Ultrapar Participações S.A. (UGP): Business Model Canvas

In der dynamischen Landschaft der brasilianischen Energie- und Kraftstoffverteilung entwickelt sich Ultrapar Participações S.A. (UGP) zu einem Kraftpaket, das ein komplexes Geschäftsmodell entwickelt, das über traditionelle Branchengrenzen hinausgeht. Dieses vielseitige Unternehmen steuert strategisch die Kraftstoffverteilung, die chemische Herstellung und die Logistik und schafft so ein robustes Ökosystem, das umfassende Energielösungen für verschiedene Marktsegmente liefert. Durch die Nutzung strategischer Partnerschaften, innovativer Technologien und eines umfassenden Vertriebsnetzes hat sich UGP als zentraler Akteur in der komplexen Energieinfrastruktur Brasiliens positioniert und bietet beispiellose Wertversprechen, die Zuverlässigkeit, Effizienz und wettbewerbsfähige Preise vereinen.

Ultrapar Participações S.A. (UGP) – Geschäftsmodell: Wichtige Partnerschaften

Petrobras: Strategische Kraftstoffvertriebspartnerschaft

Ultrapar unterhält eine wichtige Partnerschaft mit Petrobras für die Kraftstoffverteilung. Ab 2023 umfasst die Partnerschaft:

Partnerschaftsmetrik	Spezifische Daten
Kraftstoffverteilungsvolumen	Etwa 5,4 Milliarden Liter pro Jahr
Dauer der Partnerschaft	Laufende strategische Beziehung seit 2000
Jährlicher Wert des Kraftstoffliefervertrags	18,3 Milliarden R$

Shell: Joint Venture im Kraftstoffeinzelhandel und -vertrieb

Zu den Einzelheiten der Shell-Partnerschaft gehören:

• Gemeinsames Tankstellennetz
• Gemeinsame Vertriebsinfrastruktur
• Kollaborative Marketingstrategien

Partnerschaftsmetrik	Spezifische Daten
Anzahl gemeinsamer Tankstellen	372 Einzelhandelsstandorte
Jährlicher Joint-Venture-Umsatz	6,7 Milliarden R$

Internationale Hersteller von Öl- und Gasausrüstung

Ultrapar arbeitet mit globalen Geräteherstellern zusammen:

• Technip Energies
• Honeywell UOP
• Emerson Electric

Hersteller	Ausrüstungsinvestitionen	Partnerschaftsfokus
Technip Energies	45 Millionen R$	Raffinerieausrüstung
Honeywell UOP	38 Millionen R$	Technologien zur Prozessoptimierung

Logistik- und Transportdienstleister

Zu den wichtigsten Logistikpartnerschaften gehören:

• Grupo JSL
• Tegma Gestão Logística
• DHL-Lieferkette

Anbieter	Jährliches Transportvolumen	Vertragswert
Grupo JSL	2,3 Millionen Kilometer	127 Millionen R$
Tegma Logística	1,8 Millionen Kilometer	95 Millionen R$

Partner für Technologie und digitale Lösungen

Kooperationen zur digitalen Transformation:

• Microsoft Azure
• SAP
• IBM Cloud

Technologiepartner	Investition	Umsetzungsfokus
Microsoft Azure	22 Millionen R$	Cloud-Infrastruktur
SAP	18 Millionen R$	Unternehmensressourcenplanung

Ultrapar Participações S.A. (UGP) – Geschäftsmodell: Hauptaktivitäten

Kraftstoffverteilung über die Marke Ipiranga

Ipiranga betreibt im Jahr 2023 7.300 Tankstellen in ganz Brasilien. Das jährliche Kraftstoffverteilungsvolumen erreichte im Jahr 2022 21,5 Milliarden Liter. Der Gesamtumsatz aus dem Kraftstoffverkauf belief sich im selben Jahr auf 114,5 Milliarden R$.

Metrisch	Wert
Gesamttankstellen	7,300
Jährliches Kraftstoffverteilungsvolumen	21,5 Milliarden Liter
Umsatzerlöse aus Kraftstoffen	114,5 Milliarden R$

Produktion und Vertrieb von LPG (Flüssiggas).

Ultragaz ist das wichtigste Vertriebssegment für Flüssiggas. Das jährliche LPG-Verkaufsvolumen betrug im Jahr 2022 1,6 Millionen Tonnen. Der Marktanteil in Brasilien beträgt etwa 30 %.

• Gesamtes LPG-Verkaufsvolumen: 1,6 Millionen Tonnen
• Brasilianischer Marktanteil: 30 %
• Anzahl der LPG-Vertriebszentren: 22

Herstellung chemischer Produkte über Oxiteno

Oxiteno betreibt 6 Industrieanlagen in Brasilien und Uruguay. Die jährliche Produktionskapazität beträgt 650.000 Tonnen Spezialchemikalien. Exportpräsenz in über 30 Ländern.

