HEI Declares Quarterly Dividend of $0.36 Per Share

On August 3, 2023, the Board of Directors of Hawaiian Electric Industries, Inc. (HEI) (NYSE: HE) declared a quarterly cash dividend of $0.36 per share, payable September 8, 2023, to shareholders of record at the close of business on August 18, 2023 (ex-dividend date of August 17, 2023). The dividend is equivalent to an annual rate of $1.44 per share.

Dividends have been paid on an uninterrupted basis since 1901. At the indicated annual dividend rate and based on the closing share price on August 3, 2023 of $37.72, HEI’s dividend yield is 3.8%.

HEI and Hawaiian Electric Company, Inc. (Hawaiian Electric) intend to continue to use HEI’s website, www.hei.com, as a means of disclosing additional information; such disclosures will be included in the Investor Relations section of the website. Accordingly, investors should routinely monitor the Investor Relations section of HEI’s website, in addition to following HEI’s, Hawaiian Electric’s and American Savings Bank’s press releases, HEI’s and Hawaiian Electric’s Securities and Exchange Commission (SEC) filings and HEI’s public conference calls and webcasts. Investors may sign up to receive e-mail alerts via the Investor Relations section of the website. The information on HEI’s website is not incorporated by reference into this document or into HEI’s and Hawaiian Electric’s SEC filings unless, and except to the extent, specifically incorporated by reference.

Investors may also wish to refer to the Public Utilities Commission of the State of Hawaii (PUC) website at dms.puc.hawaii.gov/dms to review documents filed with, and issued by, the PUC. No information on the PUC website is incorporated by reference into this document or into HEI’s and Hawaiian Electric’s SEC filings.

About HEI

The HEI family of companies provides the energy and financial services that empower much of the economic and community activity of Hawaii. HEI’s electric utility, Hawaiian Electric, supplies power to approximately 95% of Hawaii’s population and is undertaking an ambitious effort to decarbonize its operations and the broader state economy. Its banking subsidiary, American Savings Bank, is one of Hawaii’s largest financial institutions, providing a wide array of banking and other financial services and working to advance economic growth, affordability and financial fitness. HEI also helps advance Hawaii’s sustainability goals through investments by its non-regulated subsidiary, Pacific Current. For more information, visit www.hei.com.

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Mateo Garcia Director, Investor Relations Telephone: [phone] E-mail: [e-mail]