Ugi Corp 10-Q for FY2025 Q3

Ugi Corp (UGI)

10-Q 2025-08-07 For: 2025-06-30

Added on April 07, 2026

About this 10-Q

Ugi Corp filed this 10-Q on August 7, 2025, covering the quarter ended June 30, 2025 (FY2025 Q3).

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.39B; up 1.0% from $1.38B a year earlier
Net loss: $163M; compared with a net loss of $48M a year earlier
Diluted EPS: -$0.76; compared with -$0.23 a year earlier

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


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


			Page

Glossary of Terms and Abbreviations			1

Part I Financial Information

Item 1. Financial Statements (unaudited)

Condensed Consolidated Balance Sheets as of June 30, 2025, September 30, 2024 and June 30, 2024			5

Condensed Consolidated Statements of Income for the three and nine months ended June 30, 2025 and 2024			6

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended June 30, 2025 and 2024			7

Condensed Consolidated Statements of Cash Flows for the nine months ended June 30, 2025 and 2024			8

Condensed Consolidated Statements of Changes in Equity for the three and nine months ended June 30, 2025 and 2024			9

Notes to Condensed Consolidated Financial Statements			10

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			41

Item 3. Quantitative and Qualitative Disclosures About Market Risk			61

Item 4. Controls and Procedures			63

Part II Other Information

Item 1. Legal Proceedings			64

Item 1A. Risk Factors			64

Item 5. Other Information			64



Item 6. Exhibits			64

Signatures			67


	June 30, 2025		September 30, 2024		June 30, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	350	$	213	$	183
Restricted cash	20		15		28
Accounts receivable (less allowances for doubtful accounts of $73, $68 and $87, respectively)	825		709		827
Accrued utility revenues	39		36		38
Income taxes receivable	44		56		36
Inventories	359		411		379


Derivative instruments	8		29		39

Prepaid expenses and other current assets	154		182		186
Total current assets	1,799		1,651		1,716
Property, plant and equipment, (less accumulated depreciation of $5,220, $4,910 and $4,861, respectively)	8,934		8,763		8,571
Goodwill	2,888		2,871		3,030
Intangible assets, net	343		391		400
Utility regulatory assets	296		301		298
Derivative instruments	8		9		17


Other assets	1,094		1,112		1,034
Total assets	$	15,362	$	15,098	$	15,066
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$	905	$	235	$	286

Short-term borrowings	366		465		347
Accounts payable	484		544		462


Derivative instruments	43		28		32

Other current liabilities	754		788		759
Total current liabilities	2,552		2,060		1,886
Long-term debt	5,683		6,443		6,288

Deferred income taxes	1,015		1,008		1,019

Derivative instruments	39		31		18
Other noncurrent liabilities	1,189		1,202		1,165
Total liabilities	10,478		10,744		10,376
Commitments and contingencies (Note 9)
Equity:
UGI Corporation stockholders’ equity:
Preferred stock, without par value (authorized – 5,000,000 shares; issued – 0, 0 and 0 Series A shares, respectively)	—		—		—
UGI Common Stock, without par value (authorized — 450,000,000 shares; issued — 216,929,085, 216,124,332 and 216,119,814 shares, respectively)	1,703		1,676		1,675
Retained earnings	3,428		2,978		3,331
Accumulated other comprehensive income (loss)	(181)		(253)		(269)
Treasury stock, at cost	(76)		(56)		(56)
Total UGI Corporation stockholders’ equity	4,874		4,345		4,681
Noncontrolling interests	10		9		9
Total equity	4,884		4,354		4,690
Total liabilities and equity	$	15,362	$	15,098	$	15,066


	Three Months Ended June 30,				Nine Months Ended June 30,
	2025		2024		2025		2024
Revenues	$	1,394	$	1,380	$	6,090	$	5,968
Costs and expenses:
Cost of sales (excluding depreciation and amortization shown below)	837		639		3,061		2,871
Operating and administrative expenses	481		501		1,524		1,622

Depreciation and amortization	140		139		416		414



Loss on disposals of businesses	54		63		54		91
Other operating expense (income), net	(25)		(29)		(59)		(46)
	1,487		1,313		4,996		4,952
Operating income (loss)	(93)		67		1,094		1,016
Income (loss) from equity investees	—		(24)		6		(22)
Loss on extinguishments of debt	(10)		(7)		(10)		(7)