Herstellungsdetails	Spezifikation
Gesamte Industrieanlagen	6
Jährliche Produktionskapazität	650.000 Tonnen
Exportländer	30+

Betrieb von Einzelhandelstankstellen

Ipiranga verwaltet 7.300 Einzelhandelstankstellen mit vielfältigen Serviceangeboten. Der Umsatz in Convenience-Stores erreichte im Jahr 2022 2,8 Milliarden R$.

• Gesamtzahl der Einzelhandelsstationen: 7.300
• Umsatz in Convenience-Stores: 2,8 Milliarden R$
• Durchschnittlicher täglicher Kundenverkehr pro Station: 250-300

Lager- und Logistikinfrastrukturmanagement

Ultrapar betreibt 54 Lagerterminals mit 1,2 Millionen Kubikmetern Lagerkapazität. Das Logistiknetzwerk umfasst 7 brasilianische Bundesstaaten.

Infrastrukturmetrik	Wert
Gesamtspeicherterminals	54
Gesamtspeicherkapazität	1,2 Millionen Kubikmeter
Abgedeckte Staaten	7

Ultrapar Participações S.A. (UGP) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Vertriebsnetz

Ultrapar betreibt ein umfassendes Vertriebsnetz in ganz Brasilien mit der folgenden Infrastruktur:

Gesamtzahl der Einzelhandelstankstellen	7,200
Gesamtzahl der LPG-Verteilungspunkte	1,400
Geografische Abdeckung	26 brasilianische Staaten

Markenbekanntheit

Zu den wichtigsten Markenwerten gehören:

• Kraftstoffmarke Ipiranga
• Gasvertriebsmarke Ultragaz
• Ultracargo-Logistikinfrastruktur

Logistik- und Lagerinfrastruktur

Gesamtspeicherterminals	54
Gesamtspeicherkapazität	1,2 Millionen Kubikmeter
Größe der Logistikflotte	2.300 Fahrzeuge

Management-Team

Durchschnittliche Führungserfahrung: 15+ Jahre in den jeweiligen Branchen

Geschäftsportfolio

• Kraftstoffverteilung
• LPG-Verteilung
• Chemikalienverteilung
• Lagerung und Logistik

Ultrapar Participações S.A. (UGP) – Geschäftsmodell: Wertversprechen

Umfassende Energie- und Kraftstofflösungen

Ultrapar bietet in seinen wichtigsten Geschäftssegmenten ein vielfältiges Spektrum an Energie- und Kraftstofflösungen an:

Segment	Marktanteil	Jahresumsatz (2022)
Ipiranga (Kraftstoffverteilung)	24,5 % brasilianischer Marktanteil	91,8 Milliarden R$
Ultragaz (LPG-Vertrieb)	30 % brasilianischer Marktanteil	8,5 Milliarden R$
Ultracargo (Flüssigkeitslagerung)	23 % brasilianische Flüssigkeitsspeicherkapazität	1,2 Milliarden R$

Zuverlässiges und weitreichendes Vertriebsnetz

Ultrapar unterhält eine umfangreiche Vertriebsinfrastruktur:

• 7.200 Tankstellen in ganz Brasilien
• 1.400 Ultragaz-Verteilungspunkte
• 11 Lagerterminals mit 550.000 m³ Fassungsvermögen

Hochwertige Erdölprodukte

Produktqualitätskennzahlen:

Produktkategorie	Qualitätsstandard	Jahresvolumen
Benzin	ANP-Konformitätsrate: 99,8 %	15,2 Milliarden Liter
Diesel	ANP-Konformitätsrate: 99,6 %	18,7 Milliarden Liter

Wettbewerbsfähige Preise auf den Kraftstoff- und Gasmärkten

Details zur Preisstrategie:

• Durchschnittliche Treibstoffpreisspanne: 8-12 %
• Wettbewerbsfähigkeit der LPG-Preise: 5–7 % unter dem Marktdurchschnitt

Integrierte Supply-Chain-Services

Lieferkettenfähigkeiten:

Service	Abdeckung	Jährliches Transaktionsvolumen
Logistikmanagement	Landesweite Abdeckung	1,2 Millionen Transporte
Speicherlösungen	11 strategische Terminals	4,5 Millionen Kubikmeter umgeschlagen

Ultrapar Participações S.A. (UGP) – Geschäftsmodell: Kundenbeziehungen

Kundenbindungsprogramme

Ultrapar Participações betreibt Treueprogramme in allen seinen Geschäftsbereichen, insbesondere in seiner Einzelhandelssparte für den Kraftstoffvertrieb in Ipiranga.

