Company: EMICF
Filing Date: 2025-09-29
Form Type: 424B2
Source: 0000950103-25-012357
Chunk: 16

Company: EMERA INC
Filing Date: 2025-09-29
Form: 424B2
Chunk 16
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Enterprise Risk and Risk Management” in Emera’s Management’s Discussion and Analysis for the year ended December 31, 2024; and (iv) the heading “Principal Financial Risks and Uncertainties” in note 20 to Emera’s unaudited condensed consolidated interim financial statements as at and for the three and six months ended June 30, 2025 and June 30, 2024 filed on Exhibit 99.2 to Emera’s Form 6-K furnished on August 8, 2025. The risks described below are not the only risks that may affect us. Additional risks and uncertainties not currently known to us or those we currently view to be immaterial may also materially and adversely affect our business, financial condition or results of operations. Any of the following risks could materially and adversely affect our business, financial condition or results of operations. In such a case, you may lose all or a part of your investment.

Risks Related to the Notes

Emera has a substantial
amount of indebtedness which may adversely affect its cash flow and ability to operate its business.

Emera has incurred a significant
amount of debt. As of June 30, 2025, Emera has approximately Cdn$20,995 million of total debt outstanding. The implications of such indebtedness
include:

| · | a portion of Emera’s cash flow from operations is dedicated to debt service and may not be available 
 for other purposes;                                                                                  |

| · | limiting Emera’s flexibility in planning for, or reacting to, changes in its business and the industry 
 in which it operates;                                                                                  |

| · | limiting Emera’s ability to obtain financing in the future for working capital, capital expenditures 
 and general corporate purposes;                                                                      |

| · | making Emera more vulnerable to economic downturns and industry conditions and possibly limiting its ability 
 to withstand competitive pressures;                                                                          |

| · | making it more difficult for Emera to satisfy its indebtedness; and |

| · | increasing Emera’s cost of borrowing. |

If new debt is added to Emera’s
current debt levels, the risks that it now faces would intensify. Emera’s ability to generate sufficient cash flow from operations
to make scheduled payments on its debt will depend on a range of economic, competitive and business factors, many of which are outside
of its control. There can be no assurance that Emera’s business will generate sufficient cash flow from operations to make these
payments, including with respect to the Notes