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Unitil Unitil energy for life Q2 2026 Financial Results and Strategic Update August 4 , 2026
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This presentation contains “forward-looking statements” including within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in this presentation are forward-looking statements. These forward-looking statements include statements regarding Unitil Corporation and its subsidiaries’ financial condition, results of operations, capital expenditures, business strategy, regulatory strategy, market opportunities, and other plans and objectives. In some cases, forward-looking statements can be identified by words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue”, the negative of such terms, or other comparable terminology. In this presentation, “Unitil,” the “Company”, “we”, “us”, “our” and similar terms refer to Unitil Corporation and its subsidiaries, unless the context requires otherwise. These forward-looking statements are neither promises nor guarantees but involve risks and uncertainties that could cause the actual results to differ materially from those set forth in the forward-looking statements. Those risks and uncertainties include: numerous hazards and operating risks relating to the Company’s electric, natural gas and water distribution activities, which could result in accidents and other operating risks and costs; fluctuations in the supply of, demand for, and the prices of, electric and natural gas energy commodities and transmission and transportation capacity and the Company’s ability to recover energy supply costs in its rates; catastrophic events; cyber-attacks, acts of terrorism, acts of war, severe weather, a solar event, an electromagnetic event, a natural disaster, the age and condition of information technology assets, human error, or other factors could disrupt the Company’s operations and cause the Company to incur unanticipated losses and expense; outsourcing of services to third parties could expose the Company to substandard quality of service delivery or substandard deliverables, which may result in missed deadlines or other timeliness issues, non-compliance (including with applicable legal requirements and industry standards) or reputational harm, which could negatively affect the Company's results of operations; unforeseen or changing circumstances, which could adversely affect the reduction of Company-wide direct greenhouse gas emissions; the Company’s regulatory and legislative environment (including laws and regulations relating to climate change, greenhouse gas emissions and other environmental matters) could affect the rates the Company is able to charge, the Company’s authorized rate of return, the Company’s ability to recover costs in its rates, the Company’s financial condition, results of operations and cash flows, and the scope of the Company’s regulated activities; general economic conditions, which could adversely affect (i) the Company’s customers and, consequently, the demand for the Company’s distribution services, (ii) the availability of credit and liquidity resources, and (iii) certain of the Company’s counterparty’s obligations (including those of its insurers and lenders); the Company’s ability to obtain debt or equity financing on acceptable terms; increases in interest rates, which could increase the Company’s interest expense; the Company's payment of dividends in the future; declines in capital market valuations, which could require the Company to make substantial cash contributions to cover its pension obligations, and the Company’s ability to recover pension obligation costs in its rates; the Company's ability to consummate acquisitions or other strategic transactions, to successfully integrate any acquired assets or business, or derive value from strategic transactions and investment, including but not limited to the completed acquisitions of Bangor Natural Gas Company, Maine Natural Gas Corporation, Aquarion Water Company of New Hampshire, Inc. and Abenaki Water Co., Inc.; impairment of the Company's assets (including long-lived assets and goodwill), could negatively impact the Company's financial condition and results of operations; restrictive covenants contained in the terms of the Company’s and its subsidiaries’ indebtedness, which restrict certain aspects of the Company’s business operations; customers’ preferred energy sources; severe storms and the Company’s ability to recover storm costs in its rates; variations in weather, which could decrease demand for the Company’s distribution services; long-term global climate change, which could adversely affect customer demand or cause extreme weather events that could disrupt the Company’s electric, natural gas and water distribution services; macroeconomic events, including the imposition of tariffs; employee workforce factors, including the ability to attract and retain key personnel; the Company’s ability to retain its existing customers and attract new customers; the water the