Here are 1-3 brief analogies for Unitil (UTL):

• Like a regional version of Duke Energy or Consolidated Edison, providing electricity and natural gas in New England.
• Like your local water company, but for delivering electricity and natural gas.

• Electric Distribution: Unitil provides electric utility services, distributing electricity to residential, commercial, and industrial customers across its service territories.
• Natural Gas Distribution: Unitil offers natural gas utility services, delivering natural gas to residential, commercial, and industrial customers within its service areas.

Unitil (UTL) is a public utility company that primarily sells electricity and natural gas to individuals and businesses within its regulated service territories in Maine, New Hampshire, and Massachusetts. As a utility, it does not have "major customers" in the traditional sense of a few large corporate entities accounting for a significant portion of its revenue. Instead, its customer base is diversified across thousands of accounts.

The company sells primarily to individuals and businesses, and its customer base is typically divided into the following three categories:

• Residential Customers: This category includes individual households, homeowners, and tenants who use electricity and natural gas for their domestic needs, such as heating, cooling, lighting, and powering household appliances.
• Commercial Customers: This segment comprises a wide range of businesses and organizations, including retail stores, offices, restaurants, small and medium-sized enterprises, government buildings, and other non-industrial establishments that consume energy for their operational needs.
• Industrial Customers: These are typically larger businesses or manufacturing facilities that require substantial amounts of electricity and natural gas to power their machinery, production processes, and large-scale operations.

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Thomas P. Meissner, Jr. Chairman of the Board & Chief Executive Officer

Thomas P. Meissner, Jr. was appointed CEO in April 2018. He joined Unitil in 1994, serving as Senior Vice President and Chief Operating Officer from 2005 to 2018, and Director of Engineering from 1998 to 2003. Before Unitil, he held roles including Electrical Superintendent and various engineering and operations positions at Public Service of New Hampshire from 1985 to 1994. He holds degrees in Electrical and Mechanical Engineering from Northeastern University and an MBA from the University of New Hampshire. He is also a registered professional engineer in New Hampshire and a Director of the Northeast Gas Association.

Daniel J. Hurstak Senior Vice President, Chief Financial Officer & Treasurer

Daniel J. Hurstak assumed the role of Senior Vice President, Chief Financial Officer & Treasurer effective May 1, 2023. He joined Unitil in 2020, initially serving as the Company's Chief Accounting Officer and Controller. Prior to Unitil, Mr. Hurstak was Vice President, Corporate Accounting at Fidelity Investments from June 2016 to February 2020. He also worked as a senior manager at PricewaterhouseCoopers LLP from 2009 to 2016, where he began his career in 2001. He is a Certified Public Accountant in Massachusetts.

Robert B. Hevert President & Chief Administrative Officer

Robert B. Hevert was appointed to the newly created position of President & Chief Administrative Officer effective May 1, 2023. He joined Unitil in 2020 as Senior Vice President, Chief Financial Officer and Treasurer, a position he held until May 2023. With over 30 years of experience in the energy industry, Mr. Hevert previously served as Partner and Practice Area Leader at ScottMadden, Inc. from 2016. He founded and was Managing Partner of Sussex Economic Advisors, LLC from 2012 until its acquisition by ScottMadden in June 2016. Additionally, he was President of Concentric Energy Advisors, Inc. from 2002 to 2012. His background also includes senior positions at Navigant Consulting, Inc. and Vice President and Assistant Treasurer at Bay State Gas Company. He is a CFA® Charterholder.

Todd R. Diggins Chief Accounting Officer and Controller

Todd R. Diggins assumed the role of Chief Accounting Officer and Controller effective May 1, 2023. He previously served as the Director of Finance since July 2018 and Treasurer of Unitil's subsidiary companies since April 2020. Mr. Diggins joined Unitil in May 1998 and has held various accounting roles within the company, including corporate accounting manager and senior accountant.

Kat Bourque Senior Vice President, External Affairs & Chief Customer Officer

Kat Bourque serves as the Senior Vice President, External Affairs & Chief Customer Officer. Prior to her current role, she was Unitil's Vice President of External Affairs & Corporate Relations and Director of Government Affairs. She is a member of the NH Bar and possesses extensive experience in energy policy, legislative processes, and public affairs.

