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Investor Presentation September and October 2026
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Emera Investor Presentation 2Emera Investor Presentation 2 Forward-Looking Information, Non-GAAP Measures & Other FORWARD -LOOKING INFORMATION This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of applicable US securities laws, including without limitation, the United States Private Securities Litigation Reform Act of 1995 (collectively, “FLI”), which reflect the current view with respect to the Company’s expectations regarding future growth, results of operations, performance, earnings, capital investment, sales volumes, recovery of costs, timing of regulatory decisions, the expected impact of the Cybersecurity Incident (as defined herein) on the Company’s financial position and results of operations, information technology (“IT”) systems restoration, insurance recoveries, and business continuity processes as well as other matters relating to the Cybersecurity Incident, business prospects and opportunities, and may not be appropriate for other purposes. 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; system operating and maintenance risks; uninsured risk; changes in economic conditions; commodity price and availability risk; liquidity and capital markets risk; general economic 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 from challenges in the global economy; potential impacts of trade disputes and 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 impact demand for electricity; climate risk; weather risk, including higher frequency and severity of weather events; risk of wildfires; unanticipated maintenance and other expenditures; derivative financial instruments and hedging; interest rate risk; inflation risk; counterparty risk; disruption of fuel supply; 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 future employee benefit plan performance and funding requirements; loss of service area; risks and costs associated with failure of IT infrastructure and cybersecurity incidents including IT systems restoration and business continuity processes; uncertainties associated with infectious diseases, pandemics and similar public health threats; risks associated with health and safety; project development and land use rights risk; 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 presentation is qualified in its entirety by the above cautionary statements and, except as required by law, Emera undertakes no obligation and disclaims any intention to revise or update any FLI as a result of new information, future events or otherwise. Additional detailed information about the above referenced assumptions, risks, uncertainties and other factors is included in Emera’s securities regulatory filings, which can be found on SEDAR+ at www.sedarplus.ca or on EDGAR at www.sec.gov. 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 2026 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 Investor Presentation 3Emera Investor Presentation 3 Table of Contents 4 About Emera 14 Financial Highlights 18 Capital Plan 24 Sustainability 28 APPENDIX 1: Emera’s Portfolio 35 APPENDIX 2: Supporting Financial Information
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Emera Investor Presentation 4 ATLANTIC CANADA Nova Scotia Power (NSPI) FLORIDA Tampa Electric Company (TEC) Peoples Gas Company (PGS) CARIBBEAN Barbados Light & Power (BLPC) About Emera ~72% Adjusted net Income1 from our Florida Utilities2 1. Based on 2025 adjusted net income, excluding corporate costs of $380M. Adjusted net income is a non-GAAP measure. Please refer to appendix for reconciliation to reported earnings 2. Florida Utilities includes Tampa Electric, Peoples Gas and SeaCoast 3. As at August 12, 2026 4. As at December 31, 2025 4 High-quality regulated utilities3 $45B Total assets4
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Emera Investor Presentation 5Emera Investor Presentation 5 Who is Emera Emera is a leading North American provider of energy services headquartered in Halifax, Nova Scotia. Emera delivers safe, clean, and reliable energy to customers through investments in regulated electric and natural gas utilities, and related businesses and assets. 4 High-Quality Regulated Utilities1 2.1M Customers1 $45B Total Assets2 $20B 5-year Capital Plan3 ~80% Capital Plan Focused in Florida 7-8% Rate Base CAGR Growth Through 2030 5 5-7% Target Avg. Annual Adj. EPS4 Growth Through 20305 1-2% Target Annual Dividend Growth 19 Years of Consecutive Dividend Growth 1. As of August 12, 2026 2. As of December 31, 2025 3. Forecasted capital spend 2026-2030 in millions of CAD – USD capital spend translated at 1.35 4. Adjusted EPS is a non-GAAP ratio 5. Uses 2024 as base year
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Emera Investor Presentation 6Emera Investor Presentation 6 Why Invest in Emera Emera is helping shape the energy future, with robust opportunities to invest and deliver for customers across our portfolio. Our proven strategy and operational excellence ensure we can capitalize on this growth. Emera is dedicated to delivering safe, reliable service that strengthens our communities. 1. Adjusted EPS and adjusted net income are non-GAAP metrics 2. Based on 2025 adjusted net income, excluding Corporate costs of $380 million 3. Uses 2024 EPS of $2.94 as base year Premium portfolio of regulated utilities focused in Florida Constructive regulatory environments 95% adjusted net income1 comes from regulated investments2 Steady, Predictable Performance Long-Term Visibility $20B Capital Plan driving 7-8% Rate Base Growth through 20303 5-7% average annual adjusted EPS1 growth target through 20303 19 consecutive years of dividend growth
