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Emera (EMA) investor relations material
Emera Investor presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Portfolio and demand
Four high-quality regulated utilities serve 2.1M customers; total assets were $45B at Dec. 31, 2025.
Florida utilities contributed ~72% of 2025 adjusted net income; regulated investments accounted for 95%, excluding corporate costs.
Florida utilities’ rate base is forecast to grow at 9.0% CAGR from 2025 to 2031, reaching $24.9B USD.
Tampa Electric customer growth has averaged ~2% annually since 2020; Hillsborough County population rose ~21% from 2014 to 2025.
Nova Scotia Power completed $206M of reliability investments in 2025 within a five-year $1.3B plan; Nova Scotia sees ~20,000 annual heat-pump installations.
Financial objectives and capital plan
The 2027-2031 capital plan totals $21.5B, with ~82% focused in Florida; forecast rate-base CAGR is 7.5-8.5% through 2031.
Capital plan allocations: $16.47B for reliability and resiliency, $3.29B for renewable integration, and $1.71B for technology, innovation and other projects.
Funding targets are 45-50% reinvested cash flow, 30-35% net debt, 10-15% equity and 5-7% hybrids; plans include ~$600M annual equity issuance and ~$1.25B of hybrids.
Adjusted EPS growth target is 5-7% annually through 2030, based on 2024 EPS of $2.94; annual dividend growth target is 1-2%, following 20 consecutive years of increases.
Credit ratings are Baa3/Stable from Moody’s, BBB/Stable from S&P and BBB-/Stable from Fitch; Moody’s and Fitch revised downgrade thresholds to 11% and 6.4x, respectively, in connection with the proposed transaction.
Regulatory developments
Tampa Electric filed a large-load tariff application on Sept. 30, 2026; a Florida Public Service Commission decision is expected in early 2027.
Nova Scotia Power applied on Oct. 9, 2026 to securitize $1.0B of retiring thermal and other regulatory assets; the energy board has 60 days from filing to review.
The Nova Scotia Energy Board’s Oct. 15, 2026 performance-standards decision cited improved 2025 reliability, with fewer and shorter outages, and imposed no administrative penalty.
- Q3 adjusted EPS was CAD 0.85; a CAD 21.5B plan targets 7.5%-8.5% rate-base growth.EMA
Q3 2026 - Merger targets a ~CAD 72B utility, with closing expected in Q3 or Q4 2027.EMA
M&A announcement - $20B capital plan drives 7–8% rate base growth, 5–7% EPS growth, and major sustainability gains.EMA
Investor presentation - Q2 2026 adjusted EPS reached $0.69, with strong cash flow and major asset sales completed.EMA
Q2 2026 - $20B capital plan drives top-tier growth, sustainability, and reliable dividends through 2030.EMA
Investor presentation - Record earnings, strategic investments, and all motions approved amid focus on resilience and cybersecurity.EMA
AGM 2026 - Adjusted EPS up 7% to $1.37, with record Q1 and strong capital deployment supporting growth.EMA
Q1 2026 - $20B capital plan targets 7–8% rate base and 5–7% EPS growth, focusing on grid modernization.EMA
Investor Day 2024 - Adjusted EPS up 68% to $1.28, with $700M+ invested in Q1 and strong 2025 growth outlook.EMA
Q1 2025
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