Slide 1: Q2 2026 Financial Results and Strategic Update
Q2 2026 Financial Results and Strategic Update August 4, 2026
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 Delivering strong growth while executing key initiatives Financial Results • Quarterly Adjusted Net Income(1) of $5.2 million or $0.29 per share • Year-to-Date Adjusted Net Income(1) of $39.0 million or $2.17 per share • Increase of $0.14 per share or 6.9% over
Slide 4: Aquarion Water Transaction Completed
Aquarion Water Transaction Completed Transaction closed June 30, 2026 Transaction Overview • Acquisition of Aquarion Water Company of New Hampshire and Abenaki Water $47 Million Company closed June 30, 2026 Rate Base • Purchase price of $55.8 million plus customary closing adjustments • Cash to clos
Slide 5: Natural Gas Growth
Natural Gas Growth Expanding natural gas price advantage driving prospective customer interest Natural Gas Price Advantage Widening(1) Subsidiary Contribution to YTD Gas Margin Increase $35.00 Granite State Gas Fitchburg Gas and Transmission, 4.2% $30.00 Electric, 5.9% Natural Gas Heating Oil $25.00
Slide 6: Second Quarter 2026 Financial Results
Second Quarter 2026 Financial Results Net Income and Earnings Per Share Earnings Summary(1) Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 Net Income ($ millions) $4.7 $4.0 $37.9 $31.5 Adjusted Net Income ($ millions) $5.2 $4.7 $39.0 $33.1 Earnings Per Share $0.26 $0.25 $2.1
Slide 7: Sales Volume and Adjusted Gross Margin Variances
Sales Volume and Adjusted Gross Margin Variances Year-to-Date variances in units, customers, and adjusted gross margin Electric Operations Gas Operations Weather Adjusted Gross Adjusted Gross Unit Sales Customers Unit Sales Normalized Unit Customers Margin(1) Margin(1) Sales 6.8% 14.8% Increase 1.6%
Slide 8: Year-to-Date Earnings Reconciliation
Year-to-Date Earnings Reconciliation Variances to prior period Net Income 2025 GAAP Net Income (millions) $31.5 Adjusted Gross Margin increased $22.5 million reflecting higher rates, colder winter weather, Adjusted Gross Margin (1) ▲ $ 22.5 and customer growth. The increase included $8.7 million for
Slide 9: Northern Utilities Regulatory Proceedings
Northern Utilities Regulatory Proceedings Requested rate increase of $20.2 million New Hampshire: Multi-Year Rate Plan Maine: Forecasted Test Year • Proposed base rate increase of $9.8 million • Proposed base rate increase of $10.4 million • Requested rate base of $223 million • Requested rate base
Slide 10: Capital Investment Plan of $1.2 billion
Capital Investment Plan of $1.2 billion Plan supports long-term rate base growth of 6.5% to 8.5% Actual and Forecast Capital Investment Rate Base by Jurisdiction $300 $1,750 $1.14 billion $1.33 billion $1.39 billion Total Rate Base Total Rate Base Total Rate Base $1,500 $250 FERC, $62 FERC, $55 $1,2
Slide 11: Strong Financial Profile
Strong Financial Profile Balance sheet strength remains top priority Balance Sheet Management and Financing Plan Credit Metric Strength • Investment plan funded primarily by cash flow from operations • Dividend payout target of 55% - 65% S&P Downgrade Long-Term LTM Threshold Target • Access to equit
Slide 12: Shareholder Value Creation
Shareholder Value Creation Competitive, low-risk value proposition 5% - 7% 55% - 65% 8% - 10% Annual EPS Growth Dividend Payout Ratio Annual Total Return(1) Long-Term Guidance Target Range Price Appreciation Plus Dividend $1.2 Billion 6.5% - 8.5% 16% - 18% 5-Year Utility Capex Plan Rate Base Growth