Company supplies is subject to environmental, water quality and health and safety laws and regulations, including contaminants of emerging concern, compliance with which could impact the Company's operating costs and capital expenditures, and violations of which could subject the Company to costs, damage to the Company reputation or regulatory action, and contamination events may lead to service limitations, reduced usage or litigation; limitations or restrictions on water supplies may adversely affect the Company's access to sources of water, ability to supply water to customers and, together with climate variability, severe weather, natural disasters and seasonality, may cause service disruptions, reduced demand or increased costs; contamination of water supplies or our water service provided to our customers could result in service limitations and interruptions and exposure to substances not typically found in potable water supplies, and could subject the Company to reductions in usage and other responsive obligations, government enforcement actions, damage to the Company reputation and private litigation; any failure of the Company's network of water and wastewater pipes, water mains and water reservoirs could result in losses and damages that may affect the Company's financial condition and reputation; increased competition; other presently unknown or unforeseen factors; and other risks detailed in Unitil Corporation’s filings with the Securities and Exchange Commission, including those appearing under the caption "Risk Factors" in Unitil Corporation’s most recently filed Annual Report on Form 10-K. Readers should not place undue reliance on any forward-looking statements. Many of these risks are beyond the Company’s control. Any forward-looking statements speak only as of the date of this presentation, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statements are made or to reflect the occurrence of unanticipated events, except as required by law. New factors emerge from time to time, and it is not possible for the Company to predict all such factors, nor can the Company assess the effect of any such factor on its business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward- looking statements. This presentation contains Non-GAAP measures. The Company’s management believes these measures are useful in evaluating its performance. Reconciliations of Non-GAAP financial measures to the most directly comparable GAAP financial measures can be found herein. SLIDE 2 Forward-Looking Statements and Use of Non-GAAP Measures
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SLIDE 3 Financial Results and Business Update Financial Results • Quarterly Adjusted Net Income(1) of $5.2 million or $0.29 per share • Year-to-Date Adjusted Net Income(1) of $39.0 million or $2.17 per share • Increase of $0.14 per share or 6.9% over the same period in 2025 • GAAP ROE of 9.6% over the twelve months ended June 30, 2026 Business Updates • Aquarion Water Company of New Hampshire and Abenaki Water Company transaction closed June 30, 2026 • Northern Utilities rate cases progressing as expected in both Maine and New Hampshire • Customer satisfaction remains strong at 90%, placing Unitil first among Northeast Utilities • Electric smart meter implementation completed in Massachusetts and on track to complete in New Hampshire by the end of 2027 Looking Forward • 2026 adjusted EPS guidance range of $3.20 - $3.36; mid-point of $3.28 • Long-term EPS growth of 5% - 7% • Long-term rate base growth of 6.5% - 8.5% supported by five-year capital plan of approximately $1.2 billion Delivering strong growth while executing key initiatives (1) Adjusted Net Income and Adjusted EPS are non- GAAP financial measures, reconciliations from non- GAAP financial measures to GAAP financial measures are provided at the end of the presentation
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$47 Million Rate Base Aquarion Water Transaction Completed Transaction closed June 30, 2026 $55.8 Million Purchase Price SLIDE 4 Transaction Overview Company Overview • Acquisition of Aquarion Water Company of New Hampshire and Abenaki Water Company closed June 30, 2026 • Purchase price of $55.8 million plus customary closing adjustments • Cash to close of $42.6 million initially financed with holding company term loan • Assumed $13.7 million of existing debt • Five-year Operating and Transition Service Agreement with the Aquarion Water Authority to ensure a seamless transition and integration • Transaction expected to be earnings neutral in 2026 • Fully regulated water companies serving approximately 10,700 customers in eight communities across New Hampshire • High-quality assets: well-maintained, reliable water infrastructure • Well-managed operations: strong management team with a reputation for operational and customer service excellence • Aquarion Water Company of New Hampshire receives timely recovery of and on eligible capital investments through its Water Infrastructure and Conservation Adjustment 1.19x Rate Base Multiple 10,700 Customers
