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Core Viewpoint - Ultrapar Participacoes S.A. (UGP) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][4]. Earnings Estimates and Stock Ratings - The Zacks rating system is primarily driven by changes in a company's earnings picture, with the Zacks Consensus Estimate reflecting EPS estimates from sell-side analysts [2]. - The Zacks rating upgrade for Ultrapar Participacoes suggests an improvement in its earnings outlook, which is expected to positively impact its stock price [4][6]. Impact of Earnings Estimate Revisions - Changes in future earnings potential, as indicated by earnings estimate revisions, are strongly correlated with near-term stock price movements, particularly due to institutional investors' reliance on these estimates for valuation [5]. - Ultrapar Participacoes has seen a 25.9% increase in the Zacks Consensus Estimate over the past three months, with an expected earnings per share of $0.34 for the fiscal year ending December 2025, indicating no year-over-year change [9]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, where Zacks Rank 1 stocks have generated an average annual return of +25% since 1988 [8]. - Ultrapar's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [10][11].

Group 1 - The auditorium is equipped with safety features including emergency exits, smoke detectors, and audiovisual alarms [1][2][3] - Medical support and emergency telephone services are available on-site for any urgent situations [2] - Clear instructions and signage are provided for safe evacuation, emphasizing the importance of following guidelines during emergencies [3]

Summary of Ultrapar (NYSE: UGP) 2025 Investor Day Company Overview - **Company**: Ultrapar - **Event**: 2025 Investor Day - **Date**: September 19, 2025 Key Points Industry Context - The fuel market in Brazil has been experiencing significant changes, particularly with the rise of biofuels driven by government mandates [9][11] - Petrobras, the main supplier in Brazil, has lost market share to private refineries and imports, leading to increased competition and market volatility [11][12] - The market has seen a growth of 4% above GDP over the past four years, primarily due to biofuels [9] Safety and Operational Excellence - Safety is emphasized as a core value and license to operate, with Ipiranga reporting no reportable incidents in August [8][9] - Continuous improvement in safety culture and operational processes is a priority for the company [8][49] Market Dynamics - Ipiranga has maintained stable market share despite the competitive landscape, while IBP has lost significant market share [12] - Tax asymmetry and irregular operations have disrupted the market, but recent regulatory changes are aimed at improving compliance [12][15] Financial Performance - Ipiranga has doubled its EBITDA, reflecting strong operational performance and favorable market conditions [46] - The company has invested between BRL 400 million to BRL 700 million annually in key buyers, impacting its competitive positioning [18] Logistics and Distribution - Ipiranga has made significant progress in logistics, reducing storage expenses and increasing freight productivity [25][26] - The company aims to capture BRL 250 million in benefits over the next two years through improved logistics [27] Product and Service Expansion - Ipiranga is the largest independent operator of biofuels in Brazil and is expanding its product offerings, including lubricants and convenience store partnerships [24][35] - The company has restructured its AMPM franchise to enhance value for resellers and consumers [34] Regulatory Environment - The Brazilian LPG market is characterized by robust regulation, ensuring quality and safety in operations [54][59] - Recent regulatory reviews are aimed at maintaining high standards in the LPG market, with a focus on branded bottles and quality assurance [60][62] Future Outlook - Ultrapar is focused on sustainable growth, with plans to expand its logistics capabilities and enhance operational efficiency [105][106] - The company is exploring new energy solutions, including biomethane and electric energy, to diversify its offerings [76][75] Investment and Growth Strategy - Ultrapar has invested over BRL 3 billion in the last decade, with expectations for returns in the coming years [64] - The company is committed to maintaining a strong market presence through strategic investments and operational excellence [102] Community Engagement - Ipiranga has initiatives aimed at social responsibility, including medical support programs for truck drivers and local communities [44] Additional Insights - The company is leveraging technology and innovation to enhance operational efficiency, including the use of AI for contract evaluation and performance monitoring [99][100] - Ultrapar's commitment to ESG goals includes a focus on waste reduction and sustainability in its operations [100] This summary encapsulates the key points discussed during the Ultrapar 2025 Investor Day, highlighting the company's strategic focus, market dynamics, and future growth prospects.

