Document


SELECTED FINANCIAL INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31	2025			2024			2023
(dollars in thousands, except per share amounts)
Results of operations
Revenues	$	3,086,896		$	3,219,850		$	3,287,503


Net income (loss) for common stock1	123,120			(1,426,009)			199,238
Basic earnings (loss) per common share	0.71			(11.23)			1.82
Diluted earnings (loss) per common share	0.71			(11.23)			1.81
Dividends per common share	—			—			1.08
Net income (loss) for common stock by company
Utilities consolidated	$	168,215		$	(1,226,362)		$	193,952
HEI and other	(45,095)			(96,161)			(48,076)
Discontinued operations	—			(103,486)			53,362
	$	123,120		$	(1,426,009)		$	199,238
Assets2
Electric utility	$	8,530,520		$	7,613,604		$	7,283,554
Other	392,359			1,317,812			393,818
Discontinued operations	—			—			9,566,449
	$	8,922,879		$	8,931,416		$	17,243,821
Capital structure2
Short-term borrowings	$	—		$	48,623		$	—
Long-term debt, net	2,409,975			2,799,558			2,842,429
Preferred stock of subsidiaries	—			34,293			34,293
Common stock equity	1,605,919			1,479,089			2,344,841
	$	4,015,894		$	4,361,563		$	5,221,563
Capital structure ratios2
Short-term borrowings	—		%	1.1%			—		%
Long-term debt, net	60.0			64.2			54.4
Preferred stock of subsidiaries	—			0.8			0.7
Common stock equity	40.0			33.9			44.9
	100.0		%	100.0		%	100.0		%
Key financial ratios
Market price to book value per common share2	132		%	113		%	67		%
Price earnings ratio3	17.3x			NM			7.8x
Return on average common equity	8.0		%	NM			8.8		%
Indicated annual dividend yield2	—			—			7.6		%
Dividend payout ratio	—			—			59.4		%
Full-time employees2
HEI (includes Pacific Current)	51			69			75
Hawaiian Electric and its subsidiaries	2,608			2,518			2,564
ASB4	—			—			958
	2,659			2,587			3,597

Note: This report should be read in conjunction with HEI’s Form 10-K for each year.
1 Includes after-tax wildfire expenses net of insurance recoveries and approved deferral treatment of $12.2 million, $1.4 billion and $5.8 million in 2025, 2024 and 2023, respectively.
2 At December 31.
3 Calculated using December 31 market price per common share divided by diluted earnings per common share.
4 Beginning December 31, 2024, as a result of the ASB sale transaction, ASB was no longer a subsidiary of HEI.
NM: Not meaningful


CONSOLIDATED STATEMENTS OF INCOME INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31	2025		2024		2023		2022
(in thousands, except per share amounts)
Revenues
Electric utility1	$	3,071,182	$	3,206,700	$	3,269,521	$	3,408,587
Other1	15,714		13,150		17,982		12,330
Total revenues	3,086,896		3,219,850		3,287,503		3,420,917
Expenses
Electric utility (includes $1,875 million of provision, net, for Wildfire tort-related claims recorded in 2024)	2,791,396		4,818,558		2,967,363		3,109,396
Other (includes $35 million of impairment recorded in 2024)	60,178		108,052		45,148		31,966
Total expenses	2,851,574		4,926,610		3,012,511		3,141,362
Operating income (loss)
Electric utility	279,786		(1,611,858)		302,158		299,191
Other	(44,464)		(94,902)		(27,166)		(19,636)
Total operating income (loss)	235,322		(1,706,760)		274,992		279,555
Retirement defined benefits credit—other than service costs	3,482		3,754		4,014		3,688
Interest expense, net	(117,334)		(127,207)		(125,532)		(103,402)
Allowance for borrowed funds used during construction	5,893		5,470		5,201		3,416
Allowance for equity funds used during construction	15,013		13,786		15,164		10,574
Interest income1	36,929		19,362		9,105		—
Gain (loss) on sales of subsidiaries and equity-method investments and impairment loss on assets sold and held for sale	(12,376)		—		(644)		8,123
Income (loss) from continuing operations before income taxes	166,929		(1,791,595)		182,300		201,954
Income tax expense (benefit)	40,648		(470,962)		34,534		38,915
Net income (loss) from continuing operations	126,281		(1,320,633)		147,766		163,039
Dividends on and loss on redemption of preferred stock of subsidiaries	3,161		1,890		1,890		1,890
Income (loss) from continuing operations for common stock	123,120		(1,322,523)		145,876		161,149
Income (loss) from discontinued operations	—		(103,486)		53,362		79,989
Net income (loss) for common stock2	$	123,120	$	(1,426,009)	$	199,238	$	241,138
Continuing operations - Basic earnings (loss) per common share	$	0.71	$	(10.42)	$	1.33	$	1.47
Discontinued operations - Basic earnings (loss) per common share	—		(0.81)		0.49		0.73
Basic earnings (loss) per common share	$	0.71	$	(11.23)	$	1.82	$	2.20
Continuing operations - Diluted earnings (loss) per common share	$	0.71	$	(10.42)	$	1.33	$	1.47
Discontinued operations - Diluted earnings (loss) per common share	—		(0.81)		0.48		0.73
Diluted earnings (loss) per common share	$	0.71	$	(11.23)	$	1.81	$	2.20
Weighted-average number of common shares outstanding	172,553		126,927		109,739		109,434
Weighted-average shares assuming dilution	173,017		126,927		110,038		109,778

Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.
1 Beginning in 2023, the interest income balance was significant enough to be reported separately from total revenues. Prior to 2023, total revenues included interest income.
2 Includes after-tax wildfire expenses net of insurance recoveries and approved deferral treatment of $12.2 million, $1.4 billion and $5.8 million in 2025, 2024 and 2023, respectively.


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
Years ended December 31	2025		2024		2023		2022
(in thousands)
Net income (loss) for common stock	$	123,120	$	(1,426,009)	$	199,238	$	241,138
Other comprehensive income (loss), net of taxes:
Net unrealized gains (losses) on available-for-sale investment securities:
Net unrealized gains (losses) on available-for-sale investment securities arising during the period, net of taxes	—		(11,227)		20,589		(300,860)
Reclassification adjustment for net realized losses included in net income, net of taxes	—		—		10,954		—
Amortization of unrealized holding losses on held-to-maturity securities, net of taxes	—		13,012		14,398		3,993
Derivatives qualified as cash flow hedges:

Unrealized interest rate hedging gains (losses), net of taxes	(489)		683		(167)		5,457
Reclassification adjustment to net income, net of taxes	(1,031)		(201)		(186)		172
Retirement benefit plans:
Net gains arising during the period, net of taxes	77,873		66,355		10,854		188,020
Adjustment for amortization of prior service credit and net losses (gains) recognized during the period in net periodic benefit cost, net of taxes	(2,057)		(1,730)		(1,560)		19,659
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes	(74,419)		(63,708)		(8,204)		(199,936)
Other comprehensive income (loss), net of taxes	(123)		3,184		46,678		(283,495)
Comprehensive income (loss) attributable to Hawaiian Electric Industries, Inc.	$	122,997	$	(1,422,825)	$	245,916	$	(42,357)

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


CONSOLIDATED BALANCE SHEETS INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
December 31		2025		2024		2023
(in thousands)
ASSETS
Current assets:
Cash and cash equivalents		$	501,778	$	750,535	$	244,091
Restricted cash		478,968		492,317		15,028
Accounts receivable and unbilled revenues, net		491,526		457,171		546,704
Regulatory assets		50,039		53,895		68,453
Other		305,999		380,408		331,617
Assets held for sale		56,266		—		—
Total current assets		1,884,576		2,134,326		1,205.893
Noncurrent assets:
Property, plant and equipment, net		6,188,372		6,134,318		5,963,084
Operating lease right-of-use assets		56,604		66,553		79,686
Regulatory assets		258,076		227,424		226,351
Other		535,251		368,795		202,358
Total noncurrent assets		7,038,303		6,797,090		6,471.479
Assets of discontinued operations		—		—		9,566,449
	Total assets	$	8,922,879	$	8,931,416	$	17,243.821

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts, interest and dividends payable		$	250,520	$	230,655	$	227,239
Short-term borrowings		—		48,623		—
Current portion of long-term debt, net		124,959		109,171		16,496
Regulatory liabilities		51,997		26,568		36,559
Wildfire related claims		530,000		478,750		75,000
Other		410,458		430,824		403,414
Liabilities held for sale		59,803		—		—
Total current liabilities		1,427,737		1,324,591		758.708
Noncurrent liabilities:
Long-term debt, net		2,285,016		2,690,387		2,825,933
Deferred income taxes		—		—		402,246
Operating lease liabilities		43,278		56,523		69,972
Financing lease liabilities		505,590		426,598		331,262
Regulatory liabilities		1,392,147		1,217,515		1,114,131
Defined benefit plans liability		23,656		23,213		78,200
Wildfire tort-related claims		1,436,250		1,436,250		—
Other		203,286		242,957		247,637
Total noncurrent liabilities		5,889,223		6,093,443		5,069.381
Liabilities of discontinued operations		—		—		9,036,598
	Total liabilities	7,316,960		7,418,034		14,864,687
Preferred stock of subsidiaries - not subject to mandatory redemption		—		34,293		34,293
Shareholders' equity

