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Here are 1-3 brief analogies to describe UGI:

• It's like 'the **Con Edison** for gas and electricity in its region, combined with **UPS** for national propane delivery.'
• Imagine a diversified energy company like **Dominion Energy** or **NextEra Energy**, but with a significant national retail propane distribution business on top.

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• Natural Gas Distribution: Provides natural gas services to residential, commercial, and industrial customers primarily in Pennsylvania.
• Electric Distribution: Distributes electricity to customers within a specific service territory in Pennsylvania.
• Propane and LPG Distribution: Sells and delivers propane and other liquefied petroleum gases (LPG) to residential, commercial, and industrial customers, mainly across the U.S. and internationally.
• Midstream and Energy Marketing: Operates natural gas gathering, processing, storage, and transportation infrastructure, and engages in energy marketing activities.

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UGI Corporation (symbol: UGI) primarily sells natural gas and propane to a wide array of end-users, including residential, commercial, and industrial customers, rather than relying on a few major corporate clients. Therefore, it serves primarily individuals and businesses of varying sizes, which can be grouped into the following categories:

• Residential Customers: These are individual households that utilize natural gas or propane for heating, cooking, water heating, and other domestic energy needs. This segment represents a significant portion of UGI's customer base through its utility operations (UGI Utilities) and propane distribution businesses (AmeriGas and UGI International).
• Commercial Customers: This category includes a diverse group of businesses, such as retail stores, restaurants, schools, hospitals, office buildings, and other small to medium-sized enterprises. They use natural gas or propane for space heating, water heating, cooking, and various other operational purposes.
• Industrial Customers: This segment comprises larger enterprises, including manufacturing facilities, agricultural operations, and other industrial sites that require significant volumes of natural gas or propane for industrial processes, power generation, heating, and other specialized applications.

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• Williams Companies (WMB)
• TC Energy (TRP)
• Enbridge (ENB)

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Robert Flexon President and Chief Executive Officer

Robert Flexon was appointed President and Chief Executive Officer of UGI Corporation, effective November 1, 2024. Prior to this role, he served as Interim President and Chief Executive Officer of Capstone Green Energy Holdings, Inc. from August 2023 to March 2024. Mr. Flexon also serves as Chairman of the Board of Nexus Water Group (since 2024) and Capstone Green Energy Holdings, Inc (since 2021), where he joined as a Director in 2018.

Sean O'Brien Chief Financial Officer

Sean O'Brien was named Chief Financial Officer of UGI Corporation, effective April 11, 2023. He previously served for 14 years as Group Vice President and Chief Financial Officer for DCP Midstream, a publicly traded midstream energy asset portfolio company. Mr. O'Brien also held various financial leadership roles at Duke Energy Corp., including Chief Financial Officer and Controller.

John Koerwer Chief Information Officer

John Koerwer has served as the Chief Information Officer of UGI Corporation since 2020. Before this, he was the Vice President, Information Technology, for UGI International and also held various IT/IS leadership roles for The Linde Group.

Kathleen Shea Ballay General Counsel and Chief Legal Officer

Kathleen Shea Ballay holds the position of General Counsel and Chief Legal Officer at UGI Corporation.

Jean Felix Tematio Dontsop Vice President, Chief Accounting Officer (CAO), and Controller

Jean Felix Tematio Dontsop has been the Vice President, Chief Accounting Officer (CAO), and Controller of UGI Corporation since 2021. His previous experience includes serving as Vice President of Internal Audit at West Pharmaceuticals Services, Inc. since 2020, and various roles at PricewaterhouseCoopers, including Audit Director and Audit Senior Manager.

