EMA

ATCO has delivered a strong share price run in recent years, which naturally raises a question for anyone looking at the stock today. Are the cash flows behind the business enough to justify where the market is now pricing it? - The share price has returned 162.3% over the past 3 years, putting a lot of weight on whether the underlying cash generation can support that kind of re-rating. - The upcoming financial release and investor call linked to the proposed transaction with Emera and Canadian Utilities may reshape expectations for future cash flow timing, capital spending and the profile of the New ATCO entity. - What if you looked at ATCO through its earnings instead? See why ATCO's 49.4x P/E tells a different valuation story. For investors, the debate is whether ATCO's current share price fairly reflects the intrinsic value suggested by its cash flows using a Discounted Cash Flow (DCF) view. If you want to test the same cash flow question across a wider set of ideas, compare ATCO with companies filtered through solid balance sheet and fundamentals stocks screener (7 results). The Discounted Cash Flow (DCF) model here estimates what ATCO might be worth based on the cash it can return to shareholders over time. Latest twelve month free cash flow sits at about CA$741.0 million, which gives the framework a solid recent cash base rather than a turnaround from heavy losses. Analysts feeding into this 2 Stage Free Cash Flow to Equity model expect free cash flow to dip in 2027 before recovering by 2028, then trend as relatively stable, slowly declining projections rather than rapid expansion. Because the DCF output sits broadly in line with the current share price of CA$79.82, the market appears to be treating ATCO as a mature cash generator rather than a high growth utility story. The upcoming Q3 2026 results and the Emera and Canadian Utilities transaction update matter here because any shift in capital spending plans or the cash profile of New ATCO could quickly change how comfortable investors feel with that alignment. Find out what ATCO could be worth using our Discounted Cash Flow (DCF) estimate. Narratives for ATCO act as the missing link between the DCF puzzle above and the assumptions that would need to hold on growth, profitability and earnings for the share price to move meaningfully higher or lower from here, and they sit on Simply Wall St's Community page. Each narrative ties a specific fair value estimate to a clear storyline about ATCO's possible catalysts and risks so you can track over time which version of events appears closer to reality. One of the top community narratives on ATCO: 12% undervalued "Robust long-term demand for modular and affordable housing, driven by government policy and urbanization, positions ATCO to capitalize on significant infrastructure investment initiatives..." Discover why this Narrative puts ATCO at 12% undervalued. Before moving on from ATCO, it is worth weighing the specific risk checks that recent research has flagged for the business, since those issues may matter as much as any valuation model you have seen. Take a closer look at 3 warning signs (1 major) before settling on a valuation. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ACO-X.TO. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

HALIFAX, Nova Scotia, October 09, 2026--(BUSINESS WIRE)--Today Emera (TSX/NYSE: EMA) announced that it will release its Q3 2026 results and outline its 5-year capital and funding plan on Friday, November 6, 2026, before markets open. The Company will host a teleconference and webcast the same day at 9:30 a.m. Atlantic (8:30 a.m. Eastern) to discuss the results. Analysts and other interested parties in North America are invited to participate by dialing 1-800-717-1738. International parties are invited to participate by dialing 1-289-514-5100. Participants should dial in at least 10 minutes prior to the start of the call. No pass code is required. A live and archived audio webcast of the teleconference will be available on the Company's website, www.emera.com. A replay of the teleconference will be available on the Company's website two hours after the conclusion of the call. Forward Looking Information This news release contains forward-looking information within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of applicable US securities laws including, without limitation, the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking information") such as information about the expected date and timing of the release of Emera's Q3 2026 earnings, and 2027 – 2031 capital and funding plan, as well as the related teleconference and webcast. Forward-looking information is typically identified by words such as "anticipate," "expect," "intend," "plan," "target," "believe," "forecast," "estimate," "will," "may," "should," and similar expressions suggesting future outcomes. Undue reliance should not be placed on this forward-looking information, which applies only as of the date hereof. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management's current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera's assumptions may not be correct and that actual results may differ materially from those expressed or implied by such forward-looking information. The forward-looking information in this news release is made only as of the date hereof, and except as required by law, Emera disclaims any intention or obligation to update or revise any forward-looking information as a result of new information, future events or otherwise. Additional detailed information about these assumptions, risks and uncertainties is included in Emera's securities regulatory filings, including under the heading "Enterprise Risk and Risk Management" in Emera's annual Management's Discussion and Analysis, and under the heading "Principal Financial Risks and Uncertainties" in the notes to Emera's annual and interim financial statements, which can be found on SEDAR+ at www.sedarplus.ca or on EDGAR at www.sec.gov. About Emera Inc. Emera (TSX/NYSE: EMA) is a leading North American provider of energy services headquartered in Halifax, Nova Scotia, with investments in regulated electric and natural gas utilities, and related businesses and assets. The Emera family of companies delivers safe, reliable energy to approximately 2.1 million customers in the United States, Canada and the Caribbean. Our team of 6,800 employees is committed to our purpose of energizing modern life and delivering a cleaner energy future for all. Emera's common and preferred shares are listed and trade on the Toronto Stock Exchange and its common shares are listed and trade on the New York Stock Exchange. Additional information can be accessed at www.emera.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. View source version on businesswire.com: https://www.businesswire.com/news/home/20261009696208/en/ Contacts Investor Relations Dave Bezanson, SVP, Capital Markets 902-233-2674 [email protected] Media Emera Corporate Communications [email protected]

On August 12, Emera (NYSE:EMA) finished selling New Mexico Gas Company, an Albuquerque-based regulated gas utility, to Bernhard Capital Partners. The deal was first announced on August 5, 2024, so the finish line arrived just over two years later. Emera's second quarter report, released on August 7, shows what the company looks like now. It is simpler and it is spending heavily. But the earnings line has not caught up yet. Start with what got cut. The New Mexico sale was the last piece of a clean-up that also included selling Grand Bahama Power Company in May, and management says the exercise is now finished. What remains is a group of regulated utilities, and that is where the company is putting its money. Its utilities invested more than $1.7 billion in the first half of 2026, and Emera says it is on track for a $4 billion capital plan this year. Meanwhile, operating cash flow before working capital climbed 8% in the first half of 2026 versus a year earlier, so the business is producing more cash while it builds. Florida is carrying much of the load. The Florida electric utility earned $441 million in adjusted profit during the first six months of 2026, up from $424 million a year earlier, helped by new base rates and stronger off-system sales. Management also says it is positioned to beat its 5% to 7% annual target range for adjusted EPS growth in 2026, and it stays committed to that range through 2030. The second quarter was a step backward. Adjusted EPS came in at $0.69, down from $0.79 in the second quarter of 2025, and adjusted net income fell to $212 million from $236 million. Higher interest expense on long-term debt took $21 million out of the quarter, and currency losses on US dollar short-term debt added to the drag. New Mexico Gas itself earned $12 million less because of higher operating costs, so the unit that was sold had already started to slip. Reported results looked worse. Earnings per share were $0.34 against $0.45 a year earlier, as mark-to-market losses grew and the Grand Bahama sale booked a $19 million loss. A $72 million charge tied to the pending New Mexico sale had already dented the 2025 quarter, which flatters that comparison. The six-month view offers little cover. Adjusted EPS of $2.06 is essentially flat against $2.07 in 2025, which sits awkwardly beside management's above-range growth message for 2026. Corporate costs tied partly to the New York Stock Exchange listing took $13 million off the first half. The Canadian electric utilities segment also slipped, to $102 million from $138 million. 13 hedge funds held Emera in the latest count, down from 15 in the prior quarter. That is a small trim, not an exodus, but it comes as management says it is positioned to beat its 2026 growth target. At 18.94 times forward earnings, as of September 18, the market is paying for steady growth, not fireworks. Emera now looks like a cleaner company with a messier income statement. Selling New Mexico Gas removes a unit that was slipping, but the interest and currency costs that weighed on the second quarter sit at the corporate level, not in the piece that left. The optimists are counting on new rates and heavy spending to show up per share eventually, while skeptics are watching for financing costs to keep outrunning utility gains. While we acknowledge the potential of EMA as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Best Future Stocks to Buy Under $10 and 12 Best Performing Semiconductor Stocks to Invest In. Disclosure: None. Follow Insider Monkey on Google News.

