1 Fiscal 2023 Results & Business Update Ro ge r Pe r re a u l t President and CEO, UGI Corporation S e a n O ’ B r i e n Chief Financial Officer, UGI Corporation Ro b e r t F. B e a rd Chief Operations Officer, UGI Corporation 1

2 About This Presentation This presentation contains statements, estimates and projections that are forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, 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. Management believes that these are reasonable as of today’s date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management’s control; accordingly, there is no assurance that results will be realized. You should read UGI’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q for a more extensive list of factors that could affect results. We undertake no obligation (and expressly 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. Among them are adverse 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; 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; changes in domestic and foreign laws and regulations, including safety, health, tax, transportation, consumer protection, data privacy, accounting, and environmental matters, such as regulatory responses to climate change; the inability to timely recover costs through utility rate proceedings; increased customer conservation measures due to high energy prices and improvements in energy efficiency and technology resulting in reduced demand; adverse labor relations and our ability to address existing or potential workforce shortages; the impact of pending and future legal or regulatory proceedings, inquiries or investigations; competitive pressures from the same and alternative energy sources; failure to acquire new customers or retain current customers, thereby reducing or limiting any increase in revenues; liability for environmental claims; customer, counterparty, supplier, or vendor defaults; 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; transmission or distribution system service interruptions; 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, and foreign currency exchange rate fluctuations (particularly the euro); credit and capital market conditions, including reduced access to capital markets and interest rate fluctuations; changes in commodity market prices resulting in significantly higher cash collateral requirements; impacts of our indebtedness and the restrictive covenants in our debt agreements; reduced distributions from subsidiaries impacting the ability to pay dividends or service debt; changes in Marcellus and Utica Shale gas production; the success of our strategic initiatives and investments intended to advance our business strategy; our ability to successfully integrate acquired businesses and achieve anticipated synergies; 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; the inability to complete pending or future energy infrastructure projects; our ability to attract, develop, retain and engage key employees; uncertainties related to global pandemics; the impact of a material impairment of our assets; the impact of proposed or future tax legislation; the impact of declines in the stock market or bond market, and a low interest rate environment, on our pension liability; our ability to protect our intellectual property; 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 our ability to control operating costs and realize cost savings.

3 UGI Supplemental Footnotes Management uses “adjusted net income attributable to UGI Corporation”, “adjusted diluted earnings per share (“EPS”)”, “UGI Corporation Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization (“EBITDA”)”, “AmeriGas Propane Adjusted EBITDA”, “UGI International Adjusted EBITDA”, “AmeriGas Propane Free Cash Flow” and “UGI International Free Cash Flow”, all of which are non-GAAP financial measures, when evaluating UGI's overall performance. Management believes that these non-GAAP measures provide meaningful information to investors about UGI’s performance because they eliminate the impacts of (1) gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions and (2) other significant discrete items that can affect the comparison of period-over-period results. Volatility in net income attributable to UGI can occur as a result of gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions but included in earnings in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures. The tables in slides 23 and 24 reconcile adjusted diluted earnings per share (EPS) and adjusted net income attributable to UGI Corporation, respectively, to their most directly comparable GAAP measures. Slides 25, 26 and 27 reconcile UGI Corporation Adjusted EBITDA, AmeriGas Propane Adjusted EBITDA, AmeriGas Propane Free Cash Flow, UGI International Adjusted EBITDA and UGI International Free Cash Flow to their nearest GAAP measures.

