UTL · Unitil Corporation

Unitil Corporation's 2026 Annual Meeting presentation underscored a year of strong financial and operational execution. The company achieved record net income of $50.2 million and adjusted EPS of $3.16, driven by rate base growth of 17% and successful integration of two natural gas acquisitions. The dividend was increased by 5.6% to $1.90 annualized, reflecting confidence in sustainable earnings growth. Unitil also announced an agreement to acquire three Aquarion water companies, adding 23,000 water customers and expanding its regulated utility platform into water services. The company's long-term guidance targets EPS growth of 5.0%-7.0% and rate base growth of 6.5%-8.5%, supported by a five-year capital investment plan of approximately $1.2 billion, a 20% increase over the prior forecast. Management emphasized the natural gas price advantage over other fuels, strong customer growth in Maine, and top-quartile reliability and customer satisfaction. The pending water acquisition, if approved, is expected to be accretive and further diversify the utility base. Overall, the presentation reinforced Unitil's low-risk, regulated utility model with predictable earnings and dividend growth.