Institutional presentation Disclaimer Forward-looking statements ▪ This presentation may include forward-looking statements about future events. Such statements reflect only the expectations of the management of the Company. Words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements are subject to risks and uncertainti ...

Key Takeaways Chevron is in advanced talks to buy a 30% stake in Ultrapar's Ipiranga fuel distribution unit.The move builds on their ICONIC venture and targets Brazil's growing fuel demand and market potential.Ultrapar seeks to free capital while retaining control as Ipiranga's EBITDA share declines.Chevron Corporation (CVX) , a leading global energy company with operations spanning upstream exploration and production to downstream refining and marketing, is reportedly in advanced talks with Brazil’s Ultrap ...

Core Viewpoint - ARKO Petroleum Corp. will host a conference call on March 30, 2026, to discuss its financial results for Q4 and the full year ended December 31, 2025 [1] Company Overview - ARKO Petroleum Corp. is one of the largest wholesale fuel distributors in North America, supplying approximately 2 billion gallons of fuel annually to around 3,500 locations across the District of Columbia and more than 30 states [4] - The company engages in wholesale activities, fleet fueling, and wholesale distribution of fuel to retail convenience stores operated by its parent company, ARKO Corp. [4]

Company Overview - ARKO Petroleum Corp. is one of the largest wholesale fuel distributors by gallons in North America, supplying approximately 2 billion gallons of fuel annually to around 3,500 locations across the District of Columbia and more than 30 states [4]. Financial Results Announcement - The company will host a conference call on March 30, 2026, at 5:00 p.m. Eastern Time to discuss its financial results for the fourth quarter and full year ended December 31, 2025 [1][2]. - A press release with financial results will be provided prior to the call [2]. Conference Call Details - The conference call will include a question-and-answer period following the management team's presentation [2]. - Participants can join the call using a toll-free dial-in number (877) 407-8306 or an international dial-in number (201) 689-8481 [2]. - A telephonic replay will be available approximately three hours after the call concludes, lasting until April 27, 2026 [2][3]. Additional Information - The company is engaged in wholesale activities, fleet fueling, and the wholesale distribution of fuel to retail convenience stores operated by its parent company, ARKO Corp. [4].

Results Q4 2025 & Full year March 10, 2026 Disclaimer Any estimates and statements that may be made during this presentation about future operations regarding our strategy and future growth opportunities are based primarily on our current expectations and estimates or projections of future events and trends that affect or may affect our business and results of operations. Although we believe that these estimates and statements about future operations are based on reasonable assumptions, they are subject to ...

Group 1 - Brazilian conglomerate Ultrapar has engaged investment bank BTG Pactual to manage the potential sale of a stake in fuel distributor Ipiranga [1] - Chevron is reportedly in advanced talks to acquire a 30% stake in Ipiranga, although it remains unconfirmed if Chevron is among the potential buyers [1] - Ultrapar aims to reduce its exposure to fuel distribution and plans to reallocate capital towards the logistics sector while maintaining operational control of Ipiranga [1] Group 2 - The existing relationship between Chevron and Ipiranga, which includes a joint venture in the lubricants business, makes discussions about ownership a natural progression [1] - Ultrapar may be exploring options with multiple potential buyers for the stake in Ipiranga [1]

Core Viewpoint - Cosan S.A. is currently facing potential dilution of its stake in the joint venture Raízen due to a capital injection proposal from Shell Plc, which could lead to Shell gaining control over the venture [1][2]. Group 1: Capital Injection and Stake Dilution - Shell Plc has proposed a capital injection of 4 billion reais ($765 million) into Raízen, while Cosan has offered 1.5 billion reais, including 500 million reais from its controlling shareholder Rubens Ometto [1][2]. - The inability of Cosan to match Shell's capital injection raises concerns about the dilution of its stake in Raízen, potentially allowing Shell to gain control [2]. Group 2: Financial Performance and Debt Situation - Raízen's net debt has increased to 55.3 billion reais ($10.5 billion) by the end of December 2025, attributed to heavy investments, erratic weather, wildfires, and reduced sugarcane crushing, which have led to recent losses [3]. - The company has indicated significant uncertainty moving into February 2026, highlighting the challenges it faces [3]. Group 3: Business Segments - Cosan S.A. operates in the fuel distribution sector and is involved in the production of bioethanol, sugar, and energy through five segments: Raízen, Compass, Moove, Rumo, and Radar [3].

Core Insights - Ultrapar Participações S.A. operates in gas distribution, fuel distribution, and chemical production, with subsidiaries like Ipiranga, Ultragaz, and Oxiteno, competing in the energy and chemical sectors [1] Price Target Changes - The consensus price target for Ultrapar has risen from $4.7 to $5.4 over the past year, indicating increased optimism among analysts regarding the company's performance [2][6] - Despite the overall positive outlook, Banco Santander analyst Rodrigo Reis has set a more conservative price target of $4, reflecting a cautious perspective [2][6] Earnings Performance - Ultrapar's earnings in gas and fuel distribution segments have likely contributed to the upward revision in price targets, with strong earnings reports enhancing analyst confidence [3] Market Expansion Efforts - The company is focusing on market expansion, including increasing storage capacity and entering international markets, which may positively influence analysts' outlook [4] Strategic Initiatives - Strategic initiatives such as partnerships, acquisitions, and technological advancements, including the Abastece AÃ digital payments app, have likely bolstered positive sentiment towards Ultrapar [5][6]

Investor Presentation March 2026 Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address future business and financial events, conditions, expectations, plans or ambitions, and often include, but are not limited to, words such as "believe," "e ...

Core Viewpoint - CrossAmerica Partners LP announces the transition of leadership with Maura Topper appointed as President and CEO, succeeding Charles Nifong, effective March 2, 2026 [1][2][3] Leadership Transition - Maura Topper, previously the Chief Financial Officer, is now the President and CEO of CrossAmerica GP LLC, the general partner of CrossAmerica [1][3] - Charles Nifong, who served as President and CEO since November 19, 2019, will join the executive management team of Dunne Manning Holdings LLC [1][2] - The Board expressed gratitude for Nifong's leadership and highlighted his role in strategic pivots and significant transactions during his tenure [2][3] Company Background - CrossAmerica Partners LP is a leading wholesale distributor of motor fuels and convenience store operator, with a presence in 34 states and relationships with major oil brands [5][6] - The partnership distributes fuel to approximately 1,600 locations and owns or leases around 1,000 sites, ranking among the largest distributors for ExxonMobil and other major brands [6] Interim Leadership - Jonathan E. Benfield has been appointed as the Interim Chief Financial Officer of the General Partner, effective March 2, 2026 [4]