UGI Corp (UGI) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the UGI Corporation fourth quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I'd now like to hand the conference over to Tameka Morris, Vice President of Investor Relations and ESG. Please go ahead.

您好，感謝您的耐心等待。歡迎參加 UGI 公司 2025 年第四季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。現在我謹將會議交給投資人關係和ESG副總裁塔梅卡莫里斯。請繼續。

Good morning, everyone. Thank you for joining our fiscal 2025 fourth quarter earnings call. With me today are Bob Flexon, President and CEO; Sean O'Brien, CFO; and Mike Sharp, President of AmeriGas Propane. On today's call, we will review our fiscal '25 financial results and key accomplishments as well as the strategic priorities and financial outlook for fiscal '26 before concluding with a question-and-answer session.

各位早安。感謝您參加我們2025財年第四季財報電話會議。今天陪同我的是 AmeriGas Propane 的總裁兼執行長 Bob Flexon；財務長 Sean O'Brien；以及總裁 Mike Sharp。在今天的電話會議上，我們將回顧 2025 財年的財務表現和主要成就，以及 2026 財年的策略重點和財務展望，最後進行問答環節。

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.

在開始之前，請允許我提醒各位，我們今天的評論包含一些前瞻性陳述，管理層認為這些陳述僅在今天才是合理的。由於存在難以預測的風險和不確定因素，實際結果可能與預期有顯著差異。請閱讀我們的獲利報告和年度報告，其中列出了可能影響業績的各項因素。

We assume no duty to update or revise forward-looking statements to reflect events or circumstances that are different from expectations. We will also disclose our business using certain non-GAAP financial measures. Reconciliations of these measures to the comparable GAAP measures are available within our presentation.

我們不承擔更新或修改前瞻性聲明以反映與預期不同的事件或情況的義務。我們也將使用某些非公認會計準則財務指標來揭露我們的業務。本簡報中提供了這些指標與可比較GAAP指標的調節表。

And with that, I'll turn the call over to Bob.

那麼，我就把電話交給鮑伯了。

Thanks, Tameka, and good morning. UGI delivered record adjusted earnings per share of $3.32 through strong execution across multiple fronts, surpassing our revised guidance range of $3 to $3.15. Continued improvements at AmeriGas, which led to its higher EBIT, coupled with solid operational performance from our utility segment and significant tax benefits drove these exceptional results.

謝謝你，塔梅卡，早安。UGI憑藉著多方面的出色表現，實現了創紀錄的調整後每股收益3.32美元，超過了我們先前修訂的3美元至3.15美元的預期範圍。 AmeriGas的持續改善帶來了更高的息稅前利潤，加上公用事業部門的穩健營運表現以及顯著的稅收優惠，共同推動了這些卓越的績效。

We strengthened our balance sheet. We generated approximately $530 million of free cash flow, inclusive of cash generated from asset sales of selected LPG territories and return value to shareholders through dividend payments.

我們增強了資產負債表。我們產生了約 5.3 億美元的自由現金流，其中包括出售部分液化石油氣地區資產所產生的現金，以及透過股利支付向股東返還的價值。

Within our natural gas businesses, we successfully upgraded critical pipeline infrastructure and completed several new LNG and renewable natural gas facilities. These investments not only enhance our system integrity, but also expand our revenue-generating capabilities for future growth.

在天然氣業務方面，我們成功升級了關鍵管道基礎設施，並建造了多個新的液化天然氣和再生天然氣設施。這些投資不僅增強了我們系統的完整性，而且還擴大了我們未來的創收能力，促進了未來的成長。

At AmeriGas, we continue to make great strides in streamlining and transforming key business processes, better positioning the company for the upcoming winter. At UGI International, we successfully advanced our portfolio optimization strategy. This will allow us to more effectively utilize our resources on core customer segments where we can have competitive advantage and achieve superior returns.

在 AmeriGas，我們不斷努力簡化和改革關鍵業務流程，使公司更能為即將到來的冬季做好準備。UGI International 成功地推進了我們的投資組合優化策略。這將使我們能夠更有效地利用資源，專注於我們擁有競爭優勢並能獲得優異回報的核心客戶群。

Most importantly, I am proud that we have begun to transform our organizational capabilities by investing in our people and fostering a performance-driven culture focused on driving extraordinary outcomes. This cultural evolution defines the way we work and is a critical driver of continued success.

最重要的是，我感到自豪的是，我們已經開始透過投資於員工和培養以績效為導向、致力於取得卓越成果的文化來轉變我們的組織能力。這種文化演變定義了我們的工作方式，也是我們持續成功的關鍵驅動力。

Building on this strong foundation, we are raising our long-term EPS growth expectations with a new EPS compound annual growth rate target of 5% to 7%. This increase underscores the multitude of intrinsic opportunities and our confidence in executing on our strategic vision.

基於這個堅實的基礎，我們將長期每股盈餘成長預期提高至新的每股盈餘複合年增長率目標為 5% 至 7%。這一成長凸顯了許多內在機遇，也反映了我們對實現策略願景的信心。

During fiscal 2025, we delivered on the strategic priorities we set at the beginning of the year. We are transforming the culture of UGI and embedding greater accountability and operational discipline across our teams and businesses.

在 2025 財年，我們實現了年初制定的策略重點。我們正在改變 UGI 的企業文化，並在我們的團隊和業務中建立更強的責任感和營運紀律。

This is improving our competitive advantage to accelerate and realize success going forward. Our portfolio optimization initiatives were successful. We achieved approximately $150 million from LPG divestitures, excluding the impact of divesting the Austrian business, which is expected to close before the end of this calendar year.

這將有助於提升我們的競爭優勢，加速我們未來取得成功。我們的投資組合優化計劃取得了成功。我們從液化石油氣資產剝離中獲得了約 1.5 億美元的收入，這還不包括剝離奧地利業務的影響，預計該業務將在今年年底前完成剝離。

This year, we deployed roughly $900 million of capital, primarily in the natural gas businesses. At the utilities, we invested approximately $560 million largely towards replacing and upgrading our gas distribution infrastructure, including replacing nearly 130 miles of pipeline.

今年，我們投入了約 9 億美元的資金，主要用於天然氣業務。在公用事業方面，我們投資了約 5.6 億美元，主要用於更換和升級我們的天然氣分銷基礎設施，包括更換近 130 英里的管道。

At AmeriGas, while the operational transformation is ongoing, we're seeing meaningful results that Mike will speak to shortly. Notably, this fiscal year, we achieved a 30% reduction in recordable incidents which not only inspires the safety environment but benefits the business.

