Form 8-K

8-K — HAWAIIAN ELECTRIC INDUSTRIES INC

Accession: 0000354707-26-000017

Filed: 2026-03-27

Period: 2026-03-27

CIK: 0000354707

SIC: 4911 (ELECTRIC SERVICES)

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — he-20260327.htm (Primary)

EX-99 (exhibit992025statsupp.htm)

GRAPHIC (heii-53439_heix2025supplem.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: he-20260327.htm · Sequence: 1

he-20260327

00003547070000046207falsefalse00003547072026-03-272026-03-270000354707he:HawaiianElectricCompanyInc.Member2026-03-272026-03-27

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report: March 27, 2026

Exact Name of Registrant Commission I.R.S. Employer

as Specified in Its Charter File Number Identification No.

Hawaiian Electric Industries, Inc. 1-8503 99-0208097

Hawaiian Electric Company, Inc. 1-4955 99-0040500

State of Hawaii

(State or other jurisdiction of incorporation)

1001 Bishop Street, Suite 2900, Honolulu, Hawaii 96813 - Hawaiian Electric Industries, Inc. (HEI)

1099 Alakea Street, Suite 2200, Honolulu, Hawaii 96813 - Hawaiian Electric Company, Inc. (Hawaiian Electric)

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code:

(808) 543-5662 - HEI

(808) 543-7771 - Hawaiian Electric

Not applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to 12(b) of the Act:

Registrant Title of each class Trading Symbol(s) Name of each exchange on which registered

Hawaiian Electric Industries, Inc. Common Stock, Without Par Value HE New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule12b-2 of the Securities Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

Hawaiian Electric Industries, Inc.

☐

Hawaiian Electric Company, Inc.

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Hawaiian Electric Industries, Inc. ☐ Hawaiian Electric Company, Inc. ☐

Item 7.01. Regulation FD Disclosure.

HEI is furnishing its unaudited 2025 Statistical Supplement (see Exhibit 99), which includes certain selected financial information for consolidated HEI, consolidated and Hawaiian Electric and other selected data.

HEI will post the 2025 Statistical Supplement on its website, www.hei.com, under the headings “Investor Relations,” “SEC Filings” and “Statistical Supplement.”

HEI and Hawaiian Electric intend to continue to use HEI's website, www.hei.com, as a means of disclosing additional information; such disclosures will be included in the Investor Relations section of the website. Accordingly, investors should routinely monitor the Investor Relations section of HEI's website, in addition to following HEI's and Hawaiian Electric's press releases, HEI’s and Hawaiian Electric’s SEC filings and HEI’s public conference calls and webcasts. The information on HEI's website is not incorporated by reference into this document or into HEI’s and Hawaiian Electric’s Securities and Exchange Commission (SEC) filings unless, and except to the extent, specifically incorporated by reference. Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at dms.puc.hawaii.gov/dms to review documents filed with, and issued by, the PUC. No information on the PUC website is incorporated by reference into this document or into HEI’s and Hawaiian Electric’s other SEC filings.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99

HEI 2025 Statistical Supplement

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

The information furnished in connection with this current report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized. The signature of the undersigned companies shall be deemed to relate only to matters having reference to such companies and any subsidiaries thereof.

HAWAIIAN ELECTRIC INDUSTRIES, INC. HAWAIIAN ELECTRIC COMPANY, INC.

(Registrant) (Registrant)

/s/ Scott T. DeGhetto /s/ Paul K. Ito

Scott T. DeGhetto Paul K. Ito

Executive Vice President and Senior Vice President,

Chief Financial Officer Chief Financial Officer and Treasurer

Date: March 27, 2026 Date: March 27, 2026

EX-99

Filename: exhibit992025statsupp.htm · Sequence: 2

Document

Exhibit 99

Hawaiian Electric Industries, Inc.

2025 Statistical Supplement

TABLE OF CONTENTS

Page

HEI Consolidated

Selected Financial Information 1

Consolidated Statements of Income Information 2

Consolidated Statements of Comprehensive Income Information 3

Consolidated Balance Sheets Information 4

Consolidated Statements of Changes in Shareholders' Equity Information 5

Consolidated Statements of Cash Flows Information 6

Consolidated Capital Structure 8

Hawaiian Electric Company

Selected Financial Information 9

Consolidated Statements of Income and Retained Earnings Information 11

Consolidated Balance Sheets Information 12

Consolidated Statements of Cash Flows Information 13

Cumulative Preferred Stock Not Subject to Mandatory Redemption 14

Long-term Debt 15

Customer, Sales and Revenue Information 18

Power Supply Information 20

SELECTED FINANCIAL INFORMATION

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

Years ended December 31 2025 2024 2023

(dollars in thousands, except per share amounts)

Results of operations

Revenues $ 3,086,896 $ 3,219,850 $ 3,287,503

Net income (loss) for common stock1

123,120 (1,426,009) 199,238

Basic earnings (loss) per common share 0.71 (11.23) 1.82

Diluted earnings (loss) per common share 0.71 (11.23) 1.81

Dividends per common share — — 1.08

Net income (loss) for common stock by company

Utilities consolidated $ 168,215 $ (1,226,362) $ 193,952

HEI and other (45,095) (96,161) (48,076)

Discontinued operations — (103,486) 53,362

$ 123,120 $ (1,426,009) $ 199,238

Assets2

Electric utility $ 8,530,520 $ 7,613,604 $ 7,283,554

Other 392,359 1,317,812 393,818

Discontinued operations — — 9,566,449

$ 8,922,879 $ 8,931,416 $ 17,243,821

Capital structure2

Short-term borrowings $ — $ 48,623 $ —

Long-term debt, net 2,409,975 2,799,558 2,842,429

Preferred stock of subsidiaries — 34,293 34,293

Common stock equity 1,605,919 1,479,089 2,344,841

$ 4,015,894 $ 4,361,563 $ 5,221,563

Capital structure ratios2

Short-term borrowings — % 1.1% — %

Long-term debt, net 60.0 64.2 54.4

Preferred stock of subsidiaries — 0.8 0.7

Common stock equity 40.0 33.9 44.9

100.0 % 100.0 % 100.0 %

Key financial ratios

Market price to book value per common share2

132 % 113 % 67 %

Price earnings ratio3

17.3x NM 7.8x

Return on average common equity 8.0 % NM 8.8 %

Indicated annual dividend yield2

— — 7.6 %

Dividend payout ratio — — 59.4 %

Full-time employees2

HEI (includes Pacific Current) 51 69 75

Hawaiian Electric and its subsidiaries 2,608 2,518 2,564

ASB4

— — 958

2,659 2,587 3,597

Note: This report should be read in conjunction with HEI’s Form 10-K for each year.

1 Includes after-tax wildfire expenses net of insurance recoveries and approved deferral treatment of $12.2 million, $1.4 billion and $5.8 million in 2025, 2024 and 2023, respectively.

