ULTRAPAR HOLDINGS (UGP) Company Report

Analyst Coverage

Research analysts who have asked questions during ULTRAPAR HOLDINGS earnings calls.

Monique Greco

Itau BBA

3 questions for UGP

Also covers: CSAN, PBR

Bruno Montanari

Morgan Stanley

2 questions for UGP

Also covers: BAK, CSAN, EC +4 more

Gabriel Coelho Barra

Citigroup

2 questions for UGP

Also covers: BAK, CSAN, PBR

Gustavo Sadka

Bradesco BBI

2 questions for UGP

Also covers: CSAN

Luiz Carvalho

UBS

2 questions for UGP

Also covers: BAK, CSAN, PBR

Matheus Enfeldt

UBS

2 questions for UGP

Also covers: AGRO, CSAN, PBR

Pedro Soares

BTG Pactual

2 questions for UGP

Also covers: CSAN, PBR

Regis Cardoso

XP Investimentos

2 questions for UGP

Also covers: BAK, CSAN, PBR

Rodolfo De Angele

JPMorgan Chase & Co.

2 questions for UGP

Also covers: GGB, PBR, SUZ +2 more

Rodrigo Reis de Almeida

Santander

2 questions for UGP

Also covers: BAK, PBR, TS

Vicente Falanga Neto

Bradesco BBI

2 questions for UGP

Also covers: BAK, GPRK, PBR +1 more

Bruno Amarin

Goldman Sachs Group Inc.

1 question for UGP

Also covers: EBR

Bruno Amorim

The Goldman Sachs Group, Inc.

1 question for UGP

Also covers: CSAN, EBR, ELP +3 more

Eduardo Munez

Banco Santander, S.A.

1 question for UGP

Gabriel Barra

Citigroup Inc.

1 question for UGP

Also covers: CSAN

Guilherme Martins

Goldman Sachs Group Inc.

1 question for UGP

Also covers: YPF

Leonardo Marcondes

Bank of America

1 question for UGP

Also covers: BAK, VIST, YPF

Matteo Zhenfodet

UBS Group AG

1 question for UGP

Latest news

Recent press releases and 8-K filings for UGP.

Ultrapar Reports Strong Q3 2025 Results with Increased EBITDA and Reduced Leverage

UGP

Earnings

M&A

New Projects/Investments

Ultrapar reported strong financial results for Q3 2025, with adjusted EBITDA of R$1.9 billion, a 27% increase year-over-year, and net income of R$772 million, up 11%.
The company achieved significant operating cash generation of R$2.1 billion and reduced its leverage to 1.7 times net debt to EBITDA at the end of the quarter.
Key operational highlights include Hidrovias' record performance, with recurring EBITDA more than doubling to R$361 million compared to Q3 2024, and Ipiranga's R$1.453 billion cash generation, more than twice that of Q3 2024.
Strategic initiatives included the completion of the UltraCargo terminal expansion in Santos, adding 34,000 cubic meters of storage capacity, and the sale of Hidrovias' cabotage operation for R$750 million. Ultrapar also announced an agreement to acquire a 37.5% stake in Virto for R$102 million.
For Q4, Ultrapar anticipates continued market recovery for Ipiranga with profitability similar to Q3, and expects higher EBITDA for UltraGas and UltraCargo compared to Q3.

Nov 13, 2025, 2:00 PM

Transcript

Ultrapar Reports Strong Q3 2025 Results with Decreased Leverage and Strategic Growth Initiatives

UGP

Earnings

M&A

Dividends

Ultrapar reported consolidated net income of R$772,405 thousand for Q3 2025 and R$2,286,121 thousand for the nine-month period ended September 30, 2025.
The company demonstrated financial strength, with its Net debt/Adjusted LTM EBITDA ratio decreasing from 1.9x in Q2 2025 to 1.7x in Q3 2025, reflecting solid cash generation.
Strategic initiatives included the completion of the Santos terminal expansion at Ultracargo, the sale of Hidrovias' coastal navigation operation for R$715 million, and an agreement to acquire a 37.5% stake in Virtu Participações for R$102.5 million.
The company returned capital to shareholders through R$326 million in dividends paid in August 2025 and R$267 million in treasury share repurchases during the nine-month period ended September 30, 2025.

Nov 12, 2025, 10:38 PM

6-K

Ultrapar to Acquire Stake in Virtu GNL

UGP

M&A

New Projects/Investments

Ultrapar Participações S.A. has signed an agreement to acquire a 37.5% stake in Virtu GNL Participações S.A., a company focused on liquefied natural gas (LNG) logistics and LNG-powered logistics services for road transportation.
Ultrapar will invest a total of R$ 102.5 million upon the transaction's closing, with R$ 30.0 million allocated as a capital contribution, R$ 52.5 million for convertible debentures, and R$ 17.5 million paid to current shareholders.
The resulting corporate structure will establish a shared control block holding 75% of the voting capital between Ultrapar and Perfin Infra, while the founding partner will retain a 25% stake.
The completion of this transaction is subject to regulatory approvals and customary conditions precedent, with no determined timeline for its finalization.

