Emera Incorporated : June/July 2024 Investor Presentation

Investor Presentation

June & July 2024

Forward Looking Information, Non-GAAP Measures & Other

FORWARD-LOOKING INFORMATION

This presentation contains "forward-looking information" ("FLI") and statements which reflect the current view with respect to the Company's expectations regarding future growth, results of operations, performance, carbon dioxide emissions reduction goals, business prospects and opportunities, and may not be appropriate for other purposes within the meaning of applicable Canadian securities laws. All such information and statements are made pursuant to safe harbour provisions contained in applicable securities legislation. The words "anticipates", "believes", "budget", "could", "estimates", "expects", "forecast", "intends", "may", "might", "plans", "projects", "schedule", "should", "targets", "will", "would" and similar expressions are often intended to identify FLI, although not all FLI contains these identifying words. The FLI reflects management's current beliefs and is based on information currently available to Emera's management and should not be read as guarantees of future events, performance or results, and will not necessarily be accurate indications of whether, or the time at which, such events, performance or results will be achieved.

The FLI is based on reasonable assumptions and is subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or results anticipated by the FLI. Factors that could cause results or events to differ from current expectations include, without limitation:

regulatory and political risk; operating and maintenance risks; changes in economic conditions; commodity price and availability risk; liquidity and capital market risk; changes in credit ratings; future dividend growth; timing and costs associated with certain capital investments; expected impacts on Emera of challenges in the global economy; estimated energy consumption rates; maintenance of adequate insurance coverage; changes in customer energy usage patterns; developments in technology that could reduce demand for electricity; global climate change; weather risk, including higher frequency and severity of weather events; risk of wildfires; unanticipated maintenance and other expenditures; system operating and maintenance risk; derivative financial instruments and hedging; interest rate risk; inflation risk; counterparty risk; disruption of fuel supply; country risks; supply chain risk; environmental risks; foreign exchange ("FX"); regulatory and government decisions, including changes to environmental legislation, financial reporting and tax legislation; risks associated with pension plan performance and funding requirements; loss of service area; risk of failure of information technology ("IT") infrastructure and cybersecurity risks; uncertainties associated with infectious diseases, pandemics and similar public health threats; market energy sales prices; labour relations; and availability of labour and management resources.

Readers are cautioned not to place undue reliance on FLI, as actual results could differ materially from the plans, expectations, estimates or intentions and statements expressed in the FLI. All FLI in this presentation is qualified in its entirety by the above cautionary statements and, except as required by law, Emera undertakes no obligation to revise or update any FLI as a result of new information, future events or otherwise.

NON-GAAP FINANCIAL MEASURES AND RATIOS

Emera uses financial measures and ratios that do not have standardized meaning under USGAAP and may not be comparable to similar measures presented by other entities. Emera calculates the non-GAAP measures and ratios by adjusting certain GAAP measures for specific items. Management believes excluding these items better distinguishes the ongoing operations of the business and allows investors to better understand and evaluate the business. Refer to the "Non-GAAP Financial Measures and Ratios" section of Emera's Q4 2023 presentation which is incorporated herein by reference and can be found on SEDAR+ at www.sedarplus.ca. Reconciliation to the nearest GAAP measure is included in the appendix.

OTHER

Rate base is a financial measure specific to rate-regulated utilities that is not intended to represent any financial measure as defined by GAAP. The measure is required by the regulatory authorities in the jurisdictions where Emera's rate-regulated subsidiaries or equity investments operate, a summary of which

can be found in our presentation. The calculation of this

2 measure as presented may not be comparable to similarly titled

measures used by other companies.

Table of Contents

Financial	Sustainability	Appendix
Highlights	Page 23	Page 40
Page 11

About Emera	Capital Plan	Portfolio
Page 4	Page 18	Page 31

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About Emera

$1.2B 6 $39B

2023 adjusted net	High-quality	total assets2
regulated utilities
income1
Excluding corporate
net loss

1. Based on 2023 adjusted net income, excluding corporate net loss ($356M). Adjusted net income is a non-GAAP measure. Please refer to appendix for reconciliation to reported earnings
2. At December 31, 2023

Emera at a Glance

47%

reduction in CO₂ emissions

$7.6B

2023 revenue1

6

High-quality

regulated utilities

$39B

total assets1

since 20051

~60%

of capital plan committed to

cleaner, reliable energy

77%

reduction in use of coal in

generation (GWh) since 20051

96%

of adjusted net income2 from regulated utilities

5%	annualized dividend growth
since the year 20001

10.0%	Annualized 10-year Total
Shareholder Return3

$8.8B	2024-2026
Baseline Capital Plan4,5

75%	Capital plan focused in
Florida

7%

Forecasted Rate

Base Growth

through 20265

1 As of December 31, 2023
2 Based on 2023 adjusted net income, excluding corporate net loss of $356M. Adjusted net income is a non-GAAP measure. Please refer to appendix for reconciliation to reported earnings	5
3 For the period ended December 31, 2023.
4 Forecasted capital spend 2024-2026 in millions of CAD
5 An additional $1.9 billion of potential capital investments over the same period could drive rate base growth up to approximately 8 per cent annualized

