Shares declined 3.8% following results that disappointed investors due to cautious outlook and margin pressures amid rising fuel costs and ongoing transitional challenges ahead of the 2027 rate reset.

• Reported progress on the Maui wildfire tort settlement with the first of four $479 million annual payments made, marking a significant but costly milestone.
• Addressed rising global oil prices by implementing customer support measures, including interest-free payment plans and targeted bill credits.
• Forecasts tempered by affordability pressures and ongoing investments driving expected margin compression ahead of a planned 5.3% base rate increase phased over 2027-2028.
• Submitted a joint rate rebasing proposal prioritizing customer affordability and innovation under performance-based regulation but signaled a challenging transitional year impacting returns.
• Regulatory approvals secured for the Waal Generating Station repowering project, positioning the utility for future resilience but with near-term expense and investment implications.