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]

Financial Performance - Consolidated net revenue from sales and services for the first half of 2025 reached R$34,055,043, an increase from R$32,343,947 in the same period of 2024, representing a growth of approximately 5.3%[22] - Net income for the period was R$1,088,364 for the first half of 2025, compared to R$437,915 in the same period of 2024, showing a substantial increase of approximately 148.5%[22] - The company reported a basic earnings per share of R$1.0103 for the first half of 2025, up from R$0.3969 in the first half of 2024, representing an increase of about 154.5%[22] - Net income for the period attributable to shareholders of Ultrapar was R$1,088,364 thousand for the six months ended June 30, 2025, compared to R$1,421,210 thousand for the same period in 2024, representing a decrease of approximately 23.4%[24] - Total comprehensive income for the period attributable to shareholders of Ultrapar was R$1,014,801 thousand for the six months ended June 30, 2025, down from R$1,357,808 thousand in 2024, reflecting a decline of about 25.3%[24] - The company reported a net income of R$1,150,532 thousand for the consolidated group for the six months ended June 30, 2025, compared to R$1,513,716 thousand in 2024, indicating a decrease of approximately 24%[24] - Basic earnings per share for the period was R$1.0001 for the six months ended June 30, 2025, compared to R$1.3026 in 2024, a decline of about 23.2%[24] - The company reported a gain on the fair value of energy contracts amounting to R$33,830, which was not present in the previous year[30] Assets and Liabilities - As of June 30, 2025, Ultrapar's consolidated total assets reached R$45.61 billion, an increase from R$39.56 billion as of December 31, 2024, representing a growth of approximately 15.4%[20] - Total current assets increased to R$16.86 billion from R$16.05 billion, showing a growth of approximately 5%[20] - Non-current assets grew to R$28.75 billion from R$23.51 billion, reflecting an increase of around 22.2%[20] - The company's total liabilities rose from R$39,558,074 as of December 31, 2024, to R$45,608,193 as of June 30, 2025, indicating an increase of approximately 15.5%[21] - Total current liabilities decreased from R$10,493,201 as of December 31, 2024, to R$9,279,761 as of June 30, 2025, reflecting a reduction of approximately 11.6%[21] - Non-current liabilities increased significantly from R$13,241,429 as of December 31, 2024, to R$17,932,663 as of June 30, 2025, marking an increase of about 35.5%[21] Cash Flow and Investments - The consolidated cash and cash equivalents stood at R$2.90 billion, up from R$2.07 billion at the end of 2024, reflecting a growth of 40%[20] - Net cash provided by continuing operating activities reached R$1,058,787, a significant increase from R$490,180 in Q2 2024[31] - Consolidated cash flows from investing activities showed a net inflow of R$1,210,689, compared to a net outflow of R$2,895,619 in Q2 2024[31] - The company reported a capital increase in subsidiaries, associates, and joint ventures amounting to R$357,090, down from R$584,085 in the previous year[32] - The company reported proceeds of R$4,685,905 from loans and financing during the first half of 2025, while principal payments totaled R$3,981,234[125] Equity and Shareholder Information - Total equity increased from R$15,823,444 as of December 31, 2024, to R$18,395,769 as of June 30, 2025, reflecting a growth of approximately 16.2%[21] - The balance of total equity as of June 30, 2025, was R$18,395,769 thousand, an increase from R$14,029,826 thousand as of December 31, 2024, reflecting a growth of approximately 31.0%[26] - The company approved dividends totaling R$493,301, equivalent to R$0.45 per share, which was paid on March 14, 2025[170] Operational Performance - Gross profit for the consolidated operations was R$2,147,707 for the first half of 2025, compared to R$2,108,092 in the first half of 2024, indicating a slight increase of 1.9%[22] - The company reported a total depreciation and amortization of R$907,012 for the period, which includes various amortization expenses[182] - Operating income for the total segments was R$2,365,758, indicating a strong operational performance despite the decline in net income[182] Acquisitions and Investments - Ultrapar acquired a controlling interest of 52.05% in Hidrovias do Brasil S.A., up from 41.94% as of December 31, 2024[44] - The company acquired control of Hidrovias on May 8, 2025, which may impact future financial performance[63] - The acquisition of control over Hidrovias do Brasil S.A. was completed on May 8, 2025, with an investment of R$1,840,236 impacting the financial results significantly[100] Financial Risks and Policies - The company has a financial risk policy approved by its Board of Directors, focusing on preserving the value and liquidity of financial assets[197] - Market risks include exchange rate, interest rate, commodity prices, credit risk, and liquidity risk, all managed through specific strategies and instruments[200] - The Financial Risk Committee monitors compliance with the financial risk policy and reports to the Audit and Risk Committee[198]

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]

[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)