Financial Performance - Net income attributable to UGI Corporation for the 2024 three-month period was $375 million, or $1.74 per diluted share, compared to $94 million, or $0.44 per diluted share, for the 2023 three-month period [142]. - Adjusted net income attributable to UGI Corporation for the 2024 three-month period was $295 million, or $1.37 per diluted share, compared to $258 million, or $1.20 per diluted share, for the 2023 three-month period [144]. - UGI International's adjusted net income increased by $17 million in the 2024 three-month period, mainly due to lower income tax expenses and reduced operating costs [147]. - AmeriGas Propane's adjusted net income decreased by $62 million in the 2024 three-month period, primarily due to higher income tax expenses [148]. - Utilities' adjusted net income increased by $3 million in the 2024 three-month period, attributed to higher total margin from increased base rates effective January 2024 [145]. - Midstream & Marketing's adjusted net income decreased by $3 million in the 2024 three-month period, primarily due to lower total margin from natural gas marketing activities [146]. - The increase in adjusted net income during the 2024 three-month period was also influenced by significantly lower income tax expenses related to investment tax credits [144]. Revenue and Margin Analysis - Utilities revenues decreased by $8 million (2%) to $485 million in the 2024 three-month period compared to $493 million in 2023, primarily due to lower Gas Utility revenues [151]. - Total margin for Utilities increased by $9 million (3%) to $274 million, driven by higher Gas Utility total margin from base rate increases effective January 1, 2024 [153]. - Midstream & Marketing revenues decreased by $27 million (7%) to $367 million, mainly due to lower revenues from natural gas marketing activities and the absence of revenues from UGID sold in September 2024 [158]. - UGI International revenues decreased by $87 million (12%) to $638 million, reflecting significantly lower energy marketing activities following the exit from the energy marketing business in Belgium, France, and the Netherlands [162]. - AmeriGas Propane revenues decreased slightly by $2 million (—%) to $627 million, with total retail gallons sold decreasing by 1% to 204 million gallons [168]. - Midstream & Marketing total margin decreased by $17 million (11%) to $138 million, primarily due to lower midstream margins from natural gas gathering and processing activities [160]. - UGI International total margin decreased by $15 million (5%) to $264 million, reflecting lower margin contributions from energy marketing activities [166]. Cash Flow and Liquidity - Cash flow provided by operating activities was $164 million in the 2024 three-month period, compared to $119 million in the 2023 three-month period [199]. - Cash flow used by investing activities was $232 million in the 2024 three-month period, up from $165 million in the 2023 three-month period [200]. - Cash flow from financing activities was $95 million in the 2024 three-month period, a significant increase from $3 million in the 2023 three-month period [202]. - UGI's total available liquidity balance was approximately $1.5 billion as of December 31, 2024, including cash and cash equivalents and available borrowing capacity [178]. - As of December 31, 2024, UGI's cash and cash equivalents totaled $240 million, up from $213 million at September 30, 2024 [182]. Debt and Financing - Consolidated interest expense increased by $2 million to $102 million in the 2024 three-month period, reflecting higher average long-term debt outstanding at Utilities and UGI Corporation [175]. - UGI Corporation's total long-term debt as of December 31, 2024, was $6.849 billion, compared to $6.678 billion at September 30, 2024 [183]. - UGI Utilities issued $50 million of 5.24% Senior Notes due November 30, 2029, and $125 million of 5.52% Senior Notes due November 30, 2034 [185]. - AmeriGas Partners has an outstanding principal balance of $218 million for 5.50% Senior Notes maturing in May 2025 [180]. - UGI Corporation entered into a $475 million revolving credit facility and a $400 million term loan facility in October 2024 [187]. - The average daily short-term borrowings for UGI Corporation was $263 million for the three months ended December 31, 2024 [192]. - UGI Utilities issued $50 million and $125 million principal amount of senior notes in 2024, compared to $250 million in 2023, with proceeds used to reduce short-term borrowings [202]. Regulatory and Operational Updates - PA Gas Utility filed a request to increase base operating revenues by $110 million annually, effective March 28, 2025, pending approval from the PAPUC [205]. - WV Gas Utility submitted a 2024 IREP filing requesting recovery of $19 million for capital investments totaling $197 million, including $74 million in 2025 [206]. - WV Gas Utility's 2023 IREP filing requested recovery of $10 million, an increase of $6 million, for capital investments totaling $131 million [207]. - A base rate case filing by WV Gas Utility sought a net revenue increase of $20 million, with a final order approving a $14 million increase effective January 1, 2024 [208]. Risk and Control - The company does not designate its commodity and certain foreign currency derivative instruments as hedges under GAAP, leading to volatility in net income attributable to UGI Corporation [137]. - A 10% decline in foreign currencies versus the USD would reduce the net book value of UGI International operations by approximately $75 million [222]. - The maximum potential loss from derivative instrument counterparties was $201 million as of December 31, 2024 [225]. - The fair value of commodity price risk derivatives was $45 million, reflecting a change of $(96) million due to market fluctuations [227]. - Management concluded that internal control over financial reporting was not effective due to a material weakness as of December 31, 2024 [231]. - The company is in the process of designing and implementing additional controls to validate cash flows used in the goodwill impairment test [231]. - A third-party specialist is being engaged to assist in developing valuation models and establishing reasonable assumptions [231]. - The identified material weakness cannot be considered remediated until controls have operated effectively for a sufficient period [232]. - No changes in internal control over financial reporting occurred during the most recent fiscal quarter that materially affected the company's internal controls [233].