在 AmeriGas，雖然營運轉型仍在進行中，但我們已經看到了顯著的成果，Mike 稍後會談到這些成果。值得一提的是，本財年我們實現了可記錄事故減少 30%，這不僅鼓舞了安全氛圍，也有利於業務發展。

We have deployed stringent project management discipline to drive more efficient business processes through analysis and redesign while increasing technological adoption, including AI throughout the organization, beginning with AmeriGas. Ultimately, these initiatives are strengthening our overall financial profile better positioning the company to deliver long-term shareholder value, which leads me to our strategic vision.

我們已部署嚴格的專案管理紀律，透過分析和重新設計來推動更有效率的業務流程，同時提高整個組織（包括 AmeriGas）的技術採用率，包括人工智慧。最終，這些舉措增強了我們的整體財務狀況，使公司能夠更好地為股東創造長期價值，這也引出了我們的策略願景。

Our vision is to create sustainable shareholder value by driving operational excellence throughout our businesses. There are many opportunities to unlock intrinsic value throughout our portfolio. AmeriGas is at the forefront of this strategic evolution. The team has already made substantial progress in transforming operations that will cement AmeriGas as the premier propane company in the US, one that optimizes and takes advantage of our distribution network and establishes a business that is safe, reliable and highly efficient.

我們的願景是透過提升各業務部門的營運效率，創造可持續的股東價值。我們的投資組合中蘊藏著許多釋放內在價值的機會。AmeriGas 處於這一戰略演變的前沿。該團隊已經在營運轉型方面取得了實質進展，這將鞏固 AmeriGas 作為美國首屈一指的丙烷公司的地位，該公司將優化並利用我們的分銷網絡，並建立一個安全、可靠和高效的業務。

At UGI International, we will maintain strong operational discipline while positioning LPG as a viable alternative to fuel oil. The strategic and operational transformations underway in our global LPG businesses will generate increased cash flows and provide greater flexibility for future capital allocation.

UGI International 將維持嚴格的營運紀律，同時將液化石油氣定位為燃油的可行替代品。我們全球液化石油氣業務正在進行的策略和營運轉型將產生更多現金流，並為未來的資本配置提供更大的靈活性。

Our natural gas businesses operate in a dynamic environment, and are well positioned to capitalize on the significant energy expansion happening, particularly in Pennsylvania. With the prolific investment coming into the region, we are capitalizing on the opportunities whether through increased throughput for our utilities business were incremental opportunities for our midstream assets. All of these operational pillars are underpinned by our commitment to strengthen our balance sheet.

我們的天然氣業務在一個充滿活力的環境中運營，並且已經做好充分準備，可以充分利用正在發生的重大能源擴張，尤其是在賓州。隨著大量投資湧入該地區，我們正在抓住機遇，無論是透過提高公用事業業務的吞吐量，還是透過增加中游資產的收益，我們都在努力抓住這些機會。所有這些營運支柱都建立在我們致力於加強資產負債表的承諾之上。

Now I'll hand the call over to Mike to provide you with an update on the progress and efforts we are making at AmeriGas.

現在我將把電話交給麥克，讓他向大家報告我們在 AmeriGas 取得的進展和所做的努力。

Thanks, Bob, and good morning, everyone. I'm excited to speak with you today about the actions we are taking at AmeriGas. As can be seen on the slide, there are five strategic pillars, which guide everything we do.

謝謝你，鮑勃，大家早安。今天我很高興能和大家談談我們在 AmeriGas 正在採取的行動。從投影片中可以看出，有五大策略支柱指導著我們的一切行動。

First, our stand is that everyone and everything is always safe. We are committed to maintaining a zero hot culture across operations because nothing is more important than ensuring everyone goes on safely each day.

首先，我們的立場是，每個人和每件事都是安全的。我們致力於在所有營運環節中維持零事故文化，因為沒有什麼比確保每個人每天安全工作更重要。

Our customers are at the heart of our strategy. We are building deeper relationships with our customers through reliable performance and improved customer service quality. We are driving efficiency through business process improvements as well as optimizing existing and employing new technology.

我們的客戶是我們策略的核心。我們透過可靠的性能和不斷提高的客戶服務質量，與客戶建立更深的關係。我們正在透過改進業務流程、優化現有技術和採用新技術來提高效率。

Our success depends on our people and we are investing in now. We are fostering an engaged culture that empowers our employees and encourages transparency, innovation and ownership at every level. Finally, we are exercising financial discipline to enable investment in organic growth while delivering consistent value to our shareholders. These five pillars work together to position AmeriGas for sustainable success.

我們的成功取決於我們的員工，我們現在正在投資他們。我們正在創造一種積極參與的企業文化，賦予員工權力，並鼓勵各層面的透明化、創新和主人翁精神。最後，我們正在實行財務紀律，以便在為股東創造持續價值的同時，投資內生成長。這五大支柱共同作用，使 AmeriGas 能夠取得可持續的成功。

Over the past several months, you've heard Bob speak about the fact that we are focused on fundamentally transforming our operations and customer experience. This starts with our customer value and retention work stream where we are working to improve satisfaction and retention by looking at who we serve and how we may better serve them.

在過去的幾個月裡，你們都聽鮑伯說過，我們正致力於從根本上改變我們的營運和客戶體驗。首先，我們將從客戶價值和客戶留存工作流程入手，透過了解我們的客戶群以及如何更好地為他們服務，來提高客戶滿意度和留存率。

As part of these efforts, we have segmented our customer base to better understand each group's unique characteristics and needs. This allows us to tailor our service and pricing more effectively while staying true to our stand that every customer matters.

作為這些努力的一部分，我們對客戶群體進行了細分，以便更好地了解每個群體的獨特特徵和需求。這使我們能夠更有效地調整服務和定價，同時堅持我們「每一位顧客都很重要」的原則。

As an example, after performing a customer profitability assessment, we decided to exit the wholesale business that represented roughly 11% of our total volumes, but was largely a breakeven business. This decision streamlines our system and removes operational clutter, allowing us to focus squarely on profitable volumes. Ultimately, our goal is to improve customer retention and growth while ensuring that our resources and infrastructure are deployed where they create the most value.

