Ultrapar (UGPA3) Q2 2026 earnings summary

Executive summary

• Net revenue reached R$ 41.5 billion in 2Q26, up 22% year-over-year, driven by Ipiranga's strong performance.

• Adjusted EBITDA grew 70% to R$ 3.5 billion, with recurring adjusted EBITDA up 149% to R$ 3.7 billion, reflecting robust results across all business units.

• Net income for 2Q26 was R$ 1.7 billion, a 46% increase year-over-year; 1H26 net income rose 71% over 1H25.

• Record operating cash generation of R$ 4.8 billion in 2Q26, supported by strong business performance and working capital release at Ipiranga.

• Leverage ratio dropped to 0.9x adjusted LTM EBITDA, the lowest since 2008.

Financial highlights

• Gross profit for 2Q26 was R$ 4.6 billion, up 114% year-over-year.

• Recurring adjusted EBITDA margin improved to 8.8% from 4.3% in 2Q25.

• Investments totaled R$ 517 million in 2Q26, focused on expansion, technology, and infrastructure.

• Interim dividends of R$ 1.085 billion distributed, equivalent to R$ 1.00 per share (3.8% yield).

• Net debt reduced to R$ 8.9 billion (0.9x adjusted LTM EBITDA), with cash and cash equivalents at R$ 10.7 billion.

Outlook and guidance

• Advances in growth, productivity, and value creation initiatives, including the completion of Ultracargo's largest investment cycle.

• Continued focus on sustainability, digital transformation, and operational excellence.

• Expansion of the "Gás do Povo" program, now covering over 1,800 municipalities.