The wholesale business, including our tank exchange operations, saw volumes normalize in the first quarter of fiscal 2026 due to the absence of demand generated by land-falling storms, compared to the prior-year period, which benefited from multiple hurricanes in the Southeast. Even with lower storm-related demand, the Blue Rhino business executed with discipline, flexing production, labor, and logistics costs to align with volume and protect profitability. At the same time, we continued to invest in our production network and commercial footprint to support future growth. Our telematics initiatives also continued to enhance route optimization and improve fuel efficiency, particularly in idling and overall fuel consumption.

With our strengthened balance sheet, Ferrellgas is well positioned to pursue strategic growth and customer expansion and further our efficiency investments. Our strategic initiatives continue to drive improvement in operational excellence, technology, procurement buying power, asset resource profitability, and improving gas gains. As a result of these financial and operational improvements, along with our commitment to continuous improvement, we remain confident in our ability to generate sustainable results and add significant value to our stakeholders.

On Friday, December 12, 2025, the Company will conduct a teleconference on the Internet at https://edge.media-server.com/mmc/p/r3s9oiox to discuss the results of operations for the first fiscal quarter ended October 31, 2025. The webcast of the teleconference will begin at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). Questions may be submitted via the investor relations e-mail box at InvestorRelations@ferrellgas.com.

About Ferrellgas

Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas, L.P., and subsidiaries, serves propane customers in all 50 states, the District of Columbia, and Puerto Rico. Its Blue Rhino propane exchange brand is sold at over 64,000 locations nationwide. Ferrellgas employees indirectly own 1.1 million Class A Units of the partnership, through an employee stock ownership plan. Ferrellgas Partners, L.P. filed an Annual Report on Form 10-K for the fiscal year ended July 31, 2025, with the Securities and Exchange Commission on October 15, 2025. Investors can request a hard copy of this filing free of charge and obtain more information about the partnership online at www.ferrellgas.com. For more information, follow Ferrellgas on Facebook, X, LinkedIn, and Instagram.

Cautionary Note Regarding Forward-Looking Statements

Statements included in this release concerning current estimates, expectations, projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are forward-looking statements as defined under federal securities laws. These statements often use words such as “anticipate,” “believe,” “intend,” “plan,” “projection,” “forecast,” “strategy,” “position,” “continue,” “estimate,” “expect,” “may,” “will,” or the negative of those terms or other variations of them or comparable terminology. A variety of known and unknown risks, uncertainties and other factors could cause results, performance, and expectations to differ materially from anticipated results, performance, and expectations, including the effect of weather conditions on the demand for propane; the prices of wholesale propane, motor fuel and crude oil; disruptions to the supply of propane; competition from other industry participants and other energy sources; energy efficiency and technology advances; significant delays in the collection of accounts or notes receivable; customer, counterparty, supplier or vendor defaults; changes in demand for, and production of, hydrocarbon products; inherent operating and litigation risks in gathering, transporting, handling and storing propane; costs of complying with, or liabilities imposed under, environmental, health and safety laws; the impact of pending and future legal proceedings; the interruption, disruption, failure or malfunction of our information technology systems including due to cyber-attack; economic and political instability, particularly in areas of the world tied to the energy industry, including the ongoing conflicts between Russia and Ukraine and in the Middle East; disruptions in the capital and credit markets, related to the evolving global tariff environment or otherwise; and access to available capital to meet our operating and debt-service requirements. These risks, uncertainties, and other factors also include those discussed in the Annual Report on Form 10-K of Ferrellgas Partners, L.P., Ferrellgas, L.P., Ferrellgas Partners Finance Corp., and Ferrellgas Finance Corp. for the fiscal year ended July 31, 2025, and in other documents filed from time to time by these entities with the Securities and Exchange Commission. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this release are made only as of the date hereof. Ferrellgas disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.

Contacts

Investor Relations – InvestorRelations@ferrellgas.com

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per unit data)

(unaudited)


	Three months ended				Twelve months ended
	October 31,				October 31,
	2025		2024		2025		2024
Revenues:
Propane and other gas liquids sales	$	329,314	$	336,798	$	1,820,609	$	1,729,303
Other		25,875		27,287		108,832		100,885
Total revenues		355,189		364,085		1,929,441		1,830,188

Cost of sales:
Propane and other gas liquids sales		156,345		164,356		894,061		833,666
Other		3,685		4,446		12,688		12,486

Gross profit		195,159		195,283		1,022,692		984,036

Operating expense - personnel, vehicle, plant & other		149,765		148,174		632,425		605,130
Operating expense - equipment lease expense		4,192		5,504		17,408		21,713
Depreciation and amortization expense		25,220		24,325		99,321		98,392
General and administrative expense		12,014		137,926		52,705		175,440
Non-cash employee stock ownership plan compensation charge		916		853		3,206		3,367
Loss on asset sales and disposals		1,179		1,427		2,709		2,911

Operating income (loss)		1,873		(122,926)		214,918		77,083

Interest expense		(26,651)		(26,081)		(108,634)		(100,143)
Loss on extinguishment of debt		(3,003)		—		(3,003)		—
Other income, net		583		857		2,670		4,012

