Unitil Corporation Q3 FY2025 earnings call

• Announced adjusted net income of $0.4 million and adjusted earnings of $0.03 per share for the third quarter of 2025, with adjusted net income through the first 9 months at $33.5 million or $2.03 per share, an increase from the prior year.
• Successful integration of Bangor Natural Gas; closed acquisition of Maine Natural Gas on October 31; Aquarion transaction regulatory approvals progressing.
• Electric investment: Utility-scale solar project in Kingston, NH fully operational, seeking recovery in New Hampshire rate case; Advanced Metering Infrastructure project: MA replacement by year-end, NH work next year, ~$40 million capital investment.
• Released 2025 corporate sustainability report; on track to reduce GHG emissions 50% by 2030 and net-zero by 2050; leveraging fleet data for efficiency and emissions reduction.

Electric: For the 9 months ended September 30, 2025, electric adjusted gross margin was $86.4 million, an increase of $4.7 million or 5.8% compared to the same period in 2024. The company added approximately 560 new electric customers, including 126 new commercial and industrial customers. Gas: For the 9 months ended September 30, 2025, gas adjusted gross margin was $134.7 million, an increase of $19.1 million or approximately 16.5% compared to the same period in 2024. The company added approximately 9,400 new gas customers compared to the same period in 2024, including approximately 8,800 customers from the acquisition of Bangor Natural Gas. Excluding Bangor Natural Gas, gas adjusted gross margin was $127.3 million, an increase of $11.7 million or 10.1% compared to the corresponding period in 2024, due to higher distribution rates, customer growth, and a 2.4% increase in weather-normalized sales for the Northern Maine division.

• Reaffirmed 2025 earnings guidance range of $3.01 to $3.17 per share on adjusted basis.
• Expect acquisitions to accelerate rate base growth to approximately 10% annually through 2029, supporting earnings growth in the upper half of the guidance range.

• Forward-looking statements involve risks and uncertainties that can cause actual results to differ materially from predictions. Statements should be considered with cautionary statements from recent annual report on Form 10-K and other SEC filings.

Q: Comparison of rate base on Slide 19 and Slide 5, and CapEx vs rate base change.

A: The difference in rate base reflects additional rate base from acquired companies. The difference in CapEx versus rate base increase is due to timing of capital projects being placed into service.

Q: Follow-up on $1.4 million rate base including all 3 acquisitions.

A: The $1.4 million in the light blue shaded box captures all 3 acquisitions.