Hawaiian Elec Co Inc SEC Filings

HAWAIIAN ELECTRIC CO INC executive Scott W.H. Seu, CEO of Hawaiian Electric Co., filed an initial Form 3 reporting his beneficial ownership of the company’s Common Stock. The filing shows he holds no shares directly or indirectly, with total Common Stock reported as 0.0000 shares after the reporting date.

HAWAIIAN ELECTRIC CO INC filed an initial insider ownership report for officer Bruce Tamashiro, who serves as Controller. The Form 3 shows that he reports holding no shares of the company’s Common Stock, either directly or indirectly, as of the reported date.

Hawaiian Electric Industries reported first‑quarter 2026 net income for common stock of $30.5 million, up from $26.7 million a year earlier, on total revenues of $746.4 million. Diluted earnings per share were $0.18.

The balance sheet reflects large liabilities from the Maui windstorm and wildfires, including current wildfire‑related claims of $526.5 million and noncurrent wildfire tort‑related claims of $1.44 billion, tied to a previously agreed $1.99 billion global settlement. The company held $931.8 million in cash, cash equivalents and restricted cash as of March 31, 2026, including $479 million restricted for the first settlement installment, which was paid in April 2026. HEI also details ongoing property insurer litigation and expected partial settlements, as well as major long‑term grid and generation investments such as the Waiau repower project and a climate resilience program, both under performance‑based regulatory cost‑recovery mechanisms.

Hawaiian Electric Industries and Hawaiian Electric have triggered payment under wildfire settlement agreements after the final legal condition was met on April 10, 2026. A December 30, 2025 judgment on subrogation claims by over 200 insurers became final when all appeals were dismissed with prejudice.

With all conditions satisfied, the companies authorized the first of four equal annual $479 million installments to settle tort-related claims from the 2023 Maui windstorm and wildfires. This initial $479 million was raised in a September 2024 equity offering and held in a special purpose vehicle until release conditions were fulfilled. The settlement releases are now effective.

Hawaiian Electric Industries, Inc. furnished an unaudited 2025 Statistical Supplement showing a return to profitability after large wildfire-related losses in 2024. For 2025, consolidated revenues were $3.09 billion versus $3.22 billion in 2024, while net income for common stock improved to $123.1 million from a loss of $1.43 billion. Basic and diluted earnings per share were $0.71, compared with a loss of $11.23 per share in 2024, and no common dividends were paid in 2024 or 2025, versus $1.08 per share in 2023.

The utilities segment earned $168.2 million for common stock in 2025, compared with a loss of $1.23 billion in 2024, as wildfire expenses after insurance and deferrals dropped to $12.2 million from $1.4 billion. Total assets were $8.92 billion at December 31, 2025, with common equity of $1.61 billion and long-term debt, net, of $2.41 billion, giving a capital structure of 60% long-term debt and 40% equity. The supplement also reflects the sale of American Savings Bank, with discontinued operations no longer contributing to assets, income or headcount.

Hawaiian Electric Industries and subsidiary Hawaiian Electric Company have reached a proposed $100 million derivative settlement, funded entirely by their insurers, to resolve multiple shareholder derivative suits tied to the August 2023 Maui wildfires. The payment will go to the company in exchange for a full release of claims against current and former directors and officers, with no admission of liability.

Board approval has been obtained, and federal and state court approval is still required. Plaintiffs’ counsel plan to seek attorneys’ fees equal to 25% of the $100 million plus up to $475,000 in expenses. About $47.75 million of the $100 million is expected to help fund an already preliminarily approved securities class action settlement in California.

The filing notes that hundreds of tort lawsuits from the Lahaina fires were recently resolved through a $4 billion global settlement, with Hawaiian Electric reportedly responsible for approximately $1.99 billion. The derivative settlement would close an additional front of litigation, clarifying the role of insurance in covering part of the legal fallout.

Hawaiian Electric Industries, Inc. filed an update related to its existing at-the-market equity program, under which it may sell shares of common stock with an aggregate offering price of up to $250,000,000 pursuant to a previously filed prospectus supplement and automatic shelf registration statement.

The company provides revised "Certain Material U.S. Federal Income Tax Considerations" for non-U.S. holders of its common stock issued in the ATM offering. The updated disclosure explains how U.S. federal income tax rules may apply to distributions, sales, information reporting, backup withholding, and FATCA, and notes that the company does not anticipate declaring or paying dividends in the near term.

Hawaiian Electric Industries, Inc. filed an update related to its existing at-the-market equity program, under which it may sell shares of common stock with an aggregate offering price of up to $250,000,000 pursuant to a previously filed prospectus supplement and automatic shelf registration statement.

The company provides revised "Certain Material U.S. Federal Income Tax Considerations" for non-U.S. holders of its common stock issued in the ATM offering. The updated disclosure explains how U.S. federal income tax rules may apply to distributions, sales, information reporting, backup withholding, and FATCA, and notes that the company does not anticipate declaring or paying dividends in the near term.

Hawaiian Electric Industries files its annual report detailing a business now dominated by regulated electric utilities after selling its American Savings Bank in 2024 and most Pacific Current assets in 2025. Utilities generated about $3.02 billion of electric revenue in 2025, slightly below 2024’s $3.16 billion.

The report emphasizes ongoing financial and operational risks from the Maui windstorm and wildfires, including potential liabilities, higher insurance costs, credit downgrades and the need to raise capital that could dilute shareholders or, if unsuccessful, threaten debt repayment. The company is divesting non‑utility affiliates so the utilities become its sole operating businesses while continuing to pursue Hawaii’s clean energy goals, with renewables reaching a 36.8% portfolio standard in 2025.

Hawaiian Electric Industries reported full-year 2025 net income for common shareholders of $123 million, or $0.71 per share, a sharp turnaround from a net loss of $1.43 billion, or $11.23 per share, in 2024 driven largely by prior wildfire liability accruals.

The electric utility segment earned $168 million in 2025 versus a large loss in 2024, while holding-company net losses narrowed to $45 million from $96 million, helped by lower wildfire and strategic-review expenses. On a non-GAAP Core basis, results exclude Maui wildfire and Pacific Current strategic-review costs.

Regulators approved the utility’s enhanced wildfire safety strategy and completed a wildfire fund study, and a wildfire tort litigation settlement is described as nearing final court approval. The utility achieved a 37% renewable portfolio standard in 2025, kept a typical residential bill stable, and is providing $1 million in customer payment assistance.