ULTRAPAR HOLDINGS INC

Listed Company

UGPCIK 0001094972NYSELarge AcceleratedNatural Gas DistributionBRFY ends Dec 31

Period

FY 2024

Revenue

—

Net Income

$2.53B

Total Assets

$39.56B

Equity

—

Shares Out

1.07B

Op. Cash Flow

—

Business

ULTRAPAR HOLDINGS INC is a Brazilian holding company that operates in the energy, mobility and logistics infrastructure sectors through majority-owned businesses and strategic stakes. It offers fuel distribution and retail services, convenience stores, lubricants, LPG (bottled and bulk) distribution, liquid bulk storage and handling, energy solutions (including electricity and compressed natural gas) and related logistics and trading services. Its key operating businesses are Ipiranga, Ultragaz and Ultracargo, with a material equity participation in Hidrovias. Ultrapar conducts operations primarily across Brazil via service stations, reseller networks, terminals, port facilities and B2B distribution channels.

Summary from filing dated 2025-04-23

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Consolidated statements of income	—	—	—
Continuing operations	—	—	—
Net revenue from sales and services	142,370	133,499	126,049
Cost of products and services sold	133,011	123,812	116,730
Gross profit	9,359	9,687	9,318
Operating income (expenses)	—	—	—
Selling and marketing	2,518	2,500	2,253
General and administrative	2,249	1,872	2,018
Results from disposal of assets	100	172	122
Other operating income (expenses), net	355	−414	−603
Operating result before share of profit (loss) of subsidiaries, joint ventures and associates, financial result and income and social contribution taxes	5,046	5,073	4,566
Share of profit (loss) of subsidiaries, joint ventures and associates	−156	−127	12
Amortization of fair value adjustments on associates acquisition	2	2	0
Gain on acquisition of control of associate	91	0	0
Total share of profit (loss) of subsidiaries, joint ventures and associates	−67	−130	12
Income before financial result and income and social contribution taxes	4,979	4,943	4,578
Financial income	1,581	881	881
Financial expenses	2,748	1,813	1,880
Financial result, net	−1,167	−932	−999
Income before income and social contribution taxes	3,812	4,012	3,579
Income and social contribution taxes	—	—	—
Current	1,055	1,125	1,396
Deferred	9	361	−335
Income and social contribution taxes in the statement of income	1,064	1,486	1,061
Net income from continuing operations	2,748	2,526	2,518
Net income (loss) from discontinued operations	−206	0	0
Net income for the year	2,542	2,526	2,518
Income attributable to:	—	—	—
Shareholders of Ultrapar	2,454	2,363	2,440
Non-controlling interests in subsidiaries	88	163	78
Total earnings per share from continuing operations (based on the weighted average number of shares outstanding) – R$	—	—	—
Basic	2.4	2.14	2.23
Diluted	2.35	2.11	2.21
Earnings per share from discontinued operations (based on the weighted average number of shares outstanding) – R$	—	—	—
Basic	−0.11	0	0
Diluted	−0.11	0	0
Total earnings per share (based on the weighted average number of shares outstanding) – R$	—	—	—
Basic	2.29	2.14	2.23
Diluted	2.24	2.11	2.21

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31
Consolidated statements of financial position	—	—
Assets	—	—
Current assets	—	—
Cash and cash equivalents	3,175	2,072
Financial investments	3,852	2,307
Derivative financial instruments	127	246
Trade receivables	3,704	3,540
Reseller financing	573	512
Inventories	4,244	3,917
Recoverable taxes	1,685	2,040
Recoverable income and social contribution taxes	318	152
Energy trading futures contracts	371	141
Dividends receivable	923,000	3
Other receivables and other assets	294	295
Prepaid expenses	165	164
Contractual assets with customers - exclusivity rights	666	659
Total current assets	19,176	16,048
Non-current assets	—	—
Financial investments	2,382	2,819
Derivative financial instruments	773	585
Trade receivables	33	27
Reseller financing	801	766
Related parties	105	48
Deferred income and social contribution taxes	1,007	937
Recoverable taxes	3,718	2,650
Recoverable income and social contribution taxes	346	346
Energy trading futures contracts	724	263
Escrow deposits	472	446
Indemnification asset - business combination	93	126
Other receivables and other assets	186	117
Prepaid expenses	81	41
Contractual assets with customers - exclusivity rights	1,519	1,473
Investments in subsidiaries, joint ventures and associates	521	2,149
Right-of-use assets, net	1,929	1,671
Property, plant and equipment, net	12,167	7,136
Intangible assets, net	3,316	1,908
Total non-current assets	30,173	23,510
Total assets	49,349	39,558
Liabilities	—	—
Current liabilities	—	—
Trade payables	4,643	3,518
Trade payables - reverse factoring	4	1,015
Loans, financing and debentures	4,251	3,479
Derivative financial instruments	246	74
Salaries and related charges	577	480
Taxes payable	237	151
Energy trading futures contracts	303	67
Dividends payable	23	327
Income and social contribution taxes payable	359	322
Post-employment benefits	19	24
Provisions for tax, civil and labor risks	49	48
Leases payable	344	316
Financial liabilities of customers	63	117
Other payables	729	554
Total current liabilities	11,847	10,493
Non-current liabilities	—	—
Loans, financing and debentures	15,842	10,382
Derivative financial instruments	335	368
Energy trading futures contracts	431	48
Related parties	3	4
Deferred income and social contribution taxes	638	133
Post-employment benefits	197	199
Provisions for tax, civil and labor risks	485	611
Leases payable	1,396	1,169
Financial liabilities of customers	11	63
Subscription warrants - indemnification	54	48
Provision for loss on investment	76	349,000
Other payables	303	218
Total non-current liabilities	19,771	13,241
Equity	—	—
Share capital	7,987	6,622
Equity instrument granted	145	108
Capital reserve	617	612
Treasury shares	823	596
Revaluation reserve	3	4
Profit reserves	7,662	8,195
Accumulated other comprehensive income	223	214
Acquisition of shares from shareholders	−149	0
Equity attributable to:	—	—
Ultrapar shareholders' equity	15,666	15,159
Non-controlling interests	2,064	665
Total equity	17,731	15,823
Total liabilities and equity	49,349	39,558

