Ugi Corporation · NYSE:UGI
Ugi — Investor Presentation (September 2025)
44 slides from Ugi's investor presentation, September 2025
Slide 1: Investor Presentation
Investor Presentation September 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, including 16 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 Business Portfolio Growth Catalysts Focused Operational Transformation 32% YTD FY25 Focused on transforming operations, strengthening customer relationships, driving Adjusted greater performance at AmeriGas, while striving for operational excellence Diluted EPS throughout the
Slide 6: 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 7: 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 8: 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% ~$3.9B2 UGI International 66% AmeriGas Propane Cash Returned Debt Maintenance Growth to Shareholders Reduction Capital Capital ➢ Capital plan
Slide 9: ESG Highlights
ESG Highlights Key ESG Stats UGI ESG Rating History - MSCI Environmental Social Governance UGI is positioned among top 7%5 of all peers 55% 25% 70% 1 2,4 5-year Scope-1 GHG Emissions Targeted spend improvement Board Reduction Target with diverse Tier I and Tier II Diversity (using 2020 as the base y
Slide 10: Strategic & Financial Overview
Strategic & Financial Overview Fiscal 2025 Updates Our Natural Gas Businesses Our Global LPG Businesses
Slide 11: YTD Performance and FY25 Guidance
YTD Performance and FY25 Guidance YTD FY25 Performance Reportable Assumption Adjusted Segments EBIT1 Underlying business performance Diluted EPS2 ($ in Million) consistent with the prior-year period $1,184 $3.553 (excluding Q4 FY24 tax benefits which arose from a change in tax law impacting UGI Inte
Slide 12: YTD FY25 Highlights
YTD FY25 Highlights ✓ $605 million in capital expenditure1; 80%+ allocated to the natural gas businesses ✓ Sustained customer growth with ~9,000 residential heating and commercial customers added2 at Utilities Our Natural ✓ Continued progress on the PA Gas Utility rate case: On July 9th, there was a
Slide 13: Liquidity and Balance Sheet Update
Liquidity and Balance Sheet Update Liquidity Position Cash Flow Performance Leverage Management Debt Profile Leverage at UGI Well-laddered debt maturities $1.9B Available liquidity1 as of June 30, 2025 $558M YTD free cash flow2 generated 3.8x Corporation3 as of with manageable near-term obligations
Slide 14: Strategic & Financial Overview
Strategic & Financial Overview Fiscal 2025 Updates Our Natural Gas Businesses Our Global LPG Businesses
Slide 15: 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 15
Slide 16: Our Regulated Utilities Business
Our Regulated Utilities Business Market Leadership Position 9%+ Rate Base ~$4.2B1 Expected Rate Base CAGR (FY24-27)4 PA Market Position 2nd Largest Gas Utility2 WV Market Position Largest Gas Utility2 Total Customers ~900,0001 ~$2.6B Targeted Capital Investment (FY24-27)4 Constructive Regulatory Env
Slide 17: 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 Targ
Slide 18: 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 19: Customer Growth & Affordability
Customer Growth & Affordability Gas Utility Customer Growth Significant Addressable Market ~900,000 ~600,000 12,000+ 200,000+ Average Annual conversion prospects within $1,400+ average annual savings for oil Customer Additions 150 feet of PA Gas Utility to gas conversions2 FY14 FY24 (Last 5 Years) m
Slide 20: 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 21: Our Midstream & Marketing Business
Our Midstream & Marketing Business • Full suite of midstream services and gas marketing on 38 gas utility systems Utilities Segment and 20 electric utility systems • LNG Peaking • Pipeline and Gathering Capacity (~5,000,000 Dth/day)1 • Underground Natural Gas Storage (15,000,000 Dth)1 • Gathering se
Slide 22: Well-Positioned for Peak Day and Data Center Growth
