Core Viewpoint - Unitil Corporation (UTL) has been a favorable investment for shareholders during the 2010s, indicating a positive performance trend in the utility sector [1]. Group 1: Company Performance - The decade of the 2010s was characterized as a good time for UTL shareholders, suggesting strong stock performance during this period [1]. Group 2: Market Efficiency - The financial markets are believed to be efficient, with most stocks reflecting their real current value, which implies that identifying undervalued stocks may present investment opportunities [1]. Group 3: Investment Strategy - The best opportunities for profits are found in stocks that are less widely followed or those that do not accurately reflect the current market opportunities, highlighting a strategy focused on niche investments [1].

Financial Data and Key Metrics Changes - The company reported adjusted net income of $0.4 million and adjusted earnings of $0.03 per share for Q3 2025, an increase of $0.01 per share compared to Q3 2024 [4][11] - For the first nine months of 2025, adjusted net income was $33.5 million, or $2.03 per share, an increase of $1.4 million, or $0.03 per share, compared to the same period in 2024 [4][11] - The ratio of funds from operations to debt was approximately 17% as of September 30, 2025, indicating a strong balance sheet [5][18] Business Line Data and Key Metrics Changes - Electric adjusted gross margin for the nine months ended September 30, 2025, was $86.4 million, an increase of $4.7 million, or 5.8%, compared to the same period in 2024, driven by higher distribution rates and customer growth [11][12] - Gas adjusted gross margin for the same period was $134.7 million, an increase of $19.1 million, or approximately 16.5%, attributed to higher distribution rates, customer growth, and colder winter weather [12][13] - The company added approximately 9,400 new gas customers, including about 8,800 from the acquisition of Bangor Natural Gas [12][13] Market Data and Key Metrics Changes - The company expects the acquisitions to accelerate rate-based growth to approximately 10% annually through 2029, supporting earnings growth in the upper half of the guidance range [8][19] - The New Hampshire Public Utilities Commission approved the acquisition of Aquarion on October 7, 2025, with further approvals expected in Connecticut, Massachusetts, and Maine [7][6] Company Strategy and Development Direction - The company is focused on sustainable growth and has successfully integrated Bangor Natural Gas and completed the acquisition of Maine Natural Gas [21] - The company plans to file a base rate case for Maine Natural Gas in mid-2027, following the successful integration of Bangor Natural Gas [6][5] - The company aims to reduce direct greenhouse gas emissions by 50% by 2030 and achieve net zero by 2050, highlighting its commitment to sustainability [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of their strategic priorities and the ability to provide strong shareholder returns for many years [21] - The company reaffirmed its 2025 earnings guidance range of $3.01-$3.17 per share, with a midpoint of $3.09 per share on an adjusted earnings basis [19] Other Important Information - The company completed a $72 million equity offering to strengthen its balance sheet and improve credit metrics [5][18] - Capital spending for the year is consistent with expectations, with a five-year capital plan totaling approximately $1.1 billion, which is 19% higher than the prior plan [19] Q&A Session Summary Question: Clarification on rate base figures - The difference between the $1.2 billion rate base and the $1.4 billion forecast reflects additional rate base for the acquired companies, including Maine Natural Gas, Bangor Natural Gas, and Aquarion [24][25] - The change in capital expenditures versus rate base increase is due to the timing of when capital projects are closed and placed into service [25] Question: Inclusion of future M&A in rate base - The $1.4 billion rate base includes additional base rates for all three companies being acquired, indicating implications for future M&As [26]