Other non-operating income (expense), net	(24)		5		(2)		3
Interest expense	(101)		(96)		(305)		(296)
Income (loss) before income taxes	(228)		(55)		783		694
Income tax benefit (expense)	65		7		(92)		(152)


Net income (loss) attributable to UGI Corporation	$	(163)	$	(48)	$	691	$	542
Earnings (loss) per common share attributable to UGI Corporation stockholders:
Basic	$	(0.76)	$	(0.23)	$	3.22	$	2.58
Diluted	$	(0.76)	$	(0.23)	$	3.16	$	2.52
Weighted-average common shares outstanding (thousands):
Basic	214,813		210,679		214,896		210,090
Diluted	214,813		210,679		218,423		215,218


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


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


Three Months Ended June 30, 2025	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other
Revenues from contracts with customers:
Utility:
Core Market:
Residential	$	151	$	—	$	151	$	—	$	—	$	—	$	—
Commercial & Industrial	61		—		61		—		—		—		—
Large delivery service	40		—		40		—		—		—		—
Off-system sales and capacity releases	13		(11)		24		—		—		—		—
Other	7		(1)		8		—		—		—		—
Total Utility	272		(12)		284		—		—		—		—
Non-Utility:
LPG:
Retail	724		—		—		—		360		364		—
Wholesale	44		—		—		—		34		10		—
Energy Marketing	198		(27)		—		213		12		—		—
Midstream:
Pipeline	53		—		—		53		—		—		—
Peaking	1		(5)		—		6		—		—		—
Other	6		—		—		6		—		—		—
Other	62		—		—		—		21		41		—
Total Non-Utility	1,088		(32)		—		278		427		415		—
Total revenues from contracts with customers	1,360		(44)		284		278		427		415		—
Other revenues (c)	34		—		3		—		10		19		2
Total revenues	$	1,394	$	(44)	$	287	$	278	$	437	$	434	$	2


Three Months Ended June 30, 2024	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other
Revenues from contracts with customers:
Utility:
Core Market:
Residential	$	136	$	—	$	136	$	—	$	—	$	—	$	—
Commercial & Industrial	53		—		53		—		—		—		—
Large delivery service	41		—		41		—		—		—		—
Off-system sales and capacity releases	7		(6)		13		—		—		—		—
Other	9		(1)		10		—		—		—		—
Total Utility	246		(7)		253		—		—		—		—
Non-Utility:
LPG:
Retail	742		—		—		—		378		364		—
Wholesale	54		—		—		—		36		18		—
Energy Marketing	172		(16)		—		176		12		—		—
Midstream:
Pipeline	61		—		—		61		—		—		—
Peaking	—		(5)		—		5		—		—		—
Other	5		—		—		5		—		—		—
Electricity Generation	6		—		—		6		—		—		—
Other	66		—		—		—		21		45		—
Total Non-Utility	1,106		(21)		—		253		447		427		—
Total revenues from contracts with customers	1,352		(28)		253		253		447		427		—
Other revenues (c)	28		—		4		—		8		18		(2)
Total revenues	$	1,380	$	(28)	$	257	$	253	$	455	$	445	$	(2)


Nine Months Ended June 30, 2025	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other
Revenues from contracts with customers:
Utility:
Core Market:
Residential	$	861	$	—	$	861	$	—	$	—	$	—	$	—
Commercial & Industrial	342		—		342		—		—		—		—

Large delivery service	156		—		156		—		—		—		—
Off-system sales and capacity releases	66		(72)		138		—		—		—		—
Other	23		(1)		24		—		—		—		—
Total Utility	1,448		(73)		1,521		—		—		—		—
Non-Utility:
LPG:
Retail	3,108		—		—		—		1,462		1,646		—
Wholesale	194		—		—		—		127		67		—
Energy Marketing	820		(140)		—		914		46		—		—
Midstream:
Pipeline	170		—		—		170		—		—		—
Peaking	25		(107)		—		132		—		—		—
Other	16		—		—		16		—		—		—
Other	200		—		—		—		60		140		—
Total Non-Utility	4,533		(247)		—		1,232		1,695		1,853		—
Total revenues from contracts with customers	5,981		(320)		1,521		1,232		1,695		1,853		—
Other revenues (c)	109		—		24		—		30		56		(1)
Total revenues	$	6,090	$	(320)	$	1,545	$	1,232	$	1,725	$	1,909	$	(1)

























































