Slide 1: EEI Financial Conference
EEI Financial Conference November 9 to 11, 2025
Slide 2: Forward-Looking Statements and Use of Non-GAAP Measures
Forward-Looking Statements and Use of Non-GAAP Measures This presentation contains “forward-looking statements” including within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in th
Slide 3: Financial Results and Business Update
Financial Results and Business Update Strong financial results and delivering on business initiatives Financial Results • Quarterly Adjusted Net Income(1) of $0.4 million or $0.03 per share – Increase of $0.01 per share relative to same period in 2024 • Year-to-Date Adjusted Net Income(1) of $33.5 m
Slide 4: Acquisitions Update
Acquisitions Update Closed on two natural gas distribution companies; Aquarion Water acquisition proceeding on schedule Bangor Natural Gas (BNG) • Transaction closed January 31, 2025 • Integration has been completed Maine Natural Gas (MNG) • Transaction closed October 31, 2025 • Integration activiti
Slide 5: Acquisitions Enhance Growth Profile
Acquisitions Enhance Growth Profile Recently announced acquisitions are expected to be earnings accretive over the long-term Long-Term Guidance Accelerating Rate Base Growth(2) EPS Growth 5.0% - 7.0% $2.0 $1.8 Rate Base Growth 6.5% - 8.5% $1.7 $1.6 (1) $1.5 Total Shareholder Return 8.0% - 10.0% $1.5
Slide 6: Significant Investments in Electric Operations
Significant Investments in Electric Operations Utility-scale solar complete and Advanced Metering Infrastructure replacement on schedule New Hampshire Solar Project Completed Kingston (NH) Solar Project Fully Operational • New Hampshire Energy Week’s “Project of the Year” • Facility is consistently
Slide 7: Corporate Sustainability and Responsibility
Corporate Sustainability and Responsibility Unitil recently released its 2025 report with all key metrics on target Safety and Reliability Leveraging Fleet Data for Gas Emergency Sustainable Decision Making 91% Response Time Within 30 Minutes Implemented telematics on all Company-owned vehicles enab
Slide 8: Third Quarter 2025 Financial Results
Third Quarter 2025 Financial Results Net Income and Earnings Per Share Earnings Summary(1) Three Months Ended September 30 Nine Months Ended September 30 2025 2024 2025 2024 Net Income (Loss) ($ millions) ($0.3) $0.00 $31.2 $31.5 Adjusted Net Income ($ millions) $0.4 $0.4 $33.5 $32.1 Earnings Per Sh
Slide 9: Electric Volume and Adjusted Gross Margin Variances
Electric Volume and Adjusted Gross Margin Variances Year-to-Date variances in units, customers, and adjusted gross margin Electric Operations Unit Sales and Customers • 100% of electric customers decoupled • ~560 additional customers, including 126 C&I customers Adjusted Gross Margin(1) Unit Sales C
Slide 10: Gas Volume and Adjusted Gross Margin Variances
Gas Volume and Adjusted Gross Margin Variances Year-to-Date variances in units, customers, and adjusted gross margin Gas Operations Unit Sales and Customers • 55% of gas customers decoupled(2) Weather • Approximately 9,420 additional customers Adjusted Gross Unit Sales Normalized Customers Margin(1)
Slide 11: Year-to-Date Earnings Reconciliation
Year-to-Date Earnings Reconciliation Variances to prior period Net Income • Adjusted Gross Margin(1) increased $23.8 million as a result of higher rates, customer growth, and colder weather. BNG contributed $7.4 million. • Operation and Maintenance Expenses increased $8.7 million due to higher utili
Slide 12: Unitil Energy Systems Rate Case Overview
Unitil Energy Systems Rate Case Overview Rate case proceeding as expected Proposed Rate Increase and Rate Base • Base rate increase of $18.5 million – Pro forma December 31, 2024 Rate Base of $289 million – Common Equity layer 52.67%; Return on Equity 10.50% • Temporary rate increase of $7.8 million