On August 7, Emera (NYSE:EMA) reported second-quarter results that read two different ways depending on which line you look at. Adjusted earnings per share fell from $0.79 a year ago to $0.69, yet the company said it's still on track to beat its own long-term growth target. That gap between a softer quarter and an unchanged multi-year plan is what makes this report worth digging into. Despite the weaker quarter, Emera said it's positioned to grow adjusted earnings per share above its 5% to 7% annual target range in 2026, and it reiterated that same 5% to 7% growth commitment through 2030. Year-to-date operating cash flow, before working capital changes, climbed 8% compared with the first half of 2025, a sign the underlying business is throwing off more cash even as reported profit slipped. The company also kept spending at scale, putting more than $1.7 billion into infrastructure projects in the first six months of the year while staying on pace for a full $4 billion capital plan in 2026. Emera also used the period to finish simplifying its portfolio. Regulatory approval came through for the New Mexico Gas Company transaction, and the sale of Grand Bahama Power Company closed in May, leaving Emera with a smaller, more clearly regulated lineup of utilities. On the operating side, Gas Utilities and Infrastructure adjusted net income rose to $55 million in the quarter from $48 million a year earlier, and climbed to $191 million year to date from $168 million, while new base rates helped lift results at PGS and TEC. The headline numbers moved the wrong way. Adjusted net income fell to $212 million, or $0.69 per share, down from $236 million, or $0.79 per share, a year earlier, with Emera pointing to higher interest expense, foreign exchange losses at Corporate, and lower earnings at New Mexico Gas Company and from the now-sold Grand Bahama Power Company. Reported net income dropped further, to $105 million from $135 million, weighed down by a $59 million after-tax increase in mark-to-market losses and a $19 million after-tax loss on the Grand Bahama sale. Some of the drag looks less like a one-time blip. The Other segment, which captures Corporate along with EES, widened its loss to $125 million in the quarter from $101 million a year earlier, as interest expense and foreign exchange losses on short-term debt piled up. Canadian Electric Utilities adjusted net income fell to $102 million year to date from $138 million, hurt by the loss of a favorable 2025 tax credit and higher operating and depreciation costs at Nova Scotia Power. And even though year-to-date adjusted net income rose to $627 million from $615 million, adjusted earnings per share actually slipped to $2.06 from $2.07, meaning a larger share count ate into that gain. The stronger Canadian dollar didn't help either, cutting $13 million from quarterly net income. Hedge fund ownership slipped from 15 funds to 13 in the most recent quarter, pointing to some institutional trimming. Emera trades at a forward P/E of 18.66, as of September 17, a multiple that assumes the company delivers on its above-target 2026 guidance without further interest rate or currency surprises. Fewer funds holding the name alongside a multiple that already prices in steady growth leaves little room for another quarter like this one. Emera's quarter shows a company whose long-term plan hasn't budged even though its short-term numbers did. The bulls can point to reaffirmed guidance, rising cash flow, and a simpler portfolio after the Grand Bahama and New Mexico Gas deals. The bears can point to declining adjusted and reported earnings per share, mounting interest costs, and a Canadian utility segment that lost ground. For the growth targets to hold up, the interest expense and currency pressure weighing on Corporate will need to ease from here. Whether that happens should show up clearly in the next few quarters. While we acknowledge the potential of EMA as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Best Future Stocks to Buy Under $10 and 12 Best Performing Semiconductor Stocks to Invest In. Disclosure: None. Follow Insider Monkey on Google News.

