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Q3 2026 Financial Results and Strategic Update November 3, 2026
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Unitil Corporation | Investor Relations 2 Forward-Looking Statements and Use of Non-GAAP Measures 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.
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Unitil Corporation | Investor Relations 3 Delivering strong financial growth and executing key strategic initiatives • Adjusted Net Income (Loss)(1) of ($0.7) million or ($0.04) per share for the third quarter • Year-to-Date Adjusted Net Income(1) of $38.3 million or $2.12 per share – Increase of $0.09 per share or 4.4% relative to the same period in 2025 • GAAP ROE of 9.0% over the twelve months ended September 30, 2026 Financial ResultsFinancial Results and Business Update • 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 • Electric smart meter implementation completed in Massachusetts and on track to complete in New Hampshire by the end of 2027 Business Updates • Reaffirming 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 Looking Forward See page 27 for footnotes
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Unitil Corporation | Investor Relations 4 Corporate Sustainability and Responsibility Reducing Fugitive Emissions Pipeline integrity across our system is exceptionally high with over 98% of the pipeline made of cathodically-protected steel or plastic Unitil recently released its 2026 Sustainability Report; 19% reduction in Scope 1 emissions since 2019 Methodology Comparison of Underground Gas Emissions Advanced Mobile Leak Detection has found the level of fugitive gas emissions is far less than previously estimated using emissions factor methodology - 4,000 8,000 12,000 16,000 20,000MTC02e Per Year Advanced Mobile Leak Detection EPA Subpart W Emission Factor 91% reduction in emissions
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Unitil Corporation | Investor Relations 5 Aquarion Water Transaction Update • Executed a non-binding letter of intent with Eversource Energy to purchase the Aquarion Water Company of Massachusetts • Transaction dependent on conclusion of a base rate case proceeding – Base rate case expected to be filed on or after November 16, 2026 – If approved, updated water distribution rates expected to take effect on October 1, 2027 Aquarion MA Update 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 • Acquisition of Aquarion Water Company of New Hampshire and Abenaki Water Company closed June 30, 2026 • Ownership transition was seamless with no disruption to operations or customers – Five-year Operating and Transition Service Agreement with the Aquarion Water Authority • Transaction expected to be earnings neutral in 2026 Aquarion NH Acquisition $49M Rate Base 10,700 Customers $36M Rate Base(1) 12,000 Customers(1) See page 27 for footnotes
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Unitil Corporation | Investor Relations 6 Earnings Summary(1) Three Months Ended September 30 Nine Months Ended September 30 2026 2025 2026 2025 Net Income ($ millions) ($1.5) ($0.3) $36.4 $31.2 Adjusted Net Income ($ millions) ($0.7) $0.4 $38.3 $33.5 Earnings Per Share ($0.08) ($0.02) $2.02 $1.89 Adjusted Earnings Per Share ($0.04) $0.03 $2.12 $2.03$2.12 2026 Adjusted Earnings Per Share (Nine months ended September 30, 2026) Third Quarter 2026 Financial Results Net Income and Earnings Per Share See page 27 for footnotes
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Unitil Corporation | Investor Relations 7 • Adjusted Gross Margin increase reflects higher rates and customer growth of $15.8 million and colder winter weather of $1.4 million – Maine Natural Gas contribution of $10.5 million – Northern Utilities New Hampshire temporary rate award of $5.5 million took effect June 1, 2026 • 52% of gas customers decoupled Electric Operations YTD Change % Change Adjusted Gross Margin(1) $96.0M $9.6M 11.1% kWh Sales (millions) 1,204.8 (7.1) (0.6%) Customers 111,300 430 0.4% Sales Volume and Adjusted Gross Margin Variances Year-to-Date variances in units, customers, and adjusted gross margin Gas Operations YTD Change % Change Adjusted Gross Margin(1) $151.9M $17.2M 12.8% Therm Sales (millions) 223.6 23.7 11.9% Customers 103,100 6,550 6.8% Water Operations YTD Change % Change Water Revenue $3.1M - - Gallon Sales (millions) 226.4 - - Customers 10,700 - - Water Operations • Aquarion Water of New Hampshire and Abenaki closed June 30, 2026 Electric Operations • Adjusted Gross Margin increase reflects higher rates of $10.3 million partially offset by a one-time reduction of FERC transmission revenue of $0.7 million – UES permanent rate award of $13.0 million took effect May 1, 2026 – FGE Grid Modernization Capital Tracker of $1.0 million took effect June 1, 2026 – FGE Performance Based Rate Adjustment of $1.1 million took effect July 1, 2026 • 100% of electric customers decoupled Gas Operations See page 27 for footnotes
