Slides
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Investor Presentation December 8, 2025
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About This Presentation 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 Free Cash Flow” , “Midstream & Marketing Margin” , “UGI International Free Cash Flow” , and “UGI Corporation Adjusted Earnings before interest, taxes, depreciation and amortization (“EBITDA”)” , “UGI 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, UGI Corporation Free Cash Flow, Midstream & Marketing Margin, UGI International Free Cash Flow, and UGI Corporation adjusted EBITDA to their nearest GAAP measures. 2
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© 2024 GAP INTERNATIONAL. ALL RIGHTS RESERVED. Delivering Positive Energy Every Day O U R P U R P O S E : Customers Love Our Energy 2 0 3 0 V I S I O N : Problem Solver Owner Ethical Together Innovative Courageous O U R V A L U E S : Everyone and everything is always safe Every customer matters Employees thrive at UGI UGI advances a sustainable future O U R S T A N D S :
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Strategic & Financial Overview
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Our Segments UGI Corporation at a Glance 1. As of September 30, 2025. UGI Corporation is a distributor and marketer of energy products and services, including natural gas, LPG, electricity and renewable energy solutions.15 Countries 9,400 Employees1 2.4 million Customers1 141 years Consecutively paying dividends 5
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Our Business Portfolio 6 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 • 80%+ fee-based margin Global LPG UGI International • LPG distributor in 14 European countries 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 deployment focused on growth investments, balance sheet strength, and consistent shareholder returns 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 35% 65% FY25 Adjusted Diluted EPS Contribution1 1. Excludes Corporate & Other. 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.
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7 Building Momentum: Creating Sustainable Shareholder Value AmeriGas Transformation Execute the operational transformation to establish AmeriGas as a premier propane company with a reliable and cost-efficient business model Natural Gas Leadership Positioning UGI as a key player in regional energy expansion to capitalize on prolific Pennsylvania investment Financial Strength & Flexibility Maintaining a strong balance sheet that enables disciplined growth and strategic investments with continued portfolio optimization UGI International Excellence Maintain operational discipline while positioning propane as a viable alternative fuel D r i v i n g o p e r a t i o n a l e x c e l l e n c e t h r o u g h o u t o u r b u s i n e s s t o u n l o c k i n t r i n s i c v a l u e
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Disciplined Capital Allocation Framework ➢ 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 of ≤3.75x2 ➢ Actively assess our portfolio to further maximize shareholder value ➢ Deploy capital toward high-return, strategic transactions that expand margins and preserve financial strength 1 2 3 High-Return Organic Growth Opportunities Balance Sheet Improvement Portfolio Optimization 4 1. Leverage ratio is 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. 2. The forward-looking information used on this slide is for illustrative purposes only. Actual results may differ substantially from the information presented. 8
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9 FY25 Key Financial Metrics FY25 Total Shareholder Return vs S&P 500 TSR of 19% YoY Adjusted Diluted EPS growth 42% 8% Financial Performance YoY Segment Growth Balance Sheet Strength Capital Allocation $1,176M Reportable Segments EBIT1 $390M Free Cash Flow2 5% Natural Gas Adjusted Diluted EPS 14% Global LPG Adjusted Diluted EPS 3.9x UGI Corporation Leverage3 $1.6B Liquidity5 $882M Capital Expenditure4 $322M Dividends 1. Excludes Corporate and Other. 2. Free Cash Flow is a non-GAAP measure calculated as Net Cash from Operating Activities less Capital Expenditure. See Appendix for reconciliation. 3. Leverage defined as net debt to Adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure. See appendix for reconciliation. Metric differs from relevant debt agreement due to cash eligibility within Net debt and other adjustments. Leverage under the relevant debt agreement is 4.2x. 4. Includes investments in equity method investees. 5. Available liquidity comprises of cash and cash equivalents and available borrowing capacity on revolving credit facilities.
