Financial Analysis

Note 16 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 September 30 …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Note 6 Debt Significant Financing Activities During Fiscal 2025 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 14, 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. These senior notes are unsecured and rank 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. 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. As of September 30, 2025, the $175 aggregate principal amount of these senior notes has been classified as long-term debt on the Consolidated Balance Sheets based on the Companys intent and ability to refinance these short-term obligations on a long-term basis. In November 2024, UGI Utilities entered into a note purchase agreement with a consortium of lenders. Pursuant to the note purchase agreement, UGI Uti …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present our disaggregated revenues by reportable segment: 2025 Total Eliminations (a) Utilities Midstream & Marketing UGI International AmeriGas Propane Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 970 $ $ 970 $ $ $ $ Commercial & Industrial 385 385 Large delivery service 196 196 Off-system sales and capacity releases 74 (79) 153 Other 31 (1) 32 Total Utility 1,656 (80) 1,736 Non-Utility: LPG: Retail 3,738 1,785 1,953 Wholesale 231 156 75 Energy Marketing 998 (159) 1,099 58 Midstream: Pipeline 225 225 Peaking 27 (111) 138 Other 21 21 Other 251 78 173 Total Non-Utility 5,491 (270) 1,483 2,077 2,201 Total revenues from contracts with customers 7,147 (350) 1,736 1,483 2,077 2,201 Other revenues (c) 140 25 42 75 (2) Total revenues $ 7,287 $ (350) $ 1,761 $ 1,483 $ 2,119 $ 2,276 $ (2) 2024 Total Eliminations (a) Utilities Midstream & Marketing UGI International AmeriGas Propane Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 873 $ $ 873 $ $ $ $ Commercial & Industrial 344 344 Large delivery service 183 183 Off-system sales and capacity releases 67 (48) 115 Other 36 (1) 37 Total Utility 1,503 (49) 1,552 Non-Utility: LPG: Retail 3,733 1,816 1,917 Wholesale 270 180 90 Energy Marketing (b) 980 (96) 948 170 (42) Midstream: Pipeline 246 246 Peaking 10 (121) 131 Other 16 16 Electricity Generation 27 27 Other 260 74 186 Total Non-Utility 5,542 (217) 1 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Note 14 Equity-Based Compensation The Company grants equity-based awards to employees and non-employee directors comprising UGI stock options and Common Stock-based equity instruments. We recognized total pre-tax equity-based compensation expense of $18 ($13 after-tax), $8 ($6 after-tax) and $17 ($13 after-tax) in Fiscal 2025, Fiscal 2024 and Fiscal 2023, respectively. UGI Equity-Based Compensation Plans and Awards. On January 29, 2021, the Companys shareholders approved the 2021 IAP. Under the 2021 IAP, awards representing up to 20,500,000 shares of Common Stock may be granted. UGI Unit Awards granted to employees and non-employee directors, including dividend equivalents, are settled in shares of Common Stock and cash. The 2021 IAP supersedes and replaces the 2013 OICP for awards granted on or after February 1, 2021. The terms and conditions of the 2013 OICP will continue to govern any outstanding awards granted thereunder. Similar to the 2013 OICP, under the 2021 IAP, we may grant options to acquire shares of Common Stock, SARs, UGI Units (comprising Stock Units and UGI Performance Units), other equity-based awards and cash to key employees and non-employee directors. The exercise price for options may not be less than the fair market value on the grant date. Awards granted under the 2021 IAP may vest immediately or ratably over a period of years, and stock options can be exercised no later than ten years from the grant date. Except in the event of retirement, death or dis …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Note 17 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 as described in Note 2: Asset (Liability) Level 1 Level 2 Level 3 Total 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 September 30, 2024 Derivative instruments: Assets: Commodity contracts $ 106 $ 27 $ $ 133 Foreign currency contracts $ $ 6 $ $ 6 Interest rate contracts $ $ 1 $ $ 1 Liabilities: Commodity contracts $ (120) $ (32) $ $ (152) Foreign currency contracts $ $ (9) $ $ (9) Interest rate contracts $ $ (22) $ $ (22) Non-qualified supplemental postretirement grantor trust investments (a) $ 43 $ $ $ 43 (a) Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans (see Note 8). 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. Substantial …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Note 12 Goodwill and Intangible Assets Changes in the carrying amount of goodwill by reportable segment are as follows: Utilities Midstream & Marketing UGI International AmeriGas Propane Total Balance September 30, 2023 $ 432 $ 336 $ 911 $ 1,348 $ 3,027 Impairment of goodwill (195) (195) Dispositions (12) (12) Foreign currency translation 51 51 Balance September 30, 2024 432 336 950 1,153 2,871 Dispositions (41) (26) (67) Foreign currency translation 48 48 Balance September 30, 2025 $ 432 $ 336 $ 957 $ 1,127 $ 2,852 During the fourth quarter of Fiscal 2024, as part of its annual goodwill impairment assessment, the Company performed a quantitative assessment for its AmeriGas Propane reporting unit. In addition, during the third quarter of Fiscal 2023, the Company identified interim impairment indicators related to goodwill within the AmeriGas Propane reporting unit: (1) AmeriGas Partners issued $500 of Senior Notes at an interest rate of 9.375%, which was significantly higher than the interest rates on the other AmeriGas Propane debt obligations; and (2) financial projections for the AmeriGas Propane reporting unit were reduced significantly compared to previous forecasts following declines in gross margins and customer retention and higher operating expenses. The Company concluded that these events constituted triggering events that indicate that the AmeriGas Propane goodwill may be impaired and, as such, performed an interim impairment test of its goodwill as of May 31, …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Note 7 Income Taxes Income (loss) before income taxes comprises the following: 2025 2024 2023 Domestic $ 580 $ 305 $ (346) Foreign 116 35 (1,491) Total income (loss) before income taxes $ 696 $ 340 $ (1,837) The provisions for income taxes consist of the following: 2025 2024 2023 Current expense (benefit): Federal $ $ (25) $ (1) State 14 12 37 Foreign 50 32 49 Total current expense (benefit) 64 19 85 Deferred expense (benefit): Federal (41) 82 34 State 8 34 (21) Foreign (13) (64) (433) Total deferred expense (benefit) (46) 52 (420) Total income tax expense (benefit) $ 18 $ 71 $ (335) Federal income taxes for Fiscal 2025, Fiscal 2024 and Fiscal 2023 are net of foreign tax credits of $47, $17, and $25, respectively. A reconciliation from the U.S. federal statutory tax rate to our effective tax rate is as follows: 2025 2024 2023 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % Difference in tax rate due to: Goodwill impairment not deductible for tax 11.6 (7.3) State income taxes, net of federal benefit 4.6 6.8 (1.7) Investment tax credits (12.7) (6.8) 0.5 Valuation allowance adjustments (8.8) (6.3) 1.1 Regulated entity depreciation normalization (2.0) (4.5) 0.7 Notional interest deduction (1.7) (3.8) 0.7 Nontaxable sale of equity investment 1.5 Effects of tax rate changes State, net of federal benefit (0.7) 3.6 0.2 State NOL adjustment upon disposition 2.4 Uncertain tax positions 0.8 (2.4) (0.7) Impairment of equity investment 2.2 Federal refund interest accrual (0.5) (1.1) …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Note 15 Leases Lessee We lease various buildings and other facilities, real estate, vehicles, rail cars and other equipment, the majority of which are operating leases. We determine if a contract is or contains a lease by evaluating whether the contract explicitly or implicitly identifies an asset, whether we have the right to obtain substantially all of the economic benefits of the identified leased asset and to direct its use. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. We recognize ROU assets at the lease commencement date at the value of the lease liability adjusted for any prepayments, lease incentives received, and initial direct costs incurred. Lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. These payments are discounted using the discount rate implicit in the lease, when available. We apply an incremental borrowing rate, which is developed utilizing a credit notching approach based on information available at the lease commencement date, when the implicit rate is not available. Lease expense is recognized on a straight-line basis over the expected lease term. Renewal and termination options are not included in the lease term unless we are reasonably certain that such options will be exercised. Leases with an original lease term of one year or less, including cons …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