Treueprogramm	Mitglieder	Jährliche Transaktionen
Km de Vantagens	15,4 Millionen registrierte Benutzer	82,3 Millionen Treuetransaktionen im Jahr 2022

Digitale Plattformen für Service Management

Ultrapar bietet digitales Servicemanagement über mehrere Plattformen:

• Mobile Anwendung mit 3,2 Millionen aktiven Benutzern
• Webbasiertes Kundenservice-Portal
• Digitale Kundensupportkanäle rund um die Uhr

Direktvertriebs- und Supportkanäle

Kanaltyp	Anzahl der Kontaktpunkte	Jährliche Kundeninteraktionen
Physische Servicezentren	1.200 Servicestandorte	6,5 Millionen Kundeninteraktionen
Callcenter	12 dedizierte Supportzentren	4,8 Millionen Kundensupportanrufe

Persönlicher Service für Firmen- und Privatkunden

Firmenkundensegmente:

• Industriekunden: 2.300 direkte Firmenkunden
• Transportsektor: 1.700 Flottenmanagementkunden
• Agrarsektor: 890 spezialisierte Dienstleistungsverträge

Kontinuierliches Engagement durch mobile Anwendungen

Mobile App-Funktion	Kennzahlen zum Benutzerengagement
Ipiranga Mobile App	3,2 Millionen monatlich aktive Benutzer
Digitale Transaktionen	72 % der Treueprogramm-Transaktionen erfolgen über Mobilgeräte

Ultrapar Participações S.A. (UGP) – Geschäftsmodell: Kanäle

Einzelhandelstankstellen

Ultrapar betreibt ab 2023 8.639 Einzelhandelstankstellen in ganz Brasilien, wobei die Marke Ipiranga etwa 7.300 Tankstellen abdeckt.

Kanaltyp	Anzahl der Stationen	Marktabdeckung
Stationen mit der Marke Ipiranga	7,300	22 % des brasilianischen Kraftstoffeinzelhandelsmarktes
Franchise-Stationen	4,500	62 % des gesamten Netzwerks

Digitale Online-Plattformen

Zu den digitalen Kanälen von Ultrapar gehört das Treueprogramm Km de Vantagens mit 24,5 Millionen registrierten Nutzern im Jahr 2023.

• Transaktionen über digitale Plattformen: 38 % des gesamten Kraftstoffumsatzes
• Downloads mobiler Apps: 6,2 Millionen aktive Benutzer
• Online-Zahlungsintegration: 42 % der digitalen Transaktionen

Direktvertriebsteams

Ultrapar verfügt über spezialisierte Vertriebsmitarbeiter in mehreren Geschäftsbereichen.

Geschäftssegment	Vertriebsmitarbeiter	Jährliche Verkaufsabdeckung
Kraftstoffverteilung	1,200	98,7 Milliarden R$ im Jahr 2023
Ultragaz (Gasverteilung)	450	6,2 Milliarden R$ im Jahr 2023

Mobile Anwendungen

Die mobile App von Ipiranga ermöglicht digitale Transaktionen und die Verwaltung von Treueprogrammen.

• App-Nutzer: 6,2 Millionen
• Monatlich aktive Benutzer: 2,8 Millionen
• Digitale Zahlungstransaktionen: 42 % der App-Interaktionen

Unternehmensvertriebsmitarbeiter

Das B2B-Vertriebsteam von Ultrapar betreut Kunden aus Industrie, Handel und Transport.

Unternehmenssegment	Größe des Vertriebsteams	Jährlicher Unternehmensumsatz
Industriekunden	350	42,5 Milliarden R$
Transportsektor	250	22,3 Milliarden R$

Ultrapar Participações S.A. (UGP) – Geschäftsmodell: Kundensegmente

Einzelne Verbraucher

Ultrapar bedient Privatkunden über sein Ipiranga-Kraftstoffvertriebsnetz mit 7.216 Tankstellen in ganz Brasilien (Stand 2023).

Segmentcharakteristik	Marktdurchdringung
Kraftstoffverbraucher von Pkw	62 % des gesamten Kraftstoffmarktanteils im Einzelhandel
Privatkunden für LPG	35 % Marktanteil am brasilianischen Inlandsgasmarkt

Gewerbliche Transportunternehmen

Ultrapar unterstützt den kommerziellen Transport durch sein umfangreiches Kraftstoffvertriebsnetz.

• Dieselkraftstoffabsatz: 13,4 Milliarden Liter jährlich
• Flottenmanagementlösungen für Logistikunternehmen
• Umfassende Kraftstoffversorgung für den LKW- und Transportsektor

Industrielle Fertigungssektoren

Ultrapar bietet über Oxiteno spezialisierte chemische Lösungen für die Fertigungsindustrie.

Industriesegment	Marktabdeckung
Automobilchemikalienbedarf	28 % Marktanteil bei Spezialchemikalien
Agrochemischer Sektor	22 % Marktdurchdringung mit Industriechemikalien

Agrarbetriebe

Ultrapar unterstützt den Agrarsektor durch spezielle Kraftstoff- und Chemielösungen.

