UGI

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Press Release

UGI Reports Third Quarter Results

August 5, 2026

VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended June 30, 2026.

HIGHLIGHTS

•Q3 GAAP diluted earnings per share ("EPS") of $(0.62) and adjusted diluted EPS of $(0.20) compared to GAAP diluted EPS of $(0.76) and adjusted diluted EPS of $(0.01) in the prior-year period.

•Year-to-date (YTD) GAAP diluted EPS of $3.08 and adjusted diluted EPS of $3.17 compared to GAAP diluted EPS of $3.16 and adjusted diluted EPS of $3.55 in the prior-year period.

•YTD reportable segments earnings before interest expense and income taxes1 ("EBIT") of $1,187 million compared to $1,184 million in the prior-year period, despite the ~$40 million impact of both the previously announced LPG divestitures and warmer than prior year weather.

•On July 31, 2026, the Administrative Law Judges to the gas base rate proceeding issued a Recommended Decision accepting the joint petition for settlement of the gas rate case with no modifications. Pending approval by the PA Public Utility Commission ("PA PUC"), the settlement would permit a two-phase, $65 million distribution rate increase, with the first phase of $40 million effective in October 2026 and a second phase of $25 million effective in October 2027, with a stay-out through January 2029. A final PA PUC decision is expected no later than October 2026.

•Completed several debt transactions to extend maturities and reduce borrowing costs by approximately $30 million on an annualized basis at UGI International, AmeriGas Propane and UGI Energy Services.

•Released the eighth annual ESG report, "Together for a Safe, Reliable, and Sustainable Future," marking a milestone year in which UGI achieved all of its 2025 ESG commitments, including surpassing its goals to reduce Scope 1 emissions by 55%, Total Recordable Injuries by 35%, and Accountable Vehicle Incidents by 50%.

•Reaffirming the revised fiscal 2026 adjusted diluted EPS guidance range of $2.75 - $2.902 per share.

Bob Flexon, President and Chief Executive Officer, said, "The fundamentals across our businesses remain strong. With rising natural gas demand across our regions driven by economic development and load growth from data centers and power generation, we see meaningful opportunities ahead. At our PA Gas Utility, we reached a settlement in the gas base rate case, subject to final approval, which reinforces the focus of our business on customer affordability and investments that drive safety and reliability."

"UGI International offset the impact of divestitures to deliver comparable year-to-date EBIT on a year-over-year basis, while continuing to generate top-tier return on capital employed and free cash flow conversion. At AmeriGas, the transformation is taking hold and this is driving improved volume retention and favorable trends across several leading indicators, including safety, net promoter score, zero fills, and out-of-gas incidents."

“As we finish fiscal 2026, our focus is on being fully prepared for the upcoming winter heating season across all segments, and at AmeriGas in particular. With our portfolio of well-positioned businesses and through disciplined execution, we are building a more resilient and profitable UGI that will create long-term value for shareholders."

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EARNINGS CALL AND WEBCAST

UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss the quarterly earnings and other current activities at 9:00 AM ET on Thursday, August 6, 2026. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://www.ugicorp.com/investors/financial-reports/presentations or by visiting the company website at https://www.ugicorp.com and clicking on Investors and then Presentations. A replay of the webcast will be available after the event until 11:59 PM ET August 5, 2027.

CONTACT INVESTOR RELATIONS

Tel: +1 610-337-1000

Tameka Morris, ext. 6297

Arnab Mukherjee, ext. 7498

ABOUT UGI

UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the US and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing, and energy marketing services.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

USE OF NON-GAAP MEASURES

Management uses "adjusted net income attributable to UGI Corporation" and "adjusted diluted EPS", each 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 el

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Press Release

UGI Reports Second Quarter Results

May 6, 2026

VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended March 31, 2026.

HIGHLIGHTS

•Q2 GAAP diluted earnings per share ("EPS") of $2.33 and adjusted diluted EPS of $2.09 compared to GAAP diluted EPS of $2.19 and adjusted diluted EPS of $2.21 in the prior-year period.

•Year-to-date (YTD) GAAP diluted EPS of $3.68 and adjusted diluted EPS of $3.35 compared to GAAP diluted EPS of $3.93 and adjusted diluted EPS of $3.58 in the prior-year period.

•YTD reportable segments earnings before interest expense and income taxes1 ("EBIT") of $1,129 million compared to $1,112 million in the prior-year period.

•Available liquidity of approximately $2.1 billion and net leverage of 3.7x as of March 31, 2026.

•Subsequent to the quarter,

◦Announced a strategic partnership with Prime Data Centers to develop major natural gas supply infrastructure in Pennsylvania's northern tier, with expected demand exceeding 100,000 dekatherms per day within three to five years.

◦Executed a definitive agreement to sell our electric division for approximately $470 million, subject to working capital adjustment. The transaction is expected to close in the first quarter of calendar year 2027, subject to customary closing conditions and applicable regulatory approvals.

◦Launched online sale of AmeriGas propane cylinders in selected cities on Amazon, phasing in service across existing home-delivery markets during Fiscal 2026 and leveraging our established direct-to-consumer delivery infrastructure.

•Updates Fiscal 2026 adjusted diluted EPS guidance to a range of $2.75 - $2.902 per share.

"Our year-to-date results reflect the continued execution of our strategic priorities, with reportable segment EBIT ahead of the prior year," said Bob Flexon, President and Chief Executive Officer. "Our natural gas businesses delivered a solid performance, supported by higher gas base rates at our Utilities where we have also returned approximately $25 million to customers through our Pennsylvania weather normalization rider. UGI International continued to generate strong free cash flow while navigating a dynamic operating environment. At AmeriGas, we made tangible progress on our operational turnaround, including on-shoring our call center and driving year-over-year improvement in safety, customer satisfaction, routing and logistics efficiencies, as we better position the business for the upcoming heating season. We were also pleased to end the quarter with consolidated leverage below our targeted range for Fiscal 2026.

"Looking beyond the quarter, I am increasingly confident in our ability to create long-term value. Although near-term Fiscal 2026 earnings expectations have softened due to timing of growth investments in Midstream & Marketing and steady progression of the AmeriGas transformation, we remain firmly committed to our long-term trajectory and growth targets. We are optimally situated to serve the growing demand for safe, reliable and affordable energy solutions across our service territories, reinforced by our recent strategic partnerships. At the same time, the

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transformation underway at AmeriGas, disciplined capital allocation approach and continued improvement in leverage and liquidity are strengthening our foundation. Together, these advantages position UGI to deliver sustainable returns for our shareholders over the long-term."

EARNINGS CALL AND WEBCAST

UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss the quarterly earnings and other current activities at 9:00 AM ET on Thursday, May 7, 2026. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://www.ugicorp.com/investors/financial-reports/presentations or by visiting the company website at https://www.ugicorp.com and clicking on Investors and then Presentations. A replay of the webcast will be available after the event until 11:59 PM ET May 6, 2027.

CONTACT INVESTOR RELATIONS

Tel: +1 610-337-1000

Tameka Morris, ext. 6297

Arnab Mukherjee, ext. 7498

ABOUT UGI

UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the US and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing, and energy marketing services.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

USE OF NON-GAAP MEASURES

Management uses "adjusted net income attributable to UGI Corporation" and "adjusted diluted EPS", each of which are non-GAAP financial measures, when evaluating UGI's overall performance.

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Press Release

UGI Reports First Quarter Results

February 4, 2026

VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended December 31, 2025.

HIGHLIGHTS

•Q1 GAAP diluted earnings per share ("EPS") of $1.34 and adjusted diluted EPS of $1.26 compared to GAAP diluted EPS of $1.74 and adjusted diluted EPS of $1.37 in the prior-year period.

•Q1 reportable segments earnings before interest expense and income taxes1 ("EBIT") of $441 million compared to $420 million in the prior-year period.

•In January 2026, entered into definitive agreements to divest of the LPG businesses in Czech Republic, Hungary, Poland, Slovakia and Romania for an enterprise value of approximately €48 million. Since fiscal 2025, UGI International has entered into agreements to divest of its LPG operations in 7 countries (approximately 5% of the fiscal 2025 EBIT for the segment) which will generate approximately $215 million in cash proceeds.

•In January 2026, Moody’s upgraded AmeriGas’ rating from negative to positive "outlook".

•Filed gas base rate cases for UGI Utilities and Mountaineer Gas subsequent to the quarter, requesting overall distribution rate increases of $99 million and $27 million, respectively. The requests are intended to recover UGI’s investment in upgrading aging infrastructure as we maintain our commitment to provide safe, reliable, and affordable energy to customers.

