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Q2 2025 Earnings August 8, 2025
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Emera Q2 2025 Earnings Presentation 2 Forward-Looking Information, Non-GAAP Measures & Other FORWARD -LOOKING INFORMATION and statements which reflect the current view with respect to the Company’s expectations regarding future growth, results of operations, performance, the expected timing and outcome of the pending sale of NMGC, the scope of the Cybersecurity Incident and its expected impact on the Company’s financial position and results of operations, IT systems restoration, insurance recoveries, and business continuity processes as well as other matters relating to the Cybersecurity Incident, including business prospects and opportunities, and may not be appropriate for other purposes within the meaning of applicable Canadian securities laws. All such information and statements are made pursuant to safe harbour provisions contained in applicable securities legislation. The words “anticipates”, “believes”, “budget”, “could”, “estimates”, “expects”, “forecast”, “intends”, “may”, “might”, “plans”, “projects”, “schedule”, “should”, “targets”, “will”, “would” and similar expressions are often intended to identify FLI, although not all FLI contains these identifying words. The FLI reflects management’s current beliefs and is based on information currently available to Emera’s management and should not be read as guarantees of future events, performance or results, and will not necessarily be accurate indications of whether, or the time at which, such events, performance or results will be achieved. FLI is based on reasonable assumptions and is subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or results anticipated by the FLI. Factors that could cause results or events to differ from current expectations include, without limitation: regulatory and political risk; change in law risk; operating and maintenance risks; changes in economic conditions; commodity price and availability risk; liquidity and capital markets risk; changes in credit ratings; future dividend growth, rate base growth, and adjusted earnings per common share (“EPS”) growth; timing and costs associated with certain capital investments; expected impacts on Emera of challenges in the global economy; potential impacts of trade disputes and impositions of tariffs; estimated energy consumption rates; maintenance of adequate insurance coverage and receipt of proceeds; changes in customer energy usage patterns; developments in technology that could reduce demand for electricity; climate change risk; weather risk, including higher frequency and severity of weather events; risk of wildfires; unanticipated maintenance and other expenditures; system operating and maintenance risk; derivative financial instruments and hedging; interest rate risk; inflation risk; counterparty risk; disruption of fuel supply; country risks; supply chain risk; environmental risks; foreign exchange (“FX”); regulatory and government decisions, including changes to environmental legislation, financial reporting and tax legislation; risks associated with pension plan performance and funding requirements; loss of service area; risks and costs associated with failure of information technology (“IT”) infrastructure and cybersecurity incidents including IT systems restoration and business continuity processes; uncertainties associated with infectious diseases, pandemics and similar public health threats; market energy sales prices; labour relations; and availability of labour and management resources. Readers are cautioned not to place undue reliance on FLI, as actual results could differ materially from the plans, expectations, estimates or intentions and statements expressed in the FLI. All FLI in this MD&A is qualified in its entirety by the above cautionary statements and, except as required by law, Emera undertakes no obligation to revise or update any FLI as a result of new information, future events or otherwise. NON- GAAP FINANCIAL MEASURES AND RATIOS Emera uses financial measures and ratios that do not have standardized meaning under USGAAP and may not be comparable to similar measures presented by other entities. Emera calculates the non-GAAP measures and ratios by adjusting certain GAAP measures for specific items. Management believes excluding these items better distinguishes the ongoing operations of the business and allows investors to better understand and evaluate the business. Refer to the “Non-GAAP Financial Measures and Ratios” section of Emera’s Q2 2025 MD&A which is incorporated herein by reference and can be found on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov.. Reconciliation to the nearest GAAP measure is included in the appendix. OTHER Rate base is a financial measure specific to rate-regulated utilities that is not intended to represent any financial measure as defined by GAAP. The measure is required by the regulatory authorities in the jurisdictions where Emera’s rate-regulated subsidiaries or equity investments operate, a summary of which can be found in our presentation. The calculation of this measure as presented may not be comparable to similarly titled measures used by other companies.
