Mr. Scott Balfour reports

EMERA REPORTS 2023 FIRST QUARTER FINANCIAL RESULTS

Emera Inc. has released its 2023 first quarter financial results.

Highlights:

• Quarterly adjusted earnings per share (EPS) of 99 cents increased seven cents, or 8 per cent, compared with 92 cents in Q1 2022, resulting from higher marketing and trading margin at Emera Energy Services (EES) and higher earnings at New Mexico Gas Company (NMGC). This was partially offset by lower contributions from Tampa Electric Company (TEC) and Nova Scotia Power and higher interest expense throughout the business.
• Quarterly reported net income increased by $198-million to $560-million compared with $362-million in Q1 2022 and quarterly reported EPS increased by 69 cents to $2.07 from $1.38 in Q1 2022 primarily due to higher mark-to-market (MTM) gains at EES.
• The commissioning of the Labrador Island Link (LIL) in April was another important step in a transformative energy project that has already delivered more than one million megawatt hours of hydro energy over the Maritime Link and will continue to deliver clean, reliable energy to Nova Scotians for years to come.

"We are off to a solid start in 2023, continuing our track record of delivering for customers and providing predictable, reliable earnings growth for our shareholders," said Scott Balfour, president and chief executive officer of Emera. "Across Emera, our teams are executing on a $3-billion capital plan in support of our strategy, focused on a responsible and balanced energy transition for our customers."

Q1 2023 financial results

Q1 2023 reported net income was $560-million, or $2.07 per common share, compared with net income $362-million, or $1.38 per common share, in Q1 2022.

Q1 2023 adjusted net income was $268-million, or 99 cents per common share, compared with $242-million, or 92 cents per common share, in Q1 2022. The increase was primarily due to higher earnings contribution from EES and NMGC; the impact of a weaker Canadian dollar; and decreased corporate costs due to timing of long-term compensation and related hedges. These were partially offset by increased interest expense due to higher interest rates and increased total debt; and lower earnings contributions from TEC.

Consolidated financial review

The attached tables highlight significant changes in adjusted net income attributable to common shareholders from 2022 to 2023.

Teleconference call

The company will be hosting a teleconference today, Friday, May 12, at 9:30 a.m. AT/8:30 a.m. ET to discuss the Q1 2023 financial results.

Analysts and other interested parties in North America are invited to participate by dialling 1-888-886-7786. International parties are invited to participate by dialling 1-416-764-8658. Participants should dial in at least 10 minutes prior to the start of the call. No passcode is required.

A live and archived audio webcast of the teleconference will be available on the company's website. A replay of the teleconference will be available on the company's website two hours after the conclusion of the call.

About Emera Inc.

Emera is a geographically diverse energy and services company headquartered in Halifax, N.S., with approximately $39-billion in assets and 2022 revenues of more than $7.5-billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high-carbon to low-carbon energy sources. Emera has investments in Canada, the United States and in three Caribbean countries.

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