UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
(Mark One)
| ý | ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the fiscal year ended December 31, 2025
OR
| ¨ | TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the transition period from to
Commission file number: 001-11071
| A. | Full title of the plan and the address of the plan, if different from that of the issuer named below: | ||||
AMERIGAS PROPANE, INC. SAVINGS PLAN
500 NORTH GULPH ROAD
KING OF PRUSSIA, PENNSYLVANIA 19406
| B. | Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: | ||||
500 NORTH GULPH ROAD
KING OF PRUSSIA, PENNSYLVANIA 19406
AMERIGAS PROPANE, INC.
SAVINGS PLAN
INDEX TO FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULE
| Page(s) | ||||||||
| Report of Independent Registered Public Accounting Firm | ||||||||
| Financial Statements: | ||||||||
Statements of Net Assets Available for Benefits at December 31, 2025 and 2024 | ||||||||
Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2025 and 2024 | ||||||||
| Notes to Financial Statements | ||||||||
| Schedule H, Line Item 4(i) — Schedule of Assets (Held at End of Year) | ||||||||
| Signatures | ||||||||
| Exhibit Index | ||||||||
- i -
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the AmeriGas Propane, Inc. Savings Plan
Plan Administrator and Plan Participants
Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of AmeriGas Propane Inc. Savings Plan (the “Plan”) as of December 31, 2025 and 2024, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes and schedule (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Supplemental Information
The Schedule H, Line 4i – Schedule of Assets (Held at End of Year) as of December 31, 2025, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
/s/ Wipfli LLP
We have served as Plan’s auditor since 2025.
Minneapolis, Minnesota
June 24, 2026
1
AMERIGAS PROPANE, INC.
SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
| December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| ASSETS: | ||||||||||||||
| Investments (Note 3) | $ | $ | ||||||||||||
| Receivables: | ||||||||||||||
| Notes receivable from participants | ||||||||||||||
| Participants' contributions receivable | ||||||||||||||
| Employer's contributions receivable | ||||||||||||||
| Total assets | ||||||||||||||
| LIABILITIES: | ||||||||||||||
| Accrued administrative expenses | ||||||||||||||
| Total liabilities | ||||||||||||||
| Net assets available for benefits | $ | $ | ||||||||||||
See accompanying notes to financial statements.
2
AMERIGAS PROPANE, INC.
SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
| Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Additions: | ||||||||||||||
| Participants’ contributions | $ | $ | ||||||||||||
| Employer's contributions | ||||||||||||||
| Participants’ rollover contributions | ||||||||||||||
| Investment income: | ||||||||||||||
| Dividends and interest | ||||||||||||||
| Net appreciation in fair value of investments | ||||||||||||||
| Interest on notes receivable from participants | ||||||||||||||
| Total additions | ||||||||||||||
| Deductions: | ||||||||||||||
| Distributions to participants | ( | ( | ||||||||||||
| Administrative fees | ( | ( | ||||||||||||
| Total deductions | ( | ( | ||||||||||||
| Net increase | ||||||||||||||
| Net transfers of participants’ balances (Note 2) | ( | ( | ||||||||||||
| Net assets available for benefits — beginning of year | ||||||||||||||
| Net assets available for benefits — end of year | $ | $ | ||||||||||||
See accompanying notes to financial statements.
3
AMERIGAS PROPANE, INC.
SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
| 1. | Description of the Plan | ||||
The following description of the AmeriGas Propane, Inc. Savings Plan (“the Plan”) is provided for general information purposes only. Unless otherwise noted, such description provides general information on the provisions of the Plan on December 31, 2025 and 2024 and for the years then ended covered by the financial statements. More complete information is included in the Plan document.
General. The Plan is a defined contribution plan covering employees of AmeriGas Propane, Inc. (“the Company” or "the Employer"), a Pennsylvania corporation, and a wholly owned subsidiary of UGI Corporation (“UGI”). Employees are eligible upon hire to participate in the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The Plan is administered by the UGI Corporation Retirement Plan Committee (“Plan Administrator”), which is comprised of certain members of UGI’s and its affiliated companies' management.
