Slide 1: Fiscal 2026 Second Quarter Earnings Presentation
Fiscal 2026 Second Quarter Earnings Presentation May 7, 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: Driving Performance Across the Portfolio
Driving Performance Across the Portfolio Solid YTD¹ Financial Results Adjusted Diluted EPS4 • Delivered underlying earnings growth in a dynamic operating environment, supported by disciplined execution across the portfolio and continued strength in our businesses $3.58 $3.35 Sustained Investment and
Slide 5: Advancing Our Strategy and Building Long-Term Value
Advancing Our Strategy and Building Long-Term Value Unlocking Value Through Strategic Advancing Midstream Growth Platform Actions at the Utilities Agreement to sell UGI Utilities' Electric Division Strategic Partnership with Prime Data Centers ✓ New strategic partnership between UGI Energy Services
Slide 6: UGI International - Disciplined Execution Driving Sustainable Free Cash Generation
UGI International - Disciplined Execution Driving Sustainable Free Cash Generation Operating a capital-efficient business with consistently strong free cash flow conversion that creates value for shareholders Financial Performance – YTD FY26 compared to YTD FY24 ~15% $800M+ 1.2x 5% ROCE1 Free Cash F
Slide 7: Progressing on the Operational Transformation at AmeriGas
Progressing on the Operational Transformation at AmeriGas Achieving sustainable operational improvements through 18 active workstreams1 across multiple focus areas that better position the business to capitalize on sustained market demand. Operational Improvements: YTD FY26 compared to YTD FY24 Key
Slide 8: Q2 and YTD FY26 Financial Update
Q2 and YTD FY26 Financial Update
Slide 9: Q2 FY26 Financial Results
Q2 FY26 Financial Results Q2 FY26 GAAP diluted EPS of $2.33 vs. $2.19 in Q2 FY25. Q2 FY26 Reportable Segments EBIT1 vs Q2 FY25 Q2 FY26 Adjusted Diluted EPS2 vs Q2 FY25 ($ in Million) $2.09 $2.21 $9 $692 $688 $(4) $2 $0.77 $(11) $0.76 Utilities $241 $250 Midstream & $0.49 $154 $150 $0.69 Marketing $1
Slide 10: Q2 FY26 Segment Results Recap – Natural Gas
Q2 FY26 Segment Results Recap – Natural Gas Q2 FY26 EBIT - Comparison with Q2 FY25 ($ in Million) Utilities Midstream & Marketing $23 $154 $1 $241 $250 $2 $150 ($8) ($4) ($2) ($5) ($2) Q2 FY25 Total OPEX D&A Other Q2 FY26 Q2 FY25 Total OPEX D&A Other Q2 FY26 EBIT Margin EBIT EBIT Margin EBIT Key Dri
Slide 11: Q2 FY26 Segment Results Recap – Global LPG
Q2 FY26 Segment Results Recap – Global LPG Q2 FY26 EBIT - Comparison with Q2 FY25 ($ in Million) UGI International AmeriGas Propane $143 $1 $3 $2 $4 $156 $132 $154 ($4) ($11) ($2) ($2) Q2 FY25 Total OPEX D&A Other Q2 FY26 Q2 FY25 Total OPEX D&A Other Q2 FY26 EBIT Margin EBIT EBIT Margin EBIT Key Dri
Slide 12: YTD FY26 Financial Results and Full Year Outlook
YTD FY261 Financial Results and Full Year Outlook • YTD FY26 GAAP diluted EPS of $3.68 vs. $3.93 in YTD FY25 • Updating FY26 adjusted diluted EPS guidance to a range of $2.75 - $2.902 per share YTD FY26 Adjusted Diluted EPS3 vs YTD FY25 $0.59 $3.58 $0.04 $0.04 $3.35 ($0.33) ($0.57) $1.17 $1.21 $0.77
Slide 13: Liquidity and Balance Sheet Update
Liquidity and Balance Sheet Update Credit Rating Elevation UGI Corporation Leverage1 AmeriGas Propane Leverage1 Stable Fitch has revised AmeriGas As of March 31, 2026 As of March 31, 2026 outlook from “Negative” to 3.7x (lowest in last 5 years) 4.7x (lowest in last 5 years) Outlook “Stable” Availabl