Slide 13: Balance Sheet Strength
Balance Sheet Strength Recent equity offering fulfilled equity need for BNG and MNG acquisitions Balance Sheet Management Strong FFO/DEBT Credit Metric • Balance sheet strength provides strategic and financial flexibility • August equity issuance of $72 million supported balance sheet Downgrade Unit
Slide 14: Capital Investment Opportunities
Capital Investment Opportunities Significant long-term investment opportunities Actual and Forecast Capital Investment(1) Five-year projected capital investment of ~$1.1 billion $300 $25.0 $250 $25.0 $25.0 $25.0 $200 $5.0 $150 $221 $100 $190 $196 $198 $170 $176 $141 $50 $0 $s in Millions 2023 2024 2
Slide 15: Reaffirming Earnings Guidance
Reaffirming Earnings Guidance Reaffirming 2025 and long-term earnings guidance Maintaining Consolidated Earnings Guidance(1) Forward Expectations • Consolidated earnings guidance in 2025 remains $3.01 to $3.17(1) 2025 Earnings Guidance Range of $3.01 to $3.17 Mid-Point of $3.09 • Long-term EPS growt
Slide 16: Compelling Value Proposition
Compelling Value Proposition Driving sustainable growth through a disciplined, regulated strategy 5% - 7% 5% - 7% 8% - 10% Annual EPS Growth Annual Dividend Growth Annual Total Return(1) Long Term Guidance Aligned with EPS Growth Price Appreciation Plus Dividend $1.1 Billion 6.5% - 8.5% 17% - 19% 5-
Slide 17: Appendix
Appendix SLIDE 18 About Unitil 19 GAAP ROE 20 Rate Relief Summary 21-22 Fitchburg Rate Cases 23 GSGT Rate Case Settlement 24 Key Regulatory Recovery Mechanisms 86,600 Maine Gas Acquisitions Natural Gas Customers 25 26 Aquarion Water Acquisition 27 Strategic Rationale 28 Energy Choice Legislation 29
Slide 18: About Unitil
About Unitil Pure play New England utility creating long-term sustainable value Local distributor of electricity and natural gas in attractive service areas along the New Hampshire and Maine Seacoast • Fully regulated electric and gas operations • Growing customer base supported by strong regional e
Slide 19: GAAP Return on Average Common Equity
GAAP Return on Average Common Equity GAAP Return on Equity over the last twelve months Company Rate Base(1) Average Common Equity LTM ROACE(2) Northern Utilities $558 $271 8.5% Unitil Energy Systems $295 $138 7.6% Fitchburg Gas and Electric $243 86,600 $133 9.2% Natural Gas Customers Granite State G
Slide 20: Rate Relief Summary
Rate Relief Summary Successful regulatory strategy resulting in awards from both capital trackers and rate cases Company Activity Millions Date Effective Unitil Energy Systems Base Rate Temporary Increase $7.8 Q3 2025 Northern Utilities (Maine) Capital Tracker $2.1 Q2 2025 Performance Based Rate Fit
Slide 21: Order Received for Fitchburg Rate Cases
Order Received for Fitchburg Rate Cases Constructive outcomes in electric and natural gas cases Electric Order Highlights Gas Order Highlights • Rates effective July 1, 2024 • Rates effective July 1, 2024 • 9.4% Authorized Equity on Equity Ratio of 52.26% • 9.4% Authorized Equity on Equity Ratio of
Slide 22: FGE Performance Based Rates Overview
FGE Performance Based Rates Overview Capital trackers and Performance Based Rates should support opportunity to earn authorized ROE Performance Based Rates (PBR) Structure K-Bar Adjustment (Electric only) • Five-year PBR plan allows for timely cost recovery • The ‘K-Bar’ adjustment is included as pa
Slide 23: Granite State Gas Transmission Settlement
Granite State Gas Transmission Settlement GSGT rate case should provide opportunity to earn a fair return over the term of the settlement Granite Rate Case Highlights GSGT Return on Equity(1) • Approved by FERC with rates effective November 1, 12.5% 2024 10.8% 9.6% • Annual revenue increase of $3.0