Interested in Emera Incorporated? Here are five stocks we like better. Emera reported Q2 adjusted earnings of C$212 million, or C$0.69 per share, with year-to-date earnings up modestly to C$627 million. Management remains on track for more than 5%–7% compound adjusted EPS growth through 2026 and growth within that range through 2030. The sale of New Mexico Gas received regulatory approval and is expected to close in August, generating approximately C$650 million–C$700 million in after-tax proceeds. Emera plans to use the funds to reduce holding-company debt and strengthen its balance sheet, while the transaction is expected to improve its operating cash flow-to-debt ratio. Emera deployed more than C$1.7 billion in the first half and remains on pace for its approximately C$4 billion 2026 capital plan, focused on regulated utility growth. The company is also evaluating transmission opportunities in Atlantic Canada and Ontario, including projects supporting renewable generation and grid reliability. Emera (TSE:EMA) reported second-quarter adjusted earnings of C$212 million, or C$0.69 per share, as the utility advanced asset sales designed to strengthen its balance sheet and concentrate investment on its regulated businesses. Year-to-date adjusted earnings totaled C$627 million, up C$12 million from the prior-year period, while adjusted earnings per share of C$2.06 were effectively unchanged from a year earlier. The company said it remains on track to deliver compound annual adjusted EPS growth above its 5% to 7% target range through 2026 and expects growth within that range through 2030. → No Hangover: Revisiting Microsoft One Week After Earnings “Overall, the first half of 2026 reflects continued progress in executing our strategy and positioning Emera for long-term success,” President and Chief Executive Officer Scott Balfour said on the company’s Aug. 7 earnings call. A key development was the New Mexico Public Regulation Commission’s July 30 approval of Emera’s sale of New Mexico Gas to Bernhard Capital Partners. Balfour said the transaction is expected to close later in August. → MarketBeat Week in Review – 08/03 - 08/07 Emera expects after-tax proceeds of approximately C$650 million to C$700 million from the sale, which it expects to record in its third-quarter results. The company plans to use the funds to reduce holding-company debt and improve financial flexibility, supporting capital investment at its regulated utilities. Balfour said the sale of New Mexico Gas, along with the completed sale of Grand Bahama Power Company on May 12, advances the company’s portfolio-optimization strategy. Grand Bahama Power’s sale was reflected in second-quarter financial results. → Why the Landlord of the AI Boom Could Outlast the Chipmakers Chief Financial Officer Jared Green said the New Mexico Gas sale is expected to provide a sustained benefit of about 50 basis points to Emera’s operating cash flow-to-debt ratio. The company expects to exceed Moody’s 12% operating cash flow before working capital-to-debt threshold during calendar 2026. “Probably the mid-12s is a good place,” Green said in response to an analyst question regarding the desired cushion above Moody’s threshold. “Being able to get to the higher 12s over the longer term would be a much better place to be.” Moody’s revised Emera’s credit outlook to stable during the quarter. Green said the revised outlook and expected New Mexico Gas closing reflect progress in strengthening the company’s financial position. Emera deployed more than C$1.7 billion of capital during the first half of 2026 and remains on pace to execute its approximately C$4 billion capital plan for the full year, its largest to date. The company is targeting annual rate-base growth of 7% to 8% through 2030 and plans to provide an updated capital plan with third-quarter results. The company cited continued customer and economic growth in Florida, where Tampa Electric is investing in infrastructure to meet growing demand. Tampa Electric also is seeing continued activity related to data-center development in its service territory. Under Florida Senate Bill 484, Tampa Electric plans to file a large-load customer tariff with the Florida Commission by Oct. 1. Balfour said the proposed tariff is intended to ensure large-load customers cover the costs of serving them, without shifting costs to existing customers. He said the framework could help reduce rate pressure for Tampa Electric’s existing customers if new large-load development occurs. Effective Aug. 1, Tampa Electric residential rates declined approximately 11% to 12% following the removal of a storm surcharge associated with recovery from 2024 hurricanes. In Nova Scotia, construction has begun on the Nova Scotia-New Brunswick transmission intertie after receipt of required approvals. Emera expects the project, intended to reinforce regional grid connections, support renewable-energy integration and improve reliability, to be completed in late 2028. Nova Scotia Power is also working with the provincial government on a framework for securitizing retiring thermal assets. Balfour said the effort is intended to create long-term customer savings while supporting efforts to phase out coal-fired generation. A Nova Scotia Power representative said management remains encouraged by the progress toward completing the framework by year-end. Green said first-half operating cash flow, excluding working capital, rose 8% from the same period last year. Emera Energy delivered year-to-date earnings more than C$40 million above the prior year, driven by favorable market conditions early in the year and execution across the business. Peoples Gas: Year-to-date results benefited from rates implemented Jan. 1 and higher off-system sales. Second-quarter earnings increased more than C$14 million year over year, although higher operating costs and depreciation partly offset the gains. Tampa Electric: Year-to-date earnings benefited from new rates, colder-than-normal weather early in the year and higher off-system sales. Higher depreciation, operations and maintenance costs, and interest expense partly offset those factors. New Mexico Gas: Earnings declined due primarily to higher operating and maintenance expenses, depreciation and lower revenue, as favorable weather experienced in the prior-year second quarter did not recur. Canadian electric operations: Earnings were lower year over year, primarily due to a lower income-tax recovery and regulatory lag caused by the delay in implementing new rates until May 1. Higher sales volumes and modestly favorable weather partly offset the decline. Caribbean Utilities: Lower income-tax expense was offset by lower revenue and the loss of earnings from Grand Bahama Power following its sale. A stronger weighted-average Canadian dollar reduced year-to-date adjusted EPS by C$0.05, while a higher average share count also reduced adjusted EPS by C$0.05. During the second quarter, foreign exchange added C$0.01 per share, while the increased share count lowered adjusted EPS by C$0.02. During the question-and-answer portion of the call, Balfour said Emera is evaluating adjacent growth opportunities, particularly in transmission infrastructure. He cited potential large-scale transmission development in Atlantic Canada to support offshore and onshore wind development and other cleaner-generation projects. Balfour also said Emera is engaged through a partnership in Ontario’s proposed high-voltage direct current connection between Darlington Nuclear Station and Toronto’s Portlands, noting the technology under consideration is similar to that used in Emera’s Maritime Link project. Balfour said federal engagement in Atlantic Canadian transmission discussions has increased following the announcement of a major projects office and the identification of regional electric transmission as a potential project of national interest. Emera (TSX/NYSE: EMA) is a leading North American provider of energy services headquartered in Halifax, Nova Scotia, with investments in regulated electric and natural gas utilities, and related businesses and assets. The Emera family of companies delivers safe, reliable energy to approximately 2.7 million customers in the United States, Canada and the Caribbean. Our team of 7,800 employees is committed to our purpose of energizing modern life and delivering a cleaner energy future for all. Emera's common and preferred shares are listed and trade on the Toronto Stock Exchange and its common shares are listed and trade on the New York Stock Exchange. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Emera Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Image source: The Motley Fool. Friday, Aug. 7, 2026 at 8:30 a.m. ET President and Chief Executive Officer - Scott Balfour Chief Financial Officer - Jared Green Operator: Good morning, ladies and gentlemen, and welcome to the Emera 2026 Q2 Conference Call. [Operator Instructions] This conference call is being recorded on August 7, 2026. I would like to turn the conference over to Dave Bezanson. Please go ahead. Dave Bezanson: Thank you, Sylvie, and thank you all for joining us this morning for Emera's Second Quarter 2026 Conference Call and Live Webcast. Emera's second quarter earnings release was distributed this morning via Newswire and the financial statements, Management's Discussion and Analysis and the presentation being referenced on this call are available on our website at emera.com. Joining me for this morning's call are Scott Balfour, Emera's President and Chief Executive Officer; Jared Green, Emera's Chief Financial Officer; and other members of Emera's management team. Before we begin, I'd like to advise you that this morning's discussion will include forward-looking information, which is subject to the cautionary statement contained in the supporting slide. Today's discussion and presentation will also include references to non-GAAP financial measures. You should refer to the appendix for reconciliations of historical non-GAAP measures to the closest GAAP financial measure. Unless otherwise specified, all financial information referenced is in Canadian dollars. And now I will turn things over to Scott. Scott Balfour: Thank you, Dave, and good morning, everyone. Before turning to our quarterly results, I'd like to take a moment to acknowledge a significant milestone in the execution of our strategy. Last Thursday, July 30, the New Mexico Public Regulation Commission approved the sale of New Mexico Gas to Bernhard Capital Partners, and we expect the transaction to close later this month. We began this process with a strategic plan focused on driving long-term value for shareholders to strengthen our balance sheet and credit ratings, allowing us to prioritize our focus on high-growth core areas of our business. The approval of the transaction advances our strategic objectives while further supporting the investments needed to deliver safe, reliable and affordable service across our utilities. While this transaction supports Emera's strategic growth objectives, it is also important to recognize the strength of the New Mexico Gas business and the people behind its success. Since joining Emera in 2016, New Mexico Gas has continued to grow and strengthen its position through disciplined investment, strong operational performance and the commitment of its employees. We're proud of the progress achieved over the past decade and are confident that New Mexico Gas is well positioned for continued success under Bernhard's ownership. We appreciate the Commission's careful review of the transaction and thank the entire New Mexico Gas team for their contributions and dedication over the years. We expect after-tax proceeds from the transaction of approximately USD 650 million to USD 700 million to be reflected in our third quarter results later this year. These proceeds will be used to reduce holding company debt and enhance our financial flexibility, supporting continued investment across our regulated utility businesses and the opportunities we see ahead. This morning, we reported second quarter adjusted earnings per share of $0.69, bringing year-to-date adjusted EPS to $2.06, consistent with last year's very strong performance. These results reinforce our confidence in our outlook. We remain on track to deliver compound annual adjusted EPS growth above our 5% to 7% target range through 2026, and we continue to expect growth within that range through 2030. Our performance reflects disciplined execution across the business, including continued portfolio optimization, investment in critical utility infrastructure and strong operational performance across our regulated utilities. We continue to benefit from strong economic and population growth across our service territories. At Peoples Gas, recently implemented rates are supporting the investments needed to safely and reliably serve a growing customer base. At Tampa Electric, continued customer growth is driving investment in infrastructure needed to meet increasing demand. Together, these businesses highlight the strength of our regulated portfolio and the opportunities created by Florida's constructive regulatory and economic backdrop. They support continued investment in our systems, drive long-term rate base growth and position us to deliver value for both customers and shareholders. The long-term outlook for Florida remains particularly compelling. A recent Florida Chamber of Commerce report highlighted that if Florida were its own country, it would rank as the 14th largest economy of the world ahead of Mexico and Australia. With strong population and economic growth expected to continue, there is substantial need to invest in the infrastructure required to meet our customers' evolving energy needs. We're seeing similar momentum in Nova Scotia, where growing economic activity and electrification are increasing demand for energy infrastructure. We continue to see encouraging activity related to data center development in Tampa Electric service territory with opportunities advancing through system planning and evaluation. As required by Senate Bill 484 that will be -- Tampa Electric is developing a large load customer tariff that will be filed with the Florida Commission by October 1. The tariff is designed to ensure new large load customers pay their fair share of the cost required to serve them while protecting existing customers and providing a clear framework for future investment. We view this as an important step in the continued economic growth, enabling infrastructure investment and creating long-term value for both customers and shareholders. We continue to execute at a high level across our regulated utilities. In the first half of 2026, our teams safely deployed more than $1.7 billion of capital, keeping us on track to execute our largest ever capital plan of approximately $4 billion this year and is aligned with our targeted 7% to 8% annual rate base growth through 2030. We look forward to providing an updated capital plan on our third quarter earnings call later this year. In Florida, Tampa Electric continues to advance reliability investments and investments required to serve a growing customer base. In Nova Scotia, construction is underway on the Nova Scotia-New Brunswick Transmission Intertie following receipt of all required approvals. This important project will strengthen connections in the regional grid, support the integration of additional renewable energy resources and enhance reliability for customers. The project is expected to be completed in late 2028 and reflects our continued ability to deliver large-scale infrastructure investments that support long-term customer and shareholder value. As announced on our first quarter call, we entered into an agreement to sell Grand Bahama Power Company, and the transaction closed on May 12. The sale is reflected in our second quarter financial results. Combined with the approved sale of New Mexico Gas, these transactions represent important steps in executing our strategy. These strategic actions are enhancing financial flexibility, sharpening our focus on our core regulated utility operations and supporting continued investment in the higher value and growth opportunities across our portfolio. In Nova Scotia, we're seeing encouraging progress on the securitization of Nova Scotia Power's retiring thermal assets. Nova Scotia Power is working with the government to provide information in support of establishing a framework that is expected to deliver meaningful long-term savings for customers while also supporting the federal and provincial governments' objectives to phase out coal-fired generation. The team will continue to work constructively with stakeholders on this important affordability initiative and are encouraged with the progress made towards completing by the end of the year. I'd also highlight a meaningful reduction in customer rates at Tampa Electric. Effective August 1, customer rates have been