4 1 FY23 Year in Review

5 37% 63% FY23 Financial Highlights Adjusted Diluted EPS1 $2.90 $2.84 FY22 FY23 $1,166 $1,158 FY22 FY23 Reportable Segments EBIT2 ($ in Million) Earnings Contribution – Adjusted Diluted EPS1 Natural Gas Global LPG FY23 • FY23 GAAP diluted EPS of ($7.16) vs. $4.97 in FY22 • Record performance at the Utilities largely due to higher gas base rates and the weather normalization adjustment implemented at our PA Gas Utility in Q1 FY23 • Record performance in Midstream & Marketing due to increased margins from natural gas gathering and processing activities, primarily from the prior year acquisitions of UGI Moraine East and Pennant • Increased unit margins in the Global LPG businesses which was partially offset by lower volumes, inflationary pressures and continued investment at AmeriGas 7% 10-Year Dividend Growth (FY13-23) $1.6B Available Liquidity4 6% 10-Year Adjusted EPS CAGR (FY13-23) 11% Rate Base CAGR (FY13-23) 8% Natural Gas EBIT Growth (FY22-23) $511M FY23 Free Cash Flow3 (Global LPG) 1. Adjusted Diluted EPS is a non-GAAP measure. See slide 23 for reconciliation. 2. Reportable Segments EBIT stands for UGI Corporation’s Earnings before interest expense and income taxes excluding EBIT related to Corporate & Other. 3. Free Cash Flow is a non-GAAP measure. See slides 26 and 27 for reconciliation. 4. Defined as cash and cash equivalents and available borrowing capacity on our revolving credit facilities.

6 FY23 Key Accomplishments • Deployed $956 million of capital, with $563 million (59%) largely focused on pipeline replacement and betterment at the Utilities o 142 miles of pipeline replaced • Added ~13,0001 residential and commercial customers at the Utilities • Filed a joint stipulation and agreement for settlement of a base rate case at Mountaineer on October 6, 2023 o Includes a net revenue increase of ~$14 million and new rates expected to take effect January 1, 2024 • Midstream & Marketing margins underpinned by 86% from fee- based contracts, including take-or-pay arrangements and minimum volume commitments • Completed the Allen Farm and EL-Vi RNG projects, with an expected production capacity of ~140 Mmcf • Continued to execute on our commitment to exit the European energy marketing business o Divested the energy marketing business located in the UK and Belgium in FY23 o Divested substantially all of our energy marketing business located in France in October 2023 o Entered into agreements to divest and exit a substantial portion of the portfolio in the Netherlands (closing and exits targeted for Q2 FY24) • Received upgraded ESG Rating Assessment of “AAA” from MSCI • 40,000+ volunteer hours to serve our local communities in programs such as United Way, Big Brothers Big Sisters, Reading Is Fundamental, among others 1. Customer addition includes upgrades.

7 FY23 Results Recap 1. Adjusted Diluted EPS is a non-GAAP measure. See Slide 23 for reconciliation. FY23 GAAP diluted EPS of ($7.16) compared to $4.97 in FY22 FY23 Adjusted Diluted EPS1 – Comparison with FY22 Key Drivers Natural Gas businesses • Warmer than prior year weather • Higher total margin • Higher operating expenses • Weather normalization at the PA Gas Utility Corporate & Other • Interest expense Global LPG businesses • Warmer than prior year weather • Lower LPG margins • Higher margins from non-core energy marketing activities • Higher operating expenses • Gain from asset sales • Benefits from foreign tax credit optimization

8 Weather FY22 EBIT FY23 EBIT Total Margin OPEX D&A Other EBIT is defined as Earnings before interest expense and income taxes. Total margin represents total revenue less total cost of sales. In the case of Utilities, the total margin is also reduced by certain revenue-related taxes. OPEX stands for Operating & Administrative Expenses, and D&A stands for Depreciation and Amortization. FY23 Segment Results Recap – Natural Gas FY23 EBIT - Comparison with FY22 ($ in million) Utilities Key Drivers • Higher PA Gas Utility base rates and benefits from the weather normalization adjustment implemented in Q1 FY23 which offset the effect of warmer weather • Increased OPEX reflects, among other things, higher uncollectible accounts expenses, contract labor costs, and personnel-related expenses • Higher depreciation expense reflects the effects of continued distribution system capital expenditure activity 11.7% 4.8% Vs. Normal Vs. PY Increase Decrease WarmerColder Weather Midstream & Marketing Key Drivers FY22 EBIT FY23 EBIT Total Margin OPEX D&A Other • Improved margins primarily reflecting incremental natural gas gathering and processing activities ($49 million), primarily from the prior year acquisitions of UGI Moraine East and Pennant, partially offset by lower margins from natural gas marketing activities ($8 million), including the effects of peaking and capacity management activities • Higher D&A due to additional assets in service, mainly Pennant • Lower other income from equity investees 11.0% 6.0% Vs. Normal Vs. PY

