# EDGAR Filing Document

**Accession Number:** 0000922360
**File Stem:** 0001104659-25-120461
**Filing Date:** 2025-12
**Character Count:** 36838
**Document Hash:** f1c5e1158ad77fc370f1fe3ec2681388
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-120461.hdr.sgml**: 20251212

**ACCESSION NUMBER**: 0001104659-25-120461

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251212

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251212

**DATE AS OF CHANGE**: 20251212

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11331
- **FILM NUMBER:** 251566516

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

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

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50183
- **FILM NUMBER:** 251566519

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

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

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-06693-02
- **FILM NUMBER:** 251566518

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

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

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-50182
- **FILM NUMBER:** 251566517

**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._December 12, 2025

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

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

**Securities Exchange Act of 1934**

Date of Report (Date of Earliest Event Reported): **December 12, 2025**

**Ferrellgas Partners, L.P.**

(Exact name of registrant as specified in its charter)

---

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

---

---

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

---

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

---

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

---

---

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

---

---

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

---

---

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

---

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

---

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

---

---

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

---

---

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

---

---

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

---

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

---

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

---

---

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

---

---

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

---

---

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

---

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

---

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

---

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

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

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

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

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

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

Ferrellgas Partners, L.P.

Emerging growth company ☐

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

Ferrellgas Partners Finance Corp.

Emerging growth company ☐

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

Ferrellgas, L.P.

Emerging growth company ☐

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

Ferrellgas Finance Corp.

Emerging growth company ☐

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

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

---

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

---

------

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

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

**Item 7.01 Regulation FD Disclosure.**

On December 12, 2025, Ferrellgas Partners, L.P. (OTC Markets: "FGPR") ("Ferrellgas") issued a press release regarding its financial results for the first fiscal quarter ended October 31, 2025. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

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

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

Exhibit 99.1 — Press release of Ferrellgas Partners, L.P. dated December 12, 2025, reporting its financial results for the first fiscal quarter ended October 31, 2025.

*Limitation on Materiality and Incorporation by Reference*

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

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

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Press release of Ferrellgas Partners, L.P. dated December 12, 2025, reporting its financial results for the first fiscal quarter ended October 31, 2025.](fgp-20251212xex99d1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
|  | **FERRELLGAS PARTNERS, L.P.** | **FERRELLGAS PARTNERS, L.P.** |
|  | *By:* | *Ferrellgas, Inc., its general partner* |
| Date: December 12, 2025 | *By:* | */s/* Tamria A. Zertuche |
|  |  | Chief Executive Officer and President |
|  | **FERRELLGAS PARTNERS FINANCE CORP.** | **FERRELLGAS PARTNERS FINANCE CORP.** |
| Date: December 12, 2025 | *By:* | */s/* Tamria A. Zertuche |
|  |  | Chief Executive Officer, President, and Sole Director |
|  | **FERRELLGAS, L.P.** | **FERRELLGAS, L.P.** |
|  | *By:* | *Ferrellgas, Inc., its general partner* |
| Date: December 12, 2025 | *By:* | */s/* Tamria A. Zertuche |
|  |  | Chief Executive Officer and President |
|  | **FERRELLGAS FINANCE CORP.** | **FERRELLGAS FINANCE CORP.** |
| Date: December 12, 2025 | *By:* | */s/* Tamria A. Zertuche |
|  |  | Chief Executive Officer, President, and Sole Director |

---

## Exhibit 99.1

#### Exhibit 99.1

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

#### FIRST QUARTER FISCAL YEAR 2026 RESULTS
**Liberty, MO.**, December 12, 2025 (GLOBE NEWSWIRE) – Ferrellgas Partners, L.P. (OTC: FGPR) ("Ferrellgas" or the "Company") today reported financial results for its 2026 first fiscal quarter ended October 31, 2025.

"Ferrellgas had a strong start to fiscal 2026," said Tamria Zertuche, President and CEO. "In the first quarter, our employee-owners delivered strong operational results, and we successfully refinanced the notes due 2026 and our revolving credit facility. With this momentum, along with our recent credit rating upgrades from S&P Global and Moody's, our team remains focused on running the business efficiently and executing strategies that strengthen our performance. Due to the ongoing improvements in telematics, routing optimization, and our safety programs, we are confident and well prepared for the upcoming winter heating season and the full fiscal year."

**Financial Highlights:**

As previously announced, in October 2025 Ferrellgas completed several financing transactions, including redeeming the $650.0 million of Senior Notes due 2026, issuing $650.0 million of new Senior Notes due 2031, and extending and expanding our revolving credit facility. These actions strengthen our balance sheet and provide the financial flexibility to continue growing our business.

