Slides
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Investor Presentation June 2025
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About This Presentation 2 This presentation contains statements, estimates and projections that are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended). Such statements use forward-looking words such as “believe,” “plan,” “anticipate,” “continue,” “estimate,” “expect,” “may,” or other similar words and terms of similar meaning, although not all forward-looking statements contain such words. These statements discuss plans, strategies, events or developments that we expect or anticipate will or may occur in the future. Management believes that these are reasonable as of today’s date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management’s control; accordingly, there is no assurance that results will be realized. You should read UGI’s Annual Report on Form 10-K and Quarterly reports on Form 10-Q for a more extensive list of factors that could affect results. We undertake no obligation (and expressly disclaim any obligation) to update publicly any forward-looking statement, whether as a result of new information or future events, except as required by the federal securities laws. Management uses “adjusted net income attributable to UGI Corporation” , “adjusted diluted earnings per share (“EPS”)”, “UGI Corporation Adjusted Earnings before interest, taxes, depreciation and amortization (“EBITDA”)”, “Midstream and Marketing Margin”, “UGI Corporation Free Cash Flow” “AmeriGas Propane Free Cash Flow” and “UGI International Free Cash Flow”, all of which are non-GAAP financial measures, when evaluating UGI's overall performance. Management believes that these non-GAAP measures provide meaningful information to investors about UGI’s performance because they eliminate the impacts of (1) gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions and (2) other significant discrete items that can affect the comparison of period-over-period results. Volatility in net income attributable to UGI can occur as a result of gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions but included in earnings in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures. The tables in the Appendix reconcile adjusted diluted EPS, adjusted net income attributable to UGI Corporation, and UGI Corporation Adjusted EBITDA, Midstream and Marketing Margin, UGI Corporation Free Cash Flow, AmeriGas Propane Free Cash Flow and UGI International Free Cash Flow to their nearest GAAP measures.
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Strategic & Financial Overview Fiscal 2025 Updates Our Natural Gas Businesses Our Global LPG Businesses
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Our Segments UGI Corporation at a Glance 4 1. As of September 30, 2024. UGI Corporation is a distributor and marketer of energy products and services, including natural gas, LPG, electricity and renewable energy solutions.17 Countries ~9,750 Employees1 2.5+ million Customers1 141 years Consecutively paying dividends
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26% 74% Our Business Portfolio 5 YTD FY25 Adjusted Diluted EPS Contribution1 1. Excludes Corporate & Other. Year-to-date (YTD) signifies 6-month period ending March 31, 2025. Adjusted diluted EPS is a non-GAAP measure. See Appendix for reconciliation. 2. Based on total customers. 3. Based on the volume of propane gallons distributed annually. Business Portfolio Natural Gas Utilities • 2nd largest regulated gas utility in Pennsylvania (PA)2 • Largest regulated gas utility in West Virginia (WV)2 Midstream & Marketing • Full range of midstream services • 81% fee-based margin Global LPG UGI International • 16 countries in Europe AmeriGas Propane • Largest retail LPG distributor in the US3 Rate Base Expansion Robust infrastructure investment program driving 9%+ rate base CAGR with constructive regulatory recovery mechanisms Disciplined Capital Allocation Prudent capital allocation while investing in growth, maintaining a strong balance sheet and financial flexibility, and returning cash to shareholders through dividends Focused Operational Transformation Focused on transforming operations, strengthening customer relationships, driving greater performance at AmeriGas, while striving for operational excellence throughout the portfolio Growth Catalysts Natural Gas Demand Growth Strong demand outlook from projected peak day growth, customer conversions and data center driven demand in the sector
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Disciplined Capital Allocation Framework 6 ➢ Maintain our commitment to the dividends ➢ Strong dividend payout ratio between 45% - 55% Shareholder Return ➢ Prioritize investments in the regulated utilities businesses, which attract a strong return on equity ➢ Support organic growth in the natural gas businesses through disciplined capital investment ➢ Maintain an attractive liquidity to navigate market dynamics ➢ Target net debt to adjusted EBITDA (leverage ratio)1 between 3.5 – 4.0x2 ➢ Actively assess our portfolio to further maximize shareholder value ➢ Deploy capital for high-return, margin accretive transactions that provide a strategic fit, while maintaining a healthy balance sheet 1 2 3 High-Return Organic Growth Opportunities Balance Sheet Improvement Portfolio Optimization 4 1. Adjusted EBITDA is a non-GAAP measure. Leverage ratio is calculated in accordance with the relevant debt agreement in place as at the end of the periods. 2. The forward-looking information used on this slide is for illustrative purposes only. Actual results may differ substantially from the information presented.
