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Electric utility segment (Tables)

3 Months Ended

Mar. 31, 2026

Electric Utility Subsidiary [Abstract]

Purchases from all IPPs were as follows:


	Three months ended March 31
(in millions)		2026		2025
Kalaeloa Partners, L.P.		$	57	$	59
HPOWER		13		19
Hamakua Energy		12		5
Puna Geothermal Venture		9		13
Kapolei Energy Storage		6		6
Solar IPPs		27		22
Wind IPPs		20		21
Other IPPs 1		1		2
Total IPPs		$	145	$	147

1 Includes hydro power and other PPAs.

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

The filing reflected ARA revenues for the third year recovery of the COVID-19 related deferred costs through the Z-factor and the accelerated return of the Enterprise Resource Planning system benefits savings to Hawaii Electric Light and Maui Electric customers as part of the customer dividend, as follows:


(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
2026 ARA revenues	$	20.4	$	5.0	$	4.9	$	30.3
Management Audit savings commitment	(4.6)		(1.0)		(1.0)		(6.6)
Recovery of COVID-19 related costs	1.8		0.4		0.5		2.7
Return of Enterprise Resource Planning benefit liability	—		(1.3)		(2.0)		(3.3)
Net 2026 ARA revenues	$	17.6	$	3.1	$	2.4	$	23.1

Note: Columns may not foot due to rounding.

The net incremental amounts between the 2025 fall and 2026 spring revenue reports are shown in the following table. The amounts are to be collected (refunded) from June 1, 2026, through May 31, 2027, under the RBA rate tariffs, which were included in the 2026 spring revenue report filing.


(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
Incremental ARA revenues	$	(0.4)	$	(0.1)	$	(0.1)	$	(0.6)
Incremental PIMs (net)	(2.5)		2.2		1.4		1.1
Incremental MPIR/EPRM revenue adjustment	0.7		1.1		1.8		3.6
Incremental Pilot Process cost recovery	(0.6)		(0.2)		(0.1)		(0.9)
Net incremental amount to be collected under the RBA rate tariffs	$	(2.8)	$	3.0	$	3.0	$	3.2

Note: Columns may not foot due to rounding.

Schedule of Condensed Consolidating Statements of Income

Condensed Consolidating Statement of Income

Three months ended March 31, 2026


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric consolidated
Revenues	$	528,359	110,122	106,099	2,954	(3,494)	$	744,040
Expenses
Fuel oil	176,678		21,832	38,403	—	—	236,913
Purchased power	102,996		31,614	10,664	—	—	145,274
Other operation and maintenance	106,440		27,970	30,354	947	(3,494)	162,217
Depreciation	44,079		11,670	10,697	—	—	66,446
Taxes, other than income taxes	50,271		10,338	10,048	—	—	70,657
Total expenses	480,464		103,424	100,166	947	(3,494)	681,507
Operating income	47,895		6,698	5,933	2,007	—	62,533
Allowance for equity funds used during construction	2,818		304	642	—	—	3,764
Equity in earnings of subsidiaries	7,174		—	—	—	(7,174)	—
Retirement defined benefits credit (expense)—other than service costs	903		170	(23)	—	—	1,050
Interest expense and other charges, net	(22,151)		(3,194)	(4,550)	—	2,019	(27,876)
Allowance for borrowed funds used during construction	1,281		88	336	—	—	1,705
Interest income	5,468		378	41	—	(2,019)	3,868
Income before income taxes	43,388		4,444	2,379	2,007	(7,174)	45,044
Income tax expense	8,045		886	253	517	—	9,701
Net income for common stock	$	35,343	3,558	2,126	1,490	(7,174)	$	35,343

Condensed Consolidating Statement of Income

Three months ended March 31, 2025


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric consolidated
Revenues	$	524,703	108,311	105,702	2,944	(3,294)	$	738,366
Expenses
Fuel oil	171,793		26,794	40,134	—	—	238,721
Purchased power	110,731		25,490	10,496	—	—	146,717
Other operation and maintenance	91,493		28,034	26,211	664	(3,294)	143,108
Depreciation	42,573		11,243	10,203	—	—	64,019
Taxes, other than income taxes	49,779		10,179	9,906	—	—	69,864
Total expenses	466,369		101,740	96,950	664	(3,294)	662,429
Operating income	58,334		6,571	8,752	2,280	—	75,937
Allowance for equity funds used during construction	2,795		347	443	—	—	3,585
Equity in earnings of subsidiaries	9,725		—	—	—	(9,725)	—
Retirement defined benefits credit (expense)—other than service costs	905		168	(22)	—	—	1,051
Interest expense and other charges, net	(17,024)		(2,747)	(3,804)	—	1,123	(22,452)
Allowance for borrowed funds used during construction	1,168		95	154	—	—	1,417
Interest income	2,788		229	87	—	(1,123)	1,981
Income before income taxes	58,691		4,663	5,610	2,280	(9,725)	61,519
Income tax expense	10,605		933	1,079	587	—	13,204
Net income	48,086		3,730	4,531	1,693	(9,725)	48,315
Preferred stock dividends of subsidiaries	—		134	95	—	—	229
Net income attributable to Hawaiian Electric	48,086		3,596	4,436	1,693	(9,725)	48,086
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	47,816	3,596	4,436	1,693	(9,725)	$	47,816