• Agrardieselabsatz: 4,2 Milliarden Liter jährlich
• Spezialisierte chemische Produkte für die landwirtschaftliche Verarbeitung
• Gezielte Kraftstoffverteilung in ländlichen Regionen

Kleine und mittlere Unternehmen

Ultrapar bietet umfassende Geschäftslösungen für KMU in verschiedenen Branchen.

Unternehmensunterstützung	Abdeckung
Kraftstoffverteilung	42 % Marktanteil bei KMU-Kunden
Chemikalienversorgung	37 % Spezialchemielösungen für KMU

Ultrapar Participações S.A. (UGP) – Geschäftsmodell: Kostenstruktur

Kosten für die Kraftstoffbeschaffung

Im Jahr 2022 beliefen sich die Treibstoffbeschaffungskosten von Ultrapar für sein Ipiranga-Segment auf insgesamt 56,4 Milliarden R$. Das Kraftstoffverteilungsvolumen des Unternehmens erreichte im gleichen Zeitraum 22,4 Milliarden Liter.

Kostenkategorie	Betrag (R$ Milliarden)	Prozentsatz der Gesamtkosten
Erwerb von Rohöl	42.3	75%
Transportkosten	8.5	15%
Lagerkosten	5.6	10%

Wartung der Infrastruktur

Ultrapar investierte im Jahr 2022 1,2 Milliarden R$ in die Wartung der Infrastruktur in seinen Geschäftsbereichen.

• Wartung der Ipiranga-Tankstellen: 450 Millionen R$
• Wartung des Ultragaz-Verteilungsnetzes: 250 Millionen R$
• Ultracargo-Terminalinfrastruktur: 350 Millionen R$
• Wartung der digitalen Infrastruktur: 150 Millionen R$

Logistik- und Vertriebskosten

Die gesamten Logistik- und Vertriebskosten für 2022 beliefen sich auf 3,8 Milliarden R$.

Logistiksegment	Kosten (R$ Millionen)
Kraftstofftransport	2,100
Gasverteilung	850
Chemielogistik	850

Gehälter und Leistungen der Mitarbeiter

Die gesamten Personalkosten beliefen sich im Jahr 2022 auf 2,5 Milliarden R$.

Mitarbeiterkategorie	Durchschnittliches Jahresgehalt (R$)	Gesamtzahl der Mitarbeiter
Executive-Ebene	750,000	120
Management	350,000	850
Technisches Personal	180,000	4,500
Operatives Personal	85,000	12,000

Investitionen in Technologie und digitale Infrastruktur

Die Technologieinvestitionen im Jahr 2022 beliefen sich auf insgesamt 350 Millionen R$.

• Initiativen zur digitalen Transformation: 150 Millionen R$
• Cybersicherheitsinfrastruktur: 80 Millionen R$
• Datenanalyseplattformen: 70 Millionen R$
• Cloud-Computing-Infrastruktur: 50 Millionen R$

Ultrapar Participações S.A. (UGP) – Geschäftsmodell: Einnahmequellen

Kraftstoff-Einzelhandelsverkauf

Im Jahr 2022 meldete das Ipiranga-Segment von Ultrapar einen Nettoumsatz von 101,8 Milliarden R$ aus Kraftstoffeinzelhandelsverkäufen.

Kraftstofftyp	Verkaufsvolumen (m³)	Umsatzbeitrag
Benzin	9,263,000	42.5%
Diesel	12,456,000	37.3%
Ethanol	4,789,000	15.2%

Kraftstoffgroßhandel

Der Kraftstoffgroßhandel generierte für Ultrapar im Jahr 2022 einen Nettoumsatz von 36,5 Milliarden R$.

• B2B-Kraftstoffverkauf an Transportunternehmen
• Kraftstoffversorgung im Industriesektor
• Kraftstoffverteilung im Agrarsektor

Herstellung chemischer Produkte

Das Oxiteno-Segment von Ultrapar meldete im Jahr 2022 einen Umsatz mit chemischen Produkten in Höhe von 5,2 Milliarden R$.

Produktkategorie	Umsatz (Mio. R$)	Marktanteil
Spezialchemikalien	2,800	22%
Grundchemikalien	2,400	18%

Logistik- und Lagerdienstleistungen

Das Logistiksegment Ultracargo erwirtschaftete im Jahr 2022 einen Umsatz von 1,3 Milliarden R$.

• Lagerung von Hafenterminals
• Lagerung flüssiger Massengüter
• Vermietung von Logistikinfrastruktur

Vertrieb und Verkauf von Flüssiggas

Das Ultragaz-Segment von Ultrapar meldete für 2022 einen LPG-Umsatz von 6,7 Milliarden R$.

