# EDGAR Filing Document

**Accession Number:** 0000922358
**File Stem:** 0001558370-25-008458
**Filing Date:** 2025-6
**Character Count:** 265909
**Document Hash:** 8fa200b0d2b7038ef989fc152952db3f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-008458.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001558370-25-008458

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 92

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**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:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11331
- **FILM NUMBER:** 251028823

**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:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50183
- **FILM NUMBER:** 251028824

**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:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-06693-02
- **FILM NUMBER:** 251028826

**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:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50182
- **FILM NUMBER:** 251028825

**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_April 30, 2025

[**Table of Contents**](#TOC)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

---

| | |
|:---|:---|
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|  | For the quarterly period ended April 30, 2025 |

---

or

---

| | |
|:---|:---|
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|  | For the transition period from to |

---

Commission file numbers: 001-11331, 000-50182, 333-06693-02 and 000-50183

Ferrellgas Partners, L.P.

Ferrellgas, L.P.

Ferrellgas Partners Finance Corp.

Ferrellgas Finance Corp.

*(Exact name of registrants as specified in their charters)*

---

| | |
|:---|:---|
| Delaware | 43-1698480 |
| Delaware | 43-1698481 |
| Delaware | 43-1742520 |
| Delaware | 14-1866671 |
| (States or other jurisdictions of incorporation or organization) | (I.R.S. Employer Identification Nos.) |
| One Liberty Plaza,<br> Liberty, Missouri | 64068 |
| (Address of principal executive office) | (Zip Code) |

---

Registrants' telephone number, including area code: (816) 792-1600

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. Yes ☐ No ☒

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrants were required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "Large Accelerated Filer," "Accelerated Filer," "Smaller Reporting Company," and "Emerging Growth Company" in Rule 12b-2 of the Exchange Act.

Ferrellgas Partners, L.P.: <br> Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Smaller Reporting Company ☒ <br> Emerging Growth Company ☐

Ferrellgas, L.P., Ferrellgas Partners Finance Corp. and Ferrellgas Finance Corp.: <br> Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ Smaller Reporting Company ☒ <br> 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, L.P. and Ferrellgas, L.P. ☐

Ferrellgas Partners Finance Corp. and Ferrellgas Finance Corp. ☐

Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act).

Ferrellgas Partners, L.P. and Ferrellgas, L.P. Yes ☐ No ☒

Ferrellgas Partners Finance Corp. and Ferrellgas Finance Corp. Yes ☒ No ☐

Indicate by check mark whether the registrants have filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Ferrellgas Partners, L.P. and Ferrellgas Partners Finance Corp. Yes ☒ No ☐

Ferrellgas, L.P. and Ferrellgas Finance Corp. N/A

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

---

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

---

At May 30, 2025, the registrants had Class A Units, Class B Units or shares of common stock outstanding as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrellgas Partners, L.P. | 4857605 | Class A Units |
|  | 1300000 | Class B Units |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrellgas, L.P. | n/a | n/a |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrellgas Partners Finance Corp. | 1000 | Common Stock |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferrellgas Finance Corp. | 1000 | Common Stock |

---

Documents Incorporated by Reference: None

EACH OF FERRELLGAS PARTNERS FINANCE CORP. AND FERRELLGAS FINANCE CORP. MEET THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(A) AND (B) OF FORM 10-Q AND ARE THEREFORE, WITH RESPECT TO EACH SUCH REGISTRANT, FILING THIS FORM 10-Q WITH THE REDUCED DISCLOSURE FORMAT.

------

[**Table of Contents**](#TOC)

**EXPLANATORY NOTE**

This report combines the quarterly reports on Form 10-Q for the quarter ended April 30, 2025 of Ferrellgas Partners, L.P. together with its consolidated subsidiaries, including Ferrellgas, L.P., Ferrellgas Partners Finance Corp., and Ferrellgas Finance Corp. Unless stated otherwise or the context otherwise requires, references to "Ferrellgas Partners" refers to Ferrellgas Partners, L.P. itself, with its consolidated subsidiaries. References to the "operating partnership" mean Ferrellgas, L.P., together (except where the context indicates otherwise) with its consolidated subsidiaries, including Ferrellgas Finance Corp. The terms "us," "we," "our," "ours," "consolidated," the "Company" or "Ferrellgas" refer to Ferrellgas Partners, L.P. together with its consolidated subsidiaries, including Ferrellgas, L.P., Ferrellgas Partners Finance Corp. and Ferrellgas Finance Corp., except when used in connection with "Class A Units" or "Class B Units," in which case these terms refer to Ferrellgas Partners, L.P. without its consolidated subsidiaries.

Ferrellgas Partners is a publicly traded Delaware limited partnership formed in 1994 and is primarily engaged in the retail distribution of propane and related equipment sales. Our Class A Units are traded on the OTC Pink Market under the symbol "FGPR." The operating partnership was formed on April 22, 1994, and accounts for substantially all of our consolidated assets, sales and operating earnings.

Ferrellgas Partners is a holding entity that conducts no operations and has two direct subsidiaries, the operating partnership and Ferrellgas Partners Finance Corp. Our activities are primarily conducted through the operating partnership. Ferrellgas Partners and the Preferred Unitholders are the only limited partners of the operating partnership. Ferrellgas, Inc. is the sole general partner of Ferrellgas Partners and the operating partnership and, excluding the economic interests attributable to the Class B Units and the Preferred Units, owns an approximate 1% general partner economic interest in each, and, therefore, an effective 2% general partner economic interest in the operating partnership. Excluding the economic interests attributable to the Preferred Units, Ferrellgas Partners owns an approximate 99% limited partner interest in the operating partnership.

Our general partner performs all management functions for us. The parent company of our general partner, Ferrell Companies, currently beneficially owns approximately 23.4% of our outstanding Class A Units. Ferrell Companies is owned 100% by an employee stock ownership trust.

We believe that combining the quarterly reports on Form 10-Q for these entities provides the following benefits:

● enhances investors' understanding of Ferrellgas Partners and the operating partnership by enabling investors to view the business as a whole in the same manner that management views and operates the business;

● eliminates duplicative disclosure and provides a more streamlined and readable presentation, since a substantial portion of the disclosure applies to both Ferrellgas Partners and the operating partnership; and

● creates time and cost efficiencies through the preparation of a combined presentation.

To help investors understand the differences between Ferrellgas Partners and the operating partnership, this report provides separate condensed consolidated financial statements for Ferrellgas Partners and the operating partnership. Noncontrolling interests, Class A Units, Class B Units, shareholders' equity (deficit) and partners' deficit are the main areas of difference between the condensed consolidated financial statements of Ferrellgas Partners and those of the operating partnership. A single set of notes to condensed consolidated financial statements is presented that includes separate discussions for Ferrellgas Partners and the operating partnership, when applicable. A combined Management's Discussion and Analysis of Financial Condition and Results of Operations section is also included that presents combined information and discrete information related to each entity, as applicable.

In order to highlight the differences between Ferrellgas Partners and the operating partnership, this report includes the following sections that provide separate financial information for Ferrellgas Partners and the operating partnership:

● condensed consolidated financial statements; and

● certain accompanying notes to condensed consolidated financial statements, which denote " Ferrellgas Partners " and " The operating partnership " in sections where applicable.

[**Table of Contents**](#TOC)

#### FERRELLGAS PARTNERS, L.P.

#### FERRELLGAS, L.P.

#### FERRELLGAS PARTNERS FINANCE CORP.

#### FERRELLGAS FINANCE CORP.

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [PART I - FINANCIAL INFORMATION](#PARTIFINANCIALINFORMATION_89377) | [PART I - FINANCIAL INFORMATION](#PARTIFINANCIALINFORMATION_89377) |  |
| [ITEM 1.](#ITEM1L_FIN_STATEMENTS) | [FINANCIAL STATEMENTS (unaudited)](#ITEM1L_FIN_STATEMENTS) |  |
|  | [**Ferrellgas Partners, L.P. and Subsidiaries**](#FERRELLGASPARTNERSLPANDSUBSIDIARI) |  |
|  | [Condensed Consolidated Balance Sheets – April 30, 2025 and July 31, 2024](#CONDENSEDCONSOLIDATEDBALANCESHEETS) | 4 |
|  | [Condensed Consolidated Statements of Operations – Three and nine months ended April 30, 2025 and 2024](#CONSOLIDATEDSTATEMENTSOFOPERATIONS) | 5 |
|  | [Condensed Consolidated Statements of Comprehensive Income – Three and nine months ended April 30, 2025 and 2024](#STATEMENTSOFCOMPREHENSIVEINCOME) | 6 |
|  | [Condensed Consolidated Statements of Deficit – Three and nine months ended April 30, 2025 and 2024](#STATEMENTOFPARTNERSDEFICIT) | 7 |
|  | [Condensed Consolidated Statements of Cash Flows – Nine months ended April 30, 2025 and 2024](#STATEMENTSOFCASHFLOWS) | 9 |
|  | [**Ferrellgas, L.P. and Subsidiaries**](#FERRELLGASLPANDSUBSIDIARIES) |  |
|  | [Condensed Consolidated Balance Sheets – April 30, 2025 and July 31, 2024](#BALANCESHEETS) | 10 |
|  | [Condensed Consolidated Statements of Operations – Three and nine months ended April 30, 2025 and 2024](#STATEMENTSOFOPERATIONS) | 11 |
|  | [Condensed Consolidated Statements of Comprehensive Income – Three and nine months ended April 30, 2025 and 2024](#COMPREHENSIVEINCOME) | 12 |
|  | [Condensed Consolidated Statements of Partners' Deficit – Three and nine months ended April 30, 2025 and 2024](#PARTNERSEQUITY)  | 13 |
|  | [Condensed Consolidated Statements of Cash Flows – Nine months ended April 30, 2025 and 2024](#CASHFLOWS) | 14 |
|  | [**Ferrellgas Partners, L.P. and Subsidiaries and Ferrellgas, L.P. and Subsidiaries**](#NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS) |  |
|  | [Notes to Condensed Consolidated Financial Statements](#NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS) | 15 |
|  | [**Ferrellgas Partners Finance Corp.**](#FERRELLGASPARTNERSFINANCECORP_876179) |  |
|  | [Condensed Balance Sheets – April 30, 2025 and July 31, 2024](#CONDENSEDBALANCESHEETS) | 35 |
|  | [Condensed Statements of Operations – Three and nine months ended April 30, 2025 and 2024](#CONDENSEDSTATEMENTSOFOPERATIONS) | 36 |
|  | [Condensed Statements of Cash Flows – Nine months ended April 30, 2025 and 2024](#CONDENSEDSTATEMENTSOFCASHFLOWS) | 37 |
|  | [Notes to Condensed Financial Statements](#NOTESTOCONDENSEDFINANCIALSTATEMENTS) | 38 |
|  | [**Ferrellgas Finance Corp.**](#Finance_Corp) |  |
|  | [Condensed Balance Sheets – April 30, 2025 and July 31, 2024](#GASCONDENSEDBALANCESHEETS) | 39 |
|  | [Condensed Statements of Operations – Three and nine months ended April 30, 2025 and 2024](#GASCONDENSEDSTATEMENTSOFOPERATIONS) | 40 |
|  | [Condensed Statements of Cash Flows – Nine months ended April 30, 2025 and 2024](#GASCONDENSEDSTATEMENTSOFCASHFLOWS) | 41 |
|  | [Notes to Condensed Financial Statements](#GASFINANCIALSTATEMENTS) | 42 |
| [ITEM 2.](#MDA) | [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#MDA) | 43 |
| [ITEM 3.](#ITEM3QUANTITATIVEANDQUALITATIVE) | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#ITEM3QUANTITATIVEANDQUALITATIVE) | 63 |
| [ITEM 4.](#ITEM4CONTROLSANDPROCEDURES) | [CONTROLS AND PROCEDURES](#ITEM4CONTROLSANDPROCEDURES) | 64 |
| [PART II - OTHER INFORMATION](#PART_II) | [PART II - OTHER INFORMATION](#PART_II) |  |
| [ITEM 1.](#ITEM1LEGALPROCEEDINGS) | [LEGAL PROCEEDINGS](#ITEM1LEGALPROCEEDINGS) | 65 |
| [ITEM 1A.](#ITEM1ARISKFACTORS) | [RISK FACTORS](#ITEM1ARISKFACTORS) | 65 |
| [ITEM 2.](#ITEM2UNREGISTEREDSALES) | [UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS](#ITEM2UNREGISTEREDSALES) | 66 |
| [ITEM 3.](#ITEM3DEFAULTSUPONSENIORSECURITIES) | [DEFAULTS UPON SENIOR SECURITIES](#ITEM3DEFAULTSUPONSENIORSECURITIES) | 66 |
| [ITEM 4.](#ITEM4MINESAFETYDISCLOSURES) | [MINE SAFETY DISCLOSURES](#ITEM4MINESAFETYDISCLOSURES) | 66 |
| [ITEM 5.](#ITEM5OTHERINFO) | [OTHER INFORMATION](#ITEM5OTHERINFO) | 66 |
| [ITEM 6.](#ITEM6EXHIBITS_7732) | [EXHIBITS](#ITEM6EXHIBITS_7732) | 67 |

---

[**Table of Contents**](#TOC)

#### PART I - FINANCIAL INFORMATION

---

| | |
|:---|:---|
| **ITEM 1.** | **FINANCIAL STATEMENTS (unaudited)** |

---

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

**CONDENSED CONSOLIDATED BALANCE SHEETS**

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

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **July 31, 2024** |
| **ASSETS** |  |  |
| **Current assets:** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents (including $10,678 of restricted cash at July 31, 2024) | $109325 | $124160 |
| &nbsp;&nbsp;Accounts and notes receivable, net | 183115 | 120627 |
| &nbsp;&nbsp;Inventories | 86109 | 96032 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 29795 | 34383 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 408344 | 375202 |
| Property, plant and equipment, net | 609827 | 604954 |
| Goodwill, net | 257155 | 257006 |
| Intangible assets (net of accumulated amortization of $364,949 and $358,895 at April 30, 2025 and July 31, 2024, respectively) | 108318 | 112155 |
| Operating lease right-of-use assets | 40963 | 47620 |
| Other assets, net | 71112 | 61813 |
| &nbsp;&nbsp;**Total assets** | $1495719 | $1458750 |
| **LIABILITIES, MEZZANINE AND EQUITY (DEFICIT)** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;Accounts payable | $49087 | $33829 |
| &nbsp;&nbsp;Current portion of long-term debt | 652382 | 2510 |
| &nbsp;&nbsp;Current operating lease liabilities | 17141 | 22448 |
| &nbsp;&nbsp;Other current liabilities | 229211 | 184021 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 947821 | 242808 |
| Long-term debt | 814050 | 1461008 |
| Operating lease liabilities | 24840 | 26006 |
| Other liabilities | 42766 | 27267 |
| Contingencies and commitments (Note L) |  |  |
| **Mezzanine equity:** |  |  |
| Senior preferred units, net of issue discount and offering costs (700,000 units outstanding at April 30, 2025 and July 31, 2024) | 651349 | 651349 |
| **Equity (Deficit):** |  |  |
| Limited partner unitholders |  |  |
| &nbsp;&nbsp;Class A (4,857,605 units outstanding at April 30, 2025 and July 31, 2024) | (1291074) | (1256946) |
| &nbsp;&nbsp;Class B (1,300,000 units outstanding at April 30, 2025 and July 31, 2024) | 383012 | 383012 |
| General partner unitholder (49,496 units outstanding at April 30, 2025 and July 31, 2024) | (70425) | (70080) |
| Accumulated other comprehensive income | 1435 | 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Ferrellgas Partners, L.P. deficit** | (977052) | (941989) |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interest | (8055) | (7699) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total deficit** | (985107) | (949688) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities, mezzanine and deficit** | $1495719 | $1458750 |

---

See notes to condensed consolidated financial statements.

[**Table of Contents**](#TOC)

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

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

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

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended April 30,**  | **For the three months ended April 30,**  | **For the nine months ended April 30,**  | **For the nine months ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;Propane and other gas liquids sales | $533546 | $490057 | $1507371 | $1413200 |
| &nbsp;&nbsp;Other | 27301 | 25717 | 87337 | 83464 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 560847 | 515774 | 1594708 | 1496664 |
| **Costs and expenses:** |  |  |  |  |
| &nbsp;&nbsp;Cost of sales - propane and other gas liquids sales | 267891 | 240281 | 750953 | 690299 |
| &nbsp;&nbsp;Cost of sales - other | 3727 | 3195 | 11838 | 11366 |
| &nbsp;&nbsp;Operating expense - personnel, vehicle, plant and other | 159392 | 150629 | 478306 | 454913 |
| &nbsp;&nbsp;Operating expense - equipment lease expense | 3833 | 5275 | 14333 | 15994 |
| &nbsp;&nbsp;Depreciation and amortization expense | 24336 | 25340 | 73006 | 74179 |
| &nbsp;&nbsp;General and administrative expense | 12721 | 13305 | 167361 | 43321 |
| &nbsp;&nbsp;Non-cash employee stock ownership plan compensation charge | 802 | 880 | 2358 | 2500 |
| &nbsp;&nbsp;Loss on asset sales and disposals | 855 | 130 | 4546 | 1847 |
| **Operating income** | 87290 | 76739 | 92007 | 202245 |
| Interest expense | (28142) | (24685) | (82116) | (73205) |
| Other income, net | 779 | 1324 | 1957 | 3509 |
| **Earnings before income taxes** | 59927 | 53378 | 11848 | 132549 |
| Income tax expense | 378 | 240 | 943 | 711 |
| **Net earnings** | 59549 | 53138 | 10905 | 131838 |
| Net earnings (loss) attributable to noncontrolling interest | 444 | 372 | (375) | 839 |
| **Net earnings attributable to Ferrellgas Partners, L.P.** | $59105 | $52766 | $11280 | $130999 |
| **Class A unitholders' interest in net earnings (loss) (Note M)** | $6127 | $(63802) | $(36919) | $(18853) |
| **Basic and diluted net earnings (loss) per Class A Unit (Note M)** | $1.26 | $(13.13) | $(7.60) | $(3.88) |

---

See notes to condensed consolidated financial statements.

[**Table of Contents**](#TOC)

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

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

**(in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended April 30,**  | **For the three months ended April 30,**  | **For the nine months ended April 30,**  | **For the nine months ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net earnings** | $59549 | $53138 | $10905 | $131838 |
| **Other comprehensive loss:** |  |  |  |  |
| &nbsp;&nbsp;Change in value of risk management derivatives | (2674) | (1180) | 7081 | (116) |
| &nbsp;&nbsp;Reclassification of (gains) losses on derivatives to earnings, net | (5512) | (5179) | (7677) | 75 |
| **Other comprehensive loss:** | (8186) | (6359) | (596) | (41) |
| Comprehensive income | 51363 | 46779 | 10309 | 131797 |
| Comprehensive income (loss) attributable to noncontrolling interest | (361) | (308) | 381 | (839) |
| **Comprehensive income attributable to Ferrellgas Partners, L.P.** | $51002 | $46471 | $10690 | $130958 |

---

See notes to condensed consolidated financial statements.

[**Table of Contents**](#TOC)

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

**CONDENSED CONSOLIDATED STATEMENTS OF DEFICIT**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of units** | **Number of units** | **Number of units** | | | | | | | |
|  | <br>**Class A**<br>**unitholders**  | <br>**Class B**<br>**unitholders** | **General**<br>**partner**<br>**unitholder** | <br><br>**Class A**<br>**unitholders** | <br><br>**Class B**<br>**unitholders** | <br>**General**<br>**partner**<br>**unitholder** | **Accumulated**<br>**other**<br>**comprehensive**<br>**income** | **Total Ferrellgas**<br>**Partners, L.P.**<br>**partners'**<br>**deficit** | <br><br>**Non-controlling**<br>**interest** | <br><br>**Total**<br>**deficit** |
| **Balance at July 31, 2024** | 4857.6 | 1300.0 | 49.5 | $(1256946) | $383012 | $(70080) | $2025 | $(941989) | $(7699) | $(949688) |
| Contributions in connection with non-cash ESOP compensation charges |  |  |  | 836 |  | 8 |  | 844 | 9 | 853 |
| Net earnings allocated to preferred units |  |  |  | (16070) |  | (162) |  | (16232) |  | (16232) |
| Net loss |  |  |  | (145201) |  | (1467) |  | (146668) | (1662) | (148330) |
| Other comprehensive income |  |  |  |  |  |  | 4828 | 4828 | 49 | 4877 |
| **Balance at October 31, 2024** | 4857.6 | 1300.0 | 49.5 | (1417381) | 383012 | (71701) | 6853 | (1099217) | (9303) | (1108520) |
| Contributions in connection with non-cash ESOP compensation charges |  |  |  | 689 |  | 7 |  | 696 | 7 | 703 |
| Net earnings allocated to preferred units |  |  |  | (16068) |  | (163) |  | (16231) |  | (16231) |
| Net earnings |  |  |  | 97854 |  | 989 |  | 98843 | 843 | 99686 |
| Other comprehensive income |  |  |  |  |  |  | 2685 | 2685 | 28 | 2713 |
| **Balance at January 31, 2025** | 4857.6 | 1300.0 | 49.5 | (1334906) | 383012 | (70868) | 9538 | (1013224) | (8425) | (1021649) |
| Contributions in connection with non-cash ESOP compensation charges |  |  |  | 785 |  | 8 |  | 793 | 9 | 802 |
| Net earnings allocated to preferred units |  |  |  | (15467) |  | (156) |  | (15623) |  | (15623) |
| Net earnings |  |  |  | 58514 |  | 591 |  | 59105 | 444 | 59549 |
| Other comprehensive loss |  |  |  |  |  |  | (8103) | (8103) | (83) | (8186) |
| **Balance at April 30, 2025** | 4857.6 | 1300.0 | 49.5 | $(1291074) | $383012 | $(70425) | $1435 | $(977052) | $(8055) | $(985107) |

---

See notes to condensed consolidated financial statements.

