Electric utility segment (Tables)

6 Months Ended

Jun. 30, 2026

Electric Utility Subsidiary [Abstract]

Purchases from all IPPs were as follows:


	Three months ended June 30				Six months ended June 30
(in millions)	2026		2025		2026		2025
Kalaeloa Partners, L.P.	$	113	$	69	$	170	$	128
HPOWER	18		20		31		39
Hamakua Energy	18		8		30		13
Puna Geothermal Venture	10		6		19		19
Kapolei Energy Storage	6		6		12		12
Solar IPPs	30		29		57		51
Wind IPPs	28		36		48		57
Other IPPs 1	1		1		2		3
Total IPPs	$	224	$	175	$	369	$	322

1 Includes hydro power and other PPAs.

Schedule of Net Annual Incremental Amounts Proposed to be Collected (Refunded)

The filing reflected ARA revenues for the third-year recovery of the COVID-19 related deferred costs through the Z-factor and the accelerated return of the Enterprise Resource Planning system benefits savings to Hawaii

Electric Light and Maui Electric customers as part of the customer dividend, as follows:


(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
2026 ARA revenues	$	20.4	$	5.0	$	4.9	$	30.3
Management Audit savings commitment	(4.6)		(1.0)		(1.0)		(6.6)
Recovery of COVID-19 related costs	1.8		0.4		0.5		2.7
Return of Enterprise Resource Planning benefit liability	—		(1.3)		(2.0)		(3.3)
Net 2026 ARA revenues	$	17.6	$	3.1	$	2.4	$	23.1

Note: Columns may not foot due to rounding.

The net incremental amounts between the 2025 fall and 2026 spring revenue reports are shown in the following table. The amounts are to be collected (refunded) from June 1, 2026, through May 31, 2027, under the RBA rate tariffs, which were included in the 2026 spring revenue report filing.


(in millions)	Hawaiian Electric		Hawaii Electric Light		Maui Electric		Total
Incremental ARA revenues	$	(0.4)	$	(0.1)	$	(0.1)	$	(0.6)
Incremental PIMs (net)	(2.5)		2.2		1.4		1.1
Incremental MPIR/EPRM revenue adjustment	0.7		1.1		1.8		3.6
Incremental Pilot Process cost recovery	(0.6)		(0.2)		(0.1)		(0.9)
Net incremental amount to be collected under the RBA rate tariffs	$	(2.8)	$	3.0	$	3.0	$	3.2

Note: Columns may not foot due to rounding.

Schedule of Condensed Consolidating Statements of Income

Condensed Consolidating Statement of Income

Three months ended June 30, 2026


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	681,861	123,975	131,568	3,116	(3,656)	$	936,864
Expenses
Fuel oil	251,085		25,387	60,143	—	—	336,615
Purchased power	170,253		40,325	12,981	—	—	223,559
Other operation and maintenance	112,042		26,896	30,490	971	(3,656)	166,743
Wildfire tort-related claims	(129,907)		(16,238)	(16,238)	—	—	(162,383)
Depreciation	44,079		11,671	10,697	—	—	66,447
Taxes, other than income taxes	63,630		11,467	12,221	1	—	87,319
Total expenses	511,182		99,508	110,294	972	(3,656)	718,300
Operating income	170,679		24,467	21,274	2,144	—	218,564
Allowance for equity funds used during construction	3,379		312	696	—	—	4,387
Equity in earnings of subsidiaries	28,962		—	—	—	(28,962)	—
Retirement defined benefits credit (expense)—other than service costs	902		170	(23)	—	—	1,049
Interest expense and other charges, net	(36,266)		(5,014)	(6,643)	—	2,572	(45,351)
Allowance for borrowed funds used during construction	1,542		90	365	—	—	1,997
Interest income	4,888		354	43	—	(2,572)	2,713
Income before income taxes	174,086		20,379	15,712	2,144	(28,962)	183,359
Income tax expense	36,228		5,028	3,693	552	—	45,501
Net income for common stock	$	137,858	15,351	12,019	1,592	(28,962)	$	137,858

