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- **10% Rate Base Growth Target**: 2025-2029 rate base expansion to $1.4B, up 19% from prior plan, driven by Maine Natural Gas, Bangor, and Aquarion acquisitions.
- **Solar Project Success**: Kingston, NH solar facility operational and producing as modeled, seeking rate recovery in 2026 New Hampshire case.
- **Sustainability Milestones**: 50% GHG reduction by 2030 and net-zero by 2050, with fleet telematics reducing fuel consumption.
- **Balance Sheet Strength**: $72M equity offering lowers FFO to debt ratio to 17%, above utility sector average.
- **Earnings Guidance**: 2025 EPS of $3.01-$3.17, with upper half of 5-7% long-term growth achievable through rate case wins.

**【CEO Opening Remarks】**
- Reported adjusted net income of $0.4 million and EPS of $0.03 for Q3 2025, up $0.01 YoY. Year-to-date EPS of $2.03 reflects a $0.03 increase vs. 2024.
- Highlighted successful integration of Bangor Natural Gas and completion of Maine Natural Gas acquisition. Aquarion Water transaction nearing regulatory approvals.
- Completed $72M equity offering to strengthen balance sheet; FFO to debt ratio at 17%.
- Reaffirmed 2025 earnings guidance of $3.01-$3.17 EPS and 5-7% long-term growth target.

**【CFO Financial Commentary】**
- Electric adjusted gross margin up 5.8% YoY to $86.4M, driven by rate increases and customer growth (560 new electric customers).
- Gas adjusted gross margin rose 16.5% to $134.7M, including 8,800 new customers from Bangor acquisition. Excluding Bangor, gas margin grew 10.1%.
- O&M expenses increased $8.7M due to acquisition costs and higher labor. Depreciation rose $10.5M from rate case adjustments.
- New Hampshire rate case proposes $18.5M permanent increase, with temporary rates effective July 2025. Settlement discussions scheduled for early 2026.

**【Q&A Highlights】**
- Rate base growth: 2025 forecast of $1.4B includes all 3 acquisitions, vs. Q3 2025 rate base of $1.15B. Difference reflects timing of asset placements and regulatory approvals.
- Capital spending: $33M net CapEx vs. $1M rate base increase due to construction work in progress timing.
- M&A impact: 2025-2029 rate base growth of 10% annually driven by acquisitions, with earnings accretion upon new rate approvals.

Unitil Corporation (UTL) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

UTL

UTL fundamentals

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