Ugi Corp 10-Q for FY2025 Q1

Ugi Corp (UGI)

10-Q 2025-02-06 For: 2024-12-31

Added on April 07, 2026

About this 10-Q

Ugi Corp filed this 10-Q on February 6, 2025, covering the quarter ended December 31, 2024 (FY2025 Q1).

Headline figures

Quarter ended December 31, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $2.03B; down 4.3% from $2.12B a year earlier
Net income: $375M; up 298.9% from net income of $94M a year earlier
Diluted EPS: $1.74; up 295.5% from $0.44 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 December 3 1 , 2024, September 30, 202 4 and December 3 1 , 2023			5

Condensed Consolidated Statements of Income for the three months ended December 3 1 , 2024 and 2023			6

Condensed Consolidated Statements of Comprehensive Income for the three months ended December 3 1 , 2024 and 2023			7

Condensed Consolidated Statements of Cash Flows for the three months ended December 3 1 , 2024 and 2023			8

Condensed Consolidated Statements of Changes in Equity for the three months ended December 3 1 , 2024 and 2023			9

Notes to Condensed Consolidated Financial Statements			10

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			32

Item 3. Quantitative and Qualitative Disclosures About Market Risk			45

Item 4. Controls and Procedures			47

Part II Other Information

Item 1. Legal Proceedings			48

Item 1A. Risk Factors			48





Item 6. Exhibits			48

Signatures			50


	December 31, 2024		September 30, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	240	$	213	$	204
Restricted cash	6		15		98
Accounts receivable (less allowances for doubtful accounts of $64, $68 and $77, respectively)	1,023		709		1,188
Accrued utility revenues	145		36		120

Inventories	381		411		441


Derivative instruments	52		29		41

Prepaid expenses and other current assets	200		238		193
Total current assets	2,047		1,651		2,285
Property, plant and equipment, (less accumulated depreciation of $4,927, $4,910 and $4,709, respectively)	8,750		8,763		8,601
Goodwill	2,805		2,871		3,070
Intangible assets, net	371		391		430
Utility regulatory assets	300		301		298
Derivative instruments	35		9		15


Other assets	1,104		1,112		1,017
Total assets	$	15,412	$	15,098	$	15,716
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$	253	$	235	$	54

Short-term borrowings	415		465		557
Accounts payable	599		544		741


Derivative instruments	24		28		124

Other current liabilities	748		788		865
Total current liabilities	2,039		2,060		2,341
Long-term debt	6,596		6,443		6,769

Deferred income taxes	1,021		1,008		913

Derivative instruments	11		31		49
Other noncurrent liabilities	1,157		1,202		1,212
Total liabilities	10,824		10,744		11,284
Commitments and contingencies (Note 9)
Equity:
UGI Corporation stockholders’ equity:
Preferred stock, without par value (authorized – 5,000,000 shares; issued – 0, 0 and 220,000 Series A shares, respectively)	—		—		167
UGI Common Stock, without par value (authorized — 450,000,000 shares; issued — 216,214,547, 216,124,332 and 210,908,238 shares, respectively)	1,679		1,676		1,501
Retained earnings	3,272		2,978		3,042
Accumulated other comprehensive loss	(313)		(253)		(232)
Treasury stock, at cost	(58)		(56)		(55)
Total UGI Corporation stockholders’ equity	4,580		4,345		4,423
Noncontrolling interests	8		9		9
Total equity	4,588		4,354		4,432
Total liabilities and equity	$	15,412	$	15,098	$	15,716


	Three Months Ended December 31,
		2024		2023
Revenues		$	2,030	$	2,121
Costs and expenses:
Cost of sales (excluding depreciation and amortization shown below)		923		1,202
Operating and administrative expenses		497		530


Depreciation and amortization		138		137



Loss on disposal of business		—		28
Other operating expense (income), net		(15)		(8)
		1,543		1,889
Operating income		487		232
Income (loss) from equity investees		3		1


Other non-operating income (expense), net		29		(13)
Interest expense		(102)		(100)
Income before income taxes		417		120
Income tax benefit (expense)		(42)		(26)


Net income attributable to UGI Corporation		$	375	$	94
Earnings per common share attributable to UGI Corporation stockholders:
Basic		$	1.74	$	0.45
Diluted		$	1.74	$	0.44
Weighted-average common shares outstanding (thousands):
Basic		214,933		209,782
Diluted		215,695		215,570


