FERRELLGAS PARTNERS FINANCE CORP

[1]	Includes $302.4 million, $310.0 million, and $316.1 million for the years ended July 31, 2026, 2025 and 2024, respectively, of compensation and benefits expense paid to employees of the general partner.
[2]	Includes $45.4 million, $46.6 million, and $35.4 million for the years ended July 31, 2026, 2025 and 2024, respectively, of compensation and benefits expense paid to employees of the general partner.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jul. 31, 2026	Jul. 31, 2025	Jul. 31, 2024
Cash flows from operating activities:
Net earnings (loss)	$ 71,825,000	$ (16,373,000)	$ 110,677,000
Reconciliation of net earnings (loss) to net cash provided by operating activities
Depreciation and amortization expense	107,076,000	98,426,000	98,471,000
Non-cash employee stock ownership plan compensation expense	3,881,000	3,143,000	3,234,000
Loss on asset sales and disposals	4,774,000	2,957,000	2,819,000
Loss on extinguishment of debt	3,003,000
Provision for expected credit losses	3,803,000	4,331,000	1,518,000
Other	9,917,000	12,943,000	8,754,000
Changes in operating assets and liabilities, net of effects from business acquisitions:
Accounts receivable	(4,352,000)	(11,214,000)	37,234,000
Inventories	5,799,000	8,225,000	2,072,000
Prepaid expenses and other current assets	(6,346,000)	2,739,000	(1,683,000)
Accounts payable	5,784,000	(2,472,000)	(2,454,000)
Accrued interest expense	(9,085,000)	(1,074,000)	381,000
Other current liabilities	(47,635,000)	20,925,000	(14,376,000)
Other assets and liabilities	4,216,000	13,793,000	(1,077,000)
Net cash provided by operating activities	152,660,000	136,349,000	245,570,000
Cash flows from investing activities:
Business acquisitions, net of cash acquired		(3,756,000)	(16,499,000)
Capital expenditures	(77,315,000)	(80,004,000)	(70,856,000)
Proceeds from sale of assets	1,786,000	2,958,000	2,310,000
Net cash used in investing activities	(75,529,000)	(80,802,000)	(85,045,000)
Cash flows from financing activities:
Distributions to Ferrellgas, Inc.			(1,010,000)
Preferred unit distributions	(65,729,000)	(64,257,000)	(64,719,000)
Distribution to Class B Unitholders	(107,016,000)		(99,996,000)
Payments on long-term debt	(2,178,000)	(2,515,000)	(2,592,000)
Proceeds from issuance of long-term debt	650,000,000
Payment for settlement and early extinguishment of liabilities	(650,000,000)
Proceeds from short-term borrowings	87,500,000	10,000,000
Repayments of short-term borrowings		(10,000,000)
Cash paid for financing costs	(17,663,000)	(8,678,000)	(2,385,000)
Cash payments for principal portion of lease liability	(19,234,000)	(11,320,000)	(5,363,000)
Other, net	(1,272,000)	3,946,000	2,353,000
Net cash used in financing activities	(125,592,000)	(82,824,000)	(173,712,000)
Net change in cash, cash equivalents and restricted cash	(48,461,000)	(27,277,000)	(13,187,000)
Cash, cash equivalents and restricted cash - beginning of period	96,883,000	124,160,000	137,347,000
Cash, cash equivalents and restricted cash - end of period	48,422,000	96,883,000	124,160,000
Ferrellgas, L.P.
