Slide 1: Q2 2025 Financial Results and Strategic Update
Q2 2025 Financial Results and Strategic Update August 5, 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 Strategic Update
Financial Results and Strategic Update Strong financial results and continued focus on strategic initiatives Financial Results • Quarterly Net Income of $4.0 million or $0.25 per share – Decrease of $0.3 million, or $0.02 per share, relative to same period 2024 • Quarterly Adjusted Net Income(1) of
Slide 4: Regulatory Review of Acquisitions
Regulatory Review of Acquisitions Regulatory proceedings progressing on schedule Maine Natural Gas (MNG) Aquarion Water Companies Company Overview Company Overview • Fully regulated natural gas distribution company serving approximately • Fully regulated water distribution companies serving 6,300 cu
Slide 5: Acquisitions Enhance Growth Profile
Acquisitions Enhance Growth Profile Recently announced acquisitions are expected to be earnings accretive over the long-term Long-Term Guidance Accelerating Rate Base Growth(2)(3) Existing investment plan and acquisitions support rate base CAGR of EPS Growth 5.0% - 7.0% approximately 10% through 202
Slide 6: Energy Choice Legislation
Energy Choice Legislation Preserves the rights of consumers and businesses to select their energy system • Maine recently became the 27th state to pass fuel choice legislation “An Act to Preserve Heating and Energy Choice by Prohibiting a Municipality from Prohibiting a Particular Energy System or E
Slide 7: Significant Electric Investments
Significant Electric Investments Utility-scale solar complete and Advanced Metering Infrastructure replacement on schedule New Hampshire Solar Project Completed Kingston (NH) Solar Project Completed • 5 MW facility fully operational and placed into service in June • Facility will reduce customer’s b
Slide 8: Second Quarter 2025 Financial Results
Second Quarter 2025 Financial Results Net Income and Earnings Per Share Earnings Summary(1) Three Months Ended June 30 Six Months Ended June 30 2025 2024 2025 2024 Net Income ($ millions) $4.0 $4.3 $31.5 $31.5 Adjusted Net Income ($ millions) $4.7 $4.3 $33.1 $31.5 Earnings Per Share $0.25 $0.27 $1.9
Slide 9: Volume and Adjusted Gross Margin Variances
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 Weather Normalized Unit • 110 additional C&I customers representing 0.7% growth Adjusted Gross Margin(1
Slide 10: Volume and Adjusted Gross Margin Variances
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) Adjusted Gross Weather Normalized • Approximately 9,360 additional customers Customers Margin(1) Unit Sales – 8
Slide 11: Year-to-Date Earnings Reconciliation
Year-to-Date Earnings Reconciliation Variances to prior period Net Income • Adjusted Gross Margin(1) increased $17.1 million as a result of higher rates, customer growth, and colder weather. BNG contributed $5.9 million. • Operation and Maintenance Expenses increased $7.1 million due to higher utili
Slide 12: Unitil Energy Systems Rate Case Overview
Unitil Energy Systems Rate Case Overview Distribution base rate case filed May 2, 2025 (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% 100% • Kingston
Slide 13: Strong Credit Metrics Provide Financing Flexibility
Strong Credit Metrics Provide Financing Flexibility Financing plan will maintain investment grade credit ratings Financing Considerations • Balance sheet strength remains a top priority Moody’s reported that even if the pending • Initiated $50M ATM program in the second quarter acquisitions were fun
Slide 14: Capital Investment Opportunities
Capital Investment Opportunities Significant investment opportunities supporting the energy transition Actual and Forecast Capital Investment(1) Five-year projected capital investment of ~$980 million, 46% higher than prior five years $250 $200 $150 $221 $100 $190 $196 $198 $170 $176 $141 $50 $0 202
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 • Midpoint of $3.09 would be 6.1% annual
Slide 16: Key Elements of Unitil's Value Proposition
Key Elements of Unitil’s Value Proposition Delivering consistent results through a reliable, regulated strategy 8%-10% Expected Annual Total Shareholder Return (1) 5%-7% 6.5%-8.5% $980 million 55%-65% 17%-19% Cost Net Zero Expected Annual EPS Growth Expected Annual Utility Rate Base Growth Planned E
Slide 17: Appendix
Appendix Slide 18 About Unitil 19 GAAP ROE 20 Rate Relief Summary 21 Investment Grade Credit Ratings 22 Maine Gas Acquisitions 86,600 Natural Gas Customers 23 Aquarion Water Acquisition 24 Strategic Rationale 25 Dividend History 26 Key Regulatory Recovery Mechanisms 27-29 GAAP Reconciliation of Non-
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 $560 $278 8.5% Unitil Energy Systems $295 $135 7.4% Fitchburg Gas and Electric $239 86,600 $135 9.0% 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 Base Rate $1.6
Slide 21: 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 86,600 Fitchburg Gas and Electric Light Co.Natural Gas Customers Stable / BBB+ Stable / Baa
Slide 22: Maine Gas Acquisitions
Maine Gas Acquisitions Tuck-in acquisitions at attractive valuations complement existing gas operations in Maine Acquisition Rationale Supports Long-Term Growth • 15,000 new natural gas customers • Attractive service areas About 5 out of every 10 Maine • Strong customer growth of 4% - 5% annually ho
Slide 23: 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 24: 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 25: 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 25
Slide 26: 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 27: GAAP Reconciliation of Adjusted Gross Margin
GAAP Reconciliation of Adjusted Gross Margin Three months ended June 30, 2025 86,600 Natural Gas Customers SLIDE 27
Slide 28: GAAP Reconciliation of Adjusted Gross Margin
GAAP Reconciliation of Adjusted Gross Margin Six months ended June 30, 2025 86,600 Natural Gas Customers SLIDE 28
Slide 29: GAAP Reconciliation of Adjusted Earnings
GAAP Reconciliation of Adjusted Earnings Three and Six months ended June 30, 2025 and 2024 86,600 Natural Gas Customers SLIDE 29