例如，在進行客戶獲利能力評估後，我們決定退出批發業務，該業務約占我們總銷量的 11%，但基本上只能勉強維持收支平衡。這項決定簡化了我們的系統，消除了營運中的繁瑣環節，使我們能夠專注於獲利的業務量。最終，我們的目標是在確保將資源和基礎設施部署到能夠創造最大價值的地方的同時，提高客戶留存率和成長速度。

Next is a supply and logistics work stream where our goal is to leverage our size and get the best value in our propane supply, allowing us to offer more competitive prices to our customers while ensuring reliable service.

接下來是供應和物流工作流程，我們的目標是利用我們的規模優勢，在丙烷供應方面獲得最佳價值，為客戶提供更具競爭力的價格，同時確保可靠的服務。

We've made great strides in this area and strengthen the team with individuals who have additional commercial expertise. We have enhanced our forecasting analytics, reassessed the number of our suppliers and strengthen our contracting process. We have optimized our supply points and storage locations. We have also improved our hedging practices to provide greater price stability for our customers.

我們在這一領域取得了長足進步，並透過吸收具有更多商業專業知識的人員來加強團隊。我們加強了預測分析，重新評估了供應商數量，並強化了合約簽訂流程。我們優化了供應點和儲存位置。我們也改進了避險策略，以向客戶提供更穩定的價格。

In October, we rolled out a new routing and delivery process to reduce inefficiencies and increase reliability for our customers. Our initial pilots demonstrated that we can achieve approximately 10% savings in fuel costs through this approach.

10 月份，我們推出了新的路線規劃和配送流程，以減少效率低下問題，並提高客戶的可靠性。我們的初步試點表明，透過這種方法，我們可以節省約 10% 的燃料成本。

By optimizing our scheduling and route planning, we will operate more efficiently and achieve a lower cost to serve our customers. Through dynamic routing, adjusting our schedule period and enhancing use of our existing technology, we have realized broader efficiency gains we intend to capture, including fuel savings.

透過優化我們的調度和路線規劃，我們將更有效率地運營，並以更低的成本為客戶提供服務。透過動態路線規劃、調整日程安排和加強現有技術的使用，我們實現了更廣泛的效率提升，我們打算充分利用這些提升​​，包括節省燃料。

Next, we are working to improve both response quality and customer connection in our call center operations. We are in the process of restoring our call centers to the United States. Today, we are 40% to 50% complete with that process, and we'll have a hybrid approach as winner to ensure a smooth transition. We've also invested in training and leveraging new technology, including AI to provide better service for our customers.

接下來，我們將努力提高呼叫中心營運的回應品質和客戶連接品質。我們正在逐步將呼叫中心遷回美國。目前，該流程已完成 40% 至 50%，我們將採取混合方法作為最終獲勝方案，以確保平穩過渡。我們也投資於培訓和利用新技術，包括人工智慧，以便為客戶提供更好的服務。

Finally, we are simplifying our billing process to improve clarity and accuracy, which will ultimately reduce cost center volume and free our teams to handle more complex customer needs. All of these operational improvements support our return to growth by strengthening our foundation, we expect to retain existing customers.

最後，我們正在簡化計費流程，以提高清晰度和準確性，最終將減少成本中心的工作量，並使我們的團隊能夠處理更複雜的客戶需求。所有這些營運改善都有助於我們重回成長軌道，鞏固我們的基礎，我們期望能夠留住現有客戶。

In addition, we are creating a platform to achieve continued growth through organic customer additions. This strategy is already delivering results with 17% EBIT growth this year, and more importantly, we are expecting sustained year-over-year EBIT growth in the coming years. Each improvement we make builds on the others creating a compounding effect that will drive sustainable, profitable growth.

此外，我們正在創建一個平台，透過自然成長的客戶群實現持續成長。該策略已取得成效，今年息稅前利潤增長了 17%，更重要的是，我們預計未來幾年息稅前利潤將持續同比增長。我們所做的每項改進都會在其他改進的基礎上產生複利效應，從而推動可持續的獲利成長。

And with that, I'll hand the call over to Sean.

那麼，我就把電話交給肖恩了。

Thanks, Mike, and good morning. First, let me highlight our strong financial performance for the year. UGI delivered impressive results in fiscal 2025 with adjusted diluted EPS of $3.32, $0.26 higher than the prior year.

謝謝你，麥克，早安。首先，我想重點介紹一下我們今年強勁的財務表現。UGI 在 2025 財年取得了令人矚目的業績，調整後攤薄每股收益為 3.32 美元，比上一年增長了 0.26 美元。

This achievement was largely driven by increased contribution from the AmeriGas and Midstream and marketing segments, partially offset by reduced EPS at UGI International. AmeriGas generated strong results with EPS of $0.27 due to operational momentum and income tax benefits.

這項成就主要得益於 AmeriGas 和 Midstream 以及行銷部門貢獻的增加，但 UGI International 的每股盈餘下降部分抵消了這一成果。由於營運勢頭良好和所得稅優惠，AmeriGas 取得了強勁的業績，每股收益為 0.27 美元。

The segment achieved a $24 million increase in EBIT while also benefiting from the effect of the one Big Beautiful Bill Act, which restored interest expense deductibility. Midstream and Marketing was up $0.12, largely due to a $66 million increase in investment tax credits associated with the RNG facilities placed into service this year, which offset the impact of lower midstream margins. UGI International declined by $0.12 due to higher income tax expense and lower margin contribution from the business.

該業務板塊實現了 2400 萬美元的息稅前利潤增長，同時還受益於一項名為《一項偉大的法案》的法案，該法案恢復了利息支出扣除。中游和行銷業務上漲 0.12 美元，主要原因是與今年投入使用的 RNG 設施相關的投資稅收抵免增加了 6,600 萬美元，抵消了中游利潤率下降的影響。UGI International 股價下跌 0.12 美元，原因是所得稅支出增加以及業務利潤貢獻降低。

Turning to the key drivers for each reportable segment. Our regulated utilities reported record EBIT of $403 million, up $3 million over the prior year, largely due to higher total margin offset by increased operating and administrative expenses as well as higher depreciation expenses. Total margin increased $39 million, reflecting the 10% increase in core market volumes stemming from the colder than prior year weather, higher gas base rates in West Virginia and continued customer growth.

接下來，我們來分析每個可報告細分市場的關鍵驅動因素。我們受監管的公用事業公司報告稱，息稅前利潤 (EBIT) 創歷史新高，達到 4.03 億美元，比上一年增加了 300 萬美元，這主要是由於總利潤率提高，但被營運和管理費用增加以及折舊費用增加所抵消。總利潤增長了 3900 萬美元，這反映了核心市場銷量增長了 10%，而這又源於比往年更冷的天氣、西弗吉尼亞州更高的天然氣基本價格以及客戶的持續增長。

During the year, the utility segment added over 11,500 residential heating and commercial customers, increasing our customer base to roughly 967,000 customers in Pennsylvania, West Virginia and Maryland. Operating and administrative expenses increased $25 million, reflecting, among other things, higher personnel expenses, general insurance costs and maintenance expenses.

