Slide 1: Q1 2025 Earnings
May 8, 2025 Q1 2025 Earnings
Slide 2: Forward Looking Information, Non-GAAP Measures & Other
Forward Looking Information, Non-GAAP Measures & Other FORWARD-L OO K IN G IN FORM ATION price and availability cautionary statements and, except as required by law, Emera This presentation contains “forward-looking information” (“FLI”) undertakes no obligation to revise or update any FLI as a resul
Slide 3: Today's Speaker: Scott Balfour
Today’s Speaker Scott Balfour President, CEO Emera Inc. 2
Slide 4: Record Q1 Sets Strong Foundation for 2025
Record Q1 Sets Strong Foundation for 2025 Confident in 5-7% 2025-2027 Strongest first quarter in Emera’s history Average Adjusted EPS1 Growth $3.63 7% CAGR Continued progress on key regulatory processes 5% CAGR Mitigated supply chain and interest rate exposure Robust cash flow growth – 37% increase
Slide 5: Executing with Excellence: Capital Deployment on Track
Executing with Excellence: Capital Deployment on Track On pace to fully deploy 2025 capital spend with 22% of the year’s forecasted capital invested in Q1 De-risked supply chain for major capital projects. Secured solar panels for investment through 2026, with no related tariff risk through 2029 Foc
Slide 6: Continuing Regulatory Progress
Continuing Regulatory Progress Peoples Gas • General rate application filed March 31, 2025 • Requested revenue requirements of $104M USD in 2026 and $27M USD in 2027 • Requested 11.1% ROE midpoint (from current 10.15%) • Hearings scheduled for September 9-12, 2025 with final decision expected in Q4
Slide 7: Today's Speaker: Greg Blunden
Today’s Speaker Greg Blunden CFO Emera Inc. 6
Slide 8: 68% Increase in Q1 Adjusted Earnings Per Share
68% Increase in Q1 Adjusted Earnings Per Share1 Q1 2025 Adjusted Net Income2 Q1 2025 Adjusted EPS1 37% Increase in Q1 2025 Operating Cash Flow3 $800 $67 $379 $1.28 $631 $216 $0.76 $47 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2025 Reported Net Income Q1 2025 Reported EPS $733 $584 $583 $1.96 $0.73 2024 202
Slide 9: Strong Regulated Utility Results and Emera Energy Outperformance
Strong Regulated Utility Results and Emera Energy Outperformance Q1 2025 Adjusted EPS1 $0.04 $0.05 $0.05 $0.03 $0.07 $0.08 $0.12 $0.24 $1.27 $1.32 $1.31 $1.28 $1.28 $1.20 $1.00 $0.76 Q1 2024 Adjusted Florida Canadian Emera Foreign Gas Utilties Corporate2,3 WA Share Other Q1 2025 Adjusted 1 1 Earning
Slide 10: Well Positioned to Deliver Predictably
Well Positioned to Deliver Predictably 2024 Strategic Actions Meaningfully Reduced Interest Rate Exposure • 11% variable rate debt as of March 31, 2025 • No material maturities remaining in 2025 • Balance sheet flexibility to address 2026 hybrids 2025 2026 2027 $0.01 - $0.02 $0.03-$0.04 $0.05-$0.06
Slide 11: Upcoming Investor Events
Upcoming Investor Events AGA Financial Conference • May 19th-20th, 2025 Emera Annual General Meeting • May 22nd, 2025 BofA Power, Gas & Solar Leaders Conference • May 28th-29th, 2025 RBC Global Energy, Power & Infrastructure Conference • June 3rd-4th, 2025 TD Power & Utilities Conference • July 7th-
Slide 12: Appendix
Appendix av @emera 11
Slide 13: Capital Forecast
Capital Forecast In millions 2025F 2026F 2027F 2028F 2029F 2025–2029 Total US OPERATIONS Tampa Electric $1,670 1,750 1,850 2,040 2,180 9,490 Peoples Gas $360 430 510 560 500 2,360 Emera Caribbean $140 150 100 90 70 550 SUBTOTAL: US OPERATIONS (USD) $2,170 2,330 2,460 2,690 2,750 12,400 FX rate assum
Slide 14: Average Rate Base Forecast
Average Rate Base Forecast In millions 2024A 2023–2029 2023A 2024A 2025F 2026F 2027F 2028F 2029F Adjusted FX5 CAGR US OPERATIONS Tampa Electric 1.2 $10,200 $11,120 $11,120 $12,030 $13,070 $14,130 $15,260 $16,490 8.3% Peoples Gas1 $2,190 $2,380 $2,380 $2,720 $2,930 $3,180 $3,460 $3,950 10.3% 3.4 Seac
Slide 15: Capital Project Details
Capital Project Details In millions of CAD RELIABILITY & GRID MODERNIZATION PROJECTS Electric Grid Modernization at Tampa Electric $4,500 Distribution Expansion at PGS 1,780 Generation Expansion and Efficiency at Tampa Electric 1,740 T&D Investments at Nova Scotia Power 1,630 Storm Hardening at Tamp
Slide 16: New Mexico Gas Forecasts
New Mexico Gas Forecasts In millions of USD 2024A 2025F Capital Forecast $130 $85 Rate Base Forecast $835 $970 Announced agreement for sale of NMGC on August 5, 2024. The sale is pending regulatory and other approvals and is expected to close in late 2025. The hearing on the application is expected
Slide 17: Foreign Exchange and Interest Rate Exposure
Foreign Exchange and Interest Rate Exposure Foreign Exchange Exposure In 2025 on a hedge adjusted basis each change $0.01 change in FX is approximate $0.01 on adjusted EPS Approximate % of USD As of March 31, 2025 Earnings Hedged Rate 2025 65% $1.36 2026 27% $1.38 2027 13% $1.38 Debt Detail Notional
Slide 18: Emera Energy Quarterly Adjusted Earnings Contribution
Emera Energy Quarterly Adjusted Earnings Contribution Millions $CAD Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Marketing & Trading $ (24) (4) 19 45 (24) (7) 16 69 Maritimes Canada 3 – (1) – (1) – (3) 1 Bear Swamp 1 7 7 1 2 2 1 (2) TOTAL ADJUSTED N ET IN COM E 1 $ (20) 3 25 46 (23) (5) 14 68 Mil
Slide 19: Non-GAAP Reconciliation
Non-GAAP Reconciliation Three months ended March 31 2025 2024 Florida Electric $ 164 85 Canadian Electric 121 87 Gas Utilities & Infrastructure 120 98 Other Electric Utilities - 9 Other, excluding corporate costs 68 40 Adjusted net income before corporate costs $ 473 319 Corporate costs (94) (103) A