☒			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 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 with customers	1,988		(86)		475		367		627		605		—
Other revenues (c)	42		—		10		—		11		22		(1)
Total revenues	$	2,030	$	(86)	$	485	$	367	$	638	$	627	$	(1)

























































Three Months Ended December 31, 2023	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other
Revenues from contracts with customers:
Utility:
Core Market:
Residential	$	282	$	—	$	282	$	—	$	—	$	—	$	—
Commercial & Industrial	108		—		108		—		—		—		—
Large delivery service	49		—		49		—		—		—		—
Off-system sales and capacity releases	21		(12)		33		—		—		—		—
Other	9		—		9		—		—		—		—
Total Utility	469		(12)		481		—		—		—		—
Non-Utility:
LPG:
Retail	1,057		—		—		—		524		533		—
Wholesale	71		—		—		—		49		22		—
Energy Marketing (b)	327		(26)		—		272		123		—		(42)
Midstream:
Pipeline	65		—		—		65		—		—		—
Peaking	3		(42)		—		45		—		—		—
Other	3		—		—		3		—		—		—
Electricity Generation	8		—		—		8		—		—		—
Other	71		—		—		—		19		52		—
Total Non-Utility	1,605		(68)		—		393		715		607		(42)
Total revenues from contracts with customers	2,074		(80)		481		393		715		607		(42)
Other revenues (c)	47		—		12		1		10		22		2
Total revenues	$	2,121	$	(80)	$	493	$	394	$	725	$	629	$	(40)



	Pension Benefits












Three Months Ended December 31,	2024		2023
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)	$	—	$	—


	Asset (Liability)
	Level 1		Level 2		Level 3		Total
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
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
December 31, 2023:
Derivative instruments:
Assets:
Commodity contracts	$	112	$	50	$	—	$	162
Foreign currency contracts	$	—	$	12	$	—	$	12
Interest rate contracts	$	—	$	15	$	—	$	15

Liabilities:
Commodity contracts	$	(227)	$	(104)	$	—	$	(331)
Foreign currency contracts	$	—	$	(6)	$	—	$	(6)
Interest rate contracts	$	—	$	(16)	$	—	$	(16)

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


	December 31, 2024		September 30, 2024		December 31, 2023
Carrying amount	$	6,907	$	6,733	$	6,866
Estimated fair value	$	6,523	$	6,663	$	6,644


			Notional Amounts (in millions)
Type	Units	Settlements Extending Through	December 31, 2024		September 30, 2024		December 31, 2023
Commodity Price Risk:
Regulated Utility Operations
PA Gas Utility NYMEX natural gas futures and option contracts	Dekatherms	September 2025	22		26		16


Non-utility Operations
LPG swaps	Gallons	September 2027	410		458		638
Natural gas futures, forward, basis swap, options and pipeline contracts	Dekatherms	December 2028	310		325		331




Electricity forward and futures contracts	Kilowatt hours	December 2027	1,031		1,113		634

Interest Rate Risk:
Interest rate swaps	Euro	March 2026	€	300	€	300	€	300
Interest rate swaps	USD	September 2027	$	1,228	$	1,231	$	1,267

Foreign Currency Exchange Rate Risk:
Forward foreign currency exchange contracts	USD	September 2027	$	299	$	389	$	348
Net investment hedge forward foreign exchange contracts	Euro	December 2026	€	181	€	181	€	256























Three Months Ended December 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:	2024		2023		2024		2023



Interest rate contracts	$	20	$	(22)	$	2	$	13	Interest expense


Net Investment Hedges:
Foreign currency contracts	$	13	$	(10)

	Gain (Loss) Recognized in Income
Derivatives Not Designated as Hedging Instruments:	2024		2023		Location of Gain (Loss) Recognized in Income
Commodity contracts	$	(1)	$	2	Revenues
Commodity contracts	69		(155)		Cost of sales

Commodity contracts	(1)		3		Other operating expense (income), net
Foreign currency contracts	25		(16)		Other non-operating income (expense), net
Total	$	92	$	(166)
















