# EDGAR Filing Document

**Accession Number:** 0000922358
**File Stem:** 0001104659-25-099505
**Filing Date:** 2025-10
**Character Count:** 36487
**Document Hash:** 09448db0887259b52fe1eb2bad090b03
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-099505.hdr.sgml**: 20251015

**ACCESSION NUMBER**: 0001104659-25-099505

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251015

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251015

**DATE AS OF CHANGE**: 20251015

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FERRELLGAS PARTNERS L P
- **CENTRAL INDEX KEY:** 0000922358
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-MISCELLANEOUS RETAIL [5900]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 431698480
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11331
- **FILM NUMBER:** 251393358

**BUSINESS ADDRESS:**
- **STREET 1:** ONE LIBERTY PLAZA
- **CITY:** LIBERTY
- **STATE:** MO
- **ZIP:** 64068
- **BUSINESS PHONE:** 816-792-1600

**MAIL ADDRESS:**
- **STREET 1:** ONE LIBERTY PLAZA
- **STREET 2:** MAILDROP #24
- **CITY:** LIBERTY
- **STATE:** MO
- **ZIP:** 64068
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FERRELLGAS FINANCE CORP
- **CENTRAL INDEX KEY:** 0000922360
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-MISCELLANEOUS RETAIL [5900]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 431677595
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50183
- **FILM NUMBER:** 251393361

**BUSINESS ADDRESS:**
- **STREET 1:** ONE LIBERTY PLAZA
- **CITY:** LIBERTY
- **STATE:** MO
- **ZIP:** 64068
- **BUSINESS PHONE:** 816-792-1600

**MAIL ADDRESS:**
- **STREET 1:** ONE LIBERTY PLAZA
- **CITY:** LIBERTY
- **STATE:** MO
- **ZIP:** 64068
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FERRELLGAS PARTNERS FINANCE CORP
- **CENTRAL INDEX KEY:** 0001012493
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-MISCELLANEOUS RETAIL [5900]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 431742520
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-06693-02
- **FILM NUMBER:** 251393360

**BUSINESS ADDRESS:**
- **STREET 1:** ONE LIBERTY PLAZA
- **CITY:** LIBERTY
- **STATE:** MO
- **ZIP:** 64068
- **BUSINESS PHONE:** 816-792-1600

**MAIL ADDRESS:**
- **STREET 1:** ONE LIBERTY PLAZA
- **CITY:** LIBERTY
- **STATE:** MO
- **ZIP:** 64068
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FERRELLGAS L P
- **CENTRAL INDEX KEY:** 0000922359
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-MISCELLANEOUS RETAIL [5900]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 431676206
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50182
- **FILM NUMBER:** 251393359

**BUSINESS ADDRESS:**
- **STREET 1:** ONE LIBERTY PLAZA
- **CITY:** LIBERTY
- **STATE:** MO
- **ZIP:** 64068
- **BUSINESS PHONE:** 816-792-1600

**MAIL ADDRESS:**
- **STREET 1:** ONE LIBERTY PLAZA
- **CITY:** LIBERTY
- **STATE:** MO
- **ZIP:** 64068

?xml version='1.0' encoding='ASCII'? Ferrellgas Partners, L.P._October 15, 2025

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

Date of Report (Date of Earliest Event Reported): **October 15, 2025**

**Ferrellgas Partners, L.P.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-11331** | **43-1698480** |
| (State or other jurisdiction | (Commission | (I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |

---

---

| | |
|:---|:---|
| **One Liberty Plaza,**<br>**Liberty, Missouri** | **64068** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **816-792-1600**

---

| |
|:---|
| **Not Applicable** |
| Former name or former address, if changed since last report |

---

---

| |
|:---|
| **Ferrellgas Partners Finance Corp.** |
| (Exact name of registrant as specified in its charter) |

---

---

| | | |
|:---|:---|:---|
| **Delaware** | **333-06693-02** | **43-1742520** |
| (State or other jurisdiction | (Commission | (I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |

---

---

| | |
|:---|:---|
| **One Liberty Plaza,**<br>**Liberty, Missouri** | **64068** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **816-792-1600**

---

| |
|:---|
| **n/a** |
| Former name or former address, if changed since last report |

---

---

| |
|:---|
| **Ferrellgas, L.P.** |
| (Exact name of registrant as specified in its charter) |

---

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-50182** | **43-1698481** |
| (State or other jurisdiction | (Commission | (I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |

---

---

| | |
|:---|:---|
| **One Liberty Plaza,**<br>**Liberty, Missouri** | **64068** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **816-792-1600**

---

| |
|:---|
| **n/a** |
| Former name or former address, if changed since last report |

---

---

| |
|:---|
| **Ferrellgas Finance Corp.** |
| (Exact name of registrant as specified in its charter) |

---

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-50183** | **14-1866671** |
| (State or other jurisdiction | (Commission | (I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |

---

---

| | |
|:---|:---|
| **One Liberty Plaza,**<br>**Liberty, Missouri** | **64068** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **816-792-1600**

---

| |
|:---|
| **n/a** |
| Former name or former address, if changed since last report |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Ferrellgas Partners, L.P.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Ferrellgas Partners Finance Corp.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Ferrellgas, L.P.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Ferrellgas Finance Corp.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Title of each class** |  | **Trading Symbol(s)** |  | **Name of each exchange on which registered** |
| N/A |  | N/A |  | N/A |

---

------

**Item 2.02 Results of Operations and Financial Condition.**

The information included in Item 7.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.02 of this Current Report on Form 8-K.

**Item 7.01 Regulation FD Disclosure.**

On October 15, 2025, Ferrellgas Partners, L.P. (OTC Markets: "FGPR") ("Ferrellgas") issued a press release regarding its financial results for the fourth fiscal quarter and fiscal year ended July 31, 2025. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

On October 15, 2025, the Company will conduct a teleconference on the Internet at https://edge.media-server.com/mmc/p/pf8tq23z to discuss the results of operations for the fourth fiscal quarter and fiscal year ended July 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.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Exhibits**

Exhibit 99.1 — Press release of Ferrellgas Partners, L.P. dated October 15, 2025, reporting its financial results for the fourth fiscal quarter and fiscal year ended July 31, 2025.

*Limitation on Materiality and Incorporation by Reference*

The information in this Current Report on Form 8-K related to Items 2.02 and 7.01, including Exhibit 99.1 furnished herewith, is being furnished to the SEC pursuant to Item 2.02 and Item 7.01 of Form 8-K and is not deemed to be "filed" with the SEC for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of Section 18. In addition, such information is not to be incorporated by reference into any registration statement of Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp., Ferrellgas, L.P. or Ferrellgas Finance Corp. or other filings of such entities made pursuant to the Exchange Act or the Securities Act, unless specifically identified as being incorporated therein by reference.

The furnishing of particular information in this Current Report, including Exhibit 99.1 furnished herewith, pursuant to Item 7.01 of Form 8-K is not intended to, and does not, constitute a determination or admission by Ferrellgas Partners, L.P., Ferrellgas Partners Finance Corp., Ferrellgas, L.P. or Ferrellgas Finance Corp. as to the materiality or completeness of any such information that is required to be disclosed solely by Regulation FD of the Exchange Act.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Press release of Ferrellgas Partners, L.P. dated October 15, 2025, reporting its financial results for the fourth fiscal quarter and fiscal year ended July 31, 2025.](fgp-20251015xex99d1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **FERRELLGAS PARTNERS, L.P.** | **FERRELLGAS PARTNERS, L.P.** |
|  | *By:* | *Ferrellgas, Inc., its general partner* |
| Date: October 15, 2025 | *By:* | */s/* Tamria A. Zertuche |
|  |  | Chief Executive Officer and President |
|  | **FERRELLGAS PARTNERS FINANCE CORP.** | **FERRELLGAS PARTNERS FINANCE CORP.** |
| Date: October 15, 2025 | *By:* | */s/* Tamria A. Zertuche |
|  |  | Chief Executive Officer, President, and Sole Director |
|  | **FERRELLGAS, L.P.** | **FERRELLGAS, L.P.** |
|  | *By:* | *Ferrellgas, Inc., its general partner* |
| Date: October 15, 2025 | *By:* | */s/* Tamria A. Zertuche |
|  |  | Chief Executive Officer and President |
|  | **FERRELLGAS FINANCE CORP.** | **FERRELLGAS FINANCE CORP.** |
| Date: October 15, 2025 | *By:* | */s/* Tamria A. Zertuche |
|  |  | Chief Executive Officer, President, and Sole Director |

---

## Exhibit 99.1

#### Exhibit 99.1

#### FERRELLGAS PARTNERS, L.P. REPORTS

#### FULL FISCAL YEAR AND FOURTH QUARTER

#### FISCAL YEAR 2025 RESULTS
**Liberty, MO.**, October 15, 2025 (GLOBE NEWSWIRE) – Ferrellgas Partners, L.P. (OTC: FGPR) ("Ferrellgas" or the "Company") today reported financial results for its fiscal year ("fiscal 2025") and the fourth fiscal quarter ended July 31, 2025.

