Ultrapar Participações S.A. (UGP): Modelo de Negócios Canvas [Atualizado em Jan-2025]

En el panorama dinámico de la distribución de energía y combustible brasileño, Ultraparar participações S.A. (UGP) surge como una potencia, tejiendo un intrincado modelo comercial que trasciende las fronteras tradicionales de la industria. Esta empresa multifacética navega estratégicamente por la distribución de combustible, la fabricación de productos químicos y la logística, creando un ecosistema robusto que ofrece soluciones de energía integrales en diversos segmentos de mercado. Al aprovechar las asociaciones estratégicas, las tecnologías innovadoras y una red de distribución extensa, UGP se ha posicionado como un jugador fundamental en la compleja infraestructura energética de Brasil, ofreciendo propuestas de valor incomparables que combinan confiabilidad, eficiencia y precios competitivos.

Ultrapa Participações S.A. (UGP) - Modelo de negocio: asociaciones clave

Petrobras: asociación estratégica de distribución de combustible

Ultrapar mantiene una asociación crítica con Petrobras para la distribución de combustible. A partir de 2023, la asociación implica:

Métrico de asociación	Datos específicos
Volumen de distribución de combustible	Aproximadamente 5.4 mil millones de litros anuales
Duración de la asociación	Relación estratégica continua desde 2000
Valor anual del contrato de suministro de combustible	R $ 18.3 mil millones

Shell: empresa conjunta en venta minorista y distribución de combustible

Los detalles de la asociación de shell incluyen:

• Red de estación de combustible minorista conjunta
• Infraestructura de distribución compartida
• Estrategias de marketing colaborativas

Métrico de asociación	Datos específicos
Número de estaciones de combustible articular	372 ubicaciones minoristas
Ingresos anuales de empresa conjunta	R $ 6.7 mil millones

Fabricantes internacionales de equipos de petróleo y gas

Ultrapar colabora con fabricantes de equipos globales:

• Energías de Technip
• Honeywell uop
• Emerson Electric

Fabricante	Inversión en equipos	Enfoque de asociación
Energías de Technip	R $ 45 millones	Equipo de refinería
Honeywell uop	R $ 38 millones	Tecnologías de optimización de procesos

Proveedores de servicios de logística y transporte

Las asociaciones de logística clave incluyen:

• Grupo JSL
• Tegma gestão logítstica
• Cadena de suministro de DHL

Proveedor	Volumen de transporte anual	Valor de contrato
Grupo JSL	2.3 millones de kilómetros	R $ 127 millones
Tegma logítstica	1.8 millones de kilómetros	R $ 95 millones

Tecnología y socios de soluciones digitales

Colaboraciones de transformación digital:

• Microsoft Azure
• SAVIA
• Nube de IBM

Socio tecnológico	Inversión	Enfoque de implementación
Microsoft Azure	R $ 22 millones	Infraestructura en la nube
SAVIA	R $ 18 millones	Planificación de recursos empresariales

Ultrapa Participações S.A. (UGP) - Modelo de negocio: actividades clave

Distribución de combustible a través de la marca Ipiranga

Ipiranga opera 7,300 estaciones de combustible en Brasil a partir de 2023. El volumen anual de distribución de combustible alcanzó los 21.500 millones de litros en 2022. Los ingresos totales de ventas de combustible fueron de R $ 114.5 mil millones en el mismo año.

Métrico	Valor
Estaciones de combustible totales	7,300
Volumen anual de distribución de combustible	21.5 mil millones de litros
Ingresos de ventas de combustible	R $ 114.5 mil millones

Producción y distribución de GLP (gas licuado de petróleo)

Ultragaz es el segmento principal de distribución de GLP. El volumen anual de ventas de GLP fue de 1,6 millones de toneladas en 2022. La cuota de mercado en Brasil es de aproximadamente el 30%.

• Volumen total de ventas de GLP: 1.6 millones de toneladas
• Cuota de mercado brasileña: 30%
• Número de centros de distribución de GLP: 22

Fabricación de productos químicos a través de Oxiteno

Oxiteno opera 6 plantas industriales en Brasil y Uruguay. La capacidad de producción anual es de 650,000 toneladas de productos químicos especializados. Presencia de exportación en más de 30 países.

