Ugi Corporation · NYSE:UGI
Ugi — Debt Investor Presentation (May 2026)
34 slides from Ugi's debt investor presentation, May 11, 2026
Slide 1: AmeriGas Investor Presentation May 2026
AmeriGas Investor Presentation May 2026 Highly Confidential
Slide 2: About This Presentation
About This Presentation About This Presentation Recipients of this presentation (each, a “Recipient”) should carefully review the offering memorandum relating to the offering of the notes described herein, including the risk factors in that offering memorandum, before making any investment decision.
Slide 3: Agenda
Agenda I. Transaction Overview II. Business Overview III. Key Credit Highlights IV.Financial Overview V. Q&A Appendix
Slide 4: I. Transaction Overview
I. Transaction Overview
Slide 5: Transaction Overview
Transaction Overview Note: AmeriGas has a Fiscal Year end of September 30. 1. Represents a previously-disclosed $300 million cash equity contribution to AmeriGas Partners which was made prior to the proposed transaction. 2. Consists of our estimate of fees and expenses associated with this offering,
Slide 6: Summary Terms
Summary Terms Co-Issuers AmeriGas Partners, L.P. and AmeriGas Finance Corp. (collectively, the “Issuers”) (same as existing Senior Notes due 2030) Issue $500 million Senior Notes due 2031 Expected Issue Ratings B1 (Moody’s) / BB- (Fitch) Use of Proceeds Proceeds from this offering, along with a prev
Slide 7: Debt Maturity Profile
Debt Maturity Profile Debt Maturity Profile Pre-Transaction ($M) The proposed transaction will clear AmeriGas’ maturity profile into 2028, eliminate the intercompany loan and reduce debt, allowing the business to generate free cash flow with the goal to further de-lever going forward Note: Informati
Slide 8: Presenters
Sean O’Brien Chief Financial Officer, UGI Corp Jason Rich VP & Treasurer, UGI Corp Michael Sharp President, AmeriGas Presenters Presenters
Slide 9: II. Business Overview
II. Business Overview
Slide 10: AmeriGas Overview
AmeriGas Overview AmeriGas Overview • Serving 1+ million customers through ~1,390 retail distribution locations2 • ~92% of gallons sold to retail accounts; ~8% to wholesale accounts2 • Robust transportation and logistics infrastructure provides flexibility and supply reliability • Track record of ma
Slide 11: Strategically Located Assets & Diversified Supply Channels
Strategically Located Assets Diversified Supply Channels Strategically Located Assets & Diversified Supply Channels West • Diverse supplier base as AmeriGas holds contracts with a variety of suppliers to ensure reliability and efficiency • 93% of propane supply was purchased with terms of 1-3 years
Slide 12: Milestones on the Operational Transformation
Milestones on the Operational Transformation Achieving sustainable operational improvements through 18 active workstreams1 across multiple focus areas that better position the business to capitalize on sustained market demand. 1. This reflects active workstreams as of Q2 FY2026. Additional improveme
Slide 13: III. Key Credit Highlights
III. Key Credit Highlights
Slide 14: Key Credit Highlights
T Serving a Diverse Customer Base with Limited Customer Concentration Well-Structured Customer Contracts Reliable Margin Management Financial Policy Focused on Balance Sheet Strength UGI Ownership Creates Structural Advantages for AmeriGas Experienced and Proven Management Team Market Leading ScaleI
Slide 15: Market Leading Scale
• Market leading scale and efficiency • Largest pure-play propane provider with a national footprint • Drives operational efficiencies, cost leadership, and enhanced service reliability • Fragmented market • After the top five propane providers, the next 43 players make up less than 20% of the total
Slide 16: Serving a Diverse Customer Base with Limited Customer Concentration
Serving a Diverse Customer Base with Limited Customer Concentration Serving a Diverse Customer Base with Limited Customer ConcentrationII Commercial & Industrial Residential Motor Fuel Agriculture & Transport Commonly used for home heating, water heating & cooking purposes Internal combustion engine
Slide 17: Well-Structured Customer Contracts
50% 28% 22% FY25 • Prices calculated based on the applicable index which moves with the LPG spot market • Primary indices are Mont Belvieu and Conway Stated Price / Market • Price updated at the companies’ discretion based on commodity market changes Fixed Price / Contract Fixed • Prices contractual
Slide 18: Reliable Margin Management
Areas of Focus Reliable Margin Management Reliable Margin ManagementIV Note: Adjusted Unit Margin per Gallon is a non-GAAP measure. See Appendix for reconciliation. | Source: Company Financials Adjusted Unit Margin per Gallon 18 Confidential Presentation. These materials are not to be printed, downl