Common stock		2,268,187		2,264,544		1,707,471
Retained earnings (deficit)		(665,606)		(788,916)		926,720
Accumulated other comprehensive income (loss), net of taxes		3,338		3,461		(289,350)
	Total shareholders' equity	1,605,919		1,479,089		2,344,841
	Total liabilities and shareholders' equity	$	8,922,879	$	8,931,416	$	17,243,821

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


CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries						Accumulated
Unaudited						other
	Common stock			Retained		comprehensive
(in thousands, except per share amounts)	Shares	Amount		earnings		income (loss)		Total






































































Balance, December 31, 2022	109,471	$	1,692,697	$	845,830	$	(336,028)	$	2,202,499
Net income for common stock	—	—		199,238		—		199,238
Other comprehensive income, net of taxes	—	—		—		46,678		46,678
Issuance of common stock:
Dividend reinvestment and stock purchase plan	537	6,612		—		—		6,612
Share-based plans	144	6,371		—		—		6,371
Share-based expense and other, net	—	1,791		—		—		1,791
Common stock dividends ($1.08 per share)	—	—		(118,348)		—		(118,348)
Balance, December 31, 2023	110,152	1,707,471		926,720		(289,350)		2,344,841
Net loss for common stock	—	—		(1,426,009)		—		(1,426,009)
Other comprehensive income, net of taxes	—	—		—		3,184		3,184
Issuance of common stock:
Common stock offering	62,162	575,000		—		—		575,000
Share-based plans	152	8,018		—		—		8,018
Common stock offering expenses	—	(18,621)		—		—		(18,621)
Share-based expenses and other, net	—	(7,324)		—		—		(7,324)
Discontinued operations	—	—		(289,627)		289,627		—
Balance, December 31, 2024	172,466	2,264,544		(788,916)		3,461		1,479,089
Net loss for common stock	—	—		123,120		—		123,120
Other comprehensive loss, net of tax benefits	—	—		—		(123)		(123)
Issuance of common stock:
Share-based plans	154	3,896		—		—		3,896
Share-based expenses and other, net	—	(648)		—		—		(648)
Stock expense adjustment and other	—	395		190		—		585
Balance, December 31, 2025	172,620	$	2,268,187	$	(665,606)	$	3,338	$	1,605,919

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


CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

Years ended December 31		2025		2024		2023		2022
(in thousands)
Cash flows from operating activities
Net income (loss)		$	126,281	$	(1,424,119)	$	201,128	$	243,028
Adjustments to reconcile net income (loss) to net cash provided by operating activities-continuing operations
	Loss (income) from discontinued operations	—		103,486		(53,362)		(79,989)
	Depreciation of property, plant and equipment	260,024		261,701		254,990		244,477
	Other amortization	38,895		31,832		27,316		25,928
	Loss (gain) on sale of subsidiaries and equity-method investment and impairment loss on assets sold and held for sale	12,376		39,642		644		(8,123)
	Deferred income tax expense (benefit)	(10,630)		(486,188)		9,352		(33,157)
	Share-based compensation expense	3,426		3,591		6,776		7,450
	Allowance for equity funds used during construction	(15,013)		(13,786)		(15,164)		(10,574)
	Other	(6,359)		(13,790)		(2,989)		(5,323)
	Changes in assets and liabilities
	Decrease (increase) in accounts receivable and unbilled revenues, net	(51,351)		96,700		(71,643)		(147,327)
	Decrease (increase) in fuel oil stock	(15,579)		49,361		43,388		(87,569)
	Increase in materials and supplies	(14,458)		(4,177)		(34,887)		(7,960)
	Decrease (increase) in regulatory assets	(30,462)		(22,743)		(10,613)		34,600
	Increase in regulatory liabilities	96,043		48,433		54,470		44,888
	Increase in accounts, interest and dividends payable	7,032		6,862		34,290		23,083
	Change in prepaid and accrued income taxes, tax credits and utility revenue taxes	(4,563)		(25,525)		(9,858)		120,738
	Change in defined benefit pension and other postretirement benefit plans liability	(8,788)		(9,358)		(8,215)		(4,564)
	Increase in wildfire related claims	47,750		1,840,000		75,000		—
	Change in other assets and liabilities, net	(43,551)		(53,812)		(57,255)		(25,924)
Net cash provided by operating activities-continuing operations		391,073		428,110		443,368		333,682
Net cash provided by operating activities-discontinued operations		—		59,371		108,103		120,794
Net cash provided by operating activities		391,073		487,481		551,471		454,476
Cash flows from investing activities
Capital expenditures		(341,202)		(344,251)		(442,727)		(339,333)
Proceeds from sale of subsidiaries		13,781		—		—		—
Acquisition of business		—		—		—		(25,706)
Other, net		5,246		10,330		6,558		14,184
Net cash used in investing activities-continuing operations		(322,175)		(333,921)		(436,169)		(350,855)
Net cash provided by (used in) investing activities-discontinued operations		—		592,239		178,770		(777,827)
Net cash provided by (used in) investing activities		$	(322,175)	$	258,318	$	(257,399)	$	(1,128,682)

