Emera reports 7% increase in adjusted EPS and plans Grand Bahama Power exit

Emera (NYSE:EMA) reported robust financial results for the first quarter of 2026, signaling a strong start toward its annual growth targets.

The Halifax-based utility giant delivered adjusted earnings per share (EPS) of $1.37, a 7% increase compared to $1.28 in the first quarter of 2025.

Reported EPS for the period was $1.85, compared to $1.96 in the prior-year quarter, reflecting the impact of mark-to-market adjustments.

The company’s performance was supported by a 6% year-over-year increase in operating cash flow, which management attributed to steady regulatory returns and operational efficiencies across its North American utility portfolio.

Based on the first-quarter momentum, Emera stated it is currently on track to exceed its annualized adjusted EPS growth guidance range of 5% to 7%.

In a significant strategic update, Emera announced it has entered into a definitive agreement to sell its 100% interest in the Grand Bahama Power Company.

The divestiture is part of a broader capital recycling strategy intended to streamline the company’s portfolio and redirect capital toward its core, high-growth regulated utilities in North America.

Meanwhile, Emera’s ambitious 2026 capital plan remains on schedule, with the company deploying more than $870 million during the first quarter.

This represents nearly 22% of its total $4 billion planned investment for the year.

The capital program is primarily focused on decarbonization, grid reliability, and the integration of renewable energy sources at its major subsidiaries, including Tampa Electric and Nova Scotia Power.

By focusing on regulated investments, Emera continues to build a predictable earnings profile with a strong rate-base growth trajectory.

The company’s $4 billion commitment for 2026 is part of a larger multi-year investment cycle designed to meet net-zero targets and modernize energy infrastructure in the regions it serves.