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Visual21 Nov 2025
Data center suppliers
Ultrapar (UGPA3) investor relations material
Ultrapar Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Strong operational cash generation across all business units in Q3 2025, totaling R$2.1 billion, with record results at Hidrovias and support for growth and strategic initiatives.
Extraordinary tax credits of R$238 million at Ipiranga contributed to results.
Progress in combating irregularities in the fuel sector, highlighted by regulatory enforcement and the Carbono Oculto Operation.
Completion of key strategic transactions, including the sale of Hidrovias' cabotage operation and acquisition of a stake in Virtu Participações (LNG logistics).
Net revenue reached R$37.1 billion in 3Q25, up 5% year-over-year, driven by Ipiranga, Ultragaz, and Hidrovias.
Financial highlights
Adjusted EBITDA reached R$1.95 billion, up 27% year-over-year, including R$185 million in extraordinary tax credits at Ipiranga.
Recurring adjusted EBITDA was R$1.78 billion, an 18% increase year-over-year, driven by Hidrovias and Ultragaz.
Net income for the quarter was R$772 million, up 11% year-over-year, supported by higher operating results and tax credits.
CapEx totaled R$780 million, reflecting investments in Ipiranga, Hidrovias, and technology.
Operating cash generation was R$2.1 billion, nearly triple the prior year period.
Outlook and guidance
Expectation of continued market recovery in Q4, with volume growth and profitability similar to Q3 for Ipiranga.
Strategic focus on growth, operational efficiency, and portfolio optimization, including further investments and leverage reduction.
UltraGas and UltraCargo anticipate gradual volume and EBITDA recovery in Q4, benefiting from recent capacity expansions.
Focus on stricter legislation and enforcement to combat crime and illegal practices in the fuel sector.
Ipiranga margin outlook given sector irregularities
Hidrovias' growth strategy post-cabotage sale
Capital allocation priorities post-leverage reduction
Ipiranga: volume recovery vs margin optimization?
Ultrapar's capital allocation criteria for new assets?
LPG regulatory review: expected timeline and impact?
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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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