HAWAIIAN ELECTRIC INDUSTRIES (HE) Company Report

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.

Nov 7, 2025, 9:30 PM

Transcript

HAWAIIAN ELECTRIC INDUSTRIES Reports Third Quarter 2025 Results

Earnings

Legal Proceedings

HAWAIIAN ELECTRIC INDUSTRIES (HEI) reported a net income for common stock of $30.7 million for the third quarter of 2025, a significant improvement from a net loss of $104.4 million in the third quarter of 2024. Basic earnings per common share were $0.18 for Q3 2025, compared to a loss of $0.91 per share in Q3 2024.
Non-GAAP (Core) income from continuing operations for HEI was $32.8 million in the third quarter of 2025, a slight increase from $32.7 million in the same period last year.
Hawaiian Electric's Core net income for Q3 2025 was $40 million, down from $44 million in Q3 2024, primarily due to $10 million in pre-tax wildfire-related expenses, partially offset by $6 million in deferred costs.
The holding and other companies reduced their net loss to $6 million in Q3 2025 from $41 million in Q3 2024, attributed to an asset impairment in the prior year, lower wildfire-related expenses, and reduced interest expense.

Nov 7, 2025, 9:05 PM

Press Release

Hawaiian Electric Company Issues $500 Million Senior Notes Due 2033

Debt Issuance

New Projects/Investments

Hawaiian Electric Company, Inc., a subsidiary of Hawaiian Electric Industries, Inc., issued $500 million aggregate principal amount of 6.000% Senior Notes due 2033 on September 18, 2025.
The net proceeds from this offering will be used to finance capital expenditures, repay long-term and/or short-term debt, and/or reimburse funds for capital expenditures.
Interest on the notes is payable semi-annually on April 1 and October 1 of each year, beginning April 1, 2026.
Hawaiian Electric may redeem the notes prior to October 1, 2028, at 100% of the principal plus a make-whole amount, and on or after October 1, 2028, at specified percentages (e.g., 103.000% in 2028, 101.500% in 2029, 100.000% in 2030 and thereafter).

Sep 18, 2025, 8:30 PM

8-K

Hawaiian Electric Industries Announces Pricing of Hawaiian Electric Senior Notes

Debt Issuance

New Projects/Investments

Hawaiian Electric Industries, Inc. (HEI) announced the pricing of Hawaiian Electric Company, Inc.'s $500 million aggregate principal amount of 6.000% Senior Notes due 2033 on September 11, 2025.
The net proceeds from this offering are intended to finance capital expenditures, repay long-term and/or short-term debt used for capital expenditures, or reimburse funds used for capital expenditures.
The offering is expected to close on or about September 18, 2025.

Sep 11, 2025, 8:30 PM

8-K

Helium Evolution Closes Convertible Note and Announces Q2 2025 Results

Debt Issuance

Earnings

New Projects/Investments

Helium Evolution (HEVI) closed an $8.3 million convertible note on August 29, 2025, with proceeds designated to fund its 20% working interest in the Soda Lake Facility and support a winter drilling campaign.
The company announced its Q2 2025 results for the three months ended June 30, 2025, reporting a net loss of $196 thousand and cash of $1,323 thousand.
The Soda Lake Facility, a helium processing plant, is expected to become operational in Q4 2025, marking HEVI's first helium sales volumes.
A winter drilling campaign in the Mankota area is anticipated to commence in Q4 2025 and continue into Q1 2026.

Aug 29, 2025, 9:00 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for HAWAIIAN ELECTRIC INDUSTRIES.

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