Slide 1: Fiscal 2025 Earnings Presentation
Fiscal 2025 Earnings Presentation November 21, 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: Purpose, Values and 2030 Vision
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
Slide 4: Presenters: Bob Flexon, Sean O'Brien, Mike Sharp
Bob Flexon Sean O’Brien Mike Sharp President & Chief Executive Officer, Chief Financial Officer, President, UGI Corporation UGI Corporation AmeriGas Propane
Slide 5: FY25 Key Accomplishments & Strategic Outlook
FY25 Key Accomplishments & Strategic Outlook Bob Flexon
Slide 6: Fiscal 2025 Key Highlights
Fiscal 2025 Key Highlights Adjusted Diluted EPS1 Strong FY25 Financial Performance Exceeded targets through disciplined execution and operational excellence; successfully delivered on all FY25 strategic priorities $3.32 $3.06 Strong Project Execution Delivered on our capital portfolio spanning pipel
Slide 7: Strong Execution on our FY25 Strategic Priorities
Strong Execution on our FY25 Strategic Priorities Talent and culture Portfolio optimization • Invested in workforce upskilling • Generated ~$150M from LPG divestitures1 • Embedding accountability, operational discipline, • Deployed $882 million2 of capital with 80% and equipping teams to create a br
Slide 8: 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 the premier capitalize on prolific Pennsyl
Slide 9: An Update on AmeriGas
An Update on AmeriGas Mike Sharp
Slide 10: AmeriGas: Strategic Pillars
AmeriGas: 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 efficiency
Slide 11: AmeriGas: Core Focus Areas
AmeriGas: Core Focus Areas Driving Profitable Growth Customer Value & Retention Supply & Logistics Customer Increased Satisfaction Retention Routing & Delivery Desired Outcomes Call Center Reshoring Call Operational Volume Efficiencies Billing Simplification Reduction Growth 11
Slide 12: Financial Update
Financial Update Sean O’Brien
Slide 13: FY25 Financial Results
FY25 Financial Results FY25 Adjusted Diluted EPS – Comparison with FY241 $0.27 $0.01 $3.323 $3.062 $0.12 $3.32 $3.06 ($0.02) ($0.12) Utilities Midstream & Marketing UGI International AmeriGas Propane FY24 Adjusted Utilities Midstream UGI AmeriGas Corp FY25 Adjusted Diluted EPS & Marketing Internatio
Slide 14: FY25 Segment Results Recap – Natural Gas
FY25 Segment Results Recap – Natural Gas FY25 EBIT - Comparison with FY24 ($ in million) Utilities Midstream & Marketing $39 $313 $5 $293 $400 $1 $403 ($11) ($25) ($4) ($10) ($12) FY24 Total OPEX D&A Other FY25 FY24 Total OPEX D&A Other FY25 EBIT Margin EBIT EBIT Margin EBIT Key Drivers Key Drivers
Slide 15: FY25 Segment Results Recap – Global LPG
FY25 Segment Results Recap – Global LPG FY25 EBIT - Comparison with FY24 ($ in million) UGI International AmeriGas Propane $323 $35 $314 $9 $0 $5 $166 $10 ($4) ($2) $142 ($38) FY24 Total OPEX D&A Other FY25 FY24 Total OPEX D&A Other FY25 EBIT Margin EBIT EBIT Margin EBIT Key Drivers Key Drivers • LP
Slide 16: FY25 Key Financial Metrics
FY25 Key Financial Metrics Financial Performance YoY Segment Growth 42% $1,176M 5% Reportable Segments EBIT1 Natural Gas Adjusted Diluted EPS FY25 Total Shareholder Return vs S&P 500 TSR of 19% $390M 14% Free Cash Flow2 Global LPG Adjusted Diluted EPS Balance Sheet Strength Capital Allocation 8% 3.9
Slide 17: 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 18: Our Long-Term Financial Targets
Our 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 informa
Slide 19: Disciplined Execution Driving Measurable Results
Disciplined Execution Driving Measurable Results Disciplined Execution Executing Our Strategy Unlocking Value Record Financial Performance ✓ Record adjusted diluted earnings ✓ Enhanced liquidity ✓ Stronger balance sheet ✓ Improved earnings profile Delivering AmeriGas Transformation Positive Operatio
Slide 20: UGI Corporation
CORPORATION
Slide 21: Appendix
UGI APPENDIX CORPORATION
Slide 22: Liquidity and Balance Sheet Update
Liquidity and Balance Sheet Update Liquidity Position Cash Flow Performance Leverage Management Debt Profile Available liquidity1 Leverage at UGI Well-laddered debt maturities Free cash flow2 $1.6B as of September $390M generated 3.9x Corporation3 as of with manageable near-term obligations 30, 2025
Slide 23: 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 24: Utilities: Capital Investments Drive Attractive Rate Base Growth
Utilities: Capital Investments Drive 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 60
Slide 25: 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 26: FY25 Adjusted Diluted Earnings per Share
FY25 Adjusted Diluted Earnings per Share FY25 FY24 Utilities $1.08 $1.10 Midstream & Marketing 1.23 1.11 UGI International 1.10 1.22 AmeriGas Propane 0.16 (0.11) Corporate & Other (a) (0.48) (2.07) Earnings per share - diluted 3.09 1.25 Net losses (gains) on commodity derivative instruments not asso
Slide 27: FY25 Adjusted Net Income
FY25 Adjusted Net Income ($ in Million) FY25 FY24 Utilities $237 $237 Midstream & Marketing 269 238 UGI International 242 262 AmeriGas Propane 36 (23) Corporate & Other (a) (106) (445) Net income attributable to UGI Corporation 678 269 Net losses (gains) on commodity derivative instruments not assoc
Slide 28: FY25 Segment Reconciliation (GAAP)
FY25 Segment Reconciliation (GAAP) Midstream Corp & ($ in Million) Total Utilities & Marketing UGI International AmeriGas Propane Other Revenues $7,287 $1,761 $1,483 $2,119 $2,276 $ (352) Cost of sales (3,654) (774) (989) (1,179) (1,054) 342 Total margin $3,633 $ 987 $ 494 $ 940 $1,222 $(10) Operati
Slide 29: FY25 UGI Corporation Adjusted EBITDA (non-GAAP)
FY25 UGI Corporation Adjusted EBITDA (non-GAAP) ($ in Million) FY25 FY24 FY23 FY22 Net income (loss) attributable to UGI Corporation $678 $269 $(1,502) $1,073 Income taxes 18 71 (335) 313 Interest expense 411 394 379 329 Depreciation and amortization 561 551 532 518 EBITDA 1,668 1,285 (926) 2,233 Ne
Slide 30: FY25 UGI Corporation Free Cash Flow (non-GAAP)
FY25 UGI Corporation Free Cash Flow (non-GAAP) ($ in Million) FY25 FY24 Net Cash from operating activities $1,227 $1,182 Capital Expenditure (837) (796) Free Cash Flow $390 $386 30
Slide 31: Midstream and Marketing Margin
Midstream and Marketing Margin 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 31
Slide 32: Investor Relations
Investor Relations: Tameka Morris Arnab Mukherjee morrista@ugicorp.com mukherjeea@ugicorp.com