[**Table of Contents**](#TOC)

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

**CONDENSED CONSOLIDATED STATEMENTS OF DEFICIT**

**(in thousands)**

**(unaudited)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of units** | **Number of units** | **Number of units** | | | | | | | |
|  | <br>**Class A**<br>**unitholders**  | <br>**Class B**<br>**unitholders** | **General**<br>**partner**<br>**unitholder** | **&nbsp;&nbsp;&nbsp;&nbsp;**<br><br>**Class A**<br>**unitholders** | **&nbsp;&nbsp;&nbsp;&nbsp;**<br><br>**Class B**<br>**unitholders** | <br>**General**<br>**partner**<br>**unitholder** | **Accumulated**<br>**other**<br>**comprehensive**<br>**income (loss)** | **Total Ferrellgas**<br>**Partners, L.P.**<br>**partners'**<br>**deficit** | <br>**Non-controlling**<br>**interest** | <br>**Total**<br>**deficit** |
| **Balance at July 31, 2023** | 4857.6 | 1300.0 | 49.5 | $(1205103) | $383012 | $(70566) | $1059 | $(891598) | $(7193) | $(898791) |
| Contributions in connection with non-cash ESOP compensation charges |  |  |  | 706 |  | 7 |  | 713 | 7 | 720 |
| Net earnings allocated to preferred units |  |  |  | (16088) |  | (163) |  | (16251) |  | (16251) |
| Net loss |  |  |  | (17381) |  | (175) |  | (17556) | (345) | (17901) |
| Other comprehensive loss |  |  |  |  |  |  | (10184) | (10184) | (104) | (10288) |
| **Balance at October 31, 2023** | 4857.6 | 1300.0 | 49.5 | (1237866) | 383012 | (70897) | (9125) | (934876) | (7635) | (942511) |
| Contributions in connection with non-cash ESOP compensation charges |  |  |  | 882 |  | 9 |  | 891 | 9 | 900 |
| Net earnings allocated to preferred units |  |  |  | (16088) |  | (162) |  | (16250) |  | (16250) |
| Net earnings |  |  |  | 94831 |  | 958 |  | 95789 | 812 | 96601 |
| Other comprehensive income |  |  |  |  |  |  | 16438 | 16438 | 168 | 16606 |
| **Balance at January 31, 2024** | 4857.6 | 1300.0 | 49.5 | (1158241) | 383012 | (70092) | 7313 | (838008) | (6646) | (844654) |
| Contributions in connection with non-cash ESOP compensation charges |  |  |  | 862 |  | 9 |  | 871 | 9 | 880 |
| Distributions |  |  |  |  |  |  |  |  | (1010) | (1010) |
| Distributions to Class B unitholders |  |  |  |  | (99996) |  |  | (99996) |  | (99996) |
| Net earnings allocated to Class B units |  |  |  | (99996) | 99996 |  |  |  |  |  |
| Net earnings allocated to preferred units |  |  |  | (15885) |  | (160) |  | (16045) |  | (16045) |
| Net earnings |  |  |  | 52239 |  | 527 |  | 52766 | 372 | 53138 |
| Other comprehensive loss |  |  |  |  |  |  | (6295) | (6295) | (64) | (6359) |
| **Balance at April 30, 2024** | 4857.6 | 1300.0 | 49.5 | $(1221021) | $383012 | $(69716) | $1018 | $(906707) | $(7339) | $(914046) |

---

See notes to condensed consolidated financial statements.

[**Table of Contents**](#TOC)

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

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended April 30,**  | **For the nine months ended April 30,**  |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;Net earnings | $10905 | $131838 |
| &nbsp;&nbsp;Reconciliation of net earnings to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 73006 | 74179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash employee stock ownership plan compensation charge | 2358 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on asset sales and disposals | 4546 | 1847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for expected credit losses | 1982 | 1518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 10772 | 5719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of effects from business acquisitions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts and notes receivable | (64470) | (20302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 9923 | 6829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 2925 | 865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 15675 | 12350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest expense | (21869) | (21475) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 58694 | (18632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | 12150 | (1295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 116597 | 175941 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;Business acquisitions, net of cash acquired | (3756) | (16499) |
| &nbsp;&nbsp;Capital expenditures | (68191) | (69490) |
| &nbsp;&nbsp;Proceeds from sale of assets | 2115 | 1969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (69832) | (84020) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;Distributions to Ferrellgas, Inc. |  | (1010) |
| &nbsp;&nbsp;Preferred unit distributions | (48737) | (49141) |
| &nbsp;&nbsp;Distributions to Class B unitholders |  | (99996) |
| &nbsp;&nbsp;Payments on long-term debt | (2200) | (2167) |
| &nbsp;&nbsp;Cash paid for financing costs  | (6961) |  |
| &nbsp;&nbsp;Cash payments for principal portion of lease liability | (7952) | (4459) |
| &nbsp;&nbsp;Other, net | 4250 | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (61600) | (155623) |
| Net change in cash, cash equivalents and restricted cash | (14835) | (63702) |
| Cash, cash equivalents and restricted cash - beginning of period | 124160 | 137347 |
| **Cash, cash equivalents and restricted cash - end of period** | $109325 | $73645 |

---

See notes to condensed consolidated financial statements.

[**Table of Contents**](#TOC)

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

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **July 31, 2024** |
| **ASSETS** |  |  |
| **Current assets:** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents (including $10,678 of restricted cash at July 31, 2024) | $109016 | $123732 |
| &nbsp;&nbsp;Accounts and notes receivable, net | 183115 | 120627 |
| &nbsp;&nbsp;Inventories | 86109 | 96032 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 29775 | 34363 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 408015 | 374754 |
| Property, plant and equipment, net | 609827 | 604954 |
| Goodwill, net | 257155 | 257006 |
| Intangible assets (net of accumulated amortization of $364,949 and $358,895 at April 30, 2025 and July 31, 2024, respectively) | 108318 | 112155 |
| Operating lease right-of-use assets | 40963 | 47620 |
| Other assets, net | 71112 | 61813 |
| &nbsp;&nbsp;**Total assets** | $1495390 | $1458302 |
| **LIABILITIES, MEZZANINE AND DEFICIT** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;Accounts payable | $49087 | $33829 |
| &nbsp;&nbsp;Current portion of long-term debt | 652382 | 2510 |
| &nbsp;&nbsp;Current operating lease liabilities | 17141 | 22448 |
| &nbsp;&nbsp;Other current liabilities | 229162 | 183896 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 947772 | 242683 |
| Long-term debt | 814050 | 1461008 |
| Operating lease liabilities | 24840 | 26006 |
| Other liabilities | 42766 | 27267 |
| Contingencies and commitments (Note L) |  |  |
| **Mezzanine equity:** |  |  |
| Senior preferred units, net of issue discount and offering costs (700,000 units outstanding at April 30, 2025 and July 31, 2024) | 651349 | 651349 |
| **Deficit:** |  |  |
| &nbsp;&nbsp;Limited partners | (978767) | (944337) |
| &nbsp;&nbsp;General partner | (8083) | (7733) |
| &nbsp;&nbsp;Accumulated other comprehensive income | 1463 | 2059 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total deficit** | (985387) | (950011) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities, mezzanine and deficit** | $1495390 | $1458302 |

---

See notes to condensed consolidated financial statements.

[**Table of Contents**](#TOC)

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

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended April 30,**  | **For the three months ended April 30,**  | **For the nine months ended April 30,**  | **For the nine months ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;Propane and other gas liquids sales | $533546 | $490057 | $1507371 | $1413200 |
| &nbsp;&nbsp;Other | 27301 | 25717 | 87337 | 83464 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 560847 | 515774 | 1594708 | 1496664 |
| **Costs and expenses:** |  |  |  |  |
| &nbsp;&nbsp;Cost of sales - propane and other gas liquids sales | 267891 | 240281 | 750953 | 690299 |
| &nbsp;&nbsp;Cost of sales - other | 3727 | 3195 | 11838 | 11366 |
| &nbsp;&nbsp;Operating expense - personnel, vehicle, plant and other | 159392 | 150629 | 478306 | 454913 |
| &nbsp;&nbsp;Operating expense - equipment lease expense  | 3833 | 5275 | 14333 | 15994 |
| &nbsp;&nbsp;Depreciation and amortization expense | 24336 | 25340 | 73006 | 74179 |
| &nbsp;&nbsp;General and administrative expense | 12720 | 13292 | 167359 | 43313 |
| &nbsp;&nbsp;Non-cash employee stock ownership plan compensation charge | 802 | 880 | 2358 | 2500 |
| &nbsp;&nbsp;Loss on asset sales and disposals | 855 | 130 | 4546 | 1847 |
| **Operating income** | 87291 | 76752 | 92009 | 202253 |
| Interest expense | (28142) | (24685) | (82116) | (73205) |
| Other income, net | 776 | 1002 | 1944 | 3190 |
| **Earnings before income taxes** | 59925 | 53069 | 11837 | 132238 |
| Income tax expense | 324 | 206 | 889 | 659 |
| **Net earnings** | $59601 | $52863 | $10948 | $131579 |

---

See notes to condensed consolidated financial statements.

[**Table of Contents**](#TOC)

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

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

**(in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended April 30,**  | **For the three months ended April 30,**  | **For the nine months ended April 30,**  | **For the nine months ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net earnings** | $59601 | $52863 | $10948 | $131579 |
| **Other comprehensive loss:** |  |  |  |  |
| &nbsp;&nbsp;Change in value of risk management derivatives | (2674) | (1180) | 7081 | (116) |
| &nbsp;&nbsp;Reclassification of (gains) losses on derivatives to earnings, net | (5512) | (5179) | (7677) | 75 |
| **Other comprehensive loss:** | (8186) | (6359) | (596) | (41) |
| **Comprehensive income** | $51415 | $46504 | $10352 | $131538 |

---

See notes to condensed consolidated financial statements.

[**Table of Contents**](#TOC)

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

**CONDENSED CONSOLIDATED STATEMENTS OF PARTNERS' DEFICIT**

**(in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Limited**<br>**partner** | <br>**General**<br>**partner** | **Accumulated**<br>**other**<br>**comprehensive**<br>**income** | <br>**Total**<br>**partners'**<br>**deficit** |
| **Balance at July 31, 2024** | $(944337) | $(7733) | $2059 | $(950011) |
| Contributions in connection with non-cash ESOP compensation charges | 844 | 9 |  | 853 |
| Net earnings allocated to preferred units | (16232) |  |  | (16232) |
| Net loss | (146673) | (1662) |  | (148335) |
| Other comprehensive income |  |  | 4877 | 4877 |
| **Balance at October 31, 2024** | (1106398) | (9386) | 6936 | (1108848) |
| Contributions in connection with non-cash ESOP compensation charges | 696 | 7 |  | 703 |
| Net earnings allocated to preferred units | (16231) |  |  | (16231) |
| Net earnings | 98839 | 843 |  | 99682 |
| Other comprehensive income |  |  | 2713 | 2713 |
| **Balance at January 31, 2025** | (1023094) | (8536) | 9649 | (1021981) |
| Contributions in connection with non-cash ESOP compensation charges | 793 | 9 |  | 802 |
| Net earnings allocated to preferred units | (15623) |  |  | (15623) |
| Net earnings | 59157 | 444 |  | 59601 |
| Other comprehensive loss |  |  | (8186) | (8186) |
| **Balance at April 30, 2025** | $(978767) | $(8083) | $1463 | $(985387) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Limited**<br>**partner** | <br>**General**<br>**partner** | **Accumulated**<br>**other**<br>**comprehensive**<br>**income (loss)** | <br>**Total**<br>**partners'**<br>**deficit** |
| **Balance at July 31, 2023** | $(892717) | $(7217) | $1083 | $(898851) |
| Contributions in connection with non-cash ESOP compensation charges | 713 | 7 |  | 720 |
| Net earnings allocated to preferred units | (16251) |  |  | (16251) |
| Net loss | (17538) | (345) |  | (17883) |
| Other comprehensive loss |  |  | (10288) | (10288) |
| **Balance at October 31, 2023** | (925793) | (7555) | (9205) | (942553) |
| Contributions in connection with non-cash ESOP compensation charges | 891 | 9 |  | 900 |
| Net earnings allocated to preferred units | (16250) |  |  | (16250) |
| Net earnings | 95787 | 812 |  | 96599 |
| Other comprehensive income |  |  | 16606 | 16606 |
| **Balance at January 31, 2024** | (845365) | (6734) | 7401 | (844698) |
| Contributions in connection with non-cash ESOP compensation charges | 871 | 9 |  | 880 |
| Distributions | (100000) | (1010) |  | (101010) |
| Net earnings allocated to preferred units | (16045) |  |  | (16045) |
| Net earnings | 52491 | 372 |  | 52863 |
| Other comprehensive loss |  |  | (6359) | (6359) |
| **Balance at April 30, 2024** | $(908048) | $(7363) | $1042 | $(914369) |

---

See notes to condensed consolidated financial statements.

[**Table of Contents**](#TOC)

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

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in thousands)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended April 30,**  | **For the nine months ended April 30,**  |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;Net earnings | $10948 | $131579 |
| &nbsp;&nbsp;Reconciliation of net earnings to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 73006 | 74179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash employee stock ownership plan compensation charge | 2358 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on asset sales and disposals | 4546 | 1847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for expected credit losses | 1982 | 1518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 10772 | 5719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of effects from business acquisitions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts and notes receivable | (64470) | (20302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 9923 | 6829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 2925 | 863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 15675 | 12350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest expense | (21869) | (21475) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 58770 | (18689) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets and liabilities | 12150 | (1295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 116716 | 175623 |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;Business acquisitions, net of cash acquired | (3756) | (16499) |
| &nbsp;&nbsp;Capital expenditures | (68191) | (69490) |
| &nbsp;&nbsp;Proceeds from sale of assets | 2115 | 1969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (69832) | (84020) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;Distributions to Ferrellgas, Inc. |  | (1010) |
| &nbsp;&nbsp;Preferred unit distributions | (48737) | (49141) |
| &nbsp;&nbsp;Distributions to Ferrellgas Partners |  | (100000) |
| &nbsp;&nbsp;Payments on long-term debt | (2200) | (2167) |
| &nbsp;&nbsp;Cash paid for financing costs | (6961) |  |
| &nbsp;&nbsp;Cash paid for principal portion of finance lease liability | (7952) | (4459) |
| &nbsp;&nbsp;Other, net | 4250 | 1150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (61600) | (155627) |
| Net change in cash, cash equivalents and restricted cash | (14716) | (64024) |
| Cash, cash equivalents and restricted cash - beginning of period | 123732 | 137245 |
| **Cash, cash equivalents and restricted cash - end of period** | $109016 | $73221 |

---

See notes to condensed consolidated financial statements.

[**Table of Contents**](#TOC)

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

#### NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
**(Dollars in thousands, except per unit data, unless otherwise designated)**

**(unaudited)**

**A.&nbsp;&nbsp;&nbsp;&nbsp;Partnership organization and formation**

Ferrellgas Partners

Ferrellgas Partners, L.P. ("Ferrellgas Partners") was formed on April 19, 1994, and is a publicly traded limited partnership. Ferrellgas Partners is a holding entity that conducts no operations and has two direct subsidiaries, Ferrellgas Partners Finance Corp. and Ferrellgas, L.P. (the "operating partnership"). Ferrellgas Partners was formed to acquire and hold a limited partner interest in the operating partnership. Ferrellgas Partners owns a 100% equity interest in Ferrellgas Partners Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of any debt securities issued by Ferrellgas Partners. Our activities are primarily conducted through the operating partnership. Ferrellgas Partners and the operating partnership, collectively referred to as "Ferrellgas," are both Delaware limited partnerships and are governed by their respective partnership agreements. These agreements contain specific provisions for the allocation of net earnings and loss to each of the partners for purposes of maintaining the partner capital accounts.

Ferrellgas, Inc. (the "general partner"), a Delaware corporation and a wholly-owned subsidiary of Ferrell Companies, is the sole general partner of Ferrellgas Partners and the operating partnership and, excluding the economic interests attributable to Ferrellgas Partners' Class B Units and the operating partnership's Preferred Units (as defined in Note F "Preferred units"), owns an approximate 1% general partner economic interest in each, and, therefore, an effective 2% general partner economic interest in the operating partnership. Excluding the economic interests attributable to the Preferred Units, Ferrellgas Partners owns an approximate 99% limited partner interest in the operating partnership. Our general partner performs all management functions for us. Unless contractually provided for, creditors of the operating partnership have no recourse with regards to Ferrellgas Partners. As of April 30, 2025, Ferrell Companies Inc., a Kansas corporation ("Ferrell Companies"), the parent company of our general partner, beneficially owns approximately 23.4% of Ferrellgas Partners' outstanding Class A Units. Ferrell Companies is owned 100% by an employee stock ownership trust.

The operating partnership

The operating partnership was formed on April 22, 1994, and accounts for substantially all of our consolidated assets, sales and operating earnings. The operating partnership is a limited partnership that owns and operates propane distribution and related assets. Ferrellgas Partners and the holders of the Preferred Units are the only limited partners of the operating partnership.

The operating partnership owns a 100% equity interest in Ferrellgas Finance Corp., whose only business activity is to act as the co-issuer and co-obligor of debt securities issued by the operating partnership.

The operating partnership is primarily engaged in the retail distribution of propane and related equipment sales. The propane distribution market is seasonal because propane is used primarily for heating in residential and commercial buildings. Ferrellgas serves residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia, and Puerto Rico.

***Basis of presentation***

Due to seasonality, the results of operations for the nine months ended April 30, 2025 are not necessarily indicative of the results to be expected for the full fiscal year ending July 31, 2025.

The condensed consolidated financial statements of Ferrellgas reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim periods presented. All adjustments to the condensed consolidated financial statements were of a normal recurring nature. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with (i) the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and (ii) the consolidated financial statements and accompanying notes included in Ferrellgas' Annual Report on Form 10-K for fiscal 2024.

[**Table of Contents**](#TOC)

**B.&nbsp;&nbsp;&nbsp;&nbsp;Summary of significant accounting policies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1) Accounting estimates**

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates. Significant estimates impacting the condensed consolidated financial statements include accruals that have been established for contingent liabilities, pending claims and legal actions arising in the normal course of business, useful lives of property, plant and equipment, residual values of tanks, capitalization of customer tank installation costs, amortization methods of intangible assets, valuation methods used to value sales returns and allowances, allowance for expected credit losses, fair value of reporting unit, recoverability of long-lived assets, assumptions used to value business combinations, determination of incremental borrowing rate used to measure right-of-use assets ("ROU assets") and lease liability, and fair values of derivative contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2) Goodwill, net**

Goodwill is tested for impairment annually during the second fiscal quarter, or more frequently if events or changes in circumstances indicate that it is more likely than not the fair value of a reporting unit is less than the carrying value. Ferrellgas has determined that it has one reporting unit for goodwill impairment testing purposes. Ferrellgas completed its most recent annual goodwill impairment test on January 31, 2025 and did not incur an impairment loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3) Principles of consolidation and basis of presentation**

Certain prior period amounts have been reclassified to conform to the current year presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4) New accounting standards**

Recently adopted accounting pronouncements

No new accounting standards were adopted during the nine months ended April 30, 2025.

Recently issued accounting pronouncements not yet adopted

In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* ("ASU 2023-07"), to improve segment disclosures, primarily through enhanced disclosures for significant segment expenses. ASU 2023-07 does not change how a public entity identifies its operating segments, aggregates those operating segments, or applies quantitative thresholds to determine its reportable segments. The update is effective on a retrospective basis for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company plans to adopt ASU 2023-07 starting with our Form 10-K for the year ended July 31, 2025, and our quarterly reports on Form 10-Q starting with our quarterly report for the quarter ended October 31, 2025. The adoption of this guidance will impact our disclosures only and we do not expect it to have a material impact.

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* ("ASU 2023-09"). In addition to new disclosures associated with the reconciliation of the effective tax rate to the statutory rate, ASU 2023-09 requires information related to taxes paid to be disaggregated for federal and state taxes and further disaggregated for specific jurisdictions to the extent they exceed a quantitative threshold. ASU 2023-09 is effective prospectively with an option for retrospective application for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company plans to adopt ASU 2023-09 as of August 1, 2025. The adoption of this guidance will impact our disclosures only and we do not expect it to have a material impact.

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In November 2024, the FASB issued ASU 2024-03, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses* ("ASU 2024-03"), which requires the disaggregation, in the notes to the financial statements, of certain cost and expense captions presented on the face of the Company's Statement of Operations, to provide enhanced transparency to investors. The update may be applied either prospectively or retrospectively. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company plans to adopt ASU 2024-03 starting with our Form 10-K for the year ended July 31, 2028, and our quarterly reports on Form 10-Q starting with our quarterly report for the quarter ended October 31, 2028. The Company is currently evaluating the impact ASU 2024-03 will have on its disclosures.

**C.&nbsp;&nbsp;&nbsp;&nbsp;Supplemental financial statement information**

***Inventories***

Inventories consist of the following:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **July 31, 2024** |
| Propane gas and related products | $65909 | $74122 |
| Appliances, parts and supplies, and other | 20200 | 21910 |
| &nbsp;&nbsp;Inventories | $86109 | $96032 |

---

In addition to inventories on hand, Ferrellgas enters into contracts to take delivery of propane for supply procurement purposes with terms that generally do not exceed 36 months. Most of these contracts call for payment based on market prices at the date of delivery. As of April 30, 2025, Ferrellgas had committed, for supply procurement purposes, to deliver approximately 1.4 million gallons of propane at net fixed prices.

***Prepaid expenses and other current assets***

Ferrellgas Partners

Prepaid expenses and other current assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **July 31, 2024** |
| Broker margin deposit assets | $3596 | $6911 |
| Price risk management asset | 3774 | 5925 |
| Other | 22425 | 21547 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | $29795 | $34383 |

---

The operating partnership

Prepaid expenses and other current assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **July 31, 2024** |
| Broker margin deposit assets | $3596 | $6911 |
| Price risk management asset | 3774 | 5925 |
| Other | 22405 | 21527 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | $29775 | $34363 |

---

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***Other current liabilities***

Ferrellgas Partners

Other current liabilities consist of the following:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **July 31, 2024** |
| Accrued interest | $7523 | $29392 |
| Customer deposits and advances | 26984 | 34500 |
| Accrued payroll | 25229 | 27054 |
| Accrued insurance | 17508 | 15307 |
| Broker margin deposit liability | 3458 | 3111 |
| Accrued senior preferred units distributions | 16972 | 17538 |
| Other | 131537 | 57119 |
| &nbsp;&nbsp;Other current liabilities | $229211 | $184021 |

---

The operating partnership

Other current liabilities consist of the following:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **July 31, 2024** |
| Accrued interest | $7523 | $29392 |
| Customer deposits and advances | 26984 | 34500 |
| Accrued payroll | 25229 | 27054 |
| Accrued insurance | 17508 | 15307 |
| Broker margin deposit liability | 3458 | 3111 |
| Accrued senior preferred units distributions | 16972 | 17538 |
| Other | 131488 | 56994 |
| &nbsp;&nbsp;Other current liabilities | $229162 | $183896 |

---

***Shipping and handling expenses***

Shipping and handling expenses are classified in the following condensed consolidated statements of operations line items:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended April 30,**  | **For the three months ended April 30,**  | **For the nine months ended April 30,**  | **For the nine months ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Operating expense - personnel, vehicle, plant and other | $75237 | $76612 | $231075 | $222500 |
| Depreciation and amortization expense | 4066 | 3407 | 12114 | 9902 |
| Operating expense - equipment lease expense | 2514 | 3313 | 8350 | 10321 |
| &nbsp;&nbsp;Shipping and handling expenses | $81817 | $83332 | $251539 | $242723 |

---

***Cash, cash equivalents and restricted cash***

For purposes of the condensed consolidated statements of cash flows, Ferrellgas considers cash equivalents to include all highly liquid debt instruments purchased with an original maturity of three months or less. Restricted cash in the tables below as of July 31, 2024 consists of the balance of a cash deposit made with the administrative agent under the operating partnership's senior secured credit facility that was terminated in April 2020, which was used by the administrative agent to pay contingent obligations arising under the financing agreement that governed the terminated senior secured credit facility. In January 2025, the Company settled its outstanding litigation. As a result, the administrative agent released the restricted cash deposit in January 2025.

