Emera Incorporated · TSX:EMA
Emera — Merger or Acquisition (October 2026)
25 slides from Emera's merger presentation, Oct 6, 2026
Slide 1: Creating a Canadian Energy Champion: Emera & Canadian Utilities Merger of Equals
Creating a Canadian Energy Champion: Emera & Canadian Utilities Merger of Equals October 6, 2026 1
Slide 2: Forward-Looking Information
Forward-Looking Information This presentation contains “forward-looking information” and “forward jurisdictions in which the combined company will operate, including anticipated benefits of the Transaction, including as a result of integration, looking statements” (collectively “FLI”) within the mea
Slide 3: Forward-Looking Information Continued
Forward-Looking Information Continued In addition, the Transaction may not be completed, or may be delayed, if the conditions to closing (including the timely receipt of all necessary approvals) of the Transaction are not satisfied on the anticipated timelines or at all. Accordingly, there is a risk
Slide 4: Today’s Call Participants
Today’s Call Participants Scott Balfour Jared Green Bob Myles Katie Patrick President and Chief Financial Officer Chief Executive Officer Chief Financial Officer Chief Executive Officer 4
Slide 5: Uniting Two Premier North American Utilities
Uniting Two Premier North American Utilities ~80% 12 $32B ~6M of Adjusted Regulated Capital Plan2 Total Customers Earnings1 from Utilities Florida & Alberta Premier utilities Reinforces Emera’s Across a diverse set Derived from two of including Tampa rate base growth of regions in Canada, North Amer
Slide 6: Powering North America’s Energy Future
Powering North America’s Energy Future Creates a Canadian Strengthens credit profile energy champion and drives adjusted EPS1 positioned to meet the accretion in the first full significant need for year, while supporting investment in critical sustainable long-term energy infrastructure. earnings an
Slide 7: Creating a Utility and Energy Infrastructure Powerhouse
Creating a Utility and Energy Infrastructure Powerhouse Rate Base by Jurisdiction1 $45B Rate Base Combined rate base as of December 31, 20251 $0.1B $0.1B Northwest Territories (79% from Florida and Alberta) NAKA Power Utilities Yukon $14.9B Atlantic Canada 70% Electric / 30% Gas Yukon Electric Nova
Slide 8: Greater Scale Creating Value for All Shareholders
Greater Scale Creating Value for All Shareholders • Positions the combined Steady, Predictable Long-Term Growth company to play a leading role Performance in Canada's significant energy $32B capital plan3 driving 7% - 8% infrastructure buildout. Premium portfolio of regulated rate base growth throug
Slide 9: Transaction Overview
Transaction Overview Share Exchange Leadership • Canadian Utilities Class A shareholders, other than ATCO, will • Scott Balfour will serve as President and Chief Executive Officer, and Jared receive 0.755x of an Emera common share for each Canadian Utilities Green as Chief Financial Officer of the c
Slide 10: Creating a Top 20 North American Utility
Creating a Top 20 North American Utility Greater scale and improved access to capital unlocks additional growth Enterprise Value1 (C$B) Rate Base (C$B) Capital Expenditure Plan (C$B) ~$72 ~$45 ~$32 ~$45 ~$29 ~$20 ~$28 ~$17 ~$12 Emera CU Combined Emera CU Combined Emera CU Combined Combined Combined2
Slide 11: Stronger Diversified Portfolio
Stronger Diversified Portfolio Rate Base by Jurisdiction1 Combined - - 3% 11% 9% 7% 11% 16% 46% 73% 33% 91% 79% of combined rate base Florida Alberta2 Nova Scotia Australia Other3 located in Florida and Alberta Note: USD / CAD translated at 1.35, where applicable 1. Represents 2025A mid-year rate ba
Slide 12: Serving Two of North America’s Most Attractive Markets
Serving Two of North America’s Most Attractive Markets Florida Alberta #3 U.S. state in terms of population and #2 for 14% population growth over the past 5 years, population growth from 2020 to 2025 the fastest among Canada's large provinces #1 U.S. state in terms of net in-migration 2.6% forecaste
Slide 13: Florida’s Momentum Driving Investment
