Slide 1: Investor Presentation
Investor Presentation May 15, 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: Purpose, Vision, Values and Stands
OUR PURPOSE: 2030 VISION: Delivering Positive Energy Every Day Customers Love Our Energy OUR VA L UE S: Problem Solver Owner Ethical Together Innovative Courageous OUR STANDS: Everyone and everything Every customer Employees thrive UGI advances a is always safe matters at UGI sustainable future © 20
Slide 4: Strategic & Financial Overview
Strategic & Financial Overview
Slide 5: UGI Corporation at a Glance
UGI Corporation at a Glance UGI Corporation is a distributor and marketer of energy products and services, including 10 natural gas, LPG, electricity and renewable energy solutions. Countries1 9,400 Employees2 2.4 million Customers2 141 years Consecutively paying dividends Our Segments 1. Excludes C
Slide 6: Our Business Portfolio
Our Business Portfolio Utilities Midstream & Marketing Natural Gas • 2nd largest regulated gas • Full range of midstream utility in Pennsylvania (PA)2 35% services • Largest regulated gas utility FY25 Adjusted • 81% fee-based margin3 in West Virginia (WV)2 Diluted EPS Contribution1,3 65% UGI Interna
Slide 7: Investment Highlights
Investment Highlights 5–7% 141 5%+ Adjusted EPS CAGR Target1,2 Consecutive years of dividend payments Dividend Yield (3-Year Average) Diversified energy company Strong track record of returning A compelling and competitive committed to creating value for cash to shareholders through dividend yield d
Slide 8: 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 9: YTD FY26: Driving Performance Across the Portfolio
YTD FY26: 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 Inve
Slide 10: 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 11: 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 $0.77
Slide 12: FY26-29 Capital Deployment Plan
FY26 - 29 Capital Deployment Plan 1 Regulatory Business Focus Continued Rebalancing Investing in Growth Capital Expenditure on Growth capital being Expected Rate Base 9%+ Growth (FY26-29) ~82% Natural Gas businesses ~70% deployed in the regulated (FY26-29) utilities (FY26-29) Sources and Uses of Cas
Slide 13: Liquidity and Balance Sheet Update
Liquidity and Balance Sheet Update UGI Corporation Leverage1 as of AmeriGas Propane Leverage1 as of 3.7x March 31, 2026 4.7x March 31, 2026 lowest in last 5 years lowest in last 5 years Available Liquidity ($ in Billion)2,4 UGI Corporation Long-Term Debt Maturities ($ in Million)3,4 $2.1 $1.9 $1.9 $
Slide 14: Optimizing our Global LPG Capital Structure
Optimizing our Global LPG Capital Structure In May 2026, UGI executed a one-time strategic rebalancing within Global LPG to optimize cost of capital and further strengthen the balance sheet One-Time Strategic Rebalancing Built significant excess liquidity while maintaining UGI International provided
Slide 15: ESG Performance and Recognition
ESG Performance and Recognition UGI’s MSCI Rating History Key ESG Stats 2019 2020 2021 2022 - 2025 AAA 55% 95%+ Scope 1 Emissions reduction target Reduction in fugitive Methane emission AA (FY20-25)2 at UGI Utilities since 1999 A BBB UGI is positioned among top 20% of all peers1 ~$400M ~$3M Contribu
Slide 16: Utilities Segment
UGI CORPORATION Utilities Segment
Slide 17: Our Regulated Utilities Business
Our Regulated Utilities Business Market Leadership Positions 9%+ Rate Base ~$4.5B1 Expected Rate Base CAGR (FY26-29)4 PA Market Position 2nd Largest Gas Utility2 WV Market Position Largest Gas Utility2 Total Customers ~967,0001 ~$2.9B Targeted Capital Investment (FY26-29)4 Constructive Regulatory En
Slide 18: Capital Investments Promoting Safety and Reliability
