Ultrapar participações S.A. (UGP): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'énergie brésilienne et de la distribution des carburants, Ultrapar participações S.A. (UGP) émerge comme une puissance, tissant un modèle commercial complexe qui transcende les limites traditionnelles de l'industrie. Cette entreprise à multiples facettes navigue stratégiquement sur la distribution des carburants, la fabrication de produits chimiques et la logistique, créant un écosystème robuste qui fournit des solutions énergétiques complètes dans divers segments de marché. En tirant parti des partenariats stratégiques, des technologies innovantes et un vaste réseau de distribution, UGP s'est positionné comme un acteur pivot dans les infrastructures énergétiques complexes du Brésil, offrant des propositions de valeur inégalées qui mélangent la fiabilité, l'efficacité et les prix compétitifs.

Ultrapar participações S.A. (UGP) - Modèle commercial: partenariats clés

Petrobras: Partenariat stratégique de distribution de carburant

Ultrapar maintient un partenariat critique avec Petrobras pour la distribution des carburants. En 2023, le partenariat implique:

Métrique de partenariat	Données spécifiques
Volume de distribution de carburant	Environ 5,4 milliards de litres par an
Durée du partenariat	Relation stratégique en cours depuis 2000
Valeur du contrat annuel d'alimentation en carburant	18,3 milliards de dollars

Shell: coentreprise dans la vente au détail de carburant et la distribution

Les détails du partenariat Shell comprennent:

• Réseau conjoint de la station de carburant de vente au détail
• Infrastructure de distribution partagée
• Stratégies de marketing collaboratif

Métrique de partenariat	Données spécifiques
Nombre de stations de carburant conjointes	372 emplacements de vente au détail
Revenus de coentreprise annuelles	6,7 milliards de R

Fabricants internationaux d'équipement de pétrole et de gaz

Ultrapar collabore avec les fabricants d'équipements mondiaux:

• Énergies techniques
• Honeywell uop
• Emerson Electric

Fabricant	Investissement de l'équipement	Focus de partenariat
Énergies techniques	45 millions de r	Équipement de raffinerie
Honeywell uop	38 millions de R $	Technologies d'optimisation des processus

Fournisseurs de services de logistique et de transport

Les partenariats logistiques clés comprennent:

• Grupo JSL
• Tegma gestão logística
• Chaîne d'approvisionnement DHL

Fournisseur	Volume de transport annuel	Valeur du contrat
Grupo JSL	2,3 millions de kilomètres	127 millions de R
Tegma Logística	1,8 million de kilomètres	95 millions de R

Technologie et partenaires de solution numérique

Collaborations de transformation numérique:

• Microsoft Azure
• SÈVE
• Cloud IBM

Partenaire technologique	Investissement	Focus de la mise en œuvre
Microsoft Azure	22 millions de R	Infrastructure cloud
SÈVE	18 millions de dollars	Planification des ressources d'entreprise

Ultrapar participações S.A. (UGP) - Modèle commercial: activités clés

Distribution du carburant via la marque iPiranga

Ipiranga exploite 7 300 stations de carburant à travers le Brésil en 2023. Le volume annuel de distribution de carburant a atteint 21,5 milliards de litres en 2022. Le chiffre d'affaires total des ventes de carburant était de 114,5 milliards de R $ la même année.

Métrique	Valeur
Total des stations de carburant	7,300
Volume annuel de distribution de carburant	21,5 milliards de litres
Revenus de vente de carburant	114,5 milliards de R

Production et distribution de GPL (gaz de pétrole liquéfié)

Ultragaz est le principal segment de distribution de GPL. Le volume annuel des ventes de GPL était de 1,6 million de tonnes en 2022. La part de marché au Brésil est d'environ 30%.

• Volume total des ventes de GPL: 1,6 million de tonnes
• Part de marché brésilien: 30%
• Nombre de centres de distribution de GPL: 22

Fabrication de produits chimiques via oxiteno

Oxiteno exploite 6 usines industrielles à travers le Brésil et l'Uruguay. La capacité de production annuelle est de 650 000 tonnes de produits chimiques spécialisés. Exporter la présence dans plus de 30 pays.