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10 FY26 Outlook ▪ Strong topline EBIT growth across reportable segments ▪ Higher gas rates (PA) ▪ Natural gas business growth ▪ Profitable volume retention and growth (AmeriGas) Key Assumptions $2.90 - $3.15 FY26 Adjusted Diluted EPS Guidance Range2 5 – 7% FY26 EBIT Growth $1.0 - $1.1B Capital Expenditure ≤4x UGI Corporation Leverage3 1. The forward-looking information used on this slide is for illustrative purposes only. Actual numbers may differ substantially from the figures presented. 2. Because we are unable to predict certain potentially material items affecting diluted EPS on a GAAP basis, principally mark-to-market gains and losses on commodity and certain foreign currency derivative instruments, we cannot reconcile FY26 adjusted diluted EPS, 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. Leverage ratio is defined as net debt to Adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure. 1 ▪ Normal weather ▪ Increased interest expense ▪ 17 – 19% Effective tax rate
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Long-Term Financial Targets 1. The forward-looking information used on this slide is for illustrative purposes only. Actual numbers may differ substantially from the figures presented. 2. Estimated growth rate from FY24 (actual) - FY29. 3. Estimates over FY26-29. 4. Leverage ratio is 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 5-7% $4.5 - $4.9B 9%+ 1 EPS Growth Rate2 Capital Expenditure3 Rate Base Growth Rate3 UGI Corporation Targeted Leverage Ratio4 ≤3.75x ≤4x AmeriGas Targeted Leverage Ratio4 11
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FY26 - 29 Capital Deployment Plan 1 1. The forward-looking information used on this slide is for illustrative purposes only. Actual numbers may differ substantially from the figures presented. 2. $4.7 billion is the mid-point of the $4.5 - $4.9 billion expected range of capital expenditure over FY26-29. Regulatory Business Focus Continued Rebalancing Investing in Growth Capital Expenditure on Natural Gas businesses (FY26-29) ~82% Growth capital being deployed in the regulated utilities (FY26-29) ~70% Sources and Uses of Cash ($ in Billion) Total Capital Expenditure by Segment 8% 10% 19% 63% AmeriGas Propane UGI International Midstream & Marketing Utilities ~$4.7B2 9%+ Expected Rate Base Growth (FY26-29) 12
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13 ESG Performance and Recognition UGI’s ISS Corporate Rating Prime September 2025 Corporate Rating UGI’s MSCI Rating History BBB A AA AAA 2019 2020 2021 2022 - 2025 UGI is positioned among top 10% of all peers1 1. Universe: MSCI ACWI Index constituents, Oil & Gas refining, Marketing, Transportation & Storage. 2. As of September 30, 2024, achievement of this goal is in progress. For more information on UGI’s ESG initiatives, please see UGI’s sustainability reports and visit www.ugiesg.com. 3. As of September 30, 2025. 4. As defined under the rules of the New York Stock Exchange. Key ESG Stats 5 Years Average Board tenure (broad experience across tenures)3 ~$3M Contributed to improving literacy, inspiring STEM leaders, and community engagement in FY25 55% Scope 1 Emissions reduction target (FY20-25)2 95%+ Reduction in fugitive Methane emission at UGI Utilities since 1999 90% Independent Board representation ensuring strong oversight with Independent Board Chair3,4 ~$400M Annual spend on pipeline modernization
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Utilities Segment
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Our Regulated Utilities Business 1. As of September 30, 2025. 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 Positions Rate Base ~$4.5B1 PA Market Position 2nd Largest Gas Utility2 WV Market Position Largest Gas Utility2 Total Customers ~967,0001 Constructive Regulatory Environment PA DSIC3 Gas ROE 10.25% WV IREP3 Gas ROE 9.75% Weather Normalization PA and WV 9%+ Expected Rate Base CAGR (FY26-29)4 ~$2.9B Targeted Capital Investment (FY26-29)4 Timely Recovery Streamlined capital recovery mechanisms support investment 15
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- 2 4 6 8 UGI Utilities, Inc. Mountaineer Gas Company Utilities: Capital Investments Drive Attractive Rate Base Growth 1. Includes capital expenditures associated with maintenance, growth, mergers and acquisitions, 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 Growth2 9%+ Expected Rate Base CAGR (FY26-29)2 ~$2.9B Targeted Capital Investment at the Utilities (FY26 – 29)2 $ Fully projected future test year (PA) and DSIC / IREP programs reduce regulatory lag and allow timely capital recovery. 0 200 400 600 800 1,000 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E $ Billion $ 16