(Loss) earnings before income tax expense		(27,198)		(148,150)		105,951		(19,048)

Income tax expense		166		180		1,358		704

Net (loss) earnings		(27,364)		(148,330)		104,593		(19,752)

Net (loss) earnings attributable to noncontrolling interest⁽¹⁾		(437)		(1,662)		418		(856)

Net (loss) earnings attributable to Ferrellgas Partners, L.P.	$	(26,927)	$	(146,668)	$	104,175	$	(18,896)

Class A unitholders' interest in net (loss) earnings	$	(43,139)	$	(161,433)	$	38,815	$	(183,461)

Net (loss) earnings per unitholders' interest
Basic and diluted net (loss) earnings per Class A Unit	$	(8.88)	$	(33.23)	$	7.99	$	(37.77)
Weighted average Class A Units outstanding - basic and diluted		4,858		4,858		4,858		4,858

(1)	Amounts allocated to the general partner for its 1.0101% interest (excluding the economic interest attributable to the preferred unitholders) in the operating partnership, Ferrellgas, L.P.

Supplemental Data and Reconciliation of Non-GAAP Items:


	Three months ended				Twelve months ended
	October 31,				October 31,
	2025		2024		2025		2024
Net (loss) earnings attributable to Ferrellgas Partners, L.P.	$	(26,927)	$	(146,668)	$	104,175	$	(18,896)
Income tax expense		166		180		1,358		704
Interest expense		26,651		26,081		108,634		100,143
Depreciation and amortization expense		25,220		24,325		99,321		98,392
EBITDA		25,110		(96,082)		313,488		180,343
Non-cash employee stock ownership plan compensation charge		916		853		3,206		3,367
Loss on extinguishment of debt		3,003		—		3,003		—
Loss on asset sales and disposal		1,179		1,427		2,709		2,911
Other income, net		(583)		(857)		(2,670)		(4,012)
Legal fees and settlements related to non-core businesses		—		127,386		3,249		129,322
Legal fees and settlements related to core businesses		—		4,040		500		4,040
Acquisition and related costs ⁽¹⁾		—		—		(798)		2,169
Business transformation costs ⁽²⁾		121		706		1,087		3,042
Net (loss) earnings attributable to noncontrolling interest ⁽³⁾		(437)		(1,662)		418		(856)
Adjusted EBITDA ⁽⁴⁾		29,309		35,811		324,192		320,326
Net cash interest expense⁽⁵⁾		(23,915)		(22,473)		(93,507)		(86,771)
Maintenance capital expenditures⁽⁶⁾		(6,288)		(10,414)		(27,941)		(27,573)
Cash paid for income taxes		(79)		(77)		(1,347)		(673)
Proceeds from certain asset sales		398		556		2,800		2,386
Distributable cash flow attributable to equity investors⁽⁷⁾		(575)		3,403		204,197		207,695
Less: Distributions accrued or paid to preferred unitholders		16,481		16,232		64,317		64,759
Distributable cash flow attributable to general partner and non-controlling interest		12		(68)		(4,084)		(4,154)
Distributable cash flow attributable to Class A and B Unitholders ⁽⁸⁾		(17,044)		(12,897)		135,796		138,782
Less: Distributions paid to Class A and B Unitholders ⁽⁹⁾		—		—		—		99,996
Distributable cash flow (shortage) excess ⁽¹⁰⁾	$	(17,044)	$	(12,897)	$	135,796	$	38,786

Propane gallons sales
Retail - Sales to End Users		105,063		106,731		565,280		556,176
Wholesale - Sales to Resellers		43,622		51,240		209,561		203,345
Total propane gallons sales		148,685		157,971		774,841		759,521

(1)	Non-recurring due diligence related to potential acquisition activities, restructuring costs, and other adjustments.

(2)	Non-recurring costs included in “Operating, general and administrative expense” related to the implementation of business transformation initiatives.

(3)	Amounts allocated to the general partner for its 1.0101% interest (excluding the economic interest attributable to the preferred unitholders) in the operating partnership, Ferrellgas, L.P.

(4)

Adjusted EBITDA is calculated as net (loss) earnings attributable to Ferrellgas Partners, L.P., plus the sum of the following: income tax expense, interest expense, depreciation and amortization expense, non-cash employee stock ownership plan compensation charge, loss on extinguishment of debt, loss on asset sales and disposals, other income, net, legal fees and settlements related to non-core businesses, legal fees and settlements related to core businesses, acquisition and related costs, business transformation costs, and net (loss) earnings attributable to noncontrolling interest. Management believes the presentation of this measure is relevant and useful because it allows investors to view the partnership's performance in a manner similar to the method management uses, adjusted for items management believes make it easier to compare its results with other companies that have different financing and capital structures. Adjusted EBITDA, as management defines it, may not be comparable to similarly titled measurements used by other companies. Items added into our calculation of Adjusted EBITDA that will not occur on a continuing basis may have associated cash payments. Adjusted EBITDA should be viewed in conjunction with measurements that are computed in accordance with GAAP.