Kundensegment	Verkaufsvolumen (Tonnen)	Umsatzbeitrag
Wohnen	456,000	65%
Kommerziell	189,000	25%
Industriell	55,000	10%

Ultrapar Participações S.A. (UGP) - Canvas Business Model: Value Propositions

Integrated energy and logistics solutions across Brazil.

• The logistics infrastructure segment includes waterway transportation and port operations through Hidrovias, handling grains, minerals, and fertilizers.
• Ultrapar Participações S.A. operates across mobility, energy, and logistics infrastructure via Ipiranga, Ultragaz, Ultracargo, and Hidrovias.

Reliable, nationwide supply of fuel and LPG products.

• Ipiranga, the second largest fuel distributor in Brazil, maintained a network of 5,812 substations as of the end of the third quarter of 2025.
• The company distributes liquefied petroleum gas (LPG) to residential, commercial, and industrial consumers through Ultragaz.

Convenience retail and loyalty programs (AmPm, Km de Vantagens).

• The offering includes AmPm convenience stores associated with the Ipiranga service stations.
• Digital payments services combine the abastece aí app and the Km de Vantagens loyalty program.

Strategic investment in low-carbon energy transition (LNG).

• The company entered the compressed natural gas (CNG) distribution market through the acquisition of NEOgás.
• Ultragaz began providing renewable electricity for businesses and homes, as well as biomethane for corporate clients.

Specialized, high-capacity liquid bulk storage services.

• Ultracargo operates as the market leader in independent bulk-liquid storage terminals in Brazil.
• In 2022, Ultracargo's six terminals provided a static storage capacity of 955 thousand m³.
• Ultracargo reported an Adjusted EBITDA of BRL 134 million in the third quarter of 2025.

Here's a quick math look at some key Q3 2025 operational and financial metrics:

Metric / Segment	Value (as of Q3 2025)	Comparison/Context
Total Revenue (TTM)	BRL 26.27B	Trailing Twelve Months Revenue.
Net Debt	BRL 12 billion	Reported at the end of the period.
Leverage (Net Debt/EBITDA)	1.7x	Improved from 1.9x last quarter.
Ipiranga Recurring EBITDA	BRL 892 million	A 5% decrease compared to Q3 2024.
Hidrovias Adjusted EBITDA	BRL 332 million	More than double the BRL 169 million in Q3 2024.
Ultracargo Net Revenue	BRL 243 million	A 9% decrease compared to the same period last year.
Market Capitalization	$4.53 Billion USD	As of December 2025.

What this estimate hides is the segment-specific performance variation, like the strong EBITDA growth in Hidrovias offsetting the dip in Ipiranga's recurring EBITDA.

Ultrapar Participações S.A. (UGP) - Canvas Business Model: Customer Relationships

You're looking at how Ultrapar Participações S.A. (UGP) manages its interactions across its diverse customer base, from the individual filling up at a service station to the large industrial partner relying on bulk storage.

Automated and transactional for fuel and convenience store sales

For the high-volume, low-touch retail side, the relationship is primarily automated and transactional, centered around the Ipiranga network. As of the second quarter of 2025, the network included 5,826 service stations. The convenience store arm, AmPm, ended Q1 2025 with 1,447 locations, showing same-store sales growth of 12% in that quarter. In the third quarter of 2025, Ipiranga stations sold 6.17 million cubic meters of fuel. This segment relies on speed and efficiency at the point of sale.

Loyalty program engagement via Km de Vantagens and abastece aí app

UGP builds digital relationships through its integrated platform. The abastece aí app and the Km de Vantagens loyalty program are key to driving repeat business and gathering customer data. This digital ecosystem is designed to boost customer retention for Ipiranga.

Dedicated account management for large industrial/commercial LPG and bulk storage clients

The relationships with larger clients in the LPG and bulk storage segments are definitely more personalized. For Ultragaz, the bulk LPG segment serves various entities including industries and agribusiness. While 2025 specific customer counts for the bulk segment aren't fully reported, in 2020, Ultragaz served approximately 58 thousand customers in its bulk segment. For Ultracargo, which operates specialized liquid bulk storage, the relationship involves managing complex logistics for commercial partners. The average installed capacity in Q3 2025 was 1,097,000 cubic meters, a 3% year-over-year increase, indicating ongoing service provision to these large clients.

