Slide 1: Fiscal 2025 Third Quarter Earnings Presentation
Fiscal 2025 Third Quarter Earnings Presentation August 7, 2025
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: Robust Performance across Key Financial Metrics
Robust Performance across Key Financial Metrics YTD Adjusted Diluted EPS1 YTD FY25 GAAP diluted EPS of $3.16 vs. $2.52 in YTD FY24 $1.2B Reportable Segments $3.55 Record YTD adjusted diluted EPS highlights financial EBIT2 10% resilience, improving operational execution and strong improvement in our
Slide 5: Recent Highlights
Recent Highlights ✓ $605 million in YTD capital expenditure1; 80%+ allocated to the natural gas businesses ✓ Sustained customer growth with ~9,000 residential heating and commercial customers added2 at Our Natural Gas Utilities YTD FY25 businesses ✓ Continued progress on the PA Gas Utility rate case
Slide 6: Financial Results
Financial Results
Slide 7: Q3 FY25 Financial Results
Q3 FY25 Financial Results Q3 FY25 Adjusted Diluted EPS – Comparison with Q3 FY241 $0.34 Taxes ($0.34) $0.06 ($0.04) ($0.01) ($0.02) ($0.34) ($0.01) Q3 FY24 Adj. Utilities Midstream UGI AmeriGas Corporate Q3 FY25 Adj. Diluted EPS & Marketing International Propane & Other Diluted EPS Q3 FY25 GAAP dilu
Slide 8: Q3 FY25 Segment Results Recap – Natural Gas
Q3 FY25 Segment Results Recap – Natural Gas Q3 FY25 EBIT - Comparison with Q3 FY24 ($ in million) Utilities Midstream & Marketing $4 $39 $43 $30 ($10) ($2) $2 ($1) ($9) ($2) $27 ($7) Q3 FY24 Total OPEX D&A Other Q3 FY25 Q3 FY24 Total OPEX D&A Other Q3 FY25 EBIT Margin EBIT EBIT Margin EBIT Key Drive
Slide 9: Q3 FY25 Segment Results Recap – Global LPG
Q3 FY25 Segment Results Recap – Global LPG Q3 FY25 EBIT - Comparison with Q3 FY24 ($ in million) UGI International AmeriGas Propane $57 $9 $43 ($2) ($2) ($19) $1 ($27) ($1) $0 ($28) ($1) Q3 FY24 Total OPEX D&A Other Q3 FY25 Q3 FY24 Total OPEX D&A Other Q3 FY25 EBIT Margin EBIT EBIT Margin EBIT Key D
Slide 10: YTD Performance and FY25 Guidance
YTD Performance and FY25 Guidance YTD FY25 Performance Reportable Assumption Adjusted Segments EBIT1 Underlying business performance Diluted EPS2 ($ in Million) consistent with the prior-year period $1,184 $3.553 (excluding Q4 FY24 tax benefits which arose from a change in tax law impacting UGI Inte
Slide 11: Liquidity and Balance Sheet Update
Liquidity and Balance Sheet Update Liquidity Position Cash Flow Performance Leverage Management Debt Profile Leverage at UGI Well-laddered debt maturities Available liquidity1 YTD free cash flow2 $1.9B as of June 30, 2025 $558M generated 3.8x Corporation3 as of with manageable near-term obligations
Slide 12: Positioned for Sustainable Value Creation
Positioned for Sustainable Value Creation Strong energy and utilities infrastructure with a prudent strategy, proven dividend reliability, and focused execution on value-creating operational, customer-focused and safety improvements Midstream business with core assets within the Utilities operating
Slide 13: UGI Corporation
CORPORATION
Slide 14: Appendix
UGI APPENDIX CORPORATION
Slide 15: Q3 and YTD FY25 Adjusted Diluted Earnings per Share
Q3 and YTD FY25 Adjusted Diluted Earnings per Share Q3 FY25 Q3 FY24 YTD FY25 YTD FY24 Utilities $0.02 $0.06 $1.19 $1.18 Midstream & Marketing 0.09 0.10 1.18 1.09 UGI International 0.17 0.19 1.05 0.99 AmeriGas Propane 0.17 (0.17) 0.07 0.08 Corporate & Other (a) (1.21) (0.41) (0.33) (0.82) Diluted ear
Slide 16: Q3 and YTD FY25 Adjusted Net Income
Q3 and YTD FY25 Adjusted Net Income ($ in Million) Q3 FY25 Q3 FY24 YTD FY25 YTD FY24 Utilities $5 $13 $260 $254 Midstream & Marketing 19 22 258 234 UGI International 36 39 229 213 AmeriGas Propane 37 (36) 16 17 Corporate & Other (a) (260) (86) (72) (176) Net income (loss) attributable to UGI Corpora
Slide 17: Q3 FY25 Segment Reconciliation (GAAP)
Q3 FY25 Segment Reconciliation (GAAP) Midstream UGI AmeriGas Corp & ($ in Million) Total Utilities & Marketing International Propane Other Revenues $1,394 $287 $278 $437 $434 $(42) Cost of sales (837) (115) (201) (245) (207) (69) 1 Total margin $557 $172 $77 $192 $227 $(111) 1 Operating and administ
Slide 18: Q3 FY25 UGI Corporation Adjusted EBITDA (non-GAAP)
Q3 FY25 UGI Corporation Adjusted EBITDA (non-GAAP) Year Ended September 30, Nine Months Ended June 30, ($ in Million) 2022 2023 2024 LTM JUN'24 LTM JUN'25 2023 2024 2025 Net income (loss) including noncontrolling interests $1,073 $ (1,502) $ 269 $ 673 $ 418 $ (1,633) $ 542 $ 691 Income taxes 313 (33
Slide 19: YTD FY25 UGI Corporation Free Cash Flow (non-GAAP)
YTD FY25 UGI Corporation Free Cash Flow (non-GAAP) ($ in Million) YTD FY25 YTD FY24 Net Cash from operating activities $1,137 $1,031 Capital Expenditure (579) (530) Free Cash Flow $558 $501 19
Slide 20: Investor Relations
Investor Relations: Tameka Morris Arnab Mukherjee morrista@ugicorp.com mukherjeea@ugicorp.com