Unitil (UTL) 2026年第三季度业绩电话会议：公用事业利润率上升，重申业绩指引

核心要点

• Unitil公司公布2026年前九个月调整后净利润为3830万美元，即每股2.12美元。调整后每股收益较2025年同期增长0.09美元，增幅为4.4%。
• 管理层重申2026年每股收益指引为3.20美元至3.36美元，中位数为3.28美元，并维持5%至7%的长期盈利增长目标。
• 电力调整后毛利增长11.1%至9600万美元，主要反映了配电费率的调高。
• 燃气调整后毛利增长12.8%至1.519亿美元，这得益于费率上调、客户增长、冬季天气更为寒冷以及缅因天然气公司的贡献。
• Unitil在10月份完成了对缅因天然气公司和新罕布什尔州水务收购项目的永久性融资，并全额偿还了相关定期贷款。
• 公司截至2030年的五年资本投资计划维持在约12亿美元，比上一个五年计划高出24%。

核心财务数据

业务与运营表现

电力调整后毛利受益于费率上调带来的1030万美元增量，但部分被美国联邦能源管理委员会（FERC）输电收入70万美元的非经常性减少所抵消。费率上调包括自2026年5月1日起生效的Unitil Energy Systems 1300万美元永久费率裁决、费奇堡基于业绩的费率调整以及资本追踪器收入增长的支持。所有电力客户均运行于解耦费率机制之下。

燃气调整后毛利反映了费率上调和客户增长带来的1580万美元，以及冬季天气更冷带来的1400万美元。缅因天然气公司在前九个月贡献了1050万美元。Unitil同比新增约6,500户燃气客户，主要通过收购缅因天然气公司实现。截至2026年9月30日，约52%的燃气客户处于解耦费率机制下。

运营与维护费用增加了820万美元，包括公用事业运营成本增加510万美元、劳动力及其他成本增加380万美元，但部分被收购成本减少70万美元所抵消。缅因天然气公司和新罕布什尔州Aquarion水务公司分别占增量的390万美元和120万美元。

对新罕布什尔州Aquarion水务公司和Abenaki水务公司的收购于6月30日交割，以约1.2倍费率基数的代价新增了近11,000户客户。管理层表示，预计该项收购在2026年将对盈利保持中性。Unitil还完成了缅因天然气公司的整合，并终止了所有剩余过渡服务。

Unitil的高级计量基础设施部署按计划进行。继2025年在马萨诸塞州完成安装后，公司预计将在2027年底前完成新罕布什尔州的电表更换。

管理层指引

管理层重申2026年每股收益指引为3.20美元至3.36美元，中位数为3.28美元。公司还维持了5%至7%的长期盈利增长目标以及6.5%至8.5%的长期费率基数增长指引。

截至2030年的当前资本投资计划总计约12亿美元。其中包括对班戈天然气公司和缅因天然气公司合计约6500万美元的投资，以及对新罕布什尔州Aquarion水务公司约3300万美元的投资。管理层预计大部分资金将来自经营现金流，其余部分将通过债务和股权的组合融资解决。

风险与关注事项

Northern Utilities拟议的永久性费率上调仍需经过监管程序审议。在新罕布什尔州，Unitil申请了980万美元的永久性费率增长，而550万美元的临时费率已于2026年6月1日生效。管理层预计，在经过技术会议、介入方证言和和解会议后，永久性费率将于2027年4月1日生效。

在缅因州，Northern Utilities申请了1040万美元的费率上调。公司于10月27日提交了反驳证言，目前该程序仍在进行中。

Unitil对马萨诸塞州Aquarion水务公司的潜在收购受一份非约束性意向书约束。管理层表示，该交易只有在马萨诸塞州基础费率诉讼案取得令人满意的结论后才能推进，最终命令可能在2027年下半年出台。

在2026年前九个月，运营费用、折旧、摊销及税费的增加，部分抵消了收购、费率上调、客户增长及寒冷天气带来的积极影响。

业绩电话会议完整文字记录

完整财报电话会议逐字稿

管理层陈述

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.