Topic:"Financial Instruments" in M12835

Regulated Balance Sheets As at December 31 December 31 December 31 December 31 millions of Canadian dollars 2025 2024 2025 2024 Assets Liabilities and Equity Current assets Current liabilities Receivables, net $ 557 $ 417 Bank indebtedness...

AI summary The document presents the regulated balance sheets for the years ending December 31, 2025, and December 31, 2024, showing changes in assets, liabilities, and equity. Key items include increases in current assets, long-term liabilities, and equity.

REDACTED 2025 Annual Financial Statements Attachment 1 Page 5 of 6 As at December 31 millions of Canadian dollars 2025 Unregulated Retained Earnings Unregulated retained earnings - December 31, 2024 $200.8 Unregulated compensation (includi...

AI summary The text presents a table from the 2025 Annual Financial Statements, focusing on unregulated retained earnings, property, plant, and equipment, as well as income taxes and related party transactions. It includes details on unregulated compensation, interest and depreciation expenses, and various adjustments affecting financial figures.

Nova Scotia Power Inc. Consolidated Statements of Cash Flows For the Year ended December 31 millions of dollars 2025 2024 Operating activities Net income $ 141 $ 160 Adjustments to reconcile net income to net cash provided by operating act...

AI summary The consolidated statements of cash flows for Nova Scotia Power Inc. show net income of $141 million in 2025 compared to $160 million in 2024. Net cash provided by operating activities was $118 million in 2025, a significant decrease from $919 million in 2024. The FAM (Fuel Adjustment Mechanism) had a negative impact in 2025 with a $158 million outflow, contrasting with a $451 million inflow in 2024.

Nova Scotia Power Inc. Consolidated Statements of Changes in Equity millions of dollars Common Stock AOCI (AOCL) (1) Retained Earnings Total Equity Balance, December 31, 2024 $ 1,598 $ (8) $ 541 $ 2,131 Net income - - 141 141 Other compreh...

AI summary The document presents Nova Scotia Power Inc.'s consolidated statements of changes in equity for the years ending December 31, 2025 and 2024. It shows changes in common stock, accumulated other comprehensive income, retained earnings, and total equity, including net income, other comprehensive income, and return of capital.

6. INTEREST EXPENSE, NET As at Year ended December 31 millions of dollars 2025 2024 Interest on debt $ 181 $ 197 Interest on FAM balance 1 (19) Interest revenue, net (7) (9) Allowance for borrowed funds used during construction (8) (6) Oth...

AI summary The section discusses interest expense, net, for the years ended December 31, 2025 and 2024, including interest on debt, interest on FAM balance, interest revenue, and other components. It provides a breakdown of these expenses in millions of dollars.

9. RECEIVABLES, NET As at December 31 December 31 millions of dollars 2025 2024 Customer accounts receivable – billed $ 195 $ 142 Customer accounts receivable – unbilled 260 202 Total customer accounts receivable 455 344 Allowance for cred...

AI summary The document presents financial data related to receivables and inventory for the years 2025 and 2024. It includes figures for customer accounts receivable, allowances for credit losses, cash collateral positions on derivative instruments, sales tax receivable, and inventory levels.

Derivative assets and liabilities receiving regulatory deferral consisted of the following: Derivative Assets Derivative Liabilities As at December 31 December 31 December 31 December 31 millions of dollars 2025 2024 2025 2024 Current Comm...

AI summary The text provides a breakdown of derivative assets and liabilities as of December 31, 2024, and 2025, categorized as current or long-term. It details the amounts related to commodity swaps, foreign exchange forwards, and the impact of master netting agreements.

For the Year ended December 31 millions of dollars 2025 2024 Commodity Foreign Commodity Foreign swaps and exchange swaps and exchange forwards forwards forwards forwards Unrealized gain (loss) in regulatory assets $ (34) $ 1 $ (25) $ 5 Un...

AI summary The text presents financial data related to unrealized and realized gains and losses in regulatory assets and liabilities, as well as changes in derivative instruments for the years ended December 31, 2025 and 2024. These figures include items such as unrealized gains in regulatory assets, realized losses in inventory, and total changes in derivative instruments.

The following tables set out the classification of the methodology used by the Company to fair value its derivatives: As at December 31, 2025 millions of dollars Level 1 Level 2 Level 3 Total Assets Regulatory deferral: Commodity swaps and...

AI summary The document outlines the classification of the methodology used by the Company to fair value its derivatives as of December 31, 2025 and 2024. It includes tables showing the fair value of assets and liabilities, categorized by Level 1, Level 2, and Level 3. The fair value of long-term debt is also detailed, with values estimated based on quoted market prices or current rates.

Defined benefit pension plans millions of dollars 2025 2024 ABO $ 47 $ 49 Fair value of Plan Assets 5 5 Funded Status $ (42) $ (44) 2025 Annual Financial Statements Attachment 2 Page 32 of 48 REDACTED (CONFIDENTIAL INFORMATION REMOVED)

AI summary The table presents financial data related to defined benefit pension plans for 2025 and 2024, including the accumulated benefit obligation (ABO), fair value of plan assets, and funded status. The data shows a slight increase in ABO and a consistent fair value of plan assets, resulting in a funded status deficit.

The fair value of investments as at December 31, 2025, by asset category, are as follows: millions of dollars NAV Level 1 Level 2 Total Percentage Cash and cash equivalents $ - $ 10 $ - $ 10 1% Equity Securities: Canadian equity - 114 - 11...

AI summary The fair value of investments as of December 31, 2025, is categorized by asset type, with the majority (74%) represented by open-ended investments measured at NAV, followed by international equity (18%) and Canadian equity (7%).

The following table shows the expected cash flows for defined benefit pension and other post-retirement benefit plans: millions of dollars Defined benefit pension plans Non-pension benefit plans Expected employer contributions 2026 Expecte...

AI summary The text presents a table outlining the expected cash flows for defined benefit pension and other post-retirement benefit plans, including employer contributions and benefit payments from 2026 to 2035. The assumptions section indicates that the data is based on projections and estimates.

As at December 31, 2025, future minimum lease payments to be received for each of the next five years and in aggregate thereafter are as follows: millions of dollars 2026 2027 2028 2029 2030 Thereafter Total Minimum lease payments to be re...

AI summary The document provides a table outlining future minimum lease payments to be received by the entity from December 31, 2025, over the next five years and thereafter. It also mentions a section on related party transactions, indicating potential discussions around such financial relationships.

18. OTHER CURRENT LIABILITIES As at December 31 December 31 millions of dollars 2025 2024 Accrued charges $ 61 $ 61 Accrued interest on long-term debt 40 41 Carbon tax payable 15 25 Sales tax payable - 11 Other 4 4 Total other current liab...

AI summary The table presents other current liabilities for the years 2025 and 2024, including accrued charges, interest on long-term debt, carbon tax payable, sales tax payable, and other liabilities. Total other current liabilities decreased from $142 million in 2024 to $120 million in 2025.

The Company's total long-term credit facilities, outstanding borrowings and available capacity as at December 31 were as follows: millions of dollars Maturity 2025 2024 Revolving credit facility (1) June 2029 $ 800 $ 800 Total $ 800 $ 800...

AI summary The Company's long-term credit facilities and available capacity as of December 31 show a revolving credit facility of $800 million maturing in June 2029. As of 2025, $561 million was borrowed, with $17 million in letters of credit issued, leaving $222 million in available capacity. In 2024, $177 million was borrowed, with $12 million in letters of credit issued, leaving $611 million in available capacity.

25. INVESTMENTS SUBJECT TO SIGNIFICANT INFLUENCE Carrying Value as at December 31 December 31 Ownership (2) millions of dollars 2025 2024 2025 WTI (1) $ 9 $ - 50% (1) Equity earnings issued for the three months and year ended December 31,...

AI summary The section discusses investments subject to significant influence, specifically WTI with a 50% ownership stake as of December 31, 2025, and notes that equity earnings for the period were nil.

Significant changes in the Consolidated Balance Sheets between December 31, 2025 and December 31, 2024 include: Increase millions of dollars (Decrease) Explanation Assets Receivables, net $ 140 Increased due to timing of billing and receip...

AI summary The Consolidated Balance Sheets show significant changes between December 31, 2025, and December 31, 2024, including increases in receivables, income taxes receivable, and pension assets, as well as changes in debt levels and regulatory assets and liabilities. These changes are attributed to factors like capital investment, timing of payments, and tax credits.

NSPI has a contractual obligation to pay NSPML, a related party, for the use of the Maritime Link over approximately 38 years from its January 15, 2018, in-service date. On December 23, 2025, NSPML received an Interim Order from the NSEB t...

AI summary NSPI has a long-term contractual obligation to pay NSPML for the use of the Maritime Link. An Interim Order from the NSEB allows NSPML to collect up to $199 million from NSPI in 2026, with a monthly holdback. The financial details include discount notes backed by a credit facility, future interest calculations, purchasing commitments, pension obligations, and various service and lease agreements.

The Company has the following categories on the Consolidated Balance Sheets related to derivatives receiving regulatory deferral: As at December 31 December 31 millions of dollars 2025 2024 Derivative instrument assets (current and other a...

AI summary The Company reports derivative instrument and regulatory assets and liabilities on its Consolidated Balance Sheets as of December 31, 2025 and 2024. The data shows changes in these categories over the two years, with net assets decreasing from $2 million in 2024 to $0 in 2025.

BUSINESS OF THE MEETING All resolutions placed before the Meeting must be approved by a majority of the votes cast. - Financial Statements: The audited financial statements of the Company for the fiscal year ended December 31, 2025 and the...

AI summary The document outlines the business of the meeting, including the approval of financial statements, election of directors, appointment of auditors, and auditor fees. Ernst & Young LLP has been the auditor since 2012 and is up for reappointment. The nominees for the Board of Directors are current directors willing to continue their service.

Nova Scotia Power Incorporated - Management Information Circular 2026 Corporate Objective Weight- ing (%) Result Payout (%) Customer Building a reputation for customer\nexperience Objectives included: Threshold: Achieve 2025 Customer First...

AI summary The Management Information Circular 2026 outlines corporate objectives for Nova Scotia Power Incorporated, including customer experience, asset management, and financial goals. Key initiatives include customer training, service restoration improvements, and financial targets such as net earnings and cash flow from operations. Performance metrics and payouts are tied to these objectives.

Consolidated Financial Highlights For the millions of dollars Three months ended December 31 Year ended December 31 Adjusted net income 2025 2024 2025 2024 2023 Florida Electric Utility $ 119 $ 120 $ 845 $ 644 $ 627 Canadian Electric Utili...

