Emera (EMA) investor relations material

Executive summary

• Approval and pending close of New Mexico Gas sale to Bernhard Capital Partners, with after-tax proceeds of $650–$700 million USD to reduce debt and enhance financial flexibility; closing expected in August 2026.

• Strategic focus on regulated utility growth, portfolio optimization, and disciplined capital allocation, with continued investment in core markets like Florida and Nova Scotia.

• Sale of Grand Bahama Power Company completed in May 2026, further sharpening focus on core regulated operations.

• Management remains confident in achieving 5–7% average adjusted EPS growth and 7–8% rate base growth through 2030, using 2024 as the base year.

• Q2 2026 adjusted EPS was $0.69, with reported EPS at $0.34, reflecting disciplined execution and portfolio optimization.

Financial highlights

• Q2 2026 adjusted EPS was $0.69; year-to-date adjusted EPS was $2.06, consistent with last year.

• Q2 2026 adjusted net income was $212 million, down from $236 million in Q2 2025, mainly due to higher interest expense, FX losses, and lower earnings from NMGC and the sale of GBPC.

• Year-to-date adjusted earnings of $627 million, up $12 million year-over-year.

• Operating cash flow (excluding working capital) up 8% year-over-year for the first half, with over $1.7 billion invested in infrastructure.

• Q2 2026 reported net income was $105 million, compared to $135 million in Q2 2025, impacted by increased MTM losses and the loss on sale of GBPC.

Outlook and guidance

• On track to deliver compound annual adjusted EPS growth above 5%-7% target through 2026, with growth expected within that range through 2030.

• Targeting 7%-8% annual rate base growth through 2030, supported by a $20 billion capital plan.

• Moody’s 12% operating cash flow to debt target expected to be achieved in 2026, with New Mexico Gas sale adding 50 basis points of cushion.

• Capital plan execution remains on track for 2026, with a focus on regulated utilities and long-term value creation.