		(Continued on next page)


CONSOLIDATED STATEMENTS OF CASH FLOWS INFORMATION (Continued)
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

Years ended December 31	2025		2024		2023		2022

(in thousands)
Cash flows from financing activities
Net increase (decrease) in short-term borrowings with original maturities of three months or less	$	—	$	—	$	(137,650)	$	83,652
Proceeds from issuance of short-term debt	—		50,000		65,000		35,000
Repayment of short-term debt	(50,000)		—		(100,000)		—
Proceeds from issuance of long-term debt	510,000		5,475		625,000		227,312
Repayment of long-term debt and funds transferred for repayment of long-term debt	(733,564)		(97,698)		(167,080)		(221,910)
Withheld shares for employee taxes on vested share-based compensation	(178)		(1,074)		(2,371)		(3,165)
Net proceeds from issuance of common stock	—		556,612		1,223		—
Common stock dividends	—		—		(73,957)		(111,229)
Preferred stock dividends of subsidiaries	(1,890)		(1,890)		(1,890)		(1,890)
Redemption of preferred stock of subsidiaries	(35,368)		—		—		—
Other	(20,004)		(13,867)		(5,133)		(2,041)
Net cash provided by (used in) financing activities-continuing operations	(331,004)		497,558		203,142		5,729
Net cash provided by (used in) financing activities-discontinued operations	—		(342,853)		(7,567)		561,942
Net cash provided by (used in) financing activities	(331,004)		154,705		195,575		567,671
Net increase (decrease) in cash, cash equivalents and restricted cash, including cash from discontinued operations	(262,106)		900,504		489,647		(106,535)
Cash, cash equivalents and restricted cash from continuing operations, January 1	1,242,852		259,119		48,778		256,204
Cash, cash equivalents and restricted cash from discontinued operations, January 1	—		435,455		156,149		55,258
Cash, cash equivalents and restricted cash, including cash from discontinued operations, December 31	980,746		1,595,078		694,574		204.927
Less: Cash from discontinued operations	—		(352,226)		(435,455)		(156,149)
Cash, cash equivalents and restricted cash from continuing operations, December 31	980,746		1,242,852		259,119		48,778
Less: Restricted cash	(478,968)		(492,317)		(15,028)		(5,050)
Cash and cash equivalents from continuing operations, December 31	$	501,778	$	750,535	$	244,091	$	43,728

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


CONSOLIDATED CAPITAL STRUCTURE
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited

December 31									2025		2024		2023
(in thousands)

Short-term borrowings1									$	—	$	48,623	$	—
Long-term debt1
Long-term debt of electric utility subsidiaries, net of unamortized debt issuance costs 2									2,182,833		1,901,214		1,934,277
HEI 4.58% senior notes, paid in 2025									—		50,000		50,000
HEI 4.72% senior notes, due 2028									37,096		100,000		100,000
HEI 2.82% senior notes, due 2028									8,903		24,000		24,000
HEI 2.48% senior notes, due 2028									11,129		30,000		30,000
HEI 6.04% senior notes, due 2028									14,467		39,000		39,000
HEI 2.98% senior notes, due 2030									18,548		50,000		50,000
HEI 3.15% senior notes, due 2031									18,919		51,000		51,000
HEI 2.78% senior notes, due 2031									9,274		25,000		25,000
HEI 2.98% senior notes, due 2032									11,129		30,000		30,000
HEI 5.43% senior notes, due 2032									27,822		75,000		75,000
HEI 6.10% senior notes, due 2033									22,629		61,000		61,000
HEI 5.43% senior notes, due 2034									12,984		35,000		35,000
HEI 3.74% senior notes, due 2051									7,419		20,000		20,000
HEI 3.94% senior notes, due 2052									7,419		20,000		20,000
Hamakua Energy 4.02% non-recourse notes, due 20302									—		39,026		44,855
Mauo SOFR + 1.475% loan, paid in 2024									—		—		5,384
Mauo 5.07% non-recourse term loan, due 2034 to 20352									—		20,795		16,962
Ka`ie`ie Waho Company 2.79% non-recourse loan, due 20312									—		8,517		9,727
Mahipapa 2.14% non-recourse loan, due 2034 to 20363									—		53,263		53,743
Mahipapa 5.625% non-recourse unsecured loan, due 20273									—		424		578
HEI revolving credit facility SOFR + 2.50%, due 20304									20,000		173,000		175,000
Less unamortized debt issuance cost and debt discount									(596)		(6,681)		(8,097)
Total long term debt, net									2,409,975		2,799,558		2,842,429