Detalle de fabricación	Especificación
Total de plantas industriales	6
Capacidad de producción anual	650,000 toneladas
Países de exportación	30+

Operaciones de la estación de combustible minorista

Ipiranga administra 7.300 estaciones de combustible minorista con diversas ofertas de servicios. Las ventas de la tienda de conveniencia alcanzaron R $ 2.8 mil millones en 2022.

• Estaciones minoristas totales: 7,300
• Ventas de tiendas de conveniencia: R $ 2.8 mil millones
• Tráfico diario promedio de clientes por estación: 250-300

Gestión de infraestructura de almacenamiento y logística

Ultrapar opera 54 terminales de almacenamiento con 1,2 millones de metros cúbicos de capacidad de almacenamiento. La red logística cubre 7 estados brasileños.

Infraestructura métrica	Valor
Terminales de almacenamiento total	54
Capacidad de almacenamiento total	1,2 millones de metros cúbicos
Estados cubiertos	7

Ultrapa Participações S.A. (UGP) - Modelo de negocio: recursos clave

Red de distribución extensa

UltraPAR opera una red de distribución integral en Brasil con la siguiente infraestructura:

Estaciones de combustible minorista total	7,200
Puntos de distribución total de LPG	1,400
Cobertura geográfica	26 estados brasileños

Reconocimiento de marca

Los activos de marca clave incluyen:

• Marca de combustible de Ipiranga
• Marca de distribución de gas ultragaz
• Infraestructura logística de Ultracargo

Infraestructura de logística y almacenamiento

Terminales de almacenamiento total	54
Capacidad de almacenamiento total	1,2 millones de metros cúbicos
Tamaño de la flota logística	2.300 vehículos

Equipo de gestión

Experiencia ejecutiva promedio: Más de 15 años en las respectivas industrias

Cartera de negocios

• Distribución de combustible
• Distribución de GLP
• Distribución química
• Almacenamiento y logística

Ultrapa Participações S.A. (UGP) - Modelo de negocio: propuestas de valor

Soluciones integrales de energía y combustible

UltraPAR proporciona una amplia gama de soluciones de energía y combustible a través de sus segmentos comerciales clave:

Segmento	Cuota de mercado	Ingresos anuales (2022)
Ipiranga (distribución de combustible)	24.5% de participación de mercado brasileño	R $ 91.8 mil millones
Ultragaz (distribución de GLP)	30% de participación de mercado brasileño	R $ 8.5 mil millones
Ultracargo (almacenamiento líquido)	23% Capacidad de almacenamiento de líquido brasileño	R $ 1.2 mil millones

Red de distribución confiable y generalizada

Ultrapar Mantiene una amplia infraestructura de distribución:

• 7.200 estaciones de combustible en Brasil
• 1.400 puntos de distribución de Ultragaz
• 11 terminales de almacenamiento con 550,000 m³ de capacidad

Productos petroleros de alta calidad

Métricas de calidad del producto:

Categoría de productos	Estándar de calidad	Volumen anual
Gasolina	Tasa de cumplimiento de ANP: 99.8%	15.2 mil millones de litros
Diesel	Tasa de cumplimiento de ANP: 99.6%	18.7 mil millones de litros

Precios competitivos en los mercados de combustible y gas

Detalles de la estrategia de precios:

• Margen promedio del precio del combustible: 8-12%
• Competitividad de precios de GLP: 5-7% por debajo del promedio del mercado

Servicios integrados de la cadena de suministro

Capacidades de la cadena de suministro:

Servicio	Cobertura	Volumen de transacción anual
Gestión logística	Cobertura nacional	1.2 millones de operaciones de transporte
Soluciones de almacenamiento	11 Terminales estratégicos	4.5 millones de metros cúbicos manejados

Ultrapa Participações S.A. (UGP) - Modelo de negocio: relaciones con los clientes

Programas de fidelización de clientes

UltrapaS participações opera programas de fidelización en sus segmentos comerciales, particularmente en su división de distribución de combustible minorista de Irpiranga.