reduced by the removal of the storm surcharge associated with the recovery from 2024 hurricanes, resulting in an approximately 11% to 12% decrease in residential rates. I'll now turn the call over to Jared to discuss our financial results. Jared Green: Thank you, Scott, and thank you all for joining us this morning. Moving to financial highlights. This morning, we reported year-to-date adjusted earnings of $627 million, up $12 million over last year. And as Scott noted, adjusted earnings per share of $2.06, effectively consistent with last year. Second quarter adjusted earnings were $212 million or $0.69 per share, representing a $0.10 decrease year-over-year. Earnings growth in the first half of the year contributed to an 8% increase in operating cash flow, excluding working capital, compared to the same period last year. Combined with the expected close of the New Mexico Gas transaction, these improvements continue to strengthen our credit profile and financial flexibility. We remain on track to achieve Moody's 12% operating cash flow pre-working capital to debt target in 2026, with the New Mexico Gas sale expected to contribute approximately 50 basis points on a sustained basis. During the quarter, Moody's revised our credit outlook to stable. Combined with the expected closing of the New Mexico Gas sale, this reflects meaningful progress we have made in strengthening our financial position and improving our credit profile. These developments further enhance our financial flexibility and reinforce our confidence in our ability to fund growth while maintaining a strong balance sheet. Year-to-date, Emera Energy delivered earnings that were more than $40 million higher than the same period last year, building on a record first quarter. Results were driven by favorable market conditions early in the year and disciplined execution across the business. Peoples Gas also delivered strong year-to-date results, reflecting new rates that came into effect on January 1 and favorable market conditions that drove higher off-system sales. These gains were partially offset by lower earnings at New Mexico Gas, primarily due to higher operating and maintenance and depreciation expenses. At Tampa Electric, year-to-date earnings benefited from new rates approved as part of the 2024 rate proceeding, combined with colder-than-normal weather early in the year and strong operational performance, which contributed to higher off-system sales. These factors were partially offset by increased depreciation, operating and maintenance and interest expense. Within our corporate segment, you'll recall Emera completed a significant refinancing program ahead of the large debt maturity and planned hybrid redemption in mid-June. As part of that process, we upsized our hybrid issuance by USD 300 million to support future growth while preserving the associated credit benefits. These actions strengthened our funding position and demonstrate continued access to capital on attractive terms. Year-over-year corporate costs reflects higher interest expense from temporarily carrying both the new financing and the maturing obligations for a portion of the year. Within our Canadian Electric segment, earnings were lower than the same period last year. The decrease was primarily driven by a lower income tax recovery and increased regulatory lag as the implementation of new rates was delayed until May 1. These impacts were partially offset by higher sales volumes and modestly favorable weather. Earnings in our Other Electric segment were generally consistent with the prior year. At Caribbean Utilities, lower income tax expense resulting from the recognition of a deferred tax liability earlier this year was offset by lower revenues and the loss of earnings associated with the sale of Grand Bahama Power Company in May. Year-to-date, a stronger weighted average Canadian dollar reduced EPS by $0.05 and a higher average share count reduced adjusted earnings per share by $0.05. You'll recall, we issued approximately 2.7 million shares under our ATM program in Q1. While some factors influencing our second quarter results were consistent with the year-to-date drivers, there are a few items worth highlighting. Peoples Gas delivered a strong quarter with earnings increasing by more than $14 million compared to the same period last year. Results benefited from the new base rates and higher off-system sales, partially offset by higher operating costs and depreciation. At New Mexico Gas, earnings were affected by higher operating costs, depreciation and lower revenue as the favorable weather conditions experienced in the second quarter of last year did not recur this year. Earnings contributions from our Florida and Canadian Electric segments were generally consistent with the second quarter of last year. At Tampa Electric, higher base rates contributed to revenue growth, partially offset by increased depreciation, interest expense and modestly higher O&M costs. At Nova Scotia Power, new rates that took effect on May 1, together with continued customer growth contributed to higher base revenues. These benefits were offset by increased depreciation and interest expense. Emera Energy's second quarter earnings were also in line with last year. Lower marketing and trading margins were offset by higher equity earnings from Bear Swamp, reflecting business interruption insurance proceeds received following an unplanned outage in 2025. Finally, foreign exchange provided a modest benefit in the quarter with a weaker weighted average Canadian dollar contributing $0.01 to adjusted earnings per share, while a higher average share count reduced adjusted earnings per share by $0.02. With that, I'll pass the call back over to Scott for closing remarks. Scott Balfour: Thanks, Jared. Overall, the first half of 2026 reflects continued progress in executing our strategy and positioning Emera for long-term success. Looking ahead, our focus remains clear: investing in the infrastructure our customers depend on, capturing the growth opportunities across our regulated utilities and allocating capital in a disciplined manner. Supported by a high-quality portfolio of regulated utilities, compelling growth prospects and the strength of our teams, we are confident in our ability to continue to deliver sustainable value over the long term. And with that, we can open the line for questions. Operator: [Operator Instructions] First, we will hear from Maurice Choy at RBC Capital Markets. Maurice Choy: I just wanted to start with the impending closing of NMGC. Can you just remind us where you anticipate FFO-to-debt to be before and after the transaction closes? And just help us paint the picture as to what is a reasonable buffer you'd like to sustainably have versus downgrade threshold and what that will take to achieve that? Jared Green: Good morning, Maurice. Jared here. So for the -- so the downgrade threshold that we have for Moody's is at 12% of the CFO-to-debt. We do see ourselves being able to be above that threshold level in calendar 2026. The 50 basis points of annual benefit we would get from the closing of New Mexico Gas is helpful in that cushion above the 12% threshold. So, we do see ourselves getting there in the calendar year. The 50 basis points helps for some incremental cushion. But your other point to the question of where are we comfortable for cushion room. I do like having that 50 basis points cushion. I would like to see us being able to have that increase a little bit more through time so that we can just have that extra flexibility to make sure that Scott and the team are able to focus on execution of the business, and we're able to, again, have that extra little cushion in there. So probably the kind of the mid-12s is a good place, but being able to get to the higher 12s over the longer term would be a much better place to be from my happiness. Maurice Choy: That's good to hear. And if I could just finish off with a question on the Maritimes. I guess in July, the 3 Maritime Provinces agreed to work together on their future electricity needs, and that possibly could include a road map for transmission by next spring. Just your thoughts on what this means for NSPI. And as a quick follow-up, are you seeing any different levels of support from the federal government with regards to initiatives like the former Atlantic Loop project? Scott Balfour: Yes. Thanks, Maurice. So yes, I mean, I'd say we're encouraged. I think it's quite constructive that the federal