Schedule of Condensed Consolidating Statement of Comprehensive Income

Condensed Consolidating Statement of Comprehensive Income

Three months ended March 31, 2026


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric consolidated
Net income for common stock	$	35,343	3,558	2,126	1,490	(7,174)	$	35,343
Other comprehensive loss, net of tax benefits:
Retirement benefit plans:
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes	(483)		(39)	(66)	—	105	(483)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory accounts, net of taxes	436		35	54	—	(89)	436
Other comprehensive loss, net of tax benefits	(47)		(4)	(12)	—	16	(47)
Comprehensive income attributable to common shareholder	$	35,296	3,554	2,114	1,490	(7,158)	$	35,296

Condensed Consolidating Statement of Comprehensive Income

Three months ended March 31, 2025


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric consolidated
Net income for common stock	$	47,816	3,596	4,436	1,693	(9,725)	$	47,816
Other comprehensive loss, net of tax benefits:
Retirement benefit plans:
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes	(530)		(29)	(65)	—	94	(530)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory accounts, net of taxes	483		22	54	—	(76)	483
Other comprehensive loss, net of tax benefits	(47)		(7)	(11)	—	18	(47)
Comprehensive income attributable to common shareholder	$	47,769	3,589	4,425	1,693	(9,707)	$	47,769

Schedule of Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet

March 31, 2026


(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	5,644	3,603	—	—	$	52,107
Plant and equipment	5,691,682		1,577,167	1,500,314	—	—	8,769,163
Right-of-use assets - finance lease	411,545		77,183	50,757	—	—	539,485
Less accumulated depreciation	(2,204,910)		(724,415)	(632,171)	—	—	(3,561,496)
Construction in progress	328,548		36,072	69,805	—	—	434,425
Utility property, plant and equipment, net	4,269,725		971,651	992,308	—	—	6,233,684
Nonutility property, plant and equipment, less accumulated depreciation	1,146		115	1,444	—	—	2,705
Total property, plant and equipment, net	4,270,871		971,766	993,752	—	—	6,236,389
Investment in wholly owned subsidiaries, at equity	741,454		—	—	—	(741,454)	—
Current assets
Cash and cash equivalents	365,123		44,588	3,949	23,149	—	436,809
Advances to affiliates	10,000		—	—	—	(10,000)	—
Customer accounts receivable, net	1,092		4,140	3,402	160,903	—	169,537
Accrued unbilled revenues, net	4,511		5,096	—	156,115	—	165,722
Other accounts receivable, net	174,090		54,761	47,054	—	(208,615)	67,290
Fuel oil stock, at average cost	94,326		13,317	16,897	—	—	124,540
Materials and supplies, at average cost	76,809		20,489	37,672	—	—	134,970
Prepayments and other	62,090		8,667	13,299	—	(2,951)	81,105
Regulatory assets	33,905		7,864	6,584	—	—	48,353
Total current assets	821,946		158,922	128,857	340,167	(221,566)	1,228,326
Other long-term assets
Operating lease right-of-use assets	33,459		14,176	4,133	—	—	51,768
Regulatory assets	180,464		28,343	54,372	—	—	263,179
Defined benefit pension and other postretirement benefit plans asset	134,961		45,998	39,073	—	—	220,032
Investment in unconsolidated affiliate	287,250		—	—	—	—	287,250
Other	344,590		17,161	27,368	—	(152,131)	236,988
Total other long-term assets	980,724		105,678	124,946	—	(152,131)	1,059,217
Total assets	$	6,814,995	1,236,366	1,247,555	340,167	(1,115,151)	$	8,523,932

(continued)

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidating Balance Sheet (continued)