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Emera Investor Presentation 7Emera Investor Presentation 7 Premium Portfolio of Regulated Utilities Focused in Florida 1. Based on Dec. 31, 2025, adjusted net income, excluding corporate costs of $380M. Adjusted net income is a non-GAAP measure. Please refer to appendix for reconciliation to reported earnings. 2. Gas Utilities and Infrastructure segment broken into components (PGS, NMGC, Pipelines) 3. SeaCoast is included in Peoples Gas 4. Based on 2025 average rate base, Florida includes Tampa Electric, Peoples Gas, and SeaCoast. Atlantic Canada includes Nova Scotia Power, NSPML and Emera New Brunswick. Other includes New Mexico Gas and the Emera Caribbean 5. Florida Utilities includes Tampa Electric, Peoples Gas and SeaCoast ~72% Adjusted Net Income1 from our Florida Utilities5 RATE BASE BY REGION4ADJUSTED NET INCOME1 BY SEGMENT2 59 % 13 % 13% 5% 3 %2% 5 % Tampa Electric Canadian Electric Peoples Gas NMGC Other Electric Pipelines Other 67% 25% 8% Florida Atlantic Canada Other 3
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Emera Investor Presentation 8 Florida’s Demographic and Economic Momentum Drives Investment Demand 1. Forecasted rate base growth from 2024 – 2030. Graph in USD/Billions 2. Source: FRED – Reflects GDP growth rate from 2024 to 2025 3. Source: Florida Chamber Foundation $13.7 $14.8 $16.4 $17.7 $19.1 $20.7 $22.3 2024A 2025A 2026F 2027F 2028F 2029F 2030F Annual GDP growth in Florida of ~6.25%, ~1.25% above national average2 Annual customer growth at Tampa Electric of ~2% since 2020 Annual customer growth at Peoples Gas of ~4% since 2020 If Florida were its own nation, it would rank as the 14th largest economy in the world3 8-9% Forecasted Rate Base Growth from Florida Utilities1 8.5% CAGR
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Emera Investor Presentation 9Emera Investor Presentation 9 Robust Growth In Tampa Region Florida’s favourable economic outlook, combined with population growth, are driving strong demand for electric and gas services. 1. Bureau of Economic and Business Research (BEBR), University of Florida. Reflects population estimates. ~21% Hillsborough County population growth 2014-20251 ~2% Average annual Customer Growth at Tampa Electric since 2020 1,460 1,490 1,521 1,541 1,560 1,575 786 802 820 840 855 866 2020 2021 2022 2023 2024 2025 Hillsborough County Population (000s) TEC Customers (000s) 1
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Emera Investor Presentation 10Emera Investor Presentation 10 Strong Foundation for Growth at Peoples Gas Peoples Gas Service Areas 21 Military Installations 16 Seaports 2 Spaceports LARGEST NATURAL GAS DISTRIBUTION COMPANY IN FLORIDA 1. US Energy Information Administration ~73% of Florida’s electricity generation comes from natural gas1 Top 5 Serving the five largest metropolitan areas in Florida Three interstate pipelines Serving the Peoples Gas system: Florida Gas Transmission, Gulfstream Natural Gas System, and Sabal Trail Transmission
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Emera Investor Presentation 11Emera Investor Presentation 11 Long-Term Drivers of Investment Demand in Nova Scotia 1. Includes primary and secondary electric heating $206M in reliability investments completed in 2025, part of NSPI’s 5-year $1.3 billion reliability plan ~20,000 Annual Heat Pump Installations with only ~55% of Nova Scotian residential households currently using electric heating1
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Emera Investor Presentation 12Emera Investor Presentation 12 Constructive Regulatory Environments Emera’s core assets are situated in constructive regulatory environments, where we work collaboratively with regulatory bodies to ensure long-term value creation for both our customers and the utility. Tampa Electric Peoples Gas Nova Scotia Power KEY REGULATORY FEATURES • Forward test year • Storm reserve • Storm protection plan recovery mechanism • Fuel pass through • Revenue increase of $282M USD through 2027: • $185M USD in 2025 • $88M USD in 2026 • $9M USD in 2027 • Forward test year • Fuel pass through • Facilities relocation clause • 50/50% off-system-sales sharing mechanism • Revenue increase of $97M USD through 2028 (inclusive of CIBS rider): • $67M USD in 2026 • $25M USD in 2027 • $5M USD in 2028 • Forward test year • Storm cost recovery mechanism • Fuel pass through • Revenue increase of $128M through 2027: • $31M in 2026 ($18M fuel, $13M non-fuel) • $97M in 2027 ($6M fuel, $91M non- fuel ROE & EQUITY 9.5-11.5% 9.30-11.30% 8.75-9.25% EQUITY THICKNESS 54% 54.7% 40% KEY DATES • Florida Public Service Commission (“FPSC”) Decision December 2024. • New rates effective January 1, 2025. • FPSC Decision December 2025. • New rates effective January 1, 2026. • Nova Scotia Energy Board (“NSEB”) decision March 2026. • New rates effective May 1, 2026.