Condensed Consolidating Statement of Income

Three months ended June 30, 2025


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Revenues	$	524,804	110,973	107,757	2,864	(3,916)	$	742,482
Expenses
Fuel oil	148,374		26,697	35,516	—	—	210,587
Purchased power	131,259		27,657	16,047	—	—	174,963
Other operation and maintenance	103,195		25,749	31,627	1,562	(3,916)	158,217
Depreciation	42,529		11,242	10,203	—	—	63,974
Taxes, other than income taxes	49,737		10,372	10,087	1	—	70,197
Total expenses	475,094		101,717	103,480	1,563	(3,916)	677,938
Operating income	49,710		9,256	4,277	1,301	—	64,544
Allowance for equity funds used during construction	2,837		351	514	—	—	3,702
Equity in earnings of subsidiaries	7,767		—	—	—	(7,767)	—
Retirement defined benefits credit (expense)—other than service costs	906		168	(22)	—	—	1,052
Interest expense and other charges, net	(16,288)		(2,738)	(3,892)	—	1,212	(21,706)
Allowance for borrowed funds used during construction	1,185		96	181	—	—	1,462
Interest income	2,027		361	39	—	(1,212)	1,215
Income before income taxes	48,144		7,494	1,097	1,301	(7,767)	50,269
Income tax expense (benefit)	8,724		1,660	(99)	335	—	10,620
Net income	39,420		5,834	1,196	966	(7,767)	39,649
Preferred stock dividends of subsidiaries	—		134	95	—	—	229
Net income attributable to Hawaiian Electric	39,420		5,700	1,101	966	(7,767)	39,420
Preferred stock dividends of Hawaiian Electric	270		—	—	—	—	270
Net income for common stock	$	39,150	5,700	1,101	966	(7,767)	$	39,150

Condensed Consolidating Statement of Income

Six months ended June 30, 2026


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric consolidated
Revenues	$	1,210,220	234,097	237,667	6,070	(7,150)	$	1,680,904
Expenses
Fuel oil	427,763		47,219	98,546	—	—	573,528
Purchased power	273,249		71,939	23,645	—	—	368,833
Other operation and maintenance	218,482		54,866	60,844	1,918	(7,150)	328,960
Wildfire tort-related claims	(129,907)		(16,238)	(16,238)	—	—	(162,383)
Depreciation	88,158		23,341	21,394	—	—	132,893
Taxes, other than income taxes	113,901		21,805	22,269	1	—	157,976
Total expenses	991,646		202,932	210,460	1,919	(7,150)	1,399,807
Operating income	218,574		31,165	27,207	4,151	—	281,097
Allowance for equity funds used during construction	6,197		616	1,338	—	—	8,151
Equity in earnings of subsidiaries	36,136		—	—	—	(36,136)	—
Retirement defined benefits credit (expense)—other than service costs	1,805		340	(46)	—	—	2,099
Interest expense and other charges, net	(58,417)		(8,208)	(11,193)	—	4,591	(73,227)
Allowance for borrowed funds used during construction	2,823		178	701	—	—	3,702
Interest income	10,356		732	84	—	(4,591)	6,581
Income before income taxes	217,474		24,823	18,091	4,151	(36,136)	228,403
Income tax expense	44,273		5,914	3,946	1,069	—	55,202
Net income for common stock	$	173,201	18,909	14,145	3,082	(36,136)	$	173,201

Condensed Consolidating Statement of Income

Six months ended June 30, 2025


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric consolidated
Revenues	$	1,049,507	219,284	213,459	5,808	(7,210)	$	1,480,848
Expenses
Fuel oil	320,167		53,491	75,650	—	—	449,308
Purchased power	241,990		53,147	26,543	—	—	321,680
Other operation and maintenance	194,688		53,783	57,838	2,226	(7,210)	301,325
Depreciation	85,102		22,485	20,406	—	—	127,993
Taxes, other than income taxes	99,516		20,551	19,993	1	—	140,061
Total expenses	941,463		203,457	200,430	2,227	(7,210)	1,340,367
Operating income	108,044		15,827	13,029	3,581	—	140,481
Allowance for equity funds used during construction	5,632		698	957	—	—	7,287
Equity in earnings of subsidiaries	17,492		—	—	—	(17,492)	—
Retirement defined benefits credit (expense)—other than service costs	1,811		336	(44)	—	—	2,103
Interest expense and other charges, net	(33,312)		(5,485)	(7,696)	—	2,335	(44,158)
Allowance for borrowed funds used during construction	2,353		191	335	—	—	2,879
Interest income	4,815		590	126	—	(2,335)	3,196
Income before income taxes	106,835		12,157	6,707	3,581	(17,492)	111,788
Income tax expense	19,329		2,593	980	922	—	23,824
Net income	87,506		9,564	5,727	2,659	(17,492)	87,964
Preferred stock dividends of subsidiaries	—		268	190	—	—	458
Net income attributable to Hawaiian Electric	87,506		9,296	5,537	2,659	(17,492)	87,506
Preferred stock dividends of Hawaiian Electric	540		—	—	—	—	540
Net income for common stock	$	86,966	9,296	5,537	2,659	(17,492)	$	86,966