New Accounting Standard Adopted in Fiscal 2025 Segment Reporting. In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280) which requires enhanced disclosure of (1) significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, (2) the amount and description of the composition of other segment items which reconcile to segment profit or loss, and (3) the title and position of the entitys CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and allocating resources. The amendments also expand the interim segment disclosure requirements. In the fourth quarter of Fiscal 2025, the Company adopted the new guidance on a retrospective basis. The adoption of the new guidance did not have a material impact on our consolidated financial statements. See Note 22 for enhanced disclosures. Accounting Standards Not Yet 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 …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Note 8 Employee Retirement Plans Defined Benefit Pension and Other Postretirement Plans The U.S. Pension Plans consist of (1) a defined benefit pension plan for employees hired prior to January 1, 2009, of UGI, UGI Utilities, and certain of UGIs other domestic wholly owned subsidiaries and (2) a defined benefit pension plan for Mountaineer employees hired prior to January 1, 2023. U.S. Pension Plans benefits are based on years of service, age and employee compensation. In addition, certain UGI International employees in France and Belgium are covered by defined benefit pension and postretirement plans. Although the disclosures in the tables below include amounts related to the UGI International plans, such amounts are not material. We also provide postretirement health care benefits to certain retirees and postretirement life insurance benefits to certain U.S. active and retired employees. The ABOs of our other postretirement benefit plans were $21 and $24 as of September 30, 2025 and 2024, respectively. The fair values of the plan assets of our other postretirement benefit plans was $25 and $22 as of September 30, 2025 and 2024, respectively. The following table provides a reconciliation of the PBOs of our pension plans (the U.S. Pension Plans and the UGI International pension plans), plan assets, and the related funded status of our pension plans as of September 30, 2025 and 2024. ABO is the present value of benefits earned to date with benefits based upon current compensat …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