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Emera Investor Presentation 13 Regulatory Update New Mexico Gas Sale Grand Bahama Power Company Sale COMPLETED • On May 12, 2026, Emera completed the sale of its 100% interest in Grand Bahama Power Company • On August 12, 2026, Emera completed the sale of New Mexico Gas Company to Bernhard Capital Partners
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Emera Investor Presentation 14Emera Investor Presentation 14 Financial Highlights 5-7% Target adj. EPS1 CAGR through 20302 7-8% Forecasted rate base growth through 20302 1-2% Annual dividend growth target 1. Adjusted EPS is a non-GAAP ratio 2. Uses 2024 EPS of $2.94 as base year
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Emera Investor Presentation 15Emera Investor Presentation 15 5% 6% 7% 2024A Clear Financial Objectives Driving Long Term Visibility 1. Uses 2024 EPS of $2.94 as base year 2. Adjusted EPS is a non-GAAP ratio Translate Rate Base Growth into 5-7% Annual Adjusted EPS2 Growth Through 20301 Deliver Sustainable Annual Dividend Growth of 1-2% Deliver 7-8% Rate Base CAGR Through 20301 Attain Target Credit Metrics on a Sustainable Basis Continued improvement to our dividend payout ratio $3.94 $4.41 Adj. EPS2 Growth Forecast through 20301 $2.94 $4.17 2030F2025A $3.49
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Emera Investor Presentation 16 6.6x 6.2x 2024A 2025A 10.0% 11.9% 2024A 2025A Improving Credit Metrics Reflect Strengthening Balance Sheet 1. Credit rating downgrade threshold 2. Reflects CFO-Pre WC adjusted for fuel and storm impacts / gross debt 3. Reflects FFO / net debt 4. Calculated as adjusted Debt / (FFO + interest paid – interest received + preferred dividends paid) Normalized CFO Pre-WC / Debt2 Baa3 / Stable BBB- / Stable BBB / Stable FFO Leverage4 10% Threshold1 <6.0x Threshold1 12% Threshold1 > 12% Sustained Moody’s CFO to Debt outlook < 35% Sustained HoldCo debt-to-total debt OUTLOOK 10.3% 11.5% 2024A 2025A FFO / Debt3
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Emera Investor Presentation 17Emera Investor Presentation 17 $0.84 $0.89 $1.16 $1.66 $2.00 $2.13 $2.28 $2.38 $2.48 $2.58 $2.68 $2.79 $2.88 $2.92 $2.97 $3.01 00 05 10 15 16 17 18 19 20 21 22 23 24 25 26F 27F Delivering a Growing and Sustainable Dividend 19 years of consecutive dividend increases 4.3% Dividend yield1 1-2% Target annual dividend growth Note: Denotes annual cash dividends paid 1. As of December 31, 2025
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Emera Investor Presentation 18Emera Investor Presentation 18 Capital Plan $20B 2026-2030 capital spend1,2 7-8% Rate base CAGR through 20302 ~80% of capital plan focused in Florida 1. In millions of CAD. USD capital spend translated at $1.35 2. The following Capital Plan section excludes the impact of the GBPC sale, which is not expected to be material 3. Uses 2024 as base year
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Emera Investor Presentation 19 $4.0 $3.7 $4.1 $4.2 $4.3 2026 2027 2028 2029 2030 Tampa Electric Nova Scotia Power Peoples Gas Other Demand for Essential Investment Driving 7%-8% Rate Base Growth Through 2030 $20B 5-year capital plan through 20301 8%-9% Forecasted rate base growth from our Florida Utilities2 ~55% of capital spend on electric transmission, distribution and gas infrastructure in support of reliability and customer growth 2026-2030 CAPITAL PLAN1 (CAD BILLIONS) 1. Forecasted capital spend 2026-2030 in billions of CAD. USD capital spend translated at 1.35 2. Uses 2024 as the base year 3. Includes Corporate, Emera Newfoundland, SeaCoast and Emera Caribbean 3 Emera Investor Presentation
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Emera Investor Presentation 20Emera Investor Presentation 20 Capital Plan Powers the Future, Invests for Our Customers $15.4B on Grid Reliability and Modernization • Transmission and distribution projects at Tampa Electric and Nova Scotia Power • Generation investments at Tampa Electric and Nova Scotia Power • Gas infrastructure investment at Peoples Gas $3.2B on Renewable Integration • Solar investment at Tampa Electric • Battery storage at Tampa Electric and Nova Scotia Power • Renewable Natural Gas at Peoples Gas $1.8B on Technological Innovation and Other projects • Information technology projects
