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 ...

Financial Data and Key Metrics Changes - For Q3 2023, the company reported adjusted diluted earnings per share (EPS) of $0.00, compared to $0.06 in the prior year [11] - Year-to-date adjusted diluted EPS stands at $2.81, with EBIT from reportable segments remaining consistent with the prior year [4][5] - The company recorded a pre-tax non-cash goodwill impairment charge of approximately $660 million, reflecting lower growth expectations post-acquisition [12] Business Line Data and Key Metrics Changes - AmeriGas saw flat performance year-over-year, with higher margins offsetting increased operating and administrative expenses [11] - UGI International's performance decreased by $0.01, with higher LPG margins offset by lower earnings from non-core energy marketing [11] - The utility segment's EBIT was lower than the previous year, primarily due to higher operating and administrative expenses [12] Market Data and Key Metrics Changes - The global LPG businesses are expected to see a decline in natural gas and power marketing volumes for fiscal 2024 by more than 65% and 80% respectively due to exiting non-core energy marketing businesses [8] - UGI's utility segment added approximately 11,000 new residential heating and commercial customers year-to-date, indicating organic growth [6] Company Strategy and Development Direction - The company is focused on improving earnings reliability and strengthening the balance sheet, with a disciplined execution plan to reduce debt at AmeriGas by $200 million [5] - UGI continues to invest in regulated utilities, with approximately $400 million invested year-to-date in infrastructure replacement and betterment [6] - The company is shifting its focus towards fee-based structures in energy services to improve earnings reliability [28] Management's Comments on Operating Environment and Future Outlook - Management anticipates adjusted diluted EPS will be at the low end of the guidance range of $2.75 to $2.90 for the fiscal fourth quarter [6] - The company is emphasizing cost control measures to offset weather impacts and volume pressures experienced earlier in the year [6] - Management remains committed to a long-term growth rate of 6% to 10% despite recent challenges [35] Other Important Information - The company released its fifth annual ESG report, highlighting progress across key ESG initiatives [9] - UGI is actively monitoring energy conservation trends in response to energy security concerns and government mandates [9] Q&A Session Summary Question: Strategies for improving earnings quality - Management emphasized the need to carefully manage operating expenses and deploy capital thoughtfully in renewables and regulated utilities [20] Question: Potential M&A opportunities - Management is currently focused on improving the balance sheet and ensuring appropriate liquidity before considering M&A opportunities [20] Question: Earnings mix and volatility reduction - The company is working to reduce volatility by exiting the energy marketing business and shifting towards more stable earnings from natural gas [22][27] Question: Renewable investments and project updates - Management confirmed ongoing progress in RNG projects and expects small-scale facilities in the UK and Europe to be operational by the end of the year [24] Question: Balance sheet targets and leverage - The company aims to reduce AmeriGas' leverage ratio below 5 and increase liquidity at UGI Corp to the 3.5 to 4 range [31] Question: Impairment decision timing - The impairment was triggered by diminished growth expectations and increased interest rates, necessitating a reassessment of goodwill [33] Question: Long-term EPS growth cadence - Management reiterated a commitment to a long-term growth rate of 6% to 10%, with a focus on improving the balance sheet in the near term [35][36]