2 At December 31.

3 Calculated using December 31 market price per common share divided by diluted earnings per common share.

4 Beginning December 31, 2024, as a result of the ASB sale transaction, ASB was no longer a subsidiary of HEI.

NM: Not meaningful

CONSOLIDATED STATEMENTS OF INCOME INFORMATION

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

Years ended December 31 2025 2024 2023 2022

(in thousands, except per share amounts)

Revenues

Electric utility1

$ 3,071,182 $ 3,206,700 $ 3,269,521 $ 3,408,587

Other1

15,714 13,150 17,982 12,330

Total revenues 3,086,896 3,219,850 3,287,503 3,420,917

Expenses

Electric utility (includes $1,875 million of provision, net, for Wildfire tort-related claims recorded in 2024) 2,791,396 4,818,558 2,967,363 3,109,396

Other (includes $35 million of impairment recorded in 2024) 60,178 108,052 45,148 31,966

Total expenses 2,851,574 4,926,610 3,012,511 3,141,362

Operating income (loss)

Electric utility 279,786 (1,611,858) 302,158 299,191

Other (44,464) (94,902) (27,166) (19,636)

Total operating income (loss) 235,322 (1,706,760) 274,992 279,555

Retirement defined benefits credit—other than service costs 3,482 3,754 4,014 3,688

Interest expense, net (117,334) (127,207) (125,532) (103,402)

Allowance for borrowed funds used during construction 5,893 5,470 5,201 3,416

Allowance for equity funds used during construction 15,013 13,786 15,164 10,574

Interest income1

36,929 19,362 9,105 —

Gain (loss) on sales of subsidiaries and equity-method investments and impairment loss on assets sold and held for sale (12,376) — (644) 8,123

Income (loss) from continuing operations before income taxes 166,929 (1,791,595) 182,300 201,954

Income tax expense (benefit) 40,648 (470,962) 34,534 38,915

Net income (loss) from continuing operations 126,281 (1,320,633) 147,766 163,039

Dividends on and loss on redemption of preferred stock of subsidiaries 3,161 1,890 1,890 1,890

Income (loss) from continuing operations for common stock 123,120 (1,322,523) 145,876 161,149

Income (loss) from discontinued operations — (103,486) 53,362 79,989

Net income (loss) for common stock2

$ 123,120 $ (1,426,009) $ 199,238 $ 241,138

Continuing operations - Basic earnings (loss) per common share $ 0.71 $ (10.42) $ 1.33 $ 1.47

Discontinued operations - Basic earnings (loss) per common share — (0.81) 0.49 0.73

Basic earnings (loss) per common share $ 0.71 $ (11.23) $ 1.82 $ 2.20

Continuing operations - Diluted earnings (loss) per common share $ 0.71 $ (10.42) $ 1.33 $ 1.47

Discontinued operations - Diluted earnings (loss) per common share — (0.81) 0.48 0.73

Diluted earnings (loss) per common share $ 0.71 $ (11.23) $ 1.81 $ 2.20

Weighted-average number of common shares outstanding 172,553 126,927 109,739 109,434

Weighted-average shares assuming dilution 173,017 126,927 110,038 109,778

Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

1 Beginning in 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income.

2 Includes after-tax wildfire expenses net of insurance recoveries and approved deferral treatment of $12.2 million, $1.4 billion and $5.8 million in 2025, 2024 and 2023, respectively.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

Years ended December 31 2025 2024 2023 2022

(in thousands)

Net income (loss) for common stock $ 123,120 $ (1,426,009) $ 199,238 $ 241,138

Other comprehensive income (loss), net of taxes:

Net unrealized gains (losses) on available-for-sale investment securities:

Net unrealized gains (losses) on available-for-sale investment securities arising during the period, net of taxes — (11,227) 20,589 (300,860)

Reclassification adjustment for net realized losses included in net income, net of taxes — — 10,954 —

Amortization of unrealized holding losses on held-to-maturity securities, net of taxes — 13,012 14,398 3,993

Derivatives qualified as cash flow hedges:

Unrealized interest rate hedging gains (losses), net of taxes (489) 683 (167) 5,457

Reclassification adjustment to net income, net of taxes (1,031) (201) (186) 172

Retirement benefit plans:

Net gains arising during the period, net of taxes 77,873 66,355 10,854 188,020

Adjustment for amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost, net of taxes (2,057) (1,730) (1,560) 19,659

Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes (74,419) (63,708) (8,204) (199,936)

Other comprehensive income (loss), net of taxes (123) 3,184 46,678 (283,495)

Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc. $ 122,997 $ (1,422,825) $ 245,916 $ (42,357)

Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

CONSOLIDATED BALANCE SHEETS INFORMATION

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

December 31 2025 2024 2023

(in thousands)

ASSETS

Current assets:

Cash and cash equivalents $ 501,778 $ 750,535 $ 244,091

Restricted cash 478,968 492,317 15,028

Accounts receivable and unbilled revenues, net 491,526 457,171 546,704

Regulatory assets 50,039 53,895 68,453

Other 305,999 380,408 331,617

Assets held for sale 56,266 — —

Total current assets 1,884,576 2,134,326 1,205.893

Noncurrent assets:

Property, plant and equipment, net 6,188,372 6,134,318 5,963,084

Operating lease right-of-use assets

56,604 66,553 79,686

Regulatory assets 258,076 227,424 226,351

Other 535,251 368,795 202,358

Total noncurrent assets 7,038,303 6,797,090 6,471.479

Assets of discontinued operations — — 9,566,449

Total assets $ 8,922,879 $ 8,931,416 $ 17,243.821

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts, interest and dividends payable $ 250,520 $ 230,655 $ 227,239

Short-term borrowings — 48,623 —

Current portion of long-term debt, net 124,959 109,171 16,496

Regulatory liabilities 51,997 26,568 36,559

Wildfire related claims 530,000 478,750 75,000

Other 410,458 430,824 403,414

Liabilities held for sale 59,803 — —

Total current liabilities 1,427,737 1,324,591 758.708

Noncurrent liabilities:

Long-term debt, net 2,285,016 2,690,387 2,825,933

Deferred income taxes — — 402,246

Operating lease liabilities

43,278 56,523 69,972

Financing lease liabilities 505,590 426,598 331,262

Regulatory liabilities 1,392,147 1,217,515 1,114,131

Defined benefit plans liability 23,656 23,213 78,200

Wildfire tort-related claims 1,436,250 1,436,250 —

Other 203,286 242,957 247,637

Total noncurrent liabilities 5,889,223 6,093,443 5,069.381

Liabilities of discontinued operations — — 9,036,598

Total liabilities 7,316,960 7,418,034 14,864,687

Preferred stock of subsidiaries - not subject to mandatory redemption

— 34,293 34,293

Shareholders' equity

Common stock 2,268,187 2,264,544 1,707,471

Retained earnings (deficit) (665,606) (788,916) 926,720

Accumulated other comprehensive income (loss), net of taxes 3,338 3,461 (289,350)

Total shareholders' equity 1,605,919 1,479,089 2,344,841

Total liabilities and shareholders' equity $ 8,922,879 $ 8,931,416 $ 17,243,821

Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY INFORMATION

Hawaiian Electric Industries, Inc. and Subsidiaries Accumulated

Unaudited other

Common stock Retained comprehensive

(in thousands, except per share amounts) Shares Amount earnings income (loss) Total

Balance, December 31, 2022 109,471 $ 1,692,697 $ 845,830 $ (336,028) $ 2,202,499

Net income for common stock — — 199,238 — 199,238

Other comprehensive income, net of taxes — — — 46,678 46,678

Issuance of common stock:

Dividend reinvestment and stock purchase plan 537 6,612 — — 6,612

Share-based plans 144 6,371 — — 6,371

Share-based expense and other, net — 1,791 — — 1,791

Common stock dividends ($1.08 per share) — — (118,348) — (118,348)

