Hawaiian Electric Industries Inc.

Enterprise value calculated using debt and unrestricted cash balances as of 6/30/26.

SEC original ↗Hawaiian Electric Industries Inc. — Earnings release (8-K exhibit)EX-99Sep 8, 2026

All adjusted FFO/debt figures are as of year-end, and as reported by S&P.

SEC original ↗Hawaiian Electric Industries Inc. — Earnings release (8-K exhibit)EX-99Sep 8, 2026

Implement liability cap Establish wildfire recovery fund LIQUIDITY AND BALANCE SHEET MANAGEMENT, ONGOING WILDFIRE MITIGATION WORK, LEGAL PROCESS SUCCESSES FOLLOWING WILDFIRES HAVE SUPPORTED PATH BACK TOWARD INVESTMENT GRADE Maintaining Solid Liquidity as Financing Plan Progresses 23 FUNDING SETTLEMENT OBLIGATIONS CURRENT EXPECTATIONS1 $75 $1,990 $479 $479 $479 $479 One 'Ohana Contribution First Payment (2026) Second Payment (2027) Third Payment (2028) Fourth Payment (2029) HEI Settlement Obligation Reimbursed by insurance Funded by 2024 equity issuance To be funded by debt / convertible debt To be funded by mix of capital 1.

SEC original ↗Hawaiian Electric Industries Inc. — Earnings release (8-K exhibit)EX-99Sep 8, 2026

Includes both WMP capex and Grid Modernization Phase 2 capex.

SEC original ↗Hawaiian Electric Industries Inc. — Earnings release (8-K exhibit)EX-99Sep 8, 2026

$2.2 $2.4 Bn in expected 2026 2028 capex, with ~$288 million expected to be securitized2 Forecast as of August 7, 2026 and may not reflect updates related to Hurricane Lala and other events since August 7.

SEC original ↗Hawaiian Electric Industries Inc. — Earnings release (8-K exhibit)EX-99Sep 8, 2026

Key projects listed may not sum to capex range shown on bar chart due to rounding.

SEC original ↗Hawaiian Electric Industries Inc. — Earnings release (8-K exhibit)EX-99Sep 8, 2026

The PUC has bifurcated the re-basing proceeding into two tracks: Track 1 is focused on determining the revenue requirement that will form the basis for target revenues at the start of MRP2.

SEC original ↗Hawaiian Electric Industries Inc. — Earnings release (8-K exhibit)EX-99Sep 8, 2026

Track 2 will focus on updating revenue allocation and rate design in accordance with updated class load information and cost-of-service analysis (see PUC Order No.

SEC original ↗Hawaiian Electric Industries Inc. — Earnings release (8-K exhibit)EX-99Sep 8, 2026

Our Phase 6 Objectives Include: 12 Our Affordability Strategies Target Total Energy Burden 3.24% of monthly household income Total household energy burden considers Hawai i s unique energy landscape and its broader statewide goals, including: Second most electrified state in the U.

SEC original ↗Hawaiian Electric Industries Inc. — Earnings release (8-K exhibit)EX-99Sep 8, 2026

average total household energy burden1 Rooftop Solar LCOENatural GasElectricity 13 Topics of Focus HEI at a Glance Regulatory framework provides steady, predictable revenues, with rate rebasing underway Implementing industry leading wildfire mitigation efforts and reducing operating risk 1 3 2 Strong balance sheet and liquidity with improving credit metrics4 Executing through historic capital cycle5 Strategic Spending and Investment Support Rapid Reduction of Wildfire and Other Climate-Related Risk in Unique Island Service Territory 14 TARGETED SPENDING AND INVESTMENT .

SEC original ↗Hawaiian Electric Industries Inc. — Earnings release (8-K exhibit)EX-99Sep 8, 2026

On 3/6/2026, the utility filed an alternative rebasing proposal jointly with PBR Working Group party Ulupono Initiative.

SEC original ↗Hawaiian Electric Industries Inc. — Earnings release (8-K exhibit)EX-99Sep 8, 2026

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 (collectively, the Company), the performance of the industries in which they do business and economic, political and market factors, among other things.

SEC original ↗Hawaiian Electric Industries Inc. — Earnings release (8-K exhibit)EX-99Sep 8, 2026

Risks, uncertainties and other important factors that could cause actual results to differ materially from those described in forward-looking statements and from historical results include, but are not limited to, the following: the potential for further trade policy changes under the current administration could disrupt our supply chains and increase costs, e.

SEC original ↗Hawaiian Electric Industries Inc. — Earnings release (8-K exhibit)EX-99Sep 8, 2026

and foreign capital and credit market conditions and federal, state and international responses to those conditions; the potential impacts of global and local developments (including global economic conditions and uncertainties, unrest, terrorist acts, wars, conflicts, political protests, deadly virus epidemic or other crisis); the effects of changes that have or may occur in U.

SEC original ↗Hawaiian Electric Industries Inc. — Earnings release (8-K exhibit)EX-99Sep 8, 2026