UGI reported a challenging Q4 2024 GAAP result reflecting continued volume softness at AmeriGas and a non-cash goodwill impairment of approximately $195 million, driving a GAAP net loss of $273 million and diluted EPS of -$1.28 for Q4. However, the company closed FY2024 with a higher level of profitability on an adjusted basis, delivering adjusted diluted EPS of $3.06 for the year and a five-year EPS CAGR of 6%. Three core segments—Regulated Utilities, Midstream & Marketing, and UGI International—posted record EBIT, underscoring the favorable margin structure and efficiency actions that offset AmeriGas’ weak volumes. Management highlighted permanent cost savings of $75 million achieved in 2024, ahead of schedule, and a capital-allocation realignment that prioritizes self-sustaining cash flows within each business unit. liquidity stood at about $1.5 billion, with more than $2.5 billion of debt financings completed in 2024 to support operations and improve liquidity. Senior leadership signaled a multi-year plan to rebuild the balance sheet and enhance free cash flow, with fiscal 2025 guided toward an adjusted diluted EPS range of $2.75–$3.05 (assuming normal weather). The company is advancing RNG and LNG capacity expansions (Moody RNG, Carlisle LNG, Manning LNG), while AmeriGas stabilization remains the near-term priority, with no parent equity infusions planned. The results imply a bifurcated earnings trajectory: pronounced upside from the gas infrastructure and energy services ecosystem, versus persistent volatility in AmeriGas volumes in the near term. Investors should monitor AmeriGas stabilization progress, RNG/LNG project execution, regulatory rate relief, weather normalization, and the insurance-backed capex plan for France-disrupted supply logistics.