Bruno Montadari's questions to Ultrapar Participacoes SA (UGP) leadership • Q2 2025
Question
Bruno Montadari from Morgan Stanley asked about Ultracargo's mid-to-long-term expansion prospects and Ultrapar's capital allocation priorities—new business versus dividends—once its target leverage is reached.
Answer
Ultracargo CEO Fulvio Stomelli detailed ongoing expansions at Palmerante, Santos, and Rondonópolis, expecting them to reach mature EBITDA per cubic meter levels by 2026. CEO Rodrigo Pesinado stated that upon reaching target leverage, the company will weigh expanding existing businesses against entering new ones, based on risk-adjusted returns. If no suitable projects exist, dividend payouts will be increased.