Ultrapar (UGPA3) Investor Day 2026 summary

Portfolio strategy and capital allocation

• 2021–1H26 capital allocation totaled R$ 28.1bn: 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 projects and transactions were screened or evaluated, with 14 completed; decisions prioritize risk-adjusted returns and value creation over growth for its own sake.

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

• Comfortable leverage range shifted from 1.5–2x to 1–1.5x; 0.9x is a reference, not a fixed ceiling, and leverage may temporarily exceed the range for value-creating projects with a credible deleveraging path.

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

Financial performance and returns

• 1H26 recurring adjusted EBITDA was R$ 5.377bn and operating cash flow R$ 5.453bn; net debt to LTM EBITDA was 1.1x.

• 1H26 LTM ROIC was 17.3% and economic value added was R$ 2.5bn; tax-credit carry-over also affected the period.

• Holding-level freight costs declined from R$ 260m to R$ 220m as the portfolio expanded, alongside continued overhead simplification and efficiency efforts.

• Total shareholder return since IPO was 16% p.a., compared with 11% p.a. for the IBOV, through Aug. 31, 2026.

Ipiranga and fuel market

• In 1H26, consumption volume rose 7%, network volume 5% and spot-desk sales 50% YoY; trading results were 2x the 2025 level. The network reached 5,855 stations, resale share gained 0.8 p.p. and volume per station rose 6%.

• 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.

• Supply strategy emphasizes multiple sourcing options and imports; Brazil was importing half its previous diesel volume, while supply coverage was described as good through year-end amid tighter supply chains.

• B2B targets higher-value, less commoditized segments; maritime diesel is growing in volume, profit and market share, and four regional diesel retail ventures are progressing as planned or better.

• 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.