- Record Adjusted Earnings: Emera achieved $1.45 billion in adjusted net income (2025), up from $849 million in 2024, marking first-time billion-dollar earnings.
- Capital Investment Surge: Deployed $3.6 billion in 2025, the largest annual capital investment in Emera’s history, including 150 MW of new solar at Tampa Electric (totaling 1,505 MW).
- EPS and Cash Flow Growth: Adjusted EPS rose 19% to $3.49 (2025) from $2.94 (2024), with operating cash flow increasing 19% ($386 million higher).
- 5-Year Capital Plan: $20 billion planned from 2023–2027, supporting 7%–8% annual rate base growth and targeting 5%–7% adjusted EPS growth through 2030.
- Grid Resiliency Progress: Tampa Electric undergrounded 77 miles of overhead distribution circuits in 2025, enhancing grid reliability and safety.
Operational Highlights and Capital Deployment
The company deployed $3.6 billion in capital in 2025, the largest annual investment in Emera's history, advancing reliability and resiliency initiatives. Tampa Electric installed an additional 150 megawatts of solar generation, bringing their total to 1,505 megawatts, and made progress on grid resilience by undergrounding 77 miles of overhead distribution circuits. As Scott Balfour mentioned, "These essential investments support the safe, reliable delivery of energy our customers expect."
Growth Strategy and Outlook
Emera's capital plan for 2026 includes a record $4 billion of capital across its regulated utilities, part of its 5-year, $20 billion capital plan, supporting 7% to 8% rate base growth. The company is extending its average adjusted EPS growth target of 5% to 7% through 2030. With a solid foundation in place, Emera is well-positioned to continue delivering sustainable value for customers and shareholders, driven by its organic growth strategy and potential opportunities such as data center growth.
Valuation and Dividend
With a Dividend Yield of 4.16%, Emera offers an attractive income stream. The current P/B Ratio of 1.69 and EV/EBITDA of 13.37 suggest a reasonable valuation. Emera's ROE of 8.76% indicates a decent return on equity. The Net Debt / EBITDA ratio of 6.57 highlights the company's leverage, but its growth prospects and dividend yield may justify the current valuation.
Future Prospects and Challenges
Emera is optimistic about large load activity, particularly data centers, within its service territory. The company is investing in solar generation and plans to invest 150-200 megawatts per year. Regulatory uncertainty in Nova Scotia and the outcome of the New Mexico Gas transaction are potential challenges, but Emera is confident in its proposed securitization and the independent regulatory process. The company's commitment to shutting down coal assets by 2030 and investing in replacement energy and capacity is a positive step towards sustainability.