9 Weather FY22 EBIT FY23 EBIT Total Margin OPEX D&A Other • Total retail gallons decreased 9% due to warmer weather and energy conservation measures • Higher LPG unit margin and increased margins from the non-core energy marketing business ($29 million), partially offset by the translation effects of the weaker foreign currencies ($27 million) • Higher OPEX primarily reflects the effects of inflationary increases, partially offset by lower distribution and personnel-related costs and the translation effects of the weaker foreign currencies ($11 million) FY23 Segment Results Recap – Global LPG UGI International Key Drivers 10.5% 8.4% Vs. Normal Vs. PY Increase Decrease WarmerColder Weather• Total retail propane gallons sold decreased 7% due to the effects of driver staffing shortages (which also limited growth), continuing customer attrition and structural conservation • Higher LPG unit margin • Higher OPEX largely due to increased overtime and employee-related costs, vehicle fuel, advertising and uncollectible account expenses • Largely related to gains on sales of fixed assets AmeriGas Propane Key Drivers FY22 EBIT FY23 EBIT Total Margin OPEX D&A Other 0.5% 1.9% Vs. Normal Vs. PY EBIT is defined as Earnings before interest expense and income taxes. Total margin represents total revenue less total cost of sales. OPEX stands for Operating & Administrative Expenses, and D&A stands for Depreciation and Amortization. FY23 EBIT - Comparison with FY22 ($ in million)

10 $0.4 $0.3 $0.3 $0.3 $0.2 $1.3 $0.9 $1.6 $1.5 $1.4 $1.7 $1.2 $1.9 $1.8 $1.6 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Cash and cash equivalents Available Credit Facilities Liquidity and Balance Sheet Update • $1.6 billion in available liquidity1 as of September 30, 2023 • In FY23, completed over $2.6+ billion of long-term debt financing to support our ongoing operations and improve liquidity • As of September 30, 2023, UGI and its subsidiaries were in compliance with all debt covenant requirements • Subsequent to the year-end, we continued with activities that improved financial flexibility: o Amended the AmeriGas credit agreement to right-size the revolver from $600 million to $400 million and decrease the minimum interest coverage ratio2 from 2.75x to 2.5x o Refinanced existing credit agreement at UGI Utilities providing for borrowings up to $375 million 1. Defined as cash and cash equivalents and available borrowing capacity on our revolving credit facilities. 2. AmeriGas interest coverage ratio is calculated as Consolidated EBITDA / Consolidated Interest Expense, as defined in the credit agreement. 3. As of September 30, 2023. Long-term debt with maturities of less than $10 million in a particular year have not been represented in the chart. Available Liquidity ($ in billion)UGI Corporation Long-Term Debt M turities ($ in million)3Available Liquidity ($ in billion) $700 $675 $525 $500 $317 $423 $791 $281 $70 $40 $1,230 $38 $973 $0 $500 $1,000 $1,500 $2,000 $2,500 2024 2025 2026 2027 2028 FY29 - 52 AmeriGas Propane UGI International Midstream & Marketing Utilities UGI Corporation