Schedule of Condensed Consolidating Statement of Comprehensive Income

Condensed Consolidating Statement of Comprehensive Income

Three months ended June 30, 2026


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	137,858	15,351	12,019	1,592	(28,962)	$	137,858
Other comprehensive loss, net of tax benefits:
Retirement benefit plans:
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes	(483)		(40)	(62)	—	102	(483)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory accounts, net of taxes	436		36	53	—	(89)	436
Other comprehensive loss, net of tax benefits	(47)		(4)	(9)	—	13	(47)
Comprehensive income attributable to common shareholder	$	137,811	15,347	12,010	1,592	(28,949)	$	137,811

Condensed Consolidating Statement of Comprehensive Income

Three months ended June 30, 2025


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric Consolidated
Net income for common stock	$	39,150	5,700	1,101	966	(7,767)	$	39,150
Other comprehensive loss, net of tax benefits:
Retirement benefit plans:
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes	(531)		(26)	(62)	—	88	(531)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory accounts, net of taxes	484		22	53	—	(75)	484
Other comprehensive loss, net of tax benefits	(47)		(4)	(9)	—	13	(47)
Comprehensive income attributable to common shareholder	$	39,103	5,696	1,092	966	(7,754)	$	39,103

Condensed Consolidating Statement of Comprehensive Income

Six months ended June 30, 2026


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric consolidated
Net income for common stock	$	173,201	18,909	14,145	3,082	(36,136)	$	173,201
Other comprehensive loss, net of tax benefits:
Retirement benefit plans:
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes	(966)		(79)	(128)	—	207	(966)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory accounts, net of taxes	872		71	107	—	(178)	872
Other comprehensive loss, net of tax benefits	(94)		(8)	(21)	—	29	(94)
Comprehensive income attributable to common shareholder	$	173,107	18,901	14,124	3,082	(36,107)	$	173,107

Condensed Consolidating Statement of Comprehensive Income

Six months ended June 30, 2025


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric consolidated
Net income for common stock	$	86,966	9,296	5,537	2,659	(17,492)	$	86,966
Other comprehensive loss, net of tax benefits:
Retirement benefit plans:
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes	(1,061)		(55)	(127)	—	182	(1,061)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory accounts, net of taxes	967		44	107	—	(151)	967
Other comprehensive loss, net of tax benefits	(94)		(11)	(20)	—	31	(94)
Comprehensive income attributable to common shareholder	$	86,872	9,285	5,517	2,659	(17,461)	$	86,872