AI summary The document presents consolidated financial highlights for various business segments, including Adjusted net income, MTM (loss) gain, and other financial charges and gains for the periods ending December 31, 2025 and 2024. It includes figures for Florida Electric Utility, Canadian Electric Utilities, Gas Utilities and Infrastructure, and other segments.

Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder information

AI summary The text outlines key sections of a financial report, including a strategic overview, management's discussion and analysis, consolidated financial statements, leadership information, and shareholder details.

The following table highlights significant changes in adjusted net income from 2024 to 2025: For the millions of dollars Three months ended December 31 Year ended December 31 Adjusted net income – 2024 $ 246 $ 849 Operating Unit Performanc...

AI summary The text presents a table showing changes in adjusted net income and cash flow from 2024 to 2025, highlighting factors like revenue from new base rates, weather conditions, and operational expenses. It also includes details on total assets and long-term debt, excluding certain balances classified as held for sale.

2025 Annual Financial Statements Attachment 6 Page 21 of 138 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder infor...

AI summary This section of the 2025 Annual Financial Statements discusses the translation of financial results from foreign operations, using weighted average exchange rates for net income and period-end rates for assets and liabilities. It highlights the importance of exchange rates in financial reporting.

Three months ended December 31 Year ended December 31 2025 2024 2025 2024 Weighted average CAD/USD $ 1.36 $ 1.37 $ 1.41 $ 1.36 Period end CAD/USD exchange rate $ 1.37 $ 1.44 $ 1.37 $ 1.44 The table below includes Emera's significant segmen...

AI summary The text presents financial data, including exchange rates and adjusted net income contributions from Emera's segments, such as Florida Electric Utility and Gas Utilities and Infrastructure, for the periods ending December 31, 2025 and 2024.

Significant changes in the Consolidated Balance Sheets between December 31, 2024 and December 31, 2025 include: millions of dollars Total Increase (Decrease) Explanation of Other Increase (Decrease) Assets held for sale (current and long-t...

AI summary The Consolidated Balance Sheets show significant changes between December 31, 2024, and December 31, 2025. Key changes include a decrease in assets held for sale due to impairment charges and FX translation, an increase in PP&E due to capital additions, a decrease in goodwill from FX translation, and an increase in short-term and long-term debt due to new issuances and credit facility utilization.

Canadian Electric Utilities' contribution to consolidated net income is summarized in the following table: For the Three months ended December 31 Year ended December 31 millions of dollars 2025 2024 2025 2024 NSPI $ 22 $ 71 $ 141 $ 160 Equ...

AI summary The text presents a table showing Canadian Electric Utilities' contribution to consolidated net income for the periods ending December 31, 2024 and 2025, including a refund of previous NSPML assessment payments impacting average fuel costs.

Highlights of net income changes are summarized in the following table: For the millions of dollars Three months ended December 31 Year ended December 31 Contribution to consolidated net income – 2024 $ 77 $ 232 Increased operating revenue...

AI summary The document highlights changes in net income for 2024 and 2025, noting increased operating revenues at NSPI due to higher fuel and storm cost recoveries, and decreased FAM deferral due to the 2024 NSPML Refund. There were also increased operating and maintenance costs, depreciation, and decreased income tax recovery.

- (2) Marketing and trading margin excludes a MTM loss, pre-tax of $144 million in Q4 2025 (2024 $159 million loss) and a MTM gain, pre-tax of $16 million for the year ended December 31, 2025 (2024 – $357 million loss). - (3) Net of income...

AI summary The text provides financial details, including marketing and trading margins, income tax recoveries, impairment charges, and transaction costs for the years 2024 and 2025. It also references the sale of an equity interest in LIL by Emera and mentions Block Energy in relation to income tax recovery.

Debt Management In addition to funds generated from operations, Emera and its subsidiaries have, in aggregate, access to unsecured committed syndicated revolving and non-revolving bank lines of credit in either CAD or USD per the table bel...

AI summary Emera and its subsidiaries have access to unsecured committed syndicated revolving and non-revolving bank lines of credit in CAD or USD, in addition to funds generated from operations.

millions of dollars in currency as noted below Maturity Credit Facilities Utilized Undrawn and Available In CAD: Emera – committed revolving credit facility June 2029 $ 1,300 $ 523 $ 777 NSPI – committed revolving credit facility June 2029...

AI summary The document provides a detailed overview of credit facilities for various entities, including their maturity dates, utilized amounts, and undrawn availability. It notes that Emera has announced the sale of NMGC, which has been classified as held for sale starting in Q3 2024.

Emera and its subsidiaries have certain financial and other covenants associated with their debt and credit facilities. Covenants are tested regularly, and the Company is in compliance with covenant requirements as at December 31, 2025. Em...

AI summary Emera and its subsidiaries have financial and other covenants associated with their debt and credit facilities. The company is in compliance with these covenants as of December 31, 2025. A significant covenant is highlighted.

The Company has the following categories on the balance sheet related to guaranteed debt: As at December 31 millions of dollars 2025 2024 Current assets (1) $ 373 $ 391 Goodwill 5,580 5,858 Other assets (2) 5,259 6,474 Total assets (3) $ 1...

AI summary The balance sheet shows the Company's financial position as of December 31, 2025, and 2024, highlighting current and long-term liabilities, as well as assets. Key figures include current assets, goodwill, and total liabilities, with notes on amounts due from non-guarantor subsidiaries.

Common Stock Issued and outstanding: millions of shares millions of dollars Balance, December 31, 2024 295.94 $ 9,042 Conversion of Convertible Debentures 0.02 1 Issuance of common stock under ATM program (1) 0.19 9 Issued under the DRIP,...

AI summary The document outlines the changes in common stock issued and outstanding for Emera Incorporated between December 31, 2024, and December 31, 2025, including conversions, issuances, and stock options exercised. The ATM program was utilized to issue shares at an average price of $53.58 per share, generating $10 million in proceeds, with $600 million remaining available for future issuances.

Defined Benefit Pension Plan Summary in millions of dollars Plans by region TECO Holdings NSPI Caribbean Total Assets as at December 31, 2025 $ 1,025 $ 1,637 $ 13 $ 2,675 Accounting obligation at December 31, 2025 $ 926 $ 1,349 $ 19 $ 2,29...

AI summary The Defined Benefit Pension Plan Summary presents financial data for pension plans managed by TECO Holdings, NSPI, and the Caribbean region as of December 31, 2025, including assets, accounting obligations, and accounting expenses. The section also mentions Off-Balance Sheet Arrangements, though no details are provided.

Risk Management Including Financial Instruments The Company uses financial instruments as a method to manage its exposure to normal operating and market risks relating to commodity prices, interest rates, FX on forecast USD earnings and ca...

AI summary The Company uses financial instruments and derivatives to manage risks related to commodity prices, interest rates, FX, and deferred compensation. Derivatives are accounted for under NPNS exceptions, hedge accounting, or regulatory accounting, with gains/losses recognized in income or deferred. HFT derivatives are recorded in net income.

Consolidated Statements of Income For the Year ended December 31 millions of dollars (except per share amounts) 2025 2024 Operating revenues Regulated electric $ 6,858 $ 5,872 Regulated gas 1,713 1,575 Non-regulated 205 (247) Total operati...

AI summary The consolidated statements of income for Nova Scotia Power Incorporated show a significant increase in operating revenues and net income from 2024 to 2025, with regulated electric and gas revenues rising and operating expenses also increasing. Net income attributable to common shareholders rose from $494 million to $1,014 million.

Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder information

AI summary The text outlines key sections of a financial and strategic report, including management's discussion and analysis, consolidated financial statements, leadership information, and shareholder details. These sections provide an overview of the company's financial health, strategic direction, and governance structure.

Consolidated Balance Sheets As at millions of dollars December 31 2025 December 31 2024 Assets Current assets Cash and cash equivalents $ 349 $ 196 Restricted cash 16 17 Inventory (note 15) 821 781 Derivative instruments (notes 16 and 17)...

AI summary The consolidated balance sheets present the financial position of Nova Scotia Power Incorporated as of December 31, 2025, and December 31, 2024, highlighting key assets such as cash, inventory, PP&E, and regulatory assets. The document also includes the Management's Discussion and Analysis section, which provides insights into the company's financial performance and outlook.

Consolidated Balance Sheets (continued) As at millions of dollars December 31 2025 December 31 2024 Liabilities and Equity Current liabilities Short-term debt (note 24) $ 1,807 $ 1,400 Current portion of long-term debt (note 26) 1,201 234...

AI summary The consolidated balance sheets show a significant increase in liabilities and equity from December 31, 2024, to December 31, 2025, with notable changes in short-term and long-term debt, regulatory liabilities, and equity components such as retained earnings and accumulated other comprehensive income.

The accompanying notes are an integral part of these consolidated financial statements. Approved on behalf of the Board of Directors "Karen Sheriff" "Scott Balfour" Chair of the Board President and Chief Executive Officer Management's Disc...

AI summary The document includes consolidated financial statements, Management's Discussion and Analysis, and information related to Emera's leadership and board, as well as shareholder information. It was approved by the Board of Directors, with Karen Sheriff as Chair and Scott Balfour as President and CEO.

Consolidated Statements of Changes in Equity millions of dollars Common Stock Preferred Stock Contributed Surplus AOCI Retained Earnings NCI Total Equity Balance, December 31, 2024 $ 9,042 $ 1,422 $ 84 $ 1,261 $ 1,468 $ 14 $ 13,291 Net inc...

AI summary The consolidated statements of changes in equity for 2025 and 2024 show changes in common stock, retained earnings, and other equity components. Key items include net income, dividends declared, and share issuance activities. The statements highlight financial performance and equity structure over two fiscal years.

2025 Annual Financial Statements Attachment 6 Page 87 of 138 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder infor...

AI summary This document outlines the strategic overview, management's discussion and analysis, consolidated financial statements, leadership information, and shareholder details from the 2025 Annual Financial Statements. It provides a high-level summary of financial performance and strategic direction.

2025 Annual Financial Statements Attachment 6 Page 96 of 138 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder infor...

AI summary The text discusses an equity investment in Lucelec, noting a $10 million difference between the cost and the fair value of the investees' assets at the acquisition date, which is attributed to goodwill.

2025 Annual Financial Statements Attachment 6 Page 98 of 138 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder infor...

AI summary In 2024, Emera incurred $185 million in interest and financing expenses tied to a specific financing structure, which was wound up due to expected denial under EIFEL legislation. A $58 million income tax benefit was recorded, including a $54 million deferred income tax asset and a $4 million reversal of a deferred income tax liability.

