Slide 1: Investor Update
1 Investor Update 1 August 30, 2023 Exhibit 99.2
Slide 2: About This Presentation
2 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-lookin
Slide 3: UGI Supplemental Footnotes
3 UGI Supplemental Footnotes Management uses "adjusted net income attributable to UGI Corporation“, "adjusted diluted earnings per share“, “AmeriGas Free Cash Flow” and “UGI International Free Cash Flow”, all of which are non-GAAP financial measures, when evaluating UGI's overall performance. Manage
Slide 4: A Diversified Energy Provider
4 A Diversified Energy Provider Reliable Earnings Growth RenewablesRebalance UGI Corporation is a distributor and marketer of energy products and services including natural gas, propane, butane, and electricity 140 Years 18 Countries 139 Consecutive years of paying dividends 2.5 million+ Customers1
Slide 5: Our Strategy
5 Our Strategy Core Values Safety Respect Integrity Sustainability Excellence Reliability Reliable Earnings Growth Renewables Rebalance • Ongoing investments to grow predictable regulated utility, fee-based and weather resilient volume to enable strong stable returns • Continuous improvements and fo
Slide 6: Our Capital Allocation Priorities
6 • Maintain 4% long-term dividend growth target • Consider share repurchase as leverage decreases Our Capital Allocation Priorities Dividend Payment and Shareholder Return • Growth and regulatory capital investments in the regulated utilities business, which attract a strong return on equity • Anti
Slide 7: Initiating a Strategic Review to Maximize Shareholder Value
7 Initiating a Strategic Review to Maximize Shareholder Value Our mission is to be the preeminent energy distribution company in our targeted markets by providing a superior range of clean and sustainable energy solutions to our customers Enhanced earnings reliability with higher weighting of natura
Slide 8: Cost Reduction and Optimization Actions to Create an Agile Organization
8 Cost Reduction and Optimization Actions to Create an Agile Organization Rationalize and optimize our cost profile Identify opportunities for operational and process simplification and increased efficiency Leverage technological improvements, digital innovation and analytics to improve processes an
Slide 9: Key Takeaways
9 Key Takeaways Focused investments in the regulated utilities businesses that provide attractive rates of return Improving the balance sheet and achieving an optimal leverage ratio is a high priority Initiated a strategic review to unlock and maximize shareholder value Maintaining our strong track
Slide 10: Appendix
10 Appendix
Slide 11: Our Business Portfolio
11 Our Business Portfolio 1. YTD FY23 signifies 9 months ended June 30, 2023. 2. Does not include Corporate & Other. 3. Adjusted Diluted EPS is a non-GAAP measure. Please see slide 17 for reconciliation. 4. The information is as of September 30, 2022. 5. Based on total customers. 6. Based on the vol
Slide 12: YTD FY23 Adjusted Diluted EPS Contribution by Segment
12 AmeriGas Propane 14% UGI International 23% Midstream & Marketing 26% Utilities 37% YTD FY23 12 1. YTD FY22 and YTD FY23 signify 9 months ended June 30, 2022, and June 30, 2023, respectively. 2. Adjusted diluted EPS is a non-GAAP measure. See Slide 17 for reconciliation. 3. EBIT is defined as Earn
Slide 13: Liquidity Update
13 $0.7 $0.4 $0.3 $0.3 $0.3 $1.4 $1.3 $0.9 $1.6 1.5 $2.1 $1.7 $1.2 $1.9 $1.8 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Cash and cash equivalents Available Credit Facilities Liquidity Update • $1.8B in available liquidity1 as of June 30, 2023 • On May 31, 2023, AmeriGas Partners issued 9.375% senior unsecur
Slide 14: ESG Update
14 ESG Update UGI ESG Rating History - MSCI UGI is positioned among top 7%5 of all peers Key ESG Focus Areas “With its excellent awareness of potential future disruptions, we believe UGI is well positioned to capitalize on the energy transition compared with industry peers.” - S&P Global Ratings 1.
Slide 15: Our Renewables Projects
15 Our Renewables Projects1 Renewable Natural Gas Projects Committed to Date CY22 CY23 CY24 New Energy One – Joint Venture (<25%) Cayuga - Spruce Haven Cayuga - Allen Farms Cayuga - El-Vi MBL Bioenergy – Moody Hamilton – Synthica St. Bernard Cayuga – Bergen Farms Cayuga – New Hope View Farms MBL Bio
Slide 16: Strong Track Record of Paying Dividends
16 Strong Track Record of Paying Dividends Dividend Per Share1 ($) FY03 – 23E CAGR of 7.1% $0.38 $0.42 $0.45 $0.47 $0.49 $0.51 $0.53 $0.67 $0.69 $0.72 $0.75 $0.87 $0.91 $0.95 $1.00 $1.04 $1.30 $1.32 $1.38 $1.44 $1.50 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY1
Slide 17: Q3 and YTD FY23 Adjusted Diluted EPS
17 17 Q3 and YTD FY23 Adjusted Diluted EPS Q3 FY23 Q3 FY22 YTD FY23 YTD FY22 AmeriGas Propane ($0.17) ($0.17) $0.40 $0.63 UGI International 0.06 0.07 0.69 0.75 Midstream & Marketing 0.10 0.11 0.76 0.61 Utilities 0.05 0.08 1.08 1.00 Corporate & Other (a) (3.80) (0.12) (10.71) 0.85 Diluted (loss) earn
Slide 18: Q3 and YTD FY23 Adjusted Net Income
18 18 Q3 and YTD FY23 Adjusted Net Income ($ in Million) Q3 FY23 Q3 FY22 YTD FY23 YTD FY22 AmeriGas Propane ($35) ($37) $87 $135 UGI International 13 15 150 161 Midstream & Marketing 22 23 165 132 Utilities 10 19 234 216 Corporate & Other (a) (799) (27) (2,269) 185 Net (loss) income attributable to
Slide 19: AmeriGas Free Cash Flow Reconciliation
19 19 AmeriGas Free Cash Flow Reconciliation ($ in mill ions) Year Ended September 30, Six Months Ended March 31, Adjusted EBITDA Reconciliation: 2020 2021 2022 LTM 3/31/23 2023 2022 Net income (loss) attributable to AmeriGas Partners, L.P. $236 $337 ($38) ($82) $125 $169 Add: Interest expense 164 1
Slide 20: UGI International Free Cash Flow Reconciliation
20 20 UGI International Free Cash Flow Reconciliation ($ in millions) Year Ended September 30, Six Months Ended March 31 Adjusted EBITDA Reconciliation: 2020 2021 2022 LTM 3/31/23 2023 2022 Net income (loss) attributable to UGI International, LLC $137 $979 $808 ($703) ($1,113) $398 Net income (loss)
Slide 21: Investor Relations
21 Investor Relations: Tameka Morris 610-456-6297 morrista@ugicorp.com Arnab Mukherjee 610-768-7498 mukherjeea@ugicorp.com