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85% 68% 8% 10% 7% 22% Modern Materials Vintage Plastic Bare Steel and Cast Iron2 Pipeline Replacement & Betterment Opportunity Pipeline Replacement & Betterment Opportunity1 UGI Utilities, Inc. ~12,700 miles ~6,200 miles 1. As of September 30, 2025. 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 between rate cases ✓ 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 17
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Competitive Advantages Customer Growth & Affordability Gas Utility Customer Growth 1. As of March 2025. 2. As of October 2025. Significant Addressable Market FY15 FY25 UGI Utilities, Inc. Mountaineer Gas Company ~600,000 ~905,000 ~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+ residential conversion prospects within 150 feet of PA Gas Utility mains1 ~$1,400 average annual savings per customer for oil to gas conversions2 Natural Gas Affordability Infrastructure Proximity Environmental Benefits Service Reliability 18
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UGI Utilities Peak Day Growth1 Peak day demand growth driven by above average customer growth, power generation and large commercial and industrial customers. 1. As of April 30, 2025. The forward-looking information used on this slide is for illustrative purposes only. Actual amounts may differ substantially from the figures presented. PGC Customers Residential and small commercial demand growth Transportation Large commercial and industrial customer Reserve Requirement System reliability and peak capacity - 0.5 1.0 1.5 2.0 2.5 3.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 BCF ~2.5 Bcf Projected peak day demand by 2035 FY15-FY25 CAGR: 5.6% 19
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Midstream & Marketing Segment
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Utilities Segment Our Midstream & Marketing Business 1. As of June 30, 2025. 2. As of September 30, 2025. • Full suite of midstream services and gas marketing on 38 gas utility systems and 20 electric utility systems o LNG Peaking o Pipeline and Gathering Capacity (~5,000,000 Dth/day)1 o Underground Natural Gas Storage (15,000,000 Dth)1 o Gathering services • Significant strategic assets in the Marcellus Shale / Utica production area • 81% fee-based income2, including minimum volume commitments and take or pay arrangements 21
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2021 2022 2023 2024 2025 Gathering & Processing LNG Peaking & LNG Trucking Capacity Management Storage Commodity Marketing Power Generation 0 2 4 6 8 10 Natural Gas Henry Hub ($/Mmbtu)3 2 Midstream & Marketing: Segment Margin Trend 1. Total Margin is a non-GAAP measure. See Appendix for reconciliation. 2. Power generation asset (Hunlock Creek) divested in September 2024. 3. Monthly Natural Gas Henry Hub Spot NYMEX data from FactSet. $373 $494 Total Margin1 ($ 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. 7% CAGR 47% 52% $/Mmbtu 25% 5%3% 12% 3% 15% 4% 13% 21% 22 Trucking
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Fee-Based Income Provides Earnings Stability Midstream & Marketing offers services in the Appalachian basin and the eastern US with significant fee-based income. FY25 Midstream & Marketing Fee-Based Margins1 FY25 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 o Includes fixed fee peaking, storage and gathering, and fixed rate, variable volume gathering and marketing transactions Other, 19% Fixed Fee, 64% 17% Fee Based, 81% Fixed rate with variable volume 231. Total Margin is a non-GAAP measure. See Appendix for reconciliation. <1 year 1-3 years 3-10 years 10-20 years 20+ years
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Strong Gathering & Processing Capabilities 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 • Scalable infrastructure with available capacity for continued growth • 85%+ of the margin tied to long-term contracts (3+ years) • 75%+ contracts with minimum volume commitments or take-or-pay arrangements Gathering and Processing Throughput (in Million Dth) 570 617 645 673 653 FY21 FY22 FY23 FY24 FY25 24 Length (miles) Capacity (Dth/d) Auburn 46 635,000 Big Pine 67 425,000 East Washington 16 300,000 Gibraltar 25 1,000,000 Majorsville 24 300,000 Marshlands 27 30,000 Pennant 104 600,000 Pine Run1 48 350,000 Ponderosa 5 20,000 Riverwest Brookfield1 5 2,300 Riverwest Pittsburgh Mills1 25 290,000 Riverwest Snow Shoe1 11 100,000 Texas Creek 64 200,000 UGI Moraine East 47 133,510 Union Dale 6 100,000 Total 520 4,485,8102 Gathering System Capacity Overview 1. UGI Energy Services owns a 49% equity interest. 2. Includes capacity from JV equity interests.
