Emera (EMA) Q3 2026 earnings summary

Executive summary

• Q3 adjusted EPS was CAD 0.85 and nine-month adjusted EPS was CAD 2.90; 2026 adjusted EPS growth is expected to exceed the 5%-7% target range.

• A standalone 2027-2031 capital plan of CAD 21.5B targets 7.5%-8.5% rate-base growth and excludes the proposed Canadian Utilities merger.

• YTD capital deployed was ~$2.8B; the record CAD 4.0B 2026 capital program remains on track.

Financial highlights

• Q3 adjusted net income was CAD 260M, or CAD 0.85/share, versus CAD 263M, or CAD 0.88/share, in Q3 2025; reported net income was CAD 182M, or CAD 0.59/share, versus CAD 228M, or CAD 0.76/share.

• Nine-month adjusted net income was CAD 887M, or CAD 2.90/share, versus CAD 878M, or CAD 2.94/share; reported net income was CAD 849M, or CAD 2.78/share, versus CAD 946M, or CAD 3.17/share.

• Nine-month operating cash flow before working-capital changes rose 7% YoY to CAD 2,113M from CAD 1,972M.

Outlook and guidance

• 2026 adjusted EPS growth is expected to exceed the 5%-7% target range; long-term adjusted EPS growth guidance of 5%-7% through 2030 remains unchanged.

• The CAD 21.5B 2027-2031 plan is up CAD 1.1B from the prior plan and targets consolidated rate-base growth of 7.5%-8.5%; Florida is forecast to grow ~9%.

• About 82%, or CAD 17.5B, of planned capital is directed to Florida; annual investment is expected to reach a record CAD 4B in 2026.

• EPS guidance will be rolled forward with full-year results on the Q4 call in February.