Emera Q3 adjusted profit $260M, unveils $21.5B plan

Halifax-based Emera Inc. (TSX:EMA) reported third-quarter adjusted net income of $260 million, or 85 cents per share, on Friday and unveiled a five-year, $21.5-billion capital plan, with about 82 per cent of the spending planned for Florida. Adjusted earnings were down slightly from $263 million, or 88 cents, a year earlier, the company said.

Reported net income was $182 million, or 59 cents per share, compared with $228 million, or 76 cents, in the third quarter of 2025. Emera said reported income included a $41 million increase in mark-to-market losses after tax, $5 million in charges tied to its pending deal with Canadian Utilities, and a $5 million loss on the sale of Grand Bahama Power Company, partly offset by an $8 million gain on the sale of New Mexico Gas Company. The company said the lower adjusted result came mainly from higher corporate costs, including a loss on a long-term incentive hedge, and the Grand Bahama sale, partly offset by stronger earnings at People’s Gas, Emera Energy Services and Nova Scotia Power.

Adjusted earnings per share is a non-GAAP measure. Emera reports under U.S. GAAP.

The new capital plan is expected to drive rate base growth of 7.5 to 8.5 per cent, up from previous guidance of seven to eight per cent, Emera said. More than 94 per cent of the plan is aimed at reliability, resiliency and renewable investments, and reinvested cash flow from operations is expected to cover about 45 to 50 per cent of funding needs. The company said it has put about $2.8 billion of infrastructure investment to work so far this year and remains on track for a $4-billion capital plan in 2026.

Emera said it expects 2026 adjusted earnings per share growth above its annual target range of five to seven per cent, and it maintained that target through 2030. It also raised its dividend for a 20th consecutive year. The release did not state the new dividend amount in the portion we reviewed, so we have left it out. Year-to-date operating cash flow rose seven per cent from the first nine months of 2025, the company said.

In Nova Scotia, Emera said it has filed for a $1-billion securitization. It also filed a large-load tariff in Florida to support data centre demand there.

“This quarter marks another important step forward for Emera,” Emera president and CEO Scott Balfour said in the release. Balfour said the planned combination with Canadian Utilities brings together two companies with opportunities in Florida and Alberta. As we reported when the deal was announced, the companies would form a utility with about $72 billion in combined enterprise value. Emera said it expects the transaction to close in the third or fourth quarter of 2027, or earlier, subject to approvals.

The results came the morning after a selloff that pushed the S&P/TSX composite index down 736.13 points to 35,605.27 on Thursday, as we reported in our market close story. Emera did not give an update on its share price in the release. Our Friday market preview has the day’s other earnings and data.

Figures are from Emera’s Nov. 6, 2026 news release, distributed by Business Wire. All figures are in Canadian dollars.

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