HEI Reports Third Quarter 2026 Results

Hawaiian Electric Industries, Inc. (NYSE – HE) (HEI) today reported net income for the third quarter of 2026 of $35 million, or $0.20 per share, compared to net income of $31 million, or $0.18 per share in the third quarter of 2025. The quarter’s results include $64 million of realized and unrealized pre-tax gains related to HEI’s investment in American Savings Bank (ASB) and a non-cash $51 million pre-tax asset impairment recorded at Pacific Current. (See “Holding Company and Other Segment” section of this release for further detail on ASB and Pacific Current-related impacts.) Excluding these impacts, and excluding Maui wildfire-related items, Core net income for the quarter was $23 million, or $0.13 per share, compared to $33 million, or $0.19 per share in the third quarter of 2025. Both GAAP and Core net income include $14 million of estimated incremental pre-tax costs related to storm activity in August and September.

“Our company continued to execute well on strategic priorities during the third quarter, working to deliver safe, affordable, reliable and resilient power to our customers. Our resilience investments under the Wildfire Mitigation Plan proved beneficial during the severe weather in August and September, which caused damage statewide. Our crews restored power quickly and safely to affected customers,” said Scott Seu, HEI CEO.

“Reducing wildfire risk to our communities remains a top priority and is central to our grid investments. Our Wildfire Mitigation Plan is on schedule, and has significantly reduced wildfire risk across our service territories since 2023. We’ve implemented industry-wide best practices, adopting proven measures used by wildfire-affected utilities on the mainland, and tailored to our very different risk profile.

“Maintaining the financial capacity to deliver a safe, reliable and resilient grid is essential. We also recognize customers’ significant cost pressures, especially for low-income customers, and are focused on financing and phasing investments to manage bill impacts. Our pending rate rebasing request proposes a 5.3% base rate increase, phased in over two years and aligned with inflation, to support continued grid investment. We also recently sought approval for up to $500 million in wildfire safety and resilience investments through a structure passed by our legislature last year to lower customer costs while advancing public safety.”

HAWAIIAN ELECTRIC COMPANY (HAWAIIAN ELECTRIC) EARNINGS

Hawaiian Electric’s net income for the third quarter of 2026 was $13 million compared to net income of $37 million in the third quarter of 2025, with the decrease primarily driven by the following pre-tax variances (among others):

$20 million in higher O&M expense, driven by $14 million of incremental storm costs in August and September and approximately $6 million of expenses transferred from the holding company to the utility following integration (but not included in customer rates)². These were partially offset by lower transmission and distribution costs and lower wildfire mitigation program expenses (as certain Wildfire Mitigation Program expenses were deferred starting in the fourth quarter of 2025); and
$23 million in higher interest expense, which includes $18 million of non-cash accretion expense, reflecting the increase in the recorded value of the wildfire settlement liability as scheduled payment dates approach.

These items were partially offset by (among others):

$8 million in higher revenues (net of fuel and purchased power), primarily from the annual revenue adjustment mechanism; and
$3 million in higher allowance for funds used during construction (AFUDC).

Hawaiian Electric’s Core net income, which excludes wildfire-related expenses (primarily the non-cash accretion expense), was $28 million for the quarter compared to $40 million in the third quarter of 2025, with the decrease primarily driven by higher O&M expense due to the aforementioned storm costs and HEI integration costs.

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Note: Throughout this release, per share values are calculated based on diluted shares.

¹Measures described as “Core” for the periods in this news release are non-GAAP measures which exclude Maui wildfire-related items, impacts related to HEI’s ownership stake in American Savings Bank and expenses taken in connection with the strategic review of Pacific Current. See the “Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP reconciliation at the end of this release.

² Following integration of holding company and utility employees at the beginning of the third quarter, certain costs previously recorded at the holding company are now recorded at the utility. These costs are not included in customer rates.