Balance, December 31, 2023 110,152 1,707,471 926,720 (289,350) 2,344,841

Net loss for common stock — — (1,426,009) — (1,426,009)

Other comprehensive income, net of taxes — — — 3,184 3,184

Issuance of common stock:

Common stock offering 62,162 575,000 — — 575,000

Share-based plans 152 8,018 — — 8,018

Common stock offering expenses — (18,621) — — (18,621)

Share-based expenses and other, net — (7,324) — — (7,324)

Discontinued operations — — (289,627) 289,627 —

Balance, December 31, 2024 172,466 2,264,544 (788,916) 3,461 1,479,089

Net loss for common stock — — 123,120 — 123,120

Other comprehensive loss, net of tax benefits — — — (123) (123)

Issuance of common stock:

Share-based plans 154 3,896 — — 3,896

Share-based expenses and other, net — (648) — — (648)

Stock expense adjustment and other — 395 190 — 585

Balance, December 31, 2025 172,620 $ 2,268,187 $ (665,606) $ 3,338 $ 1,605,919

Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

Years ended December 31 2025 2024 2023 2022

(in thousands)

Cash flows from operating activities

Net income (loss) $ 126,281 $ (1,424,119) $ 201,128 $ 243,028

Adjustments to reconcile net income (loss) to net cash provided by operating activities-continuing operations

Loss (income) from discontinued operations — 103,486 (53,362) (79,989)

Depreciation of property, plant and equipment 260,024 261,701 254,990 244,477

Other amortization 38,895 31,832 27,316 25,928

Loss (gain) on sale of subsidiaries and equity-method investment and impairment loss on assets sold and held for sale 12,376 39,642 644 (8,123)

Deferred income tax expense (benefit) (10,630) (486,188) 9,352 (33,157)

Share-based compensation expense 3,426 3,591 6,776 7,450

Allowance for equity funds used during construction (15,013) (13,786) (15,164) (10,574)

Other (6,359) (13,790) (2,989) (5,323)

Changes in assets and liabilities

Decrease (increase) in accounts receivable and unbilled revenues, net (51,351) 96,700 (71,643) (147,327)

Decrease (increase) in fuel oil stock (15,579) 49,361 43,388 (87,569)

Increase in materials and supplies (14,458) (4,177) (34,887) (7,960)

Decrease (increase) in regulatory assets (30,462) (22,743) (10,613) 34,600

Increase in regulatory liabilities 96,043 48,433 54,470 44,888

Increase in accounts, interest and dividends payable 7,032 6,862 34,290 23,083

Change in prepaid and accrued income taxes, tax credits and utility revenue taxes (4,563) (25,525) (9,858) 120,738

Change in defined benefit pension and other postretirement benefit plans liability (8,788) (9,358) (8,215) (4,564)

Increase in wildfire related claims 47,750 1,840,000 75,000 —

Change in other assets and liabilities, net (43,551) (53,812) (57,255) (25,924)

Net cash provided by operating activities-continuing operations 391,073 428,110 443,368 333,682

Net cash provided by operating activities-discontinued operations — 59,371 108,103 120,794

Net cash provided by operating activities 391,073 487,481 551,471 454,476

Cash flows from investing activities

Capital expenditures (341,202) (344,251) (442,727) (339,333)

Proceeds from sale of subsidiaries 13,781 — — —

Acquisition of business — — — (25,706)

Other, net 5,246 10,330 6,558 14,184

Net cash used in investing activities-continuing operations (322,175) (333,921) (436,169) (350,855)

Net cash provided by (used in) investing activities-discontinued operations — 592,239 178,770 (777,827)

Net cash provided by (used in) investing activities $ (322,175) $ 258,318 $ (257,399) $ (1,128,682)

(Continued on next page)

CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION (Continued)

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

Years ended December 31 2025 2024 2023 2022

(in thousands)

Cash flows from financing activities

Net increase (decrease) in short-term borrowings with original maturities of three months or less $ — $ — $ (137,650) $ 83,652

Proceeds from issuance of short-term debt — 50,000 65,000 35,000

Repayment of short-term debt (50,000) — (100,000) —

Proceeds from issuance of long-term debt 510,000 5,475 625,000 227,312

Repayment of long-term debt and funds transferred for repayment of long-term debt (733,564) (97,698) (167,080) (221,910)

Withheld shares for employee taxes on vested share-based compensation (178) (1,074) (2,371) (3,165)

Net proceeds from issuance of common stock — 556,612 1,223 —

Common stock dividends — — (73,957) (111,229)

Preferred stock dividends of subsidiaries (1,890) (1,890) (1,890) (1,890)

Redemption of preferred stock of subsidiaries (35,368) — — —

Other (20,004) (13,867) (5,133) (2,041)

Net cash provided by (used in) financing activities-continuing operations (331,004) 497,558 203,142 5,729

Net cash provided by (used in) financing activities-discontinued operations — (342,853) (7,567) 561,942

Net cash provided by (used in) financing activities (331,004) 154,705 195,575 567,671

Net increase (decrease) in cash, cash equivalents and restricted cash, including cash from discontinued operations (262,106) 900,504 489,647 (106,535)

Cash, cash equivalents and restricted cash from continuing operations, January 1 1,242,852 259,119 48,778 256,204

Cash, cash equivalents and restricted cash from discontinued operations, January 1

— 435,455 156,149 55,258

Cash, cash equivalents and restricted cash, including cash from discontinued operations, December 31 980,746 1,595,078 694,574 204.927

Less: Cash from discontinued operations — (352,226) (435,455) (156,149)

Cash, cash equivalents and restricted cash from continuing operations, December 31 980,746 1,242,852 259,119 48,778

Less: Restricted cash (478,968) (492,317) (15,028) (5,050)

Cash and cash equivalents from continuing operations, December 31 $ 501,778 $ 750,535 $ 244,091 $ 43,728

Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

CONSOLIDATED CAPITAL STRUCTURE

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

December 31 2025 2024 2023

(in thousands)

Short-term borrowings1

$ — $ 48,623 $ —

Long-term debt1

Long-term debt of electric utility subsidiaries, net of unamortized debt issuance costs 2

2,182,833 1,901,214 1,934,277

HEI 4.58% senior notes, paid in 2025 — 50,000 50,000

HEI 4.72% senior notes, due 2028 37,096 100,000 100,000

HEI 2.82% senior notes, due 2028 8,903 24,000 24,000

HEI 2.48% senior notes, due 2028 11,129 30,000 30,000

HEI 6.04% senior notes, due 2028 14,467 39,000 39,000

HEI 2.98% senior notes, due 2030 18,548 50,000 50,000

HEI 3.15% senior notes, due 2031 18,919 51,000 51,000

HEI 2.78% senior notes, due 2031 9,274 25,000 25,000

HEI 2.98% senior notes, due 2032 11,129 30,000 30,000

HEI 5.43% senior notes, due 2032 27,822 75,000 75,000

HEI 6.10% senior notes, due 2033 22,629 61,000 61,000

HEI 5.43% senior notes, due 2034 12,984 35,000 35,000

HEI 3.74% senior notes, due 2051 7,419 20,000 20,000

HEI 3.94% senior notes, due 2052 7,419 20,000 20,000

Hamakua Energy 4.02% non-recourse notes, due 20302

— 39,026 44,855

Mauo SOFR + 1.475% loan, paid in 2024 — — 5,384

Mauo 5.07% non-recourse term loan, due 2034 to 20352

— 20,795 16,962

Ka`ie`ie Waho Company 2.79% non-recourse loan, due 20312

— 8,517 9,727

Mahipapa 2.14% non-recourse loan, due 2034 to 20363

— 53,263 53,743

Mahipapa 5.625% non-recourse unsecured loan, due 20273

— 424 578

HEI revolving credit facility SOFR + 2.50%, due 20304

20,000 173,000 175,000

Less unamortized debt issuance cost and debt discount (596) (6,681) (8,097)