Détail de fabrication	Spécification
Plantes industrielles totales	6
Capacité de production annuelle	650 000 tonnes
Pays d'exportation	30+

Opérations de la station-service au détail

Ipiranga gère 7 300 stations de carburant de vente au détail avec diverses offres de services. Les ventes de dépanneurs ont atteint 2,8 milliards de rands en 2022.

• Total des stations de vente au détail: 7 300
• Ventes de dépanneurs: 2,8 milliards de dollars
• Trafic client quotidien moyen par station: 250-300

Gestion des infrastructures de stockage et logistique

Ultrapar exploite 54 terminaux de stockage avec 1,2 million de mètres cubes de capacité de stockage. Le réseau logistique couvre 7 États brésiliens.

Métrique d'infrastructure	Valeur
Total de stockage total	54
Capacité de stockage totale	1,2 million de mètres cubes
États couverts	7

Ultrapar participações S.A. (UGP) - Modèle commercial: Ressources clés

Réseau de distribution étendu

Ultrapar exploite un réseau de distribution complet à travers le Brésil avec l'infrastructure suivante:

Total des stations de carburant au détail	7,200
Points de distribution de GPL total	1,400
Couverture géographique	26 États brésiliens

Reconnaissance de la marque

Les actifs de marque clés comprennent:

• Marque de carburant iPiranga
• Marque de distribution de gaz ultragaz
• Infrastructure logistique ultracargo

Infrastructure logistique et de stockage

Total de stockage total	54
Capacité de stockage totale	1,2 million de mètres cubes
Taille de la flotte logistique	2 300 véhicules

Équipe de direction

Expérience exécutive moyenne: 15 ans et plus dans les industries respectives

Portefeuille d'entreprises

• Distribution de carburant
• Distribution de GPL
• Distribution chimique
• Stockage et logistique

Ultrapar participações S.A. (UGP) - Modèle d'entreprise: propositions de valeur

Solutions complètes d'énergie et de carburant

Ultrapar fournit une gamme diversifiée de solutions d'énergie et de carburant à travers ses principaux segments d'activité:

Segment	Part de marché	Revenus annuels (2022)
IPiranga (distribution de carburant)	24,5% de part de marché brésilien	91,8 milliards de R
Ultragaz (distribution de GPL)	30% de part de marché brésilien	8,5 milliards de R
Ultracargo (stockage liquide)	23% de capacité de stockage liquide brésilien	1,2 milliard de R

Réseau de distribution fiable et répandu

Ultrapar maintient une vaste infrastructure de distribution:

• 7 200 stations de carburant à travers le Brésil
• 1 400 points de distribution Ultragaz
• 11 terminaux de stockage avec une capacité de 550 000 m³

Produits pétroliers de haute qualité

Métriques de qualité du produit:

Catégorie de produits	Norme de qualité	Volume annuel
Essence	Taux de conformité ANP: 99,8%	15,2 milliards de litres
Diesel	Taux de conformité ANP: 99,6%	18,7 milliards de litres

Prix ​​compétitifs sur les marchés du carburant et du gaz

Détails de la stratégie de tarification:

• Marge moyenne des prix du carburant: 8-12%
• Compétition des prix du GPL: 5-7% inférieur à la moyenne du marché

Services de chaîne d'approvisionnement intégrés

Capacités de la chaîne d'approvisionnement:

Service	Couverture	Volume de transaction annuel
Gestion de la logistique	Couverture nationale	1,2 million d'opérations de transport
Solutions de stockage	11 terminaux stratégiques	4,5 millions de mètres cubes manipulés

Ultrapar participações S.A. (UGP) - Modèle d'entreprise: relations avec les clients

Programmes de fidélisation de la clientèle

Ultrapar participações exploite des programmes de fidélité à travers ses segments d'entreprise, en particulier dans sa division de distribution de carburant de détail iPiranga.

