UNITIL CORP
For the period ended Jun 30, 2026. Filed Aug 3, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 3, 2026
UTL$56.38-0.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-04.
0000755001-26-000010
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsConsolidated Statements of Earnings—Three months Ended March 31, 2026 and 2025Consolidated Balance Sheets—March 31, 2026, March 31, 2025 and December 31, 2025Consolidated Statements of Cash Flows—Three Months Ended March 31, 2026 and 2025Consolidated Statements of Changes in Common Stock Equity – Three Months Ended March 31, 2026 and 2025Notes to Consolidated Financial StatementsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-03.
0000755001-26-000029
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsConsolidated Statements of Earnings—Three and Six Months Ended June 30, 2026 and 2025Consolidated Balance Sheets—June 30, 2026, June 30, 2025 and December 31, 2025Consolidated Statements of Cash Flows—Six Months Ended June 30, 2026 and 2025Consolidated Statements of Changes in Common Stock Equity – Three and Six Months Ended June 30, 2026 and 2025Notes to Consolidated Financial StatementsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 310 previous paragraphs and 323 current paragraphs.
167 unchanged; 127 reworded; 23 added; 7 removed; 9 previous and 6 current paragraphs rearranged.
Tables are not compared: 42 previous and 52 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (23)
Current report
vi)
Current report
Aquarion Water Company of New Hampshire, Inc. (AWC-NH), which provides water service in southeastern New Hampshire; and
Current report
vii)
Current report
Abenaki Water Co., Inc. (Abenaki), which provides water service in central and northern New Hampshire.
Current report
AWC-NH and Abenaki are collectively referred to as the "water distribution utilities". Together, the water distribution utilities serve approximately 10,700 water customers.
Current report
Electric Adjusted Gross Margin (a non-GAAP financial measure) was $31.6 million and $61.2 million in the three and six months ended June 30, 2026, respectively, increases of $5.8 million and $7.9 million, respectively, compared to the same periods in 2025. The increase in the three-month period reflects higher rates and customer growth of $5.8 million. The increase in the six-month period reflects higher rates of $8.6 million, partially offset by a one-time reduction of FERC transmission revenue of $0.7 million (see Note 7 Regulatory Matters: FERC Transmission Formula Rate Proceedings).
Current report
Electric Adjusted Gross Margin (a non-GAAP financial measure) was $31.6 million and $61.2 million for the three and six months ended June 30, 2026, respectively, increases of $5.8 million and $7.9 million, respectively, compared to the same periods in 2025. The increase in the three-month period reflects higher rates and customer growth of $5.8 million. The increase in the six-month period reflects higher rates of $8.6 million, partially offset by a one-time reduction of FERC transmission revenue of $0.7 million (see Note 7 Regulatory Matters: FERC Transmission Formula Rate Proceedings).
Current report
Total Gas Operating Revenue increased $3.7 million, or 7.2%, and increased $44.5 million, or 27.4%, in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increase in the three-month period includes $4.2 million of gas operating revenue for Maine Natural, higher rates and customer growth, partially offset by lower costs of gas sales for legacy gas operations, which are tracked and reconciled costs that are passed through directly to customers. The increase in the six-month period includes $22.5 million of gas operating revenue for Maine Natural, higher rates and customer growth, the favorable impact of colder winter weather in 2026 and higher costs of gas sales, which are tracked and reconciled costs that are passed through directly to customers.
Current report
The Company also guarantees the payment of principal, interest and other amounts payable on the notes issued by Abenaki. As of June 30, 2026, the total principal amount outstanding for the Abenaki notes was $2.7 million.
Current report
There were no water distribution revenues recognized for the three and six months ended June 30, 2026 and 2025 as the acquisitions of the AWC-NH and Abenaki closed on June 30, 2026. Please see Note 1 (Summary of Significant Accounting Policies: Acquisition of the Aquarion Water Companies) for additional details.
Current report
The Company applied the acquisition method of accounting in accordance with ASC 805, Business Combinations (“ASC 805”) and recognized assets acquired and liabilities assumed at their fair value as of the date of acquisition, with the excess purchase consideration recorded to goodwill. As the Company finalizes the estimation of the fair value of the assets acquired and liabilities assumed, additional adjustments may be recorded during the measurement period (a period not to exceed 12 months from the acquisition date).
Current report
During the six months ended June 30, 2026, the Company recorded a $1.3 million net increase in goodwill resulting primarily from adjustments to regulatory liabilities during the measurement period.
Current report
On June 30, 2026, Unitil entered into an Amendment No. 4 to Purchase and Sale Agreement (Amendment No. 4) by and between the Company, AWA and South Central Connecticut Regional Water Authority. Amendment No. 4, among other things, further amended the Purchase Agreement by limiting the entities that the Company would purchase from AWA under the Purchase Agreement to AWC-NH and Abenaki. Except as specifically modified and amended by Amendment No. 4, the Purchase Agreement remained unchanged.
Current report
On June 30, 2026, the Company acquired all issued and outstanding shares of AWC-NH and Abenaki for $42.6 million. Through this acquisition, the Company expanded into a complementary regulated utility service to provide water service to approximately 10,700 customers in eight communities in New Hampshire.
Current report
The Company applied the acquisition method of accounting in accordance with ASC 805, Business Combinations (“ASC 805”) and recognized assets acquired and liabilities assumed at their fair value as of the date of acquisition, with the excess purchase consideration recorded to goodwill. As the Company finalizes the estimation of the fair value of the assets acquired and liabilities assumed, additional adjustments may be recorded during the measurement period (a period not to exceed 12 months from the acquisition date).
Current report
In connection with this acquisition, the Company recorded $62.0 million of net utility plant, $0.4 million working capital, $1.2 million goodwill, $1.8 million noncurrent assets, $13.5 million long-term debt, and $9.3 million noncurrent liabilities. Goodwill represents the amount by which the purchase price exceeds the estimated fair value of the net assets acquired.
Current report
In connection with Unitil’s acquisition of AWC-NH and Abenaki, the Company entered into an Operating and Transition Services Agreement (OTSA) dated June 30, 2026 between AWC-NH and Abenaki, and AWA. Pursuant to the OTSA, AWA and certain of its affiliates will provide AWC-NH and Abenaki with certain services, for up to 60 months, in order to continue the operation and maintenance of AWC-NH and Abenaki substantially consistent with past practices until AWA and Unitil have accomplished the transition of functions that were performed by AWA (or its affiliates) prior to the closing of Unitil’s acquisition of AWC-NH and Abenaki. Unitil will pay AWA a monthly payment to reimburse AWA (or its affiliates) for the actual cost of services plus a margin of 5%, subject to limitation.
Current report
The Company also guarantees the payment of principal, interest and other amounts payable on the notes issued by Abenaki. As of June 30, 2026, the total principal amount outstanding for the Abenaki notes was $2.7 million.
