PresentationI would now like to hand the conference over to your speaker today, Christopher Golding, Vice President of Finance and Regulatory. Please go ahead.Good day, and thank you for standing by. Welcome to the Fourth Quarter 2025 Unitil Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.Christopher GouldingVice President of Finance and Regulatory Good afternoon, and thank you for joining us to discuss Unitil Corporation's Fourth Quarter 2025 Fi ...

Financial Data and Key Metrics Changes - The company reported full-year adjusted earnings of $53.3 million, or $3.16 per share, representing an increase of $0.19 per share, or 6.4% over 2024 adjusted earnings per share [4] - Adjusted net income increased by $5.5 million compared to 2024, supported by Maine acquisitions, higher distribution rates, and customer growth [9] - The company anticipates 2026 earnings to be in the range of $3.20-$3.36 per share, with a midpoint of $3.28 per share, indicating a 6.1% increase compared to the midpoint of 2025 guidance [5][17] Business Line Data and Key Metrics Changes - Electric adjusted gross margin for 2025 was $114.6 million, an increase of $7.3 million compared to 2024, driven by higher distribution rates and customer growth [10] - Gas adjusted gross margin for the year was $199.1 million, an increase of $32.2 million compared to 2024, including $16.6 million from the acquisitions of Bangor Natural Gas and Maine Natural Gas [11] - The company added approximately 15,900 new gas customers in 2025, including 8,900 from Bangor Natural Gas and 6,500 from Maine Natural Gas [11] Market Data and Key Metrics Changes - Maine has the highest percentage of homes heated with fuel oil in the nation, with two-thirds of homes using oil, propane, or kerosene, presenting a significant opportunity for natural gas conversions [6] - The company’s electric service reliability ranked in the top quartile of industry peers, with customers experiencing 16% less interruption time than New England peers [8] Company Strategy and Development Direction - The company expanded its gas operations in Maine by acquiring two distribution companies, positioning itself as the largest gas utility in the state [4] - A five-year capital investment plan through 2030 totals approximately $1.2 billion, reflecting a 20% increase compared to the previous plan [15] - The company remains committed to delivering predictable and sustainable returns while maintaining financial flexibility for capital investments [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to continue delivering value for stakeholders, emphasizing investments in low-risk regulated assets [19] - The company highlighted the affordability benefits of natural gas for home heating in northern New England, reinforcing its commitment to customer service and operational excellence [7][8] Other Important Information - The company plans to file a base rate case for Bangor Natural Gas and Maine Natural Gas in 2027, with final rate decisions expected in 2028 [7] - The board approved a quarterly dividend increase to $1.90 per share for 2026, marking a 5.6% increase compared to 2025 [17] Q&A Session Summary - The Q&A session was not detailed in the provided content, and no specific questions or answers were recorded [21]

Financial Data and Key Metrics Changes - In 2025, the company reported adjusted earnings of $53.3 million, or $3.16 per share, representing an increase of $0.19 per share, or 6.4% over 2024 [4][9] - The company expects 2026 earnings to be in the range of $3.20-$3.36 per share, with a midpoint of $3.28 per share, indicating a 6.1% increase compared to the midpoint of 2025 guidance [5][17] Business Line Data and Key Metrics Changes - Electric adjusted gross margin for 2025 was $114.6 million, an increase of $7.3 million compared to 2024, driven by higher distribution rates and customer growth [10] - Gas adjusted gross margin for 2025 was $199.1 million, an increase of $32.2 million compared to 2024, attributed to acquisitions and higher rates [11] Market Data and Key Metrics Changes - The company added approximately 600 electric customers and 15,900 new gas customers in 2025, including 8,900 from Bangor Natural Gas and 6,500 from Maine Natural Gas [10][11] - Maine has the highest percentage of homes heated with fuel oil in the nation, presenting a significant opportunity for natural gas conversions [6] Company Strategy and Development Direction - The company expanded its gas operations in Maine by acquiring two distribution companies, positioning itself as the largest gas utility in the state [4][6] - A five-year capital investment plan through 2030 has been updated to approximately $1.2 billion, reflecting a 20% increase compared to the previous plan [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver value for stakeholders, emphasizing investments in low-risk regulated assets [19] - The company remains focused on continuous improvement in service reliability and customer satisfaction, achieving an overall customer satisfaction rate of 87% [8] Other Important Information - The company plans to file a base rate case for Bangor Natural Gas and Maine Natural Gas in 2027, with final rate decisions expected in 2028 [7] - The quarterly dividend was increased by $0.025 per share, resulting in an annualized dividend of $1.90 per share, a 5.6% increase compared to 2025 [17] Q&A Session Summary Question: What are the expectations for future earnings growth? - The company anticipates 2026 earnings to be in the range of $3.20-$3.36 per share, with a midpoint of $3.28 per share, indicating a 6.1% growth compared to 2025 [17] Question: How are the recent acquisitions expected to impact revenue? - The acquisitions of Bangor Natural Gas and Maine Natural Gas are expected to contribute approximately $29 million in annual distribution revenues [6]