Three Months Ended December 31, 2024	Postretirement Benefit Plans		Derivative Instruments		Foreign Currency		Total
AOCI — September 30, 2024	$	10	$	(23)	$	(240)	$	(253)
Other comprehensive income (loss) before reclassification adjustments	—		15		(72)		(57)
Amounts reclassified from AOCI	(1)		(2)		—		(3)
Other comprehensive income (loss) attributable to UGI	(1)		13		(72)		(60)
AOCI — December 31, 2024	$	9	$	(10)	$	(312)	$	(313)

Three Months Ended December 31, 2023	Postretirement Benefit Plans		Derivative Instruments		Foreign Currency		Total
AOCI — September 30, 2023	$	17	$	26	$	(299)	$	(256)
Other comprehensive income (loss) before reclassification adjustments	—		(15)		49		34
Amounts reclassified from AOCI	—		(10)		—		(10)
Other comprehensive income (loss) attributable to UGI	—		(25)		49		24
AOCI — December 31, 2023	$	17	$	1	$	(250)	$	(232)


	Three Months Ended December 31,
	2024		2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income attributable to UGI Corporation	$	375	$	94
Adjustments to reconcile net income attributable to UGI Corporation to net cash provided by operating activities:
Depreciation and amortization	138		137
Deferred income tax expense (benefit), net	2		(22)
Provision for uncollectible accounts	12		16

Changes in unrealized gains and losses on derivative instruments	(100)		141
Loss on disposal of business	—		28






Amortization of Energy Services interest rate swap settlement	—		(6)
Other, net	—		(12)
Net change in:
Accounts receivable and accrued utility revenues	(460)		(393)

Inventories	20		2
Utility deferred fuel and power costs, net of changes in unsettled derivatives	(2)		26
Accounts payable	120		131
Derivative instruments collateral deposits received (paid)	47		(35)
Other current assets	36		45
Other current liabilities	(24)		(33)
Net cash provided by operating activities	164		119
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(211)		(156)
Net proceeds from the disposition of assets	4		10

Investments in equity method investees	(25)		(19)


Net cash provided (used) by investing activities	(232)		(165)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends on UGI Common Stock	(81)		(79)


	Carrying Value						Ownership Interest

Investees	December 31, 2024		September 30, 2024		December 31, 2023		December 31, 2024	September 30, 2024	December 31, 2023
Midstream & Marketing:
Aurum Renewables	$	47	$	47	$	46	40%	40%	40%
Pine Run	86		86		80		49%	49%	49%
MBL Bioenergy	225		206		147		99.99%	99.99%	99.99%
Other	21		20		21		various	various	various
Total Midstream & Marketing	379		359		294
UGI International (a)	10		10		35		various	various	various
Other	—		1		—		various	various	various
Total investments in equity method investees	$	389	$	370	$	329


































Three Months Ended December 31, 2024	Total		Eliminations			Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other (a)
Revenues from external customers	$	2,030	$	—		$	470	$	296	$	638	$	627	$	(1)
Intersegment revenues	$	—	$	(86)	(b)	$	15	$	71	$	—	$	—	$	—
Cost of sales	$	923	$	(86)	(b)	$	204	$	229	$	374	$	280	$	(78)
Operating income	$	487	$	1		$	138	$	91	$	106	$	74	$	77
Income (loss) from equity investees	3		—			—		4		(1)		—		—

Other non-operating income (expense), net	29		—			3		—		5		—		21
Earnings before interest expense and income taxes	519		1			141		95		110		74		98
Interest expense	(102)		—			(26)		(12)		(10)		(33)		(21)
Income before income taxes	$	417	$	1		$	115	$	83	$	100	$	41	$	77

Depreciation and amortization	$	138	$	—		$	44	$	20	$	29	$	45	$	—
Capital expenditures (including the effects of accruals)	$	175	$	—		$	106	$	32	$	14	$	23	$	—
As of December 31, 2024
Total assets	$	15,412	$	(220)		$	6,183	$	3,321	$	2,835	$	3,082	$	211

Three Months Ended December 31, 2023	Total		Eliminations			Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other (a)
Revenues from external customers	$	2,121	$	—		$	480	$	327	$	725	$	629	$	(40)
Intersegment revenues	$	—	$	(80)	(b)	$	13	$	67	$	—	$	—	$	—
Cost of sales	$	1,202	$	(80)	(b)	$	221	$	239	$	446	$	283	$	93
Operating income (loss)	$	232	$	(1)		$	134	$	99	$	113	$	71	$	(184)
Income (loss) from equity investees	1		—			—		3		(2)		—		—

