[40-F] EMERA INC Annual Report (Canadian Issuer)

Rhea-AI Filing Summary

Emera Incorporated files its annual report on Form 40-F and incorporates the Annual Information Form, MD&A and audited consolidated financial statements for the fiscal year ended December 31, 2025. The filing states 301,754,258 common shares outstanding and lists multiple series of preferred shares.

The CEO and CFO evaluated disclosure controls and concluded they were effective as of December 31, 2025. Management also concluded internal control over financial reporting was effective; an auditor attestation is not included due to a transition period for newly public companies.

Insights

Corporate Governance Expert

Board and controls disclosures align with NYSE and foreign‑issuer norms.

The filing lists a separately designated audit committee with six independent members and confirms six audit committee financial experts by name. It states the Registrant will follow TSX rules in lieu of some NYSE shareholder approval requirements.

Governance changes include a revised Code of Conduct effective January 1, 2026, with new guidance on business expenses and AI use; timing for any disclosures of waivers is tied to applicable law and exchange requirements.

Accounting & Controls Expert

Management reports effective disclosure controls and ICFR as of December 31, 2025.

Management evaluated internal control over financial reporting using the COSO (2013) framework and concluded controls were effective. The filing notes the absence of an auditor attestation due to a transition period for newly public companies.

Readers should note that audited consolidated financial statements for years ended December 31, 2025 and December 31, 2024 are incorporated by reference; the filing references related MD&A sections for liquidity, commitments and guarantees.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

40-F

☐

REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

or

☒

ANNUAL

REPORT

PURSUANT TO SECTION 13(a) OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended

December 31, 2025

Commission File Number

001-42631

EMERA INCORPORATED

(Exact name of Registrant as specified in its charter)

Nova Scotia, Canada

(Province or other jurisdiction of incorporation or organization)

4911

(Primary Standard Industrial Classification Code Number (if applicable))

Not applicable

(I.R.S. Employer Identification Number (if applicable))

5151 Terminal Road

Halifax

,

Nova Scotia

,

Canada

B3J 1A1

Telephone: (

902

)

428-6096

(Address and telephone number of Registrant’s principal executive offices)

EUSHI Finance, Inc.

37 Route 236

Kittery Properties Suite 101

Kittery

,

ME

03904

Telephone: (

902

)

233-4084

(Name, address (including zip code) and telephone number (including area code)

of agent for service in the United States)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Shares, no par value

EMA

New York Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

For annual reports, indicate by check mark the information filed with this Form:

☒

Annual information form

☒

Audited annual financial statements

Indicate the number of outstanding shares of each of the issuer’s classes of

capital or common stock as of the close of the period covered by the annual report:

301,754,258

Common Shares

6,000,000

Series A First Preferred Shares

10,000,000

Series C First Preferred Shares

5,000,000

Series E First Preferred Shares

8,000,000

Series F First Preferred Shares

12,000,000

Series H First Preferred Shares

8,000,000

Series J First Preferred Shares

9,000,000

Series L First Preferred Shares

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the

Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such

reports) and (2) has been subject to such filing requirements for the past 90 days.

Yes

☒

No

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be

submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such

shorter period that the Registrant was required to submit such files).

Yes

☒

No

☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange

Act.

Emerging growth company

☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check

mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial

accounting standards† provided pursuant to Section 13(a) of the Exchange Act.

☐

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting

Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the

effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.

7262(b)) by the registered public accounting firm that prepared or issued its audit report.

☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of

the registrant included in the filing reflect the correction of an error to previously issued financial statements.

☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of

incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period

pursuant to § 240.10D-1(b).

☐

EXPLANATORY NOTE

Emera Incorporated (the “Registrant”) is a Canadian issuer that is permitted, under the multijurisdictional disclosure

system adopted in the United States, to prepare its annual report pursuant to Section 13 of the Securities Exchange Act of

1934, as amended (the “Exchange Act”), in accordance with disclosure requirements in effect in Canada that differ from

those of the United States. The Registrant is a “foreign private issuer” as defined in Rule 3b-4 under the Exchange Act

and in Rule 405 under the Securities Act of 1933, as amended. Equity securities of the Registrant are accordingly exempt

from Sections 14(a), 14(b), 14(c) and 14(f) of the Exchange Act pursuant to Rule 3a12-3.

