Here are 1-2 brief analogies to describe UGI Corporation:

• Like Duke Energy or Southern Company, but with a massive global propane delivery network.
• Imagine a blend of your local gas and electric utility, similar to Con Edison, and a leading international propane delivery service.

• Propane/LPG Distribution: Distributes propane and liquefied petroleum gases (LPG) to a wide range of residential, commercial, and industrial customers in the US and internationally.
• Natural Gas Distribution: Delivers natural gas to residential, commercial, and industrial customers through its utility systems in Pennsylvania.
• Electricity Distribution & Supply: Provides electricity distribution and supply to customers in northeastern Pennsylvania.
• Electric Power Generation: Operates and develops facilities to generate electricity from various sources including natural gas, coal, solar, and landfill gas.
• Natural Gas Midstream Services: Manages, develops, owns, and operates natural gas pipelines, gathering infrastructure, and storage facilities.
• Energy Storage & Logistics: Offers storage and transportation services for energy products, including propane, LPG, and natural gas liquefaction and vaporization.
• Liquid Fuels Sales: Retails liquid fuels to residential, commercial, and industrial customers.

UGI Corporation primarily serves a diverse base of customers, including a large number of individuals and various types of businesses. Its major customer categories are:

• Residential Customers: Individuals and households utilizing propane, liquefied petroleum gases (LPG), natural gas, and electricity for their homes. This constitutes a significant portion of their customer base across their AmeriGas Propane, UGI International, Midstream & Marketing, and UGI Utilities segments.
• Commercial and Industrial Customers: Businesses, factories, and other organizations that use natural gas, electricity, propane, and LPG for their operations, heating, and power needs. These customers are served across all operating segments.
• Wholesale Customers and Third-Party Distributors: Other companies that purchase propane and LPG in bulk for resale, or to supply specific markets. This category also includes specialized customers such as those in the agricultural sector and motor fuel users. UGI also provides logistics, storage, and other services to third-party LPG distributors.

Robert Flexon — President and Chief Executive Officer

Robert Flexon was appointed President and Chief Executive Officer of UGI Corporation on November 1, 2024. He previously served as UGI's Chief Financial Officer from February 2011 to July 2011. Mr. Flexon has extensive leadership experience in the energy sector, including serving as President and Chief Executive Officer and Director of Dynegy Inc. from 2011 to 2018. Prior to that, he was Chief Executive Officer of Foster Wheeler AG in 2010, and President and Chief Executive Officer of Foster Wheeler USA from 2009 to 2010. He held various executive roles at NRG Energy, Inc. from 2004 to 2009, including Executive Vice President and Chief Financial Officer, and Executive Vice President and Chief Operating Officer. Mr. Flexon's career also includes executive positions with Hercules, Inc., and key roles with Atlantic Richfield Company. He began his career as a CPA with Coopers & Lybrand from 1980 to 1987. He has served as Chair of the Board of Nexus Water Group (a privately held company) since 2024, and was the former Chair of the Board of Capstone Green Energy Holdings, Inc., where he also served as Interim President and CEO from August 2023 to March 2024 to lead its restructuring. Additionally, he was previously Chair of the Board of Directors of PG&E Corporation from 2020 until October 31, 2024, and served as a director of The Electric Reliability Council of Texas, Inc. from 2021 until December 2024.

Sean O'Brien — Chief Financial Officer

Sean O'Brien was appointed Chief Financial Officer of UGI Corporation in April 2023. He is a certified public accountant with over 25 years of financial and energy industry experience. Before joining UGI, Mr. O'Brien spent 14 years with DCP Midstream, where he served as Group Vice President and Chief Financial Officer from 2012 to 2023. Prior to DCP Midstream, he held various financial leadership positions at Duke Energy, including Divisional Chief Financial Officer, Commercial Business from 2006 to 2009, and Vice President and Controller, Duke Energy Generation Services from 2005 to 2006. Mr. O'Brien holds a degree in accounting from Temple University.

Kathleen Shea Ballay — General Counsel and Chief Legal Officer

Kathleen Shea Ballay serves as the General Counsel and Chief Legal Officer of UGI Corporation.

John Koerwer — Chief Information Officer

John Koerwer holds the position of Chief Information Officer at UGI Corporation.

Joseph L. Hartz — President, UGI Energy Services, LLC

Joseph L. Hartz is the President of UGI Energy Services, LLC, a subsidiary of UGI Corporation.

Here are the key risks to UGI Corporation's business:

1. High Indebtedness and Financial Leverage: UGI faces significant financial risk due to its substantial debt load and leverage ratios, particularly within its AmeriGas Propane segment. As of the end of fiscal 2025, UGI Corporation's leverage ratio stood at 3.9x, with AmeriGas Propane's leverage even higher at 4.9x. This high debt burden limits financial flexibility and increases the company's vulnerability to economic downturns and fluctuations in interest rates. While management is focused on debt reduction, it remains a critical area of concern.
2. Weather Sensitivity and Declining Propane/LPG Volumes: A considerable portion of UGI's business, particularly its AmeriGas and UGI International segments, is highly susceptible to weather conditions. Warmer-than-normal winters can significantly reduce demand for heating products, directly impacting revenues and leading to declining LPG volumes internationally and customer attrition in the domestic propane business. Additionally, competition from more affordable natural gas alternatives further pressures demand for propane.
3. Regulatory and Energy Transition Risks: UGI operates in a heavily regulated industry, making it susceptible to changes in environmental laws, safety standards, and other regulatory requirements. The ongoing global transition to a lower-carbon economy poses a substantial long-term risk, as new regulations and initiatives aimed at reducing carbon emissions could erode demand for UGI's traditional fossil fuel products and increase operational costs. This includes competition from alternative and renewable energy sources.

