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 (I.R.S. Employer Identification No.) 460 North Gulph Road, King of Prussia, PA 19406 (Address of Principal Executive Offices) (Zip Code) (610) 337-1000 For the quarterly period ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period f ...

1 1 1 Fiscal 2022 First Quarter Results Ro ge r Pe r re a u l t President and CEO, UGI Corporation Te d J . J a st r ze bs k i Chief Financial Officer, UGI Corporation Ro b e r t F. B e a rd Executive Vice President, Natural Gas, Global Engineering & Construction and Procurement About This Presentation This presentation contains forward-looking statements, including estimates and projections, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Excha ...

UGI Corporation (NYSE:UGI) Q1 2022 Earnings Conference Call February 3, 2022 9:00 AM ET Company Participants Tameka Morris - Director, Investor Relations Roger Perreault - President and CEO Ted Jastrzebski - Chief Financial Officer Bob Beard - Executive Vice President, Natural Gas, Global Engineering & Construction, and Procurement Conference Call Participants Kody Clark - Bank of America Operator Hello. Thank you for standing by. And welcome to the UGI Corporation First Quarter Fiscal 2022 Earnings Confere ...

1 1 1 Fiscal 2021 Results Ro ge r Pe r re a u l t President and CEO, UGI Corporation Te d J . J a st r ze bs k i Chief Financial Officer, UGI Corporation Ro b e r t F. B e a rd Executive Vice President, Natural Gas, Global Engineering & Construction and Procurement 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 reason ...

