UGI CORP /PA/

Previous wording

The following analyses compare the Company’s results of operations for the 2026 three-month period with the 2025 three-month period and the 2026 six-month period with the 2025 six-month period. Our analysis of results of operations should be read in conjunction with the segment information included in Note 13 to Condensed Consolidated Financial Statements.

Current wording

The following analyses compare the Company’s results of operations for the 2026 three-month period with the 2025 three-month period and the 2026 nine-month period with the 2025 nine-month period. Our analysis of results of operations should be read in conjunction with the segment information included in Note 13 to Condensed Consolidated Financial Statements.

Previous wording

In April 2026, UGI Utilities entered into a definitive agreement to divest its Electric Utility for a sale price of $470, subject to changes in working capital and other adjustments. The transaction includes the sale of approximately 2,700 miles of transmission and distribution lines and 14 substations in Pennsylvania’s Luzerne and Wyoming counties. The Company expects to recognize a gain upon closing, which is expected in the second quarter of Fiscal 2027, subject to customary closing conditions and applicable regulatory approvals.

Current wording

In April 2026, UGI Utilities entered into a definitive agreement to divest its Electric Utility for a sale price of $470, subject to changes in working capital and other adjustments. The transaction includes the sale of approximately 2,700 miles of transmission and distribution lines and 14 substations in Pennsylvania’s Luzerne and Wyoming counties. At June 30, 2026, the Electric Utility’s assets and liabilities were classified as held for sale and included in “Held for sale assets” and “Held for sale liabilities”, respectively, on the Condensed Consolidated Balance Sheet. The Company expects to recognize a gain upon closing, which is expected in the second quarter of Fiscal 2027, subject to customary closing conditions and applicable regulatory approvals.

Previous wording

As part of the Company’s ongoing global LPG business portfolio optimization efforts, the Company is strategically divesting operations in non-core markets to focus resources where it can achieve superior operational results and deliver enhanced customer value.

Current wording

As part of the Company’s global LPG business portfolio optimization efforts, the Company has strategically divested operations in non-core markets to focus resources where it can achieve superior operational results and deliver enhanced customer value.

Previous wording

In January 2026, UGI International, through a wholly-owned subsidiary, entered into a definitive agreement to divest its LPG distribution businesses in Czech Republic, Hungary, Poland and Slovakia. Accordingly, the assets and liabilities associated with these businesses, primarily comprised of long-lived assets and goodwill allocated to the disposal group, qualified as held for sale and were reflected as “Held for sale assets” and “Held for sale liabilities”, respectively, on the Condensed Consolidated Balance Sheet at March 31, 2026. For the three months ended March 31, 2026, the Company recognized a non-cash pre-tax impairment charge of $64 to record such assets at estimated fair value less costs to sell. The transaction is subject to customary closing conditions and is expected to be finalized by the third quarter of Fiscal 2026.

Current wording

UGI International. In January 2026, UGI International, through a wholly-owned subsidiary, entered into a definitive agreement to divest its LPG distribution businesses in Czech Republic, Hungary, Poland, and Slovakia. The sale was completed in May 2026, subject to customary post-closing working capital adjustments. During the second quarter of Fiscal 2026, the Company classified the assets and liabilities associated with these businesses, primarily comprised of long-lived assets and goodwill allocated to the disposal group, as held for sale and recognized a non-cash, pre-tax impairment charge of $64 to record such assets at estimated fair value less costs to sell. During the third quarter of Fiscal 2026, in conjunction with the completion of the sale, the Company recognized an incremental loss on disposal of $7, resulting in a total loss of $71 for the nine months ended June 30, 2026.

Previous wording

UGI International. In February 2026, UGI International, through a wholly-owned subsidiary, completed the sale of its LPG business in Romania, subject to customary post-closing working capital adjustments. For the three months ended March 31, 2026, the Company recognized a pre-tax loss on sale of $2.

Current wording

In February 2026, UGI International, through a wholly-owned subsidiary, completed the sale of its LPG business in Romania. For the nine months ended June 30, 2026, the Company recognized a pre-tax loss on sale of $2.

Previous wording

In November 2025, UGI International, through a wholly-owned subsidiary, completed the sale of Flaga, its LPG distribution business in Austria. For the three and six months ended March 31, 2026, the Company recognized pre-tax gains on the sale of $4 and $29, respectively.