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Natural Gas Growth Expanding natural gas price advantage driving prospective customer interest Subsidiary Contribution to YTD Gas Margin IncreaseNatural Gas Price Advantage Widening(1) (1) $ Per MM BTU. Reflects Henry Hub monthly settlements and NY Harbor No. 2 Heating Oil. • Prospective customer inquires into gas service are up 50% compared to the same period in 2025 • Approximately 1,500 new gas customers currently under contract or in construction $ Per MM BTU • YTD adjusted gas margin increased $14.6 million or 13.5% supported by higher revenues across all subsidiaries • Higher margins reflective of Maine acquisitions, successful rate case outcomes and multi-year rate plans $- $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 Natural Gas Heating Oil Maine Natural Gas, 59.8% Northern Utilities, 19.4% Bangor Natural Gas, 10.7% Fitchburg Gas and Electric, 5.9% Granite State Gas Transmission, 4.2% SLIDE 5
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Second Quarter 2026 Financial Results Net Income and Earnings Per Share SLIDE 6 Earnings Summary(1) Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 Net Income ($ millions) $4.7 $4.0 $37.9 $31.5 Adjusted Net Income ($ millions) $5.2 $4.7 $39.0 $33.1 Earnings Per Share $0.26 $0.25 $2.11 $1.94 Adjusted Earnings Per Share $0.29 $0.29 $2.17 $2.03 (1) Adjusted Net Income and Adjusted EPS are non- GAAP financial measures, reconciliations from non- GAAP financial measures to GAAP f inancial measures are provided at the end of the presentation
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Sales Volume and Adjusted Gross Margin Variances Year-to-Date variances in units, customers, and adjusted gross margin Adjusted Gross Margin(1) Unit Sales Customers 14.8% Increase 1.6% Decrease 0.5% Increase Adjusted Gross Margin Increased $7.9 Million(1) • Approximately 400 additional residential customers and 120 additional C&I customers • 100% of electric customers decoupled (1) Adjusted Gross Margin is a non- GAAP financial measure, reconciliations from non- GAAP financial measures to GAAP financial measur es are provided at the end of the presentation Adjusted Gross Margin(1) Unit Sales Weather Normalized Unit Sales Customers 13.5% Increase 12.0% Increase 7.7% Increase 6.8% Increase • Customer increase primarily attributable to Maine Natural Gas acquisition • Excluding Maine Natural Gas, year-over-year unit sales increased 3.3% • 52% of gas customers decoupled Adjusted Gross Margin Increased $14.6 Million(1) Customer Growth and Unit Sales Customer Growth and Unit Sales SLIDE 7 Electric Operations Gas Operations • Reflects higher rates and customer growth • Unitil Energy Systems permanent rate award of $13.0 million took effect May 1, 2026 • Fitchburg Gas and Electric Performance Based Rate adjustment of $1.6 million took effect July 1, 2025 • Reflects higher rates and customer growth of $4.5 million and colder winter weather of $1.4 million • Maine Natural Gas contribution of $8.7 million • Northern Utilities New Hampshire temporary rate award of $5.5 million took effect June 1, 2026
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Year-to-Date Earnings Reconciliation Variances to prior period Net Income Income Taxes increased $2.8 million reflecting higher pre-tax income. (1) Adjusted Gross Margin and Adjusted Net Income are non-GAAP financial measure, reconciliations from non-GAAP financial measures to GAAP financial measures are provided at the end of the presentation (2) Adjustment for after-tax Transaction Costs associated with acquisitions Adjusted Gross Margin increased $22.5 million reflecting higher rates, colder winter weather, and customer growth. The increase included $8.7 million for Maine Natural Gas. Operation and Maintenance increased $3.3 million due to higher utility operating costs of $2.6 million and higher labor and other costs of $1.5 million, partially offset by lower acquisition costs of $0.8 million. The increase included $2.7 million of utility operating costs for Maine Natural Gas. Depreciation and Amortization increased $4.0 million reflecting higher levels of utility plant in service and higher amortization of recoverable storm costs, partially offset by lower amortization of other deferred costs. D&A expense included $1.5 million related to Maine Natural Gas. Taxes Other Than Income Taxes increased $3.4 million reflecting higher plant in service and higher payroll taxes. The increase included $0.8 million for Maine Natural Gas. Interest Expense, Net increased $2.8 million reflecting higher levels of long-term debt and short-term borrowings, partially offset with lower interest expense on regulatory liabilities. SLIDE 8 Other Expenses decreased $0.2 million due to lower retirement benefit costs. 2025 GAAP Net Income (millions) 31.5$ Adjusted Gross Margin (1) ▲ 22.5$ Operation and Maintenance ▼ (3.3)$ Depreciation & Amortization ▼ (4.0)$ Taxes Other Than Income Taxes ▼ (3.4)$ Interest Expense, Net ▼ (2.8)$ Other Expense (Income), Net ▲ 0.2$ Income Taxes ▼ (2.8)$ 2026 GAAP Net Income 37.9$ Transaction Costs (2) 1.1$ 2026 Adjusted Net Income (1) 39.0$