Part I [Business and Properties](index=16&type=section&id=Items%201.%20and%202.%20Business%20and%20Properties) UGI Corporation operates four main segments, focusing on reliable earnings growth, renewable energy, and portfolio rebalancing - UGI operates through **four principal business segments**: AmeriGas Propane, UGI International, Midstream & Marketing, and UGI Utilities[37](index=37&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - The company's business strategy centers on reliable earnings growth, investing in renewable energy solutions, and rebalancing its portfolio towards natural gas and renewables[41](index=41&type=chunk)[42](index=42&type=chunk) - In Fiscal 2021, UGI pledged to reduce its enterprise Scope 1 GHG emissions by **55%** over the next five years, using Fiscal 2020 as a baseline[55](index=55&type=chunk) [AmeriGas Propane](index=20&type=section&id=AMERIGAS%20PROPANE) AmeriGas, the largest U.S. retail propane distributor, serves nearly 1.4 million customers, distributing 1.1 billion gallons in FY2021 AmeriGas Propane FY2021 Retail Gallons Sold by Customer Type | Customer Type | Percentage of Retail Gallons Sold | | :--- | :--- | | Commercial/Industrial | 41% | | Residential | 32% | | Motor Fuel | 19% | | Agricultural | 4% | | Transport | 4% | - The AmeriGas Cylinder Exchange (ACE) program had cylinders available at over **50,000** retail locations as of September 30, 2021, with Cynch home delivery expanded into twenty-two cities[63](index=63&type=chunk) - Business transformation initiatives are substantially complete, expected to provide total annual benefits of more than **$150 million** by the end of Fiscal 2022[68](index=68&type=chunk)[315](index=315&type=chunk) [UGI International](index=25&type=section&id=UGI%20INTERNATIONAL) UGI International distributes LPG in 17 European countries, selling over 975 million gallons in FY2021, and invests in renewable energy projects UGI International FY2021 LPG Volume by Customer Type | Customer Type | Percentage of LPG Volume Sold | | :--- | :--- | | Commercial/Industrial | 45% | | Wholesale & Other (incl. autogas) | 25% | | Residential | 19% | | Agricultural | 11% | - The segment is pursuing renewable energy projects, including a partnership for bioLPG supply in Poland and a joint venture to produce renewable dimethyl ether (rDME), targeting **300 kilotons per year** by 2027[103](index=103&type=chunk)[107](index=107&type=chunk) - Business transformation activities are substantially complete and are expected to generate over **€30 million** of annual benefits by the end of Fiscal 2022[108](index=108&type=chunk)[316](index=316&type=chunk) [Midstream & Marketing](index=28&type=section&id=MIDSTREAM%20%26%20MARKETING) This segment conducts energy marketing and operates midstream assets, with a key focus on expanding into Renewable Natural Gas (RNG) projects - The segment sells natural gas, RNG, liquid fuels, and electricity to approximately **12,600 customers** at over **42,400 locations**[115](index=115&type=chunk) - In Fiscal 2021, the segment made significant investments in RNG production projects, including joint ventures to develop dairy farm digesters in New York and South Dakota, and food waste digesters in Ohio and Kentucky[127](index=127&type=chunk)[50](index=50&type=chunk) - The segment's assets include natural gas gathering systems with a total capacity of approximately **2,675,000 dekatherms per day** and processing capacity of **240,000 dekatherms per day** in the Appalachian Basin[123](index=123&type=chunk) [UGI Utilities](index=31&type=section&id=UGI%20UTILITIES) UGI Utilities operates regulated natural gas and electric businesses, serving nearly 900,000 customers, and focuses on infrastructure replacement - In September 2021, UGI completed the acquisition of Mountaineer Gas Company, the largest natural gas distribution company in West Virginia, serving nearly **214,000 customers**[154](index=154&type=chunk)[44](index=44&type=chunk) - Gas Utility serves approximately **672,000 customers** in eastern and central Pennsylvania and is regulated by the PAPUC[137](index=137&type=chunk)[138](index=138&type=chunk) - Gas Utility is on schedule to replace the cast iron portion of its gas mains by March 2027 and the bare steel portion by September 2041 to enhance safety and reduce emissions[139](index=139&type=chunk)[54](index=54&type=chunk) [Human Capital Management](index=39&type=section&id=HUMAN%20CAPITAL%20MANAGEMENT) UGI focuses on attracting and retaining employees, emphasizing safety, diversity, and talent development through its BIDE initiative - The company introduced the Belonging, Inclusion, Diversity and Equity (BIDE) Initiative in Fiscal 2020 to promote diversity and inclusion[199](index=199&type=chunk) - Effective Fiscal 2021, all executives have a diversity and inclusion (D&I) component in their annual bonus plan to support the BIDE Initiative[204](index=204&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from seasonality, climate change, competition, cybersecurity, international operations, and regulatory changes - The business is highly seasonal and dependent on weather, with a significant portion of earnings derived during the peak heating season of October through March, where warmer-than-normal weather adversely affects results[213](index=213&type=chunk) - The company's information technology systems are targets of cybersecurity attacks, where a successful breach could disrupt operations, harm reputation, and adversely affect internal controls[230](index=230&type=chunk)[231](index=231&type=chunk)[232](index=232&type=chunk) - The retail LPG business is a "margin-based" business, and profitability is subject to LPG pricing and inventory risk, potentially preventing timely pass-through of product cost increases to customers[242](index=242&type=chunk) - The COVID-19 pandemic and its variants could adversely impact business operations by affecting customer financial conditions, reducing energy consumption, and disrupting supply chains and infrastructure projects[278](index=278&type=chunk) [Legal Proceedings](index=55&type=section&id=Item%203.