HAWAIIAN ELECTRIC CO INC

For the period ended Jun 30, 2025. Filed Aug 7, 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.

Jun 30, 2025 · Filed Aug 7, 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 (loss)	$53,702	$(1,252,416)
Adjustments to reconcile net income (loss) to net cash provided by operating activities - continuing operations
Loss from discontinued operations	—	24,853
Depreciation of property, plant and equipment	131,759	131,461
Other amortization	20,908	15,372
Loss on sale of a subsidiary and impairment loss on assets held for sale	13,389	—
Deferred income tax benefit	(3,869)	(439,853)
Share-based compensation expense	3,531	2,456
Allowance for equity funds used during construction	(7,287)	(6,976)
Other	(2,793)	1,222
Changes in assets and liabilities
Decrease in accounts receivable and unbilled revenues, net	13,892	100,286
Decrease (increase) in fuel oil stock	(16,536)	1,188
Decrease (increase) in materials and supplies	(12,890)	1,324
Increase in regulatory assets	(1,608)	(23,425)
Increase in regulatory liabilities	42,433	16,716
Increase in accounts, interest and dividends payable	13,354	40,664
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes	(38,938)	(44,639)
Decrease in defined benefit pension and other postretirement benefit plans liability	(3,710)	(4,271)
Increase in Wildfire tort-related claims	—	1,637,000
Change in other assets and liabilities	(20,921)	(32,881)
Net cash provided by operating activities-continuing operations	184,416	168,081
Net cash provided by operating activities-discontinued operations	—	25,366
Net cash provided by operating activities	184,416	193,447
Cash flows from investing activities
Proceeds from sale of subsidiaries	5,781	—
Capital expenditures	(161,493)	(178,926)
Other	3,222	500
Net cash used in investing activities-continuing operations	(152,490)	(178,426)
Net cash provided by investing activities-discontinued operations	—	211,949
Net cash provided by (used in) investing activities	$(152,490)	$33,523

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	(630,808)	(9,888)
Withheld shares for employee taxes on vested share-based compensation	(178)	(1,074)
Preferred stock dividends of subsidiaries	(946)	(946)
Other	(5,958)	(9,544)
Net cash used in financing activities-continuing operations	(637,890)	(16,779)
Net cash used in financing activities-discontinued operations	—	(337,935)
Net cash used in financing activities	(637,890)	(354,714)
Net decrease in cash, cash equivalents and restricted cash, including cash from discontinued operations	(605,964)	(127,744)
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	636,888	566,830
Less: Restricted cash	(482,603)	(16,422)
Less: Cash from discontinued operations	—	(334,835)
Cash and cash equivalents from continuing operations, end of period	$154,285	$215,573

ContentsView on SEC.gov

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