Margin per gallon increased 6% in the first fiscal quarter. A revenue decrease of $8.9 million, or 2%, was offset by a cost of product decrease of $8.8 million, or 5%. Gross profit was flat with a $0.1 million change compared to the prior year quarter, which is typical as the Company prepares for the upcoming winter season. Average propane prices (basis Mont Belvieu, Texas) for the first quarter of fiscal 2026 decreased 2.9% compared to the prior year first quarter. Despite the decrease in wholesale propane prices, retail sales were up $0.7 milllion as sales to residential and agricultural customers increased $2.8 million, partially offset by decreases related to sales to transport and industrial commercial customers. On the wholesale side, sales decreased $4.3 million as the quarter did not have any significant weather events compared to the prior year quarter.

For the first fiscal quarter, Adjusted EBITDA, a non-GAAP financial measure, decreased by $6.5 million, or 18%, to $29.3 million, compared to $35.8 million in the prior year quarter. After EBITDA adjustments primarily related to the prior year first quarter $125.0 million Eddystone litigation settlement, this quarter's decrease is primarily driven by increases of $5.6 million in operating expense and $2.1 million in general and administrative expense.

The $5.6 million increase in operating expense was due to increases of $4.1 million in personnel costs, $0.9 million in vehicle expense, and $0.6 million in plant and other. The $4.1 million increase in personnel costs primarily related to increases of $5.5 million in workers' compensation accruals and $2.8 million in payroll costs, due to planned merit increases for field and corporate support employees and in field-related headcount to address customer demand. These increases were partially offset by decreases of $3.3 million in medical and pharmacy claim expense and $0.9 million in overtime.

The $2.1 million increase in general and administrative expense was driven by $1.3 million in compensation costs related to the vesting of fiscal 2025 phantom plan grants for non-employee directors as well as the timing of adjustments to incentive accruals.

The Company recognized a net loss attributable to Ferrellgas Partners, L.P. of $26.9 million and $146.7 million in the first fiscal quarter of fiscal 2026 and 2025, respectively. As noted above, the first fiscal quarter of fiscal 2025 included the $125.0 million Eddystone litigation settlement.

**Operational Highlights:**

Our retail business benefited from increases in sales in the first fiscal quarter. Although weather was approximately 18% colder than prior year for the first fiscal quarter, it was 5.0% warmer than the 10-year average. Our temp heat tank sets increased 37% over prior year first quarter. Our focus on customer service and investment in onsite Customer Service Representatives resulted in improved customer retention, particularly in the North Central, Northeast, and Pacific regions. In preparing for winter, we focused on capturing our will call or on demand customers with a strategic outbound calling campaign. Our teams also delivered profitable growth with improvements in new residential customer tank sets of 15% and our residential conversion rate increased 2% over prior year quarter.

------

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

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

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

**About Ferrellgas**

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

**Cautionary Note Regarding Forward-Looking Statements**

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

#### Contacts
Investor Relations – InvestorRelations@ferrellgas.com

------

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

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

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

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended**  | **Three months ended**  | **Twelve months ended**  | **Twelve months ended**  |
|  | **October 31,**  | **October 31,**  | **October 31,**  | **October 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Propane and other gas liquids sales | $329314 | $336798 | $1820609 | $1729303 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 25875 | 27287 | 108832 | 100885  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | 355189 | 364085 | 1929441 | 1830188  |
| **Cost of sales:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Propane and other gas liquids sales | 156345 | 164356 | 894061 | 833666  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 3685 | 4446 | 12688 | 12486  |
| **Gross profit**  | 195159 | 195283 | 1022692 | 984036 |
| Operating expense - personnel, vehicle, plant & other | 149765 | 148174 | 632425 | 605130  |
| Operating expense - equipment lease expense | 4192 | 5504 | 17408 | 21713  |
| Depreciation and amortization expense | 25220 | 24325 | 99321 | 98392  |
| General and administrative expense | 12014 | 137926 | 52705 | 175440  |
| Non-cash employee stock ownership plan compensation charge | 916 | 853 | 3206 | 3367  |
| Loss on asset sales and disposals | 1179 | 1427 | 2709 | 2911  |
| **Operating income (loss)** | 1873 | (122926) | 214918 | 77083  |
| Interest expense | (26651) | (26081) | (108634) | (100143) |
| Loss on extinguishment of debt | (3003) |  | (3003) |  |
| Other income, net | 583 | 857 | 2670 | 4012 |
| **(Loss) earnings before income tax expense** | (27198) | (148150) | 105951 | (19048) |
| Income tax expense  | 166 | 180 | 1358 | 704 |
| **Net (loss) earnings** | (27364) | (148330) | 104593 | (19752) |
| Net (loss) earnings attributable to noncontrolling interest <sup>(1)</sup> | (437) | (1662) | 418 | (856) |
| Net (loss) earnings attributable to Ferrellgas Partners, L.P. | $(26927) | $(146668) | $104175 | $(18896) |
| Class A unitholders' interest in net (loss) earnings | $(43139) | $(161433) | $38815 | $(183461) |
| **Net (loss) earnings per unitholders' interest** |  |  |  |  |
| Basic and diluted net (loss) earnings per Class A Unit | $(8.88) | $(33.23) | $7.99 | $(37.77) |
| Weighted average Class A Units outstanding - basic and diluted | 4858 | 4858 | 4858 | 4858 |

