What changed in UNITIL CORP's 2024 10-K compared to 2023?

Across the narrative sections we track, UNITIL CORP (UTL) added 209 paragraphs, removed 198, and edited 177 between the 2023 and 2024 10-K filings. The biggest movers are Item 7. Management's Discussion & Analysis (+109/−107), Item 1. Business (+31/−33), Item 1A. Risk Factors (+33/−24).

Did UNITIL CORP add new Risk Factors in the 2024 10-K?

Yes — Item 1A Risk Factors shows 33 new/edited paragraphs and 24 removed paragraphs versus the 2023 10-K.

What changed in UNITIL CORP's MD&A (Item 7) in 2024?

Item 7 Management's Discussion & Analysis shows 109 new/edited paragraphs and 107 removed paragraphs year-over-year. Read the side-by-side diff to see exactly which revenue, margin, and outlook commentary was rewritten.

Did UNITIL CORP update its Cybersecurity disclosure (Item 1C) in 2024?

Item 1C Cybersecurity has 14 paragraph-level changes between the 2023 and 2024 filings.

Where does this UTL 10-K diff come from?

The source filings are UNITIL CORP's official 2023 and 2024 Form 10-K annual reports from SEC EDGAR. 10q10k.net parses each filing, aligns paragraphs by section (Item 1, 1A, 1C, 2, 3, 7, 7A), and highlights every added, removed and edited sentence side-by-side.

What changed in UNITIL CORP's 10-K — 2023 vs 2024

Paragraph-level year-over-year comparison of UNITIL CORP's 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+209 added−198 removedSource: 10-K (2025-02-10) vs 10-K (2024-02-13)

Top changes in UNITIL CORP's 2024 10-K

209 paragraphs added · 198 removed · 177 edited across 7 sections

Item 7. Management's Discussion & Analysis+109 / −107 · 93 edited
Item 1. Business+31 / −33 · 30 edited
Item 1A. Risk Factors+33 / −24 · 23 edited
Item 5. Market for Registrant's Common Equity+13 / −13 · 10 edited
Item 1C. Cybersecurity+14 / −13 · 13 edited

Item 1. Business

Business — how the company describes what it does

30 edited+1 added−3 removed30 unchanged

2023 filing

2024 filing

Biggest changeBox 43078 Providence, RI 02940-3078 Telephone: 800-736-3001 www.computershare.com/investor 7 Investor Relations For information about the Company, you may call the Company directly, toll-free, at: 800-999-6501 and ask for the Investor Relations Representative; visit the Investors page at www.unitil.com ; or contact the transfer agent, Computershare, at the number listed above.

Biggest changeBox 43078 Providence, RI 02940-3078 Telephone: 800-736-3001 www.computershare.com/investor Investor Relations For information about the Company, you may call the Company directly, toll-free, at: 800-999-6501 and ask for the Investor Relations Representative; visit the Investors page at www.unitil.com ; or contact the transfer agent, Computershare, at the number listed above. 7 Special Services & Shareholder Programs Available to Holders of Record If a shareholder’s shares of the Company’s common stock are registered directly in the shareholder’s name with the Company’s transfer agent, the shareholder is considered a holder of record of the shares.

The Company’s current Code of Ethics was approved by Unitil’s Board of Directors on January 15, 2004. This Code of Ethics, along with any amendments or waivers, is also available on Unitil’s website. Unitil’s common stock is listed on the New York Stock Exchange under the ticker symbol “UTL”.

The Company’s current Code of Ethics was approved by Unitil’s Board of Directors (the “Board”) on January 15, 2004. This Code of Ethics, along with any amendments or waivers, is also available on Unitil’s website. Unitil’s common stock is listed on the New York Stock Exchange under the ticker symbol “UTL”.

As a result of Unitil Energy now being subject to revenue decoupling, as of June 1, 2022, revenue decoupling now applies to substantially all of Unitil’s total annual electric sales volumes. Substantially all of Northern Utilities’ gas sales volumes in New Hampshire have been subject to decoupling since August 1, 2022.

Electricity is distributed by Fitchburg to approximately 30,300 customers in the communities of Fitchburg, Ashby, Townsend and Lunenburg. Fitchburg’s industrial customers include paper manufacturing and paper products companies, rubber and plastics manufacturers, precision machining and molding, non-lethal ballistics manufacturing, specialty chemicals compounding, cannabis growing and processing facilities, printing, and educational institutions.

Electricity is distributed by Fitchburg to approximately 30,500 customers in the communities of Fitchburg, Ashby, Townsend and Lunenburg. Fitchburg’s industrial customers include paper manufacturing and paper products companies, rubber and plastics manufacturers, precision machining and molding, non-lethal ballistics manufacturing, specialty chemicals compounding, cannabis growing and processing facilities, printing, and educational institutions.

Unitil Energy distributes electricity to approximately 78,100 customers in New Hampshire in the capital city of Concord as well as parts of 12 surrounding towns, and all or part of 18 towns in the southeastern and seacoast regions of New Hampshire, including the towns of Hampton, Exeter, Atkinson and Plaistow. Unitil Energy’s service territory consists of approximately 408 square miles.

Unitil Energy distributes electricity to approximately 78,900 customers in New Hampshire in the capital city of Concord as well as parts of 12 surrounding towns, and all or part of 18 towns in the southeastern and seacoast regions of New Hampshire, including the towns of Hampton, Exeter, Atkinson and Plaistow. Unitil Energy’s service territory consists of approximately 408 square miles.

Northern Utilities distributes natural gas to approximately 72,100 customers in 47 New Hampshire and southern Maine communities, from Plaistow, New Hampshire in the south to the city of Portland, Maine and then extending to Lewiston-Auburn, Maine to the north. Northern Utilities has a diversified customer base both in Maine and New Hampshire. Commercial businesses include healthcare, education, government and retail.

Northern Utilities distributes natural gas to approximately 72,700 customers in 47 New Hampshire and southern Maine communities, from Plaistow, New Hampshire in the south to the city of Portland, Maine and then extending to Lewiston-Auburn, Maine to the north. Northern Utilities has a diversified customer base both in Maine and New Hampshire. Commercial businesses include healthcare, education, government and retail.

The following services and programs are available to shareholders of record: • Internet Account Access is available at www.computershare.com/investor . • Dividend Reinvestment and Stock Purchase Plan: To enroll, please contact the Company’s Investor Relations Representative or Computershare. • Dividend Direct Deposit Service: To enroll, please contact the Company’s Investor Relations Representative or Computershare. • Direct Registration: For information, please contact Computershare at 800-935-9330 or the Company’s Investor Relations Representative at 800-999-6501.

The following services and programs are available to shareholders of record: • Online Account Access is available at www.computershare.com/investor . • Dividend Reinvestment and Stock Purchase Plan: To enroll, please contact the Company’s Investor Relations Representative or Computershare. • Dividend Direct Deposit Service: To enroll, please contact the Company’s Investor Relations Representative or Computershare. • Direct Registration: For information, please contact Computershare at 800-935-9330 or the Company’s Investor Relations Representative at 800-999-6501.

Fitchburg distributes natural gas to approximately 16,300 customers in the communities of Fitchburg, Lunenburg, Townsend, Ashby, Gardner and Westminster, all located in Massachusetts. Fitchburg’s industrial customers include paper manufacturing and paper products companies, rubber and plastics manufacturers, cannabis growing and processing facilities, printing, educational institutions.

Fitchburg distributes natural gas to approximately 16,400 customers in the communities of Fitchburg, Lunenburg, Townsend, Ashby, Gardner and Westminster, all located in Massachusetts. Fitchburg’s industrial customers include paper manufacturing and paper products companies, rubber and plastics manufacturers, cannabis growing and processing facilities, printing, educational institutions.

The Company works diligently to attract the best talent from a diverse range of sources to meet the current and future demands of our business. 6 To attract and retain a talented workforce, Unitil provides employee wages that are competitive and consistent with employee positions, skill levels, experience, knowledge and geographic location.

The Company works diligently to attract the best talent from a diverse range of sources to meet the current and future demands of the Company’s business. To attract and retain a talented workforce, Unitil provides employee wages that are competitive and consistent with employee positions, skill levels, experience, knowledge and geographic location.

Granite State provides Northern Utilities with interconnection to major natural gas pipelines and access to domestic natural gas supplies in the south and Canadian natural gas supplies in the north. Granite State had operating revenue of $8.7 million in 2023.

In addition, Unitil is the parent company of Granite State, an interstate natural gas transmission pipeline company that provides interstate natural gas pipeline access and transportation services to Northern Utilities in its New Hampshire and Maine service territory. Together, Unitil’s three distribution utilities serve approximately 108,500 electric customers and 88,400 natural gas customers.

In addition, Unitil is the parent company of Granite State, an interstate natural gas transmission pipeline company that provides interstate natural gas pipeline access and transportation services to Northern Utilities in its New Hampshire and Maine service territory. Together, Unitil’s three distribution utilities serve approximately 109,400 electric customers and 89,100 natural gas customers.

Unitil’s principal business is the local distribution of electricity and natural gas to approximately 196,900 customers throughout its service territories in the states of New Hampshire, Massachusetts and Maine.

Unitil’s principal business is the local distribution of electricity and natural gas to approximately 198,500 customers throughout its service territories in the states of New Hampshire, Massachusetts and Maine.

INVESTOR INFORMATION Annual Meeting The Company’s annual meeting of shareholders is scheduled to be held at the offices of the Company, 6 Liberty Lane West, Hampton, New Hampshire, on Wednesday, May 1, 2024, at 11:30 a.m.

Unitil Energy’s 2023 electric operating revenue was $222.6 million, of which approximately 62% was derived from residential sales and 38% from commercial and industrial (C&I) sales. Fitchburg is engaged in the distribution of both electricity and natural gas in the greater Fitchburg area of north central Massachusetts. Fitchburg’s service territory encompasses approximately 170 square miles.

Unitil Energy’s 2024 electric operating revenue was $164.7 million, of which approximately 57% was derived from residential sales and 43% from commercial and industrial (C&I) sales. Fitchburg is engaged in the distribution of both electricity and natural gas in the greater Fitchburg area of north central Massachusetts. Fitchburg’s service territory encompasses approximately 170 square miles.

Northern Utilities’ industrial base includes manufacturers in the auto, housing, paper, printing, textile, pharmaceutical, electronics, wire and food production industries as well as a military installation. Northern Utilities’ 2023 gas operating revenue was $195.5 million, of which approximately 37% was derived from residential firm sales and 63% from C&I firm sales.

Northern Utilities’ industrial base includes manufacturers in the auto, housing, paper, printing, textile, pharmaceutical, electronics, wire and food production industries as well as a military installation. Northern Utilities’ 2024 gas operating revenue was $188.7 million, of which approximately 38% was derived from residential firm sales and 62% from C&I firm sales.

Fitchburg’s 2023 gas operating revenue was $46.4 million, of which approximately 59% was derived from residential firm sales and 41% from C&I firm sales. Gas Transmission Pipeline Operations Granite State is an interstate natural gas transmission pipeline company, operating 85 miles of underground gas transmission pipeline primarily located in Maine and New Hampshire.

Fitchburg’s 2024 gas operating revenue was $48.0 million, of which approximately 57% was derived from residential firm sales and 43% from C&I firm sales. Gas Transmission Pipeline Operations Granite State is an interstate natural gas transmission pipeline company, operating 85 miles of underground gas transmission pipeline primarily located in Maine and New Hampshire.

The following table details by subsidiary the employees covered by a collective bargaining agreement (CBA) as of December 31, 2023: Employees Covered CBA Expiration Fitchburg 47 5/31/2027 Northern Utilities NH Division 37 06/07/2025 Northern Utilities ME Division 39 03/31/2026 Granite State 5 03/31/2026 Unitil Energy 43 5/31/2028 Unitil Service - Gas Control 6 3/31/2024 Unitil Service 5 5/31/2028 The CBAs provide discrete salary adjustments, established work practices and uniform benefit packages.

The following table details by subsidiary the employees covered by a collective bargaining agreement (CBA) as of December 31, 2024: Employees Covered CBA Expiration Fitchburg 46 5/31/2027 Northern Utilities NH Division 36 06/07/2025 Northern Utilities ME Division 40 03/31/2026 Granite State 4 03/31/2026 Unitil Energy 41 5/31/2028 Unitil Service 5 5/31/2028 The CBAs provide discrete salary adjustments, established work practices and uniform benefit packages.

The Company’s total operating revenue was $557.1 million in 2023. Unitil’s operating revenue is substantially derived from regulated electric and natural gas distribution utility operations.

The Company’s total operating revenue was $494.8 million in 2024. Unitil’s operating revenue is substantially derived from regulated electric and natural gas distribution utility operations.