Bob Flexon, President and Chief Executive Officer, said, "UGI had a solid start to fiscal 2026, delivering 5% growth in total reportable segment EBIT in line with our expectation. Our natural gas businesses produced strong results, driven by strong gas demand and the impact of the gas base rate case at our Pennsylvania utility. Across our Global LPG businesses, we capitalized on favorable weather in certain U.S. regions and more than offset the impact of the divestitures through operational improvements, effective margin management and disciplined cost control.

"Importantly, we continue to make meaningful progress on our business processes, safety, and cultural transformation, the foundational work that positions UGI to unlock incremental intrinsic value. As we look to the year ahead, we remain focused on operational excellence, disciplined capital deployment, and executing our long-term growth strategy to drive continued shareholder value."

EARNINGS CALL AND WEBCAST

UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss the quarterly earnings and other current activities at 9:00 AM ET on Thursday, February 5, 2026. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://www.ugicorp.com/investors/financial-reports/presentations or by visiting the company website at https://www.ugicorp.com and clicking on Investors and then Presentations. A replay of the webcast will be available after the event until 11:59 PM ET February 4, 2027.

CONTACT INVESTOR RELATIONS

Tel: +1 610-337-1000

Tameka Morris, ext. 6297

1

Arnab Mukherjee, ext. 7498

ABOUT UGI

UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the US and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing, and energy marketing services.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

USE OF NON-GAAP MEASURES

Management uses "adjusted net income attributable to UGI Corporation" and "adjusted diluted EPS", each 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 on the last page of this press release reconcile net income attributable to UGI Corporation, the most directly comparable GAAP measure to adjusted net income attributable to UGI Corporatio

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UGI Reports Strong Fiscal 2025 Results

Issues Fiscal 2026 Guidance

November 20, 2025

VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) today reported financial results for the fiscal year ended September 30, 2025 and provided guidance for fiscal year 2026.

HEADLINES

•GAAP net income of $678 million and adjusted net income of $728 million compared to GAAP net income of $269 million and adjusted net income of $658 million in the prior year.

•GAAP diluted earnings per share (“EPS”) of $3.09 and adjusted diluted EPS of $3.32 compared to GAAP diluted EPS of $1.25 and adjusted diluted EPS of $3.06 in the prior year.

•Reportable segments earnings before interest expense and income tax1 ("EBIT") of $1,176 million compared to $1,178 million in the prior year.

•Delivered adjusted diluted EPS above the top end of our revised guidance range issued on May 7, 2025.

•Strengthened the balance sheet with available liquidity of approximately $1.6 billion and a leverage ratio of 3.9x at UGI Corporation and 4.9x at AmeriGas Propane.

•Issues fiscal 2026 adjusted diluted EPS guidance range of $2.90 - $3.152, inclusive of an expected 5 - 7% growth in reportable segments EBIT.

•Increases and extends its expected EPS compound annual growth rate to 5 - 7% between FY24 and FY29.

“UGI delivered an outstanding year with record adjusted earnings per share that exceeded our revised guidance range," said Robert Flexon, President and Chief Executive Officer of UGI Corporation. "Our diversified portfolio demonstrated its strength as continued improvements at AmeriGas which led to its higher EBIT coupled with solid operational performance from our Utilities segment, and significant tax benefits, drove exceptional results. We strengthened our balance sheet, generated approximately $530 million of free cash flow inclusive of cash generated from asset sales, and returned value to shareholders through dividend payments.

"This year, we invested in upskilling our workforce and cultivating a performance-driven culture focused on driving breakthrough outcomes in our operating and supporting functions. This foundation is crucial as we enhance our operating processes, transform how we work across the organization, and optimize UGI's intrinsic value for all stakeholders. I am particularly excited about the progress we've made at AmeriGas and anticipate that the winter season ahead will demonstrate the tangible impact of the initiatives underway."

2026 OUTLOOK

UGI provides an adjusted EPS guidance range of $2.90 - $3.152 per diluted share for the fiscal year ending September 30, 2026. This guidance range assumes normal weather and the current tax regime.

EARNINGS CALL and WEBCAST

UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss Fiscal 2025 earnings and other current activities at 9:00 AM ET on Friday, November 21, 2025. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://www.ugicorp.com/investors/financial-reports/presentations or by visiting the company website https://www.ugicorp.com and clicking on Investors and then Presentations. A replay of the webcast will be available after the event through to 11:59 PM ET November 19, 2026.

CONTACT INVESTOR RELATIONS

Tel: +1 610-337-1000

Tameka Morris, ext. 6297

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Arnab Mukherjee, ext. 7498

ABOUT UGI

UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the US and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing, and energy marketing services.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

USE OF NON-GAAP MEASURES

Management uses “adjusted net income attributable to UGI Corporation” and "adjusted diluted earnings per share," both 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

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Press Release

UGI Reports Third Quarter Results

August 6, 2025

VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended June 30, 2025.

HIGHLIGHTS

•Q3 GAAP diluted earnings per share ("EPS") of $(0.76) and adjusted diluted EPS of $(0.01) compared to GAAP diluted EPS of $(0.23) and adjusted diluted EPS of $0.06 in the prior-year period.

•Year-to-date GAAP diluted EPS of $3.16 and adjusted diluted EPS of $3.55 compared to GAAP diluted EPS of $2.52 and adjusted diluted EPS of $3.22 in the prior-year period.

•Year-to-date reportable segments earnings before interest expense and income taxes1 ("EBIT") of $1,184 million compared to $1,185 million in the prior-year period.

•Executed on our strategic portfolio optimization initiative, generating approximately $150 million from asset sales in the Global LPG businesses, specifically in Hawaii, Italy, and a small cylinder business in the UK.

•Expect to be at the top end of our Fiscal 2025 adjusted EPS guidance range of $3.00 - $3.152 per share.

"We have achieved outstanding year-to-date results that showcase the strength of our asset portfolio and our team's commitment to safely and reliably deliver energy solutions to our customers," said Bob Flexon, President and Chief Executive Officer. "Our focus on driving superior business performance, operational excellence and creating greater financial flexibility is unwavering. We are particularly encouraged by the cultural transformation underway throughout the organization, as well as the customer-focused operational improvements being implemented at AmeriGas to strengthen performance. Through our balanced approach to growth investment and shareholder returns, we are building a more resilient and profitable UGI that creates sustainable value for shareholders."

EARNINGS CALL AND WEBCAST

UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss the quarterly earnings and other current activities at 9:00 AM ET on Thursday, August 7, 2025. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://www.ugicorp.com/investors/financial-reports/presentations or by visiting the company website at https://www.ugicorp.com and clicking on Investors and then Presentations. A replay of the webcast will be available after the event until 11:59 PM ET August 6, 2026.

CONTACT INVESTOR RELATIONS

Tel: +1 610-337-1000

Tameka Morris, ext. 6297

Arnab Mukherjee, ext. 7498

ABOUT UGI

UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the US and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing, and energy marketing services.

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Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

USE OF NON-GAAP MEASURES

Management uses "adjusted net income attributable to UGI Corporation" and "adjusted diluted EPS," both 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 on the last page of this press release reconcile net income attributable to UGI Corporation, the most directly comparable GAAP measure, to adjusted net income attributable to UGI Corporation, and diluted EPS, the most comparable GAAP measure, to adjusted diluted EPS, to reflect the adjustments referred to above.

1 Reportable segments' EBIT represents an aggregate of our reportable operating segment level EBIT, as determined in accordance with GAAP.

2 Because we are unable to predict certain potentially material items affecting diluted EPS on a GAAP basis and principally mark-to-market gains and losses on commodity and certain foreign currency derivative instruments, we cannot reconcile fiscal year 2025 adjusted diluted EPS, a non-GAAP measu

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Press Release

UGI Reports Second Quarter Results and Increases Fiscal 2025 Guidance

May 7, 2025

VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended March 31, 2025.

HIGHLIGHTS

•Q2 GAAP diluted EPS of $2.19 and adjusted diluted EPS of $2.21 compared to GAAP diluted EPS of $2.30 and adjusted diluted EPS of $1.97 in the prior-year period.

•Year-to-date GAAP diluted EPS of $3.93 and adjusted diluted EPS of $3.58 compared to GAAP diluted EPS of $2.74 and adjusted diluted EPS of $3.16 in the prior-year period.

•Year-to-date reportable segments earnings before interest expense and income taxes1 ("EBIT") of $1,112 million compared to $1,073 million in the prior-year period.

•Available liquidity of approximately $1.9 billion as of March 31, 2025.

•Increases Fiscal 2025 adjusted EPS guidance to a range of $3.00 - $3.152 per share.

"We delivered strong second quarter results with adjusted diluted EPS rising 12% year-over-year," said Bob Flexon, President and Chief Executive Officer. "Solid operational execution enabled us to effectively meet the higher demand from colder weather while maintaining cost efficiency. Our year-to-date results demonstrate the company's ability to meet evolving market conditions while maintaining our commitment to operational excellence and improving UGI's financial profile.