---

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

------

**Supplemental Data and Reconciliation of Non-GAAP Items:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended**  | **Three months ended**  | **Twelve months ended**  | **Twelve months ended**  |
|  | **October 31,**  | **October 31,**  | **October 31,**  | **October 31,**  |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net (loss) earnings attributable to Ferrellgas Partners, L.P.** | $(26927) | $(146668) | $104175 | $(18896) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 166 | 180 | 1358 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 26651 | 26081 | 108634 | 100143  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 25220 | 24325 | 99321 | 98392  |
| **EBITDA** | 25110 | (96082) | 313488 | 180343 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash employee stock ownership plan compensation charge | 916 | 853 | 3206 | 3367  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 3003 |  | 3003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on asset sales and disposal | 1179 | 1427 | 2709 | 2911  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | (583) | (857) | (2670) | (4012) |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees and settlements related to non-core businesses |  | 127386 | 3249 | 129322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees and settlements related to core businesses  |  | 4040 | 500 | 4040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition and related costs <sup>(1)</sup> |  |  | (798) | 2169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Business transformation costs <sup>(2)</sup> | 121 | 706 | 1087 | 3042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) earnings attributable to noncontrolling interest <sup>(3)</sup> | (437) | (1662) | 418 | (856) |
| **Adjusted EBITDA** <sup>(4)</sup> | 29309 | 35811 | 324192 | 320326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net cash interest expense <sup>(5)</sup> | (23915) | (22473) | (93507) | (86771) |
| Maintenance capital expenditures <sup>(6)</sup> | (6288) | (10414) | (27941) | (27573) |
| Cash paid for income taxes | (79) | (77) | (1347) | (673) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from certain asset sales | 398 | 556 | 2800 | 2386 |
| **Distributable cash flow attributable to equity investors** <sup>(7)</sup> | (575) | 3403 | 204197 | 207695 |
| Less: Distributions accrued or paid to preferred unitholders | 16481 | 16232 | 64317 | 64759 |
| Distributable cash flow attributable to general partner and non-controlling interest | 12 | (68) | (4084) | (4154) |
| **Distributable cash flow attributable to Class A and B Unitholders** <sup>(8)</sup> | (17044) | (12897) | 135796 | 138782 |
| Less: Distributions paid to Class A and B Unitholders <sup>(9)</sup> |  |  |  | 99996 |
| **Distributable cash flow (shortage) excess** <sup>(10)</sup> | $(17044) | $(12897) | $135796 | $38786 |
| **Propane gallons sales** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retail - Sales to End Users | 105063 | 106731 | 565280 | 556176 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wholesale - Sales to Resellers | 43622 | 51240 | 209561 | 203345 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total propane gallons sales | 148685 | 157971 | 774841 | 759521 |

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(4) Adjusted EBITDA is calculated as net (loss) earnings attributable to Ferrellgas Partners, L.P., plus the sum of the following: income tax expense, interest expense, depreciation and amortization expense, non-cash employee stock ownership plan compensation charge, loss on extinguishment of debt, loss on asset sales and disposals, other income, net, legal fees and settlements related to non-core businesses, legal fees and settlements related to core businesses, acquisition and related costs, business transformation costs, and net (loss) earnings attributable to noncontrolling interest. Management believes the presentation of this measure is relevant and useful because it allows investors to view the partnership's performance in a manner similar to the method management uses, adjusted for items management believes make it easier to compare its results with other companies that have different financing and capital structures. Adjusted EBITDA, as management defines it, may not be comparable to similarly titled measurements used by other companies. Items added into our calculation of Adjusted EBITDA that will not occur on a continuing basis may have associated cash payments. Adjusted EBITDA should be viewed in conjunction with measurements that are computed in accordance with GAAP.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(7) Distributable cash flow attributable to equity investors is calculated as Adjusted EBITDA minus net cash interest expense, maintenance capital expenditures and cash paid for income taxes plus proceeds from certain asset sales. Management considers distributable cash flow attributable to equity investors a meaningful measure of the partnership's ability to declare and pay quarterly distributions to equity investors, including holders of the operating partnership's Preferred Units. Distributable cash flow attributable to equity investors, as management defines it, may not be comparable to similarly titled measurements used by other companies. Items added into our calculation of distributable cash flow attributable to equity investors that will not occur on a continuing basis may have associated cash payments. Distributable cash flow attributable to equity investors should be viewed in conjunction with measurements that are computed in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Distributable cash flow attributable to Class A and B Unitholders is calculated as Distributable cash flow attributable to equity investors minus distributions accrued or paid on the Preferred Units and distributable cash flow attributable to general partner and noncontrolling interest. Management considers distributable cash flow attributable to Class A and B Unitholders a meaningful measure of the partnership's ability to declare and pay quarterly distributions to Class A and B Unitholders. Distributable cash flow attributable to Class A and B Unitholders, as management defines it, may not be comparable to similarly titled measurements used by other companies. Items added to our calculation of distributable cash flow attributable to Class A and B Unitholders that will not occur on a continuing basis may have associated cash payments. Distributable cash flow attributable to Class A and B Unitholders should be viewed in conjunction with measurements that are computed in accordance with GAAP.