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. The Company generally has the right to consideration from a customer in an amount that corresponds directly with the value to the customer for performance completed to date. As such, we have elected to recognize revenue in the amount to which we have a right to invoice except in the case of certain of Utilities large delivery service customers and Midstream & Marketings peaking and gathering contracts for which we recognize revenue on a straight-line basis over the term of the contract, consistent with when the performance obligations are satisfied by the Company. We do not have a significant financing component in our contracts because we receive payment shortly before, at, or shortly after the transfer of control of the good or service. Because the period between the time the performance obligation is satisfied and payment is received is generally one year or less, the Company has elected to apply the significant financing component practical expedient and no amount of consideration has been allocated as a financing component. The Companys revenues from contracts with customers are discussed below. Utility Revenues Utilities supplies natural gas and electricity and provides distribution services of natural g …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Note 22 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. Our Utilities segment primarily derives its revenues from the sale and distribution of natural gas to customers in eastern and central Pennsylvania and in West Virginia. To a much lesser extent, Utilities also derives revenues from the sale and distribution of electricity in two northeastern Pennsylvania counties. Midstream & Marketing derives its revenues principally from the marketing of natural gas, liquid fuels and electricity as well as revenues and fees from storage, pipeline transportation, natural gas gathering, and natural gas and RNG production activities primarily in the Mid-Atlantic region of the U.S. eastern Ohio, the panhandle of West Virginia and California. Prior to the sale of UGID in September 2024, Midstream & Marketing also derived revenues from the sale of electricity through PJM, a regional electricity transmission organization in the eastern U.S. (see Note 5). UGI International derives its revenues principally from the distribution of LPG to retail customers throughout much of Europe. Prior to the sale and wind-down of substantially all of its European energy marking business, UGI International also derived revenue from the marketing of natural gas and electricity to customers in Fr …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Note 2 Summary of Significant Accounting Policies Basis of Presentation Our consolidated financial statements are prepared in accordance with GAAP and the rules and regulations of the SEC. 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 managements 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. Principles of Consolidation The consolidated financial statements include the accounts of UGI and its controlled subsidiary companies which are majority owned or VIEs. An entity is a VIE when its total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, or its equity investors, as a group, lack the characteristics of having a controlling financial interest. We consolidate VIEs when we are determined to be the primary beneficiary. We report outside ownership interests in other consolidated but less than 100%-owned subsidiaries, as noncontrolling interests. We eliminate intercompany accounts and transactions when we consolidate. Noncontrolling interests were not material for all periods presented. We account for privately held equity securiti …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Note 13 Equity On February 2, 2022, the Board of Directors authorized an extension of an existing share repurchase program for up to 8,000,000 shares of Common Stock for an additional four-year period, expiring February 2026. During Fiscal 2025 and Fiscal 2023, the Company purchased and placed in treasury stock 1,000,000 shares and 600,000 shares at a total cost of $33 and $22, respectively. In Fiscal 2024, there were no share repurchases made under the program. UGI Preferred Stock and Common Stock share activity for Fiscal 2025, Fiscal 2024 and Fiscal 2023 is as follows: Preferred Stock Common Stock Issued/Outstanding Issued Treasury Outstanding Balance at September 30, 2022 220,000 210,560,494 (978,282) 209,582,212 Issued: Employee and director plans 345,558 167,313 512,871 Repurchases of common stock (600,000) (600,000) Balance at September 30, 2023 220,000 210,906,052 (1,410,969) 209,495,083 Issued: Settlement of Equity Units (220,000) 5,054,030 5,054,030 Employee and director plans 164,250 (27,751) 136,499 Balance at September 30, 2024 216,124,332 (1,438,720) 214,685,612 Issued: Employee and director plans 908,950 (118,517) 790,433 Repurchases of common stock (1,000,000) (1,000,000) Balance at September 30, 2025 217,033,282 (2,557,237) 214,476,045 UGI has 5,000,000 shares of UGI Series Preference Stock authorized for issuance. UGI had no shares of UGI Series Preference Stock outstanding at September 30, 2025 and 2024. Equity Units In May 2021, the Company issued 2.2 mill …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

