Slide 1: Second Quarter Fiscal 2023 Results
1 Second Quarter Fiscal 2023 Results Roger Perreault President and CEO, UGI Corporation S e a n P. O ’ B r i e n Chief Financial Officer, UGI Corporation R o b e r t F. B e a r d Chief Operations Officer, UGI Corporation 1 1
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: UGI Supplemental Footnotes
UGI Supplemental Footnotes Management uses “adjusted net income attributable to UGI Corporation” and “adjusted diluted earnings per share (“EPS”)”, both of which are non-GAAP financial measures, when evaluating UGI's overall performance. Management believes that these non-GAAP measures provide meani
Slide 4: Q2 and YTD FY23 Highlights
Q2 and YTD FY231 Highlights Improved earnings reliability YTD Adjusted Diluted EPS2 $1.68 o Weather normalization rider in our Pennsylvania (PA) Gas Utility Q2 FY23 Adjusted Diluted $2.84 $2.82 EPS2 o Significant fee-based contract structures in Midstream & Marketing 7.2% Proven strategy in creating
Slide 5: Q2 FY23 Results Recap
Q2 FY23 Results Recap Q2 FY23 GAAP Diluted EPS of $0.51 compared to $4.32 in Q2 FY22 Q2 FY23 Adjusted Diluted EPS1 – Q2 FY23 Adjusted Diluted EPS1 – Comparison with Q2 FY22 Segment Split $1.912 $1.683 $0.62 Utilities $0.66 Midstream & $0.26 Marketing $0.41 UGI $0.31 International $0.43 $0.64 AmeriGa
Slide 6: Q2 FY23 Results Recap
Q2 FY23 Results Recap Q2 FY23 EBIT1 - Comparison with Q2 FY22 Q2 FY23 vs Q2 FY22 Key Drivers AmeriGas Propane UGI International AmeriGas Propane • Warm weather in key regions and severe weather events in the West • Driver shortages and customer attrition • Higher operating and administrative costs U
Slide 7: FY23 Revised Outlook
FY23 Revised Outlook Based on our fiscal year-to-date performance, UGI expects to deliver adjusted diluted EPS1 between a revised FY23 guidance range of $2.75 - $2.902. YTD Key Drivers FY23 Guidance • Weather normalization rider and higher base rates at our PA Gas $2.90 Utility $2.82 $2.75 • Favorab
Slide 8: Liquidity Update
Liquidity Update • Strong liquidity position with $1.9B in Available Liquidity ($ in billion) available liquidity1 as of March 31, 2023 • Refinanced ~$1.7B in debt agreements, $2.1 which added ~$220M in available credit $1.9 $1.9 $1.7 facilities, during the quarter $1.4 $1.2 • UGI provided capital c
Slide 9: 2H FY23 Key Priorities
2H FY23 Key Priorities 1 We maintain focus on our 3-R strategy2 and long-term financial commitments • Safety continues to be our top priority Operational excellence • Gain momentum on key operating metrics and sustain focus on the customer’s experience • Continue to invest in our people • Execute on
Slide 10: A Differentiated and Resilient Portfolio
A Differentiated and Resilient Portfolio Our diversified core business is well-positioned to meet our long-term financial commitments of 6-10% EPS growth and 4% dividend growth, and to continue creating shareholder value Essential solutions that Global presence providing Robust supply meet consumers
Slide 11: Q & A
Q Q & A 11 11
Slide 12: Appendix
Appendix 12 12
Slide 13: Financial Results – AmeriGas Propane
Financial Results – AmeriGas Propane Q2 FY23 EBIT - Comparison with Q2 FY22 Weather versus normal (Millions of dollars) Q2 FY22 Q2 FY23 Earnings Before Interest Expense & Income Taxes $227 Total Margin1 (66) Operating and Administrative Expenses (23) Depreciation and Amortization (1) 2.9% Other Inco
Slide 14: Financial Results – UGI International
Financial Results – UGI International Q2 FY23 EBIT - Comparison with Q2 FY22 Weather versus normal (Millions of dollars) Q2 FY22 Q2 FY23 Earnings Before Interest Expense & Income Taxes $120 Total Margin1 21 Operating and Administrative Expenses (9) Depreciation and Amortization 1 Other Income and Ex
Slide 15: Financial Results – Midstream & Marketing
Financial Results – Midstream & Marketing Q2 FY23 EBIT - Comparison with Q2 FY22 Weather versus normal (Millions of dollars) Q2 FY22 Q2 FY23 Earnings Before Interest Expense & Income Taxes $90 Total Margin1 28 Operating and Administrative Expenses (5) Depreciation and Amortization (4) Other Income a
Slide 16: Financial Results – Utilities
Financial Results – Utilities Q2 FY23 EBIT - Comparison with Q2 FY22 Weather versus normal (Millions of dollars) Q2 FY22 Q2 FY23 Earnings Before Interest Expense & Income Taxes $194 Total Margin1 21 Operating and Administrative Expenses (6) Depreciation (1) Other Income and Expense, net (3) Earnings
Slide 17: Q2 and YTD FY23 Adjusted Diluted EPS
Q2 and YTD FY23 Adjusted Diluted EPS \ Q2 FY23 Q2 FY22 YTD FY23 YTD FY22 AmeriGas Propane $0.34 $0.64 $0.56 $0.80 UGI International 0.43 0.41 0.64 0.68 Midstream & Marketing 0.31 0.26 0.66 0.50 Utilities 0.66 0.62 1.04 0.91 Corporate & Other (a) (1.23) 2.39 (6.92) 0.98 Earnings (loss) per share – di
Slide 18: Q2 and YTD FY23 Adjusted Net Income
Q2 and YTD FY23 Adjusted Net Income ($ in Million) Q2 FY23 Q2 FY22 YTD FY23 YTD FY22 AmeriGas Propane $73 $138 $122 $172 UGI International 92 89 137 146 Midstream & Marketing 66 58 143 109 Utilities 143 134 224 197 Corporate & Other (a) (264) 514 (1,470) 212 Net loss attributable to UGI Corporation
Slide 19: Q2 FY23 Segment Reconciliation (GAAP)
Q2 FY23 Segment Reconciliation (GAAP) ($ in Million) AmeriGas UGI Midstream & Total Propane International Marketing Utilities Corp & Other Revenues $3,106 $867 $948 $638 $774 $(121) Cost of sales (2,148) (430) (633) (479) (426) (180) Total margin 958 437 315 159 3481 (301) 1 Operating and administra
Slide 20: Investor Relations
Investor Relations: Tameka Morris Arnab Mukherjee 610-456-6297 610-768-7498 morrista@ugicorp.com mukherjeea@ugicorp.com 20 20