Hawaiian Electric Industries, Inc.

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 that time, simply press star, then the number one on your telephone keypad. I would now like to turn the call over to Mateo Garcia, Director of Investor Relations. Sir, please go ahead.

Welcome, everyone, to HEI's third quarter 2025 earnings call. Joining me today are Scott Siu, 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, 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. Now, Scott Siu will begin with his remarks.

Aloha kākou. Welcome, everyone. For today's call, I'll start with an update on our continued progress on initiatives to improve our company's financial strength and resilience. I'll also touch on the ongoing implementation of our wildfire safety strategy and update you on the tort litigation settlement. Scott Deghetto will walk through our financial results and then we'll open it up for questions. In the third quarter, we continue to take actions to ensure that we're best positioned to serve the communities in which we operate for the long term. We had a successful quarter progressing the initiatives we've talked about for much of the last two years. Implementing wildfire safety improvements, advancing the Maui Wildfire Tort Litigation toward final court approval, and laying the groundwork for a successful second multi-year rate period under our performance-based regulation or PBR framework. We also improved our liquidity and financial flexibility through evolving credit facilities, which Scott DeGhetto will discuss. In February, and as we had requested, The PUC issued an order establishing that Hawaiian Electric's target revenues should be rebased ahead of the second PBR multi-year rate period set to begin on January 1, 2027, and that a general rate case type proceeding is the most efficient means for doing so. In August, we requested PUC approval to pursue an alternative non-rate case process to rebase rates. The innovative process would involve collaboration with the existing PBR working group parties to develop a rebasing proposal for the PUC's review and approval, and it would avoid the time, cost, and resource burden typically required for a formal rate case proceeding. If successful, the process could result in rebased rates before the next multi-year rate period begins. We also made this proposal in recognition of the multiple resource intensive processes that the PUC and other interested parties are and will be undertaking related to the newly enacted Act 258. These include a wildfire recovery fund study due by the end of 2025, securitization financing, and a rulemaking process to determine utility liability limits for catastrophic wildfire claims. In late September, the PUC granted our request, directing us to collaborate with the PBR working group parties to develop a rebasing proposal by January 7, 2026. If this process does not result in an approved rebasing proposal, Hawaiian Electric will file a 2027 test year rate case sometime in the second half of 2026. In that scenario, the PUC will determine whether the start of the next multi-year rate period will be pushed out beyond January 2027. Turning to slide 4, we continue to see progress toward implementation of the Maui Wildfire Tort Litigation Settlement Agreement. The process to obtain final court approval is advancing, with the parties working through remaining administrative steps required for the settlement to take effect. These include final approval of the class settlement agreement and a formal dismissal of the subrogation insurer claims. We expect the court to hold a hearing on January 8, 2026 to consider final approval of the class settlement agreement. And last week we filed a summary judgment request to dismiss the subrogation insurer claims. In sum, the settlement is on track and progressing as expected. And we still anticipate that our first payment will be due no sooner than early 2026. Turning to slide 5, we continue strengthening our utility operational risk profile, which we believe has greatly improved since the 2023 Maui wildfires. In the third quarter, we advanced implementation of the enhanced wildfire safety measures outlined in our wildfire safety strategy. we fully deployed all weather stations and AI-assisted high-definition video cameras outlined in our strategy ahead of schedule. For the first time, the utility now has its own in-house meteorologist, part of the utility's newly created watch office that will help us better predict and prepare for potential dangers from severe weather events. These are just a few examples of the many advancements we've made to help ensure the safety of our communities. We'll continue to make these kinds of critical investments as laid out in our wildfire safety strategy, which is currently under review by the PUC. As we discussed last quarter, recently enacted legislation allows for securitization to finance these investments, ensuring these safety improvements can be implemented at a lower cost to customers. In summary, we continue making significant progress toward resolving the wildfire tort litigation improving our operational risk profile, and laying the foundation for a strong long-term outlook. I'll now turn the call over to Scott DeGetto.