Slide 1: Investor Presentation
Investor Presentation March 2, 2026
Slide 2: About This Presentation
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
Slide 3: Purpose, Vision, Values and Stands
OUR PURPOSE: 2030 VISION: Delivering Positive Energy Every Day Customers Love Our Energy OUR VA L UE S: Problem Solver Owner Ethical Together Innovative Courageous OUR STANDS: Everyone and everything Every customer Employees thrive UGI advances a is always safe matters at UGI sustainable future © 20
Slide 4: Strategic & Financial Overview
Strategic & Financial Overview
Slide 5: UGI Corporation at a Glance
UGI Corporation at a Glance UGI Corporation is a distributor and marketer of energy products and services, including 10 natural gas, LPG, electricity and renewable energy solutions. Countries1 9,400 Employees2 2.4 million Customers2 141 years Consecutively paying dividends Our Segments 1. Excludes C
Slide 6: Our Business Portfolio
Our Business Portfolio Natural Gas Global LPG Utilities UGI International • 2nd largest regulated gas utility in • LPG distributor in 9 Pennsylvania (PA)1 FY25 35% European countries4 • Largest regulated gas Adjusted • Strong free cash flow utility in West Virginia Diluted EPS generator (WV)1 3 65%
Slide 7: Building Momentum: Creating Sustainable Shareholder Value
Building Momentum: Creating Sustainable Shareholder Value AmeriGas Transformation Natural Gas Leadership ational exce Execute the operational er lle Positioning UGI as a key player in transformation to establish op n regional energy expansion to AmeriGas as a premier propane capitalize on prolific P
Slide 8: Disciplined Capital Allocation Framework
Disciplined Capital Allocation Framework Shareholder Return ➢ Maintain our commitment to the dividends 1 ➢ Strong dividend payout ratio between 45% - 55% Balance Sheet ➢ Maintain an attractive liquidity to navigate market dynamics 2 Improvement ➢ Target net debt to adjusted EBITDA (leverage ratio)1
Slide 9: Q1 FY26 Highlights
Q1 FY26 Highlights ✓ Sustained focused on safety first driving year-over-year improvement across all our business segments ➢ 45% fewer recordable incidents and 60% less lost-time injuries at AmeriGas Propane ✓ Continued progress on the operational transformation at AmeriGas Propane yielding year-ove
Slide 10: FY26 Outlook
1 FY26 Outlook $2.90 - $3.15 5 – 7% $1.0 - $1.1B ≤4x FY26 Adjusted Diluted EPS FY26 EBIT Growth Capital Expenditure UGI Corporation Leverage3 Guidance Range2 Key Assumptions ▪ Strong topline EBIT growth across reportable segments ▪ Normal weather ▪ Higher gas rates (PA) ▪ Increased interest expense
Slide 11: Long-Term Financial Targets
Long-Term Financial Targets 1 EPS Growth Rate2 Capital Expenditure3 Rate Base Growth Rate3 5-7% $4.5 - $4.9B 9%+ UGI Corporation Targeted Leverage Ratio4 AmeriGas Targeted Leverage Ratio4 ≤3.75x ≤4x Executing on our strategy to deliver sustainable shareholder value 1. The forward-looking information
Slide 12: FY26-29 Capital Deployment Plan
FY26 - 29 Capital Deployment Plan 1 Regulatory Business Focus Continued Rebalancing Investing in Growth Capital Expenditure on Growth capital being Expected Rate Base 9%+ Growth (FY26-29) ~82% Natural Gas businesses ~70% deployed in the regulated (FY26-29) utilities (FY26-29) Sources and Uses of Cas
Slide 13: Liquidity and Balance Sheet Update
Liquidity and Balance Sheet Update Credit Rating Elevation Leverage Management Debt Profile Well-laddered debt maturities with Positive Moody’s has upgraded its Leverage at UGI AmeriGas outlook from 4.0x Corporation1 as of manageable near-term obligations Outlook “Negative” to “Positive” December 31
Slide 14: ESG Performance and Recognition
ESG Performance and Recognition UGI’s MSCI Rating History Key ESG Stats 2019 2020 2021 2022 - 2025 AAA 55% 95%+ Scope 1 Emissions reduction target Reduction in fugitive Methane emission AA (FY20-25)2 at UGI Utilities since 1999 A BBB UGI is positioned among top 10% of all peers1 ~$400M ~$3M Contribu
Slide 15: Utilities Segment
UGI CORPORATION Utilities Segment
Slide 16: Our Regulated Utilities Business
Our Regulated Utilities Business Market Leadership Positions 9%+ Rate Base ~$4.5B1 Expected Rate Base CAGR (FY26-29)4 PA Market Position 2nd Largest Gas Utility2 WV Market Position Largest Gas Utility2 Total Customers ~967,0001 ~$2.9B Targeted Capital Investment (FY26-29)4 Constructive Regulatory En
Slide 17: Capital Investments Driving Attractive Rate Base Growth
