income (loss) attributable to Hawaiian Electric	(1,271,948)		(123,080)	(136,977)	1,424	258,633	(1,271,948)
Preferred stock dividends of Hawaiian Electric	810		—	—	—	—	810
Net income (loss) for common stock	$	(1,272,758)	(123,080)	(136,977)	1,424	258,633	$	(1,272,758)


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income (loss) for common stock	$	(1,272,758)	(123,080)	(136,977)	1,424	258,633	$	(1,272,758)
Other comprehensive loss, net of taxes:
Retirement benefit plans:
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes	(2,344)		(117)	(187)	—	304	(2,344)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	2,251		112	163	—	(275)	2,251
Other comprehensive loss, net of taxes	(93)		(5)	(24)	—	29	(93)
Comprehensive income (loss) attributable to common shareholder	$	(1,272,851)	(123,085)	(137,001)	1,424	258,662	$	(1,272,851)


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi-diaries	Consoli- dating adjustments	Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	42,860	5,646	3,603	—	—	$	52,109
Plant and equipment	5,626,713		1,539,937	1,470,036	—	—	8,636,686
Right-of-use assets - finance lease	411,545		78,377	50,757	—	—	540,679
Less accumulated depreciation	(2,146,647)		(715,344)	(625,604)	—	—	(3,487,595)
Construction in progress	296,046		45,987	67,702	—	—	409,735
Utility property, plant and equipment, net	4,230,517		954,603	966,494	—	—	6,151,614
Nonutility property, plant and equipment, less accumulated depreciation	1,146		115	1,444	—	—	2,705
Total property, plant and equipment, net	4,231,663		954,718	967,938	—	—	6,154,319
Investment in wholly owned subsidiaries, at equity	704,679		—	—	—	(704,679)	—
Current assets
Cash and cash equivalents	449,024		36,737	3,834	14,276	—	503,871
Advances to affiliates	82,700		—	—	—	(82,700)	—
Customer accounts receivable, net	18,205		3,618	7,105	163,259	—	192,187
Accrued unbilled revenues, net	18,393		5,597	1,212	159,145	—	184,347
Other accounts receivable, net	177,464		54,672	48,421	—	(209,959)	70,598
Fuel oil stock, at average cost	79,663		13,587	17,953	—	—	111,203
Materials and supplies, at average cost	75,551		18,107	39,124	—	—	132,782
Prepayments and other	32,991		7,578	20,174	—	(11,356)	49,387
Regulatory assets	26,049		6,019	3,964	—	—	36,032
Total current assets	960,040		145,915	141,787	336,680	(304,015)	1,280,407
Other long-term assets
Operating lease right-of-use assets	33,285		18,232	5,662	—	—	57,179
Regulatory assets	182,734		22,385	46,086	—	—	251,205
Defined benefit pension and other postretirement benefit plans asset	70,503		31,162	24,688	—	(14,211)	112,142
Investment in unconsolidated affiliate	287,250		—	—	—	—	287,250
Other	236,148		21,282	30,327	—	(39,300)	248,457
Total other long-term assets	809,920		93,061	106,763	—	(53,511)	956,233
Total assets	$	6,706,302	1,193,694	1,216,488	336,680	(1,062,205)	$	8,390,959


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi-diaries	Consoli- dating adjustments	Hawaiian Electric Consolidated
Capitalization and liabilities
Capitalization
Common stock equity	$	1,548,581	258,653	288,206	157,820	(704,679)	$	1,548,581
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,619,250		236,594	201,761	—	—	2,057,605
Total capitalization	3,190,124		502,247	494,967	157,820	(704,679)	3,640,479
Current liabilities
Current portion of operating lease liabilities	5,199		8,410	3,230	—	—	16,839
Current portion of long-term debt, net	61,964		7,995	54,969	—	—	124,928
Short-term borrowings from affiliate	—		—	82,700	—	(82,700)	—
Accounts payable	136,272		40,629	38,043	—	—	214,944
Interest and preferred dividends payable	21,257		3,698	4,354	—	(452)	28,857
Taxes accrued, including revenue taxes	181,990		37,853	34,658	2,611	(11,356)	245,756
Regulatory liabilities	14,936		10,897	11,809	—	—	37,642
Wildfire tort-related claims	383,000		47,875	47,875	—	—	478,750
Other	94,425		32,763	29,697	176,249	(209,507)	123,627
Total current liabilities	899,043		190,120	307,335	178,860	(304,015)	1,271,343
Deferred credits and other liabilities
Operating lease liabilities	31,988		10,132	2,683	—	—	44,803
Finance lease liabilities	384,785		75,556	49,435	—	—	509,776
Deferred income taxes	—		8,711	30,589	—	(39,300)	—
Regulatory liabilities	906,257		231,965	147,657	—	—	1,285,879
Unamortized tax credits	49,387		10,017	10,435	—	—	69,839
Defined benefit pension plans liability	20,531		124	—	—	(14,211)	6,444
Wildfire tort-related claims	1,149,000		143,625	143,625	—	—	1,436,250
Other	75,187		21,197	29,762	—	—	126,146
Total deferred credits and other liabilities	2,617,135		501,327	414,186	—	(53,511)	3,479,137
Total capitalization and liabilities	$	6,706,302	1,193,694	1,216,488	336,680	(1,062,205)	$	8,390,959

