ALPK3 Estapar

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 former name of the company, was incorporated, consolidating a national growth strategy through branches and acquisitions. Throughout the 1990s, the company introduced automation in a large part of its operations and, in 1997, implemented the first paid on-street parking system with parking meters in Brazil, the so-called “zona azul” (blue zone). From the 2000s onwards, the company began to receive investments from funds such as BTG Pactual, Franklin Templeton and Crescera Investimentos, which reinforced its expansion and the 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. Most of its revenue comes from providing parking services to short-term and monthly customers, managing parking facilities for third parties, and operating on-street paid parking areas. In December 2024, the company operated approximately 498.5 thousand parking spaces across 754 operations, distributed in 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 presence in digital solutions, including payment methods, parking management apps and vehicle-related services, aligning its traditional garage business with urban mobility and connectivity trends.

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

In the digital field, Estapar has developed an AutoTech strategy based on the integration of services for drivers. In 2014, it launched the Vaga Inteligente app, which enabled space reservations, parking payments, activation and purchase of zona azul tickets, and the 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 on-street and off-street parking payments, toll and parking tag, installment payment of IPVA and fines, vehicle licensing, title services, insurance contracting through its own brokerage, consórcios, digital CRLV and fuel refueling in a single environment. In 2024, the company reported 1,041 charging stations for electric vehicles in 70 cities across 14 states, reinforcing 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 high-traffic hubs of major urban centers. As of December 31, 2024, the company maintained 754 operations distributed mainly in the State of São Paulo, with 339 units, followed by Rio de Janeiro, with 125 operations. The South Region totaled 116 operations, the Northeast region (including Bahia, Sergipe, Alagoas, Pernambuco, Paraíba, Rio Grande do Norte, Ceará and Maranhão) accounted for 89 operations, Minas Gerais and Espírito Santo together had 55, and the Midwest region, including Tocantins, had 30 operations. In addition to parking facilities in corporate buildings, malls, hospitals, universities and lots, the company has a strong presence in airports, with long-term contracts at terminals such as Guarulhos, Congonhas, Salvador, Vitória, Brasília, Santos Dumont, Natal, João Pessoa, Recife, Viracopos and Salgado Filho, among others, consolidating its presence 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 by carrying out feasibility analyses, financial modeling and meeting technical and documentation requirements. After the concession contracts are signed, the company undertakes commitments to invest in technology, parking meters, signage, electronic enforcement systems, physical infrastructure and control centers. In zona azul concessions, for example, the company has implemented enforcement systems with scan-car, 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, the parking operation activity is subject to municipal zoning rules, business licenses, permits and safety requirements established by bodies such as the fire department. Estapar must obtain and periodically renew these authorizations for each operating unit, under penalty of sanctions such as fines, suspension of activities or shutdown of operations in case of non-compliance. The company must also comply with federal legislation related to accessibility, such as Law No. 10,098/2000, Decree No. 5,926/2004 and Law No. 13,146/2015 (Statute 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 the Brazilian legal framework on the subject.

Estapar’s governance structure incorporates committees and decision-making bodies dedicated to 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 Investments Committee, which monitors post-investment reviews. Strategic projects, joint ventures, consórcios and relevant partnerships are also subject to approval by the Board of Directors. The company states that it does not depend on individual clients that account for more than 10% of its net revenue, which indicates a revenue base diversified across various contracts and economic segments. The IPO in 2020, through the public offering of ALPK3 shares, strengthened its funding capacity for expansion, as evidenced by the allocation of proceeds to the concession fee for São Paulo’s Zona Azul, consolidating the company as one of the main private operators of parking and urban mobility infrastructure in the country, with shares traded on B3.