Proliferation of Distributed Energy Resources (DERs)

The increasing adoption of rooftop solar, community solar, battery storage, and other localized generation and storage solutions directly threatens Unitil's traditional revenue model. As customers generate more of their own power, demand for grid-supplied electricity from Unitil decreases, impacting sales volumes and the efficient utilization of existing infrastructure. This trend is driven by declining technology costs and strong state-level incentives and policies in Unitil's service territories (New Hampshire, Massachusetts, and Maine) that encourage DER deployment, thereby reducing reliance on the central utility grid.

Decarbonization Policies and the Future of Natural Gas

Growing regulatory pressure, state mandates, and environmental initiatives aimed at reducing carbon emissions pose a significant emerging threat to Unitil's natural gas distribution business. Policies in Unitil's operating states are increasingly focused on transitioning away from fossil fuels for heating and power, promoting electrification (e.g., heat pumps), and potentially restricting new natural gas infrastructure or even mandating phase-outs. This trend directly challenges the long-term growth and viability of a core segment of Unitil's operations.

Unitil Corporation (UTL) primarily operates in the regulated utility sector, distributing electricity and natural gas. Its services are concentrated in specific regions of New Hampshire, Massachusetts, and Maine.

As of recent reports (late 2024 to late 2025 due to acquisitions), Unitil serves approximately 109,400 electric customers and 103,900 natural gas customers across these three states.

Addressable Markets:

• Natural Gas Distribution:
  • New Hampshire: There are approximately 130,000 natural gas customers in New Hampshire. Unitil, through its subsidiary Northern Utilities, serves about 35,000 gas customers in 25 communities in the seacoast area of the state.
  • Maine: With the acquisition of Maine Natural Gas Company (finalized October 31, 2025), Unitil now serves approximately 41,000 natural gas customers across Maine, with Maine Natural Gas serving about 6,300 residential and commercial natural gas customers in nine Greater Portland communities and Augusta.
  • Massachusetts: Unitil provides natural gas service to specific regions in Massachusetts, including towns like Ashby, Fitchburg, Gardner, Lunenburg, Townsend, West Townsend, and Westminster.
• Electricity Distribution:
  • New Hampshire: Unitil provides electric service in the southeastern seacoast and state capital regions of New Hampshire.
  • Massachusetts: Unitil distributes electricity in the greater Fitchburg area of north central Massachusetts, including Ashby, Fitchburg, Leominster, Lunenburg, Shirley, Townsend, and West Townsend.
  • Maine: While Unitil distributes natural gas in Maine, its primary electric distribution services are in New Hampshire and Massachusetts.

Due to the nature of regulated utility markets, where companies operate in defined service territories, a precise "addressable market size" in a consolidated dollar value for the entire states of New Hampshire, Massachusetts, and Maine for electricity and natural gas distribution for all providers is not readily available as a single metric. The market is defined by the number of customers and the revenue generated within each utility's approved service territory. Unitil's revenues from electricity activities were approximately $307.1 million in 2023. In 2013, gas operations generated $170.4 million and electricity operations generated $190.7 million.

Expected Drivers of Future Revenue Growth for Unitil (UTL)

Share Issuance

• In August 2025, Unitil announced a registered offering of $65 million of common stock, with an option for underwriters to purchase an additional $9.75 million in shares.
• The proceeds from the 2025 stock offering are intended for equity capital contributions to regulated utility subsidiaries, repayment of outstanding debt, and general corporate purposes.

Outbound Investments

• Unitil completed the acquisition of Bangor Natural Gas Company on January 31, 2025, for $70.9 million, plus $0.3 million for working capital.
• The company expects to close acquisitions of Maine Natural Gas (MNG) and Aquarion Water Companies (MA & NH) by the end of 2025.
• The acquisition of Aquarion Water Companies is valued at $100 million, including $30 million in assumed debt, and marks Unitil's first entry into water distribution.

Capital Expenditures

• Capital expenditures for 2024 amounted to $169.9 million, primarily for utility system additions.
• Unitil plans to invest approximately $176 million in capital projects in 2025.
• The company has a projected 5-year investment plan through 2029 totaling approximately $980 million, focusing on electric system modernization, infrastructure replacement, customer growth, and the clean energy transition, which is expected to grow the rate base by 6.5% to 8.5%.