Contributions. Generally, a participant may elect to contribute to the Plan in 1 % increments from 1 % to 50 % of their eligible compensation on a before-tax basis, on an after-tax basis to a Roth 401(k), or a combination of both. Calendar year contribution amounts are subject to limits prescribed by the Internal Revenue Code (“IRC”) and the Plan. For the 2025 and 2024 Plan Years, the combined IRC before-tax and Roth 401(k) contribution limit was $23,500 and $23,000, respectively. Participants may also contribute amounts representing distributions from other qualified defined benefit or contribution plans. The Plan includes an auto-enrollment provision whereby all full time and flex newly eligible employees are automatically enrolled in the Plan, unless they affirmatively elect not to participate, with a default deferral rate set at 3 % of eligible compensation. The Plan offers an automatic deferral increase service to all employees eligible for the Plan that is voluntary and can be applied to their contributions in 1 %, 2 %, or 3 % increments on a set date of their choosing.
The Plan allows for “catch-up contributions,” a provision which allows employees that have attained age 50 before the end of the Plan Year and are contributing at the IRC or Plan limits to make before-tax and Roth 401(k) contributions over and above the IRC and Plan limits. The maximum catch-up contribution was $7,500 for both the 2025 and 2024 Plan Years. Effective January 1, 2025, pursuant to the SECURE 2.0 Act of 2022, participants who attain ages 60 through 63 during the Plan Year are eligible to make enhanced "super catch-up" contributions up to $11,250 for the 2025 Plan Year, which represents the greater of $10,000 or 150% of the standard catch-up limit. Participants who attain age 64 by the end of the Plan Year revert to the standard age 50 catch-up limit. Catch-up contributions are not eligible for the Company matching contribution.
Generally, the Company shall contribute to the Plan an amount equal to 100 % of contributions made by each eligible participant for each payroll period up to a total of 5 % of the participant’s eligible compensation for each payroll period. A participant generally will be eligible to receive matching contributions after he or she has completed one year of service as defined in the Plan document.
All contributions are invested in accordance with participant investment elections in effect on the dates of the contributions.
Participant Accounts. Each participant's account is credited with the participant's contributions and the Employer's contributions as well as allocations of Plan earnings. Participants are charged with an allocation of administrative expenses, as defined in the Plan document. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account.
A participant may elect to have his or her funds invested in one or more investment options. The Plan currently offers investments in selected mutual funds, UGI Common Stock, common collective trust funds, a collective investment trust fund and Brokerage Link, a self-directed brokerage account. Generally, participants may transfer amounts between funds at any time with no limit. Fidelity Management Trust Company is the Plan’s Trustee for all investment assets of the Plan and qualifies as a party in interest. The Statements of Changes in Net Assets Available for Benefits reflects certain administrative fees paid by Plan participants to Fidelity Institutional Retirement Services Co. (“FIRSCO”) from Plan assets (see “Administrative Expenses” below). FIRSCO invests funds received from contributions, investment sales, interest and dividend income and makes distribution payments to participants. Investments in UGI Common Stock are generally limited to 25 % of the participant's account balance.
Vesting. A participant will at all times be fully vested in their cumulative contributions plus actual earnings as defined by the Plan document. A participant is vested in the portion of his or her account attributable to Employer's matching contributions as follows: 25 % after two years of service; 50 % after three years of service; 75 % after four years of service; and 100 % after five years of service. In addition, a participant is fully vested in the portion of his or her account attributable to Employer's
4
AMERIGAS PROPANE, INC.
SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
contributions upon the attainment of normal retirement age, the attainment of early retirement age, total disability or death while employed by the Company or an affiliated company, each as defined in the Plan document.
