Hawaiian Electric Industries, Inc.

Good afternoon. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the HEI second quarter 2025 earnings conference call. Today's conference is being recorded. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press the star key followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. At this time, I'd like to turn the conference over to Mateo Garcia, Director of Investor Relations. Please go ahead.

Thank you. Welcome, everyone, to HEI's second quarter 2025 earnings call. Joining me today are Scott Tiu, HEI President and CEO, Scott DeGhetto, HEI Executive Vice President and CFO, Shelly Kimura, Hawaiian Electric President and CEO, and other members of senior management. 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. Today's presentation also includes references to non-GAAP financial measures. 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. Now, Scott Seale will begin with his remarks.

Aloha kakou. Welcome, everyone. For today's call, I'll start with an update on our continued progress improving our company's financial strength and resilience. I'll also touch on the ongoing implementation of our wildfire safety strategy. Scott Figueroa will then walk through our financial results and then we'll open it up for questions. In the second quarter, we continue to take actions ensuring the long-term strength and resilience of HEI, while best positioning our company to serve the communities in which we operate for the long term. On our last earnings call, we discussed the Hawaii State Legislature's passage of three important pieces of legislation. As a reminder, the legislation appropriates funds for the state's contribution to the Maui Wildfire Tort Litigation Settlement, directs the Public Utilities Commission to establish an aggregate liability cap for economic damages from feature wildfires, and supports reliable, affordable clean energy procurement. In July, Governor Josh Green signed all three pieces of legislation into law. Under the liability cap legislation, which is now known as Act 258, the Public Utilities Commission will initiate a rulemaking proceeding to establish the maximum amount the utility may pay to resolve claims arising from future catastrophic wildfires. There is no set time period for the Commission to establish the cap, as Act 258 stipulates only that the cap should be determined as soon as practical. The Act also authorizes securitization to finance $500 million of wildfire safety improvements and other infrastructure resilience investments. This will ensure that these critical safety improvements can be implemented at a lower cost to customers. In addition, Act 258 directs the Commission to conduct a study to examine the establishment of a wildfire recovery fund. to provide efficient compensation for damage resulting from future wildfires caused or exacerbated by an electric utility and to help protect the financial integrity of Hawaii's regulated utilities. The Commission has already started the process of information gathering and collecting stakeholder input regarding the Wildfire Fund and will submit a report of its findings and recommendations to the Hawaii State Legislature 20 days prior to the start of the 2026 legislative session, which takes place in mid-January. Turning to the settlement, we continue to see progress toward implementation of the Maui wildfire tort litigation settlement agreement. The process to obtain final court approval of the class and individual plaintiff agreements continues to proceed as expected. The parties are working through the remaining administrative steps necessary for the settlement to take effect, and we still expect these steps to be completed in early 2026, which will then trigger our first payment obligation. Last quarter, we discussed our strategy to move forward with a simpler HEI business model. We've continued to make progress on this front since selling 90.1% of American Savings Bank at the end of last year, and selling Pacific Current's largest asset, the Hamakua Energy Plant, in the first quarter of this year. Just this week, we announced the sale of Pacific Current's solar and battery energy storage facilities on Kauai, Oahu, and Maui. The strategic review is ongoing for Pacific Current's remaining asset, a biomass plant on Kauai. We also expect to divest our remaining stake in American Savings Bank sometime over the next year. While we move forward with our strategy to focus solely on our utility business, the utility continues to remove risk from its system through implementation of the enhanced wildfire safety measures outlined in its wildfire safety strategy. In the second quarter, the utility advanced its four-pillar approach to wildfire safety as laid out on slide four, implementing technologies and practices that make our community safer. Over the next six to 12 months, The utility will expand the implementation of these measures from high wildfire risk areas to medium wildfire risk areas as well. These medium risk areas are also important to focus on, particularly given the backdrop of increasingly severe weather events seen elsewhere. With a wildfire safety strategy and legislative framework in place to better protect our communities from the risk of future wildfires, With the continued progress of the Maui wildfire tort litigation settlement, and with our simpler, more focused business, our company's path toward financial strength and resilience is clearer now than ever. We're pleased to see that all three of our credit rating agencies have recognized this in recent months, as we've received upgrades from Moody's, S&P, and Fitch. We know that it'll take time to get back to investment grade. However, we'll continue to manage the metrics and a profile consistent with investment grade ratings. In summary, our company's investment thesis is stronger today than it has been at any point since the Maui wildfires. We've made significant progress toward resolving the wildfire tort litigation, simplifying our corporate structure, and improving our risk profile, and we believe we're well positioned for a strong and resilient future. I'll now hand the call off to Scott Deghetto, who will take you through the quarter's financial results.