Emera's Value Proposition

Visible Growth Plan

• $8.8B baseline capital investment plan through 20261,2
• 7.0% forecasted rate base growth through 20262

10.0%

Annualized

10-year TSR4

Proven Strategy & ESG Alignment

• Climate commitment, including a vision to achieve net-zero CO₂ emission by 2050
• Recognized for excellence in governance, including strong ESG governance

Sustainable Dividend Growth

• 5.0% annualized dividend growth since the year 2000
• 5.7% dividend yield3
• 17 years of sustainable dividend growth and 5% CAGR since 2000

Constructive Regulatory Environments

• Highly rated regulatory environments
• 96% of earnings from regulated investments5

1. Forecasted capital spend 2024-2026 in millions of CAD
2. An additional $1.9 billion of potential capital investments over the same period could drive rate base growth up to approximately 8 per cent annualized

3As of December 31, 2023

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1. For the period ended December 31, 2023
2. Based on 2023 adjusted net income, excluding corporate net loss of $356M. Adjusted net income is a non-GAAP measure. Please refer to appendix for reconciliation to reported earnings

Portfolio of High-Quality Regulated Assets

Emera's regulated assets are primarily in favourable economic jurisdictions that are experiencing above average growth

Population Growth Driving Customer Growth

• Florida was one of the fastest growing states between 2022 and 2023, achieving population growth of ~2%
• • TEC experienced customer growth of ~2%
  • PGS experienced customer growth of ~5%
• Nova Scotia was one of the fastest growing provinces in the country in 2023, maintaining the record-breaking population growth of ~3% seen in 2022
• • NSPI experienced customer growth >1%

Load Growth through Electrification

• Florida has the second highest penetration of EVs in the US
• In Nova Scotia, incentives for heat pump adoption are accelerating conversion of home heating from oil to electric

1. Based on 2023 adjusted net income, excluding corporate ($356M). Adjusted net income is a non-GAAP measure. Please refer to appendix for reconciliation to reported earnings
2. Includes Seacoast

$1.2B

ADJUSTED NET

INCOME1, EXLUDING CORPORATE NET LOSS, BY AFFILIATE

Florida Electric	54%​
Canadian Electric	21%​
Peoples Gas2	10%​
NMGC	5%​
Other	4%​
Other Electric	3%​
Pipelines	3%​

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Our Strategy

The three Ds: Energy is essential to our customers, and their evolving needs are driving

decarbonization, decentralization and digitalization trends.

Environmental, Social and Governance (ESG)

commitments are core to our strategy and shape our culture of doing the right thing for our customers, investors, communities and each other.

Our world is changing quickly, and we're ready

EXPERT TEAMS	DELIVERING FOR OUR	DRIVING GROWTH AND
	CUSTOMERS	REINVESTMENT

		OUR STRATEGIC PRIORITIES
Always leading with		Advancing Cleaner Energy		Enhancing Reliability
Health & Safety		towards our Net-Zero Vision
Driving Innovation		Empowering our		Always Working to Minimize
	Teams & Communities		Cost Impacts for Customers

Our proven strategy has been driving our growth for nearly two decades. Our strategic focus balances our efforts to deliver cleaner energy with critical reliability investments, without overlooking the impact on costs for customers. Our strategy helps us respond to, and capitalize on, the key trends facing the energy industry: decarbonization, decentralization and digitalization.

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2023 Finalized Rate Case Details

Peoples Gas Rate Case Details

• $107M USD increase in annual base rates
• $11M USD Cast Iron Bare Steel rider
• 10.15% mid-point ROE up from 9.95%
• Allowed equity thickness of 54.7% unchanged
• Received 85% of the ask as filed

NSP 2022 GRA Settlement Details

• New rates will result in $160M in incremental non- fuel revenues through 2024
• No change to midpoint ROE of 9.0% or earnings band of 8.75% - 9.25%
• Equity thickness set at 40% for rate setting purposes
  - previously 37.5%

	2023	2024
Non-Fuel
Base Rate	1.8%	0.0%
DSM	3.6%	0.3%
Total Non-Fuel Increase	5.4%	0.3%
Fuel Related1
Fuel Rate Increase	1.5%	6.6%
Total Increase	6.9%	6.9%

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Other Regulatory Updates

Tampa Electric

• Filed in April 2024 for new rates effective January 1, 2025

1. Request included increased revenue requirements of $297M USD in 2025, $100M USD in 2026 and $72M USD in 2027;

1. 11.50% ROE midpoint - up from the current 10.20%; and o Maintain the current 54% equity thickness

New Mexico Gas

• Reached an unopposed settlement agreement with all intervenors on its active rate case in March 2024
  o Settlement includes $30M of new base rates, effective October 1, 2024

o o o

Rates set on a 9.375% ROE and 52% equity, unchanged from current Weather normalization mechanism a permanent tariff

Final regulatory decision expected in Q3 2024

Nova Scotia Power

• In April 2024, the UARB approved the provincial government's proposal to acquire $117 million of the NSPI FAM balance and collect if from rate payers over 10 years
• Proceeds were received on April 30th

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