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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ________

Commission file number 1-11071

UGI CORPORATION

(Exact name of registrant as specified in its charter)


Pennsylvania						23-2668356
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

500 North Gulph Road, King of Prussia, PA 19406

(Address of Principal Executive Offices) (Zip Code)

(610) 337-1000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class:	Trading Symbol(s):	Name of each exchange on which registered:
Common Stock, without par value	UGI	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý

At April 30, 2026, there were 214,393,712 shares of UGI Corporation Common Stock, without par value, outstanding.

Table of Contents

UGI CORPORATION AND SUBSIDIARIES

TABLE OF CONTENTS


			Page

Glossary of Terms and Abbreviations			1

Part I Financial Information

Item 1. Financial Statements (unaudited)

Condensed Consolidated Balance Sheets as of March 31, 2026, September 30, 2025 and March 31, 2025			4

Condensed Consolidated Statements of Income for the three and six months ended March 31, 2026 and 2025			5

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended March 31, 2026 and 2025			6

Condensed Consolidated Statements of Cash Flows for the six months ended March 31, 2026 and 2025			7

Condensed Consolidated Statements of Changes in Equity for the three and six months ended March 31, 2026 and 2025			8

Notes to Condensed Consolidated Financial Statements			9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			34

Item 3. Quantitative and Qualitative Disclosures About Market Risk			52

Item 4. Controls and Procedures			54

Part II Other Information

Item 1. Legal Proceedings			55

Item 1A. Risk Factors			55

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			55

Item 5. Other Information			55



Item 6. Exhibits			55

Signatures			58

Table of Contents

GLOSSARY OF TERMS AND ABBREVIATIONS

Terms and abbreviations used in this Form 10-Q are defined below:

UGI Corporation and Related Entities

AmeriGas OLP - AmeriGas Propane, L.P., the principal operating subsidiary of AmeriGas Partners

AmeriGas Partners - AmeriGas Partners, L.P., an indirect wholly owned subsidiary of UGI; also referred to, together with its consolidated subsidiaries, as the “Partnership”

AmeriGas Propane - Reportable segment comprising AmeriGas Propane, Inc. and its subsidiaries, including AmeriGas Partners and AmeriGas OLP

AmeriGas Propane, Inc. - A wholly owned second-tier subsidiary of UGI and the general partner of AmeriGas Partners

AvantiGas - AvantiGas Limited, an indirect wholly owned subsidiary of UGI International, LLC

Company - UGI and its consolidated subsidiaries collectively

Electric Utility - UGI Utilities’ regulated electric distribution utility

Energy Services - UGI Energy Services, LLC, a wholly owned subsidiary of Enterprises

Enterprises - UGI Enterprises, LLC, a wholly owned subsidiary of UGI

ESFC - Energy Services Funding Corporation, a wholly owned subsidiary of Energy Services

Flaga - Flaga GmbH, an indirect wholly owned subsidiary of UGI International, LLC, prior to its sale in November 2025

Gas Utility - UGI’s regulated natural gas businesses, inclusive of PA Gas Utility and WV Gas Utility

Midstream & Marketing - Reportable segment comprising Energy Services and subsidiaries

Mountaineer - Mountaineer Gas Company, a natural gas distribution company in West Virginia and a wholly owned subsidiary of Mountaintop Energy Holdings, LLC

Mountaintop Energy Holdings, LLC - Parent company of Mountaineer and wholly owned subsidiary of UGI

PA Gas Utility - UGI Utilities’ regulated natural gas distribution business, primarily located in Pennsylvania

Partnership - AmeriGas Partners and its consolidated subsidiaries, including AmeriGas OLP; also referred to as “AmeriGas Partners”

UGI - UGI Corporation or, collectively, UGI Corporation and its consolidated subsidiaries

UGI France - UGI France SAS (a Société par actions simplifiée), an indirect wholly owned subsidiary of UGI International, LLC

UGI International - Reportable segment principally comprising UGI International, LLC and its foreign operations

UGI International, LLC - UGI International, LLC, a wholly owned subsidiary of Enterprises

UGI Utilities - UGI Utilities, Inc., a wholly owned subsidiary of UGI comprising PA Gas Utility and Electric Utility

UniverGas - UniverGas Italia S.r.l, an indirect wholly owned subsidiary of UGI International, LLC prior to its sale in June 2025

Utilities - Reportable segment comprising UGI Utilities and Mountaintop Energy Holdings, LLC

WV Gas Utility - Mountaineer’s regulated natural gas distribution business, located in West Virginia

Table of Contents

Other Terms and Abbreviations

2025 Annual Report - UGI Annual Report on Form 10-K for the fiscal year ended September 30, 2025

2025 six-month period - Six months ended March 31, 2025

2025 three-month period - Three months ended March 31, 2025

2026 six-month period - Six months ended March 31, 2026

2026 three-month period - Three months ended March 31, 2026

AmeriGas Senior Secured Revolving Credit Facility - Revolving credit agreement entered into by AmeriGas OLP on August 2, 2024 and scheduled to expire in August 2029

AOCI - Accumulated Other Comprehensive Income (Loss)

ASC - Accounting Standards Codification

ASC 606 - ASC 606, “Revenue from Contracts with Customers”

ASU - Accounting Standards Update

Bcf - Billions of cubic feet

COA - Consent Order and Agreement

CODM - Chief Operating Decision Maker as defined in ASC 280, “Segment Reporting”

Common Stock - Shares of UGI common stock

DS - Default service

Exchange Act - Securities Exchange Act of 1934, as amended

FASB - Financial Accounting Standards Board

FDIC - Federal Deposit Insurance Corporation

FERC - Federal Energy Regulatory Commission

Fiscal 2024 - The fiscal year ended September 30, 2024

Fiscal 2025 - The fiscal year ended September 30, 2025

Fiscal 2026 - The fiscal year ending September 30, 2026

Fiscal 2027 - The fiscal year ending September 30, 2027

GAAP - U.S. generally accepted accounting principles

Gwh - Millions of kilowatt hours

ICE - Intercontinental Exchange

IREP - Infrastructure Replacement and Expansion Plan

IRPA - Interest rate protection agreement

LNG - Liquefied natural gas

LPG - Liquefied petroleum gas

MDPSC - Maryland Public Service Commission

Table of Contents

MGP - Manufactured gas plant

NOAA - National Oceanic and Atmospheric Administration

NPNS - Normal purchase and normal sale

NTSB - National Transportation Safety Board

NYDEC - New York State Department of Environmental Conservation

NYMEX - New York Mercantile Exchange

OSHA - Occupational Safety and Health Administration

PADEP - Pennsylvania Department of Environmental Protection

PAPUC - Pennsylvania Public Utility Commission

PGA - Purchased gas adjustment

PGC - Purchased gas costs

PRP - Potentially responsible party

Receivables Facility - A receivables purchase facility of Energy Services with an issuer of receivables-backed commercial paper

Retail core-market - Comprises firm residential, commercial and industrial customers to whom Utilities has a statutory obligation to provide service that purchase their natural gas from Utilities

RNG - Renewable natural gas

ROD - Record of Decision

SEC - U.S. Securities and Exchange Commission

U.S. - United States of America

UGI Corporation Senior Notes - Aggregate $700 million convertible senior notes entered into by UGI Corporation on June 11, 2024, with a final maturity date of June 2028

UGI Corporation 2025 Credit Agreement - An amended and restated secured senior facilities agreement entered into by UGI Corporation in October 2024, and amended in August 2025, comprising (1) a $475 million revolving credit facility, with a maturity date of October, 11, 2028, (2) a $400 million term loan facility with a maturity date of October 11, 2027, and (3) a $300 million revolving credit facility, with a maturity date of August 2026

USD - U.S. dollar

WVPSC - Public Service Commission of West Virginia

Table of Contents

UGI CORPORATION AND SUBSIDIARIES

PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(Millions of dollars)


	March 31, 2026		September 30, 2025		March 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	494	$	335	$	426
Restricted cash	36		20		12
Accounts receivable (less allowances for doubtful accounts of $56, $42 and $77, respectively)	1,178		714		1,183
Accrued utility revenues	91		35		101
Income taxes receivable	42		41		40
Inventories	319		385		341


Derivative instruments	58		23		47
Held for sale assets	77		9		1
Prepaid expenses and other current assets	216		204		149
Total current assets	2,511		1,766		2,300
Property, plant and equipment, (less accumulated depreciation of $5,299, $5,270 and $5,062, respectively)	9,070		9,080		8,816
Goodwill	2,795		2,852		2,845
Intangible assets, net	302		328		362

Derivative instruments	14		7		26


Other assets	1,427		1,429		1,397
Total assets	$	16,119	$	15,462	$	15,746
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$	807	$	117	$	18

Short-term borrowings	249		486		413
Accounts payable	578		511		605


Derivative instruments	29		57		16
Held for sale liabilities	28		—		—
Other current liabilities	816		810		812
Total current liabilities	2,507		1,981		1,864
Long-term debt	5,985		6,531		6,600

Deferred income taxes	1,100		973		1,081

Derivative instruments	9		23		17
Other noncurrent liabilities	1,090		1,168		1,163
Total liabilities	10,691		10,676		10,725
Commitments and contingencies (Note 9)
Equity:
UGI Corporation stockholders’ equity:

UGI Common Stock, without par value (authorized — 450,000,000 shares; issued — 217,560,695, 217,033,282 and 216,345,460 shares, respectively)	1,731		1,709		1,684
Retained earnings	3,990		3,334		3,671
Accumulated other comprehensive income (loss)	(185)		(173)		(268)
Treasury stock, at cost	(117)		(93)		(75)
Total UGI Corporation stockholders’ equity	5,419		4,777		5,012
Noncontrolling interests	9		9		9
Total equity	5,428		4,786		5,021
Total liabilities and equity	$	16,119	$	15,462	$	15,746

See accompanying notes to condensed consolidated financial statements.

