Slide 1: Q4 2024 Earnings
February 21, 2025 Q4 2024 Earnings
Slide 2: Forward Looking Information, Non-GAAP Measures & Other
Forward Looking Information, Non-GAAP Measures & Other FORWARD-L OO K IN G INFORM ATION undertakes no obligation to revise or update any FLI as a result of This presentation contains “forward-looking information” (“FLI”) risk; liquidity and capital market risk; changes in credit ratings; new informa
Slide 3: Today's Speaker
Today’s Speaker Scott Balfour President, CEO Emera Inc. 2
Slide 4: Strong Financial and Operational Performance in 2024
Strong Financial and Operational Performance in 2024 Successfully Delivered on executed deleveraging Emera’s regulated utilities on strategic Completed Asset continue to be the initiatives Sale Program fundamental growth driver. Contributions from Achieved Constructive Deployed $3.2 regulated utilit
Slide 5: Florida's Population and Economic Growth Drives Investment Demand
Florida’s Population and Economic FLORIDA IS #1 STATE FOR TOTAL NET MIGRATION2 Growth Drives Investment Demand Florida 475.3k Texas 404.8k North Carolina 152.1k TAMPA ELECTRIC CUSTOMERS (000s) PEOPLES GAS CUSTOMERS (000s) California 121.5k Arizona 99.4k 508 855 779 406 FLORIDA’S 5-YEAR 1.9% 4.5% REA
Slide 6: Delivering on Growth, Delivering for Customers
Delivering on Growth, Delivering for Customers Delivering Value at Tampa Electric • Solar investments have saved customers $320M USD in avoided fuel costs1 Supporting Growth at Peoples Gas • Installed ~500 miles of mains & service lines in support of 4% customer growth Improving Reliability at Nova
Slide 7: Catalysts for Growth Continue
Catalysts for Growth Continue $20 Billion 5-year Capital Plan (CAD billions1) $4.6 $4.4 $4.0 $4.1 Emera’s capital program $3.4 Delivers exceptional value to customers Drives top-tier rate base growth3 Supports target adjusted EPS growth of 5%-7% through 2027 80% 2025F 2026F 2027F 2028F 2029F Capital
Slide 8: Today's Speaker
Today’s Speaker Greg Blunden CFO Emera Inc. 7
Slide 9: Quarterly Financial Highlights
Quarterly Financial Highlights Q4 2024 Adjusted EPS1 2024 Adjusted EPS1 7% Increase in 2024 Operating Cash Flow2 $2,336 $2,194 $2.96 $2.94 $435 $156 $0.84 $0.63 Q4 2023 Q4 2024 2023 2024 Q4 2024 Reported EPS 2024 Reported EPS $2,038 $1,901 $1.04 $3.57 $0.52 $1.71 2023 2024 3 2023 Fuel & Storm Cost D
Slide 10: Confident in Achieving Threshold Credit Metrics in 2025
Confident in Achieving Threshold Credit Metrics in 2025 2025 Cash Flow Catalysts • $750M USD sale of NMGC • $185M USD new base rates at TEC • Lower corporate costs and other business growth 100bps Improvement in 2024 Driven By: • $1.2B CAD Labrador Island Link transaction • $500M USD of hybrid notes
Slide 11: Regulated Utilities Drive Q4 2024 Adjusted EPS Growth
Regulated Utilities Drive Q4 2024 Adjusted EPS1 Growth Q4 2024 Adjusted EPS1 $0.02 $0.05 $0.04 $0.06 $0.04 $0.09 $0.09 $0.87 $0.91 $0.88 $0.84 $0.84 $0.72 $0.63 Q4 2023 Adjusted Gas Utilties Corporate 2,3 Florida & Canadian Foreign WA Share Emera Q4 2024 Adjusted Earnings Per Share1 & Infra. Other E
Slide 12: Record Performance at Gas Utilities Offset Asset Sale Impact
Record Performance at Gas Utilities Offset Asset Sale Impact FY 2024 Adjusted EPS1 $0.02 $0.17 $0.03 $0.04 $0.05 $0.18 $0.12 $0.05 $2.96 $2.94 FY 2023 Adjusted Gas Utilities Foreign Other Florida Corporate 2,3 WA Share Emera Canadian FY 2024 Adjusted Earnings Per Share 1 & Infra Exchange Electric El
Slide 13: Upcoming Investor Events
Upcoming Investor Events European NDR • March 17th-21st, 2025 2025 Scotiabank Utilities Conference • March 25th, 2025 BofA Southeast Utilities Conference • April 7th-9th, 2025 Q1 2025 Earnings Release & Call • May 8th, 2025 12
Slide 14: Appendix
Appendix an @emera 13
Slide 15: 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 16: 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 17: 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 18: Foreign Exchange and Interest Rate Exposure
Foreign Exchange and Interest Rate Exposure Foreign Exchange Exposure In 2025 on a hedge adjusted basis each change $0.05 change in FX is approximate $0.05 on adjusted EPS Approximate % of USD As of January 31, 2025 Earnings Hedged Rate 2025 62% $1.36 2026 27% $1.38 2027 13% $1.38 Debt Detail Notion
Slide 19: Emera Energy Quarterly Adjusted Earnings Contribution
Emera Energy Quarterly Adjusted Earnings Contribution Millions $CAD Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Marketing & Trading $ 55 (24) (4) 19 45 (24) (7) 16 Maritimes Canada (2) 3 – (1) – (1) - (3) Bear Swamp 3 1 7 7 1 2 2 1 TOTAL ADJUSTED NET INCOM E 1 $ 56 (20) 3 25 46 (23) (5) 14 Milli
Slide 20: Non-GAAP Reconciliation (Earnings)
Non-GAAP Reconciliation (Earnings) Three months ended December 31 Year ended December 31 2024 2023 2024 2023 Florida Electric $ 120 115 $ 644 627 Canadian Electric 77 68 232 247 Gas Utilities & Infrastructure 87 59 267 214 Other Electric Utilities 21 4 48 35 Other, excluding corporate costs 14 20 18
Slide 21: Non-GAAP Reconciliation (Adjusted EPS)
Non-GAAP Reconciliation (Adjusted EPS) Three months ended December 31 Year ended December 31 2024 2023 2024 2023 Weighted average shares of common stock outstanding 294.1 277.7 289.1 273.6 Adjusted EPS – basic $ 0.84 0.63 $ 2.94 2.96 Gain on sale of LIL, after-tax 0.07 - 0.45 - Financing structure w