11 2 FY24 Strategic Priorities & Financial Outlook

12 Our Strategic and Financial Priorities Focused on effectively operating our business portfolio to deliver reliable earnings growth, achieve sustainable cost savings, and strengthen the balance sheet while pursuing a strategic review focused on the LPG business Cost Reduction and Optimization Actions Strengthen the Balance Sheet Strategic Review of the LPG Businesses Continued Growth of the Natural Gas businesses 1 2 3 4 Completed Underway Initiated actions to achieve operational efficiencies and targeted cost savings Achieve ~$70 - $100M of cost savings by FY25 Revised capital allocation outlook and priorities to achieve and sustain optimal capital structure Execute on our strategy to enhance liquidity and reduce leverage at AmeriGas Propane and UGI Corporation Review of strategic alternatives, with a focus on AmeriGas Propane Exit the non-core European energy marketing businesses ▪ UK, Belgium and a majority in France ▪ Netherlands1 Continue investing in our Utility infrastructure to promote safety and reliability while balancing customer affordability Leverage the strategic midstream assets to continue driving earnings and cash flow stability 1. Entered into definitive agreements to divest and exit a substantial portion of our portfolio in the Netherlands which is expected to occur in Q2 FY24.

13 • Electric rates • Operating expense • Interest expense • Current tax regime FY24 Adjusted Diluted EPS Guidance FY24 Guidance 1. Adjusted Diluted EPS is a non-GAAP measure. See Slide 23 for FY23 reconciliation. 2. Because we are unable to predict certain potentially material items affecting diluted earnings per share on a GAAP basis, principally mark-to-market gains and losses on commodity and certain foreign currency derivative instruments we cannot reconcile FY24 adjusted diluted earnings per share, a non-GAAP measure, to diluted earnings per share, the most directly comparable GAAP measure, in reliance on the “unreasonable efforts” exception set forth in SEC rules. 3. The forward-looking information used on this slide is for illustrative purposes only. Actual results may differ substantially from the information presented. $2.84 FY23 Adjusted Diluted EPS $3.00 $2.70 Corporate & Other FY23 Adjusted Diluted EPS1 to FY24 Guidance2,3 Key Assumptions3 • Normal weather • Volume • Customer growth • Gas base rates Natural Gas businesses Global LPG businesses • Normal weather • Volume • Lower margins • Operating expense • Interest expense • Current tax regime • Benefits from foreign tax credit optimization

14 • 4% long-term dividend growth target • Maintain an attractive dividend payout ratio for our business mix • Consider share repurchase as leverage decreases Capital Allocation Outlook and Priorities Dividend Payment and Shareholder Return • Growth and regulatory capital investments in the regulated utilities businesses, which attract a strong return on equity • Anticipate investing $2B+ between FY24 – FY272 • Prioritize consolidated reduction in leverage ratio1 to achieve range of 3.25x – 3.75x2 • Further strengthen consolidated liquidity • Support organic growth in the natural gas businesses through disciplined capital investment while maintaining a healthy balance sheet • Execute committed projects to develop renewable energy solutions that achieve return criteria 1 2 3 Capital Investments at the Utilities Balance Sheet Improvement Investments in Strategic Growth Opportunities 4 1. Total debt over Adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure. 2. The forward-looking information used on this slide is for illustrative purposes only. Actual results may differ substantially from the information presented. 3. Includes acquisitions of business and assets, and other equity investments. 4. Includes growth capital expenditure related to our Midstream & Marketing, UGI International and AmeriGas Propane segments. Capital Allocation – By Category ($ in million) Cash Returned to Shareholders Capital Expenditure3 17% 16% 20% 21% 18% 18% 45% 45% ~$1,100 ~$960 $330 $330 - $335 Renewables Maintenance Capital Growth Capital4 Regulated Utilities (Growth) Capital ~80% of FY24 capital expenditure and investments allocated to Natural Gas and Renewables FY23 FY24E2

15 #1 propane distributor in the US1 Driving Operational Improvements at AmeriGas Propane to Enhance Shareholder Value Flexible and reliable supply chain coverage Strategically centralized and scalable procurement operations Robust fleet management focused on efficient routing and logistics Continued focus on solid cash generation Free Cash Flow2 at AmeriGas Propane AmeriGas Propane in FY24 $1.5 billion generated since 2020 1. Based on the volume of propane gallons distributed annually. 2. Free Cash Flow is a non-GAAP measure. See Slide 26 for reconciliation. Sustained focus on operational improvement to enhance the customer experience Operational efficiencies, cost reduction and optimizing actions Improved demand forecasting and logistics management Disciplined capital deployment and cash flow management