Total long term debt, net 2,409,975 2,799,558 2,842,429

Preferred stock of subsidiaries - not subject to mandatory redemption — 34,293 34,293

Shareholders' equity

Common stock 2,268,187 2,264,544 1,707,471

Retained earnings (deficit) (665,606) (788,916) 926,720

Accumulated other comprehensive income (loss), net of taxes 3,338 3,461 (289,350)

Total shareholders' equity 1,605,919 1,479,089 2,344,841

Total short-term borrowings, long term debt, net, preferred stock and shareholders' equity $ 4,015,894 $ 4,361,563 $ 5,221,563

LONG-TERM DEBT MATURITIES as of December 31, 2025

Hawaiian Electric Industries, Inc. and Subsidiaries

Unaudited

(in thousands) 2026 2027 2028 2029 2030 Thereafter Total

Long-term debt1

Electric utilities5

$ 125,000 $ 100,000 $ 67,500 $ 35,000 $ 150,000 $ 1,717,500 $ 2,195,000

HEI3

— — 71,595 — 38,548 117,595 227,738

Less unamortized debt issuance cost (12,763)

$ 125,000 $ 100,000 $ 139,095 $ 35,000 $ 188,548 $ 1,835,095 $ 2,409,975

Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.

1 Excludes intercompany borrowings.

2 The debt of Hamakua Energy, Mauo and Ka’ie’ie Waho was transferred to the buyer as part of the sale of these entities in 2025.

3 Amounts do not include $54 million related to Mahipapa debt which are included in liabilities held for sale as of December 31, 2025.

4 As of December 31, 2025 and 2024, the weighted-average interest rate was 6.32% and 6.89%, respectively. At December 31, 2024, the credit facility’s interest rate was based on term SOFR plus the applicable margin of 1.75%, reduced by a 0.05% sustainability margin adjustment, plus an additional 0.10% spread adjustment.

5 See pages 15 to 17 for additional information.

SELECTED FINANCIAL INFORMATION

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Years ended December 31 2025 2024 2023 2022 2021

(in thousands)

CAPITAL STRUCTURE1

Short-term borrowings, net $ — $ 48,623 $ — $ 87,967 $ —

Long-term debt, net, including current portion 2,182,833 1,901,214 1,934,277 1,684,816 1,676,402

Preferred stock2

— 34,293 34,293 34,293 34,293

Common stock equity 1,583,399 1,156,955 2,409,110 2,344,170 2,261,899

$ 3,766,232 $ 3,141,085 $ 4,377,680 $ 4,151,246 $ 3,972,594

CAPITAL STRUCTURE RATIOS (%) 1

Short-term borrowings, net — 1.6 — 2.1 —

Long-term debt, net, including current portion 58.0 60.5 44.2 40.6 42.2

Preferred stock — 1.1 0.8 0.8 0.9

Common stock equity 42.0 36.8 55.0 56.5 56.9

100.0 100.0 100.0 100.0 100.0

KEY FINANCIAL RATIOS (%)

Authorized return on rate base 3

Hawaiian Electric 7.37 7.37 7.37 7.37 7.37

Hawaii Electric Light 7.52 7.52 7.52 7.52 7.52

Maui Electric 7.43 7.43 7.43 7.43 7.43

Earned rate-making return on simple average rate base 4

Hawaiian Electric 7.61 7.18 7.34 7.32 7.28

Hawaii Electric Light 6.65 6.23 6.77 5.76 5.96

Maui Electric 4.49 4.25 4.57 6.53 6.61

Authorized return on simple average common equity 3

Hawaiian Electric 9.50 9.50 9.50 9.50 9.50

Hawaii Electric Light 9.50 9.50 9.50 9.50 9.50

Maui Electric 9.50 9.50 9.50 9.50 9.50

Earned rate-making return on simple average common equity 5

Hawaiian Electric 9.92 9.09 9.28 9.67 9.38

Hawaii Electric Light 8.19 7.48 8.27 6.87 7.02

Maui Electric 4.54 3.54 4.46 8.23 8.22

Book return on simple average common equity 6

Hawaiian Electric 19.27 NM

8.96 8.76 8.53

Hawaii Electric Light 9.51 NM

8.09 6.44 6.51

Maui Electric 3.48 NM

4.53 7.33 7.41

At December 31.

On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock.

Reflects latest interim or final decision and order as of the end of the respective years.

Based on recorded income and average rate base, both adjusted for items not included in determining electric rates.

This calculation is based on recorded income and the average common equity capitalization of the average rate base, both adjusted for items not included in determining electric rates.

Based on recorded net income divided by average common equity, simple average method.

NM - Not meaningful

The Utility's actual and allowed rates of return are not meaningful due to the accrual of estimated wildfire liabilities of approximately $1.92 billion.

(Continued on next page)

SELECTED FINANCIAL INFORMATION (continued)

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Years ended December 31 2025 2024 2023 2022 2021

(in thousands)

RATE BASE (in millions, simple average)

Hawaiian Electric $ 2,650

$ 2,683 $ 2,689 $ 2,613 $ 2,510

Hawaii Electric Light 594

581 579 573 560

Maui Electric 678

647 603 559 531

$ 3,922 $ 3,911 $ 3,871 $ 3,745 $ 3,601

DEPRECIATION AND AFUDC (%)

Composite annual depreciation rate 3.1 3.2 3.2 3.2 3.2

Accumulated depreciation as percent of gross plant 2

36.2 35.8 35.7 36.9 36.8

Weighted-average AFUDC rate 7.3 7.3 7.2 7.1 7.1

The 12/31/25 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,630, $606 and $698, respectively.

At December 31.

CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS INFORMATION

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Years ended December 31 2025 2024 2023 2022 2021

(in thousands)

Revenues1

$ 3,071,182 $ 3,206,700 $ 3,269,521 $ 3,408,587 $ 2,539,636

Expenses

Fuel oil 947,445 1,078,045 1,211,420 1,265,614 644,349

Purchased power 677,654 703,371 671,769 793,584 670,494

Other operation and maintenance 620,442 609,672 533,557 497,601 475,412

Wildfire tort-related claims — 1,875,000 — — —

Depreciation 256,039 251,142 243,705 235,424 229,469

Taxes, other than income taxes 289,816 301,328 306,912 317,173 240,354

Total expenses 2,791,396 4,818,558 2,967,363 3,109,396 2,260,078

Operating income (loss) 279,786 (1,611,858) 302,158 299,191 279,558

Allowance for equity funds used during construction 15,013 13,786 15,164 10,574 9,534

Retirement defined benefits credit - other than service costs 4,135 4,137 4,303 3,835 3,890

Interest expense and other charges, net (93,702) (82,082) (86,140) (76,416) (72,447)

Allowance for borrowed funds used during construction 5,893 5,470 5,201 3,416 3,250

