ユニティル（UTL）2026年第3四半期決算説明会：公益事業マージン上昇に伴いガイダンスを維持

主要なポイント

• ユニティル・コーポレーション（Unitil Corporation）が発表した2026年第1〜第3四半期（9カ月間）の調整後純利益は、3,830万ドル（1株当たり2.12ドル）となった。調整後EPSは前年同期比で0.09ドル（4.4%）増加した。
• 経営陣は、2026年通期のEPS予想（ガイダンス）を3.20ドル〜3.36ドル（中間値3.28ドル）に据え置き、長期的な収益成長目標である5%〜7%を維持した。
• 電力部門の調整後粗利益は主に配電料金の値上げを反映し、11.1%増の9,600万ドルとなった。
• ガス部門の調整後粗利益は、料金値上げ、顧客数の増加、厳しい冬の寒さ、およびメイン・ナチュラル・ガスの貢献に支えられ、12.8%増の1億5,190万ドルに増加した。
• ユニティルは、メイン・ナチュラル・ガスおよびニューハンプシャー州の水道事業の買収に向けた恒久的な資金調達を完了し、10月に関連するタームローンを全額返済した。
• 同社の2030年までの5年間の設備投資計画は、前回の5カ年計画を24%上回る約12億ドルで据え置かれている。

主要財務データ

事業および業績

電力部門の調整後粗利益は、1,030万ドルの料金引き上げ効果を受けたものの、FERC（連邦エネルギー規制委員会）の送電収益の一時的な減少（70万ドル）により一部相殺された。料金引き上げには、2026年5月1日付けで有効となったユニティル・エナジー・システムズの1,300万ドルの恒久料金改定承認、フィッチバーグの業績連動型料金調整、および資本トラッカー収益の増加が含まれる。なお、すべての電力顧客にデカップリング料金制が適用されている。

ガス部門の調整後粗利益には、料金改定と顧客増加による1,580万ドル、および冬の寒さによる140万ドルの増加が反映された。メイン・ナチュラル・ガスは第1〜第3四半期に1,050万ドル寄与した。ユニティルは主にメイン・ナチュラル・ガスの買収により、前年同期比で約6,500件のガス顧客を追加した。2026年9月30日時点で、ガス顧客の約52%にデカップリング料金制が適用されている。

事業運営・維持管理費は820万ドル増加した。これには、公益事業の営業費用の増加510万ドル、人件費およびその他の費用の増加380万ドルが含まれ、買収費用の減少70万ドルにより一部相殺された。増加額のうち、メイン・ナチュラル・ガスが390万ドル、アクアリオン・ニューハンプシャー関連会社が120万ドルを占めた。

アクアリオン・ウォーター・カンパニー・オブ・ニューハンプシャーおよびアベナキ・ウォーター・カンパニーの買収は6月30日に完了し、レートベースの約1.2倍で1万1,000件近くの顧客が加わった。経営陣は、この買収が2026年の収益に対して中立的になると述べている。また、ユニティルはメイン・ナチュラル・ガスの統合を完了し、すべての残存移行サービスを終了した。

ユニティルの次世代メーターインフラ（AMI）の導入は予定通り進行している。同社は2025年にマサチューセッツ州での導入を完了した後、2027年末までにニューハンプシャー州でのメーター交換を完了する見込みである。

業績見通し（ガイダンス）

経営陣は、2026年通期のEPS予想を3.20ドル〜3.36ドル（中間値3.28ドル）に据え置いた。また、同社は5%〜7%の長期収益成長目標と、6.5%〜8.5%の長期レートベース成長見通しも維持した。

2030年までの現在の設備投資計画は総額約12億ドルである。これには、バンゴー・ナチュラル・ガスとメイン・ナチュラル・ガスを合わせた約6,500万ドル、およびアクアリオン・ニューハンプシャー関連会社の約3,300万ドルが含まれている。経営陣は、計画の大部分を営業キャッシュフローで賄い、残りを負債と株式の組み合わせで資金調達することを見込んでいる。

リスクと注視すべき事項

ノーザン・ユーティリティーズが提案している恒久的な料金引き上げ案は、引き続き規制手続きの対象となっている。ニューハンプシャー州では、ユニティルが980万ドルの恒久的な値上げを申請しており、2026年6月1日には550万ドルの暫定料金が発効した。経営陣は、専門家セッション、利害関係者の証言、および和解協議を経て、2027年4月1日に恒久料金が発効すると見込んでいる。