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UGI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

(Millions of dollars, except per share amounts)


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
Revenues	$	2,685	$	2,666	$	4,768	$	4,696
Costs and expenses:
Cost of sales (excluding depreciation and amortization shown below)	1,187		1,301		2,199		2,224
Operating and administrative expenses	559		546		1,079		1,043

Depreciation and amortization	138		138		278		276



Net loss (gain) on disposals of businesses	62		—		35		—
Other operating expense (income), net	(19)		(19)		(35)		(34)
	1,927		1,966		3,556		3,509
Operating income	758		700		1,212		1,187
Income (loss) from equity investees	5		3		9		6


Other non-operating income (expense), net	8		(7)		12		22
Interest expense	(111)		(102)		(222)		(204)
Income before income taxes	660		594		1,011		1,011
Income tax benefit (expense)	(140)		(115)		(194)		(157)


Net income attributable to UGI Corporation	$	520	$	479	$	817	$	854
Earnings per common share attributable to UGI Corporation stockholders:
Basic	$	2.42	$	2.23	$	3.80	$	3.97
Diluted	$	2.33	$	2.19	$	3.68	$	3.93
Weighted-average common shares outstanding (thousands):
Basic	214,833		214,976		214,844		214,965
Diluted	222,705		218,944		222,068		217,331

See accompanying notes to condensed consolidated financial statements.

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UGI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

(Millions of dollars)


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025
Net income attributable to UGI Corporation	$	520	$	479	$	817	$	854
Other comprehensive income (loss):
Net gains (losses) on derivative instruments (net of tax of $(2), $2, $(3) and $(3), respectively)	6		(4)		9		11
Reclassifications of net losses (gains) on derivative instruments (net of tax of $1, $0, $1 and $0, respectively)	(2)		1		(3)		(1)
Foreign currency adjustments (net of tax of $(4), $11, $(4) and $(9), respectively)	(21)		47		(18)		(25)
Benefit plans (net of tax of $0, $0, $0 and $0, respectively)	—		1		—		—
Other comprehensive income (loss)	(17)		45		(12)		(15)


Comprehensive income attributable to UGI Corporation	$	503	$	524	$	805	$	839

See accompanying notes to condensed consolidated financial statements.

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UGI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(Millions of dollars)


	Six Months Ended March 31,
	2026		2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income attributable to UGI Corporation	$	817	$	854
Adjustments to reconcile net income attributable to UGI Corporation to net cash provided by operating activities:
Depreciation and amortization	278		276
Deferred income tax expense (benefit), net	115		78
Provision for uncollectible accounts	33		33

Changes in unrealized gains and losses on derivative instruments	(139)		(107)
Net loss (gain) on disposals of businesses	35		—







Other, net	(44)		(12)
Net change in:
Accounts receivable and accrued utility revenues	(579)		(577)
Income taxes receivable	(1)		16
Inventories	50		65
Utility deferred fuel costs, net of changes in unsettled derivatives	(37)		(1)
Accounts payable	108		113
Derivative instruments collateral deposits received (paid)	61		67
Other current assets	24		34
Other current liabilities	9		9
Net cash provided by operating activities	730		848
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(391)		(357)
Net proceeds from the disposition of businesses and assets	98		13

Investments in equity method investees	(4)		(25)

Other, net	—		2
Net cash provided (used) by investing activities	(297)		(367)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends on Common Stock	(161)		(161)

Issuances of debt, net of discount and issuance costs	405		899
Repayments of long-term debt and finance leases, including redemption premiums	(253)		(942)
Short-term borrowings (repayments), net	(235)		(48)



Issuances of Common Stock	14		1
Repurchases of Common Stock	(23)		(17)


Net cash provided (used) by financing activities	(253)		(268)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(5)		(3)
Cash, cash equivalents and restricted cash increase (decrease)	$	175	$	210
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash, cash equivalents and restricted cash at end of period	$	530	$	438
Cash, cash equivalents and restricted cash at beginning of period	355		228
Cash, cash equivalents and restricted cash increase (decrease)	$	175	$	210

See accompanying notes to condensed consolidated financial statements.

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UGI CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(unaudited)

(Millions of dollars, except per share amounts)


	Three Months Ended March 31,				Six Months Ended March 31,
	2026		2025		2026		2025









Common stock, without par value
Balance, beginning of period	$	1,724	$	1,679	$	1,709	$	1,676
Common Stock issued in connection with employee and director plans, net of tax withheld	2		1		14		1
Equity-based compensation expense	5		4		8		7





Balance, end of period	$	1,731	$	1,684	$	1,731	$	1,684
Retained earnings
Balance, beginning of period	$	3,550	$	3,272	$	3,334	$	2,978


Net income attributable to UGI Corporation	520		479		817		854
Cash dividends on UGI Common Stock ($0.375, $0.375, $0.75 and $0.75, respectively)	(80)		(80)		(161)		(161)

Balance, end of period	$	3,990	$	3,671	$	3,990	$	3,671
Accumulated other comprehensive income (loss)
Balance, beginning of period	$	(168)	$	(313)	$	(173)	$	(253)
Other comprehensive income (loss)	(17)		45		(12)		(15)
Balance, end of period	$	(185)	$	(268)	$	(185)	$	(268)
Treasury stock
Balance, beginning of period	$	(105)	$	(58)	$	(93)	$	(56)

Repurchases of Common Stock	(11)		(17)		(23)		(17)
Reacquired Common Stock - employee and director plans	(1)		—		(1)		(2)

Balance, end of period	$	(117)	$	(75)	$	(117)	$	(75)
Total UGI stockholders’ equity	$	5,419	$	5,012	$	5,419	$	5,012
Noncontrolling interests
Balance, beginning of period	$	9	$	8	$	9	$	9


Other	—		1		—		—
Balance, end of period	$	9	$	9	$	9	$	9
Total equity	$	5,428	$	5,021	$	5,428	$	5,021

See accompanying notes to condensed consolidated financial statements.

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)

Note 1 — Nature of Operations

UGI is a holding company that, through subsidiaries and affiliates, distributes, stores, transports and markets energy products and related services in the U.S. and Europe. We own and operate (1) natural gas and electric distribution utilities; (2) energy marketing, midstream infrastructure, storage, natural gas gathering and processing, natural gas production, and energy services businesses; and (3) retail propane and other LPG marketing and distribution businesses.

Our Utilities segment includes UGI Utilities and Mountaineer. PA Gas Utility serves customers in eastern and central Pennsylvania and in portions of one Maryland county, and WV Gas Utility serves customers in West Virginia. Electric Utility serves customers in portions of Luzerne and Wyoming counties in northeastern Pennsylvania. PA Gas Utility is subject to regulation by the PAPUC and FERC and, with respect to its customers in Maryland, the MDPSC. WV Gas Utility is subject to regulation by the WVPSC and FERC. Electric Utility is subject to regulation by the PAPUC and FERC (see Note 5 for pending disposition of Electric Utility).

Energy Services conducts, directly and through subsidiaries and affiliates, energy marketing, including RNG, midstream transmission, LNG storage, natural gas gathering and processing, natural gas and RNG production, and energy services businesses primarily in the eastern region of the U.S., eastern Ohio, the panhandle of West Virginia and California. Energy Services and its subsidiaries’ storage, LNG and portions of its midstream transmission operations are subject to regulation by the FERC.

UGI International, LLC, through its subsidiaries and affiliates, primarily conducts an LPG distribution business throughout much of Europe. The LPG business is conducted principally through our subsidiaries, UGI France, AvantiGas and, prior to the sales in June and November 2025, UniverGas and Flaga.

We conduct a domestic propane marketing and distribution business through AmeriGas Partners. AmeriGas Partners conducts its propane marketing and distribution business through its principal operating subsidiary AmeriGas OLP.

Note 2 — Summary of Significant Accounting Policies

The accompanying condensed consolidated financial statements and footnotes are unaudited and have been prepared in accordance with GAAP and the rules and regulations of the SEC. They include all adjustments that we consider necessary for a fair statement of the results for the interim periods presented. Such adjustments consisted only of normal recurring items unless otherwise disclosed. The September 30, 2025, Condensed Consolidated Balance Sheet was derived from audited financial statements but does not include all footnote disclosures from the annual financial statements.

These financial statements should be read in conjunction with the financial statements and related notes included in the Company’s 2025 Annual Report. Due to the seasonal nature of our businesses, the results of operations for interim periods are not necessarily indicative of the results to be expected for a full year.

Restricted Cash. Restricted cash principally represents those cash balances in our commodity futures brokerage accounts that are restricted from withdrawal. The following table provides a reconciliation of the total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Balance Sheets to the corresponding amounts reported on the Condensed Consolidated Statements of Cash Flows.


	March 31, 2026		March 31, 2025
Cash and cash equivalents	$	494	$	426
Restricted cash	36		12
Cash, cash equivalents and restricted cash	$	530	$	438

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)

Earnings Per Common Share. Basic earnings per share attributable to UGI Corporation stockholders reflect the weighted-average number of common shares outstanding. Diluted earnings per share attributable to UGI Corporation stockholders include the effects of dilutive stock options, common stock awards, and UGI Corporation Senior Notes. Shares used in computing basic and diluted earnings per share are as follows:


	Three Months Ended March 31,		Six Months Ended March 31,
	2026	2025	2026	2025
Denominator (thousands of shares):
Weighted-average common shares outstanding — basic	214,833	214,976	214,844	214,965
Incremental shares issuable for stock options, and common stock awards(a)	1,098	757	1,063	684
UGI Corporation Senior Notes (b)	6,774	3,211	6,161	1,682
Weighted-average common shares outstanding — diluted	222,705	218,944	222,068	217,331

(a)For the three months ended March 31, 2026 and 2025, there were 4,353 and 6,121 shares, respectively, associated with outstanding stock option awards that were not included in the computation of diluted earnings per share above because their effect was antidilutive. For the six months ended March 31, 2026 and 2025, there were 5,674 and 6,915 shares, respectively, associated with outstanding stock option awards that were not included in the computation of diluted earnings per share above because their effect was antidilutive.

(b)See Note 8 for additional information on the UGI Corporation Senior Notes.

Derivative Instruments. Derivative instruments are reported on the Condensed Consolidated Balance Sheets at their fair values, unless the NPNS exception is elected. The accounting for changes in fair value depends upon the purpose of the derivative instrument, whether it is subject to regulatory ratemaking mechanisms or if it qualifies and is designated as a hedge for accounting purposes.

Certain of our derivative instruments qualify and are designated as cash flow hedges. For cash flow hedges, changes in the fair values of the derivative instruments are recorded in AOCI, to the extent effective at offsetting changes in the hedged item, until earnings are affected by the hedged item. We discontinue cash flow hedge accounting if occurrence of the forecasted transaction is determined to be no longer probable. Hedge accounting is also discontinued for derivatives that cease to be highly effective. We do not designate our commodity and certain foreign currency derivative instruments as hedges under GAAP. Changes in the fair values of these derivative instruments are reflected in net income. Gains and losses on substantially all of the commodity derivative instruments used by Utilities are included in regulatory assets or liabilities because it is probable such gains or losses will be recoverable from, or refundable to, customers. From time to time, we also enter into net investment hedges. Gains and losses on net investment hedges that relate to our foreign operations are included in the cumulative translation adjustment component in AOCI until such foreign net investment is substantially sold or liquidated.