The following table reflects the composition of income before provision for income taxes presented in the Consolidated Statements of Income for the years ended December 31: millions of dollars 2025 2024 Canada $ 157 $ (175) United States 9...

AI summary The text provides tables detailing income before provision for income taxes and taxes on income from continuing operations for the years ended December 31, 2025 and 2024, highlighting significant differences between the two periods.

Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder information Notes to the Consolidated Financial Statements

AI summary The text provides a high-level overview of financial and strategic information, including Management's Discussion and Analysis, consolidated financial statements, and leadership details from Emera. It includes sections such as shareholder information and notes to the financial statements.

Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder information Notes to the Consolidated Financial Statements

AI summary The text outlines key sections of a financial report, including the strategic overview, consolidated financial statements, leadership information, shareholder details, and notes to the financial statements.

The components of AOCI are as follows: millions of dollars Unrealized gain (loss) on translation of self-sustaining foreign operations Net change in net investment hedges Gains (losses) on derivatives recognized as cash flow hedges Net cha...

AI summary The document provides a detailed breakdown of the components of Accumulated Other Comprehensive Income (AOCI) for the years ended December 31, 2025, and 2024, including unrealized gains and losses, changes in net investment hedges, and pension-related adjustments. It also outlines reclassifications out of AOCI and includes inventory figures for materials and fuel as of December 31, 2025, and 2024.

Derivative assets and liabilities relating to the foregoing categories consisted of the following: Derivative Assets Derivative Liabilities As at December 31 December 31 December 31 December 31 millions of dollars 2025 2024 2025 2024 Regul...

AI summary The text presents a detailed breakdown of derivative assets and liabilities as of December 31, 2025, and 2024, categorized under regulatory deferral, HFT derivatives, and other derivatives. It also includes the impact of master netting agreements and the classification of derivatives as held for sale following an announcement by Emera in August 2024.

The Company has recognized the following realized and unrealized gains with respect to HFT derivatives: For the Year ended December 31 millions of dollars 2025 2024 Power swaps and physical contracts in non-regulated operating revenues $ 4...

AI summary The Company has recognized realized and unrealized gains from HFT derivatives in its non-regulated operating revenues, with significant gains in natural gas swaps and power contracts. The notional volumes of outstanding HFT derivatives are expected to settle over the next several years, with most natural gas purchases and sales expected to be settled by 2030.

Other Derivatives As at December 31, 2025, the Company had equity derivatives in place to manage cash flow risk associated with forecasted future cash settlements of deferred compensation obligations and FX forwards in place to manage cash...

AI summary The Company has equity derivatives and FX forwards in place as of December 31, 2025, to manage cash flow risks related to deferred compensation obligations and forecasted USD cash inflows. The equity derivatives cover 3.2 million shares and extend until December 2026, while the FX forwards have a combined notional amount of $300 million USD and expire between 2026 and 2028.

17. FV Measurements The Company is required to determine the FV of all derivatives except those which qualify for the NPNS exemption (see note 1) and uses a market approach to do so. The three levels of the FV hierarchy are defined as foll...

AI summary The Company uses a market approach to determine the fair value (FV) of derivatives, following a three-level hierarchy. Level 1 uses quoted prices for identical assets, Level 2 uses similar prices with adjustments, and Level 3 relies on unobservable inputs when necessary. Derivatives are classified based on the lowest significant input level.

Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder information

AI summary The text provides an overview of a regulatory proceeding document, highlighting sections such as Management's Discussion and Analysis, Consolidated Financial Statements, and information on leadership and shareholders. It outlines the structure of the document but does not delve into specific regulatory issues or arguments.

Notes to the Consolidated Financial Statements As at December 31, 2024 millions of dollars Level 1 Level 2 Level 3 Total Assets Regulatory deferral: Commodity swaps and forwards $ 15 $ 3 $ — $ 18 FX forwards — 27 — 27 15 30 — 45 HFT deriva...

AI summary The Notes to the Consolidated Financial Statements provide details on regulatory deferral assets and liabilities related to commodity swaps, forwards, and derivatives. The financial data includes figures for Level 1, Level 2, and Level 3 assets and liabilities, with specific references to the sale of NMGC and its impact on financial classifications.

The change in the FV of the Level 3 financial assets and liabilities for the year ended December 31, 2025 was as follows: HFT Derivatives millions of dollars Power Natural gas Total Assets Balance, beginning of period $ 5 $ 27 $ 32 Total r...

AI summary The document outlines the change in the fair value of Level 3 financial assets and liabilities for the year ended December 31, 2025, providing details on power, natural gas, and total balances for both assets and liabilities.

Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder information Notes to the Consolidated Financial Statements Significant unobservable inputs used in the FV meas...

AI summary The text discusses the use of third-party and internally developed inputs in the fair value (FV) measurement of Emera's natural gas and power derivatives, emphasizing the impact of significant changes in inputs and the use of a modelled pricing valuation technique for Level 3 instruments.

Significant Weighted millions of dollars FV Unobservable Input Low High average (1) Assets Liabilities As at December 31, 2025 HFT derivatives – Power swaps $ 7 $ 7 Third-party pricing $27.35 $150.55 $88.79 and physical contracts HFT deriv...

AI summary The table presents financial data on HFT derivatives related to power and natural gas swaps, futures, forwards, and physical contracts as of December 31, 2025 and 2024. It includes values for assets, liabilities, and net liabilities, with weighted average fair values based on unobservable inputs.

Long-term debt is a financial liability not measured at FV on the Consolidated Balance Sheets. The balance consisted of the following: As at millions of dollars Carrying Amount FV Level 1 Level 2 Level 3 Total December 31, 2025 $ 19,654 $...

AI summary The document outlines the long-term debt of the company, including its carrying amount, fair value, and classification. It mentions the Hybrid Notes designated as a hedge for foreign currency exposure, their contingent convertibility, and the after-tax foreign currency gain recorded in AOCI for 2025.

As at millions of dollars Classification December 31 2025 December 31 2024 Operating leases: Right-of-use asset Other long-term assets $ 48 $ 52 Operating lease liabilities Current Other current liabilities 1 3 Long-term Other long-term li...

AI summary The text presents financial data related to operating and finance leases for a company, including right-of-use assets, lease liabilities, and future minimum lease payments. It details the amounts recognized in the Consolidated Statements of Income, such as operating lease expenses, variable costs for power generation, amortization, and interest expenses.

Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder information Notes to the Consolidated Financial Statements

AI summary The text lists sections of a financial report, including Management's Discussion and Analysis, Consolidated Financial Statements, and notes to the financial statements. It also mentions leadership and shareholder information, suggesting a focus on financial transparency and corporate governance.

The total net investment in direct finance and sales-type leases consist of the following: As at millions of dollars December 31 2025 December 31 2024 Total minimum lease payment to be received $ 1,180 $ 1,310 Less: amounts representing es...

AI summary The text presents a table detailing the net investment in direct finance and sales-type leases as of December 31, 2025, and 2024, including lease payments, residual values, and credit loss reserves. It outlines the distribution of lease payments over the next five years and beyond.

Changes in the benefit obligation and plan assets, and the funded status for plans were as follows: For the Year ended December 31 millions of dollars 2025 2024 DB pension Non-pension DB pension Non-pension plans benefit plans plans benefi...

AI summary The document outlines changes in the benefit obligation and plan assets for pension and non-pension benefit plans for the years ended December 31, 2025 and 2024. It details factors such as service cost, interest cost, benefits paid, and actuarial losses or gains that influenced these changes.

millions of dollars 2025 2024 DB pension plans DB pension plans ABO $ 92 $ 90 FV of plan assets 13 11 Funded status $ (79) $ (79) 2025 Annual Financial Statements Attachment 6 Page 115 of 138 REDACTED (CONFIDENTIAL INFORMATION REMOVED)

AI summary The table presents financial data related to defined benefit (DB) pension plans for 2025 and 2024, including the accumulated benefit obligation (ABO), fair value of plan assets, and funded status. The data shows minimal changes between the two years.

millions of dollars Regulatory assets Actuarial (gains) losses Past service gains DB Pension Plans: Balance, January 1, 2025 $ 363 $ (17) $ — Amortized in current period (9) 1 — Current year changes (51) (158) — Change in FX rate (16) — —...

AI summary This document presents financial data related to pension and non-pension benefit plans, including regulatory assets, actuarial gains and losses, and deferred income tax expenses for the years ending December 31, 2025 and 2024. It also mentions the classification of NMGC's assets and liabilities as held for sale following an agreement announced in August 2024.

Asset Class Target Range at Market Canadian Pension Plans: Short-term securities 0% to 10% Fixed income 34% to 49% Equities: Canadian 5% to 15% Non-Canadian 37% to 61% Non-Canadian Pension Plans: Cash and cash equivalents 0% to 10% Fixed i...

AI summary The text outlines target ranges for different asset classes within Canadian and non-Canadian pension plans, including short-term securities, fixed income, and equities. Pension plan assets are managed by respective management pension committees and governed by policies approved by the sponsoring companies' Boards of Directors.

2025 Annual Financial Statements Attachment 6 Page 117 of 138 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder info...

AI summary This document provides the 2025 Annual Financial Statements for Emera Incorporated, including management's discussion and analysis, consolidated financial statements, and shareholder information. It also includes notes to the financial statements and information about Emera's leadership and board.

24. Short-Term Debt Emera's short-term borrowings consist of commercial paper issuances, advances on revolving and non-revolving credit facilities and short-term notes. Short-term debt and the related weighted-average interest rates as at...

AI summary This section discusses Emera's short-term debt, which includes commercial paper, advances on credit facilities, and short-term notes, along with the weighted-average interest rates as of December 31.

Weighted average Weighted average millions of dollars 2025 interest rate 2024 interest rate Florida Electric Utility Advances on revolving credit facilities $ 1,059 4.01% $ 915 4.77% Canadian Electric Utilities Advances on non-revolving cr...

AI summary The table provides a breakdown of weighted average interest rates for various credit facilities and debt obligations across different utility companies in 2024 and 2025. It includes details on advances, bank indebtedness, and short-term debt. A notable point is the classification of NMGC's assets and liabilities as held for sale following an announced agreement by Emera to sell NMGC in August 2024.

The Company's total short-term unsecured revolving and non-revolving credit facilities, outstanding borrowings and available capacity as at December 31 were as follows: millions of dollars Maturity 2025 2024 TEC – committed revolving credi...