メイン州では、ノーザン・ユーティリティーズが1,040万ドルの料金引き上げを申請した。同社は10月27日に反論証言を提出しており、手続きは継続中である。

ユニティルによるアクアリオン・ウォーター・カンパニー・オブ・マサチューセッツの買収の可能性は、法的拘束力のない基本合意書（LOI）に基づいている。経営陣は、マサチューセッツ州における基本料金改定ケースが満足のいく形で結論に達した後にのみ取引が進展する可能性があり、最終決定（オーダー）は2027年後半に出される可能性があると述べた。

2026年第1〜第3四半期においては、営業費用、減価償却費、特別償却費、および税金の増加が、買収、料金引き上げ、顧客増加、および厳しい寒さによる増益効果を一部相殺した。

決算説明会文字起こし（全文）

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good day, and thank you for standing by. Welcome to the Q3 2026 Unitil Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Christopher Goulding, Vice President of Finance and Regulatory. Please go ahead.

Christopher Goulding

Good afternoon, and thank you for joining us to discuss Unitil Corporation's Third Quarter 2026 Financial Results. Speaking on the call today will be Tom Meissner, Chairman and Chief Executive Officer; and Dan Hurstak, Senior Vice President, Chief Financial Officer and Treasurer. Also with us today are Bob Hevert, President and Chief Administrative Officer; and Todd Diggins, Chief Accounting Officer and Controller.

We will discuss financial and other information on this call. As we mentioned in the press release announcing today's call, we have posted information, including a presentation, to the Investors section of our website at unitil.com. We will refer to that information during this call.

Moving to Slide 2. Some of the statements made during this call may be forward-looking. These statements are based on management's current expectations and are subject to risk and uncertainty, which may cause the actual results to differ materially from forecasts and projections. We undertake no obligation to update or revise any of these statements. Additional information about the various factors that may cause actual results to differ and our explanation of non-GAAP measures and how they reconcile to GAAP measures is contained within our news release, the slides we posted for this call, and in our most recent 10-Q and 10-K.

With that, I will now turn the call over to Chairman and CEO, Tom Meissner.

Tom Meissner

Great. Thanks, Chris. Good afternoon, everyone, and thanks for joining us today.

Beginning on Slide 3. Today, we announced adjusted net income of $38.3 million or $2.12 per share for the first 9 months of the year. Year-to-date, results increased $0.09 per share or 4.4% compared to the first 9 months of 2025, reflecting disciplined execution of our operating and strategic priorities and our long-standing commitment to delivering safe, reliable and affordable service to our customers.

The June 30 closing of our acquisitions of Aquarion Water Company of New Hampshire and Abenaki Water Company marked a key strategic milestone, diversifying our regulated utility portfolio and expanding our customer footprint across the state. I'm pleased to share that the transition has been seamless. Our customers continue to receive the same high level of service and reliability that they did before the change in ownership.

More recently, we completed our integration of Maine Natural Gas just last week and have ended all remaining transition services. We've now fully integrated Maine Natural Gas into our existing utility operations as we did with Bangor Natural Gas last year. As Dan will cover in greater detail, we also completed the permanent financing for our acquisitions of Maine Natural Gas and the New Hampshire water companies and repaid the term loans that have been used to finance those transactions.

Shifting now to our regulatory agenda. We continue to make steady progress on our Northern Utilities gas rate cases in both Maine and New Hampshire, which are moving forward as expected. Dan will walk through the details of those cases later in the call. On the electric side, our implementation of a new advanced metering infrastructure, or AMI system, remains firmly on track. This new metering system incorporates state-of-the-art smart meters that can provide near real-time information to customers, enabling improved decision-making and grid optimization. We completed the implementation of this technology in Massachusetts last year and expect to complete the meter replacement in New Hampshire by the end of 2027.

Looking ahead, we are reaffirming our 2026 guidance of $3.20 to $3.36 per share, with a midpoint of $3.28. We also reaffirm our long-term earnings growth of 5% to 7%.

Turning now to Slide 4. We recently released our 2026 corporate responsibility report and remain on track to reduce company-wide direct greenhouse gas emissions by 50% by 2030 and to be net zero by 2050. Through 2025, we have reduced our Scope 1 emissions by approximately 19%. An element of the report I'd like to highlight is the direct measurement of fugitive methane emissions. These emissions historically accounted for over 80% of our Scope 1 emissions when estimated using the EPA Subpart W emission factors. These represented our largest source of direct operational emissions.

