Ultrapar (UGPA3) Investor presentation summary

Strategic evolution and portfolio management

• Over 88 years, the group has evolved through acquisitions, divestments, and governance improvements, focusing on sectors with long-term value and disciplined capital allocation.

• Recent years saw divestments (Oxiteno, Extrafarma, Conectcar) and acquisitions (Opla, NEOGás, Hidrovias), streamlining the portfolio for value generation.

• The holding company now emphasizes operational efficiency, cash generation, and talent development, with a renewed governance model and leadership.

Financial performance and capital management

• Recurring EBITDA reached R$6.2 billion in 2025, supported by strong cash generation and portfolio optimization.

• Net income remained robust, with ROIC above 13% and a target above 20%.

• Comfortable leverage (1.7x net debt/EBITDA in 2025) maintained despite acquisitions and share buybacks, with investment grade ratings.

• R$2.6 billion in planned investments for 2026, focusing on expansion, maintenance, and operational efficiency across all business units.

Business unit highlights

• Ipiranga: 5.8k service stations, 17.5% market share, and leading biofuel sales platform; focus on logistics, trading, and combating sector illegality.

• Ultragaz: 1.7 million tons sold, 22.1% market share, leadership in both bottled and bulk LPG, and expansion into renewable energies and biomethane.

• Ultracargo: Largest independent liquid bulk storage operator, expanding capacity and geographic reach, with a diversified client and product portfolio.

• Hidrovias do Brasil: Integrated logistics for grains, fertilizers, and iron ore, with productivity gains and a focus on low-carbon operations.