Slide 1: Investor Presentation
Investor Presentation May 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: Strategic & Financial Overview
Strategic & Financial Overview Fiscal 2025 Updates Our Natural Gas Businesses Our Global LPG Businesses
Slide 4: UGI Corporation at a Glance
UGI Corporation at a Glance UGI Corporation is a distributor and marketer of energy products and services, 17 including natural gas, LPG, electricity and renewable energy solutions. Countries ~9,750 Employees1 2.5+ million Customers1 141 years Consecutively paying dividends Our Segments 1. As of Sep
Slide 5: Our Business Portfolio
Our Business Portfolio Natural Gas Global LPG Utilities UGI International 2nd largest regulated gas utility in LPG distribution in 16 European countries, Pennsylvania (PA)1 and largest regulated through 6 brands gas utility in West Virginia (WV)1 26% YTD FY25 Adjusted Diluted EPS Midstream & Marketi
Slide 6: Shareholder Value Proposition
Shareholder Value Proposition International energy distributor with an attractive business mix and leading position in key markets 75%+ Targeted Earnings from the Natural Gas Businesses1 Focused on optimizing the customers’ experience Prudent capital allocation while investing in growth and maintain
Slide 7: Positioned to Meet Growing Demand
Positioned to Meet Growing Demand Natural Gas o Affordable, reliable and efficient o Strategically positioned with attractive infrastructure to meet growing demand LPG Providing Safe, o An affordable and lower carbon alternative to coal and fuel oil o Highly portable and accessible, particularly in
Slide 8: Disciplined Capital Allocation Framework
Disciplined Capital Allocation Framework Shareholder Return ➢ Maintain our commitment to the dividends 1 ➢ Strong dividend payout ratio between 45% - 55% Balance Sheet ➢ Maintain an attractive liquidity to navigate market dynamics 2 Improvement ➢ Target net debt to adjusted EBITDA (leverage ratio)1
Slide 9: FY24-27 Capital Deployment Plan
FY24-27 Capital Deployment Plan 1 Uses of Cash Growth and Maintenance Capital by Segment ~$1.3B Utilities ~$0.2B ~$0.6B 7% ~$3.3B 9% Midstream & Marketing 18% ~$3.9B2 UGI 66% International AmeriGas Cash Returned Debt Maintenance Growth Propane to Shareholders Reduction Capital Capital ➢ Capital plan
Slide 10: FY24 - 27 Financial Targets
FY24 - 27 Financial Targets 1 4 – 6% $3.7 - $4.1B 9%+ 3.5 – 4.0x EPS Growth Rate Capital Expenditure Rate Base Growth Rate Leverage Ratio2 Executing on our strategy to deliver sustainable shareholder value 1. The forward-looking information used on this slide is for illustrative purposes only. Actua
Slide 11: ESG Highlights
ESG Highlights Key ESG Stats UGI ESG Rating History - MSCI Environmental Social Governance UGI is positioned among top 7%5 of all peers 1 2,4 55% 25% 70% 5-year Scope-1 GHG Emissions Targeted spend improvement Board Reduction Target with diverse Tier I and Tier II Diversity (using 2020 as the base y
Slide 12: Fiscal 2025 Updates
Strategic & Financial Overview Fiscal 2025 Updates Our Natural Gas Businesses Our Global LPG Businesses
Slide 13: Robust Performance across Key Financial Metrics
Robust Performance across Key Financial Metrics YTD Reportable Segment EBIT3 YTD Adjusted Diluted EPS1 YTD FY25 GAAP diluted EPS of $3.93 vs. $2.74 in YTD FY24 ($ in million) Increases Fiscal 2025 adjusted EPS guidance to a range $1,112 $1,073 $3.58 of $3.00 - $3.15 per share2 $3.16 $382 $361 Solid
Slide 14: Key Takeaways
Key Takeaways FY25 Priorities Strong operational execution and business process improvements yielding measurable results Improved financial profile Talent and culture Consistent cost discipline driving margin expansion n Improved free cash flow generation Operating Portfolio model and optimization p
Slide 15: Liquidity and Balance Sheet Update
Liquidity and Balance Sheet Update ❑ $1.9 billion in available liquidity, comprising cash and cash equivalents and available borrowing capacity on revolving credit facilities, as of March 31, 2025 ❑ 55% increase in YTD free cash flow1 generated year-over-year as of March 31, 2025 ❑ Leverage at UGI C
Slide 16: Our Natural Gas Businesses
Strategic & Financial Overview Fiscal 2025 Updates Our Natural Gas Businesses Our Global LPG Businesses