AI summary The document outlines the credit facilities, borrowings, and available capacity of the Company as of December 31, 2025 and 2024. It includes details on various credit facilities, their maturity dates, and the amounts outstanding, with a note on the pending sale of NMGC.

25. Other Current Liabilities As at millions of dollars December 31 2025 December 31 2024 Accrued charges $ 229 $ 189 Accrued interest on long-term debt 137 106 Pension and post-retirement liabilities (note 22) 22 26 Sales and other taxes...

AI summary This section presents a table detailing Other Current Liabilities for December 31, 2025, and December 31, 2024, including accrued charges, interest on long-term debt, pension liabilities, taxes payable, and other items.

Bonds, notes and debentures are at fixed interest rates and are unsecured unless noted below. Included are certain bankers' acceptances and commercial paper where the Company has the intention and the unencumbered ability to refinance the...

AI summary The text discusses the nature of bonds, notes, and debentures issued by the Company, noting that they are typically at fixed interest rates and unsecured, with some exceptions. It also mentions the inclusion of bankers' acceptances and commercial paper that the Company intends to refinance for more than one year.

2025 Annual Financial Statements Attachment 6 Page 122 of 138 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder info...

AI summary This document outlines the 2025 Annual Financial Statements for Emera, including sections such as Management's Discussion and Analysis, Consolidated Financial Statements, and Notes to the Consolidated Financial Statements. It also includes information on Emera Leadership and Board, and Shareholder information.

The Company's total long-term revolving and non-revolving credit facilities, outstanding borrowings and available capacity as at December 31 were as follows: millions of dollars Maturity 2025 2024 Emera – committed revolving credit facilit...

AI summary The document outlines the credit facilities, outstanding borrowings, and available capacity for the Company as of December 31, 2025 and 2024, including details on Emera and NSPI credit facilities, borrowings, and available capacity.

Financial Covenant Requirement As at December 31, 2025 Emera Syndicated credit facilities Debt to capital ratio Less than or equal to 0.70 to 1 0.53 : 1 Recent Significant Financing Activity by Segment

AI summary The table outlines a financial covenant related to the debt to capital ratio for Emera's syndicated credit facilities, which must be less than or equal to 0.70 to 1. As of December 31, 2025, the ratio stands at 0.53 to 1. The section also mentions recent significant financing activity by segment.

A. Commitments As at December 31, 2025, contractual commitments (excluding pensions and other post-retirement obligations, long-term debt and asset retirement obligations) for each of the next five years and in aggregate thereafter consist...

AI summary The text outlines contractual commitments as of December 31, 2025, excluding pensions, long-term debt, and asset retirement obligations, detailing commitments for the next five years and in aggregate thereafter.

millions of dollars 2026 2027 2028 2029 2030 Thereafter Total Purchased power (1) $ 413 $ 422 $ 411 $ 459 $ 451 $ 5,941 $ 8,097 Transportation (2) (3) 780 588 478 413 370 2,954 5,583 Fuel, gas supply and storage (4) 674 239 159 156 38 59 1...

AI summary The table outlines various financial obligations in millions of dollars from 2026 to Thereafter, including purchased power, transportation, fuel, capital projects, and other expenses. It also mentions that contractual obligations related to NMGC will be transferred to the buyer upon completion of the sale.

Unlimited number of Second Preferred shares, issuable in series. December 31, 2025 December 31, 2024 Annual Dividend Per Share Redemption Price per share Issued and Outstanding Net Proceeds Issued and Outstanding Net Proceeds Series A $ 1....

AI summary The document presents details about the issuance and financial data of various series of Second Preferred shares, including annual dividend rates, redemption prices, issued and outstanding shares, and net proceeds as of December 31, 2025, and December 31, 2024.

Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder information Notes to the Consolidated Financial Statements

AI summary The text outlines the structure of financial and strategic documentation, including management's discussion and analysis, consolidated financial statements, and shareholder information, as well as notes to the financial statements.

30. Non-Controlling Interest in Subsidiaries As at millions of dollars December 31 2025 December 31 2024 Preferred shares of GBPC $ 14 $ 14 Preferred shares of GBPC

AI summary This section discusses the preferred shares of GBPC as of December 31, 2025, and December 31, 2024, showing a value of $14 million in both years.

2025 Annual Financial Statements Attachment 6 Page 132 of 138 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder info...

AI summary This document provides the 2025 Annual Financial Statements for Emera Incorporated, including sections such as Management's Discussion and Analysis, Consolidated Financial Statements, and Notes to the Consolidated Financial Statements. It also includes information on Emera's leadership and shareholder details.

2025 Annual Financial Statements Attachment 6 Page 133 of 138 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder info...

AI summary The document outlines the 2025 Annual Financial Statements for Emera, including sections such as Management's Discussion and Analysis, Consolidated Financial Statements, and Notes to the Consolidated Financial Statements. It mentions the possibility of special DSU awards by the MRCC for notable achievements or corporate objectives.

The following table provides information about Emera's portion of material unconsolidated VIEs: As at December 31, 2025 December 31, 2024 millions of dollars Total assets Maximum exposure to loss Total assets Maximum exposure to loss Uncon...

AI summary The text provides a table with information about Emera's portion of material unconsolidated VIEs as of December 31, 2025, and December 31, 2024, including total assets and maximum exposure to loss for NSPML, which is equity accounted.

ACCOUNT SEGMENT Account Segment Value Account Segment Description 128400 ST DERIV ASSET HFT TREASURY 130050 ST REG ASSETS OTHER 130060 ST REG ASSET HYDRO GENERATION FACILITIES 130100 ST REG ASSET UNAMORT DEFEAS ISSUE COSTS 130200 ST REG AS...

AI summary The text provides a list of account segments with corresponding descriptions, including items related to assets, liabilities, and regulatory accounting. These segments include derivatives, prepaid items, long-term assets, and deferred costs associated with regulatory processes.

2025 Annual Financial Statements Attachment 15.2 has been filed electronically. 2025 Annual Financial Statements Attachment 15.3 has been filed electronically. 2025 Annual Financial Statements Attachment 16.1 has been removed due to confid...

AI summary The document indicates that Attachments 15.2 and 15.3 of the 2025 Annual Financial Statements have been filed electronically, while Attachment 16.1 has been removed due to confidentiality.

Regulated Balance Sheets As at December 31 December 31 December 31 December 31 millions of Canadian dollars 2025 2024 2025 2024 Assets Liabilities and Equity Current assets Current liabilities Receivables, net $ 557 $ 417 Bank indebtedness...

AI summary The document presents the regulated balance sheets for the period ending December 31, 2025, and December 31, 2024, showing changes in assets, liabilities, and equity. Key figures include increases in current assets, liabilities, and long-term debt, as well as changes in equity components such as common stock and retained earnings.

REDACTED 2025 Annual Financial Statements Attachment 1 Page 5 of 6 December 31 millions of Canadian dollars 2025 Unregulated Retained Earnings Unregulated retained earnings - December 31, 2024 $200.8 Unregulated compensation (including dir...

AI summary This document presents the unregulated retained earnings and related financial details for the 2025 Annual Financial Statements. It includes figures for compensation, interest, depreciation, and various adjustments, as well as property, plant, and equipment values for unregulated assets. The data also reflects income tax adjustments, related party liabilities, and equity issuance related to an investment.

Nova Scotia Power Inc. Consolidated Statements of Cash Flows For the Year ended December 31 millions of dollars 2025 2024 Operating activities Net income $ 141 $ 160 Adjustments to reconcile net income to net cash provided by operating act...

AI summary This section presents the consolidated cash flow statements for Nova Scotia Power Inc. for the years 2025 and 2024, detailing cash flows from operating, investing, and financing activities, as well as changes in cash and supplemental disclosures.

9. RECEIVABLES, NET As at December 31 December 31 millions of dollars 2025 2024 Customer accounts receivable – billed $ 195 $ 142 Customer accounts receivable – unbilled 260 202 Total customer accounts receivable 455 344 Allowance for cred...

AI summary The document presents financial data on receivables and inventory for the periods ending December 31, 2025, and December 31, 2024. It includes figures for customer accounts receivable, allowance for credit losses, cash collateral positions, sales tax receivables, and inventory levels.

The Company's concentrations of risk as at December 31, consisted of the following: As at 2025 2024 millions of % of total millions of % of total dollars exposure dollars exposure Receivables, net Residential $ 278 48% $ 206 45% Commercial...

AI summary The Company's risk concentrations as of December 31, 2025, show significant exposure in receivables, particularly in residential and other categories, with a notable increase in cash collateral compared to 2024. Derivative instruments also represent a portion of the risk exposure, though the credit rating category shows a decrease in exposure.

The following tables set out the classification of the methodology used by the Company to fair value its derivatives: As at December 31, 2025 millions of dollars Level 1 Level 2 Level 3 Total Assets Regulatory deferral: Commodity swaps and...

AI summary The document presents tables outlining the fair value classification of derivatives and long-term debt as of December 31, 2025 and 2024. It details the breakdown of assets and liabilities under Level 1, Level 2, and Level 3 classifications, as well as the fair value of long-term debt based on market prices and current rates.

NSPI's net periodic benefit cost (recovery) as at December 31 included the following: millions of dollars 2025 2024 Defined benefit pension plan Non-pension benefit plans Defined benefit pension plan Non-pension benefit plans Service cost...

AI summary NSPI's net periodic benefit cost (recovery) for 2025 and 2024 includes service cost, interest cost, and expected return on plan assets. The expected return is calculated based on the market-related value of plan assets, adjusted for interest and smoothed over five years.

The fair value of investments as at December 31, 2025, by asset category, are as follows: millions of dollars NAV Level 1 Level 2 Total Percentage Cash and cash equivalents $ - $ 10 $ - $ 10 1% Equity Securities: Canadian equity - 114 - 11...

AI summary The fair value of investments as of December 31, 2025, is detailed by asset category. The majority of the investments are in open-ended funds measured at NAV, with significant portions in international equity and Canadian equity securities.

The fair value of investments as at December 31, 2024, by asset category, are as follows: millions of dollars NAV Level 1 Level 2 Total Percentage Cash and cash equivalents $ - $ 12 $ - $ 12 1% Equity Securities: Canadian equity - 107 - 10...

AI summary The fair value of investments as of December 31, 2024, is detailed by asset category, showing cash and cash equivalents, equity securities, fixed income, and open-ended investments measured at NAV. The total fair value is $1,464 million, with the largest portion (68%) in open-ended investments.

The following table shows the expected cash flows for defined benefit pension and other post-retirement benefit plans: millions of dollars Defined benefit pension plans Non-pension benefit plans Expected employer contributions 2026 $ 10 $...

