UGI Corporation (NYSE:UGI) Q2 2024 Earnings Conference Call May 2, 2024 9:00 AM ET Company Participants Tameka Morris - Senior Director of Investor Relations Mario Longhi - Interim President & Chief Executive Officer Bob Beard - Chief Operating Officer Sean O'Brien - Chief Financial Officer Conference Call Participants Christopher Jeffrey - Mizuho Securities Paul Fremont - Ladenburg Operator Good day, and thank you for standing by. Welcome to the UGI Corporation Q2 2024 Earnings Conference Call. At this tim ...

Financial Performance & Targets - UGI Corporation reaffirmed its FY24 adjusted diluted EPS guidance range of $2.70 - $3.00[35] - Targeted EPS growth rate is 4 - 6% for FY24-27[41] - Targeted rate base growth is 9%+ for FY24-27[41] - The company is aiming for a leverage ratio of 3.5 – 4.0x[41] Q2 FY24 Results - Q2 FY24 GAAP Diluted EPS was $2.30, compared to $0.51 in Q2 FY23[53, 70] - Q2 FY24 Adjusted Diluted EPS was $1.97[53] - YTD FY24 Adjusted Diluted EPS was $3.16[53] - YTD FY24 Adjusted diluted EPS growth in YTD was ~9%[53] - Available liquidity as of March 31, 2024, was $1.7 billion[12] Capital Allocation & Strategy - The company plans to reduce debt by $350 - $450 million in FY24 at AmeriGas Propane[12] - The company expects to realize ~$70 - $100 million in permanent savings by FY25[77] - Approximately 85% of total capital is invested in natural gas businesses[18]

Press Release UGI Reports Fiscal 2024 Second Quarter Results, Concludes Strategic Review and Affirms Fiscal 2024 Guidance May 1, 2024 VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended March 31, 2024 and announced that its Board has unanimously decided to conclude the strategic review of its LPG businesses, which was primarily focused on AmeriGas Propane. HIGHLIGHTS "We are pleased with the strong fiscal second quarter performance in the midst of war ...

1 1 M a r i o L o n g h i Interim President and CEO, UGI Corporation Ro b e r t F. B e a rd Chief Operations Officer, UGI Corporation 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 words such as "believe," "plan," "anticipate," "continue," "estimate," "expect," "may," or other simil ...

Commission file number 1-11071 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ UGI CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdict ...

UGI Corporation (NYSE:UGI) Q1 2024 Earnings Conference Call February 1, 2024 9:00 AM ET Company Participants Tameka Morris - Senior Director, IR Mario Longhi - Interim President and CEO Sean O'Brien - CFO Robert Beard - COO Conference Call Participants Gabriel Moreen - Mizuho Sarah Akers - Wells Fargo Julien Dumoulin-Smith - Bank of America Operator Good day, and thank you for standing by. Welcome to the UGI Corporation’s Fiscal 2024 First Quarter Earnings Conference Call. At this time, all participants are ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 1-11071 UGI CORPORATION (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of Inc ...

Financial Data and Key Metrics Changes - UGI reported adjusted diluted earnings per share (EPS) of $2.84 for fiscal 2023, a decrease from $2.90 in the prior year [4][11] - The Utilities and Midstream & Marketing segments delivered record earnings with an 8% growth in EBIT over the prior year [4][11] - UGI ended fiscal 2023 with available liquidity of $1.6 billion, including cash and cash equivalents [17] Business Line Data and Key Metrics Changes - The Utility segment achieved record EBIT of $365 million, up $29 million or 9% over the prior year, benefiting from a weather normalization rider and higher gas base rates [13] - Midstream & Marketing reported record EBIT of $291 million, an increase of $22 million or 8% over the prior year, aided by fee-based contracts and acquisitions [14] - UGI International experienced a 9% decline in LPG volumes due to warmer weather and energy conservation efforts, with total margin down $15 million [15] - AmeriGas saw a 7% decline in LPG volumes, attributed to driver staffing shortages and customer attrition, although total margin increased by $1 million due to higher LPG unit margins [16] Market Data and Key Metrics Changes - The company noted that approximately 86% of Midstream & Marketing margins are underpinned by fee-based contracts, providing stability despite market fluctuations [8] - The global LPG businesses faced challenges due to operational headwinds and geopolitical factors affecting energy conservation in Europe [4][15] Company Strategy and Development Direction - UGI is focused on reducing costs and enhancing operational efficiencies, targeting permanent savings of approximately $70 million to $100 million by the end of fiscal 2025 [19][20] - The company is conducting a strategic review of its LPG businesses, particularly AmeriGas, to maximize shareholder value [20][39] - UGI plans to prioritize investments in regulated utilities and leverage midstream assets for reliable earnings growth [20][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by high interest rates and elevated inflation levels, impacting operational performance [4] - The company anticipates a slight decline in volumes for AmeriGas in fiscal 2024, but expects improvements in operational metrics [22][32] - UGI's fiscal 2024 guidance for adjusted diluted EPS is set between $2.70 and $3, assuming normal weather conditions [21] Other Important Information - UGI invested approximately $563 million in capital expenditures for infrastructure replacement and improvements in fiscal 2023 [6] - The company completed the sale of non-core energy marketing operations in the UK, Belgium, and France, reducing exposure to natural gas and power marketing in Europe [9] Q&A Session Summary Question: Timing of the strategic review for AmeriGas - Management indicated that the strategic review is still in early stages and no updates on timing or outcomes are available [28][29] Question: Global LPG assumptions for 2024 - Management explained that while assuming normal weather, they expect volume declines due to ongoing conservation efforts and previous warmer weather [30][32] Question: Benefits from operational improvements in AmeriGas - Management noted that improvements in on-time deliveries and customer service are being seen, but lingering effects from past driver shortages continue to impact volumes [36][37] Question: Leverage targets and balance sheet considerations - Management stated that they ended fiscal 2023 with leverage in the low 4's and aim to reduce it to sub-4 in 2024, focusing on improving the balance sheet without additional equity [43][44] Question: Share repurchases and capital allocation - Management acknowledged that while share repurchases are a consideration, the focus remains on strengthening the balance sheet and maintaining dividends [46] Question: Capital expenditure outlook for utilities - Management confirmed that while capital expenditures are being tightened, they remain committed to being ahead of schedule with infrastructure improvements [50][51]

1 1 Fiscal 2023 Results & Business Update Ro ge r Pe r re a u l t President and CEO, UGI Corporation S e a n O ' B r i e n Chief Financial Officer, UGI Corporation Ro b e r t F. B e a rd Chief Operations Officer, UGI Corporation 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 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 1-11071 UGI CORPORATION (Exact name of registrant as specified in its charter) Pennsylvania 23-2668356 (Stat ...