ALPK3

Estapar, controlled by Allpark Empreendimentos, Participações e Serviços S.A., is an urban mobility company primarily focused on the operation and management of parking facilities in Brazil. Its common shares are traded on B3, in the Novo Mercado segment, under the ticker ALPK3. The company’s trajectory began in the early 1980s in Curitiba (PR) with Estapar – Estacionamentos do Paraná, and quickly expanded to Rio de Janeiro through RioPark, and later to São Paulo and other regions. In 1989, Allpark, the company’s former name, was incorporated, consolidating a national growth strategy via branches and acquisitions. Throughout the 1990s, the company introduced automation in a large part of its operations and, in 1997, implemented the country’s first paid on-street rotating parking meter system, known as the “zona azul”. From the 2000s onward, the company began receiving investments from funds such as BTG Pactual, Franklin Templeton and Crescera Investimentos, which reinforced its expansion and professionalization of management, including the adoption of more structured corporate governance practices.

Estapar’s business model combines the operation of parking facilities under different contractual formats with the development of a digital platform focused on mobility and services for drivers. Revenue mostly comes from providing parking services to short-term and monthly customers, managing parking facilities for third parties, and operating on-street rotating parking areas. In December 2024, the company operated approximately 498.5 thousand parking spaces across 754 operations, spread over 97 municipalities in 19 states, positioning it as one of the main operators in the sector in the country. In addition to its physical infrastructure, Estapar has been expanding its role in digital solutions, including payment methods, parking management apps and vehicle-related services, aligning the traditional garage business with urban mobility and connectivity trends.

The company structures its operations into different business lines, with emphasis on the Leased and Managed Locations segment, which in 2024 accounted for around 53% of net revenue. In this area, Estapar enters into contracts with the private sector to operate parking areas in commercial buildings, shopping malls, hospitals, educational institutions, vacant lots and other developments, generally with low capital allocation and terms of up to five years. The company also operates Owned Locations, in which it holds title to garages or individual parking spaces, and long-term private contracts, which involve higher infrastructure investment and terms ranging from 5 to 30 years, often in strategic assets such as airports, arenas and large shopping centers. The portfolio is complemented by off-street public concessions, related to airports and public garages, and on-street concessions, focused on paid on-street rotating parking, as well as the digital segment, which includes services offered via the Zul+ app.

In the digital arena, Estapar has developed an AutoTech strategy based on integrating services for drivers. In 2014, it launched the Vaga Inteligente app, which enabled parking space reservations, parking payments, activation and purchase of zona azul tickets and contracting of monthly parking plans. In 2022, it completed the acquisition of Zul Digital (now Zul+), consolidating a marketplace platform for vehicle-related products and services, such as payment for on-street and off-street parking, toll and parking tags, installment payment of IPVA and fines, licensing, document processing services, insurance brokerage through its own insurance broker, consortia, digital CRLV and fuel payments in a single environment. In 2024, the company reported 1,041 charging stations for electric vehicles in 70 cities across 14 states, strengthening its presence in electromobility and using its parking network as infrastructure for new services associated with vehicle use.

Estapar’s geographic footprint is broad and concentrated in major urban traffic hubs. As of December 31, 2024, the company maintained 754 operations, mainly in the State of São Paulo, with 339 units, followed by Rio de Janeiro, with 125 operations. The South region accounted for 116 operations, the Northeast region (including Bahia, Sergipe, Alagoas, Pernambuco, Paraíba, Rio Grande do Norte, Ceará and Maranhão) had 89 operations, Minas Gerais and Espírito Santo totaled 55, and the Midwest region, including Tocantins, had 30 operations. In addition to parking facilities in corporate buildings, shopping malls, hospitals, universities and vacant lots, the company has a strong presence in airports, with long-term contracts in terminals such as Guarulhos, Congonhas, Salvador, Vitória, Brasília, Santos Dumont, Natal, João Pessoa, Recife, Viracopos and Salgado Filho, among others, consolidating its position in high-traffic infrastructure assets.

The relationship with the public sector is a core component of the business, especially in on-street and off-street public concessions. Operations in public areas depend on bidding processes conducted by municipal or federal entities, in which Estapar participates through feasibility analyses, financial modeling and compliance with technical and documentary requirements. After concession contracts are signed, the company undertakes commitments to invest in technology, parking meters, signage, electronic monitoring systems, physical infrastructure and control centers. In zona azul concessions, for example, the company has implemented enforcement systems with scan cars, automatic license plate recognition via OCR and centralized control in a control room, as well as dedicated apps such as Estapar Nova Zona Azul – SP, which includes features like a heat map to improve the distribution of on-street parking spaces.

From a regulatory standpoint, parking operations are subject to municipal zoning rules, operating licenses, permits and safety requirements established by agencies such as the fire department. Estapar must obtain and periodically renew these authorizations for each active unit and may be subject to penalties such as fines, suspension of activities or shutdown of operations in case of non-compliance. The company must also comply with federal accessibility laws, such as Law No. 10,098/2000, Decree No. 5,926/2004 and Law No. 13,146/2015 (Brazilian Law for the Inclusion of Persons with Disabilities), ensuring reserved spaces, barrier-free access and adequate conditions for people with disabilities, reduced mobility and the elderly. Additionally, the operation of digital platforms and the collection of user and vehicle data require compliance with data protection and privacy regulations, in line with the evolution of Brazil’s legal framework on the topic.

Estapar’s governance structure incorporates committees and decision-making bodies focused on investment analysis, expansion and project evaluation. New businesses and concessions are submitted to the Finance and Investments Executive Office, which is responsible for assessing returns and risks, and to the Finance and Investment Committee, which monitors post-investment reviews. Strategic projects, associations, consortia and relevant partnerships are also subject to approval by the Board of Directors. The company states that it does not depend on individual clients accounting for more than 10% of its net revenue, which indicates a diversified revenue base across several contracts and economic segments. The 2020 IPO, via a public offering of ALPK3 shares, strengthened its funding capacity for expansion, as evidenced by the allocation of the proceeds to the concession fee for the Zona Azul in São Paulo, consolidating the company as one of the leading private operators of parking and urban mobility infrastructure in the country, with shares traded on B3.