Interest Income1

9,463 6,633 6,454 — —

Income (loss) before income taxes 220,588 (1,663,914) 247,140 240,600 223,785

Income taxes (benefit) 49,033 (439,547) 51,193 49,676 44,148

Net income (loss) 171,555 (1,224,367) 195,947 190,924 179,637

Dividends on and loss on redemption of preferred stock of subsidiaries 915 915 915 915 915

Net income (loss) attributable to Hawaiian Electric 170,640 (1,225,282) 195,032 190,009 178,722

Dividends on and loss on redemption of preferred stock of Hawaiian Electric 2,425 1,080 1,080 1,080 1,080

Net income (loss) for common stock2

168,215 (1,226,362) 193,952 188,929 177,642

Retained earnings, January 1 223,896 1,476,258 1,411,306 1,348,277 1,282,335

Common stock dividends (30,000) (26,000) (129,000) (125,900) (111,700)

Stock expense adjustment and other 190 — — — —

Retained earnings, December 31 $ 362,301 $ 223,896 $ 1,476,258 $ 1,411,306 $ 1,348,277

Note: See Hawaiian Electric Company, Inc. and subsidiaries' Consolidated Financial Statements included or incorporated in HEI's and Hawaiian Electric Company, Inc. and subsidiaries' Form 10-K for each year.

In 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income.

Includes wildfire expenses net of insurance recoveries and approved deferral treatment of $9.3 million, $1.4 billion and $1.1 million in 2025, 2024 and 2023, respectively.

CONSOLIDATED BALANCE SHEETS INFORMATION

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

December 31 2025 2024 2023 2022 2021

(in thousands)

ASSETS

Property, plant and equipment

Utility property, plant and equipment $ 9,693,356 $ 9,286,330 $ 8,947,305 $ 8,355,294 $ 7,992,489

Less accumulated depreciation (3,508,592) (3,326,624) (3,197,514) (3,086,499) (2,940,517)

Utility property, plant and equipment, net 6,184,764 5,959,706 5,749,791 5,268,795 5,051,972

Nonutility property, plant and equipment, less accumulated depreciation 2,705 2,792 6,942 6,945 6,949

Total property, plant and equipment, net 6,187,469 5,962,498 5,756,733 5,275,740 5,058,921

Current assets

Cash and cash equivalents 486,220 184,148 106,077 39,242 52,169

Restricted cash — — 2,000 — 3,089

Customer accounts receivable, net 172,894 199,898 244,309 288,338 186,859

Accrued unbilled revenues, net 192,033 178,721 185,644 183,280 129,155

Other accounts receivable, net 76,346 69,637 111,519 13,567 7,267

Fuel oil stock, at average cost 113,582 98,903 148,237 191,530 104,078

Materials and supplies, at average cost 132,803 118,466 114,433 79,568 71,877

Prepayments and other 57,980 151,220 58,491 33,482 46,031

Regulatory assets 50,039 53,895 68,453 52,273 66,664

Total current assets 1,281,897 1,054,888 1,039,163 881,280 667,189

Other long-term assets

Operating lease right-of-use assets 55,863 59,281 71,877 89,318 101,470

Regulatory assets 258,076 227,424 226,351 190,240 498,879

Defined benefit pension and other postretirement benefit plans asset 219,477 108,819 67,568 36,960 26,055

Investment in unconsolidated affiliate 287,250 — — — —

Other 240,488 200,694 121,862 123,929 139,111

Total other long-term assets 1,061,154 596,218 487,658 440,447 765,515

Total assets $ 8,530,520 $ 7,613,604 $ 7,283,554 $ 6,597,467 $ 6,491,625

CAPITALIZATION AND LIABILITIES

Capitalization

Common stock equity $ 1,583,399 $ 1,156,955 $ 2,409,110 $ 2,344,170 $ 2,261,899

Cumulative preferred stock - not subject to mandatory redemption — 34,293 34,293 34,293 34,293

Long-term debt, net 2,057,874 1,854,214 1,934,277 1,584,854 1,624,427

Total capitalization 3,641,273 3,045,462 4,377,680 3,963,317 3,920,619

Current liabilities

Current portion of operating lease liabilities 17,565 15,202 16,617 19,095 49,368

Current portion of long-term debt, net 124,959 47,000 — 99,962 51,975

Short-term borrowings from non-affiliate — 48,623 — 87,967 —

Accounts payable 217,203 196,980 191,040 202,492 160,007

Interest and preferred dividends payable 28,024 21,536 22,882 17,176 17,325

Taxes accrued, including revenue taxes 263,179 272,001 291,942 289,902 208,280

Regulatory liabilities 51,997 26,568 36,559 31,475 29,760

Wildfire tort-related claims 482,250 478,750 75,000 — —

Other 119,278 121,011 96,436 85,596 71,569

Total current liabilities 1,304,455 1,227,671 730,476 833,665 588,284

Deferred credits and other liabilities

Operating lease liabilities 42,753 49,135 62,098 78,715 65,780

Finance lease liabilities 505,590 425,625 330,978 46,048 —

Deferred income taxes — — 399,001 384,430 408,634

Regulatory liabilities 1,392,147 1,217,515 1,114,131 1,024,175 967,008

Unamortized tax credits 67,918 76,676 84,312 95,300 103,945

Defined benefit pension and other postretirement benefit plans liability 6,909 6,428 60,671 49,748 321,780

Wildfire tort-related claims 1,436,250 1,436,250 — — —

Other 133,225 128,842 124,207 122,069 115,575

Total deferred credits and other liabilities 3,584,792 3,340,471 2,175,398 1,800,485 1,982,722

Total capitalization and liabilities $ 8,530,520 $ 7,613,604 $ 7,283,554 $ 6,597,467 $ 6,491,625

CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Years ended December 31 2025 2024 2023

(in thousands)

Cash flows from operating activities

Net income (loss) $ 171,555 $ (1,224,367) $ 195,947

Adjustments to reconcile net income (loss) to net cash provided by operating activities

Depreciation of property, plant and equipment 256,039 251,142 243,705

Other amortization 38,166 31,828 26,490

Deferred income tax expense (benefit) (6,242) (481,624) 1,439

State refundable credit (12,386) (11,914) (11,325)

Bad debt expense 3,541 4,720 8,161

Allowance for equity funds used during construction (15,013) (13,786) (15,164)

Other 2,652 (6,311) 460

Changes in assets and liabilities

Decrease (increase) in accounts receivable 9,481 88,376 (65,004)

Decrease (increase) in accrued unbilled revenues

(13,254) 7,561 (3,048)

Decrease (increase) in fuel oil stock (14,679) 49,334 43,293

Increase in materials and supplies (14,337) (4,033) (34,865)

Increase in regulatory assets (30,462) (22,743) (10,613)

Increase in regulatory liabilities 96,043 48,433 54,470

Increase in accounts payable 8,719 9,644 20,454

Change in prepaid and accrued income taxes, tax credits and revenue taxes (5,894) (26,542) 1,878

Change in defined benefit pension and other postretirement benefit plans asset/liability (8,777) (9,218) (8,186)

Increase in wildfire tort-related claims1

— 1,840,000 75,000

Change in other assets and liabilities (28,066) (64,767) (48,725)

Net cash provided by operating activities 437,086 465,733 474,367

Cash flows from investing activities

Capital expenditures (339,573) (329,479) (438,775)

Other 6,142 11,848 6,176

Net cash used in investing activities (333,431) (317,631) (432,599)

Cash flows from financing activities

Common stock dividends (30,000) (26,000) (129,000)

