[Individual and Consolidated Interim Financial Information as of and for the Quarter Ended March 31, 2025 and Report on Review of Interim Financial Information](index=5&type=section&id=ITEM%201.%20Individual%20and%20Consolidated%20Interim%20Financial%20Information) This section presents Ultrapar's individual and consolidated interim financial information for Q1 2025, encompassing the auditor's review report and detailed financial statements [Report on Review of Interim Financial Information](index=5&type=section&id=1.1%20Report%20on%20Review%20of%20Interim%20Financial%20Information) Deloitte Touche Tohmatsu Auditores Independentes Ltda. reviewed Ultrapar Participações S.A.'s individual and consolidated interim financial information for Q1 2025, concluding that it was prepared, in all material respects, in accordance with technical pronouncement CPC 21(R1) and international standard IAS 34, and presented according to CVM standards - Deloitte reviewed Ultrapar's **Q1 2025** interim financial information, comprising statements of financial position, income, comprehensive income, changes in equity, and cash flows[10](index=10&type=chunk) - Management is responsible for preparing the individual and consolidated interim financial information in accordance with **CPC 21(R1)** and **IAS 34**, and presenting it according to **CVM standards**[11](index=11&type=chunk) - The review found **no material issues**, concluding the financial information was prepared in accordance with applicable accounting standards[13](index=13&type=chunk) [Interim Financial Statements](index=8&type=section&id=1.2%20Interim%20Financial%20Statements) This section presents Ultrapar's individual and consolidated interim financial statements for the quarter ended March 31, 2025, including statements of financial position, income, comprehensive income, changes in equity, cash flows, and value added, providing a comprehensive overview of the company's financial health and performance [Statements of Financial Position](index=8&type=section&id=1.2.1%20Statements%20of%20Financial%20Position) Ultrapar's consolidated total assets decreased by **4.56%** from **R$39.56 billion** at December 31, 2024, to **R$37.75 billion** at March 31, 2025, primarily due to a reduction in current assets, while total liabilities decreased by **7.96%** and total equity increased by **0.42%** Consolidated Statements of Financial Position (R$ thousands) | Indicator | 03/31/2025 | 12/31/2024 | Change (%) | | :----------------------- | :--------- | :--------- | :--------- | | Total current assets | 14,574,123 | 16,047,721 | -9.18% | | Total non-current assets | 23,180,474 | 23,510,353 | -1.40% | | **Total assets** | **37,754,597** | **39,558,074** | **-4.56%** | | Total current liabilities | 8,299,316 | 10,493,201 | -20.91% | | Total non-current liabilities | 13,564,875 | 13,241,429 | 2.44% | | **Total liabilities** | **21,864,191** | **23,734,630** | **-7.96%** | | Total equity | 15,890,406 | 15,823,444 | 0.42% | [Statements of Income](index=10&type=section&id=1.2.2%20Statements%20of%20Income) Ultrapar's consolidated net income decreased by **20.26%** to **R$363.18 million** in Q1 2025 from **R$455.45 million** in Q1 2024, despite a **9.66%** increase in net revenue, primarily due to a significant negative shift in the share of profit/loss of subsidiaries, joint ventures, and associates Consolidated Statements of Income (R$ thousands) | Indicator | 03/31/2025 | 03/31/2024 | Change (%) | | :-------------------------------------------------- | :--------- | :--------- | :--------- | | Net revenue from sales and services | 33,329,262 | 30,395,902 | 9.66% | | Gross profit | 2,141,631 | 2,061,212 | 3.89% | | Operating income (loss) before share of profit (loss) | 940,508 | 950,433 | -1.04% | | Share of profit (loss) of subsidiaries, joint ventures and associates | (149,486) | (3,084) | -4730.09% | | Financial result, net | (179,969) | (282,769) | -36.29% | | Income before income and social contribution taxes | 611,053 | 664,580 | -8.05% | | Income and social contribution taxes | (247,869) | (209,134) | 18.52% | | **Net income for the period** | **363,184** | **455,446** | **-20.26%** | | Basic Earnings per share (R$) | 0.3043 | 0.3926 | -22.50% | [Statements of Comprehensive Income](index=11&type=section&id=1.2.3%20Statements%20of%20Comprehensive%20Income) Ultrapar's consolidated total comprehensive income decreased by **19.49%** to **R$373.35 million** in Q1 2025 from **R$463.67 million** in Q1 2024, driven by lower net income, partially offset by positive fair value and translation adjustments Consolidated Statements of Comprehensive Income (R$ thousands) | Indicator | 03/31/2025 | 03/31/2024 | Change (%) | | :---------------------------------------------------------------- | :--------- | :--------- | :--------- | | Net income for the period, attributable to shareholders of Ultrapar | 332,846 | 431,474 | -22.86% | | Net income for the period, attributable to non-controlling interests | 30,338 | 23,972 | 26.55% | | **Net income for the period** | **363,184** | **455,446** | **-20.26%** | | Fair value adjustments of financial instruments (net of taxes) | 6,747 | 8,224 | -17.96% | | Translation adjustments and hedge accounting effects (net of taxes) | 3,414 | - | N/A | | **Total comprehensive income for the period** | **373,345** | **463,670** | **-19.49%** | [Statements of Changes in Equity](index=12&type=section&id=1.2.4%20Statements%20of%20Changes%20in%20Equity) Ultrapar's total consolidated equity increased by **0.42%** to **R$15.89 billion** at March 31, 2025, from **R$15.82 billion** at December 31, 2024, reflecting net income and other comprehensive income, partially offset by treasury share purchases and additional dividends Consolidated Statements of Changes in Equity (R$ thousands) | Indicator | 03/31/2025 | 12/31/2024 | Change (%) | | :------------------------------------------------ | :--------- | :--------- | :--------- | | Balance as of December 31, 2024 / March 31, 2025 | 15,890,406 | 15,823,444 | 0.42% | | Net income for the period | 363,184 | N/A | N/A | | Other comprehensive income | 10,161 | N/A | N/A | | Purchase of treasury shares | (114,299) | N/A | N/A | | Approval of additional dividends | (208,121) | N/A | N/A | [Statements of Cash Flows - Indirect Method](index=14&type=section&id=1.2.5%20Statements%20of%20Cash%20Flows%20-%20Indirect%20Method) Ultrapar's consolidated net cash from operating activities significantly improved from a **R$579.92 million** consumption in Q1 2024 to a **R$3.02 million** provision in Q1 2025, largely offset by a substantial increase in net cash consumed by financing activities Consolidated Statements of Cash Flows (R$ thousands) | Indicator | 03/31/2025 | 03/31/2024 | Change (%) | | :------------------------------------------ | :--------- | :--------- | :--------- | | Net cash provided (consumed) by operating activities | 3,019 | (579,920) | 100.52% | | Net cash provided (consumed) by investing activities | 827,272 | (1,783,804) | 146.38% | | Net cash provided (consumed) by financing activities | (1,442,442) | 178,905 | -906.26% | | Increase (decrease) in cash and cash equivalents | (635,505) | (2,178,136) | 70.82% | | Cash and cash equivalents at the end of the period | 1,436,088 | 3,747,552 | -61.68% | [Statements of Value Added](index=16&type=section&id=1.2.6%20Statements%20of%20Value%20Added) Ultrapar's consolidated total value added available for distribution decreased by **3.30%** to **R$2.26 billion** in Q1 2025 from **R$2.34 billion** in Q1 2024, primarily due to a decrease in value added received in transfer, despite an increase in gross value added Consolidated Statements of Value Added (R$ thousands) | Indicator | 03/31/2025 | 03/31/2024 | Change (%) | | :------------------------------------------ | :--------- | :--------- | :--------- | | Revenues | 34,227,323 | 31,137,147 | 9.92% | | Materials purchased from third parties | (31,771,844) | (28,757,851) | 10.41% | | Gross value added | 2,455,479 | 2,379,296 | 3.20% | | Net value added produced by the Company | 2,151,408 | 2,099,521 | 2.47% | | Value added received in transfer | 106,898 | 235,937 | -54.69% | | **Total value added available for distribution** | **2,258,306** | **2,335,458** | **-3.30%** | | Distribution of value added (Total) | 2,258,306 | 2,335,458 | -3.30% | [Notes to the Interim Financial Information](index=17&type=section&id=1.3%20Notes%20to%20the%20Interim%20Financial%20Information) This section provides detailed explanatory notes to Ultrapar's interim financial information for Q1 2025, covering operational activities, accounting policies, financial instrument details, tax information, segment performance, and significant events, offering deeper insights into the company's financial reporting [Operations](index=17&type=section&id=1.3.1%20Operations) Ultrapar Participações S.A. is a publicly-traded company listed on B3 and NYSE, primarily engaged in investment activities through its subsidiaries in LPG distribution, fuel distribution, and liquid bulk storage services - Ultrapar operates through subsidiaries in LPG distribution (**Ultragaz**), fuel distribution (**Ipiranga**), and liquid bulk storage (**Ultracargo**)[33](index=33&type=chunk) - The company obtains direct or indirect control over entities for consolidation, including income and expenses from the date control is gained until it is lost[36](index=36&type=chunk) - Key direct and indirect subsidiaries include Ultra Mobilidade S.A., Ipiranga Produtos de Petróleo S.A., Companhia Ultragaz S.A., Ultrapar Logística Ltda., and Ultracargo Logística S.A.