HOLDING AND OTHER COMPANIES

The holding and other companies’ net income was $22 million in the third quarter of 2026 compared to a net loss of $6 million in the third quarter of 2025. The holding company’s net income for the quarter primarily reflects the pre-tax $18 million gain on sale of ASB shares, and the pre-tax $46 million unrealized gains on the remaining ASB shares owned. As previously disclosed, HEI sold 35% of its 9.9% stake in ASB’s initial public offering. HEI’s remaining stake in ASB is approximately 6.4% of ASB’s total shares outstanding, and this remaining stake was marked-to-market based on ASB’s closing share price at the end of the third quarter. Benefits from HEI’s stake in ASB were partially offset by a pre-tax $51 million asset impairment recorded at Pacific Current related to exiting Pacific Current’s last remaining asset, the Mahipapa biomass plant on Kauai. HEI is in the final stages of its strategic exit from the Pacific Current business.

The Company’s effective tax rate was lower for the first nine months of 2026 compared to 2025, primarily due to discrete tax benefits recognized in 2026 from the valuation allowance release related to the gains on the ASB investment and research and development tax credit claims recognized, partially offset by the substantially higher pretax income related to the remeasurement of the wildfire tort-related settlement liability to present value (net of accretion) and investment in ASB to fair market value, net of the impairment of Pacific Current assets.

Core net loss for the quarter was $5 million compared to $7 million in the same quarter of 2025. The quarter’s lower Core net loss was partially due to approximately $6 million of pre-tax expenses previously recorded at the holding company but now recorded at the utility (following integration of holding company and utility employees at the beginning of the third quarter).

EARNINGS RELEASE, WEBCAST AND CONFERENCE CALL TO DISCUSS EARNINGS

HEI will conduct a webcast and conference call to review its third quarter 2026 consolidated financial results today at 11:30 a.m. Hawaii time (4:30 p.m. Eastern).

To listen to the conference call, dial 1-833-461-5787 (U.S.) or 1-585-542-9983 (international) and enter passcode 578443699. Parties may also access presentation materials (which include reconciliation of non-GAAP measures) and/or listen to the conference call by visiting the conference call link on HEI’s website at www.hei.com under “Investor Relations,” sub-heading “News and Events — Events and Presentations.”

A replay will be available online and via phone. The online replay will be available on HEI’s website about two hours after the event. The audio replay will also be available about two hours after the event through November 13, 2026. To access the audio replay, dial 1-833-309-1852 (U.S.) or 1-929-828-5978 (international) and enter passcode 578443699.

HEI and Hawaiian Electric Company, Inc. (Hawaiian Electric) intend to continue to use HEI’s website, www.hei.com, as a means of disclosing additional information; such disclosures will be included in the Investor Relations section of the website. Accordingly, investors should routinely monitor the Investor Relations section of HEI’s website, in addition to following HEI’s and Hawaiian Electric’s press releases, HEI’s and Hawaiian Electric’s Securities and Exchange Commission (SEC) filings and HEI’s public conference calls and webcasts. Investors may sign up to receive e-mail alerts via the “Investor Relations” section of the website. The information on HEI’s website is not incorporated by reference into this document or into HEI’s and Hawaiian Electric’s SEC filings unless, and except to the extent, specifically incorporated by reference.

Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at https://hpuc.my.site.com/cdms/s/ to review documents filed with, and issued by, the PUC. No information on the PUC website is incorporated by reference into this document or into HEI’s and Hawaiian Electric’s SEC filings.

NON-GAAP MEASURES

Measures described as “Core” are non-GAAP measures which exclude Maui wildfire-related items, impacts related to HEI’s ownership stake in American Savings Bank and expenses taken in connection with HEI’s ongoing review of strategic options for Pacific Current. “Adjusted O&M excluding pension” is a non-GAAP measure which excludes pension nonservice retirement benefits and net income neutral items (consisting of O&M covered by surcharges or covered by third parties). See “Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures” and the related GAAP reconciliations at the end of this release.

