HE FINANCIAL STATEMENTS

Hawaiian Electric Industries Inc — balance sheet, income statement and cash flow trends

HEHawaiian Electric Industries Inc

🇺🇸 USA · NYSE · Utilities · Utilities - Regulated Electric

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue3.1 B $+4.2%

Gross Profit226.3 M $—

Operating Income226.3 M $—

EBITDA556.7 M $—

Net Income129.6 M $—

Peer Comparison· Utilities - Regulated Electric

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
HE	4.2%	7.3%	18.0%	4.2%
ENJSA	-2.0%	26.6%	19.1%	2.1%
NG	-3.8%	63.4%	44.0%	18.3%
RED	35.5%	85.6%	76.4%	30.1%
EMA	3.1%	17.7%	36.1%	13.2%
ODAS	4.7%	15.1%	33.5%	1.7%
Industry median	7.9%	40.7%	40.4%	13.6%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
HE	4.2%	7.3%	18.0%	4.2%
MGEE	8.9%	77.2%	40.9%	18.6%
NWE	9.1%	61.9%	35.4%	10.2%
POR	1.1%	48.0%	31.9%	7.2%
IDA	-1.5%	20.2%	43.3%	18.6%
OGE	4.1%	48.8%	40.0%	14.0%
Industry median	7.9%	40.7%	40.4%	13.6%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity1.6 B $18%
Current Liabilities1.4 B $15%
Long-term Liabilities5.9 B $66%

Key Figures

YoY change

Total Assets8.9 B $+1.7%

Total Liabilities7.3 B $+0.7%

Total Equity1.6 B $+6.3%

Cash & ST Investments452.8 M $-59.3%

Total Debt2.9 B $-7.5%

Net Debt2.5 B $+20.2%

Peer Comparison· Utilities - Regulated Electric

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
HE	1.34	180.0%	4.48	18.4%
ENJSA	0.93	87.9%	1.49	38.0%
NG	0.76	119.0%	5.64	36.3%
RED	1.14	—	—	34.0%
EMA	1.07	168.8%	7.34	29.5%
ODAS	2.32	4.5%	-0.47	86.6%
Industry median	0.78	161.2%	5.63	28.1%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
HE	1.34	180.0%	4.48	18.4%
MGEE	1.15	69.7%	2.97	42.4%
NWE	0.70	112.9%	5.65	33.9%
POR	1.09	120.2%	4.46	31.2%
IDA	1.21	110.1%	4.75	34.4%
OGE	0.66	118.7%	4.49	34.1%
Industry median	0.78	161.2%	5.63	28.1%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow402.4 M $-2.4%

Capital Expenditures358.2 M $+8.5%

Free Cash Flow44.2 M $-46.3%

Dividends Paid8.6 M $+354.1%

Peer Comparison· Utilities - Regulated Electric

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
HE	13.0%	1.4%	11.6%	310.6%
ENJSA	18.6%	6.2%	1.4%	902.7%
NG	35.2%	-21.2%	56.5%	192.3%
RED	47.9%	-56.4%	66.9%	159.3%
EMA	22.7%	-22.8%	45.5%	171.8%
ODAS	-78.4%	5.1%	83.5%	-4,547.7%
Industry median	29.1%	-9.0%	44.9%	208.0%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
HE	13.0%	1.4%	11.6%	310.6%
MGEE	34.7%	-17.0%	51.7%	186.3%
NWE	24.4%	-9.0%	33.4%	239.0%
POR	33.2%	1.9%	31.3%	460.2%
IDA	31.0%	-44.7%	75.7%	166.8%
OGE	39.7%	29.9%	41.8%	283.0%
Industry median	29.1%	-9.0%	44.9%	208.0%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.