Ultrapar (UGPA3) reported net income of R$ 2.7 bn in 3Q26 (R$ 2,697 mn), up 249% from 3Q25 and 61% from 2Q26. According to the company, the result reflects higher operating income, the recognition of extraordinary tax credits and lower financial result.
Net revenue totaled R$ 44.4 bn (R$ 44,432 mn), up 20% from 3Q25, mainly due to higher revenue at Ipiranga. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, with accounting adjustments) was R$ 4.6 bn (R$ 4,632 mn), compared with R$ 1,946 mn in 3Q25. Recurring adjusted EBITDA, which excludes non-recurring items, reached R$ 3.1 bn (R$ 3,103 mn), up 74% from 3Q25 and down 15% from 2Q26, due to lower results at Ipiranga. Ipiranga's extraordinary credits totaled R$ 1,549 mn in the quarter.
By segment, Ipiranga's recurring adjusted EBITDA was R$ 2,280 mn (R$ 892 mn in 3Q25), with sales volume 9% higher. Ultragaz posted R$ 467 mn, Ultracargo R$ 142 mn and Hidrovias do Brasil R$ 303 mn, down 16% from 3Q25.
Cash generation from operations was R$ 140 mn, compared with R$ 2,129 mn in 3Q25. Excluding the settlement of R$ 1,982 mn in supplier finance (confirming payables, or reverse factoring) and the R$ 661 mn balance of imported diesel subsidies, it would have been R$ 2,784 mn. Net debt closed at R$ 11,002 mn, with leverage of 1.0x EBITDA for the last 12 months, versus 0.9x in 2Q26.
The company also announced dividends for 2026 of R$ 1.00 per share, about R$ 1.1 bn in total, equivalent to a yield of 3.3%. Payment will be on December 3.
Is UGPA3 worth investing in?
- Price
- R$ 30.32
- as of 11/10/2026
- Dividend yield
- 6.60 %
- P/L
- 9.79
- P/VPA
- 1.88