Tamria Zertuche, President and Chief Executive Officer, commented, "As we close the fiscal year, we are proud to have delivered growth in annual sales volume, revenue, gross profit, and adjusted EBITDA. The high performing employee-owners of Ferrellgas delivered gains from ongoing operational efficiency improvements, counter-seasonal tank exchange growth, and executing on more normalized weather conditions to deliver a successful year."

Ms. Zertuche continued, "During fiscal 2025, the Company continued to leverage talent, technology, and training to fuel growth and efficiencies. We became early adopters of the Propane Education & Research Council's Education Program, or PEP. This employee-focused program combines e-learning with hands-on training, reinforcing the Company's mission to lead with safety every day. Investing in our employee-owners and their safety creates an environment for success and innovation."

**Financial Highlights:**

For the fourth fiscal quarter, Adjusted EBITDA, a non-GAAP financial measure, decreased by $10.5 million, or 31%, to $23.1 million, compared to $33.6 million in the prior year quarter driven by increases of $8.6 million in general and administrative expense and $5.8 million in operating expense, which was partially offset by a $2.8 million increase in gross profit.

The $5.8 million increase in operating expense was due to increases of $6.7 million in plant and other and $1.0 million in vehicle expense, which was partially offset by a $1.9 million decrease in personnel costs. The $4.2 million increase in general and administrative expense was driven by the timing of adjustments to incentive accruals in the fourth quarter of 2024. The 1% increase in gross profit was driven by a 1% increase in revenues as cost of product was unchanged.

For fiscal 2025, Adjusted EBITDA increased by $13.3 million, or 4%, to $330.7 million, compared to $317.4 million in fiscal 2024. A $39.7 million increase in gross profit and $2.9 million decrease in lease expense were partially offset by increases of $24.7 million in operating expense and $4.5 million in general and administrative expense, after the related EBITDA adjustments described below.

Gross profit increased $39.7 million, or 4%, to over $1.0 billion in fiscal 2025. The change was driven by an increase of $101.2 million, or 6%, in revenues, which was partially offset by an increase of $61.5 million, or 7%, in cost of product. Higher costs were driven by propane pricing increases.

After EBITDA adjustments of $4.5 million in legal fees and settlements related to our core business, operating expense increased $24.7 million. The increase in operating expense was due to increases of $17.9 million in plant and other and $8.5 million in personnel costs, which was partially offset by a $1.7 million decrease in vehicle expense. After EBITDA adjustments of $123.7 million, primarily related to the $125.0 million Eddystone litigation settlement, we had a $4.5 million increase in general and administrative expense.

The $9.8 million increase in interest expense was primarily driven by increases of $4.4 million for amortization of debt issuance costs related to amendments to the Company's revolving credit facility, $3.4 million for letters of credit fees, and $1.1 million for other interest charges.

The Company recognized a net loss attributable to Ferrellgas Partners, L.P. of $26.8 million and $20.8 million in the fourth fiscal quarter of fiscal 2025 and 2024, respectively. We recognized a net loss attributable to Ferrellgas Partners, L.P. of $15.6 million in fiscal 2025 compared to net earnings attributable to Ferrellgas Partners, L.P. of $110.2 million in fiscal 2024. These changes related to the factors noted above. Margin per gallon increased 4% and 1% in the fourth fiscal quarter and fiscal 2025, respectively, compared to the prior year period.

------

**Operational Highlights:**

The Company recognized gross profit of over $1.0 billion in fiscal 2025, the highest in the Company's history. The five-year gross profit average of $0.96 billion reflects this positive trend, with approximately $0.6 billion and $0.2 billion attributable to our retail and wholesale business, respectively. Leveraging our telematics technology to efficiently serve our customers and the expertise of our employee-owners are the catalysts for these positive results.

Gallons sold for the fourth fiscal quarter decreased 3.3 million gallons, or 2% and increased 20.4 million gallons, or 3%, for fiscal 2025. Although weather was warmer than normal for both the fourth fiscal quarter and fiscal 2025 by 5% and 3%, respectively, it was cooler than the prior year quarter and fiscal 2024 by 4% and 6%, respectively. The cooler weather aligns with the 4% quarter-over-quarter and 6% year-over-year increases in sales to residential customers.