Preferred stock of subsidiaries - not subject to mandatory redemption									—		34,293		34,293
Shareholders' equity
Common stock									2,268,187		2,264,544		1,707,471
Retained earnings (deficit)									(665,606)		(788,916)		926,720
Accumulated other comprehensive income (loss), net of taxes									3,338		3,461		(289,350)
Total shareholders' equity									1,605,919		1,479,089		2,344,841
Total short-term borrowings, long term debt, net, preferred stock and shareholders' equity									$	4,015,894	$	4,361,563	$	5,221,563


LONG-TERM DEBT MATURITIES as of December 31, 2025
Hawaiian Electric Industries, Inc. and Subsidiaries
Unaudited
(in thousands)	2026		2027		2028		2029		2030		Thereafter		Total

Long-term debt1
Electric utilities5	$	125,000	$	100,000	$	67,500	$	35,000	$	150,000	$	1,717,500	$	2,195,000
HEI3	—		—		71,595		—		38,548		117,595		227,738
Less unamortized debt issuance cost													(12,763)
	$	125,000	$	100,000	$	139,095	$	35,000	$	188,548	$	1,835,095	$	2,409,975

Note: See HEI's Consolidated Financial Statements included or incorporated in HEI's Form 10-K for each year.
1 Excludes intercompany borrowings.
2 The debt of Hamakua Energy, Mauo and Ka’ie’ie Waho was transferred to the buyer as part of the sale of these entities in 2025.
3 Amounts do not include $54 million related to Mahipapa debt which are included in liabilities held for sale as of December 31, 2025.
4 As of December 31, 2025 and 2024, the weighted-average interest rate was 6.32% and 6.89%, respectively. At December 31, 2024, the credit facility’s interest rate was based on term SOFR plus the applicable margin of 1.75%, reduced by a 0.05% sustainability margin adjustment, plus an additional 0.10% spread adjustment.
5 See pages 15 to 17 for additional information.


SELECTED FINANCIAL INFORMATION
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2025		2024			2023		2022		2021
(in thousands)

CAPITAL STRUCTURE1
Short-term borrowings, net		$	—	$	48,623		$	—	$	87,967	$	—
Long-term debt, net, including current portion		2,182,833		1,901,214			1,934,277		1,684,816		1,676,402
Preferred stock2		—		34,293			34,293		34,293		34,293
Common stock equity		1,583,399		1,156,955			2,409,110		2,344,170		2,261,899
		$	3,766,232	$	3,141,085		$	4,377,680	$	4,151,246	$	3,972,594
CAPITAL STRUCTURE RATIOS (%) 1
Short-term borrowings, net		—		1.6			—		2.1		—
Long-term debt, net, including current portion		58.0		60.5			44.2		40.6		42.2
Preferred stock		—		1.1			0.8		0.8		0.9
Common stock equity		42.0		36.8			55.0		56.5		56.9
		100.0		100.0			100.0		100.0		100.0
KEY FINANCIAL RATIOS (%)
Authorized return on rate base 3
	Hawaiian Electric	7.37		7.37			7.37		7.37		7.37
	Hawaii Electric Light	7.52		7.52			7.52		7.52		7.52
	Maui Electric	7.43		7.43			7.43		7.43		7.43
Earned rate-making return on simple average rate base 4
	Hawaiian Electric	7.61		7.18			7.34		7.32		7.28
	Hawaii Electric Light	6.65		6.23			6.77		5.76		5.96
	Maui Electric	4.49		4.25			4.57		6.53		6.61
Authorized return on simple average common equity 3
	Hawaiian Electric	9.50		9.50			9.50		9.50		9.50
	Hawaii Electric Light	9.50		9.50			9.50		9.50		9.50
	Maui Electric	9.50		9.50			9.50		9.50		9.50
Earned rate-making return on simple average common equity 5
	Hawaiian Electric	9.92		9.09			9.28		9.67		9.38
	Hawaii Electric Light	8.19		7.48			8.27		6.87		7.02
	Maui Electric	4.54		3.54			4.46		8.23		8.22
Book return on simple average common equity 6
	Hawaiian Electric	19.27		NM		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)


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.


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.


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.


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.