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

&nbsp;&nbsp;&nbsp;&nbsp;(10) Distributable cash flow (shortage) excess is calculated as Distributable cash flow attributable to Class A and B Unitholders minus Distributions paid to Class A and B Unitholders. Distributable cash flow excess, if any, is retained to establish reserves, to reduce debt, to fund capital expenditures and for other partnership purposes, and any shortage is funded from previously established reserves, cash on hand or borrowings under our Credit Facility. Management considers Distributable cash flow excess a meaningful measure of the partnership's ability to effectuate those purposes. Distributable cash flow (shortage) excess, as management defines it, may not be comparable to similarly titled measurements used by other companies. Items added into our calculation of distributable cash flow (shortage) excess that will not occur on a continuing basis may have associated cash payments. Distributable cash flow (shortage) excess should be viewed in conjunction with measurements that are computed in accordance with GAAP.

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

**CONDENSED CONSOLIDATED BALANCE SHEETS**

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

**(unaudited)**

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| | | |
|:---|:---|:---|
| **ASSETS** | **October 31, 2025** | **July 31, 2025** |
| **Current assets:** |  |  |
| &nbsp;&nbsp;Cash and cash equivalents  | $28382 | $96883 |
| &nbsp;&nbsp;Accounts and notes receivable (net of allowance for expected credit losses of $4,009 and $4,330 at October 31, 2025 and July 31, 2025, respectively) | 133565 | 127510 |
| &nbsp;&nbsp;Inventories | 91868 | 87807 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | 45477 | 30471 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 299292 | 342671 |
| Property, plant and equipment, net | 602113 | 602692 |
| Goodwill, net | 257155 | 257155 |
| Intangible assets (net of accumulated amortization of $368,661 and $366,817 at October 31, 2025 and July 31, 2025, respectively) | 104606 | 106451 |
| Operating lease right-of-use assets | 37333 | 39045 |
| Other assets, net | 78034 | 68702 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $1378533 | $1416716 |
| **LIABILITIES, MEZZANINE AND EQUITY (DEFICIT)** |  |  |
| **Current liabilities:** |  |  |
| &nbsp;&nbsp;Accounts payable | $55313 | $31083 |
| &nbsp;&nbsp;Current portion of long-term debt | 1828 | 652178 |
| &nbsp;&nbsp;Current operating lease liabilities | 15850 | 16082 |
| &nbsp;&nbsp;Other current liabilities | 216052 | 215154 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 289043 | 914497 |
| Long-term debt | 1452813 | 815462 |
| Operating lease liabilities | 22673 | 24079 |
| Other liabilities | 44690 | 40457 |
| Contingencies and commitments |  |  |
| **Mezzanine equity:** |  |  |
| Senior preferred units, net of issue discount and offering costs (700,000 units outstanding at October 31, 2025 and July 31, 2025) | 651349 | 651349 |
| **Equity (Deficit):** |  |  |
| &nbsp;&nbsp;Limited partner unitholders |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A (4,857,605 Units outstanding at October 31, 2025 and July 31, 2025) | (1374780) | (1332704) |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B (1,300,000 Units outstanding at October 31, 2025 and July 31, 2025) | 383012 | 383012 |
| &nbsp;&nbsp;General partner Unitholder (49,496 Units outstanding at October 31, 2025 and July 31, 2025) | (71270) | (70845) |
| &nbsp;&nbsp;Accumulated other comprehensive (loss) income | (9972) | (95) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Ferrellgas Partners, L.P. deficit** | (1073010) | (1020632) |
| &nbsp;&nbsp;Noncontrolling interest | (9025) | (8496) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total deficit** | (1082035) | (1029128) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities, mezzanine and deficit** | $1378533 | $1416716 |

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