Slide 1: Fiscal 2026 Third Quarter Earnings Presentation
Fiscal 2026 Third Quarter Earnings Presentation August 6, 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: Bob Flexon and Sean O'Brien
Bob Flexon Sean O’Brien President & Chief Executive Officer Chief Financial Officer
Slide 4: YTD FY26 Key Highlights
YTD FY26 Key Highlights Adjusted Diluted EPS1 Creating Sustainable Shareholder Value through every Segment $3.55 $3.17 • Disciplined execution and portfolio strength driving YTD results, offsetting the impact of the non-core LPG divestitures (Hawaii, Italy, Austria and Eastern Europe) and weather he
Slide 5: Strengthening Fundamentals to Drive Growth at AmeriGas Propane
Strengthening Fundamentals to Drive Growth at AmeriGas Propane While continuing to strengthen its foundation, AmeriGas Propane has enhanced volume retention when compared to pre-fiscal 2025 levels, materially improved its balance sheet and strengthened its free cash flow1 generation capability. Posi
Slide 6: Positioned for Growth at UGI International
Positioned for Growth at UGI International UGI International combines its leading market position with a strong track record of operational excellence, generating ~$200 million of free cash flow1 annually, ~23% EBITDA margin2, and ~15% return on capital employed3. The business consistently executes
Slide 7: Q3 and YTD FY26 Financial Update
Q3 and YTD FY26 Financial Update
Slide 8: Q3 FY26 Reportable Segments EBIT vs Q3 FY25
Q3 FY26 Reportable Segments EBIT1 vs Q3 FY25 ($ in Millions) $3 $10 ($2) $72 $58 ($25) Q3 FY25 Utilities Midstream UGI AmeriGas Q3 FY26 & Marketing International Propane 1. Reportable Segments EBIT stands for UGI Corporation’s Earnings before interest expense and income taxes excluding EBIT related
Slide 9: Q3 FY26 Segment Results Recap – Natural Gas
Q3 FY26 Segment Results Recap – Natural Gas Q3 FY26 EBIT - Comparison with Q3 FY25 ($ in Millions) Utilities Midstream & Marketing $13 $0 $13 $0 $40 ($3) $0 $30 $30 $27 ($8) ($2) Q3 FY25 Total OPEX D&A Other Q3 FY26 Q3 FY25 Total OPEX D&A Other Q3 FY26 EBIT Margin EBIT EBIT Margin EBIT Key Drivers K
Slide 10: Q3 FY26 Segment Results Recap – Global LPG
Q3 FY26 Segment Results Recap – Global LPG Q3 FY26 EBIT - Comparison with Q3 FY25 ($ in Millions) UGI International AmeriGas Propane $43 $4 $3 $41 ($3) ($6) ($28) $3 ($26) $0 ($2) ($53) Q3 FY25 Total OPEX D&A Other Q3 FY26 Q3 FY25 Total OPEX D&A Other Q3 FY26 EBIT Margin EBIT EBIT Margin EBIT Key Dr
Slide 11: YTD FY26 Financial Performance
YTD FY26 Financial Performance Guidance • YTD FY26 GAAP diluted EPS of $3.08 vs. $3.16 in YTD FY25 Reaffirmed • Reaffirming FY26 adjusted diluted EPS guidance of $2.75-2.901 YTD FY26 Reportable Segments EBIT2 vs YTD FY25 YTD FY26 Adjusted Diluted EPS3 vs YTD FY25 ($ in Millions) $3.55 $35 $1 $3.17 $
Slide 12: Liquidity and Balance Sheet Update
Liquidity and Balance Sheet Update Continued focus on balance sheet discipline • Completed several debt transactions to extend maturities and • UGI Corporation leverage1 and of 3.8x as of June 30, 2026 reduce borrowing costs which are projected to deliver savings • AmeriGas Propane leverage1 of 4.3x
Slide 13: Creating Sustainable Shareholder Value through our Diversified Energy Portfolio