AI summary The text presents a table outlining expected cash flows for defined benefit pension and other post-retirement benefit plans, including employer contributions and benefit payments from 2026 to 2035. Assumptions underpinning these projections are also mentioned.

As at December 31, 2025, future minimum lease payments under non-cancellable operating leases for each of the next five years and in aggregate thereafter are as follows: millions of dollars 2026 2027 2028 2029 2030 Thereafter Total Minimum...

AI summary The document outlines future minimum lease payments for NSPI as of December 31, 2025, with payments expected to decrease over the next five years and increase significantly thereafter. It also provides details on the weighted average remaining lease term and discount rate for operating leases.

NSPI's short-term debt as at December 31 consisted of the following: millions of dollars 2025 2024 Term CORRA – non-revolving term facility (1) $ 500 $ - Bank indebtedness 42 2 Total Short-term debt $ 542 $ 2 (1) Canadian Overnight Repo Ra...

AI summary NSPI's short-term debt as of December 31 includes a term CORRA non-revolving term facility of $500 million in 2025 and $0 in 2024, along with bank indebtedness of $42 million in 2025 and $2 million in 2024, totaling $542 million and $2 million respectively.

The Company's total long-term credit facilities, outstanding borrowings and available capacity as at December 31 were as follows: millions of dollars Maturity 2025 2024 Revolving credit facility (1) June 2029 $ 800 $ 800 Total $ 800 $ 800...

AI summary The document outlines the Company's long-term credit facilities, outstanding borrowings, and available capacity as of December 31 for the years 2025 and 2024. It includes details such as the revolving credit facility, face value of borrowings, letters of credit, and available capacity under existing agreements.

Calculation as at Instrument Financial Covenant Requirement/Restriction December 31, 2025 Syndicated credit facility Debt to capital ratio Less than or equal to 0.70:1 0.68:1 Long-Term Debt Maturities

AI summary The document outlines a financial covenant under a syndicated credit facility, specifying a debt-to-capital ratio requirement of less than or equal to 0.70:1, with a reported ratio of 0.68:1 as of December 31, 2025. It also includes a section on long-term debt maturities.

A. Commitments As at December 31, 2025, contractual commitments (excluding pensions and other post-retirement obligations, long-term debt, interest payment obligations, long-term payables and ARO) for each of the next five years and in agg...

AI summary This section outlines contractual commitments as of December 31, 2025, excluding certain obligations such as pensions, long-term debt, and ARO. It provides a breakdown of these commitments for the next five years and in aggregate thereafter.

25. INVESTMENTS SUBJECT TO SIGNIFICANT INFLUENCE Carrying Value as at December 31 December 31 Ownership (2) millions of dollars 2025 2024 2025 WTI (1) $ 9 $ - 50% (1) Equity earnings issued for the three months and year ended December 31,...

AI summary This section discusses investments subject to significant influence, specifically WTI with a 50% ownership stake as of December 31, 2025, and notes that equity earnings for the period were nil.

Significant changes in the Consolidated Balance Sheets between December 31, 2025 and December 31, 2024 include: Increase millions of dollars (Decrease) Explanation Assets Receivables, net $ 140 Increased due to timing of billing and receip...

AI summary The Consolidated Balance Sheets show significant changes between December 31, 2025, and December 31, 2024, including increases in assets like receivables and property, plant and equipment, and changes in liabilities such as bank indebtedness and short-term debt. These changes are attributed to factors like timing of billing, capital investments, and regulatory deferrals.

NSPI has a contractual obligation to pay NSPML, a related party, for the use of the Maritime Link over approximately 38 years from its January 15, 2018, in-service date. On December 23, 2025, NSPML received an Interim Order from the NSEB t...

AI summary NSPI has a long-term contractual obligation to pay NSPML for the use of the Maritime Link. An interim order allows NSPML to collect up to $199 million from NSPI in 2026, with a monthly holdback. Additional details on financial obligations, debt, and commitments are provided in footnotes.

NSPI has access to a syndicated revolving bank line of credit and a non-revolving term facility. NSPI also has an active commercial paper program for up to $800 million, of which the full amount outstanding is backed by the Company's opera...

AI summary NSPI has access to various credit facilities, including a syndicated revolving bank line of credit, a non-revolving term facility, and a commercial paper program. The commercial paper program is backed by the Company's operating credit facility, with issued amounts reducing available capacity.

The Company has the following categories on the Consolidated Balance Sheets related to derivatives receiving regulatory deferral: As at December 31 December 31 millions of dollars 2025 2024 Derivative instrument assets (current and other a...

AI summary The Company's consolidated balance sheets show derivative instrument assets and liabilities, along with regulatory assets and liabilities, as of December 31, 2025, and 2024. The net asset value is reported as zero for 2025 and $2 million for 2024.

Nova Scotia Power Incorporated - Management Information Circular 2026 Corporate Objective Weight- ing (%) Result Payout (%) Customer Building a reputation for customer\nexperience Objectives included: Threshold: Achieve 2025 Customer First...

AI summary The document outlines Nova Scotia Power Incorporated's 2026 Management Information Circular, including corporate objectives and performance metrics. It covers customer experience, asset management, and financial goals, with a focus on achieving targets related to customer satisfaction, reliability improvements, and financial performance.

The following table highlights significant changes in adjusted net income from 2024 to 2025: For the millions of dollars Three months ended December 31 Year ended December 31 Adjusted net income – 2024 $ 246 $ 849 Operating Unit Performanc...

AI summary This text presents a table showing changes in adjusted net income and cash flow from 2024 to 2025, including factors like revenue growth, operating expenses, interest expenses, and asset changes. Adjusted net income increased slightly in 2025 compared to 2024, with variations attributed to factors such as base rate changes, weather conditions, and operational costs.

Three months ended December 31 Year ended December 31 2025 2024 2025 2024 Weighted average CAD/USD $ 1.36 $ 1.37 $ 1.41 $ 1.36 Period end CAD/USD exchange rate $ 1.37 $ 1.44 $ 1.37 $ 1.44 The table below includes Emera's significant segmen...

AI summary The text presents financial data for Emera's significant segments, including USD figures for adjusted net income for specific time periods. It highlights the performance of various utility segments and includes footnotes for additional context.

Significant changes in the Consolidated Balance Sheets between December 31, 2024 and December 31, 2025 include: millions of dollars Total Increase (Decrease) Explanation of Other Increase (Decrease) Assets held for sale (current and long-t...

AI summary The document outlines significant changes in the Consolidated Balance Sheets between December 31, 2024, and December 31, 2025. Key changes include a decrease in assets held for sale due to impairment charges and FX translation effects, an increase in PP&E due to capital additions, a decrease in goodwill from FX translation, and an increase in short-term and long-term debt due to new issuances and credit facility utilization.

Other For the Three months ended December 31 Year ended December 31 millions of dollars 2025 2024 2025 2024 Marketing and trading margin (1)(2) $ 60 $ 35 $ 158 $ 77 Other non-regulated operating revenue 7 10 32 32 Total operating revenues...

AI summary The table presents financial data for Marketing and trading margin, Other non-regulated operating revenue, and various charges and gains related to operations and asset management for the periods ending December 31, 2024 and 2025. It includes contributions to net income, MTM gains and losses, and charges related to asset sales and wind-down costs.

- (2) Marketing and trading margin excludes a MTM loss, pre-tax of $144 million in Q4 2025 (2024 $159 million loss) and a MTM gain, pre-tax of $16 million for the year ended December 31, 2025 (2024 – $357 million loss). - (3) Net of income...

AI summary The text discusses financial figures including marketing and trading margins, net income tax recoveries, impairment charges, and transaction costs for the years ending December 31, 2025 and 2024. It also references the sale of equity interest in LIL by Emera on June 4, 2024.

Highlights of net income (loss) changes are summarized in the following table: For the millions of dollars Three months ended December 31 Year ended December 31 Contribution to consolidated net (loss) income – 2024 $ (146) $ (686) Increase...

AI summary The table highlights changes in net income (loss) for the periods indicated, with key factors including increased marketing and trading margins due to favorable weather conditions, decreased equity earnings due to an unplanned outage, increased interest expenses, and various charges and gains related to asset sales and wind-down costs.

As at December 31, 2025, contractual commitments for each of the next five years and in aggregate thereafter consisted of the following: millions of dollars 2026 2027 2028 2029 2030 Thereafter Total Long-term debt principal (1)(2) $ 1,297...

AI summary The text outlines contractual commitments for the next five years and beyond as of December 31, 2025, including long-term debt, interest payments, purchased power, transportation, and other obligations. These commitments are detailed in a table, with a note that obligations related to NMGC will be transferred to the buyer upon completion of the sale.

Emera and its subsidiaries have certain financial and other covenants associated with their debt and credit facilities. Covenants are tested regularly, and the Company is in compliance with covenant requirements as at December 31, 2025. Em...

AI summary Emera and its subsidiaries have financial and other covenants linked to their debt and credit facilities. These covenants are regularly tested, and the company is in compliance as of December 31, 2025. A significant covenant is highlighted.

Financial Covenant Requirement As at December 31, 2025 Emera Syndicated credit facilities Debt to capital ratio Less than or equal to 0.70 to 1 0.53 : 1 Recent significant financing activity for Emera and its subsidiaries are discussed bel...

AI summary The table outlines Emera's financial covenant related to its syndicated credit facilities, specifying a debt-to-capital ratio requirement of less than or equal to 0.70 to 1, with a current ratio of 0.53 to 1 as of December 31, 2025. The text also mentions recent significant financing activity for Emera and its subsidiaries by segment.

2025 Annual Financial Statements Attachment 6 Page 59 of 138 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder infor...

AI summary The document discusses the discount rate used to determine benefit costs, referencing high-quality long-term corporate bonds and their yield in relation to the PBO (Pension Benefit Obligation) as of January 1 of the fiscal year. It also mentions the expected return on plan assets for each plan.

Financial Instruments The Company is required to determine the FV of all derivatives except those that qualify for the NPNS exception. FV is the price that would be received for the sale of an asset or paid to transfer a liability in an or...

AI summary The Company must determine the fair value (FV) of all derivatives except those qualifying for the NPNS exception. FV is defined as the price received for an asset or paid to transfer a liability in an orderly transaction between market participants, using assumptions that reflect market participant behavior and risks.

Consolidated Statements of Income For the Year ended December 31 millions of dollars (except per share amounts) 2025 2024 Operating revenues Regulated electric $ 6,858 $ 5,872 Regulated gas 1,713 1,575 Non-regulated 205 (247) Total operati...

