📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

Hawaiian Electric Industries, Inc. together with its subsidiaries, engages in the electric utility business.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding HE

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	663.2K	$9.8M	0.02%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly states 'investment thesis is stronger today than at any point since the Maui wildfires,' cites specific legislative progress (Act 258 signed), credit rating upgrades from all three agencies, and concrete steps like $479 million set aside for first settlement payment and sale of Pacific Current assets. The tone is assured and forward-looking with clear milestones.

Q3 2025

Confident Specific

Management used terms like 'successful quarter progressing the initiatives', 'on track and progressing as expected', and gave specific dates and dollar amounts for CapEx, settlement funds, and liquidity, indicating clear progress and specificity.

Q4 2025

Confident Specific

Management used language like 'proud of the progress', 'positive result', 'home stretch', and 'continue to make good progress' while providing concrete timelines (e.g., first settlement payment in H2 2026, March 6 rebasing proposal) and specific figures (e.g., $550-$700M CapEx, 37% RPS). The tone was forward-looking without hedging on key milestones.

Q1 2026 latest

Confident Specific

Management uses precise milestones (e.g., 'final conditions satisfied April 10', 'first $479M payment made'), detailed financial figures (e.g., 'core EPS $0.18', 'Waiau CapEx $157M'), and clear forward-looking statements about rebasing (e.g., '5.3% increase phased in over two years'). They acknowledge challenges (rising fuel costs, O&M) but frame them within a controlled narrative of transition and preparedness.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call because the major overhang—Maui wildfire tort litigation—is resolved, with the first payment made and Moody's upgrading both utility and holding company one notch. The rate rebasing proposal, while modest, demonstrates a collaborative approach with stakeholders and a path to improving ROE. However, elevated O&M due to severe weather, insurance costs, and fuel price volatility add near-term earnings pressure. The expected FCRS penalty and working capital strain from high oil prices are manageable given strong liquidity. Key catalysts to watch: PUC procedural schedule for the rebasing case, final liability cap rulemaking, and execution of Waiau cost recovery. The company is no longer in crisis mode but faces a transitional year with multiple regulatory and operational milestones.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED HEI settles Maui wildfire litigation, reports Q1 2026 core EPS of $0.18

Revenue & Profitability

For Q1 2026, HEI reported net income of $30.5 million ($0.18 per share), up from $26.7 million ($0.15) in Q1 2025. Core net income was $31 million ($0.18), down from $39.8 million ($0.23) in the prior year. Hawaiian Electric core net income was $35.7 million, down from $49.7 million, primarily due to higher O&M expenses from severe weather and increased insurance costs.

Outlook

Management views 2026 as a year of transition, with elevated global fuel prices impacting customer bills and utility working capital. The company is focused on affordability and has offered interest-free payment plans and bill credits. The PUC is expected to rule on the rate rebasing proposal, and the liability cap rulemaking under Act 258 is pending, with an estimated 18-24 month timeline.

Growth Drivers

Key growth levers include the Waiau Generating Station repowering project, which received PUC approval for $908 million in cost recovery, and continued investment in renewable energy (solar plus storage), electrification, rooftop solar, and EV adoption. The rate rebasing proposal seeks to improve return on equity and allow recovery of critical investments.

Balance Sheet & CapEx

HEI updated its 2026 CapEx forecast to approximately $157 million for the Waiau repowering project, up from a prior estimate of $90 million. Baseline CapEx is expected to be $350-$400 million annually for business-as-usual projects. Separately recovered capital, including Waiau and Waena BESS, is a growing component of the overall capital program.

Margins

Margins are influenced by O&M expenses, which are expected to increase significantly above inflation in 2026 due to higher insurance premiums, storm response, vegetation management, and IT costs. The company expects to realize the maximum penalty under its Fuel Cost Risk Sharing mechanism, which reduces revenue. The rate rebasing is intended to address these higher costs.

Key Risks

Key risks include rising global oil prices affecting customer bills and utility working capital, severe weather events requiring emergency response, regulatory uncertainty around the liability cap rulemaking and rate rebasing approval, and higher O&M costs. The company also faces execution risk on the Waiau repowering project and the need to finance future settlement payments.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-07

Q2 2026 core net income declined year-over-year due to higher O&M and interest expenses, despite a non-cash benefit from wildfire settlement liability remeasurement. Regulatory progress includes PUC approval for $350 million WMP recovery and major renewable energy procurements.

Q1 2026 Q1 2026 2026-05-08

Finalized Maui Wildfire settlement and made first payment, with 2026 marked as a transitional year focused on rate rebasing, higher O&M costs, and major CapEx for the Waiau project. Liquidity remains strong despite rising fuel costs and regulatory uncertainties.

Q4 2025 Q4 2025 2026-02-27

Net income rebounded to $123.1 million in 2025, with core earnings up and liquidity strengthened. Progress continued on wildfire settlements, regulatory initiatives, and capital planning, while CapEx is set to rise and a bank stake divestiture is planned for 2026.

Q3 2025 Q3 2025 2025-11-07

Q3 saw solid progress on wildfire safety, litigation settlement, and liquidity, with net income of $30.7M and core net income of $32.8M. CapEx is set to rise sharply, and regulatory and settlement outcomes remain key uncertainties.

Q2 2025 Q2 2025 2025-08-07

Q2 2025 saw improved financial resilience, with net income of $26.1M and progress on wildfire litigation and asset sales. Legislative support and credit upgrades strengthen outlook, while updated CapEx and rate base guidance is expected in November.

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