Capital Investments Driving Attractive Rate Base Growth Robust capital spend to modernize infrastructure and expand our systems drives reliable earnings growth and rebalancing of our portfolio. 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E $1,000 $ Million 800 ~$2.9B Capital 600 Targete
Slide 18: Pipeline Replacement & Betterment Opportunity
Pipeline Replacement & Betterment Opportunity Investment Program Milestones Constructive regulatory environment 2025 Vintage Plastic Inclusion Expanded the scope of replacement plans filed with ✓ PA Gas Local Distribution Company (LDC): DSIC provides regulatory commissions in PA and WV to include vi
Slide 19: Customer Growth & Affordability
Customer Growth & Affordability Gas Utility Customer Growth Significant Addressable Market ~905,000 ~600,000 ~12,000 200,000+ ~$1,400 Average Annual residential conversion average annual savings per Customer Additions prospects within 150 feet customer for oil to gas FY15 FY25 (Last 5 Years) of PA G
Slide 20: UGI Utilities Peak Day Growth
UGI Utilities Peak Day Growth1 Peak day demand growth driven by above average customer growth, power generation and large commercial and industrial customers. FY15-FY25 CAGR: 5.6% ~2.5 Bcf 3.0 Projected peak day demand by 2035 PGC Customers Residential and small commercial demand growth 2.5 2.0 Tran
Slide 21: Midstream & Marketing Segment
Midstream & Marketing Segment
Slide 22: Our Midstream & Marketing Business
Our Midstream & Marketing Business • Full suite of midstream services and gas marketing on 38 gas utility systems Utilities Segment 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 se
Slide 23: Midstream & Marketing Segment Margin Trend
Midstream & Marketing Segment Margin Trend 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. Total
Slide 24: Fee-Based Income Provides Earnings Stability
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 20+ business provides stable years <1 year
Slide 25: Gathering & Processing
Gathering & Processing Gathering & 47% Processing FY25 85%+ 75%+ Midstream & Marketing Long-term contracts provide revenue Minimum volume commitments and take- Total Margin1 visibility and stability or-pay arrangements 17 520 4.5 Bcf/d Gas pipelines and gathering systems Miles of Infrastructure Tota
Slide 26: LNG Peaking and Trucking
LNG Peaking and Trucking FY25 Midstream & ~90% 90%+ 12+ Marketing Fixed demand Contracts with Duration Years Weighted Avg. Total Margin1 charges >5 Years providing Contract Life LNG 21% predictable cash flows Peaking & Trucking Capacity Overview Contract Tenure Storage Liquefaction Vaporization < 5
Slide 27: Commodity Marketing & Capacity Management
Commodity Marketing & Capacity Management Commodity Marketing 15% Commodity FY25 Midstream & 30+ 90%+ 40,000+ Marketing Marketing Total Margin1 Years in Customer retention Customer Business rate locations FY25 Leverages available Optimization Captures basis Capacity Midstream & capacity based on the
Slide 28: Storage Capabilities
Storage Capabilities Storage 4% FY25 100% Midstream & Marketing N. Central PA Total Margin1 Demand charge-based Strategic Location contracts with no volumetric risk ~15 MMDth ~240,000 Dth/d Natural Gas Storage Capacity Withdrawal Capacity Seasonally Optimized, Demand-Charged Storage Anchoring Midstr
Slide 29: Our Natural Gas Businesses: Well-Positioned for Peak Day and Data Center Growth
Our Natural Gas Businesses: Well-Positioned for Peak Day and Data Center Growth Versatile Assets Scalable Diversified Robust Capacity Storage, gathering, Infrastructure Market position spanning Average ~300K Dth/Day transport platform PA, OH, WV per asset Strategic and well-established infrastructur
Slide 30: Our Renewables Investment
Our Renewables Investment $500M 11 Investment Commitment Fully Deployed Dairy, food waste and landfill projects 10%+ ~3,500Mmcf Targeted Unlevered IRR Anticipated Production Capacity1 Leveraging our midstream expertise to capture the renewable natural gas opportunity while maintaining disciplined re
Slide 31: UGI International Segment
UGI CORPORATION UGI International Segment
Slide 32: Our International Propane Business
Our International Propane Business • Leading LPG distributor (ranked #1 or #2) in 9 countries in Europe through 3 well-known brands1,2 • Largest LPG distributor in France, Belgium, Denmark and Luxembourg1,2 • Ownership interests in 8 primary storage facilities and 50+ secondary storage facilities •
Slide 33: UGI International: Contracts and Margins
UGI International: Contracts and Margins Contract Types by Volume Formula-Based / Contract Floating • Prices calculated based on the applicable index which moves with the LPG spot market 15% • Primary indices for UGI International are CIF ARA and FB Seagoing (Nordics, UK) Stated Price / Market • Pri