Cash flows from operating activities:
Net earnings (loss)	74,332,000	(15,841,000)	110,418,000
Reconciliation of net earnings (loss) to net cash provided by operating activities
Depreciation and amortization expense	107,076,000	98,426,000	98,471,000
Non-cash employee stock ownership plan compensation expense	3,881,000	3,143,000	3,234,000
Loss on asset sales and disposals	4,774,000	2,957,000	2,819,000
Loss on extinguishment of debt	3,003,000
Provision for expected credit losses	3,803,000	4,331,000	1,518,000
Other	8,802,000	12,943,000	8,754,000
Changes in operating assets and liabilities, net of effects from business acquisitions:
Accounts receivable	(4,352,000)	(11,214,000)	37,234,000
Inventories	5,799,000	8,225,000	2,072,000
Prepaid expenses and other current assets	(6,409,000)	2,801,000	(1,685,000)
Accounts payable	5,784,000	(2,472,000)	(2,454,000)
Accrued interest expense	(9,085,000)	(1,074,000)	381,000
Other current liabilities	(48,791,000)	20,458,000	(14,437,000)
Other assets and liabilities	4,216,000	13,793,000	(1,077,000)
Net cash provided by operating activities	152,833,000	136,476,000	245,248,000
Cash flows from investing activities:
Business acquisitions, net of cash acquired		(3,756,000)	(16,499,000)
Capital expenditures	(77,315,000)	(80,004,000)	(70,856,000)
Proceeds from sale of assets	1,786,000	2,958,000	2,310,000
Net cash used in investing activities	(75,529,000)	(80,802,000)	(85,045,000)
Cash flows from financing activities:
Distributions to Ferrellgas, Inc.			(1,010,000)
Preferred unit distributions	(65,729,000)	(64,257,000)	(64,719,000)
Distribution to Class B Unitholders	(107,016,000)		(100,000,000)
Payments on long-term debt	(2,178,000)	(2,515,000)	(2,592,000)
Proceeds from issuance of long-term debt	650,000,000
Payment for settlement and early extinguishment of liabilities	(650,000,000)
Proceeds from short-term borrowings	87,500,000	10,000,000
Repayments of short-term borrowings		(10,000,000)
Cash paid for financing costs	(17,663,000)	(8,678,000)	(2,385,000)
Cash payments for principal portion of lease liability	(19,234,000)	(11,320,000)	(5,363,000)
Other, net	(1,272,000)	3,946,000	2,353,000
Net cash used in financing activities	(125,592,000)	(82,824,000)	(173,716,000)
Net change in cash, cash equivalents and restricted cash	(48,288,000)	(27,150,000)	(13,513,000)
Cash, cash equivalents and restricted cash - beginning of period	96,582,000	123,732,000	137,245,000
Cash, cash equivalents and restricted cash - end of period	48,294,000	96,582,000	123,732,000
Ferrellgas Partners Finance Corp
Cash flows from operating activities:
Net earnings (loss)	(315)	(366)	(636)
Changes in operating assets and liabilities, net of effects from business acquisitions:
Net cash provided by operating activities	(315)	(366)	(636)
Cash flows from financing activities:
Capital contribution	315	366	636
Net cash used in financing activities	315	366	636
Net change in cash, cash equivalents and restricted cash	0	0	0
Ferrellgas Finance Corp
Cash flows from operating activities:
Net earnings (loss)	(356)	(325)	(677)
Changes in operating assets and liabilities, net of effects from business acquisitions:
Net cash provided by operating activities	(356)	(325)	(677)
Cash flows from financing activities:
Capital contribution	356	325	677
Net cash used in financing activities	356	325	677
Net change in cash, cash equivalents and restricted cash	$ 0	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($)	Jul. 31, 2026	Jul. 31, 2025
Current assets:
Cash and cash equivalents	$ 48,422,000	$ 96,883,000
Accounts receivable (net of allowance for expected credit losses of $4,414 and $4,330 at July 31, 2026 and 2025, respectively)	128,059,000	127,510,000
Inventories	82,008,000	87,807,000
Prepaid expenses and other current assets	33,458,000	30,471,000
Total current assets	291,947,000	342,671,000