Fitchburg’s 2023 electric operating revenue was $83.9 million, of which approximately 57% was derived from residential sales and 43% from C&I sales. Natural Gas Operations Unitil’s natural gas operations include gas distribution utility operations and interstate gas transmission pipeline operations. Revenue from Unitil’s gas operations was $250.6 million in 2023, which represents about 45% of Unitil’s total operating revenue.

Fitchburg’s 2024 electric operating revenue was $83.6 million, of which approximately 58% was derived from residential sales and 42% from C&I sales. Natural Gas Operations Unitil’s natural gas operations include gas distribution utility operations and interstate gas transmission pipeline operations. Revenue from Unitil’s gas operations was $246.5 million in 2024, which represents about 50% of Unitil’s total operating revenue.

All employees are eligible for health insurance, paid and unpaid leave, educational assistance, retirement plan and life and disability/accident coverage. Feedback from employees is collected annually in the Company’s employee opinion survey. This feedback helps create action plans to improve the engagement of employees consistent with the Company’s culture of continuous improvement.

The Company’s GAAP Gas Gross Margin was $114.1 million in 2023. The Company’s Gas Adjusted Gross Margin (a non-GAAP financial measure) was $154.5 million in 2023, or 60% of Unitil’s total Adjusted Gross Margin.

The Company’s GAAP Gas Gross Margin was $120.1 million in 2024. The Company’s Gas Adjusted Gross Margin (a non-GAAP financial measure) was $166.9 million in 2024, or 61% of Unitil’s total Adjusted Gross Margin.

Unitil Service provides, at cost, a variety of administrative and professional services, including regulatory, financial, accounting, human resources, engineering, operations, technology and energy supply management services on a centralized basis to its affiliated Unitil companies. Unitil Realty owns and manages the Company’s corporate office in Hampton, New Hampshire and 3 land for future use in Kingston, New Hampshire.

For segment information relating to each segment’s revenue, earnings and assets, see Note 2 (Segment Information) to the Consolidated Financial Statements included in Part II, Item 8 (Financial Statements and Supplementary Data) of this report.

Unitil Resources is the Company’s wholly-owned non-regulated subsidiary which currently does not have any activity. For segment information relating to each segment’s revenue, earnings and assets, see Note 2 (Segment Information) to the Consolidated Financial Statements included in Part II, Item 8 (Financial Statements and Supplementary Data) of this report.

Also see Note 6 (Energy Supply) and Note 7 (Commitments and Contingencies) to the accompanying Consolidated Financial Statements for additional information regarding rates and regulation. EMPLOYEES As of December 31, 2023, the Company and its subsidiaries had 531 employees. The Company considers its relationship with employees to be good and has not experienced any major labor disruptions.

Also see Note 1 (Summary of Significant Accounting Policies), Note 6 (Energy Supply) and Note 7 (Commitments and Contingencies) to the accompanying Consolidated Financial Statements for additional information regarding rates and regulation. EMPLOYEES As of December 31, 2024, the Company and its subsidiaries had 544 employees.

The Company strives to be the employer of choice in the communities it serves—regardless of race, religion, color, gender, or sexual orientation.

The Company considers its relationship with employees to be good and has not experienced any major labor disruptions. The Company strives to be the employer of choice in the communities it serves—regardless of race, religion, color, gender, or sexual orientation.

Revenue Decoupling Estimated Percentage of Decoupled Sales For Periods Presented Electric Before June 1, 2022 27% After June 1, 2022 Substantially All Gas Before August 1, 2022 11% After August 1, 2022 42% Non-Regulated and Other Non-Utility Operations The results of Unitil’s other non-utility subsidiaries, Unitil Service, Unitil Resources, Unitil Realty, and the holding company, are included in the Company’s consolidated results of operations.

The Company's electric and gas sales in New Hampshire and Massachusetts are now largely decoupled. Northern Utilities’ gas sales volumes in Maine are not subject to revenue decoupling. Non-Regulated and Other Non-Utility Operations The results of Unitil’s other non-utility subsidiaries, Unitil Service, Unitil Resources, Unitil Realty, and the holding company, are included in the Company’s consolidated results of operations.

Revenue from Unitil’s electric utility operations was $306.5 million in 2023, which represents about 55% of Unitil’s total operating revenue. The Company’s GAAP Electric Gross Margin was $78.1 million in 2023. The Company’s Electric Adjusted Gross Margin (a non-GAAP financial measure) was $104.1 million in 2023, or 40% of Unitil’s total Adjusted Gross Margin.

The Company’s Electric Adjusted Gross Margin (a non-GAAP financial measure) was $107.3 million in 2024, or 39% of Unitil’s total Adjusted Gross Margin.

As of December 31, 2023, a total of 182 employees of certain of the Company’s subsidiaries were represented by labor unions.

This feedback helps create action plans to improve the engagement of employees consistent with the Company’s culture of continuous improvement. 6 As of December 31, 2024, a total of 172 employees of certain of the Company’s subsidiaries were represented by labor unions.

All of the Company’s revenues are attributable to customers in the United States of America and all its long-lived assets are located in the United States of America. OPERATIONS Electric Distribution Utility Operations Unitil’s electric distribution operations are conducted through two of the Company’s utilities, Unitil Energy and Fitchburg.

All of the Company’s revenues are attributable to customers in the United States of America and all its long-lived assets are located in the United States of America. On January 31, 2025, Unitil Corporation acquired Bangor Natural Gas Company, a natural gas distribution utility. Bangor Natural Gas Company was incorporated under the laws of the State of Maine in 1998.

Customers Served as of December 31, 2023 Residential Commercial & Industrial (C&I) Total Electric: Unitil Energy 66,762 11,352 78,114 Fitchburg 26,211 4,129 30,340 Total Electric 92,973 15,481 108,454 Natural Gas: Northern Utilities 55,040 17,011 72,051 Fitchburg 14,612 1,734 16,346 Total Natural Gas 69,652 18,745 88,397 Total Customers Served 162,625 34,226 196,851 Unitil had an investment in Net Utility Plant of $1,420.9 million at December 31, 2023.

Customers Served as of December 31, 2024 Residential Commercial & Industrial (C&I) Total Electric: Unitil Energy 67,428 11,464 78,892 Fitchburg 26,386 4,166 30,552 Total Electric 93,814 15,630 109,444 Natural Gas: Northern Utilities 55,570 17,124 72,694 Fitchburg 14,685 1,749 16,434 Total Natural Gas 70,255 18,873 89,128 Total Customers Served 164,069 34,503 198,572 Unitil had an investment in Net Utility Plant of $1,539.6 million at December 31, 2024.

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Unitil Realty owns and manages the Company’s corporate office in Hampton, New Hampshire. 3 Unitil Resources is the Company’s wholly-owned non-regulated subsidiary which currently does not have any activity.

Added

OPERATIONS Electric Distribution Utility Operations Unitil’s electric distribution operations are conducted through two of the Company’s utilities, Unitil Energy and Fitchburg. Revenue from Unitil’s electric utility operations was $248.3 million in 2024, which represents about 50% of Unitil’s total operating revenue. The Company’s GAAP (as defined below) Electric Gross Margin was $78.0 million in 2024.

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The Company's electric and gas sales in New Hampshire and Massachusetts are now largely decoupled. 5 The following table shows the estimated percentages, as of December 31, 2023, of electric and gas sales that are subject to revenue decoupling for the periods presented.

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Special Services & Shareholder Programs Available to Holders of Record If a shareholder’s shares of our common stock are registered directly in the shareholder’s name with the Company’s transfer agent, the shareholder is considered a holder of record of the shares.

Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

23 edited+10 added−1 removed74 unchanged

2023 filing

2024 filing

Biggest changeAlso, if the Company is unable to recover in its rates a significant amount of costs associated with catastrophic events, or if the Company’s recovery of such costs in its rates is significantly delayed, the Company’s financial condition, results or operations, or cash flows may be adversely affected. 13 The Company’s business could be adversely affected if it is unable to retain its existing customers or attract new customers, or if customers’ demand for its current products and services significantly decreases.

The Company’s operational and information systems on which it relies to conduct its business and serve customers could fail to function properly due to technological problems, a cyber-attack, acts of terrorism, severe weather, a solar event, an electromagnetic event, a natural disaster, the age and condition of information technology assets, human error, or other reasons, that could disrupt the Company’s operations and cause the Company to incur unanticipated losses and expense.

The Company’s operational and information systems on which it relies to conduct its business and serve customers could fail to function properly due to technological problems, a cyber-attack, acts of terrorism, severe weather, a solar event, an 8 electromagnetic event, a natural disaster, the age and condition of information technology assets, human error, or other reasons, that could disrupt the Company’s operations and cause the Company to incur unanticipated losses and expense.

In addition, a period of prolonged economic weakness could affect our customers’ ability to pay bills in a timely manner and increase customer bankruptcies, which may lead to increased bad debt expenses or other adverse effects on our financial position, results of operations, and cash flows. A significant amount of the Company’s sales are temperature sensitive.

In addition, a period of prolonged economic weakness could affect the Company’s customers’ ability to pay bills in a timely manner and increase customer bankruptcies, which may lead to increased bad debt expenses or other adverse effects on the Company’s financial position, results of operations, and cash flows. A significant amount of the Company’s sales are temperature sensitive.

The location of pipelines, storage facilities and electric distribution equipment near populated areas (including residential areas, commercial business centers and industrial sites) could increase the level of damages associated with these 8 hazards and operating risks. The occurrence of any of these events could adversely affect the Company’s financial position or results of operations.

The location of pipelines, storage facilities and electric distribution equipment near populated areas (including residential areas, commercial business centers and industrial sites) could increase the level of damages associated with these hazards and operating risks. The occurrence of any of these events could adversely affect the Company’s financial position or results of operations.

In addition, shortages in highly skilled employees coupled with competitive pressures may require the Company to incur additional employee recruiting and compensation expenses. The Company may be adversely affected by work stoppages, labor disputes, and/or pandemic illness to which it may not be able to promptly respond.

In addition, shortages in highly skilled 9 employees coupled with competitive pressures may require the Company to incur additional employee recruiting and compensation expenses. The Company may be adversely affected by work stoppages, labor disputes, and/or pandemic illness to which it may not be able to promptly respond.

The inability to attract and retain a qualified workforce including, but not limited to, executive officers, key employees and employees with specialized skills, could have an adverse effect on the Company’s operations. The success of our business depends on the leadership of our executive officers and other key employees to implement our business strategies.

The inability to attract and retain a qualified workforce including, but not limited to, executive officers, key employees and employees with specialized skills, could have an adverse effect on the Company’s operations. The success of the Company’s business depends on the leadership of the Company’s executive officers and other key employees to implement the Company’s business strategies.

Economic downturns or periods of high electric and gas supply costs typically can lead to the development of legislative and regulatory policy designed to promote reductions in energy consumption and increased energy efficiency and self-generation by customers. This focus on conservation, energy efficiency and self-generation may result in a decline in electricity and gas sales in our service territories.

Therefore, mild winter temperatures could decrease the amount of natural gas sold by the Company, which could adversely affect the Company’s financial condition, results of operations, and cash flows. The Company’s electric sales also are temperature sensitive, but less so than its natural gas sales.

A significant amount of the Company’s natural gas sales are temperature sensitive. Therefore, mild winter temperatures could decrease the amount of natural gas sold by the Company, which could adversely affect the Company’s financial condition, results of operations, and cash flows. The Company’s electric sales also are temperature sensitive, but less so than its natural gas sales.

The Company’s Board of Directors reviews Unitil’s dividend policy periodically in light of a number of 12 business and financial factors, including those referred to in this report, and the Company cannot assure the amount of dividends, if any, that may be paid in the future.

The Board reviews Unitil’s dividend policy periodically in light of a number of business and financial 12 factors, including those referred to in this report, and the Company cannot assure the amount of dividends, if any, that may be paid in the future.

Item 1A. Risk Factors When considering an investment in our securities, investors should consider the following risk factors, as well as the information contained under the caption “Cautionary Statement” immediately following the Table of Contents in this Annual Report on Form 10-K.

Item 1A. Risk Factors When considering an investment in the Company’s securities, investors should consider the following risk factors, as well as the information contained under the caption “Cautionary Statement” immediately following the Table of Contents in this Annual Report on Form 10-K.

A downgrade of our credit rating or events beyond our control, such as a disruption in global capital and credit markets, could increase our cost of borrowing and cost of capital or restrict our ability to access the capital markets and negatively affect our ability to maintain and to expand our businesses.

A downgrade of the Company’s credit rating or events beyond the Company’s control, such as a disruption in global capital and credit markets, could increase the Company’s cost of borrowing and cost of capital or restrict the Company’s ability to access the capital markets and negatively affect the Company’s ability to maintain and to expand the Company’s businesses.

