Page 1

HEI Catalyst for a better Hawai'i November 5 , 2021 Contact : Julie R. Smolinski NEWS RELEASE Vice President , Investor Relations & Corporate Sustainability HEI Exhibit 99 Telephone : ( 808 ) 543-7300 E - mail : ir@hei.com HEI REPORTS THIRD QUARTER 2021 RESULTS 3Q21 Net Income of $ 63.4 Million and Diluted Earnings Per Share ( EPS ) 1 of $ 0.58 Utility Delivering Cost Efficiency Savings to Customers While Advancing Climate Goals Bank Results Reflect Solid Profitability and Strong Liquidity and Capital Position HONOLULU - Hawaiian Electric Industries , Inc. ( NYSE - HE ) ( HEI ) today reported consolidated net income for common stock of $ 63.4 million for the third quarter of 2021 and EPS of $ 0.58 compared to $ 65.0 million and EPS of $ 0.59 for the third quarter of 2020 . " We're pleased with our consolidated third quarter results , with the utility achieving its efficiency targets and delivering good performance in line with expectations , and solid profitability at the bank , " said Constance H. Lau , HEI president and CEO . " Following a sharp decline in new COVID - 19 case counts , the governor's recent announcement encouraging visitors to return is a positive sign for our local economy . Working together , our state , our companies and our communities can continue to strengthen our economy and continue to show Hawaii's leadership in confronting climate change . " Our utility's carbon reduction efforts go hand - in - hand with its work to provide affordable , equitable , reliable and resilient power for customers . We're on track to deliver on our management audit savings commitment for this year , providing $ 3 million to customers in the third quarter and an additional $ 3 million by year end . Cost efficiency remains a key focus . We're pleased with the collaboration with our policymakers , regulators and community to help move renewable energy and storage projects forward . We're also confident that we can continue to provide reliable power when we eliminate coal in Hawaii next year . " Our bank's third quarter results reflect continued solid performance and good credit quality , the latter of which drove an additional release of reserves . We continue to build our 1 Unless otherwise indicated , throughout this release earnings per share ( EPS ) refers to diluted earnings per share . 1