Hawaiian Electric Industries, Inc. (HE) 2025 Q4 法說會逐字稿

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the HEI fourth quarter and full year 2025 earnings conference call. (Operator Instructions) I would now like to turn the call over to Mateo Garcia, Director of Investor Relations. Mateo, please go ahead.

您好，感謝您的耐心等待。我叫蒂芬妮，今天我將擔任你們的會議接線生。在此，我謹代表 HEI 歡迎各位參加 2025 年第四季及全年財報電話會議。（操作員指示）現在我將把電話交給投資者關係總監馬特奧·加西亞。馬特奧，請繼續。

Thank you. Welcome, everyone, to HEI's fourth quarter and full year 2025 earnings call. Joining me today are Scott Seu, HEI President and CEO; Scott DeGhetto, HEI Executive Vice President and CFO; and Shelee Kimura, Hawaiian Electric President and CEO; and other members of senior management.

謝謝。歡迎各位參加 HEI 2025 年第四季及全年財報電話會議。今天與我一同出席的有：HEI 總裁兼執行長 Scott Seu；HEI 執行副總裁兼財務長 Scott DeGhetto；夏威夷電力公司總裁兼執行長 Shelee Kimura；以及其他高階主管。

Our earnings release and our presentation for this call are available in the Investor Relations section of our website. As a reminder, forward-looking statements will be made on today's call. Factors that could cause actual results to differ materially from expectations can be found in our presentation, our SEC filings and in the Investor Relations section of our website.

我們的獲利報告和本次電話會議的簡報可在我們網站的投資者關係部分查閱。再次提醒各位，今天的電話會議將發表一些前瞻性聲明。可能導致實際結果與預期結果有重大差異的因素，請參閱我們的簡報、提交給美國證券交易委員會的文件以及我們網站的投資者關係部分。

Today's presentation also includes references to non-GAAP financial measures, including those referred to as core items. You should refer to the information contained in the slides accompanying today's presentation for definitional information and reconciliations of historical non-GAAP measures to the closest GAAP financial measure. We will take questions from institutional investors at the end of this call. Individual investors and others can reach out to Investor Relations.

今天的簡報還包括對非GAAP財務指標的引用，其中包括被稱為核心專案的指標。有關定義資訊以及歷史非GAAP指標與最接近的GAAP財務指標的調節表，請參閱今天簡報附帶的幻燈片中的資訊。我們將在本次電話會議結束時回答機構投資者的提問。個人投資者和其他人士可以聯繫投資者關係部門。

Now Scott Seu will begin with his remarks.

現在史考特·蘇將開始發言。

(spoken in foreign language) Welcome, everyone. For today's call, I'll start with an overview of the important accomplishments we've made over the past year and touched on our priorities going forward. Scott DeGhetto will walk through our financial results and then open it up for questions.

（用外語說）歡迎大家。在今天的電話會議上，我將首先概述我們在過去一年中取得的重要成就，並簡要介紹我們未來的工作重點。Scott DeGhetto 將詳細介紹我們的財務業績，然後接受提問。

Over the past year, we continue to execute on the priorities we've communicated since the Maui wildfires in 2023, and I'm proud of the progress we've made. We've advanced key initiatives, including progressing the Maui wildfire tort settlement, pursuing legislative measures that support our communities as we deal with the risk of wildfires, implementing wildfire safety improvements that have reduced the risk of ignition from utility equipment and laying the groundwork for a successful second multiyear rate period under our performance-based regulation, or PBR framework.

過去一年，我們繼續執行自 2023 年毛伊島山火以來我們提出的各項優先事項，我為我們所取得的進展感到自豪。我們推動了多項關鍵舉措，包括推動毛伊島野火侵權和解、採取立法措施支持我們的社區應對野火風險、實施野火安全改進措施以降低公用設施設備引發火災的風險，以及為在基於績效的監管（PBR）框架下成功實施第二個多年費率期奠定基礎。

Our actions to date help ensure our ability to serve and invest in our communities for the long term. Last quarter, we discussed the process to obtain final court approval of the Maui wildfire towards settlement. We continue to make good progress in resolving the remaining contingencies to payment.

我們迄今為止的行動有助於確保我們能夠長期服務和投資於我們的社區。上個季度，我們討論了獲得法院最終批准毛伊島野火和解方案的流程。我們在解決剩餘的付款相關事宜方面繼續取得良好進展。

In late December, the Maui Circuit Court granted our motion for summary judgment on the subrogation insurers direct claims. In January, the court granted final approval of the class settlement agreement and provided a good faith settlement determination.

