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    Matteo Zhenfodet

    Research Analyst at UBS Group AG

    Matteo Zhenfodet is an analyst at UBS Group AG with a focus on equity research, specializing in financial services and European banking sectors. He covers major companies including Deutsche Bank, HSBC Holdings, Barclays, and Crédit Agricole, and is recognized for delivering insightful, data-driven investment recommendations. Zhenfodet began his career in financial analysis in the early 2010s, previously holding research roles at Italian banking institutions before joining UBS Group AG in 2017. He holds FINRA Series 7 and Series 63 licenses and has been commended for his analytical accuracy and consistent returns, placing in the top quartile among his peers on research platforms.

    Matteo Zhenfodet's questions to ULTRAPAR HOLDINGS (UGP) leadership

    Matteo Zhenfodet's questions to ULTRAPAR HOLDINGS (UGP) leadership • Q2 2025

    Question

    Matteo Zhenfodet of UBS questioned Ultrapar's target leverage for considering new large-scale investments and asked about the potential for new energies to increase their contribution to Ultragaz's EBITDA beyond the current levels.

    Answer

    Management stated that a comfortable leverage level is between 1.5x and 2.0x net debt to EBITDA. Regarding new energies at Ultragaz, executives confirmed they are aligned with their strategic plan, actively combining businesses like biomethane and distributed generation, which contributed to the quarter's strong results and are expected to continue evolving.

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