AI summary The consolidated statements of income for 2025 and 2024 show significant increases in operating revenues and income from operations, with regulated electric and gas revenues and income from operations rising notably. Net income also increased from 2024 to 2025, reflecting changes in operating expenses and income from equity investments.

Consolidated Balance Sheets (continued) As at millions of dollars December 31 2025 December 31 2024 Liabilities and Equity Current liabilities Short-term debt (note 24) $ 1,807 $ 1,400 Current portion of long-term debt (note 26) 1,201 234...

AI summary The consolidated balance sheets show a significant increase in both current and long-term liabilities between 2024 and 2025, with short-term debt and the current portion of long-term debt rising notably. Equity also increased slightly, but total liabilities and equity grew from $42,951 million to $44,817 million.

The accompanying notes are an integral part of these consolidated financial statements. Approved on behalf of the Board of Directors "Karen Sheriff" "Scott Balfour" Chair of the Board President and Chief Executive Officer Management's Disc...

AI summary The document includes the consolidated financial statements of Emera, with management's discussion and analysis, and information related to leadership and shareholders. Key figures and approvals are highlighted, including statements approved on behalf of the Board of Directors.

Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder information

AI summary The text provides an overview of financial and management information, including consolidated financial statements, leadership details, and shareholder information from Emera.

Consolidated Statements of Changes in Equity millions of dollars Common Stock Preferred Stock Contributed Surplus AOCI Retained Earnings NCI Total Equity Balance, December 31, 2024 $ 9,042 $ 1,422 $ 84 $ 1,261 $ 1,468 $ 14 $ 13,291 Net inc...

AI summary The document presents consolidated statements of changes in equity for the years ending December 31, 2025 and 2024. It outlines changes in equity components such as common stock, preferred stock, retained earnings, and other comprehensive income or loss. Key items include net income, dividends, and share issuance activities.

Use of Management Estimates The preparation of consolidated financial statements in accordance with USGAAP requires management to make estimates and assumptions. These may affect reported amounts of assets and liabilities at the date of th...

AI summary The preparation of consolidated financial statements under USGAAP requires management estimates and assumptions, particularly regarding rate-regulated assets, pension benefits, unbilled revenue, and asset retirement obligations. These estimates are periodically reviewed and adjusted as necessary based on historical experience and current conditions.

2025 Annual Financial Statements Attachment 6 Page 96 of 138 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder infor...

AI summary The document discusses the equity investment in Lucelec, noting a $10 million difference between the cost and the fair value of the investees' assets at the time of acquisition, which is attributed to goodwill.

2025 Annual Financial Statements Attachment 6 Page 98 of 138 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder infor...

AI summary In 2024, the company incurred $185 million in interest and financing expenses due to a specific financing structure, which was wound up as expenses were expected to be denied under EIFEL legislation. A $58 million tax benefit was recorded, including a $54 million deferred income tax asset and a $4 million income tax benefit from reversing a deferred income tax liability.

The following table reflects the composition of income before provision for income taxes presented in the Consolidated Statements of Income for the years ended December 31: millions of dollars 2025 2024 Canada $ 157 $ (175) United States 9...

AI summary The text provides financial data showing income before provision for income taxes for 2025 and 2024, with significant contributions from the United States and Canada. It also details taxes on income from continuing operations, including current and deferred income taxes, tax credits, and adjustments to valuation allowances.

Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder information Notes to the Consolidated Financial Statements

AI summary The text outlines key sections of a financial report including strategic overview, management discussion, consolidated financial statements, leadership information, shareholder details, and notes to financial statements.

Authorized: Unlimited number of non-par value common shares. 2025 2024 Issued and outstanding: millions of shares millions of dollars millions of shares millions of dollars Balance, December 31, 2024 295.94 $ 9,042 284.12 $ 8,462 Conversio...

AI summary The document provides a summary of share issuance and outstanding shares for the years 2024 and 2025, including details on conversions, ATM program issuance, and stock options exercised. It outlines financial figures in millions of shares and dollars.

Derivative assets and liabilities relating to the foregoing categories consisted of the following: Derivative Assets Derivative Liabilities As at December 31 December 31 December 31 December 31 millions of dollars 2025 2024 2025 2024 Regul...

AI summary The document presents a summary of derivative assets and liabilities for the years 2024 and 2025, including regulatory deferral, HFT derivatives, and other derivatives. It also mentions the impact of master netting agreements and the classification of NMGC's assets and liabilities as held for sale following an announcement by Emera in August 2024.

As at December 31, 2025, the Company had the following notional volumes designated for regulatory deferral that are expected to settle as outlined below: millions 2026 2027–2028 Commodity swaps and forwards purchases: Natural gas (MMBtu) 7...

AI summary As of December 31, 2025, the Company has designated notional volumes for regulatory deferral, including natural gas and power swaps, as well as FX forwards, with expected settlement outlined for 2026 and 2027–2028.

Other Derivatives As at December 31, 2025, the Company had equity derivatives in place to manage cash flow risk associated with forecasted future cash settlements of deferred compensation obligations and FX forwards in place to manage cash...

AI summary The Company uses equity derivatives to hedge the return on 3.2 million shares and FX forwards to manage USD cash inflow risks, with these instruments expiring between 2026 and 2028.

The Company's concentrations of risk consisted of the following: As at December 31, 2025 December 31, 2024 millions of % of total millions of % of total dollars exposure dollars exposure Receivables, net Regulated utilities: Residential $...

AI summary The Company's risk concentrations include receivables from regulated utilities, trading groups, and derivative instruments, with a significant portion classified as assets held for sale following the announced sale of NMGC. The data reflects changes in exposure percentages between 2024 and 2025.

The Company's cash collateral positions consisted of the following: As at millions of dollars December 31 2025 December 31 2024 Cash collateral provided to others $ 193 $ 198 Cash collateral received from others $ 5 $ 5 Collateral is poste...

AI summary The Company's cash collateral positions show a slight decrease in cash collateral provided to others from 2024 to 2025, while cash collateral received from others remained unchanged. Collateral is managed based on the Company's credit rating and is required under certain derivative agreements in case of adverse credit events.

Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder information

AI summary The text outlines sections of a financial report, including a strategic overview, management's discussion and analysis, consolidated financial statements, leadership and board information, and shareholder details. It provides a high-level view of the company's operations and financial health.

Notes to the Consolidated Financial Statements As at December 31, 2024 millions of dollars Level 1 Level 2 Level 3 Total Assets Regulatory deferral: Commodity swaps and forwards $ 15 $ 3 $ — $ 18 FX forwards — 27 — 27 15 30 — 45 HFT deriva...

AI summary The notes to the consolidated financial statements detail regulatory deferral assets and liabilities related to commodity swaps, forwards, and derivatives. These include FX forwards, power swaps, and natural gas contracts. The text also mentions the classification of NMGC's assets and liabilities as held for sale following an agreement announced by Emera on August 5, 2024.

The change in the FV of the Level 3 financial assets and liabilities for the year ended December 31, 2025 was as follows: HFT Derivatives millions of dollars Power Natural gas Total Assets Balance, beginning of period $ 5 $ 27 $ 32 Total r...

AI summary This document provides a summary of the change in the fair value of Level 3 financial assets and liabilities for the year ended December 31, 2025, specifically focusing on HFT Derivatives, including power and natural gas. The data includes beginning balances, realized and unrealized gains and losses, and ending balances for both assets and liabilities.

Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder information Notes to the Consolidated Financial Statements Significant unobservable inputs used in the FV meas...

AI summary The document discusses the use of third-party and internally developed inputs in the fair value (FV) measurement of Emera's natural gas and power derivatives. These inputs include pricing from illiquid markets, correlation factors, basis differentials, credit risk, and discount rates. The valuation model is used for Level 3 derivative instruments, and inputs are reviewed quarterly based on statistical analysis and industry practices.

Significant Weighted millions of dollars FV Unobservable Input Low High average (1) Assets Liabilities As at December 31, 2025 HFT derivatives – Power swaps $ 7 $ 7 Third-party pricing $27.35 $150.55 $88.79 and physical contracts HFT deriv...

AI summary The text provides a summary of financial data related to HFT derivatives for power swaps, natural gas swaps, and physical contracts as of December 31, 2025 and 2024. It includes asset values, liabilities, and weighted average fair values based on third-party pricing.

Long-term debt is a financial liability not measured at FV on the Consolidated Balance Sheets. The balance consisted of the following: As at millions of dollars Carrying Amount FV Level 1 Level 2 Level 3 Total December 31, 2025 $ 19,654 $...

AI summary The document discusses the long-term debt of the company, including its carrying amount, fair value, and classification as Level 2 financial assets. It also highlights the use of Hybrid Notes as a hedge against foreign currency exposure and the after-tax foreign currency gain recorded in AOCI for 2025.

As at millions of dollars Classification December 31 2025 December 31 2024 Operating leases: Right-of-use asset Other long-term assets $ 48 $ 52 Operating lease liabilities Current Other current liabilities 1 3 Long-term Other long-term li...

AI summary The document presents financial data related to operating and finance leases, including right-of-use assets, lease liabilities, and future minimum lease payments. The data is presented for the years 2024 and 2025, with details on expenses, liabilities, and lease payments.

Strategic Overview Management's Discussion and Analysis Consolidated Financial Statements Emera Leadership and Board Shareholder information Notes to the Consolidated Financial Statements

AI summary The text outlines the structure of a financial report, including sections like Management's Discussion and Analysis, Consolidated Financial Statements, and Notes to the Consolidated Financial Statements. It also references leadership and shareholder information, indicating a focus on financial transparency and corporate governance.

Changes in the benefit obligation and plan assets, and the funded status for plans were as follows: For the Year ended December 31 millions of dollars 2025 2024 DB pension Non-pension DB pension Non-pension plans benefit plans plans benefi...

AI summary The text provides a detailed overview of changes in the benefit obligation and plan assets for defined benefit (DB) pension and non-pension benefit plans for the years 2024 and 2025, including service cost, interest cost, plan amendments, benefits paid, actuarial gains and losses, and funded status.

millions of dollars Regulatory assets Actuarial (gains) losses Past service gains DB Pension Plans: Balance, January 1, 2025 $ 363 $ (17) $ — Amortized in current period (9) 1 — Current year changes (51) (158) — Change in FX rate (16) — —...

AI summary The document provides a summary of financial changes in pension and non-pension benefit plans for Nova Scotia Power, including balances, amortizations, and changes in foreign exchange rates for the years ending December 31, 2025, and December 31, 2024. It also notes the classification of NMGC's assets and liabilities as held for sale following an announced agreement in August 2024.