We outsource certain business functions to third-party suppliers and service providers, and substandard performance by those third parties could harm our business, reputation and results of operations. We outsource certain services to third parties in areas including information technology, telecommunications, networks, transaction processing, human resources, payroll and payroll processing and other areas.

We outsource certain business functions to third-party suppliers and service providers, and substandard performance by those third parties could harm the Company’s business, reputation and results of operations. We outsource certain services to third parties in areas including information technology, telecommunications, networks, transaction processing, human resources, payroll and payroll processing and other areas.

The inability to maintain a qualified workforce including, but not limited to, executive officers, key 9 employees and employees with specialized skills, may negatively affect our ability to service our existing or new customers, or successfully manage our business or achieve our business objectives.

The inability to maintain a qualified workforce including, but not limited to, executive officers, key employees and employees with specialized skills, may negatively affect the Company’s ability to service the Company’s existing or new customers, or successfully manage the Company’s business or achieve the Company’s business objectives.

If any such declines were to occur without corresponding adjustments in rates, our revenues would be reduced and our future growth prospects would be limited.

If any such declines were to occur without corresponding adjustments in rates, the Company’s revenues would be reduced and the Company’s future growth prospects would be limited.

In addition, before the Company can pay dividends on its common stock, it must satisfy its debt obligations and comply with any statutory or contractual limitations. As of February 13, 2024, the Company’s current effective annualized dividend is $1.70 per share of common stock, payable quarterly.

In addition, before the Company can pay dividends on its common stock, it must satisfy its debt obligations and comply with any statutory or contractual limitations. As of February 10, 2025, the Company’s current effective annualized dividend is $1.80 per share of common stock, payable quarterly.

As of December 31, 2023, the Company had approximately $162.0 million in short-term debt outstanding under its revolving credit facility. If the lending counterparties under the Company’s current credit facility are unwilling or unable to meet their funding obligations, the Company may be unable to, or limited in its ability, to borrow under its credit facility.

As of December 31, 2024, the Company had approximately $105.8 million in short-term debt outstanding under its revolving credit facility. If the lending counterparties under the Company’s current credit facility are unwilling or unable to meet their funding obligations, the Company may be unable to, or limited in its ability, to borrow under its credit facility.

The level of economic activity in the Company’s electric and natural gas distribution service territories directly affects the Company’s business. As a result, adverse changes in the economy may adversely affect the Company’s financial condition, results or operations, and cash flows.

The Company’s business is influenced by the economic activity within its service territory. The level of economic activity in the Company’s electric and natural gas distribution service territories directly affects the Company’s business. As a result, adverse changes in the economy may adversely affect the Company’s financial condition, results or operations, and cash flows.

Because of this, mild winter and summer temperatures could decrease the Company’s sales, which could adversely affect the Company’s financial condition and results of operations. Also, the Company’s sales may vary from year to year depending on weather conditions, and the Company’s results of operations generally reflect seasonality. A significant amount of the Company’s natural gas sales are temperature sensitive.

Because of this, mild winter and summer temperatures could decrease the Company’s sales, which could adversely affect the Company’s financial condition and 13 results of operations. Also, the Company’s sales may vary from year to year depending on weather conditions, and the Company’s results of operations generally reflect seasonality.

Outsourcing of services to third parties could expose us 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 affect our results of operations. We also continue to pursue enhancements to modernize our systems and processes.

In addition, certain regulatory authorities have the statutory authority to impose financial penalties and other sanctions on the Company if the Company is found to have violated statutes, rules or regulations governing its utility operations. Any such penalties or sanctions could adversely affect the Company’s financial condition, results of operations, and cash flows.

If any difficulties in the operation of these systems were to occur, they could adversely affect our results of operations, or adversely affect our ability to work with regulators, unions, customers or employees.

We also continue to pursue enhancements to modernize the Company’s systems and processes. If any difficulties in the operation of these systems were to occur, they could adversely affect the Company’s results of operations, or adversely affect the Company’s ability to work with regulators, unions, customers or employees.

GENERAL RISKS The Company’s electric and natural gas sales and revenues are highly correlated with the economy, and national, regional and local economic conditions may adversely affect the Company’s customers and correspondingly the Company’s financial condition, results of operations, and cash flows. The Company’s business is influenced by the economic activity within its service territory.

Any of these factors may adversely affect the Company’s financial condition or results of operations. GENERAL RISKS The Company’s electric and natural gas sales and revenues are highly correlated with the economy, and national, regional and local economic conditions may adversely affect the Company’s customers and correspondingly the Company’s financial condition, results of operations, and cash flows.

New, or changes to existing, environmental regulation, including those related to climate change or greenhouse gas emissions, and the incurrence of environmental liabilities could adversely affect the Company’s financial condition, results of operations, and cash flows.

The Company’s business is subject to environmental regulation in all jurisdictions in which it operates and its costs of compliance are significant. New, or changes to existing, environmental regulation, including those related to climate change 10 or greenhouse gas emissions, and the incurrence of environmental liabilities could adversely affect the Company’s financial condition, results of operations, and cash flows.

Removed

Any such penalties or sanctions could adversely affect the Company’s financial condition, results of operations, and cash flows. 10 The Company’s business is subject to environmental regulation in all jurisdictions in which it operates and its costs of compliance are significant.

Added

The Company has made and may make acquisitions and may pursue other strategic transactions, which could impact the Company’s financial condition or results of operations.

Added

As part of the Company’s business strategy, the Company has made and may make acquisitions to add complementary companies, assets, services or products, and from time to time may enter into other strategic transactions such as investments and joint ventures.

Added

For example, on July 8, 2024, the Company entered into a Stock Purchase Agreement (the “Purchase Agreement”) among the Company, PHC Utilities, Inc., an Ohio corporation (the “Seller”), and Hearthstone Utilities, Inc., d/b/a Hope Companies, Inc., an Ohio corporation, pursuant to which the Company agreed to acquire all the issued and outstanding shares of capital stock of Bangor Natural Gas Company, a Maine corporation, from the Seller, for $70.9 million in cash, subject to adjustment as set forth in the Purchase Agreement (the transaction, the “Bangor Transaction”).

Added

The acquisition closed on January 31, 2025. In the future, the Company may not be able to find suitable acquisition candidates, and may not be able to complete acquisitions or other strategic transactions on favorable terms, or at all.

Added

In some cases, the costs of such acquisitions or other strategic transactions may be substantial, and there is no assurance that the Company will realize expected synergies and potential monetization opportunities for the Company’s acquisitions, or a favorable return on investment for strategic investments.

Added

The Company may pay substantial amounts of cash, issue equity, or incur debt to pay for acquisitions or strategic transactions. The Company may also discover liabilities, deficiencies, or other claims associated with the companies or assets acquired that were not identified in advance, which may result in significant unanticipated costs.

Added

In addition, the Company may fail to accurately forecast the financial impact of an acquisition or other strategic transaction, including tax and accounting charges. Any of these factors may adversely affect the Company’s financial condition or results of operations. Potential tariffs could adversely affect the Company’s business and financial results.

Added

The Company purchases natural gas from U.S. domestic and Canadian supply sources largely under contracts of one year or less. On occasion, the Company purchases natural gas from producers and marketers on the spot market.

Added

The U.S. presidential administration has proposed the implementation of a number of tariffs, including tariffs on energy imports from Canada, which could significantly increase the cost of natural gas in the U.S., potentially decreasing customer demand for natural gas. The Company may also need to obtain natural gas from other sources, when possible.

Added

The Company’s business could be adversely affected if it is unable to retain its existing customers or attract new customers, or if customers’ demand for its current products and services significantly decreases.

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

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2023 filing

2024 filing

Biggest changeGovernance Unitil Corporation’s Board of Directors (the “Board”) is responsible for oversight of the Company’s ERM program, including risks from cybersecurity threats. The Board has not assigned that responsibility to any committee or subcommittee of the Board.

Biggest changeGovernance 15 The Board is responsible for oversight of the Company’s ERM program, including risks from cybersecurity threats. The Board has not assigned that responsibility to any committee or subcommittee of the Board. The Company’s management generally provides the Board with updates on and assessments of ongoing and emerging risks from cybersecurity threats at regularly scheduled Board meetings.

The Company’s cybersecurity management team assesses and manages the Company’s material risks from cybersecurity threats through or by: · active monitoring of cyber threat alerts, warnings, advisories, notices, vulnerability assessments, incident bulletins, security briefings, reports and white papers from industry and national organizations, including: downstream 15 Natural Gas Information Sharing and Analysis Center; Electricity Information Sharing and Analysis Center; Cybersecurity and Infrastructure Security Agency; and Federal Bureau of Investigation; · threat and vulnerability management; · vendor security posture assessment; · Industrial Control System and Supervisory Control and Data Acquisition infrastructure protection at electric substations and natural gas plants; and · leading the Company’s Cyber Incident Response Team.

The Company’s cybersecurity management team assesses and manages the Company’s material risks from cybersecurity threats through or by: • active monitoring of cyber threat alerts, warnings, advisories, notices, vulnerability assessments, incident bulletins, security briefings, reports and white papers from industry and national organizations, including: downstream Natural Gas Information Sharing and Analysis Center; Electricity Information Sharing and Analysis Center; Cybersecurity and Infrastructure Security Agency; and Federal Bureau of Investigation; • threat and vulnerability management; • vendor security posture assessment; • Industrial Control System and Supervisory Control and Data Acquisition infrastructure cyber security protection at electric substations and natural gas plants; and • leading the Company’s Cyber Incident Response Team.

The Cyber Incident Response Plan was developed using the guidelines described in the National Institute of Standards and Technology Special Publication 800-61 Revision 2 Computer Security Incident Handling Guide, has been reviewed and assessed by outside experts, is updated annually, and is used to train for cybersecurity incidents.

The Cyber Incident Response Plan was developed using the guidelines described in the National Institute of Standards and Technology Special Publication 800-61 Revision 2 Computer Security Incident Handling Guide, has been reviewed and assessed by outside experts, is updated 16 annually, and is used to train for cybersecurity incidents.

The Company uses the results of these assessments to benchmark the Company’s cybersecurity posture, to identify risks from cybersecurity threats, to prioritize any such risks that may have potential material effects on the Company, and to establish effective controls to manage, mitigate and remediate such risks. 14 The Cybersecurity Plan is part of the Company’s corporate Enterprise Risk Management (ERM) program.

The Company uses the results of these assessments to benchmark the Company’s cybersecurity posture, to identify risks from cybersecurity threats, to prioritize any such risks that may have potential material effects on the Company, and to establish effective controls to manage, mitigate and remediate such risks. The Cybersecurity Plan is part of the Company’s corporate Enterprise Risk Management (ERM) program.

The Director of Information Security has primary responsibility for the cyber security program including threat and vulnerability management, vendor security posture assessment, Industrial Control System (ICS) and SCADA infrastructure protection at electric substations and natural gas plants, as well as leading the Cyber Incident Response Team.

The Director of Information Security and Cyber Operations has primary responsibility for the cyber security program including threat and vulnerability management, vendor security posture assessment, Industrial Control System (ICS) and SCADA infrastructure cyber security protection at electric substations and natural gas plants, as well as leading the Cyber Incident Response Team.

Item 1C. Cyber security For purposes of the following disclosure, the terms “cybersecurity incident” and “cybersecurity threat” have the meanings given to such terms in Item 106 of Regulation S-K promulgated under the Securities Exchange Act of 1934. Risk management and strategy The Company has a Cybersecurity Plan for assessing, identifying, and managing material risks from cybersecurity threats.

Item 1C. Cyber security For purposes of the following disclosure, the terms “cybersecurity incident” and “cybersecurity threat” have the meanings given to such terms in Item 106 of Regulation S-K promulgated under the Exchange Act. Risk management and strategy The Company has a Cybersecurity Plan for assessing, identifying, and managing material risks from cybersecurity threats.

During the fiscal year ended, and as of, December 31, 2023, there were no risks from cybersecurity threats (including as a result of previous cybersecurity incidents) that have materially affected or are reasonably likely to materially affect the Company (including its business strategy, results of operations, or financial condition).

During the fiscal year ended, and as of, December 31, 2024, there were no risks from cybersecurity threats (including as a result of previous cybersecurity incidents) that have materially affected or are reasonably likely to materially affect the Company (including its business strategy, results of operations, or financial condition).

Also, in the event of a cybersecurity threat or cybersecurity incident, the Company’s cybersecurity management team will conduct an investigation and impact analysis and, as necessary, the CTO will activate the Company’s Cyber Incident Response Team.

Also, in the event of a cybersecurity threat or cybersecurity incident, the Company’s cybersecurity management team will investigate and perform impact analysis and, as necessary, the CTO will activate the Company’s Cyber Incident Response Team.