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Emera Investor Presentation 21Emera Investor Presentation 21 2024A 2025A 2026F 2027F 2028F 2029F 2030F Capital Plan Drives Rate Base Growth, Earnings Growth 1. USD rate base translated at $1.35 2. 2024 and 2025 excludes securitization of thermal assets and fuel assets at Nova Scotia Power 3. USD/CAD exchange rate for 2024 updated to reflect forecasted rate of 1.35 4. Compared to Canadian Utility Peers 5. Adjusted EPS is a non-GAAP ratio 6. Adjusted EPS growth guidance and rate base growth uses 2024 as base year FORECASTED RATE BASE ( CAD BILLIONS1) 7-8% Rate Base CAGR through 20306 Emera’s capital program • Delivers exceptional value to customers • Drives top-tier rate base growth4 • Supports target annual adjusted EPS 5 growth of 5-7% through 20306 7.4% CAGR 2,3 $26.2 $28.5 $30.5 $32.8 $35.1 $37.6 $40.1
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Emera Investor Presentation 22Emera Investor Presentation 22 19% 21% 15% 15% 25% 3% 2% Renewable Generation Other Generation Gas Infrastructure Transmission Distribution Technological innovation Other Capital Plan Focused on Delivering Value for Customers ALLOCATION OF $20B 5-YEAR CAPITAL PLAN ~55% of capital spend on electric transmission, distribution and gas infrastructure in support of reliability and customer growth ~20% spend on renewable integration reducing volatile fuel cost exposure CAPITAL SPEND BY FUNCTION Capital Plan Focused on Customers
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Emera Investor Presentation 23Emera Investor Presentation 23 Funding Plan Supports Investment Grade Credit Ratings Note: For the year ended December 31, 2025, a total of 4.83 million shares were issued under the DRIP program, totaling $293M. Reinvested Cash Flows Growing cash from operations Net Debt Financing Debt issued by operating companies to fund growth while maintaining HoldCo debt at ~30-35% of total Equity ~$400M per year on average through DRIP and ATM programs Incremental Hybrid Capital $750M to $1 billion over the forecast period Asset Sales/Securitization The sale of NMGC and proposed $700M CAD thermal securitization at NSPI TARGET SOURCES OF FUNDING FOR $20B CAPITAL PLAN Revinvested CashFlow 45-50% Net Debt Issuance 30-40% Hybrids ~ 5% Equity ~10% Asset Sales / Securitization ~10% 2026-2030 Funding Plan
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Emera Investor Presentation 24Emera Investor Presentation 24 Sustainability 48% Reduction in CO2 emissions since 20051,2 75% Reduction in generation from coal since 20051,3 $3.2B Capital spend focused on renewable integration4 1. As at December 31, 2025 2. Includes CO2 Scope 1 generation emissions for Tampa Electric and NovaScotia Power only. Undergoing final review and verification 3. As a percentage of total GWh generated compared to 2005 levels.Our % reduction in coal is lower in 2025 than it was in 2024 (80%). The Nova Scotia government issued a Certificate of Variance in 2025 allowing NSPI to adjust SO₂ emission limits over a ten-year period, providing flexibility to reduce fuel costs and support affordability while keeping total SO₂ emissions within previously established limits. This temporary flexibility enables increased coal-based generation from 2025–2027, resulting in higher CO₂ emissions in those years, while still meeting federal and provincial requirements to phase out coal and achieve 80% renewable electricity by 2030. 4. Reflects spend between 2026 - 2030
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Emera Investor Presentation 25Emera Investor Presentation 25 Evolving Generation Mix 1. As a percentage of total GWh generated compared to 2005 levels.Our % reduction in coal is lower in 2025 than it was in 2024 (80%). The Nova Scotia government issued a Certificate of Variance in 2025 allowing NSPI to adjust SO₂ emission limits over a ten-year period, providing flexibility to reduce fuel costs and support affordability while keeping total SO₂ emissions within previously established limits. This temporary flexibility enables increased coal-based generation from 2025–2027, resulting in higher CO₂ emissions in those years, while still meeting federal and provincial requirements to phase out coal and achieve 80% renewable electricity by 2030 2. As a percentage of total GWh generated compared to 2005 levels. 14% of energy generated across Emera comes from coal Tampa Electric % of GWh Generation <1% Nova Scotia Power % of GWh Generation 50% Tampa Electric & Nova Scotia Power % of GWh Generation 75% reduction in coal generation since 20052 reduction in coal generation in 2025 1 of generation from coal in 2025 + = Coal/Petcoke Natural Gas/Oil Renewables Imports 73% 33% 41% 14% 22% 15% 11% 40% 41% 2% 5% 3% 2005 GWh 2024 GWh 2025 GWh 47% 37% 83% 78% 0% 10% 11% 16% 7% 11% 2005 GWh 2024 GWh 2025 GWh 57% 11% 14% 29% 62% 57% 4% 20% 21% 11% 7% 8% 2005 GWh 2024 GWh 2025 GWh