Nine Months Ended June 30, 2024	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other
Revenues from contracts with customers:
Utility:
Core Market:
Residential	$	771	$	—	$	771	$	—	$	—	$	—	$	—
Commercial & Industrial	305		—		305		—		—		—		—
Large delivery service	144		—		144		—		—		—		—
Off-system sales and capacity releases	60		(42)		102		—		—		—		—
Other	29		(1)		30		—		—		—		—
Total Utility	1,309		(43)		1,352		—		—		—		—
Non-Utility:
LPG:
Retail	3,066		—		—		—		1,472		1,594		—
Wholesale	214		—		—		—		145		69		—
Energy Marketing (b)	810		(80)		—		780		152		—		(42)
Midstream:
Pipeline	191		—		—		191		—		—		—
Peaking	11		(116)		—		127		—		—		—
Other	12		—		—		12		—		—		—
Electricity Generation	20		—		—		20		—		—		—
Other	204		—		—		—		56		148		—
Total Non-Utility	4,528		(196)		—		1,130		1,825		1,811		(42)
Total revenues from contracts with customers	5,837		(239)		1,352		1,130		1,825		1,811		(42)
Other revenues (c)	131		—		44		—		28		58		1
Total revenues	$	5,968	$	(239)	$	1,396	$	1,130	$	1,853	$	1,869	$	(41)



	Pension Benefits
Three Months Ended June 30,	2025		2024
Service cost	$	2	$	2
Interest cost	9		9
Expected return on plan assets	(12)		(11)

Amortization of:

Actuarial loss (gain)	1		—
Net benefit cost (income)	$	—	$	—



Nine Months Ended June 30,	2025		2024
Service cost	$	7	$	6
Interest cost	26		27
Expected return on plan assets	(36)		(33)

Amortization of:

Actuarial loss (gain)	3		1
Net benefit cost (income)	$	—	$	1


	Asset (Liability)
	Level 1		Level 2		Level 3		Total
June 30, 2025:
Derivative instruments:
Assets:
Commodity contracts	$	100	$	13	$	—	$	113

Interest rate contracts	$	—	$	1	$	—	$	1

Liabilities:
Commodity contracts	$	(103)	$	(55)	$	—	$	(158)
Foreign currency contracts	$	—	$	(25)	$	—	$	(25)
Interest rate contracts	$	—	$	(14)	$	—	$	(14)

Non-qualified supplemental postretirement grantor trust investments (a)	$	34	$	—	$	—	$	34
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
June 30, 2024:
Derivative instruments:
Assets:
Commodity contracts	$	92	$	45	$	—	$	137
Foreign currency contracts	$	—	$	18	$	—	$	18
Interest rate contracts	$	—	$	7	$	—	$	7

Liabilities:
Commodity contracts	$	(148)	$	(26)	$	—	$	(174)
Foreign currency contracts	$	—	$	(2)	$	—	$	(2)


Non-qualified supplemental postretirement grantor trust investments (a)	$	42	$	—	$	—	$	42


	June 30, 2025		September 30, 2024		June 30, 2024
Carrying amount	$	6,644	$	6,733	$	6,633
Estimated fair value	$	6,743	$	6,663	$	6,312


			Notional Amounts (in millions)
Type	Units	Settlements Extending Through	June 30, 2025		September 30, 2024		June 30, 2024
Commodity Price Risk:
Regulated Utility Operations
PA Gas Utility NYMEX natural gas futures and option contracts	Dekatherms	February 2026	15		26		14


Non-utility Operations
LPG swaps	Gallons	May 2028	536		458		416
Natural gas futures, forward, basis swap, options and pipeline contracts	Dekatherms	March 2029	241		325		320




Electricity forward and futures contracts	Kilowatt hours	March 2028	791		1,113		651

Interest Rate Risk:
Interest rate swaps	Euro	March 2026	€	300	€	300	€	300
Interest rate swaps	USD	September 2028	$	1,446	$	1,231	$	1,260

Foreign Currency Exchange Rate Risk:
Forward foreign currency exchange contracts	USD	September 2028	$	440	$	389	$	367
Net investment hedge forward foreign exchange contracts	Euro	December 2026	€	106	€	181	€	181


