HEI Exhibit 99

•Utility Continuing to Reduce Risk in Our Communities Through Advancement of Wildfire Safety Strategy

•Credit Facility Expansion and Successful Debt Issuance Enhance Liquidity, and Will Help Finance Critical Investments to Strengthen the Reliability, Resilience and Safety of Service to Utility Customers

•Wildfire Tort Litigation Settlement Continues to Advance Toward Final Court Approval

HONOLULU - Hawaiian Electric Industries, Inc. (NYSE - HE) (HEI) today reported net income for the third quarter of 2025 of $31 million, or $0.18 per share. Excluding Maui wildfire-related expenses and expenses taken in connection with the review of strategic options for Pacific Current, Core1 income from continuing operations was $33 million, or $0.19 per share, compared to $33 million, or $0.29 per share in 2024.

“Our core operations performed well in the third quarter, with the utility operating efficiently while continuing to advance the safety and resiliency measures outlined in our comprehensive Wildfire Safety Strategy. In September, we expanded our credit facility capacity to $600 million from $375 million, and successfully completed our first significant issuance of Hawaiian Electric debt since the Maui wildfires. The approximately $500 million in debt issuance proceeds, as well as the additional credit facility capacity, enhance liquidity and add financial flexibility, supporting investments in generation, safety, reliability and resilience across the islands we serve. Lastly, the Maui wildfire tort litigation settlement continues to advance, with a hearing on final court

Note: Throughout this release, per share values are calculated based on diluted shares.

1     Measures described as “Core” for the periods in this news release are non-GAAP measures which exclude Maui wildfire-related costs and expenses taken in connection with the strategic review of Pacific Current. See the “Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP reconciliation at the end of this release.

approval for the class settlement in the coming months. Our base case still assumes that our first settlement payment will occur no earlier than the first quarter of 2026,” said Scott Seu, HEI president and CEO.

Hawaiian Electric’s net income for the third quarter of 2025 was $37 million compared to a net loss of $83 million in the third quarter of 2024, with the increase primarily driven by the following pre-tax items:

•The $203 million loss (which was partially offset by a $40 million insurance receivable) recorded in the third quarter of 2024 due to the accrual of estimated wildfire liabilities related to tort-related legal claims and cross claims; and

•$6 million in higher revenues, primarily from the annual revenue adjustment mechanism.

These items were partially offset by approximately $3 million of lower benefits from tax credits recognized in the third quarter of 2025 versus the third quarter of 2024. O&M expenses were relatively flat in the quarter compared to the same quarter last year.

Hawaiian Electric’s Core net income for the third quarter of 2025 was $40 million compared to $44 million in the same quarter last year. Pre-tax wildfire-related expenses of $10 million were partially offset by approximately $6 million of costs deferred pursuant to the Public Utilities Commission’s decision allowing Hawaiian Electric to defer these costs.

The holding and other companies’ net loss was $6 million in the third quarter of 2025 compared to $41 million in the third quarter of 2024. The lower net loss for the quarter was primarily due to the asset impairment taken at Pacific Current in the third quarter of 2024, lower wildfire-related expenses and lower interest expense, net of interest income. Core net loss for the quarter was $7 million compared to $11 million in the third quarter of 2024.

HEI will conduct a webcast and conference call to review its third quarter 2025 consolidated financial results today at 11:30 a.m. Hawaii time (4:30 p.m. Eastern).

To listen to the conference call, dial 1-888-660-6377 (U.S.) or 1-929-203-0797 (international) and enter passcode 2393042. Parties may also access presentation materials (which include reconciliation of non-GAAP measures) and/or listen to the conference call by visiting the conference call link on HEI’s website at www.hei.com under “Investor Relations,” sub-heading “News and Events — Events and Presentations.”

A replay will be available online and via phone. The online replay will be available on HEI’s website about two hours after the event. The audio replay will also be available about two hours after the event through November 14, 2025. To access the audio replay, dial 1-800-770-2030 (U.S.) or 1-647-362-9199 (international) and enter passcode 2393042.

