Ferrellgas Partners, L.p. · OTC:FGPR
Ferrellgas Partners, L.p — JP Morgan High Yield Conference 2025
21 slides from Ferrellgas Partners, L.p's conference presentation, Feb 25, 2025
Slide 1: Ferrellgas Investor Presentation
FERRELLGAS INVESTOR PRESENTATION JP Morgan High Yield Conference February 25, 2025
Slide 2: Disclaimer
DISCLAIMER This presentation was prepared by or on behalf of Ferrellgas Partners, LP, Ferrellgas, LP, Ferrellgas Partners Finance Corp., Ferrellgas Finance Corp., Ferrellgas, Inc., or one or more direct or indirect subsidiaries or affiliates (collectively, “Ferrellgas,” “we,” “us,” “our,” the “Partn
Slide 3: Company Overview
COMPANY OVERVIEW
Slide 4: Ferrellgas At-A-Glance
FERRELLGAS AT-A-GLANCE Ferrellgas is a leading tech-enabled logistics and distribution platform providing residential and commercial propane to the U.S. via subscription & rental delivery. Key Statistics A leading commercial and consumer brand, distributing propane via a national hub/spoke network f
Slide 5: Experienced Leadership = Proven Results
EXPERIENCED LEADERSHIP = PROVEN RESULTS Fuel Life Simply Tamria Zertuche - President and CEO Our workforce fuels our progress Michael Cole - svP Chief Financial Officer ledian Allen Jones - vP Legal & General Counsel Michelle Maggi - VP Corporate Affairs and Head of Safety Ray Galan - vP Head Retail
Slide 6: Unique Propane Platform of Scale
UNIQUE PROPANE PLATFORM OF SCALE Platform of scale in a highly fragmented industry; built upon a strong customer base and industry leading operational capabilities & management Ferrellgas Coverage I Coverage @ Ferreligas Service Unit © Ferreligas Service Center @ Co-brand Service Unit @ Blue Rhino P
Slide 7: Uses for Propane Continue to Grow
USES FOR PROPANE CONTINUE TO GROW Illustrative Residential Use Cases Propane Tank for Home Heating & Cooling, Gas Stoves and Indoor Fireplaces Propane Grill Recreational Vehicle Outdoor Heaters > Outdoor Fireplace Power Generator nolds O Pool and Hot Tub Heaters 50 i] ii LB i GR for E form Nati ston
Slide 8: Propane Is Mission Critical
PROPANE IS MISSION CRITICAL Strong correlation between major yearly U.S. blackouts (affecting more than 50,000 customers) against the percentage of U.S. electricity generation from solar & wind > Blackouts increase because the U.S. is relying on unreliable solar & wind power sources All U.S. Power O
Slide 9: Operational Highlights & Initiatives
OPERATIONAL HIGHLIGHTS & INITIATIVES
Slide 10: Diversified Business Mix
DIVERSIFIED BUSINESS MIX Balanced business model provides geographic, end market and channel diversity Autogas and Other - 12.9% + Last mile distribution to residential customers for home heating, cooking and energy + -70% of residential customers lease Ferrellgas equipment + Propane represents ~5%
Slide 11: Strategy Insulates Business Volatility
STRATEGY INSULATES BUSINESS VOLATILITY + 70% of customers purchase propane at spot price + margin, resulting in a pure pass-through of commodity prices with no direct commodity exposure for Ferrellgas + 30% of customers purchase at fixed prices, at which time the company hedges 100% of the contracte
Slide 12: Why Technology Makes a Difference
WHY TECHNOLOGY MAKES A DIFFERENCE aa ‘ jx] SELF-SERVICE VENDING: Blue Rhino self-service vending units enable MOBILE DEVICE TECHNOLOGY: Ferrellgas customers TELEMATICS: Through telematics our vehicles consumers te exchang of purshase new. propane: tanks and employees rely on real-time data provided
Slide 13: Financial Update
FINANCIAL UPDATE
Slide 14: Fiscal Year 2024 Results Summary
FISCAL YEAR 2024 RESULTS SUMMARY For fiscal year 2024, unadjusted EBITDA was the third highest in the Company’s history and fourth highest on an adjusted basis, despite headwinds created by an unseasonably warm winter and higher than normal medical costs incurred as part of our self-insurance progra
Slide 15: Consistent Track Record of Delivering Results
CONSISTENT TRACK RECORD OF DELIVERING RESULTS Consistent Gross Profit Growth — so 1.007 90s soon esis $078 2020 2021 2022 2028 2024 % YoY Retail Gallon Growth (5%) (1%) (1%) a% m% Robust Cash Generation and Conversion Affordable Capital Expenditures ¢$ in millions) Gin millions) 96 of EBITDA san Eel
Slide 16: Strong Liquidity Supporting Operations
STRONG LIQUIDITY SUPPORTING OPERATIONS * Ferrellgas has averaged Total Available Liquidity of $353M over the last two fiscal years * On July 2, 2024, Ferrellgas entered into the Fourth Amendment to the Credit Agreement which, among other things, facilitated the issuance of $124.5 million of letters
Slide 17: Percentage Variances
PERCENTAGE VARIANCES 20% 10% ol Wa “4 1 15% ro org -20% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Weather vs Normal i | Weather vs Prior Year i | Retail Gallons vs Prior Year ‘Source: Ferreligas' 10s Fuel Life Simply Ferrellgas
Slide 18: Key Credit Highlights
Leading, national footprint with extensive logistics capabilities and geographic diversity Large, fragmented addressable market with growing market share Limited exposure to volatile commodity prices yields stable cash flows Strong, sticky relationship with both suppliers and diverse, blue-chip cust
Slide 19: Questions?
QUESTIONS?
Slide 20: Appendix
APPENDIX
Slide 21: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION $ $ no Net earnings (loss) 47) $ 37 $ 48 (68) Income tax expense 1 1 1 1 1 Interest expense 26 98 98 100 173 Depreciation and amortization expense 24 99 93 90 85 EBITDA $ (6) $ 308 329 $ 339 § 191 Non-cash employee stock ownership plan compensation charges 1 3 3 3 3 (Gain) Lo
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