Preferred stock dividends of Hawaiian Electric and subsidiaries (1,995) (1,995) (1,995)

Proceeds from issuance of common stock/capital contribution from parent 540 270 —

Proceeds from issuance of long-term debt 500,000 — 350,000

Repayment of long-term debt and funds transferred for repayment of long-term debt (166,000) (81,000) (100,000)

Net decrease in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less — — (87,967)

Proceeds from issuance of short-term debt — 50,000 —

Repayment of short-term debt (50,000) — —

Payments of obligations under finance leases (9,905) (4,119) (3,128)

Redemption of preferred stock (35,468) — —

Other (8,755) (9,187) (843)

Net cash provided by (used in) financing activities 198,417 (72,031) 27,067

Net increase in cash, cash equivalents and restricted cash 302,072 76,071 68,835

Cash, cash equivalents and restricted cash, January 1 184,148 108,077 39,242

Cash, cash equivalents and restricted cash, December 31 486,220 184,148 108,077

Less: Restricted cash — — (2,000)

Cash and cash equivalents, December 31 $ 486,220 $ 184,148 $ 106,077

Reclassified 2023 amount from "change in other assets and liabilities" to "increase in wildfire tort-related claims" to conform to 2024 presentation.

CUMULATIVE PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

December 31 2025 2024 2023 2022 2021

(dollars in thousands, except par values)

Shares outstanding1

Series Par value Company 12/31/2025

C 4.25% $ 20 Hawaiian Electric — $ — $ 3,000 $ 3,000 $ 3,000 $ 3,000

D 5.00% 20 Hawaiian Electric — — 1,000 1,000 1,000 1,000

E 5.00% 20 Hawaiian Electric — — 3,000 3,000 3,000 3,000

H 5.25% 20 Hawaiian Electric — — 5,000 5,000 5,000 5,000

I 5.00% 20 Hawaiian Electric — — 1,793 1,793 1,793 1,793

J 4.75% 20 Hawaiian Electric — — 5,000 5,000 5,000 5,000

K 4.65% 20 Hawaiian Electric — — 3,500 3,500 3,500 3,500

G 7.625% 100 Hawaii Electric Light — — 7,000 7,000 7,000 7,000

H 7.625% 100 Maui Electric — — 5,000 5,000 5,000 5,000

— $ — $ 34,293 $ 34,293 $ 34,293 $ 34,293

On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock.

LONG-TERM DEBT

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

December 31 2025 2024 2023 2022 2021

(in thousands)

OBLIGATIONS TO THE STATE OF HAWAII FOR THE

REPAYMENT OF SPECIAL PURPOSE REVENUE BONDS

Hawaiian Electric

Refunding series 2015, 3.25%, paid in 2025 $ — $ 40,000 $ 40,000 $ 40,000 $ 40,000

Refunding series 2017A, 3.10%, due 2026 62,000 62,000 62,000 62,000 62,000

Refunding series 2017B, 4.00%, due 2037 100,000 100,000 100,000 100,000 100,000

Refunding series 2019, 3.20%, due 2039 90,000 90,000 90,000 90,000 90,000

Series 2019, 3.50%, due 2049 70,000 70,000 70,000 70,000 70,000

322,000 362,000 362,000 362,000 362,000

Hawaii Electric Light

Refunding series 2015, 3.25%, paid in 2025 — 5,000 5,000 5,000 5,000

Refunding series 2017A, 3.10%, due 2026 8,000 8,000 8,000 8,000 8,000

Refunding series 2017B, 4.00%, due 2037 20,000 20,000 20,000 20,000 20,000

Refunding series 2019, 3.20%, due 2039 60,000 60,000 60,000 60,000 60,000

Series 2019, 3.50%, due 2049 2,500 2,500 2,500 2,500 2,500

90,500 95,500 95,500 95,500 95,500

Maui Electric

Refunding series 2015, 3.25%, paid in 2025 — 2,000 2,000 2,000 2,000

Refunding series 2017A, 3.10%, due 2026 55,000 55,000 55,000 55,000 55,000

Refunding series 2017B, 4.00%, due 2037 20,000 20,000 20,000 20,000 20,000

Series 2019, 3.50%, due 2049 7,500 7,500 7,500 7,500 7,500

82,500 84,500 84,500 84,500 84,500

Total obligations to the State of Hawaii $ 495,000 $ 542,000 $ 542,000 $ 542,000 $ 542,000

(Continued on next page)

LONG-TERM DEBT (Continued)

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

December 31 2025 2024 2023 2022 2021

(in thousands)

OTHER LONG-TERM DEBT (UNSECURED)

Taxable unsecured senior notes:

Hawaiian Electric

Series 2013A, 4.45%, paid in 2022 $ — $ — $ — $ — $ 40,000

Series 2012C, 4.55%, paid in 2023 — — — 50,000 50,000

Series 2012D, 4.72%, due 2029 35,000 35,000 35,000 35,000 35,000

Series 2012E, 5.39%, due 2042 150,000 150,000 150,000 150,000 150,000

Series 2012F, 4.53%, due 2032 40,000 40,000 40,000 40,000 40,000

Series 2013B, 4.84%, due 2027 50,000 50,000 50,000 50,000 50,000

Series 2013C, 5.65%, due 2043 50,000 50,000 50,000 50,000 50,000

Series 2015A, 5.23%, due 2045 50,000 50,000 50,000 50,000 50,000

Series 2016A, 4.54%, due 2046 40,000 40,000 40,000 40,000 40,000

Series 2017A, 4.31%, due 2047 40,000 40,000 40,000 40,000 40,000

Series 2018A, 4.38%, due 2028 52,000 52,000 52,000 52,000 52,000

Series 2018B, 4.53%, due 2033 12,500 12,500 12,500 12,500 12,500

Series 2018C, 4.72%, due 2048 10,500 10,500 10,500 10,500 10,500

Series 2019A, 4.21%, due 2034 30,000 30,000 30,000 30,000 30,000

Series 2020A, 3.31%, due 2030 50,000 50,000 50,000 50,000 50,000

Series 2020B, 3.31%, due 2030 40,000 40,000 40,000 40,000 40,000

Series 2020C, 3.96%, due 2050 20,000 20,000 20,000 20,000 20,000

Series 2020D, 3.28%, due 2040 30,000 30,000 30,000 30,000 30,000

Series 2020E, 3.51%, due 2050 30,000 30,000 30,000 30,000 30,000

Series 2022A, 3.70%, due 2032 40,000 40,000 40,000 40,000 —

Series 2023A, 6.11%, due 2030 40,000 40,000 40,000 — —

Series 2023B, 6.25%, due 2033 40,000 40,000 40,000 — —

Series 2023C, 6.70%, due 2053 20,000 20,000 20,000 — —

Senior Notes 2025, 6%, due 2033 500,000 — — — —

1,370,000 870,000 870,000 820,000 820,000

Hawaii Electric Light

Series 2013B, 4.45%, paid in 2022 — — — — 12,000

Series 2012B, 4.55%, paid in 2023 — — — 20,000 20,000

Series 2013C, 4.84%, due 2027 30,000 30,000 30,000 30,000 30,000

Series 2015A, 5.23%, due 2045 25,000 25,000 25,000 25,000 25,000

Series 2018A, 4.38%, due 2028 9,000 9,000 9,000 9,000 9,000

Series 2018B, 4.53%, due 2033 3,000 3,000 3,000 3,000 3,000

Series 2018C, 4.72%, due 2048 3,000 3,000 3,000 3,000 3,000

Series 2019A, 4.21%, due 2034 10,000 10,000 10,000 10,000 10,000

Series 2020A, 3.96%, due 2050 10,000 10,000 10,000 10,000 10,000

Series 2020B, 3.28%, due 2040 15,000 15,000 15,000 15,000 15,000

Series 2020C, 3.51%, due 2050 15,000 15,000 15,000 15,000 15,000

Series 2022A, 3.70%, due 2032 10,000 10,000 10,000 10,000 —

Series 2023A, 6.25%, due 2033 25,000 25,000 25,000 — —

$ 155,000 $ 155,000 $ 155,000 $ 150,000 $ 152,000

(Continued on next page)