Here's a quick look at the scale of the logistics and storage relationships:

Segment/Metric	Latest Reported Period	Value/Amount
Ultracargo Installed Capacity	Q3 2025	1,097,000 cubic meters
Ultracargo Cubic Meters Sold	Q3 2025	3,845,000 cubic meters
Ultragaz Bulk LPG Customers	2020 (Proxy for scale)	Approximately 58,000
Ipiranga Service Stations	Q2 2025	5,826

Long-term contracts for Ultracargo's specialized storage solutions

Ultracargo's business in specialized liquid bulk storage is underpinned by securing capacity for clients, often through longer-term arrangements, though specific contract lengths aren't public. The commitment to infrastructure expansion suggests confidence in these relationships. For instance, the company added 34,000 cubic meters to the Ultracargo Santos terminal, a tangible investment supporting client needs. The cubic meters sold by Ultracargo in Q3 2025 totaled 3,845,000 cubic meters, though this figure reflects lower demand related to fuel imports that quarter.

The relationship structure for Ultragaz's bulk distribution involves innovation in products and services for a variety of clients, from large businesses to condominiums, focusing on quick, safe, and cost-effective supply to stationary tanks. The company saw an 11% decrease in bulk LPG volume sold year-over-year in Q3 2025, reflecting competitive market dynamics.

• Focus on safety and innovation pervades all Ultracargo actions.
• Ultracargo terminals use 100% renewable energy certified since 2021.
• Ultragaz bulk distribution strategy targets large, medium, and small businesses.
• Ipiranga is actively working to capture volumes from the fight against informal practices.

Finance: draft 13-week cash view by Friday.

Ultrapar Participações S.A. (UGP) - Canvas Business Model: Channels

You're looking at how Ultrapar Participações S.A. (UGP) gets its products and services to customers across its diverse segments. It's a mix of physical presence, direct delivery, and digital tools. The channels are deeply embedded in the Brazilian energy and logistics landscape.

Ipiranga branded service stations and AmPm convenience stores

The Ipiranga brand is the primary consumer-facing channel for mobility fuels. This network is extensive, ensuring broad market coverage for gasoline and diesel sales. The convenience aspect is handled through the AmPm stores, which are also expanding their offerings, including a joint venture for Krispy Kreme operations in Brazil, as noted in early 2025 developments.

The scale of the Ipiranga network as of late 2025 is substantial:

Channel Component	Metric	Latest Reported Figure
Ipiranga Service Stations	Number of Stations (as of September 2025)	5,812
AmPm Convenience Stores	Number of Stores (as of Q1 2025)	1,447
Jet Oil Units	Number of Units	1,145
Fuel Volume Sold	Cubic Meters (Q3 2025)	6.17 million

The Ipiranga network sold 6.17 million cubic meters of fuel in the third quarter of 2025, with the Otto cycle (gasoline and ethanol) driving the 1% volume increase over the same period in 2024.

Ultragaz's direct bulk delivery and independent retailer network

Ultragaz utilizes a dual approach for Liquefied Petroleum Gas (LPG) distribution. Direct bulk delivery serves commercial and industrial clients, while an extensive network of independent retailers handles the bottled segment, which is essential for residential cooking.

The reach of Ultragaz as of late 2025 includes:

• Distributing 1.7 million tons of LPG annually.
• Supplying 11 million homes.
• Serving 57,000 business customers.

Looking ahead, the new government program, "Gás para o Povo," is projected to expand coverage to up to 15 million families by 2027, which could translate to an additional 170,000 tons of annual bottled LPG sales for Ultragaz, representing about a 16% growth in that segment.

Ultracargo's port and rail-connected storage terminals

Ultracargo acts as a critical logistics channel, primarily for liquid bulk products like fuels, biofuels, chemicals, and vegetable oils, connecting production centers to consumption points via multimodal infrastructure. The company is Brazil's largest independent liquid bulk storage provider.

Key operational capacities and network points include:

• Total tons handled in 2024 was over 15 million.
• The fleet includes more than 450 barges.
• The Suape facility has a current total storage capacity of 157,910 m³, with 152,910 m³ dedicated to liquid bulk across 39 tanks.
• The Palmeirante (TO) terminal, starting operations in early 2025, has a capacity of 23,000 cubic meters.
• Planned expansions include adding 83,000 m³ at the Itaqui (MA) terminal by 2026, 25,000 m³ in Santos, and 22,000 m³ in Rondonópolis (MT).

For the third quarter of 2025, Ultracargo reported an Adjusted EBITDA of R$ 134 million.

Digital channels: abastece aí mobile app for payments and loyalty

The abastece aí mobile application serves as a digital channel for customer engagement, payments, and loyalty management, integrated with the Km de Vantagens program. This digital layer helps drive repeat business across Ipiranga service stations, AmPm stores, and Jet Oil services.

The scale of the associated loyalty program is significant:

• Km de Vantagens boasts 38 million participants.

The app facilitates direct transactions, allowing users to accumulate points when fueling at Ipiranga, using Jet Oil, or buying at AmPm, and also permits digital payments for vehicle debts like IPVA and licensing.

Ultrapar Participações S.A. (UGP) - Canvas Business Model: Customer Segments

You're looking at the specific groups Ultrapar Participações S.A. (UGP) serves across its energy and logistics infrastructure businesses as of late 2025. This isn't just one market; it's a collection of distinct customer bases relying on Ipiranga, Ultragaz, and Ultracargo.

