Ultrapar (UGPA3) posted net income of R$ 2.7 billion in 3Q26 (R$ 2,697 million), versus R$ 772 million in 3Q25, an increase of 249% and 61% over 2Q26. According to the company, the result reflects higher operating income, the recognition of extraordinary tax credits and lower financial expenses.
Net revenue totaled R$ 44.4 billion (R$ 44,432 million), up 20% over 3Q25, mainly due to higher revenue at Ipiranga. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, with accounting adjustments) was R$ 4.6 billion (R$ 4,632 million), compared with R$ 1,946 million in 3Q25, an increase of 138%. Recurring adjusted EBITDA, which excludes non-recurring items, reached R$ 3.1 billion (R$ 3,103 million), up 74% over 3Q25 (R$ 1.8 billion) and down 15% from 2Q26, due to lower results at Ipiranga. Ipiranga's extraordinary credits totaled R$ 1,549 million in the quarter.
By segment, Ipiranga's recurring adjusted EBITDA was R$ 2,280 million (R$ 892 million in 3Q25), with sales volume 9% higher. Ultragaz posted R$ 467 million, Ultracargo R$ 142 million and Hidrovias do Brasil R$ 303 million, down 16% from 3Q25.
Cash generation from operations was R$ 140 million, versus R$ 2,129 million in 3Q25. Excluding the settlement of R$ 1,982 million in supplier financing (reverse factoring) and the R$ 661 million balance of imported diesel subsidies, it would have been R$ 2,784 million. CAPEX (investments) fell 18%, from R$ 756 million to R$ 618 million. Net debt closed at R$ 11,002 million, with leverage of 1.0x EBITDA for the last 12 months, versus 0.9x in 2Q26, even after the payment of R$ 1.1 billion in dividends in September.
The company also announced dividends for 2026 of R$ 1.00 per share, about R$ 1.1 billion in total, equivalent to a yield of 3.3%. Payment will be made on December 3.
Is UGPA3 worth investing in?
- Price
- R$ 30.34
- as of 11/11/2026
- Dividend yield
- 6.59 %
- P/L
- 9.79
- P/VPA
- 1.89