12 月下旬，毛伊島巡迴法院批准了我們關於代位求償保險公司直接索賠的簡易判決動議。1月份，法院最終批准了集體訴訟和解協議，並作出了善意和解裁定。

We also received another favorable decision from the Hawaii Supreme Court. As previously disclosed, the subrogation insurers moved to intervene in the class settlement process, and the Maui Circuit Court denied this attempt last June. The insurers appealed, and the appeal was sent to the Hawaii Supreme Court.

我們也收到了夏威夷州最高法院的另一項有利裁決。如先前披露的那樣，代位求償保險公司試圖介入集體訴訟和解程序，但毛伊島巡迴法院去年六月駁回了這一嘗試。保險公司提起上訴，上訴案件被送往夏威夷州最高法院。

On February 10, the court affirmed the lower court's denial of the subrogation insurers motion to intervene in the class settlement. In doing so, it made clear that a class settlement transforms an insurer's subrogation rights into lean rights the same way an individual settlement does, which is what the court rule on a year ago.

2月10日，法院維持了下級法院駁回代位求償保險公司介入集體訴訟和解的動議的裁決。這樣做就明確表明，集體訴訟和解協議會將保險公司的代位求償權轉化為有限求償權，就像個人訴訟和解協議一樣，而這正是法院一年前做出的裁決。

This decision ends the insurer's efforts to derail the class settlement. And because they lack party status in the class action, the insurers should not be able to file a successful appeal to the final approval of the class agreement previously granted by the Maui Circuit Court. This positive result moves us one step closer toward final court approval of the settlement agreements.

這項決定終結了保險公司試圖阻撓集體訴訟和解的努力。由於保險公司在集體訴訟中沒有當事人地位，因此它們不應該能夠對毛伊島巡迴法院先前批准的集體訴訟協議的最終裁決提出上訴並取得成功。這一積極結果使我們離法院最終批准和解協議又更近了一步。

In sum, we've continued to work through the administrative steps required to see the settlement through to completion and trigger our first payment. We're also pleased that we've been able to finalize settlements resolving both the shareholder class action and shareholder derivative lawsuits filed in connection with the Maui wildfires.

總而言之，我們一直在努力完成必要的行政步驟，以完成結算並觸發我們的第一筆付款。我們也欣慰地看到，我們已經最終敲定了與毛伊島山火相關的股東集體訴訟和股東衍生訴訟的和解方案。

As disclosed last quarter, in early November, we signed binding term sheets to settle the litigation. In late December and early January, the settlements were finalized and executed. The agreements provide for complete resolution of both sets of litigation with the company's obligations fully funded by insurance proceeds.

正如上個季度所披露的那樣，11月初，我們簽署了具有約束力的條款清單，以解決訴訟。12月下旬至1月初，和解協議最終敲定並執行。協議規定，兩起訴訟將徹底解決，公司的債務將完全由保險賠償金支付。

Turning to legislation. As we've discussed over the past few quarters, Hawaii's historic wildfire legislation signed into law last July acknowledges the need for legislative measures to protect our communities and support the financial stability of electric utilities in the face of increasingly severe weather events.

轉向立法。正如我們在過去幾個季度中所討論的那樣，夏威夷去年 7 月簽署生效的歷史性野火立法承認，面對日益嚴重的極端天氣事件，需要採取立法措施來保護我們的社區並支持電力公司的財務穩定。

The PUC's wildfire fund study was completed at the end of December, and this was a crucial first step in implementing our state's milestone legislation. Work continues to establish a liability cap with the PUC rule-making process expected to take 18 months to 24 months. Details around the wildfire fund will be established sometime thereafter.

公共事業委員會的野火基金研究已於 12 月底完成，這是實施我們州里程碑式立法的重要第一步。制定責任上限的工作仍在進行中，預計公共事業委員會的規則制定過程將耗時 18 至 24 個月。有關野火基金的詳細事宜將在稍後確定。

The PUC also approved the utility's three year wildfire safety strategy in late December, concluding that the strategy can be expected to reduce wildfire risk and emphasizing the importance of continuous improvement.

12 月下旬，公共事業委員會 (PUC) 也批准了該公用事業公司為期三年的野火安全策略，並得出結論，該策略有望降低野火風險，同時強調持續改善的重要性。

The utility has achieved many of the operational objectives laid out in the strategy ahead of schedule, and we'll continue rapidly advancing the strategy as we progress through 2026. We'll be submitting our next update to the PUC in April. We've also continued to make our company stronger and more resilient through carefully managing our balance sheet.

該公用事業公司已提前實現了策略中製定的許多營運目標，我們將繼續快速推進該策略，直至 2026 年。我們將於四月向公共事業委員會提交下一份更新報告。我們也透過精心管理資產負債表，不斷增強公司的實力和韌性。

Our successful $500 million utility debt issuance last year as well as our revolver upsize to $600 million support our financial flexibility and liquidity as we look toward the elevated capital cycle ahead. We also continue to advance our state clean energy goals with the utility reaching a 37% renewable portfolio standard or RPS in 2025. We remain on track to meet the 40% by 2030 statutory RPS requirement.

