Slide 1: Q1 2026 Earnings
May 8, 2026 Q1 2026 Earnings
Slide 2: Forward-Looking Information, Non-GAAP Measures & Other
Forward-Looking Information, Non-GAAP Measures & Other F O R W A R D - L OOK I NG I N F O R M A T I ON materially from historical results or results anticipated by the FLI. Factors is qualified in its entirety by the above cautionary statements and, except This presentation contains “forward-looking
Slide 3: Today's Speaker
Today’s Speaker Scott Balfour President, CEO Emera Inc. Emera Q1 2026 Earnings Presentation 3
Slide 4: Strong Q1 Builds Momentum for 2026
Strong Q1 Builds Momentum for 2026 Strongest first quarter in Emera’s history, with adjusted EPS1 of $1.37 Focused execution delivered strong performance across the business Continued regulatory progress across our portfolio, with multi-year rates now in place at three largest utilities Confident in
Slide 5: Continued Regulatory Progress Across the Portfolio
Continued Regulatory Progress Across the Portfolio COMPLETED ONGOING Nova Scotia Power New Mexico Gas Sale • On March 25, 2026, the Nova Scotia Energy Board issued • Transaction announced in their decision on NSPI’s general rate application, with August 2024 new rates effective May 1, 2026. Key high
Slide 6: Disciplined Capital Plan and Regulatory Clarity Driving Rate Base Growth
Disciplined Capital Plan and Regulatory Clarity Driving Rate Base Growth Over $870 Million capital deployed in Q1 2026 capital plan of $4.0B on track, with all major projects progressing as planned $20 Billion capital plan through 2030 driving 7-8% rate base growth1 across our portfolio, and 8-9% ra
Slide 7: Today's Speaker
Today’s Speaker Jared Green CFO Emera Inc. Emera Q1 2026 Earnings Presentation 7
Slide 8: 7% Increase in Adjusted Earnings Per Share
7% Increase in Adjusted Earnings Per Share1 Q1 ADJUSTED NET INCOME1 Q1 2026 ADJUSTED EPS1 6% Increase in operating cash flow2 $379 $415 $1.28 $1.37 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 REPORTED NET INCOME Q1 2026 REPORTED EPS $775 $733 $583 $562 $1.96 $1.85 3 4 2025 2026 Q1 2025 Q1 2026 Q1 2025 Q1 202
Slide 9: Q1 Performance Reflects Strength Across the Portfolio
Q1 Performance Reflects Strength Across the Portfolio Q1 2026 ADJUSTED EPS1 $0.08 $0.03 $0.02 $0.03 $0.06 $0.08 $0.12 $0.13 $1.57 $1.58 1.55 $1.49 $1.49 $1.41 1.37 $1.37 $1.28 1.28 2,3 Q1 2025 Adjusted Emera Energy Florida Electric Gas Utilities and Infa Other Electric Corporate WA Share Dilution Fo
Slide 10: 2026 Debt Refinancing and Funding Needs Addressed
2026 Debt Refinancing and Funding Needs Addressed 2026 ISSUANCES UPCOMING MATERIAL MATURITIES TO DATE AND REDEMPTIONS Emera Holding Companies1 Emera Holding Companies1 • US$750M Hybrid notes split evenly • US$1.2B hybrid notes at 6.75% (redemption - between NC 5.25 and NC 10.25 at 6.65% and June) 6.
Slide 11: Upcoming Investor Events
Upcoming Investor Events AGA Financial Conference – Arizona • May 17-19, 2026 Emera Annual General Meeting • May 21, 2026 BofA Power, Gas and Solar Leaders Conference - NYC • May 27-28, 2026 RBC Global Energy, Power & Infrastructure Conference - NYC • June 2-3, 2026 TD Power & Utilities Conference -
Slide 12: Appendix
Appendix Emera Q1 2026 Earnings Presentation 12
Slide 13: Average Rate Base Forecast
Average Rate Base Forecast 2025A 2024–2030 In millions 2024A7 2025A Adjusted FX7 2026F 2027F 2028F 2029F 2030F CAGR US OPERATIONS Tampa Electric 1.2 $11,120 $12,110 $12,110 $13,150 $14,170 $15,260 $16,520 $17,850 8.2% Peoples Gas1 $2,380 $2,550 $2,550 $2,990 $3,240 $3,540 $3,820 $4,090 9.4% Seacoast
Slide 14: Capital Forecast
Capital Forecast In millions 2026F 2027F 2028F 2029F 2030F 2026–2030 Total US OPERATIONS Tampa Electric $1,800 $1,695 $1,980 $2,030 $2,120 $9,625 Peoples Gas $445 $415 $420 $440 $450 $2,170 Seacoast $50 $40 $20 $40 $50 $200 Subtotal: Florida Utilities (USD) $2,295 $2,150 $2,420 $2,510 $2,620 $11,995
Slide 15: Capital Project Details
Capital Project Details In millions of CAD RELIABILITY & GRID MODERNIZATION PROJECTS 2026 -2030 T&D Investments at Tampa Electric $4,670 Generation Investments at Tampa Electric 3,570 T&D Investments at Nova Scotia Power 1,540 Infrastructure Reliability at PGS 1,490 Distribution Expansion at PGS 1,2
Slide 16: New Mexico Gas Forecast
New Mexico Gas Forecast In millions of USD 2025A 2026F Capital Forecast $122 $65 Rate Base Forecast $960 $- Announced agreement for sale of NMGC on August 5, 2024. The sale is pending regulatory and other approvals and is now expected to close in mid-2026. The hearing concluded on November 14, 2025,
Slide 17: Foreign Exchange and Interest Rate Exposure
Foreign Exchange and Interest Rate Exposure Foreign Exchange Exposure In 2026 on a hedge adjusted basis each change $0.01 change in FX is approximate $0.02 to adjusted EPS1 As of March 31, 2026 Approximate % of USD Earnings Hedged Rate 2026 40% $1.37 2027 14% $1.38 2028 0% - Debt Detail As of March
Slide 18: Emera Energy Quarterly Adjusted Earnings Contribution
Emera Energy Quarterly Adjusted Earnings Contribution Millions $CAD Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Marketing & Trading $ 45 (24) (7) 16 69 (14) (8) 33 105 Maritimes Canada – (1) – (3) 1 - - - - Bear Swamp/Brooklyn Power 1 2 2 1 (2) (3) (1) (1) 2 Total Adjusted Net Income1 $ 46
Slide 19: Non-GAAP Reconciliation (Earnings)
Non-GAAP Reconciliation (Earnings) Three months ended For the March 31 millions of Canadian dollars (except per share amounts) 2026 2025 Florida Electric $ 180 164 Canadian Electric 86 121 Gas Utilities & Infrastructure 136 120 Other Electric Utilities 8 - Other, excluding corporate costs 107 68 Adj
Slide 20: emera.com
a6 Emera emera.com