Current wording

In November 2025, UGI International, through a wholly-owned subsidiary, completed the sale of Flaga, its LPG distribution business in Austria. For the nine months ended June 30, 2026, the Company recognized a pre-tax gain on the sale of $29.

Previous wording

In October 2025, UGI International, through a wholly-owned subsidiary, completed the sale of its cylinder business in the United Kingdom. For the six months ended March 31, 2026, the Company recognized a pre-tax gain on the sale of $2.

Current wording

In October 2025, UGI International, through a wholly-owned subsidiary, completed the sale of its cylinder business in the United Kingdom. For the nine months ended June 30, 2026, the Company recognized a pre-tax gain on the sale of $2.

Previous wording

Net income attributable to UGI Corporation for the 2026 three-month period was $520 (equal to $2.33 per diluted share) compared to $479 (equal to $2.19 per diluted share) for the 2025 three-month period. These results include net gains (losses) from changes in unrealized commodity derivative instruments and certain foreign currency derivative instruments of $116 and $(5) during the 2026 and 2025 three-month periods, respectively.

Current wording

Net loss attributable to UGI Corporation for the 2026 three-month period was $133 (equal to $0.62 loss per diluted share) compared to $163 (equal to $0.76 loss per diluted share) for the 2025 three-month period. These results include net losses from changes in unrealized commodity derivative instruments and certain foreign currency derivative instruments of $70 and $99 during the 2026 and 2025 three-month periods, respectively.

Previous wording

Adjusted net income attributable to UGI Corporation for the 2026 three-month period was $466 (equal to $2.09 per diluted share) compared to $484 (equal to $2.21 per diluted share) for the 2025 three-month period. The decrease in adjusted net income attributable to UGI Corporation during the 2026 three-month period reflects lower earnings contributions from our Midstream & Marketing segment, partially offset by higher earnings contributions from the AmeriGas Propane, UGI International and Utilities segments. During the 2026 three-month period, temperatures in our Utilities and Midstream & Marketing segments were colder than the prior-year period.

Current wording

Adjusted net loss attributable to UGI Corporation for the 2026 three-month period was $43 (equal to $0.20 loss per diluted share) compared to $3 (equal to $0.01 loss per diluted share) for the 2025 three-month period. The increase in adjusted net loss attributable to UGI Corporation during the 2026 three-month period reflects lower earnings contributions from our AmeriGas Propane, UGI International and Midstream & Marketing segments, partially offset by higher earnings contributions from the Utilities segment. During the 2026 three-month period, temperatures in our Utilities segment were colder than the prior-year period.

Previous wording

Utilities’ adjusted net income attributable to UGI Corporation increased $5 in the 2026 three-month period compared to the prior-year period, primarily attributable to higher total margin, partially offset by higher operating and administration expenses.

Current wording

Utilities’ adjusted net income attributable to UGI Corporation increased $4 in the 2026 three-month period compared to the prior-year period, primarily attributable to higher total margin.

Previous wording

Midstream & Marketing’s adjusted net income attributable to UGI Corporation decreased $41 in the 2026 three-month period, primarily attributable to higher income tax expenses, reflecting lower investment tax credits in the 2026 three-month period.

Current wording

Midstream & Marketing’s adjusted net income attributable to UGI Corporation decreased $7 in the 2026 three-month period, primarily attributable to higher income tax expenses, reflecting lower investment tax credits in the 2026 three-month period, partially offset by higher total margin.

Previous wording

UGI International’s adjusted net income attributable to UGI Corporation increased $10 in the 2026 three-month period, reflecting lower income tax expenses, partially offset by higher realized losses on foreign currency contracts.

Current wording

UGI International’s adjusted net income attributable to UGI Corporation decreased $18 in the 2026 three-month period, reflecting higher income tax expenses and, to a lesser extent, lower total margin.

Previous wording

Net income attributable to UGI Corporation for the 2026 six-month period was $817 (equal to $3.68 per diluted share) compared to $854 (equal to $3.93 per diluted share) for the 2025 six-month period. These results include net gains from changes in unrealized commodity derivative instruments and certain foreign currency derivative instruments of $108 and $75 during the 2026 and 2025 six-month periods, respectively.

Current wording

Net income attributable to UGI Corporation for the 2026 nine-month period was $684 (equal to $3.08 per diluted share) compared to $691 (equal to $3.16 per diluted share) for the 2025 nine-month period. These results include net gains (losses) from changes in unrealized commodity derivative instruments and certain foreign currency derivative instruments of $38 and $(24) during the 2026 and 2025 nine-month periods, respectively.

