Canada · Delayed Price · Currency is CAD Canadian Utilities Earnings Call Transcripts
Fiscal Year 2026
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Emera and Canadian Utilities plan a predominantly share-for-share merger, creating a top 20 North American utility with ~CAD 72B enterprise value and 7%-8% rate base growth forecast through 2030. Closing is expected in late 2027, subject to approvals.
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Q2 2026 saw 16% adjusted earnings growth, driven by regulated utility performance and project execution, with major milestones for the CETO and Yellowhead Pipeline projects. A CAD 12 billion five-year capital plan underpins a 6.9% CAGR, with further upside from non-regulated growth.
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Shareholders approved all motions, including director elections and auditor appointment. The company reported strong earnings growth, a rising share price, and outlined a record capital investment plan focused on regulated utilities, major infrastructure projects, and Indigenous partnerships. Key challenges include global uncertainty and regulatory complexity.
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Q1 2026 saw adjusted earnings rise to CAD 242 million, driven by strong performance in regulated utilities and Australia, with a robust five-year capital plan and major projects like the Yellowhead Pipeline supporting long-term growth. Regulatory approvals and efficient capital allocation underpin a positive outlook.
Fiscal Year 2025
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Delivered strong 2025 results with adjusted earnings of CAD 658 million, driven by robust regulated and non-regulated growth, a record CAD 12 billion capital plan, and major infrastructure projects like the Yellowhead Pipeline. Outlook remains positive with a 6.9% five-year CAGR.
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Q3 2025 saw strong earnings growth across all segments, with adjusted earnings up year-over-year and robust performance in both Canada and Australia. Major projects like Yellowhead Pipeline advanced, funding was secured, and operational efficiencies remain a focus.
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Q2 2025 saw year-over-year earnings growth, driven by strong performance in Energy Systems and Australia, while EnPower faced wind challenges but excelled in gas storage. Major capital projects are progressing, with a focus on Indigenous partnerships and regulatory appeals ongoing.
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Q1 adjusted earnings rose to $232 million, driven by growth in regulated utilities and storage. Major capital projects, including the Yellowhead Pipeline, are advancing, but regulatory and policy uncertainty in Alberta and for hydrogen projects remains a key risk.
Fiscal Year 2024
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Adjusted earnings rose to CAD 647 million in 2024, driven by strong utility and infrastructure performance, with continued rate base growth and a robust capital plan. Regulatory and market uncertainties are delaying renewables and hydrogen projects, but long-term investment remains focused on Alberta and Australia.
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Adjusted earnings rose to $102 million in Q3 2024, driven by strong performance in energy systems and storage, with robust cash flow supporting self-funded growth. Major projects advanced in hydrogen and transmission, while Alberta's economic expansion underpins long-term opportunities.
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Adjusted earnings rose 17% year-over-year to CAD 117 million, with strong performance in energy systems and EnPower segments. Capital investments and growth guidance were raised, while regulatory and market uncertainties remain, especially in Australia and hydrogen export.