Differences in United States and Canadian Reporting Practices

The Registrant is permitted, under the multijurisdictional disclosure system adopted by the United States, to prepare

reports it files with the United States Securities and Exchange Commission (the “Commission”) in accordance with

Canadian disclosure requirements, which are different from those of the United States. The Registrant currently prepares

its financial statements, including those which are filed as exhibits to this Form 40-F, in accordance with U.S. generally

accepted accounting principles.

Principal Documents

The following documents, filed as Exhibits 99.1 through 99.3 hereto, are hereby incorporated by reference into this Form

40-F:

(a)

Annual Information Form dated February 23, 2026 for the fiscal year ended December 31, 2025 (filed as Exhibit

99.1 hereto) (the “Annual Information Form”);

(b)

Management’s Discussion and Analysis dated February 23, 2026 for the year ended December 31, 2025 (filed as

Exhibit 99.2 hereto) (the “MD&A”); and

(c)

Audited Consolidated Financial Statements as at and for the years ended December 31, 2025 and December 31,

2024 (filed as Exhibit 99.3 hereto) (the “Financial Statements”).

Tax Matters

Purchasing, holding, or disposing of securities of the Registrant may have tax consequences under the laws of the United

States and Canada that are not described in this Form 40-

F.

Certifications and Disclosure Regarding Controls and Procedures

(a)

Certifications regarding controls and procedures. See Exhibits 99.5 through 99.8.

(b)

Evaluation of disclosure controls and procedures. As of December 31, 2025, an evaluation of the effectiveness of

the Registrant’s “disclosure controls and procedures” (as such term is defined in Rules 13a-15(e) and 15d-15(e)

of the Exchange Act), was carried out by the Registrant’s Chief Executive Officer (“CEO”) and Chief Financial

Officer (“CFO”). Based on that evaluation, the CEO and CFO have concluded that as of such date the

Registrant’s disclosure controls and procedures are effective to provide a reasonable level of assurance that

information required to be disclosed by the Registrant in reports that it files or submits under the Exchange Act is

(i) recorded, processed, summarized and reported within the time periods specified in the Commission’s rules

and forms and (ii) accumulated and communicated to the Registrant’s management, including its CEO and CFO,

as appropriate, to allow timely decisions regarding required disclosure.

It should be noted that while the CEO and CFO believe that the Registrant’s disclosure controls and procedures

provide a reasonable level of assurance that they are effective, they do not expect the disclosure controls and

procedures or internal control over financial reporting to be capable of preventing all errors and fraud. A control

system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the

objectives of the control system are met.

(c)

Management’s annual report on internal control over financial reporting. The Registrant’s management is

responsible for establishing and maintaining adequate internal control over financial reporting. The Registrant’s

internal control framework is based on the criteria published in the Internal Control – Integrated Framework

(2013), a report issued by the Committee of Sponsoring Organizations (COSO) of the Treadway Commission.

The Registrant’s management, including the CEO and CFO, evaluated the design and effectiveness of the

Registrant’s internal control over financial reporting as at December 31, 2025 and concluded that the Registrant’s

internal control over financial reporting is effective as at December 31, 2025.

(d)

Attestation report of the registered public accounting firm. This annual report does not include an attestation

report of the Registrant’s registered public accounting firm regarding internal control over financial reporting due

to a transition period established by rules of the Commission for newly public companies.

(e)

Changes in internal control over financial reporting. The information provided under the heading “Disclosure

and Internal Controls—Change in ICFR” contained in the Registrant’s MD&A is incorporated by reference

herein.

Notices Pursuant to Regulation BTR

Not applicable.

Identification of the Audit Committee

The Registrant has a separately designated standing audit committee established in accordance with section 3(a)(58)(A) of

the Exchange Act. The members of the audit committee are: Isabelle Courville, Paula Y. Gold-Williams, Kent M. Harvey,

B. Lynn Loewen, Ian E. Robertson and Carla M. Tully, each of whom is “independent” as such term is defined in the

rules of the New York Stock Exchange (the “NYSE”).