Creating Sustainable Shareholder Value through our Diversified Energy Portfolio Business Lines Natural Gas Global LPG Segments Utilities Midstream & Marketing UGI International AmeriGas Propane YTD FY26 Adj. Diluted EPS 38% 25% 31% 6% Contribution1 Key • 2nd largest regulated gas utility in • Strate
Slide 14: UGI Corporation
CORPORATION
Slide 15: UGI Appendix
UGI APPENDIX CORPORATION
Slide 16: UGI Corporation Adjusted Diluted Earnings per Share (non-GAAP)
UGI Corporation Adjusted Diluted Earnings per Share (non-GAAP) Q3 FY26 Q3 FY25 YTD FY26 YTD FY25 Utilities $0.04 $0.02 $1.26 $1.19 Midstream & Marketing 0.06 0.09 0.82 1.18 UGI International 0.08 0.17 1.01 1.05 AmeriGas Propane (0.29) 0.17 0.21 0.07 Corporate & Other (a) (0.51) (1.21) (0.22) (0.33)
Slide 17: UGI Corporation Adjusted Net Income (non-GAAP)
UGI Corporation Adjusted Net Income (non-GAAP) ($ in Millions) Q3 FY26 Q3 FY25 YTD FY26 YTD FY25 Utilities $9 $5 $278 $260 Midstream & Marketing 12 19 182 258 UGI International 18 36 224 229 AmeriGas Propane (62) 37 47 16 Corporate & Other (a) (110) (260) (47) (72) Net income (loss) attributable to
Slide 18: UGI Corporation Q3 FY26 Segment Reconciliation (GAAP)
UGI Corporation Q3 FY26 Segment Reconciliation (GAAP) Midstream UGI AmeriGas Corp & ($ in Millions) Total Utilities & Marketing International Propane Other Revenues $1,331 $302 $249 $436 $372 ($28) Cost of sales (758) (117) (159) (250) (171) (61) 1 Total margin $573 $185 $90 $186 $201 ($89) 1 Operat
Slide 19: UGI Corporation Adjusted EBITDA (non-GAAP)
UGI Corporation Adjusted EBITDA (non-GAAP) Year Ended September 30, LTM LTM Nine Months Ended June 30, ($ in Millions) 2025 2024 2023 FY26 FY25 2026 2025 2024 Net income (loss) including noncontrolling interests $678 $269 ($1,502) $671 $418 $684 $691 $542 Income taxes 18 71 (335) 92 11 166 92 152 In
Slide 20: UGI International Free Cash Flow, EBIT and Capital Employed
UGI International Free Cash Flow (non-GAAP), EBIT and Capital Employed Year Ended September 30, LTM LTM LTM Nine Months Ended June 30, ($ in Millions) 2025 2024 2023 FY26 FY25 FY24 2026 2025 2024 2023 Net Cash from Operating Activities $358 $306 $139 $277 $389 $327 $195 $276 $193 $5 Less: Capital Ex
Slide 21: UGI International Adjusted EBITDA (non-GAAP)
UGI International Adjusted EBITDA (non-GAAP) Year Ended September 30, Nine Months Ended June 30, LTM LTM ($ in Millions) 2025 2024 2023 FY26 FY25 2026 2025 2024 Net income (loss) $158 $96 $ (1,076) $267 $126 $246 $137 $107 Income taxes 12 (31) (406) 61 (38) 66 17 24 Interest expense 46 44 37 45 45 3
Slide 22: AmeriGas Propane Adjusted EBITDA (non-GAAP)
AmeriGas Propane Adjusted EBITDA (non-GAAP) Year Ended September 30, Nine Months Ended June 30, LTM LTM ($ in Millions) 2025 2024 2023 FY26 FY25 2026 2025 2024 Net income (loss) $29 $(243) $(616) $ (7) $(209) $55 $91 $57 Income taxes 2 3 — 1 3 — 1 1 Interest expense 144 156 163 147 140 109 106 122 D
Slide 23: UGI Energy Services Adjusted EBITDA (non-GAAP)
UGI Energy Services Adjusted EBITDA (non-GAAP) Year Ended September 30, Nine Months Ended June 30, LTM LTM ($ in Millions) 2025 2024 2023 FY26 FY25 2026 2025 2024 Net income $298 $229 $30 $178 $313 $162 $282 $198 Income taxes (15) 39 (13) 34 (5) 33 (16) 28 Interest expense 49 41 45 58 47 44 35 29 De
Slide 24: Investor Relations
Investor Relations: Tameka Morris Arnab Mukherjee morrista@ugicorp.com mukherjeea@ugicorp.com