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FY24-27 Capital Deployment Plan 7 1 Cash Returned to Shareholders Debt Reduction Maintenance Capital Growth Capital 66% 18% 9% 7% Utilities Midstream & Marketing UGI International AmeriGas Propane Uses of Cash Growth and Maintenance Capital by Segment ~$3.9B2 ➢ Capital plan funded by cash flow from operations ➢ Disciplined investments to achieve an optimal portfolio mix ~$0.2B ~$0.6B ~$3.3B ~$1.3B ➢ ~85% of total capital invested in natural gas businesses ➢ 75%+ of growth capital being deployed in the regulated utilities businesses 1. The forward-looking information used on this slide is for illustrative purposes only. Actual numbers may differ substantially from the figures presented. 2. $3.9 billion is the mid-point of the $3.7 - $4.1 billion expected range of capital expenditure over FY24-27.
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FY24 - 27 Financial Targets 81. The forward-looking information used on this slide is for illustrative purposes only. Actual numbers may differ substantially from the figures presented. 2. Leverage defined as net debt to Adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure. Leverage ratio is calculated in accordance with the relevant debt agreement in place as at the end of the periods. Executing on our strategy to deliver sustainable shareholder value 4 – 6% $3.7 - $4.1B 9%+ 3.5 – 4.0x EPS Growth Rate Capital Expenditure Rate Base Growth Rate Leverage Ratio2 1
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ESG Highlights 9 UGI ESG Rating History - MSCI UGI is positioned among top 7%5 of all peers Key ESG Stats “Robust overall governance practices and environmental strategies to manage emissions.” - MSCI 1. Achievement of these goals is in progress. For more information on UGI’s ESG initiatives, please see UGI’s sustainability reports and visit www.ugiesg.com. 2. Diversity represents race/ethnicity and gender. 3. As defined under the rules of the New York Stock Exchange. 4. As of April 30, 2025. 5. Universe: MSCI ACWI Index constituents, Oil & Gas refining, Marketing, Transportation & Storage. Environmental Social Governance 55% 5-year Scope-1 GHG Emissions Reduction Target (using 2020 as the base year) 25% Targeted spend improvement with diverse Tier I and Tier II suppliers by 2025 (using 2020 as the base year) 70% Board Diversity 90%+ Reduction in fugitive methane emissions at UGI Utilities (using 1999 as the base year) Executive compensation linked to safety in FY24 5 Years Average Board Tenure 35% Targeted reduction in Total Recordable Injuries by 2025 (using 2017 as the base year) Partnership with the Human Library Organization to help organizations with their diversity, equity, and inclusion efforts 90% Independent Directors and an Independent Board Chair 1 1 2,4 3,4 4
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Strategic & Financial Overview Fiscal 2025 Updates Our Natural Gas Businesses Our Global LPG Businesses
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Robust Performance across Key Financial Metrics 11 YTD FY25 GAAP diluted EPS of $3.93 vs. $2.74 in YTD FY24 YTD Adjusted Diluted EPS1 $3.16 $3.58 YTD FY24 YTD FY25 141 years of consecutively paying dividends UGI Corporation leverage5 at 3.8x as of March 31, 2025 $1.9 billion in available liquidity4 as of March 31, 2025 Solid operational execution driving EBIT growth across all reportable segments3 Increases Fiscal 2025 adjusted EPS guidance to a range of $3.00 - $3.15 per share2 YTD Reportable Segment EBIT3 $209 $228 $248 $253 $255 $249 $361 $382 YTD FY24 YTD FY25 $1,073 $1,112 ($ in million) Utilities Midstream & Marketing UGI International AmeriGas Propane Year-to-date (YTD) signifies 6-month period ending March 31, 2025. 1. Adjusted diluted EPS is a non-GAAP measure. See Appendix for reconciliation. 2. Because we are unable to predict certain potentially material items affecting diluted earnings per share on a GAAP basis, principally mark-to-market gains and losses on commodity and certain foreign currency derivative instruments, we cannot reconcile fiscal year 2025 adjusted diluted earnings per share, a non-GAAP measure, to diluted earnings per share, the most directly comparable GAAP measure, in reliance on the “unreasonable efforts” exception set forth in SEC rules. 3. Reportable Segments EBIT stands for UGI Corporation’s Earnings before interest expense and income taxes excluding EBIT related to Corporate & Other. 4. Available liquidity is comprised of cash and cash equivalents and available borrowing capacity on revolving credit facilities. 5. Leverage defined as net debt to Adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure. Metric differs from relevant debt agreement due to cash eligibility within Net debt and other adjustments. Leverage under the relevant debt agreement is 4.0x.