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SLIDE 9 Northern Utilities Regulatory Proceedings Requested rate increase of $20.2 million New Hampshire: Multi-Year Rate Plan Maine: Forecasted Test Year • Proposed base rate increase of $9.8 million • Requested rate base of $223 million • Requested equity ratio of 52.14% and return on equity of 10.6% • Temporary rate increase of $5.5 million effective June 1, 2026 • Proposed multi-year rate plan includes two annual step adjustments for recovery of growth and non-growth capital investments in 2026 and 2027 • Proposal includes continuation of decoupled rates; methodology switch from authorized revenue per customer target to total authorized revenue target • Proposed base rate increase of $10.4 million • Requested rate base of $360.0 million through May 31, 2028 • Requested equity ratio of 52.14% and return on equity of 10.6% • Filing includes forecasted rate base and expense levels through rate-effective year to reduce earnings attrition • Rate effective year of June 2027 through May 2028 • Previous rate case was filed and approved with a similar methodology Rate Case Filed April 1, 2026 Temporary Rates June 1, 2026 Intervenor Testimony November 19, 2026 Rebuttal Testimony January 25, 2027 Final Hearings February 3- 18, 2027 Permanent Rates April 1, 2027 Expected Timeline: DG 26-008 Rate Case Filed June 1, 2026 Intervenor Testimony August 31, 2026 Rebuttal Testimony October 27, 2026 Final Hearings February 24-25, 2027 Requested Permanent Rates June 1, 2027 Expected Timeline: Docket No. 2026-00049
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SLIDE 10 Capital Investment Plan of $1.2 billion Plan supports long-term rate base growth of 6.5% to 8.5% Actual and Forecast Capital Investment $s in Millions Rate Base by Jurisdiction $s in Millions • Total rate base of $1.39 billion, increase of $0.2 billion or 14.9% compared to the same period in 2025 • Average rate base growth of 9.5% over the past five years, above the long-term range of 6.5% to 8.5% • Five-year capital investment plan totals $1.2 billion • 24% increase over the 2025 five-year plan • Includes approximately $65 million planned capital investment for Bangor Natural Gas and Maine Natural Gas • Includes approximately $33 million planned capital investment for Aquarion Water Company of New Hampshire and Abenaki $170 $185 $227 $237 $234 $257 $259 $- $50 $100 $150 $200 $250 $300 2024 2025 2026F 2027F 2028F 2029F 2030F NH, $493 NH, $528 NH, $584 ME, $350 ME, $476 ME, $475 MA, $243 MA, $270 MA, $266 FERC, $49 FERC, $55 FERC, $62 $- $250 $500 $750 $1,000 $1,250 $1,500 $1,750 2024 2025 Q2 2026 $1.14 billion Total Rate Base $1.33 billion Total Rate Base $1.39 billion Total Rate Base
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Strong Financial Profile Balance sheet strength remains top priority • Cash Flow From Operations less Dividends will fund majority of capital investment plan • Debt is net of any refinancing of maturing long-term debt • Equity includes the Dividend Reinvestment Program Long-Term Capital Investment Financing Sources SLIDE 11 Balance Sheet Management and Financing Plan • Investment plan funded primarily by cash flow from operations • Dividend payout target of 55% - 65% • Access to equity capital provided by ATM equity program with $37.5 million capacity available • $11 million equity proceeds in second quarter • Holding company priced $60 million of senior notes in June and will close in September 2026 • Proceeds will repay existing holding company debt Investment Grade Ratings with Stable Outlook • Unitil and energy distribution subsidiaries (other than Bangor Natural Gas and Maine Natural Gas) have S&P issuer rating of BBB+ • Bangor Natural Gas and Maine Natural gas issuer ratings of BBB • Moody’s issuer rating of Baa1 for energy distribution subsidiaries • Baa2 for Granite State Gas and Unitil Corporation • Bangor Natural Gas and Maine Natural Gas are not rated by Moody’s Credit Metric Strength LTM S&P Downgrade Threshold Long-Term Target FFO / Debt 17.2%(1) 13% 16% - 18% CFFO, Less Dividends, 58%Equity, 12% Debt, Net, 30% (1) Adjusted FFO / Debt per S&P as of March 31, 2026
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5% - 7% Annual EPS Growth Long-Term Guidance 55% - 65% Dividend Payout Ratio Target Range 8% - 10% Annual Total Return(1) Price Appreciation Plus Dividend $1.2 Billion 5-Year Utility Capex Plan 6.5% - 8.5% Rate Base Growth Long-Term Guidance 16% - 18% Long-Term FFO/Debt Target Shareholder Value Creation Competitive, low-risk value proposition (1) Total Shareholder Return assumes dividend yield of 3.0%, earnings growth of 5% - 7%, and constant Price-to-Earnings ratio SLIDE 12 Unitil’s balance sheet strength, financial discipline, operating excellence, strategic execution, and constructive regulatory frameworks all contribute to our consistent track record of financial, operating, and strategic execution.