	June 30, 2025		September 30, 2024		June 30, 2024
Regulatory assets (a):
Income taxes recoverable	$	111	$	105	$	91
Underfunded pension plans	102		106		109
Environmental costs	27		28		28
Deferred fuel and power costs	15		—		—
Removal costs, net	29		28		26
Other	35		52		57
Total regulatory assets	$	319	$	319	$	311
Regulatory liabilities (a):
Postretirement benefits	$	12	$	13	$	11

Deferred fuel and power refunds	10		17		33
State income tax benefits — distribution system repairs	45		44		44

Excess federal deferred income taxes	243		247		248
Other	13		8		5
Total regulatory liabilities	$	323	$	329	$	341


	Carrying Value						Ownership Interest

Investees	June 30, 2025		September 30, 2024		June 30, 2024		June 30, 2025	September 30, 2024	June 30, 2024
Midstream & Marketing:
Aurum Renewables	$	46	$	47	$	46	40%	40%	40%
Pine Run	96		86		83		49%	49%	49%
MBL Bioenergy	222		206		190		99.99%	99.99%	99.99%
Other	23		20		20		various	various	various
Total Midstream & Marketing	387		359		339
UGI International (a)	4		10		10		various	various	various
Other	1		1		—		various	various	various
Total investments in equity method investees	$	392	$	370	$	349



	Three Months Ended June 30,				Nine Months Ended June 30,
Adjusted diluted earnings (loss) per share:	2025		2024		2025		2024
Utilities	$	0.02	$	0.06	$	1.19	$	1.18
Midstream & Marketing	0.09		0.10		1.18		1.09
UGI International	0.17		0.19		1.05		0.99
AmeriGas Propane	0.17		(0.17)		0.07		0.08
Corporate & Other (a)	(1.21)		(0.41)		(0.33)		(0.82)
Earnings (loss) per share - diluted (c)	(0.76)		(0.23)		3.16		2.52
Net losses (gains) on commodity derivative instruments not associated with current-period transactions	0.38		(0.14)		0.06		(0.31)
Unrealized losses (gains) on foreign currency derivative instruments	0.08		—		0.05		0.06

Loss on extinguishments of debt	0.04		0.02		0.04		0.02


AmeriGas operations enhancement for growth project	—		0.04		—		0.09


Restructuring costs	—		0.03		—		0.17
Costs associated with exit of UGI International energy marketing business	—		0.01		—		0.32
Loss on disposals of businesses	0.25		0.21		0.24		0.21



Impairments of equity method investments and assets	—		0.12		—		0.14

Total adjustments (a)	0.75		0.29		0.39		0.70
Adjusted diluted earnings (loss) per share (c)	$	(0.01)	$	0.06	$	3.55	$	3.22


Three Months Ended June 30,:
	Gain (Loss) Recognized in AOCI				Gain (Loss) Reclassified from AOCI into Income				Location of Gain (Loss) Reclassified from AOCI into Income
Cash Flow Hedges:	2025		2024		2025		2024



Interest rate contracts	$	(2)	$	7	$	2	$	13	Interest expense


Net Investment Hedges:
Foreign currency contracts	$	(17)	$	2

	Gain (Loss) Recognized in Income
Derivatives Not Designated as Hedging Instruments:	2025		2024		Location of Gain (Loss) Recognized in Income
Commodity contracts	$	1	$	—	Revenues
Commodity contracts	(122)		77		Cost of sales

Commodity contracts	(1)		—		Other operating expense (income), net
Foreign currency contracts	(26)		1		Other non-operating income (expense), net
Total	$	(148)	$	78

Nine Months Ended June 30,:
	Gain (Loss) Recognized in AOCI				Gain (Loss) Reclassified from AOCI into Income				Location of Gain (Loss) Reclassified from AOCI into Income
Cash Flow Hedges:	2025		2024		2025		2024



Interest rate contracts	$	12	$	2	$	3	$	40	Interest expense


Net Investment Hedges:
Foreign currency contracts	$	(10)	$	—

	Gain (Loss) Recognized in Income
Derivatives Not Designated as Hedging Instruments:	2025		2024		Location of Gain (Loss) Recognized in Income
Commodity contracts	$	(1)	$	1	Revenues
Commodity contracts	14		(52)		Cost of sales