[38](index=38&type=chunk) [Basis of preparation and presentation of individual and consolidated interim financial information](index=19&type=section&id=1.3.2%20Basis%20of%20preparation%20and%20presentation%20of%20individual%20and%20consolidated%20interim%20financial%20information) Ultrapar's interim financial information was prepared in **thousands of Brazilian Real (R$)** according to **IAS 34**, **CPC 21 (R1)**, and **CVM rules**, with consistent management judgments and estimates, primarily on a historical cost basis with fair value exceptions - Interim financial information prepared in **thousands of Brazilian Real (R$)** in accordance with **IAS 34** and **CPC 21 (R1)**, and **CVM rules**[40](index=40&type=chunk)[41](index=41&type=chunk) - Management's judgments, estimates, and assumptions for Q1 2025 were consistent with those disclosed as of December 31, 2024[42](index=42&type=chunk) - Financial information is prepared on a historical cost basis, with exceptions for derivative and non-derivative financial instruments, share-based payments, employee benefits, and deemed cost of property, plant and equipment, all measured at fair value[43](index=43&type=chunk)[44](index=44&type=chunk) [New accounting policies and changes in accounting policies](index=20&type=section&id=1.3.3%20New%20accounting%20policies%20and%20changes%20in%20accounting%20policies) Ultrapar applied new accounting standards effective January 1, 2025, including **OCPC 10 – Carbon Credit**, without changing its practice, and anticipates no material impact from other new standards not yet effective - The Company evaluated and applied new standards and interpretations, including **OCPC 10 – Carbon Credit**, effective January 1, 2025, which did not change its accounting practice[47](index=47&type=chunk)[48](index=48&type=chunk) - New standards like **IFRS 18**, **IAS 21/CPC 02**, and **IFRS 19**, not yet effective, are not expected to have a material impact on future financial statements[49](index=49&type=chunk)[52](index=52&type=chunk) [Cash and cash equivalents, financial investments and derivative financial instruments](index=20&type=section&id=1.3.4%20Cash%20and%20cash%20equivalents%2C%20financial%20investments%20and%20derivative%20financial%20instruments) Ultrapar's consolidated cash and cash equivalents decreased by **30.68%** to **R$1.44 billion** at March 31, 2025, while total financial investments and derivative instruments declined by **23.53%** to **R$4.56 billion**, primarily in certificates of deposit and short-term funds Consolidated Cash and Cash Equivalents (R$ thousands) | Indicator | 03/31/2025 | 12/31/2024 | Change (%) | | :-------------------------------------- | :--------- | :--------- | :--------- | | Cash and banks (local currency) | 252,305 | 211,047 | 19.55% | | Cash and banks (foreign currency) | 21,988 | 194,793 | -88.73% | | Securities and funds (local currency) | 1,048,012 | 1,286,152 | -18.49% | | Securities and funds (foreign currency) | 113,783 | 379,601 | -70.02% | | **Total cash and cash equivalents** | **1,436,088** | **2,071,593** | **-30.68%** | Consolidated Financial Investments and Derivative Financial Instruments (R$ thousands) | Indicator | 03/31/2025 | 12/31/2024 | Change (%) | | :--------------------------------------------------- | :--------- | :--------- | :--------- | | Securities and funds (local currency) | 1,077,382 | 2,271,979 | -52.60% | | Securities and funds (foreign currency) | 2,674,591 | 2,854,126 | -6.30% | | Derivative financial instruments and other financial assets | 805,713 | 833,986 | -3.39% | | **Total financial investments and derivative financial instruments** | **4,557,686** | **5,960,091** | **-23.53%** | - Cash equivalents and financial investments are primarily in certificates of deposit, repurchase agreements, financial bills, private securities, and short-term investment funds[50](index=50&type=chunk) [Trade receivables and reseller financing (Consolidated)](index=22&type=section&id=1.3.5%20Trade%20receivables%20and%20reseller%20financing%20%28Consolidated%29) Ultrapar's consolidated trade receivables remained stable at **R$3.57 billion** at March 31, 2025, while reseller financing decreased by **3.01%** to **R$1.24 billion**, and the allowance for expected credit losses slightly increased to **R$473.09 million** Consolidated Trade Receivables and Reseller Financing (R$ thousands) | Indicator | 03/31/2025 | 12/31/2024 | Change (%) | | :------------------------------------ | :--------- | :--------- | :--------- | | Total - trade receivables of customers | 3,566,425 | 3,567,269 | -0.02% | | Total – reseller financing | 1,239,604 | 1,278,024 | -3.01% | | Allowance for expected credit losses (total) | 473,090 | 472,594 | 0.11% | - The allowance for expected credit losses for trade receivables and reseller financing increased by **R$0.496 million**, with additions of **R$41.44 million** and reversals/write-offs of **R$40.94 million**[58](index=58&type=chunk) [Inventories (Consolidated)](index=23&type=section&id=1.3.6%20Inventories%20%28Consolidated%29) Ultrapar's consolidated inventories increased by **5.56%** to **R$4.13 billion** at March 31, 2025, driven by higher fuels, lubricants, and greases, while the provision for inventory losses decreased by **32.89%** to **R$2.64 million** Consolidated Inventories (R$ thousands) | Indicator | 03/31/2025 | 12/31/2024 | Change (%) | | :------------------------------------ | :--------- | :--------- | :--------- | | Fuels, lubricants and greases | 3,269,573 | 3,009,100 | 8.66% | | Raw materials | 306,107 | 373,544 | -18.06% | | Purchase for future delivery | 279,953 | 255,001 | 9.78% | | Consumable materials and other items for resale | 140,513 | 129,539 | 8.48% | | Liquefied petroleum gas - LPG | 116,897 | 128,098 | -8.60% | | Properties for resale | 21,794 | 21,794 | 0.00% | | **Total Inventories** | **4,134,837** | **3,917,076** | **5.56%** | Movements in Provision for Inventory Losses (R$ thousands) | Indicator | 03/31/2025 | 12/31/2024 | Change (%) | | :------------------------------------------ | :--------- | :--------- | :--------- | | Balance as of December 31, 2024 | N/A | 3,920 | N/A | | Reversal of provision for obsolescence and other losses | (385) | N/A | N/A | | Reversal of provision for adjustment to realizable value | (900) | N/A | N/A | | **Balance as of March 31, 2025** | **2,635** | N/A | N/A | [Recoverable taxes (Consolidated)](index=24&type=section&id=1.3.7%20Recoverable%20taxes%20%28Consolidated%29) Ultrapar's consolidated total recoverable taxes decreased by **5.84%** to **R$4.42 billion** at March 31, 2025, primarily due to a reduction in recoverable PIS and COFINS credits, alongside a slight decline in income and social contribution taxes Consolidated Recoverable Taxes (R$ thousands) | Indicator | 03/31/2025 | 12/31/2024 | Change (%) | | :------------------------------------ | :--------- | :--------- | :--------- | | ICMS - State VAT | 1,402,468 | 1,416,708 | -1.00% | | PIS and COFINS - Federal VAT | 2,915,839 | 3,172,417 | -8.09% | | Others | 97,842 | 101,152 | -3.27% | | **Total Recoverable Taxes** | **4,416,149** | **4,690,277** | **-5.84%** | | Current | 1,991,388 | 2,040,008 | -2.48% | | Non-current | 2,424,761 | 2,650,269 | -8.51% | - Recoverable PIS and COFINS credits from Supplementary Law 192/22 decreased to **R$1.36 billion** from **R$1.69 billion**, with an estimated realization period of up to 5 years[69](index=69&type=chunk) - Recoverable IRPJ and CSLL balances decreased to **R$477.48 million** from **R$498.07 million**, with an estimated realization period of up to 5 years[70](index=70&type=chunk) [Related parties](index=25&type=section&id=1.3.8%20Related%20parties) Ultrapar's consolidated related party assets increased by **3.46%** to **R$59.38 million**, while liabilities decreased by **28.77%** to **R$133.23 million** at March 31, 2025, and key executive compensation rose by **31.37%** to **R$29.77 million** due to higher stock compensation Consolidated Related Party Balances (R$ thousands) | Indicator | 03/31/2025 | 12/31/2024 | Change (%) | | :------------------------------------ | :--------- | :--------- | :--------- | | Assets (Total) | 59,377 | 57,387 | 3.46% | | Liabilities (Total) | 133,234 | 187,036 | -28.77% | | Operating result - Sales/(Purchases) | (307,656) | (319,142) | -3.60% | Key Executive Compensation (Consolidated, R$ thousands) | Indicator | 03/31/2025 | 03/31/2024 | Change (%) | | :---------------------- | :--------- | :--------- | :--------- | | Short-term compensation | 11,219 | 11,798 | -4.91% | | Stock compensation | 17,781 | 10,136 | 75.42% | | Post-employment benefits | 765 | 725 | 5.52% | | **Total** | **29,765** | **22,659** | **31.37%** | - An expense of **R$29.81 million** was recognized in Q1 2025 for the stock plan, compared to **R$21.04 million** in Q1 2024[77](index=77&type=chunk) [Income and social contribution taxes](index=28&type=section&id=1.3.9%20Income%20and%20social%20contribution%20taxes) Ultrapar's consolidated net deferred income and social contribution tax assets decreased by **7.36%** to **R$868.56 million** at March 31, 2025, with the effective tax rate increasing to **40.6%** in Q1 2025, while significant tax loss carryforwards persist Consolidated Deferred Income and Social Contribution Taxes (R$ thousands) | Indicator | 03/31/2025 | 12/31/2024 | Change (%) | | :------------------------------------------------- | :--------- | :--------- | :--------- | | Assets - Deferred income and social contribution taxes | 1,573,796 | 1,613,371 | -2.33% | | Offsetting liability balance | (705,239) | (676,430) | 4.26% | | **Net balances presented in assets** | **868,557** | **936,941** | **-7.36%** | | Liabilities - Deferred income and social contribution taxes | 848,373 | 809,255 | 4.83% | | Offsetting asset balance | (705,239) | (676,430) | 4.26% | | **Net balances presented in liabilities** | **143,134** | **132,825** | **7.76%** | Consolidated Income and Social Contribution Taxes Reconciliation (R$ thousands) | Indicator | 03/31/2025 | 03/31/2024 | Change (%) | | :------------------------------------------------- | :--------- | :--------- | :--------- | | Income before taxes | 611,053 | 664,580 | -8.05% | | Statutory tax rates - % | 34 | 34 | 0.00% | | Income and social contribution taxes at statutory rates | (207,758) | (225,957) | -8.05% | | Income and social contribution taxes in statement of income | (247,869) | (209,134) | 18.52% | | Effective IRPJ and CSLL rates - % | 40.6 | 31.5 | 28.89% | - The Company and its subsidiaries have **R$507.73 million** in tax loss carryforwards and negative basis for social contribution, which do not expire but are limited to **30%** of taxable income annually[86](index=86&type=chunk)[87](index=87&type=chunk) [Contractual assets with customers - exclusivity rights (Consolidated)](index=30&type=section&id=1.3.10%20Contractual%20assets%20with%20customers%20-%20exclusivity%20rights%20%28Consolidated%29) Ultrapar's consolidated contractual assets for exclusivity rights decreased by **1.40%** to **R$2.10 billion** at March 31, 2025, primarily due to **R$105.49 million** in amortizations, partially offset by **R$75.54 million** in additions Movements in Contractual Assets with Customers - Exclusivity Rights (R$ thousands) | Indicator | 03/31/2025 | 12/31/2024 | Change (%) | | :------------------------------------------ | :--------- | :--------- | :--------- | | Balance as of December 31, 2024 | N/A | 2,131,902 | N/A | | Additions | 75,539 | N/A | N/A | | Amortization | (105,489) | N/A | N/A | | **Balance as of March 31, 2025** | **2,101,952** | N/A | N/A | | Current | 646,203 | N/A | N/A | | Non-current | 1,455,749 | N/A | N/A | - Exclusivity rights reimbursements from Ipiranga's agreements with reseller service stations are recognized upon occurrence and amortized over the agreement term, reducing sales revenue[89](index=89&type=chunk) [Investments in subsidiaries, joint ventures and associates](index=31&type=section&id=1.3.11%20Investments%20in%20subsidiaries%2C%20joint%20ventures%20and%20associates) Ultrapar's consolidated investments in subsidiaries, joint ventures, and associates decreased by **5.78%** to **R$2.02 billion** at March 31, 2025, primarily due to a negative share of profit/loss, notably a **R$138.67 million** loss from Hidrovias do Brasil S.A. Consolidated Investments in Subsidiaries, Joint Ventures and Associates (R$ thousands) | Indicator | 03/31/2025 | 12/31/2024 | Change (%) | | :------------------------------------------------- | :--------- | :--------- | :--------- | | Total investments (A-B) | 2,024,525 | 2,148,633 | -5.78% | | Share of profit (loss) of subsidiaries, joint ventures and associates | (149,486) | (3,084) | -4730.09% | | Goodwill on investments (Hidrovias do Brasil S.A.) | 779,379 | 775,044 | 0.56% | | Advances for future capital increase (Hidrovias do Brasil S.A.) | 500,000 | 500,000 | 0.00% | Financial Position and Income of Subsidiaries with Relevant Non-Controlling Interests (R$ thousands) | Subsidiary | Equity attributable to non-controlling interests (03/31/2025) | Income allocated to non-controlling interests (03/31/2025) | | :----------------------- | :------------------------------------------------ | :------------------------------------------------ | | Iconic Lubrificantes S.A. | 504,120 | 19,134 | | WTZ Participações S.A. | 126,234 | 9,985 | | Other investments | 64,515 | 1,219 | | **Total** | **694,869** | **30,338** | - The share of profit (loss) of Hidrovias do Brasil S.A. is recorded with a **2-month lag**, impacting Ultrapar's results from May 2024[93](index=93&type=chunk) [Right-of-use assets and leases payable (Consolidated)](index=34&type=section&id=1.3.12%20Right-of-use%20assets%20and%20leases%20payable%20%28Consolidated%29) Ultrapar's consolidated net right-of-use assets decreased by **1.65%** to **R$1.64 billion** at March 31, 2025, primarily due to amortization, while leases payable slightly decreased by **0.19%** to **R$1.48 billion** Consolidated Right-of-Use Assets (R$ thousands) | Indicator | 03/31/2025 | 12/31/2024 | Change (%) | | :------------------------------------ | :--------- | :--------- | :--------- | | Cost (Total) | 2,738,162 | 2,749,439 | -0.41% | | Accumulated amortization (Total) | (1,094,404) | (1,078,115) | 1.51% | | **Net amount** | **1,643,758** | **1,671,324** | **-1.65%** | Consolidated Leases Payable (R$ thousands) | Indicator | 03/31/2025 | 12/31/2024 | Change (%) | | :------------------------------------ | :--------- | :--------- | :--------- | | Balance as of December 31, 2024 / March 31, 2025 | 1,482,230 | 1,485,152 | -0.19% | | Undiscounted future cash outflows (Total) | 2,191,983 | 2,117,823 | 3.50% | - Lease contracts are substantially indexed by the **IGP-M**, with weighted nominal average discount rates ranging from **9.66%** to **10.60%** depending on maturity[101](index=101&type=chunk)[102](index=102&type=chunk) [Property, plant, and equipment (Consolidated)](index=36&type=section&id=1.3.13%20Property%2C%20plant%2C%20and%20equipment%20%28Consolidated%29) Ultrapar's consolidated net property, plant, and equipment increased by **1.61%** to **R$7.25 billion** at March 31, 2025, driven by **R$287.71 million** in additions, partially offset by depreciation and write-offs Consolidated Property, Plant, and Equipment (R$ thousands) | Indicator | 03/31/2025 | 12/31/2024 | Change (%) | | :------------------------------------ | :--------- | :--------- | :--------- | | Cost (Total) | 14,316,197 | 14,148,339 | 1.19% | | Accumulated depreciation (Total) | (7,063,848) | (7,011,042) | 0.75% | | Provision for impairment losses | (1,331) | (1,331) | 0.00% | | **Net amount** | **7,251,018** | **7,135,966** | **1.61%** | - Additions to property, plant, and equipment totaled **R$287.71 million**, while depreciation amounted to **R$159.28 million**[104](index=104&type=chunk) - Construction in progress primarily relates to expansions, renovations, constructions, and upgrades of terminals, service stations, and distribution bases[105](index=105&type=chunk) [Intangible assets (consolidated)](index=37&type=section&id=1.3.14%20Intangible%20assets%20%28consolidated%29) Ultrapar's consolidated net intangible assets increased by **8.66%** to **R$2.07 billion** at March 31, 2025, driven by **R$247.35 million** in additions, including decarbonization credits, with goodwill remaining stable and no impairment identified Consolidated Intangible Assets (R$ thousands) | Indicator | 03/31/2025 | 12/31/2024 | Change (%) | | :------------------------------------ | :--------- | :--------- | :--------- | | Cost (Total) | 3,292,078 | 3,059,991 | 7.59% | | Accumulated amortization (Total) | (1,218,301) | (1,151,661) | 5.70% | | **Net amount** | **2,073,777** | **1,908,330** | **8.66%** | Goodwill on Acquisitions (R$ thousands) | Segment | 03/31/2025 | 12/31/2024 | Change (%) | | :----------------------- | :--------- | :--------- | :--------- | | Ipiranga | 276,724 | 276,724 | 0.00% | | União Terminais | 211,089 | 211,089 | 0.00% | | Texaco | 177,759 | 177,759 | 0.00% | | Stella | 103,051 | 103,051 | 0.00% | | Iconic (CBLSA) | 69,807 | 69,807 | 0.00% | | WTZ (27.b) | 52,038 | 52,038 | 0.00% | | Temmar | 43,781 | 43,781 | 0.00% | | DNP | 24,736 | 24,736 | 0.00% | | Repsol | 13,403 | 13,403 | 0.00% | | Neogás | 7,761 | 7,761 | 0.00% | | Serra Diesel | 1,413 | 1,413 | 0.00% | | TEAS | 797 | 797 | 0.00% | | **Total** | **982,359** | **982,359** | **0.00%** | - No events indicating the need for an impairment test of intangible assets were identified in Q1 2025[110](index=110&type=chunk) [Loans, financing, debentures and derivative financial instruments (Consolidated)](index=39&type=section&id=1.3.15%20Loans%2C%20financing%2C%20debentures%20and%20derivative%20financial%20instruments%20%28Consolidated%29) Ultrapar's consolidated total loans, financing, debentures, and derivative instruments decreased by **5.21%** to **R$13.56 billion** at March 31, 2025, driven by principal payments and monetary/foreign exchange variations, with **R$98.52 million** in collateral provided Consolidated Loans, Financing, Debentures and Derivative Financial Instruments (R$ thousands) | Indicator | 03/31/2025 | 12/31/2024 | Change (%) | | :------------------------------------------------- | :--------- | :--------- | :--------- | | Total in foreign currency | 5,970,595 | 6,681,657 | -10.64% | | Total in Brazilian Reais | 7,165,941 | 7,178,853 | -0.18% | | Derivative financial instruments | 419,391 | 441,600 | -5.03% | | **Total** | **13,555,927** | **14,302,110** | **-5.21%** | | Current | 2,582,489 | 3,552,760 | -27.31% | | Non-current | 10,973,438 | 10,749,350 | 2.08% | Changes in Loans, Financing, Debentures and Derivative Financial Instruments (R$ thousands) | Indicator | 03/31/2025 | 12/31/2024 | | :------------------------------------------ | :--------- | :--------- | | Balance as of December 31, 2024 | N/A | 14,302,110 | | Proceeds | 1,682,044 | N/A | | Principal payment | (2,077,454) | N/A | | Monetary variations and foreign exchange variations | (361,370) | N/A | | **Balance as of March 31, 2025** | **13,555,927** | N/A | - The Company and its subsidiaries offer collateral in the form of letters of guarantee for commercial and legal proceedings totaling **R$98.52 million**[116](index=116&type=chunk) [Trade payables (consolidated)](index=41&type=section&id=1.3.16%20Trade%20payables%20%28consolidated%29) Ultrapar's consolidated total trade payables decreased by **32.74%** to **R$2.37 billion** at March 31, 2025, due to reductions in domestic and foreign suppliers, while reverse factoring payables increased by **15.06%** to **R$1.17 billion** Consolidated Trade Payables (R$ thousands) | Indicator | 03/31/2025 | 12/31/2024 | Change (%) | | :------------------------------------ | :--------- | :--------- | :--------- | | Domestic suppliers | 1,873,573 | 2,558,813 | -26.78% | | Trade payables - domestic related parties | 30,269 | 23,432 | 29.18% | | Foreign suppliers | 363,373 | 776,052 | -53.17% | | Trade payables - foreign related parties | 99,449 | 160,088 | -37.88% | | **Total Trade Payables** | **2,366,664** | **3,518,385** | **-32.74%** | Trade Payables - Reverse Factoring (R$ thousands) | Indicator | 03/31/2025 | 12/31/2024 | Change (%) | | :------------------------------------ | :--------- | :--------- | :--------- | | Trade payables - reverse factoring | 1,167,001 | 1,014,504 | 15.06% | | Average payment term (days) - Reverse factoring | 14 | N/A | N/A | | Average payment term (days) - Comparable suppliers | 8 | N/A | N/A | [Employee benefits and private pension plan (Consolidated)](index=42&type=section&id=1.3.17%20Employee%20benefits%20and%20private%20pension%20plan%20%28Consolidated%29) Ultrapar's consolidated total post-employment benefits increased by **1.96%** to **R$227.25 million** at March 31, 2025, driven by health and dental care plans and FGTS indemnification, based on independent actuarial valuations Consolidated Post-Employment Benefits (R$ thousands) | Indicator | 03/31/2025 | 12/31/2024 | Change (%) | | :------------------------------------ | :--------- | :--------- | :--------- | | Health and dental care plan | 180,749 | 177,958 | 1.57% | | Indemnification of FGTS | 33,657 | 32,420 | 3.81% | | Seniority bonus | 1,859 | 1,795 | 3.57% | | Life insurance | 10,987 | 10,703 | 2.65% | | **Total** | **227,252** | **222,876** | **1.96%** | | Current | 24,098 | 24,098 | 0.00% | | Non-current | 203,154 | 198,778 | 2.20% | - Provisions for post-employment benefits are mainly related to seniority bonus, FGTS payments, and health, dental care, and life insurance plans for eligible retirees[123](index=123&type=chunk) [Provisions and contingent liabilities (Consolidated)](index=43&type=section&id=1.3.18%20Provisions%20and%20contingent%20liabilities%20%28Consolidated%29) Ultrapar's consolidated provisions for tax, civil, and labor risks slightly decreased by **0.69%** to **R$653.72 million**, while contingent liabilities classified as possible loss significantly increased by **25.86%** to **R$6.65 billion**, primarily due to tax-related claims Consolidated Provisions for Tax, Civil and Labor Risks (R$ thousands) | Indicator | 03/31/2025 | 12/31/2024 | Change (%) | | :------------------------------------ | :--------- | :--------- | :--------- | | IRPJ and CSLL | 33,014 | 32,946 | 0.21% | | Tax | 60,424 | 67,082 | -9.93% | | Civil, environmental and regulatory claims | 163,614 | 161,972 | 1.01% | | Provision for indemnities | 201,349 | 206,808 | -2.64% | | Labor | 58,714 | 54,169 | 8.39% | | Others | 136,607 | 135,383 | 0.90% | | **Total** | **653,722** | **658,360** | **-0.69%** | Consolidated Contingent Liabilities (Possible Loss, R$ thousands) | Indicator | 03/31/2025 | 12/31/2024 | Change (%) | | :------------------------------------ | :--------- | :--------- | :--------- | | Tax | 5,520,466 | 4,176,046 | 32.19% | | Civil | 830,491 | 815,203 | 1.88% | | Labor | 301,190 | 293,938 | 2.47% | | **Total** | **6,652,147** | **5,285,187** | **25.86%** | - Significant tax contingencies include **R$3.41 billion** related to denial of offset claims and disallowance of tax credits, and **R$1.63 billion** for ICMS discussions[131](index=131&type=chunk)[133](index=133&type=chunk) [Subscription warrants – indemnification](index=45&type=section&id=1.3.19%20Subscription%20warrants%20%E2%80%93%20indemnification) Ultrapar's subscription warrants for indemnification increased by **5.32%** to **R$50.29 million** at March 31, 2025, with **67,679** common shares issued and **775,291** shares linked to warrants canceled due to unfavorable lawsuit decisions - **7** subscription warrants were issued in 2014, corresponding to up to **6,411,244** shares[138](index=138&type=chunk) - On February 26, 2025, **67,679** common shares were issued due to partial exercise of subscription warrants[139](index=139&type=chunk) - As of March 31, 2025, **R$50.29 million** in subscription warrants remain, with **2,938,962** shares linked to them, which may be issued or canceled based on lawsuit outcomes[140](index=140&type=chunk) [Equity](index=46&type=section&id=1.3.20%20Equity) Ultrapar's subscribed capital increased to **1,115,507,182** common shares at March 31, 2025, treasury shares rose to **40,241,410** with **6,874,500** acquired in Q1 2025, and **R$493.30 million** in dividends (**R$0.45 per share**) were approved and paid Share Capital and Treasury Shares | Indicator | 03/31/2025 | 12/31/2024 | Change (%) | | :------------------------------------ | :--------- | :--------- | :--------- | | Subscribed and paid-up capital (common shares) | 1,115,507,182 | 1,115,439,503 | 0.01% | | Total balance of treasury shares | 40,241,410 | 19,283,471 | 108.68% | | Treasury shares acquired in 2025 | 6,874,500 | N/A | N/A | | Average cost of treasury shares acquired in 2025 (R$/share) | 16.64 | N/A | N/A | - Dividends of **R$493.30 million** (**R$0.45 per share**) were approved on February 26, 2024, and paid on March 14, 2025[151](index=151&type=chunk) - The capital reserve increased by **R$1.13 million** due to the partial exercise of subscription warrants[150](index=150&type=chunk) [Net revenue from sales and services (Consolidated)](index=47&type=section&id=1.3.21%20Net%20revenue%20from%20sales%20and%20services%20%28Consolidated%29) Ultrapar's consolidated net revenue from sales and services increased by **9.66%** to **R$33.33 billion** in Q1 2025, driven by higher merchandise sales and services, partially offset by sales returns and amortization of contract assets Consolidated Net Revenue from Sales and Services (R$ thousands) | Indicator | 03/31/2025 | 03/31/2024 | Change (%) | | :------------------------------------ | :--------- | :--------- | :--------- | | Merchandise sales | 34,054,088 | 31,238,442 | 8.90% | | Services rendered and others | 457,288 | 420,588 | 8.72% | | Electricity sales | 160,741 | - | N/A | | Sales returns, rebates and discounts | (224,040) | (249,380) | -10.16% | | Amortization of contract assets | (105,489) | (132,658) | -20.48% | | Taxes on sales | (1,013,326) | (881,090) | 15.01% | | **Net revenue** | **33,329,262** | **30,395,902** | **9.66%** | - Revenue from electricity sales of subsidiary Witzler, acquired by Ultragaz in 2024, contributed **R$160.74 million**[152](index=152&type=chunk) [Costs, expenses and other operating results by nature](index=48&type=section&id=1.3.22%20Costs%2C%20expenses%20and%20other%20operating%20results%20by%20nature) Ultrapar's consolidated total costs, expenses, and other operating results increased by **9.87%** to **R$32.39 billion** in Q1 2025, driven by higher raw materials, personnel expenses, and increased decarbonization obligations Consolidated Costs, Expenses and Other Operating Results by Nature (R$ thousands) | Indicator | 03/31/2025 | 03/31/2024 | Change (%) | | :------------------------------------------------- | :--------- | :--------- | :--------- | | Raw materials and materials for use and consumption | (30,636,655) | (27,820,663) | 10.12% | | Purchase of electricity | (128,842) | - | N/A | | Personnel expenses | (638,651) | (596,271) | 7.11% | | Freight and storage | (277,248) | (314,504) | -11.85% | | Decarbonization obligation | (116,422) | (182,284) | -36.13% | | Services provided by third parties | (169,545) | (165,948) | 2.17% | | Depreciation and amortization | (225,684) | (208,704) | 8.14% | | Amortization of right-of-use assets | (78,387) | (71,071) | 10.29% | | Advertising and marketing | (29,687) | (38,012) | -21.90% | | Other expenses and income, net | (92,940) | (84,820) | 9.57% | | **Total** | **(32,394,061)** | **(29,482,277)** | **9.87%** | - Decarbonization obligation refers to the RenovaBio program to meet decarbonization targets for the gas and oil sector[154](index=154&type=chunk) [Financial result](index=49&type=section&id=1.3.23%20Financial%20result) Ultrapar's consolidated net financial result significantly improved by **36.29%**, moving from a negative **R$282.77 million** in Q1 2024 to a negative **R$179.97 million** in Q1 2025, driven by lower financial expenses and higher financial income Consolidated Financial Result (R$ thousands) | Indicator | 03/31/2025 | 03/31/2024 | Change (%) | | :------------------------------------------------- | :--------- | :--------- | :--------- | | Financial income (Total) | 176,890 | 160,195 | 10.42% | | Financial expenses (Total) | (356,859) | (442,964) | -19.44% | | **Financial result, net** | **(179,969)** | **(282,769)** | **-36.29%** | - Financial income increased due to higher interest on financial investments and from customers[157](index=157&type=chunk) - Financial expenses decreased, mainly reflecting lower interest on loans and a positive foreign exchange variation, net of derivative financial instruments[157](index=157&type=chunk) [Earnings per share (Parent and Consolidated)](index=49&type=section&id=1.3.24%20Earnings%20per%20share%20%28Parent%20and%20Consolidated%29) Ultrapar's consolidated basic earnings per share decreased by **22.50%** to **R$0.3043** in Q1 2025, and diluted earnings per share fell by **22.80%** to **R$0.2996**, primarily due to lower net income despite a slight decrease in shares outstanding Consolidated Earnings Per Share (R$) | Indicator | 03/31/2025 | 03/31/2024 | Change (%) | | :------------------------------------------------- | :--------- | :--------- | :--------- | | Net income for the year of the Company | 332,846 | 431,474 | -22.86% | | Weighted average number of shares outstanding (in thousands) | 1,093,932 | 1,099,019 | -0.46% | | **Basic earnings per share** | **0.3043** | **0.3926** | **-22.50%** | | Weighted average number of outstanding shares (in thousands), including dilution effects | 1,110,955 | 1,111,626 | -0.06% | | **Diluted earnings per share** | **0.2996** | **0.3881** | **-22.80%** | - Dilution effects include subscription warrants (**2,939 thousand shares**) and stock plan (**14,084 thousand shares**)[159](index=159&type=chunk) [Segment information](index=50&type=section&id=1.3.25%20Segment%20information) Ultrapar operates in **Ultragaz**, **Ipiranga**, and **Ultracargo** segments, with Q1 2025 consolidated net revenue increasing by **9.66%** to **R$33.33 billion**, primarily from Brazil, and Ipiranga contributing the largest share of revenue and assets Net Revenue from Sales and Services by Geographic Area (R$ thousands) | Geographic Area | 03/31/2025 | 03/31/2024 | Change (%) | | :------------------------------------ | :--------- | :--------- | :--------- | | Brazil | 33,169,116 | 29,705,047 | 11.66% | | Europe | 3,205 | 20,519 | -84.38% | | United States of America and Canada | 89,156 | 558,748 | -84.04% | | Other Latin American countries | 37,264 | 57,957 | -35.69% | | Others | 30,521 | 53,631 | -43.09% | | **Total** | **33,329,262** | **30,395,902** | **9.66%** | Consolidated Financial Information by Segment (Q1 2025, R$ thousands) | Segment | Net revenue from sales and services | Operating income (loss) | Total assets | | :----------------------- | :-------------------------------- | :---------------------- | :----------- | | Ipiranga | 30,234,384 | 567,603 | 24,197,785 | | Ultragaz | 2,863,393 | 303,046 | 4,615,305 | | Ultracargo | 270,631 | 127,619 | 3,841,280 | | Others | 2,056 | (59,240) | 5,100,227 | | **Total Segments** | **33,370,464** | **939,028** | **37,754,597** | - The "Others" column refers to the parent Ultrapar and subsidiaries Imaven, Ultrapar International, UVC Investimentos, and share of profit (loss) of joint venture RPR[167](index=167&type=chunk)[168](index=168&type=chunk) [Financial instruments (Consolidated)](index=53&type=section&id=1.3.26%20Financial%20instruments%20%28Consolidated%29) Ultrapar manages market, credit, and liquidity risks via a Board-approved policy, utilizing derivative instruments for hedging to achieve currency neutrality and mitigate price volatility, with total financial assets of **R$12.44 billion** and liabilities of **R$17.92 billion** at March 31, 2025 Consolidated Financial Instruments (R$ thousands) | Category | 03/31/2025 | 12/31/2024 | Change (%) | | :------------------------------------ | :--------- | :--------- | :--------- | | Total Financial Assets | 12,438,205 | 14,189,428 | -12.34% | | Total Financial Liabilities | 17,917,656 | 19,447,955 | -7.87% | - The Company's financial risk policy aims to preserve value and liquidity of financial assets and ensure resources for business development, managing market, liquidity, and credit risks[180](index=180&type=chunk) - Derivative financial instruments are used for hedging identified risks, not exceeding **100%** of the risk, and are designated for fair value hedge accounting to mitigate interest and exchange rate variations[208](index=208&type=chunk)[217](index=217&type=chunk) [Acquisition of Interest and Control](index=66&type=section&id=1.3.27%20Acquisition%20of%20Interest%20and%20Control) Ultrapar increased its stake in Hidrovias do Brasil S.A. to **42.26%** in Q1 2025, recognizing it as an associate, and completed the acquisition of **51.7%** of WTZ Participações S.A. (Witzler) for **R$104.49 million** in September 2024, with a provisional goodwill of **R$52.04 million** - Ultrapar, through its subsidiary Ultrapar Logística, acquired additional shares in Hidrovias do Brasil S.A., reaching a **42.26%** interest in Q1 2025[39](index=39&type=chunk)[224](index=224&type=chunk) - The investment in Hidrovias is recognized as an associate with significant influence, with a provisional goodwill on acquisition of **R$779.38 million**[222](index=222&type=chunk)[225](index=225&type=chunk) - In September 2024, Ultrapar acquired **51.7%** of WTZ Participações S.A. (Witzler) for **R$104.49 million**, resulting in a provisional goodwill of **R$52.04 million**, aligning with Ultragaz's energy solutions expansion strategy[227](index=227&type=chunk)[229](index=229&type=chunk) [Events after the reporting period](index=69&type=section&id=1.3.28%20Events%20after%20the%20reporting%20period) After March 31, 2025, Ultrapar approved a **R$1.37 billion** capital increase, Ipiranga obtained a **USD 86.96 million** foreign loan, and Ultracargo Logística secured **R$106.43 million** in financing from the Northern Region Constitutional Fund - On April 16, 2025, a capital increase of **R$1.37 billion** was approved through the incorporation of investment statutory reserves[233](index=233&type=chunk) - On April 4, 2025, Ipiranga obtained a foreign loan of **USD 86.96 million** (**R$500 million** equivalent) with hedging instruments, maturing April 2, 2026[234](index=234&type=chunk) - On April 10, 2025, Ultracargo Logística raised **R$106.43 million** in financing from the Northern Region Constitutional Fund, maturing February 15, 2037[235](index=235&type=chunk) [1Q25 Earnings Release](index=70&type=section&id=ITEM%202.