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Emera Investor Presentation 26Emera Investor Presentation 26 Emera’s Sustainable Energy Approach 20+ years of investments Wind in Nova Scotia Solar in Florida Big Bend modernization Maritime Link hydro PROVEN RECORD Reduced CO2 emissions by nearly half1 while modernizing grids Replacing coal Integrating renewables Grid upgrades REAL PROGRESS Responding to evolving drivers Severe weather risks & resilience Government policies & targets Electrification & demand Emerging technologies PROACTIVE & ADAPTIVE Sustaining momentum through customer-focused capital plan Grid reliability & modernization Renewable integration Technology adoption DISCIPLINED INVESTMENT $20B 2026-2030 Initiatives across our core operating jurisdictions2 – paced with customer affordability in mind Florida: Strengthening reliability and affordability while modernizing the generation fleet via investments in solar, battery storage, fuel switching, long-term use of natural gas, and storm hardening. Nova Scotia: Strengthening reliability while aligning with provincial and federal climate policy3 through investments in grid resilience, interties, hydro, battery storage, coal retirement, fuel switching, wind, and solar . 1. Our reductions in CO2 emissions are compared to 2005 levels and include CO2 scope 1 generation emissions for TEC and NSPI only. 2. Core jurisdictions refer to Emera’s primary operating regions where regulated electric and gas utilities operate, including Nova Scotia (NSPI) and Florida (TEC & PGS). 3. Activities in Nova Scotia are aligned with government climate targets of 80% renewable energy and coal-free electricity by 2030 and will be shaped by the decisions of the IESO-NS regarding future generation sources.
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Emera Investor Presentation 27Emera Investor Presentation 27 Leading With Safety, Investing in Our People, Building Strong Communities $13.9M invested in our communities in 2025 560+ employees have graduated from Emera's Leadership Academy over the past 5 years Recognized as one of Canada’s Top 100 Employers for 2026 INVESTING IN OUR TEAMS & COMMUNITIES 1.09 total Recordable Injury Rate, a 17% decrease over 2024 478 Senior Management1 safety engagements conducted in 2025 COMMITTED TO WORLD CLASS SAFETY 0.25 lost Time Injury Frequency, a 24% improvement over 5-year average of 0.33 39% of executive officers at Emera Inc. are women 97% shareholder support in 2025 say on pay TRACK RECORD OF STRONG GOVERNANCE 45% of Emera’s Independent Board of Directors are women, including the Chair2 For more information on Emera’s focus on sustainability, please visit our Sustainability webpage Note: All data as at December 31, 2025, unless otherwise stated 1. Defined as VP and above 2. As of January 20, 2026
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Emera Investor Presentation 28Emera Investor Presentation 28 Emera’s Portfolio $45B Total assets1 4 High-quality regulated utilities2 2.1M Total customers2 1. As at December 31, 2025 2. As at August 12, 2026 APPENDIX 1:
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Emera Investor Presentation 29Emera Investor Presentation 29 Tampa Electric Utility Type Vertically integrated electric utility Regulator Florida Public Service Commission (“FPSC”) Vertically integrated, regulated electric utility serving Hillsborough county and parts of Pasco and Polk counties. As of Q1 2025, ~1,500 MW of solar are in service at Tampa Electric, the highest solar generation per customer in the state of Florida. In 2025, solar represented 21% of the generation capacity. By the end of 2026, TEC will add additional solar power at three sites, bringing the total amount of solar generation to 1,665 MW . Regulatory Construct The FPSC reached a final decision in December 2024 approving new revenues of $282M ($185M in 2025, $88M in 2026 and $9M in 2027). This reflects a 10.5% ROE midpoint and a 54% equity thickness. Tampa Electric’s operating expenses and capital expenditures were substantially approved. • 9.5%–11.5% approved ROE • 54% approved equity • $11.1 billion rate base • No stay out requirement Capex 2026–2030 ~$9.5 billion Capacity Mix • 78% Natural Gas • 21% Solar • 1% Energy Storage Transmission and Distribution • 2,200 km of transmission • 21,100 km of distribution Customers ~866,000 Rate Base ~$12.1 billion Note: All figures as of December 31, 2025, and in USD, unless otherwise noted