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Ferrellgas Partners

Cash, cash equivalents and restricted cash consist of the following:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **July 31, 2024** |
| Cash and cash equivalents | $109325 | $113482 |
| Restricted cash  |  | 10678 |
| &nbsp;&nbsp;Cash, cash equivalents and restricted cash | $109325 | $124160 |

---

The operating partnership

Cash, cash equivalents and restricted cash consist of the following:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **July 31, 2024** |
| Cash and cash equivalents | $109016 | $113054 |
| Restricted cash |  | 10678 |
| &nbsp;&nbsp;Cash, cash equivalents and restricted cash | $109016 | $123732 |

---

***Certain cash flow and non-cash activities***

Certain cash flow and significant non-cash activities are presented below:

Ferrellgas Partners

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended April 30,**  | **For the nine months ended April 30,**  |
|  | **2025** | **2024** |
| Cash paid for: |  |  |
| &nbsp;&nbsp;Interest | $93103 | $88393 |
| &nbsp;&nbsp;Income taxes | $708 | $495 |
| Non-cash investing and financing activities: |  |  |
| &nbsp;&nbsp;Liabilities incurred in connection with acquisitions | $635 | $1585 |
| &nbsp;&nbsp;Change in accruals for property, plant and equipment additions | $718 | $1259 |
| &nbsp;&nbsp;Lease liabilities arising from operating ROU assets | $10059 | $16526 |
| &nbsp;&nbsp;Lease liabilities arising from finance ROU assets | $22384 | $3884 |
| &nbsp;&nbsp;Accrued senior preferred units distributions | $16972 | $16935 |
| &nbsp;&nbsp;Acquisition of assets in failed sale-leaseback | $5032 | $— |
| &nbsp;&nbsp;Liability in connection with failed sale-leaseback | $4250 | $— |

---

The operating partnership

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended April 30,**  | **For the nine months ended April 30,**  |
|  | **2025** | **2024** |
| Cash paid for: |  |  |
| &nbsp;&nbsp;Interest | $93103 | $88393 |
| &nbsp;&nbsp;Income taxes | $654 | $477 |
| Non-cash investing and financing activities: |  |  |
| &nbsp;&nbsp;Liabilities incurred in connection with acquisitions | $635 | $1585 |
| &nbsp;&nbsp;Change in accruals for property, plant and equipment additions | $718 | $1259 |
| &nbsp;&nbsp;Lease liabilities arising from operating ROU assets | $10059 | $16526 |
| &nbsp;&nbsp;Lease liabilities arising from finance ROU assets | $22384 | $3884 |
| &nbsp;&nbsp;Accrued senior preferred units distributions | $16972 | $16935 |
| &nbsp;&nbsp;Acquisition of assets in failed sale-leaseback | $5032 | $— |
| &nbsp;&nbsp;Liability in connection with failed sale-leaseback | $4250 | $— |

---

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D.&nbsp;&nbsp;&nbsp;&nbsp;Accounts and notes receivable, net

Accounts and notes receivable, net consist of the following:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **July 31, 2024** |
| Accounts receivable | $186681 | $123945 |
| Note receivable |  | 2500 |
| Allowance for expected credit losses | (3566) | (5818) |
| &nbsp;&nbsp;Accounts and notes receivable, net | $183115 | $120627 |

---

**E.&nbsp;&nbsp;&nbsp;&nbsp;Debt**

*Short-term borrowings*

***The Company classified borrowings under its Credit Facility (as defined below) as short-term because they are primarily used to fund working capital needs that management intends to pay down within the 12 month period following the balance sheet date. As of April 30, 2025, we did not have any short-term borrowings. For further discussions, see the "Senior secured revolving credit facility" section below.***

*Long-term debt*

Long-term debt consists of the following:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **July 31, 2024** |
| **Unsecured senior notes** |  |  |
| Fixed rate, 5.375%, due 2026 | $650000 | $650000 |
| Fixed rate, 5.875%, due 2029  | 825000 | 825000 |
| **Notes payable** |  |  |
| 8.9% and 8.5% weighted average interest rate at April 30, 2025 and July 31, 2024, respectively, due 2025 to 2032, net of unamortized discount of $910 and $912 at April 30, 2025 and July 31, 2024, respectively | 4953 | 6151 |
| Total debt, excluding unamortized debt issuance and other costs | 1479953 | 1481151 |
| Unamortized debt issuance and other costs | (13521) | (17633) |
| Less: current portion of long-term debt <sup>(1)</sup> | 652382 | 2510 |
| **Long-term debt** | $814050 | $1461008 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) As of April 30, 2025, this includes the $650.0 million aggregate principal amount of 5.375 % senior notes due April 1, 2026.

*Senior secured revolving credit facility*

The operating partnership, the general partner and certain of the operating partnership's subsidiaries as guarantors are parties to a credit agreement dated March 30, 2021, as amended on January 15, 2025 (the "Credit Agreement"), with JPMorgan Chase Bank, N.A. as administrative agent and collateral agent, and the lenders and issuing lenders party thereto from time to time, which provides for a four-year revolving credit facility (the "Credit Facility"), with a maturity date of December 31, 2025, in an aggregate principal amount of up to $350.0 million. On March 31, 2025, in conjunction with the commencement of the Fifth Amendment, the commitment level for the Credit Facility was reduced from $350.0 million to $308.8 million. The Credit Agreement includes a sublimit not to exceed $300.0 million for the issuance of letters of credit. As of April 30, 2025, the operating partnership had no short-term borrowings.

All borrowings under the Credit Facility are guaranteed by the general partner and the direct and indirect subsidiaries of the operating partnership (other than Ferrellgas Finance Corp. and Ferrellgas Receivables, LLC) and a limited-recourse guaranty from Ferrellgas Partners (limited to its equity interests in the operating partnership). Additionally, all borrowings are secured, on a first priority basis, by substantially all of the assets of the operating partnership and its subsidiaries and all of the equity interests in the operating partnership held by the general partner and Ferrellgas Partners.

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Availability under the Credit Facility is, at any time, an amount equal to (a) the lesser of the revolving commitment and the Borrowing Base (as defined below) minus (b) the sum of the aggregate outstanding amount of borrowings under the Credit Facility plus the undrawn amount of outstanding letters of credit under the Credit Facility plus unreimbursed drawings in respect of letters of credit (unless otherwise converted into revolving loans). The "Borrowing Base" equals the sum of: (a) $175.0 million, plus (b) 80% of the eligible accounts receivable of the operating partnership and its subsidiaries, plus (c) 70% of the eligible propane inventory of the operating partnership and its subsidiaries, valued at weighted average cost, less (d) certain reserves, as determined and subject to certain modifications by the administrative agent in its permitted discretion.

Amounts borrowed under the Credit Facility bear interest, at the operating partnership's option, at either (a) for base rate loans, (i) a base rate determined by reference to the highest of (A) the rate of interest last quoted by *The Wall Street Journal* in the U.S. as the prime rate in effect, (B) the NYFRB Rate from time to time plus 0.50% per annum and (C) the Adjusted term Secured Overnight Financing Rate ("SOFR") for a one-month interest period plus 1.00% per annum plus (ii) a margin of 1.75% to 2.50% per annum depending on total net leverage or (b) for Eurodollar rate loans, (i) a rate determined by reference to the Adjusted term SOFR plus (ii) a margin of 2.75% to 3.50% per annum depending on total net leverage. The operating partnership will be required to pay an undrawn fee to the lenders on the average daily unused amount of the Credit Facility at a rate of 0.50% per annum.

The Credit Agreement contains customary representations, warranties, covenants and events of default and requires the operating partnership to maintain the following financial covenants:

---

| | |
|:---|:---|
| **Financial Covenant** | **Ratio** |
| Minimum interest coverage ratio <sup>(1)</sup> | 2.50x |
| Maximum secured leverage ratio <sup>(2)</sup> | 2.50x |
| Maximum total net leverage ratio <sup>(3) (4)</sup> | 4.75x |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Defined generally as the ratio of adjusted EBITDA to cash interest expense.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Defined generally as the ratio of total first priority secured indebtedness to adjusted EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Defined generally as the ratio of total indebtedness (net of unrestricted cash, subject to certain limits) to adjusted EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Ratio was 4.75 x immediately prior to the quarter ended October 31, 2024. As amended, ratio is 5.25 x beginning with the quarter ended October 31, 2024 through the quarter ended January 31, 2025, 4.75 x for the quarter ending April 30, 2025 through the quarter ending July 31, 2025, 5.00 x for the quarter ending October 31, 2025, and 4.75 x for any quarter ending on or after January 31, 2026.

In addition to the financial covenants, the Credit Agreement includes covenants that may (or if not met will) restrict the ability of the operating partnership to take certain actions. In particular, under these covenants, subject to certain exceptions and additional requirements, the operating partnership is permitted to make cash distributions to holders of Preferred Units, redemptions of Preferred Units conditional to a refinancing event, and other restricted payments (i) only in limited amounts specified in the Credit Agreement and (ii) only if availability under the Credit Facility exceeds the greater of $50.0 million and 15% of the Borrowing Base and the operating partnership's total net leverage ratio is not greater than 4.75 to 1.0. The Credit Agreement restricts the transfer of cash from the operating partnership to Ferrellgas Partners to make distributions. Therefore, Ferrellgas Partners is currently unable to make distributions to its Class A and Class B unitholders. As of April 30, 2025, the operating partnership is in compliance with all of its debt covenants.

*Senior unsecured notes*

The operating partnership has $650.0 million aggregate principal amount of 5.375% senior notes due April 1, 2026 (the "2026 Notes") and $825.0 million aggregate principal amount of 5.875% senior notes due April 1, 2029 (the "2029 Notes") issued and outstanding pursuant to indentures each dated March 30, 2021. The 2026 Notes and 2029 Notes are the senior unsecured obligations of the operating partnership and Ferrellgas Finance Corp. and are unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the general partner and all domestic subsidiaries of the operating partnership other than Ferrellgas Finance Corp. and Ferrellgas Receivables, LLC.

The 2026 Notes may be redeemed at par plus accrued and unpaid interest. The 2029 Notes may be redeemed at the issuers' option, in whole or in part, at the redemption prices set forth in the indenture governing such notes, plus accrued and unpaid interest. Beginning April 1, 2026, the 2029 Notes may be redeemed at par plus accrued and unpaid interest.

[**Table of Contents**](#TOC)

The indentures governing the 2026 Notes and 2029 Notes contain customary affirmative and negative covenants restricting, among other things, the ability of the operating partnership and its restricted subsidiaries to take certain actions. In particular, under these covenants, subject to certain exceptions and additional requirements, the operating partnership is permitted to make cash distributions to holders of Preferred Units, Ferrellgas Partners and the general partner, redemptions of Preferred Units and other restricted payments (i) only in limited amounts specified in the indentures and (ii) only if the operating partnership's net leverage ratio (defined generally to mean the ratio of consolidated total net debt to trailing four quarters consolidated EBITDA, both as adjusted for certain, specified items) is not greater than 5.0 to 1.0, on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events. Further, if the operating partnership's consolidated fixed charge coverage ratio (defined generally to mean the ratio of trailing four quarters consolidated EBITDA to consolidated fixed charges, both as adjusted for certain, specified items) is equal to or less than 1.75 to 1.00 (on a pro forma basis giving effect to the restricted payment and, if applicable, certain other specified events), the amount of distributions and other restricted payments the operating partnership is permitted to make under the indentures is further limited. As of April 30, 2025, the operating partnership is in compliance with all of its debt covenants.

The scheduled annual principal payments on long-term debt are as follows:

---

| | |
|:---|:---|
| <br>**Payment due by fiscal year** | **Scheduled**<br>**principal payments** |
| 2025 | $315 |
| 2026 | 652178 |
| 2027 | 1310 |
| 2028 | 910 |
| 2029 | 825550 |
| Thereafter | 600 |
| Total | $1480863 |

---

On July 10, 2024, letters of credit in an aggregate principal amount of $124.5 million were issued to the surety providers under an appeal bond. On January 15, 2025, these letters of credit were released and new letters of credit in an aggregate principal amount of $75.0 million were issued pursuant to a settlement agreement. Letters of credit were also used to secure insurance arrangements, product purchases and commodity hedges. Letters of credit outstanding at April 30, 2025 and July 31, 2024 totaled $154.9 million and $193.4 million, respectively.

Due to the timing of the maturities of both the 2026 Notes and the Credit Facility, and the $154.9 million in letters of credit which it secures as of April 30, 2025, there is substantial doubt about the Company's ability to continue as a going concern for at least one year from the date of issuance of this Quarterly Report. Our condensed consolidated financial statements were prepared under the assumption that we will continue as a going concern. We have developed and received internal approval on a plan to restructure our capital structure, debt and refinance and/or extend the maturity date for the Credit Facility. External advisors have been engaged to assist in this process. The general partner believes that it is probable that the plans will be successfully implemented prior to the maturities of the 2026 Notes and Credit Facility, and these plans will alleviate the substantial doubt about the Company's ability to continue as a going concern.

As of April 30, 2025, Ferrellgas had available borrowing capacity under its Credit Facility of $153.9 million. Assets subject to lien under the Credit Facility were $333.2 million as of April 30, 2025.

**F.&nbsp;&nbsp;&nbsp;&nbsp;Preferred units**

On March 30, 2021, pursuant to an Investment Agreement, the operating partnership issued an aggregate of 700,000 Preferred Units (the "Preferred Units"), having an aggregate initial liquidation preference of $700.0 million.

Redemption of the Preferred Units in the near term is not probable because of the high redemption price in the first four years. As described in greater detail under "Issuer Redemption Right" below, the Redemption Price for the Preferred Units is based upon the greater of the amount that would result in a 1.47x MOIC (defined below) and the amount that would result in a 12.25% internal rate of return.

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"MOIC" means, with respect to a Preferred Unit, a multiple on invested capital equal to the quotient determined by dividing (A) the sum of (x) the aggregate amount of all distributions made in cash with respect to such Preferred Unit prior to the applicable date of determination, with certain exclusions, plus (y) each Redemption Price paid in cash in respect of such Preferred Unit, on or prior to the applicable date of determination, by (B) the Purchase Price (defined below) of such Preferred Unit.

The preferences, rights, privileges and other terms of the Preferred Units are set forth in the First Amendment to the Amended OpCo LPA (the "OpCo LPA Amendment") entered into by the general partner on March 30, 2021 (along with the Fifth Amended and Restated Agreement of Limited Partnership of Ferrellgas, L.P. (the "Amended OpCo LPA")) and are described below.

*Issuer Redemption Right*

The operating partnership has the right to redeem all or a portion of the Preferred Units for cash, pro rata and at any time and from time to time, including in connection with a Change of Control (as defined in the OpCo LPA Amendment), at an amount per Preferred Unit (the "Redemption Price") equal to, without duplication, the sum of (a) the greater of (i) the amount necessary to result in a MOIC of 1.47x in respect of the purchase price, before discount, of such Preferred Unit, which is $1,000 per Preferred Unit (the "Purchase Price"), and (ii) the amount necessary to result in the applicable internal rate of return equal to 12.25%, which is increased by 150 basis points if the operating partnership has elected to pay more than four Quarterly Distributions (as defined below) in PIK Units (as defined below) and (b) the accumulated but unpaid Quarterly Distributions to the date of redemption, if any. A partial redemption of the Preferred Units is permitted only in the event the aggregate amount to be paid in respect of all Preferred Units included in such partial redemption is at least $25.0 million.

*Investor Redemption Right*

In the event that (i) any Class B Units are outstanding, or (ii) (x) no Class B Units are outstanding and (y) no more than 233,300 Preferred Units are outstanding, at any time on and after March 30, 2031, the Required Holders may elect, by delivery of written notice, to have the operating partnership fully redeem each remaining outstanding Preferred Unit for an amount in cash equal to the Redemption Price. "Required Holders" refers to both (i) holders owning at least 33.3% of the total Preferred Units outstanding at any time and (ii) certain initial affiliated purchasers, for so long as such initial affiliated purchasers collectively own at least 25% of the Preferred Units outstanding at such time.

In the event that (i) no Class B Units are outstanding and (ii) more than 233,300 Preferred Units are outstanding, the Required Holders will have the right to trigger a sale of the operating partnership after March 30, 2031. If the operating partnership fails to consummate a sale that would pay the Redemption Price in full within 180 days of written notice requiring such sale, the Required Holders will have the right to appoint a majority of the members of the Board of Directors of the general partner and initiate a sale of the operating partnership.

*Change of Control*

Upon a Change of Control (as defined in the OpCo LPA Amendment), the Required Holders will have the option to require the redemption of all or a portion of the Preferred Units in cash in an amount equal to the Redemption Price; provided, that such Redemption Price shall not be payable unless the operating partnership shall have first made any required change of control offer pursuant to the indentures governing the 2026 Notes and the 2029 Notes and purchased all such 2026 Notes and 2029 Notes tendered pursuant to such offer (unless otherwise waived by such noteholders); provided, further that the Redemption Price shall be paid immediately following the purchase of such tendered Notes (if any).

*Fair Value of Embedded Derivatives*

Ferrellgas identified the investor redemption right and the change in control option as embedded derivatives that require bifurcation as they are not clearly and closely related to the debt host contract and has concluded that the fair values at issuance and at April 30, 2025 and July 31, 2024, are immaterial to the financial statements.

[**Table of Contents**](#TOC)

*Distributions*

Pursuant to the OpCo LPA Amendment, the operating partnership is required to pay to the holders of each Preferred Unit a cumulative, quarterly distribution (the "Quarterly Distribution") at the Distribution Rate (as defined below) on the Purchase Price.

"Distribution Rate" means, for the first five years after March 30, 2021, a rate per annum equal to 8.956%, with certain increases in the Distribution Rate on each of the 5<sup>th</sup>, 6<sup>th</sup> and 7<sup>th</sup> anniversaries of March 30, 2021, subject to a maximum rate of 11.125% and certain other adjustments and exceptions.

The Quarterly Distribution may be paid in cash or, at the election of the operating partnership, "in kind" through the issuance of additional Preferred Units ("PIK Units") at the quarterly Distribution Rate plus an applicable premium that escalates each year from 75 bps to 300 bps so long as the Preferred Units remain outstanding. In the event the operating partnership fails to make any Quarterly Distribution in cash, such Quarterly Distribution will automatically be paid in PIK Units.

The Distribution Rate on the Preferred Units will increase upon violation of certain protective provisions for the benefit of Preferred Unit holders notwithstanding the cap mentioned above.

On November 15th, 2024, February 15, 2025, and May 15, 2025, $15.4 million of the Quarterly Distribution, net of tax, was paid in cash to holders of Preferred Units. As of April 30, 2025, the Quarterly Distribution accrued was $17.0 million. The remaining Quarterly Distribution accrual of $1.6 million represents Additional Amounts payable to certain holders of Preferred Units pursuant to the side letters outlined in the OpCo LPA Amendment. Additionally, during the nine months ended April 30, 2025, we paid $1.6 million for Additional Amounts payable pursuant to the side letters.

On November 15, 2023, February 15, 2024, and May 15, 2024, $15.4 million of the Quarterly Distribution, net of tax, was paid in cash to holders of Preferred Units. As of April 30, 2024, the Quarterly Distribution accrued was $16.9 million. The remaining Quarterly Distribution accrual of $1.5 million represents Additional Amounts payable to certain holders of Preferred Units pursuant to the side letters. Additionally, during the nine months ended April 30, 2024, we paid $2.0 million for Additional Amounts payable pursuant to the side letters.

*Tax Distributions*

For any quarter in which the operating partnership makes a Quarterly Distribution in PIK Units in lieu of cash, it will be required to make a subsequent cash tax distribution for such quarter in an amount equal to the (i) the lesser of (x) 25% and (y) the highest combined federal, state and local tax rate applicable for corporations organized in New York, multiplied by (ii) the excess (if any) of (A) one-fourth (1/4th) of the estimated taxable income to be allocated to the holders of Preferred Units for the year in which the Quarterly Tax Payment Date (which refers to certain specified dates that next follow a Quarterly Distribution date on which PIK Units were issued) occurs, over (B) any cash paid on the Quarterly Distribution date immediately preceding the Quarterly Tax Payment Date on which a quarterly tax amount would otherwise be paid (such amount, the "Tax Distribution"). Tax Distributions are treated as advances against, and reduce, future cash distributions for any reason, including payments in redemption of Preferred Units or PIK Units, or payments to the holders in their capacity as such pursuant to any side letter or other agreement.

*Additional Amounts for Certain Purchasers*

The operating partnership is required to pay certain additional amounts of cash (the "Additional Amounts") as necessary to certain holders of Preferred Units that hold their interests through a "blocker," which is a U.S. entity that is owned and organized by certain original purchasers of Preferred Units who are non-U.S. persons or tax exempt for U.S. tax purposes and is treated as a corporation for U.S. tax purposes. Only certain original purchasers of Preferred Units who hold their Preferred Units through such blockers are, and none of their transferees is, entitled to Additional Amounts. Additional Amounts are capped at the lesser of: (a) the product of 20% multiplied by taxable income allocated to a "blocker" (as defined) divided by 0.8, and (b) the actual taxes payable by the "blocker" as a result of holding Senior Preferred Units.

*Board Rights*

For so long as at least 140,000 Preferred Units remain outstanding, holders of the Preferred Units have the right to designate one director to the Board of the general partner, subject to approval by the general partner.

[**Table of Contents**](#TOC)

*Protective Provisions*

The OpCo LPA Amendment and the Sixth Amended and Restated Agreement of Limited Partnership of Ferrellgas Partners, L.P. (the "Amended Ferrellgas Partners LPA") include, among other things, certain covenants for the benefit of holders of Preferred Units applicable to the operating partnership and, in certain instances, Ferrellgas Partners, for so long as at least $35 million of Preferred Units and PIK Units remain outstanding. These covenants include, among other things, limitations on (i) effecting a Change of Control, (ii) amending organizational documents, (iii) issuing certain equity securities, (iv) issuing Preferred Units, (v) filing for bankruptcy, (vi) non-ordinary course investments, and (vii) incurring certain levels of indebtedness.

*Ranking and Liquidation Preference*

The Preferred Units rank senior to any other class or series of equity interests of the operating partnership (including the partnership interests held by Ferrellgas Partners and the general partner). Upon a liquidation, dissolution or winding up of the operating partnership, each holder of Preferred Units will be entitled to receive, prior and in preference to any distribution of any assets of the operating partnership to the holders of any other class or series of equity interests in the operating partnership (including Ferrellgas Partners and the general partner), an amount per Preferred Unit equal to the Redemption Price.

*Restrictions on Cash Distributions to Ferrellgas Partners and the General Partner*

The operating partnership is permitted to make distributions of Available Cash (as defined in the Amended OpCo LPA) to Ferrellgas Partners only if (i) the operating partnership has made all required Quarterly Distributions (in cash or PIK Units), Tax Distributions and payments of Additional Amounts, (ii) the operating partnership has redeemed all PIK Units issued, (iii) the operating partnership's consolidated net leverage (defined generally to mean the ratio of the operating partnership's consolidated total net debt (including the total redemption price of all outstanding Preferred Units and PIK Units but excluding certain letters of credit and capital lease obligations) as of each Quarterly Distribution Date to trailing four quarters consolidated EBITDA, both as adjusted for certain, specified items) is below 7.00x, net of cash, immediately before and after giving effect to such distribution, (iv) the operating partnership has at least $100 million of liquidity, consisting of unrestricted cash on hand and available capacity under the Credit Agreement or any replacement thereof, and (v) the operating partnership is in compliance with the other protective provisions in the OpCo LPA Amendment.

**G.&nbsp;&nbsp;&nbsp;&nbsp;Equity (Deficit)**

Ferrellgas Partners

*Class B Units*

On March 30, 2021, Ferrellgas Partners issued 1.3 million Class B Units to the holders of the $357.0 million aggregate principal amount of its 8.625% senior unsecured notes due June 2020 (the "Ferrellgas Partners Notes") in exchange for such holders' contribution of the Ferrellgas Partners Notes to Ferrellgas Partners as a capital contribution and in satisfaction of such holders' claims in respect of the Ferrellgas Partners Notes. The terms of the Class B Units are set forth in the Amended Ferrellgas Partners LPA entered into by the general partner on March 30, 2021.

