Emera Incorporated · TSX:EMA
Emera — Q3 2026 Earnings Presentation
28 slides from Emera's earnings presentation, Nov 6, 2026
Slide 1: Q3 2026 Earnings
November 6, 2026 Q3 2026 Earnings
Slide 2: Forward-Looking Information, Non-GAAP Measures & Other
Forward-Looking Information, Non-GAAP Measures & Other F O RWARD-LOOKING I NF ORMATION This presentation contains “forward-looking information” within the meaning of targeted adjusted earnings per share growth; the combined company’s credit securityholder and third-party approvals, and to satisfy th
Slide 3: Forward-Looking Information, Non-GAAP Measures & Other Continued
Forward-Looking Information, Non-GAAP Measures & Other Continued F O RWARD-LOOKING I NF ORMATION The FLI is subject to risks, uncertainties and other factors that could cause attention on the Transaction; and other factors discussed or referred to usefulness, and a reconciliation to their most direc
Slide 4: Today's Speaker: Scott Balfour
Today’s Speaker Scott Balfour President, CEO Emera Inc. Emera Q3 2026 Earnings Presentation 4
Slide 5: Strong Execution Underpins a Proven Record of Growth
Strong Execution Underpins a Proven Record of Growth Delivering on our commitments through A proven track record of delivering reliable earnings, cash flow and strong execution, operational excellence, dividend growth. and financial discipline: $2.96 $3.00 $2.88 $2.93 ✓ Deployed ~$2.8B of capital ye
Slide 6: Florida-Led Investments Support Durable Long-Term Growth
Florida-Led Investments Support Durable Long-Term Growth 2027-2031 CAPITAL PLAN1 (CAD BILLIONS) $21.5B 5-year capital plan through 20311, up $1.1B from previous plan $4.2 $4.4 $4.4 $4.3 $4.2 7.5-8.5% consolidated rate base growth CAGR2, up from 7-8% in the previous plan ~82% 2027 2028 2029 2030 2031
Slide 7: Visible Growth Backed by a Strong Regulated Asset Base
Visible Growth Backed by a Strong Regulated Asset Base FORECASTED RATE BASE ( CAD BILLIONS1) Emera’s Capital Program • Essential, customer-focused investments supporting predictable organic growth $44 $41 • 82% focused in Florida3 $39 $36 • 7.5-8.5%2 forecasted rate base $33 growth, led by Florida a
Slide 8: Regulatory Progress and Economic Growth Continues Across the Portfolio
Regulatory Progress and Economic Growth Continues Across the Portfolio ONGOING Tampa Electric Nova Scotia Power • Tampa Electric filed a large load tariff application Securitization with the FPSC on September 30, 2026. • On October 9, 2026, Nova Scotia Power filed an • Decision is awaiting FPSC appr
Slide 9: An Opportune Moment to Create a Champion
An Opportune Moment to Create a Champion Creates a Canadian energy champion positioned to meet the significant need for investment in critical energy infrastructure. North America’s energy needs are growing rapidly, requiring continued investment to meet increasing demand for electricity, transmissi
Slide 10: Florida and Alberta Provide Two Paths to Growth
Florida and Alberta Provide Two Paths to Growth ALBERTA FLORIDA 3% annual population growth since 2020 2% annual population growth since 2020 fastest among large Canadian provinces #1 net in-migration state in the U.S. GROWTH FUNDAMENTALS 4% forecast nominal GDP growth through 20291 4% forecast nomi
Slide 11: Greater Scale Strengthens Growth Platform
Greater Scale Strengthens Growth Platform The combination improves how the company operates, competes and funds growth. FUND GROWTH MORE EFFECTIVELY COMPETE MORE EFFECTIVELY OPERATE MORE EFFECTIVELY Diversification lowers risk Scale to compete for major projects Greater economies of scale A deeper b
Slide 12: Greater Scale Improves Credit Metrics
Greater Scale Improves Credit Metrics The combination is anticipated to add scale and diversification, strengthening the credit profile and increasing financial flexibility. Diversification positive for credit profile 1 “[The transaction] will give Emera a significant presence Reduces dependence on
Slide 13: Emera's Proven Track Record in Serving Customer Growth Through Integration
Emera’s Proven Track Record in Serving Customer Growth Through Integration Earnings CAGR Net Utility Plant CAGR 10.3% 8.1% 5.5% 1.5X 4.4% 2.4X 1 Pre-Transaction Post-Transaction Pre-Transaction Post-Transaction 14.4% 14.9% 10.7X 6.4% 2.3X 1 1.4% Pre-Transaction Post-Transaction Pre-Transaction Post-
Slide 14: Emera and Canadian Utilities Combination Regulatory Update
