Fortis (FTS) vs. Emera (EMA): comparing two Canadian utility dividend growers. Fortis vs. Emera Q1 2026: comparing dividend growth guidance, capital plans, and Emera's ongoing portfolio simplification through asset sales. Fortis and Emera are both diversified, regulated-utility holding companies with long histories of annual dividend increases, and it is tempting to file them under the same "boring, reliable utility" heading. Their most recent quarters show a real point of difference worth naming directly: the two companies are guiding to meaningfully different dividend growth rates, and one is actively simplifying its portfolio while the other is expanding. Data as of Q1 2026: Fortis reported May 6, 2026; Emera reported May 8, 2026. This post is a comparison, not a recommendation to buy, hold, or avoid either company. Fortis (FTS). Fortis reported common equity earnings of $501 million and EPS of $0.99, roughly flat year-over-year, on revenue of $3.4 billion. The company deployed $1.4 billion in capital against a $28.8 billion five-year plan, targeting roughly 7% average annual rate base growth through 2030. Fortis reaffirmed dividend growth guidance of 4% to 6% annually through 2030. Morningstar DBRS confirmed its credit rating at A (low), stable outlook. Emera (EMA). Emera reported adjusted EPS of $1.37, up 7% year-over-year, with adjusted net income of $415 million. Reported EPS, by contrast, was $1.85, down from $1.96 a year earlier - a reminder that adjusted and reported figures can move in opposite directions in the same quarter, and the adjusted figure is generally the more comparable one for tracking underlying performance. Emera's dividend is $0.7325 per share, marking 19 consecutive years of increases, but its guided dividend growth rate is only 1% to 2% annually - notably lower than Fortis's 4-6% guidance. The company's 2026 capital plan is $4.0 billion, with roughly $20 billion planned through 2030, and management stated it is on track to exceed its 5-7% adjusted EPS growth guidance in 2026. Approximately 72% of Emera's adjusted net income comes from its Florida operations (Tampa Electric and Peoples Gas). The portfolio simplification underway at Emera. Emera has agreed to sell Grand Bahama Power Company and New Mexico Gas Company - a deliberate narrowing of its geographic and business footprint. Fortis, by contrast, is in expansion mode, including capacity additions at its ITC transmission subsidiary driven partly by data-center demand. This is the clearest structural difference between the two companies this quarter: Emera simplifying, Fortis growing its footprint. Reading the two side by side. | Metric | Fortis (FTS) | Emera (EMA) | | Guided dividend growth rate | 4-6% annually through 2030 | 1-2% annually | | Dividend increase streak | Multi-decade (ongoing) | 19 consecutive years | | Current strategic direction | Expansion (rate base + ITC capacity) | Simplification (divesting 2 assets) | The dividend growth guidance gap is the single most important number in this comparison - Fortis is guiding to two to four times Emera's own stated growth rate. That is not a reason to dismiss Emera; a 1-2% dividend growth rate paired with active portfolio simplification can be a deliberate near-term trade-off while the company completes its divestitures and potentially re-accelerates growth afterward. It is, however, a concrete, checkable difference between two companies often mentioned in the same breath. What each company's quarter suggests about its current phase. Fortis's quarter fits a company mid-expansion, spending toward a rate base target that supports its higher dividend growth guidance. Emera's quarter fits a company in an active simplification phase - divesting non-core international and unregulated assets, at the cost of near-term dividend growth, with management indicating 2026 EPS growth is tracking ahead of its own 5-7% guidance despite the slower dividend growth rate. Comparing the two directly. The Dividend Compare Engine lets you place FTS and EMA side by side using your own yield and dividend-growth-rate assumptions, making the 4-6% vs. 1-2% guidance gap concrete in dollar terms for your own position size. Takeaway. Fortis and Emera are both multi-decade Canadian dividend-growing utility holding companies, but their current guidance and strategic direction differ meaningfully: Fortis guides to 4-6% annual dividend growth while expanding its rate base and transmission capacity, while Emera guides to just 1-2% annual dividend growth while actively divesting international and unregulated assets to simplify its portfolio. Whether Emera's simplification phase sets up faster growth later, or whether Fortis's higher current guidance justifies its expansion-phase capital spending, is the open due-diligence question for each, respectively. > This post analyzes publicly available financial information for educational purposes. It is not investment advice and does not recommend buying, selling, or holding any security. Figures reflect the most recently available quarterly report as of the date noted above and may not reflect current conditions. - *This content is for informational purposes only and does not constitute licensed financial advice. Tax rules and contribution limits are accurate as of 2026 and may change. Consult a qualified financial advisor before making investment decisions.*