Commodity contracts	(2)		2		Other operating expense (income), net
Foreign currency contracts	(10)		(7)		Other non-operating income (expense), net
Total	$	1	$	(56)


Three Months Ended June 30, 2025	Postretirement Benefit Plans		Derivative Instruments		Foreign Currency		Total
AOCI — March 31, 2025	$	10	$	(13)	$	(265)	$	(268)
Other comprehensive income (loss) before reclassification adjustments	—		(2)		89		87
Amounts reclassified from AOCI	1		(1)		—		—
Other comprehensive income (loss) attributable to UGI	1		(3)		89		87
AOCI — June 30, 2025	$	11	$	(16)	$	(176)	$	(181)

Three Months Ended June 30, 2024	Postretirement Benefit Plans		Derivative Instruments		Foreign Currency		Total
AOCI — March 31, 2024	$	16	$	4	$	(274)	$	(254)
Other comprehensive income (loss) before reclassification adjustments	—		4		(10)		(6)
Amounts reclassified from AOCI	—		(9)		—		(9)
Other comprehensive income (loss) attributable to UGI	—		(5)		(10)		(15)
AOCI — June 30, 2024	$	16	$	(1)	$	(284)	$	(269)

Nine Months Ended June 30, 2025	Postretirement Benefit Plans		Derivative Instruments		Foreign Currency		Total
AOCI — September 30, 2024	$	10	$	(23)	$	(240)	$	(253)
Other comprehensive income (loss) before reclassification adjustments	—		9		64		73
Amounts reclassified from AOCI	1		(2)		—		(1)
Other comprehensive income (loss) attributable to UGI	1		7		64		72
AOCI — June 30, 2025	$	11	$	(16)	$	(176)	$	(181)

Nine Months Ended June 30, 2024	Postretirement Benefit Plans		Derivative Instruments		Foreign Currency		Total
AOCI — September 30, 2023	$	17	$	26	$	(299)	$	(256)
Other comprehensive income (loss) before reclassification adjustments	—		1		15		16
Amounts reclassified from AOCI	(1)		(28)		—		(29)
Other comprehensive income (loss) attributable to UGI	(1)		(27)		15		(13)
AOCI — June 30, 2024	$	16	$	(1)	$	(284)	$	(269)


Three Months Ended June 30, 2025	Total		Eliminations			Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other (b)
Revenues from external customers	$	1,394	$	—		$	275	$	246	$	437	$	434	$	2
Intersegment revenues	$	—	$	(44)	(a)	$	12	$	32	$	—	$	—	$	—
Cost of sales	$	837	$	(44)	(a)	$	115	$	201	$	245	$	207	$	113
Operating income (loss)	$	(93)	$	(4)	(a)	$	29	$	27	$	43	$	(28)	$	(160)

Loss on extinguishments of debt	(10)		—			—		—		—		—		(10)
Other non-operating income (expense), net	(24)		—			1		—		—		—		(25)
Earnings (loss) before interest expense and income taxes	(127)		(4)		(a)	30		27		43		(28)		(195)
Interest expense	(101)		5		(a)	(24)		(11)		(13)		(36)		(22)
Income (loss) before income taxes	$	(228)	$	1		$	6	$	16	$	30	$	(64)	$	(217)

Depreciation and amortization	$	140	$	—		$	44	$	20	$	31	$	45	$	—
Capital expenditures (including the effects of accruals)	$	220	$	—		$	146	$	30	$	24	$	20	$	—

Three Months Ended June 30, 2024	Total		Eliminations			Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other (b)
Revenues from external customers	$	1,380	$	—		$	250	$	231	$	455	$	445	$	(1)
Intersegment revenues	$	—	$	(28)	(a)	$	7	$	22	$	—	$	—	$	(1)
Cost of sales	$	639	$	(28)	(a)	$	89	$	167	$	244	$	217	$	(50)
Operating income (loss)	$	67	$	—		$	37	$	41	$	57	$	(27)	$	(41)
Income (loss) from equity investees	(24)		—			—		2		(1)		—		(25)
Loss on extinguishments of debt	(7)		—			—		—		—		—		(7)
Other non-operating income (expense), net	5		—			2		—		1		—		2
Earnings (loss) before interest expense and income taxes	41		—			39		43		57		(27)		(71)
Interest expense	(96)		—			(22)		(9)		(11)		(41)		(13)
Income (loss) before income taxes	$	(55)	$	—		$	17	$	34	$	46	$	(68)	$	(84)

