Emera Inc. (TSX/NYSE: EMA) reported adjusted net income of $1.045 billion and adjusted earnings per share of $3.49 for fiscal 2025, a 19% increase over the $849 million and $2.94 EPS of 2024. The company’s full‑year performance was driven by strong results in Florida, particularly Tampa Electric, and by growth in its energy services segment, while higher corporate costs and a weaker Nova Scotia Power unit offset gains in other areas.
In the fourth quarter, Emera posted adjusted net income of $167 million and EPS of $0.55, down from $246 million and $0.84 in Q4 2024. Analysts had a range of expectations; the company beat the lower estimate of $0.44 but missed the higher estimate of $0.57. The quarterly dip was largely attributable to lower earnings at Nova Scotia Power and New Mexico Gas, reduced tax recoveries, and unfavorable weather at Tampa Electric, offset by stronger performance at Emera Energy Services.
Segment analysis shows that Tampa Electric and Emera Energy Services were the primary contributors to the year‑over‑year gain, while Nova Scotia Power and higher corporate costs were the main drag factors. The company’s Florida‑centric expansion continued to pay off, with Tampa Electric’s performance offsetting headwinds in other regions. The company also benefited from a favorable CAD‑USD translation effect, which helped lift overall profitability.
Emera extended its average adjusted EPS growth target of 5‑7% through 2030, signaling confidence in its capital deployment strategy. The 2025 fiscal year marked the largest annual capital plan to date, totaling $3.6 billion and driving an 8% rate‑base growth. Looking ahead, the company’s five‑year plan (2026‑2030) is $20 billion, focused on grid modernization, gas infrastructure, and technology upgrades, with a particular emphasis on Florida assets.
CEO Scott Balfour said, "Without question, 2025 was a strong year for Emera. For the first time, we exceeded $1 billion in annual adjusted net income and saw a 19% increase in average adjusted EPS over 2024. We are making disciplined, strategic investments in the business at historic levels, strengthening the essential infrastructure our customers rely on. Every dollar invested is paced with care—balancing customer affordability with the long‑term reliability, resilience and value our stakeholders expect." He added, "Emera's momentum continues with another strong quarter of adjusted EPS growth, principally driven by a strong operational performance at Tampa Electric. We are extending our 7‑8% rate base growth through 2030, supported by a $20 billion capital plan that focuses on enhancing customer reliability."
Financial health metrics indicate a high leverage profile, with a debt‑to‑equity ratio of 1.53 and liquidity ratios of 0.64 (current) and 0.51 (quick). Despite these challenges, credit ratings improved in 2025, and Standard & Poor's returned a stable outlook. The company is also progressing on strategic asset sales, with the New Mexico Gas sale expected to close in the first half of 2026 and a settlement agreement reached with Nova Scotia Power customers, positioning Emera to de‑risk its capital plan and maintain long‑term growth momentum.
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