2025 reported net income was $1.014 billion, or $3.39 per common share, compared with a reported net
income of $494 million, or $1.71 per common share in 2024. The increase in 2025 reported net income included a $41 million mark-to-market (“MTM”)
gain, after-tax, compared to a $291 million MTM loss, after-tax in 2024, and $72 million in charges related to the pending sale of NMGC, after-tax. Reported net income for 2024 included a $129 million gain, after tax and transaction costs, on the sale of Emera’s equity interest in LIL, a $58 million tax benefit related to a specific
financing structure and its wind-up, $225 million in charges to goodwill related to the pending sale of NMGC, after-tax and $26 million in charges related to
wind-down costs and certain asset impairments after-tax.
For the year ended December 31, 2025, the impact of
a weaker CAD on US denominated earnings increased adjusted net income2 by $13 million and increased reported net income by $49 million, compared to the same period in 2024. Impacts of
the changes in the translation of the CAD include the impacts of Corporate FX hedges used to mitigate translation risk of USD earnings in the Other segment.
Q4 2025 Financial Results
Q4 2025 adjusted net income2 was $167 million, or $0.55 per common share, compared to $246 million, or $0.84 per common share, in Q4 2024. The decrease was primarily due to decreased earnings at NSPI and NMGC,
reduced tax recoveries, and unfavourable weather at Tampa Electric, partially offset by increased earnings at EES.
Q4 2025 reported net income was
$68 million, or $0.23 per common share, compared to net income of $154 million, or $0.52 per common share, in Q4 2024, primarily due to lower adjusted net income as described above, partially offset by a $47 million decrease in MTM
losses, after-tax. Q4 2024 reported net income also included a $58 million tax benefit related to a specific financing structure and its wind-up and a
$22 million tax benefit related to the incremental gain on sale of LIL, partially offset by $26 million in charges related to wind-down costs and certain asset impairments.
In Q4 2025 the translation impact of a stronger CAD on USD denominated earnings decreased adjusted net
income2 by $3 million and decreased reported net income by $3 million, compared to the same period in 2024.
| (1) |
Financial information is presented in Canadian dollars unless otherwise specified.
|
| (2) |
See “Non-GAAP Financial Measures and Ratios” noted below
and “Segment Results and Non-GAAP Reconciliation” below for reconciliation to nearest USGAAP measure. |
| (3) |
Adjusted EPS growth guidance continues to use 2024 as base year. |
2