"Looking ahead, our natural gas businesses continue to be our primary growth engine, with strategic infrastructure investments predominantly in the regulated utilities businesses, driving rate base expansion. At AmeriGas, the redesign of our business processes and operational practices are underway, as we prioritize enhanced service quality that leads to higher levels of customer retention. Internationally, our disciplined approach is generating strong cash flows that support our corporate priorities. Through focused capital allocation, infrastructure modernization, and strategic portfolio optimization, we are well positioned to create incremental value for our stakeholders."

EARNINGS CALL AND WEBCAST

UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss the quarterly earnings and other current activities at 9:00 AM ET on Thursday, May 8, 2025. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://www.ugicorp.com/investors/financial-reports/presentations or by visiting the company website https://www.ugicorp.com and clicking on Investors and then Presentations. A replay of the webcast will be available after the event through to 11:59 PM ET May 7, 2026.

CONTACT INVESTOR RELATIONS

Tel: +1 610-337-1000

Tameka Morris, ext. 6297

Arnab Mukherjee, ext. 7498

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ABOUT UGI

UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the US and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing, and energy marketing services.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

USE OF NON-GAAP MEASURES

Management uses "adjusted net income attributable to UGI Corporation" and "adjusted diluted earnings per share," both 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 on the last page of this press release reconcile net income attributable to UGI Corporation, the most directly comparable GAAP measure, to adjusted net income attributable to UGI Corporation, and diluted earnings per share, the most comparable GAAP measure, to adjusted diluted earnings per share, to reflect the adjustments referred to above.

1 Reportable segments' EBIT represents an aggregate of our reportable operating segment level EBIT, as determined in accordance with GAAP.

2 Because we are unable to p

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Press Release

UGI Reports Fiscal 2025 First Quarter Results

February 5, 2025

VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended December 31, 2024.

HIGHLIGHTS

•Q1 GAAP diluted EPS of $1.74 and adjusted diluted EPS of $1.37 compared to GAAP diluted EPS of $0.44 and adjusted diluted EPS of $1.20 in the prior-year period.

•Q1 reportable segments earnings before interest expense and income taxes1 ("EBIT") of $420 million compared to $425 million in the prior-year period.

•Available liquidity of approximately $1.5 billion as of December 31, 2024.

•Filed a gas base rate case for UGI Utilities with the PA Public Utility Commission on January 27, 2025, requesting an overall distribution rate increase of approximately $110 million.

•On February 5, 2025, AmeriGas Partners, L.P. and AmeriGas Finance Corp issued a notice of redemption to fully redeem their outstanding 2025 Senior Notes. The redemption will be funded by a two-year unsecured intercompany loan between UGI International and AmeriGas, which AmeriGas expects to repay using its free cash flow.

"Disciplined execution within our natural gas and international propane businesses along with a renewed focus on the operational performance at AmeriGas led to a 14% increase in adjusted diluted EPS over the prior year," said Bob Flexon, President and Chief Executive Officer. "Our natural gas businesses benefited from strong gas demand and higher gas rates at the West Virginia gas utility, while our Global LPG businesses realized relatively comparable volumes and reduced operating and administrative expenses when compared to the prior-year period. The solid underlying performance by our reportable segments, coupled with benefits from our continuing tax planning strategies, led to the strong fiscal first quarter results."

"At UGI, we are strengthening our foundation through renewed focus on our people and culture, and driving operational improvements, particularly at AmeriGas Propane where we must significantly enhance our business processes, commercial practices, and service quality. These operational improvements along with disciplined capital allocation, strategic portfolio optimization, and strong balance sheet management will better position UGI to deliver consistent growth and greater value for its shareholders."

EARNINGS CALL AND WEBCAST

UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss the quarterly earnings and other current activities at 9:00 AM ET on Thursday, February 6, 2025. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://www.ugicorp.com/investors/financial-reports/presentations or by visiting the company website https://www.ugicorp.com and clicking on Investors and then Presentations. A replay of the webcast will be available after the event through to 11:59 PM ET February 5, 2026.

CONTACT INVESTOR RELATIONS

Tel: +1 610-337-1000

Tameka Morris, ext. 6297

1

Arnab Mukherjee, ext. 7498

ABOUT UGI

UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the US and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing, and energy marketing services.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

USE OF NON-GAAP MEASURES

Management uses "adjusted net income attributable to UGI Corporation" and "adjusted diluted earnings per share," both 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 on the last page of this press release reconcile net income attributable to UGI Corporation, the most directly comparable GAAP measure, to adjusted net income attributable to UGI Corporation, and dilu

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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 adjusted diluted EPS of $3.06 compared to GAAP diluted (loss) EPS of $(7.16) and adjusted diluted EPS of $2.84 in the prior year.

•Solid growth in reportable segments earnings before interest expense and income tax1 ("EBIT"), delivering $1,178 million compared to $1,158 million in the prior year.

•Achieved $75 million reduction in operating and administrative expenses across all segments, when compared to the prior year.

•Deployed ~$900 million of capital with 80% allocated in aggregate to the regulated utilities, primarily for infrastructure replacement and betterment, and the Midstream and Marketing segment.

•Paid dividends for the 140th consecutive year, delivering a 10-year compound annual growth rate of 6%.

•Issues fiscal 2025 adjusted diluted EPS guidance range of $2.75 - $3.052.

“Fiscal 2024 was a pivotal year for UGI as we embarked on a multi-year journey to unlock greater value for shareholders," said Mario Longhi, Board Chair of UGI Corporation. "Strong execution against our strategy led to record EBIT from our natural gas businesses, sustainable reductions in operating and administrative expenses, disciplined capital deployment, improved liquidity, and greater financial flexibility within our balance sheet. We have laid a solid foundation and with Bob's leadership, I am confident in UGI’s ability to create further value for our customers, employees and shareholders."

Robert Flexon, President and Chief Executive Officer of UGI Corporation said, "Looking ahead, fiscal 2025 will be an important year as we continue to reset the business and better position UGI to advance on its value creation strategy. We must leverage our highly attractive asset base and build on operational capabilities and strengths to drive meaningful improvement in the company's financial profile. I am excited to work with the team to create a culture that embodies high performance, operational excellence, superior customer service and a relentless desire for sustainable growth.

2025 OUTLOOK

UGI provides an adjusted EPS guidance range of $2.75 - $3.052 per diluted share for the fiscal year ending September 30, 2025. This guidance range assumes normal weather and the current tax regime.

EARNINGS CALL and WEBCAST

UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss Fiscal 2024 earnings and other current activities at 9:00 AM ET on Friday, November 22, 2024. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://www.ugicorp.com/investors/financial-reports/presentations or by visiting the company website https://www.ugicorp.com and clicking on Investors and then Presentations. A replay of the webcast will be available after the event through to 11:59 PM ET November 21, 2025.

CONTACT INVESTOR RELATIONS

Tel: +1 610-337-1000

Tameka Morris, ext. 6297

1

Arnab Mukherjee, ext. 7498

ABOUT UGI

UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the US and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing, and energy marketing services.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

USE OF NON-GAAP MEASURES

Management uses “adjusted net income attributable to UGI Corporation” and "adjusted diluted earnings per share," both 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

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UGI Reports Fiscal 2024 Third Quarter Results

August 7, 2024

VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended June 30, 2024.

HIGHLIGHTS

•Q3 GAAP diluted EPS of $(0.23) and adjusted diluted EPS of $0.06 compared to GAAP diluted EPS of $(3.76) and adjusted diluted EPS of $0.00 in the prior-year period.

•Year-to-date GAAP diluted EPS of $2.52 and adjusted diluted EPS of $3.22 compared to GAAP diluted EPS of $(7.78) and adjusted diluted EPS of $2.81 in the prior-year period.

•Year-to-date reportable segments earnings before interest expense and income taxes1 ("EBIT") of $1,185 million compared to $1,076 million in the prior-year period.

•Solid third quarter results largely reflecting a $38 million year-over-year reduction in operating and administrative expenses across all segments.

•On a year-to-date basis, refinanced over $1 billion of debt across the entity and completed approximately $460 million of debt reduction at AmeriGas Propane.

•Released the sixth annual ESG Report entitled, The Journey: Managing Climate Risks and Opportunities, outlining our progress on all aspects of the company’s ESG journey.

•Continue to expect to be within the fiscal 2024 adjusted diluted EPS guidance range of $2.70 - $3.002 per share.