FORWARD-LOOKING STATEMENTS

This release may contain “forward-looking statements,” which include statements that are predictive in nature, depend upon or refer to future events or conditions, and usually include words such as “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates” or similar expressions. In addition, any statements concerning future financial performance, ongoing business strategies or prospects or possible future actions are also forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and are subject to risks, uncertainties and the accuracy of assumptions concerning HEI and its subsidiaries, the performance of the industries in which they do business and economic, political and market factors, among other things. These forward-looking statements are not guarantees of future performance.

Forward-looking statements in this release should be read in conjunction with the “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” discussions (which are incorporated by reference herein) set forth in HEI’s Annual Report on Form 10-K for the year ended December 31, 2025 and HEI’s other SEC periodic and current reports and other filings that discuss important factors that could cause HEI’s results to differ materially from those anticipated in such statements. These forward-looking statements speak only as of the date of the report, presentation or filing in which they are made. Except to the extent required by the federal securities laws, HEI, Hawaiian Electric, and their subsidiaries undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

ABOUT HEI

HEI’s electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii’s population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy, and modernize and harden the grid to ensure public safety, reliability and resilience. For more information, visit www.hei.com.

Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries CONSOLIDATED STATEMENTS OF INCOME DATA (Unaudited)
	Three months ended September 30						Nine months ended September 30
(in thousands, except per share amounts)		2026			2025			2026			2025
Revenues
Electric utility	$	1,007,104		$	787,428		$	2,688,008		$	2,268,276
Other		1,606			3,182			6,852			12,796
Total revenues		1,008,710			790,610			2,694,860			2,281,072
Expenses
Electric utility (includes $154 million benefit for the tort settlement remeasurement recorded in nine months ended September 30, 2026)		958,931			724,635			2,358,738			2,065,002
Other		8,562			13,929			37,314			47,857
Total expenses		967,493			738,564			2,396,052			2,112,859
Operating income (loss)
Electric utility		48,173			62,793			329,270			203,274
Other		(6,956	)		(10,747	)		(30,462	)		(35,061	)
Total operating income		41,217			52,046			298,808			168,213
Retirement defined benefits credit—other than service costs		711			817			2,469			2,653
Interest expense, net		(47,726	)		(26,211	)		(127,237	)		(87,679	)
Allowance for borrowed funds used during construction		2,493			1,500			6,195			4,379
Allowance for equity funds used during construction		5,564			3,821			13,715			11,108
Interest and dividend income		3,804			6,960			19,083			27,162
Gain on sale of investment and net unrealized gain on investment measured at fair value		64,146			—			64,146			—
Gain (loss) on sale of subsidiaries and impairment losses on subsidiary assets sold and assets formerly classified as held for sale		(50,736	)		1,013			(54,452	)		(12,376	)
Income before income taxes		19,473			39,946			222,727			113,460
Income taxes		(15,977	)		8,728			33,627			28,540
Net income		35,450			31,218			189,100			84,920
Preferred stock dividends of subsidiaries		—			471			—			1,417
Net income for common stock	$	35,450		$	30,747		$	189,100		$	83,503
Basic earnings per common share	$	0.21		$	0.18		$	1.10		$	0.48
Diluted earnings per common share	$	0.20		$	0.18		$	1.09		$	0.48
Weighted-average number of common shares outstanding		172,728			172,617			172,664			172,531
Weighted-average shares assuming dilution		173,508			172,916			173,578			172,939
Income (loss) for common stock by segment
Electric utility	$	13,488		$	36,988		$	186,689		$	123,954
Other		21,962			(6,241	)		2,411			(40,451	)
Income for common stock	$	35,450		$	30,747		$	189,100		$	83,503
Comprehensive income attributable to HEI	$	35,430		$	30,013		$	188,931		$	82,003
Return on average common equity (%) (twelve months ended)¹								13.6			7.2

¹ Simple average based on income from continuing operations. This information should be read in conjunction with the consolidated financial statements and the notes thereto in HEI filings with the SEC. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.