Asset Class Target Range at Market Canadian Pension Plans: Short-term securities 0% to 10% Fixed income 34% to 49% Equities: Canadian 5% to 15% Non-Canadian 37% to 61% Non-Canadian Pension Plans: Cash and cash equivalents 0% to 10% Fixed i...

AI summary The document outlines the target asset allocation ranges for Canadian and non-Canadian pension plans, including allocations for short-term securities, fixed income, and equities. Pension plan assets are managed by respective management pension committees and are governed by policies approved by the sponsoring companies' Boards of Directors.

Weighted average Weighted average millions of dollars 2025 interest rate 2024 interest rate Florida Electric Utility Advances on revolving credit facilities $ 1,059 4.01% $ 915 4.77% Canadian Electric Utilities Advances on non-revolving cr...

AI summary The table outlines weighted average interest rates and amounts for various credit facilities and debt across different utilities in 2025 and 2024. It includes entries for Florida Electric Utility, Canadian Electric Utilities, Gas Utilities and Infrastructure, Other Electric Utilities, and Other. The note explains that Emera announced the sale of NMGC on August 5, 2024, leading to its assets and liabilities being classified as held for sale starting in Q3 2024.

The Company's total short-term unsecured revolving and non-revolving credit facilities, outstanding borrowings and available capacity as at December 31 were as follows: millions of dollars Maturity 2025 2024 TEC – committed revolving credi...

AI summary The Company's credit facilities and available capacity as of December 31 are detailed, showing total credit facilities of $3,332 million in 2025 and $2,302 million in 2024. Available capacity was $1,448 million in 2025 and $898 million in 2024. Emera announced the sale of NMGC on August 5, 2024, with its assets and liabilities classified as held for sale from Q3 2024.

Long-term debt as at December 31 consisted of the following: Weighted average interest rate (1) millions of dollars 2025 2024 Maturity 2025 2024 Florida Electric Utility Senior unsecured notes 4.46% 4.36% 2029 - 2051 $ 6,271 $ 5,720 Canadi...

AI summary The document presents a detailed breakdown of long-term debt as of December 31, 2025, and 2024, including various types of debt instruments, their weighted average interest rates, and maturity dates. It outlines the composition of debt across different utility sectors and includes adjustments for costs and liabilities.

The Company's total long-term revolving and non-revolving credit facilities, outstanding borrowings and available capacity as at December 31 were as follows: millions of dollars Maturity 2025 2024 Emera – committed revolving credit facilit...

AI summary The document outlines the credit facilities, outstanding borrowings, and available capacity for the company as of December 31, 2024 and 2025, including details on committed and unsecured credit facilities and their usage.

Debt Covenants Emera and its subsidiaries have debt covenants associated with their credit facilities. Covenants are tested regularly and the Company is in compliance with covenant requirements. Emera's significant covenants are listed bel...

AI summary Emera and its subsidiaries have debt covenants that are regularly tested, and the company is currently in compliance with these requirements. The significant covenants are listed in the document.

30. Non-Controlling Interest in Subsidiaries As at millions of dollars December 31 2025 December 31 2024 Preferred shares of GBPC $ 14 $ 14 Preferred shares of GBPC

AI summary The document presents a table showing the preferred shares of GBPC as of December 31, 2025, and December 31, 2024, with no change in value between the two periods.

10,000 non-voting cumulative redeemable variable perpetual preferred shares. 2025 2024 Issued and outstanding: number of shares millions of dollars number of shares millions of dollars Outstanding as at December 31 10,000 $ 14 10,000 $ 14...

AI summary The document outlines the issuance and outstanding status of 10,000 non-voting cumulative redeemable variable perpetual preferred shares, with a value of $14 million as of December 31 for both 2024 and 2025.

The following table provides information about Emera's portion of material unconsolidated VIEs: As at December 31, 2025 December 31, 2024 millions of dollars Total assets Maximum exposure to loss Total assets Maximum exposure to loss Uncon...

AI summary The table outlines Emera's portion of material unconsolidated VIEs, specifically NSPML, with details on total assets and maximum exposure to loss as of December 31, 2025 and 2024. The section 'Subsequent Events' indicates further information will be provided.

ACCOUNT SEGMENT Account Segment Value Account Segment Description 111050 PETTY CASH FUNDS 111600 CASH SCOTIABANK 111650 CASH ROYAL BANK IMPREST ACCOUNT 111700 CASH BNS US FUNDS 111800 CASH CIBC 111850 CASH ROYAL BANK 111900 CASH CIBC US BA...

AI summary The text presents a list of account segments and their descriptions, including petty cash funds, cash accounts with various banks, accounts receivable for different services and products, inventory items such as coal, biomass, and fuel, and other financial assets. These entries are part of an accounting system used for tracking financial activities.

- 2) Allowance for materials and supplies is the ending balance as at December 31. No. Gross Book Value, Asset Additions Accest Transfers Accet Betiremente Total Bassaya baginning Asset Retirements Depreciation & Salvage & Cost of Reclassi...

AI summary The text discusses the allowance for materials and supplies as of December 31, and includes a table with various financial and asset-related categories such as gross book value, asset additions, asset transfers, asset retirements, depreciation, and adjustments to regulated plant.

2025 Annual Financial Statements Attachment 15.2 has been filed electronically. 2025 Annual Financial Statements Attachment 15.3 has been filed electronically. 2025 Annual Financial Statements Attachment 16.1 has been removed due to confid...

AI summary The document mentions the filing and removal of specific attachments from the 2025 Annual Financial Statements due to confidentiality concerns.

540,542,229 Corporation's name Nova Scotia Power Incorporated Bus siness number Tax year end Year Month Day 1193 1 4938 RC0001 2025-12-31 Balance sheet information Account Description GI FI Current year Prior year Assets — Total current as...

AI summary The document presents a balance sheet for Nova Scotia Power Incorporated as of December 31, 2025, detailing assets, liabilities, and shareholder equity. It includes figures for current and long-term assets, liabilities, and retained earnings, reflecting the company's financial position.

REDACTED 2025 Annual Financial Statements Additional Submissions Attachment 1 Page 18 of 182 2026 Docusign Envelope ID: 3004E7B2-D1E3-8CBB-8136-5E1E1F24E654 NSPI - 2025 - T2 225 Nova Scotia Power Incorporated 118,070,419 SCHEDULE 125 Canad...

AI summary The document presents the 2025 annual financial statements of Nova Scotia Power Incorporated, including income statement details such as total sales, cost of sales, gross profit, and operating expenses, along with other financial information submitted to the Canada Revenue Agency.

Total - other comprehensive income 9998 = xtraordinary it ems and income (linked to o Schedule 140) ——— Extraor dinary item(s) 9975 5 – Legal s ettlements 9976 Unreal zed gains/losses 9980 + Unusu al items 9985 - Curren income taxes 9990 _...

AI summary The text presents a financial statement table with various line items related to other comprehensive income, including extraordinary items, legal settlements, unrealized gains/losses, and income taxes. The table includes figures such as current income taxes and deferred income tax provisions.

NSPI - 2025 - T2.225 2026 Docusign Envelope ID: 3004E7B2-D1E3-8CBB-8136-5E1E1F24E654 Nova Scotia Power Incorporated 11931 4938 RC0001 Part 4 – Other information (continued) Impairment and fair value changes In any of the following assets,...

AI summary The document contains a portion of Nova Scotia Power Incorporated's T2 tax return, focusing on impairment and fair value changes, financial instruments, and information on the preparation of the return. It includes various line items and questions related to accounting and financial reporting.

Nova Scotia Power Incorporated 11931 4938 RC0001 e corporation incurred any amounts for a bo ction 18.2(1)? rrowing or other financir Yes X No If line ( 006 is yes , complete the following table. 1 2 3 4 5 Row Name of public sector authori...

AI summary The document presents a table related to Nova Scotia Power Incorporated's financial activities, particularly regarding borrowings or other financing agreements with public sector authorities. The table includes columns for the name of the authority, principal amounts, incurred fees, and income or loss from activities funded by these amounts.

2025-12-31 Part 2K − Proportion determined under subsection 18.2(2) The corporation's IFE for the year (line 045 from Part 2A) 185,144,013 If a group ratio election under subsection 18.21(2) has been made, the amount determined and allocat...

AI summary The document outlines calculations related to the corporation's IFE, ATI, and RIFE, including ratios and adjustments for received capacity and absorbed capacity. It includes a percentage calculation (45.637%) and a final total of 84,494,173 for amounts determined under subsection 18.2(2).

ova Scotia Power Incorporated 11931 4938 RC0001 1 2 3 4 5 6 Row Name of CFA Amounts determined for variable A in the definition of IFE for the affiliate Proportion determined under subsection 18.2(2) Amount G in Part 2K % Denied amount und...

AI summary The text provides a table with various financial and tax-related calculations, including amounts determined for variable A in the definition of IFE, proportions under subsection 18.2(2), denied amounts, and the corporation's share of denied amounts. The table includes references to tax years, percentages, and specific tax-related clauses.

2026 Docusign Envelope ID: 3004E7B2-D1E3-8CBB-8136-5E1E1F24E654 NSPI - 2025 - T2.225 • N REMOVED)\nubmissions Attachment 1 Page 60 of 1 32 Proceeds of dispositions from column 11 available to reduce additions of RIIP and ZEV acquired after...

AI summary The document presents financial data related to proceeds from dispositions, specifically focusing on amounts available to reduce additions of RIIP and ZEV acquired after 2024. It includes numerical values and calculations associated with Classes 54 to 56.

The amount from line 280 should be entered on line 413 of Schedule 1 as a deduction. T2 SCH 13 E (22) Canadä REDACTED 2025 Annual Financial Statements Additional Submissions Attachment 1 Page 76 of 182 3,156,720 4,218,294 NSPI - 2025 - T2....

AI summary The text provides instructions for entering an amount from line 280 into line 413 of Schedule 1 as a deduction. It also includes financial data and document details related to Nova Scotia Power Incorporated for the year 2025.

Type of plan (see note 1) Amount of contribution $ (see note 2) Registration number (RPP, RSUBP, PRPP, and DPSP only) Name of EPSP trust y dailed of Er or tract T4PS slip(s) (see note 3) 100 200 300 400 500 600 1 1 14,500,825 0687210 Note...

AI summary The text provides a table and notes related to the registration and contribution amounts for various plans, including RPP, RSUBP, DPSP, and EPSP. It includes instructions for reconciling payments and calculating amounts for deferred income plans.