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Consolidated statements of cash flows - indirect method	—	—	—
CASH FLOWS FROM CONTINUING OPERATING ACTIVITIES	—	—	—
Net income from continuing operations	2,748	2,526	2,518
Adjustments to reconcile net income to cash provided (consumed) by operating activities	—	—	—
Share of profit (loss) of subsidiaries, joint ventures and associates and amortization of fair value adjustments on associates acquisition	−158	−130	12
Amortization of contractual assets with customers - exclusivity rights	470	555	607
Amortization of right-of-use assets	367	312	306
Depreciation and amortization	1,219	901	849
Interest, monetary variations and foreign exchange variations	1,473	1,558	1,350
Current and deferred income and social contribution taxes	1,064	1,486	1,061
Gain (loss) on disposal or write-off of assets	−110	−207	−193
Equity instrument granted	41	57	39
Gain (loss) on the fair value of energy contracts	71	64	0
Provision for decarbonization - CBIO	371	584	740
Revaluation of investment in associates	91	0	0
Provisions for tax, civil and labor risks	−104	−5	193
Other provisions and adjustments	−18	−11	−45
Cash flows from operations before changes in working capital	7,515	7,821	7,413
(Increase) decrease in assets	—	—	—
Trade receivables and reseller financing	−186	180	260
Inventories	−151	371	645
Recoverable taxes	−171	−585	−309
Dividends received from subsidiaries, associates and joint ventures	11	2	12
Other assets	168	−115	−88
Increase (decrease) in liabilities	—	—	—
Trade payables and trade payables - reverse factoring	−32	−1,210	−1,700
Salaries and related charges	−48	17	−31
Taxes payable	9	−24	−25
Income and social contribution taxes payable	−949	−1,057	−892
Other liabilities	190	−160	219
Acquisition of CBIO and carbon credits	−371	−713	−779
Payments of contractual assets with customers - exclusivity rights	456	418	598
Payment of contingencies	−79	−31	−70
Income and social contribution taxes paid	−124	−309	−269
Net cash provided by continuing operating activities	5,422	3,736	3,850
Net cash provided by discontinued operating activities	30	0	0
Net cash provided by operating activities	5,453	3,736	3,850
CASH FLOWS FROM INVESTING ACTIVITIES	—	—	—
Financial investments, net of redemptions	−1,511	−4,202	74
Acquisition of property, plant and equipment and intangible assets	2,005	1,787	1,287
Sale of investments and other assets	429	1,386	513
Acquisition of investments and other assets	937	1,786	324
Cash acquired in business combination	−1,214	−522,000	−3
Net cash consumed by continuing investing activities	−2,811	−6,388	−1,022
Net cash consumed by discontinued investing activities	−35	0	0
Net cash consumed by investing activities	−2,846	−6,388	−1,022
CASH FLOWS FROM FINANCING ACTIVITIES	—	—	—
Loans, financing and debentures	—	—	—
Proceeds	8,669	4,180	2,903
Repayments	5,134	2,719	3,150
Interest and derivatives (paid) or received	1,899	1,118	1,267
Payments of lease	—	—	—
Principal and interest paid	481	433	359
Dividends paid	2,172	834	400
Proceeds from financial liabilities of customers	0	0	8
Payments of financial liabilities of customers	123	160	198
Capital increase made by non-controlling shareholders and redemption of shares	−12	14	0
Repurchase of treasury shares	267	149	0
Related parties	44	15	31
Net cash consumed by continuing financing activities	−1,463	−1,234	−2,494
Net cash consumed by discontinued financing activities	−7	0	0
Net cash consumed by financing activities	−1,470	−1,234	−2,494
Effect of exchange rate changes on cash and cash equivalents in foreign currency - continuing operations	−45	32	−30
Increase (decrease) in cash and cash equivalents - continuing operations	1,104	−3,854	304
Increase (decrease) in cash and cash equivalents - discontinued operations	−11	0	0
Cash and cash equivalents at the end of the year - continuing operations	—	—	—
Cash and cash equivalents at the beginning of the year - discontinued operations	—	—	—
Cash and cash equivalents at the end of the year - continuing operations	—	—	—
Non-cash transactions:	—	—	—
Addition and remeasurement on right-of-use assets and leases payable	401	342	257
Addition on contractual assets with customers - exclusivity rights	67	6	67
Reclassification between financial assets and investment in associates	0	645	0
Issuance of shares related to the subscription warrants - indemnification - Extrafarma acquisition	0	6	411,000
Acquisition of property, plant and equipment and intangible assets without cash effect	23	42	104

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