Financial Data and Key Metrics Changes - In 2025, the company reported adjusted earnings of $53.3 million, or $3.16 per share, representing an increase of $0.19 per share, or 6.4% over 2024 [4][10] - The adjusted net income increased by $5.5 million compared to 2024, supported by acquisitions and higher distribution rates [10] - The company expects 2026 earnings to be in the range of $3.20-$3.36 per share, with a midpoint of $3.28 per share, indicating a 6.1% increase compared to the midpoint of 2025 guidance [5][19] Business Line Data and Key Metrics Changes - Electric adjusted gross margin for 2025 was $114.6 million, an increase of $7.3 million compared to 2024, driven by higher distribution rates and customer growth [10][11] - Gas adjusted gross margin for 2025 was $199.1 million, an increase of $32.2 million compared to 2024, attributed to acquisitions and higher rates [10][12] - The company added approximately 600 electric customers and 15,900 new gas customers in 2025, including 8,900 from Bangor Natural Gas and 6,500 from Maine Natural Gas [11][12] Market Data and Key Metrics Changes - Maine has the highest percentage of homes heated with fuel oil in the nation, with two-thirds of homes using oil, propane, or kerosene, presenting a significant opportunity for natural gas conversions [6][7] - The company anticipates filing a base rate case for both Bangor Natural Gas and Maine Natural Gas in 2027, with final rate decisions expected in 2028 [8] Company Strategy and Development Direction - The company expanded its gas operations in Maine by acquiring two distribution companies, positioning itself as the largest gas utility in the state [4][6] - The updated five-year capital investment plan through 2030 totals approximately $1.2 billion, an increase of 20% compared to the previous plan, focusing on low-risk regulated assets [17][18] - The company remains committed to delivering predictable and sustainable returns while maintaining financial flexibility for capital investments [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver value for stakeholders, emphasizing operational excellence and customer service [20] - The company highlighted the affordability benefits of natural gas for home heating in northern New England, reinforcing its commitment to environmental objectives [5][8] Other Important Information - The company announced a quarterly dividend increase of 2.5 cents per share, resulting in an annualized dividend of $1.90 per share, a 5.6% increase compared to 2025 [19] - The company reported strong customer satisfaction, achieving 87% overall satisfaction and the highest customer trust score among northeastern peers [9] Q&A Session Summary - The Q&A session was not detailed in the provided content, and no specific questions or answers were recorded [23]

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Q4 2025 Financial Results and Strategic Update February 10, 2026 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 this presentation are forward-looking statements. These forward-looking statements include statements regarding Unitil Corporation and its subsidiari ...