Current report
On February 27, 2026, Unitil Energy filed a petition for its step adjustment effective September 1, 2026 requesting a revenue requirement increase of $3.2 million. This matter remains pending.
Current report
2026, the MDPU issued a Phase I Order approving the EDCs’ model SMART 3.0 Tariff and directed the EDCs to file company-specific tariffs. On July 8, 2026, the MDPU approved Fitchburg’s tariff.
Current report
Maine Natural – Cost Recovery Associated with IRS Normalization -On June 4, 2026, Maine Natural requested recovery of the deferred costs agreed to in the May 19, 2025 Stipulation in Docket No. 2025-00060. The Stipulation permitted Maine Natural to defer and recover over a three-year period the cost of the tax benefit that the customers received but did not fund totaling $2.8 million, including carrying costs. Maine Natural has proposed that the annual recovery of $0.9 million become effective September 1, 2026. This matter remains pending.
Current report
On June 30, 2026, Unitil closed on the acquisition of AWC-NH and Abenaki, which are now wholly owned subsidiaries of Unitil.
Current report
The DOER and the EDCs are currently assessing transmission and renewable generation bids received through the Northern Maine Renewable Energy Development RFP issued on December 19, 2025. DOER and the EDCs are also evaluating bids received in the Connecticut 2026 Zero Carbon RFP for nuclear, hydropower, solar, onshore wind, and paired/co-located storage that was issued on January 30, 2026. Project selection for both procurements is expected to occur during Q3 2026. The EDCs would then initiate contract negotiations with the selected developers.
Removed paragraphs (7)
Previous report
RATES AND REGULATION
Previous report
Electric Adjusted Gross Margin (a non-GAAP financial measure) was $29.6 million in the first quarter of 2026, an increase of $2.1 million compared to the same period in 2025. The increase reflects higher rates of $2.8 million partially offset by a one-time reduction of FERC transmission revenue of $0.7 million (see Note 7 Regulatory Matters: FERC Transmission Formula Rate Proceedings).
Previous report
Electric Adjusted Gross Margin (a non-GAAP financial measure) was $29.6 million for the three months ended March 31, 2026, an increase of $2.1 million, compared with the same period in 2025. The increase reflects higher rates of $2.8 million partially offset by a one-time reduction of FERC transmission revenue of $0.7 million (see Note 7 Regulatory Matters: FERC Transmission Formula Rate Proceedings).
Previous report
Northern Utilities - Base Rates - Maine- On April 1, 2026, Northern Utilities’ Maine Division filed a Notice of Intent to File a General Rate Case with the MPUC. The Company plans to file its case on or about June 1, 2026. The filing is expected to request an increase in annual base revenues of approximately $7.5 million, or about 6.5% of the Company’s 2025 total operating revenues, including its cost of gas supply. The Company expects to request an overall rate of return on rate base of approximately 7.9%, including an approximate return on equity component of 10.6%.
Previous report
On December 29, 2023, the LDCs filed a Joint Motion for Clarification. The Joint Motion requested clarification of three issues: (1) the MDPU’s directive concerning the NPAs analysis; (2) the timetable for establishing ‘incentives and disincentives’ for progress toward compliance with Climate Act mandates as part of a PBR framework and achievement of approved Climate Compliance Plans; and (3) the methodology for emissions reduction accounting for Climate Compliance Plans, with particular attention to Scope 1 and
Previous report
Scope 3 emissions accounting. On April 2, 2024, the MDPU issued an Order on the LDCs’ Joint Motion. In its Order, the MDPU clarified, among other things, that NPA analyses should be applied at the project level to all investment decisions going forward, and should be considered at project planning stage; that pending an approved NPA framework, LDCs should make all reasonable efforts to incorporate NPA analyses into investment decisions; and that LDCs will have the burden to demonstrate the prudence of implementing a traditional project instead of a NPA. The MDPU did not expressly exempt any category of project from the NPA analysis requirement.
Previous report
On December 13, 2022, RENEW Northeast, Inc. (RENEW), a non-profit entity that advocates for the business interests of renewable power generators in New England filed a complaint with FERC against ISO-NE and the PTOs requesting a determination that certain open-access transmission tariff schedules are unjust and unreasonable to the extent they permit PTOs to directly assign to interconnection customers O&M costs associated with network upgrades. Fitchburg and Unitil Energy are PTOs, although Unitil Energy does not own transmission plant. The PTOs answered the complaint on January 23, 2023. FERC issued an Order December 19, 2024 and a compliance filing was made on February 18, 2025 revising the ISO-NE OATT accordingly. While most of the intervening parties supported the compliance filing a new issue was raised by one participant. RENEW and the NETO’s have resolved their issues and filed briefs in support of the compliance filing. This matter remains pending in Docket No. EL23-16. The Company does not believe these proceedings will have a material effect on its financial condition or results of operations.
Reworded paragraphs (127)
Previous wording
Unitil’s principal business is the local distribution of electricity and gas throughout its service territory in the states of New Hampshire, Massachusetts and Maine. Unitil is the parent company of five wholly owned distribution utilities:
Current wording
Unitil’s principal business is the local distribution of electricity, natural gas and water throughout its service territory in the states of New Hampshire, Massachusetts and Maine. Unitil is the parent company of five wholly owned energy distribution utilities and two wholly owned water distribution utilities:
Previous wording
Bangor Natural Gas Company (Bangor), which provides gas service in the Bangor area of central Maine; and
Current wording
Bangor Natural Gas Company (Bangor), which provides gas service in the Bangor area of central Maine;
Previous wording
Unitil Energy, Fitchburg, Northern Utilities, Bangor and Maine Natural are collectively referred to as the “distribution utilities.” Together, the distribution utilities serve approximately 110,100 electric customers and 105,000 gas customers.
Current wording
Unitil Energy, Fitchburg, Northern Utilities, Bangor and Maine Natural are collectively referred to as the “energy distribution utilities.” Together, the energy distribution utilities serve approximately 110,100 electric customers and 105,000 gas customers.
Previous wording
At March 31, 2026, Unitil had an investment in Net Utility Plant of $1.8 billion. Earnings from Unitil’s utility operations are derived primarily from the return on investment in the utility assets of the five distribution utilities and Granite State. Unitil’s total operating revenue includes revenue to recover the approved cost of purchased electricity and gas in rates on a fully reconciling basis. As a result of this reconciling rate structure, the Company’s earnings are not directly affected by changes in the cost of purchased electricity and gas.
Current wording
At June 30, 2026, Unitil had an investment in Net Utility Plant of $1.9 billion. Earnings from Unitil’s utility operations are derived primarily from the return on investment in the utility assets of the five energy distribution utilities, the two water distribution utilities and Granite State.