16 Key Takeaways Prioritizing investments in the regulated utilities businesses which provide attractive rates of return Improving the balance sheet and achieving an optimal leverage ratio is a high priority Executing a strategic review focused on the LPG business to unlock and maximize shareholder value Maintaining our strong track record of paying dividends Continuous efforts to maximize employee and customer satisfaction Optimizing our cost structure to create an agile organization

17 Appendix

18 A Diversified Energy Provider Reliable Earnings Growth UGI Corporation is a distributor and marketer of energy products and services, including natural gas, LPG, electricity and renewable energy solutions 141 years 18 countries 10,000+ employees1 4 diversified businesses 2.6+ million customers1 ONE 1. As of September 30, 2023. RenewablesRebalance

19 Our Business Portfolio 1. Does not include Corporate & Other. 2. Adjusted Diluted EPS is a non-GAAP measure. Please see slide 23 for reconciliation. 3. The information is as of September 30, 2023. 4. Based on total customers. 5. DSIC stands for Distribution System Improvement Charge and IREP strands for Infrastructure Replacement and Expansion Program. 6. The forward-looking information used on this slide is for illustrative purposes only. Actual results may differ substantially from the information presented. 7. Based on the volume of propane gallons distributed annually. 8. Free Cash Flow is a non-GAAP measure. See Slides 26 and 27 for reconciliation. Lines of Businesses Segments FY23 Volume FY23 Adjusted Diluted EPS Contribution1,2 • 2nd largest regulated gas utility in Pennsylvania (PA)4 and largest regulated gas utility in West Virginia (WV)4 • Weather normalization at the PA gas utility • Authorized gas ROEs of 10.15% (DSIC)5 in PA and 9.75% (IREP)5 in WV • ~90% of capital recoverable within 12 months • Expected rate base growth of 9%+ (FY23 – 27)6 • Full suite of midstream services and gas marketing on 47 gas utility systems and 20 electric utility systems • Significant strategic assets within the Marcellus Shale / Utica production area • 86% fee-based income, including minimum volume commitments and take or pay arrangements • Largest retail LPG distributor in the US7 • Broad geographic footprint serving all 50 states • Strong track record of attractive unit margins despite fluctuating commodity price environments • $1.5 billion of Free Cash Flow Generation8 since 2020 • LPG distribution in 17 countries in Europe • Largest LPG distributor in France, Austria, Belgium, Denmark and Luxembourg7 • $1.1 billion of Free Cash Flow Generation8 since 2020 • Strategically located supply assets • Exiting non-core energy marketing business Natural Gas Global LPG Utilities Midstream & Marketing UGI International AmeriGas Propane 33% 29% 27% 11% Key Highlights3 ~375 bcf ~295 bcf ~900 million gallons ~940 million gallons

20 Our Strategy Core Values Safety Respect Integrity Sustainability Excellence Reliability Reliable Earnings Growth Renewables Rebalance • Ongoing investments to grow predictable regulated utility, fee-based and weather resilient volume to enable strong stable returns • Continuous improvements and focused growth across the business • Reduce weather sensitivity • Disciplined capital allocation to committed renewable projects that align with delivering reliable earnings growth • Leverage existing infrastructure and expertise • Prioritize investments in the natural gas line of business • Optimize benefits from operational and geographic diversification

