FINANCIAL AND STRATEGIC UPDATE

Third Quarter 2021

November 2, 2021

Forward-Looking Statements and Use of Non-GAAP Measures

This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included in this presentation are forward-looking statements. These forward-looking statements include statements regarding Unitil Corporation's ("Unitil") financial condition, results of operations, capital expenditures, business strategy, regulatory strategy, market opportunities, and other plans and objectives. In some cases, forward-looking statements can be identified by words such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue", the negative of such terms, or other comparable terminology.

These forward-looking statements are neither promises nor guarantees, but involve risks and uncertainties that could cause the actual results to differ materially from those set forth in the forward-looking statements. Those risks and uncertainties include: the coronavirus (COVID-19) pandemic, which could adversely impact Unitil's business, financial conditions, results of operations and cash flows, including by disrupting Unitil's employees' and contractors' ability to provide ongoing services to Unitil, by reducing customer demand for electricity or natural gas, or by reducing the supply of electricity or natural gas; Unitil's regulatory and legislative environment (including laws and regulations relating to climate change, greenhouse gas emissions and other environmental matters); fluctuations in the supply of, demand for, and the prices of energy commodities and transmission capacity and Unitil's ability to recover energy commodity costs in its rates; customers' preferred energy sources; severe storms and Unitil's ability to recover storm costs in its rates; declines in the valuation of capital markets, which could require Unitil to make substantial cash contributions to cover its pension obligations, and Unitil's ability to recover pension obligation costs in its rates; general economic conditions, which could adversely affect (i) Unitil's customers and, consequently, the demand for Unitil's distribution services, (ii) the availability of credit and liquidity resources and (iii) certain of Unitil's counterparty's obligations (including those of its insurers and lenders); Unitil's ability to obtain debt or equity financing on acceptable terms; increases in interest rates, which could increase Unitil's interest expense; restrictive covenants contained in the terms of Unitil's and its subsidiaries' indebtedness, which restrict certain aspects of Unitil's business operations; variations in weather, which could cause unanticipated changes in demand for Unitil's distribution services; long-term global climate change, which could cause unanticipated changes in customer demand or cause extreme weather events that could disrupt Unitil's electric and natural gas distribution services; cyber-attacks, acts of terrorism, acts of war, severe weather, a solar event, an electromagnetic event, a natural disaster, the age and condition of information technology assets, human error, or other factors could disrupt Unitil's operations and cause Unitil to incur unanticipated losses and expense; outsourcing of services to third parties, which could expose Unitil to substandard quality of service delivery or substandard deliverables, which may result in missed deadlines or other timeliness issues, non- compliance (including with applicable legal requirements and industry standards) or reputational harm, which could negatively impact our results of operations; catastrophic events; numerous hazards and operating risks relating to Unitil's electric and natural gas distribution activities; Unitil's ability to retain its existing customers and attract new customers; increased competition; unforeseen or changing circumstances, which could adversely impact the reduction of company-wide greenhouse gas emissions; other presently known or unforeseen factors; and other risks detailed in Unitil's filings with the Securities and Exchange Commission, including those appearing under the caption "Risk Factors" in Unitil's Annual Report on Form 10-K for the year ended December 31, 2020.

Readers should not place undue reliance on any forward looking statements, which speak only as of the date they are made. Except as may be required by law, Unitil undertakes no obligation to update any forward-looking statements to reflect any change in Unitil's expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

This presentation contains Non-GAAP measures. The Company's management believes these measures are useful in evaluating its performance. Reconciliations of Non-GAAP financial measures to the most directly comparable GAAP financial measures can be found herein.

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About Unitil

Pure-play New England utility creating long-term sustainable value

We provide energy for life, safely and reliably

delivering electricity and natural gas in New England

  • Providing local electric and natural gas in our attractive service areas along New Hampshire and Maine Seacoast
    • Growing customer base supported by ongoing conversions from competing fuels
    • Service areas well positioned for continued economic growth
  • Robust investment opportunities in Electric and Natural Gas systems
    • Investments including grid modernization and resiliency are well aligned with our sustainability strategies
    • Investing in enabling technologies to allow for a greener and more efficient energy system
  • Industry leading customer service and operational excellence in both electric and natural gas operations

107,077

Electric

Customers

85,574

Natural Gas Customers

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Financials Results and Strategic Update

Strong financial results and continued execution of strategic plan

Strong Positive Financial Results

  • Third quarter 2021 breakeven Net Income and Earnings Per Share
  • Year-to-DateNet Income of $21.6 million or $1.42(1) per share
    • $0.17 per share increase compared to 2020

Expected Long-Term EPS Growth Rate at 5% - 7%

  • 2021 EPS expected to remain above higher end of long-term growth range relative to 2020

Regulatory Initiatives

  • Base rate filings for NH Electric and Gas operations progressing well
  • Temporary rates awarded and currently in effect
  • Multi-yearRate Plans with Revenue Decoupling

Solid Capital Investment Outlook

  • Investment Plan remains on track
  • Maintain expected long-term Rate Base growth of 6.5% - 8.5%
  • Committed to balance sheet strength; issued 920,000 common shares raising approximately $46.7 million, before issuance costs, in the third quarter

Commitment to Sustainability

    • Linking sustainability to strategic planning
    • Published 2021 Corporate Sustainability and Responsibility Report
  2. Weighted average common shares outstanding at September 30, 2021 reflect the issuance of 920,000 common shares during the third quarter

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Recently Issued Corporate Sustainability & Responsibility Report

Advancing several key strategies ensuring a sustainable and prosperous future

Our Carbon Reduction Commitment

In 2021, we committed to reducing Company-wide greenhouse gas emissions by at least 50% by 2030 from a 2019 baseline, and to achieve net-zero emissions by 2050 - a commitment that aligns with the Paris Climate Agreement

Smart Transportation

Transportation represents the greatest avenue for emissions reduction and a significant growth opportunity for the Company. Utility investment will support fueling infrastructure for millions of electric vehicles and compressed natural gas vehicles. Current regulatory proposals to invest in infrastructure supporting charging stations in NH and MA

Customer Engagement and Transformative Solutions

Transition from traditional customer service offerings to more personalized options is a necessary step to fulfilling evolving customer expectations and advancing the grid

Regional Supply Opportunities

Prioritizing the development of local infrastructure that supports resiliency, affordability, and opportunities to reduce methane emissions by adding local resources, including renewable natural gas (RNG), to our supply portfolio. Continuing to investigate and explore RNG opportunities with prospective producers, industry groups, and various experts

Diversity, Equity, and Inclusion (DEI)

Strengthened commitment to DEI in 2021 with Company-wide education and an ongoing Employee Awareness Campaign; reinforcing our values and enhancing our ability to attract and retain the diverse talent needed for long-term success in the evolving energy landscape

Report available at www.unitil.com

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UNITIL Corporation published this content on 02 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2021 10:59:34 UTC.