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Emera Q2 2025 Earnings Presentation 3 Today’s Speaker Scott Balfour President, CEO Emera Inc
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Emera Q2 2025 Earnings Presentation 4 Emera’s Momentum Continues 49% Increase in Adjusted EPS1 Quarter-over-quarter 150 bps Improvement in cash flow-to- Debt metrics on a TTM basis 32% Increase in Operating Cash Flow2 $1.7B Capital invested in first half of 2025 Confident in 5-7% Average Adjusted EPS1 Growth through 2027 5% CAGR 7% CAGR $2.94 $3.43 $3.63 2024A 2027F 1 Adjusted EPS is a non-GAAP ratio 2 Operating cash flow before changes in working capital, excluding fuel and storm cost deferrals
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Emera Q2 2025 Earnings Presentation 5 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
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Emera Q2 2025 Earnings Presentation 6 Achieved Regulatory Progress With Expected Peoples Gas Settlement Peoples Gas • Requested revised base revenue requirements of $86M USD in 2026 and $27M USD in 20271 • Comprehensive agreement reached on August 6, 2025. Settlement expected to be filed later in August. • Final order expected in Q4 2025 • New rates expected January 1, 2026 New Mexico Gas Sale • Transaction announced in August 2024 • Regulatory hearing rescheduled to begin November 3, 2025 • Expected closing date in early 2026 ONGOING COMPLETED 1 Excludes CIBS revenues of ~$7M USD in 2026.
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Emera Q2 2025 Earnings Presentation 7 Today’s Speaker Greg Blunden CFO Emera Inc
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Emera Q2 2025 Earnings Presentation 8 $1,013 $1,306 $231 $33 $1,244 $1,339 2024 2025 49% Increase in Q2 Adjusted Earnings Per Share1 32% Increase in operating cash flow2 $0.53 $0.79 Q2 2024 Q2 2025 $1.28 $2.07 YTD Q2 2024 YTD Q2 2025 $0.45 $0.45 Q2 2024 Q2 2025 Q2 2025 REPORTED EPS $1.17 $2.41 YTD Q2 2024 YTD Q2 2025 Q2 2025 ADJUSTED EPS1 YTD Q2 2025 ADJUSTED EPS1 YTD Q2 2025 REPORTED EPS OPERATING CASH FLOW 2 1 Adjusted EPS is a non-GAAP ratio 2 Operating cash flow before changes in working capital, excluding fuel and storm cost deferrals 3 Includes net fuel and storm cost over-recoveries of $144M at Tampa Electric and net fuel cost over-recoveries of $87M at Nova Scotia Power 4 Includes net fuel and storm cost over-recoveries of $48M at Tampa Electric and net fuel cost under-recoveries of $81M at Nova Scotia Power 3 4
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Emera Q2 2025 Earnings Presentation 9 Impact of Weather: TEC $0.05 Organic Growth and Favourable Weather in Florida Bolster Q2 Results Note: Segment impacts exclude the impact of changes in foreign exchange rates 1. Adjusted EPS is a non-GAAP ratio; 2. The impact of the timing difference in the valuation of long-term incentive expense and related hedges was nil in Q2 2025 as compared to ($0.02) in Q2 2024 driving an $0.02 increase in contributions from Corporate compared to Q2 2024 3. There was no change in the impact of foreign exchange hedges from Q2 2024 to Q2 2025. ($0.01) impact in both periods 4. Based on $11M of contributions from the Labrador Island Link in Q2 2024 Impact of Weather / Sold Assets: NSPI $0.00 LIL4 ($0.04) Impact of LTIP Hedge: LTIP $0.02 Q2 2025 ADJUSTED EPS1 $0.53 $0.86 $0.88 $0.90 $0.88 $0.79 $0.79 $0.25 $0.08 $0.02 $0.02 $0.01 $0.03 $0.09 Q2 2024 Adjusted Earnings Per Share Florida Electric Corporate Emera Energy Gas Utilities and Other Electric Foreign exchange WA Share Dilution Canadian Electric Q2 2025 Adjusted Earnings Per Share 2,3 11