%20Legal%20Proceedings) No material legal proceedings are pending beyond those disclosed in Note 17 and ordinary course of business claims - No material legal proceedings are pending, other than those mentioned in Note 17 and ordinary course of business claims[294](index=294&type=chunk) Part II [Market for Common Equity, Stockholder Matters, and Issuer Purchases](index=57&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) UGI Common Stock trades on NYSE, with expected quarterly dividends and 5.85 million shares available for repurchase as of Sept 2021 - The company's Common Stock trades on the NYSE under the symbol "UGI"[300](index=300&type=chunk) - The company expects to continue paying quarterly dividends, subject to declaration by the Board of Directors[301](index=301&type=chunk) - As of September 30, 2021, **5.85 million shares** of Common Stock were available for repurchase under a program authorized to repurchase up to **8 million shares**, expiring in January 2022[303](index=303&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=59&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) UGI reported significantly increased net income in FY2021, driven by derivative gains and segment earnings, maintaining strong liquidity - On September 1, 2021, UGI acquired Mountaineer Gas Company, the largest natural gas distribution company in West Virginia, for a purchase price of **$540 million**[310](index=310&type=chunk) FY2021 vs. FY2020 Financial Performance | Metric | FY 2021 | FY 2020 | | :--- | :--- | :--- | | Net Income Attributable to UGI | $1,467 million | $532 million | | Diluted EPS | $6.92 | $2.54 | | Adjusted Net Income Attributable to UGI | $629 million | $561 million | | Adjusted Diluted EPS | $2.96 | $2.67 | - The company expects to have sufficient liquidity, with a total available balance of approximately **$2.2 billion** at September 30, 2021, to support long-term commitments and ongoing operations[358](index=358&type=chunk) [Results of Operations](index=62&type=section&id=Results%20of%20Operations) All four segments reported increased adjusted net income in FY2021, driven by lower expenses, colder weather, and rate increases Segment Adjusted Net Income Attributable to UGI (FY2021 vs FY2020) | Segment | FY 2021 ($M) | FY 2020 ($M) | Change ($M) | | :--- | :--- | :--- | :--- | | AmeriGas Propane | 168 | 156 | +12 | | UGI International | 221 | 173 | +48 | | Midstream & Marketing | 107 | 92 | +15 | | UGI Utilities | 144 | 136 | +8 | [Financial Condition and Liquidity](index=67&type=section&id=Financial%20Condition%20and%20Liquidity) Liquidity increased to $2.2 billion in FY2021, with operating cash flow up and estimated FY2022 capital expenditures at $990 million - Total available liquidity was approximately **$2.2 billion** at September 30, 2021, compared to **$1.5 billion** at September 30, 2020[358](index=358&type=chunk) - Cash flows from operating activities increased to **$1,481 million** in Fiscal 2021 from **$1,102 million** in Fiscal 2020[378](index=378&type=chunk) Capital Expenditures (in millions) | Segment | 2022 (estimate) | 2021 | 2020 | | :--- | :--- | :--- | :--- | | AmeriGas Propane | $160 | $130 | $135 | | UGI International | $140 | $107 | $89 | | Midstream & Marketing | $130 | $43 | $93 | | UGI Utilities | $545 | $394 | $348 | | **Total** | **$990** | **$674** | **$665** | [Critical Accounting Policies and Estimates](index=76&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Management identifies critical accounting policies requiring judgment, including goodwill impairment, loss contingencies, and regulatory accounting - Goodwill, totaling **$3,770 million** as of September 30, 2021, is tested for impairment at least annually at the reporting unit level, with no impairments recorded in the periods presented[413](index=413&type=chunk)[414](index=414&type=chunk) - The accounting for rate-regulated utility businesses requires deferring certain costs as regulatory assets when future recovery through rates is probable, with regulatory assets totaling **$397 million** and regulatory liabilities totaling **$388 million** as of September 30, 2021[421](index=421&type=chunk) [Controls and Procedures](index=78&type=section&id=Item%209A.%20Controls%20and%20Procedures) Disclosure controls and internal control over financial reporting were effective as of Sept 2021, excluding recent acquisitions - The CEO and CFO concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of September 30, 2021[429](index=429&type=chunk)[430](index=430&type=chunk) - Management's assessment of internal control over financial reporting excluded the Mountaineer business (acquired Sept 1, 2021) and the Redeo Energies business (acquired June 30, 2021)[431](index=431&type=chunk) Part III [Directors, Executive Officers, Compensation, and Corporate Governance](index=81&type=section&id=Items%2010-14) Information for these items is incorporated by reference from the Proxy Statement, with a list of current executive officers provided - Most information for Part III is incorporated by reference from the company's Proxy Statement[444](index=444&type=chunk) Executive Officers | Name | Position | | :--- | :--- | | Roger Perreault | President and Chief Executive Officer | | Ted J. Jastrzebski | Chief Financial Officer | | Robert F. Beard, Jr. | Executive Vice President, Natural Gas... | | Monica M. Gaudiosi | Vice President, General Counsel and Secretary | | John Koerwer | Chief Information Officer | | Jean Felix Tematio Dontsop | Vice President - Chief Accounting Officer and Corporate Controller | | Judy A. Zagorski | Vice President - Chief Human Resources Officer | Part IV [Exhibits and Financial Statement Schedules](index=84&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists financial statements, schedules, and exhibits, including consolidated financials and various corporate agreements - This part includes the consolidated financial statements, schedules for Condensed Financial Information of Registrant and Valuation and Qualifying Accounts, and a list of all exhibits filed with the report[459](index=459&type=chunk)[460](index=460&type=chunk)[461](index=461&type=chunk) Financial Statements and Supplementary Data [Consolidated Financial Statements](index=104&type=section&id=Consolidated%20Financial%20Statements) UGI reported increased revenues and net income in FY2021, with total assets growing to $16.72 billion and equity to $5.53 billion Consolidated Statement of Income Highlights (in millions) | Metric | 2021 | 2020 | | :--- | :--- | :--- | | Revenues | $7,447 | $6,559 | | Operating Income | $2,350 | $982 | | Net Income Attributable to UGI | $1,467 | $532 | Consolidated Balance Sheet Highlights (in millions) | Metric | Sep 30, 2021 | Sep 30, 2020 | | :--- | :--- | :--- | | Total Assets | $16,723 | $13,985 | | Total Liabilities | $11,192 | $9,848 | | Total Equity | $5,531 | $4,137 | [Notes to Consolidated Financial Statements](index=112&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail operations, accounting policies, the Mountaineer acquisition, $6.45 billion in long-term debt, and segment financial data - Note 5: The acquisition of Mountaineer on September 1, 2021, for a purchase price of **$540 million**, including the assumption of **$140 million** in debt, resulted in **$255 million** of goodwill allocated to the UGI Utilities segment[599](index=599&type=chunk)[601](index=601&type=chunk)[602](index=602&type=chunk) - Note 6: As of September 30, 2021, the company had **$6.45 billion** in total long-term debt, with AmeriGas Propane carrying the largest portion at **$2.56 billion**[631](index=631&type=chunk) Segment Financial Data for Fiscal Year 2021 (in millions) | Segment | Revenues from External Customers | Earnings before Interest and Income Taxes | Total Assets | | :--- | :--- | :--- | :--- | | AmeriGas Propane | $2,614 | $385 | $4,485 | | UGI International | $2,651 | $317 | $4,421 | | Midstream & Marketing | $1,182 | $190 | $3,010 | | UGI Utilities | $1,015 | $242 | $4,859 |