Emera and Canadian Utilities Combination Regulatory Update Close is expected in Q3 or Q4 2027, or earlier1 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Regulatory Filing Status Announcement • Alberta Utilities Commission - filed Oct. 27, 2026 October 6, 2026 • Comisión Nacional Antimonopolio of Mexico -
Slide 15: Today's Speaker: Jared Green
Today’s Speaker Jared Green CFO Emera Inc. Emera Q3 2026 Earnings Presentation 15
Slide 16: Quarterly Financial Results
Quarterly Financial Results Q3 2026 ADJUSTED EPS1 YTD 2026 ADJUSTED EPS1 7% Increase in operating cash flow2 $0.88 $0.85 $2.94 $2.90 $2,113 $1,972 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2026 REPORTED EPS YTD 2026 REPORTED EPS $0.76 $3.17 $2.78 $0.59 3 4 Q3 YTD 2025 Q3 YTD 2026 Q3 2025 Q3 2026 Q3 2025 Q3
Slide 17: Q3 2026 Adjusted EPS Waterfall
Q3 2026 Adjusted EPS1 Waterfall Q3 2026 ADJUSTED EPS1 $0.03 $0.01 $0.02 $0.04 $0.02 $0.07 $0.92 $0.95 $0.94 $0.92 $0.88 $0.88 $0.85 $0.85 Q3 2025 Adjusted Gas Utilities & Infra. Emera Energy & Foreign Florida Electric WA Share Dilution Corporate 5 Q3 2026 Adjusted Earnings Per Share1 Canadian Electr
Slide 18: YTD 2026 Adjusted EPS Waterfall
YTD 2026 Adjusted EPS1 Waterfall YTD 2026 ADJUSTED EPS1 $0.07 $0.04 $0.07 $0.14 $0.12 $0.16 $0.18 $3.24 $3.27 3.20 $3.10 3.08 $2.94 2.94 $2.90 $2.90 YTD 2025 Adjusted Emera Energy Gas Utilities & Infa Florida Electric Foreign Exchange WA Share Dilution Canadian Electric Corporate4 YTD 2026 Adjusted
Slide 19: Funding Plan Balances Investment Needs and Credit Objectives
Funding Plan Balances Investment Needs and Credit Objectives HYBRIDS Reinvested Cash Flows Equity 5-7% Growing cash from operations ~$600M per year on average EQUITY through DRIP and ATM 10-15% programs TARGET SOURCES OF FUNDING FOR $21.5B CAPITAL 45-50% REINVESTED CASH FLOW PLAN Net Debt Financing
Slide 20: Upcoming Investor Events
Upcoming Investor Events EEI Financial Conference – Arizonia • November 7 - 10, 2027 Wells Fargo Conference – New York • December 8 – 9, 2026 NDR with Scotiabank – Toronto • December 14, 2025 UBS Global Energy & Utilities Conference – Utah • January 12 - 13, 2027 CIBC Western Institutional Investor
Slide 21: Appendix
Appendix Emera Q3 2026 Earnings Presentation 21
Slide 22: Average Rate Base Forecast
Average Rate Base Forecast 2025A 2025-2031 2025A 2026F 2027F 2028F 2029F 2030F 2031F In millions FX Adjusted5 CAGR US OPERATIONS Tampa Electric1.2 $12,110 $12,110 $13,270 $14,650 $16,050 $17,450 $18,730 $20,020 8.7% 1 Peoples Gas $2,550 $2,550 $2,950 $3,240 $3,510 $3,810 $4,140 $4,500 9.9% SeaCoast3
Slide 23: Capital Forecast
Capital Forecast In millions 2027F 2028F 2029F 2030F 2031F 2027–2031 Total US OPERATIONS Tampa Electric $2,090 $2,090 $2,060 $2,100 $2,120 $10,460 Peoples Gas $400 $410 $470 $510 $500 $2,290 SeaCoast $50 $90 $40 $30 $30 $240 Subtotal: Florida Utilities (USD) $2,540 $2,590 $2,570 $2,640 $2,650 $12,99
Slide 24: Capital Project Details
Capital Project Details In millions of CAD RELIABILITY & RESILIENCY PROJECTS Function1 2027 -2031 T&D Investments at Tampa Electric T&D $4,560 Big Bend 4 Modernization Project G 3,050 T&D Investments at Nova Scotia Power T&D 1,870 Generation Reliability at Tampa Electric G 1,640 Infrastructure Relia
Slide 25: Foreign Exchange and Interest Rate Exposure
Foreign Exchange and Interest Rate Exposure Foreign Exchange Exposure On a hedge adjusted basis for September to December 2026, each $0.01 change in FX results in an approximate $1.0M impact to adjusted net earnings1 As of June 30, 2026 Approximate % of USD Earnings Hedged Rate 2026 52% $1.37 2027 5
Slide 26: Emera Energy Quarterly Adjusted Earnings Contribution
Emera Energy Quarterly Adjusted Earnings Contribution Millions $CAD Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Marketing & Trading $ (24) (7) 16 69 (14) (8) 33 105 (24) (3) Maritimes Canada (1) – (3) 1 - - - - - - Bear Swamp/Brooklyn Power 2 2 1 (2) (3) (1) (1) 2 9 1 Total Adjusted
Slide 27: Non-GAAP Reconciliation (Earnings)
Non-GAAP Reconciliation (Earnings) Three months ended Nine months ended For the September 30 September 30 millions of Canadian dollars (except per share amounts) 2026 2025 2026 2025 Florida Electric $ 304 $ 302 $ 745 $ 726 Canadian Electric 17 13 119 151 Gas Utilities & Infrastructure 46 32 237 200
Slide 28: emera.com
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