Slide 19: Financial Policy Focused on Balance Sheet Strength
Financial Policy Focused on Balance Sheet Strength Financial Policy Focused on Balance Sheet StrengthV AmeriGas is focused on maintaining a strong balance sheet and further enhancing its credit profile through prudent capital deployment ✓ The $300 million Equity Contribution affirms the progress of
Slide 20: AmeriGas is Well-Capitalized Relative to Peers
AmeriGas is Well-Capitalized Relative Peers AmeriGas is Well-Capitalized Relative PeersV 20 Confidential Presentation. These materials are not to be printed, downloaded or distributed. These materials are only available to QIBs and non-US persons. LTM Total Leverage 4.0x 4.4x 4.6x 3.7x Peer 1 Peer 2
Slide 21: UGI Ownership Creates Structural Advantages for AmeriGas
VI A part of UGI's larger Global LPG platform, providing flexibility and shared expertise Continued Focus On Debt Reduction Scalable Growth Platform Enhanced Risk Management Capabilities Portfolio Optimization and Strategic Discipline Procurement & Logistics Scale UGI Ownership Creates Structural Ad
Slide 22: Experienced and Proven Management Team
Experienced and proven management team with strong track record of success, leading transformative strategies Name Biography Bob Flexon President and CEO, UGI ▪ Assumed the current role on November 1, 2024 ▪ Other current positions include Chair of the Board of Nexus Water Group and Chair of the Boa
Slide 23: IV. Financial Overview
IV. Financial Overview
Slide 24: Resilience through FY26, building upon Operational Advances
Resilience through FY26, building upon Operational Advances Recent EBIT Performance – FY24 Comparison with FY25 and YTD FY251 Comparison with YTD FY261 ($ in Million) FY24 vs FY25 YTD Q2 FY25 vs YTD Q2 FY26 Key Drivers Weather Key Drivers • Retail gallons decreased 3% as colder weather in the Easter
Slide 25: YTD Q2 FY26 Financial Results (1/2)
YTD Q2 FY26 Financial Results (1/2) 1. Adjusted Total Margin, Adjusted Unit Margin per Gallon and Adjusted EBITDA per Gallon are non-GAAP measures. See Appendix for reconciliation. | Source: Company Financials Adjusted Total Margin ($M)1 Adjusted Unit Margin Per Gallon1 Total Volume (million gallons
Slide 26: YTD Q2 FY26 Financial Results (2/2)
YTD Q2 FY26 Financial Results (2/2) 1. Adjusted EBITDA is a non-GAAP measure and is calculated in accordance with UGI’s reported segment information. See Appendix for reconciliation. 2. Free Cash Flow defined as Adjusted EBTIDA less Capital Expenditures. This is a non-GAAP measure. See Appendix for
Slide 27: Historical Performance (1/2)
Historical Performance (1/2) 1. Adjusted Total Margin, Adjusted Unit Margin per Gallon and Adjusted EBITDA per Gallon are non-GAAP measures. See Appendix for reconciliation. | Source: Company Financials Adjusted Total Margin ($M)1 Adjusted Unit Margin Per Gallon1 Total Volume (million gallons) Adjus
Slide 28: Historical Performance (2/2)
5.6x 6.0x 5.1x 5.0x 5.5x 6.0x 4.9x 4.7x FY23 FY24 FY25 LTM Q2 FY26 Historical Performance (2/2) 1. Adjusted EBITDA is a non-GAAP measure and is calculated in accordance with UGI’s reported segment information. See Appendix for reconciliation. 2. Free Cash Flow defined as Adjusted EBTIDA less Capital
Slide 29: V. Q&A
V. Q&A
Slide 30: Appendix
UGI APPENDIX CORPORATION
Slide 31: UGI Corporation at a Glance
UGI Corporation at a Glance UGI Corporation at a Glance 1. After giving effect to the closed and announced dispositions from January 2026. 2. As of September 30, 2025. UGI Corporation is a distributor and marketer of energy products and services, including natural gas, LPG, electricity and renewable
Slide 32: LPG Market Overview
Commentary • Resilient demand and diversified end-markets • LPG demand remains stable across cycles, with ~76% demand driven by residential and commercial needs • Strategic Geographic Positioning • The Midwest region leads in demand with residential and agriculture needs • The top demand drivers acr
Slide 33: Non-GAAP Reconciliations (1/2)
Non-GAAP Reconciliations (1/2) Non-GAAP Reconciliations (1/2) Source: Company Financials 33 Confidential Presentation. These materials are not to be printed, downloaded or distributed. These materials are only available to QIBs and non-US persons. ($ in millions) 12M Ended March 31, Adjusted EBITDA
Slide 34: Non-GAAP Reconciliations (2/2)
Non-GAAP Reconciliations (2/2) Non-GAAP Reconciliations (2/2) Source: Company Financials ($ in millions) 12M Ended March 31, Adjusted Total Margin: 2023 2024 2025 2025 2026 2026 Total Revenues $2,581 $2,271 $2,276 $1,475 $1,359 $2,160 Cost of sales - propane (excl. depreciation and amortization) (1,