Previous wording

Adjusted net income attributable to UGI Corporation for the 2026 six-month period was $745 (equal to $3.35 per diluted share) compared to $779 (equal to $3.58 per diluted share) for the 2025 six-month period. The decrease in adjusted net income attributable to UGI Corporation for the 2026 six-month period reflects lower earnings contributions from our Midstream & Marketing segment, partially offset by higher earnings contributions from the Utilities, UGI International and AmeriGas Propane segments. In addition, the decrease in adjusted net income during the 2026 six-month period also reflects higher income tax expenses primarily related to a decrease in investment tax credits in our Midstream & Marketing segment. During the 2026 six-month period, temperatures in all of our segments, with the exception of our UGI International segment, were colder than the prior-year period.

Current wording

Adjusted net income attributable to UGI Corporation for the 2026 nine-month period was $702 (equal to $3.17 per diluted share) compared to $776 (equal to $3.55 per diluted share) for the 2025 nine-month period. The decrease in adjusted net income attributable to UGI Corporation for the 2026 nine-month period reflects lower earnings contributions from our Midstream & Marketing and UGI International segments, partially offset by higher earnings contributions from the AmeriGas Propane and Utilities segments. In addition, the decrease in adjusted net income during the 2026 nine-month period also reflects higher income tax expenses primarily related to a decrease in investment tax credits in our Midstream & Marketing segment. During the 2026 nine-month period, temperatures in our Utilities and Midstream & Marketing segments were colder than the prior-year period.

Previous wording

Utilities’ adjusted net income attributable to UGI Corporation increased $14 during the 2026 six-month period. The increase was largely attributable to higher total margin, partially offset by higher operating and administrative expenses.

Current wording

Utilities’ adjusted net income attributable to UGI Corporation increased $18 during the 2026 nine-month period. The increase was largely attributable to higher total margin, partially offset by higher operating and administrative expenses.

Previous wording

Midstream & Marketing’s adjusted net income attributable to UGI Corporation decreased $69 during the 2026 six-month period, primarily attributable to higher income tax expenses.

Current wording

Midstream & Marketing’s adjusted net income attributable to UGI Corporation decreased $76 during the 2026 nine-month period, primarily attributable to higher income tax expenses and higher operating and administrative expenses, partially offset by higher total margin.

Previous wording

UGI International’s adjusted net income attributable to UGI Corporation increased $13 during the 2026 six-month period. The increase is mainly attributable to higher total margin and lower income tax expenses, partially offset by higher realized losses on foreign currency contracts.

Current wording

UGI International’s adjusted net income attributable to UGI Corporation decreased $5 during the 2026 nine-month period. The decrease is mainly attributable to higher realized losses on foreign currency contracts, partially offset by higher total margin.

Previous wording

AmeriGas Propane’s adjusted net income attributable to UGI Corporation increased $130 during the 2026 six-month period, primarily reflecting significantly lower income tax expenses, partially offset by higher operating and administrative expenses.

Current wording

AmeriGas Propane’s adjusted net income attributable to UGI Corporation increased $31 during the 2026 nine-month period, primarily reflecting significantly lower income tax expenses. This increase was achieved despite a $25 decline in earnings before interest expense and income taxes, and reflects lower total margin and higher operating and administrative expenses.

Previous wording

(a)Total margin represents revenues less cost of sales and revenue-related taxes (i.e., gross receipts and business and occupation taxes) of $19 and $17 during the 2026 and 2025 six-month periods, respectively. For financial statement purposes, revenue-related taxes are included in “Operating and administrative expenses” on the Condensed Consolidated Statements of Income (but are excluded from operating and administrative expenses presented above).

Current wording

(a)Total margin represents revenues less cost of sales and revenue-related taxes (i.e., gross receipts and business and occupation taxes) of $4 each during the 2026 and 2025 three-month periods. For financial statement purposes, revenue-related taxes are included in “Operating and administrative expenses” on the Condensed Consolidated Statements of Income (but are excluded from operating and administrative expenses presented above).

Previous wording

Temperatures in Gas Utility’s service territories during the 2026 three-month period were 7.1% colder than normal and 4.1% colder than the prior-year period. Notwithstanding the colder weather, Gas Utility core market volumes and Total Gas Utility volume were comparable to the prior-year period. The increase in Electric Utility distribution sales volumes is primarily attributable to colder weather in the Electric Utility’s service territories.

