Group 1 - Cosan S.A. (NYSE:CSAN) experienced a significant share price decline of 20.92% from September 18 to September 25, 2025, making it one of the worst-performing energy stocks during that week [1] - The company announced plans to raise up to 10 billion Brazilian reais (approximately $1.9 billion) through a public offering aimed at reducing its increasing debt [3] - Analysts from Citi indicated that the public offering could lead to a 40-50% dilution for current shareholders, but it is expected to be beneficial as it would allow Cosan S.A. to enter a new phase focused on deleveraging [4] Group 2 - Following the recent downturn, Cosan S.A.'s share price has decreased by 51% over the past year [4]

Core Viewpoint - Parkland Corporation and Sunoco LP announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, a significant regulatory approval for Sunoco's acquisition of Parkland, expected to close in Q4 2025, pending other regulatory approvals and customary closing conditions [1][2]. Group 1: Company Overview - Parkland Corporation is a leading international fuel distributor and convenience retailer operating in 26 countries across the Americas, with approximately 4,000 retail and commercial locations [3]. - The company focuses on providing essential fuels and renewable energy solutions, including ultra-fast EV charging and carbon credit options, aiming to lower environmental impact [3]. - Parkland's strategy is built on two pillars: Customer Advantage, which emphasizes brand differentiation and customer loyalty, and Supply Advantage, which aims for the lowest cost to serve in challenging markets [4]. Group 2: Sunoco LP Overview - Sunoco LP operates as a master limited partnership in energy infrastructure and fuel distribution across over 40 U.S. states, Puerto Rico, Europe, and Mexico, with a network of approximately 14,000 miles of pipeline and over 100 terminals [5]. - The partnership serves around 7,400 branded locations and additional independent dealers and commercial customers, supported by its extensive midstream operations [5].

Core Viewpoint - Sunoco LP is progressing towards the acquisition of Parkland Corporation, with the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act being a significant regulatory milestone for the transaction, which is anticipated to close in Q4 2025, pending other regulatory approvals and customary closing conditions [1][2]. Company Overview Sunoco LP - Sunoco LP operates as a leading energy infrastructure and fuel distribution master limited partnership across over 40 U.S. states, Puerto Rico, Europe, and Mexico, featuring approximately 14,000 miles of pipeline and over 100 terminals [3]. - The partnership serves around 7,400 branded locations and additional independent dealers and commercial customers, with its general partner owned by Energy Transfer LP [3]. Parkland Corporation - Parkland is recognized as a prominent international fuel distributor and convenience retailer, operating in 26 countries across the Americas, with a retail network that caters to everyday consumer needs [4]. - The company emphasizes environmental sustainability by offering renewable fuels, ultra-fast EV charging, and various solutions for carbon credits and solar power, with around 4,000 retail and commercial locations in Canada, the U.S., and the Caribbean [4][5]. Strategic Focus Parkland's Strategy - Parkland's strategy is built on two main pillars: Customer Advantage and Supply Advantage, aiming to be the preferred choice for customers through competitive pricing, reliable service, and a strong loyalty program [5]. - The Supply Advantage focuses on achieving the lowest cost to serve in challenging markets, leveraging well-positioned assets and significant scale to enhance business performance [5].

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.

Core Viewpoint - Parkland Corporation has initiated the process for shareholders to elect their preferred form of consideration in connection with the Sunoco Arrangement, which involves a cash and equity transaction for the acquisition of all issued and outstanding Company Shares [1][10]. Group 1: Shareholder Communication - A Letter of Transmittal has been mailed to registered holders of common shares, detailing the necessary documentation and information required to obtain their entitled consideration under the Sunoco Arrangement [2]. - Registered shareholders must follow the instructions in the Letter of Transmittal to ensure proper submission to Computershare Investor Services Inc., the depositary for the Sunoco Arrangement [2][3]. Group 2: Election Options - Shareholders can choose from three options for their consideration in exchange for each Company Share: 1. C$44.00 in cash (Cash Elected Consideration) 2. Approximately 0.536 SunocoCorp Units (Unit Elected Consideration) 3. A combination of cash and units, subject to proration and adjustments (Combination Elected Consideration) [4][7]. - Failure to submit a properly completed Letter of Transmittal by the Election Deadline will result in shareholders being deemed to have elected the Combination Elected Consideration [4]. Group 3: Election Deadline - The Election Deadline has not yet been determined, but Parkland will announce it prior to the closing date of the Sunoco Arrangement [5]. Group 4: Company Overview - Parkland Corporation is a leading international fuel distributor and convenience retailer, operating in 26 countries across the Americas, with approximately 4,000 retail and commercial locations [6]. - The company focuses on providing essential fuels while also offering renewable fuel options, ultra-fast EV charging, and solutions for carbon credits and solar power [6].

