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August 7 , 2026 Q2 2026 Earnings Emera
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Emera Q2 2026 Earnings Presentation 2 Forward-Looking Information, Non-GAAP Measures & Other F ORWA RD -L OOK ING I N F ORMATION 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 timing and outcome of the pending sale of NMGC, 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 F I NA NCIAL M E A SURE S A ND RA T I OS 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. OT H E R 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 2026 Earnings Presentation 3 Today’s Speaker Scott Balfour President, CEO Emera Inc.
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Emera Q2 2026 Earnings Presentation 4 Sale of New Mexico Gas Approved Strengthens balance sheet and supports credit metrics Focuses investment on core areas of the business Supports the capital plan New Mexico Public Regulation Commission approved the sale of New Mexico Gas Company on July 30, 2026 Net after-tax proceeds of $650M-$700M USD will be used to support capital plan and repay company debt Transaction is expected to close in August 2026
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Emera Q2 2026 Earnings Presentation 5 5% 6% 7% 2024A Strong Momentum in H1 2026 1. Adjusted EPS is a non-GAAP ratio 2. Uses 2024 as the base year Confident in 5-7% Avg. Adjusted EPS1 Growth through 20302 7-8% Rate Base Growth through 20302 $3.94 $4.41 $2.94 $4.17 2030F2025A $3.49 Stable Credit Outlook at all Rating Agencies
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Emera Q2 2026 Earnings Presentation 6 2026 YTD 2026F Strong Execution Supports Long Term Growth More than $1.7B Capital Deployed H1 2026 $20B capital plan through 2030 1. USD rate base translated at $1.35 2. Florida utilities include Tampa Electric, Peoples Gas, and Seacoast 3. Canada utilities include Nova Scotia Power, Maritime Link, and Emera New Brunswick $4.0B $1.7B 7.4% CAGR Consolidated Rate Base1 2024A 2030F Florida Canada Caribbean $26.2B $40.1B 2 3
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Emera Q2 2026 Earnings Presentation 7 Positive Progress on Portfolio Optimization 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 July 30, 2026, the New Mexico Public Regulation Commission approved the sale of New Mexico Gas Company to Bernhard Capital Partners • Expected closing in August 2026
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Emera Q2 2026 Earnings Presentation 8 Today’s Speaker Jared Green CFO Emera Inc.
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Emera Q2 2026 Earnings Presentation 9 Quarterly Financial Results Q2 2026 ADJUSTED EPS1 YTD 2026 ADJUSTED EPS1 YTD 2026 REPORTED EPS 1. Adjusted EPS is non-GAAP ratio 2. Operating cash flow before changes in working capital 3. Includes $33M net-fuel and storm cost under-recoveries ($48M over-recovery at Tampa Electric and $81M under-recovery at Nova Scotia Power) 4. Includes $150M net-fuel and storm cost over-recoveries ($185M over-recovery at Tampa Electric and under-recoveries of $35M at Nova Scotia Power) Q2 2026 REPORTED EPS 3 4 $0.79 $0.69 Q2 2025 Q2 2026 $0.45 $0.34 Q2 2025 Q2 2026 $2.07 $2.06 YTD 2025 YTD 2026 $2.41 $2.19 YTD 2025 YTD 2026 8% Increase in operating cash flow2 $1,306 $1,411 Q2 YTD 2025 Q2 YTD 2026
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Emera Q2 2026 Earnings Presentation 10 $2.07 2.07 $2.21 $2.31 2.34 $2.29 $2.18 2.06 $2.06 $0.14 $0.10 $0.08 $0.05 $0.05 $0.11 $0.12 YTD 2025 Adjusted Earnings Per Share Emera Energy Gas Utilities & Infa Florida Electric Utilities WA Share Dilution Foreign Exchange Corporate Canadian Electric & Other Electric YTD 2026 Adjusted Earnings Per Share YTD 2026 Adjusted EPS1 Waterfall 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 $0.01 YTD Q2 2026 compared to $0.02 YTD Q2 2025, driving a ($0.01) decrease in contributions from Corporate compared to YTD Q2 2025 3. The impact of foreign exchange hedges was nil YTD 2026 as compared to ($0.02) YTD 2025 driving a $0.02 increase in contributions from Corporate compared to YTD 2025 4. Includes ($0.12) contribution from Canadian Electric and nil contribution from Other Electric YTD 2026 ADJUSTED EPS1 1 12,3 Impact of LTIP Hedge: LTIP ($0.01) 4 Impact of Weather: TEC $0.05 Impact of Weather at NSPI and GBPC Asset Sale: NSPI $0.01 GBPC ($0.02)