LONG-TERM DEBT (Continued)

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

December 31 2025 2024 2023 2022 2021

(in thousands)

OTHER LONG-TERM DEBT (UNSECURED)

Taxable unsecured senior notes:

Maui Electric

Series 2012C, 4.55%, paid in 2023 $ — $ — $ — $ 30,000 $ 30,000

Series 2013A, 4.84%, due 2027 20,000 20,000 20,000 20,000 20,000

Series 2013B, 5.65%, due 2043 20,000 20,000 20,000 20,000 20,000

Series 2015A, 5.23%, due 2045 5,000 5,000 5,000 5,000 5,000

Series 2017A, 4.31%, due 2047 10,000 10,000 10,000 10,000 10,000

Series 2018A, 4.38%, due 2028 6,500 6,500 6,500 6,500 6,500

Series 2018B, 4.53%, due 2033 2,000 2,000 2,000 2,000 2,000

Series 2018C, 4.72%, due 2048 1,500 1,500 1,500 1,500 1,500

Series 2019A, 4.21%, due 2034 10,000 10,000 10,000 10,000 10,000

Series 2020A, 3.31%, due 2030 20,000 20,000 20,000 20,000 20,000

Series 2020B, 3.96%, due 2050 20,000 20,000 20,000 20,000 20,000

Series 2020C, 3.51%, due 2050 25,000 25,000 25,000 25,000 25,000

Series 2022A, 3.70%, due 2032 10,000 10,000 10,000 10,000 —

Series 2023A, 6.25%, due 2033 25,000 25,000 25,000 — —

175,000 175,000 175,000 180,000 170,000

Total taxable unsecured senior notes 1,700,000 1,200,000 1,200,000 1,150,000 1,142,000

Revolving credit facility SOFR +2.25%, due 2026 — 166,000 200,000 — —

Total other long-term debt - unsecured 1,700,000 1,366,000 1,400,000 1,150,000 1,142,000

Total long-term debt 2,195,000 1,908,000 1,942,000 1,692,000 1,684,000

Less current portion of long-term debt, net of unamortized debt issuance costs 124,959 47,000 — 99,962 51,975

Less unamortized debt issuance costs 12,167 6,786 7,723 7,184 7,598

Long-term debt, net $ 2,057,874 $ 1,854,214 $ 1,934,277 $ 1,584,854 $ 1,624,427

CUSTOMER, SALES AND REVENUE INFORMATION

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Years ended December 31 2025 2024 2023 2022 2021

SERVICE AREA 1

Service area (estimated, in square miles) 5,800 5,815 5,815 5,815 5,815

Service area population (estimated, in thousands) n/a 1,372 1,361 1,366 1,368

CUSTOMER ACCOUNTS 2

Residential 418,801 417,253 416,072 413,744 414,713

Commercial 54,701 54,571 54,831 55,228 55,201

Industrial 739 712 702 696 698

474,241 472,536 471,605 469,668 470,612

CUSTOMER ACCOUNTS BY COMPANY 2

Hawaiian Electric 310,789 310,336 309,631 306,978 308,721

Hawaii Electric Light 91,234 90,522 89,477 88,757 88,103

Maui Electric 72,218 71,678 72,497 73,933 73,788

Consolidated 474,241 472,536 471,605 469,668 470,612

MEGAWATTHOUR SALES (thousands)2

Residential 2,358 2,295 2,342 2,415 2,492

Commercial 2,657 2,623 2,611 2,643 2,595

Industrial 3,408 3,301 3,274 3,296 3,174

8,423 8,219 8,227 8,354 8,261

MEGAWATTHOUR SALES MIX (%)2

Residential 28.0 27.9 28.5 28.9 30.2

Commercial 31.5 31.9 31.7 31.6 31.4

Industrial 40.5 40.2 39.8 39.5 38.4

100.0 100.0 100.0 100.0 100.0

MEGAWATTHOUR SALES BY COMPANY (thousands)

Hawaiian Electric 6,258 6,134 6,138 6,211 6,169

Hawaii Electric Light 1,063 1,047 1,044 1,054 1,044

Maui Electric 1,102 1,038 1,045 1,089 1,048

Consolidated 8,423 8,219 8,227 8,354 8,261

MEGAWATTHOUR SALES GROWTH BY COMPANY (%)

Hawaiian Electric 2.0 (0.1) (1.2) 0.7 (0.2)

Hawaii Electric Light 1.5 0.3 (0.9) 1.0 6.7

Maui Electric 6.2 (0.7) (4.0) 3.9 9.3

Consolidated 2.5 (0.1) (1.5) 1.1 1.7

RENEWABLE GENERATION RPS (%) 3

Hawaiian Electric 32 31 30 28 33

Hawaii Electric Light 57 59 52 48 60

Maui Electric 42 41 35 36 50

Consolidated 37 36 33 32 38

Source: State of Hawaii Data Book 2024 (prior years)

At December 31. "Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements.

In July 2022, former Governor Ige signed Act 240 (H.B.2089), which amended the RPS calculation from renewable energy as a percentage of sales to a percentage of total generation. The amended RPS calculation that applies to all years after 2021 results in a lower calculated percentage than the amount calculated under the previous methodology.

n/a: Not available

(Continued on next page)

CUSTOMER, SALES AND REVENUE INFORMATION (Continued)

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Years ended December 31 2025 2024 2023 2022 2021

REVENUES (thousands)1

Electric sales revenue

Residential $ 983,583 $ 1,011,289 $ 1,028,415 $ 1,069,974 $ 843,655

Commercial 972,747 1,023,571 1,039,894 1,085,405 810,658

Industrial 1,067,468 1,122,152 1,156,909 1,211,242 853,293

Total electric sales revenues 3,023,798 3,157,012 3,225,218 3,366,621 2,507,606

Other revenues2

47,384 49,688 44,303 41,966 32,030

Total revenues $ 3,071,182 $ 3,206,700 $ 3,269,521 $ 3,408,587 $ 2,539,636

Less:

Fuel oil 947,445 1,078,045 1,211,420 1,265,614 644,349

Purchased power 677,654 703,371 671,769 793,584 670,494

Taxes, other than income taxes 289,816 301,328 306,912 317,173 240,354

Net revenues $ 1,156,267 $ 1,123,956 $ 1,079,420 $ 1,032,216 $ 984,439

REVENUES BY COMPANY (thousands)

Hawaiian Electric $ 2,177,043 $ 2,283,148 $ 2,356,478 $ 2,452,969 $ 1,793,372

Hawaii Electric Light 458,524 483,715 464,161 485,590 381,033

Maui Electric 438,098 440,432 448,882 470,355 365,256

HE AR Inter3

11,943 5,570 — — —

Eliminations2,3

(14,426) (6,165) — (327) (25)