去年我們成功發行了 5 億美元的公用事業債務，並將循環信貸額度提高到 6 億美元，這增強了我們的財務靈活性和流動性，以應對即將到來的高資本週期。我們將繼續推進本州的清潔能源目標，公用事業公司將在 2025 年達到 37% 的再生能源組合標準 (RPS)。我們仍有望在 2030 年前達到 40% 的法定再生能源配額要求。

Affordability has been essential focus as we've advanced our strategic and operational priorities. Customer bills remained stable in 2025 despite the significant investments we've made in wildfire safety and resilience. The utility continues to offer financial assistance to working families including providing over $1 million in payment assistance.

在推動我們的策略和營運重點工作中，價格可負擔性一直是關注的重點。儘管我們在野火安全和抵禦能力方面進行了大量投資，但2025年客戶的帳單仍然保持穩定。該公用事業公司繼續為工薪家庭提供經濟援助，包括提供超過 100 萬美元的支付援助。

Turning to the next slide. As we look ahead to our objectives for 2026, we'll continue working to resolve the conditions to payment in the tort litigation settlement agreements. We believe we're in the home stretch of this process as the only remaining steps are resolving all outstanding appeals. This includes resolving the appeal the insurers have taken from the judgment entered in our favor in their direct subrogation actions.

翻到下一張投影片。展望 2026 年的目標，我們將繼續努力解決侵權訴訟和解協議中的付款條件。我們相信，這個過程已經接近尾聲，剩下的唯一步驟就是解決所有未決的上訴。這包括解決保險公司就其直接代位求償訴訟中對我們有利的判決提出的上訴。

Turning to our ongoing rate rebasing. As discussed on our last earnings call, we are pursuing an alternative process that could allow for resetting rates without the time costs and resources typically required for a full rate case proceeding.

接下來談談我們正在進行的利率調整。正如我們在上次財報電話會議上所討論的，我們正在尋求一種替代流程，該流程可以在不耗費通常進行完整費率案件程序所需的時間和資源的情況下重置費率。

We see this as an opportunity to develop a rate rebasing proposal in a nontraditional manner. Consistent with fundamental PBR tenants set forth by the commission and state legislature, encouraging innovation and honoring a stakeholder-driven process. We plan to submit a joint rebasing proposal with UluPono initiative, a PBR Working Group stakeholder party by March 6.

我們認為這是一個以非傳統方式製定利率重新基準方案的機會。與委員會和州立法機構制定的基本 PBR 原則一致，鼓勵創新，並尊重利益相關者驅動的過程。我們計劃在 3 月 6 日前與 PBR 工作小組利害關係人團體 UluPono 倡議聯合提交一份重新基準提案。

We'd also like to address some of the elements that could be improved under our PBR regulatory framework, including our annual inflationary adjustment and performance incentive mechanisms, or PIMS. This will happen in the process that the PUC has designated as PBR Phase 6. We expect further guidance from the TUC on a schedule for Phase 6 after the rebasing proposal is submitted.

我們也想探討在 PBR 監管框架下可以改進的一些要素，包括我們的年度通膨調整和績效激勵機制（PIMS）。這將在 PUC 指定的 PBR 第 6 階段過程中發生。我們期待在重新定級提案提交後，工會大會就第六階段的時間表提供進一步指導。

Affordability remains a central focus as we look ahead toward the commencement of the second multiyear rate period under PBR, especially given the elevated capital investment cycle projected over the next few years. We are pursuing low-cost financing options that would reduce impacts to customers from critical investments required for safety and results.

展望未來，隨著 PBR 下的第二個多年利率期的開始，可負擔性仍然是我們關注的重點，尤其是在未來幾年預計資本投資週期將大幅增長的情況下。我們正在尋求低成本的融資方案，以減少安全和績效所需的關鍵投資對客戶的影響。

In the coming months, we'll be submitting a request to finance wildfire safety strategy CapEx and other infrastructure resilience costs via securitization, which is typically the lowest cost of capital available for these types of investments.

在接下來的幾個月裡，我們將提交一份申請，透過證券化方式為野火安全戰略資本支出和其他基礎設施韌性成本提供資金，證券化通常是此類投資可用的最低資本成本。

In summary, in 2026, we'll continue to execute on our key objectives of advancing the tort settlement and our rate rebasing process while implementing the wildfire risk reduction measures outlined in our wildfire safety strategy. Although much remains to be done, I'm optimistic about the path ahead and proud of what our team has accomplished to date.

