Slide 1: Fiscal 2025 Second Quarter Earnings Presentation
Fiscal 2025 Second Quarter Earnings Presentation May 8, 2025
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: Bob Flexon and Sean O'Brien
Bob Flexon Sean O’Brien President & Chief Executive Officer Chief Financial Officer
Slide 4: Robust Performance across Key Financial Metrics
Robust Performance across Key Financial Metrics YTD Adjusted Diluted EPS1 YTD FY25 GAAP diluted EPS of $3.93 vs. $2.74 in YTD FY24 Increases Fiscal 2025 adjusted EPS guidance to a range of $3.00 - $3.58 $3.15 per share2 $3.16 Solid operational execution driving EBIT growth across all reportable segm
Slide 5: Q2 FY25 Highlights
Q2 FY25 Highlights Q2 FY25 GAAP diluted EPS of $2.19 vs. $2.30 in Q2 FY24 Financial performance Adjusted Diluted EPS1: $2.21 Reportable Segment EBIT2: $692 million 12% increase compared to Q2 F24 7% increase compared to Q2 F24 Capital Expenditure: $160 million Reportable segment OPEX3: $533 million
Slide 6: Increasing our FY25 Guidance
Increasing our FY25 Guidance Given the strong FY25 YTD performance, we have increased our guidance for adjusted diluted EPS • Colder than normal weather in $3.15 Q2 FY25 $3.05 • Operational improvement at AmeriGas $3.00 • Lower impact from the facility damage at UGI International $2.75 Original FY25
Slide 7: Financial Results
Financial Results
Slide 8: Q2 FY25 Financial Results
Q2 FY25 Financial Results Q2 FY25 Adjusted Diluted EPS – Comparison with Q2 FY241 Q2 FY25 EBIT Comparison with Q2 FY242 ($ in million) $0.13 $0.00 $0.13 $2.21 $692 $0.04 $648 $1.97 ($0.06) Utilities $241 $226 Midstream $154 $153 & Marketing UGI $143 $131 International $138 AmeriGas $154 Propane Q2 F
Slide 9: Q2 FY25 Segment Results Recap – Natural Gas
Q2 FY25 Segment Results Recap – Natural Gas Q2 FY25 EBIT - Comparison with Q2 FY24 ($ in million) Utilities Midstream & Marketing $22 $2 $241 $153 $2 $2 $154 $226 ($2) ($1) ($6) ($3) Q2 FY24 Total OPEX D&A Other Q2 FY25 Q2 FY24 Total OPEX D&A Other Q2 FY25 EBIT Margin EBIT EBIT Margin EBIT Key Drive
Slide 10: Q2 FY25 Segment Results Recap – Global LPG
Q2 FY25 Segment Results Recap – Global LPG Q2 FY25 EBIT - Comparison with Q2 FY24 ($ in million) UGI International AmeriGas Propane $13 $0 $2 $143 $131 $13 $1 $3 $154 $138 ($3) ($1) Q2 FY24 Total OPEX D&A Other Q2 FY25 Q2 FY24 Total OPEX D&A Other Q2 FY25 EBIT Margin EBIT EBIT Margin EBIT Key Driver
Slide 11: Liquidity and Balance Sheet Update
Liquidity and Balance Sheet Update ❑ $1.9 billion in available liquidity, comprising cash and cash equivalents and available borrowing capacity on revolving credit facilities, as of March 31, 2025 ❑ 55% increase in YTD free cash flow1 generated year-over-year as of March 31, 2025 ❑ Leverage at UGI C
Slide 12: Key Takeaways
Key Takeaways FY25 Priorities Strong operational execution and business process improvements yielding measurable results Improved financial profile Talent and culture Consistent cost discipline driving margin expansion n Improved free cash flow generation Operating Portfolio model and optimization p
Slide 13: CORPORATION
CORPORATION
Slide 14: UGI Appendix
UGI APPENDIX CORPORATION
Slide 15: Our Natural Gas Businesses
Our Natural Gas Businesses Utilities • ~$4.2 billion rate base1 Segment • 2nd largest regulated gas utility in Pennsylvania (PA)2 • Largest regulated gas utility in West Virginia (WV)2 • Weather normalization promotes earnings stability • Authorized gas ROEs of 10.15% (DSIC3) in PA and 9.75% (IREP3)
Slide 16: Our Global LPG Businesses
Our Global LPG Businesses UGI • LPG distribution in 16 countries in Europe through 6 well-known brands International Segment o Largest LPG distributor1,2 in France, Austria, Belgium, Denmark and Luxembourg; among the largest distributors of LPG1,2 in Hungary, Norway, Poland, the Czech Republic, Slov
Slide 17: Q2 and YTD FY25 Adjusted Diluted Earnings per Share
Q2 and YTD FY25 Adjusted Diluted Earnings per Share Q2 FY25 Q2 FY24 YTD FY25 YTD FY24 Utilities $0.76 $0.72 $1.17 $1.12 Midstream & Marketing 0.69 0.56 1.10 0.98 UGI International 0.42 0.42 0.89 0.81 AmeriGas Propane 0.11 0.17 (0.10) 0.25 Corporate & Other (a) 0.21 0.43 0.87 (0.42) Diluted earnings
Slide 18: Q2 and YTD FY25 Adjusted Net Income
Q2 and YTD FY25 Adjusted Net Income ($ in Million) Q2 FY25 Q2 FY24 YTD FY25 YTD FY24 Utilities $166 $155 $255 $241 Midstream & Marketing 150 120 239 212 UGI International 93 91 193 174 AmeriGas Propane 25 37 (21) 53 Corporate & Other (a) 45 93 188 (90) Net income attributable to UGI Corporation 479
Slide 19: Q2 FY25 Segment Reconciliation (GAAP)
Q2 FY25 Segment Reconciliation (GAAP) Midstream UGI AmeriGas Corp & ($ in Million) Total Utilities & Marketing International Propane Other Revenues $2,666 $773 $587 $650 $848 $(192) Cost of sales (1,301) (378) (385) (348) (402) 212 Total margin $1,365 $395 1 $202 $302 $446 $20 Operating and administ
Slide 20: Q2 FY25 UGI Corporation Adjusted EBITDA (non-GAAP)
Q2 FY25 UGI Corporation Adjusted EBITDA (non-GAAP) Year Ended September 30, Six Months Ended March 31, LTM LTM ($ in Million) 2022 2023 2024 MAR'24 MAR'25 2023 2024 2025 Net income (loss) including noncontrolling interests $1,073 $(1,502) $269 $(68) $533 $(844) $590 $854 Income taxes 313 (335) 71 13
Slide 21: YTD FY25 UGI Corporation Free Cash Flow (non-GAAP)
YTD FY25 UGI Corporation Free Cash Flow (non-GAAP) ($ in Million) YTD FY25 YTD FY24 Net Cash from operating activities $848 $641 Capital Expenditure (357) (325) Free Cash Flow $491 $316 21
Slide 22: Investor Relations
Investor Relations: Tameka Morris Arnab Mukherjee morrista@ugicorp.com mukherjeea@ugicorp.com