Financial Performance - The company's Q3 2025 adjusted net income was $0.4 million, or $0.03 per share, a $0.01 increase per share compared to the same period in 2024[8] - Year-to-date adjusted net income reached $33.5 million, or $2.03 per share, a $1.4 million or $0.03 per share increase compared to the first nine months of 2024[8] - Adjusted gross margin increased by $4.7 million year-to-date for electric operations[25] - Adjusted gross margin for gas operations increased by $19.1 million year-to-date, driven by higher rates, customer growth, and colder weather[27] Acquisitions and Growth - Maine Natural Gas (MNG) acquisition closed on October 31, 2025, and Bangor Natural Gas (BNG) integration was completed[8, 10] - The combined price for BNG and MNG acquisitions was $157 million, with a combined rate base of $128 million and 15,100 customers[10] - Rate base is expected to grow by 10% including acquisitions[8] - Acquisitions are expected to accelerate long-term EPS and rate base growth, with an additional 17% in rate base and gas customers, and a 15% increase in gas margin[11] Capital Investments and Regulatory Updates - The company completed a utility-scale solar project in New Hampshire[13] - Advanced Metering Infrastructure (AMI) replacement is on schedule, with a combined capital investment of approximately $40 million[14, 17] - A temporary electric rate increase of $7.8 million took effect in Q3 2025 in New Hampshire[8] - The company's five-year projected capital investment is approximately $1.1 billion[43]

Customer Base and Operations - Unitil serves approximately 109,400 electric customers and 97,600 gas customers, including 8,500 gas customers from the acquisition of Bangor Natural Gas Company[13]. - The Company operates two reportable segments: utility electric operations and utility gas operations, with a diversified customer mix across its subsidiaries[159][160]. Financial Performance - For the nine months ended September 30, 2025, GAAP Net Income was $31.2 million, with an Adjusted Net Income of $33.5 million, reflecting a per share increase from $2.00 to $2.03[28]. - Total Operating Revenue for the three months ended September 30, 2025, was $101.1 million, an increase of $8.2 million or 8.9% compared to $92.9 million in the same period in 2024[30]. - Net Income for the third quarter of 2025 was ($0.3) million, or ($0.02) in EPS, a decrease of $0.3 million in Net Income compared to the third quarter of 2024[33]. - Net income applicable to common shares for the nine months ended September 30, 2025, was $31.2 million, slightly down from $31.5 million in the same period of 2024[91]. - Basic and diluted earnings per common share for the nine months ended September 30, 2025, were $1.89, compared to $1.96 in 2024[91]. Revenue and Margin Analysis - Unitil's electric and gas sales in Massachusetts and New Hampshire are largely decoupled, reducing revenue dependency on the volume of sales[22]. - Electric GAAP Gross Margin increased by $2.8 million to $25.1 million for the three months ended September 30, 2025, and by $2.5 million to $62.7 million for the nine months ended September 30, 2025, compared to the same periods in 2024[30][35]. - Gas GAAP Gross Margin was $12.4 million for the three months ended September 30, 2025, an increase of $0.6 million, and $92.7 million for the nine months, an increase of $10.3 million compared to the same periods in 2024[31]. - Adjusted Gross Margin for Electric was $33.1 million for the three months and $86.4 million for the nine months ended September 30, 2025, reflecting increases of $3.4 million and $4.7 million, respectively, compared to the same periods in 2024[35][46]. - Adjusted Gross Margin for Gas was $26.6 million for the three months and $134.7 million for the nine months ended September 30, 2025, increases of $3.3 million and $19.1 million, respectively, compared to the same periods in 2024[36]. Expenses and Costs - Operating and Maintenance (O&M) expenses increased by $1.6 million for the three months and $8.7 million for the nine months ended September 30, 2025, compared to the same periods in 2024[37]. - Depreciation and Amortization expense increased by $3.1 million for the three months and $10.5 million for the nine months ended September 30, 2025, compared to the same periods in 2024[38]. - Cost of electric sales decreased by $1.6 million, or 4.9%, in Q3 2025 and $21.7 million, or 19.6%, in the first nine months of 2025 compared to the same periods in 2024[54]. - Cost of gas sales increased by $3.1 million, or 43.7%, in Q3 2025 and $5.1 million, or 8.6%, in the first nine months of 2025 compared to the same periods in 2024[55]. Capital and Financing - The Company raised approximately $71.8 million from the issuance of 1,602,358 shares at $46.65 per share, which will be used for equity capital contributions, debt repayment, and general corporate purposes[65]. - As of September 30, 2025, the Company had total gross borrowings of $380.0 million and total gross repayments of $368.3 million for the nine months ended[71]. - The Credit Facility borrowing limit was increased from $200 million to $275 million, with a maturity date extended to September 29, 2028[69]. - The Company entered into a senior unsecured delayed-draw term loan facility of $86.0 million to fund the acquisition of Maine Natural Gas[74]. - The average interest rate on the Company's short-term borrowings for the three months ended September 30, 2025 was 5.5%, compared to 6.6% for the same period in 2024[85]. Acquisitions and Growth - The Company acquired Maine Natural Gas Company on October 31, 2025, expanding its natural gas distribution capabilities[19]. - The company completed the acquisition of Bangor Natural Gas Company for $71.4 million, which included $66.7 million of net utility plant and $1.6 million of goodwill[148][149]. - The company has entered into a definitive agreement to acquire Aquarion Water Companies for approximately $100.0 million, which includes $70.0 million in cash and $30.0 million of assumed debt[152]. Regulatory and Compliance - The Company is subject to comprehensive regulation by federal and state authorities, which significantly affects its operations and financial position[20]. - The MPUC approved a $7.6 million increase in distribution revenues for Northern Utilities effective October 1, 2023, reflecting a return on equity of 9.35%[203]. - Northern Utilities' TIRA mechanism allows for annual rate adjustments, with a recent request to increase annual base rates by $2.1 million for 2024 eligible facilities approved for rates effective May 1, 2025[204]. - The NHPUC approved a $6.1 million increase in permanent distribution rates for Northern Utilities effective August 1, 2022, along with a revenue decoupling mechanism[206]. Employee and Workforce - As of September 30, 2025, the Company had 575 employees and maintained a good relationship with its workforce[81].