December 31, 2024


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi-diaries	Consoli- dating adjustments	Hawaiian Electric Consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	42,860	5,645	3,514	—	—	$	52,019
Plant and equipment	5,502,198		1,501,947	1,417,356	—	—	8,421,501
Finance lease right-of-use assets	360,270		36,074	50,757	—	—	447,101
Less accumulated depreciation	(2,029,719)		(691,161)	(605,744)	—	—	(3,326,624)
Construction in progress	282,150		31,341	52,218	—	—	365,709
Utility property, plant and equipment, net	4,157,759		883,846	918,101	—	—	5,959,706
Nonutility property, plant and equipment, less accumulated depreciation	1,145		115	1,532	—	—	2,792
Total property, plant and equipment, net	4,158,904		883,961	919,633	—	—	5,962,498
Investment in wholly owned subsidiaries, at equity	680,414		—	—	—	(680,414)	—
Current assets
Cash and cash equivalents	118,367		31,534	16,456	17,791	—	184,148
Advances to affiliates	62,200		—	—	—	(62,200)	—
Customer accounts receivable, net	19,050		7,245	8,941	164,662	—	199,898
Accrued unbilled revenues, net	12,738		4,046	1,890	160,047	—	178,721
Other accounts receivable, net	209,752		58,366	51,465	—	(249,946)	69,637
Fuel oil stock, at average cost	70,800		13,764	14,339	—	—	98,903
Materials and supplies, at average cost	69,602		15,506	33,358	—	—	118,466
Prepayments and other	110,516		16,662	30,747	—	(6,705)	151,220
Regulatory assets	36,520		8,211	9,164	—	—	53,895
Total current assets	709,545		155,334	166,360	342,500	(318,851)	1,054,888
Other long-term assets
Operating lease right-of-use assets	29,868		22,672	6,741	—	—	59,281
Regulatory assets	172,257		18,875	36,292	—	—	227,424
Defined benefit pension and other postretirement benefit plans asset	66,292		30,397	24,128	—	(11,998)	108,819
Other	194,006		18,612	21,702	—	(33,626)	200,694
Total other long-term assets	462,423		90,556	88,863	—	(45,624)	596,218
Total assets	$	6,011,286	1,129,851	1,174,856	342,500	(1,044,889)	$	7,613,604


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi-diaries	Consoli- dating adjustments	Hawaiian Electric Consolidated
Capitalization and liabilities
Capitalization
Common stock equity	$	1,156,955	243,964	282,876	153,574	(680,414)	$	1,156,955
Cumulative preferred stock—not subject to mandatory redemption	22,293		7,000	5,000	—	—	34,293
Long-term debt, net	1,353,173		244,466	256,575	—	—	1,854,214
Total capitalization	2,532,421		495,430	544,451	153,574	(680,414)	3,045,462
Current liabilities
Current portion of operating lease liabilities	4,430		7,802	2,970	—	—	15,202
Current portion of long-term debt, net	40,000		5,000	2,000	—	—	47,000
Short-term borrowings-non-affiliate, net	48,623		—	—	—	—	48,623
Short-term borrowings-affiliate	—		—	62,200	—	(62,200)	—
Accounts payable	137,837		27,077	32,066	—	—	196,980
Interest and preferred dividends payable	15,994		3,191	2,701	—	(350)	21,536
Taxes accrued, including revenue taxes	197,768		42,692	37,108	1,138	(6,705)	272,001
Regulatory liabilities	11,701		10,039	4,828	—	—	26,568
Wildfire tort-related claims	383,000		47,875	47,875	—	—	478,750
Other	103,415		35,492	43,913	187,788	(249,597)	121,011
Total current liabilities	942,768		179,168	235,661	188,926	(318,852)	1,227,671
Deferred credits and other liabilities
Operating lease liabilities	29,830		15,230	4,075	—	—	49,135
Finance lease liabilities	341,364		34,370	49,891	—	—	425,625
Deferred income taxes	—		5,368	28,257	—	(33,625)	—
Regulatory liabilities	864,259		222,834	130,422	—	—	1,217,515
Unamortized tax credits	54,950		10,757	10,969	—	—	76,676
Defined benefit pension plan liability	18,301		125	—	—	(11,998)	6,428
Wildfire tort-related claims	1,149,000		143,625	143,625	—	—	1,436,250
Other	78,393		22,944	27,505	—	—	128,842
Total deferred credits and other liabilities	2,536,097		455,253	394,744	—	(45,623)	3,340,471
Total capitalization and liabilities	$	6,011,286	1,129,851	1,174,856	342,500	(1,044,889)	$	7,613,604