Ferrellgas Partners may, subject to certain conditions, issue additional Class A Units to such parties as determined at the discretion of Ferrellgas Partners, upon consent by the holders of the requisite percentage of Class B Units as specified in the Amended Ferrellgas Partners LPA (the "Requisite Class B Units"), which refers to: (i) if the initial majority holder of Class B Units holds at least 50% of Class B Units, holders of at least 50% of the outstanding Class B Units, or (ii) if the initial majority holder of Class B Units holds less than 50% of Class B Units, holders of at least one-third of the outstanding Class B Units.

Pursuant to the Amended Ferrellgas Partners LPA, while any Class B Units remain outstanding, any distributions by Ferrellgas Partners to its partners must be made such that the ratio of (i) the amount of distributions made to holders of Class B Units to (ii) the amount of distributions made to holders of Class A Units and the general partner is not less than 6:1.

[**Table of Contents**](#TOC)

Once holders of Class B Units receive distributions in the aggregate amount of $357.0 million (which was the outstanding principal amount of the Ferrellgas Partners Notes), the Class B Units will be (i) convertible into Class A Units at the option of Ferrellgas Partners, if that distribution threshold is reached prior to March 30, 2026, the fifth anniversary post-emergence, or (ii) converted automatically into Class A Units, if the distribution threshold is reached on or after March 30, 2026, in each case at the applicable conversion rate set forth in the following table:

---

| | |
|:---|:---|
| ***Period*** | ***Conversion Factor*** |
| March 31, 2025 through March 30, 2026 | 5.00x |
| March 31, 2026 through March 30, 2027 | 6.00x |
| March 31, 2027 through March 30, 2028 | 7.00x |
| March 31, 2028 through March 30, 2029 | 10.00x |
| March 31, 2029 through March 30, 2030 | 12.00x |
| March 31, 2030 through March 30, 2031 | 25.00x |

---

Ferrellgas Partners may redeem the Class B Units through March 30, 2026, in full, at a price equal to an amount that will result in an internal rate of return with respect to the Class B Units equal to the sum of (i) 300 basis points and (ii) the internal rate of return for the Preferred Units as specified in the Amended Ferrellgas Partners LPA, subject to the minimum redemption price of $302.08 per unit. The total internal rate of return required to redeem the Class B Units is 15.85%, but that amount increases under certain circumstances, including if the operating partnership paid distributions on the Preferred Units in-kind rather than in cash for a certain number of quarters. There have not been any in-kind distributions through April 30, 2025.

During the period through March 30, 2026, after Ferrellgas Partners has distributed $356 million in distributions to holders of the Class B Units, Ferrellgas Partners will have the option to hold cash for six months at either Ferrellgas Partners or Ferrellgas Partners Finance Corp. for the sole purpose of redeeming the Class B Units. However, if the funds held are not used to redeem the Class B Units, the funds must either be distributed to holders of the Class B Units and, if applicable, holders of the Class A Units and the general partner or returned to the operating partnership.

Ferrellgas Partners will only be able to redeem the Class B Units to the extent it receives sufficient distributions from the operating partnership, and the operating partnership is limited in its ability to make distributions by the indentures that govern the 2026 Notes and the 2029 Notes, the Credit Agreement and the OpCo LPA Amendment governing the Preferred Units.

The holders of the Class B Units will have the right to acquire the general partner interests in Ferrellgas Partners and the operating partnership, without the approval of the general partner, Ferrellgas Partners, the holders of the Class A Units or the operating partnership, if the Class B Units are still outstanding and have not been converted to Class A Units by the earlier of (i) a material breach of the covenants in favor of the Class B Units under the Amended Ferrellgas Partners LPA or the Amended OpCo LPA that is not cured within the time period specified therein and (ii) March 30, 2031.

*Board Rights*

The holders of Class B Units will be permitted to designate one independent director to the Board of the general partner in accordance with a voting agreement among the general partner, Ferrell Companies, Inc. ("FCI"), the sole stockholder of the general partner, and the holders of the Class B Units and the general partner's bylaws.

[**Table of Contents**](#TOC)

*Class A Units*

As of April 30, 2025 and July 31, 2024, Class A Units were beneficially owned by the following:

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **July 31, 2024** |
| Public Class A Unitholders <sup>(1)</sup> | 3480621 | 3480621 |
| James E. Ferrell <sup>(2)</sup> | 238172 | 238172 |
| Ferrell Companies <sup>(3)</sup> | 1126468 | 1126468 |
| FCI Trading Corp. <sup>(4)</sup> | 9784 | 9784 |
| Ferrell Propane, Inc. <sup>(5)</sup> | 2560 | 2560 |
| Total | 4857605 | 4857605 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) These Class A Units are traded on the OTC Pink Market under the symbol "FGPR."

&nbsp;&nbsp;&nbsp;&nbsp;(2) James E. Ferrell was the Executive Chairman of the Board of Directors of our general partner in fiscal 2024. Effective August 5, 2024, he was appointed to serve as Chairman of the Board of Directors of our general partner. He is a related party. JEF Capital Management owns 237,942 of these Class A Units and is owned by the James E. Ferrell Revocable Trust Two and other family trusts, all of which James E. Ferrell and/or his family members are the trustees and beneficiaries. James E. Ferrell holds all voting common stock of JEF Capital Management. The remaining 230 Class A Units are held by Ferrell Resources Holdings, Inc., which is wholly-owned by the James E. Ferrell Revocable Trust One, for which James E. Ferrell is the trustee and sole beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Ferrell Companies is the owner of the general partner and an approximate 23% direct owner of Ferrellgas Partners' Class A Units and thus a related party. Ferrell Companies also beneficially owns 9,784 and 2,560 Class A Units of Ferrellgas Partners held by FCI Trading Corp. ("FCI Trading") and Ferrell Propane, Inc. (" Ferrell Propane"), respectively, bringing Ferrell Companies' total beneficial ownership of Class A Units to 23.4% .

&nbsp;&nbsp;&nbsp;&nbsp;(4) FCI Trading is an affiliate of the general partner and thus a related party.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Ferrell Propane is controlled by the general partner and thus a related party.

Together these Class A Units represent (i) a 99% limited partner economic interest in Ferrellgas Partners, excluding the economic interest attributable to the Class B Units, and (ii) an effective 98% economic interest in the operating partnership, excluding the economic interests attributable to the Class B Units and the Preferred Units. In liquidation, allocations and distributions will be made in accordance with each Class A Unitholder's positive capital account.

The Class A Units of Ferrellgas Partners represent limited partner interests in Ferrellgas Partners, which give the holders thereof the right to participate in distributions made by Ferrellgas Partners, subject to the rights of holders of Class B Units, and to exercise the other rights or privileges available to such holders under the Amended Ferrellgas Partners LPA. Under the terms of the Amended Ferrellgas Partners LPA, holders of Class A Units have limited voting rights on matters affecting the business of Ferrellgas Partners. Generally, persons or groups owning 20% or more of Ferrellgas Partners' outstanding Class A Units cannot vote any of their Class A Units in excess of the 20% threshold. However, this limitation does not apply under certain circumstances and does not apply to Class A Units owned by Ferrell Companies, our general partner and its affiliates, and this limitation expires on the later of (a) March 30, 2026 and (b) the conversion of the Class B Units to Class A Units.

The Amended Ferrellgas Partners LPA allows the general partner to issue an unlimited number of additional general and limited partner interests of Ferrellgas Partners for such consideration and on such terms and conditions as shall be established by the general partner without the approval of any Class A Unitholders.

*Partnership distributions*

Ferrellgas Partners did not declare or pay any distributions to its Class A Unitholders or the general partner during the nine months ended April 30, 2025 and 2024, except for a $1.0 million distribution to the general partner, made in conjunction with the Class B distribution noted below.

On April 9, 2024, Ferrellgas Partners made a cash distribution in the aggregate amount of approximately $99.9 million to its Class B Unitholders. We have made aggregate cash distributions of approximately $250.0 million to our Class B Unitholders since inception of its Class B Units in fiscal 2022. Under its Credit Agreement, Ferrellgas Partners is currently unable to make distributions to its Class A and Class B unitholders. See Note E "Debt" and Note M "Net earnings (loss) per unitholders' interest" for additional information.

[**Table of Contents**](#TOC)

*Accumulated other comprehensive income ("AOCI")*

See Note J "Derivative instruments and hedging activities" for details regarding changes in fair value on risk management financial derivatives recorded within AOCI for the three and nine months ended April 30, 2025 and 2024.

*Ferrellgas Partners*

*General partner's commitment to maintain its capital account*

Ferrellgas' partnership agreements allow the general partner to have an option to maintain its effective 2% general partner interest (excluding the interest attributable to the Class B Units and the Preferred Units) concurrent with the issuance of other additional equity.

During the nine months ended April 30, 2025 and 2024, the general partner made non-cash contributions of $48.0 thousand and $50.0 thousand, respectively, to Ferrellgas to maintain its effective 2% general partner interest.

The operating partnership

*Partnership distributions*

The operating partnership has recognized the following distributions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended April 30,**  | **For the three months ended April 30,**  | **For the nine months ended April 30,**  | **For the nine months ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Ferrellgas Partners | $— | $100000 | $— | $100000 |
| General partner |  | 1010 |  | 1010 |

---

See additional discussions about transactions with related parties in Note K "Transactions with related parties."

*General partner's commitment to maintain its capital account*

Ferrellgas, L.P.'s partnership agreement allows the general partner to have an option to maintain its 1.0101% general partner interest (excluding the interest attributable to the Preferred Units) concurrent with the issuance of other additional equity.

During the nine months ended April 30, 2025 and 2024, the general partner made non-cash contributions of $25.0 thousand to the operating partnership to maintain its 1.0101% general partner interest.

**H.&nbsp;&nbsp;&nbsp;&nbsp;Revenue from contracts with customers**

*Disaggregation of revenue*

Ferrellgas disaggregates revenues based upon the type of customer and on the type of revenue. The following table presents retail propane revenues, wholesale propane revenues and other revenues. Retail revenues result from sales to end use customers, wholesale revenues result from sales to or through resellers and all other revenues include sales of appliances and other materials, other fees charged to customers and equipment rental charges.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended April 30,**  | **For the three months ended April 30,**  | **For the nine months ended April 30,**  | **For the nine months ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Retail - Sales to End Users | $400006 | $367300 | $1078412 | $1033000 |
| Wholesale - Sales to Resellers | 129667 | 119739 | 409381 | 368088 |
| Other Gas Sales | 3873 | 3018 | 19578 | 12112 |
| Other | 27301 | 25717 | 87337 | 83464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Propane and related equipment revenues | $560847 | $515774 | $1594708 | $1496664 |

---

[**Table of Contents**](#TOC)

*Contract assets and liabilities*

Ferrellgas' performance obligations are generally limited to the delivery of propane for its retail and wholesale contracts. Ferrellgas' performance obligations with respect to sales of appliances and other materials and other revenues are limited to the delivery of the agreed upon good or service. Ferrellgas does not have material performance obligations that are delivered over time, thus all of its revenue is recognized at the time the goods, including propane, are delivered or installed. Ferrellgas offers "even pay" and other billing programs that can create customer deposits or advances, depending on whether Ferrellgas has delivered more propane than the customer has paid for or whether the customer has paid for more propane than what has been delivered. Revenue is recognized from these customer deposits or advances to customers at the time product is delivered. The advance or deposit is considered to be a contract asset or liability. Additionally, from time to time, we have customers that pay in advance for goods or services, and such amounts result in contract liabilities.

Ferrellgas incurs incremental commissions directly related to the acquisition or renewal of customer contracts. The commissions are calculated and paid based upon the number of gallons sold to the acquired or renewed customer. The total amount of commissions that we incur is not material, and the commissions are expensed commensurate with the deliveries to which they relate; therefore, we do not capitalize these costs.

The following table presents the opening and closing balances of our contract assets and contract liabilities:

---

| | | | |
|:---|:---|:---|:---|
|  | **April 30,** | **April 30,** | **April 30,** |
|  | **2025** | **2024** | **2023** |
| Contract assets | $16079 | $13315 | $20876 |
| Contract liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue <sup>(1)</sup> | $41165 | $42305 | $40051 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Of the beginning balance of deferred revenue, $35.2 million and $36.9 million was recognized as revenue during the nine months ended April 30, 2025 and 2024, respectively. The unrecognized balance relates to even-pay billing amounts, for which revenue is typically fully recognized in the following fiscal year and varies primarily due to weather conditions and customer orders.

#### Remaining performance obligations
Ferrellgas' remaining performance obligations are generally limited to situations where customers have remitted payment but have not yet received deliveries of propane. This most commonly occurs in even pay billing programs and Ferrellgas expects that these balances will be recognized within a year or less as the customer takes delivery of propane.

[**Table of Contents**](#TOC)

**I.&nbsp;&nbsp;&nbsp;&nbsp;Fair value measurements**

*Derivative financial instruments*

The following table presents Ferrellgas' financial assets and financial liabilities that are measured at fair value on a recurring basis for each of the fair value hierarchy levels, including both current and noncurrent portions, as of April 30, 2025 and July 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset (Liability)** | **Asset (Liability)** | **Asset (Liability)** | **Asset (Liability)** |
|  | **Quoted Prices in Active**<br>**Markets for Identical**<br>**Assets and Liabilities**<br>**(Level 1)** | <br>**Significant Other**<br>**Observable Inputs**<br>**(Level 2)** | <br>**Unobservable Inputs**<br>**(Level 3)** | <br>**Total** |
| **April 30, 2025:** |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;Derivative financial instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity derivatives | $— | $3889 | $— | $3889 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;Derivative financial instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity derivatives | $— | $(2426) | $— | $(2426) |
| **July 31, 2024:** |  |  |  |  |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;Derivative financial instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity derivatives | $— | $6519 | $— | $6519 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;Derivative financial instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity derivatives | $— | $(4460) | $— | $(4460) |

---

*Methodology*

The fair values of Ferrellgas' non-exchange traded commodity derivative contracts are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. There were no transfers between Levels 1, 2 or 3 during the nine months ended April 30, 2025 and the fiscal year ended July 31, 2024.

*Other financial instruments*

The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. At April 30, 2025 and July 31, 2024, the estimated fair value of Ferrellgas' long-term debt instruments was $1,350.8 million and $1,416.8 million, respectively. Ferrellgas estimates the fair value of long-term debt based on quoted market prices. The fair value of Ferrellgas' consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities.

Ferrellgas has other financial instruments such as trade accounts receivable which could expose it to concentrations of credit risk. The credit risk from trade accounts receivable is limited because of a large customer base which extends across many different U.S. markets.

**J.&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments and hedging activities**

Ferrellgas is exposed to certain market risks related to its ongoing business operations. These risks include exposure to changing commodity prices as well as fluctuations in interest rates. Ferrellgas utilizes derivative instruments to manage its exposure to fluctuations in commodity prices. Of these, the propane commodity derivative instruments are designated as cash flow hedges.

*Derivative instruments and hedging activity*

During the nine months ended April 30, 2025 and 2024, Ferrellgas did not recognize any gain or loss in earnings related to hedge ineffectiveness and did not exclude any component of financial derivative contract gains or losses from the assessment of hedge effectiveness related to commodity cash flow hedges.

[**Table of Contents**](#TOC)

The following tables provide a summary of the fair value of derivatives within Ferrellgas' condensed consolidated balance sheets as April 30, 2025 and July 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** |
| | | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivative Instrument** | **Final**<br>**Maturity**<br>**Date** | **Location** | **Fair value** | **Location** | **Fair value** |
| Derivatives designated as hedging instruments | December 2026 |  |  |  |  |
| &nbsp;&nbsp;Commodity derivatives-propane |  | Prepaid expenses and other current assets | $3774 | Other current liabilities | $1701 |
| &nbsp;&nbsp;Commodity derivatives-propane |  | Other assets, net | 115 | Other liabilities | 725 |
|  |  | Total | $3889 | Total | $2426 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **July 31, 2024** | **July 31, 2024** | **July 31, 2024** | **July 31, 2024** |
| | | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivative Instrument** | **Final**<br>**Maturity**<br>**Date** | **Location** | **Fair value** | **Location** | **Fair value** |
| Derivatives designated as hedging instruments | December 2025 |  |  |  |  |
| &nbsp;&nbsp;Commodity derivatives-propane |  | Prepaid expenses and other current assets | $5925 | Other current liabilities | $4379 |
| &nbsp;&nbsp;Commodity derivatives-propane |  | Other assets, net | 594 | Other liabilities | 81 |
|  |  | Total | $6519 | Total | $4460 |

---

Ferrellgas' exchange traded commodity derivative contracts require a cash margin deposit as collateral for contracts that are in a negative mark-to-market position. These cash margin deposits will be returned if mark-to-market conditions improve or will be applied against cash settlement when the contracts are settled. Liabilities represent cash margin deposits received by Ferrellgas for contracts that are in a positive mark-to-market position. The following tables provide a summary of cash margin balances as of April 30, 2025 and July 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** |
| | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Description** | **Location** | **Amount** | **Location** | **Amount** |
| Margin Balances | Prepaid expense and other current assets | $3596 | Other current liabilities | $3458 |
|  | Other assets, net | 1469 | Other liabilities | 323 |
|  | Total | $5065 | Total | $3781 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **July 31, 2024** | **July 31, 2024** | **July 31, 2024** | **July 31, 2024** |
| | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| <br>**Description** | **Location** | **Amount** | **Location** | **Amount** |
| Margin Balances | Prepaid expense and other current assets | $6911 | Other current liabilities | $3111 |
|  | Other assets, net | 824 | Other liabilities | 438 |
|  | Total | $7735 | Total | $3549 |

---

The following tables provide a summary of the effect on Ferrellgas' condensed consolidated statements of comprehensive income for the three and nine months ended April 30, 2025 and 2024 due to derivatives designated as cash flow hedging instruments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the three months ended April 30, 2025** | **For the three months ended April 30, 2025** | **For the three months ended April 30, 2025** | **For the three months ended April 30, 2025** |
| | | | **Amount of Gain** | **Amount of Gain** |
| | | | **Reclassified from** | **Reclassified from** |
| | | | **AOCI into Income** | **AOCI into Income** |
| <br>**Derivative Instrument** | <br>**Amount of Loss**<br>**Recognized in**<br>**AOCI** | <br>**Location of Gain**<br>**Reclassified from** <br>**AOCI into Income** | **Effective portion** | **Ineffective portion** |
| Commodity derivatives | $(2674) | Cost of sales - propane and other gas liquids sales | $5512 | $— |

---

[**Table of Contents**](#TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the three months ended April 30, 2024** | **For the three months ended April 30, 2024** | **For the three months ended April 30, 2024** | **For the three months ended April 30, 2024** |
| | | | **Amount of Gain** | **Amount of Gain** |
| | | | **Reclassified from** | **Reclassified from** |
| | | | **AOCI into Income** | **AOCI into Income** |
| <br>**Derivative Instrument** | <br>**Amount of Loss**<br>**Recognized in**<br>**AOCI** | <br>**Location of Gain**<br>**Reclassified from**<br>**AOCI into Income** | **Effective portion** | **Ineffective portion** |
| Commodity derivatives | $(1180) | Cost of sales - propane and other gas liquids sales | $5179 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the nine months ended April 30, 2025** | **For the nine months ended April 30, 2025** | **For the nine months ended April 30, 2025** | **For the nine months ended April 30, 2025** |
| | | | **Amount of Gain** | **Amount of Gain** |
| | | | **Reclassified from** | **Reclassified from** |
| | | | **AOCI into Income** | **AOCI into Income** |
| <br>**Derivative Instrument** | <br>**Amount of Gain**<br>**Recognized in**<br>**AOCI** | <br>**Location of Loss**<br>**Reclassified from** <br>**AOCI into Income** | **Effective portion** | **Ineffective portion** |
| Commodity derivatives | $7081 | Cost of sales - propane and other gas liquids sales | $7677 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **For the nine months ended April 30, 2024** | **For the nine months ended April 30, 2024** | **For the nine months ended April 30, 2024** | **For the nine months ended April 30, 2024** |
| | | | **Amount of Loss** | **Amount of Loss** |
| | | | **Reclassified from** | **Reclassified from** |
| | | | **AOCI into Income** | **AOCI into Income** |
| <br>**Derivative Instrument** | <br>**Amount of Loss**<br>**Recognized in**<br>**AOCI** | <br>**Location of Loss**<br>**Reclassified from**<br>**AOCI into Income** | **Effective portion** | **Ineffective portion** |
| Commodity derivatives | $(116) | Cost of sales - propane and other gas liquids sales | $(75) | $— |

---

*Accumulated other comprehensive income*

Ferrellgas Partners

The changes in derivatives included in AOCI for the nine months ended April 30, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **For the nine months ended April 30,**  | **For the nine months ended April 30,**  |
| <br>**Gains and losses on derivatives included in AOCI** | **2025** | **2024** |
| Beginning balance attributable to Ferrellgas Partners, L.P. | $2025 | $1059 |
| &nbsp;&nbsp;Change in value of risk management commodity derivatives | 7081 | (116) |
| &nbsp;&nbsp;Reclassification of losses on commodity hedges to cost of sales - propane and other gas liquids sales, net | (7677) | 75 |
| &nbsp;&nbsp;Less: amount attributable to noncontrolling interests | (6) |  |
| Ending balance attributable to Ferrellgas Partners, L.P. | $1435 | $1018 |

---

The operating partnership

The changes in derivatives included in AOCI for the nine months ended April 30, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| | **For the nine months ended April 30,**  | **For the nine months ended April 30,**  |
| <br>**Gains and losses on derivatives included in AOCI** | **2025** | **2024** |
| Beginning balance | $2059 | $1083 |
| &nbsp;&nbsp;Change in value of risk management commodity derivatives | 7081 | (116) |
| &nbsp;&nbsp;Reclassification of losses on commodity hedges to cost of sales - propane and other gas liquids sales, net | (7677) | 75 |
| Ending balance | $1463 | $1042 |

---

Ferrellgas expects to reclassify net gains of approximately $2.1 million to earnings during the next 12 months. These net gains are expected to be offset by decreased margins on propane sales commitments Ferrellgas has with its customers that qualify for the normal purchase normal sale exception.

During the nine months ended April 30, 2025 and 2024, Ferrellgas had no reclassifications to operations resulting from the discontinuance of any cash flow hedges arising from the probability of the original forecasted transactions not occurring within the originally specified period of time defined within the hedging relationship.

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As of April 30, 2025, Ferrellgas had financial derivative contracts covering 2.1 million barrels of propane that were entered into as cash flow hedges of forward and forecasted purchases of propane.

*Derivative financial instruments credit risk*

Ferrellgas is exposed to credit loss in the event of nonperformance by counterparties to derivative financial and commodity instruments. Ferrellgas' counterparties principally consist of major energy companies and major U.S. financial institutions. Ferrellgas maintains credit policies with regard to its counterparties that it believes reduces its overall credit risk. These policies include evaluating and monitoring its counterparties' financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits. Certain of these agreements call for the posting of collateral by the counterparty or by Ferrellgas in the forms of letters of credit, parent guarantees or cash. Ferrellgas has concentrations of credit risk associated with derivative financial instruments held by certain derivative financial instrument counterparties. If these counterparties that make up the concentration failed to perform according to the terms of their contracts at April 30, 2025, the maximum amount of loss due to credit risk that Ferrellgas would incur based upon the gross fair values of the derivative financial instruments is zero.