Retail sales increased $2.9 million, or 2%, for the fourth fiscal quarter and $48.3 million, or 4%, for fiscal 2025, compared to the prior year periods. For fiscal 2025, Retail saw sales growth across all customer types, except for a decrease of $3.7 million among agricultural customers. Retail tank sets increased during both the fourth quarter and fiscal 2025 by 13% and 5%, respectively.

Wholesale sales increased $0.4 million, or 0.2% for the fourth fiscal quarter and $41.6 million, or 8%, for fiscal 2025, compared to the prior year periods. Blue Rhino, the Company's tank exchange business, saw a fiscal 2025 sales increase of $25.5 million, or 6%, compared to fiscal 2024.

On Wednesday, October 15, 2025, the Company will conduct a teleconference on the Internet at https://edge.media-server.com/mmc/p/pf8tq23z to discuss the results of operations for the fiscal year ended July 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 63,000 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; and the anticipated completion of a refinancing. 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**  | **Three months ended**  | **Year ended**  | **Year ended**  |
|  | **July 31,**  | **July 31,**  | **July 31,**  | **July 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Propane and other gas liquids sales | $320722 | $318239 | $1828093 | $1731439 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 22907 | 22213 | 110244 | 105677  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 343629 | 340452 | 1938337 | 1837116  |
| **Cost of sales:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Propane and other gas liquids sales | 151119 | 151191 | 902072 | 841490  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 1611 | 1115 | 13449 | 12481  |
| **Gross profit**  | 190899 | 188146 | 1022816 | 983145 |
| Operating expense - personnel, vehicle, plant & other | 152528 | 146689 | 630834 | 601602  |
| Operating expense - equipment lease expense | 4387 | 5591 | 18720 | 21585  |
| Depreciation and amortization expense | 25420 | 24292 | 98426 | 98471  |
| General and administrative expense | 11256 | 7018 | 178617 | 50339  |
| Non-cash employee stock ownership plan compensation charge | 785 | 734 | 3143 | 3234  |
| (Gain) loss on asset sales and disposals | (1589) | 972 | 2957 | 2819  |
| **Operating (loss) income** | (1888) | 2850 | 90119 | 205095  |
| Interest expense | (25948) | (25018) | (108064) | (98223) |
| Other income, net | 987 | 982 | 2944 | 4491 |
| **(Loss) earnings before income tax expense** | (26849) | (21186) | (15001) | 111363 |
| Income tax expense (benefit) | 429 | (25) | 1372 | 686 |
| **Net (loss) earnings** | (27278) | (21161) | (16373) | 110677  |
| Net (loss) earnings attributable to noncontrolling interest <sup>(1)</sup> | (432) | (378) | (807) | 461  |
| Net (loss) earnings attributable to Ferrellgas Partners, L.P. | $(26846) | $(20783) | $(15566) | $110216 |
| Class A unitholders' interest in net loss | $(42560) | $(36807) | $(79479) | $(55660) |
| **Net loss per unitholders' interest** |  |  |  |  |
| Basic and diluted net loss per Class A Unit | $(8.76) | $(7.58) | $(16.36) | $(11.46) |
| Weighted average Class A Units outstanding - basic and diluted | 4858 | 4858 | 4858 | 4858 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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**  | **Three months ended**  | **Year ended**  | **Year ended**  |
|  | **July 31,**  | **July 31,**  | **July 31,**  | **July 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net (loss) earnings attributable to Ferrellgas Partners, L.P.** | $(26846) | $(20783) | $(15566) | $110216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 429 | (25) | 1372 | 686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 25948 | 25018 | 108064 | 98223  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 25420 | 24292 | 98426 | 98471  |
| **EBITDA** | 24951 | 28502 | 192296 | 307596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash employee stock ownership plan compensation charge | 785 | 734 | 3143 | 3234  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on asset sales and disposal | (1589) | 972 | 2957 | 2819  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | (987) | (982) | (2944) | (4491) |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees and settlements related to non-core businesses | 2 | 1510 | 130635 | 2990 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees and settlements related to core businesses  |  |  | 4540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and related costs <sup>(1)</sup> |  | 2169 | (798) | 2169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Business transformation costs <sup>(2)</sup> | 334 | 1054 | 1672 | 2610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) earnings attributable to noncontrolling interest <sup>(3)</sup> | (432) | (378) | (807) | 461 |
| **Adjusted EBITDA** <sup>(4)</sup> | 23064 | 33581 | 330694 | 317388 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash interest expense <sup>(5)</sup> | (22777) | (21634) | (92065) | (85045) |
| Maintenance capital expenditures <sup>(6)</sup> | (6561) | (7737) | (32067) | (21689) |
| Cash paid for income taxes | (637) | (204) | (1345) | (699) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from certain asset sales | 843 | 341 | 2958 | 2310 |
| **Distributable cash flow attributable to equity investors** <sup>(7)</sup> | (6068) | 4347 | 208175 | 212265 |
| Less: Distributions accrued or paid to preferred unitholders | 15982 | 16232 | 64068 | 64778 |
| Distributable cash flow attributable to general partner and non-controlling interest | 121 | (86) | (4164) | (4245) |
| **Distributable cash flow attributable to Class A and B Unitholders** <sup>(8)</sup> | (21929) | (11971) | 139943 | 143242 |
| Less: Distributions paid to Class A and B Unitholders <sup>(9)</sup> |  |  |  | 99996 |
| **Distributable cash flow (shortage) excess** <sup>(10)</sup> | $(21929) | $(11971) | $139943 | $43246 |
| **Propane gallons sales** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail - Sales to End Users | 83158 | 84109 | 566948 | 563885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholesale - Sales to Resellers | 44726 | 47025 | 217179 | 199870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total propane gallons sales | 127884 | 131134 | 784127 | 763755 |

