UGI : Q4 FY25 Earnings Presentation vFINAL

Fiscal 2025

Earnings Presentation

November 21, 2025

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, although not all forward-looking statements contain such words. These statements discuss plans, strategies, events or developments that we expect or anticipate will or may occur in the future. 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; accordingly, there is no assurance that results will be realized. You should read UGI's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for a more extensive list of factors that could affect results. We undertake no obligation (and expressly disclaim any obligation) to update publicly any forward-looking statement, whether as a result of new information or future events, except as required by the federal securities laws.

Management uses "adjusted net income attributable to UGI Corporation", "adjusted diluted earnings per share ("EPS")", "UGI Corporation Free Cash Flow", "Midstream and Marketing Margin" and "UGI Corporation Adjusted Earnings before interest, taxes, depreciation and amortization ("EBITDA")", all of which are non-GAAP financial measures, when evaluating UGI's overall performance. Management believes that these non-GAAP measures provide meaningful information to investors about UGI's performance because they eliminate the impacts of (1) gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions and (2) other significant discrete items that can affect the comparison of period-over-period results. Volatility in net income attributable to UGI can occur as a result of gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions but included in earnings in accordance with U.S. generally accepted accounting principles ("GAAP").

Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures.

The tables in the Appendix reconcile adjusted diluted EPS, adjusted net income attributable to UGI Corporation, UGI Corporation Free Cash Flow, Midstream and Marketing Margin

and UGI Corporation adjusted EBITDA to their nearest GAAP measures.

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About This Presentation

O U R P U R P O S E :

Delivering Positive Energy Every Day

2 0 3 0 V I S I O N :

Customers Love Our Energy

O U R V A L U E S :

Problem Solver

Owner

Ethical

Together

Innovative

Courageous

O U R S T A N D S :

Everyone and everything is always safe

Every customer matters

Employees thrive at UGI

UGI advances a sustainable future

Bob Flexon

President & Chief Executive Officer, UGI Corporation

Sean O'Brien

Chief Financial Officer,

UGI Corporation

Mike Sharp

President,

AmeriGas Propane

FY25 Key Accomplishments & Strategic Outlook

Bob Flexon

Fiscal 2025 Key Highlights

Strong FY25 Financial Performance

Exceeded targets through disciplined execution and operational excellence; successfully delivered on all FY25 strategic priorities

Strong Project Execution

Delivered on our capital portfolio spanning pipeline infrastructure upgrades and new LNG and RNG facilities, enhancing system integrity while expanding revenue-generating assets

Strong Free Cash Flow Generation

Fueling disciplined capital investment and sustained dividend payments

Adjusted Diluted EPS1

$3.32

$3.06

FY24 FY25

FY25 GAAP diluted EPS of $3.09 vs. $1.25 in FY24

Segment Contribution - Adjusted Diluted EPS

Transforming Talent & Culture

Made strides in driving breakthrough outcomes through investment, workforce upskilling, and building a performance-driven mindset

Positioned for Sustainable Growth - Raising EPS Growth Target to 5-7%2 (FY24 - 29)

Reflects margin expansion opportunities and confidence in strategic execution capabilities

65%

FY25

35%

Natural Gas Global LPG

1. Adjusted diluted EPS is a non-GAAP measure. See Appendix for reconciliation. 2. The forward-looking information used on this slide is for illustrative purposes only. Actual numbers may differ substantially from the figures presented. 6

Talent and culture

• Invested in workforce upskilling

• Embedding accountability, operational discipline, and equipping teams to create a breakthrough environment

Portfolio optimization

• Generated ~$150M from LPG divestitures1

• Deployed $882 million2 of capital with 80% allocated in aggregate to the natural gas business, primarily to the regulated utilities

Operating model and processes

• Significantly improved our safety metrics, achieving

  ~30% reduction in recordable incidents at AmeriGas

• Deployed project management discipline and enhanced business processes, particularly at AmeriGas

Performance at AmeriGas Propane

• Optimized our routing and logistics process

• Strengthened our LPG procurement practices

• Reshoring call center operations

Improved financial profile

• Achieved 8% YoY growth in adjusted diluted EPS

• Improved leverage at UGI Corporation and AmeriGas,

strengthening financial flexibility

1. Excludes expected cash generation of ~$65 million from closing of divestiture of Austrian assets in Q1 FY26. 2. Includes investments in equity method investees. 7

Strong Execution on our FY25 Strategic Priorities

Building Momentum: Creating Sustainable Shareholder Value

AmeriGas Transformation

Execute the operational transformation to establish AmeriGas as the premier propane company with a reliable and cost-efficient business model

UGI International

Excellence

Maintain operational discipline while positioning propane as a viable alternative fuel

Natural Gas Leadership

Positioning UGI as a key player in regional energy expansion to capitalize on prolific Pennsylvania investment

Financial Strength &

Flexibility

Maintaining a strong balance sheet that enables disciplined growth and strategic investments with continued portfolio optimization

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An Update on AmeriGas

Mike Sharp

Safety First

Customer Focus

Workforce Development

Enhancing customer service quality and strengthening relationships as a trusted energy partner

Fostering an engaged workforce culture that empowers employees and supports innovation

Operational Excellence

Financial Discipline

Maintaining an uncompromising commitment to safety across all operations with a zero-harm culture

Driving efficiency improvements through technology adoption and process optimization

Leveraging financial strength to support sustainable growth and deliver consistent value to UGI shareholders

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AmeriGas: Strategic Pillars