government and the provinces are engaged in discussions around how to enhance the infrastructure, how to optimize the infrastructure in Atlantic Canada, looking at a pathway of establishing a regional system operator, I think, is quite encouraging and smart, and I think would benefit all provinces in the region. And similarly, yes, as you know, the idea of large-scale transmission in Atlantic Canada from East to West to support renewable energy -- new renewable energy resources, whether that's wind or onshore or offshore or additional nuclear in New Brunswick, if that were ever to happen, I think, is something that has captured the attention of all in the region as being an opportunity that could enable economic activity, enable investment in renewable generation and support the broader plans of some provinces and certainly the federal government to continue to eliminate coal-based generation and deploy cleaner generation to meet broader Canadian initiatives. So I think all that's very encouraging, and we're pleased to be doing what we can to support those discussions. Maurice Choy: And just on that, are you seeing a different urgency or support from the Feds with regards to some of these initiatives than before? Scott Balfour: Yes. Certainly, I think over the -- since the announcement of the major project office and the identification of electric transmission in Atlantic Canada as a potential project of national interest. There's certainly been strong federal government engagement. And we're, as I say, encouraged in that, and they're directly engaged in discussions with the provinces and the utilities as well. So yes, relative to where we were 2 years ago, we're quite encouraged and seeing a high level of interest and discussion and trying to see what's possible. Operator: Next question will be from Ben Pham at BMO. Benjamin Pham: You mentioned the Florida large load tariff filings in the fall. Can you clarify -- I know you mentioned discussions with data center companies before. Does this tariff as you envision it for conditions like 50 megawatts and water requirements, lack of socialization in rates. Is this going to be the catalyst for advancing your data center initiatives in Tampa Electric? Scott Balfour: Yes. I think Senate Bill 484, I think, was helpful in terms of providing clarity as to what the rules of the road are for large load customers that is helpful to utilities like Tampa Electric, ensuring that there's no cost shift to existing customers, ensuring that there's no negative impact to water supply and the like. And all of that is fully aligned with where Tampa Electric was already and ensuring that to the extent that any large load customers look to the Tampa Electric service territory, not only would they have to pay their full share of cost, but rate structure would, in fact, support and help reduce cost pressure for customers, certainly, not the opposite. So we see this as something that if it were to happen, would be good for our existing customer base and help reduce rate pressure for them while serving potential new large load. Benjamin Pham: Got it. We did notice one of the utility peers announced a redomicile to the U.S. this morning. And I'm just -- they referenced 80% of assets in the U.S. and a number of benefits, including inclusion in indices. Is this something that Emera is looking at right now or maybe in the future potentially? And do you see the same benefits? And is there any sort of impediments of potentially moving the headquarters from there? Scott Balfour: Yes. It's not something that we're looking at, at the moment, Ben. And certainly, when you talk about impediments, certainly, one of them would be -- there would be a significant tax impact from that. But no, not something that we're looking at, at the moment. Operator: Next, we will hear from John Mould at TD Securities. John Mould: Maybe just starting with Nova Scotia, and apologies if I missed this off the top. On the securitization front, can you maybe just give us an update where your discussions are at with the government and potentially the regulator just on moving forward with that securitization of the thermal assets? And I ask the question, recognizing you've got the deferral account in the rate order that was approved. But just wondering if you could give us an update on that as well as key milestones you're hoping to hit there. Scott Balfour: Sure. Vivek, do you want to address that question, please? Vivek Sood: Sure. Thank you, Scott. Thank you for the question. I would answer it by saying that we continue to be encouraged with the progress towards getting this done by year-end. And we're pleased with that. John Mould: Okay. Great. And then maybe just one more on some of your business development activities. And I can appreciate you're focused on executing on the capital plan. Just wondering what other investment opportunities you might be looking at outside of your key markets of Florida and Nova Scotia right now? And I'm thinking just as an example of your engagement in transmission potential investments in Ontario. And I'm just wondering, just as an organization in the context of obviously executing on your broader capital plan, just where you're spending time looking at further growth initiatives. Scott Balfour: Yes, John, thank you for the question. And you're right, we are looking for other growth opportunities and something we think of as sort of adjacency opportunities where we can take experience that we have and bring that to the table with opportunities that would fit for us strategically. And so, one of them would tie in, of course, to Maurice's earlier question and the potential opportunity for there to be large-scale transmission build in Atlantic Canada to support Premier Houston's offshore wind ambitions to potentially support more onshore wind in the Maritimes. And so that's certainly something that we are looking at and engaged in discussions on with others. And then similarly, in Ontario, as you mentioned -- as you know, in Ontario, they are looking at an HVDC connection between Darlington Nuclear Station and the Port Lands in Toronto that would run along Lake Ontario. So it would be marine-based. And as you know, that's something that we know a little bit about with the Maritime Link experience and the technology that is being looked at there is near identical to what is in place at for the Maritime Link that we, of course, developed, built and are currently operating. So depending on how the procurement process unfolds there, that's certainly another project that we are actively engaged in with -- in a partnership and encouraged about. So those kinds of opportunities are certainly on our radar and quite excited about what we're seeing in terms of a broader opportunity set as it relates to potential opportunities like that. Operator: And at this time, it appears we have no other questions registered. Please proceed. Dave Bezanson: Thank you all very much for your interest and support in Emera, and have a great weekend. Operator: Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we do ask that you please disconnect your lines. Before you buy stock in Emera, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Emera wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $397,405!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,344,091!* That performance is why people listen. 