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Emera Q2 2026 Earnings Presentation 11 $0.79 $0.79 $0.81 $0.82 $0.81 $0.78 $0.69 $0.69 $0.02 $0.01 $0.01 $0.02 $0.03 $0.09 Q2 2025 Adjusted Earnings Per Share Gas Utilities & Infra. Emera Energy, Florida Electric & Canadian Electric Foreign Exchange WA Share Dilution Other Electric Corporate Q2 2026 Adjusted Earnings Per Share2 Q2 2026 Adjusted EPS1 Waterfall Note: Segment impacts exclude the impact of changes in foreign exchange rates 1. Adjusted EPS is a non-GAAP ratio 2. Includes $0.01 contribution from Emera Energy, nil contributions from both Florida Electric and Canadian Electric 3. The impact of the timing difference in the valuation of long-term incentive expense and related hedges was nil in both Q2 2026 and Q2 2025, driving no contributions from Corporate quarter over quarter 4. There was no change in the impact of foreign exchange hedges from Q2 2025 to Q2 2026. ($0.01) impact in both periods Q2 2026 ADJUSTED EPS1 1 13,4 Impact of Asset Sale: GBPC ($0.02) Impact of Weather: TEC ($0.02) NSPI $0.01
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Emera Q2 2026 Earnings Presentation 12 Barclays Energy-Power Conference – NYC • September 8 - 10, 2026 NYSE Investor Access Day – Virtual • September 24, 2026 Bloomberg Canadian Finance Conference – NYC • September 29, 2026 Wolfe Utilities Midstream & Clean Energy Conference – NYC • September 30 - October 1, 2026 European NDR • October 5 - 9, 2026 Q3 2026 Earnings Release & Conference Call • November 6, 2026 Upcoming Investor Events
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Emera Q1 2026 Earnings Presentation 13 Appendix
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Emera Q2 2026 Earnings Presentation 14 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 expected to be immaterial 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 Q2 2026 Earnings Presentation 15 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 expected to be immaterial 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 Q2 2026 Earnings Presentation 16 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 Q2 2026 Earnings Presentation 17 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 to adjusted EPS1 As of June 30, 2026 Approximate % of USD Earnings Hedged Rate 2026 70% $1.38 2027 50% $1.37 2028 0% - Debt Detail 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 @ OpCos2 $2,508 11% Fixed Rate @ HoldCo $7,014 31% Fixed Rate @ OpCos2 $12,277 53% 1. Adjusted EPS is a non-GAAP ratio 2. Includes debt held at New Mexico Gas Company as of June 30, 2026
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Emera Q2 2026 Earnings Presentation 18 Emera Energy Quarterly Adjusted Earnings Contribution 1. Adjusted net income is a non-GAAP financial measure Millions $CAD Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 Marketing & Trading $ (24) (7) 16 69 (14) (8) 33 105 (24) Maritimes Canada (1) – (3) 1 - - - - - Bear Swamp/Brooklyn Power 2 2 1 (2) (3) (1) (1) 2 9 Total Adjusted Net Income1 $ (23) (5) 14 68 (17) (9) 32 107 (15) Millions $CAD 2018 2019 2020 2021 2022 2023 2024 2025 MARKETING & TRADING Marketing & Trading Adjusted Net Income1 $ 53 5 8 46 65 46 30 80 Average (2018–2025) $ 42
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Emera Q2 2026 Earnings Presentation 19 Non-GAAP Reconciliation (Earnings) For the Three months ended June 30 Six months ended June 30 millions of Canadian dollars (except per share amounts) 2026 2025 2026 2025 Florida Electric $ 261 $ 260 $ 441 $ 424 Canadian Electric 16 17 102 138 Gas Utilities & Infrastructure 55 48 191 168 Other Electric Utilities 5 12 13 12 Other, excluding corporate costs (15) (17) 92 51 Adjusted Net Income Before Corporate Costs $ 322 $ 320 $ 839 $ 793 Corporate Costs (110) (84) (212) (178) Adjusted Net Income Attributable to Common Shareholders $ 212 $ 236 $ 627 $ 615 MTM (loss) gain, after-tax(1) (88) (29) 59 175 Loss on the sale of GBPC, after tax and transaction costs(2) (19) - (19) Charges related to the pending sale of NMGC, after-tax(3) - (72) - (72) Net Income Attributable to Common Shareholders $ 105 $ 135 $ 667 $ 718 1. Net of income tax recovery of $37 million for the three months ended June 30, 2026 (2025 - $13 million recovery) and $24 million income tax expense for the six months ended June 30, 2026 (2025 - $71 million expense) 2. Net of income tax recovery of $2 million for the three and six months ended June 30, 2026. 3. Represents a $71 million non-cash impairment charge, after-tax, and $1 million in transactions costs, after-tax for the three and six months ended June 30, 2025. Amounts are net of an income tax recovery of $5 million for the three and six months ended June 30, 2025.
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