21 Feedstock Production2 (~Mmcf) FY22 FY23 FY24 FY25 New Energy One – Joint Venture (<25%) 250 Cayuga - Spruce Haven 50 Cayuga - Allen Farms 85 Cayuga - El-Vi 55 MBL Bioenergy – Moody 300 Hamilton – Synthica St. Bernard 250 Cayuga – Bergen Farms 150 Cayuga – New Hope View Farms 35 MBL Bioenergy – Brookings & Lakeside 525 Aurum Renewables – Joint Venture (40%) 1,800 Ag-Grid (33% ownership) Renewables Investment Highlights 11 High-quality RNG projects in multiple states Total Commitment $500M Committed ~$250M Invested to date Renewable Natural Gas Projects Committed to Date1 10%+ Targeted Unlevered IRR 1. As of September 30, 2023. 2. 100% of the anticipated production capacity from the RNG projects UGI continues to develop a portfolio of renewables through investment in committed projects Facility completed and in serviceStatus: Feedstock: Dairy Food Landfill Expected completion date

22 ESG Highlights UGI ESG Rating History - MSCI UGI is positioned among top 7%5 of all peers Key ESG Focus Areas “Robust overall governance practices and environmental strategies to manage emissions.” - MSCI 1. Achievement of these goals is in progress. For more information on UGI’s ESG initiatives, please see UGI’s sustainability reports and visit www.ugiesg.com. 2. Diversity represents ethnicity and gender. 3. As defined under the rules of the New York Stock Exchange. 4. As of September 30, 2023. 5. Universe: MSCI ACWI Index constituents, Oil & Gas refining, Marketing, Transportation & Storage. Environmental Social Governance 55% 5-year Scope-1 GHG Emissions Reduction Target (using 2020 as the base year) 25% Targeted spend improvement with diverse Tier I and Tier II suppliers by 2025 (using 2020 as the base year) 50% Board Diversity 90%+ Reduction in fugitive methane emission at UGI Utilities over the 20 years (using 1999 as the base year) Executive compensation linked to safety and diversity & inclusion 5 Years Average Board Tenure 35% Targeted reduction in Total Recordable Injuries by 2025 (using 2017 as the base year) Partnership with the Human Library Organization to help organizations with their diversity, equity, and inclusion efforts 90% Independent Directors and an Independent Board Chair 1 1 1 2,4 3,4 4

23 FY23 Adjusted Diluted Earnings per Share FY23 FY22 Utilities $1.01 $0.95 Midstream & Marketing 0.89 0.76 UGI International 0.80 0.81 AmeriGas Propane 0.33 0.52 Corporate & Other (a) (10.19) 1.93 Earnings per share – diluted (7.16) 4.97 Net losses (gains) on commodity derivative instruments not associated with current-period transactions 5.77 (2.11) Unrealized losses (gains) on foreign currency derivative instruments 0.13 (0.17) Loss associated with impairment of AmeriGas Propane goodwill 3.14 — Loss on extinguishments of debt 0.03 0.03 Business transformation expenses 0.03 0.03 AmeriGas operations enhancement for growth project 0.09 0.02 Impairments of certain equity method investments — 0.10 Restructuring costs — 0.10 Costs associated with exit of the UGI International energy marketing business 0.86 0.02 Net gain on sale of UGI headquarters building (0.05) — Impact of change in tax law — (0.09) Total adjustments (a) 10.00 (2.07) Adjusted earnings per share – diluted $2.84 $2.90 (a) Corporate & Other includes certain adjustments made to our reporting segments in arriving at net income attributable to UGI Corporation. These adjustments have been excluded from the segment results to align with the measure used by our Chief Operating Decision Maker in assessing segment performance and allocating resources.