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Key Takeaways 12 n Improved financial profile Portfolio optimization Talent and culture Operating model and processes Performance at AmeriGas Propane Strong operational execution and business process improvements yielding measurable results Consistent cost discipline driving margin expansion Improved free cash flow generation Continued balance sheet improvement, leading to future flexibility Profitable growth: creating value for shareholders FY25 Priorities
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Liquidity and Balance Sheet Update 1. Free cash flow is a non-GAAP measure calculated as Net Cash from Operating Activities less Capital Expenditure. See Appendix for reconciliation. 2. Leverage defined as net debt to Adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure. Metric differs from relevant debt agreement due to cash eligibility within net debt and other adjustments. Leverage under the relevant debt agreement is 4.0x. 3. Fiscal year-to-date as of May 31, 2025. 4. As of March 31, 2025, pro forma for recent AmeriGas and Utilities transactions in Q3 FY25. Long-term debts with maturities of less than $10 million in a particular year have not been represented in the chart. ❑ $1.9 billion in available liquidity, comprising cash and cash equivalents and available borrowing capacity on revolving credit facilities, as of March 31, 2025 ❑ 55% increase in YTD free cash flow1 generated year-over-year as of March 31, 2025 ❑ Leverage at UGI Corporation was 3.8x2 as of March 31, 2025 ❑ In May 2025, AmeriGas issued $550 million in new Senior Notes due in 2030 which, along with cash on hand at AmeriGas, was used to fully refinance the $664 million in 2026 Senior Notes UGI Corporation Long-Term Debt Maturities ($ in million)4Available Liquidity ($ in billion) $0.3 $0.2 $0.2 $0.2 $0.4 $1.4 $1.7 $1.3 $1.3 $1.5 $1.7 $1.9 $1.5 $1.5 $1.9 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Cash and cash equivalents Available borrowing capacity 13 $120+ million YTD FY253 Debt Repayment at AmeriGas $712 $493 $550 $327 $436 $789 $283 $66 $40 $1,734 $1,100 $243 FY26 FY27 FY28 FY29-54 AmeriGas Propane UGI International Midstream & Marketing Utilities UGI Corporation
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Strategic & Financial Overview Fiscal 2025 Updates Our Natural Gas Businesses Our Global LPG Businesses
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Our Natural Gas Businesses 15 Strategically advantaged platform, well- positioned to capture growing demand and deliver consistent long-term growth Reliable Operational Execution Sustainable Growth Driver Strategic Infrastructure Advantage Growing Customer Demand
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Our Regulated Utilities Business 161. As of September, 2024. 2. Based on total customers. 3. DSIC stands for Distribution System Improvement Charge and IREP stands for Infrastructure Replacement and Expansion Program. 4. The forward-looking information used on this slide is for illustrative purposes only. Actual results may differ substantially from the information presented. Market Leadership Position Rate Base ~$4.2B1 PA Market Position 2nd Largest Gas Utility2 WV Market Position Largest Gas Utility2 Total Customers ~900,0001 Constructive Regulatory Environment PA Authorized Gas ROE 10.15% (DSIC3) WV Authorized Gas ROE 9.75% (IREP3) Weather Normalization PA and WV 9%+ Expected Rate Base CAGR (FY24-27)4 ~$2.6B Targeted Capital Investment (FY24-27)4 Timely Recovery Streamlined capital recovery mechanisms support investment
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0 2 4 6 $ Billion UGI Utilities, Inc. Mountaineer Gas Company Utilities: Capital Investments Drive Attractive Rate Base Growth 17 0 200 400 600 800 2017 2018 2019 2020 2021 2022 2023 2024 2025B 2026P 2027P 1. Includes capital expenditures associated with maintenance, growth, M&A and regulatory requirements. 2. The forward-looking information used on this slide is for illustrative purposes only. Actual numbers may differ substantially from the figures presented. Capital Investment1,2 $$ Million Robust capital spend to modernize infrastructure and expand our systems drives reliable earnings growth and rebalancing of our portfolio. Rate Base Growth1,2 9%+ Expected Rate Base CAGR (FY24-27)2 ~$2.6B Targeted Capital Investment (FY24 – 27)2 $ Fully projected future test year (PA) and DSIC / IREP programs reduce regulatory lag and allow timely capital recovery.