The ongoing global transition towards electrification and renewable energy sources poses a clear emerging threat to UGI's core business model. This includes the increasing adoption of electric heating solutions like heat pumps, which reduce demand for propane and natural gas, and the growth of electric vehicles, impacting motor fuel sales. Furthermore, the expansion of renewable energy generation challenges the demand for UGI's natural gas and other fossil fuel-based electricity generation and infrastructure assets.

UGI Corporation operates in several energy markets across the United States and internationally, distributing propane, liquefied petroleum gas (LPG), natural gas, and electricity.

The addressable markets for UGI's main products and services are as follows:

• Propane Distribution (United States): The U.S. propane market is estimated to be approximately 47.1 billion USD in 2026.
• LPG Distribution (Europe): The Europe LPG market was valued at 38.55 billion USD in 2024 and is projected to reach 39.71 billion USD in 2025.
• Natural Gas Distribution (Pennsylvania, U.S.): The market size of the natural gas distribution industry in Pennsylvania is 10.0 billion USD in 2026.
• Electricity Retail Sales (Pennsylvania, U.S.): The total retail sales in the Pennsylvania electricity market were approximately 17.78 billion USD in 2024, calculated from 142,146,514 megawatt-hours of retail sales at an average retail price of 12.51 cents per kilowatt-hour.

UGI Corporation is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Regulated Natural Gas Utility Rate Base Expansion and Customer Growth: UGI plans significant capital investments in its U.S. regulated natural gas utilities, focusing on infrastructure replacement, system modernization, and the addition of new residential heating and commercial customers. This expansion of the rate base, along with higher gas base rates in regions like Pennsylvania and West Virginia, is anticipated to contribute to increased revenue.
2. Midstream and Marketing Infrastructure Expansion & Renewable Natural Gas (RNG) Projects: The company is investing in its Midstream & Marketing segment, with plans for $600-$800 million in Appalachian gathering, storage, and LNG projects through 2027 to expand capacity and debottleneck existing operations. Additionally, UGI is scaling up its Renewable Natural Gas (RNG) platform, targeting 15-20 RNG interconnects in service or under construction by fiscal year 2026, and exploring low-carbon propane blends, which will open new revenue streams.
3. AmeriGas Operational Efficiencies and Retail Propane Volume Stabilization: UGI is implementing operational and financial improvements across AmeriGas, its propane distribution segment, to enhance efficiency, reduce costs, and improve customer retention. These initiatives are aimed at stabilizing and ultimately growing retail propane volumes year-over-year.
4. Strategic Portfolio Optimization and Reinvestment: UGI is executing a strategic reset by divesting non-core European LPG businesses, with anticipated proceeds of $2.2-$2.5 billion, and reinvesting these funds into higher-return U.S. natural gas utilities and energy services. This strategic shift is designed to improve the quality of earnings, strengthen the balance sheet, and focus capital on more profitable ventures.

Share Repurchases

• In February 2026, UGI increased its equity buyback plan authorization to 8,000,000 shares and extended it through February 2030.
• From October 1, 2025 to December 31, 2025, UGI repurchased 300,000 shares for $11.54 million. Additionally, in fiscal year 2025, the company purchased 1,000,000 shares at a cost of $33 million.

Share Issuance

• In May 2021, UGI issued 2,000,000 equity units in a public offering, generating approximately $191.9 million in net proceeds (or $211.3 million if the underwriters fully exercised their option).
• The proceeds from the May 2021 offering were primarily intended to fund a portion of the Mountaineer Gas Company acquisition and for general corporate purposes.
• The settlement of equity units during fiscal year 2024 resulted in the issuance of 5,054,030 shares of common stock.

Outbound Investments

• UGI is divesting its 56% stake in UGI International, with an expected enterprise value between $2.2 billion and $2.5 billion, to reduce debt and fund utility and midstream capital spending.
• In February 2025, UGI acquired Superior Appalachian for $120 million, which is expected to be accretive to earnings in its first year.
• UGI has committed $500 million for cumulative equity investments in 10 renewable natural gas (RNG) projects over the next several years.

Capital Expenditures

• UGI plans a capital investment program of $4.5 billion to $4.9 billion for fiscal years 2026-2029, targeting a 5-7% EPS compound annual growth rate.
• The Pennsylvania gas utility is executing a $3.5 billion to $4.0 billion capital program from fiscal years 2025-2029, focused on pipe replacement, system modernization, and customer additions.
• For fiscal year 2025, UGI plans to invest $800 million to $900 million, with a focus on strengthening operations, particularly in natural gas businesses.