%201Q25%20Earnings%20Release) This section presents Ultrapar's Q1 2025 earnings release, detailing consolidated financial and operational performance, segment results, indebtedness, and ESG updates [Overview and Highlights](index=70&type=section&id=2.1%20Overview%20and%20Highlights) Ultrapar reported Q1 2025 net revenue of **R$33.3 billion**, Adjusted EBITDA of **R$1.2 billion**, and net income of **R$363 million**, with key highlights including a **R$715 million** cabotage sale agreement, a **R$1.2 billion** capital increase, and strong Hidrovias do Brasil performance Ultrapar 1Q25 Key Financials (R$ million) | Indicator | 1Q25 | | :-------------------------- | :----- | | Net revenue | 33.3 billion | | Adjusted EBITDA | 1.2 billion | | Recurring Adjusted EBITDA | 1.2 billion | | Net income | 363 million | | Cash generation from operations | 3 million | | Investments | 416 million | - Signed agreement for the sale of cabotage operation for **R$715 million**, increasing strategic focus and reducing financial leverage[238](index=238&type=chunk) - Capital increase of **R$1.2 billion** to support growth, reduce financial leverage, and generate shareholder value[238](index=238&type=chunk) - Strong performance in Hidrovias' results due to improved navigability and asset management[239](index=239&type=chunk) [Financial and Operational Information Considerations](index=71&type=section&id=2.2%20Financial%20and%20Operational%20Information%20Considerations) Q1 2025 financial information was prepared according to **CPC 21 (R1)**, **IAS 34**, and **CVM rules**, with Hidrovias' results accounted for with a **two-month lag**, and Adjusted EBITDA presented per **CVM Resolution 156** for operational clarity - Financial information for Q1 2025 was prepared in accordance with **CPC 21 (R1)** and **IAS 34**, and **CVM rules**[240](index=240&type=chunk) - Hidrovias' results are accounted for with a **two-month lag**, impacting Ultrapar's share of results in July 2024[240](index=240&type=chunk) - Adjusted EBITDA and Recurring Adjusted EBITDA are presented in accordance with **CVM Resolution 156**, excluding non-cash and non-recurring items for a clearer operational view[241](index=241&type=chunk)[242](index=242&type=chunk) [Consolidated Financial and Operational Performance](index=72&type=section&id=2.3%20Consolidated%20Financial%20and%20Operational%20Performance) Ultrapar's consolidated net revenue increased by **10% YoY** to **R$33.33 billion** in Q1 2025, while Recurring Adjusted EBITDA fell by **9% YoY** to **R$1.18 billion**, and net income declined by **20% YoY** to **R$363 million**, despite significant cash flow improvement from operations Ultrapar Consolidated Financial Performance (R$ million) | Indicator | 1Q25 | 1Q24 | 4Q24 | 1Q25 x 1Q24 Change (%) | 1Q25 x 4Q24 Change (%) | | :-------------------------- | :----- | :----- | :----- | :-------------------- | :-------------------- | | Net revenues | 33,329 | 30,396 | 35,401 | 10% | -6% | | Adjusted EBITDA | 1,188 | 1,358 | 2,379 | -12% | -50% | | Recurring Adjusted EBITDA | 1,183 | 1,306 | 1,284 | -9% | -8% | | Net income | 363 | 455 | 881 | -20% | -59% | | Investments | 416 | 438 | 776 | -5% | -46% | | Cash flow from operating activities | 3 | (573) | 2,231 | 101% | -100% | - Recurring Adjusted EBITDA was negatively impacted by **R$139 million** from Hidrovias' share of loss due to water crisis effects in November and December 2024[245](index=245&type=chunk)[247](index=247&type=chunk) - Financial result improved by **R$103 million YoY** and **R$155 million QoQ**, mainly due to a one-off positive mark-to-market effect of **R$118 million**, partially offset by higher CDI rate and average net debt[248](index=248&type=chunk) [Segment Performance](index=73&type=section&id=2.4%20Segment%20Performance) This section details the operational and financial performance of Ultrapar's key segments: Ipiranga, Ultragaz, and Ultracargo, highlighting volume changes, revenue trends, cost impacts, and EBITDA contributions [Ipiranga](index=73&type=section&id=2.4.1%20Ipiranga) Ipiranga's sales volume remained stable YoY in Q1 2025, with net revenues increasing by **9% YoY** to **R$30.23 billion**, and Recurring Adjusted EBITDA growing by **6% YoY** to **R$826 million**, despite increased irregularities in biodiesel blending and naphtha imports Ipiranga Operational and Financial Performance (R$ million, except volume) | Indicator | 1Q25 | 1Q24 | 4Q24 | 1Q25 x 1Q24 Change (%) | 1Q25 x 4Q24 Change (%) | | :-------------------------- | :----- | :----- | :----- | :-------------------- | :-------------------- | | Total volume ('000 m³) | 5,578 | 5,583 | 6,013 | 0% | -7% | | Net revenues | 30,234 | 27,693 | 32,097 | 9% | -6% | | Recurring Adjusted EBITDA | 826 | 783 | 844 | 6% | -2% | | Recurring Adjusted EBITDA margin (R$/m³) | 148 | 140 | 140 | 6% | 6% | - Sales volume stability YoY was due to a **1%** increase in diesel offsetting a **2%** decrease in Otto cycle, impacted by biodiesel blending irregularities and naphtha imports[252](index=252&type=chunk) - Investments of **R$213 million** were directed towards network expansion, TRR segment growth, and technology platform enhancement, including ERP system replacement[257](index=257&type=chunk) [Ultragaz](index=74&type=section&id=2.4.2%20Ultragaz) Ultragaz's sales volume increased by **1% YoY** in Q1 2025, with net revenues growing by **15% YoY** to **R$2.86 billion**, but Recurring Adjusted EBITDA decreased by **2% YoY** to **R$393 million**, impacted by higher LPG costs and a worse sales mix Ultragaz Operational and Financial Performance (R$ million, except volume) | Indicator | 1Q25 | 1Q24 | 4Q24 | 1Q25 x 1Q24 Change (%) | 1Q25 x 4Q24 Change (%) | | :-------------------------- | :----- | :----- | :----- | :-------------------- | :-------------------- | | Total volume ('000 ton) | 406 | 402 | 435 | 1% | -7% | | Net revenues | 2,863 | 2,500 | 3,068 | 15% | -7% | | Recurring Adjusted EBITDA | 393 | 401 | 441 | -2% | -11% | | Recurring Adjusted EBITDA margin (R$/ton) | 967 | 997 | 1,014 | -3% | -5% | - Bottled segment volume increased by **2%** due to higher market demand, while bulk segment remained stable[260](index=260&type=chunk) - Cost of goods sold increased by **17% YoY** due to LPG cost increases from Petrobras auctions and higher sales volume[262](index=262&type=chunk) [Ultracargo](index=75&type=section&id=2.4.3%20Ultracargo) Ultracargo's installed capacity remained stable in Q1 2025, but m³ sold decreased by **4% YoY**, while net revenues increased by **3% YoY** to **R$271 million**, and Adjusted EBITDA grew by **1% YoY** to **R$166 million**, benefiting from spot sales and lower expenses Ultracargo Operational and Financial Performance (R$ million, except volume) | Indicator | 1Q25 | 1Q24 | 4Q24 | 1Q25 x 1Q24 Change (%) | 1Q25 x 4Q24 Change (%) | | :-------------------------- | :----- | :----- | :----- | :-------------------- | :-------------------- | | Installed capacity¹ ('000 m³) | 1,067 | 1,067 | 1,067 | 0% | 0% | | m³ sold ('000 m³) | 4,024 | 4,196 | 4,283 | -4% | -6% | | Net revenues | 271 | 263 | 283 | 3% | -4% | | Adjusted EBITDA | 166 | 165 | 169 | 1% | -2% | | Adjusted EBITDA margin (%) | 61% | 63% | 60% | -1.4 pp | 1.5 pp | - Investments of **R$113 million** were primarily allocated to expansion projects at Itaqui, Santos, Rondonópolis terminals, and the Opla railway branch[272](index=272&type=chunk) [Indebtedness](index=76&type=section&id=2.5%20Indebtedness) Ultrapar's net debt increased to **R$9.04 billion** in Q1 2025, resulting in a net debt-to-Adjusted LTM EBITDA ratio of **1.7x**, primarily due to **R$584 million** in dividend payments, share buybacks, and higher working capital investment at Ipiranga Ultrapar Indebtedness (R$ million) | Indicator | 1Q25 | 1Q24 | 4Q24 | | :------------------------------------ | :----- | :----- | :----- | | Cash and cash equivalents | 5,994 | 6,607 | 8,032 | | Gross debt | (13,556) | (12,958) | (14,302) | | Leases payable | (1,482) | (1,472) | (1,485) | | **Net debt** | **(9,044)** | **(7,823)** | **(7,756)** | | Net debt/Adjusted LTM EBITDA | 1.7x | 1.3x | 1.4x | | Average gross debt duration (years) | 3.3 | 3.5 | 3.2 | | Average cost of gross debt | 110% DI | 109% DI | 110% DI | - The increase in net debt was mainly due to **R$584 million** in dividend payments and share buybacks, and increased working capital at Ipiranga[274](index=274&type=chunk) [ESG and Capital Markets Update](index=77&type=section&id=2.6%20ESG%20and%20Capital%20Markets%20Update) Ultrapar released its 2024 Sustainability Report, was included in B3's Corporate Sustainability Index (ISE) for the second year, and saw its average daily trading volume reach **R$140 million/day** in Q1 2025, with shares appreciating on both B3 and NYSE - Ultrapar released its 2024 Sustainability Report in March 2025, detailing progress on its **ESG 2030 plan**[277](index=277&type=chunk) - For the