HEI and Hawaiian Electric Company, Inc. (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 Securities and Exchange Commission (SEC) filings and HEI’s public conference calls and webcasts. Investors may sign up to receive e-mail alerts via the “Investor Relations” section of the website. The information on HEI’s website is not incorporated by reference into this document or into HEI’s and Hawaiian Electric’s 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 https://hpuc.my.site.com/cdms/s/ 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 SEC filings.

HEI’s electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii’s population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy, and modernize and harden the grid to ensure resilience and public safety. For more information, visit www.hei.com.

Measures described as “Core” are non-GAAP measures which exclude Maui wildfire-related costs, and expenses taken in connection with HEI’s ongoing review of strategic options for Pacific Current. See “Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP reconciliations at the end of this release.

This release may contain “forward-looking statements,” which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates”

or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic, political and market factors, among other things. These forward-looking statements are not guarantees of future performance.

Forward-looking statements in this release should be read in conjunction with the “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” discussions (which are incorporated by reference herein) set forth in HEI’s Annual Report on Form 10-K for the year ended December 31, 2024 and HEI’s other SEC periodic and current reports and other filings that discuss important factors that could cause HEI’s results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric, and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

(Unaudited)

						Three months ended September 30												Nine months ended September 30
(in thousands, except per share amounts)						2025						2024						2025						2024
Revenues
Electric utility						$	787,428					$	829,617					$	2,268,276					$	2,410,526
Other						3,182						3,622						12,796						10,144
Total revenues						790,610						833,239						2,281,072						2,420,670
Expenses
Electric utility (includes $163 million and $1,875 million of provision for Wildfire tort-related claims recorded in quarter and nine months ended September 30, 2024)						724,635						934,181						2,065,002						4,096,175
Other (includes $35 million of impairment recorded in third quarter of 2024)						13,929						48,778						47,857						84,917
Total expenses						738,564						982,959						2,112,859						4,181,092
Operating income (loss)
Electric utility						62,793						(104,564)						203,274						(1,685,649)
Other						(10,747)						(45,156)						(35,061)						(74,773)
Total operating income (loss)						52,046						(149,720)						168,213						(1,760,422)
Retirement defined benefits credit—other than service costs						817						849						2,653						2,851
Interest expense, net						(26,211)						(32,085)						(87,679)						(96,076)
Allowance for borrowed funds used during construction						1,500						1,331						4,379						4,061
Allowance for equity funds used during construction						3,821						3,300						11,108						10,276
Interest income						6,960						3,662						27,162						9,929
Gain (loss) on sale of subsidiaries and impairment loss on assets sold and held for sale						1,013						—						(12,376)						—
Income (loss) from continuing operations before income taxes						39,946						(172,663)						113,460						(1,829,381)
Income tax expense (benefit)						8,728						(49,954)						28,540						(479,109)
Income (loss) from continuing operations						31,218						(122,709)						84,920						(1,350,272)
Preferred stock dividends of subsidiaries						471						471						1,417						1,417
Income (loss) from continuing operations for common stock						30,747						(123,180)						83,503						(1,351,689)
Income (loss) from discontinued operations						—						18,778						—						(6,075)
Net income (loss) for common stock						$	30,747					$	(104,402)					$	83,503					$	(1,357,764)
Continuing operations - Basic earnings (loss) per common share						$	0.18					$	(1.08)					$	0.48					$	(12.11)
Discontinued operations - Basic earnings (loss) per common share						—						0.16						—						(0.05)
Basic earnings (loss) per common share						$	0.18					$	(0.91)					$	0.48					$	(12.16)
Continuing operations - Diluted earnings (loss) per common share						$	0.18					$	(1.08)					$	0.48					$	(12.11)
Discontinued operations - Diluted earnings (loss) per common share						—						0.16						—						(0.05)
Diluted earnings (loss) per common share						$	0.18					$	(0.91)					$	0.48					$	(12.16)
Weighted-average number of common shares outstanding						172,617						114,358						172,531						111,636
Weighted-average shares assuming dilution						172,916						114,358						172,939						111,636
Income (loss) from continuing operations for common stock by segment
Electric utility						$	36,988					$	(82,585)					$	123,954					$	(1,272,758)
Other						(6,241)						(40,595)						(40,451)						(78,931)
Income (loss) from continuing operations for common stock						$	30,747					$	(123,180)					$	83,503					$	(1,351,689)
Comprehensive income (loss) attributable to HEI						$	30,013					$	(65,042)					$	82,003					$	(1,326,611)
Return on average common equity (%) (twelve months ended)1																		7.2						NM

1 Simple average based on income from continuing operations.

This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.