Florida’s Momentum Driving Investment ~8.5% Annual customer growth at Tampa Electric of Forecasted Rate Base Growth from Florida Utilities1 ~2% since 2020 $22.3 Annual customer growth at Peoples Gas of $20.7 $19.1 ~4% since 2020 $17.7 $16.4 $14.8 $13.7 Annual GDP growth in Florida of ~6.25%, ~1.25%
Slide 14: Alberta’s Growth Supporting Strong Returns
Alberta’s Growth Supporting Strong Returns ~7% Largest natural gas distribution utility serving Forecasted Rate Base Growth from Alberta Utilities1 1.3M customers with ~42,100 km of pipelines $21.4 71,000 km+ of T&D lines serving 250,000+ $20.5 $19.7 customers throughout the province $18.2 $16.3 $14
Slide 15: Constructive Regulatory Jurisdictions Supporting Predictable Earnings
Constructive Regulatory Jurisdictions Supporting Predictable Earnings Key Regulatory Features Key Regulatory Features Key Regulatory Features Key Regulatory Features • Forward test year • Formula-based regulatory • Forward test year • Forward test year • Storm reserve backdrop • Fuel pass through •
Slide 16: CU’s History of Strong Performance and Consistent Returns
CU’s History of Strong Performance and Consistent Returns Alberta – Historical Earned vs. Authorized ROE Electric Transmission Gas Pipelines Gas Distribution Electric Distribution Approved ROE 14.4% 14.5% 12.9% 11.8% 11.9% 11.4% 10.7% 11.0% 10.7% 9.6% 9.6% 9.9% 9.9% 9.0% 9.0% 8.3% 9.2% 8.5% 8.6% 8.5
Slide 17: Unlocking Future Growth
1 Unlocking Future Growth Incremental Capital Deployment Greater scale, increased capabilities, and investment optionality Greater scale, increased capabilities, and investment optionality $32B Capital Plan Through 2030E2, including grid reliability and modernization, renewable integration, and tech
Slide 18: Delivering Immediate Financial Benefit to All Shareholders
Delivering Immediate Financial Benefit to All Shareholders Accretive to EPS Growing Dividends Supporting Investment Grade & Cash Flow Ratings Expected to be EPS accretive As shareholders of the All-share structure supports in first full year following combined company, current continued deleveraging
Slide 19: Demonstrated Ability to Drive Value
Demonstrated Ability to Drive Value 10-Year Total Shareholder Return (%)1 142% 126% 10-Year CAGR: 9.3% 10-Year CAGR: 8.5% 10-Year Dividend per Both Emera and Canadian Utilities dividend growth exceeds the utility peer average of 4.0% Share Growth (2015-2025A) 5.8% 4.5% Dividend per Share: $1.66 → $2
Slide 20: Driving Sustainable Growth Through Scale and Execution
Driving Sustainable Growth Through Scale and Execution Earnings CAGR Net Utility Plant CAGR Tampa Electric1 10.3% 8.1% 5.5% 1.5X 4.4% 2.4X Pre-Transaction Post-Transaction Pre-Transaction Post-Transaction Peoples Gas1 14.4% 14.9% 10.7X 6.4% 2.3X 1.4% Pre-Transaction Post-Transaction Pre-Transaction
Slide 21: Shared Commitment to Customers, Employees, and Communities
Shared Commitment to Customers, Employees, and Communities Safely Serving Customers Creating Employee Opportunity Helping Communities Thrive • Continuing commitment to safe, • Bringing together talented teams and • Investing in and giving back to our reliable, and affordable service to our deep expe
Slide 22: Approvals & Anticipated Timing
Approvals & Anticipated Timing Close is expected in Q3-Q4 of 20271 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Announcement Shareholder Meetings File Regulatory Applications / Regulatory Approval Process Other Approval Processes Receive Required Approvals Close 1. Subject to receipt of all required appr
Slide 23: Stronger Together
Stronger Together Stronger Together Creates a Canadian champion positioned to meet the significant need for investment in critical energy infrastructure Broadens portfolio across leading regulatory & high-growth jurisdictions, resulting in a larger, more resilient utility and energy infrastructure p
Slide 24: Emera
‘@ Emera
Slide 25: Non-GAAP Measures & Other
Non-GAAP Measures & Other NON-GAAP FINANCIAL MEASURES AND RATIOS Management's Discussion and Analysis for the year ended December information of Emera and CU. It has not been fully adjusted to conform This presentation includes the terms adjusted earnings (also referred to 31, 2025 (the “Emera Annua