March 31, 2026


(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	$	1,608,695	279,886	300,573	160,995	(741,454)	$	1,608,695
Long-term debt, net	1,619,786		261,635	291,796	—	(115,000)	2,058,217
Total capitalization	3,228,481		541,521	592,369	160,995	(856,454)	3,666,912
Current liabilities
Current portion of operating lease liabilities	5,704		8,734	3,318	—	—	17,756
Current portion of long-term debt, net	61,995		7,999	54,996	—	—	124,990
Short-term borrowings from affiliate	—		—	10,000	—	(10,000)	—
Accounts payable	153,580		33,123	32,205	—	—	218,908
Interest and preferred dividends payable	35,846		4,255	6,038	—	(2,887)	43,252
Taxes accrued, including revenue taxes	154,049		32,306	29,013	3,712	(2,951)	216,129
Regulatory liabilities	9,003		13,029	13,530	—	—	35,562
Wildfire tort-related claims	383,000		47,875	47,875	—	—	478,750
Other	86,709		29,218	26,888	175,460	(205,728)	112,547
Total current liabilities	889,886		176,539	223,863	179,172	(221,566)	1,247,894
Deferred credits and other liabilities
Operating lease liabilities	31,539		5,688	1,009	—	—	38,236
Finance lease liabilities	379,617		73,796	49,113	—	—	502,526
Deferred income taxes	—		12,729	24,402	—	(37,131)	—
Regulatory liabilities	994,748		252,149	167,010	—	—	1,413,907
Unamortized tax credits	46,511		9,535	9,849	—	—	65,895
Defined benefit pension plans liability	6,795		121	—	—	—	6,916
Wildfire tort-related claims	1,149,000		143,625	143,625	—	—	1,436,250
Other	88,418		20,663	36,315	—	—	145,396
Total deferred credits and other liabilities	2,696,628		518,306	431,323	—	(37,131)	3,609,126
Total capitalization and liabilities	$	6,814,995	1,236,366	1,247,555	340,167	(1,115,151)	$	8,523,932

Condensed Consolidating Balance Sheet

December 31, 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	5,644	3,603	—	—	$	52,107
Plant and equipment	5,667,936		1,564,628	1,487,053	—	—	8,719,617
Right-of-use assets - finance lease	411,545		77,183	50,757	—	—	539,485
Less accumulated depreciation	(2,165,110)		(716,715)	(626,767)	—	—	(3,508,592)
Construction in progress	283,687		34,021	64,439	—	—	382,147
Utility property, plant and equipment, net	4,240,918		964,761	979,085	—	—	6,184,764
Nonutility property, plant and equipment, less accumulated depreciation	1,146		115	1,444	—	—	2,705
Total property, plant and equipment, net	4,242,064		964,876	980,529	—	—	6,187,469
Investment in wholly owned subsidiaries, at equity	734,296		—	—	—	(734,296)	—
Current assets
Cash and cash equivalents	396,215		56,563	8,572	24,870	—	486,220
Customer accounts receivable, net	7,278		2,987	3,942	158,687	—	172,894
Accrued unbilled revenues, net	24,826		7,462	600	159,145	—	192,033
Other accounts receivable, net	196,783		55,970	50,838	—	(227,245)	76,346
Fuel oil stock, at average cost	84,938		11,997	16,647	—	—	113,582
Materials and supplies, at average cost	75,754		19,184	37,865	—	—	132,803
Prepayments and other	38,321		9,657	12,451	—	(2,449)	57,980
Regulatory assets	32,461		10,279	7,299	—	—	50,039
Total current assets	856,576		174,099	138,214	342,702	(229,694)	1,281,897
Other long-term assets
Operating lease right-of-use assets	34,743		16,219	4,901	—	—	55,863
Regulatory assets	177,678		28,245	52,153	—	—	258,076
Defined benefit pension and other postretirement benefit plans asset	134,785		45,794	38,898	—	—	219,477
Investment in unconsolidated affiliate	287,250		—	—	—	—	287,250
Other	344,052		18,374	28,976	—	(150,914)	240,488
Total other long-term assets	978,508		108,632	124,928	—	(150,914)	1,061,154
Total assets	$	6,811,444	1,247,607	1,243,671	342,702	(1,114,904)	$	8,530,520

(continued)

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidating Balance Sheet (continued)

December 31, 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	$	1,583,399	276,332	298,459	159,505	(734,296)	$	1,583,399
Long-term debt, net	1,619,482		261,614	291,778	—	(115,000)	2,057,874
Total capitalization	3,202,881		537,946	590,237	159,505	(849,296)	3,641,273
Current liabilities
Current portion of operating lease liabilities	5,716		8,570	3,279	—	—	17,565
Current portion of long-term debt, net	61,980		7,997	54,982	—	—	124,959
Accounts payable	150,843		34,072	32,288	—	—	217,203
Interest and preferred dividends payable	22,582		3,440	3,114	—	(1,112)	28,024
Taxes accrued, including revenue taxes	184,339		40,720	37,374	3,195	(2,449)	263,179
Regulatory liabilities	23,127		12,410	16,460	—	—	51,997
Wildfire tort-related claims	386,500		47,875	47,875	—	—	482,250
Other	93,475		37,759	34,175	180,002	(226,133)	119,278
Total current liabilities	928,562		192,843	229,547	183,197	(229,694)	1,304,455
Deferred credits and other liabilities
Operating lease liabilities	32,974		7,932	1,847	—	—	42,753
Finance lease liabilities	382,227		74,087	49,276	—	—	505,590
Deferred income taxes	—		12,089	23,825	—	(35,914)	—
Regulatory liabilities	980,131		248,885	163,131	—	—	1,392,147
Unamortized tax credits	47,973		9,794	10,151	—	—	67,918
Defined benefit pension plan liability	6,788		121	—	—	—	6,909
Wildfire tort-related claims	1,149,000		143,625	143,625	—	—	1,436,250
Other	80,908		20,285	32,032	—	—	133,225
Total deferred credits and other liabilities	2,680,001		516,818	423,887	—	(35,914)	3,584,792
Total capitalization and liabilities	$	6,811,444	1,247,607	1,243,671	342,702	(1,114,904)	$	8,530,520

