Financial Data and Key Metrics Changes - Ultrapar's adjusted EBITDA was R$1.9 billion, a 27% increase year over year, including R$185 million in extraordinary tax credits [8] - Net income for the quarter reached R$772 million, an 11% increase year over year, driven by higher operating results and tax credits [8] - Operating cash generation was R$2.1 billion, nearly three times the cash generated in the same period last year [9] - The company ended the quarter with R$12 billion in net debt and a leverage of 1.7 times, down from 1.9 times in the previous quarter [10] Business Line Data and Key Metrics Changes - Ipiranga's volume sold increased by 1% compared to last year, with a notable recovery in sales volume in September [10] - Epranga's EBITDA totaled R$1.85 billion, a 12% increase year over year, while recurring EBITDA was R$892 million, a 5% decrease compared to the previous year [11] - UltraGas reported a 6% decrease in LPG volume sold compared to the same period in 2023, but recurring adjusted EBITDA increased by 3% [12] - UltraCargo's average installed capacity grew by 3% year over year, but cubic meters sold decreased by 12%, leading to a 9% decrease in net revenue [13][14] - Hidrovias handled 30% more volume compared to the same period last year, with adjusted EBITDA reaching R$332 million [15] Market Data and Key Metrics Changes - The market recovery was noted following the carbon lookout operation, which has been addressing irregular companies in the sector [10] - The competitive dynamics in the LPG market were impacted by increased costs from Petrobras auctions, leading to lower demand [12] Company Strategy and Development Direction - The company is focused on reducing leverage and enhancing its strategic positioning, including the expansion of UltraCargo's terminal and the acquisition of a stake in Virto [5][6] - Ultrapar aims to invest in sectors with high growth and profitability potential, while also considering dividend distribution if no suitable projects are found [23][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing recovery in the market, expecting continued volume growth and profitability in the fourth quarter [12] - The company is committed to fighting illegal practices in the fuel sector and is optimistic about the impact of recent regulatory actions [4][20] Other Important Information - The company recognized R$238 million in extraordinary tax credits at Epranga, contributing to strong cash generation [4] - The approval of the LPG terminal in Pecém for UltraGas was highlighted as a commitment to safety and efficiency in supply [6] Q&A Session Summary Question: Expectations for Ipiranga's volume and margin improvements - Management noted that the hidden carbon operation has positively impacted the industry, with expectations for volume recovery and margin optimization [18][20] Question: Future capital allocation strategy - The company will seek projects with potential for value creation, but if no suitable projects are found, it may increase dividend distribution [23][27] Question: Cash generation and dividend distribution - Strong cash generation in the quarter may lead to anticipated dividends in the fourth quarter, considering new taxation on dividends [26][27] Question: Inventory variation and CapEx expectations - Management indicated that inventory levels are stable, and CapEx for the year is expected to be about 10% less than initially planned [28][29] Question: Changes in LPG pricing and compliance with resellers - The government program aims to address energy poverty, and compliance with resellers is being actively communicated [30][32] Question: Regulatory review of LPG - The regulatory review process is ongoing, with expectations for completion in the first half of 2026 [33][34] Question: Profitability expectations for Ipiranga in the fourth quarter - Management expects similar profitability levels in the fourth quarter, with ongoing market dynamics influencing margins [35]

Group 1 - The Colombian government is exploring plans to implement an unfinished diesel price increase, aiming for freight contractors to bear the cost rather than transport operators [1] - The fuel price stabilization fund (FEPC) subsidies for gasoline and diesel are identified as a major cause of the fiscal deficit [1] - The government has canceled subsidies for large consumers and certain non-freight vehicles, which account for approximately 30% of total diesel consumption [1] Group 2 - The government plans to reduce the scale of the original tax reform proposal, eliminating tax increases on gasoline and beer, while only adjusting income tax for high-income individuals [1] - Wealth tax, financial sector tax, and certain environmental taxes will be maintained to concentrate the tax burden on high-income groups [1]