Customer Base and Service Areas - Unitil serves approximately 215,100 customers across New Hampshire, Massachusetts, and Maine, with 110,100 electric customers and 105,000 natural gas customers[18]. - The Company acquired Bangor Natural Gas Company for $71.4 million, expanding its service territory to approximately 8,500 customers in central Maine[44]. - The Company entered into a Stock Purchase Agreement to acquire Maine Natural Gas Corporation for $86.0 million, with the transaction closing on October 31, 2025[45]. Financial Performance - Total operating revenue for Unitil in 2025 was $536.0 million, with electric distribution operations contributing $236.4 million (44%) and natural gas operations contributing $299.6 million (56%) to the total revenue[19][26]. - The Company reported a GAAP Net Income of $50.2 million for the twelve months ended December 31, 2025, translating to $2.97 per share[158]. - Adjusted Net Income for the same period was $53.3 million, or $3.16 per share, after accounting for transaction costs of $3.1 million[158]. - Total Operating Revenue for 2025 was $536.0 million, a 8.3% increase from $494.8 million in 2024[1]. - The Company's GAAP Net Income for 2025 was $50.2 million, or $2.97 EPS, reflecting a $3.1 million increase in Net Income from 2024[5]. Revenue Sources - Unitil Energy's electric operating revenue was $157.3 million in 2025, with 55% from residential sales and 45% from commercial and industrial sales[24]. - Fitchburg's electric operating revenue was $79.1 million in 2025, with 59% from residential sales and 41% from commercial and industrial sales[25]. - Northern Utilities' gas operating revenue was $191.3 million in 2025, with 37% from residential firm sales and 63% from commercial and industrial firm sales[29]. - Granite State, the interstate natural gas transmission pipeline, had operating revenue of $12.6 million in 2025[33]. Margins and Expenses - The Electric Gross Margin for Unitil was $82.7 million in 2025, while the Gas Gross Margin was $142.3 million[22][27]. - Electric GAAP Gross Margin increased to $82.7 million in 2025, up $4.7 million from 2024, driven by higher rates and customer growth[1]. - Gas GAAP Gross Margin rose to $142.3 million in 2025, an increase of $22.2 million compared to 2024, primarily due to higher rates and customer growth[3]. - Operation and Maintenance expenses increased by $14.9 million in 2025, reflecting higher utility operating costs and labor costs[168]. - Depreciation and Amortization expense rose by $12.6 million in 2025, influenced by higher depreciation rates and additional depreciation from increased utility plant[169]. Regulatory Environment - The Company is subject to comprehensive regulation by federal and state authorities, which could affect its rates and financial condition[66]. - The Company’s regulatory authorities can impose financial penalties, which could adversely affect its financial condition and results of operations[66]. - The Company is subject to extensive environmental regulations, which could result in increased compliance costs and affect financial condition[70]. Debt and Financing - The Company had approximately $169.7 million in short-term debt outstanding under its revolving credit facility as of December 31, 2025[72]. - The Company entered into a Credit Facility with a borrowing limit increased to $275 million, allowing for additional borrowing under certain conditions[208]. - Total gross borrowings were $476.4 million for the year ended December 31, 2025[209]. - Total gross repayments were $412.5 million and $364.6 million for the years ended December 31, 2025 and 2024, respectively[210]. - The revolving credit facility limit increased from $200.0 million in 2024 to $275.0 million in 2025[210]. Workforce and Labor Relations - As of December 31, 2025, the Company had 595 employees, with a good relationship and no major labor disruptions reported[41]. - A total of 192 employees were represented by labor unions, with collective bargaining agreements expiring between 2026 and 2030[43]. - The Company’s ability to attract and retain a qualified workforce is critical for its operations and business strategies[63]. Environmental and Operational Risks - The Company aims to reduce greenhouse gas emissions from 2019 levels by at least 50% by 2030 and achieve net-zero emissions by 2050[70]. - The Company’s electric and natural gas distribution activities involve numerous hazards that could result in significant operational risks and costs[56]. - The Company is exposed to risks from catastrophic events that could adversely affect its financial condition and operations, including severe weather and equipment failures[95]. Customer Demand and Market Conditions - The Company emphasizes the importance of retaining existing customers and attracting new ones, as a decrease in customer demand could negatively impact its financial results[96]. - Significant increases in electricity and natural gas commodity prices may hinder the Company's ability to grow its customer base[97]. - The Company’s sales are highly temperature sensitive, with mild weather potentially decreasing sales of both natural gas and electricity[92]. - The Company’s financial condition may be adversely affected by economic downturns, impacting customer ability to pay bills and increasing bad debt expenses[91]. Cybersecurity - The Company has implemented a Cybersecurity Plan to manage risks from cybersecurity threats, which includes annual assessments and employee training programs[101][103]. - The Company's cybersecurity management team is responsible for assessing and managing material risks, with oversight from the Board of Directors[108][109]. Shareholder Returns - The Company’s current effective annualized dividend is $1.90 per share of common stock, payable quarterly[81]. - The Company reported a total dividend of $1.80 per common share for the year ended December 31, 2025, compared to $1.70 in 2024, reflecting a 5.88% increase[131]. - The annual common dividend was increased to $1.90 per share in 2026, up from $1.80 per share in 2025[173].

HAMPTON, N.H., Feb. 09, 2026 (GLOBE NEWSWIRE) -- Unitil Corporation (NYSE: UTL) (unitil.com) today announced GAAP Net Income of $50.2 million, or $2.97 in Earnings Per Share (EPS), for the year ended December 31, 2025, an increase of $3.1 million in Net Income, or $0.04 in EPS, compared to 2024. The Company’s Adjusted Net Income (a non-GAAP financial measure1) was $53.3 million, or $3.16 in EPS for the year ended December 31, 2025, an increase of $5.5 million, or $0.19 in EPS, compared to 2024. Adjusted Net ...

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Group 1 - Unitil Corporation is scheduled to release its fourth quarter 2025 earnings on February 9, 2026, after market close [1] - A conference call and webcast to review the results will take place on February 10, 2026, at 2:00 p.m. (ET) [1] - Presentation materials related to the earnings release will be available on the Company's Investors page prior to the call [1] Group 2 - Unitil Corporation provides electricity and natural gas services in New England, serving approximately 110,000 electric customers and 105,000 natural gas customers [3] - The company is committed to community involvement and the development of efficient energy delivery practices and technologies [3] - Unitil operates as a public utility holding company with a focus on safety and reliability in energy delivery [3]