Other non-operating income (expense), net	(13)		—			1		—		6		—		(20)
Earnings (loss) before interest expense and income taxes	220		(1)			135		102		117		71		(204)
Interest expense	(100)		—			(23)		(11)		(11)		(41)		(14)
Income (loss) before income taxes	$	120	$	(1)		$	112	$	91	$	106	$	30	$	(218)

Depreciation and amortization	$	137	$	—		$	41	$	22	$	30	$	44	$	—
Capital expenditures (including the effects of accruals)	$	133	$	—		$	82	$	19	$	12	$	20	$	—
As of December 31, 2023
Total assets	$	15,716	$	(190)		$	5,855	$	3,236	$	3,150	$	3,460	$	205





























Three Months Ended December 31, 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	$	59	$	12	$	7
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	$	—	$	22	$	—









Three Months Ended December 31, 2023	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	$	1	$	—
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Cost of sales	$	(47)	$	(41)	$	(6)
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	Other operating expense (income), net	$	—	$	(3)	$	—
Unrealized gains (losses) on foreign currency derivative instruments	Other non-operating income (expense), net	$	—	$	(20)	$	—
AmeriGas operations enhancement for growth project	Operating and administrative expenses	$	—	$	—	$	(7)

Costs associated with exit of the UGI International energy marketing business	Revenues	$	—	$	(42)	$	—
Costs associated with exit of the UGI International energy marketing business	Operating and administrative expenses/Other non-operating income (expense), net	$	—	$	(8)	$	—
Costs associated with exit of the UGI International energy marketing business	Loss on disposal of business	$	—	$	(28)	$	—


Adjusted net income attributable to UGI Corporation	Three Months Ended December 31,
(Dollars in millions)		2024		2023
Utilities		$	89	$	86
Midstream & Marketing		89		92
UGI International		100		83
AmeriGas Propane		(46)		16
Corporate & Other (a)		143		(183)
Net income attributable to UGI Corporation		375		94
Net (gains) losses on commodity derivative instruments not associated with current-period transactions (net of tax of $14 and $(18), respectively)		(64)		77
Unrealized (gains) losses on foreign currency derivative instruments (net of tax of $6 and $(6), respectively)		(16)		14




AmeriGas operations enhancement for growth project (net of tax of $0 and $(2), respectively)		—		5


Restructuring costs (net of tax of $0 and $(1), respectively)		—		3
Costs associated with exit of UGI International energy marketing business (net of tax of $0 and $(13), respectively)		—		65



Total adjustments (a) (b)		(80)		164
Adjusted net income attributable to UGI Corporation		$	295	$	258


	Three Months Ended December 31,
Adjusted diluted earnings per share		2024		2023
Utilities		$	0.41	$	0.40
Midstream & Marketing		0.41		0.43
UGI International		0.46		0.39
AmeriGas Propane		(0.21)		0.07
Corporate & Other (a)		0.67		(0.85)
Diluted earnings per share		1.74		0.44
Net (gains) losses on commodity derivative instruments not associated with current-period transactions		(0.30)		0.37
Unrealized (gains) losses on foreign currency derivative instruments		(0.07)		0.06




AmeriGas operations enhancement for growth project		—		0.02


Restructuring costs		—		0.01
Costs associated with exit of UGI International energy marketing business		—		0.30



Total adjustments (a)		(0.37)		0.76
Adjusted diluted earnings per share		$	1.37	$	1.20


For the three months ended December 31,	2024			2023			Increase (Decrease)
(Dollars in millions)
Revenues	$	485		$	493		$	(8)	(2)	%
Total margin (a)	$	274		$	265		$	9	3	%
Operating and administrative expenses (a)	$	91		$	88		$	3	3	%
Operating income	$	138		$	134		$	4	3	%
Earnings before interest expense and income taxes	$	141		$	135		$	6	4	%
Gas Utility system throughput—bcf
Core market	31			30			1		3	%
Total	98			104			(6)		(6)	%
Electric Utility distribution sales - gwh	242			241			1		—	%
Gas Utility degree days—% (warmer) colder than normal (b)	(3.2)		%	(11.0)		%	—		—


