Ugi Corporation · NYSE:UGI
Ugi — Debt Investor Presentation (May 2026)
34 slides from Ugi's debt investor presentation, May 12, 2026
Slide 1: Investor Presentation May 2026
Investor Presentation May 2026
Slide 2: Disclaimer
Disclaimer This presentation contains statements, estimates and projections that are forward - looking statements (as defined in Section 21 E of the Securities Exchange Act of 1934 , as amended, and Section 27 A of the Securities Act of 1933 , as amended (the “Securities Act”)) . Any statement that
Slide 3: II. Company Overview
II. Company Overview
Slide 4: UGI International At A Glance
UGI International At A Glance • Leading LPG distributor in 9 countries across Europe through 3 well - known brands 1 o Estimated to be the largest distributor of LPG in France, Belgium, Denmark, and Luxembourg 2 o Estimated to be one of the largest LPG distributors in Norway, the Netherlands, Sweden
Slide 5: UGI International Customer Categories
UGI International Customer Categories LPG Distribution Bulk Cylinders Wholesale Autogas • Most common alternative automotive fuel worldwide • Typically mix of propane and butane • Benefits include comparatively low price and significantly reduced amount of emissions • Plays a significant role in tra
Slide 6: Our Primary Brands for LPG Distribution
• Market leader in France in the distribution of propane and butane in gas bottles, and propane in gas tanks 1 • Antargaz is also a leading LPG supplier in the Benelux • Services both private individuals (hot water, cooking and heating) and professionals (industry, agriculture, hotel and catering tr
Slide 7: Strategically Located Assets and Diversified Supply Channels for LPG
Strategically Located Assets and Diversified Supply Channels for LPG 1 Diverse Supplier Base x Multiple supply channels: sea (coastal terminals), rail (European refineries), road (regional distribution) x Supply from local refineries and gas processing plants are supplemented with imports x ~65% of
Slide 8: ESG Journey under Strong UGI Corp Leadership
8 ESG Journey under Strong UGI Corp Leadership 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 Corporation has an MSCI ESG Rating of AAA, the highest rating available by MSCI on sustainability 1. We are in the pro
Slide 9: IV. Credit Highlights
IV. Credit Highlights Update this picture (this is US truck…. Not relevant for UGII)
Slide 10: Key Credit Highlights
Market Leading Position Serving a Diverse Customer Base, with Limited Customer Concentration Operating Structure Supports Strong Unit Margins Disciplined Financial Policy Strong Parent Organization Experienced and Proven Management Team I II III IV Key Credit Highlights V VI 10
Slide 11: Market Leading Position
Market Leading Position 11 UGI International is a market leader in most countries where it operates • Leading LPG Distributor in 9 countries across Europe through 3 well - known brands 1 o Estimated to be the largest distributor of LPG in France, Belgium, Denmark, and Luxembourg 2 o Estimated to be
Slide 12: Serving a Diverse Customer Base, with Limited Customer Concentration
Serving a Diverse Customer Base, with Limited Customer Concentration 12 • UGI International’s largest volume comes from commercial and industrial customers, followed by wholesale and residential customers • No single customer represents more than 5 % of total revenues for UGI International • In Fisc
Slide 13: Operating Structure Supports Strong Unit Margins
Operating Structure Supports Strong Unit Margins 13 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, Sonatrach and FB Seagoing Stated Price / Market • Price updated at the c
Slide 14: Disciplined Financial Policy
Disciplined Financial Policy UGI International is focused on maintaining a strong balance sheet and further enhancing its credit profile through prudent c api tal deployment and sound Free Cash Flow generation 14 The distribution represents a One - Time enhancement of AmeriGas’ balance sheet. Optimi
Slide 15: Strong Parent Organization
25 27 29 31 33 35 37 39 41 43 15 Strong Parent Organization UGI Corp Overview • UGI Corp is a holding company that, through its subsidiaries and affiliates, distributes, stores, transports and markets energy products and related services, in the United States and internationally . It is comprised of
Slide 16: Experienced and Proven Management Team
Experienced and Proven Management Team 16 Biography Name ▪ Assumed the current role on November 1, 2024 ▪ Other current positions include Chair of the Board of Nexus Water Group ▪ Prior to UGI, he served as the Chair of the Board of Capstone Green Energy Holdings (2021 – 2024), Chair of the Board of
Slide 17: V. Financial Overview
V. Financial Overview
Slide 18: YTD Q2 FY26 Financial Performance
YTD Q2 FY26 Financial Performance Strong performance in YTD Q2 FY26 driven by higher unit margins ($M) 18 1. Adjusted Total Margin, Adjusted Unit Margin, Adjusted EBITDA and Free Cash Flow are non - GAAP measures; see Appendix for recon ciliation. 2. Free Cash Flow is defined as Adj. EBITDA less cap