年內，公用事業部門新增了 11,500 多個住宅暖氣和商業客戶，使我們在賓州、西維吉尼亞州和馬裡蘭州的客戶群增加到約 967,000 個客戶。營運和管理費用增加了 2500 萬美元，其中包括人員費用、一般保險費用和維護費用等。

In our Midstream & Marketing segment, EBIT was $293 million, down $20 million versus the prior year, largely due to lower margin and reduced income from equity method investments. Total margin decreased $11 million as lower margins from natural gas gathering and processing operations as well as the 2024 divestiture of our power generation asset, Hunlock Creek, were partially offset by increased margins from gas marketing activities.

在我們的中游和行銷部門，息稅前利潤為 2.93 億美元，比前一年減少了 2,000 萬美元，主要是由於利潤率下降和權益法投資收入減少。由於天然氣收集和加工業務利潤率下降，以及 2024 年剝離發電資產 Hunlock Creek，總利潤率下降了 1,100 萬美元，但部分被天然氣行銷活動利潤率的提高所抵消。

Turning to the global LPG businesses. UGI International reported $314 million of EBIT, $9 million below the prior year as reduced margin and lower realized gain on foreign currency exchange contracts was partially offset by lower operating and administrative expenses.

接下來關注全球液化石油氣業務。UGI International 報告稱，其息稅前利潤為 3.14 億美元，比上年減少 900 萬美元，原因是利潤率下降和外匯合約實現收益減少，但營運和管理費用的減少部分抵消了這些影響。

LPG volumes were down 4% from the effects of continued structural conservation and the absence of certain customers who previously converted from natural gas to LPG. These declines were partially offset by the effects of colder weather and higher crop drying campaigns. The effect of this volume decline was partially offset by higher LPG unit margins and the translation effects of stronger foreign currencies, leading to a $38 million decline in total margin.

受持續的結構性保護措施以及先前從天然氣轉向液化石油氣的某些客戶的流失的影響，液化石油氣銷售量下降了 4%。這些下降部分被寒冷天氣和更大規模的作物烘乾活動的影響所抵消。銷售下降的影響被液化石油氣單位利潤率的提高以及外幣走強帶來的匯兌效應部分抵消，導致總利潤下降了 3,800 萬美元。

Operating and administrative expenses decreased $35 billion, primarily due to lower personnel-related distribution, maintenance and uncollectible account expenses as well as from the exit of the energy marketing business. These decreases were partially offset by the translation effects of the stronger foreign currency.

營運和管理費用減少了 350 億美元，主要原因是與人員相關的分銷、維護和壞帳費用減少，以及退出能源行銷業務。這些降幅部分被外幣走強的折算效應所抵銷。

Lastly, at AmeriGas, the business reported EBIT of $166 million, $24 million or 17% above the prior year. LPG volumes were largely consistent year-over-year as the effect of customer attrition was offset by the effect of colder than prior year weather. Total margin increased by $10 million due to higher LPG unit margins, partially offset by lower fee income and slightly lower retail volumes sold. Operating and administrative expenses decreased $9 million, reflecting, among other things, lower uncollectible account and vehicle fuel costs.

最後，AmeriGas 報告稱，其息稅前利潤為 1.66 億美元，比前一年增長了 2,400 萬美元，增幅達 17%。由於客戶流失的影響被比往年更冷的天氣所抵消，液化石油氣銷售量與去年基本保持一致。由於液化石油氣單位利潤率提高，總利潤增加了 1000 萬美元，但部分被手續費收入減少和零售銷售略微下降所抵消。營運和管理費用減少了 900 萬美元，這主要反映了壞帳減少和車輛燃油成本降低等因素。

In summary, fiscal 2025 was a strong year marked by solid execution across the business. We delivered a 42% total shareholder return and year-over-year growth in adjusted diluted EPS reflecting the strength of our operating strategy.

總而言之，2025 財年是業績強勁的一年，公司各業務部門都表現出色，執行力強。我們實現了 42% 的股東總回報，調整後稀釋每股盈餘也實現了同比成長，這反映了我們營運策略的強勁實力。

Our cash generation was robust, exceeding $500 million in free cash flow, which enabled us to return approximately $320 million to shareholders through dividends while strengthening our balance sheet. We ended the year with leverage at 3.9 times for UGI Corporation and 4.9 times at AmeriGas, the result of disciplined debt reduction combined with improved top line performance.

我們的現金流狀況良好，自由現金流超過 5 億美元，這使我們能夠透過股息向股東返還約 3.2 億美元，同時增強了我們的資產負債表。年底，UGI Corporation 的槓桿率為 3.9 倍，AmeriGas 的槓桿率為 4.9 倍，這是嚴格削減債務和提高營收績效共同作用的結果。

Additionally, we deployed approximately $900 million of capital, primarily in our natural gas business, positioning us for future earnings growth. Our performance through the year underscores the durability of our business model, and we look to build momentum in the coming year.

此外，我們投入了約 9 億美元的資金，主要用於天然氣業務，為未來的獲利成長奠定了基礎。我們全年的業績凸顯了我們商業模式的持久性，我們期待在未來一年繼續保持成長勢頭。

Yesterday, we announced our fiscal 2026 guidance range for adjusted diluted EPS of $2.85 to $3.15, which assumes normal weather based on the 10-year average as well as the current tax environment. This guidance range demonstrates our continued growth trajectory with an expected 5% to 7% increase in reportable segment EBIT on a year-over-year basis.

昨天，我們公佈了 2026 財年調整後攤薄每股收益預期範圍為 2.85 美元至 3.15 美元，該預期基於 10 年平均水平的正常天氣以及當前的稅收環境。此指引範圍顯示我們持續成長的勢頭，預計可報告分部 EBIT 將年增 5% 至 7%。

Our core business fundamentals remain strong, and we are well positioned to deliver solid operational performance. While we anticipate higher interest expense and normalization of our effective tax rate, largely due to the absence of approximately $0.40 of investment tax credits received in fiscal 2025. We expect to deliver strong top line growth, positioning the company for long-term success.

