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HALIFAX, Nova Scotia — Emera Inc. (“Emera”) (TSX/NYSE: EMA) reported 2026 second quarter financial results1.
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Highlights
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- 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.
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“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.“
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Q2 2026 Financial Results
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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”).
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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.
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2026 YTD Financial Results
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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.
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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.
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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.
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(1) | Financial information is presented in CAD unless otherwise specified. |
(2) | See “Non-GAAP Financial Measures and Ratios” noted below and “Segment Results and Non-GAAP Reconciliation” below for reconciliation to nearest USGAAP measure. |
(3) | Adjusted EPS growth guidance uses 2024 as base year. |
(4) | Reflects operating cash flow pre-working capital. |
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Segment Results and Non-GAAP Reconciliation
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| For the | Three months ended | Six months ended | ||||||||||
millions of dollars (except per share amounts) | June 30 | June 30 | ||||||||||
Adjusted Net Income 1,2 | 2026 | 2025 | 2026 | 2025 | ||||||||
Florida Electric Utility | $ | 261 | $ | 260 | $ | 441 | $ | 424 | ||||
Canadian Electric Utilities | 16 | 17 | 102 | 138 | ||||||||
Gas Utilities and Infrastructure | 55 | 48 | 191 | 168 | ||||||||
Other Electric Utilities | 5 | 12 | 13 | 12 | ||||||||
Other 3 | (125 | ) | (101 | ) | (120 | ) | (127 | ) | ||||
Adjusted net income 1,2 | $ | 212 | $ | 236 | $ | 627 | $ | 615 | ||||
MTM (loss) gain, after-tax4 | (88 | ) | (29 | ) | 59 | 175 | ||||||
Loss on sale of GBPC, after tax and transaction costs5 | (19 | ) | – | (19 | ) | – | ||||||
Charges related to the pending sale of NMGC, after-tax6 | – | (72 | ) | – | (72 | ) | ||||||
Net income attributable to common shareholders | $ | 105 | $ | 135 | $ | 667 | $ | 718 | ||||
EPS (Basic) | $ | 0.34 | $ | 0.45 | $ | 2.19 | $ | 2.41 | ||||
Adjusted EPS (Basic)1,2 | $ | 0.69 | $ | 0.79 | $ | 2.06 | $ | 2.07 | ||||
| 1 See “Non-GAAP Financial Measures and Ratios” noted below. 2 Excludes the effect of MTM adjustments; loss on sale of GBPC, after tax and transaction costs; and charges related to the pending sale of NMGC. 3 Lower earnings, quarter-over-quarter, primarily due to increased interest expense and Corporate FX losses on translation of USD short-term debt balances and decreased contributions from EES, partially offset by increased equity earnings at Bear Swamp and higher income tax recovery. Higher earnings, year-over-year, due to higher contributions from EES, increased equity earnings at Bear Swamp and higher income tax recovery, partially offset by increased interest expense and higher OM&G. 4 Net of income tax recovery of $37 million for the three months ended June 30, 2026 (2025 – $13 million recovery) and $24 million income tax expense for the six months ended June 30, 2026 (2025 – $71 million expense). 5 Net of income tax recovery of $2 million for the three and six months ended June 30, 2026. 6 Represents a $71 million non-cash impairment charge, after-tax, and $1 million in transaction costs, after-tax for the three and six months ended June 30, 2025. Amounts are net of an income tax recovery of $5 million for the three and six months ended June 30, 2025. | ||||||||||||
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