"UGI reported solid fiscal third quarter results, demonstrating steady progress in executing on the key strategic priorities," said Mario Longhi, Interim President and Chief Executive Officer. "We delivered one of the strongest year-to-date financial performances in the company’s 140+ year history led by record earnings from our resilient and growth-oriented natural gas businesses and improved financial results from UGI International. Actions taken to achieve sustainable cost savings across the enterprise have also provided a meaningful contribution to our financial performance. Lastly, we continue to execute on our objective to stabilize and optimize the AmeriGas business, including taking cost reduction actions and eliminating inefficiencies. I want to thank our dedicated employees who work hard every day to deliver these results.”

“We are confident in UGI’s ability to create sustainable value for its shareholders through diligent focus and execution of certain key strategic priorities that we shared last quarter: pursuing portfolio optimization and growth, continuing our efforts to stabilize and optimize AmeriGas Propane, creating efficiencies and an optimal cost structure, and driving balance sheet improvement.”

EARNINGS CALL AND WEBCAST

UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss the quarterly earnings and other current activities at 9:00 AM ET on Thursday, August 8, 2024. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://www.ugicorp.com/investors/financial-reports/presentations or by visiting the company website https://www.ugicorp.com and clicking on Investors and then Presentations. A replay of the webcast will be available after the event through to 11:59 PM ET August 7, 2025.

1

CONTACT INVESTOR RELATIONS

Tel: +1 610-337-1000

Tameka Morris, ext. 6297

Arnab Mukherjee, ext. 7498

ABOUT UGI

UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the US and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing, and energy marketing services.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

USE OF NON-GAAP MEASURES

Management uses "adjusted net income attributable to UGI Corporation" and "adjusted diluted earnings per share," both 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 on the last

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UGI Reports Fiscal 2024 Second Quarter Results, Concludes Strategic Review and Affirms Fiscal 2024 Guidance

May 1, 2024

VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended March 31, 2024 and announced that its Board has unanimously decided to conclude the strategic review of its LPG businesses, which was primarily focused on AmeriGas Propane.

HIGHLIGHTS

•Q2 GAAP diluted EPS of $2.30 and adjusted diluted EPS of $1.97 compared to GAAP diluted EPS of $0.51 and adjusted diluted EPS of $1.68 in the prior-year period.

•Year-to-date GAAP diluted EPS of $2.74 and adjusted diluted EPS of $3.16 compared to GAAP diluted EPS of $(4.02) and adjusted diluted EPS of $2.82 in the prior-year period.

•Year-to-date reportable segments earnings before interest expense and income taxes1 ("EBIT") of $1,073 million compared to $987 million in the prior-year period.

•Strong second quarter results despite warmer than normal weather across our service territories, led by higher margins from natural gas marketing activities in our Midstream & Marketing business and reduced operating expenses across the entity.

•Concludes the strategic review of the LPG businesses and retains ownership of AmeriGas Propane.

•Repositions UGI to drive a high-performing, customer centered and results-driven organization, targeting a long-term EPS growth rate of 4 – 6%.

•Announces the 140th consecutive year of paying dividends and affirms its commitment to return value to shareholders through dividend payments.

•Affirms its fiscal 2024 adjusted diluted EPS guidance range of $2.70 - $3.002 per share.

"We are pleased with the strong fiscal second quarter performance in the midst of warmer than normal weather across our service territories," said Mario Longhi, Interim President and Chief Executive Officer. “Our natural gas businesses delivered the highest second quarter earnings, reporting a 32% growth over the prior year. Across our business, we also made important strides in implementing effective cost control as we strive to improve operational efficiency. These results reflect the resilience of our portfolio and the commitment of our team to deliver long-term value to our shareholders.”

STRATEGIC REVIEW CONCLUSION

After extensive deliberation, the Board has determined that in the current market the best path forward to maximize shareholder value is to retain ownership of AmeriGas Propane.

During the review, the company and its financial advisors evaluated several value creation opportunities including a potential sale, spin, and joint venture of AmeriGas. While the company conducted due diligence with multiple strategic and financial parties, the Board decided that the company should focus on a restructuring and operational

1

improvement plan for AmeriGas. The review concluded that disciplined execution of a revised operational strategy and optimization of UGI’s diverse mix of strategically located assets best positions the company to create long-term shareholder value.

Mario Longhi said, “After a comprehensive review process, the Board agreed that in the current market, the best path forward in creating shareholder value is to execute on its repositioned long-term strategy and strengthen the balance sheet. This includes maintaining an intense focus on customer retention, improved free cash flow generation, effective cost control and disciplined capital allocation. Although the process has concluded, we remain open to all opportunities to optimize our portfolio and unlock further value for shareholders.”

"For the fiscal year, we are on track to deliver full-year results within our fiscal 2024 adjusted EPS guidance range. We are confident that diligent execution on the fundamentals will enable UGI to build a strong momentum of balanced growth and value creation.”

EARNINGS CALL AND WEBCAST

UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss the quarterly earnings and other current activities at 9:00 AM ET on Thursday, May 2, 2024. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://www.ugicorp.com/investors/financial-reports/presentations or by visiting the company website https://www.ugicorp.com and clicking on Investors and then Presentations. A replay of the webcast will be available after the event through to 11:59 PM ET May 1, 2025.

CONTACT INVESTOR RELATIONS

Tel: +1 610-337-1000

Tameka Morris, ext. 6297

Arnab Mukherjee, ext. 7498

ABOUT UGI

UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the US and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural

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Press Release

UGI Reports First Quarter Fiscal 2024 Results

January 31, 2024

VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended December 31, 2023.

HIGHLIGHTS

•Q1 GAAP diluted EPS of $0.44 and adjusted diluted EPS of $1.20 compared to GAAP diluted EPS of $(4.54) and adjusted diluted EPS of $1.14 in the prior-year period.

•Q1 reportable segments earnings before interest expense and income taxes1 ("EBIT") of $425 million compared to $411 million in the prior-year period.

•Strong first quarter results despite warmer than normal weather across our service territories, largely due to a 77% increase in EBIT from UGI International attributable to the continued exit of the non-core energy marketing business, higher LPG volumes, and increased unit margins.

•Available liquidity of approximately $1.5 billion as of December 31, 2023.

•Received approval from the West Virginia Public Service Commission for Mountaineer's gas rate case. The settlement permitted a $13.9 million annual distribution rate increase, effective January 1, 2024, and a weather normalization adjustment mechanism effective October 1, 2024.

"Our fiscal first quarter results reflect the strong performance of UGI International and the natural gas businesses, and underscores our commitment to our customers, shareholders and employees," said Mario Longhi, Interim President and Chief Executive Officer. “As previously anticipated and discussed on our year-end earnings call, AmeriGas experienced a decline in its year-over-year financial results. While effort was made to address the segment's performance, it is clear that there is a need for renewed focus on execution.

"Our strategic priorities are geared towards delivering reliable earnings growth, returning cash to shareholders through dividends, achieving sustainable cost savings, and strengthening the balance sheet. We have initiated actions to align our cost structure with the performance of each business, adjusted our capital allocation priorities, and lowered capital expenditures in the near term. Diligent execution of these actions should strengthen our core businesses and better position UGI to deliver sustainable value for its shareholders."

EARNINGS CALL AND WEBCAST

UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss the quarterly earnings and other current activities at 9:00 AM ET on Thursday, February 1, 2024. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://www.ugicorp.com/investors/financial-reports/presentations or by visiting the company website https://www.ugicorp.com and clicking on Investors and then Presentations. A replay of the webcast will be available after the event through to 11:59 PM ET January 31, 2025.

CONTACT INVESTOR RELATIONS

Tel: +1 610-337-1000

Tameka Morris, ext. 6297

1

Arnab Mukherjee, ext. 7498

Shelly Oates, ext. 3202

ABOUT UGI

UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the US and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing, and energy marketing services.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

USE OF NON-GAAP MEASURES

Management uses "adjusted net income attributable to UGI Corporation" and "adjusted diluted earnings per share," both 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 on the last page of this press release reconcile net income attributable to UGI Corporation, the most directly comparable GAAP measure, to adjusted net income attributable to UGI Corporation, and diluted earnings per share, the most comparable GAAP measure, to adjusted diluted earni

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UGI Reports Fiscal 2023 Results

Issues Fiscal 2024 Guidance

November 16, 2023

VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) reported financial results for the fiscal year ended September 30, 2023 and provided guidance for fiscal year 2024.

HEADLINES

•GAAP net loss of $(1,502) million and adjusted net income of $613 million compared to GAAP net income of $1,073 million and adjusted net income of $626 million in the prior year.

•GAAP diluted (loss) earnings per share (“EPS”) of $(7.16) and adjusted diluted EPS of $2.84 compared to GAAP diluted EPS of $4.97 and adjusted diluted EPS of $2.90 in the prior year.

•Reportable segments earnings before interest expense and income tax1    ("EBIT") of $1,158 million compared to $1,166 million in the prior year.