總而言之，在 2026 年，我們將繼續推進侵權和解和費率重新調整進程，同時實施我們在野火安全戰略中概述的野火風險降低措施，以實現我們的關鍵目標。雖然還有很多工作要做，但我對未來的道路充滿信心，並為我們團隊迄今為止的成就感到自豪。

Finally, we'll be seeing an executive transition at HEI at the end of the quarter. As previously determined by our Board of Directors in 2024, Scott DeGhetto's term as HEI's CFO expires on April 1. And as a result, Scott will resign effective April 2. Paul Ito, the current Treasurer and CFO of Hawaiian Electric will resume his prior role as HEI's CFO, effective April 2, 2026.

最後，我們將在本季末看到 HEI 的高層人事變動。根據董事會先前在 2024 年的決定，Scott DeGhetto 擔任 HEI 財務長的任期將於 4 月 1 日到期。因此，斯科特將於4月2日起辭職。現任夏威夷電力公司財務主管兼財務長保羅·伊藤將於 2026 年 4 月 2 日起恢復擔任 HEI 的財務長一職。

Scott joined us as our CFO shortly after the Maui wildfires in 2023, and he's played a crucial role in helping lead our company through the most challenging period we've ever been through. His leadership and expertise have been critical for our success, and I'd like to thank Scott for all that he's done. And even though he'll hand the CFO reins over to Paul come April, Scott won't be too far as we'll have him support us as our consultant. Again, I thank Scott and I welcome Paul back to his previous role.

2023 年毛伊島山火過後不久，Scott 加入我們擔任首席財務官，他在幫助公司度過有史以來最具挑戰性的時期方面發揮了至關重要的作用。他的領導能力和專業知識對我們的成功至關重要，我要感謝史考特所做的一切。雖然史考特將在四月把財務長的職位交給保羅，但他也不會離開太遠，因為我們會讓他擔任我們的顧問來支持我們。再次感謝斯科特，並歡迎保羅回到他之前的崗位。

Scott DeGhetto, I'll now turn the call over to you.

Scott DeGhetto，現在我把電話交給你了。

Thank you, Scott. And it's been a pleasure working alongside you in serving this company. I'll start with our financial results on slide 6. For the full year 2025, we generated net income of $123.1 million or $0.71 per share compared to a net loss of approximately $1.4 billion in 2024.

謝謝你，斯科特。能與您一起為公司服務，我感到非常榮幸。我將從第6頁投影片上的財務表現開始。2025 年全年，我們實現淨收入 1.231 億美元，即每股 0.71 美元，而 2024 年淨虧損約為 14 億美元。

The results include $16.5 million of pre-tax Maui wildfire-related expenses net of insurance recoveries and deferrals. Approximately $12.6 million of that amount was recorded at the utility. Results for the year also include $12.4 million of losses related to the strategic review of Pacific Current.

結果包括稅前毛伊島野火相關支出 1,650 萬美元，扣除保險賠償和遞延款項。其中約有 1,260 萬美元已記入公用事業帳簿。該年度的業績還包括與 Pacific Current 策略審查相關的 1,240 萬美元損失。

Excluding these items, which we refer to as non-core, consolidated core net income was $149.3 million or $0.86 per share. This compares to core income from continuing operations of $124.3 million or $0.98 per share in 2024.

在剔除這些我們稱為非核心的項目後，合併核心淨收入為 1.493 億美元，即每股 0.86 美元。相比之下，2024 年持續經營業務的核心收入為 1.243 億美元，即每股 0.98 美元。

Utility core net income for the year was $177.5 million compared to $180.7 million in 2024. The decrease was driven by higher O&M expenses, primarily due to previously deferred consulting and legal fees, higher interest expense, higher depreciation and the recognition of tax credit benefits in the previous year.

該年度公用事業核心淨收入為 1.775 億美元，而 2024 年為 1.807 億美元。下降的主要原因是營運和維護費用增加，這主要是由於先前遞延的諮詢費和法律費用、利息支出增加、折舊增加以及上一年確認的稅收抵免優惠。

Holding company core net loss was $28.2 million compared to $56.4 million in 2024. The lower core net loss was driven by lower interest expense due to the lower debt balance following the retirement of holding company debt in April and higher interest income from cash being held on the balance sheet to make the first settlement payment.

控股公司核心淨虧損為 2,820 萬美元，而 2024 年則為 5,640 萬美元。核心淨虧損減少的原因是：由於控股公司債務在 4 月償還後債務餘額減少，利息支出降低；以及資產負債表上持有的現金用於支付第一筆結算款項，從而帶來更高的利息收入。

Turning to the next slide. As of the end of the fourth quarter, the holding company and the utility had approximately $16 million and $486 million of unrestricted cash on hand, respectively. In addition, the holding company has approximately $530 million in combined liquidity available under its ATM program and credit facility capacity. The utility also has approximately $540 million of liquidity available under its accounts receivable facility and credit facility capacity.