我們的核心業務基本面依然強勁，我們有能力實現穩健的營運績效。雖然我們預計利息支出將增加，並且我們的實際稅率將趨於正常化，這主要是由於 2025 財年沒有收到約 0.40 美元的投資稅收抵免。我們預計營收將實現強勁成長，為公司的長期成功奠定基礎。

Looking at each segment specifically, in our regulated utilities, higher gas base rates went into effect this month and we anticipate similar trends in customer growth as we saw in fiscal 2025. At the Midstream and Marketing segment, we expect continued earnings growth in the business, which is underpinned by margins that are highly fee-based and with limited commodity exposure.

具體來看各個細分市場，在我們受監管的公用事業公司中，更高的天然氣基本費率已於本月生效，我們預計客戶成長趨勢將與 2025 財年類似。在中游和行銷業務方面，我們預計該業務的盈利將持續增長，這得益於其高度依賴手續費的利潤率以及有限的商品敞口。

At AmeriGas, we expect to realize year-over-year growth in both retail volume and EBIT due to the operational transformation underway. Lastly, UGI International is expected to be fairly in line with the current year as strong margin management and organic growth initiatives offset the impact of continued structural conservation.

由於正在進行的營運轉型，AmeriGas 預計零售量和 EBIT 將實現同比增長。最後，UGI International 預計將與今年基本持平，因為強勁的利潤率管理和內生成長舉措抵消了持續結構性保守措施的影響。

Looking ahead to our fiscal 2026 to 2029 plan. We are targeting an EPS compound annual growth rate of 5% to 7%, which is supported by a robust capital investment program of $4.5 billion to $4.9 billion. These investments support strategic growth opportunities and actions to modernize our infrastructure, enhance system reliability, and position us for long-term success across our portfolio.

展望我們 2026 至 2029 財政年度計劃。我們的目標是每股盈餘複合年增長率達到 5% 至 7%，為此我們制定了 45 億美元至 49 億美元的強勁資本投資計畫。這些投資支持策略成長機會和行動，以實現基礎設施現代化、提高系統可靠性，並使我們在整個投資組合中取得長期成功。

We continue to project a rate base growth of 9% or higher, which demonstrates the significant regulated utility investments opportunities we see ahead. This strong rate base expansion will provide increasingly predictable earnings and cash flows, further strengthening our business.

我們繼續預測費率基礎成長將達到 9% 或更高，這表明我們看到了未來受監管公用事業領域的巨大投資機會。利率基礎的強勁擴張將帶來越來越可預測的收益和現金流，從而進一步鞏固我們的業務。

From a balance sheet perspective, we remain committed to maintaining financial discipline. We are targeting a leverage ratio at or below 3.75 times at UGI Corporation, while our AmeriGas business will operate at or below 4.0 times leverage. These targets ensure we maintain the appropriate degree of financial flexibility in order to take advantage of attractive investment opportunities.

從資產負債表的角度來看，我們仍然致力於保持財務紀律。我們的目標是使 UGI 公司的槓桿率達到或低於 3.75 倍，而我們的 AmeriGas 業務的槓桿率將達到或低於 4.0 倍。這些目標確保我們保持適當的財務靈活性，以便抓住有吸引力的投資機會。

Taken together, these metrics reflect a clear path forward. One more disciplined capital deployment, operational excellence and prudent financial management are the driving force to consistently create value. We are committed to executing our strategy, and these targets represent our commitment to you, our shareholders, for sustainable long-term growth.

綜合來看，這些指標反映了一條清晰的發展道路。嚴謹的資本部署、卓越的營運和審慎的財務管理是持續創造價值的驅動力。我們致力於執行我們的策略，這些目標代表了我們對各位股東的承諾，即實現可持續的長期成長。

And now I'll hand it back to Bob.

現在我把它還給鮑伯。

Before we open the line for your questions, I want to reinforce three critical takeaways that demonstrate the strength of our current position and our trajectory going forward. First, this year, we delivered record adjusted diluted earnings backed by a stronger balance sheet and enhanced liquidity position. This improved earnings profile represents the fundamental strengthening of our financial foundation that positions us for sustained success.

在開放提問環節之前，我想強調三點關鍵要點，以證明我們目前的地位優勢和未來的發展方向。首先，今年我們實現了創紀錄的調整後攤薄收益，這得益於更強勁的資產負債表和更強的流動性狀況。獲利狀況的改善代表著我們財務基礎的根本性加強，這為我們持續成功奠定了基礎。

Second, the operational and financial improvements underway at AmeriGas and expanding throughout the company are showing meaningful results and will continue to drive year-over-year organic growth well into the future.

其次，AmeriGas 正在進行的營運和財務改進，以及正在公司內部推廣的改進，都取得了顯著成效，並將繼續推動公司在未來逐年有機成長。

Finally, our focused approach to talent management and development along with our structured framework for driving operational change is transforming our culture as to how we operate as a business. These initiatives will work together to unlock the intrinsic value within our portfolio as we strive to deliver positive energy every day. Thank you for your time with us today, and we will open the line for questions.

最後，我們專注於人才管理和發展的方法，以及我們推動營運變革的結構化框架，正在改變我們作為企業運營的文化。這些舉措將共同作用，釋放我們投資組合的內在價值，同時努力每天傳遞正面能量。感謝您今天抽出時間接受我們的採訪，現在我們將開放提問環節。

(Operator Instructions)

（操作說明）

Gabriel Moreen, Mizuho.

加布里埃爾·莫林，瑞穗。

Hey, good morning, everyone. If I could just ask in terms of --

嘿，大家早安。我可以問一下嗎？--

Good morning, Gabe.

早上好，蓋布。

Good morning, Bob. Hey, if I can ask maybe on the guidance, you gave some assumptions for what you're looking for next year out of some of your segments. It seems like the utility growth is awfully transparent over the next couple of years given the rate base growth. But can you talk about what you're expecting from midstream in the LPG businesses in the five year plan? Should we expect continued growth out of those businesses and just your expectations there a little bit more?

早安，鮑伯。嘿，我可以問一下關於業績指引的問題嗎？你對明年某些業務板塊的預期目標做了一些假設。鑑於費率基礎的成長，未來幾年公用事業的成長似乎非常透明。但是，您能否談談您對五年計劃中液化石油氣業務中游部分的期望？我們是否應該預期這些企業會持續成長？您對它們的預期是否應該更高一些？

Sure, Gabe. So over that planning horizon, we expect to have growth in all of the business lines overall. So we'll see low double-digit growth over that planning period. So we expect to have a continued growth rate in the businesses and our earnings over that planning horizon.