Slide 14: Optimizing our Global LPG Capital Structure
Optimizing our Global LPG Capital Structure UGI is executing a one-time strategic rebalancing within its Global LPG platform to optimize cost of capital and further strengthen the balance sheet One-Time Strategic Rebalancing Built significant excess liquidity while maintaining UGI International prov
Slide 15: Building Momentum: Creating Sustainable Shareholder Value
Building Momentum: Creating Sustainable Shareholder Value Core business growth and operational excellence throughout our business enhances pathway to unlock greater intrinsic value AmeriGas Transformation Natural Gas Leadership ✓ Significant improvement in safety metrics ✓ Significant investments in
Slide 16: UGI Corporation
CORPORATION
Slide 17: UGI Appendix
UGI APPENDIX CORPORATION
Slide 18: UGI International Contracts and Margins
UGI International Contracts and Margins Our contract structures and hedging practices provide earnings stability during periods of commodity price volatility Historical Unit Margins Demonstrate Margin Stability1 Q1 Q4 Q3 Q2 Q1 Q4 Q2 FY22 FY22 FY23 FY24 FY25 FY25 FY26 LPG Unit Margins Avg. Platt's Co
Slide 19: UGI Corporation Adjusted Diluted Earnings per Share
UGI Corporation Adjusted Diluted Earnings per Share (non-GAAP) Q2 FY26 Q2 FY25 YTD FY26 YTD FY25 Utilities $0.77 $0.76 $1.21 $1.17 Midstream & Marketing 0.49 0.69 0.77 1.10 UGI International 0.46 0.42 0.93 0.89 AmeriGas Propane 0.38 0.11 0.49 (0.10) Corporate & Other (a) 0.23 0.21 0.28 0.87 Diluted
Slide 20: UGI Corporation Adjusted Net Income
UGI Corporation Adjusted Net Income (non-GAAP) ($ in Million) Q2 FY26 Q2 FY25 YTD FY26 YTD FY25 Utilities $171 $166 $269 $255 Midstream & Marketing 109 150 170 239 UGI International 103 93 206 193 AmeriGas Propane 85 25 109 (21) Corporate & Other (a) 52 45 63 188 Net income attributable to UGI Corpo
Slide 21: UGI Corporation Q2 FY26 Segment Reconciliation
UGI Corporation Q2 FY26 Segment Reconciliation (GAAP) Midstream UGI AmeriGas Corp & ($ in Million) Total Utilities & Marketing International Propane Other Revenues $2,685 $880 $715 $621 $759 ($290) Cost of sales (1,187) (461) (512) (323) (311) 420 Total margin $1,498 $419 $203 $298 $448 $130 1 Opera
Slide 22: UGI Corporation Adjusted EBITDA
UGI Corporation Adjusted EBITDA (non-GAAP) Year Ended September 30, LTM LTM Six Months Ended March 31, ($ in Million) 2025 2024 2023 FY26 FY25 2026 2025 2024 Net income (loss) including noncontrolling interests $678 $269 ($1,502) $641 $533 $817 $854 $590 Income taxes 18 71 (335) 55 69 194 157 159 In
Slide 23: UGI International Adjusted EBITDA
UGI International Adjusted EBITDA (non-GAAP) Year Ended September 30, Six Months Ended March 31, LTM LTM LTM ($ in Million) 2025 2024 2023 FY26 FY25 FY24 2026 2025 2024 2023 Net income (loss) attributable to UGI International, LLC $158 $96 ($1,076) $242 $228 $111 $290 $206 $74 ($1,113) Income tax 12
Slide 24: UGI International Free Cash Flow, EBIT and Capital Employed
UGI International Free Cash Flow (non-GAAP), EBIT and Capital Employed Year Ended September 30, Six Months Ended March 31, LTM LTM LTM ($ in Million) 2025 2024 2023 FY26 FY25 FY24 2026 2025 2024 2023 Net Cash from Operating Activities $358 $306 $139 $405 $381 $348 $215 $168 $93 ($116) Less: Capital
Slide 25: Investor Relations
Investor Relations: Tameka Morris Arnab Mukherjee morrista@ugicorp.com mukherjeea@ugicorp.com