Current wording

Temperatures in Gas Utility’s service territories during the 2026 three-month period were 4.1% warmer than normal and 5.6% colder than the prior-year period. Notwithstanding the colder weather, Gas Utility core market volumes were comparable to the prior-year period. Total Gas Utility volume decreased 11% during the 2026 three-month period, reflecting lower large firm delivery service volumes. Electric Utility distribution sales volumes were comparable to the prior-year period.

Previous wording

Utilities revenues increased $107 during the 2026 three-month period, primarily reflecting higher Gas Utility revenues ($104). The increase in Gas Utility revenues was largely attributable to higher PGC and PGA rates, the increase in the PA Gas Utility base rates, effective October 2025 and higher off-system sales. These increases were partially offset by the effects of the weather normalization adjustments. The increase in Electric Utility revenues ($3) in the 2026 three-month period is principally attributable to the higher DS rates and higher sales volumes.

Current wording

Utilities revenues increased $15 during the 2026 three-month period, primarily reflecting higher Gas Utility revenues ($14). The increase in Gas Utility revenues was largely attributable to the increase in the PA Gas Utility base rates, effective October 2025, and higher PGC and PGA rates, largely offset by lower off-system sales. Electric Utility revenues were comparable to the prior-year period.

Previous wording

Utilities cost of sales increased $84 during the 2026 three-month period, primarily reflecting higher Gas Utility cost of sales ($82). The increase in Gas Utility cost of sales was largely attributable to the higher PGC and PGA rates and higher cost of sales associated with off-system sales. The increase in Electric Utility cost of sales ($2) is principally attributable to the higher DS rates and higher sales volumes.

Current wording

Utilities cost of sales increased $2 during the 2026 three-month period, reflecting higher Gas Utility cost of sales ($2). The increase in Gas Utility cost of sales was largely attributable to the higher PGC and PGA rates, substantially offset by lower cost of sales associated with off-system sales. Electric Utility cost of sales was comparable to the prior-year period.

Previous wording

Utilities total margin increased $23 during the 2026 three-month period, primarily reflecting higher Gas Utility total margin ($22). The increase in Gas Utility total margin principally reflects the increase in the PA Gas Utility base rates, effective October 2025, partially offset by the effects of the weather normalization adjustments. Electric Utility margin was comparable to the prior-year period.

Current wording

Utilities total margin increased $13 during the 2026 three-month period, primarily reflecting higher Gas Utility total margin ($11). The increase in Gas Utility total margin principally reflects the increase in the PA Gas Utility base rates, effective October 2025. Electric Utility margin was comparable to the prior-year period.

Previous wording

Utilities operating income increased $9 during the 2026 three-month period. This increase largely reflects the increase in total margin ($23), partially offset by higher operating and administrative expenses ($8) and higher depreciation expense ($4). The higher operating and administrative expenses reflect, among other things, higher personnel expenses and higher uncollectible accounts expenses. The higher depreciation expense compared to the prior-year period reflects the effects of continued distribution system capital expenditure activity.

Current wording

Utilities operating income increased $10 during the 2026 three-month period. This increase largely reflects the increase in total margin ($13), partially offset by higher depreciation expense ($3). The higher depreciation expense compared to the prior-year period reflects the effects of continued distribution system capital expenditure activity.

Previous wording

Utilities earnings before interest expense and income taxes increased $9 during the 2026 three-month period, principally representing the increase in operating income ($9).

Current wording

Utilities earnings before interest expense and income taxes increased $10 during the 2026 three-month period, principally representing the increase in operating income ($10).

Previous wording

Average temperatures across Midstream & Marketing’s energy marketing territory during the 2026 six-month period were 10.8% colder than normal and 8.7% colder than the prior-year period.

Current wording

Average temperatures across Midstream & Marketing’s energy marketing territory during the 2026 three-month period were 10.2% warmer than normal and 4.6% warmer than the prior-year period.

Previous wording

Midstream & Marketing revenues increased $188 during the 2026 six-month period, primarily reflecting higher revenues from natural gas marketing activities ($165), including the effects of capacity management activities, that were primarily impacted by the colder weather.

Current wording

Midstream & Marketing revenues decreased $29 during the 2026 three-month period, primarily reflecting lower revenues from natural gas marketing activities ($36), including the effects of capacity management activities, partially offset by higher revenues from renewable energy ($5).