If a corporation makes a repayment of any government or non-government a amount of qualified expenditures for ITC purposes, the amount of the repayment of the repayment of the repayment of the repayment of the repayment of the repayment of...

AI summary The text discusses the repayment of qualified expenditures for ITC purposes, highlighting the complexity and repetition in the phrasing related to corporate repayments. It emphasizes the need for clarity in the process.

REDACTED 2025 Annual Financial Statements Additional Submissions Attachment 1 Page 92 of 182 2026 Docusign Envelope ID: 3004E7B2-D1E3-8CBB-8136-5E1E1F24E654 NSPI - 2025 - T2.225 2025-12-31 Nova Scotia Power Incorporated 11931 4938 RC0001

AI summary The document contains a redacted page from the 2025 Annual Financial Statements of Nova Scotia Power Incorporated, including a Docusign Envelope ID and a submission reference number. It provides a glimpse into the financial reporting process for the company.

NSPI - 2025 - T2.225 Corporate information ——— Corporation's name Nova Scotia Power Inco orporated Taxation Year _2025-01-01 to _20 25-12-31 _ Jurisdiction Nova Scotia BC AB SK MB ON QC NB NS NO PE NL ХО YT NT NU ОС BC AB SK IVIB X INL Cor...

AI summary The document provides corporate information and financial data for Nova Scotia Power Inc. for the taxation year 2025, including net income, taxable income, donations, and various tax-related credits and deductions.

REDACTED 2025 Annual Financial Statements Additional Submissions Attachment 1 Page 127 of 182 REDACTED (CONFIDENTIAL INFORMATION REMOVED) 10 35 Note: If your current year's qualified expenditures are more than your expenditure limit (see P...

AI summary The text discusses various investment tax credit (ITC) rates applicable to different types of expenditures, including clean economy, clean technology, clean hydrogen, and clean technology manufacturing, with varying rates depending on the time period and carbon intensity tiers.

750 752 754 756 758 759 Project title or identification code Salary or wages in the tax year Cost of materials in the tax year Contract expenditures for SR&ED performed on your behalf in the tax year Overhead and other expenditures in the...

AI summary This table presents project details and expenditures related to various initiatives, including salary and wage costs, material costs, contract expenditures for SR&ED, and overhead expenditures. The projects listed include High Voltage Dynamic Voltage Restoration and the Development of Non-Intrusive Fish Tracking Method.

788 790 792 794 796 Name of SR&ED property acquired after December 15, 2024, that is shared-use-equipment (SUE). Purchase date (YYYY-MM-DD) Enter 25% of the capital cost of the property that was used primarily in SR&ED Enter "1" for the fi...

AI summary The table outlines the process for claiming an SR&ED ITC on shared-use-equipment (SUE) acquired after December 15, 2024. It includes fields for the name of the property, purchase date, capital cost entry, and project numbers. The footnote explains that an SR&ED ITC can be earned on a portion of the cost of SUE used primarily for SR&ED.

NON-CONFIDENTIAL 1 Request IR-1: 2 3 Attachment 1, Regulated Operating Revenues 4 5 (a) Please provide a detailed breakdown of actual and forecasted revenues and 6 corresponding energy sales (in GWh) by customer class for each year from 20...

AI summary The document outlines a request for detailed financial and operational data from NSPI, including revenue breakdowns, customer operations costs, debt instruments, and income tax reconciliations. NSPI responded by referring to Attachment 1 and noted that due to a cybersecurity incident, 2023 data could not be recovered, but provided data for 2024 and 2025.

15 16 The following table provides additional details for Line Services, Utility Services, Fleet 17 and Meter and Inspection services: 18 Annual and Regulated Financial Statements - 2025 (NSEB M12835) NSPI Responses to NSEB Information Req...

AI summary The text references a table providing details on Line Services, Utility Services, Fleet, and Meter and Inspection services, and mentions the Annual and Regulated Financial Statements - 2025 (NSEB M12835) and NSPI Responses to NSEB Information Requests.

Average Short-Term Borrowing Rate 3.39% 5.29% 2)Short-Term Interest Expense 2025 2024 Average Short-Term Borrowing ($ millions) 693.0 594.0 Average Short-Term Borrowing Rate 3.39% 5.29% 2025 Total Expense 2024 Total Expense ($ millions) ($...

AI summary The document presents data on short-term interest expenses for 2025 and 2024, showing an increase in average short-term borrowing from $594 million to $693 million, with a decrease in the average borrowing rate from 5.29% to 3.39%.

NS Power 2025 Financial Statements NSEB IR-1 Attachment [3] Reconciliation of difference between 2025 Regulated Income Tax Recovery and Test Year Forecast Income Tax Expense (in millions) Test Year Forecast 2024 Regulated 2025 Variance Cor...

AI summary The document reconciles the difference between the 2025 Regulated Income Tax Recovery and the Test Year Forecast Income Tax Expense for NS Power. It highlights an increase in income tax recovery by $36 million in 2025, attributed to clean technology investment tax credits.

2025 Annual and Regulated Financial Statements NSEB IR-3 Attachment 1 Page 3 of 5 REDACTED (CONFIDENTIAL INFORMATION REMOVED) Nova Scotia Power Inc.'s Fiscal-Year 2025 Results Were Weaker Than Expected, Credit Measures Projected To Recover

AI summary Nova Scotia Power Inc.'s fiscal-year 2025 results were weaker than expected, but credit measures are projected to recover. This information is part of a redacted document related to the 2025 Annual and Regulated Financial Statements.

Nova Scotia Power Inc. Morningstar DBRS January 27, 2026 Commercial Paper Limit $800 million

AI summary The document outlines the commercial paper limit for Nova Scotia Power Inc. at $800 million, as reported by Morningstar DBRS on January 27, 2026.

Liquidity (CAD Millions as at September 30, 2025) Amount Drawn/Letter of Credit Available Expiry Cash & Cash Equivalents 0 - 0 N/A Committed Revolving Facilities 800 377 423 June 2029 Total 800 377 423 - We consider the Company's liquidity...

AI summary The document discusses the company's liquidity position as of September 30, 2025, noting that cash and cash equivalents are zero, while committed revolving facilities total 800 million CAD with 377 million drawn and 423 million available, expiring in June 2029. The company's liquidity is deemed adequate.

- NSPI has an $800 million credit facility maturing in June 2029. - The credit facility is used to backstop the Company's $800 million commercial paper (CP) program and to partially fund its working capital and capex requirements. Availabi...

AI summary NSPI has an $800 million credit facility maturing in June 2029, used to backstop its commercial paper program and partially fund working capital and capital expenditures. The facility is subject to a debt-to-capital ratio covenant, which NSPI is currently complying with.

Long-term Debt (CAD Millions as at September 30, 2025) 2025 2026 2027 2028 2029 Thereafter Total Total Long-Term Debt 0 40 0 0 404 3,016 3,460 % 0 1 0 0 12 87 100 - NSPI's long-term debt maturities are well spread out with minimum refinanc...

AI summary NSPI's long-term debt maturities are well spread out, with minimal refinancing risk in the near term. The table shows the distribution of debt across years, with the majority of debt maturing after 2029.

s neither a prospectus nor a substitute for the information assembled, verified, and presented to investors by the issuer and its agents in connection with the sale of the securities. Users should obtain appropriate advice from a financial...

AI summary This text discusses the disclaimers and limitations associated with Morningstar DBRS credit ratings and opinions, as well as references to financial statements and information requests related to NSPI in 2025. It emphasizes that the information should not be used as a substitute for professional advice and highlights the terms and conditions of using Morningstar DBRS publications.

5 Total AR Other increased by $47M versus prior year. AR Other consists of non-trade 6 receivables, Commodity Derivative receivables, and Federal Excise Tax receivables. Key 7 balance drivers are summarized below: 8 9 • AR Other Non-Trade...

AI summary The document discusses an increase of $47M in AR Other, which includes non-trade receivables, commodity derivative receivables, and federal excise tax receivables. The increase is primarily attributed to insurance claims.

10 The increase in past-due balances during 2025 reflects the temporary suspension of interest 11 charges and collection activities following the cybersecurity incident. 12 13 (b) During 2025, NS Power temporarily modified its collection p...

AI summary In 2025, NS Power temporarily suspended interest charges and collection activities following a cybersecurity incident, leading to an increase in past-due balances. No significant changes were made to credit policies, only temporary modifications to collection practices.

REDACTED 2025 Annual and Regulated Financial Statements NSEB IR-11 Attachment 1 Page 4 of 6 REDACTED (CONFIDENTIAL INFORMATION REMOVED) COMFIT Commitments Summary Annual Energy Rate/MWh 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 203...

AI summary The document presents a summary of COMFIT commitments for various energy projects, detailing annual energy rates and financial obligations from 2026 to 2040. Each entry includes project names, associated costs, and payment schedules.

NON-CONFIDENTIAL 1 Request IR-17: 2 3 Please provide a detailed reconciliation of the operating expenses between the audited 4 statements and the regulated statements. 5 6 Response IR-17: 7 8 Please refer to Attachment 5 and Attachment 9 o...

AI summary The document outlines responses to information requests regarding financial statements and operating expenses. It includes details about cybersecurity incident-related costs and manual meter reading expenses, as well as references to attachments containing further information.

10 As at millions of Canadian dollars Actual (Dec - 2025) Actual (Dec - 2024) Variance Payables - Trade 284.6 183.2 101.4 Customer Deposits 15.5 13.6 1.9 Accounts Payable 300.1 196.8 103.3 11

AI summary The text presents a table showing financial figures for payables and customer deposits as of December 2025 and 2024, highlighting the variance between the two periods.

NOVA SCOTIA ENERGY BOARD IN THE MATTER OF: THE PUBLIC UTILITIES ACT - and - IN THE MATTER OF: AN APPLICATION by NOVA SCOTIA POWER INCORPORATED for approval of Annual and Regulated Financial Statements - 2025 INFORMATION REQUESTS – Second S...

AI summary The Nova Scotia Energy Board has issued a second set of information requests to Annie Beth Sampson of Nova Scotia Power Inc. regarding the approval of Annual and Regulated Financial Statements for 2025. Responses are due by September 3, 2026, and the request was issued on August 13, 2026.

Request IR-13: - Please confirm if there were costs associated with the 2025 Cybersecurity incident included in - NS Power's 2025 regulated financial statements.

AI summary The document requests confirmation of whether costs related to the 2025 Cybersecurity incident were included in NS Power's 2025 regulated financial statements.