Ultrapar (UGPA3) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached R$44.432bn, up 20% YoY; recurring adjusted EBITDA rose 74% to R$3.103bn, led by Ipiranga.

• Net income was R$2.697bn, reflecting stronger operating results, extraordinary tax credits and lower financial expenses.

• Adjusted cash generation excluding specified working-capital items was R$2.784bn; reported operating cash generation was R$140m.

Financial highlights

• Q3 gross profit was R$5.619bn, up 125% YoY; adjusted EBITDA was R$4.632bn, up 138%.

• Q3 net income was R$2.697bn versus R$772m a year earlier; 9M26 net income was R$5.289bn versus R$2.286bn.

• 9M26 revenue was R$122.704bn versus R$104.418bn; operating cash flow was R$6.032bn versus R$3.071bn.

• Financial expenses were R$205m, improving R$196m YoY, mainly reflecting a R$249m positive mark-to-market effect.

Outlook and guidance

• Ipiranga expects Q4 margins above Q3 and closer to Q2 levels; a more open import arbitrage favors imports, though future margins remain difficult to predict.

• Ultragaz expects Q4 recurring EBITDA in line with Q3 despite seasonally lower volumes.

• Ultracargo expects Q4 results growth YoY similar to Q3; Hidrovias expects results similar to Q4 2025, with El Niño effects uncertain.

• Capital allocation priorities are unchanged; investment return thresholds reflect higher long-term rates and volatility.