Programme de fidélité	Membres	Transactions annuelles
KM de Vantagens	15,4 millions d'utilisateurs enregistrés	82,3 millions de transactions de fidélité en 2022

Plateformes numériques pour la gestion des services

Ultrapar fournit une gestion des services numériques via plusieurs plateformes:

• Application mobile avec 3,2 millions d'utilisateurs actifs
• Portail de service client basé sur le Web
• Canaux de support client numérique 24/7

Canaux de vente et de support directs

Type de canal	Nombre de points de contact	Interactions annuelles du client
Centres de service physique	1 200 emplacements de service	6,5 millions d'interactions client
Centre d'appel	12 centres de soutien dédiés	4,8 millions d'appels d'assistance client

Service personnalisé pour les entreprises et les clients individuels

Segments de clients d'entreprise:

• Clients industriels: 2 300 comptes d'entreprise directs
• Secteur des transports: 1 700 clients de la gestion de la flotte
• Secteur agricole: 890 Contrats de services spécialisés

Engagement continu à travers les applications mobiles

Fonctionnalité d'application mobile	Métriques d'engagement des utilisateurs
Application mobile iPiranga	3,2 millions d'utilisateurs actifs mensuels
Transactions numériques	72% des transactions du programme de fidélité via le mobile

Ultrapar participações S.A. (UGP) - Modèle d'entreprise: canaux

Stations de carburant au détail

Ultrapar exploite 8 639 stations de carburant de vente au détail à travers le Brésil en 2023, avec une marque Ipiranga couvrant environ 7 300 stations.

Type de canal	Nombre de stations	Couverture du marché
Stations de marque Ipiranga	7,300	22% du marché de la vente au détail de carburant brésilien
Stations franchisées	4,500	62% du réseau total

Plateformes numériques en ligne

Les canaux numériques d'Ultrapar incluent le programme de fidélité KM de Vantagens avec 24,5 millions d'utilisateurs enregistrés en 2023.

• Transactions de plate-forme numérique: 38% du total des ventes de carburant
• Téléchargements d'applications mobiles: 6,2 millions d'utilisateurs actifs
• Intégration de paiement en ligne: 42% des transactions numériques

Équipes de vente directes

Ultrapar maintient des forces de vente spécialisées sur plusieurs segments d'entreprise.

Segment d'entreprise	Représentants des ventes	Couverture des ventes annuelle
Distribution de carburant	1,200	98,7 milliards de rands en 2023
Ultragaz (distribution de gaz)	450	6,2 milliards de dollars en 2023

Applications mobiles

L'application mobile d'Ipiranga permet les transactions numériques et la gestion des programmes de fidélité.

• Utilisateurs d'applications: 6,2 millions
• Utilisateurs actifs mensuels: 2,8 millions
• Transactions de paiement numérique: 42% des interactions de l'application

Représentants commerciaux des entreprises

L'équipe de vente B2B d'Ultrapar sert des clients industriels, commerciaux et de transport.

Segment de l'entreprise	Taille de l'équipe de vente	Ventes annuelles d'entreprise
Clients industriels	350	42,5 milliards de R
Secteur des transports	250	22,3 milliards de R

Ultrapar participações S.A. (UGP) - Modèle d'entreprise: segments de clientèle

Consommateurs individuels

Ultrapar dessert les consommateurs individuels via son réseau de distribution de carburant de vente au détail IPiranga avec 7 216 stations de service à travers le Brésil en 2023.

Caractéristique du segment	Pénétration du marché
Consommateurs de carburant pour véhicules de tourisme	62% de la part de marché du carburant total de la vente au détail
Consommateurs de GPL résidentiels	35% de part de marché sur le marché brésilien du gaz domestique

Sociétés de transport commercial

Ultrapar prend en charge le transport commercial grâce à son vaste réseau de distribution de carburant.

• Ventes de carburant diesel: 13,4 milliards de litres par an
• Solutions de gestion de la flotte pour les entreprises logistiques
• Alimentation complète de carburant pour les secteurs du camionnage et des transports

Secteurs de la fabrication industrielle

Ultrapar fournit des solutions chimiques spécialisées via Oxiteno pour les industries manufacturières.

Segment industriel	Couverture du marché
Fournitures chimiques automobiles	28% de part de marché dans les produits chimiques spécialisés
Secteur agrochimique	22% de pénétration du marché chimique industriel

Entreprises agricoles

Ultrapar soutient le secteur agricole grâce à des solutions spécialisées en carburant et chimique.