Previous wording
Unitil is subject to comprehensive regulation by federal and state regulatory authorities. Unitil and its subsidiaries are subject to regulation as a holding company system by the FERC under the Energy Policy Act of 2005 regarding certain bookkeeping, accounting and reporting requirements. Unitil’s utility operations related to wholesale and interstate energy business activities also are regulated by the FERC. Unitil’s distribution utilities are subject to regulation by the applicable state public utility commissions with regard to their rates, issuance of securities and other accounting and operational matters: Unitil Energy is subject to regulation by the New Hampshire Public Utilities Commission (NHPUC); Fitchburg is subject to regulation by the Massachusetts Department of Public Utilities (MDPU); Northern Utilities is regulated by the NHPUC and the Maine Public Utilities Commission (MPUC); Bangor is subject to regulation by the MPUC; and Maine Natural is subject to regulation by the MPUC. Granite State, Unitil’s interstate gas transmission pipeline, is subject to regulation by FERC regarding its rates and operations. Because Unitil’s primary operations are subject to rate regulation, the regulatory treatment of various matters could significantly affect the Company’s operations and financial position.
Current wording
Unitil is subject to comprehensive regulation by federal and state regulatory authorities. Unitil and its energy distribution subsidiaries are subject to regulation as a holding company system by the FERC under the Energy Policy Act of 2005 regarding certain bookkeeping, accounting and reporting requirements. Unitil’s utility operations related to wholesale and interstate energy business activities also are regulated by the FERC. Unitil’s energy distribution utilities are subject to regulation by the applicable state public utility commissions with regard to their rates, issuance of securities and other accounting and operational matters: Unitil Energy is subject to regulation by the New Hampshire Public Utilities Commission (NHPUC); Fitchburg is subject to regulation by the Massachusetts Department of Public Utilities (MDPU); Northern Utilities is regulated by the NHPUC and the Maine Public Utilities Commission (MPUC); Bangor is subject to regulation by the MPUC; and Maine Natural is subject to regulation by the MPUC. Unitil's water distribution utilities are subject to regulation by the NHPUC with regard to their rates, issuance of securities and other accounting and operational matters. Granite State, Unitil’s interstate gas transmission pipeline, is subject to regulation by FERC regarding its rates and operations. Because Unitil’s primary operations are subject to rate regulation, the regulatory treatment of various matters could significantly affect the Company’s operations and financial position.
Previous wording
Unitil Energy, Fitchburg, Northern Utilities and Maine Natural's non-Augusta service area deliver electricity and/or natural gas to all customers in their service territory, at rates established under cost of service regulation. Under this regulatory structure, Unitil’s distribution utilities are provided the opportunity to recover the cost of providing distribution service to their customers based on a test year, and to earn a reasonable return on their capital investment in utility assets. In addition, the Company’s distribution utilities and its natural gas transmission pipeline company may recover certain base rate costs, including capital project spending and enhanced reliability and vegetation management programs, through annual step adjustments and cost tracking rate mechanisms. Bangor and Maine Natural’s Augusta Service Area deliver natural gas to their customers at rates established under alternative rate plans, which provide multi-year rate changes designed to approximate market-based rates.
Current wording
Primarily all of Unitil's distribution subsidiaries deliver electricity, natural gas and/or water to all customers at rates established under cost of service regulation. Under this regulatory structure, Unitil’s distribution utilities are provided the opportunity to recover the cost of providing distribution service to their customers based on a test year, and to earn a reasonable return on their capital investment in utility assets. In addition, the Company’s distribution utilities and its natural gas transmission pipeline company may recover certain base rate costs, including capital project spending and enhanced reliability and vegetation management programs, through annual step adjustments and cost tracking rate mechanisms. Bangor and Maine Natural’s Augusta Service Area deliver natural gas to their customers at rates established under alternative rate plans, which provide multi-year rate changes designed to approximate market-based rates.
Previous wording
The Company's earnings discussion includes Adjusted Net Income, a non-GAAP financial measure referencing the Company’s 2026 and 2025 GAAP Net Income adjusted for certain transaction costs related to the Company's acquisitions of Bangor Natural Gas Company (purchase completed as of January 31, 2025), Maine Natural Gas Corporation (Maine Natural) (purchase completed as of October 31, 2025), Aquarion Water Company of Massachusetts, Inc., Aquarion Water Company of New Hampshire, Inc., and Abenaki Water Co., Inc. (the Aquarion Companies) (see Note 7 - Regulatory Matters to the accompanying Consolidated Financial Statements). The Company's management believes that the transaction costs related to the acquisitions of Bangor, Maine Natural and the Aquarion Companies, which are included in Operation and Maintenance expense on the Consolidated Statements of Earnings, are not indicative of the Company's ongoing costs and not directly related to the ongoing operations of the business and therefore are not an indicator of baseline operating performance.
Current wording
The Company's earnings discussion includes Adjusted Net Income, a non-GAAP financial measure referencing the Company’s 2026 and 2025 GAAP Net Income adjusted for certain transaction costs related to the Company's acquisitions of Bangor Natural Gas Company (purchase completed as of January 31, 2025), Maine Natural Gas Corporation (purchase completed as of October 31, 2025), Aquarion Water Company of New Hampshire, Inc., and Abenaki Water Co., Inc. (the Aquarion Companies) (purchase completed as of June 30, 2026). The Company's management believes that the transaction costs related to the acquisitions of Bangor, Maine Natural and the Aquarion Companies, which are included in Operation and Maintenance expense on the Consolidated Statements of Earnings, are not indicative of the Company's ongoing costs and not directly related to the ongoing operations of the business and therefore are not an indicator of baseline operating performance.
Previous wording
In the following tables the Company has reconciled Electric and Gas Adjusted Gross Margin to GAAP Gross Margin, which we believe to be the most comparable GAAP financial measure. GAAP Gross Margin is calculated as Revenue less Cost of Sales and Depreciation and Amortization. The Company calculates Electric and Gas Adjusted Gross Margin as Revenue less Cost of Sales. The
Current wording
In the following tables the Company has reconciled Electric and Gas Adjusted Gross Margin to GAAP Gross Margin, which we believe to be the most comparable GAAP financial measure. GAAP Gross Margin is calculated as Revenue less Cost of Sales and Depreciation and Amortization. The Company calculates Electric and Gas Adjusted Gross Margin as Revenue less Cost of Sales. The Company believes excluding Depreciation and Amortization, which are period costs and not related to volumetric sales, is a meaningful measure to inform investors of the Company’s profitability from electric and gas sales in the period.
Previous wording
Electric GAAP Gross Margin was $21.3 million in the three months ended March 31, 2026, an increase of $1.7 million compared to the same period in 2025. The increase was driven by higher rates of $2.8 million, partially offset by higher depreciation and amortization expense of $0.4 million and a one-time reduction of FERC transmission revenue of $0.7 million (see Note 7 Regulatory Matters: FERC Transmission Formula Rate Proceedings).
