HAWAIIAN ELECTRIC INDUSTRIES (HE) Company Report

Hawaiian Electric Industries (HEI) reported full-year 2025 core net income of $149.3 million, or $0.86 per share, compared to $124.3 million, or $0.98 per share, in 2024.
Significant progress was made on the Maui wildfire tort settlement, with the Hawaii Supreme Court affirming the denial of subrogation insurers' motion to intervene on February 10, moving closer to final court approval. The first $479 million settlement payment is now expected in the second half of 2026.
The company projects capital expenditures of $550 million to $700 million for 2026, rising to $600 million to $800 million for 2027 and $600 million to $850 million for 2028.
HEI plans to submit a joint rebasing proposal by March 6 and intends to divest its remaining 9.9% stake in American Savings Bank in calendar year 2026.
Scott DeGhetto will resign as CFO effective April 2, 2026, and Paul Ito will resume his prior role as CFO.

6 hours ago

Transcript

Hawaiian Electric Industries Reports Full Year 2025 Results, Provides Updates on Wildfire Settlement and 2026-2028 CapEx

Earnings

Legal Proceedings

Guidance Update

Hawaiian Electric Industries (HEI) reported net income of $123.1 million, or $0.71 per share, for the full year 2025, a significant improvement from a net loss of approximately $1.4 billion in 2024. Consolidated core net income for the year was $149.3 million, or $0.86 per share.
The company made substantial progress on the Maui wildfire tort settlement, with the Hawaii Supreme Court affirming the denial of subrogation insurers' motion to intervene. The first $479 million settlement payment is now expected in the second half of 2026, pending resolution of outstanding appeals, and the second payment is anticipated to be funded with debt and/or convertible debt.
HEI projects capital expenditures of $550 million-$700 million for 2026, increasing to $600 million-$800 million for 2027 and $600 million-$850 million for 2028.
The company plans to submit a joint rebasing proposal by March 6 and intends to divest its remaining 9.9% stake in American Savings Bank in calendar year 2026.
Scott DeGhetto will resign as HEI CFO effective April 2, 2026, and Paul Ito will resume his prior role as HEI CFO on the same date.

6 hours ago

Transcript

Hawaiian Electric Industries Reports Full Year 2025 Results and Provides Updates on Settlements and Leadership Transition

Earnings

CFO Change

Legal Proceedings

Hawaiian Electric Industries (HEI) reported full year 2025 net income of $123.1 million, or $0.71 per share, and core net income of $149.3 million, or $0.86 per share.
The company continues to advance the Maui wildfire tort settlement, with final court approval of the class settlement agreement granted in January and the Hawaii Supreme Court affirming the denial of subrogation insurers' intervention. The first $479 million settlement payment is now expected in the second half of 2026.
Scott DeGhetto will resign as HEI CFO effective April 2, 2026, with Paul Ito resuming the role.
HEI provided CapEx guidance of $550 million-$700 million for 2026, increasing to $600 million-$800 million for 2027, and $600 million-$850 million for 2028.
The company plans to submit a joint rebasing proposal by March 6 and intends to divest its remaining 9.9% stake in American Savings Bank in calendar year 2026.

6 hours ago

Transcript

Hawaiian Electric Industries Reports Q4 2025 Results, Advances Wildfire Settlements and Safety

Earnings

Legal Proceedings

Debt Issuance

Hawaiian Electric Industries reported Q4 2025 GAAP income from continuing operations of $39.6 million ($0.23 EPS) and Core income of $41.3 million ($0.24 EPS). For the full year 2025, Hawaiian Electric consolidated Non-GAAP (Core) net income was $177.547 million.
The tort litigation settlement agreement is now final, and shareholder class action and derivative settlements are finalized and fully funded by insurance proceeds. The State of Hawaii's $807 million obligation for the Maui wildfire tort litigation settlement is fully funded by Act 301.
The company maintains record liquidity of $1.6 billion as of December 31, 2025, supported by a credit facility expansion to $600 million and a $500 million utility debt issuance.
The Utility's Wildfire Safety Strategy was approved on December 31, 2025, aiming to further reduce wildfire risk, and the 2025-2027 Wildfire Mitigation Plan was also approved on the same date.

7 hours ago

Presentation

Hawaiian Electric Industries Reports Strong Financial Turnaround in Full Year 2025

Earnings

Legal Proceedings

New Projects/Investments

Hawaiian Electric Industries (HEI) reported a net income of $123 million, or $0.71 per share, for the full year 2025, a significant improvement from a net loss of $1,426 million, or $11.23 per share, in 2024.
For the fourth quarter of 2025, net income was $40 million, or $0.23 per share, compared to a net loss of $68 million, or $0.40 per share, in Q4 2024.
Core income from continuing operations for full year 2025 was $149 million ($0.86 per share), up from $124 million ($0.98 per share) in 2024, with the per share decrease primarily due to a larger share count following a September 2024 equity issuance.
Key strategic progress includes the wildfire tort litigation settlement nearing final court approval, regulatory approval of the utility's Enhanced Wildfire Safety Strategy, and achieving a 37% Renewable Portfolio Standard in 2025.

