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What were the key takeaways from Emera’s earnings call?

- **EPS Growth and Dividend Expansion**: 9% YoY increase in adjusted EPS to CAD 0.88, with 19th consecutive dividend increase.
- **Capital Plan Momentum**: $20 billion 2026-2030 capital plan, 80% focused on Florida, driving 7-8% rate-based growth.
- **Regulatory Clarity**: Nova Scotia rate case filed with customer representatives, supporting reliability investments.
- **Financial Strength**: Improved credit metrics (12-month cash flow-to-debt ratio of 11.9%), underpinned by Tampa Electric’s solar investments.
- **Leadership Transition**: Smooth handover with Greg Blunden retaining key roles, ensuring strategic continuity.

**【CEO Summary Section】**
- Reported third-quarter adjusted earnings per share (EPS) of CAD 0.88, a 9% increase year-over-year, driven by strong capital investments and regulatory progress.
- Announced a 19th consecutive annual dividend increase, reflecting confidence in long-term growth and customer affordability.
- Highlighted the $20 billion 2026-2030 capital plan, with 80% focused on Florida, emphasizing rate-based growth of 7-8% through 2030.
- Discussed regulatory clarity in Florida and Nova Scotia, including approved rate adjustments and securitization initiatives to mitigate customer cost impacts.
- Acknowledged Greg Blunden’s transition to Executive Vice President, US Utilities, and welcomed incoming CFO Jared Green.

**【CFO Financial Commentary】**
- Year-to-date adjusted EPS of CAD 2.94, a 40% increase year-over-year, supported by Tampa Electric’s rate base growth and solar investments.
- GAAP net income of CAD 263 million, with non-GAAP metrics showing improved credit metrics (12-month cash flow-to-debt ratio of 11.9%).
- Capital funding plan includes 45-50% from operating cash flow, with hybrid debt and equity markets supporting remaining needs.
- Discussed federal tax credit utilization to accelerate solar investments, reducing fuel costs for customers.

**【Q&A Key Highlights】**
- **Nova Scotia Rate Case**: Filed consensus general rate application, seeking new rates for 2026-2027 to support reliability investments, with regulatory hearing scheduled for January 2026.
- **Credit Metrics**: Maintained strong financial profile with 150+ basis point improvement in cash flow-to-debt metrics, supporting 70% rate-based growth target.
- **Leadership Transition**: Emphasized smooth transition with Greg Blunden retaining key finance roles, ensuring continuity and strategic execution.
- **Florida Growth**: Analysts noted potential upside from data center investments, aligning with customer affordability goals.


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