Hawaiian Electric Industries (HEI) reported a return to profitability for 2025, posting net income of $123 million, or $0.71 per share, after excluding the $168 million in wildfire‑related expenses and strategic review costs that weighed on the prior year’s loss. The company’s core utility business generated $149.3 million in consolidated core net income, while the utility core segment earned $177.5 million, underscoring the resilience of its regulated franchise even as wildfire mitigation costs continue to rise.
Full‑year revenue was $805.82 million in the fourth quarter, a figure that reflects steady demand across the utility’s service areas. The company’s earnings per share of $0.23 fell short of the consensus estimate of $0.24, a miss of $0.01, largely attributable to higher-than‑expected wildfire mitigation expenses and one‑time charges that offset the gains from revenue growth and disciplined cost management.
HEI’s management highlighted progress on the Maui wildfire settlement, noting that the first $479 million payment is expected in the second half of 2026 once remaining appeals are resolved. The company also announced that regulators approved an enhanced wildfire safety strategy in December 2025, which focuses on technology upgrades, infrastructure improvements, and community partnerships to reduce future wildfire risk.
Capital‑expenditure guidance for 2026 remains in the $550 million to $700 million range, with plans to increase spending in 2027 and 2028 as the company expands its renewable portfolio and upgrades aging assets. HEI achieved a 37 % renewable portfolio standard in 2025, on track to meet the 2030 target of 40 %. Liquidity was strengthened by a $500 million utility debt issuance and an upsized credit facility to $600 million, providing a solid financial cushion for upcoming investments.
The company’s executive team will see a change in the CFO role: Scott DeGhetto’s term ends on April 1 2026, and Paul Ito will assume the position, signaling continuity in financial stewardship as HEI navigates its post‑wildfire recovery and growth strategy.
The earnings release demonstrates HEI’s ability to rebound from a challenging 2024, but also highlights ongoing wildfire‑related headwinds and the need for continued investment in safety and renewable infrastructure. The company’s guidance and liquidity position suggest a cautious yet forward‑looking outlook as it balances regulatory obligations, capital needs, and shareholder expectations.
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