Schedule of Condensed Consolidating Balance Sheet

Condensed Consolidating Balance Sheet

June 30, 2026


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi-diaries	Consoli- dating adjustments	Hawaiian Electric consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	42,850	5,644	3,603	—	—	$	52,097
Plant and equipment	5,722,564		1,589,428	1,520,673	—	—	8,832,665
Right-of-use assets - finance lease	411,545		77,183	50,757	—	—	539,485
Less accumulated depreciation	(2,245,002)		(733,288)	(639,773)	—	—	(3,618,063)
Construction in progress	424,024		38,467	75,204	—	—	537,695
Utility property, plant and equipment, net	4,355,981		977,434	1,010,464	—	—	6,343,879
Nonutility property, plant and equipment, less accumulated depreciation	1,146		115	1,444	—	—	2,705
Total property, plant and equipment, net	4,357,127		977,549	1,011,908	—	—	6,346,584
Investment in wholly owned subsidiaries, at equity	922,451		—	—	—	(922,451)	—
Current assets
Cash and cash equivalents	114,609		41,313	5,644	24,693	—	186,259
Advances to affiliates	28,500		—	—	—	(28,500)	—
Customer accounts receivable, net	49,340		6,934	12,557	160,374	—	229,205
Accrued unbilled revenues, net	48,548		8,866	5,328	159,145	—	221,887
Other accounts receivable, net	133,667		49,213	52,568	—	(214,275)	21,173
Fuel oil stock, at average cost	147,669		19,010	22,703	—	—	189,382
Materials and supplies, at average cost	78,833		22,108	39,974	—	—	140,915
Prepayments and other	42,058		8,746	11,432	—	(3,311)	58,925
Regulatory assets	36,909		8,182	6,578	—	—	51,669
Total current assets	680,133		164,372	156,784	344,212	(246,086)	1,099,415
Other long-term assets
Operating lease right-of-use assets	32,158		12,100	3,360	—	—	47,618
Regulatory assets	184,585		32,283	57,710	—	—	274,578
Defined benefit pension and other postretirement benefit plans asset	136,399		46,203	39,288	—	—	221,890
Other	295,044		18,943	29,194	—	(163,376)	179,805
Total other long-term assets	648,186		109,529	129,552	—	(163,376)	723,891
Total assets	$	6,607,897	1,251,450	1,298,244	344,212	(1,331,913)	$	8,169,890

(continued)

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidating Balance Sheet (continued)

June 30, 2026


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi-diaries	Consoli- dating adjustments	Hawaiian Electric consolidated
Capitalization and liabilities
Capitalization
Common stock equity	$	1,866,258	338,257	421,607	162,587	(922,451)	$	1,866,258
Long-term debt, net	1,619,963		261,655	291,813	—	(115,000)	2,058,431
Total capitalization	3,486,221		599,912	713,420	162,587	(1,037,451)	3,924,689
Current liabilities
Current portion of operating lease liabilities	5,693		7,921	2,540	—	—	16,154
Short-term borrowings from affiliate	—		—	28,500	—	(28,500)	—
Accounts payable	218,097		43,712	40,322	—	—	302,131
Interest and preferred dividends payable	21,842		3,690	3,790	—	(2,057)	27,265
Taxes accrued, including revenue taxes	170,503		36,506	34,108	3,195	(3,311)	241,001
Regulatory liabilities	8,233		11,683	11,349	—	—	31,265
Wildfire tort-related claims	327,851		40,981	40,981	—	—	409,813
Other	92,730		32,985	29,484	177,361	(212,218)	120,342
Total current liabilities	844,949		177,478	191,074	180,556	(246,086)	1,147,971
Deferred credits and other liabilities
Operating lease liabilities	30,033		4,378	972	—	—	35,383
Finance lease liabilities	376,957		73,499	48,946	—	—	499,402
Deferred income taxes	—		18,578	28,729	1,069	(48,376)	—
Regulatory liabilities	1,007,644		255,138	179,607	—	—	1,442,389
Unamortized tax credits	45,048		9,277	9,547	—	—	63,872
Defined benefit pension plans liability	12,875		120	—	—	—	12,995
Wildfire tort-related claims	712,224		89,028	89,028	—	—	890,280
Other	91,946		24,042	36,921	—	—	152,909
Total deferred credits and other liabilities	2,276,727		474,060	393,750	1,069	(48,376)	3,097,230
Total capitalization and liabilities	$	6,607,897	1,251,450	1,298,244	344,212	(1,331,913)	$	8,169,890