股票简称：广州发展 股票代码：600098 公告编号：临 2025-067 号 公司债券简称：21 穗发 01、21 穗发 02、22 穗发 01、22 穗发 02 公司债券代码：188103、188281、185829、137727 广州发展集团股份有限公司 2025 年 1-9 月主要生产经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚 假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准 确性和完整性承担法律责任。 截至 2025 年 9 月 30 日，公司主要生产经营数据如下： 一、电力业务 2025 年 7-9 月，公司合并口径发电企业累计完成发电量 70.68 亿千瓦时，上网电量（含光伏发电售电量）67.80 亿千 瓦时，与去年同期相比分别增长 8.31%和 8.60%。2025 年 1-9 月，公司合并口径发电企业累计完成发电量 189.15 亿千瓦 时，上网电量（含光伏发电售电量）181.53 亿千瓦时，与去 年同期相比分别增长 1.70%和 2.05%。 | 光伏发电项目 | | 7-9 月 | | | 1-9 | | 月 | | | --- | --- | --- | -- ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the impact of global tariffs on trade and economic activity, particularly focusing on the US economy and its interactions with other countries, including China, Japan, and Canada [4][10][11]. Core Insights and Arguments 1. **Tariff Impact on US Economy**: - The US imposed broad global tariffs, reaching their highest levels since the 1930s, which has created uncertainty in the market. However, the risk of recession is not the base case due to the strong economy prior to the tariffs [4][10]. - Effective tariff rates are close to 12-13%, with tariff revenues annualizing at approximately $350 billion, representing about 20% of corporate profits in manufacturing and trade sectors [4][10][11]. 2. **Labor Market Dynamics**: - The US labor market is showing signs of slowing, with job growth less than half of last year's pace and real labor income growth nearing zero. This slowdown in labor income is expected to impact consumer spending [4][5][17]. - Despite the slowdown in hiring, there has not been a significant increase in firings, which is typically a precursor to recession [4][17]. 3. **Consumer Spending Resilience**: - Consumer spending has not yet shown a material slowdown, and Q2 GDP was revised upwards. The increases in wealth over recent years are expected to support spending, particularly among higher-income households [4][17]. 4. **Sectoral Strengths and Weaknesses**: - Certain sectors, such as gold, AI-related IT hardware, and pharmaceuticals, have shown resilience and contributed positively to trade numbers. However, this strength may be temporary [10][16]. - Exports from China to the US have significantly decreased, but some economic impacts have been mitigated by rerouting exports through other Asian economies [11][14]. 5. **Global Economic Outlook**: - There is an expectation of a meaningful slowdown in both the US and global economies, with risks of negative GDP growth in countries like Japan and Canada due to trade-related slowdowns [12][13][17]. - Manufacturing PMIs in the Euro area have declined after months of improvement, indicating that trade tensions are beginning to affect the industry [14][15]. Additional Important Insights - The front-loading of exports ahead of tariffs has temporarily deferred some economic challenges, but the long-term effects of tariffs are still uncertain [10][11]. - The combination of strained corporate margins, uneven pass-through of costs, and a softer global capital expenditure environment suggests slower global growth in the coming quarters [16][17]. This summary encapsulates the key points discussed in the conference call, highlighting the implications of tariffs on the US economy and global trade dynamics.

中信证券表示，欧洲SAF价格持续上涨，目前已突破2700美元/吨。欧洲提出高额补贴计划，强制添加 政策的执行力度或加强，预计SAF需求将爆发。在2025年上半年欧洲SAF-HVO价格倒挂，国内新增供 给和出口许可证审批进度不及预期，近期在国内外主要SAF工厂密集检修等多因素共同作用下，SAF供 应紧张局面或将延续。此外，欧盟对美国SAF施加反倾销税，对中国生产商形成利好。在SAF的产业化 趋势逐渐明确的背景下，建议关注行业内主要玩家。 据百川盈孚消息，2025年9月22日，SAF(可持续航空燃料)欧洲FOB主流价已涨至2705美元，季度同比增 长21%；同期，SAF中国FOB主流价涨至2400美元，季度同比增长20%。欧洲SAF价格上涨或与完成强 制添加而补库有关。 ...

Core Viewpoint - The Brazilian Minister of Finance, Fernando Haddad, emphasized the importance of using intelligence from the Federal Revenue Service to support investigations into fuel smuggling and to curb the illegal importation of fuel by large companies using "shell companies" [1] Group 1: Legislative Measures - Strengthening legislation against habitual tax offenders is a crucial step in combating illegal activities in the fuel sector [1] - The Minister highlighted that the fuel industry, due to its extensive and large-scale operations, has become a focal point for illegal activities [1] Group 2: Recent Actions - During the "Carbon Chain Action" on August 28, authorities seized a number of trucks and fuel, revealing a nationwide money laundering network [1] - The actions taken will not affect compliant businesses; instead, they aim to protect them from unfair competition posed by illegal operators [1] Group 3: Consumer Protection - Consumers may unknowingly purchase illegal fuel, and the recent actions are intended to maintain fairness and safety in the market [1] - The tax authorities collaborated with experts from the Brazilian Ministry of Mines and Energy to analyze fuel samples to confirm their composition and compliance with import regulations [1] Group 4: Future Strategies - Improving relevant laws and fostering interdepartmental cooperation will help address the root causes of illegal fuel imports [1]

