Financial Data and Key Metrics Changes - Total EBITDA reached BRL2.7 billion, showing significant growth compared to the previous year, partially driven by the recognition of extraordinary tax credits [14] - Recurring EBITDA for the quarter totaled BRL1.648 billion, representing a 15% increase compared to the second quarter of last year [15] - Net income was BRL1.151 billion in the quarter, an increase of 134% compared to the same period last year [15] - Operating cash generation was BRL1.848 billion, a growth of 73% compared to the same period last year [16] - Net debt at the end of the second quarter was BRL12.635 billion, equivalent to 1.9x net debt to EBITDA, an increase from 1.7 times in the last quarter [17] Business Line Data and Key Metrics Changes - Ipiranga's volume sold in the second quarter was 2% lower compared to the same quarter last year, with a 3% reduction in diesel sales [18] - Ultragaz's recurring adjusted EBITDA was BRL442 million, 11% higher than the same period last year, reflecting better sales mix and efficiency [21] - Ultracargo's EBITDA totaled BRL141 million, which is 15% lower than the same period last year, mainly due to lower cubic meters sold [22] - Hydrovias showed a 10% increase in total volume compared to the same quarter last year, with a recurring adjusted EBITDA increase of 39% [23] Market Data and Key Metrics Changes - The fuel sector continues to experience illegalities, including increased imports of naphtha for selling as gasoline with reduced tax burden [5] - The implementation of single-phase taxation for hydrated ethanol began in May, which is expected to have a positive long-term impact on the market [5] - The LPG market in Brazil is highly competitive, with significant investments needed for efficiency and growth [7] Company Strategy and Development Direction - The company remains committed to long-term value creation and disciplined capital management [4] - Investments in Hydrovias are expected to enhance growth and value creation, with a focus on operational efficiency [4] - The company is actively addressing regulatory changes in the LPG market to ensure safety and competitiveness [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential positive effects of recent regulatory changes, although they acknowledged the initial negative impact on margins [31] - The company anticipates stronger volumes in the third quarter, supported by a trend towards normalization of inventories in the industry [19] - Management highlighted the importance of maintaining a robust capital structure while pursuing growth opportunities [6] Other Important Information - The company completed a buyback program of 25 million shares at an average cost of BRL16.64 [6] - An interim dividend of BRL326 million, equivalent to $0.30 per share, is scheduled for payment in August [6] Q&A Session All Questions and Answers Question: Impact on margins due to informal practices in the industry - Management noted some improvement in margins due to regulatory changes, but it is too early to fully assess the impact [28][34] Question: Competition from Petrobras in the LPG market - Management believes Petrobras could support regulatory consolidation but does not expect immediate changes in the market [35] Question: Discussion on draft discount and IOF tax - Management clarified that the draft discount is related to the IOF tax and that they are managing working capital effectively [30][37] Question: Expectations for cost reduction and EBITDA impact from Hydrovias consolidation - Management expects improvements in management and operations to positively impact EBITDA in the second half of the year [51] Question: Long-term perspective on Ultracargo's expansion projects - Management confirmed ongoing investments in expansion projects, with expectations of reaching EBITDA per cubic meter similar to other terminals by 2026 [58] Question: Capital allocation strategy and return rates for new investments - Management indicated that investments will be selective, focusing on opportunities with a return of about 20% [54][59]

