Emera Cash Flow Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	1,089	567	1,044	1,008	560
Depreciation & Amortization	1,298	1,165	1,060	959	915
Loss (Gain) on Sale of Investments	-4	-191	-	-	-
Loss (Gain) on Equity Investments	5	-8	-22	-61	-69
Asset Writedown	75	214	-	73	-
Change in Accounts Receivable	-703	-154	653	-636	-364
Change in Inventory	-63	38	-31	-214	-84
Change in Accounts Payable	-40	536	-538	423	289
Change in Other Net Operating Assets	49	32	-179	193	7
Other Operating Activities	96	447	254	-832	-69
Operating Cash Flow	1,802	2,646	2,241	913	1,185
Operating Cash Flow Growth	-31.90%	18.07%	145.46%	-22.95%	-27.61%
Capital Expenditures	-3,532	-3,151	-2,937	-2,596	-2,359
Sale of Property, Plant & Equipment	48	7	-	-	-
Investment in Securities	-	927	-	-	-
Other Investing Activities	2	-1	20	27	27
Investing Cash Flow	-3,482	-2,218	-2,917	-2,569	-2,332
Short-Term Debt Issued	598	56	548	1,572	640
Long-Term Debt Issued	2,135	1,361	1,932	1,295	2,636
Total Debt Issued	2,733	1,417	2,480	2,867	3,276
Short-Term Debt Repaid	-78	-	-1,152	-680	-532
Long-Term Debt Repaid	-201	-1,911	-247	-367	-1,660
Total Debt Repaid	-279	-1,911	-1,399	-1,047	-2,192
Net Debt Issued (Repaid)	2,454	-494	1,081	1,820	1,084
Issuance of Common Stock	47	284	424	277	317
Common Dividends Paid	-576	-538	-488	-472	-443
Preferred Dividends Paid	-75	-73	-66	-63	-50
Dividends Paid	-651	-611	-554	-535	-493
Other Financing Activities	-9	3	-12	-7	-13
Financing Cash Flow	1,841	-818	939	1,555	1,311
Foreign Exchange Rate Adjustments	-11	23	-7	16	-1
Net Cash Flow	150	-367	256	-85	163
Free Cash Flow	-1,730	-505	-696	-1,683	-1,174
Free Cash Flow Margin	-19.71%	-7.01%	-9.20%	-22.18%	-20.36%
Free Cash Flow Per Share	-5.77	-1.75	-2.54	-6.33	-4.56
Cash Interest Paid	1,003	989	930	699	603
Cash Income Tax Paid	41	34	43	67	24
Levered Free Cash Flow	-1,923	-1,029	-1,409	-1,508	-1,184
Unlevered Free Cash Flow	-1,259	-401.5	-812.88	-1,051	-801.75
Change in Working Capital	-757	452	-95	-234	-152

Updated Feb 23, 2026. Source: S&P Global Market Intelligence. Utility template. Financial Sources.

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