Current wording
Electric GAAP Gross Margin was $23.0 million in the three months ended June 30, 2026, an increase of $5.0 million compared to the same period in 2025. Electric GAAP Gross Margin was $44.3 million in the six months ended June 30, 2026, an increase of $6.7 million compared to the same period in 2025. The three-month period increase was driven by higher rates and customer growth of $5.8 million, partially offset by higher depreciation and amortization expense of $0.8 million. The six-month period increase was driven by higher rates of $8.6 million, partially offset by higher depreciation and amortization expense of $1.2 million and a one-time reduction of FERC transmission revenue of $0.7 million (see Note 7 Regulatory Matters: FERC Transmission Formula Rate Proceedings).
Previous wording
Gas GAAP Gross Margin was $67.1 million in the three months ended March 31, 2026, an increase of $10.0 million compared to the same period in 2025. The increase was driven by higher rates and customer growth of $10.3 million, the favorable effects of colder winter weather in 2026 of $0.9 million, partially offset by higher depreciation and amortization of $1.2 million. Included in gas operating revenue, cost of gas sales and depreciation and amortization for the three months ended March 31, 2026 was $18.3 million, $12.3 million and $0.7 million, respectively, related to Maine Natural.
Current wording
Gas GAAP Gross Margin was $25.0 million in the three months ended June 30, 2026, an increase of $1.8 million compared to the same period in 2025. Gas GAAP Gross Margin was $92.1 million in the six months ended June 30, 2026, an increase of $11.8 million compared to the same period in 2025. The increase in the three-month period was driven by higher rates and customer growth of $3.4 million, partially offset by higher depreciation and amortization of $1.6 million. The increase in the six-month period was driven by higher rates and customer growth of $13.2 million, the favorable effects of colder winter weather in 2026 of $1.4 million, partially offset by higher depreciation and amortization of $2.8 million. Included in gas operating revenue, cost of gas sales and depreciation and amortization for the three months ended June 30, 2026 was $4.2 million, $1.5 million and $0.8 million, respectively, related to Maine Natural. Included in gas operating revenue, cost of gas sales and depreciation and amortization for the six months ended June 30, 2026 was $22.5 million, $13.8 million and $1.5 million, respectively, related to Maine Natural.
Previous wording
The Company’s Net Income was $33.2 million, or $1.85 in Earnings Per Share (EPS) for the first quarter of 2026, an increase of $5.7 million in Net Income, or $0.16 in EPS, compared to the first quarter of 2025. The Company's Adjusted Net Income (a non-GAAP financial measure), which excluded transaction-related costs in connection with the acquisitions of Bangor, Maine Natural Gas and the Aquarion Companies, was $33.8 million, or $1.88 in EPS for the first quarter of 2026, an increase of $5.4 million, or $0.14 in EPS, compared to the first quarter of 2025.
Current wording
The Company’s Net Income was $37.9 million, or $2.11 in EPS for the first six months of 2026, an increase of $6.4 million in Net Income, or $0.17 in EPS, compared to the first six months of 2025. The Company's Adjusted Net Income (a non-GAAP financial measure), which excluded transaction-related costs in connection with the acquisitions of Bangor, Maine Natural and the Aquarion Companies, was $39.0 million, or $2.17 in EPS for the first six months of 2026, an increase of $5.9 million, or $0.14 in EPS, compared to the first six months of 2025.
Previous wording
Gas Adjusted Gross Margin (a non-GAAP financial measure) was $82.1 million in the first quarter of 2026, an increase of $11.2 million compared to the same period in 2025, driven by higher rates and customer growth of $10.3 million and the favorable effects of colder winter weather in 2026 of $0.9 million. Included in the Gas Adjusted Gross Margin for the three months ended March 31, 2026 was $6.0 million related to Maine Natural.
Current wording
Gas Adjusted Gross Margin (a non-GAAP financial measure) was $40.6 million and $122.7 million in the three and six months ended June 30, 2026, respectively, increases of $3.4 million and $14.6 million, respectively, compared to the same periods in 2025. The increase in the three-month period reflects higher rates and customer growth of $3.4 million. The increase in the six-month period was driven by higher rates and customer growth of $13.2 million and the favorable effects of colder winter weather in 2026 of $1.4 million. Included in the Gas Adjusted Gross Margin for the three and six months ended June 30, 2026 was $2.7 million and $8.7 million, respectively, related to Maine Natural.
Previous wording
Operation and Maintenance (O&M) expenses increased $0.8 million in the three months ended March 31, 2026, compared to the same period in 2025. The increase reflects higher utility operating costs of $1.1 million, partially offset by lower acquisition costs of $0.3 million. Included in O&M expense for the three months ended March 31, 2026 was $1.3 million related to Maine Natural. Excluding O&M expenses for Maine Natural and transaction costs, O&M expenses for legacy operations would have decreased by $0.2 million for the three months ended March 31, 2026.
Current wording
Operation and Maintenance (O&M) expenses increased $2.5 million and $3.3 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increase in the three-month period reflects higher utility operating costs of $1.6 million, and higher labor and other costs of $1.4 million, partially offset by lower acquisition costs of $0.5 million. The increase in the six-month period reflects higher utility operating costs of $2.6 million, and higher labor and other costs of $1.5 million, partially offset by lower acquisition costs of $0.8 million. Included in O&M expenses for the three and six months ended June 30, 2026 were $1.4 million and $2.7 million, respectively, related to Maine Natural. Excluding O&M expenses for Maine Natural and transaction costs, O&M expenses for legacy operations would have increased by $1.6 million and $1.4 million for the three and six months ended June 30, 2026, respectively.
Previous wording
Depreciation and Amortization - Depreciation and Amortization expense increased $1.6 million, or 7.4%, in the three months ended March 31, 2026, compared to the same period in 2025. The increase reflects higher levels of utility plant in service, partially offset by lower amortization of other deferred costs. Included in Depreciation and Amortization for the three months ended March 31, 2026 was $0.7 million related to Maine Natural.
Current wording
Depreciation and Amortization expense increased $2.4 million and $4.0 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increase in the three-month period reflects higher levels of utility plant in service, and higher amortization of recoverable storm costs and other deferred costs. The increase in the six-month period reflects higher levels of utility plant in service and higher amortization of recoverable storm costs, partially offset by lower amortization of other deferred costs. Included in Depreciation and Amortization for the three and six months ended June 30, 2026 was $0.8 million and $1.5 million, respectively, related to Maine Natural.
Previous wording
Taxes Other Than Income Taxes increased $1.2 million in the three months ended March 31, 2026, compared to the same period in 2025. The increase reflects higher local property taxes on higher utility plant in service and higher payroll taxes. Included in Taxes Other Than Income Taxes for the three months ended March 31, 2026 was $0.4 million related to Maine Natural.
