Emera Reports 2025 Third Quarter Financial Results and Unveils $20 Billion Five-Year Capital Plan

Executive Summary

• Emera reported Q3 2025 adjusted EPS of $0.88 (up 9% YoY) and year‑to‑date adjusted EPS of $2.94, reflecting strong earnings growth driven by Tampa Electric.
• The company unveiled a five‑year $20 billion capital and funding plan that extends its 7‑8% rate‑base growth guidance through 2030, with roughly 80% of the spend earmarked for Florida utilities.
• Capital deployment to date in 2025 exceeds $2.6 billion, keeping the firm on track to fully execute its annual capital plan.

Key Details

• Q3 2025 Financial Highlights
• Adjusted net income: C$263 M ($0.88 adjusted EPS) vs. C$236 M YoY.
• Reported net income: C$228 M ($0.76 reported EPS) vs. C$4 M YoY (previous year impacted by NMGC sale charges).

• Adjusted earnings growth driven primarily by Tampa Electric; partially offset by lower results at Nova Scotia Power and New Mexico Gas Company, plus higher corporate costs.

• Year‑to‑Date 2025 Financial Highlights

• Adjusted net income: C$878 M ($2.94 adjusted EPS) vs. C$603 M YoY.
• Reported net income: C$946 M ($3.17 reported EPS) vs. C$340 M YoY.

• Year‑to‑date results include a C$140 M MTM gain and C$72 M charges related to the pending NMGC sale, offset by previous year’s LIL sale gains and NMGC sale charges.

• Capital & Funding Plan (2026‑2030)

• Total planned spend: $20 billion over five years.
• Allocation: ~80% directed to Florida utilities for grid hardening, storm resilience, and growth support.

• 90% of the plan focused on reliability, grid modernization, renewable asset integration, and technology (cybersecurity, AI).

• 55% of investments target electric transmission, distribution, and gas infrastructure strengthening.

• Regulatory Updates

• Completed Peoples Gas rate case process, providing regulatory certainty through 2028.

• Nova Scotia Power reached a settlement with customer representatives; consensus rate case filed mid‑September.

• Capital Deployment to Date (2025)

• More than C$2.6 billion invested year‑to‑date, on schedule to meet the full 2025 capital plan.

• Operational Drivers

• Tampa Electric earnings uplift from higher base rates and customer growth; favorable weather and weaker CAD contributed positively.

• Nova Scotia Power and New Mexico Gas Company earnings moderated by higher operating & maintenance costs and depreciation.

• Other Financial Impacts

• Weaker Canadian dollar added C$1 M to adjusted net income in Q3 and C$16 M year‑to‑date, partially offset by FX hedge losses.

• Interest expense increased due to higher total debt, though partially mitigated by lower interest rates.

• Teleconference

• Live webcast scheduled for November 7, 2025 at 9:30 a.m. Atlantic (8:30 a.m. Eastern) to discuss Q3 results; replay available two hours after the call.

Notable Quotes

“Emera’s momentum continues with another strong quarter of adjusted EPS growth, principally driven by continued strong operational performance at Tampa Electric… We are extending our 7‑8% rate base growth through 2030, supported by a $20 billion capital plan that focuses on enhancing customer reliability.” – Scott Balfour, President and CEO

All figures are presented in Canadian dollars unless otherwise noted.