To improve accuracy, we are implementing a measurement informed inventory methodology that uses direct site-specific measurements to develop a more reliable and actionable accounting of our greenhouse gas footprint. As part of this, we are now directly measuring our natural gas emissions using advanced mobile leak detection technology and have found that our pipeline emissions are 91% lower than previously estimated. In addition to providing a more accurate accounting of our greenhouse gas footprint, this technology allows us to identify, prioritize and eliminate the remaining sources of fugitive emissions.

We are also continuing to reduce methane emissions by aggressively replacing all leak-prone pipe in our system. I'm pleased to highlight that over 98% of our gas systems are now constructed of plastic or cathodically protected steel pipe, and we expect to complete the replacement of all remaining leak-prone pipe by 2035.

Turning to Slide 5. As I already mentioned, our acquisitions of Aquarion Water Company of New Hampshire and Abenaki Water Company closed on June 30. Upon closing, we added almost 11,000 customers at an attractive multiple of approximately 1.2x rate base. As part of the transaction, we entered into a 5-year operating and transition services agreement with the Aquarion Water Authority to ensure a seamless transition to Unitil's ownership and operation. Integration efforts are well underway, and we expect to assume responsibility for most operating and corporate services prior to the agreement's expiration date. As noted previously, we expect this acquisition to be earnings neutral in 2026.

Also, as we mentioned on our last call, we've entered into a nonbinding letter of intent with Eversource Energy to purchase the Aquarion Water Company of Massachusetts. That transaction can move forward after the satisfactory conclusion of a base rate case in Massachusetts, which is expected to be filed around or after mid-November. Based on this time line, there could be a final order in that case in the second half of 2027.

With that, I'll now pass the call over to Dan, who will provide greater detail on the quarterly and year-to-date results.

Daniel Hurstak

Thank you, Tom. Good afternoon, everyone. I'll begin on Slide 6. As Tom mentioned, we announced adjusted net income of $38.3 million or $2.12 per share for the 9 months -- for the first 9 months of 2026, representing an increase of $4.8 million in adjusted net income or $0.09 per share compared to the same period in 2025. We are reporting adjusted earnings that exclude transaction costs related to our gas and water acquisitions as those costs are not indicative of the company's ongoing costs and operations. These results for the first 9 months were supported by the earnings contributions from our recently acquired companies in addition to higher distribution rates and customer growth, partially offset by higher operating expenses.

Turning to Slide 7. I will discuss our electric and gas adjusted gross margins and water revenues. Beginning with our electric operations, for the first 9 months -- for the 9 months ended September 30, 2026, electric adjusted gross margin was $96 million, an increase of $9.6 million or 11.1% as compared to the same period in 2025. This increase was driven by higher rates of $10.3 million, partially offset by a nonrecurring reduction of FERC transmission revenue of $0.7 million. Higher rates were primarily supported by the Unitil Energy Systems permanent rate award of $13 million, which took effect May 1, 2026, as well as a Fitchburg performance-based rate adjustment and higher capital tracker revenue. As noted during prior calls, all electric customers are under decoupled rates, which eliminates the dependency of distribution revenue on the volume of electricity sales.

Moving to gas operations. For the 9 months ended September 30, 2026, gas adjusted gross margin was $151.9 million, an increase of $17.2 million or 12.8% compared to the same period in 2025. This increase reflects higher rates and customer growth of $15.8 million and colder winter weather of $1.4 million. Maine Natural Gas contributed $10.5 million to gas adjusted gross margin through the first 9 months of 2026. The temporary rate award of $5.5 million for Northern Utilities New Hampshire division, which took effect June 1, 2026, also contributed to the higher margin. The company added approximately 6,500 new gas customers compared to the same period in 2025, with the majority of these new customers being attributable to the acquisition of Maine Natural Gas. As of September 30, 2026, approximately 52% of the company's gas customers were under decoupled rates.

Moving to water operations. For the 9 months ended September 30, 2026, the Aquarion New Hampshire companies contributed $3.1 million to operating revenue.

Moving to Slide 8. We provide an earnings bridge comparing the results of the first 9 months of 2026 to the same period in 2025. As I just discussed, the combined adjusted gross margin for our electric and gas divisions and water revenues increased $29.9 million and reflect the contributions of Maine Natural Gas and the Aquarion New Hampshire companies, higher rates, colder winter weather and customer growth.

