On this page of StockholderLetter.com we present the latest annual shareholder letter from UGI CORP /PA/ — ticker symbol UGI. Reading current and past UGI letters to shareholders can bring important insights into the investment thesis.
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12/17/2025 Letter Continued (Full PDF)
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12/15/2023 UGI Stockholder Letter
• 12/19/2024 UGI Stockholder Letter
• More "Gas Utilities" Category Stockholder Letters
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UGI Benford's Law Stock Score = 97
12/17/2025 Letter Continued (Full PDF)
•
12/15/2023 UGI Stockholder Letter•
12/19/2024 UGI Stockholder Letter•
More "Gas Utilities" Category Stockholder Letters•
UGI Benford's Law Stock Score = 97UGI Shareholder/Stockholder Letter Transcript:
DELIVERING POSITIVE ENERGY EVERY DAY 2025 ANNUAL REPORT UGI Corporation (NYSE: UGI), headquartered in King of Prussia, PA, is a distributor and marketer of energy products and services, including natural gas, LPG, electricity, and renewable energy solutions. For over 143 years, UGI has delivered value to its shareholders through sustained business growth, balanced capital deployment, and disciplined financial management. We are focused on operating a high-performing, customer-centric and results driven organization, sustaining robust investment in its natural gas businesses, primarily in infrastructure replacement and betterment at the utilities, and creating sustainable value for its stakeholders. Our Purpose 2030 Vision Delivering Positive Energy Every Day Customers Love Our Energy Our Core Values Problem Solvers Ethical Innovative Owners Together Courageous Our Stands Everyone and everything is always safe Every customer matters Employees thrive at UGI UGI advances a sustainable future UGI Corporation 2025 Annual Report 2 OUR BUSINESSES 1 Natural Gas Second largest regulated gas utility in Pennsylvania2 Largest regulated gas utility in West Virginia2 Attractive historical rate base CAGR and ROE Strategic midstream assets and energy marketing business Significant fee-based income Global LPG LPG distributor in 15 countries throughout Europe Largest LPG distributor in France, Belgium, Denmark, and Luxembourg3 Largest retail LPG distributor in the US based on the volume of propane gallons distributed annually Broad geographic footprint with ~1,390 distribution locations serving customers in all 50 states FY25 ADJUSTED DILUTED EPS BUSINESS CONTRIBUTION FY25 CAPITAL EXPENDITURES 4 Global LPG 35% Natural Gas 65% 1. As of September 30, 2025 2. Based on total customers 3. UGI International estimate based on the annual volume of distributed propane gallons 4. Includes investments in equity method investees UGI Corporation 2025 Annual Report 3 KEY FACTS 1 16 ~9,400 ~2.4M Countries Employees Customers ~19,000 ~4.6 bcf/day $4.5B Miles of Gas Mains Natural Gas Pipeline Capacity Rate Base 141 YEARS OF CONSECUTIVELY PAYING DIVIDENDS 1. As of September 30, 2025 UGI Corporation 2025 Annual Report 4 A MESSAGE TO OUR SHAREHOLDERS, Fiscal 2025 marked a turning point for UGI Corporation. We delivered record financial performance, strengthened our balance sheet with leverage declining to 3.9x at the corporate level, and returned approximately $320 million to shareholders through dividends. FY25 Highlights $3.32 Adjusted Diluted EPS 1 Yet what truly sets this year apart is the fundamental change in how we operate and our positioning for the future. Demand for natural gas continues to grow across our service territories, driven by data center expansion, industrial growth, and the ongoing need for reliable and affordable energy. UGI is well positioned to capture this growth through our strategically located natural gas infrastructure. $3.09 GAAP Diluted EPS $500M+ Free Cash Flow 1 Building a Performance-Driven Culture In Fiscal 2025, we began an intentional journey to reshape how our business operates. We are creating an environment that drives extraordinary outcomes through accountability, operational discipline, and a relentless focus on excellence. 42% Total Shareholder Return vs S&P 500: 19% This transformation touches every aspect of our company. We are investing in our people, fostering transparency, innovation, and ownership at every level. We are breaking down silos, challenging assumptions, and instilling a performance-driven mindset throughout the organization. This transformation is most visible at AmeriGas. The team has embraced five strategic pillars: an unwavering commitment to safety, customer centricity, operational efficiency, workforce development, and financial discipline. We have deployed stringent project management discipline and are conducting business process analysis to drive more efficient operations. Our teams are embracing technology, including artificial intelligence, to enhance capabilities and effectiveness. Early returns confirm the significant opportunity to unlock intrinsic value. FY25 Energy Delivered 594 bcf Natural Gas Delivered 988 gwh Electricity Delivered 1.6B+ LPG Gallons Sold This year AmeriGas achieved a 17% EBIT growth and a 30% reduction in recordable safety incidents. We optimized our supply chain, began reshoring call centers to improve customer service, and implemented new routing processes that delivered fuel cost savings during initial pilots. We also made the strategic decision to exit the break-even wholesale business, allowing us to focus resources where they create the most value. Strategic Progress across Our Portfolio As we focus on areas where we can generate the highest returns, we advanced our portfolio optimization strategy, achieving approximately $150 million from LPG territory divestitures. 1. Adjusted Diluted EPS and Free Cash Flow are non-GAAP measures. See our filings with the SEC for more information. UGI Corporation 2025 Annual Report 5