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LNG Peaking and Trucking • Peaking services to gas utilities, providing reliability for periods of high demand • Significant fee-based income with ~90% fixed demand charge and primarily “Take or Pay” arrangements • More than 90% of the contracts are for a duration exceeding 5 years 1. Estimated conversion from gallons to Dth. 2. Carlisle facility went in service in December 2025. 3. Manning facility expansion was completed in FY25. 25 Capacity Overview Storage (Dth)1 Liquefaction (Dth/d) Vaporization (Dth/d) Bethlehem 172,000 N/A 70,000 Carlisle2 336,000 N/A 40,000 Manning3 45,000 20,000 N/A Steelton 176,000 N/A 70,000 Temple 1,367,000 10,000 205,000 Total 2,096,000 30,000 385,000 LNG Peaking < 5 years 5-10 years 10+ years Contract Tenure
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Storage and Capacity Management Capabilities • 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 26 Capacity Management Storage • ~15 MMDth of natural gas storage, firm transportation and pipeline wheeling services strategically located in North Central Pennsylvania with ~240,000 Dth/d withdrawal capacity • Typically inject gas in the summer (Low Demand) and withdraw in the winter (High Demand), with some operational capability to inject/withdraw year round • Enables seasonal arbitrage and multi-year contract opportunity • All contracts are 100% demand charge based
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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 Our midstream assets provide a stable and scalable foundation for energy-intensive industries such as power generation and 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 capacity and access to prolific production Proven engineering, project development and construction expertise 27
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Our Renewables Investment 1. As of September 30, 2025. 2. 100% of the anticipated production capacity from the RNG projects 28 $500M Investment Commitment Fully Deployed1 11 Dairy, food waste and landfill projects 10%+ Targeted Unlevered IRR ~3,500Mmcf Anticipated Production Capacity2 Leveraging our midstream expertise to capture the renewable natural gas opportunity while maintaining disciplined return expectations
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UGI International Segment
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Utilities Segment Our International Propane Business • LPG distribution in 14 countries in Europe through 6 well-known brands1 • Largest LPG distributor in France, Belgium, Denmark and Luxembourg1,2 • Strategically located supply assets; ownership interests in 8 primary storage facilities and ~65 secondary storage facilities 1. As of November 30, 2025. Completed divestiture of Austrian operations in November 2025. 2. UGI International estimate based on the volume of propane gallons distributed annually. 30
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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 UGI International: Contracts and Margins Contract Types by Volume Historical Unit Margins at UGI International Demonstrate Margin Stability1 55%30% 15% FY25 31 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LPG Unit Margins Avg. Platt's Cost 1. Margins pertain to the West unit of the business.
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32 UGI International: Stable Business with Strong Cash Flow Generation Engine LPG Volume Sold by Customer Type • Diverse categories of service offering o Bulk: Bulk tanks supplied for residential and commercial use o Cylinders: Steel and composite cylinders o Wholesale: Larger-scale wholesale LPG deliveries o 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: $1B+ Operational Highlights 45% 45% 50% 49% 48% 19% 18% 15% 15% 16% 11% 11% 9% 11% 13% 25% 26% 26% 25% 24% FY21 FY22 FY23 FY24 FY25 Commercial & Industrial Residential Agricultural Wholesale & Other 1. Free Cash Flow is a non-GAAP measure. See Appendix for reconciliation.