From time to time Ferrellgas enters into derivative contracts that have credit-risk-related contingent features which dictate credit limits based upon Ferrellgas' debt rating. There were no open derivative contracts with credit-risk-related contingent features as of April 30, 2025.

**K.&nbsp;&nbsp;&nbsp;&nbsp;Transactions with related parties**

Ferrellgas has no employees and is managed and controlled by its general partner. Pursuant to Ferrellgas' partnership agreements, the general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on behalf of Ferrellgas and all other necessary or appropriate expenses allocable to Ferrellgas or otherwise reasonably incurred by its general partner in connection with operating Ferrellgas' business. These costs primarily include compensation and benefits paid to employees of the general partner who perform services on Ferrellgas' behalf and are reported in the condensed consolidated statements of operations as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended April 30,**  | **For the three months ended April 30,**  | **For the nine months ended April 30,**  | **For the nine months ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| Operating expense | $75078 | $79681 | $237704 | $246904 |
| General and administrative expense | $11593 | $8435 | $35064 | $26113 |

---

See additional discussions about transactions with the general partner and related parties in Note G "Equity (Deficit)."

*Issuance of letters of credit on behalf of Ferrellgas Partners by the operating partnership*

As described in Note E "Debt," the operating partnership guaranteed the issuance of an aggregate principal amount of $75.0 million in letters of credit related to a settlement agreement.

**L.&nbsp;&nbsp;&nbsp;&nbsp;Contingencies and commitments** 

*Litigation*

Ferrellgas' policy is to expense litigation costs as incurred. Ferrellgas' operations are subject to all operating hazards and risks normally incidental to the handling, storing, transporting and otherwise providing for use by consumers of combustible liquids such as propane. As a result, at any given time, we can be threatened with or named as a defendant in various lawsuits arising in the ordinary course of business. We are not a party to any legal proceedings other than various claims and lawsuits arising in the ordinary course of business. It is not possible to determine the ultimate disposition of these matters; however, management is of the opinion that there are no known claims or contingent claims that are reasonably expected to have a material adverse effect on our consolidated financial condition, results of operations and cash flows.

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*Long-term debt related commitments*

Ferrellgas has long and short-term payment obligations under agreements such as the indentures governing its senior notes. See Note E "Debt" for a description of these debt obligations and a schedule of future maturities.

**M.&nbsp;&nbsp;&nbsp;&nbsp;Net earnings (loss) per unitholders' interest**

Below is a calculation of the basic and diluted net earnings (loss) per Class A Unitholders' interest in the condensed consolidated statements of operations for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended April 30,**  | **For the three months ended April 30,**  | **For the nine months ended April 30,**  | **For the nine months ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **(in thousands, except per unit amounts)** | **(in thousands, except per unit amounts)** | **(in thousands, except per unit amounts)** | **(in thousands, except per unit amounts)** |
| Net earnings attributable to Ferrellgas Partners, L.P. | $59105 | $52766 | $11280 | $130999 |
| Less: Distributions to preferred unitholders | 15623 | 16045 | 48086 | 48546 |
| Less: Distributions to Class B unitholders |  | 99996 |  | 99996 |
| Less: Allocation of undistributed net earnings to Class B units | 36764 |  |  |  |
| Less: General partner's interest in net earnings | 591 | 527 | 113 | 1310 |
| Undistributed net earnings (loss) attributable to Class A unitholders | $6127 | $(63802) | $(36919) | $(18853) |
| Weighted average Class A Units outstanding (in thousands) | 4857.6 | 4857.6 | 4857.6 | 4857.6 |
| Basic and diluted net earnings (loss) per Class A Unit | $1.26 | $(13.13) | $(7.60) | $(3.88) |

---

*Class B Units considerations*

The Class B Units meet the definition of a participating security and the two-class method is required. For any periods in which earnings are recognized, the earnings will first be allocated 100% to the Class B Units until the allocation equals the cumulative amount of all distributions paid to the Class B Units. Any remaining undistributed net earnings will be allocated between the Class B Units and the Class A Units on a six-to-one basis as if all undistributed earnings had been distributed to each class of units in accordance with their distribution rights. For any periods in which losses are recognized, no effect is given to the Class B Units as they do not contractually participate in the losses of Ferrellgas. In addition, Ferrellgas has the option to redeem all, but not less than all, of the Class B Units outstanding at any time on or prior to March 30, 2026 for cash. This call option does not impact the dilutive effect of net loss per Class A Unit due to the cash-only redemption provision, which is assumed, and therefore there would be no dilutive effect.

N.&nbsp;&nbsp;&nbsp;&nbsp;Subsequent events

Ferrellgas has evaluated events and transactions occurring after the balance sheet date through the date Ferrellgas' condensed consolidated financial statements were issued and concluded that there were no events or transactions occurring during this period that required recognition or disclosure in its condensed consolidated financial statements.

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**FERRELLGAS PARTNERS FINANCE CORP.**

**(a wholly-owned subsidiary of Ferrellgas Partners, L.P.)**

**CONDENSED BALANCE SHEETS**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **July 31, 2024** |
| **ASSETS** |  |  |
| Cash | $— | $— |
| &nbsp;&nbsp;**Total assets** | $— | $— |
| **LIABILITIES AND EQUITY** |  |  |
| **Current liabilities:** |  |  |
| Other current liabilities | $— | $— |
| &nbsp;&nbsp;**Total current liabilities** | $— | $— |
| **Contingencies and commitments (Note B)** |  |  |
| **STOCKHOLDER'S EQUITY** |  |  |
| &nbsp;&nbsp;Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding | $1000 | $1000 |
| &nbsp;&nbsp;Additional paid in capital | 43209 | 42843 |
| &nbsp;&nbsp;Accumulated deficit | (44209) | (43843) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total stockholder's equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $— | $— |

---

See notes to condensed financial statements.

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**FERRELLGAS PARTNERS FINANCE CORP.**

**(a wholly-owned subsidiary of Ferrellgas Partners, L.P.)**

**CONDENSED STATEMENTS OF OPERATIONS**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended April 30,**  | **For the three months ended April 30,**  | **For the nine months ended April 30,**  | **For the nine months ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| General and administrative expense | $225 | $225 | $366 | $278 |
| **Net loss** | $(225) | $(225) | $(366) | $(278) |

---

See notes to condensed financial statements.

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**FERRELLGAS PARTNERS FINANCE CORP.**

**(a wholly-owned subsidiary of Ferrellgas Partners, L.P.)**

**CONDENSED STATEMENTS OF CASH FLOWS**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended April 30,**  | **For the nine months ended April 30,**  |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;Net loss | $(366) | $(278) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash used in operating activities | (366) | (278) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;Capital contribution | 366 | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash provided by financing activities | 366 | 278 |
| Net change in cash |  |  |
| Cash - beginning of period |  |  |
| **Cash - end of period** | $— | $— |

---

See notes to condensed financial statements.

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#### FERRELLGAS PARTNERS FINANCE CORP.
**(a wholly-owned subsidiary of Ferrellgas Partners, L.P.)**

**(unaudited)**

#### NOTES TO CONDENSED FINANCIAL STATEMENTS
**A.&nbsp;&nbsp;&nbsp;&nbsp;Formation**

Ferrellgas Partners Finance Corp. ("Partners Finance Corp."), a Delaware corporation, was formed on March 28, 1996 and is a wholly-owned subsidiary of Ferrellgas Partners, L.P. ("Ferrellgas Partners").

Ferrellgas Partners contributed $1,000 to Partners Finance Corp. on April 8, 1996 in exchange for 1,000 shares of common stock.

Partners Finance Corp. has nominal assets, does not conduct any operations and has no employees.

**B.&nbsp;&nbsp;&nbsp;&nbsp;Contingencies and commitments**

Partners Finance Corp. serves as co-issuer and co-obligor for debt securities of Ferrellgas Partners. As of April 30, 2025, Ferrellgas Partners had no debt securities outstanding, and Partners Finance Corp. therefore was not liable as co-issuer for any such debt securities.

**C. Subsequent events**

Partners Finance Corp. has evaluated events and transactions occurring after the balance sheet date through the date Partners Finance Corp.'s consolidated financial statements were issued and concluded that there were no events or transactions occurring during this period that required recognition or disclosure in its condensed financial statements.

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**FERRELLGAS FINANCE CORP.**

**(a wholly-owned subsidiary of Ferrellgas, L.P.)**

**CONDENSED BALANCE SHEETS**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **April 30, 2025** | **July 31, 2024** |
| **ASSETS** |  |  |
| Cash | $— | $— |
| &nbsp;&nbsp;**Total assets** | $— | $— |
| **LIABILITIES AND EQUITY** |  |  |
| **Current liabilities:** |  |  |
| Other current liabilities | $— | $— |
| &nbsp;&nbsp;**Total current liabilities** | $— | $— |
| **Contingencies and commitments (Note B)** |  |  |
| **Equity:** |  |  |
| &nbsp;&nbsp;Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding | $1000 | $1000 |
| &nbsp;&nbsp;Additional paid in capital | 105566 | 105241 |
| &nbsp;&nbsp;Accumulated deficit | (106566) | (106241) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total stockholder's equity** | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $— | $— |

---

See notes to condensed financial statements.

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**FERRELLGAS FINANCE CORP.**

**(a wholly-owned subsidiary of Ferrellgas, L.P.)**

**CONDENSED STATEMENTS OF OPERATIONS**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months ended April 30,**  | **For the three months ended April 30,**  | **For the nine months ended April 30,**  | **For the nine months ended April 30,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| General and administrative expense | $225 | $624 | $325 | $677 |
| **Net loss** | $(225) | $(624) | $(325) | $(677) |

---

See notes to condensed financial statements.

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**FERRELLGAS FINANCE CORP.**

**(a wholly-owned subsidiary of Ferrellgas, L.P.)**

**CONDENSED STATEMENTS OF CASH FLOWS**

**(unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended April 30,**  | **For the nine months ended April 30,**  |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;Net loss | $(325) | $(677) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash used in operating activities | (325) | (677) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;Capital contribution | 325 | 677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash provided by financing activities | 325 | 677 |
| Net change in cash |  |  |
| Cash - beginning of period |  |  |
| **Cash - end of period** | $— | $— |

---

See notes to condensed financial statements.

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#### FERRELLGAS FINANCE CORP.
**(a wholly-owned subsidiary of Ferrellgas, L.P.)**

**(unaudited)**

#### NOTES TO CONDENSED FINANCIAL STATEMENTS
**A.&nbsp;&nbsp;&nbsp;&nbsp;Formation**

Ferrellgas Finance Corp. ("Finance Corp."), a Delaware corporation, was formed on January 16, 2003 and is a wholly-owned subsidiary of Ferrellgas, L.P. (the "operating partnership").

The operating partnership contributed $1,000 to Finance Corp. on January 24, 2003 in exchange for 1,000 shares of common stock.

Finance Corp. has nominal assets, does not conduct any operations and has no employees.

**B.&nbsp;&nbsp;&nbsp;&nbsp;Contingencies and commitments**

Finance Corp. serves as co-issuer and co-obligor for debt securities of the operating partnership. As of April 30, 2025 and July 31, 2024, Finance Corp. was liable as co-issuer and co-obligor for the operating partnership's (i) $650 million aggregate principal amount of unsecured senior notes due April 1, 2026 (the "2026 Notes") and (ii) $825 million aggregate principal amount of unsecured senior notes due April 1, 2029, each of which were issued on March 30, 2021. Finance Corp. is also liable for borrowings under the operating partnership's Credit Facility, which matures on December 31, 2025.

Due to the timing of the maturities of both the 2026 Notes and the Credit Facility, and the $154.9 million in letters of credit which it secures as of April 30, 2025, there is substantial doubt about Finance Corp.'s ability to continue as a going concern for at least one year from the date of issuance of this Quarterly Report. Its condensed consolidated financial statements were prepared on the assumption that it will continue as going concern. We have developed and received internal approval on a plan to restructure our capital structure, debt and refinance and/or extend the maturity date for the Credit Facility. External advisors have been engaged to assist in this process. The general partner believes that it is probable that the plans will be successfully implemented prior to the maturities of the 2026 Notes and Credit Facility, and these plans will alleviate the substantial doubt about the Company's ability to continue as a going concern.

**C. Subsequent events**

Finance Corp. has evaluated events and transactions occurring after the balance sheet date through the date Finance Corp.'s condensed financial statements were issued and concluded that there were no events or transactions occurring.

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#### ITEM 2.&nbsp;&nbsp;&nbsp;&nbsp; MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

#### References and Defined Terms
In this Item 2 of this Quarterly Report on Form 10-Q, unless the context indicates otherwise:

● "us," "we," "our," "ours," "consolidated," the "Company" or "Ferrellgas" are references to Ferrellgas Partners, L.P. together with its consolidated subsidiaries, including Ferrellgas, L.P., Ferrellgas Partners Finance Corp. and Ferrellgas Finance Corp., except when used in connection with "Class A Units" or "Class B Units," in which case these terms refer to Ferrellgas Partners, L.P. without its consolidated subsidiaries;

● "Ferrellgas Partners" refers to Ferrellgas Partners, L.P. itself, with its consolidated subsidiaries;

● the "operating partnership" refers to Ferrellgas, L.P., together (except where the context indicates otherwise) with its consolidated subsidiaries, including Ferrellgas Finance Corp.;

● our "general partner" refers to Ferrellgas, Inc.;

● "Ferrell Companies" refers to Ferrell Companies, Inc., the sole shareholder of our general partner;

● "Board of Directors" or "Board" refers to the board of directors of our general partner;

● "GAAP" refers to accounting principles generally accepted in the United States;

● "retail sales" refers to Propane and other gas liquid sales: Retail - Sales to End Users, or the volume of propane sold primarily to our residential, industrial/commercial and agricultural customers;

● "wholesale sales" refers to Propane and other gas liquid sales: Wholesale - Sales to Resellers, or the volume of propane sold primarily to our portable tank exchange customers and bulk propane sold to wholesale customers;

● "other gas sales" refers to Propane and other gas liquid sales: Other Gas Sales, or the volume of bulk propane sold to other third-party propane distributors or marketers and the volume of refined fuel sold;

● "propane sales volume" refers to the volume of propane sold to our retail sales and wholesale sales customers;

● "Class A Units" refers to the Class A Units of Ferrellgas Partners, one of which was issued for every twenty of Ferrellgas Partners' then-outstanding common units in a 1-for-20 reverse unit split effected on March 30, 2021;

● "Class B Units" refers to the Class B Units of Ferrellgas Partners;

● "Preferred Units" refers to the Senior Preferred Units of the operating partnership;

● "Unitholders" or "unitholders" refers to holders of Class A Units, holders of Class B Units or holders of Preferred Units, as indicated or as the context requires for each such reference; and

● references to any fiscal year are to the fiscal year ended or ending on July 31 of the applicable year.

Also, the following terms are defined in this Item 2 of this Quarterly Report on Form 10-Q:

● Amended Ferrellgas Partners LPA

● Amended OpCo LPA

● Credit Agreement

● Credit Facility

● Ferrellgas Partners Notes

● OpCo LPA Amendment

#### Cautionary Note Regarding Forward-looking Statements
Statements included in this report include forward-looking statements. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. 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. These statements often discuss plans, strategies, events or developments that we expect or anticipate will or may occur in the future and are based upon the beliefs and assumptions of our management and on the information currently available to them. In particular, statements, express or implied, concerning our future operating results or financial position or our ability to generate sales, income or cash flow are forward-looking statements.

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Forward-looking statements are not guarantees of performance. You should not put undue reliance on any forward-looking statements. All forward-looking statements are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially from those expressed in or implied by these forward-looking statements. Many of the factors that will affect our future results are beyond our ability to control or predict. Some of the risk factors that may affect our business, financial condition or results of operations include:

● 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;

● increased trucking and rail regulations;

● inherent operating and litigation risks in gathering, transporting, handling and storing propane;

● our inability to complete acquisitions or to successfully integrate acquired operations;

● 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;

● the impact of changes in tax law that could adversely affect the tax treatment of Ferrellgas Partners for federal income tax purposes;

● economic and political instability, particularly in areas of the world tied to the energy industry, including the ongoing conflict between Russia and Ukraine and in the Middle East;

● disruptions in the capital and credit markets;

● access to available capital to meet our operating and debt-service requirements; and

● the anticipated completion of a refinancing.

When considering any forward-looking statement, you should also keep in mind the risk factors set forth in "Item 1A. Risk Factors" of our Annual Report on Form 10-K for fiscal 2024 and in any more recent filings with the SEC. Any of these risks could impair our business, financial condition or results of operations. Any such impairment may affect our ability to make distributions to our unitholders or pay interest on the principal of any of our debt securities. In addition, the trading price of our securities could decline as a result of any such impairment.

Except for our ongoing obligations to disclose material information as required by federal securities laws, we undertake no obligation to update any forward-looking statements or risk factors after the date of this Quarterly Report on Form 10-Q.

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**Overview**

Our management's discussion and analysis of financial condition and results of operations relates to Ferrellgas Partners and the operating partnership.

Ferrellgas Partners is a holding entity that conducts no operations and has two direct subsidiaries, the operating partnership and Ferrellgas Partners Finance Corp. Our activities are primarily conducted through the operating partnership. Ferrellgas Partners and the Preferred Unitholders are the only limited partners of the operating partnership. Ferrellgas, Inc. is the sole general partner of Ferrellgas Partners and the operating partnership and, excluding the economic interests attributable to the Class B Units and the Preferred Units, owns an approximate 1% general partner economic interest in each, and, therefore, an effective 2% general partner economic interest in the operating partnership. Excluding the economic interests attributable to the Preferred Units, Ferrellgas Partners owns an approximate 99% limited partner interest in the operating partnership. For information regarding the economic and other terms of the Class B Units and the Preferred Units, see Note G "Equity (Deficit)" and Note F "Preferred units" to our condensed consolidated financial statements included elsewhere herein.

Our general partner performs all management functions for us. The parent company of our general partner, Ferrell Companies, currently beneficially owns approximately 23.4% of our outstanding Class A units. Ferrell Companies is owned 100% by an employee stock ownership trust.

The operating partnership was formed on April 22, 1994, and accounts for substantially all of our consolidated assets, sales and operating earnings.

Ferrellgas Partners Finance Corp. and Ferrellgas Finance Corp. have nominal assets, do not conduct any operations and have no employees other than officers. Ferrellgas Partners Finance Corp. has served as co-issuer and co-obligor for debt securities of Ferrellgas Partners, while Ferrellgas Finance Corp., a subsidiary of the operating partnership, serves as co-issuer and co-obligor for debt securities of the operating partnership. Accordingly, and due to the reduced disclosure format, a discussion of the results of operations, liquidity and capital resources of Ferrellgas Partners Finance Corp. and Ferrellgas Finance Corp. is not presented in this section.

The Class A Units of Ferrellgas Partners are traded on the OTC Pink Market under the symbol "FGPR."

We file annual, quarterly, and current reports and other information with the Securities and Exchange Commission (the "SEC"). You may read and download our SEC filings over the Internet from several commercial document retrieval services as well as at the SEC's website at www.sec.gov. Our SEC filings are also available on our website at www.ferrellgas.com at no cost as soon as reasonably practicable after our electronic filing or furnishing thereof with the SEC. Please note that any Internet addresses provided in this Quarterly Report on Form 10-Q are for informational purposes only and are not intended to be hyperlinks. Accordingly, no information found and/or provided at such Internet addresses is intended or deemed to be incorporated by reference herein.

The following is a discussion of our historical financial condition and results of operations and should be read in conjunction with our audited historical consolidated financial statements and accompanying notes thereto included in our Annual Report on Form 10-K for fiscal 2024 and in our unaudited historical condensed consolidated financial statements and accompanying notes thereto included elsewhere in this Quarterly Report on Form 10-Q.

The discussions set forth in the "Results of Operations" and "Liquidity and Capital Resources" sections generally refer to Ferrellgas Partners and its consolidated subsidiaries.

#### How We Evaluate Our Operations
We evaluate our overall business performance based primarily on a metric we refer to as "Adjusted EBITDA," which is not defined by GAAP and should not be considered an alternative to earnings measures defined by GAAP. We do not utilize depreciation, depletion and amortization expense in our key measures because we focus our performance management on cash flow generation and our revenue generating assets have long useful lives. For the definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net earnings attributable to Ferrellgas Partners, L.P., the most directly comparable GAAP measure, see the subheading "Non-GAAP Financial Measures" below.

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*Propane operations and related equipment sales*

Based on our propane sales volumes in fiscal 2024, we believe that we are the second largest retail marketer of propane in the United States and a leading national provider of propane by portable tank exchange. We serve residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia and Puerto Rico. Our operations primarily include the retail distribution and sale of propane and related equipment and supplies.

We use information on temperatures to understand how our results of operations are affected by temperatures that are warmer or colder than normal. Normal temperatures computed by us are the average of the last 10 years of information published by the National Oceanic and Atmospheric Administration ("NOAA"). Based on this information we calculate a ratio of actual heating degree days to normal heating degree days. Heating degree days are a general indicator of weather impacting propane usage.

Weather conditions have a significant impact on demand for propane for heating purposes primarily during the months of November through March (the "winter heating season"). Accordingly, the volume of propane used by our customers for this purpose is directly affected by the severity of the winter weather in the regions we serve and can vary substantially from year to year. In any given region, sustained warmer-than-normal temperatures will tend to result in reduced propane usage, while sustained colder-than-normal temperatures will tend to result in greater usage. Although there is a strong correlation between weather and customer usage, general economic conditions in the United States and the wholesale price of propane can have a significant impact on this correlation. Additionally, there is a natural time lag between the onset of cold weather and increased sales to customers. If the United States were to experience a cooling trend, we could expect nationwide demand for propane to increase which could lead to greater sales, income and cash flow. Conversely, if the United States were to experience a continued warming trend, we could expect nationwide demand for propane for heating purposes to decrease which could lead to a reduction in our sales, income and cash flow as well as impact our ability to maintain compliance with our debt covenants.

We employ risk management activities that attempt to mitigate price risks related to the purchase, storage, transport and sale of propane generally in the contract and spot markets from major domestic energy companies. We attempt to mitigate these price risks through the use of financial derivative instruments and forward propane purchase and sales contracts. We enter into propane sales commitments with a portion of our customers that provide for a contracted price agreement for a specified period of time. These commitments can expose us to product price risk if not immediately hedged with an offsetting propane purchase commitment.

Our open financial derivative propane purchase commitments are designated as hedges primarily for fiscal 2025 and 2026 sales commitments and, as of April 30, 2025, we have experienced net mark-to-market gains of approximately $1.5 million. Because these financial derivative purchase commitments qualify for hedge accounting treatment, the resulting asset, liability and related mark-to-market gains or losses are recorded on the condensed consolidated balance sheets as "Prepaid expenses and other current assets," "Other assets, net," "Other current liabilities," "Other liabilities" and "Accumulated other comprehensive income," respectively, until settled. Upon settlement, realized gains or losses on these contracts will be reclassified to "Cost of sales-propane and other gas liquid sales" in the condensed consolidated statements of operations as the underlying inventory is sold. These financial derivative purchase commitment net gains are expected to be offset by decreased margins on propane sales commitments that qualify for the normal purchase normal sale exception. At April 30, 2025, we estimate 86% of currently open financial derivative purchase commitments, the related propane sales commitments and the resulting gross margin will be realized into earnings during the next twelve months.