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Emera Q2 2025 Earnings Presentation 10 Impact of Weather: TEC $0.07 Strong Performance Across the Business in 1H 2025 Note: Segment impacts exclude the impact of changes in foreign exchange rates 1. Adjusted EPS is a non-GAAP ratio; 2. The impact of the timing difference in the valuation of long-term incentive expense and related hedges was $0.02 YTD Q2 2025 as compared to ($0.07) YTD Q2 2024 driving an $0.09 increase in contributions from Corporate compared to YTD Q2 2024 3. The impact of foreign exchange hedges was ($0.02) in Q2 2025 as compared to ($0.01) in YTD Q2 2024 driving a $0.01 decrease in contributions from Corporate compared to Q2 2024 4. Based on $28M of contributions from the Labrador Island Link in Q2 YTD 2024 Impact of LTIP Hedge: LTIP $0.09 YTD Q2 2025 ADJUSTED EPS1 $1.28 $2.07 $0.49 $0.14 $0.09 $0.08 $0.06 $0.03 $0.02 $0.08 FY 2024 Adjusted Earnings Per Share Florida Electric Corporate Emera Energy Foreign Exchange Gas Utilities & Infra. Canadian Electric Other Electric WA Share Dilution FY 2025 Adjusted Earnings Per Share 2,3 11 Impact of Weather / Sold Assets: NSPI $0.04 LIL4 ($0.10)
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Emera Q2 2025 Earnings Presentation 11 Appendix
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Emera Q2 2025 Earnings Presentation 12 Capital Forecast Note: Every $0.05 change in the CAD/USD results in a ~ $625M CAD change in the five-year capital plan and a ~$450M CAD change in cash from operations 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 assumption $1.35 $1.35 $1.35 $1.35 $1.35 Subtotal: US Operations (CAD) $2,930 $3,150 $3,320 $3,630 $3,710 $16,740 CAD OPERATIONS Nova Scotia Power $480 $800 $720 $740 $860 $3,600 Emera Newfoundland $5 $35 $5 $5 $10 $60 Corporate & Other $5 $5 $5 $5 $10 $30 Subtotal: CAD Operations (CAD) $490 $840 $730 $750 $880 $3,690 TOTAL Total Capital Forecast (CAD) $3,420 $3,990 $4,050 $4,380 $4,590 $20,430
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Emera Q2 2025 Earnings Presentation 13 Average Rate Base Forecast 1. Capital structures that support the rate base include zero cost-of-capital components in Florida. 2024 capital structures included DTLs and other items of approx. US$1,600 million at Tampa Electric and approx. US$300 million at Peoples Gas 2. Excludes fuel and storm cost deferrals included in rate base; 3. Reflects the capital asset values of the regulated pipeline investments; 4. Includes net investment in capital leases; 5. USD/CAD exchange rate for 2024 updated to reflect forecasted rate In millions 2023A 2024A 2024A Adjusted FX5 2025F 2026F 2027F 2028F 2029F 2023–2029 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% Seacoast3.4 $180 $180 $180 $180 $190 $220 $270 $290 8.3% Emera Caribbean $ 710 $720 $720 $1,010 $1,100 $1,090 $1,050 $1,050 6.7% Subtotal: US Operations (USD) $13,280 $14,400 $14,400 $15,940 $17,290 $18,620 $20,040 $21,780 8.6% FX rate assumption $1.35 $1.44 $1.35 $1.35 $1.35 $1.35 $1.35 $1.35 Subtotal: US Operations (CAD) $17,930 $20,740 $19,440 $21,520 $23,340 $25,140 $27,050 $29,400 8.6% CAD OPERATIONS Nova Scotia Power $5,350 $5,650 $5,650 $5,670 $6,110 $6,540 $6,840 $7,200 5.1% Maritime Link $1,660 $1,600 $1,600 $1,550 $1,500 $1,460 $1,400 $1,350 -3.4% Emera New Brunswick3 $430 $430 $430 $410 $390 $370 $350 $320 -4.8% Subtotal: CAD Operations (CAD) $7,440 $7,680 $7,680 $7,630 $8,000 $8,370 $8,590 $8,870 3.0% TOTAL Total Average Rate Base $25,370 $28,420 $27,120 $29,150 $31,340 $33,510 $35,640 $38,270 7.1%