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Unitil Corporation | Investor Relations 8 Third Quarter Earnings Reconciliation 2025 GAAP Net Income ($s in Millions) $31.2 Adjusted Gross Margin and Water Revenue(1) $29.9 Operation and Maintenance $(8.2) Depreciation and Amortization $(6.6) Taxes Other Than Income Taxes $(3.5) Interest Expense, Net $(4.9) Other Expense (Income), Net $0.9 Income Taxes $(2.4) 2026 GAAP Net Income $36.4 Transaction Costs(2) $1.9 2026 Adjusted Net Income(1) $38.3 Increased $29.9 million reflecting higher rates, colder winter weather, and customer growth. The increase included $10.5 million and $3.1 million related to Maine Natural Gas and the Aquarion Companies, respectively. Adjusted Gross Margin and Water Revenue Increased $8.2 million due to higher utility operating costs of $5.1 million and higher labor and other costs of $3.8 million, partially offset by lower acquisition costs of $0.7 million. The increase included $3.9 million and $1.2 million related to Maine Natural Gas and the Aquarion Companies, respectively. Operation and Maintenance Increased $6.6 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. The increase included $2.4 million and $0.4 million related to Maine Natural Gas and the Aquarion Companies, respectively. Depreciation and Amortization Increased $3.5 million reflecting higher local property taxes on higher utility plant in service and higher payroll taxes. The increase included $1.3 million and $0.2 million related to Maine Natural Gas and the Aquarion Companies, respectively. Taxes Other Than Income Taxes Increased $4.9 million reflecting higher levels of long-term debt and short-term borrowings, partially offset with lower interest expense on regulatory liabilities. Interest Expense, Net Decreased $0.9 million primarily reflecting lower retirement benefit costs. Other Expenses Increased $2.4 million reflecting higher pre-tax earnings. Income Taxes See page 27 for footnotes
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Unitil Corporation | Investor Relations 9 Rate Case Timeline 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 April 1, 2026 Rate Case Filed June 1, 2026 Temporary Rates November 19, 2026 Intervenor Testimony January 25, 2027 Rebuttal Testimony March 2 - 11, 2027 Final Hearings April 1, 2027 Permanent Rates 2026 2027 Northern Utilities NH Regulatory Proceeding
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Unitil Corporation | Investor Relations 10 Rate Case Timeline June 1, 2026 Rate Case Filed August 31, 2026 Intervenor Testimony October 27, 2026 Rebuttal Testimony February 24 - 25, 2027 Final Hearings June 1, 2027 Permanent Rates 2026 2027 Northern Utilities ME Regulatory Proceeding Proposed base rate increase of $10.4 million – Requested rate base of $360 million – Requested equity ratio of 52.14% and return on equity of 10.6% Filling includes forecast 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
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Unitil Corporation | Investor Relations 11 Capital Investment Plan of $1.2 Billion Rate Base by Jurisdiction Rate Base by Subsidiary Actual and Forecast Capital Investment $170 $185 $227 $237 $234 $257 $259 $- $50 $100 $150 $200 $250 $300 2024 2025 2026F 2027F 2028F 2029F 2030F $ in Millions Current Rate Base 5-Year Historical Rate Base Growth $1.39B 9.6% 6.5% - 8.5% Long-Term Rate Base Growth $0.5B vs 2021 $0.2B vs prior Year 22% 20% 41% 4% 4% 5% 3% UES FGE NU GSGT BNG MNG Aquarion 42% 34% 19% 5% NH PUC ME PUC MA DPU FERC
