Emera (EMA) investor relations material

Deal rationale and strategic fit

• Merger of equals combines complementary utility operations to increase scale, financial capacity and expertise for major energy infrastructure investment across Canada, the U.S. and international markets.

• Combined platform: ~CAD 72B enterprise value, ~CAD 45B rate base, ~6M customers across 12 regulated utilities, and ~95% of expected 2026 earnings from regulated operations.

• Florida and Alberta are expected to contribute ~80% of earnings and ~79% of rate base; both are positioned for population, load and economic growth, including potential data-center demand.

• Expanded capacity targets electrification, transmission, energy security, large-load customers and export infrastructure.

Financial terms and conditions

• Canadian Utilities Class A and B holders receive 0.755 and 0.819 shares, respectively, per share; ATCO Class I and II holders receive 0.865 shares per share, adjusted for certain assumed liabilities, plus one New ATCO share per share held.

• Pro forma ownership: existing shareholders retain ~60%; Canadian Utilities free-float holders and ATCO holders each hold ~20%; Canadian Utilities preferred shares remain outstanding.

• Expected to be adjusted EPS-accretive in the first full year after closing; adjusted EPS growth target is 5%-7% annually through 2030.

• Canadian Utilities Class A holders are expected to receive ~20% higher dividend income; existing dividend growth target is 1%-2%.

• Investment-grade ratings and stable outlooks are expected to be maintained, with no rating impact on existing rated operating subsidiaries.

Synergies and expected cost savings

• No specific cost-savings target announced; potential efficiencies include greater purchasing power and lower insurance costs, alongside improved financial flexibility and operating capabilities.