UGI : Second Quarter FY22 Earnings Presentation

Fiscal 2022 Second Quarter Results

Roger Perreault

President and CEO, UGI Corporation

Ted J. Jastrzebski

Chief Financial Officer, UGI Corporation

Robert F. Beard

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 Exchange Act of 1934, as amended. Forward-looking statements are based on management's beliefs and assumptions and can often be identified by terms and phrases that include believe," "plan," "anticipate," "continue," "estimate," "expect," "may," "intend,"

"target," "project," "forecast," or other similar words. 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. Among them are adverse weather conditions (including increasingly uncertain weather patterns due to climate change, resulting in reduced demand) and the seasonal nature of our business; cost volatility and availability of all energy products, including propane and other LPG, natural gas, electricity and fuel oil as well as the availability of LPG cylinders, and the capacity to transport product to our customers, increased customer conservation measures; the impact of pending and future legal or regulatory proceedings, inquiries or investigations, liability for uninsured claims and for claims in excess of insurance coverage; domestic and international political, regulatory and economic conditions in the United States, Europe and other foreign countries, including uncertainties related to the military conflict between Russia and Ukraine, and foreign currency exchange rate fluctuations (particularly the euro); the timing of development of Marcellus and Utica Shale gas production; the availability, timing and success of our acquisitions, commercial initiatives and investments to grow our business; our ability to successfully integrate acquired businesses and achieve anticipated synergies; the interruption, disruption, failure, malfunction, or breach of our information technology systems, including due to cyberattack; the inability to complete pending or future energy infrastructure projects; our ability to achieve the operational benefits and cost efficiencies expected from the completion of pending and future transformation initiatives including the impact of customer disruptions resulting in potential customer loss due to the transformation activities; uncertainties related to a global pandemic, including the duration and/or impact of the COVID-19 pandemic; the impact of proposed or future tax legislation, including the potential reversal of existing tax legislation that is beneficial to us; and our ability to overcome supply chain issues that may result in delays or shortages in, as well as increased costs of, equipment, materials or other resources that are critical to our business operations.

Q2 FY22 Financial Highlights

Q2 FY22 Adjusted Diluted EPS1

$1.99

$1.91

Q2 FY21

•  GAAP diluted EPS of $4.32 vs. $2.33 in Q2 FY22

  •  Adjusted diluted EPS1 of $1.91 in Q2 FY22 vs $1.99 in Q2 FY21

•  Results reflect:

  Q2 FY22

  •  Incremental contribution from strategic investments in the natural gas businesses, including Mountaineer

  •  Impact of significant increases and volatility in commodity prices on energy marketing margins in Europe

  •  Lower retail volumes at AmeriGas

  •  Margin management and expense control efforts

•  Revised guidance range of $2.90 to $3.003

1. Adjusted Diluted EPS is a non-GAAP measure. See Slide 7 and Appendix for reconciliation. 2. Excludes EBIT related to Corporate & Other. 3. The previous guidance for Adjusted EPS provided on November 19, 2022, was $3.05 - $3.25. Because we are unable to predict certain potentially material items affecting diluted earnings per share on a GAAP basis, principally mark-to-market gains and losses on commodity and certain foreign currency derivative instruments, we cannot reconcile fiscal year 2022 adjusted diluted earnings per share, a non-GAAP measure, to diluted earnings per share, the most directly comparable GAAP measure, in reliance on the "unreasonable efforts" exception set forth in SEC rules.

4

Recent Accomplishments

1

Reliable Earnings Growth

• • ~4,000 customers added in Q2 FY22 at the Utilities; 8,400+ customers in YTD FY22

• • Strong contributions from recent strategic acquisitions: Mountaineer and Stonehenge

• • Continued growth in ACE and National Accounts volumes when compared to pre-pandemic levels

  Renewables

• • In February, entered agreement with Global Clean Energy Holdings to purchase and distribute renewable LPG in California

• • In April, acquired a 33% equity interest in Ag-Grid Energy, a renewable energy producer with projects in the US

  Rebalance

• • Integration of Stonehenge progressing smoothly; incremental earnings realized during the quarter

• • Utilities segment on track for record capital spend in FY22