Core Insights - Colombia's total exports reached $28.82 billion from January to July 2025, showing a year-on-year increase of 0.6% [1] - The export of fuel products significantly declined by 19.8%, with coal exports down by 35.6% and oil exports down by 15.3%, negatively impacting overall export performance [1] - The United States remains Colombia's largest export destination, accounting for 30.6% of total exports, followed by Panama, the Netherlands, India, Brazil, Ecuador, and China [1] - Exports to China constituted 3.2% of Colombia's total exports, experiencing a year-on-year decline of 41.6%, which reduced its contribution to Colombia's exports by 2.3% [1]

Financial Data and Key Metrics Changes - Adjusted EBITDA for the period decreased by 14% to R52 billion, reflecting a challenging macroeconomic environment [15][30] - Free cash flow improved by more than 70% compared to the prior year, reaching almost ZAR 12.6 billion, a 75% increase [33][34] - Net debt was reduced to $3.7 billion, achieving the target of staying under $4 billion, marking the lowest level since 2016 [12][31] Business Line Data and Key Metrics Changes - In the South African business, mining EBITDA increased by 15%, while gas EBITDA rose by 35% due to higher gas prices and sales volumes [37] - Fuels segment saw a decline of 38% due to weaker rand oil prices and lower refining margins [37] - International Chemicals increased its share of group adjusted EBITDA from 9% to 15%, driven by improved U.S. Ethylene margins and stronger palm kernel oil pricing [38] Market Data and Key Metrics Changes - The macroeconomic environment was highly volatile, influenced by global tariffs and geopolitical tensions, impacting various business segments differently [32] - The chemical segments benefited from stronger U.S. Ethylene margins and a 5% uplift in the overall chemicals basket price [32] Company Strategy and Development Direction - The company is focused on strengthening its foundation, resetting international chemicals, and restoring the South African value chain [8][26] - A commitment to a 30% reduction in greenhouse gas emissions by 2030 is part of the strategic roadmap, with significant progress in renewable energy initiatives [47][50] - The company aims to improve cash generation to accelerate deleveraging while advancing its growth and transformation agenda [27][40] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the operating environment but expressed confidence in the execution of strategic plans [9][26] - The focus remains on safety, operational reliability, and optimizing capital allocation to navigate ongoing macro volatility [28][41] - Future guidance includes maintaining cost and capital discipline while targeting further reductions in net debt [43][44] Other Important Information - The company invested R600 million in social programs globally, supporting over 250 students and contributing to community infrastructure projects [24][25] - The upcoming retirement of key executives marks a transition in leadership, with new appointments aimed at addressing both short and long-term goals [19][20] Q&A Session Summary Question: CapEx savings and guidance for FY 2026 - The company achieved CapEx below guidance due to a rigorous approach, deferring low-risk activities and optimizing capital spend [56][64] - Guidance for FY 2026 remains similar to FY 2025 despite no shutdown, with expectations for increased volumes from the destoning plant [56][64] Question: Gas volumes and impairment calculations - Gas volumes from Mozambique are expected to ramp up, but total recoverable gas volumes were revised down due to changes in the WACC rate [58][66] - The commissioning of the integrated processing facility is on track, but delays in the CTT project have been encountered [58][73] Question: Outlook for chemical prices and debt reduction - The company is focused on deleveraging, using excess cash to reduce gross debt and improve net debt position [92] - The effective tax rate has increased due to non-permissible deductions, impacting overall tax payments [80]

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]

Group 1 - Brazil has implemented a new mandatory blending policy for gasoline and diesel biofuels, increasing the ethanol blend in gasoline from 27% to 30% and the biodiesel blend in diesel from 14% to 15% [1] - The Brazilian government anticipates that the new policy will lower fuel prices and volatility without compromising supply security, with gasoline prices potentially decreasing by up to 0.11 reais per liter [1] - The initiative aims to reduce dependence on imported fuels amid global oil price fluctuations due to geopolitical conflicts, leveraging Brazil's position as a major producer of ethanol and biodiesel [1] Group 2 - Concerns have been raised by the automotive parts industry regarding the higher ethanol blend potentially causing engine compatibility issues for traditional gasoline vehicles [2] - The increase in biodiesel blending has also raised technical concerns among logistics companies and transport operators, particularly regarding biodiesel's stability and potential maintenance costs [2] - To address market concerns, the National Agency of Petroleum, Natural Gas and Biofuels (ANP) has intensified regulatory oversight on biodiesel production, distribution, and storage to prevent quality issues [2]