Slide 34: UGI International: Stable Business with Strong Cash Flow Generation
UGI International: Stable Business with Strong Cash Flow Generation Operational Highlights LPG Volume Sold by Customer Type • Diverse categories of service offering o Bulk: Bulk tanks supplied for residential and commercial use 25% 26% 26% 25% 24% o Cylinders: Steel and composite cylinders o Wholesa
Slide 35: Strategically Located Assets and Diversified Supply Channels for LPG
Strategically Located Assets and Diversified Supply Channels for LPG1 65% of Europe’s Diverse Supplier Base supply is imported from outside of ✓ Multiple supply channels: sea (coastal Europe Import terminal – SEA terminals), rail (European refineries), road Import terminal – PIPELINE (regional dist
Slide 36: AmeriGas Propane Segment
UGI CORPORATION AmeriGas Propane Segment
Slide 37: Our U.S. Propane Business
Our U.S. Propane Business • Largest retail LPG distributor in the US with Utilities broad geographic footprint Segment 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 • D
Slide 38: AmeriGas Propane: Strategic Pillars
AmeriGas Propane: Strategic Pillars Enhancing customer Fostering an service quality and engaged workforce strengthening Operational culture that Financial Safety First relationships as a empowers Excellence Discipline trusted energy employees and partner supports innovation Maintaining an Driving ef
Slide 39: Strong Strides of Progress at AmeriGas Propane
Strong Strides of Progress at AmeriGas Propane Selected Operational Metrics Core Focus Areas at AmeriGas Propane Driving Profitable Growth - Q1 FY26 45% fewer recordable incidents1 Customer Value Supply & & Retention Logistics Customer Increased 60% less Satisfaction Retention Lost-time injuries1 12
Slide 40: AmeriGas Propane: Contracts and Margins
AmeriGas Propane: Contracts and Margins Contract Types by Volume Formula-Based / Contract Floating • Prices calculated based on the applicable index which moves with the LPG spot market 22% • Primary indices are Mont Belvieu and Conway Stated Price / Market FY25 50% • Price updated at the companies’
Slide 41: AmeriGas Propane: Largest Propane Distributor in the US
AmeriGas Propane: Largest Propane Distributor in the US Operational Highlights LPG Volume Sold by Customer Type • Diverse categories of service offering o Bulk Distribution: ~840,000 tanks with 120 – 1,200 gallon capacity 8% 9% 8% 9% 8% o National Accounts: Utilizing scale to serve regional and 19%
Slide 42: Appendix
UGI APPENDIX CORPORATION
Slide 43: Midstream & Marketing: Gathering & Processing Capabilities
Midstream & Marketing: Gathering & Processing Capabilities Gathering and Processing Throughput Gathering System Capacity Overview (in Million Dth) Length (miles) Capacity (Dth/d) Auburn 46 635,000 673 Big Pine 67 425,000 East Washington 16 300,000 653 645 Gibraltar 25 1,000,000 Majorsville 24 300,00
Slide 44: Our Renewables Portfolio
Our Renewables Portfolio1 Production2 Completion Feedstock (~Mmcf) 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 FY
Slide 45: FY25 Adjusted Diluted Earnings per Share
FY25 Adjusted Diluted Earnings per Share FY25 FY24 Utilities $1.08 $1.10 Midstream & Marketing 1.23 1.11 UGI International 1.10 1.22 AmeriGas Propane 0.16 (0.11) Corporate & Other (a) (0.48) (2.07) Earnings per share - diluted 3.09 1.25 Net losses (gains) on commodity derivative instruments not asso
Slide 46: FY25 Adjusted Net Income
FY25 Adjusted Net Income ($ in Million) FY25 FY24 Utilities $237 $237 Midstream & Marketing 269 238 UGI International 242 262 AmeriGas Propane 36 (23) Corporate & Other (a) (106) (445) Net income attributable to UGI Corporation 678 269 Net losses (gains) on commodity derivative instruments not assoc
Slide 47: FY25 UGI Corporation Adjusted EBITDA (non-GAAP)
FY25 UGI Corporation Adjusted EBITDA (non-GAAP) ($ in Million) FY25 FY24 FY23 FY22 Net income (loss) attributable to UGI Corporation $678 $269 $(1,502) $1,073 Income taxes 18 71 (335) 313 Interest expense 411 394 379 329 Depreciation and amortization 561 551 532 518 EBITDA 1,668 1,285 (926) 2,233 Ne
Slide 48: Free Cash Flow (non-GAAP)
Free Cash Flow (non-GAAP) UGI Corporation ($ 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) $791 UGI International ($ in Million)
Slide 49: Midstream and Marketing Margin
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 49
Slide 50: Investor Relations
Investor Relations: Tameka Morris Arnab Mukherjee morrista@ugicorp.com mukherjeea@ugicorp.com