當然可以，蓋布。因此，在規劃期內，我們預計所有業務線都將實現整體成長。因此，在規劃期內，我們將看到兩位數的低成長率。因此，我們預期在規劃期內，業務和收益將繼續保持成長速度。

A couple of things Gabe as well. When you look at EBIT, we gave the 5% to 7% EBIT growth for this year. I want to make sure people understand that guidance is not back-end loaded. We've got consistent fairly linear growth as you go from '26, '27, to '28 to '29. And as Bob said, the nat gas businesses is more of the same.

蓋布還有幾件事。從息稅前利潤來看，我們預計今年的息稅前利潤成長率為 5% 至 7%。我想確保人們明白，指導並非事後才提供的。從 2026 年、2027 年到 2028 年再到 2029 年，我們一直保持著相當穩定的線性成長。正如鮑伯所說，天然氣產業的情況也大同小異。

We've got that kind of locked and loaded. But one of the more exciting things is we do -- we feel very confident we've got a good outlook on the LPG side. as well. Specifically, AmeriGas, we're seeing some very consistent growth in that plan over the years coming that business line as well.

我們已經做好了充分的準備。但更令人興奮的是，我們對液化石油氣領域的前景非常有信心。具體來說，AmeriGas 的這項計畫在未來幾年也取得了非常穩定的成長，這條業務線也是如此。

Thanks, Sean. Thanks, Bob. If I could maybe follow up on the natural gas side of things. Last quarter, Bob, you mentioned all the NDAs that you had signed around some of the activity happening in your backyard base if we can get an update on that. And then anything, I guess, data center adjacent that might be embedded within your midstream growth plan or our utility growth plan over that outlook?

謝謝你，肖恩。謝謝你，鮑伯。如果我能跟進一下天然氣方面的情況就好了。鮑勃，上個季度你提到你簽署了很多保密協議，涉及你後院基地發生的一些活動。請問能否提供一些最新進展？那麼，我想，任何與資料中心相關的、可能被納入你們的中游成長計劃或我們的公用事業成長計劃中的項目，在展望期內又該如何看待呢？

Yeah, we still continue to see a lot of activity even more so than when we last spoke about it. We've advanced some of the projects with some interested parties. We have NDA so we can't necessarily go into it. But again, the amount of NDAs that we have with counterparties is north of 50. I mean, we've got significant discussions underway and in various stages with the various counterparties. So these things take time, but we are definitely keenly focused on it and looking to be part of all the growth that we're expecting to see in Pennsylvania.

是的，我們仍然看到很多活動，甚至比我們上次談到時還要多。我們已經與一些有興趣的各方推進了一些專案。我們簽了保密協議，所以不方便透露更多細節。但是，我們與交易對手簽訂的保密協議數量超過 50 份。我的意思是，我們正在與各方進行重要的討論，而這些討論正處於不同的階段。這些事情需要時間，但我們肯定會非常關注，並希望成為賓州預期成長的一部分。

Thanks, Bob. And then if I could just squeeze one last one in. I think there were some media reports about potentially putting your electric utility on the market. Just wondering if you could maybe comment on that and also within the role of just larger expectations around continued portfolio optimization or utility midstream or LPG businesses.

謝謝你，鮑伯。如果我能再擠出最後一個就好了。我記得媒體報道過，可能會把你們的電力公司推向市場。我想知道您是否可以就此發表一些看法，以及在持續優化投資組合、公用事業中游或液化石油氣業務等方面的更大預期。

Gabe, we take a look at our portfolio all the time. We did a lot of that this past year on the LPG side of the business to see. Where do we have particular assets or opportunities to see there's greater value in holding or divesting. We will continuously look at our portfolio for those opportunities. I won't comment directly on anything in either the LPG side or the natural gas side. But looking at portfolio optimization continues to be one of the things that we will always consider.

Gabe，我們一直在關注我們的投資組合。去年，我們在液化石油氣業務方面做了很多這方面的工作。我們有哪些特定的資產或機會，可以判斷持有或剝離更有價值？我們將持續關注我們的投資組合，尋找這些機會。我不會直接評論液化石油氣或天然氣方面的任何事情。但投資組合優化始終是我們需要考慮的因素之一。

What I think really drives the value in this company for the next several years as we have just a lot of opportunities for intrinsic value growth. That's low risk, high return things that I'd love to find and you'll hear from Mike a little bit more this morning on what we're doing at AmeriGas, but I see that across our portfolio, these opportunities to really drive our growth rates that Sean was talking about by driving intrinsic value.

我認為真正推動這家公司未來幾年價值成長的因素是，我們有很多實現內在價值成長的機會。這是低風險、高回報的投資機會，正是我想要尋找的。今天早上，Mike會更詳細地介紹我們在AmeriGas正在做的事情。但我認為，在我們的投資組合中，存在著許多機會，可以真正推動我們的成長率，正如Sean所說的，透過提升內在價值來實現成長。

Thanks, Bob. Appreciate it.

謝謝你，鮑伯。謝謝。

Thanks, Gabe.

謝謝你，蓋布。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

Hey, good morning, team. Can you guys hear me okay?

嘿，早安，各位同事。你們能聽清楚我說話嗎？

Yeah, Julien.

是的，朱利安。

Hey, thanks, Bob. So maybe just a follow-up on a few of these things. First off, look, I just wanted to understand a little bit more about the AmeriGas targets here. I mean how do you think about getting to that [sub]. And specifically, is that deleveraging? Or is that principally going to be underlying adjusted EBITDA improvement? And how do you think about the time line to get there at those sub, 4 times target?

嘿，謝謝你，鮑伯。所以，或許可以就其中幾件事做個後續說明。首先，我想多了解一下AmeriGas的目標。我的意思是，你覺得該如何達成這個目標？[子]具體來說，這算是去槓桿化嗎？或者說，這主要體現在調整後 EBITDA 的改善？那麼，你認為要達到目標時間（低於目標時間的 4 倍）需要多長時間？

Well, I'll go first, and I'll let Mike chirp in. But AmeriGas has a lot of opportunities to really drive value. And we're going to grow the AmeriGas business by winning business. We're not going to go out and buy business. But a lot of the things that Mike and team are working on have just outstanding returns.

