UGI : Consolidated Financial Statements for the year ended September 30, 2025

Table of Contents

AMERIGAS PARTNERS, L.P. AND SUBSIDIARIES

ANNUAL REPORT

FOR THE FISCAL YEAR ENDED

September 30, 2025

AmeriGas Partners, L.P. ("AmeriGas") is an indirect, wholly owned subsidiary of UGI Corporation ("UGI"), with no class of securities registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As a result, AmeriGas Partners is not subject to the current and periodic reporting requirements of the Exchange Act. This annual report is provided to bondholders for informational purposes only pursuant to contractual requirements under certain indentures governing the rights of bondholders, and shall not constitute an offer to sell or the solicitation of an offer to buy any securities. As a result, none of UGI, AmeriGas Partners nor any of their respective affiliates accepts, and each specifically disclaims, any liability under federal securities laws whatsoever in connection with the provision of this annual report, including any liability under the Exchange Act or the Securities Act of 1933, as amended.

‌TABLE OF CONTENTS
	Page
Glossary of Terms and Abbreviations		3
Forward-Looking Information		6
Business		6
Risk Factors		12
Properties		20
Legal Proceedings		20
Management's Discussion and Analysis of Financial Condition and Results of Operations		20
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure		28
Controls and Procedures		28
Principal Accounting Fees and Services		30
Exhibits and Financial Statement Schedules		31

‌GLOSSARY OF TERMS AND ABBREVIATIONS

Terms and abbreviations used in this Annual Report are defined below:

AmeriGas Partners, L.P. and Related Entities

AmeriGas Finance Corp. - A wholly owned subsidiary of AmeriGas Partners AmeriGas OLP - AmeriGas Propane, L.P., the principal operating subsidiary of AmeriGas Partners; also referred to as the "Operating Partnership" AmeriGas Partners - AmeriGas Partners, L.P., a Delaware limited partnership and an indirect wholly owned subsidiary of UGI AmeriGas Propane - AmeriGas Propane, Inc., a wholly owned subsidiary of UGI, the sole general partner of AmeriGas Partners, L.P.; also referred to as the "General Partner" AmeriGas Propane GP, LLC - a Delaware limited liability company and wholly owned subsidiary of AmeriGas Partners, an indirect and wholly owned subsidiary of UGI and the general partner of AmeriGas OLP AmeriGas Propane Holdings, Inc. - A Delaware corporation and an indirect wholly owned subsidiary of UGI AmeriGas Propane Holdings, LLC - A Delaware limited liability company and an indirect wholly owned subsidiary of UGI Energy Services - UGI Energy Services, LLC, a wholly owned subsidiary of Enterprises Enterprises - UGI Enterprises, LLC, a wholly owned subsidiary of UGI General Partner - AmeriGas Propane, Inc., an indirect wholly owned subsidiary of UGI and the general partner of AmeriGas Partners Partnership - AmeriGas Partners and its consolidated subsidiaries, including AmeriGas OLP; also referred to as "AmeriGas Partners" UGI - UGI Corporation or, collectively, UGI Corporation and its consolidated subsidiaries UGI Europe - UGI Europe, Inc., an indirect wholly owned subsidiary of UGI

Other Terms and Abbreviations

5.50% Senior Notes - An underwritten private offering of senior notes due May 2025, co-issued by AmeriGas Partners and AmeriGas Finance Corp 9.375% Senior Notes - An underwritten private offering of $500 million aggregate principal amount of notes due May 2028, co-issued by AmeriGas Partners and AmeriGas Finance Corp. 9.5% Senior Notes - An underwritten private offering of $550 million aggregate principal amount of notes due June 2030, co-issued by AmeriGas Partners and AmeriGas Finance Corp 2022 AmeriGas OLP Credit Agreement - Entered into by AmeriGas OLP providing for borrowings of up to $600 million, with the option to increase to a maximum principal amount of $900 million assuming certain conditions are met, including a letter of credit subfacility of up to $100 million, scheduled to expire in September 2026. On November 15, 2023, AmeriGas OLP amended the 2022 AmeriGas OLP Credit agreement to reduce the revolver to $400 million. ACE - AmeriGas Cylinder Exchange AmeriGas Senior Secured Revolving Credit Facility - Revolving credit agreement entered into by AmeriGas OLP on August 2, 2024 and scheduled to expire in August 2029 ASC - Accounting Standards Codification ASC 606 - ASC 606, "Revenue from Contracts with Customers" ASC 820 - ASC 820, "Fair Value Measurement" ASC 842 - ASC 842, "Leases" (effective October 1, 2019) ASU - Accounting Standards Update Btu - British thermal unit CERCLA - Comprehensive Environmental Response, Compensation and Liability Act Common Units - Limited partnership ownership interests in AmeriGas Partners DOT - U.S. Department of Transportation Exchange Act - Securities Exchange Act of 1934, as amended FDIC - Federal Deposit Insurance Corporation FIFO - First-in, first-out inventory valuation method Fiscal 2021 - The fiscal year ended September 30, 2021 Fiscal 2022 - The fiscal year ended September 30, 2022 Fiscal 2023 - The fiscal year ended September 30, 2023 Fiscal 2024 - The fiscal year ending September 30, 2024 Fiscal 2025 - The fiscal year ending September 30, 2025 Fiscal 2026 - The fiscal year ending September 30, 2026 Fiscal 2027 - The fiscal year ending September 30, 2027 Fiscal 2028 - The fiscal year ending September 30, 2028 Fiscal 2029 - The fiscal year ending September 30, 2029 GAAP - U.S. generally accepted accounting principles GHG - Greenhouse gas LPG - Liquefied petroleum gas MD&A - Management's Discussion and Analysis of Financial Condition and Results of Operations MGP - Manufactured gas plant NOAA - National Oceanic and Atmospheric Administration NPNS - Normal purchase and normal sale NYDEC - New York State Department of Environmental Conservation OSHA - Occupational Safety and Health Act Partnership Agreement - Fourth Amended and Restated Agreement of Limited Partnership of AmeriGas Partners dated as of July 27, 2009, as amended PRP - Potentially responsible party ROU - Right-of-use ROD - Record of Decision SEC - U.S. Securities and Exchange Commission U.S. - United States of America