•Available liquidity of approximately $1.6 billion.

•Issued fiscal 2024 adjusted diluted EPS guidance range of $2.70 - $3.002.

STRATEGIC ACCOMPLISHMENTS

•Record earnings at the Utilities and Midstream & Marketing segments, led by higher gas utility base rates, benefits from the weather normalization adjustment mechanism at the PA Gas Utility, and incremental earnings from the prior year acquisitions of UGI Moraine East and Pennant.

•Deployed a significant level of capital ($563 million) and added ~13,000 residential and commercial heating customers at the Utilities.

•In conjunction with our strategy to improve earnings stability, we divested the energy marketing businesses in the UK and Belgium during the fiscal year. In October 2023, the Company also completed the sale of substantially all of the energy marketing portfolio in France.

•Committed over $500 million to renewable energy projects to date, and completed construction of two previously announced RNG projects in upstate New York, Allen Farms and El-Vi, which have the capacity to produce 140 million cubic feet of RNG annually.

•Paid dividends for the 139th consecutive year, delivering a 10-year compound average growth rate of 7%.

Roger Perreault, President and Chief Executive Officer of UGI Corporation said, “While fiscal 2023 was a challenging year, we were pleased to deliver adjusted diluted EPS of $2.84 which was largely attributable to record earnings in both our Utilities and Midstream & Marketing segments as well as benefits from actions taken to alleviate volume and cost-related pressures in the Global LPG businesses. I would like to recognize our employees for their dedication to safely serving our customers while navigating this dynamic environment.

With fiscal 2024 underway, we are intently focused on the previously announced strategic actions to improve earnings reliability and strengthen the balance sheet. These actions include the re-alignment of our capital allocation plan, measures to reduce and optimize our cost structure, and the strategic review of the LPG businesses. Our priorities for deploying cash are maintaining dividends, strengthening the balance sheet, and investing capital in our regulated utilities. In addition, we continue to assess opportunities for share repurchases and other growth investments in natural gas in the future. We remain confident that UGI has a robust portfolio, with high-quality assets, which supports sustainable long-term value creation for its shareholders."

2024 OUTLOOK

UGI provides an adjusted EPS guidance range of $2.70 - $3.002 per diluted share for the fiscal year ending September 30, 2024. This guidance range assumes normal weather and the current tax regime.

1

EARNINGS CALL and WEBCAST

UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss fiscal 2023 earnings and other current activities at 9:00 AM ET on Friday, November 17, 2023. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://www.ugicorp.com/investors/financial-reports/presentations or by visiting the company website https://www.ugicorp.com and clicking on Investors and then Presentations. A replay of the webcast will be available after the event through to 11:59 PM ET November 16, 2024.

CONTACT INVESTOR RELATIONS

Tel: +1 610-337-1000

Tameka Morris, ext. 6297

Arnab Mukherjee, ext. 7498

Shelly Oates, ext. 3202

ABOUT UGI

UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the US and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing, and energy marketing services.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

USE OF NON-GAAP MEASURES

Management uses “adjusted net income attributable to UGI Corporation” and "adjusted diluted earnings per share," both of

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UGI Reports Third Quarter Results

August 2, 2023

VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended June 30, 2023.

HEADLINES

•Q3 GAAP diluted earnings per share ("EPS") of $(3.76) and adjusted diluted EPS of $0.00 compared to GAAP diluted EPS of $(0.03) and adjusted diluted EPS of $0.06 in the prior-year period.

•Year-to-date GAAP diluted EPS of $(7.78) and adjusted diluted EPS of $2.81 compared to GAAP diluted EPS of $3.84 and adjusted diluted EPS of $2.90 in the prior-year period.

•Year-to-date reportable segments earnings before interest expense and income taxes1 ("EBIT") of $1,076 million compared to $1,079 million in the prior-year period.

•Available liquidity of approximately $1.8 billion as of June 30, 2023.

•Entered into definitive agreements to divest of the natural gas and power marketing business in Belgium, which is expected to close2 by the end of fiscal 2023.

•Entered into definitive agreements to divest of certain natural gas and power marketing portfolios in France and the wind and solar portfolio in the Netherlands, which are expected to close2 in the first and second quarters of fiscal 2024, respectively.

•Released the fifth annual ESG Report entitled, "Partners for the Future", highlighting our progress and performance across a number of key initiatives.

"This quarter, we continued to execute on our strategy, while taking actions to enhance our financial flexibility," said Roger Perreault, President and Chief Executive Officer of UGI Corporation. "We reduced total debt at AmeriGas and, subsequent to the quarter, entered into definitive agreements to divest a substantial portion of the non-core European energy marketing businesses.

"Adjusted earnings was lower than the prior-year as higher gas rates and increased customer growth in our regulated utilities, higher margin from natural gas gathering and marketing activities, and increased LPG unit margins, were offset by greater operating and administrative expenses across all of our reportable segments. Based on the results of the first nine months of fiscal 2023 and expectations for the fourth quarter, we anticipate fiscal 2023 adjusted diluted EPS to be at the low end of our guidance range of $2.75 to $2.903.

"As we continue to navigate the challenging environment, our team is focused on identifying sustainable cost savings, improving the earnings quality of our business and strengthening the balance sheet. We believe that these actions will better position us for future earnings growth and deliver long-term shareholder value."

KEY DRIVERS OF THIRD QUARTER RESULTS

•AmeriGas Propane: EBIT up $2 million due to higher LPG unit margins, partially offset by higher operating and administrative expenses largely attributable to increased employee compensation and benefits, advertising and vehicle expenses

1

•UGI International: EBIT down $4 million, reflecting lower margin from the non-core energy marketing operations and higher operating and administrative expenses primarily due to the inflationary environment, offset by higher LPG margins

•Midstream & Marketing: EBIT down $3 million due to lower capacity management margin resulting from the timing of settlement of storage hedge contracts in prior year, partially offset by increased commodity marketing margin as well as incremental earnings from the Pennant acquisition

•Utilities: EBIT down $6 million as higher margin was offset by increased operating and administrative expenses, attributable to the timing of certain expenses and the effects of inflationary pressures

EARNINGS CALL AND WEBCAST

UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss the quarterly earnings and other current activities at 9:00 AM ET on Thursday, August 3, 2023. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://www.ugicorp.com/investors/financial-reports/presentations or by visiting the company website https://www.ugicorp.com and clicking on Investors and then Presentations. A replay of the webcast will be available after the event through to 11:59 PM ET August 2, 2024.

CONTACT INVESTOR RELATIONS

Tel: +1 610-337-1000

Tameka Morris, ext. 6297

Arnab Mukherjee, ext. 7498

Shelly Oates, ext. 3202

ABOUT UGI

UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the US and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and marketing, and energy marketing services.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

USE OF NON-GAAP MEASURES

Managemen

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UGI Reports Second Quarter Results and Updates Fiscal 2023 Guidance

May 3, 2023

VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended March 31, 2023.

HEADLINES

•Q2 GAAP diluted earnings per share ("EPS") of $0.51 and adjusted diluted EPS of $1.68 compared to GAAP diluted EPS of $4.32 and adjusted diluted EPS of $1.91 in the prior-year period.

•Year-to-date GAAP diluted EPS of $(4.02) and adjusted diluted EPS of $2.82 compared to GAAP diluted EPS of $3.87 and adjusted diluted EPS of $2.84 in the prior-year period.

•Q2 reportable segments earnings before interest expense and income taxes1 ("EBIT") of $576 million compared to $631 million in the prior-year period.

•Available liquidity of approximately $1.9 billion as of March 31, 2023.

•Entered into a joint venture with Archaea Energy to develop a renewable natural gas project in Pennsylvania, bringing our total renewables investment to over $500 million to date.

•Announced the 36th consecutive year of annual dividend increases.

•Updated fiscal 2023 adjusted diluted EPS guidance to a range of $2.75 - $2.902 per share.

Roger Perreault, President and Chief Executive Officer of UGI Corporation said, "Our fiscal second quarter was impacted by warm weather across all of our reportable segments as well as severe weather events in the West. Despite these pressures, our natural gas businesses delivered solid results, largely due to the weather normalization rider at our Pennsylvania (PA) Gas Utility and the fee-based contract structures in place at our Midstream & Marketing business. In the global LPG businesses, margin was impacted by driver shortages and other volume shortfall at AmeriGas, significant energy conservation in Europe, and weather challenges. These headwinds were partially offset by year-over-year benefits in the non-core European energy marketing operations, where we continue to execute on our exit strategy.

“Given the fiscal second quarter results and our year-to-date performance, we expect adjusted diluted EPS for fiscal 2023 to be within a revised guidance range of $2.75 to $2.902. Our teams have implemented several expense control and margin management actions which are expected to provide incremental benefits for the remainder of the fiscal year.

