Emera Incorporated

Good morning, ladies and gentlemen, and welcome to the AmeriQ1 2026 Earnings Conference Call. At this time, note that all participant lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. And if at any time during this call you require immediate assistance, please press star zero for the operator. Also note that this call is being recorded on Friday, May 8, 2026. And I would like to turn the conference over to Dave Besenson. Please go ahead.

Thank you, Sylvie, and thank you all for joining us this morning for AMIRA's first quarter 2026 conference call and live webcast. AMIRA's first quarter earnings release was distributed this morning via Newswire, and the financial statements, management's discussion and analysis, and the presentations being referenced on this call are available on our website at AMIRA.com. Joining me for this morning's call are Scott Belfort, AMIRA's President and Chief Executive Officer, Jared Green, AMIRA's Chief Financial Officer, and other members of AMIRA's management team. Before we begin, I'd like to advise you that this morning's discussion will include forward-looking information, which is subject to the cautionary statement contained in the supporting slide. Today's discussion and presentation will also include references to non-GAAP financial measures. You should refer to the Appendix for Reconciliations of Historical Non-GAAP Measures to the Closest GAAP Financial Measure. Unless otherwise specified, all financial information referenced is in Canadian dollars. And now, I will turn things over to Scott.

Thank you, Dave, and good morning, everyone. This morning, we reported record first quarter adjusted earnings per share of $1.37, up 7% year over year. This marks the strongest first quarter result in EMEA's history. This performance positions us well to once again deliver above our 5% to 7% adjusted earnings per share compound annual growth target in 2026, using 2024 as the base year. Our first quarter results reflect strong execution, meaningful regulatory progress, and solid performance across our regulated utilities. Results were also supported by record performance at Amira Energy. I want to thank our teams across the organization for their focus and discipline in serving our customers and delivering these results for our shareholders. At Tampa Electric, first quarter results benefited from the subsequent year revenue adjustment which came into effect on January 1, 2026, Results were also supported by colder than normal weather early in the year, including winter storm fern, which drove higher demand across the region. The team responded with reliable generation, disciplined operations, and a secure fuel supply, enabling strong contributions in off-system sales in support of our neighboring utilities. Consistent with our approved sharing mechanism, customers benefit from the majority of the revenues generated from these sales. At People's Gas, first quarter earnings reflect new rates effective January 1st of 2026 that support ongoing rate-based investment support and growth, system expansion, and reliability across Florida. Favorable market dynamics also supported strong off-system sales execution with half of those revenues shared directly with customers. Amira Energy had a standout first quarter. supported by favorable market conditions early in the year and the business's ability to capitalize. As a result, Amira Energy delivered another record first quarter for the second year in a row, with earnings expectations for this business now in the range of $60 to $80 million for 2026, well above its traditional range of $15 to $30 million. Building on Amira Energy's strong start and with the solid performance across the rest of the business, We are well positioned to earn above our guidance range in 2026 and remain confident in our long-term average EPS growth guidance of 5% to 7% through 2030. We continue to see customer growth across our portfolio that will support our ability to affordably invest in our utilities. We're also seeing meaningful interest from multiple data center developers in TAMP electric service territory. A number of developer-funded system impact studies are advancing, and in some cases, developer-funded construction work is underway. Overall, we're pleased with how 2026 is shaping up. First quarter results reflect strong execution across the business and continued momentum in our regulated utilities. From a regulatory perspective, we saw good progress early in 2026 with the approval of new rates by the Nova Scotia Energy Board. The decision was largely aligned with a consensus settlement agreement by all customer groups. New rates took effect May 1st. A key element of the Board's decision was the approval of a securitization deferral mechanism for approximately $700 million of retiring thermal assets. This allows related costs, including depreciation, to be deferred during the rate period, pending proposed securitization, helping to manage the timing of cost recovery. The regulator agreed with Nova Scotia Power and customer representatives that securitization would deliver meaningful long-term savings for customers, while supporting the Nova Scotia independent system operator's work to meet the federal mandate to retire coal plants by 2030 and the province's target of achieving 80% renewables by 2030. While work remains to fully implement securitization, the Nova Scotia Power team will continue to work with the province to advance the process and ensure the substantial customer and policy benefits are realized. Turning to New Mexico, we continue to await the hearing examiner's recommendation following the hearing that concluded in November. While the duration of this part of the regulatory process is not in our control, our view of the outcome remains unchanged. The key elements remain in place to support a successful transaction, and we now expect the sale to close in mid-2026. In the first quarter, Our teams safely executed more than $870 million of customer-focused capital investment, keeping us firmly on track to deliver our $4 billion capital plan for 2026, supporting our targeted 7% to 8% rate-based growth. Across the portfolio, major projects continue to advance as planned. At Tampa Electric, we're progressing solar investments, great modernization, and reliability upgrades. In Nova Scotia, we're moving forward on energy storage, transmission, and system reliability investments. At Peoples Gas, the team continues to execute on critical infrastructure expansion supported by strong customer growth. At its core, our capital program is focused on delivering customer value by enhancing reliability, strengthening system resilience, and supporting growth in the communities we serve. We remain disciplined in how we pace these investments carefully balancing timing and execution to help manage customer rate impacts while positioning our systems for long-term value enhancement for customers. With new rates now in place at Nova Scotia Power and multi-year rate frameworks already established at Tampa Electric and People's Gas, we have rate clarity across our three largest utilities through 2027. This regulatory clarity gives us greater confidence to continue investing in essential infrastructure, while providing a more predictable path for earnings and cash flow growth over time. Before I hand it over to Jared, I want to highlight that earlier this week, we reached an agreement to sell Grand Bahama Power Company to the government of the Commonwealth of the Barbados, of Bahamas. The transaction is expected to close by the end of May, and while not a material financial impact, it is a further example of our focus on optimizing Amira's portfolio and focusing our efforts on our core utility operations in Florida and Atlantic Canada. While it is never easy to part ways with a company and team that have been part of the Amer family for 15 years, this sale provides support for the government's national energy policy, while at the same time further simplifying and de-risking Amer's portfolio. We want to thank the Grand Bahama team for their unwavering commitment to delivering safe and reliable energy to customers. We thank each of you for your commitment, your excellence, and your hard work. And with that, I'll turn the call over to Jared to discuss our financial results.