Cash flows from derivative instruments, other than certain net investment hedges, are included in cash flows from operating activities on the Condensed Consolidated Statements of Cash Flows. Cash flows from net investment hedges are included in cash flows from investing activities on the Condensed Consolidated Statements of Cash Flows.

See Note 11 for a more detailed description of the derivative instruments we use, our accounting for derivatives, our objectives for using them and other information.

Use of Estimates. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and costs. These estimates are based on management’s knowledge of current events, historical experience and various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may be different from these estimates and assumptions.

Goodwill. We do not amortize goodwill, but test it at least annually for impairment at the reporting unit level. A reporting unit is an operating segment, or one level below an operating segment (a component) if it constitutes a business for which discrete financial information is available and regularly reviewed by segment management. Components are aggregated into a single

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)

reporting unit if they have similar economic characteristics. Each of our reporting units with goodwill is required to perform impairment tests annually or whenever events or circumstances indicate that the value of goodwill may be impaired.

With respect to AmeriGas Propane's Fiscal 2025 goodwill impairment test, the Company performed a quantitative assessment. Based on our evaluation, we determined that AmeriGas Propane’s fair value exceeded its carrying value by more than 25%. While the Company believes that its judgments used in the quantitative assessment of AmeriGas Propane’s fair value are reasonable based upon currently available facts and circumstances, if AmeriGas Propane were not able to achieve its anticipated results and/or if its discount rate were to increase, its fair value would be adversely affected, which may result in an impairment. There was $1.1 billion of goodwill in the AmeriGas Propane reporting unit as of March 31, 2026.

The Company will continue to monitor its reporting units and related goodwill for any possible future non-cash impairment charges.

Note 3 — Accounting Changes

Accounting Standards Not Yet Adopted

Interim Reporting: Narrow-Scope Improvements. In December 2025, the FASB issued ASU 2025-11, “Narrow-Scope Improvements (Topic 270)” which clarifies disclosure requirements and applicability for interim financial statements. This new guidance is effective for the Company for interim periods beginning October 1, 2028 (Fiscal 2029). Early adoption is permitted. The amendments in this ASU may be adopted using the prospective or retrospective methods. The Company is in the process of assessing the impact on its financial statements and determining the transition method and the period in which the new guidance will be adopted.

Targeted Improvements to the Accounting for Internal-Use Software. In September 2025, the FASB issued ASU 2025-06, “Targeted Improvements to the Accounting for Internal-Use Software (Subtopic 350-40)” which, among other things, removes the prescriptive project stage requirements and allows entities to capitalize internal-use software costs when management authorizes and commits funding to the project and it is probable the software will be completed and used as intended. This new guidance is effective for the Company for annual and interim periods beginning October 1, 2028 (Fiscal 2029). Early adoption is permitted. The amendments in this ASU may be adopted using the prospective, modified, or retrospective methods. The Company is in the process of assessing the impact on its financial statements and determining the transition method and the period in which the new guidance will be adopted.

Measurement of Credit Losses for Accounts Receivable and Contract Assets. In July 2025, the FASB issued ASU 2025-05, “Measurement of Credit Losses for Accounts Receivable and Contract Assets (Topic 326)” which provides a practical expedient that allows entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset when estimating expected credit losses for current accounts receivable and current contract assets. This new guidance is effective for the Company for annual and interim periods beginning October 1, 2026 (Fiscal 2027). Early adoption is permitted. The amendments in this ASU should be adopted using the prospective method. The Company is in the process of assessing the impact on its financial statements and the period in which the new guidance will be adopted.

Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses (Subtopic 220-40)” which requires enhanced disclosure of income statement expense categories to improve transparency and provide financial statement users with more detailed information about the nature, amount and timing of expenses impacting financial performance. This new guidance is effective for the Company for annual periods beginning October 1, 2027 (Fiscal 2028) and interim periods beginning October 1, 2028 (Fiscal 2029). Early adoption is permitted. The amendments in this ASU may be adopted using the prospective or retrospective methods. The Company is in the process of assessing the impact on its financial statements and determining the transition method and the period in which the new guidance will be adopted.

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)

Improvements to Income Tax Disclosures. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures (Topic 740)” which requires entities to disclose, among other items, disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. This new guidance is effective for the Company for annual periods beginning October 1, 2025 (Fiscal 2026). Early adoption is permitted. The amendments in this ASU may be adopted using the prospective or retrospective methods. This Company will adopt the new guidance effective for the year ending September 30, 2026 and provide the additional disclosures as required by the new guidance.

Note 4 — Revenue from Contracts with Customers

The Company recognizes revenue when control of promised goods or services is transferred to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. See Note 4 in the Company’s 2025 Annual Report for additional information on our revenues from contracts with customers.

Revenue Disaggregation

The following tables present our disaggregated revenues by reportable segment:


Three Months Ended March 31, 2026	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other
Revenues from contracts with customers:
Utility:
Core Market:
Residential	$	499	$	—	$	499	$	—	$	—	$	—	$	—
Commercial & Industrial	206		—		206		—		—		—		—
Large delivery service	59		—		59		—		—		—		—
Off-system sales and capacity releases	57		(64)		121		—		—		—		—
Other	3		(1)		4		—		—		—		—
Total Utility	824		(65)		889		—		—		—		—
Non-Utility:
LPG:
Retail	1,222		—		—		—		537		685		—
Wholesale	62		—		—		—		48		14		—
Energy Marketing	408		(160)		—		560		8		—		—
Midstream:
Pipeline	53		—		—		53		—		—		—
Peaking	28		(65)		—		93		—		—		—
Other	9		—		—		9		—		—		—
Other	60		—		—		—		17		43		—
Total Non-Utility	1,842		(225)		—		715		610		742		—
Total revenues from contracts with customers	2,666		(290)		889		715		610		742		—
Other revenues (b)	19		—		(9)		—		11		17		—
Total revenues	$	2,685	$	(290)	$	880	$	715	$	621	$	759	$	—

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)


Three Months Ended March 31, 2025	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other
Revenues from contracts with customers:
Utility:
Core Market:
Residential	$	434	$	—	$	434	$	—	$	—	$	—	$	—
Commercial & Industrial	176		—		176		—		—		—		—
Large delivery service	64		—		64		—		—		—		—
Off-system sales and capacity releases	34		(46)		80		—		—		—		—
Other	8		—		8		—		—		—		—
Total Utility	716		(46)		762		—		—		—		—
Non-Utility:
LPG:
Retail	1,313		—		—		—		564		749		—
Wholesale	78		—		—		—		43		35		—
Energy Marketing	370		(82)		—		437		15		—		—
Midstream:
Pipeline	59		—		—		59		—		—		—
Peaking	23		(62)		—		85		—		—		—
Other	6		—		—		6		—		—		—
Other	68		—		—		—		19		49		—
Total Non-Utility	1,917		(144)		—		587		641		833		—
Total revenues from contracts with customers	2,633		(190)		762		587		641		833		—
Other revenues (b)	33		—		11		—		9		15		(2)
Total revenues	$	2,666	$	(190)	$	773	$	587	$	650	$	848	$	(2)

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)


Six Months Ended March 31, 2026	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other
Revenues from contracts with customers:
Utility:
Core Market:
Residential	$	860	$	—	$	860	$	—	$	—	$	—	$	—
Commercial & Industrial	345		—		345		—		—		—		—
Large delivery service	112		—		112		—		—		—		—
Off-system sales and capacity releases	83		(84)		167		—		—		—		—
Other	8		(1)		9		—		—		—		—
Total Utility	1,408		(85)		1,493		—		—		—		—
Non-Utility:
LPG:
Retail	2,247		—		—		—		1,036		1,211		—
Wholesale	108		—		—		—		84		24		—
Energy Marketing	692		(208)		—		879		21		—		—
Midstream:
Pipeline	107		—		—		107		—		—		—
Peaking	35		(107)		—		142		—		—		—
Other	14		—		—		14		—		—		—
Other	120		—		—		—		33		87		—
Total Non-Utility	3,323		(315)		—		1,142		1,174		1,322		—
Total revenues from contracts with customers	4,731		(400)		1,493		1,142		1,174		1,322		—
Other revenues (b)	37		—		(22)		—		22		37		—
Total revenues	$	4,768	$	(400)	$	1,471	$	1,142	$	1,196	$	1,359	$	—

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)

























































Six Months Ended March 31, 2025	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other
Revenues from contracts with customers:
Utility:
Core Market:
Residential	$	710	$	—	$	710	$	—	$	—	$	—	$	—
Commercial & Industrial	281		—		281		—		—		—		—
Large delivery service	116		—		116		—		—		—		—
Off-system sales and capacity releases	53		(61)		114		—		—		—		—
Other	16		—		16		—		—		—		—
Total Utility	1,176		(61)		1,237		—		—		—		—
Non-Utility:
LPG:
Retail	2,384		—		—		—		1,102		1,282		—
Wholesale	150		—		—		—		93		57		—
Energy Marketing	622		(113)		—		701		34		—		—
Midstream:
Pipeline	117		—		—		117		—		—		—
Peaking	24		(102)		—		126		—		—		—
Other	10		—		—		10		—		—		—
Other	138		—		—		—		39		99		—
Total Non-Utility	3,445		(215)		—		954		1,268		1,438		—
Total revenues from contracts with customers	4,621		(276)		1,237		954		1,268		1,438		—
Other revenues (b)	75		—		21		—		20		37		(3)
Total revenues	$	4,696	$	(276)	$	1,258	$	954	$	1,288	$	1,475	$	(3)

(a)Includes intersegment revenues principally among Midstream & Marketing and Utilities.

(b)Primarily represents (1) revenues from tank rentals at UGI International and AmeriGas Propane; (2) revenues from alternative revenue programs at Utilities, including the weather normalization adjustment rider for Gas Utility; and (3) gains and losses on commodity derivative instruments not associated with current-period transactions reflected in Corporate & Other, none of which are within the scope of ASC 606 and are accounted for in accordance with other GAAP.

Contract Balances

The timing of revenue recognition may differ from the timing of invoicing to customers or cash receipts. Contract assets represent our right to consideration after the performance obligations have been satisfied when such right is conditioned on something other than the passage of time. Contract assets were not material for all periods presented. Substantially all of our receivables are unconditional rights to consideration and are included in “Accounts receivable” and, in the case of Utilities, “Accrued utility revenues” on the Condensed Consolidated Balance Sheets. Amounts billed are generally due within the following month.