The team includes the Company’s Chief Technology Officer and Vice President of Information Technology (the “CTO”), the Director of Information Security, and two Cybersecurity Analysts, all of whom have an educational background relevant to, professional experience in, or other expertise in cybersecurity. This team is supported by the Company’s Information Technology department.

The team includes the Company’s Chief Technology Officer and Vice President of Information Technology (the “CTO”), the Director of Information Security and Cyber Operations, Manager of Cyber Security Operations and two Cyber Operations Engineers, all of whom have an educational background relevant to, professional experience in, or other expertise in cybersecurity.

The CTO has overall management responsibility for the Company’s cybersecurity. The CTO reports to the Company’s Chief Executive Officer. The Director of Information Security holds a Bachelor of Science in Computer Science and a Masters Certificate in Cyber Security with a concentration in Power Systems and has over 30 years of experience in the information technology field.

The Director of Information Security and Cyber Operations holds a Bachelor of Science in Computer Science and a Masters Certificate in Cyber Security with a concentration in Power Systems and has over 30 years of experience in the information technology field.

The CTO holds a Master of Business Administration and a Bachelor of Science in Electrical Engineering with over 30 years of professional experience in the utility industry with extensive management experience in engineering, operations and information technology. The CTO also assumes responsibilities as the Company’s Chief Information Security Officer and its Chief Cyber Security Officer.

This team is supported by the Company’s Information Technology department. The CTO holds a Master of Business Administration and a Bachelor of Science in Electrical Engineering with over 30 years of professional experience in the utility industry with extensive management experience in engineering, operations and information technology.

The Company’s management generally provides the Board with updates on and assessments of ongoing and emerging risks from cybersecurity threats at regularly scheduled Board meetings. The Company’s cybersecurity management team is responsible for assessing and managing the Company’s material risks from cybersecurity threats, including implementing the Cybersecurity Plan.

The Company’s cybersecurity management team is responsible for assessing and managing the Company’s material risks from cybersecurity threats, including implementing the Cybersecurity Plan.

One of the Cybersecurity Analysts has a Bachelor of Science in Information Technology and the other has a Bachelor of Science in Criminal Justice / Computer Crime and Digital Forensics, and the Cybersecurity Analysts have a combined 25 years of experience in various information technology and cyber roles.

The Manager of Cyber Security Operations has a Bachelor of Science in Information Technology and over 20 years of experience in various information technology and cyber roles.

Added

The CTO also assumes responsibilities as the Company’s Chief Information Security Officer and Chief Cyber Security Officer. The CTO has overall management responsibility for the Company’s cybersecurity. The CTO reports to the Company’s Chief Executive Officer.

Item 2. Properties

Properties — owned and leased real estate

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2023 filing

2024 filing

Biggest changeElectric Operations Description Unitil Energy Fitchburg Total Primary Transmission and Distribution Pole Miles—Overhead 1,288 452 1,740 Conduit Distribution Bank Miles—Underground 242 69 311 Transmission and Distribution Substations* 26 11 37 Transformer Capacity of Transmission and Distribution Substations** (MVA) 454.6 414.4 869.0 * Includes locations that are normally in-service sources of distribution circuits through the use of transformer(s). ** Does not include load served directly from sub-transmission. 16 Natural Gas Operations Northern Utilities Description NH ME Fitchburg Granite State Total Underground Natural Gas Mains—Miles 582 617 271 — 1,470 Natural Gas Transmission Pipeline—Miles — — — 85 85 Service Pipes 24,855 24,156 11,255 — 60,266 Unitil Energy’s electric substations are located on land owned by Unitil Energy or land occupied by Unitil Energy pursuant to perpetual easements in the southeastern seacoast and state capital regions of New Hampshire .

Biggest changeElectric Operations Description Unitil Energy Fitchburg Total Primary Transmission and Distribution Pole Miles—Overhead 1,289 452 1,741 Conduit Distribution Bank Miles—Underground 241 69 310 Transmission and Distribution Substations* 26 11 37 Transformer Capacity of Transmission and Distribution Substations** (MVA) 458.1 410.9 869.0 * Includes locations that are normally in-service sources of distribution circuits through the use of transformer(s). ** Does not include load served directly from sub-transmission.

Item 2. Properties As of December 31, 2023, Unitil owned through its natural gas and electric distribution utilities, five utility operating centers located in New Hampshire, Maine and Massachusetts. The Company’s real estate subsidiary, Unitil Realty, owns the Company’s corporate headquarters building and the land on which it is located in Hampton, New Hampshire.

Item 2. Properties As of December 31, 2024, Unitil owned through its natural gas and electric distribution utilities, five utility operating centers located in New Hampshire, Maine and Massachusetts. The Company’s real estate subsidiary, Unitil Realty, owns the Company’s corporate headquarters building and the land on which it is located in Hampton, New Hampshire.

FG&E’s gas mains are primarily made up of polyethylene plastic (45.0%), coated steel (43.3%), cast iron (10.4%), bare steel (1.1%), and wrought and ductile iron (0.2%). Granite State’s underground natural gas transmission pipeline, regulated by the FERC, is located primarily in Maine and New Hampshire. The Company believes that its facilities are currently adequate for their intended uses.

FG&E’s gas mains are primarily made up of polyethylene plastic (46.9%), coated steel (43.3%), cast iron (8.5%), bare steel (1.1%), and wrought and ductile iron (0.2%). Granite State’s underground natural gas transmission pipeline, regulated by the FERC, is located primarily in Maine and New Hampshire. The Company believes that its facilities are currently adequate for their intended uses.

Fitchburg owns a propane air gas plant and an LNG storage and vaporization facility, both of which are located on land owned by Fitchburg in north central Massachusetts. Northern Utilities’ gas mains are primarily made up of polyethylene plastic (83.8%), coated and wrapped cathodically protected steel (15.2%), cast/wrought iron (0.9%), and unprotected bare and coated steel (0.1%).

Fitchburg owns a propane air gas plant and an LNG storage and vaporization facility, both of which are located on land owned by Fitchburg in north central Massachusetts. Northern Utilities’ gas mains are primarily made up of polyethylene plastic (84.7%), coated and wrapped cathodically protected steel (15.3%), cast/wrought iron (0.0%), and unprotected bare and coated steel (0.0%).

Fitchburg’s electric distribution lines and gas mains are located in, on, or under public highways or private lands pursuant to lease, easement, permit, municipal consent, tariff conditions, agreement or license, express or implied through use by Fitchburg without objection by the owners. Fitchburg owns full interest in the poles upon which its wires are installed.

The Company’s natural gas operations property includes two liquefied propane gas plants and two liquid natural gas plants. Northern Utilities also owns a propane air gas plant and an LNG storage and vaporization facility.

Fitchburg owns full interest in the poles upon which its wires are installed. 17 The Company’s natural gas operations property includes two liquefied propane gas plants and two liquid natural gas plants. Northern Utilities also owns a propane air gas plant and an LNG storage and vaporization facility.

Added

Natural Gas Operations Northern Utilities Description NH ME Fitchburg Granite State Total Underground Natural Gas Mains—Miles 585 611 268 — 1,464 Natural Gas Transmission Pipeline—Miles — — — 85 85 Service Pipes 25,104 24,285 11,237 — 60,626 Unitil Energy’s electric substations are located on land owned by Unitil Energy or land occupied by Unitil Energy pursuant to perpetual easements in the southeastern seacoast and state capital regions of New Hampshire .

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

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2023 filing

2024 filing

Biggest changePeriod Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs 10/1/23 – 10/31/23 14,680 $ 41.788 14,680 $ 547 11/1/23 – 11/30/23 — — — $ 547 12/1/23 – 12/31/23 — — — $ 547 Total 14,680 $ 41.788 14,680 Item 6.

Biggest changeThe following table provides information regarding repurchases by or on behalf of the Company of shares of its common stock for each month in the quarter ended December 31, 2024. 20 Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs 10/1/24 – 10/31/24 — $ — $ — 11/1/24 – 11/30/24 — — — $ — 12/1/24 – 12/31/24 — — — $ — Total — $ — — Item 6.

The Peer Group is comprised of the S&P 500 Utilities Index. Unregistered Sales of Equity Securities and Uses of Proceeds There were no sales of unregistered equity securities by the Company for the fiscal period ended December 31, 2023.

Stock Performance Graph The following graph compares Unitil Corporation’s cumulative stockholder return since December 31, 2018 with the Peer Group index, comprised of the S&P 500 Utilities Index, and the S&P 500 index.

Stock Performance Graph The following graph compares Unitil Corporation’s cumulative stockholder return since December 31, 2019 with the Peer Group index, comprised of the S&P 500 Utilities Index, and the S&P 500 index.

On April 19, 2012, shareholders approved the Plan, and a total of 677,500 shares of our common stock were reserved for issuance pursuant to awards of restricted stock, restricted stock units and common stock under the Plan.

On April 19, 2012, shareholders initially approved the Plan, and a total of 677,500 shares of the Company’s common stock were reserved for issuance pursuant to awards of restricted stock, restricted stock units and common stock under the Plan.

The graph assumes that the value of the 18 investment in the Company’s common stock and each index (including reinvestment of dividends) was $100 on December 31, 2018. NOTE: (1) The graph above assumes $100 invested on December 31, 2018, in each category and the reinvestment of all dividends during the five-year period.

The graph assumes that the value of the investment in the Company’s common stock and each index (including reinvestment of dividends) was $100 on December 31, 2019. 19 NOTE: (1) The graph above assumes $100 invested on December 31, 2019, in each category and the reinvestment of all dividends during the five-year period.

Equity Compensation Plan Information (a) (b) (c) Plan Category Number of securities to be issued upon exercise of outstanding options, warrants and rights Weighted-average exercise price of outstanding options, warrants and rights Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) Equity compensation plans approved by security holders (1) — — 91,893 Equity compensation plans not approved by security holders — — — Total — — 91,893 NOTES: (also see Note 5 (Equity) to the accompanying Consolidated Financial Statements) (1) Consists of the Second Amended and Restated 2003 Stock Plan (the Plan).

(a) (b) (c) Plan Category Number of securities to be issued upon exercise of outstanding options, warrants and rights Weighted-average exercise price of outstanding options, warrants and rights Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) Equity compensation plans approved by security holders (1) — — 385,782 Equity compensation plans not approved by security holders — — — Total — — 385,782 NOTES: (also see Note 5 (Equity) to the accompanying Consolidated Financial Statements) (1) Consists of the Third Amended and Restated 2003 Stock Plan (as amended and restated, the “Plan”).

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities The Company’s common stock is listed on the New York Stock Exchange under the symbol “UTL.” As of December 31, 2023, there were 1,143 shareholders of record of our common stock.

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Common Stock Information The Company’s common stock is listed on the New York Stock Exchange under the symbol “UTL.” As of December 31, 2024, there were 1,108 shareholders of record of the Company’s common stock.

Information regarding securities authorized for issuance under our equity compensation plans, as of December 31, 2023, is set forth in the following table.

Equity Compensation Plan Information Information regarding securities authorized for issuance under the Company’s equity compensation plans, as of December 31, 2024, is set forth in the following table.

Common Stock Data Dividends per Common Share 2023 2022 1st Quarter $ 0.405 $ 0.39 2nd Quarter 0.405 0.39 3rd Quarter 0.405 0.39 4th Quarter 0.405 0.39 Total for Year $ 1.62 $ 1.56 See “Dividends” in Part II, Item 7 (Management’s Discussion and Analysis of Financial Condition and Results of Operations).

Dividends per Common Share 2024 2023 1st Quarter $ 0.425 $ 0.405 2nd Quarter 0.425 $ 0.405 3rd Quarter 0.425 $ 0.405 4th Quarter 0.425 $ 0.405 Total for Year $ 1.70 $ 1.62 See “Dividends” in Part II, Item 7 (Management’s Discussion and Analysis of Financial Condition and Results of Operations).

A total of 541,285 shares of restricted stock have been awarded and 58,272 restricted stock units have been settled and issued as shares of common stock by Plan participants through December 31, 2023. As of December 31, 2023, a total of 13,950 shares of restricted stock were forfeited and once again became available for issuance under the Plan.

A total of 586,645 shares of restricted stock have been awarded and 58,272 restricted stock units have been settled and issued as shares of common stock by Plan participants through December 31, 2024. As of December 31, 2024, a total of 14,544 shares of restricted stock were forfeited and once again became available for issuance under the Plan.

Removed

Issuer Purchases of Equity Securities Pursuant to the written trading plan under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the Exchange Act), adopted and announced by the Company on June 1, 2023, the Company will periodically repurchase shares of its Common Stock on the open market related to the stock portion of the Directors’ annual retainer for those Directors who elected to receive common stock.

Added

Dividend Information Information regarding dividend payments by the Company to the Company’s shareholders for the year ended December 31, 2024 as compared to the year ended December 31, 2023, is set forth in the following table.

Removed

There is no pool or maximum number of shares related to these purchases; however, the trading plan will terminate when $614,000 in value of shares have been purchased or, if sooner, on May 31, 2024.

Added

On May 1, 2024, shareholders approved an additional 350,000 shares of the Company’s common stock to be reserved for issuance pursuant to awards of restricted stock, restricted stock units and common stock under the Plan.

Removed

The Company may suspend or terminate this trading plan at any time, so long as the suspension or termination is made in good faith and not as part of a plan or scheme to evade the prohibitions of Rule 10b-5 under the Exchange Act, or other applicable securities laws. 19 The following table provides information regarding repurchases by the Company of shares of its common stock pursuant to the trading plan for each month in the quarter ended December 31, 2023.

Added

Issuer Purchases of Equity Securities On May 31, 2024, the Company’s 2023 10b5-1 written trading plan under Rule 10b5-1 under the Exchange Act terminated in accordance with its terms. The Company did not adopt a new written trading plan under Rule 10b5-1 in 2024.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

93 edited+16 added−14 removed57 unchanged

2023 filing

2024 filing

Biggest changeThe following table details total kWh sales for the last three years by major customer class: Change 2023 vs. 2022 2022 vs. 2021 kWh Sales (millions) 2023 2022 2021 kWh % kWh % Residential 649.3 680.5 694.2 (31.2 ) (4.6 )% (13.7 ) (2.0 )% Commercial & Industrial 914.2 933.9 936.8 (19.7 ) (2.1 )% (2.9 ) (0.3 )% Total kWh Sales 1,563.5 1,614.4 1,631.0 (50.9 ) (3.2 )% (16.6 ) (1.0 )% 25 Gas Revenues, Adjusted Gross Margin and Sales Gas Operating Revenues and Adjusted Gross Margin — The following table details total Gas Operating Revenue and Gas Adjusted Gross Margin for the last three years by major customer class: Change Gas Operating Revenues and Gas Adjusted Gross Margin 2023 vs. 2022 2022 vs. 2021 (millions) 2023 2022 2021 $ % $ % Gas Operating Revenue: Residential $ 100.7 $ 103.4 $ 90.6 $ (2.7 ) (2.6 )% $ 12.8 14.1 % Commercial & Industrial 149.9 161.9 134.2 (12.0 ) (7.4 )% 27.7 20.6 % Total Gas Operating Revenue $ 250.6 $ 265.3 $ 224.8 $ (14.7 ) (5.5 )% $ 40.5 18.0 % Cost of Gas Sales $ 96.1 $ 121.4 $ 91.7 $ (25.3 ) (20.8 )% $ 29.7 32.4 % Gas Adjusted Gross Margin $ 154.5 $ 143.9 $ 133.1 $ 10.6 7.4 % $ 10.8 8.1 % Gas Adjusted Gross Margin (a non-GAAP financial measure) was $154.5 million in 2023, an increase of $10.6 million compared to 2022.

Biggest changeThe following table details total kWh sales for the last three years by major customer class: Change 2024 vs. 2023 2023 vs. 2022 kWh Sales (millions) 2024 2023 2022 kWh % kWh % Residential 659.7 649.3 680.5 10.4 1.6 % (31.2 ) (4.6 )% Commercial & Industrial 924.6 914.2 933.9 10.4 1.1 % (19.7 ) (2.1 )% Total kWh Sales 1,584.3 1,563.5 1,614.4 20.8 1.3 % (50.9 ) (3.2 )% Gas Revenues, Adjusted Gross Margin and Sales Gas Operating Revenues and Adjusted Gross Margin (a non-GAAP financial measure) — The following table details total Gas Operating Revenue and Gas Adjusted Gross Margin for the last three years by major customer class: Change Gas Operating Revenues and Gas Adjusted Gross Margin 2024 vs. 2023 2023 vs. 2022 (millions) 2024 2023 2022 $ % $ % Gas Operating Revenue: Residential $ 101.0 $ 100.7 $ 103.4 $ 0.3 0.3 % $ (2.7 ) (2.6 )% Commercial & Industrial 145.5 149.9 161.9 (4.4 ) (2.9 )% (12.0 ) (7.4 )% Total Gas Operating Revenue $ 246.5 $ 250.6 $ 265.3 $ (4.1 ) (1.6 )% $ (14.7 ) (5.5 )% Cost of Gas Sales $ 79.6 $ 96.1 $ 121.4 $ (16.5 ) (17.2 )% $ (25.3 ) (20.8 )% Gas Adjusted Gross Margin $ 166.9 $ 154.5 $ 143.9 $ 12.4 8.0 % $ 10.6 7.4 % The decrease in Total Gas Operating Revenues of $4.1 million, or 1.6%, in 2024 compared to 2023 reflects lower costs of gas sales, which are tracked and reconciled as a pass-through to customers, and lower sales of gas, partially offset by higher gas distribution rates.

Depreciation and Amortization— Depreciation and Amortization expense increased $4.8 million, or 7.7%, in 2023 compared to 2022, reflecting additional depreciation associated with higher levels of utility plant in service and higher amortization of rate case and other deferred costs.

In 2023, Depreciation and Amortization expense increased $4.8 million, or 7.7%, compared to 2022, reflecting additional depreciation associated with higher levels of utility plant in service and higher amortization of rate case and other deferred costs.

There are restrictions on, among other things, Unitil’s and its subsidiaries’ ability to permit liens or incur indebtedness, and restrictions on Unitil’s ability to merge or consolidate with another entity or change its line of business.

In addition, the Company’s distribution utilities and its natural gas 21 transmission pipeline company also may recover certain base rate costs, including capital project spending and enhanced reliability and vegetation management programs, through annual step adjustments and cost tracker rate mechanisms. Most of Unitil’s customers have the opportunity to purchase their electricity or natural gas supplies from third-party energy suppliers.

In addition, the Company’s distribution utilities and its natural gas transmission pipeline company also may recover certain base rate costs, including capital project spending and enhanced reliability and vegetation management programs, through annual step adjustments and cost tracker rate mechanisms. Most of Unitil’s customers have the opportunity to purchase their electricity or natural gas supplies from third-party energy suppliers.

The Company believes it has sufficient sources of working capital to fund its operations. 29 Contractual Obligations The Company and its subsidiaries have material obligations for payment of principal and interest on its long-term debt as well as for operating and capital leases that are discussed in Note 4 (Debt and Financing Arrangements).

The Company believes it has sufficient sources of working capital to fund its operations. Contractual Obligations The Company and its subsidiaries have material obligations for payment of principal and interest on its long-term debt as well as for operating and capital leases that are discussed in Note 4 (Debt and Financing Arrangements).

The increase was driven by higher rates and customer growth of $14.1 million, partially offset by the unfavorable effects of warmer winter 23 weather in 2023 of $1.1 million, higher depreciation and amortization of $4.1 million, and the recognition, in the second quarter of 2022, of $2.4 million in higher rates resulting from the Company’s base rate case in New Hampshire.

The increase was driven by higher rates and customer growth of $14.1 million, partially offset by the unfavorable effects of warmer winter weather in 2023 of $1.1 million, higher depreciation and amortization of $4.1 million, and the recognition, in the second quarter of 2022, of $2.4 million in higher rates resulting from the Company’s base rate case in New Hampshire.

The following is a summary of the Company’s most critical accounting policies, which are defined as those policies where judgments or uncertainties could materially affect the application of those policies. For a complete discussion of the Company’s significant accounting policies, refer to the financial statements and Note 1 (Summary of Significant Accounting Policies).

The following is a summary of the Company’s most critical accounting policies, which are defined as those policies where judgments or uncertainties could materially affect the application of those policies. For a complete 33 discussion of the Company’s significant accounting policies, refer to the financial statements and Note 1 (Summary of Significant Accounting Policies).

See Note 4 (Debt and Financing Arrangements) to the accompanying Consolidated Financial Statements. Cash Flows Unitil’s utility operations, taken as a whole, are seasonal in nature and subject to seasonal fluctuations in cash flows.

See Note 4 (Debt and Financing Arrangements) to the accompanying Consolidated Financial Statements. Cash Flows 31 Unitil’s utility operations, taken as a whole, are seasonal in nature and subject to seasonal fluctuations in cash flows.

The affirmative and negative covenants under the Credit Facility apply to Unitil until the Credit Facility terminates and all amounts borrowed under the Credit Facility are paid in full (or with respect to letters of credit, they are cash collateralized).

The affirmative and negative covenants under the Credit Facility apply to Unitil until the Credit Facility terminates and all 32 amounts borrowed under the Credit Facility are paid in full (or with respect to letters of credit, they are cash collateralized).

The amount and timing of all dividend payments are subject to the discretion of the Board of Directors and will depend upon business conditions, results of operations, financial conditions and other factors.

The amount and timing of all dividend payments are subject to the discretion of the Board and will depend upon business conditions, results of operations, financial conditions and other factors.

Off-Balance Sheet Arrangements The Company and its subsidiaries do not currently use, and are not dependent on the use of, off-balance sheet financing arrangements such as securitization of receivables or obtaining access to assets or cash through special purpose entities or variable interest entities. As of December 31, 2023 there were no guarantees outstanding.

The only financial covenant in the Credit Facility provides that Unitil’s Funded Debt to Capitalization (as each term is defined in the Credit Facility) cannot exceed 65%, tested on a quarterly basis. At December 31, 2023 and December 31, 2022, the Company was in compliance with the covenants contained in the Credit Facility in effect on that date.

The only financial covenant in the Credit Facility provides that Unitil’s Funded Debt to Capitalization (as each term is defined in the Credit Facility) cannot exceed 65%, tested on a quarterly basis. At December 31, 2024 and December 31, 2023, the Company was in compliance with the covenants contained in the Credit Facility in effect on that date.

As of December 31, 2023, the number of gas customers served increased by approximately 950 over the previous year. Sales margins derived from decoupled unit sales (currently representing approximately 42% 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.

As of December 31, 2023, the number of gas customers served increased by approximately 950 over the previous year. Sales margins derived from decoupled unit sales (currently representing approximately 43% 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.

The Company provides limited guarantees on certain energy and natural gas storage management contracts entered into by the distribution utilities. The Company’s policy is to limit the duration of these guarantees. As of December 31, 2023 there were no guarantees outstanding.

The Company, along with its subsidiaries, expects to continue to make contributions to its Pension Plan and the VEBTs in 2024 and future years at least at minimum required amounts. See Note 9 (Retirement Benefit Plans) to the accompanying Consolidated Financial Statements.

The Company, along with its subsidiaries, expects to continue to make contributions to its Pension Plan and the VEBTs in 2025 and future years at least at minimum required amounts. See Note 9 (Retirement Benefit Plans) to the accompanying Consolidated Financial Statements.

For additional information regarding the foregoing matters, see Note 1 (Summary of Significant Accounting Policies), Note 6 (Energy Supply), and Note 9 (Retirement Benefit Plans) to the Consolidated Financial Statements. 33

Approximately $0.2 million of costs associated with this issuance were recorded as a reduction of Long-Term Debt for presentation purposes on the Consolidated Balance Sheet in the third quarter of 2023. Unitil Corporation and its utility subsidiaries, Fitchburg, Unitil Energy, Northern Utilities, and Granite State are currently rated “BBB+” by Standard & Poor’s Ratings Services.

Approximately $1.0 million of costs associated with this issuance were recorded as a reduction of Long-Term Debt for presentation purposes on the Consolidated Balance Sheet in the third quarter of 2024. Unitil Corporation and its utility subsidiaries, Fitchburg, Unitil Energy, Northern Utilities, and Granite State are currently rated “BBB+” by Standard & Poor’s Ratings Services.

At December 31, 2023 and December 31, 2022, the Company and all of its subsidiaries were in compliance with the regulatory requirements governing participation in the Cash Pool.

At December 31, 2024 and December 31, 2023, the Company and all of its subsidiaries were in compliance with the regulatory requirements governing participation in the Cash Pool.

The higher spending in 2023 is primarily related to normal utility capital expenditures for electric and gas utility system additions.

The higher spending in 2024 is primarily related to normal utility capital expenditures for electric and gas utility system additions.

Benefit Plan Funding The Company, along with its subsidiaries, made cash contributions to its Pension Plan in the amounts of $3.9 million and $3.8 million in 2023 and 2022, respectively. The Company, along with its subsidiaries, contributed $2.8 million and $12.2 million to Voluntary Employee Benefit Trusts (VEBTs) in 2023 and 2022, respectively.

Benefit Plan Funding The Company, along with its subsidiaries, made cash contributions to its Pension Plan in the amounts of $3.8 million and $3.9 million in 2024 and 2023, respectively. The Company, along with its subsidiaries, contributed $2.5 million and $2.8 million to Voluntary Employee Benefit Trusts (VEBTs) in 2024 and 2023, respectively.

