Filing Information Registrant: **UNITIL CORPORATION**, New Hampshire, (603) 772-0775, with the fiscal year ending December 31, 2021[2](index=2&type=chunk) Registered Classes of Stock | Title of each class | Trading Symbol | Name of each exchange of which registered | | :--- | :--- | :--- | | Common Stock, no par value | UTL | New York Stock Exchange | - Filer Status: **Large accelerated filer**[5](index=5&type=chunk) - Aggregate market value of common stock held by non-affiliates as of June 30, 2021: **$785,923,009**[5](index=5&type=chunk) - Number of common shares outstanding as of January 28, 2022: **15,978,791**[6](index=6&type=chunk) PART I [Business Overview](index=5&type=section&id=Item%201.%20Business) Unitil Corporation is a public utility holding company distributing electricity and natural gas to 194,275 customers across three states [Company Structure and Services](index=5&type=section&id=Unitil%20Corporation) Unitil operates as a public utility holding company through subsidiaries, serving 194,275 customers and managing a $1.26 billion net utility plant - Unitil is a public utility holding company incorporated in New Hampshire in 1984[20](index=20&type=chunk) Key Subsidiaries and Principal Business | Company Name | Principal Business | | :--- | :--- | | Unitil Energy Systems, Inc. (Unitil Energy) | Electric Distribution Utility | | Fitchburg Gas and Electric Light Company (Fitchburg) | Electric & Natural Gas Distribution Utility | | Northern Utilities, Inc. (Northern Utilities) | Natural Gas Distribution Utility | | Granite State Gas Transmission, Inc. (Granite State) | Natural Gas Transmission Pipeline | | Unitil Power Corp. (Unitil Power) | Wholesale Electric Power Utility (formerly) | | Unitil Service Corp. (Unitil Service) | Utility Service Company | | Unitil Realty Corp. (Unitil Realty) | Real Estate Management | | Unitil Resources, Inc. (Unitil Resources) | Non-regulated Energy Services (formerly Usource) | Customers Served as of December 31, 2021 | Service Type | Residential | Commercial & Industrial (C&I) | Total | | :--- | :--- | :--- | :--- | | Electric | 92,314 | 15,366 | 107,680 | | Natural Gas | 68,182 | 18,413 | 86,595 | | **Total Customers Served** | **160,496** | **33,779** | **194,275** | - Investment in Net Utility Plant: **$1,257.2 million** at December 31, 2021[22](index=22&type=chunk) [Business Operations](index=7&type=section&id=Operations) This section details Unitil's electric and natural gas distribution utility operations, including revenue and gross margin [Electric Distribution Utility Operations](index=6&type=section&id=Electric%20Distribution%20Utility%20Operations) Electric utility operations generated $248.5 million in 2021 revenue, contributing 53% of total, with a $97.4 million Adjusted Gross Margin - Revenue from electric utility operations was **$248.5 million** in 2021, representing about **53%** of Unitil's total operating revenue[25](index=25&type=chunk) - GAAP Electric Gross Margin was **$71.5 million** in 2021; Electric Adjusted Gross Margin (non-GAAP) was **$97.4 million**[25](index=25&type=chunk) - Unitil Energy (NH) 2021 electric operating revenue: **$172.3 million** (56% residential, 44% C&I)[27](index=27&type=chunk) - Fitchburg (MA) 2021 electric operating revenue: **$76.2 million** (58% residential, 42% C&I)[30](index=30&type=chunk) [Natural Gas Operations](index=7&type=section&id=Natural%20Gas%20Operations) This section details Unitil's natural gas distribution and transmission operations, including revenue and gross margin [Natural Gas Distribution Utility Operations](index=7&type=section&id=Natural%20Gas%20Distribution%20Utility%20Operations) Natural gas distribution operations generated $224.8 million in 2021 revenue, contributing 47% of total, with a $133.1 million Adjusted Gross Margin - Revenue from gas operations was **$224.8 million** in 2021, representing about **47%** of Unitil's total operating revenue[31](index=31&type=chunk) - GAAP Gas Gross Margin was **$100.4 million** in 2021; Gas Adjusted Gross Margin (non-GAAP) was **$133.1 million**[31](index=31&type=chunk) - Northern Utilities (NH/ME) 2021 gas operating revenue: **$176.7 million** (38% residential, 62% C&I)[33](index=33&type=chunk) - Fitchburg (MA) 2021 gas operating revenue: **$40.1 million** (58% residential, 42% C&I)[34](index=34&type=chunk) [Gas Transmission Pipeline Operations](index=7&type=section&id=Gas%20Transmission%20Pipeline%20Operations) Granite State operates 86 miles of interstate natural gas transmission pipeline, generating $8.0 million in 2021 operating revenue - Granite State operates **86 miles** of interstate natural