7 hours ago

Press Release

Hawaiian Electric Industries Reports Q4 and Full Year 2025 Results

Earnings

Legal Proceedings

New Projects/Investments

Hawaiian Electric Industries (HEI) reported a net income of $123 million, or $0.71 per share, for the full year 2025, a significant improvement from a net loss of $1,426 million, or $11.23 per share, in 2024. For the fourth quarter of 2025, net income was $40 million, or $0.23 per share, compared to a net loss of $68 million, or $0.40 per share, in Q4 2024.
Core income from continuing operations for the full year 2025 was $149 million, or $0.86 per share, up from $124 million, or $0.98 per share, in 2024. Fourth quarter 2025 Core income from continuing operations was $41 million, compared to $35 million in Q4 2024.
The utility achieved a 37% Renewable Portfolio Standard in 2025, accelerating progress toward the 2030 statutory milestone of 40%.
Regulators approved the utility’s Enhanced Wildfire Safety Strategy in December, and the Wildfire Tort Litigation Settlement is nearing final court approval.

7 hours ago

8-K

HEI Reports Q3 2025 Earnings, Updates on Wildfire Settlement and Capital Expenditures

Earnings

Legal Proceedings

New Projects/Investments

HEI reported Q3 2025 net income of $30.7 million or $0.18 per share, with consolidated core net income at $32.8 million or $0.19 per share.
The company expects a court hearing on January 8, 2026, for final approval of the Maui wildfire tort litigation class settlement agreement, with the first payment due no sooner than early 2026. $479 million is currently held for this first payment.
HEI provided CapEx guidance, expecting approximately $400 million for 2025, $550 million to $700 million for 2026, and a total of $1.8 billion to $2.4 billion over 2026-2028.
Liquidity was enhanced by a $500 million unsecured debt offering in September and an increase in credit facility capacity by a combined $225 million.
The Public Utilities Commission (PUC) granted HEI's request for an alternative rate rebasing process, with a proposal due by January 7, 2026.

Nov 7, 2025, 9:30 PM

Transcript

HEI Reports Q3 2025 Results, Updates on Wildfire Settlement and CapEx Guidance

Earnings

Legal Proceedings

Guidance Update

HEI reported Q3 2025 core net income of $32.8 million or $0.19 per share.
The Maui wildfire tort litigation settlement is progressing, with a court hearing for final approval scheduled for January 8, 2026, and the first payment expected no sooner than early 2026.
The company provided Capital Expenditure (CapEx) guidance of approximately $400 million for 2025, $550 million-$700 million for 2026, and a total of $1.8 billion-$2.4 billion over 2026-2028.
HEI completed a $500 million unsecured debt offering in September and approved a $10 million quarterly dividend from the utility to the holding company for Q3 2025.

Nov 7, 2025, 9:30 PM

Transcript

Hawaiian Electric (HE) Reports Q3 2025 Results, Progresses on Wildfire Settlement and Safety Strategy

Earnings

Legal Proceedings

New Projects/Investments

Hawaiian Electric (HE) reported Q3 2025 Core Diluted EPS of $0.19 and GAAP income from continuing operations of $30.7 million.
The Maui wildfire tort litigation settlement is progressing, with the Class settlement hearing scheduled for January 8, 2026, and the first payment anticipated no sooner than early 2026. The State of Hawaii's $807 million contribution to the settlement was secured by Act 301, signed in July 2025.
The company reported solid liquidity at the end of Q3 2025, including $504 million in unrestricted cash at the Utility and $40 million at the HoldCo. This was bolstered by a $500 million Utility senior unsecured notes offering in September and expanded revolving credit facilities.
An Enhanced Wildfire Safety Strategy for 2025-2027, which includes nearly $400 million in capital investments (with approximately $120 million in 2025), is awaiting PUC approval. Additionally, Act 258 authorizes securitization to finance $500 million for infrastructure resilience.

Nov 7, 2025, 9:30 PM

Presentation

HEI Reports Q3 2025 Results, Updates on Wildfire Litigation and CapEx Guidance

Earnings

Legal Proceedings

Guidance Update

For Q3 2025, HE reported net income of $30.7 million or $0.18 per share, with consolidated core net income of $32.8 million or $0.19 per share. This compares to core income from continuing operations of $32.7 million or $0.29 per share in Q3 2024.
Progress continues on the Maui wildfire tort litigation settlement, with a court hearing for final approval of the class settlement agreement expected on January 8, 2026, and the first payment anticipated no sooner than early 2026.
The company successfully completed a $500 million unsecured debt offering at Hawaiian Electric in September 2025 and increased credit facility capacity by a combined $225 million, enhancing enterprise-wide liquidity and capital market access.
HE expects 2025 Capital Expenditure (CapEx) to be approximately $400 million, with 2026 CapEx projected at $550 million-$700 million. Total CapEx of $1.8 billion-$2.4 billion is expected over the next three years from 2026 to 2028.
The Public Utilities Commission (PUC) granted a request for an alternative non-rate case process to rebase rates, with a proposal due by January 7, 2026.