Cuộc họp báo cáo kết quả kinh doanh Q3 2026 của Unitil (UTL): Tái khẳng định dự báo khi biên lợi nhuận dịch vụ tiện ích tăng

Điểm chính

• Unitil Corporation đã báo cáo lợi nhuận ròng điều chỉnh đạt 38,3 triệu USD, tương đương 2,12 USD mỗi cổ phiếu, trong 9 tháng đầu năm 2026. EPS điều chỉnh tăng 0,09 USD, tương đương 4,4%, so với cùng kỳ năm 2025.
• Ban lãnh đạo tái khẳng định dự báo EPS năm 2026 trong khoảng 3,20 USD đến 3,36 USD, với mức trung vị là 3,28 USD, đồng thời duy trì mục tiêu tăng trưởng lợi nhuận dài hạn từ 5% đến 7%.
• Biên lợi nhuận gộp điều chỉnh mảng điện tăng 11,1% lên 96,0 triệu USD, chủ yếu phản ánh giá cước phân phối cao hơn.
• Biên lợi nhuận gộp điều chỉnh mảng khí đốt tăng 12,8% lên 151,9 triệu USD, nhờ giá cước cao hơn, sự tăng trưởng khách hàng, thời tiết mùa đông lạnh hơn và đóng góp từ Maine Natural Gas.
• Unitil đã hoàn tất việc huy động vốn dài hạn cho các thương vụ thâu tóm Maine Natural Gas và mảng nước New Hampshire, đồng thời hoàn trả toàn bộ các khoản vay có thời hạn liên quan trong tháng 10.
• Kế hoạch đầu tư vốn 5 năm của công ty đến năm 2030 vẫn ở mức khoảng 1,2 tỷ USD, cao hơn 24% so với kế hoạch 5 năm trước đó.

Dữ liệu tài chính cốt lõi

Kết quả hoạt động kinh doanh và vận hành

Biên lợi nhuận gộp điều chỉnh mảng điện hưởng lợi 10,3 triệu USD nhờ giá cước tăng, nhưng bị bù trừ một phần bởi mức giảm không thường xuyên 0,7 triệu USD trong doanh thu truyền tải theo quy định của FERC. Mức cước tăng bao gồm sự hỗ trợ từ quyết định tăng cước cố định trị giá 13 triệu USD của Unitil Energy Systems có hiệu lực từ ngày 1 tháng 5 năm 2026, khoản điều chỉnh cước dựa trên hiệu suất của Fitchburg và doanh thu cao hơn từ cơ chế theo dõi vốn đầu tư. Tất cả khách hàng sử dụng điện đều áp dụng cơ chế giá cước tách rời.

Biên lợi nhuận gộp điều chỉnh mảng khí đốt ghi nhận 15,8 triệu USD từ việc tăng giá cước và phát triển khách hàng, cùng với 1,4 triệu USD nhờ thời tiết mùa đông lạnh hơn. Maine Natural Gas đã đóng góp 10,5 triệu USD trong 9 tháng đầu năm. Unitil đã bổ sung thêm khoảng 6.500 khách hàng sử dụng khí đốt so với cùng kỳ năm trước, chủ yếu thông qua thương vụ thâu tóm Maine Natural Gas. Khoảng 52% khách hàng sử dụng khí đốt áp dụng cơ chế giá cước tách rời tính đến ngày 30 tháng 9 năm 2026.

Chi phí vận hành và bảo trì tăng 8,2 triệu USD, bao gồm 5,1 triệu USD chi phí vận hành tiện ích tăng thêm và 3,8 triệu USD chi phí nhân công cùng các chi phí khác tăng thêm, nhưng được bù trừ một phần bởi 0,7 triệu USD chi phí thâu tóm giảm bớt. Maine Natural Gas và các công ty Aquarion New Hampshire lần lượt đóng góp 3,9 triệu USD và 1,2 triệu USD vào mức tăng này.

Các thương vụ thâu tóm Aquarion Water Company of New Hampshire và Abenaki Water Company đã hoàn tất vào ngày 30 tháng 6, bổ sung gần 11.000 khách hàng với mức giá khoảng 1,2 lần cơ sở tính cước. Ban lãnh đạo cho biết thương vụ thâu tóm này dự kiến sẽ trung tính đối với lợi nhuận năm 2026. Unitil cũng hoàn tất việc tích hợp Maine Natural Gas và kết thúc toàn bộ các dịch vụ chuyển tiếp còn lại.

Tiến độ triển khai hạ tầng đo đếm tiên tiến của Unitil vẫn diễn ra đúng kế hoạch. Công ty dự kiến hoàn thành việc thay thế công tơ tại New Hampshire vào cuối năm 2027 sau khi hoàn tất triển khai tại Massachusetts vào năm 2025.

Dự báo của ban lãnh đạo

Ban lãnh đạo tái khẳng định dự báo EPS năm 2026 từ 3,20 USD đến 3,36 USD, với mức trung vị là 3,28 USD. Công ty cũng duy trì mục tiêu tăng trưởng lợi nhuận dài hạn từ 5% đến 7% và dự báo tăng trưởng cơ sở tính cước dài hạn từ 6,5% đến 8,5%.

Kế hoạch đầu tư vốn hiện tại đến năm 2030 đạt tổng cộng khoảng 1,2 tỷ USD. Kế hoạch bao gồm khoảng 65 triệu USD cho Bangor Natural Gas và Maine Natural Gas kết hợp, cùng khoảng 33 triệu USD cho các công ty Aquarion New Hampshire. Ban lãnh đạo dự kiến dòng tiền từ hoạt động kinh doanh sẽ tài trợ cho phần lớn kế hoạch, phần còn lại được huy động thông qua kết hợp giữa nợ và vốn cổ phần.

Rủi ro và các yếu tố cần theo dõi

Đề xuất tăng cước cố định của Northern Utilities vẫn đang trong quá trình xem xét của cơ quan quản lý. Tại New Hampshire, Unitil đã yêu cầu mức tăng cố định 9,8 triệu USD, trong khi giá cước tạm thời 5,5 triệu USD đã có hiệu lực từ ngày 1 tháng 6 năm 2026. Ban lãnh đạo dự kiến giá cước cố định sẽ có hiệu lực vào ngày 1 tháng 4 năm 2027 sau các phiên họp kỹ thuật, lấy lời khai của bên can thiệp và các hội nghị hòa giải.

Tại Maine, Northern Utilities đã yêu cầu tăng giá cước 10,4 triệu USD. Công ty đã nộp bản giải trình phản bác vào ngày 27 tháng 10 và quá trình xử lý vẫn đang tiếp diễn.

Việc thâu tóm tiềm năng Aquarion Water Company of Massachusetts của Unitil được điều chỉnh theo một thư ngỏ ý không ràng buộc. Ban lãnh đạo cho biết giao dịch chỉ có thể tiến triển sau khi giải quyết thỏa đáng vụ việc giá cước cơ bản tại Massachusetts, với quyết định cuối cùng có thể đưa ra vào nửa cuối năm 2027.

Chi phí hoạt động, khấu hao, phân bổ và thuế cao hơn đã bù trừ một phần lợi ích từ các thương vụ thâu tóm, việc tăng giá cước, tăng trưởng khách hàng và thời tiết lạnh hơn trong 9 tháng đầu năm 2026.

Toàn văn biên bản cuộc họp công bố kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

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.