second consecutive year, Ultrapar joined B3's **Corporate Sustainability Index (ISE)**, reflecting its governance and sustainability practices[278](index=278&type=chunk) Ultrapar Capital Markets Performance (Q1 2025) | Indicator | 1Q25 | 1Q24 | 4Q24 | | :------------------------------------ | :----- | :----- | :----- | | Market cap (R$ million) | 19,086 | 31,756 | 17,713 | | Average daily trading volume ('000 shares) | 8,382 | 6,809 | 8,057 | | Average daily financial volume (R$ thousand) | 139,841 | 194,694 | 151,999 | | Average share price (R$/share) on B3 | 16.60 | 28.56 | 18.86 | | Average share (US$/ADRs) on NYSE | 2.93 | 5.79 | 3.22 | [Conference Call Information](index=78&type=section&id=2.7%20Conference%20Call%20Information) Ultrapar will host a conference call on **May 8, 2025**, at **11:00 BRT / 10:00 EDT**, to discuss its Q1 2025 performance and outlook, broadcast via Zoom with simultaneous English translation - Conference call for Q1 2025 results scheduled for **May 8, 2025**, at **11:00 BRT / 10:00 EDT**[284](index=284&type=chunk)[285](index=285&type=chunk) - The call will be broadcast via Zoom, in Portuguese with simultaneous English translation, with presentation available **30 minutes prior**[284](index=284&type=chunk)[285](index=285&type=chunk) [Supplementary Financial Information (Earnings Release)](index=79&type=section&id=2.8%20Supplementary%20Financial%20Information%20%28Earnings%20Release%29) This section provides detailed supplementary financial tables from the earnings release, including Ultrapar's consolidated balance sheet, income statement, cash flow statement, and segment-specific employed capital and income statements [Ultrapar – Balance Sheet](index=79&type=section&id=2.8.1%20Ultrapar%20%E2%80%93%20Balance%20Sheet) Ultrapar's consolidated total assets decreased to **R$37.76 billion** in Q1 2025 from **R$39.56 billion** in Q4 2024, driven by reduced cash and financial investments, while total liabilities also decreased and equity remained stable Ultrapar Consolidated Balance Sheet (R$ million) | Indicator | Mar 25 | Mar 24 | Dec 24 | | :------------------------------------ | :----- | :----- | :----- | | Cash and cash equivalents | 1,436 | 3,748 | 2,072 | | Financial investments and derivative financial instruments | 1,301 | 309 | 2,553 | | Total current Assets | 14,574 | 16,575 | 16,048 | | Total non-current assets | 23,180 | 20,039 | 23,510 | | **Total assets** | **37,755** | **36,613** | **39,558** | | Total current liabilities | 8,299 | 9,881 | 10,493 | | Total non-current liabilities | 13,565 | 12,356 | 13,241 | | **Total liabilities** | **21,864** | **22,237** | **23,734** | | Total equity | 15,890 | 14,376 | 15,823 | [Ultrapar – Income Statement](index=81&type=section&id=2.8.2%20Ultrapar%20%E2%80%93%20Income%20Statement) Ultrapar's consolidated net revenues decreased by **6% QoQ** to **R$33.33 billion** in Q1 2025, with gross profit falling by **33.8% QoQ**, and net income seeing a **59% QoQ** decrease to **R$363 million**, primarily due to lower operating income and negative share of profit/loss from associates Ultrapar Consolidated Income Statement (R$ million) | Indicator | 1Q25 | 1Q24 | 4Q24 | | :------------------------------------------------- | :----- | :----- | :----- | | Net revenues from sales and services | 33,329 | 30,396 | 35,401 | | Gross profit | 2,142 | 2,061 | 3,236 | | Operating income | 941 | 950 | 2,113 | | Financial result, net | (180) | (283) | (335) | | Total share of profit (loss) of subsidiaries, joint ventures and associates | (149) | (3) | (120) | | Income before income and social contribution taxes | 611 | 665 | 1,657 | | Net income | 363 | 455 | 881 | | Adjusted EBITDA | 1,188 | 1,358 | 2,379 | | Recurring Adjusted EBITDA | 1,183 | 1,306 | 1,284 | | Earnings per share (R$) | 0.30 | 0.39 | 0.76 | [Ultrapar – Cash Flows](index=82&type=section&id=2.8.3%20Ultrapar%20%E2%80%93%20Cash%20Flows) Ultrapar generated **R$3 million** in net cash from operating activities in Q1 2025, a significant improvement from **R$580 million** consumption in Q1 2024, but net cash consumed by financing activities increased substantially to **R$1.44 billion** Ultrapar Consolidated Cash Flows (R$ million) | Indicator | 1Q25 | 1Q24 | | :------------------------------------------ | :----- | :----- | | Net income | 363 | 455 | | Cash flows from operating activities before changes in working capital | 1,511 | 1,639 | | Net cash provided (consumed) by operating activities | 3 | (580) | | Net cash provided (consumed) by investing activities | 827 | (1,784) | | Net cash provided (consumed) by financing activities | (1,442) | 179 | | Increase (decrease) in cash and cash equivalents | (636) | (2,178) | | Cash and cash equivalents at the end of the period | 1,436 | 3,748 | [Ipiranga – Employed Capital and Income Statement](index=84&type=section&id=2.8.4%20Ipiranga%20%E2%80%93%20Employed%20Capital%20and%20Income%20Statement) Ipiranga's total operating assets remained stable at **R$21.65 billion** in Q1 2025, while liabilities decreased by **15.49% QoQ** to **R$5.83 billion**, and net revenues fell by **6% QoQ** to **R$30.23 billion**, with Recurring Adjusted EBITDA at **R$826 million** Ipiranga Employed Capital (R$ million) | Indicator | Mar 25 | Mar 24 | Dec 24 | | :------------------------------------ | :----- | :----- | :----- | | Total operating assets | 21,653 | 21,455 | 21,740 | | Total operating liabilities | 5,833 | 6,791 | 6,897 | Ipiranga Income Statement (R$ million, except R$/m³) | Indicator | 1Q25 | 1Q24 | 4Q24 | | :------------------------------------ | :----- | :----- | :----- | | Net revenues | 30,234 | 27,693 | 32,097 | | Gross profit | 1,429 | 1,380 | 2,308 | | Operating income | 568 | 544 | 1,528 | | Recurring Adjusted EBITDA | 826 | 783 | 844 | | Recurring Adjusted EBITDA margin (R$/m³) | 148 | 140 | 140 | [Ultragaz – Employed Capital and Income Statement](index=86&type=section&id=2.8.5%20Ultragaz%20%E2%80%93%20Employed%20Capital%20and%20Income%20Statement) Ultragaz's total operating assets remained stable at **R$3.46 billion** in Q1 2025, while liabilities decreased by **34.05% QoQ** to **R$932 million**, and net revenues fell by **7% QoQ** to **R$2.86 billion**, with Recurring Adjusted EBITDA at **R$393 million** Ultragaz Employed Capital (R$ million) | Indicator | Mar 25 | Mar 24 | Dec 24 | | :------------------------------------ | :----- | :----- | :----- | | Total operating assets | 3,464 | 3,855 | 3,467 | | Total operating liabilities | 932 | 1,412 | 965 | Ultragaz Income Statement (R$ million, except R$/ton) | Indicator | 1Q25 | 1Q24 | 4Q24 | | :------------------------------------ | :----- | :----- | :----- | | Net revenues | 2,863 | 2,500 | 3,068 | | Gross profit | 536 | 515 | 747 | | Operating income | 303 | 308 | 524 | | Recurring Adjusted EBITDA | 393 | 401 | 441 | | Recurring Adjusted EBITDA margin (R$/ton) | 959 | 966 | 966 | [Ultracargo – Employed Capital and Income Statement](index=88&type=section&id=2.8.6%20Ultracargo%20%E2%80%93%20Employed%20Capital%20and%20Income%20Statement) Ultracargo's total operating assets increased to **R$3.59 billion** in Q1 2025, while liabilities decreased by **8.6% QoQ** to **R$765 million**, and net revenues fell by **4% QoQ** to **R$271 million**, with Adjusted EBITDA at **R$166 million** and a **61.4%** margin Ultracargo Employed Capital (R$ million) | Indicator | Mar 25 | Mar 24 | Dec 24 | | :------------------------------------ | :----- | :----- | :----- | | Total operating assets | 3,592 | 3,069 | 3,491 | | Total operating liabilities | 765 | 759 | 837 | Ultracargo Income Statement (R$ million, except %) | Indicator | 1Q25 | 1Q24 | 4Q24 | | :------------------------------------ | :----- | :----- | :----- | | Net revenues | 271 | 263 | 283 | | Gross profit | 167 | 171 | 181 | | Operating income | 128 | 127 | 132 | | Adjusted EBITDA | 166 | 165 | 169 | | Adjusted EBITDA margin (%) | 61.4% | 62.8% | 59.9% | [Minutes of the Meeting of the Board of Directors of Ultrapar Participações S.A., held on May 7, 2025](index=90&type=section&id=ITEM%203.%20Minutes%20of%20the%20Meeting%20of%20the%20Board%20of%20Directors) The Board of Directors of Ultrapar Participações S.A. met on **May 7, 2025**, and approved the company's financial statements for the first quarter of the current fiscal year without amendments or qualifications - The Board of Directors met on **May 7, 2025**, at the Company's headquarters[311](index=311&type=chunk) - The financial statements for the first quarter of the current fiscal year were analyzed and approved by all Board members without amendments or qualifications[313](index=313&type=chunk) - Key attendees included the Chairman, Vice-Chairman, other Board members, Secretary, CEO, CFO, and Executive Officers of the Company Businesses[312](index=312&type=chunk)[314](index=314&type=chunk)

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 ...

