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Emera (EMA) investor relations material

Emera Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary23 Feb, 2026

Executive summary

  • Achieved record 2025 performance with adjusted EPS of $3.49 (up 19% year-over-year) and adjusted net income surpassing $1.045 billion for the first time, driven by regulated utilities and significant capital investment.

  • Florida operations contributed approximately 72% of adjusted net income, with Tampa Electric and Emera Energy delivering strong results.

  • Deployed a record $3.6 billion in capital investment, resulting in 8% rate base growth over 2024.

  • Major investments in solar, battery storage, and reliability across key subsidiaries enhanced efficiency and customer service.

  • Technology and AI adoption improved operational efficiency and reliability.

Financial highlights

  • 2025 adjusted net income: $1.045 billion ($3.49/share), up from $849 million ($2.94/share) in 2024; reported net income: $1.014 billion ($3.39/share), up from $494 million ($1.71/share) in 2024.

  • Operating cash flow grew 19% year-over-year to $2,559 million, with a $386 million rise after normalizing for fuel and storm deferrals.

  • Fourth quarter adjusted net income: $167 million ($0.55/share), down from $246 million ($0.84/share) in Q4 2024.

  • Dividend payout ratio improved to 83% from 98% year-over-year.

  • Rate base grew 8% (6% FX adjusted) year-over-year.

Outlook and guidance

  • Extended 5%-7% adjusted EPS growth target through 2030, anchored to 2024 results.

  • Five-year capital plan totals $20.4 billion, targeting 7%-8% rate base growth and record $4 billion investment in 2026.

  • Dividend growth guidance remains at 1%-2% annually, with payout ratio target of 70%-75% and on track for 80% by 2027.

  • Data center-driven growth not included in current guidance; any such growth would be incremental.

  • Strategic investments in high-growth jurisdictions planned to drive long-term shareholder value.

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Frequently asked questions

Emera Incorporated is an energy and utility company involved in electricity generation, transmission, and distribution. It operates in Canada, the United States, and the Caribbean through regulated subsidiaries. The company is headquartered in Halifax, Canada, and its shares are listed on the TSX.

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