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Unitil Corporation | Investor Relations 12 Strong Financial Profile Reduced Short-Term Debt $245 $159 $85 $158 $158 $- $- $50 $100 $150 $200 $250 $300 Total Short-Term Debt Credit Facility Borrowings Term Loans $ in Millions 9/30/2026 10/31/2026 • 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 CFFO, Less Dividends, 58%Equity, 12% Debt, Net, 30% Long-Term Capital Investment Financing Sources Fully repaid term loans with combination of senior notes and equity proceeds • Dividend payout ratio target range of 55% - 65% • FFO/Debt target of 16%-18%; S&P Adjusted FFO/Debt of 17% as of June 30, 2026 • YTD ATM proceeds of $27.3M; $21.3M remaining capacity • Fully repaid acquisition term loans primarily with ATM proceeds and long-term debt proceeds Balance Sheet Management and Financing Plan Balance Sheet strength remains top priority 2026 Debt Financing Summary Company Amount Wtd. Rate Use of Proceeds FGE $40M 5.73% Repay short-term debt and general corporate purposes Corp. $60M 5.62% Refinance outstanding debt and general corporate purposes UES $60M 5.80% Repay short-term debt and general corporate purposes MNG $40M 5.95% Repay Scotia Term Loan and general corporate purposes Total $200M 5.76%
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Unitil Corporation | Investor Relations 13 5% - 7% Annual EPS Growth Long-Term Guidance $1.2 Billion 5-Year Utility Capex Plan 55% - 65% Dividend Payout Ratio Target Range 6.5% - 8.5% Rate Base Growth Long-Term Guidance 8% - 10% Annual Total Return(1) Price Appreciation Plus Dividend 16% - 18% Long-Term FFO/Debt Target Shareholder Value Creation Competitive, low-risk value proposition See page 27 for footnotes
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Unitil Corporation | Investor Relations 14 Appendix 15 About Unitil 16 19 20 21 22 23 - 25 2026 Earnings Guidance Key Regulatory Recovery Mechanisms Rate Relief Summary Investment Grade Credit Metrics Dividend History GAAP Reconciliation of Non-GAAP Measures 26 Endnotes 17 Return on Average Common Equity 18 Rate Base by Division and Jurisdiction
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Unitil Corporation | Investor Relations 15 Unitil Corporation | Investor Relations 111,300 Electric Customers 103,100 Natural Gas Customers 10,700 Water Customers PAGE 15 About Unitil We provide energy for life, safely and reliably delivering natural gas, electricity and water in New England. 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
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Unitil Corporation | Investor Relations 16 Reaffirming long-term earnings guidance of 5% to 7% $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 $3.09 57% 9% -3% 37% -10% 0% 10% 20% 30% 40% 50% 60% 70% Q1 Q2 Q3 Q4 Expected Quarterly Earnings Distribution in 2026 2026 Earnings Guidance
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Unitil Corporation | Investor Relations 17 Return on Average Common Equity Company ($s in Millions) Rate Base(1) Average Common Equity LTM ROACE(2) Unitil Energy Systems $310 $156 8.7% Fitchburg Electric $123 $136 9.3% Fitchburg Gas $151 Northern Utilities - New Hampshire $226 $288 8.6% Northern Utilities - Maine $349 Bangor Natural Gas $58 $42 4.5% Maine Natural Gas $65 - - Granite State Gas Transmission $61 $31 8.4% Aquarion Water of NH & Abenaki $49 - - Unitil Corporation(3) $1,392 $619 9.0% GAAP Return on Equity over the last twelve months See page 27 for footnotes
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Unitil Corporation | Investor Relations 18 Rate Base by Division and Jurisdiction Company ($s in Millions) Rate Base Fitchburg Gas and Electric (Gas) $151 Northern Utilities (New Hampshire) $226 Northern Utilities (Maine) $349 Bangor Natural Gas $58 Maine Natural Gas $65 Granite State Gas Transmission $61 Gas Total $910 Unitil Energy Systems $310 Fitchburg Gas and Electric (Electric) $123 Electric Total $433 Aquarion Water of NH & Abenaki $49 Water Total $49 Unitil Corporation $1,392 Company ($s in Millions) Rate Base Unitil Energy Systems $310 Northern Utilities (New Hampshire) $226 Aquarion Water of NH & Abenaki $49 New Hampshire PUC $585 Northern Utilities (Maine) $349 Bangor Natural Gas $58 Maine Natural Gas $65 Maine PUC $472 Fitchburg Gas and Electric $266 Massachusetts DPU $266 Fitchburg Gas and Electric (Transmission) $8 Granite State Gas Transmission $61 FERC $69 Unitil Corporation $1,392 As of September 30, 2026
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Unitil Corporation | Investor Relations 19 Regulation Overview • Fitchburg Gas and Electric (distribution assets) Massachusetts New Hampshire Maine Regulated by the Massachusetts Department of Public Utilities • Unitil Energy Systems • Northern Utilities (NH) • Abenaki Water • Aquarion Water Company of NH Regulated by the New Hampshire Public Utilities Commission • Northern Utilities (ME) • Bangor Natural Gas • Maine Natural Gas Regulated by the Maine Public Utilities Commission • Granite State Gas Transmission • Fitchburg Gas and Electric (transmission assets) Regulated by the Federal Energy Regulatory Commission ("FERC")