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#### Summary Discussion of Results of Operations:

#### Executive Overview

#### For the three months ended April 30, 2025 and 2024
**During the three months ended April 30, 2025 and 2024, we recognized net earnings attributable to Ferrellgas Partners, L.P. of $59.1 million and $52.8 million, respectively. The $6.3 million increase was primarily driven by an increase of $16.9 million in "Gross margin," which was partially offset by increases of $8.8 million in "Operating expense – personnel, vehicle, plant and other" and $3.5 million in "Interest expense." The $8.8 million increase in "Operating expense – personnel, vehicle, plant and other" was due to increases of $7.8 million increase in plant and other, $0.7 million in personnel, and $0.3 million in vehicle expense. See "Operating Results for the three months ended April 30, 2025 and 2024" for additional information. The $3.5 million increase in "Interest expense" was primarily driven by increases of $1.9 million for amortization of debt issuance costs, related to amendments to the Company's revolving credit facility, $0.7 million for letters of credit fees, and $0.7 million for interest charges for a lease related to a growth initiative.** 

Distributable cash flow attributable to equity investors increased to $85.6 million for the three months ended April 30, 2025 compared to $77.8 million for the prior year period, primarily due to an increase of $10.8 million in Adjusted EBITDA, partially offset by increases of $2.1 million in "Net cash interest expense" and $1.0 million in "Maintenance capital expenditures." The increase in "Maintenance capital expenditures" primarily relates to capitalized fleet repairs.

During the three months ended April 30, 2025, we had a distributable cash flow excess of $68.3 million compared to a distributable cash flow shortage of $39.8 million during the three months ended April 30, 2024. This $108.1 million change was primarily due to the $99.9 million distribution paid to Class B unitholders in the prior year period and the $7.8 million increase in distributable cash flow attributable to equity investors noted above.

#### For the nine months ended April 30, 2025 and 2024
**During the nine months ended April 30, 2025 and 2024, we recognized net earnings attributable to Ferrellgas Partners, L.P. of $11.3 million and $131.0 million, respectively. The $119.7 million decrease was primarily driven by a legal accrual of $125.0 million included in "General and administrative expenses" in addition to increases of $23.4 million in "Operating expense – personnel, vehicle, plant and other" and $8.9 million in "Interest expense." These increases were partially offset by a $36.9 million increase in "Gross margin."** 

**After adjusting for $4.5 million in legal fees and settlements related to core businesses, we had an $18.9 million increase in "Operating expense – personnel, vehicle, plant and other." The $18.9 million increase is comprised of increases of $11.2 million in plant and other and $10.4 million in personnel expense, partially offset by a $2.7 million decrease in vehicle expense. See "Operating Results for the nine months ended April 30, 2025 and 2024" for additional information. The $8.9 million increase in "Interest expense" was primarily driven by increases of $4.6 million for amortization of debt issuance costs, related to amendments to the Company's revolving credit facility, $3.0 million for letters of credit fees, and $0.7 million for interest charges for a lease related to a growth initiative.** 

Distributable cash flow attributable to equity investors increased to $214.2 million for the nine months ended April 30, 2025 compared to $207.9 million for the prior year period, primarily due to an increase of $23.8 million in Adjusted EBITDA, which was partially offset by increases of $11.6 million in "Maintenance capital expenditures" and $5.9 million in "Net cash interest expense." The increase in "Maintenance capital expenditures" primarily relates to failed sale-leaseback arrangements, production plant upgrades, and capitalized fleet repairs.

During the nine months ended April 30, 2025 and 2024, we had a distributable cash flow excess of $161.9 million and $55.2 million, respectively. This $106.7 million increase was primarily due to the $99.9 million distribution paid to Class B unitholders in the prior year period and the $6.3 million increase in distributable cash flow attributable to equity investors noted above.

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**Consolidated Results of Operations**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended April 30,**  | **Three months ended April 30,**  | **Nine months ended April 30,**  | **Nine months ended April 30,**  |
| ***(amounts in thousands)*** | **2025** | **2024** | **2025** | **2024** |
| Total revenues | $560847 | $515774 | $1594708 | $1496664 |
| Total cost of sales | 271618 | 243476 | 762791 | 701665 |
| Operating expense - personnel, vehicle, plant and other | 159392 | 150629 | 478306 | 454913 |
| Depreciation and amortization expense | 24336 | 25340 | 73006 | 74179 |
| General and administrative expense | 12721 | 13305 | 167361 | 43321 |
| Operating expense - equipment lease expense | 3833 | 5275 | 14333 | 15994 |
| Non-cash employee stock ownership plan compensation charge | 802 | 880 | 2358 | 2500 |
| Loss on asset sales and disposals | 855 | 130 | 4546 | 1847 |
| Operating income | 87290 | 76739 | 92007 | 202245 |
| Interest expense | (28142) | (24685) | (82116) | (73205) |
| Other income, net | 779 | 1324 | 1957 | 3509 |
| Earnings before income taxes | 59927 | 53378 | 11848 | 132549 |
| Income tax expense  | 378 | 240 | 943 | 711 |
| Net earnings | 59549 | 53138 | 10905 | 131838 |
| Net earnings (loss) attributable to noncontrolling interest | 444 | 372 | (375) | 839 |
| Net earnings attributable to Ferrellgas Partners, L.P. | $59105 | $52766 | $11280 | $130999 |

---

#### Non-GAAP Financial Measures
In this Quarterly Report we present the following Non-GAAP financial measures: Adjusted EBITDA, Distributable cash flow attributable to equity investors, Distributable cash flow attributable to Class A and B Unitholders, and Distributable cash flow excess (shortage).

*Adjusted EBITDA*. Adjusted EBITDA for Ferrellgas Partners is calculated as net 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 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 earnings (loss) 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. This method of calculating Adjusted EBITDA should be viewed in conjunction with measurements that are computed in accordance with GAAP.

*Distributable Cash Flow Attributable to Equity Investors*. 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 Ferrellgas' 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.

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*Distributable Cash Flow Attributable to Class A and B Unitholders*. 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 to Preferred Unitholders 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 into 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.

*Distributable Cash Flow Excess (Shortage)*. Distributable cash flow excess (shortage) 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 (shortage) a meaningful measure of the partnership's ability to effectuate those purposes. Distributable cash flow excess (shortage), 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 excess (shortage) that will not occur on a continuing basis may have associated cash payments. Distributable cash flow excess (shortage) should be viewed in conjunction with measurements that are computed in accordance with GAAP.

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The following table reconciles Adjusted EBITDA, Distributable cash flow attributable to equity investors, Distributable cash flow attributable to Class A and B Unitholders and Distributable cash flow excess (shortage) to Net earnings attributable to Ferrellgas Partners, L.P., the most directly comparable GAAP measure, for the three and nine months ended April 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended April 30,**  | **Three months ended April 30,**  | **Nine months ended April 30,**  | **Nine months ended April 30,**  |
| ***(amounts in thousands)*** | **2025** | **2024** | **2025** | **2024** |
| Net earnings attributable to Ferrellgas Partners, L.P. | $59105 | $52766 | $11280 | $130999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense  | 378 | 240 | 943 | 711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 28142 | 24685 | 82116 | 73205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 24336 | 25340 | 73006 | 74179 |
| EBITDA | 111961 | 103031 | 167345 | 279094 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash employee stock ownership plan compensation charge | 802 | 880 | 2358 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on asset sales and disposals | 855 | 130 | 4546 | 1847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | (779) | (1324) | (1957) | (3509) |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees and settlements related to non-core businesses | 1479 | 323 | 130633 | 1480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees and settlements related to core businesses |  |  | 4540 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and related costs <sup>(1)</sup> |  |  | (798) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business transformation costs <sup>(2)</sup> | 17 | 591 | 1338 | 1556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earnings (loss) attributable to noncontrolling interest | 444 | 372 | (375) | 839 |
| Adjusted EBITDA | 114779 | 104003 | 307630 | 283807 |
| Net cash interest expense <sup>(3)</sup> | (23384) | (21240) | (69288) | (63411) |
| Maintenance capital expenditures <sup>(4)</sup> | (6365) | (5383) | (25506) | (13952) |
| Cash paid for income taxes | (298) | (136) | (708) | (495) |
| Proceeds from certain asset sales | 904 | 589 | 2115 | 1969 |
| Distributable cash flow attributable to equity investors | 85636 | 77833 | 214243 | 207918 |
| Less: Distributions accrued or paid to preferred unitholders | 15623 | 16045 | 48086 | 48546 |
| Distributable cash flow attributable to general partner and non-controlling interest | (1713) | (1557) | (4285) | (4159) |
| Distributable cash flow attributable to Class A and B unitholders | 68300 | 60231 | 161872 | 155213 |
| Less: Distributions paid to Class A and B unitholders <sup>(5)</sup> |  | 99996 |  | 99996 |
| Distributable cash flow excess (shortage) | $68300 | $(39765) | $161872 | $55217 |

---

(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 business transformation initiatives.

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

(4)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.

(5)The Company did not pay any distributions to Class A unitholders during fiscal 2025 or fiscal 2024.

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#### Operating Results for the three months ended April 30, 2025 and 2024
The following table summarizes propane sales volumes and Adjusted EBITDA results for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **Increase (Decrease)** | **Increase (Decrease)** |
| **As of April 30,**  |  |  |  |  |
| Retail customers | 631841 | 640885 | (9044) | (1)% |
| Tank exchange selling locations | 66782 | 68536 | (1754) | (3)% |
| ***(amounts in thousands)*** |  |  |  |  |
| **Three months ended April 30,**  |  |  |  |  |
| Propane sales volumes (gallons): |  |  |  |  |
| Retail - Sales to End Users | 171084 | 162282 | 8802 | 5% |
| Wholesale - Sales to Resellers | 51723 | 47102 | 4621 | 10% |
|  | 222807 | 209384 | 13423 | 6% |
| Revenues - |  |  |  |  |
| Propane and other gas liquids sales: |  |  |  |  |
| &nbsp;&nbsp;Retail - Sales to End Users | $400006 | $367300 | $32706 | 9% |
| &nbsp;&nbsp;Wholesale - Sales to Resellers | 129667 | 119739 | 9928 | 8% |
| &nbsp;&nbsp;Other Gas Sales <sup>(1)</sup> | 3873 | 3018 | 855 | 28% |
| Other <sup>(2)</sup> | 27301 | 25717 | 1584 | 6% |
| Propane and related equipment revenues | $560847 | $515774 | $45073 | 9% |
| Gross Margin - |  |  |  |  |
| Propane and other gas liquids sales gross margin: <sup>(3)</sup> |  |  |  |  |
| &nbsp;&nbsp;Retail - Sales to End Users <sup>(1)</sup> | $207016 | $198497 | $8519 | 4% |
| &nbsp;&nbsp;Wholesale - Sales to Resellers <sup>(1)</sup> | 58639 | 51279 | 7360 | 14% |
| Other <sup>(2)</sup> | 23574 | 22522 | 1052 | 5% |
| Propane and related equipment gross profit | $289229 | $272298 | $16931 | 6% |
| Operating, general and administrative expense <sup>(4)</sup> | $172113 | $163934 | $8179 | 5% |
| Operating expense - equipment lease expense | 3833 | 5275 | (1442) | (27)% |
| Operating income | $87290 | $76739 | $10551 | 14% |
| Depreciation and amortization expense | 24336 | 25340 | (1004) | (4)% |
| Non-cash employee stock ownership plan compensation charge | 802 | 880 | (78) | (9)% |
| Loss on asset sales and disposals | 855 | 130 | 725 | NM |
| Legal fees and settlements related to non-core businesses | 1479 | 323 | 1156 | NM |
| Business transformation costs <sup>(5)</sup> | 17 | 591 | (574) | NM |
| Adjusted EBITDA | $114779 | $104003 | $10776 | 10% |

---

NM – Not meaningful

&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross margin for "Other Gas Sales" is allocated to Gross margin "Retail - Sales to End Users " and "Wholesale - Sales to Resellers " based on the volumes in each respective category.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "Other" primarily includes various customer fee income and to a lesser extent appliance and material sales.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Gross margin from "Propane and other gas liquids sales " represents "Revenues - Propane and other gas liquids sales " less "Cost of sales - Propane and other gas liquids sales " and does not include depreciation and amortization.

&nbsp;&nbsp;&nbsp;&nbsp;(4) "Operating, general and administrative expense" above includes both the "Operating expense – personnel, vehicle, plant and other" and the "General and administrative expense" captions in the condensed consolidated statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Non-recurring costs included in "Operating, general and administrative expense" related to business transformation initiatives.

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Overall, average temperatures (measured by heating degree days) were 4% warmer than normal (based on NOAA's ten-year average) but 12% cooler than the prior year period during the three months ended April 30, 2025. The quarter started out cold and ended warm as winter carried over from the second fiscal quarter. Propane sales volumes during the three months ended April 30, 2025 increased 13.4 million gallons, or 6%, compared to the prior year period.

Our wholesale sales price per gallon partially correlates to the change in the wholesale market price of propane. The wholesale market price at major supply points in Mt. Belvieu, Texas during the three months ended April 30, 2025 averaged 6.0% more than the prior year period, while at the Conway, Kansas major supply point prices averaged 2.6% more than the prior year period. The wholesale market price at Mt. Belvieu, Texas averaged $0.89 and $0.84 per gallon during the three months ended April 30, 2025 and 2024, respectively, while the wholesale market price at Conway, Kansas averaged $0.80 and $0.78 per gallon during the three months ended April 30, 2025 and 2024, respectively.

*Revenues*

Retail sales increased $32.7 million, or 9%, compared to the prior year period and partially aligns with the increase in gallons sold of 8.8 million gallons, or 5%. Additionally, the increase in wholesale propane prices noted above contributed to the increase in revenues. Sales to residential and industrial commercial customers drove the majority of the increase.

Wholesale sales increased $9.9 million, or 8%, compared to the prior year period with a corresponding increase of 4.6 million gallons, or 10%, compared to the prior year period. The favorable increase was driven by a $4.7 million increase in wholesale gallons sold and a $3.1 million increase in tank exchange sales due to organic growth and preparation for peak season next quarter.

Other gas sales increased $0.9 million compared to the prior year period primarily due to an increase in sales volume.

Other revenues increased $1.6 million, or 6%, compared to the prior year period. The change was primarily due to increases of $1.3 million in transport revenue and $0.3 million in tank rent.

*Gross margin - Propane and other gas liquids sales*

Gross margin increased $15.9 million due to increases of $8.5 million in retail gross margin and $7.4 million in wholesale gross margin. The overall change was driven by a $43.5 million increase in revenue and a $27.6 million increase in cost of sales.

The $8.5 million increase in retail gross margin was driven by increases of $14.8 million for residential sales and $4.0 million for industrial commercial sales, which were partially offset by a decrease of $9.0 million in transport sales.

The $7.4 million increase in wholesale gross margin was primarily due to a $6.2 million increase related to our tank exchange business. We continue to benefit from our telematics technology, which provides a platform under which we can manage our fleet to reduce fuel costs and boost route efficiencies.

Margin per gallon for the quarter was flat compared to the prior year period.

*Gross margin - other* 

Gross margin increased $1.0 million, or 5%, compared to the prior year period.

*Operating income*

We had operating income of $87.3 million and $76.7 million during the three months ended April 30, 2025 and 2024, respectively. The $10.5 million increase was primarily due to the $16.9 million increase in gross margin noted above in addition to decreases of $1.4 million in "Operating expense - equipment lease expense" and $1.0 million in "Depreciation and amortization expense." These favorable changes were partially offset by an increase of $8.8 million in "Operating expense – personnel, vehicle, plant and other," which was primarily due to a $7.8 million increase in plant and other. Increases of $0.7 million in personnel and $0.3 million in vehicle expense also contributed to the change in operating expenses.

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The increase in plant and other was primarily attributable to increases of $3.5 million in legal costs, $1.6 million in software expense, $0.8 million for property maintenance related primarily to security services and snow removal, and $1.0 million related to capitalized tank installations and plant supplies.

*Adjusted EBITDA*

Adjusted EBITDA increased $10.8 million primarily due to the $16.9 million increase in "Gross margin" as described above, partially offset by an increase of $7.6 million in "Operating, general and administrative expense," after adjusting for an increase of $0.6 million in EBITDA adjustments, primarily related to legal costs.

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#### Operating Results for the nine months ended April 30, 2025 and 2024
The following table summarizes propane sales volumes and Adjusted EBITDA results for the periods indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2024** | **Increase (Decrease)** | **Increase (Decrease)** |
| **As of April 30,**  |  |  |  |  |
| Retail customers | 631841 | 640885 | (9044) | (1)% |
| Tank exchange selling locations | 66782 | 68536 | (1754) | (3)% |
| ***(amounts in thousands)*** |  |  |  |  |
| **Nine months ended April 30,**  |  |  |  |  |
| Propane sales volumes (gallons): |  |  |  |  |
| Retail - Sales to End Users | 483790 | 479776 | 4014 | 1% |
| Wholesale - Sales to Resellers | 172453 | 152845 | 19608 | 13% |
|  | 656243 | 632621 | 23622 | 4% |
| Revenues - |  |  |  |  |
| Propane and other gas liquids sales: |  |  |  |  |
| &nbsp;&nbsp;Retail - Sales to End Users | $1078412 | $1033000 | $45412 | 4% |
| &nbsp;&nbsp;Wholesale - Sales to Resellers | 409381 | 368088 | 41293 | 11% |
| &nbsp;&nbsp;Other Gas Sales <sup>(1)</sup> | 19578 | 12112 | 7466 | 62% |
| Other <sup>(2)</sup> | 87337 | 83464 | 3873 | 5% |
| Propane and related equipment revenues | $1594708 | $1496664 | $98044 | 7% |
| Gross Margin - |  |  |  |  |
| Propane and other gas liquids sales gross margin: <sup>(3)</sup> |  |  |  |  |
| &nbsp;&nbsp;Retail - Sales to End Users <sup>(1)</sup> | $570293 | $562108 | $8185 | 1% |
| &nbsp;&nbsp;Wholesale - Sales to Resellers <sup>(1)</sup> | 186125 | 160793 | 25332 | 16% |
| Other <sup>(2)</sup> | 75499 | 72098 | 3401 | 5% |
| Propane and related equipment gross profit | $831917 | $794999 | $36918 | 5% |
| Operating, general and administrative expense <sup>(4)</sup> | $645667 | $498234 | $147433 | 30% |
| Operating expense - equipment lease expense | 14333 | 15994 | (1661) | (10)% |
| Operating income | $92007 | $202245 | $(110238) | (55)% |
| Depreciation and amortization expense | 73006 | 74179 | (1173) | (2)% |
| Non-cash employee stock ownership plan compensation charge | 2358 | 2500 | (142) | (6)% |
| Loss on asset sales and disposals | 4546 | 1847 | 2699 | 146% |
| Legal fees and settlements related to non-core businesses | 130633 | 1480 | 129153 | NM |
| Legal fees and settlements related to core businesses | 4540 |  | 4540 | 100% |
| Acquisition and related costs <sup>(5)</sup> | (798) |  | (798) | 100% |
| Business transformation costs <sup>(6)</sup> | 1338 | 1556 | (218) | (14)% |
| Adjusted EBITDA | $307630 | $283807 | $23823 | 8% |

---

NM – Not meaningful

&nbsp;&nbsp;&nbsp;&nbsp;(1) Gross margin for "Other Gas Sales" is allocated to Gross margin "Retail - Sales to End Users " and "Wholesale - Sales to Resellers " based on the volumes in each respective category.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "Other" primarily includes various customer fee income and to a lesser extent appliance and material sales.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Gross margin from "Propane and other gas liquids sales " represents "Revenues - Propane and other gas liquids sales " less "Cost of sales - Propane and other gas liquids sales " and does not include depreciation and amortization.

&nbsp;&nbsp;&nbsp;&nbsp;(4) "Operating, general and administrative expense" above includes both the "Operating expense – personnel, vehicle, plant and other" and the "General and administrative expense" captions in the condensed consolidated statement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Non-recurring due diligence related to potential acquisition activities, restructuring costs, and other adjustments.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Non-recurring costs included in "Operating, general and administrative expense" related to our business transformation initiatives.

[**Table of Contents**](#TOC)

Propane sales volumes during the nine months ended April 30, 2025 increased 23.6 million gallons, or 4%, compared to the prior year period. Wholesale gallons sold increased 13%, or 19.6 million gallons. The 4.0 million increase in retail gallons sold was driven by a 5% increase, or 9.9 million residential gallons, as temperatures for fiscal 2025 were 6% cooler than fiscal 2024. Average temperatures (measured by heating degree days) were 2% warmer than normal (based on NOAA's ten-year average). This favorable increase was partially offset by a decrease of 11%, or 3.4 million gallons, in agricultural gallons sold due to the impact of extended drought conditions.

Our wholesale sales price per gallon partially correlates to the change in the wholesale market price of propane. The wholesale market price at major supply points in Mt. Belvieu, Texas during the nine months ended April 30, 2025 averaged 6.7% more than the prior year period, while at the Conway, Kansas major supply point prices averaged 6.9% more than the prior year period. The wholesale market price at Mt. Belvieu, Texas averaged $0.80 and $0.75 per gallon during the nine months ended April 30, 2025 and 2024, respectively, while the wholesale market price at Conway, Kansas averaged $0.77 and $0.72 per gallon during the nine months ended April 30, 2025 and 2024, respectively.

*Revenues*

Retail sales increased $45.4 million, or 4%, compared to the prior year period as the increase in wholesale propane prices noted above and increase in gallons sold contributed to the increase in revenues. Sales to residential and industrial commercial customers drove the majority of the increase. Retail gallons sold increased 4.0 million gallons, or 1%, compared to the prior year period as we experienced warmer weather in the first fiscal quarter, which was partially offset by cooler weather in the second and third fiscal quarters. Results were impacted by a decrease in sales to agricultural customers, primarily due to extended drought conditions, in addition to a 1% customer decrease compared to the prior year period.

Wholesale sales increased $41.3 million, or 11%, compared to the prior year period with a corresponding increase of 19.6 million gallons sold, or 13%, compared to the prior year period. The favorable increase was driven by a $26.1 million increase in tank exchange sales due to organic growth and preparation for the peak season next quarter. Storm preparation and response to Hurricane Helene and Hurricane Milton during the fiscal year also added growth.

Other gas sales increased $7.5 million compared to the prior year period primarily due to an increase in sales volume.

Other revenues increased $3.9 million, or 5%, compared to the prior year period. The change was primarily due to increases of $1.3 million in miscellaneous revenues, fees, and appliance sales, $1.1 million in transport revenue and $1.0 million in tank rent.

*Gross margin - Propane and other gas liquids sales*

Gross margin increased $33.5 million due to increases of $25.3 million in wholesale gross margin and $8.2 million in retail gross margin. The overall change was driven by a $94.2 million increase in revenue, partially offset by a $60.7 million increase in cost of sales.

The $25.3 million increase in wholesale gross margin was primarily due to a $22.2 million increase related to our tank exchange business as revenues increased 9% while cost of product only increased 3%.