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This article first appeared on GuruFocus. Adjusted Earnings Per Share (EPS): $0.69 for Q2 2026, a $0.10 decrease year-over-year; year-to-date adjusted EPS of $2.06, consistent with last year. Adjusted Earnings: Year-to-date adjusted earnings of $627 million, up $12 million over last year; Q2 adjusted earnings of $212 million. Operating Cash Flow: Increased 8% in the first half of the year, excluding working capital, compared to the same period last year. Capital Expenditures: Deployed more than $1.7 billion of capital in the first half of 2026, on track for approximately $4 billion capital plan this year. Peoples Gas Earnings: Q2 earnings increased by more than $14 million year-over-year, driven by new base rates and higher off-system sales. Emera Energy Earnings: Year-to-date earnings more than $40 million higher than the same period last year, building on a record first quarter. New Mexico Gas Earnings: Lower year-to-date earnings due to higher operating and maintenance and depreciation expenses; Q2 affected by higher operating costs, depreciation, and lower revenue. Tampa Electric Earnings: Year-to-date benefited from new rates, colder-than-normal weather, and strong operational performance, partially offset by increased depreciation, O&M, and interest expense. Canadian Electric Segment Earnings: Lower year-over-year, driven by a lower income tax recovery and increased regulatory lag from delayed rate implementation until May 1. Other Electric Segment Earnings: Generally consistent with prior year; lower income tax expense at Caribbean Utilities offset by lower revenues and loss of earnings from Grand Bahama Power Company sale. Foreign Exchange Impact: Stronger weighted average Canadian dollar reduced year-to-date EPS by $0.05; weaker Canadian dollar in Q2 contributed $0.01 to adjusted EPS. Share Count Impact: Higher average share count reduced year-to-date adjusted EPS by $0.05 and Q2 adjusted EPS by $0.02. Warning! GuruFocus has detected 13 Warning Signs with EMA. Is EMA fairly valued? Test your thesis with our free DCF calculator. Release Date: August 07, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Approval of New Mexico Gas sale to Bernhard Capital Partners, expected to close later this month, with after-tax proceeds of approximately USD650-700 million to reduce debt and enhance financial flexibility. Year-to-date adjusted EPS of $2.06, consistent with last year's strong performance, and on track to deliver compound annual adjusted EPS growth above the 5-7% target range through 2026. Strong operational performance at Peoples Gas and Tampa Electric, driven by new rates, customer growth, and favorable market conditions, supporting long-term rate base growth. Encouraging progress on securitization of Nova Scotia Power's retiring thermal assets, expected to deliver meaningful long-term savings for customers and support coal phase-out objectives. Moody's revised credit outlook to stable, reflecting improved financial position, and the company is on track to achieve the 12% operating cash flow to debt target in 2026. Emera Energy delivered year-to-date earnings more than $40 million higher than last year, driven by favorable market conditions and disciplined execution. Second quarter adjusted EPS decreased by $0.10 year-over-year, impacted by higher interest expense, regulatory lag, and lower earnings at New Mexico Gas. New Mexico Gas earnings were negatively affected by higher operating and maintenance costs, depreciation, and less favorable weather compared to the prior year. Canadian Electric segment earnings declined due to a lower income tax recovery and regulatory lag from delayed rate implementation until May 1. Year-to-date EPS was reduced by $0.05 due to a stronger weighted average Canadian dollar and another $0.05 from a higher average share count. Corporate costs increased due to higher interest expense from temporarily carrying both new financing and maturing obligations during the refinancing period. Tampa Electric earnings were partially offset by increased depreciation, operating and maintenance, and interest expenses. Q: Can you remind us where you anticipate FFO-to-debt to be before and after the New Mexico Gas Company (NMGC) transaction closes, and what is a reasonable buffer you'd like to sustainably have versus the downgrade threshold?A: Jared Green (CFO) stated that the Moody's downgrade threshold is 12% CFO-to-debt, and the company expects to be above that level in calendar 2026. The NMGC sale provides an annual benefit of approximately 50 basis points, which adds a cushion. While comfortable with the 50 basis points, he would prefer to increase this buffer over time to the "mid-12s" and eventually the "higher 12s" for greater financial flexibility. Q: Does the new Florida large load tariff filing, as envisioned, serve as a catalyst for advancing data center initiatives at Tampa Electric?A: Scott Balfour (CEO) explained that Senate Bill 484 provides clarity on the "rules of the road" for large load customers, ensuring no cost shift to existing customers and no negative impact on water supply. This aligns with Tampa Electric's existing approach, and the rate structure would support and help reduce cost pressure for existing customers while serving potential new large loads, making it a positive development for the service territory. Q: Is Emera looking at a potential redomicile to the US, given a peer announced such a move citing benefits like index inclusion?A: Scott Balfour (CEO) confirmed that this is not something Emera is currently looking at. He noted that a significant tax impact would be a major impediment to such a move. Q: Can you provide an update on the securitization of Nova Scotia Power's retiring thermal assets and the key milestones you hope to hit?A: Vivek Sood (President & CEO, Nova Scotia Power) stated that the company continues to be encouraged with the progress towards getting the securitization done by the end of the year, expressing satisfaction with the current trajectory. Q: What other investment opportunities is Emera looking at outside of its key markets of Florida and Nova Scotia?A: Scott Balfour (CEO) highlighted "adjacency opportunities" where the company can leverage its experience. This includes potential large-scale transmission builds in Atlantic Canada to support offshore wind ambitions and an HVDC connection between Darlington Nuclear Station and Toronto, which would utilize technology nearly identical to that used in the Maritime Link. The company is actively engaged in these discussions. Q: What does the recent agreement by the Maritime Provinces to work together on future electricity needs mean for Nova Scotia Power, and is there different support from the federal government?A: Scott Balfour (CEO) said the company is encouraged by the constructive engagement between federal and provincial governments. He views the potential for a regional system operator and large-scale transmission as smart and beneficial for the region. He noted a high level of federal engagement since the identification of electric transmission as a project of national interest, which is a significant change from two years ago. Q: What were the key drivers of the year-to-date adjusted EPS performance, and how does this impact the 2026 outlook?A: Jared Green (CFO) reported year-to-date adjusted EPS of $2.06, consistent with last year. Earnings growth was driven by strong results at Emera Energy (up over $40 million), Peoples Gas (new rates and off-system sales), and Tampa Electric (new rates and weather). These gains were partially offset by lower earnings at New Mexico Gas and higher corporate interest costs. The results reinforce confidence in delivering compound annual adjusted EPS growth above the 5% to 7% target through 2026. Q: What is the expected impact of the New Mexico Gas sale on the company's credit profile and financial flexibility?A: Jared Green (CFO) confirmed the company remains on track to achieve Moody's 12% operating cash flow pre-working capital to debt target in 2026, with the NMGC sale contributing approximately 50 basis points on a sustained basis. Combined with Moody's recent revision of the credit outlook to stable, these developments enhance financial flexibility and support funding growth while maintaining a strong balance sheet. Q: Can you provide details on the second quarter results for the key business segments?A: Jared Green (CFO) noted that Peoples Gas delivered a strong quarter with earnings up over $14 million, benefiting from new base rates and higher off-system sales. Tampa Electric's earnings were generally consistent with last year, with higher base rates offset by increased depreciation and interest. Nova Scotia Power's new rates took effect May 1, but earnings were impacted by regulatory lag and lower income tax recovery. Emera Energy's earnings were in line with last year, with lower marketing margins offset by higher equity earnings from Bear Swamp. Q: What is the status of the capital plan and the Nova Scotia-New Brunswick Transmission Intertie project?A: Scott Balfour (CEO) stated that the company deployed over $1.7 billion of capital in the first half of 2026, keeping it on track for its largest-ever capital plan of approximately $4 billion this year. Construction is underway on the Nova Scotia-New Brunswick Transmission Intertie, which is expected to be completed in late 2028. An updated capital plan will be provided on the third quarter earnings call. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