Property, plant and equipment, net	590,175,000	602,692,000
Goodwill, net	257,155,000	257,155,000
Intangible assets (net of accumulated amortization of $374,071 and $366,817 at July 31, 2026 and 2025, respectively)	99,197,000	106,451,000
Operating lease right-of-use assets	36,571,000	39,045,000
Other assets, net	89,728,000	68,702,000
Total assets	1,364,773,000	1,416,716,000
Current liabilities:
Accounts payable	36,514,000	31,083,000
Short-term borrowings	87,500,000
Current portion of long-term debt	1,310,000	652,178,000
Current operating lease liabilities	15,257,000	16,082,000
Other current liabilities	171,826,000	215,154,000
Total current liabilities	312,407,000	914,497,000
Long-term debt	1,456,429,000	815,462,000
Operating lease liabilities	22,604,000	24,079,000
Other liabilities	51,668,000	40,457,000
Contingencies and commitments
Mezzanine equity:
Senior preferred units, net of issue discount and offering costs (700,000 units outstanding at July 31, 2026 and 2025)	651,349,000	651,349,000
Deficit:
General partner unitholder	(70,214,000)	(70,845,000)
Accumulated other comprehensive loss	(4,070,000)	(95,000)
Total Ferrellgas Partners, L.P. deficit	(1,121,279,000)	(1,020,632,000)
Noncontrolling interest	(8,405,000)	(8,496,000)
Total deficit	(1,129,684,000)	(1,029,128,000)
STOCKHOLDER'S EQUITY
Total liabilities, mezzanine equity and deficit	1,364,773,000	1,416,716,000
Class A Limited Partner Units
Deficit:
Limited partner unitholders	(1,046,995,000)	(1,332,704,000)
Class B Limited Partner Units
Deficit:
Limited partner unitholders		383,012,000
Ferrellgas, L.P.
Current assets:
Cash and cash equivalents	48,294,000	96,582,000
Accounts receivable (net of allowance for expected credit losses of $4,414 and $4,330 at July 31, 2026 and 2025, respectively)	128,059,000	127,510,000
Inventories	82,008,000	87,807,000
Prepaid expenses and other current assets	33,438,000	30,389,000
Total current assets	291,799,000	342,288,000
Property, plant and equipment, net	590,175,000	602,692,000
Goodwill, net	257,155,000	257,155,000
Intangible assets (net of accumulated amortization of $374,071 and $366,817 at July 31, 2026 and 2025, respectively)	99,197,000	106,451,000
Operating lease right-of-use assets	36,571,000	39,045,000
Other assets, net	89,728,000	68,702,000
Total assets	1,364,625,000	1,416,333,000
Current liabilities:
Accounts payable	36,514,000	31,083,000
Short-term borrowings	87,500,000
Current portion of long-term debt	1,310,000	652,178,000
Current operating lease liabilities	15,257,000	16,082,000
Other current liabilities	170,078,000	214,562,000
Total current liabilities	310,659,000	913,905,000
Long-term debt	1,456,429,000	815,462,000
Operating lease liabilities	22,604,000	24,079,000
Other liabilities	50,552,000	40,457,000
Contingencies and commitments
Mezzanine equity:
Senior preferred units, net of issue discount and offering costs (700,000 units outstanding at July 31, 2026 and 2025)	651,349,000	651,349,000
Deficit:
Limited partner unitholders	(1,114,493,000)	(1,020,328,000)
General partner unitholder	(8,377,000)	(8,508,000)
Accumulated other comprehensive loss	(4,098,000)	(83,000)
Total deficit	(1,126,968,000)	(1,028,919,000)
STOCKHOLDER'S EQUITY
Total liabilities, mezzanine equity and deficit	1,364,625,000	1,416,333,000
Ferrellgas Partners Finance Corp
Current liabilities:
Contingencies and commitments
STOCKHOLDER'S EQUITY
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding	1,000	1,000
Additional paid in capital	43,524	43,209
Accumulated deficit	(44,524)	(44,209)
Ferrellgas Finance Corp
Current liabilities:
Contingencies and commitments
STOCKHOLDER'S EQUITY
Common stock, $1.00 par value; 2,000 shares authorized; 1,000 shares issued and outstanding	1,000	1,000
Additional paid in capital	105,061	105,566
Accumulated deficit	$ (106,061)	$ (106,566)