Q3 2024 Hawaiian Electric Industries, Inc. Earnings Conference Call Webcast Slides

SUMMARY

• Final settlement agreements signed, consistent with key terms announced on August 2
• • Defendants agree to pay ~$4 billion to settle all tort claims, with
    Company's contribution totaling $1.99 billion ($1.92 billion net of previous contribution to One `Ohana Initiative)
  • Company agrees to pay four equal annual installments of ~$479 million
  • Settlement conditioned on resolution of insurance company claims, which were transferred to the Second Circuit Court on October 21

NEXT STEPS

• Hawaii Supreme Court reviewing Second Circuit Court's Order requiring insurers to seek recovery according to Hawaii law. This would require insurers to assert liens against their policyholders' recoveries if policyholders settle
• • Initial briefs filed November 4, reply briefs due December 16
  • No set timetable for Hawaii Supreme Court to rule; favorable ruling would likely resolve the outstanding issue with insurers
• Settlement subject to conditions, including judicial approval, resolving insurer claims and legislation appropriating money from the state

8/2 Defendants agree to terms of proposed settlement with individual and class plaintiffs

8/29

Defendants move to transfer subrogation claimants' cases from 1st Circuit to

2nd Circuit (where all other Maui wildfire tort cases are being handled)

9/25

HSC accepts "reserved questions" and sets timeline

11/4

Opening Briefs submitted in HSC proceeding. Final settlement agreements signed

3

REFINING AND ENHANCING

PUBLIC SAFETY POWER SHUTOFF (PSPS)

PROGRAM

• PSPS program launched July 1, 2024, prior to fire season
• Utility has proactively convened key constituents, including federal, state and county agencies, landowners, and other infrastructure owners
• Two successful PSPS "watch" activations in September and October did not result in power shutoffs, but demonstrated effective coordination with key stakeholders and communication with customers

IMPLEMENTING TECHNOLOGICAL

AND OPERATIONAL CHANGES

• Enhanced protective settings, such as fast-trip settings and block auto- reclose in high wildfire risk areas
• Installed 39 new 360º high-definition video cameras with A.I. to detect fires more quickly
• Deployed 55 new weather stations to date
• Single-phasefault current indicators
• Increased vegetation management and hazard tree removal

PROGRESSING GRID HARDENING

EFFORTS

• Inspected >37,000 poles since the fall of 2023 across high risk circuits
• ~2,200 pole replacements
• >16 miles of reconductoring and line spacers
• Implemented technologies including sparkless fuses, new lightning arresters and smart reclosers
• Strategically undergrounding lines

Solid core operations year-to-date

Strong net income and profitability for the quarter, with third consecutive quarter of net interest margin expansion

Core2

Note: Columns may not foot due to rounding.

1. Net of insurance recoveries and deferrals. Includes $203 million pre-tax accrual for estimated tort-related legal claims.
2. See appendix for reconciliation of GAAP net income to "Core" net income,

LIQUIDITY UPDATE

• As of the end of 3Q, the HoldCo and Utility had $678 million and $148 million of cash on hand, respectively
• • September common stock issuance netted ~$558 million in proceeds
• $250 million ATM program in place (no issuances to date)
• $250 million Utility accounts receivable facility in place, now approved for short- and long-term use
• Cash continues to be carefully managed across the enterprise

RESOLUTION OF GOING CONCERN ASSESSMENT

• Following September common stock offering and other actions taken to address liquidity, sufficient cash is available to fund first settlement payment of ~$479 million (anticipated to be made in late 2025)
• The remaining payments expected to be made over the next several years will now be classified as long- term liabilities
• Management has concluded that the conditions that led to the substantial doubt regarding HEI's ability to continue as a going concehave been mitigated

(In thousands)

12,000

10,000

8,000

6,000

4,000

2,000

-

Oahu Single Family Home & Condo Median Price

$624,000 $508,500

State of Hawaii Real GDP

120,000

115,000

110,000

105,000

100,000

95,000

90,000

85,000