Previous wording

Midstream & Marketing cost of sales increased $127 during the 2026 three-month period, primarily reflecting higher natural gas costs ($125) related to the previously mentioned natural gas marketing activities, partially offset by lower midstream cost of sales ($7).

Current wording

Midstream & Marketing cost of sales decreased $42 during the 2026 three-month period, primarily reflecting lower natural gas costs ($47) related to the previously mentioned natural gas marketing activities, partially offset by higher cost of sales from renewable energy ($4).

Previous wording

Midstream & Marketing total margin increased $1 during the 2026 three-month period, as higher peaking margins were substantially offset by lower total margin from capacity management activities.

Current wording

Midstream & Marketing total margin increased $13 during the 2026 three-month period, principally reflecting higher total margin from capacity management activities.

Previous wording

Midstream & Marketing operating income decreased $6 during the 2026 three-month period, mainly reflecting higher operating and administrative expenses ($5). The increase in operating and administrative expenses was primarily due to higher operating expenses related to renewable energy projects.

Current wording

Midstream & Marketing operating income increased $4 during the 2026 three-month period, mainly reflecting higher total margin ($13), substantially offset by higher operating and administrative expenses ($8). The increase in operating and administrative expenses was primarily due to higher operating expenses related to renewable energy projects.

Previous wording

Midstream & Marketing earnings before interest expense and income taxes decreased $4 during the 2026 three-month period, representing the decrease in operating income ($6), partially offset by slightly higher income from equity investees ($2).

Current wording

Midstream & Marketing earnings before interest expense and income taxes increased $3 during the 2026 three-month period, primarily representing the increase in operating income ($4).

Previous wording

Average temperatures during the 2026 three-month period were 6.0% warmer than normal and 4.7% warmer than the prior-year period. Total LPG retail gallons sold during the 2026 three-month period were 8% lower than the prior-year period, largely attributable to the impacts from the divestitures of certain non-core LPG businesses, lower residential volumes sold, continued structural conservation and the impact from the warmer weather.

Current wording

Average temperatures during the 2026 three-month period were 23.1% warmer than normal and 2.2% warmer than the prior-year period. Total LPG retail gallons sold during the 2026 three-month period were 10% lower than the prior-year period, largely attributable to the impacts from the divestitures of certain non-core LPG businesses, continued structural conservation and the impact from the warmer weather.

Previous wording

UGI International base-currency results are translated into USD based upon exchange rates experienced during the reporting periods. The functional currency of a significant portion of our UGI International results is the euro and, to a much lesser extent, the British pound sterling. During the 2026 and 2025 three-month periods, the average unweighted euro-to-USD translation rates were approximately $1.17 and $1.05, respectively, and the average unweighted British pound sterling-to-USD translation rates were approximately $1.35 and $1.26, respectively. Fluctuations in these foreign currency exchange rates can have a significant impact on the individual financial statement components discussed below. The Company uses forward foreign currency exchange contracts entered into over multi-year periods to reduce the volatility in earnings that may result from such changes in foreign currency exchange rates. These forward foreign currency exchange contracts resulted in realized net gains (losses) of $(5) and $3 in the 2026 and 2025 three-month periods.

Current wording

UGI International base-currency results are translated into USD based upon exchange rates experienced during the reporting periods. The functional currency of a significant portion of our UGI International results is the euro and, to a much lesser extent, the British pound sterling. During the 2026 and 2025 three-month periods, the average unweighted euro-to-USD translation rates were approximately $1.16 and $1.13, respectively, and the average unweighted British pound sterling-to-USD translation rates were approximately $1.34 and $1.34, respectively. Fluctuations in these foreign currency exchange rates can have a significant impact on the individual financial statement components discussed below. The Company uses forward foreign currency exchange contracts entered into over multi-year periods to reduce the volatility in earnings that may result from such changes in foreign currency exchange rates. These forward foreign currency exchange contracts did not have a material impact on either of the three-month periods.

Previous wording

Average wholesale prices for propane and butane during the 2026 three-month period in northwest Europe were approximately 2.0% and 6.1% lower, respectively, compared with the prior-year period. UGI International revenues and cost of sales decreased $29 and $25, respectively, during the 2026 three-month period compared to the prior-year period. The decrease in revenues principally reflects lower LPG retail volumes sold and lower LPG prices, partially offset by the translation effects of the stronger foreign currencies (approximately $60). The decrease in cost of sales was mainly attributable to lower LPG product costs and lower LPG retail volumes sold, partially offset by the translation effects of the stronger foreign currencies (approximately $31).