Current wording
Taxes Other Than Income Taxes increased $2.2 million and $3.4 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. These increases reflect higher local property taxes on higher utility plant in service and higher payroll taxes. Included in Taxes Other Than Income Taxes for the three and six months ended June 30, 2026 were $0.4 million and $0.8 million, respectively, related to Maine Natural.
Previous wording
Interest Expense, Net increased $1.7 million in the three months ended March 31, 2026, compared to the same period in 2025, primarily reflecting higher levels of short-term borrowings and long-term debt, partially offset by lower interest expense on regulatory liabilities.
Current wording
Interest Expense, Net increased $1.1 million and $2.8 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025, primarily reflecting higher levels of short-term borrowings and long-term debt, partially offset by lower interest expense on regulatory liabilities.
Previous wording
Other Expense (Income), Net decreased $0.1 million in the three months ended March 31, 2026, compared to the same period in 2025, primarily from lower retirement benefit costs.
Current wording
Other Expense (Income), Net decreased $0.1 million and $0.2 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025, primarily from lower retirement benefit costs.
Previous wording
Provision for Income Taxes increased $2.4 million in the three months ended March 31, 2026, compared with the same period in 2025, reflecting higher pre-tax earnings in 2026.
Current wording
Provision for Income Taxes increased $0.4 million and $2.8 million in the three and six months ended June 30, 2026, respectively, compared with the same periods in 2025, reflecting higher pre-tax earnings in 2026.
Previous wording
Electric Operating Revenues and Electric Adjusted Gross Margin (a non-GAAP financial measure) - The following table details Total Electric Operating Revenues and Electric Adjusted Gross Margin for the three months ended March 31, 2026 and 2025:
Current wording
Electric Operating Revenues and Electric Adjusted Gross Margin (a non-GAAP financial measure) - The following table details Total Electric Operating Revenues and Electric Adjusted Gross Margin for the three and six months ended June 30, 2026 and 2025:
Previous wording
Total Electric Operating Revenue increased $5.3 million, or 8.8% in the three months ended March 31, 2026 compared to the same period in 2025, reflecting higher electric distribution rates, and higher costs of electric sales due to the decrease in the amount of electricity purchased by customers directly from third-party suppliers, which are tracked and reconciled to costs that are passed through directly to customers, partially offset by a one-time reduction of FERC transmission revenue.
Current wording
Total Electric Operating Revenue increased $10.7 million, or 21.0%, and $16.0 million, or 14.4%, in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increase in the three-month period reflects higher electric distribution rates and higher costs of electric sales, which are tracked and reconciled to costs that are passed through directly to customers. The increase in the six-month period reflects higher electric distribution rates, and higher costs of electric sales, which are tracked and reconciled to costs that are passed through directly to customers, partially offset by a one-time reduction of FERC transmission revenue.
Previous wording
Kilowatt-hour Sales - Unitil’s total electric kWh sales decreased 3.1% in the three months ended March 31, 2026, compared to the same period in 2025. Sales to Residential customers increased 2.1% in the three months ended March 31, 2026, compared to the same period in 2025, reflecting colder winter weather for heating purposes in 2026 and customer growth. Sales to Commercial and Industrial (C&I) customers decreased 7.6% in the three months ended March 31, 2026, compared to the same period in 2025, reflecting the loss of a large industrial customer in the Fitchburg service area in 2025, partially offset by customer growth. As of March 31, 2026, the number of electric customers increased by approximately 550 over the previous year. Sales margins derived from decoupled unit sales are not sensitive to changes in electric kWh sales. Substantially all of the Company’s electric kWh sales volumes are decoupled.
Current wording
Kilowatt-hour Sales - Unitil’s total electric kWh sales increased 0.3% and decreased 1.6% in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. Sales to Residential customers increased 3.1% in the three months ended June 30, 2026, compared to the same period in 2025, reflecting customer growth. Sales to Commercial and Industrial (C&I) customers decreased 1.5% in the three months ended June 30, 2026, compared to the same period in 2025, reflecting the loss of a large industrial customer in the Fitchburg service area in 2025, partially offset by customer growth. Sales to Residential customers increased 2.5% in the six months ended June 30, 2026, compared to the same period in 2025, reflecting colder winter weather for heating purposes in 2026, and customer growth. Sales to C&I customers decreased 4.8% in the six months ended June 30, 2026, compared to the same period in 2025, reflecting the loss of a large industrial customer in the Fitchburg service area in 2025, partially offset by customer growth. As of June 30, 2026, the number of electric customers increased by approximately 510 over the previous year. Sales margins derived from decoupled unit sales are not sensitive to changes in electric kWh sales. Substantially all of the Company’s electric kWh sales volumes are decoupled.
Previous wording
The following table details total kWh sales for the three months ended March 31, 2026 and 2025 by major customer class:
Current wording
The following table details total kWh sales for the three and six months ended June 30, 2026 and 2025 by major customer class:
Previous wording
Gas Operating Revenues and Adjusted Gross Margin (a non-GAAP financial measure) - The following table details Total Gas Operating Revenues and Gas Adjusted Gross Margin for the three months ended March 31, 2026 and 2025:
Current wording
Gas Operating Revenues and Adjusted Gross Margin (a non-GAAP financial measure) - The following table details Total Gas Operating Revenues and Gas Adjusted Gross Margin for the three and six months ended June 30, 2026 and 2025:
Previous wording
Total Gas Operating Revenue increased $40.8 million, or 36.9%, in the three months ended March 31, 2026, respectively, compared to the same period in 2025. The increase includes $18.3 million of gas operating revenue for Maine Natural, higher rates and customer growth, the favorable impact of colder winter weather in 2026 and higher costs of gas sales, which are tracked and reconciled costs that are passed through directly to customers.
Current wording
Gas Adjusted Gross Margin increased $3.4 million, or 9.1%, and increased $14.6 million, or 13.5%, in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increase in the three-month period includes $2.7 million of gas adjusted gross margin for Maine Natural, higher rates and customer growth. The increase in the six-month period includes $8.7 million of gas adjusted gross margin for Maine Natural, higher rates and customer growth, the favorable impact of colder winter weather in 2026 and higher costs of gas sales, which are tracked and reconciled costs that are passed through directly to customers.
Previous wording
Therm Sales- Unitil’s total gas therm sales increased 13.4% in the three-month period ended March 31, 2026, compared to the same period in 2025. In the first quarter of 2026, sales to Residential and C&I customers increased 14.8% and 13.0%, respectively, compared to the same period in 2025, reflecting colder winter weather and customer growth. Included in the total gas therm sales increases were 10.6 million therms for the three months ended March 31, 2026, related to Maine Natural. Based on weather data collected in the Company’s gas service areas, on average there were 1.9% higher effective degree days in the first quarter of 2026 compared to the same period in 2025. As of March 31, 2026, the number of gas customers increased by approximately 7,140 over the previous year. Included in this increase was 6,400 customers related to Maine Natural. Sales margins derived from decoupled unit sales (currently representing approximately 38% of total annual therm sales volume) are not sensitive to changes in gas therm sales, although those sales margins are sensitive to changes in the number of customers served.
