Ultrapar (UGPA3) investor relations material

Strategic evolution and portfolio management

• Over 88 years, the group has evolved through acquisitions, divestments, and governance improvements, focusing on sectors with long-term value and disciplined capital allocation.

• Recent years saw divestments (Oxiteno, Extrafarma, Conectcar) and acquisitions (Opla, Hidrovias), with a renewed holding role emphasizing operational efficiency and cash generation.

• The management model now prioritizes agility, autonomy, and accountability, with a focus on talent development and leadership renewal.

Financial performance and capital discipline

• Recurring EBITDA reached R$6.2 billion in 2025, supported by strong cash generation and recovery in key businesses.

• Net income remained robust, with ROIC expected above 20% and a leverage target of 1.5x–2.0x, despite major acquisitions and share buybacks.

• Investment plans for 2025–2026 focus on expansion, maintenance, and efficiency, with over R$2.5 billion allocated annually.

Business segment highlights

• Ipiranga: One of Brazil’s largest fuel distributors, with 5.9k stations, 17.3% market share, and a strong focus on logistics, trading, and combating sector illegality.

• Ultragaz: Leading LPG distributor with 22.3% market share, serving 10 million households and expanding into new energies and digital channels.

• Ultracargo: Largest independent liquid bulk storage operator, expanding capacity and geographic reach, with a diversified client and product portfolio.

• Hidrovias do Brasil: Integrated logistics provider with a focus on low-carbon, high-efficiency river and port operations, supporting agribusiness and bulk cargo flows.