Emera Incorporated · TSX:EMA
Emera — Q3 2025 Earnings Presentation
22 slides from Emera's earnings presentation, Nov 7, 2025
Slide 1: Q3 2025 Earnings
November 7, 2025 Q3 2025 Earnings
Slide 2: Forward-Looking Information, Non-GAAP Measures & Other
Forward-Looking Information, Non-GAAP Measures & Other FO R W A R D - L O O K I N G I N F O R M A T I O N commodity price and availability risk; liquidity and capital markets risk; as required by law, Emera undertakes no obligation to revise or update and statements which reflect the current view wi
Slide 3: Today's Speaker: Scott Balfour
Today’s Speaker Scott Balfour President, CEO Emera Inc Emera Q3 2025 Earnings Presentation 3
Slide 4: 19 Years of Consecutive Dividend Growth
19 Years of Consecutive Dividend Growth Q3 results reflect continued Confident in our portfolio of premium assets to deliver reliable momentum: earnings, cash flow and dividend growth. • 40% increase in YTD adjusted EPS $2.88 $2.93 $2.79 • 5th consecutive quarter of strong $2.48 $2.58 $2.68 $2.38 ad
Slide 5: Demand for Essential Investment Driving 7%-8% Rate Base Growth Through 2030
Demand for Essential Investment Driving 7%-8% Rate Base Growth Through 2030 2026-2030 CAPITAL PLAN1 (CAD BILLIONS) $20B $4.1 $4.2 $4.3 5-year capital plan through 2030 $3.8 $3.7 8%-9% Forecasted rate base growth from our Florida Utilities ~55% of capital spend on electric transmission, distribution
Slide 6: Florida's Robust Population and Economic Growth Drives Investment Demand
Florida’s Robust Population and Economic Growth Drives Investment Demand FLORIDA’S 5-YEAR REAL GDP GROWTH2 8%-9% ~38% Forecasted Rate Base Growth from our Florida Utilities1 #1 State FORECASTED RATE BASE FROM FLORIDA UTILITIES ($USD BILLIONS) FOR NET MIGRATION in 20243 $19.1 $20.7 $22.3 #2 State $17
Slide 7: Regulatory Progress Continues Across the Portfolio
Regulatory Progress Continues Across the Portfolio COMPLETED ONGOING People Gas Nova Scotia Power New Mexico Gas Sale • Settlement agreement approved • Nova Scotia Power filed a consensus • Transaction announced in August October 2025 reflecting: GRA in September 2025 for 2026-2027 2024 • Revenue in
Slide 8: Today's Speaker: Greg Blunden
Today’s Speaker Greg Blunden CFO Emera Inc Emera Q3 2025 Earnings Presentation 8
Slide 9: 40% Increase in Q3 YTD Adjusted Earnings Per Share
40% Increase in Q3 YTD Adjusted Earnings Per Share1 Q3 2025 ADJUSTED EPS1 YTD Q3 2025 ADJUSTED EPS1 23% Increase in operating cash flow2 OPERATING CASH FLOW $0.88 $2.94 $1,972 $0.81 $2.10 $70 $1,732 $184 Q3 2024 Q3 2025 YTD Q3 2024 YTD Q3 2025 Q3 2025 REPORTED EPS YTD Q3 2025 REPORTED EPS $1,902 $1,
Slide 10: Organic Growth in Florida Bolster Q3 Results
Organic Growth in Florida Bolster Q3 Results Q3 2025 ADJUSTED EPS1 $0.02 $0.01 $0.04 $0.16 $0.03 $0.03 $0.02 $0.88 $0.81 Q3 2024 Adjusted Florida Other Electric Foreign Canadian Electric Corporate and Emera WA Share Dilution Gas Utilities & Infra. Q3 2025 Adjusted Earnings Per Share1 Electric Exchan
Slide 11: Strong Performance Across the Business through Q3 2025
Strong Performance Across the Business through Q3 2025 YTD Q3 2025 ADJUSTED EPS1 $0.08 $0.03 $0.11 $0.01 $0.09 $0.11 $0.65 2.95 $3.03 $2.95 $2.94 $2.94 2.75 2.86 $2.10 $2.10 YTD Q3 2024 Adjusted Florida Electric Utilities Corporate2,3 Foreign Exchange Emera Energy Gas Utilities & Infra. WA Share Dil