Current wording
Therm Sales- Unitil’s total gas therm sales increased 8.8% and 12.0% in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. In the second quarter of 2026, sales to Residential and C&I customers increased 9.6% and 8.7%, respectively, compared to the same period in 2025, reflecting customer growth and colder spring weather in 2026. In the first six months of 2026, sales to Residential and C&I customers increased 13.4% and 11.6%, respectively, compared to the same period in 2025, reflecting colder winter weather in 2026 and customer growth. Included in the total gas therm sales increases were 4.2 million therms and 14.8 million therms for the three and six months ended June 30, 2026, respectively, related to Maine Natural. Based on weather data collected in the Company’s gas service areas, on average there were 2.3% higher effective degree days in the first six months of 2026 compared to the same period in 2025. As of June 30, 2026, the number of gas customers increased by approximately 6,600 over the previous year. Included in this increase was 6,400 customers related to Maine Natural. Sales margins derived from decoupled unit sales (currently representing approximately 38% of total annual therm sales volume) are not sensitive to changes in gas therm sales, although those sales margins are sensitive to changes in the number of customers served.
Previous wording
The following table details total therm sales for the three months ended March 31, 2026 and 2025 by major customer class:
Current wording
The following table details total therm sales for the three and six months ended June 30, 2026 and 2025 by major customer class:
Previous wording
The Company transported 62.9 million therms in the first three months of 2026 to two electric generation facilities in Maine. As these facilities were charged fixed fees and utilized third-party energy suppliers for natural gas, the therms were not included in the above table.
Current wording
The Company transported 5.7 million therms and 68.6 million therms in the three and six months ended June 30, 2026, respectively, to two electric generation facilities in Maine. As these facilities were charged fixed fees and utilized third-party energy suppliers for natural gas, the therms were not included in the above table.
Previous wording
Cost of Electric Sales - Cost of Electric Sales includes the cost of electric supply and spending on energy efficiency programs. Cost of Electric Sales increased $3.2 million, or 9.8%, in the three months ended March 31, 2026, compared to the same period in 2025. This increase reflects a decrease in the amount of electricity purchased by customers directly from third-party suppliers and an increase of energy efficiency spending, partially offset by lower wholesale electricity prices. Because the Company reconciles and recovers the approved Cost of Electric Sales in its rates at cost on a pass-through basis, changes in approved expenses do not affect earnings.
Current wording
Cost of Electric Sales - Cost of Electric Sales includes the cost of electric supply and spending on energy efficiency programs. Cost of Electric Sales increased $4.9 million, or 19.4%, and $8.1 million, or 14.0%, in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increase in the three-month period reflects higher wholesale electricity prices. The increase in the six-month period reflects higher wholesale electricity prices and energy efficiency spending, and an increase in the amount of electricity purchased by customers directly from third-party suppliers. Because the Company reconciles and recovers the approved Cost of Electric Sales in its rates at cost on a pass-through basis, changes in approved expenses do not affect earnings.
Previous wording
Cost of Gas Sales - Cost of Gas Sales includes the cost to supply the Company’s total gas requirements and spending on energy efficiency programs. Cost of Gas Sales increased $29.6 million, or 74.6%, in the three months ended March 31, 2026, compared to the same period in 2025. This increase reflects higher wholesale gas commodity prices and higher gas therm sales, including $12.3 million for Maine Natural. Because the Company reconciles and recovers the approved Cost of Gas Sales in its rates at cost on a pass-through basis, changes in approved expenses do not affect earnings.
Current wording
Cost of Gas Sales - Cost of Gas Sales includes the cost to supply the Company’s total gas requirements and spending on energy efficiency programs. Cost of Gas Sales increased $0.3 million, or 2.1%, and $29.9 million, or 55.3%, in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increase in the three-month period reflects higher gas therm sales, including $1.5 million at Maine Natural, partially offset by lower wholesale gas commodity prices. The increase in the six-month period reflects higher wholesale gas commodity prices and higher gas therm sales, including $13.8 million at Maine Natural. Because the Company reconciles and recovers the approved Cost of Gas Sales in its rates at cost on a pass-through basis, changes in approved expenses do not affect earnings.
Previous wording
Operation and Maintenance (O&M) -O&M expense includes electric and gas utility operating costs, and the operating cost of the Company’s corporate and other business activities. O&M expenses increased $0.8 million, or 3.5%, in the three months ended March 31, 2026, compared to the same period in 2025. The increase reflects higher utility operating costs of $1.1 million, partially offset by lower acquisition transaction costs of $0.3 million. Included in O&M expense for the three months ended March 31, 2026 was $1.3 million related to Maine Natural. Excluding O&M expenses for Maine Natural and transaction costs, O&M expenses for legacy operations would have decreased by $0.2 million for the three months ended March 31, 2026.
Current wording
Operation and Maintenance (O&M) -O&M expense includes electric and gas utility operating costs, and the operating cost of the Company’s corporate and other business activities. O&M expenses increased $2.5 million, or 11.7%, and $3.3 million, or 7.5%, in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increase in the three-month period reflects higher utility operating costs of $1.6 million, and higher labor and other costs of $1.4 million, partially offset by lower acquisition costs of $0.5 million. The increase in the six-month period reflects higher utility operating costs of $2.6 million, and higher labor and other costs of $1.5 million, partially offset by lower acquisition costs of $0.8 million. Included in O&M expenses for the three and six months ended June 30, 2026 were $1.4 million and $2.7 million, respectively, related to Maine Natural. Excluding O&M expenses for Maine Natural and transaction costs, O&M expenses for legacy operations would have increased by $1.6 million, or 7.5%, and $1.4 million, or 3.2%, for the three and six months ended June 30, 2026, respectively.
Previous wording
Depreciation and Amortization expense increased $1.6 million in the three months ended March 31, 2026, compared to the same period in 2025. The increase reflects higher levels of utility plant in service, partially offset by lower amortization of other deferred costs. Included in Depreciation and Amortization for the three months ended March 31, 2026 was $0.7 million related to Maine Natural.
Current wording
Depreciation and Amortization - Depreciation and Amortization expense increased $2.4 million, or 11.0%, and $4.0 million, or 9.2%, in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. The increase in the three-month period reflects higher levels of utility plant in service, and higher amortization of recoverable storm costs and other deferred costs. The increase in the six-month period reflects higher levels of utility plant in service and higher amortization of recoverable storm costs, partially offset by lower amortization of other deferred costs. Included in Depreciation and Amortization for the three and six months ended June 30, 2026 was $0.8 million and $1.5 million, respectively, related to Maine Natural.
