Emera (EMA) Investor presentation summary

Business overview and strategy

• Operates five high-quality regulated utilities with $45B in assets and 2.6M customers, primarily in Florida, Atlantic Canada, and the Caribbean.

• 95% of adjusted net income comes from regulated investments, with ~72% from Florida utilities.

• Focused on steady, predictable performance, constructive regulatory environments, and long-term growth visibility.

• $20B capital plan for 2026–2030, with ~80% allocated to Florida, targeting 7–8% rate base CAGR and 5–7% adjusted EPS growth through 2030.

• 19 consecutive years of dividend growth, targeting 1–2% annual increases.

Financial highlights and objectives

• Targeting 7–8% rate base CAGR and 5–7% adjusted EPS CAGR through 2030, using 2024 EPS of $2.94 as the base.

• Annual dividend growth target of 1–2%, with a 4.3% dividend yield as of 2025.

• Improving credit metrics, with Moody’s, S&P, and Fitch ratings all stable and trending positively.

• Funding plan for $20B capital spend includes 45–50% reinvested cash flow, 30–40% net debt, and ~10% each from equity and asset sales/securitization.

Growth drivers and capital allocation

• Florida’s strong demographic and economic growth drives 8–9% forecasted rate base growth for Florida utilities.

• $15.4B of capital plan focused on grid reliability and modernization, $3.2B on renewable integration, and $1.8B on technology and other projects.

• ~55% of capital spend supports electric transmission, distribution, and gas infrastructure for reliability and customer growth.

• Tampa Electric and Peoples Gas are key growth engines, with significant investments in solar, battery storage, and gas infrastructure.