Unitil Reports 2025 Year-End Earnings

Core Insights - Unitil Corporation reported a GAAP Net Income of $50.2 million, or $2.97 in Earnings Per Share (EPS), for the year ended December 31, 2025, reflecting an increase of $3.1 million in Net Income and $0.04 in EPS compared to 2024 [1][10] - The company's Adjusted Net Income was $53.3 million, or $3.16 in EPS, representing an increase of $5.5 million and $0.19 in EPS compared to 2024, excluding costs related to recent acquisitions [1][18] - The financial performance was driven by higher rates and continued customer growth, with a reaffirmation of long-term EPS growth of 5% to 7% [2][11] Financial Performance - Electric GAAP Gross Margin was $82.7 million in 2025, an increase of $4.7 million compared to 2024, driven by higher rates and customer growth [2][5] - Gas GAAP Gross Margin reached $142.3 million in 2025, an increase of $22.2 million compared to 2024, primarily due to higher rates and customer growth [5][6] - Total Operating Revenue for 2025 was $536.0 million, with Electric Revenues at $236.4 million and Gas Revenues at $299.6 million [25][29] Cost and Expenses - Operation and Maintenance (O&M) expenses increased by $14.9 million in 2025, reflecting higher utility operating costs, labor costs, and acquisition costs [7][30] - Depreciation and Amortization expenses rose by $12.6 million in 2025, influenced by higher depreciation rates and additional depreciation from increased utility plant in service [8][30] - Interest Expense, Net increased by $7.4 million in 2025, primarily due to higher interest on increased debt from acquisitions [9][30] Customer Metrics - Total Electric kWh Sales decreased by 0.6% to 1,574.4 million kWh in 2025, with residential sales increasing by 4.1% while commercial/industrial sales decreased by 4.0% [29] - Total Gas Therm Sales increased by 26.6% to 278.5 million therms, with residential sales up by 34.0% and commercial/industrial sales up by 24.8% [29] Dividends - The annual common dividend for 2025 was $1.80 per share, with a subsequent increase to $1.90 per share declared in January 2026 [11][30]