翻到下一張投影片。截至第四季末，控股公司和公用事業公司分別擁有約 1,600 萬美元和 4.86 億美元的非限制性現金。此外，該控股公司在其 ATM 計劃和信貸額度下擁有約 5.3 億美元的可用流動資金。該公用事業公司在其應收帳款融資和信貸融資能力下還有大約 5.4 億美元的流動資金可用。

Consistent with last quarter, Hawaiian Electric's Board of Directors approved a $10 million quarterly dividend to HEI for the fourth quarter of 2025. There have been no changes to our settlement financing plans since what we communicated last quarter.

與上個季度一致，夏威夷電力公司董事會批准向 HEI 支付 2025 年第四季 1,000 萬美元的季度股息。自從上個季度我們公佈以來，我們的和解融資計劃沒有任何變化。

We still expect to fund the second settlement payment with debt and/or convertible debt and expect that payments thereafter will be funded with a mix of debt and equity depending on market conditions. As Scott Seu mentioned, outstanding appeals must be resolved before we can make our first $479 million settlement payment, which we now expect to make in the second half of 2026.

我們仍然希望透過債務和/或可轉換債券來支付第二筆和解款項，並預計此後的款項將根據市場情況，透過債務和股權的組合來支付。正如 Scott Seu 所提到的，在我們可以支付第一筆 4.79 億美元的和解金之前，必須先解決未決的上訴，我們現在預計將在 2026 年下半年支付這筆款項。

Turning to the next slide. We still expect 2026 CapEx of $550 million to $700 million in 2027 and 2028 CapEx to increase further to $600 million to $800 million and $600 million to $850 million, respectively. This level of spend is consistent with our expectations communicated last quarter and is subject to additional PUC approvals and further resource adequacy initiatives and analysis.

翻到下一張投影片。我們仍預期 2026 年資本支出為 5.5 億至 7 億美元，2027 年和 2028 年資本支出將分別進一步增加至 6 億至 8 億美元和 6 億至 8.5 億美元。此支出水準與我們上季傳達的預期一致，但仍需獲得公共事業委員會的進一步批准以及資源充足性計劃和分析。

At that, let's open up the call to questions.

接下來，我們開始接受提問。

(Operator Instructions)

（操作說明）

Michael Lonegan, Barclays.

Michael Lonegan，巴克萊銀行。

Hi, thanks for taking my questions. Just wondering if you could talk about the latest appeal by the insurers. What do you see as the chances the Hawaii Supreme Court takes up the case? Or do you think it's possible that they deny to hear the appeal based on some of the language from the prior appeals or prior cases with the Supreme Court?

您好，感謝您回答我的問題。我想問您能否談談保險公司最近的上訴？你認為夏威夷最高法院受理此案的可能性有多高？或者你認為他們有可能因為先前最高法院審理的某些上訴案件或案件中的某些措辭而拒絕受理上訴嗎？

Yeha. Hi, Mike, this is Scott. Thanks for the question. Yes. So the only remaining item here is that appeal, the subros appeal of the earlier summary judgment, which dismissed their claims, their direct claims against the defendants. There's been no briefing scheduled yet on this appeal that was just filed in January.

耶哈。嗨，麥克，我是史考特。謝謝你的提問。是的。因此，這裡唯一剩下的事情就是上訴，即對先前駁回其訴訟請求（即針對被告的直接訴訟請求）的簡易判決提出的上訴。這份於一月提交的上訴文件，目前還沒有安排任何簡報會。

I do think that ultimately, of course, I don't want to get ahead of our Hawaii Supreme Court. But essentially, this is the last step. And all decisions by the Circuit Court and the State Supreme Court have been very supportive of the settlements. Again, I won't speculate we'll speak for the Supreme Court. But I'm -- maybe I'll stop my comments there.

當然，我最終還是不想搶在夏威夷州最高法院前面。但從本質上講，這是最後一步。巡迴法院和州最高法院的所有裁決都非常支持這些和解協議。我再次聲明，我不會妄加猜測我們能否代表最高法院發言。但我——或許我應該就此打住。

Okay. Thank you. And then on financing the second settlement payment, what are your latest thoughts on a preference between debt or convertible debt or a combination thereof? And do you think you'll wait until after the settlement is approved to do this financing? Or is it something we could see like with the first settlement capital raise where you did that already with equity?

好的。謝謝。那麼，關於第二筆和解款項的融資，您最近對債務融資、可轉換債券融資還是二者結合融資有何看法？你覺得你會等到和解協議獲得批准後再進行這筆融資嗎？或者，我們可以看到類似第一次和解資金籌集那樣的情況，當時你們已經用股權實現了這一點？

Hey, Mike, Scott DeGhetto. So no change in plans from what we've been saying over the past several quarters. It will be a relevering at HEI either through debt or convertible debt. Right now, based upon market conditions, I would say we're leaning more towards convertible debt and doing it all as convertible debt, but that certainly can change. as we go forward.