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85% 68% 9% 10% 6% 22% Modern Materials Vintage Plastic Bare Steel and Cast Iron2 Pipeline Replacement & Betterment Opportunity 18 Pipeline Replacement & Betterment Opportunity1 UGI Utilities, Inc. ~12,700 miles ~6,200 miles 1. As of December 31, 2024. 2. Vintage plastic mileage estimated based on installation year. Mountaineer Gas Strategic Infrastructure Investment Priorities ~800 miles of bare steel and cast-iron remaining at UGI Utilities ✓ PA Gas Local Distribution Company (LDC): DSIC provides quarterly adjustments to recover the cost of infrastructure upgrades ✓ WV Gas LDC: IREP is similar to DSIC; also includes provisions for recovery of growth capital Investment Program Milestones 2025 Vintage Plastic Inclusion Expanded the scope of replacement plans filed with regulatory commissions in PA and WV to include vintage plastic 2027 Commitment to replace all cast iron in UGI Utilities Enhancing safety and reliability 2041 Commitment to replace all bare steel in UGI Utilities Significantly modernizing infrastructure platform Constructive regulatory environment ✓ Pipeline Safety & Reliability ✓ System Expansion ✓ Emissions Reduction ✓ Operational Efficiency
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Competitive Advantages Customer Growth & Affordability 19 Gas Utility Customer Growth 1. As of March 2024. 2. As of May 2025. Significant Addressable Market FY14 FY24 UGI Utilities, Inc. Mountaineer Gas Company ~600,000 ~900,000 12,000+ Average Annual Customer Additions (Last 5 Years) Regulatory Programs Driving Growth Technology & Economic Development Rider Energy Efficiency & Conservation Service & Main Extension Tariffs DSIC & IREP Programs 200,000+ conversion prospects within 150 feet of PA Gas Utility mains1 $1,400+ average annual savings for oil to gas conversions2 Natural Gas Affordability Infrastructure Proximity Environmental Benefits Service Reliability
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UGI Utilities Peak Day Growth1 20 Peak day demand growth driven by above average customer growth, power generation and large commercial and industrial customer s. 1. The forward-looking information used on this slide is for illustrative purposes only. Actual amounts may differ substantially from the figures presented. PGC Customers Residential and small commercial demand growth Transportation Large commercial and industrial customer Reserve Requirement System reliability and peak capacity - 0.5 1.0 1.5 2.0 2.5 3.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 BCF ~2.5 Bcf Projected peak day demand by 2035 FY15-FY25 CAGR: 5.6%
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Utilities Segment Our Midstream & Marketing Business 21 • Full suite of midstream services and gas marketing on 47 gas utility systems and 20 electric utility systems • LNG Peaking • Pipeline and Gathering Capacity (~5,000,000 Dth/day)1 • Underground Natural Gas Storage (15,000,000 Dth)1 • Gathering services • Significant strategic assets in the Marcellus Shale / Utica production area • 81% fee-based income, including minimum volume commitments and take or pay arrangements1 1. As of March 31, 2025.