HALIFAX, Nova Scotia, August 07, 2026--(BUSINESS WIRE)--Emera Inc. ("Emera") (TSX/NYSE: EMA) reported 2026 second quarter financial results1. Highlights Delivered Q2 2026 adjusted EPS2 of $0.69 and reported EPS of $0.34. Positioned to achieve 2026 adjusted EPS2 growth above the annual target range of 5-7%3 and remain committed to 5-7% adjusted EPS2 growth through 20303. Strengthened year-to-date operating cash flow4 by 8% versus the first six months of 2025. Safely advanced more than $1.7B of customer-focused infrastructure investments in the first half of 2026, while remaining on track to execute $4B annual capital plan this year. "Our second quarter results reflect disciplined execution across the business and continued solid progress on our long-term growth strategy," said Scott Balfour, President and CEO of Emera Inc. "During the first half of the year, we successfully concluded our portfolio optimization strategy with regulatory approval of the New Mexico Gas transaction and closing the sale of Grand Bahama Power Company. This further strengthens the company and sharpens our focus. Our utilities invested more than $1.7 billion on behalf of our customers in the same timeframe, supporting reliability, resiliency and growth across our jurisdictions. Looking ahead, our focused portfolio of high-quality regulated utilities positions Emera to continue delivering the reliable energy customers depend on, while creating long-term value for shareholders." Q2 2026 Financial Results Q2 2026 adjusted net income attributable to common shareholders ("adjusted net income")2 was $212 million, or $0.69 per common share, compared to $236 million, or $0.79 per common share, in Q2 2025. The decrease was primarily due to increased interest expense and foreign exchange ("FX") losses at Corporate; decreased earnings at New Mexico Gas Company ("NMGC"); and lower earnings due to the sale of Grand Bahama Power Company ("GBPC"). Q2 2026 reported net income was $105 million, or $0.34 per common share, compared to net income of $135 million, or $0.45 per common share, in Q2 2025. Reported income also included a $59 million increase in mark-to-market ("MTM") losses, after-tax, and the $19 million loss on sale of GBPC, after tax and transaction costs, partially offset by the $72 million charges related to the pending sale of NMGC recognized in Q2 2025. 2026 YTD Financial Results Year-to-date adjusted net income1 was $627 million or $2.06 per common share, compared with $615 million or $2.07 per common share year-to-date in 2025. Year-to-date adjusted net income1 increased $12 million primarily due to increased earnings at PGS, EES and TEC, higher equity earnings at Bear Swamp and higher income tax recovery at Corporate. These were partially offset by increased interest expense and higher operating, maintenance and general ("OM&G") expenses at Corporate; lower earnings at NSPI and NMGC; and lower earnings due to the sale of GBPC. Year-to-date reported net income was $667 million or $2.19 per common share, compared with net income of $718 million or $2.41 per common share, year-to-date in 2025. Year-to-date reported net income also included a $116 million decrease in MTM gain, after-tax, and the $19 million loss on sale of GBPC, partially offset by the $72 million charges related to the pending sale of NMGC recognized in Q2 2025. The translation impacts of a stronger CAD on USD denominated earnings decreased net income attributable to common shareholders by $13 million in Q2 2026 and $43 million year-to-date compared to the same periods in 2025. In Q2 2026, the impact of the change in FX rates on adjusted net income was nil. Year-to-date, strengthening of the CAD decreased adjusted net income by $17 million, compared to the same period in 2025. These impacts include the effect of the FX hedges used to mitigate translation risk of USD earnings, which are included in Corporate in the Other segment. Segment Results and Non-GAAP Reconciliation Consolidated Financial Review The following table highlights significant quarter-over-quarter and year-over-year changes in adjusted net income from 2025 to 2026: 1 Non-GAAP Financial Measures and Ratios Emera uses financial measures that do not have standardized meaning under USGAAP and may not be comparable to similar measures presented by other entities. Emera calculates the non-GAAP measures and ratios by adjusting certain GAAP measures for specific items. Management believes excluding these items better distinguishes the ongoing operations of the business. For further information on the non-GAAP financial measure, adjusted net income, and the non-GAAP ratio, adjusted EPS – basic, refer to the "Non-GAAP Financial Measures and Ratios" section of Emera’s Q2 2026 MD&A, which is incorporated herein by reference and can be found on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Reconciliation to the nearest GAAP measure is included in "Segment Results and Non-GAAP Reconciliation" above. Forward-Looking Information This news release contains forward-looking information within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of applicable US securities laws including, without limitation, the U.S. Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking information") with respect to Emera, including without limitation, statements about: Emera’s plans to achieve 2026 adjusted EPS2 growth above the annual target range of 5-7%3 and remain committed to 5-7% adjusted EPS2 growth through 2030; the Company’s capital plans being on track for 2026; Emera’s focused portfolio of high-quality regulated utilities enabling it to continue to deliver reliable energy to customers and create long-term value for shareholders; and the pending sale of NMGC. . Forward-looking information is typically identified by words such as "anticipate," "expect," "intend," "plan," "target," "believe," "forecast," "estimate," "will," "may," "should," and similar expressions suggesting future outcomes. Undue reliance should not be placed on this forward-looking information, which applies only as of the date hereof. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from those expressed or implied by such forward-looking information. The forward-looking information in this news release is made only as of the date hereof, and except as required by law, Emera disclaims any intention or obligation to update or revise any forward-looking information as a result of new information, future events or otherwise. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading "Enterprise Risk and Risk Management" in Emera’s annual Management’s Discussion and Analysis, and under the heading "Principal Financial Risks and Uncertainties" in the notes to Emera’s annual and interim financial statements, which can be found on SEDAR+ at www.sedarplus.ca or on EDGAR at www.sec.gov. Teleconference Call The company will be hosting a teleconference today, Friday, August 7, 2026, at 9:30 a.m. Atlantic (8:30 a.m. Eastern) to discuss the Q2 2026 financial results. Analysts and other interested parties in North America are invited to participate by dialing 1-800-717-1738. International parties are invited to participate by dialing 1-289-514-5100. Participants should dial in at least 10 minutes prior to the start of the call. No pass code is required. A live and archived audio webcast of the teleconference will be available on the Company's website, www.emera.com. A replay of the teleconference will be available on the Company’s website two hours after the conclusion of the call. About Emera Emera (TSX/NYSE: EMA) is a leading North American provider of energy services headquartered in Halifax, Nova Scotia, with investments in regulated electric and natural gas utilities, and related businesses and assets. The Emera family of companies delivers safe, reliable energy to approximately 2.7 million customers in the United States, Canada and the Caribbean. Our team of 7,600 employees is committed to our purpose of energizing modern life and delivering a cleaner energy future for all. Emera’s common and preferred shares are listed and trade on the Toronto Stock Exchange and its common shares are listed and trade on the New York Stock Exchange. Additional information can be accessed at www.emera.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. View source version on businesswire.com: https://www.businesswire.com/news/home/20260807409012/en/ Contacts Emera Inc. Investor Relations Dave Bezanson, SVP, Capital [email protected] Media Emera Corporate [email protected]