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Emera Investor Presentation 30Emera Investor Presentation 30 Peoples Gas Utility Type Natural gas distribution system Regulator FPSC Peoples Gas is a leader in customer service and committed to safe and reliable operations. With a legacy dating back to 1895, Peoples Gas has grown to become the largest LDC in Florida, proudly delivering safe, resilient, clean, and affordable natural gas energy solutions. Regulatory Construct PGS filed a general rate application on March 31, 2025, with a settlement agreement reached in October 2025 with new rates effective January 1, 2026. Details of the settlement include: • Revenue increase of $97M USD through 2028 (inclusive of CIBS rider) • $67M USD in 2026 • $25M USD in 2027 • $5M USD in 2028 • ROE band of 9.3% - 11.3% - midpoint of 10.3% (increased from 10.15%) • Equity thickness unchanged at 54.7% • Stay out provision until 2028 Capex 2026–2030 ~$2.2 billion Transmission and Distribution • 25,600 km of main lines • 14,800 km of service lines Customers 523,000 Rate Base ~$2.6 billion Note: All figures as of December 31, 2025, and in USD, unless otherwise noted
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Emera Investor Presentation 31Emera Investor Presentation 31 Nova Scotia Power Utility Type Vertically integrated electric utility Regulator Nova Scotia Energy Board (“NSEB”) Regulated integrated electric utility serving the province of Nova Scotia. Nova Scotia Power is delivering one of the most ambitious clean energy transitions in Canada and is an industry leader in GHG reductions in the country. The Nova Scotia Energy Reform (2024) Act (Bill 404), passed in April 2024, overhauled the province’s electricity system by creating an independent Energy System Operator (NS-IESO) to manage grid operations and renewable connections, separating these functions from Nova Scotia Power . The NS-IESO is expected to be fully operational by 2028. Regulatory Construct Nova Scotia Power filed a consensus GRA in September 2025, reflecting settlement agreement reached with customer groups. On March 25, 2026, the Nova Scotia Energy Board issued their decision with new rates effective May 1, 2026. Details of the decision include: • 8.75%–9.25% approved ROE • 40% approved equity • Revenue increase of $128M through 2027: o $31M in 2026 ($18M fuel, $13M non-fuel) o $97M in 2027 ($6M fuel, $91M non-fuel) Capex 2026–2030 ~$3.5 billion Capacity Mix • 44% Coal • 28% Natural Gas and/or Oil • 21% Renewable • 7% Petcoke • PPAs to purchase renewable energy with 573 MW of capacity Transmission and Distribution • 5,400 km of transmission • 28,700 km of distribution Customers ~565,000 Rate Base • $4.7 billion1 Note: All figures as of December 31, 2025, and in CAD, unless otherwise noted 1. Adjusted to reflect securitization of thermal assets and fuel at Nova Scotia Power
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Emera Investor Presentation 32Emera Investor Presentation 32 Emera Caribbean Utility Type BLPC - Vertically integrated electric utility Regulators Fair Trade Commission (“FTC”) Emera Caribbean Inc. is the parent company of Barbados Light & Power (“BLPC”) and an investor in St. Lucia Electricity Services Ltd. in St. Lucia (“LUCELEC”). BPLC serves 137,000 residential, commercial and industrial customers. On May 5, 2026, Emera announced it had reached an agreement to sell Grand Bahama Power Company (“GBPC”). The transaction closed on May 12, 2026. Regulatory Constructs 10.0% approved return on rate base ($0.5B rate base) Capex 2026–2030 $0.5 billion Capacity Mix • 96% Oil-fired • 4% Renewables Transmission and Distribution • 200 km of transmission • 4,000 km of distribution Customers 137,000 Rate Base ~$0.5 billion Note: All figures as of December 31, 2025, and in USD, unless otherwise noted. Reflects BLPC figures only.