嘿，麥克，我是史考特‧德蓋托。所以，我們的計劃和過去幾季以來所說的沒有任何改變。HEI將透過舉債或可轉換債券進行槓桿重組。就目前市場情況而言，我認為我們更傾向於發行可轉換債券，並且全部以可轉換債券的形式進行，但這當然會隨著時間推移而改變。

And then in terms of the timing of that payment, we don't anticipate doing anything until after the settlements approved. As you know, that first payment was raised a while ago. It's being held in escrow. And then once the settlement is approved, we have 30 days to make that payment.

至於付款時間，我們預計在和解協議獲得批准之前不會採取任何行動。如您所知，第一筆款項是前段時間籌集的。款項目前由第三方託管。一旦和解協議獲得批准，我們有 30 天的時間支付款項。

And so then we would look -- once that payment is made, we'll continue to look at the markets and determine at the appropriate time when we would raise that money. I don't think it will be a year in advance like we did the last one. But you just never know. It depends on where the market is at that particular time.

因此，一旦完成付款，我們將繼續觀察市場，並在適當的時候決定何時籌集資金。我認為這次不會像上次那樣提前一年準備。但誰也說不準。這取決於當時的市場狀況。

Great. And then you talked about financing your capital program with the prior debt issuance and then also retained earnings, a good portion of it. With the remaining amount, do you expect to use your $250 million ATM program, how much of that -- and what could be the cadence of issuances of that if you were to use that?

偉大的。然後您談到用之前的債務發行以及留存收益（其中很大一部分）來為您的資本計劃融資。對於剩餘的資金，您預計會使用您的 2.5 億美元 ATM 計劃嗎？如果使用，會使用多少？如果使用，發行頻率會是怎樣的？

So in terms -- let me hit the ATM program first, and then I'll kick it to Paul Ito to talk a little bit a bit more about financing down at the utility and his thoughts on that. But in terms of the ATM, the ATMs out there, we have the ability to use it again, we'll be opportunistic in use of that. We may use it. We may not. It just again, depends on market conditions, but that's always an option for us.

所以，接下來——我先談談 ATM 程序，然後我會把話題交給 Paul Ito，讓他再談談公用事業部門的融資情況以及他對此的看法。但就自動櫃員機而言，我們有能力再次使用現有的自動櫃員機，我們會抓住機會加以利用。我們可能會用到它。我們可能不會。這再次取決於市場情況，但這始終是我們的一種選擇。

And then lastly from me, American Savings Bank, you talked about selling the remaining roughly 10% stake of that. Is that assumed in your financing plan? Or how should we think about the timing of that potential sale?

最後，關於美國儲蓄銀行，您提到要出售剩餘的約 10% 的股份。你們的融資計畫中是否考慮到了這一點？或者我們應該如何考慮這筆潛在交易的時機？

So we still intend to divest that remaining 9.9% in calendar year 2026. Again, just depends on market conditions, how the bank is doing, et cetera. So we continue to look at that regularly. And again, we do have plans to divest that this year.

因此，我們仍計劃在 2026 年出售剩餘的 9.9% 股份。這同樣取決於市場狀況、銀行的經營狀況等等。因此我們會持續定期關注此事。而且，我們今年確實有計劃剝離這項資產。

Great. Thanks for taking my questions.

偉大的。謝謝您回答我的問題。

James Ward, Jefferies.

James Ward，傑富瑞集團。

Hi, guys. Congratulations, Paul. And Scott wishing you all the best.

嗨，大家好。恭喜你，保羅。斯科特祝你一切順利。

Thank you.

謝謝。

In terms of the PBR rebasing, what should we think about in terms of what's actually in that upcoming March 6 joint proposal. You've spoken to it at a high level, but the two to three most material elements may be target revenue methodology, PIM redesign of a follow-up on that, et cetera? How should we be thinking about what's in there?

關於 PBR 重新基準化，我們應該考慮一下即將於 3 月 6 日提出的聯合提案中究竟包含哪些內容。您已經從宏觀層面談到了這個問題，但其中最重要的兩到三個要素可能是目標收入方法、PIM重新設計及其後續工作等等？我們該如何看待裡面的東西？

Yes, James, I think we've described the high-level elements of what we're trying to work through. including the inflationary adjustment factor, having a true-up mechanism as opposed to the current structure. Looking at the PIMS and making sure the PIMS are nice and tight in terms of our ability to actually influence outcomes as well as also the potential return from those PIMs if we show that we have truly performed well there. We've also mentioned in the past looking at expanding the scope of EPRM, the exceptional project recovery mechanism. So those are the key elements I'd say.