Depreciation and amortization	$	139	$	—		$	42	$	22	$	29	$	46	$	—
Capital expenditures (including the effects of accruals)	$	211	$	—		$	126	$	40	$	24	$	21	$	—



Three Months Ended June 30, 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	$	(59)	$	(50)	$	(3)
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	$	—	$	(25)	$	—
Loss on extinguishments of debt	Loss on extinguishments of debt	$	—	$	—	$	(9)












Loss on disposals of businesses	Loss on disposals of businesses	$	—	$	(54)	$	—


Interest income from intersegment loan	Other operating expense (income), net	$	—	$	5	$	—

Three Months Ended June 30, 2024	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	$	20	$	3

Unrealized gains (losses) on foreign currency derivative instruments	Other non-operating income (expense), net	$	—	$	1	$	—
Loss on extinguishments of debt	Loss on extinguishments of debt	$	(1)	$	—	$	(6)






Impairments of equity method investments and assets	Income (loss) from equity investees	$	—	$	(25)	$	—

Costs associated with exit of the UGI International energy marketing business	Operating and administrative expenses	$	—	$	(1)	$	—
Costs associated with exit of the UGI International energy marketing business	Loss on disposals of businesses	$	—	$	(1)	$	—
Loss on disposal of business	Loss on disposals of businesses	$	(62)	$	—	$	—
AmeriGas operations enhancement for growth project	Operating and administrative expenses	$	—	$	—	$	(12)
Restructuring costs	Operating and administrative expenses	$	—	$	(4)	$	(2)


Adjusted net income (loss) attributable to UGI Corporation:	Three Months Ended June 30,				Nine Months Ended June 30,
(Dollars in millions)	2025		2024		2025		2024
Utilities	$	5	$	13	$	260	$	254
Midstream & Marketing	19		22		258		234
UGI International	36		39		229		213
AmeriGas Propane	37		(36)		16		17
Corporate & Other (a)	(260)		(86)		(72)		(176)
Net income (loss) attributable to UGI Corporation	(163)		(48)		691		542
Net losses (gains) on commodity derivative instruments not associated with current-period transactions (net of tax of $(31), $15, $(2) and $16, respectively)	81		(33)		12		(66)
Unrealized losses (gains) on foreign currency derivative instruments (net of tax of $(7), $1, $(4) and $(5), respectively)	18		—		12		13

Loss on extinguishments of debt (net of tax of $(2), $(2) $(2) and $(2), respectively)	8		5		8		5


AmeriGas operations enhancement for growth project (net of tax of $0, $(3), $0 and $(6), respectively)	—		9		—		19

Restructuring costs (net of tax of $0, $(2), $0 and $(12), respectively)	—		7		—		37
Costs associated with exit of UGI International energy marketing business (net of tax of $0, $0, $0 and $(14), respectively)	—		2		—		68
Loss on disposals of businesses (net of tax of $(1),$(17), $(1) and $(17), respectively)	53		45		53		45


Impairments of equity method investments and assets (net of tax of $0, $0, $0 and $(2), respectively)	—		25		—		30


Total adjustments (a) (b)	160		60		85		151
Adjusted net income (loss) attributable to UGI Corporation	$	(3)	$	12	$	776	$	693


For the three months ended June 30,	2025			2024			Increase (Decrease)
(Dollars in millions)
Revenues	$	287		$	257		$	30	12	%
Total margin (a)	$	168		$	164		$	4	2	%
Operating and administrative expenses (a)	$	96		$	86		$	10	12	%
Operating income	$	29		$	37		$	(8)	(22)	%
Earnings before interest expense and income taxes	$	30		$	39		$	(9)	(23)	%
Gas Utility system throughput—bcf
Core market	12			12			—		—	%
Total	82			78			4		5	%
Electric Utility distribution sales - gwh	216			225			(9)		(4)	%
Gas Utility degree days—% (warmer) than normal (b)	(8.9)		%	(26.1)		%	—		—