Slide 19: FY25 and YTD Q2 FY26 Financial Highlights
FY25 and YTD Q2 FY26 Financial Highlights Steady unit margin growth and strong OPEX management in FY25, partially offsetting lower LPG volume, with YTD Q2 FY26 delivering further unit margin expansion Key Drivers • Retail gallons decreased 9% largely due to the impacts from the divestitures of certa
Slide 20: Historical Financial Performance
Historical Financial Performance Strong track record of sustained margin management alongside ability to pass through commodity costs to customers ($M) 20 CAGR: 19.3% FYE 9/30 CAGR: 1.6% Adjusted Total Margin and Unit Margin 1 LPG Retail Gallons Sold (in million of units) Free Cash Flow 1,2 Total De
Slide 21: Summary Financial Overview
Summary Financial Overview 21 LTM Q2 FY26 FY25 FY24 FY23 FYE September 30 th 659 698 725 729 LPG Retail Gallons Sold (millions) (8.6%) (3.7%) (0.5%) % yoy growth 957 941 976 920 Adjusted Total Margin 1 (0.3%) (3.6%) 6.1% % yoy growth 1.45 1.35 1.35 1.26 Adjusted Total Margin Per Unit 9.1% 0.1% 6.7%
Slide 22: Key Credit Highlights
Market Leading Position Serving a Diverse Customer Base, with Limited Customer Concentration Operating Structure Supports Strong Unit Margins Disciplined Financial Policy Strong Parent Organization Experienced and Proven Management Team I II III IV Key Credit Highlights V VI 22
Slide 23: Appendix
APPENDIX
Slide 24: Our Segments: UGI Corporation at a Glance
Our Segments UGI Corporation at a Glance 1. After giving effect to the closed and announced dispositions from January 2026. 2. 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 solutio
Slide 25: LPG Distribution Overview: Bulk Gas
LPG Distribution Overview: Bulk Gas 25 In Fiscal Year 2025, UGI International sold approximately 534 million gallons of bulk LPG Products / Customers Residential: underground & above - ground tanks, providing energy for: • Single family homes, apartment buildings and town houses, residential develop
Slide 26: LPG Distribution Overview: Cylinder Gas
LPG Distribution Overview: Cylinder Gas 26 In Fiscal Year 2025, UGI International sold approximately 126 million gallons of LPG in cylinders LPG sold in different sized steel and composite cylinders, which provide a safe, portable and eco - friendly source of energy. • Residential: Principal end - u
Slide 27: Income Statement
Income Statement 27 UGI International - Historical Income Statements 6ME Q2 FY26 6ME Q2 FY25 LTM Q2 FY26 FY25 FY24 FY23 $M $1,196 $1,288 $2,027 $2,119 $2,238 $2,965 Revenues Costs and expenses: 484 718 992 1,226 1,308 3,447 Cost of sales 267 267 525 525 627 627 Operating and administrative expenses
Slide 28: Balance Sheet
Balance Sheet 28 UGI International - Historical Balance Sheets Q2 FY26 FY25 FY24 $M Q2 FY26 FY25 FY24 $M LIABILITIES AND EQUITY ASSETS Current liabilities: Current assets: $2 $2 $2 Current maturities of long - term debt $352 $249 $127 Cash and cash equivalents 50 200 128 Short - term borrowings - 5
Slide 29: Cash Flow Statement
Cash Flow Statement 29 UGI International - Historical Cash Flow Statements 6ME Q2 FY26 6ME Q2 FY25 LTM Q2 FY26 FY25 FY24 FY23 $M CASH FLOW FROM OPERATING ACTIVITIES $290 $206 $242 $158 $96 ($1,076) Net income (loss) attributable to UGI International, LLC Adjustments to reconcile net income (loss) at
Slide 30: Cash Flow Statement (cont.)
Cash Flow Statement (cont.) 30 UGI International - Historical Cash Flow Statements (Cont.) 6ME Q2 FY26 6ME Q2 FY25 LTM Q2 FY26 FY25 FY24 FY23 $M CASH FLOW FROM INVESTING ACTIVITIES ($30) ($31) ($92) ($93) ($87) ($129) Expenditures for property, plant and equipment 77 - 170 93 31 (42) Net proceeds (p
Slide 31: Adj. EBITDA Reconciliation
Adj. EBITDA Reconciliation 31 UGI International - Adj. EBITDA Reconciliation 6ME Q2 FY26 6ME Q2 FY25 LTM Q2 FY26 FY25 FY24 FY23 $M $290 $206 $242 $158 $96 ($1,076) Net income (loss) 67 43 36 12 (31) (406) Income tax (benefit) expense 22 21 47 46 44 37 Interest expense 55 58 120 123 119 116 D&A $434
Slide 32: Adj. Total Margin Reconciliation
Adj. Total Margin Reconciliation 32 UGI International - Adj. Total Margin Reconciliation 6ME Q2 FY26 6ME Q2 FY25 LTM Q2 FY26 FY25 FY24 FY23 $M $1,196 $1,288 $2,027 $2,119 $2,238 $2,965 Total revenues (484) (718) (992) (1,226) (1,308) (3,447) Cost of sales $712 $570 $1,035 $893 $930 ($482) Total marg
Slide 33: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation 33 UGI International - Free Cash Flow Reconciliation 6ME Q2 FY26 6ME Q2 FY25 LTM Q2 FY26 FY25 FY24 FY23 $M $311 $311 $437 $437 $440 $351 Adjusted EBITDA (30) (31) (92) (93) (87) (129) + Capex $281 $280 $345 $344 $353 $222 Adjusted FCF
Slide 34: West Unit Margin Reconciliation
West Unit Margin Reconciliation 34 UGI International - West Unit Margin Reconciliation LTM Q2 FY26 FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16 €K € 1,110,727 € 1,185,681 € 1,203,081 € 1,172,046 € 1,325,662 € 1,079,827 € 1,001,704 € 1,090,152 € 1,134,356 € 1,031,477 € 1,045,057 LPG Revenues (50