Core Viewpoint - Ultrapar Participacoes S.A. (UGP) is currently viewed as a more attractive investment option compared to Enbridge (ENB) for value investors, based on various valuation metrics and earnings outlook improvements [3][7]. Valuation Metrics - UGP has a forward P/E ratio of 9.51, significantly lower than ENB's forward P/E of 20.37, indicating that UGP may be undervalued [5]. - The PEG ratio for UGP is 2.40, while ENB's PEG ratio stands at 4.07, suggesting UGP has a better balance between price and expected earnings growth [5]. - UGP's P/B ratio is 1.10, compared to ENB's P/B of 2.08, further supporting the notion that UGP is undervalued relative to its book value [6]. Earnings Outlook - UGP is experiencing an improving earnings outlook, which enhances its attractiveness in the Zacks Rank model, indicating stronger potential for future performance compared to ENB [3][7].

Core Viewpoint - Ultrapar Participacoes (UGP) is currently identified as a strong value stock, supported by its favorable Zacks Rank and various valuation metrics indicating it is undervalued compared to its industry peers [4][8]. Valuation Metrics - UGP has a P/E ratio of 10.22, significantly lower than the industry average of 17.75, indicating potential undervaluation [4]. - The stock's PEG ratio stands at 2.57, compared to the industry average of 3.02, suggesting a favorable growth outlook relative to its price [5]. - UGP's P/B ratio is 1.08, which is also lower than the industry average of 2.21, further supporting the notion of undervaluation [6]. - The P/CF ratio for UGP is 4.13, well below the industry average of 11.16, highlighting its attractive cash flow position [7]. Earnings Outlook - The combination of UGP's strong valuation metrics and positive earnings outlook positions it as an impressive value stock in the current market [8].

Core Viewpoint - Investors in the Oil and Gas - Production and Pipelines sector should consider Ultrapar Participacoes S.A. (UGP) as a more attractive option compared to Enbridge (ENB) for value investing opportunities [1]. Valuation Metrics - Ultrapar Participacoes S.A. has a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision compared to Enbridge, which has a Zacks Rank of 3 (Hold) [3]. - UGP's forward P/E ratio is 10.36, significantly lower than ENB's forward P/E of 20.86, suggesting UGP is undervalued relative to ENB [5]. - The PEG ratio for UGP is 2.61, while ENB's PEG ratio is 4.17, indicating UGP has a better balance between its price and expected earnings growth [5]. - UGP's P/B ratio is 1.20, compared to ENB's P/B of 2.14, further supporting UGP's valuation as more attractive [6]. - Based on these valuation metrics, UGP holds a Value grade of A, while ENB has a Value grade of D, highlighting UGP's superior valuation profile [6]. Earnings Outlook - UGP is currently experiencing an improving earnings outlook, which enhances its attractiveness in the Zacks Rank model [7].

Core Viewpoint - Ultrapar Participacoes (UGP) is identified as a potentially undervalued stock, supported by strong valuation metrics and a favorable earnings outlook [4][8]. Valuation Metrics - UGP has a Forward P/E ratio of 11.20, significantly lower than the industry average of 19.06, indicating potential undervaluation [4]. - The PEG ratio for UGP stands at 2.82, compared to the industry average of 3.24, suggesting a more attractive valuation relative to expected earnings growth [5]. - UGP's P/B ratio is 1.21, which is appealing against the industry's average P/B of 2.38, indicating a favorable market value compared to book value [6]. - The P/CF ratio for UGP is 4.60, well below the industry average of 11.99, highlighting a strong cash flow outlook [7]. Investment Outlook - The combination of UGP's strong valuation metrics and positive earnings outlook positions it as a compelling value stock for investors [8].

Financial Performance - Ultrapar reported a net revenue of R$133 billion for 2024, a 6% increase compared to 2023[19]. - The company achieved a recurring EBITDA of R$5.4 billion and a net income of R$2.5 billion, with R$769 million allocated for dividends[19]. - Ultrapar's net income for the fiscal year ended December 31, 2024, is R$ 2,362,739,882.29 (approximately $2.36 billion) [60]. - Ultrapar reported net revenues of R$ 133,498.9 million in 2024, a 6% increase from R$ 126,048.7 million in 2023, driven by higher revenues from Ipiranga and Ultragaz[171]. - The cost of products and services sold increased by 6% to R$ 123,811.9 million in 2024, up from R$ 116,730.5 million in 2023, primarily due to higher costs at Ipiranga and Ultragaz[173]. - Gross profit for Ultrapar was R$ 9,687.0 million in 2024, reflecting a 4% increase compared to R$ 9,318.2 million in 2023[175]. - Operating income before share of profit (loss) of subsidiaries was R$ 5,073.1 million in 2024, an 11% increase from R$ 4,565.9 million in 2023[181]. - Net income remained stable at R$ 2,525.9 million in 2024, compared to R$ 2,517.8 million in 2023[183]. Investments and Capital Allocation - In 2024, Ultrapar invested R$2.2 billion, with R$1.3 billion (59%) for business expansion and R$900 million for maintenance[16]. - A significant investment of R$1.8 billion was made to acquire a 42% stake in Hidrovias do Brasil, marking the largest capital allocation in a single asset in the past decade[16]. - The investment plan for 2025 totals R$2.5 billion, with R$1.5 billion allocated for business expansions across Ipiranga, Ultragaz, and Ultracargo[20]. - Ultrapar's total net debt as of December 31, 2024, was R$ 7,755.6 million, with a net debt to equity ratio of 49%[146]. - The company’s gross debt increased from R$ 11,768 million in 2023 to R$ 14,302.1 million in 2024, with short-term debt rising from 17% to 25% of gross debt[155]. Governance and Management - Ultrapar's governance model was enhanced by establishing Boards of Directors in its businesses, improving agility and accountability[17]. - A planned transition for the roles of Chief Executive Officer and Chief Financial and Investor Relations Officer is set to conclude in April 2025[18]. - The Board of Directors is proposed to consist of 9 members, maintaining the current number from the last Annual General Meeting[62]. - The Company aims to balance relevant experience and skills in its Board of Directors to address strategic issues and future needs[65]. - The Board of Directors will determine the compensation for the Chief Executive Officer and other executive officers based on the proposal from the People and Sustainability Committee[94]. Sustainability and ESG Initiatives - The company is advancing its sustainability strategy, updating its 2030 ESG plan to be completed by 2025[18]. - The management emphasized the importance of sustainability initiatives, committing to reduce carbon emissions by 30% by 2025[121]. Shareholder Engagement and Rights - The company reported a significant increase in shareholder engagement, with meetings held within the first 4 months after the fiscal year conclusion[91]. - Shareholders participating in meetings must provide identity verification and proof from the depositary institution, ensuring compliance with regulations[92]. - The company allows remote voting for shareholders, adapting to modern governance practices[92]. - The resolution to increase the capital stock for payment in assets may only be made at a Shareholders' Meeting[90]. - The Company will allocate 5% of net profit to the legal reserve, up to a limit of 20% of the capital stock[129]. Market and Operational Performance - Ipiranga's sales volume grew by 2% to 23,569.7 thousand m³ in 2024, with a 5% increase in the Otto cycle[169]. - Ultragaz's sales volume increased by 1% to 1,746.7 thousand tons in 2024, driven by a 3% rise in the bulk segment[170]. - Ultracargo's billed m³ sold rose by 9% to 17,143.3 thousand m³ in 2024, attributed to new operations and increased fuel movement[170]. - The fuel distribution market recorded a volume growth of 4% compared to 2023, with a 6% increase in the Otto cycle and a 3% increase in diesel[199]. Compliance and Regulatory Matters - The company is required to submit to arbitration at the Market Arbitration Tribunal for any controversies arising between shareholders, directors, and executive officers[128]. - The rules set forth by the New Market Regulation will prevail over the provisions in the bylaws regarding tender offers[128]. - The company must adhere to Brazilian Federal Laws 6,385/76 and 6,404/76, as well as other applicable capital market regulations[128].

Core Insights - The article emphasizes the importance of in-depth research and insights for informed investment decisions in the Latin American equity market [1] Group 1 - The company has over 5 years of experience in equity analysis specifically focused on Latin America [1] - The research provided aims to assist clients in making informed investment decisions [1]