Hawaiian Electric Company, Inc. (Hawaiian Electric) and Subsidiaries

(Unaudited)

1 Simple average.

This information should be read in conjunction with the consolidated financial statements and the notes thereto in Hawaiian Electric filings with the SEC. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.

HEI management uses certain non-GAAP measures to evaluate the performance of HEI. Management believes these non-GAAP measures provide useful information and are a better indicator of the companies’ core operating activities. Core earnings and other financial measures as presented here may not be comparable to similarly titled measures used by other companies. The accompanying tables provide a reconciliation of reported GAAP1 earnings to non-GAAP Core earnings.

The reconciling adjustments from GAAP earnings to Core earnings are limited to the costs related to the Maui wildfires and costs related to HEI’s ongoing review of strategic options for Pacific Current. Management does not consider these items to be representative of the company’s fundamental Core earnings.

Reconciliation of GAAP1 to non-GAAP Measures

Unaudited

1     Accounting principles generally accepted in the United States of America.

2     Excludes Maui wildfire-related costs of discontinued operations.

3     Includes insurance recovery related to the proposed settlement of the securities class action of $47.8 million for the three and nine months ended September 30, 2025. Also includes adjustments related to costs that are no longer probable of recovery under the insurance policies. For the three and nine months ended September 30, 2025, adjustments amount to $1.0 million and $7.6 million, respectively, of which, $0.5 million and $4.5 million were deferred to a regulatory asset, respectively, and are reported on line “Deferral of cost”.

4     Current year composite statutory tax rate of 25.75% and includes expected investment tax credit recapture.

Note: Other segment (Holding and Other Companies) wildfire-related expenses (legal, outside services, wildfire securities-related claims and other) and insurance recoveries are included in “Expenses-Other” and interest expense is included in “Interest expense, net” on the HEI and subsidiaries’ Consolidated Statements of Income Data. See Electric Utilities’ and Holding and Other Companies’ tables below for more detail.

Unaudited

1     Excludes Maui wildfire-related costs of discontinued operations.

2     Accounting principles generally accepted in the United States of America.

3     Current year composite statutory tax rate of 25.75% and includes expected investment tax credit recapture.

4    Includes adjustments related to costs that are no longer probable of recovery under the insurance policies.

Hawaiian Electric Company, Inc. and Subsidiaries

Unaudited

1     Pretax insurance recoveries include adjustments related to costs that are no longer probable of recovery under the insurance policies. For the three and nine months ended September 30, 2025, adjustments amount to $1.0 million and $7.6 million, respectively, of which, $0.5 million and $4.5 million were deferred to a regulatory asset, respectively, and are reported on line “Deferral of cost.”

2    Current year composite statutory tax rate of 25.75%.

3     Accounting principles generally accepted in the United States of America.

Note: Legal, outside services and other are included in “Other operation and maintenance” and interest expense is included in “Interest expense and other charges, net” on the Hawaiian Electric and subsidiaries’ Consolidated Statements of Income Data.

Holding and Other Companies

Unaudited

1     Includes insurance recovery related to the proposed settlement of the securities class action of $47.8 million for the three and nine months ended September 30, 2025.

2     Current year composite statutory tax rate of 25.75% and includes expected investment tax credit recapture.

3     Accounting principles generally accepted in the United States of America.

Note: Holding and Other Companies wildfire-related expenses (legal, outside services,wildfire securities-related claims and other) and insurance recoveries are included in “Expenses-Other” and interest expense is included in “Interest expense, net” on the HEI and subsidiaries’ Consolidated Statements of Income Data.