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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
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.







1

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
2
EX-99 2 exhibit992025statsupp.htm EX-99 Document

Exhibit 99
heii-53439_heix2025supplem.jpg


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

i

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
1

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.
2

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.
3

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.
4

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.

5

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)
6

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.
7

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.
8

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
7
 8.96  8.76  8.53 
Hawaii Electric Light 9.51  NM
7
 8.09  6.44  6.51 
Maui Electric 3.48  NM
7
 4.53  7.33  7.41 
1
 At December 31.
2
 On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock.
3
 Reflects latest interim or final decision and order as of the end of the respective years.
4
 Based on recorded income and average rate base, both adjusted for items not included in determining electric rates.
5
 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.
6
 Based on recorded net income divided by average common equity, simple average method.
7
 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)
9

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 
1
 $ 2,683  $ 2,689  $ 2,613  $ 2,510 
Hawaii Electric Light 594 
1
 581  579  573  560 
Maui Electric 678 
1
 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 
1
 The 12/31/25 rate base amounts for Hawaiian Electric, Hawaii Electric Light and Maui Electric were $2,630, $606 and $698, respectively.
2
 At December 31.
10

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.
1
 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 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.
11

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 
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.
12

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 
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. Reclassification of 2023 amounts were made to conform to the 2024 presentation.
1
 Reclassified 2023 amount from "change in other assets and liabilities" to "increase in wildfire tort-related claims" to conform to 2024 presentation.
13

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 
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.
1
 On October 15, 2025, the Utilities redeemed all of their issued and outstanding cumulative preferred stock.
14

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)


15

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)
16

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 
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.

17

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 
1
 Source: State of Hawaii Data Book 2024 (prior years)
2
 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.
3
 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
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18

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 
1
 "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.
2
 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).
3
 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.

19

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 
1
 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.
2
 Includes firm and non-firm renewable generation; does not include generation associated with Net Energy Metering (NEM) and Grid Supply customers.
3
 Represents Kapolei Energy Storage, which reached commercial operations in December 2023.
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20

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 
1
 At December 31.
2
 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.  
3
 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.
4
 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 ceased operations.
5
 Net; noncoincident and nonintegrated.
21