gas transmission pipeline in Maine and New Hampshire[35](index=35&type=chunk) - Granite State's operating revenue was **$8.0 million** in 2021, primarily from transportation services to Northern Utilities and third-party suppliers[35](index=35&type=chunk) [Seasonality](index=7&type=section&id=Seasonality) Annual gas revenues are substantially realized during colder weather seasons, while electricity sales are less weather-sensitive - Annual gas revenues are substantially realized during colder weather seasons (Q1 and Q4) due to higher sales for heating[36](index=36&type=chunk) - Electricity sales are generally less sensitive to weather than natural gas sales but can still be affected by winter and summer temperatures[37](index=37&type=chunk) [Non-Regulated and Other Non-Utility Operations](index=8&type=section&id=Non-Regulated%20and%20Other%20Non-Utility%20Operations) The non-regulated energy brokering subsidiary Usource was divested in 2019, with other non-utility results included in consolidated financials - The non-regulated subsidiary Usource, which provided energy brokering and advisory services, was divested in the first quarter of 2019[39](index=39&type=chunk) - Results of Unitil Service, Unitil Realty, and the holding company are included in consolidated results, primarily from income earned on short-term investments and real property[40](index=40&type=chunk) [Rates and Regulation](index=8&type=section&id=Rates%20and%20Regulation) Unitil and its subsidiaries are subject to comprehensive federal and state regulation, with costs recovered through cost-of-service and tracking mechanisms - Unitil and its subsidiaries are subject to comprehensive regulation by federal (FERC) and state (NHPUC, MDPU, MPUC) regulatory authorities[41](index=41&type=chunk) - Distribution utilities recover service costs and earn a return on capital investment through cost-of-service regulation, with some costs recovered via annual step adjustments and cost tracking mechanisms[42](index=42&type=chunk) - Fitchburg is subject to revenue decoupling, which eliminates the dependency of distribution revenue on sales volume for approximately **27%** of electric and **11%** of natural gas sales volumes[43](index=43&type=chunk) [Employees](index=9&type=section&id=Employees) As of December 31, 2021, the Company and its subsidiaries had 508 employees, with a significant portion covered by collective bargaining agreements - As of December 31, 2021, the Company and its subsidiaries had **508 employees**[46](index=46&type=chunk) Employees Covered by Collective Bargaining Agreements (CBA) as of December 31, 2021 | Subsidiary | Employees Covered | CBA Expiration | | :--- | :--- | :--- | | Fitchburg | 43 | 05/31/2022 | | Northern Utilities NH Division | 37 | 06/07/2025 | | Northern Utilities ME Division | 38 | 03/31/2026 | | Granite State | 4 | 03/31/2026 | | Unitil Energy | 40 | 05/31/2023 | | Unitil Service | 5 | 05/31/2023 | [Available Information](index=9&type=section&id=Available%20Information) The Company's SEC reports and Code of Ethics are publicly available on its website, and its common stock is listed on the NYSE - Company's SEC reports (10-K, 10-Q, 8-K) and Code of Ethics are available free of charge on unitil.com[51](index=51&type=chunk)[52](index=52&type=chunk) - Unitil's common stock is listed on the New York Stock Exchange under the ticker symbol 'UTL'[53](index=53&type=chunk) [Investor Information](index=9&type=section&id=Investor%20Information) The Annual Meeting of Shareholders is scheduled for April 27, 2022, with Computershare Investor Services acting as the transfer agent - The Annual Meeting of Shareholders is scheduled for April 27, 2022[54](index=54&type=chunk) - Computershare Investor Services is the transfer agent for shareholder records, stock issuance, and dividend administration[55](index=55&type=chunk) [Risk Factors](index=10&type=section&id=Item%201A.%20Risk%20Factors) The Company identifies various risks categorized into operational, regulatory, financial, and general - Operational risks include disruptions in natural gas pipeline and electric transmission

Unitil Corporation (NYSE:UTL) Q3 2021 Earnings Conference Call November 2, 2021 10:00 AM ET Company Participants Todd Diggins - Director of Finance Tom Meissner - Chairman, President & Chief Executive Officer Bob Hevert - Senior Vice President, Chief Financial Officer & Treasurer Conference Call Participants Kody Clark - Bank of America Operator Good day and thank you for standing by. Welcome to Q3 2021 Unitil Earnings Conference Call. At this time, all participants are in a listen-only mode. After the spea ...

☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q For the transition period from to Commission File Number 1-8858 UNITIL CORPORATION (Exact name of registrant as specified in its charter) New Hampshire 02-0381573 (State or other juris ...

Part I. Financial Information [Management's Discussion and Analysis (MD&A) of Financial Condition and Results of Operations](index=5&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20(MD%26A)%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Unitil's Q2 2021 net income decreased due to higher operating expenses, while the first six months saw increased net income driven by higher gas and electric margins and customer growth [Overview](index=5&type=section&id=Overview) Unitil Corporation is a public utility holding company distributing electricity and gas in New Hampshire, Massachusetts, and Maine, with earnings primarily from utility asset returns and pass-through energy costs - Unitil's principal business is the local distribution of electricity and gas through its three wholly-owned distribution utilities: Unitil Energy Systems, Inc., Fitchburg Gas and Electric Light Company, and Northern Utilities, Inc[15](index=15&type=chunk)[16](index=16&type=chunk) - The company serves approximately **107,100 electric customers** and **85,600 gas customers** across its service territories in New Hampshire, Massachusetts, and Maine[17](index=17&type=chunk) - As of June 30, 2021, Unitil had a Net Utility Plant investment of **$1,209.8 million**. The company's earnings are not directly affected by changes in the cost of purchased electricity and gas due to a reconciling rate structure[19](index=19&type=chunk) [Results of Operations](index=7&type=section&id=Results%20of%20Operations) Net income for the first six months of 2021 increased to $21.6 million, driven by higher gas and electric margins, despite increased O&M and depreciation expenses, while Q2 net income slightly decreased Earnings Summary ($ millions, except per share data) | Period | Net Income ($ millions) | EPS ($) | Change (Net Income, $ millions) | Change (EPS, $) | | :--- | :--- | :--- | :--- | :--- | | **Q2 2021 vs Q2 2020** | $2.7 | $0.18 | -$0.4 | -$0.03 | | **6M 2021 vs 6M 2020** | $21.6 | $1.44 | +$3.3 | +$0.21 | Adjusted Gross Margin (Non-GAAP) Performance ($ millions) | Segment | Period | 2021 ($ millions) | 2020 ($ millions) | Change ($ millions) | Key Drivers | | :--- | :--- | :--- | :--- | :--- | :--- | | **Gas** | 3 Months | $25.0 | $22.9 | +$2.1 | Higher rates, customer growth, warmer weather | | **Gas** | 6 Months | $72.8 | $65.3 | +$7.5 | Higher rates, customer growth, colder winter | | **Electric** | 3 Months | $24.3 | $22.4 | +$1.9 | Higher rates, customer growth, warmer weather | | **Electric** | 6 Months | $48.0 | $45.5 | +$2.5 | Higher rates, customer growth, colder winter | - Operation and Maintenance (O&M) expenses increased by **$2.9 million in Q2 2021** and **$2.0 million in the first six months of 2021**, primarily due to higher labor costs, utility operating costs, and professional fees[45](index=45&type=chunk) - Depreciation and Amortization expense rose by **$2.7 million** for the six-month period, reflecting higher levels of utility plant in service[46](index=46&type=chunk) [Capital Requirements](index=15&type=section&id=Capital%20Requirements) Unitil funds capital needs via internal cash and a $120 million credit facility, with $90.3 million available as of June 30, 2021, and maintains investment-grade credit ratings Revolving Credit Facility Status ($ millions) | Date | Limit ($ millions) | Outstanding Borrowings ($ millions) | Available ($ millions) | | :--- | :--- | :--- | :--- | | **June 30, 2021** | $120.0 | $29.7 | $90.3 | | **June 30, 2020** | $120.0 | $74.9 | $45.0 | | **Dec 31, 2020** | $120.0 | $54.7 | $65.2 | - In September 2020, subsidiaries Northern Utilities, Fitchburg, and Unitil Energy collectively issued **$95 million in long-term notes and bonds** to repay short-term debt and for general corporate purposes[79](index=79&type=chunk) - Unitil Corporation and its utility subsidiaries hold investment-grade credit ratings, with a **'BBB+' from S&P** and ratings of **'Baa1' or 'Baa2' from Moody's**[80](index=80&type=chunk) [Financial Statements - Unaudited](index=19&type=section&id=Item%201.