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Our Natural Gas Businesses: Well-Positioned for Peak Day and Data Center Growth Versatile Assets Storage, gathering, transport Robust Capacity Average 300K Dth/Day per asset Scalable Infrastructure platform Diversified Market position spanning PA, OH, WV These assets provide a stable and scalable foundation for energy- intensive industries such as data centers Strategic and well-established infrastructure in the low- cost Marcellus region with direct access to abundant domestic natural gas supply Extensive midstream networks with scalable capacity and connectivity capabilities, including interstate pipeline partnerships and market access Advanced compression and pressure management systems coupled with proven project development and construction expertise 22
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Midstream & Marketing Segment Margin Trend 23 2020 2021 2022 2023 2024 Storage Capacity Management LNG Peaking Gathering & Processing Power Generation Commodity Marketing 1. Total Margin is a non-GAAP measure. See Appendix for reconciliation. 2. Excludes the HVAC business divested in FY20. 3. Monthly Natural Gas Henry Hub Spot NYMEX data from FactSet. 4. Power generation asset (Hunlock Creek) divested in September 2024. $3343 $505 Total Margin2 ($ in Million) $ Our diversified Midstream & Marketing business leverages strategic assets located across the Appalachian basin, is backed by a large customer base, and provides stable earnings underpinned by a significant proportion of fee-based contract structures. 3% 9% 12% 21% 50% 3% 11%10% 6% 62% 21% (1%) 2% 3 $/Mmbtu 0 2 4 6 8 10 Natural Gas Henry Hub ($/Mmbtu) 4
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Fee-Based Income Provides Earnings Stability 24 Midstream & Marketing offers services in the Appalachian basin and the eastern US with significant fee-based income. FY24 Midstream & Marketing Fee-Based Margins FY24 Contract Tenure • Our Midstream & Marketing business provides stable earnings, mostly underpinned by fee-based margin • Fee-based margin includes minimum volume commitments (or take or pay) and other fee-based income • Includes fixed fee peaking, storage and gathering, and fixed rate, variable volume gathering and marketing transactions Other, 19% Fixed Fee, 62% 19% Fee Based, 81% Fixed rate with variable volume <1 year 1-3 years 3-10 years 10-20 years 20+ years
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Strong Midstream Capabilities 25 Gathering and Processing • 17 natural gas pipelines and gathering systems across NE and SW Pennsylvania serving producers, utilities and other C&I customers • Predominantly dry gas gathering with a significant majority of the margin linked to minimum volume commitments or take-or-pay arrangements LNG Peaking • Peaking services to gas utilities, providing reliability for periods of high demand • Total capacity of ~450,000 Dth/d Vaporization and ~20,000 Dth/d liquefaction • Significant fee-based income Capacity Management • Leverages available capacity based on the existing midstream assets and customer contracts (gathering, peaking, storage and marketing contracts) • Opportunity to benefit from daily optimization opportunities during short periods of significantly cold weather and market price dislocations Storage • UGI Storage Company (UGI Storage) operates ~15 MMDth of natural gas storage and pipeline wheeling services strategically located in North Central Pennsylvania • ~240,000 Dth/d withdrawal capacity 615 570 617 645 673 2020 2021 2022 2023 2024 Gathering and Processing Throughput (in Million Dth)
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Our Strategic Midstream Assets 26 Length (miles) Capacity (Dth/d) Auburn 46 635,000 Union Dale 7 100,000 Texas Creek 60 200,000 Ponderosa 8 20,000 Marshlands 21 30,000 East Washington 21 300,000 Big Pine 67 425,000 Gibraltar 25 1,000,000 Majorsville 46 300,000 Pennant 82 600,000 Pine Run1 45 350,000 UGI Moraine East 47 133,510 Riverwest Pittsburgh Mills1 25 290,000 Riverwest Brookfield1 5 2,300 Riverwest Snow Shoe1 11 100,000 Total 516 4,485,8102 Major Pipeline Systems Length (miles) Capacity (Dth/d) Sunbury 35 200,000 Mt. Bethel 12.5 72,000 Total 47.5 272,000 Gathering System Capacity Overview Storage capacity (Dth) Liquefaction capacity (Dth/d) Temple ~1,492,000 ~10,000 Manning ~45,000 ~10,000 Steelton ~180,000 N/A Bethlehem ~180,000 N/A Total 1,897,000 20,000 LNG Peaking Capacity Overview 1. UGI Energy Services owns a 49% equity interest. 2. Includes capacity from JV equity interests.