Contract liabilities arise when payment from a customer is received before the performance obligations have been satisfied and represent the Company’s obligations to transfer goods or services to a customer for which we have received consideration. The balances of contract liabilities were $94, $132 and $99 at March 31, 2026, September 30, 2025 and March 31, 2025, respectively, and are included in “Other current liabilities” and “Other noncurrent liabilities” on the Condensed Consolidated Balance Sheets. Revenues recognized for the six months ended March 31, 2026 and 2025, from the amounts included in contract liabilities at September 30, 2025 and 2024, were $89 and $95, respectively.

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)

Remaining Performance Obligations

The Company excludes disclosures related to the aggregate amount of the transaction price allocated to certain performance obligations that are unsatisfied as of the end of the reporting period because these contracts have an initial expected term of one year or less, or we have a right to bill the customer in an amount that corresponds directly with the value of services provided to the customer to date. Certain contracts with customers at Midstream & Marketing and Utilities contain minimum future performance obligations through 2047 and 2053, respectively. At March 31, 2026, the Company expects to record approximately $1.3 billion of revenues related to the minimum future performance obligations over the remaining terms of the related contracts.

Note 5 — Dispositions

Electric Utility

In April 2026, UGI Utilities entered into a definitive agreement to divest its Electric Utility for a sale price of $470, subject to changes in working capital and other adjustments. The transaction includes the sale of approximately 2,700 miles of transmission and distribution lines and 14 substations in Pennsylvania’s Luzerne and Wyoming counties. The Company expects to recognize a gain upon closing, which is expected in the second quarter of Fiscal 2027, subject to customary closing conditions and applicable regulatory approvals.

Global LPG Business Transactions

As part of the Company’s ongoing global LPG business portfolio optimization efforts, the Company is strategically divesting operations in non-core markets to focus resources where it can achieve superior operational results and deliver enhanced customer value.

UGI International. In February 2026, UGI International, through a wholly-owned subsidiary, completed the sale of its LPG business in Romania, subject to customary post-closing working capital adjustments. For the three months ended March 31, 2026, the Company recognized a pre-tax loss on sale of $2.

In January 2026, UGI International, through a wholly-owned subsidiary, entered into a definitive agreement to divest its LPG distribution businesses in Czech Republic, Hungary, Poland and Slovakia. Accordingly, the assets and liabilities associated with these businesses, primarily comprised of long-lived assets and goodwill allocated to the disposal group, qualified as held for sale and were reflected as “Held for sale assets” and “Held for sale liabilities”, respectively, on the Condensed Consolidated Balance Sheet at March 31, 2026. For the three months ended March 31, 2026, the Company recognized a non-cash pre-tax impairment charge of $64 to record such assets at estimated fair value less costs to sell. The transaction is subject to customary closing conditions and is expected to be finalized by the third quarter of Fiscal 2026.

In November 2025, UGI International, through a wholly-owned subsidiary, completed the sale of Flaga, its LPG distribution business in Austria. For the three and six months ended March 31, 2026, the Company recognized pre-tax gains on the sale of $4 and $29, respectively.

In October 2025, UGI International, through a wholly-owned subsidiary, completed the sale of its cylinder business in the United Kingdom. For the six months ended March 31, 2026, the Company recognized a pre-tax gain on the sale of $2.

In aggregate, the aforementioned divestitures resulted in pre-tax net losses of $62 and $35 for the three and six months ended March 31, 2026, respectively, which were reflected in “Net loss (gain) on disposals of businesses” on the Condensed Consolidated Statements of Income and included in the UGI International reportable segment. The Company has received or expects to receive total net cash proceeds of approximately $130 from these divestitures.

See Note 5 in the Company’s 2025 Annual Report for additional information on the Company’s global LPG business transactions.

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)

Note 6 — Inventories

Inventories comprise the following:


	March 31, 2026		September 30, 2025		March 31, 2025
Non-utility LPG and natural gas	$	162	$	162	$	179
Gas Utility natural gas	8		67		6
Energy certificates	59		64		58
Materials, supplies and other	90		92		98
Total inventories	$	319	$	385	$	341

Note 7 — Utility Regulatory Assets and Liabilities and Regulatory Matters

For a description of the Company’s regulatory assets and liabilities, other than those described below, see Note 9 in the Company’s 2025 Annual Report. Other than removal costs, Utilities currently does not recover a rate of return on the regulatory assets listed below. The following regulatory assets and liabilities associated with our Utilities reportable segment are included in our Condensed Consolidated Balance Sheets:


	March 31, 2026		September 30, 2025		March 31, 2025
Regulatory assets (a):
Income taxes recoverable	$	117	$	113	$	109
Underfunded pension plans	97		100		104
Environmental costs	25		22		25
Deferred fuel and power costs	80		39		4
Removal costs, net	31		30		29
Other	32		36		41
Total regulatory assets	$	382	$	340	$	312
Regulatory liabilities (a):
Postretirement benefits	$	13	$	14	$	12

Deferred fuel and power refunds	7		4		37
State income tax benefits — distribution system repairs	50		49		45

Excess federal deferred income taxes	242		239		246
Other	11		8		16
Total regulatory liabilities	$	323	$	314	$	356

(a)Regulatory assets are recorded in “Prepaid expenses and other current assets” and “Other assets” on the Condensed Consolidated Balance Sheets. Regulatory liabilities are recorded in “Other current liabilities” and “Other noncurrent liabilities” on the Condensed Consolidated Balance Sheets.

Deferred fuel and power - costs and refunds. Utilities’ tariffs contain clauses that permit recovery of all prudently incurred purchased gas and power costs through the application of PGC rates, PGA rates and DS tariffs. These clauses provide for periodic adjustments to PGC, PGA and DS rates for differences between the total amount of purchased gas and electric generation supply costs billed to customers and recoverable costs incurred. Net underbilled costs are classified as a regulatory asset and net overbillings are classified as a regulatory liability.

PA Gas Utility uses derivative instruments to reduce volatility in the cost of gas it purchases for retail core-market customers. Realized and unrealized gains or losses on natural gas derivative instruments are included in deferred fuel and power costs or refunds. Net unrealized gains (losses) on such contracts at March 31, 2026, September 30, 2025 and March 31, 2025 were $(6), $(5) and $19, respectively.

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)

Other Regulatory Matters

UGI Utilities. On March 27, 2026, Electric Utility filed a rate request with the PAPUC to increase its annual base distribution revenues by $17. The increased revenues would fund ongoing system improvements and operations necessary to maintain safe and reliable electric service. Electric Utility requested that the new electric rates become effective June 1, 2026. The PAPUC entered an order on April 16, 2026, suspending the effective date for the rate increase to allow for investigation and public hearings. Unless a settlement is reached sooner, the review process is expected to last up to nine months from the date of filing. The Company cannot predict the timing or the ultimate outcome of the rate case review process.

On January 28, 2026, PA Gas Utility filed a request with the PAPUC to increase its base operating revenues for residential, commercial and industrial customers by $99 annually. The increased revenues would fund ongoing system improvements and operations necessary to maintain safe and reliable natural gas service. PA Gas Utility requested the new gas rates become effective March 29, 2026. The PAPUC entered an order on February 19, 2026, suspending the effective date for the rate increase to allow for investigation and public hearings. Unless a settlement is reached sooner, the review process is expected to last up to nine months from the date of filing. The Company cannot predict the timing or the ultimate outcome of the rate case review process.

On January 27, 2025, PA Gas Utility filed a request with the PAPUC to increase its base operating revenues for residential, commercial and industrial customers by $110 annually. On September 11, 2025, the PAPUC issued a final order approving a settlement providing for a $70 annual base distribution rate increase, effective October 28, 2025, and maintenance of the weather normalization adjustment through the end of its pilot period with modification.

Mountaineer. On February 3, 2026, WV Gas Utility submitted a base rate case filing with the WVPSC seeking a net revenue increase of $27, which consisted of an increase in base rates of $44 and a decrease in the IREP rates of $17 annually. The increased revenues would fund ongoing system improvements and operations necessary to maintain safe and reliable natural gas service. WV Gas Utility requested the new gas rates become effective March 5, 2026. The WVPSC entered an order on March 2, 2026, suspending the effective date for the rate increase to allow for a full review of the filing and public hearings. Unless a settlement is reached sooner, the review process is expected to last up to 270 days from the date of filing. The Company cannot predict the timing or the ultimate outcome of the rate case review process.

On July 31, 2025, WV Gas Utility submitted its 2025 IREP filing to the WVPSC requesting recovery of $24, an increase of $5, for costs associated with capital investments after December 31, 2022, that total $274, including $77 in calendar year 2026. The filing included capital investments totaling $445 over the 2026 - 2030 period. On December 17, 2025, the WVPSC issued an order approving WV Gas Utility’s request, with new rates effective January 1, 2026.

On July 31, 2024, WV Gas Utility submitted its 2024 IREP filing to the WVPSC requesting recovery of $19, which includes $3 of prior year under-recovery, for costs associated with capital investments after December 31, 2022, that total $197, including $74 in calendar year 2025. The filing included capital investments totaling $418 over the 2025 - 2029 period. On October 28, 2024, the WVPSC issued an order approving WV Gas Utility’s request, with new rates effective January 1, 2025.

Note 8 — Debt

Significant Financing Activities

The following significant financing activities occurred during Fiscal 2026.

Utilities

UGI Utilities Senior Notes. In July 2025, UGI Utilities entered into a note purchase agreement with a consortium of lenders. Pursuant to the note purchase agreement, in November 2025, UGI Utilities issued $150 aggregate principal amount of 5.10% Senior Notes due November 15, 2030, and $125 aggregate principal amount of 5.68% Senior Notes due November 15, 2035. UGI Utilities used the net proceeds from the issuance of these senior notes to (1) repay the $100 outstanding principal balance of the 1.59% Senior Notes, due June 2026 and $75 outstanding principal balance of the 1.64% Senior Notes, due September 2026; (2) reduce short-term borrowings; and (3) for general corporate purposes. These senior notes are unsecured and rank

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)

equally with UGI Utilities’ existing outstanding senior debt. The note purchase agreement contains customary covenants and default provisions and requires compliance with certain financial covenants including a leverage ratio and priority debt ratio as defined in the agreement.

