UGPA3: quote, dividends and indicators for Ultrapar

Ultrapar Participações S.A. is a Brazilian holding company that consolidates the main operations of Grupo Ultra, a conglomerate whose origins date back to 1937, when Ernesto Igel founded Ultragaz, a pioneer in the distribution of liquefied petroleum gas (LPG) in the country. Over more than eight decades, the group has evolved from a business focused on LPG into a diversified platform in energy, mobility, and logistics infrastructure. Ultrapar has taken on the role of an investment and strategic management company for this portfolio, focusing on disciplined capital allocation and coordination of the main financial and governance guidelines. Ultrapar's shares have been traded on B3 under ticker UGPA3 since 1999 and also on the New York Stock Exchange (NYSE) via level III ADRs, and have been part of B3's Novo Mercado segment since 2011, which includes companies committed to more advanced governance practices, such as capital composed exclusively of common shares and greater transparency in market disclosures.

Ultrapar's business model is structured in four main operating segments: Ipiranga, Ultragaz, Ultracargo, and Hidrovias do Brasil. The holding company acts as a capital allocator among these businesses, seeking a balance between organic growth, acquisitions, and the development of new initiatives adjacent to the sectors where it already has a relevant presence. In 2025, consolidated net revenue came mainly from Ipiranga, which accounted for about 90% of revenue, followed by Ultragaz with approximately 9%, while Ultracargo and Hidrovias do Brasil jointly represented a smaller share, though with higher operating margins relative to their revenue volume. This mix highlights the predominance of the fuel distribution segment in Ultrapar’s revenue profile, while also indicating the strategic relevance of the LPG, liquid bulk storage, and waterway logistics solutions businesses for portfolio diversification and resilience.

Ipiranga is one of the largest fuel distributors in Brazil, operating nationwide in the marketing of diesel, gasoline, ethanol, compressed natural gas (CNG), fuel oil, kerosene, Arla 32, lubricants, and greases. In 2025, the company operated a network of 5,805 service stations and 85 storage terminals, with a market share of approximately 17% in sales volume, according to data from the National Agency of Petroleum, Natural Gas and Biofuels (ANP). In addition to fuel sales, Ipiranga has built an ecosystem of complementary services, with more than 1,500 AmPm convenience stores, operated mainly under a franchise model, and over 1,000 Jet Oil units, which specialize in automotive services and oil changes. The company also participates in the lubricants segment through Iconic, a joint venture with Chevron in which it holds a 56% stake, that produces and sells lubricants, greases, and coolant fluids to a broad base of industrial, agricultural, and transportation customers in Brazil and other South American countries. The KMV loyalty program reinforces the value proposition by allowing customers to accumulate and redeem benefits across different partners, contributing to higher consumption recurrence within the Ipiranga network.

Ultragaz, the historical origin of Grupo Ultra, operates in LPG distribution throughout Brazil, both in the bottled gas market, aimed mainly at residential use, and in the bulk gas market, serving commercial, industrial, service, and agribusiness customers. The company serves around 10.5 million households through a network of approximately 6.3 thousand resellers, in addition to about 53 thousand corporate customers. Its infrastructure includes primary, secondary, and satellite LPG storage and bottling bases distributed across all regions of Brazil, with a logistics setup that combines pipelines and tank trucks for transportation and supply. In recent years, Ultragaz has expanded its portfolio to position itself as an integrated energy platform, incorporating the marketing of electricity from renewable sources, compressed natural gas (CNG), biomethane, and bioLPG produced from vegetable oil. This diversification reflects the energy transition trend and the search for lower-carbon-intensity sources, in line with adjacent opportunities to its traditional LPG business.