Nine months ended September 30, 2025


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Balance, December 31, 2024	$	1,156,955	243,964	282,876	153,574	(680,414)	$	1,156,955
Net income for common stock	123,954		14,298	5,071	4,246	(23,615)	123,954
Other comprehensive loss, net of tax benefits	(118)		(9)	(27)	—	36	(118)
Common stock dividends	(20,000)		—	—	—	—	(20,000)
Additional paid-in capital	287,790		400	286	—	(686)	287,790
Balance, September 30, 2025	$	1,548,581	258,653	288,206	157,820	(704,679)	$	1,548,581

Nine months ended September 30, 2024


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Balance, December 31, 2023	$	2,409,110	359,790	362,344	77	(722,211)	$	2,409,110
Net income (loss) for common stock	(1,272,758)		(123,080)	(136,977)	1,424	258,633	(1,272,758)
Other comprehensive loss, net of tax benefits	(93)		(5)	(24)	—	29	(93)
Issuance of common stock, net of expenses	—		—	55,000	150,215	(205,215)	—
Common stock dividends	$	(26,000)	—	—	—	—	$	(26,000)
Additional paid-in capital	$	—	400	286	—	(686)	$	—
Balance, September 30, 2024	$	1,110,259	237,105	280,629	151,716	(669,450)	$	1,110,259

Nine months ended September 30, 2025


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net cash provided by operating activities	$	228,320	54,543	40,655	(3,515)	—	$	320,003
Cash flows from investing activities
Capital expenditures	(130,207)		(49,738)	(73,982)	—	—	(253,927)
Advances to affiliates	(20,500)		—	—	—	20,500	—
Other	4,073		1,163	1,009	—	—	6,245
Net cash used in investing activities	(146,634)		(48,575)	(72,973)	—	20,500	(247,682)
Cash flows from financing activities
Common stock dividends	(20,000)		—	—	—	—	(20,000)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,496)		—	—	—	—	(1,496)
Proceeds from capital contribution from parent	540		—	—	—	—	540
Repayment of short-term debt	(50,000)		—	—	—	—	(50,000)
Proceeds from issuance of long-term debt	500,000		—	—	—	—	500,000
Net increase in short-term borrowings from affiliate with original maturities of three months or less	—		—	20,500	—	(20,500)	—
Repayment of long-term debt	(166,000)		—	—	—	—	(166,000)
Payments of obligations under finance leases	(6,087)		(623)	(453)	—	—	(7,163)
Other	(7,986)		(142)	(351)	—	—	(8,479)
Net cash provided by (used in) financing activities	248,971		(765)	19,696	—	(20,500)	247,402
Net increase (decrease) in cash and cash equivalents	330,657		5,203	(12,622)	(3,515)	—	319,723
Cash and cash equivalents, beginning of period	118,367		31,534	16,456	17,791	—	184,148
Cash and cash equivalents, end of period	$	449,024	36,737	3,834	14,276	—	$	503,871

Nine months ended September 30, 2024


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net cash provided by (used in) operating activities	$	237,155	54,936	41,851	(9,212)	(2,082)	$	322,648
Cash flows from investing activities
Capital expenditures	(141,000)		(39,405)	(63,895)	—	—	(244,300)
Advances to affiliates	(30,700)		—	—	—	30,700	—
Other	(18,696)		523	(1,012)	—	21,882	2,697
Net cash used in investing activities	(190,396)		(38,882)	(64,907)	—	52,582	(241,603)
Cash flows from financing activities
Common stock dividends	(26,000)		—	—	—	—	(26,000)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(1,496)		—	—	—	—	(1,496)
Proceeds from issuance of common stock	—		—	—	19,800	(19,800)	—
Net increase in short-term borrowings from affiliate with original maturities of three months or less	—		—	30,700	—	(30,700)	—
Payments of obligations under finance leases	(5,233)		(470)	(173)	—	—	(5,876)
Other	(4,393)		(508)	(1,225)	—	—	(6,126)
Net cash provided by (used in) financing activities	(37,122)		(978)	29,302	19,800	(50,500)	(39,498)
Net increase in cash, cash equivalents and restricted cash	9,637		15,076	6,246	10,588	—	41,547
Cash, cash equivalents and restricted cash, beginning of period	91,755		10,658	5,587	77	—	108,077
Cash, cash equivalents and restricted cash, end of period	101,392		25,734	11,833	10,665	—	149,624
Less: Restricted cash	(2,000)		—	—	—	—	(2,000)
Cash and cash equivalents, end of period	$	99,392	25,734	11,833	10,665	—	$	147,624