Capital Investments Promoting Safety and Reliability 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E $1,000 ~$2.9B 800 Targeted Capital Investment at the Utilities $ Million (FY26 – 29)2 600 Capital Investment1,2 400 200 Fully projected future test year (PA) and DSIC / IREP 0 programs red
Slide 19: Pipeline Replacement & Betterment Opportunity
Pipeline Replacement & Betterment Opportunity Investment Program Milestones Constructive regulatory environment 2025 Vintage Plastic Inclusion Expanded the scope of replacement plans filed with ✓ PA Gas Local Distribution Company (LDC): DSIC provides regulatory commissions in PA and WV to include vi
Slide 20: Customer Growth & Affordability
Customer Growth & Affordability Gas Utility Customer Growth Significant Addressable Market ~920,000 ~630,000 ~12,000 200,000+ ~$2,800 Average Annual residential conversion average annual savings per Customer Additions prospects within 150 feet customer for oil to gas (Last 5 Years) of PA Gas Utility
Slide 21: 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 and industrial customers. FY15-FY25 CAGR: 5.6% ~2.5 Bcf 3.0 Projected peak day demand by 2035 PGC Customers Residential and small commercial demand growth 2.5 2.0 Tran
Slide 22: Unlocking Value Through Strategic Actions at the Utilities
Unlocking Value Through Strategic Actions at the Utilities ✓ In April 2026, entered a definitive agreement to sell UGI Utilities' Electric Division ✓ ~2,700 miles of transmission & distribution lines; ~$470M Purchase Price1 14 substations in Luzerne & Wyoming counties, PA ✓ Expected close: Q1 CY2027
Slide 23: Midstream & Marketing Segment
Midstream & Marketing Segment
Slide 24: Our Midstream & Marketing Business
Our Midstream & Marketing Business • Full suite of midstream services and gas marketing on 38 gas utility systems and 20 electric utility systems Utilities Segment o LNG Peaking o Pipeline and Gathering Capacity (~5,000,000 Dth/day)1 o Underground Natural Gas Storage (15,000,000 Dth)1 o Gathering se
Slide 25: Midstream & Marketing Segment Margin Trend
Midstream & Marketing Segment Margin Trend 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
Slide 26: 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. FY25 Midstream & Marketing Fee-Based Margins1 FY25 Contract Tenure • Our Midstream & Marketing 20+ business provides stable years <1 year
Slide 27: Gathering & Processing
Gathering & Processing Gathering & 47% Processing FY25 85%+ 75%+ Midstream & Marketing Long-term contracts provide revenue Minimum volume commitments and take- Total Margin1 visibility and stability or-pay arrangements 17 520 4.5 Bcf/d Gas pipelines and gathering systems Miles of Infrastructure Tota
Slide 28: LNG Peaking and Trucking
LNG Peaking and Trucking FY25 Midstream & ~90% 90%+ 12+ Marketing Fixed demand Contracts with Duration Years Weighted Avg. Total Margin1 charges >5 Years providing Contract Life LNG 21% predictable cash flows Peaking & Trucking Capacity Overview Contract Tenure Storage Liquefaction Vaporization < 5
Slide 29: Commodity Marketing & Capacity Management
Commodity Marketing & Capacity Management 30+ 90%+ 40,000+ Commodity Marketing 15% Years in Customer retention Customer Commodity Business rate locations Marketing & FY25 Midstream & Renewable Marketing Natural Gas Total Margin1 We operate a renewables portfolio comprised of 10%+ 11 projects with an
Slide 30: Storage Capabilities
Storage Capabilities Storage 4% FY25 100% Midstream & Marketing N. Central PA Total Margin1 Demand charge-based contracts with no Strategic Location volumetric risk ~15 MMDth ~240,000 Dth/d Natural Gas Storage Capacity Withdrawal Capacity Seasonally Optimized, Demand-Charged Storage Anchoring Midstr
Slide 31: Well-Positioned for Peak Day and Data Center Growth
