Unitil (UTL) Q3 2025 earnings summary

Executive summary

• Adjusted net income for Q3 2025 was $0.4 million ($0.03 per share), flat or up $0.01 per share year-over-year; nine-month adjusted net income was $33.5 million ($2.03 per share), up $1.4 million year-over-year.

• Net income for Q3 2025 was ($0.3) million ($0.02 per share loss); nine-month net income was $31.2 million ($1.89 per share), both down $0.3 million year-over-year.

• Completed integration of Bangor Natural Gas and acquisition of Maine Natural Gas, expanding customer base and service territory.

• Reaffirmed 2025 earnings guidance and long-term EPS growth of 5–7% annually.

• Aquarion Water transaction progressing through regulatory approvals.

Financial highlights

• Electric adjusted gross margin for the first nine months was $86.4 million, up $4.7 million (5.8%) year-over-year; gas adjusted gross margin was $134.7 million, up $19.1 million (16.5%).

• Operation and maintenance expenses rose $8.7 million, including $2.6 million from Bangor Natural Gas and $2.3 million in transaction costs.

• Depreciation and amortization increased $10.5 million due to higher rates, plant additions, and storm cost amortization.

• Interest expense increased $5.2 million, mainly from higher long-term debt.

• Adjusted gross margin increased $23.8 million year-over-year, with $7.4 million contributed by Bangor Natural Gas.

Outlook and guidance

• 2025 adjusted earnings guidance reaffirmed at $3.01–$3.17 per share, midpoint $3.09.

• Long-term EPS growth expected in the upper half of the 5%–7% range; rate base growth projected at 6.5–8.5% annually.

• Acquisitions expected to accelerate rate-based growth to about 10% annually through 2029.

• Dividend growth to align with EPS growth; quarterly dividends of $0.45 per share declared throughout 2025.

• Management remains focused on strategic execution and customer service as the company grows through acquisitions.