Ultrapar Participações S. A. is a Brazilian holding company with a diversified portfolio spanning energy, mobility, and logistics infrastructure. Founded in 1937, the company has evolved into a strategic investor focused on long-term value creation through disciplined capital allocation and active management of its subsidiaries. Ultrapar operates in Brazil and select South American markets, leveraging its expertise in distribution, storage, and transportation to serve critical sectors of the economy.

Ultrapar generates revenue through the sale of fuels, liquefied petroleum gas (LPG), renewable energy solutions, and liquid bulk storage services, as well as waterway logistics. Its primary products include gasoline, diesel, ethanol, LPG, compressed natural gas (CNG), biomethane, and bioLPG, alongside value-added services such as convenience stores, lubricants, and loyalty programs. The company also earns fees from storage and handling of liquid bulk commodities like chemicals, ethanol, and vegetable oils, and provides integrated logistics solutions for grains, minerals, and fertilizers. Customers range from retail consumers and small businesses to large industrial clients, governments, and multinational corporations.

The company operates through the following segments.

• Ipiranga: This segment is one of Brazil’s largest fuel distributors, with a 17% market share in diesel, gasoline, and ethanol as of 2025. Ipiranga operates a network of 5,805 service stations nationwide, offering high-quality fuels, lubricants, and complementary services such as convenience stores (AmPm) and loyalty programs (Km de Vantagens). The segment also serves business-to-business (B2B) clients, including industries, fleets, and government entities, through a network of 85 storage terminals. Ipiranga’s ecosystem includes Jet Oil, a lubricant-changing service franchise, and Iconic, a joint venture with Chevron producing and distributing lubricants.

• Ultragaz: This segment is a leading LPG distributor in Brazil, holding a 22.3% market share in 2025. Ultragaz sells bottled and bulk LPG for residential, commercial, and industrial use, alongside expanding into renewable energy solutions such as electricity, CNG, biomethane, and bioLPG. The segment operates 46 storage and filling plants, serving approximately 10.5 million households and 53,000 business customers through a network of 6,300 independent resellers. Ultragaz has diversified its portfolio through acquisitions like NEOgás (CNG distribution) and Witzler (electricity trading), positioning itself as an integrated energy platform.

• Ultracargo: This segment is Brazil’s largest independent liquid bulk storage provider, operating nine terminals with a total capacity of 1.1 million cubic meters. Ultracargo stores and handles fuels, chemicals, ethanol, corrosives, and vegetable oils, serving a diversified client base including fuel distributors, petrochemical companies, and agribusinesses. The segment generates stable revenue through long-term contracts, with 65% of its 2025 revenue derived from agreements exceeding three years. Ultracargo’s terminals are strategically located in key ports and logistics hubs, offering multipurpose storage and value-added services like ship loading and pipeline operations.

• Hidrovias: This segment provides waterway logistics solutions, specializing in the transportation of grains, minerals, and fertilizers across strategic corridors in South America. Hidrovias operates a fleet of 484 barges and 31 pushers, transporting 17.9 million tons of cargo in 2025. The segment’s assets include private-use terminals in Barcarena and Miritituba (Brazil), a leased terminal in Santos (Brazil), and minority stakes in terminals in Uruguay and Paraguay. Hidrovias serves major agribusiness and mining clients under long-term contracts, offering integrated services such as transshipment, port operations, and river navigation.

Ultrapar holds a dominant position in Brazil’s energy and logistics sectors, competing with established players like Vibra, Raízen, Copa Energia, and Cattalini. Its competitive advantages include a diversified and synergistic portfolio, national capillarity, and robust infrastructure. Ipiranga benefits from its extensive service station network and loyalty programs, while Ultragaz leverages its strong brand recognition and last-mile distribution expertise. Ultracargo’s leadership in liquid bulk storage is underpinned by its multipurpose terminals and long-term client contracts, and Hidrovias stands out for its cost-efficient, low-carbon waterway logistics solutions. The company’s disciplined capital allocation, strong corporate governance, and focus on innovation further strengthen its market position.

Ultrapar serves a broad customer base across its segments. Ipiranga’s customers include retail consumers at its service stations, B2B clients such as industries and government fleets, and franchisees operating AmPm convenience stores and Jet Oil lubricant services. Ultragaz serves residential households, commercial businesses (e.g., restaurants, laundries, hotels), and industrial clients, including agribusinesses and condominiums. Ultracargo’s clients encompass fuel distributors like Ipiranga, petrochemical companies, and ethanol producers, while Hidrovias’s primary customers are multinational agribusinesses (e.g., COFCO, BTG Pactual) and mining companies (e.g., LHG Mining). The company’s diversified revenue streams and long-term contracts provide stability and resilience across economic cycles.