Emera Incorporated Q1 FY2026 earnings call

• Strong first quarter adjusted earnings per share of $1.37, up 7% yoy, marking record. Positioned to deliver above 5% - 7% adjusted EPS CAGR in 2026. - Tampa Electric benefited from revenue adjustment and colder weather. People's Gas from new rates and favorable market dynamics. Amira Energy had standout quarter. - Regulatory progress: Nova Scotia Energy Board approved new rates with securitization deferral mechanism. Awaiting hearing examiner's recommendation in New Mexico, expect sale close mid - 2026. - $870 million customer - focused capital investment in first quarter, on track for $4 billion plan in 2026. - Agreed to sell Grand Bahama Power Company, expected to close end of May, optimizing portfolio.

Adjusted earnings per share was $1.37 in first quarter, up 7% year over year. Amira Energy had record first quarter, earnings expected 60 - 80 million US dollars in 2026. Tampa Electric benefited from subsequent year revenue adjustment and colder weather. People's Gas had earnings from new rates and favorable market dynamics. Canadian electric segment had lower earnings due to lower income tax recovery and higher regulatory lag but partially offset by higher sales volumes. Caribbean utilities benefited from lower fuel costs and lower income tax expense.

• Amira Energy earnings expected 60 - 80 million US dollars in 2026, well above traditional range. - Well positioned to earn above guidance range in 2026 and confident in long - term average EPS growth guidance of 5 - 7% through 2030. - Expect sale of New Mexico Gas to enhance credit metrics with expected 50 basis point contribution.

• Uncertainty in New Mexico regulatory process duration. - Potential issues with securitization approval in Nova Scotia if regulations not met. - Impact of delayed transactions on financing plan and balance sheet.

Q: What are the expected proceeds from the Grand Bahama sale and if it was in prior funding plan?

A: Proceeds are confidential during closing, not in original funding plan, funds to be used for normal corporate funding.

Q: Update on securitization conversations in Nova Scotia?

A: Discussions ongoing with government, optimistic to get securitization approved in calendar year.

Q: Incremental growth opportunities in Nova Scotia utility?

A: Lots of investment opportunity in electric systems like generation procurement, poles and wires, transmission, etc.

Q: Delay in New Mexico sale and if it may lead to renegotiation?

A: No specific reason for delay, wouldn't anticipate other discussions beyond dealing with outside date.

Q: Data center discussions in Florida?

A: Lots of interest, 1300 MW of interested counterparties, governor signed relevant bill, discussions advanced.

Q: Supply picture if landing data centers?

A: Well positioned for 300 - 500 MW in short term, working with counterparties to manage ramp rates.

Q: If Nova Scotia rejects securitization, next step?

A: Assets would be treated in normal rate base and rate making.

Q: If New Mexico sale doesn't close and securitization not approved, impact on financing plan?

A: Business execution would continue in prudent, measured fashion.