Good day, and thank you for standing by. Welcome to the Fourth Quarter 2025 Unitil Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Christopher Golding, Vice President of Finance and Regulatory. Please go ahead.

Good afternoon, and thank you for joining us to discuss Unitil Corporation's Fourth Quarter 2025 Financial Results. Speaking on the call today will be Tom Meissner, Chairman and Chief Executive Officer; and Dan Hurstak, Senior Vice President, Chief Financial Officer and Treasurer. Also with us today are Bob Hevert, President and Chief Administrative Officer; and Todd Diggins, Chief Accounting Officer and Controller. We will discuss financial and other information on this call. As we mentioned in the press release announcing today's call, we have posted information including a presentation to the Investors section of our website at unitil.com. We will refer to that information during this call. Moving to Slide 2. The comments made today about future operating results or events are forward-looking statements under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that can cause actual results to differ materially from those predicted. Statements made on this call should be considered together with cautionary statements and other information contained in our most recent annual report on Form 10-K and other documents we have filed with or furnished to the Securities and Exchange Commission. Forward-looking statements speak only as of today, and we assume no obligation to update them. This presentation contains non-GAAP financial measures. The accompanying supplemental information more fully describes these non-GAAP financial measures and includes a reconciliation to the nearest GAAP financial measures. The company believes these non-GAAP financial measures are useful in evaluating its performance. With that, I will now turn the call over to Chairman and CEO, Tom Meissner.

Thank you, Chris, and good afternoon, everyone. Thank you for joining us today. Beginning on Slide 3, I'm pleased to report that 2025 was another successful year. Yesterday, we announced full year adjusted earnings of $53.3 million or $3.16 per share. These results represent an increase of $0.19 per share or 6.4% over our 2024 adjusted earnings per share, placing us in the upper half of our long-term earnings guidance of 5% to 7%. We expanded our gas operations in Maine by acquiring 2 highly complementary distribution companies at attractive valuations, which will support our long-term earnings growth. We're excited to be the largest gas utility in Maine, a state with ample growth opportunities in a constructive regulatory environment. In New Hampshire, our electric rate case is on schedule, and we expect permanent rates to take effect in the second quarter of 2026. Operationally, we achieved strong performance across key metrics, including electric reliability, gas safety and customer satisfaction. Looking ahead, we expect 2026 earnings to be in the range of $3.20 to $3.36 per share with a midpoint of $3.28 per share. At the midpoint, this is an increase of 6.1% compared to the midpoint of our 2025 guidance. Longer term, we continue to see robust investment opportunities in our electric and gas operations and reaffirm our long-term guidance for earnings, dividend and rate base growth. Turning now to Slide 4. In 2025, we completed the acquisitions of Bangalore Natural Gas and Maine Natural Gas. These transactions added over 15,000 customers in a state with strong growth prospects and constructive regulation. In addition to being highly complementary to our legacy operations in Maine, the acquired companies will bring annual distribution revenues of approximately $29 million and planned capital investment of approximately $18 million in 2026. Historically, these companies have…

Thank you, Tom. Good afternoon, everyone. I'll begin on Slide 7. As Tom mentioned, we announced fiscal year 2025 adjusted net income of $53.3 million and adjusted earnings per share of $3.16, representing an increase of $5.5 million in adjusted net income or $0.19 per share compared to 2024. We are reporting adjusted earnings that exclude transaction costs related to our Maine acquisitions and the announced water transaction, which we view as not indicative of the company's ongoing costs and operations. Our 2025 results were supported by the Maine acquisitions, higher distribution rates and customer growth, partially offset by higher operating expenses and additional common shares issued in August. Turning to Slide 8. I will discuss our electric and gas adjusted gross margins. I'll begin with our electric operations. Electric adjusted gross margin for the year was $114.6 million an increase of $7.3 million compared to 2024. The increase in electric adjusted gross margin reflects higher distribution rates in New Hampshire related to the temporary rate award of $7.8 million, which took effect in July 2025 as well as the 2025 inflation adjustment under our performance-based rates in Massachusetts. The company added approximately 600 electric customers in 2025 compared to 2024. As noted during prior calls, substantially all of our electric customers are under decoupled rates which eliminates the dependency of distribution revenue on the volume of electricity sales. Moving to gas operations. Gas adjusted gross margin for the year was $199.1 million an increase of $32.2 million compared to 2024. The increase in gas adjusted gross margin includes the addition of $16.6 million associated with the Bangor natural gas and Maine natural gas acquisitions. Legacy gas operations adjusted gross margin increased $15.6 million due to higher rates and customer growth and the effects of colder winter weather compared to…

Thanks, Dan. Ending now on Slide 14. 2025 marked another year of strong financial performance, operational excellence and outstanding customer service. As we look ahead to 2026 and beyond, we remain confident in our ability to continue delivering value for all stakeholders. Our value proposition remains strong as we continue to invest in low-risk regulated assets that generate predictable earnings and dividend growth while delivering exceptional service to our customers. With that, I'll pass the call back to Chris.

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

[Operator Instructions] This concludes today's question-and-answer session and conference call. Thank you for participating. You may now disconnect.