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Appendix SLIDE 13 SLIDE 14 15 16 17 18 19 20 21-23 Return on Average Common Equity Rate Relief Summary Investment Grade Credit Metrics About Unitil GAAP Reconciliation of Non-GAAP Measures Key Regulatory Recovery Mechanisms Dividend History 2026 Earnings Guidance
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About Unitil Pure play New England utility creating long-term sustainable value SLIDE 14 Local distributor of electricity, natural gas, and water in attractive service areas along the New Hampshire and Maine Seacoast • Fully regulated electric, gas, and water operations • Growing customer base supported by strong regional economic growth • Continuing price advantage over competing fuels • Operational and customer service excellence Compelling investor value proposition • Low-risk expected earnings and dividend growth • Sustainable long-term growth opportunities • Proven track record of financial, operating, and strategic performance Robust investment opportunities in electric and gas infrastructure • Grid modernization, resiliency, and renewable resource investments are well-aligned with climate policies • Timely recovery of capital investments Stable long-term expected earnings growth • Supportive regulatory outcomes • Distribution revenues largely decoupled from sales volumes • Earnings unaffected by commodity cost fluctuations SLIDE 14
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2026 Earnings Guidance $3.20 - $3.36 2026 EPS Guidance Range $3.28 2026 Guidance Mid-Point 6.1% Increase 2026 Mid-Point compared to 2025 Mid-Point of $3.09 Reaffirming long-term earnings guidance of 5% to 7% SLIDE 15 Expected Quarterly Earnings Distribution in 2026 -10% 0% 10% 20% 30% 40% 50% 60% 70% Q1 Q2 Q3 Q4
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SLIDE 16 Return on Average Common Equity GAAP Return on Equity over the last twelve months (1) Rate base as of 06/30/2026 (2) Aquarion and Abenaki rate base as of 12/31/2025 (3) ROACE calculated by dividing last twelve months GAAP Net Income by Average Common Equity (4) Unitil Corporation Average Common Equity will not equal sum of parts Company ($s in Millions) Rate Base(1) Average Common Equity LTM ROACE(3) Unitil Energy Systems $310 $145 8.9% Fitchburg Electric $116 $138 9.1% Fitchburg Gas $150 Northern Utilities - New Hampshire $227 $297 8.7% Northern Utilities - Maine $349 Bangor Natural Gas $59 $40 3.8% Maine Natural Gas $67 - - Granite State Gas Transmission $62 $32 8.4% Aquarion Water of NH & Abenaki(2) $47 - - Unitil Corporation(4) $1,387 $588 9.6%
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86,600 Natural Gas Customers Key Regulatory Recovery Mechanisms Timely Rate Recovery SLIDE 17 Rate Mechanism Unitil Energy Systems Fitchburg (Electric) Fitchburg (Gas) Northern Utilities (NH) Northern Utilities (ME) Bangor Natural Gas Maine Natural Gas Aquarion Water Companies Revenue Decoupling Earnings Sharing Power & Gas Supply Supply Related Bad Debt Energy Efficiency Transmission Net Metering Credits Specific Capital Investment Solar Incentives Long Term Renewable Contracts Environmental Remediation Vegetation Management Storm Recovery Exogenous Costs Local Property Taxes
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SLIDE 18 Rate Relief Summary Realized and expected rate awards Company Description Effective Date Amount (Millions) Filed Approved Unitil Energy Systems Rate Case Temporary Award June 1, 2025 $7.8 Unitil Energy Systems Rate Case Permanent Award May 1, 2026 $13.0 Unitil Energy Systems Capital Tracker: All Investment September 1, 2026 $3.2 FG&E (Electric) Capital Tracker: Grid Modernization June 1, 2026 $1.0 FG&E (Electric) Performance Based Rate Adjustment July 1, 2026 $1.1 FG&E (Gas) Capital Tracker: Infrastructure Replacement