Slide 12: Funding Plan Reflects Optimized Capital Allocation
Funding Plan Reflects Optimized Capital Allocation TARGET SOURCES OF FUNDING Reinvested Cash Flows Equity FOR $20B CAPITAL PLAN Growing cash from operations ~$400M per year on average through DRIP and ATM programs Asset Sales / Securitization ~10% Equity ~10% Hybrids ~ 5% Net Debt Financing Debt iss
Slide 13: Upcoming Investor Events
Upcoming Investor Events EEI Financial Conference • November 9th – 12th, 2025 Wells Fargo Conference • December 9th – 10th , 2026 UBS Winter Global Energy & Utilities Conference • January 12th – 14th, 2026 29th Annual CIBC Western Institutional Investor Conference • January 21st – 23rd, 2026 BMO Ann
Slide 14: Appendix
Appendix Emera Q3 2025 Earnings Presentation 14
Slide 15: Capital Forecast
Capital Forecast 2026–2030 In millions 2025F 2026F 2027F 2028F 2029F 2030F Total US OPERATIONS Tampa Electric $1,710 $1,625 $1,695 $1,980 $2,030 $2,120 $9,450 Peoples Gas $330 $445 $415 $420 $440 $450 $2,170 Seacoast $10 $50 $40 $20 $40 $50 $200 Subtotal: Florida Utilities (USD) $2,050 $2,120 $2,150
Slide 16: Average Rate Base Forecast
Average Rate Base Forecast 2024–2030 In millions 2024A6 2025F 2026F 2027F 2028F 2029F 2030F CAGR US OPERATIONS Tampa Electric 1.2 $11,120 $12,150 $13,150 $14,170 $15,260 $16,520 $17,850 8.2% Peoples Gas1 $2,380 $2,690 $2,990 $3,240 $3,540 $3,820 $4,090 9.4% Seacoast3.4 $180 $180 $210 $260 $290 $330
Slide 17: Capital Project Details
Capital Project Details In millions of CAD RELIABILITY & GRID MODERNIZATION PROJECTS 2026 -2030 T&D Investments at Tampa Electric $4,530 Generation Reliability at Tampa Electric 3,470 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 2024A 2025F 2026F Capital Forecast $130 $130 $65 Rate Base Forecast $835 $950 $- Announced agreement for sale of NMGC on August 5, 2024. The sale is pending regulatory and other approvals and is expected to close in early 2026. The hearing on the applicatio
Slide 19: Foreign Exchange and Interest Rate Exposure
Foreign Exchange and Interest Rate Exposure Foreign Exchange Exposure In 2025 on a hedge adjusted basis each change $0.02 change in FX is approximate $0.01 on adjusted EPS As of September 30, 2025 Approximate % of USD Earnings Hedged Rate 2025 74% $1.36 2026 28% $1.38 2027 13% $1.38 Debt Detail As o
Slide 20: Emera Energy Quarterly Adjusted Earnings Contribution
Emera Energy Quarterly Adjusted Earnings Contribution Millions $CAD Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Marketing & Trading $ 19 45 (24) (7) 16 69 (14) (8) Maritimes Canada (1) – (1) – (3) 1 - - Bear Swamp 7 1 2 2 1 (2) (3) (1) Total Adjusted Net Income1 $ 25 46 (23) (5) 14 68 (17) (9) M
Slide 21: Non-GAAP Reconciliation (Earnings)
Non-GAAP Reconciliation (Earnings) Three months ended Nine months ended For the September 30 September 30 2025 2024 2025 2024 Florida Electric $ 302 252 $ 726 524 Canadian Electric 13 26 151 155 Gas Utilities & Infrastructure 32 38 200 180 Other Electric Utilities 16 10 28 27 Other, excluding corpor
Slide 22: emera.com
a6 Emera emera.com