Fiscal 2025 First Quarter Earnings Presentation February 6, 2025 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 words such as "believe," "plan," "anticipate," "continue," "estimate," "expect," "may," or other similar words and terms of similar meaning, althou ...

Financial Performance - Q1 GAAP diluted EPS was $1.74 and adjusted diluted EPS was $1.37, compared to GAAP diluted EPS of $0.44 and adjusted diluted EPS of $1.20 in the prior-year period, representing a 14% increase in adjusted diluted EPS[4] - Net income attributable to UGI Corporation for the three months ended December 31, 2024, was $375 million, significantly up from $94 million in the same period of 2023[25] - Adjusted net income attributable to UGI Corporation for the twelve months ended December 31, 2024, was $695 million, compared to $625 million for the same period in 2023, reflecting an increase of 11.2%[26] - Earnings per share (diluted) for the three months ended December 31, 2024, was $1.74, compared to $0.44 for the same period in 2023, marking a substantial increase[25] Revenue and Segment Performance - Total revenues for the three months ended December 31, 2024, were $2,030 million, a decrease of 4.3% compared to $2,121 million in the same period of 2023[25] - Revenues for the Utilities segment were $485 million, a decrease of 2% from $493 million in the prior-year period[12] - UGI International revenues decreased by 12% to $638 million from $725 million in the prior-year period[18] - Total margin for the Midstream & Marketing segment decreased by 11% to $138 million from $155 million in the prior-year period[15] - AmeriGas Propane's total margin decreased by $15 million primarily due to lower margin from non-core energy marketing activities[22] - UGI International reported revenues of $638 million for the three months ended December 31, 2024, down from $725 million in the same period of 2023, a decrease of 12.0%[25] Capital Expenditures and Investments - Capital expenditures for the Utilities segment increased by 29% to $106 million from $82 million in the prior-year period[12] Liquidity and Financial Position - Available liquidity was approximately $1.5 billion as of December 31, 2024[4] Interest and Adjustments - The total interest expense for the twelve months ended December 31, 2024, was $396 million, slightly up from $387 million in 2023[25] - The company reported total adjustments of $145 million for the twelve months ended December 31, 2024, compared to $1,079 million in 2023, indicating a significant reduction in adjustments[26] Corporate and Other Segment - Corporate & Other segment reported a net income of $143 million for the three months ended December 31, 2024, compared to a loss of $183 million in the same period of 2023[25] Regulatory Filings - Filed a gas base rate case requesting an overall distribution rate increase of approximately $110 million with the PA Public Utility Commission[4] Sales Volume - Retail gallons sold in UGI International increased by 2% to 218 million gallons compared to 214 million gallons in the prior-year period[18] Earnings Before Interest and Taxes - Q1 reportable segments earnings before interest expense and income taxes (EBIT) were $420 million, slightly down from $425 million in the prior-year period[4] - The total reportable segments' earnings before interest expense and income taxes for the three months ended December 31, 2024, was $420 million, a slight decrease from $425 million in the same period of 2023[25] Shareholder Information - UGI Corporation's weighted average common shares outstanding (diluted) for the three months ended December 31, 2024, was 215,695 thousand, compared to 215,570 thousand in the same period of 2023[25]

Group 1 - UGI reported quarterly earnings of $1.37 per share, exceeding the Zacks Consensus Estimate of $1.21 per share, and up from $1.20 per share a year ago, representing an earnings surprise of 13.22% [1] - The company posted revenues of $2.03 billion for the quarter ended December 2024, missing the Zacks Consensus Estimate by 5.45%, and down from $2.12 billion year-over-year [2] - UGI shares have increased approximately 10% since the beginning of the year, outperforming the S&P 500's gain of 2.7% [3] Group 2 - The current consensus EPS estimate for the upcoming quarter is $1.86 on revenues of $2.5 billion, and for the current fiscal year, it is $3 on revenues of $7.78 billion [7] - The Utility - Gas Distribution industry, to which UGI belongs, is currently ranked in the top 15% of over 250 Zacks industries, indicating a favorable outlook [8]

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for UGI, driven by higher revenues, with a focus on how actual results will compare to estimates [1][2]. Earnings Expectations - UGI is expected to report quarterly earnings of $1.21 per share, reflecting a year-over-year change of +0.8% [3]. - Revenue is projected to be $2.15 billion, an increase of 1.2% from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst expectations [4]. - A positive Earnings ESP of +0.42% suggests analysts have recently become more optimistic about UGI's earnings prospects [10]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that a positive reading is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [8]. - UGI currently holds a Zacks Rank of 3, indicating a likelihood of beating the consensus EPS estimate [11]. Historical Performance - UGI has consistently beaten consensus EPS estimates, achieving this in the last four quarters [13]. - In the last reported quarter, UGI was expected to post a loss of $0.30 per share but instead reported a loss of $0.16, resulting in a surprise of +46.67% [12]. Conclusion - UGI is positioned as a compelling candidate for an earnings beat, but investors should consider other factors influencing stock performance beyond earnings results [16].