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Emera Investor Presentation 33Emera Investor Presentation 33 Other Investments Note: All data as of December 31, 2025 Emera Energy Services • Estimated $15-30 million USD annual adjusted earnings • Earnings dependent on market conditions • Low-risk operations with minimal commodity exposure Emera Newfoundland & Labrador Holdings Inc. (ENL) • Transmission – ~500 km • Regulated by the Nova Scotia Energy Board • 8.75%–9.25% approved ROE -30% approved equity Emera New Brunswick • Regulated by the Canada Energy Regulator • 145 km long natural gas pipeline • Firm service agreement with Repsol Energy North America Canada Partnership expiring in 2034 Maritimes and Northeast Pipeline • Regulated by the Canada Energy Regulator and the Federal Energy Regulatory Commission (“FERC”) • 1,400 km long natural gas transmission line • 12.9% equity investment SeaCoast • Regulated by the FPSC • Intrastate natural gas transmission company offering services in Florida PIPELINES EMERA ENERGY Bear Swamp • 50% joint venture • 660 MW hydro pumped storage capacity located in western Massachusetts • Attracts ISO – NE capacity revenue EMERA NEWFOUNDLAND & LABRADOR
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Emera Investor Presentation 34Emera Investor Presentation 34 Supporting Financial Information APPENDIX 2:
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Emera Investor Presentation 35 Average Rate Base Forecast 1. Capital structures that support the rate base include zero cost-of-capital components in Florida. 2025 capital structures included DTLs and other items of approx. US$1,300 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. Does not include the impact of the sale of GBPC, which is not expected to be material 6. 2024 and 2025 adjusted to reflect securitization of thermal assets and fuel at Nova Scotia Power 7. USD/CAD exchange rate updated to reflect forecasted rate of 1.35 In millions 2024A7 2025A 2025A Adjusted FX7 2026F 2027F 2028F 2029F 2030F 2024–2030 CAGR US OPERATIONS Tampa Electric 1.2 $11,120 $12,110 $12,110 $13,150 $14,170 $15,260 $16,520 $17,850 8.2% Peoples Gas1 $2,380 $2,550 $2,550 $2,990 $3,240 $3,540 $3,820 $4,090 9.4% SeaCoast3.4 $180 $180 $180 $210 $260 $290 $330 $350 11.7% Subtotal: Florida Utilities (USD) $13,680 $14,840 $14,840 $16,350 $17,670 $19,090 $20,670 $22,290 8.5% Emera Caribbean5 $720 $760 $760 $820 $920 $1,010 $1,030 $1,030 6.1% Subtotal: US Operations (USD) $14,400 $15,600 $15,600 $17,170 $18,590 $20,100 $21,700 $23,320 8.4% FX rate assumption 1.35 1.40 1.35 1.35 1.35 1.35 1.35 1.35 Subtotal: US Operations (CAD) $19,440 $21,840 $21,060 $23,180 $25,100 $27,140 $29,300 $31,480 8.4% CAD OPERATIONS Nova Scotia Power6 $4,680 $4,720 $4,720 $5,440 $5,820 $6,220 $6,630 $6,970 6.9% Maritime Link $1,600 $1,550 $1,550 $1,510 $1,470 $1,420 $1,370 $1,310 -3.3% Emera New Brunswick3 $430 $410 $410 $390 $370 $350 $320 $300 -5.8% Subtotal: CAD Operations (CAD) $6,710 $6,680 $6,680 $7,340 $7,660 $7,990 $8,320 $8,580 4.2% TOTAL Total Average Rate Base $26,150 $28,520 $27,740 $30,520 $32,760 $35,130 $37,620 $40,060 7.4%
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Emera Investor Presentation 36Emera Investor Presentation 36 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 1. Does not include the impact of the sale of GBPC, which is not expected to be material In millions 2026F 2027F 2028F 2029F 2030F 2026–2030 Total US OPERATIONS Tampa Electric $1,800 $1,695 $1,980 $2,030 $2,120 $9,625 Peoples Gas $445 $415 $420 $440 $450 $2,170 SeaCoast $50 $40 $20 $40 $50 $200 Subtotal: Florida Utilities (USD) $2,295 $2,150 $2,420 $2,510 $2,620 $11,995 Emera Caribbean1 $110 $120 $70 $80 $70 $450 Subtotal: US Operations (USD) $2,405 $2,270 $2,490 $2,590 $2,690 $12,445 FX rate assumption 1.35 1.35 1.35 1.35 1.35 Subtotal: US Operations (CAD) $3,250 $3,060 $3,360 $3,500 $3,630 $16,800 CAD OPERATIONS Nova Scotia Power $720 $650 $760 $680 $700 $3,510 Emera Newfoundland $40 $0 $10 $0 $0 $50 Corporate & Other $10 $20 $10 $0 $0 $40 Subtotal: CAD Operations (CAD) $770 $670 $780 $680 $700 $3,600 TOTAL Total Capital Forecast (CAD) $4,020 $3,730 $4,140 $4,180 $4,330 $20,400
