Q2 2026 Hawaiian Electric Industries Inc Earnings Call Transcript

Aug 7, 2026 / 08:30 PM GMT

Release Date Price: $12.4 (-0.72%)

Transcript 10-Q8-K

Key Points

Positve

PUC approved recovery of approximately $350 million in wildfire mitigation plan spending, including $270 million in capital and $80 million in O&M, with an additional $11.5 million for 2025 O&M and $3.9 million annual ongoing O&M.
Plans to use securitization for WMP cost recovery, which will lower costs to customers and improve affordability.
Credit ratings improved: S&P upgraded HEI and Hawaiian Electric to double minus, and Moody's upgraded both entities by one notch, reflecting reduced wildfire risk and business risk profile improvements.
The company is advancing one of the largest competitive renewable generation procurements in state history, seeking nearly 1,650 GWh of variable renewable energy, 465 MW of grid-forming resources, and 111 MW of firm capacity, which could lower costs.
PUC approved two more solar plus storage PPAs from the Stage 3 RFP, bringing total approved to 166 MW of solar and 670 MWh of battery storage, supporting renewable goals.
The company has identified over $1.3 billion in transmission and distribution investments through 2035, including $190 million for climate adaptation, to harden the grid and improve resilience.

Negative

Core earnings declined significantly: consolidated core net income was $22.5 million ($0.13 per share) in Q2 2026, down from $35.4 million ($0.20 per share) in Q2 2025, driven by higher interest expense and O&M costs.
Higher O&M expenses due to increased vegetation management, generation overhaul and maintenance, overhead and underground inspection costs, and higher labor and benefit costs in an inflationary environment.
The company expects to incur a loss from PIM and shared savings mechanisms (PIMs and SSMs) for the full year 2026, compared to $7.5 million in rewards last year, and will not achieve the same level of rewards.
The PUC denied the request to launch a new RFP for up to 500 MW of additional firm generation, requiring a demonstration of need, which could delay necessary capacity additions.
The company faces structurally higher O&M costs, including significantly higher insurance premiums, which are not fully recovered under the current rate framework, and the GDPPI-based annual rate increase has lagged actual cost increases.
The holding company core net loss widened to $10.1 million in Q2 2026 from $7.1 million in Q2 2025, due to lower interest income after the first settlement payment.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

HE.N - Hawaiian Electric Industries, Inc.
Q2 2026 Hawaiian Electric Industries Inc Earnings Call
Aug 07, 2026 / 08:30PM GMT

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Presentation
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Unidentified_1 [1]
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Thank you for standing by and welcome to the HEI second quarter 2026 earnings conference call, all lines have been placed on mute to prevent any background noise.

After the speaker's remarks, if you ask a question during that time, simply press star, then the number 1 on your telephone keypad.

I would now like to turn the call over to Mateo Garcia, director of investor relations.

Sir, please go ahead.

Thank you, welcome everyone, HEI's second quarter 2026 earnings call.

Joining me today are our CEO Scott Si, our President, Shelley Kimura, our senior Vice President and CFO Paulito, and other members of senior management.

Our earnings release and our

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