Condensed Consolidating Balance Sheet

December 31, 2025


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi-diaries	Consoli- dating adjustments	Hawaiian Electric consolidated
Assets
Property, plant and equipment
Utility property, plant and equipment
Land	$	42,860	5,644	3,603	—	—	$	52,107
Plant and equipment	5,667,936		1,564,628	1,487,053	—	—	8,719,617
Right-of-use assets - finance lease	411,545		77,183	50,757	—	—	539,485
Less accumulated depreciation	(2,165,110)		(716,715)	(626,767)	—	—	(3,508,592)
Construction in progress	283,687		34,021	64,439	—	—	382,147
Utility property, plant and equipment, net	4,240,918		964,761	979,085	—	—	6,184,764
Nonutility property, plant and equipment, less accumulated depreciation	1,146		115	1,444	—	—	2,705
Total property, plant and equipment, net	4,242,064		964,876	980,529	—	—	6,187,469
Investment in wholly owned subsidiaries, at equity	734,296		—	—	—	(734,296)	—
Current assets
Cash and cash equivalents	396,215		56,563	8,572	24,870	—	486,220
Customer accounts receivable, net	7,278		2,987	3,942	158,687	—	172,894
Accrued unbilled revenues, net	24,826		7,462	600	159,145	—	192,033
Other accounts receivable, net	196,783		55,970	50,838	—	(227,245)	76,346
Fuel oil stock, at average cost	84,938		11,997	16,647	—	—	113,582
Materials and supplies, at average cost	75,754		19,184	37,865	—	—	132,803
Prepayments and other	38,321		9,657	12,451	—	(2,449)	57,980
Regulatory assets	32,461		10,279	7,299	—	—	50,039
Total current assets	856,576		174,099	138,214	342,702	(229,694)	1,281,897
Other long-term assets
Operating lease right-of-use assets	34,743		16,219	4,901	—	—	55,863
Regulatory assets	177,678		28,245	52,153	—	—	258,076
Defined benefit pension and other postretirement benefit plans asset	134,785		45,794	38,898	—	—	219,477
Investment in unconsolidated affiliate	287,250		—	—	—	—	287,250
Other	344,052		18,374	28,976	—	(150,914)	240,488
Total other long-term assets	978,508		108,632	124,928	—	(150,914)	1,061,154
Total assets	$	6,811,444	1,247,607	1,243,671	342,702	(1,114,904)	$	8,530,520

(continued)

Hawaiian Electric Company, Inc. and Subsidiaries

Condensed Consolidating Balance Sheet (continued)

December 31, 2025


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsi-diaries	Consoli- dating adjustments	Hawaiian Electric consolidated
Capitalization and liabilities
Capitalization
Common stock equity	$	1,583,399	276,332	298,459	159,505	(734,296)	$	1,583,399
Long-term debt, net	1,619,482		261,614	291,778	—	(115,000)	2,057,874
Total capitalization	3,202,881		537,946	590,237	159,505	(849,296)	3,641,273
Current liabilities
Current portion of operating lease liabilities	5,716		8,570	3,279	—	—	17,565
Current portion of long-term debt, net	61,980		7,997	54,982	—	—	124,959
Accounts payable	150,843		34,072	32,288	—	—	217,203
Interest and preferred dividends payable	22,582		3,440	3,114	—	(1,112)	28,024
Taxes accrued, including revenue taxes	184,339		40,720	37,374	3,195	(2,449)	263,179
Regulatory liabilities	23,127		12,410	16,460	—	—	51,997
Wildfire tort-related claims	386,500		47,875	47,875	—	—	482,250
Other	93,475		37,759	34,175	180,002	(226,133)	119,278
Total current liabilities	928,562		192,843	229,547	183,197	(229,694)	1,304,455
Deferred credits and other liabilities
Operating lease liabilities	32,974		7,932	1,847	—	—	42,753
Finance lease liabilities	382,227		74,087	49,276	—	—	505,590
Deferred income taxes	—		12,089	23,825	—	(35,914)	—
Regulatory liabilities	980,131		248,885	163,131	—	—	1,392,147
Unamortized tax credits	47,973		9,794	10,151	—	—	67,918
Defined benefit pension plan liability	6,788		121	—	—	—	6,909
Wildfire tort-related claims	1,149,000		143,625	143,625	—	—	1,436,250
Other	80,908		20,285	32,032	—	—	133,225
Total deferred credits and other liabilities	2,680,001		516,818	423,887	—	(35,914)	3,584,792
Total capitalization and liabilities	$	6,811,444	1,247,607	1,243,671	342,702	(1,114,904)	$	8,530,520

Schedule of Condensed Consolidating Statement of Changes in Common Stock Equity

Condensed Consolidating Statement of Changes in Common Stock Equity

Six months ended June 30, 2026


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric consolidated
Balance, December 31, 2025	$	1,583,399	276,332	298,459	159,505	(734,296)	$	1,583,399
Net income for common stock	173,201		18,909	14,145	3,082	(36,136)	173,201
Other comprehensive loss, net of tax benefits	(94)		(8)	(21)	—	29	(94)
Common stock dividends	(21,000)		—	—	—	—	(21,000)
Issuance of common stock, net of expenses	—		—	66,000	—	(66,000)	—
Additional paid-in capital	130,752		43,024	43,024	—	(86,048)	130,752
Balance, June 30, 2026	$	1,866,258	338,257	421,607	162,587	(922,451)	$	1,866,258

