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HEI Catalyst for a better Hawai'i August 9 , 2021 Contact : NEWS RELEASE Julie R. Smolinski Vice President , Investor Relations & Corporate Sustainability HEI Exhibit 99 Telephone : ( 808 ) 543-7300 E - mail : ir@hei.com HEI REPORTS SECOND QUARTER 2021 RESULTS 2Q21 Net Income of $ 63.9 Million and Diluted Earnings Per Share ( EPS ) ¹ of $ 0.58 Utility Focused on Cost Efficiencies to Benefit Customers and Progressing Hawaii's Climate Goals Bank Results Reflect Improved Economy and Credit Quality , Stable Net Interest Margin HONOLULU - Hawaiian Electric Industries , Inc. ( NYSE - HE ) ( HEI ) today reported consolidated net income for common stock for the second quarter of 2021 of $ 63.9 million and EPS of $ 0.58 compared to $ 48.9 million and EPS of $ 0.45 for the second quarter of 2020 . “ HEI delivered strong consolidated financial results in the second quarter as Hawaii's economy strengthened and as we advanced key priorities across our enterprise , " said Constance H. Lau , HEI president and CEO . " At our utility the new performance - based regulation ( PBR ) framework is now fully in effect as of June 1 , and we've begun delivering savings from our cost management program to our customers . We remain focused on cost efficiencies as we make needed investments to continue to provide safe , reliable electricity and reach Hawaii's climate goals . " Our bank's strong second quarter results reflect the reopened local economy and increased tourism , solid execution and our bank's continuing efforts to work closely with its customers through the pandemic . The bank's results benefited from a release of reserves for credit losses , driven by the improved economy and credit quality , while the bank continues to transform its operating model to provide excellent customer service in an increasingly digital world , " said Lau . 1 Unless otherwise indicated , throughout this release earnings per share ( EPS ) refers to diluted earnings per share . 1