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Our Renewables Investment 27 Feedstock Production3 (~Mmcf) FY22 FY23 FY24 FY25 New Energy One– Joint Venture (<25%) 250 Cayuga - Spruce Haven 50 Cayuga - Allen Farms 85 Cayuga - EL-VI 55 MBL Bioenergy – Moody 300 Hamilton – Synthica St. Bernard 250 Cayuga – Bergen Farms 150 Cayuga – New Hope View Farms 35 MBL Bioenergy – Brookings & Lakeside 525 Aurum Renewables – Joint Venture (40%) 1,800 Ag-Grid (33% ownership) 11 High-quality RNG projects in multiple states Total Commitment $500M Committed ~$450M Invested to date1 Renewable Natural Gas Projects Committed to Date1,2 10%+ Targeted Unlevered IRR 1. As of December 31, 2024. 2. The forward-looking information used on this slide is for illustrative purposes only. Actual numbers may differ substantially from the figures presented. 3. 100% of the anticipated production capacity from the RNG projects Facility completed and in service Status: Feedstock: Dairy Food Landfill Expected completion date
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Strategic & Financial Overview Fiscal 2025 Updates Our Natural Gas Businesses Our Global LPG Businesses
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Our Global LPG Businesses 29 Leveraging scale efficiencies to provide competitive advantages that drive stronger returns for shareholders Attractive Cash Generation Versatile Energy Solutions Pursuing Operational Excellence Strong Market Presence
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Utilities Segment Our International Propane Business 30 • LPG distribution in 16 countries in Europe through 6 well-known brands o Largest LPG distributor1,2 in France, Austria, Belgium, Denmark and Luxembourg o Among the largest distributors of LPG1,2 in Hungary, Norway, Poland, the Czech Republic, Slovakia, the Netherlands, Sweden and Finland • Strategically located supply assets; ownership interests in 8 primary storage facilities and 65+ secondary storage facilities 1. UGI International estimate based on the volume of propane gallons distributed annually. 2. As of September 30, 2024.
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UGI International: Stable Business with Strong Cash Flow Generation Engine 31 Contract Types by Volume Formula-Based / Contract Floating • Prices calculated based on the applicable index which moves with the LPG spot market • Primary indices for UGI International are CIF ARA and FB Seagoing (Nordics, UK) Stated Price / Market • Price updated at the companies’ discretion based on commodity market changes • In certain European locations, current regulations dictate that customers be provided with up to 30-days’ notice of price increases which may create short-term lags in recovery Fixed Price / Contract Fixed • Prices contractually established with customers; volume commitments included in customer contracts • Disciplined and risk mitigating commodity hedging strategy 54% 29% 17% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 LPG Unit Margins Avg. Platt's Cost Operational Highlights 1. Free Cash Flow is a non-GAAP measure. See Appendix for reconciliation. 2. Margins pertain to the West unit of the business. FY24 Historical Unit Margins at UGI International2 LPG Volume Sold by Customer Type 49% 15% 25% 11% C&I Residential Wholesale & Other Agriculture ➢ Diverse categories of service offering • Bulk: Bulk tanks supplied for residential and commercial use • Cylinders: Steel and composite cylinders • Wholesale: Larger-scale wholesale LPG deliveries • Autogas: Most common alternative automotive fuel worldwide; typically a mix of propane and butane ➢ Strong supply management through contracts with multiple suppliers ➢ 5-Yr Free Cash Flow1 Generation: $904 million FY24
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Strategically Located Assets and Diversified Supply Channels for LPG 32 Diverse Supplier Base ✓ LPG supply is transported via sea and rail, and by road for shorter distances ✓ Imports are supplemented with supply from local refineries and gas processing plants Majority of Supply Contracted → Limited Exposure to Energy Shortages ✓ 95% of UGI’s LPG supply volume is contracted, with some relative volume flexibility to allow for optimization or demand changes ✓ Our major primary storage sites especially in France, and our supplier diversification support risk mitigation LPG Terminal Depots / Railheads / Storage Intra-Europe trade flows are increasing Mossmoran Esbjerg Norgal Donges Ambes FR: 30+ depots Lavera Stanlow Skarvik
