HAWAIIAN ELECTRIC INDUSTRIES INC: directors' dealings · United States · SEC (Form 4)

About HAWAIIAN ELECTRIC INDUSTRIES INC

Hawaiian Electric Industries, Inc. (NYSE: HE) is a U.S.-based holding company headquartered in Honolulu, Hawaii, and one of the most closely watched utility names in the Hawaiian market. For international investors, HEI should be viewed primarily as a regulated electric utility holding company with operations concentrated in Hawaii, rather than as a diversified financial conglomerate. The company was founded in 1891, giving it a long operating history tied to the development of Hawaii’s power infrastructure and island economy. HEI’s strategic profile changed materially after the company completed the sale of its banking operations on December 31, 2024. Following that transaction, the group became much more focused on the electric utility business, which now represents the core of its earnings base. Its principal regulated subsidiaries are Hawaiian Electric, Hawaii Electric Light, and Maui Electric. Together, these utilities generate, purchase, transmit, distribute, and sell electricity across the major Hawaiian islands, including Oahu, Hawaii Island, Maui, Lanai, and Molokai. That island-specific footprint is central to HEI’s competitive position: demand is captive, the franchise is essential, and the regulated structure provides a degree of earnings visibility, but operating conditions are also constrained by geography, fuel logistics, and a highly specific local regulatory framework. HEI also retains non-regulated activities through Pacific Current, a platform established to invest in renewable energy and sustainable infrastructure projects in Hawaii. This gives the company some exposure to energy transition opportunities, although the group has indicated that new investments have been suspended while strategic options are reviewed. In other words, HEI is now a more streamlined utility story with a smaller, non-core portfolio attached to the parent level. From a product and service standpoint, the business is centered on electricity generation, grid operations, distribution reliability, and utility service to residential, commercial, governmental, and industrial customers. The company’s market position is that of the dominant electric utility franchise in Hawaii, where local scale, network ownership, and regulatory relationships are the main competitive moats rather than price competition. Recent developments remain highly material for the investment case. The 2023 Maui windstorm and wildfires continue to weigh on the company’s risk profile, financial flexibility, and regulatory dialogue. HEI’s 2024 annual report highlighted ongoing wildfire-related costs and settlement-related actions. In addition, on March 10, 2025, HEI announced the sale of Pacific Current’s 60-megawatt Hamakua Energy Plant on Hawaii Island, describing it as a key step in the strategic review of Pacific Current. More recently, the company reported fourth-quarter and full-year 2025 results on February 27, 2026, including lower holding-company net loss versus 2024, helped by reduced interest expense after debt retirement using proceeds from the ASB sale. Overall, HEI is a Hawaii-centric regulated utility with a simpler post-bank-sale structure, a long operating history, and a current narrative shaped by regulated earnings, balance-sheet repair, wildfire-related liabilities, and selective portfolio rationalization.