24 FY23 Adjusted Net Income (Dollars in Millions) FY23 FY22 Utilities $219 $206 Midstream & Marketing 193 163 UGI International 172 175 AmeriGas Propane 71 112 Corporate & Other (a) (2,157) 417 Net income attributable to UGI Corporation (1,502) 1,073 Net losses (gains) on commodity derivative instruments not associated with current-period transactions (net of tax of $(419) and $140, respectively) 1,225 (458) Unrealized losses (gains) on foreign currency derivative instruments (net of tax of $(11) and $14, respectively) 27 (36) Loss associated with impairment of AmeriGas Propane goodwill (net of tax of $4 and $0, respectively) 660 — Loss on extinguishments of debt (net of tax of $(2) and $(3), respectively) 7 8 Acquisition and integration expenses associated with the Mountaineer Acquisition (net of tax of $0 and $(1), respectively) — 1 Business transformation expenses (net of tax of $(3) and $(2), respectively) 7 7 AmeriGas operations enhancement for growth project (net of tax of $(6) and $(2), respectively) 18 3 Impairments of certain equity method investments (net of tax of $0 and $(13), respectively) — 22 Restructuring costs (net of tax of $0 and $(8), respectively) — 21 Costs associated with exit of the UGI International energy marketing business (net of tax of $(67) and $(1), respectively) 181 4 Net gain on sale of UGI headquarters building (net of tax of $4 and $0, respectively) (10) — Impact of change in tax law — (19) Total adjustments (a) (b) 2,115 (447) Adjusted net income attributable to UGI Corporation $613 $626 (a) Corporate & Other includes certain adjustments made to our reporting segments in arriving at net income attributable to UGI Corporation. These adjustments have been excluded from the segment results to align with the measure used by our Chief Operating Decision Maker in assessing segment performance and allocating resources. (b) Income taxes associated with pre-tax adjustments determined using statutory business unit tax rates.

25 Non-GAAP Reconciliation: UGI Corporation Adjusted EBITDA and Leverage ($ in millions) Year Ended September 30, 2020 2021 2022 2023 Net income including noncontrolling interests $532 $1,467 $1,073 (1,502) Income taxes 135 522 313 (335) Interest expense 322 310 329 379 Depreciation and amortization 484 502 518 532 EBITDA 1,473 2,801 2,233 (926) Unrealized losses (gains) on commodity derivative instruments (117) (1,390) (598) 1,644 Unrealized (gains) losses on foreign currency derivative instruments 36 (8) (50) 38 Loss on extinguishments of debt - - 11 9 AmeriGas Merger expenses - - - - Acquisition and integration expenses associated with the CMG Acquisition 2 1 - - Acquisition and integration expenses associated with the Mountaineer Acquisition - 14 2 - Business transformation expenses 62 101 9 10 Impairments of certain equity method investments and assets - 93 35 - Impairment of customer relationship intangible - 20 - - Loss on disposals of Conemaugh and HVAC 54 - - - Restructuring costs - - 29 - Loss associated with impairment of AmeriGas Propane goodwill - - - 656 Costs associated with exit of the UGI International energy marketing business - - 5 248 Net gain on sale of UGI headquarters building - - - (14) AmeriGas operations enhancement for growth project - - 5 24 Adjusted EBITDA $1,510 $1,632 $1,681 $1,689 Total Debt $6,381 $6,816 $7,000 $7,249 Leverage 4.2x 4.2x 4.2x 4.3x

26 Non-GAAP Reconciliation: AmeriGas Propane Adjusted EBITDA and Free Cash Flow ($ in millions) Year Ended September 30, Adjusted EBITDA Reconci l iation: 2020 2021 2022 2023 Net income (loss) attr ibutable to AmeriGas Partners, L.P. $236 $337 ($38) ($616) Income tax 2 2 2 - Interest expense 164 159 160 163 Depreciation & Amortization 178 173 177 177 EBITDA $580 $671 $301 ($276) Net (gains) losses on commodity derivative instruments not associated with current-period transactions (72) (167) 185 16 Business transformation expenses 44 54 - - Restructuring Costs - - 16 - Impairment of goodwill - - - 650 Loss on extinguishments of debt - - - 9 AmeriGas performance enhancement - - 5 24 Adjusted EBITDA $552 $558 $507 $423 Year Ended September 30, Free Cash Flow Reconci l iation: 2020 2021 2022 2023 Adjusted EBITDA $552 $558 $507 $423 Less: Capital Expenditures (135) (130) (128) (134) Free Cash Flow $417 $428 $379 $289

