Slide 1: First Quarter Fiscal 2024 Results
1 First Quarter Fiscal 2024 Results Mario Longhi Interim President and CEO, UGI Corporation Sean O’Brien Chief Financial Officer, UGI Corporation R o b e r t F. B e a r d Chief Operations Officer, UGI Corporation 1 1
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: UGI Supplemental Footnotes
UGI Supplemental Footnotes Management uses “adjusted net income attributable to UGI Corporation”, “adjusted diluted earnings per share (“EPS”)” and “UGI Corporation Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization (“EBITDA”)”, all of which are non-GAAP financial measures, whe
Slide 4: The Journey Ahead
The Journey Ahead ➢ Renewed focus on execution to better position UGI for the long-term ➢ Effectively operate the core businesses and provide operational clarity to create stability and improved financial performance ➢ Implement actions to drive sustainable operational efficiencies and achieve perma
Slide 5: Q1 FY24 Highlights
Q1 FY24 Highlights Adjusted Diluted EPS1 • Q1 FY24 GAAP diluted EPS of $0.44 vs. ($4.54) in Q1 FY23 $1.14 $1.20 • Year-over-year growth in EBIT from our reportable segments largely due to o Increased total margin at UGI International which partially offset the effect of lower volumes at AmeriGas Pro
Slide 6: Q1 FY24 Results Recap
Q1 FY24 Results Recap Q1 FY24 GAAP diluted EPS of $0.44 vs. ($4.54) in Q1 FY23 Key Drivers Natural Gas businesses Q1 FY24 Adjusted Diluted EPS – Comparison with Q1 FY23 • Warmer than prior year weather • Higher gas and electric base rates • Weather normalization adjustment $1.20 • Lower tax expense
Slide 7: Q1 FY24 Segment Results Recap – Natural Gas
Q1 FY24 Segment Results Recap – Natural Gas Q1 FY24 EBIT - Comparison with Q1 FY23 ($ in million) Utilities Midstream & Marketing Q1 FY23 Total OPEX D&A Other Q1 FY24 Q1 FY23 Total OPEX D&A Other Q1 FY24 EBIT Margin EBIT EBIT Margin EBIT Key Drivers Key Drivers • Total margin growth due to increased
Slide 8: Q1 FY24 Segment Results Recap – Global LPG
Q1 FY24 Segment Results Recap – Global LPG Q1 FY24 EBIT - Comparison with Q1 FY23 ($ in million) UGI International AmeriGas Propane Q1 FY23 Total OPEX D&A Other Q1 FY24 Q1 FY23 Total OPEX D&A Other Q1 FY24 EBIT Margin EBIT EBIT Margin EBIT Key Drivers Key Drivers • Total retail gallons increased 4%
Slide 9: Liquidity and Balance Sheet Update
Liquidity and Balance Sheet Update • As of December 31, 2023 o $1.5 billion in available liquidity, comprising cash and cash equivalents and available borrowing capacity on revolving credit facilities o UGI and its subsidiaries were in compliance with all debt covenant requirements, after considerat
Slide 10: Focused on strong execution to better position the company for the long-term
Focused on strong execution to better position the company for the long-term 10
Slide 11: Appendix
Appendix 11 11
Slide 12: A Diversified Energy Provider
A Diversified Energy Provider UGI Corporation is a distributor and marketer of energy products and services, including natural gas, LPG, electricity and renewable energy solutions 141 139 years of providing years of paying energy dividends 2.6+ million 10,000+ customers1 employees1 18 4 diversified
Slide 13: Our Natural Gas Businesses
Our Natural Gas Businesses Utilities • ~$4 billion rate base Segment • 2nd largest regulated gas utility in Pennsylvania (PA)1 and largest regulated gas utility in West Virginia (WV)1 • Weather normalization at the PA Gas Utility; promotes earnings stability • Authorized gas ROEs of 10.15% (DSIC) in
Slide 14: Our Global LPG Businesses
Our Global LPG Businesses • LPG distribution in 17 countries in Europe through 6 well-known brands UGI International o Largest LPG distributor1 in France, Austria, Belgium, Denmark and Luxembourg; among Segment leading distributors1 in Norway, Poland, the Czech Republic, Slovakia, the Netherlands, S
Slide 15: Our Strategic and Financial Priorities
Our Strategic and Financial Priorities Focused on effectively operating our business portfolio to deliver reliable earnings growth, achieve sustainable cost savings, and strengthen the balance sheet while pursuing a strategic review focused on the LPG business 1 2 3 4 Cost Reduction and Strengthen t
Slide 16: Capital Allocation Outlook and Priorities
Capital Allocation Outlook and Priorities Capital Allocation – By Category ($ in million) • 4% long-term dividend growth target FY23 FY24E2 Dividend Payment and • Maintain an attractive dividend payout ratio for 1 Shareholder Return our business mix Cash • Consider share repurchase as leverage decre
Slide 17: Q1 FY24 Adjusted Diluted Earnings per Share
Q1 FY24 Adjusted Diluted Earnings per Share Q1 FY24 Q1 FY23 Utilities 0.40 0.38 Midstream & Marketing 0.43 0.35 UGI International 0.39 0.21 AmeriGas Propane $0.07 $0.23 Corporate & Other (a) (0.85) (5.71) Loss per share – diluted (b) 0.44 (4.54) Net losses on commodity derivative instruments not ass
Slide 18: Q1 FY24 Adjusted Net Income
Q1 FY24 Adjusted Net Income ($ in Million) Q1 FY24 Q1 FY23 Utilities $86 81 Midstream & Marketing 92 77 UGI International 83 45 AmeriGas Propane 16 $49 Corporate & Other (a) (183) (1,206) Net loss attributable to UGI Corporation 94 (954) Net losses on commodity derivative instruments not associated
Slide 19: FY23 Adjusted Net Income
FY23 Adjusted Net Income (Dollars in Millions) FY23 FY22 Utilities $219 $206 Midstream & Marketing 193 163 UGI International 172 175 AmeriGas Propane 71 112 Corporate & Other (a) (2,157) 417 Net income attributable to UGI Corporation (1,502) 1,073 Net losses (gains) on commodity derivative instrumen
Slide 20: Non-GAAP Reconciliation: UGI Corporation Adjusted EBITDA and Leverage
Non-GAAP Reconciliation: UGI Corporation Adjusted EBITDA and Leverage ($ in millions) Year Ended September 30, Quarter Ended December 31, 2021 2022 2023 LTM Dec'22 LTM Dec'23 2021 2022 2023 Net income including noncontrolling interests $1,467 $1,074 ($1,502) $216 ($454) ($96) ($954) $94 Income taxes
Slide 21: Q1 FY24 Segment Reconciliation (GAAP)
Q1 FY24 Segment Reconciliation (GAAP) ($ in Million) Total Utilities Midstream & UGI AmeriGas Corp & Marketing International Propane Other Revenues $2,121 $493 $394 $725 $629 ($120) Cost of sales (1,202) (221) (239) (446) (283) (13) 1 Total margin 919 272 155 279 346 (133) 1 Operating and administra
Slide 22: Investor Relations
Investor Relations: Tameka Morris Arnab Mukherjee 610-456-6297 610-768-7498 morrista@ugicorp.com mukherjeea@ugicorp.com 22 22