Previous wording
Taxes Other Than Income Taxes - Taxes Other Than Income Taxes increased $1.2 million, or 15.2%, in the three months ended March 31, 2026, compared to the same period in 2025. The increase reflects higher local property taxes on higher utility plant in service and higher payroll taxes. Included in Taxes Other Than Income Taxes for the three months ended March 31, 2026 was $0.4 million related to Maine Natural.
Current wording
Taxes Other Than Income Taxes - Taxes Other Than Income Taxes increased $2.2 million, or 33.3%, and $3.4 million, or 23.4%, in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025. These increases reflect higher local property taxes on higher utility plant in service and higher payroll taxes. Included in Taxes Other Than Income Taxes for the three and six months ended June 30, 2026 were $0.4 million and $0.8 million, respectively, related to Maine Natural.
Previous wording
Other Expense (Income), Net -Other Expense (Income), Net decreased $0.1 million in the three months ended March 31, 2026, compared to the same period in 2025, primarily from lower retirement benefit costs.
Current wording
Other Expense (Income), Net -Other Expense (Income), Net decreased $0.1 million and $0.2 million in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025, primarily from lower retirement benefit costs.
Previous wording
Provision for Income taxes - Federal and State Income Taxes increased $2.4 million in the three months ended March 31, 2026, compared with the same period in 2025, reflecting higher pre-tax earnings in 2026.
Current wording
Provision for Income Taxes - Federal and State Income Taxes increased $0.4 million and $2.8 million in the three and six months ended June 30, 2026, respectively, compared with the same periods in 2025, reflecting higher pre-tax earnings in 2026.
Previous wording
Unitil’s utility subsidiaries operate several reconciling rate mechanisms to recover specifically identified costs on a pass-through basis. These reconciling rate mechanisms track costs and revenue on a monthly basis. In any given month, this tracking and reconciling process will produce either an under-collected or an over-collected position. In accordance with the distribution utilities’ rate tariffs, interest is accrued on these balances and will produce either interest income or interest expense. Consistent with regulatory precedent, interest income is recorded on an under-collection of costs which creates a regulatory asset to be recovered in future periods when rates are reset. Interest expense is recorded on an over-collection of costs, which creates a regulatory liability to be refunded in future periods when rates are reset.
Current wording
Unitil’s utility subsidiaries operate several reconciling rate mechanisms to recover specifically identified costs on a pass-through basis. These reconciling rate mechanisms track costs and revenue on a monthly basis. In any given month, this tracking and reconciling process will produce either an under-collected or an over-collected position. In accordance with the energy and water distribution utilities’ rate tariffs, interest is accrued on these balances and will produce either interest income or interest expense. Consistent with regulatory precedent, interest income is recorded on an under-collection of costs which creates a regulatory asset to be recovered in future periods when rates are reset. Interest expense is recorded on an over-collection of costs, which creates a regulatory liability to be refunded in future periods when rates are reset.
Previous wording
Interest Expense, Net increased $1.7 million, or 18.7%, in the three months ended March 31, 2026, compared to the same period in 2025, primarily reflecting higher levels of short-term borrowings and long-term debt, partially offset by lower interest expense on regulatory liabilities.
Current wording
Interest Expense, Net increased $1.1 million, or 11.8%, and $2.8 million, or 15.2%, in the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025, primarily reflecting higher levels of short-term borrowings and long-term debt, partially offset by lower interest expense on regulatory liabilities.
Previous wording
On June 3, 2025, the Company entered into an at-the-market equity offering program (the ATM program) with sales agents under which the Company may, from time to time, offer and sell shares of Unitil's common stock having an aggregate offering price of up to $50 million. Sales of common stock under the ATM program, if any, are made pursuant to a shelf registration statement on Form S-3 (File No. 333-287753) and a related prospectus supplement filed with the Securities and Exchange Commission. As of March 31, 2026, the Company had sold an aggregate of 27,620 shares under the ATM program for net proceeds of $1.4 million. As of March 31, 2026, approximately $48.5 million remains available for future sales under the program. There were no shares sold during the three months ended March 31, 2026.
Current wording
On June 3, 2025, the Company entered into an at-the-market equity offering program (the ATM program) with sales agents under which the Company may, from time to time, offer and sell shares of Unitil's common stock having an aggregate offering price of up to $50 million. Sales of common stock under the ATM program, if any, are made pursuant to a shelf registration statement on Form S-3 (File No. 333-287753) and a related prospectus supplement filed with the Securities and Exchange Commission. As of June 30, 2026, the Company had sold an aggregate of 239,662 shares under the ATM program for net proceeds of $12.3 million. As of June 30, 2026, approximately $37.5 million remains available for future sales under the program. There were 212,042 shares sold under the ATM program for net proceeds of $10.8 million during the six months ended June 30, 2026.
Previous wording
The Company utilizes the Credit Facility for cash management purposes related to its short-term operating activities. Total gross borrowings were $112.9 million for the three months ended March 31, 2026. Total gross repayments were $110.6 million for the three months ended March 31, 2026. The following table details the borrowing limits, amounts outstanding and amounts available under the Credit Facility as of March 31, 2026, March 31, 2025 and December 31, 2025:
Current wording
The Company utilizes the Credit Facility for cash management purposes related to its short-term operating activities. Total gross borrowings were $174.5 million for the six months ended June 30, 2026. Total gross repayments were $238.0 million for the six months ended June 30, 2026. The following table details the borrowing limits, amounts outstanding and amounts available under the Credit Facility as of June 30, 2026, June 30, 2025 and December 31, 2025:
Previous wording
On April 30, 2026, Fitchburg issued $23.0 million of Notes due 2036 at 5.62% and $17.0 million of Notes due 2041 at 5.87%. Fitchburg used the net proceeds to refinance existing debt and for general corporate purposes. Approximately $0.2 million of costs associated with this issuance will be recorded as a reduction of Long-Term Debt on the Consolidated Balance Sheet in the second quarter of 2026.
Current wording
On April 30, 2026, Fitchburg issued $23.0 million of Notes due 2036 at 5.62% and $17.0 million of Notes due 2041 at 5.87%. Fitchburg used the net proceeds to refinance existing debt and for general corporate purposes. Approximately $0.3 million of costs associated with this issuance were recorded as a reduction of Long-Term Debt on the Consolidated Balance Sheet in the second quarter of 2026.
Previous wording
On October 31, 2025, the Company entered into a senior unsecured delayed-draw term loan facility with The Bank of Nova Scotia. The proceeds of the $86.0 million facility were used to fund the acquisition of Maine Natural Gas on October 31, 2025. The facility provides that the Company has an option for determining whether interest on loans under the facility will bear interest based on a Base Rate plus an applicable margin of 0.25% or based on a one-month Term SOFR plus a SOFR adjustment of 0.10% plus an applicable margin of 1.25%. The Base Rate is equal to the highest of the (a) Federal Funds Rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by The Bank of Nova Scotia as its "prime rate", or (c) one-month Term SOFR plus a SOFR adjustment of 0.10% plus 1.00%. The facility has a maturity date of October 31, 2026.
