Ultrapar Participações (UGPA3) reported net income of R$ 1.677 billion in the second quarter of 2026, compared with R$ 1.151 billion in 2Q25, supported by stronger operating results. Net revenue reached R$ 41.521 billion in the period, up 22% over 2Q25, while recurring adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) came to R$ 3.657 billion, an increase of 149% in the same comparison.
In the first half of 2026, Ultrapar’s net income was R$ 2.591 billion, 71% higher than in 2025. Net revenue totaled R$ 78.273 billion in 1H26, versus R$ 67.417 billion in 1H25, and recurring adjusted EBITDA amounted to R$ 5.977 billion, compared with R$ 2.651 billion a year earlier.
Cash generation from operating activities in 2Q26 was a record R$ 4.789 billion, versus R$ 939 million in 2Q25, driven by stronger operating results and the release of working capital at Ipiranga. Excluding R$ 833 million in supplier arrangement transactions (supply chain finance), operating cash generation was R$ 3.956 billion in the quarter.
Net debt closed 2Q26 at R$ 8.864 billion, equivalent to 0.9x adjusted EBITDA for the last 12 months, compared with R$ 12.275 billion (1.5x) in 1Q26. Including supplier arrangement and vendor transactions, adjusted net debt stood at R$ 10.886 billion, corresponding to 1.1x adjusted EBITDA for the last 12 months.
In the quarter, the board approved a share buyback program of up to 18 million shares, and the company distributed R$ 1.085 billion in dividends, equivalent to R$ 1.00 per share, with a yield of 3.8% on the reference share price. Ultrapar also reported investments of R$ 517 million in 2Q26, mainly in Ipiranga, Ultragaz, Ultracargo and Hidrovias, and announced the continuation of its inclusion in sustainability indices such as the ISE B3 and the Dow Jones Best-in-Class Emerging Markets Index.
