EEI Financial Conference
November 9 to 11, 2025
Financial Results and Business Update
Strong financial results and delivering on business initiatives
Financial Results
Quarterly Adjusted Net Income(1) of $0.4 million or $0.03 per share
Increase of $0.01 per share relative to same period in 2024
Year-to-Date Adjusted Net Income(1) of $33.5 million or $2.03 per share
Increase of $1.4 million, or $0.03 per share relative to the first nine months of 2024
Business Updates
Maine Natural Gas ("MNG") acquisition closed October 31, 2025
Completed integration of Bangor Natural Gas ("BNG")
Electric rate case in NH progressing on schedule; temporary rate award of $7.8M effective in Q3 2025
August equity issuance satisfied equity need for BNG and MNG acquisitions
Current FFO/Debt approximately 17%
Looking Forward
Reaffirming our current year earnings guidance
Rate base growth of 10% including acquisitions(2)
Regulatory approval of Aquarion acquisition expected in Q4 2024
Adjusted Net Income and Adjusted EPS are non-GAAP financial measures, reconciliations from non-GAAP financial measures to GAAP financial measures are provided at the end of the presentation
Growth from 2024 to 2029
SLIDE 3
Acquisitions UpdateExpected Connecticut, Massachusetts and Maine orders approving the transaction in Q4
Received approval in New Hampshire
Aquarion Water
Transaction closed October 31, 2025
Integration activities ongoing
Maine Natural Gas (MNG)
Transaction closed January 31, 2025
Integration has been completed
Bangor Natural Gas (BNG)
Closed on two natural gas distribution companies; Aquarion Water acquisition proceeding on schedule
Highlights | BNG | MNG | Combined | ||
Price | $71M | $86M | $157M | ||
Rate Base(1) | $59M | $69M | $128M | ||
Customers | 8,800 | 6,300 | 15,100 | ||
Recently announced acquisitions are expected to be earnings accretive over the long-term
Long-Term Guidance | |
EPS Growth | 5.0% - 7.0% |
Rate Base Growth | 6.5% - 8.5% |
Total Shareholder Return | 8.0% - 10.0%(1) |
Accelerating Rate Base Growth(2)
$1.4
$1.5
$1.6
$1.7
$1.8
$1.1
$2.0
$1.5
Acquisitions will accelerate long-term EPS and Rate Base growth
Billions
$1.0
17% Additional Rate Base
17% Additional Gas Customers
$0.5
23,000 Water Customers in MA and NH
15%
Gas Margin Increase
Total Shareholder Return assumes dividend yield of 3.0% and a constant Price-to-Earnings ratio
Forecast assumes acquisitions receive necessary regulatory approval
$0.0
2024A 2025F 2026F 2027F 2028F 2029F
Significant Investments in Electric Operations
Utility-scale solar complete and Advanced Metering Infrastructure replacement on schedule
New Hampshire Solar Project Completed
Kingston (NH) Solar Project Fully Operational
New Hampshire Energy Week's "Project of the Year"
Facility is consistently producing energy in line with or above modeled expectations
Proposed rate base treatment for recovery of and on project investment in the current UES rate case
Advanced Metering Infrastructure
Significant Multi-Year Project
Replacing existing electric meters with new state of the art meters empowering customers and supporting grid optimization
MA customer meter exchange largely complete
Meter exchange planned to begin in 2026 and completed by 2027 in NH
Combined capital investment of approximately $40 million; capital tracker in place in MA
Unitil recently released its 2025 report with all key metrics on target
Safety and Reliability
Gas Emergency
Leveraging Fleet Data for91%
0.92
People90%
Response Time Within 30 Minutes
Days Away, Restricted or Transferred (DART)
Overall Customer Satisfaction
Sustainable Decision MakingImplemented telematics on all Company-owned vehicles enabling greater efficiency
91%
84%
Of Employees are proud to work for Unitil
Employee Satisfaction Score
Third Quarter 2025 Financial ResultsNet Income and Earnings Per Share
Earnings Summary(1) | Three Months Ended September 30 | Nine Months Ended September 30 | ||
2025 | 2024 | 2025 | 2024 | |
Net Income (Loss) ($ millions) | ($0.3) | $0.00 | $31.2 | $31.5 |
Adjusted Net Income ($ millions) | $0.4 | $0.4 | $33.5 | $32.1 |
Earnings Per Share | ($0.02) | $0.00 | $1.89 | $1.96 |
Adjusted Earnings Per Share | $0.03 | $0.02 | $2.03 | $2.00 |
Adjusted Net Income and Adjusted EPS are non-GAAP financial measures, reconciliations from non-GAAP financial measures to GAAP financial measures are provided at the end of the presentation
Electric Volume and Adjusted Gross Margin Variances 86,600Natural Gas Customers
(1) Adjusted gross margin is a non-GAAP financial measure, reconciliations from non-GAAP financial measures to GAAP financial measures are provided at the end of the presentation
Reflects higher rates and customer growth
UES temporary rate award of $7.8 million took effect July 1, 2025 FGE PBR rate adjustment of $1.6 million took effect July 1, 2025
•
•
•
Adjusted Gross Margin Increased $4.7 Million(1)
100% of electric customers decoupled
~560 additional customers, including 126 C&I customers Actual unit sales decreased due to cooler summer weather
•
•
•
Unit Sales and Customers
Year-to-Date variances in units, customers, and adjusted gross margin
Electric Operations | ||
Adjusted Gross Margin(1) | Unit Sales | Customers |
5.8% Increase | 1.0% Decrease | 0.5% Increase |
Year-to-Date variances in units, customers, and adjusted gross margin
Gas Operations | ||||
Adjusted Gross Margin(1) | Unit Sales | Weather Normalized Unit Sales | Customers | |
Total | 16.5% Increase | 22.2% Increase | 15.4% Increase | 10.8% Increase |
Existing Operations (Excluding BNG) | 10.1% Increase | 7.7% Increase | 1.8% Increase | 0.7% Increase |
Unit Sales and Customers |
|
Adjusted Gross Margin Increased $19.1 Million(1) |
|
Natural
Gas Customers
Adjusted gross margin is a non-GAAP financial measure, reconciliations from non-GAAP financial measures to GAAP financial measures are provided at the end of the presentation
Calculation based on customer counts as of September 30, 2025
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