Operation and maintenance expenses increased $8.2 million due to higher utility operating costs of $5.1 million and higher labor and other costs of $3.8 million, partially offset by lower acquisition costs of $0.7 million. This increase included $3.9 million and $1.2 million related to Maine Natural Gas and the Aquarion New Hampshire companies, respectively.

The increase in depreciation and amortization expense and taxes other than income taxes reflect higher levels of utility plant in service and higher amortization of recoverable storm costs as well as expenses associated with Maine Natural Gas and the Aquarion New Hampshire companies.

Moving to Slide 9. As Tom noted earlier, our Northern Utilities rate cases are progressing well in both New Hampshire and Maine. Starting with New Hampshire, on April 1, 2026, we filed a petition for a permanent rate increase of $9.8 million. And on June 1, 2026, temporary rates of $5.5 million took effect. We have proposed a multiyear rate plan with 2-step adjustments to recover all 2026 and 2027 system investments. The rate proposal includes the continuation of revenue decoupling, but similar to our New Hampshire electric case, we have proposed a decoupling methodology change from a revenue per customer model to a total authorized revenue target. The first round of technical sessions has concluded and intervenor testimony is due November 19. Settlement conferences are scheduled in early 2027, with permanent rates taking effect April 1, 2027.

Turning to Slide 10. The Northern Utilities Maine rate case, which was filed on June 1, 2026, includes a proposed rate increase of $10.4 million. The revenue requirement in this case is based on a historical test year with adjustments to forecast rate base, revenues and expenses through the rate effective year. This approach is designed to reduce earnings attrition and is consistent with the revenue requirement approach approved in the company's prior case. We submitted rebuttal testimony on October 27. We look forward to working with all stakeholders through these proceedings, and we'll provide additional details regarding the progress of these cases on future calls.

Moving to Slide 11. As noted during our previous earnings call, our current 5-year capital investment plan through 2030 totaled approximately $1.2 billion which is an increase of 24% over the previous 5-year plan. This plan includes approximately $65 million for Bangor Natural Gas and Maine Natural Gas collectively and approximately $33 million for the Aquarion New Hampshire companies. Rate base increased $0.2 billion or 14.9% compared to the same period in 2025, and supported by the acquisition of Maine Natural Gas and the Aquarion New Hampshire companies. Over the past 5 years, rate base growth has averaged 9.5%, which is above our long-term guidance of 6.5% to 8.5%. As we have in the past, we intend to discuss our updated 5-year investment plan during the fourth quarter earnings call.

Turning to Slide 12. Our financial profile is strong and balance sheet strength remains a top priority. Our dividend payout ratio target range remains at 55% to 65% and our most recent FFO to debt ratio according to S&P was 17%, which is squarely in the middle of our long-term FFO to debt target range and well above our downgrade thresholds. We have successfully executed our 2026 financing plan, including the issuance of $200 million of long-term debt in the private placement market at a weighted average interest rate of 5.76%. In addition, to date, we have issued $27.3 million of equity through our ATM program.

I'm also pleased to report that in October, we fully repaid both tranches of the term loan utilized to finance the acquisitions of Maine Natural Gas and the Aquarion New Hampshire companies. The repayment was primarily funded through proceeds from equity issuances and long-term debt. With the term loan now fully repaid, we consider these operating companies to be fully financed with permanent capital.

Moving forward, we continue to expect cash flow from operations to fund the majority of our investment plan, with the remaining amount coming from a balanced mix of debt and equity.

I will now turn the call back over to Tom.

Tom Meissner

Great. Thanks, Dan. Ending now on Slide 13. We are on pace for another year of successful execution of our strategic priorities. Our value proposition remains the same: investing in low-risk regulated assets that generate stable cash flows while ensuring our customers receive outstanding service and reliability. We look forward to sharing more about our progress and our longer-term outlook during our year-end earnings call.

With that, I'll pass the call back to Chris. Thank you.

Christopher Goulding

Thanks, Tom. That wraps up the prepared material for this call. Thank you for attending. I'll now turn the call over to the operator, who will coordinate questions.

Operator

[Operator Instructions] I'm showing no questions at this time. This concludes our question-and-answer session and today's conference call. Thank you for participating. You may now disconnect.