The $8.2 million increase in retail gross margin was primarily driven by increases of $25.6 million for residential sales and $6.2 million for industrial commercial sales, which were partially offset by a decrease of $26.0 million in transport sales.

Margin per gallon for the quarter increased by $0.01, or 1%, compared to the prior year period. The volume on our Platinum Plus fixed cost program for residential customers was a contributing factor in margin improvement during the quarter.

*Gross margin - other* 

Gross margin increased $3.4 million, or 5%, compared to the prior year period.

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*Operating income*

We had operating income of $92.0 million and $202.2 million during the nine months ended April 30, 2025 and 2024, respectively. The $110.2 million decrease was primarily due to a $125.0 million legal settlement in "General and administrative expense" and a $23.4 million increase in "Operating expense – personnel, vehicle, plant and other," which was partially offset by the $36.9 million increase in gross margin noted above.

After adjusting for $4.5 million in legal fees and settlements related to core businesses, "Operating expense – personnel, vehicle, plant and other" increased $18.9 million. The increase is comprised of increases of $11.2 million in plant and other and $10.4 million in personnel expense, which was partially offset by a $2.7 million decrease in vehicle expense.

The $11.2 million increase in plant and other was primarily due to increases of $3.1 million in legal expense, $3.0 million in software expense, $1.8 million for property maintenance, and $1.2 million for supplies and parts and fittings, and $0.8 million for bank fees.

The $10.4 million increase in personnel expense includes increases of $5.2 million in workers' compensation claims, $5.5 million related to payroll and other costs, and $3.0 million in overtime expense. These increases were partially offset by a $4.6 million decrease in benefit costs.

Vehicle expense decreased as we realized fuel savings of $4.4 million as a result of our telematics technology in place to reduce idling time and enhance route efficiency. This decrease was partially offset by a $1.0 million increase in repairs and maintenance costs.

*Adjusted EBITDA*

Adjusted EBITDA increased $23.8 million primarily due to the $36.9 million increase in "Gross margin," as described above, partially offset by an increase of $14.0 million in "Operating, general and administrative expense," after adjusting for an increase of $132.7 million in EBITDA adjustments, which were primarily for the $125.0 million legal settlement noted above and $4.5 million in legal fees and settlements related to core businesses.

#### Liquidity and Capital Resources

#### General
Our primary sources of liquidity and capital resources are cash flows from operating activities, our Credit Facility and funds received from sales of debt and equity securities. The operating partnership, the general partner and certain of the operating partnership's subsidiaries as guarantors are parties to a credit agreement dated March 30, 2021, as amended on January 15, 2025 (the "Credit Agreement"), with JPMorgan Chase Bank, N.A. as administrative agent and collateral agent, and the lenders and issuing lenders party thereto from time to time, which provides for a four-year revolving credit facility (the "Credit Facility"), with a maturity date of December 31, 2025, in an aggregate principal amount of up to $350.0 million. On March 31, 2025, in conjunction with the commencement of the Fifth Amendment, the commitment level for the Credit Facility was reduced from $350.0 million to $308.8 million. The Credit Agreement includes a sublimit not to exceed $300.0 million for the issuance of letters of credit. For additional discussion, see Note E "Debt" in the notes to our condensed consolidated financial statements.

As of April 30, 2025, our total liquidity was $263.2 million, which was comprised of $109.3 million in unrestricted cash and $153.9 million of availability under our Credit Facility. These sources of liquidity and short-term capital resources are intended to fund our working capital requirements, acquisitions and capital expenditures. As of April 30, 2025, letters of credit outstanding totaled $154.9 million. Our access to long-term capital resources, to the extent needed to refinance debt or for other purposes, may be affected by our ability to access the capital markets, covenants in our debt agreements and other financial obligations, unforeseen demands on cash, or other events beyond our control.

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Our working capital requirements are subject to, among other things, the price of propane, delays in the collection of receivables, volatility in energy commodity prices, liquidity imposed by insurance providers, downgrades in our credit ratings, decreased trade credit, significant acquisitions, the weather, customer retention and purchasing patterns and other changes in the demand for propane. Relatively colder weather or higher propane prices during the winter heating season are factors that could significantly increase our working capital requirements.

In March 2025, the operating partnership's corporate rating was downgraded from B2 to B3 by Moody's Investors Service ("Moody's") and our senior unsecured notes were downgraded from a B3 to a Caa1 rating by Moody's. In April 2025, the operating partnership's senior unsecured notes rating was downgraded from a B to a CCC+ rating by S&P Global Ratings.

Our ability to satisfy our obligations is dependent upon our future performance, which will be subject to prevailing weather, economic, financial and business conditions and other factors, many of which are beyond our control. Due to the seasonality of the retail propane distribution business, a significant portion of our propane operations and related products cash flows from operations is generated during the winter heating season. Our net cash provided by operating activities primarily reflects earnings from our business activities adjusted for depreciation and amortization and changes in our working capital accounts. Historically, we generate significantly lower net cash from operating activities in our first and fourth fiscal quarters as compared to the second and third fiscal quarters due to the seasonality of our propane operations and related equipment sales operations.

During periods of high volatility, our risk management activities may expose us to the risk of counterparty margin calls in amounts greater than we have the capacity to fund. Likewise, our counterparties may not be able to fulfill their margin calls from us or may default on the settlement of positions with us.

The liquidity available from cash flows from operating activities, unrestricted cash and the Credit Facility may not be sufficient to meet our capital expenditure, working capital and letter of credit requirements for the foreseeable future. Due to the timing of the maturities, as described in Note E "Debt" in the notes to our condensed consolidated financial statements, of both the 2026 Notes and the Credit Facility, and the $154.9 million in letters of credit which it secures as of April 30, 2025, there is substantial doubt about the Company's ability to continue as a going concern for at least one year from the date of issuance of this Quarterly Report. We have developed and received internal approval on a plan to restructure our capital structure, debt and refinance and/or extend the maturity date for the Credit Facility. External advisors have been engaged to assist in this process. The general partner believes that it is probable that the plans will be successfully implemented prior to the maturities of the 2026 Notes and Credit Facility, and these plans will alleviate the substantial doubt about the Company's ability to continue as a going concern.

#### Distributable Cash Flow
Distributable cash flow attributable to equity investors is reconciled to net earnings attributable to Ferrellgas Partners, L.P., the most directly comparable GAAP measure, in this Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations under the subheading "Non-GAAP Financial Measures" above. A comparison of distributable cash flow attributable to equity investors to cash distributions accrued or paid to equity investors for the twelve months ended April 30, 2025 to the twelve months ended January 31, 2025 is as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Distributable**<br>**cash flow attributable**<br>**to equity investors** | **Cash reserves**<br>**(deficiency)**<br>**approved by our**<br> **General Partner** | <br>**Cash distributions**<br>**accrued or paid to**<br>**equity investors** | <br>**DCF**<br>**ratio** <sup>(1)</sup> |
| Nine months ended April 30, 2025 | $214243 | $166157 | $48086 |  |
| Fiscal 2024 | 212265 | 147487 | 64778 |  |
| Less: Nine months ended April 30, 2024 | 207918 | 159372 | 48546 |  |
| Twelve months ended April 30, 2025 | $218590 | $154272 | $64318 | 3.4x |
| Twelve months ended January 31, 2025 | 210787 | 146047 | 64740 | 3.3x |
| Change | $7803 | $8225 | $(422) | 0.1x |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) DCF ratio is calculated as Distributable cash flow attributable to equity investors divided by Cash distributions accrued or paid to equity investors.

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For the twelve months ended April 30, 2025, distributable cash flow attributable to equity investors increased $7.8 million compared to the twelve months ended January 31, 2025 primarily due to an increase of $10.8 million in Adjusted EBITDA, which was partially offset by increases of $2.1 million in "Net cash interest expense" and $1.0 million in "Maintenance capital expenditures." The increase in "Maintenance capital expenditures" primarily relates to capitalized fleet repairs. As of April 30, 2025, the accrued quarterly distribution to Preferred Unitholders was $17.0 million, net of tax. We paid $15.4 million of this distribution to holders, net of tax, on May 15, 2025. The remaining $1.6 million represents Additional Amounts payable to certain holders of Preferred Units, pursuant to the side letters outlined in the OpCo LPA Amendment. Additionally, during the nine months ended April 30, 2025 and 2024, we paid $1.6 million and $2.0 million, respectively, for Additional Amounts payable pursuant to the side letters.

We did not pay any cash distributions to our Class A Unitholders or the general partner during the nine months ended April 30, 2025 and 2024, respectively, except for a $1.0 million distribution to the general partner, made in conjunction with the Class B distribution noted below. On April 9, 2024, Ferrellgas Partners made a cash distribution in the aggregate amount of approximately $99.9 million to its Class B Unitholders. We have made aggregate cash distributions of approximately $250.0 million to our Class B Unitholders since inception of our Class B Units. Under its Credit Agreement, Ferrellgas Partners is currently unable to make distributions to its Class A and Class B unitholders. See Note E "Debt" for more information. Cash reserves, which we utilize to meet future anticipated expenditures, were $154.2 million and $146.0 million for the twelve months ended April 30, 2025 and January 31, 2025, respectively.

#### Operating Activities
Ferrellgas Partners

Net cash provided by operating activities was $116.6 million and $175.9 million for the nine months ended April 30, 2025, respectively. The $59.3 million decrease in cash provided by operating activities was primarily due to a $114.0 million decrease in cash flow from operations and a $37.8 million increase in working capital requirements. These changes were partially offset by a $77.3 million decrease in requirements for other current liabilities and a $13.4 million inflow associated with other assets and liabilities.

The $114.0 million decrease in cash flow from operations was primarily due to an increase of $124.6 million in "General and administrative expense" related to a settlement agreement. The $37.8 million increase in working capital requirements was primarily due to an increase of $44.2 million in requirements for accounts and notes receivable, net, partially offset by decreases of $3.3 million and $3.1 million in requirements for accounts payable and inventory, respectively.

The $77.3 million decrease in net cash requirements for other current liabilities was primarily driven by a $50.0 million settlement payment made in January 2025.

The operating partnership

Net cash provided by operating activities was $116.7 million and $175.6 million for the nine months ended April 30, 2025, respectively. The $58.9 million decrease in cash provided by operating activities was primarily due to a $113.7 million decrease in cash flow from operations and a $37.8 million increase in working capital requirements. These changes were partially offset by a $77.5 million decrease in requirements for other current liabilities and a $13.4 million inflow associated with other assets and liabilities.

The $113.7 million decrease in cash flow from operations was primarily due to an increase of $124.6 million in "General and administrative expense" related to a settlement agreement. The $37.8 million increase in working capital requirements was primarily due to an increase of $44.2 million in requirements for accounts and notes receivable, net, partially offset by decreases of $3.3 million and $3.1 million in requirements for accounts payable and inventory, respectively.

The $77.3 million decrease in net cash requirements for other current liabilities was primarily driven by a $50.0 million settlement payment made in January 2025.

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#### Investing Activities
Ferrellgas Partners

Capital Requirements

Our business requires continual investments to upgrade or enhance existing operations and to ensure compliance with safety and environmental regulations. Capital expenditures for our business consist primarily of:

● Maintenance capital expenditures - These capital expenditures include 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, rather than to generate incremental distributable cash flow. Examples of maintenance capital expenditures include a routine replacement of a worn-out asset or replacement of major vehicle components; and

● Growth capital expenditures - These expenditures are undertaken primarily to generate incremental distributable cash flow. Examples include expenditures for purchases of both bulk and portable propane tanks and other equipment to facilitate expansion of our customer base and operating capacity.

Net cash used in investing activities was $69.8 million and $84.0 million for the nine months ended April 30, 2025 and 2024, respectively. The $14.2 million decrease in net cash used in investing activities was primarily due to a decrease of $12.7 million in "Business acquisitions, net of cash acquired." We had one acquisition each during the nine months ended April 30, 2025 and 2024.

Due to the mature nature of our operations, we do not anticipate significant fluctuations in maintenance capital expenditures, with the exception of future decisions regarding lease versus buy financing options. However, future fluctuations in growth capital expenditures could occur due to the opportunistic nature of these projects.

The operating partnership

#### The investing activities discussed above also apply to the operating partnership.

#### Financing Activities
Ferrellgas Partners

Net cash used in financing activities was $61.6 million and $155.6 million for the nine months ended April 30, 2025 and 2024, respectively. The $94.0 million decrease in cash used in financing activities was primarily due to a decrease of $100.0 million in distributions to Class B unitholders.

On July 10, 2024, letters of credit in an aggregate principal amount of $124.5 million were issued to the surety providers under an appeal bond posted on behalf of Ferrellgas Partners. On January 15, 2025, these letters of credit were released and new letters of credit in an aggregate principal amount of $75.0 million were issued pursuant to a settlement agreement. Letters of credit were also used to secure insurance arrangements, product purchases and commodity hedges. Letters of credit outstanding at April 30, 2025 and July 31, 2024 totaled $154.9 and $193.4 million, respectively. As of April 30, 2025, we had available borrowing capacity under our Credit Facility of $153.9 million. Assets subject to lien under the Credit Facility were $333.2 million as of April 30, 2025.

The operating partnership

The financing activities discussed above also apply to the operating partnership.

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*Distributions*

*Partnership distributions*

The Sixth Amended and Restated Agreement of Limited Partnership of Ferrellgas Partners, L.P. (the "Amended Ferrellgas Partners LPA") requires Ferrellgas Partners to make quarterly cash distributions of all of its "available cash". Available cash is defined in the Amended Ferrellgas Partners LPA as, generally, the sum of Ferrellgas Partners' cash receipts less consolidated cash disbursements and net changes in reserves established by our general partner for future requirements. In general, the amount of Ferrellgas Partners' available cash depends primarily on whether and the extent to which Ferrellgas Partners receives cash distributions from the operating partnership, as such distributions generally would be Ferrellgas Partners' only significant cash receipts.

The Fifth Amended and Restated Agreement of Limited Partnership of Ferrellgas, L.P. (the "Amended OpCo LPA"), which amended and restated in its entirety the Fourth Amended and Restated Agreement of Limited Partnership of Ferrellgas L.P., and a First Amendment to the Amended OpCo LPA (the "OpCo LPA Amendment"), sets forth the preferences, rights, privileges and other terms of the Preferred Units.

Pursuant to the Amended Ferrellgas Partners LPA, while any Class B Units remain outstanding, any distributions by Ferrellgas Partners to its partners must be made such that the ratio of (i) the amount of distributions made to holders of Class B Units to (ii) the amount of distributions made to holders of Class A Units and the general partner is not less than 6:1. The Amended Ferrellgas Partners LPA permits Ferrellgas Partners, in the general partner's discretion, to make distributions to the Class B Unitholders in a greater proportion than the minimum 6:1 ratio, including paying 100% of any such distribution to Class B Unitholders. The Class B Units will not be convertible into Class A Units until Class B Unitholders receive distributions in the aggregate amount of $357.0 million, which was the $357.0 million aggregate principal amount of Ferrellgas Partners' unsecured senior notes due June 15, 2020 (the "Ferrellgas Partners Notes"), and the rate at which Class B Units will convert into Class A Units increases annually. Additionally, the price at which Ferrellgas Partners may redeem the Class B Units during the first five years after March 30, 2021 is based on the Class B Unitholders' receipt of a specified internal rate of return in respect of their Class B Units. This specified internal rate of return in respect of the Class B Units is 15.85%, but that amount increases under certain circumstances, including if the operating partnership paid distributions on the Preferred Units in-kind rather than in cash for a certain number of quarters. Accordingly, distributing cash to the Class B Unitholders in a greater proportion than the minimum 6:1 ratio could result in the Class B Units becoming convertible into Class A Units more quickly or at a lower conversion rate or reduce the redemption price for the Class B Units. For additional discussion of the terms of the Class B Units, see Note G "Equity (Deficit)" in the notes to our condensed consolidated financial statements.

For these reasons, although the general partner has not made any decisions or adopted any policy with respect to the allocation of future distributions by Ferrellgas Partners to its partners, the general partner may determine that it is advisable to pay more than the minimum amount of any distribution, up to 100% of the amount of such distribution, to Class B Unitholders. On April 9, 2024, Ferrellgas Partners made a cash distribution in the aggregate amount of approximately $99.9 million to its Class B Unitholders. We have made aggregate cash distributions of approximately $250.0 million to our Class B Unitholders since inception of our Class B Units. Under its Credit Agreement, Ferrellgas Partners is currently unable to make distributions to its Class A and Class B unitholders. See Note E "Debt" and Note M "Net earnings (loss) per Unitholders' interest" for additional information. See "Risk Factors —Risks Inherent in an Investment in our Class A or Class B Units or our Debt Securities and Other Risks Related to Our Capital Structure and Financing Arrangements—If Ferrellgas Partners is permitted to make and makes distributions to its partners, while any Class B Units remain outstanding, Class B Unitholders collectively will receive at least approximately 85.7% of the aggregate amount of each such distribution and may receive up to 100% of any such distribution. Accordingly, while any Class B Units remain outstanding, Class A Unitholders may not receive any distributions and, in any case, will not receive collectively more than approximately 14.1% of any distribution" in our Annual Report on Form 10-K for fiscal 2024.

Ferrellgas Partners did not pay any distributions to Class A Unitholders, Class B Unitholders or the general partner during the nine months ended April 30, 2025 and 2024, respectively, except for the distributions to Class B Unitholders described above and a $1.0 million distribution to the general partner, made in conjunction with the Class B distribution.

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The ability of Ferrellgas Partners to make cash distributions to its Class A Unitholders and Class B Unitholders is dependent on the receipt by Ferrellgas Partners of cash distributions from the operating partnership. For so long as any Preferred Units remain outstanding, the amount of cash that otherwise would be available for distribution by the operating partnership to Ferrellgas Partners will be reduced by the amount of cash distributions and other payments made by the operating partnership in respect of the Preferred Units, including payments to redeem Preferred Units. Further, the indentures governing the 2026 Notes and the 2029 Notes (together with the 2026 Notes, the "OpCo Notes"), the Credit Agreement and the OpCo LPA Amendment governing the Preferred Units contain covenants that limit the ability of the operating partnership to make distributions to Ferrellgas Partners and therefore effectively limit the ability of Ferrellgas Partners to make distributions to its Class A Unitholders and Class B Unitholders. See Note E "Debt" and Note F "Preferred units" for a discussion of these limitations. In our Annual Report on Form 10-K for fiscal 2024, see also "Risk Factors—Risks Inherent in an Investment in our Class A or Class B Units or our Debt Securities and Other Risks Related to Our Capital Structure and Financing Arrangements—Restrictive covenants in the Indentures, the Credit Agreement and the agreements governing our other future indebtedness and other financial obligations may reduce our operating flexibility and ability to make cash distributions to holders of Class A Units and Class B Units. The Indentures, the Credit Agreement and the OpCo LPA Amendment contain important exceptions to these covenants."

*Preferred unit distributions*

Pursuant to the OpCo LPA Amendment, the operating partnership is required to pay to the holders of each Preferred Unit a cumulative, quarterly distribution (the "Quarterly Distribution") at the Distribution Rate (as defined below) on the unit purchase price of such Preferred Unit, which is $1,000 per unit.

"Distribution Rate" means, for the first five years after March 30, 2021, a rate per annum equal to 8.956%, with certain increases in the Distribution Rate on each of the 5<sup>th</sup>, 6<sup>th</sup> and 7<sup>th</sup> anniversaries of March 30, 2021, subject to a maximum rate of 11.125% and certain other adjustments and exceptions.

The Quarterly Distribution may be paid in cash or, at the election of the operating partnership, "in kind" through the issuance of additional Preferred Units ("PIK Units") at the quarterly Distribution Rate plus an applicable premium that escalates each year from 75 bps to 300 bps so long as the Preferred Units remain outstanding. In the event the operating partnership fails to make any Quarterly Distribution in cash, such Quarterly Distribution will automatically be paid in PIK Units.

The Distribution Rate on the Preferred Units will increase upon violation of certain protective provisions for the benefit of Preferred Unitholders notwithstanding the cap mentioned above.

As of April 30, 2025, the Quarterly Distribution accrued was $17.0 million, net of tax. During the nine months ended April 30, 2025, three quarterly payments of $15.4 million, net of tax, relating to Quarterly Distributions were paid in cash to holders of Preferred Units. The remaining Quarterly Distribution accrual of $1.6 million represents Additional Amounts payable to certain holders of Preferred Units pursuant to the side letters outlined in the OpCo LPA Amendment. Additionally, during the nine months ended April 30, 2025, we paid $1.6 million for Additional Amounts payable pursuant to the side letters.

As of April 30, 2024, the Quarterly Distribution accrued was $16.9 million, net of tax. During the nine months ended April 30, 2024, three quarterly payments of $15.4 million, net of tax, relating to Quarterly Distributions were paid in cash to holders of Preferred Units. The remaining Quarterly Distribution accrual of $1.5 million represents Additional Amounts payable to certain holders of Preferred Units pursuant to the side letters outlined in the OpCo LPA Amendment. Additionally, during the nine months ended April 30, 2024, we paid $2.0 million for Additional Amounts payable pursuant to the side letters.

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*Preferred unit tax distributions*

For any quarter in which the operating partnership makes a Quarterly Distribution in PIK Units in lieu of cash, it shall make a subsequent cash tax distribution for such quarter in an amount equal to the (i) the lesser of (x) 25% and (y) the highest combined federal, state and local tax rate applicable for corporations organized in New York, multiplied by (ii) the excess (if any) of (A) one-fourth (1/4th) of the estimated taxable income to be allocated to the holders of Preferred Units for the year in which the Quarterly Tax Payment Date (which refers to certain specified dates that next follow a Quarterly Distribution date on which PIK Units were issued) occurs, over (B) any cash paid on the Quarterly Distribution date immediately preceding the Quarterly Tax Payment Date on which a quarterly tax amount would otherwise be paid (such amount, the "Tax Distribution"). Tax Distributions are treated as advances against, and reduce, future cash distributions for any reason, including payments in redemption of Preferred Units or PIK Units, or payments to the holders in their capacity as such pursuant to any side letter or other agreement.

*Cash distributions paid*

Ferrellgas Partners did not pay any cash distributions to its Class A Unitholders or the general partner during the nine months ended Apil 30, 2025 and 2024, respectively, except for a $1.0 million distribution to the general partner, made in conjunction with the Class B distribution.

*Fiscal 2024* 

On April 9, 2024, Ferrellgas Partners paid a cash distribution to holders of the Class B Units in the amount of $76.92 per Class B Unit or approximately $99.9 million in the aggregate.

On March 15, 2024, the operating partnership paid a cash distribution to Ferrellgas Partners in the amount of approximately $99.9 million, which Ferrellgas Partners used to pay the April 9, 2024 distribution to its Class B Unitholders.

The operating partnership paid cash distributions for the nine months ended April 30, 2025 and 2024 in respect of its Preferred Units as discussed above under "—Preferred unit distributions."

*The operating partnership*

The financing activities discussed above also apply to the operating partnership.

#### Disclosures about Effects of Transactions with Related Parties
We have no employees and are managed and controlled by our general partner. Pursuant to our partnership agreements, our general partner is entitled to reimbursement for all direct and indirect expenses incurred or payments it makes on our behalf, and all other necessary or appropriate expenses allocable to us or otherwise reasonably incurred by our general partner in connection with operating our business. These reimbursable costs, which totaled $272.8 million for the nine months ended April 30, 2025, include operating expenses such as compensation and benefits paid to employees of our general partner who perform services on our behalf as well as related general and administrative expenses.

