Financial Data and Key Metrics Changes - UGI reported adjusted diluted EPS of $1.14 for Q1 2023, an increase from $0.93 in the prior-year period, reflecting a $63 million increase in EBIT over the prior-year period [4][9] - The adjusted diluted EPS would have been $0.08 higher without the noncore energy marketing business [4] - The company had available liquidity of $1.2 billion at the end of the quarter, with strong cash flows generated [19] Business Line Data and Key Metrics Changes - AmeriGas reported EBIT of $110 million, up from $86 million in the prior-year period, despite a 2% decline in retail volume due to staffing shortages [12] - UGI International's EBIT decreased to $66 million from $82 million, attributed to lower volume in the European LPG business and significantly warmer weather [13] - The Midstream and Marketing segment reported EBIT of $107 million, an increase of $25 million over the prior year, benefiting from colder weather and increased margins from natural gas marketing activities [15][16] - The Utilities segment had EBIT of $128 million, $30 million higher than the prior year, driven by a 17% increase in core market volume due to colder weather [17] Market Data and Key Metrics Changes - The warmer weather in Europe led to an 18% decline in retail LPG volumes year-over-year for UGI International [13] - The company experienced elevated inflationary pressures, particularly in personnel-related costs, impacting overall expenses [11][14] Company Strategy and Development Direction - UGI is focused on a 3R strategy: delivering reliable earnings growth, investing in renewables, and rebalancing the portfolio [20] - The company has committed over $450 million to renewable projects and aims for 6% to 10% EPS growth and 4% dividend growth over the long term [8] - A strategic growth project at AmeriGas is aimed at enhancing customer experience and operational efficiencies [7] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by sustained inflationary pressures and geopolitical tensions but expressed confidence in the company's ability to manage these headwinds [20] - The company plans to provide updated guidance at the end of the second quarter, with expectations for continued monitoring of weather impacts [22][23] Other Important Information - UGI Utilities filed a request to increase rates by approximately $11 million to fund ongoing system improvements [6] - The company is also working on bio LPG projects and renewable dimethyl ether as part of its renewable strategy [28] Q&A Session Summary Question: Context around Q1 relative to guidance expectations - Management indicated that Q1 was solid, with some upside due to margin management efficiencies, but did not provide specific guidance for the second quarter yet [21][22] Question: Dynamics in Midstream and Marketing segment - Management noted that December's severe weather volatility contributed to additional benefits, but it is uncertain if this will carry into Q2 [24] Question: Mountaineer gas rate case timeline - Management confirmed plans to file a rate case but did not predict whether it would be effective in FY 2023 or calendar 2023 [25][26] Question: Scale of RNG projects - Management stated that they have a healthy pipeline of RNG projects and are targeting double-digit rates of return while remaining disciplined in project selection [27][28]

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, 2022 ☐ 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 ...

UGI Corporation (NYSE:UGI) Q4 2022 Earnings Conference Call November 18, 2022 9:00 AM ET Company Participants Tameka Morris - Senior Director of Investor Relations Roger Perreault - President, Chief Executive Officer Ted Jastrzebski - Chief Financial Officer Bob Beard - Executive Vice President, Natural Gas, Global Engineering & Construction Conference Call Participants Julien Dumoulin-Smith - Bank of America Marc Solecitto - Barclays Operator Good day, and thank you for standing by. Welcome to the UGI Corp ...

