Slide 1: Q4 2025 Financial Results and Strategic Update
Q4 2025 Financial Results and Strategic Update February 10, 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 Strong financial results and delivering on business initiatives Financial Results • 2025 Adjusted Net Income(1) of $53.3 million or $3.16 per share – Increase of $5.5 million, or $0.19 per share relative to 2024 – Increase of 6.4% compared to 2024, toward upper
Slide 4: Expanding Growth Opportunities
Expanding Growth Opportunities Recent tuck-in acquisitions at attractive valuations Enabling Value Creation Maine’s Home-Heating Fuel Mix(1) • Unitil now serves approximately 90% of all natural gas customers in Maine Natural • Strong customer growth of 4% - 5% due to price Gas, 8.3% advantage of nat
Slide 5: Energy Affordability
Energy Affordability Natural gas is the most affordable choice for home heating Natural Gas Advantages Comparative Annual Heating Cost (Maine) • Natural gas remains the lowest-cost heating Propane Furnace $3,474 fuel in Maine Propane Boiler $3,108 Heat Pump (ducted) $2,873 • Utility management of ga
Slide 6: Operational Excellence
Operational Excellence Reliability, safety, and customer satisfaction measures remain strong / Electric Reliability Gas Response Customer Satisfaction 1st Quartile 1st Quartile 87% Performance Performance Satisfaction • Electric reliability metrics continue to • Average 2025 odor response time of 18
Slide 7: Fiscal Year 2025 Financial Results
Fiscal Year 2025 Financial Results Net Income and Earnings Per Share Earnings Summary(1) Twelve Months Ended December 31 2025 2024 Net Income ($ millions) $50.2 $47.1 Adjusted Net Income ($ millions) $53.3 $47.8 Earnings Per Share $2.97 $2.93 Adjusted Earnings Per Share $3.16 $2.97 (1) Adjusted Net
Slide 8: 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 Adjusted Weather Adjusted Gross Unit Sales Customers Gross Unit Sales(2) Normalized Customers Margin(1) Margin(1) Unit Sales 19.3% 26.6% 18.4% 17.
Slide 9: Year-to-Date Earnings Reconciliation
Year-to-Date Earnings Reconciliation Variances to prior period Net Income • Adjusted Gross Margin(1) increased $39.5 million. The increase includes $16.6 million for BNG and MNG as well as higher rates, colder winter weather, and customer growth. • Operation and Maintenance Expenses increased $14.9
Slide 10: Unitil Energy Systems Rate Case Overview
Unitil Energy Systems Rate Case Overview Rate case proceeding as expected (DE 25-025) 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
Slide 11: 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(1) Rate Base by Jurisdiction(2) $300 $1,500 FERC, $55 $250 $1,200 FERC, $49 MA, $270 $200 $s in Millions MA, $243 $s in Millions $900 $150 ME, $350 ME, $476 $252 $2
Slide 12: Strong Financial Profile
Strong Financial Profile Balance sheet strength remains top priority Balance Sheet Management Strong Credit Metrics • Balanced mix of common equity and long-term debt enables financial flexibility Unitil Downgrade Peer Average(3) Threshold Average(4) • Strong financial profile supported by credit me
Slide 13: 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% 59% 60% 50% 40% 36% 30% 20% 8% 10% -3%
Slide 14: Shareholder Value Creation
Shareholder Value Creation Competitive, low-risk value proposition 5% - 7% 5% - 7% 8% - 10% Annual EPS Growth Annual Dividend Growth Annual Total Return(1) Long-Term Guidance Aligned with Long-Term EPS Growth Price Appreciation Plus Dividend $1.2 Billion 6.5% - 8.5% BBB+ 5-Year Utility Capex Plan Ra
Slide 15: Appendix
Appendix SLIDE 16 About Unitil 17 GAAP ROE 18 Rate Relief Summary 19 Key Metrics of Maine Acquisitions 20 Investment Grade Credit Metrics 21 Dividend History 22 Key Regulatory Recovery Mechanisms 23-24 GAAP Reconciliation of Non-GAAP Measures SLIDE 15
Slide 16: 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 17: 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) Unitil Energy Systems $305 $144 7.4% Fitchburg Electric $115 $134 9.8% Fitchburg Gas $155 Northern Utilities $574 $286 8.5% Bangor Natural Gas $57 - - Maine
Slide 18: Rate Relief Summary
Rate Relief Summary Successful regulatory strategy resulting in distribution rate increases Company Activity Amount ($s in Millions) Date Effective Unitil Energy Systems Base Rate Temporary Increase $7.8 Q3 2025 Northern Utilities (Maine) Capital Tracker $2.1 Q2 2025 86,600 Performance Based Rate Fi
Slide 19: Key Metrics of Recent Maine Acquisitions
Key Metrics of Recent Maine Acquisitions Highlights BNG MNG Total Price $71M $86M $157M Rate Base(1) 86,600 $57M $67M $124M Natural Gas Customers Customers 8,900 6,450 15,350 Distribution Revenues(2) $13M $16M $29M Capital Investment(3) $13M $5M $18M (1) Rate base as of 12/31/2025, includes estimate
Slide 20: 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 Transmi
Slide 21: Continuous Dividend Payment Since Incorporation
Continuous Dividend Payment Since Incorporation $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 $0.00 SLIDE 21
Slide 22: Key Regulatory Recovery Mechanisms
Key Regulatory Recovery Mechanisms Timely Rate Recovery Unitil Energy Fitchburg - Electric Fitchburg - Gas Northern - ME Northern - NH Bangor Natural Gas Maine Natural Gas Revenue Decoupling Power & Gas Supply Supply Related Bad Debt Energy Efficiency Transmis
Slide 23: GAAP Reconciliation of Adjusted Gross Margin
GAAP Reconciliation of Adjusted Gross Margin Twelve months ended December 31, 2025 Twelve Months Ended December 31, 2025 ($ millions) Electric Gas Other Total Total Operating Revenue $ 236.4 $ 299.6 $ - $ 536.0 Less: Cost of Sales (121.8) (100.5) - (222.3) Less: Depreciation and Amortization (31.9)
Slide 24: GAAP Reconciliation of Adjusted Earnings
GAAP Reconciliation of Adjusted Earnings Twelve months ended December 31, 2025 (Millions, except per share data) Twelve Months Ended December 31, 2025 Amount Per Share GAAP Net Income $ 50.2 $ 2.97 Transaction Costs 3.1 0.19 Adjusted Net Income $ 53.3 $ 3.16 Twelve Months Ended December 31, 2024 Amo