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, 2024 ☐ 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 (State or O ...

Financial Data and Key Metrics Changes - UGI delivered record adjusted diluted EPS of $3.06 for fiscal 2024, compared to $2.84 in the prior year, marking a significant increase [20][21] - The company achieved a five-year EPS CAGR of 6% [13] - Operating and administrative expenses were reduced by $75 million, exceeding the initial target of $70 million to $100 million in permanent cost savings by the end of fiscal 2025 [14] Business Line Data and Key Metrics Changes - The utility segment's adjusted EPS increased by $0.09 due to higher gas and electric base rates and increased distribution revenues [20] - Midstream and marketing saw an increase of $0.22 in adjusted EPS, driven by higher capacity management margins and investment tax credits from the Moody RNG facility [20] - UGI International reported record EBIT of $323 million, up $89 million year-over-year, attributed to higher LPG unit margins and lower operating expenses [25] - AmeriGas experienced a decline of $0.44 in adjusted EPS due to a 10% drop in LPG volumes, partially offset by lower operating expenses [21][26] Market Data and Key Metrics Changes - UGI added over 12,000 residential heating and commercial customers, increasing its utility customer base to approximately 962,000 [23] - The company reported available liquidity of $1.5 billion at the end of the fiscal year, including cash and cash equivalents [27] Company Strategy and Development Direction - The company aims to stabilize AmeriGas and improve its performance, focusing on customer retention and operational efficiency [33][41] - UGI plans to optimize its LPG portfolio and shift towards a greater emphasis on natural gas [34] - The company is committed to enhancing its financial profile and generating greater shareholder value through disciplined capital allocation [34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced by AmeriGas and emphasized the need for stabilization and improved customer service [41] - The fiscal 2025 guidance for adjusted diluted EPS is set between $2.75 and $3.05, assuming normal weather and continued efforts to stabilize AmeriGas [29] - Management expressed confidence in the natural gas business's strong position and growth potential due to increasing demand [45][46] Other Important Information - A non-cash pre-tax goodwill impairment charge of approximately $195 million was recorded for AmeriGas, reflecting lower growth expectations [22] - The company completed over $2.5 billion in debt financing to support operations and improve liquidity [27] Q&A Session Summary Question: What is the strategic direction for AmeriGas? - Management indicated that the immediate focus for AmeriGas is to stabilize the business and improve customer retention, with no additional equity funding from the parent company [41][42] Question: How does the company view cost management and business balance? - Management highlighted the utility segment's strong performance and the need to optimize the LPG business while ensuring that each segment supports itself financially [44][46] Question: What are the expectations for AmeriGas volumes in fiscal 2025? - Management expects continued volume declines for AmeriGas as the team works on stabilizing the business, while also focusing on cost efficiencies [50][51] Question: What is the outlook for midstream services and pricing? - Management noted that while there are no immediate pricing uplifts forecasted for 2025, future opportunities exist due to increasing demand for natural gas and related services [55]

UGI Corporation (UGI) reported fourth-quarter fiscal 2024 operating loss of 16 cents per share, which was narrower than the Zacks Consensus Estimate of a loss of 30 cents. In the year-ago quarter, the company reported earnings of 3 cents per share.Find the latest EPS estimates and surprises on Zacks Earnings CalendarTotal Revenues of UGIRevenues of $1.24 billion missed the consensus estimate of $1.54 billion by 19.5%. The top line also declined 11.5% from the year-ago quarter’s figure of $1.44 billion.Highl ...

1 | --- | --- | --- | --- | --- | |-------|----------------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | Fiscal 2024 Results | | | | | | Ma r i o L o n g h i Board Chair, UGI Corporation | | | | | | B o b F l exo n President and CEO, UGI Corporation | | | | | | S e a n O ' B r i e n Chief Financial Officer, UGI Corporation | | | | About This Presentation This presentation contains statements, estimates and projections that are forward-looking statement ...

Press Release UGI Reports Strong Fiscal 2024 Results Issues Fiscal 2025 Guidance November 21, 2024 VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) today reported financial results for the fiscal year ended September 30, 2024 and provided guidance for fiscal year 2025. HEADLINES • GAAP net income of $269 million and adjusted net income of $658 million compared to GAAP net loss of $(1,502) million and adjusted net income of $613 million in the prior year. • GAAP diluted earnings per share ("EPS") of $1.25 and ...