Well-Positioned for Peak Day and Data Center Growth Our midstream assets provide a stable and scalable foundation for energy-intensive industries such as power generation and data centers. Strategic Partnership with Prime Data Centers Versatile Assets Storage, gathering & transport across PA, OH, WV
Slide 32: UGI International Segment
UGI CORPORATION UGI International Segment
Slide 33: Our International Propane Business
Our International Propane Business • LPG distributor in 9 countries in Europe through 3 well-known brands1 • Largest LPG distributor in France, Belgium, Denmark and Luxembourg1,2 • Ownership interests in 8 primary storage facilities and 50+ secondary storage facilities • Primarily outsourced transpo
Slide 34: 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 35: 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 C
Slide 36: UGI International: Stable Business with Strong Cash Flow Generation
UGI International: Stable Business with Strong Cash Flow Generation Operational Highlights LPG Volume Sold by Customer Type • Diverse categories of service offering o Bulk: Bulk tanks supplied for residential and commercial use 25% 26% 26% 25% 24% o Cylinders: Steel and composite cylinders o Wholesa
Slide 37: Strategically Located Assets and Diversified Supply Channels for LPG
Strategically Located Assets and Diversified Supply Channels for LPG1 Diverse Supplier Base ✓ Multiple supply channels: sea (coastal terminals), rail Import terminal – SEA (European refineries), road (regional distribution) Import terminal – PIPELINE Import terminal – RAILCARS ✓ Supply from local re
Slide 38: AmeriGas Propane Segment
UGI CORPORATION AmeriGas Propane Segment
Slide 39: Our U.S. Propane Business
Our U.S. Propane Business • Largest retail LPG distributor in the US with broad geographic footprint serving 49 states1,2 Utilities Segment • Serving 1+ million customers through ~1,390 retail distribution locations2 • Significant supply and transportation network across all states of the nation • O
Slide 40: AmeriGas Propane: Strategic Pillars
AmeriGas Propane: Strategic Pillars Enhancing customer Fostering an service quality and engaged workforce strengthening Operational culture that Financial Safety First relationships as a empowers Excellence Discipline trusted energy employees and partner supports innovation Maintaining an Driving ef
Slide 41: Strong Strides of Progress at AmeriGas Propane
Strong Strides of Progress at AmeriGas Propane Core Focus Areas at AmeriGas Propane Driving Profitable Growth Customer Supply & Call Center Value & Customer Increased Logistics Reshoring Retention Satisfaction Retention Call Operational Volume Efficiencies Reduction Routing & Billing Growth Delivery
Slide 42: 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 Sele
Slide 43: AmeriGas Propane: Contracts and Margins
AmeriGas Propane: Contracts and Margins Contract Types by Volume Formula-Based / Contract Floating • Prices calculated based on the applicable index which moves with the LPG spot market 22% • Primary indices are Mont Belvieu and Conway Stated Price / Market FY25 50% • Price updated at the companies’
Slide 44: AmeriGas Propane: Largest Propane Distributor in the US
AmeriGas Propane: Largest Propane Distributor in the US Operational Highlights LPG Volume Sold by Customer Type • Diverse categories of service offering o Bulk Distribution: ~840,000 tanks with 120 – 1,200 gallon capacity 8% 9% 8% 9% 8% o National Accounts: Utilizing scale to serve regional and 19%
Slide 45: Appendix
UGI APPENDIX CORPORATION
Slide 46: Midstream & Marketing: Gathering & Processing Capabilities
Midstream & Marketing: Gathering & Processing Capabilities Gathering and Processing Throughput Gathering System Capacity Overview (in Million Dth) Length (miles) Capacity (Dth/d) Auburn 46 635,000 673 Big Pine 67 425,000 East Washington 16 300,000 653 645 Gibraltar 25 1,000,000 Majorsville 24 300,00