Financial Data and Key Metrics Changes - Total EBITDA reached BRL2.7 billion, showing significant growth compared to last year, partially driven by the recognition of extraordinary tax credits [16] - Recurring EBITDA for the quarter totaled BRL1.648 billion, representing a 15% increase compared to the second quarter last year [17] - Net income was BRL1.151 billion in the quarter, an increase of 134% compared to the same period of the previous year [17] - Operating cash generation was BRL1.848 billion, a growth of 73% compared to the same period last year [18] - Net debt at the end of the second quarter was BRL12.635 billion, equivalent to 1.9x net debt to EBITDA, an increase from 1.7 times in the last quarter [18] Business Line Data and Key Metrics Changes - Ipiranga's volume sold in the second quarter was 2% lower compared to the same quarter last year, with a 3% reduction in diesel sales [19] - Ultragaz's recurring adjusted EBITDA was BRL442 million, 11% higher than the same period in 2024, reflecting better sales mix and efficiency [22] - Ultracargo's EBITDA totaled BRL141 million, which is 15% lower than the same period last year, mainly due to lower cubic meters sold [23] - Hydrovias' total volume in the quarter was 10% higher compared to the same quarter last year, with a recurring adjusted EBITDA increase of 39% [25] Market Data and Key Metrics Changes - The fuel sector continues to experience illegalities, including increased regular imports of naphtha for selling as gasoline with reduced tax burden [7] - The implementation of single-phase taxation of hydrated ethanol for PIS and COFINS began in May, marking progress in the regulatory environment [7] - The volume of LPG sold by Ultragaz was 1% lower than in 2024, with a 2% decrease in the bottle segment [21] Company Strategy and Development Direction - The company remains committed to long-term value creation and disciplined capital management, focusing on operational cash flow generation [6] - The completion of the buyback program of 25 million Ultrapar shares at an average cost of BRL16.64 reflects the company's capital allocation strategy [8] - The company is preparing for potential regulatory changes in the LPG market, emphasizing the importance of maintaining safety and investment in the sector [10] Management's Comments on Operating Environment and Future Outlook - Management highlighted the positive effects of recent regulatory changes, although they acknowledged that the single-phase taxation initially deteriorates margins [33] - The company expects seasonally stronger volumes in the third quarter, with a trend towards normalization of inventories in the industry [20] - Management expressed optimism about the future performance of Hydrovias, expecting continued strong results and significant increases in recurring EBITDA [25] Other Important Information - The company raised BRL1 billion at Epidanga at an average cost equivalent to 106% of the CDI, below the current average cost of debt [8] - The company will pay BRL326 million in interim dividends, equivalent to $0.30 per share in August [8] Q&A Session Summary Question: Impact of informal practices on margins - Management acknowledged improvements in the industry but noted that it is too early to assess the full impact on margins [30][34] Question: Competition from Petrobras in the LPG market - Management indicated that Petrobras could support regulatory consolidation but emphasized the need for careful monitoring of market dynamics [38] Question: Working capital and draft discount related to IOF - Management confirmed that the discussion around IOF was a trigger for managing working capital effectively [40] Question: Consolidation of Hydrovias and cost reduction initiatives - Management expects improvements in management and operations to positively impact EBITDA in the second half of the year [54] Question: Long-term perspective for Ultracargo and expansion projects - Management confirmed ongoing investments in expansion projects, with expectations of reaching EBITDA per cubic meter similar to other terminals by 2026 [61] Question: Capital allocation and leverage targets - Management indicated that once leverage reaches a comfortable level, they will consider both investments and increasing dividend payouts [62]

Financial Performance - Ultrapar reported strong operating cash generation of R$ 1.8 billion[5], with R$ 0.9 billion used to reduce debt[5] - Net income increased by 47% to R$ 1.151 billion[23] - EBITDA increased by 15% to R$ 1.468 billion[23] - Recurring EBITDA increased by 55% to R$ 2.070 billion[23] Debt and Leverage - Net debt increased to R$ 12.635 billion[26], primarily due to the consolidation of Hidrovias' debt[30] - The company reduced the draft discount by R$ 909 million[5, 23, 30] - Financial leverage (Net debt + draft discount / LTM EBITDA) was 1.9x[26] Segment Performance - Ipiranga's EBITDA decreased by 13% to R$ 678 million[34] due to irregularities in the fuel sector and international prices under Petrobras prices[32, 38] - Ultragaz's total EBITDA increased by 11% to R$ 442 million[42] driven by better sales mix and greater efficiency in the bulk segment[43] - Ultracargo's EBITDA decreased by 15% to R$ 141 million[47] due to lower m³ sold and costs related to expansion[45, 48] - Hidrovias' recurring EBITDA was R$ 348 million[57], with R$ 234 million consolidated into Ultrapar's EBITDA[59]

