Slide 1: Fiscal 2021 Third Quarter Results
1 Fiscal 2021 Third Quarter Results Roger Perreault President and CEO, UGI Corporation Te d J . J a s t r ze b s k i Chief Financial Officer, UGI Corporation R o b e r t F. B e a r d Executive Vice President Natural Gas, 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). Management believes that these are reasonable as of today’s date only. Actual results may diffe
Slide 3: Third Quarter Summary
Third Quarter Summary Roger Perreault President and CEO, UGI Corporation 3 3
Slide 4: Third Quarter and YTD 2021 Financial Overview
Third Quarter and YTD 2021 Financial Overview Q3 FY21 Adjusted Diluted EPS1 • GAAP diluted EPS of $0.71 in Q3 FY21 vs. $0.41 in Q3 FY20 $0.13 • Q3 FY21 adjusted diluted EPS1 of $0.13 $0.08 • Record YTD GAAP diluted EPS of $4.48 vs. $2.49 for YTD FY20 • YTD adjusted diluted EPS1 of $3.30 Q3 FY20 Q3 F
Slide 5: Third Quarter 2021 Highlights
Third Quarter 2021 Highlights • Strong results from our diversified business for the quarter • UGI Utilities continues strong customer growth and is on track for another record year of capital expenditure • Anticipate continued strong rate base growth; 11.4% rate base CAGR between FY2016-20 • 2,200+
Slide 6: Third Quarter Financial Review
Third Quarter Financial Review Ted J. Jastrzebski Chief Financial Officer, UGI Corporation 6 6
Slide 7: Third Quarter Adjusted Diluted Earnings per Share
Third Quarter Adjusted Diluted Earnings per Share Q3 FY21 Q3 FY20 AmeriGas Propane $(0.10) $(0.07) UGI International 0.15 (0.05) Midstream & Marketing 0.04 0.03 UGI Utilities 0.04 0.02 Corporate & Other (a) 0.58 0.48 Earnings per share – diluted 0.71 0.41 Net gains on commodity derivative instrument
Slide 8: Third Quarter and YTD 2021 Results Recap
Third Quarter and YTD 2021 Results Recap Q3 FY21 Adjusted Diluted EPS1 – Comparison with Q3 FY20 YTD Adjusted Diluted EPS1 – Segment Split $3.303 $0.02 $(0.15) $2.812 0.75 $0.20 $0.01 UGI 0.70 Utilities 0.51 Midstream 0.44 & Marketing UGI 1.06 $(0.03) 0.65 International $0.13 AmeriGas 0.97 $0.08 0.9
Slide 9: Financial Results - AmeriGas
Financial Results - AmeriGas (Millions of dollars) Q3 FY20 Q3 FY21 Weather versus normal Earnings Before Interest Expense & Income Taxes $19 Total Margin (14) 16.9% Operating and Administrative Expenses (3) Depreciation and Amortization 2 Other Income and Expense, net 7 2.5% Earnings Before Interest
Slide 10: Financial Results – UGI International
Financial Results – UGI International (Millions of dollars) Q3 FY20 Q3 FY21 Weather versus normal Earnings Before Interest Expense & Income Taxes $21 Total Margin 51 24.4% Operating and Administrative Expenses (23) Depreciation and Amortization (3) Realized FX Gains (2) Other Income and Expense, net
Slide 11: Financial Results – Midstream & Marketing
Financial Results – Midstream & Marketing Q3 FY20 Q3 FY21 Weather versus normal (Millions of dollars) Earnings Before Interest Expense & Income Taxes $20 21.0% Total Margin 1 Earnings Before Interest Expense & Income Taxes $21 Q3 FY20 Q3 FY21 (1.5%) Item Primary Drivers Total Margin ↑ Primarily refl
Slide 12: Financial Results – Utilities
Financial Results – Utilities (Millions of dollars) Q3 FY20 Q3 FY21 Weather versus normal Earnings Before Interest Expense & Income Taxes $21 Total Margin 3 25.4% Operating and Administrative Expenses 2 Depreciation (3) Other Income and Expense, net 2 5.0% Earnings Before Interest Expense & Income T
Slide 13: Liquidity Update
Liquidity Update • Year-to-date Cash Flow from Operating Available Liquidity Activities of $1,047 Million compared to $963 Million in the prior-year period $2.4 • $377M (31% increase) in free cash flow1 in the nine months ended June 30, 2021, compared to the prior-year period • Strong balance sheet
Slide 14: Business Update & Conclusion
Business Update & Conclusion Roger Perreault President and CEO, UGI Corporation 14 14
Slide 15: Business Update
Business Update • Pending acquisition of the Mountaineer Gas Company, largest gas LDC in West Virginia (WV) • Filed a unanimous settlement and testified before the WV Public Service Commission • Expect to file a Proposed Order by August 10th for the Commission’s approval • Anticipate closing well be
Slide 16: Conclusion
Conclusion Strong year-to-date performance highlights the benefits of our diversified business Expect to be at the top end of our FY2021 guidance range of $2.90 - Reliable Earnings $3.001 Growth Balance sheet remains strong to meet liquidity and capital investment needs Well positioned to de
Slide 17: Q & A
Q Q & A 17 17
Slide 18: Appendix
Appendix 18 18
Slide 19: UGI Supplemental Footnotes
UGI Supplemental Footnotes • Management uses “adjusted net income attributable to UGI Corporation”, “free cash flow” and “adjusted diluted earnings per share,” all three of which are non-GAAP financial measures, when evaluating UGI’s overall performance. Management believes that these non-GAAP measu
Slide 20: Third Quarter Adjusted Net Income
Third Quarter Adjusted Net Income (Dollars in Millions) Q3 FY21 Q3 FY20 AmeriGas Propane $(20) $(15) UGI International 31 (11) Midstream & Marketing 8 7 UGI Utilities 9 4 Corporate & Other (a) 122 100 Net income attributable to UGI Corporation 150 85 Net gains on commodity derivative instruments not
Slide 21: YTD Adjusted Diluted Earnings per Share
YTD Adjusted Diluted Earnings per Share YTD FY21 YTD FY20 AmeriGas Propane $0.97 $0.94 UGI International 1.06 0.65 Midstream & Marketing 0.51 0.44 UGI Utilities 0.75 0.70 Corporate & Other (a) 1.19 (0.24) Earnings per share – diluted 4.48 2.49 Net gains on commodity derivative instruments not associ
Slide 22: Free Cash Flow
Free Cash Flow (Dollars in Millions) YTD 2021 YTD 2020 Net cash provided by operating activities $1,047 $963 (-) Expenditures for property, plant and equipment (460) (471) (-) Dividends on UGI Common Stock (210) (204) Free Cash Flow $377 $288 22 22
Slide 23: Investor Relations
Investor Relations: Tameka Morris Arnab Mukherjee 610-456-6297 610-768-7498 morrista@ugicorp.com mukherjeea@ugicorp.com 23 23