Ferrellgas Partners, L.P.

Fourth-quarter adjusted EBITDA was $23.8 million, up 3% from $23.1 million. Full-year adjusted EBITDA was $321.3 million, down 3% from $330.7 million in fiscal 2025. Fourth-quarter gross profit fell $3.9 million, and revenue decreased $800,000 or 0.2%, while gallons sold were down 1 million or 1%; full-year revenue declined $74.3 million or 4%, cost of sales fell $75.5 million or 8%, and gallons sold declined 24.6 million or 3%. Net loss attributable to the company was $31.5 million in Q4 versus $26.8 million a year ago, while full-year net earnings attributable to the company were $71.7 million versus a net loss of $15.6 million in fiscal 2025. Capital expenditures were $77.3 million for the year, and year-end liquidity was $195.1 million, consisting of $48.4 million in cash and $146.7 million available on the revolver. Management did not give formal next-quarter or full-year financial guidance on the call; instead it said fiscal 2027 starts with a stronger balance sheet, stable propane supply, and continued focus on cost discipline and growth.

Tamria Zertuche framed fiscal 2026 as a year of discipline and cleanup, emphasizing that the company chose to absorb hard decisions now to strengthen the future. She highlighted the ESOP culture, the Class B conversion, the note refinancing, and the broader simplification of the capital structure as key strategic moves. Her tone was confident and constructive, with repeated emphasis on balance-sheet strength, operational discipline, and long-term value creation.

Nicholas Heimer focused on the drivers behind the quarter and full year, pointing to weather-driven volume softness, higher interest expense after refinancing, and legacy claim costs. He quantified the quarter’s $3.9 million gross profit decline and said the full-year adjusted EBITDA decline to $321.3 million was largely offset by cost management. He also cited $77.3 million of capex, split between $49.3 million of growth capital and $28 million of maintenance capital, and liquidity of $195.1 million at July 31, 2026.

Analysts asked about the increase in net loss for the quarter, and management said it was driven by a $6.8 million rise in interest expense, a $3.9 million drop in gross profit tied to weather, and a $3.4 million increase in asset disposal losses, partly offset by lower operating expense. They were also asked about the balance sheet and interest expense, and management said the refinancing and Class B conversion leave the company in a much stronger position with flexibility to cover interest, reinvest, reduce debt, and potentially support a distribution later. Additional questions covered weather versus underlying demand, where management said the fundamentals remained sound, and how Ferrellgas compares with peers; management said it remains solidly #2 by gallons sold and has a leaner cost structure than Suburban Propane and AmeriGas.