Slide 17: Our Natural Gas Businesses
Our Natural Gas Businesses Strategic Growing Infrastructure Customer Advantage Demand Reliable Sustainable Operational Growth Execution Driver Strategically advantaged platform, well- positioned to capture growing demand and deliver consistent long-term growth 17
Slide 18: Our Regulated Utilities Business
Our Regulated Utilities Business • ~$4.2 billion rate base1 Utilities Segment • 2nd largest regulated gas utility in Pennsylvania (PA)2 • Largest regulated gas utility in West Virginia (WV)2 • Weather normalization promotes earnings stability • Authorized gas ROEs of 10.15% (DSIC3) in PA and 9.75% (
Slide 19: 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. 2017 2018 2019 2020 2021 2022 2023 2024 2025B 2026P 2027P $800 600 ~$2.6B $ Million Capital FY24
Slide 20: Pipeline Replacement & Betterment Opportunity
Pipeline Replacement & Betterment Opportunity • Commitment to replace all cast iron pipes by 2027 and all bare Pipeline Replacement & Betterment Opportunity1 steel pipes by 2041 at PA Utilities with ~800 miles remaining • Recently incorporated vintage plastic into replacement plans filed UGI Utiliti
Slide 21: Customer Growth & Affordability
Customer Growth & Affordability Total Number of Gas Utility Customers Sustained Growth • Strong customer growth by adding an ~900,000 200,000+ average of 12,000+ customers annually over the last 5 years conversion prospects • Growth primarily from residential within 150 feet of PA ~600,000 customers
Slide 22: UGI Utilities Peak Day Growth
UGI Utilities Peak Day Growth1 Peak day demand growth driven by above average customer growth, power generation and large commercial & industrial customers 3.0 2.5 2.0 1.5 BCF 1.0 0.5 - 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 PGC Custo
Slide 23: Our Midstream & Marketing Business
Our Midstream & Marketing Business • Full suite of midstream services and gas marketing on 47 gas utility systems and 20 Utilities Segment electric utility systems • LNG Peaking • Pipeline and Gathering Capacity (~4,600,000 Dth/day)1 • Underground Natural Gas Storage (15,000,000 Dth)1 • Gathering se
Slide 24: Our Midstream & Marketing Segment
Our Midstream & Marketing Segment 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 Margin2 (
Slide 25: Fee-Based Income Provides Earnings Stability
Fee-Based Income Provides Earnings Stability Midstream & Marketing offers services in the Appalachian basin and the eastern US with significant fee-based income. FY24 Midstream & Marketing Fee-Based Margins FY24 Contract Tenure • Our Midstream & Marketing business provides stable earnings, mostly un
Slide 26: Strong Midstream Capabilities
Strong Midstream Capabilities Gathering and Processing LNG Peaking • 14 natural gas pipelines and gathering systems • Peaking services to gas utilities, providing reliability across NE and SW Pennsylvania serving producers, for periods of high demand utilities and other C&I customers • Total capacit
Slide 27: Our Strategic Midstream Assets
Our Strategic Midstream Assets Gathering System Capacity Overview Major Pipeline Systems Length (miles) Capacity (Dth/d) Length (miles) Capacity (Dth/d) Auburn 46 635,000 Sunbury 35 200,000 Union Dale 7 100,000 Mt. Bethel 12.5 72,000 Texas Creek 60 200,000 Ponderosa 8 20,000 Total 47.5 272,000 Marsh
Slide 28: Our Renewables Investment
Our Renewables Investment Renewable Natural Gas Projects Committed to Date1,2 11 Feedstock Production3 (~Mmcf) FY22 FY23 FY24 FY25 High-quality RNG projects in multiple New Energy One– Joint Venture (<25%) 250 states Cayuga - Spruce Haven 50 Cayuga - Allen Farms 85 Total Cayuga - EL-VI 55 Commitment
Slide 29: Our Global LPG Businesses
Strategic & Financial Overview Fiscal 2025 Updates Our Natural Gas Businesses Our Global LPG Businesses
Slide 30: Our Global LPG Businesses
Our Global LPG Businesses Attractive Strong Cash Market Generation Presence Pursuing Versatile Operational Energy Excellence Solutions Leveraging scale efficiencies to provide competitive advantages that drive stronger returns for shareholders 30
Slide 31: Our International Propane Business
