Emera Incorporated · TSX:EMA
Emera — Q2 2025 Earnings Presentation
19 slides from Emera's earnings presentation, Aug 8, 2025
Slide 1: Q2 2025 Earnings
August 8, 2025 Q2 2025 Earnings
Slide 2: Forward-Looking Information, Non-GAAP Measures & Other
Forward-Looking Information, Non-GAAP Measures & Other FORWARD-LOOKING INFORMATION 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 with respect to the chang
Slide 3: Today’s Speaker
Today’s Speaker Scott Balfour President, CEO Emera Inc Emera Q2 2025 Earnings Presentation 3
Slide 4: Emera’s Momentum Continues
Emera’s Momentum Continues Confident in 5-7% Average Adjusted EPS1 Growth through 2027 $3.63 7% CAGR 49% 32% Increase in Adjusted EPS1 Increase in Operating Cash 5% CAGR Quarter-over-quarter Flow2 150 bps $1.7B $3.43 $2.94 Improvement in cash flow-to- Capital invested in first half Debt metrics on a
Slide 5: Essential Investment is the Foundational Driver of Emera’s Growth
Essential Investment is the Foundational Driver of Emera’s Growth $20B 5-year capital plan through 2029 7-8% Forecasted rate base growth through 2029 55% of capital spend on transmission, distribution and gas infrastructure in support of reliability and customer growth Emera Q2 2025 Earnings Present
Slide 6: Achieved Regulatory Progress With Expected Peoples Gas Settlement
Achieved Regulatory Progress With Expected Peoples Gas Settlement COMPLETED ONGOING Peoples Gas New Mexico Gas Sale • Requested revised base revenue • Transaction announced in requirements of $86M USD in August 2024 2026 and $27M USD in 20271 • Regulatory hearing • Comprehensive agreement reschedule
Slide 7: Today’s Speaker
Today’s Speaker Greg Blunden CFO Emera Inc Emera Q2 2025 Earnings Presentation 7
Slide 8: 49% Increase in Q2 Adjusted Earnings Per Share
49% Increase in Q2 Adjusted Earnings Per Share1 Q2 2025 ADJUSTED EPS1 YTD Q2 2025 ADJUSTED EPS1 32% Increase in operating cash flow2 OPERATING CASH FLOW 2 $0.79 $2.07 $1,339 $0.53 $1.28 $1,244 $33 $231 Q2 2024 Q2 2025 YTD Q2 2024 YTD Q2 2025 Q2 2025 REPORTED EPS YTD Q2 2025 REPORTED EPS $1,306 $1,01
Slide 9: Organic Growth and Favourable Weather in Florida Bolster Q2 Results
Organic Growth and Favourable Weather in Florida Bolster Q2 Results Q2 2025 ADJUSTED EPS1 $0.02 $0.02 $0.01 $0.03 $0.08 $0.09 $0.25 $0.86 $0.88 $0.90 $0.88 $0.79 $0.79 $0.53 Q2 2024 Adjusted Florida Electric Corporate 2,3 Emera Energy Gas Utilities and Other Foreign exchange WA Share Canadian Electr
Slide 10: Strong Performance Across the Business in 1H 2025
Strong Performance Across the Business in 1H 2025 YTD Q2 2025 ADJUSTED EPS1 $0.06 $0.03 $0.02 $0.08 $0.08 $0.14 $0.09 $0.49 $2.07 $1.28 FY 2024 Adjusted Florida Corporate 2,3 Emera Energy Foreign Gas Utilities Canadian Electric Other Electric WA Share FY 2025 Adjusted Earnings Per Share 1 Electric E
Slide 11: Appendix
Appendix Emera Q2 2025 Earnings Presentation 11
Slide 12: 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 $
Slide 13: Average Rate Base Forecast
Average Rate Base Forecast 2024A 2023–2029 In millions 2023A 2024A Adjusted FX5 2025F 2026F 2027F 2028F 2029F 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% 1 Peoples Gas $2,190 $2,380 $2,380 $2,720 $2,930 $3,180 $3,460 $3,950 10.3% Seacoas
Slide 14: 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 15: New Mexico Gas Forecast
New Mexico Gas Forecast 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 early 2026. The hearing on the application is expected
Slide 16: 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 June 30, 2025 Approximate % of USD Earnings Hedged Rate 2025 64% $1.36 2026 27% $1.38 2027 13% $1.38 Debt Detail As of Jun
Slide 17: Emera Energy Quarterly Adjusted Earnings Contribution
Emera Energy Quarterly Adjusted Earnings Contribution Millions $CAD Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Marketing & Trading $ (4) 19 45 (24) (7) 16 69 (14) Maritimes Canada – (1) – (1) – (3) 1 - Bear Swamp 7 7 1 2 2 1 (2) (3) Total Adjusted Net Income1 $ 3 25 46 (23) (5) 14 68 (17) Milli
Slide 18: Non-GAAP Reconciliation (Earnings)
Non-GAAP Reconciliation (Earnings) Three months ended Six months ended For the June 30 June 30 2025 2024 2025 2024 Florida Electric $ 260 187 $ 424 272 Canadian Electric 17 42 138 129 Gas Utilities & Infrastructure 48 44 168 142 Other Electric Utilities 12 8 12 17 Other, excluding corporate costs (1
Slide 19: emera.com
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