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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Ultrapar
Ultrapar (UGPA3) investor relations material
Ultrapar Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary12 Nov, 2026
Executive summary
Q3 revenue reached R$44.432bn, up 20% YoY; recurring adjusted EBITDA rose 74% to R$3.103bn, led by Ipiranga.
Net income was R$2.697bn, reflecting stronger operating results, extraordinary tax credits and lower financial expenses.
Adjusted cash generation excluding specified working-capital items was R$2.784bn; reported operating cash generation was R$140m.
Financial highlights
Q3 gross profit was R$5.619bn, up 125% YoY; adjusted EBITDA was R$4.632bn, up 138%.
Q3 net income was R$2.697bn versus R$772m a year earlier; 9M26 net income was R$5.289bn versus R$2.286bn.
9M26 revenue was R$122.704bn versus R$104.418bn; operating cash flow was R$6.032bn versus R$3.071bn.
Financial expenses were R$205m, improving R$196m YoY, mainly reflecting a R$249m positive mark-to-market effect.
Outlook and guidance
Ipiranga expects Q4 margins above Q3 and closer to Q2 levels; a more open import arbitrage favors imports, though future margins remain difficult to predict.
Ultragaz expects Q4 recurring EBITDA in line with Q3 despite seasonally lower volumes.
Ultracargo expects Q4 results growth YoY similar to Q3; Hidrovias expects results similar to Q4 2025, with El Niño effects uncertain.
Capital allocation priorities are unchanged; investment return thresholds reflect higher long-term rates and volatility.
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Latest events from Ultrapar
- Recurring EBITDA rose 41% to R$5.615bn as leverage fell to 1.1x.UGPA3
Q4 2023 - Disciplined investment backs growth, efficiency and 1.1x net leverage.UGPA3Investor Day 2026
- Recurring adjusted EBITDA surged 149% YoY, with record cash generation and lower leverage.UGPA3Q2 2026
- Net revenue rose 10% to R$36.8 billion, Adjusted EBITDA up 96%, and net income reached R$914 million.UGPA3Q1 2026
- Record EBITDA and cash flow in 2025, with stable leverage and strong segment results.UGPA3Q4 2025
- EBITDA and net income grew, leverage fell to 1.7x, and strategic moves boosted results.UGPA3Q3 2025
- Net income surged 134% to R$1.2 billion, with strong cash flow and major share buyback.UGPA3Q2 2025
- Net revenues grew 9% year-over-year, but recurring EBITDA and net income declined.UGPA3Q3 2024
- Revenue up 10% year-over-year, but EBITDA and net income declined due to logistics and sector challenges.UGPA3Q1 2025
Next Ultrapar earnings date
Q4 202624 Feb, 2027
Ultrapar
Next Ultrapar earnings date
Q4 202624 Feb, 2027
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Frequently asked questions
Ultrapar Participações S.A. is a diversified Brazilian company that operates across several key sectors, primarily in the energy and infrastructure industries. Through its subsidiaries, the company is involved in the distribution of liquefied petroleum gas (LPG) to residential, commercial, and industrial consumers. It also engages in the distribution and marketing of various fuels, including gasoline, ethanol, diesel, and lubricants, under its Ipiranga brand. Additionally, Ultrapar operates liquid bulk storage terminals through Ultracargo and offers digital payment services via its "abastece aí" app, which integrates with its loyalty program, Km de Vantagens. The company also runs the AmPm convenience stores and provides automotive services through Jet Oil. The company is headquartered in São Paulo, Brazil, and its shares are listed on the B3.