Our International Propane Business • LPG distribution in 16 countries in Europe Utilities through 6 well-known brands Segment o Largest LPG distributor1,2 in France, Austria, Belgium, Denmark and Luxembourg o Among the largest distributors of LPG1,2 in Hungary, Norway, Poland, the Czech Republic, Sl
Slide 32: UGI International: Stable Business with Strong Cash Flow Generation Engine
UGI International: Stable Business with Strong Cash Flow Generation Engine Contract Types by Volume Operational Highlights Formula-Based / Contract Floating ➢ Diverse categories of service offering • Prices calculated based on the applicable index which moves with the LPG • Bulk: Bulk tanks supplied
Slide 33: Strategically Located Assets and Diversified Supply Channels for LPG
Strategically Located Assets and Diversified Supply Channels for LPG LPG Terminal Diverse Supplier Base Depots / Railheads / Storage ✓ LPG supply is transported via sea and rail, and by road for shorter distances Intra-Europe trade flows are increasing ✓ Imports are supplemented with supply from loc
Slide 34: Our U.S. Propane Business
Our U.S. Propane Business • Largest retail LPG distributor in the US1,2 Segment Utilities with broad geographic footprint serving all 50 states • Serving 1.1+ million customers through ~1,360 retail distribution locations2 • Significant supply and transportation network across all states of the nati
Slide 35: Operations and Customer Experience at AmeriGas Propane
Operations and Customer Experience at AmeriGas Propane Core Focus Areas Our New Operating Model Launched in September 2024, “PODs” is our retail field operating model that drives continuous collaboration between territory leaders, service, delivery, sales and other key support teams to make real-tim
Slide 36: AmeriGas Propane: Largest Propane Distributor in the US
AmeriGas Propane: Largest Propane Distributor in the US Contract Types by Volume Operational Highlights Formula-Based / Contract Floating ➢ Diverse categories of service offering • Prices calculated based on the applicable index which moves with the • Bulk Distribution: ~890,000 tanks with LPG spot
Slide 37: Appendix
UGI APPENDIX CORPORATION
Slide 38: Q2 and YTD FY25 Adjusted Diluted Earnings per Share
Q2 and YTD FY25 Adjusted Diluted Earnings per Share Q2 FY25 Q2 FY24 YTD FY25 YTD FY24 Utilities $0.76 $0.72 $1.17 $1.12 Midstream & Marketing 0.69 0.56 1.10 0.98 UGI International 0.42 0.42 0.89 0.81 AmeriGas Propane 0.11 0.17 (0.10) 0.25 Corporate & Other (a) 0.21 0.43 0.87 (0.42) Diluted earnings
Slide 39: Q2 and YTD FY25 Adjusted Net Income
Q2 and YTD FY25 Adjusted Net Income ($ in Million) Q2 FY25 Q2 FY24 YTD FY25 YTD FY24 Utilities $166 $155 $255 $241 Midstream & Marketing 150 120 239 212 UGI International 93 91 193 174 AmeriGas Propane 25 37 (21) 53 Corporate & Other (a) 45 93 188 (90) Net income attributable to UGI Corporation 479
Slide 40: Q2 FY25 UGI Corporation Adjusted EBITDA (non-GAAP)
Q2 FY25 UGI Corporation Adjusted EBITDA (non-GAAP) Year Ended September 30, Six Months Ended March 31, LTM LTM ($ in Million) 2022 2023 2024 MAR'24 MAR'25 2023 2024 2025 Net income (loss) including noncontrolling interests $1,073 $(1,502) $269 $(68) $533 $(844) $590 $854 Income taxes 313 (335) 71 13
Slide 41: YTD FY25 UGI Corporation Free Cash Flow (non-GAAP)
YTD FY25 UGI Corporation Free Cash Flow (non-GAAP) ($ in Million) YTD FY25 YTD FY24 Net Cash from operating activities $848 $641 Capital Expenditure (357) (325) Free Cash Flow $491 $316 41
Slide 42: Midstream and Marketing Margin
Midstream and Marketing Margin ($ in Million) FY24 FY23 FY22 FY21 FY20 Total Revenues $1,369 $1,847 $2,326 $1,406 $1,247 Less: Total Cost of Sales (864) (1,360) (1,876) (1,033) (892) Margin - Midstream & Marketing $505 $487 $450 $373 $355 Less: HVAC — — — — (21) UGI Energy Services Margin $505 $487
Slide 43: Global LPG Free Cash Flow
Global LPG Free Cash Flow Year Ended September 30, $ in Million 2024 2023 2022 2021 2020 AmeriGas Propane Net cash provided by operating activities $119 $183 $180 $268 $374 Less: Capital Expenditure (86) (134) (128) (130) (135) Free Cash Flow $33 $49 $52 $138 $239 UGI International Net cash provided
Slide 44: Investor Relations
Investor Relations: Tameka Morris Arnab Mukherjee morrista@ugicorp.com mukherjeea@ugicorp.com