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    Bruno Amarin • Goldman Sachs Group Inc.

    Bruno Amarin's questions to Ultrapar Participacoes SA (UGP) leadership

    Bruno Amarin's questions to Ultrapar Participacoes SA (UGP) leadership • Q2 2025

    Question

    Bruno Amarin of Goldman Sachs questioned Ipiranga's strategic priority as the market formalizes: whether to focus on increasing ROIC or gaining market share, and if the current ROIC meets their target.

    Answer

    An Ipiranga executive explained that their investment discipline remains unchanged, targeting a return of about 20%, and confirmed that the current ROIC is not yet at the desired level. As the market improves, they will pursue disciplined growth opportunities, expecting both margins and volumes to benefit, but only after regulatory progress is certain.

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    Bruno Amarin's questions to Centrais Eletricas Brasileiras SA - Eletrobras (EBR) leadership

    Bruno Amarin's questions to Centrais Eletricas Brasileiras SA - Eletrobras (EBR) leadership • Q2 2025

    Question

    Bruno Amarin from Goldman Sachs inquired about the expected returns on investments in reinforcements and improvements given current interest rates, and also asked about energy market liquidity for 2026, questioning if the decision not to sell more was a strategic choice or a result of market constraints.

    Answer

    Eduardo Hayama, VP of Finance and IR, explained that while short-term rate divergences can occur, the regulatory framework is robust over the long term, ensuring returns converge appropriately over a 30-year investment horizon. Rodrigo Limp, VP of Regulation, Institutional and Markets, noted that there is significant liquidity for 2026, especially in the Southeast, and the company's strategy is to balance sales with risk management, actively seeking to strengthen its sales position in the North and Northeast.

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