Audit Committee Financial Expert

The Registrant’s board of directors (the “Board”) has determined that six audit committee financial experts serve on its

audit committee. The audit committee financial experts are Isabelle Courville, Paula Y. Gold-Williams, Kent M. Harvey,

B. Lynn Loewen, Ian E. Robertson and Carla M. Tully. Information concerning the relevant experience of Isabelle

Courville, Paula Y. Gold-Williams, Kent M. Harvey, B. Lynn Loewen, Ian E. Robertson and Carla M. Tully is included in

their biographical information contained in the Registrant’s Annual Information Form. The Commission has indicated that

the designation of a person as an audit committee financial expert does not make such person an “expert” for any purpose,

impose any duties, obligations or liability on such person that are greater than those imposed on members of the audit

committee and board of directors who do not carry this designation, or affect the duties, obligations or liability of any

other member of the audit committee or board of directors.

Code of Ethics

The Emera Code of Conduct (the “Code”) was revised and became effective on January 1, 2026 and applies to all

directors, officers and employees of the Registrant, including the CEO and CFO. The revisions to the Code included: (i)

the addition of guidance regarding the responsible use of business expenses, travel and entertainment, including

strengthened expectations for ethical conduct and accountability; (ii) enhanced guidance on the responsible use of

artificial intelligence tools, including an expectation to verify the accuracy of AI-generated information used in business

communications and work product; and (iii) an update to the Code’s waiver provisions to clarify that any waiver for

executive officers or directors may be granted only by the Company’s Board of Directors (or a Board committee) and will

be disclosed to the extent required by applicable law, regulation or stock exchange requirement. Other administrative

updates were made to the Code that were not substantive.

Since the adoption of the Code, there have not been any waivers, including implied waivers, from any provision of the

Code. A copy of the Code can be found on Emera’s internet website at the following address:

https://www.emera.com/about -us/code-of-conduct. Any amendments or waivers to the Code with respect to any of the

directors, officers and employees covered by it will be posted promptly on the Registrant’s website. Information contained

or otherwise accessed through the Registrant’s website or any other website, other than those documents filed as exhibits

hereto or otherwise specifically referred to herein, does not form part of this Form 40-F, and any reference to the

Registrant’s website herein is as an inactive textual reference only.

The Code was furnished to the Commission on January 12, 2026 as Exhibit 99.1 to a report on Form 6-K and is

incorporated by reference herein as Exhibit 99.9.

Principal Accountant Fees and Services

The information provided under the headings “Audit Committee—Audit and Non-Audit Services Pre-Approval Process”

and “Audit Committee—Auditors’ Fees” contained in the Registrant’s Annual Information Form is incorporated by

reference herein. The Registrant’s Audit Committee approved all of the Audit-Related and Tax services provided by Ernst

& Young LLP in 2025, and none were approved pursuant to the de minimis exception provided by Section (c)(7)(i)(C) of

Rule 2-01 of Regulation S-X.

The Registrant hereby affirms that Ernst & Young LLP (PCAOB ID:

1263

) delivered an audit opinion relating to the

Registrant’s Financial Statements contained in the Annual Information Form, and such audit opinion was issued in

Halifax, Nova Scotia, Canada.

Liquidity and Capital Resources

The information provided under the headings (a) “Off-Balance Sheet Arrangements” and (b) “Contractual Obligations”

contained in the Registrant’s MD&A and with respect to clause (a), the information provided at note 28(“D. Guarantees

and Letters of Credit”) and note 33 (“Variable Interest Entities”), and with respect to clause (b), note 28 (“A.

Commitments”) and note 26 (“Long-Term Debt”), to the Financial Statements, are incorporated by reference herein.