Hawaiian Electric Company, Inc. (Hawaiian Electric) and Subsidiaries CONSOLIDATED STATEMENTS OF INCOME DATA (Unaudited)
	Three months ended September 30						Nine months ended September 30
($ in thousands, except per barrel amounts)		2026			2025			2026			2025
Revenues	$	1,007,104		$	787,428		$	2,688,008		$	2,268,276
Expenses
Fuel oil		398,693			240,547			972,221			689,855
Purchased power		218,477			183,813			587,310			505,493
Other operation and maintenance		181,563			161,819			510,523			463,144
Wildfire tort-related claims		—			—			(162,383	)		—
Depreciation		66,421			64,022			199,314			192,015
Taxes, other than income taxes		93,777			74,434			251,753			214,495
Total expenses		958,931			724,635			2,358,738			2,065,002
Operating income		48,173			62,793			329,270			203,274
Allowance for equity funds used during construction		5,564			3,821			13,715			11,108
Retirement defined benefits credit—other than service costs		797			998			2,896			3,101
Interest expense and other charges, net		(44,753	)		(22,114	)		(117,980	)		(66,272	)
Allowance for borrowed funds used during construction		2,493			1,500			6,195			4,379
Interest income		1,615			1,461			8,196			4,657
Income before income taxes		13,889			48,459			242,292			160,247
Income taxes		401			10,973			55,603			34,797
Net income		13,488			37,486			186,689			125,450
Preferred stock dividends of subsidiaries		—			228			—			686
Net income attributable to Hawaiian Electric		13,488			37,258			186,689			124,764
Preferred stock dividends of Hawaiian Electric		—			270			—			810
Net income for common stock	$	13,488		$	36,988		$	186,689		$	123,954
Comprehensive income attributable to Hawaiian Electric	$	13,508		$	36,964		$	186,615		$	123,836
OTHER ELECTRIC UTILITY INFORMATION
Kilowatthour sales (millions)
Hawaiian Electric		1,685			1,664			4,638			4,626
Hawaii Electric Light		282			276			800			788
Maui Electric		290			294			806			817
		2,257			2,234			6,244			6,231
Average fuel oil cost per barrel	$	154.87		$	98.20		$	132.00		$	101.00
Return on average common equity (%) (twelve months ended)¹								13.4			12.8

¹ Simple average. This information should be read in conjunction with the consolidated financial statements and the notes thereto in Hawaiian Electric filings with the SEC. Results of operations for interim periods are not necessarily indicative of results to be expected for future interim periods or the full year.

Explanation of HEI’s Use of Certain Unaudited Non-GAAP Measures

HEI management uses certain non-GAAP measures to evaluate the performance of HEI. Management believes these non-GAAP measures provide useful information and are a better indicator of the companies’ core operating activities. Core earnings and other financial measures as presented here may not be comparable to similarly titled measures used by other companies, and they should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. The accompanying tables provide a reconciliation of reported GAAP¹ earnings to non-GAAP Core earnings.

The reconciling adjustments from GAAP earnings to Core earnings are limited to the items related to the Maui wildfires, HEI’s ownership stake in American Savings Bank and costs related to HEI’s ongoing review of strategic options for Pacific Current. Management does not consider these items to be representative of the company’s fundamental Core earnings.