May 1, 2026 $1.9 FG&E (Gas) Performance Based Rate Adjustment July 1, 2026 $1.7 Northern Utilities (NH) Rate Case Temporary Award June 1, 2026 $5.5 Northern Utilities (NH) Rate Case Permanent Award April 1, 2027 $9.8 Northern Utilities (Maine) Capital Tracker: Infrastructure Replacement May 1, 2025 $2.1 Northern Utilities (Maine) Rate Case Permanent Award March 1, 2027 $10.4 Granite State Gas Capital Tracker: Eligible Facilities September 1, 2025 $1.2 Granite State Gas Capital Tracker: Eligible Facilities September 1, 2026 $1.3 Aquarion Water - NH Capital Tracker: Eligible Facilities July 1, 2025 $0.3
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SLIDE 19 Investment Grade Credit Ratings Stable ratings from both S&P and Moody’s (1) Moody’s A2 Secured Rating on First Mortgage Bonds Issuer Standard & Poor’s Moody’s Unitil Energy Systems Inc.(1) Stable / BBB+ Stable / Baa1 Northern Utilities Inc. Stable / BBB+ Stable / Baa1 Fitchburg Gas and Electric Light Co. Stable / BBB+ Stable / Baa1 Granite State Gas Transmission Inc. Stable / BBB+ Stable / Baa2 Unitil Corporation Stable / BBB+ Stable / Baa2 Bangor Natural Gas Stable / BBB Not rated Maine Natural Gas Stable / BBB Not rated
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SLIDE 20 86,600 Natural Gas Customers Continuous Dividend Payment Since Incorporation $1.90 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 $2.00 Steadily increasing dividend per share since 2015
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SLIDE 21 86,600 Natural Gas Customers GAAP Reconciliation of Adjusted Gross Margin Three months ended June 30, 2026 $ 61.7 $ 55.3 $ - $ 117.0 (30.1) (14.7) - (44.8) (8.6) (15.6) - (24.2) 23.0 25.0 - 48.0 8.6 15.6 - 24.2 $ 31.6 $ 40.6 $ - $ 72.2 $ 51.0 $ 51.6 $ - $ 102.6 (25.2) (14.4) - (39.6) (7.8) (14.0) - (21.8) 18.0 23.2 - 41.2 7.8 14.0 - 21.8 $ 25.8 $ 37.2 $ - $ 63.0 Adjusted Gross Margin Total Operating Revenue Less: Cost of Sales Less: Depreciation and Amortization GAAP Gross Margin Depreciation and Amortization Three Months Ended June 30, 2025 ($ millions) Electric Gas Other Total GAAP Gross Margin Depreciation and Amortization Adjusted Gross Margin Total Operating Revenue Less: Cost of Sales Less: Depreciation and Amortization Three Months Ended June 30, 2026 ($ millions) Electric Gas Other Total
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SLIDE 22 86,600 Natural Gas Customers GAAP Reconciliation of Adjusted Gross Margin Six months ended June 30, 2026 $ 127.2 $ 206.7 $ - $ 333.9 (66.0) (84.0) - (150.0) (16.9) (30.6) - (47.5) 44.3 92.1 - 136.4 16.9 30.6 - 47.5 $ 61.2 $ 122.7 $ - $ 183.9 $ 111.2 $ 162.2 $ - $ 273.4 (57.9) (54.1) - (112.0) (15.7) (27.8) - (43.5) 37.6 80.3 - 117.9 15.7 27.8 - 43.5 $ 53.3 $ 108.1 $ - $ 161.4 Adjusted Gross Margin Total Total Other Other Gas GasElectric Adjusted Gross Margin Total Operating Revenue Less: Cost of Sales Less: Depreciation and Amortization GAAP Gross Margin GAAP Gross Margin Depreciation and Amortization Six Months Ended June 30, 2026 ($ millions) Six Months Ended June 30, 2025 ($ millions) Depreciation and Amortization Electric Total Operating Revenue Less: Cost of Sales Less: Depreciation and Amortization
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SLIDE 23 GAAP Reconciliation of Adjusted Earnings Three and Six months ended June 30, 2026 (Millions, except per share data) GAAP Net Income $ $ $ $ Transaction Costs Adjusted Net Income $ $ $ $ GAAP Net Income $ $ $ $ Transaction Costs Adjusted Net Income $ $ $ $ 1.1 0.06 39.0 2.17 Six Months Ended June 30, 2026 37.9 2.11 Amount Per Share 5.2 0.29 4.7 0.26 0.5 0.03 Three Months Ended June 30, 2026 Amount Per Share Three Months Ended June 30, 2025 Amount Per Share 4.0 0.25 0.7 0.04 4.7 0.29 Six Months Ended June 30, 2025 Amount Per Share 31.5 1.94 1.6 0.09 33.1 2.03