Share-based compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense and Related Income Tax Benefit

Share-based compensation expense and the related income tax benefit were as follows:

	Three months ended March 31
(in millions)	2026		2025
HEI consolidated
Share-based compensation expense1	$	1.2	$	0.8
Income tax benefit	0.1		0.1
Hawaiian Electric consolidated
Share-based compensation expense1	0.8		0.5
Income tax benefit	0.1		0.1

1    For the three months ended March 31, 2026 and 2025, the Company has not capitalized any share-based compensation.

Schedule of Restricted Stock Units

Information about HEI’s grants of restricted stock units was as follows:

	Three months ended March 31
	2026				2025
	Shares		(1)		Shares		(1)
Outstanding, beginning of period	22,172		$	42.41	65,628		$	42.09
Granted	—		—		—		—
Vested	(22,172)		42.41		(42,452)		41.92
Forfeited	—		—		(1,004)		42.41
Outstanding, end of period	—		$	—	22,172		$	42.41
Total weighted-average grant-date fair value of shares granted (in millions)	$	—			$	—

(1)    Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.

Schedule of Long-Term Incentive Plan (LTIP) Linked to Total Return to Shareholders

Information about HEI’s LTIP grants linked to TSR was as follows:

	Three months ended March 31
	2026				2025
	Shares		(1)		Shares		(1)
Outstanding, beginning of period	543,467		$	13.50	98,441		$	31.36
Granted	314,315		17.04		462,313		11.25
Vested (issued or unissued and cancelled)	(19,002)		55.98		(17,287)		54.92
Forfeited	—		—		—		—
Outstanding, end of period	838,780		$	13.87	543,467		$	13.50
Total weighted-average grant-date fair value of shares granted (in millions)	$	5.4			$	5.2

(1)    Weighted-average grant-date fair value per share determined using a Monte Carlo simulation model.

Schedule of Long-Term Incentive Plan Assumptions

The following table summarizes the assumptions used to determine the fair value of the LTIP awards linked to TSR and the resulting fair value of LTIP awards granted:

	2026			2025
Risk-free interest rate	3.49		%	4.37		%
Expected life in years	3			3
Expected volatility	65.3		%	64.7		%
Range of expected volatility for Peer Group	16.8% to 65.3%			15.3% to 64.7%
Grant-date fair value (per share) (HEI)	$	17.04		$	11.39
Grant-date fair value (per share) (Hawaiian Electric)	$	17.04		$	11.12

Schedule of Long-Term Incentive Plan (LTIP) Linked to Other Performance Conditions

Information about HEI’s LTIP awards payable in shares linked to other performance conditions was as follows:

	Three months ended March 31
	2026				2025
	Shares		(1)		Shares		(1)
Outstanding, beginning of period	362,963		$	13.09	438,967		$	18.17
Granted	—		—		—		—
Vested	—		—		—		—
Forfeited	—		—		—		—
Outstanding, end of period	362,963		$	13.09	438,967		$	18.17
Total weighted-average grant-date fair value of shares granted (at target performance levels) (in millions)	$	—			$	—

(1)    Weighted-average grant-date fair value per share based on the average price of HEI common stock on the date of grant.