UGI Corporation

Good day and thank you for standing by. Welcome to the UGI Corporation Q1 2026 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker, Tamika Morris, Vice President of Investor Relations and ESG. Please go ahead.

Good morning, everyone. Thank you for joining our fiscal 2026 first quarter earnings call. With me today are Bob Flexman, President and CEO, and Sean O'Brien, CFO. On today's call, we will review our first quarter financial results and key business highlights, before concluding with a question and answer session. Before we begin, let me remind you that our comments today include certain forward-looking statements, which management believes to be reasonable as of today's date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict. Please read our earnings release and our annual report for an extensive list of factors that could affect results. We assume no duty to update or revise forward-looking statements to reflect events or circumstances that are different from expectations. We will also describe our business using certain non-GAAP financial measures. Reconciliations of these measures to the comparable GAAP measures are available within our presentation. And now I'll turn the call over to Bob.

Thanks, Tamika, and good morning. Yesterday, we announced fiscal 2026 first quarter total reportable segments EBIT of $441 million, up 5% over the prior year period, which is in line with our expectation. Our natural gas businesses produced strong results driven by robust gas demand and the impact of the 2025 gas base rate case at our Pennsylvania utility. In our global LPG businesses, we capitalized on favorable weather in certain U.S. regions and more than offset the impact of the previously announced divestitures through effective margin management and disciplined cost control. Throughout the company, we continue to advance operational excellence, safety, and cultural transformation, establishing the framework that will position UGI to further unlock intrinsic value. We are seeing early benefits from these efforts with improved safety metrics, better operational efficiency at Amerigas, and continued strength in our natural gas businesses. In parallel, we are also positioning the company for the future through strong capital discipline with our LPG portfolio optimization substantially complete and our natural gas infrastructure well situated to capture growing demand in Pennsylvania. I'll turn to the next slide. Safety remains foundational to everything we do, and I believe this to be a leading indicator of a well-run company. Across the enterprise, we saw year-over-year improvement in our safety metrics, and specifically at Amerigas, a 45% reduction in recordable incidents and 60% less lost time injuries compared to the prior year period. The operational transformation at Amerigas continues to yield improved metrics. For instance, we've seen a reduction in our zero fill rates and average miles driven to serve customers, all while delivering slightly higher retail volumes than last year. We've also experienced a reduction in customer service call volumes, and continued improvement in our customer satisfaction metrics. Amerigas now has an A-minus ranking from the Better Business Bureau, and this quarter we achieved the highest net promoter score since we launched the current methodology in 2023, reflecting better processes and the progress being made to create efficient operations and optimal customer service. Taken together, our progress is delivering results. And we are pleased that Moody's upgraded Amerigas's outlook to positive from negative this quarter, further validating the operational and financial improvements that are underway. At UGI International, our previously announced portfolio rationalization efforts are now substantially complete. Since fiscal 2025, we'd entered into agreements to divest LPG operations in seven European countries, which represented approximately 5% of UGI International's EBIT in the prior year. These divestitures, which in total will generate approximately $215 million in cash proceeds, support our objective to strengthen the corporation's balance sheet. Importantly, this action allows us to sharpen our focus on the markets where we have the strongest competitive positions and growth opportunities to create value for our stakeholders. Within our natural gas business, our teams continue to execute well in the midst of cold weather temperatures, maintaining reliable service while investing in the system. In aggregate, during the quarter, we deployed $225 million of capital, with 73% going to our regulated utilities businesses, primarily for infrastructure replacement and system betterment. At UGI Energy Services, our new Carlisle LNG storage and vaporization facility is now operational, backed by a long-term contract with our utility segment. This investment strengthens our integrated natural gas platform and allows us to meet growing demand in the region. Lastly, subsequent to the quarter, we filed a gas base rate case for UGI Utilities and Mountaineer Gas Company, requesting an overall distribution rate increase of approximately $99 million and $27 million, respectively. Both rate cases support UGI's continued investment in over $500 million of system and technology upgrades as we prioritize safe and reliable natural gas service for our customers. While we continue to invest in our infrastructure, our teams work towards keeping natural gas service affordable. As an example, over the next three years, we will contribute $3 million to the UGI Utilities Operation Share Energy Fund, which assists low and moderate income customers with paying their heating bills. This funding for Operation Share is a donation from UGI and is not included in the company's rates. And with that, I'll turn the call over to Sean, who will walk you through our financial results for the quarter.