Slide 1: Q1 2026 Financial Results and Strategic Update
Q1 2026 Financial Results and Strategic Update May 5, 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 • Adjusted Net Income(1) of $33.8 million or $1.88 per share for the first quarter – Increase of $0.14 per share or 8.0% relative to the same period in 2025 • GAAP ROE of 9.6% over the tw
Slide 4: Maine Gas Acquisitions
Maine Gas Acquisitions Accelerating growth through strategic acquisitions Positive Contribution to Q1 Results • Bangor Natural Gas and Maine Natural Gas contributed $5.1 million and $6.0 million to adjusted gas gross margin, respectively • Bangor Natural Gas and Maine Natural Gas contributed $1.4 mi
Slide 5: Aquarion Water Acquisition
Aquarion Water Acquisition Complementary utility operations add scale and diversification supporting long-term growth Opportunity to acquire high quality water systems at an Expands attractive valuation Accelerating Rate Base Growth(2) Utility Platform Complementary to existing utility operation
Slide 6: First Quarter 2026 Financial Results
First Quarter 2026 Financial Results Net Income and Earnings Per Share Earnings Summary(1) Three Months Ended March 31 2026 2025 Net Income ($ millions) $33.2 $27.5 Adjusted Net Income ($ millions) $33.8 $28.4 Earnings Per Share $1.85 $1.69 Adjusted Earnings Per Share $1.88 $1.74 (1) Adjusted Net In
Slide 7: Sales Volume and Adjusted Gross Margin Variances
Sales Volume and Adjusted Gross Margin Variances Year-to-Date variances in units, customers, and adjusted gross margin Electric Operations Gas Operations Adjusted Weather Adjusted Gross Unit Sales Customers Gross Unit Sales Normalized Customers Margin(1) Margin(1) Unit Sales 15.8% 13.4% 9.0% 7.3% 7.
Slide 8: First Quarter Earnings Reconciliation
First Quarter Earnings Reconciliation Variances to prior period Net Income 2025 GAAP Net Income ($s in Millions) $27.5 Adjusted Gross Margin increased $13.3 million. The increase included $6.0 million for MNG as well as higher rates, colder winter weather, and customer (1) growth. Adjusted Gross Mar
Slide 9: Unitil Energy Systems Rate Case Overview
Unitil Energy Systems Rate Case Overview Order received on April 27 approving settlement agreement in its entirety (DE 25-025) Final Rate Increase and Rate Base • Base rate increase of $13.0 million – Pro forma December 31, 2024 rate base of $289 million including Kingston Solar ($13.3 million) • Au
Slide 10: Northern Utilities Regulatory Proceedings
Northern Utilities Regulatory Proceedings Recently filed NH rate case and Maine rate case expected in Q2 New Hampshire - Docket No. 26-008 Maine - Docket No. 2026-00049 • Rate case filed April 1, 2026 • Notice of Intent filed April 1, 2026 including approximate rate • Proposed base 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 Rate Base by Jurisdiction $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 $254 $60
Slide 12: 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 Year-End S&P Downgrade Long-Term • Access to equity capital provided by ATM equity program with 2025
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% 60% 50% 40% 30% 20% 10% 0% -10% Q1 Q2 Q
Slide 14: 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 $1.2 Billion 6.5% - 8.5% 16% - 18% 5-Year Utility Capex Plan Rate Base Growth
Slide 15: Appendix
Appendix SLIDE 16 About Unitil 17 Return on Average Common Equity 18 Key Regulatory Recovery Mechanisms 19 Rate Relief Summary 20 Key Metrics of Maine Acquisitions 21 Investment Grade Credit Metrics 22 Dividend History 23-24 GAAP Reconciliation of Non-GAAP Measures SLIDE 15
Slide 16: About Unitil
About Unitil Pure play New England utility creating long-term sustainable value Local distributor of electricity and natural gas in attractive service areas along the New Hampshire and Maine Seacoast • Fully regulated electric and gas operations • Growing customer base supported by strong regional e
Slide 17: Return on Average Common Equity
Return on Average Common Equity GAAP Return on Equity over the last twelve months Company ($s in Millions) Rate Base(1) Average Common Equity LTM ROACE(2) Unitil Energy Systems $309 $144 7.7% Fitchburg Electric $124 $140 9.2% Fitchburg Gas $152 Northern Utilities - New Hampshire $228 $300 8.5% North
Slide 18: 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 19: 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 20: 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 $68M $125M Natural Gas Customers Customers 8,900 6,400 15,300 Distribution Revenues(2) $13M $16M $29M Capital Investment(3) $10M $5M $15M (1) Estimated rate base as of 03/31/2026 (2) Appr
Slide 21: 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 22: 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 $0.00 SLIDE 22
Slide 23: GAAP Reconciliation of Adjusted Gross Margin
GAAP Reconciliation of Adjusted Gross Margin Three months ended March 31, 2026 Three Months Ended March 31, 2026 ($ millions) Electric Gas Other Total Total Operating Revenue $ 65.5 $ 151.4 $ - $ 216.9 Less: Cost of Sales (35.9) (69.3) - (105.2) Less: Depreciation and Amortization (8.3) (15.0) - (23
Slide 24: GAAP Reconciliation of Adjusted Earnings
GAAP Reconciliation of Adjusted Earnings Three months ended March 31, 2026 (Millions, except per share data) Three Months Ended March 31, 2026 Amount Per Share GAAP Net Income $ 33.2 $ 1.85 Transaction Costs 0.6 0.03 Adjusted Net Income $ 33.8 $ 1.88 Three Months Ended March 31, 2025 Amount Per Shar