Q4 2025 Ultrapar Participacoes SA Earnings Call (English, Portuguese) Transcript
Key Points
- Ultrapar Participacoes SA (UGP) achieved the highest recurring adjusted EBITDA ever recorded in the fourth quarter of 2025.
- The company generated a record operational cash flow of BRL5.5 billion, allowing for a comfortable leverage of 1.7 times.
- Ultrapar paid BRL1.4 billion in dividends in 2025, equivalent to BRL1.30 per share, resulting in a dividend yield of 7%.
- Significant progress was made on the institutional agenda, including regulatory improvements in the LPG sector and taxation for naphtha.
- The company announced a robust investment plan for 2026, with up to BRL2.6 billion allocated for expansion, maintenance, safety, and efficiency.
- Adjusted EBITDA for the fourth quarter decreased by 34% compared to the same period last year due to nonrecurring effects.
- Net income for the fourth quarter was BRL256 million, a 71% decrease compared to the same period of 2024.
- Ultragaz experienced a 2% decrease in LPG volume sold in 2025, with a notable decline in the bulk segment.
- Ultracargo's adjusted EBITDA decreased by 15% in the fourth quarter, reflecting lower cubic meters sold and higher costs.
- The company faces challenges from geopolitical tensions and economic volatility as it enters 2026.
Good morning. Thank you for holding. Welcome to the earnings release call of Ultrapar to discuss the results referring to the fourth quarter 2025.
The presentation will be conducted by Mr. Rodrigo Pizzinatto, CEO of Ultrapar; and by Mr. Alexandre Palhares, CFO of Ultrapar. Our question-and-answer session will follow, and we will have with us Mr. Leonardo Linden, CEO of Ipiranga; Mr. Tabajara Bertelli, CEO of Ultragaz; and Mr. Fulvius Tomelin, CEO of Ultracargo.
This call is being recorded and will be accessed later through the website, ri.ultra.com.br. After the initial presentation, we are going to start the Q&A session where further instructions will be provided. (Operator Instructions) Presentation will be provided in Portuguese, and you have the option in English to be downloaded later.
Before moving on, we would like to clarify that forward-looking statements that may be made during this conference call with respect to business prospects, forecasts and operation and financial goals of the company are all based on beliefs and assumptions of the Executive Board of Ultra,
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