• Ventes diesel agricoles: 4,2 milliards de litres par an
• Produits chimiques spécialisés pour la transformation agricole
• Distribution ciblée du carburant dans les régions rurales

Petites et moyennes entreprises

Ultrapar fournit des solutions commerciales complètes pour les PME dans plusieurs secteurs.

Assistance d'entreprise	Couverture
Distribution de carburant	42% de part de marché parmi les clients des PME
Alimentation chimique	37% de solutions chimiques spécialisées pour les PME

Ultrapar participações S.A. (UGP) - Modèle d'entreprise: Structure des coûts

Frais d'achat de carburant

En 2022, les dépenses d'achat de carburant d'Ultrapar pour son segment iPiranga ont totalisé 56,4 milliards de R $. Le volume de distribution de carburant de la société a atteint 22,4 milliards de litres au cours de la même période.

Catégorie de coûts	Montant (R $ milliards)	Pourcentage des coûts totaux
Acquisition de pétrole brut	42.3	75%
Frais de transport	8.5	15%
Dépenses de stockage	5.6	10%

Maintenance des infrastructures

Ultrapar a investi 1,2 milliard de RS dans la maintenance des infrastructures dans ses segments d'activité en 2022.

• Maintenance des stations de service iPiranga: 450 millions de R $
• Maintenance du réseau de distribution Ultragaz: 250 millions de R $
• Infrastructure terminale ultracargo: 350 millions de R $
• Entretien des infrastructures numériques: 150 millions de R $

Coûts de logistique et de distribution

Les dépenses de logistique et de distribution totales pour 2022 étaient de 3,8 milliards de R $.

Segment logistique	Coût (R $ Millions)
Transport de carburant	2,100
Distribution de gaz	850
Logistique chimique	850

Salaires et avantages sociaux des employés

Le total des dépenses du personnel en 2022 s'élevait à 2,5 milliards de rands.

Catégorie des employés	Salaire annuel moyen (R $)	Total des employés
Niveau exécutif	750,000	120
Gestion	350,000	850
Personnel technique	180,000	4,500
Personnel opérationnel	85,000	12,000

Investissements technologiques et infrastructures numériques

Les investissements technologiques en 2022 ont totalisé 350 millions de R $.

• Initiatives de transformation numérique: 150 millions de dollars
• Infrastructure de cybersécurité: 80 millions de dollars
• Plateformes d'analyse de données: 70 millions de R $
• Infrastructure de cloud computing: 50 millions de dollars

Ultrapar participações S.A. (UGP) - Modèle d'entreprise: Strots de revenus

Ventes de vente au détail de carburant

En 2022, le segment Ipiranga d'Ultrapar a déclaré un chiffre d'affaires net de 101,8 milliards de RS provenant des ventes au détail de carburant.

Type de carburant	Volume des ventes (M³)	Contribution des revenus
Essence	9,263,000	42.5%
Diesel	12,456,000	37.3%
Éthanol	4,789,000	15.2%

Distribution de carburant en gros

La distribution de carburant en gros a généré 36,5 milliards de Rs de revenus nets pour Ultrapar en 2022.

• Ventes de carburant B2B aux sociétés de transport
• Alimentation du secteur industriel
• Distribution des carburants du secteur agricole

Fabrication de produits chimiques

Le segment d'Oxiteno d'Ultrapar a déclaré 5,2 milliards de RS de vente de produits chimiques en 2022.

Catégorie de produits	Revenus (R $ millions)	Part de marché
Produits chimiques spécialisés	2,800	22%
Produits chimiques de marchandises	2,400	18%

Services de logistique et de stockage

Le segment de la logistique ultracargo a généré 1,3 milliard de dollars de revenus de REA en 2022.

• Services de stockage des terminaux portuaires
• Stockage en vrac liquide
• Location des infrastructures logistiques

Distribution et ventes de GPL

Le segment Ultragaz d'Ultrapar a déclaré 6,7 milliards de dollars de vente de RPG pour 2022.

Segment de clientèle	Volume des ventes (tonnes)	Contribution des revenus
Résidentiel	456,000	65%
Commercial	189,000	25%
Industriel	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.