Unitil Corporation · NYSE:UTL
Unitil — American Gas Association Financial Forum 2026
29 slides from Unitil's conference presentation, May 2026
Slide 1: American Gas Association Financial Forum
American Gas Association Financial Forum UNITIL CORPORATION May 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: About Unitil
About Unitil Pure play regulated utility creating long-term sustainable value Local distributor of electricity and natural gas in Maine, Massachusetts and New Hampshire with attractive service areas • • Fully regulated electric and gas operations 110,100 Growing customer base supported by strong reg
Slide 4: Turning Promises into Progress
Turning Promises into Progress Delivering strong financial results through superior operational performance Financial and Strategic Execution Operational and Customer Excellence Achieved record earnings of $50.2 Ranked #1 in the Northeast for million and adjusted EPS(1) of $3.16 customer tru
Slide 5: Elevating the Customer Experience
Elevating the Customer Experience Driving satisfaction and loyalty through superior service Top Quartile Electric Reliability Four consecutive years of top quartile electric service reliability Best-in-Class Gas Emergency Response Ranked among the top companies in the nation for gas emergency respon
Slide 6: Our Commitment to Affordable, Locally Sourced Energy
Our Commitment to Affordable, Locally Sourced Energy Sustainability and Responsibility are core elements of Unitil’s Respect, Integrity, Stewardship, Excellence values Kingston Solar Array Safety and Reliability 2025 NH Energy Week "Project of the Year" Gas Emergency Our solar facility in Kingston,
Slide 7: Maine Gas Acquisitions
Maine Gas Acquisitions Accelerating growth through strategic acquisitions Positive Contribution to First Quarter 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 contribu
Slide 8: Lowering Energy Costs
Lowering Energy Costs Natural gas is the smarter, cheaper alternative for home heating Residential Fuel Price per MMBtu $100 The Natural Gas Advantage $90 $80 • Natural gas is the lowest-cost heating fuel in Maine, Massachusetts $ per MMBtu $70 $60 and New Hampshire $50 $40 • Utility management of g
Slide 9: Our Competitive Advantage
Our Competitive Advantage Maine Converting homes to natural gas lowers energy costs and reduces emissions 2.2% 13.5% 8.3% 9.7% 16.0% 50.3% Highest percentage of homes heated with fuel oil in the nation New Hampshire 3.3% 11.9% 22.2% 5.2% 20.4% 37.0% Source: Washington Post, March 6, 2023 Second high
Slide 10: 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 attractive Expands valuation New Hampshire Aquarion Utility Platform Complementary to existing utility operations and serv
Slide 11: Accelerating Growth
Accelerating Growth Recent acquisitions are expected to be earnings accretive over the long-term Long-Term Guidance Accelerating Rate Base Growth(2) EPS Growth 5.0% - 7.0% $2.5 Rate Base Growth 6.5% - 8.5% ~10% CAGR 2024 - 2030 (1) $2.0 Total Shareholder Return 8.0% - 10.0% $s in Billions $1.5 Acqui
Slide 12: 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 13: Northern Utilities Regulatory Proceedings
Northern Utilities Regulatory Proceedings Recently filed New Hampshire rate case with 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
Slide 14: 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 MA, $243 $s in Millions $s in Millions $900 $150 $254 ME, $350 ME, $476 $252 $22
Slide 15: 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 $48.
Slide 16: 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 17: Delivering on Long-Term Earnings Guidance
Delivering on Long-Term Earnings Guidance Historical earnings growth at long-term guidance midpoint Historical Earnings per Share(1)(2) Performance Over Last 12 Years (2) $3.50 6.0% Annual Growth $3.00 Earnings Per Share $2.50 7.3% Annual Growth $2.00 Net Income $3.16 $1.50 $2.97 $2.82 $2.31 $2.35 $
Slide 18: Compelling Value Proposition
Compelling Value Proposition Driving sustainable growth through a disciplined, regulated strategy 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 Utili
Slide 19: Appendix
Appendix Slide 20 Abundant Conversion Opportunities 21 Preserving Critical Infrastructure 22 Diverse Gas Supply 23 Electricity is not Carbon-Free 86,600 24 Advanced Metering Infrastructure Natural Gas Customers 25 Rate Relief Summary 26 Key Regulatory Recovery Mechanisms 27 GAAP Return on Equity 28
Slide 20: Abundant Conversion Opportunities
Abundant Conversion Opportunities Maine Natural gas is cleaner and more affordable than competing fuels 2.8% 8.1% 8.6% 10.6% 13.9% 56.1% Maine has the highest percentage of homes heated with fuel oil in the nation New Hampshire 2.8% 6.0% 21.2% 10.4% Residential Heat – Annual Cost Comparison(1) 17.8%
Slide 21: Preserving Critical Infrastructure
Preserving Critical Infrastructure Gas pipelines deliver far more energy than electric infrastructure Gas vs Electric Delivered Energy (NH & ME) Energy delivered by natural gas 3,500,000 in comparison to electricity 3,000,000 Northern Utilities (Gas) 5X Annually Hydro Nuclear Wind 2,500,000 2,000,00
Slide 22: Diverse Gas Supply
Diverse Gas Supply Even on the coldest New England days, sufficient gas supply meets customer needs and growth strategy Gas Supply Options Diverse Supply Options Pipeline capacity from both the North and South Robust Gas Supply Planning Process Supply is sufficient to meet demand Source: S&P Capital
Slide 23: Electricity is Not Carbon-Free
Electricity is Not Carbon-Free New England’s electricity has about the same carbon intensity as fuel oil ISO-NE Annual Average Generator Emission Rates Carbon Emissions Per MMBTU 1200 180 160 1000 Hydro Wind Nuclear 31% reduction since 2001 140 800 Wind Wood CO2 lbs per MMBTU 120 Wood CO2 lbs per MW
Slide 24: Advanced Metering Infrastructure
Advanced Metering Infrastructure Significant multi-year project to support the clean energy transition Smart Meters Customer Environmental Improved Reliability Enhanced Billing Real-time data Empowerment Sustainability Faster outage detection Streamline supporting better Online portal & Grid optimiz
Slide 25: 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 $13.0 Unitil Energy Systems Capital Tracker:
Slide 26: Key Regulatory Recovery Mechanisms
Key Regulatory Recovery Mechanisms Timely Rate Recovery Unitil Energy Fitchburg - Electric Fitchburg - Gas Northern - ME Northern - NH Bangor Natural Gas Maine Natural Gas Revenue Decoupling Power & Gas Supply Supply Related Bad Debt Energy Efficiency Transmis
Slide 27: GAAP Return on Average Common Equity
GAAP Return on Average Common Equity GAAP Return on Equity over the last twelve months Company ($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%
Slide 28: Key Metrics of Recent Maine Gas Acquisitions
Key Metrics of Recent Maine Gas Acquisitions Highlights BNG MNG Total Price $71M $86M $157M Rate Base(1) $57M $68M $125M Customers 86,600 8,900 6,400 15,300 Natural Gas Customers Distribution Revenues(2) $13M $16M $29M Capital Investment(3) $10M $5M $15M Distribution Pipeline 350 miles 230 miles 570
Slide 29: Continuous Dividend Payout Since Incorporation
Continuous Dividend Payout Since Incorporation Targeting 55% - 65% payout ratio $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 29
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