Mass Market Vehicle Owners and Drivers (Ipiranga Fuel)

This segment is the core of Ipiranga's retail fuel distribution. These are the everyday drivers and fleet operators topping up at the pump, plus those using the associated convenience and service offerings. The scale here is significant, reflecting a deep penetration into the Brazilian mobility sector.

Key metrics for this customer base as of late 2025 include:

• Service stations network size as of September 2025: 5,812.
• Loyalty program participants (Km de Vantagens): Over 38 million participants.
• AmPm convenience stores count: 1,447 stores as of Q2 2025.
• Jet Oil service units: 1,145 units.

The total volume sold through this network is substantial, with 23.5 million of liters sold noted in the portfolio overview.

Residential Consumers (Bottled LPG) and Commercial/Industrial Clients (Bulk LPG)

Ultragaz targets both the end-user in homes and businesses requiring consistent, larger-volume supply. The bottled segment serves residential needs, while the bulk segment caters to commercial and industrial operations needing reliable, high-volume LPG.

Here's a breakdown of the customer reach for Ultragaz, based on 2024 volumes and Q3 2025 market dynamics:

Segment	Customer Type	Volume/Count Metric	Data Point
Bottled LPG	Residential Homes Supplied	Homes	11 million
Bottled LPG	Resellers	Resellers	Over 4,200
Bulk LPG	Commercial/Industrial Clients	Businesses	57 thousand
Total LPG Sales	Annual Volume (2024)	Tons Sold	1.7 million tons

It's worth noting the competitive pressure in Q3 2025; the total volume of LPG sold was 6% lower than Q3 2024, driven by a 3% decrease in the bottled segment and an 11% decrease in the bulk segment.

Large-Scale Commodity Producers and Traders Needing Bulk Storage (Ultracargo)

Ultracargo serves large-scale players-producers, traders, and distributors-who need secure, high-capacity storage and efficient handling of liquid bulk commodities like fuels and biofuels. They are the market leader in independent liquid bulk storage in Brazil.

The infrastructure supporting these clients is geographically strategic:

• Total static storage capacity: Approximately 1 million m³.
• Tons handled in 2024: Over 15 million tons.
• Terminals are located in key hubs including Santos (SP), Suape (PE), Itaqui (MA), and inland locations like Rondonópolis (MT).
• The Suape facility alone has a liquid bulk capacity of 152,910 m³ across 39 tanks, plus a 5,000 m³ sphere for butadiene.

The company is finalizing expansions, such as the one at Suape, which involves a BRL 155 million investment to add four 10,000 m³ tanks.

Road Transportation Companies Seeking LNG/Low-Carbon Fuel Solutions

This emerging segment is targeted by Ultragaz as part of its strategy to become a comprehensive energy solutions platform. These customers are looking for alternatives to traditional fuels for their road transportation fleets.

The focus here is on providing cleaner energy options:

• Ultragaz is actively providing Compressed Natural Gas (CNG) for corporate clients.
• The company is also offering biomethane to corporate clients.
• For 2025, Ultragaz allocated R$ 267 million of its expansion budget toward acquiring new bulk segment clients and exploring new energy sources.

This segment is tied to Ultrapar's broader strategic capital allocation, with Ultracargo receiving R$ 673 million in total investment for 2025, much of which is for expansion to enhance logistics efficiency.

Ultrapar Participações S.A. (UGP) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Ultrapar Participações S.A.'s operations, which are heavily weighted toward product acquisition and massive infrastructure upkeep. Honestly, for a company dealing in fuels and LPG, the cost of the product itself is the biggest line item, even if we don't have the exact Cost of Goods Sold (COGS) for the quarter.

The sheer scale of Ultrapar Participações S.A.'s business means costs are substantial. For the third quarter of 2025, the reported Net Revenue hit R$ 37.1 billion. When you compare that to the Adjusted EBITDA of R$ 1.9 billion for the same period, it clearly shows that the cost of purchasing and handling the fuel and LPG products-the COGS-eats up the vast majority of that revenue before operating costs are even considered. That's just the nature of the distribution game.

Infrastructure investment is another major drain, but it's necessary for future growth. Ultrapar Participações S.A. reported a significant Capital Expenditure (CapEx) of BRL 756 million in Q3 2025. This spending highlights the ongoing need to expand and maintain the physical assets across Ipiranga's service station network and Ultracargo's storage terminals, plus technology upgrades like the ERP system replacement.

Logistics and distribution network maintenance costs are embedded within CapEx and operating expenses, but the scale of the network demands constant outlay. Consider the reach: Ultrapar Participações S.A. is a major player in fuel distribution via Ipiranga and bulk storage via Ultracargo, which operates terminals in the country's main ports. The consolidation of Hidrovias do Brasil further adds to the complexity and cost of maintaining a nationwide logistics footprint.

