Slide 1: Fiscal 2026 First Quarter Earnings Presentation
Fiscal 2026 First Quarter Earnings Presentation February 5, 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, President & CEO; Sean O'Brien, CFO
Bob Flexon Sean O’Brien President & Chief Executive Officer Chief Financial Officer
Slide 4: Delivering Results Through Disciplined Execution
Delivering Results Through Disciplined Execution Reportable Segments EBIT1 ($ in Million) 5% $441 $420 Safety Operational First Excellence $141 Utilities $157 Midstream & $95 Marketing $88 Foundational progress on advancing operational excellence, safety, UGI and cultural transformation fueling 5% E
Slide 5: Key Highlights
Key Highlights ✓ Sustained focused on safety first driving year-over-year improvement across all our business segments ➢ 45% fewer recordable incidents and 60% less lost-time injuries at AmeriGas Propane ✓ Continued progress on the operational transformation at AmeriGas Propane yielding year-over-ye
Slide 6: Q1 FY26 Financial Update
Gl CORPORATION Q1 FY26 Financial Update
Slide 7: Q1 FY26 Financial Results
Q1 FY26 Financial Results Q1 FY26 GAAP diluted EPS of $1.34 vs. $1.74 in Q1 FY25. Q1 FY26 Reportable Segments EBIT1 vs Q1 FY25 Q1 FY26 Adjusted Diluted EPS2 vs Q1 FY25 ($ in Million) 5% $1.37 $1.26 ($2) $441 Utilities $0.41 $0.44 $14 $157 ($7) Midstream & $16 $0.41 Marketing $0.28 $420 $88 UGI Inter
Slide 8: Segment Results Recap – Natural Gas
Q1 FY26 Segment Results Recap – Natural Gas Q1 FY26 EBIT - Comparison with Q1 FY25 ($ in Million) Utilities Midstream & Marketing $28 $95 $1 $0 $157 $141 $88 ($9) ($3) ($6) ($1) ($1) Q1 FY25 Total OPEX D&A Other Q1 FY26 Q1 FY25 Total OPEX D&A Other Q1 FY26 EBIT Margin EBIT EBIT Margin EBIT Key Drive
Slide 9: Segment Results Recap – Global LPG
Q1 FY26 Segment Results Recap – Global LPG Q1 FY26 EBIT - Comparison with Q1 FY25 ($ in Million) UGI International AmeriGas Propane $20 $0 $0 $124 $74 $2 $3 $72 $110 ($6) $1 ($8) Q1 FY25 Total OPEX D&A Other Q1 FY26 Q1 FY25 Total OPEX D&A Other Q1 FY26 EBIT Margin EBIT EBIT Margin EBIT Key Drivers K
Slide 10: Liquidity and Balance Sheet Update
Liquidity and Balance Sheet Update Credit Rating Elevation Leverage Management Debt Profile Well-laddered debt maturities with Positive Moody’s has upgraded its Leverage at UGI AmeriGas outlook from 4.0x Corporation1 as of manageable near-term obligations Outlook “Negative” to “Positive” December 31
Slide 11: 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 12: Appendix
CORPORATION
Slide 13: Adjusted Diluted Earnings per Share
Q1 FY26 Adjusted Diluted Earnings per Share Q1 FY26 Q1 FY25 Utilities $0.44 $0.41 Midstream & Marketing 0.28 0.41 UGI International 0.47 0.46 AmeriGas Propane 0.11 (0.21) Corporate & Other (a) 0.04 0.67 Diluted earnings per share 1.34 1.74 Net losses (gains) on commodity derivative instruments not a
Slide 14: Adjusted Net Income
Q1 FY26 Adjusted Net Income ($ in Million) Q1 FY26 Q1 FY25 Utilities $98 $89 Midstream & Marketing 61 89 UGI International 103 100 AmeriGas Propane 24 (46) Corporate & Other (a) 11 143 Net income attributable to UGI Corporation 297 375 Net losses (gains) on commodity derivative instruments not assoc
Slide 15: Segment Reconciliation (GAAP)
Q1 FY26 Segment Reconciliation (GAAP) Midstream AmeriGas Corp & ($ in Million) Total Utilities & Marketing UGI International Propane Other Revenues $2,083 $591 $427 $575 $600 $(110) Cost of sales (1,012) (281) (288) (291) (251) 99 Total margin $1,071 $310 $139 $284 $349 $ (11) 1 Operating and admini
Slide 16: UGI Corporation Adjusted EBITDA (non-GAAP)
Q1 FY26 UGI Corporation Adjusted EBITDA (non-GAAP) ($ in Million) Q1 FY26 Q1 FY25 Net income attributable to UGI Corporation $297 $375 Income taxes 54 42 Interest expense 111 102 Depreciation and amortization 140 138 EBITDA 602 657 Unrealized losses (gains) on commodity derivative instruments 11 (78
Slide 17: Investor Relations
Investor Relations: Tameka Morris Arnab Mukherjee morrista@ugicorp.com mukherjeea@ugicorp.com