HAWAIIAN ELECTRIC INDUSTRIES INC

For the period ended Mar 31, 2025. Filed May 9, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 9, 2025

HE$9.08+0.1%Stored close · as of Nov 10, 2026

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Contents

Condensed Consolidated Statements of Cash Flows (unaudited) - months ended

Condensed Consolidated Statements of Cash Flows (unaudited)

(in thousands)	2025	2024
Cash flows from operating activities
Net income	$27,144	$42,595
Adjustments to reconcile net income to net cash provided by operating activities - continuing operations
Income from discontinued operations	—	(20,934)
Depreciation of property, plant and equipment	65,766	65,917
Other amortization	10,796	7,712
Loss on sale of a subsidiary	13,211	—
Deferred income tax expense (benefit)	(316)	2,198
Share-based compensation expense	754	842
Allowance for equity funds used during construction	(3,585)	(3,640)
Other	(2,809)	2,049
Changes in assets and liabilities
Decrease in accounts receivable and unbilled revenues, net	378	139,594
Increase in fuel oil stock	(15,352)	(14,025)
Increase in materials and supplies	(8,943)	(1,329)
Decrease (increase) in regulatory assets	5,985	(17,178)
Increase in regulatory liabilities	27,619	2,909
Increase in accounts, interest and dividends payable	21,744	31,297
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes	(54,036)	(11,768)
Decrease in defined benefit pension and other postretirement benefit plans liability	(1,499)	(674)
Decrease in wildfire tort-related claims	—	(75,000)
Change in other assets and liabilities	(37,192)	(24,792)
Net cash provided by operating activities-continuing operations	49,665	125,773
Net cash used in operating activities-discontinued operations	—	(1,154)
Net cash provided by operating activities	49,665	124,619
Cash flows from investing activities
Proceeds from sale of subsidiaries	5,781	—
Capital expenditures	(86,538)	(98,882)
Other	2,264	(1,611)
Net cash used in investing activities-continuing operations	(78,493)	(100,493)
Net cash provided by investing activities-discontinued operations	—	94,901
Net cash used in investing activities	$(78,493)	$(5,592)

Condensed Consolidated Statements of Cash Flows (unaudited) (continued)

(in thousands)	2025	2024
Cash flows from financing activities
Proceeds from issuance of long-term debt	—	4,673
Repayment of long-term debt	(98,067)	(8,268)
Withheld shares for employee taxes on vested share-based compensation	(178)	(1,070)
Preferred stock dividends of subsidiaries	(473)	(473)
Other	(3,488)	(3,478)
Net cash used in investing activities-continuing operations	(102,206)	(8,616)
Net cash used in investing activities-discontinued operations	—	(302,262)
Net cash used in financing activities	(102,206)	(310,878)
Net decrease in cash, cash equivalents and restricted cash, including cash from discontinued operations	(131,034)	(191,851)
Cash, cash equivalents and restricted cash, including cash from discontinued operations, beginning of period	1,242,852	694,574
Cash, cash equivalents and restricted cash, including cash from discontinued operations, end of period	1,111,818	502,723
Less: Restricted cash	(482,480)	(17,531)
Less: Cash from discontinued operations	—	(226,940)
Cash and cash equivalents from continuing operations, end of period	$629,338	$258,252

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