“In addition to the disciplined execution of our strategy, we remain committed to transforming AmeriGas operationally and positioning it for growth. At UGI, we are confident that our diversified business model, strategy, and balance sheet strength provide a solid foundation to support continued earnings and dividend growth. I want to thank our global team for their dedication as they serve our customers and the communities around us."

1

KEY DRIVERS OF SECOND QUARTER RESULTS

•AmeriGas: Total margin down $66 million, due to lower retail volume largely resulting from warmer than prior- year weather, particularly in key regions, continued driver shortages, which also limited growth, as well as continuation of customer attrition

•UGI International: Total margin up $21 million, reflecting lower retail LPG volume resulting from the mild winter weather and energy conservation efforts driven by the European geopolitical situation, offset by higher margin from the non-core European energy marketing operations and increased LPG margin

•Midstream & Marketing: EBIT up $15 million, primarily reflecting increased margins from natural gas marketing activities as well as incremental earnings from the UGI Appalachia acquisitions of UGI Moraine East (formerly Stonehenge) and Pennant

•Utilities: EBIT up $11 million, primarily due to higher gas rates in our PA Gas Utility as well as benefits from the weather normalization rider that largely offset the significantly warmer weather

EARNINGS CALL AND WEBCAST

UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss the quarterly earnings and other current activities at 9:00 AM ET on Thursday, May 4, 2023. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://www.ugicorp.com/investors/financial-reports/presentations or by visiting the company website https://www.ugicorp.com and clicking on Investors and then Presentations. A replay of the webcast will be available after the event through to 11:59 PM ET May 3, 2024.

CONTACT INVESTOR RELATIONS

Tel: +1 610-337-1000

Tameka Morris, ext. 6297

Arnab Mukherjee, ext. 7498

Shelly Oates, ext. 3202

ABOUT UGI

UGI Corporation (NYSE: UGI) is a distributor and marketer of energy products and services in the US and Europe. UGI offers safe, reliable, affordable, and sustainable energy solutions to customers through its subsidiaries, which provide natural gas transmission and distribution, electric generation and distribution, midstream services, propane distribution, renewable natural gas generation, distribution and

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UGI Reports Solid First Quarter Results

February 1, 2023

VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended December 31, 2022.

HEADLINES

•Q1 GAAP diluted earnings per share ("EPS") of $(4.54) and adjusted diluted EPS of $1.14 compared to GAAP diluted EPS of $(0.46) and adjusted diluted EPS of $0.93 in the prior-year period.

•Q1 reportable segments earnings before interest expense and income taxes1 ("EBIT") of $411 million compared to $348 million in the prior-year period.

•Strong balance sheet with available liquidity of approximately $1.2 billion.

•Progressed our renewables strategy with commitments to fully fund renewable natural gas ("RNG") projects in New York and South Dakota, bringing our total renewables investment to over $450 million to date.

•Received a rating upgrade to "AAA" in the MSCI ESG rating assessment in December 2022.

“We had a solid start to fiscal 2023 with robust performance from our natural gas businesses and from the growth investments that we have made in recent years, despite the impact of high inflation,” said Roger Perreault, President and Chief Executive Officer of UGI Corporation. “In comparison to the prior-year period, we had colder weather in the U.S. and this helped to offset the effects of significantly warmer weather in Europe.

“At the Utilities, we continued to experience strong customer growth, while benefiting from increased earnings at Mountaineer. UGI Utilities implemented new gas base rates and weather normalization in October and November, respectively. At our full-service midstream business, we saw continued growth from our UGI Appalachia assets, higher throughput across our systems, and increased margins as we capitalized on colder weather in December 2022. Lastly, the global LPG businesses realized benefits from their disciplined margin management and expense control efforts, as well as continued growth in National Accounts volumes at AmeriGas.

"During the quarter, we made meaningful progress in executing on our renewables strategy with additional RNG projects announced in New York and South Dakota. To date, we have committed over $450 million to renewables projects that support our financial commitments of delivering 6 - 10% EPS growth and 4% dividend growth over the long-term. We are confident in our strategic priorities and the resiliency of our diversified business, which we believe will continue to enable growth and create long-term shareholder value.”

KEY DRIVERS OF FIRST QUARTER RESULTS

•AmeriGas: EBIT up $24 million, primarily due to higher propane margins

•UGI International: EBIT down $16 million, largely due to lower retail LPG volume that was impacted by weather 19% warmer than the prior-year period and energy conservation efforts driven by the European geopolitical situation

•Midstream & Marketing: EBIT up $25 million, primarily reflecting increased commodity marketing, peaking and capacity management margins as well as incremental earnings from the UGI Appalachia acquisitions of UGI Moraine East (formerly Stonehenge) and Pennant

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•Utilities: EBIT up $30 million, largely driven by a 17% increase in core market volume primarily due to weather that was colder than the prior-year period, higher gas rates and growth in residential and large delivery service customers

EARNINGS CALL AND WEBCAST

UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss the quarterly earnings and other current activities at 9:00 AM ET on Thursday, February 2, 2023. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://www.ugicorp.com/investors/financial-reports/presentations or by visiting the company website https://www.ugicorp.com and clicking on Investors and then Presentations. A replay of the webcast will be available after the event through to 11:59 PM ET February 1, 2024.

CONTACT INVESTOR RELATIONS

Tel: +1 610-337-1000

Tameka Morris, ext. 6297

Arnab Mukherjee, ext. 7498

Shelly Oates, ext. 3202

ABOUT UGI

UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, natural gas utilities in West Virginia, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas, in the Mid-Atlantic region of the United States and California, and internationally in France, Belgium, and the Netherlands.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

USE OF NON-GAAP MEASURES

Management uses "adjusted net income attributable to UGI Corporation" and "adjusted diluted earnin

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Press Release

UGI Reports Fiscal 2022 Results

Issues Fiscal 2023 Guidance

November 17, 2022

VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) reported financial results for the fiscal year ended September 30, 2022 and provided guidance for fiscal year 2023.

HEADLINES

•GAAP net income of $1,073 million and adjusted net income of $626 million compared to GAAP net income of $1,467 million and adjusted net income of $629 million in the prior year.

•GAAP diluted earnings per share (“EPS”) of $4.97 and adjusted diluted EPS of $2.90 compared to GAAP diluted EPS of $6.92 and adjusted diluted EPS of $2.96 in the prior year.

•Reportable segments earnings before interest expense and income tax1    ("EBIT") of $1,166 million compared to $1,134 million in the prior year.

•Strong balance sheet with available liquidity of approximately $1.7 billion, inclusive of $398 million in cash collateral received from derivative counterparties.

•Divested of the UK energy marketing business effective October 21, 2022.

•Announced the intent to sell the French energy marketing business, with a targeted closing2 in the first quarter of fiscal 2023, and to wind down energy marketing operations in Belgium and the Netherlands3.

•Issued fiscal 2023 adjusted diluted EPS guidance range of $2.85 - $3.154 while reiterating our long-term 6% - 10% EPS growth rate target.

STRATEGIC ACCOMPLISHMENTS

Reliable Earnings Growth:

•Invested a record level of capital ($562 million) and added over 14,000 residential and commercial heating customers at the Utilities

•Successfully concluded a gas base rate case at UGI Utilities comprised of a phased rate increase totaling $49.45 million as well as approval for a weather normalization adjustment mechanism

•Expanded our interest in the Appalachian basin natural gas gathering systems with the Stonehenge and Pennant acquisitions and continued to generate significant fee-based income

•Sustained LPG volumes and margins at UGI International despite 5% warmer weather and a 53% increase in average propane cost in northwest Europe

•Solid national account volumes at AmeriGas

Renewables:

•Made additional strides in our renewables strategy with investments in new RNG projects in South Dakota and New York

•Committed over $300 million to renewable energy projects to date

Rebalance:

•Rebalanced our portfolio with the record performance from our natural gas businesses and continued investments in replacement and betterment, renewables and our midstream capabilities

Roger Perreault, President and Chief Executive Officer of UGI Corporation said, “In fiscal 2022, our reportable segments delivered record EBIT, in aggregate, and the business reported the second highest GAAP and adjusted diluted EPS in its history. This solid financial performance is reflective of our resiliency and the strategic advantages of our diversified business portfolio, amidst a challenging macro-economic environment. We had record earnings in our Utilities and Midstream & Marketing segments, as well as continued strong performance from our LPG business at UGI International, and this helped to mitigate the impact of headwinds faced at AmeriGas and in the European energy marketing business. In fact, without the extreme market conditions

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that negatively impacted the European energy marketing business, we would have delivered well within our original fiscal 2022 guidance range.