Similarly, a change of 0.50% in the expected long-term rate of return on plan assets would have resulted in an increase or decrease of approximately $713,000 in the Net Periodic Benefit Cost for the Pension Plan.

Similarly, a change of 0.50% in the expected long-term rate of return on plan assets would have resulted in an increase or decrease of approximately $706,635 in the Net Periodic Benefit Cost for the Pension Plan.

Changes in working capital items resulted in a ($4.6) million use of cash in 2023 compared to a ($6.0) million use of cash in 2022, representing an increase in sources of cash of $1.4 million.

Changes in working capital items resulted in a ($1.6) million use of cash in 2024 compared to a ($4.6) million use of cash in 2023, representing an increase in sources of cash of $3.0 million.

Sales to Residential customers decreased 3.8% and sales to C&I customers decreased 0.9% in 2023 compared to 2022. The decreases in gas therm sales reflect warmer winter weather in 2023 compared to 2022, partially offset by customer growth.

Unitil’s total gas therm sales decreased 1.5% in 2023 compared to 2022. Sales to Residential customers decreased 3.8% and sales to C&I customers decreased 0.9% in 2023 compared to 2022. The decreases in gas therm sales reflect warmer winter weather in 2023 compared to 2022, partially offset by customer growth.

Other changes in financing activities in 2023 total a use of 0.8 million. FINANCIAL COVENANTS AND RESTRICTIONS The agreements under which the Company and its subsidiaries issue long-term debt contain various covenants and restrictions. These agreements do not contain any covenants or restrictions pertaining to the maintenance of financial ratios or the issuance of short-term debt.

Other changes in financing activities in 2024 total a use of ($2.5) million. FINANCIAL COVENANTS AND RESTRICTIONS The agreements under which the Company and its subsidiaries issue long-term debt contain various covenants and restrictions. These agreements do not contain any covenants or restrictions pertaining to the maintenance of financial ratios or the issuance of short-term debt.

Interest Expense, Net increased $3.2 million, or 12.6%, in 2023 compared to 2022 primarily reflecting higher interest on short-term borrowings, partially offset by higher interest income on regulatory assets and other. Other (Income) Expense, Net Other Expense (Income), Net increased $0.2 million in 2024 compared to 2023, reflecting higher retirement benefit costs.

This increase reflects higher gas sales and higher wholesale gas commodity prices, partially offset by an increase in the amount of gas purchased by customers directly from third-party suppliers. Operation and Maintenance— O&M expense includes electric and gas utility operating costs, and the operating costs of the Company’s other subsidiaries.

This decrease reflects lower gas sales, lower wholesale gas commodity prices, partially offset by a decrease in the amount of gas purchased by customers directly from third-party suppliers. Operation and Maintenance— O&M expense includes electric and gas utility operating costs, and the operating costs of the Company’s other subsidiaries.

The Company and its subsidiaries are currently in compliance with all such covenants in these debt instruments. DIVIDENDS Unitil’s annual common dividend was $1.62 per common share in 2023, $1.56 per common share in 2022, and $1.52 per share in 2021. Unitil’s dividend policy is reviewed periodically by the Board of Directors.

The Company and its subsidiaries are currently in compliance with all such covenants in these debt instruments. DIVIDENDS Unitil’s annual common dividend was $1.70 per common share in 2024, $1.62 per common share in 2023, and $1.56 per common share in 2022. Unitil’s dividend policy is reviewed periodically by the Board.

Unitil Energy, Fitchburg and Northern Utilities are collectively referred to as the “distribution utilities.” Together, the distribution utilities serve approximately 108,500 electric customers and 88,400 natural gas customers in their service territories. The distribution utilities are local “wires and pipes” operating companies.

Unitil Energy, Fitchburg and Northern Utilities are collectively referred to as the “distribution utilities.” Together, the distribution utilities serve approximately 109,400 electric customers and 89,100 natural gas customers in their service territories. The distribution utilities are local “wires and pipes” operating companies.

The Cash Pool is the financing vehicle for day-to-day cash borrowing and investing. The Cash Pool allows for an efficient exchange 28 of cash among the Company and its subsidiaries. The interest rates charged to the subsidiaries for borrowing from the Cash Pool are based on actual interest costs from lenders under the Company’s revolving Credit Facility.

The Cash Pool allows for an efficient exchange of cash among the Company and its subsidiaries. The interest rates charged to the subsidiaries for borrowing from the Cash Pool are based on actual interest costs from lenders under the Company’s revolving Credit Facility.

The Company’s other subsidiaries include Unitil Service, which provides, at cost, a variety of administrative and professional services to Unitil’s affiliated companies, Unitil Resources, the Company’s non-regulated subsidiary, which currently does not have any activity, and Unitil Realty, which owns and manages Unitil’s corporate office building and property located in Hampton, New Hampshire.

The Company’s other subsidiaries include Unitil Service, which provides, at cost, a variety of administrative and professional services to Unitil’s affiliated companies, Unitil Resources, the Company’s non-regulated subsidiary, which currently does not have any activity, and Unitil Realty, which owns and manages the Company’s corporate office in Hampton, New Hampshire and land for future use in Kingston, New Hampshire.

The following table details the borrowing limits, amounts outstanding and amounts available under the revolving Credit Facility as of December 31, 2023 and December 31, 2022: December 31, Revolving Credit Facility (millions) 2023 2022 Limit $ 200.0 $ 200.0 Short-Term Borrowings Outstanding $ 162.0 $ 116.0 Available $ 38.0 $ 84.0 The Credit Facility contains customary terms and conditions for credit facilities of this type, including affirmative and negative covenants.

The following table details the borrowing limits, amounts outstanding and amounts available under the revolving Credit Facility as of December 31, 2024 and December 31, 2023: December 31, Revolving Credit Facility (millions) 2024 2023 Limit $ 200.0 $ 200.0 Short-Term Borrowings Outstanding $ 105.8 $ 162.0 Available $ 94.2 $ 38.0 The Credit Facility contains customary terms and conditions for credit facilities of this type, including affirmative and negative covenants.

Cash flow from Net Income, adjusted for the total of non-cash charges was $120.0 million in 2023 compared to $115.0 million in 2022, an increase of $5.0 million. The change to Net Income is primarily attributable to increases in electric and gas sales margin.

Cash flow from Net Income, adjusted for the total of non-cash charges was $136.4 million in 2024 compared to $120.0 million in 2023, an increase of $16.4 million. The change to Net Income is primarily attributable to increases in electric and gas sales margin.

Unitil had an investment in Net Utility Plant of $1,420.9 million at December 31, 2023. Unitil’s total revenue was $557.1 million in 2023, which includes revenue to recover the approved cost of purchased electricity and natural gas in rates on a fully reconciling basis.

Unitil had an investment in Net Utility Plant of $1,539.6 million at December 31, 2024. Unitil’s total revenue was $494.8 million in 2024, which includes revenue to recover the approved cost of purchased electricity and natural gas in rates on a fully reconciling basis.

For the year ended December 31, 2023, a change in the discount rate of 0.25% would have resulted in an increase or decrease of approximately $113,000 in the Net Periodic Benefit Cost for the Pension Plan.

For the year ended 34 December 31, 2024, a change in the discount rate of 0.25% would have resulted in an increase or decrease of approximately $450,800 in the Net Periodic Benefit Cost for the Pension Plan.

The tables below summarize the major sources and uses of cash (in millions) for 2023 and 2022. 2023 2022 Cash Provided by Operating Activities $ 107.0 $ 97.7 Cash Provided by Operating Activities - Cash Provided by Operating Activities was $107.0 million in 2023, an increase of $9.3 million compared to 2022.

The tables below summarize the major sources and uses of cash (in millions) for 2024 and 2023. 2024 2023 Cash Provided by Operating Activities $ 125.9 $ 107.0 Cash Provided by Operating Activities - Cash Provided by Operating Activities was $125.9 million in 2024, an increase of $18.9 million compared to 2023.

Sales margins derived from decoupled unit sales are not sensitive to changes in electric kWh sales, although those sales margins are sensitive to changes in the number of customers served. As of June 1, 2022, substantially all of the Company's electric kWh sales volumes are decoupled. Unitil’s total electric kWh sales decreased 1.0% in 2022 compared to 2021.

Sales margins derived from decoupled unit sales are not sensitive to changes in electric kWh sales, although those sales margins are sensitive to changes in the number of customers served. Substantially all of the Company's electric kWh sales volumes are decoupled. Unitil’s total electric kWh sales decreased 3.2% in 2023 compared to 2022.

There was $10.9 million of natural gas storage inventory and corresponding obligations at December 31, 2023 related to these asset management agreements. The amount of natural gas inventory released in December 2023, which was payable in January 2024, was $2.2 million and was recorded in Accounts Payable at December 31, 2023.

There was $7.8 million of natural gas storage inventory and corresponding obligations at December 31, 2024, related to these asset management agreements. The amount of natural gas inventory released in December 2024, which was payable in January 2025, was $1.8 million and was recorded in Accounts Payable at December 31, 2024.

The Company reconciles and recovers the approved Cost of Electric Sales in its rates at cost on a pass through basis and therefore changes in approved expenses do not affect earnings. In 2022, Cost of Electric Sales increased $48.0 million, or 31.8%, compared to 2021.

The Company reconciles and recovers the approved Cost of Electric Sales in its rates at cost on a pass through basis and therefore changes in approved expenses do not affect earnings. In 2023, Cost of Electric Sales increased $3.3 million, or 1.7%, compared to 2022.

Other Expense (Income), Net decreased $2.4 million in 2023 compared to 2022, reflecting lower retirement benefit costs. Federal and State Income Taxes increased $2.0 million in 2023 compared to 2022, reflecting higher pre-tax earnings in 2023 and higher flow back, in 2022, of excess Accumulated Deferred Income Taxes per regulatory orders in New Hampshire.

Federal and State Income Taxes increased $2.0 million in 2023 compared to 2022, reflecting higher pre-tax earnings in 2023 and higher flow back, in 2022, of excess Accumulated Deferred Income Taxes per regulatory orders in New Hampshire.

Cost of Electric Sales increased $3.3 million, or 1.7%, in 2023 compared to 2022. This increase reflects higher wholesale electricity prices, partially offset by lower electric sales and an increase in the amount of electricity purchased by customers directly from third-party suppliers.

Cost of Electric Sales decreased $61.4 million, or 30.3%, in 2024 compared to 2023. This decrease reflects lower wholesale electricity prices and an increase in the amount of electricity purchased by customers directly from third-party suppliers, partially offset by higher electric sales.

The Company utilizes the Credit Facility for cash management purposes related to its short-term operating activities. Total gross borrowings were $327.2 million and $295.9 million for the years ended December 31, 2023 and December 31, 2022, respectively. Total gross repayments were $281.2 million and $244.0 million for the years ended December 31, 2023 and December 31, 2022, respectively.

The Company utilizes the Credit Facility for cash management purposes related to its short-term operating activities. Total gross borrowings were $308.4 million and $327.2 million for the years ended December 31, 2024 and December 31, 2023, respectively. Total gross repayments were $364.6 million and $281.2 million for the years ended December 31, 2024 and December 31, 2023, respectively.

Deferred Regulatory and Other Charges decreased by $2.0 million in 2023 compared to 2022, primarily driven by changes in Regulatory Assets and Liabilities, and the change in Other, net in 2023 compared to 2022 was $4.9 million. 2023 2022 Cash Used in Investing Activities $ (141.0 ) $ (122.1 ) Cash Used in Investing Activities - Cash Used in Investing Activities was ($141.0) million in 2023 compared to ($122.1) million in 2022, an increase of $18.9 million.

Deferred Regulatory and Other Charges changed by $1.6 million in 2024 compared to 2023, primarily driven by changes in Regulatory Assets and Liabilities, and the change in Other, net in 2024 compared to 2023 was $2.1 million. 2024 2023 Cash Used in Investing Activities $ (169.9 ) $ (141.0 ) Cash Used in Investing Activities - Cash Used in Investing Activities was ($169.9) million in 2024 compared to ($141.0) million in 2023, an increase of $28.9 million.

The increase reflects higher rates and customer growth of $14.1 million, partially offset by the unfavorable effects of warmer winter weather in 2023 of $1.1 million and the recognition, in the second quarter of 2022, of $2.4 million in higher rates resulting from the Company’s base rate case in New Hampshire.

The increase was driven by higher rates and customer growth of $5.3 million, partially offset by higher depreciation and amortization expense of $0.6 million. Electric GAAP Gross Margin was $73.4 million in 2022, an increase of $1.9 million compared to 2021.

The increase was driven by higher rates and customer growth of $5.3 million, partially offset by higher depreciation and amortization expense of $0.6 million. Gas GAAP Gross Margin was $120.1 million in 2024, an increase of $6.0 million compared to 2023.