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Utilities Segment Our U.S. Propane Business 33 • Largest retail LPG distributor in the US1,2 with broad geographic footprint serving all 50 states • Serving 1.1+ million customers through ~1,360 retail distribution locations2 • Significant supply and transportation network across all states of the nation 1. Based on the volume of propane gallons distributed annually. 2. As of September 30, 2024
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areas to drive customer satisfaction & achieve business results Operations and Customer Experience at AmeriGas Propane Launched in September 2024, “PODs” is our retail field operating model that drives continuous collaboration between territory leaders, service, delivery, sales and other key support teams to make real-time business decisions. Our New Operating Model Number of PODs operating today at the Territory level 90+ Core Focus Areas Call Center Right Shoring Routing & Delivery Billing LPG Supply & Logistics Customer Value & Retention
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Formula-Based / Contract Floating • Prices calculated based on the applicable index which moves with the LPG spot market • Primary indices are Mont Belvieu and Conway Stated Price / Market • Price updated at the companies’ discretion based on commodity market changes Fixed Price / Contract Fixed • Prices contractually established with customers; volume commitments included in customer contracts • Disciplined and risk mitigating commodity hedging strategy AmeriGas Propane: Largest Propane Distributor in the US 35 Contract Types by Volume Operational Highlights Historical Unit Margins at AmeriGas Propane LPG Volume Sold by Customer Type 49% 28% 23% FY24 ➢ Diverse categories of service offering • Bulk Distribution: ~890,000 tanks with 120 – 1,200 gallon capacity • National Accounts: Utilizing scale to serve regional and national customers • Cylinder Exchange: Portable tanks for barbecues and outdoor heating ➢ Strong presence across the U.S. ➢ 5-Yr Free Cash Flow1 Generation: $511 million 1. Free Cash Flow is a non-GAAP measure. See Appendix for reconciliation. 42% 27% 22% 9% C&I Residential Motor Fuel Agriculture & Transport 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Avg. Retail Unit Margin AmeriGas Avg. Cost FY24
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APPENDIX
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Q2 and YTD FY25 Adjusted Diluted Earnings per Share (a) Corporate & Other includes certain adjustments made to our reporting segments in arriving at net income attributable to UGI Corporation. These adjustments have been excluded from the segment results to align with the measure used by our Chief Operating Decision Maker in assessing segment performance and allocating resources. 37 Q2 FY25 Q2 FY24 YTD FY25 YTD FY24 Utilities $0.76 $0.72 $1.17 $1.12 Midstream & Marketing 0.69 0.56 1.10 0.98 UGI International 0.42 0.42 0.89 0.81 AmeriGas Propane 0.11 0.17 (0.10) 0.25 Corporate & Other (a) 0.21 0.43 0.87 (0.42) Diluted earnings per share 2.19 2.30 3.93 2.74 Net losses (gains) on commodity derivative instruments not associated with current-period transactions (0.03) (0.50) (0.32) (0.16) Unrealized losses (gains) on foreign currency derivative instruments 0.05 — (0.03) 0.06 AmeriGas operations enhancement for growth project — 0.02 — 0.05 Restructuring costs — 0.13 — 0.14 Costs associated with exit of UGI International energy marketing business — — — 0.31 Impairment of assets — 0.02 — 0.02 Total adjustments (a) 0.02 (0.33) (0.35) 0.42 Adjusted diluted earnings per share $2.21 $1.97 $3.58 $3.16