Mine Safety Disclosure

Neither the Registrant nor any of its subsidiaries is the “operator” of any “coal or other mine”, as those terms are defined

in section 3 of the Federal Mine Safety and Health Act of 1977 (30 U.S.C. 802), that is subject to the provisions of such

Act (30 U.S.C. 801 et seq.). Therefore, the provisions of Section 1503(a) of the Dodd-Frank Wall Street Reform and

Consumer Protection Act and Item 16 of General Instruction B to Form 40-F requiring disclosure concerning mine safety

violations and other regulatory matters do not apply to the Registrant or any of its subsidiaries.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

Recovery of Erroneously Awarded Compensation

Not applicable.

NYSE CORPORATE GOVERNANCE

As a foreign private issuer, the Registrant is not required to comply with most of the NYSE corporate governance

requirements to which the Registrant would be subject if it were a U.S. domestic issuer. The Registrant’s governance

practices only significantly differ from those required of U.S. domestic issuers as described below.

Equity Compensation Plans.

The NYSE rules for U.S. domestic issuers require shareholder approval of all equity

compensation plans (as defined in the NYSE rules) regardless of whether new issuances, treasury shares or shares that the

issuer has purchased in the open market are used. The Toronto Stock Exchange (“TSX”) rules require shareholder

approval of share compensation arrangements involving new issuances of shares, and of certain amendments to such

arrangements, but do not require such approval if the compensation arrangements involve only shares purchased in the

open market.

Share Issuances.

The NYSE rules for U.S. domestic issuers also require shareholder approval of certain transactions or

series of related transactions that result in the issuance of common shares, or securities convertible into or exercisable for

common shares, that have, or will have upon issuance, voting power equal to or in excess of 20% of the voting power

outstanding prior to the transaction or if the issuance of common shares, or securities convertible into or exercisable for

common shares, are, or will be upon issuance, equal to or in excess of 20% of the number of common shares outstanding

prior to the transaction. The TSX rules require shareholder approval of acquisition transactions resulting in dilution of

listed securities (including upon conversion or exchange of other securities) in excess of 25%. Shareholder approval is

also required for private placements (i) for an aggregate number of listed securities (including upon conversion or

exchange of other securities) greater than 25% of the number of securities outstanding prior to the transaction, at a price

less than the “market price” (as defined in the TSX rules), (ii) that are to insiders and, during a six month period, exceed

10% of the number of listed securities (including upon conversion or exchange) outstanding at the beginning of that

period, or (iii) that will result in a new holding by a security holder or group of securityholders of more than 20% of the

outstanding voting securities of the issuer. The TSX also has broad general discretion to require shareholder approval in

connection with any issuances of listed securities.

The Registrant intends to comply with the TSX rules for equity compensation plans and share issuances as described

above, in lieu of the corresponding NYSE rules.

UNDERTAKING AND CONSENT TO SERVICE OF PROCESS

A. Undertaking

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by

the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to:

the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on

Form 40-F arises; or transactions in said securities.

B. Consent to Service of Process

The Registrant has previously filed a Form F-X in connection with the class of securities in relation to which the

obligation to file this report arises.

Any change to the name or address of a Registrant’s agent for service shall be communicated promptly to the Commission

by amendment to Form F-X referencing the file number of the Registrant.

EXHIBIT INDEX

Exhibit Number

Description

97.1

Compensation Recovery Policy

99.1

2025 Annual Information Form dated February 23, 2026 for the fiscal year ended December 31,

2025

99.2

Management’s Discussion and Analysis dated February 23, 2026 for the year ended December

31, 2025

99.3

Audited Consolidated Financial Statements as at and for the years ended December 31, 2025 and

December 31, 2024

99.4

Consent of Independent Registered Public Accounting Firm

99.5

Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the U.S.

Securities Exchange Act of 1934, as amended

99.6

Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d -14(a) of the U.S.

Securities Exchange Act of 1934, as amended

99.7

Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of

2002

99.8

Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of

2002

99.9

Emera Code of Conduct (as revised and effective on January 1, 2026) (incorporated by reference

to Emera Incorporated’s Form 6-K, furnished to the Commission on January 12, 2026)

101

Interactive Data File (formatted as Inline XBRL)

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on

Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.

Date: February 23, 2026

EMERA INCORPORATED

By: /s/ Scott C. Balfour

Name: Scott C. Balfour

Title: President & Chief

Executive Officer