Midstream & Marketing

Energy Services Receivables Facility. Energy Services has a Receivables Facility with an issuer of receivables-backed commercial paper. In October 2025, the expiration date of the Receivables Facility was extended to October 2026. The Receivables Facility provides Energy Services with the ability to borrow up to $150 of eligible receivables during the period October 17, 2025 to April 30, 2026, and up to $75 of eligible receivables during the period May 1, 2026 to October 16, 2026, with the option to request consent for an increase of $50. Energy Services uses the Receivables Facility to fund working capital, margin calls under commodity futures contracts, capital expenditures, dividends and for general corporate purposes.

UGI Corporation

UGI Corporation Senior Notes. The Company has $700 aggregate principal amount of outstanding 5.00% UGI Corporation Senior Notes due June 2028. The UGI Corporation Senior Notes are convertible subject to the occurrence of certain events and circumstances.

Upon conversion, the Company will pay cash up to the aggregate principal amount of the UGI Corporation Senior Notes. For the remainder of the amount in excess of the aggregate principal amount, if applicable, the Company will have the sole right to elect the settlement method upon conversion which can be either entirely in cash, shares or in a combination of cash and shares of its common stock. The default settlement method as defined in the agreement is a combination settlement with a specified dollar amount of $1,000 per $1,000 principal of the UGI Corporation Senior Notes, and any incremental value settled in shares of the Company’s common stock. The initial conversion rate is 36.2319 shares of the Company’s common stock per $1,000 principal amount of the UGI Corporation Senior Notes, which represents an initial conversion price of approximately $27.60 per share of the Company’s common stock. The conversion rate and conversion price will be subject to customary adjustments upon the occurrence of certain events. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” (as defined in the indenture dated June 11, 2024) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time.

As of March 31, 2026, an early conversion condition associated with the market price of the Company’s common stock was met. Accordingly, pursuant to the indenture, the UGI Corporation Senior Notes are convertible at the option of the noteholders, in whole or in part, from April 1, 2026 through June 30, 2026.

Because the Company must pay noteholders cash up to the aggregate principal amount and noteholders can convert at their sole election beginning April 1, 2026 through June 30, 2026, the Company classified the entire $700 principal amount (net of unamortized debt issuance costs of $10) of the UGI Corporation Senior Notes in "Current maturities of long-term debt" on the March 31, 2026 Condensed Consolidated Balance Sheet.

Whether the UGI Corporation Senior Notes will become convertible in subsequent periods after June 30, 2026 will depend on the future occurrence of early conversion conditions. If none of the conversion conditions are met in future quarters, the UGI Corporation Senior Notes will revert to classification as "Long-term debt" on the Condensed Consolidated Balance Sheet.

The Company cannot predict whether noteholders will elect to convert during the conversion period ending June 30, 2026. Whether noteholders elect to convert will depend on various factors including market conditions and the secondary market trading price of the UGI Corporation Senior Notes relative to the value of early conversion. Historically, the secondary market trading price has exhibited a premium over the value of early conversion, indicating economic value to not requesting an early conversion. The Company cannot predict if these conditions will continue. As described in the Company's 2025 Annual Report, the Company has a $300 revolving credit facility, the borrowings of which, if any, can be used solely to fund the cash consideration in the event of conversion by noteholders. This credit facility is scheduled to expire in August 2026, and the Company has the option, subject to meeting certain conditions, to convert and extend the credit facility borrowings into a one year term loan. In addition, the Company has $151 of unused borrowing capacity under its existing $475 revolving credit

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)

facility and access to additional liquidity via subsidiaries to fund any additional cash consideration, if needed, in the event of early conversion by noteholders. To-date, no noteholders have elected to convert their notes.

For the three and six months ended March 31, 2026, the Company recognized $10 and $20, respectively, of interest expense, related to the UGI Corporation Senior Notes at the effective interest rate of 5.62%.

We estimate the fair value of long-term debt by using current market rates and by discounting future cash flows using rates available for similar type debt (Level 2). The estimated fair values of the UGI Corporation Senior Notes were $983 and $894 at March 31, 2026 and September 30, 2025, respectively.

See the Company’s 2025 Annual Report for additional information on our UGI Corporation Senior Notes.

Supplemental Cash Flow Information

The Company regularly uses its credit facilities (other than the UGI Corporation 2025 Credit Agreement) and, in the case of Energy Services, the Receivables Facility, to support its working capital needs with borrowings of $1,360 and repayments of $1,595 during the six months ended March 31, 2026.

Note 9 — Commitments and Contingencies

Environmental Matters

UGI Utilities

From the late 1800s through the mid-1900s, UGI Utilities and its former subsidiaries owned and operated a number of MGPs prior to the general availability of natural gas. Some constituents of coal tars and other residues of the manufactured gas process are today considered hazardous substances under the Superfund Law and may be present on the sites of former MGPs. Between 1882 and 1953, UGI Utilities owned the stock of subsidiary gas companies in Pennsylvania and elsewhere and also operated the businesses of some gas companies under agreement. By the early 1950s, UGI Utilities divested all of its utility operations other than certain gas and electric operations. Beginning in 2006 and 2008, UGI Utilities also owned and operated two acquired subsidiaries, with similar histories of owning, and in some cases operating, MGPs in Pennsylvania.

UGI Utilities is subject to a COA with the PADEP to address the remediation of specified former MGP sites in Pennsylvania, which is scheduled to terminate at the end of 2035. In accordance with the COA, UGI Utilities is required to either obtain a certain number of points per calendar year based on defined eligible environmental investigatory and/or remedial activities at the MGPs, or make expenditures for such activities in an amount equal to an annual environmental minimum expenditure threshold. The annual minimum expenditure threshold of the COA is $5. At March 31, 2026, September 30, 2025 and March 31, 2025, our aggregate estimated accrued liabilities for environmental investigation and remediation costs related to the COA totaled $64, $63 and $51, respectively.

We do not expect the costs for investigation and remediation of hazardous substances at Pennsylvania MGP sites to be material to UGI Utilities’ results of operations because UGI Utilities receives ratemaking recovery of actual environmental investigation and remediation costs associated with the sites covered by the COA. This ratemaking recognition reconciles the accumulated difference between historical costs and rate recoveries with an estimate of future costs associated with the sites. As such, UGI Utilities has recorded an associated regulatory asset for these costs because recovery of these costs from customers is probable (see Note 7).

From time to time, UGI Utilities is notified of sites outside Pennsylvania on which private parties allege MGPs were formerly owned or operated by UGI Utilities or owned or operated by a former subsidiary. Such parties generally investigate the extent of environmental contamination or perform environmental remediation. Management believes that under applicable law, UGI Utilities should not be liable in those instances in which a former subsidiary owned or operated an MGP. There could be, however, significant future costs of an uncertain amount associated with environmental damage caused by MGPs outside Pennsylvania that UGI Utilities directly operated, or that were owned or operated by a former subsidiary of UGI Utilities if a court were to conclude that (1) the subsidiary’s separate corporate form should be disregarded, or (2) UGI Utilities should be considered to have been an operator because of its conduct with respect to its subsidiary’s MGP. Neither the undiscounted nor

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)

the accrued liability for environmental investigation and cleanup costs for UGI Utilities’ MGP sites outside Pennsylvania were material for all periods presented.

AmeriGas Propane

AmeriGas OLP Saranac Lake. In 2008, the NYDEC notified AmeriGas OLP that the NYDEC had placed property purportedly owned by AmeriGas OLP in Saranac Lake, New York on the New York State Registry of Inactive Hazardous Waste Disposal Sites. A site characterization study performed by the NYDEC disclosed contamination related to a former MGP. AmeriGas OLP responded to the NYDEC in 2009 to dispute the contention it was a PRP as it did not operate the MGP and appeared to only own a portion of the site. In 2017, the NYDEC communicated to AmeriGas OLP that the NYDEC had previously issued three RODs related to remediation of the site totaling approximately $28 and requested additional information regarding AmeriGas OLP’s purported ownership. AmeriGas OLP renewed its challenge to designation as a PRP and identified potential defenses. The NYDEC subsequently identified a third party PRP with respect to the site.

The NYDEC commenced implementation of the remediation plan in the spring of 2018. In Fiscal 2024, the NYDEC informed AmeriGas OLP that the remediation plan had been completed at a total cost of approximately $19. The New York Office of the Attorney General, as counsel for the NYDEC, invited AmeriGas OLP to participate in settlement discussions. We have a settlement agreement in principle that is being finalized.

Other Matters

West Reading, Pennsylvania Explosion. On March 24, 2023, an explosion occurred in West Reading, Pennsylvania which resulted in seven fatalities, injuries to at least ten others, and extensive property damage to buildings owned by R.M. Palmer, a local chocolate manufacturer, and neighboring structures. The NTSB and PAPUC investigated the West Reading incident. The NTSB investigative team included representatives from the Company, the local fire department and the Pipeline and Hazardous Materials Safety Administration. The Company cooperated with the investigations. In September 2023, OSHA closed their investigation of this matter, without any finding pertaining to UGI Utilities.

On December 10, 2024, the NTSB staff presented its draft findings to the NTSB Board. On April 8, 2025, the NTSB released its final report concluding that a fracture in an R.M. Palmer steam pipe created elevated underground temperatures that caused thermal degradation of a UGI Utilities service tee, resulting in a natural gas leak, and recommended UGI Utilities inventory and address risks to plastic gas assets in high-temperature environments.

On March 18, 2026, the PAPUC filed a formal complaint against UGI Utilities. The complaint alleges various pipeline safety violations and seeks civil penalties. The Company intends to vigorously defend against the allegations in the complaint. The Company does not believe the resolution of this matter will have a material adverse effect on its financial condition, results of operations, or cash flows.

The Company also has received claims as a result of the explosion and is involved in lawsuits relative to the incident. With the issuance of the final NTSB report, discovery in the litigation has begun. The Company maintains liability insurance for personal injury, property and casualty damages and believes that third-party claims associated with the explosion, in excess of the Company’s deductible, are recoverable through the Company’s insurance. The Company cannot predict the result of these pending or future claims and legal actions at this time.

Regarding these pending claims and legal actions, other than as disclosed above, the Company does not believe, at this early stage, that there is sufficient information available to reasonably estimate a range of loss, if any, or conclude that the final outcome of all of these matters will or will not have a material adverse effect on our financial statements.

In addition to the matters described above, there are other pending claims and legal actions arising in the normal course of our businesses. Although we cannot predict the final results of these pending claims and legal actions, including those described above, we believe, after consultation with counsel, that the final outcome of these matters will not have a material effect on our financial statements.