Slide 24: Key Regulatory Recovery Mechanisms
Key Regulatory Recovery Mechanisms Timely Rate Recovery Unitil Energy Fitchburg - Electric Fitchburg - Gas Northern - ME Northern - NH Bangor Natural Gas Revenue Decoupling Power & Gas Supply Supply Related Bad Debt Energy Efficiency Transmission Net Meterin
Slide 25: Maine Gas Acquisitions
Maine Gas Acquisitions Tuck-in acquisitions at attractive valuations complement existing gas operations in Maine Acquisition Rationale Maine has the highest percentage of homes heated with fuel oil in the nation Supports Long-Term Growth 2.8% • 15,000 new natural gas customers 8.1% 8.6% • Attractive
Slide 26: Aquarion Water Acquisition
Aquarion Water Acquisition Opportunity to expand into a complementary regulated utility service at an attractive valuation • Eversource Energy is selling 100% of the equity in Aquarion Company and its subsidiaries to the Aquarion Water Authority (AWA), a subdivision of the State of Connecticut and a
Slide 27: Strategic Rationale
Strategic Rationale Complementary utility operations add scale and diversification supporting long-term growth Opportunity to acquire high quality water systems at an attractive Expands valuation Utility Platform Complementary to existing utility operations and service company; opportunities for
Slide 28: Energy Choice Legislation
Energy Choice Legislation Preserves the rights of consumers and businesses to select their energy system • Maine recently became the 27th state to pass fuel choice legislation “An Act to Preserve Heating and Energy Choice by Prohibiting a Municipality from Prohibiting a Particular Energy System or E
Slide 29: Continued Operational Excellence
Continued Operational Excellence Key operational metrics remain strong Top Tier Electric Service Reliability Continued Gas Safety Excellence • In 2024 had 5th lowest service interruption time in the past 20 years • Gas odor response time is approximately 25% faster than the median • SAIDI results be
Slide 30: Continuous Dividend Payment Since Incorporation
Continuous Dividend Payment Since Incorporation Steadily increasing dividend per share since 2015 Reliable Dividend is Key Tenet to Value Proposition $2.00 $1.80 $1.60 $1.40 $1.20 86,600 Natural Gas Customers $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 SLIDE 30
Slide 31: Investment Grade Credit Ratings
Investment Grade Credit Ratings Stable ratings from both S&P and Moody’s Issuer Rating S&P Moody’s Unitil Energy Systems Inc.(1) Stable / BBB+ Stable / Baa1 Northern Utilities Inc. Stable / BBB+ Stable / Baa1 Fitchburg Gas and Electric Light Co. Stable / BBB+ Stable / Baa1 Granite State Gas Transmis
Slide 32: GAAP Reconciliation of Adjusted Gross Margin
GAAP Reconciliation of Adjusted Gross Margin Three months ended September 30, 2025 Three Months Ended September 30, 2025 (millions) Electric Gas Other Total Total Operating Revenue $ 64.3 $ 36.8 $ — $ 101.1 Less: Cost of Sales (31.2 ) (10.2 ) — (41.4 ) Less: Depreciation and Amortization (8.0 ) (14.
Slide 33: GAAP Reconciliation of Adjusted Gross Margin
GAAP Reconciliation of Adjusted Gross Margin Nine months ended September 30, 2025 Nine Months Ended September 30, 2025 (millions) Electric Gas Other Total Total Operating Revenue $ 175.5 $ 199.0 $ — $ 374.5 Less: Cost of Sales (89.1 ) (64.3 ) — (153.4 ) Less: Depreciation and Amortization (23.7 ) (4
Slide 34: GAAP Reconciliation of Adjusted Earnings
GAAP Reconciliation of Adjusted Earnings Three and Nine months ended September 30, 2025 (Millions, except per share data) Three Months Ended September 30, Three Months Ended September 30, 2025 2024 Amount Per Share Amount Per Share GAAP Net Income $ (0.3 ) $ (0.02 ) $ — $ — Transaction Costs 0.7 0.0