Matteo Zhenfodet's questions to Ultrapar Participacoes SA (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.