%20Financial%20Statements%20-%20Unaudited) Unaudited financial statements for H1 2021 show increased operating revenues and net income, stable total assets, significantly higher operating cash flow, and continued dividend payments [Consolidated Statements of Earnings](index=19&type=section&id=Consolidated%20Statements%20of%20Earnings) For H1 2021, total operating revenues increased to $235.4 million, with net income rising to $21.6 million, while Q2 net income decreased to $2.7 million Consolidated Earnings Summary ($ millions, except per share data) | Metric | Six Months Ended June 30, 2021 ($ millions) | Six Months Ended June 30, 2020 ($ millions) | | :--- | :--- | :--- | | **Total Operating Revenues** | $235.4 | $214.3 | | **Operating Income** | $44.2 | $38.7 | | **Net Income** | $21.6 | $18.3 | | **Net Income Per Share** | $1.44 | $1.23 | [Consolidated Balance Sheets](index=20&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2021, total assets were $1,477.1 million, with Net Utility Plant at $1,209.8 million and total common stock equity at $400.6 million Key Balance Sheet Items ($ millions) | Item | June 30, 2021 ($ millions) | Dec 31, 2020 ($ millions) | | :--- | :--- | :--- | | **Total Current Assets** | $114.2 | $139.3 | | **Net Utility Plant** | $1,209.8 | $1,193.2 | | **TOTAL ASSETS** | $1,477.1 | $1,477.9 | | **Total Current Liabilities** | $133.3 | $136.1 | | **Long-Term Debt, Less Current Portion** | $505.3 | $523.1 | | **Total Common Stock Equity** | $400.6 | $389.0 | | **TOTAL LIABILITIES AND CAPITALIZATION** | $1,477.1 | $1,477.9 | [Consolidated Statements of Cash Flows](index=22&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For H1 2021, operating cash flow significantly increased to $84.4 million, while investing activities used $42.5 million and financing activities used $42.9 million Cash Flow Summary ($ millions) | Activity | Six Months Ended June 30, 2021 ($ millions) | Six Months Ended June 30, 2020 ($ millions) | | :--- | :--- | :--- | | **Cash Provided by Operating Activities** | $84.4 | $58.3 | | **Cash (Used in) Investing Activities** | ($42.5) | ($48.8) | | **Cash (Used in) Financing Activities** | ($42.9) | ($10.5) | | **Net Decrease in Cash** | ($1.0) | ($1.0) | [Notes to Consolidated Financial Statements](index=25&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, segment performance, debt, stock plans, and regulatory matters, including segment revenue growth and updates on state-level rate cases Segment Profit (Loss) for Six Months Ended June 30 ($ millions) | Segment | 2021 ($ millions) | 2020 ($ millions) | | :--- | :--- | :--- | | Gas | $16.2 | $12.2 | | Electric | $6.3 | $5.7 | | Non-Regulated | $0.1 | $— | | Other | ($1.0) | $0.4 | | **Total** | **$21.6** | **$18.3** | - On April 2, 2021, Unitil Energy filed a base rate case with the NHPUC, requesting a permanent annual revenue increase of **$12.0 million**. A temporary rate increase of **$4.5 million** was approved effective June 1, 2021[197](index=197&type=chunk) - Fitchburg's gas division received approval for a two-phase rate increase totaling **$4.6 million**, with the second phase of **$0.9 million** becoming effective on March 1, 2021[202](index=202&type=chunk) - The company is actively involved in regulatory proceedings regarding the financial effects of the COVID-19 pandemic, including the deferral of bad debt expense[211](index=211&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=52&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Market risk primarily stems from interest rate fluctuations on variable-rate short-term debt, with commodity price risk limited by pass-through regulatory frameworks - The company's primary market risk is interest rate risk on its short-term, variable-rate debt. A **1% change in interest rates** on an average short-term debt balance of **$25 million** would change annual interest expense by approximately **$250,000**[93](index=93&type=chunk) - Commodity price risk is considered limited because the regulatory framework allows for the full collection of