HAWAIIAN ELECTRIC INDUSTRIES INC 10-Q

MD&A

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion updates “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in HEI’s and Hawaiian Electric’s 2025 Form 10-K and should be read in conjunction with such discussion and the 2025 annual consolidated financial statements of HEI and Hawaiian Electric and notes thereto included in HEI’s and Hawaiian Electric’s 2025 Form 10-K, as well as the quarterly condensed consolidated financial statements and notes thereto included in Item 1 of this Form 10-Q. HEI consolidated Recent developments. For discussion of the impacts of inflation and other macro-economic factors impacting the Utilities, s ee also “Recent developments” in Hawaiian Electric’s MD&A. See also “Economic conditions” below for further discussion of the economic impact of recent events, and Note 2 of the Condensed Consolidated Financial Statements for recent updates and disclosures relating to the Maui windstorm and wildfires. RESULTS OF OPERATIONS Three months ended June 30 % (in thousands) 2026 2025 change Primary reason(s) 1 Revenues $ 939,703 $ 746,392 26 Increase in the electric utility segment, partly offset by a decrease in the all other segment. Operating income 204,214 53,747 280 Increase in the electric utility segment (primarily due to the adjustment related to remeasuring the remaining settlement liability (see Note 2 of the Condensed Consolidated Financial Statements)), partly offset by a decrease in the all other segment. Net income for common stock 123,200 26,085 372 Higher net income related to higher operating income, partially offset by higher interest expense due to the accretion related to the remeasuring of the remaining settlement liability (see Note 2 of the Condensed Consolidated Financial Statements) and higher average debt balances and lower interest income due to the first installment payment of the tort-related settlement in April 2026. Six months ended June 30 % (in thousands) 2026 2025 change Primary reason(s) 1 Revenues $ 1,686,150 $ 1,490,462 13 Increase in the electric utility segment, partly offset by a decrease in the all other segment. Operating income 257,591 116,167 122 Increase in the electric utility segment (primarily due to the adjustment related to remeasuring the remaining settlement liability (see Note