LONG-TERM DEBT
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

December 31		2025		2024		2023		2022		2021
(in thousands)
OBLIGATIONS TO THE STATE OF HAWAII FOR THE
	REPAYMENT OF SPECIAL PURPOSE REVENUE BONDS
Hawaiian Electric
Refunding series 2015, 3.25%, paid in 2025		$	—	$	40,000	$	40,000	$	40,000	$	40,000
Refunding series 2017A, 3.10%, due 2026		62,000		62,000		62,000		62,000		62,000
Refunding series 2017B, 4.00%, due 2037		100,000		100,000		100,000		100,000		100,000
Refunding series 2019, 3.20%, due 2039		90,000		90,000		90,000		90,000		90,000
Series 2019, 3.50%, due 2049		70,000		70,000		70,000		70,000		70,000
		322,000		362,000		362,000		362,000		362,000

Hawaii Electric Light
Refunding series 2015, 3.25%, paid in 2025		—		5,000		5,000		5,000		5,000
Refunding series 2017A, 3.10%, due 2026		8,000		8,000		8,000		8,000		8,000
Refunding series 2017B, 4.00%, due 2037		20,000		20,000		20,000		20,000		20,000
Refunding series 2019, 3.20%, due 2039		60,000		60,000		60,000		60,000		60,000
Series 2019, 3.50%, due 2049		2,500		2,500		2,500		2,500		2,500
		90,500		95,500		95,500		95,500		95,500

Maui Electric
Refunding series 2015, 3.25%, paid in 2025		—		2,000		2,000		2,000		2,000
Refunding series 2017A, 3.10%, due 2026		55,000		55,000		55,000		55,000		55,000
Refunding series 2017B, 4.00%, due 2037		20,000		20,000		20,000		20,000		20,000
Series 2019, 3.50%, due 2049		7,500		7,500		7,500		7,500		7,500
		82,500		84,500		84,500		84,500		84,500
	Total obligations to the State of Hawaii	$	495,000	$	542,000	$	542,000	$	542,000	$	542,000

				(Continued on next page)


LONG-TERM DEBT (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

December 31		2025		2024		2023		2022		2021
(in thousands)
OTHER LONG-TERM DEBT (UNSECURED)
Taxable unsecured senior notes:
Hawaiian Electric
	Series 2013A, 4.45%, paid in 2022	$	—	$	—	$	—	$	—	$	40,000
	Series 2012C, 4.55%, paid in 2023	—		—		—		50,000		50,000
	Series 2012D, 4.72%, due 2029	35,000		35,000		35,000		35,000		35,000
	Series 2012E, 5.39%, due 2042	150,000		150,000		150,000		150,000		150,000
	Series 2012F, 4.53%, due 2032	40,000		40,000		40,000		40,000		40,000
	Series 2013B, 4.84%, due 2027	50,000		50,000		50,000		50,000		50,000
	Series 2013C, 5.65%, due 2043	50,000		50,000		50,000		50,000		50,000
	Series 2015A, 5.23%, due 2045	50,000		50,000		50,000		50,000		50,000
	Series 2016A, 4.54%, due 2046	40,000		40,000		40,000		40,000		40,000
	Series 2017A, 4.31%, due 2047	40,000		40,000		40,000		40,000		40,000
	Series 2018A, 4.38%, due 2028	52,000		52,000		52,000		52,000		52,000
	Series 2018B, 4.53%, due 2033	12,500		12,500		12,500		12,500		12,500
	Series 2018C, 4.72%, due 2048	10,500		10,500		10,500		10,500		10,500
	Series 2019A, 4.21%, due 2034	30,000		30,000		30,000		30,000		30,000
	Series 2020A, 3.31%, due 2030	50,000		50,000		50,000		50,000		50,000
	Series 2020B, 3.31%, due 2030	40,000		40,000		40,000		40,000		40,000
	Series 2020C, 3.96%, due 2050	20,000		20,000		20,000		20,000		20,000
	Series 2020D, 3.28%, due 2040	30,000		30,000		30,000		30,000		30,000
	Series 2020E, 3.51%, due 2050	30,000		30,000		30,000		30,000		30,000
	Series 2022A, 3.70%, due 2032	40,000		40,000		40,000		40,000		—
	Series 2023A, 6.11%, due 2030	40,000		40,000		40,000		—		—
	Series 2023B, 6.25%, due 2033	40,000		40,000		40,000		—		—
	Series 2023C, 6.70%, due 2053	20,000		20,000		20,000		—		—
	Senior Notes 2025, 6%, due 2033	500,000		—		—		—		—
		1,370,000		870,000		870,000		820,000		820,000