那我先來，然後讓麥克插幾句。但 AmeriGas 有很多機會真正創造價值。我們將透過贏得業務來發展 AmeriGas 的業務。我們不會出去收購企業。但麥克和他的團隊正在研究的許多項目都取得了非常出色的成果。

And I think things like routing and delivery, the kind of work that Mike and his team is doing there. When you look at the NPV or something like that, it goes according to my math, in triple digits. You're talking $100 million-plus NPV on that type of work because we're driving efficiencies in the business and the work Mike and team are doing in these other work streams is just going to have AmeriGas growing throughout that time period.

我認為像是路線規劃和配送這類工作，正是麥克和他的團隊正在做的。當你查看淨現值（NPV）之類的指標時，根據我的計算，它會達到三位數。這類工作的淨現值超過 1 億美元，因為我們正在提高業務效率，而 Mike 和他的團隊在其他工作流程中所做的工作，將使 AmeriGas 在此期間持續成長。

I'll let Mike maybe comment a little bit more of what's going on in AmeriGas since it's his first call since joining about a year ago when I joined and Mike and I have a history going backwards, and I knew he was the right person to drive the improvements in AmeriGas that we're seeing. Michael.

鑑於這是麥克加入 AmeriGas 大約一年後第一次打電話，而且我和麥克之前就認識，所以我想讓他再多談談 AmeriGas 的現狀。我知道他是推動 AmeriGas 取得我們所看到的進步的合適人選。麥可。

Thank you, Bob. Julien, as Bob said, there's a tremendous amount of intrinsic value here at AmeriGas, right? And to unlock that value, we have the six PMO projects that are in progress right now at various stages from supply to around the delivery customer value proposition, billing. So a number of initiatives, again, that we're seeing -- already seeing the results of the fruits from those projects. So really successfully executing those projects.

謝謝你，鮑伯。朱利安，正如鮑伯所說，AmeriGas公司蘊藏著巨大的內在價值，對吧？為了釋放這種價值，我們目前正在進行六個 PMO 項目，這些項目處於不同的階段，涵蓋從供應到交付客戶價值主張、計費等各個方面。所以，我們看到了很多舉措，而且已經看到了這些項目的成果。所以，這些項目確實執行得非常成功。

And we have a number of other projects that we don't advertise outside the P&L, which are also creating -- will create -- creating tremendous intrinsic value. So a lot of effort around there. As Sean mentioned, we had a 70% EBIT growth last year. We foresee this year being in that ballpark, right, the same ballpark.

我們還有一些其他項目，這些項目沒有在損益表之外進行宣傳，它們也在創造——將會創造——巨大的內在價值。所以那邊投入了很多精力。正如肖恩所提到的，我們去年的息稅前利潤成長了70%。我們預計今年的情況也差不多，對吧，差不多。

And then going forward, there's additional value going forward. But this isn't a onetime thing. It's an ongoing thing. There's a lot of improvement at AmeriGas. I think if anyone that's call it not a secret that the last several years here at AmeriGas has been difficult but we have stabilized the business, right?

而且，未來還有額外的價值。但這並非一次性事件。這是個持續進行中的事情。AmeriGas公司有了很大的改進。我想，如果有人知道的話，這也不是什麼秘密了，過去幾年在 AmeriGas 的日子很不好過，但我們已經穩定了業務，對吧？

So 17% growth in EBIT. Our volumes are virtually flat this year, which is the first time this has happened in five years. It's been a sustained decline. So we flattened volumes and then getting all these things right, as Bob says, is there's just a tremendous amount of intrinsic value growth ahead of us.

因此，息稅前利潤成長了17%。今年我們的銷售幾乎沒有變化，這是五年來第一次出現這種情況。這是一個持續下滑的過程。因此，我們控制了成交量，然後把所有這些事情都做好，正如鮑勃所說，我們面前還有巨大的內在價值增長空間。

Thanks, Julien, maybe to answer that last question, I'm just going to add on real quick. So this year, we went from a leverage ratio of about 6 when you look back coming into the year to 4.9, which we're incredibly proud of. That happened in two ways. Mike and the team grew EBIT $24 million, 17%. Obviously, that has a positive impact.

謝謝你，朱利安，關於最後一個問題，我再簡單補充。所以今年，我們的槓桿率從年初時的約 6 降至 4.9，我們對此感到非常自豪。這件事以兩種方式發生。Mike 和他的團隊實現了 EBIT 成長 2,400 萬美元，成長 17%。顯然，這會產生正面影響。

And we delevered another $200 million, came into the year with about [$1.9 billion] of debt exited the year close to 1.7%. And you were asking in the future, where do we see that going? I'm pretty confident you're going to see us in '26 start to approach or even beat a 4.5% leverage rate in AmeriGas, somewhere in that range, maybe even a little lower, and that's going to come in the same way.

我們又減少了 2 億美元的槓桿，年初負債約 19 億美元，年末負債比率接近 1.7%。然後你問，未來我們會如何發展？我相當有信心，到 2026 年，我們將開始接近甚至超過 AmeriGas 的 4.5% 槓桿率，大概在這個範圍內，甚至可能更低一些，而且實現的方式也是一樣的。

We're continuing to delever a little bit more. And as Bob and Mike said, we're expecting low double-digit growth out of AmeriGas in '26. So more of the same and it'll be a pretty impressive day when that leverage rate is sub-4.5.

我們將繼續進一步降低槓桿率。正如鮑勃和麥克所說，我們預計 AmeriGas 在 2026 年將實現兩位數的低成長。所以，如果情況繼續這樣發展下去，當槓桿率低於 4.5 時，那將是相當令人印象深刻的一天。

Excellent. Thank you, guys. And then just following up a little bit on the credits and the reset here with ['26] here a little bit. Can you speak a little bit more to just the consistency ex credits and just confirm effectively that going forward, you don't have any kind of onetime tax credit items that will roll off or what have you. I just want to make sure that we're abundantly transparent on the same page pumps.

出色的。謝謝大家。然後，稍微跟進一下片尾字幕和這裡的重置，這裡是 ['26]。您能否再詳細談談稅收抵免的穩定性，並確認今後是否沒有任何一次性稅收抵免項目會過期失效之類的？我只是想確保我們在同一頁上的泵方面做到完全透明。

Yeah. Yeah. I think -- and I think you've got it pretty right. I mean, there's I'll start with OB3, it's the smaller of the two. We lost interest deductibility at AmeriGas. So there was about $0.10 in the numbers this year that related to '24 and '23. So those are hits we took in 2024 and 2023, they will not be ongoing. So there's no more detriment or benefit, right? We were just recouping some hits we took on our interest deductibility.

