HE — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-07

• Revenues$939,703 $746,392 26 Increase in the electric utility segment, partly offset by a decrease in the all other segment.

• Increase in the electric utility segment (primarily due to the adjustment related to remeasuring the remaining settlement liability (see Note 2 of the Condensed Consolidated Financial Statements)), partly offset by a decrease in the all other segment.

• Net income for common stock123,200 26,085 372 Higher net income related to higher operating income, partially offset by higher interest expense due to the accretion related to the remeasuring of the remaining settlement liability (see Note 2 of the Condensed Consolidated Financial Statements) and hi…

• Revenues$1,686,150 $1,490,462 13 Increase in the electric utility segment, partly offset by a decrease in the all other segment.

• 257,591 116,167 122 Increase in the electric utility segment (primarily due to the adjustment related to remeasuring the remaining settlement liability (see Note 2 of the Condensed Consolidated Financial Statements)).

Text removed vs the prior filing · source: 10-Q · 2026-05-08

• In June 2025, the Utilities submitted a request with the PUC to terminate or suspend the Affiliate Transaction Requirements (ATRs). Beginning in 2024 and continuing into 2026, HEI has embarked on a strategy to divest all of its affiliated companies other than the Utilities, intending for the Utiliti…

• Increase in the electric utility, partly offset by a decrease in the all other segment.

• Lower operating income for the electric utility, partly offset by lower operating loss for the all other segment.

• Lower net loss for the all other segment primarily due to the sale of Hamakua Holdings at Pacific Current in March 2025, partly offset by lower net income for the electric utility.

• The Company’s effective tax rates for the three months ended March 31, 2026 and 2025 were 21% and 19%, respectively. The increase in the effective tax rate was primarily due to the non-recurrence of a discrete tax benefit recognized in the prior-year period related to the sale of Hamakua Holdings. E…

Text added vs the prior filing · source: 10-Q · 2026-08-07

• During the three months ended June 30, 2026, no director or officer of HEI or Hawaiian Electric (as defined in Exchange Act Rule 16a-1(f)) adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.

• Effective August 5, 2026, the Boards of Directors of the Company and Hawaiian Electric approved the amendment and restatement of the Company’s and Hawaiian Electric’s bylaws, respectively (in each case, as so amended and restated, the “Amended Bylaws”).

• The Amended Bylaws establish the office of chief executive officer (CEO), and substitute the CEO for the president with respect to certain authority and responsibilities previously vested in the president, including with respect to certain matters related to the conduct of shareholder meetings (Arti…

• In addition, the Amended Bylaws make conforming and clarifying changes reflecting the establishment of the CEO position and the allocation of authority among the Company's officers.

• The foregoing summary is qualified in its entirety by reference to the full text of the Amended Bylaws, copies of which are included as Exhibit 3.1 and Exhibit 3.2 to this report and incorporated by reference herein.

Text removed vs the prior filing · source: 10-Q · 2026-05-08

• Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

• On May 8, 2026, the Company announced leadership structure changes at HEI and Hawaiian Electric to reflect its pure-play utility focus. Effective as of June 1, 2026, Scott W. H. Seu will serve as the Chief Executive Officer (CEO) of both HEI and Hawaiian Electric, and Shelee M. T. Kimura will serve …

• In furtherance of this leadership restructuring, effective as of June 1, 2026, Mr. Seu will resign as President of HEI and be appointed CEO of Hawaiian Electric. He will continue to serve as HEI’s CEO and his compensation package will not change in connection with this change.

• Additionally, effective as of June 1, 2026, Ms. Kimura, 52, will be appointed President of HEI and will resign as CEO of Hawaiian Electric. Ms. Kimura will continue to serve as President of Hawaiian Electric, where she has served as President and CEO since January 2022. Prior to this, Ms. Kimura ser…

• Ms. Kimura’s compensation package, described in the Proxy Statement filed with the SEC on April 29, 2026, will not change in connection with her appointment as President of HEI.