是的，詹姆斯，我認為我們已經描述了我們正在努力解決的問題的高層要素，包括通膨調整因素，以及建立一個與當前結構不同的調整機制。審視 PIMS，確保 PIMS 在我們實際影響結果的能力方面足夠完善，以及如果我們證明我們確實在這些方面表現出色，這些 PIMS 的潛在回報。我們過去也曾提到要考慮擴大 EPRM（特殊專案恢復機制）的範圍。所以，我認為這些都是關鍵要素。

Okay. Got you. I have a follow-up on the pen but just first, in terms of like rebasing outcome, for risk just described this as the final extension. And what are the specific triggers that we should think about in terms of what would cause you to pivot back to a traditional 2027 test year rate case a second half '26. Like how are you managing the risk of that Jan 2027 new rate states slipping?

好的。抓到你了。關於鋼筆，我還有一些後續工作，但首先，就重新調整結果而言，風險方面，我將其描述為最終擴展。那麼，我們應該考慮哪些具體觸發因素，才能促使您在 2026 年下半年重新採用傳統的 2027 年測試年利率方案呢？例如，您如何應對2027年1月新利率可能下滑的風險？

James, let me hand it over to Joe Viola at the utility. He's our Senior Vice President, overseeing our regulatory affairs.

詹姆斯，我把它交給公用事業公司的喬·維奧拉吧。他是我們公司的高級副總裁，負責監管事務。

The March 6 day is when we'll be submitting the rebasing proposal with one of the PBR stakeholders, Ulupono, as Scott had mentioned. The commission after that will just take a look. We figure in about 30 days. They'll make sure that everything as a formal matter administratively is in there that they expect and then give us an order to proceed with the rest of the process. We'll make -- the only thing that would cause us to pivot to a 2027 test year rate case is if that rate basing falls over denied.

正如 Scott 所提到的，我們將在 3 月 6 日當天向 PBR 的利害關係人之一 Ulupono 提交重新基準提案。之後的委員會只會進行一番調查。我們估計大約需要30天。他們會確保所有正式的行政手續都符合他們的要求，然後給我們下達指令，讓我們繼續進行後續流程。我們會制定—唯一會導致我們轉向 2027 年測試年費率案例的情況是，該費率基準被否決。

Got it. Okay. Thank you for that. That's very helpful. On the per design, we actually hosted a call recently, we posted a number of the past year, Hawaii-focused former regulators, other people attached to the political process and so on.

知道了。好的。謝謝。那很有幫助。關於設計方面，我們最近實際上舉辦了一次電話會議，我們發布了過去一年的一些信息，包括夏威夷的前監管機構、其他與政治進程相關的人員等等。

And they were as clear for me, which I'm sure you guys already would be aligned with and happy to hear, but reiterating 150 basis points to 200 basis points of incremental earnings power above your authorized ROE with the original intention for the PIMS and that's coming from on high.

對我來說，他們的說法也很明確，我相信你們也已經同意並樂於聽到，但重申一下，在你們授權的 ROE 之上，PIMS 的最初意圖是增加 150 到 200 個基點的盈利能力，這是來自高層的指示。

With that in mind, and given how the initial ones were often designed with things that were outside of your control, unfortunately. And also the imbalances in terms of asymmetry in terms of downside and upside. What -- on the PIM redesign, what does a more meaningful package look like to you guys in practice? Like what would the top 2 or 3 PIM changes be that you're pursuing? And how should we think about that symmetry in terms of upside versus downside? Thanks.

考慮到這一點，以及最初的那些設計往往包含一些你無法控制的因素，很遺憾。此外，在下行和上行方面也存在不對稱性的不平衡。關於 PIM 的重新設計，在你們看來，一個更有意義的軟體包在實踐中應該是什麼樣的？例如，您目前最想實現的 2 到 3 項 PIM 改進是什麼？那麼，我們該如何從上漲和下跌的角度來看待這種對稱性呢？謝謝。

This is Joe again. I think in terms of the ultimate reward opportunity, we think -- we believe that the commission should eventually support what they said in the past at 150 basis points to 200 basis points, and we'll support that. We think there's other support for that as well. In terms of what we want to see going forward, we've learned a lot, living under the first five years of PBR. So when we say more meaningful package, we want to make sure that the targets are reasonably set and the means to achieve them are reasonably within our control.

我是喬。我認為，就最終的回報機會而言，我們認為——我們相信，委員會最終應該支持他們過去所說的 150 個基點到 200 個基點，我們也會支持這一點。我們認為還有其他證據支持這一觀點。展望未來，我們從 PBR 成立的頭五年中學到了很多。所以，當我們說「更有意義的方案」時，我們希望確保目標設定合理，並且實現目標的手段在我們可控的範圍內。

That's the important part. We're going to look going forward, as Scott mentioned, we'll be discussing with the specific topics and specific priorities would be for those incentives. But it's -- to us, it's the design to make sure that we can achieve them. And that's our main goal.