Financial Data and Key Metrics Changes - UGI Corporation achieved record earnings with GAAP EPS of $6.92 and adjusted EPS of $2.96, an 11% increase from the previous year [4][5] - The company reported a 34th consecutive year of increasing dividends, with a 7.2% dividend growth rate and a 7.7% EPS growth rate over the past decade [5] - Adjusted diluted EPS for fiscal 2021 was $2.96 compared to $2.67 in the prior year, with significant adjustments related to commodity price changes and transformation initiatives [17][18] Business Line Data and Key Metrics Changes - UGI International delivered record performance, benefiting from normal weather conditions and strong margin management [5][9] - AmeriGas reported a $12 million increase in EBIT, despite a 2% decline in retail volume due to COVID-19 impacts [22] - The Natural Gas business reported EBIT of $190 million, up from $168 million in fiscal 2020, driven by improved margins and capacity management [25] Market Data and Key Metrics Changes - Average wholesale propane prices in the U.S. increased by approximately 97% compared to fiscal 2020, while UGI International saw a 52% increase in Europe [18] - The PA gas utility added over 12,000 new residential and commercial heating customers, contributing to core market volume growth [26] Company Strategy and Development Direction - The company aims to continue reliable earnings growth, invest in renewable energy solutions, and rebalance its portfolio towards a more equal split between LPG and Natural Gas [6][15] - UGI is committed to a 55% reduction in Scope 1 greenhouse gas emissions by 2025 and has established partnerships for renewable natural gas production [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growth prospects and the ability to maintain momentum from 2021 into 2022 [6][31] - The fiscal 2022 guidance for adjusted EPS is projected to be in the range of $3.05 to $3.25, reflecting expected reliable earnings growth [27][30] Other Important Information - The company has a strong liquidity position with $2.2 billion available, which is approximately $700 million more than the prior year [27] - UGI's transformation initiatives are expected to yield over $150 million in annual benefits by the end of fiscal 2022 [11] Q&A Session Summary Question: Did the SEC inquiries lead to a change in accounting practices? - Management acknowledged awareness of inquiries during the creation of the new instrument and confirmed a shift to the If-Converted Method for accounting, impacting FY2021 results by $0.03 [35] Question: How much unutilized capacity exists on the Midstream System? - Management confirmed excess capacity on the acquired Columbia Midstream System and expressed ongoing interest in Midstream investments [36][37] Question: How is the company managing margins in the global LPG business? - Management stated that margin management remains strong, with a hedging process in place to adjust prices according to commodity costs [39] Question: Has volatility in European gas markets impacted the International Gas Marketing business? - Management confirmed that the business model locks in margins, and recent commodity cost increases have led to substantial mark-to-market gains [42][43] Question: How is GHI positioned for scalability in renewable projects? - Management expressed confidence in GHI's capabilities to handle upcoming projects and highlighted a commitment to invest over $1 billion in renewable energy [45]

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, 2021 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 ...

1 1 1 Fiscal 2021 Third Quarter Results Ro ge r Pe r re a u l t President and CEO, UGI Corporation Te d J . J a st r ze bs ki Chief Financial Officer, UGI Corporation Ro b e r t F. B e a rd Executive Vice President Natural Gas, 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). Management believes that these are reasonable as of today's dat ...

MAY 19 - 20, 2021 AGA FINANCIAL FORUM About This Presentation 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). Management believes that these are reasonable as of today's date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management's control. You should read UGI's Annu ...

Table of Contents Commission file number 1-11071 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 UGI CORPORATION FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ (610) 337-1000 (Registrant's telephone number, including area code) Securities regi ...