Our Natural Gas Businesses: Well-Positioned for Peak Day and Data Center Growth Versatile Assets Scalable Diversified Robust Capacity Market position spanning PA, Average 300K Dth/Day Storage, gathering, transport Infrastructure platform OH, WV per asset Strategic and well-established infrastructure
Slide 23: 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 24: Strong Midstream Capabilities
Strong Midstream Capabilities Gathering and Processing LNG Peaking • 17 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 25: 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 Mt. Bethel 12.5 72,000 Big Pine 67 425,000 East Washington 16 300,000 Sunbury 35.0 200,000 Gibraltar 25 1,000,000 Total 47.5 272,
Slide 26: 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 27: 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 28: Strategic & Financial Overview
Strategic & Financial Overview Fiscal 2025 Updates Our Natural Gas Businesses Our Global LPG Businesses
Slide 29: 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 29
Slide 30: Our International Propane Business
Our International Propane Business • Utilities LPG distribution Segment in 15 countries in Europe through 6 well-known brands • Largest LPG distributor1 in France, Belgium, Denmark and Luxembourg • Strategically located supply assets; ownership interests in 8 primary storage facilities and ~65 secon
Slide 31: UGI International: Stable Business with Strong Cash Flow Generation
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 32: 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 33: Our U.S. Propane Business
Our U.S. Propane Business • Largest retail LPG distributor in the US 1,2 with broad geographic Utilities Segment 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 nat
Slide 34: Operations and Customer Experience at AmeriGas Propane
Operations and Customer Experience at AmeriGas Propane Core Focus Areas Our Operating Model Launched in September 2024, “PODs” is our retail field operating model that drives Streamline our continuous collaboration billing process Optimize between territory leaders, sourcing of our service, delivery
Slide 35: 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 36: Positioned for Sustainable Value Creation
Positioned for Sustainable Value Creation Strong energy and utilities infrastructure with a prudent strategy, proven dividend reliability, and focused execution on value-creating operational, customer-focused and safety improvements Midstream business with core assets within the Marcellus Utilities
Slide 37: Appendix
UGI APPENDIX CORPORATION
Slide 38: Q3 and YTD FY25 Adjusted Diluted Earnings per Share
Q3 and YTD FY25 Adjusted Diluted Earnings per Share Q3 FY25 Q3 FY24 YTD FY25 YTD FY24 Utilities $0.02 $0.06 $1.19 $1.18 Midstream & Marketing 0.09 0.10 1.18 1.09 UGI International 0.17 0.19 1.05 0.99 AmeriGas Propane 0.17 (0.17) 0.07 0.08 Corporate & Other (a) (1.21) (0.41) (0.33) (0.82) Diluted ear
Slide 39: Q3 and YTD FY25 Adjusted Net Income
Q3 and YTD FY25 Adjusted Net Income ($ in Million) Q3 FY25 Q3 FY24 YTD FY25 YTD FY24 Utilities $5 $13 $260 $254 Midstream & Marketing 19 22 258 234 UGI International 36 39 229 213 AmeriGas Propane 37 (36) 16 17 Corporate & Other (a) (260) (86) (72) (176) Net income (loss) attributable to UGI Corpora
Slide 40: Q3 FY25 UGI Corporation Adjusted EBITDA (non-GAAP)
Q3 FY25 UGI Corporation Adjusted EBITDA (non-GAAP) Year Ended September 30, Nine Months Ended June 30, ($ in Million) 2022 2023 2024 LTM JUN'24 LTM JUN'25 2023 2024 2025 Net income (loss) including noncontrolling interests $1,073 $ (1,502) $ 269 $ 673 $ 418 $ (1,633) $ 542 $ 691 Income taxes 313 (33
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 $1,137 $1,031 Capital Expenditure (579) (530) Free Cash Flow $558 $501 41
Slide 42: 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 $239 UGI International Net cash provided
Slide 43: Midstream and Marketing Margin
Midstream and Marketing Margin ($ 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 44: Investor Relations
Investor Relations: Tameka Morris Arnab Mukherjee morrista@ugicorp.com mukherjeea@ugicorp.com