Reconciliation of GAAP¹ to non-GAAP Measures Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries Unaudited
	Three months ended September 30						Nine months ended September 30
(in thousands)		2026			2025			2026			2025
Maui windstorm and wildfires related items
Pretax expenses:
Legal expenses	$	1,002		$	5,794		$	6,234		$	20,532
Outside services expense		—			—			—			135
Wildfire securities-related claims		—			47,750			—			47,750
Other expense		31			5,892			1,409			17,679
Interest expense		—			398			—			3,299
Pretax expenses		1,033			59,834			7,643			89,395
Insurance recoveries²		(207	)		(49,070	)		(9,381	)		(53,374	)
Settlement remeasurement³		—			—			(153,870	)		—
Accretion expense⁴		18,010			—			35,724			—
Deferral of cost		—			(6,237	)		—			(21,809	)
Total Maui windstorm and wildfires related items, net		18,836			4,527			(119,884	)		14,212
Pretax gain on sale of investment and net unrealized gain on investment measured at fair value		(64,146	)		—			(64,146	)		—
Pretax loss (gain) on sale of subsidiaries and impairment losses on subsidiary assets sold and assets formerly classified as held for sale		50,736			(1,013	)		54,452			12,376
Income taxes⁵		(17,916	)		(1,453	)		16,848			(2,085	)
After-tax adjustments	$	(12,490	)	$	2,061		$	(112,730	)	$	24,503

¹Accounting principles generally accepted in the United States of America. ²Includes $8.5 million recognized as an adjustment to the Wildfire tort-related claims for the nine months ended September 30, 2026. Includes insurance recovery related to the settlement of the securities class action of $47.8 million for the three and nine months ended September 30, 2025. Also, for the three and nine months ended September 30, 2025, includes adjustments related to costs that are no longer probable of recovery under the insurance policies of $1.0 million and $7.6 million, respectively, of which, $0.5 million and $4.5 million were deferred to a regulatory asset, respectively, and are reported on line “Deferral of cost”. ³ Represents an adjustment related to remeasuring the remaining settlement liability at present value in accordance with Accounting Standards Codification Topic 835-30 Imputation of Interest. ⁴ Represents accretion expense related to remeasuring the remaining settlement liability. ⁵Current year composite statutory tax rate of 25.75%, excluding capital gains, which are taxed at capital gains composite tax rate of 23.9%, net of valuation allowance release. Note: Other segment (Holding and Other Companies) wildfire-related expenses (legal, outside services and other) and insurance recoveries are included in “Expenses-Other” and interest expense is included in “Interest expense, net” on the HEI and subsidiaries’ Consolidated Statements of Income Data. See Electric Utilities’ and Holding and Other Companies’ tables below for more detail.

Reconciliation of GAAP to non-GAAP Measures (continued) Hawaiian Electric Industries, Inc. (HEI) and Subsidiaries Unaudited
	Three months ended September 30						Nine months ended September 30
(in thousands)		2026			2025			2026			2025
HEI Consolidated
GAAP¹ net income (as reported)	$	35,450		$	30,747		$	189,100		$	83,503
Excluding special items related to the Maui windstorm and wildfires (after tax)²:
Legal expenses		744			4,302			4,629			15,245
Outside services expense		—			—			—			100
Wildfire securities-related claims		—			35,454			—			35,454
Other expense		23			4,375			1,046			13,127
Interest expense		—			295			—			2,449
After tax expenses		767			44,426			5,675			66,375
Insurance recoveries³		(154	)		(36,434	)		(6,966	)		(39,630	)
Settlement remeasurement⁴		—			—			(114,248	)		—
Accretion expense⁵		13,372			—			26,525			—
Deferral of cost		—			(4,631	)		—			(16,193	)
Total Maui windstorm and wildfires related items, net (after tax)		13,985			3,361			(89,014	)		10,552
Gain on sale of investment and net unrealized gain on investment measured at fair value (after tax)⁶		(64,146	)		—			(64,146	)		—
Loss (gain) on sale of subsidiaries and impairment losses on subsidiary assets sold and assets formerly classified as held for sale (after tax)²		37,671			(1,300	)		40,430			13,951
Non-GAAP adjustments		(12,490	)		2,061			(112,730	)		24,503
Non-GAAP (Core) net income	$	22,960		$	32,808		$	76,370		$	108,006
GAAP Diluted earnings per share (as reported)	$	0.20		$	0.18		$	1.09		$	0.48
Non-GAAP (Core) Diluted earnings per share	$	0.13		$	0.19		$	0.44		$	0.62