Investment Ratings - Petrobras: Buy with a 12-month price target of BRL 38.80 [18] - Brava Energia: Sell with a 12-month price target of BRL 15.80 [19] - PetroReconcavo: Neutral with a 12-month price target of BRL 16.50 [20] - Ultrapar: Buy with a 12-month price target of BRL 22.40 [21] - Cosan: Neutral with a 12-month price target of BRL 9.10 [22] - Vibra Energia: Neutral with a 12-month price target of BRL 20.30 [23] Core Insights - The report highlights a cautious outlook for oil prices, with expectations of average Brent oil prices at USD 56/bbl in 2026, influenced by solid supply growth outside the US shale [14] - Companies in the oil and gas sector are adjusting their capital expenditure (CAPEX) plans in response to lower oil prices, with Brava already reducing its investment plan for 2025 [2][12] - The fuel distribution segment is facing challenges from inventory losses due to recent price reductions by Petrobras, which may lead to lower margins in the short term [3][8] Summary by Company Petrobras - CAPEX remains resilient with 98% of upstream investments breakeven at or below USD 45/bbl, indicating no major adjustments in the short term [7] - The company is cautious about shareholder remuneration, recognizing potential increases in indebtedness due to lower oil prices [7] - Petrobras aims to avoid passing global market volatility to domestic fuel prices while aligning with international trends [7] Brava Energia - The company plans to deploy USD 450 million in CAPEX for 2025, a reduction from previous plans, primarily affecting onshore investments [12] - Brava expects stable production in the upcoming years, with potential growth in offshore output by 2026 [12] - The decision to cancel the divestment of onshore assets reflects a strategy to maintain a diversified portfolio [12] Vibra Energia - EBITDA in 2Q will be impacted by inventory losses, with a focus on reducing indebtedness through a 40% dividend payout policy [8] - Recent market share data indicates a slight increase in diesel market share, attributed to sales to TRR and unbranded gas stations [8] - The company does not foresee significant impacts from sanctions on Russian diesel imports [8] Ultrapar - The fuel distribution business is experiencing an oversupply effect, but demand is expected to improve in the second half of the year [9] - Ultrapar is positioning Ultragaz for potential investments in renewables, while managing profitability under competitive pressures [9] - The company anticipates leverage to remain within guidance levels despite recent acquisitions [9] PetroReconcavo - The company is maintaining flexibility in capital allocation, with expectations of double-digit production growth this year [12] - It recognizes the need for caution in the current oil price environment but does not plan significant CAPEX adjustments [12] Cosan - Committed to asset sales to improve its interest coverage ratio, with potential working capital pressures from recent IOF changes [13] - Raizen, one of Cosan's investees, is highlighted as being particularly exposed to these changes [13]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 6-K Report Of Foreign Private Issuer Pursuant To Rule 13a-16 Or 15d-16 Of The Securities Exchange Act Of 1934 For the month of May 2025 Commission File Number: 001-14950 ULTRAPAR HOLDINGS INC. (Translation of Registrant's Name into English) Brigadeiro Luis Antonio Avenue, 1343, 9 th Floor São Paulo, SP, Brazil 01317-910 (Address of Principal Executive Offices) Indicate by check mark whether the registrant files or will file annual ...

Core Viewpoint - The article emphasizes the importance of value investing and highlights Ultrapar Participacoes (UGP) as a strong candidate for value investors due to its attractive financial metrics and strong earnings outlook [2][8]. Company Analysis - Ultrapar Participacoes (UGP) has a Zacks Rank of 1 (Strong Buy) and an A for Value, indicating it is considered a high-quality value stock [4]. - The current P/E ratio of UGP is 10.55, significantly lower than the industry average P/E of 18.76, suggesting it may be undervalued [4]. - UGP's Forward P/E has fluctuated between 6.92 and 19.24 over the past year, with a median of 10.89 [4]. - The PEG ratio for UGP is 2.89, which is lower than the industry average PEG of 3.03, indicating a favorable valuation relative to expected earnings growth [5]. - UGP's P/B ratio is 1.22, compared to the industry average P/B of 2.35, further supporting the notion of undervaluation [6]. - The P/CF ratio for UGP is 4.67, significantly lower than the industry average P/CF of 11.87, highlighting its strong cash flow position [7]. Financial Metrics - UGP's P/E ratio: 10.55 [4] - UGP's Forward P/E range: 6.92 to 19.24, median 10.89 [4] - UGP's PEG ratio: 2.89, industry average: 3.03 [5] - UGP's P/B ratio: 1.22, industry average: 2.35 [6] - UGP's P/CF ratio: 4.67, industry average: 11.87 [7]

Group 1 - Epsilon Energy Ltd. (EPSN) is a notable stock in the Oils-Energy sector, currently outperforming its peers with a year-to-date return of approximately 14.2% compared to the sector average of -6% [4] - The Zacks Rank for Epsilon Energy Ltd. is 2 (Buy), indicating a positive outlook based on earnings estimates and revisions, with a 29.7% increase in the consensus estimate for full-year earnings over the past three months [3] - The Oils-Energy group ranks 15 within the Zacks Sector Rank, which evaluates 16 different groups based on the average Zacks Rank of individual stocks [2] Group 2 - Epsilon Energy Ltd. is part of the Oil and Gas - Integrated - United States industry, which ranks 82 in the Zacks Industry Rank, with an average loss of 8.2% year-to-date [6] - Ultrapar Participacoes S.A. (UGP) is another stock in the Oils-Energy sector that has performed well, with a year-to-date return of 20.2% and a Zacks Rank of 2 (Buy) [4][5] - The Oil and Gas - Production and Pipelines industry, to which Ultrapar belongs, is ranked 72 and has seen a positive movement of +6.5% so far this year [7]

As filed with the Securities and Exchange Commission on April 22, 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark one) ■REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ■ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ■ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ■ SHELL COMPANY REPORT ...

Investors with an interest in Oil and Gas - Production and Pipelines stocks have likely encountered both Ultrapar Participacoes S.A. (UGP) and Enbridge (ENB) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank favors stocks with str ...

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use a v ...