Schedule of Condensed Consolidating Statement of Changes in Common Stock Equity

Condensed Consolidating Statement of Changes in Common Stock Equity

Three months ended March 31, 2026


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric consolidated
Balance, December 31, 2025	$	1,583,399	276,332	298,459	159,505	(734,296)	$	1,583,399
Net income for common stock	35,343		3,558	2,126	1,490	(7,174)	35,343
Other comprehensive loss, net of tax benefits	(47)		(4)	(12)	—	16	(47)
Common stock dividends	(10,000)		—	—	—	—	(10,000)
Balance, March 31, 2026	$	1,608,695	279,886	300,573	160,995	(741,454)	$	1,608,695

Condensed Consolidating Statement of Changes in Common Stock Equity

Three months ended March 31, 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	47,816		3,596	4,436	1,693	(9,725)	47,816
Other comprehensive loss, net of tax benefits	(47)		(7)	(11)	—	18	(47)
Additional paid-in capital	287,520		133	95	—	(228)	287,520
Balance, March 31, 2025	$	1,492,244	247,686	287,396	155,267	(690,349)	$	1,492,244

Schedule of Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

Three months ended March 31, 2026


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric consolidated
Net cash provided by (used in) operating activities	$	51,869	7,119	9,678	(1,721)	(2,022)	$	64,923
Cash flows from investing activities
Capital expenditures	(61,500)		(18,602)	(23,154)	—	—	(103,256)
Advances to affiliates	(10,000)		—	—	—	10,000	—
Other	921		(226)	(1,004)	—	2,022	1,713
Net cash used in investing activities	(70,579)		(18,828)	(24,158)	—	12,022	(101,543)
Cash flows from financing activities
Common stock dividends	(10,000)		—	—	—	—	(10,000)
Net increase in short-term borrowings from affiliate	—		—	10,000	—	(10,000)	—
Payments of obligations under finance leases	(2,382)		(266)	(143)	—	—	(2,791)
Net cash provided by (used in) financing activities	(12,382)		(266)	9,857	—	(10,000)	(12,791)
Net decrease in cash and cash equivalents	(31,092)		(11,975)	(4,623)	(1,721)	—	(49,411)
Cash and cash equivalents, beginning of period	396,215		56,563	8,572	24,870	—	486,220
Cash and cash equivalents, end of period	$	365,123	44,588	3,949	23,149	—	$	436,809

Condensed Consolidating Statement of Cash Flows

Three months ended March 31, 2025


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric consolidated
Net cash provided by operating activities	$	63,617	10,929	2,090	2,611	(233)	$	79,014
Cash flows from investing activities
Capital expenditures	(45,122)		(13,854)	(26,150)	—	—	(85,126)
Advances to affiliates	(14,000)		—	—	—	14,000	—
Other	582		164	1	—	233	980
Net cash used in investing activities	(58,540)		(13,690)	(26,149)	—	14,233	(84,146)
Cash flows from financing activities
Preferred stock dividends of Hawaiian Electric and subsidiaries	(499)		—	—	—	—	(499)
Proceeds from capital contribution from parent	270		—	—	—	—	270
Net increase in short-term borrowings from affiliate	—		—	14,000	—	(14,000)	—
Repayment of long-term debt	(45,000)		—	—	—	—	(45,000)
Payments of obligations under finance leases	(1,972)		(163)	(177)	—	—	(2,312)
Other	(752)		(87)	(210)	—	—	(1,049)
Net cash provided by (used in) financing activities	(47,953)		(250)	13,613	—	(14,000)	(48,590)
Net increase (decrease) in cash and cash equivalents	(42,876)		(3,011)	(10,446)	2,611	—	(53,722)
Cash and cash equivalents, beginning of period	118,367		31,534	16,456	17,791	—	184,148
Cash and cash equivalents, end of period	$	75,491	28,523	6,010	20,402	—	$	130,426

- 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.

+ References + Details