Consolidated $ 3,071,182 $ 3,206,700 $ 3,269,521 $ 3,408,587 $ 2,539,636

AVERAGE REVENUE PER KWH SOLD (cents)1

Residential 41.72 44.06 43.91 44.30 33.86

Commercial 36.57 39.02 39.82 40.99 31.21

Industrial 31.33 33.99 35.34 36.75 26.88

Other 38.98 41.05 40.79 55.24 34.19

35.90 38.41 39.21 40.30 30.35

AVERAGE REVENUE PER KWH SOLD BY COMPANY (cents)

Hawaiian Electric 34.19 36.62 37.86 39.00 28.72

Hawaii Electric Light 42.53 45.43 43.90 45.51 36.00

Maui Electric 39.19 41.90 42.39 42.67 34.33

Consolidated 35.90 38.41 39.21 40.30 30.35

AVERAGE ANNUAL RESIDENTIAL USE PER CUSTOMER BY COMPANY (KWH)

Hawaiian Electric 5,621 5,450 5,589 5,761 6,013

Hawaii Electric Light 5,399 5,459 5,480 5,644 5,795

Maui Electric 6,028 5,858 5,981 6,298 6,339

Consolidated 5,639 5,512 5,628 5,821 6,022

Average monthly electric sales revenue per residential customer $ 196 $ 202 $ 206 $ 215 $ 170

"Industrial" is the same as the "Large light and power" category reported in prior Statistical Supplements. "Commercial" includes "Commercial" and "Other" categories reported in prior Statistical Supplements.

In 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income (and associated intercompany eliminations).

In 2024, HE AR Inter was formed to pursue financing through a secured asset-based (accounts receivable) credit facility. The gain on sale of receivables is eliminated at consolidation.

POWER SUPPLY INFORMATION

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Years ended December 31 2025 2024 2023 2022 2021

ENERGY NET GENERATED AND PURCHASED (thousands of MWH)

Net generated

Fuel oil

Conventional oil-fired steam units 3,993 3,993 4,057 3,701 3,288

Dual train combined-cycle unit 805 714 747 795 749

Diesel internal combustion engine 313 337 362 323 304

Simple-cycle combustion turbines 143 150 115 133 89

5,254 5,194 5,281 4,952 4,430

Biodiesel internal combustion engine 11 17 17 16 25

Hydro 1 4 5 6 9

Solar 39 37 40 38 37

Total net generated 5,305 5,252 5,343 5,012 4,501

Purchased

Non-renewable 1

1,486 1,423 1,518 2,066 2,470

Renewable 2

2,012 1,939 1,741 1,684 1,684

Battery Storage 3

176 187 12 — —

Total purchased 3,674 3,549 3,271 3,750 4,154

Customer-sited solar 1,857 1,691 1,586 1,522 1,418

10,836 10,492 10,200 10,284 10,073

GENERATION MIX (%)

Fuel oil

Conventional oil-fired steam units 36.8 38.1 39.8 36.0 32.6

Dual train combined-cycle unit 7.4 6.8 7.3 7.7 7.4

Diesel internal combustion engine 2.9 3.2 3.5 3.1 3.0

Simple-cycle combustion turbines 1.3 1.4 1.1 1.3 0.9

48.4 49.5 51.7 48.1 43.9

Biodiesel internal combustion engine 0.1 0.2 0.2 0.2 0.2

Hydro — — — 0.1 0.1

Solar 0.4 0.4 0.4 0.4 0.4

Total generation 48.9 50.1 52.3 48.8 44.6

Purchased

Non-renewable 1

13.7 13.6 14.9 20.1 24.6

Renewable 2

18.7 18.4 17.2 16.3 16.7

Battery Storage 3

1.6 1.8 0.1 — —

Total purchased 34.0 33.8 32.2 36.4 41.3

Customer-sited solar 17.1 16.1 15.5 14.8 14.1

100.0 100.0 100.0 100.0 100.0

AES Hawaii provided 180 MW of firm capacity from its coal-fired cogeneration plant. The purchase power agreement expired on September 1, 2022 and was not renewed. The AES Hawaii coal plant has ceased operations.

Includes firm and non-firm renewable generation; does not include generation associated with Net Energy Metering (NEM) and Grid Supply customers.

Represents Kapolei Energy Storage, which reached commercial operations in December 2023.

(Continued on next page)

POWER SUPPLY INFORMATION (Continued)

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

Years ended December 31 2025 2024 2023 2022 2021

SYSTEM CAPABILITY (MW) 1, 2

Company-owned generation

Conventional oil-fired steam units 993 993 1,086 1,086 1,086

Diesel internal combustion engine 134 147 147 146 146

Simple-cycle combustion turbines 254 280 279 279 279

Dual train combined-cycle unit 170 170 170 170 170

Biodiesel internal combustion engine 57 57 57 57 57

1,608 1,647 1,739 1,738 1,738

Firm purchase power contracts 3

Non-renewable 4

268 268 268 268 448

Renewable 101 98 94 94 92

369 366 362 362 540

1,977 2,013 2,101 2,100 2,278

SYSTEM CAPABILITY BY COMPANY (MW) 1, 2

Hawaiian Electric 1,472 1,472 1,564 1,564 1,744

Hawaii Electric Light 248 272 268 268 266

Maui Electric 257 269 269 268 268

1,977 2,013 2,101 2,100 2,278

SYSTEM PEAK LOAD BY COMPANY (MW) 5

Hawaiian Electric 1,058 1,050 1,060 1,072 1,072

Hawaii Electric Light 184 184 187 188 194

Maui Electric 205 190 200 207 205

1,447 1,424 1,447 1,467 1,471

FUEL OIL DATA

Barrels of fuel oil consumed (thousands) 9,437 9,374 9,559 8,945 8,048

Average fuel oil cost per barrel $ 100.40 $ 115.00 $ 126.73 $ 141.49 $ 80.06

Average fuel oil cost per million BTU (cents) 1,632.9 1,868.2 2,060.0 2,310.9 1,305.4

Fuel oil cost per net KWH generated (cents) 17.997 20.688 22.869 25.283 14.344

BTU per net KWH generated by company

Hawaiian Electric 11,089 11,079 11,178 10,943 10,962

Hawaii Electric Light 11,064 11,558 11,691 11,680 11,876

Maui Electric 10,684 10,720 10,461 10,501 10,543

Consolidated 11,021 11,074 11,102 10,941 10,988

OTHER DATA

Losses and system uses (%) 4.1 6.4 4.2 4.4 4.3

Reserve margin (%) 5

36.6 41.4 45.2 43.1 54.8

Annual load factor (%) 5

70.8 70.6 68.0 68.2 67.2

Average cost per KWH purchased from IPPs (cents) 18.444 19.818 20.536 21.160 16.142

At December 31.

Excludes solar (West Loch PV - 20 MW) and hydro (four run-of-river units - 4 MW in the aggregate) due to their as-available nature.

Non-renewable firm power contracts include: AES Hawaii (AES)-see note 4 below, Kalaeloa Partners, and Hamakua Energy Partners (HEP).

Renewable firm power contracts include: Honolulu Program of Waste Energy Recovery (H-POWER) and Puna Geothermal Venture (PGV) - see note 5 below. Excludes purchased power contracts with variable generation (e.g. non-firm wind, PV, hydro) resources.

Net; noncoincident and nonintegrated.

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