"I am extremely proud of the dedication, flexibility and resiliency of our employees who worked tirelessly to execute against our 3-R strategy this year. Their commitment as we deployed record levels of capital and focused on margin management, expense control and safely serving our customers and communities, each and every day, culminated in these strong fiscal 2022 results. In addition, together our teams made tremendous progress on our ESG commitments and we were pleased to receive a rating upgrade to "AA" in the MSCI ESG rating assessment.

“As we embark on another fiscal year, we are progressing on several strategic priorities to drive growth and manage the current economic conditions in the US and Europe. We view fiscal 2023 as a year where we will be strengthening our platform, with focus on enhancing the performance of AmeriGas to drive long-term EPS and market share growth, as we navigate sustained inflationary pressures. UGI is committed to creating value for its shareholders and we will continue to execute our strategy to achieve the long-term financial commitments of 6 to 10% EPS growth and 4% dividend growth.”

2023 OUTLOOK

UGI provides an adjusted EPS guidance range of $2.85 - $3.154 per diluted share for the fiscal year ending September 30, 2023. This guidance range assumes normal weather, the current tax regime and divestiture of the energy marketing business located in France in the first quarter of fiscal 2023.

EARNINGS CALL and WEBCAST

UGI Corporation will hold a live Internet Audio We

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Press Release

UGI Reports Third Quarter Results

August 3, 2022

VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended June 30, 2022.

HEADLINES

•Q3 GAAP diluted earnings per share ("EPS") of $(0.03) and adjusted diluted EPS of $0.06 compared to GAAP diluted EPS of $0.71 and adjusted diluted EPS of $0.13 in the prior-year period.

•Year-to-date GAAP diluted EPS of $3.84 and adjusted diluted EPS of $2.90 compared to GAAP diluted EPS of $4.48 and adjusted diluted EPS of $3.30 in the prior-year period.

•Q3 reportable segments earnings before interest expense and income taxes1 ("EBIT") of $100 million compared to $98 million in the prior-year period.

•Strong balance sheet with available liquidity of approximately $2.1 billion as of June 30, 2022.

•Additional strides in our renewables strategy with a commitment to fully fund three projects to produce RNG in South Dakota, with a total investment of ~$70 million.

•Released the fourth annual ESG report entitled, "Transparency, Action and Progress", highlighting our strong progress on all key initiatives.

•On July 28, 2022, UGI Utilities' joint petition for settlement of its gas rate case was approved by a PA Public Utility Commission ("PA PUC") Administrative Law Judge, and is further subject to an order of the PA PUC. Pending approval, the settlement would permit a total of $49.45 million annual distribution rate increase, in two phases, with the first beginning October 29, 2022, and a weather normalization adjustment mechanism.

Roger Perreault, President and Chief Executive Officer of UGI Corporation said, “Commodity price volatility and intensifying inflationary pressures have created an increasingly challenging business environment. Amidst these pressures, UGI delivered reportable segments EBIT of $100 million for the quarter, in comparison to $98 million in the prior-year period. Adjusted diluted EPS for the quarter was $0.06, compared to $0.13 in fiscal 2021, largely due to $0.07 of CARES Act and other tax benefit in the prior fiscal year.

“At the Utilities, we continued to experience strong customer growth and the business is on track to deploy a record level of capital during this fiscal year. We also moved forward with the settlement agreement for our PA gas rate case that was filed in January 2022. Last week, the Administrative Law Judge recommended approval of our settlement to the PA PUC and we expect a final decision by early fall. In Midstream & Marketing, our strategy to build out our natural gas network continued to benefit the business and we experienced a 37% increase in margin for the quarter, when compared to the prior-year period. We also made progress in expanding our renewables footprint, with two previously-announced projects expected to come online this year and a commitment to fund RNG projects in South Dakota. The Global LPG businesses remain focused on efficiency, expense control and margin management. As we announced last quarter, we embarked on a strategic review of UGI International’s energy marketing business and remain open to a range of options, including a sale and wind-down of operations.

“Based on the year-to-date results and expectations for the fourth quarter, UGI now expects to be at the bottom end, or slightly below, its fiscal 2022 adjusted diluted EPS guidance range of $2.90 to $3.002 per share. There is continued economic uncertainty due to persistent inflation, commodity price volatility, customer price sensitivity, and labor shortages. Nevertheless, we believe in the resiliency of our business and are laser-focused on executing our strategy to

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continue meeting shareholder commitments and long-term financial targets of 6 – 10% EPS growth and 4% dividend growth. This strategy is focused on delivering reliable earnings growth, increasing our focus on renewables and rebalancing our portfolio towards natural gas. We are confident in the strength of our asset quality and have ample liquidity to meet our capital needs.”

KEY DRIVERS OF THIRD QUARTER RESULTS

•AmeriGas: Lower total margin due to 6% decline in retail volume and lower average LPG unit margins

•UGI International: Retail volume down 7% on weather that was 29% warmer than the prior year period; higher LPG unit margins due to margin management efforts

•Midstream & Marketing: Total margin up $24 million (37%), largely reflecting higher capacity management margin resulting from the timing of settlement of storage hedge contracts, increased commodity marketing margin and the incremental earnings from the UGI Moraine East (formerly Stonehenge) acquisition

•Utilities: EBIT up $15 million (60%), largely driven by benefits from the Distribution System Improvement Charge ("DSIC") and growth in residential and large delivery service customers

EARNINGS CALL AND WEBCAST

UGI Corporation will hold a live Internet Audio Webcast of its conference call

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Press Release

UGI Reports Second Quarter Results and Updates Fiscal 2022 Guidance

May 4, 2022

VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended March 31, 2022.

HEADLINES

•Q2 GAAP diluted earnings per share ("EPS") of $4.32 and adjusted diluted EPS of $1.91 compared to GAAP diluted EPS of $2.33 and adjusted diluted EPS of $1.99 in the prior-year period.

•Year-to-date GAAP diluted EPS of $3.87 and adjusted diluted EPS of $2.84 compared to GAAP diluted EPS of $3.77 and adjusted diluted EPS of $3.17 in the prior-year period.

•Q2 reportable segments earnings before interest expense and income taxes1 ("EBIT") of $631 million compared to $630 million in the prior-year period.

•Strong balance sheet with available liquidity of approximately $1.9 billion as of March 31, 2022.

•On May 4, 2022, UGI's Board of Directors approved an increase to its quarterly dividend to $0.36 per share marking the 35th consecutive year of annual dividend increases.

•Updated Fiscal 2022 adjusted EPS guidance to a range of $2.90 - $3.002 per share.

“Despite ongoing macro-economic headwinds and the current geopolitical environment, our business demonstrated tremendous resiliency during the fiscal second quarter to deliver adjusted EBIT for our reportable segments of $631 million, which was fairly consistent with the prior fiscal year," said Roger Perreault, President and Chief Executive Officer of UGI Corporation. "Our natural gas businesses delivered strong results which reflected incremental earnings from Mountaineer and higher base rates at UGI Utilities. Higher LPG margins and disciplined expense control actions throughout the business partially offset the decline in energy marketing margin at UGI International and lower volumes at AmeriGas, largely stemming from customer service challenges experienced in the prior year and increased price sensitivity in the higher commodity cost environment.

“Given the fiscal year to date performance, we expect adjusted EPS for fiscal 2022 to be within a revised guidance range of $2.90 to $3.00. Our teams have implemented margin management and expense control actions which are expected to provide incremental benefits for the remainder of the fiscal year, significantly changing our fiscal 2022 earnings profile for the back half of the year when compared to our historical trend.

“We are focused on our strategy to deliver reliable earnings growth, invest in renewables and rebalance our portfolio. With that in mind, we have initiated a strategic review of the energy marketing business at UGI International. Separately, our Utilities segment remains on track to achieve yet another record capital investment year.

“Looking forward, we are optimistic about the opportunities ahead and believe UGI is well-positioned to build increasing value and long-term growth for its shareholders.”

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KEY DRIVERS OF SECOND QUARTER RESULTS

•AmeriGas: Lower total margin due to 8% decline in retail volume; higher average LPG unit margins

•UGI International: Higher LPG total margin due to margin management efforts; lower energy marketing margin due to significant increases and volatility in commodity prices

•Midstream & Marketing: Total margin down $10 million, largely reflecting lower capacity management margin resulting from the timing of settlement of storage hedge contracts

•Utilities: EBIT up $52 million, largely driven by incremental earnings from Mountaineer, higher base rates and benefits from the Distribution System Improvement Charge (DSIC) at UGI Utilities

EARNINGS CALL AND WEBCAST

UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss the quarterly earnings and other current activities at 9:00 AM ET on Thursday, May 5, 2022. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://www.ugicorp.com/investors/financial-reports/presentations or by visiting the company website https://www.ugicorp.com and clicking on Investors and then Presentations. A telephonic replay will be available from 12:00 PM ET on May 5 through 11:59 PM ET May 12. The replay may be accessed toll free at 855-859-2056 and internationally at +1 404-537-3406, conference ID 9390638.