Current wording
On June 30, 2026, the Company entered into an Amended and Restated senior unsecured delayed-draw term loan facility with the Bank of Nova Scotia, which amended and restated the previous facility entered into on October 31, 2025. Tranche A in the agreement equals the aggregate commitment of $86.0 million used to fund the acquisition of Maine Natural on October 31, 2025 and has a maturity date of October 31, 2026. As of June 30, 2026, the Company’s Tranche A borrowings outstanding were $86.0 million. Tranche B in the agreement equals the aggregate commitment of $50.0 million used to fund the acquisition of the Aquarion Water companies on June 30, 2026 and has a maturity date of June 30, 2027. As of June 30, 2026, the Company’s Tranche B borrowings outstanding were $42.6 million. The facility provides that the Company has an option for determining whether interest on loans under the facility will bear interest based on a Base Rate plus an applicable margin of 0.25% or based on a one-month Term SOFR plus a SOFR adjustment of 0.10% plus an applicable margin of 1.25%. The Base Rate is equal to the highest of the (a) Federal Funds Rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by The Bank of Nova Scotia as its "prime rate", or (c) one-month Term SOFR plus a SOFR adjustment of 0.10% plus 1.00%.
Showing the first 40 of 127 pairs. Open the source sections for the rest.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
The Company’s Net Income was $4.7 million, or $0.26 in Earnings Per Share (EPS) for the second quarter of 2026, an increase of $0.7 million in Net Income, or $0.01 in EPS, compared to the second quarter of 2025. The Company's Adjusted Net Income (a non-GAAP financial measure), which excluded transaction-related costs in connection with the acquisitions of Bangor, Maine Natural and the Aquarion Companies, was $5.2 million, or $0.29 in EPS for the second quarter of 2026. Adjusted Net Income increased $0.5 million and was unchanged in EPS when compared to the second quarter of 2025.
Current report — wording carried from elsewhere
“Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” in the Company’s 2025 Annual Report on Form 10-K for additional information.
Current report — wording carried from elsewhere
Company’s experience has been that the assumptions used in evaluating the adequacy of the allowance for doubtful accounts have proven to be reasonably accurate.
Current report — wording carried from elsewhere
On June 30, 2026, the Company entered into an Amended and Restated senior unsecured delayed-draw term loan facility with the Bank of Nova Scotia, which amended and restated the previous facility entered into on October 31, 2025. Tranche A in the agreement equals the aggregate commitment of $86.0 million used to fund the acquisition of Maine Natural on October 31, 2025 and has a maturity date of October 31, 2026. As of June 30, 2026, the Company’s Tranche A borrowings outstanding were $86.0 million. Tranche B in the agreement equals the aggregate commitment of $50.0 million used to fund the acquisition of the Aquarion Water companies on June 30, 2026 and has a maturity date of June 30, 2027. As of June 30, 2026, the Company’s Tranche B borrowings outstanding were $42.6 million. The facility provides that the Company has an option for determining whether interest on loans under the facility will bear interest based on a Base Rate plus an applicable margin of 0.25% or based on a one-month Term SOFR plus a SOFR adjustment of 0.10% plus an applicable margin of 1.25%. The Base Rate is equal to the highest of the (a) Federal Funds Rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by The Bank of Nova Scotia as its "prime rate", or (c) one-month Term SOFR plus a SOFR adjustment of 0.10% plus 1.00%. The facility has a maturity date of October 31, 2026.
Current report — wording carried from elsewhere
Northern Utilities - Base Rates - Maine- On June 1, 2026, Northern Utilities’ Maine Division filed for an increase in distribution base rates with the MPUC. The Company is seeking an increase in base rates of approximately $10.4 million, or 7.4% above total annual revenue at present rates. The Company requested an effective date of June 1, 2027. This matter remains pending
Current report — wording carried from elsewhere
On April 30, 2026, the NETOs submitted a 205 filing at FERC requesting an ROE of 11.39% based on recalculating March 19, 2026 Order results with current data. This matter remains pending. The Company does not believe these proceedings will have a material effect on its financial condition or results of operations.
Rearranged previous paragraphs (9)
Previous report — wording carried elsewhere
Company believes excluding Depreciation and Amortization, which are period costs and not related to volumetric sales, is a meaningful measure to inform investors of the Company’s profitability from electric and gas sales in the period.
Previous report — wording carried elsewhere
Level 1 as they are actively traded and no valuation adjustments have been applied. Changes in the fair value of these investments are recorded in Other Expense, Net.
Previous report — wording carried elsewhere
Acquisition of Aquarion Water Companies -On May 6, 2025, Unitil entered into a definitive agreement to acquire Aquarion Water Company of Massachusetts, Inc., Aquarion Water Company of New Hampshire, Inc., and Abenaki Water Co., Inc. (the Aquarion Companies) from the Aquarion Water Authority (AWA), a quasi-public corporation and political subdivision of the State of
Previous report — wording carried elsewhere
Service’s and Unitil Realty’s costs are allocated to the Electric and Gas segments based on cost allocation factors. Unitil Water does not have any activity.
Previous report — wording carried elsewhere
Level 2 inputs (valuations based on quoted prices available in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are directly observable, and inputs derived principally from market data). In estimating the fair value of the Company’s long-term debt, the assumed market yield reflects the Moody’s Baa Utility Bond Average Yield. Costs, including prepayment costs, associated with the early settlement of long-term debt are not taken into consideration in determining fair value.
Previous report — wording carried elsewhere
On October 31, 2025, the Company entered into a senior unsecured delayed-draw term loan facility with The Bank of Nova Scotia. The proceeds of the $86.0 million facility were used to fund the acquisition of Maine Natural on October 31, 2025. Thefacility provides that the Company has an option for determining whether interest on loans under the facility will bear interest based on a Base
Previous report — wording carried elsewhere
Rate plus an applicable margin of 0.25% or based on a one-month Term SOFR plus a SOFR adjustment of 0.10% plus an applicable margin of 1.25%. The Base Rate is equal to the highest of the (a) Federal Funds Rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by The Bank of Nova Scotia as its "prime rate", or (c) one-month Term SOFR plus a SOFR adjustment of 0.10% plus 1.00%. The facility has a maturity date of October 31, 2026.
Previous report — wording carried elsewhere
In December 2023, the FASB issued ASU 2023-09 – Income taxes: Improvements to Income Tax Disclosures which includes amendments that further enhance income tax disclosures and income taxes paid by individual jurisdiction. The Company adopted
Previous report — wording carried elsewhere
The Company estimates the ARAM flow back period for protected and unprotected excess ADIT to be between fifteen and twenty years over the remaining life of the related utility plant. As of March 31, 2026, the Company flowed back $14.5 million to customers in its Massachusetts, Maine, New Hampshire and federal jurisdictions.