Core Points - Unitil Corporation has completed the acquisition of Maine Natural Gas Company from Avangrid Enterprises, with the purchase price totaling $86.0 million plus approximately $7.1 million for estimated working capital [1][3] - Maine Natural serves around 6,300 residential and commercial natural gas customers in the Greater Portland region and Augusta, with a distribution system of approximately 230 miles [2] - Following this acquisition, Unitil will serve approximately 213,300 customers across Maine, New Hampshire, and Massachusetts [2] Financial Details - The estimated rate base of Maine Natural was approximately $69.0 million as of December 31, 2024 [2] - Unitil financed the acquisition primarily through a term loan from Scotiabank [3] Strategic Importance - The acquisition is seen as highly complementary to Unitil's existing natural gas distribution operations in Maine, enhancing their service capabilities [3] - Unitil emphasizes its commitment to providing safe, clean, reliable, and affordable energy to its customers through locally managed operations [3][5]

Core Points - Unitil Corporation is set to release its third quarter 2025 earnings on November 3, 2025, after market close [1] - A conference call and webcast to discuss the quarterly results will take place on November 4, 2025, at 2:00 p.m. (ET) [1] - Presentation materials related to the earnings will be available on the Company's Investors page prior to the call [1] Company Overview - Unitil Corporation provides electricity and natural gas in New England, focusing on safe and reliable energy delivery [3] - The company operates in Maine, New Hampshire, and Massachusetts, serving approximately 109,400 electric customers and 97,600 natural gas customers [3] - Unitil is committed to community involvement and the development of efficient energy delivery technologies [3]

Core Viewpoint - Unitil Corporation has successfully closed a public offering of 1,602,358 shares of common stock at a price of $46.65 per share, raising approximately $74.75 million in proceeds before deductions [1][2]. Group 1: Offering Details - The offering included the full exercise of the underwriters' over-allotment option [1]. - The proceeds from the offering will be used for equity capital contributions to regulated utility subsidiaries, repayment of outstanding indebtedness, and general corporate purposes [3]. - Wells Fargo Securities, LLC and Scotia Capital (USA) Inc. acted as active bookrunners for the offering, with Janney Montgomery Scott LLC serving as bookrunner [4]. Group 2: Company Overview - Unitil Corporation is a public utility holding company providing electricity and natural gas in New England, serving approximately 109,400 electric customers and 97,600 natural gas customers [6]. - The company is committed to community service and the development of efficient energy delivery technologies [6].

