UGP · Ultrapar Participações S.A.

Ultrapar Participações S.A. delivered strong Q1 2026 results with consolidated net revenue growing 10% year-over-year to R$36.8 billion, driven by higher sales volumes and pricing in core operations. Gross profit more than doubled to R$3.2 billion, reflecting improved cost management and operational efficiencies as cost of goods sold increased at a slower pace than revenue. Operating income before financials and taxes reached R$1.8 billion, up from R$0.8 billion last year, bolstered by controlled selling, general, and administrative expenses despite some increases. The company reported a net financial expense of R$398 million, wider than prior year due to higher interest costs, but pre-tax income still surged to R$1.4 billion. After taxes of R$498 million, consolidated net income hit R$914 million, with R$876 million attributable to shareholders. Parent-level results showed net income of R$876 million, primarily from equity pickup in subsidiaries. Balance sheet remains solid with total assets at R$50.2 billion, cash equivalents up to R$3.9 billion, supporting liquidity amid R$19.4 billion in total debt. Equity attributable to shareholders stood at R$16.5 billion. The filing includes detailed segment notes, related party transactions, and board meeting minutes from May 6, 2026, providing transparency into ongoing operations and governance.