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]

Second Quarter 2025 Performance Overview - Retail Segment gross profit decreased by 1% to $76.127 million[6] - Retail Segment operating income decreased by 10% to $25.299 million[6] - Wholesale Segment gross profit decreased by 12% to $24.865 million[6] - Wholesale Segment operating income decreased by 15% to $17.744 million[6] - Net income increased by 103% to $25.168 million[8] - Adjusted EBITDA decreased by 13% to $37.083 million[8] - Distributable Cash Flow decreased by 14% to $22.396 million[8] Capital Management - Second quarter capital expenditures totaled $11.8 million, including $9.3 million in growth capex[13] - Credit facility balance was $727.0 million as of June 30, 2025[13] - Leverage ratio was 3.65x at June 30, 2025[13]

Core Viewpoint - CrossAmerica Partners LP reported a significant improvement in net income for Q2 2025 compared to Q2 2024, primarily due to asset sales, although overall performance remains below prior-year levels [3][4][5]. Financial Performance - Net Income for Q2 2025 was $25.2 million, up from $12.4 million in Q2 2024, reflecting a $12.7 million increase [4][5]. - Adjusted EBITDA decreased to $37.1 million in Q2 2025 from $42.6 million in Q2 2024, a decline of $5.5 million [4][5]. - Distributable Cash Flow for Q2 2025 was $22.4 million, down from $26.1 million in Q2 2024 [4][5]. - The Distribution Coverage Ratio for Q2 2025 was 1.12x, compared to 1.30x in Q2 2024 [4][5]. Segment Performance Retail Segment - Retail segment gross profit for Q2 2025 was $76.1 million, slightly down from $76.6 million in Q2 2024 [5][7]. - Motor fuel gallons distributed in the retail segment decreased to 141.7 million in Q2 2025 from 143.0 million in Q2 2024, a 1% decline [7][8]. - Merchandise gross profit increased by 2% year-over-year, with same-store merchandise sales excluding cigarettes rising by 4% [9][10]. Wholesale Segment - Wholesale segment gross profit fell to $24.9 million in Q2 2025 from $28.1 million in Q2 2024, a 12% decrease [11][12]. - Wholesale motor fuel gallons distributed decreased to 179.2 million in Q2 2025 from 192.1 million in Q2 2024, a 7% decline [11][12]. Asset Management and Divestment - CrossAmerica sold 60 properties for $64.0 million during Q2 2025, resulting in a net gain of $29.7 million [13]. - The company reduced debt by over $50 million through asset sales, strengthening its balance sheet [3][4]. Liquidity and Capital Resources - As of June 30, 2025, CrossAmerica had $727.0 million outstanding under its credit facility, down from $778.0 million at the end of 2024 [14]. - Leverage was reported at 3.65 times as of June 30, 2025, compared to 4.36 times at the end of 2024 [14]. Distributions - The Board declared a quarterly distribution of $0.5250 per limited partner unit for Q2 2025, payable on August 14, 2025 [15].

