Key Highlights

● Adjusted net income was C$212 million, or C$0.69 per share, versus C$0.79.

● Reported earnings were C$0.34 per share against C$0.45.

● Emera expects to exceed its 2026 adjusted EPS growth range of 5% to 7%.

● The board declared a quarterly dividend of C$0.7325 per share.

Emera Incorporated (NYSE:EMA), the Halifax-based energy company, has its common shares listed on both the Toronto Stock Exchange and the New York Stock Exchange under the ticker EMA. These are ordinary common shares rather than American depositary receipts, while its preferred shares trade in Toronto only.

Because the company reports in Canadian dollars while earning a large share of profit in US dollars, comparisons with the S&P/TSX Composite, its natural home-market benchmark, need care. Any index measured in Canadian dollars will differ from a US-dollar view of the same shares.

Second-quarter results, reported August 7, 2026

Emera reported second-quarter adjusted net income of C$212 million, or C$0.69 per share, compared with C$236 million, or C$0.79, a year earlier. Reported earnings were C$0.34 per share against C$0.45. For the first half, adjusted earnings were C$2.06 per share against C$2.07, and reported earnings C$2.19 against C$2.41. The company says that a stronger Canadian dollar reduced US-dollar-denominated earnings by C$43 million in the first half.

By segment, the Florida electric utility contributed C$261 million of adjusted net income in the quarter, essentially level with C$260 million. Canadian electric utilities earned C$16 million, against C$17 million, and gas utilities and infrastructure earned C$55 million, up from C$48 million. The corporate segment loss widened to C$125 million from C$101 million. The company attributes the quarterly decline mainly to higher interest expense, foreign exchange losses at corporate, lower earnings at New Mexico Gas and the sale of Grand Bahama Power Company, which closed in May 2026 with an after-tax loss of C$19 million. Management credited disciplined execution across the business.

Dividend, guidance and capital plan

The board declared a quarterly common dividend of C$0.7325 per share on July 13, 2026, with a record date of August 3 and payment on August 17. That is a Canadian-dollar amount, so US-based holders of the NYSE line should expect currency conversion rather than a dollar figure matching the declaration. That puts the annualized rate at C$2.93.

Management guidance is that Emera is positioned to exceed its 2026 adjusted earnings-per-share growth range of 5% to 7%, using 2024 as the base year, and remains committed to 5% to 7% growth through 2030. The company says it is on track for a C$4 billion capital plan in 2026, with its utilities having invested more than C$1.7 billion in the first half. It reports first-half operating cash flow up 8%. Chief executive Scott Balfour said portfolio optimization concluded in the first half, citing regulatory approval of the New Mexico Gas transaction, although the release still describes that sale as pending.

Currency Exposure and the New Mexico Gas Sale

The company points to several sensitivities: foreign exchange exposure on US-dollar earnings and debt, mark-to-market volatility, higher interest expense, cost pressure including the costs of the New York listing, and the pending New Mexico Gas transaction. The mark-to-market item was an after-tax loss of C$88 million in the quarter against C$29 million a year earlier, which helps explain why reported earnings trailed adjusted earnings.

Results are steady at the utility level but sensitive to financing costs and currency at the corporate level. Nova Scotia Power's first-half earnings fell by C$36 million, partly because of lower income tax recovery. Tampa Electric earnings rose by C$17 million in the half, helped by new base rates and higher off-system sales.