The higher cash provided from financing activities in 2023 compared to 2022 of $4.6 million is primarily attributable to, proceeds from the issuance of long-term debt of $25.0 million, lower repayment of long-term debt of $3.5 million, a decrease in exchange gas financing of $17.2 million, and lower proceeds from short-term borrowings of 5.9 million.

The higher cash provided from financing activities in 2024 compared to 2023 of $12.3 million is primarily attributable to, higher proceeds from the issuance of long-term debt of $110.0 million, lower repayment of long-term debt of $2.0 million, a change in exchange gas financing of $5.0 million, and higher repayment of short-term borrowings of ($102.2) million.

Taxes Other Than Income Taxes— Taxes Other Than Income Taxes increased $2.6 million, or 10.0%, in 2023 compared to 2022, reflecting higher local property taxes on higher utility plant in service and higher payroll, excise and other taxes.

In 2023, Taxes Other Than Income Taxes increased $2.6 million, or 10.0%, compared to 2022, reflecting higher local property taxes on higher utility plant in service and higher payroll, excise and other taxes. Interest Expense, Net Interest expense is presented in the Consolidated Financial Statements net of interest income.

The Company reconciles and recovers the approved Cost of Gas Sales in its rates at cost on a pass through basis and therefore changes in approved expenses do not affect earnings. In 2022, Cost of Gas increased $29.7 million, or 32.4%, compared to 2021.

The Company reconciles and recovers the approved Cost of Gas Sales in its rates at cost on a pass through basis and therefore changes in approved expenses do not affect earnings. In 2023, Cost of Gas Sales decreased $25.3 million, or 20.8%, compared to 2022.

Interest Expense, Net decreased $0.1 million, or 0.4%, in 2022 compared to 2021 primarily reflecting lower interest on long-term debt and higher interest income, on regulatory assets, partially offset by higher interest on short-term borrowings. Other (Income) Expense, Net Other Expense (Income), Net decreased $2.4 million in 2023 compared to 2022, reflecting lower retirement benefit costs.

Interest Expense, Net increased $0.6 million in 2024 compared to 2023 primarily reflecting higher interest on higher levels of long-term debt and higher interest on short-term borrowings, partially offset by higher interest income on regulatory assets and other. Other Expense (Income), Net increased $0.2 million in 2024 compared to 2023, reflecting higher retirement benefit costs.

Sales margins derived from decoupled unit sales (currently representing approximately 42% 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. 26 The following table details total therm sales for the last three years, by major customer class: Change 2023 vs. 2022 2022 vs. 2021 Therm Sales (millions) 2023 2022 2021 Therms % Therms % Residential 42.9 44.6 44.4 (1.7 ) (3.8 )% 0.2 0.5 % Commercial & Industrial 178.6 180.2 177.5 (1.6 ) (0.9 )% 2.7 1.5 % Total Therm Sales 221.5 224.8 221.9 (3.3 ) (1.5 )% 2.9 1.3 % Operating Expenses Cost of Electric Sales —Cost of Electric Sales includes the cost of electric supply as well as other energy supply related restructuring costs, including power supply buyout costs, and spending on energy efficiency programs.

The following table details total therm sales for the last three years, by major customer class: Change 2024 vs. 2023 2023 vs. 2022 Therm Sales (millions) 2024 2023 2022 Therms % Therms % Residential 42.3 42.9 44.6 (0.6 ) (1.4 )% (1.7 ) (3.8 )% Commercial & Industrial 177.7 178.6 180.2 (0.9 ) (0.5 )% (1.6 ) (0.9 )% Total Therm Sales 220.0 221.5 224.8 (1.5 ) (0.7 )% (3.3 ) (1.5 )% Operating Expenses Cost of Electric Sales —Cost of Electric Sales includes the cost of electric supply as well as other energy supply related restructuring costs, including power supply buyout costs, and spending on energy efficiency programs.

At its January 2024 meeting, the Unitil Corporation Board of Directors declared a quarterly dividend on the Company’s common stock of $0.425 per share, an increase of $0.02 per share on a quarterly basis, resulting in an increase in the effective annualized dividend rate to $1.70 per share from $1.62 per share. 2022 Compared to 2021— The Company’s Net Income was $41.4 million, or $2.59 in Earnings Per Share (EPS), for the year ended December 31, 2022, an increase of $5.3 million in Net Income, or $0.24 in EPS, compared to 2021.

At a January 2025 meeting of the Unitil Corporation Board of Directors (the “Board”), the Board declared a quarterly dividend on the Company’s common stock of $0.45 per share, an increase of $0.025 per share on a quarterly basis, resulting in an increase in the effective annualized dividend rate to $1.80 per share from $1.70 per share. 2023 Compared to 2022— The Company’s Net Income was $45.2 million, or $2.82 in Earnings Per Share (EPS), for the year ended December 31, 2023, an increase of $3.8 million in Net Income, or $0.23 in EPS, compared to 2022.

Twelve Months Ended December 31, 2023 ($ millions) Electric Gas Other Total Total Operating Revenue $ 306.5 $ 250.6 $ — $ 557.1 Less: Cost of Sales (202.4 ) (96.1 ) — (298.5 ) Less: Depreciation and Amortization (26.0 ) (40.4 ) (1.0 ) (67.4 ) GAAP Gross Margin 78.1 114.1 (1.0 ) 191.2 Depreciation and Amortization 26.0 40.4 1.0 67.4 Adjusted Gross Margin $ 104.1 $ 154.5 $ — $ 258.6 Twelve Months Ended December 31, 2022 ($ millions) Electric Gas Other Total Total Operating Revenue $ 297.9 $ 265.3 $ — $ 563.2 Less: Cost of Sales (199.1 ) (121.4 ) — (320.5 ) Less: Depreciation and Amortization (25.4 ) (36.3 ) (0.9 ) (62.6 ) GAAP Gross Margin 73.4 107.6 (0.9 ) 180.1 Depreciation and Amortization 25.4 36.3 0.9 62.6 Adjusted Gross Margin $ 98.8 $ 143.9 $ — $ 242.7 Twelve Months Ended December 31, 2021 ($ millions) Electric Gas Other Total Total Operating Revenue $ 248.5 $ 224.8 $ — $ 473.3 Less: Cost of Sales (151.1 ) (91.7 ) — (242.8 ) Less: Depreciation and Amortization (25.9 ) (32.6 ) (1.0 ) (59.5 ) GAAP Gross Margin 71.5 100.5 (1.0 ) 171.0 Depreciation and Amortization 25.9 32.6 1.0 59.5 Adjusted Gross Margin $ 97.4 $ 133.1 $ — $ 230.5 Electric GAAP Gross Margin was $78.1 million in 2023, an increase of $4.7 million compared to 2022.

Twelve Months Ended December 31, 2024 ($ millions) Electric Gas Other Total Total Operating Revenue $ 248.3 $ 246.5 $ — $ 494.8 Less: Cost of Sales (141.0 ) (79.6 ) — (220.6 ) Less: Depreciation and Amortization (29.3 ) (46.8 ) — (76.1 ) GAAP Gross Margin 78.0 120.1 — 198.1 Depreciation and Amortization 29.3 46.8 — 76.1 Adjusted Gross Margin $ 107.3 $ 166.9 $ — $ 274.2 24 Twelve Months Ended December 31, 2023 ($ millions) Electric Gas Other Total Total Operating Revenue $ 306.5 $ 250.6 $ — $ 557.1 Less: Cost of Sales (202.4 ) (96.1 ) — (298.5 ) Less: Depreciation and Amortization (26.0 ) (40.4 ) (1.0 ) (67.4 ) GAAP Gross Margin 78.1 114.1 (1.0 ) 191.2 Depreciation and Amortization 26.0 40.4 1.0 67.4 Adjusted Gross Margin $ 104.1 $ 154.5 $ — $ 258.6 Twelve Months Ended December 31, 2022 ($ millions) Electric Gas Other Total Total Operating Revenue $ 297.9 $ 265.3 $ — $ 563.2 Less: Cost of Sales (199.1 ) (121.4 ) — (320.5 ) Less: Depreciation and Amortization (25.4 ) (36.3 ) (0.9 ) (62.6 ) GAAP Gross Margin 73.4 107.6 (0.9 ) 180.1 Depreciation and Amortization 25.4 36.3 0.9 62.6 Adjusted Gross Margin $ 98.8 $ 143.9 $ — $ 242.7 Electric GAAP Gross Margin was $78.0 million in 2024, a decrease of $0.1 million compared to 2023.

At its January 2024 meeting, the Unitil Corporation Board of Directors declared a quarterly dividend on the Company’s common stock of $0.425 per share, an 31 increase of $0.02 per share on a quarterly basis, resulting in an increase in the effective annualized dividend rate to $1.70 from $1.62.

At a January 2025 meeting of the Board, the Board declared a quarterly dividend on the Company’s common stock of $0.45 per share, an increase of $0.025 per share on a quarterly basis, resulting in an increase in the effective annualized dividend rate to $1.80 from $1.70.

The Company’s projected capital spending range for 2024 is $165 million to $170 million. 2023 2022 Cash Provided by Financing Activities $ 31.5 $ 26.9 Cash Provided by Financing Activities - Cash Provided by Financing Activities was $31.5 million in 2023 compared to cash provided of $26.9 million in 2022.

The Company’s projected capital spending for 2025 is $176 million. 2024 2023 Cash Provided by Financing Activities $ 43.8 $ 31.5 Cash Provided by Financing Activities - Cash Provided by Financing Activities was $43.8 million in 2024 compared to cash provided of $31.5 million in 2023.

Net Income and EPS Overview 2023 Compared to 2022— The Company’s Net Income was $45.2 million, or $2.82 in Earnings Per Share (EPS), for the year ended December 31, 2023, an increase of $3.8 million in Net Income, or $0.23 in EPS, compared to 2022.

Net Income and EPS Overview 2024 Compared to 2023— The Company’s GAAP Net Income was $47.1 million, or $2.93 in Earnings Per Share (EPS), for the year ended December 31, 2024, an increase of $1.9 million in Net Income, or $0.11 in EPS, compared to 2023.

Periodically, the Company replaces portions of its short-term debt with long-term financings more closely matched to the long-term nature of its utility assets. Additionally, from time to time the Company has accessed the public capital markets through public offerings of equity securities. The Company’s utility operations are seasonal in nature and are therefore subject to seasonal fluctuations in cash flows.

Additionally, from time to time the Company has accessed the public capital markets through public offerings of equity securities. The Company’s utility operations are seasonal in nature and are therefore subject to seasonal fluctuations in cash flows.

The increase was driven by higher rates and customer growth. The increase in Total Electric Operating Revenue of $8.6 million, or 2.9%, in 2023 compared to 2022 reflects higher costs of electric sales, which are tracked and reconciled costs as a pass-through to customers, and higher electric distribution rates.

The increase in Total Electric Operating Revenue of $8.6 million, or 2.9%, in 2023 compared to 2022 reflects higher costs of electric sales, which are tracked and reconciled costs as a pass-through to customers, and higher electric distribution rates. Electric Adjusted Gross Margin (a non-GAAP financial measure) was $104.1 million in 2023, an increase of $5.3 million compared with 2022.

Other Expense (Income), Net decreased $2.2 million, or 47.8% in 2022 compared to 2021, reflecting lower retirement benefit costs. Provision for Income Taxes Federal and State Income Taxes increased $2.0 million in 2023 compared to 2022, reflecting higher pre-tax earnings in 2023 and higher flow back, in 2022, of excess Accumulated Deferred Income Taxes per regulatory orders in New Hampshire.

Other Expense (Income), Net decreased $2.4 million in 2023 compared to 2022, reflecting lower retirement benefit costs. Provision for Income Taxes Federal and State Income Taxes increased $0.8 million in 2024 compared to 2023, reflecting higher pre-tax earnings in 2024.

Sales to Residential customers decreased 2.0% and sales to C&I customers decreased 0.3% in 2022 compared to 2021. The decreases in electric kWh sales reflect lower average usage, partially offset by customer growth. As of December 31, 2022, the number of electric customers served increased by approximately 400 over the previous year.

Sales to Residential customers decreased 1.4% and sales to C&I customers decreased 0.5% in 2024 compared to 2023, reflecting lower average usage, partially offset by customer growth. As of December 31, 2024, the number of gas customers served increased by approximately 730 over the previous year.

On September 29, 2022, the Company entered into a Third Amended and Restated Credit Agreement with a syndicate of lenders (collectively, the "Credit Facility”), which amended and restated in its entirety the prior credit facility. Unitil may borrow under the Credit Facility until September 29, 2027, subject to two one-year extensions under certain circumstances.

On September 29, 2022, the Company entered into a Third Amended and Restated Credit Agreement with a syndicate of lenders (collectively, the “Credit Facility”), which amended and restated in its entirety the prior credit facility.

