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.
Emera Inc. reported a very strong 2025, with adjusted net income of $1.045 billion, or $3.49 per share, up from $849 million, or $2.94 per share in 2024. Reported net income rose to $1.014 billion, or $3.39 per share, compared with $494 million, or $1.71 per share a year earlier, helped by a swing in mark‑to‑market items.
Management highlighted that average adjusted EPS increased 19% over 2024 and extended its average adjusted EPS growth target of 5‑7% annually through 2030. Full‑year gains were driven mainly by higher earnings at Tampa Electric, Emera Energy Services and New Mexico Gas, partly offset by lower Nova Scotia Power results and higher corporate costs.
Quarterly performance was softer: Q4 2025 adjusted net income was $167 million, or $0.55 per share, down from $246 million, or $0.84, in Q4 2024 due to weaker results at Nova Scotia Power and New Mexico Gas, reduced tax recoveries and less favourable weather. Emera’s 2025 earnings coverage ratio was 1.89 times its combined preferred dividends and interest obligations, indicating solid coverage of fixed charges.