electric power and natural gas supply costs from customers on a pass-through basis[95](index=95&type=chunk) [Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) As of June 30, 2021, management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting - Management concluded that as of June 30, 2021, the company's disclosure controls and procedures were **effective**[251](index=251&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[253](index=253&type=chunk) Part II. Other Information [Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course legal proceedings, which management believes will not materially affect its financial position - The company states that ongoing legal proceedings, which arise in the ordinary course of business, are **not expected to have a material effect** on its financial position[254](index=254&type=chunk) [Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the risk factors previously disclosed in the company's 2020 Form 10-K were reported for the quarter - No material changes to the risk factors disclosed in the company's 2020 Form 10-K were reported for the quarter ended June 30, 2021[255](index=255&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=53&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered equity securities were sold in Q2 2021, and no shares were repurchased under the Rule 10b5-1 trading plan adopted for Directors' retainers - There were no sales of unregistered equity securities during the fiscal quarter ended June 30, 2021[256](index=256&type=chunk) - A Rule 10b5-1 trading plan was adopted on May 1, 2021, to repurchase shares for Directors' retainers, with a value limit of **$350,500**. No shares were purchased under this plan in the quarter[257](index=257&type=chunk)[259](index=259&type=chunk) [Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including executive certifications, an employment agreement, and the earnings press release - Exhibits filed with the report include CEO and CFO certifications (**31.1, 31.2, 32.1**), an employment agreement (**10.1**), and the earnings press release dated August 3, 2021 (**99.1**)[261](index=261&type=chunk)

Unitil Corporation. (NYSE:UTL) Q1 2021 Results Earnings Conference Call May 4, 2021 2:00 PM ET Company Participants Todd Diggins - Director of Finance Tom Meissner - President, Chairman of the Board, Chief Executive Officer Robert Hevert - Senior Vice President, Chief Financial Officer and Treasurer Conference Call Participants Michael Gaugler - Janney Montgomery Shelby Tucker - RBC Capital Markets Operator Good afternoon and welcome to the Q1 2021 Unitil Earnings Conference Call. At this time all participa ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-8858 UNITIL CORPORATION Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 1 ...

Unitil Corporation (NYSE:UTL) Q4 2020 Results Conference Call February 2, 2021 2:00 PM ET Company Participants Todd Diggins - Investor Relations Bob Hevert - Senior Vice President, Chief Financial Officer and Treasurer Tom Meissner - Chairman, President and Chief Executive Officer Conference Call Participants Michael Gaugler - Janney Montgomery Shelby Tucker - RBC Capital Markets Operator Ladies and gentlemen, thank you for standing by. Welcome to the Q4 2020 Unitil Earnings call. At this time, all particip ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-8858 UNITIL CORPORATION (Exact name of registrant as specified in its charter) New Hampshire 02-0381573 (State or other jurisdi ...

Unitil Corporation (NYSE:UTL) Q3 2020 Results Conference Call October 29, 2020 2:00 PM ET Company Participants Todd Diggins - Investor Relations Tom Meissner - Chairman, President and Chief Executive Officer Bob Hevert - Senior Vice President, Chief Financial Officer and Treasurer Larry Brock - Senior Vice President, Chief Financial Officer and Treasurer Conference Call Participants Shelby Tucker - RBC Capital Markets Harry Pollans - Bank of America Wayne Archambo - Monarch Partners Operator Ladies and gent ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-8858 UNITIL CORPORATION (Exact name of registrant as specified in its charter) New Hampshire 02-0381573 (State or other juris ...