是的。是的。我認為——而且我認為你說得基本上正確。我的意思是，我先從OB3開始，它是兩者中較小的一個。我們在AmeriGas失去了利息抵扣資格。所以今年的數據中，與 2024 年和 2023 年相關的金額大約是 0.10 美元。所以這些是我們分別在 2023 年和 2024 年遭受的打擊，它們不會持續下去。所以既沒有弊端也沒有益處，對吧？我們當時只是在彌補先前在利息抵扣方面遭受的一些損失。

And then the other big one, and I think you picked up on it, Julien, is the ITCs. The bulk of our RNG projects went into service this year. This was all anticipated. We optimized it a little bit, but the bulk of the projects went into service. That was very large. We talked about $0.40 of positive impact. So that kind of timing is out of the forecast.

還有另一個大問題，我想你已經注意到了，朱利安，那就是 ITC。我們的大部分再生天然氣計畫都在今年投入使用。這一切都在預料之中。我們做了一些優化，但大部分項目都已投入使用。那東西非常大。我們討論的是0.40美元的正面影響。所以這種時間安排不太可能發生。

We have no expectations going forward on any ITCs, although we do have -- and we've been clear, we have about $0.09 of PTCs in the ongoing forecast, so much lower level. So OB3 out of the picture and then the timing of the ITC is essentially out of the picture, you're seeing a very normalized run rate as you think about '26 through '29 coming out of the company.

我們對未來的任何 ITC 都沒有預期，儘管我們確實有——而且我們已經明確表示——在目前的預測中，我們有大約 0.09 美元的 PTC，所以水平要低得多。所以，OB3 被排除在外，ITC 的時間安排也基本上被排除在外，你會看到公司在 2026 年至 2029 年期間的運作速度非常正常。

Awesome. And then lastly, the shift in CapEx relative to the $200 million increase in shareholder return, is that meant to be a reduction in utility CapEx and then an increase in dividends or pivot towards midstream CapEx. I know a lot of different moving things, but just super quick, if you can.

驚人的。最後，相對於股東回報增加 2 億美元，資本支出的變化是意味著減少公用事業資本支出，然後增加股息，還是轉向中游資本支出？我知道很多不同的搬家技巧，但如果可以的話，請盡量快速一點。

Yeah. I mean, Julien, the way I look at it, the utility CapEx, and I know you're comparing to a prior plan, I see it pretty consistent, maybe even slightly up. So we can go off-line with you. But we pulled back a little bit in '23. But when you look at '24 through '27 and including '28 and '29, we're actually growing the utility CapEx a little bit.

是的。我的意思是，朱利安，依我看，公用事業資本支出，我知道你是在和之前的計劃進行比較，我認為它相當穩定，甚至可能略有上升。這樣我們就可以和你離線聊天了。但我們在 2023 年稍微收斂了一些。但如果你看看 2024 年至 2027 年，包括 2028 年和 2029 年，我們實際上在公用事業資本支出方面略有增長。

So we feel really confident there. One thing I'll say on that is we're a few miles away from completing our cast iron program. So that's a pretty big milestone for the team. You do see a little more midstream capital coming into the equation, and I think you've picked up on our commitment to the dividend in the out years as well. So I think you've got a model pretty quickly, but pretty accurately. But we do see the utility capital at or above the levels that we would have had, I think the last time I gave guidance on that.

所以我們對此非常有信心。關於這一點，我想說的是，我們的鑄鐵專案距離完成還有幾英里。所以這對團隊來說是一個相當大的里程碑。確實可以看到更多的中游資本進入了市場，而且我認為您也注意到了我們對未來幾年分紅的承諾。所以我覺得你很快就建立了一個相當準確的模型。但我們看到公用事業資本達到或超過了我們上次給出相關指導時所預期的水平。

Thank you, guys.

謝謝大家。

Paul Fremont, Ladenburg Thalmann.

保羅‧弗里蒙特，拉登堡‧塔爾曼。

Thank you very much. I just wanted to sort of follow up on the [45z credits], is the first year that you're going to be collecting that in '26? Or did you collect any in '25?

非常感謝。我只是想跟進一下[45z積分]的情況，你們第一次收集這些積分是在2026年嗎？或是你在 2025 年收集過嗎？

It will be '26 will be the first time.

26年將是第一次。

And then the other question I have is, were you using sort of a negative credit score to calculate the 45z credits going forward?

我還有一個問題，你們在計算未來的 45z 信用額度時，是否使用了負信用評分？

Yeah. Not sure about that one. We'll need to get back to you on that.

是的。不太確定。我們需要稍後回覆您。

Great. I think that's it. Thank you very much.

偉大的。我想就是這樣了。非常感謝。

Great. Thank you.

偉大的。謝謝。

That concludes today's question-and-answer session. I'd like to turn the call back to Bob Flexon for closing remarks.

今天的問答環節到此結束。我想把電話轉回給鮑伯‧弗萊克森，請他作總結發言。

Well, thank you for dialing in. And just to reiterate, in our year, we had a very strong fiscal year '25 adjusted EPS, 332 record earnings for us. Really love seeing the EBIT growth of 17%. Our leverage getting back in line and, of course, the TSR to our shareholders of 42%. So a great year for us.

謝謝您的撥入。再次重申一下，我們這一年（2025 財年）調整後每股盈餘非常強勁，創下了 332 的歷史新高。非常高興看到息稅前利潤增加了17%。我們的槓桿率恢復正常，當然，股東總報酬率也達到了 42%。對我們來說，這是非常棒的一年。

We continue to be focused very much on our operations across the Board. We've got great progress in AmeriGas leading the way on improvement. So that's going to be driving our growth in these future years. Talent management, we've got new people in the right spots and combined with the existing workforce, we've got the right people to bring this forward. So I really look forward to more discussions within the future.

我們將繼續高度重視各項業務的營運。AmeriGas 在改進方面取得了巨大進步，引領業界發展。所以，這將推動我們未來幾年的成長。人才管理方面，我們已經在合適的職位上引進了新人，再加上現有員工，我們擁有了推進這項工作的合適人選。所以我非常期待未來能有更多這樣的討論。

We'll see a lot of intrinsic growth, we'll be capitalizing on what's happening in Pennsylvania with the data center investments and the future looks very bright for us. So with that, thank you very much for your time, and we'll be speaking to you more in the future. Thank you.

我們將看到很多內在成長，我們將充分利用賓州資料中心投資的機遇，我們的未來看起來非常光明。那麼，非常感謝您抽出時間，我們將來也會與您交流。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。

Goodbye.

再見。