夏威夷电力 2025年季度报告

☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Not applicable (Former name, former address and former fiscal year, if changed since last report) Trading Symbol(s)Name of each exchange on which registered Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the Securities Exchange Act of 1934 during the preceding12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90days. Hawaiian Electric Industries,Inc.Yes☒No☐Hawaiian Electric Company,Inc.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submittedand posted pursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required tosubmit and post such files). Yes☒No☐Hawaiian Electric Company,Inc.Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of the SecuritiesExchange Act of 1934. Hawaiian Electric Industries,Inc.: Hawaiian Electric Company,Inc.: If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act. Hawaiian Electric Industries,Inc.☐Hawaiian Electric Company,Inc. Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☒Hawaiian Electric Company,Inc.Yes☐No☒ Securities registered pursuant to 12(b) of the Act: APPLICABLE ONLY TO CORPORATE ISSUERS:Indicate the number of shares outstanding of each of the issuers’ classes of common stock, as of the latest practicable date. Hawaiian Electric Industries, Inc. (HEI) is the sole holder of Hawaiian Electric Company, Inc. (Hawaiian Electric) common stock. This combined Form 10-Q is separately filed by HEI and Hawaiian Electric. Information contained herein relating to any individual registrant is filed by such registrant on itsown behalf. No registrant makes any representation as to information relating to the other registrant, except that information relating to Hawaiian Electric is also attributed toHEI. Hawaiian Electric Industries,Inc. and SubsidiariesHawaiian Electric Company,Inc. and SubsidiariesForm10-Q—Quarter ended March31, 2025 TABLE OF CONTENTS iiGlossary of TermsivCautionary Note Regarding Forward-Looking Statements PARTI. FINANCIAL INFORMATION1Item 1.Financial StatementsHawaiian Electric Industries,Inc. and Subsidiaries1Condensed Consolidated Statements of Income (unaudited) -threemonths endedMarch31, 2025and20242Condensed Consolidated Statements of Comprehensive Income (unaudited) -threemonths endedMarch31, 2025and20243Condensed Consolidated Balance Sheets (unaudited) -March31, 2025and December31,20244Condensed Consolidated Statements of Changes in Shareholders’ Equity (unaudited) -threemonths endedMarch31, 2025and20245Condensed Consolidated Statements of Cash Flows (unaudited) -threemonths endedMarch31, 2025and2024Hawaiian Electric Company,Inc. and Subsidiaries7Condensed Consolidated Statements of Income (unaudited) -threemonths endedMarch31, 2025and20247Condensed Consolidated Statements of Comprehensive Income (unaudited) -threemonths endedMarch31,2025and20248Condensed Consolidated Balance Sheets (unaudited) -March31, 2025and December31,202410Condensed Consolidated Statements of Changes in Common Stock Equity (unaudited) -threemonths endedMarch31, 2025and202411Condensed Consolidated Statements of Cash Flows (unaudited) -threemonths endedMarch31, 2025and202412Notes to Condensed Consolidated Financial Statements (unaudited)49Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations49HEI consolidated56Electric Utility70Item 3.Quantitative and Qualitative Disclosures About Market Risk70Item 4.Controls and Procedures PARTII.OTHER INFORMATION71Item 1.Legal Proceedings71Item 1A.Risk Factors71Item 2.Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities72Item 6.Exhibits73Signatures Hawaiian Electric Industries,Inc. and SubsidiariesHawaiian Electric Company,Inc. and SubsidiariesForm10-Q—Quarter ended March31, 2025 GLOSSARY OF TERMS, continued CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This report and other presentations made by Hawaiian Electric Industries,Inc. (HEI) and Hawaiian Electric Company,Inc. (HawaiianElectric) and their subsidiaries contain “forwa