Slide 1: Q4 and Full Year 2025 Earnings
FEBRUARY 23, 2026 Q4 and Full Year 2025 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 include, without limitation: regulatory and political risk; change in law intentions and statements expressed in the FLI. All FLI in this MD&A is and statements which reflect the current view with
Slide 3: Today's Speaker: Scott Balfour
Today’s Speaker Scott Balfour President, CEO Emera Inc. Emera Q4 2025 Earnings Presentation 3
Slide 4: Record Financial and Operational Performance in 2025
Record Financial and Operational Performance in 2025 Emera’s regulated utilities continue to be the driver of 19% increase in adjusted 19% increase in operating growth EPS1 cash flow3 Contributions from regulated utilities grew 9% in 2025 ~72% of adjusted net income1,2 8% rate base growth4 $3.6B in
Slide 5: Delivering Growth Through Customer Focus
Delivering Growth Through Customer Focus Delivering Value for Customers at Tampa Electric • 150 MW of solar and 100 MW of battery storage investment • Solar investments have saved customers $380M in avoided fuel costs1 Supporting Customer Satisfaction While Driving Growth at Peoples Gas • Continued
Slide 6: Continuing Regulatory Progress Across the Portfolio
Continuing Regulatory Progress Across the Portfolio ONGOING Nova Scotia Power New Mexico Gas Sale • Nova Scotia Power filed a consensus GRA in • Transaction announced in August September 2025 for 2026-2027 reflecting 2024 settlement agreement reached with customer • Regulatory hearing concluded on g
Slide 7: Strengthening Long-Term Visibility Through Extended Growth Target
Strengthening Long-Term Visibility Through Extended Growth Target $4.41 Translate 7-8% rate base growth into 5-7% annual adjusted EPS1 growth through 20302 $4.17 Deliver sustainable annual dividend growth $3.94 of 1-2% $3.49 $2.94 Achieve payout ratio of adjusted net income1 2024A 2025A 2030F of ~80
Slide 8: Today's Speaker: Jared Green
Today’s Speaker Jared Green CFO Emera Inc. Emera Q4 2025 Earnings Presentation 8
Slide 9: 19% Increase in 2025 Adjusted Earnings Per Share
19% Increase in 2025 Adjusted Earnings Per Share1 Q4 ADJUSTED EPS1 2025 ADJUSTED EPS1 $0.84 $3.49 $0.55 $2.94 Q4 2024 Q4 2025 FY 2024 FY 2025 Q4 REPORTED EPS 2025 REPORTED EPS 83% $3.39 $0.52 $1.71 $0.23 Q4 2024 Q4 2025 FY 2024 FY 2025 1. Adjusted EPS is a non-GAAP ratio Emera Q4 2025 Earnings Prese
Slide 10: Organic Growth in Florida and Emera Energy Performance Bolster 2025 Results
Organic Growth in Florida and Emera Energy Performance Bolster 2025 Results 2025 ADJUSTED EPS1 $0.08 $0.01 $0.19 $0.64 $0.15 $0.13 $0.01 3.73 3.81 3.63 3.58 3.50 $3.49 $3.49 $2.94 $2.94 2 2024 Adjusted 1 Florida Electric Utilities Emera Energy Foreign Exchange Gas Utilities and Infa Canadian Electri
Slide 11: Underlying Strength in the Quarter
Underlying Strength in the Quarter Q4 ADJUSTED EPS1 $0.06 $0.16 $0.12 $0.04 $0.01 $0.01 $0.01 $0.84 $0.84 $0.74 $0.62 $0.58 $0.55 $0.55 2 4,5 Q4 2024 Adjusted Emera Energy Canadian Electric Corporate Gas Utilities & Infra. and Florida Electric Foreign WA Share Dilution Q4 2025 Adjusted 1 Earnings Pe
Slide 12: Strengthening Cash Flow, Payout Ratio
Strengthening Cash Flow, Payout Ratio 19% 15% Increase in operating cash flow1 Improvement in dividend payout ratio4 $2,559 $135 $2,194 98% $156 83% $2,424 $2,038 2024 2025 2024 2025 2 2024 Fuel & Storm Cost Deferrals (Net-over recovery) 3 2025 Fuel & Storm Cost Deferrals (Net-over recovery) 1. Oper
Slide 13: Upcoming Investor Events
Upcoming Investor Events Jefferies Power, Clean Energy, and Utes Conference -NYC • March 2-4, 2026 RBC U.S. Utilities Conference – Sydney • March 18-19, 2026 Scotiabank Utilities Conference – Toronto • March 24, 2026 Bank of America Southeast Utilities Conference - Georgia • March 29-31, 2026 Q1 202
Slide 14: Appendix
Appendix Emera Q4 2025 Earnings Presentation 14
Slide 15: Average Rate Base Forecast
Average Rate Base Forecast 2025A 2024–2030 In millions 2024A6 2025A Adjusted FX6 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 16: 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 17: 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 Reliability 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 18: 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 expected to close first half of 2026. The hearing concluded on November 14, 20
Slide 19: 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 on adjusted EPS As of December 31, 2025 Approximate % of USD Earnings Hedged Rate 2026 28% $1.38 2027 13% $1.38 2028 0% - Debt Detail As of Dece
Slide 20: 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 Marketing & Trading $ 45 (24) (7) 16 69 (14) (8) 33 Maritimes Canada – (1) – (3) 1 - - - Bear Swamp 1 2 2 1 (2) (3) (1) (1) Total Adjusted Net Income1 $ 46 (23) (5) 14 68 (17) (9) 32 M
Slide 21: Non-GAAP Reconciliation (Earnings)
Non-GAAP Reconciliation (Earnings) Three months ended Year ended For the December 31 December 31 millions of Canadian dollars (except per share amounts) 2025 2024 2025 2024 Florida Electric $ 119 120 $ 845 644 Canadian Electric 31 77 182 232 Gas Utilities & Infrastructure 76 87 276 267 Other Electri
Slide 22: emera.com
a6 Emera emera.com