Slide 47: Our Renewables Portfolio
Our Renewables Portfolio1 Production2 Completion Feedstock (~Mmcf) Year New Energy One– Joint Venture (<25%) 250 FY22 Cayuga - Spruce Haven 50 FY22 Cayuga - Allen Farms 85 FY23 Cayuga - EL-VI 55 FY23 MBL Bioenergy – Moody 300 FY24 Hamilton – Synthica St. Bernard 250 FY25 Cayuga – Bergen Farms 150 FY
Slide 48: FY25 Adjusted Diluted Earnings per Share
FY25 Adjusted Diluted Earnings per Share FY25 FY24 Utilities $1.08 $1.10 Midstream & Marketing 1.23 1.11 UGI International 1.10 1.22 AmeriGas Propane 0.16 (0.11) Corporate & Other (a) (0.48) (2.07) Earnings per share - diluted 3.09 1.25 Net losses (gains) on commodity derivative instruments not asso
Slide 49: FY25 Adjusted Net Income
FY25 Adjusted Net Income ($ in Million) FY25 FY24 Utilities $237 $237 Midstream & Marketing 269 238 UGI International 242 262 AmeriGas Propane 36 (23) Corporate & Other (a) (106) (445) Net income attributable to UGI Corporation 678 269 Net losses (gains) on commodity derivative instruments not assoc
Slide 50: UGI Corporation Adjusted Diluted Earnings per Share (non-GAAP)
UGI Corporation Adjusted Diluted Earnings per Share (non-GAAP) Q2 FY26 Q2 FY25 YTD FY26 YTD FY25 Utilities $0.77 $0.76 $1.21 $1.17 Midstream & Marketing 0.49 0.69 0.77 1.10 UGI International 0.46 0.42 0.93 0.89 AmeriGas Propane 0.38 0.11 0.49 (0.10) Corporate & Other (a) 0.23 0.21 0.28 0.87 Diluted
Slide 51: UGI Corporation Adjusted Net Income (non-GAAP)
UGI Corporation Adjusted Net Income (non-GAAP) ($ in Million) Q2 FY26 Q2 FY25 YTD FY26 YTD FY25 Utilities $171 $166 $269 $255 Midstream & Marketing 109 150 170 239 UGI International 103 93 206 193 AmeriGas Propane 85 25 109 (21) Corporate & Other (a) 52 45 63 188 Net income attributable to UGI Corpo
Slide 52: Free Cash Flow (non-GAAP)
Free Cash Flow (non-GAAP) UGI Corporation ($ in Million) FY25 FY24 FY23 FY22 FY21 Net Cash Provided by Operating Activities $1,227 $1,182 1,107 716 1,481 Less: Capital Expenditure (837) (796) (974) (804) (690) UGI Corporation Free Cash Flow $390 $386 $133 ($88) $791 52
Slide 53: Midstream and Marketing Margin (non-GAAP)
Midstream and Marketing Margin (non-GAAP) ($ in Million) FY25 FY24 FY23 FY22 FY21 Total Revenues $1,483 $1,369 $1,847 $2,326 $1,406 Less: Total Cost of Sales (989) (864) (1,360) (1,876) (1,033) Margin - Midstream & Marketing $494 $505 $487 $450 $373 53
Slide 54: UGI Corporation Adjusted EBITDA (non-GAAP)
UGI Corporation Adjusted EBITDA (non-GAAP) Year Ended September 30, LTM LTM Six Months Ended March 31, ($ in Million) 2025 2024 2023 FY26 FY25 2026 2025 2024 Net income (loss) including noncontrolling interests $678 $269 ($1,502) $641 $533 $817 $854 $590 Income taxes 18 71 (335) 55 69 194 157 159 In
Slide 55: UGI International Adjusted EBITDA (non-GAAP)
UGI International Adjusted EBITDA (non-GAAP) Year Ended September 30, Six Months Ended March 31, LTM LTM LTM ($ 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 ($1,113) Income tax 12
Slide 56: UGI International Free Cash Flow (non-GAAP), EBIT and Capital Employed
UGI International Free Cash Flow (non-GAAP), EBIT and Capital Employed Year Ended September 30, Six Months Ended March 31, LTM LTM LTM ($ 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 ($116) Less: Capital
Slide 57: AmeriGas Propane Free Cash Flow (non-GAAP)
AmeriGas Propane Free Cash Flow (non-GAAP) Year Ended September 30, Six Months Ended March 31, LTM LTM LTM ($ in Million) 2025 2024 2023 FY26 FY25 FY24 2026 2025 2024 2023 Net Cash from Operating Activities $250 $119 $183 $234 $146 $159 $116 $132 $105 $129 Less: Capital Expenditures 81 86 134 101 81
Slide 58: Investor Relations
Investor Relations: Tameka Morris Arnab Mukherjee morrista@ugicorp.com mukherjeea@ugicorp.com