CONTACT INVESTOR RELATIONS

610-337-1000

Tameka Morris, ext. 6297

Arnab Mukherjee, ext. 7498

Shelly Oates, ext. 3202

ABOUT UGI

UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, natural gas utilities in West Virginia, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas, in the Mid-Atlantic region of the United Stat

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Press Release

UGI Reports First Quarter Results and Solid Progress on Rebalancing Strategy

February 2, 2022

VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) today reported financial results for the fiscal quarter ended December 31, 2021.

HEADLINES

•Q1 GAAP diluted earnings per share ("EPS") of $(0.46) and adjusted diluted EPS of $0.93 compared to GAAP diluted EPS of $1.44 and adjusted diluted EPS of $1.18 in the prior-year period.

•Results reflect the impact of all-time record warm weather in the U.S. in December and significant increases and volatility in commodity prices on LPG and energy marketing margins in Europe, partially offset by incremental contribution from strategic investments in the natural gas businesses.

•Received a rating upgrade to "AA" in the MSCI ESG rating assessment in December 2021.

•Obtained regulatory approval for the intended joint venture with SHV Energy and announced a 15-year agreement with Vertimass to utilize their catalytic technology to produce renewable fuels.

•Completed the previously announced acquisition of Stonehenge on January 27, 2022.

•Filed a gas base rate case for UGI Utilities for an overall distribution rate increase of approximately $83 million and a request for a weather normalization adjustment mechanism with the PA Public Utility Commission on January 28, 2022.

Roger Perreault, President and Chief Executive Officer of UGI Corporation, stated "This quarter, we navigated the challenging macro-economic environment that provided rising cost inflation and a tight labor market. With this backdrop, UGI reported lower first quarter 2022 adjusted results, which were impacted by unfavorable weather in the U.S. as the country experienced the warmest December on record. AmeriGas reported lower volumes due to weather, the impact of customer service challenges from the prior year after establishing the new operating business model, and the effect of higher commodity prices on customer usage. We also saw significantly higher and unprecedented volatility in commodity prices in Europe that had a negative impact on average LPG unit and energy marketing margins at UGI International. Our natural gas businesses delivered strong results, despite the warmer weather, due to incremental earnings from Mountaineer and higher margin from renewable energy marketing activities.

"Consistent with our past practice, we do not discuss adjusted EPS guidance until the completion of the second fiscal quarter. However, we remain focused on executing our strategy in order to achieve our long-term EPS growth commitment of 6 – 10%. We have developed a robust plan to leverage our proven capabilities of focused margin and expense management and expect increased benefits as fiscal 2022 progresses due to ongoing expense control and other actions to recover the Q1 shortfall. In addition, there is still a significant portion of the heating season ahead and we are encouraged that January was colder than normal in the U.S.

“We continue to advance on our strategy to further invest in renewables and rebalance our business in order to deliver reliable earnings growth. The Stonehenge acquisition that closed in January 2022 represents an important step in both our rebalancing and reliability efforts. This investment is in some of the most prolific production areas in the Appalachian Basin, is immediately accretive to earnings and has stable cash flows underpinned by a long-term contract with minimum volume commitments.

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"In December 2021, we were pleased to receive regulatory approval of the intended joint venture with SHV Energy to produce rDME. In addition, we have announced several partnerships related to renewables, with the most recent being a partnership with Vertimass to produce and distribute renewable energy solutions within the U.S. and Europe. Our continued efforts to advance our ESG programs and activities were recognized with the upgrade to “AA” by MSCI."

KEY DRIVERS OF FIRST QUARTER RESULTS

•AmeriGas: Lower total margin due to 13% decline in retail volume; higher average LPG unit margins due to effective margin management

•UGI International: Retail volume up 6% on weather that was 6.6% colder than the prior-year period; lower LPG and energy marketing margin with the significant increases and volatility in commodity prices

•Midstream & Marketing: Higher total margin reflecting increased margin from renewable energy marketing activities and capacity management

•Utilities: Higher earnings before interest expense and income taxes1 ("EBIT") largely driven by incremental earnings from Mountaineer, higher gas base rates and implementation of a Distribution System Improvement Charge (DSIC) at UGI Utilities

EARNINGS CALL AND WEBCAST

UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss the quarterly earnings and other current activities at 9:00 AM ET on Thursday, February 3, 2022. Interested p

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UGI Reports Record Fiscal 2021 Results

Issues Fiscal 2022 Guidance

NOVEMBER 18, 2021

VALLEY FORGE, PA - UGI Corporation (NYSE: UGI) reported financial results for the fiscal year ended September 30, 2021 and provided guidance for fiscal year 2022.

HEADLINES

•Record GAAP net income of $1,467 million and adjusted net income of $629 million compared to GAAP net income of $532 million and adjusted net income of $561 million in the prior year.

•Record GAAP diluted earnings per share (“EPS”) of $6.92 and adjusted diluted EPS of $2.96 compared to GAAP diluted EPS of $2.54 and adjusted diluted EPS of $2.67 in the prior year.

•Reportable segments earnings before interest expense and income tax1    ("EBIT") of $1,134 million compared to $1,029 million in the prior year.

•Fiscal year performance at the top end of our revised guidance range issued on May 5, 2021, prior to $0.03 non-cash adjustment on equity units issued in May 2021 now reflecting the required if-converted method2.

•Completed the strategic acquisition of Mountaineer Gas Company, the largest gas local distribution company in West Virginia, adding approximately 6,200 miles of pipelines and nearly 214,000 customers.

•Committed investment of over $100 million to renewable natural gas ("RNG") projects in the U.S.

•Issued Fiscal 2022 adjusted diluted EPS guidance range of $3.05 - $3.253 while reiterating our long-term 6% - 10% EPS growth rate target.

"Our solid Fiscal 2021 results reflect the strength of our diversified business and the commitment and resiliency of our employees," said Roger Perreault, President and Chief Executive Officer of UGI Corporation. "We are proud to have delivered record adjusted diluted EPS of $2.96 and strong value creation for the year, while also making progress on environmental, social and governance (“ESG”) initiatives. During Fiscal 2021, we completed the acquisition of Mountaineer Gas Company and deployed a record level of capital at UGI Utilities. Midstream & Marketing entered into several partnerships to produce RNG, with over $100 million committed during the year. We also made great progress to improve the weather resiliency of our business and enhance customer experience through our LPG business transformation initiatives.

"Further demonstrating our commitment to sustainability, we established a dedicated ESG team and committed to reducing Scope I greenhouse gas emissions by 55% by 2025 using 2020 as the base year. We made great strides in advancing Belonging, Inclusion, Diversity and Equity ("BIDE") and were pleased to increase our domestic spend and commitment with diverse suppliers by over 20%.

"As we turn to Fiscal 2022, we are well positioned to drive growth and create value for our investors, customers and employees. Our strategy of delivering reliable earnings growth, investing in renewable energy solutions and rebalancing our portfolio is delivering results. We will continue to execute our strategy to deliver on our long-term commitment of 6 to 10% EPS growth and 4% dividend growth. We look forward to discussing our long-term outlook at our Virtual Investor Day in December."

STRATEGIC ACCOMPLISHMENTS

•Reliable Earnings Growth

•UGI Utilities invested a record level of capital ($394 million) and added over 12,000 residential and commercial heating customers in Pennsylvania

•Completed the acquisition of Mountaineer Gas Company which increased rate base to approximately $3 billion

•Midstream & Marketing expanded its interest in the Appalachian basin natural gas gathering systems with the Pine Run investment and continued to generate significant fee-based income

•UGI International generated record financial results, increasing EBIT by 22% over the prior year, and realized €14 million in annual benefits from the business transformation initiatives

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•AmeriGas achieved over 9% growth in national account volumes and $78 million in incremental annual benefits from the business transformation initiatives

•Renewables:

•Committed over $100 million to renewable natural gas projects in Idaho, New York, Ohio, Kentucky and South Dakota

•Announced an intended joint venture to advance the production and use of Renewable Dimethyl Ether (“rDME”), a low-carbon sustainable liquid gas, in the LPG industry in the US and Europe. The aggregate investment of both joint venture participants is estimated to be up to $1 billion and is expected to involve third party investment

•Rebalance: Progressed on our objective to rebalance our portfolio through the aforementioned Mountaineer Gas acquisition and investments in replacement and betterment, Pine Run Midstream asset and renewables

2022 OUTLOOK

UGI provides an adjusted EPS guidance range of $3.05 - $3.253 per diluted share for the fiscal year ending September 30, 2022. This guidance range assumes normal weather, the current tax regime and includes the negative impact of approximately $0.06 per