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Adjusted EBITDA is calculated as net (loss) earnings attributable to Ferrellgas Partners, L.P., plus the sum of the following: income tax expense (benefit), interest expense, depreciation and amortization expense, non-cash employee stock ownership plan compensation charge, (gain) 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;(9) The Company did not pay any distributions to Class A Unitholders during any of the periods in fiscal 2025 or fiscal 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(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.

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**FERRELLGAS PARTNERS, L.P. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(in thousands, except unit data)**

**(unaudited)**

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| | | |
|:---|:---|:---|
| **ASSETS** | **July 31, 2025** | **July 31, 2024** |
| **Current assets:** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents (including $10,678 of restricted cash at July 31, 2024) | $96883 | $124160 |
| &nbsp;&nbsp;Accounts and notes receivable, net | 127510 | 120627 |
| &nbsp;&nbsp;Inventories | 87807 | 96032 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 30471 | 34383 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 342671 | 375202 |
| Property, plant and equipment, net | 602692 | 604954 |
| Goodwill, net | 257155 | 257006 |
| Intangible assets (net of accumulated amortization of $366,817 and $358,895 at July 31, 2025 and 2024, respectively) | 106451 | 112155 |
| Operating lease right-of-use assets | 39045 | 47620 |
| Other assets, net | 68702 | 61813 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $1416716 | $1458750 |
| **LIABILITIES, MEZZANINE AND EQUITY (DEFICIT)** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;Accounts payable | $31083 | $33829 |
| &nbsp;&nbsp;Current portion of long-term debt | 652178 | 2510 |
| &nbsp;&nbsp;Current operating lease liabilities | 16082 | 22448 |
| &nbsp;&nbsp;Other current liabilities | 215154 | 184021 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 914497 | 242808 |
| Long-term debt | 815462 | 1461008 |
| Operating lease liabilities | 24079 | 26006 |
| Other liabilities | 40457 | 27267 |
| Contingencies and commitments |  |  |
| **Mezzanine equity:** |  |  |
| Senior preferred units, net of issue discount and offering costs (700,000 units outstanding at July 31, 2025 and 2024) | 651349 | 651349 |
| **Equity (Deficit):** |  |  |
| &nbsp;&nbsp;Limited partner unitholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A (4,857,605 Units outstanding at July 31, 2025 and 2024) | (1332704) | (1256946) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B (1,300,000 Units outstanding at July 31, 2025 and 2024) | 383012 | 383012 |
| &nbsp;&nbsp;General partner Unitholder (49,496 Units outstanding at July 31, 2025 and 2024) | (70845) | (70080) |
| &nbsp;&nbsp;Accumulated other comprehensive (loss) income | (95) | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Ferrellgas Partners, L.P. deficit** | (1020632) | (941989) |
| &nbsp;&nbsp;Noncontrolling interest | (8496) | (7699) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total deficit** | (1029128) | (949688) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities, mezzanine and deficit** | $1416716 | $1458750 |

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