¹Accounting principles generally accepted in the United States of America. ²Current year composite statutory tax rate of 25.75%. ³ Includes $6.3 million recognized as an adjustment to the Wildfire tort-related claims for the nine months ended September 30, 2026. Includes insurance recovery related to the settlement of the securities class action of $35.5 million for the three and nine months ended September 30, 2025. Also, for the three and nine months ended September 30, 2025, includes adjustments related to costs that are no longer probable of recovery under the insurance policies. ⁴Represents an adjustment related to remeasuring the remaining settlement liability at present value in accordance with Accounting Standards Codification Topic 835-30 Imputation of Interest. ⁵Represents accretion expense related to remeasuring the remaining settlement liability. ⁶Capital gains composite tax rate of 23.9%, net of valuation allowance release.

Reconciliation of GAAP to non-GAAP Measures (continued) Hawaiian Electric Company, Inc. and Subsidiaries Unaudited
	Three months ended September 30						Nine months ended September 30
(in thousands)		2026			2025			2026			2025
Maui windstorm and wildfires related items
Pretax expenses:
Legal expenses	$	1,028		$	4,316		$	3,592		$	12,469
Other expense		—			5,791			1,116			17,278
Interest expense		—			131			—			2,543
Pretax expenses		1,028			10,238			4,708			32,290
Insurance recoveries^1,2		(35	)		(430	)		(8,866	)		126
Settlement remeasurement³		—			—			(153,870	)		—
Accretion expense⁴		18,010			—			35,724			—
Deferral of cost⁵		—			(6,237	)		—			(21,809	)
Total Maui windstorm and wildfires related items, net		19,003			3,571			(122,304	)		10,607
Income taxes⁶		(4,894	)		(919	)		31,493			(2,731	)
After-tax adjustments	$	14,109		$	2,652		$	(90,811	)	$	7,876

Hawaiian Electric consolidated net income
GAAP⁷ net income (as reported)	$	13,488		$	36,988		$	186,689		$	123,954
Excluding special items related to the Maui windstorm and wildfires (after tax)⁶:
Legal expenses		763			3,205			2,667			9,258
Other expense		—			4,300			828			12,829
Interest expense		—			97			—			1,888
After tax expenses		763			7,602			3,495			23,975
Insurance recoveries^1,2		(26	)		(319	)		(6,583	)		94
Settlement remeasurement³		—			—			(114,248	)		—
Accretion expense⁴		13,372			—			26,525			—
Deferral of cost⁵		—			(4,631	)		—			(16,193	)
Total Maui windstorm and wildfires related items, net (after tax)		14,109			2,652			(90,811	)		7,876
Non-GAAP (Core) net income	$	27,597		$	39,640		$	95,878		$	131,830

Twelve months ended September 30	2026	2025
Ratios (%)
Based on GAAP – Return on average equity⁸	13.4	12.8
Based on Non-GAAP (core) – Return on average equity^8,9	5.2	7.0

¹Includes $8.5 million recognized as an adjustment to the Wildfire tort-related claims for the nine months ended September 30, 2026. ² Pretax insurance recoveries includes adjustments related to costs that are no longer probable of recovery under the insurance policies. For the three and nine months ended September 30, 2025, adjustments amount to $1.0 million and $7.6 million, respectively, of which, $0.5 million and $4.5 million were deferred to a regulatory asset, respectively, and are reported on line “Deferral of cost”. ³Represents an adjustment related to remeasuring the remaining settlement liability at present value in accordance with Accounting Standards Codification Topic 835-30 Imputation of Interest. ⁴Represents accretion expense related to remeasuring the remaining settlement liability. ⁵Pursuant to the PUC order received on February 12, 2025, deferral accounting treatment limited to insurance premiums and outside services and legal costs associated with the asset-based lending facility credit agreement incurred in 2025 was granted. Applicable amounts were deferred to a regulatory asset. ⁶Current year composite statutory tax rate of 25.75%. ⁷Accounting principles generally accepted in the United States of America. ⁸Simple average. ⁹ Calculated as non‑GAAP adjusted net income divided by average non-GAAP adjusted common equity. Non-GAAP adjusted common equity excludes cumulative impact of Maui windstorm and wildfires related expenses, net of insurance recoveries and approved deferral treatment (after tax) and the Utilities’ assigned equity interests of GLST1, effective March 31, 2025, which totals $287.3 million and remains unchanged through March 2026. The equity interests were adjusted down to nil in April 2026 as first installment payment of settlement liability was made. Note: Legal, outside services and other are included in “Other operation and maintenance” and interest expense is included in “Interest expense and other charges, net” on the Hawaiian Electric and subsidiaries’ Consolidated Statements of Income Data.