27 Non-GAAP Reconciliation: UGI International Adjusted EBITDA and Free Cash Flow ($ in millions) Year Ended September 30, Adjusted EBITDA Reconci l iation: 2020 2021 2022 2023 Net income (loss) attr ibutable to UGI International , LLC $137 $979 $808 ($1,076) Net income attributable to noncontrolling interests - - 1 - Income tax 37 331 250 (406) Interest expense 31 27 28 37 Depreciation & Amortization 125 134 117 116 EBITDA $330 $1,471 $1,204 ($1,329) Net (gains) losses on commodity derivative instruments not associated with current-period transactions - (1,065) (808) 1,399 Unrealized losses (gains) on foreign currency derivative instruments 36 (8) (50) 38 Loss on extinguishments of debt - - 11 - Business transformation expenses 18 33 - - Impairment of customer relationship intangible - 20 - Restructuring Costs - - 9 - Loss associated with disposal of energy marketing business - - 5 243 Adjusted EBITDA $384 $451 $371 $351 Year Ended September 30, Free Cash Flow Reconci l iation: 2020 2021 2022 2023 Adjusted EBITDA $384 $451 $371 $351 Less: Capital Expenditures (89) (107) (107) (129) Free Cash Flow $295 $344 $264 $222

28 Total Uti l i ties Midstream & Marketing UGI International AmeriGas Propane Corp & Other Revenues $8,928 $1,854 $1,847 $2,965 $2,581 ($319) Cost of sales (6,937) (953) (1,360) (2,045) (1,250) (1,329) Total margin 1,991 901 487 920 1,331 (1,648) Operating and administrative expenses (2,158) (392) (133) (623) (950) (60) Depreciation and amortization (532) (152) (86) (116) (177) (1) Impairment of goodwill (656) - - - - (656) Loss on disposal of UGI International energy marketing business (221) - - - - (221) Other non-operating (expense) income, net 132 - 17 34 64 17 Operating (loss) income (1,444) 357 285 215 268 (2,569) Income (loss) from equity investees 2 - 6 (4) - - Loss on extinguishments of debt (9) - - - - (9) Other non-operating income, net (7) 8 - 23 - (38) (Loss) earnings before income taxes and interest expense (1,458) 365 291 234 268 (2,616) Interest expense (379) (82) (45) (37) (163) (52) (Loss) income before income taxes (1,837) 283 246 197 105 (2,668) Income tax benefit (expense) 335 (64) (53) (25) (34) 511 Net (loss) income attr ibutable to UGI Corporation $(1,502) $219 $193 $172 $71 $(2,157) FY23 Segment Reconciliation (GAAP) ($ in Million) 1. For US GAAP purposes, certain revenue-related taxes within our Utilities segment are included in “Operating and administrative expenses” above. Such costs reduce margin for Management’s Results of Operations reported in our periodic filings. 1 1

29 Notes to ESG Commitments 35% Reduction in Total Recordable Injuries by 2025 1. Scope 1 emissions reduction target did not include emissions from the Mountaineer acquisition, which closed in September 2021. The target also excluded the Moraine East acquisition and only accounted for our ownership interest in the Pennant system at the time we set the target. UGI now owns 100% of Pennant. The emissions from our ownership interest in the Pine Run acquisition, announced in February 2021, were included in the baseline 2020 number. The 2020 baseline number also takes a 5-year emissions average from the Hunlock power generation facility to account for year-over-year differences in run time. 1. All domestic UGI companies use the Occupational Safety and Health Administration (“OSHA”) definition for TRIs. TRIs represents the number of work-related recordable injuries or illnesses requiring medical treatment beyond first aid, per 200,000 hours. 2. UGI International reports rates in accordance with the Industrial Management System guidelines. A TRI represents a work-related recordable injury to an employee or hired staff that requires medical treatment beyond first aid, as well as those that cause death, or days away from work. Committed to reducing Scope I emissions by 55% by 2025 using 2020 as the base year

30 Investor Relations: Tameka Morris 610-456-6297 morrista@ugicorp.com Arnab Mukherjee 610-768-7498 mukherjeea@ugicorp.com