Hawaii Electric Light
	Series 2013B, 4.45%, paid in 2022	—		—		—		—		12,000
	Series 2012B, 4.55%, paid in 2023	—		—		—		20,000		20,000
	Series 2013C, 4.84%, due 2027	30,000		30,000		30,000		30,000		30,000
	Series 2015A, 5.23%, due 2045	25,000		25,000		25,000		25,000		25,000
	Series 2018A, 4.38%, due 2028	9,000		9,000		9,000		9,000		9,000
	Series 2018B, 4.53%, due 2033	3,000		3,000		3,000		3,000		3,000
	Series 2018C, 4.72%, due 2048	3,000		3,000		3,000		3,000		3,000
	Series 2019A, 4.21%, due 2034	10,000		10,000		10,000		10,000		10,000
	Series 2020A, 3.96%, due 2050	10,000		10,000		10,000		10,000		10,000
	Series 2020B, 3.28%, due 2040	15,000		15,000		15,000		15,000		15,000
	Series 2020C, 3.51%, due 2050	15,000		15,000		15,000		15,000		15,000
	Series 2022A, 3.70%, due 2032	10,000		10,000		10,000		10,000		—
	Series 2023A, 6.25%, due 2033	25,000		25,000		25,000		—		—
		$	155,000	$	155,000	$	155,000	$	150,000	$	152,000

				(Continued on next page)


LONG-TERM DEBT (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

December 31		2025		2024		2023		2022		2021
(in thousands)
OTHER LONG-TERM DEBT (UNSECURED)
Taxable unsecured senior notes:
Maui Electric
	Series 2012C, 4.55%, paid in 2023	$	—	$	—	$	—	$	30,000	$	30,000
	Series 2013A, 4.84%, due 2027	20,000		20,000		20,000		20,000		20,000
	Series 2013B, 5.65%, due 2043	20,000		20,000		20,000		20,000		20,000
	Series 2015A, 5.23%, due 2045	5,000		5,000		5,000		5,000		5,000
	Series 2017A, 4.31%, due 2047	10,000		10,000		10,000		10,000		10,000
	Series 2018A, 4.38%, due 2028	6,500		6,500		6,500		6,500		6,500
	Series 2018B, 4.53%, due 2033	2,000		2,000		2,000		2,000		2,000
	Series 2018C, 4.72%, due 2048	1,500		1,500		1,500		1,500		1,500
	Series 2019A, 4.21%, due 2034	10,000		10,000		10,000		10,000		10,000
	Series 2020A, 3.31%, due 2030	20,000		20,000		20,000		20,000		20,000
	Series 2020B, 3.96%, due 2050	20,000		20,000		20,000		20,000		20,000
	Series 2020C, 3.51%, due 2050	25,000		25,000		25,000		25,000		25,000
	Series 2022A, 3.70%, due 2032	10,000		10,000		10,000		10,000		—
	Series 2023A, 6.25%, due 2033	25,000		25,000		25,000		—		—
		175,000		175,000		175,000		180,000		170,000
	Total taxable unsecured senior notes	1,700,000		1,200,000		1,200,000		1,150,000		1,142,000
Revolving credit facility SOFR +2.25%, due 2026		—		166,000		200,000		—		—
	Total other long-term debt - unsecured	1,700,000		1,366,000		1,400,000		1,150,000		1,142,000
	Total long-term debt	2,195,000		1,908,000		1,942,000		1,692,000		1,684,000
Less current portion of long-term debt, net of unamortized debt issuance costs		124,959		47,000		—		99,962		51,975
Less unamortized debt issuance costs		12,167		6,786		7,723		7,184		7,598
Long-term debt, net		$	2,057,874	$	1,854,214	$	1,934,277	$	1,584,854	$	1,624,427

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.


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
			(Continued on next page)


CUSTOMER, SALES AND REVENUE INFORMATION (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2025		2024		2023		2022		2021
REVENUES (thousands)1
Electric sales revenue
	Residential	$	983,583	$	1,011,289	$	1,028,415	$	1,069,974	$	843,655
	Commercial	972,747		1,023,571		1,039,894		1,085,405		810,658
	Industrial	1,067,468		1,122,152		1,156,909		1,211,242		853,293
Total electric sales revenues		3,023,798		3,157,012		3,225,218		3,366,621		2,507,606
Other revenues2		47,384		49,688		44,303		41,966		32,030
Total revenues		$	3,071,182	$	3,206,700	$	3,269,521	$	3,408,587	$	2,539,636
Less:
Fuel oil		947,445		1,078,045		1,211,420		1,265,614		644,349
Purchased power		677,654		703,371		671,769		793,584		670,494
Taxes, other than income taxes		289,816		301,328		306,912		317,173		240,354
Net revenues		$	1,156,267	$	1,123,956	$	1,079,420	$	1,032,216	$	984,439
REVENUES BY COMPANY (thousands)
Hawaiian Electric		$	2,177,043	$	2,283,148	$	2,356,478	$	2,452,969	$	1,793,372
Hawaii Electric Light		458,524		483,715		464,161		485,590		381,033
Maui Electric		438,098		440,432		448,882		470,355		365,256
HE AR Inter3		11,943		5,570		—		—		—
Eliminations2,3		(14,426)		(6,165)		—		(327)		(25)
Consolidated		$	3,071,182	$	3,206,700	$	3,269,521	$	3,408,587	$	2,539,636
AVERAGE REVENUE PER KWH SOLD (cents)1
Residential		41.72		44.06		43.91		44.30		33.86
Commercial		36.57		39.02		39.82		40.99		31.21
Industrial		31.33		33.99		35.34		36.75		26.88
Other		38.98		41.05		40.79		55.24		34.19
		35.90		38.41		39.21		40.30		30.35
AVERAGE REVENUE PER KWH SOLD BY COMPANY (cents)
Hawaiian Electric		34.19		36.62		37.86		39.00		28.72
Hawaii Electric Light		42.53		45.43		43.90		45.51		36.00
Maui Electric		39.19		41.90		42.39		42.67		34.33
Consolidated		35.90		38.41		39.21		40.30		30.35
AVERAGE ANNUAL RESIDENTIAL USE PER CUSTOMER BY COMPANY (KWH)
Hawaiian Electric		5,621		5,450		5,589		5,761		6,013
Hawaii Electric Light		5,399		5,459		5,480		5,644		5,795
Maui Electric		6,028		5,858		5,981		6,298		6,339
Consolidated		5,639		5,512		5,628		5,821		6,022
Average monthly electric sales revenue per residential customer		$	196	$	202	$	206	$	215	$	170