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Unitil Corporation | Investor Relations 20 Key Regulatory Recovery Mechanisms 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 Timely Rate Recovery
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Unitil Corporation | Investor Relations 21 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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Unitil Corporation | Investor Relations 22 Investment Grade Credit Rating Stable ratings from both S&P and Moody’s 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 See page 27 for footnotes
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Unitil Corporation | Investor Relations 23 Continuous Dividend Payout Since Incorporation Steadily increasing dividend per share since 2015 $1.90 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 $1.80 $2.00
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Unitil Corporation | Investor Relations 24 GAAP Reconciliation of Adjusted Gross Margin Three months ended September 30, 2026 Three Months Ended September 30, 2026 ($s in millions) Electric Gas Total Operating Revenue $68.6 $40.9 Less: Cost of Sales (33.8) (11.7) Less: Depreciation (8.7) (15.7) GAAP Gross Margin 26.1 13.5 Depreciation and Amortization 8.7 15.7 Adjusted Gross Margin $34.8 $29.2 Three Months Ended September 30, 2025 ($s in millions) Electric Gas Total Operating Revenue $64.3 $36.8 Less: Cost of Sales (31.2) (10.2) Less: Depreciation (8.0) (14.2) GAAP Gross Margin 25.1 12.4 Depreciation and Amortization 8.0 14.2 Adjusted Gross Margin $33.1 $26.6
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Unitil Corporation | Investor Relations 25 GAAP Reconciliation of Adjusted Gross Margin Nine months ended September 30, 2026 Nine Months Ended September 30, 2026 ($s in millions) Electric Gas Total Operating Revenue $195.8 $247.6 Less: Cost of Sales (99.8) (95.7) Less: Depreciation (25.6) (46.3) GAAP Gross Margin 70.4 105.6 Depreciation and Amortization 25.6 46.3 Adjusted Gross Margin $96.0 $151.9 Nine Months Ended September 30, 2025 ($s in millions) Electric Gas Total Operating Revenue $175.5 $199.0 Less: Cost of Sales (89.1) (64.3) Less: Depreciation (23.7) (42.0) GAAP Gross Margin 62.7 92.7 Depreciation and Amortization 23.7 42.0 Adjusted Gross Margin $86.4 $134.7
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Unitil Corporation | Investor Relations 26 GAAP Reconciliation of Adjusted Earnings Three and Nine months ended September 30, 2026 ($s in Millions, except per share data) Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Amount Per Share Amount Per Share GAAP Net Income (Loss) ($1.5) ($0.08) ($0.3) ($0.02) Transaction Costs 0.8 0.04 0.7 0.05 Adjusted Net Income (Loss) ($0.7) ($0.04) $0.4 $0.03 ($s in Millions, except per share data) Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 Amount Per Share Amount Per Share GAAP Net Income $36.4 $2.02 $31.2 $1.89 Transaction Costs 1.9 0.10 2.3 0.14 Adjusted Net Income $38.3 $2.12 $33.5 $2.03
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Unitil Corporation | Investor Relations 27 Presentation Endnotes Slide Footnote Description 3 1 Adjusted Net Income and Adjusted EPS are non-GAAP financial measures, reconciliations from non-GAAP financial measures to GAAP financial measures are provided on page 26 5 1 Estimated rate base and customer counts as of December 31, 2025 6 1 Adjusted Net Income and Adjusted EPS are non-GAAP financial measures, reconciliations from non-GAAP financial measures to GAAP financial measures are provided on page 26 7 1 Adjusted Gross Margin is a non-GAAP financial measure, reconciliations from non-GAAP financial measures to GAAP financial measures are provided on pages 24-25 8 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 on pages 24-26 8 2 Adjustment for after-tax Transaction Costs associated with acquisitions 13 1 Total shareholder return assumes dividend yield of 3.0%, earnings growth of 5% - 7%, and constant Price-to-Earnings ratio 17 1 Rate base as of September 30, 2026 17 2 ROACE calculated by dividing last twelve months GAAP Net Income by Average Common Equity 17 3 Unitil Corporation Average Common Equity will not equal sum of subsidiaries 22 1 Moody’s A2 Secured Rating on First Mortgage Bond