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Q2 and YTD FY25 Adjusted Net Income (a) Corporate & Other includes certain adjustments made to our reporting segments in arriving at net income attributable to UGI Corporation. These adjustments have been excluded from the segment results to align with the measure used by our Chief Operating Decision Maker in assessing segment performance and allocating resources. (b) Income taxes associated with pre-tax adjustments determined using statutory business unit tax rates. 38 ($ in Million) Q2 FY25 Q2 FY24 YTD FY25 YTD FY24 Utilities $166 $155 $255 $241 Midstream & Marketing 150 120 239 212 UGI International 93 91 193 174 AmeriGas Propane 25 37 (21) 53 Corporate & Other (a) 45 93 188 (90) Net income attributable to UGI Corporation 479 496 854 590 Net losses (gains) on commodity derivative instruments not associated with current-period transactions (net of tax of $15, $19, $29 and $1, respectively) (5) (110) (69) (33) Unrealized losses (gains) on foreign currency derivative instruments (net of tax of $(3), $0, $3 and $(6), respectively) 10 (1) (6) 13 AmeriGas operations enhancement for growth project (net of tax of $0, $(1), $0 and $(3), respectively) — 5 — 10 Restructuring costs (net of tax of $0, $(9), $0 and $(10), respectively) — 27 — 30 Costs associated with exit of UGI International energy marketing business (net of tax of $0, $(1), $0 and $(14), respectively) — 1 — 66 Impairment of assets (net of tax of $0, $(2), $0 and $(2), respectively) — 5 — 5 Total adjustments (a) (b) 5 (73) (75) 91 Adjusted net income attributable to UGI Corporation $484 $ 423 $779 $681
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UGI Corporation Adjusted EBITDA (non-GAAP) 39 Year Ended September 30, Six Months Ended March 31, ($ in Million) 2022 2023 2024 LTM MAR'24 LTM MAR'25 2023 2024 2025 Net income (loss) including noncontrolling interests $1,073 $(1,502) $269 $(68) $533 $(844) $590 $854 Income taxes 313 (335) 71 139 69 (315) 159 157 Interest expense 329 379 394 394 398 185 200 204 Depreciation and amortization 518 532 511 544 552 263 275 276 EBITDA 2,233 (926) 1,285 1,009 1,552 (711) 1,224 1,491 Unrealized losses (gains) on commodity derivative instruments (598) 1,644 (77) (53) (141) 1,663 (34) (98) Unrealized losses (gains) on foreign currency derivative instruments (50) 38 31 7 3 50 19 (9) Loss on extinguishments of debt 11 9 9 9 9 — — — Acquisition and integration expenses associated with the Mountaineer Acquisition 2 — — — — — — — Business transformation expenses 9 10 — 6 — 4 — — Impairments of equity method investments and assets 35 — 33 7 26 — 7 — Restructuring costs 29 — 76 40 36 — 40 — Loss associated with impairment of AmeriGas Propane goodwill — 656 195 656 195 — — — Costs associated with exit of the UGI International energy marketing business 5 248 84 94 4 234 80 — Net gain on sale of UGI headquarters building — (14) — (14) — — — — AmeriGas operations enhancement for growth project 5 24 25 24 12 13 13 — Loss on disposal of UGID — — 66 — 66 — — — Adjusted EBITDA $ 1,681 $ 1,689 $1,727 $ 1,785 $1,762 $ 1,253 $ 1,349 $ 1,384
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YTD FY25 UGI Corporation Free Cash Flow (non-GAAP) 40 ($ in Million) YTD FY25 YTD FY24 Net Cash from operating activities $848 $641 Capital Expenditure (357) (325) Free Cash Flow $491 $316
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Global LPG Free Cash Flow Year Ended September 30, $ in Million 2024 2023 2022 2021 2020 AmeriGas Propane Net cash provided by operating activities $119 $183 $180 $268 $374 Less: Capital Expenditure (86) (134) (128) (130) (135) Free Cash Flow $33 $49 $52 $138 $239 UGI International Net cash provided by operating activities $306 $139 $82 $643 $253 Less: Capital Expenditure (87) (129) (107) (107) (89) Free Cash Flow $219 $10 ($25) $536 $164 Global LPG Free Cash Flow $252 $59 $27 $674 $403 41
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Midstream and Marketing Margin 42 ($ in Million) FY24 FY23 FY22 FY21 FY20 Total Revenues $1,369 $1,847 $2,326 $1,406 $1,247 Less: Total Cost of Sales (864) (1,360) (1,876) (1,033) (892) Margin - Midstream & Marketing $505 $487 $450 $373 $355 Less: HVAC — — — — (21) UGI Energy Services Margin $505 $487 $450 $373 $334
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Investor Relations: Tameka Morris morrista@ugicorp.com Arnab Mukherjee mukherjeea@ugicorp.com