Condensed Consolidating Statement of Changes in Common Stock Equity

Six months ended June 30, 2025


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric consolidated
Balance, December 31, 2024	$	1,156,955	243,964	282,876	153,574	(680,414)	$	1,156,955
Net income for common stock	86,966		9,296	5,537	2,659	(17,492)	86,966
Other comprehensive loss, net of tax benefits	(94)		(11)	(20)	—	31	(94)
Common stock dividends	(10,000)		—	—	—	—	(10,000)
Additional paid-in capital	287,790		267	191	—	(458)	287,790
Balance, June 30, 2025	$	1,521,617	253,516	288,584	156,233	(698,333)	$	1,521,617

Schedule of Condensed Consolidating Statement of Cash Flows

Condensed Consolidating Statement of Cash Flows

Six months ended June 30, 2026


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric consolidated
Net cash provided by (used in) operating activities	$	68,611	23,098	2,080	(177)	(2,119)	$	91,493
Cash flows from investing activities
Capital expenditures	(169,026)		(29,550)	(43,234)	—	—	(241,810)
Advances to affiliates	(94,500)		—	—	—	94,500	—
Other	1,246		(261)	(991)	—	2,119	2,113
Net cash used in investing activities	(262,280)		(29,811)	(44,225)	—	96,619	(239,697)
Cash flows from financing activities
Common stock dividends	(21,000)		—	—	—	—	(21,000)
Net increase in short-term borrowings from affiliate	—		—	94,500	—	(94,500)	—
Repayment of long-term debt	(62,000)		(8,000)	(55,000)	—	—	(125,000)
Payments of obligations under finance leases	(4,811)		(537)	(283)	—	—	(5,631)
Other	(126)		—	—	—	—	(126)
Net cash provided by (used in) financing activities	(87,937)		(8,537)	39,217	—	(94,500)	(151,757)
Net decrease in cash and cash equivalents	(281,606)		(15,250)	(2,928)	(177)	—	(299,961)
Cash and cash equivalents, beginning of period	396,215		56,563	8,572	24,870	—	486,220
Cash and cash equivalents, end of period	$	114,609	41,313	5,644	24,693	—	$	186,259

Condensed Consolidating Statement of Cash Flows

Six months ended June 30, 2025


(in thousands)	Hawaiian Electric		Hawaii Electric Light	Maui Electric	Other subsidiaries	Consolidating adjustments	Hawaiian Electric consolidated
Net cash provided by operating activities	$	147,248	37,461	28,864	3,644	(971)	$	216,246
Cash flows from investing activities
Capital expenditures	(86,012)		(29,553)	(44,385)	—	—	(159,950)
Advances to affiliates	(7,000)		—	—	—	7,000	—
Other	3,164		343	673	—	971	5,151
Net cash used in investing activities	(89,848)		(29,210)	(43,712)	—	7,971	(154,799)
Cash flows from financing activities
Common stock dividends	(10,000)		—	—	—	—	(10,000)
Preferred stock dividends of Hawaiian Electric and subsidiaries	(998)		—	—	—	—	(998)
Proceeds from capital contribution from parent	540		—	—	—	—	540
Net increase in short-term borrowings from affiliate	—		—	7,000	—	(7,000)	—
Repayment of long-term debt	(123,000)		—	—	—	—	(123,000)
Payments of obligations under finance leases	(3,982)		(364)	(313)	—	—	(4,659)
Other	(752)		(87)	(210)	—	—	(1,049)
Net cash provided by (used in) financing activities	(138,192)		(451)	6,477	—	(7,000)	(139,166)
Net increase (decrease) in cash and cash equivalents	(80,792)		7,800	(8,371)	3,644	—	(77,719)
Cash and cash equivalents, beginning of period	118,367		31,534	16,456	17,791	—	184,148
Cash and cash equivalents, end of period	$	37,575	39,334	8,085	21,435	—	$	106,429

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details