UGI Corp

Latest Results (02.04.2026):

UGI Corp — Q1 2025: UGI Corp reported mixed first‑quarter fiscal 2025 results with GAAP diluted EPS of $1.34 and adjusted diluted EPS of $1.26, down from prior‑year GAAP $1.74 and adjusted $1.37. Total revenues rose to $2,083 million (from $2,030 million), while net income attributable to UGI fell to $297 million (from $375 million). Reportable‑segments EBIT increased to $441 million (from $420 million). Results were driven by weather, higher base rates in Utilities, margin management in LPG businesses, divestitures and certain one‑time/non‑GAAP adjustments.

Key financial metrics

GAAP diluted EPS: $1.34 (Q1 2025) vs $1.74 (Q1 2024). Adjusted diluted EPS: $1.26 vs $1.37. Net income attributable to UGI: $297M vs $375M. Total revenues: $2,083M vs $2,030M. Reportable segments EBIT: $441M vs $420M.

Utilities segment

Utilities revenues $591M and EBIT $157M (up vs prior year). Total margin rose $28M, largely from higher PA gas base rates and colder weather (core market volumes +16%). Operating income increased $17M; capex was $133M (+25%). Company filed a subsequent base rate case seeking $99M for UGI Utilities.

Midstream & Marketing

Revenues $427M, total margin roughly flat at $139M, EBIT $88M (down $7M). Colder temperatures increased demand but higher pipeline transportation costs and higher operating/admin expenses reduced operating income; capex was lower at $17M.

AmeriGas (U.S. retail LPG)

Revenues $575M, total margin $284M (+$20M) and EBIT $124M (+$14M year/year reported). Retail gallons sold declined ~11% to 195M gallons (crop‑drying, divestitures, conservation). Higher LPG unit margins and currency translation supported margin despite lower volumes.

UGI International

Revenues $600M, total margin $349M (essentially flat) and EBIT $72M (down $2M). Retail gallons roughly flat; higher operating/admin expenses (investment in customer initiatives, personnel, advertising) increased costs. Capex $30M (+30%).

Divestitures and cash proceeds

In January 2026 UGI entered definitive agreements to sell LPG businesses in the Czech Republic, Hungary, Poland, Slovakia and Romania for ~€48M. Since fiscal 2025 UGI International has agreed to divest LPG operations in seven countries (≈5% of fiscal‑2025 segment EBIT), expected to generate about $215M in cash proceeds.

Credit and regulatory developments

Moody’s upgraded AmeriGas’ outlook from negative to positive in January 2026. Subsequent to the quarter UGI filed a Mountaineer Gas base rate case requesting $27M in distribution rate increases to support infrastructure investments.

Non‑GAAP adjustments & outlook items

Adjusted net income attributable to UGI was $279M (Q1 2025) vs $295M (Q1 2024). Management emphasized progress on operations, safety and cultural transformation and reiterated focus on operational excellence, disciplined capital deployment and long‑term growth to drive shareholder value.