During the nine months ended April 30, 2025 and 2024, the operating partnership paid distributions to Ferrellgas Partners as described above.

**Material Cash Requirements**

As of April 30, 2025, there have been no material changes to our material cash requirements from those described under "Management's Discussion and Analysis of Financial Condition and Results of Operations—Material Cash Requirements" in our Annual Report on Form 10-K for fiscal 2024, except for the addition of obligations under a settlement agreement as disclosed in our Quarterly Report on Form 10-Q for the quarter ended January 31, 2025. For additional information regarding our debt obligations, see Note E "Debt" to our condensed consolidated financial statements.

The operating partnership

The contractual obligations discussed above also apply to the operating partnership.

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#### ITEM 3.&nbsp;&nbsp;&nbsp;&nbsp; QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We did not enter into any risk management trading activities during the nine months ended April 30, 2025. Our remaining market risk sensitive instruments and positions have been determined to be "other than trading."

*Commodity price risk management*

Our risk management activities primarily attempt to mitigate price risks related to the purchase, storage, transport and sale of propane generally in the contract and spot markets from major domestic energy companies. We attempt to mitigate these price risks through the use of financial derivative instruments and forward propane purchase and sales contracts.

Our risk management strategy involves taking positions in the forward or financial markets that are equal and opposite to our positions in the physical products market in order to minimize the risk of financial loss from an adverse price change. This risk management strategy is successful when our gains or losses in the physical product markets are offset by our losses or gains in the forward or financial markets. Our propane related financial derivatives are designated as cash flow hedges.

Our risk management activities include the use of financial derivative instruments including, but not limited to, futures, swaps, and options to seek protection from adverse price movements and to minimize potential losses. We enter into these financial derivative instruments with brokers who are clearing members with the Intercontinental Exchange or the Chicago Mercantile Exchange and, to a lesser extent, directly with third parties in the over-the-counter market. We also enter into forward propane purchase and sales contracts with counterparties. These forward contracts qualify for the normal purchase normal sales exception within GAAP guidance and are therefore not recorded on our financial statements until settled.

*Risk Policy and Sensitivity Analysis*

Market risks associated with energy commodities are monitored daily by senior management for compliance with our commodity risk management policy. This policy includes an aggregate dollar loss limit and limits on the term of various contracts. We also utilize volume limits for various energy commodities and review our positions daily where we remain exposed to market risk, so as to manage exposures to changing market prices.

We have prepared a sensitivity analysis to estimate the exposure to market risk of our energy commodity positions. Forward contracts, futures, swaps and options outstanding as of April 30, 2025 and July 31, 2024 that were used in our risk management activities were analyzed assuming a hypothetical 10% adverse change in prices for the delivery month for all energy commodities. The potential loss in future earnings from these positions due to a 10% adverse movement in market prices of the underlying energy commodities was estimated at $6.4 million and $10.0 million as of April 30, 2025 and July 31, 2024, respectively. The preceding hypothetical analysis is limited because changes in prices may or may not equal 10%, thus actual results may differ. Our sensitivity analysis does not include the anticipated transactions associated with these transactions, which we anticipate will be 100% effective.

*Credit risk*

We maintain credit policies with regard to our counterparties that we believe significantly reduce overall credit risk. These policies include evaluating and monitoring our counterparties' financial condition (including credit ratings), and entering into agreements with counterparties that govern credit guidelines.

Our other counterparties principally consist of major energy companies that are suppliers, marketers, wholesalers, retailers and end users; and major U.S. financial institutions. The overall impact due to certain changes in economic, regulatory and other events may impact our overall exposure to credit risk, either positively or negatively in that counterparties may be similarly impacted. Based on our policies, exposures, credit and other reserves, management does not anticipate a material adverse effect on financial position or results of operations as a result of counterparty performance.

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*Interest rate risk*

We had variable rate indebtedness outstanding related to our letters of credit under our Credit Facility of $154.9 million and $193.4 million as of April 30, 2025 and July 31, 2024, respectively. Our results of operations, cash flows and financial condition could be materially adversely affected by significant increases in interest rates to the extent that we have variable rate indebtedness (including any disbursements or payments related to letters of credit) outstanding under our Credit Facility.

*Critical accounting estimates*

Our critical accounting estimates are disclosed under "Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates" in our Form 10-K for fiscal 2024. During the nine months ended April 30, 2025, no modifications were made to these critical accounting estimates.

#### ITEM 4.&nbsp;&nbsp;&nbsp;&nbsp; CONTROLS AND PROCEDURES
An evaluation was performed by the management of Ferrellgas Partners, L.P., Ferrellgas, L.P., Ferrellgas Partners Finance Corp., and Ferrellgas Finance Corp., with the participation of the principal executive officer and principal financial officer of our general partner, of the effectiveness of our disclosure controls and procedures. Based on that evaluation, our management, including our principal executive officer and principal financial officer, concluded that our disclosure controls and procedures, as defined in Rules 13a-15(e) or 15d-15(e) under the Exchange Act, were effective as of April 30, 2025.

The management of Ferrellgas Partners, L.P., Ferrellgas, L.P., Ferrellgas Partners Finance Corp., and Ferrellgas Finance Corp. does not expect that our disclosure controls and procedures will prevent all errors and all fraud. The design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Based on the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the above mentioned partnerships and corporations have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple errors or mistakes. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events. Therefore, a control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Our disclosure controls and procedures are designed to provide such reasonable assurances of achieving our desired control objectives, and the principal executive officer and principal financial officer of our general partner have concluded, as of April 30, 2025, that our disclosure controls and procedures are effective in achieving that level of reasonable assurance.

During the most recent fiscal quarter ended April 30, 2025, there have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) or Rule 15d-15(f) of the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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#### PART II – OTHER INFORMATION

#### ITEM 1.&nbsp;&nbsp;&nbsp;&nbsp; LEGAL PROCEEDINGS
For information regarding legal proceedings, see Note L "Contingencies and commitments" in our condensed consolidated financial statements included in Item 1. "Financial Statements."

**ITEM 1A. RISK FACTORS**

Except as noted below, there have been no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in our Annual Report on Form 10-K for fiscal 2024 and in our subsequent SEC filings.

**Risks Inherent in an Investment in our Class A or Class B Units or our Debt Securities and Other Risks Related to Our Capital Structure and Financing Arrangements**

*Recent lowering of the ratings assigned to us and our debt securities by rating agencies, and any future lowering or withdrawal of such ratings, may increase our future borrowing costs, reduce our access to capital and adversely affect our ability to refinance or restructure our indebtedness.*

In March 2025, the operating partnership's corporate rating was downgraded from B2 to B3 by Moody's Investors Service ("Moody's"). Our senior unsecured notes were downgraded from a B3 to a Caa1 rating by Moody's. These downgrades follow the previously announced downgrades by Moody's of these ratings in September 2024. In April 2025, the operating partnership's senior unsecured notes rating was downgraded from a B to a CCC+ rating by S&P Global Ratings. Any rating assigned could be lowered further or withdrawn entirely by a rating agency if, in that rating agency's judgment, future circumstances relating to the basis of the rating, such as adverse changes, so warrant. These recent downgrades and any future downgrade or withdrawal of our ratings likely would make it more difficult or more expensive for us to obtain additional debt financing, including for the purpose of refinancing or restructuring our existing indebtedness.

Due to the timing of the maturities, as described in Note E "Debt" in the notes to our condensed consolidated financial statements, of both the 2026 Notes and the Credit Facility, and the $154.9 million letters of credit which it secures as of April 30, 2025, there is substantial doubt about our ability to continue as a going concern for at least one year from the date of issuance of this Annual Report. Although we have developed and received internal approval on a plan to restructure our capital structure, debt and refinance and/or extend the maturity date for the Credit Facility, the recent downgrades and any future downgrade or withdrawal could adversely affect our ability to execute on this plan or make such execution more expensive.

Further, real or anticipated changes in our credit ratings will generally affect the market value of our debt securities. If any credit rating assigned to the OpCo Notes or other debt securities is lowered or withdrawn for any reason, you may not be able to resell such debt securities without a substantial discount.

[**Table of Contents**](#TOC)

**Risks Related to our Business and Industry**

*We are subject to operating and litigation risks, and related costs or liabilities may not be covered by insurance.*

We are subject to all operating hazards and risks normally incidental to the handling, storing and delivering of combustible liquids such as propane. These operations face an inherent risk of exposure to general liability claims in the event that they result in injury or destruction of property. As a result, we have been, and are likely to be, a defendant in various legal proceedings arising in the ordinary course of business. On January 15, 2025, Ferrellgas and the other defendants entered into a Settlement Agreement with Eddystone resolving all issues in and related to the EDPA Lawsuit. In settlement of the judgment in the EDPA Lawsuit, the defendants agreed to pay Eddystone the sum of $125.0 million, which is payable in three installments, with the first payment of $50.0 million having been paid by the Company on January 15, 2025, and two additional payments of $37.5 million to occur on or before June 16, 2025, and January 15, 2026, respectively. The two remaining payment amounts are secured by letters of credit issued under the Credit Agreement (as defined in Note E "Debt" to our condensed consolidated financial statements). As part of the settlement, the previously disclosed $190.0 million appeal bond, and the related letters of credit, have been released. The litigation described above is not covered by insurance. Our insurance policies do not cover all losses, costs or liabilities that we may experience, and insurance companies that currently insure companies in our industry or in the energy industry generally may cease to do so or substantially increase premiums. Although we maintain insurance policies with insurers in such amounts and with such coverages and deductibles as we believe are reasonable and prudent, we cannot guarantee that such insurance will be adequate to protect us from all material expenses related to potential future claims for personal injury and property damage or that such levels of insurance will be available in the future at economical prices.

#### ITEM 2.&nbsp;&nbsp;&nbsp;&nbsp; UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.

#### ITEM 3.&nbsp;&nbsp;&nbsp;&nbsp; DEFAULTS UPON SENIOR SECURITIES
None.

#### ITEM 4.&nbsp;&nbsp;&nbsp;&nbsp; MINE SAFETY DISCLOSURES
Not applicable.

#### ITEM 5. OTHER INFORMATION
During the quarter ended April 30, 2025, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

[**Table of Contents**](#TOC)

#### ITEM 6.&nbsp;&nbsp;&nbsp;&nbsp; EXHIBITS
The exhibits listed below are furnished as part of this Quarterly Report on Form 10-Q. Exhibits required by Item 601 of Regulation S-K of the Securities Act, which are not listed, are not applicable.

---

| | |
|:---|:---|
| **Exhibit** <br>N**umber** | **Description** |
| \* 31.1 | [Certification of Ferrellgas Partners, L.P. pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Exchange Act.](fgp-20250430xex31d1.htm) |
| \* 31.2 | [Certification of Ferrellgas Partners Finance Corp. pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Exchange Act.](fgp-20250430xex31d2.htm) |
| \* 31.3 | [Certification of Ferrellgas, L.P. pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Exchange Act.](fgp-20250430xex31d3.htm) |
| \* 31.4 | [Certification of Ferrellgas Finance Corp. pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Exchange Act.](fgp-20250430xex31d4.htm) |
| \* 32.1 | [Certification of Ferrellgas Partners, L.P. pursuant to 18 U.S.C. Section 1350.](fgp-20250430xex32d1.htm) |
| \* 32.2 | [Certification of Ferrellgas Partners Finance Corp. pursuant to 18 U.S.C. Section 1350.](fgp-20250430xex32d2.htm) |
| \* 32.3 | [Certification of Ferrellgas, L.P. pursuant to 18 U.S.C. Section 1350.](fgp-20250430xex32d3.htm) |
| \* 32.4 | [Certification of Ferrellgas Finance Corp. pursuant to 18 U.S.C. Section 1350.](fgp-20250430xex32d4.htm) |
| \* 101.INS | XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document). |
| \* 101.SCH | XBRL Taxonomy Extension Schema Document. |
| \* 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. |
| \* 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. |
| \* 101.LAB | XBRL Taxonomy Extension Label Linkbase Document. |
| \* 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
| \* 104 | The cover page from Ferrellgas Partners, L.P.'s Quarterly Report on Form 10-Q for the quarter ended April 30, 2025, formatted in Inline XBRL and contained in Exhibit 101. |

---

\* Filed herewith

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

[**Table of Contents**](#TOC)

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned, thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  | FERRELLGAS PARTNERS, L.P. | FERRELLGAS PARTNERS, L.P. |
|  |  | By Ferrellgas, Inc., its general partner | By Ferrellgas, Inc., its general partner |
| Date: | June 6, 2025 | By | /s/ Tamria A. Zertuche |
|  |  |  | Tamria A. Zertuche |
|  |  |  | Chief Executive Officer and President |
|  |  | By | /s/ Nicholas Heimer |
|  |  |  | Nicholas Heimer |
|  |  |  | Corporate Controller<br>(Principal Financial and Accounting Officer) |
|  |  | FERRELLGAS PARTNERS FINANCE CORP. | FERRELLGAS PARTNERS FINANCE CORP. |
| Date: | June 6, 2025 | By | /s/ Tamria A. Zertuche |
|  |  |  | Tamria A. Zertuche |
|  |  |  | Chief Executive Officer, President, and Sole Director |
|  |  | By | /s/ Nicholas Heimer |
|  |  |  | Nicholas Heimer |
|  |  |  | Corporate Controller<br>(Principal Financial and Accounting Officer) |
|  |  | FERRELLGAS, L.P. | FERRELLGAS, L.P. |
|  |  | By Ferrellgas, Inc., its general partner | By Ferrellgas, Inc., its general partner |
| Date: | June 6, 2025 | By | /s/ Tamria A. Zertuche |
|  |  |  | Tamria A. Zertuche |
|  |  |  | Chief Executive Officer and President |
|  |  | By | /s/ Nicholas Heimer |
|  |  |  | Nicholas Heimer |
|  |  |  | Corporate Controller<br>(Principal Financial and Accounting Officer) |
|  |  | FERRELLGAS FINANCE CORP. | FERRELLGAS FINANCE CORP. |
| Date: | June 6, 2025 | By | /s/ Tamria A. Zertuche |
|  |  |  | Tamria A. Zertuche |
|  |  |  | Chief Executive Officer, President, and Sole Director |
|  |  | By | /s/ Nicholas Heimer |
|  |  |  | Nicholas Heimer |
|  |  |  | Corporate Controller<br>(Principal Financial and Accounting Officer) |

---

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATIONS**

**FERRELLGAS PARTNERS, L.P.**

I, Tamria A. Zertuche, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form 10-Q for the period ended April 30, 2025 of Ferrellgas Partners, L.P. (the "Registrant");

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 6, 2025 | /s/ Tamria A. Zertuche |
|  | Tamria A. Zertuche |
|  | Chief Executive Officer and President of Ferrellgas, Inc., general partner of the Registrant |

---

------

**CERTIFICATIONS**

**FERRELLGAS PARTNERS, L.P.**

I, Nicholas Heimer, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form 10-Q for the period ended April 30, 2025 of Ferrellgas Partners, L.P. (the "Registrant");

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 6, 2025 | /s/ Nicholas Heimer |
|  | Nicholas Heimer |
|  | Corporate Controller<br>(Principal Financial and Accounting Officer) of Ferrellgas, Inc., general partner of the Registrant |

---

------

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATIONS**

**FERRELLGAS PARTNERS FINANCE CORP.**

I, Tamria A. Zertuche, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form 10-Q for the period ended April 30, 2025 of Ferrellgas Partners Finance Corp. (the "Registrant");

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 6, 2025 | /s/ Tamria A. Zertuche |
|  | Tamria A. Zertuche |
|  | Chief Executive Officer, President, and Sole Director |

---

------

**CERTIFICATIONS**

**FERRELLGAS PARTNERS FINANCE CORP.**

I, Nicholas Heimer, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form 10-Q for the period ended April 30, 2025 of Ferrellgas Partners Finance Corp. (the "Registrant");

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 6, 2025 | /s/ Nicholas Heimer |
|  | Nicholas Heimer |
|  | Corporate Controller<br>(Principal Financial and Accounting Officer) |

---

------

## Exhibit 31.3

**EXHIBIT 31.3**

**CERTIFICATIONS**

**FERRELLGAS, L.P.**

I, Tamria A. Zertuche, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form 10-Q for the period ended April 30, 2025 of Ferrellgas, L.P. (the "Registrant");

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 6, 2025 | /s/ Tamria A. Zertuche |
|  | Tamria A. Zertuche |
|  | Chief Executive Officer and President of Ferrellgas, Inc., the Registrant's general partner |

---

------

**CERTIFICATIONS**

**FERRELLGAS, L.P.**

I, Nicholas Heimer, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form 10-Q for the period ended April 30, 2025 of Ferrellgas, L.P. (the "Registrant");

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 6, 2025 | /s/ Nicholas Heimer |
|  | Nicholas Heimer |
|  | Corporate Controller<br>(Principal Financial and Accounting Officer) of Ferrellgas, Inc., the Registrant's general partner |

---

------

## Exhibit 31.4

**EXHIBIT 31.4**

**CERTIFICATIONS**

**FERRELLGAS FINANCE CORP.**

I, Tamria A. Zertuche, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form 10-Q for the period ended April 30, 2025 of Ferrellgas Finance Corp. (the "Registrant");

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 6, 2025 | /s/ Tamria A. Zertuche |
|  | Tamria A. Zertuche  |
|  | Chief Executive Officer, President, and Sole Director |

---

------

**CERTIFICATIONS**

**FERRELLGAS FINANCE CORP.**

I, Nicholas Heimer, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this report on Form 10-Q for the period ended April 30, 2025 of Ferrellgas Finance Corp. (the "Registrant");

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter (the Registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5) The Registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| arch<br>|  |
| Date: June 6, 2025 | /s/ Nicholas Heimer |
|  | Nicholas Heimer |
|  | Corporate Controller<br>(Principal Financial and Accounting Officer) |

---

------

## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. Section 1350, AS ADOPTED PURSUANT TO**

**SECTION 906**

**OF THE**

**SARBANES-OXLEY ACT OF 2002**

In connection with the accompanying Quarterly Report on Form 10-Q of Ferrellgas Partners, L.P. (the "Registrant") for the period ended April 30, 2025, as filed with the Securities and Exchange Commission (the "SEC") on the date hereof (the "Report"), the undersigned, in the capacity and on the date indicated below, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"); and

2.&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

The foregoing certification is made solely for purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and is subject to the "knowledge" and "willfulness" qualifications contained in 18 U.S.C. Section 1350(c).

This certification is being furnished to the SEC and is not to be deemed "filed" with the SEC for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of Section 18. In addition, this certification is not to be deemed incorporated by reference into any registration statement of the Registrant or other filing of the Registrant made pursuant to the Exchange Act or Securities Act of 1933, as amended, unless specifically identified as being incorporated therein by reference.

---

| | |
|:---|:---|
| Dated: June 6, 2025 | /s/ Tamria A. Zertuche |
|  | Tamria A. Zertuche |
|  | Chief Executive Officer and President of Ferrellgas, Inc., general partner of the Registrant |
| Dated: June 6, 2025 | /s/ Nicholas Heimer |
|  | Nicholas Heimer |
|  | Corporate Controller<br>(Principal Financial and Accounting Officer) of Ferrellgas, Inc., general partner of the Registrant |

---

------

## Exhibit 32.2

**EXHIBIT 32.2**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. Section 1350, AS ADOPTED PURSUANT TO**

**SECTION 906**

**OF THE**

**SARBANES-OXLEY ACT OF 2002**

In connection with the accompanying Quarterly Report on Form 10-Q of Ferrellgas Partners Finance Corp. (the "Registrant") for the period ended April 30, 2025, as filed with the Securities and Exchange Commission (the "SEC") on the date hereof (the "Report"), the undersigned, in the capacity and on the date indicated below, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"); and

2.&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

The foregoing certification is made solely for purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and is subject to the "knowledge" and "willfulness" qualifications contained in 18 U.S.C. Section 1350(c).

This certification is being furnished to the SEC and is not to be deemed "filed" with the SEC for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of Section 18. In addition, this certification is not to be deemed incorporated by reference into any registration statement of the Registrant or other filing of the Registrant made pursuant to the Exchange Act or Securities Act of 1933, as amended, unless specifically identified as being incorporated therein by reference.

---

| | |
|:---|:---|
| Dated: June 6, 2025 | /s/ Tamria A. Zertuche |
|  | Tamria A. Zertuche |
|  | Chief Executive Officer, President, and Sole Director |
| Dated: June 6, 2025 | /s/ Nicholas Heimer |
|  | Nicholas Heimer |
|  | Corporate Controller<br>(Principal Financial and Accounting Officer) |

---

------

## Exhibit 32.3

**EXHIBIT 32.3**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. Section 1350, AS ADOPTED PURSUANT TO**

**SECTION 906**

**OF THE**

**SARBANES-OXLEY ACT OF 2002**

In connection with the accompanying Quarterly Report on Form 10-Q of Ferrellgas, L.P. (the "Registrant") for the period ended April 30, 2025, as filed with the Securities and Exchange Commission (the "SEC") on the date hereof (the "Report"), the undersigned, in the capacity and on the date indicated below, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"); and

2.&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

The foregoing certification is made solely for purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and is subject to the "knowledge" and "willfulness" qualifications contained in 18 U.S.C. Section 1350(c).

This certification is being furnished to the SEC and is not to be deemed "filed" with the SEC for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of Section 18. In addition, this certification is not to be deemed incorporated by reference into any registration statement of the Registrant or other filing of the Registrant made pursuant to the Exchange Act or Securities Act of 1933, as amended, unless specifically identified as being incorporated therein by reference.

---

| | |
|:---|:---|
| Dated: June 6, 2025 | /s/ Tamria A. Zertuche |
|  | Tamria A. Zertuche |
|  | Chief Executive Officer and President of Ferrellgas, Inc., the Registrant's general partner |
| Dated: June 6, 2025 | /s/ Nicholas Heimer |
|  | Nicholas Heimer |
|  | Corporate Controller<br>(Principal Financial and Accounting Officer) of Ferrellgas, Inc., the Registrant's general partner |

---

------

## Exhibit 32.4

**EXHIBIT 32.4**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. Section 1350, AS ADOPTED PURSUANT TO**

**SECTION 906**

**OF THE**

**SARBANES-OXLEY ACT OF 2002**

In connection with the accompanying Quarterly Report on Form 10-Q of Ferrellgas Finance Corp. (the "Registrant") for the period ended April 30, 2025, as filed with the Securities and Exchange Commission (the "SEC") on the date hereof (the "Report"), the undersigned, in the capacity and on the date indicated below, hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"); and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

The foregoing certification is made solely for purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, and is subject to the "knowledge" and "willfulness" qualifications contained in 18 U.S.C. Section 1350(c).

This certification is being furnished to the SEC and is not to be deemed "filed" with the SEC for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of Section 18. In addition, this certification is not to be deemed incorporated by reference into any registration statement of the Registrant or other filing of the Registrant made pursuant to the Exchange Act or Securities Act of 1933, as amended, unless specifically identified as being incorporated therein by reference.

---

| | |
|:---|:---|
| Dated: June 6, 2025 | /s/ Tamria A. Zertuche |
|  | Tamria A. Zertuche |
|  | Chief Executive Officer, President, and Sole Director |
| Dated: June 6, 2025 | /s/ Nicholas Heimer |
|  | Nicholas Heimer |
|  | Corporate Controller<br>(Principal Financial and Accounting Officer) |

---

------