(5)	Net cash interest expense is the sum of interest expense less non-cash interest expense and other income, net.

(6)	Maintenance capital expenditures include capitalized expenditures for betterment and replacement of property, plant and equipment, and may from time to time include the purchase of assets that are typically leased.

(7)

Distributable cash flow attributable to equity investors is calculated as Adjusted EBITDA minus net cash interest expense, maintenance capital expenditures and cash paid for income taxes plus proceeds from certain asset sales. Management considers distributable cash flow attributable to equity investors a meaningful measure of the partnership’s ability to declare and pay quarterly distributions to equity investors, including holders of the operating partnership’s Preferred Units. Distributable cash flow attributable to equity investors, as management defines it, may not be comparable to similarly titled measurements used by other companies. Items added into our calculation of distributable cash flow attributable to equity investors that will not occur on a continuing basis may have associated cash payments. Distributable cash flow attributable to equity investors should be viewed in conjunction with measurements that are computed in accordance with GAAP.

(8)

Distributable cash flow attributable to Class A and B Unitholders is calculated as Distributable cash flow attributable to equity investors minus distributions accrued or paid on the Preferred Units and distributable cash flow attributable to general partner and noncontrolling interest. Management considers distributable cash flow attributable to Class A and B Unitholders a meaningful measure of the partnership’s ability to declare and pay quarterly distributions to Class A and B Unitholders. Distributable cash flow attributable to Class A and B Unitholders, as management defines it, may not be comparable to similarly titled measurements used by other companies. Items added to our calculation of distributable cash flow attributable to Class A and B Unitholders that will not occur on a continuing basis may have associated cash payments. Distributable cash flow attributable to Class A and B Unitholders should be viewed in conjunction with measurements that are computed in accordance with GAAP.

(9)	The Company did not pay any distributions to Class A Unitholders during any of the periods in fiscal 2026 or fiscal 2025.

(10)

Distributable cash flow (shortage) excess is calculated as Distributable cash flow attributable to Class A and B Unitholders minus Distributions paid to Class A and B Unitholders. Distributable cash flow excess, if any, is retained to establish reserves, to reduce debt, to fund capital expenditures and for other partnership purposes, and any shortage is funded from previously established reserves, cash on hand or borrowings under our Credit Facility. Management considers Distributable cash flow excess a meaningful measure of the partnership’s ability to effectuate those purposes. Distributable cash flow (shortage) excess, as management defines it, may not be comparable to similarly titled measurements used by other companies. Items added into our calculation of distributable cash flow (shortage) excess that will not occur on a continuing basis may have associated cash payments. Distributable cash flow (shortage) excess should be viewed in conjunction with measurements that are computed in accordance with GAAP.

FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except unit data)

(unaudited)


ASSETS	October 31, 2025		July 31, 2025

Current assets:
Cash and cash equivalents	$	28,382	$	96,883
Accounts and notes receivable (net of allowance for expected credit losses of $4,009 and $4,330 at October 31, 2025 and July 31, 2025, respectively)		133,565		127,510
Inventories		91,868		87,807
Prepaid expenses and other current assets		45,477		30,471
Total current assets		299,292		342,671

Property, plant and equipment, net		602,113		602,692
Goodwill, net		257,155		257,155
Intangible assets (net of accumulated amortization of $368,661 and $366,817 at October 31, 2025 and July 31, 2025, respectively)		104,606		106,451
Operating lease right-of-use assets		37,333		39,045
Other assets, net		78,034		68,702
Total assets	$	1,378,533	$	1,416,716


LIABILITIES, MEZZANINE AND EQUITY (DEFICIT)

Current liabilities:
Accounts payable	$	55,313	$	31,083
Current portion of long-term debt		1,828		652,178
Current operating lease liabilities		15,850		16,082
Other current liabilities		216,052		215,154
Total current liabilities		289,043		914,497

Long-term debt		1,452,813		815,462
Operating lease liabilities		22,673		24,079
Other liabilities		44,690		40,457

Contingencies and commitments

Mezzanine equity:
Senior preferred units, net of issue discount and offering costs (700,000 units outstanding at October 31, 2025 and July 31, 2025)		651,349		651,349

Equity (Deficit):
Limited partner unitholders
Class A (4,857,605 Units outstanding at October 31, 2025 and July 31, 2025)		(1,374,780)		(1,332,704)
Class B (1,300,000 Units outstanding at October 31, 2025 and July 31, 2025)		383,012		383,012
General partner Unitholder (49,496 Units outstanding at October 31, 2025 and July 31, 2025)		(71,270)		(70,845)
Accumulated other comprehensive (loss) income		(9,972)		(95)
Total Ferrellgas Partners, L.P. deficit		(1,073,010)		(1,020,632)
Noncontrolling interest		(9,025)		(8,496)
Total deficit		(1,082,035)		(1,029,128)
Total liabilities, mezzanine and deficit	$	1,378,533	$	1,416,716