Programa de fidelización	Miembros	Transacciones anuales
Km de vantagens	15.4 millones de usuarios registrados	82.3 millones de transacciones de fidelización en 2022

Plataformas digitales para la gestión de servicios

UltraPAR proporciona administración de servicios digitales a través de múltiples plataformas:

• Aplicación móvil con 3.2 millones de usuarios activos
• Portal de servicio al cliente basado en la web
• Canales de atención al cliente digital 24/7

Canales directos de ventas y soporte

Tipo de canal	Número de puntos de contacto	Interacciones anuales del cliente
Centros de servicio físico	1,200 ubicaciones de servicio	6.5 millones de interacciones con los clientes
Centro de llamadas	12 centros de apoyo dedicados	4.8 millones de llamadas de atención al cliente

Servicio personalizado para clientes corporativos e individuales

Segmentos de clientes corporativos:

• Clientes industriales: 2.300 cuentas corporativas directas
• Sector de transporte: 1.700 clientes de gestión de flotas
• Sector agrícola: 890 contratos de servicio especializados

Compromiso continuo a través de aplicaciones móviles

Función de la aplicación móvil	Métricas de participación del usuario
Aplicación móvil Ipiranga	3.2 millones de usuarios activos mensuales
Transacciones digitales	72% de las transacciones del programa de fidelización a través de Mobile

Ultrapa Participações S.A. (UGP) - Modelo de negocio: canales

Estaciones de combustible minorista

Ultraapar opera 8,639 estaciones de combustible minorista en Brasil a partir de 2023, con la marca Ipiranga que cubre aproximadamente 7.300 estaciones.

Tipo de canal	Número de estaciones	Cobertura del mercado
Estaciones de marca Ipiranga	7,300	22% del mercado minorista de combustible brasileño
Estaciones franquiciadas	4,500	62% de la red total

Plataformas digitales en línea

Los canales digitales de Ultrapar incluyen el programa de lealtad KM de Vantagens con 24.5 millones de usuarios registrados en 2023.

• Transacciones de plataforma digital: 38% de las ventas totales de combustible
• Descargas de aplicaciones móviles: 6.2 millones de usuarios activos
• Integración de pagos en línea: 42% de las transacciones digitales

Equipos de ventas directos

Ultrapar mantiene fuerzas de ventas especializadas en múltiples segmentos comerciales.

Segmento de negocios	Representantes de ventas	Cobertura de ventas anual
Distribución de combustible	1,200	R $ 98.7 mil millones en 2023
Ultragaz (distribución de gas)	450	R $ 6.2 mil millones en 2023

Aplicaciones móviles

La aplicación móvil de Ipiranga permite transacciones digitales y gestión de programas de fidelización.

• Usuarios de la aplicación: 6.2 millones
• Usuarios activos mensuales: 2.8 millones
• Transacciones de pago digital: 42% de las interacciones de la aplicación

Representantes de ventas corporativas

El equipo de ventas B2B de Ultrapar sirve a clientes industriales, comerciales y de transporte.

Segmento corporativo	Tamaño del equipo de ventas	Ventas corporativas anuales
Clientes industriales	350	R $ 42.5 mil millones
Sector de transporte	250	R $ 22.3 mil millones

Ultrapa Participações S.A. (UGP) - Modelo de negocio: segmentos de clientes

Consumidores individuales

Ultrapar atiende a consumidores individuales a través de su red de distribución de combustible minorista de Ipiranga con 7.216 estaciones de servicio en Brasil a partir de 2023.

Característica de segmento	Penetración del mercado
Consumidores de combustible de vehículos de pasajeros	62% de la participación total en el mercado de combustible minorista
Consumidores de GLP residenciales	35% de participación de mercado en el mercado de gases nacionales brasileños

Empresas de transporte comercial

Ultrapar admite el transporte comercial a través de su extensa red de distribución de combustible.

• Ventas de combustible diesel: 13.4 mil millones de litros anuales
• Soluciones de gestión de flotas para empresas de logística
• Suministro integral de combustible para sectores de transporte y transporte

Sectores de fabricación industrial

Ultrapar proporciona soluciones químicas especializadas a través de Oxiteno para las industrias manufactureras.

Segmento industrial	Cobertura del mercado
Suministros químicos automotrices	Cuota de mercado del 28% en productos químicos especializados
Sector agroquímico	22% de penetración del mercado químico industrial

Negocios agrícolas

Ultrapar apoya el sector agrícola a través de soluciones especializadas de combustible y químicos.