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Key Risks to UGI's Business:

1. Significant Indebtedness and Financial Leverage: UGI faces considerable risk due to its substantial debt levels, which could limit its financial flexibility and increase its vulnerability to economic downturns. As of the end of fiscal 2025, UGI Corporation's leverage ratio stood at 3.9x, with the AmeriGas Propane segment's leverage even higher at 4.9x. The company's significant indebtedness could also adversely affect its ability to finance operations and growth initiatives. Some analyses suggest that UGI's debt levels make it somewhat risky, with total consolidated debt at $7.134 billion as of 2025.
2. Market Risks (Weather Sensitivity and Commodity Price Volatility): The demand for UGI's energy products, particularly heating products, is highly seasonal and sensitive to weather conditions; warmer-than-normal weather can reduce demand and adversely affect revenues. Additionally, UGI is exposed to commodity price risk, with fluctuations in the prices it pays for LPG and natural gas impacting profitability if cost increases cannot be fully or timely passed on to customers. Climate change also presents a risk, potentially leading to more severe weather events that could impact operations and supply chains.
3. Regulatory and Climate Change Risks: UGI is subject to extensive regulations, including those related to environmental impact and greenhouse gas emissions. Compliance with new or changing regulations could increase operational costs and limit revenue growth. There is also a risk that regulators may not approve necessary rate increases for UGI's utility businesses to cover rising costs, which could hurt profitability.

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The accelerating electrification of heating and other energy end-uses traditionally served by natural gas and propane. This trend, driven by global and local climate policies promoting decarbonization and rapid advancements in electric heat pump technology, poses a direct threat to UGI's natural gas utility, midstream, and propane distribution businesses by reducing demand for their core products.

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UGI Corporation (NYSE: UGI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

1. Increased Gas and Electric Base Rates and DSIC Benefits: UGI's Utilities segment has benefited from and anticipates continued growth due to higher gas and electric base rates and increased Distribution System Improvement Charge (DSIC) revenues. These regulatory mechanisms allow the company to recover investments and operating costs, contributing to revenue expansion.
2. Customer Growth in Regulated Natural Gas Utilities: The company has demonstrated consistent customer growth, particularly in its natural gas utilities division. For instance, UGI added over 12,000 residential heating and commercial customers in fiscal year 2024, increasing its utility customer base to approximately 962,000. This expansion of the customer base directly translates to higher recurring revenue.
3. Strategic Infrastructure Investments and Rate Base Expansion: UGI is prioritizing strategic infrastructure investments, predominantly in its regulated natural gas businesses. These investments, such as infrastructure replacement and betterment, are crucial for driving rate base expansion, which is identified as the primary growth engine for its natural gas businesses. The company deployed approximately $500 million in its regulated utilities primarily for infrastructure replacement and betterment in fiscal 2024.
4. Enhanced Capacity Management in Midstream and Marketing: The Midstream and Marketing segment has shown significant improvement, with increased adjusted EPS largely due to higher capacity management margins and optimization of peaking assets. This strategic management of assets and capacity is expected to continue contributing positively to revenue.
5. Improved LPG Unit Margins at UGI International: UGI International has experienced substantial year-over-year improvement, primarily driven by higher LPG unit margins and lower operating and administrative expenses. While the company is strategically exiting certain lower-margin businesses within its global LPG segment, the focus on optimizing profitable customer segments and improving unit margins is a key driver for this segment's revenue.

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Share Repurchases

• UGI made share repurchases totaling $16.63 million in March 2025, $10.65 million in March 2023, $11.65 million in December 2022, and $38.28 million in June 2022.
• As of November 2025, UGI Corporation's subsidiaries, AmeriGas Partners and AmeriGas Finance Corp., launched a cash tender offer to repurchase up to $450 million of their 5.500% Senior Notes due in 2025.

Share Issuance

• The number of basic shares outstanding for UGI increased by 0.72% to $0.211 billion in 2024.
• The number of shares outstanding for UGI Corporation was approximately 0.20 billion in 2020 and is projected to be 214,813,000 at the end of 2025.

Outbound Investments

• UGI expects to invest more than $1 billion in renewable gas projects through 2025.
• In Q1 2025, the midstream and marketing segment acquired Superior Appalachian for $120 million.
• In fiscal 2020, UGI's Midstream & Marketing segment acquired GHI Energy, LLC, a company marketing renewable natural gas in California.

Capital Expenditures

• UGI deployed over $200 million in capital investments in Q1 2025, primarily focused on natural gas infrastructure modernization.
• UGI Utilities plans to support over $750 million in investments for natural gas distribution system improvements, partly through a proposed $110 million gas base rate increase.
• For fiscal year 2021, UGI Utilities committed over $265 million to replace natural gas mains and associated facilities, along with other system enhancements.