ALPK3: quote, dividends and indicators for Estapar

Estapar, controlled by Allpark Empreendimentos, Participações e Serviços S.A., is an urban mobility company that was consolidated based on its parking operations, which began in the early 1980s. The company’s trajectory started in Curitiba, Paraná, with Estapar – Estacionamentos do Paraná S/C Ltda., and soon expanded to Rio de Janeiro with the creation of RioPark in 1981. In 1989, founders Helio Cerqueira Júnior and Helio Francisco Cerqueira set up Allpark to operate mainly in the city of São Paulo and other regions of the country, marking the shift from a regional parking business to a national platform. In 2009, the company adopted its current corporate name and began attracting capital from financial investors, which enabled it to accelerate acquisitions and broaden its geographic and sectoral presence.

Over more than four decades, the company has built a diversified business model based on the operation and management of parking facilities and related urban mobility solutions. Estapar provides parking services for drive-up and monthly customers, manages garages for third parties, and operates on-street paid parking systems known as “zona azul”. This activity unfolds into different contractual formats: leased and managed operations with private-sector clients, owned properties (spaces and garages), public off-street and on-street concessions, as well as long-term private contracts involving more capital-intensive infrastructure investments. Following the acquisition of the Zul+ platform and the development of apps such as Vaga Inteligente and Estapar Nova Zona Azul – SP, the company also began generating revenue from digital products and services aimed at drivers, adding an AutoTech layer to a business originally based on physical assets.

From an operational standpoint, Estapar organizes its revenue into segments that reflect the nature of its contracts and their capital intensity. In 2025, total net revenue from services rendered reached approximately R$ 1.87 billion, with the leased and managed operations segment accounting for around 53% of this amount, signaling the growing relevance of a more asset-light model, with lower CAPEX allocation and typical contract terms of up to five years. Long-term contracts with the private sector, on-street and off-street concessions, and owned operations together represented a significant share of revenue, reinforcing the company’s presence in airports, shopping malls, hospitals, office buildings, educational institutions, and other high-traffic hubs. Although still a smaller share, digital revenues reflect the strategy to monetize services such as toll tags, IPVA payments, fines, licensing, auto insurance, consortia, and fuel purchases via app, complementing the core parking business.

The company has built an operational base with strong reach across Brazil. At the end of 2025, Estapar was present in 113 municipalities across 20 states, with approximately 541,900 parking spaces spread over 827 operations. The state of São Paulo hosted the largest share of operations, followed by Rio de Janeiro, the South region, and the Northeast. In the on-street parking segment, the company operated “zona azul” in 15 cities, including São Paulo, Americana, Santo André, São Bernardo do Campo, Taubaté, and other locations in São Paulo and Minas Gerais, and it also served as an accredited vendor of digital parking cards in state capitals such as Belo Horizonte, Curitiba, Fortaleza, and Salvador. In the off-street and long-term private contract segments, Estapar established a presence at major Brazilian airports such as Guarulhos, Congonhas, Brasília, Santos Dumont, Salvador, Recife, Natal, João Pessoa, Vitória, Porto Alegre, and Viracopos, among others, reinforcing its structural link with passenger transport and logistics infrastructure.

As it evolved from a garage operator to an urban mobility hub, Estapar began to tap into trends related to vehicle connectivity, new payment methods, and last-mile services. The AutoTech strategy gained prominence after the acquisition of Zul+, which expanded its user base by millions of drivers and created a digital platform integrated with its physical parking services. The company invests in technology for managing and controlling operations, including proprietary POS systems, 24-hour monitoring systems, automatic license plate recognition (LPR), remote control centers (“control room”), and automated enforcement solutions for “zona azul”, such as the use of Scan Car with OCR technology to read license plates on public roads. These tools underpin features such as advance space reservation, on-street and off-street payment via app, purchase of digital tickets, and integration with automated payment stations.

Regulation is a key element in Estapar’s business environment, particularly in public concessions and the operation of parking facilities in dense urban areas. The company is subject to consumer protection rules that require clear information on service features and pricing, as well as municipal legislation related to zoning, business licenses, and fire department authorizations. Non-compliance with these requirements may lead to administrative sanctions such as fines, suspension of activities, or shutdown of operations. The company must also comply with accessibility legislation, including Law No. 10,098/2000, Decree No. 5,296/2004, and the Brazilian Law for the Inclusion of Persons with Disabilities (Law No. 13,146/2015), which mandate reserved spaces, removal of physical barriers, and adequate access conditions for people with disabilities, reduced mobility, and the elderly. In addition, the expansion of digital services and the use of user data bring Estapar under the scope of privacy and personal data protection regulations, requiring alignment with stricter standards for information handling.

In terms of governance, the company has undergone a process of professionalization and institutional strengthening following the entry of financial investors and its national expansion. Private equity funds such as BTG Pactual, Franklin Templeton, Crescera Investimentos, and Equity International injected capital at different times, enabling major acquisitions, expansion of the operations portfolio, and the development of new businesses such as the creation of Loop Gestão de Pátios, focused on vehicle remarketing. The internal decision-making process involves financial and investment committees responsible for assessing the economic feasibility of projects, tracking post-investment performance, and submitting strategic initiatives to the Board of Directors. The initial public offering of shares in 2020, when the company’s common shares began trading on B3’s Novo Mercado segment under the ticker ALPK3, marked a milestone in Estapar’s trajectory, expanding its access to the capital markets and financing, among other uses, the fee payment for the São Paulo Zona Azul concession.

As a publicly traded company listed on B3 under the ticker ALPK3, Estapar combines an extensive physical platform, tied to the growth of the light-vehicle fleet and the urban mobility challenges in Brazil’s major cities, with an ongoing digitalization and diversification of driver-focused services. Its network spans various types of assets—from airports and shopping centers to office buildings, hospitals, and public roads—with contracts ranging from short-term, asset-light agreements to concessions and owned assets of a more structural nature. In parallel, the company develops solutions related to e-mobility, such as charging stations for electric vehicles in dozens of cities, and evaluates opportunities to monetize the recurring flow of users across its infrastructure through complementary urban mobility and logistics services.