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Strategically Located Assets and Diversified Supply Channels for LPG 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 33
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AmeriGas Propane Segment
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Utilities Segment Our U.S. Propane Business • Largest retail LPG distributor in the US with broad geographic footprint serving 49 states1,2 • Serving 1+ million customers through ~1,390 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 November 30, 2025. Divested Hawaii operations in September 2025. 35
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36 AmeriGas Propane: Strategic Pillars Safety First Customer Focus Operational Excellence Workforce Development Financial Discipline Maintaining an uncompromising commitment to safety across all operations with a zero-harm culture Enhancing customer service quality and strengthening relationships as a trusted energy partner Driving efficiency improvements through technology adoption and process optimization Leveraging financial strength to support sustainable growth and deliver consistent value to UGI shareholders Fostering an engaged workforce culture that empowers employees and supports innovation
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37 AmeriGas Propane: Core Focus Areas Customer Value & Retention Supply & Logistics Routing & Delivery Call Center Reshoring Billing Simplification Growth Desired Outcomes Customer Satisfaction Operational Efficiencies Increased Retention Call Volume Reduction Driving Profitable Growth
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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: Contracts and Margins Contract Types by Volume Historical Unit Margins at AmeriGas Propane Demonstrate Margin Stability 50% 28% 22% FY25 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Avg. Retail Unit Margin AmeriGas Avg. Cost 38
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39 AmeriGas Propane: Largest Propane Distributor in the US LPG Volume Sold by Customer Type • Diverse categories of service offering o Bulk Distribution: ~840,000 tanks with 120 – 1,200 gallon capacity o National Accounts: Utilizing scale to serve regional and national customers o Cylinder Exchange: Portable tanks for barbecues and outdoor heating • Strong presence across 49 states in the U.S. Operational Highlights 41% 40% 41% 42% 42% 32% 30% 30% 27% 28% 19% 21% 21% 22% 22% 8% 9% 8% 9% 8% FY21 FY22 FY23 FY24 FY25 Commercial & Industrial Residential Motor Fuel Agricultural & Transport
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APPENDIX
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Liquidity and Balance Sheet Position 1. Available liquidity comprises of cash and cash equivalents and available borrowing capacity on revolving credit facilities 2. In August 2025, the Company amended its UGI Corporation 2025 Credit Agreement to add an additional revolving credit facility of $300 million, the borrowings of which, if any, can be used solely to fund the cash consideration in the event of early conversion requests of the UGI Corporation Senior Notes. As of September 30, 2025, none of the events permitting the noteholders to convert their notes early occurred. The $300 million in contingent available liquidity is not included in Available Liquidity. 3. As of September 30, 2025. Long-term debts with maturities of less than $10 million in a particular year have not been represented in the chart. Also excludes intercompany loan of $200 million from UGI International to AmeriGas Propane, $35 million of which was paid off in November 2025. 4. Includes $175 million prepaid in November 2025. UGI Corporation Long-Term Debt Maturities ($ in Million)2,3Available Liquidity ($ in Billion)1,2 41 $0.2 $0.2 $0.4 $0.4 $0.3 $1.3 $1.3 $1.5 $1.5 $1.3 $1.5 $1.5 $1.9 $1.9 $1.6 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Cash and cash equivalents Available borrowing capacity $512 $493 $550 $354 $474 $786 $107 $70 $40 $1,900 4 $1,100 $263 FY26 FY27 FY28 FY29 FY30-55 AmeriGas Propane UGI International Midstream & Marketing Utilities UGI Corporation
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42 Our Renewables Portfolio1 Feedstock Production2 (~Mmcf) Completion Year New Energy One– Joint Venture (<25%) 250 FY22 Cayuga - Spruce Haven 50 FY22 Cayuga - Allen Farms 85 FY23 Cayuga - EL-VI 55 FY23 MBL Bioenergy – Moody 300 FY24 Hamilton – Synthica St. Bernard 250 FY25 Cayuga – Bergen Farms 150 FY25 Cayuga – New Hope View Farms 35 FY25 MBL Bioenergy – Brookings & Lakeside 525 FY25 Aurum Renewables – Joint Venture (40%) 1,800 FY24 Ag-Grid (33% ownership) FY22 Feedstock: Dairy Food Landfill 1. As of September 30, 2025. 2. 100% of the anticipated production capacity from the RNG projects