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)

Note 10 — Fair Value Measurements

Recurring Fair Value Measurements

The following table presents, on a gross basis, our financial assets and liabilities, including both current and noncurrent portions, that are measured at fair value on a recurring basis within the fair value hierarchy:


	Asset (Liability)
	Level 1		Level 2		Level 3		Total
March 31, 2026:
Derivative instruments:
Assets:
Commodity contracts	$	64	$	127	$	—	$	191
Foreign currency contracts	$	—	$	5	$	—	$	5


Liabilities:
Commodity contracts	$	(86)	$	(25)	$	—	$	(111)
Foreign currency contracts	$	—	$	(5)	$	—	$	(5)
Interest rate contracts	$	—	$	(3)	$	—	$	(3)

Non-qualified supplemental postretirement grantor trust investments (a)	$	34	$	—	$	—	$	34
September 30, 2025:
Derivative instruments:
Assets:
Commodity contracts	$	85	$	11	$	—	$	96
Foreign currency contracts	$	—	$	1	$	—	$	1


Liabilities:
Commodity contracts	$	(72)	$	(61)	$	—	$	(133)
Foreign currency contracts	$	—	$	(19)	$	—	$	(19)
Interest rate contracts	$	—	$	(12)	$	—	$	(12)

Non-qualified supplemental postretirement grantor trust investments (a)	$	35	$	—	$	—	$	35
March 31, 2025:
Derivative instruments:
Assets:
Commodity contracts	$	213	$	28	$	—	$	241
Foreign currency contracts	$	—	$	14	$	—	$	14
Interest rate contracts	$	—	$	1	$	—	$	1

Liabilities:
Commodity contracts	$	(150)	$	(9)	$	—	$	(159)
Foreign currency contracts	$	—	$	(1)	$	—	$	(1)
Interest rate contracts	$	—	$	(11)	$	—	$	(11)

Non-qualified supplemental postretirement grantor trust investments (a)	$	32	$	—	$	—	$	32

(a)Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans.

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)

The fair values of our Level 1 exchange-traded commodity futures and option contracts and non-exchange-traded commodity futures and forward contracts are based upon actively quoted market prices for identical assets and liabilities. Substantially all of the remaining derivative instruments are designated as Level 2. The fair values of certain non-exchange-traded commodity derivatives designated as Level 2 are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of our Level 2 interest rate contracts and foreign currency contracts are based upon third-party quotes or indicative values based on recent market transactions. The fair values of investments held in grantor trusts are derived from quoted market prices as substantially all of the investments in these trusts have active markets.

Nonrecurring Fair Value Measurements

During the quarter ended March 31, 2026, in connection with the pending disposition of the LPG distribution businesses in Czech Republic, Hungary, Poland and Slovakia, we recognized a non-cash, pre-tax impairment charge of $64, to reduce the carrying amount of the long-lived assets included in the disposal groups to their estimated fair values. The Company determined the estimated fair value of such assets fell within Level 2 of the fair value hierarchy and was based upon the estimated sales price. See Note 5 for additional information on these transactions.

Other Financial Instruments

The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. We estimate the fair value of long-term debt by using current market rates and by discounting future cash flows using rates available for similar type debt (Level 2). The carrying amounts and estimated fair values of our long-term debt (including current maturities but excluding unamortized debt issuance costs) were as follows:


	March 31, 2026		September 30, 2025		March 31, 2025
Carrying amount	$	6,839	$	6,701	$	6,670
Estimated fair value	$	6,959	$	6,777	$	6,642

Financial instruments other than derivative instruments, such as short-term investments and trade accounts receivable, could expose us to concentrations of credit risk. We limit credit risk from short-term investments by investing only in investment-grade commercial paper, money market mutual funds, securities guaranteed by the U.S. Government or its agencies and FDIC insured bank deposits. The credit risk arising from concentrations of trade accounts receivable is limited because we have a large customer base that extends across many different U.S. markets and a number of foreign countries. See Note 11 for information regarding concentrations of credit risk associated with our derivative instruments.

Note 11 — Derivative Instruments and Hedging Activities

We are exposed to certain market risks related to our ongoing business operations. Management uses derivative financial and commodity instruments, among other things, to manage: (1) commodity price risk; (2) interest rate risk; and (3) foreign currency exchange rate risk. Although we use derivative financial and commodity instruments to reduce market risk associated with forecasted transactions, we do not use derivative financial and commodity instruments for speculative or trading purposes. The use of derivative instruments is controlled by our risk management and credit policies, which govern, among other things, the derivative instruments we can use, counterparty credit limits and contract authorization limits. Although our commodity derivative instruments extend over a number of years, a significant portion of our commodity derivative instruments economically hedge commodity price risk during the next twelve months. See Note 2 for information on the accounting for our derivative instruments.

The following sections summarize the types of derivative instruments used by the Company to manage these market risks.

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)

Commodity Price Risk

Regulated Utility Operations

Natural Gas

PA Gas Utility’s tariffs contain clauses that permit recovery of all prudently incurred costs of natural gas it sells to retail core-market customers, including the cost of financial instruments used to hedge purchased gas costs. As permitted and agreed to by the PAPUC pursuant to PA Gas Utility’s annual PGC filings, PA Gas Utility currently uses NYMEX natural gas futures and option contracts to reduce commodity price volatility associated with a portion of the natural gas it purchases for its retail core-market customers. See Note 7 for further information on the regulatory accounting treatment for these derivative instruments.

Non-utility Operations

LPG

In order to manage market price risk associated with the Partnership’s fixed-price programs and to reduce the effects of short-term commodity price volatility, the Partnership uses over-the-counter derivative commodity instruments, principally price swap contracts. In addition, the Partnership and our UGI International operations also use over-the-counter price swap and option contracts to reduce commodity price volatility associated with a portion of their forecasted LPG purchases.

Natural Gas

In order to manage market price risk relating to fixed-price sales contracts for physical natural gas, Midstream & Marketing enters into NYMEX and over-the-counter natural gas futures and over-the-counter and ICE natural gas basis swap contracts. In addition, Midstream & Marketing uses NYMEX and over-the-counter futures and options contracts to economically hedge price volatility associated with the gross margin derived from the purchase and anticipated later near-term sale of natural gas storage inventories. Outside of the financial market, Midstream & Marketing also uses ICE and over-the-counter forward physical contracts.

Electricity

In order to manage market price risk relating to fixed-price sales contracts for electricity, Midstream & Marketing enters into electricity futures and forward contracts.

Interest Rate Risk

Certain of our long-term debt agreements have interest rates that are generally indexed to short-term market interest rates. In order to fix the underlying short-term market interest rates, we may enter into pay-fixed, receive-variable interest rate swap agreements and designate such swaps as cash flow hedges.

The remainder of our long-term debt is typically issued at fixed rates of interest. As this long-term debt matures, we typically refinance such debt with new debt having interest rates reflecting then-current market conditions. In order to reduce market rate risk on the underlying benchmark rate of interest associated with near- to medium-term forecasted issuances of fixed-rate debt, from time to time we enter into IRPAs. We account for IRPAs as cash flow hedges. There were no unsettled IRPAs during any of the periods presented. At March 31, 2026, the amount of pre-tax net (gains) losses associated with interest rate hedges expected to be reclassified into earnings during the next twelve months is $3.

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)

Foreign Currency Exchange Rate Risk

Forward Foreign Currency Exchange Contracts

In order to reduce the volatility in net income associated with our foreign operations, principally as a result of changes in the USD exchange rate to the euro and British pound sterling, we enter into forward foreign currency exchange contracts. We layer in these foreign currency exchange contracts over multi-year periods to eventually equal approximately 90% of anticipated UGI International foreign currency earnings before income taxes. Because these contracts are not designated as hedging instruments, realized and unrealized gains and losses on these contracts are recorded in “Other non-operating income (expense), net” on the Condensed Consolidated Statements of Income.

Net Investment Hedges

From time to time, we also enter into certain forward foreign currency exchange contracts to reduce the volatility of the USD value of a portion of our UGI International euro-denominated net investments, including anticipated foreign currency denominated dividends. We account for these foreign currency exchange contracts as net investment hedges and all changes in the fair value of these contracts are reported in the cumulative translation adjustment component in AOCI. We use the spot rate method to measure ineffectiveness of our net investment hedges.

Our euro-denominated long-term debt has also been designated as net investment hedges, representing a portion of our UGI International euro-denominated net investment. We recognized pre-tax gains (losses) associated with these net investment hedges in the cumulative translation adjustment component in AOCI of $14 and $(33) during the three months ended March 31, 2026 and 2025, respectively, and $13 and $22 during the six months ended March 31, 2026 and 2025, respectively.

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)

Quantitative Disclosures Related to Derivative Instruments

The following table summarizes by derivative type the gross notional amounts related to open derivative contracts at March 31, 2026, September 30, 2025 and March 31, 2025, and the final settlement dates of the Company's open derivative contracts as of March 31, 2026, but excluding those derivatives that qualified for the NPNS exception:


			Notional Amounts (in millions)
Type	Units	Settlements Extending Through	March 31, 2026		September 30, 2025		March 31, 2025
Commodity Price Risk:
Regulated Utility Operations
PA Gas Utility NYMEX natural gas futures and option contracts	Dekatherms	February 2027	15		28		18


Non-utility Operations
LPG swaps	Gallons	May 2029	393		608		414
Natural gas futures, forward, basis swap, options and pipeline contracts	Dekatherms	March 2030	220		237		266




Electricity forward and futures contracts	Kilowatt hours	January 2029	1,047		929		842

Interest Rate Risk:
Interest rate swaps	Euro	June 2027	€	200	€	300	€	300
Interest rate swaps	USD	September 2028	$	1,436	$	1,443	$	1,224

Foreign Currency Exchange Rate Risk:
Forward foreign currency exchange contracts	USD	September 2028	$	290	$	500	$	202
Net investment hedge forward foreign exchange contracts	Euro	December 2026	€	106	€	106	€	181

Derivative Instrument Credit Risk

We are exposed to risk of loss in the event of nonperformance by our derivative instrument counterparties. Our derivative instrument counterparties principally comprise large energy companies and major U.S. and international financial institutions. We maintain credit policies with regard to our counterparties that we believe reduce overall credit risk. These policies include evaluating and monitoring our counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits or entering into netting agreements that allow for offsetting counterparty receivable and payable balances for certain financial transactions, as deemed appropriate.

