Slide 1: Q1 2025 Financial Results and Strategic Update
Q1 2025 Financial Results and Strategic Update May 7, 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 Highlights • 2025 Net Income of $27.5 million or $1.69 per share through the first quarter – Increase of $0.3 million relative to 2024 and equivalent earnings on a per share basis •
Slide 4: 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 5: 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 6: 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 7: Acquisitions Enhance Growth Profile
Acquisitions Enhance Growth Profile Recently announced acquisitions are expected to be earnings accretive over the long-term Accelerating Rate Base Growth(2) Long-Term Guidance EPS Growth 5.0% - 7.0% $2.0 Existing investment plan and acquisitions support rate base CAGR of approximately 10% through 2
Slide 8: Strong Credit Metrics Provide Financing Flexibility
Strong Credit Metrics Provide Financing Flexibility Financing plan will maintain investment grade credit ratings Financing Considerations Strong Credit Metrics • Strong credit metrics, well above downgrade thresholds, provide Peer Forward Looking flexibility for raising equity capital Unitil Average
Slide 9: First Quarter 2025 Financial Results
First Quarter 2025 Financial Results Net Income and Earnings Per Share Earnings Summary(1) Three Months Ended March 31 2025 2024 Net Income ($ millions) $27.5 $27.2 Adjusted Net Income ($ millions) $28.4 $27.2 Earnings Per Share $1.69 $1.69 Adjusted Earnings Per Share $1.74 $1.69 (1) Adjusted Net In
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 Electric Operations Unit Sales and Customers • 100% of electric customers decoupled(2) Weather Normalized Unit • Weather normalized C&I sales increased 2.5% Adjusted Gross Margin(1) Custo
Slide 11: 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 9,230 additional customers Customers Margin(1) Unit Sales – 8
Slide 12: First Quarter Earnings Reconciliation
First Quarter Earnings Reconciliation Variances to prior period Net Income • Adjusted Gross Margin(1) increased $10.3 million as a result of higher rates, customer growth and colder winter weather. • Operation and Maintenance Expenses increased $4.4 million due to higher utility operating costs, hig
Slide 13: Unitil Energy Systems Rate Case Overview
Unitil Energy Systems Rate Case Overview Distribution base rate case filed May 1, 2025 (DE 25-025) Proposed Rate Increase and Rate Base • Proposed base rate increase of $15.5 million – Pro Forma December 31, 2024 Rate Base $289 million – Proposed Common Equity layer 52.67% – Proposed Return on Equit
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: Earnings Outlook
Earnings Outlook Reaffirming long-term and 2025 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 growth since 2022 Mid
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 Fitchburg - Rate Case Award 86,600 Natural Gas Customers 23 Fitchburg - Performance Based Rates 24 GSGT - Rate Case Settlement 25 Dividend History 26 Key Regulatory Recovery Mechanisms 27-28 GAAP
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 $281 8.5% Unitil Energy Systems $283 $134 7.6% Fitchburg Gas and Electric $243 86,600 $136 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 Northern Utilities (Maine) Capital Tracker $2.1 Q2 2025 Grid Modernization $1.3 Q2 2024 Grid Modernization(1) $1.6 Q3 2024 Fitchburg (Electric) Ca
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: 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 23: 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 24: 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 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 March 31, 2025 86,600 Natural Gas Customers SLIDE 27
Slide 28: GAAP Reconciliation of Adjusted Earnings
GAAP Reconciliation of Adjusted Earnings Three months ended March 31, 2025 86,600 Natural Gas Customers SLIDE 28