UGI · UGI Corporation

UGI Corporation reported mixed second-quarter fiscal 2026 results. GAAP diluted EPS of $2.33 increased from $2.19 in the prior-year period, while adjusted diluted EPS of $2.09 declined from $2.21, reflecting a $0.17 tax impact and $0.06 higher interest expense. Total revenue rose slightly to $2,685 million from $2,666 million. Reportable segments EBIT was $688 million, down from $692 million, as improvements in Utilities ($250M vs $241M) and AmeriGas Propane ($156M vs $154M) were offset by declines in Midstream & Marketing ($150M vs $154M) and UGI International ($132M vs $143M). Utilities benefited from higher gas base rates in Pennsylvania, partially offset by weather normalization adjustments. Midstream & Marketing saw higher operating expenses from new assets. UGI International faced warmer weather and divestitures, while AmeriGas Propane improved margins despite lower volumes. Management highlighted strategic actions: an agreement to sell the electric division for ~$470 million, a partnership with Prime Data Centers for natural gas infrastructure, and the launch of online propane cylinder sales on Amazon. The company updated its fiscal 2026 adjusted diluted EPS guidance to a range of $2.75-$2.90, down from prior expectations, citing timing of growth investments and the AmeriGas transformation. Balance sheet strength was noted with available liquidity of ~$2.1 billion and net leverage of 3.7x, below the targeted range. The earnings call webcast was held on May 7, 2026.