Reconciliation of GAAP to non-GAAP Measures (continued) Holding and Other Companies Unaudited
	Three months ended September 30						Nine months ended September 30
(in thousands)		2026			2025			2026			2025
Maui windstorm and wildfires related costs
Pretax expenses:
Legal expenses	$	(26	)	$	1,478		$	2,642		$	8,063
Outside services expense		—			—			—			135
Wildfire securities-related claims		—			47,750			—			47,750
Other expense		31			101			293			401
Interest expense		—			267			—			756
Pretax expenses		5			49,596			2,935			57,105
Insurance recoveries¹		(172	)		(48,640	)		(515	)		(53,500	)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries		(167	)		956			2,420			3,605
Pretax gain on sale of investment and net unrealized gain on investment measured at fair value		(64,146	)		—			(64,146	)		—
Pretax loss (gain) on sale of subsidiaries and impairment losses on subsidiary assets sold and assets formerly classified as held for sale		50,736			(1,013	)		54,452			12,376
Income taxes²		(13,022	)		(534	)		(14,645	)		646
After-tax adjustments	$	(26,599	)	$	(591	)	$	(21,919	)	$	16,627

Holding and Other Companies net income (loss)
GAAP³ net income (loss) (as reported)	$	21,962		$	(6,241	)	$	2,411		$	(40,451	)
Excluding special items related to the Maui windstorm and wildfires (after tax)²:
Legal expenses		(19	)		1,097			1,962			5,987
Outside services expense		—			—			—			100
Wildfire securities-related claims		—			35,454			—			35,454
Other expense		22			75			217			298
Interest expense		—			198			—			561
Maui windstorm and wildfires related expenses (after tax)		3			36,824			2,179			42,400
Insurance recoveries (after tax)^1,2		(127	)		(36,115	)		(382	)		(39,724	)
Total Maui windstorm and wildfires related expenses, net of insurance recoveries (after tax)		(124	)		709			1,797			2,676
Gain on sale of investment and net unrealized gain on investment measured at fair value (after tax)⁴		(64,146	)		—			(64,146	)		—
Loss (gain) on sale of subsidiaries and impairment losses on subsidiary assets sold and assets formerly classified as held for sale (after tax)²		37,671			(1,300	)		40,430			13,951
Non-GAAP adjustments		(26,599	)		(591	)		(21,919	)		16,627
Non-GAAP (Core) net loss	$	(4,637	)	$	(6,832	)	$	(19,508	)	$	(23,824	)

¹Includes insurance recovery related to the proposed settlement of the securities class action of $47.8 million (pre-tax) for the three and nine months ended September 30, 2025. ²Current year composite statutory tax rate of 25.75%, excluding capital gains, which are taxed at capital gains composite tax rate of 23.9%, net of valuation allowance release. ³Accounting principles generally accepted in the United States of America. ⁴Capital gains composite tax rate of 23.9%, net of valuation allowance release. Note: Holding and Other Companies wildfire-related expenses (legal, outside services and other) and insurance recoveries are included in “Expenses-Other” and interest expense is included in “Interest expense, net” on the HEI and subsidiaries’ Consolidated Statements of Income Data.

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