We have concentrations of credit risk associated with derivative instruments and we evaluate the creditworthiness of our derivative counterparties on an ongoing basis. At March 31, 2026, the maximum amount of loss, based upon the gross fair values of the derivative instruments, we would incur if these counterparties failed to perform according to the terms of their contracts was $196. In general, many of our over-the-counter derivative instruments and all exchange contracts call for the posting of collateral by the counterparty or by the Company in the forms of letters of credit, parental guarantees or cash. At March 31, 2026, we had received cash collateral from derivative instrument counterparties totaling $43. In addition, we may have offsetting derivative liabilities and certain accounts payable balances with certain of these counterparties, which further mitigates the previously mentioned maximum amount of losses. Certain of the Partnership’s derivative contracts have credit-risk-related contingent features that may require the posting of additional collateral in the event of a downgrade of the Partnership’s debt rating. At March 31, 2026, if the credit-risk-related contingent features were triggered, the amount of collateral required to be posted would not be material.

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)

Offsetting Derivative Assets and Liabilities

Derivative assets and liabilities are presented net by counterparty on the Condensed Consolidated Balance Sheets if the right of offset exists. We offset amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against amounts recognized for derivative instruments executed with the same counterparty. Our derivative instruments include both those that are executed on an exchange through brokers and centrally cleared and over-the-counter transactions. Exchange contracts utilize a financial intermediary, exchange or clearinghouse to enter, execute or clear the transactions. Over-the-counter contracts are bilateral contracts that are transacted directly with a third party. Certain over-the-counter and exchange contracts contain contractual rights of offset through master netting arrangements, derivative clearing agreements and contract default provisions. In addition, the contracts are subject to conditional rights of offset through counterparty nonperformance, insolvency or other conditions.

In general, many of our over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral generally include cash or letters of credit. Cash collateral paid by us to our over-the-counter derivative counterparties, if any, is reflected in the table below to offset derivative liabilities. Cash collateral received by us from our over-the-counter derivative counterparties, if any, is reflected in the table below to offset derivative assets. Certain other accounts receivable and accounts payable balances recognized on the Condensed Consolidated Balance Sheets with our derivative counterparties are not included in the table below but could reduce our net exposure to such counterparties because such balances are subject to master netting or similar arrangements.

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)

Fair Value of Derivative Instruments

The following table presents the Company’s derivative assets and liabilities by type, as well as the effects of offsetting:


	March 31, 2026		September 30, 2025		March 31, 2025
Derivative assets:
Derivatives designated as hedging instruments:

Foreign currency contracts	$	4	$	1	$	12
Interest rate contracts	—		—		1
	4		1		13
Derivatives subject to PGC and DS mechanisms:
Commodity contracts	1		3		19
Derivatives not designated as hedging instruments:
Commodity contracts	190		93		222
Foreign currency contracts	1		—		2
	191		93		224
Total derivative assets — gross	196		97		256
Gross amounts offset in the balance sheet	(81)		(65)		(138)
Cash collateral received	(43)		(2)		(45)
Total derivative assets — net	$	72	$	30	$	73
Derivative liabilities:
Derivatives designated as hedging instruments:



Interest rate contracts	$	(3)	$	(12)	$	(11)

Derivatives subject to PGC and DS mechanisms:
Commodity contracts	(7)		(8)		—
Derivatives not designated as hedging instruments:
Commodity contracts	(104)		(125)		(159)
Foreign currency contracts	(5)		(19)		(1)
	(109)		(144)		(160)
Total derivative liabilities — gross	(119)		(164)		(171)
Gross amounts offset in the balance sheet	81		65		138
Cash collateral pledged	—		19		—
Total derivative liabilities — net	$	(38)	$	(80)	$	(33)

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)

Effects of Derivative Instruments

The following tables provide information on the effects of derivative instruments on the Condensed Consolidated Statements of Income and changes in AOCI:


Three Months Ended March 31,:
	Gain (Loss) Recognized in AOCI				Gain (Loss) Reclassified from AOCI into Income				Location of Gain (Loss) Reclassified from AOCI into Income
Cash Flow Hedges:	2026		2025		2026		2025



Interest rate contracts	$	8	$	(6)	$	3	$	(1)	Interest expense


Net Investment Hedges:
Foreign currency contracts	$	3	$	(6)

	Gain (Loss) Recognized in Income
Derivatives Not Designated as Hedging Instruments:	2026		2025		Location of Gain (Loss) Recognized in Income
Commodity contracts	$	—	$	(1)	Revenues
Commodity contracts	199		67		Cost of sales

Commodity contracts	(3)		—		Other operating expense (income), net
Foreign currency contracts	6		(9)		Other non-operating income (expense), net
Total	$	202	$	57

Six Months Ended March 31,:
	Gain (Loss) Recognized in AOCI				Gain (Loss) Reclassified from AOCI into Income				Location of Gain (Loss) Reclassified from AOCI into Income
Cash Flow Hedges:	2026		2025		2026		2025



Interest rate contracts	$	12	$	14	$	4	$	1	Interest expense


Net Investment Hedges:
Foreign currency contracts	$	4	$	7

	Gain (Loss) Recognized in Income
Derivatives Not Designated as Hedging Instruments:	2026		2025		Location of Gain (Loss) Recognized in Income
Commodity contracts	$	—	$	(2)	Revenues
Commodity contracts	170		136		Cost of sales

Commodity contracts	(3)		(1)		Other operating expense (income), net
Foreign currency contracts	8		16		Other non-operating income (expense), net
Total	$	175	$	149

We are also a party to a number of other contracts that have elements of a derivative instrument. However, these contracts qualify for NPNS exception accounting because they provide for the delivery of products or services in quantities that are expected to be used in the normal course of operating our business and the price in these contracts are based on an underlying that is directly associated with the price of the product or service being purchased or sold. These contracts include, among others, binding purchase orders, contracts that provide for the purchase and delivery, or sale, of energy products, and service contracts that require the counterparty to provide commodity storage, transportation or capacity service to meet our normal sales commitments.

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)

Note 12 — Accumulated Other Comprehensive Income (Loss)

The tables below present changes in AOCI, net of tax:


Three Months Ended March 31, 2026	Postretirement Benefit Plans		Derivative Instruments		Foreign Currency		Total
AOCI — December 31, 2025	$	23	$	(13)	$	(178)	$	(168)
Other comprehensive income (loss) before reclassification adjustments	—		6		(21)		(15)
Amounts reclassified from AOCI	—		(2)		—		(2)
Other comprehensive income (loss) attributable to UGI	—		4		(21)		(17)
AOCI — March 31, 2026	$	23	$	(9)	$	(199)	$	(185)

Three Months Ended March 31, 2025	Postretirement Benefit Plans		Derivative Instruments		Foreign Currency		Total
AOCI — December 31, 2024	$	9	$	(10)	$	(312)	$	(313)
Other comprehensive income (loss) before reclassification adjustments	—		(4)		47		43
Amounts reclassified from AOCI	1		1		—		2
Other comprehensive income (loss) attributable to UGI	1		(3)		47		45
AOCI — March 31, 2025	$	10	$	(13)	$	(265)	$	(268)

Six Months Ended March 31, 2026	Postretirement Benefit Plans		Derivative Instruments		Foreign Currency		Total
AOCI — September 30, 2025	$	23	$	(15)	$	(181)	$	(173)
Other comprehensive income (loss) before reclassification adjustments	—		9		(18)		(9)
Amounts reclassified from AOCI	—		(3)		—		(3)
Other comprehensive income (loss) attributable to UGI	—		6		(18)		(12)
AOCI — March 31, 2026	$	23	$	(9)	$	(199)	$	(185)

Six Months Ended March 31, 2025	Postretirement Benefit Plans		Derivative Instruments		Foreign Currency		Total
AOCI — September 30, 2024	$	10	$	(23)	$	(240)	$	(253)
Other comprehensive income (loss) before reclassification adjustments	—		11		(25)		(14)
Amounts reclassified from AOCI	—		(1)		—		(1)
Other comprehensive income (loss) attributable to UGI	—		10		(25)		(15)
AOCI — March 31, 2025	$	10	$	(13)	$	(265)	$	(268)

Note 13 — Segment Information

Our operations comprise four reportable segments generally based upon products or services sold, geographic location and regulatory environment: (1) Utilities; (2) Midstream & Marketing; (3) UGI International; and (4) AmeriGas Propane.

Corporate & Other includes UGI’s certain corporate and general expenses as well as interest expense that is not allocated to its reportable segments. Corporate & Other also includes certain items that are excluded from our CODM’s assessment of segment performance (see below for further details on these items).

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)

The accounting policies of our reportable segments are the same as those described in Note 2, “Summary of Significant Accounting Policies,” in the Company’s 2025 Annual Report. Our Chief Executive Officer, who serves as the CODM, measures segment profitability based on “earnings before interest expense and income taxes.” The CODM uses this financial metric by comparing current period results to budgeted and prior year results at the reportable segment level to assess the segment performance and to allocate resources between the segments.

The following tables provide information about the Company’s reportable segments and the reconciliation to corresponding consolidated amounts:


Three Months Ended March 31, 2026	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other (d)
Revenues from external customers	$	2,685	$	—	$	815	$	490	$	621	$	759	$	—
Intersegment revenues	—		(290)		65		225		—		—		—
Cost of sales	1,187		(290)		461		512		323		311		(130)
Operating and administrative expenses (b)	559		(27)		122		36		141		259		28
Depreciation and amortization	138		—		48		22		26		41		1
Income (loss) from equity investees	5		—		—		5		—		—		—
Other segment income (loss) (c)	(35)		(30)		1		—		1		8		(15)
Earnings before interest expense and income taxes	771		(3)		250		150		132		156		86
Interest expense	(111)		3		(30)		(15)		(11)		(37)		(21)
Income tax benefit (expense)	(140)		—		(49)		(26)		(18)		(34)		(13)
Net income attributable to UGI	$	520	$	—	$	171	$	109	$	103	$	85	$	52
Capital expenditures (including the effects of accruals)	$	180	$	—	$	127	$	5	$	19	$	29	$	—

Three Months Ended March 31, 2025	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other (d)
Revenues from external customers	$	2,666	$	—	$	727	$	443	$	650	$	848	$	(2)
Intersegment revenues	—		(190)		46		144		—		—		—
Cost of sales	1,301		(190)		378		385		348		402		(22)
Operating and administrative expenses (b)	546		(25)		113		31		142		257		28
Depreciation and amortization	138		—		44		20		29		45		—
Income (loss) from equity investees	3		—		—		3		—		—		—
Other segment income (loss) (c)	12		(29)		3		—		12		10		16
Earnings before interest expense and income taxes	696		(4)		241		154		143		154		8
Interest expense	(102)		3		(25)		(12)		(11)		(37)		(20)
Income tax benefit (expense)	(115)		—		(50)		8		(39)		(92)		58
Net income attributable to UGI	$	479	$	(1)	$	166	$	150	$	93	$	25	$	46
Capital expenditures (including the effects of accruals)	$	160	$	—	$	100	$	27	$	17	$	16	$	—

