UTL · Unitil Corporation

Unitil Corporation's presentation underscores a strategy of organic growth and accretive acquisitions in regulated utilities, evidenced by record 2025 financials with $50.2 million net income and $3.16 adjusted EPS, alongside a 5.6% dividend increase to $1.90 annualized. The completed acquisitions of Bangor Natural Gas ($5.1 million Q1 2026 adjusted gas gross margin) and Maine Natural Gas ($6.0 million) drove a 7.3% rise in total gas customers, fueled by 6,400 new Maine customers, with base rate cases slated for H1 2027. The pending Aquarion NH water acquisition at ~$57 million enhances diversification across ~23,000 water customers and ~$83 million rate base in NH and MA, maintaining a fully regulated model with expected long-term EPS accretion near the upper end of guidance. Regulatory tailwinds include a NH rate order approving a $13.0 million increase, 9.45% ROE, and a multi-year plan for accelerated recovery of 2025-2026 investments. Long-term outlook projects 5.0%-7.0% EPS growth, 6.5%-8.5% rate base expansion, and 8.0%-10.0% total shareholder return, positioning Unitil for sustainable value creation amid natural gas advantages and infrastructure opportunities.