	December 31, 2024												September 30, 2024
(Millions of dollars)	Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corp & Other		Total		Total
Short-term borrowings	$	232	$	—	$	114	$	69	$	—	$	415	$	465

Long-term debt (including current maturities):
Senior notes	$	1,930	$	—	$	414	$	1,887	$	700	$	4,931	$	4,788
Term loans	121		784		311		—		400		1,616		1,759
Other long-term debt	18		41		11		8		282		360		186
Unamortized debt issuance costs	(7)		(14)		(6)		(9)		(22)		(58)		(55)
Total long-term debt	$	2,062	$	811	$	730	$	1,886	$	1,360	$	6,849	$	6,678
Total debt	$	2,294	$	811	$	844	$	1,955	$	1,360	$	7,264	$	7,143


(Millions of dollars or euros)	Total Capacity		Borrowings Outstanding		Letters of Credit and Guarantees Outstanding		Available Borrowing Capacity
As of December 31, 2024
AmeriGas OLP (a)	$	170	$	69	$	—	$	101
UGI International, LLC (b)	€	500	€	110	€	—	€	390
Energy Services	$	300	$	—	$	—	$	300
UGI Utilities	$	375	$	115	$	—	$	260
Mountaineer	$	150	$	117	$	—	$	33
UGI Corporation (c)	$	475	$	282	$	—	$	193
As of December 31, 2023
AmeriGas OLP	$	400	$	—	$	2	$	398
UGI International, LLC (b)	€	500	€	165	€	—	€	335
Energy Services	$	260	$	35	$	30	$	195
UGI Utilities	$	375	$	180	$	—	$	195
Mountaineer	$	150	$	100	$	—	$	50
UGI Corporation (c)	$	300	$	232	$	—	$	68


	For the three months ended				For the three months ended
	December 31, 2024				December 31, 2023
(Millions of dollars or euros)	Average		Peak		Average		Peak
AmeriGas OLP	$	58	$	85	$	1	$	25
UGI International, LLC	€	111	€	115	€	204	€	229
Energy Services	$	—	$	—	$	49	$	62
UGI Utilities	$	167	$	263	$	247	$	316
Mountaineer	$	103	$	118	$	94	$	102
UGI Corporation	$	263	$	640	$	245	$	289


	Asset (Liability)
(Millions of dollars)	Fair Value		Change in Fair Value
December 31, 2024
Commodity price risk (1)	$	45	$	(96)
Interest rate risk (2)	$	(4)	$	(13)
Foreign currency exchange rate risk (3)	$	32	$	(32)



10.1						Form of UGI Corporation 2021 Incentive Award Plan Performance Unit Grant Letter for US Employees (Fiscal 2025).
10.2						Form of UGI Corporation 2021 Incentive Award Plan Restricted Stock Unit Grant Letter for US Employees (Fiscal 2025).
10.3						UGI Corporation 2021 Incentive Award Plan Performance Unit Grant Letter for Mr. Mario Longhi.
10.4						UGI Corporation 2021 Incentive Award Plan Restricted Stock Unit Grant Letter for Mr. Mario Longhi.
31.1						Certification by the Chief Executive Officer relating to the Registrant’s Report on Form 10-Q for the quarter ended De cember 3 1 , 2024, 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 December 3 1 , 2024, 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 December 3 1 , 2024, 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

101.SCH						Inline XBRL Taxonomy Extension Schema

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


		UGI Corporation
		(Registrant)

Date:	February 6, 2025	By:	/s/ Sean P. O’Brien
			Sean P. O’Brien
			Chief Financial Officer


Date:	February 6, 2025	By:	/s/ Jean Felix Tematio Dontsop
			Jean Felix Tematio Dontsop
			Vice President, Chief Accounting Officer
			and Corporate Controller


Performance Level	Annualized TSR Goals	Cumulative Performance Vesting (as a % of target) if Annualized TSR Goals attained on the 1st/2nd/3rd grant date anniversaries1
		End of Year 1	End of Year 2	End of Year 3
Below Threshold	<8.0%	0%	0%	0%
Threshold	8.0%	17%	33%	50%
Target	10.0%	33%	66%	100%
Maximum	16.0%	40%	80%	200%


Date:	February 6, 2025
		/s/ Robert C. Flexon
		Robert C. Flexon President and Chief Executive Officer of UGI Corporation