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 December 31, …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"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 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 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present our disaggregated revenues by reportable segment: Three Months Ended December 31, 2025 Total Eliminations (a) Utilities Midstream & Marketing UGI International AmeriGas Propane Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 361 $ $ 361 $ $ $ $ Commercial & Industrial 139 139 Large delivery service 53 53 Off-system sales and capacity releases 26 (20) 46 Other 5 5 Total Utility 584 (20) 604 Non-Utility: LPG: Retail 1,025 499 526 Wholesale 46 36 10 Energy Marketing 284 (48) 319 13 Midstream: Pipeline 54 54 Peaking 7 (42) 49 Other 5 5 Other 60 16 44 Total Non-Utility 1,481 (90) 427 564 580 Total revenues from contracts with customers 2,065 (110) 604 427 564 580 Other revenues (b) 18 (13) 11 20 Total revenues $ 2,083 $ (110) $ 591 $ 427 $ 575 $ 600 $ Three Months Ended December 31, 2024 Total Eliminations (a) Utilities Midstream & Marketing UGI International AmeriGas Propane Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 276 $ $ 276 $ $ $ $ Commercial & Industrial 105 105 Large delivery service 52 52 Off-system sales and capacity releases 19 (15) 34 Other 8 8 Total Utility 460 (15) 475 Non-Utility: LPG: Retail 1,071 538 533 Wholesale 72 50 22 Energy Marketing 252 (31) 264 19 Midstream: Pipeline 58 58 Peaking 1 (40) 41 Other 4 4 Electricity Generation Other 70 20 50 Total Non-Utility 1,528 (71) 367 627 605 Total revenues from contracts w …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

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 December 31, 2025: Derivative instruments: Assets: Commodity contracts $ 68 $ 13 $ $ 81 Foreign currency contracts $ $ 2 $ $ 2 Liabilities: Commodity contracts $ (66) $ (73) $ $ (139) Foreign currency contracts $ $ (14) $ $ (14) Interest rate contracts $ $ (10) $ $ (10) Non-qualified supplemental postretirement grantor trust investments (a) $ 36 $ $ $ 36 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 December 31, 2024: Derivative instruments: Assets: Commodity contracts $ 130 $ 33 $ $ 163 Foreign currency contracts $ $ 33 $ $ 33 Interest rate contracts $ $ 5 $ $ 5 Liabilities: Commodity contracts $ (98) $ (14) $ $ (112) Foreign currency contracts $ $ (1) $ $ (1) Interest rate contracts $ $ (9) $ $ (9) Non-qualified supplemental postretirement grantor trust investments (a) $ 44 $ $ $ 44 (a) Consists primarily of mutual fund investments held in …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

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 …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

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 Companys 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 December 31, 2025 Total Eliminations (a) Utilities Midstream & Marketing UGI International AmeriGas Propane Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 361 $ $ 361 $ $ $ $ Commercial & Industrial 139 139 Large delivery service 53 53 Off-system sales and capacity releases 26 (20) 46 Other 5 5 Total Utility 584 (20) 604 Non-Utility: LPG: Retail 1,025 499 526 Wholesale 46 36 10 Energy Marketing 284 (48) 319 13 Midstream: Pipeline 54 54 Peaking 7 (42) 49 Other 5 5 Other 60 16 44 Total Non-Utility 1,481 (90) 427 564 580 Total revenues from contracts with customers 2,065 (110) 604 427 564 580 Other revenues (b) 18 (13) 11 20 Total revenues $ 2,083 $ (110) $ 591 $ 427 $ 575 $ 600 $ Three Months Ended December 31, 2024 Total Eliminations (a) Utilities Midstream & Marketing UGI International AmeriGas Propane Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 276 $ $ 276 $ $ $ …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

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 UGIs 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 CODMs assessment of segment performance (see below for further details on these items). The accounting policies of our reportable segments are the same as those described in Note 2, Summary of Significant Accounting Policies, in the Companys 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 Companys reportable segments and the reconciliation to corresponding consolidated amounts: Three Months Ended December 31, 2025 Total Eliminations (a) Utilities Midstream & Marketing UGI International AmeriGas Propane Corporate & Other (d) Revenues from external customers $ 2,083 $ $ 571 $ 337 $ 575 $ 600 $ Interse …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

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 Companys 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. December 31, 2025 December 31, 2024 Cash and cash equivalents $ 251 $ 240 Restricted cash 20 6 Cash, cash equivalents and restricted cash $ 2 …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing