Emera (EMA) Investor presentation summary

Business overview and strategy

• Operates high-quality regulated utilities with $45B in assets and 2.7M customers, primarily in Florida and Atlantic Canada.

• 95% of adjusted net income comes from regulated investments, with ~72% from Florida utilities.

• Five-year $20B capital plan, with ~80% focused in Florida, targeting 7-8% rate base CAGR through 2030.

• Targets 5-7% average annual adjusted EPS growth and 1-2% annual dividend growth through 2030.

• 19 consecutive years of dividend growth, emphasizing long-term value and operational excellence.

Financial highlights and objectives

• Forecasted 7-8% rate base CAGR and 5-7% adjusted EPS CAGR through 2030, using 2024 as the base year.

• $20B capital plan through 2030, with $15.4B for grid reliability, $3.2B for renewables, and $1.8B for technology.

• Improving credit metrics, with S&P BBB-, Moody’s Baa3, and Fitch BBB ratings, and targeted leverage and payout ratios.

• Funding plan includes 45-50% reinvested cash flow, 30-40% net debt, and ~10% each from equity and asset sales.

• Dividend yield at 4.3% with a continued focus on sustainable payout and credit strength.

Regulatory and operational environment

• Operates in constructive regulatory environments with multiyear rate increases and mechanisms for cost recovery.

• Tampa Electric and Peoples Gas have approved ROEs of 9.5-11.5% and 9.3-11.3%, respectively, with strong equity thickness.

• Nova Scotia Power filed a consensus GRA for 2026-2027, maintaining 9.0% ROE and 40% equity thickness.

• Sale of New Mexico Gas expected to close in first half of 2026, pending regulatory approval.

• Regulatory updates support long-term earnings visibility and capital recovery.