Financial Data and Key Metrics Changes - The company reported a record second quarter with adjusted EBITDA of $464 million, excluding approximately $10 million of one-time transaction-related expenses, and distributable cash flows as adjusted of $300 million [3] - The leverage at the end of the quarter was just under 4.2 times [4] - A distribution of $90.88 per common unit was declared, representing an increase of 1.25% compared to the previous quarter, resulting in a trailing twelve-month coverage ratio of 1.9 times [4] Business Line Data and Key Metrics Changes - In the Fuel Distribution segment, adjusted EBITDA was $214 million, with volumes at 2.2 billion gallons, up 5% from the previous quarter but flat compared to the same quarter last year [6][7] - The Pipeline Systems segment reported adjusted EBITDA of $177 million, with throughput at 1.2 million barrels per day, down from 1.3 million barrels per day in the first quarter [8] - The Terminals segment delivered adjusted EBITDA of $73 million, with throughput at 692,000 barrels per day, up from 620,000 barrels per day in the first quarter [9] Market Data and Key Metrics Changes - The company continues to see solid demand across its system despite macro volatility, with gross profit supported by longer haul tariffs and strong agricultural demand in the Midwest [9] - The overall market for fuel distribution remains flat, but the company expects to leverage its investments for increased volume and EBITDA in the second half of the year [8][10] Company Strategy and Development Direction - The company aims to continue generating increasing distributable cash flow per unit, positioning itself for ongoing distribution increases and additional growth [5] - The acquisition of Parkland is expected to enhance the scale and efficiency of the company's pipeline and terminal segments, with anticipated double-digit accretion [13][14] - The company is focused on strong operational execution, expense discipline, and profit optimization while continuing to grow its asset base [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year guidance, with all three business segments performing well [12] - The company anticipates a strong second half of the year, outperforming the first half, driven by organic growth and acquisitions [12][14] - Recent macro developments, such as the expiration of the federal EV tax credit, are expected to support robust refined product demand for decades [16] Other Important Information - The company spent approximately $120 million on growth capital and $40 million on maintenance capital in the second quarter [3] - The company is on track to meet its 2025 projected capital spend, which includes at least $400 million of growth capital [3] Q&A Session Summary Question: Update on Parkland acquisition synergies and tax implications - Management feels confident in achieving $250 million in synergies by year three and maintaining a long-term leverage target of four times within twelve to eighteen months [21][24] - The recent budget bill is expected to minimize cash tax leakage and maintain parity dividends [25][26] Question: Expectations for fuel margins in the second half of the year - Management indicated that the fundamentals for the fuel distribution business remain healthy, with expectations for noticeable volume growth and healthy margins in the second half [31][33] Question: Capital allocation post-Parkland and Tanguid acquisitions - The top priorities post-acquisition are integrating the acquired assets and returning the balance sheet to the target leverage [44] - The company will assess market opportunities for growth after achieving integration and synergies [44][46] Question: Seasonal slowdown in fuel distribution volumes - Management confirmed expectations for a strong second half of the year, driven by organic investments and roll-up acquisitions [51][53]

Financial Data and Key Metrics Changes - The company reported a record second quarter with adjusted EBITDA of $464 million, excluding approximately $10 million of one-time transaction-related expenses, and distributable cash flows as adjusted of $300 million [3] - The distribution declared for the second quarter was $90.88 per common unit, representing an increase of 1.25% compared to the previous quarter, resulting in a trailing twelve-month coverage ratio of 1.9 times [4] - Leverage at the end of the quarter was just under 4.2 times [4] Business Line Data and Key Metrics Changes - In the Fuel Distribution segment, adjusted EBITDA was $214 million, with volumes at 2.2 billion gallons, up 5% from the previous quarter but flat compared to the same quarter last year [5][6] - The Pipeline Systems segment reported adjusted EBITDA of $177 million, with throughput at 1.2 million barrels per day, down from 1.3 million barrels per day in the first quarter [8] - The Terminals segment delivered adjusted EBITDA of $73 million, with throughput at 692,000 barrels per day, up from 620,000 barrels per day in the first quarter [9] Market Data and Key Metrics Changes - The company noted solid demand across its system despite macro volatility, with some minor impacts from planned turnaround activity on its crude system [8] - The overall market for fuel distribution remains flat, but the company has consistently grown its volume and fuel profit dollars over the last twelve to eighteen months [6][7] Company Strategy and Development Direction - The company expects to continue generating increasing distributable cash flow per unit, positioning itself for ongoing distribution increases and additional growth [5] - The acquisition of Parkland is expected to enhance the scale and efficiency of the company's pipeline and terminal segments, with anticipated double-digit accretion [13][14] - The company is focused on strong operational execution, expense discipline, and profit optimization while continuing to grow its asset base [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year EBITDA guidance and expects the second half of the year to outperform the first half [12] - The company believes that refined product demand will remain robust for decades, supported by recent macro developments [16] - Management is optimistic about the integration of Parkland and the expected synergies, estimating $250 million in synergies by year three [22] Other Important Information - The company plans to close the acquisition of Tainquid terminal assets in Germany and Poland in early Q4 [14] - The regulatory process for the Parkland acquisition is proceeding as expected, with a close date estimated for Q4 [47] Q&A Session Summary Question: Update on Parkland acquisition synergies and tax implications - Management feels confident about achieving $250 million in synergies by year three and maintaining a strong balance sheet [22] - Tax planning indicates that Suncorp dividends will remain at parity with Sunoco LP distributions well past the two-year period [24] Question: Expectations for fuel margins in the second half of the year - The company anticipates a strong second half driven by organic investments and roll-up acquisitions, despite the absence of higher-margin businesses in reported numbers [30][51] Question: Capital allocation post-Parkland and Tanguid - The top priorities post-acquisition are integrating the acquired assets and returning the balance sheet to the target leverage ratio [43] - The company will assess market opportunities for future growth after achieving these priorities [44]