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Emera Q2 2025 Earnings Presentation 14 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 Tampa Electric 1,240 Infrastructure Reliability at PGS 1,050 Generation Reliability Investments at Nova Scotia Power 580 New Brunswick Intertie at Nova Scotia Power 330 Storm Hardening at Nova Scotia Power 170 Distribution Expansion at Seacoast 150 Subtotal: Reliability and Modernization Projects $13,170 RENEWABLE ENERGY INTEGRATION Solar at Tampa Electric $2,080 Energy Storage at Tampa Electric 870 Hydro and Wind at Nova Scotia Power 350 Energy Storage at Nova Scotia Power 180 Renewable Natural Gas at Peoples Gas 110 Subtotal: Renewable Energy Integration Projects $3,590 TECHNOLOGICAL INNOVATION Strategic Customer-Focused Growth Opportunities $1,700 Information Technology Projects 370 Subtotal: Technological Innovation $2,070 Other $1,600 TOTAL $20,430
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Emera Q2 2025 Earnings Presentation 15 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 to begin on November 3, 2025. Due to the pending sale, capital and rate base forecasts for New Mexico Gas have been excluded from Emera’s 2025-2029 Capital Plan.
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Emera Q2 2025 Earnings Presentation 16 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 June 30, 2025 Notional amount (in millions of CAD) Percentage of total debt TOTAL DEBT (SHORT TERM + LONG TERM) Variable Rate @ HoldCo $1,148 6% Variable Rate @ OpCos $2,093 10% Fixed Rate @ HoldCo $6,162 29% Fixed Rate @ OpCos $11,591 55%
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Emera Q2 2025 Earnings Presentation 17 Emera Energy Quarterly Adjusted Earnings Contribution 1. Adjusted net income is a non-GAAP financial measure 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) Millions $CAD 2017 2018 2019 2020 2021 2022 2023 2024 MARKETING & TRADING Marketing & Trading Adjusted Net Income 1 $ 15 53 5 8 46 65 46 30 Average (2017–2024) $ 34
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Emera Q2 2025 Earnings Presentation 18 Non-GAAP Reconciliation (Earnings) 1. Net of income tax recovery of $13 million for the three months ended June 30, 2025 (2024 – $52 million recovery) and $71 million income tax expense for the six months ended June 30, 2025 (2024 – $56 million recovery). 2. Net of income tax expense of $75 million for the three and six months ended June 30, 2024 (2025 – nil). 3. Represents (i) $71 million in non-cash impairment charges, after-tax and (ii) $1 million in transaction costs, after-tax for the three and six months ended June 30, 2025 (2024 – nil). 4. Net of income tax recovery of $5 million for the three and six months ended June 30, 2025 (2024 – nil). For the Three months ended June 30 Six months ended 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 (17) (28) 51 12 Adjusted Net Income Before Corporate Costs $ 320 253 $ 793 572 Corporate Costs (84) (102) (178) (205) Adjusted Net Income Attributable to Common Shareholders $ 236 151 $ 615 367 MTM (loss) gain, after-tax1 (29) (129) 175 (138) Gain on sale of LIL, after-tax2 - 107 - 107 Charges related to the pending sale of NMGC, after-tax(3)(4) (72) - (72) - Net Income Attributable to Common Shareholders $ 135 129 $ 718 336
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