Financial Performance - Adjusted net income attributable to UGI Corporation for the three months ended June 30, 2022, was $12 million, compared to $28 million in the same period of 2021, representing a decrease of 57.1%[141] - For the nine months ended June 30, 2022, adjusted net income attributable to UGI Corporation was $626 million, down from $693 million in the prior year, a decline of 9.7%[141] - The adjusted diluted earnings per share for the three months ended June 30, 2022, was $0.06, compared to $0.13 for the same period in 2021, a decrease of 53.8%[143] - For the nine months ended June 30, 2022, adjusted diluted earnings per share was $2.90, down from $3.30 in the previous year, a decline of 12.1%[143] - The net loss attributable to UGI Corporation for the three months ended June 30, 2022, was $7 million, compared to a net income of $150 million in the same period of 2021[141] - UGI Corporation reported a net loss of $7 million for the 2022 three-month period, compared to a net income of $150 million in the same period of 2021, reflecting a significant decline in profitability[149] - Adjusted net income for the 2022 three-month period was $12 million, down from $28 million in the prior year, primarily due to lower earnings from LPG businesses impacted by commodity price volatility[150] - For the 2022 nine-month period, net income attributable to UGI Corporation was $829 million, down from $942 million in the prior year, with significant impacts from unrealized commodity derivative instruments[155] - Adjusted net income for the 2022 nine-month period was $626 million, a decrease from $693 million in 2021, reflecting lower earnings from LPG businesses and the absence of prior-year tax benefits[158] Revenue and Margin Analysis - UGI International revenues increased by $166 million during the 2022 three-month period, driven by higher average propane and butane prices, which were approximately 65% and 103% higher, respectively[173] - Midstream & Marketing revenues surged by 101% to $525 million in the 2022 three-month period, with total margin increasing by 37% to $89 million[177] - Midstream & Marketing revenues increased by $645 million (59%) to $1,731 million for the nine months ended June 30, 2022, compared to the prior year[209] - Utilities revenues rose by $93 million (51%) to $274 million for the three months ended June 30, 2022, driven by an $84 million increase in Gas Utility revenues[184] - Total margin for Utilities increased by $38 million (34%) during the three-month period, largely due to incremental margin from the Mountaineer acquisition[187] - Average wholesale propane prices during the nine-month period were approximately 63% higher than the previous year, impacting revenues and costs[195] - UGI International revenues increased by $905 million (43%) to $3,011 million for the nine months ended June 30, 2022, reflecting significant increases in propane and butane prices[200] - UGI International total margin decreased by $133 million (15%) during the nine-month period, primarily due to lower margins from the energy marketing business[205] - Operating income for UGI International decreased by $111 million (34%) to $211 million for the nine months ended June 30, 2022, reflecting the decrease in total margin[206] - Utilities total margin increased by $163 million, with $110 million attributable to Mountaineer, and higher natural gas margins from increased delivery service customer growth[219] Cost and Expense Management - The company experienced significant inflationary pressures in global commodity and labor markets, impacting inventory costs and distribution expenses across all businesses[145] - Total cost of sales for AmeriGas Propane increased by $363 million during the nine-month period, primarily due to higher average propane product costs[196] - Consolidated interest expense increased to $245 million, reflecting higher long-term debt related to the Mountaineer acquisition and senior notes issuance[221] - Cash flow from operating activities was $848 million in the 2022 nine-month period, down from $1,047 million in the 2021 nine-month period, indicating a decline of about 19%[247] - Cash expenditures for property, plant, and equipment increased to $551 million in the 2022 nine-month period from $460 million in the 2021 nine-month period, representing a rise of approximately 19.8%[250] Liquidity and Capital Structure - Total available liquidity was approximately $2.1 billion as of June 30, 2022, affected by $659 million of cash collateral received from derivative counterparties[225] - The company's cash and cash equivalents totaled $670 million at June 30, 2022, down from $855 million at September 30, 2021, primarily due to commodity price volatility[229] - Total long-term debt stood at $6.446 billion as of June 30, 2022, with a slight decrease from $6.449 billion at September 30, 2021[230] - Average daily short-term borrowings for UGI Corporation were $181 million for the nine months ended June 30, 2022, compared to $243 million for the same period in 2021, reflecting a decrease of approximately 25.5%[237] - Cash flow used for financing activities was $290 million in the 2022 nine-month period, a decrease from $321 million in the 2021 nine-month period, indicating a reduction of about 9.7%[252] - UGI Utilities amended its existing Utilities Term Loan, extending the maturity date from October 2022 to July 2027, with quarterly installments of $2 million[238] - UGI Utilities issued $90 million of 4.75% Senior Notes due July 15, 2032, with proceeds used to reduce short-term borrowings and for general corporate purposes[241] Risk Management - The ongoing military conflict between Russia and Ukraine has contributed to volatility in commodity prices, particularly in LPG, natural gas, and electricity[145] - A 10% decline in the value of foreign currencies (euro and British pound sterling) against the USD would reduce the aggregate net book value of UGI International operations by approximately $160 million[266] - The maximum potential loss from nonperformance by derivative instrument counterparties is estimated at $2,068 million as of June 30, 2022[269] - Cash collateral received from derivative instrument counterparties totaled $659 million as of June 30, 2022, which helps mitigate credit risk[269] - The fair value of commodity price risk derivatives was $1,597 million, with a change in fair value of $(315) million due to a 10% adverse change in market prices[271] - The fair value of interest rate risk derivatives was $44 million, with a change in fair value of $(11) million due to a 50 basis point adverse change in prevailing market interest rates[271] - The fair value of foreign currency exchange rate risk derivatives was $57 million, with a change in fair value of $(48) million due to a 10% adverse change in the value of the euro and British pound sterling against the USD[271] - Midstream & Marketing diversifies its purchases across multiple suppliers to mitigate risks associated with fixed-price supply arrangements[260] - UGI Corporation uses derivative instruments to hedge portions of its net investments in foreign subsidiaries, including anticipated foreign currency denominated dividends[266] Dividend and Shareholder Returns - The company declared a quarterly dividend of $0.36 per common share, reflecting a 4% increase from the previous rate of $0.345[244]

1 1 1 Fiscal 2022 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 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 Exch ...

UGI Corporation (NYSE:UGI) Q3 2022 Earnings Conference Call August 4, 2022 9:00 AM ET Company Participants Roger Perrault - President, Chief Executive Officer Ted Jastrzebski - Chief Financial Officer Robert Beard - Executive Vice President, Natural Gas, Global Engineering & Construction Tameka Morris - Director, Investor Relations Conference Call Participants Paul Zimbardo - Bank of America Michael Gaugler - Janney Montgomery Mark Solecitto - Barclays Operator Good day and thank you for standing by. Wel ...

1 1 1 Fiscal 2022 Second 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 Exch ...

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 March 31, 2022 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 (Sta ...

UGI Corporation (NYSE:UGI) Q2 2022 Earnings Conference Call May 5, 2022 9:00 AM ET Company Participants Tameka Morris - Director of Investor Relations Roger Perreault - President, Chief Executive Officer, Executive Vice President of Global LPG Thaddeus Jastrzebski - Chief Financial Officer Conference Call Participants Kody Clark - Bank of America Marc Solecitto - Barclays Operator Hi, and welcome to UGI Corp. Q2 2022 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference ...

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 ...