Notes Receivable from Participants. Participants may borrow from their accounts a minimum of $1,000 up to a maximum not to exceed the lesser of 50 % of their vested account balance less loans outstanding at the time the new loan is made, or $50,000 less the highest balance of all loans outstanding during the prior twelve month period. Each loan bears interest at a rate determined in accordance with generally prevailing market conditions for similar types of loans plus 1 %. At December 31, 2025, interest rates on loans outstanding ranged from 4.25 % to 9.50 %. The amount of the loan withdrawn from a participant's account is allocated in proportion to the value of the participant's salary deferral and rollover account balances in each investment fund. Repayments, including interest, are made in equal installments through payroll deductions and are allocated to participant accounts in accordance with current investment elections. No loan may have a final maturity in excess of five years except that if the loan is used to purchase a principal residence for the participant, the loan may have a final maturity of up to ten years . Participants are not permitted to have more than two loans outstanding at any time.
Payment of Benefits. The Plan benefit of a participant who terminates employment as a result of retirement, death or total disability, as defined by the Plan document, shall be equal to the proceeds of liquidation of 100% of the balance of his or her account. Distributions will generally be made in the form of a lump sum. Participants may elect to receive their interest in shares of UGI Common Stock. The Plan benefit of a participant who terminates employment for reasons other than retirement, death or total disability shall be equal to the proceeds of liquidation of the vested portion of his or her account.
Where the amount to be distributed exceeds $1,000 , no distribution shall be made to any Plan participant prior to his or her normal retirement age or age 73 for Plan Years 2025 and 2024, unless the participant elects to receive such distribution. Where the amount to be distributed does not exceed $1,000 , a Plan participant's benefit will be distributed as soon as practicable after the participant becomes entitled to receive a distribution from the Plan, but no later than April 1 of the Plan Year. A participant who continues to work past age 73 for Plan Years 2025 and 2024 will receive a mandatory distribution upon termination of employment.
Additionally, hardship withdrawals and certain in-service withdrawals are permitted subject to Plan provisions.
Forfeited Accounts. A participant who terminates employment before he or she is fully vested will forfeit nonvested amounts attributable to Employer contributions. These forfeited amounts remain in the Plan and are available to reduce future Company contributions or pay expenses incurred in the administration of the Plan. For the 2025 Plan Year and 2024 Plan Year, forfeitures used to reduce Company contributions were $903,329 and $811,433 , respectively. During the 2025 Plan Year and 2024 Plan Year, $1,200,175 and $1,131,220 , respectively, were forfeited from participant accounts. As of December 31, 2025 and 2024, there were $866,755 and $577,311 , respectively, of forfeitures remaining in the Plan.
Administrative Expenses. Administrative expenses of the Plan are chargeable to the Plan unless paid by the Company. Other than the Plan fees described below, the Company paid such expenses, which are excluded from these financial statements. During the Plan Years 2025 and 2024, each active Plan account was assessed a quarterly recordkeeping fee of $10.50 and $10.75 , respectively. This fee is automatically deducted in the month following the end of the quarter and remitted to FIRSCO. Loan administration fees are paid by Plan participants. Investment related expenses are included in net appreciation of the fair value of investments.
Voting Rights of UGI Common Stock Participants. A participant has the right to instruct the trustee of the Plan how to vote, at each meeting of shareholders, all shares of UGI Common Stock (including fractional shares) represented by the value of the participant's interest in UGI Common Stock. A participant also has the right to direct the trustee of the Plan whether or not to tender shares in response to a tender offer.
Plan Amendments. The Company may amend the Plan at any time for any reason by written action of its Board of Directors. However, amendments required to comply with the IRC to maintain compliance with current laws or regulations or to correct errors or omissions in the Plan document may be made by the Plan Administrator without Board approval.
Plan Termination. Although it has not expressed any intent to do so, the Company has the right to terminate the Plan in whole or in part at any time for any reason. In the event of a complete or partial termination of the Plan, the affected participants will become fully vested in their account balances.
5
AMERIGAS PROPANE, INC.
SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
| 2. | Accounting Policies | ||||
Use of Estimates and Basis of Accounting. The accompanying financial statements are prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”). GAAP requires the Plan Administrator to make estimates and assumptions that affect the reported amounts of net assets available for benefits and changes therein. Actual results could differ from these estimates.
Investment Valuation and Income Recognition. Investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Plan Administrator determines the Plan's valuation policies utilizing information provided by the investment advisers and custodians. Refer to Note 3 for the fair value measurement disclosures associated with the Plan’s investments.
Purchases and sales of securities are recorded on a trade-date basis. Interest earned on investments is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Net appreciation includes the Plan's gains and losses on investments purchased and sold as well as held during the year.
Payment of Benefits. Distributions are made to Plan participants based upon the fair value of each participant's investment account (except for distributions from UGI Common Stock, to the extent not all shares are sold on the same date) as of the dates of the distribution. Distributions to participants are recorded when paid.
Transfers of Participants’ Balances. Transfers of participant balances represent amounts transferred to or from the UGI Utilities, Inc. Savings Plan, which is an affiliated plan. During the 2025 Plan Year, net transfers of participant balances to the UGI Utilities, Inc. Savings Plan were $991,283 . During the 2024 Plan Year, net transfers of participant balances to the UGI Utilities, Inc. Savings Plan were $1,122,519 .
Risks and Uncertainties. The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market and credit risks. Market risks include global events which could impact the value of the investment security such as a pandemic or international conflict. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in risk in the near term could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.
Excess Contributions Payable. Amounts payable to participants for contributions in excess of amounts allowed by the Internal Revenue Service (“IRS”) are recorded as a liability with a corresponding reduction to participants' contributions. As of December 31, 2025 and December 31, 2024, there were no excess contributions.
| 3. | Fair Value Measurements | ||||
The Plan applies fair value measurements in accordance with GAAP. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date.
GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A level within the fair value hierarchy is
6
AMERIGAS PROPANE, INC.
SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
based on the lowest level of input that is significant to the fair value measurement. The Plan uses the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into three broad categories:
•Level 1 - Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.
•Level 2 - Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are observable for the asset or liability; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability.
•Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
The asset or liability's fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs.
The following are descriptions of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at December 31, 2025 and 2024.
Mutual funds: Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds that are registered with the U.S. Securities and Exchange Commission. These funds are required to publish their daily net asset value (“NAV”) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded.
UGI Common Stock: Valued at the closing price reported on the active market on which the individual security is traded.
Brokerage Link: Fidelity Brokerage Link accounts are reflected at their fair value of associated investments which include mutual funds, money market funds and cash and held by the Plan participants in their individual self-directed brokerage accounts. Based upon closing prices as reported by the funds, these funds are required to publish this NAV and to transact at that price.
Collective investment trust fund and Common collective trust funds: Valued at the NAV of units of the collective trusts. The NAVs, as provided by the trustee, are used as a practical expedient to estimate fair value. The NAVs are based on the fair values of the underlying investments held by the funds less their liabilities. Participant transactions (purchases and sales) may occur daily. Were the Plan to initiate a full redemption of the collective trusts, the investment advisor reserves the right to temporarily delay withdrawal from the trusts in order to ensure that securities liquidations will be carried out in an orderly business manner.
7
AMERIGAS PROPANE, INC.
SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
The following table presents the Plan’s investments that are measured at fair value on a recurring basis, for each hierarchy level, as of December 31, 2025 and 2024:
| December 31, 2025 | ||||||||||||||||||||||||||||||||
| Fair Value Measurement Using Input Types | ||||||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
| Mutual funds | $ | $ | $ | $ | — | $ | ||||||||||||||||||||||||||
| UGI Common Stock | — | |||||||||||||||||||||||||||||||
| Brokerage Link | — | |||||||||||||||||||||||||||||||
| Common collective trust funds (a) | — | — | — | |||||||||||||||||||||||||||||
| Collective investment trust fund (a) | — | — | — | |||||||||||||||||||||||||||||
| Total investments | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
| December 31, 2024 | ||||||||||||||||||||||||||||||||
| Fair Value Measurement Using Input Types | ||||||||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Other | Total | ||||||||||||||||||||||||||||
| Mutual funds | $ | $ | $ | $ | — | $ | ||||||||||||||||||||||||||
| UGI Common Stock | — | |||||||||||||||||||||||||||||||
| Brokerage Link | — | |||||||||||||||||||||||||||||||
| Common collective trust funds (a) | — | — | — | |||||||||||||||||||||||||||||
| Collective investment trust fund (a) | — | — | — | |||||||||||||||||||||||||||||
| Total investments | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
(a) Assets measured at NAV per share (or its equivalent), and are therefore excluded from the fair value hierarchy, and also presented as “Other”.
Investments Measured Using the NAV per share Practical Expedient
The following tables summarize investments for which fair value is measured using the NAV per share practical expedient as of December 31, 2025 and 2024, respectively:
| December 31, 2025 | Fair Value | Unfunded Commitments | Redemption Frequency (if currently eligible) | Redemption Notice Period | ||||||||||
| Common collective trust funds | $ | n/a | Daily | |||||||||||
| Collective investment trust fund | $ | n/a | Daily | |||||||||||
| December 31, 2024 | Fair Value | Unfunded Commitments | Redemption Frequency (if currently eligible) | Redemption Notice Period | ||||||||||
| Common collective trust funds | $ | n/a | Daily | |||||||||||
| Collective investment trust fund | $ | n/a | Daily | |||||||||||
8
AMERIGAS PROPANE, INC.
SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS (Continued)
| 4 | Related Party and Party-in-Interest Transactions | ||||
Parties-in-interest are defined under U.S. Department of Labor regulations as any fiduciary of the Plan, any party rendering service to the Plan, the Employer, and certain others.
Shares of UGI Common Stock are offered as an investment option to Plan participants, and are considered related party transactions. Additionally, the Plan issues notes to participants, which are secured by the participant’s account balances. These transactions qualify as party-in-interest transactions, but are exempt from the prohibited transaction rules of ERISA and the IRC under statutory or governmental agency exemptions.
| Plan Year | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| Fair value of UGI Common Stock held by the Plan | $ | $ | ||||||||||||
| Original cost of UGI Common Stock held by the Plan | $ | $ | ||||||||||||
| Shares held of UGI Common Stock | ||||||||||||||
| Total sales at market value related to UGI Common Stock | $ | $ | ||||||||||||
| Total contributions into UGI Common Stock | $ | $ | ||||||||||||
During the years ended December 31, 2025 and 2024, the Plan had dividend income on shares of UGI Common Stock of $511,604 and $563,520 , respectively. The Plan holds investments in Vanguard Target Retirement Trusts and mutual funds sponsored and maintained by Vanguard Fiduciary Trust Company. The Vanguard Group Inc. is an owner of UGI Common Stock and the parent company of Vanguard Fiduciary Trust Company.
The Plan allows participants to invest their account balances in shares of certain mutual funds or other investments managed by the Trustee or Fidelity Investments. Fidelity Investments is an affiliate of the Trustee; therefore, these transactions qualify as party-in-interest transactions.
Fees incurred by the Plan for investment manager services are included in net appreciation in the fair value of the investments. Fees paid by the Plan for investment management, recordkeeping, and consulting services also are intended to qualify as exempt parties-in-interest transactions and are included in administrative fees in the Statement of Changes in Net Assets Available for Benefits.
| 5. | Federal Income Tax Status | ||||
In February 2016, the IRS issued a favorable determination letter concerning the qualified status of the Plan in effect as of January 26, 2015 under Section 401(a) of the IRC. The Plan has since been amended. The Plan Administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. No U.S. income taxes are required to be paid by the trust created under the Plan (the “Trust”) and participants are not taxed on Company contributions to the Trust or income earned by the Trust. When a participant, or his or her beneficiary or estate, receives a distribution under the Plan, the taxability of the value of such distribution depends on the form and time of payment.
GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2025 and 2024, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan Administrator believes it is no longer subject to income tax examinations for years prior to 2022.
9
AMERIGAS PROPANE, INC.
SAVINGS PLAN
PLAN YEAR END DECEMBER 31, 2025
EIN # 23-2786294 , PLAN # 002
Schedule H, Line 4(i)—SCHEDULE OF ASSETS (HELD AT END OF YEAR)
| (a) | (b) (c) Identity of Issuer/Description | (d) Cost** | (e) Current Value | |||||||||||||||||
| Mutual Funds: | ||||||||||||||||||||
| * | Fidelity U.S. Bond Index Fund | |||||||||||||||||||
| * | Fidelity International Index Fund | |||||||||||||||||||
| T. Rowe Price Equity Income Fund | ||||||||||||||||||||
| American Funds EuroPacific Growth Fund Class R-6 | ||||||||||||||||||||
| Champlain Small Company Fund Institutional Class | ||||||||||||||||||||
| * | Vanguard Institutional Index Fund Institutional Class | |||||||||||||||||||
| * | Vanguard Federal Money Market Fund | |||||||||||||||||||
| * | Vanguard Extended Market Index Fund Institutional Class | |||||||||||||||||||
| Total Mutual Funds | ||||||||||||||||||||
| * | Assets in Fidelity Brokerage Link Accounts*** | |||||||||||||||||||
| * | Common Collective Trust Funds: | |||||||||||||||||||
| PIMCO Total Return Collective Trust Class M | ||||||||||||||||||||
| Vanguard Retirement Savings Trust III | ||||||||||||||||||||
| Vanguard Target Retirement Income Trust I | ||||||||||||||||||||
| Vanguard Target Retirement 2020 Trust I | ||||||||||||||||||||
| Vanguard Target Retirement 2025 Trust I | ||||||||||||||||||||
| Vanguard Target Retirement 2030 Trust I | ||||||||||||||||||||
| Vanguard Target Retirement 2035 Trust I | ||||||||||||||||||||
| Vanguard Target Retirement 2040 Trust I | ||||||||||||||||||||
| Vanguard Target Retirement 2045 Trust I | ||||||||||||||||||||
| Vanguard Target Retirement 2050 Trust I | ||||||||||||||||||||
| Vanguard Target Retirement 2055 Trust I | ||||||||||||||||||||
| Vanguard Target Retirement 2060 Trust I | ||||||||||||||||||||
| Vanguard Target Retirement 2065 Trust I | ||||||||||||||||||||
| Vanguard Target Retirement 2070 Trust I | ||||||||||||||||||||
| Total Common Collective Trust Funds | ||||||||||||||||||||
| Collective Investment Trust Fund: | ||||||||||||||||||||
| * | Fidelity Growth Company Commingled Pool | |||||||||||||||||||
| * | UGI Common Stock | |||||||||||||||||||
| * | Dividends receivable | |||||||||||||||||||
| Participant Loans: | ||||||||||||||||||||
| * | Loan principal outstanding ( | |||||||||||||||||||
| Total — all funds | $ | |||||||||||||||||||
*Party in interest
**Historical cost is disclosed only for nonparticipant-directed investments
***Various investments including mutual funds, money market funds and cash
10
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
| AmeriGas Propane, Inc. Savings Plan | ||||||||||||||||||||
Date: June 24, 2026 | By: | /s/ Jean Felix Tematio Dontsop | ||||||||||||||||||
| Name: | Jean Felix Tematio Dontsop | |||||||||||||||||||
| Title: | Vice President and Chief Accounting Officer (Principal Financial Officer) | |||||||||||||||||||
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EXHIBIT INDEX
| Exhibit No. | Description | |||||||
| 23.1 | ||||||||
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