Ferrellgas Partners, L.p. · OTC:FGPR
Ferrellgas Partners, L.p — Investor Presentation (November 2026)
23 slides from Ferrellgas Partners, L.p's investor presentation, Nov 2, 2026
Slide 1: Ferrellgas Investor Presentation November 2026
FERRELLGAS INVESTOR PRESENTATION November 2026
Slide 2: Disclaimer
DISCLAIMER 2 This presentation has been prepared by or on behalf of Ferrellgas Partners, L.P. (“Ferrellgas Partners”) and its consolidated subsidiaries, including Ferrellgas, L.P. (the “Operating Partnership”), Ferrellgas Partners Finance Corp., and Ferrellgas Finance Corp., and Ferrellgas, Inc., th
Slide 3: Company Overview
COMPANY OVERVIEW 3
Slide 4: Ferrellgas at a Glance
Ferrellgas is a leading tech-enabled logistics and distribution company providing residential and commercial propane to the U.S. via subscription & retail delivery. Key Statistics Adjusted EBITDA ($MM) FERRELLGAS AT A GLANCE • A leading commercial and consumer brand, distributing propane via a natio
Slide 5: Experienced Leadership = Proven Results
EXPERIENCED LEADERSHIP = PROVEN RESULTS Our workforce fuels our progress Diversity & Inclusion U.S. Median 4.1 Tenure* years Ferrellgas 6.8 Average Tenure years Ferrellgas Senior Leadership Average Tenure 14.2 years 45% Female and/or minority Source: https://www.bls.gov/news.release/pdf/tenure.pdf 5
Slide 6: 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 UNIQUE PROPANE PLATFORM OF SCALE 30% Customer-owned 70% Leased 57% Will-call 43% Auto-Fill (Scheduled deliveries drive further efficiencies) Q4 FY26 Residen
Slide 7: Uses for Propane Continue to Grow
Illustrative Residential Use Cases USES FOR PROPANE CONTINUE TO GROW ~6.3M U.S. Households Use Propane as Their Primary Heat Source ~60% of U.S. Households Own a Gas Grill 11M+ U.S. Households Own an RV ~7% 2022 – 2030E Compound Annual Growth Rate for Outdoor Heating Market ~6% 2022 – 2027E Compound
Slide 8: Propane Is Mission Critical
PROPANE IS MISSION CRITICAL Our footprint covers America's highest-risk grid regions NERC: grid regions at risk of power shortfalls, 2026–2030 Ferrellgas & Blue Rhino coverage 5 U.S. grid regions rated high risk for power shortfalls by 2030 5 Served by Ferrellgas and Blue Rhino Propane delivers back
Slide 9: Large, Fragmented Addressable Market
Source: LP Gas magazine, 2026 Top Propane Retailers (FY2025 retail gallons): PERC annual Retail Propane Sales Report (2024 U.S. retail total). Amerigas 8.3% Ferrellgas 6.4% Suburban 4.5% Superior Plus 3.6% Growmark 3.2% Independents 74% Propane 5% Other 4% Heating Oil 3% Electricity 43% Natural Gas
Slide 10: Strong Relationships with Leading Suppliers
Over 750M GALLONS procured Average 20+ YEAR relationship with top suppliers Baa3 or higher credit rating across leading suppliers $16M+ in total product LCs from 16 suppliers STRONG RELATIONSHIPS WITH LEADING SUPPLIERS Selected Top Suppliers 10
Slide 11: Diverse, Blue-Chip Customer Base
DIVERSE, BLUE-CHIP CUSTOMER BASE • Current customer locations of ~899,000 including: ◦ ~689,000 residential ◦ ~184,000 industrial / commercial ◦ ~22,000 agriculture ◦ ~4,000 reseller • 70% of residential locations utilize company equipment • Customers in all 50 states, with a concentration in the Mi
Slide 12: Operational Highlights & Initiatives
OPERATIONAL HIGHLIGHTS & INITIATIVES 12
Slide 13: Diversified Business Mix
DIVERSIFIED BUSINESS MIX Balanced business model provides geographic, end market, and channel diversity • Last mile distribution to residential customers for home heating, cooking, and energy • ~70% of residential customers lease Ferrellgas equipment • Propane represents ~5% of the home heating indu
Slide 14: Strategy Insulates Business Volatility
STRATEGY INSULATES BUSINESS VOLATILITY • 70% of customers purchase propane at spot price + margin, resulting in a pass-through of commodity prices without direct commodity exposure for Ferrellgas • 30% of customers purchase at fixed prices, at which time the company hedges 100% of the contracted vol
Slide 15: Technology: Vending, Mobile, Telematics, Refill
Vending: Blue Rhino self-service vending units enable consumers to exchange or purchase new propane tanks 24/7. This direct-to-consumer vending technology affords the consumer maximum time savings by removing dependency on a store associate. The real-time communications mobilize our driver fleet in
Slide 16: Strong Logistics Network and Real Estate Portfolio
72 153 349 262 980 617 273 112 204 1 41 205 490 270 2 96 276 154 390 467 1,470 887 275 208 Strong Logistics Network Vast, Strategically-Positioned Real Estate Portfolio National footprint and strategic proximity to our customer base gives us delivery control competitors cannot match. REAL ESTATE LOC
Slide 17: Financial Update
FINANCIAL UPDATE 17
Slide 18: Fiscal Year Results Summary
(in thousands except customer data) FY 2024 FY 2025 FY 2026 Gallons 763,755 784,127 759,571 Retail Customers 912,874 902,652 894,597 Adj. EBITDA / customer $348 $366 $359 Gallons / customer 837 869 849 Total Revenues $ 1,837,116 $ 1,938,337 $1,864,014 Total COGS 853,971 915,521 840,061 Gross Profit
Slide 19: Consistent Track Record of Delivering Results
$812 $860 $928 $1,007 $983 $1,023 $1,024 2020 2021 2022 2023 2024 2025 2026 CONSISTENT TRACK RECORD OF DELIVERING RESULTS ($ in millions) Consistent Gross Profit Growth 3.9% CAGR 19
Slide 20: Track Record of Delivering Results (Cont'd)
$121 $132 $244 $240 $237 $112 $228 63% 69% 72% 73% 77% 58% 75% -5% 15% 35% 55% 75% 95% 115% 135% 155% 175% $- $50 $100 $150 $200 $250 $300 $350 2020 2021 2022 2023 2024 2025 2026 $71 $59 $95 $89 $71 $80 $77 2020 2021 2022 2023 2024 2025 2026 CONSISTENT TRACK RECORD OF DELIVERING RESULTS (CONT’D) ($
Slide 21: Investment Highlights
1 Leading national footprint with extensive logistics capabilities and geographic diversity • Ability to serve customers in all 50 states, District of Columbia and Puerto Rico • 664 service locations and ~65,000 tank exchange locations • Modern distribution fleet with an average age of 10 years 2 La
Slide 22: Appendix
APPENDIX 22
Slide 23: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Dollar amounts in mm) FY 2026 FY 2025 FY 2024 FY 2023 FY 2022 Net (loss) earnings $ 2 $ as) $ no $ B7 $ 148 Income tax expense 1 1 1 1 1 Interest expense 125 108 98 98 100 Depreciation and amortization expense 107 98 99 93 90 EBITDA 305 192 308 329 339 Non-cash employee stock
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