Slide 13: Appendix
Appendix SLIDE 14 About Unitil 15 2026 Earnings Guidance 16 Return on Average Common Equity 17 Key Regulatory Recovery Mechanisms 18 Rate Relief Summary 19 Investment Grade Credit Metrics 20 Dividend History 21-23 GAAP Reconciliation of Non-GAAP Measures SLIDE 13
Slide 14: About Unitil
About Unitil Pure play New England utility creating long-term sustainable value Local distributor of electricity, natural gas, and water in attractive service areas along the New Hampshire and Maine Seacoast • Fully regulated electric, gas, and water operations • Growing customer base supported by s
Slide 15: 2026 Earnings Guidance
2026 Earnings Guidance Reaffirming long-term earnings guidance of 5% to 7% $3.20 - $3.36 $3.28 6.1% Increase 2026 EPS Guidance Range 2026 Guidance Mid-Point 2026 Mid-Point compared to 2025 Mid-Point of $3.09 Expected Quarterly Earnings Distribution in 2026 70% 60% 50% 40% 30% 20% 10% 0% -10% Q1 Q2 Q
Slide 16: Return on Average Common Equity
Return on Average Common Equity GAAP Return on Equity over the last twelve months Company ($s in Millions) Rate Base(1) Average Common Equity LTM ROACE(3) Unitil Energy Systems $310 $145 8.9% Fitchburg Electric $116 $138 9.1% Fitchburg Gas $150 Northern Utilities - New Hampshire $227 $297 8.7% North
Slide 17: Key Regulatory Recovery Mechanisms
Key Regulatory Recovery Mechanisms Timely Rate Recovery Unitil Northern Aquarion Fitchburg Fitchburg Northern Bangor Maine Rate Mechanism Energy Utilities Water (Electric) (Gas) Utilities (NH) Natural Gas Natural Gas Systems (ME) Companies Revenue Decoupling Earnings Sharing Power & Ga
Slide 18: Rate Relief Summary
Rate Relief Summary Realized and expected rate awards Company Description Effective Date Amount (Millions) Filed Approved Unitil Energy Systems Rate Case Temporary Award June 1, 2025 $7.8 Unitil Energy Systems Rate Case Permanent Award May 1, 2026 $13.0 Unitil Energy Systems Capital Tracker:
Slide 19: Investment Grade Credit Ratings
Investment Grade Credit Ratings Stable ratings from both S&P and Moody’s Issuer Standard & Poor’s 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 T
Slide 20: Continuous Dividend Payment Since Incorporation
Continuous Dividend Payment Since Incorporation Steadily increasing dividend per share since 2015 $2.00 $1.90 $1.80 $1.60 $1.40 $1.20 86,600 Natural Gas Customers $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 SLIDE 20
Slide 21: GAAP Reconciliation of Adjusted Gross Margin
GAAP Reconciliation of Adjusted Gross Margin Three months ended June 30, 2026 Three Months Ended June 30, 2026 ($ millions) Electric Gas Other Total Total Operating Revenue $ 61.7 $ 55.3 $ - $ 117.0 Less: Cost of Sales (30.1) (14.7) - (44.8) Less: Depreciation and Amortization (8.6) (15.6) - (24.2)
Slide 22: GAAP Reconciliation of Adjusted Gross Margin
GAAP Reconciliation of Adjusted Gross Margin Six months ended June 30, 2026 Six Months Ended June 30, 2026 ($ millions) Electric Gas Other Total Total Operating Revenue $ 127.2 $ 206.7 $ - $ 333.9 Less: Cost of Sales (66.0) (84.0) - (150.0) Less: Depreciation and Amortization (16.9) (30.6) - (47.5)
Slide 23: GAAP Reconciliation of Adjusted Earnings
GAAP Reconciliation of Adjusted Earnings Three and Six months ended June 30, 2026 (Millions, except per share data) Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Amount Per Share Amount Per Share GAAP Net Income $ 4.7 $ 0.26 $ 4.0 $ 0.25 Transaction Costs 0.5 0.03 0.7 0.04 Adjust