那才是重點。正如史考特所提到的，我們將展望未來，討論具體的主題和具體的優先事項，以及這些激勵措施的具體內容。但對我們來說，設計是為了確保我們能夠實現這些目標。這就是我們的主要目標。

Yeah. The only other thing I'd add, James, is we're also interested to see if we can actually reduce the total number of PIMS because that has been a bit of a challenge over the last few years managing a long list of PIMS.

是的。James，我唯一要補充的是，我們也想看看是否能夠真正減少 PIMS 的總數，因為在過去幾年裡，管理一長串 PIMS 一直是個挑戰。

Got it. Thank you, both, very much. That's very helpful. Last question I have is the wildfire platform here, legislation passed. So you're now guiding the 8 months to 24 months for the liability cap process. wildfire fund thereafter.

知道了。非常感謝你們兩位。那很有幫助。我最後一個問題是關於這裡的野火平台，相關立法已經通過了。所以，你們現在正在指導為期 8 到 24 個月的責任上限流程，之後是野火基金。

We obviously saw the PUC report at the end of the year to the legislature. So bringing it back right to the 24 months back to 2026, what are the 2026 milestones we should be watching for liability cap, wildfire fund, securitization. It sounds like wildfire fund might not be on there. I'll leave it open, but I think that's what the other part people would like to on.

我們顯然在年底看到了公共事業委員會提交給立法機構的報告。那麼，讓我們回到 2026 年的 24 個月，我們應該關注哪些 2026 年的里程碑事件，例如責任上限、野火基金、證券化。聽起來野火基金可能不在名單上。我先不給確切答案，但我認為這正是其他部分的人想討論的內容。

Yeah, James. So as you noted, right, at the end of last year, the PUC filed their report on the fund, the potential for a fund. And in that, they indicated that it should actually be taken up after the PUC rule-making process for a limitation of liability happens, which the PUC has indicated that, that would be the 18 months to 24 month period beginning -- roughly the beginning of this year.

是的，詹姆斯。正如你所指出的，對吧，去年年底，公共事業委員會提交了關於該基金及其潛力的報告。他們表示，實際上應該在公共事業委員會 (PUC) 制定責任限制規則的程序完成後再進行討論，而 PUC 已經表示，這將是從今年年初開始的 18 到 24 個月的期限。

So as far as critical milestones, I mean a state agency rule-making process, 18 months to 24 months, it will involve a lot of information gathering, data gathering. And eventually, they would file a proposed set of rules for comments and review and then they would go back and take those into account and issue the final.

因此，就關鍵里程碑而言，我指的是州政府機構的規則制定過程，需要 18 到 24 個月，這將涉及大量的資訊收集和資料收集。最終，他們會提交一套擬議規則供公眾評論和審查，然後他們會考慮這些意見並發布最終規則。

Once the final rule making is proposed, there is a certain period of time for the governor to actually be able to weigh in with his own comments. And at that point, once that is resolved, then the rule becomes final. So those are the high-level steps in the rule-making process. As far as other critical milestones this year, it's really all on that PUC rule-making process. And I think I would also say there's nothing that would be teed up for example, in front of the legislature this year.

最終規則制定方案提出後，州長將有一定的時間發表自己的意見。到那時，一旦這個問題得到解決，該規則就最終生效。以上就是規則制定過程中的幾個主要步驟。至於今年的其他重要里程碑，實際上都取決於公共事業委員會的規則制定過程。而且我認為，今年在立法機構面前，應該不會有任何已經準備好的議題。

Got it. Okay. Thank you. I appreciate it, and see you next week at the conference.

知道了。好的。謝謝。非常感謝，下週會議上見。

Thank you.

謝謝。

That concludes our question-and-answer session. I will now turn the call back over to Scott Seu for closing remarks. .

我們的問答環節到此結束。現在我將把電話交還給Scott Seu，請他作總結發言。。

I just want to close by saying again to all of our investors and interested stakeholders. Thank you for your support. 2025, like I said, was a year where we felt we really -- we're able to make a lot of progress in terms of advancing our key initiatives. I also want to one more time, just thank Scott DeGhetto for his service as HEI's CFO, coming to us shortly after the Maui wildfires in 2023. And Paul Ito, I welcome you back to our team at HEI. So with that, thank you very much.

最後，我想再次對所有投資者和利害關係人說：感謝大家的支持。正如我所說，2025年是我們感覺能夠真正取得重大進展的一年，我們將在推動各項關鍵舉措方面取得顯著成效。我還要再次感謝 Scott DeGhetto 在 2023 年毛伊島山火之後不久加入我們，擔任 HEI 的財務長。保羅·伊藤，歡迎你回到HEI團隊。那麼，非常感謝。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。