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Emera Investor Presentation 37Emera Investor Presentation 37 Capital Project Details In millions of CAD RELIABILITY & GRID MODERNIZATION PROJECTS 2026 -2030 T&D Investments at Tampa Electric $4,670 Generation Investments at Tampa Electric 3,570 T&D Investments at Nova Scotia Power 1,540 Infrastructure Reliability at PGS 1,490 Distribution Expansion at PGS 1,220 Storm Hardening at Tampa Electric 1,220 Other Reliability Investments at Nova Scotia Power 1,150 Distribution Expansion at SeaCoast 270 Storm Hardening at Nova Scotia Power 150 New Brunswick Intertie at Nova Scotia Power 130 Subtotal: Reliability and Modernization Projects $15,410 RENEWABLE ENERGY INTEGRATION Solar at Tampa Electric $2,170 Hydro and Wind at Nova Scotia Power 480 Batteries at Tampa Electric 410 Renewable Natural Gas at Peoples Gas 100 Batteries at Nova Scotia Power 40 Subtotal: Renewable Energy Integration Projects $3,200 TECHNOLOGY INNOVATION Information Technology $580 Subtotal: Technological Innovation $580 Other $1,210 Total $20,400
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Emera Investor Presentation 38 Foreign Exchange and Interest Rate Exposure Foreign Exchange Exposure In 2026 on a hedge adjusted basis each change $0.01 change in FX is approximate $0.02 on adjusted EPS1 Debt Detail As of June 30, 2026 Approximate % of USD Earnings Hedged Rate 2026 70% $1.38 2027 50% $1.37 2028 0% - As of June 30, 2026 Notional amount (in millions of CAD) Percentage of total debt TOTAL DEBT (SHORT TERM + LONG TERM) Variable Rate @ HoldCo $1,180 5% Variable Rate @ OpCos $2,383 11% Fixed Rate @ HoldCo $7,014 32% Fixed Rate @ OpCos $11,687 52% 1. Adjusted EPS is a non-GAAP ratio
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Emera Investor Presentation 39Emera Investor Presentation 39 Non-GAAP Reconciliation (Earnings) 1. Net of $17 million income tax expense for the year ended December 31, 2025 (2024 – $117 million recovery) 2. Represents (i) $71 million in non-cash goodwill impairment charges, after-tax and $1 million in transaction costs, after-tax for the year ended December 31, 2025 and (ii) $206 million in non-cash goodwill and other impairment charges, after-tax and $19 million in transaction costs, after-tax for the year ended December 31, 2024 3. Net of income tax recovery of $5 million for the year ended December 31, 2025 (2024 - $21 million) 4. Includes a net income tax expense of $53 million for the year ended December 31, 2024 5. Net of income tax recovery of $6 million for the year ended December 31, 2024 For the Year ended December 31 2025 2024 Florida Electric $ 845 644 Canadian Electric 182 232 Gas Utilities & Infrastructure 276 267 Other Electric Utilities 43 48 Other, excluding corporate costs 79 18 Adjusted Net Income Before Corporate Costs $ 1,425 1,209 Corporate Costs (380) (360) Adjusted Net Income Attributable to Common Shareholders $ 1,045 849 MTM (loss) gain, after-tax1 41 (291) Charges related to the pending sale of NMGC, after -tax2,3 (72) (225) Gain on sale of LIL, after-tax4 - 129 Financing structure wind-up - 58 Charges related to wind-down costs and certain asset impairments, after -tax5 - (26) Net Income Attributable to Common Shareholders $ 1,014 494
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