Hawaiian Electric Industries Earnings Call Transcripts
Fiscal Year 2026
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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.
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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.
Fiscal Year 2025
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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.
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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.
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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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Q1 2025 saw improved core net income and progress on Maui wildfire litigation, with key legal and legislative milestones achieved. Liquidity remains strong, asset sales reduced debt, and new laws support wildfire risk mitigation and clean energy.
Fiscal Year 2024
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Major 2024 milestones included finalizing Maui wildfire settlements, selling 90.1% of ASB, and achieving record liquidity. Despite a $1.3B loss from continuing operations due to wildfire accruals, core net income remained positive. No equity raises are planned, and CapEx is set to rise for wildfire safety.
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A $1.99 billion wildfire settlement was finalized, with payments over four years and liquidity secured through a $558 million equity raise. Core utility income declined due to higher O&M, while the bank segment remained strong. Strategic reviews and regulatory changes are ongoing.
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A $4 billion Maui wildfire settlement led to a $1.3 billion Q2 net loss, with $1.71 billion pre-tax loss accrued and an $82.2 million goodwill impairment. Excluding one-time items, core operations at the utility and bank remained strong, and settlement payments are planned without rate increases.