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Electric utility segment (Tables)

9 Months Ended

Sep. 30, 2025

Electric Utility Subsidiary [Abstract]

Purchases from all IPPs were as follows:


	Three months ended September 30				Nine months ended September 30
(in millions)	2025		2024		2025		2024
Kalaeloa Partners, L.P.	$	73	$	74	$	201	$	219

HPOWER	16		20		55		53
Puna Geothermal Venture	12		15		31		42
Hamakua Energy	11		9		24		25
Kapolei Energy Storage	6		6		18		18
Wind IPPs	33		37		90		104
Solar IPPs	31		26		82		62
Other IPPs 1	1		2		4		7
Total IPPs	$	183	$	189	$	505	$	530

1 Includes hydro power and other PPAs.

Schedule of PIM Rewards

The following PIMs and SSMs were approved by the PUC and are applicable to the 2024 and 2025 evaluation periods. PIMs and SSMs are determined at the end of their respective evaluation periods. Unless otherwise specified, the evaluation period is the 12‑month calendar year period ending December 31 over which measured performance is determined.


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

1 The Interconnection Approval PIM expired as of December 31, 2024.

* PIMs will be measured at the end of the year.

Schedule of Net Annual Incremental Amounts Proposed to be Collected (Refunded)

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

Note: Columns may not foot due to rounding.

The proposed net incremental amounts between the 2025 spring and 2025 fall revenue reports are shown in the following table. The amounts are to be collected (refunded) from January 1, 2026, through December 31, 2026, under the RBA rate tariffs, which were proposed in the 2025 fall revenue report filing.


(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
2026 ARA revenues	$	20.4	$	5.0	$	4.9	$	30.3
Annual change in accrued RBA balance through September 30, 2025 (and associated revenue taxes)	(18.6)		(1.3)		(10.7)		(30.6)
Incremental Performance Incentive Mechanisms (net)	—		(0.1)		0.3		0.2






Net incremental amount to be collected under the RBA rate tariffs	$	1.8	$	3.6	$	(5.5)	$	(0.1)

Note: Columns may not foot due to rounding.

Schedule of Condensed Consolidating Statements of Income

Condensed Consolidating Statement of Income

Three months ended September 30, 2025


(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

Condensed Consolidating Statement of Income

Three months ended September 30, 2024


(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)

Condensed Consolidating Statement of Income

Nine months ended September 30, 2025


(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

Condensed Consolidating Statement of Income

Nine months ended September 30, 2024


(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)

Schedule of Condensed Consolidating Statement of Comprehensive Income

Condensed Consolidating Statement of Comprehensive Income

Three months ended September 30, 2025


(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

Condensed Consolidating Statement of Comprehensive Income

Three months ended September 30, 2024


(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)

Condensed Consolidating Statement of Comprehensive Income

Nine months ended September 30, 2025


(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

Condensed Consolidating Statement of Comprehensive Income

Nine months ended September 30, 2024


(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)

Schedule of Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet

September 30, 2025


(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

(continued)

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidating Balance Sheet (continued)

September 30, 2025


(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

Condensed Consolidating Balance Sheet

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

(continued)

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidating Balance Sheet (continued)

December 31, 2024


(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

Schedule of Condensed Consolidating Statement of Changes in Common Stock Equity

Condensed Consolidating Statement of Changes in Common Stock Equity

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

Condensed Consolidating Statement of Changes in Common Stock Equity

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

Schedule of Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

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

Condensed Consolidating Statement of Cash Flows

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

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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