The change in working capital in 2023 compared to 2022 is primarily related to the net change in accrued revenue, accounts payable and exchange gas receivable and is reflective of the effect of the current macroeconomic environment including lower commodity costs on business and operating conditions.

The change in working capital in 2024 compared to 2023 is primarily related to the net change in accrued revenue, accounts payable and exchange gas receivable and is reflective of the effect of the current macroeconomic environment and the timing of cash receipts and disbursements in the normal course of business.

In accordance with the FASB Codification, the Company has recorded Regulatory Assets and Regulatory Liabilities which will be recovered from customers, or applied for customer benefit, in accordance with rate provisions approved by the applicable public utility regulatory commission. 32 The FASB Codification specifies the economic effects that result from the cause and effect relationship of costs and revenues in the rate-regulated environment and the related accounting for a regulated enterprise.

Cost of Gas Sales decreased $25.3 million, or 20.8%, in 2023 compared to 2022. This decrease reflects lower gas sales, lower wholesale gas commodity prices, partially offset by a decrease in the amount of gas purchased by customers directly from third-party suppliers.

Cost of Gas Sales decreased $16.5 million, or 17.2%, in 2024 compared to 2023. This decrease reflects lower gas sales, lower wholesale gas commodity prices and an increase in the amount of gas purchased by customers directly from third-party suppliers.

Depreciation and Amortization expense increased $4.8 million in 2023 compared to 2022, reflecting additional depreciation associated with higher levels of utility plant in service and higher amortization of rate case and other deferred costs.

Depreciation and Amortization expense increased $8.7 million in 2024 compared to 2023, reflecting higher depreciation rates from recent base rate cases, additional depreciation associated with higher levels of utility plant in service and higher amortization of rate case and other deferred costs. 25 Taxes Other Than Income Taxes increased $1.4 million in 2024 compared to 2023, reflecting higher local property taxes on higher utility plant in service and higher payroll taxes.

As of December 31, 2022, the number of gas customers served increased by approximately 850 over the previous year. Based on weather data collected in the Company’s gas service areas, on average there were 2.6% more EDD in 2022 compared to 2021, although 5.1% fewer EDD compared to normal.

Based on weather data collected in the Company’s electric service areas, on average there were 12.2% more Cooling Degree Days in 2024 compared to 2023. As of December 31, 2024, the number of electric customers served increased by approximately 990 over the previous year.

The increase in depreciation and amortization of $4.8 million in 2023 compared to 2022 reflects higher 30 depreciation on higher utility plant in service. The decrease in the deferred tax provision of $3.6 million in 2023 compared to 2022 is primarily driven by the use of net operating loss carryforwards in 2023.

The increase in depreciation and amortization of $8.7 million in 2024 compared to 2023 reflects higher rates and additional depreciation on higher utility plant in service. The increase in the deferred tax provision of $5.8 million in 2024 compared to 2023 is primarily driven by higher tax depreciation in 2024.

The Company’s earnings in 2022 reflect higher Electric and Gas Adjusted Gross Margins (a non-GAAP financial measure), partially offset by higher operating expenses. 24 Electric Revenues, Adjusted Gross Margin and Sales Electric Operating Revenues and Electric Adjusted Gross Margin —The following table details Total Electric Operating Revenue and Electric Adjusted Gross Margin for the last three years by major customer class: Change Electric Operating Revenues and Electric Adjusted Gross Margin 2023 vs. 2022 2022 vs. 2021 (millions) 2023 2022 2021 $ % $ % Electric Operating Revenue: Residential $ 184.5 $ 174.8 $ 140.8 $ 9.7 5.5 % $ 34.0 24.1 % Commercial & Industrial 122.0 123.1 107.7 (1.1 ) (0.9 )% 15.4 14.3 % Total Electric Operating Revenue $ 306.5 $ 297.9 $ 248.5 $ 8.6 2.9 % $ 49.4 19.9 % Cost of Electric Sales $ 202.4 $ 199.1 $ 151.1 $ 3.3 1.7 % $ 48.0 31.8 % Electric Adjusted Gross Margin $ 104.1 $ 98.8 $ 97.4 $ 5.3 5.4 % $ 1.4 1.4 % Electric Adjusted Gross Margin (a non-GAAP financial measure) was $104.1 million in 2023, an increase of $5.3 million compared with 2022.

Electric Revenues, Adjusted Gross Margin and Sales Electric Operating Revenues and Electric Adjusted Gross Margin (a non-GAAP financial measure) —The following table details Total Electric Operating Revenue and Electric Adjusted Gross Margin for the last three years by major customer class: Change Electric Operating Revenues and Electric Adjusted Gross Margin 2024 vs. 2023 2023 vs. 2022 (millions) 2024 2023 2022 $ % $ % Electric Operating Revenue: Residential $ 140.6 $ 184.5 $ 174.8 $ (43.9 ) (23.8 )% $ 9.7 5.5 % Commercial & Industrial 107.7 122.0 123.1 (14.3 ) (11.7 )% (1.1 ) (0.9 )% Total Electric Operating Revenue $ 248.3 $ 306.5 $ 297.9 $ (58.2 ) (19.0 )% $ 8.6 2.9 % Cost of Electric Sales $ 141.0 $ 202.4 $ 199.1 $ (61.4 ) (30.3 )% $ 3.3 1.7 % Electric Adjusted Gross Margin $ 107.3 $ 104.1 $ 98.8 $ 3.2 3.1 % $ 5.3 5.4 % The decrease in Total Electric Operating Revenue of $58.2 million, or 19.0%, in 2024 compared to 2023 reflects lower costs of electric sales, which are tracked and reconciled costs as a pass-through to customers, partially offset by higher electric distribution rates and higher sales of electricity.

Total O&M expenses increased $1.9 million, or 2.6%, in 2023 compared to 2022, reflecting higher utility operating costs of $1.2 million, higher professional fees of $0.4 million and higher labor costs of $0.3 million.

Total O&M expenses increased $2.0 million, or 2.6%, in 2024 compared to 2023, reflecting higher labor costs of $2.5 million, partially offset by lower utility operating costs of $0.5 million.

The increase was driven by higher rates and customer growth of $1.7 million and lower depreciation and amortization expense of $0.5 million, partially offset by the unfavorable effect on sales from cooler spring weather of $0.3 million when rates were not yet decoupled. Gas GAAP Gross Margin was $114.1 million in 2023, an increase of $6.5 million compared to 2022.

The increase was driven primarily by higher rates, and customer growth, of $12.4 million, partially offset by higher depreciation and amortization of $6.4 million. Gas GAAP Gross Margin was $114.1 million in 2023, an increase of $6.5 million compared to 2022.

The Company’s management believes Electric and Gas Adjusted Gross Margins provide useful information to investors regarding profitability.

Electric Adjusted Gross Margin is calculated as Total Electric Operating Revenue less Cost of Electric Sales. Gas Adjusted Gross Margin is calculated as Total Gas Operating Revenues less Cost of Gas Sales. The Company’s management believes Electric and Gas Adjusted Gross Margins provide useful information to investors regarding profitability.

Taxes Other Than Income Taxes increased $2.6 million in 2023 compared to 2022, reflecting higher local property taxes on higher utility plant in service and higher payroll, excise and other taxes. Interest Expense, Net increased $3.2 million in 2023 compared to 2022 primarily reflecting higher interest on short-term borrowings, partially offset by higher interest income on regulatory assets and other.

Interest Expense, Net increased $0.6 million, or 2.1%, in 2024 compared to 2023 primarily reflecting higher interest on higher levels of long-term debt and higher interest on short-term borrowings, partially offset by higher interest income on regulatory assets and other.

Unitil’s distribution utilities purchase electricity or natural gas from unaffiliated wholesale energy suppliers and recover the actual approved costs of these supplies on a pass-through basis, through reconciling rate mechanisms that are periodically adjusted. Revenue decoupling is the term given to the elimination of the dependency of a utility’s distribution revenue on the volume of electricity or gas sales.

For customers that choose not to participate in the third-party energy supplier market, Unitil acts as a provider of last resort. Unitil’s distribution utilities purchase electricity or natural gas from unaffiliated wholesale energy suppliers and recover the actual approved costs of these supplies on a pass-through basis, through reconciling rate mechanisms that are periodically adjusted.

Unitil is subject to regulation as a holding company system by the FERC under the Energy Policy Act of 2005. Unitil’s principal business is the local distribution of electricity and natural gas to approximately 196,900 customers throughout its service territory in the states of New Hampshire, Massachusetts and Maine.

Unitil’s principal business is the local distribution of electricity and natural gas to approximately 198,500 customers throughout its service territory in the states of New Hampshire, Massachusetts and Maine.

Granite State, Unitil’s interstate natural gas transmission pipeline, is subject to regulation by the FERC with regard to 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, financial position, and cash flows.

Granite State, Unitil’s interstate natural gas transmission pipeline, is subject to regulation by the FERC with regard to its rates and operations.

In 2022, Taxes Other Than Income Taxes increased $1.4 million, or 5.7%, compared to 2021, reflecting higher payroll taxes and higher local property taxes on higher utility plant in service. 27 Interest Expense, Net Interest expense is presented in the Consolidated Financial Statements net of interest income.

Taxes Other Than Income Taxes— Taxes Other Than Income Taxes increased $1.4 million, or 4.9%, in 2024 compared to 2023, reflecting higher local property taxes on higher utility plant in service and higher payroll taxes.

Unitil’s distribution utilities deliver electricity and/or natural gas to all customers in their service territories, at rates established under traditional cost of service regulation.

Because Unitil’s primary operations are subject to rate regulation, the regulatory treatment of various matters could significantly affect the Company’s operations, financial position, and cash flows. 22 Unitil’s distribution utilities deliver electricity and/or natural gas to all customers in their service territories, at rates established under traditional cost of service regulation.

Gas GAAP Gross Margin was $107.6 million in 2022, an increase of $7.1 million compared to 2021. The increase was driven by higher rates of $9.0 million and $1.8 million from customer growth and the favorable effect of colder winter weather in 2022, partially offset by higher depreciation and amortization of $3.7 million.

The decrease was driven by higher depreciation and amortization expense of $3.3 million, largely offset by higher rates and customer growth of $3.2 million. Electric GAAP Gross Margin was $78.1 million in 2023, an increase of $4.7 million compared to 2022.

Sales of electricity are generally less sensitive to weather than natural gas sales, but may also be affected by weather conditions and the temperature in the winter and summer seasons. On August 6, 2021, the Company issued and sold 800,000 shares of its common stock at a price of $50.80 per share in a registered public offering (Offering).

Sales of electricity are generally less sensitive to weather than natural gas sales, but may also be affected by weather conditions and the temperature in the winter and summer seasons.

Gas Adjusted Gross Margin (a non-GAAP financial measure) was $143.9 million in 2022, an increase of $10.8 million compared to 2021. The increase was driven by higher rates of $9.0 million, and $1.8 million from customer growth and the favorable effect of colder winter weather in 2022.

Electric Adjusted Gross Margin (a non-GAAP financial measure) was $107.3 million in 2024, an increase of $3.2 million compared with 2023. The increase was driven by higher rates and customer growth. Gas Adjusted Gross Margin (a non-GAAP financial measure) was $166.9 million in 2024, an increase of $12.4 million compared to 2023.

In 2023, Unitil’s annual common dividend was $1.62 per share, representing an unbroken record of quarterly dividend payments since trading began in Unitil’s common stock.

Federal and State Income Taxes increased $0.8 million in 2024 compared to 2023, reflecting higher pre-tax earnings in 2024. In 2024, Unitil’s annual common dividend was $1.70 per share, representing an unbroken record of quarterly dividend payments since trading began in Unitil’s common stock.

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Market Risk — interest-rate, FX, commodity exposure

2 edited+0 added−0 removed5 unchanged

2023 filing

2024 filing

Biggest changeThe average interest rate on short-term borrowings and intercompany money pool transactions was 6.4%, 3.3%, and 1.2% during 2023, 2022, and 2021, respectively.

Biggest changeThe average interest rate on short-term borrowings and intercompany money pool transactions was 6.5%, 6.4%, and 3.3% during 2024, 2023, and 2022, respectively.

Additionally, as discussed in the section entitled Rates and Regulation in Part I, Item 1 (Business) and in Note 7 (Commitments and Contingencies) to the accompanying Consolidated Financial Statements, the Company has divested its long-term power supply contracts and therefore, further reduced its exposure to commodity risk. 34

Top changes in UNITIL CORP's 2024 10-K

Item 1. Business

Item 1A. Risk Factors

Item 1C. Cybersecurity

Item 2. Properties

Item 5. Market for Registrant's Common Equity

Item 7. Management's Discussion & Analysis

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Other UTL 10-K year-over-year comparisons