Oct 30, 2025, 9:40 PM

6-K

Ultrapar signs agreement to acquire stake in Virtu GNL

UGP

M&A

New Projects/Investments

Ultrapar Participações S.A. has signed an agreement to acquire a 37.5% stake in Virtu GNL Participações S.A..
The total investment for the transaction is R$ 102.5 million, with R$ 85.0 million allocated as a capital contribution to Virtu.
Virtu GNL specializes in liquefied natural gas (LNG) logistics and LNG-powered logistics services, focusing on replacing diesel with LNG in road transportation.
This acquisition aligns with Ultrapar's strategy of investing in new sectors with high growth and profitability potential.
The completion of the transaction is contingent on regulatory approvals and customary conditions.

Oct 25, 2025, 12:08 AM

6-K

Ultrapar Holdings Outlines Strategic Focus, Financial Performance, and Growth Initiatives at Investor Day 2025

UGP

New Projects/Investments

Revenue Acceleration/Inflection

M&A

Ultrapar Holdings completed a strategic portfolio review in 2021, divesting non-core assets and making Hydrovias its largest capital allocation since the Ipiranga acquisition.
The company reported strong financial performance in 2023 and 2024, reducing leverage from 3.5x to 2.5-3x EBITDA, and aims for a minimum 20% return on investment for new projects despite current low Return on Invested Capital (ROIC).
Key operational improvements include Ipiranga's logistics and ERP projects, expected to generate BRL 250 million and BRL 200 million in benefits respectively. Ultracargo is expanding terminals to support ethanol growth , while Hydrovias is working to double capacity and expects a 50% increase in productivity by addressing bottlenecks.
Ultrapar is actively engaged in combating illegal market practices, which currently affect 7% of Brazil's market share and 33% of the ethanol market, while also navigating regulatory challenges related to taxation and biofuel policies.

Sep 19, 2025, 12:30 PM

Transcript

Ultrapar (UGP) Outlines Strategic Diversification and Growth Initiatives at 2025 Investor Day

UGP

New Projects/Investments

Revenue Acceleration/Inflection

Management Change

Ultrapar has achieved a new level of consolidated results in 2023 and 2024, leading to strong cash generation and a reduction in leverage from 3.5x to 2x EBITDA.
The company's portfolio has diversified, with Ipiranga now contributing less than 50% of Ultrapar's EBITDA for the first time, reflecting significant growth in Ultragaz and logistics.
Key efficiency initiatives include Ipiranga's expected BRL 250 million in benefits over the next two years and a BRL 200 million optimization benefit from its ERP go-live in early 2027.
Hidrovias do Brasil is expanding capacity with two ongoing investments projected to add 3 million tons of additional capacity by 2027, alongside a 90% renewal of senior leadership.
Since 2021, Ultrapar has evaluated 85 acquisition opportunities, concluding 8 transactions, and has undergone a significant overall leadership renewal with almost half of positions occupied by new people in 2025.

Sep 19, 2025, 12:30 PM

Transcript

Ultrapar Highlights Strategic Shifts, Financial Strength, and Operational Improvements at Investor Day 2025

UGP

New Projects/Investments

Revenue Acceleration/Inflection

Guidance Update

Ultrapar's consolidated results for 2023 and 2024 reached a new level, with strong working capital and cash generation expected for 2023, 2024, and H1 2025. The company's leverage has decreased from 3.5x to 2x, maintaining EBITDA levels between 2.5x to 3x.
The company has strategically diversified its portfolio, with Ipiranga now accounting for less than 50% of EBITDA and logistics contributing one-third of results. This includes significant capital allocation in Hidrovias, which is undergoing a new cycle with capital inflow and leadership changes, expecting 1.5 million additional tons of load capacity by 2027 from ongoing investments.
Operational efficiency initiatives are projected to yield substantial benefits, with Ipiranga expecting to capture BRL 250 million from logistics improvements and BRL 200 million from ERP implementation by early 2027. Ultracargo's innovation projects have already resulted in over BRL 48 million in cost reductions.
Ultrapar is actively engaged in combating market irregularities and tax evasion in Brazil, noting a "cold carbon" operation that affected companies representing 7% of Brazil's market share and 33% of the ethanol market, aiming for a more symmetrical business environment.

Sep 19, 2025, 12:30 PM

Transcript

Ultrapar Receives CADE Approval for LPG Port Terminal Project

UGP

New Projects/Investments

M&A

Ultrapar's subsidiary, Companhia Ultragaz S.A., received unanimous and unconditional approval from the Administrative Court for Economic Defense (CADE) on August 20, 2025, for a partnership with Supergasbrás Energia Ltda..
This partnership is for the construction and operation of an LPG port terminal at the Port of Pecém, Ceará, Brazil, with an estimated storage capacity of 62 thousand tons.
The project involves investments of R$ 1.2 billion, equally shared between the parties, and is expected to be completed by 2028.
The terminal aims to enhance supply security for the LPG market in the North and Northeast regions of Brazil.