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)


Six Months Ended March 31, 2026	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other (d)
Revenues from external customers	$	4,768	$	—	$	1,386	$	827	$	1,196	$	1,359	$	—
Intersegment revenues	—		(400)		85		315		—		—		—
Cost of sales	2,199		(400)		742		800		614		562		(119)
Operating and administrative expenses (b)	1,079		(51)		230		71		275		503		51
Depreciation and amortization	278		—		95		43		55		85		—
Income (loss) from equity investees	9		—		—		9		—		—		—
Other segment income (loss) (c)	12		(58)		3		1		4		19		43
Earnings before interest expense and income taxes	1,233		(7)		407		238		256		228		111
Interest expense	(222)		7		(59)		(29)		(22)		(75)		(44)
Income tax benefit (expense)	(194)		—		(79)		(39)		(28)		(44)		(4)
Net income attributable to UGI	$	817	$	—	$	269	$	170	$	206	$	109	$	63
Capital expenditures (including the effects of accruals)	$	371	$	—	$	260	$	22	$	30	$	59	$	—
As of March 31, 2026
Total assets	$	16,119	$	(338)	$	6,794	$	3,272	$	3,191	$	3,020	$	180

Six Months Ended March 31, 2025	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other (d)
Revenues from external customers	$	4,696	$	—	$	1,197	$	739	$	1,288	$	1,475	$	(3)
Intersegment revenues	—		(276)		61		215		—		—		—
Cost of sales	2,224		(276)		582		614		722		682		(100)
Operating and administrative expenses (b)	1,043		(51)		211		60		276		493		54
Depreciation and amortization	276		—		88		40		58		90		—
Income (loss) from equity investees	6		—		—		7		(1)		—		—
Other segment income (loss) (c)	56		(54)		5		2		22		18		63
Earnings before interest expense and income taxes	1,215		(3)		382		249		253		228		106
Interest expense	(204)		3		(51)		(24)		(21)		(70)		(41)
Income tax benefit (expense)	(157)		—		(76)		14		(39)		(179)		123
Net income (loss) attributable to UGI	$	854	$	—	$	255	$	239	$	193	$	(21)	$	188
Capital expenditures (including the effects of accruals)	$	335	$	—	$	206	$	59	$	31	$	39	$	—
As of March 31, 2025
Total assets	$	15,746	$	(366)	$	6,261	$	3,378	$	3,171	$	3,110	$	192

(a)Represents the elimination of intersegment transactions principally among Midstream & Marketing, Utilities and AmeriGas Propane.

(b)For the Utilities reportable segment, operating and administrative expenses less revenue-related taxes (i.e., gross receipts and business occupation taxes) is considered a significant segment expense and was $111 and $103 for the three months ended March 31, 2026 and 2025, respectively, and $211 and $194 for the six months ended March 31, 2026 and 2025, respectively.

(c)Excluding Corporate & Other, other segment items principally represent other operating and non-operating income and expenses.

(d)Corporate & Other includes specific items attributable to our reportable segments that are not included in the segment profit measures used by our CODM. The following table presents such pre-tax gains (losses) which have been included in Corporate & Other, and the reportable segments to which they relate, for the three and six months ended March 31, 2026 and 2025:

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UGI CORPORATION AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(unaudited)

(Currency in millions, except per share amounts and where indicated otherwise)



Three Months Ended March 31, 2026	Location on Income Statement	Midstream & Marketing		UGI International		AmeriGas Propane

Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Cost of sales	$	(26)	$	129	$	27
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Other operating expense (income), net	$	—	$	4	$	—
Unrealized gains (losses) on foreign currency derivative instruments	Other non-operating income (expense), net	$	—	$	11	$	—













Net gain (loss) on disposals of businesses	Net loss (gain) on disposals of businesses	$	—	$	(62)	$	—


Interest income from intersegment loan	Other operating expense (income), net	$	—	$	4	$	—

Three Months Ended March 31, 2025	Location on Income Statement	Midstream & Marketing		UGI International		AmeriGas Propane
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Revenues	$	(1)	$	—	$	—
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Cost of sales	$	26	$	(8)	$	3

Unrealized gains (losses) on foreign currency derivative instruments	Other non-operating income (expense), net	$	—	$	(13)	$	—














Interest income from intersegment loan	Other operating expense (income), net	$	—	$	3	$	—

Six Months Ended March 31, 2026	Location on Income Statement	Midstream & Marketing		UGI International		AmeriGas Propane

Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Cost of sales	$	(28)	$	130	$	17
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Other operating expense (income), net	$	—	$	4	$	—
Unrealized gains (losses) on foreign currency derivative instruments	Other non-operating income (expense), net	$	—	$	16	$	—













Net gain (loss) on disposals of businesses	Net loss (gain) on disposals of businesses	$	—	$	(35)	$	—


Interest income from intersegment loan	Other operating expense (income), net	$	—	$	8	$	—

Six Months Ended March 31, 2025	Location on Income Statement	Midstream & Marketing		UGI International		AmeriGas Propane
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Revenues	$	(2)	$	—	$	—
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Cost of sales	$	85	$	4	$	10
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Other operating expense (income), net	$	—	$	1	$	—
Unrealized gains (losses) on foreign currency derivative instruments	Other non-operating income (expense), net	$	—	$	9	$	—














Interest income from intersegment loan	Other operating expense (income), net	$	—	$	3	$	—

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UGI CORPORATION AND SUBSIDIARIES

(Currency in millions, except per share amounts and where indicated otherwise)

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

Information contained in this Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements use forward-looking words such as “believe,” “plan,” “anticipate,” “continue,” “estimate,” “expect,” “may,” or other similar words and terms of similar meaning, although not all forward-looking statements contain such words. These statements discuss plans, strategies, events or developments that we expect or anticipate will or may occur in the future. All forward-looking statements made in this Quarterly Report on Form 10-Q rely upon the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995.

A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. We believe that we have chosen these assumptions or bases in good faith and that they are reasonable. However, we caution you against relying on any forward-looking statement as these statements are subject to risks and uncertainties that may cause actual results to vary from assumed facts or bases, and the differences between actual results and assumed facts or bases can be material, depending on the circumstances. When considering forward-looking statements, you should keep in mind those factors set forth in Item 1A. Risk Factors in the Company’s 2025 Annual Report and the following important factors that could affect our future results and could cause those results to differ materially from those expressed in our forward-looking statements: (1) weather conditions (including increasingly uncertain weather patterns due to climate change) resulting in reduced demand, the seasonal nature of our business, and disruptions in our operations and supply chain; (2) cost volatility and availability of energy products, including propane and other LPG, natural gas, and electricity, as well as the availability of LPG cylinders, and the capacity to transport product to our customers; (3) changes in domestic and foreign laws and regulations, including safety, health, tax, transportation, consumer protection, data privacy, accounting, trade restrictions and policies, such as tariffs and related sanctions, and environmental matters, such as regulatory responses to climate change; (4) inability to timely recover costs through utility rate proceedings; (5) increased customer conservation measures due to high energy prices and improvements in energy efficiency and technology resulting in reduced demand; (6) adverse labor relations and our ability to address existing or potential workforce shortages; (7) the impact of pending and future legal or regulatory proceedings, inquiries or investigations; (8) competitive pressures from the same and alternative energy sources; (9) failure to acquire new customers or retain current customers, thereby reducing or limiting any increase in revenues; (10) liability for environmental claims; (11) customer, counterparty, supplier, or vendor defaults; (12) liability for uninsured claims and for claims in excess of insurance coverage, including those for personal injury and property damage arising from explosions, acts of war, terrorism, natural disasters, pandemics, and other catastrophic events that may result from operating hazards and risks incidental to generating and distributing electricity and transporting, storing and distributing natural gas and LPG in all forms; (13) transmission or distribution system service interruptions; (14) political, regulatory and economic conditions in the United States, Europe and other foreign countries, including uncertainties related to the war between Russia and Ukraine, the conflict in the Middle East, the European energy crisis, the adoption and expansion of tariffs or other trade restrictions and policies, and foreign currency exchange rate fluctuations (particularly the euro); (15) credit and capital market conditions, including reduced access to capital markets and interest rate fluctuations; (16) changes in commodity market prices resulting in significantly higher cash collateral requirements; (17) impacts of our indebtedness and the restrictive covenants in our debt agreements; (18) reduced distributions from subsidiaries impacting the ability to pay dividends or service debt; (19) changes in Marcellus and Utica Shale gas production; (20) the success of our strategic initiatives and investments intended to advance our business strategy; (21) our ability to successfully integrate acquired businesses and achieve anticipated synergies; (22) the interruption, disruption, failure, malfunction, or breach of our information technology systems, and those of our third-party vendors or service providers, including due to cyber attack; (23) the inability to complete pending or future energy infrastructure projects; (24) our ability to attract, develop, retain and engage key employees; (25) uncertainties related to global pandemics; (26) the impact of a material impairment of our assets; (27) the impact of proposed or future tax legislation; (28) the impact of changes in governmental policies related to tariffs, reciprocal and retaliatory tariffs, and other tariff-related measures, trade agreements, or policies; (29) the impact of declines in the stock market or bond market, and a low interest rate environment, on our pension liability; (30) our ability to protect our intellectual property; (31) our ability to overcome supply chain issues that may result in delays or shortages in, as well as increased costs of, equipment, materials or other resources that are critical to our business operations; and (32) our ability to control operating costs and realize cost savings.

These factors, and those factors set forth in Item 1A. Risk Factors in the Company’s 2025 Annual Report, are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on future results. Any forward-looking statement speaks only as of the date on which such statement is made. We undertake no obligation (and expressly

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UGI CORPORATION AND SUBSIDIARIES

(Currency in millions, except per share amounts and where indicated otherwise)

disclaim any obligation) to update publicly any forward-looking statement, whether as a result of new information or future events, except as required by the federal securities laws.

ANALYSIS OF RESULTS OF OPERATIONS

The following analyses compare the Company’s results of operations for the 2026 three-month period with the 2025 three-m

UGI CORP /PA/ 10-Q