$EMA

EMERA INC

CIK:0001127248|SEC Filings

Consolidated Statements of Income - CAD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating revenues
Total operating revenues (note 6)	$ 8,776.0	$ 7,200.0
Operating expenses
Operating, maintenance and general expenses ("OM&G")	2,337.0	1,918.0
Provincial, state, and municipal taxes	486.0	427.0
Depreciation and amortization	1,294.0	1,162.0
Impairment charges (note 4)	75.0	225.0
Total operating expenses	6,801.0	6,120.0
Income from operations	1,975.0	1,080.0
Income from equity investments (note 8)	63.0	99.0
Other income, net (note 9)	165.0	203.0
Interest expense, net (note 10)	1,032.0	973.0
Income before provision for income taxes	1,171.0	409.0
Income tax expense (recovery) (note 11)	81.0	(159.0)
Net income	1,090.0	568.0
Non-controlling interest in subsidiaries ("NCI")	1.0	1.0
Preferred stock dividends	75.0	73.0
Net income attributable to common shareholders	$ 1,014.2	$ 493.6
Weighted average shares of common stock outstanding (in millions) (note 13)
Basic	299.2	289.1
Diluted	299.7	289.2
Earnings per common share (note 13)
Basic	$ 3.39	$ 1.71
Diluted	3.38	1.71
Dividends per common share declared	$ 2.9075	$ 2.8775
Regulated \| Electric Revenue
Operating revenues
Total operating revenues (note 6)	$ 6,858.0	$ 5,872.0
Operating expenses
Fuel for generation and purchased power	2,161.0	1,992.0
Regulated \| Gas Revenue
Operating revenues
Total operating revenues (note 6)	1,713.0	1,575.0
Operating expenses
Fuel for generation and purchased power	448.0	396.0
Non-Regulated
Operating revenues
Total operating revenues (note 6)	$ 205.0	$ (247.0)

Consolidated Statements of Cash Flows - CAD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Operating activities
Net income	$ 1,090	$ 568
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,298	1,165
Income from equity investments, net of dividends	5	(8)
Allowance for funds used during construction ("AFUDC") - equity	(62)	(53)
Deferred income taxes, net	71	(191)
Net change in pension and post-retirement liabilities	(40)	(46)
Nova Scotia Power ("NSPI") fuel adjustment mechanism ("FAM")	(158)	451
Net change in fair value ("FV") of derivative instruments	13	228
Net change in regulatory assets and liabilities	296	(226)
Net change in capitalized transportation capacity	(65)	175
Impaiment charges	75	214
Gain on sale of the Labrador Island Link Partnership (LIL), excluding transaction costs	(4)	(191)
Other operating activities, net	40	108
Changes in non-cash working capital (note 31)	(757)	452
Net cash provided by operating activities	1,802	2,646
Investing activities
Additions to PP&E	(3,532)	(3,151)
Proceeds on disposal of assets	48	7
Proceeds from disposal of investment subject to significant influence	0	927
Other investing activities	2	(1)
Net cash used in investing activities	(3,482)	(2,218)
Financing activities
Change in short-term debt, net	(78)	56
Proceeds from short-term debt with maturities greater than 90 days	598	0
Proceeds from long-term debt, net of issuance costs	2,016	1,361
Retirement of long-term debt	(201)	(1,086)
Net proceeds (repayments) under committed credit facilities	119	(825)
Issuance of common stock, net of issuance costs	47	284
Dividends on common stock	(576)	(538)
Dividends on preferred stock	(75)	(73)
Other financing activities	(9)	3
Net cash provided (used in) by financing activities	1,841	(818)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash associated with assets held for sale	(11)	23
Net increase (decrease) in cash, cash equivalents, restricted cash and cash associated with assets held for sale	150	(367)
Cash, cash equivalents, restricted cash, and cash associated with assets held for sale, beginning of year	221	588
Cash, cash equivalents, restricted cash, and cash associated with assets held for sale, end of year	$ 371	$ 221

Consolidated Balance Sheets - CAD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 349	$ 196
Restricted cash	16	17
Inventory (note 15)	821	781
Derivative instruments (notes 16 and 17)	156	115
Regulatory assets (note 7)	409	595
Receivables and other current assets (note 19)	2,439	1,811
Assets held for sale (note 4)	199	173
Total current assets	4,389	3,688
Property, plant and equipment ("PP&E"), net of accumulated depreciation and amortization of $10,845 and $10,442, respectively (note 21)	27,408	26,168
Other assets
Deferred income taxes (note 11)	421	392
Derivative instruments (notes 16 and 17)	42	51
Regulatory assets (note 7)	2,789	2,832
Net investment in direct finance and sales type leases (note 20)	572	610
Investments subject to significant influence (note 8)	634	654
Goodwill (note 23)	5,580	5,858
Other long-term assets (note 33)	894	538
Assets held for sale (note 4)	2,088	2,160
Total other assets	13,020	13,095
Total assets	44,817	42,951
Current liabilities
Short-term debt (note 24)	1,807	1,400
Current portion of long-term debt (note 26)	1,201	234
Accounts payable	1,948	1,992
Derivative instruments (notes 16 and 17)	534	526
Regulatory liabilities (note 7)	211	262
Other current liabilities (note 25)	535	489
Liabilities associated with assets held for sale (note 4)	391	212
Total current liabilities	6,627	5,115
Long-term liabilities
Long-term debt (note 26)	18,453	18,173
Deferred income taxes (note 11)	2,516	2,331
Derivative instruments (notes 16 and 17)	115	91
Regulatory liabilities (note 7)	1,458	1,618
Pension and post-retirement liabilities (note 22)	268	274
Other long-term liabilities (notes 8 and 27)	960	910
Liabilities associated with assets held for sale (note 4)	1,024	1,148
Total long-term liabilities	24,794	24,545
Equity
Common stock (note 12)	9,387	9,042
Cumulative preferred stock (note 29)	1,422	1,422
Contributed surplus	86	84
Accumulated other comprehensive income ("AOCI") (note 14)	873	1,261
Retained earnings	1,614	1,468
Total Emera Incorporated equity	13,382	13,277
NCI (note 30)	14	14
Total equity	13,396	13,291
Total liabilities and equity	44,817	42,951
Commitments and contingencies (note 28)