Ultrapar (UGPA3) investor relations material

Capital allocation and strategy

• R$ 28.1bn allocated from 2021 to 1H26: R$ 5.2bn to core maintenance, R$ 6.6bn to core growth and productivity, R$ 1.0bn to adjacencies, R$ 2.9bn to new businesses, R$ 7.4bn to net debt interest and R$ 5.0bn to shareholder returns.

• More than 100 transactions evaluated and 14 completed since 2021; investment decisions prioritize risk-adjusted returns and value creation, with excess cash available for projects, dividends or buybacks.

• Portfolio actions included exits from Oxiteno, Extrafarma, Conectcar and Coastal Navigation, plus investments in Hidrovias, Virtu GNL, Ipiranga infrastructure and Ultracargo terminals.

• Holding headcount fell 34% and costs 16% from 2021 to 1H26 LTM, while recurring adjusted EBITDA rose 152%.

Ipiranga

• In 1H26, consumption volume rose 7%, network volume 5% and spot-desk sales 50% YoY; trading results were 2x the 2025 level.

• Network reached 5,855 service stations in 1H26; resale share gained 0.8 p.p. and volume per station rose 6% YoY.

• Logistics projects delivered R$ 250M of efficiencies last year and more than R$ 800M over three years; a new ERP is targeted for 2027, with R$ 200M annual cost, expense and CAPEX optimization from 2028.

• Irregular market share fell from 24.4% in 1H25 to 20.0% in 1H26; annualized ICMS collections in RJ and SP rose from R$ 34bn in 2025 to R$ 40bn in 2026.

ICONIC

• Recurring adjusted EBITDA CAGR was 42% and volume CAGR 3% from 2017 to 1H26 LTM, following operational synergies, organizational redesign, a multi-brand strategy and infrastructure expansion.

• Annual production capacity exceeds 400 million liters; 1H26 market share was 25.9%, versus 25.7% in 2024.

• The technology center supports product development and customer service with 50+ specialists, 300 equipment items, 50,000+ samples and 100,000+ tests annually.