Unitil (UTL) Q4 2025 earnings summary

Executive summary

• Adjusted net income for 2025 was $53.3 million ($3.16 EPS), up 6.4% year-over-year, reaching the upper half of long-term guidance range.

• Expanded gas operations in Maine through acquisitions of Bangor Natural Gas and Maine Natural Gas, now serving about 90% of Maine's natural gas customers.

• Achieved strong operational performance in electric reliability, gas safety, and customer satisfaction.

• Electric rate case in New Hampshire is progressing, with constructive settlement discussions and a temporary rate increase effective July 2025.

• Growth driven by higher rates and continued customer expansion.

Financial highlights

• Adjusted net income increased by $5.5 million and adjusted EPS by $0.19 compared to 2024.

• Electric adjusted gross margin rose to $114.6 million, up $7.3 million year-over-year.

• Gas adjusted gross margin reached $199.1 million, up $32.2 million, with $16.6 million from Maine acquisitions.

• Operation and maintenance expenses increased $14.9 million, with $4.2 million from acquired companies.

• Interest expense increased $7.4 million due to higher debt levels from acquisitions.

Outlook and guidance

• 2026 earnings guidance set at $3.20-$3.36 per share, midpoint $3.28, representing 6.1% growth over 2025 guidance midpoint.

• Reaffirmed long-term EPS and dividend growth target of 5%–7% annually.

• Announced annualized dividend for 2026 of $1.90 per share, up 5.6% from 2025.

• Five-year capital plan of $1.2 billion supports long-term rate base growth of 6.5%–8.5%.