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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. 43 FY25 FY24 Utilities $1.08 $1.10 Midstream & Marketing 1.23 1.11 UGI International 1.10 1.22 AmeriGas Propane 0.16 (0.11) Corporate & Other (a) (0.48) (2.07) Earnings per share - diluted 3.09 1.25 Net losses (gains) on commodity derivative instruments not associated with current-period transactions 0.03 (0.28) Unrealized losses (gains) on foreign currency derivative instruments 0.04 0.10 Loss associated with impairment of AmeriGas Propane goodwill — 0.89 Loss on extinguishments of debt 0.04 0.03 AmeriGas operations enhancement for growth project — 0.09 Restructuring costs — 0.26 Costs associated with exit of the UGI International energy marketing business — 0.32 Net loss on disposals of businesses 0.17 0.26 Impairments of equity method investments and assets — 0.14 Release of valuation allowance on certain deferred tax assets (0.05) — Total adjustments (a) 0.23 1.81 Adjusted diluted earnings per share $3.32 $3.06
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FY25 Adjusted Net Income (a) Corporate & Other includes certain adjustments made to our reporting segments in arriving at net income attributable to UGI Corporation. These adjustments have been excluded from the segment results to align with the measure used by our Chief Operating Decision Maker in assessing segment performance and allocating resources. (b) Income taxes associated with pre-tax adjustments determined using statutory business unit tax rates. 44 ($ in Million) FY25 FY24 Utilities $237 $237 Midstream & Marketing 269 238 UGI International 242 262 AmeriGas Propane 36 (23) Corporate & Other (a) (106) (445) Net income attributable to UGI Corporation 678 269 Net losses (gains) on commodity derivative instruments not associated with current-period transactions (net of tax of $(2) and $17, respectively) 7 (60) Unrealized losses (gains) on foreign currency derivative instruments (net of tax of $(3) and $(9), respectively) 7 22 Loss associated with impairment of AmeriGas Propane goodwill (net of tax of $0 and $(3), respectively) — 192 Loss on extinguishments of debt (net of tax of $(2) and $(3), respectively) 8 6 AmeriGas operations enhancement for growth project (net of tax of $0 and $(6), respectively) — 19 Restructuring costs (net of tax of $0 and $(20), respectively) — 56 Costs associated with exit of the UGI International energy marketing business (net of tax of $0 and $(15), respectively) — 69 Net loss on disposals of businesses (net of tax of $2 and $(11), respectively) 38 55 Impairments of equity method investments and assets (net of tax of $0 and $(3), respectively) — 30 Release of valuation allowance on certain deferred tax assets (10) — Total adjustments (a) (b) 50 389 Adjusted net income attributable to UGI Corporation $728 $658
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FY25 UGI Corporation Adjusted EBITDA (non-GAAP) 45 ($ in Million) FY25 FY24 FY23 FY22 Net income (loss) attributable to UGI Corporation $678 $269 $(1,502) $1,073 Income taxes 18 71 (335) 313 Interest expense 411 394 379 329 Depreciation and amortization 561 551 532 518 EBITDA 1,668 1,285 (926) 2,233 Net losses (gains) on commodity derivative instruments not associated with current-period transactions 9 (77) 1,644 (598) Unrealized losses (gains) on foreign currency derivative instruments 10 31 38 (50) Loss on extinguishments of debt 10 9 9 11 Acquisition and integration expenses associated with the Mountaineer Acquisition - - - 2 Business transformation expenses - - 10 9 Impairments of equity method investments and assets - 33 - 35 Restructuring costs - 76 - 29 Loss associated with impairment of AmeriGas Propane goodwill - 195 656 - Costs associated with exit of the UGI International energy marketing business - 84 248 5 Net loss on disposals of businesses 36 66 - - Net gain on sale of UGI headquarters building - - (14) - AmeriGas operations enhancement for growth project - 25 24 5 Adjusted EBITDA $1,733 $1,727 $1,689 $1,681
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Free Cash Flow (non-GAAP) ($ in Million) FY25 FY24 FY23 FY22 FY21 Net Cash Provided by Operating Activities $1,227 $1,182 1,107 716 1,481 Less: Capital Expenditure (837) (796) (974) (804) (690) UGI Corporation Free Cash Flow $390 $386 $133 ($88) $791 46 UGI Corporation UGI International ($ in Million) FY25 FY24 FY23 FY22 FY21 Net Cash Provided by Operating Activities $358 $306 $139 $82 $643 Less: Capital Expenditure (93) (87) (129) (107) (107) UGI International Free Cash Flow $265 $219 $10 ($25) $536
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Midstream and Marketing Margin ($ in Million) FY25 FY24 FY23 FY22 FY21 Total Revenues $1,483 $1,369 $1,847 $2,326 $1,406 Less: Total Cost of Sales (989) (864) (1,360) (1,876) (1,033) Margin - Midstream & Marketing $494 $505 $487 $450 $373 47
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Investor Relations: Tameka Morris morrista@ugicorp.com Arnab Mukherjee mukherjeea@ugicorp.com