• Ventas de diesel agrícola: 4.200 millones de litros anuales
• Productos químicos especializados para el procesamiento agrícola
• Distribución de combustible dirigida en regiones rurales

Empresas pequeñas y medianas

UltraPAR proporciona soluciones comerciales integrales para las PYME en múltiples sectores.

Soporte empresarial	Cobertura
Distribución de combustible	42% de participación de mercado entre los clientes de las PYME
Suministro químico	37% de soluciones químicas especializadas para las PYME

Ultrapa Participações S.A. (UGP) - Modelo de negocio: Estructura de costos

Gastos de adquisición de combustible

En 2022, los gastos de adquisición de combustible de Ultrapar para su segmento Ipiranga totalizaron R $ 56.4 mil millones. El volumen de distribución de combustible de la compañía alcanzó los 22.400 millones de litros durante el mismo período.

Categoría de costos	Monto (R $ mil millones)	Porcentaje de costos totales
Adquisición de petróleo crudo	42.3	75%
Costos de transporte	8.5	15%
Gastos de almacenamiento	5.6	10%

Mantenimiento de la infraestructura

Ultrapar invirtió R $ 1.2 mil millones en mantenimiento de infraestructura en sus segmentos comerciales en 2022.

• Mantenimiento de las estaciones de servicio de Ipiranga: R $ 450 millones
• Mantenimiento de la red de distribución Ultragaz: R $ 250 millones
• Infraestructura terminal de Ultracargo: R $ 350 millones
• Mantenimiento de la infraestructura digital: R $ 150 millones

Costos de logística y distribución

Los gastos de logística total y de distribución para 2022 fueron R $ 3.8 mil millones.

Segmento logístico	Costo (R $ millones)
Transporte de combustible	2,100
Distribución de gases	850
Logística química	850

Salarios y beneficios de los empleados

Los gastos totales de personal en 2022 ascendieron a R $ 2.5 mil millones.

Categoría de empleado	Salario anual promedio (R $)	Total de empleados
Nivel ejecutivo	750,000	120
Gestión	350,000	850
Personal técnico	180,000	4,500
Personal operativo	85,000	12,000

Tecnología e inversiones en infraestructura digital

Las inversiones en tecnología en 2022 totalizaron R $ 350 millones.

• Iniciativas de transformación digital: R $ 150 millones
• Infraestructura de ciberseguridad: R $ 80 millones
• Plataformas de análisis de datos: R $ 70 millones
• Infraestructura de computación en la nube: R $ 50 millones

Ultraparar participações S.A. (UGP) - Modelo de negocio: flujos de ingresos

Ventas minoristas de combustible

En 2022, el segmento Ipiranga de Ultrapar reportó ingresos netos de R $ 101.8 mil millones de ventas minoristas de combustible.

Tipo de combustible	Volumen de ventas (M³)	Contribución de ingresos
Gasolina	9,263,000	42.5%
Diesel	12,456,000	37.3%
Etanol	4,789,000	15.2%

Distribución de combustible al por mayor

La distribución de combustible mayorista generó R $ 36.5 mil millones en ingresos netos para Ultrapar en 2022.

• B2B Ventas de combustible a compañías de transporte
• Suministro de combustible del sector industrial
• Distribución de combustible del sector agrícola

Fabricación de productos químicos

El segmento de Oxiteno de Ultrapar informó R $ 5.2 mil millones en ventas de productos químicos en 2022.

Categoría de productos	Ingresos (R $ millones)	Cuota de mercado
Químicos especializados	2,800	22%
Productos químicos de productos básicos	2,400	18%

Servicios de logística y almacenamiento

El segmento de logística de Ultracargo generó R $ 1.3 mil millones en ingresos en 2022.

• Servicios de almacenamiento de terminales de puerto
• Almacenamiento a granel líquido
• Alquiler de infraestructura logística

Distribución y ventas de GLP

El segmento de UltraPar Ultragaz reportó R $ 6.7 mil millones en ventas de GLP para 2022.

Segmento de clientes	Volumen de ventas (toneladas)	Contribución de ingresos
Residencial	456,000	65%
Comercial	189,000	25%
Industrial	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.