Financial expenses are a key component, especially given the company's capital structure. While Ultrapar Participações S.A. has been actively managing its debt, evidenced by the leverage ratio improving to 1.7x net debt to EBITDA by the end of Q3 2025, the absolute quantum of debt still generates significant interest and financing costs. The company noted higher financial expenses impacting the net income for Q3 2025.

Personnel costs are tied directly to the workforce size. As of the end of 2024, Ultrapar Participações S.A. had 9,558 direct employees, which aligns closely with the 9.56 thousand figure you mentioned. The company noted that lower personnel expenses in Q3 2025 were partly due to a smaller headcount.

Here's a quick look at some key financial metrics from Q3 2025 that frame these costs:

Financial Metric	Amount / Ratio (Q3 2025)
Net Revenue	R$ 37.1 billion
Adjusted EBITDA	BRL 1.9 billion
Capital Expenditure (CapEx)	BRL 756 million
Net Debt to EBITDA Leverage	1.7x
Personnel Count (Approximate)	9.56 thousand

The cost structure is dominated by the input costs for fuel and LPG, which is typical for the sector. The ongoing need for infrastructure spending and the servicing of debt create the next largest layers of fixed and semi-fixed costs.

• High cost of product acquisition (COGS) relative to R$ 37.1 billion revenue.
• Significant infrastructure investment, with BRL 756 million in CapEx in Q3 2025.
• Personnel costs associated with approximately 9.56 thousand employees.
• Financial expenses driven by debt servicing, despite leverage improvement to 1.7x.
• Operating expenses covering the maintenance of the logistics and distribution network.

Finance: draft 13-week cash view by Friday.

Ultrapar Participações S.A. (UGP) - Canvas Business Model: Revenue Streams

You're looking at how Ultrapar Participações S.A. brings in the cash across its diverse operations as of late 2025. It's a mix of energy distribution, logistics, and retail, so the revenue streams reflect that complexity. Honestly, the numbers tell a clear story about where the money is coming from, even when some segments face headwinds.

The top line for the third quarter of 2025 was reported at BRL 37.03 billion. That's the total pool from which all the business units draw their income.

Here's a quick look at the key revenue-generating activities and their recent performance metrics:

• Fuel sales (gasoline, ethanol, diesel) and lubricants (Ipiranga) volume grew 1% to 6.17 million cubic meters in Q3 2025.
• Liquefied Petroleum Gas (LPG) sales (Ultragaz) volume saw a 6% decrease to 446,000 tons in Q3 2025.
• Storage fees and tariffs from liquid bulk terminal operations (Ultracargo) generated a net revenue of BRL 243 million in Q3 2025.
• Convenience store sales (AmPm) showed 10% revenue growth in the same-store sales concept as of Q2 2025, operating 1,460 stores.

To give you a clearer picture of the operational results feeding into those revenue streams, here's a breakdown of segment performance metrics from the third quarter of 2025, where available:

Business Unit	Metric Type	Value	Unit/Currency	Period
Ipiranga (Fuel/Lubricants)	Volume Handled	6.17 million	Cubic Meters	Q3 2025
Ipiranga (Fuel/Lubricants)	Recurring EBITDA	892 million	BRL	Q3 2025
Ultragaz (LPG)	Volume Sold	446,000	Tons	Q3 2025
Ultragaz (LPG)	EBITDA per Ton	1,039	BRL	Q3 2025
Ultracargo (Storage)	Net Revenue	243 million	BRL	Q3 2025
Ultracargo (Storage)	Volume Sold	3.845 million	Cubic Meters	Q3 2025
AmPm (Convenience)	Same-Store Sales Growth	10%	Percentage	Q2 2025

The fuel sales stream, through Ipiranga, is clearly the largest component, though its recurring profitability faced pressure. Also, note that Ultragaz's unit margin was about 2% per bottle in the second quarter, which is a thin margin for that scale of operation. The storage business, Ultracargo, provides a more fee-based revenue component, though its Q3 2025 net revenue was BRL 243 million, down 9% year-over-year, reflecting lower handling volumes. The loyalty program monetization for AmPm is less about raw volume and more about capturing customer data and driving higher-margin retail sales, which saw that 10% same-store growth in Q2 2025. It's a defintely diversified set of income sources.

For Ipiranga, the Q3 2025 EBITDA included BRL 185 million in extraordinary tax credits, which you need to factor out to see the underlying operational revenue quality. The recurring EBITDA for Ipiranga was 5% lower compared to Q3 2024, which is a key metric for assessing the core fuel and lubricants revenue stream's health.

Finance: review the Q4 2025 segment projections against the Q3 2025 performance by Monday.