Retirement benefits

9 Months Ended

Sep. 30, 2025

Retirement Benefits [Abstract]

Retirement benefits

Retirement benefits

Unless otherwise noted, references within the retirement benefit footnote exclude discontinued operations.

Defined benefit pension and other postretirement benefit plans information.  The Company contributed $6 million ($6 million by the Utilities) to its pension and other postretirement benefit plans during the first nine months of 2025, compared to $5 million ($5 million by the Utilities) during the first nine months of 2024. The Company’s current estimate of total contributions to its pension and other postretirement benefit plans in 2025 is $12 million ($11 million by the Utilities), compared to $9 million ($9 million by the Utilities) in 2024. In addition, the Company expects to pay directly $3 million ($1 million by the Utilities) of benefits in 2025, compared to $2 million ($1 million by the Utilities) paid in 2024.

The components of net periodic pension costs and net periodic benefit costs for HEI consolidated and Hawaiian Electric consolidated were as follows:

	Three months ended September 30								Nine months ended September 30
	Pension benefits				Other benefits				Pension benefits				Other benefits
(in thousands)	2025		2024		2025		2024		2025		2024		2025		2024
HEI consolidated
Service cost	$	10,900	$	11,973	$	245	$	270	$	30,796	$	34,327	$	741	$	833
Interest cost	27,999		25,478		1,819		1,803		80,608		76,376		5,461		5,525
Expected return on plan assets	(33,845)		(34,606)		(3,512)		(3,490)		(101,558)		(103,800)		(10,532)		(10,462)
Amortization of net actuarial (gain)/losses	79		123		(808)		(758)		209		251		(2,300)		(2,172)
Net periodic pension/benefit cost (return)	5,133		2,968		(2,256)		(2,175)		10,055		7,154		(6,630)		(6,276)
Impact of PUC D&Os	15,200		17,406		2,138		2,052		50,799		53,585		6,187		5,827
Net periodic pension/benefit cost (return) (adjusted for impact of PUC D&Os)	$	20,333	$	20,374	$	(118)	$	(123)	$	60,854	$	60,739	$	(443)	$	(449)
Hawaiian Electric consolidated
Service cost	$	10,655	$	11,670	$	242	$	266	$	30,065	$	33,502	$	732	$	822
Interest cost	27,101		24,615		1,731		1,721		77,960		73,869		5,212		5,279
Expected return on plan assets	(33,041)		(33,769)		(3,464)		(3,438)		(99,142)		(101,321)		(10,387)		(10,306)
Amortization of net actuarial (gain)/losses	34		51		(811)		(742)		81		74		(2,285)		(2,130)
Net periodic pension/benefit cost (return)	4,749		2,567		(2,302)		(2,193)		8,964		6,124		(6,728)		(6,335)
Impact of PUC D&Os	15,200		17,406		2,138		2,052		50,799		53,585		6,187		5,827
Net periodic pension/benefit cost (return) (adjusted for impact of PUC D&Os)	$	19,949	$	19,973	$	(164)	$	(141)	$	59,763	$	59,709	$	(541)	$	(508)

HEI consolidated recorded retirement benefits expense of $35 million ($34 million by the Utilities) in the first nine months of 2025, comparable to 2024, and charged the remaining net periodic benefit cost primarily to electric utility plant.

The Utilities have implemented pension and OPEB tracking mechanisms under which all of their retirement benefit expenses (except for executive life and nonqualified pension plan expenses) determined in accordance with GAAP are recovered over time. Under the tracking mechanisms, any actual costs determined in accordance with GAAP that are over/under amounts allowed in rates are charged/credited to a regulatory asset/liability. The regulatory asset/liability for each utility will then be amortized over five years beginning with the respective utility’s next rate case.

Defined contribution plans information.  For the first nine months of 2025 and 2024, the Company’s expenses and cash contributions for its defined contribution plans under the Hawaiian Electric Industries Retirement Savings Plan were $6.2 million and $5.7 million, respectively. For the first nine months of 2025 and 2024, the Utilities’ expenses and cash

contributions for its defined contribution plan under the Hawaiian Electric Industries Retirement Savings Plan were $5.9 million and $5.5 million, respectively.