Core Viewpoint - Unitil Corporation has announced a public offering of 1,393,355 shares of common stock priced at $46.65 per share, expected to close on August 18, 2025 [1]. Group 1: Offering Details - The underwriters have an option to purchase an additional 209,003 shares at the public offering price, minus underwriting discounts and commissions [2]. - The net proceeds from the offering will be used for equity capital contributions to regulated utility subsidiaries, repayment of outstanding indebtedness, and general corporate purposes [3]. - Wells Fargo Securities, LLC and Scotia Capital (USA) Inc. are acting as active bookrunners for the offering, with Janney Montgomery Scott LLC as a bookrunner [4]. Group 2: Company Overview - Unitil Corporation provides energy services, delivering electricity and natural gas in New England, serving approximately 109,400 electric customers and 97,600 natural gas customers [6].

Group 1 - Unitil Corporation announced a registered offering of $65 million of shares of its common stock, with an option for underwriters to purchase an additional $9.75 million [1][2] - The net proceeds from the offering will be used for equity capital contributions to regulated utility subsidiaries, repayment of indebtedness, and general corporate purposes [2] - Wells Fargo Securities, LLC and Scotia Capital (USA) Inc. are acting as active bookrunners for the offering, with Janney Montgomery Scott LLC as the bookrunner [3] Group 2 - The offering will be made by means of a prospectus supplement under the Company's effective registration statement filed with the SEC [4] - Unitil Corporation provides energy services in New England, serving approximately 109,400 electric customers and 97,600 natural gas customers [6]

Financial Data and Key Metrics Changes - The company reported adjusted net income of $4.7 million and adjusted earnings of $0.29 per share for Q2 2025, representing an increase of $400,000 or 0.02 per share compared to the same period in the prior year [5][14] - For the first six months of 2025, adjusted net income was $33.1 million or $2.3 per share, an increase of $1.6 million or 0.07 per share compared to the same period in 2024 [6][14] Business Line Data and Key Metrics Changes - Electric adjusted gross margin for the six months ended June 30, 2025, was $53.3 million, an increase of $1.3 million or 2.5% compared to the same period in 2024, driven by higher distribution rates and customer growth [15] - Gas adjusted gross margin for the same period was $108.1 million, an increase of $15.8 million or approximately 17.1% compared to the same period in 2024, attributed to higher rates, customer growth, and a return to normal winter weather [16] Market Data and Key Metrics Changes - The company added approximately 9,360 new gas customers, including 8,800 from the acquisition of Bangor Natural Gas, compared to the same period in 2024 [16] - Approximately 55% of the company's gas customers are under decoupled rates as of June 30, 2025 [16] Company Strategy and Development Direction - The company is optimistic about the ongoing regulatory reviews of the Maine Natural Gas and Aquarion Water transactions, expecting to close these acquisitions by 2025 [7][8] - The company aims to accelerate rate base growth to approximately 10% annually through 2029, supporting earnings growth near the top end of its guidance range [9] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed a strong financial outlook and long-term guidance for earnings growth, dividend growth, and rate base growth [6][26] - The company sees increasing support for natural gas in New England as a means to reduce energy supply volatility and improve affordability for customers [10][11] Other Important Information - The company has initiated a $50 million at-the-market equity program and issued $32 million in senior unsecured notes for Bangor Natural Gas [23] - The current five-year capital budget totals approximately $1 billion, which is 46% higher than the prior five years, reflecting the investment plan for existing operations [24] Q&A Session Summary Question: Will the slight negative results in Q3 affect the dividend approach for the third quarter? - Management confirmed that the slight change in quarterly distribution for the second half of the year will not affect the company's approach to 2025 dividends [30][32]