Current wording

Average wholesale prices for propane and butane during the 2026 three-month period in northwest Europe were approximately 31.6% and 46.5% higher, respectively, compared with the prior-year period. UGI International revenues decreased $1 and cost of sales increased $5 during the 2026 three-month period compared to the prior-year period. The decrease in revenues principally reflects lower LPG retail volumes sold, substantially offset by higher LPG prices and, to a lesser extent, the translation effects of the stronger foreign currencies (approximately $12). The increase in cost of sales was mainly attributable to higher LPG product costs and, to a lesser extent, the translation effects of the stronger foreign currencies (approximately $7), largely offset by lower LPG retail volumes sold.

Previous wording

UGI International total margin decreased $4 during the 2026 three-month period, primarily reflecting the lower LPG retail volumes sold and the effects of lower average unit margins, substantially offset by the translation effects of the stronger foreign currencies (approximately $30).

Current wording

UGI International total margin decreased $6 during the 2026 three-month period, primarily reflecting the lower LPG retail volumes sold, largely offset by the effects of higher average unit margins and the translation effects of the stronger foreign currencies (approximately $5).

Previous wording

UGI International operating income decreased $3 during the 2026 three-month period, principally reflecting the decrease in total margin ($4). Operating and administrative expenses in the 2026 three-month period were comparable to the prior-year period as the impacts from the divestitures of certain non-core LPG businesses and lower distribution expenses were substantially offset by the translation effects of the stronger foreign currencies (approximately $15) and, to a lesser extent, the effects of inflationary increases.

Current wording

UGI International operating income decreased $2 during the 2026 three-month period, principally reflecting the decrease in total margin ($6), partially offset by slightly lower operating and administrative expenses ($3). The lower operating and administrative expenses in the 2026 three-month period primarily reflect the impacts from the divestitures of certain non-core LPG businesses and lower personnel expenses, substantially offset by the translation effects of the stronger foreign currencies (approximately $3) and the effects of inflationary increases.

Previous wording

Average daily wholesale propane commodity prices during the 2026 three-month period at Mont Belvieu, Texas, one of the major supply points in the U.S., were approximately 23% lower than such prices during the 2025 three-month period. Total revenues decreased $89 during the 2026 three-month period largely reflecting lower retail volumes sold ($36), the effects of lower average retail propane selling prices ($28) and lower wholesale revenues ($21).

Current wording

Average daily wholesale propane commodity prices during the 2026 three-month period at Mont Belvieu, Texas, one of the major supply points in the U.S., were approximately 4% higher than such prices during the 2025 three-month period. Total revenues decreased $62 during the 2026 three-month period largely reflecting lower retail volumes sold ($37), the effects of lower average retail propane selling prices ($10) and lower wholesale revenues ($9).

Previous wording

AmeriGas Propane total cost of sales decreased $91 during the 2026 three-month period largely reflecting lower retail propane product costs ($46), wholesale cost of sales ($22) and the lower retail volumes sold ($17).

Current wording

AmeriGas Propane total cost of sales decreased $36 during the 2026 three-month period largely reflecting lower retail volumes sold ($18), lower wholesale cost of sales ($9) and lower retail propane product costs ($8).

Previous wording

AmeriGas Propane total margin increased $2 in the 2026 three-month period as the higher average retail propane unit margins ($18) and higher fee income ($2) were substantially offset by the lower retail propane volumes sold ($19).

Current wording

AmeriGas Propane total margin decreased $26 during the 2026 three-month period primarily reflecting the lower retail propane volumes sold ($19) and lower retail unit margins, together with lower fee income ($5).

Previous wording

Our consolidated interest expense during the 2026 three-month period was $111 compared to $102 during the 2025 three-month period. The increase in interest expense reflects the effects of higher average long-term debt outstanding at Utilities, partially offset by lower average credit agreement borrowings at UGI International and lower average long-term debt outstanding at AmeriGas Propane during the 2026 three-month period.

Current wording

Our consolidated interest expense during the 2026 three-month period was $109 compared to $101 during the 2025 three-month period. The increase in interest expense reflects the effects of higher interest rates on long-term debt, higher average long-term debt outstanding at UGI International and higher average short-term borrowings at Utilities. These increases were partially offset by lower average long-term debt outstanding at AmeriGas Propane and lower average short-term borrowings at UGI International.