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.


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.
			(Continued on next page)


POWER SUPPLY INFORMATION (Continued)
Hawaiian Electric Company, Inc. and Subsidiaries
Unaudited

Years ended December 31		2025		2024		2023		2022		2021
SYSTEM CAPABILITY (MW) 1, 2
Company-owned generation
Conventional oil-fired steam units		993		993		1,086		1,086		1,086
Diesel internal combustion engine		134		147		147		146		146
Simple-cycle combustion turbines		254		280		279		279		279
Dual train combined-cycle unit		170		170		170		170		170
Biodiesel internal combustion engine		57		57		57		57		57
		1,608		1,647		1,739		1,738		1,738
Firm purchase power contracts 3
Non-renewable 4		268		268		268		268		448
Renewable		101		98		94		94		92
		369		366		362		362		540
		1,977		2,013		2,101		2,100		2,278
SYSTEM CAPABILITY BY COMPANY (MW) 1, 2
Hawaiian Electric		1,472		1,472		1,564		1,564		1,744
Hawaii Electric Light		248		272		268		268		266
Maui Electric		257		269		269		268		268
		1,977		2,013		2,101		2,100		2,278
SYSTEM PEAK LOAD BY COMPANY (MW) 5
Hawaiian Electric		1,058		1,050		1,060		1,072		1,072
Hawaii Electric Light		184		184		187		188		194
Maui Electric		205		190		200		207		205
		1,447		1,424		1,447		1,467		1,471
FUEL OIL DATA
Barrels of fuel oil consumed (thousands)		9,437		9,374		9,559		8,945		8,048
Average fuel oil cost per barrel		$	100.40	$	115.00	$	126.73	$	141.49	$	80.06
Average fuel oil cost per million BTU (cents)		1,632.9		1,868.2		2,060.0		2,310.9		1,305.4
Fuel oil cost per net KWH generated (cents)		17.997		20.688		22.869		25.283		14.344
BTU per net KWH generated by company
	Hawaiian Electric	11,089		11,079		11,178		10,943		10,962
	Hawaii Electric Light	11,064		11,558		11,691		11,680		11,876
	Maui Electric	10,684		10,720		10,461		10,501		10,543
	Consolidated	11,021		11,074		11,102		10,941		10,988
OTHER DATA
Losses and system uses (%)		4.1		6.4		4.2		4.4		4.3
Reserve margin (%) 5		36.6		41.4		45.2		43.1		54.8
Annual load factor (%) 5		70.8		70.6		68.0		68.2		67.2
Average cost per KWH purchased from IPPs (cents)		18.444		19.818		20.536		21.160		16.142

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.


TABLE OF CONTENTS

			Page
HEI Consolidated
Selected Financial Information			1
Consolidated Statements of Income Information			2
Consolidated Statements of Comprehensive Income Information			3
Consolidated Balance Sheets Information			4
Consolidated Statements of Changes in Shareholders' Equity Information			5
Consolidated Statements of Cash Flows Information			6
Consolidated Capital Structure			8

Hawaiian Electric Company
Selected Financial Information			9
Consolidated Statements of Income and Retained Earnings Information			11
Consolidated Balance Sheets Information			12
Consolidated Statements of Cash Flows Information			13
Cumulative Preferred Stock Not Subject to Mandatory Redemption			14
Long-term Debt			15
Customer, Sales and Revenue Information			18
Power Supply Information			20


SELECTED FINANCIAL INFORMATION (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.