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Ultrapar
Ultrapar (UGPA3) investor relations material
Ultrapar Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Mar, 2026
Executive summary
Achieved record recurring adjusted EBITDA for a fourth quarter and record operating cash flow of R$5.5 billion in 2025, driven by disciplined execution, strategic focus, and lower working capital needs.
Distributed R$1.4 billion in dividends for 2025, with a yield of 7%, and maintained a comfortable leverage ratio of 1.7x after anticipated dividend payments.
Advanced regulatory and institutional agendas, including approval of persistent debtor and single-phase taxation for naphtha, "Gás do Povo", and measures to combat sector irregularities.
Completed key operational expansions and acquisitions, including Ultracargo's Rondonópolis base, a 37.5% stake in Virtu/Virtual GNL, and SAP migration.
Net revenues reached R$142.5 billion in 2025, up 7% year-over-year, with net income of R$2.5 billion, demonstrating portfolio resilience.
Financial highlights
Recurring adjusted EBITDA for 4Q25 was R$1.75 billion (+36% vs 4Q24); full-year recurring adjusted EBITDA was R$6.18 billion (+15% vs 2024), driven by Ipiranga, Ultragaz, and Hidrovias consolidation.
Net income for 2025 was R$2.54 billion, up 1% year-over-year; 4Q25 net income was R$256 million, impacted by non-recurring items.
Operating cash flow reached a record R$5.5 billion in 2025 (+46% vs 2024), mainly from higher operating results, Hidrovias consolidation, and lower working capital needs.
CapEx reached R$2.54 billion in 2025, up 15% year-over-year, driven by Ipiranga and Hidrovias investments.
Gross margin for 2025 was 6.6%; operating margin 3.4%; recurring adjusted EBITDA margin 4.3%.
Outlook and guidance
Announced an organic investment plan of up to R$2.6 billion for 2026, with 42% allocated to expansion and the rest to maintenance, efficiency, and safety.
2026 investments to prioritize branding, logistics, new energies, and productivity improvements.
Company prepared to navigate a challenging global environment in 2026, emphasizing operational efficiency, financial discipline, and sustainable growth.
Ultragaz anticipates stable performance and similar EBITDA in Q1 2026 as in Q1 2025.
Ultracargo expects gradual demand recovery and higher Q1 2026 volume and recurring EBITDA versus Q4 2025.
Impact of single-phase tax on Ipiranga margins
Recovery timeline for Ultracargo storage demand
Ultragaz biomethane expansion and product supply
Import parity impact on Ipiranga margins
Strategic pillars for new M&A and investments
Challenges for Hidrovias North operation in 2026
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Next Ultrapar earnings date
Q1 20267 May, 2026
Ultrapar
Next Ultrapar earnings date
Q1 20267 May, 2026
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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.
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