Ferrellgas Partners (FGPR) investor relations material

Executive summary

• Fiscal 2025 marked a record year, with gross profit exceeding $1 billion, the highest in company history, driven by operational excellence, strategic growth initiatives, and normalized weather conditions.

• Employee ownership, technology investments, and disciplined execution contributed to consistent results despite external headwinds like tariffs and supply chain challenges.

• The company remains focused on consolidation through M&A, having completed 10 acquisitions in the past four years, and is targeting growth in emerging propane segments.

• Employee-focused initiatives, including the Propane Education & Research Council's Education Program, supported safety and innovation.

Financial highlights

• Adjusted EBITDA for fiscal 2025 increased by $13.3 million (4%) to $330.7 million year-over-year, while Q4 adjusted EBITDA decreased by $10.5 million (31%) to $23.1 million.

• Gross profit rose by $39.7 million (4%) to over $1 billion, with revenues up $101.2 million (6%) and cost of product up $61.5 million (7%) due to higher propane pricing.

• Net loss attributable to partners was $15.6 million in fiscal 2025, compared to net earnings of $110.2 million in fiscal 2024, impacted by significant legal settlements.

• Margin per gallon increased 1% for the year and 4% in Q4 compared to the prior year.

• Interest expense rose by $9.8 million, mainly from debt issuance costs and credit facility amendments.

Outlook and guidance

• Entering fiscal 2026 with strong momentum, the company is prepared for continued growth and operational excellence.

• Ongoing focus on technology, customer retention, and cost control expected to drive future performance.