Final approval received for Emera's sale of New Mexico Gas Company. HALIFAX, Nova Scotia - Emera Inc. (TSX/NYSE: EMA) today announced it has received final approval from the New Mexico Public Regulation Commission (NMPRC) for the sale of New Mexico Gas Company (NMGC) to Bernhard Capital Partners (Bernhard). "This approval marks an important milestone for Emera and supports our long-term growth objectives," said Scott Balfour, President... July 30, 2026 at 2:54 p.m. HALIFAX, Nova Scotia - Emera Inc. (TSX/NYSE: EMA) today announced it has received final approval from the New Mexico Public Regulation Commission (NMPRC) for the sale of New Mexico Gas Company (NMGC) to Bernhard Capital Partners (Bernhard). "This approval marks an important milestone for Emera and supports our long-term growth objectives," said Scott Balfour, President and Chief Executive Officer, Emera Inc. "We appreciate the NMPRC's thorough review and decision and thank the New Mexico Gas team for their unwavering focus on customers. We are confident Bernhard is committed to building on that strong foundation and supporting the continued success of New Mexico Gas for customers, employees and communities across the state." The sale, with an estimated aggregate transaction value of approximately $1.25 billion USD, was first announced in August 2024. The sale will result in after-tax net proceeds of between $650-$700 million USD, which will be used to support investment opportunities including across Emera's regulated utility businesses and repaying company debt. Emera acquired NMGC as part of its acquisition of the TECO Energy group of companies in 2016. Under Emera's stewardship, as the largest natural gas utility in New Mexico, NMGC maintains more than 19,300 km (12,000 miles) of pipeline serving more than 553,000 customers across the state. The transaction is expected to be completed in August 2026. Forward Looking Information This news release contains forward-looking information within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of applicable U.S. securities laws including, without limitation, the U.S. Private Securities Litigation Reform Act of 1995, (collectively referred to as "forward-looking information") with respect to Emera, including without limitation, statements about the expected amount of after-tax net proceeds, intended use of proceeds, and timing of transaction closing. Undue reliance should not be placed on this forward-looking information, which applies only as of the date hereof. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. This forward-looking information reflects Emera management's current beliefs and is based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera's assumptions may not be correct and that actual results may differ materially from those expressed or implied by such forward-looking information. The forward-looking information in this news release is made only as of the date hereof, and except as required by law, Emera disclaims any intention or obligation to update or revise any forward-looking information as a result of new information, future events or otherwise. Additional detailed information about these assumptions, risks and uncertainties is included in Emera's securities regulatory filings, including under the heading "Enterprise Risk and Risk Management" in Emera's annual Management's Discussion and Analysis, and under the heading "Principal Financial Risks and Uncertainties" in the notes to Emera's annual and interim financial statements, which can be found on SEDAR+ at www.sedarplus.ca or on EDGAR at www.sec.gov. About Emera Inc. Emera (TSX/NYSE: EMA) is a leading North American provider of energy services headquartered in Halifax, Nova Scotia, with investments in regulated electric and natural gas utilities, and related businesses and assets. The Emera family of companies delivers safe, reliable energy to approximately 2.6 million customers in the United States, Canada and the Caribbean. Our team of 7,600 employees is committed to our purpose of energizing modern life and delivering a cleaner energy future for all. Emera's common and preferred shares are listed and trade on the Toronto Stock Exchange and its common shares are listed and trade on the New York Stock Exchange. Additional information can be accessed at www.emera.com, on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Investor Relations Dave Bezanson, SVP, Capital Markets 902-233-2674 [email protected]

Emera, a Halifax-based energy services provider, reported first quarter 2026 adjusted earnings per share of $1.37, up 7% from $1.28 in the same period last year. Reported EPS was $1.85, compared to $1.96 in Q1 2025. The company deployed over $870 million of its $4.0 billion 2026 capital plan and delivered a 6% increase in operating cash flow year-over-year. Adjusted net income rose to $415 million from $379 million, driven by higher earnings from Emera Energy Services, Peoples Gas Systems and Tampa Electric Company. CEO Scott Balfour said the company is on track to exceed its 5–7% average adjusted EPS growth guidance for 2026. Emera also announced an agreement to sell its stake in Grand Bahama Power Company.