Highlights

  • Revenues for the three months ended June 30, 2026 were $1,331 million, compared with $1,394 million in the prior year period.
  • The net loss attributable to UGI Corporation was $133 million, or $0.62 per diluted share, compared with $163 million, or $0.76.
  • Management reaffirmed fiscal 2026 adjusted diluted EPS guidance of $2.75 to $2.90 on the earnings call.
  • UGI Utilities agreed in April 2026 to sell its Electric Utility for $470, with closing expected in Fiscal 2027's second quarter.

UGI Corporation (NYSE: UGI) shares were trading at USD 39.06 on October 27, 2026, down 0.13%, with a relative volume at time of 2.96. The energy distributor agreed to divest its Electric Utility in April 2026, issued $500 of AmeriGas Partners senior notes in May 2026, and filed its fiscal third quarter report for the period ended June 30, 2026 on August 6, 2026, with guidance reaffirmed.

UGI is a Pennsylvania corporation with principal executive offices in King of Prussia, Pennsylvania. It is a holding company that distributes, stores, transports and markets energy products and related services in the United States and Europe. Its businesses include natural gas and electric distribution utilities, energy marketing, midstream infrastructure and energy services, and retail propane and other LPG distribution. It reports four segments: Utilities, Midstream & Marketing, UGI International and AmeriGas Propane. Its fiscal year ends September 30.

Fiscal Third Quarter 2026 Results

For the three months ended June 30, 2026, revenues were $1,331 million, compared with $1,394 million. The company reported an operating loss of $44 million, compared with an operating loss of $93 million. Net loss attributable to UGI Corporation was $133 million, or $0.62 per diluted share, compared with $163 million, or $0.76. Adjusted net loss attributable to UGI Corporation, a non-GAAP measure, was $43 million, compared with $3 million, and adjusted diluted loss per share was $0.20, compared with $0.01.

Interest expense was $109 million, compared with $101 million. The company said the increase reflected higher interest rates on long-term debt, higher average long-term debt at UGI International and higher average short-term borrowings at Utilities. For the nine months, net income attributable to UGI Corporation was $684 million, or $3.08 per diluted share, compared with $691 million, or $3.16.

Segment Results

AmeriGas Propane recorded a loss before interest expense and income taxes of $53 million, compared with $28 million. Total retail gallons sold decreased 10% to 124 million, which the company attributed to customer attrition and the sale of its Hawaii operations, and total margin decreased $26 million. UGI International earnings before interest expense and income taxes were $41 million, compared with $43 million, with LPG retail gallons sold down 10% to 125 million. Midstream & Marketing earnings before interest expense and income taxes were $30 million, compared with $27 million. On the call, management cited Utilities segment EBIT of $40 million.

During the nine months, UGI International sold LPG businesses in Austria, Romania, the United Kingdom and, in May 2026, the Czech Republic, Hungary, Poland and Slovakia. The company recorded a total loss of $71 on the Central European sale, including a $64 non-cash impairment charge.

Debt, Liquidity and Dividends

Total available liquidity was approximately $1.9 billion at June 30, 2026, and cash and cash equivalents were $476. The company reported no senior notes or term loans maturing in the next twelve months and compliance with its debt covenants. In May 2026, AmeriGas Partners issued $500 aggregate principal amount of 6.875% Senior Notes due June 2031 and used proceeds, with cash and a $300 equity contribution from UGI, to repay the $512 5.750% Senior Notes and repurchase $175 of 9.375% Senior Notes.

UGI declared a cash dividend of $0.375 per common share on August 5, 2026, payable October 1, 2026.

Outlook and Pending Transactions

On the earnings call, management reaffirmed fiscal 2026 adjusted diluted EPS guidance of $2.75 to $2.90. It said it expects AmeriGas to resume cash distributions to UGI in fiscal 2027. Management also cited a pending $65 gas distribution rate settlement, with $40 effective in October 2026 and $25 in October 2027, subject to approval, and a weather headwind of $0.11 per share year to date against normal weather.

The Electric Utility sale price of $470 is subject to changes in working capital, customary closing conditions and regulatory approvals, and the company expects to recognize a gain at closing.