For the nine months ended June 30,	2025			2024			Increase (Decrease)
(Dollars in millions)
Revenues	$	1,545		$	1,396		$	149	11	%
Total margin (a)	$	827		$	792		$	35	4	%
Operating and administrative expenses (a)	$	290		$	271		$	19	7	%
Operating income	$	407		$	396		$	11	3	%
Earnings before interest expense and income taxes	$	412		$	400		$	12	3	%
Gas Utility system throughput—bcf
Core market	96			87			9		10	%
Total	308			303			5		2	%
Electric Utility distribution sales - gwh	737			732			5		1	%
Gas Utility degree days—% (warmer) than normal (b)	(1.9)		%	(15.5)		%	—		—


	June 30, 2025														September 30, 2024
(Millions of dollars)	Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corp & Other		Eliminations (a)		Total		Total
Short-term borrowings	$	60	$	13	$	259	$	34	$	—	$	—	$	366	$	465

Long-term debt (including current maturities):
Senior notes	$	2,000	$	—	$	471	$	1,555	$	700	$	—	$	4,726	$	4,788
Term loans	118		780		354		—		400		—		1,652		1,759
Other long-term debt	15		41		13		201		196		(200)		266		186
Unamortized debt issuance costs	(7)		(11)		(5)		(15)		(18)		—		(56)		(55)
Total long-term debt	$	2,126	$	810	$	833	$	1,741	$	1,278	$	(200)	$	6,588	$	6,678
Total debt	$	2,186	$	823	$	1,092	$	1,775	$	1,278	$	(200)	$	6,954	$	7,143


(Millions of dollars or euros)	Total Capacity		Borrowings Outstanding		Letters of Credit and Guarantees Outstanding		Available Borrowing Capacity
As of June 30, 2025
AmeriGas OLP (a)	$	170	$	34	$	1	$	135
UGI International, LLC (b)	€	500	€	220	€	—	€	280
Energy Services	$	300	$	—	$	—	$	300
UGI Utilities	$	375	$	44	$	—	$	331
Mountaineer	$	150	$	16	$	—	$	134
UGI Corporation (c)	$	475	$	196	$	—	$	279
As of June 30, 2024
AmeriGas OLP	$	400	$	50	$	2	$	348
UGI International, LLC (b)	€	500	€	185	€	—	€	315
Energy Services	$	300	$	—	$	—	$	300
UGI Utilities	$	375	$	35	$	—	$	340
Mountaineer	$	150	$	64	$	—	$	86
UGI Corporation (c)	$	300	$	40	$	—	$	260


	For the nine months ended				For the nine months ended
	June 30, 2025				June 30, 2024
(Millions of dollars or euros)	Average		Peak		Average		Peak
AmeriGas OLP	$	34	$	129	$	7	$	157
UGI International, LLC	€	166	€	277	€	175	€	229
Energy Services	$	—	$	—	$	20	$	62
UGI Utilities	$	78	$	263	$	139	$	316
Mountaineer	$	80	$	118	$	77	$	104
UGI Corporation	$	238	$	283	$	216	$	289


	Asset (Liability)
(Millions of dollars)	Fair Value		Change in Fair Value
June 30, 2025
Commodity price risk (1)	$	(46)	$	(101)
Interest rate risk (2)	$	(13)	$	(12)
Foreign currency exchange rate risk (3)	$	(25)	$	(54)



31.1						Certification by the Chief Executive Officer relating to the Registrant’s Report on Form 10-Q for the quarter ended June 30 , 2025, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2						Certification by the Chief Financial Officer relating to the Registrant’s Report on Form 10-Q for the quarter ended June 30 , 2025, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32						Certification by the Chief Executive Officer and the Chief Financial Officer relating to the Registrant’s Report on Form 10-Q for the quarter ended June 30 , 2025, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS						Inline XBRL Instance - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

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104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


		UGI Corporation
		(Registrant)

Date:	August 7, 2025	By:	/s/ Sean P. O’Brien
			Sean P. O’Brien
			Chief Financial Officer


Date:	August 7, 2025	By:	/s/ Jean Felix Tematio Dontsop
			Jean Felix Tematio Dontsop
			Vice President, Chief Accounting Officer
			and Corporate Controller


Date:	August 7, 2025
		/s/ Robert C. Flexon
		Robert C. Flexon President and Chief Executive Officer of UGI Corporation