Ultracargo complements Ultrapar’s portfolio in the logistics infrastructure segment, operating in the storage and handling of liquid bulk, with a focus on fuels, biofuels, chemicals, corrosive products, and vegetable oils. In December 2025, the company operated nine multipurpose terminals in strategic logistics hubs, with total static capacity of 1,131 thousand m³. Ultracargo’s revenue is diversified by product type, with gasoline and diesel predominating, followed by chemicals and ethanol. The company has been executing a consistent growth and inland expansion plan, which involves increasing capacity at existing terminals and opening new bases in regions considered relevant for national logistics, integrating coastal areas with consumption and production centers inland. Hidrovias do Brasil, consolidated as a new operating segment following the acquisition of control in 2025, operates in waterway transport and port operations in strategic logistics corridors in South America. Its operations include the Northern Corridor, with transshipment activities in Miritituba (PA), river transport and a terminal in Vila do Conde (PA), the Southern Corridor, with routes between Brazil, Paraguay, Uruguay, and Argentina, and port operations in Santos, with a lease of the STS20 area dedicated to handling and storing fertilizers and salt. The company has strong exposure to the grain, iron ore, and fertilizer chains, providing lower-carbon-intensity solutions by relying predominantly on the waterway modal.

Ultrapar’s markets are largely concentrated within Brazil, both in fuel and LPG distribution and in liquid bulk storage, with its reach extending to other South American countries mainly through Iconic, in the lubricants area, and Hidrovias do Brasil, in international waterway transport. The company does not have significant revenue concentration in any single customer, with no customer accounting for more than 10% of total net revenue. Its customer base is fragmented and includes fuel and LPG resellers, service stations, residential consumers, industrial and commercial companies, agribusinesses, commodity trading houses, logistics operators, and other players in the energy and infrastructure chain. This profile reduces dependence on a few specific buyers and dilutes sector commercial risks, although Ultrapar is highly exposed to the economic cycle and to demand for energy, fuels, and logistics services in Brazil and the region.

From a regulatory standpoint, the main activities of Ultrapar’s subsidiaries are heavily supervised by federal regulatory agencies. Ipiranga and Ultragaz operate under ANP regulation, which sets requirements for authorization, product quality standards, minimum inventories, share capital, storage capacity, and monthly sales reporting obligations. Ipiranga is also subject to rules on the mandatory blend of anhydrous ethanol in gasoline and biodiesel in diesel defined by the National Council for Energy Policy (CNPE) and fuel legislation, as well as to the decarbonization targets of the RenovaBio program, which require the acquisition and subsequent retirement of Decarbonization Credits (CBios) based on the volume of fossil fuels sold. Ultragaz, in addition to ANP regulation on LPG distribution, must comply with specific standards related to cylinders, operational safety, and periodic requalification of bottles, currently governed by resolutions that replaced the sector’s former Self-Regulation Code. Ultracargo and Hidrovias do Brasil’s operations are subject to regulation by the National Agency for Waterway Transportation (ANTAQ) and to legal frameworks for the port and inland navigation sectors, as well as to oversight by the Brazilian Navy on navigation safety matters, with requirements for authorizations, vessel registrations, and compliance with applicable technical standards.

The environmental, social, and governance (ESG) agenda is embedded across the group, due to the nature of the sectors in which Ultrapar operates and regulatory and market requirements. On the environmental front, highlights include Ipiranga’s participation in RenovaBio, with significant CBios targets aligned with its share of the fuel market, and Ultragaz’s expansion in biomethane, bioLPG, and renewable electricity, consistent with emissions reduction in the energy matrix. Hidrovias do Brasil operates a modal with lower carbon intensity compared to road transport, which tends to contribute to environmental efficiency gains in grain and mineral chains. In governance, the Novo Mercado listing and the trading of UGPA3 shares on B3 and ADRs on the NYSE reinforce the need for transparency practices, internal controls, and alignment with international reporting standards. On the social and safety front, LPG, fuel, and terminal operations require strict operational safety protocols, staff training, equipment maintenance, and cylinder requalification programs, with a direct impact on the integrity of employees, resellers, communities, and consumers.