Unitil : 2025 Edison Electric Institute Conference Presentation

About this update from Unitil Corporation

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 Update Expected 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 Acquisitions Enhance Growth Profile 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 Existing Operations Acquisitions 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 $40 million; capital tracker in place in MA Corporate Sustainability and Responsibility Unitil recently released its 2025 report with all key metrics on target Safety and Reliability Gas Emergency Leveraging Fleet Data for 91% 0.92 People 90% Response Time Within 30 Minutes Days Away, Restricted or Transferred (DART) Overall Customer Satisfaction Sustainable Decision Making Implemented telematics on all Company-owned vehicles enabling greater efficiency 91% 84% Of Employees are proud to work for Unitil Employee Satisfaction Score Third Quarter 2025 Financial Results Net Income and Earnings Per Share Earnings Summary (1) Three Months Ended September 30 Nine Months Ended September 30 2025 2024 2025 2024 Net Income (Loss) ($ 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 86,600 Natural 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 Gas Volume and Adjusted Gross Margin Variances 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 55% of gas customers decoupled (2) Approximately 9,420 additional customers 8,820 from BNG 600 from existing operations Adjusted Gross Margin Increased $19.1 Million (1) Higher rates and customer growth of $17.1 million, and effect of colder winter weather of $2.0 million Favorable effects from recent rate case awards for FGE and GSGT Weather normalized sales for Northern Utilities' Maine division, Unitil's largest non-decoupled service area, increased 2.4% 86, 600 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 Attention : This is an excerpt of the original content. 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