Ultrapar Participacoes S.a. · BMFBOVESPA:UGPA3
Ultrapar Participacoes — Ultrapar Participacoes S.A. (New) American Depositary Shares (Each representing one Common Share) — Q3 2025 Earnings Presentation
10 slides from Ultrapar Participacoes's earnings presentation, Nov 13, 2025
Slide 1: 3Q25 Earnings conference call
3Q25 Earnings conference call 11/13/2025
Slide 2: 3Q25 highlights
3Q25 highlights • Continuity of good operating results of Ultrapar • Strong operating cash generation across all businesses, totaling R$ 2.1 billion at Ultrapar • Hidrovias’ record results Key highlights • Extraordinary tax credits of R$ 238 million at Ipiranga of the quarter • Progress in combating
Slide 3: Disclaimer
Disclaimer Forward-looking statements • This presentation may include forward-looking statements about future events. Such statements reflect only the expectations of the management of the Company. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “exp
Slide 4: Ultrapar – 3Q25 performance
Ultrapar – 3Q25 performance EBITDA Net income R$ M R$ M Total EBITDA Recurring EBITDA¹ +27% 1,946 +18% Consolidation of 1,537 1,783 Higher operating result Hidrovias’ record result 1,506 361 of R$ 361 M +11% 772 Extraordinary tax credits Extraordinary tax 698 Higher recurring EBITDA credits of R$185
Slide 5: Ultrapar – Debt and leverage
Ultrapar – Debt and leverage Net debt and leverage evolution R$ M 1.9x 1.7x 12,635 12,043 Financial leverage 3Q25 vs 2Q25 Net debt Solid cash generation in the quarter Draft discount + vendor Higher adjusted LTM EBITDA Net debt /LTM EBITDA¹ Payment of dividends (R$ 326 M in Aug/25) 380 97 Reduction
Slide 6: Ipiranga – 3Q25 performance
Ipiranga – 3Q25 performance Volume¹ EBITDA Working capital and OCF 000 m³ R$ M R$ M Total EBITDA Recurring EBITDA² Working capital³ OCF 4 +1% 6,123 6,170 +12% 1,085 -5% 967 936 892 2,735 2,770 +1% 5,248 4,034 1,453 3,283 3,284 0% 723 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 Diesel Otto Cycle EBITDA R$/m³ EBITD
Slide 7: Ultragaz - 3Q25 performance
Ultragaz - 3Q25 performance Volume EBITDA 000 ton R$ M -6% +3% 473 463 446 448 175 157 -11% 297 289 -3% 3Q24 3Q25 3Q24 3Q25 EBITDA Bottled Bulk R$/ton 948 1,039 • Competitive dynamics: pace of passing through auction cost increases Lower volume • Lower market demand: industrial segment Pass-through
Slide 8: Ultracargo - 3Q25 performance
Ultracargo - 3Q25 performance Capacity and m³ sold Net revenues EBITDA 000 m³ R$ M R$ M 4,357 -12% 3,845 +3% -9% 1,067 1,097 266 243 -20% 168 134 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 EBITDA Average installed capacity m³ sold (R$/m³ capacity) 52 41 Increase of installed capacity by 30 thousand/m³ in Lower m
Slide 9: Hidrovias - 3Q25 performance
Hidrovias - 3Q25 performance¹ Total volume EBITDA 000 ton R$ M Total EBITDA Recurring EBITDA2 +30% 5,182 3,981 +114% 361 +97% 332 169 169 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 EBITDA margin (%) 35% 47% 35% 51% Navigation normalization, with higher iron ore Better navigation conditions in the South Corridor
Slide 10: ULTRAPAR PARTICIPAÇÕES S.A.
ULTRAPAR PARTICIPAÇÕES S.A. Investor Relations invest@ultra.com.br ri.ultra.com.br/en