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Highlights

  • Emera delivered annual adjusted EPS of USD 3.49, a 19% increase over 2024.
  • 2025 reported net income surpassed USD 1B, marking a first in company history.
  • Average adjusted EPS growth target extended to 5-7% through 2030.

Emera Inc (TSE:EMA) released its 2025 fourth-quarter and annual financial results, reporting adjusted net income of USD 1.045B, or USD 3.49 per share, compared with USD 849M, or USD 2.94 per share, in 2024. Reported net income for 2025 reached USD 1.014B, or USD 3.39 per share, up from USD 494M, or USD 1.71 per share in 2024. The increase reflects higher earnings at Tampa Electric (TEC), Emera Energy Services (EES), and New Mexico Gas Company (NMGC), partially offset by lower earnings at Nova Scotia Power (NSPI) and the sale of Emera’s interest in Labrador Island Link (LIL).

The company executed its largest annual capital plan of USD 3.6B, supporting an 8% rate base growth year-over-year. Emera also extended its average adjusted EPS growth target to 5-7% through 2030, signaling long-term earnings expectations.

Q4 2025 Performance Softens
For the fourth quarter, Emera reported adjusted net income of USD 167M, or USD 0.55 per share, down from USD 246M, or USD 0.84 per share in Q4 2024. Lower results were driven by decreased earnings  at NSPI and NMGC, reduced tax recoveries, and unfavourable weather at TEC, partially offset by higher earnings at EES. Reported net income for Q4 2025 was USD 68M, or USD 0.23 per share, compared with USD 154M, or USD 0.52 per share in Q4 2024, reflecting similar drivers and a USD 47M reduction in mark-to-market losses.

Currency effects were notable, with a stronger CAD in Q4 2025 slightly reducing USD-denominated earnings by USD 3M. For the full year, the weaker CAD positively impacted adjusted net income by USD 13M and reported net income by USD 49M.

Segment and Operational Performance

Florida Electric Utility (TEC) reported increased earnings due to higher revenues from new base rates, customer growth, and favourable weather, partially offset by higher operating and maintenance costs.

Emera Energy Services (EES) benefited from volatile natural gas prices and favourable weather conditions, boosting earnings.

New Mexico Gas Company (NMGC) saw year-over-year gains due to higher revenue from new base rates, despite increased operational costs.

Nova Scotia Power (NSPI) experienced decreased earnings due to higher depreciation, operating costs, and lower tax recoveries, although favourable weather supported revenues.

Corporate costs rose with higher interest expenses related to increased debt and foreign exchange effects, partially mitigated by lower interest rates.

Share Performance
Emera Inc shares (TSE:EMA) traded at CAD 70.17, up 0.03 CAD (0.043%) today.

Emera Inc’s 2025 results highlight record adjusted EPS and net income milestones alongside strategic capital investments. While Q4 results moderated due to operational and weather factors, the extension of the average adjusted EPS growth target to 5-7% through 2030 underlines the company’s long-term earnings focus.

FAQs

Q1. What were Emera’s 2025 adjusted and reported EPS?
Adjusted EPS was USD 3.49 per share, and reported EPS was USD 3.39 per share.

Q2. How did Q4 2025 compare to Q4 2024?
Adjusted EPS fell to USD 0.55 per share from USD 0.84, and reported EPS decreased to USD 0.23 per share from USD 0.52.

Q3. What is the new EPS growth target?
Emera extended its average adjusted EPS growth target to 5-7% through 2030.