Emera (EMA) Investor presentation summary

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.